2014 first nine months results. 12 November 2014

Transcription

1 2014 first nine months results 12 November 2014

2 Summary EBITDA 1 Outlook 7,128m 2 6,637m 9.4bn bn 9M M 2014 FY 2013A FY 2014E Underlying net income 1 Outlook 1,901m 2 1,435m 2.2bn bn 9M M 2014 FY 2013A FY 2014E 1 1. Adjusted for extraordinary effects 2. Including pro forma adjustment regarding IFRS 10/11

3 First nine months 2014 EBITDA development 1,2 9M bn E&P 0.3 E.ON Renewables (EC&R) 0.1 Nuclear fuel tax 0.2 Disposals -0.5 FX effects -0.2 German regulation -0.2 Region Czechia -0.2 Power price and volume effect -0.2 Gas optimization 0.0 Other M Adjusted for extraordinary effects 2. Individual effects rounded

4 First nine months 2014 underlying net income m 9M M 2014 % YoY EBITDA 2 7,128 6,637-7 Depreciation/amortization recognized in EBIT 2-2,673-2,725 - EBIT 2 4,455 3, Economic interest expense (net) -1,345-1,256 - EBT 2 3,110 2, Income taxes on EBT % of EBT Non-controlling interests Underlying net income 2 1,901 1, Including pro forma adjustment regarding IFRS 10/11 2. Adjusted for extraordinary effects

5 First nine months 2014 EBITDA 1 OCF Reconciliation bn EBITDA Non-cash effective EBITDA items +1.7 Cash-effective EBITDA 8.3 Provision utilization -2.2 Working capital movements +2.6 Tax, interest & other -1.2 OCF after interest and tax Adjusted for extraordinary effects

6 First nine months 2014 economic net debt development bn December 31, Dividends -1.0 Investments Other Pension obligations Provisions and other Net financial position Divestments +1.6 Operating cash flow +7.5 September 30, Figures as of include pro forma adjustment regarding IFRS 10/11 (before adjustments YE 2013 economic net debt was 32.0bn)

7 2014 outlook bn 2013A E EBITDA Depreciation 3.6 Economic interest expense 1.9 Taxes 1.2 Minorities 0.4 Underlying net income Including pro forma adjustment regarding IFRS 10/11 2. Adjusted for extraordinary effects

8 Backup 7

9 First nine months 2014 financial highlights m 9M M 2014 % YoY Sales 89,328 81,348-9 EBITDA 2 7,128 6,637-7 EBIT 2 4,455 3, Underlying net income 2 1,901 1, Operating cash flow 5,341 7, Investments 6,323 3, Economic net debt -32, ,009 +1, Including pro forma adjustment regarding IFRS 10/11 2. Adjusted for extraordinary effects 3. As of Change in absolute terms

10 First nine months 2014 EBITDA and EBIT by unit m EBITDA 1 EBIT 1 9M M 2014 % YoY 9M M 2014 % YoY Generation 1,032 1, Renewables 1,035 1, Global Commodities Exploration & Production Germany 1,797 1, , Other EU Countries 1,732 1, , Non-EU Countries Group Management / Consolidation Total 7,128 6, ,455 3, Adjusted for extraordinary effects 2. Including pro forma adjustment regarding IFRS 10/11

11 From EBITDA to net income 9M M 2014 % YoY EBITDA 1 7,128 6,637-7 Depreciation/Amortization/Impairments -2,673-2,725 - EBIT 1 4,455 3, Economic interest expense (net) -1,345-1,256 - Net book gains 1, Restructuring and cost-management expenses Mark-to-market valuation of derivatives Impairments (net) Other non-operating earnings Income/Loss from continuing operations before income taxes 3,563 1, Income taxes Income/loss from discontinued operations, net Non-controlling interests Net income/loss attributable to shareholders of E.ON SE 2, Adjusted for extraordinary effects 2. Including pro forma adjustment regarding IFRS 10/11

