Integrated
Annual Report 2020 Extended Version
Including the notes and the declaration of corporate management
AMBITION
EnBW 2020 strategy successfully concluded
Earnings target exceeded:
Corporatestrategy
€2.8 billion
adjusted EBITDA in 2020
Transformation of portfolioEfficncy 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 susinability:
» 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 n o 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.262 f.
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EnBW - Energie Baden-Württemberg AG published this content on 25 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2021 08:46:02 UTC.