* British retail unit to deliver profit one year early
* E.ON proposes dividend of 47 euro cents for 2020
* Adj EBIT seen at 3.8 bln-4 bln euros in 2021
FRANKFURT, March 24 (Reuters) - E.ON, Germany's
largest listed energy group, said on Wednesday its British
retail business was recovering faster than expected, and
proposed a higher dividend due to the limited impact of the
"Amid the biggest economic crisis since World War II, the
new E.ON demonstrated its strength in impressive fashion," Chief
Executive Johannes Teyssen, who will hand over the reins to
Leonhard Birnbaum in April after 11 years at the helm, said.
During his tenure, E.ON spun off its former power plant
division Uniper in response to Germany's nuclear
phase-out, and agreed a major asset swap with RWE,
turning it into Europe's largest operator of energy networks.
E.ON's UK retail unit, which includes the Npower brand
acquired as part of the swap, is likely to deliver more than 100
million pounds ($137 million) in profit this year, one year
ahead of schedule.
"The turnaround in the United Kingdom is a success," Teyssen
In Britain, E.ON's second-largest market after Germany, the
group still lost about 600,000 clients, or 5.5%, in the course
of 2020 as part of the ongoing restructuring.
E.ON said it would propose a dividend of 0.47 euros for
2020, up marginally from 0.46 euros in 2019.
Adjusted operating profit (EBIT) rose 17% to 3.78 billion
euros in 2020, while adjusted net profit was up 7% at 1.64
billion, E.ON said. They are seen at 3.8 billion-4 billion euros
and 1.7 billion-1.9 billion euros in 2021 respectively.
($1 = 0.7294 pounds)
($1 = 0.8449 euros)
(Reporting by Christoph Steitz and Tom Kaeckenhoff; Additional
reporting by Vera Eckert; Editing by Riham Alkousaa, Sherry
Jacob-Phillips and Jan Harvey)