Germany's EnBW says back in black in 2012
EnBW, Germany's third-biggest power supplier, said Friday it returned to profit last year but overall conditions for the industry remained "difficult".
EnBW said in a statement it booked bottom-line net profit of 473.5 million euros ($617 million) in 2012, compared with a year-earlier loss of 842.3 million euros.
In 2011, EnBW and other power suppliers took massive hits on profits in the wake of the government's decision to pull out of nuclear power and shut down reactors.
Adjusted year-end profits edged up by 0.7 percent to 652.4 million euros, while underlying or operating profit fell by 4.3 percent to 2.343 billion euros on a 2.6-percent increase in sales to 19.246 billion euros, the statement said.
"The overall difficult framework conditions for the energy industry also shaped our business. The past fiscal year was not an easy one," said chief financial officer Thomas Kusterer.
"Nevertheless, EnBW created the necessary financial headroom in 2012 to realign its business model while maintaining its sound financial position," Kusterer said.
In response to the continued difficult market situation, EnBW would accelerate its cost-cutting measures and "will achieve the target of sustainably increasing (operating profit) by 750 million euros by the end of 2014, one year earlier than envisaged," he said.
© 2013 AFP