After years of transformation, EnBW is repositioned. We have met and in most cases actually exceeded the targets we set in 2013 for 2020. We now have a portfolio that is consistently aligned with the needs of the energy transition. We are making good progress both in our established business fields – as with the expansion of renewables with large-scale offshore wind and photovoltaics projects – and in new business fields of infrastructure, such as e-mobility, urban development or even telecommunications.
Alongside Grids, the other main earnings driver was Renewable Energies. Thanks to our robust business model, the coronavirus pandemic had only a moderate impact on the operating business. Our successful portfolio transformation is reflected in our earnings and hence also in our dividend performance. The company has a solid internal financial capability and good access to the capital market. This is a good starting point for the implementation of our Strategy 2025, which will see us grow and further improve profitability.
Our portfolio transformation and efficiency efforts since 2012 as part of EnBW’s business renewal have made the company highly resilient. Most of all, our strategic investments in renewables and broadband telecommunications are increasingly paying off and are driving a positive overall earnings trend despite the corona pandemic. Our integrated portfolio proves its worth and ensures stability especially at difficult times like the present. We are therefore confident that we will meet our ambitious targets for 2020 and thus successfully complete the corporate transformation which we launched in 2013.
Our EnBW Hohe See and Albatros offshore wind farms have doubled the earnings contribution from renewable energy sources. The operating businesses show positive performance across the board – and that at a time when the outbreak of the corona pandemic confronted us with major challenges, to which we as a company responded with targeted action at a very early stage. This shows the stability of our business portfolio after years of systematic transformation. However, corona will still not leave us completely unaffected.
We have set ourselves a target of a substantial increase in earnings for the full year. As a result of our two offshore wind farms Hohe See and Albatros coming into operation, we expect significantly higher earnings in particular in our renewables business. At present, however, there is still considerable uncertainty regarding the effects of the corona pandemic over the year as a whole. What is certain is that we will have a negative impact from corona.