#StandWithUkraine
9M 2022 results
Our business proves to be resilient during these unprecedented times
On track despite energy crisis | 9M key financials |
E.ON 9M 2022 results
Strong
BBB/Baa rating target
Solid operational delivery with recovery in all core markets on track
Relief on energy affordability based on announced customer support mechanisms and price caps
2022 Group EBITDA1 guidance unchanged despite temporary earnings shift in Energy Networks
Growth opportunities and a strong balance sheet allow to maintain dividend growth target of up to 5% p.a.
Core EBITDA1 outlook 2022 adjusted
€6.7-6.9bn | |||
€bn | 5.0 | 5.3 | |
Adj. Core | |||
EBITDA | |||
9M 2021 | 9M 2022 |
Debt factor target2
4.8x -5.2x
38.8 |
33.7 |
Economic |
Net Debt |
FY 2021 9M 2022
1. Adjusted for non-operating effects 2. Economic Net Debt/Group EBITDA | 2 |
Core business recovered as expected
E.ON 9M 2022 results
EBITDA1
€m
9M 2021
Energy
Networks
Customer
Solutions
Corp. Functions
-
Other, Cons. Non-Core
9M 2022
Key drivers | ||||||||||||
Energy | ||||||||||||
6,277 | ||||||||||||
+199 | Networks | |||||||||||
+94 | ||||||||||||
-167m | ||||||||||||
+14 | Customer | |||||||||||
Solutions | ||||||||||||
-473 | ||||||||||||
6,110 | Non-Core | |||||||||||
Organic RAB growth Milder weather
Germany: Realization of synergies, increasing efficiencies
Sweden, CEE & Turkey: Increased costs for network losses /tariff adjustments
Increased energy procurement cost passed through to customers
Milder weather
Restructuring benefits and realization of synergies
Romania: Adjusted 'Winter Support Scheme'
Higher realized market prices
PreussenElektra: End of operations at Brokdorf & Grohnde; nuclear production rights agreement 2021
1. Adjusted for non-operating effects | 3 |
Financial position remains strong driven by high operational cash flow in Q3
Economic net debt - quarterly comparison
€bn
E.ON 9M 2022 results
-7.9 | -7.8 | |
-2.4 | Asset Retirement Obligations (ARO) | -2.3 |
Pension provisions | ||
Net financial position | Debt factor target3 | ||||||||||||
+4.1 | -23.6 | 4.8x -5.2x | |||||||||||
+0.9 | |||||||||||||
-27.2 | FY 2022 expected | ||||||||||||
-33.7 | at lower end of | ||||||||||||
+0.1 | -0.3 | target range4 | |||||||||||
-1.1 | |||||||||||||
-37.4 | |||||||||||||
END | OCF | Net Investments | Pensions2 | Margining | Other | END | |||||||
H1 2022 | Q3 2022 | Q3 20221 | Effects | (incl. AROs) | 9M 2022 |
1. Net of divestments excl. margining effects 2. Actuarial interest rates for German pensions at 3.8% (vs. 3.3% @ H1 2022), for UK pensions at 5.1% (vs. 3.7% @ H1 2022) | 4 |
3. Economic Net Debt/EBITDA, EBITDA adjusted for non-operating effects 4. Based on interest rate environment as of 30 September 2022 | |
Further developments in retail markets address security E.ON 9M 2022 results of supply and customer affordability
Update on support schemes in retail markets
Approved since H1 reporting Proposed since H1 reporting
Germany | UK | Netherlands | ||
Demand reduction targets | Power 5% / 10% (peak/off-peak) | No official targets yet set | Power 5% / 10% (peak/off-peak) | |
Gas 15% | Gas 15% | |||
Price cap (Mar '23) 1 | SVT price cap of £2,500 2 | Price Cap (Jan '23) 3 | ||
End customer pricing | €40 ct./kWh for power; | €40 ct./kWh for power; | ||
until April 2023 | ||||
€12 ct./kWh for gas | €1.45/m3 of gas | |||
Energy bill support schemes | State taking over Dec bill | £400 discount/customer | €1,300 discount/vuln. customer | 5 |
Several support payments, | €190/month payment | |||
£1,200 discount/vuln. customer | ||||
e.g. €300 payment/pensioner | for Nov-Dec '22 | |||
1. For retail customers and 80% of basic consumption 2. Based on an avg. customers consumption 3. For the first 1.200 m3 of gas; 2.900 KWh electricity | 5 |
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E.ON SE published this content on 09 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2022 06:10:03 UTC.