| Basis of consolidation | |||
Consolidation | Accounted for using | Accounted for as | |
| the equity method | a joint operation | ||
As at 31/12/2022 | 45 | 8 | 1 |
Additions from newly formed entities | 2 | 0 | 0 |
Additions from business acquisitions | 3 | 0 | 0 |
Change in consolidation method | 6 | 0 | 0 |
Other additions | 3 | 0 | 0 |
Disposals by means of merger | \u2013 2 | 0 | 0 |
As at 31/12/2023 | 57 | 8 | 1 |
of which domestic companies | 20 | 7 | 1 |
of which foreign companies | 37 | 1 | 0 |
Assets acquired and liabilities assumed | \u20acm |
| Acquisition date | |
| fair value | |
Intangible assets | 1.8 |
Property, plant and equipment | 2.5 |
Right-of-use assets | 0.1 |
Inventories | 3.4 |
| Trade receivables and other receivables | 2.6 |
Cash and cash equivalents | 0.8 |
Total assets acquired | 11.1 |
Deferred tax liabilities | 0.6 |
Current provisions | 0.5 |
Current financial liabilities | 1.5 |
Trade payables and other liabilities | 2.4 |
Total liabilities assumed | 5.1 |
Total identifiable net assets at fair value (100%) | 6.1 |
Goodwill | 6.4 |
Total consideration transferred | 12.5 |
of which in cash | 12.5 |
1 For trade receivables and current other receivables, the carrying amounts represent a realistic estimate of their fair values (due to the short maturities); they also correspond to the gross amounts of the receivables. |
| Foreign exchange rates used for currency translation | |||||
31/12/2022 | 31/12/2023 | 2022 | 2023 | ||
Country | Currency | Closing rate | Closing rate | Average rate | Average rate |
Romania | \u20ac1 = RON | 4.9474 | 4.9746 | 4.9346 | 4.9516 |
| Newly applicable or applied accounting standards | ||||
Standard or interpretation | Published by the | Mandatory | Material effects on the | |
| IASB (endorsed | application for | consolidated financial | ||
| by the EU) | VERBUND | statements of VERBUND | ||
IFRS 17 | Initial application | 18/5/2017 | 1/1/2023 | None |
| including amendment: | (19/11/2021) | |||
| Insurance Contracts | ||||
| IAS 1 and | Amendment: | 12/2/2021 | 1/1/2023 | None |
| IFRS Practice | Disclosure of | (2/3/2022) | ||
| Statement 2 | Accounting Policies | |||
IAS 8 | Amendment: Definition of | 12/2/2021 | 1/1/2023 | None |
| Accounting Estimates | (2/3/2022) | |||
IAS 12 | Amendment: | 7/5/2021 | 1/1/2023 | None |
| Deferred Tax related to | (11/8/2022) | |||
| Assets and Liabilities arising | ||||
| from a Single Transaction | ||||
IFRS 17 | Amendment: | 9/12/2021 | 1/1/2023 | None |
| First-time Adoption of | (8/9/2022) | |||
| IFRS 17 and IFRS 9 \u2013 | ||||
| Comparative Information | ||||
IAS 12 | Amendment: | 23/5/2023 | 1/1/2023 | None |
| International Tax Reform \u2013 | (8/11/2023) | |||
| Pillar Two Model Rules |
| New accounting standards not yet applicable or applied | ||||
Standard or interpretation | Published by the | Mandatory | Expected material effects | |
| IASB (endorsed | application for | on the consolidated | ||
| by the EU) | VERBUND | financial statements of | ||
| VERBUND | ||||
IAS 1 | Amendment: Classification of | 23/1/2020 | 1/1/2024 | None |
| Liabilities as Current or | (19/12/2023) | |||
| Non-current and Non-current | ||||
| Liabilities with Covenants | ||||
IFRS 16 | Amendment: Lease Liability | 22/9/2022 | 1/1/2024 | None |
| in a Sale and Leaseback | (20/11/2023) | |||
| IAS 7 and | Amendment: Disclosure | 25/5/2023 | 1/1/2024 | None |
| IFRS 7 | requirements and additions to | (outstanding) | ||
| supplier finance arrangements | ||||
| IAS 21 | Amendment: Clarification of | 15/8/2023 | 1/1/2025 | None |
| accounting when there is a | (outstanding) | |||
| lack of exchangeability | ||||
1 basis: EU Endorsement Status Report dated 12 January 2024 |
2024 | Group result: sensitivities | \u20acm |
+ 1% | \u2013 1% | |
Hydropower generation | 15.1 | \u2013 15.1 |
Wind power and photovoltaic generation | 2.4 | \u2013 2.4 |
2024 | Group result: sensitivities | \u20acm |
\u20ac+1/MWh | \u20ac\u20131/MWh | |
Wholesale electricity prices (renewable generation) | 5.8 | \u2013 5.8 |
+ 1.0% | \u2013 1.0% | |
Interest rate percentage points | \u2013 3.0 | 3.0 |
| Basis of consolidation | |||
Consolidation | Accounted for using | Accounted for as | |
| the equity method | a joint operation | ||
As at 31/12/2022 | 45 | 8 | 1 |
Additions from newly formed entities | 2 | 0 | 0 |
Additions from business acquisitions | 3 | 0 | 0 |
Change in consolidation method | 6 | 0 | 0 |
Other additions | 3 | 0 | 0 |
Disposals by means of merger | \u2013 2 | 0 | 0 |
As at 31/12/2023 | 57 | 8 | 1 |
of which domestic companies | 20 | 7 | 1 |
of which foreign companies | 37 | 1 | 0 |
Assets acquired and liabilities assumed | \u20acm |
| Acquisition date | |
| fair value | |
Intangible assets | 1.8 |
Property, plant and equipment | 2.5 |
Right-of-use assets | 0.1 |
Inventories | 3.4 |
| Trade receivables and other receivables | 2.6 |
Cash and cash equivalents | 0.8 |
Total assets acquired | 11.1 |
Deferred tax liabilities | 0.6 |
Current provisions | 0.5 |
Current financial liabilities | 1.5 |
Trade payables and other liabilities | 2.4 |
Total liabilities assumed | 5.1 |
Total identifiable net assets at fair value (100%) | 6.1 |
Goodwill | 6.4 |
Total consideration transferred | 12.5 |
of which in cash | 12.5 |
1 For trade receivables and current other receivables, the carrying amounts represent a realistic estimate of their fair values (due to the short maturities); they also correspond to the gross amounts of the receivables. |
| Foreign exchange rates used for currency translation | |||||
31/12/2022 | 31/12/2023 | 2022 | 2023 | ||
Country | Currency | Closing rate | Closing rate | Average rate | Average rate |
Romania | \u20ac1 = RON | 4.9474 | 4.9746 | 4.9346 | 4.9516 |
| Newly applicable or applied accounting standards | ||||
Standard or interpretation | Published by the | Mandatory | Material effects on the | |
| IASB (endorsed | application for | consolidated financial | ||
| by the EU) | VERBUND | statements of VERBUND | ||
IFRS 17 | Initial application | 18/5/2017 | 1/1/2023 | None |
| including amendment: | (19/11/2021) | |||
| Insurance Contracts | ||||
| IAS 1 and | Amendment: | 12/2/2021 | 1/1/2023 | None |
| IFRS Practice | Disclosure of | (2/3/2022) | ||
| Statement 2 | Accounting Policies | |||
IAS 8 | Amendment: Definition of | 12/2/2021 | 1/1/2023 | None |
| Accounting Estimates | (2/3/2022) | |||
IAS 12 | Amendment: | 7/5/2021 | 1/1/2023 | None |
| Deferred Tax related to | (11/8/2022) | |||
| Assets and Liabilities arising | ||||
| from a Single Transaction | ||||
IFRS 17 | Amendment: | 9/12/2021 | 1/1/2023 | None |
| First-time Adoption of | (8/9/2022) | |||
| IFRS 17 and IFRS 9 \u2013 | ||||
| Comparative Information | ||||
IAS 12 | Amendment: | 23/5/2023 | 1/1/2023 | None |
| International Tax Reform \u2013 | (8/11/2023) | |||
| Pillar Two Model Rules |
| New accounting standards not yet applicable or applied | ||||
Standard or interpretation | Published by the | Mandatory | Expected material effects | |
| IASB (endorsed | application for | on the consolidated | ||
| by the EU) | VERBUND | financial statements of | ||
| VERBUND | ||||
IAS 1 | Amendment: Classification of | 23/1/2020 | 1/1/2024 | None |
| Liabilities as Current or | (19/12/2023) | |||
| Non-current and Non-current | ||||
| Liabilities with Covenants | ||||
IFRS 16 | Amendment: Lease Liability | 22/9/2022 | 1/1/2024 | None |
| in a Sale and Leaseback | (20/11/2023) | |||
| IAS 7 and | Amendment: Disclosure | 25/5/2023 | 1/1/2024 | None |
| IFRS 7 | requirements and additions to | (outstanding) | ||
| supplier finance arrangements | ||||
| IAS 21 | Amendment: Clarification of | 15/8/2023 | 1/1/2025 | None |
| accounting when there is a | (outstanding) | |||
| lack of exchangeability | ||||
1 basis: EU Endorsement Status Report dated 12 January 2024 |
2024 | Group result: sensitivities | \u20acm |
+ 1% | \u2013 1% | |
Hydropower generation | 15.1 | \u2013 15.1 |
Wind power and photovoltaic generation | 2.4 | \u2013 2.4 |
2024 | Group result: sensitivities | \u20acm |
\u20ac+1/MWh | \u20ac\u20131/MWh | |
Wholesale electricity prices (renewable generation) | 5.8 | \u2013 5.8 |
+ 1.0% | \u2013 1.0% | |
Interest rate percentage points | \u2013 3.0 | 3.0 |
| Discretionary decisions and assumptions regarding the future | |
Assessment of the terms of leases | Section 4.3 |
Determination of the discount rate for impairment testing | Section 4.4 |
Determination of the expected cash flows for impairment testing of goodwill | Section 4.4.1 |
Determination of the expected cash flows for impairment testing of power plants | Section 4.4.2 |
| Determination of the discount rate for the measurement of pensions and similar obligations | Section 9.2 |
| as well as statutory termination benefits | |
Determination of measurement parameters for other provisions | Section 9.3 |
Determination of the likelihood of contingent liabilities | Section 13.1 |
Evaluation of whether other entities are controlled or jointly managed by VERBUND or whether VERBUND can exert a significant influence on another entity and/or whether an entity represents a joint operation of VERBUND | Section 13.4 |
| Definition of operating segments | |
Hydro | Hydropower generation technology |
New renewables | Wind and photovoltaic generation technologies |
Sales | Trading and sales activities |
Grid | Activities of Austrian Power Grid AG, Gas Connect Austria GmbH and |
| Austrian Gas Grid Management AG | |
| All other segments | |
Thermal generation | Electricity and thermal generation of |
| VERBUND Thermal Power GmbH & Co KG | |
Services | Business activities of VERBUND Services GmbH |
Equity interests | Equity interest in KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft |
| Key performance indicators \u2013 segment reporting | |
EBITDA | Internal measure of performance for each operating segment. |
| Transactions between operating segments are carried out at arm's length. | |
Result from interests accounted for using the equity method | Assessment of the Equity interest segment |
Capital employed | Total assets less those assets that do not (yet) contribute to the performance |
| and commercialisation processes and less non-interest-bearing debt. |
| Measurement of contracts with customers in accordance with IFRS 15 | |||
| Type of | Contracts with customers | Contracts with customers | Contracts with customers |
| contract | for the delivery of electricity | as a result of operating | as a result of operating |
| and gas | the Austrian electricity | the Austrian gas transmission | |
| transmission network | pipeline and distribution | ||
| network | |||
| Performance/ | As a rule, the consideration | Performance obligations | Performance obligations |
| consideration | received for contracts for the | mainly comprise system | comprise the marketing and |
| delivery of electricity and gas | energy, control power and | provision of transportation | |
| comprises a capacity price and | balancing energy as well as | capacities at border crossing | |
| an energy price. The capacity | congestion management | points, i.e. entry and exit | |
| price is independent of volume, | and redispatch services. | capacities, and the marketing | |
| whereas the energy price | The consideration received for | and provision of transportation | |
| depends on the volume of | these performance obligations | capacities for natural gas | |
| electricity and gas purchased. | depends largely on the | needed in Austria as well as | |
| electricity consumed by the | dispatching and other services. | ||
| customer and the costs | |||
| incurred by VERBUND for the | |||
| respective obligation. | |||
| Revenue | Revenue is recognised as soon | Revenue is recognised in the | Revenue is recognised in the |
| recognition | as control over the goods or | amount in which VERBUND | amount in which VERBUND |
| services has passed to the | has a right to invoice for | has a right to invoice for | |
| customer. Control is | performance completed to | performance completed to | |
| transferred over the period in | date. Control is transferred | date. Control is transferred over | |
| which the performance | over the period in which the | the period in which the | |
| obligation is fulfilled. Revenue | performance obligation is | performance obligation is | |
| is recognised in the amount in | fulfilled. | fulfilled. | |
| which VERBUND has fulfilled | |||
| its obligations with respect to | |||
| the delivery of electricity and | |||
| gas (i.e. the customer could | |||
| purchase electricity or gas at | |||
| any given time or has already | |||
| done so) and a right to invoice | |||
| for performance completed to | |||
| date has been established. | |||
| Special | With some contracts to deliver | None | None |
| circumstances | electricity and gas, customers | ||
| are also billed for grid costs. | |||
| Since VERBUND does not have | |||
| any control over grid services | |||
| prior to transfer to the | |||
| customer, VERBUND should | |||
| be regarded as an agent with | |||
| respect to these services. | |||
| Therefore, no revenue is | |||
| recognised for grid services. |
| Impairment testing of Ashta Beteiligungsverwaltung GmbH | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | VERBUND and EVN AG joint venture | VERBUND and EVN AG joint venture |
| that holds 100% of the interest in | that holds 100% of the interest in | |
| Energji Ashta Shpk, which in turn operates | Energji Ashta Shpk, which in turn operates | |
| a two-stage Hydromatrix power plant | a two-stage Hydromatrix power plant | |
| (installed capacity: 53 MW) in Albania | (installed capacity: 53 MW) in Albania | |
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts and |
| impairment | updated discount rate | updated discount rate |
Basis for recoverable amount | Value in use | Fair value (Level 3) less costs of disposal |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
Derivation of cash flow | Energji Ashta Shpk budgets | Energji Ashta Shpk budgets |
Volume | The annual output corresponding to the | The annual output corresponding to the |
| mean energy capability of 242 GWh | mean energy capability of 242 GWh | |
Price | 2023\u20132028: Electricity prices based on | 2024\u20132028: Electricity prices based on |
| purchase agreement with KESH | purchase agreement with KESH | |
| 2029\u20132043: Internal price forecasts | 2029\u20132043: External price forecasts | |
Planning period | Detailed planning phase: 1 year; | Detailed planning phase: 1 year; |
| rough planning phase: 20 years (long-term | rough planning phase: 19 years (long-term | |
| reinvestment, repair and maintenance | reinvestment, repair and maintenance | |
| cycles for hydropower plants) | cycles for hydropower plants) | |
| Key valuation | Electricity price forecasts and | Electricity price forecasts and |
| assumptions | discount rate | discount rate |
After-tax discount rate | WACC after taxes (2023\u20132028): 10.75% | WACC after taxes (2024\u20132028): 9.5% |
| WACC after taxes (2029\u20132043): 12.50% | WACC after taxes (2029\u20132043): 11.25% | |
Recoverable amount | \u20ac 19.2m | \u20ac 35.9m |
| Change in value | \u20ac\u2013 0.3m | \u20ac+ 12.7m |
| during the period | ||
1 An impairment loss reversal had already been recognised in the 2023 reporting period in the amount of \u20ac6.3m as at 30 June 2023. By 31 December 2023, the reversal of impairment recognised during the year had increased to \u20ac12.7m. |
| Useful life | In years |
Residential, office, plant and other plant facilities | 10\u201350 |
Hydroplant buildings | 20\u2013100 |
Gas pipelines | 30 |
Machinery | 10\u201380 |
Electrical installations | 3\u201350 |
Power lines | 50 |
Operating and office equipment | 4\u201310 |
Goodwill | \u20acm | |
2022 | 2023 | |
Hydro segment | 287.0 | 287.0 |
Sales segment | 13.0 | 13.0 |
Inn River power plant group | 126.6 | 126.6 |
Grenzkraftwerke power plant group | 161.1 | 161.1 |
SMATRICS GmbH & Co KG | 40.5 | 40.5 |
Spain renewables portfolio | 78.4 | 0.0 |
| Solarpower | 0.0 | 6.4 |
Goodwill | 706.6 | 634.6 |
1 Details regarding goodwill recognised for the first time in the 2023 reporting period can be found in the section entitled Business acquisitions |
| Valuation techniques and input factors for determining fair values | |||
Level | Financial instrument | Valuation technique | Input factor |
1 | Energy forwards | Market approach | Settlement price published by the |
| stock exchange | |||
1 | Securities, other equity interest in | Market approach | Stock exchange price |
| Burgenland Holding AG | |||
2 | Securities and other loans under closed | Net present value | Payments associated with the financial |
| items on the balance sheet, non-current | approach | instruments, yield curve, credit risk of | |
| loans, liabilities to banks, bonds and | the contracting parties (credit default | ||
| other financial liabilities | swaps or credit spread curves) | ||
2 | Interests in unconsolidated subsidiaries, | Market approach | Trading Multiple, transaction price |
| other equity interest in Energie AG | |||
| Ober\u00f6sterreich and RTE | |||
2 | Non-listed energy forwards | Net present value | Forward price curve derived from |
| approach | stock exchange, yield curve, credit risk | ||
| of the contracting parties | |||
2 | Other assets and liabilities measured | Net present value | Cash flows already fixed or determined |
| at fair value in the finance area | approach | via forward rates, yield curve, credit risk | |
| of the contracting parties | |||
3 | Return obligation (obligation to transfer | Net present value | Price forecasts for electricity, |
| back the 50% interest acquired in | approach | weighted average cost of capital | |
| Donaukraftwerk Jochenstein AG) | after taxes | ||
3 | Securities (shares of Wiener B\u00f6rse AG) | Net present value | Expected distribution of profits, |
| approach | cost of equity | ||
3 | Other non-current receivables | Net present value | Expected distribution of profits, |
| (profit participation right with respect to | approach | cost of equity | |
| material assets of TAG) | |||
AC | Other shares in unconsolidated | \u2013 | Cost as the best estimate of |
| subsidiaries, other equity interests and | fair value | ||
| securities | |||
\u2013 | Cash and cash equivalents, trade | \u2013 | Carrying amount as the best estimate of |
| receivables and payables, current other | fair value | ||
| receivables, other borrowing within | |||
| current credit lines as well as current | |||
| other liabilities |
| Components of net gains or losses | |
Measurement category | Note |
| Financial assets and liabilities | The net gains or losses arose from the measurement of derivative financial |
| measured at fair value through | instruments in the energy area (wholesale and trading) in the operating result, |
| profit or loss | as well as from the measurement of (other) derivative and non-derivative financial |
| instruments in the finance area in the other financial result. | |
| Financial assets and liabilities | The net gains or losses arose from the measurement of financial liabilities to |
| measured at fair value through | banks (closed items on the balance sheet). These gains and losses are offset by |
| profit or loss \u2013 designated | net gains and losses from financial assets and liabilities measured at fair value |
| through profit or loss and net gains and losses from financial assets and liabilities | |
| measured at cost in the corresponding amounts. | |
| Financial assets and liabilities | The net gains and losses relate primarily to financial instruments associated with |
| measured at amortised cost | closed items on the balance sheet in the other financial result as well as to |
| valuation allowances on trade receivables in the operating result. |
| Impairment of assets | |||
Stage 1 | Stage 2 | Stage 3 | |
Credit risk | Low credit risk \u2013 | Elevated credit risk \u2013 | Significant financial |
| (credit risk has not increased | (credit risk has increased | difficulties on the part of the | |
| significantly since initial | significantly since initial | borrower or the issuer | |
| recognition) | recognition) | (breach of contract) | |
| Recognition of | Impairment in the amount of | Impairment in the amount of | Impairment in the amount of |
| loss allowance | the 12-month expected loss | expected lifetime losses | expected lifetime losses |
| Calculation of | Based on the effective | Based on the effective | Based on the effective |
| interest income | interest rate on the gross | interest rate on the gross | interest rate on the net |
| carrying amount | carrying amount | carrying amount |
| Actuarial assumptions for pension obligations | ||||
2022 | 2023 | |||
Discount rate or expected rate of return from plan assets | 3.75% | 3.75% | ||
Pension increases | 1.75%\u20135.75% | 2.00%\u20136.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover | none | none | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for obligations similar to pensions | ||||
2022 | 2023 | |||
Discount rate | 3.75% | 3.75% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20135.80% | 0.00%\u20135.80% | ||
| Change in contributions based on hospital cost index for new contracts | ||||
(with participation)/old contracts (without participation) | 2.75%\u20135.50% | 2.75%\u20136.00% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for termination benefit obligations | ||||
2022 | 2023 | |||
Discount rate | 3.50% | 3.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20130.60% | 0.00%\u20130.60% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Basis of consolidation | |||
Consolidation | Accounted for using | Accounted for as | |
| the equity method | a joint operation | ||
As at 31/12/2022 | 45 | 8 | 1 |
Additions from newly formed entities | 2 | 0 | 0 |
Additions from business acquisitions | 3 | 0 | 0 |
Change in consolidation method | 6 | 0 | 0 |
Other additions | 3 | 0 | 0 |
Disposals by means of merger | \u2013 2 | 0 | 0 |
As at 31/12/2023 | 57 | 8 | 1 |
of which domestic companies | 20 | 7 | 1 |
of which foreign companies | 37 | 1 | 0 |
| Basis of consolidation | |||
Consolidation | Accounted for using | Accounted for as | |
| the equity method | a joint operation | ||
As at 31/12/2022 | 45 | 8 | 1 |
Additions from newly formed entities | 2 | 0 | 0 |
Additions from business acquisitions | 3 | 0 | 0 |
Change in consolidation method | 6 | 0 | 0 |
Other additions | 3 | 0 | 0 |
Disposals by means of merger | \u2013 2 | 0 | 0 |
As at 31/12/2023 | 57 | 8 | 1 |
of which domestic companies | 20 | 7 | 1 |
of which foreign companies | 37 | 1 | 0 |
Other result from equity interests | \u20acm | |
2022 | 2023 | |
Income from equity interests and unconsolidated subsidiaries | 8.3 | 8.5 |
Other | \u2013 0.3 | \u2013 0.4 |
Other result from equity interests | 8.0 | 8.0 |
| Impairment testing of Trans Austria Gasleitung GmbH | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | Trans Austria Gasleitung GmbH, | Trans Austria Gasleitung GmbH, |
| Austrian transmission system operator | Austrian transmission system operator | |
| Indications of | Significant changes in the | Significant changes in the |
| impairment | energy industry environment | energy industry environment |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
Derivation of cash flow | Trans Austria Gasleitung GmbH budgets | Trans Austria Gasleitung GmbH budgets |
| (based primarily on market data) | (based primarily on market data) | |
Volume | Capacity bookings | Capacity bookings |
Price | Regulatory tariffs published by the regulator | Regulatory tariffs published by the |
| regulator | ||
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 5 years plus | rough planning phase: 5 years plus | |
| Regulatory Asset Base (RAB) as exit value | Regulatory Asset Base (RAB) as exit value | |
| Key valuation | Regulatory interest rate for the RAB | Regulatory interest rate for the RAB |
| assumptions | ||
After-tax discount rate | Determination of discount rate taking into | Determination of discount rate taking into |
| account regulatory framework conditions | account regulatory framework conditions | |
Recoverable amount | \u20ac 21.9m | \u20ac 33.6m |
| Change in value | \u20ac\u2013 46.2m | \u20ac+ 14.0m |
| during the period | ||
1 An impairment loss had already been recognised in the 2023 reporting period in the amount of \u2013 \u20ac2.8m as at 30 June 2023. By 31 December 2023, the impairment loss | ||
| recognised during the year had decreased and a reversal of the impairment loss was recognised in the amount of \u20ac14.0m . |
| Sensitivity analysis for Trans Austria Gasleitung GmbH 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumption | amounts of assets | |
| After-tax discount rate | (Please refer to | \u00b1 0.25 PP | \u20ac\u2013 0.6m |
| the table above) | \u20ac+ 0.6m |
| Sensitivity analysis for Trans Austria Gasleitung GmbH 31/12/2022 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumption | amounts of assets | |
After-tax discount rate | (Please refer to | \u00b1 0.25 PP | \u20ac\u2013 0.5m |
| the table above) | \u20ac+ 0.5m |
| Impairment testing of Ashta Beteiligungsverwaltung GmbH | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | VERBUND and EVN AG joint venture | VERBUND and EVN AG joint venture |
| that holds 100% of the interest in | that holds 100% of the interest in | |
| Energji Ashta Shpk, which in turn operates | Energji Ashta Shpk, which in turn operates | |
| a two-stage Hydromatrix power plant | a two-stage Hydromatrix power plant | |
| (installed capacity: 53 MW) in Albania | (installed capacity: 53 MW) in Albania | |
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts and |
| impairment | updated discount rate | updated discount rate |
Basis for recoverable amount | Value in use | Fair value (Level 3) less costs of disposal |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
Derivation of cash flow | Energji Ashta Shpk budgets | Energji Ashta Shpk budgets |
Volume | The annual output corresponding to the | The annual output corresponding to the |
| mean energy capability of 242 GWh | mean energy capability of 242 GWh | |
Price | 2023\u20132028: Electricity prices based on | 2024\u20132028: Electricity prices based on |
| purchase agreement with KESH | purchase agreement with KESH | |
| 2029\u20132043: Internal price forecasts | 2029\u20132043: External price forecasts | |
Planning period | Detailed planning phase: 1 year; | Detailed planning phase: 1 year; |
| rough planning phase: 20 years (long-term | rough planning phase: 19 years (long-term | |
| reinvestment, repair and maintenance | reinvestment, repair and maintenance | |
| cycles for hydropower plants) | cycles for hydropower plants) | |
| Key valuation | Electricity price forecasts and | Electricity price forecasts and |
| assumptions | discount rate | discount rate |
After-tax discount rate | WACC after taxes (2023\u20132028): 10.75% | WACC after taxes (2024\u20132028): 9.5% |
| WACC after taxes (2029\u20132043): 12.50% | WACC after taxes (2029\u20132043): 11.25% | |
Recoverable amount | \u20ac 19.2m | \u20ac 35.9m |
| Change in value | \u20ac\u2013 0.3m | \u20ac+ 12.7m |
| during the period | ||
1 An impairment loss reversal had already been recognised in the 2023 reporting period in the amount of \u20ac6.3m as at 30 June 2023. By 31 December 2023, the reversal of impairment recognised during the year had increased to \u20ac12.7m. |
| Sensitivity analysis for Ashta Beteiligungsverwaltung GmbH 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumption | amounts of assets | |
| Electricity price | \u20ac107.8 per MWh | \u00b1 5% | \u20ac+ 7.8m |
| \u20ac\u2013 7.8m | |||
After-tax discount rate | 9.50%/11.25% | \u00b1 0.25 PP | \u20ac+ 2.6m |
| \u20ac\u2013 2.5m | |||
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 The electricity price shown relates to the year 2030. | |||
The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon. // 3 The upper write-up limit was reached as at 31 December 2023 |
| Sensitivity analysis for Ashta Beteiligungsverwaltung GmbH 31/12/2022 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumption | amounts of assets | |
Electricity price | \u20ac99.04 per MWh | \u00b1 5% | \u20ac+ 3.3m |
| \u20ac\u2013 3.3m | |||
After-tax discount rate | 10.75%/12.50% | \u00b1 0.25 PP | \u20ac+ 1.0m |
| \u20ac\u2013 1.0m |
Interests accounted for using the equity method | \u20acm | |
2022 | 2023 | |
Amortised cost as at 1/1 | 417.5 | 425.4 |
Additions | 4.0 | 5.4 |
Dividends | \u2013 3.9 | 9.5 |
Result from equity accounting | 4.3 | 84.9 |
Other comprehensive income from equity accounting | 3.6 | 24.7 |
Amortised cost as at 31/12 | 425.4 | 549.9 |
Accumulated value adjustments as at 1/1 | \u2013 13.3 | \u2013 59.8 |
Impairment losses | \u2013 46.5 | 0.0 |
Reversals of impairment losses | 0.0 | 26.6 |
Accumulated value adjustments as at 31/12 | \u2013 59.8 | \u2013 33.1 |
Net carrying amount as at 31/12 | 365.5 | 516.7 |
Net carrying amount as at 1/1 | 404.1 | 365.5 |
Other equity interests | \u20acm | ||
| Interests in | Other equity | Total | |
| unconsolidated | interests | ||
| subsidiaries | |||
| 2023 | |||
(Amortised) cost as at 1/1 | 17.8 | 143.2 | 161.0 |
Change in the basis of consolidation | \u2013 5.0 | 0.0 | \u2013 5.0 |
Additions from acquisitions of interests and capital increases | 22.8 | 1.5 | 24.3 |
Disposals | 0.0 | \u2013 0.6 | \u2013 0.6 |
(Amortised) cost as at 31/12 | 35.6 | 144.1 | 179.7 |
Accumulated value adjustments as at 1/1 | 11.2 | 20.5 | 31.7 |
Fair value measurement in OCI | \u2013 0.6 | 32.5 | 31.9 |
Impairment losses | \u2013 15.8 | 0.0 | \u2013 15.8 |
Accumulated value adjustments as at 31/12 | \u2013 5.2 | 53.0 | 47.8 |
Net carrying amount as at 31/12 | 30.4 | 197.1 | 227.5 |
Net carrying amount as at 1/1 | 29.0 | 163.7 | 192.7 |
Other equity interests | \u20acm | ||
| Interests in | Other equity | Total | |
| unconsolidated | interests | ||
| subsidiaries | |||
| 2022 | |||
(Amortised) cost as at 1/1 | 4.8 | 143.1 | 147.9 |
Additions from acquisitions of interests and capital increases | 13.4 | 0.1 | 13.5 |
Disposals | \u2013 0.4 | 0.0 | \u2013 0.4 |
(Amortised) cost as at 31/12 | 17.8 | 143.2 | 161.0 |
Accumulated value adjustments as at 1/1 | 9.3 | 19.9 | 29.2 |
Fair value measurement in OCI | 1.9 | 0.6 | 2.5 |
Accumulated value adjustments as at 31/12 | 11.2 | 20.5 | 31.7 |
Net carrying amount as at 31/12 | 29.0 | 163.7 | 192.7 |
Net carrying amount as at 1/1 | 14.1 | 163.0 | 177.1 |
Material associates: statement of comprehensive income | \u20acm | |
2022 | 2023 | |
| KELAG-K\u00e4rntner | KELAG-K\u00e4rntner | |
| Elektrizit\u00e4ts- | Elektrizit\u00e4ts- | |
| Aktien- | Aktien- | |
| gesellschaft | gesellschaft | |
Revenue | 2,923.5 | 2,673.4 |
Profit after tax | 134.6 | 432.1 |
Ownership interest of VERBUND | 35.17% | 35.17% |
Profit or loss for the period attributable to VERBUND | 47.3 | 152.0 |
Differences due to the application of the equity method of accounting | \u2013 43.0 | \u2013 73.8 |
Share of profit or loss from associates accounted for using the equity method | 4.3 | 78.2 |
Profit after tax | 134.6 | 432.1 |
Other comprehensive income | 14.5 | 70.2 |
Total comprehensive income for the period | 149.1 | 502.3 |
Ownership interest of VERBUND | 35.17% | 35.17% |
Total comprehensive income for the period attributable to VERBUND | 52.4 | 176.6 |
Differences due to the application of the equity method of accounting | \u2013 44.5 | \u2013 73.8 |
Total comprehensive income for the period from associates accounted for using the equity method | 8.0 | 102.9 |
Dividends received from associates | 21.1 | 35.2 |
Material associates: balance sheet | \u20acm | |
31/12/2022 | 31/12/2023 | |
| KELAG-K\u00e4rntner | KELAG-K\u00e4rntner | |
| Elektrizit\u00e4ts- | Elektrizit\u00e4ts- | |
| Aktien- | Aktien- | |
| gesellschaft | gesellschaft | |
Non-current assets | 2,553.0 | 2,319.6 |
Current assets | 1,595.6 | 1,023.8 |
Non-current liabilities | \u2013 1,320.8 | \u2013 1,117.1 |
Current liabilities | \u2013 1,689.9 | \u2013 689.4 |
Equity attributable to non-controlling interests | \u2013 17.6 | \u2013 14.4 |
Net assets | 1,120.3 | 1,522.5 |
Ownership interest of VERBUND | 35.17% | 35.17% |
Net assets attributable to VERBUND | 394.0 | 535.4 |
Differences due to the application of the equity method of accounting | \u2013 99.6 | \u2013 127.5 |
Carrying amount of associates accounted for using the equity method | 294.3 | 407.9 |
| Segment: Hydro | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | compan y company's | quarters | dation | compan y company's | |||
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH) \u2013 Hydro | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| Innwerk AG | Stamm- | Stamm- | ||||||
| (VHP-IW) | ham | CS | VH | 100.00% | ham | CS | VH | 100.00% |
| VERBUND Hydro | ||||||||
| Power GmbH (VHP) | Vienna | CS | VH | 80.54% | Vienna | CS | VH | 80.54% |
| VERBUND | ||||||||
| Innkraftwerke | ||||||||
| GmbH | T\u00f6ging | CS | VH | 70.27% | T\u00f6ging | CS | VH | 70.27% |
| Donaukraftwerk | ||||||||
| Jochenstein | VH | 50.00% | VH | 50.00% | ||||
Aktiengesellschaft | Passau | CS | VHP-IW | 50.00% | Passau | CS | VHP-IW | 50.00% |
| Grenzkraftwerke | VH | 50.00% | VH | 50.00% | ||||
| GmbH | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
\u00d6sterreichisch- Bayerische | ||||||||
| Kraftwerke | VH | 50.00% | VH | 50.00% | ||||
| Aktiengesellschaft | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
| Ennskraftwerke | ||||||||
| Aktiengesellschaft | Steyr | GT | VH | 50.00% | Steyr | GT | VH | 50.00% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH & | ||||||||
| Co KG | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
Ashta Beteiligungs- verwaltung GmbH | ||||||||
(VHP-AL-HII) | Vienna | EM | VHP | 50.01% | Vienna | EM | VHP | 50.01% |
| VHP-AL- | VHP-AL- | |||||||
Energji Ashta Shpk | Bushat | EM | HII | 100.00% | Bushat | EM | HII | 100.00% |
| Lestin Tauch- und | ||||||||
Bergungsunterneh- men Gesellschaft | ||||||||
| m.b.H. (LESTIN) | Vienna | UC | VHP | 100.00% | Vienna | UC | VHP | 100.00% |
| Murkraftwerk Graz | ||||||||
| Errichtungs- und | ||||||||
| BetriebsgmbH | Graz | UC | VHP | 25.10% | Graz | UC | VHP | 25.10% |
| VERBUND | VHP | 99.90% | VHP | 99.90% | ||||
Tourismus GmbH | Vienna | UC | LESTIN | 0.10% | Vienna | UC | LESTIN | 0.10% |
| Manara HPP | ||||||||
| Operation Ltd. | Tel-Aviv | UC | VHP | 80.00% | Tel-Aviv | UC | VHP | 80.00% |
| Segment: New renewables | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Wind | ||||||||
| Power Austria | ||||||||
GmbH (VRP-AT) | Vienna | CS | VHP | 100.00% | Vienna | CS | VHP | 100.00% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH (VGP-DE) | stadt | CS | VGP | 100.00% | stadt | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power GmbH | ||||||||
| (VGP) | Vienna | CS | VGP | 100.00% | Vienna | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
Power Iberia, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Wind | ||||||||
| Power Romania | Bucha- | Bucha- | ||||||
| SRL | rest | CS | VGP | 100.00% | rest | CS | VGP | 100.00% |
| Infrastruktur | ||||||||
| Oberheimbach I | W\u00f6rr- | |||||||
| GmbH & Co. KG | stadt | CS | VGP | 85.00% | \u2013 | \u2013 | \u2013 | \u2013 |
Infrastrukturgesell- schaft Bischheim | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH & Co. KG | stadt | CS | VGP | 80.60% | stadt | CS | VGP | 80.60% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | ||||||||
| Photovoltaik | Sch\u00f6ne- | |||||||
| GmbH | feld | CS | VGP | 100.00% | Berlin | CS | VGP | 100.00% |
| Watt Development | ||||||||
| SPV 5 S.L.U. | ||||||||
(VGP-IB-IL1) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 6 S.L.U. | ||||||||
(VGP-IB-IL2) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 7 S.L.U. | ||||||||
(VGP-IB-IL3) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL1 | IL1 | |||||||
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL2 | IL2 | |||||||
| Infraestructuras de | VGP-IB- | 20.00% | VGP-IB- | 20.00% | ||||
Illora S.L. | Madrid | UC | IL3 | Madrid | UC | IL3 | ||
| SOLAVOLTA | Sankt | Sankt | ||||||
| Energie- und | Marga- | Marga- | ||||||
| Umwelttechnik | rethen im | rethen im | ||||||
| GmbH | Bgld. | EM | VGP | 50.00% | Bgld. | EM | VGP | 50.00% |
| Parque E\u00f3lico | ||||||||
Ayamonte S.L.U. | Madrid | CS | VH | 70.00% | Madrid | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico | de | de | ||||||
| Buseco S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico El | de | de | ||||||
| Barroso S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Parque E\u00f3lico | Pozuelo | Pozuelo | ||||||
| Loma de los Pinos | de | de | ||||||
| S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Lusitania | de | de | ||||||
| Renovables S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
Anselma Issuer, S.A.U. | ||||||||
(VGP-IB-ANI) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Topacio Energy, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Catalpa Solar, S.L.U. | ||||||||
(VGP-IB-CAS) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Tejo Solar, S.L.U. | ||||||||
(VGP-IB-TES) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Power Renewable | ||||||||
| Projects, S.L.U. | ||||||||
(VGP-IB-GRP) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Cuerva, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Los Navalmorales, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Albarreal, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Totan\u00e9s, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SDC) | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
Blacky Energy, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-BLA) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Cyopsa-El Molino | ||||||||
| Energ\u00eda E\u00f3lica, | VGP-IB- | VGP-IB- | ||||||
S.A.U. | Madrid | UC | BLA | 100.00% | Madrid | CS | BLA | 100.00% |
| VERBUND Green | ||||||||
Power Valderrama, S.L.U. (VGP-IB- | VGP-IB- | VGP-IB- | ||||||
VAL) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
Musas, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
| Ofion, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Green Power Wind | ||||||||
| Spain 1, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| Green Power Wind | ||||||||
Marquesado, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power Italia S.R.L. | ||||||||
| (VGP-IT) | Sternatia | UC | VGP | 100.00% | Milan | CS | VGP | 100.00% |
| PV Novoli S.R.L. | \u2013 | \u2013 | \u2013 | \u2013 | Lecce | CS | VGP-IT | 100.00% |
| Totan\u00e9s | ||||||||
| Infraestructuras | VGP-IB- | VGP-IB- | ||||||
| Comunes, S.L. | Madrid | UC | SDC | 38.89% | Madrid | UC | SDC | 38.89% |
| Murcia Solar Park | ||||||||
| GmbH | VGP-IB- | VGP-IB- | ||||||
| (VGP-IB-MUR) | Berlin | UC | ANI | 100.00% | Berlin | UC | ANI | 100.00% |
| Baluma Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Baviera Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Bolardo Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Boyante Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Braganza Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cairo Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Camareta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Carmesi Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cenida Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Comunidad de | ||||||||
| Bienes del Huerto | ||||||||
| Solar del Hinojar, | VGP-IB- | VGP-IB- | ||||||
| C.B. | Lorca | UC | SVL | 92.72% | Lorca | UC | SVL | 92.72% |
| Cornamusa Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Cruceta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Faballones Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Feanor Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Galadrien Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Helice Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Imai Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Koe Energy, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Lima Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Miriel Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Mosqueton Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Nairobi Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Natera Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Obenque Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Orion Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Orla Solar, S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Panol Solar, S.L. | Madrid | UC | TES | 51.00% | Madrid | UC | TES | 51.00% |
| Penalara Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Perdiguero Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Peregrino Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Posets Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Radar Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Reclamo Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Rehala Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Rotor Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Sentina Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Sextante Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Stopper Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.0% |
| Stein Von Liebig | ||||||||
| Balears I, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SVL) | Madrid | UC | MUR | 100.00% | Madrid | UC | MUR | 100.00% |
| Trufa Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Volateo Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Zelanda Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Zuncho Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| VERBUND Green | ||||||||
| Power Albania | ||||||||
Sh.p.k. | Tirana | UC | VGP | 100.00% | Tirana | UC | VGP | 100.00% |
| Segment: Sales | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH)\u2013 Sales | ||||||||
activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Energy4Business | ||||||||
GmbH (VEB) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Energy4Business | ||||||||
Germany GmbH | Munich | CS | VEB | 100.00% | Munich | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Customers | ||||||||
GmbH (VEC) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
Energy4Flex GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Future | ||||||||
GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| MSP Solarpower | ||||||||
GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
iFix Solar GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
| SMATRICS GmbH | ||||||||
& Co KG | Vienna | CS | VEB | 74.90% | Vienna | CS | VEB | 74.90% |
| SMATRICS | SMATRICS | |||||||
| SMATRICS EnBW | GmbH & | GmbH & | ||||||
| GmbH | Vienna | EM | Co KG | 49.00% | Vienna | EM | Co KG | 49.00% |
| E-Mobility Provider | ||||||||
| Austria GmbH | Vienna | UC | VEB | 74.90% | Vienna | UC | VEB | 74.90% |
| smart Energy | ||||||||
Services GmbH | Vienna | UC | VEC | 50.00% | Vienna | UC | VEC | 50.00% |
| Segment: Grid | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| Austrian Power | ||||||||
Grid AG (APG) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| Gas Connect | ||||||||
| Austria GmbH | ||||||||
(GCA) Vienna | CS | VH | 51.00% | Vienna | CS | VH | 51.00% | |
| Austrian Gas Grid | ||||||||
| Management AG | ||||||||
(AGGM) Vienna | CS | GCA | 51.00% | Vienna | CS | GCA | 51.00% | |
| Trans Austria | ||||||||
| Gasleitung GmbH | ||||||||
(TAG) Vienna | EM | GCA | 15.53% | Vienna | EM | GCA | 15.53% | |
| AGCS Gas Clearing | ||||||||
| and Settlement AG | Vienna | UC | GCA | 23.13% | Vienna | UC | GCA | 23.13% |
| ASGM Austrian | ||||||||
| Strategic Gas | ||||||||
| Storage | ||||||||
| Management | ||||||||
GmbH | Vienna | UC | AGGM | 100.00% | Vienna | UC | AGGM | 100.00% |
| OeMAG | ||||||||
| Abwicklungsstelle | ||||||||
f\u00fcr \u00d6kostrom AG | Vienna | EM | APG | 24.40% | Vienna | EM | APG | 24.40% |
