BKW FMB Energy Ltd Annual Report 2003

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Buying and selling: a daily transaction between customer and supplier. That’s partnership. 24
Networks Guaranteeing network reliability – a core competence at BKW High quality of supply is dependent on a fl awless network infrastructure. Network reliability is a core competence at BKW. Networks – a key strategic area Effi cient maintenance, expansion and network infrastructure upgrades are important factors in the reliable supply of energy. In turn, security of supply is a prerequisite for sustainable business activity and community life. In 2003, public awareness of the importance of power networks was raised not only as a result of the blackouts which in some countries led to a collapse of the power supply, but also due to ongoing liberalisation of the European electricity market. Continual rise in capacity BKW operates a widespread supply network at the local, regional, inter-regional and national levels. In the year under review, the network infrastructure was further optimised. Important progress was made in the international transmission network, when BKW was granted approval for the new “Bernina” power line to Italy. Once the line is in operation (commissioning scheduled for November 2004), BKW will virtually double transmission capacity to its neighbour in the south, thereby additionally strengthening its position in this important target market. In the year under review BKW also made further progress with the project for a Sils- Verderio line. Thanks to a new cable between Belp and Köniz, BKW also increased the capacity of its inter-regional distribution network, improving the supply of electricity to the city and suburbs of Berne. To address the general rise in demand for electricity and ahead of startup of the alpine transversal (NEAT) tunnel through the Lötschberg, BKW applied for a building permit to extend the Wattenwil-Mühleberg section. The project will be implemented in stages and compliant with environmental considerations. Partnership intensifi ed BKW strengthened its regional-level involvement by incorporating distribution network installations in the Grindelwald region into the Grindelwald Electricity Works (Elektrizitätswerk Grindelwald AG, EWG), simultaneously increasing its stake in this company. This move reinforced both EWG’s position as an energy distributor / service provider and BKW’s standing as a distribution partner, thereby guaranteeing Grindelwald a continued high-level security of supply. BKW also entered an additional partnership in central Switzerland when it put a new substation into operation and commenced deliveries of energy to the Obwalden Electricity Works (Elektrizitätswerke Obwalden) on 1 October 2003. Expansion of rail power supply commissioned by BLS BKW also completed important preliminary work for the NEAT project to address the anticipated increase in demand for electricity due to extension of the Lötschberg-Simplon axis. With this in mind, BKW was commissioned by BLS Alptransit AG to expand rail power supply and extend the Wimmis substation, further strengthening the long-established partnership between BKW and BLS Alptransit AG. 25
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 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: Sales Partnership in action - the f
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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