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BKW General Meeting
BKW performs strongly despite difficult environment
Bern (ots) - At the General Meeting BKW AG presented very good results to its shareholders for the 2014 financial year. BKW posted significantly higher operating income (EBIT) and net profit. The General Meeting approved the 2014 annual and consolidated financial statements and voted in favour of the proposal to raise the dividend to CHF 1.60 per share.
With operating income of CHF 347 million and a net profit of CHF 292 million, BKW achieved very good results for last year. The company is on track with the implementation of its strategy to strengthen the energy business, develop networks and build up the service business. "The results so far are encouraging," said BKW Chairman Urs Gasche at the General Meeting. At the same time he warned against premature euphoria: "The environment is a challenging one, calling for extra vigilance on the part of operational management."
Strategy in the right direction
The economic situation remains tight, and the industry faces major challenges in the form of low electricity prices and the strong Swiss franc. These developments demonstrate that BKW's strategy of reducing its dependency on electricity prices is on the right track. "The aim of our strategy is to make BKW as robust as possible: to create a BKW capable of weathering the current storm as well as any future storms," explained Suzanne Thoma to the shareholders present.
General Meeting decisions
The General Meeting voted in favour of raising the dividend to CHF 1.60 per share. It approved the 2014 Annual Report, consolidated financial statements and annual statements and took note of the 2014 remuneration report. In addition, shareholders at the General Meeting voted in favour of the total revision of the Articles of Incorporation and the maximum total remuneration payable to the Board of Directors and Group Executive Board for the 2015/2016 period.
Election to the Board of Directors
The General Meeting also confirmed the Board of Directors for the next term of office until 2016. All Board members standing for re-election were re-elected. In addition, Dominique Gachoud was elected to the Board. A graduate in electrical engineering from the EPFL, Dominique Gachoud has been General Director of Groupe E SA since July 2012. He succeeds Philippe Virdis, who did not stand for re-election. Prof. Dr. Eugen Marbach also stood down from the Board. The Board of Directors thanks both long-serving Directors Philippe Virdis and Eugen Marbach for their valuable services to BKW over the past few years.
The statements contained in this media release constitute expectations and forward-looking statements. Because these statements are subject to risks and uncertainties, actual future results may differ materially 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.
BKW AG is an internationally active energy and infrastructure company with registered office in Bern. Along with its subsidiaries, it currently employs around 3,500 staff. The diversity of the company's expertise allows it to offer a full range of tailored services to customers throughout Switzerland. BKW plans, builds and operates infrastructure to produce and supply energy for businesses, households and the public sector. The BKW Group's distribution grid, the largest in Switzerland, provides one million people with a reliable supply of power around the clock. The company has a strong sense of social responsibility. Alongside its investment in renewable energy, it seeks to make efficient use of resources. The BKW Group is committed to developing innovative technologies to support a sustainable, secure future for the supply infrastructure. BKW AG registered shares are listed on the SIX Swiss Exchange and the BX Berne eXchange.
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