Obligation EWE AG 5.25% ( DE000A0Z2A12 ) en EUR

EWE AG

100 % ▼

Allemagne

DE000A0Z2A12 ( en EUR )

5.25% par an ( paiement annuel )

15/07/2021 - Obligation échue

Prospectus brochure de l'obligation EWE AG DE000A0Z2A12 en EUR 5.25%, échue

1 000 EUR

500 000 000 EUR

EWE AG est une entreprise énergétique allemande fournissant de l'électricité, du gaz naturel, de la chaleur et des services de télécommunications dans le nord-ouest de l'Allemagne.

L'Obligation émise par EWE AG ( Allemagne ) , en EUR, avec le code ISIN DE000A0Z2A12, paye un coupon de 5.25% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 15/07/2021

Prospectus
Dated 16 July 2009
This document constitutes the prospectus of EWE Aktiengesellschaft for the purposes of Article 5.3 of Directive
2003/71/EC of the European Parliament and the Council of 4 November 2003 (the "Prospectus").

EWE Aktiengesellschaft
(Oldenburg, Federal Republic of Germany)

EUR 500,000,000
5.250 per cent. Notes due 2021 (the "Notes")
Issue Price: 98.976 per cent.

Application has been made to the Commission de Surveillance du Secteur Financier (the "Commission"), in its
capacity as competent authority for the purposes of Directive 2003/71/EC of the European Parliament and of the
Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted
to trading (the "Prospectus Directive"), to approve this prospectus.
The Issuer has requested the Commission to provide the competent authorities in the Federal Republic of Germa-
ny ("Germany") and The Netherlands with a certificate of approval attesting that the Prospectus has been drawn up
in accordance with the Loi relative aux prospectus pour valeurs mobilières which implements the Prospectus Direc-
tive into Luxembourg law ("Notification"). The Issuer may request the Commission to provide competent authorities
in additional host Member States within the European Economic Area with a Notification.
This Prospectus has been approved by the Commission, 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 on the website of EWE
Aktiengesellschaft (www.ewe.de).
Application has been made to list the Notes on the official list of the Luxembourg Stock Exchange and to admit
Notes to trading on the regulated market of the Luxembourg Stock Exchange, which is a regulated market for the
purpose of Directive 2004/39/EC on markets in financial instruments.
Joint Lead Managers
CALYON CREDIT AGRICOLE CIB
COMMERZBANK CORPORATES & MARKETS
HSBC
THE ROYAL BANK OF SCOTLAND
Co-Managers
BREMER LANDESBANK
LANDESBANK BADEN-WÜRTTEMBERG
LANDESBANK HESSEN-THÜRINGEN
LANDESSPARKASSE ZU OLDENBURG
OLDENBURGISCHE LANDESBANK AG
UNICREDIT GROUP (HVB)

RESPONSIBILITY STATEMENT
EWE Aktiengesellschaft (the "Issuer", "EWE AG" or the "Company" and together with its consolidated subsid-
iaries, the "EWE Group", the "Group" or "EWE") with its registered office in Oldenburg, Federal Republic of
Germany is solely responsible for the information given in this Prospectus.
The Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the information
contained in this Prospectus is, to the best of its knowledge, in accordance with the facts and contains no omission
likely to affect its import.
This Prospectus should be read and understood in conjunction with any supplement hereto and with any other
documents incorporated herein by reference.
The Issuer has confirmed to the managers set forth in the section "Names and Addresses" (each a "Manager" and
together the "Managers") that this Prospectus contains the information which, according to the particular nature of
the Issuer and of the Notes, is necessary to enable investors to make an informed assessment of the assets and liabili-
ties, financial position, profit and losses, and prospects of the Issuer, and of the rights attaching to the Notes; that the
information contained herein 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 are honestly held and based on reasonable assump-
tions; that there are no other facts, the omission of which would make any statement, whether fact or opinion, in this
Prospectus 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.
NOTICE
No person has been authorised to give any information which is not contained in or not consistent with this Pros-
pectus or any other document entered into in relation to the Notes or any information supplied by the Issuer or such
other information as in the public domain and, if given or made, such information must not be relied upon as having
been authorised by the Issuer, the Managers or any of them.
This Prospectus and any supplement hereto reflect the status as of their respective dates of issue. The delivery of
this Prospectus and the offering, sale or delivery of the Notes may not be taken as an implication that the information
contained in such documents is accurate and complete subsequent to their respective dates of issue or that there has
been no adverse change in the financial situation of the Issuer since such date or that any other information supplied
in connection with the Notes is accurate at any time subsequent to the date on which it is supplied or, if different, the
date indicated in the document containing the same.
The distribution of this Prospectus and the offering, sale and delivery of Notes in certain jurisdictions may be re-
stricted by law. Persons into whose possession this Prospectus comes are required to inform themselves about and
observe any such restrictions. For a description of the restrictions applicable in the United States of America, the
United Kingdom, The Netherlands, Japan, Luxembourg and the European Economic Area, see - "Selling Restric-
tions". In particular, the Notes have not been and will not be registered under the United States Securities Act of
1933, as amended, and are subject to tax law requirements of the United States of America; subject to certain excep-
tions, Notes may not be offered, sold or delivered within the United States of America or to U.S. persons.
This Prospectus may not be used for the purpose of an offer or solicitation by anyone in any jurisdiction in
which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer
or solicitation.
In this Prospectus all references to "", "EUR" or "euro" are to the single currency of the member states of the
European Union participating in the third stage of European Economic and Monetary Union.
2

