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Verbund sees 2021 profit falling

Reuters
·1-min read
The logo of Austrian hydropower producer Verbund is seen during a news conference in Vienna

(Reuters) - Austrian hydropower producer Verbund said on Wednesday it expects 2021 profit to fall after a 14% rise in 2020, thanks to lower electricity prices.

The net result guidance of 450-590 million euros ($536-$702 million) is below the figure of 631 million euros reported for 2020.

Verbund generates 92% of its energy from hydro, with 3% coming from wind.

The Alpine country's largest utility said it expects 2021 earnings before interest, tax, depreciation and amortization (EBITDA) of 1.08-1.30 billion euros, with only the higher end of the forecast matching this year's result of 1.30 billion euros.

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The company said it would propose a dividend of 0.75 euros per share for financial year 2020, while it plans its dividend payout ratio for 2021 to grow to between 45% and 55% of the group reault, compared to the ratio of 43% in 2020.

(Reporting by Bartosz Dabrowski in Gdansk, editing by Thomas Escritt)