Adhoc: VERBUND results for quarters 1–2/2013: Asset swap and impairments affect results

In the first half of 2013, operating business was driven by good water supply. The hydro coefficient for run-of-river power plants was 11.0% above the long-term average and 2 percentage points above the previous year’s figure. Generation from annual storage power plants increased significantly (+12.2%). Generation from hydropower thus rose by a total of 7.8%. However, generation from thermal power plants decreased by 2.1%. The Mellach/Styria CCGT generated 287 GWh (–158 GWh). In contrast, generation from other VERBUND thermal power plants in Austria was 1,141 GWh and increased by 127 GWh. The French gas power plants produced less electricity than in quarters 1–2/2012 owing to market conditions. Overall, VERBUND’s own generation in quarters 1–2/2013 was 7.5% higher than in quarters 1–2/2012. In contrast, the overall decline in wholesale electricity prices and the continuing difficult economic situation for gas power plants put a strain on operating business. In addition, the result during the first half of 2013 was influenced by significant non-recurring effects from the successful completion of the asset swap with German utility E.ON and from the impairment losses resulting from impairment tests. Due to the factors described above, the results developed as follows: EBITDA improved by a total of €134.7m to €794.3m and the Group result increased by €234.1m to €448.2m.

Outlook for the full year

Based on the effects of the asset swap with E.ON and the impairment tests, for financial year 2013, we expect EBITDA to amount to at least €1,150m and the Group result to amount to at least €600m. The forecast is based on a hydro coefficient of 1.05. We still plan to distribute a dividend of €1 per share for financial year 2013.