Statutory Financial Statements of Alpiq Holding Ltd.

The figures presented in the company financial statements of Alpiq Holding Ltd. for 2009 have changed significantly in comparison with the prior year period. This is mainly due to the transactions relating to the merger of the Atel, EOS and Emosson operations and to the subsequent expansion of the company's activities. Among other factors, the financing provided to subsidiaries of former Aare-Tessin Ltd. for Electricity was progressively transferred to Alpiq Holding Ltd. during the last year.

Income statement

Finance and dividend income grew by approximately CHF 270 million year on year. The main source of finance income was interest income from Swiss and foreign Group companies. As in the previous year, dividend income comprised dividends paid by former Aare-Tessin Ltd. for Electricity. Total expenses rose by approximately CHF 135 million, of which CHF 115 million was attributable to higher finance costs and CHF 20 million to the integration and general administrative costs incurred, as well as tax expense.

Statement of financial position

Total assets grew by approximately CHF 3.6 billion. The growth in non-current assets (CHF 3.5 billion) is mainly due to the newly acquired EOS operations. Loans receivable also increased by approximately CHF 2.2 billion because of the financing provided to subsidiaries.

Equity rose by CHF 1.1 billion, primarily due to the issue of share capital related to the EOS/Emosson transaction, together with the increase in retained earnings. Borrowings reported as non-current liabilities were up by a total of CHF 2.2 billion as a result of the funds raised through bond issues (CHF 1.2 billion) and private placements. Furthermore, other payables include short-term shareholder loans of CHF 0.25 billion maturing in 2010.