EnBW Energie Baden-Württemberg AG Annual Investor Update 2012

Transcription

1 EnBW Energie Baden-Württemberg AG Annual Investor Update 2012 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN Annual Investor Update March 2012 Energie braucht Impulse

2 Important note Unless indicated otherwise, all data contained hereinafter refers to the EnBW group and is calculated according to IFRS. No offer or investment recommendation This presentation has been prepared for information purposes only. It does not constitute an offer, an invitation or a recommendation to purchase or sell securities issued by EnBW Energie Baden-Württemberg AG (EnBW), a company of the EnBW group or any other company. This presentation does not constitute a request, instruction or recommendation to vote or give consent. All descriptions, examples and calculations are included in this presentation for illustration purposes only. Future-oriented statements This presentation contains future-oriented statements that are based on current assumptions, plans, estimates and forecasts of the management of EnBW. Such future-oriented statements are therefore only valid at the time at which they are published for the first time. Future-oriented statements are indicated by the context, but may also be identified by the use of the words may, will, should, plans, intends, expects, believes, assumes, forecasts, potentially or continued and similar expressions. By nature, future-oriented statements are subject to risks and uncertainties that cannot be controlled or accurately predicted by EnBW. Actual events, future results, the financial position, development or performance of EnBW and the companies of the EnBW group may therefore diverge considerably from the future-oriented statements made in this presentation. Therefore it cannot be guaranteed nor can any liability be assumed otherwise that these future-oriented statements will prove complete, correct or precise or that expected and forecast results will actually occur in the future. No obligation to update the information EnBW assumes no obligation of any kind to update the information contained in this presentation or to adjust or update futureoriented statements to future events or developments. 2

3 Agenda EnBW at a glance: Strong player in the European utilities sector Utilities environment: Modification of German Atomic Energy Act Fiscal year 2011: Reduced performance Financial policy: Package of measures to safeguard financial stability EnBW s strategy: Consequent implementation of business model Outlook: Stabilization of results until 2014 Appendix 3

4 EnBW at a glance: a strong player in the European utilities sector Based on strong roots in Baden-Württemberg Our generation portfolio is the performance driver Active in selected foreign markets EnBW number 3 in Germany with approx. 5.5 million customers With a generation capacity of 13,500 MW one of the most important utilities in Germany and Europe Reliable shareholder structure (OEW, federal state of BW, municipal associations) Electricity generation and trading segment contributed 80% to adjusted EBIT in 2011 Generation portfolio with lowest CO 2 emissions in Germany: 346 CO 2 /kwh Currently 14% of revenue outside of Germany Profitable shareholdings in core markets abroad e.g. Turkey: generation gap, CZ: Strong regional growth in capital Business activities in three different markets 1 4 Wholesale markets (Procurement, generation, trading) Procurement: fuels (gas, coal, oil), emissions allowances Generation portfolio: 13,402 MW 2 Trading: energy (electricity): 72.8 TWh Regulated markets Electricity grids: 153,166 km Transmission: 3,648 km Distribution: 149,518 km Gas grids: 15,967 km Renewable energies according to EEG (German Renewable Energies Act) End-customer markets (Business and retail) Electricity: 64.6 TWh Gas: 54.9 TWh Heat: 5.6 TWh Further energy and environmental services 1 Annual Report 2011, all figures stated as of 31 December 2011; 2 Installed capacity without cold reserve

5 Supporting EnBW s A rating EnBW maintained its A rating : Fitch: A-/stable (7 Feb ) Moody s: A3/negative (21 Dec. 2011) Standard & Poor s: A-/stable (23 Nov. 2011) EBITDA Net debt 5 Efficiency program enlarged to 750m p.a. In the medium term growth of earnings from new investments Hybrid bond of 1bn (50% equity credit achieved) Reduced dividend pay out in 2011 Capital increase of ~ 800m in 2012 Divestitures of 1.5bn under way Net investments financed out of cash flow

