Investor presentation, March 20th 2018
Investor presentation, March 20th 2018
2017 ANNUAL RESULTS | BKW | 20.03.2018
Another year of strong results Growth achieved on all levels: revenue +5%, operating profit +10% and net profit +16% Strong operating cash flow: CHF 493m Successful repositioning of Energy business: EBIT +16% Profitable growth of Services: revenue +30%, EBIT +46% Continued consistent cost reduction CHF m
+7% 2,452*
+5%
CHF m
2,577
2,300*
+10% +12%
379
346* 309*
2015
2016 Operating revenue
* Comparable figures
2017
2015
2016 Operating profit
2017
2
Financials FY 2017
2017 ANNUAL RESULTS | BKW | 20.03.2018
Income statement CHF m Operating revenue
FY 2016 reported*
One-off effects
FY 2016 comparable
FY 2017
change comparable in %
2,490
-38
2,452
2,577
+5.1%
Energy procurement/transport
-966
-966
-950
Operating costs
-943
-943
-1,098
543
529
-220
-220
-199
23
23
49
EBITDA Depreciation, amortisation and impairment Income from associates EBIT Financial result Income taxes Net loss from discontinued operations Net profit *restated for discontinued operations
581
-38
384
-38
346
379
-0
-60
-60
-10
-61
9
-52
-94
-1
-4
233
271
-1 322
-89
-2.6%
+9.6%
+15.9%
4
2017 ANNUAL RESULTS | BKW | 20.03.2018
EBIT development / price effect on revenue - CHF 670m
CHF m 500
140
Market price of electricity
240
150
140
400 300 200
324
317
347
346
379
60 EUR/MWh
309
239 30 EUR/MWh
100 0 2011
2012
2013
2014
2015
2016
price effect on operating revenue Operating profit increased again – despite negative price effect of CHF 140m
2017
5
2017 ANNUAL RESULTS | BKW | 20.03.2018
Cost reduction before acquisitions CHF m
+220 943
2016 reported
846
1,098
-65 878 820
cost reduction
2017 before acquisitions
acquisitions
Significant cost savings before acquisitions: More than CHF 130m in last three years
2017 reported
6
2017 ANNUAL RESULTS | BKW | 20.03.2018
Investments 2017: Successful acquisitions Investments
Other
60% in growth
Energy Services
CHF 265m
whereof - Services
CHF 155m
- Energy (wind & small hydro)
CHF 110m
Grid
CHF 450m
40% in maintenance/replacement CHF 185m whereof - Grid
CHF 130m
- Energy
CHF
35m
- Other
CHF
20m
Energy
Investments partner plants
60% invested in growth - in line with long-term capex plan
CHF 60m
7
2017 ANNUAL RESULTS | BKW | 20.03.2018
Funds from operations at CHF 465m CHF m 500
486 446
400
486
465
410
365
300 200 100 0 2012
2013
2014
2015
2016
2017
6year average Consecutive strong funds from operations: investments fully covered by own generated funds
8
2017 ANNUAL RESULTS | BKW | 20.03.2018
Liquidity at CHF 1.2bn CHF m
Operating activities
493
Investing activities
Financing activities
-402 9
-87
1,248
Liquidity unchanged at strong CHF 1,2bn despite high investments
-37 1,223
9
2017 ANNUAL RESULTS | BKW | 20.03.2018
Sound financial situation: Net debt reduced CHF m 1'500
2016
2017
1,248
Cash & equivalents & current financial assets
1,223
1'000
Financial debt
Net financial debt
500 0 -500
-377
-439
-1'000 -1'500 -2'000
-1,687
-1,600
Net debt reduced thanks to strong funds from operations – despite significant investments
10
2017 ANNUAL RESULTS | BKW | 20.03.2018
Maturity profile of financing CHF m 1400 Liquidity
CHF 150m
Bonds Registered bonds
1200 CHF 350m
Convertible bond
1000 800 600
CHF 130m CHF 200m EUR 40m
400
CHF 300m
200
EUR 85m EUR 150m
31.12.2017
0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Long-term financing framework ensures financial flexibility
11
2017 ANNUAL RESULTS | BKW | 20.03.2018
Sound balance sheet: equity ratio at 37.5% 37.5%
CHF bn
34.3% 9,1 8,6
2,4
2,4
5,7
5,6 6,7
6,2 3,4 3,0
2016
2017
Increased equity ratio thanks to strong net profit, conversions and FX
Non-current assets Current assets Equity Liabilities Equity ratio
12
2017 ANNUAL RESULTS | BKW | 20.03.2018
Share price development and shareholder structure CHF
60
+107% BKW
50
37.5% 52.5%
40 SPI
30 20 10
10.0%
Canton of Berne Groupe E Ltd. Free float
Performance FY 2017: +18%, doubled in 3 years; free float at 37.5% (incl. convertible bond)
