Investor presentation, September 5th 2017
Investor presentation, September 5th 2017
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
HY 2017: consecutive strong results Operating revenue increased by 9% Consecutive strong results achieved: Operating profit +6% BKW once again able to overcompensate negative electricity price effects Continued rapid growth of services: Revenue +37%, EBIT +40%
CHF m
+9% 1,298 1,190
CHF m
+6% 182 171
HY 2016 HY 2017 Operating revenue
HY 2016 HY 2017 Operating profit
2
Financials HY 2017
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Income statement CHF m
HY 2016
HY 2017
change in %
1,190
1,298
+9%
Energy procurement/transport
-473
-515
Operating costs
-454
-527
EBITDA
263
256
Depreciation, amortization and impairment
-91
-96
-1
22
EBIT
171
182
Financial result
-18
-20
Income taxes
-29
-44
Net profit from continuing operations
124
118
0
-2
124
116
Operating revenue
Income from associates
Net profit from discontinued operations Net profit
-3%
+6%
-5%
-6%
4
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Operating EBIT +6% CHF m
+6%
4 14
-8
1
182
171
HY 2016
Energy
Grid
Services
Successful operating performance in all business areas
other
HY 2017
5
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Half-year EBIT history (comparable) CHF m
Market price of electricity
200
142
156
171 141
141
182
138 60 EUR/MWh
100
30 EUR/MWh 0 HY 2011
HY 2012
HY 2013
HY 2014
HY 2015
HY 2016
Consecutive EBIT-increase despite adverse business environment
HY 2017
6
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
EBIT development / price effect on operating revenue - CHF 600m
CHF m 140
500
240
150
70
400
60 EUR/MWh
300 200
Market price of electricity
324
317
347
346 309 182 182
239
100 0 2011
2012
2013
2014
price effect on operating revenue Negative price effect of CHF 600m since 2014
2015
2016
HY 2017
30 EUR/MWh
7
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Operating cost reduction in organic business CHF m
+114
-41
454
413
846
HY 2016
527 953
820
cost reduction
HY 2017 organic
Continuous and consistent cost management in organic business
acquisitions
HY 2017 reported
8
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Investments to support strategy Investments Other Energy
63% in growth
CHF 143m
thereof - Services
CHF 114m
- Energy (wind & small hydro)
CHF 29m
37% in maintenance/replacement thereof
CHF 85m
Grid
CHF 228m
Services
- Grid
CHF 64m
- Energy
CHF 10m
- Other
CHF 11m
Energy
Partner plants
Around 2/3 of investments in growth - in line with strategy and long-term capex plan
CHF 30m
9
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Funds from operations at CHF 223m CHF m
223
215 200
175
181
HY 2013
HY 2014
191
100
0 HY 2015
Consecutive strong cash inflows: record high over five-year period
HY 2016
HY 2017
10
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Liquidity at CHF 1.2bn Operating activities
CHF m
+217
Investing activities
-191
Financing activities
+12 -87 -18
1248
Liquidity at strong CHF 1,2bn despite significant investment activities
1181
11
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Sound financial situation: net debt reduced CHF m 1500
1,394
FY 2015
FY 2016
HY 2017
1,248
1,181
1000 500 0
-292
-500
-421
-439
-1000 -1500 -2000
-1,686
-1,687
-1,602
Net debt level further reduced as a result of strong operating cash flow
Cash & equivalents & current financial assets Financial debt Net financial debt
12
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Maturity profile of financing CHF bn Bonds
1.4
CHF 150m
Long-term financing framework ensures financial flexibility
2034
2033
2032
2031
2030
2029
2028
2017
0.0
2027
EUR 85m EUR 150m 2026
0.2
2025
CHF 300m
2024
0.4
2023
0.6
CHF 200m EUR 40m
2022
CHF 36m
2021
0.8
2019
CHF 350m
2018
1.0
Convertible bond
2020
1.2
Registered bonds
13
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Sound balance sheet: equity ratio at 35.9% 35.9%
CHF bn
34.3% 8,6 5,6
2,4
8,7 2,3
5,6
6,4 6,2
3,0
FY 2016
3,1
HY 2017
Non-current assets Current assets Equity Liabilities Equity ratio
Increased equity ratio as a result of strong net profit and conversion of treasury shares
14
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Share price development and shareholder structure CHF
+48%
60
BKW
57
Free float
37.5%
54 35.7%
51 48
52.5%
45
SPI
42
1.8% 10.0%
39 36 33 30 31.12.2015
Canton of Berne
31.03.2016
30.06.2016
30.09.2016
31.12.2016
31.03.2017
30.06.2017
Groupe E Ltd. Treasury shares (convertible bond) Free float
Performance HY 2017: +14%, free float at 37.5% (incl. convertible bond BKW)
15
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Convertible bond CHF t
CHF
BKW convertible bond (2020)
160
Principal amount
CHF 163.4m
Underlying number of shares
4'199'964
Issue price
Converted shares so far
150
12000
100
Conversion price Conversions so far (nom.)
