Ad hoc announcement VERBUND AG / Keyword(s): Half Year Results/Interim Report VERBUND AG: VERBUND results for quarters 1-2/2013: Asset swap and impairments affect results Ad hoc announcement transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------ VERBUND's key figures developed as follows in quarters 1-2/2013: Key figures Unit Q1-2/2012 Q1-2/2013 Change Revenue EURm 1,562.8 1,650.2 5.6% EBITDA* EURm 659.6 794.3 20.4% Operating result* EURm 471.5 -89.3 - Group result* EURm 214.1 448.2 109.3% Earnings per share* EUR 0.62 1.29 109.3% EBIT margin* % 30.2 -5.4 - EBITDA margin* % 42.2 48.1 - Cash flow from operating activities EURm 440.4 482.7 9.6% Free cash flow EURm 63.2 439.6 - Gearing ratio* % 90.2 72.6 - * The comparative figures were adjusted retrospectively in accordance with IAS 8 as a consequence of the first-time application of IAS 19 (2011) in quarter 3/2012. In the first half of 2013, operating business was driven by good water supply. The hydro coefficient for run-of-river power plants was 11.0% above the long-term average and 2 percentage points above the previous year's figure. Generation from annual storage power plants increased significantly (+12.2%). Generation from hydropower thus rose by a total of 7.8%. However, generation from thermal power plants decreased by 2.1%. The Mellach/Styria CCGT generated 287 GWh (-158 GWh). In contrast, generation from other VERBUND thermal power plants in Austria was 1,141 GWh and increased by 127 GWh. The French gas power plants produced less electricity than in quarters 1-2/2012 owing to market conditions. Overall, VERBUND's own generation in quarters 1-2/2013 was 7.5% higher than in quarters 1-2/2012. In contrast, the overall decline in wholesale electricity prices and the continuing difficult economic situation for gas power plants put a strain on operating business. In addition, the result during the first half of 2013 was influenced by significant non-recurring effects from the successful completion of the asset swap with German utility E.ON and from the impairment losses resulting from impairment tests. Due to the factors described above, the results developed as follows: EBITDA improved by a total of EUR134.7m to EUR794.3m and the Group result increased by EUR234.1m to EUR448.2m. Outlook for the full year Based on the effects of the asset swap with E.ON and the impairment tests, for financial year 2013, we expect EBITDA to amount to at least EUR1,150m and the Group result to amount to at least EUR600m. The forecast is based on a hydro coefficient of 1.05. We still plan to distribute a dividend of EUR1 per share for financial year 2013. Further information as well as the interim report quarters 1-2/2013 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@verbund.com 31.07.2013 DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: VERBUND AG Am Hof 6A 1010 Wien Austria Phone: 0043-1-53113-52616 Fax: 0043-1-53113-52694 E-mail: investor@verbund.com Internet: www.verbund.com ISIN: AT0000746409 WKN: 877738 Indices: ATX Listed: Wien (Amtlicher Handel / Official Market) End of Announcement DGAP News-Service ---------------------------------------------------------------------------