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Local. International Andrew Annual Report Part I/II 2008 Company Report Laura Jacob Local. International. Peter 2008 Company Report E.ON Olga Eric Sarah Michael Lewis Sven Monica Financial Calendar Dimitrii May 6, 2009 2009 Annual Shareholders Meeting May 7, 2009 Dividend Payout May 13, 2009 Interim Report: January – March 2009 August 12, 2009 Interim Report: January – June 2009 November 11, 2009 Interim Report: January – September 2009 March 10, 2010 Release of 2009 Annual Report Isabelle May 6, 2010 2010 Annual Shareholders Meeting May 7, 2010 Dividend Payout May 11, 2010 Interim Report: January – March 2010 August 11, 2010 Interim Report: January – June 2010 November 10, 2010 Interim Report: January – September 2010 International. It sounds far away. Big. Impersonal. Unreachable. Actually, the opposite is true. International is everywhere. In Madrid and in Düsseldorf. Off the coast of Scotland. In Malmö. In Datteln. In Bratislava. In Livorno Ferraris. At OGK-4 in Moscow. Why? Because everything we do locally benefi ts from the way we work together across our international organization. Because that’s how we learn from each other, create synergies, and fi nd the best solutions. For the environment. For a reliable and secure supply of energy. For our employees and our investors. But especially for our customers. At E.ON, there are countless examples of this kind of collaboration. Our 2008 Company Report introduces you to a few of them. We want you to see how local international can be. 6 Smart Product Workshop: part of our groupwide Smart Metering Program 11 Employee opinion survey: an important management and communications tool 17 R&D Steering Group meets in the United Kingdom 25 Protective clothing that meets uniform standards 2 Our Company. 2 CEO’s Letter 4 Profi le 8 Business Areas 10 Corporate Culture 12 Responsibility 14 New Technologies 18 The Year in Review 20 Our People. 20 Board of Management 22 Supervisory Board 23 Employees 28 Our Stock. 28 Development of E.ON Stock 51 31 Funding Program Expanding our storage 32 Investor and Creditor Relations capacity to help secure Hungary’s gas supply 34 Our Strategy. 34 Key Beliefs 36 Market Environment 38 Target Markets 39 Investment Plan 40 Growth Targets 42 Our Structure. 42 An Overview 44 Central Europe Market Unit 48 Pan-European Gas Market Unit Annual Report Part II/II Sven 2008 Financial Report 52 U.K. Market Unit Monica 56 Nordic Market Unit Dimitrii Financial Report 60 U.S. Midwest Market Unit Combined Group Management Report 64 Energy Trading Market Unit Isabelle Consolidated Financial Statements 69 New Markets Corporate Governance 70 Climate & Renewables Market Unit Supervisory Board and Board of Management 74 Russia Market Unit Tables and Explanations 78 Italy Market Unit 82 Spain Market Unit You can download our Financial Report, or order the print version, 86 Index of Terms at eon.com/brochures. Financial Calendar 2 Our Company. CEO’s Letter Dear Reader, 2008 was a decisive year for E.ON. We paved the way for further growth and performance gains and made our business more international. Along with our Climate & Renewables and Energy Trading market units, our new subsidiaries in Southern Europe and in Russia form a solid, sustainable platform for further growth in Europe and around the world. We laid a foundation that will enable us to build on our consistent success and to continue our positive development. We owe these achievements first and foremost to our employees and managers. On behalf of the E.ON Board of Management, I’d like to take this opportunity to express our sincere thanks for their outstanding work and dedication. Going forward, we intend to focus on organic growth and the strengths of our organization. We demonstrated one of these strengths during the recent natural gas dispute. Our prompt action and the impressive capabilities of our gas business benefited people in Germany and many Eastern Europe countries. But 2008 also made it abundantly clear that we must redouble our efforts if we want to maintain our position as a leading player in Europe. E.ON has become bigger and more international. We now need to work just as hard to further improve our performance and competitiveness—all the more so as our markets become more difficult. It’s also abundantly clear that the business envi- ronment in all of our markets has become considerably more challenging. Competition is stiffer, regulation is tighter. At the same time, society rightly expects its energy supply to be greener and more sustainable. Then there’s the current financial and economic crisis, which has now spread to all regions and industries and is a source of additional pressure in our business. This is precisely why we need to focus on leveraging our strengths so that we can better realize E.ON’s potential. 