Investor Update 2015» EnBW Energie Baden-Württemberg AG March 2015
We delivered Adj. EBITDA -2.6 % ( 2,167.4m) Outlook 2014: 0 to -5 % (2013: 2,224.7m) Dynamic debt ratio 3.68 Outlook 2014: 3.4 to 3.8 (2013: 3.27) Divestiture programme -529m Outlook 2014: increase (2013: - 292m) Investment programme 1.96bn Outlook 2014: increase (2013: 1.1bn) Free cash flow 330m Outlook 2014: > 0 (2013: 1,168.2m) ROCE 10.0 % Outlook 2014: 8.0 to 9.0 % (2013: 9.7 %) FOKUS efficiency programme > 750m Outlook 2014: > 750m (2013: 624m) Dividend policy 39 % 2 Outlook 2014: around 40 to 60 % 1 (2013: 40 %) 1 In principle, EnBW s objective is to pay out 40% to 60% of adjusted group net profit as dividend. 2 0.69:Dividend proposal for the fiscal year 2014, subject to the approval of the annual general meeting on 29 April 2015 2
In 2014 we continued our growth path and streamlined our portfolio Economic and regulatory environment Ongoing pressure on electricity wholesale market prices Network reserve capacity contracts Costs for establishment and maintenance of operational readiness Electricity generation expenses No reimbursement of capital costs Final political decisions have to be taken Financial market Interest rate on a historically low level Operating performance Acqusition of GVS and terranets Commissioning of RDK 8 Commissioning of wind farm Balabanli in Turkey Sale of OSD Schäfer Sale of 75 % share of Bexbach power station Implementation of participation model for EnBW Baltic 2 Acquisition of project Albatros ~ 400 MW approved offshore capacity Leaner structure as ONE EnBW Financial performance More than 1bn impairments on conventional generation plants Almost 1.5bn increase of pension provisions due to further reduction of interest rate Capital markets 1.75bn: bonds issued Ratings in A category 1.5bn syndicated loan facility until 2019 330m free cash flow positive 3
In 2015 we will increase our adj. EBITDA in the segments Sales and Renewables Adjusted EBITDA 2014 Outlook 2015 1 Group 2,167 million 0 % to -5 % Sales 231 million +10 % to +20 % Grids 886 million 0 % to -10 % Renewable Energies 191 million > 20% Generation and Trading 900 million -15 % to -25 % 1 In comparison with adjusted EBITDA 2014 4
Interest rates EnBW has already started its agenda in 2013 to regain the company s profitability until 2020 Business segments 2012 Adj. EBITDA 2020 Main value drivers Generation and Trading 1.2 bn -80% 0.3 bn Wholesale market prices Efficiency Renewable energies 0.2 bn +250% 0.7 bn Expansion Regulatory framework Grids 0.8 +25% 1.0 bn bn Approval process Regulatory environment Sales 0.2 bn +100% 0.4 bn Efficiency Customer proximity 5
EnBW lost >3 bn of financial flexibility since 2011 due to low interest rates Gross pension obligations incl. CTA in millions Thereof interest effect: 2,376 +57% Nuclear provisons in millions Thereof interest effect: 808 +23% 1,102 7,664 8,071 4,395 5,494 1,069 CTA 5,786 6,584 6,849 4,575 5.25% 3.8% 3.75% 2.2% Discount rates 5.5% 5.4% 5.0% 4.8% 2011 2012 2013 2014 2011 2012 2013 2014 6
Efficiency measures partly compensate for lower generation and trading margins Hedge levels 1 in % 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 1 As of 29 December 2014 100 % 2015 55 80 % 10 35 % 2016 2017 In the Generation and Trading segment, in 2014 EnBW improved the adjusted EBITDA Commissioning of RDK 8 with a significant rise in efficiency despite the thightening Clean Dark Spread Significantly higher earnings effects from efficiency measures EnBW s negotiations with BNetzA led to reimbursement of costs in the second half of 2014 7
EnBW took care and has provided for its future obligations sufficiently EnBW s CF-based Asset Liability Management: LT-obligations do not affect OCF negatively in million 1.000 800 2028: 100% coverage Right Hand Side Provisions Financial assets 16.000 12.000 600 Cash outflows from provisions 8.000 Max. 300m p.a. OCF contribution 1 400 200 Asset contribution 4.000 0 1 adjusted for inflation OCF contribution 2014 2018 2022 2026 2030 2034 2038 2042 No further contribution of OCF required 0 8
