Capital Market Day. Munich, September 6, 2004
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1 Capital Market Day Munich, September 6, 2004
2 Risk Management Bernd Romeike Member of the Board of E.ON Energie AG
3 Agenda Our business model results in a natural hedge E.ON Energie's risk management structure combines operational strength and central guidance Credit risk management as an example of cross-group risk controlling Our key factors for successful risk management Page 3
4 Optimizing an integrated value chain in Central Europe Market management Shared service companies Generation Trading & optimization Retail & distribution, transmission nuclear IT Engineering Facility management hydro fossil & waste incineration ZSE Page 4
5 Agenda Our business model results in a natural hedge E.ON Energie's risk management structure combines operational strength and central guidance Credit risk management as an example of cross-group risk controlling Our key factors for successful risk management Page 5
6 E.ON Energie manages the energy value chain in Central Europe Fuel Market E.ON Generation Wholesale Market E.ON Sales & Trading Retail Market E.ON regional distributors Generation portfolio Sales portfolio Trading portfolio Core of the business model is the Group-internal portfolio management by E.ON Sales & Trading for the active control of price and volume risks in the power market Page 6
7 The integrated business model in Germany results in a natural hedge Only a small volume of the generation portfolio is exposed to price risks of the wholesale market Long Own generation and long-term purchase contracts Short Sales by E.ON regional distributors and long-term sales contracts Within the business model set by E.ON Energie, the remaining long position is actively hedged and optimized by E.ON Sales & Trading Page 7
8 Agenda Our business model results in a natural hedge E.ON Energie's risk management structure combines operational strength and central guidance Credit risk management as an example of cross-group risk controlling Our key factors for successful risk management Page 8
9 Residual risks are systematically allocated to the steps of the value chain To ensure overall Group optimization, risks are allocated where the most effective risk management can be provided Generation Operational availability risk Fuel price risk Trading / Optimization Price risk from long positions Volume risk Sales Margin risk Continuous risk analyses at Group level ensure transparency of the overall risk position Page 9
10 In addition to market risks, there are further Group-wide risks requiring central risk management Political risks Currency risks IT- Risks Potential Risks Credit risks Capital market risks Operational risks Risk Reporting Identification Analysis Evaluation Transparency of the risk situation and impact on earnings at Group level Basis for management decision Cross-Group risks Require a central risk management Optimization of business processes and intra-group transactions e.g. credit risk Company-specific risks Require a decentralized risk management Utilization of market know-how in the particular step of the value chain e.g. operational availability Page 10
11 A systematic process ensures transparency of the risk situation and optimal risk management within the E.ON Energie Group Directive for implementation of measures Business Unit 1 Risk identification and evaluation Monitoring of implementation process Periodical and Identification of ad-hoc risk significant risk reporting Chairman: CFO Members: Senior Managers from all steps of the value chain Management Board Risk Committee Decision about measures Risk controlling Integration of other Business Units to assess the cross- Group risk position Presentation of impact on earnings and recommendation of countermeasures Page 11
12 E.ON Energie's risk management structure combines central guidance and operational strength Risk Committee Risk Controlling Definition of risk policy Monitoring of Group-wide risk position Risk management spanning the entire value chain Generation Trading/Optimization E.ON regional utilities Implementation of processes following determination risk policy Operational risk management Page 12
13 Agenda Our business model results in a natural hedge E.ON Energie's risk management structure combines operational strength and central guidance Credit risk management as an example of cross-group risk controlling Our key factors for successful risk management Page 13
14 In accordance with the risk management structure, significant credit risks are controlled centrally by E.ON Energie in close cooperation with E.ON E.ON E.ON Energie Business Units Controlling of credit risks spanning different Market Units Determination of guidelines for Business Units of the E.ON Energie Group Controlling of significant credit risks of the Market Unit Central Europe Allocation of tight limits to Business Units Monitoring of overall risk portfolio Operational credit risk management Identification and evaluation of risks Monitoring Accounts receivable management, etc. Page 14
15 Consistent Group-wide standards ensure effective credit risk management Continuous analysis of creditworthiness based on unified procedures for internal rating of counterparts Group-wide approach for deriving credit limits, restricts default risks Systematic minimization of contractual risks based on standardized agreements as well as collateral management coordinated Group-wide Active risk reduction through focused measures such as the implementation of clearing strategies for energy trading Page 15
16 Several business relations along the value chain can lead to credit limit bottlenecks E.ON Energie Credit standing sufficient? Counterpart X Generation E.ON Kraftwerke Generation Value Chain Transmission Trading/ Optimization E.ON Netz E.ON Sales & Trading Grid operator Trading company Distribution Sales E.ON Hanse E.ON Bayern Sales companies Page 16
17 Group-wide allocation of tight limits is carried out centrally by E.ON Energie (example) Limit in million E.ON Sales & Trading E.ON Kraftwerke E.ON Netz Requests 1 8 Available Quantitative Criteria Calculation of risk-adjusted performance of Business Units Qualitative Criteria Evaluation of effectiveness of local credit risk management, i.e. risk structure of single portfolios Ranking of BUs 1. E.ON Sales & Trading 5 million 2. E.ON Netz 2 million 3. E.ON Kraftwerke 1 million Page 17
18 Agenda Our business model results in a natural hedge E.ON Energie's risk management structure combines operational strength and central guidance Credit risk management as an example of cross-group risk controlling Our key factors for successful risk management Page 18
19 Key factors for successful risk management in the E.ON Energie Group Natural hedge as the result of the integrated business model and internal portfolio management Systematic allocation of risks to Business Units for the use of specific market know-how Central management of cross-group risks Close coordination with Corporate Center for risks spanning Market Units Risk reporting as an integrated element of the controlling system Page 19
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