Essen,
21
August
2019
|
16:21
Europe/Amsterdam

innogy has sold its stake in Slovakian VSEH to RWE

  • Intra-Group transfer of innogy's 49 per cent stake in the business of Slovakian VSEH (Východoslovenská energetika Holding a. s.) to RWE
  • Structural effect on outlook due to retroactive disclosure as discontinued operations as per 1 January 2019

innogy SE has sold its 49 per cent stake in the business of the Slovakian VSEH(Východoslovenská energetika Holding a. s.), based in Kosice, to RWE. VSEH is a holding company whose subsidiaries are engaged in the business of electricity supply and distribution as well as retail in Slovakia.

The parties have agreed not to disclose the purchase price. From innogy's perspective, an attractive price was secured. This has been confirmed by an expert opinion provided by a renowned audit firm on the basis of generally accepted valuation principles. As the proceeds from the sale are recognised in the non-operating result, this positive effect is not reflected in the adjusted EBIT.

VSEH will be disclosed retroactively as discontinued operations as per 1 January 2019. Due to this structural effect, the higher double-digit euro million amount of the Slovakian energy business expected for 2019 will no longer contribute to the adjusted Group EBIT of the current fiscal year. This is reflected in the outlook for 2019 as follows