13.11.2013
E.ON SE DE000ENAG999
DGAP-News: E.ON SE: E.ON stays on course in difficult environment
DGAP-News: E.ON SE / Key word(s): Interim Report
E.ON SE: E.ON stays on course in difficult environment
13.11.2013 / 07:30
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E.ON stays on course in difficult environment
- As anticipated, EBITDA and underlying net income below prior-year
figures
- Renewables and distributed-energy solutions expanded
- Economic net debt reduced further
- Outlook confirmed and forecast range narrowed: full-year EBITDA
expected to be between Euro 9.2 and Euro 9.3 billion, underlying net
income between Euro 2.2 and Euro 2.4 billion
After the first nine months of 2013 E.ON's business performance continues
to be in line with its expectations. E.ON's sales of Euro 89.3 billion were
5 below the prior-year level; its EBITDA declined by about Euro 1.7 billion
to Euro 7.1 billion. Cost savings delivered by the company's E.ON 2.0
program and higher earnings at its Exploration & Production segments had a
positive impact on earnings but were more than offset by the absence of
earnings streams from divested companies and the effect of the current
market situation in fossil-fueled power generation. E.ON's underlying net
income declined by Euro 2.1 billion, or 53 percent, to Euro 1.9 billion,
primarily because its EBITDA was lower and its income taxes were higher.
In the third quarter E.ON continued to move forward with the implementation
of its strategy. E.ON's renewables business inaugurated Kårehamn wind farm
in the Baltic Sea after just 18 months of construction, and work on
Amrumbank West offshore wind farm has begun. The company's Renewables
segment again posted higher EBITDA. 'Renewables are a mainstay of our
earnings,' E.ON CEO Johannes Teyssen said. 'Our technologically advanced
wind fleet is one of the most profitable in the industry and, with an
availability factor of 98 percent, is a reliable component of Europe's
energy supply.' E.ON is also taking new approaches to integrate renewables
into the overall energy system. In Falkenhagen in eastern Germany E.ON
commissioned a plant that converts renewable-source electricity into
hydrogen which is injected into the gas pipeline system.
E.ON's distributed-generation and energy-efficiency business is also making
progress. This business now generates nearly Euro1 billion in sales in
Germany alone. 35 power plants entered serviced in the first half of 2013;
70 more are already under construction. E.ON has just under 800 megawatt of
installed distributed generating capacity, making us one of the top players
in the German market. The company also operates a substantial
distributed-energy business in Scandinavia, the Netherlands, and the United
Kingdom. To broaden its knowledge base in this business, E.ON has acquired
Matrix, the U.K. market leader in energy management and energy efficiency
for commercial buildings.
In the third quarter E.ON again took important steps to further
internationalize its business. Enerjisa, E.ON's joint venture with Sabanci
in Turkey's rapidly growing energy market, successfully concluded the
acquisition of Ayedaş and Toroslar regional distribution companies and now
provides energy to 9 million customers, more than in any other E.ON market.
E.ON also made progress on its disposal program and on further reducing its
long-term debt. In the third quarter the company concluded the disposal of
its Hungarian gas business, achieving a very satisfying result. E.ON has
now generated a total Euro 18.9 billion from disposals.
The E.ON Group's nine-month investments totaled roughly Euro 6.3 billion.
Its operating cash flow of Euro 5.3 billion was Euro 1.5 billion below the
prior-year level. Compared with the figure recorded at December 31, 2012
(-Euro 35.9 billion), E.ON's economic net debt declined by Euro 2.8 to -
Euro 33.1 billion. Significant proceeds from divestments constituted the
main reason for the improvement.
E.ON confirms its forecast for full-year 2013 EBITDA and narrows the range
to Euro 9.2 to Euro 9.3 billion. This forecast factors in the loss of
earnings streams through asset sales under the company's ongoing divestment
program. E.ON expects its 2013 underlying net income to be between Euro 2.2
and Euro 2.4 billion.
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.
End of Corporate News
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13.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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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: [email protected]
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
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