2014 financial year
In the 2014 financial year the companies Forze Motrici Pistoia S.r.l., Repower Magyarország Kft. and Repower Slovenskà republika s.r.o. were liquidated. As a result of these liquidations, cumulative translation losses of TCHF 7,590 were reclassified to profit or loss. Pre-tax losses resulting from the liquidation of these three companies were recognised under other operating expenses in the “Other segments and activities” segment.
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 items 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. 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:
|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|
|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 was disclosed under other operating expenses in the Market Switzerland segment.
In December 2014 Repower sold its shares in Swissgrid and the convertible loan granted to Swissgrid (see Note 26).
There were no business combinations in the 2013 financial year.