Innogy's renewables unit registers 43% surge in H1 earnings

Source: Twitter, @innogy_uk

August 9 (Renewables Now) - The renewables division of German energy company Innogy SE (ETR:IGY) has recorded a 43.1% jump in first-half (H1) adjusted earnings before interest and tax (EBIT) to EUR 239 million (USD 268m).

Innogy attributed the improvement to higher market prices and better weather conditions compared to the same period of 2018. The company said that the timely and on-budget completion of the 353-MW Galloper offshore wind farm and higher earnings from Belectric’s business had made a positive contribution.

The table below gives more details about the financial performance of Innogy’s renewable energy division in the first half of 2019.

All in EUR million, unless otherwise noted H1 2019 H1 2018
External revenue 434 456
Adjusted EBITDA 415 322
Adjusted EBIT 239 167
Capital expenditure 349 178
Power generation (TWh) 5.0 4.8

At the end of June 2019, Innogy's total renewables capacity amounted to 3,632 MW compared to 3,571 MW a year earlier.

On a group level, Innogy posted a 21.1% decline in attributable net profit to EUR 671 million. On an adjusted basis, net profit fell to EUR 488 million from EUR 662 million mainly because of the expected developments in the UK retail business and the divestment of the Czech gas grid business.

“Overall, business performance in the first half-year was in line with our forecast. We confirm our outlook for 2019,” commented chief financial officer (CFO) Bernhard Guenther.

(EUR 1.0 = USD 1.120)

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