Annual Media Conference

Annual Media Conference
Kursaal Bern, 18 March 2009, 10:15 hours
Order of the presentation
Welcome to Alpiq!
Hans E. Schweickardt, Chairman Alpiq
Annual results EOS
Hans E. Schweickardt, CEO EOS
Patrick Mariller, CFO EOS
Annual results Atel
Giovanni Leonardi, CEO Atel
Kurt Baumgartner, CFO Atel
Outlook Alpiq
Giovanni Leonardi, CEO Alpiq
Welcome to Alpiq!
From a single source
Well positioned along the value-added chain
Generation
Grid
Sales and trading
Energy services
Power house in Europe
• 29 countries
• >10 000 employees
• CHF 15.8 billion turnover (2008)
• 6500 MW capacity
• Broadly diversified electricity mix
Trading
Generation
Energy services
General conditions
Electricity and politics
Supply security
4 pillars
©sport.msn
Supply security
Chavalon
Niederamt
Nant de Drance
Annual results EOS
Welcome to Alpiq!
Hans E. Schweickardt, Chairman Alpiq
Annual results EOS
Hans E. Schweickardt, CEO EOS
Patrick Mariller, CFO EOS
Annual results Atel
Giovanni Leonardi, CEO Atel
Kurt Baumgartner, CFO Atel
Outlook Alpiq
Giovanni Leonardi, CEO Alpiq
Annual results EOS
1 Corporate vision
2 2008 business activities : hydropower and new
renewables of prime importance
3 Exceptional results
Vision : security of supply and lower
CO2 emissions
In 2008, EOS followed its vision aimed at reconciling :
• Energy challenge : make up the electricity shortfall projected
by swisselectric of 25 to 30 billion kWh between now and 2035.
• Climate challenge : reduce CO2 emissions in line with the
decisions to be taken at the Copenhagen Conference and the
objectives set by the European Union.
Electricity : a climate friendly solution
for the future
For EOS, improving Switzerland’s energy and climate balance sheet
means :
• technology transfer from fossil energies to electricity,
especially for heating and transport, the main sources of CO2
emissions ;
• increased electricity generation, especially from renewables and the
construction of large new power plants ;
• greater energy efficiency.
Electricity : a more efficient fuel in
terms of energy
In 2008, EOS launched projects aimed
at reducing CO2 emissions, especially in
transport :
• Signature of joint venture
agreement between EOS and the
Renault-Nissan Alliance in
December 2008.
• Quest for other partnerships in
order to establish a coalition of
interests to develop a Swiss
network of recharging stations.
Annual results EOS
1 Corporate vision
2 2008 business activities : hydropower and new
renewables of prime importance
3 Exceptional results in 2008
Over 135 million invested in 2008
In 2008, EOS undertook many projects aimed at raising its
generating capacity and increasing the country’s security of
supply :
• development of generating facilities (CHF 124 million),
mainly hydropower and the new renewable energies ;
• reinforcement of the VHV network (CHF 11 million).
Projects in line with the Federal Council’s
energy strategy
The 4 pillars of Switzerland’s energy strategy :
1
2
3
4
1
Energy efficiency
Renewable energies
Large power plants
Imports
Energy efficiency :
for optimum yield
At production level :
• Improvement of existing facilities
• 380 kV lines : reduce losses associated with power
transmission
At consumption level :
• Indirect action : promotion of technology transfer from
fossil energies to electricity (heat pumps, electric cars,
etc.)
2
Cleuson-Dixence : final stretch before
return to service
The return to service of the CleusonDixence lined shaft, scheduled for early
2010, means that the 2 billion kWh
generated on average each year by the
Grande Dixence scheme can be
optimised :
• 1,200 MW additional power to
turbine Grande Dixence water (800
MW at present),
Grande Dixence dam
• gross head 1,883 m,
• flowrate 75m3/second,
• CHF 365 million capital expenditure.
Bieudron machine room
2
Hydropower projects : increased
pump-turbine capacity
FMHL+ project :
75% increase in the capacity of the Forces
Motrices Hongrin-Léman hydropower
scheme.
Hongrin dam
EES+ project :
Raising of the Fah dam and construction of
a pumped storage power plant at Serra by
Energie électrique du Simplon.
Fah dam
2
« New » renewable energy in Switzerland :
8 projects accepted by swissgrid
Type
(Number)
Location
Capacity
MW
Production
kWh mn.
