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|
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.
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.