Verbund 1st Half Group Result EUR448.2 Million

VIENNA--Austrian utility Verbund AG's (VER.VI) group result for the first half of the year was slightly more than double the amount it had earned in the same period last year, driven by good water supply and non-recurring effects, the company said Wednesday.

MAIN FACTS:

-The company's earnings before interest, taxes, depreciation and amortization, or EBITDA, increased by 20% on the year in the first half to 794.3 million euros ($1.05 billion).

-The group result increased to EUR448.2 million from EUR214.1 million in the corresponding period the year before.

-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, Verbund said.

-Generation from annual storage power plants increased just over 12% on the year, increasing overall generation from hydropower by a total of 7.8%.

-However, generation from thermal power plants decreased by 2.1%.

-The earnings during the first half were also influenced by significant non-recurring effects of the asset swap with German utility E.ON SE (EOAN.XE)and from impairment losses resulting from impairment tests.

-Based on the effects of the asset swap with E.ON and impairment tests, for financial year 2013 Verbund said it expects EBITDA to amount to at least EUR1,150 million and the group result to amount to at least EUR600 million.

-Verbund said its forecast is based on a hydro coefficient of 1.05.

-The company also reiterated its intention to distribute a dividend of EUR1 per share for financial year 2013.

 
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