- WKN: 877738
- ISIN: AT0000746409
- Land: Österreich
Nachricht vom 29.07.2021 | 07:59
VERBUND AG: Results for quarters 1-2/2021: positive income trend due to higher sales prices and first-time consolidation of Gas Connect Austria GmbH
DGAP-News: VERBUND AG
/ Key word(s): Half Year Results/Change in Forecast
The Group turned in a very satisfactory business performance in quarters 1-2/2021. The energy market environment continued to improve apace, and particularly prices for European CO2 emission rights, which are crucial for the switch from carbon-intensive coal-fired power generation to lower-carbon gas-fired power generation, and the prices for primary energy sources, which determine the wholesale price of electricity in Europe, increased significantly in the reporting period. The Group's long-term positioning across all segments fits seamlessly with the energy sector's increasingly ambitious decarbonisation goals within the EU and in Austria.
These positive developments in the energy market environment will greatly benefit VERBUND's business model. VERBUND is ideally positioned in this environment as a hydropower producer with an increasing share of new renewables. Our strategy envisages that, in addition to hydropower, by 2030 a total of 20-25% of the electricity VERBUND generates will come from new renewable sources of energy in Europe. The Renewable Energy Development Act (Erneuerbaren-Ausbau-Gesetz, EAG), passed by the Austrian parliament in early July 2021, provides for extensive decarbonisation and climate neutrality by 2040 and thus creates the framework for achieving this ambitious goal. In addition to its activities relating to electricity and gas grids, which also need to be expanded on a large scale to achieve the ambitious climate targets, as well as in electricity trading and sales, VERBUND will move into new fields of application that will play an important role in the successful implementation of the energy transition over the coming years. Examples are the development of a green hydrogen system, the advancement of electromobility and the development of storage systems. VERBUND is thus making a vital contribution to the implementation of Austria's climate strategy.
The results posted by VERBUND for quarters 1-2/2021 were very gratifying. EBITDA increased by 2.5% to €654.9m, and the Group result rose by 4.5% to €324.5m. The adjusted Group result increased by 4.7% to €315.2m. At 0.96, the hydro coefficient for the run-of-river power plants was 4 percentage points below the long-term average and 1 percentage point above the comparative prior-year figure. Generation from annual storage power plants fell by as much as 16.0% in quarters 1-2/2021 due to lower natural water inflows and reduced turbining. Generation from hydropower thus decreased by 430 GWh compared with the prior-year reporting period. However, the marked increase in wholesale electricity prices on the spot markets gave a boost to earnings - unlike futures market prices, which declined in the period under review. The average sales price obtained for our own generation from hydropower thus rose by €2.2/MWh to €46.6/MWh. The first-time consolidation of Gas Connect Austria GmbH also resulted in a positive contribution to earnings.
VERBUND's share price stood at €77.7 as at 30 June 2021, an increase of 11.2%. The value of VERBUND based on market capitalisation was therefore €27.0bn at the end of quarter 2/2021. This positions the Group at the pinnacle of the ATX by a large margin and makes it one of the largest utilities in Europe - a clear signal that the capital market takes a positive view of the Group's strategy and positioning.
Additional information as well as the Interim Financial Report for quarters 1-2/2021 is available at www.verbund.com > Investor Relations > Latest financial results.
Head of Group Finance and Investor Relations
T.: +43 (0)5 03 13 - 52604
F.: +43 (0)5 03 13 - 52694
|Am Hof 6A|
|Listed:||Foreign Exchange(s) Vienna Stock Exchange (Official Market)|
|EQS News ID:||1222507|
|End of News||DGAP News Service|
VERBUND AG: Release of a Financial report
VERBUND AG: VERBUND results for quarter 1/2015 ...
VERBUND AG: Voting results for the ordinary ge ...
VERBUND AG: Release of a Financial report
VERBUND AG: Convening of the Annual General Me ...
GBC im Fokus
IGEA Pharma N.V. Realignment to CBD extraction
The goal is to become the quality and cost leader in the field of CBD in Europe. To this end, a GMP pharma compliant plant is being built in Switzerland. The supercritical CO2 extraction process is to be used to achieve the highest standard of quality. The CBD market is growing strongly and with the focus on quality leadership and pure extraction, IGEA Pharma's new business model should be able to occupy an attractive niche market. With the proprietary supercritical CO2-extraction technology, other markets such as vanilla, rose or rosemary can be developed in the medium term. Based on our DCF model, we have determined a fair value of € 1.05 (CHF 1.13) per share and assign a BUY rating.
Der AKTIONÄR News
29. November 06:35 DAX nach Kursrutsch im Plus erwartet, Omikron-Variante im Fokus, ...
29. November 06:39 Commerzbank: Rebound nach Absturz?
29. November 06:49 Varta-Aktie: 76 oder 140 Euro – welcher Experte behält recht?
29. November 06:50 Vulcan Energy: "Wichtiges Signal für den europäischen Lithium-Markt"
29. November 07:00 Gerd Weger: "Der Kryptomarkt verspricht weiter Renditen von 100 ...
Original-Research: 3U HOLDING AG (von GSC Research GmbH): Halten
26. November 2021