Feb. 27, 2014, 8:49 AM
- GDF Suez (GDFZY) swung to a net loss of €9.3B in 2013 from a restated profit of €1.54B a year earlier after taking write-downs of €9.1B, mostly on European power assets, and after booking goodwill charges of €5.8B.
- GDF took the writedowns, which reflect soft demand and increased competition from coal, because "the change in environment in Europe is now serious and long-lasting."
- Net recurrent profit -10% to €3.4B.
- EBITDA dropped to €14.8B from €17B under new accounting rules.
- Expects net-recurrent profit of €3.3-3.7B in 2014.
- Shares +5% in Paris.
- GDF maintained a dividend of €1.50 a share for 2013 but said it would only pay a minimum of €1 from 2014-2016. (PR)