EnBW continues investing in low-risk business segments Investments and divestitures 2015 2017 in billion Total Investments 2015-2017 4.0 investments 9.3 % Sales Divestitures 1.9 Supplier offering decentralised solutions Expansion of smart meter 33.1 % Renewable Energies Offshore projects and onshore wind farms Completion of EnBW Baltic 2 Reorganisation of portfolio 2012 to 2020 in billion Total investments Already approved capital expenditure and maintenance 14.1 7.0 Divestiture Participation models, disposal and other 14.1 5.1 49.8 % Grids Net investment 2.1 Transmission grid: Construction of two corridors of the network development plan Distribution grid: Expansion/modernisation of existing grids to ensure security of supply 7.8 % Generation and Trading EnBW 2020 7.1 Net investment 9.0 Completion of CCGT (Lausward) Replacement investments 9
EnBW is going to increase the share of renewable energies in adj. EBITDA to 30% by 2020 Completion of EnBW Baltic 2 288 MW in 2015 EBITDA contribution of ~ 200m p.a. Acquisition of offshore wind project Albatros ~ 400 MW approved capacity in the North Sea Onshore wind farms in Germany with about 200 MW 730 MW under development Onshore wind farms of 186 MW in Turkey with JV Borusan 180 MW under construction At-equity consolidated activities Focused investments in the next years Further implementation of participation models 10
Focusing on grid expansion, EnBW s share of regulated business will increase to 40 % in 2020 Significant grid investments in the years to come due to installed renewable capacity, particularly solar and wind onshore Expansion from 2015 to 2017 Construction of two corridors of the network development plan Expansion and modernisation of distribution grids Costs for construction of SuedLink mainly after 2017 Strengthening of the next base years opex and capex wise Gas in 2015 Electricity in 2016 Exert influence on the possible adjustment of the revenue based regulatory regime 11
Further transformation towards value-added services brings the sales segment forward Current situation: Performance 2014 below expectations, partially due to warm weather at year-end 2014 Highly competitive B2B commodity business Challenging growth targets in decentralised solutions business not met yet First successful steps in providing billing services to third parties The way forward: New management team led by Dr. Susan Hennersdorf since Nov 2014 Strategy 2020 targets unchanged Business models and organisational set-up under review: Accelerate decentralised solutions and customer-focused services Streamline and focus B2B commodity business Further expansion of strong brands in B2C business Increase accountability, commercial drive and speed to market throughout organization 12
Rigorously following EnBW s strategy 2020 our focus is on financial discipline and stability EnBW is a reliable participant in the capital markets Improved risk-returnprofile EBITDA contribution from low-risk business already at 50 % Share of low-risk business more than 70 % in 2020 Cost and capex control Divestitures to generate further financial headroom for investments Summary Asset Liability Management focused on cash flows No negative effect on operating cash flow 400 million p.a. sustainable efficiency enhancement until 2020 Optimisation of structures and processes Sales activities: growth and efficiency Profitability of the conventional generation Continuous improvement Strategy 2020 13
Questions & Answers»
Appendix EnBW 2020... page 16 Figures FY 2014... page 18 Sustainability KPIs... page 32 EnBW at a glance... page 35 Financial profile... page 36 Rating... page 38 Dividend policy / shareholder structure... page 39 Calendar 2015... page 41 IR contact... page 42
EnBW 2020 Strategy Energiewende. Safe. Hands on. Energiewende. Safe. Hands on. Customer proximity Engine room of the Energiewende Where shall we play? End customer business electricity and gas Energy-related services/ energy efficiency (defined B2C and B2B segments, increasing for municipal utilities and local communities) Trading and origination From the region of BaWü into D, A, CH and Turkey Wind onshore, offshore and hydropower Conventional generation located mainly in BaWü Transport and distribution grid infrastructure managed from BaWü into neighbouring regions (also as service provider) How can we win? System competence of energy Innovative capability and innovation management Strong brand portfolio Stringent performance management Partnerships and fostering of dialogue With an excellent team Operational excellence Infrastructure in the energy industry Regulatory management Active opportunities for third parties to invest and participate What should our structure be? Building up of an innovation campus Acquisition of/joint-venture with energy-related companies Simple and functional management with simple structures, flat hierarchies and lean processes Maximum efficiency Stringent cost orientation for defined quality level (target costing) Simplicity and standardisation Technological development partnerships 16
