E.ON SE

Earnings Release • May 13, 2014

News Details

Corporate | 13 May 2014 07:30

E.ON SE: E.ON’s first-quarter business performance as anticipated

E.ON SE / Key word(s): Interim Report

13.05.2014 / 07:30

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E.ON’s first-quarter business performance as anticipated

– EBITDA and underlying net income lower, operating cash flow higher

– Renewables’ EBITDA up by 20 percent

– Economic net debt reduced by another EUR1.1 billion

– Full-year 2014 forecast for EBITDA and underlying net income affirmed

The E.ON Group’s businesses performed as anticipated in the first quarter of 2014. Owing to a continued difficult business and regulatory environment and in the wake of divestments, E.ON’s EBITDA declined by 12 percent year on year to EUR3.2 billion, its underlying net income by 13 percent to EUR1.2 billion. By contrast, operating cash flow rose by EUR1 billion to EUR2.6 billion, primarily owing to positive developments in working capital. E.ON continues to expect full-year 2014 EBITDA of EUR8 to EUR8.6 billion and underlying net income of EUR1.5 to EUR1.9 billion.

E.ON CFO Klaus Schäfer said: “E.ON is staying on course in difficult times. We’re reducing our debt and costs, without neglecting investments in our future.” In the first quarter of 2014 E.ON lowered its net debt by more than EUR1 billion. As planned, it is also reducing its controllable costs – this year by another EUR300 million. “This gives us the flexibility to make targeted investments in growth businesses like wind and solar power,” Schäfer pointed out. The Renewables segment recorded first-quarter earnings of nearly EUR600 million, 20 percent more than last year.

E.ON is further enlarging the proportion of renewables in its generation portfolio by building Amrumbank West, an offshore wind farm located north of the island of Helgoland in the North Sea. The first foundations were installed in January. When completed in 2015, Amrumbank West will have 288 megawatts of capacity, enough to power up to 300,000 households. Earlier this year E.ON also launched Next Generation, a project to combine its renewable and conventional generation businesses into a single segment, creating a leaner organization in which all generation technologies work together efficiently. “All of E.ON is working systematically to establish a balanced generation portfolio and significantly leaner organizational setup,” Schäfer said.

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@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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