Slide 1: 2015 first quarter results
2015 first quarter results 07 May 2015
Slide 2: Summary
Summary EBITDA 1 Outlook €3,098m €2,830m €8.3bn €7.0-7.6bn Q1 2014 Q1 2015 FY 2014A FY 2015E Underlying net income 1 Outlook €1,182m €1,007m €1.6bn €1.4-1.8bn Q1 2014 Q1 2015 FY 2014A FY 2015E 1 1. Adjusted for extraordinary effects
Slide 3: First quarter 2015 EBITDA development
First quarter 2015 EBITDA development 1,2 €bn Q1 2014 3.1 Improvement regions 0.1 Power portfolio -0.2 E&P -0.1 Other -0.1 Q1 2015 2.8 1. Adjusted for extraordinary effects 2 2. Individual effects rounded
Slide 4: First quarter 2015 underlying net income
First quarter 2015 underlying net income €m Q1 2014 Q1 2015 % YoY EBITDA 1 3,098 2,830 -9 Depreciation/amortization recognized in EBIT 1 -855 -793 - EBIT 1 2,243 2,037 -9 Economic interest expense (net) -450 -523 - EBT 1 1,793 1,514 -16 Income taxes on EBT 1 -486 -392 - % of EBT 1 27 26 Non-controll
Slide 5: First quarter 2015 EBITDA – OCF Reconciliation
First quarter 2015 EBITDA1 – OCF Reconciliation €bn EBITDA 1 2.8 Non-cash effective EBITDA items +0.6 Cash-effective EBITDA 3.4 Provision utilization -0.6 Working capital 0.1 movements Tax, interest & other 0.4 OCF 2 after interest and tax 2.5 1. Adjusted for extraordinary effects 2. OCF from contin
Slide 6: First quarter 2015 economic net debt development
First quarter 2015 economic net debt development €bn December 31, 2014 -24.6 -8.8 -33.4 Investments -0.7 Net financial position Provisions and other Other -1.3 Pension obligations -1.1 Divestments +2.2 Operating cash flow +2.5 March 31, 2015 -25.8 -5.9 -31.7 5
Slide 7: 2015 outlook
2015 outlook EBITDA1 Underlying net income1 €8.3bn €7.0-7.6bn €1.6bn €1.4-1.8bn 2014A 2015E 2014A 2015E 6 1. Adjusted for extraordinary effects
Slide 8: Backup
Backup 7
Slide 9: First quarter 2015 financial highlights
First quarter 2015 financial highlights €m Q1 2014 Q1 2015 % YoY Sales 31,037 30,550 -2 EBITDA 1 3,098 2,830 -9 EBIT 1 2,243 2,037 -9 Underlying net income 1 1,182 1,007 -15 Operating cash flow 4 2,577 2,532 -2 Investments 683 666 -2 Economic net debt -33,394 2 -31,736 -1,6583 1. Adjusted for extrao
Slide 10: First quarter 2015 EBITDA and EBIT by unit
First quarter 2015 EBITDA and EBIT by unit €m EBITDA 1 EBIT 1 Q1 2014 Q1 2015 % YoY Q1 2014 Q1 2015 % YoY Generation 916 749 -18 694 548 -21 Renewables 569 385 -32 465 300 -35 Global Commodities -1 167 - -26 143 - Exploration & Production 339 277 -18 192 129 -33 Germany 590 637 +8 437 480 +10 Other
Slide 11: From EBITDA to net income
From EBITDA to net income Q1 2014 Q1 2015 % YoY EBITDA 1 3,098 2,830 -9 Depreciation/Amortization/Impairments -855 -793 - EBIT 1 2,243 2,037 -9 Economic interest expense (net) -450 -523 - Net book gains 193 245 - Restructuring -70 -50 - Mark-to-market valuation of derivatives -107 -74 - Impairments
Slide 12: Generation
Generation €m EBITDA 1 EBIT 1 Q1 2014 Q1 2015 % YoY Q1 2014 Q1 2015 % YoY Nuclear 665 507 -24 602 388 -36 Steam 214 215 - 118 112 -5 CCGT 51 6 -88 -12 -22 - Other/Consolidation -14 21 - -14 70 Total 916 749 -18 694 548 -21 Main EBITDA effects (in €bn) Nuclear (-0.2) Driven by lower volumes (mainly
Slide 13: Renewables
Renewables €m EBITDA 1 EBIT 1 Q1 2014 Q1 2015 % YoY Q1 2014 Q1 2015 % YoY Hydro 240 201 -16 210 188 -10 Wind/Solar/Other 329 184 -44 255 112 -56 Total 569 385 -32 465 300 -35 Main EBITDA effects (in €bn) Hydro (+/-0) Lower prices in all markets Wind/Solar/Other (-0.1) Lower book gains from capit
Slide 14: Global Commodities
Global Commodities €m EBITDA 1 EBIT 1 Q1 2014 Q1 2015 % YoY Q1 2014 Q1 2015 % YoY Coal/Oil/Freight/LNG 9 20 +122 9 20 +122 Power and Gas -24 108 - -48 86 - Infrastructure/Other 14 39 +179 13 37 +185 Total -1 167 - -26 143 - Main EBITDA effects (in €bn) Power and Gas (+0.1) Mainly driven by improve
Slide 15: Exploration & Production
