Market Closed -
Wiener Boerse
11:35:24 2024-04-26 am EDT
After market
03:18:41 pm
69.85
EUR
-1.55%
70.2
+0.50%
Verbund : Investoren Präsentation Quartale 1-2/2021
July 29, 2021 at 02:07 am EDT
© VERBUND AG, www.verbund.com
VERBUND
Half year results 2021
Vienna, 29/7/2021
© VERBUND AG, www.verbund.com
Influencing factors
Higher average achieved contract prices for own generation from hydro production (higher spot prices, lower forward prices)
Hydro coefficient 4 percentage points below the long term average and 1 percentage point above Q1-2/2020
Lower production from reservoirs
Positive contribution from initial consolidation of Gas Connect Austria GmbH
Higher contribution from flexibility products (mainly control energy & pumping)
Development of results, cash flows and debt
EBITDA €654.9m (+2.5%), adjusted EBITDA €654.9 (+2.5%)
Group result €324.5m (+4.5%), adjusted Group result €315.2 (+4.7%)
Operating cash flow €426.4m (-27.1%); Free cash flow after dividends €-473.1m
Net Debt €2,642.8m (+40.5%)
Outlook range 2021 increased
EBITDA between approx. €1,310m and €1,410m, Group result between approx. €590m and €660m
Pay-out ratio between 45% and 55% on adjusted Group result between approx. €580m and €650m
© VERBUND AG, www.verbund.com
Page 3
Lower own generation
Hydro coefficient (run-of-river)
Hedging volumes 20211 / TWh
FY2020: €44.6/MWh
1.35 1.27
1.05
0.86
0.99
1.03
0.84
0.94
0
0.91
long-term
0.82 0.76
average
Q1-2/2020 (0.95)
Q1-2/2021 (0.96)
January February March
April
May
June
Electricity supply 30,495 GWh (-2,469 GWh, -7.5%)
Hydropower: 14,561 GWh (-430 GWh, -2.9%)
Storage power: 2,086 GWh (-398 GWh)
Thermal Power: 217 GWh (-459 GWh, -67.9%)
CCGT Mellach: 216 GWh (-125 GWh)
46.2
44.8
44.3
44.1
44.9
47.3
MtM (16/7/21):
52.5 €
8.7
5.7
2.9
16.8
14.4
11.9
16.6
19.2
21.4
13.4
8.5
10.9
31/3/20
30/6/20
30/9/20 31/12/20 31/3/21
30/6/21
• Wind: 444 GWh (-71 GWh, -13.8%)
Achieved contract price
Open volumes
Hedged volumes
Purchase from third parties: 15,272 (-1,510 GWh)
Hydro production excluding volumes for holders of interests (at cost) and volumes resulting from pumping.
© VERBUND AG, www.verbund.com
Page 4
Flexibility products increased
Increasing system volatility in the European grid system due
to rapid development of new renewables
Demand for flexibility products depending on the following influencing factors:
Temperatures/weather in winter/summer
Revision of nuclear power plants
Hydro production
Installation of phase shifters
Congestion management within Austria (in addition to DE/AT)
Flexibility products include control energy, congestion management,
grid system services, intraday trading, capacity/cold reserve and pumping/reverse operations
Flexibility products/ €m
approx.
120
+21%
58
70
HY 2020
HY 2021
2021E
(Guidance
© VERBUND AG, www.verbund.com
Flex. products)
Page 5
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Disclaimer
Verbund AG published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 29 July 2021 06:06:14 UTC .
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Duration Auto. 2 months 3 months 6 months 9 months 1 year 2 years 5 years 10 years Max.
Period Day Week
More charts
Verbund AG is Austria's leading producer and supplier of electricity. Net sales break down by activity as follows:
- production and sale of electricity (84.5%): 63.4 TWh sold in 2022 (of which primarily 30.7 TWh in Austria, 27.5 TWh in Germany and 4.4 TWh in France). At the end of 2022, the group had 163 hydraulic plants, 163 wind parks, 4 solar parks and 2 thermal plants;
- electricity transportation (12.7%): operation of a high-voltage electrical network of 6,959 km;
- other (2.8%): consult engineering, consulting, telecommunications and tourism services, etc.
More about the company
Mean consensus
UNDERPERFORM
Last Close Price
70.95
EUR
Average target price
65.34
EUR
Spread / Average Target
-7.91%
Consensus
1st Jan change
Capi.
-16.89% 26.41B +9.25% 137B +4.96% 81.33B -2.19% 77.24B +1.05% 76.4B -8.92% 65.93B +61.73% 59.25B +5.78% 45.74B +7.79% 42.69B 0.00% 40.35B
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+951% of historical performance
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