growth focus discipline creating the future of energy · 2020. 8. 14. · creating the future of...
TRANSCRIPT
Creating the future of energy
http://www.energyfortomorrow.eu/ March 2019
DisciplineFocusGrowth
• Focus: Europe’s first energy player with exclusive downstream focus
• Unique downstream footprint: RAB and customer numbers rise >60%1
• Earnings quality: network EBIT share rises to ~80%1
• Strong synergies: fading nuclear earnings overcompensated by €600-800m synergies
• Attractive dividends: commitment to deliver annual dividend per share growth
• EPS accretion: from second year after closing
• Solid capital structure: high commitment to strong BBB rating
• Limited cash impact: acquisition of RWE‘s 76.8% in innogy via asset exchange; attractive offer to minority shareholders
Enel EngieNat. Grid FutureE.ON
Iberdrola
~341, 3
IberdrolaEnel FutureE.ON
~531
Engie
Regulated Asset Base (RAB € bn)
Customer Numbers (m)
Nat. Grid2Enel2
~51
Engie2Iberdrola FutureE.ON
EBIT (€ bn)
✓
Creating the future of energy
✓
✓
✓
✓
✓
✓
✓
1. Future E.ON pro-forma EBIT 2018 (innogy data based on public information), 2. Bloomberg/company data,3. RABs from different regulatory regimes are not directly comparable due to significant methodical differences.
2
Creating two focused energy companies
E.ON RWE
Future E.ON RWE16.67%
Target structure
Structure today
~77% innogy
3
Acquisition of innogy via innovative asset exchange
innogy
76.8%(RWE)
23.2%(Min. share-
holders)
Total equity value: ~€22bn
16.67% Stake in Future E.ON(~€3.7bn)
E.ON & innogy Renewables&
Other Assets(~€13.5bn)1
Cash payment to E.ON (- €1.5bn)
Offer price and innogy dividend for 2017 and ’18 (~€5.2bn)
1. Acquisition of RWE‘s 76.8% stake in innogy via asset exchange
2. RWE to get in exchange:
• 16.67% in new E.ON via 20% capital increase against contribution in kind (authorized capital)
• E.ON‘s and innogy‘s renewables businesses4
• Additional assets: E.ON’s minority stakes in two RWE operated nuclear power plants2, innogy’s gas storage business and minority participation in Kelag
3. RWE receives innogy dividends for 2017 and 2018
4. Net cash payment from RWE to E.ON of €1.5bn3
5. Attractive cash offer to minority shareholder in innogy with total value of €40.00 per share (offer price (€36.76) plus FY 2017 dividend of €1.60 per share, plus expected dividend of €1.64 per share for FY 2018)
Asset exchange (limited cash impact)
Cash element
1. Equity value for transfer perimeter, 2. Gundremmingen C (25% stake) and Emsland (12.5% stake), 3. Payment to balance asset valuation, 4. Excludes 20% in Rampion and certain onshore capacity indirectly held by E.ON and innogy.
Innogy dividends (~€1.4bn)
Renewables11x EV/EBITDA
4
Top end of guidance
Top end of guidance (+5% YoY)
Leverage target of 3.4x achieved
Committed to annual DPS growth:€0.43 for 2018 €0.46 for 2019
3-4% EBIT CAGR3
5-10% EPS CAGR3
Transacting from a position of strength
EBIT€3.0bn1
ANI€1.5bn1
END€16.6bn1
Dividend
2018-20 Growth
✓
✓
✓
✓
Group EBITDA
~€8bn2
Customer Solutions
>31mCustomers1
~53mCustomers2
Energy Networks
~€20bn RAB1, 4
~€34bn RAB2, 4
€5bn1
1. E.ON standalone 2018 reported, 2. Future E.ON pro-forma 2018 (innogy data based on public information), 3. 2018-2020 based on existing portfolio (E.ON standalone), 4. RABs from different regulatory regimes are not directly comparable due to significant methodical differences.
Regulated Non-regulated
E.ON today Future E.ON (’18)E.ON today (’18)
E.ON standalone
✓
5
Sweden1
~€4bn ~1m- ~11m1,2
NL/BE
- ~4m2
Germany3
~€20bn ~14m
CEE3
~€9bn4 ~14m
Turkey1
~€1bn ~10m
Unique downstream position across Europe
Energy Networks (RAB)
Customer Solutions (number of customers)
Southern Europe
- ~1m3
1. E.ON 2018 reported, 2. innogy 9M 2018 reported, 3. Future E.ON pro-forma 2018 (innogy data based on public information), 4. RABs from different regulatory regimes are not directly comparable due to significant methodical differences.
