Debt Issuance Programme, 1st supplement

First Supplement dated 11 September 2015
to the Debt Issuance Programme Prospectus dated 31 July 2015
This document constitutes a supplement (the "Supplement") for the purposes of Article 16 of Directive
2003/71/EC of the European Parliament and the Council of 4 November 2003, as amended, including by
Directive 2010/73/EU (the "Prospectus Directive") and Article 13 (1) of the Luxembourg act relating to
prospectuses for securities (Loi relative aux prospectus pour valeurs mobilieres) (the “Luxembourg
Prospectus Act”) to the base prospectus, of EWE Aktiengesellschaft in respect of non-equity securities within
the meaning of Art. 22 No. 6 (4) of the Commission Regulation (EC) No. 809/2004 of 29 April 2004, as
amended ("Non-Equity Securities"), (the "Debt Issuance Programme Prospectus" or the "Prospectus").
EWE Aktiengesellschaft
(a stock corporation incorporated under the laws of the Federal Republic of Germany
having its corporate seat in Oldenburg, Federal Republic of Germany)
€ 2,000,000,000
Debt Issuance Programme (the "Programme")
This Supplement is supplemental to, and should be read in conjunction with the Prospectus. It shall only be
distributed in connection with the Prospectus. Therefore, with respect to future issues under the Programme
references to the Prospectus are to be read as references to the Prospectus as supplemented by this Supplement.
To the extent that there is any inconsistency between any statement in this Supplement and any other statement
in or incorporated by reference in the Prospectus, the statements in this Supplement will prevail.
This Supplement has been approved by the Luxembourg Commission de Surveillance du Secteur Financier
("CSSF"), has been filed with said authority and will be published in electronic form on the website of the
Luxembourg Stock Exchange (www.bourse.lu) and the website of EWE Aktiengesellschaft
(http://www.ewe.com/de/investor-relations.php).
EWE Aktiengesellschaft (the "Issuer") has requested the CSSF to provide the competent authorities in the
Federal Republic of Germany and The Netherlands with a certificate of approval attesting that the Supplement
has been drawn up in accordance with the Luxembourg Prospectus Act which implements the Prospectus
Directive into Luxembourg law ("Notification"). The Issuer may request the CSSF to provide competent
authorities in additional host Member States within the European Economic Area with a Notification.
Terms defined or otherwise attributed meanings in the Prospectus have the same meaning when used in this
Supplement.
Right to withdraw
In accordance with Article 13 paragraph 2 of the Luxembourg Prospectus Act, investors who have
already agreed to purchase or subscribe for the securities before the Supplement is published have the
right, exercisable within two working days after the publication of this Supplement, to withdraw their
acceptances, provided that the new factor arose before the final closing of the offer to the public and the
delivery of the securities. The final date for the right of withdrawal will be 15 September 2015.
1.
Responsibility Statement
EWE Aktiengesellschaft with its registered office in Oldenburg, Germany is solely responsible for the
information given in this Supplement.
To the best of the knowledge of the Issuer (which has taken all reasonable care to ensure that such is the case)
the information contained in this Supplement is in accordance with the facts and does not omit anything likely to
affect the import of such information.
Save as disclosed on pages one to eight of this Supplement, there has been no other significant new factor,
material mistake or inaccuracy relating to information included in the Prospectus which is capable of affecting
the assessment of Notes issued under the Programme since the publication of the Prospectus, as supplemented.
The Issuer has confirmed to the Dealers that the Prospectus as supplemented by this Supplement contains all
information with regard to the Issuer and the Notes which is material in the context of the Programme and the
issue and offering of Notes thereunder; that the information contained herein and therein with respect to the
Issuer and the Notes is accurate in all material respects and is not misleading; that any opinions and intentions
expressed herein and therein are honestly held and based on reasonable assumptions; that there are no other
facts, the omission of which would make any statement, whether fact or opinion, in the Prospectus or this
Supplement misleading in any material respect; and that all reasonable enquiries have been made to ascertain all
facts and to verify the accuracy of all statements contained herein and therein.
2.
Notices
No person has been authorised to give any information which is not contained in or not consistent with the
Prospectus or this Supplement or any other information supplied in connection with the Programme and, if
given or made, such information must not be relied upon as having been authorised by or on behalf of the Issuer
or any of the Dealers.
Neither the Arranger nor any Dealer nor any person mentioned in the Prospectus or this Supplement, excluding
the Issuer, is responsible for the information contained in the Prospectus or this Supplement or any document
incorporated therein by reference, and accordingly, and to the extent permitted by the laws of any relevant
jurisdiction, none of these persons accepts any responsibility for the accuracy and completeness of the
information contained in any of these documents.
3.
Purpose
The purpose of this Supplement is the incorporation by reference of the Consolidated Interim Financial
Statements for the period from 1 January to 30 June 2015 into the Prospectus and to add information on certain
recent developments.
- ii -
Table of Contents ............................................................................................................................................. Page
1.
Changes relating to the "Summary" ............................................................................. 1
2.
Changes relating to the "German Translation of the Summary" .............................. 3
3.
Changes relating to the Section "General information about the Issuer" ................. 4
4.
Changes relating to the Section "General Information" ............................................. 6
5.
Changes relating to the Section "Incorporation by Reference" ................................. 6
- iii -
1. Changes relating to the "Summary"
Under Element B.12 (Selected historical key financial information) in "Section B – Issuer", third column,
of the Summary, the introductory paragraph on page 3 and the table on page 4 of the Prospectus shall be
deleted and replaced by the following:
"The following table presents selected financial information of the EWE Group for the financial years ended
31 December 2014 and 31 December 2013 taken or derived from the audited consolidated financial statements
of EWE AG as of and for the financial year ended 31 December 2014, prepared in accordance with the
International Financial Reporting Standards as adopted by the European Union ("IFRS") and the additional
requirements of German Commercial law pursuant to Section 315a (1) of the German Commercial Code
(Handelsgesetzbuch, "HGB"), and the internal accounting records or reporting systems of the EWE Group.
Further, the table presents selected unaudited financial information of the EWE Group for the period from
1 January 2015 to 30 June 2015 taken or derived from the reviewed Interim Report 2015 of EWE
Aktiengesellschaft which has been prepared in accordance with IFRS for interim financial reporting as
applicable in the EU. The manner in which certain circumstances have been reported in the Interim Report 2015
has been subject to minor changes. The corresponding information for the period from 1 January 2014 to
30 June 2014 has been adjusted. Where financial information is labelled as “audited”, this means that it has been
taken from the above mentioned audited consolidated financial statements of EWE AG. Financial information
which has not been taken from the above mentioned consolidated financial statements but, instead, is taken or
derived either from the Interim Report 2015 or from internal accounting records or reporting systems of the
EWE Group is labelled as “unaudited”.
In € million
Financial year ended Financial year ended Six months ended Six months ended
31 December 2014
31 December 2013
30 June 2015
30 June 2014
(audited)
(audited)
(unaudited)
(unaudited)
Sales
(without
electricity and energy
tax)
8,134.2
8,862.6
4,212.0
4,147.9
EBIT (earnings before
interest and taxes)
357.7
410.9
364.3
138.3
Operating EBIT1
425.4
497.9
337.5
186.3
Result for the period
146.3
57.2
208.4
18.2
Cash flow from
operating activities
770.3
406.4
391.1
545.7
Cash
flow
from
investing activities
-581.8
-434.6
-125.4
-84.1
In € million
as of
31 December 2014
(audited)
as of
31 December 2013
(audited)
Total assets
9,800.9
10,370.4
9,663.4
10,127.5
Shareholders' equity
2,285.2
2,395.7
2,587.7
2,333.4
Financial year ended
31 December 2014
(audited)
Financial year ended
31 December 2013
(audited)
Six months ended
30 June 2015
(unaudited)
six months ended
30 June 2014
(unaudited)
425.4
-33.4
497.9
1.3
337.5
27.1
186.3
-49.5
-43.6
-51.5
-0.2
-1.2
1
as of 30 June as of 30 June 2014
2015 (unaudited)
(unaudited)
Operating EBIT reconciles to EBIT as follows:
In € million
Operating EBIT
Effect of derivative valuations
Impairment of intangible
assets and property, plant
and equipment
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Impairment of investments
accounted for under the
equity method and other
financial investments
Effects from the disposal of
equity investments
EBIT
-2.7
-14.8
-
-
12.0
357.7
-22.0
410.9
0.5
364.3
2.7
138.3
"
The section under Element B.12 (Significant changes in the financial or trading position) in "Section B –
Issuer", second column, of the Summary, on page 4 of the Prospectus shall be deleted in its entirety and
replaced as follows:
"Not applicable. There has been no significant change in the financial or trading position of EWE
Aktiengesellschaft since 30 June 2015, the end of the last financial period for which interim financial
information has been published."
