BKW FMB Energy Ltd Annual Report 2003

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Using muscle and machine power to create foundations to build on. That’s partnership. 14
Future of nuclear power assured While some aspects of Swiss electricity market deregulation have still to be resolved, the policy on nuclear power has been clear since 18 May 2003, when voters’ unequivocal rejection of the two anti-nuclear power initiatives “Nonnuclear power” and “Moratorium Plus” clearly signalled the public’s desire to stick to the proven mix of hydroelectricity, nuclear power and renewable energies. This rejection of the proposal to abolish nuclear power is akin to a declaration of confi dence in Switzerland’s four nuclear power plants. The fact that Bernese voters clearly threw out both people’s initiatives is an unambiguous vote in favour of the Mühleberg nuclear power plant. The result also refl ects the public’s acknowledgement of how safely and responsibly BKW employees operate and maintain the plant. In addition to the resolution of open political issues, the year under review also saw the end of a period of uncertainty. With the deadline for an optional referendum against the nuclear power law expiring in the autumn of 2003, the Federal Council commissioned further extensive studies with a view to drawing up the appropriate executive law provisions. Forthcoming legislation tasks The most important aim of this work is to formulate a new nuclear power ordinance and to amend existing ordinances, primarily in terms of the provisions governing protection against radiation and emergency precautions, the decommissioning and disposal fund, and declarations of origin for electricity. A new regulation must also be sought governing the compensation of extra costs for feedin from renewable energies. While the nuclear power law keeps the option of nuclear power open, it lays down stricter regulations and more complex provisions governing the operation of nuclear power plants. BKW will continue to work with electricity industry associations to advocate the interests of its partners and customers in this regard. 15
Page 1 and 2: BKW FMB Energy Ltd Annual Report 20
Page 3 and 4: Contents 2 Foreword Partnerships st
Page 5 and 6: The challenges facing energy policy
Page 7 and 8: Strategy Partnerships and continual
Page 9 and 10: Broad-based production plant Thanks
Page 11 and 12: Board of Directors (at 31.12.2003)
Page 13 and 14: Market Switzerland’s electricity
Page 15: Energy Policy Clear Federal Court r
Page 19 and 20: Production Generating power by part
Page 21 and 22: BKW electricity In the year under r
Page 23 and 24: Trade BKW - a competent and reliabl
Page 25 and 26: Sales Partnership in action - the f
Page 27: Networks Guaranteeing network relia
Page 30 and 31: Financial Review Sales and profi t
Page 32 and 33: Consolidated Financial Statements o
Page 38 and 39: 3 Principles of accounting and valu
Page 40 and 41: interest expenses. These are fi nan
Page 42 and 43: 40 8 Financial result CHF (million)
Page 44 and 45: 11 Property, plant and equipment CH
Page 46 and 47: 13 Non-current fi nancial assets CH
Page 48 and 49: 46 16 Accounts receivable CHF (mill
Page 50 and 51: 18 Provisions CHF (million) Nuclear
Page 52 and 53: 50 22 Pension obligations The statu
Page 54 and 55: 52 25 Related parties The following
Page 56 and 57: List of Participations Subsidiaries
Page 58 and 59: Financial Statements of BKW Income
Page 60 and 61: Financial Statements of BKW Notes a
Page 62 and 63: 60 8 Bond issue in 1,000 CHF 31.12.
Page 64 and 65: Report of the Statutory Auditors 62
Page 66 and 67:
64 Appropriation of retained earnin
Page 68 and 69:
66 Signifi cant shareholders In a s
Page 70 and 71:
68 3 Board of Directors Information
Page 72 and 73:
70 AG und Genossenschaft, Jungfraub
Page 74 and 75:
72 - - - - - - - - The Audit Commit
Page 76 and 77:
74 4 Executive Board and Extended E
Page 78 and 79:
76 The members of the Board of Dire
Page 80 and 81:
78 Entries in the shareholder regis
Page 82 and 83:
Addresses BKW Head Offi ce BKW FMB
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BKW FMB Energy Ltd Annual Report 2003

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