E.ON SE Announces First Quarter 2014 Results

Published May 15th 2014 at 2:09pm
May 13, 2014 - E.ON recently announced its financial results for the first quarter of 2014.

- EBITDA and underlying net income lower, operating cash flow higher
- Renewables' EBITDA up by 20 percent
- Economic net debt reduced by another €1.1 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 €3.2 billion, its underlying net income by 13 percent to €1.2 billion. By contrast, operating cash flow rose by €1 billion to €2.6 billion, primarily owing to positive developments in working capital. E.ON continues to expect full-year 2014 EBITDA of €8 to €8.6 billion and underlying net income of €1.5 to €1.9 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 €1 billion. As planned, it is also reducing its controllable costs — this year by another €300 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 €600 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 288MW of capacity, enough to power up to 300,000 households. "All of E.ON is working systematically to establish a balanced generation portfolio and significantly leaner organizational setup," Schäfer said.

Source: E.ON SE
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