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Factbook 2018 Disclaimer Factbook 2018 Disclaimer This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management, and are based on information currently available to the management. Forward-looking statements shall not be construed as a promise for the materialisation of future results and developments and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, affecting the Company, and other factors. Neither the Company nor any of its affiliates assumes any obligations to update any forward-looking statements. RWE AG | Factbook | March 2019 Page 2 Contents 01 RWE Group 4 02 Market data 17 03 Regulations 59 04 RWE operational data 73 RWE Group 01 02 03 04 RWE Group Market Regula- RWE RWE at a glance data tions operational data Key facts RWE’s net generation capacity1 Leading European power generator Efficient and flexible power plant portfolio 0.3 2.7 Strong global trading business 2.8 Ongoing transformation into a leading renewables player 6 36.6 10.3 14.1 GW €1.5 bn €11.7 bn adj. market 6.5 EBITDA3 cap5 167 TWh 17,154 generated employees2 Nuclear Lignite Hard coal Gas power4 Pumped storage, other Renewables Note: Figures may not add up due to rounding differences. | 1 Net installed generation capacity excl. innogy as of 1 January 2019. | 2 Converted to full-time positions. Workforce at 2018 year-end excl. innogy. | 3 2018 EBITDA for RWE stand-alone. | 4 Power generation 2018 excl. innogy. | 5 End of fiscal year 2018. | 6 Including units in security reserve. RWE AG | Factbook | March 2019 Page 5 01 02 03 04 RWE Group Market Regula- RWE RWE ranks No. 2 among data tions operational European power generators data Top 10 European power generators RWE market share1 in core markets (in TWh) 25% 600 75% 437 TWh No. 1 500 in Germany Germany 400 No. 1 14% in the 300 239 Netherlands No. 2 86% TWh in the UK 200 UK 100 20% 99 0 80% TWh EDF Enel CEZ EPH RWE Netherlands Engie Uniper Statkraft Iberdrola Vattenfall 1 Measured by conventional power generation in 2017 (in TWh). RWE data as per annual report 2018. | Source: RWE analysis. RWE AG | Factbook | March 2019 Page 6 01 02 03 04 1 RWE Group Market Regula- RWE Key financials (RWE stand-alone ) data tions operational data Adjusted EBITDA Net debt (€ million) (€ million) 4,510 2,066 2,280 1,521 2017 2018 2017 2018 Adjusted net income Leverage factor (€ million) 973 591 Net debt 2,280 = = 1.499 2017 2018 adj. EBITDA 1,521 Dividend per share Equity ratio (€) 0.502 0.703 Total equity 18,495 = = 37.1% 2017 2018 Total assets 49,844 1 Accounts for innogy as financial investment with its fair value and dividend payment. | 2 Ordinary dividend, excluding €1/share special dividend. | 3 Dividend proposal for RWE AG’s 2018 fiscal year, subject to the passing of a resolution by the 3 May 2019 Annual General Meeting. RWE AG | Factbook | March 2019 Page 7 01 02 03 04 RWE Group Market Regula- RWE Group structure data tions operational data Financial Operating business portfolio Lignite & Nuclear European Power Supply & Trading innogy Lignite mining and Power generation Trading & Principal Renewables, power generation (hard coal, gas, hydro Investments, Supply - Grid & (lignite & nuclear) & biomass) Gas & LNG, Infrastructure, Commodity solutions, Supply Commercial Asset Optimisation (CAO) RWE AG | Factbook | March 2019 Page 8 01 02 03 04 RWE Group Market Regula- RWE RWE is transforming into a leading data tions operational renewables player data Operating business Financial portfolio New Lignite & Nuclear European Power Renewables Supply & Trading 16.7% E.ON E.ON innogy RES 25% Gundremmingen Gas storage 37.9% Kelag E.ON 12.5% Emsland E.ON RES 25.1% Amprion ~901% ~101% Additions to RWE Portfolio (from transaction). Strengthening and future-proofing of the Optimised financial core operating business portfolio with stable and attractive 1 Expected adjusted EBITDA share in first year after closing of transaction. dividends RWE AG | Factbook | March 2019 Page 9 01 02 03 04 RWE Group Market Regula- RWE Management Board data tions operational data RWE AG Dr. Rolf Martin Schmitz Dr. Markus Krebber Chief Executive Officer Chief Financial Officer RWE Generation RWE Power RWE Supply & Trading Roger Miesen Dr. Frank Weigand Ralf Giesen Andree Stracke Peter Krembel CEO, COO CEO, CFO CHO CCO Origination CCO Trading & Gas Supply Katja van Doren Dr. Lars Kulik Nikolaus Valerius Dr. Michael Müller Tom Glover CFO, CHO CTO Lignite CTO Nuclear CFO CCO Commercial Asset Optimisation Tom Glover CCO Our top executives have on average +20 years of experience in the energy industry. RWE AG | Factbook | March 2019 Page 10 01 02 03 04 RWE Group Market Regula- RWE Supervisory Board data tions operational data Dr. Werner Brandt appointed Experienced and diverse Chairman on 20 April 2016. Shareholder