2) Principles of consolidation


The unaudited interim consolidated financial statements of the Repower Group as at 30 June 2016 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 for the period to 31 December 2015

Foreign currencies have been translated into Swiss francs at the following closing exchange rates and average exchange rates:

    Closing exchange rate Average exchange rate
Currency Unit 30.06.2016 1.1.-30.06.2016
BAM 1 0.55200 0.55785
CZK 100 4.00000 4.04901
EUR 1 1.08670 1.09607
GBP 1 1.29910 1.40790
HRK 100 14.3890 14.48713
HUF 100 0.34280 0.34996
MKD 100 1.75110 1.76926
PLN 100 24.75000 25.08856
RON 100 23.98542 24.40876
RSD 1 0.00881 0.00893
USD 1 0.97590 0.98171

Unrealised gains and losses on transactions resulting from exchange rate fluctuations between group companies are recognised in the consolidated cash flow statement under other income and expenses not affecting cash.

Accounting and valuation principles

The accounting and valuation methods used in these interim consolidated financial statements correspond to the methods applied in the consolidated annual financial statements for the period to 31 December 2015. New or revised accounting and valuation principles have no significant impact on Repower's financial reporting for the six-month period just passed.