12 Generation m EBITDA 1 EBIT 1 9M M 2014 % YoY 9M M 2014 % YoY Nuclear Steam CCGT Other/Consolidation Total Main EBITDA effects (in bn) Nuclear (+0.3) Lower nuclear tax payments mainly related to the earlier shut down of Grafenrheinfeld (+0.2) Prior year one-off due to StandAG not repeated (+0.1) Steam/CCGT/Other (+0.3) Impact of E.ON 2.0 cost reductions (+0.1) Provision release in Italian CCGT (+0.1) Higher margins in non-market driven generation (+0.1) Adjusted for extraordinary effects 2. Including pro forma adjustment regarding IFRS 10/11

13 Renewables m EBITDA 1 EBIT 1 9M M 2014 % YoY 9M M 2014 % YoY Hydro Wind/Solar/Other Total 1,035 1, Main EBITDA effects (in bn) Hydro (+/-0) Reduced volumes in Germany due to lower water inflow and last year s disposal of hydro assets as part of the asset swap with Verbund AG compensated by higher volumes from Swedish hydro Lower prices in all markets Wind/Solar/Other (+0.1) Increased book gains (+0.1) and higher wind volumes, partly compensated by foregone earnings due to capital rotation Adjusted for extraordinary effects 2. Including pro forma adjustment regarding IFRS 10/11

14 Global Commodities m EBITDA 1 EBIT 1 9M M 2014 % YoY 9M M 2014 % YoY Coal/Oil/Freight/LNG Power and Gas Infrastructure/Other Total Main EBITDA effects (in bn) Power and Gas (-0.5) Prior year s disposal of Földgaz and smaller disposals (-0.2) Absence of positive effect in CO2 portfolio due to the absence of the EUA-CER swap (-0.1) Lower achieved prices in power (-0.1) Adjusted for extraordinary effects 2. Including pro forma adjustment regarding IFRS 10/11

15 Exploration & Production m EBITDA 1 EBIT 1 9M M 2014 % YoY 9M M 2014 % YoY Total Main EBITDA effects (in bn) North Sea fields (+0.3) Higher volumes mainly driven by Skarv moving to plateau production (+0.4) Negative currency impact (-0,1) Yushno Russkoje (-0.1) Mainly due to material decline in BAFA price (-0.1) Adjusted for extraordinary effects

16 Germany m EBITDA 1 EBIT 1 9M M 2014 % YoY 9M M 2014 % YoY Distribution 1,462 1, Non-regulated/Other Total 1,797 1, , Main EBITDA effects (in bn) Distribution Networks (-0.3) Prior year s disposal of three regional utilities (-0.2) Lower earnings due to new regulatory period (-0.2) Lower controllable cost (+0.1) Non-regulated/Other (-0.1) Mainly due to the warm winter and prior year s disposal of E.ON Energy from Waste Adjusted for extraordinary effects 2. Including pro forma adjustment regarding IFRS 10/11

17 Other EU Countries m EBITDA 1 EBIT 1 9M M 2014 % YoY 9M M 2014 % YoY Distribution 1, Sales Other/Consolidation Total 1,732 1, , Main EBITDA effects (in bn) Distribution Networks (-0.2) Mainly due to lower renewables correction factor in Czech distribution business (-0.2) Lower connection fees in Swedish distribution business Sales (-0.1) Mainly due to warm winter across all regional units (-0.1) Adjusted for extraordinary effects 2. Including pro forma adjustment regarding IFRS 10/11

18 Non-EU Countries m EBITDA 1 EBIT 1 9M M 2014 % YoY 9M M 2014 % YoY Russia (in Mio Ruble) 495 (20,622) 401 (19,272) -19 (-7) 346 (14,419) 288 (13,860) -17 (-4) Other Non-EU countries Total Main EBITDA effects (in bn) Russia (-0.1) Currency translation effect due to significant Ruble depreciation compared to 9M 2013 (-0.1) Lower capacity fees and lower electricity gross margin mainly due to higher gas procurement cost (-0.1) Other Non-EU countries (+/-0) Turkey: no comparable basis Brazil: no comparable basis Adjusted for extraordinary effects

