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Investor Presentation – E.On

E.On · Dec 1, 2014 · 45 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Investor Presentation – E.On – slide 1
    Empowering customers. Shaping markets. Capital Market Story December 2014
  2. Investor Presentation – E.On – slide 2
    E.ON to split into two publicly listed companies E.ON to spin off a majority stake in its power & gas up- and midstream businesses (New Company) to its shareholders Intention to divest remaining stake in the new company over New…
  3. Investor Presentation – E.On – slide 3
    Two very different energy worlds emerging Conventional energy world Central Transmission System-centric generation Security of supply Upstream Commodity markets Global/regional perspective Large scale, central Conventional…
  4. Investor Presentation – E.On – slide 4
    Two leading companies for two energy worlds New Company Generation Hydro Renewables Upstream Wind/Solar/Other E&P Global Commodities Distribution Global Commodities Germany Other EU Countries Russia Customer Power…
  5. Investor Presentation – E.On – slide 5
    Accelerating E.ONs transformation Strategic Operational Financial Stronger and more Improves alignment Optimizes the focused companies between rewards and financial profiles of results each company to More responsive to enable…
  6. Investor Presentation – E.On – slide 6
    Profile of future E.ON1 Renewables Distribution Customer Solutions 4.4 GW capacity 1 million km networks 33 million 15 GW global pipeline 26m grid customers sales customers Europe onshore 1.1 GW Germany 411 000 km UK 7.7m Europe…
  7. Investor Presentation – E.On – slide 7
    Strategy of future E.ON Renewables Internationally leading Stronger growth in wind on- and offshore provider of large and mid- Expand and build in new geographies scale wind & PV solutions Significantly improve position in solar PV…
  8. Investor Presentation – E.On – slide 8
    Profile of New Company1 Upstream Global Commodities Power Generation North Sea 51 GW of capacity3 Production 17 mboe Coal supply 29 m t Germany 17.5 GW Reserves 186 mboe Gas LTCs 35 bcm UK 6.6 GW Russia Gas storage 9 bcm Sweden…
  9. Investor Presentation – E.On – slide 9
    Strategy of New Company Strong base Strong future Upside potential Attractive power and Contributing to Capacity mechanisms gas portfolio, among security of supply in across Europe the top in Europe power and gas to ETS…
  10. Investor Presentation – E.On – slide 10
    Proposition for customers, employees and other stakeholders New Company Empowering customers Shaping markets Retains and attracts employees as it offers Offers employees opportunities in a opportunities in a growing market and with…
  11. Investor Presentation – E.On – slide 11
    Safeguarding employees interests Principles agreed with European and Group Works Councils No employee reductions linked to spin-off Collective agreements unchanged Pensions unaffected Commitment to ongoing personal development and…
  12. Investor Presentation – E.On – slide 12
    Two compelling equity stories for our shareholders New Company 2013 EBITDA 2013 EBITDA Renewables Power generation Distribution Upstream Customer solutions Global commodities Capex Capex About twice depreciation, About half of…
  13. Investor Presentation – E.On – slide 13
    Dividend during transition phase 0.60 0.50 /share /share Dividend of 0.50 /share for 2014 and 2015 intended Fixed dividend to bridge transition phase Fixed dividend to remove uncertainty stemming from divestments 2013 2014…
  14. Investor Presentation – E.On – slide 14
    Transaction timeline Spin-off AGM Spin-off announcement to approve and spin-off listing 2014 2015 2016 Governance & steering Legal pre-structuring Reorganization Spin-off & listing preparation Eyeing a completion of the…
  15. Investor Presentation – E.On – slide 15
    E.ONs new strategy Strategy Empowering customers. Shaping markets. Best in both worlds Transformation New Company New profiles Empowering Shaping customers markets 14
