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Alpiq satisfied with the 2009 financial year

At its Annual Media Conference held in Zürich on 24 March 2010, Alpiq Holding Ltd. provided information on the 2009 year-end results. CEO Giovanni Leonardi, CFO Kurt Baumgartner and Michael Wider, Head of Energy Switzerland and Deputy CEO, expressed satisfaction with fiscal 2009. Alpiq is also aiming to focus on further growth in 2010.

In 2009, despite an extremely difficult environment, Alpiq posted consolidated revenue of CHF 14.82 billion (-7.4 percent). EBITDA amounted to CHF 1.55 billion (- 5.0 percent), while EBIT ended the year at CHF 1.06 billion (-7.2 percent) with Group profit at CHF 676 million (-7.7 percent).

At the Annual Media Conference held in Zürich on 24 March 2010, Giovanni Leonardi, CEO of Alpiq, proudly presented the young company's first financial results: "We have got off to a successful start." Leonardi stressed that the merger between Atel and EOS would provide major potential for added value in the medium term. In the short term, the focus is on integration and the phased reduction of financial commitments. Nevertheless, he emphasised that Alpiq would continue to invest in new power plants. The Group also intends to invest around one billion Swiss francs in the drive to expand new renewable energies over the next few years. According to Michael Wider, Head of the Energy Switzerland and Deputy CEO, one fifth of this amount – approximately CHF 200 million – will be invested in Switzerland.

Referring to the construction of new nuclear power plants in Switzerland, Leonardi said that Alpiq was of the opinion that the three applicants could already agree on the principles of collaboration for these partner plants."But the selection of sites must be made only when the current official process is nearing completion," added the Alpiq CEO.

Alpiq opening up additional opportunities

In his presentation, CFO Kurt Baumgartner referred to the satisfactory nature of the results. "Operating performance was above expectation," he said, adding that in terms of revenue and physical energy sales, Alpiq has established itself as a leading Swiss energy services provider with European reach. As far as the outlook for 2010 is concerned, Baumgartner expects the merger to produce additional business and growth opportunities. But he pointed out that the current financial year would be extremely challenging. Baumgartner expects Alpiq to close 2010 with another slight reduction in revenue but with EBITDA, EBIT and Group profit on a par with the figures recorded in 2009.

Special effects

The Energy Segment reported consolidated revenue of CHF 12.8 billion in 2009, corresponding to a year-on-year reduction of around CHF 1 billion or 8 percent, primarily due to price factors. At CHF 1.003 billion, earnings before interest and tax (EBIT) were virtually unchanged from the prior-year figure of CHF 1.013 billion. Adjusted for special effects, EBIT fell by around 5 percent. In addition to integration costs, the results were significantly impacted by falling prices in the wake of the economic downturn and by intervention from the Swiss regulatory authorities. The volume of consolidated sales rose by 4 percent to 135.2 Terawatt hours.

Decline in demand due to economic factors

Energy Services recorded revenue of around CHF 2.1 billion in 2009, representing a drop of around 5 percent compared to the previous year. As expected, operating profit for the Energy Services segment dropped by 24 percent to CHF 101 million, among other things due to declining demand as a result of the weaker economy and the absence of special items amounting to CHF 20 million which were booked to income in 2008.

Key figures of the Alpiq Group

Comparison with
pro forma accounts
20082009Change in %
Energy sales (TWh)129.600135.2484.4
Net revenue (CHF millions)16 01314 822-7.4
     Energy13 82812 756-7.8
     Energy Services2 2422 127-5.1
Earnings before interest, tax,
depreciation and amortisation
(EBITDA) (CHF millions)
1 6271 545-5.0
Depreciation and amortisation-480-481-0.2
Earnings before interest and
tax (EBIT) (CHF millions)
1 1471 064-7.2
Group profit (CHF millions)732676-7.7
     As % of net turnover4.64.6
No. of employees at closing date10 33410 7954.5