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DGAP-News: VERBUND AG
/ Key word(s): 9 Month figures/Quarterly / Interim Statement
Developments in the energy market were favourable for VERBUND in quarters 1-3/2019. Against a backdrop of rising wholesale prices for electricity, increasing volatility in electricity grids and a clear trend towards renewable energy, the Group's strategic positioning is paying off. The Group consequently turned in a very satisfactory performance, recording a marked improvement in its results of operations and management KPIs and continuing its successful debt reduction. The solid strategic foundation combined with strong performance will give the Group greater flexibility for leveraging opportunities for growth in the market and will also increase its resilience to economic downturns. The higher prices on the futures markets for wholesale electricity compared with the prior-year period led to higher average sales prices and contributed significantly to the favourable earnings performance. Earnings for quarters 1-3/2019 were also lifted by increased generation from hydropower and wind power as well as by higher output from thermal power plants. With a hydro coefficient of 1.02, the water supply in rivers was 2 percent above the long-term average and 6 percentage points above the level in quarters 1-3/2018. Generation from the annual storage power plants rose by 0.8%. Output from hydropower plants therefore increased by 1,372 GWh. Earnings also benefited from a higher earnings contribution from the Grid segment due to additional temporary revenue and the good results achieved through the programmes implemented in recent years to reduce costs and increase efficiency. By contrast, revenue from flexibility products declined year-on-year. Outlook for 2019 adjusted
Contact: Andreas WolleinHead of Group Finance, M&A and Investor Relations T.: +43 (0)5 03 13 - 52604 F.: +43 (0)5 03 13 - 52694 mailto:
06.11.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | VERBUND AG |
| Am Hof 6A | |
| 1010 Wien | |
| Austria | |
| Phone: | 0043-1-53113-52604 |
| Fax: | 0043-1-53113-52694 |
| E-mail: | |
| Internet: | |
| ISIN: | AT0000746409 |
| WKN: | 877738 |
| Indices: | ATX |
| Listed: | Foreign Exchange(s) Vienna Stock Exchange (Official Market) |
| EQS News ID: | 905581 |
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| End of News | DGAP News Service |
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905581Â Â 06.11.2019Â