6 Key achievements in 2011 Market position Market position held despite difficult market conditions and increased regulation in the energy market Positively influenced by an increase of electricity and gas sales Reduction of dynamic New projects leverage ratio First commercial offshore wind farm Baltic 1 goes into service Total capacity 48.3 MW Hydropower plant in Rheinfelden officially put into operation Total capacity 100 MW Package of measures Increase efficiency: target volume of FOKUS raised; 190m achieved Increase divestment program; more than 500m achieved Capital measures: successful placement of the hybrid bond and planned capital increase committed by major shareholders 6 Central strategic moves Safeguarding low-carbon generation capacity Establishing local solutions offers

7 Agenda EnBW at a glance: Strong player in the European utilities sector Utilities environment: Modification of German Atomic Energy Act Fiscal year 2011: Reduced performance Financial policy: Package of measures to safeguard financial stability EnBW s strategy: Consequent implementation of business model Outlook: Stabilization of results until 2014 Appendix 7

8 Changed regulatory environment had a strong impact on the results of fiscal year 2011 Energy concept 2050 and targets Reduce consumption by 50% 1 (target 2020: 20% 1 ) and CO 2 emissions by 80% - 95% 2 (target 2020: 40%) Increase of share of renewables to 80% 3 (target 2020: 35%) Change in energy concept by the German government Shut-down of 7+1 nuclear power plants Reduction in life-time of nuclear power plants New: nuclear fuel rod tax despite nuclear phase-out ( ) Implications for EnBW Short-term implications Shutdown of two smaller reactors (total capacity: 1,766 MW) Abandonment of earlier lifetime extensions for larger reactors GKN II (1,400 MW until 2022) and KKP 2 (1,468 MW until 2019) Nuclear fuel rod tax despite nuclear phase-out ( ) However In general, no further replacement risk due to shutdown Longest remaining nuclear lifetime of all German nuclear power plants operators Very modern, low CO 2, and flexible conventional fleet Strong expertise in renewables Nuclear fuel tax issue still unsolved 8 1 Reduction of consumption compared to 2008, reduction of CO 2, 2 compared to 1990, 3 as percentage of gross consumption of electricity

9 Market environment has also changed significantly Changed energy market EnBW s focused responses Expansion of renewable energies Decentralised energy solutions e.g. Smart Metering, Smart Grid etc. Cumulated installed wind capacity in Germany (in MW) Annual growth in installed PV capacity in Germany (in MWp) Revision of the investment and divestiture program Adjustment of the efficiency program 9 Source: DEWI Source: BSW Solar

10 Agenda EnBW at a glance: Strong player in the European utilities sector Utilities environment: Modification of German Atomic Energy Act Fiscal year 2011: Reduced performance Financial policy: Package of measures to safeguard financial stability EnBW s strategy: Consequent implementation of business model Outlook: Stabilization of results until 2014 Appendix 10

11 Positive development of electricity sales - mainly due to trading In billions of kwh Variance Electricity sales % Retail customers % Industry and redistributors % Trading % Gas sales % Retail customers % Industry and redistributors % Trading

12 The impact of the German Atomic Power Act is reflected in the figures of fiscal year 2011 Adjusted EBIT 1 (in millions) Group net loss/profit 1,2 (in millions) Prior-year figures restated 2 In relation to the loss/profit shares attributable to the equity holders of EnBW AG

13 Significant one-off effects lead to a high non-operating group net loss Non-operating group net loss/profit 1 (in millions) One-off effects (in millions) Non-operating investment and financial result (mainly EWE/EVN) Modification of the German Atomic Energy Act Restructuring Others - 90 Sum Prior-year figures restated; in relation to the loss/profit shares attributable to the shareholders of EnBW AG

14 Due to nuclear power provisions adjusted net debt increased slightly millions + 1.3% 8, ,740.1 Operating cash flow 1,049.3 Capital expenditures Dividends and interest Acquisitions + divestitures Securities changes in mark-tomarket valuation % Hybrid bond ,809.4 Non-cash payment effects (addition of accrued interest, provisions, ) Adjusted net debt Dec Adjusted net debt Dec Prior-year figures restated 2 For intangible assets and property, plant and equipment (net); also include cash received from disposals of intangible assets and property, plant and equipment as well as cash received from construction cost and investment subsidies