| VUM Verfahren | ||||||||
| Umwelt Manage- | Klagen- | Klagen- | ||||||
| ment GmbH | furt | UC | APG | 100.00% | furt | UC | APG | 100.00% |
| Amster- | Amster- | |||||||
| Equigy B.V. | dam | UC | APG | 20.00% | dam | UC | APG | 20.00% |
| All other segments: Thermal generation | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND | ||||||||
| Thermal Power | ||||||||
| GmbH | Fernitz- | Fernitz- | ||||||
| (VTP GmbH) | Mellach | CS | VH | 100.00% | Mellach | CS | VH | 100.00% |
| VERBUND | VH | 100.00% | VH | 100.00% | ||||
| Thermal Power | Fernitz- | VTP | 0.00% | Fernitz- | VTP | 0.00% | ||
| GmbH & Co KG | Mellach | CS | GmbH | Mellach | CS | GmbH |
| All other segments: Services | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Services | ||||||||
GmbH | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| All other segments: Equity interests | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share o f | method | share of | |||||
equit y | equity | |||||||
| VERBUND AG (VH) | ||||||||
\u2013 Equity interests | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| KELAG-K\u00e4rntner | ||||||||
| Elektrizit\u00e4ts- | Klagen- | Klagen- | ||||||
| Aktiengesellschaft | furt | EM | VH | 35.17% | furt | EM | VH | 35.17% |
| C2PAT GmbH & Co | ||||||||
KG | Vienna | UC | VH | 25.00% | \u2013 | \u2013 | \u2013 | \u2013 |
C2PAT GmbH | Vienna | UC | VH | 25.00% | Vienna | UC | VH | 25.00% |
| Other Group companies | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | com- | quarters | dation | company | com- | |
| method | pany's | method | pany's | |||||
| share of | share of | |||||||
| equity | equity | |||||||
| VERBUND AG (VH) | ||||||||
| \u2013 All other activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Finanzierungsservice | ||||||||
| GmbH | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Ventures GmbH | ||||||||
(VVE) Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% | |
| VERBUND Green | ||||||||
| Hydrogen GmbH | ||||||||
| (VGH) | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Hydrogen Sales | ||||||||
| GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VGH | 100.00% |
| HalloSonne GmbH | ||||||||
(HAS) Vienna | UC | VVE | 100.00% | Vienna | UC | VVE | 100.00% | |
| HalloSonne PV | ||||||||
Finanzierungs- Holding GmbH | ||||||||
(HAF) Vienna | UC | HAS | 100.00% | Vienna | UC | HAS | 100.00% | |
| HalloSonne 1. PV | ||||||||
Vermietungs- GmbH | Vienna | UC | HAF | 100.00% | Vienna | UC | HAF | 100.00% |
| HalloSonne | ||||||||
| Installations GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | UC | HAS | 100.00% |
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence | ||||||||
1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner |
Assets acquired and liabilities assumed | \u20acm |
| Acquisition date | |
| fair value | |
Intangible assets | 1.8 |
Property, plant and equipment | 2.5 |
Right-of-use assets | 0.1 |
Inventories | 3.4 |
| Trade receivables and other receivables | 2.6 |
Cash and cash equivalents | 0.8 |
Total assets acquired | 11.1 |
Deferred tax liabilities | 0.6 |
Current provisions | 0.5 |
Current financial liabilities | 1.5 |
Trade payables and other liabilities | 2.4 |
Total liabilities assumed | 5.1 |
Total identifiable net assets at fair value (100%) | 6.1 |
Goodwill | 6.4 |
Total consideration transferred | 12.5 |
of which in cash | 12.5 |
1 For trade receivables and current other receivables, the carrying amounts represent a realistic estimate of their fair values (due to the short maturities); they also correspond to the gross amounts of the receivables. |
| Foreign exchange rates used for currency translation | |||||
31/12/2022 | 31/12/2023 | 2022 | 2023 | ||
Country | Currency | Closing rate | Closing rate | Average rate | Average rate |
Romania | \u20ac1 = RON | 4.9474 | 4.9746 | 4.9346 | 4.9516 |
Reclassification adjustments recognised in the income statement | \u20acm | |
2022 | 2023 | |
Measurement gains or losses recognised in equity | 0.3 | \u2013 1.5 |
Foreign exchange differences | 0.3 | \u2013 1.5 |
| Measurement gains or losses recognised in equity | \u2013 1,135.5 | 1,141.5 |
Reclassification adjustments recognised in the income statement | 1,600.6 | 1,008.5 |
Changes in cash flow hedges | 465.1 | 2,150.1 |
Measurement gains or losses recognised in equity | \u2013 9.9 | 30.6 |
Other comprehensive income from interests accounted for using the equity method | \u2013 9.9 | 30.6 |
Total for items that will be reclassified subsequently to the income statement | 455.5 | 2,179.2 |
1 Of which \u20ac\u2013 0.0m (previous year: \u20ac\u2013 3.3m) relates to costs from hedging with options (see section 5.2 Accounting treatment of hedging relationships |
Taxes on income on other comprehensive income | \u20acm | |||||
2022 | 2022 | 2022 | 2023 | 2023 | 2023 | |
| Before | Taxes | After | Before | Taxes | After | |
| taxes | taxes | taxes | taxes | |||
Remeasurement of the net defined benefit liability | 172.0 | \u2013 52.0 | 120.1 | \u2013 30.6 | 7.6 | \u2013 23.0 |
Changes in financial instruments | 3.0 | 0.0 | 3.0 | 32.7 | \u2013 7.5 | 25.2 |
| Other comprehensive income | ||||||
from interests accounted for using the equity method | 13.7 | \u2013 | 13.7 | \u2013 5.2 | \u2013 | \u2013 5.2 |
Total for items that will not be reclassified subsequently to the income statement | 188.7 | \u2013 52.0 | 136.7 | \u2013 3.2 | 0.1 | \u2013 3.1 |
Foreign exchange differences | 0.3 | \u2013 | 0.3 | \u2013 1.5 | \u2013 | \u2013 1.5 |
Changes in cash flow hedges | 465.1 | \u2013 136.6 | 328.5 | 2,150.1 | \u2013 503.3 | 1,646.8 |
| Other comprehensive income | ||||||
from interests accounted for using the equity method | \u2013 9.9 | \u2013 | \u2013 9.9 | 30.6 | \u2013 | 30.6 |
| Total for items that will be reclassified | ||||||
| subsequently to the income statement | 455.5 | \u2013 136.6 | 318.9 | 2,179.2 | \u2013 503.3 | 1,675.9 |
Other comprehensive income | 644.2 | \u2013 188.6 | 455.6 | 2,176.0 | \u2013 503.2 | 1,672.9 |
| Foreign exchange rates used for currency translation | |||||
31/12/2022 | 31/12/2023 | 2022 | 2023 | ||
Country | Currency | Closing rate | Closing rate | Average rate | Average rate |
Romania | \u20ac1 = RON | 4.9474 | 4.9746 | 4.9346 | 4.9516 |
2024 | Group result: sensitivities | \u20acm |
+ 1% | \u2013 1% | |
Hydropower generation | 15.1 | \u2013 15.1 |
Wind power and photovoltaic generation | 2.4 | \u2013 2.4 |
| Discretionary decisions and assumptions regarding the future | |
Assessment of the terms of leases | Section 4.3 |
Determination of the discount rate for impairment testing | Section 4.4 |
Determination of the expected cash flows for impairment testing of goodwill | Section 4.4.1 |
Determination of the expected cash flows for impairment testing of power plants | Section 4.4.2 |
| Determination of the discount rate for the measurement of pensions and similar obligations | Section 9.2 |
| as well as statutory termination benefits | |
Determination of measurement parameters for other provisions | Section 9.3 |
Determination of the likelihood of contingent liabilities | Section 13.1 |
Evaluation of whether other entities are controlled or jointly managed by VERBUND or whether VERBUND can exert a significant influence on another entity and/or whether an entity represents a joint operation of VERBUND | Section 13.4 |
| Impairment testing of goodwill for the Hydro segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All hydraulic energy power plants of | All hydraulic energy power plants of |
| cash-generating units | VERBUND plus goodwill and | VERBUND plus goodwill and |
| deferred tax items | deferred tax items | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
Derivation of cash flow | VERBUND\u2019s planning | VERBUND\u2019s planning |
| (based primarily on market data) | (based primarily on market data) | |
Volume | Average expected generation of the | Average expected generation of the |
| respective power plants | respective power plants | |
Price | Internal price forecasts and power plant- | Internal price forecasts and power plant- |
| specific premiums or discounts (for | specific premiums or discounts (for | |
| example, the sale of guarantees of origin) | example, the sale of guarantees of origin) | |
Planning period | Detailed planning phase: up to a maximum | Detailed planning phase: up to a maximum |
| of 6 years depending on the specific | of 6 years depending on the specific | |
| power plant; rough planning phase: | power plant; rough planning phase: | |
| up to a maximum of 32 years depending on | up to a maximum of 31 years depending | |
| the specific power plant; subsequent | on the specific power plant; subsequent | |
| terminal value phase following rough | terminal value phase following rough | |
| planning phase depending on the specific | planning phase depending on the specific | |
| power plant | power plant | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75% to 12.50% | WACC: 5.75% to 11.25% |
| depending on the location | depending on the location | |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.26%\u201312.52% (previous year: 6.43%\u201313.79%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Sales segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All of VERBUND\u2019s sales activities | All of VERBUND\u2019s sales activities |
| cash-generating units | plus goodwill | plus goodwill |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Expected trading and distribution volumes | Expected trading and distribution volumes |
Price | Expected trading and sales margins | Expected trading and sales margins |
Planning period | Detailed planning phase of 6 years | Detailed planning phase of 6 years |
| followed by a terminal value phase | followed by a terminal value phase | |
| Key valuation | Expected trading and distribution volumes | Expected trading and distribution volumes |
| assumptions | as well as trading and sales margins | as well as trading and sales margins |
After-tax discount rate | WACC after taxes: 5.75%\u201312.25% | WACC after taxes: 5.75%\u201312.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 8.03%\u2013 15.07% (previous year: 8.46%\u2013 14.52%). // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Inn River run-of-river power plant group | ||
31/12/2022 | 31/12/2023 | |
| Group of | Run-of-river power plants of the Inn River | Run-of-river power plants of the Inn River |
| cash-generating units | power plant group 1 , each of which also | power plant group 1 , each of which also |
| represents a cash-generating unit, | represents a cash-generating unit, | |
| plus goodwill and deferred tax accruals | plus goodwill and deferred tax accruals | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND Innkraftwerke GmbH budgets | VERBUND Innkraftwerke GmbH budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Annual output corresponding to the | Annual output corresponding to the |
| mean energy capability of 1,994 GWh | mean energy capability of 1,983 GWh | |
| (after conclusion of the T\u00f6ging | ||
| modernisation project) | ||
Price | Internal price forecasts; discounts for | Internal price forecasts; discounts for |
| generation characteristics and the | generation characteristics and the | |
| hydrological forecast and availability risk; | hydrological forecast and availability risk; | |
| premium for additional proceeds from the | premium for additional proceeds from the | |
| sale of guarantees of origin (derived from | sale of guarantees of origin (derived from | |
| quoted price); consideration of water | quoted price); consideration of water | |
| charges based on official notices; | charges based on official notices; | |
| estimate of maintenance costs by the | estimate of maintenance costs by the | |
| managers responsible | managers responsible | |
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 32 years | rough planning phase: 31 years | |
| followed by a terminal value phase | followed by a terminal value phase | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75% | WACC: 5.75% |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 7.26% (previous year: 7.71%) // | ||
3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occu r |
| Impairment testing of goodwill from SMATRICS GmbH & Co KG | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | SMATRICS GmbH & Co KG, | SMATRICS GmbH & Co KG, |
| full-service provider for electromobility | full-service provider for electromobility | |
| charging solutions | charging solutions | |
Basis for recoverable amount | Fair value (Level 3) less costs of disposal | Fair value (Level 3) less costs of disposal |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | SMATRICS GmbH & Co KG budgets | SMATRICS GmbH & Co KG budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electric vehicle ramp-up | Electric vehicle ramp-up |
Price | Charging rates | Charging rates |
Planning period | Detailed planning phase: 8 years | Detailed planning phase: 7 years |
| plus subsequent terminal value phase | plus subsequent terminal value phase | |
| Key valuation | Electric vehicle ramp-up, discount rate | Electric vehicle ramp-up, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 12.25% | WACC: 12.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period |
| Sensitivity analysis for SMATRICS GmbH & Co KG 31/12/2023 | |||
| Value assigned to the key | Change in key | Effects on the carrying | |
| valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 12.50% | \u00b1 0.25 PP | \u20ac\u2013 1.8m |
| \u20ac+ 1.8m |
| Sensitivity analysis for SMATRICS GmbH & Co KG 31/12/2022 | |||
| Value assigned to the key | Change in key | Effects on the carrying | |
| valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 12.25% | \u00b1 0.25 PP | \u20ac\u2013 2.7m |
| \u20ac+ 2.1m |
| Impairment testing of goodwill from Solarpower | |
| 31/12/2023 | |
| Group of | Solarpower (MSP Solarpower GmbH/iFIX GmbH): construction of photovoltaic systems |
| cash-generating units | and distribution of components |
Basis for recoverable amount | Value in use |
Valuation technique | Net present value approach (DCF method) |
Derivation of cash flow | VERBUND budgets (based primarily on market data) |
Volume | MWp plant engineering, sales volumes of PV components |
Price | Purchase prices for photovoltaic modules, inverters and mounting structures; |
| purchased installation services; internal forecasts for project costs and own work | |
Planning period | Detailed planning phase: 6 years plus subsequent terminal value phase |
| Key valuation | Price assumptions (\u20ac/MWp), discount rate |
| assumptions | |
After-tax discount rate | 6.25% |
Recoverable amount | \u20ac24.0m |
| Impairment loss | \u2013 |
| during the period | |
1 impairment test as at 31 December 2023 following the acquisition of shares on 16 June 2023 // 2 The implicit input tax interest rate determined through a process of iteration | |
| amounted to 8.11% . |
| Sensitivity analysis for Solarpower 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 6.25% | \u00b1 0.25 PP | \u20ac\u2013 1.3m |
| \u20ac+ 1.4m |
| Impairment testing of the Mellach combined cycle gas turbine power plant | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | Combined cycle gas turbine power plant | Combined cycle gas turbine power plant |
| (installed electrical capacity: 838 MW) | (installed electrical capacity: 838 MW) | |
| Indications of | Updated electricity or gas | Updated electricity or gas |
| impairment | price forecasts and updated discount rate | price forecasts |
| Basis for recoverable | Fair value (Level 3) less costs of disposal | Fair value (Level 3) less costs of disposal |
| amount | ||
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND Thermal Power GmbH & Co KG | VERBUND Thermal Power GmbH & Co KG |
| cash flow | budgets (based primarily on market data) | budgets (based primarily on market data) |
Volume | Optimisation model with primary inputs: | Optimisation model with primary inputs: |
| installed capacity, heat extraction | installed capacity, heat extraction | |
| (maximum 400 MW) and efficiency | (maximum 400 MW) and efficiency | |
| at full capacity (58.8%) | at full capacity (58.8%) | |
Price | External price forecasts; temporarily | internal and external price forecasts; |
| expected revenue from the grid reserve, | temporarily expected revenue from the | |
| congestion management, redispatch and | grid reserve, congestion management, | |
| market use, including heat extraction in the | redispatch and market use, including heat | |
| winter for one line (Q4/2022 to Q1/2023); | extraction in the winter for one line | |
| estimate of operating, maintenance and | (Q4/2023 to Q1/2024); estimate of | |
| downtime costs by the responsible | operating, maintenance and downtime | |
| managers | costs by the responsible managers | |
Planning period | Total capacity averaging around | Total capacity averaging around |
| 100,000 equivalent operating hours or | 100,000 equivalent operating hours or | |
| until 2040 (dependent on earlier start) | until 2040 (dependent on earlier start) | |
| Key valuation | Discount rate, expected revenue from the | Discount rate, expected revenue from the |
| assumptions | grid reserve, congestion management and | grid reserve, congestion management and |
| redispatch, development of | redispatch, development of | |
| clean spark spreads | clean spark spreads | |
After-tax discount rate | WACC: 6.25% | WACC: 6.25% |
Recoverable amount | \u20ac231.5m | \u20ac161.3m |
| Change in value | \u20ac+ 126.0m | \u20ac\u2013 63.0m |
| during the period | ||
1 An impairment loss had already been recognised in the reporting period in the amount of \u20ac-15.5m as at 30 June 2023. By 31 December 2023, the impairment loss recognised | ||
during the year had increased to \u20ac-63.0m. The impairment loss recognised in the 2023 reporting period was reduced by the change in deferred government grants in the amount of \u20ac1.7m (previous year: \u20ac3.6m) . |
| Sensitivity analysis for the Mellach combined cycle gas turbine power plant 31/12/2023 | |||
| Value assigned to the | Change in | Effects on the carrying | |
| key valuation assumption | key valuation | amounts of assets | |
| assumptions | |||
After-tax discount rate | 6.25% | \u00b1 0.25 PP | \u20ac+ 2.9m |
| \u20ac\u2013 2.9m | |||
Temporarily expected revenue from the grid reserve, congestion | \u2013 | \u00b1 10% | n/a |
| management and redispatch | |||
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 A statement of the value assigned to the temporarily | |||
| expected revenue from congestion management and redispatch has been omitted because such a statement could harm VERBUND\u2019s position in the tender process. | |||
| VERBUND did not participate in the 2024 tender for grid support. |
| Sensitivity analysis for the Mellach combined cycle gas turbine power plant 31/12/2022 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 6.25% | \u00b1 0.25 PP | \u20ac+ 3.1m |
| \u20ac\u2013 3.0m | |||
| Temporarily expected revenue from | \u2013 | \u00b1 10% | \u20ac+ 10.3m |
| the grid reserve, congestion | \u20ac\u2013 10.4m | ||
| management and redispatch |
| Impairment testing of existing projects in the Spain renewables portfolio | ||
31/12/2022 | 31/12/2023 | |
| Group of | PV portfolios with a capacity of 82.1 MWp | PV portfolios with a capacity of 82.1 MWp |
cash-generating units 1 | in operation (Anselma Issuer, S.A.U. and | in operation (Anselma Issuer, S.A.U. and |
| Topacio Energy, S.L.U.) | Topacio Energy, S.L.U.) | |
Basis for recoverable amount | Value in use | Value in use |
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts |
| impairment | updated discount rate | |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electricity generation | Electricity generation |
Price | Tariffs for the next 15\u2013 18 years, | Tariffs for the next 14\u2013 17 years, |
| followed by internal price forecast | followed by internal price forecast | |
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years |
| Rough planning phase: 14 to 15 years for | Rough planning phase: 13 to 14 years for | |
| the Anselma Issuer, S.A.U. portfolio and | the Anselma Issuer, S.A.U. portfolio and | |
| 14 to 17 years for the Topacio Energy, | 13 to 16 years for the Topacio Energy, | |
| S.L.U. portfolio. | S.L.U. portfolio. | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75%/6.50% | WACC: 5.75%/6.50% |
Recoverable amount | \u20ac393.0m | \u20ac348.8m |
| Change in value | \u20ac\u2013 49.7m | \u20ac+ 29.9m |
| during the period | ||
1 The existing projects are broken down into the following portfolios: Anselma Issuer, S.A.U. with 17 CGUs, Topacio Energy, S.L.U. with 19 CGUs. // 2 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 14 to 17 years, followed by a period of merchant marketing, two different | ||
WACCs were used for the valuation. The implicit input tax interest rate determined through a process of iteration amounted to 7.25%\u2013 8.08% (previous year: 7.24%\u2013 7.51%). // | ||
3 The reversal of impairment losses as at 31 December 2023 comprises the impairment losses and reversals of impairment losses of 15 CGUs in the Anselma Issuer, S.A.U. portfolio | ||
in the total amount of \u20ac6.0m (previous year: impairment losses in the amount of \u2013 \u20ac15.4m) and 19 CGUs in the Topacio Energy, S.L.U. portfolio in the total amount of \u20ac23.9m | ||
(previous year: impairment losses in the amount of \u2013 \u20ac34.2m). |
| Sensitivity analysis for existing projects in the Spain renewables portfolio 31/12/2023 | ||||
| Value assigned | Change in | Effects on the | Effects on the | |
| to the key | key valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, Anselma | assets, Topacio | ||
| Issuer, S.A.U. | Energy, S.L.U. | |||
| portfolio | portfolio | |||
After-tax discount rate | 5.75%/6.50% | \u00b1 0.25 PP | \u20ac\u2013 2.0m | \u20ac\u2013 3.0m |
| \u20ac+ 2.0m | \u20ac+ 3.0m | |||
| Electricity price | n/a | n/a | n/a | n/a |
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 not applicable due to tariff revenue |
| Sensitivity analysis for existing projects in the Spain renewables portfolio 31/12/2022 | ||||
| Value assigned | Change in key | Effects on the | Effects on the | |
| to the key | valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, portfolio | assets, portfolio | ||
| Anselma Issuer, | Topacio Energy, | |||
| S.A.U. | S.L.U. | |||
After-tax discount rate | 5.75%/6.50% | \u00b1 0.25 PP | \u20ac+ 1.5m | \u20ac+ 4.4m |
| \u20ac\u2013 1.5m | \u20ac\u2013 4.4m | |||
Electricity price | n/a | n/a | n/a | n/a |
| Impairment testing of development projects in Spain renewables portfolio | ||||
31/12/2022 | 31/12/2023 | |||
| Group of | Wind/PV portfolios with a capacity of | Wind/PV portfolios with a capacity of | ||
| cash-generating units | 2,129 | MW under development | 1,827 | MW under development |
| (Tejo Solar, S.L.U, Catalpa Solar, S.L.U. and | (Tejo Solar, S.L.U, Catalpa Solar, S.L.U. | |||
| VERBUND Green Power Renewable | and VERBUND Green Power Renewable | |||
| Projects, S.L.U.) | Projects, S.L.U.) | |||
Basis for recoverable amount | Value in use | Value in use | ||
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts, | ||
| impairment | updated discount rate | increase in CapEx and postponement of | ||
| commissioning | ||||
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) | ||
Derivation of cash flow | VERBUND budgets | VERBUND budgets | ||
| (based primarily on market data) | (based primarily on market data) | |||
Volume | Electricity generation | Electricity generation | ||
Price | Internal price forecast for projects, | Internal price forecast for projects, | ||
| premium for additional proceeds from the | premium for additional proceeds from the | |||
| sale of guarantees of origin | sale of guarantees of origin | |||
| (derived from quoted prices) | (derived from quoted prices) | |||
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years | ||
| Rough planning phase: 29 years (PV) or | Rough planning phase: 29 years (PV) or | |||
| 24 years (wind) | 24 years (wind) | |||
| Key valuation | Electricity price, discount rate | Electricity price, discount rate | ||
| assumptions | ||||
After-tax discount rate | WACC: 6.50% | WACC: 6.50% | ||
Recoverable amount | \u20ac373.1m | \u20ac202.2m | ||
| Impairment loss | \u20ac\u2013 2.0m | \u20ac\u2013 204.1m | ||
| during the period | ||||
1 The development projects are broken down into the following portfolios: Tejo Solar, S.L.U. with 18 CGUs, Catalpa Solar, S.L.U. with 5 CGUs and VERBUND Green Power | ||||
Renewable Projects, S.L.U. with 3 CGUs. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 8.07%\u2013 8.30% (previous year: | ||||
8.57%\u2013 8.67%). // 3 The impairment losses as at 31 December 2023 resulted from 17 CGUs in the Tejo Solar, S.L.U. portfolio in the amount of \u2013 \u20ac169.6m (previous year: \u2013 \u20ac2.0m) | ||||
and five CGUs in the Catalpa Solar, S.L.U. portfolio in the amount of \u20ac34.6m (previous year: \u20ac0m). |
| Sensitivity analysis for development projects in the Spain renewables portfolio 31/12/2023 | ||||
| Value assigned | Change in key | Effects on the | Effects on the | |
| to the key | valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, portfolio | assets, portfolio | ||
| Catalpa Solar, | Tejo Solar, | |||
| S.L.U. | S.L.U. | |||
After-tax discount rate | 6.50% | \u00b1 0.25 PP | \u20ac\u2013 4.0m | \u20ac\u2013 23.0m |
| \u20ac+ 4.0m | \u20ac+ 23.0m | |||
| Electricity price | \u20ac40.5 per MWh | \u00b1 5% | \u20ac+ 9.0m | \u20ac+ 48.0m |
| \u20ac\u2013 9.0m | \u20ac\u2013 48.0m | |||
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 The sensitivities shown only relate to the 17 projects | ||||
affected by impairment (previous year: two projects). // 3 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon. |
| Sensitivity analysis for development projects in the Spain renewables portfolio 31/12/2022 | ||||
| Value assigned | Change in key | Effects on the | Effects on the | |
| to the key | valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, portfolio | assets, portfolio | ||
| Catalpa Solar, | Tejo Solar, | |||
| S.L.U. | S.L.U. | |||
After-tax discount rate | 6.50% | \u00b1 0.25 PP | n/a | \u20ac+ 2.6m |
| \u20ac\u2013 2.6m | ||||
Electricity price | \u20ac47.5 per MWh | \u00b1 5% | n/a | \u20ac+ 4.2m |
| \u20ac\u2013 4.2m |
| Impairment testing of the Spain photovoltaic portfolio | ||
| 31/12/2023 | ||
| Group of | 148 | MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., |
| cash-generating units | Watt Development 6 S.L.U., Watt Development 7 S.L.U.) | |
Basis for recoverable amount | Value in use | |
Indications of impairment | Updated electricity price forecasts | |
Valuation technique | Net present value approach (DCF method) | |
Derivation of cash flow | VERBUND budgets (based primarily on market data) | |
Volume | Electricity generation | |
Price | Internal price forecast, premium for additional proceeds from the sale of | |
| guarantees of origin (derived from quoted prices) | ||
Planning period | Detailed planning phase: 6 years | |
| Rough planning phase: 28 years | ||
Key valuation assumptions | Discount rate | |
After-tax discount rate | WACC: 6.50% | |
Recoverable amount | \u20ac105.6m | |
| Impairment loss | \u20ac\u2013 25.0m | |
| during the period | ||
1 At the previous year\u2019s reporting date the test for impairment was conducted as well and no material change in value was identified. // 2 The implicit input tax interest rate | ||
| determined through a process of iteration amounted to 7.91%. |
| Impairment testing of the Spain wind portfolio | |||
| 31/12/2023 | |||
Group of cash-generating units | 256 | MWp wind portfolio with nine operating wind farms in Spain | |
| (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.) | |||
Basis for recoverable amount | Fair value (Level 3) less costs of disposal | ||
Indications of impairment | Updated electricity price forecasts | ||
Valuation technique | Net present value approach (DCF method) | ||
Derivation of cash flow | VERBUND\u2019s planning (based primarily on market data) | ||
Volume | Electricity generation | ||
Price | External price forecast for projects, premium for additional proceeds from the | ||
| sale of guarantees of origin (derived from quoted prices) | |||
Planning period | Detailed planning phase: 6 years | ||
| Rough planning phase: 42 years | |||
Key valuation assumptions | Electricity price, discount rate | ||
After-tax discount rate | WACC: 5.75%/6.50% | ||
Recoverable amount | \u20ac438.1m | ||
| Impairment loss | \u20ac\u2013 54.0m | ||
| during the period | |||
1 impairment test as at 31 December 2023 following the acquisition of shares on 25 July 2023 // 2 Since the return is protected by tariff rate quotas for the next 2 to 8 years, followed by a period of merchant marketing, two WACCs were used for the valuation |
| Sensitivity analysis for the Spain wind portfolio 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 5.75%/6.50% | \u00b1 0.25 PP | \u20ac\u2013 13.0m |
| \u20ac+ 14.0m | |||
| Electricity price | n/a | n/a | n/a |
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 not applicable due to tariff revenue |
| Impairment testing of Gas Connect Austria GmbH, including Austrian Gas Grid Management AG | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | GCA\u2019s transmission system and | GCA\u2019s transmission system and |
| distribution network, including AGGM | distribution network, including AGGM | |
| Indications of | Updated electricity or gas price forecasts | Significant changes in the energy market |
| impairment | and updated discount rate | environment |
Basis for recoverable amount | Fair value (Level 3) less costs to sell | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | GCA budgets | GCA budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Capacity bookings | Capacity bookings |
Price | Tariffs enacted by the regulator | Tariffs enacted by the regulator |
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 22 years plus | rough planning phase: 21 years plus | |
| regulatory asset base (RAB) as exit value | regulatory asset base (RAB) as exit value | |
| Key valuation | Regulatory interest rate for the RAB | Regulatory interest rate for the RAB |
| assumptions | ||
After-tax discount rate | Determination of discount rate taking into | Determination of discount rate taking into |
| account regulatory framework conditions | account regulatory framework conditions | |
Recoverable amount | \u20ac670.6m | \u20ac444.4m |
| Impairment losses | \u20ac\u2013 2.2m | \u20ac\u2013 56.9m |
| during the period |
| Sensitivity analysis for GCA incl. AGGM 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | (Please refer to | \u00b1 0.25 PP | \u20ac+ 6.0m |
| the table above) | \u20ac\u2013 6.0m |
| Sensitivity analysis for GCA incl. AGGM 31/12/2022 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | (Please refer to | \u00b1 0.25 PP | \u20ac+ 9.0m |
| the table above) | \u20ac\u2013 9.0m |
| Actuarial assumptions for pension obligations | ||||
2022 | 2023 | |||
Discount rate or expected rate of return from plan assets | 3.75% | 3.75% | ||
Pension increases | 1.75%\u20135.75% | 2.00%\u20136.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover | none | none | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for obligations similar to pensions | ||||
2022 | 2023 | |||
Discount rate | 3.75% | 3.75% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20135.80% | 0.00%\u20135.80% | ||
| Change in contributions based on hospital cost index for new contracts | ||||
(with participation)/old contracts (without participation) | 2.75%\u20135.50% | 2.75%\u20136.00% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for termination benefit obligations | ||||
2022 | 2023 | |||
Discount rate | 3.50% | 3.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20130.60% | 0.00%\u20130.60% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Sensitivity analysis for net pension liability 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in net | change in net | |
| points or years | liability of | liability of | |
Discount rate | 0.25% | \u2013 2.38% | 2.49% |
Pension increases | 0.50% | 5.16% | \u2013 4.75% |
Longevity based on mortality table | 1 year | 4.94% | \u2013 4.90% |
| Sensitivity analysis for obligations similar to pensions 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 3.18% | 3.35% |
Change in contributions based on hospital cost index | 0.50% | 6.79% | \u2013 6.16% |
Longevity based on mortality table | 1 year | 5.91% | \u2013 5.73% |
| Sensitivity analysis for termination benefit obligations 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 1.70% | 1.75% |
Salary increases | 0.50% | 3.70% | \u2013 3.53% |
Longevity based on mortality table | 1 year | \u2013 0.01% | 0.01% |
| Sensitivity analysis for net pension liability 2022 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in net | change in net | |
| points or years | liability of | liability of | |
Discount rate | 0.25% | \u2013 2.38% | 2.49% |
Pension increases | 0.50% | 5.17% | \u2013 4.76% |
Longevity based on mortality table | 1 year | 4.81% | \u2013 4.79% |
| Sensitivity analysis for obligations similar to pensions 2022 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 3.18% | 3.35% |
Change in contributions based on hospital cost index | 0.50% | 6.81% | \u2013 6.18% |
Longevity based on mortality table | 1 year | 5.71% | \u2013 5.56% |
| Sensitivity analysis for termination benefit obligations 2022 | Change in | If assumption | If assumption |
| assumption in | increases, | decreases, | |
| percentage | change in | change in | |
| points or years | obligation of | obligation of | |
| Discount rate | 0.25% | \u2013 1.75% | 1.80% |
| Salary increases | 0.50% | 3.65% | \u2013 3.48% |
| Longevity based on mortality table | 1 year | 0.00% | 0.00% |
| Segment: Hydro | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | compan y company's | quarters | dation | compan y company's | |||
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH) \u2013 Hydro | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| Innwerk AG | Stamm- | Stamm- | ||||||
| (VHP-IW) | ham | CS | VH | 100.00% | ham | CS | VH | 100.00% |
| VERBUND Hydro | ||||||||
| Power GmbH (VHP) | Vienna | CS | VH | 80.54% | Vienna | CS | VH | 80.54% |
| VERBUND | ||||||||
| Innkraftwerke | ||||||||
| GmbH | T\u00f6ging | CS | VH | 70.27% | T\u00f6ging | CS | VH | 70.27% |
| Donaukraftwerk | ||||||||
| Jochenstein | VH | 50.00% | VH | 50.00% | ||||
Aktiengesellschaft | Passau | CS | VHP-IW | 50.00% | Passau | CS | VHP-IW | 50.00% |
| Grenzkraftwerke | VH | 50.00% | VH | 50.00% | ||||
| GmbH | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
\u00d6sterreichisch- Bayerische | ||||||||
| Kraftwerke | VH | 50.00% | VH | 50.00% | ||||
| Aktiengesellschaft | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
| Ennskraftwerke | ||||||||
| Aktiengesellschaft | Steyr | GT | VH | 50.00% | Steyr | GT | VH | 50.00% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH & | ||||||||
| Co KG | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
Ashta Beteiligungs- verwaltung GmbH | ||||||||
(VHP-AL-HII) | Vienna | EM | VHP | 50.01% | Vienna | EM | VHP | 50.01% |
| VHP-AL- | VHP-AL- | |||||||
Energji Ashta Shpk | Bushat | EM | HII | 100.00% | Bushat | EM | HII | 100.00% |
| Lestin Tauch- und | ||||||||
Bergungsunterneh- men Gesellschaft | ||||||||
| m.b.H. (LESTIN) | Vienna | UC | VHP | 100.00% | Vienna | UC | VHP | 100.00% |
| Murkraftwerk Graz | ||||||||
| Errichtungs- und | ||||||||
| BetriebsgmbH | Graz | UC | VHP | 25.10% | Graz | UC | VHP | 25.10% |
| VERBUND | VHP | 99.90% | VHP | 99.90% | ||||
Tourismus GmbH | Vienna | UC | LESTIN | 0.10% | Vienna | UC | LESTIN | 0.10% |
| Manara HPP | ||||||||
| Operation Ltd. | Tel-Aviv | UC | VHP | 80.00% | Tel-Aviv | UC | VHP | 80.00% |
| Segment: New renewables | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Wind | ||||||||
| Power Austria | ||||||||
GmbH (VRP-AT) | Vienna | CS | VHP | 100.00% | Vienna | CS | VHP | 100.00% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH (VGP-DE) | stadt | CS | VGP | 100.00% | stadt | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power GmbH | ||||||||
| (VGP) | Vienna | CS | VGP | 100.00% | Vienna | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
Power Iberia, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Wind | ||||||||
| Power Romania | Bucha- | Bucha- | ||||||
| SRL | rest | CS | VGP | 100.00% | rest | CS | VGP | 100.00% |
| Infrastruktur | ||||||||
| Oberheimbach I | W\u00f6rr- | |||||||
| GmbH & Co. KG | stadt | CS | VGP | 85.00% | \u2013 | \u2013 | \u2013 | \u2013 |
Infrastrukturgesell- schaft Bischheim | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH & Co. KG | stadt | CS | VGP | 80.60% | stadt | CS | VGP | 80.60% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | ||||||||
| Photovoltaik | Sch\u00f6ne- | |||||||
| GmbH | feld | CS | VGP | 100.00% | Berlin | CS | VGP | 100.00% |
| Watt Development | ||||||||
| SPV 5 S.L.U. | ||||||||
(VGP-IB-IL1) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 6 S.L.U. | ||||||||
(VGP-IB-IL2) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 7 S.L.U. | ||||||||
(VGP-IB-IL3) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL1 | IL1 | |||||||
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL2 | IL2 | |||||||
| Infraestructuras de | VGP-IB- | 20.00% | VGP-IB- | 20.00% | ||||
Illora S.L. | Madrid | UC | IL3 | Madrid | UC | IL3 | ||
| SOLAVOLTA | Sankt | Sankt | ||||||
| Energie- und | Marga- | Marga- | ||||||
| Umwelttechnik | rethen im | rethen im | ||||||
| GmbH | Bgld. | EM | VGP | 50.00% | Bgld. | EM | VGP | 50.00% |
| Parque E\u00f3lico | ||||||||
Ayamonte S.L.U. | Madrid | CS | VH | 70.00% | Madrid | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico | de | de | ||||||
| Buseco S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico El | de | de | ||||||
| Barroso S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Parque E\u00f3lico | Pozuelo | Pozuelo | ||||||
| Loma de los Pinos | de | de | ||||||
| S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Lusitania | de | de | ||||||
| Renovables S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
Anselma Issuer, S.A.U. | ||||||||
(VGP-IB-ANI) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Topacio Energy, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Catalpa Solar, S.L.U. | ||||||||
(VGP-IB-CAS) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Tejo Solar, S.L.U. | ||||||||
(VGP-IB-TES) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Power Renewable | ||||||||
| Projects, S.L.U. | ||||||||
(VGP-IB-GRP) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Cuerva, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Los Navalmorales, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Albarreal, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Totan\u00e9s, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SDC) | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
Blacky Energy, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-BLA) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Cyopsa-El Molino | ||||||||
| Energ\u00eda E\u00f3lica, | VGP-IB- | VGP-IB- | ||||||
S.A.U. | Madrid | UC | BLA | 100.00% | Madrid | CS | BLA | 100.00% |
| VERBUND Green | ||||||||
Power Valderrama, S.L.U. (VGP-IB- | VGP-IB- | VGP-IB- | ||||||
VAL) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
Musas, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
| Ofion, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Green Power Wind | ||||||||
| Spain 1, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| Green Power Wind | ||||||||
Marquesado, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power Italia S.R.L. | ||||||||
| (VGP-IT) | Sternatia | UC | VGP | 100.00% | Milan | CS | VGP | 100.00% |
| PV Novoli S.R.L. | \u2013 | \u2013 | \u2013 | \u2013 | Lecce | CS | VGP-IT | 100.00% |
| Totan\u00e9s | ||||||||
| Infraestructuras | VGP-IB- | VGP-IB- | ||||||
| Comunes, S.L. | Madrid | UC | SDC | 38.89% | Madrid | UC | SDC | 38.89% |
| Murcia Solar Park | ||||||||
| GmbH | VGP-IB- | VGP-IB- | ||||||
| (VGP-IB-MUR) | Berlin | UC | ANI | 100.00% | Berlin | UC | ANI | 100.00% |
| Baluma Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Baviera Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Bolardo Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Boyante Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Braganza Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cairo Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Camareta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Carmesi Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cenida Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Comunidad de | ||||||||
| Bienes del Huerto | ||||||||
| Solar del Hinojar, | VGP-IB- | VGP-IB- | ||||||
| C.B. | Lorca | UC | SVL | 92.72% | Lorca | UC | SVL | 92.72% |
| Cornamusa Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Cruceta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Faballones Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Feanor Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Galadrien Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Helice Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Volateo Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Zelanda Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Zuncho Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| VERBUND Green | ||||||||
| Power Albania | ||||||||
Sh.p.k. | Tirana | UC | VGP | 100.00% | Tirana | UC | VGP | 100.00% |
| Segment: Sales | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH)\u2013 Sales | ||||||||
activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Energy4Business | ||||||||
GmbH (VEB) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Energy4Business | ||||||||
Germany GmbH | Munich | CS | VEB | 100.00% | Munich | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Customers | ||||||||
GmbH (VEC) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
Energy4Flex GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Future | ||||||||
GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| MSP Solarpower | ||||||||
GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
iFix Solar GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
| SMATRICS GmbH | ||||||||
& Co KG | Vienna | CS | VEB | 74.90% | Vienna | CS | VEB | 74.90% |
| SMATRICS | SMATRICS | |||||||
| SMATRICS EnBW | GmbH & | GmbH & | ||||||
| GmbH | Vienna | EM | Co KG | 49.00% | Vienna | EM | Co KG | 49.00% |
| E-Mobility Provider | ||||||||
| Austria GmbH | Vienna | UC | VEB | 74.90% | Vienna | UC | VEB | 74.90% |
| smart Energy | ||||||||
Services GmbH | Vienna | UC | VEC | 50.00% | Vienna | UC | VEC | 50.00% |
| Segment: Grid | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| Austrian Power | ||||||||
Grid AG (APG) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| Gas Connect | ||||||||
| Austria GmbH | ||||||||
(GCA) Vienna | CS | VH | 51.00% | Vienna | CS | VH | 51.00% | |
| Austrian Gas Grid | ||||||||
| Management AG | ||||||||
(AGGM) Vienna | CS | GCA | 51.00% | Vienna | CS | GCA | 51.00% | |
| Trans Austria | ||||||||
| Gasleitung GmbH | ||||||||
(TAG) Vienna | EM | GCA | 15.53% | Vienna | EM | GCA | 15.53% | |
| AGCS Gas Clearing | ||||||||
| and Settlement AG | Vienna | UC | GCA | 23.13% | Vienna | UC | GCA | 23.13% |
| ASGM Austrian | ||||||||
| Strategic Gas | ||||||||
| Storage | ||||||||
| Management | ||||||||
GmbH | Vienna | UC | AGGM | 100.00% | Vienna | UC | AGGM | 100.00% |
| OeMAG | ||||||||
| Abwicklungsstelle | ||||||||
f\u00fcr \u00d6kostrom AG | Vienna | EM | APG | 24.40% | Vienna | EM | APG | 24.40% |
| VUM Verfahren | ||||||||
