Due to lower partnership earnings, EBITDA decreased by 18%. EBITDA generated by offshore assets increased by 7% on the back of new operating capacity. EBITDA generated by onshore assets doubled but is still insubstantial at the group level. The group confirmed its operating FY20 figures but slightly reduced its FY20 investment guidance, due to timing effects. Our negative recommendation is confirmed, for more details on the investment thesis, please see the leader in a highly competitive sect
