Management Report

Management Report of Alpiq Holding Ltd.

Alpiq Holding Ltd. is the holding company of the Alpiq Group. It holds, directly or indirectly, all investments in Alpiq group companies. In addition, the company ensures a significant portion of financing within the Group.

Alpiq Holding Ltd.’s income primarily comprises dividends and interest income from subsidiaries. In the 2020 financial year, the effects in connection with the sale completed in 2018 of the direct interest in Alpiq InTec AG and the interest held in Kraftanlagen München GmbH by the direct interest in Alpiq Deutschland GmbH were also included. On 22 December 2020, Alpiq and Bouygues Construction reached an out-of-court settlement. The arbitration proceedings, which were simultaneously initiated by both parties on 12 February 2019, therefore came to an end. For more information about this matter, please refer to note 5 of the notes to the financial statements of Alpiq Holding Ltd. Alpiq Holding Ltd. does not have any employees, nor does it have any research or development activities. A dividend in the amount of CHF 46.4 million was distributed in the reporting period.

Alpiq Holding Ltd.’s risk management is integrated into the Group-wide risk management system of the Alpiq Group. Risks identified are assessed individually based on their probability of occurrence and scope of potential losses. Appropriate measures are defined for the individual risks. Risks are systematically collected and updated once a year. The risk situation and the implementation of the measures defined are monitored. The Board of Directors of Alpiq Holding Ltd. addresses the topic of risk management at least once a year. Please refer to note 3.1 of the notes to the consolidated financial statements for explanations on Group-wide risk management at the Alpiq Group.

Alpiq Holding Ltd. will continue to act as the holding company of the Alpiq Group in the 2022 financial year.