BAKU, Azerbaijan, May 29. Axpo has announced its financial results for the first six months of 2023/24 financial year, revealing funds from business operations amounting to CHF 359 million, a significant decrease from CHF 1,515 million in the previous year, Trend reports via the company.
This decline was expected, as collateral payments for hedging Swiss electricity production continued to return to the company but did not reach the levels seen in the prior year. Additionally, income tax payments surged to CHF 466 million, compared to CHF 165 million last year.
Gross investments remained steady at CHF 203 million, focusing on renewable energies and the expansion of power grids. Net investments totaled CHF 134 million, down from CHF 192 million the previous year. As a result, free cash flow for the first quarter stood at CHF 225 million, a substantial drop from CHF 1,322 million in the same period last year.
The normalization of the market also impacted Axpo's balance sheet. Total assets decreased from CHF 41,344 million on 30 September 2023 to CHF 38,093 million as of 31 March 2024. Despite this, equity continued to grow, reaching CHF 12,848 million compared to CHF 11,565 million at the end of September 2023. Liquidity was recorded at CHF 6,987 million, with financial liabilities totaling CHF 6,370 million, resulting in a positive net finance position of CHF 618 million.
In February 2024, Axpo secured an agreement with an international banking consortium for an unsecured, revolving committed credit line with a sustainability-linked component, totaling EUR 7.0 billion. This move refinanced two existing committed credit lines of EUR 3.0 billion each from 2022, thereby increasing Axpo's financial flexibility.
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