14000
140
37.81 CHF 127.0 MCHF 3,344,921
Treasury shares stake July 2017
79% 1.8%
10000 8000
130
6000 120 4000
110
2000
100
0 04.01.2016
27.05.2016
17.10.2016
07.03.2017
BKW convertible bond Conversions
Significant conversions: 79%
16
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Operating revenue and EBIT per business area Operating revenue Operating profit
CHF m
692
-4% 666
+16%
+37%
343
332
296 +14%
+1% 80 HY16
HY17
HY16
97
81 HY17
Energy
All business areas with higher EBIT
HY16
HY17
HY16
Grid
242
111
HY17
+40% HY16
HY17
11
15
HY16
HY17
Services
17
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Energy: full compensation of negative price effects CHF m
692
-4%
– Negative price effect on revenue: ~CHF -70m
666
– Offset on EBIT-level by
+1% 80
HY 2016 HY 2017 Operating revenue
81
HY 2016 HY 2017 Operating profit
Negative price effects fully compensated on EBIT level
Management of energy position (trading) Further reduction of operating costs Acquisition of AEK and development of power plants (wind, small hydro)
18
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Grid: EBIT-contribution further increased CHF m
– Revenue higher: - Acquisition of AEK +16%
- Compensation payment in relation to transfer of transmission grid
342 296
– Operating profit higher: +14% 97
HY 2016 HY 2017 Operating revenue
111
HY 2016 HY 2017 Operating profit
EBIT-contribution increased in line with expectations
- Acquisition of AEK - Reduction of operating costs - Increased Swissgrid stake – PY: One-time revaluation gain of CHF 11m relating to AEK acquisition
19
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Services: growth leads to strong EBIT-increase CHF m
– Strong growth of revenue, up by 37%
+37% 332
– 10 acquisitions in HY 2017
242 +40% 11 HY 2016 HY 2017 Operating revenue
15
HY 2016 HY 2017 Operating profit
Expansion on track: strong growth
– Stable EBIT-margin despite high acquisition activities – Due to seasonality, stronger development in 2nd HY expected
20
Outlook and strategy update
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Outlook FY 2017 confirmed
BKW expects FY17 comparable operating profit to be on FY16 levels – profitable growth of services business – active management of energy position – consistent cost management
22
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Market environment Market price of electricity
International factors:
60 EUR/MWh
- Low commodity and CO2 prices
- Subsidies for renewable energies - Economic policy
30 EUR/MWh
2012
2013
2014
2015
2016
2017
Classical energy business under heavy pressure – BKW responds with its forward strategy
23
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Shaping the future of energy – straightforward, reliable and integrated Existing competencies as platform for growth - Grow services - Grow regulated income Keep recovery potential in energy
A robust business model: growth, risk diversification and sustainability
24
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
BKW pursues its strategy consequently – despite local controversies BKW is a listed company Economic freedom is independent from shareholder structure Economic freedom also applies to state-owned and partly stateowned companies Competition is permitted, common and also welcome!
