RWE to cut jobs and expects earnings to fall in 2014

Essen, Germany

Despite a still difficult market environment, the operating result of RWE AG for the first three quarters of 2013 was more-or-less stable, at EUR 4.6 billion. EBITDA was also largely unchanged compared to 2012, at EUR 6.7 billion. Recurrent net income, at EUR 1.9 billion, showed a slight increase. Revenue rose slightly, by 4% to EUR 39.9 billion. Here, the Group primarily benefited from increased gas sales due to weather conditions. The outlook for the year as a whole remains unchanged: RWE is expected to achieve all of the forecast figures published in March for EBITDA, operating result and recurrent net income.

However, this stable development compared to the previous year is solely due to the one-off effect of the successful revision of the gas supply contract with Gazprom. The Group

Source: IWR Online, 14 Nov 2013