Repower bearer shares (Swiss securities no. 1640583) and participation certificates (Swiss securities no. 1640584) were delisted from the SIX Swiss Exchange on 28 April 2016. Over-the-counter trading commenced on BEKB's OTC-X trading platform on 29 April 2016.
The 112th annual general meeting of Repower AG on 12 May 2016 voted to convert the existing bearer shares and participation certificates with a nominal value of CHF 1 into registered shares, also with a nominal value of CHF 1, on a one-for-one basis. The conversion was made on 23 May 2016. Since then the registered shares have been traded over the counter on BEKB's OTC-X platform under securities number 32009699.
The costs of raising equity, TCHF 940, which accrue already on 30 June 2016, were recognised directly in equity. The increase in capital took place on 5 July 2016 and 14 July 2016 (see also Events occurring after the balance sheet date).
The subscription rights granted as part of the increase in capital (see the subsection on the increase in capital in the section Events occurring after the balance sheet date) did not result in a dilution of earnings per share.
A capital increase in non-controlling interests amounting to TCHF 8,934 took place through the conversion into equity of debts of SEI S.p.A. vis-à-vis its shareholders.
Investment in tangible and intangible assets totalled CHF 7 million in the first half of 2016. This consisted primarily of investment in various grid assets, in the Morteratsch plant and other hydropower plants, and investment in IT systems.
Cash flow of TCHF 2,046 from the sale of non-controlling interests in the cash flow statement relates to the sales of 2 per cent of the shares in Repartner Produktions AG.
Part of the provisions for onerous energy procurement contracts was released, with the release of the provision in the amount of TCHF 4,846 recognised under energy procurement in the Market Switzerland segment.
The cash collateral furnished to an electricity trading counterparty stated under Events occurring after the balance sheet date for Repower's financial statements for the period to 31 December 2015 has been returned in its entirety. To this end Repower took out a revolving credit agreement for EUR 80 million. On 30 June 2016 the payment guarantees issued amounted to EUR 25.8 million.