5.2 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 76.3 million, which resulted in a net inflow of cash and cash equivalents of CHF 65.7 million. In total, net assets of CHF 70.2 million were disposed of. The loss on disposal amounted to CHF 27.9 million and was recognised in other operating expense.
CHF million | 2024 | 2023 |
Inflow of cash and cash equivalents | 76.3 | |
Selling expenses | – 0.4 | |
Cash and cash equivalents disposed of with subsidiaries | – 10.2 | |
Net cash flow from disposal | 0.0 | 65.7 |
CHF million | 2024 | 2023 |
Inflow of cash and cash equivalents | 76.3 | |
Sale of net assets | – 70.2 | |
Selling expenses | – 0.4 | |
Gain / (loss) on disposal (before reclassification of cumulative translation adjustment) | 0.0 | 5.7 |
Reclassification of cumulative translation adjustment | – 33.6 | |
Gain / (loss) on the disposal in other operating income / expenses | 0.0 | – 27.9 |
CHF million | 2024 | 2023 |
Property, plant and equipment | 48.0 | |
Intangible assets | 7.4 | |
Inventories | 1.4 | |
Derivative financial instruments | 4.5 | |
Receivables | 3.8 | |
Prepayments and accrued income | 0.1 | |
Cash and cash equivalents | 10.2 | |
Total assets | 0.0 | 75.4 |
Non-current provisions | 0.8 | |
Deferred income tax liabilities | 2.2 | |
Non-current financial liabilities | 0.1 | |
Current provisions | 0.6 | |
Current financial liabilities | 0.1 | |
Other current liabilities | 1.2 | |
Accruals and deferred income | 0.2 | |
Total liabilities | 0.0 | 5.2 |
Net assets | 0.0 | 70.2 |
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, in December 2019, the German Federal Cartel Office imposed a fine of EUR 47.5 million (CHF 44.7 million) on Kraftanlagen. Kraftanlagen refuted the allegations and filed an appeal against the administrative order imposing the fine. In 2022, after several hearings at the Higher Regional Court of Düsseldorf, Kraftanlagen was deemed guilty on two of the indictments and the fine was reassessed at EUR 21 million (CHF 19.8 million). Both the Federal Cartel Office and Kraftanlagen appealed to the Federal Court of Justice.
As of 31 December 2023, Alpiq deemed the risk of Kraftanlagen being convicted along the lines of the decision of the Higher Regional Court of Düsseldorf to be higher than 50% and recogniszed a provision of EUR 21 million (CHF 19.8 million). In its verdict of 17 September 2024, the Federal Court of Justice confirmed the conviction of Kraftanlagen by the Higher Regional Court of Düsseldorf and herewith the fine of EUR 21 million (CHF 19.8 million) became final. Consequently, the existing provision of EUR 21 million (CHF 19.8 million) was utilized. In addition, the Federal Court of Justice rejected the acquittal decision of the remaining projects and sent the case back to the Higher Regional Court of Düsseldorf for reassessment.
Alpiq deems the risk of Kraftanlagen being convicted along the lines of the decision of the Federal Court of Justice to be higher than 50% for a part of the projects subject to reassessment and has recognized a provision of EUR 25.8 million (CHF 24.3 million) as of 31 December 2024.