DPA
Actually even a reason to smile: RWE CEO Peter Terium can with an increase in operating income markets surprise
The market had expects RWE earned less money in the first quarter. Surprisingly, however, the Group increased its operating profit. Has the energy company so that the best quarter already behind
?
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. <[Endif] -> The energy company RWE has thanks to a strong commercial transaction recorded at the beginning of a surprising rise in profit. The operating result increased compared with the starting quarter 2015 by 7.1 percent to over 1.7 billion euros, RWE said Thursday. Despite the unexpectedly strong start to the year, the Management Board a substantial profit decline expected next year as a whole.
The investors were pleased. The show shares of RWE stock market chart extended their gains in the morning to 7 percent and were by far the biggest winner in Dax, the slightly down-listed.
experts had expected worse figures. But now abolished the trade sector, an increase of 7 million to 166 million euros. RWE thus was able to make even the profit decline of conventional power plants. The drop in electricity prices in the wholesale ate while continuing in the balance sheet. However
Adjusted for special items earnings shrank by 2 percent to 857 million euros. This was mainly due to a poorer financial result, which benefited a year ago of gains on the sale of securities. Including all special effects slumped even the surplus by almost 60 percent. A year ago, the group had benefited from a one-time gain from the sale of oil and gas subsidiary Dea
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So RWE could but have the strongest quarter already behind him. For the full year, the Group expects declining revenues. The adjusted surplus is expected to decline from 1.13 billion to 500 to 700 million euros. The first quarter is traditionally strong in the energy sector, so that can not be the results extrapolated one to one on the full year. In addition, one-off effects from the accounting of subsidiaries had supported the result in the second half of last year.
a setback there were in debt. They rose from late December to late March by 2.8 billion to 27.9 billion euros. This was partly due to a € 1.4 billion decline due to the decline in electricity prices by (cash flow) from operations. On the other hand, the historically low interest rates were reflected. Therefore, the Group had its provisions for pension payments to its retired unexpectedly strong increase.
debt rise to almost 28 billion euros in
RWE is already threatening a significant deterioration in its credit rating at CRAs. Besides the wegbrechenden Winning the group makes it difficult to create the planned billion payment for the nuclear phase. Analysts calculate that alone RWE would also refer to provisions more than 1.6 billion euros more. RWE rejects the Commission proposal.
At the beginning is also the drop in electricity prices had accelerated in wholesale. Recently it was indeed a bit up. Nevertheless, prices are far below the former level. This is mainly due to the boom of green electricity. Until the decline but is reflected in the balance sheets of RWE, it takes a while. This is because the Group sells its electricity production years in advance. So are about currently more than 90 percent of the electricity for this year sold at prices of € 35 per megawatt hour. A few years ago the prices were twice as high.
In response to the downturn RWE organized its future business with green electricity, networks and sales in a new subsidiary, which will go public by the end of the year. still remain the coal, gas and nuclear power plants and energy trading in the parent company. With the step, RWE wants to make more attractive for investors and get new money for investment
rei / dpa
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