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E.ON 2007 Annual Report

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E.ON 2007 Annual Report 2007 Annual Report +++ 01/23/2007 Study on Electricity Price Movements Creates Basis for Energy Policy Dialog +++ 02/02/2007 E.ON to File Final Bid for Endesa Today +++ Security of Supply +++ 02/03/2007 E.ON Creates a Unique Opportunity for Endesa Shareholders +++ 02/06/2007 More Transparency for the Power Market +++ 02/28/2007 E.ON Remains Committed to Its Offer for Endesa +++ 03/07/2007 E.ON in Favor of European Energy Market +++ 03/27/2007 E.ON Secures 9.9 Percent in Endesa +++ Climate Protection +++ 04/02/2007 E.ON Reaches Agreement with Enel and Acciona +++ 05/03/2007 E.ON Improves Earnings Forecast for 2007 +++ 05/09/2007 E.ON Posts Significant Earnings Improvement +++ 05/24/2007 E.ON Sets Course for Russian Power Market +++ 05/31/2007 E.ON to Step Up Growth Tempo +++ 06/20/2007 E.ON Sells ONE to Bid Consortium of France Télécom and Mid Europa Partners +++ 06/22/2007 E.ON to Build Pilot Plant for CO2 Capture +++ 06/26/2007 E.ON Starts Share Buyback Program +++ 07/03/2007 Energy Summit: Germany Still Lacks Comprehensive Energy Strategy +++ Growth +++ 07/05/2007 E.ON Demands Harmonization of European Emissions Trading +++ 07/20/2007 E.ON Funding Research with €60 Million +++ 08/02/2007 E.ON Expanding Gas Production with Skarv-Idun +++ 08/07/2007 E.ON Buys Wind Farms in Spain and Portugal +++ Market-Oriented Organization +++ 08/07/2007 Transfer of Shareholdings in RAG Aktiengesellschaft +++ 08/14/2007 E.ON Continues on Growth Path +++ 08/21/2007 E.ON: Trading and Renewables to Be Based in Düsseldorf +++ 08/21/2007 E.ON Intends to Delist from New York Stock Exchange +++ Competition +++ 08/29/2007 E.ON Announces Plans to Build Another Wind Farm off the U.K. Coast +++ 09/11/2007 E.ON Listed as a Sustainable Company +++ 09/15/2007 E.ON about to Enter Russian Electricity Market +++ 09/18/2007 E.ON and Turcas to Build Power Plants in Turkey +++ 09/21/2007 E.ON Issued €3.5 Billion Benchmark Bond +++ 10/04/2007 E.ON Acquires Wind Farms in North America +++ 10/12/2007 E.ON Intends to Swap Assets with Statkraft and to Take Over 100 Percent of E.ON Sverige +++ Optimized Capital Structure +++ 10/15/2007 E.ON: Acquisition of Majority Stake in OGK-4 Signed and Sealed +++ 10/18/2007 E.ON Issued £1.5 Billion Benchmark Bond +++ 11/13/2007 E.ON Investment Program ahead of Schedule +++ 11/21/2007 E.ON Energy Trading: Senior International Trading Managers Complete New Management Board +++ 11/29/2007 E.ON Issued Swiss Franc Bond +++ 11/29/2007 E.ON Plans New Efficient Coal-Fired Power Plant in Belgium +++ 11/29/2007 E.ON Increases Syndicated Credit Facility to €15 Billion +++ 12/06/2007 E.ON Supports Next-Generation Engineers +++ 12/17/2007 Major Progress in Negotiations on Asset Swap between Gazprom and E.ON +++ We’re making it happen. +++ E.ON Corporate Profile E.ON Group Financial Highlights in millions 2007 2006 +/– % Electricity sales1 (in billion kWh) 470.8 417.9 +13 Gas sales1 (in billion kWh) 1,212.5 1,186.9 +2 Sales 68,731 64,091 +7 Adjusted EBITDA 12,450 11,724 +6 Adjusted EBIT 9,208 8,356 +10 Net income 7,724 6,082 +27 Net income attributable to shareholders of E.ON AG 7,204 5,586 +29 Adjusted net income 5,115 4,682 +9 Investments 11,306 5,037 +124 Cash provided by operating activities of continuing operations 8,726 7,161 +22 Economic net debt (at year end) –24,138 –18,233 –5,9052 Debt factor3 1.9 1.6 +0.32 Equity 55,130 51,245 +8 Total assets 137,294 127,575 +8 ROCE (in %) 14.5 13.8 +0.74 Cost of capital (in %) 9.1 9.0 +0.14 Value added 3,417 2,916 +17 Employees (at year end) 87,815 80,612 +9 Earnings per share attributable to shareholders of E.ON AG (in ) 11.06 8.47 +31 Equity per share5 (in ) 78.12 73.81 +6 Dividend per share (in ) 4.10 3.35 +22 Dividend payout 2,5906 2,210 +17 Market capitalization7 ( in billions) 92.0 67.6 +36 1Unconsolidated figures. 2Change in absolute terms. 3Ratio of economic net debt and adjusted EBITDA. 4Change in percentage points. 5Thereof shareholders of E.ON AG. 6Based on the number of shares outstanding as of December 31, 2007; further share repurchases could alter the dividend payout. 