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The company announced on Thursday that consolidated earnings rose by 85.9 percent to 1.981 billion euros. A profit of between 2.25 and 2.45 billion euros is expected for the year as a whole.
The association cites higher electricity production due to better water supply, increased average sales prices, higher earnings contributions from the acquisition and commissioning of new renewable generation plants and improved earnings contributions from the regulated infrastructure sector as the main reasons for the good earnings development compared to the previous year.
EBITDA (earnings before interest, taxes, depreciation and amortization) rose by 83.6 percent to EUR 3.549 billion compared to the comparable period of the previous year, and consolidated earnings adjusted for one-time effects doubled. The operating result increased by 94 percent to 3.146 billion euros. The net debt ratio was reduced year-on-year from 89.9 percent to 23.3 percent.
The generation coefficient of the run-of-river power plants was 0.93, 7 percentage points below the long-term average, but 9 percentage points above the previous year’s comparable value. Production from annual storage power plants increased by 7.1 percent in the first three quarters compared to the previous year. Hydropower generation increased by 2,266 GWh to 23,102 GWh. The sharp rise in futures market prices on the wholesale market for electricity, which was relevant to the reporting period, had a significantly positive effect on earnings development. Spot market prices, however, fell this year. The average sales price achieved for Verbund’s own generation from hydropower increased by 64.4 euros/MWh to 176.0 euros/MWh. Sales revenue rose by 28.5 percent to 9.79 billion euros.
Generation from photovoltaic and wind turbines
The higher generation from photovoltaic and wind turbines, particularly from the commissioning and acquisitions in Spain, also made a positive contribution. Gas Connect Austria GmbH and Austrian Power Grid AG also made higher earnings contributions in the Grid segment. However, the significantly lower thermal generation and the negative contribution to earnings from the Sales segment, due, among other things, to the high procurement costs, had a negative impact on earnings. The measures to skim profits reduced EBITDA by around 77 million euros.
According to current plans, the association wants to invest around 15 billion euros in the next decade – but this amount is likely to increase. In Salzburg and Carinthia, a total of around 700 million euros will flow into the Limberg III (480 MW) and Reisseck II plus (45 MW) hydroelectric power plant projects, which are intended to play an important role in the energy system as flexible pumping and storage power plants. The groundbreaking ceremony for the Stegenwald hydroelectric power plant took place in the summer of 2023. Together, the association and Salzburg AG are investing around 100 million euros here. Once completed, the run-of-river power plant on the middle Salzach is expected to supply 72.8 GWh of electricity per year for the region.
For the full year 2023, EBITDA is expected to be between 4.15 and 4.45 billion euros, and consolidated earnings are expected to be between 2.25 and 2.45 billion euros. For the 2023 financial year, a payout ratio of between 45% and 55% is planned based on the consolidated result adjusted for one-off effects, which is estimated at EUR 2.27 to 2.47 billion.
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