5.1 Companies sold

Sale of three Bulgarian companies

The sale of the three Bulgarian companies (Alpiq Energia Bulgaria EOOD, Vetrocom EOOD and Alpiq Wind Services EAD) to Renalfa IPP was conducted in the first half of 2023. The sale price amounted to CHF 76 million, which resulted in a net inflow of cash and cash equivalents of CHF 66 million. In total, net assets of CHF 70 million were disposed of. The loss on disposal amounted to CHF 28 million and was recognised in other operating expense. The assets and liabilities of the company were recognised as “Assets held for sale” or “Liabilities held for sale” in the prior year, see note 5.2.

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 recognised in other operating income.

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 2022, cash inflows from additional sales proceeds amounted to CHF 31 million and were recorded under “Disposal of subsidiaries” in the statement of cash flows. Cash inflows from the interest components in 2022 amounted to CHF 5 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 the transaction to transfer the Swiss high-voltage grid was fully completed in 2022. 

Sale of the Engineering Services business

In 2018, Alpiq sold the Engineering Services business, which comprised the Alpiq InTec Group and the Kraftanlagen Group. As part of the sale of the Engineering Services business, Alpiq must bear any fines and costs of Kraftanlagen Energies & Services SE (“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 44 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 24.5 million) to EUR 21 million (CHF 19.4 million). Both the Federal Cartel Office and Kraftanlagen have appealed to the Federal Court of Justice. In November 2023, the Federal Public Prosecutor General informed the Federal Court of Justice of his legal assessment of the respective appeals. Even though the Federal Public Prosecutor General is the representative of the prosecution, he has partly confirmed Kraftanlagen’s position in line with the judgement of the Higher Regional Court of Düsseldorf. Nevertheless, he supported the decision of the Higher Regional Court of Düsseldorf deciding against Kraftanlagen in relation to certain projects and imposing a fine of EUR 21 million (CHF 19.4 million).