Following portfolio restructuring, development into an innovative infrastructure partner
We are transforming ourselves into a sustainable and innovative infrastructure partner. Following the successful implementation of the EnBW 2020 strategy, we will bundle our business portfolio into three strategic infrastructure areas starting in 2021 – following the logic of the EnBW 2025 strategy.

Financial management


Key Performance Indicators that we use to manage our credit standing

Until end of 2020: Internal financing capability ≥ 100%

Retained Cashflow* / cash-relevant net investments

*Retained Cashflow after covering ongoing costs and dividend payments

2021 to 2025: Debt repayment potential > 14%*

Retained Cashflow / Net debt

*To ensure achievement of rating target, the target value will be examined annually based on the requirements of the rating agencies


Financing strategy

Covering operating financing needs

Financing facilities

Subordinated bonds
Syndicated credit line
Bilateral free credit lines
€ 7 billion
€ 3.2 billion utilised¹
Subordinated bonds
€ 3.5 billion¹
€ 2 billion
€ 0.3 billion utilised¹
Syndicated credit line
€ 1.5 billion
Maturity date: 2025
Bilateral free credit lines
€ 1 billion¹
€ 0.4 billion drawn¹

¹Rounded figures

Maturities of EnBw's bonds

Maturities of EnBW’s bonds

Asset liability management model


Core concept of the model

Investment targets


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