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Innogy Q1 Adj. EBIT Down; Confirms 2019 Outlook - Quick Facts

Innogy SE (IGY.DE), a German energy utility, reported that its adjusted EBIT for the first quarter of 2019 was 964 million euros, substantially down year on year. Adjusted net income fell to 407 million euros. This was primarily due to developments in the UK retail business and the sale of the Czech gas grid business

For fiscal 2019 as a whole, innogy expects net investment to be considerably higher than in the previous year. This does not include the proceeds from the sale of its Czech gas grid business.

innogy confirmed its outlook for 2019 at both Group and divisional levels. It expects adjusted EBIT of about 2.3 billion euros for the current fiscal year, which represents a substantial decline year on year. The main reasons for this decline are the sale of the Czech gas grid business in February 2019, which will thus no longer contribute to the result for the balance of the year, the introduction of the Standard Variable Tariff price cap, and higher regulatory costs in the UK retail business.

Like the change in adjusted EBIT, the outlook for adjusted net income is also well below the figure for the previous year, at about 850 million euros.

For its dividend payment, innogy aims to continue paying out 70 to 80 per cent of its adjusted net income.

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