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Annual Report 2018

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Annual Report 2018 Annual Report 2018 WorldReginfo - cc8322d8-b139-4006-8ff9-973909494ba6 E.ON Group Financial Highlights € in millions 2018 2017 +/- % Sales1 30,253 37,965 -20 Adjusted EBITDA1, 2 4,840 4,955 -2 – Regulated business 2,783 2,742 +1 – Quasi-regulated and long-term contracted business 895 828 +8 – Merchant business 1,162 1,385 -16 Adjusted EBIT1, 2 2,989 3,074 -3 – Regulated business 1,750 1,677 +4 – Quasi-regulated and long-term contracted business 494 486 +2 – Merchant business 745 911 -18 Net income/loss 3,524 4,180 -16 Net income/loss attributable to shareholders of E.ON SE 3,223 3,925 -18 Adjusted net income1, 2 1,505 1,427 +5 Investments1 3,523 3,308 +6 Cash provided by operating activities1 2,853 -2,952 – Cash provided by operating activities before interest and taxes1 4,087 -2,235 – Economic net debt (at year-end)1 16,580 19,248 -14 Debt factor3 3.4 3.9 -0.54 Equity 8,518 6,708 +27 Total assets 54,324 55,950 -3 ROCE (%)1 10.4 10.6 -0.25 Pretax cost of capital (%) 6.4 6.4 – After-tax cost of capital (%) 4.7 4.7 – Value added1 1,145 1,211 -5 Employees (at year-end)1 43,302 42,699 +1 – Percentage of female employees 32 32 – – Percentage of female executives and senior managers 21.2 19.6 +1.65 – Average turnover rate (%) 4.8 4.6 +0.25 – Average age 42 42 – – TRIF6 2.5 2.3 +9 Earnings per share7, 8 (€) 1.49 1.84 -19 Adjusted net income per share1, 7, 8 0.69 0.67 +3 Equity per share7, 9 (€) 2.66 1.85 +44 Dividend per share10 (€) 0.43 0.30 +43 Dividend payout 932 650 +43 Market capitalization9 (€ in billions) 18.7 19.6 -5 1Includes the discontinued operations in the Renewables segment (see Note 4 to the Consolidated Financial Statements). 2Adjusted for non-operating effects (see Glossary). 3Ratio of economic net debt and adjusted EBITDA. 4Change in absolute terms. 5Change in percentage points. 6For E.ON employees; for a definition of TRIF, see the Employees chapter. 7Attributable to shareholders of E.ON SE. 8Based on shares outstanding (weighted average). 9Based on shares outstanding at year-end. 10For the respective financial year; the 2018 figure represents management’s dividend proposal. WorldReginfo - cc8322d8-b139-4006-8ff9-973909494ba6 CEO Letter Report of the Supervisory Board E.ON Stock Strategy and Objectives Combined Group Management Report Combined Non-Financial Report Consolidated Financial Statements Further Information Contents 4 CEO Letter 6 Report of the Supervisory Board 14 E.ON Stock 18 Strategy and Objectives 22 Combined Group Management Report 22 Corporate Profile 22 Business Model 24 Management System 25 Innovation 26 Business Report 26 Macroeconomic and Industry Environment 29 Business Performance 29 Earnings Situation 34 Financial Situation 38 Asset Situation 39 E.ON SE’s Earnings, Financial, and Asset Situation 41 Other Financial and Non-Financial Performance Indicators 41 – ROCE and Value Added 43 – Employees 50 Forecast Report 52 Risk and Chances Report 60 Business Segments 68 Internal Control System for the Accounting Process 70 Disclosures Regarding Takeovers 73 Corporate Governance Report 73 Corporate Governance Declaration 82 Compensation Report 100 Separate Combined Non-Financial Report 114 Consolidated Financial Statements 114 Consolidated Statements of Income 115 Consolidated Statements of Recognized Income and Expenses 116 Consolidated Balance Sheets 118 Consolidated Statements of Cash Flows 120 Statement of Changes in Equity 122 Notes 216 List of Shareholdings 232 Further Information 232 Declaration of the Management 233 Independent Auditor’s Report 240 Independent Practitioner’s Report on Non-Financial Reporting 242 Members of the Supervisory Board 244 Members of the Management Board 245 Summary of Financial Highlights 246 Glossary of Financial Terms 253 Financial Calendar WorldReginfo - cc8322d8-b139-4006-8ff9-973909494ba6 WorldReginfo - cc8322d8-b139-4006-8ff9-973909494ba6 CEO Letter Report of the Supervisory Board WorldReginfo - cc8322d8-b139-4006-8ff9-973909494ba6 CEO Letter 4 Dear Shareholders, At our Annual Shareholders Meeting in May 2018, a large majority of you gave us the green light to acquire innogy and thus to give your E.ON an even sharper profile and even better growth prospects. We will be the energy company fully dedicated to the new energy world in which climate protection and customer benefit go hand in hand. For my Management Board colleagues and me, your trust confers an obligation to resolutely bring the vision of the new E.ON to life. About a year ago, E.ON and RWE reached an extensive asset-swap agreement under which E.ON will acquire RWE’s 76.8-percent stake in innogy and, in turn, transfer substantially all of our renewables business to RWE. Since then, we’ve taken all the intermediate steps as planned. In June