Management Report
Changes in the scope of consolidation
In the reporting period as well as in the prior year period, the following changes occurred in the scope of consolidation which influenced the development of revenue and key performance figures compared to prior year:
| Acquisitions | Proportion of holding | First date of consolidation | Segment / Business unit |
|---|---|---|---|
| Total Energi ASA, Florø / NO | 100.0 % | 31.05.2008 | Energy |
| Energiakolmio Oy, Jyväskylä / FI | 100.0 % | 31.05.2008 | Energy |
| Theon sro, Prague / CZ | 100.0 % | 31.07.2008 | Energy |
| Atel Spreetal Kraftwerk GmbH, Düsseldorf / DE | 100.0 % | 26.08.2008 | Energy |
| Vetrocom Ltd., Sofia / BG | 100.0 % | 12.09.2008 | Energy |
| Hydro Solar Energie AG, Niederdorf / CH | 65.0 % | 23.12.2008 | Energy |
| Energie Ouest Suisse (EOS) SA, Lausanne / CH | 100.0 % | 28.01.2009 | Energy |
| Avenis SA, Lausanne / CH | 100.0 % | 28.01.2009 | Energy |
| EOS Trading SA, Lausanne / CH | 100.0 % | 28.01.2009 | Energy |
| Cleuson-Dixence Construction SA, Sion / CH | 31.8 % | 28.01.2009 | Energy |
| Hydro Exploitation SA, Sion / CH | 27.6 % | 28.01.2009 | Energy |
| Cisel Informatique SA, Matran / CH | 20.0 % | 28.01.2009 | Energy |
| GA Hochspannung Leitungsbau GmbH, Walsrode / DE | 100.0 % | 01.04.2008 | Energy Services |
| Advens AG, Winterthur / CH | 100.0 % | 01.07.2008 | Energy Services |
| Goetz AG, Interlaken / CH | 100.0 % | 01.09.2008 | Energy Services |
| Unifroid SA, Cugy / CH | 100.0 % | 01.09.2008 | Energy Services |
| Leitungsbau Linz GmbH, Linz / AT | 100.0 % | 23.12.2008 | Energy Services |
| Rossetto Impianti S.p.A, Verona / IT | 100.0 % | 27.03.2009 | Energy Services |
Further disclosures related to the acquisition of subsidiaries are reported under explanatory notes 3 on pages 24 to 28.
Preliminary notes
The Alpiq Group was newly formed in early February 2009 through the merger of Atel and EOS and the inclusion of EDF's purchase rights in Emosson. The financial year 2009 is therefore the first year, in which the new Group is presenting consolidated figures. In order to still allow an assessment of this year's operating development of the Group and the Energy segment, consolidated financial statements for the first half-year 2008 were prepared as if the companies had already been merged in February 2008 (pro forma accounts). For this purpose, Atel's consolidated figures for the first half-year 2008 and the figures of EOS and Emosson starting February 2008 were used. In both the first half-year 2009 and the prior year pro forma accounts, the operating expense considers the amortisation of EOS / Emosson's assets revalued in the merger, as well as the effects from the transaction with EOS included in the finance income.
The formal interim financial statements as of 30 June 2009 in accordance with the IFRS financial reporting standards are presented from page 17 on. The prior year figures included in this presentation correspond to the published figures of the Atel Group excluding EOS and Emosson.
Half-year results of the Alpiq Group on a comparable basis (pro forma accounts)
| CHF million | Pro forma 2008/1 | Accounts 2009/1 | Variance | |
|---|---|---|---|---|
| Net revenue | 7 659 | 7 096 | - 563 | - 7 % |
| Other income | 151 | 132 | - 19 | - 13 % |
| Total operating result | 7 810 | 7 228 | - 582 | - 7 % |
| Operating expense before depreciation and amortisation | - 7 086 | - 6 506 | 580 | 8 % |
| EBITDA | 724 | 722 | - 2 | 0 % |
| Depreciation and amortisation | - 210 | - 217 | - 7 | - 3 % |
| EBIT | 514 | 505 | - 9 | - 2 % |
| Finance income | - 68 | - 61 | 7 | 10 % |
| Earnings before income tax | 446 | 444 | - 2 | 0 % |
| Income tax | - 105 | - 117 | - 12 | - 11 % |
| Net profit of the Group | 341 | 327 | - 14 | - 4 % |
The following comment on results relates to the development of the first half-year 2009 compared to the pro forma accounts.
Half-year results of the Alpiq Group on a comparable basis (pro forma accounts)
| CHF million | Pro forma 2008/1 | Accounts 2009/1 | Variance | |
|---|---|---|---|---|
| Net revenue | 7 659 | 7 096 | - 563 | - 7 % |
| Other income | 151 | 132 | - 19 | - 13 % |
| Total operating result | 7 810 | 7 228 | - 582 | - 7 % |
| Operating expense before depreciation and amortisation | - 7 086 | - 6 506 | 580 | 8 % |
| EBITDA | 724 | 722 | - 2 | 0 % |
| Depreciation and amortisation | - 210 | - 217 | - 7 | - 3 % |
| EBIT | 514 | 505 | - 9 | - 2 % |
| Finance income | - 68 | - 61 | 7 | 10 % |
| Earnings before income tax | 446 | 444 | - 2 | 0 % |
| Income tax | - 105 | - 117 | - 12 | - 11 % |
| Net profit of the Group | 341 | 327 | - 14 | - 4 % |
The following comment on results relates to the development of the first half-year 2009 compared to the pro forma accounts.