3 By initiating a groupwide efficiency-enhancement program that segment, to increasingly become our partners in power and heat we call Perform-to-Win, we acted early and from a position of supply. Enhancing energy efficiency will play a decisive role in strength. This program will help us adapt to the changes in our all these efforts. business environment. E.ON has grown a lot in recent years. In just This will require huge investments in renewables, in robust and a short time, we’ve doubled the number of our market units from efficient energy networks, and in clean, technologically advanced five to ten. As a result, our company has become more complex. large-scale power stations. For the foreseeable future, coal in Now it’s time for us to take a close look at our organizational particular will remain a key ingredient in a balanced generation structures and business processes. We need to refine them so that mix along with nuclear power, natural gas, and renewables. But we can continue to manage our company with precision and we need to capture more of coal’s energy potential and dramatically assurance. We know that in the future we can’t afford duplicate reduce its carbon emissions. To achieve this objective, we’re work and overly bureaucratic decision-making processes. We busy researching and developing carbon capture and storage have to become leaner in administration throughout our company. technology which will eventually be fitted on our new and highly We want our efficiency and performance to keep pace with our efficient coal-fired power plants. Even in tough economic times successful growth. The current financial and economic crisis like today, we’re maintaining the fundamental course of our makes it essential that we make better use of our resources investment program. But we’re also reviewing every project to and our potential. No one can accurately predict how the crisis ensure that it’s adding value. Our investments make a valuable will unfold or how long it will last. There’s no doubt, though, contribution to economic growth and employment in Europe. that it has become a global recession and is affecting many of Our employees expect their jobs to remain secure and attractive. our customers and that it will also impact our business. Policymakers and consumers expect us to make the necessary But the financial and economic crisis is only one of the changes investments so that we can continue to deliver a secure, afford- in our business environment, albeit a very far-reaching one. Climate able, and environmentally friendly energy supply. And our share- protection, supply security, and keener competition are similarly holders expect a reasonable return on their investments. If we challenging. Nevertheless, the crisis shouldn’t be used as an intend to meet these expectations—all of them reasonable and excuse for losing sight of these objectives or for watering them justified—then we need to act today and enhance our compa- down. We need to design smart plans for the energy industry ny’s performance even further. I’m convinced that we’ll succeed and to take a coordinated approach to solving the three most and that E.ON can confidently face the challenges of the future. urgent energy problems: resource scarcity, global growth in energy consumption, and the threat of climate change. Climate protec- tion, supply security, and affordable energy belong together—and Sincerely yours, together form the foundation of industrialized societies. We want our ideas and investments to help shape a new energy world that’s climate-friendlier and more economical. Increasingly, the energy world will be less centralized and will incorporate smart, interconnected systems in which micro combined-heat- and-power units supplement traditional large-scale power stations. We also want our customers, particularly in the industrial Dr. Wulf H. Bernotat 4 Our Company Profi le An overview. Of us. If you watch the news or follow the stock market, you’ve probably heard of E.ON. You may know something about us because you’re one of our customers. But there’s a lot more to discover. So come along and join us for a tour of the E.ON world. “Guten Morgen!”, “Good morning!”, Our Business “Bonjour!”, “¡Buenos días!”, “Buongiorno!”, Our integrated business model encom- “Goedemorgen!”, “God morgon!”, passes operations along the entire value “Dzien dobry!”, ”Xорошим завтра!“ chain in power and gas, from power gen- 93,538 times a day. Welcome to E.ON. er ation and gas production to distribution and sales. Our objective is to provide our E.ON is one of the world’s largest investor-owned power and gas companies. customers with a secure and affordable Our roughly 93,500 employees generated just under €87 billion in sales in 2008. supply of energy. We combine our inter- national footprint with local expertise and We do business across Europe, Russia, share good ideas across our organization.
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