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1399618800000 | IR Press Release

Quarterly figures for the period from January to March 2014: Performance in line with expectations

Forecast unchanged for 2014 as a whole
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Karlsruhe. In the first quarter of 2014, the EnBW Group, with its workforce of 19,857 employees, achieved adjusted EBITDA of €744.8 million, which reflects a decline of 15.1 percent in a year-on-year comparison. Performance was largely determined by valuation effects from derivatives which made a positive contribution to adjusted EBITDA in the year-earlier quarter. This effect will become less significant as the year progresses. All in all, the earnings trend therefore developed in line with our expectations. In the financial year 2014, EnBW Energie Baden-Württemberg AG anticipates that adjusted EBITDA at Group level will settle between 0 percent and -5 percent below the figure posted in 2013. The forecast remains unchanged.

Adjusted EBITDA of the Sales Segment stood at €48.0 million in the first three months of 2014, corresponding to an increase of €24.9 million compared with the previous year's figure. Optimisation measures in the customer portfolio as part of implementing the EnBW 2020 Strategy were instrumental in substantially raising earnings from electricity sales. Gas sale earnings fell short of the level generated in the first quarter of 2013 owing to the mild winter.

Adjusted EBITDA in the Grids Segment declined by 11.7 percent to €277.9 million (previous year: €314.6 million), a development which was mainly determined by lower grid usage fees due to lower distribution volumes caused by the weather-induced downturn in electricity and gas sales. In addition, positive non-recurrent effects from preceding regulation periods no longer applied.

Low precipitation and low water levels meant that the run-of-river power plants generated less electricity. This was the main reason why the adjusted EBITDA of the Renewable Energy Segment fell 21.9 percent to €42.7 million in the first quarter of 2014. In the year-earlier period, favourable operating conditions resulted in above-average generation.

The Generation and Trading Segment saw adjusted EBITDA drop to €373.5 million, down 23.8 percent. This decline was largely attributable to falling prices and spreads in electricity production as well as to the decrease owing to valuation effects from derivatives.

The adjusted Group net profit attributable to EnBW AG shareholders amounted to €292.5 million in the period under review, representing a 29.7 percent decline compared with the previous year’s €415.8 million.

Non-operating Group net profit attributable to EnBW AG shareholders amounted to €2.2 million in the first three months of 2014.

The operating cash flow climbed by 79.3 percent to €534.2 million compared with the first quarter of 2013. This increase was primarily due to the balance of trade receivables and trade payables, which is influenced by the mild weather, as well as to effects pertaining to the German Renewable Energies Act (EEG).

Of the capital expenditure in intangible assets and non-current assets totalling €446.4 million (previous year: €143.1 million), around 87 percent was accounted for by growth projects such as the Lausward gas and steam turbine power station, the major EnBW Baltic 2 project and grid expansion. The proportion of capital expenditure in replacement measures stood at around 13 percent in the first quarter of 2014 and was earmarked for the maintenance of existing power stations and grid infrastructure. Free cash flow declined by only 28.7 percent to €181.6 million despite the higher level of capital expenditure.

In mid-March, EnBW took advantage of the favourable capital market environment to issue a hybrid bond in a volume of one billion euros. Thomas Kusterer, EnBW's Chief Financial Officer commented: "As 50 percent of the nominal value of the hybrid bond is recognised as equity and thus as a deduction by the rating agencies, the hybrid bond has resulted in adjusted net debt declining by €500 million. This strengthens EnBW's good credit rating further." The maturity profile of EnBW bonds remains balanced. In the financial year 2014, no bonds are due for repayment.

EnBW reported in detail on the new strategy and projects planned for 2014 as well as on measures to implement the strategy at the Annual General Meeting of Shareholders on 29 April 2014. Further information is included in the speech of the Chief Executive Officer and in the press release at https://www.enbw.com/unternehmen/presse/pressemitteilungen/presse-detailseite_67136.html

