Ad-hoc | 24 April 2007 08:01
Österreichische Elektrizitätswirtschafts AG / Quarter Results
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Verbund achieves new record results in quarter 1/2007
Following the excellent results in fiscal 2006, the Verbund Group was able
to continue its positive business development at the onset of the new
fiscal year 2007. Sales revenue increased by 3.7 % to € 812.2 million, the
operating result rose by 12.1 % to € 239.7 million and the group result was
up 36.1 % at € 188.2 million. Moreover, there was an improvement in the
relevant company ratios. The EBIT margin increased from 27.3 % to 29.5 %,
the EBITDA margin improved from 32.8 % to 35.0 %, and the net gearing
dropped from 91.5 % to 71.1 %. By comparison, the operating cash flow, as a
result of aperiodic payments in connection with the energy derivatives
used, declined by € 44.1 million to € 197.8 million.
Positive result development despite weak spot market prices
The long steady growth of the European wholesale prices for electricity was
interrupted at the end of last year leading to a significant reduction
particularly in spot market prices, a situation which did not improve in
quarter 1/2007. Thanks to its consistent hedging strategy – approx. 60 % of
the electricity that is generated was already sold in 2006 on a year-ahead
basis for 2007 – Verbund was able to further raise its average sales prices
in spite of the wholesale price correction. Moreover, the overall result
was positively influenced by the own electricity generation, higher by 420
GWh.
Ratios Unit Q1/2006 Q1/2007 Change
Sales revenue million € 783.5 812.2 3.7 %
Operating result million € 213.8 239.7 12.1 %
Group result million € 138.2 188.2 36.1 %
Net Gearing % 91.5 71.1 22.3 %
Operating cash flow million € 241.9 197.8 -18.2 %
International business activities further expanded
In quarter 1/2007, Verbund was able to further expand its international
business activities and enter into an exclusive joint venture with Sabanci,
Turkey's leading financial and industrial holding. The jointly-owned
generation company 'EnerjiSA', in which Verbund will be holding a share of
almost 50 %, aims to have an installed output of 5,000 MW by 2015.
Outlook
In spite of the difficult market environment, the outlook for the full year
2007 remains positive. It is our goal to increase the operating result by
10 % compared with 2006. In addition, we intend to further increase the
dividend for fiscal 2007.
Contact:
Andreas Wollein
Leiter Finanzmanagement und Investor Relations
T.: +43 (0)5 03 13 - 52604
F.: +43 (0)5 03 13 - 52694
mailto:investor@verbund.at
DGAP 24.04.2007
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Language: English
Issuer: Österreichische Elektrizitätswirtschafts AG
Am Hof 6A
1010 Wien Österreich
Phone: 0043-1-53113-52616
Fax: 0043-1-53113-52694
E-mail: andreas.wollein@verbund.at
www: www.verbund.at
ISIN: AT0000746409
WKN: 877738
Indices: ATX
Listed: Amtlicher Markt in Wien, Frankfurt (General Standard);
Freiverkehr in Berlin-Bremen, München, Stuttgart
End of News DGAP News-Service
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