FRANKFURT, Aug 10 (Reuters) - German utility E.ON’s (EONGn.DE) newly announced push into more lucrative markets overseas may start slowly and yield benefits later than hitherto envisaged, its chief finance office Marcus Schenck said.
The world’s largest utility, which earlier on Wednesday cut its profit outlook alongside German rivals, stung by the country’s accelerated plans to abandon nuclear power, identified Turkey, Brazil and India as lucrative areas of future engagement.
Asked about first possible entry and deal dates, Schenck said that assessing chances and making first moves would take further scrutiny. “It may take us well into next year,” he said.
Markets had long waited for the company to identify the areas of future focus.
Chief Executive Officer Johannes Teyssen said the result represented the end of a protracted search in which 200 candidate areas had been whittled down to 35, then later arriving at the three, as E.ON’s chances of contributing to the markets was the crucial element.
The company stated that its long-nourished ambition to increase non-EU adjusted EBITDA to 25 percent by 2015 would now be achieved in 2015 or later.
“We’ve moved the goalpost from a timing perspective to make it a bit more flexible,” said Schenck.
E.ON had earlier revised its forecast for 2011 adjusted earnings before interest, depreciation and amortisation (EBITDA) to 9.1-9.8 billion euros ($12.8-13.8 billion), down from a previous outlook range of 10.7-11.4 billion. (Reporting by Vera Eckert; Editing by Will Waterman)