E.On updates shareholders on reorganisation

• 9 years ago (2015-05-07)
• Junior Isles

North America 1021

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In its annual shareholders meeting in Essen, E.On's Supervisory Board Chairman and CEO Johannes Teyssen updated shareholders on progress in dividing the company into the future E.On and a new company known as Uniper.

From 2016 E.On will focus on renewables, energy networks and customer solutions, whereas Uniper will operate a conventional energy business, including conventional power generation and global energy trading.

Johannes Teyssen will remain as CEO of E.On, which will be headquartered in Essen. Uniper will be led by current E.On CFO Klaus Schäfer and have its headquarters in Düsseldorf.

Johannes Teyssen said: “By transforming E.On we’ve seized the initiative. Thanks to their sharply focused business profiles and proven strengths, E.On and Uniper have good prospects for success in their respective energy worlds. Remaining an integrated utility would cause us to miss opportunities. The new setup puts both companies in the best position to create value.”

Previously made decisions made about the composition of both leadership teams, the location of each headquarters and the new company’s name have enabled swift progress, ensuring that the dividend for the 2014-15 financial year remains stable at €0.50 per share.

E.On finished 2014 with EBITDA of €8.3 billion and underlying net income of €1.6 billion. Figures were down year on year but within the anticipated range, said the company

At this year’s annual shareholders meeting E.On also presented its first-quarter results. E.On’s EBITDA declined by 9 per cent relative to the year-earlier quarter and its underlying net income by 15 per cent.