E.on's Renewables EBIT at EUR 205m in H1 2017

E.on's Rodsand II Wind Park. Source: E.ON

The renewables division of German utility E.on SE (ETR:EOAN) recorded lower earnings in the first half (H1) of 2017 due to unfavorable offshore wind conditions in the UK and the absence of a book gain from 2016.

Adjusted earnings before interest and tax (EBIT) fell to EUR 205 million from EUR 254 million, mainly because of the Offshore Wind/Other segment. There H1 adjusted EBIT dropped by over 36% to EUR 128 million. In Onshore Wind/Solar there was an improvement to EUR 77 million from EUR 53 million.

Results in EUR million	H1 2017	H1 2016	Q2 2017	Q2 2016
Adjusted EBIT	205	254	45	91
- of which Onshore Wind/Solar	77	53	16	-6
- of which Offshore Wind/Other	128	201	29	97
Adjusted EBITDA	386	446	137	191
- of which Onshore Wind/Solar	182	172	69	60
- of which Offshore Wind/Other	204	274	68	131
Sales	710	680	334	283
- of which Onshore Wind/Solar	389	347	201	151
- of which Offshore Wind/Other	321	333	133	132

In Onshore Wind/Solar sales grew mainly because of increased output due to better wind conditions in the US and new capacity. The segment’s power sales rose to 5.6 billion kWh from 5 billion kWh, while offshore wind remained flat at 2.1 billion kWh.

E.on’s investments in Renewables in H1 amounted to EUR 528 million, up from EUR 473 million a year ago, and represented a bit over 40% of the company’s total investments.

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