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DGAP-News News vom 27.07.2017

VERBUND AG: Result for quarters 1-2/2017: solid income trend despite challenging environment

DGAP-News: VERBUND AG / Key word(s): Half Year Results

27.07.2017 / 07:59
The issuer is solely responsible for the content of this announcement.

The upheaval in the energy market, the expansion of renewable energy sources, the trend towards decentralised generation and progressive digitalisation are continuing unabated. This is causing rising volatility, which is posing an increasing risk to grid stability and leading to greater demand for flexible products.

VERBUND recorded a solid income trend in quarters 1-2/2017 despite the fact that the water supply was well below average. At 0.89, the hydro coefficient representing the water supply from rivers was 10 percentage points below the level for quarters 1-2/2016 and down 11% on the long-term average. Generation from hydropower therefore decreased by 1,477 GWh. Overall, VERBUND's own generation declined by 4.7% to 15,132 GWh compared with the same period in the previous year. Even though thermal generation increased significantly and generation from new renewable energy sources was also up, this was not sufficient to compensate for the decrease in hydropower generation. Lower earnings in the Grid segment also had a negative impact on the result. By contrast, earnings were boosted by higher revenue from flexible products, particularly congestion management products, as well as by the restructuring of thermal operations. EBITDA thus decreased by 7.6%, from EUR450.2m to EUR415.9m. EBIT increased by 27.5% to EUR243.3m, and the Group result was up 0.4% on the prior-year period to EUR154.5m.

Outlook for 2017
We are maintaining our earnings forecast for full-year 2017. Assuming an average supply of both wind and water in the second half of 2017, we expect EBITDA in financial year 2017 to amount to approximately EUR830m and the Group result to approximately EUR300m.

  Unit Q1-2/2016 Q1-2/2017 Change
Revenue EURm 1,460.7 1,476.4 1.1%
EBITDA EURm 450.2 415.9 -7.6%
Operating result EURm 190.8 243.3 27.5%
Group result EURm 153.9 154.5 0.4%
Earnings per share EUR 0.44 0.44 0.4%
EBIT margin % 13.1 16.5 -
EBITDA margin % 30.8 28.2 -
Cash flow from operating activities EURm 476.6 385.1 -19.2%
Free cash flow before dividends EURm 364.8 273.6 -25.0%
Gearing % 64.2 54.7 -

Additional information and the Interim Financial Report for quarters 1-2/2017 can be found at > Investor Relations > Latest financial results.

Andreas Wollein
Head of Group Finance, M&A and Investor Relations
T.: +43 (0)5 03 13 - 52604
F.: +43 (0)5 03 13 - 52694
mailto:[email protected]

27.07.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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