7Based on the number of shares outstanding. E.ON Corporate Profile as of December 31, 2007 in mill Corporate Center E.ON AG Düsseldorf Central Europe market unit E.ON Energie AG, Munich, Germany 100% E.ON Energie ranks among Europe’s largest energy service providers and has operations in many Central European countries, including the Netherlands, Hungary, Slovakia, the Czech Republic, and Switzerland. Pan-European Gas market unit E.ON Ruhrgas AG, Essen, Germany 100% With annual sales of more than 700 billion kilowatt-hours of natural gas, E.ON Ruhrgas is one of Europe’s premier gas companies and among the world’s biggest investor-owned natural gas importers. Its customers include regional and municipal energy utilities as well as industrial enterprises. U.K. market unit E.ON UK plc, Coventry, United Kingdom 100% E.ON UK, one of the United Kingdom’s leading integrated energy utilities, provides power and gas service to customers across Britain. Nordic market unit E.ON Nordic AB, Malmö, Sweden 100% E.ON Sverige manages our energy operations in Northern Europe. It generates, distributes, markets, and delivers electricity and gas through more than 60 operating companies. U.S. Midwest market unit E.ON U.S. LLC, Louisville, USA 100% E.ON U.S. is a diversified energy service provider. Its operations are focused primarily on the regulated electric and gas utility sector in Kentucky. New Market Units in 2008 Energy Trading market unit E.ON Energy Trading AG, Düsseldorf, Germany 100% E.ON Energy Trading began operations in January 2008. It combines all our European trading activities, including electricity, gas, coal, oil, and CO2 allowances, enabling us to seize the opportunities created by the increasing integration of Europe’s power and gas markets and of global commodity markets. Climate & Renewables market unit E.ON Climate & Renewables GmbH, Düsseldorf, Germany 100% E.ON Climate & Renewables is responsible for managing and expanding our global renewables business and for coordinating climate-protection projects. Its generation portfolio consists of about 760 megawatts of generating capacity in Europe and 250 megawatts in North America. Roughly 3,500 megawatts of new capacity are at various stages of construction and planning. Cash Cost of provided by Employees in millions Adjusted Adjusted ROCE capital Value operating Invest- (at year Sales EBITDA EBIT (in %) (in %) added activities ments end) 32,0296,222 4,670 24.7 9.3 2,917 3,811 2,581 44,051 22,7453,176 2,576 15.0 8.8 1,062 3,041 2,424 12,214 12,5841,657 1,136 9.2 9.5 –37 1,615 1,364 16,786 3,3391,027 670 9.7 8.8 62 914 914 5,804 1,819543 388 5.7 7.8 –142 216 690 2,977 Russia market unit E.ON Russia Power, Russia 100% E.ON Russia Power oversees our power business in Russia. Through OGK-4, we have around 8,600 megawatts of generating capacity in the fast-growing, heavily industrialized regions of Central Russia, Ural, and Western Siberia. Italy market unit E.ON Italia S.r.l., Milan, Italy 100% E.ON Italia manages our power and gas business in Italy. We’re already active in Italy’s wholesale power and gas markets and in natural gas sales. The planned acquisition of Endesa Italia, which we expect to be completed in 2008, will give us about 5,000 megawatts of generating capacity in Italy, making us the country’s fourth-largest power producer. We’ve worked hard over the past few years shaping E.ON to face the future challenges of Europe’s energy market. This relentless effort has made us a leading performer in our industry. But our com- pany has never rested on its success. We want to add new chapters to our success story. For that, we need a strategy that’s right for all aspects of our business. In 2007, we announced our strategic objectives and launched a package of targeted investment, organizational, and financial initiatives to achieve them. • Invest in technologically advanced generating capacity and energy infrastructure to ensure +++ security of supply +++ for the long term. • Emphasize +++ climate protection +++ on a new scale and maintain a balanced energy mix. • Achieve +++ growth +++ because strong market positions are a decisive advantage in Europe’s fiercely competitive energy market. • Forge a +++ market-oriented organization +++ to seize the opportunities created by the integration of European energy markets. • Spur +++ competition +++ in our industry because we believe that facing the heat of competition makes us better and enables us to provide our customers with the best products and services. • Optimize our +++ capital structure +++ to make E.ON stock an even more attractive invest- ment. These are six key objectives by which we’ll measure our success in the years ahead. They’re the foundation of our corporate strategy. And we know that to be truly successful we need to achieve all of them. We’re convinced that executing this strategy will enable us to continue to deliver sustainable, superior value to our customers, investors, and employees.
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