TABLE OF CONTENTS
SUMMARY ............................................................................................................................................................ 4
GERMAN TRANSLATION OF THE SUMMARY ............................................................................................ 10
RISK FACTORS .................................................................................................................................................. 16
TERMS AND CONDITIONS OF THE NOTES .................................................................................................. 20
EWE AG ............................................................................................................................................................... 34
TAXATION .......................................................................................................................................................... 46
SUBSCRIPTION AND SALE .............................................................................................................................. 52
GENERAL INFORMATION ............................................................................................................................... 56
INCORPORATION BY REFERENCE ................................................................................................................ 57
NAMES AND ADDRESSES ............................................................................................................................... 59

3

SUMMARY
The following constitutes the summary (the "Summary") of the essential characteristics and risks associated with
the Issuer and the Notes. This Summary should be read as an introduction to this Prospectus. Any decision by an
investor to invest in the Notes should be based on consideration of this Prospectus as a whole, including the docu-
ments incorporated by reference and supplements thereto. Where a claim relating to the information contained in this
Prospectus is brought before a court, the plaintiff investor might, under the national legislation of such court, have to
bear the costs of translating the Prospectus before the legal proceedings are initiated. Civil liability attaches to the
Issuer who has tabled this Summary including any translation thereof, and applied for its notification, but only if the
Summary is misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus. The
following description of certain general features of the Notes does not purport to be complete and is taken from and
qualified in its entirety by the remainder of this Prospectus.
Summary in respect of the Notes
Issuer:
EWE Aktiengesellschaft
Joint Lead Managers:
CALYON
Commerzbank Aktiengesellschaft
HSBC Bank plc
The Royal Bank of Scotland plc
Co-Managers:
Bayerische Hypo- und Vereinsbank Aktiengesellschaft
Bremer Landesbank Kreditanstalt Oldenburg -Girozentrale-
Landesbank Baden-Württemberg
Landesbank Hessen-Thüringen
Landessparkasse zu Oldenburg
Oldenburgische Landesbank AG
Principal Paying Agent:
Commerzbank Aktiengesellschaft
Currency:
Euro
Denominations of Notes:
Euro 1,000
Form of Notes:
Bearer form
The Notes will be represented by a global Note without interest coupons
(the "Global Note").
Notes in definitive form and interest coupons will not be issued.
Status of the Notes:
The Notes will constitute unsecured and unsubordinated obligations of the
Issuer ranking pari passu among themselves and pari passu with all other
unsecured and unsubordinated obligations of the Issuer.
Maturity:
12 years
Redemption:
16 July 2021
Taxation:
All payments of principal and interest in respect of the Notes shall be made
free and clear of, and without withholding or deduction for, any taxes or
4

duties of whatever nature imposed or levied by way of withholding or
deduction at source by or on behalf of the Federal Republic of Germany, or
by or on behalf of any political subdivision or authority therein having
power to tax, unless such deduction or withholding is required by law. In
such event, the Issuer will, subject to the exceptions set out in the Terms
and Conditions, pay such additional amounts as shall result in receipt by
the holders of the Notes of such amounts as would have been received by
them had no such withholding or deduction been required.
Negative Pledge:
The Terms and Conditions of the Notes contain a negative pledge provision
as set out in the Terms and Conditions of the Notes (page 20 of this Pros-
pectus).
Events of Default:
The Terms and Conditions of the Notes provide for events of default entitl-
ing holders of the Notes to demand immediate redemption of the Notes
(page 27 of this Prospectus).
Cross Default:
The Terms and Conditions of the Notes provide for cross default provisions
(page 27 of this Prospectus).
Governing Law:
The Notes will be governed by German law.
Jurisdiction:
Non-exclusive place of jurisdiction for any legal proceedings arising under
the Notes is Frankfurt am Main.
Clearance and Settlement:
Notes will be accepted for clearing through Clearstream Banking AG,
Frankfurt am Main ("CBF").
Listing and Admission to Trading:
Application has been made to list the Notes on the official list of the Lux-
embourg Stock Exchange and to admit them to trading on the regulated
market of the Luxembourg Stock Exchange.
Securities numbers:
WKN
A0Z2A1
ISIN