Number of
households
Small Hydro (1)*
Fleschen/VS
0.32
0.9
190
Biomass (1)
Düdingen/FR
0.33
2.0
440
Biomass (1)
Le Mouret/FR
0.33
2.0
440
Biomass (1)
Sâles/FR
0.17
1.0
230
Biomass (1)
Epagny/FR
0.17
1.0
220
Biomass (1)
Châtel St Denis/FR
0.19
1.1
240
Wind (3)
Le Peuchapatte/JU
6.00
12.0
2,700
Wind (8)
Nord Vaudois/
Gros de Vaud
16.0
32.0
7,000
23.51
52.0
11,460
Total
* Joint venture with other players in the electricity sector
2
Wind turbines at Le Peuchapatte :
advanced project
•
3 latest generation wind
turbines (Enercon E-82)
•
6 MW installed power
•
12 million kWh generated
per year
•
Mast : 108 m, comparable
with the wind turbines at
Collonges and Martigny
•
Reliable and silent
•
Commissioning : 2010
2
« New » renewable energy in Switzerland :
52 million kWh by 2012
8 projects in Frenchspeaking Switzerland
to reach annual
production of 52
million kWh by 2012.
2
« New » renewable energy in Europe :
113 million kWh per year
In 2008, EOS acquired several new renewable energy schemes in Europe :
Type
(Number)
Location
Small Hydro(7)*
SERHY: Pyrenees, Alps, Centre
of France
Small Hydro (1)
Le Bayet/France
Wind (6)
Montélimar/France
Biomass (2)
Small Hydro (1)
Capacity
MW
Production
(millions of
kWh)
13.6
55.4
2.1
12.1
10.5
26.7
Brokenlande/Germany
1.0
7.8
Narzole/Italy
2.4
11.0
29.6
113.0
Total
* Joint venture with SERHY
3
Large power plants : Chavalon indispensable in
the short and medium term
• 2.2 billion kWh
indispensable for
security of supply
• a solution that can be
implemented fast
• ideal complement to
the growth of the new
renewable energies
(balance energy)
Photomontage of the Chavalon natural gas-fired power plant
4
Trading with other countries :
an important, but limited, pillar
Although essential, energy
exchanges are limited by :
• Europe-wide production shortfall,
• transmission capacities,
• framework conditions between
Switzerland and Europe.
Transmission : essential element in
the security of supply
Linking the very high voltage
network of western Switzerland to
the national grid is indispensable :
• As of now : to ensure security
of supply for the regions of
western Switzerland.
• Tomorrow: to take the
electricity generated by the
Cleuson-Dixence, Nant de
Drance and EES+ projects to
the centres of consumption.
Annual results EOS
1 Corporate vision
2 2008 business activities : hydropower and the new
renewable of primary importance
3 Exceptional results in 2008
Exceptional results despite market fall
EOS Group key figures
2008
2007
% change
Energy sales – physical deliveries (TWh)
34.9
30.4
15
3497.3
2244.2
56
Earnings before interest, tax, depreciation
and amortisation (EBITDA) (CHF million)
292.7
154.8
89
Earnings before interest and tax (EBIT)
(CHF million)
228.9
112.7
103
Group net profit (CHF million)
205.9
87.0
137
711
660
8
Net turnover (CHF million)
Employees*
* Average manpower (FTE) including HYDRO Exploitation.
Order of the presentation
Welcome to Alpiq!
Hans E. Schweickardt, Chairman Alpiq
Annual results EOS
Hans E. Schweickardt, CEO EOS
Patrick Mariller, CFO EOS
Annual results Atel
Giovanni Leonardi, CEO Atel
Kurt Baumgartner, CFO Atel
Outlook Alpiq
Giovanni Leonardi, CEO Alpiq
Annual results EOS
1. Improved performance
2. Development of business activities and
financial robustness
3. Production, transmission and
sales of high-value electricity
4. Consolidated Profit/Loss Account
5. Consolidated balance sheet at 31 December 2008
Improved performance in 2008
CHF million
2008
Total operating income
3’499
EBIT
(% of total operating revenue)
Net profit
(% of total operating revenue)
Cash flow
(% of total operating revenue)
Total indebtedness net of cash and
cash equivalents
Excluding
impairment
reversal effects
2007
Published
2007
%
change
2’260
2’580
55%
103%
229
113
432
6.5%
5.0%
16.7%
206
87
334
5.9%
3.8%
13.0%
246
118
118
7%
5.2%
4.6%
435
471
471
Ratios
Indebtedness as % of balance sheet
total net of cash and cash equivalents
Net debt to equity ratio
9.7%
10.4%
12 : 88
12 : 88
137%
108%
-8%
Annual results EOS
1. Improved performance
2. Development of business activities and
financial robustness
3. Production, transmission and
sales of high-value electricity
4. Consolidated Profit/Loss Account
5. Consolidated balance sheet at 31 December 2008
Development of business activities
and confirmed financial robustness
• Turnover of CHF 3.5 billion, up 56% (CHF 2.2 billion
in 2007).
