27 Business combinations and disposals

2012 financial year

In the 2012 financial year, there were no business combinations.

The goodwill arising from the acquisition of the wind farm in Germany recognised in the 2010 financial year decreased from TCHF 546 to TCHF 543 for currency reasons. Disposal of shares RES S.p.A.

The disposal of all the shares in RES S.p.A. and the related disposal of its subsidiary Prodomo d.o.o. had the following effect on the assets and liabilities of the Repower Group in the 2012 financial year.

CHF thousands        
Property, plant and equipment       8
Deferred tax assets       170
Receivables       326
Prepaid expenses and accrued income       20
Cash and cash equivalents       115
Cumulative translation differences       -101
Minority interests       -211
Other current liabilities       -209
Loss       -40
Selling price       78
Cash consideration received       78
Outflow of cash and cash equivalents       -115
Net cash outflow related to the disposal       -37

The pre-tax loss from the disposal of both Group companies is recognised in other operating expenses.

Purchases/sales of minority interests

In the first half of 2012, Repower sold an additional 6 per cent of its shares in Repartner Produktions AG to third-party energy supply companies and adjusted the former purchase price of the shares. The net cash inflow totalled TCHF 4,900 and the minority interests totalled TCHF 4,572. The difference was allocated to the majority partner's capital.

2011 financial year

In 2011 there were no business combinations or disposals.

In 2011 the project companies Lagobianco SA and Repartner Produktions AG were founded. Lagobianco SA is a wholly owned subsidiary of Repower AG and was founded for the purpose of building the planned pumped storage power plant between Lago Bianco and Lago di Poschiavo. All activities relating to the project will be carried out in future by this company.

Purchases/sales of minority interests

Effective 31 December 2011, Repower sold 35 per cent of its shares in Repartner Produktions AG to third-party energy supply companies. The cash inflow totalled TCHF 20,974 and the minority interests totalled TCHF 18,555. The difference was written to retained earnings. The shareholders of Repartner Produktions AG granted an interest-free loan to the company. The interest rate advantage for the interest-free loan granted by minority interests amounts to TCHF 8,004 and was classified as a hidden contribution which was taken into account at Group level as a capital increase in minority interests.