GDF Suez S.A. (GDFZY.PK, GDSZF.PK) reported that its fiscal 2012 net income group share declined to 1.55 billion euros from 4.00 billion euros in the prior year, after recognition of 2 billion euros impairment losses post tax, essentially on assets in Europe.
Net recurring income, Group share increased 11% over the 2011 result to 3.8 billion euros, due to the advance in current operating income. Recurring financial income, income from associates and minority interests remained stable in relation to the previous year, excluding non-recurring items.
Revenue for the year rose to 97.04 billion euros from 90.67 billion euros last year due to an increase in sales of gas and electricity in France, which benefited from a return in 2012 to average weather conditions, the progression in exploration-production activities and LNG sales, and the Group's continued expansion overseas, particularly in Latin America and Asia.
The company said that its Board reaffirmed its confidence and commitment to maintain a dividend policy. At the General Meeting, April 23, 2013, the Board will propose to shareholders a stable dividend of 1.50 euros per share for fiscal year 2012.
The company Confirmed 2013 and 2014 financial targets. The company confirmed 2013 net recurring income Group share in a range of 3.1 billion euros - 3.5 billion euros, assuming average weather conditions and stable regulation. This target is based on an estimated EBITDA between 13 billion euros and 14 billion euros, after pro forma equity consolidation of SUEZ Environnement.
Net recurring income Group share performance for 2014 is expected to be in the same range as in 2013.
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