• Operating profit (EBIT) CHF 228.9 million (+103%)
and net profit CHF 205.9 million (+137%).
• Trading profit higher at CHF 38 million
(CHF 31 million in 2007).
• Balance sheet total stable at CHF 4.7 billion, equity
accounting for 69% of the total.
Development of business activities
and confirmed financial robustness
• New supply contracts with our shareholders from
1.10.2007 (full 12 months).
• Optimised management of our hydropower generating
facilities and peak energy value generation.
• The Group reinforced its administrative support for the
operational side, a consequence of the strong growth.
• Major capital expenditure in 2008:
• CHF 124 million on generating assets
• CHF 11 million on transmission grid.
Annual results EOS
1. Improved performance
2. Development of business activities and
financial robustness
3. Production, transmission and
sales of high-value electricity
4. Consolidated Profit/Loss Account
5. Consolidated balance sheet at 31 December 2008
Generation, transmission and
sales of high-value electricity
GWh sales
2004
2005
2006
2007
2008
Sales to shareholder-clients
4’868
4’614
4’680
4’158
3’988
Other sales in Switzerland
1’208
1’172
1’597
1’312
1’428
Sales to other countries
1’559
2’110
3’555
3’107
1’103
10’521
14’346
17’712
21’823
28’349
Market sales
Total sales
18’156 22’242 27’544 30’400 34’869
Sales to shareholder-clients
Other sales in Switzerland
Sales to other countries
Market sales
40'000
35'000
30'000
25'000
20'000
15'000
10'000
5'000
0
2004
2005
2006
2007
2008
Generation, transmission and
sales of high-value electricity
Trading
Volume of operations (GWh)
Trading profit (kCHF)
2004
2005
2006
2007
2008
15’747
17’062
30’726
60’971
69’954
7’972
38’852
23’864
31’387
38’493
80'000
45'000
70'000
40'000
35'000
60'000
GWh
25'000
40'000
20'000
30'000
15'000
20'000
10'000
10'000
5'000
0
0
2004
2005
2006
Volume of operations (GWh)
2007
Trading profit (kCHF)
2008
kCHF
30'000
50'000
Generation, transmission and
sales of high-value electricity
GWh
2004
2005
2006
2007
2008
EOS own production in Switzerland
2’770
2’891
3’106
3’119
3’439
Long-term supply contract
3’420
3’755
3’696
3’325
5’430
11’966
15’596
20’742
23’956
26’000
Other supplies
Total supply
18’156 22’242 27’544 30’400 34’869
Switzerland
2007
EOS own production in Switzerland
EOS 2008
461
26’344
36’373
2’978
3’199
Hydropower generation
Fossil generation
Nuclear generation
of which:
Storage:
2,666 GWh
Run-of-river: 312 GWh
Annual results EOS
1. Improved performance
2. Development of business activities and
financial robustness
3. Production, transmission and
sales of high-value electricity
4. Consolidated Profit/Loss Account
5. Consolidated balance sheet at 31 December 2008
2008 Consolidated Profit/Loss Account
CHF million
Excluding impairment
reversal effects
Published
%
change
3’497
-20
23
2’244
-7
23
2’244
164
172
56%
200%
-2%
Total operating income
3’499
2’260
2’580
55%
Energy purchases
Materials and services
Personnel expenses
Depreciation
Other operating expenses
-3’072
-22
-59
-64
-54
-1’996
-23
-44
-42
-42
-1’996
-23
-44
-42
-42
54%
-7%
35%
52%
29%
-3’271
-2’147
-2’147
52%
229
113
432
103%
62
9
-45
18
4
-28
18
4
-28
251%
110%
61%
254
107
426
138%
-48
-20
-91
144%
206
87
334
137%
Net turnover
Share of profit from equity-accounted companies
Other operating income
Total operating expenses
Earnings before interest and tax (EBIT)
Income from other financial investments