UK
6
Focus, scale and efficiency pre-requisite for success
DigitizationElectrificationNew culture &
capabilities
Empoweredcustomers
De-carbonization
• Future E.ON’s unique downstream positioning fully captures benefits of energy mega trends
• Creating markets for customers through our products, services, technologies
• “Go to” partner for politicians and regulators in designing the energy transition
• Combining innovation power to enhance development of state-of-the-art products
• Synergies improve cost position and roll-out speed
• Innovative services levered on significantly higher customer number
Mega trends accelerate and reinforce each other
Focus, scale and efficiency needed in New Energy World
7
Spin-off Uniper& reset of E.ON
2016 2018 2020 and beyond
✓
Position of strength
• Strong financial & operational delivery
• Proven performance culture
• Balance sheet headroom
✓
✓Transition year
Acceleration of strategy execution
Unique strategic position
• Focus on regulated networks and infrastructure-like & pace-setting customer solutions
• Portfolio simplification
• Enhanced earnings quality: ~80% of EBIT1 is regulated
• Committed to annual dividend per share growth
✓
1. Future E.ON pro-forma 2018 (innogy data based on public information). 8
Potential for premium valuation
3
4
5
6
7
8
9
10
11
12
Value creation for shareholders
Instant redeployment of
capital
Renewables1
Platformfor high
net synergies (€600-800m)
Shareholder value
creation
1. Enterprise value (schematic)
Renewables11x EV/EBITDA
innogy acquisition at ~10x EV/EBITDA
Realization of valuation premium
9
Integration of innogy provides for strong synergy potential
2019 2020 2021 2022
Estimated net synergies (€ m)2 Synergy focus1, 2
€600-800m
~55%
~25%
~5% •Strong synergy potential of €600-800m
•~5,000 FTEs affected (~7% of employee base)
Corporate Functions & IT
Energy Networks
Energy Sales & Customer Solutions
~100%
1. Synergy split (€ million), 2. Future E.ON pro-forma 2018 (innogy data based on public information). 10
~80%2
~62%1
Regulated Non-regulated
E.ON today Future E.ON
Share of regulated network earnings (EBIT)
Attractive earnings & dividend profile secured long-term
Synergies to over-compensate fading nuclear earnings
0
1
2
3
4
5
6
E.ON stand-alone
EBIT development3
Enlarged E.ON
2018 2019 2020 2021 2022
1. E.ON 2018 reported, 2. Future E.ON pro-forma 2018 (innogy data based on public information), 3. Schematic illustration. 11
• Nuclear provisions: ~€0.9bn
• AROs (Renewables): ~€0.9bn
• Tax equity liabilities (Renewables): ~€0.6bn
• Pension provisions (Renewables): ~€0.4bn
Pro forma Economic Net Debt 2018
~10.3
~3.0
Economic Net Debt 2018
~3.3
~16.6
E.ON today1 (€ bn)
Economic Net Debt 2018
~32
Net financial position Provisions for pensions Asset-retirement obligations
1. E.ON 2018 reported, 2. Future E.ON pro-forma 2018 (innogy data based on public information), 3. E.ON will address structural subordination post closing, 4. Nord Stream I stake
~1+ Transfer of NS14 into CTA
Further deleveraging measures to be realized in ‘19 (€ bn)
Includes:• Acquisition of 23.2% minority shares • €1.5bn cash payment from RWE
Future E.ON2, 3 (€ bn)
~€2.8bn debt transferred to RWE
12
Includes successful monetization of Uniper shares
Adoption of IFRS 16: Impact on E.ON financials & KPIs
Changes for the lessee (illustrative)
Balance Sheet Profit & Loss
Equity(Equity ratio )
Liabilities
Assets
Right-of-useassets
Lease liabilities
Sales
EBITDA
EBIT
EBT
Oper. expenses
Depreciations
Interest result
Sales
EBITDA
EBIT
EBT
Oper. expenses
Depreciation
Interest result
ante IFRS 16adoption
post IFRS 16adoption
• Objective: Ensuring that lessees and lessors provide relevant information that faithfully represent leasing transactions.
• Adoption obligatory starting 2019.
• No significant changes for lessors, lessees may apply certain exemptions for shorter-term leases (<12 months) and/or leases for low value assets.
• P&L: EBIT(DA) to improve, interest expense to increase; no effect on Adj. Net Income level.• Balance Sheet: Economic Net Debt (END) to increase, following increase in lease liabilities.IFRS 16
IFRS 16 in short
13
Investor agreement with RWE ensures equal treatment of shareholders
Preamble • RWE to act purely as financial investor
CorporateGovernance
Shareholder structure and rights
• Right to nominate one Supervisory Board member
• Not allowed to increase stake above 16.67%
• Not allowed to sell to an E.ON competitor
14
20192018 20212020
1. Payment to balance asset valuation, 2. Transfers of E.ON minority shares in the two RWE-operated nuclear power plants Gundremmingen (25% stake) and Emsland (12.5% stake) to RWE.
1st Closing• E.ON becomes ≥76.8%
shareholder in innogy• RWE becomes 16.67%
shareholder in E.ON (20% capital increase)
• €1.5bn cash payment to E.ON1
• Transfer of other assets2
2nd Closing• Transfer of E.ON and innogy RES Assets• Transfer of Kelag participation and gas storage assets of
innogy
Voluntary public takeover offer (PTO)
ended 25 July
Acceptance rate: 9.4%
Transaction timeline
Antitrust approvals
Full legal integration
Integration & synergies
15
✓
Official filing of transaction with EU Commission on 31st January 2019✓
Schematic merger control proceedings
Pre-notification
Simplified overview of process steps of EU merger control proceedings(possible (partial) referrals to national authorities not taken into account1)
PreparationsPhase I
(25 working days)Phase II
(90 working days + extensions)
• Draftingnotificationdocuments
• Discussing draft notification, responding to information requests
• Finalizing notification
• Assessing notification
• Obtaining additional information requests
• Analyzing market segments in detail
• Negotiating potential conditions
≈ May 2018Not before mid-2019
Expected EU Commission clearance decision
Presentation of potential concerns regarding market segments
1. Federal Cartel Office Germany, CMA, CEE 16
Official filing of transaction with EU Commission on 31st January 2019
Investment highlights
Starting from position of strength: Creating the future of energy
Unique downstream positioning with ~80% regulated earnings1Focus
Commitment to deliver annual dividend per share growthGrowth
Renewables value crystallization and €600-800m synergies High commitment to strong BBB rating Discipline
1. Future E.ON pro-forma 2018 (innogy data based on public information). 17
FY 2018 Results
March 13th, 2019
DisciplineFocusGrowth
E.ON standalone
Strong delivery of FY 2018 results
Top end of 2018 guidance range achieved
Dividend 2018 increases >40% to €0.43/share
Preparation of takeover of innogy fully on track
Upgrading network capex to fuel accelerated RAB growth
Predictability — Outlook 2018-2020 confirmed, commitment to annual DPS growth
Visibility — Fixed dividend of €0.46/share to be proposed for 2019
Highlights
3,074
1,427
2,989
1,505
Adj. Net IncomeEBIT
FY 2017 FY 2018
Key Financials1
€ m
1. Adjusted for non operating effects
Economic Net Debt
19.2
16.6
€ bn
!
!
!