Under Element B.13 (Recent Events) in "Section B –Issuer", third column, of the Summary, on page 4
and 5 of the Prospectus, the entire text shall be replaced by the following:
"EWE has acquired a majority stake in Grünspar GmbH which was founded in 2010 and employs 40 employees.
EWE announced a strategy of targeted investments in start-ups. The focus shall be on minority stakes in
companies that exist for less than five years and have an annual turnover of less than five million euro.
Dr Heiko Sanders will leave the management board of EWE AG at his request on 30 September 2015. Until a
successor is appointed, Mr Matthias Brückmann will take over the responsibilities of Dr Sanders."
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2. Changes relating to the "German Translation of the Summary"
Under Punkt B.12 (Ausgewählte wesentliche historische Finanzinformationen) in "Abschnitt B –
Emittentin", second column, of the Summary, introductory paragraph on page 15 and the table on page
16 of the Prospectus shall be deleted and replaced by the following:
"Die folgende Tabelle zeigt ausgewählte Finanzinformationen der EWE Gruppe für die zum 31. Dezember 2014
und 31. Dezember 2013 endenden Geschäftsjahre, die aus dem geprüften Konzernabschluss der EWE AG für
das zum 31. Dezember 2014 endende Geschäftsjahr, erstellt nach den International Financial Reporting
Standards, wie sie in der Europäischen Union anzuwenden sind ("IFRS") und ergänzend nach § 315a Abs. 1 des
Handelsgesetzbuches ("HGB") anzuwendenden handelsrechtlichen Vorschriften, und aus dem internen
Rechnungs- oder Berichtswesen der EWE AG entnommen oder abgeleitet wurden. Ferner zeigt die Tabelle
ausgewählte ungeprüfte Finanzinformationen der EWE Gruppe für den Zeitraum vom 1. Januar 2015 bis zum
30. Juni 2015, die dem einer prüferischen Durchsicht unterzogenen Halbjahresbericht 2015 der EWE
Aktiengesellschaft entnommen wurden, der nach den für Zwischenfinanzinformationen geltenden IFRS erstellt
wurde. Der Ausweis einzelner Sachverhalte wurde im Halbjahresbericht 2015 in unwesentlichem Umfang
geändert. Entsprechende Angaben für den Zeitraum vom 1. Juni 2014 bis zum 30. Juni 2014 wurden angepasst.
Sofern Finanzinformationen als „geprüft“ gekennzeichnet sind, bedeutet dies, dass sie dem oben genannten
geprüften Konzernabschluss der Gesellschaft entnommen wurden. Die Kennzeichnung „ungeprüft“ wird zur
Kenntlichmachung von Finanzinformationen verwendet, die nicht dem oben genannten Konzernabschluss
entnommen, sondern entweder dem Halbjahresbericht 2015 oder internen Rechnungs- oder Berichtswesen der
Gesellschaft entnommen oder daraus abgeleitet wurden.
