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VERBUND AG — Earnings Release 2012
May 3, 2012
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VERBUND AG / Keyword(s): Quarter Results/Quarter Results
VERBUND AG: Q1/2012: clearly positive business development despite the
challenging market and industry environment
Ad hoc announcement transmitted by DGAP - a company of EquityStory AG. The
issuer is solely responsible for the content of this announcement.
VERBUND, Austria's leading utility, presents clearly positive business
development for quarter 1/2012, despite the challenging market and industry
environment.
Key figures
Unit Q1/2012 Q1/2011 Change
Revenue EURm 837.8 706.5 18.6%
Operating result EURm 263.6 215.8 22.2%
Return on sales (ROS; EBIT margin) % 31.5 30.5 -
EBITDA EURm 328.7 273.6 20.1%
EBITDA margin % 39.2 38.7 -
Group result EURm 119.5 108.5 10.2%
Earnings per share EUR 0.34 0.31 10.2%
Cash flow from operating activities EURm 246.1 357.0 -31.0%
Gearing % 81.5 105.1 -
Increased operating result and Group result
The operating result rose by 22.2% to EUR263.6m. The primary reason for
this was significantly higher electricity generation due to the very good
water supply - generation from hydropower increased by 1,103 GWh. At 1.19,
the hydro coefficient of the run-of-river power plants was 19.0% above the
long-term average and 20 percentage points above the previous year's level.
Generation from annual storage power plants also increased significantly
(+29.7%). This can be attributed in particular to the high storage levels
at the beginning of the year. Generation from thermal power plants
increased by 239 GWh. The reasons for this were the purchase of all
electricity generated by the Pont-sur-Sambre combined cycle gas turbine
power plant (CCGT) in France since 1 March 2011 (+127 GWh) and generation
from the newly constructed Mellach CCGT under trial operation in Styria
(+395 GWh), while generation from other thermal power plants in Austria
decreased (-282 GWh). At 8,328 GWh, VERBUND's own generation in quarter
1/2012 was 1,358 GWh higher than in quarter 1/2011. In addition, VERBUND
profited from an overall higher price level. At an average of EUR56.0/MWh,
electricity prices applicable for the 2012 financial year (forward
contracts 'Year Base 2012' traded in 2011) were up 12.3% over the previous
year's level. This increase was due in particular to the nuclear disaster
in Fukushima and Germany's subsequent phase-out of nuclear energy. VERBUND
already included around 60% of its own generation in 2011 over the forward
market based on its hedging strategy. In contrast, spot market prices fell
by 13.0% to EUR45.1/MWh in quarter 1/2012. Spot price development was
driven above all by low demand due to market conditions and the low prices
for emission rights. The Group result increased by 10.2% year-on-year to
EUR119.5m. The lower increase compared to net operating income can be
attributed to the non-cash expenses for the French Toul CCGT as a result of
the
unfavourable development of profitability for gas power plants in Europe.
Outlook on the full year
Given the uncertain macroeconomic and financial environment and the
resulting difficult conditions in the energy industry, it is impossible at
present to give a serious earnings forecast for 2012. VERBUND plans to
provide an outlook on the full year with the publication of its half-year
results. The dividend policy will aim for a payout ratio of approximately
50% of the Group result.
Please find further information and the interim report quarter 1/2012 on
www.verbund.com
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:[email protected]
03.05.2012 DGAP’s Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: VERBUND AG
Am Hof 6A
1010 Wien
Austria
Phone: 0043-1-53113-52616
Fax: 0043-1-53113-52694
E-mail: [email protected]
Internet: www.verbund.com
ISIN: AT0000746409
WKN: 877738
Indices: ATX
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart; Wien (Amtlicher Handel / Official Market)
End of Announcement DGAP News-Service