Financial Services

Financing the newly formed Group, setting up a centralised IT architecture management system, and implementing the first joint reporting and budget process: these three examples are indicative of the challenges that Financial Services had to address last year. Given that day-to-day business also had to be conducted alongside these and other demanding projects related to the merger of Atel and EOS to establish Alpiq, capacity was often stretched to the limit. Nevertheless, Financial Services remained on track with all important projects.

The merger between Atel and EOS was predicated on secure funding, which Alpiq achieved through several bond issues and loans totalling CHF 1.5 billion. This injection of funds was used to refinance the short-term funding raised in January 2009. In future, the Group will largely be centrally financed through Alpiq Holding Ltd.

Corporate IT had a particularly heavy workload. IT management, centres of competence and IT operations were further professionalised and internationalised during 2009. As a result, Corporate IT now has a pan-European organisation and structure allowing it to effectively manage the merger between Atel and EOS as well as planned acquisitions. In addition, last year saw the beginning of the roll-out of the new Murex trading system.

Another major project was the introduction of the new management information system (MIS) designed to enhance transparency and business steering. The MIS is to be implemented gradually in the course of 2010, and the budget has already been prepared using the new system.