13
2017 ANNUAL RESULTS | BKW | 20.03.2018
Dividends CHF dividend per share
Pay out ratio
2.40
80%
2.20
Dividend per share
2.00
1.80
1.80
1.60
1.60 1.40 1.20 1.00
1.20
1.60
1.60
60%
1.20
50%
1.00
0.80 0.60
70%
40%
Pay out ratio
Target range of pay out ratio
0.40
30%
0.20 0.00
20%
2011
2012
2013
2014
Increasing dividends reflect successful transformation
2015
2016
2017
14
2017 ANNUAL RESULTS | BKW | 20.03.2018
Operating revenue and EBIT per business area Operating revenue Operating profit One-off effects
CHF m 1,353*
-7% 1,262
+30% +7% 38
736
666
618* 565 38 198
+16%
+7% 211 +46%
158 136 2016
2017
2016
32 2017
2016
Energy *restated for discontinued operations
All business areas achieve higher EBIT
2017
2016
Grid
2017
2016
2017
2016
Services
46 2017
15
2017 ANNUAL RESULTS | BKW | 20.03.2018
Energy: negative price effects more than compensated CHF m
– Negative price effect on revenue: ~CHF -140m 1,353
-5%
– Compensated by
1,262
• Acquisition of AEK • Investments in power plants (renewable energy) +16% 158 136
2016 2017 Operating revenue
2016 2017 Operating profit
Ongoing transformation of Energy business already successful
• Higher thermal production volumes – Overcompensated on EBIT-level by • Successful management of energy position (trading) • Reduction of expenditures
16
2017 ANNUAL RESULTS | BKW | 20.03.2018
Grid: acquisition of AEK in 2016 leads to increased revenue – Increased revenue due to acquisition of AEK in 2016
CHF m
+7% 38
– Reduction of operating cost
666
– 2016: One-off compensation for expropriation of transmission grid (+CHF 38m)
618
38 198
2016 2017 Operating revenue
+7% 211
2016 2017 Operating profit
one-off effect
EBIT-contribution increased in line with expectations
17
2017 ANNUAL RESULTS | BKW | 20.03.2018
Services: continued strong growth leads to EBIT increase CHF m
– Sales over CHF 0.7 billion, up by 30% again
+30%
– 20 acquisitions in 2017
736
– Continued improvement of EBIT-margin despite acquisition and integration cost
565
+46% 46 32 2016 2017 Operating revenue
2016 2017 Operating profit
Expansion on track with margin increase
18
Outlook and strategy update
2017 ANNUAL RESULTS | BKW | 20.03.2018
Outlook FY 2018 BKW expects to successfully continue its transformation
Large part of negative energy price effects expected to be compensated through – further profitable growth of Services business – repositioning of Energy business - aligned to changing market drivers – consequent cost management
BKW expects FY 2018 operating profit to be in the range of CHF 340 to 360m
20
2017 ANNUAL RESULTS | BKW | 20.03.2018
BKW invests in attractive markets - Transform Energy business - Develop Grid - Grow Services
We build a robust business model by investing in attractive new markets
21
2017 ANNUAL RESULTS | BKW | 20.03.2018
Energy business influenced by changing market structures European power plants: Net increase of installed capacity until 2040
Trading: increased volatility and extreme price situations
GW
Hours per year with price extremes
120
10%
90
5%
60 30
tomorrow
today
0 -30 -60
100 €/MWh Highest prices
22
2017 ANNUAL RESULTS | BKW | 20.03.2018
BKW well positioned to exploit market opportunities - Transformation of energy trading to capitalize on opportunities in a volatile energy market
- Competencies in direct marketing allow optimized and efficient integration of renewable energies in the energy market - Competitive edge with high share of own flexible power plants:
- Advantageous geographical location - High flexibility - Competitive prices - Investments in renewable energies: wind & small hydro power BKW successfully adapts its energy business to market changes
23
2017 ANNUAL RESULTS | BKW | 20.03.2018
BKW well positioned in growing market of infrastructure services BKW Engineering
BKW Building Solutions
BKW Network Solutions
BKW provides integrated, tailored solutions for customers in increasingly complex systems
24
2017 ANNUAL RESULTS | BKW | 20.03.2018