Geschäftsjahr endend
Sechs Monate endend
In € Millionen
31. Dezember 2014
(geprüft)
31. Dezember 2013
(geprüft)
30. Juni 2015
(ungeprüft)
30. Juni 2014
(ungeprüft)
8.134,2
8.862,6
4.212,0
4.147,9
EBIT (earnings before
interest and taxes)
357,7
410,9
364,3
138,3
Operatives EBIT1
425,4
497,9
337,5
186,3
Periodenergebnis
146,3
57,2
208,4
18,2
Cash Flow aus laufender
Geschäftstätigkeit
770,3
406,4
391,1
545,7
Cash
Flow
aus
Investitionstätigkeit
-581,8
-434,6
-125,4
-84,1
In € Millionen
zum
31. Dezember 2014
(geprüft)
zum
31. Dezember 2013
(geprüft)
zum
30. Juni 2015
(ungeprüft)
zum
30. Juni 2014
(ungeprüft)
Summe Aktiva
9.800,9
10.370,4
9.663,4
10.127,5
Eigenkapital
2.285,2
2.395,7
2.587,7
2.333,4
Umsatzerlöse
StromEnergiesteuer)
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1
Das Operative EBIT lässt sich wie folgt auf das EBIT überleiten:
In € Millionen
Operatives EBIT
Bewertungseffekte aus
Derivaten
Wertminderungen auf
immaterielle
Vermögenswerte und
Sachanlagen
Wertminderungen auf atequity bilanzierte
Vermögenswerte und
sonstige Beteiligungen
zum
31. Dezember 2014
(geprüft)
zum
31. Dezember 2013
(geprüft)
zum
30. Juni 2015
(ungeprüft)
zum
30. Juni 2014
(ungeprüft)
425,4
-33,4
497,9
1,3
337,5
27,1
186,3
-49.5
-43,6
-51,5
-0,2
-1.2
-2,7
-14,8
-
Effekte aus dem Abgang von
Beteiligungen
EBIT
12,0
357,7
-22,0
410,9
0,5
364,3
2.7
138,3
"
The section under Punkt B.12 (Wesentliche Veränderungen bei Finanzlage oder Handelsposition) in
"Abschnitt B –Emittentin", third column, of the Summary, on page 16 of the Prospectus shall be deleted
in its entirety and replaced as follows:
"Entfällt; Seit dem 30. Juni 2015 – dem Ende des letzten Berichtszeitraums, für den
Zwischenfinanzinformationen veröffentlicht wurden – sind keine wesentlichen Veränderungen in der
Finanzlage oder der Handelsposition der EWE Aktiengesellschaft eingetreten."
Under Punkt B.13 (Letzte Entwicklungen) in "Abschnitt B – Emittentin", third column, of the Summary,
on page 16 and 17 of the Prospectus, the entire text shall be replaced by the following:
"EWE hat die Mehrheit an der im Jahr 2010 gegründeten und mittlerweile 40 Mitarbeiter zählenden Grünspar
GmbH erworben.
EWE kündigte parallel an, künftig gezielt in Start-ups zu investieren. Der Fokus soll dabei auf
Minderheitsbeteiligungen an Unternehmen, die jünger als fünf Jahre sind und weniger als fünf Millionen Euro
Jahresumsatz erzielen, liegen.
Dr. Heiko Sanders scheidet auf eigenen Wunsch zum 30. September 2015 aus dem Vorstand der EWE AG aus.
Bis zum Eintritt eines Nachfolgers wird Herr Matthias Brückmann den Aufgabenbereich von Dr. Sanders
übernehmen."
3. Changes relating to the Section "General information about the Issuer"
The section under the heading "2. Selected Financial Information" on page 114 and 115 of the Prospectus
shall be replaced by the following:
"The following table presents selected financial information of the EWE Group for the financial years ended 31
December 2014 and 31 December 2013 taken or derived from the audited consolidated financial statements of
EWE AG as of and for the financial year ended 31 December 2014, prepared in accordance with the
International Financial Reporting Standards as adopted by the European Union ("IFRS") and the additional
requirements of German Commercial law pursuant to Section 315a (1) of the German Commercial Code
(Handelsgesetzbuch, "HGB"), and the internal accounting records or reporting systems of the EWE Group.
