United Energy Group plc
United Energy Group plc: United Energy Group Completes Successful Restructuring Drive
United Energy Group Plc. / Final Results 12.03.2010 13:45 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- 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 company stands 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 of United 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 the growing 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 outcome to 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@unitedenergy.com 12.03.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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