BKW strategy not influenced by local controversies and politics
25
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Infrastructure services: a natural evolution
Engineering & constrution of production facilities
Engineering & construction of grid infrastructure
BKW delivers integrated solutions for customers
Engineering & installation of infrastructures
26
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Services: business rationale
Engineering
Grid infrastructure
Building technologies
Experienced in power plant engineering
Industry-, infrastructure- and environment-planning and consulting services
Strong track record in electricity grid infrastructure
Multi-utility infrastructure services: electricity, telecom, transportation, water
Proven competence in electro installation
Comprehensive technical services for buildings
Core of BKW's services strategy: growth in adjacent fields
27
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Building technologies: buildings are in the center of an intelligent, integrated energy supply system
~50% almost half of all energy in Switzerland is consumed in buildings
Effizienzsteigerung Significant market
BKW provides integrated services
Synergies and new market opportunities result from increasing complexity of new technologies
28
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Building technologies: regional structure BKW building technologies West
Central
East
Implemented backbone for management and support processes ensures efficiency Strong local focus Powerful company network: regional and nationwide
Regional structure combines wide range of services
29
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Grid infrastructure: specified multi-utility services Arnold AG: backbone with strong track record
Arnold electricity, telecom, transportation west
central
water
east
Multi-utility services lead by Arnold Group
Nationwide presence: efficient regional organization Water infrastructure: acquisitions lead to broad expansion of services
30
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Engineering: acquired Groups as basis for further growth Current management process via large Group companies Target structure being implemented: backbone with strong network in D-A-CH region Optimization of knowledge and utilization
Combined know-how in energy, infrastructure, environment and survey
31
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Services business areas: what we do Engineering
Grid infrastructure
Building technologies
infrastructure, electricity and environment
electricity, transport, telecom, water
HVAC, electro installations
installation
maintenance
decommissioning
planning & consulting
Services for infrastructure life-cycle!
32
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Services business strategy 1. Services cover whole life-cycle of infrastructure
2. Integrated solutions for changing customer needs 3. Development of further expertise based on traditional competencies Engineering
Grid infrastructure
BKW delivers integrated solutions for customers
Building technologies
33
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
BKW strategy shaped to create value Existing competencies as platform for growth - Grow services - Grow regulated income Keep recovery potential in energy
BKW business model geared toward growth: robust, profitable and sustainable
34
Questions?
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Financial calendar and contact information Financial calendar – Publication of 2017 Annual Results:
20 March 2018
– Annual General Meeting:
18 May 2018
– Ex-dividend Date:
23 May 2018
– Dividend Payment:
25 May 2018
For further information, please contact: Thomas Herren, Investor Relations Officer Tel (+41) 58 477 53 56 [email protected]
36
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
37
Disclaimer This presentation contains forward-looking statements which are made on the basis of current expectations and assumptions. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Potential risks and uncertainties include, among others, such factors as market and economic conditions, governmental regulations, competitive conditions, interest rates and fluctuation in currency exchange rates. Although BKW believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved. BKW undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
HY 2017: consecutive strong results Operating revenue increased by 9% Consecutive strong results achieved: Operating profit +6% BKW once again able to overcompensate negative electricity price effects Continued rapid growth of services: Revenue +37%, EBIT +40%
CHF m
+9% 1,298 1,190
CHF m
+6% 182 171
HY 2016 HY 2017 Operating revenue
HY 2016 HY 2017 Operating profit
2
Financials HY 2017
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Income statement CHF m
HY 2016
HY 2017
change in %
1,190
1,298
+9%
Energy procurement/transport
-473
-515
Operating costs
-454
-527
EBITDA
263
256
Depreciation, amortization and impairment
-91
-96
-1
22
EBIT
171
182
Financial result
-18
-20
Income taxes
-29
-44
Net profit from continuing operations
124
118
0
-2
124
116
Operating revenue
Income from associates
Net profit from discontinued operations Net profit
-3%
+6%
-5%
-6%
4
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Operating EBIT +6% CHF m
+6%
4 14
-8
1
182
171
HY 2016
Energy
Grid
Services
Successful operating performance in all business areas
other
HY 2017
5
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Half-year EBIT history (comparable) CHF m
Market price of electricity
200
142
156
171 141
141
182
138 60 EUR/MWh
100
30 EUR/MWh 0 HY 2011
HY 2012
HY 2013
HY 2014
HY 2015
HY 2016
Consecutive EBIT-increase despite adverse business environment
HY 2017
6
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
EBIT development / price effect on operating revenue - CHF 600m
CHF m 140
500
240
150
70
400
60 EUR/MWh
300 200
Market price of electricity
324
317
347
346 309 182 182
239
100 0 2011
2012
2013
2014
price effect on operating revenue Negative price effect of CHF 600m since 2014
2015
2016
HY 2017
30 EUR/MWh
7
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Operating cost reduction in organic business CHF m
