Karlsruhe. The conditions in the energy industry have changed materially since publication of our quarterly results for January to March 2011 on 6 May 2011.
In particular the shutdown of two nuclear power plants has caused considerable financial burdens at EnBW Energie Baden-Württemberg AG. The earlier date for decommissioning the nuclear power plants has given rise to an extraordinary addition to nuclear power provisions and to a write-down of the nuclear fuel rods in the reactor. These effects are the main reason for the negative non-operating EBIT of around € -600 million that EnBW is expecting to report in its six-monthly financial report 2011. The adjusted EBIT, from which non-recurring non-operating effects have been eliminated, is reduced by the three-month suspension of the decision to extend nuclear power plants’ working lives as well as by the nuclear fuel rod tax and is around 24% below the prior-year level at approximately € 875 million.
The above-mentioned negative effects in non-operating EBIT and further extraordinary expenses reflected in the investment result amounting to some € 615 million will give rise to a group net loss of around € 590 million in the six-monthly financial statements for 2011. These extraordinary negative effects in the investment result are mostly due to impairment losses, of which approximately € 370 million relates to the investment in EWE AG and around € 245 million to the investment in EVN AG.
The non-operating costs recognised in the six-monthly financial statements for 2011 do not affect cash flows, nor do they affect the dividend measurement basis. The measurement basis for the dividend is adjusted group net profit.
EnBW’s six-monthly financial statements for 2011 are still provisional and may be subject to change. EnBW’s six-monthly financial report for the first six months of 2011 will be published on the internet at www.enbw.com on 29 July 2011.