  16. Investor Presentation – E.On – slide 16
    Our businesses Distribution Networks Energy Sales Energy Solutions Renewables Conventional Generation Exploration & Production Global Commodities Non-EU Countries 15
  17. Investor Presentation – E.On – slide 17
    Distribution networks: one of E.ONs key pillars E.ONs distribution networks Business environment improving 2013 EBITDA in bn Improving regulatory environment in most Energy countries Sales & Southern Solutions Europe Increasing…
  18. Investor Presentation – E.On – slide 18
    Energy sales: customer focus meets cost efficiency E.ONs energy sales business Customer focus: example UK 25 million customers in Europe Above market average net promoter score (NPS) 2013 Customers per region (in millions) Topping…
  19. Investor Presentation – E.On – slide 19
    Energy solutions: sharpening up E.ON Connecting Energies End-to-end provider of energy as managed service Fully-integrated provider of end-to-end managed energy services Serving commercial & industrial customers and public-sector…
  20. Investor Presentation – E.On – slide 20
    Renewables: leveraging pipeline faster 2013A-2016E capacity London Array (0.6 GW) commissioned in 2013 Develop GW ment Amrum Bank West (0.3 GW) and Humber Humber Rd- Amrum- Gateway (0.2 GW) to be commissioned in sand II bank Solar…
  21. Investor Presentation – E.On – slide 21
    Conventional generation: ensuring security of supply EBITDA Generation + Hydro Conventional generation to keep key role bn Ensuring security of supply, even in Hydro wholesale renewables-dominated system Generation Market design…
  22. Investor Presentation – E.On – slide 22
    E&P: harvesting strong investments Oil & gas production Focus on organic growth with short-term mboe emphasis on exploration 37.7 37.4 37 Very encouraging Tolmount discovery Successful ramp-up of Skarv Njord platform under review…
  23. Investor Presentation – E.On – slide 23
    Global Commodities: managing commodity risks Strong assets and positions Clear priorities 42 GW of generation capacity optimized Protect value in European power & gas across Europe Refine plant optimization to meet changes to 29m…
  24. Investor Presentation – E.On – slide 24
    Non-EU: market positions firmed up E.ON Russia Turkey - Enerjisa Brazil - eneva E.ON interest 83% E.ON interest 50% (at equity) E.ON interest 43% (at equity) Pro-rata Capacity 10.3 GW Pro-rata capacity 2.5 GW Pro-rata Capacity 1.7…
  25. Investor Presentation – E.On – slide 25
    Backup Outlook Financials Economic net debt Dividend Operations IR contacts Reporting calendar & Important links 24
  26. Investor Presentation – E.On – slide 26
    Outlook 2014 outlook bn 2013A 1 2014E EBITDA 2 9.4 8.0 8.6 Depreciation 3.6 Economic interest expense 1.9 Taxes 1.2 Minorities 0.4 Underlying net income 2 2.2 1.5 1.9 1. Including pro forma adjustment regarding IFRS 10/11 25 2.…
  27. Investor Presentation – E.On – slide 27
    Outlook 2014 EBITDA outlook per unit1 bn 2013A2 2014E Main drivers Stretch-out Grafenrheinfeld, E.ON 2.0 Generation 1.9 cost savings, lower power prices Higher book gain from capital rotation, Renewables 1.4 lower power prices and…
  28. Investor Presentation – E.On – slide 28
    Financials Financial highlights m FY 2012 FY 2013 % YoY 9M 2013 1 9M 2014 % YoY Sales 132,093 122,450 -7% 89,328 81,348 -9 EBITDA 2 10,771 9,315 -14% 7,128 6,637 -7 EBIT 2 7,012 5,681 -19% 4,455 3,912 -12 Underlying net income 2…
  29. Investor Presentation – E.On – slide 29
    Financials 2013 EBITDA and EBIT by unit m EBITDA1 EBIT1 FY 2012 FY 2013 % YoY FY 2012 FY 2013 % YoY Generation 2,396 1,882 -21% 1,435 973 -32% Renewables 1,349 1,431 +6% 955 982 +3% Global Commodities 1,421 352 -75% 1,163 220 -81%…
  30. Investor Presentation – E.On – slide 30
    Financials First nine months 2014 EBITDA and EBIT by unit m EBITDA 1 EBIT 1 9M 2013 2 9M 2014 % YoY 9M 2013 2 9M 2014 % YoY Generation 1,032 1,553 +50 352 843 +139 Renewables 1,035 1,107 +7 703 764 +9 Global Commodities 820 394 -52…
  31. Investor Presentation – E.On – slide 31
