1st Quarter 2006 Sees Best Result in the History of EnBW
Results Increased Further/Sales Increased by 33.6 Percent/Equity Ratio Increased from 13.2 Percent to 15.2 Percent
Karlsruhe. After the record results from 2005 EnBW Energie Baden-Württemberg AG is also expecting excellent figures for the 1st quarter 2006 results. According to preliminary results presented at its annual general meeting, in the first three months of 2006 EnBW Energie Baden-Württemberg AG has obtained its best result for any quarter in the history of the company. Compared to the previous year, the earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 7.5 million Euros (+1.1 %) to 719.2 million Euros. The earnings before interest and taxes increased by 14.9 million Euros (+2.8 %) to 552.4 million Euros. The company profit increased by 9.0 million Euros to 314.5 million Euros, which represents an increase of 2.9 %. After deducting electricity and natural gas taxes sales totalled 3.779 billion Euros in the first quarter of 2006, which represented an increase of 951.1 million Euros of 33.6 % over the previous year.
"After we achieved a record result in 2005 for the second time in a row and broke the one billion Euro mark for pre-tax profits for the first time in the history of the company, we have managed to connect seamlessly to this success story in 2006. Taken with the already strong showing of the previous year, the repeated increase in company profits proves beyond doubt the newly gained strength of EnBW. This forms the basis for our further development in growth and investment income. It also gives us the necessary scope for significant market transactions," says Prof. Dr. Utz Claassen, EnBW CEO.
Compared to the 31st December 2005, the equity ratio increased from 13.2 % to 15.2 %. In contrast the EnBW net debt increased from 3.284 billion Euros to 3.842 billion Euros. This was principally due to the acquisition of a further block of shares of 25.05 % in the Stadtwerke Düsseldorf AG, giving EnBW a majority stake. In the 1st quarter of 2006, EnBW invested 75.7 million Euros, representing 8.7 million Euros or 13.0 % more than in the 1st quarter of 2005. Approximately 65 % of the investment was made in the electricity sector, in particular for the upgrading of power stations and distribution plants. The number of employees increased to 19,374 as a result of the consolidation of the Stadtwerke Düsseldorf on the 31st of March 2006.