BKW Group: Good result and lower prices for SMEs from October 2003
Berne (ots)
The BKW Group closed the first half of 2003 with a profit of CHF 126 million, a 29% increase on the year-back period. Sales totalled CHF 1,256 million (up 32%). BKW FMB Energie Ltd is introducing new, lower-price electricity products in Switzerland. These will start with SMEs on 1 October 2003, while the remaining products, which will also cover private households, will follow next year.
The BKW Group's total operating revenue in the first six months of 2003 rose by 32% year-on-year to CHF 1,256 million, due mainly to sales growth from a CHF 130 million expansion in trading volume and a CHF 78 million increase in international sales. The figures were boosted by a first-time CHF 31 million in gas sales and a CHF 32 million rise in sales in Switzerland.
Good operating result
The additional electricity sales are mainly accounted for by third-party purchases, as reflected in the higher expenditure on electricity procurement from third parties. Despite higher operating expenses, earnings before interest, tax, depreciation and amortisation (EBITDA) rose to CHF 182.1 million (up 16% on the previous year).
Lower electricity prices for SMEs from 1 October 2003
BKW FMB Energie Ltd has not increased its electricity tariffs for 10 years. Instead, measures in all customer segments have ensured that tariffs have fallen by a total of approximately CHF 60 million a year since 1998. Sustainable cost savings mean that BKW can progressively reduce its electricity prices still further and introduce new electricity products. These will start with small and medium-sized enterprises on 1 October 2003. The price reductions and other steps scheduled for next year - including products for householders - will be equivalent to an annual total of around CHF 50 million. BKW is passing on its cost advantages to customers and in so doing is helping to strengthen the financial position of its customers and partners in the cantons of Berne, Basel-Landschaft, Solothurn, Fribourg and Neuchâtel.
Facts & Figures
Finances 1st half-year 1st half-year
2003 2002 2002
CHF million CHF million CHF millionTotal operating revenue 1'256.3 950.9 2'079.1 Earnings before interest and taxes (EBIT) 140.5 120.0 263.5 Net profit 125.6 97.2 207.2
Cash flow provided by operating activities 205.6 243.4 281.7 Purchase of property, plant and equipment 29.5 37.4 84.4
Balance sheet total 4'573.2 4'276.7 4'365.3 Shareholders' equity 2'072.2 1'869.0 1'944.5 as % of balance sheet total 45.3 43.7 44.5
Electricity business
GWh GWh GWhElectricty sales Switzerland 3'407 3'310 6'468 Electricity sales International 2'224 970 1'931 Electricity trading 13'040 11'197 25'529 Pump/substitution energy 370 282 593 Transmission losses/ own consumption 146 192 319 Total sales 19'187 15'951 34'840
Volume generated by hydroelectric plants 1'925 1'660 3'751 Volume generated by nuclear power plants 3'048 3'017 5'744 incl. purchase contracts Volume generated from decentral plants 6 7 15 Trade (purchases) and energy buy-backs 14'208 11'267 25'330 Total purchases 19'187 15'951 34'840
Employees (Full Time Equivalent)1'990 1'928 1'999
Information on shares (prior to June 2002 adjusted to a par value of
CHF 25.00)
CHF CHF CHFPar value 25.00 25.00 25.00 Share prices End of period 327.00 250.00 302.00 High during the period 380.00 260.00 302.00 Low during the period 300.00 125.00 125.00 Earnings per share 24.32 18.64 39.80 Shareholders' equity per share 396.75 358.41 380.04 Market capitalisation in CHF million 1'707.9 1'303.7 1'545.2
See the Half Yearly Report 2003 on the BKW website at http://www.bkw-fmb.ch/
Contact:
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E-Mail: info@bkw-fmb.ch