Verbund Q3 2024 $VER (+1,2%)
Financial results
- Turnover: Total revenue for Q1-3 2024 amounted to EUR 5,837.6 million, a decrease of 40.4% compared to Q1-3 2023.
- EBITDA: Reported and adjusted EBITDA for Q1-3 2024 amounted to EUR 2,625.2 million, a decrease of 26.0% compared to the previous year.
- Group result: Consolidated net income for Q1-3 2024 amounted to EUR 1,387.2 million, a decrease of 30.0%.
Balance sheet overview
- Total assets: Decreased by 3% from EUR 19,485 million as at 31.12.2023 to EUR 18,837 million as at 30.9.2024.
- Equity: Decreased by 5% to 10,693 million euros.
- Net debt: Increased by 35% to 2,370 million euros.
Details of the income statement
- Turnover from electricity sales: Decreased by 3,607.5 million euros to 4,940.7 million euros.
- Grid turnover: Decreased by 374.2 million euros to 678.8 million euros.
- Other operating income: Increased by 36.0 million euros to 103.8 million euros.
Cash flow overview
- Operating cash flow: Decreased by 44% to 2,333 million euros.
- Free cash flow after dividends: Was negative at -392.5 million euros, compared to 1,475 million euros in Q1-3 2023.
Key figures and profitability metrics
- Gearing ratio: Increased from 15.7% to 22.2%.
- Earnings per share: Decreased from 5.70 euros to 3.99 euros.
Segment information
- Hydropower segment: Sales fell by 25.1% to 2,686.7 million euros, EBITDA fell by 26.9% to 2,276.3 million euros.
- Grid segment: EBITDA decreased from 413.7 million euros to 257.3 million euros.
- Sales segment: EBITDA improved due to lower procurement costs, despite weaker results from energy derivatives.
Competitive position
The company is focusing on the expansion of battery storage systems and e-mobility projects, with a capacity of 110 MW in operation and further projects of over 400 MW in development.
Forecasts and management comments
- Forecast for 2024: EBITDA is expected to be between EUR 3,200 million and EUR 3,400 million, with consolidated net income of around EUR 1,700 million to EUR 1,800 million.
Opportunities and risks
- Risks: These include the volatility of electricity and gas prices, regulatory changes and possible project delays.
- Opportunities: An improved water supply and higher income from direct marketing contributed positively to the results.
Positive aspects
- Improved contribution from the sales segment due to lower procurement costs.
- Increasing production from wind, PV and thermal plants.
- Successful management of hydropower projects without major restrictions.
- Positive financial contribution from KELAG.
- Expansion of battery storage systems and e-mobility projects.
Negative aspects
- Significant decline in total revenue and EBITDA.
- Negative free cash flow after dividends.
- Increase in net debt by 35%.
- Weaker contribution from the grid segment.
- Decline in electricity and grid income.