BKW FMB Energy Ltd Annual Report 2003

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Doctors and paramedics help when others need care and assistance. That’s partnership. 18
BKW electricity In the year under review BKW produced a total of 9,714 GWh of electricity, 2.1 percent above the previous year (9,511 GWh) and 6.9 percent higher than the ten-year average. Of this, 37 percent or 3,575 GWh was generated by BKWowned power plants and subsidiaries: a year-on-year decrease of 7 percent. The main reason for this drop was the extended period of hot weather in the summer of 2003, leading to lower river levels and run-off volumes than the previous year. Climatic conditions had a direct impact on output at the seven BKW-owned runof-river power plants. Added to this, the Mühleberg nuclear power plant produced a slightly lower volume of power than in the previous year due to the somewhat lengthier annual overhaul and the production cut-back necessitated during the summer months in order to comply with cantonal regulations governing water licences. Production by partner plants By contrast, there was an increase in production by partner plants and in electricity purchases based on long-term contracts. Partner plants (including long-term purchase contracts) accounted for close to two-thirds (6,139 GWh) of BKW’s total power volume in 2003, a year-on-year increase of 8 percent. The main reason for this positive development was the marked rise in water volumes feeding into partner plants’ reservoirs. New renewable energies BKW also expanded its activities in the fi eld of new renewable energies in the year under review. Thanks to a sustained period of good weather, Switzerland’s largest solar power plant on Mont-Soleil produced a record 0.65 million kWh. Wind power production fared slightly less favourably. The wind power plant is operated by BKW’s partner, Juvent SA, on Mont Crosin in the Bernese Jura. Due to the extended period of good weather in the year under review and the associated decline in energy production due to weak wind conditions, the Mont Crosin plant generated less power than the record levels scored in 2002. BKW is planning to step up production from new renewable energies even further. To this end, a building permit was applied for to construct two new high-perform- ance wind turbines on Mont Crosin, with a view to increasing the plant’s production capacity by over 80 percent. Another important step was taken in December 2003, when BKW submitted a building permit application for construction of the largest photovoltaic installation in Switzerland on the roof of the new “Stade de Suisse” football stadium in Wankdorf, Berne. Strong competence in hydroelectric plant construction Consistent with BKW’s commitment to zero-defect power plant operation in the interest of all involved partners, the year under review saw some important overhaul and maintenance work. The contracting business was also further expanded. 19
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 and 16: Energy Policy Clear Federal Court r
Page 17 and 18: Future of nuclear power assured Whi
Page 19: Production Generating power by part
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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