OTI ENERGY AG

OTI ENERGY AG
Half-Year Report 2012
(unaudited)

TABLE OF CONTENT
Financial StatementS For HalF-year 2012
noteS to tHe conDenSeD Financial StatementS
1. ORGANISATION AND BUSINESS ACTIVITY
2. SIGNIFICANT ACCOUNTING POLICIE
Basis of compliance
Significant accounting policies
Seasonality
3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
4. FOREIGN CURRENCIES
5. SEGMENT INFORMATION
6. EARNINGS PER SHARE
7. OTHER FINANCIAL ASSETS
8. RELATED PARTY TRANSACTIONS
9. CONTINGENT LIABILITIES
10. IMPORTANT SHAREHOLDERS
11. EVENTS AFTER THE BALANCE SHEET DATE
12. APPROVAL OF FINANCIAL STATEMENTS
comPany ProFile
2 Oti Energy Ag - Financial Statements Half Year 2012
3
9
9
9
9
9
9
10
10
10
12
12
13
14
14
14
14
15

OTI ENErgy Ag
FINANCIAL STATEMENTS HALF-yEAr 2012
(uNAudITEd)
Oti Energy Ag - Financial Statements Half Year 2012
3

CONdENSEd STATEMENT OF INCOME FOr THE PErIOd
ENdEd 30 JuNE 2012
(IN THOuSANdS OF SwISS FrANCS)
continuing operations
Investment revenue
Other gains
Other losses
Administration and other operating expenses
Finance costs
Profit before tax
Income tax expense
Profit / (loss) for the period
attributable to:
Owners of the Company
Profit / (loss) for the period
4 Oti Energy Ag - Financial Statements Half Year 2012
notes Unaudited
01.01.2012 to
30.06.2012
tcHF
174
10
(83)
(246)
-
(145)
-
(145)
(145)
(145)
Unaudited
01.01.2011 to
30.06.2011
tcHF
64
-
(23)
(235)
(98)
(292)
-
(292)
(292)
(292)

CONdENSEd STATEMENT OF COMPrEHENSIVE INCOME
FOr THE PErIOd ENdEd 30 JuNE 2012
(IN THOuSANdS OF SwISS FrANCS)
Profit / (loss) for the period
other comprehensive income
other comprehensive income, net of tax
total comprehensive income for the period
attributable to:
Owners of the Company
Profit / (loss) for the period
Unaudited
01.01.2012 to
30.06.2012
tcHF
(145)
Oti Energy Ag - Financial Statements Half Year 2012
-
(145)
(145)
(145)
Unaudited
01.01.2011 to
30.06.2011
tcHF
(292)
-
(73)
(292)
(292)
5

CONdENSEd STATEMENT OF FINANCIAL POSITION
AT 30 JuNE 2012
(IN THOuSANdS OF SwISS FrANCS)
aSSetS
non - current assets
Other financial assets
total non - current assets
current assets
Other receivables
Other financial assets
Cash and bank balances
total current assets
total assets
eQUity anD liaBilitieS
capital and reserves
Issued capital
Retained earnings
total equity
current liabilities
Trade and other payables
total current liabilities
total liabilities and equity
6 Oti Energy Ag - Financial Statements Half Year 2012
notes
7
7
notes
Unaudited
30.06.2012
tcHF
107
107
23
7’217
242
7’482
7’589
Unaudited
30.06.2012
tcHF
9’701
(2’292)
7’409
180
180
7’589
audited
31.12.2011
tcHF
96
96
7’630
-
9
7’639
7’735
audited
31.12.2011
tcHF
9’701
(2’147)
7’554
181
181
7’735

CONdENSEd STATEMENT OF CHANgES IN EQuITy FOr
THE HALF-yEAr ENdEd 30 JuNE 2012
(IN THOuSANdS OF SwISS FrANCS)
Balance at
1 January 2011
Earnings for the period
total other comprehensive income
total comprehensive income
for the period
Balance at
30 June 2011 (unaudited)
Balance at
1 January 2012
Earnings for the period
total other comprehensive income
total comprehensive income
for the period
Balance at
30 June 2012 (unaudited)
Share
capital
tcHF
10’162
-
-
10’162
Share
capital
tcHF
10’162
-
-
10’162
issued capital
issued capital
treasury
Shares
tcHF
(461)
Oti Energy Ag - Financial Statements Half Year 2012
-
-
(461)
treasury
Shares
tcHF
(461)
-
-
(461)
retained
earnings
tcHF
(1’883)
(292)
-
(292)
(2’175)
retained
earnings
tcHF
(2’147)
(145)
-
(145)
(2’292)
(i) In respect to current and previous years, no dividends have been distributed or were proposed to be distributed. The proposal is subject
to approval by shareholders in the Annual General Meeting. Provided that a dividend would be paid the net amount available to the
shareholders would be of 65%, after the deduction of the Swiss withholding tax of 35%.
total
tcHF
7’818
(292)
-
(292)
7’526
total
tcHF
7’554
(145)
-
(145)
7’409
7