Interest income
Financial cost
Earnings before tax (EBT)
Income taxes
Net profit
2008
2007
2007
Annual results EOS
1. Improved performance
2. Development of business activities and
financial robustness
3. Production, transmission and
sales of high-value electricity
4. Consolidated Profit/Loss Account
5. Consolidated balance sheet at 31 December 2008
Consolidated balance sheet
at 31 December 2008
CHF million
31.12.2008
Assets
Tangible fixed assets
Intangible fixed assets
Long-term financial assets
Total fixed assets
548
447
3’053
503
432
3’272
8.8%
3.4%
-6.7%
4’048
4’207
-4%
675
472
43%
4’723
4’679
1%
3’262
741
720
3’376
912
391
-3%
-19%
84%
4’723
4’679
1%
435
471
-8%
Current assets
Total assets
Liabilities
Shareholders' equity
Long-term financial liabilities
Short-term financial liabilities
Total liabilities
31.12.2007 % change
Total indebtedness net of
cash and cash equivalents
Balance sheet
Stable ratios
31.12.2008
31.12.2007
69.1%
72.1%
Interest coverage 2)
8.0
6.3
Financial flexibility
Total
Maturity
Structure ratio 1)
< 1 year
Confirmed credit line
Utilisation by end
1-5 years
31.12.2008
465’000
465’000
31.12.2007
390’000
390’000
2008
60’000
2007
60’000
1) ratio between equity and balance sheet total
2) interest excluding impairment reversal and impairment of other financial instruments as a ratio of EBITDA
> 5 year
Order of the presentation
Welcome to Alpiq!
Hans E. Schweickardt, Chairman Alpiq
Annual results EOS
Hans E. Schweickardt, CEO EOS
Patrick Mariller, CFO EOS
Annual results Atel
Giovanni Leonardi, CEO Atel
Kurt Baumgartner, CFO Atel
Outlook Alpiq
Giovanni Leonardi, CEO Alpiq
New government energy policy
Energy foreign policy
Large-scale power stations
Renewable energies
Energy efficiency
Energy policy Switzerland
Energy efficiency
Renewable energies CH
Small hydroelectric power
stations
Renewable energies CH
Small hydroelectric power station
Small hydroelectric power
station Widen, in the canton
of Thurgau
Image place holder
size: 11.5 cm x 15.5 cm
Renewable energies CH
Large hydroelectric power station
“Nant de Drance” project, in
the canton of Valais
Image place holder
size: 11.5 cm x 15.5 cm
Large-scale power stations CH
Combined heat/power
cogeneration plant Monthel,
in the canton of Valais
Image place holder
size: 11.5 cm x 15.5 cm
Large-scale power stations CH
Nuclear power station
Niederamt, in Niederamt in
canton Solothurn
Renewable energies Europe
Windpark Ramacca,
Sicily
Renewable energies Europe
East zone
West zone
Wind park site
Vetrocom windpark under
construction,
Bulgaria (Photo composition)
Large-scale power stations Europe
Gas-fired combined cycle
power station
in San Severo, Italy
Foto Bayet oder San Severo
Energy Services
Energy Services
Transtec Gotthard project,
installation of the railways
engineering infrastructure in
the Gotthard base tunnel
Energy Services
Experimental solar tower
power station in Jülich,
Germany
Energy Services
Electrification of the Riein Alp,
in the canton of Grisons
Energy Services
Madonna concert, Dübendorf,
Switzerland
On the ball throughout Europe and
Switzerland
We put our trust in
• The expansion of electricity generation at home and
abroad as well as the expansion of the supply grid in
Switzerland.
• A high-value electricity mix that is as diversified as
possible.
• The expansion of energy efficiency.
Order of the presentation
Welcome to Alpiq!