€2.8-€3.0bn
€1.3-€1.5bn
Guidance Range
E.ON standalone
19
Continuous track record of delivery
1. Adjusted for non operating effects.
2016 2017 2016 2018
5.3x
3.9x3.4x
€26.3bn
€19.2bn€16.6bn
~€10bn
2016 2018
€2.7-€3.1bn
€2.8-€3.1bn
€0.6-€1.0bn
€1.2-€1.45bn
€3.1bn €3.1bn
€0.9bn
€1.4bn
EBIT1 vs. guidance Adj. Net Income1 vs. guidanceDeleveraging achieved –
Significant reduction of END
2018
€2.8-€3.0bn
€3.0bn
2017
€1.3-€1.5bn
€1.5bn
Guidance Range
2017
E.ON standalone
20
Dividend continues to grow
Dividend per share growth
2018 & 2019: Fixed Dividend
€0.21
FY 2017Dividend
FY 2016 Dividend
€0.30
€0.431,3
FY 2018Dividend
€0.462,3
FY 2019Dividend
FutureDividends
1. Fixed for FY 2018 (paid in 2019) 2. Fixed for FY 2019 (paid in 2020) 3. Dividend proposals in line with existing dividend policy
Commitment toannual DPS
growth
E.ON standalone
21
Energy Networks – Proven efficiency leadership
E.ON excels in efficiency benchmarkingAll DSOs 100% efficient1
General efficiency factor
Reduction of general efficiency factorFrom 1.5% 0.9%
Cost audit
Cost audit successfully completed
Proof of E.ON‘s leading operational excellence
Individual efficiency factor
1. Two DSOs exceed 100% efficiency and will receive a bonus of 1% of controllable costs p.a. as additional allowed revenue2. 204 DSOs have been included in the benchmarking process; 27 are entitled to additional super efficiency bonus
All four E.ON DSOs with efficiency score of 100% vs. 94% industry average2
50% of E.ON DSOs even receive an additional efficiency bonus vs. 13% for industry average2
Regulatory review in German power networks – Performance culture in practice
E.ON standalone
22
Upgrading long-term network capex growth
• Main driver is additional replacement investments
• Conservative assumptions on Renewables and E-mobility roll-out
• Acceleration of Renewables build-out• Digital layer & fully digital equipment• E-mobility• Electrical heating• Smart meter
Cautious planning
Potential upsides to “new normal” level
Energy networks capex (€ m)
0.4 0.5
1.0
0.3 0.3
0.70.8
1.6
2017 beyond 2020 "new normal"
2018
1.4
SwedenGermany CEE
Disciplined & gradual ramp-up
1.7
1.8
1.9
Additional ~€100m p.a.for long-term capex run-rate
E.ON standalone
23
Accelerating power RAB growth
Germany
~€8bn
Power RAB (€ m) Power RAB1
1. Based on constant FX rates (SEK/EUR 2018: 10.26; CZK/EUR 2018: 25.65)2. Growth includes revaluation of RAB from 2020 onwards according to new methodology (due to change in depreciation times). Effect ca. ~€0.5bn in 2020
~8.0
2017
~8.3
2018 2020
+ 8-10%
+6%
Targeting upper end of growth range
+10%
Czech RepublicSwedenPower RAB (€ m) 1
~3.5
20202017
~3.7
2018
~1.4
2017
~1.5
2018 2020
Power RAB (€ m) 1,2
New growth range
+16%
+12%
New growth range
+11%
+15%
+8%
+20%+25-30%
+20-25%+15%
+11%
+30%
+25%
+25%
New New
New
OldOld Old
E.ON standalone
24
€413m
2017 2018
€479m
CS ex UK
CS UK
2017 2018
Germany
UK
Other
~22m~22m
Customer Solutions with profitable customer growth outside UK
EBIT
Improving EBIT outside UK
• UK decline mainly caused by regulatory interventions and restructuring costs
Pro-actively working on next wave of performance measures• Programs in Germany and UK with target
to offset margin pressure• UK program already expanded during
2018 to mitigate SVT price cap impact
2018 2019 2020 >2020
Cost
Impact
Performance programs (upgraded)
~€120m impact
~£150m impact
Growing customer base outside UK
• More than 100,000 additional customers in Germany
• In the UK, best performance among the Big Six in terms of customer numbers1
Customer numbers
1. Source: Q4 2018 Cornwall report
+2%
+1%+17%
E.ON standalone
25
Renewables – Performance culture in practice
EBIT1 delivery 2018
FY 2017 FY 2018
€454m
€521m+15%
Downsides from very low wind yields and roll-off of support schemes in the US over-compensated:
• Project completion ahead of schedule and below budget (e.g. Arkona, Rampion)
• Successful partnering in Sweden (Nysäter)
• Cost discipline applied with highly agile mindset
Project delivery 2018
1. Adjusted for non operating effects
RampionOffshore wind (UK)
400 MWArkonaOffshore wind (GER)
385 MW
StellaOnshore wind (US)
201 MWTexas wavesStorage (US)
2*10 MW / 5 MWh
E.ON standalone
26
Takeover of innogy progressing well
Antitrust approval process
• E.ON filed official notification with EU Commission end of January
• EU Commission initiated Phase II investigations on 8th March
• Approvals for RWE part of transaction already received after Phase I
• Fully on track for closing during second half of 2019
Preparation of integration of innogy
into E.ON
Synergies
• Joint preparation work intensifying
• Work on future operating model nearly completed
• Target of €600-800m net synergies by 2022 confirmed
E.ON standalone
27
Spin-off Uniper& reset of E.ON
2016 2018 2020 and beyond
✓
Position of strength
• Strong financial & operational delivery
• Proven performance culture
• Balance sheet headroom
✓
✓Transition year
On track to successfully conclude strategic transformation journey
Unique strategic position
• Focus on regulated networks and infrastructure-like & pace-setting customer solutions
• Portfolio simplification
• Enhanced earnings quality: ~80% of EBIT1 is regulated
• Committed to annual dividend per share growth
✓
Digitization Operationalexcellence
Capitaldiscipline
E.ON’s guiding principles
Customer-led
1. Future E.ON pro-forma 2018 (innogy data based on public information)
E.ON standalone
28
• Germany: price increases in Q2 2017, restruc-turing charges
• UK: price increases in Q2 2017, competitive dynamics, regulatory effects, restruct. charges
• Preussen Elektra: one-off effects, lower achieved prices, higher volumes due to plant outages in 2017
• Turkey: op. improvem., omission of book loss
• Germany: positive one-off effects in Q2 & Q3 2018, reversal of regulatory effects, disposal gas network HH, new regulatory period gas
• Sweden: power tariff increase, adverse FX dev.
