25 Business combinations, disposals and liquidations

2014 financial year

In the 2014 financial year the companies Forze Motrici Pistoia S.r.l., Repower Magyarország Kft. and Repower SlovenskĂ  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:

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 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.