2011 Annual Report - OTCIQ.com

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E.ON Group Financial Highlights 1 € in millions 2011 2010 +/- % Electricity sales 2 (billion kWh) 1,144.8 1,030.4 +11 Gas sales 2 (billion kWh) 1,718.1 1,342.4 +28 Sales 112,954 92,863 +22 EBITDA 3 9,293 13,346 -30 EBIT 3 5,438 9,454 -42 Net loss/Net income -1,861 6,281 -130 Net loss/Net income attributable to shareholders of E.ON AG -2,219 5,853 -138 Underlying net income 3 2,501 4,882 -49 Investments 6,524 8,286 -21 Cash provided by operating activities of continuing operations 6,610 10,614 -38 Economic net debt (at year-end) -36,385 -37,701 +1,316 4 Debt factor 5 3.9 2.8 +1.1 4 Equity 39,613 45,585 -13 Total assets 152,872 152,881 – ROACE (in %) 8.4 14.4 -6.0 6 Pretax cost of capital (%) 8.3 8.3 – After-tax cost of capital (%) 6.1 6.1 – Value added 90 4,000 -98 Employees (at year-end) 78,889 85,105 -7 Earnings per share 7, 8 (€) -1.16 3.07 – Equity per share 7, 8 (€) 18.76 21.87 -14 Dividend per share 9 (€) 1.00 1.50 -33 Dividend payout 1,905 2,858 -33 Market capitalization8 (€ in billions) 31.8 43.7 -27 1 Adjusted for discontinued operations. 2 Includes trading sales volume. 3 Adjusted for extraordinary effects (see Glossary). 4 Change in absolute terms. 5 Ratio of economic net debt and EBITDA. 6 Change in percentage points. 7 Attributable to shareholders of E.ON AG. 8 Based on shares outstanding. 9 For the respective financial year; the 2011 figure is management’s proposed dividend.
Contents 2 CEO Letter 4 E.ON Stock 6 Combined Group Management Report 6 Corporate Profile and Operating Environment 24 Earnings Situation 36 Financial Condition 40 Asset Situation 41 E.ON AG’s Earnings, Financial, and Asset Situation 42 Corporate Sustainability 43 Employees 47 Technology and Innovation 50 Risk Report 60 Forecast 66 Consolidated Financial Statements 66 Independent Auditor’s Report 68 Consolidated Statements of Income 69 Consolidated Statements of Recognized Income and Expenses 70 Consolidated Balance Sheets 72 Consolidated Statements of Cash Flows 74 Statement of Changes in Equity 76 Notes 158 Declaration of the Board of Management 159 Disclosures on Companies in which Share Investments Are Held 174 Corporate Governance Report 174 Corporate Governance Declaration 1 180 Compensation Report 1 190 Supervisory Board and Board of Management 190 Report of the Supervisory Board 194 Members of the Supervisory Board 196 Disclosure of Takeover Barriers 1 199 Internal Control System for the Accounting Process 1 202 Explanatory Report of the Board of Management 203 Members of the Board of Management 204 Tables and Explanations 204 Summary of Financial Highlights 205 Glossary of Financial Terms 209 Financial Calendar 1 Part of the Combined Group Management Report. CEO Letter E.ON Stock Combined Group Management Report Consolidated Financial Statements Corporate Governance Report Supervisory Board and Board of Management Tables and Explanations
Page 1: 2011 Annual Report
Page 5 and 6: Europe’s energy markets are conso
Page 7 and 8: Dividend At the 2012 Annual Shareho
Page 9 and 10: Global Units We manage all our oper
Page 11 and 12: How will we achieve all this? The f
Page 13 and 14: Top performance requires efficient
Page 15 and 16: The Energy Roadmap 2050 adopts a sc
Page 17 and 18: Macroeconomic Environment In 2011,
Page 19 and 20: Energy Prices Four main factors dro
Page 21 and 22: Attributable Generating Capacity Th
Page 23 and 24: The Russia unit generated about 94
Page 25 and 26: Gas Sales On a consolidated basis,
Page 27 and 28: Sales Our sales rose by 22 percent
Page 29 and 30: Sales at the UK regional unit decli
Page 31 and 32: E.ON generates a significant portio
Page 33 and 34: Distribution Networks’ EBITDA dec
Page 35 and 36: and coal-fired power stations. Of t
Page 37 and 38: Analyzing Value Creation by Means o
Page 39 and 40: Cash Flow and Financial Position E.
Page 41 and 42: In addition to our DIP, we have a
Page 43 and 44: E.ON AG’s Earnings, Financial, an
Page 45 and 46: Employees HR Strategy The knowledge
Page 47 and 48: Workforce Figures At year-end 2011,
Page 49 and 50: Technology and Innovation In 2011,
Page 51 and 52: 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
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We anticipate Renewables’ earning
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Opportunities We conduct a bottom-u
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Audit Opinion According to § 322 A
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CEO Letter E.ON Stock Combined Grou
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Additional information on the State
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Business Combinations Business comb
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Newly created goodwill is allocated
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Subsequent costs arising, for examp
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Instruments commonly used are forei
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future exercise price. This amount
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Contingent liabilities are possible
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(2) New Standards and Interpretatio
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and joint operations. The provision
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The amended standard also contains
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Russian Federation. The proceeds fr
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The gains on the disposal of invest
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The decrease in tax expense by €3
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Of the deferred taxes reported, a t
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Stock Appreciation Rights of E.ON A
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The fees for financial statement au
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Of this total, an amount of €160
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(15) Companies Accounted for under
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The individual impaired receivables
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(20) Additional Paid-in Capital As
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Description of the Benefit Obligati
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Description of Plan Assets Defined
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Taking into account periodic additi
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(25) Miscellaneous Provisions The f
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Advance payments made to other wast
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At year-end 2011, the following EIF
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Construction grants of €2,857 mil
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In Sweden, owners of nuclear facili
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Competition in the gas market and i
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Pursuant to the information availab
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The fair value of shareholdings in
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The following two tables illustrate
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Risk Management Principles The pres
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A sensitivity analysis was performe
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Virtually all of the investments in
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Under IAS 24, compensation paid to
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Net book gains in 2011 decreased by
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(34) Compensation of Supervisory Bo
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Notes (36) List of Shareholdings Pu
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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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