2011 Annual Report - OTCIQ.com

In addition to our DIP, we have a €10 billion European Commercial
Paper (“CP”) program and a $10 billion U.S. CP program
under which we can issue short-term liabilities. We use CP
to finance short-term funding peaks and to further diversify
our investor base. We had €869 million in CP outstanding at
year-end 2011 (prior year: €0).
Financial Liabilities
€ in billions Dec. 31, 2011 Dec. 31, 2010
Bonds1 23.4 27.5
EUR 13.3 16.6
GBP 5.0 5.5
USD 2.6 2.5
CHF 1.3 1.6
SEK 0.3 0.4
JPY 0.8 0.7
Other currencies 0.1 0.2
Promissory notes 0.8 1.4
CP 0.9 –
Other liabilities 4.8 3.6
Total 29.9 32.5
1 Includes private placements.
Notes 26 and 27 to the Consolidated Financial Statements
contain more information about E.ON’s bonds as well as liabilities,
contingencies, and other commitments.
We also have access to a five-year, €6 billion syndicated
revolving credit facility, which was concluded with 30 banks
on November 25, 2010. This facility has not been drawn on
CEO Letter
E.ON Stock
Combined Group Management Report
Consolidated Financial Statements
Corporate Governance Report
Supervisory Board and Board of Management
Tables and Explanations
and instead serves as a reliable, ongoing general liquidity
reserve for the E.ON Group. Participation in the credit facility
indicates that a bank belongs to E.ON’s core group of banks.
Standard & Poor’s (“S&P”) long-term rating for E.ON is A;
Moody’s long-term rating for E.ON is A3. The short-term ratings
are A-1 (S&P) and P-2 (Moody’s). In July 2011, S&P confirmed
its A rating and changed the outlook from stable to negative.
In October 2011, Moody’s downgraded E.ON’s short-term rating
from P-1 to P-2 and its long-term rating from A2 to A3 with a
stable outlook. The ratings assigned by both agencies therefore
remain in line with E.ON’s rating target (solid single A).
E.ON AG Ratings
Long
term
Short
term Outlook
Moody’s A3 P-2 Stable
S&P A A-1 Negative
Providing rating agencies with timely, comprehensive information
is an important component of our creditor relations. The
purpose of our creditor relations is to maintain our investors’
trust by communicating a clear strategy with the highest
degree of transparency. The mechanisms we use to achieve this
include debt investor updates in major European financial
centers, periodic conference calls for debt analysts and investors,
and informational meetings for our core group of banks.
Maturity Profile of Bonds and Promissory Notes Issued by E.ON AG
and E.ON International Finance B.V.
€ in billions December 31, 2011
4.0
3.0
2.0
1.0
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