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E.ON 2005 Annual Report on Form 20-F Entitled “Item 3

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E.ON 2005 Annual Report on Form 20-F Entitled “Item 3 E.ON Group Financial Highlights Financial Calendar in millions 2005 20041 +/– % 2005 Annual Report Electricity sales (in billion kWh)2 404.3 392.4 +3 Gas sales (in billion kWh)2 924.4 868.2 +6 Sales 56,399 46,742 +21 Adjusted EBITDA3 10,272 9,741 +5 Adjusted EBIT4 7,333 6,787 +8 Income/Loss (–) from continuing operations before income taxes and minority interests 7,208 6,355 +13 May 4, 2006 2006 Annual Shareholders Meeting Income/Loss (–) from continuing operations 4,379 4,027 +9 May 5, 2006 Dividend Payout Income from discontinued operations, net 3,035 312 – Net income 7,407 4,339 +71 May 10, 2006 Interim Report January – March 2006 Investments 4,337 5,109 –15 Cash provided by operating activities 6,601 5,840 +13 August 15, 2006 Interim Report January – June 2006 Free cash flow5 3,611 3,228 +12 November 8, 2006 Interim Report January – September 2006 Net financial position6 (at year end) 3,863 –5,483 – Stockholders’ equity 44,484 33,560 +33 Total assets 126,562 114,062 +11 March 7, 2007 Release of 2006 Annual Report ROCE7 (in %) 12.1 11.5 +0.68 Cost of capital (in %) 9.0 9.0 – May 3, 2007 2007 Annual Shareholders Meeting Value added7 1,872 1,477 +27 Return on equity after taxes9 (in %) 19.0 13.7 +5.38 May 4, 2007 Dividend Payout Employees (at year end) 79,947 60,156 +33 May 9, 2007 Interim Report January – March 2007 Earnings per share from continuing operations (in ) 6.64 6.13 +8 Earnings per share from discontinued operations (in ) 4.61 0.48 – August 15, 2007 Interim Report January – June 2007 Earnings per share from cumulative effect of changes in accounting principles, net (in ) –0.01 – – November 13, 2007 Interim Report January – September 2007 Earnings per share from net income (in ) 11.24 6.61 +70 Stockholders’ equity per share10 (in ) 67.50 50.93 +33 2005 Annual Report Dividend per share (in ) 2.75 2.35 +17 OneE.ON Special dividend per share (in ) 4.25 – – Dividend payout 4,61411 1,549 +198 Market capitalization12 ( in billions) 57.6 44.2 +30 1Adjusted for discontinued operations. 2Unconsolidated figures. 3Non-GAAP financial measure; see reconciliation to net income on page 37. 4Non-GAAP financial measure; see reconciliation to net income on page 37 and commentary on pages 172–173. 5Non-GAAP financial measure; see reconciliation to cash provided by operating activities on page 45. 6Non-GAAP financial measure; see reconciliation on page 47. 7Non-GAAP financial measure; see derivation on pages 38–41. 8Change in percentage points. 9Net income excluding minority interests ÷ annual average stockholders’ equity excluding minority interests. 10Excludes minority interests. 11Includes special dividend of 4.25 per share. 12Market capitalization based on ordinary shares outstanding. E.ON Group 2005 Financial Highlights by Business Segment Pan- Core Other Central European U.S. Corporate Energy Activi- in millions Europe Gas U.K. Nordic Midwest Center Business ties1 Total Sales 24,295 17,914 10,176 3,471 2,045 –1,502 56,399 – 56,399 Adjusted EBITDA 5,284 1,939 1,550 1,193 560 –386 10,140 132 10,272 Adjusted EBIT 3,930 1,536 963 806 365 –399 7,201 132 7,333 ROCE (in %) 21.9 11.5 7.6 11.4 5.5 – – – 12.1 Cost of capital (in %) 9.0 8.2 9.2 9.0 8.0 – – – 9.0 Value added 2,318 440 –202 170 –166 – – – 1,872 Cash provided by operating activities 3,020 1,999 101 746 214 521 6,601 – 6,601 Investments 2,177 531 926 538 227 –62 4,337 – 4,337 Employees (at year end) 44,476 13,366 12,891 5,801 3,002 411 79,947 – 79,947 1This segment consists of Degussa, which is accounted for using the equity method. Non-GAAP financial measures: This report contains certain non-GAAP financial measures. Management believes that the non-GAAP financial measures used by E.ON, when considered in conjunction with (but not in lieu of) other measures that are computed in U.S. GAAP, enhance an understanding of E.ON’s results of operations. A number of these non-GAAP financial measures are also commonly used by securities analysts, credit rating agencies, and investors to evaluate and compare the periodic and future operating performance and value of E.ON and other companies with which E.ON competes. Additional information with respect to each of the non-GAAP financial measures used in this report is included together with the reconciliations described below. E.ON prepares its financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). As noted above, this report contains certain financial measures (adjusted EBIT, adjusted EBITDA, ROCE, valued added, net financial position, net interest expense, and free cash flow) that