we made a voluntary public takeover offer for the stock of innogy’s other shareholders, who tendered about 9.4 percent of the stock to us. We’re very satisfied with this result. The preparations for the integration and the antitrust approvals process are also fully on track. Filing the transaction with the European Commission in January marked another milestone. We’re firmly convinced that the takeover of innogy raises no antitrust issues overall and can be completed from mid-year onward. In addition, we’ve already made a series of decisions about the new E.ON’s future organizational setup. Dr. Johannes Teyssen, It’s clear, for example, that your company will continue to be called E.ON, have its Chairman of the Management Board headquarters in Essen, and have a very customer-proximate setup. In addition, we want to further enhance our innovativeness and to manage all of our network companies as we already do E.ON’s. These early decisions will help us swiftly conclude the transaction after the approval from Brussels. And we continue to expect to realize all of the anticipated €600 to €800 million in synergies from 2022 onward. The planned integration measures will be carried out in a socially responsible manner, in keeping with the tradition of the companies involved. Going forward, the new E.ON will be Europe’s first company to focus exclusively on smart grids and innovative customer solutions. We want to implement one of the most creative transactions in German industrial history, to seize the growth potential in the new energy world every more effectively, and thus to become even more attractive for you, our shareholders. We’re conceiving the new E.ON to be radically customer-led. Our customers— municipalities, companies, and households—are the ones who will decide how successful we’ll be in the new energy world. They determine which energy products and services are important and to whom they entrust their energy project or the management of their energy network. This viewpoint alone guides us. We’re deter- mined to provide our customers with the best there is in the new digital energy world. How far have we come in realizing this ambition? E.ON is entering the new financial year and is approaching the next steps of the innogy takeover with strong earnings and confidence. We delivered an outstanding operating and financial performance for the third year in a row. As anticipated, our 2018 adjusted EBIT of roughly €3 billion was slightly lower than in the prior year and at the upper end of our forecast range. Adjusted net income of €1.5 billion WorldReginfo - cc8322d8-b139-4006-8ff9-973909494ba6 CEO Letter Report of the Supervisory Board E.ON Stock 5 Strategy and Objectives Combined Group Management Report Combined Non-Financial Report Consolidated Financial Statements Further Information actually surpassed the prior-year figure and was likewise at the upper end We want to continue our success story. For 2019, of our forecast range. What makes me particularly optimistic for the we anticipate adjusted EBIT of €2.9 to €3.1 billion future is that 2018 was again a strong year operationally: our earnings and adjusted net income of €1.4 to €1.6 billion. were driven predominantly by the improvement of our business. We want the positive development of our dividend to continue as well. We’ll recommend to the Annual The Energy Networks segment is the undisputed mainstay of our earn- Shareholders Meeting a fixed dividend of 43 cents ings, delivering stable earnings of €1.8 billion. In this regulated business, per share for the 2018 financial year. We intend efficiency is the decisive profitability driver. Consequently, I’m particularly to propose a fixed dividend of 46 cents per share proud that the German Federal Network Agency’s most recent bench- for 2019 financial year. Our high proportion of marking assigned all of our regional network companies a particularly high regulated businesses and our clear commitment to efficiency factor of 100 percent. This again ranks them among the most a consistent dividend policy make E.ON a highly efficient of Germany’s nearly 900 electricity network operators. Two of attractive investment, particularly once again for our network companies were awarded an additional efficiency bonus by long-term, sustainability-oriented investors. which they can increase their returns in the next regulation period. Through expansions and upgrades, we’re already creating smart distribution grids We’ve put ourselves into a solid starting position that actively promote the convergence of power, heat, and mobility. We’re so that we can be even better at seizing the oppor- thus paving the way for today’s trend toward lower-carbon power gener- tunities of the green, distributed, and digital energy ation to become the true energy transformation of tomorrow.
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