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EnBW Energie Baden-Württemberg AG: Half-year financial statements to show impairment losses and provisions for onerous contracts totalling €1.25 billion

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EnBW Energie Baden-Württemberg AG / Key word(s): Half Year Report
EnBW Energie Baden-Württemberg AG: Half-year financial statements to show impairment losses and provisions for onerous contracts totalling €1.25 billion

15-Jul-2021 / 09:34 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Half-year financial statements to show impairment losses and provisions for onerous contracts totalling €1.25 billion

Under international financial reporting standards (IAS 36), EnBW is required to test assets for impairment on a regular basis and when there is any indication of impairment. In preliminary work for preparation of the half-year financial statements as of 30 June 2021, EnBW identified indications of impairment in the consolidated financial statements in the amount of approximately €0,95 billion in the Sustainable Generation Infrastructure segment. The impairment losses mainly relate to the coal-fired power plants. Wind farms are also affected to a lesser extent. In addition, provisions for onerous contracts under IAS 37 have to be increased by €300 million in connection with contracts for bought-in electricity that have ceased to be profitable. EnBW publishes its Six-Monthly Financial Report on 29 July 2021.

The recognition of these special charges totalling €1.25 billion in the 2021 half-year financial statements is mainly due to reduced expectations for future cash flows, primarily in the conventional generation business due to expected increased climate change mitigation requirements.

The special charges reduce the non-operating result and do not affect cash flows in the half-year financial statements. They also have no impact on the basis of calculation for the dividend. This is calculated on the basis of adjusted Group net profit (Group net profit adjusted for special items). The ability to distribute a dividend for the 2021 financial year is unaffected.

The stated one-off effects do not result in any change to the full-year adjusted EBITDA earnings guidance for 2021.


EnBW Energie Baden-Württemberg AG
Durlacher Allee 93
76131 Karlsruhe
Telefon: +49 (07 21) 63-1 43 20
presse@enbw.com
www.enbw.com
 

15-Jul-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

EnBW Energie Baden-Württemberg AG

Durlacher Allee 93

76131 Karlsruhe

Germany

Phone:

+49 (0)7 21 63-00

E-mail:

investor.relations@enbw.com

Internet:

www.enbw.com

ISIN:

DE0005220008

WKN:

522000

Indices:

CDAX Versorger

Listed:

Regulated Market in Frankfurt (General Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Tradegate Exchange

EQS News ID:

1218996


 

End of Announcement

DGAP News Service

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