2011 Annual Report - OTCIQ.com

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114 Notes (16) Inventories The following table provides a breakdown of inventories as of the dates indicated: Inventories December 31 € in millions 2011 2010 Raw materials and supplies 2,160 2,163 Goods purchased for resale 2,488 1,614 Work in progress and finished products 180 287 Total 4,828 4,064 Raw materials, goods purchased for resale and finished products are generally valued at average cost. Write-downs totaled €120 million in 2011 (2010: €18 million). Reversals of write-downs amounted to €11 million in 2011 (2010: €7 million). The carrying amount of inventories recognized at net realizable value was €65 million (2010: €15 million). No inventories have been pledged as collateral. (17) Receivables and Other Assets The following table lists receivables and other assets by remaining time to maturity as of the dates indicated: Receivables and Other Assets December 31, 2011 December 31, 2010 NonNon- € in millions Current current Current current Receivables from finance leases 78 973 62 896 Other financial receivables and financial assets 1,711 2,646 1,612 2,461 Financial receivables and other financial assets 1,789 3,619 1,674 3,357 Trade receivables 18,065 – 15,819 – Receivables from derivative financial instruments 9,863 1,901 7,567 3,068 Other operating assets 3,786 941 4,106 954 Trade receivables and other operating assets 31,714 2,842 27,492 4,022 Total 33,503 6,461 29,166 7,379 As of December 31, 2011, other financial assets include receivables from owners of non-controlling interests in jointly owned power plants of €62 million (2010: €104 million) and margin account deposits for futures trading of €988 million (2010: €572 million). In addition, based on the provisions of IFRIC 5, other financial assets include a claim for a refund from the Swedish Nuclear Waste Fund in the amount of €1,595 million (2010: €1,498 million) in connection with the decommissioning of nuclear power plants and nuclear waste disposal. Since this asset is designated for a particular purpose, E.ON’s access to it is restricted. The aging schedule of trade receivables is presented in the table at right: Aging Schedule of Trade Receivables € in millions 2011 2010 Total trade receivables 18,065 15,819 Not impaired and not yet due 16,393 13,838 Not impaired and up to 60 days past-due 1,050 1,217 Not impaired and 61 to 90 days past-due 114 108 Not impaired and 91 to 180 days past-due 173 199 Not impaired and 181 to 360 days past-due 78 118 Not impaired and over 360 days past-due 52 63 Net value of impaired receivables 205 276
The individual impaired receivables are due from a large number of retail customers from whom it is unlikely that full repayment will ever be received. Receivables are monitored within the various units. Valuation allowances for trade receivables have changed as shown in the following table: The present value of the outstanding lease payments is reported under receivables from finance leases. (18) Liquid Funds The following table provides a breakdown of liquid funds by original maturity as of the dates indicated: CEO Letter E.ON Stock Combined Group Management Report Consolidated Financial Statements Corporate Governance Report Supervisory Board and Board of Management Tables and Explanations Valuation Allowances for Trade Receivables € in millions 2011 2010 Balance as of January 1 -840 -747 Change in scope of consolidation 17 6 Write-downs -346 -380 Reversals of write-downs 75 58 Disposals 216 219 Other1 18 4 Balance as of December 31 -860 -840 1 “Other” includes currency translation adjustments. Receivables from finance leases are primarily the result of certain electricity delivery contracts that must be treated as leases according to IFRIC 4. The nominal and present values of the outstanding lease payments have the following due dates: E.ON as Lessor—Finance Leases Gross investment in finance lease Unrealized interest Present value of minimum arrangements income lease payments € in millions 2011 2010 2011 2010 2011 2010 Due within 1 year 147 138 69 76 78 62 Due in 1 to 5 years 612 565 278 251 334 314 Due in more than 5 years 1,060 947 421 365 639 582 Total 1,819 1,650 768 692 1,051 958 Liquid Funds December 31 € in millions 2011 2010 Securities and fixed-term deposits Current securities with an 3,079 1,697 original maturity greater than 3 months Fixed-term deposits with an 2,734 1,397 original maturity greater than 3 months 345 300 Restricted cash and cash equivalents 89 433 Cash and cash equivalents 3,852 6,143 Total 7,020 8,273 In 2011, there was €1 million in restricted cash (2010: €0 million) with a maturity greater than three months. Current securities with an original maturity greater than three months include €98 million (2010: €89 million) in secu rities held by VKE that are restricted for the fulfillment of legal insurance obligations (see Note 31). Cash and cash equivalents include €2,962 million (2010: €3,295 million) in checks, cash on hand and balances in Bundesbank accounts and at other financial institutions with an original maturity of less than three months, to the extent that they are not restricted. 115
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2011 Annual Report
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Contents 2 CEO Letter 4 E.ON Stock
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Europe’s energy markets are conso
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Dividend At the 2012 Annual Shareho
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Global Units We manage all our oper
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How will we achieve all this? The f
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Top performance requires efficient
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The Energy Roadmap 2050 adopts a sc
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Macroeconomic Environment In 2011,
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Energy Prices Four main factors dro
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Attributable Generating Capacity Th
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The Russia unit generated about 94
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Gas Sales On a consolidated basis,
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Sales Our sales rose by 22 percent
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Sales at the UK regional unit decli
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E.ON generates a significant portio
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Distribution Networks’ EBITDA dec
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and coal-fired power stations. Of t
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Analyzing Value Creation by Means o
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Cash Flow and Financial Position E.
