Financial performance January - March 2009: First quarter shows stable development of business

Revenue increases by 8.6% / energy sales fluctuate on account of economic slowdown / adjusted EBIT improves by 8.0% to 697 million

Karlsruhe, (PresseBox) - EnBW Energie Baden-Württemberg AG started the current fiscal year with generally stable business development. According to the financial performance of the first quarter of 2009 published in Karlsruhe today, the group's revenue rose by 8.6% to 4,792 million compared to the first quarter of the prior year. The comparatively cold and long winter had a positive effect on the development of revenue, by significantly boosting demand, in the gas segment in particular.

Accordingly, the revenue recorded by the gas segment rose 35.3% to 1,212 million. In the electricity segment, the revenue generated in the first three months of the year came to 3,401 million (+1.6%); in the energy and environmental services segment it was close to 180 million (+6.1%).

In terms of unit sales of energy, however, EnBW saw a range of varied developments. Due to the severe decline in the economy, unit sales of electricity to industrial customers and redistributors (B2B customers) were down 13.5% to 13.5 billion kilowatt-hours. This decrease in unit sales reduced the profit for the first quarter of 2009 by some ? 50 million. Unit sales with retail customers, on the other hand, climbed 2.9% to 7.1 billion kilowatt-hours. In the gas segment, EnBW recorded a further increase in unit sales, with retail customer as well as with industrial customers and redistributors. Gas sales to retail customers rose by 15.1% to 6.1 billion kilowatt-hours. Sales to industrial customers and redistributors reached 21.4 billion kilowatt-hours, which is an increase of 2.9%.

Adjusted earnings before interest and taxes (adjusted EBIT) improved by 8.0% in the first quarter of 2009 to 697 million. In the electricity segment, it was up 6.5% to 600 million. "This increase is attributable above all to a higher generation margin. Negative effects arose from the higher costs for the procurement of electricity, fuels and CO2 allowances," said Rudolf Schulten, EnBW's CFO.

In the gas segment, adjusted EBIT was 25.7% above the prior-year figure, reaching ? 101.3 million in the reporting period. The reasons for this include higher unit sales as a consequence of the colder winter and an increase in earnings in the network sector. In the energy and environmental services segment, adjusted EBIT increased by 14.2% to 29.0 million on account of improved earnings in the disposal area.

Adjusted for these extraordinary effects, group net profit in terms of the profit shares attributable to the equity holders of EnBW AG (adjusted group net profit) amounted to 425 million in the first quarter. In relation to the comparative period from 2008, adjusted group net profit was thus up 6.5%.

With capital expenditures on intangible assets and property, plant and equipment of 231 million, EnBW made further progress with its growth programme in the first quarter of 2009. Capital expenditures were 81 million or 54.5% higher than in the first quarter of the prior year. A large portion thereof was accounted for by the construction of the RDK 8 hard coal power station in Karlsruhe and the hydro-electric power station in Rheinfelden as well as by the first payments in connection with implementation of the first commercial offshore wind farm project in Germany - Baltic 1 in the Baltic Sea.

Hans-Peter Villis, CEO of EnBW: "We consider investments in growth to be sensible, specifically in the current challenging economic environment.

They are imperative for EnBW because we plan with foresight and intend to remain a reliable energy supplier for our customers in the long term. Consequently, the investments we make today contribute to the company's future sustainability."

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