WpHG (German Securities Trading Act) : The fall in the price of electricity has forced EnBW

In accordance with international accounting standards (IAS 36), EnBW is obliged to perform impairment tests both regularly and as warranted by certain events. As part of the preparations for drawing up the 2015 financial statements, EnBW has identified a need to recognise impairment losses in the Generation and Trading segment of approx. €700 million in the consolidated financial statements. The impairment tests mainly affect the power plants. In addition, the increased provisions of €215 million for onerous contracts for electricity procurement agreements which no longer cover costs in accordance with IAS 37 that were recently stated in the Six-Monthly Financial Report have been increased further by approx. €35 million. EnBW will publish its report for the 2015 financial year on 21 March 2016.

The main reason for these extraordinary expenses totalling approx €950 million, which will be included in the consolidated financial statements as of 31 December 2015, are the worsening expectations regarding short, medium and long-term electricity prices.

The extraordinary expenses will reduce the non-operating result and do not have an impact on cash nor on the measurement basis for the payment of dividends. The measurement basis for dividends is the Group net profit adjusted for extraordinary items.

The Group net profit for 2015 will remain positive despite these extraordinary expenses. The forecast for the development of adjusted EBITDA (decrease: 0% to -5%) remains unchanged.

The company's ability to make dividends payments for the 2015 financial year is not endangered.

EnBW Energie Baden-Württemberg AG
Durlacher Allee 93
76131 Karlsruhe
Phone: +49 (07 21) 63-1 43 20
Fax: +49 (07 21) 63-1 26 72
presse@enbw.com
www.enbw.com