The Axpo Group posted an operating profit (EBIT) of CHF 329 million and a consolidated net profit of CHF 282 million in the 2011/12 financial year, thereby substantially outstripping the prior-year results (CHF 139 million and CHF 45 million respectively). However, this result was once again strongly influenced by exceptional factors: adjusted for exceptionals, both net profit and EBIT were lower than in the previous year. Total revenues improved to CHF 7346 million (previous year: CHF 6354 million). Axpo restructured the Group in 2012 and enhanced the flexibility of its production and procurement strategy. With this reorganization, Axpo reacted quickly to the changed regulatory and political environment in Switzerland and the challenges posed by the European energy market.
The past financial year was a challenging one, not only for Axpo but for the entire energy sector. The euro crisis and accompanying slowdown in economic growth coupled with the intensification of the prioritized feed-in of subsidized electricity further dampened electricity prices in the European wholesale market. This situation was made worse by the strong Swiss franc. All of these factors certainly tested the mettle of the energy sector. In order to be prepared for present and future challenges, Axpo realigned its operations in the past year.