Repower AGM approves financial statements and annual report, passes resolutions on dividends, and elects two new members to the Board of Directors

Resolutions of the 108th Repower Annual General Meeting in Ilanz

(PresseBox) ( Poschiavo, )
On 9 May 2012 the 108th Repower Annual General Meeting (AGM) in Ilanz approved Repower AG's 2011 financial statements and Repower's 2011 consolidated accounts. The AGM also acknowledged the report of the auditors and discharged the members of the Board of Directors.

Repower published its annual results for 2011 on 29 March 2012, posting a profit of CHF 54 million on total operating revenues of around CHF 2.5 billion. EBIT came to CHF 130 million, and Repower saw a good operating cash flow of CHF 138 million in what was a difficult year for the energy industry.

The AGM voted in favour of the motion proposed by the Board of Directors to distribute a dividend of CHF 5 per share and participation certificate.

As already announced on 30 March 2012, two members of the Board of Directors, Antonio M. Taormina and Rudolf Hübscher, declared that they would be stepping down from the board with effect from the date of the 2012 AGM. As per the proposals of the Board of Directors, the AGM voted Daniel Spinnler (born 1956, Remigen AG) and Roger Vetsch (born 1965, Klosters) as new members to complete the terms of office of their predecessors. Daniel Spinnler was proposed by Alpiq, and Roger Vetsch by the Canton of Graubünden.

PricewaterhouseCoopers was appointed statutory auditor for a further term of one year.

The 108th Repower Annual General Meeting in Ilanz was attended by 249 shareholders representing 2,578,887 of a total of 2,783,115 bearer shares (92.66%). Around 150 guests were also present.

Before the resolutions were passed, Chairman of the Board of Directors Dr Eduard Rikli and CEO Kurt Bobst explained the 2011 results. Rikli highlighted the consequences of the current difficult overall economic situation for the energy industry. Since demand for energy is heavily dependent on economic output, he said, it was not surprising that demand was weak and electricity prices low as a result. Rikli also talked about the fundamental debate and key decisions triggered by the energy transition heralded in parts of Europe and efforts to come up with possible scenarios for the technology used to supply electricity, and pointed to the major uncertainty accompanying the process of coming to terms with these things. In this connection CEO Kurt Bobst emphasised that energy supply was an industry with a long-term investment horizon. He said that this difficult phase was likely to last for some time to come. But Repower, he explained, was well positioned, and would be able to benefit from a renewed positive cycle. Bobst also confirmed expectations already communicated at the presentation of the 2011 annual results that Repower would post profits in line with the previous year and EBIT below the prior year level for 2012.

Note:
Repower published its 2011 annual results on 29 March 2012. The full annual report is available at www.repower.com.
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