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German top utility E.ON reports more revenues

Germany's top utility E.ON increased its revenues by 38 percent to 41.5 billion euros (44.8 billion U.S. dollars) in its 2019 fiscal year, the company announced on Wednesday in an annual financial report.

According to E.ON, the increase was primarily attributable to the acquisition of innogy Group in September 2019. As part of an asset swap, E.ON acquired the energy grid and distribution business from innogy while competitor RWE received the renewable energy business from both innogy and E.ON.

The adjusted EBIT of E.ON also rose significantly by 9 percent to 3.2 billion euros while adjusted net income was at the prior-year level of 1.5 billion euros. According to E.ON, both figures were within the forecast range that E.ON had adjusted upwards in November last year.

The Essen-based company said this had been the fourth year in a row that E.ON's operating earnings had been in the upper half of its forecast range.

For 2020, E.ON is expecting another increase in earnings with an adjusted EBIT between 3.9 billion and 4.1 billion euros and adjusted net income growing to up to 1.9 billion euros.

Possible economic implications caused by the spread of the coronavirus had "not yet factored in" the 2020 forecast. E.ON CEO Johannes Teyssen said that "the energy industry doubtless will not be hit as hard as other industries."

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