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EnBW meets 2019 targets

By: Tom Russell 26/03/2020 EnBW

Corporate General

EnBW states that it met its transformation target ahead of time in the 2019 financial year and achieved an earnings growth of 12.7%, with €2.43 billion adjusted EBITDA.

External revenue was approximately €18.77 billion, marking a decrease of 9.9% on the previous year (€20.82 billion), mostly due to lower trading volume combined with lower prices in the gas sector. The number of employees rose to 23,293, an increase of 7 percent on the previous year.

Adjusted EBITDA in the renewable energies segment rose substantially in 2019 to €482.8 million. This corresponds to a strong 62.2% earnings growth compared with the previous year. The improvement is due to earnings contributions from the onshore wind farms acquired in Sweden at the end of 2018 and to the overall improvement in wind conditions at onshore and offshore wind farms in Germany. The Hohe See offshore wind farm contributed to earnings from the fourth quarter of 2019.

“The 2019 financial year was an eventful year in many ways,” said EnBW CFO Thomas Kusterer. He continued: "We took advantage of market opportunities earlier than originally planned and invested in growth by acquiring the French project developer Valeco in the renewables sector and Cologne-based Plusnet in telecommunications. The two large-scale offshore wind farms Hohe See and Albatros were also completed on schedule and on budget. “And we succeeded in delivering operating earnings within our guidance range,” Kusterer said.

The EnBW Group’s capital expenditure, at €3.32 billion in 2019, was significantly higher than in the previous year (€1.77 billion). Most of the increase is attributable to the acquisitions of Valeco and Plusnet in the second quarter of 2019. Further investment went into completion of the Hohe See and Albatros offshore wind farms. EnBW stated that 85% of total gross investment related to growth projects, primarily in grid expansion and renewables.

In the current situation with the corona pandemic, Mastiaux said, the company moved quickly to take wide-ranging and to date highly effective countermeasures to safeguard people’s health while securing energy supplies.

“As of today, the corona crisis has not yet had any significant impact on our operating business,” Thomas Kusterer explained. “Depending on the duration and intensity of developments going forward, we cannot rule out delays on individual projects. It is too early to be able to say more.”

EnBW plans to invest in the further expansion of renewable energies in Germany and selected foreign markets, including North America and the Asia-Pacific region. It aims to realise at least 3,500 MW of output in the wind power sector– both offshore and onshore – by 2025.

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EnBW meets 2019 targets

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