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innogy achieves 2019 earnings targets

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innogy achieves 2019 earnings targets image
  • Adjusted EBIT at around €1.6 billion
  • Adjusted net income at around €0.4 billion

23 March 2020

innogy SE closed fiscal 2019 below the previous year, as anticipated, and achieved the outlook amended in November 2019. The company recorded adjusted EBIT amounting to €1,615 million, which was around 23 percent below the previous year's figure. Adjusted net income amounted to €427 million, a reduction of around 39 percent. The main reasons for the decline in results were regulatory interventions in the British retail business in relation to introducing the price cap for standard tariffs and intense competitive pressure. Furthermore, higher grid fees and wholesale prices for electricity and gas in the German retail business were not fully passed on to the customers. In the Grid & Infrastructure division, earnings were reduced due to the sale of the Czech gas grid business at the end of February 2019.For details of the business performance, please refer to the Annual Report 2019, available at www.innogy.com/annual-report-2019.

innogy's takeover by E.ON led to significant structural effects in terms of reporting. The business activities to be sold to RWE in relation to innogy's takeover by E.ON were moved to the segment 'Divestment Business' and stated as discontinued operations since the nine months 2019 statement. These structural effects had an impact on the outlook for fiscal 2019, as the operations in the Divestment Business segment no longer contribute to the consolidated figures for adjusted EBIT and adjusted net income, among other things. Consequently, in November 2019 innogy adjusted the previous forecast to reflect these effects.

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