BKW Group reports successful first half-year 2004: Higher operating result and expanded market position
Un document
Berne (ots)
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http://www.newsaktuell.ch/d/story.htx?nr=100479694The BKW Group consistently strengthened its market position in the first half of 2004, increasing revenue to CHF 1,552 million and improving its operating result (EBIT) year-on-year by 14 percent to CHF 159.8 million. This positive result is attributable first and foremost to developments in the electricity business. Profit rose by 2 percent to CHF 128 million.
In the first half-year 2004 the BKW Group reported higher total consolidated operating revenue of CHF 1,552 million compared to the previous-year period. This increase reflects a rise in revenue from trading activities. There was a partial shift in revenue towards trading as a result of consolidation in international sales. Sales in Switzerland continued to perform well, with revenue stable overall.
In the first half of 2004, electricity sales rose by 19.8 percent to 22,995 GWh compared with the previous-year period. Higher sales from energy trading led to an increase in energy procurement from third parties. Despite the resultant higher operating expenses, earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 11 percent to CHF 202.1 million. In addition, the operating result (EBIT) rose year-on-year by CHF 19.3 million. However, since the extraordinary exchange rate gains in Euros and securities recorded in the previous-year period did not recur in the first half of 2004, the financial result fell by CHF 26 million to minus CHF 8.7 million. Overall, at CHF 127.65 million the BKW Group's half-year result was slightly higher (1.6 percent) than the first half of 2003. At CHF 263 million, cash flow provided by operating activities was approximately CHF 57 million above the prior-year figure due to higher earnings before interest, taxes, depreciation and amortisation (EBITDA) and the larger drop in net current assets.
Outlook
BKW expects to close 2004 with a higher profit than in 2002. However, the year-end result will not match the extraordinary figures posted in 2003 due to the impact of the price reductions announced to take effect in the fourth quarter, as well as an absence of the special effects which influenced last year's results.
The 2004 Half-Year Report is available from the BKW website www.bkw-fmb.ch
Contact:
BKW FMB Energie SA
Media Communications
Viktoriaplatz 2
3000 Berne 25
Tel. +41/31/330'51'07
Fax +41/31/330'57'90
E-Mail: info@bkw-fmb.ch
Internet: http://www.bkw-fmb.ch