• Onshore: capacity additions in the US, support scheme expiries
• Offshore: capacity additions (Rampion), adverse wind conditions (esp. Q4)
EBIT development solid despite operational challenges
+67
+115Corp. Functions
& Other, Consolidation
-190
3,074
Customer Solutions
FY 2017
Energy Networks
-66
Renewables
-11Non-Core
FY 2018 2,989
-85
EBIT1 FY 2018 vs. FY 2017€ m
1. Adjusted for non operating effects
Energy Networks
Customer Solutions
Renewables
Key FY Effects
Non-Core
+/–
+/–
+
–
+/–
+
+/–
+/–
+/–
+/–
E.ON standalone
29
Adj. Net Income up 5% driven by lower interest expenses
FY 2018€ m
~€ 85m improvement yoy mainly due to refinancing benefits, partly compensated by lower interest income from asset portfolio
1. Adjusted for non operating effects 2. Without interest accretion of nuclear provisions
EPS (€ per share)
2,989
2,315
1,505
-86
Group EBIT1
Profit before Taxes1
Other interestexpenses
-588Interest on fin. assets/
liabilities2
-562Income Taxes
-248Minorities
AdjustedNet Income1
Tax rate of 24% slightly below PY
€0.69
E.ON standalone
30
END decreases mainly due to sale of Uniper stake
-10.6 -10.3
-3.6
-3.5
-0.9
-0.9-0.6
-3.3
-5.0
-3.0
3.8
Investments
0.9
Pensions
4.3
Other END FY 2018AROs
0.6
DividendOCF
2.9
-19.2
END FY 2017
0.3
CTA2 Funding
-16.6
Divestments
+2.7€ bn
END1 FY 2018 vs. FY 2017
1. Economic net debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS AROs2. Contractual Trust Arrangement
AROs
Net financial position
Pension provisions
Liquidation of pension scheme in Q1 2018 results in reduction of pension provisions –limited effect on END
Sale of Uniper stake
E.ON standalone
31
Capex split 2019 & 2020
Capex1 2019
1.7
0.81.1
Energy Networks Renewables Customer Solutions
~€3.6bn ~€3.7bn
Increase in capex drives long-term EBIT growth
Capex focused on Energy Networks and infrastructure-like Customer Solutions
Strict adherence to capital return targets (e.g. Group ROCE target 8-10%)
Growth
Focus
Discipline
Capex1 2020
1.8
1.10.8
1. Gross capex, not including divestments
E.ON standalone
32
Group guidance for FY 2019
Actuals FY 2018 (€ bn) Actuals FY 2018 (€ bn)
Guidance FY 2019 (€ bn) Guidance FY 2019 (€ bn)
3.01.5
EB
IT1
Ad
just
ed N
et In
com
e1
Dividend2 2019 (€/share)
0.462.9 – 3.11.4 – 1.6
Pro
pos
ed d
ivid
end
s2
Dividend2 2018 (€/share)
0.43
1. Adjusted for non operating effects 2. Fixed dividend proposals to AGM to be paid in following year
E.ON standalone
33
1. Adjusted for non operating effects 2. Preussen Elektra
Segment EBIT1 guidance FY 2019
2019Energy Networks Customer Solutions
Renewables Non-Core
2018
€1.8bn €0.4bn
€0.5bn €0.4bn
• Germany: Further increase in RAB, efficiency scores
• Sweden: Power tariff increases (already implemented)
++
• Germany & UK: Restructuring charges in 2018
• UK: Regulatory interventions (i.e. SVT price cap)–+
• Onshore: Capacity additions, support scheme expiries
• Offshore: Capacity additions (Arkona, Rampion)
+/–+
• PEL2: Increased wholesale prices, higher D&A, one-offs
• Turkey: Operational improvements
+/–+
20192018
20192018 20192018
E.ON standalone
34
ReturnROCE1
8 – 10 %
E.ON FOCUS – Framework for 2018-2020Our basis for steering the company
1. Based on EBIT (= pre-tax), 2. OCF bIT divided by EBITDA, 3. Adjusted for non operating effects, FY 2018 guidance range as basis for medium-term outlook 2018-2020 (CAGR), 4. Total Shareholder Return, 5. Fixed for FY 2019 (paid in 2020).
CashCash conversion rate2
≥ 80 %
Executive CompensationClosely linked to EPS target achievement and relative TSR4 (in addition: share ownership obligations)
EPS3
Group+ 5-10% (CAGR)
AnnualDPS growth
Dividend
Fixed dividend 2019:
€0.465
EBIT3
Group+ 3-4% (CAGR)
Capital StructureStrong BBB/Baa
E.ON standalone
35
Appendix
E.ON Group
DisciplineFocusGrowth
E.ON standalone
Drive value creationAbsolute annual dividend
growthSustainable & resilient
EPS growth
Customer-led DigitizationOperational excellence
Capitaldiscipline
E.ON‘s guiding principles
38
E.ON standalone
Highly stable business profile
Business profile
High share of regulated and long-term contracted earnings (~3/4 of EBITDA)✓
Predominantly quasi-regulated or contracted earnings in heat operations and Renewables✓Remaining merchant exposure in Renewables and PreussenElektra largely hedged✓
Operations in Energy Networks under stable, well established frameworks in low risk markets with strong regulatory track record
✓
FY EBITDA 20181
~3/4 from regulated/long-term contracted businesses2
1. Adjusted for non operating effects, representation in pie charts excluding Corporate Functions/Other; total figure including Corporate Functions/Other, 2. Including Energy Networks and a portion of Renewables and Heat.
57%
15%
11%
17% Energy Networks
Renewables
Customer Solutions
Preussen Elektra€4.8bn
E.ON standalone
39
Investment highlights
From deleveraging to focused and disciplined growth
Management team with strong shareholder focusFocus
Deliver sustainable EPS growth andcommitted to annual dividend per share growthGrowth
Strict capital discipline and high-performance cultureDiscipline
40
E.ON standalone
Energy Networks
DisciplineFocusGrowth
E.ON standalone
Energy Networks Energy Networks
Power and gas business
Power business only
CEE &Turkey€5.8bn
Sweden€3.7bn
Germany€10.5bn
~€20.0bn2
Regulated asset base 20181
CEE &Turkey€0.4bn
Sweden€0.5bn
~€1.8bn
Germany€0.9bn
EBIT3 2018
19 2432
12
27
Germany CEE & Turkey4Sweden
Market share (%)
350
138
493
51 45
Germany
0
Sweden CEE & Turkey
Power Gas
Grid length (‘000 km) 1
∑ Grid length: 980
∑ Grid length: 96
1. 100% view for Slovakia and Turkey 2. Differences may occur due to rounding 3. Adjusted for non operating effects.4. Arithmetic average
~71% of group core
E.ON standalone
42
Energy Networks Sweden – Carry-over of retroactively allowed revenues legally confirmedIllustration
E.ON standalone
Collected revenues2
2012-2015Allowed revenues
2016-20193
including carry-over
Collected revenues2016-2019
Allowed revenues2020-20234
including remainingcarry-over
2016Court finally decides
on parameters ofregulatory model and
higher WACC forperiod 2012- 2015
(5.2% 6.5%)
2019Court revokes regulatory
prohibition to utilize remaining carry-over amounts also in 3rd
regulatory period
Retroactively allowed additional
revenues= carry-over1
1. A new regulatory regime was introduced in Sweden with a first regulatory period from 2012-2015. The new regulation triggered several court cases that led to a clarification of a number of points. The finally allowed revenue cap was not known until 2016. Court cases targeted the new regulatory model itself, as well as the WACC, which was ultimately corrected from 5.2% to 6.5% and significantly contributes to the carry over. 2. Due to ongoing court cases, E.ON collected less revenues from customers than what it had been retroactively entitled to. 3. WACC for second regulatory period was also challenged and court decided to increase the WACC from 4.5% to 5.9%. 4. Normal revenue cap for regulatory period 2020-2023 to be set by regulator in 2019.
