5.1 Companies sold
Compensation for the transfer of the Swiss high-voltage grid
The adjustment of the valuation of the transfer of the Swiss high-voltage grid was finalised for Alpiq in the second half of 2021. In the previous year, additional sales proceeds of CHF 12 million were recorded under “Other operating income” and interest components of CHF 5 million were recognised as interest income. Cash inflows from the additional sales proceeds amounted to CHF 31 million in 2022 (previous year: CHF 20 million) and were recorded under “Disposal of subsidiaries” in the statement of cash flows. Cash inflows from the interest components amounted to CHF 5 million in 2022 (previous year: CHF 11 million) and were recorded under “Interest received” in the statement of cash flows. Accordingly, all sales proceeds and interest components have been collected in full and for Alpiq the transaction to transfer the Swiss high-voltage grid is thus completed.
Sale of two Spanish project companies
In the second half of 2022, Alpiq sold 75 % of its shares in two Spanish project companies. The sale price amounted to CHF 3 million, which resulted in a net cash inflow of cash and cash equivalents of CHF 3 million. In total, net assets of CHF 2 million were disposed of. The gain on disposal amounted to CHF 1 million and was recognized in other operating income.
Discontinued operations
In 2018, Alpiq sold the Engineering Services business, which comprises the Alpiq InTec Group and the Kraftanlagen Group. These operations were classified as discontinued operations. Therefore, all income and expenses in connection with the sale continue to be posted to “Earnings after tax from discontinued operations”.
As part of the sale of the Engineering Services business, Alpiq must bear any fines and costs of Kraftanlagen Energies & Services GmbH (“Kraftanlagen”) resulting from the proceedings started by the state prosecutor of Munich I and the German Federal Cartel Office in the first quarter of 2015. In the course of these proceedings, the German Federal Cartel Office imposed a fine of EUR 47.5 million (CHF 46.8 million) on Kraftanlagen in December 2019. Kraftanlagen cooperated fully with the authorities from the outset in order to support them in investigating the allegations in question. Despite extensive investigations, a law firm commissioned by Kraftanlagen to clarify the facts of the case could not find any evidence of misconduct by Kraftanlagen or the accused former employees. Kraftanlagen does not believe that it is in the wrong and refutes the allegations. Kraftanlagen filed an appeal against the administrative order imposing the fine. In 2022 several hearings at the Higher Regional Court of Düsseldorf took place in which Alpiq was deemed guilty on two out of five indictments. The fine was reduced by EUR 26.5 million (CHF 26 million) to EUR 21 million (CHF 20.7 million). Both the Federal Cartel Office and Kraftanlagen have appealed to the Federal Court of Justice.
Alpiq still deems it not probable that Kraftanlagen will be convicted, which is why it has been decided not to recognise a liability for this matter.
The cash outflow from bearing the costs in connection with the aforementioned proceedings amounted to CHF 0.3 million in 2022 (previous year: CHF 1 million). According to the sales agreement, these payments are treated as an adjustment to the sale price. They are therefore contained in the statement of cash flows under “Net cash flows from investing activities of discontinued operations”.