VERBUND results for the 2012 financial year: Group result increased, higher dividend


Despite the difficult situation on the energy markets and in the general economy, VERBUND performed well in 2012.

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.

Dividend 2012

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%.

Outlook 2013

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.

Key figures Unit 2011 2012 Change in %
Revenue* €m 3,027.7 3,174.3 4.8
EBITDA** €m 1,069.5 1,233.9 15.4
Operating result** €m 1,030.0 900.2 –12.6
Operating result before effects from impairment tests** €m 827.8 955.9 15.5
EBIT margin*, ** % 34.0 28.4
EBITDA margin*, ** % 35.3 38.9
Group result** €m 355.8 389.3 9.4
Earnings per share** 1.02 1.12 9.4
Cash flow from operating activities €m 829.9 1,034.7 24.7
Gearing** % 82.3 64.9
(Proposed) dividend per share 0.55 0.60 9.1
*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.


Andreas Wollein Andreas Wollein

Head of Group Finance, M&A and Investor Relations

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