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Alpiq reorganises itself
The changes in the economic conditions and the discussion regarding the future energy policy lead to new challenges for Alpiq, the largest Swiss energy services provider with European orientation.
Previous year's results can no longer be achieved
It is to be expected that the results of the previous year will no longer be achieved, but rather will fall significantly short. Furthermore, in the current year the amortisation of the project costs of CHF 35 million for a new nuclear power station in Niederamt in the canton of Solothurn will reduce Group profits. Over and above this, the intrinsic value of further assets and participations will be checked and where necessary adjusted at the end of 2011. Furthermore, as announced earlier, at the end of 2011 a high-margin contract expires. Signs of a sustainable recovery are only visible in the medium-term.
Three-part package of measures
The package of measures decided upon by the Board of Directors comprises the areas strategy, financial consolidation and a reorganisation of the Alpiq Group.
The strategy of the Alpiq Group defined in the autumn of 2010 has been confirmed. Central to this is a concentration on the core businesses of the Group ? namely generation, optimisation, trading and sales of energy, as well as the provision of energy services ? while retaining clear geographical emphases. Greater significance will in future be attached to the subjects of energy efficiency and the expansion of the new renewable energies.
Strengthening of financial flexibility
The measures for financial consolidation will be consistently continued. They comprise strict cost management, a concentration of the investments and the divestment of selected assets. In particular, the sale of the Heidelberg-based Alpiq Anlagentechnik Gruppe (AAT) will be initiated.
With a comprehensive reorganisation, the Alpiq Group is orienting itself to the changed requirements of the operating environment. The two Business Divisions "Energy Western Europe" and "Energy Central Europe" will be merged to form the new Business Division "Energy International" under the management of Reinhold Frank. Antonio Taormina, the previous Head of the Business Division "Energy Western Europe", will leave the Executive Board ? as already announced in December 2010 ? and will apply his know-how to selected mandates and projects of the Alpiq Group.
Furthermore, the Corporate Center will in future concentrate on overlapping governance and steering aspects. The two Functional Divisions "Business Development" and "Management Services" will be merged. The responsibility will be taken over by Benoît Revaz. The previous Head of Management Services, Heinz Saner, will leave the Executive Board and will handle selected mandates and projects for the Alpiq Group.
The Board of Directors emphasises that with these measures the Alpiq Group is optimally equipped for the challenges of the future. Focusing, optimised structures and high efficiency will strengthen the profitability of the Alpiq Group over the medium-term.
Alpiq Holding AG will publish the figures for the first half-year 2011 on August 19, 2011.
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