Eon, Germany’s largest utility makes billion loss – FAZ – Frankfurter Allgemeine Zeitung

on Grohnde nuclear power plant: the Eon brings its subsidiary with the nuclear reactors in September the stock market.

has the biggest German energy company Eon before the planned IPO of its power plant subsidiary one billion loss retracted. The bottom line of catering have recorded in the first half of the year in the new structure, a shortfall of around three billion euros, the company announced this Wednesday.

The reasons for that, among other value adjustments and provisions for anticipated losses at the subsidiary Uniper in amounting to 3.8 billion euros. Adjusted for special items, profit before interest and tax (EBIT) had fallen by six percent to around two billion euros.

Professional Market watchers had expected an average 1.85 billion euros. Eon confirmed the forecast, according to which the Group is targeting an adjusted EBIT from 2.7 to 3.1 billion euros for the full year.

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Eon put the numbers in front of the new structure. In it, the green power business, the network operation and distribution as well as the minority interest of approximately 47 percent of Uniper contained. The majority stake will Eon bring this September on the stock market.

The company had prepared investors in April on renewed allowances. Last Uniper stood at 15.5 billion euros in the books. This is considered too much. Analysts
estimate the actual value of only up to 5.5 billion euros. The exact price will be set when Uniper goes public.

This is not a classic IPO, but a spin-off. Therefore Eon shareholders automatically ten shares you a Uniper-share. Eon himself initially retain 46.65 percent of the shares, which will be sold only in
some time.

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