Annual report 2008/09 - Axpo Group

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Annual Report Axpo Holding AG 62 – 63 Editorial / 2–3 Interview with the CEO / 4–6 Strategy / 8–10 Markets and perspectives / 12–18 Success factors / 22–29 Corporate governance / 32–47 Annual report / 50–65 EGL traded successfully from its regional trading centres, even though both the economic situation and the market environment were diffi cult. Additional branches were opened in Northern and Southern Europe as well as in the UK. Key fi gures for EGL Group Leading trainer of apprentices in Central Switzerland In 2009, CKW had a total of 1422 fulltime equivalent positions in 80 dif ferent professions. In the reporting year, 39 new positions were created. There are 266 apprentices, and the ratio of apprentices to employees is around 18 %, which not only puts CKW ahead of the Swiss average of 7.5 %, but also confi rms its position as the leading trainer of apprentices in Central Switzerland. Annual report of EGL Group The 2008/09 fi nancial year was overshadowed by the impact of the fi nancial crisis on the real economy and the energy markets. This was manifested on the one hand in higher credit and market risks in the energy trading business, although EGL’s protection mechanisms worked well, and on the other hand in a drop in the real eco nomy’s demand for energy, which affected EGL in some trading regions. Electricity sales in million kWh 27 511 Gas sales in million kWh 1 520 Revenues in million kWh 3 990 EBIT in million kWh 330 Net profi t in million kWh 187 Number of employees* 746 * Average number of employees as of 30 September 2009 (expressed as full-time equivalents) Net profi t well below previous year In this diffi cult market environment, EGL nevertheless managed to improve its gross margin slightly by 4 % yearon-year to CHF 810.4 million. However, as a result of writedowns due to the planned sale of the Energy Plus power plant project, a negative fi nancial result and losses on its natural gas trading activities, the profi t shrank 41 % year-onyear to CHF 186.7 million. The fi rst half of the year saw signifi cant outfl ows of cash following plunging prices for secured energy transactions, but in the second half of the year, EGL managed to signifi cantly improve its cash fl ow. The cash fl ow from operating activities was CHF 174.5 million for the full fi nancial year, which is 41 % less than in the previous year. EGL’s equity ratio improved slightly to 31.1 %, which is still solid. Good trading profi t In the Energy Trading & Origination division, EGL consistently pursued its strategy and traded successfully from its regional trading centres. This is a positive development, especially in view of the weak economy and the diffi cult market environment, which was initially dominated by a rapid price collapse and high volatility, followed fi rst by a short-lived and slight upswing and then by a sideways movement of prices and lessening volatility. EGL posted excellent results for its assetbacked trading activities and for trading between Italy and Switzerland as well as in the Iberian and Nordic markets. In Italy, the most important individual market, the very successful trading and origination business more than compensated the weaker results in the retail business. In the reporting year, EGL once again expanded its trading activities, including the establishment of a new trading centre in the UK and the opening of a new origination offi ce in Finland. It also initiated the opening of origination offi ces in Brussels and Düsseldorf, from where EGL will expand
its business activities to the Benelux countries and Germany. Forging ahead with power plant projects In the 2008/09 fi nancial year, EGL forged ahead with its power plant projects. The commissioning work for the SE Ferrara gas-fi red combined cycle power plant in Italy was completed. This power plant will presumably go into commercial operation in June 2010, once measures are in place for recycling the synthesis gas that accumulates at the site. With this, EGL will reach its objective of 2000 MW own production capacity in Italy, which is why it decided, while reviewing the previously announced consolidation and diversifi cation of its production portfolio in Italy, not to build the Energy Plus gas-fi red combined cycle power plant in Salerno itself, but to sell the project instead. Construction work on a planned EGL wind farm with a capacity of 66 MW in the Campania region of Italy has started. The commissioning of this wind farm is planned for the second quarter of 2011. With its acquisition of 51.6 % of the Swedish wind farm developer HS Kraft AB in February 2009, EGL also secured access to a series of wind power projects in Southern Sweden. Loss on natural gas sales EGL continued to expand its natural gas business in the 2008/09 fi nancial year. The Gas Supply & SEE division expanded its natural gas procurement portfolio, among other things by extending the partnership with Gazprom Export. In addition to deliveries to its own gas-fi red combined cycle power plants in Italy, EGL also intensifi ed its sales activities. This unfortunately resulted in a loss, mainly as a result of the challenging economic environment and the demand-driven decoupling of natural gas and oil prices. EGL’s trading regions EGL’s energy trading business is organized into decentralized trading regions: Central and Eastern Europe, Southeastern Europe, Northern Europe, Iberia, Italy and Switzerland as well as the UK. These regions follow the Regional Energy Markets concept as defi ned by the European Union in a fi rst step towards the realization of a uniform European energy market. EGL trading regions with trading centres Northern Europe Great Britain Iberia Central and Eastern Europe Southeastern Europe Italy and Switzerland Madrid London Genoa Dietikon Oslo
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Energy is the future Annual Report
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Key fi gures Finances 2008/09 in CH
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Table of contents Energy is the fut
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Milestones in infrastructure expans
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effi ciently. Competitors can be co
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“Energy is dreaming.” Flavia Ma
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As a company owned by the cantons o
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“Energy is there to make our live
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Energy policy Uncertain trends in f
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Energy market The global economic c
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Electricity prospects In the fi nan
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Bettina Baer, 19, plays in the wome
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Renewable energies How we are inves
Page 27: Illustration: Geopower Basel AG Lim
Page 30 and 31: Annual Report Axpo Holding AG 22 -
Page 34 and 35: «Energie ist die Sonne.» “Energ
Page 38 and 39: PRO: ARGUMENTS IN FAVOUR The protec
Page 40 and 41: Axpo is dedicated to climate protec
Page 43 and 44: CONTRA: ARGUMENTS AGAINST Warnings
Page 45 and 46: Group structure and shareholders Gr
Page 47 and 48: Dr. Wulf Glatz, 35, won the 2009 Sw
Page 49 and 50: vis-à-vis third parties and deals
Page 51 and 52: ility, the strategic energy busines
Page 53 and 54: Axpo also has several tools on hand
Page 55 and 56: Corporate bodies and Group function
Page 57 and 58: Peter Reinhard Member of the Board
Page 59 and 60: Executive Board Heinz Karrer Chief
Page 61 and 62: Mobility What will get us moving in
Page 63: Public transport consolidates its p
Page 70 and 71: “Energy is, when I’m healthy.
Page 82 and 83: PRO: ARGUMENTS IN FAVOUR If we are
Page 84 and 85: Electricity from nuclear energy is
Page 87 and 88: CONTRA: ARGUMENTS AGAINST Nuclear e
Page 89 and 90: Balance Sheet 30.9.2009 (condensed)
Page 91 and 92: Minergie A registered quality label
Page 93 and 94: Conventional power plants • 1 KKB
Page 95 and 96: Publishing details Published by Axp
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Annual report 2008/09 - Axpo Group

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