Wednesday, November 9, 2016

Utilities – Eon insecure employees with a new savings program Sü


  • In the first nine months of 2016 Eon recorded a loss of 9.3 billion euros.
  • This is a sure sign that the awakening in the new energy world for Eon is very expensive.

Michael Sen, 47, wakes up in the Board of Directors of the energy group Eon about the Numbers. To is not part of the Job it is just to master all the ins and outs of a profit and loss account. But also: to project Confidence.

And so the Manager tried on Wednesday, to dismiss the once again high depreciation and amortization and recorded a loss as a sign of the past. The announced austerity program, he explained, with possible vague words to give the impression that it is not going to come at the end probably not too bad. And also for the shareholders, he had a note: The dividend is not at risk.

But the loss of 9.3 billion Euro, the Eon for the first nine months of this year recorded more than a Dent in the balance sheet.

they are the safe sign that the dawning of the new energy world, the Eon two years ago, has prescribed, is above all: expensive.

High write-downs on Uniper-value

the reason for the loss, failing once again to 3.6 billion euros higher than a year ago, the depreciation of Uniper. So the company, in which Eon will be the business with the coal-, Gas-, water-power plants have been bundled.

In September Uniper gone public, Eon still holds almost 47 percent of the company. However, because of the business with the dirty current yield is less and less, had to be Eon reduce the value in some of his books multiple times. Already in the second quarter, the group had written off € 3.8 billion on Uniper, in the past quarter, the value of its remaining shareholding by a further 6.1 billion euros, down corrected.

“leaving behind The past left a deep mark in our balance sheet,” admitted the chief financial officer of the Sen, and tried to optimism: Now the way for a realignment.

But that is only half the truth: While it ran in the shops, which remained after the spin-off of Uniper at Eon verb, quite well. In the areas of green energy, networks and distribution, Eon increased its operating profit in the first nine months by approximately 13 percent to nearly 1.9 billion Euro. In the total group Ebit – the earnings before interest and tax decreased however by four percent. This was due to the sale of non-core businesses, whose contributions to earnings are missing now.

The nuclear industry pins

Finally, the rules for radiant Legacy: The nuclear power operators to pay 17.4 billion in a public-law Foundation. To the Pact, a law that regulates the liability. By Michael belly müller more …

Little capital available

in addition, there are certainly problems is not getting rid of all of Eon with the spin – off of coal-and gas-fired power plants: Contrary to his original plans, Eon was unable to unload its nuclear plants, namely, at Uniper. The nuclear Legacy issues make it difficult for companies now the awakening: A government Commission had proposed in April that the four power companies Eon, RWE, Vattenfall and ENBW transfer to 2022 money in a state Fund, to manage the storage and disposal of nuclear waste. In return, you are out of liability. Tens of billions of euros will cost the Eon, two billion more than he has so far provided.

it is Still not entirely clear how the Eon of this will take money. Sen signaled on Wednesday that they wanted to avoid a capital increase and Alternatives to discuss. But he also admitted that the shareholders ‘ equity, has the Eon, also because of the levies to be paid to the state nuclear Fund to continue declining. It is currently located at 0.5 billion euros – and could be distorted, Sen, in the course of the completely.

Above all, we must make Eon now working to find his place in the new energy world. This is not only a commitment to more renewable energy. With all the solar panels on German roofs, it has also changed the relationship between electricity consumers and electricity suppliers fundamentally. The big suppliers need to listen to your customers. This requires more empathy than previously in the call centres of Eon. Because over the decades they had to strive to be the energy provider in the absence of competition to their customers.

Eon has been launched for the new start now, a program to be implemented by the end of next year. It bears the symbolic title of “Phoenix” and, explains Sen, ensuring that decisions are rarely taken in the group headquarters in Essen, but as local as possible – and thus close to the customer.

To be a part of the program, the target cost of about 400 million euros in savings. A clear answer to the question, what does this mean for the roughly 40 000 jobs in Eon, not Sen. To talk currently about how processes and structures change, not about possible job cuts. However, Eon has already imposed a Hiring freeze and investments to the test. “Spend less, is to reduce the best way of debt,” said Sen.

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