The financial statements were prepared in accordance with the requirements of Swiss law, in particular the articles on commercial accounting and financial reporting of the Swiss Code of Obligations (Articles 957 to 962).
Receivables are stated at their nominal value minus operationally necessary impairments. The receivables stated in the balance sheet are mainly current account receivables from BKW Energie AG.
The holdings retained by BKW AG have been valued individually at acquisition cost minus any necessary impairments.
Finance loans exist in respect of BKW Energie AG and are valued at the nominal value.
The bonds include the convertible bonds in the previous year and the regular bonds. The registered bonds are stated as loans payable. Non-current liabilities are valued at nominal value.
Share capital | Quote | ||
Company name, legal form, headquarters | Purpose | CHF | % |
BKW Energie AG, Bern | Energy, Grid, Services | 132,000,000 | 100.0 |
BKW Netzbeteiligung Ltd., Bern | Grid | 25,200,000 | 50.1 |
BKW Grid Switzerland Ltd., Bern | Grid | 100,000 | 100.0 |
sol-E Suisse AG, Bern | Energy | 100,000 | 100.0 |
In all cases, the holding corresponds to the percentage of shares and voting rights. The companies in which BKW AG holds indirect interests are listed on pages 92 to 97.
CHF millions | 31.12.2018 | 31.12.2019 |
3.375 % debenture bond 2009 – 2019 | 350.0 | n / a |
3 % debenture bond 2007 – 2022 | 200.0 | 200.0 |
0.75 % debenture bond 2018 – 2025 | 200.0 | 200.0 |
2.5 % debenture bond 2010 – 2030 | 300.0 | 300.0 |
0.25 % green bond 2019 – 2027 | n / a | 200.0 |
Total | 1,050.0 | 900.0 |
In July, BKW successfully issued a green bond in the amount of CHF 200 million with an interest rate of 0.25 % and a term of eight years to refinance the expired CHF 350 million bond.
The BKW AG share capital as at 31 December 2019 amounted to CHF 132 million and is divided into 52,800,000 registered shares at a nominal value of CHF 2.50 each.
To BKW’s knowledge, the following shareholders held more than 3 % of the shares as at 31 December:
31.12.2018 | 31.12.2019 | |
Canton of Bern | 52.54 % | 52.54 % |
Groupe E Ltd. | 10.00 % | 10.00 % |
BKW AG | Group companies | Total | ||||
CHF millions | Number | CHF millions | Number | CHF millions | Number | |
At 31.12.2017 | 31.5 | 955,921 | 0.0 | 0 | 31.5 | 955,921 |
Additions | 20.8 | 320,280 | 5.2 | 80,455 | 26.0 | 400,735 |
Transfer | – 2.4 | – 45,005 | 2.4 | 45,005 | 0.0 | 0 |
Disposals | – 45.1 | – 1,161,102 | – 7.6 | – 125,460 | – 52.7 | – 1,286,562 |
At 31.12.2018 | 4.8 | 70,094 | 0.0 | 0 | 4.8 | 70,094 |
Additions | 26.4 | 382,915 | 5.9 | 84,000 | 32.3 | 466,915 |
Transfer | – 3.2 | – 46,070 | 3.2 | 46,070 | 0.0 | 0 |
Disposals | – 26.5 | – 385,915 | – 9.1 | – 130,070 | – 35.6 | – 515,985 |
At 31.12.2019 | 1.5 | 21,024 | 0.0 | 0 | 1.5 | 21,024 |
CHF millions | 31.12.2018 | 31.12.2019 |
Guarantees for consolidated companies in favour of third parties | 503.7 | 466.2 |
Number of shares | 31.12.2018 | 31.12.2019 | |
Urs Gasche | Chairman | 4,547 | 4,697 |
Hartmut Geldmacher | Deputy Chair | 4,920 | 5,520 |
Dr. Carole Ackermann | Member (since 18.05.2018) | 0 | 600 |
Roger Baillod | Member | 4,000 | 4,600 |
Rebecca Guntern | Member (since 01.09.2018) | 0 | 600 |
Andreas Rickenbacher | Member (since 18.05.2018) | 0 | 100 |
Kurt Schär | Member | 2,800 | 1,800 |
Total | 16,267 | 17,917 |
In 2019, the members of the Board of Directors acquired a total of 3,250 shares in the scope of the BKW share purchase programme (previous year: 3,600 shares). The share-based payments from the purchase amount to CHF 38,000 (previous year: CHF 36,000) and comprise the benefit in fair value of the preferential purchase of BKW shares on the basis of its tax value.
Number of shares | 31.12.2018 | 31.12.2019 | |
Dr. Suzanne Thoma | CEO | 33,708 | 40,716 |
Hermann Ineichen | Head of Production | 19,693 | 24,693 |
Dr. Roland Küpfer | Head of Power Grid | 5,341 | 9,941 |
Ronald Trächsel | CFO | 14,870 | 19,870 |
Dr. Antje Kanngiesser | Head of Group Markets & Services (since 01.01.2019) | n / a | 8,311 |
Total | 73,612 | 103,531 |
Individual shares held by members of the Board of Directors and Group Executive Board are subject to a blocking period of up to three years.