RWE Adjusts Dividend Policy, Maintains Earnings Guidance For 2013

(RTTNews) - In light of the deterioration in the earnings prospects of the conventional electricity generation business, the Executive Board of electricity and gas company RWE AG (RWEOY.PK) on Thursday decided to adjust the company's dividend policy.

The Executive and Supervisory Boards intend to propose to the Annual General Meeting, which will take place on April 16, 2014, a dividend of 1 euro per common and preferred share. Previous year's dividend was 2 euros. The Supervisory Board endorsed the decision.

The dividend proposal for the following fiscal years should be in line with a payout ratio of 40% to 50% of recurrent net income, as opposed to the previous range of 50% to 60%, the company said.

Meanwhile, RWE maintains the earnings forecast provided in March 2013: the company expects EBITDA of about 9 billion euros, an operating result of about 5.9 billion euros and recurrent net income of about 2.4 billion euros.