VERBUND AG — Earnings Release 2012

Mar 6, 2013

News Details

Ad-hoc | 6 March 2013 07:59

VERBUND AG: VERBUND results for the 2012 financial year: Group result increased, higher dividend

VERBUND AG / Key word(s): Final Results/Final Results

06.03.2013 07:59

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EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Despite the difficult situation on the energy markets and in the general
economy, VERBUND performed well in 2012.

Key figure Unit 2011 2012 Change
Revenue * EURm 3,027.7 3,174.3 4.8%
EBITDA** EURm 1,069.5 1,233.9 15.4%
Operating result** EURm 1,030.0 900.2 -12.6%
Operating result
before effects of
impairment tests** EURm 827.8 955.9 15.5%
EBIT margin*, ** % 34.0 28.4 -
EBITDA margin*, ** % 35.3 38.9 -
Group result** EURm 355.8 389.3 9.4%
Earnings per share** EUR 1.02 1.12 9.4%
Cash flow from
operating activities EURm 829.9 1,034.7 24.7%
Gearing** % 82.3 64.9 -
(Proposed) dividend
per share EUR 0.55 0.60 9.1%

*The key figures were adjusted to reflect the changes in accounting
treatment for energy derivatives in the wholesale portfolio. The change was
implemented retrospectively effective 1 January 2011 in accordance with IAS
8.
**The key figures were adjusted to reflect the (early application of)
changes in accounting treatment for employee benefits in accordance with
IAS 19 (2011). The change was implemented retrospectively effective 1
January 2011 in accordance with IAS 8.

Results developed positively
EBITDA rose by 15.4%. This was due in particular to the above-average water
supply of run-of-river power plants (+22% points year-on-year). Generation
from annual storage power plants also increased significantly (+34.2%).
VERBUND had already contracted for the majority of its own generation for
2012 on the futures market in 2011. At an average of EUR56.0/MWh for base
load and EUR69.0/MWh for peak load, electricity wholesale prices were up
12.3% and 6.9%, respectively, on the previous year's level. In contrast,
the average spot market prices fell in 2012: by 16.7% to EUR42.6/MWh for
base load and 12.6% to EUR53.4/MWh for peak load. Thus, the average sales
price for 2012 was EUR53.6/MWh (2011: EUR53.8/MWh).
The operating result decreased by 12.6% on the previous year. The decline
was primarily due to impairment tests performed on VERBUND power plants in
the previous year, which had a net effect of EUR+202.2m on the operating
result for 2011. In contrast, EUR55.8m in effects from impairment tests had
a negative impact on the operating result in 2012.
The operating result before effects from impairment tests increased by
15.5% in 2012, however.
The Group result rose by 9.4% due to a significant improvement in the
financial result.

Dividend 2012
For the financial year 2012 a dividend of EUR0.60/share will be proposed to
the Annual General Meeting on 17 April 2013. This corresponds to a
year-on-year increase of approximately 9%. The payout ratio will thus
amount to 53.5%.

Outlook 2013
On the basis of average own generation from hydropower, EBITDA is expected
to amount to approximately EUR1 billion for the 2013 financial year.
Provided that the asset swap announced in December 2012 will be successful
completed, VERBUND plans an extraordinary increase of the dividend to
EUR1/share. Hence the shareholders are to participate in the value realised
through the disposal of the Turkish activities.

Please find further information and the Annual Report 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:investor@verbund.com

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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)

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