Carry-over Remainingcarry-over
43
Turkey with extraordinary high RAB growth
Established in 3 high-growth regions
Leading electricity network operator:
− 10.5 m connections
− 223,000 km network length(20% of market)
Constructive regulatory environment:
− Allowed WACC for 2016-2020 regulatory period has been increased to 13.6% from 11.9% (pre-tax, real)
− Incentives to outperform capex, opex, and theft & loss allowances
High network investment due to:
− Strong power demand growth of >3% p.a.
− Need for significant network modernization
in bn TL, nominal
Regions
Target to more than double 2016 RAB by 2020
Downstream Business Market & Regulation RAB development
Strongly growing market with highly attractive returns
AnkaraIstanbul
Adana
>2x
3.9
5.3
2016 2017 2020
E.ON standalone
44
2018
6.9
Major transformation in Energy Networks
Single layer infrastructure (energy)
Physical linear network
Centralized system
Integrated energy system
Decentral, connected multi-layer infrastructure
More (semi-) autonomous local energy systems
Energy Network player
Energy network operator
From
Holistic system provider
To
Ph
ysic
al
laye
rD
igit
al la
yer
Com
mu
ni-
cati
on la
yer
Data center
EMS Platforms
Network control center
Smart Home
Asset control systems
VPP
Local grid control
Smart Meter
Cloud
AntennaWifi
Block chain
Future energy network system will need to combine different layers of infrastructure
E.ON standalone
45
E.ON leading in smart grid projects
E.ON standalone
46
• Islanding capable smart micro grid solution• 100% renewable and locally produced electricity
Battery storage and demand side response e.g. heat pumps/water heaters
• Visualization of energy flows; frequency response; peer-to-peer market platform; Machine learning algorithms to use flexibilities
• Won the “Skånes vindkraftspris 2018”
Project Simris – Part of
Achieving energy autarky for small local communities
Purpose
Means
Swedish village Simris; micro grid successfully implemented in 2018
Project facts
• Modernizing substations and 200km of power lines• Large-scale rollout of smart technology for higher
deployment of renewable sources (e.g. PV)• Improve failure rate, maintenance-related outages
and power losses• Improve effectiveness of girds and prepare for
future connections, like electric vehicles and batteries
Project Acon (Again connected networks)
Integrating Czech and Slovak electricity markets & improving quality of supply
Purpose
Means
Modernizing grid in border region between Slovakia and Czech Republic
Project facts
E.ON supports customers to improve their energy situation
• Live dashboard of local energy situation e.g. renewable production, consumption, CO2 emission and autarky level
• Pilot municipalities Altdorf, Furth and Schrobenhausen
• Increase energy awareness and understanding• Tracking of energy saving measures
Energie Monitor
E.ON standalone
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Create transparency for municipalities of their local energy situation as basis for improvements
Purpose
Means
Co-developed with municipalities in Bavaria; product launch in summer 2018
Project facts
• Development of an interface towards small scale customer assets e.g. charging electric heating
• Enabling customers to benefit from efficiency measures and optimized energy procurement costs
• Generate energy and cost savings for customers
Smart Grid Hub – part of
Create customer value by increasing energy efficiency
Purpose
Means
Development of an interface to enable customer flexibilities; EU-funded
Project facts
Customer
Smart Grid HubE.ON DSO
Operational excellence – digitization in practice
Effective investment decision Higher grid quality and customer
satisfaction Higher chances to win/retain concessions
Advanced Asset Management
Direct-value add based on improved SAIDI performance and lower Opex
E.ON standalone
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Tool
Imp
act
Combining a smooth user experience with efficient scheduling of works
Optimization of routes and outage remedy Flexibility for field technicians
Digital Workforce Management
~ 6 % productivity gains
Conventional approachIntroduce a new digital scalable work
environment for every field technician and back officePredictive maintenance
Opportunities in adjacent businesses - Broadband
Growing from existing assets
E.ON's existing fiber-optic infrastructure
E.ON's new fiber-optic infrastructure
A
Local transformer station
Fiber-optic cables in every street and to every household
Network operations center
Business building
Mobile cell tower
Telco X'sbackbone
Enterprise customer's data center
Point of Presence (Switch between backbone and access network)
Extension of existing business
Entering Fiber-to-the-Home (FttH) marketB
New business concept in development
E.ON standalone
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Customer Solutions
DisciplineFocusGrowth
E.ON standalone
Customer Solutions
E.ON’s market positionCustomer Focused Portfolio Energy Sales is the anchor business
City Energy Solutions (CES)2: 10% market share in Sweden
B2B Solutions: ~€2.1 bn TCV3 in 2018
Top 2
Top 2
Top 3
Top 3Top 3
Top 3
Top 10
Top 3
Energy Sales: 22 m1
customers in 8 countries
1. Excluding Turkey 2. Former segment ´Heat´ 3. Total Contract Value 4. Adjusted for non operating effects 5. B2C customers in Germany and UK
EBIT4 2018 (€ 413m)
CES
EnergySales
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B2C – Differentiate and grow
Increaseefficiency
Defend and grow customer base
Address margin pressure
E.ON standalone
Defend: Increased loyalty / service excellence / NPS etc.