Growing demand for engineering services Considerable need to invest in improving and expanding infrastructures Resilient business due to diversified customer segments (manufacturing, public sector) Customers need local service providers with capability to operate complex projects
BKW - Successful growth: more than 20 acquisitions - Develop strong engineering network of expertise in D-A-CH region
Large international players with wide competencies
gap
BKW
Strong professional network of regional companies
Small regional players with limited competencies
BKW's strong international engineering network meets customer needs
25
2017 ANNUAL RESULTS | BKW | 20.03.2018
Growing need for integrated building technology solutions Switzerland: high market volume; fragmented structure Decentralisation of energy production Growing need for integrated solutions, driven by increasing complexity of new technologies
Major potential in energy efficiency and need for comfort
BKW - Successful growth: already #7 in Switzerland - Professionalism in a highly fragmented market - Regional approach matches industry structure and ensures margins
BKW solutions meet market trends: Capability to exploit new market opportunities
26
2017 ANNUAL RESULTS | BKW | 20.03.2018
Growing need for maintenance of extensive and widespread network infrastructures Extensive and widespread networks need considerable maintenance Increased complexity of networks requires expertise
Water grid: significant needs for maintenance and renovation Largely identical customer base for multi-grid infrastructure services
BKW - Successful growth in water grid: two substantial acquisitions - Electricity grid: strong track record with major market share - High competencies enable exploitation synergies of scale
Longtime expertise in operating and optimizing complex network infrastructures
27
2017 ANNUAL RESULTS | BKW | 20.03.2018
BKW: a successful network of companies BKW companies combine competencies to provide tailored customer solutions
BKW Engineering
BKW Building Solutions
Exchange of "best in class" processes competencies and tools improves network Joint development and use of technology platforms such as Building information modelling Knowledge data bases Customer relationship management Attractive employer for talents
BKW – a strong international network of competence in infrastructure services
BKW Network Solutions
28
2017 ANNUAL RESULTS | BKW | 20.03.2018
Digitialization as an opportunity for profitable growth Mobile Office
Energy Monitoring
Knowledge sharing BIM: Building Information Modelling
Common systems
Energy efficiency Transparency
BKW future CRM
Digital monitoring of Production facilities
myBKW.ch
Home Energy Optimization of maintenance
Combine competencies to increase efficiency and grow profitably
Self-consumption communities
29
2017 ANNUAL RESULTS | BKW | 20.03.2018
Next 4 years: total investments of CHF 1.3bn / CHF 600m in growth markets
Other
Maintenance/ replacement 56%
Grid
Services CHF 1.3bn
Growth 44%
in next 4 years
Energy
Substantial investments planned – financed by own cash flow generation
30
2017 ANNUAL RESULTS | BKW | 20.03.2018
Strategic transformation on track Strategic initiative
Already achieved
Transform energy
Align energy trading to volatile market
Invest in new renewable energy production
Growth of 30% in 3 years, 580 MW installed capacity, 170 MW under constr.
Decommission KKM in 2019
Project on track
Grow infrastructure services
Revenue above CHF 700m, margins improved, 20 acquisitions
Buildup of services network
Buildup of strong network of companies Organization according to market needs
Improve efficiency and consequent cost management
Significant reduction of expenditures achieved: -7% / CHF 65m in 2017
BKW strategy delivers
31
2017 ANNUAL RESULTS | BKW | 20.03.2018
BKW – well positioned in attractive markets Transform Energy
Develop Grid
Grow Services
BKW capitalizes on changing markets
32
Thank you for your attention
Questions?
