E.ON Renewables on Upward Path in H1 2018

E.ON saw an EUR 31 million increase in sales at its Renewables segment in the first half of 2018, mostly influenced by higher output due to the commissioning of new offshore and onshore wind farms.

Courtesy of Rampion Offshore Wind

The sales in renewables rose from EUR 710 million to EUR 741 million in the first six months of the year, while the segment’s earnings increased by 15%, from EUR 205 million to EUR 236 million.

E.ON reported that the adjusted EBIT in its core business amounted to EUR 1.7 billion, which is 10% above the prior-year amount of EUR 1.6 billion. Likewise, adjusted EBIT for E.ON Group as a whole rose by 10% to EUR 1.9 billion, compared to EUR 1.8 billion in the first half of 2017.

The company’s adjusted net income of EUR 1,052 million in the first half of 2018 increased by 19% in comparison to EUR 881 million last year.

E.ON recently completed the voluntary public takeover offer to innogy’s minority shareholders as part of the agreement to acquire RWE AG’s 76.8% stake in innogy. The company secured an additional 9.4%, which means it will obtain 86.2% of innogy’s share capital.

“The agreed-on acquisition of RWE’s majority stake alone would’ve enabled us to integrate innogy into E.ON,” said E.ON Chief Financial Officer Marc Spieker.

“We’re therefore very satisfied with the outcome of our voluntary public takeover offer and are pleased that many other innogy shareholders accepted our offer. Numerous options are available to us for the legal aspects of the integration after closing. We’re now focusing on the preparations for this integration and a swift antitrust approvals process.”

To remind, the Rampion offshore wind farm, which E.ON is developing together with Enbridge and a consortium of Green Investment Group, Macquarie European Infrastructure Fund 5 and the Universities Superannuation Scheme, began delivering power to the UK grid this April.