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Bases of our financial management

Our objectives

  • Payment obligations can be fulfilled without restriction at any time
  • Balanced financing structure
  • Solid balance sheet ratios
  • Managing financial profile to maintain a good creditworthiness

Key Performance Indicator that we use to manage our credit standing

2021 to 2025: Debt repayment potential¹

0 %

Controlled growth during the further development into an infrastructure partner

Retained Cashflow / Net debt

¹ To maintain a solid investment-grade rating, EnBW regularly checks the 2025 target value for the debt repayment potential for managing its financial profile.

Ratings

Financing strategy

Covering operating financing needs

Programme
Value*
Programme
Value*
€ 7 billion thereof € 4.7 billion utilised
Programme
Subordinated bonds
Value*
€ 2.5 billion
Programme
Value*
€ 2 billion, thereof € 0.3 billion utilised
Programme
Sustainable syndicated credit line
Value*
€ 1.5 billion, undrawn; Maturity date: 2026**
Programme
Committed bilateral credit lines
Value*
€ 1.2 billion thereof € 0.1 billion utilised

* Rounded figures
** Sustainable syndicated credit line: €1.5 billion undrawn, with a term until the end of June 2026 following exercise of the first annual renewal option after the first year. There is a second renewal option after the second year with the potential maximum term until end of June 2027.

Overview of EnBW’s bonds

Coverage of pension and nuclear obligations

ALM_Cashflow based model
Programme
Value*
Programme
Value*
€ 7 billion thereof € 4.7 billion utilised
Programme
Subordinated bonds
Value*
€ 2.5 billion
Programme
Value*
€ 2 billion, thereof € 0.3 billion utilised
Programme
Sustainable syndicated credit line
Value*
€ 1.5 billion, undrawn; Maturity date: 2026**
Programme
Committed bilateral credit lines
Value*
€ 1.2 billion thereof € 0.1 billion utilised

* Rounded figures
** Sustainable syndicated credit line: €1.5 billion undrawn, with a term until the end of June 2026 following exercise of the first annual renewal option after the first year. There is a second renewal option after the second year with the potential maximum term until end of June 2027.

Overview of EnBW’s bonds
ALM_Cashflow based model

Following the successful portfolio transformation, EnBW is now on the way to becoming a key infrastructure partner

Climate neutrality by 2035

2020-2030
×

2020-2030

  • Some Group companies already climate neutral
  • Energiedienst (since early 2020)
  • Netze BW (2021)
  • Switch to more climate-friendly fuels, use of green electricity, etc.
  • Decommissioning of approx. 2,500 MW of coal power

2030-2035
×

2030-2035

  • Gradual phasing out of coal
  • Achievement of “H₂ readiness”: preparing/switching over gas power plants to the use of hydrogen
  • Continuation of other measures

2035
×

2035

  • Climate neutrality goal achieved in line with the requirements and targets of the Paris Agreement
  • Reduction before offsetting
  • Offsetting remaining residual emissions to achieve net zero emissions
  • Increased use of CO₂-free gases (e.g., hydrogen in power plants)