DE000A0Z2A12
Common Code 043978527

5

Summary in respect of EWE AG
INFORMATION ABOUT EWE AG
EWE AG is a stock corporation (Aktiengesellschaft) incorporated under German law. Its registered office is lo-
cated in Tirpitzstrasse 39, 26122 Oldenburg, Germany (Tel.: +49 441 803-0). It is registered with the Commercial
Register of the Local Court (Amtsgericht) in Oldenburg under HRB 33 under the name EWE Aktiengesellschaft.
SELECTED FINANCIAL INFORMATION
The following table sets out selected financial information relating to the EWE Group. The information has been
extracted from the audited consolidated financial statements of EWE AG for the years ended 31 December 2008 and
31 December 2007. These consolidated financial statements of EWE AG have been prepared in accordance with the
International Financial Reporting Standards as adopted by the EU ("IFRS").
In EUR million
2007
2008
Sales (without electricity and natural
4,656.2 5,327.3
gas tax)
Operating result (EBIT)
442.9
422.9
Income after income taxes
299.2
207.5
Net cash provided by operating ac-
381.4 382.0
tivities
Cash outflow for purchases of intan-
421.8 446.6
gible assets, property, plant and
equipment
Total assets
6,077.4
7,227.8
Equity
1,782.1
1,932.2

PRINCIPAL ACTIVITIES
EWE AG and its subsidiaries supply energy (in particular electricity and gas) and also provide information tech-
nology and telecommunications services. EWE AG and its subsidiaries operate in the Ems / Weser / Elbe region of
Germany as well as in Lower Saxony and Bremen and its gas operations extend to Eastern Germany, Poland and
Turkey. Electricity and gas are predominantly purchased from third parties.
CORPORATE BODIES
The Board of Management of EWE AG consists of the following members: Dr. Werner Brinker (CEO), Heiko
Harms, Dr. Thomas Neuber and Michael Wagener.
The members of the Supervisory Board are: Günther Boekhoff (Chairman), Rainer Janßen (First Deputy Chair-
man), Martin Döscher (Second Deputy Chairman), Hans Eveslage (Third Deputy Chairman), Wolfgang Behnke,
Hermann Bröring, Claus Christ, Karl-Heinz Funke, Heiner Grotheer, Carsten Hahn, Dr. Hans-Dieter Harig, Gregor
6

Heller, Dr. Stephan-Andreas Kaulvers, Aloys Kiepe, Sigrid Leidereiter, Gerd Reiners, Immo Schlepper, Alwin
Schlörmann, Prof. Dr. Gerd Schwandner and Dierk Schwarting
CAPITAL STOCK
The capital stock of EWE AG amounts to EUR 200,000,000 and is composed of 200,000 registered shares of
EUR 1,000 each and is fully paid up. All shares carry the same rights and obligations. One vote is granted per share,
and profit is distributed per share. The rights and obligations arising from the shares are governed by the German
Stock Corporation Act (Aktiengesetz).
7

Summary in respect of Risk Factors
The Notes
Notes may not be a Suitable Investment
A potential investor should not invest in the Notes, which are financial instruments the value of which is subject
to various factors, unless the investor has the expertise (either alone or with a financial advisor) to evaluate how the
Notes will perform under changing conditions, the resulting effects on the value of the Notes and the impact this
investment will have on the potential investor's overall investment portfolio.
Liquidity Risk
There can be no assurance that a liquid secondary market for the Notes will develop or, if it does develop, that it
will continue. In an illiquid market, an investor might not be able to sell the Notes at any time at fair market prices.
The possibility to sell the Notes might additionally be restricted by country specific reasons.
Market Price Risk
A holder of the Notes is exposed to the risk of an unfavourable development of market prices of the Notes which
materialises if such holder sells the Notes prior to the final maturity of such Notes.
Risk of Early Redemption
The Issuer has the right to redeem the Notes prior to maturity for reasons set out in the Terms and Conditions of
the Notes. Therefore, a holder of the Notes is exposed to the risk that due to early redemption his investment will
have a lower than expected yield. Also, such holder may only be able to reinvest on less favourable conditions as
compared to the original investment.
Fixed Rate Notes
The Notes are fixed rate notes. Therefore, a holder of the Notes is exposed to the risk that the price of the Notes
falls as a result of changes in the market interest rate.
8

