EnBW Group posts pre-tax earnings over 1 billion euros for the first time

Karlsruhe. The initial overview of earnings for financial 2005 shows that the EnBW Group recorded highly encouraging pre-tax earnings (EBT) of 1.081 billion euros, making it the first-ever time in its history that the group has posted pre-tax earnings of over one billion euros. Compared to the figure of 759 million euros for the previous year*, this means that earnings before taxes rose by over 320 million euros in financial 2005, equivalent to growth of around 42 percent. Earnings before interest and taxes (EBIT) improved by around 6 percent from 1.243 billion euros to 1.319 billion euros. Based on the applicable IFRS standards, earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled 2.054 billion euros, also setting a new all-time record in the area of continued operations.

Despite the excellent trend in earnings figures, EnBW CEO Prof. Dr. Utz Claassen emphasises that the company must continue to focus all its energy on the tasks ahead: "Based on the latest figures, all three key earnings ratios are once again an improvement on the comparable figures for the previous year and have also exceeded the budgeted targets. Moreover, pre-tax earnings have topped the magic one billion mark for the first time. This is extremely satisfying for our shareholders and a major compliment for our extremely capable and highly motivated workforce. We intend to build on what we have achieved to fully maintain the discipline and focus of group activities, to further improve earnings and to exploit strategic future potential to the greatest possible extent."

This initial overview of earnings is subject to review and/or confirmation by auditors and the Supervisory Board. The balance sheet press conference will take place on February 21, 2006 in Karlsruhe and will be followed by a telephone investor conference.

* Figures for the comparison period adjusted due to retroactive changes in balance sheet technicalities in line with IFRS.