Business World |

2009, a restructuring exercise. 2010 a transition year, according Poweo.

The leading independent supplier of electricity and gas French recalls in its press release of its annual results, the 2009 accounts have been sealed by "business conditions particularly unfavorable" and "the delay by government in implementation of a reform of the electricity market.

In the twelve months of the financial year, the group led by Loic CAPERAN has indeed widened its net losses over four and a half times, to 93.5 million. Turnover, already known since February 18 last, had emerged above the expectations of analysts, to 565 million euros (-2.2%). The negative operating result increased sharply to -85.3 million euros.In February, the CEO said it expected an operating loss of more than 75 million euros.

"In 2009, the difference between our average procurement cost of 42 euros per megawatt hour, and our average selling price of 47 euros, do not allow us to cover our marketing costs and costs of our customer management, had he said. Result: Poweo not develop its full portfolio of projects ranging between 3 and 4 billion euros in the medium term, including 1 billion for renewable energy.

For 2010, the company expects an operating loss divided by three. The future is preparing already: Poweo considering a plan 2011-2015 with a target operating profit in 2011 and net income in 2012, focusing its attention on "combined cycle natural gas, wind and solar. "

In exchange, investors punish.Titles Poweo dropped in the first exchanges of 1.2%, to 12.35 euros in a market decline of 0.27% at 3947 points.

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