| Umwelt Manage- | Klagen- | Klagen- | ||||||
| ment GmbH | furt | UC | APG | 100.00% | furt | UC | APG | 100.00% |
| Amster- | Amster- | |||||||
| Equigy B.V. | dam | UC | APG | 20.00% | dam | UC | APG | 20.00% |
| All other segments: Thermal generation | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND | ||||||||
| Thermal Power | ||||||||
| GmbH | Fernitz- | Fernitz- | ||||||
| (VTP GmbH) | Mellach | CS | VH | 100.00% | Mellach | CS | VH | 100.00% |
| VERBUND | VH | 100.00% | VH | 100.00% | ||||
| Thermal Power | Fernitz- | VTP | 0.00% | Fernitz- | VTP | 0.00% | ||
| GmbH & Co KG | Mellach | CS | GmbH | Mellach | CS | GmbH |
| All other segments: Services | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Services | ||||||||
GmbH | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| All other segments: Equity interests | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share o f | method | share of | |||||
equit y | equity | |||||||
| VERBUND AG (VH) | ||||||||
\u2013 Equity interests | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| KELAG-K\u00e4rntner | ||||||||
| Elektrizit\u00e4ts- | Klagen- | Klagen- | ||||||
| Aktiengesellschaft | furt | EM | VH | 35.17% | furt | EM | VH | 35.17% |
| C2PAT GmbH & Co | ||||||||
KG | Vienna | UC | VH | 25.00% | \u2013 | \u2013 | \u2013 | \u2013 |
C2PAT GmbH | Vienna | UC | VH | 25.00% | Vienna | UC | VH | 25.00% |
| Other Group companies | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | com- | quarters | dation | company | com- | |
| method | pany's | method | pany's | |||||
| share of | share of | |||||||
| equity | equity | |||||||
| VERBUND AG (VH) | ||||||||
| \u2013 All other activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Finanzierungsservice | ||||||||
| GmbH | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Ventures GmbH | ||||||||
(VVE) Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% | |
| VERBUND Green | ||||||||
| Hydrogen GmbH | ||||||||
| (VGH) | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Hydrogen Sales | ||||||||
| GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VGH | 100.00% |
| HalloSonne GmbH | ||||||||
(HAS) Vienna | UC | VVE | 100.00% | Vienna | UC | VVE | 100.00% | |
| HalloSonne PV | ||||||||
Finanzierungs- Holding GmbH | ||||||||
(HAF) Vienna | UC | HAS | 100.00% | Vienna | UC | HAS | 100.00% | |
| HalloSonne 1. PV | ||||||||
Vermietungs- GmbH | Vienna | UC | HAF | 100.00% | Vienna | UC | HAF | 100.00% |
| HalloSonne | ||||||||
| Installations GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | UC | HAS | 100.00% |
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence | ||||||||
1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner |
| Discretionary decisions and assumptions regarding the future | |
Assessment of the terms of leases | Section 4.3 |
Determination of the discount rate for impairment testing | Section 4.4 |
Determination of the expected cash flows for impairment testing of goodwill | Section 4.4.1 |
Determination of the expected cash flows for impairment testing of power plants | Section 4.4.2 |
| Determination of the discount rate for the measurement of pensions and similar obligations | Section 9.2 |
| as well as statutory termination benefits | |
Determination of measurement parameters for other provisions | Section 9.3 |
Determination of the likelihood of contingent liabilities | Section 13.1 |
Evaluation of whether other entities are controlled or jointly managed by VERBUND or whether VERBUND can exert a significant influence on another entity and/or whether an entity represents a joint operation of VERBUND | Section 13.4 |
| Impairment testing of goodwill for the Hydro segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All hydraulic energy power plants of | All hydraulic energy power plants of |
| cash-generating units | VERBUND plus goodwill and | VERBUND plus goodwill and |
| deferred tax items | deferred tax items | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
Derivation of cash flow | VERBUND\u2019s planning | VERBUND\u2019s planning |
| (based primarily on market data) | (based primarily on market data) | |
Volume | Average expected generation of the | Average expected generation of the |
| respective power plants | respective power plants | |
Price | Internal price forecasts and power plant- | Internal price forecasts and power plant- |
| specific premiums or discounts (for | specific premiums or discounts (for | |
| example, the sale of guarantees of origin) | example, the sale of guarantees of origin) | |
Planning period | Detailed planning phase: up to a maximum | Detailed planning phase: up to a maximum |
| of 6 years depending on the specific | of 6 years depending on the specific | |
| power plant; rough planning phase: | power plant; rough planning phase: | |
| up to a maximum of 32 years depending on | up to a maximum of 31 years depending | |
| the specific power plant; subsequent | on the specific power plant; subsequent | |
| terminal value phase following rough | terminal value phase following rough | |
| planning phase depending on the specific | planning phase depending on the specific | |
| power plant | power plant | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75% to 12.50% | WACC: 5.75% to 11.25% |
| depending on the location | depending on the location | |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.26%\u201312.52% (previous year: 6.43%\u201313.79%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Sales segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All of VERBUND\u2019s sales activities | All of VERBUND\u2019s sales activities |
| cash-generating units | plus goodwill | plus goodwill |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Expected trading and distribution volumes | Expected trading and distribution volumes |
Price | Expected trading and sales margins | Expected trading and sales margins |
Planning period | Detailed planning phase of 6 years | Detailed planning phase of 6 years |
| followed by a terminal value phase | followed by a terminal value phase | |
| Key valuation | Expected trading and distribution volumes | Expected trading and distribution volumes |
| assumptions | as well as trading and sales margins | as well as trading and sales margins |
After-tax discount rate | WACC after taxes: 5.75%\u201312.25% | WACC after taxes: 5.75%\u201312.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 8.03%\u2013 15.07% (previous year: 8.46%\u2013 14.52%). // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Inn River run-of-river power plant group | ||
31/12/2022 | 31/12/2023 | |
| Group of | Run-of-river power plants of the Inn River | Run-of-river power plants of the Inn River |
| cash-generating units | power plant group 1 , each of which also | power plant group 1 , each of which also |
| represents a cash-generating unit, | represents a cash-generating unit, | |
| plus goodwill and deferred tax accruals | plus goodwill and deferred tax accruals | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND Innkraftwerke GmbH budgets | VERBUND Innkraftwerke GmbH budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Annual output corresponding to the | Annual output corresponding to the |
| mean energy capability of 1,994 GWh | mean energy capability of 1,983 GWh | |
| (after conclusion of the T\u00f6ging | ||
| modernisation project) | ||
Price | Internal price forecasts; discounts for | Internal price forecasts; discounts for |
| generation characteristics and the | generation characteristics and the | |
| hydrological forecast and availability risk; | hydrological forecast and availability risk; | |
| premium for additional proceeds from the | premium for additional proceeds from the | |
| sale of guarantees of origin (derived from | sale of guarantees of origin (derived from | |
| quoted price); consideration of water | quoted price); consideration of water | |
| charges based on official notices; | charges based on official notices; | |
| estimate of maintenance costs by the | estimate of maintenance costs by the | |
| managers responsible | managers responsible | |
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 32 years | rough planning phase: 31 years | |
| followed by a terminal value phase | followed by a terminal value phase | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75% | WACC: 5.75% |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 7.26% (previous year: 7.71%) // | ||
3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occu r |
| Impairment testing of goodwill for the Grenzkraftwerke run-of-river power plant group | |||
31/12/2022 | 31/12/2023 | ||
| Group of | Run-of-river power plants of the | Run-of-river power plants of the | |
| cash-generating units | Grenzkraftwerke power plant group 2 , | Grenzkraftwerke power plant group 2 , | |
| each of which represents a cash- | each of which represents a cash- | ||
| generating unit, plus goodwill and | generating unit, plus goodwill and | ||
| deferred tax accruals | deferred tax accruals | ||
Basis for recoverable amount | Value in use | Value in use | |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) | |
| Derivation of | Grenzkraftwerke GmbH\u2019s budgets | Grenzkraftwerke GmbH\u2019s budgets | |
| cash flow | (based primarily on market data) | (based primarily on market data) | |
Volume | Annual output corresponding to the | Annual output corresponding to the | |
| mean energy capability of 3,957 or | mean energy capability of 3,957 GWh | ||
4,007 | GWh (after completing measures to | ||
| increase efficiency at Ering-Frauenstein) | |||
Price | Internal price forecasts; discounts for | Internal price forecasts; discounts for | |
| generation characteristics and the | generation characteristics and the | ||
| hydrological forecast and availability risk; | hydrological forecast and availability risk; | ||
| premium for additional proceeds from the | premium for additional proceeds from the | ||
| sale of guarantees of origin (derived from | sale of guarantees of origin (derived from | ||
| quoted price); consideration of water | quoted price); consideration of water | ||
| charges based on official notices; | charges based on official notices; | ||
| estimate of maintenance costs by the | estimate of maintenance costs by the | ||
| managers responsible | managers responsible | ||
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; | |
| rough planning phase: 32 years | rough planning phase: 31 years | ||
| followed by a terminal value phase | followed by a terminal value phase | ||
| Key valuation | Electricity price, discount rate | Electricity price, discount rate | |
| assumptions | |||
After-tax discount rate | WACC: 6.00% | WACC: 6.25% 3 | |
| Impairment loss | \u2013 | \u2013 | |
| during the period | |||
1 The following explanatory notes relate to the second step of the two-step impairment test of the Grenzkraftwerke power plant group. The recoverability of the individual run-of- river power plant assets was tested in the first step. // 2 The Grenzkraftwerke power plant group comprises the following power plants: Braunau-Simbach, Egglfing-Obernberg, Ering-Frauenstein, Jochenstein, Nu\u00dfdorf, Oberaudorf-Ebbs, Passau-Ingling and Sch\u00e4rding-Neuhaus. // 3 The implicit input tax interest rate determined through a process of iteration amounted to 7.93%\u2013 8.05% (previous year: 7.98%\u2013 8.11%). // 4 In the opinion of Management, the carrying amount of the Grenzkraftwerke power plant group's assets | |||
(less deferred tax liabilities) including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur . |
| Impairment testing of goodwill from SMATRICS GmbH & Co KG | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | SMATRICS GmbH & Co KG, | SMATRICS GmbH & Co KG, |
| full-service provider for electromobility | full-service provider for electromobility | |
| charging solutions | charging solutions | |
Basis for recoverable amount | Fair value (Level 3) less costs of disposal | Fair value (Level 3) less costs of disposal |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | SMATRICS GmbH & Co KG budgets | SMATRICS GmbH & Co KG budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electric vehicle ramp-up | Electric vehicle ramp-up |
Price | Charging rates | Charging rates |
Planning period | Detailed planning phase: 8 years | Detailed planning phase: 7 years |
| plus subsequent terminal value phase | plus subsequent terminal value phase | |
| Key valuation | Electric vehicle ramp-up, discount rate | Electric vehicle ramp-up, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 12.25% | WACC: 12.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period |
| Sensitivity analysis for SMATRICS GmbH & Co KG 31/12/2023 | |||
| Value assigned to the key | Change in key | Effects on the carrying | |
| valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 12.50% | \u00b1 0.25 PP | \u20ac\u2013 1.8m |
| \u20ac+ 1.8m |
| Sensitivity analysis for SMATRICS GmbH & Co KG 31/12/2022 | |||
| Value assigned to the key | Change in key | Effects on the carrying | |
| valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 12.25% | \u00b1 0.25 PP | \u20ac\u2013 2.7m |
| \u20ac+ 2.1m |
| Impairment testing of goodwill for the Spain renewables portfolio | ||
31/12/2022 | 31/12/2023 | |
| Group of | Photovoltaic portfolios with a capacity of | Photovoltaic portfolios with a capacity of |
cash-generating units 2 | 82.1 MWp in operation (Anselma Issuer, | 82.1 MWp in operation (Anselma Issuer, |
| S.A.U. and Topacio Energy, S.L.U.), | S.A.U. and Topacio Energy, S.L.U.), | |
| wind/photovoltaic portfolios with a | wind/photovoltaic portfolios with a | |
| capacity of 2,129 MW in development | capacity of 1,827 MW in development | |
| (Tejo Solar, S.L.U., Catalpa Solar, S.L.U. | (Tejo Solar, S.L.U., Catalpa Solar, S.L.U. | |
| and VERBUND Green Power Renewable | and VERBUND Green Power Renewable | |
| Projects, S.L.U.) plus goodwill less | Projects, S.L.U.) plus goodwill less | |
| deferred tax items | deferred tax items | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electricity generation | Electricity generation |
Price | Tariffs for existing plants; internal price | Tariffs for existing plants; internal price |
| forecast for projects, premium for | forecast for projects, premium for | |
| additional proceeds from the sale of | additional proceeds from the sale of | |
| guarantees of origin | guarantees of origin | |
| (derived from quoted prices) | (derived from quoted prices) | |
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years |
| Rough planning phase: 14 to 17 years for | Rough planning phase: 13 to 16 years for | |
| existing projects and 29 years (PV) or | existing projects and 29 years (PV) or | |
| 24 years (wind) for development projects | 24 years (wind) for development projects | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75%/6.50% | WACC: 5.75%/6.50% |
Recoverable amount | \u20ac766.1m | \u20ac560.7m |
| Impairment loss | \u20ac\u2013 94.2m | \u20ac\u2013 78.4m |
| during the period | ||
1 The following explanatory notes refer to the second step of the two-step impairment test of the group of cash-generating units known as the \u201cSpain renewables portfolio\u201d. | ||
In the first step, the recoverability of development projects was tested in accordance with IAS 36.10(a) while the recoverability of existing projects was tested if there was any indication that they might be impaired. // 2 The Spain renewables portfolio is broken down into the following sub-portfolios: Anselma Issuer, S.A.U. with 17 CGUs, Topacio | ||
| Energy, S.L.U. with 19 CGUs, Tejo Solar, S.L.U. with 18 CGUs, Catalpa Solar, S.L.U. with 5 CGUs and VERBUND Green Power Renewable Projects, S.L.U. with 3 CGUs. // | ||
3 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 14 to 17 years, followed by a period of merchant marketing, two different WACCs were used for the valuation. The implicit input tax interest rate determined through a process of iteration amounted to 7.25%\u2013 8.30% | ||
(previous year: 7.24%\u2013 8.67%) . |
| Impairment testing of goodwill from Solarpower | |
| 31/12/2023 | |
| Group of | Solarpower (MSP Solarpower GmbH/iFIX GmbH): construction of photovoltaic systems |
| cash-generating units | and distribution of components |
Basis for recoverable amount | Value in use |
Valuation technique | Net present value approach (DCF method) |
Derivation of cash flow | VERBUND budgets (based primarily on market data) |
Volume | MWp plant engineering, sales volumes of PV components |
Price | Purchase prices for photovoltaic modules, inverters and mounting structures; |
| purchased installation services; internal forecasts for project costs and own work | |
Planning period | Detailed planning phase: 6 years plus subsequent terminal value phase |
| Key valuation | Price assumptions (\u20ac/MWp), discount rate |
| assumptions | |
After-tax discount rate | 6.25% |
Recoverable amount | \u20ac24.0m |
| Impairment loss | \u2013 |
| during the period | |
1 impairment test as at 31 December 2023 following the acquisition of shares on 16 June 2023 // 2 The implicit input tax interest rate determined through a process of iteration | |
| amounted to 8.11% . |
| Sensitivity analysis for Solarpower 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 6.25% | \u00b1 0.25 PP | \u20ac\u2013 1.3m |
| \u20ac+ 1.4m |
| Impairment testing of the Mellach combined cycle gas turbine power plant | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | Combined cycle gas turbine power plant | Combined cycle gas turbine power plant |
| (installed electrical capacity: 838 MW) | (installed electrical capacity: 838 MW) | |
| Indications of | Updated electricity or gas | Updated electricity or gas |
| impairment | price forecasts and updated discount rate | price forecasts |
| Basis for recoverable | Fair value (Level 3) less costs of disposal | Fair value (Level 3) less costs of disposal |
| amount | ||
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND Thermal Power GmbH & Co KG | VERBUND Thermal Power GmbH & Co KG |
| cash flow | budgets (based primarily on market data) | budgets (based primarily on market data) |
Volume | Optimisation model with primary inputs: | Optimisation model with primary inputs: |
| installed capacity, heat extraction | installed capacity, heat extraction | |
| (maximum 400 MW) and efficiency | (maximum 400 MW) and efficiency | |
| at full capacity (58.8%) | at full capacity (58.8%) | |
Price | External price forecasts; temporarily | internal and external price forecasts; |
| expected revenue from the grid reserve, | temporarily expected revenue from the | |
| congestion management, redispatch and | grid reserve, congestion management, | |
| market use, including heat extraction in the | redispatch and market use, including heat | |
| winter for one line (Q4/2022 to Q1/2023); | extraction in the winter for one line | |
| estimate of operating, maintenance and | (Q4/2023 to Q1/2024); estimate of | |
| downtime costs by the responsible | operating, maintenance and downtime | |
| managers | costs by the responsible managers | |
Planning period | Total capacity averaging around | Total capacity averaging around |
| 100,000 equivalent operating hours or | 100,000 equivalent operating hours or | |
| until 2040 (dependent on earlier start) | until 2040 (dependent on earlier start) | |
| Key valuation | Discount rate, expected revenue from the | Discount rate, expected revenue from the |
| assumptions | grid reserve, congestion management and | grid reserve, congestion management and |
| redispatch, development of | redispatch, development of | |
| clean spark spreads | clean spark spreads | |
After-tax discount rate | WACC: 6.25% | WACC: 6.25% |
Recoverable amount | \u20ac231.5m | \u20ac161.3m |
| Change in value | \u20ac+ 126.0m | \u20ac\u2013 63.0m |
| during the period | ||
1 An impairment loss had already been recognised in the reporting period in the amount of \u20ac-15.5m as at 30 June 2023. By 31 December 2023, the impairment loss recognised | ||
during the year had increased to \u20ac-63.0m. The impairment loss recognised in the 2023 reporting period was reduced by the change in deferred government grants in the amount of \u20ac1.7m (previous year: \u20ac3.6m) . |
| Sensitivity analysis for the Mellach combined cycle gas turbine power plant 31/12/2023 | |||
| Value assigned to the | Change in | Effects on the carrying | |
| key valuation assumption | key valuation | amounts of assets | |
| assumptions | |||
After-tax discount rate | 6.25% | \u00b1 0.25 PP | \u20ac+ 2.9m |
| \u20ac\u2013 2.9m | |||
Temporarily expected revenue from the grid reserve, congestion | \u2013 | \u00b1 10% | n/a |
| management and redispatch | |||
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 A statement of the value assigned to the temporarily | |||
| expected revenue from congestion management and redispatch has been omitted because such a statement could harm VERBUND\u2019s position in the tender process. | |||
| VERBUND did not participate in the 2024 tender for grid support. |
| Sensitivity analysis for the Mellach combined cycle gas turbine power plant 31/12/2022 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 6.25% | \u00b1 0.25 PP | \u20ac+ 3.1m |
| \u20ac\u2013 3.0m | |||
| Temporarily expected revenue from | \u2013 | \u00b1 10% | \u20ac+ 10.3m |
| the grid reserve, congestion | \u20ac\u2013 10.4m | ||
| management and redispatch |
| Impairment testing of existing projects in the Spain renewables portfolio | ||
31/12/2022 | 31/12/2023 | |
| Group of | PV portfolios with a capacity of 82.1 MWp | PV portfolios with a capacity of 82.1 MWp |
cash-generating units 1 | in operation (Anselma Issuer, S.A.U. and | in operation (Anselma Issuer, S.A.U. and |
| Topacio Energy, S.L.U.) | Topacio Energy, S.L.U.) | |
Basis for recoverable amount | Value in use | Value in use |
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts |
| impairment | updated discount rate | |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electricity generation | Electricity generation |
Price | Tariffs for the next 15\u2013 18 years, | Tariffs for the next 14\u2013 17 years, |
| followed by internal price forecast | followed by internal price forecast | |
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years |
| Rough planning phase: 14 to 15 years for | Rough planning phase: 13 to 14 years for | |
| the Anselma Issuer, S.A.U. portfolio and | the Anselma Issuer, S.A.U. portfolio and | |
| 14 to 17 years for the Topacio Energy, | 13 to 16 years for the Topacio Energy, | |
| S.L.U. portfolio. | S.L.U. portfolio. | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75%/6.50% | WACC: 5.75%/6.50% |
Recoverable amount | \u20ac393.0m | \u20ac348.8m |
| Change in value | \u20ac\u2013 49.7m | \u20ac+ 29.9m |
| during the period | ||
1 The existing projects are broken down into the following portfolios: Anselma Issuer, S.A.U. with 17 CGUs, Topacio Energy, S.L.U. with 19 CGUs. // 2 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 14 to 17 years, followed by a period of merchant marketing, two different | ||
WACCs were used for the valuation. The implicit input tax interest rate determined through a process of iteration amounted to 7.25%\u2013 8.08% (previous year: 7.24%\u2013 7.51%). // | ||
3 The reversal of impairment losses as at 31 December 2023 comprises the impairment losses and reversals of impairment losses of 15 CGUs in the Anselma Issuer, S.A.U. portfolio | ||
in the total amount of \u20ac6.0m (previous year: impairment losses in the amount of \u2013 \u20ac15.4m) and 19 CGUs in the Topacio Energy, S.L.U. portfolio in the total amount of \u20ac23.9m | ||
(previous year: impairment losses in the amount of \u2013 \u20ac34.2m). |
| Sensitivity analysis for existing projects in the Spain renewables portfolio 31/12/2023 | ||||
| Value assigned | Change in | Effects on the | Effects on the | |
| to the key | key valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, Anselma | assets, Topacio | ||
| Issuer, S.A.U. | Energy, S.L.U. | |||
| portfolio | portfolio | |||
After-tax discount rate | 5.75%/6.50% | \u00b1 0.25 PP | \u20ac\u2013 2.0m | \u20ac\u2013 3.0m |
| \u20ac+ 2.0m | \u20ac+ 3.0m | |||
| Electricity price | n/a | n/a | n/a | n/a |
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 not applicable due to tariff revenue |
| Sensitivity analysis for existing projects in the Spain renewables portfolio 31/12/2022 | ||||
| Value assigned | Change in key | Effects on the | Effects on the | |
| to the key | valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, portfolio | assets, portfolio | ||
| Anselma Issuer, | Topacio Energy, | |||
| S.A.U. | S.L.U. | |||
After-tax discount rate | 5.75%/6.50% | \u00b1 0.25 PP | \u20ac+ 1.5m | \u20ac+ 4.4m |
| \u20ac\u2013 1.5m | \u20ac\u2013 4.4m | |||
Electricity price | n/a | n/a | n/a | n/a |
| Impairment testing of development projects in Spain renewables portfolio | ||||
31/12/2022 | 31/12/2023 | |||
| Group of | Wind/PV portfolios with a capacity of | Wind/PV portfolios with a capacity of | ||
| cash-generating units | 2,129 | MW under development | 1,827 | MW under development |
| (Tejo Solar, S.L.U, Catalpa Solar, S.L.U. and | (Tejo Solar, S.L.U, Catalpa Solar, S.L.U. | |||
| VERBUND Green Power Renewable | and VERBUND Green Power Renewable | |||
| Projects, S.L.U.) | Projects, S.L.U.) | |||
Basis for recoverable amount | Value in use | Value in use | ||
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts, | ||
| impairment | updated discount rate | increase in CapEx and postponement of | ||
| commissioning | ||||
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) | ||
Derivation of cash flow | VERBUND budgets | VERBUND budgets | ||
| (based primarily on market data) | (based primarily on market data) | |||
Volume | Electricity generation | Electricity generation | ||
Price | Internal price forecast for projects, | Internal price forecast for projects, | ||
| premium for additional proceeds from the | premium for additional proceeds from the | |||
| sale of guarantees of origin | sale of guarantees of origin | |||
| (derived from quoted prices) | (derived from quoted prices) | |||
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years | ||
| Rough planning phase: 29 years (PV) or | Rough planning phase: 29 years (PV) or | |||
| 24 years (wind) | 24 years (wind) | |||
| Key valuation | Electricity price, discount rate | Electricity price, discount rate | ||
| assumptions | ||||
After-tax discount rate | WACC: 6.50% | WACC: 6.50% | ||
Recoverable amount | \u20ac373.1m | \u20ac202.2m | ||
| Impairment loss | \u20ac\u2013 2.0m | \u20ac\u2013 204.1m | ||
| during the period | ||||
1 The development projects are broken down into the following portfolios: Tejo Solar, S.L.U. with 18 CGUs, Catalpa Solar, S.L.U. with 5 CGUs and VERBUND Green Power | ||||
Renewable Projects, S.L.U. with 3 CGUs. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 8.07%\u2013 8.30% (previous year: | ||||
8.57%\u2013 8.67%). // 3 The impairment losses as at 31 December 2023 resulted from 17 CGUs in the Tejo Solar, S.L.U. portfolio in the amount of \u2013 \u20ac169.6m (previous year: \u2013 \u20ac2.0m) | ||||
and five CGUs in the Catalpa Solar, S.L.U. portfolio in the amount of \u20ac34.6m (previous year: \u20ac0m). |
| Sensitivity analysis for development projects in the Spain renewables portfolio 31/12/2023 | ||||
| Value assigned | Change in key | Effects on the | Effects on the | |
| to the key | valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, portfolio | assets, portfolio | ||
| Catalpa Solar, | Tejo Solar, | |||
| S.L.U. | S.L.U. | |||
After-tax discount rate | 6.50% | \u00b1 0.25 PP | \u20ac\u2013 4.0m | \u20ac\u2013 23.0m |
| \u20ac+ 4.0m | \u20ac+ 23.0m | |||
| Electricity price | \u20ac40.5 per MWh | \u00b1 5% | \u20ac+ 9.0m | \u20ac+ 48.0m |
| \u20ac\u2013 9.0m | \u20ac\u2013 48.0m | |||
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 The sensitivities shown only relate to the 17 projects | ||||
affected by impairment (previous year: two projects). // 3 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon. |
| Sensitivity analysis for development projects in the Spain renewables portfolio 31/12/2022 | ||||
| Value assigned | Change in key | Effects on the | Effects on the | |
| to the key | valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, portfolio | assets, portfolio | ||
| Catalpa Solar, | Tejo Solar, | |||
| S.L.U. | S.L.U. | |||
After-tax discount rate | 6.50% | \u00b1 0.25 PP | n/a | \u20ac+ 2.6m |
| \u20ac\u2013 2.6m | ||||
Electricity price | \u20ac47.5 per MWh | \u00b1 5% | n/a | \u20ac+ 4.2m |
| \u20ac\u2013 4.2m |
| Impairment testing of the Spain photovoltaic portfolio | ||
| 31/12/2023 | ||
| Group of | 148 | MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., |
| cash-generating units | Watt Development 6 S.L.U., Watt Development 7 S.L.U.) | |
Basis for recoverable amount | Value in use | |
Indications of impairment | Updated electricity price forecasts | |
Valuation technique | Net present value approach (DCF method) | |
Derivation of cash flow | VERBUND budgets (based primarily on market data) | |
Volume | Electricity generation | |
Price | Internal price forecast, premium for additional proceeds from the sale of | |
| guarantees of origin (derived from quoted prices) | ||
Planning period | Detailed planning phase: 6 years | |
| Rough planning phase: 28 years | ||
Key valuation assumptions | Discount rate | |
After-tax discount rate | WACC: 6.50% | |
Recoverable amount | \u20ac105.6m | |
| Impairment loss | \u20ac\u2013 25.0m | |
| during the period | ||
1 At the previous year\u2019s reporting date the test for impairment was conducted as well and no material change in value was identified. // 2 The implicit input tax interest rate | ||
| determined through a process of iteration amounted to 7.91%. |
| Impairment testing of the Spain wind portfolio | |||
| 31/12/2023 | |||
Group of cash-generating units | 256 | MWp wind portfolio with nine operating wind farms in Spain | |
| (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.) | |||
Basis for recoverable amount | Fair value (Level 3) less costs of disposal | ||
Indications of impairment | Updated electricity price forecasts | ||
Valuation technique | Net present value approach (DCF method) | ||
Derivation of cash flow | VERBUND\u2019s planning (based primarily on market data) | ||
Volume | Electricity generation | ||
Price | External price forecast for projects, premium for additional proceeds from the | ||
| sale of guarantees of origin (derived from quoted prices) | |||
Planning period | Detailed planning phase: 6 years | ||
| Rough planning phase: 42 years | |||
Key valuation assumptions | Electricity price, discount rate | ||
After-tax discount rate | WACC: 5.75%/6.50% | ||
Recoverable amount | \u20ac438.1m | ||
| Impairment loss | \u20ac\u2013 54.0m | ||
| during the period | |||
1 impairment test as at 31 December 2023 following the acquisition of shares on 25 July 2023 // 2 Since the return is protected by tariff rate quotas for the next 2 to 8 years, followed by a period of merchant marketing, two WACCs were used for the valuation |
| Sensitivity analysis for the Spain wind portfolio 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 5.75%/6.50% | \u00b1 0.25 PP | \u20ac\u2013 13.0m |
| \u20ac+ 14.0m | |||
| Electricity price | n/a | n/a | n/a |
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 not applicable due to tariff revenue |
| Impairment testing of Gas Connect Austria GmbH, including Austrian Gas Grid Management AG | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | GCA\u2019s transmission system and | GCA\u2019s transmission system and |
| distribution network, including AGGM | distribution network, including AGGM | |
| Indications of | Updated electricity or gas price forecasts | Significant changes in the energy market |
| impairment | and updated discount rate | environment |
Basis for recoverable amount | Fair value (Level 3) less costs to sell | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | GCA budgets | GCA budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Capacity bookings | Capacity bookings |
Price | Tariffs enacted by the regulator | Tariffs enacted by the regulator |
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 22 years plus | rough planning phase: 21 years plus | |
| regulatory asset base (RAB) as exit value | regulatory asset base (RAB) as exit value | |
| Key valuation | Regulatory interest rate for the RAB | Regulatory interest rate for the RAB |
| assumptions | ||
After-tax discount rate | Determination of discount rate taking into | Determination of discount rate taking into |
| account regulatory framework conditions | account regulatory framework conditions | |
Recoverable amount | \u20ac670.6m | \u20ac444.4m |
| Impairment losses | \u20ac\u2013 2.2m | \u20ac\u2013 56.9m |
| during the period |
| Sensitivity analysis for GCA incl. AGGM 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | (Please refer to | \u00b1 0.25 PP | \u20ac+ 6.0m |
| the table above) | \u20ac\u2013 6.0m |
| Sensitivity analysis for GCA incl. AGGM 31/12/2022 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | (Please refer to | \u00b1 0.25 PP | \u20ac+ 9.0m |
| the table above) | \u20ac\u2013 9.0m |
| Actuarial assumptions for pension obligations | ||||
2022 | 2023 | |||
Discount rate or expected rate of return from plan assets | 3.75% | 3.75% | ||
Pension increases | 1.75%\u20135.75% | 2.00%\u20136.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover | none | none | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for obligations similar to pensions | ||||
2022 | 2023 | |||
Discount rate | 3.75% | 3.75% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20135.80% | 0.00%\u20135.80% | ||
| Change in contributions based on hospital cost index for new contracts | ||||
(with participation)/old contracts (without participation) | 2.75%\u20135.50% | 2.75%\u20136.00% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for termination benefit obligations | ||||
2022 | 2023 | |||
Discount rate | 3.50% | 3.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20130.60% | 0.00%\u20130.60% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Sensitivity analysis for net pension liability 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in net | change in net | |
| points or years | liability of | liability of | |
Discount rate | 0.25% | \u2013 2.38% | 2.49% |
Pension increases | 0.50% | 5.16% | \u2013 4.75% |
Longevity based on mortality table | 1 year | 4.94% | \u2013 4.90% |
| Sensitivity analysis for obligations similar to pensions 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 3.18% | 3.35% |
Change in contributions based on hospital cost index | 0.50% | 6.79% | \u2013 6.16% |
Longevity based on mortality table | 1 year | 5.91% | \u2013 5.73% |
| Sensitivity analysis for termination benefit obligations 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 1.70% | 1.75% |
Salary increases | 0.50% | 3.70% | \u2013 3.53% |
Longevity based on mortality table | 1 year | \u2013 0.01% | 0.01% |
| Sensitivity analysis for net pension liability 2022 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in net | change in net | |
| points or years | liability of | liability of | |
Discount rate | 0.25% | \u2013 2.38% | 2.49% |
Pension increases | 0.50% | 5.17% | \u2013 4.76% |
Longevity based on mortality table | 1 year | 4.81% | \u2013 4.79% |
| Sensitivity analysis for obligations similar to pensions 2022 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 3.18% | 3.35% |
Change in contributions based on hospital cost index | 0.50% | 6.81% | \u2013 6.18% |
Longevity based on mortality table | 1 year | 5.71% | \u2013 5.56% |
| Sensitivity analysis for termination benefit obligations 2022 | Change in | If assumption | If assumption |
| assumption in | increases, | decreases, | |
| percentage | change in | change in | |
| points or years | obligation of | obligation of | |
| Discount rate | 0.25% | \u2013 1.75% | 1.80% |
| Salary increases | 0.50% | 3.65% | \u2013 3.48% |
| Longevity based on mortality table | 1 year | 0.00% | 0.00% |
Pension expenses | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Pension | Pension | Obligations | Obligations | |
| obligations | obligations | similar to | similar to | |
| pensions | pensions | |||
Service costs (vested claims) | 3.4 | 1.5 | 2.0 | 0.9 |
Net interest expense | 4.1 | 10.6 | 1.8 | 3.6 |
| Pension expenses | ||||
(recognised in profit for the period) | 7.5 | 12.1 | 3.8 | 4.5 |
Remeasurements of the net liability | \u2013 114.1 | 18.1 | \u2013 44.1 | 7.1 |
| Pension expenses | ||||
(recognised in total comprehensive income for the period) | \u2013 106.6 | 30.2 | \u2013 40.3 | 11.6 |
Reconciliation of defined benefit obligation | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Pension | Pension | Obligations | Obligations | |
| obligations | obligations | similar to | similar to | |
| pensions | pensions | |||
Defined benefit obligation as at 1/1 | 620.4 | 457.5 | 143.8 | 98.9 |
Service costs (vested claims) | 3.4 | 1.5 | 2.0 | 0.9 |
Pension payments or contributions to supplementary health insurance | ||||
(benefit payments) | \u2013 36.1 | \u2013 36.6 | \u2013 4.6 | \u2013 4.8 |
Interest expenses | 6.1 | 16.4 | 1.8 | 3.6 |
Remeasurements based on experience adjustments | 0.4 | 5.7 | \u2013 3.2 | 2.7 |
Remeasurements arising from changes in demographic assumptions | 0.0 | 0.0 | 2.5 | 0.0 |
Remeasurements arising from changes in financial assumptions | \u2013 136.7 | 19.9 | \u2013 43.4 | 4.4 |
Defined benefit obligation as at 31/12 | 457.5 | 464.4 | 98.9 | 105.7 |
| Segment: Hydro | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | compan y company's | quarters | dation | compan y company's | |||
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH) \u2013 Hydro | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| Innwerk AG | Stamm- | Stamm- | ||||||
| (VHP-IW) | ham | CS | VH | 100.00% | ham | CS | VH | 100.00% |
| VERBUND Hydro | ||||||||
| Power GmbH (VHP) | Vienna | CS | VH | 80.54% | Vienna | CS | VH | 80.54% |
| VERBUND | ||||||||
| Innkraftwerke | ||||||||
| GmbH | T\u00f6ging | CS | VH | 70.27% | T\u00f6ging | CS | VH | 70.27% |
| Donaukraftwerk | ||||||||
| Jochenstein | VH | 50.00% | VH | 50.00% | ||||
Aktiengesellschaft | Passau | CS | VHP-IW | 50.00% | Passau | CS | VHP-IW | 50.00% |
| Grenzkraftwerke | VH | 50.00% | VH | 50.00% | ||||
| GmbH | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
\u00d6sterreichisch- Bayerische | ||||||||
| Kraftwerke | VH | 50.00% | VH | 50.00% | ||||
| Aktiengesellschaft | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
| Ennskraftwerke | ||||||||
| Aktiengesellschaft | Steyr | GT | VH | 50.00% | Steyr | GT | VH | 50.00% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH & | ||||||||
| Co KG | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
Ashta Beteiligungs- verwaltung GmbH | ||||||||
(VHP-AL-HII) | Vienna | EM | VHP | 50.01% | Vienna | EM | VHP | 50.01% |
| VHP-AL- | VHP-AL- | |||||||
Energji Ashta Shpk | Bushat | EM | HII | 100.00% | Bushat | EM | HII | 100.00% |
| Lestin Tauch- und | ||||||||
Bergungsunterneh- men Gesellschaft | ||||||||
| m.b.H. (LESTIN) | Vienna | UC | VHP | 100.00% | Vienna | UC | VHP | 100.00% |
| Murkraftwerk Graz | ||||||||
| Errichtungs- und | ||||||||
| BetriebsgmbH | Graz | UC | VHP | 25.10% | Graz | UC | VHP | 25.10% |
| VERBUND | VHP | 99.90% | VHP | 99.90% | ||||
Tourismus GmbH | Vienna | UC | LESTIN | 0.10% | Vienna | UC | LESTIN | 0.10% |
| Manara HPP | ||||||||
| Operation Ltd. | Tel-Aviv | UC | VHP | 80.00% | Tel-Aviv | UC | VHP | 80.00% |
| Segment: New renewables | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Wind | ||||||||
| Power Austria | ||||||||
GmbH (VRP-AT) | Vienna | CS | VHP | 100.00% | Vienna | CS | VHP | 100.00% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH (VGP-DE) | stadt | CS | VGP | 100.00% | stadt | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power GmbH | ||||||||
| (VGP) | Vienna | CS | VGP | 100.00% | Vienna | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
Power Iberia, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Wind | ||||||||
| Power Romania | Bucha- | Bucha- | ||||||
| SRL | rest | CS | VGP | 100.00% | rest | CS | VGP | 100.00% |
| Infrastruktur | ||||||||
| Oberheimbach I | W\u00f6rr- | |||||||
| GmbH & Co. KG | stadt | CS | VGP | 85.00% | \u2013 | \u2013 | \u2013 | \u2013 |
Infrastrukturgesell- schaft Bischheim | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH & Co. KG | stadt | CS | VGP | 80.60% | stadt | CS | VGP | 80.60% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | ||||||||
| Photovoltaik | Sch\u00f6ne- | |||||||
| GmbH | feld | CS | VGP | 100.00% | Berlin | CS | VGP | 100.00% |
| Watt Development | ||||||||
| SPV 5 S.L.U. | ||||||||
(VGP-IB-IL1) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 6 S.L.U. | ||||||||
(VGP-IB-IL2) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 7 S.L.U. | ||||||||
(VGP-IB-IL3) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL1 | IL1 | |||||||
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL2 | IL2 | |||||||
| Infraestructuras de | VGP-IB- | 20.00% | VGP-IB- | 20.00% | ||||
Illora S.L. | Madrid | UC | IL3 | Madrid | UC | IL3 | ||
| SOLAVOLTA | Sankt | Sankt | ||||||
| Energie- und | Marga- | Marga- | ||||||
| Umwelttechnik | rethen im | rethen im | ||||||
| GmbH | Bgld. | EM | VGP | 50.00% | Bgld. | EM | VGP | 50.00% |
| Parque E\u00f3lico | ||||||||
Ayamonte S.L.U. | Madrid | CS | VH | 70.00% | Madrid | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico | de | de | ||||||
| Buseco S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico El | de | de | ||||||
| Barroso S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Parque E\u00f3lico | Pozuelo | Pozuelo | ||||||
| Loma de los Pinos | de | de | ||||||
| S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Lusitania | de | de | ||||||
| Renovables S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
Anselma Issuer, S.A.U. | ||||||||
(VGP-IB-ANI) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Topacio Energy, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Catalpa Solar, S.L.U. | ||||||||
(VGP-IB-CAS) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Tejo Solar, S.L.U. | ||||||||
(VGP-IB-TES) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Power Renewable | ||||||||
| Projects, S.L.U. | ||||||||
(VGP-IB-GRP) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Cuerva, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Los Navalmorales, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Albarreal, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Totan\u00e9s, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SDC) | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
Blacky Energy, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-BLA) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Cyopsa-El Molino | ||||||||
| Energ\u00eda E\u00f3lica, | VGP-IB- | VGP-IB- | ||||||
S.A.U. | Madrid | UC | BLA | 100.00% | Madrid | CS | BLA | 100.00% |
| VERBUND Green | ||||||||
Power Valderrama, S.L.U. (VGP-IB- | VGP-IB- | VGP-IB- | ||||||
VAL) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
Musas, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
| Ofion, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Green Power Wind | ||||||||
| Spain 1, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| Green Power Wind | ||||||||
Marquesado, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power Italia S.R.L. | ||||||||
| (VGP-IT) | Sternatia | UC | VGP | 100.00% | Milan | CS | VGP | 100.00% |
| PV Novoli S.R.L. | \u2013 | \u2013 | \u2013 | \u2013 | Lecce | CS | VGP-IT | 100.00% |
| Totan\u00e9s | ||||||||
| Infraestructuras | VGP-IB- | VGP-IB- | ||||||