EWE AG
The following is a summary of risk factors that may affect EWE AG´s ability to fulfill its obligations under the
Notes.
· Increasing pressure of competition on national and international procurement and sales markets may af-
fect EWE AG's energy and ICT business areas.
· Changes to the overall economic climate and to certain aspects of the legal and social environment
caused by the financial crisis may have an impact on EWE AG's business.
· Shortening or stoppage of the supply of natural gas from Russia may have an adverse impact on EWE
AG's financial position.
· Failure to meet safety standards and legal requirements may lead to problems in the operating of EWE
AG's telecommunications and energy infrastructure and thus may adversely affect the financial position
of EWE AG.
· Failure to invest or make acquisitions in its core business may adversely affect EWE AG's business and
financial position.
· EWE AG is exposed to financial risks such as liquidity, interest and exchange rate risk.
· EWE AG depends on the proper functionality of its information and communications technology.
· Legal and administration proceedings and other legal risks may adversely affect the financial position of
EWE AG.
· The EWE Group is exposed to constant change in the political, legal, and social environment in which it
operates; this may have an impact on the profit or loss of the EWE Group.
· The legal framework for regulatory measures leaves room for interpretation. Depending on the interpre-
tation the regulators may take, EWE AG's revenue from network user charges may be adversely af-
fected.
· Members of the EWE Group may become subject to proceedings in connection with public procure-
ments. These might have an adverse impact on the financial position of the EWE Group.

9

GERMAN TRANSLATION OF THE SUMMARY
Der folgende Abschnitt stellt die Zusammenfassung (die ,,Zusammenfassung") der wesentlichen Merkmale und
Risiken in Bezug auf die Emittentin und die Schuldverschreibungen dar. Die Zusammenfassung ist als Einleitung zu
diesem Prospekt zu verstehen. Ein Anleger sollte jede Entscheidung zur Anlage in die Wertpapiere auf die Prüfung
des gesamten Prospekts einschließlich der durch Verweis einbezogenen Dokumente und Nachträgen hierzu stützen.
Für den Fall, dass vor einem Gericht Ansprüche aufgrund der in diesem Prospekt enthaltenen Informationen geltend
gemacht werden, könnten klagende Anleger aufgrund einzelstaatlicher Rechtsvorschriften die Kosten für eine Über-
setzung des Prospekts vor Prozessbeginn zu tragen haben. Die Emittentin, die die Zusammenfassung einschließlich
einer Übersetzung davon vorgelegt und deren Meldung beantragt hat, kann haftbar gemacht werden, jedoch nur für
den Fall, dass die Zusammenfassung irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit anderen
Teilen des Prospekts gelesen wird. Die nachstehende Zusammenfassung der allgemeinen Merkmale ist keine voll-
ständige Darstellung, sondern gehört zum Prospekt und ist im Zusammenhang mit dem Prospekt insgesamt zu lesen.
Zusammenfassung in Bezug auf die Schuldverschreibungen

Emittentin:
EWE Aktiengesellschaft
Joint Lead Manager:
Calyon Credit Agricole CIB
Commerzbank Aktiengesellschaft
HSBC Bank plc
The Royal Bank of Scotland plc
Co-Manager:
Bayerische Hypo- und Vereinsbank Aktiengesellschaft
Bremer Landesbank Kreditanstalt Oldenburg -Girozentrale-
Landesbank Baden-Württemberg
Landesbank Hessen-Thüringen
Landessparkasse zu Oldenburg
Oldenburgische Landesbank AG
Hauptzahlstelle:
Commerzbank Aktiengesellschaft
Währung:
Euro
Nennbetrag der Schuldverschreibun- Euro 1.000
gen:
Form der Schuldverschreibungen:
Inhaberschuldverschreibungen
Die Schuldverschreibungen, werden durch eine auf den Inhaber lautende
Globalurkunde ohne Zinsscheine (die "Globalurkunde") verbrieft.
Einzelurkunden und Zinsscheine werden nicht ausgegeben.
Status der Schuldverschreibungen:
Die Schuldverschreibungen bilden unbesicherte nicht nachrangige Ver-
bindlichkeiten der EWE AG, die untereinander und mit allen anderen un-
10