Development EnBW 2020 is divided in three clearly defined phases Platform Create the right platform Customer focus and innovation Performance and portfolio Process, structures and organisation Business model Reputation Lift-off Achieve full potential Optimisation and continuous improvement Growth areas make first contributions High-performance team Ideal partnerships Eagle Top-quartile products & services For targeted customer segments For special energy ecosystems EnBW: first energy company entirely focussed on the customer 2012 2015 2017 2020 17
Fiscal year 2014 Operating results confirm outlook Revenue in million 1 20,545 Adjusted EBITDA 21,003 in million 1 2,225 2,167 2.2 % -2.6 % 2013 2014 2013 2014 Adjusted group net profit in million 1,2 462 479 Non-operating EBIT in million 1 2013 2014 3.7 % 462 479-309.1 % -315 2013 2014-1,290 1 Prior-year figures restated 2 Of which profit/loss shares attributable to the shareholders of EnBW AG 18
Non-operating EBIT in detail Extraordinary write-downs on power plants in million Income from write-ups on power plants Economic Addition to provision write-downs for onerous contracts on power plants relating to electricity procurement agreements Other Non-operating EBIT 350-910 -434-1,260 54-1,290 19
Sales Segment Profitability slightly below expectations Electricity sales in TWh B2C 51.1 17.2 47.0 15.8 Gas Sales in TWh B2C 67.7 10.1 71.1 8.7-8 % 5 % B2B 33.9 31.2 B2B 57.6 62.4 2013 2014 2013 2014 Adjusted EBITDA in million 227.1 230.6 Key messages Positive earnings development of electricity sales: Optimisation measures in the customer portfolio (EnBW 2020 strategy) and cost efficiency measures 1.5 % Negative earnings development in gas sales: Extraordinary high temperatures, especially in Q4 Earnings from the increased marketing of decentralised solutions below expectations, particularly in Q4 2014 2013 2014 Investments: 76.4m, above prior-year level ( 56.8m) 20
Grids Segment Weather-related lower transmission volumes Transmission volume in TWh 1 95.7 90.1 Development of transmission volumes in TWh 1 Electricity Gas 67.9 65.8 27.8 24.3-5.9 % -3.1 % -12.6 % 2013 2014 2013 2014 2013 2014 Adjusted EBITDA in million 961.8 886.3 Key messages Transmission volumes decreased due to the milder temperatures -7.8 % Positive extraordinary items from the preceding regulatory period in 2013 no longer applied Investments: With 521.6m 12.9% above 2013 ( 462m) 2013 2014 1 Distribution only 21
Renewable Energies Segment EBITDA driven by the delayed ramp-up of Baltic 2 Generation volume in TWh 1 6.3 6.1 Development of renewables generation mix in TWh 1 6.3 6.1-3.2 % - 3.2 % Run-of-river 5.5 5.3 Wind Other 0.3 0.5 0.5 0.3 2013 2014 2013 2014 Adjusted EBITDA in million 2 220.2 191.4 Key messages Delayed commissioning of offshore wind farm EnBW Baltic 2, which will start operating in 2015-13.1 % Lower electricity generation and negative price effects led to a decline in adjusted EBITDA from run-of-river power plants Wind-related higher earnings from Baltic 1 and commissioning of new onshore wind facilities 2013 2014 Construction of our offshore wind farm Baltic 2 doubled investments to 610.8m compared to 2013 ( 316.5m) 1 Includes long-term procurement agreements and generation from partly owned power stations; the figures indicated are taken from the segments; segment excludes generation from pump storage plants that is associated in the generation and trading segment; 2 Prior-year figures restated 22
Generation & Trading Segment Challenging environment compensated Conventional & nuclear generation volume in TWh 1,2 51.8 51.2-1.2 % Development of fossil generation mix in TWh 1,2 51.8 51.2 Hard coal 18.2 16.4 Other² 3.5 3.3-1.2 % Nuclear 23.0 24.9 Lignite 7.1 6.6 2013 2014 2013 2014 Adjusted EBITDA in million 3 839.0 899.5 Key messages Increased margin due to commissioning of RDK8 with significantly increased efficiency 7.2 % Ordinance on Reserve Power Plants: cost reimbursement in second half of the year Significantly increased earnings effects from efficiency measures 2013 2014 Investments: 476.5m, significantly higher than 2013 ( 207.4m). Main investments were RDK 8 and CCGT in Düsseldorf 1 Includes long-term procurement agreements and generation from partly owned power stations; the figures indicated are taken from the segments 2 Segment includes pump storage plants; 3 Prior-year figures restated 23