| Comunes, S.L. | Madrid | UC | SDC | 38.89% | Madrid | UC | SDC | 38.89% |
| Murcia Solar Park | ||||||||
| GmbH | VGP-IB- | VGP-IB- | ||||||
| (VGP-IB-MUR) | Berlin | UC | ANI | 100.00% | Berlin | UC | ANI | 100.00% |
| Baluma Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Baviera Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Bolardo Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Boyante Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Braganza Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cairo Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Camareta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Carmesi Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cenida Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Comunidad de | ||||||||
| Bienes del Huerto | ||||||||
| Solar del Hinojar, | VGP-IB- | VGP-IB- | ||||||
| C.B. | Lorca | UC | SVL | 92.72% | Lorca | UC | SVL | 92.72% |
| Cornamusa Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Cruceta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Faballones Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Feanor Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Galadrien Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Helice Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Imai Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Koe Energy, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Lima Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Miriel Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Mosqueton Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Nairobi Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Natera Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Obenque Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Orion Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Orla Solar, S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Panol Solar, S.L. | Madrid | UC | TES | 51.00% | Madrid | UC | TES | 51.00% |
| Penalara Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Perdiguero Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Peregrino Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Posets Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Radar Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Reclamo Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Rehala Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Rotor Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Sentina Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Sextante Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Stopper Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.0% |
| Stein Von Liebig | ||||||||
| Balears I, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SVL) | Madrid | UC | MUR | 100.00% | Madrid | UC | MUR | 100.00% |
| Trufa Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Volateo Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Zelanda Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Zuncho Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| VERBUND Green | ||||||||
| Power Albania | ||||||||
Sh.p.k. | Tirana | UC | VGP | 100.00% | Tirana | UC | VGP | 100.00% |
| Segment: Sales | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH)\u2013 Sales | ||||||||
activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Energy4Business | ||||||||
GmbH (VEB) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Energy4Business | ||||||||
Germany GmbH | Munich | CS | VEB | 100.00% | Munich | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Customers | ||||||||
GmbH (VEC) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
Energy4Flex GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Future | ||||||||
GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| MSP Solarpower | ||||||||
GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
iFix Solar GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
| SMATRICS GmbH | ||||||||
& Co KG | Vienna | CS | VEB | 74.90% | Vienna | CS | VEB | 74.90% |
| SMATRICS | SMATRICS | |||||||
| SMATRICS EnBW | GmbH & | GmbH & | ||||||
| GmbH | Vienna | EM | Co KG | 49.00% | Vienna | EM | Co KG | 49.00% |
| E-Mobility Provider | ||||||||
| Austria GmbH | Vienna | UC | VEB | 74.90% | Vienna | UC | VEB | 74.90% |
| smart Energy | ||||||||
Services GmbH | Vienna | UC | VEC | 50.00% | Vienna | UC | VEC | 50.00% |
| Segment: Grid | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| Austrian Power | ||||||||
Grid AG (APG) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| Gas Connect | ||||||||
| Austria GmbH | ||||||||
(GCA) Vienna | CS | VH | 51.00% | Vienna | CS | VH | 51.00% | |
| Austrian Gas Grid | ||||||||
| Management AG | ||||||||
(AGGM) Vienna | CS | GCA | 51.00% | Vienna | CS | GCA | 51.00% | |
| Trans Austria | ||||||||
| Gasleitung GmbH | ||||||||
(TAG) Vienna | EM | GCA | 15.53% | Vienna | EM | GCA | 15.53% | |
| AGCS Gas Clearing | ||||||||
| and Settlement AG | Vienna | UC | GCA | 23.13% | Vienna | UC | GCA | 23.13% |
| ASGM Austrian | ||||||||
| Strategic Gas | ||||||||
| Storage | ||||||||
| Management | ||||||||
GmbH | Vienna | UC | AGGM | 100.00% | Vienna | UC | AGGM | 100.00% |
| OeMAG | ||||||||
| Abwicklungsstelle | ||||||||
f\u00fcr \u00d6kostrom AG | Vienna | EM | APG | 24.40% | Vienna | EM | APG | 24.40% |
| VUM Verfahren | ||||||||
| Umwelt Manage- | Klagen- | Klagen- | ||||||
| ment GmbH | furt | UC | APG | 100.00% | furt | UC | APG | 100.00% |
| Amster- | Amster- | |||||||
| Equigy B.V. | dam | UC | APG | 20.00% | dam | UC | APG | 20.00% |
| All other segments: Thermal generation | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND | ||||||||
| Thermal Power | ||||||||
| GmbH | Fernitz- | Fernitz- | ||||||
| (VTP GmbH) | Mellach | CS | VH | 100.00% | Mellach | CS | VH | 100.00% |
| VERBUND | VH | 100.00% | VH | 100.00% | ||||
| Thermal Power | Fernitz- | VTP | 0.00% | Fernitz- | VTP | 0.00% | ||
| GmbH & Co KG | Mellach | CS | GmbH | Mellach | CS | GmbH |
| All other segments: Services | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Services | ||||||||
GmbH | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| All other segments: Equity interests | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share o f | method | share of | |||||
equit y | equity | |||||||
| VERBUND AG (VH) | ||||||||
\u2013 Equity interests | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| KELAG-K\u00e4rntner | ||||||||
| Elektrizit\u00e4ts- | Klagen- | Klagen- | ||||||
| Aktiengesellschaft | furt | EM | VH | 35.17% | furt | EM | VH | 35.17% |
| C2PAT GmbH & Co | ||||||||
KG | Vienna | UC | VH | 25.00% | \u2013 | \u2013 | \u2013 | \u2013 |
C2PAT GmbH | Vienna | UC | VH | 25.00% | Vienna | UC | VH | 25.00% |
| Other Group companies | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | com- | quarters | dation | company | com- | |
| method | pany's | method | pany's | |||||
| share of | share of | |||||||
| equity | equity | |||||||
| VERBUND AG (VH) | ||||||||
| \u2013 All other activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Finanzierungsservice | ||||||||
| GmbH | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Ventures GmbH | ||||||||
(VVE) Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% | |
| VERBUND Green | ||||||||
| Hydrogen GmbH | ||||||||
| (VGH) | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Hydrogen Sales | ||||||||
| GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VGH | 100.00% |
| HalloSonne GmbH | ||||||||
(HAS) Vienna | UC | VVE | 100.00% | Vienna | UC | VVE | 100.00% | |
| HalloSonne PV | ||||||||
Finanzierungs- Holding GmbH | ||||||||
(HAF) Vienna | UC | HAS | 100.00% | Vienna | UC | HAS | 100.00% | |
| HalloSonne 1. PV | ||||||||
Vermietungs- GmbH | Vienna | UC | HAF | 100.00% | Vienna | UC | HAF | 100.00% |
| HalloSonne | ||||||||
| Installations GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | UC | HAS | 100.00% |
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence | ||||||||
1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner |
| Discretionary decisions and assumptions regarding the future | |
Assessment of the terms of leases | Section 4.3 |
Determination of the discount rate for impairment testing | Section 4.4 |
Determination of the expected cash flows for impairment testing of goodwill | Section 4.4.1 |
Determination of the expected cash flows for impairment testing of power plants | Section 4.4.2 |
| Determination of the discount rate for the measurement of pensions and similar obligations | Section 9.2 |
| as well as statutory termination benefits | |
Determination of measurement parameters for other provisions | Section 9.3 |
Determination of the likelihood of contingent liabilities | Section 13.1 |
Evaluation of whether other entities are controlled or jointly managed by VERBUND or whether VERBUND can exert a significant influence on another entity and/or whether an entity represents a joint operation of VERBUND | Section 13.4 |
| Impairment testing of goodwill for the Hydro segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All hydraulic energy power plants of | All hydraulic energy power plants of |
| cash-generating units | VERBUND plus goodwill and | VERBUND plus goodwill and |
| deferred tax items | deferred tax items | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
Derivation of cash flow | VERBUND\u2019s planning | VERBUND\u2019s planning |
| (based primarily on market data) | (based primarily on market data) | |
Volume | Average expected generation of the | Average expected generation of the |
| respective power plants | respective power plants | |
Price | Internal price forecasts and power plant- | Internal price forecasts and power plant- |
| specific premiums or discounts (for | specific premiums or discounts (for | |
| example, the sale of guarantees of origin) | example, the sale of guarantees of origin) | |
Planning period | Detailed planning phase: up to a maximum | Detailed planning phase: up to a maximum |
| of 6 years depending on the specific | of 6 years depending on the specific | |
| power plant; rough planning phase: | power plant; rough planning phase: | |
| up to a maximum of 32 years depending on | up to a maximum of 31 years depending | |
| the specific power plant; subsequent | on the specific power plant; subsequent | |
| terminal value phase following rough | terminal value phase following rough | |
| planning phase depending on the specific | planning phase depending on the specific | |
| power plant | power plant | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75% to 12.50% | WACC: 5.75% to 11.25% |
| depending on the location | depending on the location | |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.26%\u201312.52% (previous year: 6.43%\u201313.79%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Sales segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All of VERBUND\u2019s sales activities | All of VERBUND\u2019s sales activities |
| cash-generating units | plus goodwill | plus goodwill |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Expected trading and distribution volumes | Expected trading and distribution volumes |
Price | Expected trading and sales margins | Expected trading and sales margins |
Planning period | Detailed planning phase of 6 years | Detailed planning phase of 6 years |
| followed by a terminal value phase | followed by a terminal value phase | |
| Key valuation | Expected trading and distribution volumes | Expected trading and distribution volumes |
| assumptions | as well as trading and sales margins | as well as trading and sales margins |
After-tax discount rate | WACC after taxes: 5.75%\u201312.25% | WACC after taxes: 5.75%\u201312.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 8.03%\u2013 15.07% (previous year: 8.46%\u2013 14.52%). // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Inn River run-of-river power plant group | ||
31/12/2022 | 31/12/2023 | |
| Group of | Run-of-river power plants of the Inn River | Run-of-river power plants of the Inn River |
| cash-generating units | power plant group 1 , each of which also | power plant group 1 , each of which also |
| represents a cash-generating unit, | represents a cash-generating unit, | |
| plus goodwill and deferred tax accruals | plus goodwill and deferred tax accruals | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND Innkraftwerke GmbH budgets | VERBUND Innkraftwerke GmbH budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Annual output corresponding to the | Annual output corresponding to the |
| mean energy capability of 1,994 GWh | mean energy capability of 1,983 GWh | |
| (after conclusion of the T\u00f6ging | ||
| modernisation project) | ||
Price | Internal price forecasts; discounts for | Internal price forecasts; discounts for |
| generation characteristics and the | generation characteristics and the | |
| hydrological forecast and availability risk; | hydrological forecast and availability risk; | |
| premium for additional proceeds from the | premium for additional proceeds from the | |
| sale of guarantees of origin (derived from | sale of guarantees of origin (derived from | |
| quoted price); consideration of water | quoted price); consideration of water | |
| charges based on official notices; | charges based on official notices; | |
| estimate of maintenance costs by the | estimate of maintenance costs by the | |
| managers responsible | managers responsible | |
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 32 years | rough planning phase: 31 years | |
| followed by a terminal value phase | followed by a terminal value phase | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75% | WACC: 5.75% |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 7.26% (previous year: 7.71%) // | ||
3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occu r |
| Impairment testing of goodwill for the Grenzkraftwerke run-of-river power plant group | |||
31/12/2022 | 31/12/2023 | ||
| Group of | Run-of-river power plants of the | Run-of-river power plants of the | |
| cash-generating units | Grenzkraftwerke power plant group 2 , | Grenzkraftwerke power plant group 2 , | |
| each of which represents a cash- | each of which represents a cash- | ||
| generating unit, plus goodwill and | generating unit, plus goodwill and | ||
| deferred tax accruals | deferred tax accruals | ||
Basis for recoverable amount | Value in use | Value in use | |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) | |
| Derivation of | Grenzkraftwerke GmbH\u2019s budgets | Grenzkraftwerke GmbH\u2019s budgets | |
| cash flow | (based primarily on market data) | (based primarily on market data) | |
Volume | Annual output corresponding to the | Annual output corresponding to the | |
| mean energy capability of 3,957 or | mean energy capability of 3,957 GWh | ||
4,007 | GWh (after completing measures to | ||
| increase efficiency at Ering-Frauenstein) | |||
Price | Internal price forecasts; discounts for | Internal price forecasts; discounts for | |
| generation characteristics and the | generation characteristics and the | ||
| hydrological forecast and availability risk; | hydrological forecast and availability risk; | ||
| premium for additional proceeds from the | premium for additional proceeds from the | ||
| sale of guarantees of origin (derived from | sale of guarantees of origin (derived from | ||
| quoted price); consideration of water | quoted price); consideration of water | ||
| charges based on official notices; | charges based on official notices; | ||
| estimate of maintenance costs by the | estimate of maintenance costs by the | ||
| managers responsible | managers responsible | ||
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; | |
| rough planning phase: 32 years | rough planning phase: 31 years | ||
| followed by a terminal value phase | followed by a terminal value phase | ||
| Key valuation | Electricity price, discount rate | Electricity price, discount rate | |
| assumptions | |||
After-tax discount rate | WACC: 6.00% | WACC: 6.25% 3 | |
| Impairment loss | \u2013 | \u2013 | |
| during the period | |||
1 The following explanatory notes relate to the second step of the two-step impairment test of the Grenzkraftwerke power plant group. The recoverability of the individual run-of- river power plant assets was tested in the first step. // 2 The Grenzkraftwerke power plant group comprises the following power plants: Braunau-Simbach, Egglfing-Obernberg, Ering-Frauenstein, Jochenstein, Nu\u00dfdorf, Oberaudorf-Ebbs, Passau-Ingling and Sch\u00e4rding-Neuhaus. // 3 The implicit input tax interest rate determined through a process of iteration amounted to 7.93%\u2013 8.05% (previous year: 7.98%\u2013 8.11%). // 4 In the opinion of Management, the carrying amount of the Grenzkraftwerke power plant group's assets | |||
(less deferred tax liabilities) including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur . |
| Impairment testing of goodwill from SMATRICS GmbH & Co KG | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | SMATRICS GmbH & Co KG, | SMATRICS GmbH & Co KG, |
| full-service provider for electromobility | full-service provider for electromobility | |
| charging solutions | charging solutions | |
Basis for recoverable amount | Fair value (Level 3) less costs of disposal | Fair value (Level 3) less costs of disposal |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | SMATRICS GmbH & Co KG budgets | SMATRICS GmbH & Co KG budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electric vehicle ramp-up | Electric vehicle ramp-up |
Price | Charging rates | Charging rates |
Planning period | Detailed planning phase: 8 years | Detailed planning phase: 7 years |
| plus subsequent terminal value phase | plus subsequent terminal value phase | |
| Key valuation | Electric vehicle ramp-up, discount rate | Electric vehicle ramp-up, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 12.25% | WACC: 12.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period |
| Sensitivity analysis for SMATRICS GmbH & Co KG 31/12/2023 | |||
| Value assigned to the key | Change in key | Effects on the carrying | |
| valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 12.50% | \u00b1 0.25 PP | \u20ac\u2013 1.8m |
| \u20ac+ 1.8m |
| Sensitivity analysis for SMATRICS GmbH & Co KG 31/12/2022 | |||
| Value assigned to the key | Change in key | Effects on the carrying | |
| valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 12.25% | \u00b1 0.25 PP | \u20ac\u2013 2.7m |
| \u20ac+ 2.1m |
| Impairment testing of goodwill for the Spain renewables portfolio | ||
31/12/2022 | 31/12/2023 | |
| Group of | Photovoltaic portfolios with a capacity of | Photovoltaic portfolios with a capacity of |
cash-generating units 2 | 82.1 MWp in operation (Anselma Issuer, | 82.1 MWp in operation (Anselma Issuer, |
| S.A.U. and Topacio Energy, S.L.U.), | S.A.U. and Topacio Energy, S.L.U.), | |
| wind/photovoltaic portfolios with a | wind/photovoltaic portfolios with a | |
| capacity of 2,129 MW in development | capacity of 1,827 MW in development | |
| (Tejo Solar, S.L.U., Catalpa Solar, S.L.U. | (Tejo Solar, S.L.U., Catalpa Solar, S.L.U. | |
| and VERBUND Green Power Renewable | and VERBUND Green Power Renewable | |
| Projects, S.L.U.) plus goodwill less | Projects, S.L.U.) plus goodwill less | |
| deferred tax items | deferred tax items | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electricity generation | Electricity generation |
Price | Tariffs for existing plants; internal price | Tariffs for existing plants; internal price |
| forecast for projects, premium for | forecast for projects, premium for | |
| additional proceeds from the sale of | additional proceeds from the sale of | |
| guarantees of origin | guarantees of origin | |
| (derived from quoted prices) | (derived from quoted prices) | |
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years |
| Rough planning phase: 14 to 17 years for | Rough planning phase: 13 to 16 years for | |
| existing projects and 29 years (PV) or | existing projects and 29 years (PV) or | |
| 24 years (wind) for development projects | 24 years (wind) for development projects | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75%/6.50% | WACC: 5.75%/6.50% |
Recoverable amount | \u20ac766.1m | \u20ac560.7m |
| Impairment loss | \u20ac\u2013 94.2m | \u20ac\u2013 78.4m |
| during the period | ||
1 The following explanatory notes refer to the second step of the two-step impairment test of the group of cash-generating units known as the \u201cSpain renewables portfolio\u201d. | ||
In the first step, the recoverability of development projects was tested in accordance with IAS 36.10(a) while the recoverability of existing projects was tested if there was any indication that they might be impaired. // 2 The Spain renewables portfolio is broken down into the following sub-portfolios: Anselma Issuer, S.A.U. with 17 CGUs, Topacio | ||
| Energy, S.L.U. with 19 CGUs, Tejo Solar, S.L.U. with 18 CGUs, Catalpa Solar, S.L.U. with 5 CGUs and VERBUND Green Power Renewable Projects, S.L.U. with 3 CGUs. // | ||
3 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 14 to 17 years, followed by a period of merchant marketing, two different WACCs were used for the valuation. The implicit input tax interest rate determined through a process of iteration amounted to 7.25%\u2013 8.30% | ||
(previous year: 7.24%\u2013 8.67%) . |
| Impairment testing of goodwill from Solarpower | |
| 31/12/2023 | |
| Group of | Solarpower (MSP Solarpower GmbH/iFIX GmbH): construction of photovoltaic systems |
| cash-generating units | and distribution of components |
Basis for recoverable amount | Value in use |
Valuation technique | Net present value approach (DCF method) |
Derivation of cash flow | VERBUND budgets (based primarily on market data) |
Volume | MWp plant engineering, sales volumes of PV components |
Price | Purchase prices for photovoltaic modules, inverters and mounting structures; |
| purchased installation services; internal forecasts for project costs and own work | |
Planning period | Detailed planning phase: 6 years plus subsequent terminal value phase |
| Key valuation | Price assumptions (\u20ac/MWp), discount rate |
| assumptions | |
After-tax discount rate | 6.25% |
Recoverable amount | \u20ac24.0m |
| Impairment loss | \u2013 |
| during the period | |
1 impairment test as at 31 December 2023 following the acquisition of shares on 16 June 2023 // 2 The implicit input tax interest rate determined through a process of iteration | |
| amounted to 8.11% . |
| Sensitivity analysis for Solarpower 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 6.25% | \u00b1 0.25 PP | \u20ac\u2013 1.3m |
| \u20ac+ 1.4m |
| Impairment testing of the Mellach combined cycle gas turbine power plant | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | Combined cycle gas turbine power plant | Combined cycle gas turbine power plant |
| (installed electrical capacity: 838 MW) | (installed electrical capacity: 838 MW) | |
| Indications of | Updated electricity or gas | Updated electricity or gas |
| impairment | price forecasts and updated discount rate | price forecasts |
| Basis for recoverable | Fair value (Level 3) less costs of disposal | Fair value (Level 3) less costs of disposal |
| amount | ||
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND Thermal Power GmbH & Co KG | VERBUND Thermal Power GmbH & Co KG |
| cash flow | budgets (based primarily on market data) | budgets (based primarily on market data) |
Volume | Optimisation model with primary inputs: | Optimisation model with primary inputs: |
| installed capacity, heat extraction | installed capacity, heat extraction | |
| (maximum 400 MW) and efficiency | (maximum 400 MW) and efficiency | |
| at full capacity (58.8%) | at full capacity (58.8%) | |
Price | External price forecasts; temporarily | internal and external price forecasts; |
| expected revenue from the grid reserve, | temporarily expected revenue from the | |
| congestion management, redispatch and | grid reserve, congestion management, | |
| market use, including heat extraction in the | redispatch and market use, including heat | |
| winter for one line (Q4/2022 to Q1/2023); | extraction in the winter for one line | |
| estimate of operating, maintenance and | (Q4/2023 to Q1/2024); estimate of | |
| downtime costs by the responsible | operating, maintenance and downtime | |
| managers | costs by the responsible managers | |
Planning period | Total capacity averaging around | Total capacity averaging around |
| 100,000 equivalent operating hours or | 100,000 equivalent operating hours or | |
| until 2040 (dependent on earlier start) | until 2040 (dependent on earlier start) | |
| Key valuation | Discount rate, expected revenue from the | Discount rate, expected revenue from the |
| assumptions | grid reserve, congestion management and | grid reserve, congestion management and |
| redispatch, development of | redispatch, development of | |
| clean spark spreads | clean spark spreads | |
After-tax discount rate | WACC: 6.25% | WACC: 6.25% |
Recoverable amount | \u20ac231.5m | \u20ac161.3m |
| Change in value | \u20ac+ 126.0m | \u20ac\u2013 63.0m |
| during the period | ||
1 An impairment loss had already been recognised in the reporting period in the amount of \u20ac-15.5m as at 30 June 2023. By 31 December 2023, the impairment loss recognised | ||
during the year had increased to \u20ac-63.0m. The impairment loss recognised in the 2023 reporting period was reduced by the change in deferred government grants in the amount of \u20ac1.7m (previous year: \u20ac3.6m) . |
| Sensitivity analysis for the Mellach combined cycle gas turbine power plant 31/12/2023 | |||
| Value assigned to the | Change in | Effects on the carrying | |
| key valuation assumption | key valuation | amounts of assets | |
| assumptions | |||
After-tax discount rate | 6.25% | \u00b1 0.25 PP | \u20ac+ 2.9m |
| \u20ac\u2013 2.9m | |||
Temporarily expected revenue from the grid reserve, congestion | \u2013 | \u00b1 10% | n/a |
| management and redispatch | |||
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 A statement of the value assigned to the temporarily | |||
| expected revenue from congestion management and redispatch has been omitted because such a statement could harm VERBUND\u2019s position in the tender process. | |||
| VERBUND did not participate in the 2024 tender for grid support. |
| Sensitivity analysis for the Mellach combined cycle gas turbine power plant 31/12/2022 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 6.25% | \u00b1 0.25 PP | \u20ac+ 3.1m |
| \u20ac\u2013 3.0m | |||
| Temporarily expected revenue from | \u2013 | \u00b1 10% | \u20ac+ 10.3m |
| the grid reserve, congestion | \u20ac\u2013 10.4m | ||
| management and redispatch |
| Impairment testing of existing projects in the Spain renewables portfolio | ||
31/12/2022 | 31/12/2023 | |
| Group of | PV portfolios with a capacity of 82.1 MWp | PV portfolios with a capacity of 82.1 MWp |
cash-generating units 1 | in operation (Anselma Issuer, S.A.U. and | in operation (Anselma Issuer, S.A.U. and |
| Topacio Energy, S.L.U.) | Topacio Energy, S.L.U.) | |
Basis for recoverable amount | Value in use | Value in use |
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts |
| impairment | updated discount rate | |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electricity generation | Electricity generation |
Price | Tariffs for the next 15\u2013 18 years, | Tariffs for the next 14\u2013 17 years, |
| followed by internal price forecast | followed by internal price forecast | |
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years |
| Rough planning phase: 14 to 15 years for | Rough planning phase: 13 to 14 years for | |
| the Anselma Issuer, S.A.U. portfolio and | the Anselma Issuer, S.A.U. portfolio and | |
| 14 to 17 years for the Topacio Energy, | 13 to 16 years for the Topacio Energy, | |
| S.L.U. portfolio. | S.L.U. portfolio. | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75%/6.50% | WACC: 5.75%/6.50% |
Recoverable amount | \u20ac393.0m | \u20ac348.8m |
| Change in value | \u20ac\u2013 49.7m | \u20ac+ 29.9m |
| during the period | ||
1 The existing projects are broken down into the following portfolios: Anselma Issuer, S.A.U. with 17 CGUs, Topacio Energy, S.L.U. with 19 CGUs. // 2 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 14 to 17 years, followed by a period of merchant marketing, two different | ||
WACCs were used for the valuation. The implicit input tax interest rate determined through a process of iteration amounted to 7.25%\u2013 8.08% (previous year: 7.24%\u2013 7.51%). // | ||
3 The reversal of impairment losses as at 31 December 2023 comprises the impairment losses and reversals of impairment losses of 15 CGUs in the Anselma Issuer, S.A.U. portfolio | ||
in the total amount of \u20ac6.0m (previous year: impairment losses in the amount of \u2013 \u20ac15.4m) and 19 CGUs in the Topacio Energy, S.L.U. portfolio in the total amount of \u20ac23.9m | ||
(previous year: impairment losses in the amount of \u2013 \u20ac34.2m). |
| Sensitivity analysis for existing projects in the Spain renewables portfolio 31/12/2023 | ||||
| Value assigned | Change in | Effects on the | Effects on the | |
| to the key | key valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, Anselma | assets, Topacio | ||
| Issuer, S.A.U. | Energy, S.L.U. | |||
| portfolio | portfolio | |||
After-tax discount rate | 5.75%/6.50% | \u00b1 0.25 PP | \u20ac\u2013 2.0m | \u20ac\u2013 3.0m |
| \u20ac+ 2.0m | \u20ac+ 3.0m | |||
| Electricity price | n/a | n/a | n/a | n/a |
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 not applicable due to tariff revenue |
| Sensitivity analysis for existing projects in the Spain renewables portfolio 31/12/2022 | ||||
| Value assigned | Change in key | Effects on the | Effects on the | |
| to the key | valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, portfolio | assets, portfolio | ||
| Anselma Issuer, | Topacio Energy, | |||
| S.A.U. | S.L.U. | |||
After-tax discount rate | 5.75%/6.50% | \u00b1 0.25 PP | \u20ac+ 1.5m | \u20ac+ 4.4m |
| \u20ac\u2013 1.5m | \u20ac\u2013 4.4m | |||
Electricity price | n/a | n/a | n/a | n/a |
| Impairment testing of development projects in Spain renewables portfolio | ||||
31/12/2022 | 31/12/2023 | |||
| Group of | Wind/PV portfolios with a capacity of | Wind/PV portfolios with a capacity of | ||
| cash-generating units | 2,129 | MW under development | 1,827 | MW under development |
| (Tejo Solar, S.L.U, Catalpa Solar, S.L.U. and | (Tejo Solar, S.L.U, Catalpa Solar, S.L.U. | |||
| VERBUND Green Power Renewable | and VERBUND Green Power Renewable | |||
| Projects, S.L.U.) | Projects, S.L.U.) | |||
Basis for recoverable amount | Value in use | Value in use | ||
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts, | ||
| impairment | updated discount rate | increase in CapEx and postponement of | ||
| commissioning | ||||
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) | ||
Derivation of cash flow | VERBUND budgets | VERBUND budgets | ||
| (based primarily on market data) | (based primarily on market data) | |||
Volume | Electricity generation | Electricity generation | ||
Price | Internal price forecast for projects, | Internal price forecast for projects, | ||
| premium for additional proceeds from the | premium for additional proceeds from the | |||
| sale of guarantees of origin | sale of guarantees of origin | |||
| (derived from quoted prices) | (derived from quoted prices) | |||
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years | ||
| Rough planning phase: 29 years (PV) or | Rough planning phase: 29 years (PV) or | |||
| 24 years (wind) | 24 years (wind) | |||
| Key valuation | Electricity price, discount rate | Electricity price, discount rate | ||
| assumptions | ||||
After-tax discount rate | WACC: 6.50% | WACC: 6.50% | ||
Recoverable amount | \u20ac373.1m | \u20ac202.2m | ||
| Impairment loss | \u20ac\u2013 2.0m | \u20ac\u2013 204.1m | ||
| during the period | ||||
1 The development projects are broken down into the following portfolios: Tejo Solar, S.L.U. with 18 CGUs, Catalpa Solar, S.L.U. with 5 CGUs and VERBUND Green Power | ||||
Renewable Projects, S.L.U. with 3 CGUs. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 8.07%\u2013 8.30% (previous year: | ||||
8.57%\u2013 8.67%). // 3 The impairment losses as at 31 December 2023 resulted from 17 CGUs in the Tejo Solar, S.L.U. portfolio in the amount of \u2013 \u20ac169.6m (previous year: \u2013 \u20ac2.0m) | ||||
and five CGUs in the Catalpa Solar, S.L.U. portfolio in the amount of \u20ac34.6m (previous year: \u20ac0m). |
| Sensitivity analysis for development projects in the Spain renewables portfolio 31/12/2023 | ||||
| Value assigned | Change in key | Effects on the | Effects on the | |
| to the key | valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, portfolio | assets, portfolio | ||
| Catalpa Solar, | Tejo Solar, | |||
| S.L.U. | S.L.U. | |||
After-tax discount rate | 6.50% | \u00b1 0.25 PP | \u20ac\u2013 4.0m | \u20ac\u2013 23.0m |
| \u20ac+ 4.0m | \u20ac+ 23.0m | |||
| Electricity price | \u20ac40.5 per MWh | \u00b1 5% | \u20ac+ 9.0m | \u20ac+ 48.0m |
| \u20ac\u2013 9.0m | \u20ac\u2013 48.0m | |||
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 The sensitivities shown only relate to the 17 projects | ||||
affected by impairment (previous year: two projects). // 3 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon. |
| Sensitivity analysis for development projects in the Spain renewables portfolio 31/12/2022 | ||||
| Value assigned | Change in key | Effects on the | Effects on the | |
| to the key | valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, portfolio | assets, portfolio | ||
| Catalpa Solar, | Tejo Solar, | |||
| S.L.U. | S.L.U. | |||
After-tax discount rate | 6.50% | \u00b1 0.25 PP | n/a | \u20ac+ 2.6m |
| \u20ac\u2013 2.6m | ||||
Electricity price | \u20ac47.5 per MWh | \u00b1 5% | n/a | \u20ac+ 4.2m |
| \u20ac\u2013 4.2m |
| Impairment testing of the Spain photovoltaic portfolio | ||
| 31/12/2023 | ||
| Group of | 148 | MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., |
| cash-generating units | Watt Development 6 S.L.U., Watt Development 7 S.L.U.) | |
Basis for recoverable amount | Value in use | |
Indications of impairment | Updated electricity price forecasts | |
Valuation technique | Net present value approach (DCF method) | |
Derivation of cash flow | VERBUND budgets (based primarily on market data) | |
Volume | Electricity generation | |
Price | Internal price forecast, premium for additional proceeds from the sale of | |
| guarantees of origin (derived from quoted prices) | ||
Planning period | Detailed planning phase: 6 years | |
| Rough planning phase: 28 years | ||
Key valuation assumptions | Discount rate | |
After-tax discount rate | WACC: 6.50% | |
Recoverable amount | \u20ac105.6m | |
| Impairment loss | \u20ac\u2013 25.0m | |
| during the period | ||
1 At the previous year\u2019s reporting date the test for impairment was conducted as well and no material change in value was identified. // 2 The implicit input tax interest rate | ||
| determined through a process of iteration amounted to 7.91%. |
| Impairment testing of the Spain wind portfolio | |||
| 31/12/2023 | |||
Group of cash-generating units | 256 | MWp wind portfolio with nine operating wind farms in Spain | |
| (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.) | |||
Basis for recoverable amount | Fair value (Level 3) less costs of disposal | ||
Indications of impairment | Updated electricity price forecasts | ||
Valuation technique | Net present value approach (DCF method) | ||
Derivation of cash flow | VERBUND\u2019s planning (based primarily on market data) | ||
Volume | Electricity generation | ||
Price | External price forecast for projects, premium for additional proceeds from the | ||
| sale of guarantees of origin (derived from quoted prices) | |||
Planning period | Detailed planning phase: 6 years | ||
| Rough planning phase: 42 years | |||
Key valuation assumptions | Electricity price, discount rate | ||
After-tax discount rate | WACC: 5.75%/6.50% | ||
Recoverable amount | \u20ac438.1m | ||
| Impairment loss | \u20ac\u2013 54.0m | ||
| during the period | |||
1 impairment test as at 31 December 2023 following the acquisition of shares on 25 July 2023 // 2 Since the return is protected by tariff rate quotas for the next 2 to 8 years, followed by a period of merchant marketing, two WACCs were used for the valuation |
| Sensitivity analysis for the Spain wind portfolio 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 5.75%/6.50% | \u00b1 0.25 PP | \u20ac\u2013 13.0m |
| \u20ac+ 14.0m | |||
| Electricity price | n/a | n/a | n/a |
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 not applicable due to tariff revenue |
| Impairment testing of Gas Connect Austria GmbH, including Austrian Gas Grid Management AG | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | GCA\u2019s transmission system and | GCA\u2019s transmission system and |
| distribution network, including AGGM | distribution network, including AGGM | |
| Indications of | Updated electricity or gas price forecasts | Significant changes in the energy market |
| impairment | and updated discount rate | environment |
Basis for recoverable amount | Fair value (Level 3) less costs to sell | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | GCA budgets | GCA budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Capacity bookings | Capacity bookings |
Price | Tariffs enacted by the regulator | Tariffs enacted by the regulator |
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 22 years plus | rough planning phase: 21 years plus | |
| regulatory asset base (RAB) as exit value | regulatory asset base (RAB) as exit value | |
| Key valuation | Regulatory interest rate for the RAB | Regulatory interest rate for the RAB |
| assumptions | ||
After-tax discount rate | Determination of discount rate taking into | Determination of discount rate taking into |
| account regulatory framework conditions | account regulatory framework conditions | |
Recoverable amount | \u20ac670.6m | \u20ac444.4m |
| Impairment losses | \u20ac\u2013 2.2m | \u20ac\u2013 56.9m |
| during the period |
| Sensitivity analysis for GCA incl. AGGM 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | (Please refer to | \u00b1 0.25 PP | \u20ac+ 6.0m |
| the table above) | \u20ac\u2013 6.0m |
| Sensitivity analysis for GCA incl. AGGM 31/12/2022 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | (Please refer to | \u00b1 0.25 PP | \u20ac+ 9.0m |
| the table above) | \u20ac\u2013 9.0m |
| Actuarial assumptions for pension obligations | ||||
2022 | 2023 | |||
Discount rate or expected rate of return from plan assets | 3.75% | 3.75% | ||
Pension increases | 1.75%\u20135.75% | 2.00%\u20136.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover | none | none | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for obligations similar to pensions | ||||
2022 | 2023 | |||
Discount rate | 3.75% | 3.75% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20135.80% | 0.00%\u20135.80% | ||
| Change in contributions based on hospital cost index for new contracts | ||||
(with participation)/old contracts (without participation) | 2.75%\u20135.50% | 2.75%\u20136.00% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for termination benefit obligations | ||||
2022 | 2023 | |||
Discount rate | 3.50% | 3.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20130.60% | 0.00%\u20130.60% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Sensitivity analysis for net pension liability 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in net | change in net | |
| points or years | liability of | liability of | |
Discount rate | 0.25% | \u2013 2.38% | 2.49% |
Pension increases | 0.50% | 5.16% | \u2013 4.75% |
Longevity based on mortality table | 1 year | 4.94% | \u2013 4.90% |
| Sensitivity analysis for obligations similar to pensions 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 3.18% | 3.35% |
Change in contributions based on hospital cost index | 0.50% | 6.79% | \u2013 6.16% |
Longevity based on mortality table | 1 year | 5.91% | \u2013 5.73% |
| Sensitivity analysis for termination benefit obligations 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 1.70% | 1.75% |
Salary increases | 0.50% | 3.70% | \u2013 3.53% |
Longevity based on mortality table | 1 year | \u2013 0.01% | 0.01% |
| Sensitivity analysis for net pension liability 2022 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in net | change in net | |
| points or years | liability of | liability of | |
Discount rate | 0.25% | \u2013 2.38% | 2.49% |
Pension increases | 0.50% | 5.17% | \u2013 4.76% |
Longevity based on mortality table | 1 year | 4.81% | \u2013 4.79% |
| Sensitivity analysis for obligations similar to pensions 2022 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 3.18% | 3.35% |
Change in contributions based on hospital cost index | 0.50% | 6.81% | \u2013 6.18% |
Longevity based on mortality table | 1 year | 5.71% | \u2013 5.56% |
| Sensitivity analysis for termination benefit obligations 2022 | Change in | If assumption | If assumption |
| assumption in | increases, | decreases, | |
| percentage | change in | change in | |
| points or years | obligation of | obligation of | |
| Discount rate | 0.25% | \u2013 1.75% | 1.80% |
| Salary increases | 0.50% | 3.65% | \u2013 3.48% |
| Longevity based on mortality table | 1 year | 0.00% | 0.00% |
| Segment: Hydro | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | compan y company's | quarters | dation | compan y company's | |||
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH) \u2013 Hydro | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| Innwerk AG | Stamm- | Stamm- | ||||||
| (VHP-IW) | ham | CS | VH | 100.00% | ham | CS | VH | 100.00% |
| VERBUND Hydro | ||||||||
| Power GmbH (VHP) | Vienna | CS | VH | 80.54% | Vienna | CS | VH | 80.54% |
| VERBUND | ||||||||
| Innkraftwerke | ||||||||
| GmbH | T\u00f6ging | CS | VH | 70.27% | T\u00f6ging | CS | VH | 70.27% |
| Donaukraftwerk | ||||||||
| Jochenstein | VH | 50.00% | VH | 50.00% | ||||
Aktiengesellschaft | Passau | CS | VHP-IW | 50.00% | Passau | CS | VHP-IW | 50.00% |
| Grenzkraftwerke | VH | 50.00% | VH | 50.00% | ||||
| GmbH | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
\u00d6sterreichisch- Bayerische | ||||||||
| Kraftwerke | VH | 50.00% | VH | 50.00% | ||||
| Aktiengesellschaft | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
| Ennskraftwerke | ||||||||
| Aktiengesellschaft | Steyr | GT | VH | 50.00% | Steyr | GT | VH | 50.00% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH & | ||||||||
| Co KG | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
Ashta Beteiligungs- verwaltung GmbH | ||||||||
(VHP-AL-HII) | Vienna | EM | VHP | 50.01% | Vienna | EM | VHP | 50.01% |
| VHP-AL- | VHP-AL- | |||||||
Energji Ashta Shpk | Bushat | EM | HII | 100.00% | Bushat | EM | HII | 100.00% |
| Lestin Tauch- und | ||||||||
Bergungsunterneh- men Gesellschaft | ||||||||
| m.b.H. (LESTIN) | Vienna | UC | VHP | 100.00% | Vienna | UC | VHP | 100.00% |
| Murkraftwerk Graz | ||||||||
| Errichtungs- und | ||||||||
| BetriebsgmbH | Graz | UC | VHP | 25.10% | Graz | UC | VHP | 25.10% |
| VERBUND | VHP | 99.90% | VHP | 99.90% | ||||
Tourismus GmbH | Vienna | UC | LESTIN | 0.10% | Vienna | UC | LESTIN | 0.10% |
| Manara HPP | ||||||||
| Operation Ltd. | Tel-Aviv | UC | VHP | 80.00% | Tel-Aviv | UC | VHP | 80.00% |
| Segment: New renewables | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Wind | ||||||||
| Power Austria | ||||||||
GmbH (VRP-AT) | Vienna | CS | VHP | 100.00% | Vienna | CS | VHP | 100.00% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH (VGP-DE) | stadt | CS | VGP | 100.00% | stadt | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power GmbH | ||||||||
