There has been no change in terms of energy policy since the end of the year. The current energy policy environment is not conducive to investments in non-subsidised technologies. The investments in tangible and intangible assets amounted to MCHF 8 in the first half of 2014. These mainly include investments in or upgrades to different grid systems and in the Cavaglia and Campocologno power plants.

Lower exchange rates on the reporting date of 30 June 2014 compared to 31 December 2013 led to exchange rate losses and weighed on the financial result. In addition, lower yield curves generated losses in speculative interest rate swaps.