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    DGAP-News  621  0 Kommentare VERBUND AG: VERBUND's annual results for 2016: encouraging income trend despite challenging environment





    DGAP-News: VERBUND AG / Key word(s): Final Results


    VERBUND AG: VERBUND's annual results for 2016: encouraging income trend despite challenging environment


    08.03.2017 / 07:58



    The issuer is solely responsible for the content of this announcement.



    The European electricity market continues to undergo a process of
    transformation. Reorganising the electricity market involves incorporating
    a growing number of new renewable technologies and an increasingly
    decentralised generation structure in addition to meeting the new
    requirements for power grids and storage capacity. Regulatory intervention
    - such as the oversubsidation of new renewable energy sources and an
    overallocation of carbon certificates - has resulted in massive market
    distortions in recent years, leading to declining electricity wholesale
    prices while overall system costs continue to rise. These changes, along
    with the increasing digitalisation occurring at all levels of the value
    chain, are forcing electricity suppliers to alter their business models to
    support new trends.

    Thanks to VERBUND's clear strategic approach coupled with consistent
    implementation of sustainable restructuring and efficiency improvement in
    financial year 2016, the Group has succeeded in continuing to develop its
    position as a profitable and sustainable European energy producer and
    service provider that is nearly 100% carbon-free. In 2016, 96% of the
    electricity generated by VERBUND came from renewable energy sources.

    VERBUND significantly reduced debt in 2016 based on the Group's success in
    improving free cash flow through a variety of measures. This was also
    reflected in the upgrade from "negative" to "stable" in the ratings outlook
    for VERBUND AG issued by Standard & Poor's (BBB) and Moody's (Baa2).

    The Group's income trend was positive in financial year 2016. EBITDA
    increased by 17.5% to EUR1,044.2m and the Group result rose to EUR424.4m,
    or 104.3% over the previous year's figure. In both the current and previous
    reporting periods, however, earnings were impacted by non-recurring
    effects. In 2016, non-recurring income was generated from the settlement of

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    DGAP-News VERBUND AG: VERBUND's annual results for 2016: encouraging income trend despite challenging environment DGAP-News: VERBUND AG / Key word(s): Final Results VERBUND AG: VERBUND's annual results for 2016: encouraging income trend despite challenging environment 08.03.2017 / 07:58 The issuer is solely responsible for the content of this announcement. …

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