15 Slightly reduced financial ratios reflect performance development in millions Variance Total assets 35, , % Equity 6, , % Equity ratio 17.1% 21.2% Decrease of equity ratio due to reduced performance development in 2011 in millions Variance Adjusted net debt 8, , % Adjusted EBITDA 2, , % Dynamic debt ratio % 15 Increase of dynamic debt ratio based on reduced Adjusted EBITDA in 2011 Implementation of nuclear fuel tax Shutdown of GKN I and KKP 1 1 Prior-year figures restated

16 Agenda EnBW at a glance: Strong player in the European utilities sector Utilities environment: Modification of German Atomic Energy Act Fiscal year 2011: Reduced performance Financial policy: Package of measures to safeguard financial stability EnBW s strategy: Consequent implementation of business model Outlook: Stabilization of results until 2014 Appendix 16

17 Successful implementation of measures to safeguard financial stability FOKUS Increase profitability Divestitures Concentration on core activities Increase from 300m p.a. to a total volume of 750m p.a. Development of measures until year-end 2014 Subsequently full P&L contribution 190m already achieved in 2011 Increase divestitures from 1bn to 1.5bn Sale of non-strategic equity investments/optimisation of shareholdings Divestitures already achieved for more than 500m Additional 1.1bn via partnering models for renewable energies as well as cash-out of other intangible assets Capital measures Strengthen equity base Hybrid bond of totally 1bn launched Capital increase of around 800m currently being implemented Flexible dividend model with a target distribution rate of 40% to 60% of the adjusted group net profit 17

18 Efficiency programme FOKUS already achieved about 190m in 2011 Increase of target Increase from 300m p.a. to 750m p.a. Original FOKUS target Increased FOKUS target Complete development of FOKUS measures until year-end 2014 As of year-end 2014 full P&L effect with a sustainable contribution of 750m p.a. Status quo Optimisation of group structure FOKUS target Effect in 2011 ~190 In 2011 about 190m already achieved due to first FOKUS measures Room for improvement due to reduction of group s complexity Leaner business process leading to reduction of personnel expenses New industrial agreement with unions has been signed

19 More than one third of planned divestitures of non-strategic shareholdings already achieved Projects already put into effect Complete sale of shares in Poland Buyer Électricité de France (EDF) 32.45% shareholding: coal-fired power station in Rybnik 15.59% sharehold.: Kogeneracja CHP in Wroclaw Value of the transaction approximately 300m in total 1 Reduction of shares in Energiedienst Holding AG in Switzerland Buyer Services Industriels de Genève acquires shares of 15.05% Reduction of EnBW s shareholding to 66.7% EnBW retains control over Energiedienst Holding AG Value of the transaction approximately 200m 2 Further divestments Further divestitures under consideration Partial sale of transport networks EVN (Austria): Share of ~32,5% Divestment of other non-strategic shareholdings 19 Total amount of divestitures: 1.5bn 1 Receipt of purchase price in Q1 2012, 2 Receipt of purchase price in Dec. 2011

20 Already launched hybrid supports EnBW s rating due to its partial classification as equity Hybrid bond strengthens EnBW s financial position Transaction size 750m 250m 1bn Issue 28 October April 2012 Terms of maturity Approx. 60 years 60 years Initial coupon 7.375% 7.375% Issue price/ Re-offer price % 103.5% Bond rating Baa2 (Moody's) BBB- (S&P) Baa2 (Moody's) BBB- (S&P) Issued in denominations of 1,000 1,000 50% equity credit by rating agencies: 375m + 125m Call options for the issuer every 5 years after the first interest payment date 20

21 Planned capital increase is a further pillar to support EnBW s A rating Main shareholders support capital increase Commitment of around 800m Creation of authorised capital of 100m at the annual general meeting on April 26, 2012 Plans to implement a capital increase from authorised capital by issuing subscription rights in Q2 of 2012 Stable shareholder structure OEW Energie-Beteiligungs GmbH NECKARPRI-Beteiligungsgesellschaft mbh 2 Badische Energieaktionärs-Vereinigung Gemeindeelektrizitätsverband Schwarzwald-Donau Neckar-Elektrizitätsverband Landeselektrizitätsverband Württemberg EnBW Free float 46.55% 46.55% 46.55% 46.55% 2.45% 0.95% 0.95% 0.70% 0.69% 0.11% 0.11% 2.30% 0.39% 0.40% 21

