4.3 Investments in partner power plants and other associates

CHF million

Partner power plants

Other associates

Total

Carrying amount at 1 January 2021

2,264

16

2,280

Dividends

– 24

 

– 24

Share of profit / loss

– 37

2

– 35

IAS 19 and IFRS 9 effects recognised in other comprehensive income

67

12

79

Investments

 

5

5

Reclassifications

– 4

 

– 4

Carrying amount at 31 December 2021

2,266

35

2,301

CHF million

Partner power plants

Other associates

Total

Carrying amount at 1 January 2020

2,314

10

2,324

Dividends

– 22

 

– 22

Share of profit / loss

– 35

 

– 35

IAS 19 and IFRS 9 effects recognised in other comprehensive income

13

2

15

Investments

 

1

1

Reclassifications

– 6

3

– 3

Carrying amount at 31 December 2020

2,264

16

2,280

Summarised financial information

Under the partner agreements in force, the shareholders of partner power plants are required to take on the energy and pay the annual costs allotted to their ownership interest throughout the concession period. Furthermore, nuclear power plant owners are required to pay limited additional contributions to the decommissioning and waste disposal fund, in case one primary contributor is unable to fulfil payments. The partner agreements run through the useful life of the power plant, or through the concession period, and cannot be terminated. For individual partner power plants, Alpiq assigned a portion of the energy to be granted to it on account of its ownership interest as well as the associated obligation to pay its annual costs to another company. In such cases, the reported interest relevant from an economic perspective may differ from the interest held pursuant to corporate law. The Alpiq Group’s share of the regular annual costs of all partner power plants in 2021 amounted to CHF 399 million (previous year: CHF 452 million). This amount is included in energy and inventory costs.

The merger of Atel and EOS, which formed Alpiq in 2009, led to fair value adjustments being made on the acquired assets in the course of the business combination. These are included in the summarised financial information and are calculated on the basis of a weighting.

Material partner power plants 2021

 

 

 

 

 

 

 

 

 

 

 

 

Grande Dixence SA

Nant de Drance SA

Kernkraftwerk Gösgen-Däniken AG

Kernkraftwerk Leibstadt AG

Kernkraftwerk- Beteiligungs- gesellschaft AG (KBG)

CHF million

Gross values

Alpiq share

Gross values

Alpiq share

Gross values

Alpiq share

Gross values

Alpiq share

Gross values

Alpiq share

Non-current assets

2,106

1,265

2,109

822

3,917

1,557

5,493

1,437

739

247

Of which, non-current financial assets

48

29

9

4

2,584

1,027

2,550

667

 

 

Current assets

9

5

10

4

118

47

259

68

5

2

Of which, cash and current financial assets

2

1

6

2

27

11

14

4

 

 

Non-current liabilities

666

400

1,659

647

3,410

1,355

4,164

1,089

77

26

Of which, non-current financial liabilities

665

399

1,647

642

245

97

535

140

77

26

Current liabilities

221

133

64

25

191

76

291

76

80

27

Of which, current financial liabilities

165

99

30

12

 

 

10

3

73

24

Total equity

1,228

737

396

154

434

173

1,297

340

587

196

Income

157

94

3

1

423

168

559

146

140

47

Expenses

– 180

– 108

– 12

– 5

– 410

– 163

– 574

– 151

– 178

– 59

Net income

– 23

– 14

– 9

– 4

13

5

– 15

– 5

– 38

– 12

Other comprehensive income

12

7

1

 

84

34

76

21

 

 

Total comprehensive income

– 11

– 7

– 8

– 4

97

39

61

16

– 38

– 12

Dividends received

 

9

 

 

 

7

 

6

 

 

The associates classified as material by Alpiq comprise only strategically significant partner power plants. No market prices are available for any of these companies.

