BKW FMB Energy Ltd: Positive revenue and profit performance - Preliminary information on 2005 results
Berne (ots)
Fiscal 2005 has been a good year for BKW FMB Energy Ltd. Despite various negative special effects such as damage to the Leibstadt nuclear power plant generator and below-average inflows to hydroelectricity plants, the annual result once more improved. In 2005 Group profit rose year-on-year by 40.9% to CHF 306.7 million, while total operating revenue increased by 12.4% or CHF 218.9 million to CHF 1,989.1 million. This result was attributable in particular to good performance in the internal market, in the electricity trading and international sales areas, as well as a highly satisfactory financial result.
Total operating revenue for 2005 rose by 12.4% from CHF 1,770.2 million to CHF 1,989.1 million as a result of higher prices on the international market and positive sales performance in Switzerland. Sales in Switzerland in the cantons of Berne, Jura, Basle Country, Neuchâtel, Solothurn and Obwalden rose by 1.4% to 7,058 GWh due to higher demand from existing customers and the acquisition of new customers. Revenue from trading was also up by 3.2%. BKW's subsidiaries in Germany and Italy expanded their activities in 2005 and improved energy sales by 2.8%. The results were positively impacted towards year-end by the opening of the Bernina line, which virtually doubled BKW's transmission capacity to Italy. Electricity generation fell year-on-year by 538 GWh from 9,413 to 8,875 GWh, largely as a result of loss of production at the Leibstadt nuclear power plant. By contrast, uninterrupted production at Mühleberg nuclear power plant resulted in an annual output of 2,856.6 GWh. Hydroelectricity volumes fell by 2.3% from 3,572 GWh to 3,489 GWh on account of severe weather conditions in the second half-year. Output dropped at run-of-river power plants due to low precipitation volumes.
Operating income before interest, taxes, depreciation and amortisation (EBITDA) increased by 11.9%, ending the year at CHF 431 million, while profit was up 40.9% at CHF 306.7 million thanks to the excellent financial result.
Based on these results, a dividend of CHF 2.50 per share (2005: CHF 1.80 per share) will be proposed to the General Shareholders' Meeting on 19 May 2006.
Forthcoming dates
Annual press conference on the 2005 financial results: 6 April 2006 in Berne
General Shareholders' Meeting: 19 May 2006, in Hall 220 of the BEA complex, Berne
2006 half-yearly report: 19. September 2006
Facts & Figures
Income Statement 2005 2004 % change
CHF (million) CHF (million)
(restated)Total operating revenue 1,989.1 1,770.2 12.4
Operating income (EBITDA) 431.0 385.1 11.9
Net profit for the year 306.7 217.7 40.9
Electricity business 2005 2004 % change
GWh GWhElectricity sales Switzerland 7,058 6,962 1.4
Electricity sales International 3,774 3,672 2.8
Electricity trading 7,044 6,829 3.2
Pump/substitution energy 665 541 22.9
Transmission losses and own consumption 363 305 19.0
Total sales 18,904 18,309 3.3
Volume generated by hydroelectric plants 3,489 3,572 -2.3
Volume generated by nuclear power plants incl. purchase contracts 5,371 5,828 -7.8
Volume generated by decentral plants 15 13 15.4
Trade (purchases) and energy buy-backs 10,029 8,896 12.7
Total purchases 18,904 18,309 3.3
Contact:
BKW FMB Energie AG
Antonio Sommavilla
Media Communications
Viktoriaplatz 2
3000 Bern 25
Tel.: +41/31/330'51'07
Fax; +41/31/330'57'90
E-Mail: info@bkw-fmb.ch