28 Assets and liabilities held for sale

The Electricity Supply Act (StromVG) which came into force on 1 January 2008 requires ownership of the Swiss transmission grid to be transferred to Swissgrid ag by the end of 2012. To this end, Level 1 grids are to be transferred to Swissgrid by the end of 2012. The transaction is expected to be completed by 1 July 2012. The assets and liabilities of Repower Transportnetz AG have been classified as held for sale since 1 July 2011, and are disclosed separately in the balance sheet under “Assets held for sale” and “Liabilities held for sale”.

The transfer will be made at a market price set by the Federal Electricity Commission (ElCom). The assets and liabilities (disposal group) are measured at the lower of the carrying amount and expected selling price. No impairment expense was recognised.

In view of the assets and liabilities to be transferred until the transaction is completed, the values listed in the following table as at 31 December 2011 are provisional only:

CHF thousands 31.12.2011
Property, plant and equipment 72,612
Cash and cash equivalents 6,455
Assets held for sale 79,067
Deferred tax liabilities 10,076
Other current liabilities 155
Liabilities held for sale 10,231

No adjustment was made to the prior-year balance sheet.