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A Bad Year Ahead for Germany's RWE?

German utility giant RWE announced on Monday it is expecting a major drop in its net results for 2003. The Essen-based energy provider blamed the current economic malaise for reduced revenues in its environmental services division as well as lower revenue from the sale of subsidiaries. Additionally, the company said in a regular report, it is planning goodwill write-offs that will reach €1.1 billion ($1.125 billion). The German newsmagazine Der Spiegel is reporting the company is expecting a €500 million, or 40 percent, drop in business for the year.