2.1 Segment information
Alpiq Group segment reporting is based on the Group’s internal management structure and the internal financial information provided to the chief operating decision maker. Since 1 January 2023, the reportable segments at Alpiq consists of three elements along the company’s value chain: Assets, Trading, and Origination. The Executive Board evaluates each of these elements separately for the purposes of performance assessment and resource allocation. Segment results (EBITDA and adjusted EBITDA) are the key performance indicators used for internal management and assessment purposes at Alpiq. For more information about adjusted EBITDA, please refer to the unaudited explanations in the Financial Review. In addition to energy procurement and production costs, operating costs comprise all costs of operations, including personnel and service expenses. No value chain elements have been aggregated in the presentation of reportable segments. The prior-year segment results have been restated for comparability.
- The Assets segment covers the production of electricity by Alpiq’s Swiss and international power plants through different technologies such as hydro (including small-scale hydropower), nuclear, thermal, wind and solar, as well as the operation and optimisation of these power plants. It also comprises several wind farm projects in Switzerland and abroad. The Alpiq Swiss power plant portfolio includes run-of-river power plants, storage and pumped storage power plants (including Nant de Drance), as well as interests in the Gösgen and Leibstadt nuclear power plants. In addition, the Assets segment manages shares in HYDRO Exploitation SA and Kernkraftwerk-Beteiligungsgesellschaft AG (KBG). It also covers the production of electricity and heat at thermal power plants in Hungary, Italy and Spain. The power plant portfolio is made up of gas-fired combined-cycle power plants and gas-fired turbine power plants. Power is sold on the European electricity trading market, and the power plants are used by the respective grid operators to balance the grids.
- The Trading segment covers proprietary trading activities with standardised and structured products for electricity and gas, as well as emission allowances and certificates. The Trading segment also includes foreign exchange and liquidity management.
- The Origination segment covers activities to optimise electricity production from third-party renewable energy and direct marketing and energy management for industrial and business customers. This includes the trading and sale of standardised and structured products in various countries, with the aim of helping partners to achieve their cost efficiency and sustainability goals, thereby creating value and increasing customer benefit. The Origination segment also covers the company’s Swiss sales and origination activities as well as retail activities in France.
The segment results are carried over to the Alpiq Group’s consolidated figures by including the units with limited market operations (Corporate), Group consolidation effects and other reconciliation items. The latter comprises reallocations totalling CHF 14 million (previous year: CHF 13 million) between external net revenue and other income due to differences in account structures used for internal and external reporting purposes. This column also includes the foreign currency effects of using alternative average exchange rates for management reporting purposes that differ from those pursuant to IFRS. Corporate includes the financial and non-strategic investments which cannot be allocated directly to the value chain, as well as the activities of the Group headquarters, including Alpiq Holding Ltd. and the functional units.
