EnBW’s operating result (adjusted EBITDA) for 2015 amounted to around EUR 2.1 billion, 2.7% lower than in the previous year.
High impairment losses on power plants and increased provisions for onerous contracts for electricity procurement agreements have impacted the company’s operating result to a considerable extent, EnBW reported.
In the 2015 financial year, EnBW achieved slightly higher revenue of around EUR 21.2 billion, compared to EUR 21.0 billion in the previous year.
The Renewable Energies segment achieved an adjusted EBITDA of EUR 287.4 million, marking a growth of 50.2%. Due to the EnBW Baltic 2 offshore wind farm and other onshore projects, the share of the total installed generation capacity accounted for by renewable energies increased from 19.1% in the previous year to 23.6%.
The volume of capital investment of the EnBW Group was EUR 1.46 billion, 25.3% below the figure in the previous year because major projects such as the RDK 8 power plant and the EnBW Baltic 2 offshore wind farm were completed, the company explained.
The company said it continues to focus on the implementation of its “EnBW 2020” strategy.
EnBW said it achieved noticeable cost reductions in 2015, especially in the areas of generation and administration, with plans to reach the desired cost savings of 400 million euro before 2020.
EnBW’s CEO Frank Mastiaux said: “The planned acquisition of the majority shareholding in the gas supplier VNG based in Leipzig means we have significantly strengthened our gas business and taken a major step towards restructuring our company. As a result, EnBW will become the third largest gas supplier in Germany. The gas business will contribute between 15 and 20 percent of the Group operating result in future and thus become an important pillar of the company.”
Speaking about the company’s further plans, Mastiaux said: “Our business activities will be determined by three clear priorities this year: Firstly, the continued rigorous implementation of our EnBW 2020 strategy with its well-established focus on the growth of renewable energies, the grids business and customer-oriented sales. Secondly, we will examine additional measures for improving efficiency in order to combat the further deterioration in the economic environment. Finally, our third priority will be dealing with the question of how we want to position ourselves in the future beyond 2020. This will include discussions about how such things as the increasing digitalisation of the energy business or customer behaviour will shape our future development. The consistent restructuring of the company and its realignment will also remain part of the programme for 2016.”