Letter to our shareholders Foto VV Hans-Peter Villis, Chief Executive Officer 2 _
Board of Management <strong>and</strong> Supervisory Board Dear Letter shareholders, to our shareholders investors <strong>and</strong> friends of <strong>EnBW</strong>, As Dear a leading shareholders, integrated energy company in Europe, <strong>EnBW</strong> Energie Baden- Württemberg investors <strong>and</strong> friends AG pursues of <strong>EnBW</strong>, the goal of sustainable profitable growth. Accordingly, the focus of our corporate strategy is on securing our existing business As a leading <strong>and</strong> integrated consistently energy exploiting company growth in Europe, potential <strong>EnBW</strong> as well Energie as on Baden- continuing Württemberg our investment AG pursues programme. the goal We of sustainable want to be profitable a partner growth. for our Accordingly, customers. Whether the focus private of our corporate households, strategy municipal is on securing utilities or our small existing <strong>and</strong> mediumsized business <strong>and</strong> <strong>and</strong> consistently large industrial exploiting customers growth potential are concerned, as well as our on aim continuing must always our investment be to programme. We want to be a partner for our customers. Whether private meet customer requirements better than the competition. households, municipal utilities or small <strong>and</strong> medium-sized <strong>and</strong> large industrial customers are concerned, our aim must always be to meet customer require- This focus on customers <strong>and</strong> the competition is also one of the reasons for ments better than the competition. <strong>EnBW</strong>’s good operational development throughout fiscal year 2008 <strong>and</strong> the further This focus improvement on customers in <strong>and</strong> the <strong>EnBW</strong> the competition group’s economic is also one situation. of the reasons With around for 20,000 <strong>EnBW</strong>’s good employees, operational <strong>EnBW</strong> development 130.5 billion throughout kilowatt-hours fiscal year of electricity 2008 <strong>and</strong> <strong>and</strong> the 69.8 further billion improvement kilowatt-hours in the <strong>EnBW</strong> of gas group’s in the reporting economic situation. year to its With roughly around six million 20,000 customers, employees, thereby <strong>EnBW</strong> sold reinforcing 130.5 billion its position kilowatt-hours Germany’s of electricity third-largest <strong>and</strong> energy 69.8 billion supplier. kilowatt-hours In detail, the of gas key in indicators the reporting developed year to its as follows: roughly six million customers, thereby reinforcing its position as Germany’s third-largest energy supplier. In detail, the key indicators developed as follows: >Revenue grew to € 16,305.4 million. This is 10.8 per cent more than in the prior year. > Revenue grew to € 16,305.4 million. This is 10.8 per cent more than in the prior year. >Earnings before interest, taxes, depreciation <strong>and</strong> amortisation adjusted > Earnings before interest, taxes, depreciation <strong>and</strong> amortisation adjusted for for non-operating non-operating effects effects (adjusted (adjusted EBITDA) EBITDA) increased increased by by 11.5 11.5 per per cent cent to to € 2,595.6 € 2,595.6 million. million. Adjusted Adjusted earnings earnings before before taxes taxes <strong>and</strong> <strong>and</strong> interest interest (adjusted (adjusted EBIT) improved EBIT) improved by 14.8 per by cent 14.8 per to € cent 1,793.9 to € million. 1,793.9 million. > Group net profit in terms of the profit shares attributable to the equity >Group holders net of profit <strong>EnBW</strong> in AG terms reached of the € 871.8 profit million. shares The attributable 36.1 per cent to drop the equity compared holders to 2007 of <strong>EnBW</strong> is due AG on reached the one h<strong>and</strong> € 871.8 to million. a special The effect 36.1 recognised per cent drop in the comcomprior pared year to in 2007 connection is due on with the the h<strong>and</strong> business to a special tax reform effect recognised <strong>and</strong>, on the in other, the prior to impairment losses recognised on the electricity <strong>and</strong> gas networks <strong>and</strong> our year in connection with the business tax reform <strong>and</strong>, on the other, to financial investments in the reporting year. Adjusted for these special effects, impairment losses recognised on the electricity <strong>and</strong>gas networks <strong>and</strong> our group net profit in terms of the profit shares attributable to the equity financial investments in the reporting year. Adjusted for these special holders of <strong>EnBW</strong> AG (adjusted group net profit) grew by 32.9 per cent to effects, € 1,091.3 group million. net profit in terms of the profit shares attributable to the equity holders of <strong>EnBW</strong> AG (adjusted group net profit) grew by 32.9 per cent to Overall, € 1,091.3 <strong>EnBW</strong> million. has thus achieved its ambitious economic targets <strong>and</strong> successfully strengthened its segments. In light of the positive development of Overall, operations, <strong>EnBW</strong> we will has propose thus achieved a dividend its distribution ambitious of economic € 2.01 per targets share to <strong>and</strong> the successfully annual general strengthened meeting on its 23 segments. April 2009. In This light distribution of the positive marks development a yearon-year increase of 33 per cent in dividends paid. _ 3
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