Net assets and liabilities held for sale increased from TCHF -8,257 the previous year to TCHF 49,041 at 31 December 2014. This increase is due to the reclassification of interests with respect to Swissgrid and the assets and liabilities of the sales and distribution business in Germany in the 2014 financial year.
| 31.12.2014 | 31.12.2013 | |
|---|---|---|
| Tangible assets | - | - |
| Other financial assets | 51,682 | - |
| Deferred tax assets | - | - |
| Receivables | 6,341 | 760 |
| Accrued income and prepaid expenses | 4 | 6 |
| Cash and cash equivalents | 3,667 | 71 |
| Assets held for sale | 61,694 | 837 |
| Other non-current provisions | 63 | - |
| Current financial liabilities | 8,067 | 7,856 |
| Other current liabilities | 3,397 | 1,057 |
| Deferred income and accrued expenses | 1,126 | 181 |
| Liabilities held for sale | 12,653 | 9,094 |
Participations held for sale: Swissgrid
Repower currently holds a 3.69 per cent interest in Swissgrid AG. The interest is primarily the result of the transfer of Repower's high-voltage network to the national grid operator. Compensation for the transfer in 2013 of the transmission grid unit took the form of shares and a convertible loan, which have been recognised in the Market Switzerland segment. In December 2014, Repower sold its shares in Swissgrid, with a carrying value of TCHF 29,268, and the TCHF 22,414 convertible loan granted to Swissgrid to an intercantonal consortium. The selling price is around CHF 56 million, with the final selling price to be set on the basis of Swissgrid AG's financial statements. Closing of the transaction is anticipated in the 2015 financial year.
Assets and liabilities held for sale: SEI S.p.A.
SEI S.p.A. is developing a project to construct a coal-fired power plant in Saline Joniche. The owner strategy formulated by majority shareholder Canton Graubünden in 2013 does not foresee interests in coal-fired power plants. Repower will completely withdraw from the Saline Joniche project on a controlled basis by the end of 2015 at the latest while complying with the contractual obligations that are in place, and dispose of the project. An impairment loss of TCHF 11,663 identified the previous year was ascribed to the tangible assets of the disposal group. This impairment was recognised in the consolidated income statement under other operating expenses. The net assets of the disposal group came to TCHF -8,638 (previous year: TCHF -8,257) at 31 December 2014, and belong to the Market Italy segment. Translation gains for SEI S.p.A. contained in the Repower Group's equity amount to TCHF 1,261 (previous year: TCHF 1,135) for the Repower Group and TCHF 657 (previous year: TCHF 564) for the minority interests.
Assets and liabilities held for sale: sales business in Germany
Repower is withdrawing from the sales business in Germany. In December 2014 Repower signed an agreement to dispose of its portfolio of sales and distribution activities in Germany and the associated assets and liabilities. Sales in Germany is not a reporting segment in its own right, and is recognised in the “Other segments and activities” segment. Closing of the transaction is anticipated in the 2015 financial year. Total assets of TCHF 5,997 were reclassified. The cumulative translation gain for this foreign operation came to TCHF 760 at 31 December 2014.