EnBW Energie Baden Württemberg : Integrated Annual Report 2020

Integrated

Annual Report 2020

Excluding the notes and the declaration of corporate management

AMBITION

EnBW 2020 strategy successfully concluded

Corporatestrategy

Earnings target exceeded:

€2.8 billion

adjusted EBITDA in 2020

Transformation of portfolioEfficncy agenda

We are focusing on grids, renewable energies, gas and smart products. This includes the expansion of e-mobility and broadband.

Realignment and growth

Adjusted EBITDA in € billion

The earnings target for 2020 was already achieved in 2019. We have saved every third euro of our controllable costs - without job cuts. We invested more than €17 billion over-all in the transformation, of which €12 billion in activities related to the Energiewende.

3.2

0.6

2.8

0.3

2.4

2.4

1.3

0.2 0.8

0.2 1.2

0.8

0.4

1.0

0.7

0.3

1.3

1.3

Sales

Grids

Renewable Energies

Generation and Trading

Smart infrastructure

for customers

0.4

System critical

infrastructure

Sustainable generation

Actual value 2012

Target for 2020

Actual value 2020

Target for 2025

infrastructure

EnBW 2020 strategy ›

Cultural change

Streamlining the organizational structure, working across departments, new leader-ship models, open working worlds and even innovation processes will transform the company from the inside out.

EnBW 2025 strategy ›

We are now transforming our-selves from a traditional energy company into a sustainable and innovative infrastructure partner.

Target: an operating result of €3.2 billion in 2025

Clear emphasis on susinability:

» Climate neutrality by 2035 with respect to our own emissions » 25-point sustainabilityprogram

See p. 2 ff.

Our top priorities were the health of employees and the security of supply.

The coronavirus pandemic only had a moderate economic impact on earnings.

See rear cover pages

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EnBW2020strategysuccessfullyconcluded

Performance indicators of the EnBW Group

Financial and strategic performance indicators

EBITDA

Adjusted EBIT EBIT

Adjusted Group net profit

Retained cash flow 

in € million	2020	2019	Change in %
External revenue1	19,694.3	19,435.7	1.3
 Adjusted EBITDA	2,781.2	2,432.5	14.3
 Share of adjusted EBITDA accounted for by Sales in € million / in % 1	335.0/12.0	325.9/13.4	2.8/-
 Share of adjusted EBITDA accounted for by Grids in € million/in %1	1,346.6/48.4	1,355.3/55.7	-0.6/-
 Share of adjusted EBITDA accounted for by Renewable Energies in € million/in %1	835.6/30.0	499.3/20.5	67.4/-
 Share of adjusted EBITDA accounted for by Generation and Trading in € million/in %1	442.2/15.9	426.4/17.5	3.7/-
Share of adjusted EBITDA accounted for by Other/Consolidation in € million/in %1	-178.2/-6.3	-174.4/-7.1	-2.2/-
EBITDA	2,663.3	2,245.2	18.6
Adjusted EBIT	1,391.5	944.7	47.3
EBIT	1,102.7	596.7	84.8
Adjusted Group net profit 2	682.8	786.8	-13.2
Group net profit 2	596.1	734.2	-18.8
EnBW share price as of 31/12	56.0	50.5	10.9
Earnings per share from Group net profit/loss in €2	2.20	2.71	-18.8
Dividend per share/dividend payout ratio in %3, 4	1.00/40	0.70/40	42.9/-
Retained cash flow	1,638.5	1,240.7	32.1
 Internal financing capability in %1	102.8	90.0	-
Net cash investment 1	1,826.9	2,481.4	-26.4
Net debt	14,406.5	12,852.4	12.1
Net financial debt	7,231.9	6,021.6	20.1
 Return on capital employed (ROCE) in %	6.3	5.2	-
Weighted average cost of capital before tax in %	5.2	5.2	-
Average capital employed	23,025.6	19,315.1	19.2
Value added	253.3	0.0	-

Change

in %

Non-financial performance indicators





2020	2019	Change in %
Customers and society goal dimension
 Reputation Index	55.5	52.8	5.1
 EnBW/Yello Customer Satisfaction Index	132/159	116/157	13.8/1.3
 SAIDI (electricity) in min./year	15	15	-
Environment goal dimension
 Installed output of renewable energies (RE) in GW and the share of the generation capacity accounted for by RE in %	4.9/39.0	4.4/31.8	18.9/-
 CO2 intensity in g/kWh5, 6	372	419	-11.7
Employees goal dimension
 People Engagement Index (PEI) 7	83	-	-
 LTIF for companies controlled by the Group8, 9/LTIF overall8	2.1/3.6	2.1/3.8	-/-5.3

Change

in %

Employees10

Employees

Employee equivalents

31/12/2020	31/12/2019	Change in %
Employees	24,655	23,293	5.8
Employee equivalents 11	23,078	21,843	5.7

Change in %

• 1 The figures for the previous year have been restated.

• 2 In relation to the profit/loss attributable to the shareholders of EnBW AG.

• 3 For 2020, subject to approval from the ordinary Annual General Meeting on 05/05/2021.

• 4 Adjusted for the valuation effects of IFRS 9 in 2019.

• 5 Includes redispatch deployment.

• 6 Nuclear generation is not included in the calculation for the key performance indicator CO₂ intensity. The CO₂ intensity including nuclear generation for the reporting year was 268 g/kWh (previous year: 235 g/kWh).

• 7 The performance indicator was reported for the first time in 2020 and replaces the Employee Commitment Index (ECI). There is no value for 2019 and no forecasted value for 2020 available.

• 8 Variations in the group of consolidated companies (all companies with more than 100 employees, excluding external agency workers and contractors, are generally considered).

• 9 Except for companies in the area of waste management.

• 10 Number of employees excluding apprentices/trainees and inactive employees.

• 11 Converted into full-time equivalents.

See five-year comparison of the performance indicators on p.142 f.