Reporting full year 2021
EnBW consistently continued its growth course in a challenging environment last year and increased Group operating earnings for the fifth year in succession. This is partly an outcome of our consciously integrated portfolio. Our presence at all stages of energy generation and distribution all the way through to the end customer gives us full visibility across all aspects of an increasingly complex energy system.
This put earnings in 2021 at the upper end of our guidance range. In the second year of the COVID-19 pandemic, and despite major fluctuations in the energy industry environment, we once again significantly increased our earnings.
Figures financial year 2021
Adjusted EBITDA
€ 0 m
Adjusted Group net profit
€ 0 m
Retained Cashflow
€ 0 m
Net debt
€ 0 m
| Smart Infrastructure for Customers | System Critical Infrastructure | Sustainable Generation Infrastructure | |
| in € m | 323 | 1289 | 1535 |
Smart Infrastructure for Customers
↑ Improved earnings in commodity business
↓ Unpredictable growth in customers numbers in regulated basic supply business with currently high post-procurement costs
↓ Valuation allowances on receivables
System Critical Infrastructure
↑ Higher grid revenues
↓ Higher expenses for network reserve and control energy to maintain security of supply
↓Higher personnel expenses due to necessary grid expansion
Sustainable Generation Infrastructure
↑ Increased volatility on wholesale markets led to significant contributions from trading activities in electricity and gas
↓ Lower wind yields compared to previous year and long-term average
Performance indicators of the EnBW Group
|
in € million
|
2021
|
2020
|
Change in %
|
|---|---|---|---|
|
in € million
External revenue
|
2021
32,147.9
|
2020
19,694.3
|
Change in %
63.2
|
|
in € million
TOP Adjusted EBITDA
|
2021
2,959.3
|
2020
2,781.2
|
Change in %
6.4
|
|
in € million
TOP Share of adjusted EBITDA accounted for by Smart Infrastructure for Customers in € million/in %
|
2021
323.1 / 10.9
|
2020
335.0 / 12.0
|
Change in %
-3.6 / –
|
|
in € million
TOP Share of adjusted EBITDA
accounted for by System Critical Infrastructure in € million/in % |
2021
1,288.5 / 43.5
|
2020
1,346.6 / 48.4
|
Change in %
-4.3 / –
|
|
in € million
TOP Share of adjusted EBITDA
accounted for by Sustainable Generation Infrastructure in € million/in % |
2021
1,535.1 / 51.9
|
2020
1,277.8 / 45.9
|
Change in %
20.1 / –
|
|
in € million
Share of adjusted EBITDA accounted for by Other/Consolidation in € million/in %
|
2021
-187.4 / -6.3
|
2020
-178.2 / -6.3
|
Change in %
5.2 / –
|
|
in € million
EBITDA
|
2021
2,803.5
|
2020
2,663.3
|
Change in %
5.3
|
|
in € million
Adjusted EBIT
|
2021
1,402.9
|
2020
1,391.5
|
Change in %
0.8
|
|
in € million
EBIT
|
2021
158.8
|
2020
1,102.7
|
Change in %
-85.6
|
|
in € million
Adjusted Group net profit0In relation to the profit/loss attributable to the shareholders of EnBW AG.
|
2021
1,203.2
|
2020
682.8
|
Change in %
76.2
|
|
in € million
Group net profit0In relation to the profit/loss attributable to the shareholders of EnBW AG.
|
2021
363.2
|
2020
596.1
|
Change in %
-39.1
|
|
in € million
EnBW share price as of 31/12
|
2021
76.00
|
2020
56.00
|
Change in %
35.7
|
|
in € million
Earnings per share from Group net profit (€) 0In relation to the profit/loss attributable to the shareholders of EnBW AG.
|
2021
1.34
|
2020
2.20
|
Change in %
-39.1
|
|
in € million
Dividend per share/dividend payout ratio in % 0For 2021, subject to approval from the ordinary Annual General Meeting on 05/05/2022.0Adjusted for the valuation effects of IFRS 9 in 2021.
|
2021
1.10/36
|
2020
1.00/40
|
Change in %
–/–
|
|
in € million
Retained Cashflow
|
2021
1,783.8
|
2020
1,638.5
|
Change in %
8.9
|
|
in € million
TOP Debt repayment potential in %0For the calculation of the adjusted net debt and adjusted debt repayment potential, please refer to the section “The EnBW Group” of the management report.
|
2021
20.3
|
2020
11.4
|
Change in %
–
|
|
in € million
Net cash investment
|
2021
2,471.2
|
2020
1,826.9
|
Change in %
35.3
|
|
in € million
Net debt0For the calculation of the adjusted net debt and adjusted debt repayment potential, please refer to the section “The EnBW Group” of the management report.
