E.on Q3 Report 2023
The E.ON Group’s external sales in the first nine months of 2023 were lower than in the prior year, mainly because of the settlement of derivatives amid lower price levels on commodity markets
External Sales
The E.ON Group’s external sales in the first nine months of 2023 amounted to €69.2 billion and were thus €12.4 billion below the prior-year figure.
Energy Networks’ sales increased by €2.6 billion relative to the prior year to €12.6 billion. This development is attributable in particular to temporary effects and to cost-driven effects from prior years. In addition, growth in the regulated asset base continued to have a positive impact on sales. However, a large portion of the increase in external sales is offset by a corresponding price-driven increase in expenses.
Customer Solutions’ sales declined by €5.3 billion to €48.1 billion. The decrease is mainly attributable to the settlement of derivatives amid lower price levels on commodity markets in Germany. A decline in sales volume due to energy conservation, weather- related effects, and our focus on small and medium-sized B2B customers also reduced sales in nearly all E.ON regions. The successive passthrough to end-customers of crisis-driven high procurement costs had a countervailing effect. It had the largest impact in Germany, the United Kingdom, and the Czech Republic.
External sales recorded at Corporate Functions/Other declined by €9.6 billion in the reporting period to €8.6 billion. The decrease is mainly attributable to the settlement of derivatives in a lower price environment compared with the prior year on commodity transactions conducted by E.ON Energy Markets, our central commodity procurement unit.
Financial Position
Economic net debt increased by €1.5 billion relative to year-end 2022 (€32.7 billion) to €34.2 billion.
E.ON’s net financial position increased by €2.1 billion relative to year-end 2022, from -€21.6 billion to -€23.7 billion. The main factors were investment expenditures and E.ON SE’s dividend payment, which were not offset by operating cash flow.
Financial liabilities of €34.7 billion include E.ON SE’s issuance of four bonds in the current year totaling €3.3 billion as well as the on-schedule repayment of euro-denominated bonds in the amount of €1.3 billion.
