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RWE Posts FY20 Adj. Net Income Above View; Sees Weak Adj. Earnings In FY21; Lifts Dividend

German utility RWE AG (RWEOY.PK) Tuesday reported that its fiscal 2021 adjusted net income was 1.2 billion euros, above the outlook of 0.85 billion euros to 1.15 billion euros.

RWE achieved an adjusted EBIT of 1.8 billion euros, up 16 percent from last year's pro-forma result of 1.5 billion euros.

Earnings before interest, taxes, depreciation and amortisation or adjusted EBITDA was 3.2 billion euros, 7 percent higher than pro forma result of 3.0 billion euros last year..

Adjusted EBITDA from the core business was 2.7 billion euros, compared to pro-forma result for 2019 of 2.7 billion euros.

The operating performance is primarily thanks to the very good results from the Supply & Trading business, the company noted.

Further, the company said its dividend payment of 0.85 euro per share for fiscal 2020 will be proposed to the virtual Annual General Meeting on April 28. The dividend payout for the current fiscal year is to be raised once again, to 0.90 euro per share.

Looking ahead for fiscal 2021, RWE aims to achieve adjusted net income between 0.75 billion euros and 1.1 billion euros, and adjusted EBIT between 1.15 billion euros and 1.55 billion euros.

The company projects an adjusted EBITDA of between 2.65 billion euros and 3.05 billion euros at Group level. In the core business, it should amount to between 1.8 billion euros and 2.2 billion euros.

The company said the expected decline in the result is mainly due to the impact of the extreme cold snap in Texas.

Further, RWE said it will become carbon neutral by 2040.

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