Business development January to March 2015

Despite persistently low electricity prices and margins from electricity generation, the result was only down slightly by 2.3 percent on the figure in the previous year. The non-operating Group net loss attributable to the shareholders of EnBW AG amounted to 129.2 million euro in the first quarter of 2015. The investment in intangible assets and property, plant and equipment fell in the first quarter of 2015 to 272.5 million euro. Due to the lower investment free cash flow increased by 49.5 percent to 271.5 million euro. In the 2015 financial year, EnBW Energie Baden-Württemberg AG continues to expect that the adjusted EBITDA at a Group level will be between 0 percent and 5 percent below the level achieved in 2014.