VIENNA--Austrian utility Verbund AG (VER.VI) raised its 2013
guidance for earnings before interest, taxes, depreciation and
amortization upon release of its earnings Tuesday for the first
nine months of the year.
MAIN FACTS:
-Verbund now expects EBITDA for financial year 2013 to be
approximately 1.25 billion euros ($1.73 billion).
-Verbund's net profit is expected to amount to around EUR600
million.
-Verbund said its forecast is based on a hydro coefficient of
1.03.
-The utility plans on distributing a dividend of EUR1.00 per
share for financial year 2013.
-Verbund said its operating business was driven by a good water
supply in the first three quarters of 2013.
-The hydro coefficient was 1.04, 4.0% above the long-term
average but 3 percentage points below the previous year's figure,
Verbund said.
-Overall, Verbund's power generation in the first three quarters
was 594 gigawatt hours higher than in the corresponding quarters a
year ago.
-However, the overall decline in wholesale electricity prices
and the continuing difficult economic climate for gas power plants
put a strain on business operations, Verbund said.
-EBITDA improved by EUR158.3 million year-on-year to EUR1.09
billion.
-Successful completion of the asset swap with German utility
E.ON SE (EOAN.XE) had a positive effect, while impairment losses
resulting from impairment tests--particularly in the area of gas
power plants--had a negative effect.
-Taking into account all non-recurring effects plus additional
negative results from Sorgenia in Italy, Verbund's net profit
increased by EUR177.7 million on the year to EUR510.4 million.
Write to the Vienna Bureau at nicole.lundeen@wsj.com
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