Decline in FFO mainly attributable to Adjusted EBITDA development EBITDA in million 1 FFO in million 1 +6.9 % - 9.6 % 1,999.7 2,137.3 73.2 Provisions -350.3-254.9-84.3-15.1 1,505.9 1,665.3 Revaluation Taxes paid Other Interest / dividend 2013 2014 2014 2013 1 Prior-year figures restated 24
Free cash flow driven by higher capex FFO in million 1 Free Cash Flow in million 1-9.6 % 1,665.3 1,505.9 254.7-1,430.4 Working capital - 71.7 % 1,168.2 330.2 2013 2014 Investments/ Divestments 2014 2013 1 Prior-year figures restated 25
Increased net present value of provisions counterbalanced adjusted net debt reduction Adjusted Net Debt in million 1-7% +10% 7,983 7,271-1,506 1,463-500 262 6,735 1,247-255 FFO Working capital Net investments, acquisitions, divestitures Equity character of hybrid bond Dividends Non-cash payment effects (addition of accrued interest, provisions, ) December 2013 December 2014 1 Prior-year figures restated 26
Non-operating result Non-operating result in million 1 2014 2013 Income/expenses relating to nuclear power -30.1-119.4 Income from the release of other provisions 36.4 126.3 Result from divestitures 96.3 34.6 Addition to the provision for onerous contracts relating to electricity procurement agreements -433.6-211.0 Earnings from write-ups 350.3 0.4 Restructuring -45.0-13.7 Other non-operating result -4.4-42.2 Non-operating EBITDA -30.1-225.0 Unscheduled write-downs -1,260.3-90.4 Non-operating EBIT -1,290.4-315.4 Non-operating investment result -47.8-18.6 Non-operating financial result -92.6-271.3 Non-operating income taxes 473.8 166.1 Non-operating group net loss -957.0-439.2 of which profit/loss shares attributable to non-controlling interests (-26.9) (-27.9) of which profit/loss shares attributable to the equity holders of EnBW AG (-930.1) (-411.3) 1 Prior-year figures restated 27
Calculation of adjusted net debt Adjusted Net Debt in million 13,182.0-9,602.6 7,129.1-2,657.4 Reserve fund -68.5 7,982.6 Other Adjusted financial liabilities Cash and cash equivalents Pension and nuclear power provisions (net) December 2014 28
Change in working capital mainly due to decrease in trade receivables/payables Change in working capital 2014 in million Working capital effects -670-255 Trade receivables/ payables 133 Derivatives 69 Inventories 213 Other 29
Income statement Income in million 1 2014 2013 Variance Revenue 21,002.5 20,544.8 457.7 Changes in inventories/own work capitalised 93.5 56.6 36.9 Cost of materials -17,511.7-17,078.0-433.7 Personnel expenses -1,620.2-1,536.6-83.6 Other operating income/expenses 173.2 12.9 160.3 EBITDA 2,137.3 1,999.7 137.6 Amortisation and depreciation -2,137.2-975.6-1,161.6 EBIT 0.1 1,024.1-1,024.0 Investment and financial result -609.8-853.4 243.6 EBT -609.7 170.7-780.4 Income tax 222.1-48.4 270.5 Group net profit/loss -387.6 122.3-509.9 of which profit/loss shares attributable to non-controlling interests (63.1) (71.3) (-8.2) of which profit/loss shares attributable to the equity holders of EnBW AG (-450.7) (51.0) (-501.7) 1 Prior-year figures restated 30
Cash flow statement Free cash flow in million 1 2014 2013 Variance in % Operating cash flow 1,775.7 1,919.1-7.5 Change in assets and liabilities from operating activities -254.7-318.1-19.9 Interest and dividends received 323.5 368.0-12.1 Interest paid for financing activities -338.6-303.7 11.5 Funds from Operations (FFO) 1,505 9 1,665.3-9.6 Change in assets and liabilities from operating activities 254.7 318.1-19.9 Capital expenditures on intangible assets and property, plant and equipment -1,704.4-1,060.2 60.8 Cash received from disposals of intangible assets and property, plant and equipment 194.1 172.4 12.6 Cash received from construction cost and investment subsidies 79.9 72.6 10.1 Free cash flow 330.2 1,168.2-71.7 1 Prior-year figures restated 31
Sustainability Integrated Reporting & Scores in Standards and Rating Integrated Reporting Scores in Standards and Rating www.enbw.com/enbw-report-2014 Concise description of business model (including integrated sustainability strategy) (pp. 14-17) Inclusion of non-financial KPI s (pp. 24-25) Employee-, Environment-, Customer- goal dimension with short-, mid-, long-term goals Description of interaction of financial and non-financial key performance indicators (pp. 27-28) Separate chapters on Stakeholder management (pp. 32-34) Procurement (pp. 37-38) Non-financial performance indicators (pp. 61-66) Inclusion of sustainability component in the Board of Management remuneration (p. 88) Reporting in accordance with UN Global Compact (Communication on Progress) and GRI G3.1 reporting guidelines (pp. 2-3) Global Reporting Initiative Carbon Disclosure Project (CDP) Oekom Research 2012: Level A (GRI-checked) 2013: Level A+ (GRI-checked) 2014: Level A+ (GRI-checked) Next year EnBW will switch to G4-Standard 2011: 70 C; 2012: 67 C; 2013: 94 A EnBW is a member of the CDP Climate Performance Leadership Index 2014 2012: C 2014: C+ EnBW belongs to utilities frontrunner group 32
Sustainability - Integrated Governance & Selection of non-financial indicators Integrated Governance Non-financial goals and KPIs are part of the corporate Performance Management System We have implemented measurable indicators that are economically, environmentally and socially relevant Selected figures from our sustainability reporting in 2014 were verified by external auditors as part of our assurance engagement Selection of non-financial indicators Renewable energies (RE) inst. capacity in GW and RE share in generation capacity in % >40.0 2.6 19.1 2013 2.6 19.1 2014 Installed capacity remains constant in 2014 5.0 2020 Extensive pipeline of onshore and offshore projects in Employee Commitment Index (ECI) 58.0 56.0 65.0 2013 2014 2020 Slight fall in 2014 Satisfactory result against difficult background conditions Lost Time Injury Frequency (LTIF) 5.9 2013 At stable level 4.3 Yearearlier figure 2014 2020 Fall in average days of absence of present (12.5-10.5) 33
Sustainability is part of EnBW s strategy Engine room of the Energiewende Customer proximity Onshore renewable energy Widespread portfolio of power generation assets based on renewable energies: Hydro Onshore wind Solar Biomass Geothermal Offshore renewable energy EnBW Baltic 1 offshore wind farm already in operation since 2011 (48 MW) At present we are building EnBW Baltic 2, an offshore wind farm with a generation capacity of 288 MW Sustainable Town EnBW supports municipalities on their way to a sustainable energy supply (for ex. Leutkirch, Ehingen and Riedlingen) Fields of action: Decentralised energy systems Energy efficiency Innovative mobility concepts EnBW Energy Efficiency Networks The Networks enable associations of ~15 companies to go about energy topics Services of EnBW: Setting up the local networks Analysis of the specific energy situation Organisation of quarterly networking meetings Information about new technical developments 34
EnBW at a glance 1 Based on strong roots in Baden-Württemberg Number 3 in Germany with approx. 5.5 million customers With a generation portfolio of14 GW one of the most important utilities in Germany and Europe Reliable shareholder structure (OEW, federal state of BW, municipal associations) Generation and Trading & Grids are our main performance drivers Generation & Trading: EBITDA 2014: 899.5 million (41.5% share of the adj. EBITDA for the Group) Lowest CO 2 emissions in Germany (363 g CO 2 /kwh 2 ) EBITDA 2013 Grids: 886.3 million (40.9% share of the adj. EBITDA for the Group) Active in selected foreign markets Currently 7 % of revenue outside of Germany Profitable shareholdings in core markets abroad e.g. Turkey: generation gap, CZ: Strong regional growth in capital city Electricity Generation Trading/ procurement Transmission/ distribution Sales Gas Import contracts/ infrastructure Storage Trading/ portfolio management Transport/ distribution Sales 1 Annual Report 2014 all figures stated as of 31. December 2014; 2 In comparison to the biggest competitors 35
EnBW s flexible access to financing sources supports its strong liquidity position Commercial paper programme Syndicated loan facility Bilateral shortterm lines o. credit Euro Medium Term Note prog. Other measures 2.0 billion (undrawn as of 31 Dec 2014) 1.5 billion (undrawn as of 31 Dec 2014) 352 million (undrawn as of 31 Dec 2014) 7.0 billion ( 4.2 billion utilised as of 31 Dec 2014) 2 billion Hybrid bonds 822 million Capital increase (July 2012) Details of the syndicated loan facility: As of 21 July 2014 reduced facility amount of 1.5 billion until July 2019 Prolongation option in 2015 respectively 2016 for a further year each until July 2021 at the latest Fixed margin 36