CONdENSEd STATEMENT OF CASH FLOwS FOr THE
PErIOd ENdEd 30 JuNE 2012
(IN THOuSANdS OF SwISS FrANCS)
caSH FloWS From oPeratinG actiVitieS
Profit of the year
Net foreign exchange (gain) / loss
Finance costs recognised in statement of income
Investment revenue recognised in statement of income
Change in fair value of financial assets classified as held for trading
Movement in working capital
(Increase) / decrease in other receivables
(Increase) / decrease in other assets
Increase / (decrease) in trade and other payables
Cash flow from operations
Income taxes paid
net cash generated by operating activities
caSH FloWS From inVeStinG actiVitieS
Amounts advanced to related parties
Amounts repaid by related parties
Interest received
net cashed (used in) / generated by investing activities
caSH FloWS FinancinG actiVitieS
cash flow from financing activities
exchange effect on cash
change in cash and cash equivalents
Cash and equivalents balances as of January 1
Cash and cash equivalents balances at the end of period
change in cash and cash equivalents
8 Oti Energy Ag - Financial Statements Half Year 2012
notes
8
8
8
Unaudited
01.01.2012 to
30.06.2012
tcHF
(145)
82
-
(174)
(10)
(247)
7’637
-
(2)
7’388
-
7’388
(7’256)
-
111
(7’145)
-
(10)
233
9
242
233
Unaudited
01.01.2011 to
30.06.2011
tcHF
(292)
9
98
(64)
14
(235)
94
(4)
10
(135)
-
(135)
-
122
-
122
-
-
(13)
30
17
(13)

NOTES TO THE CONdENSEd FINANCIAL
STATEMENTS FOr THE PErIOd ENdEd 30 JuNE 2012
(IN THOuSANdS OF SwISS FrANCS, ExCEPT AS OTHErwISE INdICATEd)
1. orGaniSation anD BUiSneSS actiVity
OTI Energy AG (“The Company”) is a limited liability company incorporated on 17 December 1998 under the laws of Switzerland. The
Company has its registered trade office at Via Nassa 31, 6900 Lugano, Switzerland.
As per article 2 of the Articles of Incorporation the purpose of the Company consists in the acquisition, holding and sale of participations in
national and foreign companies, which mainly engage in the energy sector. The Company may also invest into other economic sectors.
The Company‘s share capital is CHF 10’161’920 divided in 254’048 bearer shares of CHF 40 each. Each bearer share has one voting right. The
shares are fully paid.
The shares of OTI Energy AG are listed at the SIX Swiss Stock Exchange and were traded the first time on 16 May 2000.
The Company has until today not paid out dividends and does not intend to pay any dividends in the foreseeable future.
2. SiGniFicant accoUntinG PolicieS
Basis of compliance
These unaudited condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards
(IFRS) IAS 34 Interim Financial Reporting, as well as the accounting rules of the Listing Rules of the SIX and the additional rules for the
listing at the SIX Swiss Stock Exchange. They do not include all information required for full annual financial statetements, and should be read
in conjunction with the financial statements for the year ended 31 December 2011.
Basis of preparation
The financial statements have been prepared on the historical cost basis, except for the evaluation of certain financial instruments.
The financial statements and the notes are expressed in thousands Swiss Francs, except as otherwise indicated, and are therefore rounded to the
nearest unit. Consequently, there might be differences of maximum one thousand Swiss Francs in the figures reported.
Significant accounting policies
The accounting policies adopted in the preparation of the interim condensed financial statements are consistent with those followed in the
preparation of the annual financial statements for the year ended 31 December 2011.
The following amendments and new interpretations are mandatory for the first time for the financial year beginning on or after 1 January 2012,
but have no material impact or are currentlynot relevant for the Company:
• IFRS 7 (amendment) Financial Instruments: Disclosures - Transfer of financial assets
• IAS 12 (amendment ) Income Taxes - Deferred tax: recovery of underlying assets
Seasonality
The Companys‘ activity is not subject to seasonal or cyclical fluctuations.
Oti Energy Ag - Financial Statements Half Year 2012
9

