Sales decreased by 15% yoy reaching €3.46bn and missing estimates by 2% driven by low power prices and flat demand. Reported profit finished in negative at -€150m territory due to impairments on nuclear and thermal assets, where +adjusted profit decreased by 25% yoy to €808m, 6% below expectations as all segments are below estimates+. Fourth quarter EPS missed estimates by 60% to 0.02, but the FY EPS are in line with consensus at 4.66. The *balance sheet remains strong* and 11%

03 Feb 2016
Weak results, lower dividend, and Russian exposure.

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Weak results, lower dividend, and Russian exposure.
Sales decreased by 15% yoy reaching €3.46bn and missing estimates by 2% driven by low power prices and flat demand. Reported profit finished in negative at -€150m territory due to impairments on nuclear and thermal assets, where +adjusted profit decreased by 25% yoy to €808m, 6% below expectations as all segments are below estimates+. Fourth quarter EPS missed estimates by 60% to 0.02, but the FY EPS are in line with consensus at 4.66. The *balance sheet remains strong* and 11%