30 Events occurring after the balance sheet date

The Group financial statements were approved for publication by the Board of Directors on 30 March 2016. They are subject to the approval of the Annual General Meeting, which will take place on 12 May 2016.

In January and February 2016 the forward prices of electricity continued to fall, which in conjunction with energy forwards and futures resulted in an increase in negative replacement values for Repower in relation to these transactions. On the basis of an existing commitment to furnish cash collateral, the market valuation of Repower's open positions vis-à-vis an energy trading counterparty prompted a payment of MEUR 81.2 to this counterparty in 2016. The cash payment will continue to increase if energy prices continue to fall. Paid cash collateral is reimbursed if energy prices rise. The upper limit of the amount to be lodged is MEUR 100.

Non-subsidised power generation, particularly large hydro, is under heavy pressure. If electricity prices remain low and other measures cannot be found to improve the earning capacity of facilities, this could lead to further asset impairment. This applies analogously to the possibility of further provisions for onerous energy procurement contracts.