innogy: 'structural effects' dampen profit, guidance
(CercleFinance.com) - German utility group innogy this morning announced nine-month results slightly below expectations, as the takeover by E.
ON had "significant structural effects.
In the first nine months of fiscal 2019, innogy's adjusted EBIT fell to 1,060 million euros, while adjusted net income decreased to 212 million euros, down from 458 million euros in the previous year.
Following approval by the European Commission, E.ON became innogy's new majority shareholder in September, with roughly 76.8% of its share capital.
innogy's businesses in renewables, gas storage and its stake in the Austrian utility group Kelag are to be transferred to RWE in due course.
Citing the same "structural effects," innogy's 2019 outlook has been technically adjusted: for the current fiscal year, the group now forecasts adjusted EBIT of about 1,600 million euros and adjusted net income of about 400 million euros.
Its shares were down 0.5% in Frankfurt after this report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
ON had "significant structural effects.
In the first nine months of fiscal 2019, innogy's adjusted EBIT fell to 1,060 million euros, while adjusted net income decreased to 212 million euros, down from 458 million euros in the previous year.
Following approval by the European Commission, E.ON became innogy's new majority shareholder in September, with roughly 76.8% of its share capital.
innogy's businesses in renewables, gas storage and its stake in the Austrian utility group Kelag are to be transferred to RWE in due course.
Citing the same "structural effects," innogy's 2019 outlook has been technically adjusted: for the current fiscal year, the group now forecasts adjusted EBIT of about 1,600 million euros and adjusted net income of about 400 million euros.
Its shares were down 0.5% in Frankfurt after this report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.