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1248929880000 | IR Press Release

EnBW’s business development remains stable

Six-monthly financial report 2009
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Operating EBIT up slightly – economic crisis reduces unit sales – investment in growth increased by close to € 1 billion

Karlsruhe. Presenting its business results for the first half of 2009, EnBW Energie Baden-Württemberg AG was able in most respects to confirm the stable business development it had seen in the first quarter. Revenue in the first six months of the year was comparable to that reported in the same period of the prior year, rising by 1.3% to € 8,175 million. The first three months were decisive for the development of revenue, when the relatively cold and protracted winter, among other things, allowed EnBW to raise revenue by 8.6%. EnBW also saw a slight improvement in its operating profit. Adjusted EBIT – earnings before interest and taxes adjusted for non-operating effects – increased by 4.9% on the comparative prior-year period, reaching € 1,067 million. This was achieved despite the fact that operations in the second quarter were more severely impacted by the repercussions of the economic crisis than in the first quarter.

“The decline in overall economic output in Germany caused the unit sales of energy in the EnBW group to fall in the first half of the year. This effect was particularly noticeable in unit sales to industrial customers,” said Hans-Peter Villis, CEO of EnBW. In the electricity downstream segment, EnBW faced a drop of 22.3% in business with industrial customers. At 57.9 billion kilowatt-hours across all customer groups, unit sales of electricity were down 9.4% on the comparable prior-year period. Unit sales of gas also dropped across all customer groups by 2.1% to 37 billion kilowatt-hours.

The group net profit in terms of the profit shares attributable to the equity holders of EnBW AG came to € 611.3 million and was therefore 3.5% below the result for the first six months of the prior year. Adjusted group net profit amounting to € 637.0 million almost matches the prior-year level (first half of 2008: € 638.8 million). “Adjusted group net profit largely mirrored the development of the financial result, which was significantly impacted by higher interest expenses and lower gains from the sale of securities,” explained EnBW’s CFO Dr. Rudolf Schulten.

EnBW continued to invest in growth in the second quarter of the current fiscal year. Total capital expenditures came to € 1,437.1 million in the first half of the year. Hans-Peter Villis: “This corresponds to an increase of close to € 1 billion or more than three times the volume of investments in the prior year.”

Investments in the electricity upstream segment accounted for 47.5% of total capital expenditures. Spending focused on construction of the new Rheinfelden hydro-electric power station and the RDK 8 hard coal power station in Karlsruhe.

Three new onshore wind farms in Lower Saxony and Brandenburg with a total of 26 wind turbines and a total installed output of 52 megawatts are strengthening EnBW’s generation position, together with the additional generation capacity at the Lippendorf and Bexbach coal-fired power stations. In Lippendorf, EnBW now has an installed output of over 880 megawatts. Including long-term procurement agreements and investments in power stations, EnBW’s generation portfolio has a total installed output of some 15,000 megawatts.

These growth-oriented capital expenditures are part of the planned total net investments of € 7.7 billion by 2011. EnBW thus continues on its course for growth undeterred, even in these economically difficult times. To finance the investments in growth, EnBW successfully placed two corporate bonds on the capital market with a total volume of € 1.35 billion. In addition, EnBW is investigating the possibility of divestitures in the region of € 1.5 billion.

As of 30 June 2009, EnBW had a total of 20,809 employees. This is an increase in headcount of 511 within one year. Included in this figure are some 180 trainees who received permanent positions at EnBW at the beginning of the year. EnBW has well over 1,000 trainees and students in its employ.

At a glance
in
1/1 - 30/6/2009
1/1 - 30/6/2008
Variance in %
Revenue
Electricity
in
€ millions
1/1 - 30/6/2009
6,259.2
1/1 - 30/6/2008
6,380.8
Variance in %
- 1.9
Gas
in
€ millions
1/1 - 30/6/2009
1,572.9
1/1 - 30/6/2008
1,350.9
Variance in %
+ 16.4
Energy and environmental services
in
€ millions
1/1 - 30/6/2009
342.4
1/1 - 30/6/2008
339.7
Variance in %
+ 0.8
Total external revenue
in
€ millions
1/1 - 30/6/2009
8,174.5
1/1 - 30/6/2008
8,071.4
Variance in %
+ 1.3
Adjusted EBITDA
in
€ millions
1/1 - 30/6/2009
1,466.9
1/1 - 30/6/2008
1,403.8
Variance in %
+ 4.5
EBITDA
in
€ millions
1/1 - 30/6/2009
1,479.8
1/1 - 30/6/2008
1,423.9
Variance in %
+ 3.9
Adjusted EBIT
in
€ millions
1/1 - 30/6/2009
1,066.8
1/1 - 30/6/2008
1,017.0
Variance in %
+ 4.9
EBIT
in
€ millions
1/1 - 30/6/2009
1,069.2
1/1 - 30/6/2008
975.3
Variance in %
+ 9.6
Adjusted group net profit *, **
in
€ millions
1/1 - 30/6/2009
637.0
1/1 - 30/6/2008
638.8
Variance in %
- 0.3
Group net profit *, **
in
€ millions
1/1 - 30/6/2009
611.3
1/1 - 30/6/2008
633.6
Variance in %
- 3.5
Earnings per share from group net profit *, **
in
1/1 - 30/6/2009
2.50
1/1 - 30/6/2008
2.59
Variance in %
- 3.5
Cash flow from operating activities
in
€ millions
1/1 - 30/6/2009
980.5
1/1 - 30/6/2008
901.5
Variance in %
+ 8.8
Free cash flow *
in
€ millions
1/1 - 30/6/2009
554.1
1/1 - 30/6/2008
528.1
Variance in %
+ 4.9
Capital expenditures *
in
€ millions
1/1 - 30/6/2009
1,437.1
1/1 - 30/6/2008
439.3
Variance in %
--
Energy sales of the EnBW group
1/1 - 30/6/2009
1/1 - 30/6/2008
Variance in %
Energy sales of the EnBW group
Electricity
billions of kWh
1/1 - 30/6/2009
57.9
1/1 - 30/6/2008
63.9
Variance in %
- 9.4
Energy sales of the EnBW group
Gas
billions of kWh
1/1 - 30/6/2009
37.0
1/1 - 30/6/2008
37.8
Variance in %
- 2.1
Employees of the EnBW group ***
30/6/2009
30/6/2008
Variance in %
Employees of the EnBW group ***
Employees
Number
30/6/2009
20,809
30/6/2008
20,298
Variance in %
2.5

* The figures of the comparative period have been adjusted.
** In relation to the profit shares attributable to the equity holders of EnBW AG.
*** Number of employees (male and female) without apprentices and without inactive employees.

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Corporate Communications
EnBW Energie Baden-Württemberg AG
Durlacher Allee 93
76131 Karlsruhe
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