Expand the base: Profitably grow the base with core energy sales and energy sales bundles
Grow beyond: Home Energy Management Solutions (HEMS) with PV, batteries and eMobility
Digitization:Digital Attacker, customer analytics, market analytics
Optimize the organization: Streamlining, operational excellence (e.g. savings programs Germany & UK)
Reduce Cost-to-Serve (CtS): Digital Attacker with high self-serve share and reduced complexity in business processes
Effective retention:Win-back, preventive churn management
Reduce Cost-to-Acquire (CtA): Optimize channel mix, reduce dependency on brokers / portals / agencies Use customer journey on E.ON website to sell value added products Apply Artificial Intelligence to identify customer segments interested in our products & services
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B2C - Re-inventing our customer business with the digital attacker
Cost efficiency
Superior services
Innovative proposition
<€ 10Market Leading
Cost to Serve
Synergiesacross regions
1-clickCustomer
journey
+50 NPS1
Quick response &
accurate billing
Singleplatform for
tariff innovations
Datadriven
propositions
Fasttime to market
Selflearning
functionality
Market leading
cost of change
Gradual replacement of legacy systems – customer focused with proven stability
1. Net Promoter Score
E.ON standalone
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E.ON E.ON ambition
Cost-to-Serve ambition
€/customer account
On-siteGeneration
Energy Efficiency
Flexibility & Storage
On-site supply of heat, steam, power, cooling and pressurized air• Bespoke onsite power and heat supply ~5-200MW• Digitization of the entire value chain with IQ-CHP (intelligent, digital CHP)• AI-based solutions for remote O&M
Manage energy consumption
• Optimization of energy and core manufacturing processes with AI, e.g. predictive maintenance • Cost reduction via digital platform, e.g. steering energy consumption data-based• Remote optimization to enable energy savings and asset reliability
Optimizing and monetizing central and decentral flexibility
• Bundling flexibilities in a Virtual Power Plant platform and offering to the TSO• Forecasting annual maximum load for ensuring feed-in at the correct time • Load profile analysis, forecasting and peak shaving with grid fee savings up to 80%
New Solutions B2B
EnergyConsulting
Designing and delivering integrated energy solutions
• Optimizing of a business' energy usage by designing highly individual integrated energy solutions• Running an energy audit to identify savings potential• Designing detailed action plan based on insights from energy audit
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City Supply
City Quarter Solutions
Single Site Solutions
• Large-scale city heating & cooling solutions (e.g. in Malmö, Stockholm, Hamburg)
• Growth opportunities through new connections to established district heating networks & new grids (e.g. Berlin Schönefeld)
• Sustainable city districts with integrated heating & cooling solutions based on maximum of renewables (e.g. Tegel, Berlin; Elephant & Castle, London)
• Growth opportunities through new-build & retrofit of large areas or districts in cities
• Decentralized, sustainable local energy solutions (shopping malls – e.g. Westfield, London; Koppenstraße, Berlin, office buildings or hospitals)
• Growth opportunities through new-build & retrofit of large single sites in cities
New Solutions CES (City Energy Solutions)
E.ON standalone
• Typical duration 20-40 years
• Typical TCV1 € 0.1–1bn
• Typical duration 20-40 years
• Typical TCV1 € 10-100m
• Typical duration 10-20 years
• Typical TCV1 € 1-20m
1. Total Contract Value55
New Solutions B2C
PV & Storage Home HeatingHome Energy Mgmt. Solution
Future Energy Home eMobility
Solutions Infrastructure
E.ON standalone
Development of home energy management solution with Microsoft
Pilot project to offer Future Energy Home to customers with the Berkeley Group (UK)
Green Mortgages pilot with BNP Paribas to support financing for energy efficient homes
Developing Ultra-Fast-Charging network across Europe
Cooperation with Nissan to develop for de-centralized energy generation and storage
Launch of intelligent EV charging network with Virta
New market entry in Norway and Italy
Revenue growth of heating devices – boiler, heat pump, fuel cell, air-conditioning – across E.ON regions
Continuous development to provide comfort at home, e.g. cooling solution, smart-thermostat offering
Additional growth in key regions like Italy, UK, Sweden
Continuous improvement of integrated PV & eMobility propositions and attractive financing offerings
Roll-out of E.ON SolarCloud in additional markets
56
The nature of the business within Customer Solutions shows great diversity
Assetintensity
Sales cycle
Scalability(e.g. digital)
Energy contractsExample
PV & StoragePublic charging
stationOnsite CHP
City quartersolution
Energy sales E-mobility CESB2C solutions B2B solutions
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Temporary high investments for smart meter & IT
Disciplined investment plan to support growth opportunities
Capex1 2019-2020 €1.6bn
1. Capex net of divestments
City Energy Solutions & B2B projects
Smartmeter
IT &efficiency
Other
E-mob
Partially temporary
Infrastructure-likeinvestments
E.ON standalone
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Renewables
DisciplineFocusGrowth
E.ON standalone
Renewables
3.9 GW 3.6 GW
1. Total gross capacity irrespective of the E.ON share2. Including 1 repowering project (historical capacity 258 MW; to-be capacity, currently under construction 275 MW)
€0.5 bn EBIT 2018(~20% of core EBIT)
~96% Long-term contracted or hedged until 2020
Strong track record with ~7.5 GW1 delivered
Active in 3 generation technologies and in batteries
1
Highlights
Total capacity under constructionand repowering: 0.9 GW2
Capacity1
1.8 GW
0.9 GW
0.3 GW
0.2 GW
0.2 GW
0.2 GW
Panther Creek(repowering)
West ofthe Pecos
Morcone
Nawrocko
Nysäter
Miltzow
E.ON standalone
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Play at scale in Onshore - Attractive pipeline in Tier 1 geographies
Gross capacity additions 2019-2021 (MW) Onshore pipeline
~6.3 GW
100% PTC
80% PTC
Other
∑~2.7 GW
COD2017
COD2018
COD2019
COD2020
COD2021
Onshore Offshore1 New Projects(Pre- FID pipeline)
1. 2018 COD: Rampion (Gross delivery: 400 MW, EU Offshore), Arkona (Gross delivery: 385 MW, EU Offshore)
E.ON standalone
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Onshore pipeline
~2.0 GW
Nordic
Other EU
UK
FY 2018 – Financial Appendix
DisciplineFocusGrowth
E.ON standalone
Financial Highlights
€m FY 2017 FY 2018 % YoY
Sales 37,965 30,253 -20
EBITDA 1 4,955 4,840 -2
EBIT 1 3,074 2,989 -3
Adjusted Net Income 1 1,427 1,505 +5
OCF bIT -2,235 4,087 –
Investments 3,308 3,523 +6
Economic Net Debt ² -19,248 -16,580 +14
1. Adjusted for non operating effects, 2. Economic net debt as per 31 Dec 2017 and31 Dec 2018; Economic net debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS AROs
E.ON standalone
