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 registered bonds are stated as loans payable. Non-current liabilities are valued at nominal value.
Subsidiaries
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 93 to 98.
Bonds
CHF millions | 31.12.2019 | 31.12.2020 |
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 | 200.0 | 200.0 |
Total | 900.0 | 900.0 |
Share capital
The BKW AG share capital at 31 December 2020 amounts to CHF 132 million and is divided into 52,800,000 registered shares at a par value of CHF 2.50 each.
Major shareholders
To BKW’s knowledge, the following shareholders held more than 3 % of the shares as at 31 December.
31.12.2019 | 31.12.2020 | |
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 31.12.2018 | 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 |
Additions | 32.7 | 380,014 | 11.8 | 140,800 | 44.5 | 520,814 |
Transfer | – 0.3 | – 4,024 | 0.3 | 4,024 | 0.0 | 0 |
Disposals | – 31.5 | – 373,014 | – 10.8 | – 129,750 | – 42.3 | – 502,764 |
At 31.12.2020 | 2.4 | 24,000 | 1.3 | 15,074 | 3.7 | 39,074 |
Contingent liabilities
CHF millions | 31.12.2019 | 31.12.2020 |
Guarantees for consolidated companies in favour of third parties | 466.2 | 526.6 |
Shares held by members of the Board of Directors and Group Executive Board
Members of the Board of Directors
Number of shares | 31.12.2019 | 31.12.2020 | |
Urs Gasche | Chairman | 4,697 | 4,897 |
Hartmut Geldmacher | Deputy Chair | 5,520 | 6,120 |
Dr. Carole Ackermann | Member | 600 | 1,200 |
Roger Baillod | Member | 4,600 | 5,200 |
Rebecca Guntern | Member | 600 | 1,200 |
Andreas Rickenbacher | Member | 100 | 200 |
Kurt Schär | Member | 1,800 | 1,800 |
Total | 17,917 | 20,617 |
In 2020, 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: 3,250 shares). The share-based payments from the purchase amount to CHF 38 thousand (previous year: CHF 38 thousand) 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 | 31.12.2019 | 31.12.2020 | |
Dr. Suzanne Thoma | CEO | 40,716 | 44,181 |
Hermann Ineichen | Head of Production (until 31.12.2019) | 24,693 | n/a |
Dr. Philipp Hänggi | Head of Production (since 01.01.2020) | n/a | 7,928 |
Dr. Roland Küpfer | Head of Power Grid | 9,941 | 13,341 |
Ronald Trächsel | CFO | 19,870 | 24,870 |
Dr. Antje Kanngiesser | Head of Group Markets & Services (until 31.10.2020) | 8,311 | n/a |
Total | 103,531 | 90,320 |
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.