November 8 (Renewables Now) - German electric utility EnBW Energie Baden-Wuerttemberg AG (ETR:EBK) today reported an adjusted net profit of EUR 507 million (USD 560.3m) for the first nine months of 2019, up by 28% on the same period of 2018.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were up 7.4% to EUR 1.69 billion. Adjusted EBITDA in the Renewable Energies segment jumped by 38.5% to EUR 298.6 million thanks to the acquisition of onshore wind in Sweden and improved wind conditions for the onshore and offshore wind parks in Germany.
Investments in the nine months doubled to EUR 2.13 billion from EUR 1.02 billion a year earlier because of the acquisition of French wind and solar farms developer Valeco Group and of Plusnet GmbH, and investments in the Hohe See and Albatros offshore wind farms. The latter two projects, with a combined capacity of 609 MW, are up and ready to run and will be connected to the grid by the end of 2019.
“We are confirming our full-year earnings guidance unaltered,” said Thomas Kusterer, CFO of EnBW. “This is most of all with a view to the new earnings contributions from our Hohe See and Albatros offshore wind farms beginning in the fourth quarter together with the stable earnings contributions from the grids business.”
The table contains more details on the utility’s performance in the nine months.
|Results in EUR million||9-mo 2019||9-mo 2018||2018|
|— of which Grids||1,024.6||979.1||1,176.9|
|— of which Renewable Energies||298.6||215.6||297.7|
|Adj. group net profit||506.9||397||438.3|
|Group net profit||288.3||468.7||334.2|
EnBW expects an adjusted EBITDA of EUR 2.35 billion to EUR 2.5 billion for the full year.
(EUR 1 = USD 1.105)