November 8 (Renewables Now) - The renewables division of German utility E.on SE (ETR:EOAN) has experienced a 19.7% year-on-year decline in adjusted EBIT to EUR 248 million (USD 288m) for the first nine months of 2017.
Adjusted earnings before interest and tax (EBIT) at the Onshore Wind/Solar segment decreased slightly to EUR 62 million from EUR 66 million, in part because of volume-driven earnings declines in Italy and the UK. The result at the Offshore Wind/Other segment was EUR 57 million lower in January-September 2017 due to the adverse effect of unfavourable wind conditions in the UK and the absence of a book gain registered in 2016.
The table below gives more details about the performance of E.on’s Renewables division in the third quarter and nine months.
|Results in EUR million||9-mo 2017||9-mo 2016||Q3 2017||Q3 2016|
|Adjusted EBIT (loss)||248||309||43||55|
|- of which Onshore Wind/Solar||62||66||(15)||13|
|- of which Offshore Wind/Other||186||243||58||42|
|- of which Onshore Wind/Solar||209||229||27||57|
|- of which Offshore Wind/Other||299||355||95||81|
|- of which Onshore Wind/Solar||691||567||302||220|
|- of which Offshore Wind/Other||439||455||118||122|
Overall, the energy group booked an adjusted net profit of about EUR 965 million in the nine-month period, which is more than 50% above the prior-year level. Adjusted EBIT was down 8% to EUR 2.1 billion, but in line with expectations.
“All key figures and developments are in line with our planning. We therefore reaffirm our forecast for full-year 2017,” said CFO Marc Spieker.
(EUR 1.0 = USD 1.159)