    Financials 2013 EBITDA development1,2 bn FY 2012 EBITDA 10.8 E.ON 2.0 0.7 E&P 0.5 Renewables (EC&R) 0.1 Gazprom settlement one-off 2012 -0.7 Divestments -0.8 Revaluation one-off 2012 -0.2 Provision effects (Germany) -0.1 Power…
  32. Investor Presentation – E.On – slide 32
    Financials First nine months 2014 EBITDA development 1,2 bn 9M 2013 7.1 E&P 0.3 E.ON 2.0 0.3 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…
  33. Investor Presentation – E.On – slide 33
    Financials Underlying net income1 m FY 2012 FY 2013 % YoY 9M 2013 2 9M 2014 % YoY EBITDA 10,771 9,315 -14% 7,128 6,637 -7 Depreciation/amortization -3,759 -3,634 - -2,673 -2,725 - recognized in EBIT EBIT 7,012 5,681 -19% 4,455 3,912…
  34. Investor Presentation – E.On – slide 34
    Financials Strengthening performance culture E.ON 2.0 net cost savings E.ON 2.0 bn Almost all cost savings measures now decided 1,2 Implementation largely completed by end 2014 0.9bn of net cost savings achieved so far out 0,8 of…
  35. Investor Presentation – E.On – slide 35
    Financials More than half of EBITDA from stable businesses EBITDA1 split 100% The share of stable Progressive businesses within E.ONs 80% portfolio mix rose sharply in hedging and risk reduction 2013 to 54% (2012: 46%) 60% In…
  36. Investor Presentation – E.On – slide 36
    Economic net debt Economic net debt m 31 Dec 2012 31 Dec 2013 3 30 Sep 2014 Liquid funds 6,546 7,814 6,416 Non-current securities 4,746 4,444 5,014 Financial liabilities -25,944 -22,724 -18,941 Adjustment FX hedging1 234 -46 -99…
  37. Investor Presentation – E.On – slide 37
    Economic net debt First 9 months 2014 economic net debt development bn December 31, 2013 -21.7 -10.5 -32.2 1 Dividends -1.0 Investments -3.1 Net financial position Provisions and other Other -2.3 Pension obligations -1.5…
  38. Investor Presentation – E.On – slide 38
    Economic net debt Strong liquidity and well-balanced maturity profile Liquidity and financial flexibility Maturity Profile Revolving bn, as of 30 Sep 2014 1 credit facility (undrawn) 4 5bn Liquid funds 3 & non-current…
  39. Investor Presentation – E.On – slide 39
    Dividend Dividend either in cash or in E.ON shares Voluntary Additional option for shareholders to exchange the cash dividend into E.ON shares scrip Cash payment is default dividend Subscription price close to market price (this…
  40. Investor Presentation – E.On – slide 40
    Operations UK capacity market Key figures 2018-2019 E.ONs participation Nameplate GW Derated GW E.ONs UK fossil assets can qualify for the capacity Outside Demand response market capacity market up to 2.5 GW But not our renewables…
  41. Investor Presentation – E.On – slide 41
    Operations Generation Conventional capacity retirements 2012 4,477 MW Veltheim 4 ST 223 MW Germany Steam Economic Shutdown Aug 2012 Grain 1+4 1,300 MW UK CCGT LCPD Shutdown Nov 2012 Kingsnorth 1-4 1,974 MW UK Steam LCPD Shutdown Dec…
  42. Investor Presentation – E.On – slide 42
    Operations Generation - E.ONs nuclear fleet in Germany Start-up E.ON share Capacity 2012 output 2012 remaining Shutdown date (%) (MW) (TWh) volumes (TWh)1 date Isar 1 1979 100.0 878 0.0 2 2011 Unterweser 1979 100.0 1,345 0.0 11…
  43. Investor Presentation – E.On – slide 43
    Operations E&P - Oil & Gas production m boe FY 2012 FY 2013 % YoY 9M 2013 9M 2014 % YoY Skarv 0.0 10.0 - 7.0 11.4 +63 % Njord/Hyme 2.6 2.4 -7% 2.4 1.3 -46 % Elgin-Franklin 0.5 0.6 +6% 0.4 0.6 +65 % Babbage 0.9 0.8 -9% 0.5 1.1 +102…
  44. Investor Presentation – E.On – slide 44
    E.ON Investor Relations Contact Dr. Marc Spieker Head of IR T+49 2 11-45 79-3 45 marc.spiekereon.com Peter Blankenhorn Regions / Sales T +49 2 11-45 79-4 81 SRI, Retail peter.blankenhorneon.com Franois Poullet Generation T +49 2…
  45. Investor Presentation – E.On – slide 45
    Reporting calendar & important links Reporting calendar March 11, 2015 Annual Report 2014 May 7, 2015 Annual shareholders meeting May 7, 2015 Interim Report January March 2015 August 12, 2015 Interim Report January June 2015 November…

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