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-3.5
Change in WC
-0.8
EBITDA1 Cash Adjustments3
Interest Payments
OCF bIT
-0.6
Tax Payments OCF Capex
2.9
FCF
-0.6
4.8
0.0 4.1
-0.7
84%
84% Cash Conversion Rate2
FY 2018€ bn
1. Adjusted for non operating effects, 2. Cash Conversion Rate: OCF bIT ÷ EBITDA, 3. Net non cash effective EBITDA items incl. provision utilizations and payments related to non operating earnings
E.ON standalone
64
Highlights
Segments: Energy Networks
• Germany
+ One-off effects in Q2 & Q3 2018
– Reversal of regulatory effects
– Disposal of gas network Hamburg, 3rd regulatory period gas
• Sweden
+ Power tariff increase
– Adverse FX development, disposal of gas network
• CEE & Turkey
+ Turkey: Higher network/retail earnings
– Turkey: One-off effects in 2017 & 2018
– Romania: Lower regulatory returns
Energy Networks
530 451
474 498
1,030 895
CEE & Turkey
Germany
FY 2017 FY 2018
Sweden
2,0341,844
-9%
1. Adjusted for non operating effects
EBIT1 € m
€m
FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY
Revenue 14,199 6,243 -56 1,072 989 -8 1,719 1,537 -11 16,990 8,769 -48
EBITDA 1 1,621 1,488 -8 632 648 +3 767 683 -11 3,020 2,819 -7
EBIT 1 1,030 895 -13 474 498 +5 530 451 -15 2,034 1,844 -9
thereof Equity-method earnings 74 69 -7 0 0 - 157 97 -38 231 166 -28
OCFbIT 2,429 1,559 -36 640 771 +20 605 652 +8 3,674 2,982 -19
Investments 703 802 +14 345 341 -1 371 454 +22 1,419 1,597 +13
TotalGermany Sweden CEE & Turkey
Det
ails
+/–
E.ON standalone
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Segments: Customer Solutions
Customer Solutions Highlights
• Germany Sales
+ Price increases in 2017
– Restructuring charges
• UK
– Restructuring charges, competitive dynamics
– Regulatory effects, incl. price caps (PPM2, vulnerable customers)
+ Price increases in 2017
• Other
– Romania: Higher gas procurement costs
– B2B solutions: Unavailability of co-generation unit
129 111
248142
102
160
Germany Sales
FY 2017
Other
FY 2018
UK
479413
-14%
EBIT1 € m
1. Adjusted for non operating effects, 2. Prepayment Meter
€m
FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY
Revenue 7,014 6,768 -4 7,205 7,758 +8 7,357 7,601 +3 21,576 22,127 +3
EBITDA 1 132 193 +46 351 237 -32 312 294 -6 795 724 -9
EBIT 1 102 160 +57 248 142 -43 129 111 -14 479 413 -14
thereof Equity-method earnings 0 0 - 0 0 - 14 10 -29 14 10 -29
OCFbIT 284 273 -4 401 92 -77 237 211 -11 922 576 -38
Investments 25 35 +40 211 207 -2 360 395 +10 596 637 +7
TotalUKGermany Sales Other
Det
ails
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• Offshore/Other
+ UK: Capacity additions (Rampion)
– Adverse wind conditions
• Onshore/Solar
+ US: Capacity additions (Bruenning’s Breeze, Radford’s Run)
+ SE: Book gain from partnering transaction (Nysäter)
– Support scheme expiries
Segments: Renewables
Renewables Highlights
117 142
337379
FY 2017 FY 2018
Onshore/Solar
Offshore/Other
454521
+15%EBIT1 € m
1. Adjusted for non operating effects
€m
FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY
Revenue 927 1,148 +24 677 606 -10 1,604 1,754 +9
EBITDA 1 299 300 +0 486 561 +15 785 861 +10
EBIT 1 117 142 +21 337 379 +12 454 521 +15
thereof Equity-method earnings 24 44 +83
OCFbit 601 657 +9
Investments 1,225 1,037 -15
Onshore Wind / Solar Offshore Wind / Others Total
Det
ails
E.ON standalone
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Non-Core business
Non-Core Highlights
506399
-113 -17
PreussenElektra
FY 2018
GenerationTurkey
FY 2017
393382
-3%
• PreussenElektra
– One-off effects
– Lower achieved power prices
+ Higher volumes due to plant outages in 2017
• Generation Turkey
+ Book loss from asset sale in Q1 2017
+ Operational improvements
– Adverse FX effects from revaluation of loans
PreussenElektra: Hedged Prices (€/MWh) as of 31 December 2018
EBIT1 € m
1. Adjusted for non operating effects
32
26
31
45
2019
2020
2017
2018
86%
52%
100%
Det
ails
100% €m
FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY
Revenue 1,585 1,399 -12 0 0 - 1,585 1,399 -12
EBITDA 1 654 556 -15 -113 -17 +85 541 539 -0
EBIT 1 506 399 -21 -113 -17 +85 393 382 -3
thereof Equity-method earnings 55 53 -4 -113 -17 +85 -58 36 +162
OCFbIT -7,357 199 +103 0 0 - -7,357 199 +103
Investments 14 15 +7 0 154 - 14 169 -
PreussenElektra Generation Turkey Total
+/–
E.ON standalone
68
Adjusted Net Income
€m FY 2017 FY 2018 % YoY
EBITDA 1 4,955 4,840 -2
Depreciation/amortization -1,881 -1,851 +2
EBIT 1 3,074 2,989 -3
Economic interest expense (net) -744 -674 +9
EBT 1 2,330 2,315 -1
Income Taxes on EBT 1 -614 -562 +8
% of EBT 1 -26% -24% -
Non-controlling interests -289 -248 +14
Adjusted Net Income 1 1,427 1,505 +5
1. Adjusted for non operating effects
E.ON standalone
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Reconciliation of EBITto IFRS Net Income
1. Adjusted for non operating effects
€m FY 2017 FY 2018 % YoY
EBITDA 1 4,955 4,840 -2
Depreciation/Amortization/Impairments -1,881 -1,851 +2
EBIT 1 3,074 2,989 -3
Reclassified businesses of Renewables -440 -513 -17
Interest result 33 -713 -
Net book gains 375 857 +129
Restructuring -539 -64 +88
Mark-to-market valuation of derivatives -954 610 +164
Impairments (net) -171 -61 +64
Other non-operating earnings 3,582 179 -95
Income/Loss from continuing operations before income taxes 4,960 3,284 -34
Income taxes -803 -46 +94
Income/loss from continuing operations 4,157 3,238 -22
Income/loss from discontinued operations, net 23 286 -
Net income/loss 4,180 3,524 -16
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Cash effective investments by unit
€m FY 2017 FY 2018 % YoY
Energy Networks 1,419 1,597 +13
Customer Solutions 595 637 +7
Renewables 1,225 1,037 -15
Corporate Functions & Other 53 86 +62
Consolidation 2 -3 -
Non-Core 14 169 -
Investments 3,308 3,523 +6
E.ON standalone
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Economic Net Debt1
1. Economic net debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS AROs, 2. Net figure; does not include transactions relating to our operating business or asset management
€m 31 Dec 2017 31 Dec 2018
Liquid funds 5,160 5,423
Non-current securities 2,749 2,295
Financial liabilities -13,021 -10,721
Adjustment FX hedging ² 114 -28
Net financial position -4,998 -3,031
Provisions for pensions -3,620 -3,261
Asset retirement obligations -10,630 -10,288
Economic Net Debt -19,248 -16,580
E.ON standalone
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Economic interest expense (net)
€m FY 2017 FY 2018 Difference
(in € m)
Interest from financial assets/liabilities -673 -588 +85
Interest cost from provisions for pensions and similar provisions -82 -62 +20
Accretion of provisions for retirement obligation and similar provisions -67 -80 -13
Construction period interests¹ 43 20 -23
Others 35 36 +1
Net interest result -744 -674 +71
1. Borrowing cost that are directly attributable to the acquisition, construction or production of a qualified asset. Borrowing cost are interest costs incurred by an entity in connection with the borrowing of funds. (Interest rate: 5.37%).
