DGAP-News: E.ON SE / Key word(s): Quarterly / Interim Statement 
E.ON SE: E.ON fully on track after strong first quarter of 2021 
2021-05-11 / 07:00 
The issuer is solely responsible for the content of this announcement. 
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E.ON fully on track after strong first quarter of 2021 
  . Adjusted EBIT up 14 percent to EUR1.7 billion, adjusted net income up 19 percent to roughly EUR800 million 
  . Operating improvements along with weather-related increase in gas sales volume are key earnings drivers 
  . Successful restructuring enables UK business to return to profitability 
  . Forecast for 2021 financial year, medium-term targets, and dividend policy confirmed 
Essen-based energy company E.ON continues its successful performance in the new financial year despite the COVID-19 
pandemic, posting significantly improved earnings. Adjusted EBIT rose by 14 percent year on year to EUR1.7 billion, 
adjusted net income by 19 percent to EUR809 million. At the presentation of the company's first-quarter results, CFO Marc 
Spieker commented: "We're off to a successful start in the new year. All our businesses delivered a strong operational 
performance in the first quarter. This gives us a lot of confidence for the remainder of the year. I can therefore 
fully affirm our forecast for 2021, our medium-term financial and earnings plan, and our dividend promise." 
Earnings driven by operating improvements at Customer Solutions business 
Group adjusted EBIT increased significantly-by about EUR200 million-year on year to EUR1.7 billion, primarily because of 
the Customers Solutions business. 
Earnings at the Customer Solutions segment improved by just under EUR300 million relative to the prior-year period and 
thus almost doubled. A weather-related increase in gas sales volume and successful restructuring in the United Kingdom 
were key factors. In the United Kingdom, all npower customers have been migrated to the new digital customer platform. 
E.ON is therefore confident that it will already achieve its target of surpassing GBP100 million in earnings this 
financial year and thus one year earlier than planned. E.ON originally expected to reach this important milestone in 
2022. 
Energy Networks' earnings were stable relative to last year. Although compared with the prior year E.ON transported 
more energy in Germany owing to colder weather, the resulting earnings increase was largely offset by an anticipated 
increase in expenditures for network expansion and upgrades. E.ON's business in Central-Eastern Europe and Turkey 
benefited from the initial consolidation of VSE in Slovakia, which was acquired in the third quarter of last year. 
First-quarter earnings at Non-Core Business, which consists of PreussenElektra and the generation business in Turkey, 
were down by roughly EUR80 million year on year. The decline is due in part to the acquisition of additional residual 
power output rights for nuclear power stations. Another factor was that earnings at E.ON's generation joint venture in 
Turkey were negatively affected by a reduction in hydropower output and adverse currency-translation effects. 
Adjusted net income amounted to EUR809 million in the first three months of 2021, up 19 percent from 2020. The gain 
reflects the increase in operating earnings. 
Debt reduction making swifter progress 
Marc Spieker: "Backed by our strong first-quarter performance and assuming interest rates remain at current levels, 
we're right on course to already achieve our target debt factor of 4.8 to 5.2 this year and thus earlier than 
originally planned." 
Economic net debt of roughly EUR40.8 billion as of March 31, 2021, was largely unchanged from the 2020 financial year. 
This was helped by a significant EUR1.7 billion decline in provisions for pensions relative to year-end 2020 due to an 
increase in actuarial discount rates. 
By contrast, first-quarter operating cash flow was negative due to seasonal factors. In the sales business with 
residential customers, high energy consumption during the winter led to a negative cash balance in the first quarter, 
because cash inflow from installment payments is spread evenly over the year. The network business recorded a temporary 
increase in working capital as well owing to the payment of the renewables feed-in tariff in Germany. These seasonal 
effects will reverse themselves in the remainder of the year. 
Outlook confirmed 
After a strong start to the financial year, E.ON expects to achieve all its targets for 2021 and its medium-term 
earnings plan through 2023, including its dividend promise. Spieker therefore confirmed E.ON's full-year forecast: 
"We're very confident that we'll achieve our adjusted EBITDA target of EUR7.2 to EUR7.5 billion and our adjusted EBIT 
target of EUR3.8 to EUR4 billion for the 2021 financial year." 
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. 
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2021-05-11 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 
Archive at www.dgap.de 
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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:  1194853 
 
End of News   DGAP News Service 
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1194853 2021-05-11


 
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May 11, 2021 01:01 ET (05:01 GMT)