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BKW Energie AG

BKW Group reports successful first half-year 2004: Higher operating result and expanded market position

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Berne (ots)

Info: Facts and figures you will find as PDF: 
         http://www.newsaktuell.ch/d/story.htx?nr=100479694
The BKW Group consistently strengthened its market
position in the first half of 2004, increasing revenue to CHF 1,552
million and improving its operating result (EBIT) year-on-year by 14
percent to CHF 159.8 million. This positive result is attributable
first and foremost to developments in the electricity business.
Profit rose by 2 percent to CHF 128 million.
In the first half-year 2004 the BKW Group reported higher total
consolidated operating revenue of CHF 1,552 million compared to the
previous-year period. This increase reflects a rise in revenue from
trading activities. There was a partial shift in revenue towards
trading as a result of consolidation in international sales. Sales in
Switzerland continued to perform well, with revenue stable overall.
In the first half of 2004, electricity sales rose by 19.8 percent
to 22,995 GWh compared with the previous-year period. Higher sales
from energy trading led to an increase in energy procurement from
third parties. Despite the resultant higher operating expenses,
earnings before interest, taxes, depreciation and amortisation
(EBITDA) rose by 11 percent to CHF 202.1 million. In addition, the
operating result (EBIT) rose year-on-year by CHF 19.3 million.
However, since the extraordinary exchange rate gains in Euros and
securities recorded in the previous-year period did not recur in the
first half of 2004, the financial result fell by CHF 26 million to
minus CHF 8.7 million. Overall, at CHF 127.65 million the BKW Group's
half-year result was slightly higher (1.6 percent) than the first
half of 2003. At CHF 263 million, cash flow provided by operating
activities was approximately CHF 57 million above the prior-year
figure due to higher earnings before interest, taxes, depreciation
and amortisation (EBITDA) and the larger drop in net current assets.
Outlook
BKW expects to close 2004 with a higher profit than in 2002.
However, the year-end result will not match the extraordinary figures
posted in 2003 due to the impact of the price reductions announced to
take effect in the fourth quarter, as well as an absence of the
special effects which influenced last year's results.
The 2004 Half-Year Report is available from the BKW website
www.bkw-fmb.ch

Contact:

BKW FMB Energie SA
Media Communications
Viktoriaplatz 2
3000 Berne 25
Tel. +41/31/330'51'07
Fax +41/31/330'57'90
E-Mail: info@bkw-fmb.ch
Internet: http://www.bkw-fmb.ch

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