Annual Report 2015 01.01 01.10 01.07 01.04
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BKW GROUP Annual Report 2015 01.01 01.04 01.07 01.10 “The focused implementation of our strategy and our strict cost management are now bearing fruit. We are shaping the future of energy – straightforward, reliable and integrated.” Suzanne Thoma, CEO 01_Zitat_Inhaltsverzeichnis_Aktionärsbrief_en.indd 2 15.03.2016 15:52:56 Table of Contents 2 Letter to Shareholders 4 Review of the 2015 results 13 BKW Group Consolidated Financial Statements 14 Consolidated Income Statement 15 Consolidated Statement of Comprehensive Income 16 Consolidated Balance Sheet 17 Changes in Consolidated Equity 18 Consolidated Cash Flow Statement 19 Notes to the Financial Statements 88 Group companies and Associates 92 Report of the statutory auditor on the consolidated financial statements 95 Financial Statements of BKW AG 96 Income Statement 97 Balance Sheet 98 Notes to the Financial Statements 101 Proposal to the General Meeting 102 Report of the statutory auditor on the financial statements 105 Investor Information 106 Important information on the share, bonds and financial calendar 110 Production Facts and Figures 113 Corporate Governance 137 Remuneration Report 150 Addresses and Legal Notice 2 ANNUAL REPORT 2015 | MANAGEMENT REPORT Letter to Shareholders Dear Shareholders measures. In parallel, considerable cost savings were achieved in the energy sector, as well as in We can look back with gratitude and pride on an- production and in overheads. To reinforce the stra- other good financial year in what has been a very tegic Energy business over the past year, we made challenging environment. Despite the persistent significant investments in renewable energies. collapse in electricity prices and the revaluation of Here, our focus was on the small hydroelectric the Swiss franc against the euro, the BKW Group power plant sector in Switzerland and on the Wind is once again able to report very attractive figures business in other European countries. for 2015. Thanks to our increased operating profit In 2015, Networks saw the start of the develop- and record-high operating cash flow, we have ment and application of modern technologies to substantially reduced our net debt and continue create a supply infrastructure that is more effi- to improve our solid financial basis. We have done cient, more economic and more customer-friendly. our homework and are now shaping the future of The increasingly distributed small production energy – simple, safe and integrated. plants which are primarily operated by our cus- 1 The BKW Group tomers for their own consumption are placing new comprises BKW AG and Expanding renewable energies while demands on network operators. its Group companies. In reducing cost order to make this re- port easier to read, the Switzerland is also suffering from disarray in the Services business on a growth trajectory Group will be referred traditional electricity generation markets. Thanks In 2015, our Services business grew, both organi- to as BKW. Where the to the intelligent management of the investment cally and inorganically. Electricity supply, telecom- text relates specifically to BKW Energy Ltd., portfolio through our trading, we were once again munications, transport and water supply require this is expressly men- successful in the past year in taking counter- an extensive, widespread infrastructure which is tioned. ANNUAL REPORT 2015 | MANAGEMENT REPORT 3 planned, built and maintained by us. In addition to all our employees. With commitment, a willing- to the provision of services for a modern network ness to change and great enthusiasm you have all infrastructure, the building engineering market is made your daily contributions to the success of a prime focus for us. Worldwide building stocks our company. Together we will shape the future of are becoming an integral part of an energy supply energy – straightforward, reliable and integrated. system. Energy efficiency, distributed production and customer preferences for partial self-suffi- Kind regards ciency are combined with the new technological potential of digitisation. As an integrated energy and infrastructure business, our mission is to create customer benefits in this area and to play our part in shaping the energy future. In order to supplement and consolidate our expertise in this regard, we acquired, in 2015, several services com- panies which will be assigned directly or indirectly Urs Gasche Suzanne Thoma to building engineering. One of these is Solare Dat- Chairman of the Board CEO ensysteme GmbH (SDS). With its technologies and range of digital services, SDS supports its custom- ers in achieving their desire for economic and safe self-sufficiency in electricity. Also joining us in 2015 was the planning company, ahochn AG, which specialises in the planning of demanding building solutions in the combined area of energy and tech- nology. With these additional areas of