logo
Plus   Neg
Share
Email

Innogy Slips To Loss In FY18; Sees Lower Adj. Profit In FY19 - Quick Facts

Innogy SE (IGY.DE), a German energy utility, reported Wednesday that its fiscal 2018 net loss attributable to shareholders was 653 million euros, compared to net income of 778 million euros in the prior year.

Rebased loss per share was 1.18 euros, compared to rebased earnings of 1.40 euros last year.

Adjusted net income was 1.03 billion euros or 1.85 euros per share, compared to 1.22 billion euros or 2.20 euros per share a year ago.

Adjusted EBIT for the year was 2.63 billion euros, down 6.6 percent from 2.82 billion euros last year.

External revenue for the year declined 14.3 percent to 36.98 billion euros from 43.14 billion euros last year.

The Executive Board and Supervisory Board of Innogy will propose to the Annual General Meeting on 30 April 2019 a dividend pay-out of 1.40 euros per share.

Looking ahead to fiscal 2019, Innogy projects adjusted EBIT of about 2.3 billion euros, down significantly on the previous year.

The company attributed the decline in adjusted EBIT to the sale of its Czech gas grid business to RWE in February 2019 - meaning it will no longer contribute to Innogy's earnings for the balance of the year - and the introduction of a price cap for standard variable tariffs and higher regulatory costs in the UK retail business.

Similar to the development in adjusted EBIT, the company's fiscal 2019 outlook for adjusted net income, at about 850 million euros, is also significantly lower compared to the previous year.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration (FDA) has gone ahead with the approval of antiviral drug remdesivir as first treatment for COVID-19, notwithstanding last week's findings by the World Health Organization (WHO) that the drug is not effective for COVID-19 treatment. Thursday, Gilead Sciences announced that the FDA approved remdesivir, sold under the brand name Veklury. Integrated payments firm American Express Co. (AXP) reported Friday that net income for the third quarter declined to $1.1 billion or $1.30 per share from $1.8 billion or $2.08 per share in the prior-year quarter. Consolidated total revenues, net of interest expense, also decreased 20 percent to $8.8... The Federal Trade Commission or FTC has launched a new fraud reporting platform, using which, consumers can easily report fraud and all other consumer issues directly to the regulator. In a statement, the FTC said its new website, ReportFraud.ftc.gov, will provide a streamlined and user-friendly way to submit reports about scams, frauds, and bad business practices.
Follow RTT