E.ON SE

Earnings Release • Nov 10, 2010

News Details

Corporate | 10 November 2010 08:00

E.ON AG: E.ON remains on course after nine months

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

10.11.2010 08:00

E.ON remains on course after nine months

* Adjusted EBIT up 9 percent year-on-year

* Adjusted net income up slightly

* 2010 forecast unchanged with adjusted EBIT expected up 0 to 3 percent and
adjusted net income at prior-year level

E.ON remains on course after nine months. Its sales were up about 11
percent year on year to roughly EUR64 billion. Adjusted EBIT rose by 9
percent to just over EUR8 billion, and adjusted EBITDA rose to EUR10.8
billion.

E.ON increased its adjusted EBIT by nearly EUR700 million year on year
despite the disposal of power capacity and the sale of its
ultrahigh-voltage transmission system and Thüga shareholdings.

The strong performance of E.ON's end-customer business, particularly in the
first half of the year, was among the factors contributing to the earnings
increase. In addition, E.ON UK delivered further efficiency enhancements,
which also had a positive impact on earnings. In the Nordic region, E.ON
benefited from higher sales volumes and higher tariffs. Wider margins
enabled E.ON Energy Trading to post another marked earnings improvement.
E.ON's generation fleet in Russia also delivered significantly higher
earnings on wider margins in power generation. The sharp rise in earnings
at E.ON's Climate & Renewables business resulted from a further increase in
generating capacity. Pan European Gas's international business also
improved. E.ON sold significantly more gas, particularly to industrial
customers and customers outside Germany, and benefited from successful
price negotiations with gas producers. E.ON's gas production business also
posted higher earnings, in particular through the inclusion of Yuzhno
Russkoye, a large gas field in Siberia.

At EUR3.5 billion, net income attributable to shareholders of E.ON AG was
42 percent below the high prior-year figure. The significant year-on-year
difference is attributable to the fact that exceptionally high book gains
on the disposal of power capacity were recorded in the prior-year period
and to the impairment charges of EUR2.6 billion recorded on goodwill ad
other assets in Italy, Spain, and France, which more than offset the
increased mark-to-market valuation of derivatives. By contrast, adjusted
net income, which does not include these extraordinary, non-recurring, and
non-cash-effective items, was up by 2 percent to EUR4.4 billion. Cash
provided by operating activities rose by 37 percent to EUR9.2 billion.

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.

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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.

Media contact:
Carsten Thomsen-Bendixen
T +49-211-4579-544
carsten.thomsen-bendixen@eon.com

Dr. Christian Drepper
T +49-211-4579-889
christian.drepper@eon.com

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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@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

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