Innogy SE on March 12 posted full-year 2017 adjusted net income of €1.22 billion, or €2.20 per share, compared with €1.12 billion, or €2.02 per share, a year earlier.
The Essen, Germany-based energy company booked €2.82 billion in full-year adjusted EBIT, an increase from €2.74 billion in 2016. Adjusted EBITDA for the year was up to €4.33 billion, from €4.20 billion in 2016.
Full-year external revenue totaled €43.14 billion in 2017, compared with €43.61 billion in 2016, while free cash flow for the year was €797 million, a 23.4% year-over-year drop from €1.04 billion in 2016.
Innogy is majority-owned by RWE AG, which is in the middle of a multibillion-euro asset swap with E.ON SE. The transaction will see E.ON acquire RWE's majority stake in innogy and then purchase the rest of innogy in a public takeover offer.
For 2018, innogy continues to target adjusted net income of over €1.1 billion and adjusted EBIT of about €2.7 billion.
The company said it identified groupwide investment opportunities of up to €10 billion from 2018 to 2020, with a focus on the core business of its divisions, namely renewables, grid and infrastructure, and retail.
"We are driving forward the expansion of renewables, investing in future-proof infrastructure, and are already leading in the area of e-mobility," said innogy CEO Uwe Tigges.
The company also expects its board to propose a dividend of €1.60 per share in the annual general meeting April 24, in line with the company's targeted payout ratio of 70% to 80% of adjusted net income.
Also on March 12, innogy said it agreed to acquire 23-MW Deliceto wind facility in Apulia, Italy, from Imprese e Sviluppo for an undisclosed sum.
The wind farm has a 15-year incentive scheme under the former green certificates system. The project achieved operations in January 2013 and will now be operated by innogy Italia SpA.
