Martin Rapp DOW JONES NEWSWIRES
FRANKFURT (Dow Jones) – The energy company E. ON looks something skeptical on the earnings in the current year. The existing Uncertainty is Germany’s largest utility with great promises hesitate. Not least also ensures the impending change at the top of the company.
The company projected for 2010, an increase of Adjusted earnings before interest and taxes (EBIT) of more than 3%, as shown by the Statement of Dusseldorf, E. ON AG on Wednesday shows. The order Adjusted net non-recurring income is expected to remain stable.
A year ago, E. ON still had an adjusted EBIT of EUR 11 billion in 2010 promised. Made by the Sales, however, was part of a lower, at EUR 900 million profit to be expected, had The Group is already in the course of the investors on a Been announced below the value set. Would therefore be purely mathematical Expected to have been EUR 10.1 billion. When announced by E. ON now maximum increase of 3% should be adjusted EBIT in 2010 but maximum amount to EUR 9.94 billion, after 2009 was 9.65 billion euros.
In the annual report presented on the same day E. ON declined on an outlook for 2011 and also on the Press said the Executive board chairman Wulf Bernotat not do so. Because of uncertainties regarding the economic development and other effects of the financial crisis was the year not predict from today’s perspective, they said.
But for the summer this year announced Bernotat, that his designated successor, Johannes Teyssen an outlook on the future will be. Teyssen was then his ideas of the strategic development and present new targets for After 2010 and share.
Bernotat will assume office when his contract expires in late April Teyssen passed. He has since May 2003 at the head of Company. Teyssen, who sits on the board since 2004, E. ON and at the moment is responsible for business operations, was appointed in August Successor Bernotat determined.
In the last full of Bernotat attributable to fiscal is the adjusted EBIT decreased by 2% the year before, although E. ON is made to the beginning of a result at last year’s level had. Adjusted net income, in which the group recently had submitted a decrease of 3% to 5% in the prospect of shrinking ultimately, by 4.8% to 5.33 billion euros. The dividend, the base of this index forms, but it should be for 2009 at EUR 1.50 per share.
Is the basis of lower profits by 6% to almost EUR 82 billion decline in sales. This leads to lower prices in the E. ON Gashandelsgeschäft and declining gas sales, Currency translation effects and lower production volumes from nuclear and hydroelectric power Back in Northern Europe.
With the results of E. ON was below the expectations of the Dow Jones Analysts surveyed Newswires. This had smaller declines predicted. "Disappointing across the board" finds Analyst Sebastian Kauffmann Cheuvreux of the numbers. Nevertheless, E. write papers against 13:43 clock with an increase of 0.9% for 27,14 EUR and beat her so better than the DAX.
E. ON had the biggest loss in 2009 of Gas business suffered. Whose sales declined by one fifth, which, according E. ON was also on the weak demand in times of crisis. The gain of the Area, which in 2008 still for about one quarter of Net profit had seen, fell by one third.
Lastly, the group observed, however, a recovery in Gas sales. In January and February, sales of the subsidiary Ruhrgas to be Preliminary estimates by 16% compared to last year has increased, as shown in a notice published on the Internet presentation for Analysts apparent. Ruhrgas is the core of the gas business of E. ON
Critical to the degree of stability of the In 2009, the adjusted EBIT was significantly increased in the category "New Markets ". Consolidations in Italy and a doubling in renewable energy, among other things led to an increase in Area income to EUR 862 million from 90 million a year earlier. Increased in the commercial sector E. ON increased its profits at 949 million from 645 million euros.
Last year, the Group expanded its debt only slightly. Economic net debt was reduced by 280 Million to 44.67 billion euros. This is the 3.3-fold in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). E. ON aims in this Factor has a value of 3.0, which according to Chief Financial Officer Marcus Schenck should be achieved within the next twelve to 24 months.
In addition to the continuing austerity E. ON will be the Reduce investment. Were last year spent 12 billion EUR or so are for this year, 10 billion EUR, for 2011, an amount of EUR 8 billion and for 2012 around EUR 6 billion earmarked for investment.
Website: www.eon.com -By Martin Rapp, Dow Jones Newswires +49 (0) 211 1387 214, martin.rapp @ dowjones.com DJG / mmr / has Visit our website http://www.dowjones.de
(END) Dow Jones Newswires
March 10, 2010 07:44 ET (12:44 GMT)
Copyright (c) 2010 Dow Jones & Company, Inc
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