+114
-41
454
413
846
HY 2016
527 953
820
cost reduction
HY 2017 organic
Continuous and consistent cost management in organic business
acquisitions
HY 2017 reported
8
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Investments to support strategy Investments Other Energy
63% in growth
CHF 143m
thereof - Services
CHF 114m
- Energy (wind & small hydro)
CHF 29m
37% in maintenance/replacement thereof
CHF 85m
Grid
CHF 228m
Services
- Grid
CHF 64m
- Energy
CHF 10m
- Other
CHF 11m
Energy
Partner plants
Around 2/3 of investments in growth - in line with strategy and long-term capex plan
CHF 30m
9
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Funds from operations at CHF 223m CHF m
223
215 200
175
181
HY 2013
HY 2014
191
100
0 HY 2015
Consecutive strong cash inflows: record high over five-year period
HY 2016
HY 2017
10
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Liquidity at CHF 1.2bn Operating activities
CHF m
+217
Investing activities
-191
Financing activities
+12 -87 -18
1248
Liquidity at strong CHF 1,2bn despite significant investment activities
1181
11
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Sound financial situation: net debt reduced CHF m 1500
1,394
FY 2015
FY 2016
HY 2017
1,248
1,181
1000 500 0
-292
-500
-421
-439
-1000 -1500 -2000
-1,686
-1,687
-1,602
Net debt level further reduced as a result of strong operating cash flow
Cash & equivalents & current financial assets Financial debt Net financial debt
12
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Maturity profile of financing CHF bn Bonds
1.4
CHF 150m
Long-term financing framework ensures financial flexibility
2034
2033
2032
2031
2030
2029
2028
2017
0.0
2027
EUR 85m EUR 150m 2026
0.2
2025
CHF 300m
2024
0.4
2023
0.6
CHF 200m EUR 40m
2022
CHF 36m
2021
0.8
2019
CHF 350m
2018
1.0
Convertible bond
2020
1.2
Registered bonds
13
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Sound balance sheet: equity ratio at 35.9% 35.9%
CHF bn
34.3% 8,6 5,6
2,4
8,7 2,3
5,6
6,4 6,2
3,0
FY 2016
3,1
HY 2017
Non-current assets Current assets Equity Liabilities Equity ratio
Increased equity ratio as a result of strong net profit and conversion of treasury shares
14
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Share price development and shareholder structure CHF
+48%
60
BKW
57
Free float
37.5%
54 35.7%
51 48
52.5%
45
SPI
42
1.8% 10.0%
39 36 33 30 31.12.2015
Canton of Berne
31.03.2016
30.06.2016
30.09.2016
31.12.2016
31.03.2017
30.06.2017
Groupe E Ltd. Treasury shares (convertible bond) Free float
Performance HY 2017: +14%, free float at 37.5% (incl. convertible bond BKW)
15
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Convertible bond CHF t
CHF
BKW convertible bond (2020)
160
Principal amount
CHF 163.4m
Underlying number of shares
4'199'964
Issue price
Converted shares so far
150
12000
100
Conversion price Conversions so far (nom.)
14000
140
37.81 CHF 127.0 MCHF 3,344,921
Treasury shares stake July 2017
79% 1.8%
10000 8000
130
6000 120 4000
110
2000
100
0 04.01.2016
27.05.2016
17.10.2016
07.03.2017
BKW convertible bond Conversions
Significant conversions: 79%
16
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Operating revenue and EBIT per business area Operating revenue Operating profit
CHF m
692
-4% 666
+16%
+37%
343
332
296 +14%
+1% 80 HY16
HY17
HY16
97
81 HY17
Energy
All business areas with higher EBIT
HY16
HY17
HY16
Grid
242
111
HY17
+40% HY16
HY17
11
15
HY16
HY17
Services
17
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Energy: full compensation of negative price effects CHF m
692
-4%
– Negative price effect on revenue: ~CHF -70m
666
– Offset on EBIT-level by
+1% 80
HY 2016 HY 2017 Operating revenue
81
HY 2016 HY 2017 Operating profit
Negative price effects fully compensated on EBIT level
Management of energy position (trading) Further reduction of operating costs Acquisition of AEK and development of power plants (wind, small hydro)
18
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Grid: EBIT-contribution further increased CHF m
– Revenue higher: - Acquisition of AEK +16%
- Compensation payment in relation to transfer of transmission grid
342 296
– Operating profit higher: +14% 97
HY 2016 HY 2017 Operating revenue
111
HY 2016 HY 2017 Operating profit
EBIT-contribution increased in line with expectations
- Acquisition of AEK - Reduction of operating costs - Increased Swissgrid stake – PY: One-time revaluation gain of CHF 11m relating to AEK acquisition
19
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Services: growth leads to strong EBIT-increase CHF m
– Strong growth of revenue, up by 37%
+37% 332
– 10 acquisitions in HY 2017
242 +40% 11 HY 2016 HY 2017 Operating revenue
15
HY 2016 HY 2017 Operating profit
Expansion on track: strong growth
– Stable EBIT-margin despite high acquisition activities – Due to seasonality, stronger development in 2nd HY expected
20
Outlook and strategy update
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Outlook FY 2017 confirmed
BKW expects FY17 comparable operating profit to be on FY16 levels – profitable growth of services business – active management of energy position – consistent cost management
22
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Market environment Market price of electricity
International factors:
60 EUR/MWh
- Low commodity and CO2 prices
- Subsidies for renewable energies - Economic policy
30 EUR/MWh
2012
2013
2014
2015
2016
2017
Classical energy business under heavy pressure – BKW responds with its forward strategy
23
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Shaping the future of energy – straightforward, reliable and integrated Existing competencies as platform for growth - Grow services - Grow regulated income Keep recovery potential in energy
A robust business model: growth, risk diversification and sustainability
24
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
BKW pursues its strategy consequently – despite local controversies BKW is a listed company Economic freedom is independent from shareholder structure Economic freedom also applies to state-owned and partly stateowned companies Competition is permitted, common and also welcome!