3. critical accoUntinG JUDGementS anD Key SoUrceS oF eStimation Uncertainty
The preparation of Interim Condensed Financial Statements in conformity with IFRS requires management to make judgments, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The actual result may
differ from these estimates. In this interim report, Management has not made any significant changes to the estimates and assumptions
compared to 31 December 2011.
4. ForeiGn cUrrencieS
The following table summarises the principal exchange rates that have been used for the translation purposes (1 unit of foreign currency versus
CHF).
5. SeGment inFormation
closing rates
30.06.2012
1.20140
0.93610
Products and services from which reportable segments derive their revenues
At 30 June 2012, the Company is organised in one single main business segments reportable under IFRS 8:
a) Financial and investments (also Corporate), whose activity is the acquisition, holding and sale of participations in national and foreign
companies, which mainly engage in the energy sector.
The financial and investment segment includes and is limited to OTI Energy AG.
The accounting policies of the reportable segments for management purposes differ from those described in note 2. They are based on
accounting principles according to the civil code applicable to the Company. Basically management reporting is based on the historical cost
convention and on the accrual basis.
Segment performance is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured
differently from operating profit or loss according to the respective civil code. Also finance cost, finance income and income taxes are managed
on an individual level of the companies building up the group.
Segment revenue and results
The following is an analysis of the Company’s revenue and results by reportable segment:
10 Oti Energy Ag - Financial Statements Half Year 2012
30.06.2011
1.21390
0.91833

operating segments - 30 June 2012 (unaudited)
income before fax
Change in fair value of financial assets classified as held for trading
Interest expenses
Interest revenue
Income taxes
operating segments - 30 June 2011 (unaudited)
income before tax
Change in fair value of financial assets classified as held for trading
Interest expenses
Interest revenue
Income taxes
Segment assets
operating segments - 30 June 2012 (unaudited)
Segment assets
operating segments - 31 December 2011 (audited)
Segment assets
corporate
tcHF
(145)
10
-
174
-
(288)
(14)
(98)
64
-
corporate
tcHF
7’909
8’144
adjustments
tcHF
Oti Energy Ag - Financial Statements Half Year 2012
-
-
-
-
-
(4) (i)
-
-
-
-
adjustments
tcHF
(320) (i)
(409) (i)
company
tcHF
(i) As a consequence of the different accounting principles used for management reporting purposes, profit before tax differed in 2011 from figures
for a timing difference on an accrued position of TCHF 4. No such differences occurred in the current year.
No capital expenditure occurred in the current or past period.
As mentioned above, due to the different accounting principles applied, differences between Management reporting and company figures
occur:
(145)
10
-
174
-
(292)
(14)
(98)
64
-
company
tcHF
(i) The adjustment in 2012 and 2011 relates to the different presentation of treasury shares, presented for management purposes as a non-current
asset for TCHF 320 (2011: TCHF 409).
other segment information
For the current and the previous year no impairment loss had to be recorded.
revenues from major products and services
There is actually no revenue from products and services, as the Company is actually operating only in finance and investing activities.
Geographical information
The Company’s revenue from external customers is nil for the current and comparative period, as well as its segment assets, which for the
purpose of geographical information would consist of property, plant and equipment, intangible assets and investments in associates.
information about major customers
Due to the actual activity of the Company there is no information about major customers to be provided.
7’589
7’735
11

6. earninGS Per SHare
Earnings per share are calculated based on the number of issued ordinary shares less the weighted average of the own shares held by the
company. Because there are no convertible rights or option plans existing, there is no dilution of earnings, and therefore the following table is
applicable for both values
Profit for the year attributable to owner of the equity of the Company
earnings used in the calculation of basics earnings per share
from continuing operations
Weighted average number of ordinary shares for the purpose
of basic earnings per share
Basic deficit per share
From continuing operations (cts per share)
total basic earning per share (cts per share)
7. otHer Financial aSSetS
Financial assets carried at fair value
through profit or loss (FVtPl)
Held for trading non-derivative
financial assets (i)
total
loans carried at amortised cost
Loans to related parties (ii)
total
total other financial assets
unaudited
30.06.2012
tcHF
(i) Held for trading non-derivative financial assets refer to following equity securities:
12 Oti Energy Ag - Financial Statements Half Year 2012
-
-
7’217
7’217
7’217
current
year ended
audited
31.12.2011
tcHF
-
-
-
-
-
unaudited
year ended
30.06.2011
(145)
(145)
246’030
(0.59)
(0.59)
unaudited
30.06.2012
tcHF
107
107
-
-
107
non-current
year ended
unaudited
year ended
30.06.2011
(292)
(292)
246’030
(1.19)
(1.19)
audited
31.12.2011
tcHF
96
96
-
-
96

