VERBUND AG
VERBUND AG: results for quarter 1/2017: positive income trend and increase in earnings forecast
DGAP-News: VERBUND AG / Key word(s): Quarter Results/Change in Forecast Despite the continuing challenging conditions in the energy market, VERBUND increased earnings in quarter 1/2017 compared with the previous year. The measures implemented in recent years, in particular the cutback in growth and maintenance capex, systematic cost reductions, restructuring of the thermal operations and the adjustment to the dividend positively impacted our business performance. Demand remains high for flexibility products from our power plant portfolio. EBITDA increased by 6.5% to EUR227.5m, the operating result rose by 9.2% year on year to EUR141.3m and the Group result was up by 13.4% to EUR93.5m. The hydro coefficient representing the water supply from rivers was 0.92, which is 8% below the long-term average and below the level of quarter 1/2016. Generation from hydropower therefore decreased by 372 GWh. At 6,836 GWh, VERBUND’s total own generation was 2.0% higher than in the first quarter of the previous year as a result of the significant increase in thermal generation and higher generation from wind power. The average sales prices for electricity were slightly below the level of quarter 1/2016. At an average of EUR26.6/MWh, prices for electricity futures contracts applicable to financial year 2017 (front-year base 2017 traded in 2016) were down 14.2% on the prior-year average. Spot market prices (base price) increased by 63.3% to EUR41.3/MWh in the reporting period. The positive income trend is primarily attributable to higher revenue from flexibility products, particularly those for congestion management. Outlook for 2017
Additional information and the Interim Report 1/2017 can be found at www.verbund.com > Investor Relations > Latest financial results. Contact:
10.05.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | VERBUND AG |
Am Hof 6A | |
1010 Wien | |
Austria | |
Phone: | 0043-1-53113-52604 |
Fax: | 0043-1-53113-52694 |
E-mail: | investor-relations@verbund.com |
Internet: | www.verbund.com |
ISIN: | AT0000746409 |
WKN: | 877738 |
Indices: | ATX |
Listed: | Foreign Exchange(s) Wien (Amtlicher Handel / Official Market) |
End of News | DGAP News Service |