Further, the table presents selected unaudited financial information of the EWE Group for the period from 1
January 2015 to 30 June 2015 taken or derived from the reviewed Interim Report 2015 of EWE
Aktiengesellschaft which have been prepared in accordance with IFRS for interim financial reporting as
applicable in the EU. The manner in which certain circumstances have been reported in the Interim Report 2015
183689-4-7534-v5.1
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has been subject to minor changes. The corresponding information for the period from 1 January 2014 to
30 June 2014 has been adjusted. Where financial information is labelled as “audited”, this means that it has been
taken from the above mentioned audited consolidated financial statements of EWE AG. Financial information
which has not been taken from the above mentioned consolidated financial statements but, instead, is taken or
derived either from the Interim Report 2015 or from internal accounting records or reporting systems of the
EWE Group is labelled as “unaudited”.
In € million
Financial year ended Financial year ended Six months ended Six months ended
31 December 2014
31 December 2013
30 June 2015
30 June 2014
(audited)
(audited)
(unaudited)
(unaudited)
Sales
(without
electricity and energy
tax)
8,134.2
8,862.6
4,212.0
4,147.9
EBIT (earnings before
interest and taxes)
357.7
410.9
364.3
138.3
Operating EBIT1
425.4
497.9
337.5
186.3
Result for the period
146.3
57.2
208.4
18.2
Cash flow from
operating activities
770.3
406.4
391.1
545.7
Cash
flow
from
investing activities
-581.8
-434.6
-125.4
-84.1
In € million
as of
31 December 2014
(audited)
as of
31 December 2013
(audited)
Total assets
9,800.9
10,370.4
9,663.4
10,127.5
Shareholders' equity
2,285.2
2,395.7
2,587.7
2,333.4
Financial year ended
31 December 2014
(audited)
Financial year ended
31 December 2013
(audited)
Six months ended
30 June 2015
(unaudited)
six months ended
30 June 2014
(unaudited)
425.4
-33.4
497.9
1.3
337.5
27.1
186.3
-49.5
-43.6
-51.5
-0.2
-1.2
-2.7
-14.8
-
-
12.0
357.7
-22.0
410.9
0.5
364.3
2.7
138.3
1
as of 30 June as of 30 June 2014
2015 (unaudited)
(unaudited)
Operating EBIT reconciles to EBIT as follows:
In € million
Operating EBIT
Effect of derivative valuations
Impairment of intangible
assets and property, plant
and equipment
Impairment of investments
accounted for under the
equity method and other
financial investments
Effects from the disposal of
equity investments
EBIT
"
In the table under the heading "8. Administrative, Management and Supervisory Bodies" on page 121 et
seq. of the Prospectus the information relating to Dr Heiko Sanders on page 122 of the Prospectus shall
be deleted and replaced by the following:
Dr.
Heiko
Sanders2
183689-4-7534-v5.1
•
Member
of
the Board of
Management
of EWE AG,
•
Chairman of the Supervisory Board of VNG
Verbundnetz Gas AG
•
Member of the Supervisory Board of EWE NETZ
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Finance,
Wiesmoor
2
GmbH
•
Member of the Supervisory Board of swb AG
•
Member of the Supervisory Board of Verkehr und
Wasser GmbH (VWG)
•
Member of the Advisory Board of Oldenburgische
Landesbank AG
Dr Heiko Sanders will leave the Board of Management at his request on 30 September 2015."
The section under the heading "B. Recent Developments" on page 121 of the Prospectus shall be deleted
and replaced as follows:
"EWE has acquired a majority stake in Grünspar GmbH which was founded in 2010 and employs 40 employees.
EWE announced a strategy of targeted investments in start-ups. The focus shall be on minority stakes in
companies that exist for less than five years and have an annual turnover of less than five million euro.
Dr Heiko Sanders will leave the management board of EWE AG at his request on 30 September 2015. Until a
successor is appointed, Mr Matthias Brückmann will take over the responsibilities of Dr Sanders."
The following information shall be inserted as first paragraph under the heading "11. Historical
Financial Information" on page 125 of the Prospectus shall be amended as follows:
"The reviewed consolidated financial statements of EWE Aktiengesellschaft as of and for the six months ended
30 June 2015, which have been prepared in accordance with IFRS for interim financial reporting as applicable
in the EU are incorporated reference into this Prospectus."
