8/9/2017, 7:44 AM (Source: TeleTrader)
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Chart for: E.ON SE NA O.N.

E.ON swings to profit in H1, cuts debt by 18%

Although turnover in the first half of €19.6 billion and adjusted earnings before interest and taxes of €1.8 billion came 3% and 12% under respective prior year figures, second quarter adjusted EBIT in the core business – networks, customer solutions, and renewables  – improved by 25% on an annual scale, E.ON SE said on Wednesday. Economic net debt, relating to pension obligations and asset retirement obligations, was driven down to €21.5 billion from €26.3 billion since the end of 2016.

Earnings per share were €1.85, compared to a €1.55 loss from the six months through June one year ago, on net income of €3.9 billion. The loss in the previous first half was €3 billion. Adjusted net income rose 46% year over year to €881 million or 35% to €0.42 per share.

E.ON Group cleared its liabilities for intermediate and final storage of nuclear waste by paying €10 billion to Germany’s public fund for disposal. The balance was bolstered by most of the €2.85 billion in refunded taxes after the Federal Constitutional Court ruled the nuclear fuel tax invalid in June, said chief executive Johannes Teyssen.

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