| (VGP) | Vienna | CS | VGP | 100.00% | Vienna | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
Power Iberia, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Wind | ||||||||
| Power Romania | Bucha- | Bucha- | ||||||
| SRL | rest | CS | VGP | 100.00% | rest | CS | VGP | 100.00% |
| Infrastruktur | ||||||||
| Oberheimbach I | W\u00f6rr- | |||||||
| GmbH & Co. KG | stadt | CS | VGP | 85.00% | \u2013 | \u2013 | \u2013 | \u2013 |
Infrastrukturgesell- schaft Bischheim | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH & Co. KG | stadt | CS | VGP | 80.60% | stadt | CS | VGP | 80.60% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | ||||||||
| Photovoltaik | Sch\u00f6ne- | |||||||
| GmbH | feld | CS | VGP | 100.00% | Berlin | CS | VGP | 100.00% |
| Watt Development | ||||||||
| SPV 5 S.L.U. | ||||||||
(VGP-IB-IL1) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 6 S.L.U. | ||||||||
(VGP-IB-IL2) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 7 S.L.U. | ||||||||
(VGP-IB-IL3) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL1 | IL1 | |||||||
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL2 | IL2 | |||||||
| Infraestructuras de | VGP-IB- | 20.00% | VGP-IB- | 20.00% | ||||
Illora S.L. | Madrid | UC | IL3 | Madrid | UC | IL3 | ||
| SOLAVOLTA | Sankt | Sankt | ||||||
| Energie- und | Marga- | Marga- | ||||||
| Umwelttechnik | rethen im | rethen im | ||||||
| GmbH | Bgld. | EM | VGP | 50.00% | Bgld. | EM | VGP | 50.00% |
| Parque E\u00f3lico | ||||||||
Ayamonte S.L.U. | Madrid | CS | VH | 70.00% | Madrid | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico | de | de | ||||||
| Buseco S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico El | de | de | ||||||
| Barroso S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Parque E\u00f3lico | Pozuelo | Pozuelo | ||||||
| Loma de los Pinos | de | de | ||||||
| S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Lusitania | de | de | ||||||
| Renovables S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
Anselma Issuer, S.A.U. | ||||||||
(VGP-IB-ANI) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Topacio Energy, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Catalpa Solar, S.L.U. | ||||||||
(VGP-IB-CAS) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Tejo Solar, S.L.U. | ||||||||
(VGP-IB-TES) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Power Renewable | ||||||||
| Projects, S.L.U. | ||||||||
(VGP-IB-GRP) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Cuerva, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Los Navalmorales, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Albarreal, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Totan\u00e9s, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SDC) | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
Blacky Energy, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-BLA) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Cyopsa-El Molino | ||||||||
| Energ\u00eda E\u00f3lica, | VGP-IB- | VGP-IB- | ||||||
S.A.U. | Madrid | UC | BLA | 100.00% | Madrid | CS | BLA | 100.00% |
| VERBUND Green | ||||||||
Power Valderrama, S.L.U. (VGP-IB- | VGP-IB- | VGP-IB- | ||||||
VAL) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
Musas, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
| Ofion, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Green Power Wind | ||||||||
| Spain 1, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| Green Power Wind | ||||||||
Marquesado, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power Italia S.R.L. | ||||||||
| (VGP-IT) | Sternatia | UC | VGP | 100.00% | Milan | CS | VGP | 100.00% |
| PV Novoli S.R.L. | \u2013 | \u2013 | \u2013 | \u2013 | Lecce | CS | VGP-IT | 100.00% |
| Totan\u00e9s | ||||||||
| Infraestructuras | VGP-IB- | VGP-IB- | ||||||
| Comunes, S.L. | Madrid | UC | SDC | 38.89% | Madrid | UC | SDC | 38.89% |
| Murcia Solar Park | ||||||||
| GmbH | VGP-IB- | VGP-IB- | ||||||
| (VGP-IB-MUR) | Berlin | UC | ANI | 100.00% | Berlin | UC | ANI | 100.00% |
| Baluma Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Baviera Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Bolardo Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Boyante Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Braganza Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cairo Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Camareta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Carmesi Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cenida Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Comunidad de | ||||||||
| Bienes del Huerto | ||||||||
| Solar del Hinojar, | VGP-IB- | VGP-IB- | ||||||
| C.B. | Lorca | UC | SVL | 92.72% | Lorca | UC | SVL | 92.72% |
| Cornamusa Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Cruceta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Faballones Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Feanor Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Galadrien Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Helice Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Imai Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Koe Energy, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Lima Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Miriel Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Mosqueton Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Nairobi Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Natera Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Obenque Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Orion Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Orla Solar, S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Panol Solar, S.L. | Madrid | UC | TES | 51.00% | Madrid | UC | TES | 51.00% |
| Penalara Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Perdiguero Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Peregrino Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Posets Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Radar Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Reclamo Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Rehala Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Rotor Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Sentina Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Sextante Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Stopper Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.0% |
| Stein Von Liebig | ||||||||
| Balears I, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SVL) | Madrid | UC | MUR | 100.00% | Madrid | UC | MUR | 100.00% |
| Trufa Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Volateo Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Zelanda Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Zuncho Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| VERBUND Green | ||||||||
| Power Albania | ||||||||
Sh.p.k. | Tirana | UC | VGP | 100.00% | Tirana | UC | VGP | 100.00% |
| Segment: Sales | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH)\u2013 Sales | ||||||||
activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Energy4Business | ||||||||
GmbH (VEB) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Energy4Business | ||||||||
Germany GmbH | Munich | CS | VEB | 100.00% | Munich | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Customers | ||||||||
GmbH (VEC) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
Energy4Flex GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Future | ||||||||
GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| MSP Solarpower | ||||||||
GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
iFix Solar GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
| SMATRICS GmbH | ||||||||
& Co KG | Vienna | CS | VEB | 74.90% | Vienna | CS | VEB | 74.90% |
| SMATRICS | SMATRICS | |||||||
| SMATRICS EnBW | GmbH & | GmbH & | ||||||
| GmbH | Vienna | EM | Co KG | 49.00% | Vienna | EM | Co KG | 49.00% |
| E-Mobility Provider | ||||||||
| Austria GmbH | Vienna | UC | VEB | 74.90% | Vienna | UC | VEB | 74.90% |
| smart Energy | ||||||||
Services GmbH | Vienna | UC | VEC | 50.00% | Vienna | UC | VEC | 50.00% |
| Segment: Grid | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| Austrian Power | ||||||||
Grid AG (APG) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| Gas Connect | ||||||||
| Austria GmbH | ||||||||
(GCA) Vienna | CS | VH | 51.00% | Vienna | CS | VH | 51.00% | |
| Austrian Gas Grid | ||||||||
| Management AG | ||||||||
(AGGM) Vienna | CS | GCA | 51.00% | Vienna | CS | GCA | 51.00% | |
| Trans Austria | ||||||||
| Gasleitung GmbH | ||||||||
(TAG) Vienna | EM | GCA | 15.53% | Vienna | EM | GCA | 15.53% | |
| AGCS Gas Clearing | ||||||||
| and Settlement AG | Vienna | UC | GCA | 23.13% | Vienna | UC | GCA | 23.13% |
| ASGM Austrian | ||||||||
| Strategic Gas | ||||||||
| Storage | ||||||||
| Management | ||||||||
GmbH | Vienna | UC | AGGM | 100.00% | Vienna | UC | AGGM | 100.00% |
| OeMAG | ||||||||
| Abwicklungsstelle | ||||||||
f\u00fcr \u00d6kostrom AG | Vienna | EM | APG | 24.40% | Vienna | EM | APG | 24.40% |
| VUM Verfahren | ||||||||
| Umwelt Manage- | Klagen- | Klagen- | ||||||
| ment GmbH | furt | UC | APG | 100.00% | furt | UC | APG | 100.00% |
| Amster- | Amster- | |||||||
| Equigy B.V. | dam | UC | APG | 20.00% | dam | UC | APG | 20.00% |
| All other segments: Thermal generation | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND | ||||||||
| Thermal Power | ||||||||
| GmbH | Fernitz- | Fernitz- | ||||||
| (VTP GmbH) | Mellach | CS | VH | 100.00% | Mellach | CS | VH | 100.00% |
| VERBUND | VH | 100.00% | VH | 100.00% | ||||
| Thermal Power | Fernitz- | VTP | 0.00% | Fernitz- | VTP | 0.00% | ||
| GmbH & Co KG | Mellach | CS | GmbH | Mellach | CS | GmbH |
| All other segments: Services | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Services | ||||||||
GmbH | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| All other segments: Equity interests | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share o f | method | share of | |||||
equit y | equity | |||||||
| VERBUND AG (VH) | ||||||||
\u2013 Equity interests | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| KELAG-K\u00e4rntner | ||||||||
| Elektrizit\u00e4ts- | Klagen- | Klagen- | ||||||
| Aktiengesellschaft | furt | EM | VH | 35.17% | furt | EM | VH | 35.17% |
| C2PAT GmbH & Co | ||||||||
KG | Vienna | UC | VH | 25.00% | \u2013 | \u2013 | \u2013 | \u2013 |
C2PAT GmbH | Vienna | UC | VH | 25.00% | Vienna | UC | VH | 25.00% |
| Other Group companies | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | com- | quarters | dation | company | com- | |
| method | pany's | method | pany's | |||||
| share of | share of | |||||||
| equity | equity | |||||||
| VERBUND AG (VH) | ||||||||
| \u2013 All other activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Finanzierungsservice | ||||||||
| GmbH | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Ventures GmbH | ||||||||
(VVE) Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% | |
| VERBUND Green | ||||||||
| Hydrogen GmbH | ||||||||
| (VGH) | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Hydrogen Sales | ||||||||
| GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VGH | 100.00% |
| HalloSonne GmbH | ||||||||
(HAS) Vienna | UC | VVE | 100.00% | Vienna | UC | VVE | 100.00% | |
| HalloSonne PV | ||||||||
Finanzierungs- Holding GmbH | ||||||||
(HAF) Vienna | UC | HAS | 100.00% | Vienna | UC | HAS | 100.00% | |
| HalloSonne 1. PV | ||||||||
Vermietungs- GmbH | Vienna | UC | HAF | 100.00% | Vienna | UC | HAF | 100.00% |
| HalloSonne | ||||||||
| Installations GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | UC | HAS | 100.00% |
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence | ||||||||
1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner |
| Definition of operating segments | |
Hydro | Hydropower generation technology |
New renewables | Wind and photovoltaic generation technologies |
Sales | Trading and sales activities |
Grid | Activities of Austrian Power Grid AG, Gas Connect Austria GmbH and |
| Austrian Gas Grid Management AG | |
| All other segments | |
Thermal generation | Electricity and thermal generation of |
| VERBUND Thermal Power GmbH & Co KG | |
Services | Business activities of VERBUND Services GmbH |
Equity interests | Equity interest in KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft |
| Key performance indicators \u2013 segment reporting | |
EBITDA | Internal measure of performance for each operating segment. |
| Transactions between operating segments are carried out at arm's length. | |
Result from interests accounted for using the equity method | Assessment of the Equity interest segment |
Capital employed | Total assets less those assets that do not (yet) contribute to the performance |
| and commercialisation processes and less non-interest-bearing debt. |
Operating segment data | \u20acm | ||||||
| Hydro | New | Sales | Grid | All other | Recon- | Total | |
| renewables | segments | ciliation/ | Group | ||||
| consoli- | |||||||
| dation | |||||||
| 2023 | |||||||
External revenue | 235.9 | 247.3 | 7,607.1 | 2,339.8 | 15.7 | 3.7 | 10,449.5 |
Internal revenue | 4,250.0 | 81.0 | 670.5 | 156.6 | 497.5 | \u2013 5,655.7 | 0.0 |
Total revenue | 4,485.9 | 328.3 | 8,277.6 | 2,496.4 | 513.2 | \u2013 5,651.9 | 10,449.5 |
EBITDA | 3,856.4 | 227.6 | \u2013 196.9 | 579.1 | 89.5 | \u2013 65.1 | 4,490.5 |
Depreciation | \u2013 234.1 | \u2013 89.9 | \u2013 5.0 | \u2013 181.9 | \u2013 22.9 | \u2013 3.1 | \u2013 537.0 |
| Effects from impairment | |||||||
| tests (operating result) | 0.0 | \u2013 331.7 | 0.0 | \u2013 56.9 | \u2013 63.0 | 0.0 | \u2013 451.6 |
| Other material | |||||||
non-cash items | \u2013 25.5 | 25.3 | \u2013 77.6 | 14.8 | \u2013 41.9 | 1.6 | \u2013 103.3 |
| Result from interests | |||||||
accounted for using the equity method | 0.7 | 0.6 | \u2013 0.6 | 6.0 | 78.2 | 0.0 | 84.9 |
| Effects from impairment | |||||||
| tests (financial result) | 12.7 | 0.0 | 0.0 | 14.0 | 0.0 | \u2013 15.8 | 10.8 |
Capital employed | 5,957.9 | 1,643.2 | 585.4 | 2,762.3 | 674.4 | \u2013 413.8 | 11,209.3 |
| of which carrying amount | |||||||
of interests accounted for using the equity method | 35.8 | 1.5 | 20.5 | 51.0 | 407.9 | 0.0 | 516.7 |
Additions to intangible assets and property, plant | |||||||
| and equipment | 393.7 | 572.2 | 23.8 | 513.9 | 25.5 | 13.6 | 1,542.8 |
| Additions to interests | |||||||
accounted for using the equity method | 0.0 | 0.0 | 5.4 | 0.0 | 0.0 | 0.0 | 5.4 |
1 excl. additions from business acquisitions in the amount of \u20ac10.6m (previous year: \u20ac808.1m |
Operating segment data | \u20acm | ||||||
| Hydro | New | Sales | Grid | All other | Recon- | Total | |
| renewables | segments | ciliation/ | Group | ||||
| consoli- | |||||||
| dation | |||||||
| 2022 | |||||||
External revenue | 121.6 | 175.7 | 7,813.3 | 2,168.1 | 62.9 | 4.5 | 10,346.1 |
Internal revenue | 2,702.1 | 62.8 | 1,067.1 | 44.7 | 503.9 | \u2013 4,380.6 | 0.0 |
Total revenue | 2,823.7 | 238.4 | 8,880.5 | 2,212.9 | 566.8 | \u2013 4,376.2 | 10,346.1 |
EBITDA | 2,383.4 | 127.6 | 242.4 | 297.6 | 186.0 | \u2013 76.4 | 3,160.7 |
Depreciation | \u2013 225.8 | \u2013 43.8 | \u2013 3.1 | \u2013 167.1 | \u2013 19.9 | \u2013 3.1 | \u2013 462.7 |
| Effects from impairment | |||||||
tests (operating result) | \u2013 10.4 | \u2013 145.9 | 0.0 | \u2013 41.5 | 126.0 | 0.0 | \u2013 71.8 |
| Other material | |||||||
non-cash items | 18.9 | \u2013 0.1 | 109.6 | 15.1 | 69.5 | 1.5 | 214.6 |
Result from interests accounted for using the equity method | 1.1 | 0.0 | \u2013 0.7 | \u2013 0.4 | 4.3 | 0.0 | 4.3 |
| Effects from impairment | |||||||
tests (financial result) | \u2013 0.3 | 0.0 | 0.0 | \u2013 46.2 | 0.0 | 0.0 | \u2013 46.5 |
Capital employed | 6,180.5 | 1,356.6 | 1,413.4 | 2,740.4 | 655.2 | \u2013 254.2 | 12,092.0 |
of which carrying amount of interests accounted for using the equity method | 22.8 | 1.4 | 15.7 | 31.3 | 294.3 | 0.0 | 365.5 |
Additions to intangible assets and property, plant and equipment | 394.0 | 302.2 | 64.2 | 433.4 | 29.8 | 3.5 | 1,227.2 |
Additions to interests accounted for using the equity method | 0.0 | 0.0 | 4.0 | 0.0 | 0.0 | 0.0 | 4.0 |
Reconciliation from capital employed to total assets | \u20acm | |
2022 | 2023 | |
Capital employed | 12,092.0 | 11,209.3 |
Assets not used in the performance and commercialisation process | 3,805.8 | 3,891.0 |
Non-interest-bearing debt | 3,258.9 | 4,384.9 |
Total assets of VERBUND | 19,156.6 | 19,485.3 |
Geographical segment reporting: non-current assets | \u20acm | |
2022 | 2023 | |
Intangible assets and property, plant and equipment | 13,121.2 | 13,698.1 |
of which in Austria | 8,979.3 | 9,415.2 |
of which in Germany | 2,734.3 | 2,699.6 |
of which in Spain | 1,215.6 | 1,394.6 |
of which in other EU countries | 192.0 | 188.7 |
Interests accounted for using the equity method | 365.5 | 516.7 |
of which in Austria | 346.2 | 485.0 |
of which in other countries 1 | 19.4 | 31.7 |
1 This includes the equity interest in (Austrian) Ashta Beteiligungsverwaltung GmbH, which holds the equity interest in the Albanian entity Energji Ashta Shpk. |
| Definition of operating segments | |
Hydro | Hydropower generation technology |
New renewables | Wind and photovoltaic generation technologies |
Sales | Trading and sales activities |
Grid | Activities of Austrian Power Grid AG, Gas Connect Austria GmbH and |
| Austrian Gas Grid Management AG | |
| All other segments | |
Thermal generation | Electricity and thermal generation of |
| VERBUND Thermal Power GmbH & Co KG | |
Services | Business activities of VERBUND Services GmbH |
Equity interests | Equity interest in KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft |
| Key performance indicators \u2013 segment reporting | |
EBITDA | Internal measure of performance for each operating segment. |
| Transactions between operating segments are carried out at arm's length. | |
Result from interests accounted for using the equity method | Assessment of the Equity interest segment |
Capital employed | Total assets less those assets that do not (yet) contribute to the performance |
| and commercialisation processes and less non-interest-bearing debt. |
| Revenue from contracts with customers | ||
| Period allowed | Significant | |
| for payment | financing | |
| components | ||
Market participants from energy exchanges, traders and electric utilities | 20 days | No |
Industrial customers | 14 \u2013 60 days | No |
Commercial customers | 14 days | No |
Household customers | 14 days | No |
Revenue from operating the Austrian gas transmission and distribution network | 15 days | No |
Revenue from operating the Austrian electricity transmission network | 14 days | No |
Revenue by segment | \u20acm | |||||
2022 | 2023 | 2022 | 2023 | 2022 | 2023 | |
Domestic | Domestic | Foreign | Foreign | Total | Total | |
Electricity revenue from resellers | 55.4 | 93.1 | 53.3 | 116.2 | 108.7 | 209.2 |
Electricity revenue from traders | 0.4 | 0.7 | 5.4 | 17.4 | 5.8 | 18.1 |
Electricity revenue \u2013 Hydro segment | 55.8 | 93.8 | 58.7 | 133.6 | 114.5 | 227.4 |
Electricity revenue from resellers | 0.0 | 0.0 | 19.5 | 91.4 | 19.5 | 91.4 |
Electricity revenue from traders | 0.0 | 0.0 | 72.1 | 48.0 | 72.1 | 48.0 |
Electricity revenue from consumers | 0.0 | 0.0 | 61.6 | 76.6 | 61.6 | 76.6 |
| Electricity revenues \u2013 | ||||||
New renewables segment | 0.0 | 0.0 | 153.2 | 216.0 | 153.2 | 216.0 |
Electricity revenue from resellers | 2,216.4 | 1,753.9 | 1,062.1 | 1,163.7 | 3,278.6 | 2,917.6 |
Electricity revenue from traders | 1,377.9 | 993.2 | 810.6 | 1,844.1 | 2,188.6 | 2,837.3 |
Electricity revenue from consumers | 1,127.0 | 858.7 | 1,049.1 | 773.7 | 2,176.1 | 1,632.4 |
Electricity revenue \u2013 Sales segment | 4,721.4 | 3,605.9 | 2,921.9 | 3,781.5 | 7,643.3 | 7,387.4 |
Electricity revenue from resellers | 150.7 | 754.2 | 632.5 | 144.2 | 783.2 | 898.4 |
Electricity revenue from traders | 50.0 | 32.0 | 3.3 | 5.1 | 53.3 | 37.1 |
Electricity revenue \u2013 Grid segment | 200.7 | 786.2 | 635.8 | 149.3 | 836.4 | 935.5 |
Total electricity revenue | 4,977.8 | 4,485.8 | 3,769.6 | 4,280.4 | 8,747.4 | 8,766.3 |
Grid revenue from electric utilities | 598.9 | 661.3 | 39.4 | 36.7 | 638.3 | 698.0 |
Grid revenue from industrial customers | 9.7 | 15.4 | 0.0 | 0.0 | 9.7 | 15.4 |
Other grid revenue | 288.1 | 220.7 | 373.1 | 441.9 | 661.2 | 662.6 |
Total grid revenue \u2013 Grid segment | 896.7 | 897.5 | 412.5 | 478.6 | 1,309.3 | 1,376.0 |
Other revenue \u2013 Hydro segment | 7.0 | 8.6 | ||||
| Other revenue \u2013 | ||||||
| New renewables segment | 22.5 | 31.3 | ||||
Other revenue \u2013 Sales segment | 170.1 | 219.7 | ||||
Other revenue \u2013 Grid segment | 22.4 | 28.3 | ||||
Other revenue \u2013 All other segments | 62.9 | 15.7 | ||||
Other revenue \u2013 Reconciliation | 4.5 | 3.7 | ||||
Total other revenue | 289.4 | 307.2 | ||||
Total revenue | 10,346.1 | 10,449.5 |
| Revenue from contracts with customers | ||
| Period allowed | Significant | |
| for payment | financing | |
| components | ||
Market participants from energy exchanges, traders and electric utilities | 20 days | No |
Industrial customers | 14 \u2013 60 days | No |
Commercial customers | 14 days | No |
Household customers | 14 days | No |
Revenue from operating the Austrian gas transmission and distribution network | 15 days | No |
Revenue from operating the Austrian electricity transmission network | 14 days | No |
Revenue by segment | \u20acm | |||||
2022 | 2023 | 2022 | 2023 | 2022 | 2023 | |
Domestic | Domestic | Foreign | Foreign | Total | Total | |
Electricity revenue from resellers | 55.4 | 93.1 | 53.3 | 116.2 | 108.7 | 209.2 |
Electricity revenue from traders | 0.4 | 0.7 | 5.4 | 17.4 | 5.8 | 18.1 |
Electricity revenue \u2013 Hydro segment | 55.8 | 93.8 | 58.7 | 133.6 | 114.5 | 227.4 |
Electricity revenue from resellers | 0.0 | 0.0 | 19.5 | 91.4 | 19.5 | 91.4 |
Electricity revenue from traders | 0.0 | 0.0 | 72.1 | 48.0 | 72.1 | 48.0 |
Electricity revenue from consumers | 0.0 | 0.0 | 61.6 | 76.6 | 61.6 | 76.6 |
| Electricity revenues \u2013 | ||||||
New renewables segment | 0.0 | 0.0 | 153.2 | 216.0 | 153.2 | 216.0 |
Electricity revenue from resellers | 2,216.4 | 1,753.9 | 1,062.1 | 1,163.7 | 3,278.6 | 2,917.6 |
Electricity revenue from traders | 1,377.9 | 993.2 | 810.6 | 1,844.1 | 2,188.6 | 2,837.3 |
Electricity revenue from consumers | 1,127.0 | 858.7 | 1,049.1 | 773.7 | 2,176.1 | 1,632.4 |
Electricity revenue \u2013 Sales segment | 4,721.4 | 3,605.9 | 2,921.9 | 3,781.5 | 7,643.3 | 7,387.4 |
Electricity revenue from resellers | 150.7 | 754.2 | 632.5 | 144.2 | 783.2 | 898.4 |
Electricity revenue from traders | 50.0 | 32.0 | 3.3 | 5.1 | 53.3 | 37.1 |
Electricity revenue \u2013 Grid segment | 200.7 | 786.2 | 635.8 | 149.3 | 836.4 | 935.5 |
Total electricity revenue | 4,977.8 | 4,485.8 | 3,769.6 | 4,280.4 | 8,747.4 | 8,766.3 |
Grid revenue from electric utilities | 598.9 | 661.3 | 39.4 | 36.7 | 638.3 | 698.0 |
Grid revenue from industrial customers | 9.7 | 15.4 | 0.0 | 0.0 | 9.7 | 15.4 |
Other grid revenue | 288.1 | 220.7 | 373.1 | 441.9 | 661.2 | 662.6 |
Total grid revenue \u2013 Grid segment | 896.7 | 897.5 | 412.5 | 478.6 | 1,309.3 | 1,376.0 |
Other revenue \u2013 Hydro segment | 7.0 | 8.6 | ||||
| Other revenue \u2013 | ||||||
| New renewables segment | 22.5 | 31.3 | ||||
Other revenue \u2013 Sales segment | 170.1 | 219.7 | ||||
Other revenue \u2013 Grid segment | 22.4 | 28.3 | ||||
Other revenue \u2013 All other segments | 62.9 | 15.7 | ||||
Other revenue \u2013 Reconciliation | 4.5 | 3.7 | ||||
Total other revenue | 289.4 | 307.2 | ||||
Total revenue | 10,346.1 | 10,449.5 |
Other revenue | \u20acm | |
2022 | 2023 | |
Sale of gas | 119.8 | 133.9 |
Sale of guarantees of origin and green electricity certificates | 47.0 | 70.9 |
Consulting or planning services as well as other services | 32.0 | 44.2 |
District heating deliveries | 59.8 | 11.5 |
Other | 30.8 | 46.7 |
Other revenue | 289.4 | 307.2 |
| Measurement of contracts with customers in accordance with IFRS 15 | |||
| Type of | Contracts with customers | Contracts with customers | Contracts with customers |
| contract | for the delivery of electricity | as a result of operating | as a result of operating |
| and gas | the Austrian electricity | the Austrian gas transmission | |
| transmission network | pipeline and distribution | ||
| network | |||
| Performance/ | As a rule, the consideration | Performance obligations | Performance obligations |
| consideration | received for contracts for the | mainly comprise system | comprise the marketing and |
| delivery of electricity and gas | energy, control power and | provision of transportation | |
| comprises a capacity price and | balancing energy as well as | capacities at border crossing | |
| an energy price. The capacity | congestion management | points, i.e. entry and exit | |
| price is independent of volume, | and redispatch services. | capacities, and the marketing | |
| whereas the energy price | The consideration received for | and provision of transportation | |
| depends on the volume of | these performance obligations | capacities for natural gas | |
| electricity and gas purchased. | depends largely on the | needed in Austria as well as | |
| electricity consumed by the | dispatching and other services. | ||
| customer and the costs | |||
| incurred by VERBUND for the | |||
| respective obligation. | |||
| Revenue | Revenue is recognised as soon | Revenue is recognised in the | Revenue is recognised in the |
| recognition | as control over the goods or | amount in which VERBUND | amount in which VERBUND |
| services has passed to the | has a right to invoice for | has a right to invoice for | |
| customer. Control is | performance completed to | performance completed to | |
| transferred over the period in | date. Control is transferred | date. Control is transferred over | |
| which the performance | over the period in which the | the period in which the | |
| obligation is fulfilled. Revenue | performance obligation is | performance obligation is | |
| is recognised in the amount in | fulfilled. | fulfilled. | |
| which VERBUND has fulfilled | |||
| its obligations with respect to | |||
| the delivery of electricity and | |||
| gas (i.e. the customer could | |||
| purchase electricity or gas at | |||
| any given time or has already | |||
| done so) and a right to invoice | |||
| for performance completed to | |||
| date has been established. | |||
| Special | With some contracts to deliver | None | None |
| circumstances | electricity and gas, customers | ||
| are also billed for grid costs. | |||
| Since VERBUND does not have | |||
| any control over grid services | |||
| prior to transfer to the | |||
| customer, VERBUND should | |||
| be regarded as an agent with | |||
| respect to these services. | |||
| Therefore, no revenue is | |||
| recognised for grid services. |
Other operating income | \u20acm | |
2022 | 2023 | |
Changes in inventory and own work capitalised | 57.5 | 61.1 |
Various goods and services | 11.4 | 21.4 |
Income from (insurance) compensation | 7.9 | 3.4 |
Rent and lease income | 2.1 | 2.0 |
Disposal of property, plant and equipment and intangible assets | 3.1 | 1.6 |
Government grants | 21.4 | 0.0 |
Other | 9.6 | 17.0 |
Other operating income | 113.1 | 106.4 |
Other operating expenses | \u20acm | |
2022 | 2023 | |
Third-party maintenance of power plants and line systems | 111.2 | 131.0 |
Other third-party services received | 71.9 | 87.2 |
IT expenses | 46.0 | 56.8 |
Legal, consulting and audit expenses | 27.7 | 26.6 |
Advertising expenses and donations | 39.2 | 23.6 |
Expenses for supervision by E-Control | 16.0 | 17.3 |
Travel expenses, advanced training | 11.3 | 14.7 |
Costs for personnel provided | 14.9 | 13.4 |
Fees | 4.6 | 11.3 |
Operating costs | 6.7 | 9.6 |
Insurance | 6.2 | 7.9 |
Compensation payments | 11.3 | 7.2 |
Material costs for motor vehicle operation and maintenance | 7.9 | 7.1 |
Rent and lease | 3.7 | 6.0 |
Purchased telecommunication services | 4.1 | 5.0 |
Other | 20.7 | 21.8 |
Other operating expenses | 403.5 | 446.5 |
Other operating income | \u20acm | |
2022 | 2023 | |
Changes in inventory and own work capitalised | 57.5 | 61.1 |
Various goods and services | 11.4 | 21.4 |
Income from (insurance) compensation | 7.9 | 3.4 |
Rent and lease income | 2.1 | 2.0 |
Disposal of property, plant and equipment and intangible assets | 3.1 | 1.6 |
Government grants | 21.4 | 0.0 |
Other | 9.6 | 17.0 |
Other operating income | 113.1 | 106.4 |
Expenses for electricity, grid, gas and certificates purchases | \u20acm | |
2022 | 2023 | |
Expenses for electricity purchases | 6,503.0 | 4,984.1 |
Expenses for grid purchases (system use) | 58.9 | 167.2 |
Expenses for gas purchases | 225.6 | 67.7 |
Expenses for guarantees of origin and green electricity certificate purchases | 9.6 | 12.9 |
Purchase of emission rights (trade) | 5.3 | 2.3 |
Expenses for electricity, grid, gas and certificates purchases | 6,802.4 | 5,234.3 |
Fuel expenses and other usage-/revenue-dependent expenses | \u20acm | |
2022 | 2023 | |
Natural gas usage | 405.1 | 258.1 |
Windfall tax expenses | 33.5 | 95.1 |
Other revenue-dependent expenses | 34.8 | 46.6 |
Emission allowances acquired in exchange for consideration | 35.7 | 25.6 |
Other usage-dependent expenses | 13.1 | 8.5 |
Fuel expenses and other usage-/revenue-dependent expenses | 522.1 | 433.9 |
Personnel expenses | \u20acm | |
2022 | 2023 | |
Wages and salaries | 325.1 | 377.3 |
| Expenses for social security contributions as required by law | ||
as well as income-based charges and compulsory contributions | 73.5 | 82.0 |
Other social expenses | 6.8 | 9.0 |
Subtotal | 405.3 | 468.3 |
Expenses for pensions and similar obligations | 17.8 | 15.6 |
Expenses for termination benefits | 5.3 | 5.0 |
Personnel expenses | 428.5 | 488.9 |
Non-current and current provisions | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
Non-current | Non-current | Current | Current | |
Provisions for pensions | 301.2 | 301.4 | \u2013 | \u2013 |
| Provisions for obligations | ||||
| similar to pensions | 98.9 | 105.7 | \u2013 | \u2013 |
Provisions for termination benefits | 93.9 | 90.2 | \u2013 | \u2013 |
Provisions for partial retirement | 3.5 | 2.7 | 1.6 | 1.3 |
Other personnel-related provisions | 21.4 | 26.4 | 33.9 | 37.6 |
Other provisions | 100.7 | 39.6 | 15.4 | 40.0 |
Non-current and current provisions | 619.5 | 566.0 | 50.9 | 78.9 |
| Actuarial assumptions for pension obligations | ||||
2022 | 2023 | |||
Discount rate or expected rate of return from plan assets | 3.75% | 3.75% | ||
Pension increases | 1.75%\u20135.75% | 2.00%\u20136.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover | none | none | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for obligations similar to pensions | ||||
2022 | 2023 | |||
Discount rate | 3.75% | 3.75% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20135.80% | 0.00%\u20135.80% | ||
| Change in contributions based on hospital cost index for new contracts | ||||
(with participation)/old contracts (without participation) | 2.75%\u20135.50% | 2.75%\u20136.00% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for termination benefit obligations | ||||
2022 | 2023 | |||
Discount rate | 3.50% | 3.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20130.60% | 0.00%\u20130.60% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Sensitivity analysis for net pension liability 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in net | change in net | |
| points or years | liability of | liability of | |
Discount rate | 0.25% | \u2013 2.38% | 2.49% |
Pension increases | 0.50% | 5.16% | \u2013 4.75% |
Longevity based on mortality table | 1 year | 4.94% | \u2013 4.90% |
| Sensitivity analysis for obligations similar to pensions 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 3.18% | 3.35% |
Change in contributions based on hospital cost index | 0.50% | 6.79% | \u2013 6.16% |
Longevity based on mortality table | 1 year | 5.91% | \u2013 5.73% |
| Sensitivity analysis for termination benefit obligations 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 1.70% | 1.75% |
Salary increases | 0.50% | 3.70% | \u2013 3.53% |
Longevity based on mortality table | 1 year | \u2013 0.01% | 0.01% |
| Sensitivity analysis for net pension liability 2022 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in net | change in net | |
| points or years | liability of | liability of | |
Discount rate | 0.25% | \u2013 2.38% | 2.49% |
Pension increases | 0.50% | 5.17% | \u2013 4.76% |
Longevity based on mortality table | 1 year | 4.81% | \u2013 4.79% |
| Sensitivity analysis for obligations similar to pensions 2022 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 3.18% | 3.35% |
Change in contributions based on hospital cost index | 0.50% | 6.81% | \u2013 6.18% |
Longevity based on mortality table | 1 year | 5.71% | \u2013 5.56% |
| Sensitivity analysis for termination benefit obligations 2022 | Change in | If assumption | If assumption |
| assumption in | increases, | decreases, | |
| percentage | change in | change in | |
| points or years | obligation of | obligation of | |
| Discount rate | 0.25% | \u2013 1.75% | 1.80% |
| Salary increases | 0.50% | 3.65% | \u2013 3.48% |
| Longevity based on mortality table | 1 year | 0.00% | 0.00% |
Reconciliation from defined benefit obligation to provisions | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Pension | Pension | Obligations | Obligations | |
| obligations | obligations | similar to | similar to | |
| pensions | pensions | |||
| Defined benefit obligation | ||||
covered by plan assets | 224.0 | 230.1 | \u2013 | \u2013 |
Fair value of plan assets | \u2013 156.4 | \u2013 163.0 | \u2013 | \u2013 |
| Net value of obligations | ||||
covered by plan assets | 67.6 | 67.1 | \u2013 | \u2013 |
| Defined benefit obligation | ||||
| not covered by plan assets | 233.5 | 234.3 | 98.9 | 105.7 |
| Carrying amount of provisions | ||||
| as at 31/12 | 301.1 | 301.4 | 98.9 | 105.7 |
Pension expenses | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Pension | Pension | Obligations | Obligations | |
| obligations | obligations | similar to | similar to | |
| pensions | pensions | |||
Service costs (vested claims) | 3.4 | 1.5 | 2.0 | 0.9 |
Net interest expense | 4.1 | 10.6 | 1.8 | 3.6 |
| Pension expenses | ||||
(recognised in profit for the period) | 7.5 | 12.1 | 3.8 | 4.5 |
Remeasurements of the net liability | \u2013 114.1 | 18.1 | \u2013 44.1 | 7.1 |
| Pension expenses | ||||
(recognised in total comprehensive income for the period) | \u2013 106.6 | 30.2 | \u2013 40.3 | 11.6 |
Reconciliation of defined benefit obligation | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Pension | Pension | Obligations | Obligations | |
| obligations | obligations | similar to | similar to | |
| pensions | pensions | |||
Defined benefit obligation as at 1/1 | 620.4 | 457.5 | 143.8 | 98.9 |
Service costs (vested claims) | 3.4 | 1.5 | 2.0 | 0.9 |
Pension payments or contributions to supplementary health insurance | ||||
(benefit payments) | \u2013 36.1 | \u2013 36.6 | \u2013 4.6 | \u2013 4.8 |
Interest expenses | 6.1 | 16.4 | 1.8 | 3.6 |
Remeasurements based on experience adjustments | 0.4 | 5.7 | \u2013 3.2 | 2.7 |
Remeasurements arising from changes in demographic assumptions | 0.0 | 0.0 | 2.5 | 0.0 |
Remeasurements arising from changes in financial assumptions | \u2013 136.7 | 19.9 | \u2013 43.4 | 4.4 |
Defined benefit obligation as at 31/12 | 457.5 | 464.4 | 98.9 | 105.7 |
Reconciliation of plan assets | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Pension | Pension | Obligations | Obligations | |
| obligations | obligations | similar to | similar to | |
| pensions | pensions | |||
Fair value of plan assets as at 1/1 | 190.9 | 156.4 | \u2013 | \u2013 |
Contributions by VERBUND | 0.5 | 8.5 | \u2013 | \u2013 |
Payouts (benefit payments) | \u2013 14.6 | \u2013 15.2 | \u2013 | \u2013 |
Interest income | 1.9 | 5.8 | \u2013 | \u2013 |
Other gains (+) or losses (\u2013) | \u2013 22.3 | 7.5 | \u2013 | \u2013 |
Fair value of plan assets as at 31/12 | 156.4 | 163.0 | \u2013 | \u2013 |
Plan assets | in % | |||
2022 | 2022 | 2023 | 2023 | |
Quoted | Total | Quoted | Total | |
Shares | 37.9 | 37.9 | 40.6 | 40.6 |
Bonds | 32.3 | 32.3 | 32.0 | 32.0 |
Money market | 7.6 | 7.6 | 6.3 | 6.3 |
Other investments | 22.2 | 22.2 | 21.1 | 21.1 |
Total | 100.0 | 100.0 | 100.0 | 100.0 |
Analysis of provisions for termination benefits | \u20acm | |
2022 | 2023 | |
Provisions for statutory termination benefits | 93.4 | 89.9 |
Provisions for termination benefits based on special agreements as defined in the Sozialplan concluded between management and the works council | 0.5 | 0.5 |
Carrying amount of provisions as at 31/12 | 93.9 | 90.4 |
Expense for termination benefit costs | \u20acm | |
2022 | 2023 | |
Service costs | 0.9 | 0.7 |
Net interest expense | 0.9 | 3.1 |
Expense for termination benefit costs (recognised in profit for the period) | 1.8 | 3.8 |
Remeasurements of termination benefits | \u2013 13.8 | 5.5 |
| Expenses for termination benefit costs | ||
| (recognised in total comprehensive income for the period) | \u2013 12.0 | 9.3 |
Reconciliation of defined benefit obligation for statutory termination benefits | \u20acm | |
2022 | 2023 | |
Defined benefit obligation as at 1/1 | 119.1 | 93.4 |
Service costs (vested claims) | 0.9 | 0.7 |
Interest expenses | 0.9 | 3.1 |
Termination benefits (benefit payments) | \u2013 13.7 | \u2013 12.8 |
Remeasurements based on experience adjustments | 1.5 | 3.0 |
Remeasurements arising from changes in demographic assumptions | 0.9 | 0.0 |
Remeasurements arising from changes in financial assumptions | \u2013 16.2 | 2.5 |
Defined benefit obligation as at 31/12 | 93.4 | 89.9 |
Reconciliation from defined benefit obligation to provisions | \u20acm | |
2022 | 2023 | |
Defined benefit obligation covered by plan assets | 8.1 | 7.3 |
Fair value of plan assets | \u2013 3.1 | \u2013 3.3 |
Carrying amount of provisions as at 31/12 | 5.0 | 4.0 |
Expenses for partial retirement | \u20acm | |
2022 | 2023 | |
Service costs | 1.6 | 1.1 |
Net interest expense | 0.0 | 0.2 |
Remeasurements | 0.9 | 0.7 |
| Expenses for partial retirement (recognised in profit for the period) | 2.5 | 2.0 |
Reconciliation of defined benefit obligation | \u20acm | |
2022 | 2023 | |
Defined benefit obligation as at 1/1 | 7.9 | 8.1 |
Service costs (vested claims) | 1.6 | 1.1 |
Net interest expense | 0.0 | 0.2 |
Payments for early retirement | \u2013 2.3 | \u2013 3.0 |
Remeasurements | 0.9 | 0.9 |
Defined benefit obligation as at 31/12 | 8.1 | 7.3 |
Reconciliation of plan assets | \u20acm | |
2022 | 2023 | |
Fair value of plan assets as at 1/1 | 3.1 | 3.1 |
Other gains (+) or losses (\u2013) | 0.0 | 0.2 |
Fair value of plan assets as at 31/12 | 3.1 | 3.3 |
Plan assets | in % | |
2022 | 2023 | |
Bonds | 100.0 | 100.0 |
Total | 100.0 | 100.0 |
Analysis of other personnel-related provisions | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
Non-current | Non-current | Current | Current | |
Provision for bonuses from the performance-based remuneration | ||||
system | \u2013 | \u2013 | 33.7 | 37.3 |
Provision for anniversary bonuses | 17.2 | 20.7 | \u2013 | \u2013 |
Other | 4.1 | 5.5 | 0.2 | 0.3 |
Other personnel-related provisions | 21.3 | 26.4 | 33.9 | 37.6 |
Reconciliation of other personnel-related provisions | \u20acm | |
2022 | 2023 | |
Carrying amount as at 1/1 | 52.1 | 55.3 |
of which non-current | 25.2 | 21.4 |
of which current | 26.9 | 33.9 |
New provisions | 28.1 | 33.8 |
Interest accrued | 0.2 | 0.8 |
Appropriation | \u2013 21.0 | \u2013 23.6 |
Reversal | \u2013 4.1 | \u2013 2.3 |
Carrying amount as at 31/12 | 55.3 | 64.0 |
of which non-current | 21.4 | 26.4 |
of which current | 33.9 | 37.6 |
Other operating expenses | \u20acm | |
2022 | 2023 | |
Third-party maintenance of power plants and line systems | 111.2 | 131.0 |
Other third-party services received | 71.9 | 87.2 |
IT expenses | 46.0 | 56.8 |
Legal, consulting and audit expenses | 27.7 | 26.6 |
Advertising expenses and donations | 39.2 | 23.6 |
Expenses for supervision by E-Control | 16.0 | 17.3 |
Travel expenses, advanced training | 11.3 | 14.7 |
Costs for personnel provided | 14.9 | 13.4 |
Fees | 4.6 | 11.3 |
Operating costs | 6.7 | 9.6 |
Insurance | 6.2 | 7.9 |
Compensation payments | 11.3 | 7.2 |
Material costs for motor vehicle operation and maintenance | 7.9 | 7.1 |
Rent and lease | 3.7 | 6.0 |
Purchased telecommunication services | 4.1 | 5.0 |
Other | 20.7 | 21.8 |
Other operating expenses | 403.5 | 446.5 |
Other operating expenses | \u20acm | |
2022 | 2023 | |
Third-party maintenance of power plants and line systems | 111.2 | 131.0 |
Other third-party services received | 71.9 | 87.2 |
IT expenses | 46.0 | 56.8 |
Legal, consulting and audit expenses | 27.7 | 26.6 |
Advertising expenses and donations | 39.2 | 23.6 |
Expenses for supervision by E-Control | 16.0 | 17.3 |
Travel expenses, advanced training | 11.3 | 14.7 |
Costs for personnel provided | 14.9 | 13.4 |
Fees | 4.6 | 11.3 |
Operating costs | 6.7 | 9.6 |
Insurance | 6.2 | 7.9 |
Compensation payments | 11.3 | 7.2 |
Material costs for motor vehicle operation and maintenance | 7.9 | 7.1 |
Rent and lease | 3.7 | 6.0 |
Purchased telecommunication services | 4.1 | 5.0 |
Other | 20.7 | 21.8 |
Other operating expenses | 403.5 | 446.5 |
Other operating expenses | \u20acm | |
2022 | 2023 | |
Third-party maintenance of power plants and line systems | 111.2 | 131.0 |
Other third-party services received | 71.9 | 87.2 |
IT expenses | 46.0 | 56.8 |
Legal, consulting and audit expenses | 27.7 | 26.6 |
Advertising expenses and donations | 39.2 | 23.6 |
Expenses for supervision by E-Control | 16.0 | 17.3 |
Travel expenses, advanced training | 11.3 | 14.7 |
Costs for personnel provided | 14.9 | 13.4 |
Fees | 4.6 | 11.3 |
Operating costs | 6.7 | 9.6 |
Insurance | 6.2 | 7.9 |
Compensation payments | 11.3 | 7.2 |
Material costs for motor vehicle operation and maintenance | 7.9 | 7.1 |
Rent and lease | 3.7 | 6.0 |
Purchased telecommunication services | 4.1 | 5.0 |
Other | 20.7 | 21.8 |
Other operating expenses | 403.5 | 446.5 |
Measurement and recognition of energy derivatives | \u20acm | |
2022 | 2023 | |
Realisation of futures | \u2013 18.3 | \u2013 1,425.7 |
of which negative | 4,039.4 | 1,886.8 |
of which positive | \u2013 4,057.7 | \u2013 3,312.5 |
Measurements | 876.3 | 1,963.8 |
of which negative | 6,998.5 | 4,940.9 |
of which positive | \u2013 6,122.2 | \u2013 2,977.1 |
Measurement and recognition of energy derivatives | 858.0 | 538.1 |
Other financial result | \u20acm | |
2022 | 2023 | |
| Change in a profit participation right with respect to material assets | \u2013 22.7 | 11.5 |
Reversal of impairment losses on securities | 1.3 | 9.9 |
Income from securities and loans | 2.1 | 2.8 |
| Change in an obligation to return an interest | 31.6 | 1.5 |
Change in derivative financial instruments in the finance area | 3.4 | 0.0 |
Change in non-derivative financial instruments | \u2013 9.1 | 0.0 |
Other | \u2013 4.9 | 0.0 |
Other financial result | 1.6 | 25.7 |
1 The profit participation right exists with respect to the material assets of Trans Austria Gasleitung GmbH. It is measured at fair value through profit or loss in accordance with IFRS 9. // 2 The obligation to transfer the 50% interest in Donaukraftwerk Jochenstein AG to the Free State of Bavaria without exchange of consideration is measured at amortised cost. The expected fair value of the interest at the transfer date (31 December 2050) is calculated for the respective period and discounted based on the original | ||
effective interest rate (corresponding to the weighted average cost of capital at the acquisition date). Changes in the expected fair value of the interest are recognised in the other financial result. See section 8.2 Non-current other liabilities. |
Investments and non-current other receivables | \u20acm | |
