Results in 1 Q 2006 at record level for second year running

Karlsruhe. On the 10th of May, 2006, the EnBW Energie Baden-Württemberg AG published the interim report for the first quarter of 2006. The figures show that the EnBW has again increased its turnover, earnings and group income compared with the very successful same quarter of last year. The first-quarter results of last year already saw EnBW earnings at a record level. The EnBW had already presented a preliminary summary of the business results for 1 Q 2006 at the general Meeting at the end of April 2006.

In the first three months of 2006, the  EnBW group were able to increase their turnover by 33.6 percent to 3.779 billion Euros. The growth in turnover resulted first and foremost from significantly increased electricity sales as a result of an increase in trading activities in the electricity line of business. Further factors contributing to the increase in turnover were the increase of 6.8 percent in gas sales as a result of the cold weather in the first quarter of the year, and the passing on of the EnBW's increased gas purchasing costs to customers.

The earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by a further 1.1 percent over the same period last year. This brought the figure to 719.2 million Euros, the highest EBITDA ever achieved in one quarter by the EnBW group. The earnings before interest and taxes (EBIT) increased by 14.9 million Euros, or 2.8 percent, to 552.4 million Euros. The earnings before taxes increased by 5.1 percent to 513.1 million Euros. The group net income rose by 2.9 percent to 314.5 million Euros.  These figures, too are the maximum ever achieved in one quarter in the history of the EnBW.

The EnBW had the fully consolidated Stadtwerke Düsseldorf on the balance sheet for the first time as of 31st March, 2006. The purchase of a further holding to the value of 25.05 percent increased the share quota of the EnBW in the Stadtwerke Düsseldorf AG to the present 54.95 percent.

As a result of the purchase of this holding, the group's net financing debt rose to 3.842 billion Euros. The equity capital quota rose from 13.2 percent (as of 31st December, 2005) to 15.2 percent as of  31st March, 2006. The decrease in operating cash flow from 589.2 million Euros to 90.2 million Euros can to a great extent be explained by changes in working capital that are not sustained, and will for the most part even out in the course of the business year.

Summary of interim report for the first quarter of 2006:

Overview of EnBW group January till March 2006:

^*from continuing activities