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Germany's E.ON announces record loss of €7 billion

Germany's E.ON announces record loss of €7 billion
E.ON’s year-end loss continues to reflect downturn in energy markets, annual report shows

Germany's energy giant E.ON announced a net loss of €7 billion in 2015 in the company's annual report on Wednesday.

According to the report, E.ON’s year-end numbers were in line with their expectations and continued to reflect the slump in the energy markets and in conventional power generation.

The company's sales reached €116.2 billion which is 3 percent above the sales figure for 2014.

E.ON's net loss attributable to shareholders was calculated as more than a 100 percent increase at €7 billion in 2015, compared to 2014's €3.2 billion loss.

"Our investments of €4.2 billion were 10 percent below the prior-year figure of €4.6 billion but roughly in line with the €4.3 billion foreseen for 2015 in our medium-term plan," the report read.

"The dominant theme of the 2015 financial year was the separation of our operations into two independent companies. E.ON and Uniper have been operating independently of one another since the beginning of the year," E.ON's CEO Johannes Teyssen, quoted in the report.

"Each will concentrate on one of the two energy worlds that are becoming increasingly distinct from one another hence requiring dramatically different business approaches," he underlined.

E.ON will focus on energy networks, renewable energy and customer solutions while Uniper's main area will be in unconventional resources and their operations.

E.ON decided to separate into two different companies due to the negative impacts of Germany's transition to renewable energy and with the phasing out of coal and nuclear from its energy portfolio.

Power generation from conventional resources, natural gas and coal, began to lose value while renewables increasingly were gaining priority because of lower costs in Germany.

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