|
2021
8,786.1
|
2020
14,406.5
|
Change in %
-39.0
|
|
in € million
Net financial debt0For the calculation of the adjusted net debt and adjusted debt repayment potential, please refer to the section “The EnBW Group” of the management report.
|
2021
2,901.1
|
2020
7,231.9
|
Change in %
-59.9
|
|
in € million
TOP Return on capital employed (ROCE) in %
|
2021
7.0
|
2020
6.3
|
Change in %
–
|
|
in € million
Weighted average cost of capital before tax in %
|
2021
4.9
|
2020
5.2
|
Change in %
–
|
|
in € million
Average capital employed
|
2021
21,711.5
|
2020
23,025.6
|
Change in %
-5.7
|
|
in € million
Value added
|
2021
455.9
|
2020
253.3
|
Change in %
80.0
|
Financial and strategic performance indicators
|
Customers and society goal dimension
|
2021
|
2020
|
Change in %
|
|---|---|---|---|
|
Customers and society goal dimension
TOP Reputation Index
|
2021
55
|
2020
56
|
Change in %
-1.8
|
|
Customers and society goal dimension
TOP EnBW/Yello Customer Satisfaction Index
|
2021
127 / 159
|
2020
132 / 159
|
Change in %
-3.8 / –
|
|
Customers and society goal dimension
TOP SAIDI (electricity) in min./year
|
2021
16
|
2020
15
|
Change in %
6.7
|
|
Customers and society goal dimension
Environment goal dimension
| |||
|
Customers and society goal dimension
TOP Installed output of renewable energies (RE) in GW and the share of the generation capacity accounted for by RE in %
|
2021
5.1 / 40.1
|
2020
4.9 / 39.0
|
Change in %
4.1 / –
|
|
Customers and society goal dimension
TOP CO₂ intensity in g/kWh0The figures for the previous year have been restated.0The calculation method for the key performance indicator CO₂ intensity will be restricted in future to include only factors that can be controlled by the company. In contrast to previous years, the share related to redispatch that cannot be controlled by EnBW is no longer included. Using the previous calculation method, the CO₂ intensity for the 2021 financial year would have been 492 g/kWh. This performance indicator still excludes nuclear generation. The CO₂ intensity including nuclear generation for the reporting year was 386 g/kWh (previous year: 268 g/kWh). We publish a five-year comparison of the performance indicators in our “Multi-year overview” on p. 289.
|
2021
478
|
2020
342
|
Change in %
39.8
|
|
Customers and society goal dimension
Employees goal dimension
| |||
|
Customers and society goal dimension
TOP People Engagement Index (PEI)0Variations in the group of consolidated companies (all companies with more than 100 employees are considered [except ITOs]). Companies that were fully consolidated for the first time in the fourth quarter of 2021 were not included in the employee surveys for the PEI.
|
2021
82
|
2020
83
|
Change in %
-1.2
|
|
Customers and society goal dimension
TOP LTIF for companies controlled by the Group0Variations in the group of consolidated companies (all companies with more than 100 employees, excluding external agency workers and contractors, are considered). Companies that were fully consolidated for the first time during the 2021 financial year were not included in the calculations for the LTIF performance indicators.0Except for companies in the area of waste management. / LTIF overall0Variations in the group of consolidated companies (all companies with more than 100 employees, excluding external agency workers and contractors, are considered). Companies that were fully consolidated for the first time during the 2021 financial year were not included in the calculations for the LTIF performance indicators.
|
2021
2.3 / 3.3
|
2020
2.1 / 3.6
|
Change in %
9.5 / -8.3
|
Non-financial performance indicators
|
|
31.12.2021
|
31.12.2020
|
Change in %
|
|---|---|---|---|
|
Employees0Number of employees excluding apprentices/trainees and inactive employees.
|
31.12.2021
26,064
|
31.12.2020
24,655
|
Change in %
5.7
|
|
Employee equivalents0Converted into full-time equivalents.
|
31.12.2021
24,519
|
31.12.2020
23,078
|
Change in %
6.2
|
Employees
After another successful financial year, EnBW is well positioned for major changes in energy supplies
- Adjusted EBITDA increased for fifth time in a row, despite difficult environment
- Ukraine war also marks a turning point for the future of energy supplies
- With its integrated portfolio and matching capabilities, EnBW plans to contribute comprehensively to a secure and sustainable energy future
Outlook 2022
|
Smart Infrastructure for Customers
|
€ 350 to 425 m
|
|
System Critical Infrastructure
|
€ 1,225 to 1,325 m
|
|
Sustainable Generation Infrastructure
|
€ 1,650 to 1,750 m
|
|
Total
|
€ 3,025 to 3,175 m
|
Facts and figures Q3 2021
Adjusted EBITDA
€ 0 m
Adjusted Group net profit
€ 0 m
Attributable to the shareholders of EnBW AG.
