VERBUND AG: VERBUND Q1-3/2012: Higher Group result, 2012 outlook raised

VERBUND AG  / Key word(s): Quarter Results/Interim Report

24.10.2012 07:59

Dissemination of an Ad hoc announcement, transmitted by DGAP - a company of
EquityStory AG.
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VERBUND, Austria's leading electricity company, achieved good results in
quarters 1-3/2012 despite the challenging market and industry environment.

Key figures               Unit       Q1-3/2012     Q1-3/2011     Change 
Revenue*                  EURm       2,294.0       2,201.9        4.2%  
Operating result**        EURm         679.5         868.0      -21.7%  
Operating result                                                        
before effects from                                                     
impairment tests**        EURm         732.6         665.7       10.1%  
Return on sales                                                         
(ROS, EBIT margin)* **     %            29.6          39.4          -   
EBITDA**                  EURm         937.5         841.4       11.4%  
EBITDA margin* **          %            40.9          38.2          -   
Group result**            EURm         332.2         315.4        5.3%  
Earnings per share**      EUR            0.96          0.91       5.3%  
Cash flow from                                                          
operating activities      EURm         583.3         638.1       -8.6%  
Gearing ratio**            %            82.5          81.8          -
*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.

Group result increased
In quarters 1-3/2012, operating business was driven in particular by good
water supply. At 1.07, the hydro coefficient was 7.0% above the long-term
average and 19 percentage points above the previous year's figure. In
addition, VERBUND benefited from higher sales prices as a result of its
hedging strategy: at an average of EUR56.0/MWh, electricity prices
applicable for the 2012 financial year already traded in 2011 via futures
contracts ('Year Base 2012') were up 12.2% over the previous year's level.
In contrast, spot market prices fell by 16.5% to EUR43.0/MWh in quarters
1-3/2012. In quarters 1-3/2012, however, the operating result fell by 21.7%
to EUR679.5m due to the first-time measurement of the gas supply agreement
for the Mellach CCGT and due to positive effects from impairment tests in
quarter 3/2011. The operating result before effects from impairment tests
increased by 10.1% to EUR732.6m. The Group result increased by 5.3% to
EUR332.2m, in particular due to the significant improvement of the
financial result.

Outlook for the full year
Assuming average water supply in quarter 4/2012, we expect an operating
result of around EUR830m and a Group result of around EUR380m for the
entire year. The dividend policy will aim for a payout ratio of
approximately 50% of the Group result.

Please find further information and the interim report quarters 1-3/2012 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)
 
End of Announcement                             DGAP News-Service
 
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