News Column

DGAP-News: E.ON SE: E.ON affirms 2014 earnings forecast

August 12, 2014

DGAP-News: E.ON SE / Key word(s): Half Year Results E.ON SE: E.ON affirms 2014 earnings forecast 13.08.2014 / 07:30 --------------------------------------------------------------------- E.ON affirms 2014 earnings forecast * Adjusted for portfolio and currency-translation effects, half-year earnings roughly at prior-year level * Further significant reduction in debt * Another net increase in customer numbers in GermanyE.ON continues to expect full-year 2014 EBITDA of EUR8 to EUR8.6 billion and underlying net income of EUR1.5 to EUR1.9 billion. CEO Johannes Teyssen and CEO Klaus SchÄfer affirmed the forecast today at the company's press conference to announce its half-year results. As anticipated, E.ON's half-year earnings figures were below the prior-year level: EBITDA declined from EUR5.7 to EUR5 billion, underlying net income from EUR1.9 to EUR1.5 billion. The decline in EBITDA is almost entirely attributable to changes in E.ON's portfolio and adverse currency-translation effects in numerous European markets and in Russia. The Exploration & Production segment posted a sharp increase in EBITDA on higher production at its fields in the North Sea. Renewables, which delivered EBITDA of about EUR0.9 billion, are an important contributor to E.ON's earnings. Since 2007 E.ON has invested about EUR9.5 billion in renewables and installed about 4.8 gigawatts of wind and solar capacity worldwide. Two large wind farms in the North Sea-Amrumbank West (288 megawatts) and Humber Gateway (219 megawatts)-will enter service next year, as will Grandview 1, a large onshore wind farm (211 megawatts) E.ON is building in Texas. Johannes Teyssen said: "Our half-year earnings were in line with our forecast and-considering the difficult situation. So on balance E.ON performed rather well in a difficult environment." Teyssen also emphasized the success of the company's retail business in Germany: "I'm particularly pleased that in the second quarter we again added new residential customers. In the first half of the year E.ON gained a new customer every eight minutes on a net basis." Klaus SchÄfer said: "In the first half of the year E.ON reduced its economic net debt by about EUR2.5 billion to EUR29.7 billion. Our net financial position also improved substantially and, at EUR-7.1 billion, was again in the single-digit billion range. We're particularly pleased by the successful introduction of a dividend option this spring. The positive response and high participation rate demonstrate our shareholders' trust in their company." This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group management and other information currently available to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. E.ON SE does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments. --------------------------------------------------------------------- 13.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: E.ON SE E.ON-Platz 1 40479 DÜsseldorf Germany Phone: +49 (0)211 4579-0 Fax: +49 (0)211 45 79-5 01 E-mail: investorrelations@eon.com Internet: www.eon.com ISIN: DE000ENAG999 WKN: ENAG99 Indices: DAX, EURO STOXX 50 Listed: Regulierter Markt in Berlin, DÜsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, MÜnchen, Stuttgart; TerminbÖrse EUREX; Mailand End of News DGAP News-Service --------------------------------------------------------------------- 282023 13.08.2014


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: DGAP Corporate News


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters