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Financial management

Foundations

  • Management of financial transactions within the Group finance department in order to minimise risk, optimise costs and increase transparency
  • Deployment of derivates in the operating business generally for hedging purposes only: for example, for forward contracts for electricity and primary energy source trading
  • Interest rate risk management for managing and monitoring interest-sensitive assets and liabilities / Interest rate risk strategy to limit the risk of interest rate changes for the Group
  • Currency management system to monitor foreign exchange risks

Objectives

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

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Positive creditworthiness of high importance

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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

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Covering operating financing needs

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Financing instruments as of 31.03.2022

Programme
Value0Rounded figures
Programme
Debt Issuance Programme (DIP)0€10 bn as of 14 April 2022
Value0Rounded figures
€ 7 bn, thereof € 4.7 bn utilised
Programme
Subordinated bonds
Value0Rounded figures
€ 2.5 bn
Programme
Value0Rounded figures
€ 2 bn, thereof € 1.1 bn utilised
Programme
Sustainable syndicated creditline0Undrawn as of 11 April 2022
Value0Rounded figures
€ 1.5 bn, drawn; Maturity date: 20260Following 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
Bilateral freecreditlines
Value0Rounded figures
€ 1.6 bn, thereof € 0.8 billion drawn
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Overview of EnBW’s bonds

Maturities of EnBW’s bonds

Coverage of pension and nuclear obligations

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Financing instruments as of 31.03.2022

Programme
Value0Rounded figures
Programme
Debt Issuance Programme (DIP)0€10 bn as of 14 April 2022
Value0Rounded figures
€ 7 bn, thereof € 4.7 bn utilised
Programme
Subordinated bonds
Value0Rounded figures
€ 2.5 bn
Programme
Value0Rounded figures
€ 2 bn, thereof € 1.1 bn utilised
Programme
Sustainable syndicated creditline0Undrawn as of 11 April 2022
Value0Rounded figures
€ 1.5 bn, drawn; Maturity date: 20260Following 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
Bilateral freecreditlines
Value0Rounded figures
€ 1.6 bn, thereof € 0.8 billion drawn
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Overview of EnBW’s bonds

Maturities of EnBW’s bonds

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Corporate strategy

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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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