2013 financial year
Disposal of Repower Transportnetz AG
The Electricity Supply Act (StromVG) which came into force on 1 January 2008 requires that ownership of the Swiss transmission system be transferred to Swissgrid AG. Repower transferred all shares in Repower Transportnetz AG to Swissgrid AG on 3 January 2013.The two balance sheet positions “assets held for sale” and “liabilities held for sale”, which were previously separate, have now been adjusted. The selling price of TCHF 73,672 was consistent with the carrying amount and financial assets recorded as a consideration. These comprise new Swissgrid shares (TCHF 22,204) and a receivable from Swissgrid in the form of a loan (TCHF 51,468), TCHF 22,042 of which was repaid in the 2013 financial year. In certain cases, Swissgrid has the right to convert the loan into own shares or to not pay the interest or to only pay part of the interest. The consideration recorded is a provisional value. The final transfer value is not yet available. The complete disposal of the shares in Repower Transportnetz AG had the following effect on the assets and liabilities of the Repower Group:
| 03.01.2013 | |
|---|---|
| Tangible assets | 82,646 |
| Inventories | 72 |
| Receivables | 3,506 |
| Cash and cash equivalents | - |
| Assets held for sale | 86,224 |
| Deferred tax liabilities | 12,019 |
| Other current liabilities | 189 |
| Deferred income and accrued expenses | 344 |
| Liabilities held for sale | 12,552 |
| Carrying value disposal group | 73,672 |
| Selling price | 73,672 |
| Profit/loss from sale | - |
The expected consideration was adjusted to TCHF 73,447 in the course of the 2013 financial year. The loss of TCHF 225 is disclosed under “other operating expenses” in the Market Switzerland segment.
In the 2013 financial year, there were no business combinations.
2012 financial year
In the 2012 financial year, there were no business combinations or disposals.
Disposal of shares in 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:
| 30.06.2012 | |
|---|---|
| Tangible assets | 8 |
| Deferred tax assets | 170 |
| Receivables | 326 |
| Prepaid expenses, accruals and deferred income | 20 |
| Cash and equivalents | 115 |
| Cumulative translation differences | -101 |
| Minority interest | -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 was recognised in other operating expenses.