22 Agenda EnBW at a glance: Strong player in the European utilities sector Utilities environment: Modification of German Atomic Energy Act Fiscal year 2011: Reduced performance Financial policy: Package of measures to safeguard financial stability EnBW s strategy: Consequent implementation of business model Outlook: Stabilization of results until 2014 Appendix 22

23 EnBW s business model is based on two strategic directions Securing CO 2 low generation Establishing decentralised energy solutions + Main focus of development Wind Hydro power Optimisation of generation fleet Gas power stations Partnering models Main focus of development Decentralised renewable energies Intelligent grids Cooperation with cities and municipalities Introduction of platform solutions to obtain economies of scale 23 Baden-Württemberg, Germany and abroad Regional cluster

24 Consequent implementation of these two strategic directions already started Securing CO 2 low generation Offshore wind Baltic 1: On budget and on time Baltic 2: Construction started Substantial onshore windpark portfolio Gas Investment decision taken for CO 2 friendly plant in Düsseldorf Expansion of run-of-river power stations Rheinfelden and Iffezheim Leading provider of energy-efficiency services Contracting already established for years by ESG Concept of Sustainable city in Leutkirch New products (energy efficiency, EnBW Solar, Yello Solar, E-mobility) NaturEnergiePlus as sustainable brand 24 Potential wind and hydro projects in Turkey Portfolio management for third parties in trade

25 In 2030 renewable energies will account for more than 50% of EnBW s generation mix Modification of generation portfolio Storage without natural feeder Storage with natural feeder, run-of-river and other renewable energies Wind Conventional power stations Nuclear power Installed capacity in GW

26 Agenda EnBW at a glance: Strong player in the European utilities sector Utilities environment: Modification of German Atomic Energy Act Fiscal year 2011: Reduced performance Financial policy: Package of measures to safeguard financial stability EnBW s strategy: Consequent implementation of business model Outlook: Stabilization of results until 2014 Appendix 26

27 In light of the changed political framework EnBW has significantly cut its investment volume 4.1bn Existing Portfolio (36%) 1.5bn Expansion (15%) 0.6bn 1 1.3bn Divestitures 1.1bn Participation models 1.7bn Growth (49%) 2.0bn Gross investments Net investments 27 1 partial divestiture already realised in 2011; total until 2014 still 1.5 bn.

28 Until 2014 EnBW has budgeted gross investments totalling to 4.1bn Increase of generation share of renewable energies until 2020 by 3,000 MW to 6,000 MW in Germany is main target By 2030 more than 50% of EnBW s electricity generation of about 50bn kwh are expected to come from renewable energies 49% 44% 1.3bn 37% 15% 4.1bn 19% 36% Investments in 2011 Investments in Net investments 0.9bn Net investments 1.7bn 28 Growth Portfolio Expansion

29 Cautious outlook due to difficult market conditions Adjusted EBITDA 2011 Adjusted EBITDA Outlook in comparison with Adjusted EBITDA 2011 Outlook in comparison 2012 with Adjusted 2013 EBITDA Electricity generation and trading Electricity grid and sales Gas Energy and environmental services EnBW group 1.615m 481m 126m 355m 2.453m clearly falling clearly increasing increasing falling -10% to -15% -15% to -20% -10% to -15% 29

30 EnBW s sustainability secured in the long run by actively managing the energy change Consequent implementation of strategy Accelerated expansion of renewable energies CO 2 low generation decentralised energy solutions via partnering models Main shareholders support adaptation of business model and strategy Capital increase planned for 2012 Restrained economic development in the next years Negative one-off effects 2011 are non-recurring In the medium term planned investments will result in earnings growth 30 Financial stability enables a future-oriented development

