ESSEN (dpa-AFX) - German utility RWE AG (RWEOY.PK) Thursday presented its new subsidiary innogy on its capital market day, stating that it is blueprint for the energy company of the future.
The company said it is planned to pay out between 70% and 80% of adjusted net income to the shareholders.
innogy bundles the business segments Grid & Infrastructure, Retail and Renewables with leading market positions in eleven European countries under one umbrella. Due to this focus, innogy is largely CO2 free.
For the unit, roughly 60% of the overall EBITDA comes from regulated and quasi regulated business activities in the Grid & Infrastructure and Renewables segments. The three innogy segments generate stable cash flows.
The company further said that IPO of the unit is still planned towards the end of 2016. RWE intends to remain the majority shareholder after innogy's planned IPO. It is planned that RWE AG will have one representative on innogy's 20-member Supervisory Board from September 1 on, namely RWE AG's designated CFO Markus Krebber.
Furthermore, it is planned that Werner Brandt will become Chairman of the Supervisory Board of innogy, who is also Chairman of the Supervisory Board of RWE AG. RWE AG intends to manage its holdings in innogy purely as a financial investment.
Copyright RTT News/dpa-AFX