E.On was one of the very first investments that I made back in 2012. Needless to say that the development has been awful. Back then I thought that E.On was in the utility business of providing customers with electricity and gas. Today I consider them to be in the adjustment business. If the results do not fit then simply adjust the past, present or future to give you what you want.
For the report in full please go here and to see my previous summary please visit E.On annual report 2015 and to find out more about E.On then please go to analysis of E.On 2016.
In the all direction (past, present, future) adjusted financial statement below we see that maybe they sold less compared to 2015 but we do not really know because they adjust the past and they adjust the present. Oh, and then it looks pretty good that the cost of sales are less but then again... are they? We should however be happy because they report earnings in the size of 0.6 € per share compared to ONLY 0.55 € last year but it is adjusted so... maybe not.
Oh, and we should also not forget that last year they ONLY made a full year minus of -3.5 € per share and that they still managed to do even though they should "earnings" also in Q2 2015. It is indeed amazing how things works when you have greedy managers and institutional owners that say nothing no matter what is happening in the companies. Amazing.
Conclusion: E.On might be doing well but then again they might not. Who knows? I am sure EBITDA-wise they will always do well since the managers, to my knowledge, get bonus based on that. I will continue as a grumpy shareholder in E.On.
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