11.11.2015
E.ON SE DE000ENAG999
DGAP-News: E.ON SE: E.ON confirms full-year outlook and timetable for transformation
DGAP-News: E.ON SE / Key word(s): 9-month figures
E.ON SE: E.ON confirms full-year outlook and timetable for
transformation
11.11.2015 / 07:30
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E.ON confirms full-year outlook and timetable for transformation
- As anticipated, EBITDA and underlying net income below prior-year
figures
- Already-announced impairment charges of EUR8.3 billion recorded in
third quarter
- Economic net debt reduced by more than EUR5 billion
E.ON's planned transformation is on schedule. At the release of the
company's nine-month report today, CEO Johannes Teyssen stated: "E.ON's and
Uniper's leadership teams are ready, and our employees know where they will
be working. We reached agreement with employee representatives on a
Reconciliation of Interests. The separation of our company into two
operationally independent entities is entering the final phase."
Just a few weeks before Uniper begins operations in January, E.ON
reaffirmed its forecast for full-year 2015. It continues to expect its
EBITDA to be between EUR7 and EUR7.6 billion and its underlying net income
to be between EUR1.4 and EUR1.8 billion. At the nine-month mark, both
figures were in line with expectations and therefore well below the
respective prior-year figures. E.ON recorded nine-month EBITDA of EUR5.4
billion (prior year: EUR6.5 billion, -18 percent) and underlying net income
of EUR962 million (prior year: EUR1.4 billion, -30 percent). Since the
start of the year E.ON has reduced its economic net debt by EUR5.3 billion
to EUR28.1 billion. Operating cash flow of EUR5.7 billion was high but
below the prior-year figure (-23 percent), which benefited from
non-recurring effects. E.ON reaffirmed its plan to pay a dividend of
EUR0.50 per share for the 2015 financial year. In third quarter E.ON
recorded the impairment charges of EUR8.3 billion it had already announced,
leading to a significant net loss. Because the charges are extraordinary
effects, they did not affect underlying net income.
CFO Michael Sen said: "The third quarter was very eventful. In Germany
there were discussions about corporate liability and then the developments
around the report on the stress tests for nuclear-energy provisions. This
kept us busy as well. But above all it left its mark on the share price,
which at times was highly volatile. Many market participants do not
appreciate uncertainty. As we know, capital is skittish. The figures we're
releasing today include the significant impairment charges we announced in
September. We recorded these charges, which totaled EUR8.3 billion,
primarily on goodwill and other assets. The impairment charges were
triggered by the significant decline in commodity and energy prices, which
is mainly a result of structural changes on global energy markets and on
the regulatory framework. Our operating environment remains very difficult.
We confirm our outlook for full-year 2015, in part because our operating
business is making good progress. Amrumbank West and Humber Gateway wind
farms in the North Sea, which together total just over 500 megawatts, are
now fully operational, as is unit Berezovskaya 3, a new 800 megawatt power
generating unit in Russia. This means that both E.ON and Uniper have
received new and profitable assets that support their respective strategies
operationally as well as financially."
E.ON's nine-month EBITDA was about EUR1.1 billion below the prior-year
figure. Earnings were higher at its regional businesses in Germany and in
other European markets. The decommissioning of power plants and the sale of
operations in Spain and Italy had a significant adverse impact on the
Generation segment's earnings (-32 percent). The decline in EBITDA at
Renewables (-17 percent) is attributable to lower wholesale power prices
and positive non-recurring effects in the prior-year period. The Global
Commodities segment (-42 percent) recorded an intraperiod effect in carbon
trading that will, as anticipated, be offset in the fourth quarter. Low oil
prices and the decline of the ruble led to lower earnings at Exploration &
Production (-24 percent) and Non-EU countries (-46 percent).
"Since the end of last year we've reduced our economic net debt by EUR5.3
billion, due to our high operating cash flow and the proceeds from
divestments," Sen said. "The reduction in our provisions for pension
obligations also had a positive impact. We expect that the sale of our oil
and gas production business in Norway to DEA Deutsche Erdoel AG will close
in the fourth quarter, which will have a further positive impact on our
economic net debt. We're steadily reducing our debt, thereby increasing our
room for maneuver."
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.
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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: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime
Standard), Hamburg, Hanover, Munich, Stuttgart;
Terminbörse EUREX; Mailand
End of News DGAP News Service
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