EnBW's op profit grows 6.4% in H1

The first foundation at Hohe See. Source: Twitter, @EnBW.

German utility EnBW Energie Baden-Wuerttemberg AG (ETR:EBK) reported adjusted EBITDA of EUR 1.14 billion (USD 1.33bn) for the first half of 2018, up by 6.4% year-on-year.

Renewable Energies accounted for nearly 14.5% of adjusted earnings before interest, tax, depreciation and amortisation (EBITDA). The division's operating result experienced 8.1% year-on-year growth thanks to onshore wind capacity additions and higher output from run-of-river power plants, while wind yield from offshore wind farms decreased.

EnBW in April started construction of the 497-MW Hohe See offshore wind project, the company’s first North Sea wind farm. Work on the neighbouring 112-MW Albatros wind farm is to start in September.

The table contains details of EnBW’s performance in the first half.

Results in EUR million	H1 2018	Y/Y change
Revenue	11,561.8	+10.4%
Adjusted EBITDA	1,141.0	+6.4%
- of Grids segment	684.9	+12.2%
- of Renewable Energies segment	164.8	+8.1%
- of Sales segment	159.5	-11.8%
- of Generation and Trading segment	138.8	+35.7%
Net profit to the shareholders	346.2	-79.4%

The net profit of EUR 1.68 billion in the first half of 2017 included a nuclear fuel tax refund, which was not repeated in 2018, hence the steep drop.

EnBW confirmed its guidance for an improvement of between zero and 5% in its operating result for the full year.

(EUR 1 = USD 1.17)

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