10 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 and the additional sales proceeds and interest components were recorded in the income statement. For more information, please refer to note 5.1 of the notes to the 2021 consolidated financial statements of the Alpiq Group.

In this context, additional sales proceeds of CHF 10 million were recorded under “Other operating income” and interest components of CHF 5 million were already recognised as interest income in the first half of 2021. Cash inflows from the additional sales proceeds amounted to CHF 31 million in the first half of 2022 (previous year: CHF 9 million) and are recorded under “Disposal of subsidiaries” in the statement of cash flows. Cash inflows from the interest components amounted to CHF 4 million in the first half of 2022 (previous year: CHF 4 million) and are recorded under “Interest received” in the statement of cash flows. The cash inflow of the last interest component part in the amount of CHF 1 million was received on 11 July 2022. 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.

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 this 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. The main hearing at the Higher Regional Court of Düsseldorf started in the first half of 2022 and is expected to be finalized in the third quarter of 2022. Alpiq expects a ruling by the end of 2022. For more information, please refer to note 5.1 of the notes to the 2021 consolidated financial statements of the Alpiq Group.

Alpiq still deems it unlikely that Kraftanlagen will be convicted, which is why it has been decided not to recognise a liability for this matter.

Income statement of discontinued operations

The cash outflow from bearing the costs in connection with the aforementioned proceedings amounted to CHF 0 million in the first half of 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”.

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