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Alpiq continues restructuring programme

Publikováno: 13.11.2012, Aktualizováno: 14.11.2012 10:47
Rubrika: Teplárenství, Energetické strojírenství

Alpiq Holding Ltd. (Alpiq) closed the third quarter with an operating result (EBITDA) of CHF 721 million, corresponding to a reduction of 13.3% versus the prior-year period. The decline in EBITDA was slowed down by a good production, the quality of optimisation and the restructuring measures already implemented. As announced, the company expects to close the 2012 financial year with a significantly lower result than in the previous year. In addition to the impairment already announced due to the cancellation of long-term contracts by Hidroelectrica, adjusted expectations of price trends may result in further impairments which could have a significant impact on the 2012 year-end results. Due to the ongoing deterioration in market conditions, the Board of Directors and Executive Board consider it is necessary to reinforce the restructuring programme. Additional measures are currently being explored.

Klíčová slova: uhlí, teplárenství

In the first nine months of 2012, net sales at Alpiq fell by 5.3% to CHF 9.7 billion due to reduced demand and lower electricity prices. Excluding special effects, EBITDA amounted to CHF 721 million (-13.3% versus the prior-year period), with EBIT at CHF 368 million (-12.0%) and Group profit at CHF 144 million (-20.0%). In the third quarter 2012, the special income from the sale of the energy transmission technology business, coupled with the compensation payment expected from arbitration proceedings concerning a contract with the Polish PGE Group and other one-off effects, led to a net improvement of around CHF 200 million in operating income (EBIT). Taking the special effects into account, Group profit for the first nine months of 2012 according to IFRS amounted to CHF 171 million. As announced earlier, the 2012 year-end operating result will be much lower than the prior-year figure.
In 2011 Alpiq recognised impairments amounting to CHF 1.7 billion. Exceptional events such as the cancellation announced in July 2012 of the long-term contract with Hidroelectrica, as well as adjusted expectations of price trends, may result in further impairments which could have a significant impact on the 2012 year-end results.

Reinforcement of restructuring programme
In view of the deterioration in market conditions, the Board of Directors and Executive Board believe it is necessary to reinforce the restructuring programme launched in November 2011. Additional measures are currently being examined. The current divestment programme will be continued, added to which the possibility of selling the Kladno/Zlin coal-fired power plants in the Czech Republic will also be explored. The Board of Directors and Executive Board will continue work on the company's realignment.

Transfer of the grid to Swissgrid approved
The Board of Directors has also approved the contribution agreement for the transfer of grid facilities to Swissgrid. The transfer will take place on 31 December 2012. 

Key figures of the Alpiq
Group

Operating results
before special effects

 

Results after
special effects

  9M 2011 9M 2012

Δ %

9M 2011 9M 2012
Energy sales (TWh) 117 823 102 819 - 12.7 117 823 102 819
Net revenue (CHF millions) 10 210 9 670 -5.3 10 210 9 670

Earnings before interest,
tax, depreciation and amortisation
(EBITDA) (CHF millions)

832 721 -13.3 832 874
Earnings before interest and tax
(EBIT) (CHF millions)
418 368 -12.0 383 445
Group profit (CHF millions) 180 144 -20.0 152 171

 

 

 

 

 

 

 

 

As at 30 September 2012 the number of Alpiq Group employees was 3,164 lower at 8,044 (31 December 2011: 11,208 employees) especially due to the sale of the energy transmission technology business (part of Alpiq Anlagentechnik).

Publikace v oboru energetiky, strojírenství a stavebnictví k prodeji
 

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