26 Business combinations and disposals

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:

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:

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.