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Principles of consolidation
2) Principles of consolidation
Basis
The unaudited interim consolidated financial statements of the Repower Group as at 30 June 2012 have been prepared in accordance with International Accounting Standard (IAS) 34 "Interim Financial Reporting". The interim consolidated financial statements do not include all the information disclosed in the consolidated annual financial statements and should therefore be read in conjunction with the consolidated annual financial statements as at 31 December 2011.
Changes in consolidation:
Business acquisitions
No business acquisitions were made in the first half of 2012.
Business disposals
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 first half of 2012.
| Total | ||||
|---|---|---|---|---|
| CHF thousands | ||||
| Property, plant and equipment | 8 | |||
| Deferred income taxes | 170 | |||
| Receivables | 326 | |||
| Prepaid expenses and accrued income | 20 | |||
| Cash and cash equivalents | 115 | |||
| Accumulated translation differences | 114 | |||
| Minority interests | -211 | |||
| Other current liabilities | -209 | |||
| Loss | -255 | |||
| Selling price | 78 | |||
| Cash consideration received | - | |||
| Outflow of cash and cash equivalents | -115 | |||
| Net cash outflow related to the disposal | -115 |
The disposal was made in June 2012. The price of TCHF 78 has not yet been paid. 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 six per cent of its shares in Repartner Produktions AG to third-party electrical utilities and adjusted the former purchase price of the shares. The net cash inflow totalled TCHF 4,885 and the minority interests totalled TCHF 4,557. The difference was allocated to the majority partner's capital.
Companies consolidated according to the equity method
Disclosure related to the prior year: via Elbe Finance Holding GmbH & Co. KG, headquartered in Dortmund, Repower holds a share in the project company SüdWestStrom StadtKraftWerk Brunsbüttel GmbH & Co. KG, headquartered in Pinneberg. As contractually agreed with the majority owner of the project SüdWestStrom Kraftwerk GmbH & Co. KG, Repower reduced its stake in the project company from 51 per cent to 36 per cent on 28 February 2011. The resulting income amounted to TCHF 815, which is recorded under other operating income. The transaction resulted in a cash inflow of TCHF 3,662. The stake was fully impaired in the second half of 2011.