1.4 Correction of presentation errors
Alpiq determined that the carrying amount of the investment in Nant de Drance SA was overstated by CHF 9 million, both at 1 January 2019 and at 31 December 2019, due to an error in the application of the equity method prior to the 2019 financial year. As a result, the provision for the onerous contract relating to the future procurement of energy from the Nant de Drance pumped storage power plant was also overstated by the same amount.
The balance sheet as well as notes 4.3 and 4.7 were adjusted. As a result, the equity ratio increased from 49.8 % to 49.9 % at 31 December 2019 (1 January 2019: unchanged at 43.5 %). This correction did not impact the consolidated income statement or statement of cash flows.
|
CHF million |
31 Dec 2019 (reported) |
Correction |
31 Dec 2019 (restated) |
|
Investments in partner power plants and other associates |
2,333 |
– 9 |
2,324 |
|
Remaining non-current assets |
2,242 |
|
2,242 |
|
Non-current assets |
4,575 |
– 9 |
4,566 |
|
Current assets |
2,794 |
|
2,794 |
|
Total assets |
7,369 |
– 9 |
7,360 |
|
Total equity |
3,671 |
|
3,671 |
|
Non-current provisions |
423 |
– 9 |
414 |
|
Remaining non-current liabilities |
1,785 |
|
1,785 |
|
Non-current liabilities |
2,208 |
– 9 |
2,199 |
|
Current liabilities |
1,490 |
|
1,490 |
|
Total liabilities |
3,698 |
– 9 |
3,689 |
|
Total equity and liabilities |
7,369 |
– 9 |
7,360 |