Business development January to June 2015

In the first half 2015 the Adjusted EBITDA was almost stable compared to the previous year at 1.28 billion euro. The adjusted Group net profit attributable to the shareholders of EnBW AG of around 1.03 billion euro in the reporting period was significantly higher than the figure in the previous year of 381 million euro. The investment volume of the EnBW Group fell as expected during the first half of 2015 compared to the previous year by around 30 percent to 526 million euro. Free cash flow fell by around 23 percent to 365.9 million euro. For the full-year 2015, we continue to expect that the adjusted EBITDA at a Group level will be between 0 percent and 5 percent below the level achieved in 2014.