1Accounting and valuation principles

General disclosures

The consolidated semi-annual financial statements presented here comprise the unaudited semi-annual financial statements for the six months to 30 June 2024. This interim report has been prepared in accordance with Swiss GAAP FER 31 Complementary Recommendation for Listed Companies in abridged form, and should therefore be read in conjunction with the consolidated financial statements for the year to 31 December 2023.

In individual cases roundings can mean that figures in this report do not add up to the exact total specified, and that the specified percentages do not exactly result from the stated figures.

Repower’s consolidated semi-annual financial statements do not show any outstanding deferred tax assets or liabilities or current income taxes in relation to the OECD’s Pillar Two Model Rules. From today’s perspective, the group does not expect the minimum tax regulation to have any significant impact.

Adjustments to comparison information

Repower’s accounting standards were reviewed in the second half of 2023 and applied in the consolidated financial statements for the period to 31 December 2023. These changes require a retrospective adjustment of the prior-year comparison information in the present semi-annual financial statements. Details of the adjustments can be found in the notes to the consolidated financial statements for the period to 31 December 2023 and are summarised here.

Repower uses the option of capitalising deferred tax receivables on loss and interest carryforwards under Swiss GAAP FER 11/22. These items are capitalised if offsetting in the future is probable.

The revised provisions of Swiss GAAP FER 30 Consolidated Financial Statements were introduced taking into account the transitional provisions. The updated provisions on the purchase/sale of minority interests in cash flow from investing activities and the separate disclosure of dividend payments to minority shareholders were applied consistently.

In addition, the presentation of translation differences in the consolidated cash flow statement was corrected.

The financial effects of these adjustments are shown in the following tables.

Dividends paid

On 15 May 2024, the annual general meeting of Repower AG approved the distribution of an ordinary dividend of CHF 5.00 per registered share plus a special dividend of CHF 3.00 per registered share for the 2023 financial year (prior year: dividend of CHF 5.00). Subsequently, on 22 May 2024 dividends of CHF 59,125 thousand (prior year CHF 36,954 thousand) were paid out.

Currencies

The following exchange rates were used as a basis for converting the figures in the income statement and balance sheet into CHF: