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Enbw Annual Report 2011: 7 March 2012

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Enbw Annual Report 2011: 7 March 2012 Annual Report 2011 Actively shaping the new energy concept p EnBW Energie Baden-Württemberg AG At a glance With revenue in excess of € 18 billion in 2011 and some 20,000 employees, EnBW Energie Baden- Württemberg AG is one of the largest energy companies in Germany and Europe. We generate, trade in, transport and sell energy and operate in the fields of electricity and gas as well as energy andp environ- mental services. We want to achieve sustainable and profitable growth with a balanced business portfolio and smart energy solutions – to the benefit of our partners, customers, employees and owners. Our home market is Baden-Württemberg and Germany, but we also operate in other European markets. Even in a changing energy market, our primary objectives remain the same: supply reliability, environmental protection and profit- ability. This is the basis for the optimum energy mix that we strive for. In addition to the use of conventional energies, the increase in energy efficiency and expansion of renewable energies play an important role here. Time to act We are determined to play an active role in shaping the new energy concept. And renewable energies are of key importance here. We started investing in renewable energies at an early stage. EnBW has a long tradition of generating electricity from hydro-electric power. We have been operating photovoltaic facilities and onshore wind farms since the 1980s and EnBW’s wind turbines have been exploiting wind power at sea since 2011. We are focusing on these activities as well as the generation of electricity with low CO2 emissions and local solution offers and will continue to do so in future. We are aware of the responsibility that we have as an energy provider. In a world of energy that is becoming ever more complex, we tackle and master challenges together with our partners. _ 1 Key figures EnBW group € millions 2011 2010 Variance % Revenue Electricity generation and trading 5,449.0 4,817.0 13.1 Electricity grid and sales 10,742.6 10,192.7 5.4 Gas 1,817.7 1,788.1 1.7 Energy and environmental services 780.4 711.2 9.7 External revenue, total 18,789.7 17,509.0 7.3 Adjusted EBITDA 1 2,453.0 2,858.7 -14.2 EBITDA 1 1,808.7 3,315.0 -45.4 Adjusted EBIT 1 1,598.1 1,926.1 -17.0 EBIT1 670.9 2,124.8 -68.4 Adjusted group net profit 1, 2 647.7 964.3 -32.8 Group net loss / profit 1, 2 -867.3 1,157.2 – Earnings per share from adjusted group net profit 1, 2 in € 2.65 3.95 -32.9 Earnings per share from adjusted group net loss / profit 1, 2 in € -3.55 4.74 – Cash flow from operating activities 1,740.1 2,560.9 -32.1 Free cash flow 3 690.8 1,060.1 -34.8 Recognised net financial liabilities 4 5,353.5 5,641.3 -5.1 Capital expenditure 1,319.0 2,327.9 -43.3 Return on capital employed (ROCE) 1 (%) 11.7 14.2 -17.6 Weighted average cost of capital (WACC) before tax (%) 8.7 9.0 -3.3 Average capital employed 1 15,720.5 15,404.2 2.1 Value added 1 471.6 801.0 -41.1 Energy sales of the EnBW group billions of kWh 2011 2010 Variance % Electricity 155.7 146.9 6.0 Gas 57.4 53.6 7.1 Employees of the EnBW group 5 Number 2011 2010 Variance % Employees (annual average) 20,959 20,450 2.5 1 Prior-year figures restated. 2 In relation to the loss /profit shares attributable to the equity holders of EnBW AG. 3 Free cash flow before financing. 4 Without cash and cash equivalents of the special funds and short-term investments to cover the pension and nuclear power provisions. 5 Number of employees without apprentices and without inactive employees. v and Key figures Key The EnBW group the EnBW group Electricity generation Gas Energy and environmental and trading services Generation / trading / optimisation Procurement Thermal waste disposal 13,402 MW 56.7 billion kWh 1.3 million t Generation capacity, thereof Gas purchased excluding gas Thermal waste disposal capacity 2,538 MW from renewable energies purchased for power stations Contracting Storage facilities 1,290 MW 59.5 billion kWh 269.0 million m3 Installed thermal output Own generation 1 Storage capacity including Etzel gas storage facility Water supply (under construction) 89.5 million m3 Water sold Share in adjusted EBIT 2 Transmission and distribution 80% 15,967 km Gas grid Sales Electricity grid and sales 54.9 billion kWh Gas sold Transmission and distribution 153,166 km Electricity grid Sales 64.5 billion kWh Electricity sold Share in adjusted EBIT 2 Share in adjusted EBIT 2 Share in adjusted EBIT 2 13% 3% 12% 1 Own generation includes long-term procurement agreements and generation from partly owned power stations. 