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VERBUND AG — Earnings Release 2013
May 2, 2013
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VERBUND AG / Keyword(s): Quarter Results/Interim Report
VERBUND AG: Results for quarter 1/2013: Solid results in a difficult
environment
Ad hoc announcement transmitted by DGAP - a company of EquityStory AG. The
issuer is solely responsible for the content of this announcement.
VERBUND's business developed solidly in quarter 1/2013 in a difficult
energy and general economic environment.
Key figures Unit Q1/2012 Q1/2013 Change
Revenue EURm 837.8 862.3 2.9%
EBITDA EURm 348.8 312.3 -10.5%
Operating result EURm 283.7 233.7 -17.6%
Group result EURm 129.1 77.1 -40.3%
Earnings per share EUR 0.37 0.22 -40.3%
EBIT margin % 33.9 27.1 -
EBITDA margin % 41.6 36.2 -
Cash flow from
operating activities EURm 246.1 285.1 15.8%
Free cash flow EURm -144.8 53.4 -
Gearing* % 82.0 60.7 -
- 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.
The operating business was positively impacted in quarter 1/2013 by a good
water supply. The run-of-river power plants' hydro coefficient of 1.20 was
20.0% above the long-term average and 1 percentage point above the previous
year's figure. Generation from the annual storage power plants increased
considerably (+8.8%). Thus, generation from hydropower increased by 3.5%.
In contrast, generation from thermal power plants decreased by 9.1%.
Overall, VERBUND's own generation in quarter 1/2013 was up 1.9% over
quarter 1/2012.
However, the declining level of wholesale prices for electricity as a whole
negatively impacted the earnings trend as did the continued difficult
economic situation for gas power plants. Thus, EBITDA decreased by 10.5% to
EUR312.3m and the operating result fell by 17.6% to EUR233.7m.
The Group result decreased significantly by 40.3% to EUR77.1m. This can be
attributed in particular to the negative contribution of Italian Sorgenia,
primarily impacted by an impairment loss recognised for its 39%
equity-accounted interest in Tirreno Power S.p.A. The resulting effect on
VERBUND's profit or loss in quarter 1/2013 totalled EUR-38.4m.
Outlook for the full year
For financial year 2013, we plan to increase the dividend and pay a total
of EUR1/share. This is based on successful completion of the asset swap
with E.ON, the profits from which we will share with our shareholders. On
the basis of average own generation from hydropower, we expect EBITDA for
financial year 2013 to amount to approximately EUR1 billion. The
year-to-date water supply in 2013 supports this outlook.
Further information and the interim report quarter 1/2013 you can find 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]
02.05.2013 DGAP’s Distribution Services include Regulatory Announcements,
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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: [email protected]
Internet: www.verbund.com
ISIN: AT0000746409
WKN: 877738
Indices: ATX
Listed: Wien (Amtlicher Handel / Official Market)
End of Announcement DGAP News-Service