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 Germany
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 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
DGAP-News: E.ON SE: E.ON affirms 2014 earnings forecast
| Source: EQS Group AG