ESSEN ( Thomson Financial) – RWE is a newspaper report that must in the coming year revise its earnings forecasts sharply downwards . As the newspapers of the WAZ Group , citing the environment of the RWE Board report , the Group currently expects for 2011 a reduction of profits by about EUR 1.5 billion . (Photo : RWE)
The reason for this are permanently lower electricity sales and new pressures from the nuclear compromise with the federal government.
The stock is clearly after following the announcement of the report , and also uses the papers of rival E. ON down.
"The EUR 1.5 billion is a speculation , we do not comment , "a spokesman for RWE AG said this on request. currently update RWE the medium-term plan , to be unveiled in February.
According to the newspaper vorranging two effects will make for the profit decline . Unlike adopted , prices for electricity supply in the coming year on average far less than 60 EUR , as the writing " WAZ ". The trading year was almost complete , which means that RWE foresee already could that the expected revenues and thus the projected gains are rarely achieved. Continue to have higher costs for power plant fuels such as coal and gas are recorded . "Margins are so in the electricity business tight , " I meant it .
This would be for information from the group effects come from the nuclear compromise that could up to 800 million EUR push to win . RWE CEO Juergen Grossmann had already announced in an internal managers conference that lie ahead tougher times .
Like the " WAZ " writes further that there had while also been called the negative effects could be partially offset by above-average profits in other areas. Then the business with the networks run pleasingly stable. In addition, the oil and gas business in the Group of RWE Dea recovering faster than expected.
The charges from the nuclear compromise dispute RWE does not . However, Chief Financial Officer Rolf Pohlig the Financial Times Germany "had earlier said that RWE expects from the atom compromise in the current situation "with an annual burden of EBITDA of around 700 million EUR in the next few years. " Recurrent net income will first be charged with 500 million EUR .
Like other nuclear companies , RWE had placed significant burdens on the agreements over longer terms in the coming years in view. For the lion’s share of this tax is provide to the fuel consumption from 2011. was announced As their introduction in the summer by the federal government, the group had withdrawn from the half-year results the in February given medium-term forecast for re- examination.
Part of the announced for February new goals will be the volume of savings of the group. Like the " WAZ " , writes , RWE aggravate as a consequence of the difficult situation his current savings program. So far, the cost base will in 2012 compared to 2006, some EUR 1.2 billion lower. " Then a shovel is risen , " I meant it . How exactly should the savings program, according to the report is still unknown.
At least this year , the signs for the group but still growth. The current forecast an increase of about 5% in operating results and sustained net result confirmed the RWE spokesman. 2009, the company had earned surgically EUR 7.1 billion . Adjusted for special items net income was EUR 3.5 billion.
The latter is used by RWE as the basis for dividend distribution. Probably for this reason are reports of such profit drops poison for the stock prices of suppliers, whose shareholders are often more interested in profits are interested than in capital gains.
"Investors are worried about the dividend , "it says in the afternoon trade in view of the course board. The utility sector falls after the newspaper report as " the most massive selling pressure . " "Sales are three times as high as normal, "said one trader. RWE and E. ON fell temporarily to new annual lows . Against 17.22 clock it is trading at 50.87 or 21.65 EUR and are leading the losers list by far .
www.derwesten.de / waz
-By Martin Rapp , Dow Jones Newswires ;
+49 211 13 87 214 ; martin.rapp @ dowjones.com
(Manuel Priego – Thimmel in Frankfurt contributed to this article.)
DJG / mmr / brb / voi