2023-06-12 06:01:24
The energy group Axpo ended its first half of 2022/23 with exceptional results, boosted by the lull in the markets. The progress of business enabled it to reduce its debt, without touching the credit line granted by the Confederation.
“The markets are still very difficult, but also offer us many opportunities, thanks to our diversified strategy, welcomed the general manager (CEO) of Axpo, Christoph Brand, quoted Monday in a press release.
The total service provided between October and the end of March amounted to 6.50 billion francs, up 8.2% over one year. Thanks to the measures put in place at the height of the energy crisis last summer, the surplus before interest and taxes (Ebit) has almost quadrupled, to more than 3.85 billion. On a basis adjusted for earnings transfers of nearly 1.57 billion, the increase is reduced to 72.1%.
The net profit generated during the period under review, which also benefited from favorable currency effects and funds for decommissioning and for waste management (Stenfo), was multiplied by more than six to 3.21 billion francs .
Even if the situation on the markets has stabilized, the management of Axpo wants to be cautious when it comes to outlining prospects for the rest of the operations. Due to seasonality, the second half of the year looks weaker than the first.
The energy company recalls that following a strategic adjustment at the start of 2022, it no longer covers all Swiss electricity production over three years. The hedged prices range between 51 EUR/MWh on average for the current financial year and 87 EUR/MWh on average for 2025/26. From 2024/25, the price increase should have a positive impact on the results of the Aargau group.
/ATS
1686550076
#Axpo #generates #billion #profit #1st
