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August 13, 2009

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E.On income powers forward 110% in Q2

GERMANY'S E.On AG, Europe's largest energy company, said yesterday its net profit more than doubled in the second quarter, helped by shifts in currency values, higher prices, and one-off financial gains.

The Duesseldorf-based company said it earned 1.9 billion euros (US$2.7 billion) in the April-June period compared with just 882 million euros in July 2008, marking a 110 percent increase. The company said this was boosted by changes in foreign exchange rates, gains on derivative positions and divestments of assets such as power plants.

Sales for the quarter declined 11 percent on year to 17 billion euros as the recession curbed energy demand.

E.On said it continues to expect its full-year pretax profit to match 2008 levels, but expects to see net profit decline 5 to 10 percent in 2009. In 2008, the company reported earnings before interest and taxes of 9.9 billion euros and net profit of 5.6 billion euros.

"The global economic crisis continues to affect our company less than others," E.On's Chief Executive Wulf Bernotat wrote in a shareholder's letter.

"Our results demonstrate that the course we've set for E.On's future is correct and necessary: We're tapping growth opportunities in new markets, systematically reviewing our portfolio and enhancing our efficiency," Bernotat wrote.

For the first half of the year, the company said net profit rose 43 percent to 4.3 billion euros, while sales rose 4 percent to 44 billion euros.

The company said higher earnings in E.On's new markets - Russia, Italy, Spain and France - and Climate and Renewables boosted first-half results.


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