EnBW was able to increase its unit sales of electricity by 6% on the prior year to 156 GWh as well as significantly increase its external revenue by 7.3% to €18.8bn, its result of operations before income taxes, financial result and investment result (adjusted EBIT) fell by some 17% in €1.6bn in 2011 as a result of a material negative impact due to the new energy concept.
Despite stable earnings in the sales business, adjusted EBIT in the electricity grid and sales segment fell by 24.5% on the prior year to €199.2m. This was due to higher expenses in the grid area, such as connection costs for the offshore wind farms, as well as higher maintenance costs primarily incurred in the fourth quarter of 2011. At €51.3m, adjusted EBIT in the gas segment fell by 36% in 2011 in comparison to the prior-year level, which was primarily attributable to the sale of GESO Beteiligungs- und Beratungs-AG in the prior year. Adjusted for consolidation effects, the operating result in this segment fell by 2.5% or €1.3m. The volume of gas transmissions was down on the prior year due to the weather. As a result, EnBW recorded a fall in revenue from network user charges and saw earnings decrease, accordingly.
The group net loss for 2011 in terms of the loss/profit shares attributable to the equity holders of EnBW Energie Baden-Württemberg AG amounted to € -867.3m. In the prior year, EnBW had generated a group net profit of €1.16bn.