Hans E. Schweickardt, Chairman Alpiq
Annual results EOS
Hans E. Schweickardt, CEO EOS
Patrick Mariller, CFO EOS
Annual results Atel
Giovanni Leonardi, CEO Atel
Kurt Baumgartner, CFO Atel
Outlook Alpiq
Giovanni Leonardi, CEO Alpiq
Annual results Atel
1. Overview
2. Atel Group
3. Energy segment
4. Energy Services segment
5. Appropriation of Profit
6. Alpiq Group
7. Outlook 2009
At a glance
• Encouraging operating results
• Slightly lower revenue and net profit
• Sound balance sheet and stable financial base
• Stable added values from Energy and Energy Services
Physical energy
sales
Atel confirms its leader position for energy
services in Switzerland
[GWh]
2008
ALPIQ
AXPO
2007/08
BKW
2007/08
Net revenue
0
50'000
2008
2008
ALPIQ
AXPO
2007/08
BKW
2007/08
2008
0
100'000
Energy
services
Energy
5'000
10'000
Annual results Atel
1. Overview
2. Atel Group
3. Energy segment
4. Energy Services segment
5. Appropriation of Profit
6. Alpiq Group
7. Outlook 2009
15'000
150'000
[CHF million]
20'000
Scope of consolidation: Atel Group
•
•
•
•
•
•
•
Alpiq Group
EOS Group
Emosson (50%)
Atel Group
Aare-Tessin Group
Purchase Price Allocation EOS/Emosson
Financing
Significant general conditions for
the business development 2008
I/2008
• Positive economic environment all over Europe until mid 2008
• High demand for energy and energy services
• Increase of energy prices (spot and forward) until mid 2008, with regional and seasonal
fluctuations; collapse of prices in 4th quarter 2008
• Low temperatures, mainly in beginning of 2008, increased demand for electricity
II/2008
• Significant effects of the financial crisis on the real economy mainly in the 4th quarter 2008
• Collapse of prices for commodities and energy (spot and forward)
• Regulatory restrictions in cross-border electricity trading
Operating results on level of
the record-breaking year 2007
CHF million
2007
2008
Variance
13 452
12 897
-4.1%
15 885
11 627
-26.8%
13 699
13 287
-3.0%
-12 446
-12 006
-3.5%
1 253
1 281
+2.2%
-248
-280
-12.9%
1 005
1 001
-0.4%
-7
-85
>-100.0%
Income tax
-220
-183
+ 16.8%
Group profit including minority interests
778
733
-5.8%
Energy sales in GWh
128 841
96 328
-25.2%
Trading with standard products in GWh
220 115
141 191
-35.9%
Net revenue
including standard transactions
Total operating result
Operating expense
EBITDA
Depreciation and amortisation
EBIT
Finance income
Development of revenue and EBITDA
2004 - 2008
Revenue (CHF million)
EBITDA (CHF million)
15'000
1'500
10'000
1'000
500
5'000
0
0
2004
2005
Revenue
2006
2007
2008
EBITDA
Breakdown of revenues
Energy Services
15%
Others
2%
Energy Switzerland
5%
Energy Services
17%
Others
0%
Energy Switzerland
6%
Energy
Western Europe
25%
CHF 13.5
billion
Energy
Western Europe
30%
CHF 12.9
billion
Trading
28%
Trading
27%
Energy
Central Europe
25%
Energy
Central Europe
20%
2007
2008
Development of revenue 2007/2008
(CHF million)
13'452
12'897
Net revenue
2008
Consolidation
+ others
Energy
Services
Volume
effects
Energy
Price effects
Energy
Net revenue
12'000
Development of operating results
2007/2008
(CHF million)
1'005
1'001
EBIT 2008
Consolidation
+ others
Energy
Services
Trading
Energy
Central
Europe
Energy
Western
Europe
Energy
Switzerland
EBIT 2007
900
Quarterly trends 2007/2008
Net revenue
(CHF million)
Results
(CHF million)
350
5'000
300
4'000
250
3'000
200
150
2'000
100
1'000
50
0
0
Q1 2007
Q2 2007
Q3 2007
Net revenue
Q4 2007
Q1 2008
EBIT
Q2 2008
Q3 2008
Q4 2008
Result
Finance income
