Our finance strategy focuses on E.ON’s capital structure. Ensuring that E.ON has unrestricted access to capital markets is at the forefront of this strategy.
With our target capital structure we aim to sustainably secure a strong BBB/Baa rating.
We manage E.ON’s capital structure using our debt factor, which is equal to our economic net debt divided by adjusted EBITDA; it is therefore a dynamic debt metric. Economic net debt includes not only our financial liabilities but also our provisions for pensions and asset-retirement obligations.
For the purpose of internal management control, economic net debt includes the discontinued operations at Renewables as well as the waste-disposal and dismantling obligations associated with E.ON’s stakes in Emsland and Gundremmingen nuclear power stations at PreussenElektra, which are classified as a disposal group.
Without factoring in the innogy takeover, we target a debt fac-tor of 4 for the medium term. After the innogy transaction closes, we will adjust the debt factor for the future E.ON.
E.ON International Finance B.V. is our Dutch finance entity.
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Program for the issuance of debt instruments.