2023: Information by segment
|
CHF million |
Assets |
Trading |
Origination |
Corporate |
Consoli- dation |
Reconcili- ation |
Alpiq Group |
|
Net revenue from third parties |
2,754 |
1,161 |
5,018 |
32 |
|
5 |
8,970 |
|
Inter-segment transactions 1 |
1,321 |
1,993 |
1,493 |
– 31 |
– 4,788 |
1 |
– 11 |
|
Net revenue |
4,075 |
3,154 |
6,511 |
1 |
– 4,788 |
6 |
8,959 |
|
Other income |
32 |
1 |
|
21 |
– 16 |
– 14 |
24 |
|
Total revenue and other income |
4,107 |
3,155 |
6,511 |
22 |
– 4,804 |
– 8 |
8,983 |
|
Energy and other costs |
– 2,605 |
– 3,021 |
– 6,262 |
– 97 |
4,804 |
4 |
– 7,177 |
|
EBITDA 2 |
1,502 |
134 |
249 |
– 75 |
0 |
– 4 |
1,806 |
|
Depreciation, amortisation and impairment |
– 100 |
|
– 3 |
– 9 |
|
|
– 112 |
|
EBIT |
1,402 |
134 |
246 |
– 84 |
0 |
– 4 |
1,694 |
|
|
|
|
|
|
|
|
|
|
Net capital expenditure on property, plant and equipment and intangible assets |
69 |
|
1 |
7 |
|
|
77 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
1,652 |
|
4 |
92 |
|
|
1,748 |
|
Intangible assets |
50 |
|
4 |
19 |
|
|
73 |
|
Investments in partner power plants and other associates |
2,153 |
|
|
2 |
|
|
2,155 |
|
Non-current assets |
3,855 |
0 |
8 |
113 |
0 |
0 |
3,976 |
|
|
|
|
|
|
|
|
|
|
Number of employees at 31 December |
393 |
94 |
193 |
541 |
|
|
1,221 |
1 The net effect of CHF -11 million results from currency effects on intragroup energy transactions.
2 Earnings before depreciation, amortisation and impairment losses, share of results of partner power plants and other associates, finance costs, finance income and income tax expense
2022: Information by segment (restated)
|
CHF million |
Assets |
Trading |
Origination |
Corporate |
Consoli- dation |
Reconcili- ation |
Alpiq Group |
|
Net revenue from third parties |
3,429 |
2,813 |
8,309 |
26 |
|
60 |
14,637 |
|
Inter-segment transactions 1 |
1,601 |
3,662 |
1,688 |
– 15 |
– 6,922 |
– 20 |
– 6 |
|
Net revenue |
5,030 |
6,475 |
9,997 |
11 |
– 6,922 |
40 |
14,631 |
|
Other income |
41 |
|
1 |
25 |
– 16 |
– 13 |
38 |
|
Total revenue and other income |
5,071 |
6,475 |
9,998 |
36 |
– 6,938 |
27 |
14,669 |
|
Energy and other costs |
– 4,528 |
– 6,504 |
– 10,107 |
– 89 |
6,938 |
– 33 |
– 14,323 |
|
EBITDA 2 |
543 |
– 29 |
– 109 |
– 53 |
0 |
– 6 |
346 |
|
Depreciation, amortisation and impairment 3 |
– 79 |
|
– 3 |
– 15 |
|
|
– 97 |
|
EBIT |
464 |
– 29 |
– 112 |
– 68 |
0 |
– 6 |
249 |
|
|
|
|
|
|
|
|
|
|
Net capital expenditure on property, plant and equipment and intangible assets |
71 |
|
2 |
8 |
|
|
81 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
1,684 |
|
6 |
92 |
|
|
1,782 |
|
Intangible assets |
54 |
1 |
4 |
21 |
|
|
80 |
|
Investments in partner power plants and other associates |
2,180 |
|
|
3 |
|
|
2,183 |
|
Non-current assets |
3,918 |
1 |
10 |
116 |
0 |
0 |
4,045 |
|
|
|
|
|
|
|
|
|
|
Number of employees at 31 December |
408 |
75 |
201 |
496 |
|
|
1,180 |
1 The net effect of CHF -6 million results from currency effects on intragroup energy transactions.
2 Earnings before depreciation, amortisation and impairment losses, share of results of partner power plants and other associates, finance costs, finance income and income tax expense
3 Including reversals of impairment losses
2023: Information by geographical area
|
|
|
|
|
|
|
|
|
|
|
|
|
CHF million |
Switzerland |
Germany |
France |
Italy |
Spain |
Slovakia |
Luxembourg |
Netherlands |
Other countries |
Alpiq Group |
|
Net revenue 1 / 2 from third parties |
1,841 |
2,288 |
1,426 |
1,990 |
433 |
– 890 |
1,426 |
– 309 |
765 |
8,970 |
|
Property, plant and equipment |
1,382 |
1 |
112 |
196 |
33 |
|
|
|
24 |
1,748 |
|
Intangible assets |
59 |
|
8 |
6 |
|
|
|
|
|
73 |
|
Investments in partner power plants and other associates |
2,151 |
|
|
|
1 |
|
|
|
3 |
2,155 |
|
Non-current assets |
3,592 |
1 |
120 |
202 |
34 |
0 |
0 |
0 |
27 |
3,976 |
1 The difference to net revenue in the income statement results from currency effects on intragroup energy transactions of CHF – 11 million.
2 Negative net revenue is attributable to the change in the fair value measurement of energy derivatives, which are presented in net revenue (see note 2.2).
2022: Information by geographical area
|
|
|
|
|
|
|
|
|
|
|
|
|
CHF million |
Switzerland |
Germany |
France |
Italy |
Spain |
Slovakia |
Luxembourg |
Netherlands |
Other countries |
Alpiq Group |
|
Net revenue 1 / 2 from third parties |
1,342 |
2,147 |
4,011 |
4,271 |
646 |
– 147 |
2,638 |
679 |
– 950 |
14,637 |
|
Property, plant and equipment |
1,395 |
1 |
117 |
210 |
33 |
|
|
|
26 |
1,782 |
|
Intangible assets |
64 |
|
9 |
7 |
|
|
|
|
|
80 |
|
Investments in partner power plants and other associates |
2,178 |
|
|
|
1 |
|
|
|
4 |
2,183 |
|
Non-current assets |
3,637 |
1 |
126 |
217 |
34 |
0 |
0 |
0 |
30 |
4,045 |
1 The difference to net revenue in the income statement results from currency effects on intragroup energy transactions of CHF – 6 million.
2 Negative net revenue is attributable to the change in the fair value measurement of energy derivatives, which are presented in net revenue (see note 2.2).
Net revenue from external customers by country is allocated based on the customer’s country of domicile. Those countries in which Alpiq generated the most net revenue in the reporting period are presented separately in this segment information. There were no transactions with any single external customers that amounted to 10% or more of the consolidated net revenue of the Alpiq Group. Non-current assets consist of property, plant and equipment (including right-of-use assets), intangible assets and investments in the respective countries.