DGAP-News: E.ON AG / Key word(s): Interim Report/Forecast E.ON AG: Correction --- E.ON reaffirms earnings forecast for 2012, will review medium-term guidance 13.11.2012 / 11:11 --------------------------------------------------------------------- Correction (corporate news - 13 November 2012 - 7.30 am): ======================================================== This sentence has been deleted: 'Non-operation earnings were 23 percent higher, particularly because of amortization charges.' --------------------- E.ON reaffirms earnings forecast for 2012, will review medium-term guidance * Nine-month EBITDA *1) at roughly EUR8.8 billion, underlying net income at EUR4 billion * Full-year 2012 EBITDA expected to be between EUR10.4 and EUR11 billion, underlying net income between EUR4.1 and EUR4.5 billion * E.ON confirms plan to pay out a dividend of EUR1.10 per share for 2012 Düsseldorf-based E.ON AG posted EBITDA of roughly EUR8.8 billion and underlying net income of roughly EUR4 billion for the first nine months of the 2012 financial year. The results remain in line with the company's upgraded forecast from August. Nine-month sales of EUR93.6 billion were 21 percent above the prior-year figure. E.ON's Optimization & Trading segment and its network and sales businesses in Germany recorded particularly significant sales increases. By contrast, sales declined significantly at E.ON's nuclear and fossil generation business. The main reasons were the shutdown of nuclear power stations in Germany pursuant to the amendment of the Nuclear Energy Act along with lower capacity utilization at E.ON's European generation fleet. E.ON's nine-month EBITDA of EUR8.8 billion surpassed the prior-year figure by EUR2.3 billion. The main reasons for the increase were significant improvements in E.ON's wholesale gas business owing to the renegotiation of procurement contracts with gas producers, the non-recurrence of the adverse impact of the amended Nuclear Energy Act in Germany, and the operation of three new gas-fired generating units in Russia. In addition, E.ON 2.0, a group-wide efficiency program, began to have an earnings impact. The biggest contributions to EBITDA came from Optimization & Trading and the Germany regional unit, which improved its earnings by EUR258 million, owing in part to cost savings. 'Our nine-month results reflect the first successes of the transformation of our company and our ongoing efficiency-enhancement programs. But they also clearly indicate that we face huge challenges, particularly in our generation business,' E.ON CEO Dr. Johannes Teyssen said. 'That's why we're further optimizing our conventional generation portfolio and also exploring whether to close some assets. Where assets are important for ensuring the stability of the power supply, we're working with system operators and government agencies to find interim solutions.' â Underlying net income rose to roughly EUR4 billion, mainly because of the EBITDA increase. At EUR4.3 billion, nine-month investments in property, plant, and equipment, intangible assets, and equity interests were slightly above the prior-year figure. Operating cash flow increased significantly year on year, rising to about EUR6.8 billion. Cash-effective items in the EBITDA increase constituted one of the positive factors. E.ON's economic net debt stood at -EUR35.6 billion at the end of the third quarter, roughly EUR800 million less than at year-end 2011. Key reasons for the improvement were positive cash and divestment proceeds. On the basis of its current business portfolio, E.ON continues to expect its full-year 2012 EBITDA to be between EUR10.4 and EUR11 billion and its underlying net income to be between EUR4.1 and EUR4.5 billion. It also stands by its plan to pay out a dividend of EUR1.10 per share for the 2012 financial year. Considering the substantial economic uncertainties and the structural changes in the energy industry, E.ON's previous 2013 forecast no longer seems achievable. E.ON is therefore reviewing its 2013 forecast and statements regarding 2015 as part of its current planning process. *1) Adjusted for extraordinary effects. ------------ 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 materi-al differences between the actual future results, financial situation, development or perfor-mance of the company and the estimates given here. E.ON AG 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. End of Corporate News --------------------------------------------------------------------- 13.11.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's 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 AG 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 --------------------------------------------------------------------- 192944 13.11.2012
DGAP-News: E.ON AG: Correction --- E.ON reaffirms earnings forecast for 2012, will review medium-term guidance
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