Plus   Neg

E.ON FY Adj EBIT Up; Sees Growth In FY20 Adj. Earnings, Excl. Coronavirus Impact

German electric utility E.ON AG (EONGY.PK) reported Wednesday that fiscal 2019 adjusted net income was 1.5 billion euros same as last year. Adjusted EBIT increased 9 percent to 3.2 billion euros from last year's 3 billion euros.

E.ON's 2019 earnings for the first time included 421 million euros in earnings from innogy following the takeover in September.

Sales climbed to 41.5 billion euros from prior year's 30.1 billion euros. The company said the more than 10 billion euros increase was primarily attributable to the acquisition of innogy.

Further, the company said its Boards intend to recommend that shareholders be paid a dividend of 0.46 euro per share for the 2019 financial year.

Looking ahead for fiscal 2020, the first full year to include innogy, E.ON anticipates adjusted EBIT of 3.9 billion euros to 4.1 billion euros and adjusted net income of 1.7 billion euros to 1.9 billion euros.

The company said the outlook has not yet factored in the possible implications of the corona crisis.

E.ON anticipates earnings increases in both of its core business segments, whereas earnings at Non-Core Business will decline going forward as the company's nuclear power stations will be shut down by year-end 2022.

E.ON further said it is restructuring its U.K. business to achieve a turnaround and generate earnings of at least 100 million pounds as early as 2022.

E.ON Management Board has also set climate target, and expects it to be climate-neutral by 2040, and will supply customers with climate-neutral energy by 2050.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT