Outlook

Repower anticipates that the strained market environment will persist. There are no indications of any improvement in the short to medium term. There is also no prospect of any rapid political reform of the energy markets in Germany and Switzerland. Repower therefore currently anticipates that it will be very challenging to sustain the 2014 results at the level of the 2013 operating result (before value adjustments).

Repower will continue to place great emphasis on consolidating and optimising its core business and to pursue the partnership model to strengthen its position. It will also continue its efficiency programme and implement further measures. Repower does, however, also see opportunities in the changing energy environment: the increasing importance of the interplay between generation, storage and consumption opens up opportunities for innovative solutions for intelligent system integration. Repower will drive forward the further development of this area, creating the preconditions for enduring success.

Thanks

An environment characterised by numerous challenges and uncertainties places especial demands on employees. At this point I offer thanks for their huge effort, the loyalty, and the professionalism with which they set about their everyday duties. My thanks also go to our customers, business partners, and shareholders for their trust and cooperation in the last year.