12) Events occurring after the balance sheet date

The consolidated interim financial statements were approved by the Board of Directors on 24 August 2015.

A persistently challenging situation on the European energy markets prompted Repower to withdraw from the sales business in Germany in July 2014. On 2 July 2015, Enovos Deutschland SE will be taking over the sales activities of Repower Deutschland GmbH. This transaction affects the Market Switzerland segment.

On 23 December 2014 Repower announced that it had signed an agreement with an intercantonal consortium to sell its interest in Swissgrid AG, consisting of Swissgrid shares and a convertible loan granted to Swissgrid AG. Following signature of the agreement, Axpo Power AG, Axpo Trading AG and Centralschweizerische Kraftwerke AG exercised their preemptive rights to acquire the Swissgrid shares (constituting an interest of 3.21 per cent in Swissgrid AG) held by Repower. The convertible loan granted to Swissgrid AG has been acquired by a consortium comprising Canton Graubünden, Elektrizitätswerk des Kantons Thurgau (EKT Holding AG), Kantonales Elektrizitätswerk Nidwalden and UBS Clean Energy Infrastructure Switzerland KGK. The carrying value of Swissgrid AG shares and of the convertible bond granted to Swissgrid AG, which are included in the Market Switzerland segment, have a carrying value of TCHF 51,682, and were sold for a purchase price of TCHF 58,999. The cash flow will take place in July 2015.

Since 30 June 2015 there have been no other events which require disclosure.