320
ACER
Agency for the Cooperation of Energy
Regulators
Adjusted EBITDA
The adjustments include effects from
restructuring expenses arising from
Group-wide cost-cutting programmes as
well as other expenses and income of a
non-recurring or rare nature in EBITDA.
EBITDA from any discontinued
operations is also reflected in adjusted
EBITDA. EBITDA is the most important
internal earnings performance indicator
at VERBUND and an indicator of the
sustainable profitability of its business.
Adjusted Group result
The adjustments include – in addition to
the effects adjusted from adjusted
EBITDA – effects from impairment tests
and effects from business acquisitions,
as well as other expenses and income of
a non-recurring or rare nature (after
taxes and non-controlling interests).
Beyond that, special tax effects are not
taken into account in the adjusted Group
result.
Average number of employees
Calculated according to actual effective
dates of hires and resignations and
number of hours worked.
Balancing services market
Control power is necessary for balancing
out sudden large changes in load – too
much or too little electricity in the grid.
This means that a certain percentage of
power plant capacity is held at the ready
as reserves for rapid stabilisation of the
grid. The control area manager procures
the necessary capacity through market
mechanisms and also compensates the
providers for the quantities of electricity
actually used.
Base (base load)
Base refers to the load profile for
electricity deliveries supplied at a
constant rate throughout 24 hours of
each day of the supply period.
Capital employed
Total assets less those assets that do not
(yet) contribute to the performance and
commercialisation processes (e.g.
advance payments, plants under
construction, investments under closed
items on the balance sheet), and less
non-interest-bearing debt. From 2019
onwards, this ratio is only calculated for
VERBUND’s unregulated business
activities.
Cash flow
Net balance of the inflow and outflow of
cash and cash equivalents; made up of
cash flow from operating, investing and
financing activities.
Clean dark spread
Generation margin for electricity from
coal-fired power plants representing the
difference between the electricity price
and the fuel costs (coal) for generating
electricity taking into account the cost of
emission rights.
Clean spark spread
Generation margin for electricity from
gas power plants representing the
difference between the electricity price
and the fuel costs (gas) for generating
electricity taking into account the cost of
emission rights.
Climate-neutral natural gas
CO
2
emissions result from the use of
natural gas by our customers. To achieve
climate neutrality, these emissions must
be saved elsewhere. VERBUND
therefore promotes sustainable and
clean energy generation, such as with
the Ashta hydropower plant in Albania,
thus compensating for the CO
2
emissions for VERBUND natural gas.
So, precisely that volume of CO
2
released through the use of VERBUND
natural gas is balanced out by the
sustained promotion of clean energy
generation.
Closed items on the balance
sheet
Closed items on the balance sheet
include (rolled over) financial liabilities
and related investments from cross-
border leasing transactions that have
been terminated early. Previously,
financial liabilities relating to cross-
border leasing transactions and to the
Republic of Austria, as well as
associated investments, were treated in
the same way.
Corporate carbon footprint
(CCF)
Transparent presentation of an
organisation’s direct and indirect
greenhouse gas emissions generated as
a result of its business activities.
Corporate responsibility (CR)
This concept targets sustainable
performance at the Group level and
incorporates economic, environmental
and social aspects into the core
business. Attention is also given to the
impacts arising from business activities
and stakeholder requirements within all
business processes.
Cross-border leasing
Leasing across national borders; the
lessor and lessee are based in different
countries.
Glossary