German utility RWE makes billion euro impairment

Germany Lower profitability is leading to new efficiency targets.

T the second largest utility in Germany, RWE, posted an operating profit of Euro 3.8 billion in unaudited pro-forma figures for 2015. Continued tough market conditions caused the company to recognize an impairment of Euro 2.1 billion for its German and UK power plants and also to raise the target for its efficiency-enhancement program to Euro 2.5 billion. In its dividend proposal, RWE’s Executive Board plans suspension of payment for common shares and 13 cents per preferred share.

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