19 Cash effective investments by unit m 9M M 2014 % YoY Generation Renewables Global Commodities Exploration & Production Germany Other EU Countries Non-EU Countries 3, Group Management / Consolidation Investments 6,323 3, Including pro forma adjustment regarding IFRS 10/11

20 Economic net debt m 31 Dec Sep 2014 Liquid funds 7,814 6,416 Non-current securities 4,444 5,014 Financial liabilities -22,724-18,941 Adjustment FX hedging Net financial position -10,512-7,610 Provisions for pensions -3,418-4,869 Asset retirement obligations 2-18,288-18,530 Economic net debt -32,218-31, Net figure; does not include transactions relating to our operating business or asset management 2. Net of Swedish nuclear fund 3. Including pro forma adjustment regarding IFRS 10/11

21 Strong liquidity and well-balanced maturity profile Liquidity and financial flexibility Revolving credit facility (undrawn) 5bn Liquid funds & non-current securities 11.4bn 0.2bn 1.4bn 1.4bn Maturity Profile bn, as of 30 Sep Liquidity Bond & promissory notes maturities Flexible funding options Debt issuance program 35bn EUR CP program 10bn USD CP program $10bn Revolving credit facility 5bn No material bond issuance since mid 2009 No further bond funding envisaged for EUR GBP USD CHF YEN Other Upcoming debt maturities easily manageable Long-term and well-balanced debt maturity profile 1. Bonds and promissory notes issued by E.ON SE or E.ON International Finance B.V. (fully guaranteed by E.ON SE) 20

22 Economic interest expense (net) m 9M M 2014 Difference (in m) Interest from financial assets/liabilities Interest cost from provisions for pensions and similar provisions Accretion of provisions for retirement obligation and other provisions Capitalized interests Other Economic interest expense (net) -1,345-1, Borrowing cost that are directly attributable to the acquisition, construction or production of a qualified asset. Borrowing cost are (virtual) interest costs incurred by an entity in connection with the borrowing of funds. (interest rate: 5,25 %) 2. Includes mainly effects from market valuation of interest derivatives and tax related interest 3. Includes pro forma adjustment regarding IFRS 10/11 21

23 E&P - Oil & Gas production m boe 9M M 2014 % YoY Skarv % Njord/Hyme % Elgin-Franklin % Babbage % Huntington % Rita Total North Sea % Yuzhno Russkoje % Total % 22

24 Outright hedging (Central Europe & Nordic) /MWh 2014 ~56 ~ ~48 ~ ~38 ~32 0% 20% 40% 60% 80% 100% Central Europe Nordic 23

25 E.ON Investor Relations Contact Dr. Marc Spieker Head of IR T marc.spieker@eon.com Peter Blankenhorn Regions / Sales T SRI, Retail peter.blankenhorn@eon.com François Poullet Generation T E&P francois.poullet@eon.com Marc Koebernick Renewables T Turkey & Brazil marc.koebernick@eon.com Dr. Stephan Schönefuß Regions / Distribution T Politics & Regulation stephan.schoenefuss@eon.com Carmen Schneider Roadshow planning & management, T Shareholder ID & Targeting carmen.schneider@eon.com 24

26 Reporting calendar & important links Reporting calendar March 11, 2015 Annual Report 2014 May 7, 2015 Interim Report I: January March 2015 May 7, Annual Shareholders Meeting August 12, 2015 Interim Report II: January June 2015 November 11, 2015 Interim Report III: January September 2015 Important links Capital Market Story Other Presentations Annual Reports Interim Reports Facts & Figures Creditor Relations

27 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 the actual future results, financial situation, development or performance of the company and the estimates given here. E.ON SE does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments.