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    VER   AT0000746409

VERBUND AG

(VER)
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Verbund : Investor Presentation Quarters 1-2/2021

07/29/2021 | 02:07am EST

© VERBUND AG, www.verbund.com

VERBUND

Half year results 2021

Vienna, 29/7/2021

© VERBUND AG, www.verbund.com

At a glance

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-outratio 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

  • Photovoltaic: 1.0 GWh
  • 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

This is an excerpt of the original content. To continue reading it, access the original document here.

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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