Annual Report 2020

3.3 Other non-current assets

CHF million

Financial investments

Loans receivable

Other non-current assets

Total

Carrying amount at 1 January 2020

1

7

99

107

Additions

 

5

 

5

Reclassifications

 

– 1

– 50

– 51

Carrying amount at 31 December 2020

1

11

49

61

CHF million

Financial investments

Loans receivable

Other non-current assets

Total

Carrying amount at 1 January 2019

1

10

149

160

Additions

 

2

 

2

Reclassifications

 

– 4

– 50

– 54

Reclassified to “Assets held for sale”

 

– 1

 

– 1

Carrying amount at 31 December 2019

1

7

99

107

Alpiq has disposed of all of the loan claims received from Swissgrid Ltd in 2014 as part of the transfer of high-voltage grids. As part of the disposal, the Swissgrid loan tranches were sold without the contractually related conversion rights. Swissgrid Ltd can, or must, convert the loans into equity if certain conditions arise. In this instance, the buyers of the loans would receive shares in the equity of Swissgrid Ltd. In the case of a conversion, however, Alpiq is obligated on the basis of the contract with the buyers of the loans to purchase from the buyer all shares in the equity of Swissgrid Ltd arising from the conversion to a maximum amount of CHF 99 million (previous year: CHF 148 million). As a consequence, although Alpiq has sold the loans, it has also entered into a directly related obligation in the amount of CHF 99 million (CHF 148 million). Due to the aforementioned contractual structure of the transaction, the loans could not be derecognised and remain on Alpiq’s books as “Other non-current assets” in the amount of CHF 50 million (CHF 99 million) and as “Receivables” in the amount of CHF 49 million (CHF 49 million) on account of the maturity of the underlying Swissgrid Ltd convertible bonds. The reclassification to receivables means that this amount of Swissgrid Ltd convertible bonds will be due for repayment in the next 12 months. Financial liabilities also exist in the amount of the obligations that were entered into as a result of the sales. These are included under “Other non-current liabilities” in the amount of CHF 50 million (CHF 99 million) and under “Other current liabilities” in the amount of CHF 49 million (CHF 49 million).

This site uses cookies. By continuing to use this website, you consent to the use of cookies. Privacy Notice