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 €56.0/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 €43.0/MWh in quarters 1–3/2012. In quarters 1–3/2012, however, the operating result fell by 21.7% to €679.5m 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 €732.6m. The Group result increased by 5.3% to €332.2m, 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 €830m and a Group result of around €380m for the entire year. The dividend policy will aim for a payout ratio of approximately 50% of the Group result.