DGAP-News: E.ON AG: E.ON posts significant increases in first-half
(firmenpresse) - E.ON AG / Half Year Results/Interim Report
11.08.2010 08:01
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E.ON posts significant increases in first-half
- Adjusted EBIT up 11 percent year on year
- 2,800MW of new, climate-friendly generating capacity enters service
- 2010 forecast unchanged - adjusted EBIT expected up 0 to 3 percent and
adjusted net income at prior-year level
Following a strong first quarter, Düsseldorf-based energy company, E.ON
recorded significant increases in its key financial figures for the first
half of 2010. First-half sales were up about 7 percent year on year to
roughly EUR44 billion. Adjusted EBIT, the company's main earnings metric,
rose by 11 percent to EUR6.1 billion. E.ON improved its operating
performance across all its business areas-from gas E&P and power generation
to retail sales-in nearly all its markets. Nevertheless, in view of the
continued uncertainty of its energy-policy environment and, particularly,
in view of the future earnings development in its gas business, E.ON
continues to expect full-year 2010 adjusted EBIT to increase by between 0
and 3 percent and adjusted net income to be at the prior-year level.
'E.ON remains, despite increasing competitive pressure, one of the
strongest international energy companies today. E.ON remains on course by
continually improving our performance, further streamlining our business
portfolio, and investing in our operating business,' said E.ON CEO Johannes
Teyssen as he presented the company's half-year results.
Teyssen, however, views with concern the current energy-policy debate,
particularly in Berlin: 'There has long been a lack of clarity about the
direction of Germany's energy-policy. This needs to change. As the federal
government stated, Germany needs a non-ideological, technology-neutral, and
market-based energy strategy that includes an environmentally and
economically sensible decision on the future of nuclear energy in this
country. Only then will Germany make a real start towards its energy
future.'
Adjusted EBIT at the Central Europe market unit was down 11 percent from
the prior-year level. The sale of the ultrahigh-voltage transmission system
in the first quarter, the absence of earnings streams due to the disposal
of power capacity, and lower earnings in the gas business were the main
negative factors.
Pan-European Gas's adjusted EBIT was significantly higher, climbing by 17
percent to about EUR1.3 billion. The positive factors included higher gas
sales volume and positive effects in the upstream business, mainly the
inclusion of Yuzhno Russkoye gas field.
U.K. grew adjusted EBIT by EUR425 million to EUR663 million, more than
twice the prior-year figure. This substantial increase is attributably in
part to the uncommonly low prior-year figure but also to significantly
improved margins in the retail business, operating improvements, and
exceptionally low temperatures at the start of the year.
Nordic's adjusted EBIT rose by 25 percent in local currency and by 39
percent, or EUR133 million, in reporting currency. The regulated business
benefited primarily from a weather-driven increase in sales volume and
higher tariffs. Adjusted EBIT in the non-regulated business rose on higher
generation, higher market-based transfer prices, and higher hydropower
sales volume.
Energy Trading recorded adjusted EBIT of EUR826 million. Optimization,
whose main purpose is to limit risks and to optimize the deployment of the
E.ON Group's generation and production assets, contributed EUR891 million
due to wider power and gas margins. Proprietary trading recorded a loss of
EUR65 million.
New Markets' adjusted EBIT of just under EUR430 million was below the
prior-year figure, mainly due to the absence of a one-off effect recorded
in the prior year at the Italy market unit. Climate&Renewables posted
significantly higher earnings on a substantial increase in generating
capacity. Earnings were also higher in the Russia and Spain market units
due to improved margins.
Net income attributable to shareholders of E.ON AG of EUR4.2 billion was
down by 7 percent from the prior-year figure. E.ON's adjusted net income
declined by just 1 percent to EUR3.3 billion; the 11-percent increase in
E.ON's adjusted EBIT was offset primarily by higher tax and interest
expenses, resulting on balance in a slight decline. E.ON's cash provided by
operating activities of EUR5.6 billion was 30 percent above the prior-year
figure.
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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 AG 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.
Carsten Thomsen-Bendixen
T. +49-211-4579-544
T. +49-211-4579-453
Dr. Christian Drepper
T. +49-211-4579-889
11.08.2010 08:01 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: E.ON AG
E.ON-Platz 1
40479 Düsseldorf
Deutschland
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 Frankfurt (Prime Standard), Berlin,
Stuttgart, Hannover, Hamburg, München, Düsseldorf;
Terminbörse EUREX; Foreign Exchange(s) Mailand
End of News DGAP News-Service
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Datum: 11.08.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 31950
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