BKW strategy not influenced by local controversies and politics
25
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Infrastructure services: a natural evolution
Engineering & constrution of production facilities
Engineering & construction of grid infrastructure
BKW delivers integrated solutions for customers
Engineering & installation of infrastructures
26
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Services: business rationale
Engineering
Grid infrastructure
Building technologies
Experienced in power plant engineering
Industry-, infrastructure- and environment-planning and consulting services
Strong track record in electricity grid infrastructure
Multi-utility infrastructure services: electricity, telecom, transportation, water
Proven competence in electro installation
Comprehensive technical services for buildings
Core of BKW's services strategy: growth in adjacent fields
27
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Building technologies: buildings are in the center of an intelligent, integrated energy supply system
~50% almost half of all energy in Switzerland is consumed in buildings
Effizienzsteigerung Significant market
BKW provides integrated services
Synergies and new market opportunities result from increasing complexity of new technologies
28
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Building technologies: regional structure BKW building technologies West
Central
East
Implemented backbone for management and support processes ensures efficiency Strong local focus Powerful company network: regional and nationwide
Regional structure combines wide range of services
29
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Grid infrastructure: specified multi-utility services Arnold AG: backbone with strong track record
Arnold electricity, telecom, transportation west
central
water
east
Multi-utility services lead by Arnold Group
Nationwide presence: efficient regional organization Water infrastructure: acquisitions lead to broad expansion of services
30
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Engineering: acquired Groups as basis for further growth Current management process via large Group companies Target structure being implemented: backbone with strong network in D-A-CH region Optimization of knowledge and utilization
Combined know-how in energy, infrastructure, environment and survey
31
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Services business areas: what we do Engineering
Grid infrastructure
Building technologies
infrastructure, electricity and environment
electricity, transport, telecom, water
HVAC, electro installations
installation
maintenance
decommissioning
planning & consulting
Services for infrastructure life-cycle!
32
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Services business strategy 1. Services cover whole life-cycle of infrastructure
2. Integrated solutions for changing customer needs 3. Development of further expertise based on traditional competencies Engineering
Grid infrastructure
BKW delivers integrated solutions for customers
Building technologies
33
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
BKW strategy shaped to create value Existing competencies as platform for growth - Grow services - Grow regulated income Keep recovery potential in energy
BKW business model geared toward growth: robust, profitable and sustainable
34
Questions?
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
Financial calendar and contact information Financial calendar – Publication of 2017 Annual Results:
20 March 2018
– Annual General Meeting:
18 May 2018
– Ex-dividend Date:
23 May 2018
– Dividend Payment:
25 May 2018
For further information, please contact: Thomas Herren, Investor Relations Officer Tel (+41) 58 477 53 56 [email protected]
36
2017 H ALF - YEAR RESULTS | BKW | 05.09.2017
37
Disclaimer This presentation contains forward-looking statements which are made on the basis of current expectations and assumptions. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Potential risks and uncertainties include, among others, such factors as market and economic conditions, governmental regulations, competitive conditions, interest rates and fluctuation in currency exchange rates. Although BKW believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved. BKW undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
