BKW FMB Energy Ltd Annual Report 2003

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Report of the Statutory Auditors 62 to the Annual General Meeting of BKW FMB Energy Ltd, Berne As statutory auditors, we have audited the accounting records and the fi nancial statements (income statement, balance sheet and notes from page 56 to 60) of BKW FMB Energy Ltd for the year ended 31 December 2003. These fi nancial statements are the responsibility of the Board of Directors. Our responsibility is to express an opinion on these fi nancial statements based on our audit. We confi rm that we meet the legal requirements concerning professional qualifi cation and independence. Our audit was conducted in accordance with auditing standards promulgated by the Swiss profession, which require that an audit be planned and performed to obtain reasonable assurance about whether the fi nancial statements are free from material misstatement. We have examined on a test basis evidence supporting the amounts and disclosures in the fi nancial statements. We have also assessed the accounting principles used, signifi cant estimates made and the overall fi nancial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the accounting records and fi nancial statements and the proposed appropriation of available earnings comply with Swiss law and the Company’s Articles of Incorporation. We recommend that the fi nancial statements submitted to you be approved. Berne, 7 April 2004 Ernst & Young Ltd Marcel Gehrig Roland Ruprecht Certifi ed Accountant Certifi ed Accountant (in charge of the audit)
Investor Information Key facts about the BKW share BKW share performance 31.12.2002-31.12.2003 (in CHF) 500,00 450,00 400,00 350,00 300,00 250,00 200,00 BKW registered share Swiss Performance Index (indexed) BKW FMB Energy Ltd share capital of CHF 132 million is divided into 5,280,000 registered shares at a par value of CHF 25 each. In the year under review the share price rose by 58.6%. Month 01 02 03 04 05 06 07 08 09 10 11 12 Listing BKW FMB Energy Ltd shares have been listed on the main segment of the SWX Swiss Exchange since 28 May 2003. The shares will continue to be listed on the BX Berne eXchange. Ticker symbol for SWX and BX: BKWN Share Number: 1,430,710 ISIN Code: CH001307109 Secondary placement In a secondary placement on 25 June 2003, the Canton of Berne, the Cantonal Bank of Berne and BKW FMB Energy Ltd placed a total of 444,210 BKW shares for public sale at a price of CHF 320 per share. Following the placement, the percentage of shares held by the public (free fl oat) amounted to approximately 27%, thus fulfi lling the criterion for inclusion of the share in the Swiss Performance Index (SPI). The share was duly included on the SPI on 1 October 2003. 63
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BKW FMB Energy Ltd Annual Report 20
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Contents 2 Foreword Partnerships st
Page 5 and 6:
The challenges facing energy policy
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Strategy Partnerships and continual
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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 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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