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GDF Suez books 15 bln eur charge as energy crisis lasts
February 27, 2014 / 6:56 AM / in 4 years

GDF Suez books 15 bln eur charge as energy crisis lasts

PARIS, Feb 27 (Reuters) - French gas and power group GDF Suez said it booked a 14.9 billion euro ($20.36 billion) impairment charge as it sees no improvement in Europe’s energy crisis.

GDF said it took a 9.1 billion euro impairment on its power generation assets and a 5.8 billion impairment on goodwill. The company swung to a full-year net loss of 9.74 billion euros from a 1.54 billion profit in 2012.

“This decision reflects the group’s conviction that this situation is serious and long-lasting,” GDF Chief Executive Gerard Mestrallet said on a conference call.

He added that the impairments would have no effect on cash or cash flow generation, which stand respectively at 8.8 billion euros and 10.4 billion.

GDF proposed an unchanged dividend of 1.5 euros per share. ($1 = 0.7317 euros) (Reporting by Geert De Clercq; Editing by James Regan)

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