31 Disclaimer Julia v. Wietersheim Senior Manager Investor Relations T This document does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in Australia, Canada, Japan, or the United States of America (the United States ) or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The securities referred to herein may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the Securities Act ) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Subject to certain exceptions, the securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan. The offer and sale of the securities referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada or Japan. There will be no public offer of the securities in the United States. This document is made for information purposes only and is not a prospectus. Investors should not purchase or subscribe for any shares referred to in this document except on the basis of information in the prospectus to be issued by the company in connection with the offering of such shares. Copies of the prospectus will, following publication, be available free of charge from EnBW Energie Baden-Württemberg AG at Durlacher Allee 93, Karlsruhe, Germany or on EnBW Energie Baden-Württemberg AG s website ( This document is directed at and/or for distribution in the United Kingdom only to persons who are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) (i) who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order ) or (ii) who are high net worth entities falling within article 49(2)(a) to (d) of the Order (all such persons are referred to herein as relevant persons ). This document is directed only at relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. 31

32 Appendix Figures 2011 in detail page 32 Revenue page 33 Adjusted EBIT page 34 Adjusted group net profit page 35 Operating cash flow page 36 Free cash flow page 37 Business model page 38 Financial profile page 41 Financial calendar 2012 and EnBW team page 48 32

33 Revenue growth driven by volume and price effects Revenue in millions +7.3% +1, , ,789.7 Electricity 15, % 16,191.6 Gas Services 1, % 1, %

34 Adjusted EBIT decreased despite stable operating performance in the second half of fiscal year 2011 Adjusted EBIT in millions -17.0% , ,598.1 thereof electricity 1, % 1,482.3 thereof gas thereof services -36.0% %

35 Adjusted group net profit decreased mainly due to lower adjusted EBIT Adjusted group net profit in millions % In relation to profit shares attributable to the equity holders of EnBW AG

36 Operating cash flow decreased mainly due to lower EBITDA and higher assets and liabilities from operating activities in millions , % % 2, , ,740.1 Provisions Other Assets and liabilities from operating activities Taxes paid EBITDA 1 Operating cash flow 36 1 Prior-year figures restated

37 Free cash flow decreased due to lower operating cash flow EnBW consequently pursues capex optimisation in millions % 2, , , % 1, Capital expenditures 1 Other 2 Operating cash flow Free cash flow 37 1 For intangible assets and property, plant and equipment 2 Cash received from disposals of intangible assets and property, plant and equipment as well as cash received from construction cost and investment subsidies

38 Appendix Figures 2011 in detail page 32 Business model page 38 Financial profile page 41 Financial calendar 2012 and EnBW team page 48 38

39 EnBW business model: EnBW manages its power and commodity position in order to lock in and optimise margins Fuels & CO 2 Generation portfolio Hedge optimisation dispatch Wholesale market for electricity Sales portfolio Back-to-back pricing Sales Standard integrated utility approach 39

40 EnBW is well positioned with regard to CO 2, compared to its peers Specific CO 2 emissions of utilities in g CO 2 /kwh Specific greenhouse gas emissions per kwh, measured in g CO 2 /kwh EnBW: Own generation includes long-term procurement agreements and generation from partly owned power stations; E.ON: Power stations of entire E.ON group; RWE: Power stations owned by RWE group; 2 Source: annual report Source: CSR report 2010; data on 2011 not available

41 Appendix Figures 2011 in detail page 32 Business model page 38 Financial profile page 41 Hybrid page 42 Financing sources page 45 Maturity profile page 46 Rating page 47 Financial calendar 2012 and EnBW team page 48 41

42 Rationale for hybrid bond issuance EnBW benefits from a strong shareholder base and proven track record in the capital markets As a stable and long-term oriented utility company with strong roots in one of Europe s leading economic regions EnBW is committed to: Support the ratings within the A category in spite of the current challenges Maintain a credit profile and financial headroom that will allow EnBW to secure long-term growth prospects Hybrid capital will benefit shareholders and debt holders alike: Introduces an additional layer between equity and debt and adds further financial flexibility going forward Receives 50% equity credit by rating agencies without limiting EnBW s financial flexibility in a material way Represents an economically attractive alternative to the issuance of equivalent equity and debt 42

43 Key highlights of the Notes Maturity Interest payments Anticipated Notes rating 2072 NC2017 EnBW has the discretion to call the Notes for the first time at par on 2 April 2017 (the First Call Date ), and every 5 years thereafter Until 2 April 2017: fixed rate April April 2022: 5-yr mid swap reset in 2017, fixed rate April 2022 April 2037: 5-yr mid swap reset every 5 yrs., fixed rate + 25bps step-up From April 2037: 5-year mid swap reset every 5 ears, fixed rate + 100bps step-up Baa2 by Moody s (2 notches below Issuer rating) BBB- by S&P (2 notches below standalone credit profile) Anticipated equity credit Basket C with Moody s (50%) Intermediate with S&P (50%) Accounting treatment Liability under IFRS 43 Note: Full details in respect of the offering are set out in the Terms and Conditions and the Risk Factors contained in the Notes prospectus. Defined terms have the meaning set out in the Terms and Conditions.

