The 2017 financial year saw EnBW Energie Baden-Württemberg AG successfully achieve the planned financial turnaround. EnBW increased its operating result (adjusted EBITDA) for the first time since 2010.
For the first time since 2010 EnBW expects the operating result to rise again in 2017. EnBW Energie Baden-Württemberg AG closed the first nine months of the financial year 2017 with substantial earnings growth and a significantly stronger balance sheet.
With 21,298 employees (+5.3 percent) EnBW achieved revenue of around 15.34 billion euros (+7.5 percent) and an operating result (adjusted EBITDA) of around 1.52 billion euros. This represents an increase of 10.8 percent compared to the previous year.
This temporary better-than-expected result is due in part to positive one-off effects such as the elimination of the nuclear fuel rod tax the previous year. This will be offset in the fourth quarter by the lower electricity prices on the forward market compared to the previous year. EnBW therefore confirms its forecast for the year and projects an operating result of between 0 and +5 percent compared to 2016. Taking into account the effects from the full consolidation of VNG-Verbundnetz Gas Aktiengesellschaft, adjusted EBITDA is up 2.1 percent on the previous year.
In the first half of 2017, EnBW Energie Baden-Württemberg AG and its 21,324 employees (+4.5 percent) achieved revenue of around 10.48 billion euro (+6.8 percent) and an operating result (adjusted EBITDA) of around 1.07 billion euro.
This represents an increase of 10.9 percent compared to the previous year. The significant increase in earnings is due in part to temporary effects that will be compensated for during the remainder of the year. EnBW is thus reaffirming its forecast for the year as a whole and expects an operating result of between 0 and +5 percent above the previous year. The full consolidation of VNG-Verbundnetz Gas Aktiengesellschaft on 18 May has had a positive impact on the revenue, sales, operating result and number of employees.
In the first quarter of 2017, EnBW Energie Baden-Württemberg AG achieved revenue of around 5.2 billion euro and an operating result (adjusted EBITDA) of 513.4 million euro with 20,337 employees. This represents a fall of 17.3 percent compared to the same quarter of the previous year.