EON SE
DGAP-News: E.ON SE
/ Key word(s): Quarterly / Interim Statement
E.ON right on course in third quarter
The operating business of Essen-based energy company E.ON continued to perform very well at the nine-month mark. Sales rose by ?4.8 billion year on year to ?48.1 billion. The increase resulted in part from cooler weather in 2021 relative to 2020 and the inclusion of Slovakia-based VSEH, which E.ON acquired in August 2020, for the entire reporting period. Core business continues to grow Nine-month adjusted EBIT in E.ON's core business rose by about ?700 million, from ?2.4 billion to ?3.1 billion. Energy Networks' adjusted EBIT was up slightly (by ?85 million) to ?2.4 billion, primarily because of positive margin effects at the network business in Germany resulting from cooler weather, the nonrecurrence of Covid-19 effects recorded in the prior year, and the inclusion of Slovakia-based VSEH for the entire reporting period. Customer Solutions' adjusted EBIT increased significantly-by ?515 million-to ?901 million. The reasons were likewise cooler weather and operating improvements in nearly all E.ON markets. Cost savings from the ongoing restructuring program in the United Kingdom also had a positive impact on earnings. Adjusted EBIT at Non-Core Business rose significantly, increasing by ?562 million to ?860 million. As reported at the half-year mark, the increase is mainly attributable to PreussenElektra and the implementation of the public-law agreement between the German federal government and the country's nuclear power plant operators. As a result, previous payments for the purchase of residual power will be refunded. This resulted in a positive effect of roughly ?0.5 billion. The E.ON Group recorded nine-month adjusted EBIT of ?3.9 billion, which represents an increase of just over ?1.2 billion, or 46 percent, relative to the prior-year figure. Adjusted net income doubled to ?2.2 billion. Debt reduced by ?3.5 billion Economic net debt of roughly ?37.2 billion at September 30, 2021, was below the figure of ?40.7 billion for year-end 2020. The primary positive factors were a significant reduction in provisions for pensions due to higher actuarial discount rates and a temporary effect relating to collateral payments. E.ON remains optimistic that it will achieve its target debt factor of 4.8 to 5.2 this year and thus an entire year earlier than originally planned. E.ON's nine-month investments increased about ?500 million year on year to ?2.9 billion. Most, ?2.1 billion, went to the Energy Networks segment, primarily for new network connections and upgrades in network infrastructure. Robust and reliable network infrastructure is the indispensable backbone for the energy transition and the achievement of Germany and Europe's climate targets. Outlook for 2021 financial year affirmed At the half-year mark E.ON increased its outlook for the 2021 financial year. The Essen-based group continues to expect to achieve adjusted EBIT of ?4.4 to ?4.6 billion and adjusted net income of ?2.2 to ?2.4 billion for full-year 2021. This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group Management and other information currently available to E.ON. Various known and unknown risks, uncertainties, and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. E.ON SE does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to align them to future events or developments.
10.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | E.ON SE |
| Brüsseler Platz 1 | |
| 45131 Essen | |
| Germany | |
| Phone: | +49 (0)201-184 00 |
| E-mail: | info@eon.com |
| Internet: | www.eon.com |
| ISIN: | DE000ENAG999 |
| WKN: | ENAG99 |
| Indices: | DAX, EURO STOXX 50 |
| Listed: | Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange |
| EQS News ID: | 1247447 |
| End of News | DGAP News Service |
1247447 10.11.2021
