February 15, 2018 / 3:40 PM / 10 months ago

Innogy says media report about profit shortfall is without foundation

FRANKFURT, Feb 15 (Reuters) - Innogy on Thursday dismissed a report saying the German energy group would earn up to 400 million euros ($499 million) less in annual pre-tax profit over the next five years.

Germany’s Manager Magazin, not citing where it obtained the information, said “controllers” had identified a pre-tax profit shortfall of 1.5-2 billion euros over the next five years.

“The figures mentioned are without foundation. We have given an outlook for 2018. It still stands,” a spokesman for Innogy said in an emailed statement. Innogy has not given an outlook beyond 2018.

Manager Magazin, citing company insiders, also said that Innogy might have to book writedowns on acquisitions, including on its purchase of solar and battery group Belectric. ($1 = 0.8008 euros) (Reporting by Christoph Steitz; Editing by Edward Taylor)

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