History   

Thanks to a strong third quarter, the RWE Group was able to lift its operating result year on year. Our EBITDA in the first nine months improved by 6 % to € 6,844 million. We increased our operating result by 5 % to € 5,788 million. Net of currency and consolidation effects, the rises were 7 % (EBITDA) and 6 % (operating result). This earnings growth was primarily driven by our German power generation business, which benefited from improved margins and the positive volume effect of the recommissioning of the Biblis nuclear power plant. However, we also had to cope with burdens in the period under review — especially as a result of the significant reduction in emissions allowance allocations and regulatory cuts to our German grid fees. Following weak earnings in the first half of the year, our energy trading operations had a very successful third quarter. But as expected, they closed the period markedly down on the unusually strong result achieved a year earlier. In sum, divisional earnings are on track. Based on current expectations, we will achieve our targets for the full year.

Reconciliation of income from operating activities to EBITDA
€ million

Jan – Sep
2008

Jan – Sep
20071

+/–
in %

Jan – Dec
20071

1

Figures partially adjusted; see commentary

Income from operating activities

4,938

4,990

–1.0

5,788

+ Income from investments

344

430

–20.0

596

– Non-operating result

506

85

495.3

149

Operating result

5,788

5,505

5.1

6,533

– Operating income from investments

–345

–369

6.5

–541

+ Operating depreciation and amortization

1,401

1,296

8.1

1,923

EBITDA

6,844

6,432

6.4

7,915

EBITDA1
€ million

Jan – Sep
2008

Jan – Sep
2007

+/–
in %

Jan – Dec
2007

1

Figures based on the Group’s new structure and excluding the water utility American Water, which is stated as a “discontinued operation.” The previous year‘s figures have been adjusted accordingly. Prior-year figures were not adjusted for a few small reclassifications. See commentary

RWE Power

2,943

2,469

19.2

3,072

RWE Dea

620

546

13.6

755

RWE Supply & Trading

369

648

–43.1

534

RWE Energy

2,344

2,213

5.9

2,802

German regions

1,334

1,242

7.4

1,552

International regions

569

530

7.4

760

Supraregional operations

610

679

–10.2

833

Other, consolidation

–169

–238

29.0

–343

RWE npower

506

635

–20.3

870

Other, consolidation

62

–79

178.5

–118

RWE Group

6,844

6,432

6.4

7,915

Operating result1
€ million

Jan – Sep
2008

Jan – Sep
2007

+/–
in %

Jan – Dec
2007

1

Figures based on the Group’s new structure and excluding the water utility American Water, which is stated as a “discontinued operation.” The previous year‘s figures have been adjusted accordingly. Prior-year figures were not adjusted for a few small reclassifications. See commentary

RWE Power

2,678

2,189

22.3

2,617

RWE Dea

436

394

10.7

492

RWE Supply & Trading

341

647

–47.3

532

RWE Energy

1,971

1,867

5.6

2,355

German regions

1,075

995

8.0

1,209

International regions

512

475

7.8

692

Supraregional operations

518

629

–17.6

767

Other, consolidation

–134

–232

42.2

–313

RWE npower

379

535

–29.2

724

Other, consolidation

–17

–127

86.6

–187

RWE Group

5,788

5,505

5.1

6,533


 

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