ENBW ENERGIE BADEN-WÜRTTEMBERG AG • Calmer markets and lower wholesale prices for electricity and gas lead to normalization of operating result
• Significantly increased investment in implementing energy transition
• Guidance confirmed for 2024 financial year
Karlsruhe/Stuttgart. With a workforce of 29,087 (+6%), EnBW generated a Group operating result (adjusted EBITDA) of €1.34 billion in the first three months of the current financial year. This represents a decrease of 23% compared to the first quarter of 2023 (€1.76 billion). The decrease is mainly due to developments in the Sustainable Generation Infrastructure segment; that is, the already expected lower trading margins in the marketing of the company's own generation volumes.
"Last year was characterized by an exceptional market environment. However, the market volatility has lessened in the meantime. We therefore continue to expect earnings in the current financial year to be slightly lower, in a range between €4.6 billion and €5.2 billion. The reason for this is lower revenue from the marketing of electricity generated by our power plants, due to the normalization of the market price level," explained Deputy CEO and CFO Thomas Kusterer.
"However, our integrated portfolio approach means that we have a highly robust business model. That is also confirmed by the capital market. Only this January, we successfully issued another green subordinated bond for a total of €500 million." Kusterer went on to note that the sustainable growth-oriented strategy is already underpinned with confirmed projects. "In renewables, for example, we have substantially expanded investment with the start of construction for He Dreiht, our 960 MW offshore wind farm," Kusterer said. EnBW is also making good progress in other business areas such as grid expansion and electric mobility, he added.
Adjusted Group net profit attributable to the shareholders of EnBW AG decreased to €517 million in the first quarter of 2024 (previous year: €713 million).
The transition to a climate-friendly, decarbonized energy future requires high levels of investment. The EnBW Group's gross investment, at around €1.33 billion, was consequently significantly higher in first quarter of 2024 than in the same period of the previous year. In addition to the He Dreiht offshore wind farm, the majority of this was invested in the expansion of the electricity transmission and distribution grids and the construction of low-carbon, hydrogen-ready, flexibly dispatchable gas-fired power plants.
The segment Sustainable Generation Infrastructure generated adjusted EBITDA of €798 million in the first quarter of 2024, down 37% on the previous year. At around €331 million, adjusted EBITDA in Renewable Energies was 24% down year on year. The year-on-year increase in electricity generation from run-of-river power plants was offset by falling prices in the direct marketing of generation volumes from wind and photovoltaics. In Thermal Generation and Trading, adjusted EBITDA fell by 44% to €467 million. This was because of lower revenue from the marketing of electricity generated by the company's power plants, due to the normalization of the market price level.
The segment System Critical Infrastructure - comprising the electricity and gas transmission and distribution grids - generated adjusted EBITDA of €574 million. This puts segment earnings almost level with the previous year. Lower expenses for grid reserve and redispatch were offset by higher personnel expenses.
The segment Smart Infrastructure for Customers generated adjusted EBITDA of €78 million, compared to zero in the same period of the previous year. This improvement in earnings was mainly due to less pronounced seasonal variation in procurement prices compared to the previous year's period.
Overall, the earnings for the first three months of 2024 thus reflect the previously announced expectations. The full-year guidance for each of the segments and for the EnBW Group consequently remains unchanged. EnBW thus continues to expect adjusted EBITDA at Group level of between €4.6 billion and €5.2 billion in 2024.
