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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/

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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