Basis

The unaudited interim consolidated financial statements of the Repower Group as at 30 June 2014 have been prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. The interim consolidated financial statements do not include all the information disclosed in the consolidated annual financial statements, and should therefore be read in conjunction with the consolidated annual financial statements as at 31 December 2013.

For converting foreign currencies into Swiss francs the average exchange rates on the following day were used:

The unrealised exchange rate gains and losses on intragroup transactions are recognised in the consolidated cash flow statement under “Other income and expenses not affecting cash”.

Accounting and valuation principles

The accounting and valuation principles used in these interim consolidated financial statements correspond to the principles applied in the consolidated financial statements as at 31 December 2013 with the exception of the new or revised standards described below which have been applied for the first time:

New and revised accounting and valuation principles

IFRIC 21 “Levies” is to be applied retrospectively for the business year starting 1 January 2014. This provides guidance on when to recognise a liability for a levy imposed by a government, both for levies that are accounted for in accordance with IAS 37 and those where the timing and amount of the levy is certain. The application of this interpretation of the International Financial Reporting Interpretations Committee (IFRIC) has no impact on the interim consolidated financial statements of Repower.