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    VER   AT0000746409

VERBUND AG

(VER)
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PRESS RELEASE : VERBUND AG: Results for quarters 1-2/2021: positive income trend due to higher sales prices and first-time consolidation of Gas Connect Austria GmbH

07/29/2021 | 02:00am EDT
DGAP-News: VERBUND AG / Key word(s): Half Year Results/Change in Forecast 
VERBUND AG: Results for quarters 1-2/2021: positive income trend due to higher sales prices and first-time 
consolidation of Gas Connect Austria GmbH 
2021-07-29 / 07:59 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
The Group turned in a very satisfactory business performance in quarters 1-2/2021. The energy market environment 
continued to improve apace, and particularly prices for European CO[2] emission rights, which are crucial for the 
switch from carbon-intensive coal-fired power generation to lower-carbon gas-fired power generation, and the prices for 
primary energy sources, which determine the wholesale price of electricity in Europe, increased significantly in the 
reporting period. The Group's long-term positioning across all segments fits seamlessly with the energy sector's 
increasingly ambitious decarbonisation goals within the EU and in Austria. 
These positive developments in the energy market environment will greatly benefit VERBUND's business model. VERBUND is 
ideally positioned in this environment as a hydropower producer with an increasing share of new renewables. Our 
strategy envisages that, in addition to hydropower, by 2030 a total of 20-25% of the electricity VERBUND generates will 
come from new renewable sources of energy in Europe. The Renewable Energy Development Act (Erneuerbaren-Ausbau-Gesetz, 
EAG), passed by the Austrian parliament in early July 2021, provides for extensive decarbonisation and climate 
neutrality by 2040 and thus creates the framework for achieving this ambitious goal. In addition to its activities 
relating to electricity and gas grids, which also need to be expanded on a large scale to achieve the ambitious climate 
targets, as well as in electricity trading and sales, VERBUND will move into new fields of application that will play 
an important role in the successful implementation of the energy transition over the coming years. Examples are the 
development of a green hydrogen system, the advancement of electromobility and the development of storage systems. 
VERBUND is thus making a vital contribution to the implementation of Austria's climate strategy. 
The results posted by VERBUND for quarters 1-2/2021 were very gratifying. EBITDA increased by 2.5% to EUR654.9m, and the 
Group result rose by 4.5% to EUR324.5m. The adjusted Group result increased by 4.7% to EUR315.2m. At 0.96, the hydro 
coefficient for the run-of-river power plants was 4 percentage points below the long-term average and 1 percentage 
point above the comparative prior-year figure. Generation from annual storage power plants fell by as much as 16.0% in 
quarters 1-2/2021 due to lower natural water inflows and reduced turbining. Generation from hydropower thus decreased 
by 430 GWh compared with the prior-year reporting period. However, the marked increase in wholesale electricity prices 
on the spot markets gave a boost to earnings - unlike futures market prices, which declined in the period under review. 
The average sales price obtained for our own generation from hydropower thus rose by EUR2.2/MWh to EUR46.6/MWh. The 
first-time consolidation of Gas Connect Austria GmbH also resulted in a positive contribution to earnings. 
VERBUND's share price stood at EUR77.7 as at 30 June 2021, an increase of 11.2%. The value of VERBUND based on market 
capitalisation was therefore EUR27.0bn at the end of quarter 2/2021. This positions the Group at the pinnacle of the ATX 
by a large margin and makes it one of the largest utilities in Europe - a clear signal that the capital market takes a 
positive view of the Group's strategy and positioning. 
Outlook for 2021 adjusted 
Based on expectations of average own generation from hydropower and wind power in quarters 3-4/2021 and the 
opportunities and risks identified, VERBUND currently expects EBITDA of between around EUR1,310m and EUR1,410m and a Group 
result of between around EUR590m and EUR660m in financial year 2021. The planned payout ratio for 2021 is between 45% and 
55% of the Group result of between around EUR580m and EUR650m, after adjustment for non-recurring effects. 
 
KPIs 
                                     Unit Q1-2/2020 Q1-2/2021 Change 
Revenue                              EURm     1,714.0   1,001.4 -41.6% 
EBITDA                               EURm       639.0     654.9   2.5% 
Operating result                     EURm       435.2     459.1   5.5% 
Group result                         EURm       310.4     324.5   4.5% 
Earnings per share                   EUR         0.89      0.93   4.5% 
EBIT margin                          %         25.4      45.8      - 
EBITDA margin                        %         37.3      65.4      - 
Cash flow from operating activities  EURm       584.6     426.4 -27.1% 
Free cash flow before dividends      EURm       319.7    -141.5      - 
Free cash flow after dividends       EURm       268.1    -473.1      - 
Performance of VERBUND shares        %        -10.9      11.2      - 
Gearing                              %         32.1      38.3      - 
 

Additional information as well as the Interim Financial Report for quarters 1-2/2021 is available at www.verbund.com > Investor Relations > Latest financial results.

Contact: Andreas Wollein Head of Group Finance and Investor Relations T.: +43 (0)5 03 13 - 52604 F.: +43 (0)5 03 13 - 52694 mailto:investor-relations@verbund.com -----------------------------------------------------------------------------------------------------------------------

2021-07-29 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de -----------------------------------------------------------------------------------------------------------------------

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) Vienna Stock Exchange (Official Market) 
EQS News ID:  1222507 
 
End of News   DGAP News Service 
=------------ 

1222507 2021-07-29

 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1222507&application_name=news 
 

(END) Dow Jones Newswires

July 29, 2021 01:59 ET (05:59 GMT)

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VERBUND AG -3.20% 90.8 Delayed Quote.34.29%
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Financials
Sales 2021 3 687 M 4 335 M 4 335 M
Net income 2021 636 M 748 M 748 M
Net Debt 2021 2 336 M 2 747 M 2 747 M
P/E ratio 2021 51,8x
Yield 2021 0,98%
Capitalization 32 588 M 38 338 M 38 320 M
EV / Sales 2021 9,47x
EV / Sales 2022 8,24x
Nbr of Employees 3 011
Free-Float 34,3%
Chart VERBUND AG
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Mean consensus UNDERPERFORM
Number of Analysts 12
Last Close Price 93,80 €
Average target price 70,31 €
Spread / Average Target -25,0%
EPS Revisions
Managers and Directors
Michael Strugl Chairman-Management Board & CEO
Peter F. Kollmann Chief Financial Officer
Martin Ohneberg Chairman-Supervisory Board
Karl Stadler Head-Corporate Governance & Compliance
Jürgen Roth Independent Member-Supervisory Board
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