The total volume of electricity sold rose by 7% to 25,969 Gigawatt-hours (GWh). At 7,978 GWh, the volume of electricity sold in Switzerland was 3% higher. Positive performance by the energy business, coupled with a special effect, resulted in a strong rise of CHF59 million in operating income to CHF471 million.
Electricity sales in Switzerland rose by 3% from 7,760 GWh to 7,978 GWh. The increase of 218 GWh is attributable to the higher volume of electricity sold to BKW’s own customers and existing sales partners, as well as to acquisition of new sales partners outside the supply region. International sales, particularly in Italy, were further expanded in fiscal 2008, ending the year 8% higher at 5,201 GWh. Due to international market developments, the volume of electricity traded rose from 10,842 in 2007 to 11’882 GWh.
Electricity generation increased year-on-year by 611 GWh, from 9,688 GWh to 10,299 GWh, due to the commissioning of the Livorno Ferraris gas-fired combined-cycle power plant in Italy, the high availability of Mühleberg nuclear power plant, and higher inflows of water for hydro power.
The volume of electricity generated from new renewable energy doubled to 28 GWh, chiefly on account of the first-time inclusion of electricity generated by the Otelfingen biomass power plant and Bockelwitz wind farm.
At CHF471 million, operating profit before depreciation, amortisation and impairment (EBITDA) was 14% higher year-on-year, thanks to positive performance by the energy business as well as the effects of the restatement for fiscal 2007. The first-time adoption of IFRIC 14 necessitated an adjustment to the prior-year figures. As a result, EBITDA for 2007 was reduced from CHF436 million to CHF413 million and the profit for the 2007 reporting period from CHF245 million to 227 million.
The downturn on equity markets and its effects on the state funds for decommissioning and disposal led to a loss in the financial result, with the associated decline in profit. Despite this negative result of the state funds, payment of future decommissioning and disposal costs continues to be guaranteed.
Based on these results, a dividend of CHF2.30 per share (previous year CHF2.70 per share) will be proposed to the General Shareholders’ Meeting on April 30, 2008.