2022 | 2023 | |
Investments \u2013 closed items on the balance sheet | 407.3 | 401.4 |
Other investments and other receivables | 538.1 | 417.8 |
Total | 945.4 | 819.1 |
Investments \u2013 cross-border leasing and closed items on the balance sheet | \u20acm | ||
| Securities (loan | Other loans | Total | |
| stock rights) | under closed | ||
| under closed | items on the | ||
| items on the | balance sheet | ||
| balance sheet | |||
| 2023 | |||
Amortised cost as at 1/1 | 73.2 | 334.1 | 407.3 |
Foreign exchange differences | \u2013 2.7 | \u2013 13.8 | \u2013 16.5 |
Additions | 2.7 | 3.8 | 6.5 |
Capitalised interest | 0.0 | 11.5 | 11.6 |
Disposals | \u2013 1.3 | \u2013 6.1 | \u2013 7.4 |
Amortised acquisition cost as at 31/12 | 71.9 | 329.5 | 401.4 |
of which non-current assets | 71.9 | 329.5 | 401.4 |
Investments \u2013 cross-border leasing and closed items on the balance sheet | \u20acm | ||
| Securities (loan | Other loans | Total | |
| stock rights) | under closed | ||
| under closed | items on the | ||
| items on the | balance sheet | ||
| balance sheet | |||
| 2022 | |||
Amortised cost as at 1/1 | 67.7 | 309.2 | 376.9 |
Foreign exchange differences | 4.0 | 16.8 | 20.8 |
Additions | 2.7 | 3.5 | 6.2 |
Capitalised interest | 0.1 | 11.2 | 11.3 |
Disposals | \u2013 1.3 | \u2013 6.6 | \u2013 7.8 |
Amortised acquisition cost as at 31/12 | 73.2 | 334.1 | 407.3 |
of which non-current assets | 73.2 | 334.1 | 407.3 |
Other investments and non-current other receivables | \u20acm | ||||
| Loans to | Loans to | Securities | Other loans | Total | |
| affiliated | investees | (loan stock | |||
| companies \u2013 | rights) | ||||
| not included | |||||
| in the basis of | |||||
| consolidation | |||||
| 2023 | |||||
Cost as at 1/1 | 2.7 | 59.1 | 181.2 | 5.7 | 248.8 |
Change in the basis of consolidation | \u2013 2.7 | 0.0 | 0.0 | 0.0 | \u2013 2.7 |
Additions | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 |
Reclassifications | 0.0 | \u2013 13.0 | \u2013 3.8 | 0.0 | \u2013 16.8 |
Cost as at 31/12 | 0.0 | 46.1 | 177.4 | 5.8 | 229.4 |
| Accumulated value adjustments | |||||
as at 1/1 | 0.0 | 0.0 | \u2013 20.3 | 0.0 | \u2013 20.3 |
Reversals of impairment losses | 0.0 | 0.0 | 10.7 | 0.0 | 10.7 |
| Accumulated value adjustments | |||||
as at 31/12 | 0.0 | 0.0 | \u2013 9.6 | 0.0 | \u2013 9.6 |
Net carrying amount as at 31/12 | 0.0 | 46.1 | 167.8 | 5.9 | 219.8 |
Net carrying amount as at 1/1 | 2.7 | 59.1 | 160.9 | 5.7 | 228.5 |
Net carrying amount of other non-current receivables | |||||
| as at 31/12 | 198.0 | ||||
Net carrying amount of other non- current receivables as at 1/1 | 309.7 | ||||
| Total net carrying amount | |||||
| as at 31/12 | 417.8 | ||||
Total net carrying amount as at 1/1 | 538.1 |
Other investments and non-current other receivables | \u20acm | ||||
| Loans to | Loans to | Securities | Other loans | Total | |
| affiliated | investees | (loan stock | |||
| companies \u2013 | rights) | ||||
| not included | |||||
| in the basis of | |||||
| consolidation | |||||
| 2022 | |||||
Cost as at 1/1 | 0.0 | 24.6 | 148.8 | 5.6 | 179.1 |
Additions from business acquisitions | 1.2 | 0.0 | 0.0 | 0.0 | 1.2 |
Additions | 0.0 | 0.0 | 32.4 | 0.1 | 32.5 |
Reclassifications | 1.5 | 34.5 | 0.0 | 0.0 | 36.0 |
Cost as at 31/12 | 2.7 | 59.1 | 181.2 | 5.7 | 248.8 |
| Accumulated value adjustments | |||||
as at 1/1 | 0.0 | 0.0 | \u2013 10.4 | 0.0 | \u2013 10.4 |
Impairment losses | 0.0 | 0.0 | \u2013 9.1 | 0.0 | \u2013 9.1 |
Fair value measurement in OCI | 0.0 | 0.0 | 0.5 | 0.0 | 0.5 |
Disposals | 0.0 | 0.0 | \u2013 1.3 | 0.0 | \u2013 1.3 |
| Accumulated value adjustments | |||||
as at 31/12 | 0.0 | 0.0 | \u2013 20.3 | 0.0 | \u2013 20.3 |
Net carrying amount as at 31/12 | 2.7 | 59.1 | 160.9 | 5.7 | 228.5 |
Net carrying amount as at 1/1 | 0.0 | 24.6 | 138.4 | 5.6 | 168.7 |
Net carrying amount of other non-current receivables | |||||
as at 31/12 | 309.7 | ||||
Net carrying amount of other non-current receivables as at 1/1 | 354.4 | ||||
| Net carrying amount total | |||||
as at 31/12 | 538.1 | ||||
| Net carrying amount total | |||||
as at 1/1 | 523.1 |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
Interests in unconsolidated subsidiaries | FVOCI | 2 | 14.8 | 14.8 |
Interests in unconsolidated subsidiaries | FVOCI | AC | 5.3 | 5.3 |
Interests in unconsolidated subsidiaries | FVPL | 3 | 10.3 | 10.3 |
Other equity interests | FVOCI | 1 | 23.2 | 23.2 |
Other equity interests | FVOCI | 2 | 157.9 | 157.9 |
Other equity interests | FVOCI | AC | 16.0 | 16.0 |
Other equity interests and unconsolidated subsidiaries | 227.5 | |||
Derivatives in the energy area | FVPL | 2 | 349.9 | 349.9 |
Derivatives in the energy area | FVPL | 3 | 6.3 | 6.3 |
Derivatives in the finance area | FVPL | 2 | 25.8 | 25.8 |
| Derivatives in the finance area \u2013 | ||||
closed items on the balance sheet | FVPL | 2 | 19.2 | 19.2 |
Receivables from derivative financial instruments | 401.1 | |||
Securities | FVPL | 1 | 158.4 | 158.4 |
Securities | FVOCI | 3 | 8.1 | 8.1 |
Securities | FVOCI | AC | 1.3 | 1.3 |
Securities \u2013 closed items on the balance sheet | AC | 2 | 71.9 | 72.2 |
Loans \u2013 closed items on the balance sheet | AC | 2 | 329.5 | 333.0 |
Loans | AC | 2 | 52.0 | 49.2 |
Other | FVPL | 3 | 28.7 | 28.7 |
Other | AC | \u2013 | 143.4 | \u2013 |
Other | \u2013 | \u2013 | 26.0 | \u2013 |
Other investments and non-current other receivables | 819.2 | |||
Derivatives in the energy area | FVPL | 2 | 1,207.2 | 1,207.2 |
Derivatives in the finance area | FVPL | 2 | 4.4 | 4.4 |
Receivables from derivative financial instruments | 1,211.6 | |||
Trade receivables | AC | \u2013 | 972.0 | \u2013 |
Receivables from investees | AC | \u2013 | 56.8 | \u2013 |
Loans to investees | AC | 2 | 22.5 | 22.4 |
Securities | FVPL | 1 | 4.4 | 4.4 |
Emission rights | \u2013 | \u2013 | 45.4 | \u2013 |
Other | AC | \u2013 | 142.2 | \u2013 |
Other | \u2013 | \u2013 | 90.5 | \u2013 |
Trade receivables, other receivables and securities | 1,333.8 | |||
Cash and cash equivalents | AC | \u2013 | 964.0 | \u2013 |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
| Aggregated by measurement category | ||||
Financial assets measured at amortised cost | AC | 2,754.4 | ||
Financial assets measured at fair value through profit or loss | FVPL | 1,814.4 | ||
Financial assets measured at fair value through other comprehensive income | FVOCI | 226.6 |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,142.7 | 983.0 |
Financial liabilities to banks and to others | AC | 2 | 836.4 | 804.7 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 125.3 | 135.1 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 295.3 | 295.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 8.3 | \u2013 |
Non-current and current financial liabilities | 2,408.0 | |||
Derivatives in the energy area | FVPL | 2 | 60.9 | 60.9 |
Liabilities from derivative financial instruments | 60.9 | |||
Electricity supply commitment | \u2013 | \u2013 | 97.9 | \u2013 |
Obligation to return an interest | AC | 3 | 122.5 | 122.5 |
Trade payables | AC | \u2013 | 2.3 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 147.8 | |
Other | AC | \u2013 | 402.2 | \u2013 |
Non-current other liabilities | 772.8 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 293.3 | 293.3 |
Derivatives in the energy area | FVPL | 3 | 4.3 | 4.3 |
Liabilities from derivative financial instruments | 302.4 | |||
Trade payables | AC | \u2013 | 327.4 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 12.6 | |
Other | AC | \u2013 | 783.0 | \u2013 |
Other | \u2013 | \u2013 | 152.4 | \u2013 |
Trade payables and current other liabilities | 1,275.4 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 3,741.8 | ||
Financial liabilities measured at fair value through profit or loss | FVPL | 363.2 | ||
Financial liabilities measured at fair value through profit or loss \u2013 designated | FVPL \u2013 D | 295.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Interests in unconsolidated subsidiaries | FVOCI | 2 | 15.4 | 15.4 |
Interests in unconsolidated subsidiaries | FVOCI | AC | 5.5 | 5.5 |
Interests in unconsolidated subsidiaries | FVPL | 3 | 8.1 | 8.1 |
Other equity interests | FVOCI | 1 | 27.4 | 27.4 |
Other equity interests | FVOCI | 2 | 121.2 | 121.2 |
Other equity interests | FVOCI | AC | 15.1 | 15.1 |
| Other equity interests and unconsolidated | ||||
| subsidiaries | 192.7 | |||
Derivatives in the energy area | FVPL | 2 | 369.7 | 369.7 |
Derivatives in the finance area | FVPL | 2 | 36.2 | 36.2 |
| Derivatives in the finance area \u2013 | ||||
closed items on the balance sheet | FVPL | 2 | 31.5 | 31.5 |
Receivables from derivative financial instruments | 437.3 | |||
Securities | FVPL | 1 | 152.4 | 152.4 |
Securities | FVOCI | 3 | 7.3 | 7.3 |
Securities | FVOCI | AC | 1.3 | 1.3 |
Securities \u2013 closed items on the balance sheet | AC | 2 | 73.2 | 71.2 |
Loans \u2013 closed items on the balance sheet | AC | 2 | 334.1 | 335.9 |
Loans | AC | 2 | 67.5 | 61.1 |
Other | FVPL | 3 | 21.2 | 21.2 |
Other | AC | \u2013 | 250.2 | \u2013 |
Other | l\u2013 | \u2013 | 38.3 | \u2013 |
Investments and other receivables | 945.5 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 1,820.7 | 1,820.7 |
Derivatives in the finance area | FVPL | 2 | 8.3 | 8.3 |
Receivables from derivative financial instruments | 1,833.7 | |||
Trade receivables | AC | \u2013 | 968.3 | \u2013 |
Receivables from investees | AC | \u2013 | 57.9 | \u2013 |
Loans to investees | AC | 2 | 3.5 | 3.0 |
Securities | FVPL | 1 | 0.2 | 0.2 |
Emission rights | \u2013 | \u2013 | 49.0 | \u2013 |
Other | AC | \u2013 | 428.3 | \u2013 |
Other | \u2013 | \u2013 | 38.7 | \u2013 |
Trade receivables, other receivables and securities | 1,546.1 | |||
Cash and cash equivalents | AC | \u2013 | 409.3 | \u2013 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
| Aggregated by measurement category | ||||
Financial assets measured at amortised cost | AC | 2,592.4 | ||
Financial assets measured at fair value through profit or loss | FVPL | 2,444.8 | ||
Financial assets measured at fair value through other comprehensive income | FVOCI | 201.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,151.0 | 956.5 |
Financial liabilities to banks and to others | AC | 2 | 2,304.6 | 2,323.5 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 126.6 | 140.2 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 312.3 | 312.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 7.3 | \u2013 |
Liability from put option | AC | \u2013 | 52.1 | \u2013 |
Non-current and current financial liabilities | 3,953.9 | |||
Derivatives in the energy area | FVPL | 2 | 1,069.2 | 1,069.2 |
Liabilities from derivative financial instruments | 1,069.2 | |||
Electricity supply commitment | \u2013 | \u2013 | 113.4 | \u2013 |
Obligation to return an interest | AC | 3 | 116.7 | 124.5 |
Trade payables | AC | \u2013 | 2.8 | \u2013 |
Deferred income for grants (emission rights) | \u2013 | \u2013 | 0.1 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 126.0 | |
Other | AC | \u2013 | 204.3 | \u2013 |
Non-current other liabilities | 563.4 | |||
Derivatives in the energy area | FVPL | 1 | 216.7 | 216.7 |
Derivatives in the energy area | FVPL | 2 | 1,274.9 | 1,274.9 |
Liabilities from derivative financial instruments | 1,491.6 | |||
Trade payables | AC | \u2013 | 412.7 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 10.8 | |
Other | AC | \u2013 | 467.7 | \u2013 |
Other | \u2013 | \u2013 | 144.6 | \u2013 |
Trade payables and current other liabilities | 1,035.8 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 4,838.6 | ||
Financial liabilities at fair value through profit or loss | FVPL | 2,560.8 | ||
| Financial liabilities at fair value through profit or loss \u2013 | ||||
designated | FVPL \u2013 D | 312.3 |
Details regarding FVOCI equity interests 2023 | \u20acm | |||
| Fair value | Fair value | Dividend | Dividend | |
| as at | as at | as at | as at | |
| 31/12/2021 | 31/12/2023 | 31/12/2021 | 31/12/2022 | |
Energie AG Ober\u00f6sterreich | 121.2 | 157.9 | 2.8 | 2.8 |
Burgenland Holding Aktiengesellschaft | 27.4 | 23.2 | 1.0 | 1.0 |
VUM Verfahren Umwelt Management GmbH | 11.8 | 11.2 | 1.3 | 1.3 |
Wiener B\u00f6rse AG | 7.3 | 8.1 | 0.6 | 0.6 |
| Gestionnaires du R\u00e9seau de Transport | ||||
d\u2019\u00c9lectricit\u00e9 (RTE) | 4.8 | 4.8 | 0.7 | 0.7 |
CISMO | 2.6 | 2.6 | 0.5 | 0.4 |
Other | 18.1 | 18.8 | 1.5 | 1.7 |
| Valuation techniques and input factors for determining fair values | |||
Level | Financial instrument | Valuation technique | Input factor |
1 | Energy forwards | Market approach | Settlement price published by the |
| stock exchange | |||
1 | Securities, other equity interest in | Market approach | Stock exchange price |
| Burgenland Holding AG | |||
2 | Securities and other loans under closed | Net present value | Payments associated with the financial |
| items on the balance sheet, non-current | approach | instruments, yield curve, credit risk of | |
| loans, liabilities to banks, bonds and | the contracting parties (credit default | ||
| other financial liabilities | swaps or credit spread curves) | ||
2 | Interests in unconsolidated subsidiaries, | Market approach | Trading Multiple, transaction price |
| other equity interest in Energie AG | |||
| Ober\u00f6sterreich and RTE | |||
2 | Non-listed energy forwards | Net present value | Forward price curve derived from |
| approach | stock exchange, yield curve, credit risk | ||
| of the contracting parties | |||
2 | Other assets and liabilities measured | Net present value | Cash flows already fixed or determined |
| at fair value in the finance area | approach | via forward rates, yield curve, credit risk | |
| of the contracting parties | |||
3 | Return obligation (obligation to transfer | Net present value | Price forecasts for electricity, |
| back the 50% interest acquired in | approach | weighted average cost of capital | |
| Donaukraftwerk Jochenstein AG) | after taxes | ||
3 | Securities (shares of Wiener B\u00f6rse AG) | Net present value | Expected distribution of profits, |
| approach | cost of equity | ||
3 | Other non-current receivables | Net present value | Expected distribution of profits, |
| (profit participation right with respect to | approach | cost of equity | |
| material assets of TAG) | |||
AC | Other shares in unconsolidated | \u2013 | Cost as the best estimate of |
| subsidiaries, other equity interests and | fair value | ||
| securities | |||
\u2013 | Cash and cash equivalents, trade | \u2013 | Carrying amount as the best estimate of |
| receivables and payables, current other | fair value | ||
| receivables, other borrowing within | |||
| current credit lines as well as current | |||
| other liabilities |
Expected cash outflows as at 31/12/2023 | \u20acm | |||
Maturity | 2024 | 2025 | 2026\u2013 2028 | From 2029 |
Bonds | 528.5 | 20.9 | 59.6 | 673.1 |
Financial liabilities to banks | 64.1 | 57.2 | 242.3 | 294.4 |
Financial liabilities to others | 154.1 | 0.0 | 13.5 | 0.0 |
| Financial liabilities to banks \u2013 | ||||
| closed items on the balance sheet | 15.3 | 94.5 | 330.5 | 25.2 |
Capital shares attributable to limited partners | 0.0 | 8.3 | 0.0 | 0.0 |
Cash outflows on financial liabilities | 761.9 | 180.9 | 645.9 | 992.7 |
Trade payables | 327.4 | 0.3 | 2.0 | 0.2 |
Other | 783.0 | 336.2 | 32.5 | 156.0 |
Cash outflows on trade payables and other payables | 1,110.4 | 336.5 | 34.5 | 156.2 |
Derivatives in the energy area | 706.8 | 12.9 | 68.6 | 0.0 |
Derivatives in the finance area | 0.0 | 0.1 | 0.0 | 0.0 |
| Cash outflows on liabilities from derivative | ||||
financial instruments | 706.8 | 13.0 | 68.6 | 0.0 |
Cash outflows on liabilities in accordance with IFRS 7 | 2,579.1 | 530.4 | 749.0 | 1,148.9 |
1 Cash outflows on closed items on the balance sheet are matched by the corresponding cash inflows from associated investments. |
Expected cash outflows as at 31/12/2022 | \u20acm | |||
Maturity | 2023 | 2024 | 2025\u2013 2027 | From 2028 |
Bonds | 28.4 | 528.5 | 60.9 | 692.7 |
Financial liabilities to banks | 65.0 | 101.4 | 693.1 | 414.1 |
Financial liabilities to others | 6.4 | 152.9 | 1.7 | 22.5 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | 21.1 | 15.8 | 439.1 | 27.3 |
Capital shares attributable to limited partners | 0.0 | 7.3 | 0.0 | 0.0 |
Cash outflows on financial liabilities | 120.9 | 805.9 | 1,194.8 | 1,156.7 |
Trade payables | 412.7 | 0.7 | 1.7 | 0.4 |
Other | 467.7 | 165.6 | 15.5 | 140.0 |
Cash outflows on trade payables and other payables | 880.4 | 166.3 | 17.2 | 140.4 |
Derivatives in the energy area | 1,071.5 | 201.8 | 90.1 | 0.0 |
| Cash outflows on liabilities from derivative | ||||
| financial instruments | 1,071.5 | 201.8 | 90.1 | 0.0 |
Cash outflows on liabilities in accordance with IFRS 7 | 2,072.8 | 1,173.9 | 1,302.1 | 1,297.1 |
Net gains or losses by measurement category | \u20acm | |
2022 | 2023 | |
Financial assets and liabilities measured at fair value through profit or loss | 101.1 | 36.6 |
Financial assets measured at fair value through other comprehensive income | 4.3 | 32.7 |
| Financial assets and liabilities measured at fair value through profit or loss \u2013 | ||
designated | 23.0 | 22.5 |
Financial liabilities measured at amortised cost | 27.8 | 8.0 |
Financial assets measured at amortised cost | 15.3 | \u2013 21.5 |
Total interest expenses from financial liabilities measured at amortised cost | \u2013 86.9 | \u2013 120.7 |
Total interest income from financial assets measured at amortised cost | 42.4 | 72.0 |
| Components of net gains or losses | |
Measurement category | Note |
| Financial assets and liabilities | The net gains or losses arose from the measurement of derivative financial |
| measured at fair value through | instruments in the energy area (wholesale and trading) in the operating result, |
| profit or loss | as well as from the measurement of (other) derivative and non-derivative financial |
| instruments in the finance area in the other financial result. | |
| Financial assets and liabilities | The net gains or losses arose from the measurement of financial liabilities to |
| measured at fair value through | banks (closed items on the balance sheet). These gains and losses are offset by |
| profit or loss \u2013 designated | net gains and losses from financial assets and liabilities measured at fair value |
| through profit or loss and net gains and losses from financial assets and liabilities | |
| measured at cost in the corresponding amounts. | |
| Financial assets and liabilities | The net gains and losses relate primarily to financial instruments associated with |
| measured at amortised cost | closed items on the balance sheet in the other financial result as well as to |
| valuation allowances on trade receivables in the operating result. |
Cash flow hedges \u2013 hedging instruments 31/12/2023 | \u20acm | |||||
| Carrying | Balance sheet | Notional | Change in fair | Hedging | ||
| amount | item | amount | value for the | costs | ||
| measurement | ||||||
| of | ||||||
| ineffectiveness | ||||||
Electricity futures, forwards and options \u2013 | Receivables from derivative | |||||
sales | 1,076.7 | financial instruments | 25,630 | GWh | 1,642.0 | 0.0 |
Electricity futures, forwards and options \u2013 | Liabilities from derivative | |||||
sales | \u2013 13.3 | financial instruments | 3,472 | GWh | \u2013 4.9 | 0.0 |
Electricity futures and forwards \u2013 | Receivables from derivative | |||||
purchasing | 16.0 | financial instruments | 730 | GWh | 0.2 | 0.0 |
| Electricity futures and | Liabilities from derivative | |||||
forwards \u2013 purchasing | \u2013 377.2 | financial instruments | 6,953 | GWh | \u2013 476.6 | 0.0 |
| Gas forwards \u2013 | Receivables from derivative | |||||
purchasing | 0.0 | financial instruments | 0 GWh | 0.0 | 0.0 | |
| Gas forwards \u2013 | Liabilities from derivative | |||||
purchasing | \u2013 15.4 | financial instruments | 196 | GWh | \u2013 9.6 | 0.0 |
| Interest rate | Receivables from derivative | |||||
swaps | 30.2 | financial instruments | 270.3 | \u2013 13.2 | 0.0 |
Cash flow hedges \u2013 hedged items 31/12/2023 | \u20acm | ||
| Change in fair | Carrying amount | Hedging costs | |
| value for the | of the reserve for | ||
| measurement of | measurements of | ||
| ineffectiveness | cash flow hedges | ||
Future electricity sales volumes | \u2013 1,637.5 | 1,062.9 | 0.0 |
Future electricity purchases | 476.4 | \u2013 361.2 | 0.0 |
Future gas purchases | 9.6 | \u2013 15.4 | 0.0 |
Variable-rate financial liabilities | 13.3 | \u2013 7.8 | 0.0 |
| Cash flow hedges \u2013 effects on the statement of | ||||||
| comprehensive income and balance sheet 2023 | \u20acm | |||||
| Gains/ | Hedging | Ineffective | Line items in | Reclassifi- | Line items in | |
| losses | costs | portion of the | the statement | cations from | the statement | |
| recognised | hedge | of comprehen- | reserves to | of comprehen- | ||
| in other | recognised in | sive income in | profit or loss | sive income in | ||
| comprehen- | profit or loss | which the | which the | |||
| sive income | reclassify- | reclassifi- | ||||
| cation was | cation was | |||||
| recognised | recognised | |||||
| Electricity | ||||||
futures, forwards and options \u2013 sales | 1,637.1 | 0.0 | 0.4 | Revenue | \u2013 900.2 | Revenue |
| Electricity | ||||||
futures and forwards \u2013 | Electricity | Electricity | ||||
purchasing | \u2013 476.4 | 0.0 | 0.0 | purchase | \u2013 108.0 | purchase |
| Gas forwards \u2013 | ||||||
purchasing | \u2013 9.6 | 0.0 | 0.0 | Gas purchases | \u2013 7.9 | Gas purchases |
| Interest rate | Other | Interest | ||||
swaps | \u2013 6.1 | 0.0 | 0.0 | financial result | 7.2 | expenses |
| Notional amount and average price or interest rate as at 31/12/2023 | ||||||||||
2024 | 2025 | 2026 | 2027 | From 2028 | ||||||
Electricity futures, forwards and options \u2013 sales | ||||||||||
Notional amount | 15,150 | GWh | 10,382 | GWh | 2,532 | GWh | 246 | GWh | 793 | GWh |
Average hedged price | \u20ac135.3/MWh | \u20ac129.5/MWh | \u20ac89.0/MWh | \u20ac50.9/MWh | \u20ac40.5/MWh | |||||
| Electricity futures and forwards \u2013 | ||||||||||
| purchasing | ||||||||||
Notional amount | 5,023 | GWh | 2,027 | GWh | 537 | GWh | 96 GWh | 0 GWh | ||
Average hedged price | \u20ac149.3/MWh | \u20ac125.0/MWh | \u20ac108.8/MWh | \u20ac92.8/MWh | \u20ac0.0/MWh | |||||
| Gas forwards \u2013 | ||||||||||
| purchasing | ||||||||||
Notional amount | 196 | GWh | 0 GWh | 0 GWh | 0 GWh | 0 GWh | ||||
Average hedged price | \u20ac111.5/MWh | \u20ac0.0/MWh | \u20ac0.0/MWh | \u20ac0.0/MWh | \u20ac0.0/MWh | |||||
| Interest rate swaps | ||||||||||
Average notional amount in \u20acm | 249.8 | 220.1 | 196.9 | 179.5 | 107.9 | |||||
Average fixed interest rate | 0.5% | 0.4% | 0.3% | 0.3% | 0.4% |
Cash flow hedges \u2013 hedging instruments 31/12/2022 | \u20acm | |||||
| Carrying | Balance sheet item | Notional | Change in fair | Hedging | ||
| amount | amount | value for the | costs | |||
| measurement | ||||||
| of | ||||||
| ineffectiveness | ||||||
Electricity futures, forwards and options \u2013 | Receivables from derivative | |||||
sales | 583.2 | financial instruments | 5,828 | GWh | 583.2 | 6.6 |
Electricity futures, forwards and options \u2013 | Liabilities from derivative | |||||
sales | \u2013 2,057.1 | financial instruments | 19,896 | GWh | \u2013 1,627.7 | \u2013 9.8 |
Electricity futures and forwards \u2013 | Receivables from derivative | |||||
purchasing | 420.0 | financial instruments | 4,072 | GWh | 316.4 | 0.0 |
Electricity futures and forwards \u2013 | Liabilities from derivative | |||||
purchasing | \u2013 412.8 | financial instruments | 2,838 | GWh | \u2013 412.8 | 0.0 |
| Gas forwards \u2013 | Receivables from derivative | |||||
purchasing | 8.5 | financial instruments | 290 | GWh | 3.0 | 0.0 |
| Gas forwards \u2013 | Liabilities from derivative | |||||
purchasing | \u2013 22.1 | financial instruments | 396 | GWh | \u2013 22.1 | 0.0 |
| Interest rate | Receivables from derivative | |||||
swaps | 43.4 | financial instruments | 300.4 | 24.6 | 0.0 |
Cash flow hedges \u2013 hedged items 31/12/2022 | \u20acm | ||
| Change in fair | Carrying amount | Hedging costs | |
| value for the | of the reserve for | ||
| measurement of | measurements of | ||
| ineffectiveness | cash flow hedges | ||
Future electricity sales volumes | 1,044.1 | \u2013 1,471.0 | \u2013 3.3 |
Future electricity purchases | 96.5 | 7.3 | 0.0 |
Future gas purchases | 19.1 | \u2013 13.7 | 0.0 |
Variable-rate financial liabilities | \u2013 24.7 | 21.1 | 0.0 |
| Cash flow hedges \u2013 effects on the statement of | ||||||
comprehensive income and balance sheet 2022 | \u20acm | |||||
| Gains/ | Hedging | Ineffective | Line items of | Reclassifi- | Line items of | |
| losses | costs | portion of the | the statement | cations from | the statement | |
| recognised | hedge | of comprehen- | reserves to | of comprehen- | ||
| in other | recognised in | sive income in | profit or loss | sive income in | ||
| comprehen- | profit or loss | which the | which the | |||
| sive income | reclassify- | reclassify- | ||||
| cation was | cation was | |||||
| recognised | recognised | |||||
| Electricity | ||||||
futures, forwards and options \u2013 sales | \u2013 1,041.2 | \u2013 3.3 | 0.4 | Revenue | \u2013 1,974.2 | Revenue |
| Electricity | ||||||
futures and forwards \u2013 | Electricity | Electricity | ||||
purchasing | \u2013 96.4 | 0.0 | \u2013 0.1 | purchase | 358.9 | purchase |
| Gas forwards \u2013 | Gas | Gas | ||||
purchasing | \u2013 19.1 | 0.0 | 0.0 | purchases | 13.5 | purchases |
| Interest rate | Other | Interest | ||||
swaps | 23.1 | 0.0 | 0.0 | financial result | 1.6 | expenses |
Notional amount and average price or interest rate as at 31/12/2022 | \u20acm | |||||||||
2023 | 2024 | 2025 | 2026 | From 2027 | ||||||
Electricity futures, forwards and options \u2013 sales | 6,957 | GWh, | ||||||||
1,757 | GWh | |||||||||
| using collar | ||||||||||
Notional amount | 14,862 | GWh | options | 831 | GWh | 279 | GWh | 1,038 | GWh | |
| \u20ac125.5/MWh, | ||||||||||
| \u20ac60\u2013140/MWh | ||||||||||
Average hedged price | \u20ac156.4/MWh | collar | \u20ac147.5/MWh | \u20ac49.4/MWh | \u20ac42.9/MWh | |||||
| Electricity futures and forwards \u2013 | ||||||||||
| purchasing | ||||||||||
Notional amount | 4,784 | GWh | 1,753 | GWh | 330 | GWh | 44 GWh | 0 GWh | ||
Average hedged price | \u20ac232.0/MWh | \u20ac166.5/MWh | \u20ac126.8/MWh | \u20ac133.3/MWh | \u20ac0.0/MWh | |||||
| Gas forwards \u2013 | ||||||||||
| purchasing | ||||||||||
Notional amount | 508 | GWh | 179 | GWh | 0 GWh | 0 GWh | 0 GWh | |||
Average hedged price | \u20ac92.0/MWh | \u20ac117.1/MWh | \u20ac0.0/MWh | \u20ac0.0/MWh | \u20ac0.0/MWh | |||||
| Interest rate swaps | ||||||||||
Average notional amount in \u20acm | 281.4 | 249.8 | 220.1 | 196.9 | 149.0 | |||||
Average fixed interest rate | 0.6% | 0.5% | 0.4% | 0.3% | 0.4% |
| Impairment of assets | |||
Stage 1 | Stage 2 | Stage 3 | |
Credit risk | Low credit risk \u2013 | Elevated credit risk \u2013 | Significant financial |
| (credit risk has not increased | (credit risk has increased | difficulties on the part of the | |
| significantly since initial | significantly since initial | borrower or the issuer | |
| recognition) | recognition) | (breach of contract) | |
| Recognition of | Impairment in the amount of | Impairment in the amount of | Impairment in the amount of |
| loss allowance | the 12-month expected loss | expected lifetime losses | expected lifetime losses |
| Calculation of | Based on the effective | Based on the effective | Based on the effective |
| interest income | interest rate on the gross | interest rate on the gross | interest rate on the net |
| carrying amount | carrying amount | carrying amount |
Receivables from derivative financial instruments | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Non- | Non- | Current | Current | |
| current | current | |||
Derivatives in the energy area | 369.7 | 356.2 | 1,825.4 | 1,207.2 |
Derivatives in the finance area | 67.7 | 44.9 | 8.3 | 4.4 |
Receivables from derivative financial instruments | 437.3 | 401.1 | 1,833.7 | 1,211.6 |
Trade receivables, other receivables and securities | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Non- | Non- | Current | Current | |
| current | current | |||
Trade receivables | \u2013 | \u2013 | 968.3 | 972.0 |
Receivables from investees | \u2013 | \u2013 | 57.9 | 56.8 |
Loans to investees | 59.1 | 46.1 | 3.5 | 22.5 |
Other receivables and assets | 309.7 | 198.1 | 516.3 | 282.4 |
Trade receivables, other receivables and securities | 368.8 | 244.2 | 1,546.1 | 1,333.8 |
Liabilities from derivative financial instruments | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Non- | Non- | Current | Current | |
| current | current | |||
Derivatives in the energy area | 1,069.2 | 60.9 | 1,491.6 | 302.4 |
Liabilities from derivative financial instruments | 1,069.2 | 60.9 | 1,491.6 | 302.4 |
| Receivables from derivative financial instruments | |||
| \u20acm | |||
| Reference value | Positive fair values | Positive fair values | |
31/12/2022 | 31/12/2023 | ||
| Interest rate swaps \u2013 closed items on the | $286.9m (previous | ||
| balance sheet (fixed interest recipient) | year: $281.6m) | 31.5 | 19.2 |
| Interest rate swaps \u2013 hedges | \u20ac270.3m (previous | ||
| (fixed interest payer) | year: \u20ac300.4m) | 43.5 | 30.2 |
| Interest rate swap relating to financial liabilities | \u20ac0.0m (previous | ||
| (freestanding) | year: \u20ac37.3m) | 1.1 | 0.0 |
1 The reference value includes the reference basis of the derivative instruments. The actual cash flows only represent a fraction of these values. |
Financial instruments with credit risk by assigned rating group 2023 | \u20acm | ||||||
| Credit | Equiva- | Financial | Secu- | Non-current | Trade recei- | Deriva- | Invest- |
| rating | lent | instruments | rities | and current | vables | tives in the | ments as |
| group | Moody\u2019s- | \u2013 closed | other recei- | energy area | well as cash | ||
| rating | items on | vables | and cash | ||||
| the balance | equivalents | ||||||
| sheet | |||||||
A | up to Aa3 | 269.7 | 0.0 | 0.0 | 82.4 | 109.9 | 297.6 |
B | up to A3 | 150.8 | 4.6 | 38.1 | 158.0 | 286.3 | 617.7 |
C1\u2013C3 | up to Baa3 | 0.0 | 1.1 | 0.0 | 435.9 | 1,147.9 | 48.7 |
D1\u2013D5 | below Baa3 | 0.0 | 0.0 | 0.0 | 18.7 | 19.2 | 0.0 |
Not rated | 0.0 | 166.5 | 437.7 | 277.1 | 0.0 | 0.0 | |
Total | 420.5 | 172.2 | 475.8 | 972.0 | 1,563.3 | 964.0 | |
1 incl. receivables from investees and loans to investees // 2 Non-current and current other loans and money market transactions have been combined under investments in this presentation |
Financial instruments with credit risk by assigned rating group 2022 | \u20acm | ||||||
| Credit | Equiva- | Financial | Secu- | Non-current | Trade recei- | Deriva- | Invest- |
| rating | lent | instruments | rities | and current | vables | tives in the | ments as |
| group | Moody\u2019s- | \u2013 closed | other recei- | energy area | well as cash | ||
| rating | items on | vables | and cash | ||||
| the balance | equiva-lents | ||||||
| sheet | |||||||
A | up to Aa3 | 270.8 | 0.0 | 0.0 | 30.1 | 62.0 | 181.8 |
B | up to A3 | 168.0 | 5.7 | 19.0 | 325.1 | 183.1 | 168.0 |
C1\u2013C3 | up to Baa3 | 0.0 | 0.0 | 21.2 | 283.2 | 1,793.4 | 59.5 |
D1\u2013D5 | below Baa3 | 0.0 | 0.0 | 0.0 | 23.6 | 156.5 | 0.0 |
Not rated | 0.0 | 155.4 | 833.0 | 306.4 | 0.0 | 0.0 | |
Total | 438.8 | 161.1 | 873.2 | 968.4 | 2,195.0 | 409.3 |
Sales and procurement (cash flow hedges) as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 723.4 | 366.9 | 356.5 |
Forwards | 369.3 | 39.0 | 330.3 |
Total before netting | 1,092.7 | 405.9 | 686.8 |
of which current | 939.7 | 388.3 | 551.5 |
of which non-current | 152.9 | 17.6 | 135.3 |
of which in other comprehensive income | 686.8 |
Wholesale as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 671.5 | 999.8 | \u2013 328.3 |
Forwards | 1,707.6 | 838.8 | 868.8 |
Total before netting | 2,379.2 | 1,838.6 | 540.6 |
of which current | 1,984.7 | 1,604.0 | 380.7 |
of which non-current | 394.5 | 234.6 | 159.9 |
Futures already realised | 840.9 | 1,219.5 | \u2013 378.6 |
Total | 162.0 |
Trading as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 21.9 | 23.0 | \u2013 1.0 |
Forwards | 300.8 | 295.0 | 5.8 |
Total before netting | 322.7 | 318.0 | 4.8 |
of which current | 280.6 | 275.6 | 5.1 |
of which non-current | 42.1 | 42.4 | \u2013 0.3 |
Total as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 1,416.9 | 1,389.7 | 27.2 |
Forwards | 2,377.7 | 1,172.8 | 1,204.9 |
Total before netting | 3,794.5 | 2,562.5 | 1,232.1 |
Including netting agreements | \u2013 2,199.3 | \u2013 2,199.3 | 0.0 |
Total after netting | 1,595.3 | 363.2 | 1,232.1 |
EEX/ECX clearing variation margins of futures | \u2013 31.9 | 0.0 | \u2013 31.9 |
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments | 1,563.3 | 363.2 | 1,200.1 |
of which current | 1,207.2 | 302.4 | 904.8 |
of which non-current | 356.2 | 60.9 | 295.3 |
Sales and procurement (cash flow hedges) as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 580.8 | 1,618.4 | \u2013 1,037.6 |
Forwards | 426.6 | 701.1 | \u2013 274.5 |
Options | 4.7 | 172.4 | \u2013 167.7 |
Total before netting | 1,012.1 | 2,491.9 | \u2013 1,479.8 |
of which current | 948.1 | 1,879.6 | \u2013 931.5 |
of which non-current | 64.0 | 612.3 | \u2013 548.3 |
of which in other comprehensive income | \u2013 1,479.8 |
Wholesale as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 1,650.3 | 542.0 | 1,108.3 |
Forwards | 2,994.7 | 2,875.3 | 119.4 |
Total before netting | 4,645.0 | 3,417.3 | 1,227.6 |
of which current | 3,798.3 | 2,410.0 | 1,388.3 |
of which non-current | 846.7 | 1,007.3 | \u2013 160.7 |
Futures already realised | 900.7 | 1,980.4 | \u2013 1,079.7 |
Total | 147.9 |
Trading as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 85.7 | 88.5 | \u2013 2.8 |
Forwards | 1,354.6 | 1,353.2 | 1.4 |
Total before netting | 1,440.3 | 1,441.7 | \u2013 1.4 |
of which current | 1,091.0 | 1,094.7 | \u2013 3.7 |
of which non-current | 349.3 | 347.0 | 2.3 |
Total as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
| Futures | 2,316.8 | 2,248.9 | 67.8 |
Forwards | 4,775.9 | 4,929.6 | \u2013 153.7 |
Options | 4.7 | 172.4 | \u2013 167.7 |
Total before netting | 7,097.3 | 7,351.0 | \u2013 253.6 |
Including netting agreements | \u2013 4,790.2 | \u2013 4,790.2 | 0.0 |
Total after netting | 2,307.2 | 2,560.8 | \u2013 253.6 |
EEX/ECX clearing variation margins of futures | \u2013 112.2 | 0.0 | \u2013 112.2 |
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments | 2,195.0 | 2,560.8 | \u2013 365.8 |
of which current | 1,825.3 | 1,491.6 | 333.7 |
of which non-current | 369.7 | 1,069.2 | \u2013 699.5 |
Sensitivity: market price fluctuation of + 10% | \u20acm | |
2022 | 2023 | |
Effect on operating result (wholesale and trading portfolio) | \u2013 61.9 | \u2013 25.1 |
Effect on equity (revaluation reserve from cash flow hedges) | \u2013 346.6 | \u2013 183.9 |
Sensitivity: market price fluctuation of \u2013 10% | \u20acm | |
2022 | 2023 | |
Effect on operating result (wholesale and trading portfolio) | 61.9 | 25.1 |
Effect on equity (revaluation reserve from cash flow hedges) | 346.6 | 183.9 |
Measurement and recognition of energy derivatives | \u20acm | |
2022 | 2023 | |
Realisation of futures | \u2013 18.3 | \u2013 1,425.7 |
of which negative | 4,039.4 | 1,886.8 |
of which positive | \u2013 4,057.7 | \u2013 3,312.5 |
Measurements | 876.3 | 1,963.8 |
of which negative | 6,998.5 | 4,940.9 |
of which positive | \u2013 6,122.2 | \u2013 2,977.1 |
Measurement and recognition of energy derivatives | 858.0 | 538.1 |
Net gains or losses by measurement category | \u20acm | |
2022 | 2023 | |
Financial assets and liabilities measured at fair value through profit or loss | 101.1 | 36.6 |
Financial assets measured at fair value through other comprehensive income | 4.3 | 32.7 |
| Financial assets and liabilities measured at fair value through profit or loss \u2013 | ||
designated | 23.0 | 22.5 |
Financial liabilities measured at amortised cost | 27.8 | 8.0 |
Financial assets measured at amortised cost | 15.3 | \u2013 21.5 |
Total interest expenses from financial liabilities measured at amortised cost | \u2013 86.9 | \u2013 120.7 |
Total interest income from financial assets measured at amortised cost | 42.4 | 72.0 |
| Components of net gains or losses | |
Measurement category | Note |
| Financial assets and liabilities | The net gains or losses arose from the measurement of derivative financial |
| measured at fair value through | instruments in the energy area (wholesale and trading) in the operating result, |
| profit or loss | as well as from the measurement of (other) derivative and non-derivative financial |
| instruments in the finance area in the other financial result. | |
| Financial assets and liabilities | The net gains or losses arose from the measurement of financial liabilities to |
| measured at fair value through | banks (closed items on the balance sheet). These gains and losses are offset by |
| profit or loss \u2013 designated | net gains and losses from financial assets and liabilities measured at fair value |
| through profit or loss and net gains and losses from financial assets and liabilities | |
| measured at cost in the corresponding amounts. | |
| Financial assets and liabilities | The net gains and losses relate primarily to financial instruments associated with |
| measured at amortised cost | closed items on the balance sheet in the other financial result as well as to |
| valuation allowances on trade receivables in the operating result. |
Measurement and recognition of energy derivatives | \u20acm | |
2022 | 2023 | |
Realisation of futures | \u2013 18.3 | \u2013 1,425.7 |
of which negative | 4,039.4 | 1,886.8 |
of which positive | \u2013 4,057.7 | \u2013 3,312.5 |
Measurements | 876.3 | 1,963.8 |
of which negative | 6,998.5 | 4,940.9 |
of which positive | \u2013 6,122.2 | \u2013 2,977.1 |
Measurement and recognition of energy derivatives | 858.0 | 538.1 |
Other financial result | \u20acm | |
2022 | 2023 | |
| Change in a profit participation right with respect to material assets | \u2013 22.7 | 11.5 |
Reversal of impairment losses on securities | 1.3 | 9.9 |
Income from securities and loans | 2.1 | 2.8 |
| Change in an obligation to return an interest | 31.6 | 1.5 |
Change in derivative financial instruments in the finance area | 3.4 | 0.0 |
Change in non-derivative financial instruments | \u2013 9.1 | 0.0 |
Other | \u2013 4.9 | 0.0 |
Other financial result | 1.6 | 25.7 |
1 The profit participation right exists with respect to the material assets of Trans Austria Gasleitung GmbH. It is measured at fair value through profit or loss in accordance with IFRS 9. // 2 The obligation to transfer the 50% interest in Donaukraftwerk Jochenstein AG to the Free State of Bavaria without exchange of consideration is measured at amortised cost. The expected fair value of the interest at the transfer date (31 December 2050) is calculated for the respective period and discounted based on the original | ||
effective interest rate (corresponding to the weighted average cost of capital at the acquisition date). Changes in the expected fair value of the interest are recognised in the other financial result. See section 8.2 Non-current other liabilities. |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
Interests in unconsolidated subsidiaries | FVOCI | 2 | 14.8 | 14.8 |
Interests in unconsolidated subsidiaries | FVOCI | AC | 5.3 | 5.3 |
Interests in unconsolidated subsidiaries | FVPL | 3 | 10.3 | 10.3 |
Other equity interests | FVOCI | 1 | 23.2 | 23.2 |
Other equity interests | FVOCI | 2 | 157.9 | 157.9 |
Other equity interests | FVOCI | AC | 16.0 | 16.0 |
Other equity interests and unconsolidated subsidiaries | 227.5 | |||
Derivatives in the energy area | FVPL | 2 | 349.9 | 349.9 |
Derivatives in the energy area | FVPL | 3 | 6.3 | 6.3 |
Derivatives in the finance area | FVPL | 2 | 25.8 | 25.8 |
| Derivatives in the finance area \u2013 | ||||
closed items on the balance sheet | FVPL | 2 | 19.2 | 19.2 |
Receivables from derivative financial instruments | 401.1 | |||
Securities | FVPL | 1 | 158.4 | 158.4 |
Securities | FVOCI | 3 | 8.1 | 8.1 |
Securities | FVOCI | AC | 1.3 | 1.3 |
Securities \u2013 closed items on the balance sheet | AC | 2 | 71.9 | 72.2 |
Loans \u2013 closed items on the balance sheet | AC | 2 | 329.5 | 333.0 |
Loans | AC | 2 | 52.0 | 49.2 |
Other | FVPL | 3 | 28.7 | 28.7 |
Other | AC | \u2013 | 143.4 | \u2013 |
Other | \u2013 | \u2013 | 26.0 | \u2013 |
Other investments and non-current other receivables | 819.2 | |||
Derivatives in the energy area | FVPL | 2 | 1,207.2 | 1,207.2 |
Derivatives in the finance area | FVPL | 2 | 4.4 | 4.4 |
Receivables from derivative financial instruments | 1,211.6 | |||
Trade receivables | AC | \u2013 | 972.0 | \u2013 |
Receivables from investees | AC | \u2013 | 56.8 | \u2013 |
Loans to investees | AC | 2 | 22.5 | 22.4 |
Securities | FVPL | 1 | 4.4 | 4.4 |
Emission rights | \u2013 | \u2013 | 45.4 | \u2013 |
Other | AC | \u2013 | 142.2 | \u2013 |
Other | \u2013 | \u2013 | 90.5 | \u2013 |
Trade receivables, other receivables and securities | 1,333.8 | |||
Cash and cash equivalents | AC | \u2013 | 964.0 | \u2013 |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
| Aggregated by measurement category | ||||
Financial assets measured at amortised cost | AC | 2,754.4 | ||
Financial assets measured at fair value through profit or loss | FVPL | 1,814.4 | ||
Financial assets measured at fair value through other comprehensive income | FVOCI | 226.6 |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,142.7 | 983.0 |
Financial liabilities to banks and to others | AC | 2 | 836.4 | 804.7 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 125.3 | 135.1 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 295.3 | 295.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 8.3 | \u2013 |
Non-current and current financial liabilities | 2,408.0 | |||
Derivatives in the energy area | FVPL | 2 | 60.9 | 60.9 |
Liabilities from derivative financial instruments | 60.9 | |||
Electricity supply commitment | \u2013 | \u2013 | 97.9 | \u2013 |
Obligation to return an interest | AC | 3 | 122.5 | 122.5 |
Trade payables | AC | \u2013 | 2.3 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 147.8 | |
Other | AC | \u2013 | 402.2 | \u2013 |
Non-current other liabilities | 772.8 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 293.3 | 293.3 |
Derivatives in the energy area | FVPL | 3 | 4.3 | 4.3 |
Liabilities from derivative financial instruments | 302.4 | |||
Trade payables | AC | \u2013 | 327.4 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 12.6 | |
Other | AC | \u2013 | 783.0 | \u2013 |
Other | \u2013 | \u2013 | 152.4 | \u2013 |
Trade payables and current other liabilities | 1,275.4 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 3,741.8 | ||
Financial liabilities measured at fair value through profit or loss | FVPL | 363.2 | ||
Financial liabilities measured at fair value through profit or loss \u2013 designated | FVPL \u2013 D | 295.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Interests in unconsolidated subsidiaries | FVOCI | 2 | 15.4 | 15.4 |
Interests in unconsolidated subsidiaries | FVOCI | AC | 5.5 | 5.5 |
Interests in unconsolidated subsidiaries | FVPL | 3 | 8.1 | 8.1 |
Other equity interests | FVOCI | 1 | 27.4 | 27.4 |
Other equity interests | FVOCI | 2 | 121.2 | 121.2 |
Other equity interests | FVOCI | AC | 15.1 | 15.1 |
| Other equity interests and unconsolidated | ||||
| subsidiaries | 192.7 | |||
Derivatives in the energy area | FVPL | 2 | 369.7 | 369.7 |
Derivatives in the finance area | FVPL | 2 | 36.2 | 36.2 |
| Derivatives in the finance area \u2013 | ||||
closed items on the balance sheet | FVPL | 2 | 31.5 | 31.5 |
Receivables from derivative financial instruments | 437.3 | |||
Securities | FVPL | 1 | 152.4 | 152.4 |
