E.ON: risultati primo trimestre 2018
08/05/2018 - E.ON comincia il 2018 in forte crescita
- Le previsioni relative all’EBIT rettificato e all’utile netto rettificato del 2018 sono confermate
- L’EBIT rettificato e l’utile netto rettificato del primo trimestre sono in forte crescita rispetto allo stesso periodo dell’anno precedente
- Il Gruppo ha lanciato un’offerta pubblica d’acquisto su tutte le azioni di innogy SE
E.ON ha chiuso il primo trimestre del 2018 in forte crescita. L’EBIT rettificato è aumentato del 24%, da €1 a €1,3 miliardi. L’utile netto rettificato, a €727 milioni, ha superato del 38% quello dello stesso periodo dello scorso anno, pari a €525 milioni.
Alla presentazione dei risultati trimestrali, il CFO Marc Spieker ha confermato le previsioni del Gruppo per l’anno fiscale 2018: “Il primo trimestre prosegue la nostra performance positiva dello scorso anno. Il nostro business operativo è solido. Abbiamo raggiunto una crescita significativa, guadagnando oltre 50.000 nuovi clienti in Germania, un ottimo risultato conseguito dalle vendite che dimostra la fiducia che i clienti nutrono per noi. Tutti i principali indicatori e gli sviluppi del Gruppo sono in linea col nostro piano, e possiamo quindi confermare le nostre previsioni per l’intero 2018”. Per l’intero anno il Gruppo si aspetta un EBIT rettificato tra i €2,8 e i €3 miliardi e un utile netto rettificato tra €1,3 e €1,5 miliardi.
La positiva decisione presa il 28 aprile 2018 dalla Commissione del Governo Russo per il Monitoraggio degli Investimenti Esteri costituisce un’ulteriore importante condizione per l'acquisizione da parte di Fortum della partecipazione di E.ON in Uniper, pari al 46,65%. E.ON è fiduciosa che la Commissione Europea e l'autorità antitrust russa approveranno l’operazione nei prossimi mesi, in modo che E.ON e Fortum possano portare a termine l'operazione come da previsioni.
Dopo aver concluso a marzo un accordo con RWE per uno scambio di asset, il 27 aprile E.ON ha lanciato un’offerta pubblica d’acquisto volontaria per le azioni di innogy. L’offerta dà agli azionisti di innogy la possibilità di ottenere un sostanziale bonus relativo al valore delle azioni di innogy al 22 febbraio, ovvero prima degli effetti delle speculazioni riguardo alla cessione, e di assicurarsi un dividendo pari a €1,64 Euro per azione per l’anno fiscale corrente.
Forecast for 2018 adjusted EBIT and adjusted net income affirmed First-quarter adjusted EBIT and adjusted net income up significantly year on year Voluntary public takeover offer made for all innogy SE stock E.ON delivered a strong first quarter of 2018. Adjusted EBIT rose by 24 percent, from €1 billion in the prior year to €1.3 billion. Adjusted net income of €727 million surpassed the weak prior-year figure of €525 million by 38 percent. Forecast for 2018 financial year affirmed At the presentation of E.ON’s quarterly statement for the first quarter of 2018 in Essen, E.ON CFO Marc Spieker affirmed the company’s forecast for the 2018 financial year: “The first quarter seamlessly continued our positive performance of last year. Our operating business is strong. We achieved significant growth by adding more than 50,000 customers in Germany. This is a fine achievement by the colleagues at our sales business and demonstrates that customers trust us. All the key figures and developments for the entire Group are in line with our plan, and we therefore affirm our forecast for full-year 2018.” E.ON continues to expect the Group’s full-year adjusted EBIT to be between €2.8 and €3 billion and its full-year adjusted net income to be between €1.3 and €1.5 billion. Good performance at customer business in Germany The Customer Solutions segment in particular contributed to E.ON’s very good first-quarter earnings performance. Its sales of €6.7 billion were slightly above the prior-year figure of €6.5 billion. But its adjusted EBIT surpassed the very weak prior-year figure by 23 percent, increasing from €319 million to €392 million. A particularly significant contribution came from the customer solutions business in the German market. The Energy Networks segment again generated more than half of E.ON’s earnings. In the first three months of this year, however, its earnings were affected by the disposal of Hamburg Netz GmbH and by anticipated regulatory items. Its adjusted EBIT of €642 million was about 5 percent below the prior-year figure. The Renewables segment’s earnings reflected two countervailing effects. On the one hand, its installed capacity was higher than in the prior-year period due to the addition of new wind farms. On the other, the sales prices for its power output declined. On balance, however, its earnings rose by about 7 percent to €171 million. Earnings at Non-Core Business, which consists primarily of PreussenElektra, returned to normal. The prior-year figure was adversely affected by unplanned outages and an extended overhaul at Brokdorf nuclear power station. Consequently, this segment’s first-quarter earnings rose from -€24 million last year to €109 million. Cash flow weaker due to seasonal factors At €0.1 billion, E.ON’s operating cash flow from continuing operations was €0.7 billion lower than in the prior-year period, which benefited from nonrecurring items. It reflects a seasonal delay that is typical for a first quarter in the energy business. The supply costs in the energy sales are significantly higher in the winter, whereas customers’ payments are distributed evenly over the year. This effect will resolve itself as the year moves forward. Debt to decline further as year moves forward The seasonal decline in E.ON’s operating cash flow caused its economic net debt to increase slightly relative to year-end 2017. By the end of the year, however, it will decrease substantially from its current level of €19.7 billion owing to the planned sale of E.ON’s Uniper stake and the planned transfer of its Nord Stream 1 stake into a pension CTA. “E.ON’s debt-reduction program is right on course,” Spieker said.
Uniper disposal on schedule The positive decision made on April 28, 2018, by the Russian Government Commission on Monitoring Foreign Investment fulfilled another important precondition for Fortum to acquire E.ON’s 46.65-percent stake in Uniper. E.ON is confident that the European Commission and Russia’s antitrust agency will issue their approvals in the months ahead so that E.ON and Fortum can complete the transaction as planned. Voluntary public takeover offer for innogy stock After concluding an asset-swap agreement with RWE in March, on April 27, 2018, E.ON made a voluntary public takeover offer for innogy stock. The offer gives innogy shareholders the opportunity to obtain a considerable premium relative to the price of innogy stock on February 22, before it was influenced by speculation about a takeover and to already assure themselves of a €1.64 dividend for the current 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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