German utility firm RWE AG's (RWEOY.PK) full-year 2012 net income attributable to the company's shareholders fell 27.7% year-on-year to 1.31 billion euros, from 1.81 billion euros, with annual recurring net income totaling 2.46 billion euros, a marginal drop from the prior-year's 2.48 billion euros.
The firm reported 10.1% higher earnings before interest, taxes, depreciation and amortization or EBITDA of 9.31 billion euros, versus last year's 8.46 billion euros.
On a per share basis, earnings slid to 2.13 euros this year, from 3.35 euros a year back, and recurrent net profit dropped to 4.00 euros from 4.60 euros in 2011.
Looking ahead, RWE confirmed its forecast for 2013, still expecting an operating result of 5.9 billion euros. EBITDA is projected to be 9 billion euros, and recurrent net income around 2.4 billion euros. The gas price review with Gazprom, the only one outstanding, is expected to be brought to a successful conclusion this year.
Separately, RWE's board has decided to withdraw from the exploration and production of crude oil and natural gas. Hence, the company intends to look at the options for divesting RWE Dea AG's shares. The planned disposal, which would be in line with the company's strategic repositioning, would take considerable pressure off future capital expenditure and thus make an essential contribution to improving RWE's financial headroom.
Further, the company said it intends to pay a dividend of two euros per share.
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