E.ON: H1 results better than expected.
(CercleFinance.com) - German energy company E.
ON did better than expected in the first half of 2017, while cleaning up its balance sheet. It has confirmed its outlook for 2017, and optimistically will raise its earnings payout in 2018.
Focusing on renewable energy, services and distribution after the split with Uniper, the group ended its first half with sales that are up 3% at 19.6 billion euros. Adjusted EBITDA decreased faster (-6% to 2.7 billion euros), although the bottom line of its income statement, marked by extraordinary charges last year, is once again positive: 3.9 billion net profit group share (1.85 euro per share), against a loss of three billion euros a year earlier.
Adjusted for extraordinary items, net income rose sharply by 46% to 881 million euros (0.42 euro per share).
Meanwhile the group has cleaned up its balance sheet: net economic debt fell by 18% to 21.5 billion euros, which is faster than expected, according to management.
Finally, E.ON confirmed its FY 2017 forecasts, which include expected net income of between 1.20 billion euros and 1.45 billion euros.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
ON did better than expected in the first half of 2017, while cleaning up its balance sheet. It has confirmed its outlook for 2017, and optimistically will raise its earnings payout in 2018.
Focusing on renewable energy, services and distribution after the split with Uniper, the group ended its first half with sales that are up 3% at 19.6 billion euros. Adjusted EBITDA decreased faster (-6% to 2.7 billion euros), although the bottom line of its income statement, marked by extraordinary charges last year, is once again positive: 3.9 billion net profit group share (1.85 euro per share), against a loss of three billion euros a year earlier.
Adjusted for extraordinary items, net income rose sharply by 46% to 881 million euros (0.42 euro per share).
Meanwhile the group has cleaned up its balance sheet: net economic debt fell by 18% to 21.5 billion euros, which is faster than expected, according to management.
Finally, E.ON confirmed its FY 2017 forecasts, which include expected net income of between 1.20 billion euros and 1.45 billion euros.
Copyright (c) 2017 CercleFinance.com. All rights reserved.