Despite a challenging environment, Aare Versorgungs AG (AVAG) looks back on a solid 2024 financial year. While revenue increased, both operating profit and net income were slightly below the previous year's figures.
At its 23rd Ordinary General Meeting on Wednesday, 7 May 2025, AVAG presented its shareholders with a satisfactory result for the 2024 financial year. Revenue rose from CHF 92 million in 2023 to CHF 98 million. EBIT amounted to CHF 11 million, compared to CHF 12 million the previous year, and net profit fell by CHF 1 million to CHF 9 million. This decline was due to regulatory changes (CHF 60 instead of the previous CHF 75 rule) and the absence of a one-off effect that had positively impacted 2023 results. Increased investments and a higher WACC in 2024 could only partially offset these negative factors. Electricity prices fell by 1 percent in 2024.
Management Report and Annual Financial Statements Approved
The 12 AVAG shareholders present, representing 49,438 shares (98.88 percent of the 50,000 issued shares), unanimously approved the 2024 management report and financial statements. The Board of Directors was unanimously discharged. Ernst & Young AG was unanimously reappointed as the external auditor for the 2024 financial year. The shareholders also approved the Board’s proposal for a reduced dividend of CHF 160 per share, compared to CHF 200 in the previous year.
Concession Renewal and Increased Investment
A major milestone in 2024 was the renewal of AVAG's concessions with 13 partner municipalities. The necessary agreements were negotiated in a spirit of partnership, and their signing is expected during the first half of 2025. This step provides AVAG with planning certainty for future investments in the grid. In light of the energy transition and the growing decentralisation of energy production, grid expansion and transformation are essential. Capital expenditure increased from CHF 7 million to CHF 11 million, including investments in smart meters and intelligent control systems for electric vehicle charging infrastructure and photovoltaic systems.
Changes in Executive Management and Board of Directors
At the General Meeting, former AVAG executive Dominik Zimmermann was elected to the Board of Directors, succeeding Stephan Naef, who stepped down. Earlier in 2024, Dieter Leu and Beat Huber had also resigned from the Board and were succeeded by Stefan Berchtold and Iwan Stierli. At the Board meeting on 18 April 2024, Renate Müller was appointed to the Executive Management as CFO of AVAG, succeeding Dominik Zimmermann, who left the Executive Team to take up the role of CFO at Primeo Energie.
Media Contact:
Viktor Sammain, PR Editor
Direct line: +41 61 415 41 08
Email: presse@primeo-energie.ch
