Annual Report 2011 (PDF)
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annual RepoRT 2011 FiNaNCial CalENdar 2012/2013 2011 Report annual 2011 kEY FigurES aT a glaNCE. RWE • Heavy burden on earnings through accelerated nuclear phase-out in Germany 19 April 2012 Annual General Meeting • Operating result of €5.8 billion • Dividend of €2.00 per share proposed 20 April 2012 Dividend payment • First measures for securing fi nancial strength implemented • Outlook for 2012: Operating result in the order of last year’s level despite divestments 10 May 2012 Interim report for the fi rst quarter of 2012 RWE Group 2011 2010 + /− % 14 August 2012 Interim report for the fi rst half of 2012 External electricity sales volume billion kWh 294.6 311.2 − 5.3 External gas sales volume billion kWh 322.2 395.4 − 18.5 14 November 2012 Interim report for the fi rst three quarters of 2012 External revenue € million 51,686 53,320 − 3.1 EBITDA € million 8,460 10,256 − 17.5 5 March 2013 Annual report for fi scal 2012 Operating result € million 5,814 7,681 − 24.3 Income before tax € million 3,024 4,978 − 39.3 18 April 2013 Annual General Meeting Net income/RWE AG shareholders' share in income € million 1,806 3,308 − 45.4 Recurrent net income € million 2,479 3,752 − 33.9 19 April 2013 Dividend payment Return on capital employed (ROCE) % 10.9 14.4 - Weighted average cost of capital (WACC) before tax % 8.5 9.0 - 15 May 2013 Interim report for the fi rst quarter of 2013 Value added € million 1,286 2,876 − 55.3 Capital employed € million 53,279 53,386 − 0.2 14 August 2013 Interim report for the fi rst half of 2013 Cash fl ows from operating activities € million 5,510 5,500 0.2 Capital expenditure € million 7,072 6,643 6.5 14 November 2013 Interim report for the fi rst three quarters of 2013 Property, plant and equipment and intangible assets € million 6,353 6,379 − 0.4 Financial assets € million 719 264 172.3 Free cash fl ow € million − 843 − 879 4.1 Number of shares outstanding (average) thousands 538,971 533,559 1.0 Earnings per share € 3.35 6.20 − 46.0 Recurrent net income per share € 4.60 7.03 − 34.6 Dividend per share € 2.001 3.50 − 42.9 31 Dec 2011 31 Dec 2010 Net debt of the RWE Group € million 29,948 28,964 3.4 Workforce2 72,068 70,856 1.7 RWE Aktiengesellschaft 1 Dividend proposal for RWE AG’s 2011 fi scal year, subject to approval by the 19 April 2012 Annual General Meeting. 2 Converted to full-time positions. Opernplatz 1 45128 Essen STarTiNg NEw CHapTErS. The Annual General Meeting and all events concerning the publication of the fi nancial reports are broadcast live on the internet and recorded. Germany We will keep the recordings on our website for at least twelve months. T +49 201 12-00 F +49 201 12-15199 I www.rwe.com annual RepoRT 2011 FiNaNCial CalENdar 2012/2013 2011 Report annual 2011 kEY FigurES aT a glaNCE. RWE • Heavy burden on earnings through accelerated nuclear phase-out in Germany 19 April 2012 Annual General Meeting • Operating result of €5.8 billion • Dividend of €2.00 per share proposed 20 April 2012 Dividend payment • First measures for securing fi nancial strength implemented • Outlook for 2012: Operating result in the order of last year’s level despite divestments 10 May 2012 Interim report for the fi rst quarter of 2012 RWE Group 2011 2010 + /− % 14 August 2012 Interim report for the fi rst half of 2012 External electricity sales volume billion kWh 294.6 311.2 − 5.3 External gas sales volume billion kWh 322.2 395.4 − 18.5 14 November 2012 Interim report for the fi rst three quarters of 2012 External revenue € million 51,686 53,320 − 3.1 EBITDA € million 8,460 10,256 − 17.5 5 March 2013 Annual report for fi scal 2012 Operating result € million 5,814 7,681 − 24.3 Income before tax € million 3,024 4,978 − 39.3 18 April 2013 Annual General Meeting Net income/RWE AG shareholders' share in income € million 1,806 3,308 − 45.4 Recurrent net income € million 2,479 3,752 − 33.9 19 April 2013 Dividend payment Return on capital employed (ROCE) % 10.9 14.4 - Weighted average cost of capital (WACC) before tax % 8.5 9.0 - 15 May 2013 Interim report for the fi rst quarter of 2013 Value added € million 1,286 2,876 − 55.3 Capital employed € million 53,279 53,386 − 0.2 14 August 2013 Interim report for the fi rst half of 2013 Cash fl ows from operating activities € million 5,510 5,500 0.2 Capital expenditure € million 7,072 