Favourable maturity profile and proactive funding puts EnBW in a comfortable financing situation Maturities of EnBW s bonds in million 1 1,000 1,000 2 1,000 4 1,000 1,000 900 800 700 750 833 3 700 600 500 500 500 500 400 300 200 100 83 3 100 138 5 50 2015 2016 2017 2018 2021 2023 2025 2026 2034 2038 2039 2044 2072 2076 1 As of 31 Dec 2014; 2 First call date of hybrid maturing in 2072; 3 Including CHF 100m converted as of the reporting date 31 Dec 2014; 4 First call date of hybrid maturing in 2076; 5 Nominal with conversion as of the reporting date 31 Dec 2014 37
Rating overview: a sound financial policy has allowed EnBW to maintain an A category rating Unchanged A ratings of Moody s, S&P and Fitch A3/negative (15 December 2014) The conventional generation market remains challenging, the EnBW strategy 2020 aims to compensate for the negative effects of the changes to the market EBITDA mix subject to a low risk, increasing share of stable profit streams Continuous implementation of measures to retain creditworthiness Provisions for nuclear sector and pensions covered by more than 70 % by financial investments A-/stable (10 December 2014) Strong competitive position on the regional market Increasing share of low-risk regulated activities, lower volatility for future operating cash flow Unfavourable market conditions, particularly in the area of electricity generation Coverage ratio for pension and nuclear power provisions of more than 70 % A-/stable (15 August 2014) Strengthening of future business profile due to a focus in the area of on renewables and regulated grids business Strong liquidity position, access to capital markets and financial flexibility regarding investments and dividends Better coverage of provisions than German competitors due to earmarked financial investments Structural challenges in area of electricity generation, risks in the implementation of the company s strategy and increasing costs for the decommissioning and dismantling of the nuclear power plants Rating / Rating outlook 2014 2013 2012 2011 2010 Moody s A3/negative A3/negative A3/negative A3/negative A2/stable Standard & Poor s A-/stable A-/stable A-/stable A-/stable A-/negative Fitch A-/stable A-/stable A-/stable A-/stable A/stable 38
EnBW s dividend policy gives sufficient flexibility to support financial strength Two key levers influence dividend trigger Operating performance Scope of the investment programme EBITDA Net financial liabilities Dynamic leverage ratio: Net debt/ebitda Adequate payout ratio: around 40% to 60% of adjusted group net profit 39
Shareholders OEW Energie-Beteiligungs GmbH NECKARPRI-Beteiligungsgesellschaft mbh 1 46.75% 46.75% Badische Energieaktionärs-Vereinigung Gemeindeelektrizitätsverband Schwarzwald-Donau Neckar-Elektrizitätsverband EnBW Free float 2.45% 0.97% 0.63% 2.08% 0.39% Stock exchange information Stable A Rating ISIN/security ident. no. Stock exchange abbreviation Stock markets Transparency level Indices Number of shares 276,604,704 Class of share Ordinary no-par value bearer shares DE0005220008/522000 Bloomberg EBK GY/reutersEBK/EBKG.DE Regulated market: Frankfurt and Stuttgart; over-the-counter trading: Berlin, Munich General Standard General All Share, DAXsector All Utilities, CDAX 1 100% subsidiary of NECKARPRI GmbH which is a 100% subsidiary of the federal state of Baden-Württemberg 40
Financial calendar 2015 29 April 2015... Annual General Meeting 2015 12 May 2015... Interim report: January March 2015 Conference time: 15:00 CET 30 July 2015... Interim report: January-June 2015 Conference time: 15:00 CET 13 November 2015... Interim report: January September 2015 Conference time: 15:00 CET 41
EnBW s team Frank Mastiaux Chief Executive Officer Thomas Kusterer Chief Financial Officer Ingo Peter Voigt Senior Vice President Head of Finance, M&A and Investor Relations T +49 721-6314375 i.voigt@enbw.com Julia v. Wietersheim Senior Manager Investor Relations T +49 721-6312060 j.vonwietersheim@enbw.com Peter Berlin Director Capital Markets T +49 721-6312844 p.berlin@enbw.com Julia Minges Manager Investor Relations T +49 721-6312697 j.minges@enbw.com 42