E.ON SE

Earnings Release • Nov 12, 2008

News Details

Corporate | 12 November 2008 11:59

E.ON on course at nine-month mark

E.ON AG / Interim Report/Quarter Results

Release of a Corporate News, transmitted by DGAP - a company of EquityStory
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The issuer / publisher is solely responsible for the content of this announcement.

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E.ON on course at nine-month mark

• Adjusted EBIT up 8 percent

• Full-year outlook unchanged: adjusted EBIT and adjusted net income
expected to increase by 5 to 10 percent

In a keenly competitive environment, E.ON’s results for the first nine
months of 2008 surpassed the high level of the prior-year period. E.ON
increased sales by 22 percent, from €49.4 billion to €60.5 billion, in part
due to newly acquired operations in Spain, Italy, and Russia. The company’s
global renewables business and expanded production at its natural gas
business were also positive factors.

E.ON’s adjusted EBIT rose by about 8 percent year on year to €7.7 billion.
Central Europe’s adjusted EBIT increased by 5 percent to €3.7 billion
primarily due to higher gross margins. This positive effect more than
offset the adverse effects of the shutdowns at Krümmel and Brunsbüttel
nuclear power stations, lower electricity network fees in Germany, and the
voluntary agreement with Germany’s Federal Cartel Office to reduce and
delay the passthrough of higher natural gas procurement costs to customers.

Pan-European Gas’s adjusted EBIT increased slightly to about €2 billion,
benefiting mainly from higher production and earnings in the upstream
business. In the midstream business, higher earnings from an increase in
deliveries to industrial customers, and customers outside Germany were
mostly offset by rising gas procurement costs. In addition, continued
competitive pressure on sales prices also had a impact.

U.K.’s adjusted EBIT declined by 25 percent, or just under €250 million,
to about €750 million. The key negative factors were currency effects and
significantly lower retail margins. Nordic’s adjusted EBIT climbed by 10
percent to more than €650 million, while U.S. Midwest’s decreased by 7
percent to roughly €270 million due to the Euro’s strength against the
Dollar.

The new Energy Trading market unit recorded an adjusted EBIT of more than
€400 million. E.ON continues to disclose its other new market units—Italy,
Spain, Russia, and Climate & Renewables—in its Corporate Center/New Markets
reporting segment.

E.ON’s adjusted net income increased by 6 percent to €4.5 billion, mainly
reflecting the company’s positive adjusted EBIT performance. E.ON’s
economic investments of nearly €19 billion—almost four times the
year-earlier figure—went towards acquisitions, wind farm projects, power
plants, power and gas networks, and the expansion of natural gas
production.

E.ON continues to stand by its earnings targets for 2008 and expects the
group’s full-year adjusted EBIT and adjusted net income to surpass the
respective prior-year figures by 5 to 10 percent.

E.ON CEO Wulf H. Bernotat said: 'The first nine months of 2008 clearly
demonstrate that we’ve set the right course for making E.ON even more
international, even more focused, and even more profitable. This will
enable us to continue our growth strategy, even in the current financial
crisis. To lay the foundation for future earnings increases, we launched
improvement programs long before, and independently of, the current
financial crisis. The programs will improve our organizational structures
and business processes with the aim of making E.ON even stronger, more
agile, and more competitive.'

Disclaimer:
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 mate-rial differences between
the actual future results, financial situation, development or per-formance
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 con-form them to future events or developments.

Dr. Jens Schreiber
T: +49-211-4579-544 / -453
F: +49-211-4579-1544
jens.schreiber@eon.com
www.eon.com

12.11.2008 Financial News transmitted by DGAP

Language: English
Issuer: 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 Berlin, Frankfurt (Prime Standard),
Hannover, Düsseldorf, Stuttgart, München, Hamburg;
Terminbörse EUREX; Foreign Exchange(s) Mailand

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