2017 ANNUAL RESULTS | BKW | 20.03.2018
Financial calendar and contact information Financial calendar – Annual General Meeting:
18 May 2018
– Ex-dividend Date:
23 May 2018
– Dividend Payment:
25 May 2018
– Publication of 2018 Half-year Results:
4 September 2018
For further information, please contact: Thomas Herren, Investor Relations Officer Tel (+41) 58 477 53 56 [email protected]
35
2017 ANNUAL RESULTS | BKW | 20.03.2018
36
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 ANNUAL RESULTS | BKW | 20.03.2018
Another year of strong results Growth achieved on all levels: revenue +5%, operating profit +10% and net profit +16% Strong operating cash flow: CHF 493m Successful repositioning of Energy business: EBIT +16% Profitable growth of Services: revenue +30%, EBIT +46% Continued consistent cost reduction CHF m
+7% 2,452*
+5%
CHF m
2,577
2,300*
+10% +12%
379
346* 309*
2015
2016 Operating revenue
* Comparable figures
2017
2015
2016 Operating profit
2017
2
Financials FY 2017
2017 ANNUAL RESULTS | BKW | 20.03.2018
Income statement CHF m Operating revenue
FY 2016 reported*
One-off effects
FY 2016 comparable
FY 2017
change comparable in %
2,490
-38
2,452
2,577
+5.1%
Energy procurement/transport
-966
-966
-950
Operating costs
-943
-943
-1,098
543
529
-220
-220
-199
23
23
49
EBITDA Depreciation, amortisation and impairment Income from associates EBIT Financial result Income taxes Net loss from discontinued operations Net profit *restated for discontinued operations
581
-38
384
-38
346
379
-0
-60
-60
-10
-61
9
-52
-94
-1
-4
233
271
-1 322
-89
-2.6%
+9.6%
+15.9%
4
2017 ANNUAL RESULTS | BKW | 20.03.2018
EBIT development / price effect on revenue - CHF 670m
CHF m 500
140
Market price of electricity
240
150
140
400 300 200
324
317
347
346
379
60 EUR/MWh
309
239 30 EUR/MWh
100 0 2011
2012
2013
2014
2015
2016
price effect on operating revenue Operating profit increased again – despite negative price effect of CHF 140m
2017
5
2017 ANNUAL RESULTS | BKW | 20.03.2018
Cost reduction before acquisitions CHF m
+220 943
2016 reported
846
1,098
-65 878 820
cost reduction
2017 before acquisitions
acquisitions
Significant cost savings before acquisitions: More than CHF 130m in last three years
2017 reported
6
2017 ANNUAL RESULTS | BKW | 20.03.2018
Investments 2017: Successful acquisitions Investments
Other
60% in growth
Energy Services
CHF 265m
whereof - Services
CHF 155m
- Energy (wind & small hydro)
CHF 110m
Grid
CHF 450m
40% in maintenance/replacement CHF 185m whereof - Grid
CHF 130m
- Energy
CHF
35m
- Other
CHF
20m
Energy
Investments partner plants
60% invested in growth - in line with long-term capex plan
CHF 60m
7
2017 ANNUAL RESULTS | BKW | 20.03.2018
Funds from operations at CHF 465m CHF m 500
486 446
400
486
465
410
365
300 200 100 0 2012
2013
2014
2015
2016
2017
6year average Consecutive strong funds from operations: investments fully covered by own generated funds
8
2017 ANNUAL RESULTS | BKW | 20.03.2018
Liquidity at CHF 1.2bn CHF m
Operating activities
493
Investing activities
Financing activities
-402 9
-87
1,248
Liquidity unchanged at strong CHF 1,2bn despite high investments
-37 1,223
9
2017 ANNUAL RESULTS | BKW | 20.03.2018
Sound financial situation: Net debt reduced CHF m 1'500
2016
2017
1,248
Cash & equivalents & current financial assets
1,223
1'000
Financial debt
Net financial debt
500 0 -500
-377
-439
-1'000 -1'500 -2'000
-1,687
-1,600
Net debt reduced thanks to strong funds from operations – despite significant investments
10
2017 ANNUAL RESULTS | BKW | 20.03.2018
Maturity profile of financing CHF m 1400 Liquidity
CHF 150m
Bonds Registered bonds
1200 CHF 350m
Convertible bond
1000 800 600
CHF 130m CHF 200m EUR 40m
400
CHF 300m
200
EUR 85m EUR 150m
31.12.2017
0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Long-term financing framework ensures financial flexibility
11
2017 ANNUAL RESULTS | BKW | 20.03.2018
Sound balance sheet: equity ratio at 37.5% 37.5%
CHF bn
34.3% 9,1 8,6
2,4
2,4
5,7
5,6 6,7
6,2 3,4 3,0
2016
2017
Increased equity ratio thanks to strong net profit, conversions and FX
Non-current assets Current assets Equity Liabilities Equity ratio
12
2017 ANNUAL RESULTS | BKW | 20.03.2018
Share price development and shareholder structure CHF
60
+107% BKW
50
37.5% 52.5%
40 SPI
30 20 10
10.0%
