9 Contingent liabilities and guarantees
ANAF’s tax audit at Alpiq Energy SE
In the first half of 2021, a hearing was held concerning the ongoing proceedings in connection with the tax audit on the Bucharest branch of Alpiq Energy SE, Prague, by the Romanian tax authority ANAF (Agenţia Naţională de Administrare Fiscală). However, this hearing did not lead to any material developments. The next hearing will take place on 7 September 2021. For more information, please refer to note 4.8 of the notes to the 2020 consolidated financial statements of the Alpiq Group.
Alpiq continues to deem it unlikely that this assessment will result in a negative outcome for the company and has therefore decided not to record a liability for the tax assessment.
Compensation review proceedings against Alpiq Holding Ltd.
The compensation review proceedings filed against Alpiq Holding Ltd. by the two investors Knight Vinke (KVIP International V L.P.) and Merion Capital (Merion Capital LP, Merion Capital ERISA LP and Merion Capital II LP) pursuant to Sec. 105 of the Swiss Merger Act (FusG) aim to achieve a judicial review of the compensation of CHF 70 per share approved by both Annual General Meetings and paid by SKBAG in the squeeze-out merger. Arbitration proceedings for this took place in June 2021, which did not lead to an out-of-court settlement, as expected. The two plaintiffs have until mid-September 2021 to file a formal claim. For more information, please refer to note 4.8 of the notes to the 2020 consolidated financial statements of the Alpiq Group.
On account of the facts and circumstances known at that time, in particular the two independent valuation reports which deemed the amount of compensation per share to be appropriate, Alpiq still considers it unlikely that this litigation will result in a negative outcome for the company.
There were no significant contingent liabilities from pledges, guarantees and other commitments to third parties in favour of third parties at the reporting date, as was also the case at 31 December 2020. Contingent liabilities in connection with the sale of the Engineering Services business can be found in note 10.