- Published: 11 August 2017 11 August 2017
During the first half of 2017, innogy increased its result as expected: Adjusted EBITDA was about € 2.4 billion, up 2 per cent year on year. Net of operating depreciation and amortisation, innogy posted adjusted EBIT of about € 1.7 billion, an increase of 4 per cent compared to the same period last year. Adjusted net income was up as much as 16 per cent, to € 857 million.
The grid business was the main driver of the earnings growth achieved in the first half of 2017. Adjusted EBIT from the Grid & Infrastructure division increased by 19 per cent, to € 1,094 million.
Adjusted EBIT in the Renewables division was down 18 per cent to € 179 million. This was primarily due to below-average wind and precipitation levels during the first half of the year. In addition, positive one-off effects in the previous year did not recur. The devaluation of the British pound compared to the euro also had a negative impact. A positive effect by contrast was felt from the commissioning of new onshore wind farms.
At € 588 million, adjusted EBIT in the Retail division was 8 per cent down year on year
In the first half of 2017, innogy produced 5.7 billion kWh of electricity, 8 per cent less than in the same period last year. A large portion was attributable to generation from renewables: about 65 per cent from onshore and offshore wind turbines and about 21 per cent from run-of-river and storage power stations. A small proportion was produced by biomass and photovoltaic plants. Some 11 per cent stemmed from conventional electricity generation capacities at companies in which innogy holds a stake.
innogy maintains the outlook on this year’s business performance. It anticipates that the innogy Group will achieve about € 4.4 billion in adjusted EBITDA and about € 2.9 billion in adjusted EBIT. From today’s perspective, adjusted net income is expected to total over € 1.2 billion, thus exceeding the figure achieved in 2016 by at least 7 per cent.