composition with broad skillset representative since 18 April 2013 and 30% female representation 20 members, Committees1: Executive, Audit, thereof 10 shareholder and Personnel Affairs, Nomination, 10 employee representatives Strategy and Mediation 1 Only permanent committees listed. RWE AG | Factbook | March 2019 Page 11 01 02 03 04 RWE Group Market Regula- RWE Shareholder structure of RWE AG data tions operational data RWE shareholders Institutional Share indicators 1% 6% Employees KEB Holding AG 3% RoW 2017 2018 13% 3% 16% 34% Number of common shares thousands 576,745 576,745 Private City of Essen CE (excl. GER) Germany Number of preferred shares1 thousands 39,000 39,000 Total number of shares thousands 614,745 614,745 Share price of € 17.00 18.97 common shares2 Share price of € 14.33 18.84 77% preferred shares2 Other 21% 26% Market capitalisation2 institutional UK/Ireland USA/Canada € billion 10.3 11.7 Note: As of December 2018. | 1 Resolution to convert preferred shares into common shares proposed to 3 May 2019 AGM. | 2 End of fiscal year. RWE AG | Factbook | March 2019 Page 12 01 02 03 04 RWE Group Market Regula- RWE Capital structure data tions operational data RWE stand-alone net debt (as of 31 Dec 2018)1 RWE’s issuances – hybrid bonds (in € billion) Financial assets and receivables 11.5 • in March 2012 (£750 m, 7.00%, 2019)2 > Financial receivables against innogy 1.7 • in April 2015 (€539 m, 2.75%, 2020) > Financial assets 9.8 • in April 2015 (€282 m, 3.50%, 2025) • in June 2015 ($317 m, 6.625%, 2026) Financial liabilities (incl. hybrid adjustments) 2.2 > Bonds and bank debt, Commercial paper 1.2 > Other financial liabilities 1.1 3 > Hybrid adjustments -0.1 Maturity profile of hybrid bonds Net financial assets (incl. hybrid adjustments) 9.3 (in € billion) 2.5 Provisions 11.6 2.0 > Nuclear provisions 5.9 1.5 > Mining provisions 2.5 1.0 > Pension provisions 3.2 0.5 0.0 Total net debt 2.3 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 Rounding differences may occur. | 2 Called to be redeemed on 20 March 2019. | 3 Assuming redemption at first call dates. RWE AG | Factbook | March 2019 Page 13 01 02 03 04 RWE Group Market Regula- RWE Credit rating data tions operational data Fitch affirms RWE at ‘BBB’, Stable Outlook Moody’s confirms RWE’s ‘Baa3/Ba2’, Stable Outlook • On 5 October 2018 Fitch affirmed its rating view for RWE at BBB, • On 17 May 2018 Moody’s confirms its rating view for RWE at stable outlook & upgraded RWE’s short-term rating to F2 from F3 Baa3/Ba2, stable outlook. RWE’s short-term rating is confirmed at P3 • The rating actions follow progress in the asset swap transaction with • The rating confirmation reflects Moody's expectation that the E.ON SE (BBB+/Stable), which will add a large renewable generation transaction with E.ON will transform RWE's profile. RWE's business to the mix and improve RWE’s credit profile due to the quasi- generation fleet will become more diversified and its average regulated character of the new business carbon intensity will decrease. Renewables, which have lower risk than conventional generation, given their typically fixed tariffs and • Fitch does not anticipate a major impact from the rising CO2 and coal prices on RWE’s conventional generation business, due to the high limited exposure to merchant power under contracts, will account share of hedged positions at RWE and parallel increases in the for some 55-60% of RWE's EBITDA wholesale electricity prices in the main markets of operations • It further reflects a material reduction in RWE’s net debt to €4.5 billion • After acquisition of the renewables portfolio, Fitch sees some potential as of end-December 2017 on the back of the proceeds from nuclear for positive rating action fuel tax compensation, stronger performance from commercial asset optimisation and implementation of cost cutting initiatives • The above factors mitigate the risks associated with RWE’s volatile generation, supply and trading businesses, coupled with the expected decline in the company’s EBITDA as a result of lower power prices, declining volumes in nuclear and lignite production, and tight margins on spread generation business RWE AG | Factbook | March 2019 Page 14 01 02 03 04 RWE Group Market Regula- RWE Corporate Responsibility (CR) data tions operational focus areas and core value drivers data Company Culture of Integrity & Appreciation Community Engagement Climate Protection Our core CR value Supply Chain Standards drivers Security of energy supply & Resources & critical infrastructure Environmental Protection & Natural Conservation Sustainable management is an integral part of our strategy and operations by which we contribute to the company’s success and the UN Sustainable Development Goals.
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