Innogy has confirmed its earnings forecasts for 2016 and 2017 in its first results statement since completing a €5bn IPO last month.
RWE’s renewables, grid and retail business, now 75% owned by the German utility, expects EBITDA of €4.1-€4.4bn this year and of €4.3-€4.7bn in the next.
The company has also provided its first forecast for adjusted net income – €1.1bn this year.
For the first nine months, Innogy has reported a 7% drop in EBITDA to €2.9bn due to higher expenditure on grid maintenance.
The continued operation of its new 576MW Gwynt y Môr and 295MW Nordsee Ost offshore wind farms has had a positive effect on the results, the company said.
At the same time, the completion of the two projects has led to a halving in renewables expenditure in the period.
Generation from renewables rose 5% to 7.7bnkWh compared with the previous year.
“For us, 2016 is a year of transition and of extraordinarily intensive work. October marked a very successful IPO, and today, we are presenting very solid figures for the first nine months of 2016,” Innogy chief financial officer Bernhard Günther said.
“The results are in line with expectations and we can confirm the forecast for 2016 and 2017.”
Image: RWE
