Notes to the consolidated financial statements

1) Consolidated accounting principles

Repower AG, Poschiavo, is a listed stock corporation with its registered office in Switzerland. Repower is a vertically integrated group active in Switzerland and abroad in the generation, management, trading, sales, transmission and distribution of electricity. The company also trades and sells gas, emission certificates and certificates of origin in selected European markets. The business activities and main operations are described in detail in this Annual Report.

The 2013 consolidated financial statements of the Repower Group were authorised by the Board of Directors on 31 March 2014 and are subject to the approval of the Annual General Meeting on 14 May 2014.

While the presentation of the financial report differs significantly compared to the previous year, the content has not changed.