Home Business NewsBusiness E.On reports full-year loss of €16bn

E.On reports full-year loss of €16bn

by LLB Reporter
15th Mar 17 8:39 am

What does this mean?

German energy giant E.On has reported a full-year loss of €16bn (£13.9bn). The firm also stated that it has left “the burdens of the past” behind.

This loss mainly reflects its move away from creating electricity with fossil fuels, it’s now focusing more on renewable energy.

Its charges coming from last year included a €13bn writedown on the value of recently spun-off power business Uniper.

The firm also paid out €2bn towards a policy to phase out nuclear energy.

E.On said: “E.On has now fully accounted for the impact of its new strategy. Its balance sheet for the 2016 financial year will be the last to reflect the burdens of the past.”

The full-year loss is more than double the figure seen the year before, it sat at €6.3bn. Once one-off costs were accounted for E.On managed to obtain a profit of €3.1bn.

The company is looking to reduce its debt by €7bn to around €20bn.

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