5) 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. In the consolidated annual financial statements of the Repower Group as at 31 December 2011 the transaction was expected to be completed on 1 July 2012. This deadline was not met. By law, the grids must be transferred to Swissgrid by 31 December 2012 and hence in the second half of 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.

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.

In view of the assets and liabilities to be transferred until the transaction is completed, the values listed in the following table as at 30 June are provisional only: