Changes in the energy sector call for focus in Repower's core business and exploitation of new fields of business in the area of new technology

Resolutions of the 110th Repower annual general meeting in Landquart

Poschiavo, (PresseBox) - The 110th annual general meeting held on Wednesday, 14 May 2014, approved the 2013 annual report, financial statements and consolidated accounts. It also formally approved the actions of the members of the Board of Directors.

The annual general meeting resolved a dividend of CHF 2 per share or participation certificate, to be paid from capital reserves (excluding securities held by the company).

Further, the annual general meeting took its leave of two resigning members of the Board of Directors, Christoffel Brändli and Dr Hans Schulz. Christoffel Brändli had sat on the Board since 1996, Dr Hans Schulz since 2008.

For the first time the elections were held in accordance with the interim rules laid down in the new federal ordinance to counter excessive remuneration at listed companies (VegüV). Accordingly, the members of the Board of Directors, the members of the Compensation Committee and the Chairman of the Board of Directors were elected on an individual basis. Further, the independent proxy was appointed by the annual general meeting. Under the new arrangements each of those elected has a term of office of one year.

The following were confirmed as members of the Board of Directors: Dr Eduard Rikli, Dr Martin Schmid, Dr Rudolf Huber, Placi Berther, Claudio Lardi, Rolf W. Mathis, Roger Vetsch, Dr Myriam Meyer Stutz, Gerhard Jochum and Dr Manfred Thumann. Domenico De Luca (successor to Dr Hans Schulz) and Peter Molinari (successor to Christoffel Brändli) were elected as new members of the Board of Directors. Dr Eduard Rikli was confirmed as Chairman of the Board of Directors. The annual general meeting appointed Dr Eduard Rikli, Dr Manfred Thumann, Dr Martin Schmid und Dr Rudolf Huber as members of the Compensation Committee. The annual general meeting elected lawyer Dr Peter Philipp (Chur) as independent proxy. PricewaterhouseCoopers AG (Chur) was confirmed as statutory auditor for a term of one year.

In his opening remarks, Chairman of the Board of Directors Dr Eduard Rikli acknowledged that in the current environment it had become difficult to achieve good business results. "Despite - or maybe even precisely because of - this we are sticking to our goal of developing the business to ensure that it has a solid foundation and prospects for the future." He said that in addition to achieving sufficiently good business results, a priority for the future was also to preserve jobs in Canton Graubünden.

CEO Kurt Bobst explained the 2013 annual results to shareholders. With reference to ongoing projects he stressed that there was absolutely no dispute that pumped storage plants such as Lagobianco and Campolattaro were necessary to assure grid stability going forward. The Chlus hydro project, he said, was also beyond debate and would be key to achievement of the Swiss federal government's energy strategy. The only problem was, he explained, that installations of this sort could not be built in the current market environment. Despite this, he emphasised, Repower is continuing work on projects preparatory to going ahead with construction if the operating framework improves. On the other hand, he said, a positive decision on the construction of the Leverkusen combined cycle gas turbine (CCGT) power plant could become possible thanks to a steam supply agreement, optimum contractual terms with the plant supplier, and the German promotional scheme for cogeneration plants. Kurt Bobst also made it clear to the annual general meeting that "given the massive changes in the energy sector", innovation and new technologies would play an increasingly important role in the future. Repower, he explained, was already working on this across departments and national borders, drawing on the know-how of staff and networking with various external partners.

The CEO described to shareholders the three key measures Repower was implementing to tackle the challenges:

- Systematically implementing the ongoing efficiency programme
- Focusing investment and development efforts in the company's core business on the essentials
- Concentrating on innovative solutions and new technologies (New Tech Business).

The 110th annual general meeting in Landquart was attended by 159 shareholders representing 2,577,531 of a total of 2,783,115 voting shares. Around 140 guests were also present.

Further information:

- Repower announced its 2013 annual results on 2 April 2014.
- The annual report is available on the website at www.repower.com/investors.
- The addresses given by Dr Eduard Rikli and Kurt Bobst at the annual general meeting in Landquart and the accompanying presentation will be available on the website, www.repower.com/investors, from around 3pm on 14 May 2014.
- Following the introduction of the capital contribution principle in 2011 as part of Corporate Tax Reform II, the dividend of CHF 2 per share or participation certificate resolved by the annual general meeting is free of withholding tax. And the dividend is also free of income tax, at least for private individuals who are domiciled in Switzerland for tax purposes and hold the shares and/or participation certificates as part of their private assets.

Key dates:

- 2014 half year results will be announced on 26 August 2014.
- The 111th annual general meeting will take place on 29 April 2015 in Pontresina.

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