Securities | FVOCI | 3 | 7.3 | 7.3 |
Securities | FVOCI | AC | 1.3 | 1.3 |
Securities \u2013 closed items on the balance sheet | AC | 2 | 73.2 | 71.2 |
Loans \u2013 closed items on the balance sheet | AC | 2 | 334.1 | 335.9 |
Loans | AC | 2 | 67.5 | 61.1 |
Other | FVPL | 3 | 21.2 | 21.2 |
Other | AC | \u2013 | 250.2 | \u2013 |
Other | l\u2013 | \u2013 | 38.3 | \u2013 |
Investments and other receivables | 945.5 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 1,820.7 | 1,820.7 |
Derivatives in the finance area | FVPL | 2 | 8.3 | 8.3 |
Receivables from derivative financial instruments | 1,833.7 | |||
Trade receivables | AC | \u2013 | 968.3 | \u2013 |
Receivables from investees | AC | \u2013 | 57.9 | \u2013 |
Loans to investees | AC | 2 | 3.5 | 3.0 |
Securities | FVPL | 1 | 0.2 | 0.2 |
Emission rights | \u2013 | \u2013 | 49.0 | \u2013 |
Other | AC | \u2013 | 428.3 | \u2013 |
Other | \u2013 | \u2013 | 38.7 | \u2013 |
Trade receivables, other receivables and securities | 1,546.1 | |||
Cash and cash equivalents | AC | \u2013 | 409.3 | \u2013 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
| Aggregated by measurement category | ||||
Financial assets measured at amortised cost | AC | 2,592.4 | ||
Financial assets measured at fair value through profit or loss | FVPL | 2,444.8 | ||
Financial assets measured at fair value through other comprehensive income | FVOCI | 201.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,151.0 | 956.5 |
Financial liabilities to banks and to others | AC | 2 | 2,304.6 | 2,323.5 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 126.6 | 140.2 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 312.3 | 312.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 7.3 | \u2013 |
Liability from put option | AC | \u2013 | 52.1 | \u2013 |
Non-current and current financial liabilities | 3,953.9 | |||
Derivatives in the energy area | FVPL | 2 | 1,069.2 | 1,069.2 |
Liabilities from derivative financial instruments | 1,069.2 | |||
Electricity supply commitment | \u2013 | \u2013 | 113.4 | \u2013 |
Obligation to return an interest | AC | 3 | 116.7 | 124.5 |
Trade payables | AC | \u2013 | 2.8 | \u2013 |
Deferred income for grants (emission rights) | \u2013 | \u2013 | 0.1 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 126.0 | |
Other | AC | \u2013 | 204.3 | \u2013 |
Non-current other liabilities | 563.4 | |||
Derivatives in the energy area | FVPL | 1 | 216.7 | 216.7 |
Derivatives in the energy area | FVPL | 2 | 1,274.9 | 1,274.9 |
Liabilities from derivative financial instruments | 1,491.6 | |||
Trade payables | AC | \u2013 | 412.7 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 10.8 | |
Other | AC | \u2013 | 467.7 | \u2013 |
Other | \u2013 | \u2013 | 144.6 | \u2013 |
Trade payables and current other liabilities | 1,035.8 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 4,838.6 | ||
Financial liabilities at fair value through profit or loss | FVPL | 2,560.8 | ||
| Financial liabilities at fair value through profit or loss \u2013 | ||||
designated | FVPL \u2013 D | 312.3 |
Expected cash outflows as at 31/12/2023 | \u20acm | |||
Maturity | 2024 | 2025 | 2026\u2013 2028 | From 2029 |
Bonds | 528.5 | 20.9 | 59.6 | 673.1 |
Financial liabilities to banks | 64.1 | 57.2 | 242.3 | 294.4 |
Financial liabilities to others | 154.1 | 0.0 | 13.5 | 0.0 |
| Financial liabilities to banks \u2013 | ||||
| closed items on the balance sheet | 15.3 | 94.5 | 330.5 | 25.2 |
Capital shares attributable to limited partners | 0.0 | 8.3 | 0.0 | 0.0 |
Cash outflows on financial liabilities | 761.9 | 180.9 | 645.9 | 992.7 |
Trade payables | 327.4 | 0.3 | 2.0 | 0.2 |
Other | 783.0 | 336.2 | 32.5 | 156.0 |
Cash outflows on trade payables and other payables | 1,110.4 | 336.5 | 34.5 | 156.2 |
Derivatives in the energy area | 706.8 | 12.9 | 68.6 | 0.0 |
Derivatives in the finance area | 0.0 | 0.1 | 0.0 | 0.0 |
| Cash outflows on liabilities from derivative | ||||
financial instruments | 706.8 | 13.0 | 68.6 | 0.0 |
Cash outflows on liabilities in accordance with IFRS 7 | 2,579.1 | 530.4 | 749.0 | 1,148.9 |
1 Cash outflows on closed items on the balance sheet are matched by the corresponding cash inflows from associated investments. |
Expected cash outflows as at 31/12/2022 | \u20acm | |||
Maturity | 2023 | 2024 | 2025\u2013 2027 | From 2028 |
Bonds | 28.4 | 528.5 | 60.9 | 692.7 |
Financial liabilities to banks | 65.0 | 101.4 | 693.1 | 414.1 |
Financial liabilities to others | 6.4 | 152.9 | 1.7 | 22.5 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | 21.1 | 15.8 | 439.1 | 27.3 |
Capital shares attributable to limited partners | 0.0 | 7.3 | 0.0 | 0.0 |
Cash outflows on financial liabilities | 120.9 | 805.9 | 1,194.8 | 1,156.7 |
Trade payables | 412.7 | 0.7 | 1.7 | 0.4 |
Other | 467.7 | 165.6 | 15.5 | 140.0 |
Cash outflows on trade payables and other payables | 880.4 | 166.3 | 17.2 | 140.4 |
Derivatives in the energy area | 1,071.5 | 201.8 | 90.1 | 0.0 |
| Cash outflows on liabilities from derivative | ||||
| financial instruments | 1,071.5 | 201.8 | 90.1 | 0.0 |
Cash outflows on liabilities in accordance with IFRS 7 | 2,072.8 | 1,173.9 | 1,302.1 | 1,297.1 |
Cash flow hedges \u2013 hedging instruments 31/12/2023 | \u20acm | |||||
| Carrying | Balance sheet | Notional | Change in fair | Hedging | ||
| amount | item | amount | value for the | costs | ||
| measurement | ||||||
| of | ||||||
| ineffectiveness | ||||||
Electricity futures, forwards and options \u2013 | Receivables from derivative | |||||
sales | 1,076.7 | financial instruments | 25,630 | GWh | 1,642.0 | 0.0 |
Electricity futures, forwards and options \u2013 | Liabilities from derivative | |||||
sales | \u2013 13.3 | financial instruments | 3,472 | GWh | \u2013 4.9 | 0.0 |
Electricity futures and forwards \u2013 | Receivables from derivative | |||||
purchasing | 16.0 | financial instruments | 730 | GWh | 0.2 | 0.0 |
| Electricity futures and | Liabilities from derivative | |||||
forwards \u2013 purchasing | \u2013 377.2 | financial instruments | 6,953 | GWh | \u2013 476.6 | 0.0 |
| Gas forwards \u2013 | Receivables from derivative | |||||
purchasing | 0.0 | financial instruments | 0 GWh | 0.0 | 0.0 | |
| Gas forwards \u2013 | Liabilities from derivative | |||||
purchasing | \u2013 15.4 | financial instruments | 196 | GWh | \u2013 9.6 | 0.0 |
| Interest rate | Receivables from derivative | |||||
swaps | 30.2 | financial instruments | 270.3 | \u2013 13.2 | 0.0 |
Cash flow hedges \u2013 hedged items 31/12/2023 | \u20acm | ||
| Change in fair | Carrying amount | Hedging costs | |
| value for the | of the reserve for | ||
| measurement of | measurements of | ||
| ineffectiveness | cash flow hedges | ||
Future electricity sales volumes | \u2013 1,637.5 | 1,062.9 | 0.0 |
Future electricity purchases | 476.4 | \u2013 361.2 | 0.0 |
Future gas purchases | 9.6 | \u2013 15.4 | 0.0 |
Variable-rate financial liabilities | 13.3 | \u2013 7.8 | 0.0 |
| Cash flow hedges \u2013 effects on the statement of | ||||||
| comprehensive income and balance sheet 2023 | \u20acm | |||||
| Gains/ | Hedging | Ineffective | Line items in | Reclassifi- | Line items in | |
| losses | costs | portion of the | the statement | cations from | the statement | |
| recognised | hedge | of comprehen- | reserves to | of comprehen- | ||
| in other | recognised in | sive income in | profit or loss | sive income in | ||
| comprehen- | profit or loss | which the | which the | |||
| sive income | reclassify- | reclassifi- | ||||
| cation was | cation was | |||||
| recognised | recognised | |||||
| Electricity | ||||||
futures, forwards and options \u2013 sales | 1,637.1 | 0.0 | 0.4 | Revenue | \u2013 900.2 | Revenue |
| Electricity | ||||||
futures and forwards \u2013 | Electricity | Electricity | ||||
purchasing | \u2013 476.4 | 0.0 | 0.0 | purchase | \u2013 108.0 | purchase |
| Gas forwards \u2013 | ||||||
purchasing | \u2013 9.6 | 0.0 | 0.0 | Gas purchases | \u2013 7.9 | Gas purchases |
| Interest rate | Other | Interest | ||||
swaps | \u2013 6.1 | 0.0 | 0.0 | financial result | 7.2 | expenses |
| Notional amount and average price or interest rate as at 31/12/2023 | ||||||||||
2024 | 2025 | 2026 | 2027 | From 2028 | ||||||
Electricity futures, forwards and options \u2013 sales | ||||||||||
Notional amount | 15,150 | GWh | 10,382 | GWh | 2,532 | GWh | 246 | GWh | 793 | GWh |
Average hedged price | \u20ac135.3/MWh | \u20ac129.5/MWh | \u20ac89.0/MWh | \u20ac50.9/MWh | \u20ac40.5/MWh | |||||
| Electricity futures and forwards \u2013 | ||||||||||
| purchasing | ||||||||||
Notional amount | 5,023 | GWh | 2,027 | GWh | 537 | GWh | 96 GWh | 0 GWh | ||
Average hedged price | \u20ac149.3/MWh | \u20ac125.0/MWh | \u20ac108.8/MWh | \u20ac92.8/MWh | \u20ac0.0/MWh | |||||
| Gas forwards \u2013 | ||||||||||
| purchasing | ||||||||||
Notional amount | 196 | GWh | 0 GWh | 0 GWh | 0 GWh | 0 GWh | ||||
Average hedged price | \u20ac111.5/MWh | \u20ac0.0/MWh | \u20ac0.0/MWh | \u20ac0.0/MWh | \u20ac0.0/MWh | |||||
| Interest rate swaps | ||||||||||
Average notional amount in \u20acm | 249.8 | 220.1 | 196.9 | 179.5 | 107.9 | |||||
Average fixed interest rate | 0.5% | 0.4% | 0.3% | 0.3% | 0.4% |
Cash flow hedges \u2013 hedging instruments 31/12/2022 | \u20acm | |||||
| Carrying | Balance sheet item | Notional | Change in fair | Hedging | ||
| amount | amount | value for the | costs | |||
| measurement | ||||||
| of | ||||||
| ineffectiveness | ||||||
Electricity futures, forwards and options \u2013 | Receivables from derivative | |||||
sales | 583.2 | financial instruments | 5,828 | GWh | 583.2 | 6.6 |
Electricity futures, forwards and options \u2013 | Liabilities from derivative | |||||
sales | \u2013 2,057.1 | financial instruments | 19,896 | GWh | \u2013 1,627.7 | \u2013 9.8 |
Electricity futures and forwards \u2013 | Receivables from derivative | |||||
purchasing | 420.0 | financial instruments | 4,072 | GWh | 316.4 | 0.0 |
Electricity futures and forwards \u2013 | Liabilities from derivative | |||||
purchasing | \u2013 412.8 | financial instruments | 2,838 | GWh | \u2013 412.8 | 0.0 |
| Gas forwards \u2013 | Receivables from derivative | |||||
purchasing | 8.5 | financial instruments | 290 | GWh | 3.0 | 0.0 |
| Gas forwards \u2013 | Liabilities from derivative | |||||
purchasing | \u2013 22.1 | financial instruments | 396 | GWh | \u2013 22.1 | 0.0 |
| Interest rate | Receivables from derivative | |||||
swaps | 43.4 | financial instruments | 300.4 | 24.6 | 0.0 |
Cash flow hedges \u2013 hedged items 31/12/2022 | \u20acm | ||
| Change in fair | Carrying amount | Hedging costs | |
| value for the | of the reserve for | ||
| measurement of | measurements of | ||
| ineffectiveness | cash flow hedges | ||
Future electricity sales volumes | 1,044.1 | \u2013 1,471.0 | \u2013 3.3 |
Future electricity purchases | 96.5 | 7.3 | 0.0 |
Future gas purchases | 19.1 | \u2013 13.7 | 0.0 |
Variable-rate financial liabilities | \u2013 24.7 | 21.1 | 0.0 |
| Cash flow hedges \u2013 effects on the statement of | ||||||
comprehensive income and balance sheet 2022 | \u20acm | |||||
| Gains/ | Hedging | Ineffective | Line items of | Reclassifi- | Line items of | |
| losses | costs | portion of the | the statement | cations from | the statement | |
| recognised | hedge | of comprehen- | reserves to | of comprehen- | ||
| in other | recognised in | sive income in | profit or loss | sive income in | ||
| comprehen- | profit or loss | which the | which the | |||
| sive income | reclassify- | reclassify- | ||||
| cation was | cation was | |||||
| recognised | recognised | |||||
| Electricity | ||||||
futures, forwards and options \u2013 sales | \u2013 1,041.2 | \u2013 3.3 | 0.4 | Revenue | \u2013 1,974.2 | Revenue |
| Electricity | ||||||
futures and forwards \u2013 | Electricity | Electricity | ||||
purchasing | \u2013 96.4 | 0.0 | \u2013 0.1 | purchase | 358.9 | purchase |
| Gas forwards \u2013 | Gas | Gas | ||||
purchasing | \u2013 19.1 | 0.0 | 0.0 | purchases | 13.5 | purchases |
| Interest rate | Other | Interest | ||||
swaps | 23.1 | 0.0 | 0.0 | financial result | 1.6 | expenses |
Notional amount and average price or interest rate as at 31/12/2022 | \u20acm | |||||||||
2023 | 2024 | 2025 | 2026 | From 2027 | ||||||
Electricity futures, forwards and options \u2013 sales | 6,957 | GWh, | ||||||||
1,757 | GWh | |||||||||
| using collar | ||||||||||
Notional amount | 14,862 | GWh | options | 831 | GWh | 279 | GWh | 1,038 | GWh | |
| \u20ac125.5/MWh, | ||||||||||
| \u20ac60\u2013140/MWh | ||||||||||
Average hedged price | \u20ac156.4/MWh | collar | \u20ac147.5/MWh | \u20ac49.4/MWh | \u20ac42.9/MWh | |||||
| Electricity futures and forwards \u2013 | ||||||||||
| purchasing | ||||||||||
Notional amount | 4,784 | GWh | 1,753 | GWh | 330 | GWh | 44 GWh | 0 GWh | ||
Average hedged price | \u20ac232.0/MWh | \u20ac166.5/MWh | \u20ac126.8/MWh | \u20ac133.3/MWh | \u20ac0.0/MWh | |||||
| Gas forwards \u2013 | ||||||||||
| purchasing | ||||||||||
Notional amount | 508 | GWh | 179 | GWh | 0 GWh | 0 GWh | 0 GWh | |||
Average hedged price | \u20ac92.0/MWh | \u20ac117.1/MWh | \u20ac0.0/MWh | \u20ac0.0/MWh | \u20ac0.0/MWh | |||||
| Interest rate swaps | ||||||||||
Average notional amount in \u20acm | 281.4 | 249.8 | 220.1 | 196.9 | 149.0 | |||||
Average fixed interest rate | 0.6% | 0.5% | 0.4% | 0.3% | 0.4% |
Receivables from derivative financial instruments | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Non- | Non- | Current | Current | |
| current | current | |||
Derivatives in the energy area | 369.7 | 356.2 | 1,825.4 | 1,207.2 |
Derivatives in the finance area | 67.7 | 44.9 | 8.3 | 4.4 |
Receivables from derivative financial instruments | 437.3 | 401.1 | 1,833.7 | 1,211.6 |
Liabilities from derivative financial instruments | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Non- | Non- | Current | Current | |
| current | current | |||
Derivatives in the energy area | 1,069.2 | 60.9 | 1,491.6 | 302.4 |
Liabilities from derivative financial instruments | 1,069.2 | 60.9 | 1,491.6 | 302.4 |
| Receivables from derivative financial instruments | |||
| \u20acm | |||
| Reference value | Positive fair values | Positive fair values | |
31/12/2022 | 31/12/2023 | ||
| Interest rate swaps \u2013 closed items on the | $286.9m (previous | ||
| balance sheet (fixed interest recipient) | year: $281.6m) | 31.5 | 19.2 |
| Interest rate swaps \u2013 hedges | \u20ac270.3m (previous | ||
| (fixed interest payer) | year: \u20ac300.4m) | 43.5 | 30.2 |
| Interest rate swap relating to financial liabilities | \u20ac0.0m (previous | ||
| (freestanding) | year: \u20ac37.3m) | 1.1 | 0.0 |
1 The reference value includes the reference basis of the derivative instruments. The actual cash flows only represent a fraction of these values. |
Financial instruments with credit risk by assigned rating group 2023 | \u20acm | ||||||
| Credit | Equiva- | Financial | Secu- | Non-current | Trade recei- | Deriva- | Invest- |
| rating | lent | instruments | rities | and current | vables | tives in the | ments as |
| group | Moody\u2019s- | \u2013 closed | other recei- | energy area | well as cash | ||
| rating | items on | vables | and cash | ||||
| the balance | equivalents | ||||||
| sheet | |||||||
A | up to Aa3 | 269.7 | 0.0 | 0.0 | 82.4 | 109.9 | 297.6 |
B | up to A3 | 150.8 | 4.6 | 38.1 | 158.0 | 286.3 | 617.7 |
C1\u2013C3 | up to Baa3 | 0.0 | 1.1 | 0.0 | 435.9 | 1,147.9 | 48.7 |
D1\u2013D5 | below Baa3 | 0.0 | 0.0 | 0.0 | 18.7 | 19.2 | 0.0 |
Not rated | 0.0 | 166.5 | 437.7 | 277.1 | 0.0 | 0.0 | |
Total | 420.5 | 172.2 | 475.8 | 972.0 | 1,563.3 | 964.0 | |
1 incl. receivables from investees and loans to investees // 2 Non-current and current other loans and money market transactions have been combined under investments in this presentation |
Financial instruments with credit risk by assigned rating group 2022 | \u20acm | ||||||
| Credit | Equiva- | Financial | Secu- | Non-current | Trade recei- | Deriva- | Invest- |
| rating | lent | instruments | rities | and current | vables | tives in the | ments as |
| group | Moody\u2019s- | \u2013 closed | other recei- | energy area | well as cash | ||
| rating | items on | vables | and cash | ||||
| the balance | equiva-lents | ||||||
| sheet | |||||||
A | up to Aa3 | 270.8 | 0.0 | 0.0 | 30.1 | 62.0 | 181.8 |
B | up to A3 | 168.0 | 5.7 | 19.0 | 325.1 | 183.1 | 168.0 |
C1\u2013C3 | up to Baa3 | 0.0 | 0.0 | 21.2 | 283.2 | 1,793.4 | 59.5 |
D1\u2013D5 | below Baa3 | 0.0 | 0.0 | 0.0 | 23.6 | 156.5 | 0.0 |
Not rated | 0.0 | 155.4 | 833.0 | 306.4 | 0.0 | 0.0 | |
Total | 438.8 | 161.1 | 873.2 | 968.4 | 2,195.0 | 409.3 |
Sales and procurement (cash flow hedges) as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 723.4 | 366.9 | 356.5 |
Forwards | 369.3 | 39.0 | 330.3 |
Total before netting | 1,092.7 | 405.9 | 686.8 |
of which current | 939.7 | 388.3 | 551.5 |
of which non-current | 152.9 | 17.6 | 135.3 |
of which in other comprehensive income | 686.8 |
Wholesale as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 671.5 | 999.8 | \u2013 328.3 |
Forwards | 1,707.6 | 838.8 | 868.8 |
Total before netting | 2,379.2 | 1,838.6 | 540.6 |
of which current | 1,984.7 | 1,604.0 | 380.7 |
of which non-current | 394.5 | 234.6 | 159.9 |
Futures already realised | 840.9 | 1,219.5 | \u2013 378.6 |
Total | 162.0 |
Trading as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 21.9 | 23.0 | \u2013 1.0 |
Forwards | 300.8 | 295.0 | 5.8 |
Total before netting | 322.7 | 318.0 | 4.8 |
of which current | 280.6 | 275.6 | 5.1 |
of which non-current | 42.1 | 42.4 | \u2013 0.3 |
Total as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 1,416.9 | 1,389.7 | 27.2 |
Forwards | 2,377.7 | 1,172.8 | 1,204.9 |
Total before netting | 3,794.5 | 2,562.5 | 1,232.1 |
Including netting agreements | \u2013 2,199.3 | \u2013 2,199.3 | 0.0 |
Total after netting | 1,595.3 | 363.2 | 1,232.1 |
EEX/ECX clearing variation margins of futures | \u2013 31.9 | 0.0 | \u2013 31.9 |
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments | 1,563.3 | 363.2 | 1,200.1 |
of which current | 1,207.2 | 302.4 | 904.8 |
of which non-current | 356.2 | 60.9 | 295.3 |
Sales and procurement (cash flow hedges) as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 580.8 | 1,618.4 | \u2013 1,037.6 |
Forwards | 426.6 | 701.1 | \u2013 274.5 |
Options | 4.7 | 172.4 | \u2013 167.7 |
Total before netting | 1,012.1 | 2,491.9 | \u2013 1,479.8 |
of which current | 948.1 | 1,879.6 | \u2013 931.5 |
of which non-current | 64.0 | 612.3 | \u2013 548.3 |
of which in other comprehensive income | \u2013 1,479.8 |
Wholesale as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 1,650.3 | 542.0 | 1,108.3 |
Forwards | 2,994.7 | 2,875.3 | 119.4 |
Total before netting | 4,645.0 | 3,417.3 | 1,227.6 |
of which current | 3,798.3 | 2,410.0 | 1,388.3 |
of which non-current | 846.7 | 1,007.3 | \u2013 160.7 |
Futures already realised | 900.7 | 1,980.4 | \u2013 1,079.7 |
Total | 147.9 |
Trading as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 85.7 | 88.5 | \u2013 2.8 |
Forwards | 1,354.6 | 1,353.2 | 1.4 |
Total before netting | 1,440.3 | 1,441.7 | \u2013 1.4 |
of which current | 1,091.0 | 1,094.7 | \u2013 3.7 |
of which non-current | 349.3 | 347.0 | 2.3 |
Total as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
| Futures | 2,316.8 | 2,248.9 | 67.8 |
Forwards | 4,775.9 | 4,929.6 | \u2013 153.7 |
Options | 4.7 | 172.4 | \u2013 167.7 |
Total before netting | 7,097.3 | 7,351.0 | \u2013 253.6 |
Including netting agreements | \u2013 4,790.2 | \u2013 4,790.2 | 0.0 |
Total after netting | 2,307.2 | 2,560.8 | \u2013 253.6 |
EEX/ECX clearing variation margins of futures | \u2013 112.2 | 0.0 | \u2013 112.2 |
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments | 2,195.0 | 2,560.8 | \u2013 365.8 |
of which current | 1,825.3 | 1,491.6 | 333.7 |
of which non-current | 369.7 | 1,069.2 | \u2013 699.5 |
Sensitivity: market price fluctuation of + 10% | \u20acm | |
2022 | 2023 | |
Effect on operating result (wholesale and trading portfolio) | \u2013 61.9 | \u2013 25.1 |
Effect on equity (revaluation reserve from cash flow hedges) | \u2013 346.6 | \u2013 183.9 |
Sensitivity: market price fluctuation of \u2013 10% | \u20acm | |
2022 | 2023 | |
Effect on operating result (wholesale and trading portfolio) | 61.9 | 25.1 |
Effect on equity (revaluation reserve from cash flow hedges) | 346.6 | 183.9 |
Depreciation and amortisation | \u20acm | |
2022 | 2023 | |
Depreciation of property, plant and equipment | 436.2 | 502.9 |
Amortisation of intangible assets | 16.8 | 21.4 |
Depreciation of right-of-use assets | 9.7 | 12.7 |
Depreciation and amortisation | 462.7 | 537.0 |
Intangible assets | \u20acm | ||
| Concessions, | Goodwill | Total | |
| rights, licences | |||
| 2023 | |||
Cost as at 1/1 | 922.5 | 1,027.9 | 1,950.4 |
Change in the basis of consolidation | \u2013 39.9 | 0.0 | \u2013 39.9 |
Additions from business acquisitions | 1.8 | 6.4 | 8.2 |
Additions | 92.3 | 0.0 | 92.3 |
Disposals | \u2013 4.7 | 0.0 | \u2013 4.7 |
Reclassifications | 4.3 | 0.0 | 4.3 |
Cost as at 31/12 | 976.2 | 1,034.3 | 2,010.5 |
Accumulated amortisation as at 1/1 | 384.2 | 321.4 | 705.6 |
Additions from business acquisitions | 0.1 | 0.0 | 0.1 |
Depreciation | 21.4 | 0.0 | 21.4 |
Impairment losses | 207.5 | 78.4 | 285.9 |
Disposals | \u2013 2.7 | 0.0 | \u2013 2.7 |
Accumulated amortisation as at 31/12 | 610.5 | 399.8 | 1,010.3 |
Net carrying amount as at 31/12 | 365.7 | 634.5 | 1,000.2 |
Net carrying amount as at 1/1 | 538.2 | 706.5 | 1,244.8 |
Intangible assets | \u20acm | ||
| Concessions, | Goodwill | Total | |
| rights, licences | |||
| 2022 | |||
Cost as at 1/1 | 265.8 | 855.3 | 1,121.1 |
Additions from business acquisitions | 618.0 | 172.6 | 790.7 |
Additions | 46.3 | 0.0 | 46.3 |
Disposals | \u2013 11.4 | 0.0 | \u2013 11.4 |
Reclassifications | 3.7 | 0.0 | 3.7 |
Cost as at 31/12 | 922.5 | 1,027.9 | 1,950.4 |
Accumulated amortisation as at 1/1 | 144.5 | 187.9 | 332.4 |
Additions from business acquisitions | 227.0 | 0.0 | 227.0 |
Depreciation | 16.8 | 0.0 | 16.8 |
Impairment losses | 2.2 | 133.5 | 135.7 |
Reversals of impairment losses | \u2013 0.4 | 0.0 | \u2013 0.4 |
Disposals | \u2013 5.7 | 0.0 | \u2013 5.7 |
Accumulated amortisation as at 31/12 | 384.2 | 321.4 | 705.6 |
Net carrying amount as at 31/12 | 538.2 | 706.5 | 1,244.8 |
Net carrying amount as at 1/1 | 121.3 | 667.4 | 788.7 |
Property, plant and equipment | \u20acm | |||||||
| Land and | Machin- | Electrical | Power | Office | Gas | Plants | Total | |
| buildings | ery | instal- | lines | and | pipelines | under | ||
| lations | plant | con- | ||||||
| equip- | struction | |||||||
| ment | and | |||||||
| projects | ||||||||
| 2023 | ||||||||
Cost as at 1/1 | 8,452.6 | 5,159.0 | 4,617.8 | 1,672.4 | 276.6 | 767.9 | 1,547.8 | 22,494.0 |
| Foreign exchange | ||||||||
differences | \u2013 0.2 | \u2013 1.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | \u2013 1.7 |
Change in the basis of consolidation | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 51.5 | 51.5 |
Additions from business acquisitions | 1.8 | 0.0 | 1.0 | 0.0 | 0.3 | 0.0 | 0.0 | 3.0 |
Additions | 50.3 | 465.0 | 111.0 | 12.8 | 35.7 | 4.2 | 771.5 | 1,450.5 |
Disposals | \u2013 2.1 | \u2013 258.2 | \u2013 62.5 | \u2013 1.7 | \u2013 15.1 | \u2013 0.5 | \u2013 0.4 | \u2013 340.6 |
Reclassifications | 66.6 | 21.9 | 277.0 | 5.1 | 0.4 | 0.4 | \u2013 372.1 | \u2013 0.7 |
Cost as at 31/12 | 8,569.1 | 5,386.2 | 4,944.2 | 1,688.6 | 297.8 | 771.9 | 1,998.4 | 23,656.1 |
| Accumulated depreciation | ||||||||
as at 1/1 | 3,568.7 | 2,854.2 | 2,744.8 | 876.9 | 187.9 | 373.2 | 11.9 | 10,617.5 |
| Foreign exchange | ||||||||
differences | 0.0 | \u2013 0.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | \u2013 0.8 |
Additions from business acquisitions | 0.3 | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.6 |
Depreciation | 123.2 | 139.0 | 157.2 | \u2013 4.3 | 23.2 | 64.4 | 0.0 | 502.9 |
Impairment losses | 20.5 | 101.9 | 34.6 | 40.3 | 0.5 | 0.0 | 0.6 | 198.3 |
Reversals of impairment losses | \u2013 11.6 | 0.0 | \u2013 19.4 | 0.0 | 0.0 | 0.0 | 0.0 | \u2013 31.0 |
Disposals | \u2013 1.7 | \u2013 257.3 | \u2013 57.5 | \u2013 0.7 | \u2013 14.8 | \u2013 0.6 | \u2013 0.3 | \u2013 333.0 |
Reclassifications | 0.1 | \u2013 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 3.7 | 3.6 |
| Accumulated depreciation | ||||||||
as at 31/12 | 3,699.5 | 2,837.0 | 2,859.8 | 912.2 | 196.9 | 437.0 | 15.8 | 10,958.1 |
| Net carrying amount | ||||||||
as at 31/12 | 4,869.5 | 2,549.3 | 2,084.4 | 776.5 | 100.9 | 334.9 | 1,982.5 | 12,697.9 |
| Net carrying amount | ||||||||
as at 1/1 | 4,883.9 | 2,304.8 | 1,873.1 | 795.5 | 88.7 | 394.6 | 1,535.9 | 11,876.5 |
Property, plant and equipment | \u20acm | |||||||
| Land and | Machin- | Electrical | Power | Office | Gas | Plants | Total | |
| buildings | ery | instal- | lines | and | pipelines | under | ||
| lations | plant | con- | ||||||
| equip- | struction | |||||||
| ment | and | |||||||
| projects | ||||||||
| 2022 | ||||||||
Cost as at 1/1 | 7,992.8 | 4,893.6 | 3,911.1 | 1,558.2 | 251.7 | 760.8 | 1,367.9 | 20,735.9 |
Additions from business acquisitions | 77.3 | 0.0 | 618.8 | 0.0 | 0.0 | 0.0 | 5.9 | 702.0 |
Additions | 140.3 | 151.3 | 46.0 | 15.8 | 29.7 | 10.7 | 787.0 | 1,180.9 |
Disposals | \u2013 8.0 | \u2013 48.4 | \u2013 48.6 | \u2013 6.6 | \u2013 7.3 | \u2013 6.7 | 0.0 | \u2013 125.5 |
Reclassifications | 250.2 | 162.5 | 90.4 | 105.0 | 2.5 | 3.0 | \u2013 613.0 | 0.6 |
Cost as at 31/12 | 8,452.6 | 5,159.0 | 4,617.8 | 1,672.4 | 276.6 | 767.9 | 1,547.8 | 22,494.0 |
| Accumulated depreciation | ||||||||
as at 1/1 | 3,370.0 | 2,855.6 | 2,450.2 | 854.9 | 175.1 | 351.9 | 6.2 | 10,063.8 |
Additions from business acquisitions | 0.0 | 0.0 | 285.0 | 0.0 | 0.0 | 0.0 | 0.0 | 285.0 |
Depreciation | 109.1 | 113.6 | 129.7 | 32.3 | 19.5 | 26.1 | 5.9 | 436.2 |
Impairment losses | 25.3 | 0.3 | 30.6 | 0.0 | 0.0 | 1.4 | 5.0 | 62.8 |
Reversals of impairment losses | \u2013 18.2 | \u2013 85.9 | \u2013 20.4 | \u2013 4.7 | 0.0 | 0.0 | 0.0 | \u2013 129.2 |
Disposals | \u2013 4.5 | \u2013 34.7 | \u2013 43.4 | \u2013 5.6 | \u2013 6.8 | \u2013 6.3 | 0.0 | \u2013 101.3 |
Reclassifications | 87.0 | 5.3 | \u2013 87.0 | 0.0 | 0.1 | 0.0 | \u2013 5.3 | 0.1 |
| Accumulated | ||||||||
| depreciation | ||||||||
as at 31/12 | 3,568.7 | 2,854.2 | 2,744.8 | 876.9 | 187.9 | 373.2 | 11.9 | 10,617.5 |
| Net carrying amount | ||||||||
as at 31/12 | 4,883.9 | 2,304.8 | 1,873.1 | 795.5 | 88.7 | 394.6 | 1,535.9 | 11,876.5 |
| Net carrying amount | ||||||||
as at 1/1 | 4,622.8 | 2,038.0 | 1,461.0 | 703.3 | 76.5 | 408.9 | 1,361.6 | 10,672.1 |
Right-of-use assets | \u20acm | ||||
| Land and | Electrical | Power | Operating and | Total | |
| buildings | installations | lines | office | ||
| equipment | |||||
As at 1/1/2023 | 113.1 | 9.2 | 20.0 | 4.4 | 146.6 |
Additions | 35.8 | 4.7 | 1.1 | 3.6 | 45.2 |
Depreciation | \u2013 9.9 | \u2013 0.8 | 0.0 | \u2013 2.1 | \u2013 12.8 |
Disposals | \u2013 9.1 | 0.0 | 0.0 | \u2013 0.2 | \u2013 9.3 |
As at 31/12/2023 | 129.9 | 13.1 | 21.1 | 5.7 | 169.7 |
Right-of-use assets | \u20acm | ||||
| Land and | Electrical | Power | Operating and | Total | |
| buildings | installations | lines | office | ||
| equipment | |||||
As at 1/1/2022 | 73.1 | 7.7 | 19.5 | 3.6 | 103.8 |
Additions from business acquisitions | 13.4 | 0.0 | 0.0 | 0.0 | 13.4 |
Additions | 35.6 | 2.1 | 0.6 | 2.5 | 40.7 |
Depreciation | \u2013 7.5 | \u2013 0.5 | 0.0 | \u2013 1.6 | \u2013 9.7 |
Disposals | \u2013 1.5 | 0.0 | 0.0 | \u2013 0.1 | \u2013 1.6 |
As at 31/12/2022 | 113.1 | 9.2 | 20.0 | 4.4 | 146.6 |
Impairment losses and reversals of impairment losses | \u20acm | |
2022 | 2023 | |
| Spain renewables portfolio: cash-generating units | \u2013 51.7 | \u2013 174.2 |
| Mellach combined cycle gas turbine power plant | 129.6 | \u2013 64.7 |
Deferred grants for the Mellach combined cycle gas turbine power plant 1 | \u2013 3.6 | 1.7 |
| Gas Connect Austria GmbH: cash-generating unit | \u2013 2.2 | \u2013 56.9 |
| Spain wind portfolio: cash-generating units | 0.0 | \u2013 54.0 |
| Spain photovoltaic portfolio: cash-generating units | 0.0 | \u2013 25.0 |
| Gratkorn power plant on the Mur River | \u2013 11.2 | 0.0 |
| Accrued construction cost contributions for the Gratkorn power plant | ||
| on the Mur River | 0.7 | 0.0 |
Goodwill of Spain renewables portfolio 2 | \u2013 94.2 | \u2013 78.4 |
Goodwill of Gas Connect Austria 2 | \u2013 39.3 | 0.0 |
Impairment losses and reversals of impairment losses | \u2013 71.8 | \u2013 451.6 |
1 See section 4.4.2 Impairment testing of power plants for details regarding the changes in value. // 2 See section 4.4.1 Impairment testing of goodwill for details on changes in the value of goodwill |
| Impairment testing of Trans Austria Gasleitung GmbH | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | Trans Austria Gasleitung GmbH, | Trans Austria Gasleitung GmbH, |
| Austrian transmission system operator | Austrian transmission system operator | |
| Indications of | Significant changes in the | Significant changes in the |
| impairment | energy industry environment | energy industry environment |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
Derivation of cash flow | Trans Austria Gasleitung GmbH budgets | Trans Austria Gasleitung GmbH budgets |
| (based primarily on market data) | (based primarily on market data) | |
Volume | Capacity bookings | Capacity bookings |
Price | Regulatory tariffs published by the regulator | Regulatory tariffs published by the |
| regulator | ||
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 5 years plus | rough planning phase: 5 years plus | |
| Regulatory Asset Base (RAB) as exit value | Regulatory Asset Base (RAB) as exit value | |
| Key valuation | Regulatory interest rate for the RAB | Regulatory interest rate for the RAB |
| assumptions | ||
After-tax discount rate | Determination of discount rate taking into | Determination of discount rate taking into |
| account regulatory framework conditions | account regulatory framework conditions | |
Recoverable amount | \u20ac 21.9m | \u20ac 33.6m |
| Change in value | \u20ac\u2013 46.2m | \u20ac+ 14.0m |
| during the period | ||
1 An impairment loss had already been recognised in the 2023 reporting period in the amount of \u2013 \u20ac2.8m as at 30 June 2023. By 31 December 2023, the impairment loss | ||
| recognised during the year had decreased and a reversal of the impairment loss was recognised in the amount of \u20ac14.0m . |
| Sensitivity analysis for Trans Austria Gasleitung GmbH 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumption | amounts of assets | |
| After-tax discount rate | (Please refer to | \u00b1 0.25 PP | \u20ac\u2013 0.6m |
| the table above) | \u20ac+ 0.6m |
| Sensitivity analysis for Trans Austria Gasleitung GmbH 31/12/2022 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumption | amounts of assets | |
After-tax discount rate | (Please refer to | \u00b1 0.25 PP | \u20ac\u2013 0.5m |
| the table above) | \u20ac+ 0.5m |
| Impairment testing of Ashta Beteiligungsverwaltung GmbH | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | VERBUND and EVN AG joint venture | VERBUND and EVN AG joint venture |
| that holds 100% of the interest in | that holds 100% of the interest in | |
| Energji Ashta Shpk, which in turn operates | Energji Ashta Shpk, which in turn operates | |
| a two-stage Hydromatrix power plant | a two-stage Hydromatrix power plant | |
| (installed capacity: 53 MW) in Albania | (installed capacity: 53 MW) in Albania | |
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts and |
| impairment | updated discount rate | updated discount rate |
Basis for recoverable amount | Value in use | Fair value (Level 3) less costs of disposal |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
Derivation of cash flow | Energji Ashta Shpk budgets | Energji Ashta Shpk budgets |
Volume | The annual output corresponding to the | The annual output corresponding to the |
| mean energy capability of 242 GWh | mean energy capability of 242 GWh | |
Price | 2023\u20132028: Electricity prices based on | 2024\u20132028: Electricity prices based on |
| purchase agreement with KESH | purchase agreement with KESH | |
| 2029\u20132043: Internal price forecasts | 2029\u20132043: External price forecasts | |
Planning period | Detailed planning phase: 1 year; | Detailed planning phase: 1 year; |
| rough planning phase: 20 years (long-term | rough planning phase: 19 years (long-term | |
| reinvestment, repair and maintenance | reinvestment, repair and maintenance | |
| cycles for hydropower plants) | cycles for hydropower plants) | |
| Key valuation | Electricity price forecasts and | Electricity price forecasts and |
| assumptions | discount rate | discount rate |
After-tax discount rate | WACC after taxes (2023\u20132028): 10.75% | WACC after taxes (2024\u20132028): 9.5% |
| WACC after taxes (2029\u20132043): 12.50% | WACC after taxes (2029\u20132043): 11.25% | |
Recoverable amount | \u20ac 19.2m | \u20ac 35.9m |
| Change in value | \u20ac\u2013 0.3m | \u20ac+ 12.7m |
| during the period | ||
1 An impairment loss reversal had already been recognised in the 2023 reporting period in the amount of \u20ac6.3m as at 30 June 2023. By 31 December 2023, the reversal of impairment recognised during the year had increased to \u20ac12.7m. |
| Sensitivity analysis for Ashta Beteiligungsverwaltung GmbH 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumption | amounts of assets | |
| Electricity price | \u20ac107.8 per MWh | \u00b1 5% | \u20ac+ 7.8m |
| \u20ac\u2013 7.8m | |||
After-tax discount rate | 9.50%/11.25% | \u00b1 0.25 PP | \u20ac+ 2.6m |
| \u20ac\u2013 2.5m | |||
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 The electricity price shown relates to the year 2030. | |||
The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon. // 3 The upper write-up limit was reached as at 31 December 2023 |
| Sensitivity analysis for Ashta Beteiligungsverwaltung GmbH 31/12/2022 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumption | amounts of assets | |
Electricity price | \u20ac99.04 per MWh | \u00b1 5% | \u20ac+ 3.3m |
| \u20ac\u2013 3.3m | |||
After-tax discount rate | 10.75%/12.50% | \u00b1 0.25 PP | \u20ac+ 1.0m |
| \u20ac\u2013 1.0m |
Intangible assets | \u20acm | ||
| Concessions, | Goodwill | Total | |
| rights, licences | |||
| 2023 | |||
Cost as at 1/1 | 922.5 | 1,027.9 | 1,950.4 |
Change in the basis of consolidation | \u2013 39.9 | 0.0 | \u2013 39.9 |
Additions from business acquisitions | 1.8 | 6.4 | 8.2 |
Additions | 92.3 | 0.0 | 92.3 |
Disposals | \u2013 4.7 | 0.0 | \u2013 4.7 |
Reclassifications | 4.3 | 0.0 | 4.3 |
Cost as at 31/12 | 976.2 | 1,034.3 | 2,010.5 |
Accumulated amortisation as at 1/1 | 384.2 | 321.4 | 705.6 |
Additions from business acquisitions | 0.1 | 0.0 | 0.1 |
Depreciation | 21.4 | 0.0 | 21.4 |
Impairment losses | 207.5 | 78.4 | 285.9 |
Disposals | \u2013 2.7 | 0.0 | \u2013 2.7 |
Accumulated amortisation as at 31/12 | 610.5 | 399.8 | 1,010.3 |
Net carrying amount as at 31/12 | 365.7 | 634.5 | 1,000.2 |
Net carrying amount as at 1/1 | 538.2 | 706.5 | 1,244.8 |
Intangible assets | \u20acm | ||
| Concessions, | Goodwill | Total | |
| rights, licences | |||
| 2022 | |||
Cost as at 1/1 | 265.8 | 855.3 | 1,121.1 |
Additions from business acquisitions | 618.0 | 172.6 | 790.7 |
Additions | 46.3 | 0.0 | 46.3 |
Disposals | \u2013 11.4 | 0.0 | \u2013 11.4 |
Reclassifications | 3.7 | 0.0 | 3.7 |
Cost as at 31/12 | 922.5 | 1,027.9 | 1,950.4 |
Accumulated amortisation as at 1/1 | 144.5 | 187.9 | 332.4 |
Additions from business acquisitions | 227.0 | 0.0 | 227.0 |
Depreciation | 16.8 | 0.0 | 16.8 |
Impairment losses | 2.2 | 133.5 | 135.7 |
Reversals of impairment losses | \u2013 0.4 | 0.0 | \u2013 0.4 |
Disposals | \u2013 5.7 | 0.0 | \u2013 5.7 |
Accumulated amortisation as at 31/12 | 384.2 | 321.4 | 705.6 |
Net carrying amount as at 31/12 | 538.2 | 706.5 | 1,244.8 |
Net carrying amount as at 1/1 | 121.3 | 667.4 | 788.7 |
Property, plant and equipment | \u20acm | |||||||
| Land and | Machin- | Electrical | Power | Office | Gas | Plants | Total | |
| buildings | ery | instal- | lines | and | pipelines | under | ||
| lations | plant | con- | ||||||
| equip- | struction | |||||||
| ment | and | |||||||
| projects | ||||||||
| 2023 | ||||||||
Cost as at 1/1 | 8,452.6 | 5,159.0 | 4,617.8 | 1,672.4 | 276.6 | 767.9 | 1,547.8 | 22,494.0 |
| Foreign exchange | ||||||||
differences | \u2013 0.2 | \u2013 1.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | \u2013 1.7 |
Change in the basis of consolidation | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 51.5 | 51.5 |
Additions from business acquisitions | 1.8 | 0.0 | 1.0 | 0.0 | 0.3 | 0.0 | 0.0 | 3.0 |
Additions | 50.3 | 465.0 | 111.0 | 12.8 | 35.7 | 4.2 | 771.5 | 1,450.5 |
Disposals | \u2013 2.1 | \u2013 258.2 | \u2013 62.5 | \u2013 1.7 | \u2013 15.1 | \u2013 0.5 | \u2013 0.4 | \u2013 340.6 |
Reclassifications | 66.6 | 21.9 | 277.0 | 5.1 | 0.4 | 0.4 | \u2013 372.1 | \u2013 0.7 |
Cost as at 31/12 | 8,569.1 | 5,386.2 | 4,944.2 | 1,688.6 | 297.8 | 771.9 | 1,998.4 | 23,656.1 |
| Accumulated depreciation | ||||||||
as at 1/1 | 3,568.7 | 2,854.2 | 2,744.8 | 876.9 | 187.9 | 373.2 | 11.9 | 10,617.5 |
| Foreign exchange | ||||||||
differences | 0.0 | \u2013 0.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | \u2013 0.8 |
Additions from business acquisitions | 0.3 | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.6 |
Depreciation | 123.2 | 139.0 | 157.2 | \u2013 4.3 | 23.2 | 64.4 | 0.0 | 502.9 |
Impairment losses | 20.5 | 101.9 | 34.6 | 40.3 | 0.5 | 0.0 | 0.6 | 198.3 |
Reversals of impairment losses | \u2013 11.6 | 0.0 | \u2013 19.4 | 0.0 | 0.0 | 0.0 | 0.0 | \u2013 31.0 |
Disposals | \u2013 1.7 | \u2013 257.3 | \u2013 57.5 | \u2013 0.7 | \u2013 14.8 | \u2013 0.6 | \u2013 0.3 | \u2013 333.0 |
Reclassifications | 0.1 | \u2013 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 3.7 | 3.6 |
| Accumulated depreciation | ||||||||
as at 31/12 | 3,699.5 | 2,837.0 | 2,859.8 | 912.2 | 196.9 | 437.0 | 15.8 | 10,958.1 |
| Net carrying amount | ||||||||
as at 31/12 | 4,869.5 | 2,549.3 | 2,084.4 | 776.5 | 100.9 | 334.9 | 1,982.5 | 12,697.9 |
| Net carrying amount | ||||||||
as at 1/1 | 4,883.9 | 2,304.8 | 1,873.1 | 795.5 | 88.7 | 394.6 | 1,535.9 | 11,876.5 |
Property, plant and equipment | \u20acm | |||||||
| Land and | Machin- | Electrical | Power | Office | Gas | Plants | Total | |
| buildings | ery | instal- | lines | and | pipelines | under | ||
| lations | plant | con- | ||||||
| equip- | struction | |||||||
| ment | and | |||||||
| projects | ||||||||
| 2022 | ||||||||
Cost as at 1/1 | 7,992.8 | 4,893.6 | 3,911.1 | 1,558.2 | 251.7 | 760.8 | 1,367.9 | 20,735.9 |
Additions from business acquisitions | 77.3 | 0.0 | 618.8 | 0.0 | 0.0 | 0.0 | 5.9 | 702.0 |
Additions | 140.3 | 151.3 | 46.0 | 15.8 | 29.7 | 10.7 | 787.0 | 1,180.9 |
Disposals | \u2013 8.0 | \u2013 48.4 | \u2013 48.6 | \u2013 6.6 | \u2013 7.3 | \u2013 6.7 | 0.0 | \u2013 125.5 |
Reclassifications | 250.2 | 162.5 | 90.4 | 105.0 | 2.5 | 3.0 | \u2013 613.0 | 0.6 |
Cost as at 31/12 | 8,452.6 | 5,159.0 | 4,617.8 | 1,672.4 | 276.6 | 767.9 | 1,547.8 | 22,494.0 |
| Accumulated depreciation | ||||||||
as at 1/1 | 3,370.0 | 2,855.6 | 2,450.2 | 854.9 | 175.1 | 351.9 | 6.2 | 10,063.8 |
Additions from business acquisitions | 0.0 | 0.0 | 285.0 | 0.0 | 0.0 | 0.0 | 0.0 | 285.0 |
Depreciation | 109.1 | 113.6 | 129.7 | 32.3 | 19.5 | 26.1 | 5.9 | 436.2 |
Impairment losses | 25.3 | 0.3 | 30.6 | 0.0 | 0.0 | 1.4 | 5.0 | 62.8 |
Reversals of impairment losses | \u2013 18.2 | \u2013 85.9 | \u2013 20.4 | \u2013 4.7 | 0.0 | 0.0 | 0.0 | \u2013 129.2 |
Disposals | \u2013 4.5 | \u2013 34.7 | \u2013 43.4 | \u2013 5.6 | \u2013 6.8 | \u2013 6.3 | 0.0 | \u2013 101.3 |
Reclassifications | 87.0 | 5.3 | \u2013 87.0 | 0.0 | 0.1 | 0.0 | \u2013 5.3 | 0.1 |
| Accumulated | ||||||||
| depreciation | ||||||||
as at 31/12 | 3,568.7 | 2,854.2 | 2,744.8 | 876.9 | 187.9 | 373.2 | 11.9 | 10,617.5 |
| Net carrying amount | ||||||||
as at 31/12 | 4,883.9 | 2,304.8 | 1,873.1 | 795.5 | 88.7 | 394.6 | 1,535.9 | 11,876.5 |
| Net carrying amount | ||||||||
as at 1/1 | 4,622.8 | 2,038.0 | 1,461.0 | 703.3 | 76.5 | 408.9 | 1,361.6 | 10,672.1 |
Goodwill | \u20acm | |
2022 | 2023 | |
Hydro segment | 287.0 | 287.0 |
Sales segment | 13.0 | 13.0 |
Inn River power plant group | 126.6 | 126.6 |
Grenzkraftwerke power plant group | 161.1 | 161.1 |
SMATRICS GmbH & Co KG | 40.5 | 40.5 |
Spain renewables portfolio | 78.4 | 0.0 |
| Solarpower | 0.0 | 6.4 |
Goodwill | 706.6 | 634.6 |
1 Details regarding goodwill recognised for the first time in the 2023 reporting period can be found in the section entitled Business acquisitions |
| Impairment testing of goodwill for the Hydro segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All hydraulic energy power plants of | All hydraulic energy power plants of |
| cash-generating units | VERBUND plus goodwill and | VERBUND plus goodwill and |
| deferred tax items | deferred tax items | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
Derivation of cash flow | VERBUND\u2019s planning | VERBUND\u2019s planning |
| (based primarily on market data) | (based primarily on market data) | |
Volume | Average expected generation of the | Average expected generation of the |
| respective power plants | respective power plants | |
Price | Internal price forecasts and power plant- | Internal price forecasts and power plant- |
| specific premiums or discounts (for | specific premiums or discounts (for | |
| example, the sale of guarantees of origin) | example, the sale of guarantees of origin) | |
Planning period | Detailed planning phase: up to a maximum | Detailed planning phase: up to a maximum |
| of 6 years depending on the specific | of 6 years depending on the specific | |
| power plant; rough planning phase: | power plant; rough planning phase: | |
| up to a maximum of 32 years depending on | up to a maximum of 31 years depending | |
| the specific power plant; subsequent | on the specific power plant; subsequent | |
| terminal value phase following rough | terminal value phase following rough | |
| planning phase depending on the specific | planning phase depending on the specific | |
| power plant | power plant | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75% to 12.50% | WACC: 5.75% to 11.25% |
| depending on the location | depending on the location | |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.26%\u201312.52% (previous year: 6.43%\u201313.79%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Sales segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All of VERBUND\u2019s sales activities | All of VERBUND\u2019s sales activities |
| cash-generating units | plus goodwill | plus goodwill |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Expected trading and distribution volumes | Expected trading and distribution volumes |
Price | Expected trading and sales margins | Expected trading and sales margins |
Planning period | Detailed planning phase of 6 years | Detailed planning phase of 6 years |
| followed by a terminal value phase | followed by a terminal value phase | |
| Key valuation | Expected trading and distribution volumes | Expected trading and distribution volumes |
| assumptions | as well as trading and sales margins | as well as trading and sales margins |
After-tax discount rate | WACC after taxes: 5.75%\u201312.25% | WACC after taxes: 5.75%\u201312.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 8.03%\u2013 15.07% (previous year: 8.46%\u2013 14.52%). // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Inn River run-of-river power plant group | ||
31/12/2022 | 31/12/2023 | |
| Group of | Run-of-river power plants of the Inn River | Run-of-river power plants of the Inn River |
| cash-generating units | power plant group 1 , each of which also | power plant group 1 , each of which also |
| represents a cash-generating unit, | represents a cash-generating unit, | |