Canton of Berne Groupe E Ltd. Free float
Performance FY 2017: +18%, doubled in 3 years; free float at 37.5% (incl. convertible bond)
13
2017 ANNUAL RESULTS | BKW | 20.03.2018
Dividends CHF dividend per share
Pay out ratio
2.40
80%
2.20
Dividend per share
2.00
1.80
1.80
1.60
1.60 1.40 1.20 1.00
1.20
1.60
1.60
60%
1.20
50%
1.00
0.80 0.60
70%
40%
Pay out ratio
Target range of pay out ratio
0.40
30%
0.20 0.00
20%
2011
2012
2013
2014
Increasing dividends reflect successful transformation
2015
2016
2017
14
2017 ANNUAL RESULTS | BKW | 20.03.2018
Operating revenue and EBIT per business area Operating revenue Operating profit One-off effects
CHF m 1,353*
-7% 1,262
+30% +7% 38
736
666
618* 565 38 198
+16%
+7% 211 +46%
158 136 2016
2017
2016
32 2017
2016
Energy *restated for discontinued operations
All business areas achieve higher EBIT
2017
2016
Grid
2017
2016
2017
2016
Services
46 2017
15
2017 ANNUAL RESULTS | BKW | 20.03.2018
Energy: negative price effects more than compensated CHF m
– Negative price effect on revenue: ~CHF -140m 1,353
-5%
– Compensated by
1,262
• Acquisition of AEK • Investments in power plants (renewable energy) +16% 158 136
2016 2017 Operating revenue
2016 2017 Operating profit
Ongoing transformation of Energy business already successful
• Higher thermal production volumes – Overcompensated on EBIT-level by • Successful management of energy position (trading) • Reduction of expenditures
16
2017 ANNUAL RESULTS | BKW | 20.03.2018
Grid: acquisition of AEK in 2016 leads to increased revenue – Increased revenue due to acquisition of AEK in 2016
CHF m
+7% 38
– Reduction of operating cost
666
– 2016: One-off compensation for expropriation of transmission grid (+CHF 38m)
618
38 198
2016 2017 Operating revenue
+7% 211
2016 2017 Operating profit
one-off effect
EBIT-contribution increased in line with expectations
17
2017 ANNUAL RESULTS | BKW | 20.03.2018
Services: continued strong growth leads to EBIT increase CHF m
– Sales over CHF 0.7 billion, up by 30% again
+30%
– 20 acquisitions in 2017
736
– Continued improvement of EBIT-margin despite acquisition and integration cost
565
+46% 46 32 2016 2017 Operating revenue
2016 2017 Operating profit
Expansion on track with margin increase
18
Outlook and strategy update
2017 ANNUAL RESULTS | BKW | 20.03.2018
Outlook FY 2018 BKW expects to successfully continue its transformation
Large part of negative energy price effects expected to be compensated through – further profitable growth of Services business – repositioning of Energy business - aligned to changing market drivers – consequent cost management
BKW expects FY 2018 operating profit to be in the range of CHF 340 to 360m
20
2017 ANNUAL RESULTS | BKW | 20.03.2018
BKW invests in attractive markets - Transform Energy business - Develop Grid - Grow Services
We build a robust business model by investing in attractive new markets
21
2017 ANNUAL RESULTS | BKW | 20.03.2018
Energy business influenced by changing market structures European power plants: Net increase of installed capacity until 2040
Trading: increased volatility and extreme price situations
GW
Hours per year with price extremes
120
10%
90
5%
60 30
tomorrow
today
0 -30 -60
100 €/MWh Highest prices
22
2017 ANNUAL RESULTS | BKW | 20.03.2018
BKW well positioned to exploit market opportunities - Transformation of energy trading to capitalize on opportunities in a volatile energy market
- Competencies in direct marketing allow optimized and efficient integration of renewable energies in the energy market - Competitive edge with high share of own flexible power plants:
- Advantageous geographical location - High flexibility - Competitive prices - Investments in renewable energies: wind & small hydro power BKW successfully adapts its energy business to market changes
23
2017 ANNUAL RESULTS | BKW | 20.03.2018
BKW well positioned in growing market of infrastructure services BKW Engineering
BKW Building Solutions
BKW Network Solutions
BKW provides integrated, tailored solutions for customers in increasingly complex systems
24
2017 ANNUAL RESULTS | BKW | 20.03.2018
Growing demand for engineering services Considerable need to invest in improving and expanding infrastructures Resilient business due to diversified customer segments (manufacturing, public sector) Customers need local service providers with capability to operate complex projects
