OREANDA-NEWS. EnBW Energie Baden-Wurttemberg AG generated EUR 5.75 billion of revenue in the first three months of its current 2013 fiscal year (+12.8 percent), and adjusted EBITDA (earnings before interest, tax, depreciation and amortisation adjusted for non-operating effects) of EUR 874.5 million (+1.8 percent). At 33.5 billion kWh, EnBW's electricity sales were down by 3.5 percent compared with the previous year's first quarter. Gas sales in the first three months of the year were up 48.4 percent year-on-year to 38 billion kWh. A higher level of trading activities due to the expansion of the gas midstream business and lower temperatures compared with the previous year exerted a positive impact in this context.

EnBW's expanded trading activities, especially in the gas area, and higher network revenue resulting from the German Renewable Energies Act (EEG), were the drivers of this revenue growth. Adjusted EBITDA includes temporary positive valuation effects from derivatives. First-quarter adjusted EBITDA would have been EUR 774.0 million without these valuation effects, down 9.9 percent year-on-year. This earnings trend corresponds to EnBW's forecast whereby it anticipates that adjusted EBITDA will fall by between 5 percent and 10 percent in the full 2013 fiscal year.

The adjusted Group net profit attributable to EnBW AG shareholders was down by 4.4 percent year-on-year to EUR 415.9 million.

Operating cash flow in the first quarter of the current fiscal year amounted to EUR 298.1 million, a 10.8 percent year-on-year decline. By contrast, free cash flow was up by 14.5 percent over the same period to reach EUR 255.8 million. Investments of EUR 143.0 million were slightly below the comparable prior-year's figure of EUR 146.8 million. The focus was on expanding electricity networks, especially for grid upgrades and the connection of plants generating energy from renewable sources, as well as the construction of the new and efficient RDK 8 hard coal power plant, and the newbuild of the EnBW Baltic 2 offshore wind park. With 912 megawatts (RDK 8) and 288 megawatts (EnBW Baltic 2) respectively, both power plants form important building blocks for supplying safer electricity that conserves the environment. The renewable energies segment accounted for 25.9 percent of these investments.

Adjusted net debt fell by 3.6 percent compared to the 2012 year-end to EUR 8,112.6 million as of 31 March 2013. The equity ratio rose slightly to 17.6 percent as of 31 March 2013.