CHF million
2007
2008
1 005
1 001
-64
-60
Evaluation financial holdings
+62
+17
Other finance expense (net)
-14
+4
Result from FX evaluation (realised/unrealised)
+9
-46
Total Finance income
-7
-85
Income tax
-220
-183
Net profit of the Group
778
733
Foreign currency effects in equity
+66
-334
EBIT
Net interest income
Cash flows marked by high
investment and financing activity
CHF million
2'000
1'500
1'000
500
973
950
Cash
31.12.2008
Currency
translation
Repayment
financial
liabilities
Raising
financial
liabilities
Increase
issued
capital
Distribution
to
shareholders
Change of
financial
assets
Investments
Operating
cash flow
Cash
01.01.2008
0
Key investments
Investments in tangible and intangible assets / participations
Accounts
CHF million
Edipower (increase from 18% to 20%)
2008
89
A2A (increase to 5%)
80
Moncada equity holding 30%
254
San Severo
115
Bayet
111
Monthel
44
Renewable energies
77
Other investments Energy (replacement/growth)
133
Acquisitions AIT/GAH
86
Replacement investments Energy Services
61
Investments 2003 - 2008
1 050
Energy
616
591
299
Growth
229
Energy Services
136
Replacement
2003
2004
2005
2006
2007
2008
Stable balance sheet despite
high investment volumes
CHF million
2007
2008
Variance
Fixed assets
5 356
5 884
+ 528
4 025
4 682
+ 657
1 067
1 224
+ 157
Equity including minority interests
3 621
3 830
+ 209
thereof minority interests
1 536
146
-1 390
Long-term liabilities
2 731
3 140
+ 409
Short-term liabilities
3 029
3 596
+ 567
Total assets
9 381
10 566
+ 1 185
Current assets
(thereof cash, time deposits,
securities)
Stable balance sheet-related
key figures
CHF million
2004
2005
Net debt / equity
(gearing)
72.5%
Equity ratio
Net debt / EBITDA
2006
2007
2008
49.0%
32.7 % 19.9 %
35.1%
30.2%
30.3%
32.5 % 38.6 %
36.2%
1.9
1.5
0.9
0.6
1.0
Stable trend of
value-oriented key figures
in %
CHF million
500
16.0%
400
12.0%
300
8.0%
200
4.0%
100
0
0.0%
2003
2004
2005
EVA
Annual results Atel
1. Overview
2. Atel Group
3. Energy segment
4. Energy Services segment
5. Appropriation of Profit
6. Alpiq Group
7. Outlook 2009
2006
WACC
2007
2008
ROIC
Good operating results,
however below prior year level
CHF million
2007
2008
Variance
128 841
96 328
-25.2%
11 505
10 712
-6.9%
EBIT
919
867
-5.7%
Segment result
722
663
-8.2%
1 694
1 869
+10.3%
Sales (GWh)
Revenue
Number of employees
Energy: Lower revenues
due to changed sales strategy
CHF million
11'505
10'712
Net revenue
2008
Consolidation
effects
Trading
Central
Europe
Western
Europe
Switzerland
Net revenue
2007
10'000
Development of operating results 2007/2008
[CHF million]
919
867
EBIT 2008
others
Trading
Energy
Central
Europe
Energy
Western
Europe
Energy
Switzerland
EBIT 2007
800
Significant drivers for earnings in Trading
From 2002 to 2007, Trading has delivered higher contributions
to earnings every year; 2006 and 2007 were record-breaking
years!
Good performance of Asset and Prop. Trading in I/2008 partially
destroyed by significant market and position changes in II/2008
•
•
•
•
•
Suboptimal positioning
Loss of counterparts / liquidity
Decrease of risk limits
Price development of cross-border capacities
Grid restrictions
Sales and gross margins Trading
2004 - 2008
Sales Third (GWh)
2004
Gross margin
CHF million
2005
2006
Sales
2007
Gross margin
Energy prices: Collapse of forward
electricity prices since mid-2008
Price trend DE in EUR/MWh
2008
Trend of gross margins in Trading
CHF million
Jan.
Analysis profit center Trading cumulated
Feb.
