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BKW Annual General Meeting Strong operating performance - foundations for the new BKW in place
Bern (ots) - At the Annual General Meeting in Berne, BKW Inc presented its shareholders with a solid operating result for fiscal 2013. The Annual General Meeting approved the 2013 annual and consolidated financial statements and voted in favour of a dividend payment of CHF 1.20 per share. Shareholders also re-elected all members of the Board of Directors for the next term of office - with the exception of outgoing member Antoinette Hunziker-Ebneter.
In an extremely challenging economic and regulatory environment, the BKW Group generated adjusted operating profit (EBIT) of CHF 317 million. This is in line with the previous year's result. The energy business (including trading), the networks business and the growing service business all contributed to this solid result. The Group companies ISP AG and Arnold AG also posted strong growth. The total operating revenue of the BKW Group amounted to CHF 2,734 million. In view of the future situation on the energy market, however, value corrections and provisions totalling CHF 489 million had to be made. This resulted in a net loss of CHF -217 million. Adjusted for these non-cash exceptional charges, net profit amounted to CHF 166 million.
Implementation of corporate strategy: BKW 2030 on track With a view to its future positioning, BKW laid the foundations on which to expand the business portfolio in the year under review. It also further refined its corporate strategy, completed the organisational restructuring and successfully drove forward the Group-wide programme to increase productivity and reduce costs, allowing existing synergies and innovation potential within the company to be optimally exploited. BKW also judiciously expanded its renewable energy production facilities both in Switzerland and abroad. In view of the increasingly distributed nature of energy supplies, BKW also further developed its range of innovative services.
From energy supplier to innovative energy service provider The decision to take the Mühleberg nuclear power plant off the grid in 2019 exemplifies BKW's focus on the changed energy market and its determination to look to the future. By dispensing with long-term operation, the business risk has been significantly reduced. At the same time, BKW will play a pioneering role in the dismantling of the plant. In the coming years the company wants to continue to rapidly expand its service business. Its aim is to launch innovative, technology-based products and integrated solutions and offer customised service packages for private and business customers, municipal authorities and other energy utilities. The first planned offerings will be in the fields of engineering, heating and energy management. This new focus will allow BKW to position itself across Switzerland as a provider of innovative integrated energy services, open up new sales channels and develop new partnership models.
BKW is not expecting any change in the challenging market environment in the current financial year, with energy prices set to remain low and ongoing margin pressure. Coupled with regulatory requirements and a persistently strong Swiss franc, this will also affect the operating result for 2014. Stable networks business, production volumes that have largely been hedged for some time now, and the ongoing expansion of the services business lead BKW to expect its operating income and net profit to remain in line with the adjusted figures for 2013, excepting any impairment tests.
Shareholder base and election to the Board of Directors Last year the number of registered shareholders dipped from around 8,400 to approximately 8,300. All Board members were re-elected for the next term of office until the next Annual General Meeting. Outgoing member Antoinette Hunziker-Ebneter will not be replaced.
http://www.bkw.ch/annual-report-2013.html The statements contained in this press release constitute expectations and forward-looking statements. Because these statements are subject to risks and uncertainties, actual future results may differ from those expressed or implied by the expectations and statements. This media release is issued in German, French, English and Italian. The German version is authoritative.
The BKW Group is one of Switzerland's largest energy service companies. It employs more than 3,000 people, with its partners supplies around one million people with electricity, and covers all stages of energy supply: from production and transport to trading and sales. In addition to pure energy supply, BKW develops, implements and operates comprehensive energy solutions for private and commercial customers, as well as for energy utility companies and local authorities. It is also committed to programmes focusing on research and development of innovative technologies to ensure a sustainable and secure energy supply.
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