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Financial Report Alpiq Annual Report 2020 Table of contents 47 Financial Report Financial Review 48 Consolidated Financial Statements of the Alpiq Group Consolidated Income Statement 54 Consolidated Statement of Comprehensive Income 55 Consolidated Balance Sheet 56 Consolidated Statement of Changes in Equity 58 Consolidated Statement of Cash Flows 59 Notes to the Consolidated Financial Statements 61 Statutory Auditor’s Report on the Audit of the Consolidated Financial Statements 124 5-year Overview 129 Alpiq Holding Ltd. Management Report 131 Financial Statements 132 Proposal of the Board of Directors 141 Report of the Statutory Auditor on the Financial Statements 142 Alpiq Annual Report 2020 Financial Review 48 Financial Review The Alpiq Group generated operational EBITDA of CHF 262 million in the 2020 financial year. As announced, this is up on the previous year. All three business divisions made positive contributions to earnings. At CHF 135 million, Swiss power production was up on the previous-year period (previous year: CHF ‑6 million) as expected, on account of the hedged wholesale prices. Despite the phase-out of coal in the previous year, international power production closed positively at CHF 59 million, however, as expected did not reach the previous-year level. Energy trading generated earnings of CHF 99 million in the 2020 financial year, exceeding the previous year (CHF 56 million). On 24 June 2020, the Annual General Meeting of Alpiq Holding Ltd. approved the squeeze-out merger with Alpha 2020 Ltd. proposed by the Board of Directors. Alpiq Holding Ltd. was merged as the transferring company into Alpha 2020 Ltd., which was renamed Alpiq Holding Ltd. on the same day. Subsequently, two investors each filed for compensation review proceedings against Alpiq Holding Ltd. pursuant to Art. 105 of the Swiss Merger Act (FusG) in order to receive higher compensation per share. Alpiq considers it unlikely that this litigation will result in a negative outcome for the company. In December 2020, Alpiq and Bouygues Construction drew a line under the litigation in connection with the sale of the Engineering Services business, which has been ongoing since 2018. Alpiq refunded CHF 54.5 million to Bouygues Construction. The arbitration proceedings, which were simultaneously initiated by both parties in February 2019, therefore came to an end. On 9 February 2021, the Swiss Federal Electricity Commission (ElCom) issued rulings on the margin differences in 2011 and 2012 as well as the regulatory values of the plants of the former company Alpiq Grid Ltd. Gösgen and Alpiq Grid Ltd Lausanne at the end of 2012, which have a positive effect on the amount of compensation to be paid for the shares in the Swiss high-voltage grid transferred from Alpiq to Swissgrid Ltd on 3 January 2013. In this context, additional sales proceeds of CHF 39 million and interest of CHF 11 million were recognised in the consolidated financial statements for 2020. In order to allow transparent presentation and demarcation of the exceptional items, the consolidated income statement is presented as a pro forma statement. The commentary on the financial performance relates to an operational EBITDA view, in other words, to earnings development before exceptional items. The categories of exceptional items are described in the “Alternative performance measures of Alpiq” section. Alpiq Group: results of operations (before exceptional items) In the 2020 financial year, the Alpiq Group generated net revenue before exceptional items of CHF 3.8 billion (down CHF 0.2 billion on the previous year), EBITDA of CHF 262 million (up CHF 152 million) and EBIT of CHF 169 million (up CHF 186 million). Alpiq Annual Report 2020 Financial Review 49 Consolidated income statement (pro forma statement before and after exceptional items) 2020 2019 Results of Results of operations operations before excep- Exceptional before excep- Exceptional Results tional items items Results CHF million tional items items 1 under IFRS (adjusted) 2 (adjusted) 1 / 2 under IFRS Net revenue 3,823 82 3,905 4,059 40 4,099 Own work capitalised and change in costs incurred to fulfil a contract 6 6 5 5 Other operating income 64 54 118 48 2 50 Total revenue and other income 3,893 136 4,029 4,112 42 4,154 Energy and inventory costs – 3,350 – 101 – 3,451 – 3,708 55 – 3,653 Employee costs – 185 – 1 – 186 – 184 – 6 – 190 Other operating expenses – 96 – 3 – 99 – 110 – 33 – 143 Earnings before interest, tax, depreciation and amortisation (EBITDA) 262 31 293 110 58 168 Depreciation, amortisation and impairment 3 – 93 13 – 80 – 127 – 274 – 401 Earnings before interest and tax (EBIT) 169 44 213 – 17 – 216 – 233 Share of results of partner power plants and other associates – 35 – 44 Finance costs – 72 – 73 Finance income 17 14 Earnings before tax 123 – 336 Income tax expense 43 110 Earnings after tax from continuing operations 166 – 226 Earnings after tax from discontinued operations – 56 – 42 Net income 110 – 268 1 For more information, please refer to the explanations in the “Alternative performance measures of Alpiq” section 2 Due to the sale of Flexitricity Ltd. in 2020 and Alpiq’s decision to no longer pursue the e-mobility business, the EBITDA effects from these two businesses are now classified as exceptional items in internal reporting. The previous year’s figures were adjusted to improve comparability. As a result, the Alpiq Group’s EBITDA before exceptional items increased by CHF 4 million in 2019 from CHF 106 million to CHF 110 million. 