Brief: Verbund 9-Mth EBITDA Up BY 68.0% At EUR 1.93 Bln

VERBUND AG

03/11/2022 07:02

Nov 3 (Reuters) - VERBUND AG  VERB.VI :
    * RESULTS FOR QUARTERS 1–3/2022: POSITIVE INCOME TREND
FUELLED BY
INCREASE IN WHOLESALE PRICES FOR ELECTRICITY; EARNINGS FORECAST
FOR 2022 ADJUSTED BECAUSE OF THE LOWER WATER SUPPLY
    * REDUCED VOLUME OF ELECTRICITY GENERATED FROM HYDROPOWER
HAD A
PRONOUNCED NEGATIVE IMPACT ON DEVELOPMENT OF EARNINGS (EBITDA
EFFECT OF AROUND EUR 640M IN Q1-3/2022).
    * EARNINGS FORECAST FOR 2022 ADJUSTED
    * EARNINGS FORECAST FOR FINANCIAL YEAR 2022 HAS BEEN
ADJUSTED AS A
RESULT OF POOR WATER SUPPLY IN QUARTER 3/2022 AND EU'S MEASURES
TO SKIM OFF PROFITS AT ENERGY COMPANIES, WHICH WILL BE
IMPLEMENTED BEGINNING DECEMBER 2022
    * 9-MONTH EBITDA ROSE BY 68.0% TO EUR 1,933.3M
    * EARNINGS FORECAST FOR 2022 ADJUSTED
    * 9-MONTH GROUP RESULT SURGED BY 81.4% TO EUR 1,065.2M
COMPARED
WITH SAME PERIOD OF PREVIOUS YEAR
    * VERBUND EXPECTS EBITDA OF BETWEEN APPROXIMATELY EUR 2,800M
AND
EUR 3,300M AND A REPORTED GROUP RESULT OF BETWEEN APPROXIMATELY
EUR 1,530M AND EUR 1,880M IN FINANCIAL YEAR 2022
    * VERBUND IS ALSO PLANNING AN ORDINARY DIVIDEND BASED ON A
PAYOUT
RATIO FOR 2022 OF BETWEEN 45% AND 55% OF GROUP RESULT OF BETWEEN
AROUND EUR 1,450M AND EUR 1,800M, AFTER ADJUSTMENT FOR
NON-RECURRING EFFECTS.
    * RESOLVED TO PROPOSE A SPECIAL DIVIDEND OF EUR 400M TO 2023
ANNUAL GENERAL MEETING.
    * ADJUSTED FOR THESE NON-RECURRING EFFECTS, GROUP RESULT
ROSE BY
73.5% TO EUR 982.6M IN 9MTH
    * PLANS ORDINARY DIVIDEND BASED ON PAYOUT RATIO FOR 2022 OF
BETWEEN 45% AND 55% OF GROUP RESULT OF BETWEEN AROUND EUR 1,450M
AND EUR 1,800M, AFTER ADJUSTMENT FOR NON-RECURRING EFFECTS

Source text for Eikon:  ID:nEQ6mN7Bha 
Further company coverage:  VERB.VI 
 (Gdansk Newsroom)
 ((Gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))