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E.ON has sent a signal amid the current crisis that it will support a sustainable economic recovery by increasing its investments in climate-friendly, technologically advanced energy infrastructure in order to give powerful impetus, in partnership with its customers, to the green energy transition in Germany and Europe. E.ON increased its first-quarter earnings, primarily because of the innogy takeover. The COVID-19 pandemic had only a limited impact on the first quarter. At the first-quarter mark, however, the pandemic’s overall implications for the company cannot yet be reliably estimated.
The E.ON Group’s first-quarter sales increased from €9.1 billion in the prior-year period to €17.7 billion. Sales of €4.7 billion at the Energy Networks segment surpassed the prior-year figure by €2.2 billion. This is principally attributable to the inclusion of innogy’s operations, particularly in Germany. The Customer Solutions segment grew sales by €7.5 billion to roughly €14.4 billion. This increase likewise largely reflects the inclusion of innogy, particularly in Germany, Britain, the Netherlands, and Belgium.
Energy Networks’ adjusted EBIT of about €1.1 billion was €0.4 billion above the prior-year level, principally because of the inclusion of innogy’s operations, particularly in Germany.
Customer Solutions’ adjusted EBIT increased by €75 million year on year to €300 million. Nearly all of the innogy businesses that are now included contributed, principally in Germany, the Netherlands, and Belgium.
Overall, the E.ON Group’s first-quarter adjusted EBIT of just under €1.5 billion surpassed the prior-year figure by €285 million. Adjusted net income of €691 million was slightly above the prior-year level of €650 million.
In consideration of the COVID-19 pandemic’s implications that are foreseeable today, E.ON expects the E.ON Group’s 2020 adjusted EBIT to be between €3.9 and €4.1 billion and its 2020 adjusted net income to be between €1.7 and €1.9 billion. However, this does not include risks from the COVID-19 pandemic that may materialize as the year moves forward but that as of today cannot be assessed with sufficient certainty.
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