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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  BKW AG    BKW   CH0130293662

BKW AG

(BKW)
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Delayed Quote. Delayed Swiss Exchange - 10/20 08:01:59 am
98.4 CHF   +1.13%
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Federal Council imposes unnecessary and economically harmful additional costs on nuclear power plant operators

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11/06/2019 | 11:50am EDT

Federal Council imposes unnecessary and economically harmful additional costs on nuclear power plant operators

BKW is considering judicial response to amendment of the Ordinance on the Decommissioning and Waste Disposal Funds for Nuclear Facilities

Bern, 6 November 2019

The amendment of the Ordinance on the Decommissioning and Waste Disposal Funds for Nuclear Facilities (SEFV) passed by the Federal Council burdens nuclear power plant operators with millions in additional fund contributions - with no increase in safety, with a commitment for decades and with no opportunity of refund in the event of surplus coverage of funds. This decision is harmful to the economy. Companies will lack the means to restructure the Swiss energy system, which voters have called for. For the Mühleberg Nuclear Power Plant alone, the additional contributions will be about CHF 100 million. BKW confirms September's increased forecast for the current financial year's operating results.

In its session of 6 November 2019, the Federal Council approved changes to the SEFV. Although BKW welcomes the Federal Council's decision to cut the 30% flat-rate safety surcharge, it cannot understand why the government has reduced the notional yield for the decommissioning and waste disposal funds from 2% to 1.6%. Since their establishment, the average returns for both funds have been well above 2% (decommissioning fund: 3.78%, disposal fund: 2.94% as at end 2018). Both funds have performed well since then, together finishing 2018 at about CHF 150 million above target. By the end of September 2019, the annual return for the funds was more than 10%.

Negative impact on planned investments

With the amendment to the SEFV, the Federal Council is imposing unnecessary reserve payments on BKW of about CHF 100 million for the Mühleberg Nuclear Power Plant (KKM) alone. This will tie up money that is urgently needed for the energy future of Switzerland. In particular, it reduces the earmarked funds for the development of Swiss electricity production by the amount required for the reserve payments mandated by the Federal Council. This may have an impact on investments for planned hydroelectric plants, such as the Trift power plant and the raising of the Grimselsee dam. BKW is affected particularly by this amendment since the decommissioning of the Mühleberg Nuclear Power Plant means it will have to pay additional reserve payments by 2022. For nuclear power plants of longer planned duration, these payments are spread over a longer period.

The lowering of the actual interest rates will be additionally aggravated by the Federal Council's decision to proscribe reimbursement from oversubscribed funds for decades.This equates to an expropriation of nuclear power plant operators. BKW is considering judicial steps against this measure. It regrets the Federal Council's failure to consider the numerous reservations against the amendment raised in the consultation process.

BKW confirms financial forecast

The amendment to the Ordinance on the Decommissioning and Waste Disposal Funds for Nuclear Facilities will impact BKW's financial statement 2019 with a one-off effect in the low double-digit millions. BKW stands by the increased forecast communicated in September (operating result of CHF 350 million - CHF 370 million).

A video on the SEFV amendment with statements from Suzanne Thoma, CEO of BKW, is available here. It is also available on BKW's social media channels: Twitter, LinkedIn and YouTube.




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Financials
Sales 2020 3 044 M 3 352 M 3 352 M
Net income 2020 245 M 270 M 270 M
Net Debt 2020 493 M 543 M 543 M
P/E ratio 2020 21,2x
Yield 2020 2,26%
Capitalization 5 135 M 5 646 M 5 655 M
EV / Sales 2020 1,85x
EV / Sales 2021 1,75x
Nbr of Employees 10 000
Free-Float 37,2%
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Mean consensus BUY
Number of Analysts 4
Average target price 121,67 CHF
Last Close Price 97,30 CHF
Spread / Highest target 38,7%
Spread / Average Target 25,0%
Spread / Lowest Target 13,1%
EPS Revisions
Managers
NameTitle
Suzanne Alice Thoma Chief Executive Officer
Urs Gasche Chairman-Supervisory Board
Ronald Frank Trächsel Chief Financial Officer, Head-Finance & Services
Thomas Zinniker Head-Information & Communication Technology
Hartmut Geldmacher Vice Chairman-Supervisory Board
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