2005 - 2006 - Pinsent Masons Water Yearbook 2012

GERMANY PART 3 (ii): COMPANY ANALYSIS: LOCAL/REGIONAL PLAYERS
Germany
E.ON
E.ON was founded in June 2000 through the merger of VEBA and VIAG, two German regional power
utilities. It is the world’s largest privately held power utility. EO.N’s water activities are grouped under
E.ON Aqua, part of E.ON Energie AG. E.ON’s 80.5% holding in Gelsenwasser (See separate entry)
was sold to the municipalities of Dortmund and Bochum in August 2003 for €835 million, at a profit of
€418 million, on the order of the German Cartel Commission as a result of its acquisition of Rhurgas
due to Gelsenwasser’s natural gas activities.
E.ON, profit and loss account
Y/E 31/12 (€ million) 2000 2001 2002 2003 2004
Turnover 88,858 37,273 36,624 46,364 49,103
Pre-tax profit 6,498 3,201 -720 3,950 4,348
Net profit 3,678 2,570 2,777 4,647 4,339
Earnings per share (€) 5.07 3.81 4.26 7.11 6.61
Dividends per share (€) 1.35 1.60 1.75 2.00 2.35
E.ON Aqua has a broad portfolio of water investments, generally at or below the 50.0% equity holding
level and therefore not consolidated. 28 water and wastewater entities were held by the company at
the end of 2003, along with a significant number of municipal Stadwerkes. In 2004, these were
grouped round seven regional power utilities. Examples include:
Company Location Stake
Harzwasserwerke GmbH. Hildesheim 20.8%
Wasserwerk Gifhorn BG Gifhorn 49.8%
Abwasserentsorgung Bleckede GmbH Bleckede 49.0%
Abwasserentsorgung Schoppenstedt GmbH Schoppenstedt 49.0%
Wasser und Abwassergellschaft Vienenburg mbH Aachen 49.0%
Stadtische Werke Magdeburg GmbH Magdeburg 26.7%
Water activities (€ million) 2001 2002
Water turnover 245 267
Operating profits 47 55
Capital spending 196 48
E.ON Aqua has had a very low key existence since the Gelsenwasser divestiture. Turnover is likely to
be in the region of €70-80 million.
Contact Details
Name: E.ON
Address: E.ON-Platz 1, D-40479 Düsseldorf,
Germany
Tel: +49-211-4579-0
Fax: +49-211-4579-501
Web: www.eon.com
Dr. Wulf Bernotat (Chairman)
Dr. Hans Michael Gaul (CEO)
Dr. Erhard Schipporeit (Finance Director)
299 Pinsent Masons Water Yearbook 2005 – 2006