BAKU, Azerbaijan, April 15
By Leman Zeynalova – Trend:
Swiss Axpo company, which is one of the shareholders of the Trans Adriatic Pipeline (TAP) project, expects the result for the period of the first half of 2019/20 to be significantly lower than in the previous year despite good operating performance, Trend reports citing the company.
“This is due to the distortions on the financial markets in the wake of the pandemic crisis in February and March 2020, which had a significant negative impact on the funds for decommissioning and disposal of nuclear power plants in particular. These effects, which are booked directly through the income statement, amounted to around CHF 390 million at the time of Axpo's half-yearly financial statement,” reads the message from the company.
Axpo posted a strong operating result for the 2018/19 financial year. Earnings before interest and tax (EBIT) before one-off effects were up 56 percent to CHF 542 million, or CHF 850 million after one-off effects (previous year: CHF 348 million). Axpo raised the result for the period from CHF 131 million to CHF 865 million.
Trading & Sales made a major contribution to the excellent result by delivering a record performance. In addition to higher electricity sales volumes and the sale of wind farms, the good return on the Decommissioning and Waste Disposal Funds as well as regulatory changes also had a positive impact on earnings. The contribution made by the ancillary services once again matched the high level of the previous year, while lower electricity revenues had a negative impact of CHF 104 million on EBIT compared with the previous year.
Axpo is Switzerland's largest producer of renewable energy and an international leader in energy trading and the marketing of solar and wind power. 5000 employees combine experience and expertise with a passion for innovation. Axpo develops innovative energy solutions for its customers based on state-of-the-art technologies in over 30 countries in Europe and the US.
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