BKW Energie AG

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 million

Total 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                    GWh

Electricty 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                    CHF

Par 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/

ots Originaltext: BKW FMB Energie AG
Internet: www.newsaktuell.ch

Contact:
Media Communications
Tel.      +41/31/330'51'07
Fax        +41/31/330'57'90
E-Mail: info@bkw-fmb.ch



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