BKW - Successful growth: more than 20 acquisitions - Develop strong engineering network of expertise in D-A-CH region
Large international players with wide competencies
gap
BKW
Strong professional network of regional companies
Small regional players with limited competencies
BKW's strong international engineering network meets customer needs
25
2017 ANNUAL RESULTS | BKW | 20.03.2018
Growing need for integrated building technology solutions Switzerland: high market volume; fragmented structure Decentralisation of energy production Growing need for integrated solutions, driven by increasing complexity of new technologies
Major potential in energy efficiency and need for comfort
BKW - Successful growth: already #7 in Switzerland - Professionalism in a highly fragmented market - Regional approach matches industry structure and ensures margins
BKW solutions meet market trends: Capability to exploit new market opportunities
26
2017 ANNUAL RESULTS | BKW | 20.03.2018
Growing need for maintenance of extensive and widespread network infrastructures Extensive and widespread networks need considerable maintenance Increased complexity of networks requires expertise
Water grid: significant needs for maintenance and renovation Largely identical customer base for multi-grid infrastructure services
BKW - Successful growth in water grid: two substantial acquisitions - Electricity grid: strong track record with major market share - High competencies enable exploitation synergies of scale
Longtime expertise in operating and optimizing complex network infrastructures
27
2017 ANNUAL RESULTS | BKW | 20.03.2018
BKW: a successful network of companies BKW companies combine competencies to provide tailored customer solutions
BKW Engineering
BKW Building Solutions
Exchange of "best in class" processes competencies and tools improves network Joint development and use of technology platforms such as Building information modelling Knowledge data bases Customer relationship management Attractive employer for talents
BKW – a strong international network of competence in infrastructure services
BKW Network Solutions
28
2017 ANNUAL RESULTS | BKW | 20.03.2018
Digitialization as an opportunity for profitable growth Mobile Office
Energy Monitoring
Knowledge sharing BIM: Building Information Modelling
Common systems
Energy efficiency Transparency
BKW future CRM
Digital monitoring of Production facilities
myBKW.ch
Home Energy Optimization of maintenance
Combine competencies to increase efficiency and grow profitably
Self-consumption communities
29
2017 ANNUAL RESULTS | BKW | 20.03.2018
Next 4 years: total investments of CHF 1.3bn / CHF 600m in growth markets
Other
Maintenance/ replacement 56%
Grid
Services CHF 1.3bn
Growth 44%
in next 4 years
Energy
Substantial investments planned – financed by own cash flow generation
30
2017 ANNUAL RESULTS | BKW | 20.03.2018
Strategic transformation on track Strategic initiative
Already achieved
Transform energy
Align energy trading to volatile market
Invest in new renewable energy production
Growth of 30% in 3 years, 580 MW installed capacity, 170 MW under constr.
Decommission KKM in 2019
Project on track
Grow infrastructure services
Revenue above CHF 700m, margins improved, 20 acquisitions
Buildup of services network
Buildup of strong network of companies Organization according to market needs
Improve efficiency and consequent cost management
Significant reduction of expenditures achieved: -7% / CHF 65m in 2017
BKW strategy delivers
31
2017 ANNUAL RESULTS | BKW | 20.03.2018
BKW – well positioned in attractive markets Transform Energy
Develop Grid
Grow Services
BKW capitalizes on changing markets
32
Thank you for your attention
Questions?
2017 ANNUAL RESULTS | BKW | 20.03.2018
Financial calendar and contact information Financial calendar – Annual General Meeting:
18 May 2018
– Ex-dividend Date:
23 May 2018
– Dividend Payment:
25 May 2018
– Publication of 2018 Half-year Results:
4 September 2018
For further information, please contact: Thomas Herren, Investor Relations Officer Tel (+41) 58 477 53 56 [email protected]
35
2017 ANNUAL RESULTS | BKW | 20.03.2018
36
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.
