Notes to the consolidated financial statements

1) Consolidated accounting principles

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

The 2014 consolidated financial statements of the Repower Group were authorised by the Board of Directors on 27 March 2015 and are subject to the approval of the Annual General Meeting on 29 April 2015.