Alpiq sells industrial business for 850 million francs
ENERGY ⋅ The energy group Alpiq is parting from its industrial business: It sells its building technology subsidiary Alpiq Intec and the German power plant group for 850 million francs to the French construction giant Bouygues.
The deal opens up new prospects for 7650 employees, writes Alpiq in a statement on Monday. Thus, the Group confirms media reports from Sunday. Completion of the sale is planned for the second half of the year.
The sale will enable Alpiq to focus on its core business of electricity production in Switzerland as well as international activities. These include the power plant park, renewable energies and energy trading. In addition, the sale leads to “complete debt relief”, as it says further in the message.
The bottom line is a year of loss
In the past financial year, Alpiq increased sales to 7.2 billion Swiss francs from 6.1 billion Swiss francs due to higher transaction volumes in the trading and sales business.
However, profits were down on the previous year, with IFRS accounting for a loss of 84 million Swiss francs, compared to a profit of 294 million Swiss francs in the previous year. Excluding some special items, the loss was 33 million francs (previous year: +115 million francs).
The operating result at the EBITDA level fell by 23.8 percent year on year to CHF 301 million (before special items). According to IFRS, EBITDA was CHF 278 million, compared to CHF 778 million in the previous year.
Alpiq attributes negative currency effects as well as unplanned stoppages at the Leibstadt nuclear power plant and low wholesale prices in Swiss electricity production as reasons for this slump in profits.
For 2018, Alpiq expects operating earnings to be lower than in 2017, mainly due to the continued low wholesale prices. A slight relief was the newly introduced market premium in the Swiss hydropower.
Given these figures, the shareholders are not to receive a dividend for 2017. In addition, they will elect three new members of the Board of Directors at the AGM in mid-May: Tobias Andrist, Birgit Fratzke-Weiss and Patrice Gerardin. Urs Steiner, Patrick Pruvot and Tilmann Steinhagen no longer stand for re-election to the supervisory board.