4. Changes relating to the Section "General Information"
The section under the heading "Significant Change in the financial or trading position" on page 140 of
the Prospectus shall be deleted in its entirety and replaced as follows:
"There has been no significant change in the financial or trading position of EWE Aktiengesellschaft since
30 June 2015, the end of the last financial period for which interim financial information has been published."
5. Changes relating to the Section "Incorporation by Reference"
The list contained in the section on page 141 of the Prospectus is replaced by the following:
"(1)
The audited consolidated financial statements of the EWE Group for the fiscal year ended on 31
December 2013 included in the English language Annual Report 2013 and consisting of
•
Consolidated Income Statements (page 84 in the Annual Report 2013),
•
Consolidated Statements of Comprehensive Income (page 85 in the Annual Report 2013),
•
Consolidated Statements of Financial Position (page 86 and 87 in the Annual Report 2013),
•
Consolidated Statements of Changes in Equity (page 88 and 89 in the Annual Report 2013),
•
Consolidated Statements of Cash Flows (page 90 in the Annual Report 2013),
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(2)
(3)
(4)
•
Notes to the Consolidated Financial Statements (pages 91 to 180 in the Annual Report 2013),
•
Auditor’s report(1) (pages 182 in the Annual Report 2013).
The audited consolidated financial statements of the EWE Group for the fiscal year ended on 31
December 2014 included in the English language Annual Report 2014 and consisting of
•
Consolidated Income Statements (page 80 in the Annual Report 2014),
•
Consolidated Statements of Comprehensive Income (page 81 in the Annual Report 2014),
•
Consolidated Statements of Financial Position (page 82 and 83 in the Annual Report 2014),
•
Consolidated Statements of Changes in Equity (page 84 and 85 in the Annual Report 2014),
•
Consolidated Statements of Cash Flows (page 86 in the Annual Report 2014),
•
Notes to the Consolidated Financial Statements (pages 87 to 174 in the Annual Report 2014),
•
Auditor’s report(1) (pages 176 in the Annual Report 2014).
The debt issuance programme prospectus of EWE AG dated 30 July 2014, including
•
Terms and Conditions of the Notes (pages 39 to 95),
•
Form of Final Terms (pages 97 to 103).
The reviewed consolidated interim financial statements of the EWE Group for the period from 1
January to 30 June 2015 (the "Interim report 2015") consisting of
•
Consolidated Income Statements (page 20 of the Interim report 2015),
•
Consolidated Statements of Comprehensive Income (page 21 of the Interim report 2015),
•
Consolidated Statements of Financial Position (page 22 and 23 of the Interim report 2015),
•
Consolidated Statements of Changes in Equity (page 24 and 25 of the Interim report 2015),
•
Consolidated Statements of Cash Flows (page 26 of the Interim report 2015)
•
Notes to the Consolidated Financial Statements (page 27 to 39 of the Interim report 2015)."
____________________________________________
(1)
The auditor’s report (Bestätigungsvermerk) refers to the consolidated financial statements and the
respective group management report, together with the EWE AG management report as a whole
and not solely to the consolidated financial statements incorporated by reference.
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NAMES AND ADDRESSES
ISSUER
EWE Aktiengesellschaft
Tirpitzstraße 39
26122 Oldenburg
Germany
ARRANGER
Deutsche Bank Aktiengesellschaft
Taunusanlage 12
60325 Frankfurt am Main
Germany
DEALER
Deutsche Bank AG, London Branch
Winchester House
1 Great Winchester Street
London EC2N 2DB
United Kingdom
FISCAL AND PAYING AGENT
Deutsche Bank Aktiengesellschaft
Taunusanlage 12
60325 Frankfurt am Main
Germany
LISTING AGENT
Deutsche Bank Luxembourg S.A.
2 Boulevard Konrad Adenauer
1115 Luxembourg
Grand Duchy of Luxembourg
LEGAL ADVISERS
To the Dealers:
Clifford Chance Deutschland LLP
Mainzer Landstraße 46
60325 Frankfurt am Main
Germany
AUDITOR TO THE ISSUER
Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft
Stuttgart, Bremen office
Lloydstraße 4-6
28217 Bremen
Germany
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