Verbund Ag Class A · VIE:VER
Verbund Ag Class A — Q1 2024 Earnings Presentation
22 slides from Verbund Ag Class A's earnings presentation, May 8, 2024
Slide 1: VERBUND Results quarter 1/2024
VERBUND Results quarter 1/2024 Vienna, 8/5/2024
Slide 2: Results quarter 1/2024 - At a glance
Results quarter 1/2024 - At a glance Influencing factors ‒ Lower average achieved contract prices for hydro power and new renewables production due to lower wholesale prices ‒ Strong hydro coefficient with 1.29 in Q1/2024 but lower production from reservoirs ‒ Higher production from wind and PV as w
Slide 3: Hedging volumes
Hedging volumes Hedging volumes 20241/ TWh Hedging volumes 20251/ TWh MtM MtM 156.0 155.6 (16/4//24): 151.8 142.8 (16/4/24): 129.5 €118.7 141.1 140.7 138.3 131.2 126.6 €112.4 6.1 12.5 8.7 14.1 15.5 14.2 17.2 16.1 15.8 15.3 16.9 20.9 10.0 11.3 13.0 8.5 9.5 9.8 10.3 11.5 31/3/23 30/6/23 30/9/23 31/12/
Slide 4: Hydro segment
Hydro segment Facts and figures EBITDA/ €m ‒ Significantly higher generation from hydropower in Q1/2024 ‒ Hydropower: 7,893 GWh (+29.6%) 871 ‒ Very strong hydro coefficient in Q1/2024 714 (1.29 vs. 0.93 in Q1/2023) ‒ Storage power: 1,375 GWh (–4.8%) ‒ Lower average achieved prices * ‒ Flexibility pr
Slide 5: New renewables segment
New renewables segment Facts and figures EBITDA/ €m ‒ Higher generation from wind power in Q1/2024: 558 GWh (+65.6%) ‒ Austria 91 GWh (+27.2%) 60 57 ‒ Germany 65 GWh (–7.3%) ‒ Romania 143 GWh (–11.7%) ‒ Spain 258 GWh ‒ Photovoltaic: 77 GWh ‒ Austria: 1 GWh * ‒ Spain: 76 GWh Q1/2023 Q1/2024 Current i
Slide 6: Sales segment
Sales segment EBITDA/ €m Facts and figures 7 ‒ The increase in EBITDA is mainly due to lower procurement prices for electricity and gas. This was partly offset by lower earnings contributions from flexibility products. ‒ Flexibility products decreased by €7.9m -103 ‒ 486.000 end customers Q1/2023 *
Slide 7: All other segments
All other segments Facts and figures EBITDA/ €m ‒ Increased utilisation of CCGT Mellach / slightly higher district heating generation 19 ‒ EBITDA fell due to negative effects from the valuation of future energy deliveries and increased fuel expenses due to the increased use of the Mellach CCGT 7 ‒ T
Slide 8: Grid segment
Grid segment EBITDA Grid segment Q1/2024: €111.0m (Q1/2023: 134.1m) Local GAAP: stable earnings (differences compensated by reg. account) APG EBITDA/ €m RAB 2023: €2,600m IFRS: volatile earnings (no regulatory account) RAB 2024: €2,834m Contribution from APG in Q1/2024 (IFRS): €85m EBITDA Approx. 23
Slide 9: Key financial figures (1)
Key financial figures (1) EBITDA/ €m Group result/ €m -9% 967 -4% 883 529 506 Q1/2023 Q1/2024 Q1/2023 Q1/2024 Additions to tangible assets (infrastructure) / €m Additions to tangible assets (renewables business & others) / €m +66% 134 -30% 37 81 25 Q1/2023 Q1/2024 Q1/2023 Q1/2024 Page 9
Slide 10: Key financial figures (2)
Key financial figures (2) Operating cash flow/ €m Free cash flow after dividends/ €m -32% 1,364 1,161 -42% 929 675 Q1/2023 Q1/2024 Q1/2023 Q1/2024 Net debt/ €m Gearing/ % 1,759 -36% 15.7 1,129 9.4 31.12.2023 31.3.2024 31.12.2023 31.3.2024Page 10
Slide 11: Outlook
Outlook Earnings outlook 2024 ‒ EBITDA between approx. €2,800m and approx. €3,300m and reported Group result between approx. €1,450m and approx. €1,750m based on an average generation from hydro, wind and PV in Q2–4/2024 as well as the actual opportunities and risk situation of the Group. ‒ For fina
Slide 12: Appendix
Appendix Page 12
Slide 13: Expansion of new renewables generation (Wind & PV)
Expansion of new renewables generation (Wind & PV, without B2B, as of 31/03/2024) Assets in operation: In operation/ in construction / target 2030: 808.4 MW Wind // 256.0 MWp PV Assets in construction: 86.1 MW / – / 163.3 MW³ EBITDA 2023: €41.1m In operation/ in construction / target 2030: 45.1 MW W
Slide 14: Financial liabilities
Financial liabilities Debt maturity profile/ €m Financial liabilities/ €m 742 700 2,976 -33% 1,990 142 55 45 54 41 40 39 2024 2025 2026 2027 2028 2029 2030 2031 >2031 Q1/2023 Q1/2024 Financial liabilities Interest mix Rating ‒ Book value Financial liabilities: €1,989.9m ‒ 82.7% fixed interest rate F
Slide 15: CAPEX plan 2024-2026 (total of €5,535m)
CAPEX plan 2024-2026 (total of €5,535m) Growth CAPEX/ €m (total of €3,809m) 1,631 97 1,134 776 1,044 Hydro segment 178 161 New renewables segment 582 348 Grid segment - APG 541 360 Grid segment - GCA 256 0 0 0 118 217 175 Others 2024 2025 2026 Maintenance CAPEX/ €m (total of €1,726m) 611 578 537 314
Slide 16: Income statement
Income statement €m Q1/2023 Q1/2024 Total Total Revenue 3,262.7 2,007.8 Electricity revenue 2,765.7 1,655.3 Grid revenue 400.6 248.1 Other revenue 96.4 104.4 Other operating income 20.1 45.9 Expenses for electricity purchases & use of fuels –2,022.7 –1,110.5 Other operating & personnel expenses –209
Slide 17: Balance sheet (short version)
Balance sheet (short version) €m 31.12.2023 31.3.2024 Change Non-current assets 15,895 16,061 1% Current assets 3,590 4,137 15% Total assets 19,485 20,197 4% Equity 11,221 12,014 7% Non-current liabilities 5,103 5,206 2% Current liabilities 3,161 2,978 -6% Total liabilities 19,485 20,197 4% Page 17
Slide 18: Cash flow statement (short version)
Cash flow statement (short version) €m Q1/2023 Q1/2024 Change Cash flow from operating activities 1,364 929 –32% Cash flow from investing activities –213 –248 17% Cash flow from financing activities –498 –167 – Change in cash and cash equivalents 653 514 –21% Cash and cash equivalents at the end of
Slide 19: Capital market calendar 2024
Capital market calendar 2024 17/5/2024 Dividend payment date 25/7/2024 Result and interim report quarters 1–2/2024 7/11/2024 Result and interim report quarters 1–3/2024 Page 19
Slide 20: VERBUND Board of Directors
VERBUND Board of Directors Michael Strugl Peter F. Kollmann Chairman of the Executive Board CFO, Deputy Chairman of the Executive Board Achim Kaspar Susanna Zapreva-Hennerbichler Member of the Executive Board Member of the Executive Board Page 20
Slide 21: Investor Relations Team
Investor Relations Team Andreas Wollein Martin Weikl Stefan Wallner Tibor Hanifl Head of Group Finance and Senior Investor Relations Senior Investor Relations Investor Relations Investor Relations Manager Manager Manager (ESG) T +43(0)503 13-52614 T +43(0)503 13-52614 T +43(0)503 13-52614 T +43(0)50
Slide 22: Responsibility for the Future
Responsibility for the Future