are not calculated in accordance with U.S. GAAP and are therefore considered “non-GAAP financial measures” within the meaning of the U.S. federal securities laws. In accordance with applicable rules and regulations, E.ON has presented in this report a reconciliation of each non-GAAP financial measure to the most directly comparable U.S. GAAP measure for historical measures and an equivalent U.S. GAAP target for forward-looking measures. The footnotes presented with the relevant historical non-GAAP financial measures indicate the page of this report on which the relevant reconciliation appears. The non- GAAP financial measures used in this report should not be considered in isolation as a measure of E.ON’s profitability or liquidity, and should be considered E.ON Corporate Profile in addition to, rather than as a substitute for, net income, cash provided by operating activities, and the other income or cash flow data prepared in accor- dance with U.S. GAAP presented in this report and the relevant reconciliations. The non-GAAP financial measures used by E.ON may differ from, and not be comparable to, similarly titled measures used by other companies. E.ON Group Financial Highlights Financial Calendar in millions 2005 20041 +/– % 2005 Annual Report Electricity sales (in billion kWh)2 404.3 392.4 +3 Gas sales (in billion kWh)2 924.4 868.2 +6 Sales 56,399 46,742 +21 Adjusted EBITDA3 10,272 9,741 +5 Adjusted EBIT4 7,333 6,787 +8 Income/Loss (–) from continuing operations before income taxes and minority interests 7,208 6,355 +13 May 4, 2006 2006 Annual Shareholders Meeting Income/Loss (–) from continuing operations 4,379 4,027 +9 May 5, 2006 Dividend Payout Income from discontinued operations, net 3,035 312 – Net income 7,407 4,339 +71 May 10, 2006 Interim Report January – March 2006 Investments 4,337 5,109 –15 Cash provided by operating activities 6,601 5,840 +13 August 15, 2006 Interim Report January – June 2006 Free cash flow5 3,611 3,228 +12 November 8, 2006 Interim Report January – September 2006 Net financial position6 (at year end) 3,863 –5,483 – Stockholders’ equity 44,484 33,560 +33 Total assets 126,562 114,062 +11 March 7, 2007 Release of 2006 Annual Report ROCE7 (in %) 12.1 11.5 +0.68 Cost of capital (in %) 9.0 9.0 – May 3, 2007 2007 Annual Shareholders Meeting Value added7 1,872 1,477 +27 Return on equity after taxes9 (in %) 19.0 13.7 +5.38 May 4, 2007 Dividend Payout Employees (at year end) 79,947 60,156 +33 May 9, 2007 Interim Report January – March 2007 Earnings per share from continuing operations (in ) 6.64 6.13 +8 Earnings per share from discontinued operations (in ) 4.61 0.48 – August 15, 2007 Interim Report January – June 2007 Earnings per share from cumulative effect of changes in accounting principles, net (in ) –0.01 – – November 13, 2007 Interim Report January – September 2007 Earnings per share from net income (in ) 11.24 6.61 +70 Stockholders’ equity per share10 (in ) 67.50 50.93 +33 2005 Annual Report Dividend per share (in ) 2.75 2.35 +17 OneE.ON Special dividend per share (in ) 4.25 – – Dividend payout 4,61411 1,549 +198 Market capitalization12 ( in billions) 57.6 44.2 +30 1Adjusted for discontinued operations. 2Unconsolidated figures. 3Non-GAAP financial measure; see reconciliation to net income on page 37. 4Non-GAAP financial measure; see reconciliation to net income on page 37 and commentary on pages 172–173. 5Non-GAAP financial measure; see reconciliation to cash provided by operating activities on page 45. 6Non-GAAP financial measure; see reconciliation on page 47. 7Non-GAAP financial measure; see derivation on pages 38–41. 8Change in percentage points. 9Net income excluding minority interests ÷ annual average stockholders’ equity excluding minority interests. 10Excludes minority interests. 11Includes special dividend of 4.25 per share. 12Market capitalization based on ordinary shares outstanding. E.ON Group 2005 Financial Highlights by Business Segment Pan- Core Other Central European U.S. Corporate Energy Activi- in millions Europe Gas U.K. Nordic Midwest Center Business ties1 Total Sales 24,295 17,914 10,176 3,471 2,045 –1,502 56,399 – 56,399 Adjusted EBITDA 5,284 1,939 1,550 1,193 560 –386 10,140 132 10,272 Adjusted EBIT 3,930 1,536 963 806 365 –399 7,201 132 7,333 ROCE (in %) 21.9 11.5 7.6 11.4 5.5 – – – 12.1 Cost of capital (in %) 9.0 8.2 9.2 9.0 8.0 – – – 9.0 Value added 2,318 440 –202 170 –166 – – – 1,872 Cash provided by operating activities 3,020 1,999 101 746 214 521 6,601 – 6,601 Investments 2,177 531 926 538 227 –62 4,337 – 4,337 Employees (at year end) 44,476 13,366 12,891 5,801 3,002 411 79,947 – 79,947 1This segment consists of Degussa, which is accounted for using the equity method.
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