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VERBUND

Results quarter 1/2021

Vienna, 12/5/2021

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At a glance

Influencing factors

  • Higher average achieved contract prices for own generation from hydro production
  • Hydro coefficient 1 percentage point below the long term average and 10 percentage points below Q1/2020
  • Slightly lower contribution from flexibility products
  • Slightly lower contribution from the high voltage grid

Development of results, cash flows and debt

  • EBITDA €302.7m (-8.6%)
  • Group result €144.7m (-7.6%)
  • Operating cash flow €203.7m (-31.7%); Free cash flow after dividends €35.3m (-76.5%)
  • Net Debt €1,838.6m (-2.3%)

Outlook range 2021 adjusted

  • EBITDA between approx. €1,130m and €1,300m, Group result between approx. €480m and €590m (excl. GCA)
  • Pay-outratio between 45% and 55% on adjusted Group result

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Page 3

Lower own generation

Hydro coefficient (run-of-river)

Hedging volumes 20211/ TWh

FY2020: €44.6/MWh

1.35

1.27

1.05

46.2

0.90

0.91

long-term

44.8

44.3

44.1

44.9

MtM (26/4/21):

average

48.9 €

Q1/2020 (1.09)

11.9

8.7

5.7

Q1/2021 (0.99)

16.8

14.4

January

February

March

13.4

16.6

19.2

8.5

10.9

Electricity supply 13,917 GWh (-2,361 GWh, -14.5%)

•

Hydropower: 6,015 GWh (-761 GWh, -11.2%)

31/3/20

30/6/20

30/9/20

31/12/20

31/3/21

• Storage power: 1,106 GWh (-198 GWh)

• Thermal Power: 131 GWh (-444 GWh, -77.2%)

• CCGT Mellach: 131 GWh (-113 GWh)

Achieved contract price

Open volumes

Hedged volumes

  • Wind: 253 GWh (-62 GWH, -19.7%)

•

PV: 0.3 GWh

1

Hydro production excluding volumes for holders of interests

(at cost) and volumes resulting from pumping.

•

Purchase from third parties: 7,517 (-1,093 GWh)

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Page 4

Flexibility products slightly decreased

  • 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.

90

-4%

32

31

Q1/2020

Q1/2021

2021E

(Guidance

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Flex. products)

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Verbund AG published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 06:23:04 UTC.