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Financial management

Objectives

  • Payment obligations can be fulfilled without restriction
  • Balanced financing structure
  • Solid balance sheet ratios
  • Solid investment-grade ratings

Positive creditworthiness of high importance

Key performance indicator for creditworthiness management

2021 to 2025: Debt repayment potential¹

0 %

Controlled growth during the further development into an infrastructure partner

Retained Cashflow / Net debt

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

Financing strategy

Covering operating financing needs

Financing instruments as of 30.9.2021

Programme
Value0Rounded figures
Programme
Value0Rounded figures
€7.0 bn, thereof €4.7 bn utilised
Programme
Subordinated bonds
Value0Rounded figures
€3.5 bn
Programme
Value0Rounded figures
€2.0 bn, undrawn
Programme
Sustainable syndicated credit line
Value0Rounded figures
€1.5 bn, undrawn/maturity date: 20260Sustainable 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.
Programme
Committed bilateral credit lines
Value0Rounded figures
€1.4 bn, thereof €0.1 bn utilised
less more
Overview of EnBW’s bonds

Maturities of EnBW’s bonds

Coverage of pension and nuclear obligations

ALM_Cashflow based model

Financing instruments as of 30.9.2021

Programme
Value0Rounded figures
Programme
Value0Rounded figures
€7.0 bn, thereof €4.7 bn utilised
Programme
Subordinated bonds
Value0Rounded figures
€3.5 bn
Programme
Value0Rounded figures
€2.0 bn, undrawn
Programme
Sustainable syndicated credit line
Value0Rounded figures
€1.5 bn, undrawn/maturity date: 20260Sustainable 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.
Programme
Committed bilateral credit lines
Value0Rounded figures
€1.4 bn, thereof €0.1 bn utilised
less more
Overview of EnBW’s bonds

Maturities of EnBW’s bonds

ALM_Cashflow based model

Corporate strategy

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

Total investments 2021-2023

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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)

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