EON Renewables profit falls 20% as offshore wind earnings slump
The renewables arm of German utility EON said nine month 2017 profit fell with 19.7% to €248m ($288m). Onshore wind and solar earnings slipped to €62m from €66m, while the offshore wind/other category dropped by €57m from a year earlier period to €299m because of unfavourable wind conditions and a book gain from 2016 that wasn't repeated. EON as a whole reported a net profit of €965m, a gain of 50%, and CFO Marc Spieker said the company was in line to meet its full-year 2017 forecast.
The renewables division of German utility E.on SE (ETR:EOAN) has experienced a 19.7% year-on-year decline in adjusted EBIT to EUR 248 million (USD 288m) for the first nine months of 2017.

Adjusted earnings before interest and tax (EBIT) at the Onshore Wind/Solar segment decreased slightly to EUR 62 million from EUR 66 million, in part because of volume-driven earnings declines in Italy and the UK. The result at the Offshore Wind/Other segment was EUR 57 million lower in January-September 2017 due to the adverse effect of unfavourable wind conditions in the UK and the absence of a book gain registered in 2016.

The table below gives more details about the performance of E.on’s Renewables division in the third quarter and nine months.

Results in EUR million 9-mo 2017 9-mo 2016 Q3 2017 Q3 2016 Adjusted EBIT (loss) 248 309 43 55 - of which Onshore Wind/Solar 62 66 (15) 13 - of which Offshore Wind/Other 186 243 58 42 Adjusted EBITDA 508 584 122 138 - of which Onshore Wind/Solar 209 229 27 57 - of which Offshore Wind/Other 299 355 95 81 Sales 1,130 1,022 420 342 - of which Onshore Wind/Solar 691 567 302 220 - of which Offshore Wind/Other 439 455 118 122

Overall, the energy group booked an adjusted net profit of about EUR 965 million in the nine-month period, which is more than 50% above the prior-year level. Adjusted EBIT was down 8% to EUR 2.1 billion, but in line with expectations.

“All key figures and developments are in line with our planning. We therefore reaffirm our forecast for full-year 2017,” said CFO Marc Spieker.

(EUR 1.0 = USD 1.159)

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