With EBITDA of CHF 229 million (previous year: CHF 222 million), Alpiq has delivered good results for the first quarter of 2013. EBIT amounted to CHF 163 million (previous year: CHF 105 million), with Group profit of CHF 65 million (previous year: CHF 45 million).
Despite the drop in market prices, Alpiq achieved a good result thanks to higher-than-expected hydraulic production as a result of its optimised production park, cost savings related to the ongoing restructuring programme, activities on the international wholesale markets, and the contribution made by new renewable energies. This result is all the more satisfactory since it does not contain grid revenue after the transfer of facilities to Swissgrid. EBIT was positively impacted by the impairment charges recognised at the end of 2012.
As a result of the disposals and closures already carried out under the restructuring programme, consolidated net revenue declined by 28.8% to CHF 2.4 billion.
"These solid results attest to the ability of Alpiq to capitalise on the market opportunities available to us," says Jasmin Staiblin, CEO of Alpiq.
Despite the good results for the first quarter of 2013, Alpiq expects to end the full year with lower results than the operating results for 2012. This is due on the one hand to the sale or imminent disposal of activities as part of the divestment programme, and on the other hand to price adjustments and various regulatory developments.
Swiss majority shareholders contribute to hybrid shareholder loan As announced at the presentation of the annual results on 12 March 2013, Alpiq intends to raise hybrid capital totalling between CHF 800 million and CHF 1 billion, with a view to improving its financial flexibility and strengthening its capital base. In a first important step, the principal Swiss majority shareholders have pledged a hybrid shareholder loan of CHF 366.5 million. For the remaining amount, Alpiq intends to issue a public hybrid to be offered to investors in the Swiss market. "The important participation of the principal Swiss shareholders sends out a strong signal for the company, which intends to concentrate on its core strengths and exploit the forthcoming opportunities arising from fundamental changes on the markets," says Hans E. Schweickardt, Chairman of Alpiq.
Debt reduction and restructuring on track Net debt as at 31 March 2013 amounted to around CHF 3.5 billion. This corresponds to a reduction of around CHF 0.5 billion compared to 31 December 2012, as a result of inflows from divestments (sale of the stake in Romande Energie Holding SA, sale of the stake in Repower AG, settlement of the first instalment of the purchase price related to the transfer of the grid to Swissgrid), and the positive trend in operating business. The restructuring programme will be continued. As announced, the company will reduce its annual costs by CHF 100 million as from 2015. The announced divestment programme will also be further pursued in 2013.
|Note: All prior-year figures listed here are restated in accordance with 2013 IFRS Accounting Standards and contain, among other things, effects from the first-time full consolidation of Kraftwerke Gougra AG as at 1 January 2013.