6,643 6.5 14 November 2013 Interim report for the fi rst three quarters of 2013 Property, plant and equipment and intangible assets € million 6,353 6,379 − 0.4 Financial assets € million 719 264 172.3 Free cash fl ow € million − 843 − 879 4.1 Number of shares outstanding (average) thousands 538,971 533,559 1.0 Earnings per share € 3.35 6.20 − 46.0 Recurrent net income per share € 4.60 7.03 − 34.6 Dividend per share € 2.001 3.50 − 42.9 31 Dec 2011 31 Dec 2010 Net debt of the RWE Group € million 29,948 28,964 3.4 Workforce2 72,068 70,856 1.7 RWE Aktiengesellschaft 1 Dividend proposal for RWE AG’s 2011 fi scal year, subject to approval by the 19 April 2012 Annual General Meeting. 2 Converted to full-time positions. Opernplatz 1 45128 Essen STarTiNg NEw CHapTErS. The Annual General Meeting and all events concerning the publication of the fi nancial reports are broadcast live on the internet and recorded. Germany We will keep the recordings on our website for at least twelve months. T +49 201 12-00 F +49 201 12-15199 I www.rwe.com The RWE grOup wHaT wE dO. H Ow wE HavE OrgaNiSEd OurSElves. CONTENTS Five-year overview 2011 2010 2009 2008 2007 RWE is one of Europe’s five leading electricity and gas companies. Through our The energy to lead with smart solutions. 1 3.0 Responsibility statement 124 RWE AG RWE Group expertise in oil, gas and lignite production, the construction and operation of Fold- Five-Yea Germany Netherlands / United Central Renewables Upstream Trading /Gas Net financial debt € million 12,239 11,904 10,382 − 650 − 2,064 To our investors 4.0 Consolidated financial statements 125 conventional and renewables-based power plants, commodities trading as well as Belgium Kingdom Eastern and Gas & Oil Midstream oup R o Net debt of the RWE Group € million 29,948 28,964 25,787 18,659 16,514 Letter from the CEO 16 4.1 Income statement 126 G electricity and gas transmission and sales, we cover the entire energy value chain. South Eastern u e R Europe T Table o Table The RWE Executive Board Leverage factor 3.5 2.8 2.8 2.1 2.1 20 4.2 Statement of recognised income 127 Power Sales / o Some 72,000 employees supply almost 17 million customers with electricity and Generation Distribution ve Workforce 2011 in brief 22 and expenses Networks R vie nearly 8 million customers with gas via our fully consolidated companies. In fiscal The RW RWE on the capital market 24 4.3 Balance sheet 128 RWE Power RWE Essent RWE npower RWE East RWE Innogy RWE Dea RWE Supply Workforce at the end of the year2 72,068 70,856 70,726 65,908 63,439 F W 2011, we recorded just below €52 billion in revenue. Deutschland & Trading con 4. 4 Cash flow statement 129 Research & development 4.5 Statement of changes in equity 130 T en R&D costs € million 146 149 110 105 74 Europe is our market: RWE is the No. 1 power producer in Germany, No. 2 in the 1.0 Review of operations 29 4.6 Notes 131 T s R&D employees 410 360 350 330 270 4.7 Boards (part of the notes) Netherlands, and No. 3 in the UK. We continuously expand our position in Central 1.1 Strategy 30 191 Emissions balance 4.8 List of shareholdings 196 Eastern and South Eastern Europe. 1.2 Economic environment 36 (part of the notes) NET4GAS Internal services CO2 emissions million metric tons 162 165 149 172 187 1.3 Political environment 43 Gas transmission system operator in the Czech Republic RWE Consulting 4.9 Independent auditors‘ report 224 Free allocation of CO2 certificates million metric tons 117 115 105 105 170 1.4 Major events 46 Our power plant portfolio and our investment programme for building efficient, (unbundled) RWE IT RWE Service 1.5 Commentary on the segments 49 Shortage of CO2 certificates million metric tons 45 50 44 67 17 environmentally friendly and flexible generation capacity are the main basis RWE Technology 1.6 Business performance 51 Further information Specific CO2 emissions metric tons/MWh 0.787 0.732 0.796 0.768 0.866 for growing earnings in the future. We invest billions in this every year. Meanwhile, 1.7 Financial position and net worth 73 Organisation chart of the RWE Group 226 Glossary we are one of Europe’s biggest investors in offshore wind farms. Our leading 1.8 Notes to the financial statements 78 227 Index 230 position in energy trading helps us make optimal use of our power plants on the of RWE AG (holding company) 1.9 Disclosure relating to German 80 Imprint 231 market.