Exploration & Production €m EBITDA 1 EBIT 1 Q1 2014 Q1 2015 % YoY Q1 2014 Q1 2015 % YoY Total 339 277 -18 192 129 -33 Main EBITDA effects (in €bn) North Sea fields (-0.1) Lower margins due to falling oil and gas prices compared to Q1 2014 (-0.1) partly compensated by FX effects Slightly higher v
Slide 16: Germany
Germany €m EBITDA 1 EBIT 1 Q1 2014 Q1 2015 % YoY Q1 2014 Q1 2015 % YoY Distribution 475 495 +4 340 352 +4 Non-regulated/Other 115 142 +23 97 128 +32 Total 590 637 +8 437 480 +10 Main EBITDA effects (in €bn) Distribution Networks (+/-0) Mainly due to higher volumes based on weather normalization co
Slide 17: Other EU Countries
Other EU Countries €m EBITDA 1 EBIT 1 Q1 2014 Q1 2015 % YoY Q1 2014 Q1 2015 % YoY Distribution 247 256 +4 154 166 7 Sales 317 301 -5 298 280 -6 Other/Consolidation 130 129 - 87 94 +9 Total 693 686 -1 540 541 +/-0 Main EBITDA effects (in €bn) Distribution Networks (+/-0) Mainly higher tariffs in ga
Slide 18: Non-EU Countries
Non-EU Countries €m EBITDA 1 EBIT 1 Q1 2014 Q1 2015 % YoY Q1 2014 Q1 2015 % YoY Russia 131 83 95 68 (in Mio Ruble) (6,237) (5.896) ( -xx%) (4,547) (4,807) ( -xx%) Other Non-EU countries -26 4 - -26 3 - Total 105 87 -17 69 71 +3 Main EBITDA effects (in €bn) Russia (+/-0) Mainly due to negative curr
Slide 19: Cash effective investments by unit
Cash effective investments by unit €m Q1 2014 Q1 2015 % YoY Generation 152 141 -7 Renewables 198 202 +2 Global Commodities 18 11 -39 Exploration & Production 14 24 +71 Germany 83 100 +20 Other EU Countries 122 133 +9 Non-EU Countries 83 46 -45 Group Management / Consolidation 13 9 -31 Investments 68
Slide 20: Economic net debt
Economic net debt €m 31 Dec 2014 31 Mar 2015 Liquid funds 6,067 8,531 Non-current securities 4,781 4,982 Financial liabilities -19,667 -19,366 Adjustment FX hedging 1 34 -47 Net financial position -8,785 -5,900 Provisions for pensions -5,574 -6,653 Asset retirement obligations 2 -19,035 -19,183 Econ
Slide 21: Financial liabilities of the E.ON Group
Financial liabilities of the E.ON Group Q1 2015 in € billion Maturity profile (as of Q1 2015)2 31 Mar 2015 31 Dec 2014 Bonds 14.9 14.3 in EUR 7.1 7.1 in GBP 4.7 4.4 6,0 in USD 2.8 2.5 5,0 4,0 in CHF 0.0 0.0 3,0 in SEK 0.0 0.0 2,0 in JPY 0.2 0.2 1,0 0,0 other currencies 0.1 0.1 2015 2016 2017 2018 20
Slide 22: Economic interest expense (net)
Economic interest expense (net) Difference €m Q1 2014 Q1 2015 (in €m) Interest from financial assets/liabilities -210 -204 6 Interest cost from provisions for pensions and similar provisions -26 -30 -4 Accretion of provisions for retirement obligation and other provisions -238 -252 -14 Capitalized i
Slide 23: E&P - Oil & Gas production
E&P - Oil & Gas production m boe Q1 2014 Q1 2015 % YoY Skarv 3.8 3.4 -9 Njord/Hyme 0 1.0 - Elgin-Franklin 0.2 0.4 +75 Babbage 0.3 0.4 +3 Huntington 0.5 0.2 -60 Rita 0.2 0.1 -16 Total North Sea 5.5 6.1 +12 Yuzhno Russkoje 9.8 9.8 - Total 15.3 15.9 +4 22
Slide 24: Outright hedging (Central Europe & Nordic)
Outright hedging (Central Europe & Nordic)1 €/MWh ~50 2015 ~37 ~38 2016 ~32 ~33 2017 ~29 0% 20% 40% 60% 80% 100% Central Europe Nordic 1. Predominantly hydro and nuclear generation 23
Slide 25: E.ON Investor Relations Contact
E.ON Investor Relations Contact Anke Groth Head of IR T+49 (211) 45 79 345 anke.groth@eon.com Marc Koebernick Germany & Switzerland T +49 (211) 45 79 239 US marc.koebernick@eon.com Dr. Stephan Schönefuß UK T +49 (211) 45 79 4808 Germany stephan.schoenefuss@eon.com Oliver Röder Russia T +49 (211) 45
Slide 26: Reporting calendar & important links
Reporting calendar & important links Reporting calendar May 7, 2015 2015 Annual Shareholders Meeting August 12, 2015 Interim Report II: January – June 2015 November 11, 2015 Interim Report III: January – September 2015 March 9, 2016 Annual Report 2015 May 11, 2016 Interim Report I: January – March 2
Slide 27: Disclaimer
Disclaimer This presentation may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group Management and other information currently available to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between