Retained cash flow
€ 0 m
Net debt
€ 0 m
as of 30.9.2021
| Smart Infrastructure for Customers | System Critical Infrastructure | Sustainable Generation Infrastructure | |
| in € m | 297 | 991 | 853 |
Smart Infrastructure for Customers
↑ Improved earnings in the commodity business at all our sales companies
↑ Positive earnings development of our subsidiary SENEC
System Critical Infrastructure
↑ Higher grid revenues
↓ Higher personnel expenses due to the necessary grid expansion
Sustainable Generation Infrastructure
↓ Lower wind yields compared to previous year and long-term average
↓ Temporary negative valuation effects
|
in € m
|
1.1. - 30.9.2021
|
1.1. - 30.9.2020
|
Change in %
|
1.1. - 31.12.2020
|
|---|---|---|---|---|
|
in € m
External revenue
|
1.1. - 30.9.2021
18,720.8
|
1.1. - 30.9.2020
13,682.0
|
Change in %
36.8
|
1.1. - 31.12.2020
19,694.3
|
|
in € m
Adjusted EBITDA
|
1.1. - 30.9.2021
1,972.6
|
1.1. - 30.9.2020
2,062.5
|
Change in %
-4.4
|
1.1. - 31.12.2020
2,781.2
|
|
in € m
Share of Smart Infrastructure for Customers
|
1.1. - 30.9.2021
296.8
|
1.1. - 30.9.2020
216.0
|
Change in %
37.4
|
1.1. - 31.12.2020
335.0
|
|
in € m
Share of System Critical Infrastructure
|
1.1. - 30.9.2021
991.3
|
1.1. - 30.9.2020
1,030.1
|
Change in %
-3.8
|
1.1. - 31.12.2020
1,346.6
|
|
in € m
Share of Sustainable Generation Infrastructure
|
1.1. - 30.9.2021
852.7
|
1.1. - 30.9.2020
961.4
|
Change in %
-11.3
|
1.1. - 31.12.2020
1.277.8
|
|
in € m
Adjusted EBIT
|
1.1. - 30.9.2021
861.0
|
1.1. - 30.9.2020
1,087.4
|
Change in %
98.8
|
1.1. - 31.12.2020
1,391.5
|
|
in € m
Adjusted Group net profit0In relation to the profit/loss attributable to the shareholders of EnBW AG.
|
1.1. - 30.9.2021
729.9
|
1.1. - 30.9.2020
367.2
|
Change in %
-
|
1.1. - 31.12.2020
682.8
|
|
in € m
Earnings per share from Group net profit (€)0In relation to the profit/loss attributable to the shareholders of EnBW AG.
|
1.1. - 30.9.2021
-0.10
|
1.1. - 30.9.2020
0.92
|
Change in %
-
|
1.1. - 31.12.2020
2.20
|
|
in € m
Retained cash flow
|
1.1. - 30.9.2021
892.8
|
1.1. - 30.9.2020
1,113.7
|
Change in %
-19.8
|
1.1. - 31.12.2020
1,638.5
|
|
in € m
Net cash investment
|
1.1. - 30.9.2021
1,433.3
|
1.1. - 30.9.2020
1,035.8
|
Change in %
38.4
|
1.1. - 31.12.2020
1,826.9
|
|
in € m
in € m
|
1.1. - 30.9.2021
30.9.2021
|
1.1. - 30.9.2020
31.09.2020
|
Change in %
Change in %
| |
|
in € m
Net debt
|
1.1. - 30.9.2021
10,861.5
|
1.1. - 30.9.2020
14,406.5
|
Change in %
-24.6
|
Financial and strategic performance indicators EnBW group
EnBW continues to make progress in third quarter and reaffirms earnings growth for 2021
- Full-year guidance stable and unaltered
- No significant impact of coronavirus pandemic
- Marked reduction in net debt
Outlook 2021 confirmed
|
Smart Infrastructure for Customers
|
€ 300 to 375 m
|
|
System Critical Infrastructure
|
€ 1,300 to 1,400 m
|
|
Sustainable Generation Infrastructure
|
€ 1,375 to 1,475 m
|
|
Total
|
€ 2,825 to 2,975 m
|
Facts and figures Q2 2021
Adjusted EBITDA
€ 0 m
Adjusted Group net profit
€ 0 m
Attributable to the shareholders of EnBW AG.
