DGAP-News: E.ON SE: E.ON moves forward with transformation in difficult times
(firmenpresse) - DGAP-News: E.ON SE / Key word(s): Final Results
E.ON SE: E.ON moves forward with transformation in difficult times
13.03.2013 / 07:30
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E.ON moves forward with transformation in difficult times
- EBITDA (1) of roughly EUR10.8 billion, underlying net income of EUR4.2
billion
- Dividend proposal: EUR1.10 per share
- 2013 forecast: EBITDA expected to be EUR9.2 - EUR9.8 billion, underlying
net income EUR2.2 - EUR2.6 billion
- Net financial debt halved in just four years
Düsseldorf-based E.ON SE posted EBITDA of about EUR10.8 billion and
underlying net income of about EUR4.2 billion in the 2012 financial year.
'Our solid results, which also reflected a number of positive one-off
effects, are gratifying and a tribute to our employees' outstanding
dedication and performance, particularly in difficult times,' said E.ON CEO
Dr. Johannes Teyssen at the company's annual-results press conference in
Düsseldorf. 'But we have no reason to sit back and relax, since our sales
volume and earnings remain under pressure, especially in conventional power
generation. In particular, our technologically advanced, climate-friendly
gas-fired power plants are currently barely profitable, although they're
urgently needed for the stability of the power system. Policymakers need to
act swiftly on this issue. Otherwise we're going to have to shut down power
plants.'
Teyssen spoke in detail about E.ON's reorientation: 'We're tapping growth
markets like Turkey, Russia, and Brazil. In addition, we're making
above-average investments in renewables and rapidly expanding our business
in distributed generation. Our gas production business is also making good
progress: two new North Sea gas and oil fields are entering production in
the first quarter. At the same time, we're moving forward with our
company's transformation. In 2012 we implemented a significantly leaner
holding-company structure, and our efficiency-enhancement program is
already delivering significant earnings improvements. The contours of the
new E.ON are already becoming clear: we're becoming leaner, faster, more
international, and more decentralized. By doing so, we're creating the
business platform for future sustainable growth.'
E.ON's 2012 EBITDA of EUR10.8 billion was about EUR1.5 billion above the
prior-year figure. The main reasons for the increase were a significant
improvement in the gas wholesale business following the renegotiation of
gas-procurement contracts with producers and the retroactive recovery of
losses recorded in earlier years. In addition, 2011 earnings were adversely
affected by one-off items relating to Germany's accelerated phaseout of
nuclear energy. Additional generating capacity in Russia and the first
lasting cost reductions from E.ON's ongoing efficiency-enhancement program
were also positive factors. The negative factors included lower prices and
sale volume in the power business.
E.ON's underlying net income rose to about EUR4.2 billion, owing mostly to
the increase in EBITDA. Other positive factors included lower amortization
charges and a lower economic interest expense. The E.ON Group's investments
were up slightly, increasing by 7 percent to just under EUR7 billion. More
than 25 percent of this figure went toward expanding E.ON's renewables
business.
E.ON's operating cash flow of EUR8.8 billion was significantly above the
prior-year figure of EUR6.6 billion. The E.ON Group's economic net debt at
year-end 2012 was EUR35.9 billion, a slight improvement of EUR500 million.
By contrast, its net financial debt improved significantly, declining by
EUR3.3 billion to EUR14.7 billion. This is indicative of E.ON's progress in
achieving lasting reductions in its debt. From a highpoint of nearly EUR30
billion at year-end 2008, E.ON's net financial debt has declined by half.
E.ON expects its 2013 EBITDA to be between EUR9.2 and EUR9.8 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 EUR2.2 and EUR2.6 billion.
On the basis of its 2012 results, the Board of Management and Supervisory
Board will propose to the Annual Shareholders Meeting that the company pay
out a dividend of EUR1.10 per share.
(1) Adjusted for extraordinary effects.
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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: investorrelations(at)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
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