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Good adjusted results. Balance sheet weakens: capital measures, asset sales, scrip dividends

  • 15 Mar 17

In 2016, revenues decreased by 11% yoy to €38,173m, with the adjusted operating profit and net income decreasing as well, but beating expectations at €3,112m and €904m respectively (-13% and -16% respectively). The dividend proposed for 2016 is €0.21/share, which is in line with forecasts. On a reported basis, the group booked a combined net income loss of €16bn, of which -€8.4bn is attributable to E.On’s shareholder, driven by around €11bn in impairment charges. The equity attributable to E.On shareholders finished on the negative side at -€1.05bn, while the net debt of the group is higher than expected at €26.3bn, confirming the weak balance sheet situation of the company. For 2017, the group expects adjusted operating profit at the lower range of expectations of €2.7-3.1bn, implying a further expected decrease in 2017’s operating profit. However, guidance for net income and dividend payments are better than expected at €1.2-1.45bn and €0.30/share respectively. Nonetheless, the payment of the €2bn risk premium on the nuclear fund transfer will be financed through capital measures such as a capital increase of up to 10%, and the issuance of hybrid bonds as the transfer needs to come from equity and not debt. The company is targeting to reduce net debt. It has decided to reduce its investment budget by 20% and could sell Uniper’s stock, sell additional assets and a possible scrip dividend payment.

Shareholders accept Uniper's spin-off, major changes to the board

  • 09 Jun 16

E.On’s shareholders approved on 8 June 2016 the spin-off of a 53.35% majority stake in Uniper. The decision for the spin-off was supported by 99.68% of the share capital represented at the meeting (where 75% was needed for acceptance). The decision will take effect in the second half of 2016, when E.On’s shareholders will then automatically receive Uniper shares in a one-to-ten ratio: one Uniper share for every ten E.On shares they hold. Shareholders also approved the actions of the Management Board and Supervisory Board during the 2015 financial year as well as the dividend of €0.50 per share proposed by the Management and Supervisory Boards. In addition, shareholders have voted for Karl-Ludwig Kley to be the new Chairman of the E.On SE Board. He will succeed Werner Wenning, who has decided to step down at his own request. Wenning had been a member of E.On’s Board since April 2008 and its Chairman since May 2011. The Annual Shareholders Meeting also elected four other members to E.On’s Supervisory Board and resolved to increase the number of members from 12 to 18 until 2018: Erich Clementi, Senior Vice President for Sales and Distribution at IBM, Carolina Dybeck Happe is CFO of ASSA ABLOY AB, a publicly-listed company in Sweden which manufactures lock and security systems, Andreas Schmitz, an attorney and bank manager Ewald Woeste who has comprehensive knowledge of the energy industry. Three new employee representatives will also join the enlarged Board structure. A total of five female members will on the Board. Moreover changes in the remuneration of Management and Board members have been accepted, whereby the Management Board will be obliged to invest significantly in E.On stock and hold the corresponding number of shares. The annual remuneration will be based on EPS, as this will be the figure used to determine the dividend in the coming years. Moreover, remuneration for a period of several years will depend on the relative movement of E.On stock in comparison to its main European competitors, as measures would be taken based on the relative total shareholder return. The new remuneration system will become effective from 2017 onwards.