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≥202620232019 2020 20222021 2024 2025
1.41.1
0.8
0.10.4
0.6
0.0
4.8
USDEUR GBP JPY Other
Financial Liabilities
Maturity profile (as of end FY 2018)1
€ bn
1. Bonds and promissory notes issued by E.ON SE and E.ON International Finance B.V. (fully guaranteed by E.ON SE)
Liquidity Sources (as of FY 2018)€ bn
Liquid funds 5.432
Non-current securities 2.295
Syndicated loan (undrawn) 2.75
€ / $ Commercial Paper programs (undrawn)
10 / 10
Acquisition facility (undrawn)
1.75
E.ON standalone
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Indicative funding needs
Funding plan
Funding public takeover offer and purchase of RWE’s loan to innogy is covered by existing cash and RWE’s payment
2019 funding needs: expected to be €2-3 billion
€1.75 billion undrawn acquisition facility available
Regular funding volumes determined by
- refinancing of upcoming maturities
- utilization of asset retirement obligations
Future annual funding needs estimated: €2-4 billion
Financing considerations
Maturities (€ bn) 2019 2020 2021
E.ON ~1.1 ~1.4 ~0.8
innogy2 ~2.0 ~0.8 ~1.7
1. Asset retirement obligations (‘AROs‘) : Indicative utilization of €0.5 billion p.a.2. Incl. senior bonds and 2019 RWE intercompany loan based on innogy‘s Fixed Income Investor Update 1st June 2018
0
2
4
2019 2020 2021
E.ON maturities AROs innogy maturities
€ bn
1 2
75
Structural Subordination
76
E.ON SE
E.ON Int. Finance B.V.
innogy SE
innogy Finance B.V.
Bonds
Bonds
Guaranteed by E.ON SE
Bonds
Bonds
Guaranteed by innogy SE
• Structural subordination may become a topic post closing
• To the extent necessary, E.ON has the choice among several mitigants for structural subordination:
moving innogy bonds to E.ON leveland replacing innogy guarantee with E.ON guarantee
upstream guarantee from innogy to E.ON
liability management at market
E.ON will address structural subordination post closing of the innogy acquisition
E.ON Investor Relations contacts
T +49 (201) 184 [email protected]
Martina Burger T +49 (201) 184 28 07
Manager Investor Relations [email protected]
Dr. Stephan Schönefuß T +49 (201) 184 28 22
Interim Head of Investor Relations [email protected]
Andreas Thielen T +49 (201) 184 28 15
Manager Investor Relations [email protected]
Sebastian Gaßner T +49 (201) 184 28 05
Manager Investor Relations [email protected]
Conny Ripphahn T +49 (201) 184 28 34
Manager Investor Relations [email protected]
77
Financial calendar & important links
Financial calendar
May 13, 2019 Quarterly Statement: January – March 2019
May 14, 2019 2019 Annual Shareholders Meeting
August 7, 2019 Half-Year Financial Report: January – June 2019
November 13, 2019 Quarterly Statement: January – September 2019
March 25, 2020 Annual Report 2019
Important links
Presentations https://www.eon.com/en/investor-relations/presentations.html
Facts & Figures 2019 https://www.eon.com/content/.../presentations/facts-and-figures-2019.pdf
Annual Reports https://www.eon.com/en/investor-relations/financial-publications/annual-report.html
Interim Reports https://www.eon.com/en/investor-relations/financial-publications/interim-report.html
Shareholder Meeting https://www.eon.com/en/investor-relations/shareholders-meeting.html
Bonds / Creditor Relations https://www.eon.com/en/investor-relations/bonds.html
Transaction Website: http://www.energyfortomorrow.eu/
78
Disclaimer
This presentation contains information relating to E.ON Group ("E.ON") that must not be relied upon for any purpose and may not be redistributed, reproduced,published, or passed on to any other person or used in whole or in part for any other purpose. By accessing this document you agree to abide by the limitations set outin this document as well as any limitations set out on the webpage of E.ON SE on which this presentation has been made available.
This document is being presented solely for informational purposes. It should not be treated as giving investment advice, nor is it intended to provide the basis for anyevaluation or any securities and should not be considered as a recommendation that any person should purchase, hold or dispose of any shares or other securities.
The information contained in this presentation may comprise financial and similar information which is neither audited nor reviewed and should be consideredpreliminary and subject to change.
Some of the information presented herein is based on statements by third parties. No representation or warranty, express or implied, is made as to, and no relianceshould be placed on, the fairness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purposewhatsoever.
This presentation may contain forward-looking statements based on current assumptions and forecasts made by E.ON management and other information currentlyavailable to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financialsituation, development or performance of the company and the estimates given here. E.ON does not intend, and does not assume any liability whatsoever, to updatethese forward-looking statements or to conform them to future events or developments.
Neither E.ON nor any respective agents of E.ON undertake any obligation to provide the recipient with access to any additional information or to update thispresentation or any information or to correct any inaccuracies in any such information.
Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercialstandards. As a result, the aggregate amounts (sum totals or interim totals or differences or if numbers are put in relation) in this presentation may not correspond in allcases to the amounts contained in the underlying (unrounded) figures appearing in the consolidated financial statements. Furthermore, in tables and charts, theserounded figures may not add up exactly to the totals contained in the respective tables and charts.