Changes in consolidation


Business acquisitions

No business acquisitions were made in the first half of 2013.

Business disposals

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:

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       -

Purchase/sale of minority interests

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.

Companies included according to the equity method

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.