VERBUND AG / Key word(s): Half Year Results/Interim Report
31.07.2013 08:00
Dissemination of an Ad hoc announcement, transmitted by DGAP - a company of
EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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VERBUND's key figures developed as follows in quarters 1-2/2013:
Key figures Unit Q1-2/2012 Q1-2/2013 Change
Revenue EURm 1,562.8 1,650.2 5.6%
EBITDA* EURm 659.6 794.3 20.4%
Operating result* EURm 471.5 -89.3 -
Group result* EURm 214.1 448.2 109.3%
Earnings per share* EUR 0.62 1.29 109.3%
EBIT margin* % 30.2 -5.4 -
EBITDA margin* % 42.2 48.1 -
Cash flow from
operating activities EURm 440.4 482.7 9.6%
Free cash flow EURm 63.2 439.6 -
Gearing ratio* % 90.2 72.6 -
* The comparative figures were adjusted retrospectively in accordance with
IAS 8 as a consequence of the first-time application of IAS 19 (2011) in
quarter 3/2012.
In the first half of 2013, operating business was driven by good water
supply. The hydro coefficient for run-of-river power plants was 11.0% above
the long-term average and 2 percentage points above the previous year's
figure. Generation from annual storage power plants increased significantly
(+12.2%). Generation from hydropower thus rose by a total of 7.8%. However,
generation from thermal power plants decreased by 2.1%. The Mellach/Styria
CCGT generated 287 GWh (-158 GWh). In contrast, generation from other
VERBUND thermal power plants in Austria was 1,141 GWh and increased by 127
GWh. The French gas power plants produced less electricity than in quarters
1-2/2012 owing to market conditions. Overall, VERBUND's own generation in
quarters 1-2/2013 was 7.5% higher than in quarters 1-2/2012. In contrast,
the overall decline in wholesale electricity prices and the continuing
difficult economic situation for gas power plants put a strain on operating
business. In addition, the result during the first half of 2013 was
influenced by significant non-recurring effects from the successful
completion of the asset swap with German utility E.ON and from the
impairment losses resulting from impairment tests. Due to the factors
described above, the results developed as follows: EBITDA improved by a
total of EUR134.7m to EUR794.3m and the Group result increased by EUR234.1m
to EUR448.2m.
Outlook for the full year
Based on the effects of the asset swap with E.ON and the impairment tests,
for financial year 2013, we expect EBITDA to amount to at least EUR1,150m
and the Group result to amount to at least EUR600m. The forecast is based
on a hydro coefficient of 1.05. We still plan to distribute a dividend of
EUR1 per share for financial year 2013.
Further information as well as the interim report quarters 1-2/2013 is
available at www.verbund.com > Investor relations > Latest financial
results.
Contact:
Andreas Wollein
Head of Group Finance and Investor Relations
T.: +43 (0)5 03 13 - 52604
F.: +43 (0)5 03 13 - 52694
mailto:investor@verbund.com
31.07.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: VERBUND AG
Am Hof 6A
1010 Wien
Austria
Phone: 0043-1-53113-52616
Fax: 0043-1-53113-52694
E-mail: investor@verbund.com
Internet: www.verbund.com
ISIN: AT0000746409
WKN: 877738
Indices: ATX
Listed: Wien (Amtlicher Handel / Official Market)
End of Announcement DGAP News-Service
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July 31, 2013 02:00 ET (06:00 GMT)