2 Holding / consolidation (share of -8%) not listed in the table. Contents 26 28 30 Actively shaping the new energy concept 26 Securing low-carbon energy: efficient, safe, sustainable 32 Assuming responsibility: Today, we already generate some 11% of our electricity from renew- reliable, motivated, forward-looking able energy sources. By 2020, we aim to have expanded renewable We are responsible for providing energy safely, affordably and energy capacities by 3,000 MW. reliably for our employees, the environment and society. 28 Offering local energy solutions: 34 Creating a new energy world for our customers: based on partnership, smart and environmentally friendly transparent, individual, innovative By offering local energy concepts and new partner models, we can We support our customers with our expertise and innovative energy cater to the needs of municipalities and municipal utilities even solutions, thereby tapping potential for new business segments. better. 30 Encouraging dialogue, public participation and partnerships: committed, cooperative, proactive Not only municipalities and municipal utilities have the opportunity to participate in our energy projects, but also the citizens in their municipalities. 2 _ 32 34 4 Interview with the CEO 8 The Board of Management 10 Report of the Supervisory Board ‹ 16 Time to act 36 Combined management report of the EnBW group and EnBW AG If you have a smartphone that can recognise QR codes, 115 Financial statements of the EnBW group take a photo of these symbols to get more information. 207 Corporate governance NOTE: The content of this report is intended for information purposes only and does not constitute an offer or investment recommendation. For more 225 Service information, please turn to page 232. _ 3 “EnBW is not only actively responding to the intended change but is shaping it in a responsible manner.” Interview with the CEO Hans-Peter Villis the major energy companies. As a result, there are major challenges to be surmounted, but it also opens up new opportunities that we intend to use. To summarise, EnBW is active in shaping the new energy concept and wishes to play an even more active role in future. The change in our major shareholders underlines this objective just as much as our strong roots in Baden-Württemberg. And it is conducive to our partnerships with municipalities and municipal utilities. › How do you assess the situation of the energy industry? Hans-Peter Villis: The industry must align its business models faster than ever before to the new energy policy requirements. The course is set in the direction of local energy generation, preferably on the basis of renewable energies. However, we must not forget the associated, urgently needed expansion of the grids. This restructuring will be shouldered by the energy companies. An immense amount of capital expenditure is required, and it will take a lot › Mr. Villis, 2011 was an eventful year for of time. The great financial burdens that we the German energy industry and EnBW. With face over the next few years do not make the hindsight, how would you describe the fiscal situation any easier. year 2011? Hans-Peter Villis: The dramatic energy › How did the events in Japan in spring 2011 policy changes in Germany not only placed impact EnBW and also your work? a burden on the development of business Hans-Peter Villis: Energy policy was suddenly and, primarily, of earnings but have also had even more the focal point of public interest a general impact on the business models of and therefore automatically the focal point 4 _ Interview with the CEO ‹ Time to act Management report Financial statements Corporate governance Service of communications work. Never before in my the end of 2014, we anticipate sustainable working life so far have I spent so much time improvements in EBIT of € 750 million per in talk shows, at public forums and exchanging year. Secondly, EnBW has increased the vol- ideas with various groups of people. This is one ume of planned divestitures. At the end of important factor, however: the general public 2011, we disposed of a shareholding of around want to be, and should be, involved in deci- 15% in Energiedienst Holding AG (EDH) and sion-making, in the opportunities and also in concluded an agreement on the disposal of the risks of future energy supplies. our non-controlling interests in Poland, which will come into effect in 2012. In the third area, › What are the consequences for the capital measures, EnBW issued a hybrid bond EnBW group arising from the energy policy on the capital market in October 2011, with changes? a volume of € 750 million. Further moves Hans-Peter Villis: The four nuclear power to strengthen equity are in preparation.
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