Eurogrid GmbH: 50Hertz/Eurogrid publish annual accounts 2018 - withdrawal of Moody's rating

Berlin (pta014/26.02.2019/10:14 UTC+1) Eurogrid GmbH published today its consolidated annual accounts 2018. During the 50Hertz Transmission GmbH annual press conference CFO Marco Nix presented strong financial results for 2018.

Key figures (in mEur):

	2018	2017
		(restated)
Revenue	10,205	9,803
Total turnover	1,365	1,330
EBIT	385	322
Group profit	238	183
Total assets	7,638	7,114
Equity	1,495	1,357

Link to analyst call presentation: https://www.eurogrid.com/en-us/Publications/Presentations

Eurogrid GmbH have decided to terminate its commercial relationship with Moody's Investors Service and have requested for Moody's solicited credit ratings for Eurogrid GmbH and its debt obligations to be removed. The senior unsecured notes issued by Eurogrid GmbH remain rated BBB+ by S&P, with stable outlook.

Eurogrid GmbH (Eurogrid) is a company active in the energy industry, having its registered office in Berlin. Eurogrid invests in electricity infrastructure and offers services to its customers in the sector. The company is majority-owned by Belgian TSO Elia System Operator NV/SA (Elia), listed on the Belgian stock exchange. Eurogrid owns 100 % of the shares in German electricity transmission system operator 50Hertz Transmission GmbH (50Hertz).

50Hertz takes care of the operation and expansion of the transmission network with more than 1000 employees. The company is responsible for the management of the overall electricity system in the German Länder of Berlin, Brandenburg, Hamburg, Mecklenburg-Western Pomerania, Saxony, Saxony-Anhalt and Thuringia. As a transmission system operator at the heart of Europe, 50Hertz stands for the secure integration of renewable energies, the development of the European electricity market and the maintenance of a high standard of supply security. The shareholders are the Belgian transmission system operator Elia (80 percent) and the Kreditanstalt für Wiederaufbau (KfW, 20 percent). As a European transmission system operator, 50Hertz is part of the Elia Group and a member of the European association ENTSO-E.

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