Austrian utility company Verbund AG (VER.VI) plans on increasing its dividend in 2013 despite reporting in the first quarter a 40% drop on the year in its group result, the company said Thursday upon release of its first quarter earnings.
Austrian utility company Verbund AG (VER.VI) plans on increasing its
dividend in 2013 despite reporting in the first quarter a 40% drop on the year
in its group result, the company said Thursday upon release of its first
quarter earnings.
MAIN FACTS:
-For financial year 2013, Verbund plans to increase the dividend to 1.00 euros
($1.32) per share, up from EUR0.60 in 2012.
-Verbund said the dividend increase is based on the successful completion of
the asset swap with German electric company E.ON SE (EOAN.XE).
-The first-quarter group result decreased significantly by 40% on the year to
77.1 million euros ($101.6 million) due to the negative contribution of Italian
Sorgenia. Sorgenia had been impacted by an impairment loss recognised for its
39% equity-accounted interest in Tirreno Power S.p.A., Verbund said.
-Verbund's operating business was positively impacted in the first quarter of
2013 by a good water supply, the company said.
-Declining electricity wholesale prices also negatively impacted the earnings
trend as did the continued difficult economic situation for gas power plants,
Verbund said.
-Earnings before interest, taxes, depreciation and amortisation decreased by
11% on the year to EUR312.3 million and the operating result fell by 18% to
EUR233.7 million.
-Verbund said it expects its 2013 EBITDA to be approximately EUR1 billion.
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