equity securities
listed
Falcon Oil & Gas Ltd.
total listed
total of held for trading non - derivatives
The above equity securities are managed and their performance evaluated on a fair value basis.
(ii) Amounts due from other related parties (see note 8).
8. relateD Party tranSactionS
The immediate parent of the Group is Finanziaria Internazionale per lo Sviluppo Industriale SA (incorporated in Switzerland).
The ultimate controlling party is Mr. Marco Marenco.
Hydro Drilling Offshore Ltd, London, England is considered a related party as it is controlled by a member of the Board of directors.
Details of transactions between the Company and other related parties are disclosed below.
trading transactions
During the current period the Company did not enter into any trading transaction with related parties.
During the previous period the Company did not enter into any trading transaction with related parties.
outstanding balances with related parties, other than key management
amounts due from related parties
Finanziaria Internazionale per lo Sviluppo Industriale SA, Lugano, Switzerland (i)
Hydro Drilling Offshore Ltd (Associate), London, England (ii)
total
Place of
incorporation
(or registration)
and operation
Denver, USA
unaudited
30.06.2012
(i) The outstanding amount of TCHF 7’217, recorded within “Other financial assets” relates to a short-term loan of the amount of TEUR 5’955
to the parent company, and accrued interests. The loan is bearing an interest of 5%, thus an interest income of TCHF 63 has been recorded
during the half-year. The loan is repayable on request within 48 hours, and the agreement will expire on 31 December 2015. The amount is
unsecured and is expected to be settled either in cash or by compensation once the Company will invest in operating participations, which are
expected to be financed through the existing credit facility of TCHF 15`000 provided by the parent company and the reimboursement of the
above mentioned loan. No expense has been recognised in the period for bad or doubtful debts in respect of the amounts owed by related parties.
(ii) The outstanding balance, recorded within “Other receivables” resulted from the sale of a subsidiary occurred in 2010. The amount, including
default interests of 5%, has been settled in cash on April 20, 2012. Default interest of TCHF 110 (2011: TCHF 64) have been recorded.
107
107
107
unaudited
30.06.2012
7’217
-
7’217
Oti Energy Ag - Financial Statements Half Year 2012
Fair Value
audited
31.12.2011
96
96
96
audited
31.12.2011
-
7’607
7’607
13

Payables to Board of Directors
An amount of TCHF 76 (31.12.2011: TCHF 90) was outstanding as a payable to Board of Directors in relation to their services provided until
30.6.2012, for a total amount of TCHF 162 (30.6.2011: TCHF 134).
other information
There are no loans outstanding from, and no guarantees issued to or assumed for any member of the governing body or key management.
9. continGent liaBilitieS
There are no contingent liabilities to report.
10. imPortant SHareHolDerS
The Company has exclusively issued bearer shares. The shareholders with a participation exceeding 5% known to the Company as per 30 June
2012 are unchanged compared to 31 December 2011.
Finanziaria Internazionale per lo Sviluppo Industriale SA, Lugano, Switzerland
11. eVentS aFter tHe Balance SHeet Date
At the date of approval of the Financial Statements by the Board of Directors, the Company had no subsequent events that warrant a
modification of the value of the assets and liabilities or an additional disclosure.
12. aPProVal oF Financial StatementS
Financial statements were approved by the Board of directors and authorised for issue on 26 September 2012.
14 Oti Energy Ag - Financial Statements Half Year 2012
Unaudited
year ended
30.06.2012
%
83.32
audited
year ended
31.12.2011
%
83.32

COMPANy PrOFILE
BoarD oF DirectorS
Marco Marenco, President
Nicoló Von Wunster, Member
Udo Schiller, Member
manaGement BoarD
Nicolò von Wunster, CEO
PoStal aDDreSS
OTI Energy AG, Via Nassa 31, 6900 Lugano
aUDitorS
MAZARS CORESA, 1205 Geneva
rePortinG
The Board of Directors
cUStoDian BanK
BANQUE SARASIN & CO LTD, Lugano Branch, 6900 Lugano
PUBlicationS
Interim reports on June, 30
ticKer SymBolS
Bloomberg OTI SW Equity
Telekurs OTI
Security number: 632.685
ISIN: CH0006326851
caPital StrUctUre
Issue price 10.12.1998: CHF 100.-
Capital increase / Decrease 30.06.1999: CHF 200.- of CHF 155’000.- to CHF 5’572’900.-
16.03.2000: CHF 262.- of CHF 5’572’900.- to CHF 23’450’600.-
27.05.2004: Reductions of nominal value by CHF 60.- of
CHF 23’450’600.- to CHF 9’380’240.-
27.05.2004: CHF 42.- of CHF 9’380’240.- to 10’161’920.-
Share Certificates 254’048 bearer shares at CHF 40.- each
inVeStor relationS
Nicolò Von Wunster c/o Ambrosuisse SA, Via Nassa 31, 6901 Lugano, Tel +41 91 922 00 73
Oti Energy Ag - Financial Statements Half Year 2012
15

Postal Addres: OTI Energy AG
Via Nassa 31
PO BOX 6199
6901 Lugano
info@oti-energy.ch
Investor Relations: Nicolò von Wunster
OTI ENERGY AG
Via Nassa 31
6901 Lugano
Tel. +41 91 922 00 73
Fax +41 91 922 00 78
n.vonwunster@oti-energy.ch