DGAP-News: United Energy Group plc: United Energy Group Completes Successful Restructuring Drive
(firmenpresse) - United Energy Group Plc. / Final Results
12.03.2010 13:46
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United Energy Group Completes Successful Restructuring Drive
At£ 1.38m, loss substantially reduced by June 30, 2009 / Auditors issue
unqualified audit for annual accounts
Haslemere, United Kingdom - March 12, 2010 - United Energy Group plc
successfully concluded the restructuring process initiated in early 2009.
The company managed to bring its losses down from £ 2.4m in 2008 to £ 1.38m
by June 30, 2010. The previous management is responsible for more than £
1.0m out of this sum.
'The only way to achieve this success was by implementing a comprehensive
cost-cutting process. Accordingly, we were able to drastically lower the
expenditures for human resources and rent in the first semester of 2009 by
relocating our Germany branch from Düsseldorf to Essen. On top of that, we
negotiated new service contracts or renegotiated existing ones. All things
considered, we succeeded in cutting the fixed overhead of United Energy
Group in half. The companystands to benefit from this streamlining drive
both now and in the future,' said Udo Witte, CFO of United Energy Group
plc.
The drastic cost reduction coincides with a paradigmatic shift in the
remuneration structure of United Energy Group. Instead of a fixed monthly
or annual remuneration, the team will be paid on a success-driven basis in
the best interest of the shareholders. In conjunction with the change of
the remuneration system, the company also formed a remuneration committee
to monitor the salaries of the supervisory and management boards.
Overall, the 2008/2009 annual accounts ofUnited Energy Group received an
unqualified audit by the auditors. 'We were able to wind up all legacy debt
in a satisfactory manner, and to eliminate legacy threats that could have
jeopardised our future ventures, while all figure meet the international
standards in terms of transparency and corporate governance,' commented Udo
Witte. 'This means we have definitively closed the book on the 'old' UEG.'
United Energy Group plc
United Energy Group plc is an independent listed energy company. Formed in
2006, the company focused initially on the area of energy production.
During the past two years, UEG underwent substantial redevelopment, and
operates now in the business areas of Energy Consulting, Energy Trading,
and Energy Investments. The company has thereby responded to global market
trends as it seeks to make a significant contribution to the energy supply
sector, and to help meet thegrowing energy needs worldwide.
Forward-Looking Statements
This communication may contain certain forward-looking statements that
include declarations of intent, strategies and opinions relating to the
future and to the expectations of United Energy Group and its subsidiaries.
Any statement contained herein is based on information available on the
respective day to the management of UEG; and actual events may vary
depending on the occurrence of future events that may or may not be subject
to the management's control, including risks and uncertainty factors that
may cause the actual outcometo deviate considerably. Such risks and
factors include, without being limited to, ramifications that acquisitions
may have for the company and its capital structure, exploratory findings,
market conditions, the stability of mineral oil and natural gas prices, the
uncertainty factors inherent in the operative business of mineral oil and
natural gas production, unexpected future investment requirements,
competition, statutory provisions, and other factors.
Business Network Marketing- und Verlagsgesellschaft mbH
Corinna Kaspar
Fasanenstr. 47, D-10719 Berlin
Tel.: +49 (0)30 - 81 46 46 00
Fax: +49 (0)30 - 81 46 46 046
E-mail: ir(at)unitedenergy.com
12.03.2010 13:46 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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Datum: 12.03.2010 - 07:46 Uhr
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