BAKU, Azerbaijan, June 14
By Leman Zeynalova – Trend:
Operating profit (adjusted EBIT) of the Swiss Axpo Group increased by 4 percent in the first half of the 2020/21 financial year (1 October 2020 until 31 March 2021) over the previous year to CHF 515 million, Trend reports with reference to the company.
“As evidenced by the good results for the first half of the 2020/21 financial year, the performance of our operating business is steady. At the same time, we’re also working on setting the course for the future. We’ve expanded our international presence, are continuing to successfully invest in renewable energies, and are also investing in future-oriented technologies like batteries and hydrogen. In Switzerland, too, we would like to ramp up our investment in renewable energies. To that end, we have contributed to the political debate by proposing several different solutions, one of which is a floating market premium. We will continue to promote advances in the transition to a CO2-free energy future,” Christoph Brand, CEO of Axpo said.
The increase in the hedged electricity price on the electricity market in the first half of the 2020/21 financial year resulted in a CHF 115 million year-on-year increase in total revenues to CHF 2,902 million, reads the latest report released by Axpo.
Operating earnings (EBIT) amounted to CHF 722 million. A year-on-year comparison of operating earnings needs to factor in fluctuations in the funds for the decommissioning and disposal of nuclear power plants (STENFO). The collapse of the financial markets in March 2020 had a highly negative impact on the STENFO return in the income statement of the prior-year period. During the current reporting period, on the other hand, positive financial market development sent the STENFO return soaring.
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