en
Language
Select your language
|

Notes to the Financial Statements

Accounting Policies and Valuation

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

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.

Non-current assets

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.

Non-current liabilities

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.

Shareholdings

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.

Bonds

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.

Share capital

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.

Major shareholders and treasury shares

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 % 

Treasury shares

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

Contingent liabilities

CHF millions

31.12.2018

31.12.2019

Guarantees for consolidated companies in favour of third parties

503.7

466.2

Shares held by members of the Board of Directors and Group Executive Board

Members of the Board of Directors

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.

Members of the Group Executive Board

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.

Back to top
This website uses cookies, including those from third parties, that are necessary for functionality and for the purposes set out in the cookie policy. By closing this banner, scrolling down the page, clicking on a link or continuing navigation in any other way, you consent to the use of cookies.