Retained cash flow
€ 0 m
Net debt
€ 0 m
Attributable to the shareholders of EnBW AG.
| Smart Infrastructure for Customers | System Critical Infrastructure | Sustainable Generation Infrastructure | |
| in € m | 208 | 662 | 727 |
Smart Infrastructure for Customers
↑ Improved earnings in the commodity business at all our sales companies
↑ Positive earnings development of our subsidiary SENEC
System Critical Infrastructure
↑ Higher revenue from use of gas and electricity
↓ Higher personnel expense due to the necessary grid expansion
↓ Increase in expenses for balancing energy
Sustainable Generation Infrastructure
↓ Lower wind yields compared to previous year and long-term average
↓ Temporary negative valuation effects related to gas storage
|
in € m
|
1.1. - 30.6.2021
|
1.1. - 30.6.2020
|
Change in %
|
1.1. - 31.12.2020
|
|---|---|---|---|---|
|
in € m
External revenue0The figures for the previous year have been restated.
|
1.1. - 30.6.2021
12,654.7
|
1.1. - 30.6.2020
9,802.5
|
Change in %
29.1
|
1.1. - 31.12.2020
19,694.3
|
|
in € m
Adjusted EBITDA
|
1.1. - 30.6.2021
1,479.4
|
1.1. - 30.6.2020
1,586.6
|
Change in %
-6.8
|
1.1. - 31.12.2020
2,781.2
|
|
in € m
Share Smart Infrastructures for Customers0The figures for the previous year have been restated.
|
1.1. - 30.6.2021
208.0
|
1.1. - 30.6.2020
137.3
|
Change in %
51.5
|
1.1. - 31.12.2020
335.0
|
|
in € m
Share System Critical Infrastructure
|
1.1. - 30.6.2021
661.5
|
1.1. - 30.6.2020
744.9
|
Change in %
-11.2
|
1.1. - 31.12.2020
1,346.6
|
|
in € m
Share Sustainable Generation Infrastructure0The figures for the previous year have been restated.
|
1.1. - 30.6.2021
726.8
|
1.1. - 30.6.2020
819.3
|
Change in %
-11.3
|
1.1. - 31.12.2020
1,277.8
|
|
in € m
Adjusted EBIT
|
1.1. - 30.6.2021
731.7
|
1.1. - 30.6.2020
943.8
|
Change in %
-22.5
|
1.1. - 31.12.2020
1,391.5
|
|
in € m
Adjusted Group net profit0In relation to the profit/loss attributable to the shareholders of EnBW AG.
|
1.1. - 30.6.2021
594.3
|
1.1. - 30.6.2020
370.2
|
Change in %
60.5
|
1.1. - 31.12.2020
682.8
|
|
in € m
Earnings per share (Group net profit) in €0In relation to the profit/loss attributable to the shareholders of EnBW AG.
|
1.1. - 30.6.2021
-0.60
|
1.1. - 30.6.2020
0.68
|
Change in %
-
|
1.1. - 31.12.2020
2.20
|
|
in € m
Retained cash flow
|
1.1. - 30.6.2021
835.7
|
1.1. - 30.6.2020
1,090.8
|
Change in %
-23.4
|
1.1. - 31.12.2020
1,638.5
|
|
in € m
Net cash investment
|
1.1. - 30.6.2021
860.6
|
1.1. - 30.6.2020
590.3
|
Change in %
45.8
|
1.1. - 31.12.2020
1,826.9
|
|
in € m
in € m
|
1.1. - 30.6.2021
30.6.2021
|
1.1. - 30.6.2020
30.6.2020
|
Change in %
Change in %
| |
|
in € m
Net debt
|
1.1. - 30.6.2021
11,847.7
|
1.1. - 30.6.2020
14,406.5
|
Change in %
-17.8
|
Financial and strategic performance indicators EnBW group
EnBW confirms full-year guidance at mid-year 2021
- Operating result through to end of second quarter temporarily below previous year
- Increased investment in renewables and electric mobility
Outlook 2021 confirmed
|
Smart Infrastructure for Customers
|
€ 300 to 375 m
|
|
System Critical Infrastructure
|
€ 1,300 to 1,400 m
|
|
Sustainable Generation Infrastructure
|
€ 1,375 to 1,475 m
|
|
Total
|
€ 2,825 to 2,975 m
|