May 16 (Renewables Now) - The renewables division of German utility EnBW (ETR:EBK) has booked an adjusted first-quarter EBITDA of EUR 95.4 million (USD 113m), up 20.3% on a yearly basis.
The group said in a statement on Tuesday that its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) benefited from the large number of onshore wind capacity that was brought online in 2017. Meanwhile, earnings from run-of-river hydropower plants (HPPs) rose due to higher water levels and increased generation.
The share of adjusted EBITDA in the company’s total adjusted EBITDA was 13.9%.
Overall, the group posted adjusted EBITDA of EUR 686.6 million in the first quarter, up 33.7% in annual terms, as revenues rose by 22.7% to EUR 6.3 billion. The improvement comes from the effect of the unscheduled closure of unit 2 at the Philippsburg nuclear power plant last year, which hurt EnBW’s year-ago results. “All business segments have already increased their earnings in the first quarter of 2018 relative to the previous year,” commented chief financial officer Thomas Kusterer.
First-quarter attributable net profit slumped by 63.9% to EUR 137.5 million, mainly due to the sale of a 49.89% stake in the 497-MW Hohe See offshore wind project to Canada's Enbridge Inc (TSE:ENB).
For 2018, the German company still expects adjusted EBITDA growth of up to 5% year-on-year.
(EUR 1.0 = USD 1.184)