No business acquisitions were made in the first half of 2013.
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 handed over all shares in Repower Transportnetz AG to Swissgrid AG on 3 January 2013. The two items "Assets held for sale" and "Liabilities held for sale", which were previously separate, have now been recognised under disposals. The selling price of TCHF 73,672 was consistent with the carrying amount. Financial assets were recognised to compensate for the disposal. These comprise the 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 had been repaid by 30 June 2013. In certain cases, Swissgrid has the right to convert the loan into own shares or to not or only partially pay the interest. The amount posted to compensate for the transfer of the assets 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 in the first half of 2013:
03.01.2013 | ||||
---|---|---|---|---|
CHF thousands | ||||
Property, plant and equipment | 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 held for sale | 73,672 | |||
Selling price | 73,672 | |||
Profit/loss from the sale | - |
In the first half of 2013, Repower acquired additional minority interests in Repower Holding Surselva AG. The net cash outflow totalled TCHF 2,245 and the minority interests totalled TCHF 5,457. The difference was allocated to the majority partner's capital.
Repower acquired 35 per cent of Swisscom Energy Solutions AG during the first half of the year. The Swisscom subsidiary has developed an innovative solution for intelligent and sustainable electricity consumption management.