Assets and liabilities held for sale – Repower Transportnetz AG
The Electricity Supply Act (StromVG) which came into force on 1 January 2008 required that ownership of the Swiss grid system be transferred to Swissgrid AG. As a result, the level 1 grids were handed over to Swissgrid. 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 as “Assets held for sale” and “Liabilities held for sale”. The transfer took place on 3 January 2013 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.
At 30 June 2012 the carrying amount of the full disposal group was compared against the currently expected transaction value.
Due to indications of impairment, an impairment charge of CHF 3.7 million was made on the property, plant and equipment of the disposal group. This impairment charge is recognised in the statement of comprehensive income under other operating expenses. No further value adjustment was required to be made at the end of the year.
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 are provisional only:
| CHF thousands | 31.12.2011 | 31.12.2012 |
|---|---|---|
| Property, plant and equipment | 72,612 | 82,646 |
| Inventories | - | 72 |
| Receivables | - | 3,506 |
| Cash and cash equivalents | 6,455 | - |
| Assets of disposal group classified as held for sale | 79,067 | 86,224 |
| Deferred tax liabilities | 10,076 | 12,019 |
| Other current liabilities | 155 | 189 |
| Deferred income and accrued expenses | - | 106 |
| Liabilities of disposal group classified as held for sale | 10,231 | 12,314 |
Assets and liabilities held for sale – SEI S.p.A.
SEI S.p.A. is currently developing a project to construct a coal-fired power plant in Saline Joniche using the most advanced technology available at present on the market. The Repower Group signed an agreement to sell part of the project company SEI S.p.A. The sale will take place at a price defined in the agreement. Under IFRS 5 assets and liabilities (disposal group) held for sale are measured at the lower of the carrying amount and fair value less costs to sell. Because the fair value less costs to sell is higher than the carrying amount, there is no need for impairment. 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 12 are to be considered provisional:
| CHF thousands | 31.12.2012 | |
|---|---|---|
| Property, plant and equipment | 9,349 | |
| Deferred tax assets | 3,663 | |
| Receivables | 1,818 | |
| Prepaid expenses and accrued income | 6 | |
| Cash and cash equivalents | 1,015 | |
| Assets of disposal group classified as held for sale | 15,851 | |
| Non-current financial liabilities | 7,755 | |
| Other current liabilities | 1,087 | |
| Deferred income and accrued expenses | 74 | |
| Liabilities of disposal group classified as held for sale | 8,916 |
The foreign currency differences of the SEI S.p.A that are contained in equity amount to TCHF 1,196 for the Repower Group and TCHF 589 for the minority interests.