EnBW group at a glance

Revenue in € millions1

01/01–
31/03/2014

01/01–
31/03/2013
Variance %

01/01–
31/12/2013
Revenue in € millions1
Sales

01/01–
31/03/2014
2,691.5

01/01–
31/03/2013
2,824.9
Variance %
-4.7

01/01–
31/12/2013
9,568.4
Revenue in € millions1
Grids

01/01–
31/03/2014
1,472.4

01/01–
31/03/2013
1,282.9
Variance %
14.8

01/01–
31/12/2013
5,707.6
Revenue in € millions1
Renewable energies

01/01–
31/03/2014
103.8

01/01–
31/03/2013
94.9
Variance %
9.4

01/01–
31/12/2013
372.3
Revenue in € millions1
Generation and trading

01/01–
31/03/2014
1,365.2

01/01–
31/03/2013
1,557.7
Variance %
-12.4

01/01–
31/12/2013
4,888.3
Revenue in € millions1
Other/consolidation

01/01–
31/03/2014
4.1

01/01–
31/03/2013
4.8
Variance %
-14.6

01/01–
31/12/2013
8.2
Revenue in € millions1
External revenue, total

01/01–
31/03/2014
5,637.0

01/01–
31/03/2013
5,765.2
Variance %
-2.2

01/01–
31/12/2013
20,544.8
Revenue in € millions1
Adjusted EBITDA

01/01–
31/03/2014
744.8

01/01–
31/03/2013
877.2
Variance %
-15.1

01/01–
31/12/2013
2,224.7
Revenue in € millions1
EBITDA

01/01–
31/03/2014
746.4

01/01–
31/03/2013
879.3
Variance %
-15.1

01/01–
31/12/2013
1,999.7
Revenue in € millions1
Adjusted EBIT

01/01–
31/03/2014
524.7

01/01–
31/03/2013
659.3
Variance %
-20.4

01/01–
31/12/2013
1,339.5
Revenue in € millions1
EBIT

01/01–
31/03/2014
526.3

01/01–
31/03/2013
661.4
Variance %
-20.4

01/01–
31/12/2013
1,024.1
Revenue in € millions1
Adjusted Group net profit²

01/01–
31/03/2014
292.5

01/01–
31/03/2013
415.8
Variance %
-29.7

01/01–
31/12/2013
462.3
Revenue in € millions1
Group net profit²

01/01–
31/03/2014
294.7

01/01–
31/03/2013
443.0
Variance %
-33.5

01/01–
31/12/2013
51.0
Revenue in € millions1
Earnings per share from adjusted Group net profit² in €

01/01–
31/03/2014
1.08

01/01–
31/03/2013
1.54
Variance %
-29.9

01/01–
31/12/2013
1.71
Revenue in € millions1
Earnings per share from Group net profit² in €

01/01–
31/03/2014
1.09

01/01–
31/03/2013
1.64
Variance %
-33.5

01/01–
31/12/2013
0.19
Revenue in € millions1
Cash flow from operating activities

01/01–
31/03/2014
534.2

01/01–
31/03/2013
298.0
Variance %
-28.7

01/01–
31/12/2013
1,168.2
Revenue in € millions1
Free cash flow

01/01–
31/03/2014
181.6

01/01–
31/03/2013
254.6
Variance %
28.7

01/01–
31/12/2013
1,919.1
Revenue in € millions1
Capital expenditures

01/01–
31/03/2014
446.8

01/01–
31/03/2013
143.8
Variance %
-

01/01–
31/12/2013
1,108.3

Energy sales of the EnBW Group

Billions of kWh
01/01– 31/03/2014
01/01– 31/03/2013
Variance %
01/01– 31/12/2013
Billions of kWh
Electricity
01/01– 31/03/2014
31.1
01/01– 31/03/2013
33.5
Variance %
-7.2
01/01– 31/12/2013
128.0
Billions of kWh
Gas
01/01– 31/03/2014
37.1
01/01– 31/03/2013
38.0
Variance %
-2.4
01/01– 31/12/2013
100.0

Employees of the EnBW Group

Number1, 3
31/03/2014
31/03/2013
Variance %
31/12/2013
Number1, 3
Employees
31/03/2014
19,857
31/03/2013
19,906
Variance %
-0.2
31/12/2013
19,844
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¹ The figures for the comparative periods have been restated.
² In relation to the profit/loss shares attributable to the equity holders of EnBW AG.
³ Number of employees excluding apprentices/trainees and excluding inactive employees.

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EnBW Energie Baden-Württemberg AG
Durlacher Allee 93
76131 Karlsruhe
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