Results developed positively
EBITDA rose by 15.4%. This was due in particular to the above-average water supply of run-of-river power plants (+22% points year-on-year). Generation from annual storage power plants also increased significantly (+34.2%). VERBUND had already contracted for the majority of its own generation for 2012 on the futures market in 2011. At an average of €56.0/MWh for base load and €69.0/MWh for peak load, electricity wholesale prices were up 12.3% and 6.9%, respectively, on the previous year’s level. In contrast, the average spot market prices fell in 2012: by 16.7% to €42.6/MWh for base load and 12.6% to €53.4/MWh for peak load. Thus, the average sales price for 2012 was €53.6/MWh (2011: €53.8/MWh).
The operating result decreased by 12.6% on the previous year. The decline was primarily due to impairment tests performed on VERBUND power plants in the previous year, which had a net effect of €+202.2m on the operating result for 2011. In contrast, €55.8m in effects from impairment tests had a negative impact on the operating result in 2012.
The operating result before effects from impairment tests increased by 15.5% in 2012, however.
The Group result rose by 9.4% due to a significant improvement in the financial result.
For the financial year 2012 a dividend of €0.60/share will be proposed to the Annual General Meeting on 17 April 2013. This corresponds to a year-on-year increase of approximately 9%. The payout ratio will thus amount to 53.5%.
On the basis of average own generation from hydropower, EBITDA is expected to amount to approximately €1 billion for the 2013 financial year. Provided that the asset swap announced in December 2012 will be successful completed, VERBUND plans an extraordinary increase of the dividend to €1/share. Hence the shareholders are to participate in the value realised through the disposal of the Turkish activities.