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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.

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