logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Toyota Motor Corp. (TM) announced plans to invest $391 million at its pickup truck assembly plant in San Antonio, Texas. The investment is part of the Japanese automaker's plan to invest $13 billion in its U.S. operations over five years through 2021. The company said the investment will be used... Virgin Atlantic is set to challenge British Airways' dominance at London Heathrow as the carrier announced plans to fly to 84 new destinations from the airport when its third runway is opened. Chief Executive Shai Weiss said, "Heathrow has been dominated by one airline group for far too long. The... Walmart (WMT) on Wednesday announced that it is teaming up with Capital One to roll out two new credit cards designed to compete with cards from Apple and Amazon. The companies said the Capital One Walmart Rewards Credit Card Program with two new cards will launch on September 24. The program's Mastercard...
Follow RTT