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EnBW bullish amid 'tough times'

8.1% dip in EBITDA for renewables business in first nine months of 2014

EnBW bullish amid 'tough times' image

EnBW recorded an 8.1% dip in EBITDA for its renewables business to €145.5m in the first nine months of 2014 compared with the year-ago period as a result of “difficult conditions”.

The division outperformed other areas however and electricity generation from wind power rose due to the construction of new facilities. The EBITDA for the period was also an improvement on the first six months of the year, in which the drop was 21.8%.

The Germany-based company said it “remained on course from a strategic and operating standpoint”.

Key achievements in renewables in the period included installation of the first turbines at the Baltic 2 offshore wind farm (pictured) and commissioning of the company’s second onshore wind farm at Balabanli in Turkey. The foundations were laid for five further wind farms with a total capacity of 20MW.

“This is welcome progress. It shows that we are focusing fully on the implementation of our strategy and find ourselves on the right track,” said EnBW chief financial officer Thomas Kusterer.

Overall, EnBW achieved almost unchanged revenue of around €15.5bn while adjusted EBITDA was €1632.2m, a 10.5% reduction on the same period in 2013.

“We continue to remain on course and thus continue to expect that the adjusted EBITDA at a group level for the financial year 2014 will be between 0% and minus-5% below the level in 2013,” added Kusterer.

Image: EnBW

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