BKW Group
Changed market conditions necessitate impairment charges and provisionsBased on an assessment of the future market trend, the BKW Group will charge impairments and make provisions for onerous energy contracts to the 2011 financial statements. As a result of this measure, the Group expects to post a net loss of around CHF 150 million for the 2011 financial year, contrary to earlier expectations. The impairment charges concern new capital expenditure in fossil fuel thermal power plants abroad.
The environment and boundary conditions of the energy
market have undergone sweeping and sustained changes which
affect BKW's current and future earnings expectations.
In drawing up the financial statements for the 2011
financial year, BKW tested its production facilities for
impairment and will charge impairments and make provisions
in view of future earnings expectations. While the value of
Mühleberg nuclear power plant, BKW's other nuclear
power plant interests, hydro and wind power plants as well
as the other new renewable energy facilities in Switzerland
is not impaired as things stand at present, BKW has lowered
its expectations of future earnings from fossil fuel
thermal power plants abroad. These power plants will have
to compete in the energy market without government aid. BKW
has interests in two gas-fired power plants in Italy - in
Livorno Ferraris and Tamarete - and a minority interest in
a coal-fired power plant in Wilhelmshaven, Germany.
Implementation of the Wilhelmshaven power plant has been
delayed and will incur higher construction costs than
originally assumed. The electricity generated by these
plants is purchased at production cost. BKW assumes that
these production costs will be above the recoverable market
prices. For these reasons, BKW will charge impairments and
make provisions in the amount of around CHF 300 million.
Adjusting for tax effects, the assumed net profit of more
than CHF 100 million will be reduced by some CHF 250
million, resulting in an expected net loss of around CHF
150 million.
This is a provisional estimate contingent on further
findings in the course of finalising the year-end
statements and on the audit by external auditors. Further
information on the 2011 financial year, including details
of dividend payment, will be announced by BKW in its
preliminary notification of the annual results on 23
February 2012 and publication of the annual results on 20
March 2012.
The statements contained in this press release
constitute expectations and forward-looking statements.
Because these statements are subject to risks and
uncertainties, actual future results may differ materially
from those expressed or implied by the expectations and
statements. This press release is issued in German, French,
English and Italian. The German version is
authoritative.
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