Essent successfully implemented its financial and strategic policies on all fronts. As a result, 2008 was characterised by an excellent financial performance, an improved operational performance, investments supporting further growth, preparations for the unbundling and success in finding a European energy partner.

Michiel Boersma, Chairman of Essent’s Executive Board: "We have an exciting year behind us. Preparations for the unbundling, the process towards a collaboration with an international partner, and internal improvement processes were all happening at the same time. Despite this, we performed better than ever, with an increase in turnover of 22% and a profit increase of 11%. Everyone at Essent worked rigorously to achieve this and I am extremely proud of that. This result, coupled with achieving the required and necessary scale with RWE, means we are creating a strong foundation for the future, where sustainable innovation and intelligent energy solutions, the development of new technologies, and refined applications of existing technologies are the main consideration."

2008 highlights

• An increase of net turnover of 22% (2007: EUR 7.4 billion, 2008: EUR 9.0 billon) a higher gross margin and cost control underlie the increase in profit that was achieved. The net profit rose by 11% to EUR 887 million (2007: EUR 799 million).

• Essent’s search for a large European partner commenced in mid-2008. On 12 January 2009, it was announced that Essent intended to join RWE.

• In 2008, preparations were made for the sale of the Essent Milieu business unit. The sales process of Essent Milieu officially commenced in early February 2009.

• Green energy generation rose by 24% to 1.7 TWh (2007: 1.3 TWh). Essent is responsible for 40% of all sustainable power generation in the Netherlands. Essent has the highest number of customers who purchase green energy.

• Maintaining a position amongst the top suppliers with the lowest energy tariffs. Expectations are that, from July 2009, there will be a sharp drop in energy tariffs for consumers.

• Major investment decisions regarding growth were made and the development of these projects is now in full swing; extension of the 430-MW CCGT gas-fired power station at Moerdijk (completion in 2011) and the 1,275-MW Claus power station at Maasbracht (operational in 2012).

• New sustainable energy production capacity created in the Eemshaven area; with 52 3-MW turbines (total of 156 MW), Westereems wind farm is the Netherlands’ largest onshore wind farm.

• Essent Trading has expanded its international activities with new offices in Madrid, Oslo, Budapest, Mexico and Singapore.

• A large-scale pilot project with electric cars and electric scooters has commenced. Commercial market models are being prepared.

• The network company became operationally independent at year-end 2008. Its business activities are being conducted under the name Enexis.

For all the key figures, results and outlook, please click here to read the full PDF version of the press release.