The renewables arm of EnBW recorded adjusted earnings before interest, tax depreciation and amortisation (EBITDA) of €483m in 2019, a “substantial increase” compared with the previous year.
Earnings growth in the company’s renewables business rose 62.2% compared with 2018, boosted by onshore wind farm acquisitions in Sweden at the end of 2018, plus overall improvement in wind conditions at onshore and offshore wind farms in Germany.
Overall the group achieved earnings growth of 12.7% to €2.43bn adjusted EBITDA, meeting its “transformation target ahead of time.”
EnBW chief executive Frank Mastiaux said: “We have once again delivered what we set out to achieve.
“This also means we have met our 2020 earnings target of €2.4bn, which we set back in 2013, one year ahead of plan. We are pleased to report that all segments contributed to this success.
“With our acquisitions and further advances in renewables, e-mobility and telecommunications, we have also already made tangible progress towards our targets for 2025.”
EnBW expects “significant earnings growth” for the current financial year.
Adjusted EBITDA this year is expected to be in a range between €2.75bn and €2.9bn, an increase of 13% to 19%.
Company chief financial officer Thomas Kusterer said: “We expect a further significant increase in earnings most of all in renewable energy thanks to Hohe See and Albatros, our new offshore wind farms.”
Further new builds and acquisitions of onshore wind farms and photovoltaic installations will also have a “positive impact”, Kusterer added, with earnings between €825m and €925m expected for the renewable energy business.