Material partner power plants 2020

 

 

 

 

 

 

 

 

 

 

 

 

Grande Dixence SA

Nant de Drance SA

Kernkraftwerk Gösgen-Däniken AG

Kernkraftwerk Leibstadt AG

Kernkraftwerk- Beteiligungs- gesellschaft AG (KBG)

CHF million

Gross values

Alpiq share

Gross values

Alpiq share

Gross values

Alpiq share

Gross values

Alpiq share

Gross values

Alpiq share

Non-current assets

2,135

1,282

2,054

800

3,743

1,487

5,469

1,431

735

246

Of which, non-current financial assets

49

30

9

4

2,329

925

2,290

599

 

 

Current assets

19

11

281

110

108

43

297

77

14

5

Of which, cash and current financial assets

1

 

278

108

17

7

99

26

6

2

Non-current liabilities

666

400

1,646

642

3,364

1,337

4,309

1,127

87

29

Of which, non-current financial liabilities

665

399

1,646

642

105

42

485

127

87

29

Current liabilities

235

141

283

110

132

52

198

52

38

13

Of which, current financial liabilities

166

100

250

98

46

18

40

10

23

7

Total equity

1,253

752

406

158

355

141

1,259

329

624

209

Income

168

101

3

1

421

168

520

137

131

44

Expenses

– 195

– 117

– 14

– 5

– 407

– 162

– 530

– 139

– 169

– 56

Net income

– 27

– 16

– 11

– 4

14

6

– 10

– 2

– 38

– 12

Other comprehensive income

3

2

– 5

– 2

18

7

19

5

 

 

Total comprehensive income

– 24

– 14

– 16

– 6

32

13

9

3

– 38

– 12

Dividends received

 

5

 

 

 

7

 

6

 

2

Individually immaterial partner power plants and other associates 2021

 

 

 

 

 

 

Individually immaterial partner power plants

Other associates

CHF million

Gross values

Alpiq share

Gross values

Alpiq share

Non-current assets

3,829

1,011

142

35

Of which, non-current financial assets

51

8

1

 

Current assets

111

18

80

18

Of which, cash and current financial assets

45

9

55

14

Non-current liabilities

1,222

273

20

7

Of which, non-current financial liabilities

1,196

268

16

5

Current liabilities

490

90

50

11

Of which, current financial liabilities

357

66

2

1

Total equity

2,228

666

152

35

Income

414

83

194

33

Expenses

– 428

– 90

– 191

– 31

Net income

– 14

– 7

3

2

Other comprehensive income

35

5

71

12

Total comprehensive income

21

– 2

74

14

Dividends received

 

2

 

 

Individually immaterial partner power plants and other associates 2020

 

 

 

 

Individually immaterial partner power plants

Other associates

CHF million

Gross values

Alpiq share

Gross values

Alpiq share

Non-current assets

3,881

1,027

47

18

Of which, non-current financial assets

51

7

1

Current assets

112

21

28

9

Of which, cash and current financial assets

51

 

15

5

Non-current liabilities

1,419

306

18

5

Of which, non-current financial liabilities

1,392

300

Current liabilities

341

67

20

6

Of which, current financial liabilities

203

40

6

2

Total equity

2,233

675

37

16

Income

429

88

60

19

Expenses

– 443

– 95

– 57

– 19

Net income

– 14

– 7

3

Other comprehensive income

6

1

8

2

Total comprehensive income

– 8

– 6

11

2

Dividends received

 

2

 

 

Accounting policies

An associate is a company over which the Alpiq Group is in a position to exercise significant influence through participation in the financial and operating policy decisions of the investee, and that is neither a subsidiary nor a joint arrangement. Significant influence is generally assumed with a share of voting rights ranging from 20 % to 50 %. Where appropriate, companies may likewise be accounted for as associates in the consolidated financial statements by applying the equity method, even if the ownership interest is less than 20 %. This applies especially where the Alpiq Group is represented in the authoritative decision-making bodies, such as the Board of Directors, or participates in operating and financial policymaking. The equity method is also applied to assess companies over which Alpiq, despite having a related ownership interest of 50 % or greater, has no control, as a result of restrictions in articles of association, contracts and organisational rules.

With regard to associates, Alpiq makes the distinction between partner power plants and other associates. The partner power plants are companies that construct, maintain or operate nuclear power plants or hydropower plants or manage the energy purchase rights. Goodwill may also arise when purchasing investments in associates, and corresponds to the difference between the cost of investment and the Group’s share of the fair value of the identifiable net assets. Such goodwill forms part of the carrying amount at which the associate is recognised.

The reporting date of a few partner power plants (hydrological year) and other associates differs from that of the Group. The most recent available financial statements of these companies are utilised to prepare the consolidated financial statements of the Alpiq Group. Significant transactions and events that occur between the end of the most recent reporting period and 31 December are taken into account in the consolidated financial statements. To be included in the consolidated financial statements, the financial statements of the associates are prepared applying uniform accounting policies. Reconciliation statements are prepared for companies that have no IFRS financial statements.

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