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Name | Symbol | Market | Type |
---|---|---|---|
Verbund AG (PK) | USOTC:OEZVY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.19 | -1.15% | 16.37 | 15.28 | 17.46 | 16.37 | 16.37 | 16.37 | 103 | 14:52:05 |
By Nicole Lundeen
VIENNA--Austrian gas and hydropower utility Verbund AG (VER.VI) lowered its 2014 earnings forecast Thursday due to a difficult market environment and other factors affecting its power plants.
Verbund now expects 2014 net profit for the year to reach around 70 million euros ($95.5 million), down from a previous forecast of EUR150 million. Earnings, before, interest, taxes, depreciation and amortization will be around EUR690 million rather than the EUR850 million previously forecast.
"The persistently difficult market environment and continued pressure on the European wholesale prices are having a more negative impact on earnings than planned," Verbund said. Specifically, it cited a low supply of water in the first half, a difficult market environment, and effects related to its planned decommissioning of thermal power plants as reasons for the change in outlook.
Low electricity prices on the spot market and write-downs in Albania and Romania will have negative effect of EUR45 million on Ebitda and of EUR41 million on net profit, Verbund said.
Verbund said the water supply in the first half of the year was significantly below long-term averages, resulting in a negative effect on Ebitda of EUR20 million and on net profit of EUR16 million. It added that it expects an average supply of water for the remainder of the year.
The decision in May to decommission some gas and coal power plants will negatively affect Ebitda by EUR118 million and net profit by EUR36 million, Verbund said.
Write to Nicole Lundeen at nicole.lundeen@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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