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In addition to our DIP, we have a
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E.ON AG’s Earnings, Financial, an
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Employees HR Strategy The knowledge
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Workforce Figures At year-end 2011,
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Technology and Innovation In 2011,
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The ERC was founded in 2006. Its mi
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Risk Management and Insurance E.ON
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Strategic Risks Our business strate
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E.ON is building a hard-coal-fired
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waste.” The draft legislation men
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In 2012, Sweden will introduce a ne
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Due to lower commodity prices and u
Page 65 and 66: We anticipate Renewables’ earning
Page 67 and 68: Opportunities We conduct a bottom-u
Page 69 and 70: Audit Opinion According to § 322 A
Page 71 and 72: CEO Letter E.ON Stock Combined Grou
Page 75 and 76: Additional information on the State
Page 79 and 80: Business Combinations Business comb
Page 81 and 82: Newly created goodwill is allocated
Page 83 and 84: Subsequent costs arising, for examp
Page 85 and 86: Instruments commonly used are forei
Page 87 and 88: future exercise price. This amount
Page 89 and 90: Contingent liabilities are possible
Page 91 and 92: (2) New Standards and Interpretatio
Page 93 and 94: and joint operations. The provision
Page 95 and 96: The amended standard also contains
Page 97 and 98: Russian Federation. The proceeds fr
Page 99 and 100: The gains on the disposal of invest
Page 101 and 102: The decrease in tax expense by €3
Page 103 and 104: Of the deferred taxes reported, a t
Page 105 and 106: Stock Appreciation Rights of E.ON A
Page 107 and 108: The fees for financial statement au
Page 113 and 114: Of this total, an amount of €160
Page 115: (15) Companies Accounted for under
Page 119 and 120: (20) Additional Paid-in Capital As
Page 121 and 122: Description of the Benefit Obligati
Page 123 and 124: Description of Plan Assets Defined
Page 125 and 126: Taking into account periodic additi
Page 127 and 128: (25) Miscellaneous Provisions The f
Page 129 and 130: Advance payments made to other wast
Page 131 and 132: At year-end 2011, the following EIF
Page 133 and 134: Construction grants of €2,857 mil
Page 135 and 136: In Sweden, owners of nuclear facili
Page 137 and 138: Competition in the gas market and i
Page 139 and 140: Pursuant to the information availab
Page 143 and 144: The fair value of shareholdings in
Page 145 and 146: The following two tables illustrate
Page 147 and 148: Risk Management Principles The pres
Page 149 and 150: A sensitivity analysis was performe
Page 151 and 152: Virtually all of the investments in
Page 153 and 154: Under IAS 24, compensation paid to
Page 155 and 156: Net book gains in 2011 decreased by
Page 159 and 160: (34) Compensation of Supervisory Bo
Page 161 and 162: Notes (36) List of Shareholdings Pu
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CEO Letter E.ON Stock Combined Grou
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In addition to the Company’s peri
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The Supervisory Board has establish
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and the Consolidated Financial Stat
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Compensation of the Members of the
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The Supervisory Board, at its discr
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the E.ON Group’s ROCE and prior-y
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Compensation of the Members of the
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The remaining other compensation of
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In addition, the Board of Managemen
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We examined the Board of Management
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Klaus Dieter Raschke Chairman of th
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At the Board of Management’s disc
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Further information about financial
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Assessment After companies have doc
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Glossary of Financial Terms Actuari
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Prepayments and accrued income Line
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Financial Calendar May 3, 2012 2012
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2011 Annual Report - OTCIQ.com

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