BKW FMB Energy Ltd Annual Report 2003

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Facts & Figures Financials 2003 2002 2001 2000 CHF mill. ± % CHF mill. ± % CHF mill. ± % CHF mill. Total operating revenue 2,944.5 41.6 2,079.1 28.2 1,621.6 32.5 1,224.2 Operating income 285.5 8.3 263.5 – 1.9 268.7 4.2 257.8 Net profi t for the year 252.8 22.0 207.2 5.8 195.8 6.9 183.2 Cash fl ow provided by operating activities 217.3 – 22.9 281.7 – 6.9 302.5 – 5.2 319.2 Purchase of property, plant and equipment 78.3 – 7.2 84.4 6.4 79.3 12.2 70.7 Balance sheet total 4,810.9 10.2 4,365.3 5.5 4,136.4 9.7 3,770.7 Shareholders’ equity 2,199.1 13.1 1,944.5 7.8 1,803.6 11.3 1,620.8 as % of balance sheet total 45.7 44.5 43.6 43.0 Electricity business GWh ± % GWh ± % GWh ± % GWh Electricity sales Switzerland 6,708 3.7 6,468 – 1.7 6,578 3.0 6,384 Electricity sales International 4,437 124.4 1,977 574.7 293 N/A 0 Electricity trading 32,063 25.8 25,483 68.2 15,155 133.3 6,496 Pump/substitution energy 678 14.3 593 11.7 531 36.2 390 Transmission losses /own consumption 350 9.8 319 4.9 304 –1.9 310 Total sales 44,236 27.0 34,840 52.4 22,861 68.3 13,580 Volume generated by hydroelectric plants 3,915 4.4 3,751 –9.5 4,147 10.8 3,743 Volume generated by nuclear power plants incl. purchase contracts 5,786 0.7 5,744 1.8 5,640 2.6 5,499 Volume generated by decentral plants 14 –7.0 15 –16.7 18 –10.0 20 Trade (purchases) and energy buy-backs 34,521 36.3 25,330 94.0 13,056 202.3 4,318 Total purchases 44,236 27.0 34,840 52.4 22,861 68.3 13,580 Employees (Full Time Equivalent) 2,032 1,999 1,866 1,834 Information on shares CHF CHF CHF CHF Par value 25.00 25.00 25.00 25.00 Share price at 31.12. 479.00 302.00 120.00 120.00 Year high 479.00 302.00 150.00 145.00 Year low 300.00 125.00 120.00 115.00 Year gain 48.68 39.80 37.51 35.09 Equity 420.89 380.04 345.50 310.59 Ordinary dividend 10.00 6.70 5.75 2.50 Extraordinary dividend 5.00 Market capitalisation in CHF million 2,502.7 1,545.2 626.4 626.2
Contents 2 Foreword Partnerships stepped up – high quality of supply 5 Strategy Partnerships and continually upgraded infrastructures 8 Company Organs 11 Market Switzerland’s electricity market – an important European hub 13 Energy Policy Clear Federal Court ruling – lack of framework 16 Energy Sales and Procurement Energy sales up one quarter 17 Production Generating power by partnership – a successful model 20 2003 Production Facts and Figures 21 Trade BKW – a competent and reliable trading partner 23 Sales Partnership in action – the foundation of success 25 Networks Guaranteeing network reliability – a core competence at BKW 27 Financial Section 65 Corporate Governance 79 Organisational Chart 1
Page 1: BKW FMB Energy Ltd Annual Report 20
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 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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