Mar
Apr
Prop. ACT 2007
Mai
Jun
Prop. ACT 2008
Annual results Atel
1. Overview
2. Atel Group
3. Energy segment
4. Energy Services segment
5. Appropriation of Profit
6. Alpiq Group
7. Outlook 2009
Jul
Aug
Asset ACT 2007
Sep
Oct
Nov
Asset ACT 2008
Dec
Energy Services:
Significantly better results
CHF million
2007
2008
Variance
Incoming orders
2 400
2 304
-4.0%
Revenue
1 959
2 242
+14.4%
EBIT
85
133
+56.5%
Segment result
49
110
+124.5%
7 726
8 383
+8.5%
Number of employees
Energy Services:
Development of revenues 2007/2008
CHF million
2'242
1'959
1‘500
Revenue 2007
GAH-EAT
GAH-EKT
AIT GT/GM/VT
FX/Cons.effets
Revenue 2008
Energy Services:
Development of EBIT 2007/2008
CHF million
133
85
EBIT 2007
GAH-EKT
Annual results Atel
1. Overview
2. Atel Group
3. Energy segment
4. Energy Services segment
5. Appropriation of Profit
6. Alpiq Group
7. Outlook 2009
GAH-EAT
AIT GT/GM/VT
EBIT 2008
Appropriation of Profit 2008
•
Increase of payout ratio to a level of 30% of the consolidated
profit of the Group including minority interests
•
Total distribution CHF 218 million Ö 10 CHF per share
•
2007: Reduction of nominal value totalling CHF 218 million
(28% of consolidated Group profit including minority interests)
Annual results Atel
1. Overview
2. Atel Group
3. Energy segment
4. Energy Services segment
5. Appropriation of Profit
6. Alpiq Group
7. Outlook 2009
Alpiq pro forma 2008
• Annual financial statements 2008 Atel, EOS and
Emosson
• +
Additional finance costs (pro forma)
• +
Effects from purchase price allocation (provisional)
• =
Alpiq pro forma result 2008
Operating result after merger
(pro forma/range)
CHF million
Reconciliation pro forma EBIT Alpiq Group
CHF million
Reconciliation pro forma result Alpiq Group
1'000
1'400
1'200
750
1'000
800
500
600
400
250
200
0
0
Atel Group
EOS
Emosson
PPA effect
Pro forma
Alpiq Group
Atel
Group
EOS
Emosson
PPA effect
Financing
Pro forma
Alpiq Group
Pro forma result 2008 of Alpiq Group
CHF million
Atel/Emosson
EOS
Alpiq
Net revenue
12 936
3 497
15 833
Total operating result
13 327
3 499
16 226
-12 020
-3 206
-14 500
1 307
293
1 726
-293
-69
-528
1 014
224
1 198
Finance income / income tax
-281
-83
-408
Group profit including minority interests
733
141
790
96
34
130
141
70
211
Operating expense
EBITDA
Depreciation and amortisation
EBIT
Energy sales in TWh
Trading with standard products in TWh
Pro forma balance sheet 2008
of Alpiq Group
CHF million
Atel/Emosson
EOS
Alpiq
6 315
1 851
16 111
(thereof cash, time deposits, securities)
4 686
1 225
650
241
Equity including minority interests
3 970
1 240
8 173
146
3
222
Financial liabilities
2 815
620
5 486
Other liabilities
4 216
641
7 671
11 001
2 501
21 330
Fixed assets
Current assets
thereof minority interests
Total assets
5 219
1 375
Pro forma key-figures 2008 Alpiq Group
•
Equity Ratio
38.3%
•
Net debt / Equity
50.3%
•
Net debt / EBITDA
•
EBIT margin
Annual results Atel
1. Overview
2. Atel Group
3. Energy segment
4. Energy Services segment
5. Appropriation of Profit
6. Alpiq Group
7. Outlook 2009
2.4x
7.6%
Outlook 2009
-
Recession
Ö Electric power consumption, market liquidity, incoming orders
-
Price collapse
Ö Margins in trading and sales, default and replacement risks, crossborder capacities
-
Regulatory interventions
Ö Earnings from grid, costs for system-related services, price
conditions
-
Merger
Ö Finance costs, depreciation and amortisation, integration charge
Outlook 2009
+
Good starting position January/February 2009
Ö Storage level, temperatures
+
Potentials for synergies
Ö Capacities, electricity mix, flexibilities, client relationships,
competences
+
Additional capacities
Ö Monthel, Spreetal, Maridiana (Wind)
+
Trading
Ö Reinforced team, completed management, new trading system
+
Order books
Ö Full backlog, margins partially still on level 2007/2008
+
Financing costs
Ö Favourable financings January/March 2009
Order of the presentation
Welcome to Alpiq!
Hans E. Schweickardt, Chairman Alpiq
Annual results EOS
Hans E. Schweickardt, CEO EOS
Patrick Mariller, CFO EOS
Annual results Atel
Giovanni Leonardi, CEO Atel
Kurt Baumgartner, CFO Atel
Outlook Alpiq
Giovanni Leonardi, CEO Alpiq
Key energy electricity
Image place holder
size: 11.5 cm x 15.5 cm
©2009 Corbis
Success factors electricity generation and
electricity mix
Success factor energy efficiency
Success factor Energy2