| Power plants | Grids | Assets under construction | Land and buildings | Other | Total | |
|---|---|---|---|---|---|---|
| Gross values at 1 January 2014 | 912,420 | 732,171 | 103,241 | 129,752 | 53,880 | 1,931,464 |
| Own costs capitalised | - | 325 | 6,966 | - | - | 7,291 |
| Additions | 89 | 406 | 17,648 | 78 | 1,781 | 20,002 |
| Disposals | -1,728 | -7,421 | -3,311 | -1,519 | -4,259 | -18,238 |
| Reclassifications IFRS 5 | - | - | - | - | - | - |
| Reclassifications between asset classes | 5,825 | 23,715 | -29,795 | -82 | 337 | - |
| Translation differences | -8,397 | - | -416 | -860 | -413 | -10,086 |
| Gross values at 31 December 2014 | 908,209 | 749,196 | 94,333 | 127,369 | 51,326 | 1,930,433 |
| Accumulated depreciation and impairments at 1 January 2014 | -442,192 | -397,246 | -85,532 | -58,864 | -29,380 | -1,013,214 |
| Depreciation | -24,129 | -17,776 | - | -1,967 | -3,765 | -47,637 |
| Impairments | - | - | - | - | - | - |
| Disposals | 1,721 | 5,357 | 3,286 | 1,072 | 4,129 | 15,565 |
| Reclassifications IFRS 5 | - | - | - | - | - | - |
| Reclassifications between asset classes | -23 | 4 | - | 82 | -63 | - |
| Translation differences | 3,516 | - | 395 | 405 | 158 | 4,474 |
| Accumulated depreciation and impairments at 31 December 2014 | -461,107 | -409,661 | -81,851 | -59,272 | -28,921 | -1,040,812 |
| Net values at 31 December 2014 | 447,102 | 339,535 | 12,482 | 68,097 | 22,405 | 889,621 |
| thereof security pledged for debts | 2,635 | |||||
| Gross values at 1 January 2015 | 908,209 | 749,196 | 94,333 | 127,369 | 51,326 | 1,930,433 |
| Own costs capitalised | - | 288 | 6,812 | - | - | 7,100 |
| Additions | 187 | 1,350 | 14,934 | 297 | 1,194 | 17,962 |
| Disposals | -5,052 | -5,574 | -820 | -1,872 | -4,619 | -17,937 |
| Disposals from changes in consolidation | - | - | -10,588 | - | - | -10,588 |
| Reclassifications IFRS 5 | - | -13,831 | - | -16,197 | -279 | -30,307 |
| Reclassifications between asset classes | 9,943 | 12,190 | -21,154 | -3,497 | 2,548 | 30 |
| Translation differences | -39,615 | - | -2,290 | -4,047 | -1,964 | -47,916 |
| Gross values at 31 December 2015 | 873,672 | 743,619 | 81,227 | 102,053 | 48,206 | 1,848,777 |
| Accumulated depreciation and impairments at 1 January 2015 | -461,107 | -409,661 | -81,851 | -59,272 | -28,921 | -1,040,812 |
| Depreciation | -21,625 | -18,094 | - | -1,438 | -3,588 | -44,745 |
| Impairments | -67,003 | - | - | -7 | - | -67,010 |
| Appreciations | 5,568 | - | - | - | - | 5,568 |
| Disposals | 5,022 | 4,798 | - | 498 | 4,248 | 14,566 |
| Disposals from changes in consolidation | - | - | 10,588 | - | - | 10,588 |
| Reclassifications IFRS 5 | - | 10,120 | - | 12,292 | 141 | 22,553 |
| Reclassifications between asset classes | -3,443 | -60 | - | 3,496 | -11 | -18 |
| Translation differences | 16,450 | - | 2,154 | 1,933 | 764 | 21,301 |
| Accumulated depreciation and impairments at 31 December 2015 | -526,138 | -412,897 | -69,109 | -42,498 | -27,367 | -1,078,009 |
| Net values at 31 December 2015 | 347,534 | 330,722 | 12,118 | 59,555 | 20,839 | 770,768 |
| thereof security pledged for debts | 2,568 |
The pledged fixed assets were put up as collateral for the investment loans and mortgages as listed in Note 17.
Disposals of consolidated companies relate to the sale of Repower GuD Leverkusen GmbH Co. KG and Repower GuD Leverkusen Verwaltungs-GmbH (see Note 27).
Impairments losses and gains on tangible assets
Market conditions were highly volatile during the 2015 financial year. In the first six months this led to impairments, while an improvement in value drivers in the second half allowed a slight recovery. Below these developments are presented by segment:
Market Switzerland segment
In the first half of 2015 impairment losses of TCHF 15,649 were recognised on generation assets (hydropower). They applied to the Taschinas (TCHF 12,229), Ladral (TCHF 1,458) and Ferrera (TCHF 1,962) plants.
As in previous years, impairments were triggered by a steady deterioration in market conditions. There was another year-on-year decline in prices on the electricity market. Since electricity is traded all over Europe in euros, the Swiss National Bank's decision to lift the 1.20 floor on the EUR/CHF exchange rate on 15 January 2015 put additional pressure on the value of assets.
This was offset by the development of the Swiss franc, which in the second half of the year trended softer against the euro by comparison with the first six months. As a result there were impairment reversals on the Taschinas (TCHF 1,292), Ladral (TCHF 624) and Ferrera (TCHF 1,144) plants.
The Prettin and Lübbenau wind farms in Germany, located on the Elbe in Saxony-Anhalt and in southern Brandenburg around 25 kilometres to the west of Cottbus, are also included in this segment. There was an impairment loss of TCHF 1,222 on the Prettin wind farm. There was an impairment reversal of TCHF 2,508 on the Lübbenau wind farm.
Since both installations are subsidised under the EEG scheme, the primary value driver is the amount of wind. Both the impairment loss on the Prettin wind farm and the gain on the Lübbenau installation are directly connected with an adjustment to expectations of the amount of wind.
Individual generation assets are valued on the basis of their value in use calculated on a discounted cash flow basis. The value in use for the impaired assets comes to TCHF 92,954. WACC before tax for the impairment on the Prettin wind farm is 6.4 per cent. WACC for the impairment reversals on the Swiss generation assets is between 5.6 per cent and 5.7 per cent . WACC for Lübbenau is 8.0 per cent.
Market Italy segment
In the first half of 2015 an impairment charge of TEUR 21,723 was taken for the Teverola combined-cycle gas turbine plant. At the end of the year there was another impairment charge of TEUR 25,199. This is equivalent to TCHF 50,132.
The impairments were prompted by a decline in the clean spark spread combined with a drop in revenues from ancillary services. The clean spark spread is the theoretical gross margin earned by a combined-cycle plant on the sale of one unit of energy, containing only the costs of the fuel and the carbon certificates. All other costs have to be covered by the gross margin. The generation asset is valued on the basis of its value in use calculated on a discounted cash flow basis. The value in use comes to TCHF 99,996. WACC before tax is 9.7 per cent.
Neither impairment losses nor impairment reversals were recognised in the 2014 financial year.
Leased tangible assets
The net carrying amount of the motor vehicles held as part of the finance leasing agreement totalled TCHF 177 (previous year: TCHF 553) at the closing date. More information on finance leasing can be found in Note 29.