E.On admits to second €2.6bn charge on Mediterranean assets

first_img Tags: NULL E.On admits to second €2.6bn charge on Mediterranean assets KCS-content Wednesday 27 October 2010 8:08 pm whatsapp GERMAN utilities company E.On admitted yesterday net profit would be lower as a result of taking €2.6bn (£2.2bn)in impairment charges on its assets in the Mediterranean.As much as €1.1bn will be written off in goodwill, with a further €1.5bn of impairments to be made on other assets in Italy, Spain and France.E.On said: “The development of electricity and commodity prices is in some cases leading to significantly lower margins and capacity utilisation,” in the three countries.However, it said earnings before interest and taxes (EBIT) would not be affected as it reported earnings in the first nine months rose nine per cent to €8bn.E.On, which is due to report full nine-month results on 11 November, also confirmed its 2010 outlook for adjusted EBIT growth of between zero and three per cent.The news marks the second occasion that E.On has had to book impairment charges on its assets in Italy, Spain and France since acquiring them. In early 2009, the company booked around €1.8bn in charges on assets in the three markets. At the time, however, the bulk of the charges were related to an increase in corporate taxes in Italy. Sharecenter_img whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Show Comments ▼last_img read more