30.04.2014
E.ON SE DE000ENAG999
DGAP-News: E.ON SE: 2014 E.ON Annual Shareholders Meeting
DGAP-News: E.ON SE / Key word(s): AGM/EGM
E.ON SE: 2014 E.ON Annual Shareholders Meeting
30.04.2014 / 10:15
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2014 E.ON Annual Shareholders Meeting
- Enhanced customer orientation paying off
- Dividend of EUR0.60 per share
- 2014 forecast affirmed
E.ON is placing a greater emphasis on expanding its end-customer business.
The company is already seeing the benefits of its improved service and
individually tailored solutions for its customers: "In the first quarter of
this year we gained a net 17,000 residential customers in Germany. This is
a real turnaround for our retail business. It marks the first time in a
while that we have added more customers than we have lost," CEO Johannes
Teyssen said at the company's Annual Shareholders Meeting in Essen,
Germany.
Independent analyses indicate that among the major energy suppliers in
Germany, E.ON is one of the market leaders for customer satisfaction. At
the same time, E.ON offers its customers innovative solutions with superior
value. An increasing number of customers want precise, rapid information
that helps them reduce their energy consumption. In the UK, E.ON has
partnered with Opower to launch an online 'Saving Energy Toolkit'. Over
half a million E.ON UK customers have used the online tool, which compares
their energy usage to other customers' homes in their local area. In
Sweden, E.ON is offering 120,000 households a free smart electricity meter,
which will enable its customers to use their smart phone to monitor their
energy usage and costs.
Mr. Teyssen also commented on the company's industrial and commercial
business which is also gaining momentum. The spectrum of individual,
custom-tailored solutions extends from an on-site power and heat supply for
the Albert Friedrich paper mill in Miltenberg in southeast Germany, to a
global energy management service for major British retailer Marks &
Spencer. The retailer aims to halve the energy consumption of its 850
locations worldwide and to make its entire energy supply zero-carbon by
2020. Via data links, the E.ON Energy Management Center now remotely
optimizes Marks & Spencer's entire energy supply.
E.ON is also making progress optimizing its organization. The company
completed a fundamental transformation of its energy sales business in
Germany, which now consists of a single, centrally managed nationwide sales
organization. The organization remains close to its customers through its
local offices at locations around the country.
In addition, E.ON recently started the process of combining its
conventional generation and renewables businesses. The new entity will have
a leaner organization and processes, which enhance the competitiveness of
E.ON's generation business and opens up new commercial prospects.
Independently of this, the company's E.ON 2.0 program has enabled it to
significantly reduce its controllable costs, simplify its organization, and
make hundreds of processes more efficient. In the four years through to
2015, E.ON will have reduced its controllable costs by EUR1.3 billion on a
net basis. The company achieved EUR700 million in cost savings in 2013
alone, EUR100 million more than planned.
These measures play an important role in helping E.ON deal with its
difficult business environment. As an example of this, in his speech, Mr.
Teyssen outlined the further decline of wholesale power prices and low
capacity utilization of the company's power plants in Europe. He announced
that E.ON will continue to take decisive countermeasures. These include
temporarily or permanently withdrawing generating units that cannot be
operated profitably in the current regulatory and business environment. So
far, E.ON has decided to shut down assets with an aggregate capacity of 13
gigawatts, which is more than one quarter of its conventional generation
fleet in Europe. In this context, Teyssen said that it is surprising that
conventional generating units are tacitly and, as a matter of course,
planned for use as reserve capacity but without appropriate compensation
being provided for them. The value of these conventional assets was
recently demonstrated on dark and windless winter days when renewables
provided just 5 percent of Germany's power demand.
E.ON does not anticipate any significant turnaround in European energy
markets in 2014. The company believes that this situation confirms that it
was right to pursue a strategy of acting early to improve its
competitiveness and at the same time tapping into new growth markets. Mr.
Teyssen affirmed E.ON's earnings forecast for 2014, which calls for EBITDA
of EUR8 to EUR8.6 billion and underlying net income of EUR1.5 to EUR1.9
billion.
In view of the decline in underlying net income, E.ON is paying a dividend
of EUR0.60 per share for 2013 and is therefore, as in recent years, paying
out to shareholders between 50 and 60 percent of underlying net income. In
addition, for the first time E.ON is offering its shareholders the option
of exchanging the cash dividend partially into E.ON shares.
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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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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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