44 Key highlights of the Notes Interest deferral Interest payments are deferrable at EnBW s discretion Deferred interest payments are cash cumulative; not compounding Payments of deferred interest Optional settlement of deferred interest at any time Mandatory settlement of deferred interest payments (i) if a dividend has been approved/paid on any junior or parity security; (ii) upon a repurchase of any junior or parity security; (iv) upon an interest payment on the Notes; (iii) on the date of redemption of the Notes, (v) upon a winding up of the Issuer Investor protections Documentation EnBW has an extensive track record of ordinary dividend payments and a target dividend payout of 40% to 60% of adjusted group net profit Interest payment dates have been set within one month of EnBW s Annual General Meetings which have historically taken place in late April or early May every year Listing: Luxembourg Stock Exchange Denomination: 1,000 Documentation: Standalone Passporting: Austria, Germany, the Netherlands and the UK 44 Note: Full details in respect of the offering are set out in the Terms and Conditions and the Risk Factors contained in the Notes prospectus. Defined terms have the meaning set out in the Terms and Conditions.

45 EnBW s flexible access to financing sources supports its strong liquidity position Commercial paper programme Syndicated loan facility Bilateral short-term lines of credit Euro Medium Term Note programme Other measures 2.0 bn (undrawn as of 31 Dec. 2011) 2.0bn (undrawn as of 31 Dec. 2011) 397 m, (undrawn as of 31 Dec. 2011) 7.0 bn ( 5.0 bn utilised as of 31 Dec. 2011) Measures to strengthen equity and issue special products (e.g. hybrid bond with a volume of 750m (Octobre 2011) + a volume of 250m (April 2012)) Premature renewal of the syndicated loan facility in Q at favourable conditions secures access to cash: 45 2 bn facility amount including 1 bn swingline structure until 2018 Fix margin

46 Favourable maturity profile and proactive funding puts EnBW in a comfortable financing situation Maturities of EnBW s bonds in millions 1, ,000 First Call Date Hybrid 1,

47 Substantial bundle of measures secures A rating A-/stable (7 February 2012) Balanced maturity profile Conservative dividend policy Negative impact by shutdown of GKN I and KKP 1 as well as lower margins A3/negative (21 December 2011) Recognition of substantial package of measures Taking into account dividend policy with focus on profitability Reduced earnings and cash flow due to nuclear fuel tax, shutdown of GKN I and KKP 1 and decreased wholesale market prices A-/stable (23 November 2011) Strong position in Baden-Württemberg, profitable generation portfolio and supporting shareholder structure Reduced profitability and cashflows based on lower electricity margins and nuclear exit Strong liquidity and financial flexibility 47

48 Appendix Figures 2011 in detail page 32 Business model page 38 Financial profile page 41 Financial calendar 2012 and EnBW team page 48 Financial calendar page 49 IR contacts page 50 48

49 The next conference call will take place on 8 May 2012: Results of the first quarter of fiscal year April 2012 Annual General Meeting 2012 Live video webcast time: 10:00 CET 8 May 2012 Interim report: January March 2012 Conference time: 15:00 CET 27 July 2012 Interim report: June 2012 Conference time: 15:00 CET 9 November 2012 Interim report: January September 2012 Conference time: 15:00 CET 49

50 EnBW s Team Julia v. Wietersheim Senior Manager Investor Relations T Thomas Kusterer Chief Financial Officer Ingo Peter Voigt Head of Finance / Investor Relations Peter Berlin Director Capital Markets T Julia v. Wietersheim Senior Manager Investor Relations T Stefanie Hagenmeyer Senior Manager Investor Relations T Anja K. Siehler Manager Finance / Investor Relations T