EONGY E ON SE (PK)

(Includes consolidated group figures, outlook adjustments.)

 
   By Max Bernhard 
 

RWE AG (RWE.XE) said Tuesday that its first-half earnings fell and that it has adjusted its financial reporting following the deal to sell its stake in Innogy SE (IGY.XE) to E.ON SE (EOAN.XE).

"As a result of this change, the consolidated figures for the RWE Group are only of limited informational value," RWE said.

RWE said it therefore provided key figures for its stand-alone business, excluding Innogy, in addition to its consolidated group figures.

For its stand-alone business, excluding Innogy, RWE reported adjusted earnings before interest, taxes, depreciation, and amortization of 1.1 billion euros ($1.25 billion) compared with EUR1.4 billion the prior-year period. Adjusted net income was EUR683 million compared with EUR883 million in the first six months of 2017, RWE said.

RWE reported group revenue of EUR6.83 billion, down from EUR7.47 billion a year ago. Accounting changes resulted in a lower reported revenue for 2018, RWE said. Group net profit in the period dropped to EUR162 million from EUR2.67 billion, the company said.

RWE said changes to its financial reporting would also affect full-year results and therefore its outlook.

Excluding Innogy's business, the company expects adjusted Ebitda of between EUR1.5 billion and EUR1.8 billion in 2018.

RWE said it still plans a dividend increase for fiscal 2018 to EUR0.70 from EUR0.50.

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

(END) Dow Jones Newswires

August 14, 2018 02:43 ET (06:43 GMT)

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