Rwe Ag · XETR:RWE

Rwe — Merger or Acquisition (October 2006)

8 slides from Rwe's merger presentation, Oct 23, 2006

  1. Slide 1: Sale of Thames Water

    Sale of Thames Water Analyst and Investor Conference Call Essen, October 23, 2006 Harry Roels Chief Executive Officer RWE AG Klaus Sturany Chief Financial Officer RWE AG

  2. Slide 2: Forward Looking Statement

    Forward Looking Statement This presentation contains certain forward-looking statements within the meaning of the US federal securities laws. Especially all of the following statements: „ Projections of revenues, income, earnings per share, capital expenditures, dividends, capital structure or other

  3. Slide 3: Transaction details

    Transaction details „ 100% of share capital of Thames Water Holdings plc was sold to Kemble Water Ltd, a consortium led by Macquarie’s European Infrastructure Funds „ Purchase price amounts to GBP 4.8 bn (€ 7.2 bn*) „ Implied enterprise value of GBP 8.0 bn (€ 11.9 bn*) including pro forma net debt o

  4. Slide 4: Thames Water was sold entirely

    Thames Water was sold entirely Water Division Thames Water, UK American Water, U.S. Regulated business Non-regulated business „ Property business „ Commercial business „ Metronet (20%) „ International business Indonesia Puerto Rico For sale Turkey Sold 4 RWE AG | Conference Call on the sale of Thame

  5. Slide 5: Redeployment of Cash

    Redeployment of Cash „ We seek to grow externally while remaining committed to strict financial hurdles „ We will step up capex to support organic growth „ The dividends for 2006 and 2007 will reflect our strong business performance (payout ratio increase to 70 - 80% planned). „ Significant changes

  6. Slide 6: Changes in Rating Agencies' Models

    Changes in Rating Agencies’ Models 2002 2003 2004 2005 20063 RWE net debt 15.5 17.8 12.4 11.4 9.5 stated EBITDA 7.2 8.5 8.4 8.3 - Moody‘s net debt 37.8 39.3 31.7 34.3 33.02 FFO/net debt 13% 14% 16% 16% - S&P net debt1 16.4 31.4 32.7 34.1 33.0 FFO/net debt1 29% 17% 17% 15% - S&P ratings4 A+ (SO) A+ (

  7. Slide 7: Sale of Thames Water: Impact on Financial Reporting

    Sale of Thames Water: Impact on Financial Reporting „ Deconsolidation as of December 2006 (subject to closing) „ Reporting of Thames Water in RWE accounts: - 2006 “discontinued operations”: Thames Water only reflected in net profit - 2005 “discontinued operations”: P&L figures will be restated, but

  8. Slide 8: Pro-forma data excluding Thames Water

    Pro-forma data excluding Thames Water P&L 2005 RWE ex. € million RWE Thames Thames External revenue 41,819 2,331 39,488 EBITDA 8,324 1,228 7,096 Operating result 6,201 830 5,371 Net income attribut. to RWE shareholders 2,231 388 1,843* Balance sheet 30 June 2006 RWE ex. € million RWE Thames Thames N

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