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Eon takes a drop in earnings

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Eon’s earnings for the first quarter in 2012 took a drop of 5 % against the  previous year.

Earnings before interest, tax, depreciation and amortisation (Ebitda) fell by €0.2 billion to €3.6 billion, which was in line with expectation.

The utility said that the drop in earnings of €0.2 billion was caused by sell-offs, with a further €0.1 billion drop from lower output and narrower margins in fossil-fueled generation offset by efficiency savings and higher renewables output.

The company’s investment has been cut by 21% every year to €0.9 billion and cashflow rose to €1.6 billion.

Its sell-off of assets allowed it to cut its net debt back by €4.3 billion from the end of 2012 to €31.6 billion.

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