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VERBUND AG — Earnings Release 2017
Jan 16, 2018
765_iss_2018-01-16_e104cea2-eda1-4a35-926f-d7aa0d327eea.pdf
Earnings Release
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DGAP-Ad-hoc: VERBUNDAG/ Keyword(s):Change in Forecast/Dividend VERBUNDAG: VERBUNDadjusts earnings outlook for 2017 and increases dividend
16-Jan-2018 / 13:29 CET/CEST
Disclosure of an inside information acc. toArticle 17 MAR, transmitted byDGAP- a service of EQSGroupAG. The issuer is solelyresponsible for the content of this announcement.
VERBUNDAG's management todayannounced that it is adjusting its earnings outlook for financial year 2017. TheGroup result after adjustment for non-recurring effects will rise to around EUR350m (previous forecast: around EUR300m). The dividend will be around 40% of the adjustedGroup result and will therefore increase to around EUR0.40 per share (2016: EUR0.29 per share). VERBUNDexpects EBITDAof around EUR920m (previous forecast: around EUR830m) and aGroup result reported of around EUR300m (previous forecast: around EUR320m).
The upward revision to the EBITDAforecast to around EUR920m is due mainlyto water supplyin quarter 4/2017 being above average, a better result in theGrid segment, the programmes to reduce costs and increase efficiencyand a higher contribution from flexibility products. These factors also resulted in an improvement in theGroup result after adjustment for non-recurring effects to around EUR350m.Non-recurring income from the sale of shares in e-mobilityprovider SMATRICSlikewise had a positive effect on EBITDA.
Besides the aforementioned positive factors, the adjustment to the forecast for theGroup result reported for financial year 2017 is also attributable to negative non-recurring effects arising from impairment testing. These are due to changes in the energymarket parameters and an increase in the WACCbrought into line with interest rates.Overall, this resulted in an impairment loss on the power plants.
Further details on the results for financial year 2017 will be announced when the figures are published on 14 March 2018.
Contact:
Andreas Wollein Head ofGroup Finance, M&Aand Investor Relations T.: +43 (0)5 03 13 - 52604 F.: +43 (0)5 03 13 - 52694 mailto:[email protected]
16-Jan-2018 CET/CESTThe DGAPDistribution Services include RegulatoryAnnouncements, Financial/Corporate News and Press Releases.
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| Language: | English |
|---|---|
| Company: | VERBUNDAG |
| Am Hof 6A 1010 Wien |
|
| Austria | |
| Phone: | 0043-1-53113-52604 |
| Fax: | 0043-1-53113-52694 |
| E-mail: | [email protected] |
| Internet: | www.verbund.com |
| ISIN: | AT0000746409 |
| WKN: | 877738 |
| Indices: | ATX |
| Listed: | Foreign Exchange(s) Wien (Amtlicher Handel /Official Market) |
End ofAnnouncement DGAPNews Service