E.ON: 2016 net loss of about 16 billion euros.

(CercleFinance.com) - German utilty group E.
ON had made a net loss of roughly 16 billion euros in 2016, in what it called a "transitional year."

In its earnings statement, the company pointed out that it suffered from the impact of the Uniper spinoff, which required impairment charges totaling around 11 billion euros, in addition for provisions for nuclear asset-retirement obligations.

Now focused on core businesses such as energy networks and renewables, E.ON says it plans to reduce economic net debt from 26.3 billion euros to about 20 billion euros over the medium term.

Last year the group recorded adjusted EBIT of 3.1 billion euros and an adjusted net income of 904 million euros, at the upper end of the guidance range.

While the group has set its proposed dividend at 21 cents per share for 2016, E.ON intends to increase its dividend to 30 cents per share in 2017.

For 2017 E.ON sait it expects group adjusted EBIT to be between 2.8 billion and 3.1 billion euros, with adjusted net income of between 1.2 billion and 1.45 billion euros.

After publishing these results, E.ON shares were down 0.5% at around 7 euros this morning on Germany's DAX index.

Copyright (c) 2017 CercleFinance.com. All rights reserved.