ENP Newswire - 15 August 2014
Release date- 14082014 - E.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 Schafer 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 Schafer 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.
Dr. Marc Spieker
Tel: +49 2 11-45 79-3 45
Fax: +49 2 11-45 79-5 77