Group financial position

The Alpiq Group's total assets grew by approximately CHF 1 billion compared with the pro forma statement of financial position for the previous year. Capital expenditure on ongoing power generation projects and the integration of the Romanian sales company acquired in 2009 resulted in an increase of approximately CHF 0.54 billion in non-current assets. Other current assets were up by CHF 0.1 billion year on year due to slightly higher receivables. Following the successful placement of publicly offered bond issues amounting to CHF 1.2 billion, the Group's liquid assets rose to CHF 1.78 billion despite the repayment of more than CHF 0.85 billion in borrowings and bridge loans, as well as the above-mentioned capital expenditure on projects and acquisitions. This low-cost funding is being used to finance more capital investments and reduce outstanding borrowings. The ratio of net debt to EBITDA remained stable at 2.4 times compared with the pro forma figures for 2008, while the equity ratio increased slightly from the pro forma level of 38.5 % to 39.5 %.