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:
|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.