2021-11-27
http://w3.windfair.net/wind-energy/news/3929-repower-general-meeting-resolves-to-change-financial-year

News Release from Senvion GmbH

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REpower General Meeting resolves to change financial year

Hamburg, October 18, 2007. At the Extraordinary General Meeting of REpower Systems AG (WKN 617703), which took place in Hamburg yesterday, the shareholders of the company again expressed its support. With more than 100 participants, around 87.4 percent of the voting capital was represented.

The proposed change to the financial year was resolved with 100% approval. The financial year of REpower Systems AG will in future commence on April 1 of each year and end on March 31 of the year immediately following. Up to now the financial year has been the calendar year. The period from January 1, 2008 until March 31, 2008 represents a short fiscal year.

The background to the conversion is the heavily cyclical business development of the sale of wind turbines with substantially more sales in the last quarter and a rather weak quarter in terms of sales at the start of each year. If the financial year is the calendar year, this therefore leads to untypical and unrepresentative earnings in the first quarter. In order for the shareholders to be better informed regarding the business development, the Executive Board and Supervisory Board have resolved to implement the conversion. In addition, the major shareholder Suzlon intends in future to consolidate REpower.

The financial year at Suzlon already runs to March 31 with the result that the conversion of the REpower financial year contributes to harmonisation with the major shareholder.
Source:
REpower Systems AG
Author:
Daniela Puttenat
Email:
info@repower.de
Link:
www.repower.de/...



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