13.05.2019 E.ON SE  DE000ENAG999

DGAP-News: E.ON SE: E.ON reaffirms 2019 forecast after solid operating performance in first quarter


DGAP-News: E.ON SE / Key word(s): Quarterly / Interim Statement
E.ON SE: E.ON reaffirms 2019 forecast after solid operating performance in first quarter

13.05.2019 / 07:30
The issuer is solely responsible for the content of this announcement.

E.ON reaffirms 2019 forecast after solid operating performance in first quarter

- As anticipated, first-quarter adjusted EBIT and adjusted net income below strong prior-year figures

- Forecast for adjusted EBIT and adjusted net income and for dividend proposal for 2019 reaffirmed

- Increase in economic net debt higher due predominantly to seasonal and accounting effects

- Planned takeover of innogy on schedule

E.ON's core businesses - Energy Networks, Customer Solutions and Renewables - started off the new financial year by again delivering a predominantly strong operating performance in all markets except the United Kingdom. Earnings at E.ON's networks business were nearly at the prior-year level. The company's renewables business significantly increased its earnings. The earnings decline at the customer solutions business is primarily attributable to the special situation in the United Kingdom. Earnings there were considerably lower, principally because of a new regulatory price cap.

"Aside from the special case of the United Kingdom, our core businesses delivered a solid performance. We can therefore unequivocally reaffirm our forecast for the 2019 financial year. We continue to expect our 2019 adjusted EBIT to be between EUR2.9 and EUR3.1 billion and our 2019 adjusted net income to be between EUR1.4 and EUR1.6 billion. We likewise reaffirm our dividend proposal of 46 cents per share for the 2019 financial year," CFO Marc Spieker said at the presentation of the company's results for the first quarter of 2019.

E.ON's first-quarter sales rose by roughly EUR0.4 billion year on year to EUR9.2 billion. Compared with the extraordinarily strong prior-year quarter, the E.ON Group's adjusted EBIT declined by 8 percent, from EUR1.3 billion to EUR1.2 billion. Adjusted net income of EUR650 million was below the prior-year figure of EUR727 million.

Adjusted EBIT of EUR623 million at the Energy Networks segment was at the prior-year level (EUR642 million). The Customer Solutions segment's adjusted EBIT decreased significantly year on year, from EUR392 million to EUR219 million. The decline in Germany, which is due to a delay in the passthrough of pass higher grid fees to customers, is purely temporary. It likely will fully balance itself out as the year moves forward. E.ON's customer numbers continued to develop well in Germany's keenly competitive marketplace. Since the start of the year, the company has added more that 100.000 customers on a net basis. By contrast, Customer Solutions' business in the United Kingdom remained under considerable pressure. The new regulatory cap for power prices and keen competition were the primary reasons for the EUR90 million decline in E.ON's earnings there. The Renewables segment's adjusted EBIT rose by 23 percent year on year, from EUR171 million to EUR211 million. The increase resulted primarily from an increase in output due to the commissioning of offshore wind farms in Germany and the United Kingdom and an onshore wind farm in the United States. The Non-Core Business segment recorded adjusted EBIT of EUR164 million compared with EUR109 million in the first quarter of the prior year. The performance of the generation business in Turkey was particularly good. Its hydroelectric stations considerably increased their output relative to the prior-year period.

Due to the decline in E.ON's adjusted EBIT, its adjusted net income of EUR650 million was below the prior-year figure of EUR727 million. Compared with the figure at year-end 2018 (EUR16.6 billion), the company's economic net debt increased by about EUR2.3 billion to EUR18.9 billion. This was primarily due to the initial application of an IFRS and the further decline in interest rates, which necessitated an increase in provisions for pensions despite the positive development of plan assets. E.ON's first-quarter investments in its core business rose from EUR535 million to EUR566 million. The company invested more than half - EUR300 million - in smart grids, which will provide growth and stable earnings going forward.

The planned transaction with RWE is right on schedule. E.ON's filing of the planned takeover with the European Commission in January marked an important milestone. In late February RWE received approval from Brussels and Bonn for the takeover of E.ON's and innogy's renewables businesses and for the planned acquisition of a stake in E.ON. As anticipated, in early March the Commission opened an in-depth investigation. The preparations for the planned takeover of innogy are generally moving forward on schedule. E.ON is therefore confident that it will obtain the necessary approvals in the second half of 2019.

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 align them to future events or developments.

13.05.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language: English
Company: E.ON SE
Brüsseler Platz 1
45131 Essen
Phone: +49 (0)201-184 00
E-mail: [email protected]
Internet: www.eon.com
Indices: DAX, EURO STOXX 50
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange
EQS News ID: 810177

End of News DGAP News Service

810177  13.05.2019 


Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 42.656,00 38.173,00 37.965,00 30.084,00 40.803,00 60.944,00 0,00
EBITDA1,2 5.844,00 4.939,00 4.955,00 4.840,00 5.564,00 6.905,00 0,00
EBITDA-Marge3 13,70 12,94 13,05 16,09 13,64 11,33 0,00
EBIT1,4 3.563,00 3.112,00 3.074,00 2.989,00 3.220,00 3.776,00 0,00
EBIT-Marge5 8,35 8,15 8,10 9,94 7,89 6,20 0,00
Jahresüberschuss1 -6.377,00 -16.007,00 4.180,00 1.505,00 1.792,00 1.270,00 0,00
Netto-Marge6 -14,95 -41,93 11,01 5,00 4,39 2,08 0,00
Cashflow1,7 6.179,00 5.293,00 -2.952,00 2.853,00 2.965,00 5.313,00 0,00
Ergebnis je Aktie8 -3,60 -4,33 1,84 1,49 0,68 0,39 0,74
Dividende8 0,50 0,21 0,30 0,43 0,46 0,47 0,49
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

WKN Kurs in € Einschätzung Börsenwert in Mio. €
ENAG99 10,802 Halten 28.531,53
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
12,71 12,40 1,05 -49,10
7,71 5,37 0,47 9,37
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
0,47 0,49 4,54 12.05.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
11.05.2021 11.08.2021 10.11.2021 24.03.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-1,13% 5,23% 19,17% 18,18%
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu E.ON SE  ISIN: DE000ENAG999 können Sie bei DGAP abrufen

Stromversorger , ENAG99 , EOAN , XETR:EOAN