E.ON reports net loss of €3.03 billion

E.ON has reported a net loss of €3.03 billion (£2.57bn) in the first six months of this year. The German firm  stated it took an impairment charge of €3.08 billion (£2.61bn) […]

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By Jacqueline Echevarria

E.ON has reported a net loss of €3.03 billion (£2.57bn) in the first six months of this year.

The German firm  stated it took an impairment charge of €3.08 billion (£2.61bn) for Uniper, its spin-off company, including €2.9 billion (£2.4bn) in write-downs on power stations and gas storage facilities and €900 million (£765m) in provisions.

In June, the company got the approval from its shareholders for its plans to separate its hydro, natural gas and coal plants as well as global energy trading operations into Uniper.

E.ON added net debt was at €24.8 billion (£21bn) at end June, up from €21.3 billion (£18.1bn) at the end of last year. However its overall EBIT (earnings before interest and tax), was up by 15% to €1.7 billion (£1.4bn).

Johannes Teyssen, E.ON CEO said: “The developments on the energy market demonstrate unambiguously that E.ON chose precisely the right strategy; namely, to seize opportunities in the new energy world. Customers want innovative, renewable and digital energy solutions and that’s exactly what they’ll get from us.

“From today’s perspective, nothing more stands in the way of Uniper’s stock-marketing listing and thus the successful completion of the spinoff. Our networks are the internet of the energy transformation. They are what ensures that customers can optimize their own energy supply.”