Innogy reports heavy loss of income in Q3 after takeoverChristian Fernsby ▼ | November 29, 2019
Innogy reported a plunge in adjusted net income by more than 50 percent for the third quarter (Q3), the company announced.
Innogy The "expected decline" of net income was caused by "structural ef
According to Innogy, adjusted net income decreased to 212 million euros (234 million U.S. dollars) in the third quarter from 458 million euros in the same period last year, while adjusted earnings before interest and taxes (adjusted EBIT) decreased to 1.06 billion euros.
Capital expenditures of Innogy amounted to 1.03 billion euros in the first nine months of 2019. The net debt rose to 18.0 billion euros by the end of September, compared to 17.0 billion euros at the end of 2018.
After the approval of the takeover by the European Commission, the 76.8-percent stake in Innogy which was previously held by German utility RWE was transferred to E.ON in September. As part of this deal, RWE received the renewable energy business from both Innogy and E.ON.
Innogy lowered its forecast for the current fiscal year and is now expecting an adjusted EBIT of just around 1.6 billion euros instead of 2.2 billion euros. ■