| plus goodwill and deferred tax accruals | plus goodwill and deferred tax accruals | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND Innkraftwerke GmbH budgets | VERBUND Innkraftwerke GmbH budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Annual output corresponding to the | Annual output corresponding to the |
| mean energy capability of 1,994 GWh | mean energy capability of 1,983 GWh | |
| (after conclusion of the T\u00f6ging | ||
| modernisation project) | ||
Price | Internal price forecasts; discounts for | Internal price forecasts; discounts for |
| generation characteristics and the | generation characteristics and the | |
| hydrological forecast and availability risk; | hydrological forecast and availability risk; | |
| premium for additional proceeds from the | premium for additional proceeds from the | |
| sale of guarantees of origin (derived from | sale of guarantees of origin (derived from | |
| quoted price); consideration of water | quoted price); consideration of water | |
| charges based on official notices; | charges based on official notices; | |
| estimate of maintenance costs by the | estimate of maintenance costs by the | |
| managers responsible | managers responsible | |
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 32 years | rough planning phase: 31 years | |
| followed by a terminal value phase | followed by a terminal value phase | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75% | WACC: 5.75% |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 7.26% (previous year: 7.71%) // | ||
3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occu r |
| Impairment testing of goodwill for the Grenzkraftwerke run-of-river power plant group | |||
31/12/2022 | 31/12/2023 | ||
| Group of | Run-of-river power plants of the | Run-of-river power plants of the | |
| cash-generating units | Grenzkraftwerke power plant group 2 , | Grenzkraftwerke power plant group 2 , | |
| each of which represents a cash- | each of which represents a cash- | ||
| generating unit, plus goodwill and | generating unit, plus goodwill and | ||
| deferred tax accruals | deferred tax accruals | ||
Basis for recoverable amount | Value in use | Value in use | |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) | |
| Derivation of | Grenzkraftwerke GmbH\u2019s budgets | Grenzkraftwerke GmbH\u2019s budgets | |
| cash flow | (based primarily on market data) | (based primarily on market data) | |
Volume | Annual output corresponding to the | Annual output corresponding to the | |
| mean energy capability of 3,957 or | mean energy capability of 3,957 GWh | ||
4,007 | GWh (after completing measures to | ||
| increase efficiency at Ering-Frauenstein) | |||
Price | Internal price forecasts; discounts for | Internal price forecasts; discounts for | |
| generation characteristics and the | generation characteristics and the | ||
| hydrological forecast and availability risk; | hydrological forecast and availability risk; | ||
| premium for additional proceeds from the | premium for additional proceeds from the | ||
| sale of guarantees of origin (derived from | sale of guarantees of origin (derived from | ||
| quoted price); consideration of water | quoted price); consideration of water | ||
| charges based on official notices; | charges based on official notices; | ||
| estimate of maintenance costs by the | estimate of maintenance costs by the | ||
| managers responsible | managers responsible | ||
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; | |
| rough planning phase: 32 years | rough planning phase: 31 years | ||
| followed by a terminal value phase | followed by a terminal value phase | ||
| Key valuation | Electricity price, discount rate | Electricity price, discount rate | |
| assumptions | |||
After-tax discount rate | WACC: 6.00% | WACC: 6.25% 3 | |
| Impairment loss | \u2013 | \u2013 | |
| during the period | |||
1 The following explanatory notes relate to the second step of the two-step impairment test of the Grenzkraftwerke power plant group. The recoverability of the individual run-of- river power plant assets was tested in the first step. // 2 The Grenzkraftwerke power plant group comprises the following power plants: Braunau-Simbach, Egglfing-Obernberg, Ering-Frauenstein, Jochenstein, Nu\u00dfdorf, Oberaudorf-Ebbs, Passau-Ingling and Sch\u00e4rding-Neuhaus. // 3 The implicit input tax interest rate determined through a process of iteration amounted to 7.93%\u2013 8.05% (previous year: 7.98%\u2013 8.11%). // 4 In the opinion of Management, the carrying amount of the Grenzkraftwerke power plant group's assets | |||
(less deferred tax liabilities) including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur . |
| Impairment testing of goodwill from SMATRICS GmbH & Co KG | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | SMATRICS GmbH & Co KG, | SMATRICS GmbH & Co KG, |
| full-service provider for electromobility | full-service provider for electromobility | |
| charging solutions | charging solutions | |
Basis for recoverable amount | Fair value (Level 3) less costs of disposal | Fair value (Level 3) less costs of disposal |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | SMATRICS GmbH & Co KG budgets | SMATRICS GmbH & Co KG budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electric vehicle ramp-up | Electric vehicle ramp-up |
Price | Charging rates | Charging rates |
Planning period | Detailed planning phase: 8 years | Detailed planning phase: 7 years |
| plus subsequent terminal value phase | plus subsequent terminal value phase | |
| Key valuation | Electric vehicle ramp-up, discount rate | Electric vehicle ramp-up, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 12.25% | WACC: 12.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period |
| Sensitivity analysis for SMATRICS GmbH & Co KG 31/12/2023 | |||
| Value assigned to the key | Change in key | Effects on the carrying | |
| valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 12.50% | \u00b1 0.25 PP | \u20ac\u2013 1.8m |
| \u20ac+ 1.8m |
| Sensitivity analysis for SMATRICS GmbH & Co KG 31/12/2022 | |||
| Value assigned to the key | Change in key | Effects on the carrying | |
| valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 12.25% | \u00b1 0.25 PP | \u20ac\u2013 2.7m |
| \u20ac+ 2.1m |
| Impairment testing of goodwill from Solarpower | |
| 31/12/2023 | |
| Group of | Solarpower (MSP Solarpower GmbH/iFIX GmbH): construction of photovoltaic systems |
| cash-generating units | and distribution of components |
Basis for recoverable amount | Value in use |
Valuation technique | Net present value approach (DCF method) |
Derivation of cash flow | VERBUND budgets (based primarily on market data) |
Volume | MWp plant engineering, sales volumes of PV components |
Price | Purchase prices for photovoltaic modules, inverters and mounting structures; |
| purchased installation services; internal forecasts for project costs and own work | |
Planning period | Detailed planning phase: 6 years plus subsequent terminal value phase |
| Key valuation | Price assumptions (\u20ac/MWp), discount rate |
| assumptions | |
After-tax discount rate | 6.25% |
Recoverable amount | \u20ac24.0m |
| Impairment loss | \u2013 |
| during the period | |
1 impairment test as at 31 December 2023 following the acquisition of shares on 16 June 2023 // 2 The implicit input tax interest rate determined through a process of iteration | |
| amounted to 8.11% . |
| Sensitivity analysis for Solarpower 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 6.25% | \u00b1 0.25 PP | \u20ac\u2013 1.3m |
| \u20ac+ 1.4m |
| Impairment testing of the Mellach combined cycle gas turbine power plant | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | Combined cycle gas turbine power plant | Combined cycle gas turbine power plant |
| (installed electrical capacity: 838 MW) | (installed electrical capacity: 838 MW) | |
| Indications of | Updated electricity or gas | Updated electricity or gas |
| impairment | price forecasts and updated discount rate | price forecasts |
| Basis for recoverable | Fair value (Level 3) less costs of disposal | Fair value (Level 3) less costs of disposal |
| amount | ||
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND Thermal Power GmbH & Co KG | VERBUND Thermal Power GmbH & Co KG |
| cash flow | budgets (based primarily on market data) | budgets (based primarily on market data) |
Volume | Optimisation model with primary inputs: | Optimisation model with primary inputs: |
| installed capacity, heat extraction | installed capacity, heat extraction | |
| (maximum 400 MW) and efficiency | (maximum 400 MW) and efficiency | |
| at full capacity (58.8%) | at full capacity (58.8%) | |
Price | External price forecasts; temporarily | internal and external price forecasts; |
| expected revenue from the grid reserve, | temporarily expected revenue from the | |
| congestion management, redispatch and | grid reserve, congestion management, | |
| market use, including heat extraction in the | redispatch and market use, including heat | |
| winter for one line (Q4/2022 to Q1/2023); | extraction in the winter for one line | |
| estimate of operating, maintenance and | (Q4/2023 to Q1/2024); estimate of | |
| downtime costs by the responsible | operating, maintenance and downtime | |
| managers | costs by the responsible managers | |
Planning period | Total capacity averaging around | Total capacity averaging around |
| 100,000 equivalent operating hours or | 100,000 equivalent operating hours or | |
| until 2040 (dependent on earlier start) | until 2040 (dependent on earlier start) | |
| Key valuation | Discount rate, expected revenue from the | Discount rate, expected revenue from the |
| assumptions | grid reserve, congestion management and | grid reserve, congestion management and |
| redispatch, development of | redispatch, development of | |
| clean spark spreads | clean spark spreads | |
After-tax discount rate | WACC: 6.25% | WACC: 6.25% |
Recoverable amount | \u20ac231.5m | \u20ac161.3m |
| Change in value | \u20ac+ 126.0m | \u20ac\u2013 63.0m |
| during the period | ||
1 An impairment loss had already been recognised in the reporting period in the amount of \u20ac-15.5m as at 30 June 2023. By 31 December 2023, the impairment loss recognised | ||
during the year had increased to \u20ac-63.0m. The impairment loss recognised in the 2023 reporting period was reduced by the change in deferred government grants in the amount of \u20ac1.7m (previous year: \u20ac3.6m) . |
| Sensitivity analysis for the Mellach combined cycle gas turbine power plant 31/12/2023 | |||
| Value assigned to the | Change in | Effects on the carrying | |
| key valuation assumption | key valuation | amounts of assets | |
| assumptions | |||
After-tax discount rate | 6.25% | \u00b1 0.25 PP | \u20ac+ 2.9m |
| \u20ac\u2013 2.9m | |||
Temporarily expected revenue from the grid reserve, congestion | \u2013 | \u00b1 10% | n/a |
| management and redispatch | |||
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 A statement of the value assigned to the temporarily | |||
| expected revenue from congestion management and redispatch has been omitted because such a statement could harm VERBUND\u2019s position in the tender process. | |||
| VERBUND did not participate in the 2024 tender for grid support. |
| Sensitivity analysis for the Mellach combined cycle gas turbine power plant 31/12/2022 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 6.25% | \u00b1 0.25 PP | \u20ac+ 3.1m |
| \u20ac\u2013 3.0m | |||
| Temporarily expected revenue from | \u2013 | \u00b1 10% | \u20ac+ 10.3m |
| the grid reserve, congestion | \u20ac\u2013 10.4m | ||
| management and redispatch |
| Impairment testing of existing projects in the Spain renewables portfolio | ||
31/12/2022 | 31/12/2023 | |
| Group of | PV portfolios with a capacity of 82.1 MWp | PV portfolios with a capacity of 82.1 MWp |
cash-generating units 1 | in operation (Anselma Issuer, S.A.U. and | in operation (Anselma Issuer, S.A.U. and |
| Topacio Energy, S.L.U.) | Topacio Energy, S.L.U.) | |
Basis for recoverable amount | Value in use | Value in use |
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts |
| impairment | updated discount rate | |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electricity generation | Electricity generation |
Price | Tariffs for the next 15\u2013 18 years, | Tariffs for the next 14\u2013 17 years, |
| followed by internal price forecast | followed by internal price forecast | |
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years |
| Rough planning phase: 14 to 15 years for | Rough planning phase: 13 to 14 years for | |
| the Anselma Issuer, S.A.U. portfolio and | the Anselma Issuer, S.A.U. portfolio and | |
| 14 to 17 years for the Topacio Energy, | 13 to 16 years for the Topacio Energy, | |
| S.L.U. portfolio. | S.L.U. portfolio. | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75%/6.50% | WACC: 5.75%/6.50% |
Recoverable amount | \u20ac393.0m | \u20ac348.8m |
| Change in value | \u20ac\u2013 49.7m | \u20ac+ 29.9m |
| during the period | ||
1 The existing projects are broken down into the following portfolios: Anselma Issuer, S.A.U. with 17 CGUs, Topacio Energy, S.L.U. with 19 CGUs. // 2 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 14 to 17 years, followed by a period of merchant marketing, two different | ||
WACCs were used for the valuation. The implicit input tax interest rate determined through a process of iteration amounted to 7.25%\u2013 8.08% (previous year: 7.24%\u2013 7.51%). // | ||
3 The reversal of impairment losses as at 31 December 2023 comprises the impairment losses and reversals of impairment losses of 15 CGUs in the Anselma Issuer, S.A.U. portfolio | ||
in the total amount of \u20ac6.0m (previous year: impairment losses in the amount of \u2013 \u20ac15.4m) and 19 CGUs in the Topacio Energy, S.L.U. portfolio in the total amount of \u20ac23.9m | ||
(previous year: impairment losses in the amount of \u2013 \u20ac34.2m). |
| Sensitivity analysis for existing projects in the Spain renewables portfolio 31/12/2023 | ||||
| Value assigned | Change in | Effects on the | Effects on the | |
| to the key | key valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, Anselma | assets, Topacio | ||
| Issuer, S.A.U. | Energy, S.L.U. | |||
| portfolio | portfolio | |||
After-tax discount rate | 5.75%/6.50% | \u00b1 0.25 PP | \u20ac\u2013 2.0m | \u20ac\u2013 3.0m |
| \u20ac+ 2.0m | \u20ac+ 3.0m | |||
| Electricity price | n/a | n/a | n/a | n/a |
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 not applicable due to tariff revenue |
| Sensitivity analysis for existing projects in the Spain renewables portfolio 31/12/2022 | ||||
| Value assigned | Change in key | Effects on the | Effects on the | |
| to the key | valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, portfolio | assets, portfolio | ||
| Anselma Issuer, | Topacio Energy, | |||
| S.A.U. | S.L.U. | |||
After-tax discount rate | 5.75%/6.50% | \u00b1 0.25 PP | \u20ac+ 1.5m | \u20ac+ 4.4m |
| \u20ac\u2013 1.5m | \u20ac\u2013 4.4m | |||
Electricity price | n/a | n/a | n/a | n/a |
| Impairment testing of development projects in Spain renewables portfolio | ||||
31/12/2022 | 31/12/2023 | |||
| Group of | Wind/PV portfolios with a capacity of | Wind/PV portfolios with a capacity of | ||
| cash-generating units | 2,129 | MW under development | 1,827 | MW under development |
| (Tejo Solar, S.L.U, Catalpa Solar, S.L.U. and | (Tejo Solar, S.L.U, Catalpa Solar, S.L.U. | |||
| VERBUND Green Power Renewable | and VERBUND Green Power Renewable | |||
| Projects, S.L.U.) | Projects, S.L.U.) | |||
Basis for recoverable amount | Value in use | Value in use | ||
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts, | ||
| impairment | updated discount rate | increase in CapEx and postponement of | ||
| commissioning | ||||
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) | ||
Derivation of cash flow | VERBUND budgets | VERBUND budgets | ||
| (based primarily on market data) | (based primarily on market data) | |||
Volume | Electricity generation | Electricity generation | ||
Price | Internal price forecast for projects, | Internal price forecast for projects, | ||
| premium for additional proceeds from the | premium for additional proceeds from the | |||
| sale of guarantees of origin | sale of guarantees of origin | |||
| (derived from quoted prices) | (derived from quoted prices) | |||
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years | ||
| Rough planning phase: 29 years (PV) or | Rough planning phase: 29 years (PV) or | |||
| 24 years (wind) | 24 years (wind) | |||
| Key valuation | Electricity price, discount rate | Electricity price, discount rate | ||
| assumptions | ||||
After-tax discount rate | WACC: 6.50% | WACC: 6.50% | ||
Recoverable amount | \u20ac373.1m | \u20ac202.2m | ||
| Impairment loss | \u20ac\u2013 2.0m | \u20ac\u2013 204.1m | ||
| during the period | ||||
1 The development projects are broken down into the following portfolios: Tejo Solar, S.L.U. with 18 CGUs, Catalpa Solar, S.L.U. with 5 CGUs and VERBUND Green Power | ||||
Renewable Projects, S.L.U. with 3 CGUs. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 8.07%\u2013 8.30% (previous year: | ||||
8.57%\u2013 8.67%). // 3 The impairment losses as at 31 December 2023 resulted from 17 CGUs in the Tejo Solar, S.L.U. portfolio in the amount of \u2013 \u20ac169.6m (previous year: \u2013 \u20ac2.0m) | ||||
and five CGUs in the Catalpa Solar, S.L.U. portfolio in the amount of \u20ac34.6m (previous year: \u20ac0m). |
| Sensitivity analysis for development projects in the Spain renewables portfolio 31/12/2023 | ||||
| Value assigned | Change in key | Effects on the | Effects on the | |
| to the key | valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, portfolio | assets, portfolio | ||
| Catalpa Solar, | Tejo Solar, | |||
| S.L.U. | S.L.U. | |||
After-tax discount rate | 6.50% | \u00b1 0.25 PP | \u20ac\u2013 4.0m | \u20ac\u2013 23.0m |
| \u20ac+ 4.0m | \u20ac+ 23.0m | |||
| Electricity price | \u20ac40.5 per MWh | \u00b1 5% | \u20ac+ 9.0m | \u20ac+ 48.0m |
| \u20ac\u2013 9.0m | \u20ac\u2013 48.0m | |||
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 The sensitivities shown only relate to the 17 projects | ||||
affected by impairment (previous year: two projects). // 3 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon. |
| Sensitivity analysis for development projects in the Spain renewables portfolio 31/12/2022 | ||||
| Value assigned | Change in key | Effects on the | Effects on the | |
| to the key | valuation | carrying | carrying | |
| valuation | assumptions | amounts of | amounts of | |
| assumption | assets, portfolio | assets, portfolio | ||
| Catalpa Solar, | Tejo Solar, | |||
| S.L.U. | S.L.U. | |||
After-tax discount rate | 6.50% | \u00b1 0.25 PP | n/a | \u20ac+ 2.6m |
| \u20ac\u2013 2.6m | ||||
Electricity price | \u20ac47.5 per MWh | \u00b1 5% | n/a | \u20ac+ 4.2m |
| \u20ac\u2013 4.2m |
| Impairment testing of the Spain photovoltaic portfolio | ||
| 31/12/2023 | ||
| Group of | 148 | MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., |
| cash-generating units | Watt Development 6 S.L.U., Watt Development 7 S.L.U.) | |
Basis for recoverable amount | Value in use | |
Indications of impairment | Updated electricity price forecasts | |
Valuation technique | Net present value approach (DCF method) | |
Derivation of cash flow | VERBUND budgets (based primarily on market data) | |
Volume | Electricity generation | |
Price | Internal price forecast, premium for additional proceeds from the sale of | |
| guarantees of origin (derived from quoted prices) | ||
Planning period | Detailed planning phase: 6 years | |
| Rough planning phase: 28 years | ||
Key valuation assumptions | Discount rate | |
After-tax discount rate | WACC: 6.50% | |
Recoverable amount | \u20ac105.6m | |
| Impairment loss | \u20ac\u2013 25.0m | |
| during the period | ||
1 At the previous year\u2019s reporting date the test for impairment was conducted as well and no material change in value was identified. // 2 The implicit input tax interest rate | ||
| determined through a process of iteration amounted to 7.91%. |
| Sensitivity analysis for the Spain photovoltaic portfolio 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 6.50% | \u00b1 0.25 PP | \u20ac\u2013 3.0m |
| \u20ac+ 3.0m | |||
| Electricity price | \u20ac40.5 per MWh | \u00b1 5% | \u20ac+ 6.0m |
| \u20ac\u2013 6.0m | |||
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 The electricity price shown relates to the year 2030. | |||
| The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon . |
| Impairment testing of the Spain wind portfolio | |||
| 31/12/2023 | |||
Group of cash-generating units | 256 | MWp wind portfolio with nine operating wind farms in Spain | |
| (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.) | |||
Basis for recoverable amount | Fair value (Level 3) less costs of disposal | ||
Indications of impairment | Updated electricity price forecasts | ||
Valuation technique | Net present value approach (DCF method) | ||
Derivation of cash flow | VERBUND\u2019s planning (based primarily on market data) | ||
Volume | Electricity generation | ||
Price | External price forecast for projects, premium for additional proceeds from the | ||
| sale of guarantees of origin (derived from quoted prices) | |||
Planning period | Detailed planning phase: 6 years | ||
| Rough planning phase: 42 years | |||
Key valuation assumptions | Electricity price, discount rate | ||
After-tax discount rate | WACC: 5.75%/6.50% | ||
Recoverable amount | \u20ac438.1m | ||
| Impairment loss | \u20ac\u2013 54.0m | ||
| during the period | |||
1 impairment test as at 31 December 2023 following the acquisition of shares on 25 July 2023 // 2 Since the return is protected by tariff rate quotas for the next 2 to 8 years, followed by a period of merchant marketing, two WACCs were used for the valuation |
| Sensitivity analysis for the Spain wind portfolio 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 5.75%/6.50% | \u00b1 0.25 PP | \u20ac\u2013 13.0m |
| \u20ac+ 14.0m | |||
| Electricity price | n/a | n/a | n/a |
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 not applicable due to tariff revenue |
| Impairment testing of Gas Connect Austria GmbH, including Austrian Gas Grid Management AG | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | GCA\u2019s transmission system and | GCA\u2019s transmission system and |
| distribution network, including AGGM | distribution network, including AGGM | |
| Indications of | Updated electricity or gas price forecasts | Significant changes in the energy market |
| impairment | and updated discount rate | environment |
Basis for recoverable amount | Fair value (Level 3) less costs to sell | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | GCA budgets | GCA budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Capacity bookings | Capacity bookings |
Price | Tariffs enacted by the regulator | Tariffs enacted by the regulator |
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 22 years plus | rough planning phase: 21 years plus | |
| regulatory asset base (RAB) as exit value | regulatory asset base (RAB) as exit value | |
| Key valuation | Regulatory interest rate for the RAB | Regulatory interest rate for the RAB |
| assumptions | ||
After-tax discount rate | Determination of discount rate taking into | Determination of discount rate taking into |
| account regulatory framework conditions | account regulatory framework conditions | |
Recoverable amount | \u20ac670.6m | \u20ac444.4m |
| Impairment losses | \u20ac\u2013 2.2m | \u20ac\u2013 56.9m |
| during the period |
| Sensitivity analysis for GCA incl. AGGM 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | (Please refer to | \u00b1 0.25 PP | \u20ac+ 6.0m |
| the table above) | \u20ac\u2013 6.0m |
| Sensitivity analysis for GCA incl. AGGM 31/12/2022 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | (Please refer to | \u00b1 0.25 PP | \u20ac+ 9.0m |
| the table above) | \u20ac\u2013 9.0m |
Interests accounted for using the equity method | \u20acm | |
2022 | 2023 | |
Amortised cost as at 1/1 | 417.5 | 425.4 |
Additions | 4.0 | 5.4 |
Dividends | \u2013 3.9 | 9.5 |
Result from equity accounting | 4.3 | 84.9 |
Other comprehensive income from equity accounting | 3.6 | 24.7 |
Amortised cost as at 31/12 | 425.4 | 549.9 |
Accumulated value adjustments as at 1/1 | \u2013 13.3 | \u2013 59.8 |
Impairment losses | \u2013 46.5 | 0.0 |
Reversals of impairment losses | 0.0 | 26.6 |
Accumulated value adjustments as at 31/12 | \u2013 59.8 | \u2013 33.1 |
Net carrying amount as at 31/12 | 365.5 | 516.7 |
Net carrying amount as at 1/1 | 404.1 | 365.5 |
| Impairment testing of Trans Austria Gasleitung GmbH | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | Trans Austria Gasleitung GmbH, | Trans Austria Gasleitung GmbH, |
| Austrian transmission system operator | Austrian transmission system operator | |
| Indications of | Significant changes in the | Significant changes in the |
| impairment | energy industry environment | energy industry environment |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
Derivation of cash flow | Trans Austria Gasleitung GmbH budgets | Trans Austria Gasleitung GmbH budgets |
| (based primarily on market data) | (based primarily on market data) | |
Volume | Capacity bookings | Capacity bookings |
Price | Regulatory tariffs published by the regulator | Regulatory tariffs published by the |
| regulator | ||
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 5 years plus | rough planning phase: 5 years plus | |
| Regulatory Asset Base (RAB) as exit value | Regulatory Asset Base (RAB) as exit value | |
| Key valuation | Regulatory interest rate for the RAB | Regulatory interest rate for the RAB |
| assumptions | ||
After-tax discount rate | Determination of discount rate taking into | Determination of discount rate taking into |
| account regulatory framework conditions | account regulatory framework conditions | |
Recoverable amount | \u20ac 21.9m | \u20ac 33.6m |
| Change in value | \u20ac\u2013 46.2m | \u20ac+ 14.0m |
| during the period | ||
1 An impairment loss had already been recognised in the 2023 reporting period in the amount of \u2013 \u20ac2.8m as at 30 June 2023. By 31 December 2023, the impairment loss | ||
| recognised during the year had decreased and a reversal of the impairment loss was recognised in the amount of \u20ac14.0m . |
| Sensitivity analysis for Trans Austria Gasleitung GmbH 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumption | amounts of assets | |
| After-tax discount rate | (Please refer to | \u00b1 0.25 PP | \u20ac\u2013 0.6m |
| the table above) | \u20ac+ 0.6m |
| Sensitivity analysis for Trans Austria Gasleitung GmbH 31/12/2022 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumption | amounts of assets | |
After-tax discount rate | (Please refer to | \u00b1 0.25 PP | \u20ac\u2013 0.5m |
| the table above) | \u20ac+ 0.5m |
| Impairment testing of Ashta Beteiligungsverwaltung GmbH | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | VERBUND and EVN AG joint venture | VERBUND and EVN AG joint venture |
| that holds 100% of the interest in | that holds 100% of the interest in | |
| Energji Ashta Shpk, which in turn operates | Energji Ashta Shpk, which in turn operates | |
| a two-stage Hydromatrix power plant | a two-stage Hydromatrix power plant | |
| (installed capacity: 53 MW) in Albania | (installed capacity: 53 MW) in Albania | |
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts and |
| impairment | updated discount rate | updated discount rate |
Basis for recoverable amount | Value in use | Fair value (Level 3) less costs of disposal |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
Derivation of cash flow | Energji Ashta Shpk budgets | Energji Ashta Shpk budgets |
Volume | The annual output corresponding to the | The annual output corresponding to the |
| mean energy capability of 242 GWh | mean energy capability of 242 GWh | |
Price | 2023\u20132028: Electricity prices based on | 2024\u20132028: Electricity prices based on |
| purchase agreement with KESH | purchase agreement with KESH | |
| 2029\u20132043: Internal price forecasts | 2029\u20132043: External price forecasts | |
Planning period | Detailed planning phase: 1 year; | Detailed planning phase: 1 year; |
| rough planning phase: 20 years (long-term | rough planning phase: 19 years (long-term | |
| reinvestment, repair and maintenance | reinvestment, repair and maintenance | |
| cycles for hydropower plants) | cycles for hydropower plants) | |
| Key valuation | Electricity price forecasts and | Electricity price forecasts and |
| assumptions | discount rate | discount rate |
After-tax discount rate | WACC after taxes (2023\u20132028): 10.75% | WACC after taxes (2024\u20132028): 9.5% |
| WACC after taxes (2029\u20132043): 12.50% | WACC after taxes (2029\u20132043): 11.25% | |
Recoverable amount | \u20ac 19.2m | \u20ac 35.9m |
| Change in value | \u20ac\u2013 0.3m | \u20ac+ 12.7m |
| during the period | ||
1 An impairment loss reversal had already been recognised in the 2023 reporting period in the amount of \u20ac6.3m as at 30 June 2023. By 31 December 2023, the reversal of impairment recognised during the year had increased to \u20ac12.7m. |
| Sensitivity analysis for Ashta Beteiligungsverwaltung GmbH 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumption | amounts of assets | |
| Electricity price | \u20ac107.8 per MWh | \u00b1 5% | \u20ac+ 7.8m |
| \u20ac\u2013 7.8m | |||
After-tax discount rate | 9.50%/11.25% | \u00b1 0.25 PP | \u20ac+ 2.6m |
| \u20ac\u2013 2.5m | |||
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralize their impact. // 2 The electricity price shown relates to the year 2030. | |||
The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon. // 3 The upper write-up limit was reached as at 31 December 2023 |
| Sensitivity analysis for Ashta Beteiligungsverwaltung GmbH 31/12/2022 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumption | amounts of assets | |
Electricity price | \u20ac99.04 per MWh | \u00b1 5% | \u20ac+ 3.3m |
| \u20ac\u2013 3.3m | |||
After-tax discount rate | 10.75%/12.50% | \u00b1 0.25 PP | \u20ac+ 1.0m |
| \u20ac\u2013 1.0m |
Interests accounted for using the equity method | \u20acm | |
2022 | 2023 | |
Amortised cost as at 1/1 | 417.5 | 425.4 |
Additions | 4.0 | 5.4 |
Dividends | \u2013 3.9 | 9.5 |
Result from equity accounting | 4.3 | 84.9 |
Other comprehensive income from equity accounting | 3.6 | 24.7 |
Amortised cost as at 31/12 | 425.4 | 549.9 |
Accumulated value adjustments as at 1/1 | \u2013 13.3 | \u2013 59.8 |
Impairment losses | \u2013 46.5 | 0.0 |
Reversals of impairment losses | 0.0 | 26.6 |
Accumulated value adjustments as at 31/12 | \u2013 59.8 | \u2013 33.1 |
Net carrying amount as at 31/12 | 365.5 | 516.7 |
Net carrying amount as at 1/1 | 404.1 | 365.5 |
Material associates: statement of comprehensive income | \u20acm | |
2022 | 2023 | |
| KELAG-K\u00e4rntner | KELAG-K\u00e4rntner | |
| Elektrizit\u00e4ts- | Elektrizit\u00e4ts- | |
| Aktien- | Aktien- | |
| gesellschaft | gesellschaft | |
Revenue | 2,923.5 | 2,673.4 |
Profit after tax | 134.6 | 432.1 |
Ownership interest of VERBUND | 35.17% | 35.17% |
Profit or loss for the period attributable to VERBUND | 47.3 | 152.0 |
Differences due to the application of the equity method of accounting | \u2013 43.0 | \u2013 73.8 |
Share of profit or loss from associates accounted for using the equity method | 4.3 | 78.2 |
Profit after tax | 134.6 | 432.1 |
Other comprehensive income | 14.5 | 70.2 |
Total comprehensive income for the period | 149.1 | 502.3 |
Ownership interest of VERBUND | 35.17% | 35.17% |
Total comprehensive income for the period attributable to VERBUND | 52.4 | 176.6 |
Differences due to the application of the equity method of accounting | \u2013 44.5 | \u2013 73.8 |
Total comprehensive income for the period from associates accounted for using the equity method | 8.0 | 102.9 |
Dividends received from associates | 21.1 | 35.2 |
Material associates: balance sheet | \u20acm | |
31/12/2022 | 31/12/2023 | |
| KELAG-K\u00e4rntner | KELAG-K\u00e4rntner | |
| Elektrizit\u00e4ts- | Elektrizit\u00e4ts- | |
| Aktien- | Aktien- | |
| gesellschaft | gesellschaft | |
Non-current assets | 2,553.0 | 2,319.6 |
Current assets | 1,595.6 | 1,023.8 |
Non-current liabilities | \u2013 1,320.8 | \u2013 1,117.1 |
Current liabilities | \u2013 1,689.9 | \u2013 689.4 |
Equity attributable to non-controlling interests | \u2013 17.6 | \u2013 14.4 |
Net assets | 1,120.3 | 1,522.5 |
Ownership interest of VERBUND | 35.17% | 35.17% |
Net assets attributable to VERBUND | 394.0 | 535.4 |
Differences due to the application of the equity method of accounting | \u2013 99.6 | \u2013 127.5 |
Carrying amount of associates accounted for using the equity method | 294.3 | 407.9 |
| Segment: Hydro | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | compan y company's | quarters | dation | compan y company's | |||
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH) \u2013 Hydro | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| Innwerk AG | Stamm- | Stamm- | ||||||
| (VHP-IW) | ham | CS | VH | 100.00% | ham | CS | VH | 100.00% |
| VERBUND Hydro | ||||||||
| Power GmbH (VHP) | Vienna | CS | VH | 80.54% | Vienna | CS | VH | 80.54% |
| VERBUND | ||||||||
| Innkraftwerke | ||||||||
| GmbH | T\u00f6ging | CS | VH | 70.27% | T\u00f6ging | CS | VH | 70.27% |
| Donaukraftwerk | ||||||||
| Jochenstein | VH | 50.00% | VH | 50.00% | ||||
Aktiengesellschaft | Passau | CS | VHP-IW | 50.00% | Passau | CS | VHP-IW | 50.00% |
| Grenzkraftwerke | VH | 50.00% | VH | 50.00% | ||||
| GmbH | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
\u00d6sterreichisch- Bayerische | ||||||||
| Kraftwerke | VH | 50.00% | VH | 50.00% | ||||
| Aktiengesellschaft | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
| Ennskraftwerke | ||||||||
| Aktiengesellschaft | Steyr | GT | VH | 50.00% | Steyr | GT | VH | 50.00% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH & | ||||||||
| Co KG | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
Ashta Beteiligungs- verwaltung GmbH | ||||||||
(VHP-AL-HII) | Vienna | EM | VHP | 50.01% | Vienna | EM | VHP | 50.01% |
| VHP-AL- | VHP-AL- | |||||||
Energji Ashta Shpk | Bushat | EM | HII | 100.00% | Bushat | EM | HII | 100.00% |
| Lestin Tauch- und | ||||||||
Bergungsunterneh- men Gesellschaft | ||||||||
| m.b.H. (LESTIN) | Vienna | UC | VHP | 100.00% | Vienna | UC | VHP | 100.00% |
| Murkraftwerk Graz | ||||||||
| Errichtungs- und | ||||||||
| BetriebsgmbH | Graz | UC | VHP | 25.10% | Graz | UC | VHP | 25.10% |
| VERBUND | VHP | 99.90% | VHP | 99.90% | ||||
Tourismus GmbH | Vienna | UC | LESTIN | 0.10% | Vienna | UC | LESTIN | 0.10% |
| Manara HPP | ||||||||
| Operation Ltd. | Tel-Aviv | UC | VHP | 80.00% | Tel-Aviv | UC | VHP | 80.00% |
| Segment: New renewables | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Wind | ||||||||
| Power Austria | ||||||||
GmbH (VRP-AT) | Vienna | CS | VHP | 100.00% | Vienna | CS | VHP | 100.00% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH (VGP-DE) | stadt | CS | VGP | 100.00% | stadt | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power GmbH | ||||||||
| (VGP) | Vienna | CS | VGP | 100.00% | Vienna | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
Power Iberia, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Wind | ||||||||
| Power Romania | Bucha- | Bucha- | ||||||
| SRL | rest | CS | VGP | 100.00% | rest | CS | VGP | 100.00% |
| Infrastruktur | ||||||||
| Oberheimbach I | W\u00f6rr- | |||||||
| GmbH & Co. KG | stadt | CS | VGP | 85.00% | \u2013 | \u2013 | \u2013 | \u2013 |
Infrastrukturgesell- schaft Bischheim | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH & Co. KG | stadt | CS | VGP | 80.60% | stadt | CS | VGP | 80.60% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | ||||||||
| Photovoltaik | Sch\u00f6ne- | |||||||
| GmbH | feld | CS | VGP | 100.00% | Berlin | CS | VGP | 100.00% |
| Watt Development | ||||||||
| SPV 5 S.L.U. | ||||||||
(VGP-IB-IL1) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 6 S.L.U. | ||||||||
(VGP-IB-IL2) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 7 S.L.U. | ||||||||
(VGP-IB-IL3) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL1 | IL1 | |||||||
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL2 | IL2 | |||||||
| Infraestructuras de | VGP-IB- | 20.00% | VGP-IB- | 20.00% | ||||
Illora S.L. | Madrid | UC | IL3 | Madrid | UC | IL3 | ||
| SOLAVOLTA | Sankt | Sankt | ||||||
| Energie- und | Marga- | Marga- | ||||||
| Umwelttechnik | rethen im | rethen im | ||||||
| GmbH | Bgld. | EM | VGP | 50.00% | Bgld. | EM | VGP | 50.00% |
| Parque E\u00f3lico | ||||||||
Ayamonte S.L.U. | Madrid | CS | VH | 70.00% | Madrid | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico | de | de | ||||||
| Buseco S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico El | de | de | ||||||
| Barroso S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Parque E\u00f3lico | Pozuelo | Pozuelo | ||||||
| Loma de los Pinos | de | de | ||||||
| S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Lusitania | de | de | ||||||
| Renovables S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
Anselma Issuer, S.A.U. | ||||||||
(VGP-IB-ANI) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Topacio Energy, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Catalpa Solar, S.L.U. | ||||||||
(VGP-IB-CAS) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Tejo Solar, S.L.U. | ||||||||
(VGP-IB-TES) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Power Renewable | ||||||||
| Projects, S.L.U. | ||||||||
(VGP-IB-GRP) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Cuerva, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Los Navalmorales, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Albarreal, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Totan\u00e9s, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SDC) | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
Blacky Energy, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-BLA) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Cyopsa-El Molino | ||||||||
| Energ\u00eda E\u00f3lica, | VGP-IB- | VGP-IB- | ||||||
S.A.U. | Madrid | UC | BLA | 100.00% | Madrid | CS | BLA | 100.00% |
| VERBUND Green | ||||||||
Power Valderrama, S.L.U. (VGP-IB- | VGP-IB- | VGP-IB- | ||||||
VAL) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
Musas, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
| Ofion, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Green Power Wind | ||||||||
| Spain 1, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| Green Power Wind | ||||||||
Marquesado, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power Italia S.R.L. | ||||||||
| (VGP-IT) | Sternatia | UC | VGP | 100.00% | Milan | CS | VGP | 100.00% |
| PV Novoli S.R.L. | \u2013 | \u2013 | \u2013 | \u2013 | Lecce | CS | VGP-IT | 100.00% |
| Totan\u00e9s | ||||||||
| Infraestructuras | VGP-IB- | VGP-IB- | ||||||
| Comunes, S.L. | Madrid | UC | SDC | 38.89% | Madrid | UC | SDC | 38.89% |
| Murcia Solar Park | ||||||||
| GmbH | VGP-IB- | VGP-IB- | ||||||
| (VGP-IB-MUR) | Berlin | UC | ANI | 100.00% | Berlin | UC | ANI | 100.00% |
| Baluma Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Baviera Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Bolardo Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Boyante Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Braganza Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cairo Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Camareta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Carmesi Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cenida Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Comunidad de | ||||||||
| Bienes del Huerto | ||||||||
| Solar del Hinojar, | VGP-IB- | VGP-IB- | ||||||
| C.B. | Lorca | UC | SVL | 92.72% | Lorca | UC | SVL | 92.72% |
| Cornamusa Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Cruceta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Faballones Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Feanor Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Galadrien Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Helice Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Imai Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Koe Energy, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Lima Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Miriel Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Mosqueton Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Nairobi Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Natera Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Obenque Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Orion Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Orla Solar, S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Panol Solar, S.L. | Madrid | UC | TES | 51.00% | Madrid | UC | TES | 51.00% |
| Penalara Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Perdiguero Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Peregrino Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Posets Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Radar Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Reclamo Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Rehala Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Rotor Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Sentina Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Sextante Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Stopper Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.0% |
| Stein Von Liebig | ||||||||
| Balears I, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SVL) | Madrid | UC | MUR | 100.00% | Madrid | UC | MUR | 100.00% |
| Trufa Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Volateo Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Zelanda Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Zuncho Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| VERBUND Green | ||||||||
| Power Albania | ||||||||
Sh.p.k. | Tirana | UC | VGP | 100.00% | Tirana | UC | VGP | 100.00% |
| Segment: Sales | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH)\u2013 Sales | ||||||||
activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Energy4Business | ||||||||
GmbH (VEB) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Energy4Business | ||||||||
Germany GmbH | Munich | CS | VEB | 100.00% | Munich | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Customers | ||||||||
GmbH (VEC) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
Energy4Flex GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Future | ||||||||
GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| MSP Solarpower | ||||||||
GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
iFix Solar GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
| SMATRICS GmbH | ||||||||
& Co KG | Vienna | CS | VEB | 74.90% | Vienna | CS | VEB | 74.90% |
| SMATRICS | SMATRICS | |||||||
| SMATRICS EnBW | GmbH & | GmbH & | ||||||
| GmbH | Vienna | EM | Co KG | 49.00% | Vienna | EM | Co KG | 49.00% |
| E-Mobility Provider | ||||||||
| Austria GmbH | Vienna | UC | VEB | 74.90% | Vienna | UC | VEB | 74.90% |
| smart Energy | ||||||||
Services GmbH | Vienna | UC | VEC | 50.00% | Vienna | UC | VEC | 50.00% |
| Segment: Grid | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| Austrian Power | ||||||||
Grid AG (APG) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| Gas Connect | ||||||||
| Austria GmbH | ||||||||
(GCA) Vienna | CS | VH | 51.00% | Vienna | CS | VH | 51.00% | |
| Austrian Gas Grid | ||||||||
| Management AG | ||||||||
(AGGM) Vienna | CS | GCA | 51.00% | Vienna | CS | GCA | 51.00% | |
| Trans Austria | ||||||||
| Gasleitung GmbH | ||||||||
(TAG) Vienna | EM | GCA | 15.53% | Vienna | EM | GCA | 15.53% | |
| AGCS Gas Clearing | ||||||||
| and Settlement AG | