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Half-Year Results 2014 BKW on track
Bern (ots) - BKW Group achieved a strong result in the first half of 2014, recording an increase in total operating revenue. Operating profit before depreciation, amortisation and impairment decreased to CHF 224 million and net profit to CHF 92 million compared to the prior-year figures, which were, however, positively impacted by one-off factors. Adjusted for the positive one-off effects in 2013, profit was up slightly despite falling electricity prices. With its systematic focus on the three pillars of Energy, Networks and Services, BKW corporate strategy is clearly on track. In addition to its traditional role of supplying electricity, the company is able to offer its customers a fully comprehensive portfolio of innovative energy solutions.
The BKW Group achieved electricity sales of 10,614 GWh (9,771 GWh) for the first half of 2014, generating total operating revenue of CHF 1,432 million (CHF 1,389 million). This represents an increase of CHF 43 million, or 3%, year-on-year. Energy, Networks and Services all successfully increased their sales revenues. Operating profit, which is CHF 46 million down on the prior year, reached a healthy CHF 141 million. After adjusting for one-off factors which had a beneficial effect in 2013, operating profit was in line with the prior-year level. The adverse impact of low electricity prices was offset by improvements in efficiency. Owing in particular to the performance of shares in the decommissioning and disposal funds, which are measured at fair value, the financial result improved significantly year-on-year and made a positive contribution to the result. Net profit fell by CHF 12 million, or 11%, to CHF 92 million compared to the first half of 2013. If the one-off effects for the previous year had been excluded, net profit would have increased slightly.
BKW confirms the outlook for the current financial year that it communicated through the publication of its 2013 annual financial statements. The market environment remains challenging with persistently low energy prices and pressure on margins in the international markets, combined with regulatory requirements and a still strong Swiss franc. BKW therefore expects its operating result and net profit to be in line with the adjusted figures realised in 2013. This will be achieved by the stable networks business, production volumes that are largely hedged, the continued expansion of the services business and rigorous cost management.
Strategy implementation on track
BKW has adapted its corporate strategy in line with the new market conditions, focusing on the three pillars of Energy, Networks and Services. In addition to its traditional role of supplying electricity, BKW is also an energy and infrastructure services provider, offering its customers a comprehensive portfolio of complete energy solutions. BKW will continue to expand its services business over the next few years and has laid the foundations for further expansion in the past few weeks. The cooperation arrangement with Entelios and the acquisition of Baumeler Leitungsbau AG will allow BKW to build on its expertise in energy management, cable systems, tunnel infrastructure, industrial installations and water supply facilities as well as consolidate its presence in Switzerland. In addition, securing a foothold in decentralised heating will create new growth opportunities, enabling BKW to provide innovative, integrated energy solutions to both residential and business customers in future. BKW continues to work on the measures adopted to cut costs, improve efficiency and enhance its effectiveness, which will be fully implemented by 2015.
The Half-Year Report 2014 can be downloaded at: www.bkw.ch/halfyearreport2014
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 materially from those expressed or implied by the expectations and statements. This text is published in German, French, English and Italian. The German version is authoritative.
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