expertise, the launch of our Home Energy product and the ac- quisition of a series of companies operating in the heating, ventilation and air conditioning sectors, we succeeded, in 2015, in laying sustainable foun- dations for our growth as an integrated provider of complete solutions. We are maximising the opportunities of change Changed customer requirements, new market structures and rapid technological developments require us to embark with purpose on a funda- mental change process. Energy and infrastructure services are rooted at the core of our strategy, and change our culture and values. Today, we are a highly developed company that has set itself the target of maximising the changes in its environ- ment and achieving growth as a result. A big thank-you What we achieved during the last financial year has only been possible thanks to the trust of our shareholders and our customers. We thank you for this most sincerely. We would also like to thank our suppliers and partners who, through their expertise and spirit of partnership in their partnerships with us, have also contributed to this success. We would also like to extend our thanks 01_Zitat_Inhaltsverzeichnis_Aktionärsbrief_en.indd 3 15.03.2016 15:52:57 4 ANNUAL REPORT 2015 | MANAGEMENT REPORT REVIEW OF THE 2015 RESULTS BKW records strong result again The BKW Group 1 is pleased to present a very good result for the 2015 financial year, in an industry environment characterised by heavily falling electricity prices and negative currency effects. Operating profit (EBIT) amounts to CHF 382 million (+ 10 %). This figure reflects both the successful operating activities, and two one-off items that had a positive effect. The net profit of CHF 284 million is on a par with the strong level achieved in the previous financial year. BKW’s liquid- ity has also improved: Operating cash in-flow of CHF 576 million exceeds last year’s record value, reducing net debt by 38 % and thus helping to strengthen the already sound financing situation. Solid operating result – net profit on a par with previous year In the 2015 financial year, the BKW Group has pushed ahead on its way to implementing its strat- egy. This is reflected in the very good annual result. Despite the negative performance of electricity prices and exchange rates, BKW has successfully increased its operating profit (EBIT) by 10 % to CHF 382.0 million. This increase includes the positive effects of two one-off items. The first arises from the currency conversion of provisions for onerous energy procurement contracts denominated in euro, while the second relates to the successful claim for compensation payments in respect of the delayed commissioning of the coal-fired power plant in Wilhelmshaven. Even ignoring these positive effects, EBIT stands at a strong CHF 309 million. BKW has thus succeeded in significantly offsetting the negative impact of the electricity price and exchange rate trends, as previously announced. Optimum management of the energy position, active cost management and an increased contribution from the Services business are the main reasons for this performance. Owing to performance of the financial markets, the financial result is CHF 94.1 million lower than in the previous year. Performance of the Decommissioning and Disposal Funds was slightly nega- tive in 2015, compared with a rather high return of over 11 % in the previous year. The income tax expenditure figure benefited from a one-off positive effect of CHF 27.1 million owing to changes in the tax regime in Italy. At CHF 284.0 million, the reported net profit is just around 3 % lower than the strong figure achieved in the previous year. 1 The BKW Group comprises BKW AG and its Group companies. In order to make this report easier to read, the Group will be referred to as BKW. Where the text relates specifically to BKW AG or BKW Energy Ltd., this is expressly mentioned. ANNUAL REPORT 2015 | MANAGEMENT REPORT 5 CHF millions 2014 2015 % change Total operating revenue 2,844.9 2,645.0 – 7.0 % Energy procurement/transport 1 – 1,544.7 – 1,265.7 – 18.1 % Operating costs – 772.0 – 849.1 10.0 % – Material and third-party services – 196.7 – 239.8 21.9 % – Personnel expenses – 399.8 – 448.6 12.2 % – other operating expenses – 175.5 – 160.7 – 8.4 % Operating profit before depreciation, amortisation and impairment 528.2 530.2 0.4 % Depreciation, amortisation and impairment – 217.7 – 213.7 – 1.8 % Income from associates 36.2 65.5 80.9 % Operating profit/loss 346.7 382.0 10.2 % Financial result – 12.6 – 106.7 746.8 % Profit/loss before income taxes 334.1 275.3 – 17.6 % Income taxes – 42.2 8.7 – 120.6 % Net profit 291.9 284.0 – 2.7 % 1 Expenses for charges relating to the compensatory feed-in remuneration (KEV), municipal taxes and water charges amounting in total to CHF 87.3 million are now carried in energy transport costs and no longer reported in other operating expenses. An adjustment of CHF 66.6 million has been made to the previous year’s figures.