3 In 2020, including reversals of impairment losses Generation Switzerland business division At CHF 135 million, EBITDA of Swiss power production was up year-on-year by CHF 141 million. The main drivers of this development are the hedged electricity prices from previous years, which increased compared to the same period in the previous year, strict cost management and high availability of the plants. Higher production volumes compared to the previous year also had a positive influence on earnings. Generation International business division At CHF 59 million, EBITDA of international power production was down year-on-year by CHF 35 million. Income of the Italian wind power plants was below the previous-year level on account of lower production volumes due to weather conditions, lower energy prices and the loss of feed-in tariffs. Income from thermal power plants primarily decreased as a Alpiq Annual Report 2020 Financial Review 50 result of the two Czech brown coal-fired power plants Kladno and Zlín not contributing to earnings anymore. The divestment at the end of August 2019 was carried out for strategic reasons, looking towards an increasingly decarbonised energy world. The contribution to earnings of the Spanish gas-fired combined-cycle power plant Plana del Vent was down on the previous year due to unexpected required repairs. By contrast, the thermal plants in Italy recorded an encouraging development. This was partly attributable to increased availability and investments in greater flexibility performed at an earlier stage. Digital & Commerce business division At CHF 99 million, EBITDA of international energy trading was up year-on-year by CHF 43 million. Despite the challenging market conditions in connection with the COVID-19 pandemic, market opportunities were successfully leveraged in Asset Trading and Merchant Trading. In the context of the optimisation of the hydropower portfolio in Switzerland and the optimisation in Italy, higher earnings were generated than in the previous year. Optimised trading strategies in Merchant Trading benefited from sharply rising prices. Alpiq continued to invest in the expansion of its industrial and commercial customer business. Alternative performance measures of Alpiq To measure and present its operating performance, Alpiq also uses alternative performance measures through to the level of “Earnings before interest and tax (EBIT)”. Alpiq makes adjustments to the IFRS results for exceptional items, which Alpiq does not consider part of the results of operations. These performance measures do not have a standardised definition in IFRS. This can therefore limit comparability with such measures as defined by other companies. These measures are presented in a pro forma statement in order to give investors a deeper understanding of how Alpiq’s management measures the performance of the Group. However, they are no substitute for IFRS performance measures. In the balance sheet and cash flow statement, Alpiq does not use any alternative performance measures. Overview of exceptional items Fair value Development of Impairment changes decommissioning Effects from losses Restructuring Total (accounting and waste business and onerous costs exceptional mismatch) disposal funds disposals contracts 1 and litigation 1 items 1 2019 2019 2019 (ad- (ad- (ad- CHF million 2020 2019 2020 2019 2020 2019 2020 justed) 2020 justed) 2020 justed) Net revenue 60 38 – 1 – 8 23 10 82 40 Other operating income 54 2 54 2 Total revenue and other income 60 38 – 1 – 8 54 2 23 10 136 42 Energy and inventory costs 21 119 – 108 – 48 – 14 – 16 – 101 55 Employee costs – 1 – 6 – 1 – 6 Other operating expenses 8 – 21 – 11 – 12 – 3 – 33 Earnings before interest, tax, depreciation and amortisation (EBITDA) 60 38 20 111 62 – 19 – 108 – 48 – 3 – 24 31 58 Depreciation, amortisation and impairment 2 16 – 274 – 3 13 – 274 Earnings before interest and tax (EBIT) 60 38 20 111 62 – 19 – 92 – 322 – 6 – 24 44 – 216 1 Due to the sale of Flexitricity Ltd. in 2020 and Alpiq’s decision to no longer pursue the e-mobility business, the EBITDA effects from these two businesses are now classified as exceptional items in internal reporting. The previous year’s figures were adjusted to improve comparability. 2 In 2020, including reversals of impairment losses Alpiq Annual Report 2020 Financial Review 51 Alpiq has defined the following categories of exceptional items: Fair value changes (accounting mismatch) Fair value changes of energy derivatives entered into to hedge future power production do not reflect the operating performance of business activities because they are economically linked with the changes in value of production plants and long-term purchase contracts.
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