EnBW gets off to a good start in fiscal year 2008
Karlsruhe. EnBW Energie Baden-Württemberg AG started the fiscal year 2008 with an increase in revenue of 8.7 percent. In the first quarter of 2008, EnBW raised its revenue to 4,411.1 million euros. 75.9 percent of revenue were generated by the group in the electricity segment. Key earnings ratios were improved further. Adjusted EBITDA rose on the first quarter of the prior year by 4.8 percent to 838.2 million euros. In the first quarter of 2008, adjusted EBIT went up by 5.6 percent to 645.6 million euros. Adjusted group net profit in terms of the profit attributable to the equity holders of EnBW AG improved by 13.2 percent to 398.5 million euros. Cash flows from operating activities rose 2.5 percent to 307.0 million euros. The improvement primarily results from a rise in EBITDA and a decrease in income taxes paid. Net debt dropped by another 85.1 million euros compared to year-end 2007 and came to 5,784.6 million euros at the end of the first quarter of this year.
“This good result in the first quarter of 2008 is the logical continuation of the fiscal year 2007. Our sound balance sheet structure and the positive rating of EnBW by the capital market form the basis for the forthcoming growth phase,” said Hans-Peter Villis, EnBW’s CEO.
EnBW plans to invest a total of 7.6 billion euros by the year 2010. Around 70 percent of this total amount of 7.6 billion euros will be invested in growth areas and is as such an investment in the future sustainability of the company. “Our goal is to achieve a continuous increase in value in the individual segments. Investment will focus on the expansion of our electricity generating capacity both in conventional and renewable energies and also strengthen our market position significantly in the gas segment by building up the midstream area,” said Villis.
Although the political and regulatory environment for the energy industry remains difficult, EnBW is confident that we will again be able to achieve a slight improvement in adjusted EBIT in 2008.
* Adjusted EBITDA is an earnings ratio adjusted to eliminate non-operating earnings effects.
Quarterly financial report for January to March 2008 at a glance:
|
in
|
1/1 - 31/3/2008
|
1/1 - 31/3/2007
|
Variance in %
|
|
|---|---|---|---|---|
|
Revenue
| ||||
|
Electricity
|
in
€ millions
|
1/1 - 31/3/2008
3,346.0
|
1/1 - 31/3/2007
2,974.7
|
Variance in %
+ 12.5
|
|
Gas
|
in
€ millions
|
1/1 - 31/3/2008
895.8
|
1/1 - 31/3/2007
913.9
|
Variance in %
- 2.0
|
|
Energy and environmental services
|
in
€ millions
|
1/1 - 31/3/2008
169.3
|
1/1 - 31/3/2007
167.6
|
Variance in %
+ 1.0
|
|
External revenue, total
|
in
€ millions
|
1/1 - 31/3/2008
4,411.1
|
1/1 - 31/3/2007
4,056.2
|
Variance in %
+ 8.7
|
|
Adjusted EBITDA
|
in
€ millions
|
1/1 - 31/3/2008
838.2
|
1/1 - 31/3/2007
800.0
|
Variance in %
+ 4.8
|
|
Adjusted EBIT
|
in
€ millions
|
1/1 - 31/3/2008
645.6
|
1/1 - 31/3/2007
611.5
|
Variance in %
+ 5.6
|
|
Adjusted group net profit *, **
|
in
€ millions
|
1/1 - 31/3/2008
398.5
|
1/1 - 31/3/2007
351.9
|
Variance in %
+ 13.2
|
|
Group net profit *, **
|
in
€ millions
|
1/1 - 31/3/2008
421.4
|
1/1 - 31/3/2007
366.9
|
Variance in %
+ 14.9
|
|
Earnings per share from group net profit *, **
|
in
€
|
1/1 - 31/3/2008
1.73
|
1/1 - 31/3/2007
1.50
|
Variance in %
+ 15.3
|
|
Cash flow from operating activities
|
in
€ millions
|
1/1 - 31/3/2008
307.0
|
1/1 - 31/3/2007
299.5
|
Variance in %
+ 2.5
|
|
Free cash flow
|
in
€ millions
|
1/1 - 31/3/2008
178.5
|
1/1 - 31/3/2007
167.9
|
Variance in %
+ 6.3
|
|
Capital expenditures on intangible assets and property, plant and equipment ***
|
in
€ millions
|
1/1 - 31/3/2008
148.8
|
1/1 - 31/3/2007
158.5
|
Variance in %
- 6.1
|
* Figures of the comparative period have been adjusted.
** In relation to the profit shares attributable to the equity holders of EnBW AG.
*** From continuing operations.