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    EOAN   DE000ENAG999

E.ON SE

(EOAN)
  Report
Delayed Xetra  -  11:35 2022-09-30 am EDT
7.896 EUR   -0.33%
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E.ON more than halves value of Nord Stream 1 stake as uncertainty grows

08/10/2022 | 01:18am EDT

(Adds details on Nord Stream 1)

FRANKFURT/DUESSELDORF, Aug 10 (Reuters) - E.ON, Europe's largest operator of energy networks, cut the value of its stake in the Nord Stream 1 gas pipeline by around 700 million euros ($715 million) on Wednesday, citing "heightened uncertainty" over the impact of the war in Ukraine.

The pipeline, which is currently pumping gas from Russia to Germany at just a fifth of its capacity, epitomises an energy stand-off that has pitted gas-dependent European states against main supplier Moscow following its Ukraine offensive.

"The current energy crisis finally makes clear that Europe needs to transform its energy system. To be independent of Russian gas. To ensure supply security," E.ON Chief Executive Leonhard Birnbaum told reporters.

E.ON had said in March that the 15.5% stake, held indirectly via the firm's pension fund, has a book value of 1.2 billion euros - translating into a 58% decline in the participation's value - but warned of a value adjustment.

Chief Financial Officer Marc Spieker said the stake's value was now 500 million euros.

Asked if E.ON was considering a sale of its stake, CEO Birnbaum said the company remained committed to the holding and was exercising its rights as a shareholder of the project.

However E.ON said Nord Stream 1's shareholder committee, which also includes majority owner Gazprom, France's Engie, Wintershall Dea and Dutch Gasunie , has not met so far this year, Spieker said.

E.ON had also said in March a value adjustment to the pipeline stake would negatively impact pension provisions and net debt but would not trigger liquidity issues.

E.ON also reported first-half results which showed a 15% decline in first-half adjusted core profit (EBITDA) to 4.06 billion euros, sticking to its 2022 outlook for adjusted EBITDA of between 7.6 billion and 7.8 billion euros.

($1 = 0.9792 euros) (Reporting by Christoph Steitz, Tom Kaeckenhoff and Vera Eckert; Editing by Paul Carrel and David Holmes)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
E.ON SE -0.33% 7.896 Delayed Quote.-35.24%
ENGIE -0.27% 11.842 Real-time Quote.-9.01%
GAZPROM 0.04% 198 End-of-day quote.-42.32%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.21% 59.075 Delayed Quote.-24.27%
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Analyst Recommendations on E.ON SE
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Financials
Sales 2022 78 988 M 77 454 M 77 454 M
Net income 2022 2 193 M 2 150 M 2 150 M
Net Debt 2022 36 744 M 36 031 M 36 031 M
P/E ratio 2022 9,53x
Yield 2022 6,42%
Capitalization 16 957 M 16 627 M 16 627 M
EV / Sales 2022 0,68x
EV / Sales 2023 0,67x
Nbr of Employees 70 298
Free-Float 83,8%
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 7,90 €
Average target price 11,18 €
Spread / Average Target 41,5%
EPS Revisions
Managers and Directors
Leonhard Birnbaum CEO & Chairman-Management Board
Marc Spieker Head-Investor Relations
Karl-Ludwig Kley Chairman-Supervisory Board
Markus Nitschke Head-Technology & Innovation, Sustainable Cities
Karen Maria Alida de Segundo Member-Supervisory Board
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