in € million |
01/01-31/03/2024 |
01/01-31/03/2023 |
Change in % |
01/01-31/12/2023 |
in € million
External revenue
| 01/01-31/03/2024
10,230.8
| 01/01-31/03/2023
15,971.2
| Change in %
-35.9
| 01/01-31/12/2023
44,430.7
|
in € million
Adjusted EBITDA0The figures for the previous year have been restated. |
01/01-31/03/2024
1,344.9
| 01/01-31/03/2023
1,755.8
| Change in %
-23.4
| 01/01-31/12/2023
6,365.2
|
in € million
Share of adjusted EBITDA accounted for by Smart Infrastructure for Customers in € million/in %0The figures for the previous year have been restated. |
01/01-31/03/2024
77.8 / 5.8
| 01/01-31/03/2023
-0.3 / 0.0
| Change in %
- / -
| 01/01-31/12/2023
239.5 / 3.8
|
in € million
Share of adjusted EBITDA accounted for by System Critical Infrastructure in € million/in %0The figures for the previous year have been restated. |
01/01-31/03/2024
574.1 / 42.7
| 01/01-31/03/2023
584.6 / 33.3
| Change in %
-1.8 / -
| 01/01-31/12/2023
1,772.0 / 27.8
|
in € million
Share of adjusted EBITDA accounted for by Sustainable Generation Infrastructure in € million/in %0The figures for the previous year have been restated. |
01/01-31/03/2024
798.0 / 59.3
| 01/01-31/03/2023
1,267.0 / 72.1
| Change in %
-37.0 / -
| 01/01-31/12/2023
4,647.6 / 73.0
|
in € million
Share of adjusted EBITDA accounted for by Other/Consolidation in € million/in %
| 01/01-31/03/2024
-105.0 / -7.8
| 01/01-31/03/2023
-95.5 / -5.4
| Change in %
-9.9 / -
| 01/01-31/12/2023
-293.9 / -4.6
|
in € million
EBITDA
| 01/01-31/03/2024
1,827.9
| 01/01-31/03/2023
3,954.2
| Change in %
-53.8
| 01/01-31/12/2023
5,738.3
|
in € million
Adjusted EBIT0The figures for the previous year have been restated. |
01/01-31/03/2024
947.0
| 01/01-31/03/2023
1,331.7
| Change in %
-28.9
| 01/01-31/12/2023
4,678.9
|
in € million
EBIT
| 01/01-31/03/2024
1,430.0
| 01/01-31/03/2023
3,530.0
| Change in %
-59.5
| 01/01-31/12/2023
3,341.3
|
in € million
Adjusted Group net profit0The figures for the previous year have been restated.0In relation to the profit/loss attributable to the shareholders of EnBW AG. |
01/01-31/03/2024
516.9
| 01/01-31/03/2023
712.6
| Change in %
-27.5
| 01/01-31/12/2023
2,779.5
|
in € million
Group net profit/loss0In relation to the profit/loss attributable to the shareholders of EnBW AG. |
01/01-31/03/2024
802.6
| 01/01-31/03/2023
2,288.6
| Change in %
-64.9
| 01/01-31/12/2023
1,537.6
|
in € million
Earnings per share from Group net profit (€)0In relation to the profit/loss attributable to the shareholders of EnBW AG. |
01/01-31/03/2024
2.96
| 01/01-31/03/2023
8.45
| Change in %
-64.9
| 01/01-31/12/2023
5.68
|
in € million
Retained cash flow0The figures for the previous year have been restated. |
01/01-31/03/2024
1,094.6
| 01/01-31/03/2023
1,757.8
| Change in %
-37.7
| 01/01-31/12/2023
4,831.5
|
in € million
Net cash investment
| 01/01-31/03/2024
1,054.4
| 01/01-31/03/2023
710.9
| Change in %
48.3
| 01/01-31/12/2023
2,739.8
|
in € million |
31/03/2024 |
31/12/2023 |
Change in % |
in € million
Net debt
| 31/03/2024
11,483.6
| 31/12/2023
11,703.1
| Change in %
-1.9
|
31/03/2024 |
31/03/2023 |
Change in % |
31/12/2023 | |
Employees0Number of employees excluding apprentices/trainees and inactive employees.0The number of empolyees for the ITOs (ONTRAS Gastransport GmbH, terranets bw GmbH und TransnetBW GmbH) is only updated at the end of the year; for intervals of less than a year, the number of employees from 31/12/2023 is carried forward. |
31/03/2024
29,087
| 31/03/2023
27,326 |
Change in %
6.4
| 31/12/2023
28,630 |
Employee equivalents0Converted into full-time equivalents. |
31/03/2024
27,366
| 31/03/2023
25,669
| Change in %
6.6
| 31/12/2023
26,943
|
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EnBW - Energie Baden-Württemberg AG published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 07:02:08 UTC.
