Vienna (Reuters) – The Austrian energy group Verbund doubled its sales and profits last year due to the sharp rise in electricity prices.
Earnings before interest, taxes, depreciation and amortization (Ebitda) rose to 3.16 billion euros after 1.58 billion euros, as the Viennese company announced on Thursday. The bottom line is that profits increased to 1.72 billion euros after 873.6 million euros. Revenue increased to 10.35 billion euros after 4.78 billion euros. The shareholders of the majority state-owned group should benefit from the jump in profits. The dividend will be increased to EUR 3.60 (1.05) per share. This includes a special dividend of EUR 1.16 per share, it said.
Verbund explained that the surge in profits was due to the sharp rise in futures and spot market prices on the wholesale market. The average sales price achieved in the area of own generation from hydropower rose by EUR 60.2 per megawatt hour (MWh) to EUR 115.1 per MWh. However, one-off effects of EUR 37.9 million weighed on the result. Adjusted for these effects, the consolidated result rose to 1.75 billion euros.
For the current financial year, Verbund is expecting an EBITDA of between around EUR 3.5 billion and EUR 4.4 billion and a consolidated result of between around EUR 1.9 billion and EUR 2.5 billion. A payout ratio of between 45 and 55 percent based on the net result adjusted for one-off effects is planned.
(Report by Alexandra Schwarz-Goerlich; edited by Sabine Wollrab. If you have any questions, please contact our editorial team at [email protected] (for politics and the economy) or [email protected] (for companies and markets) .)
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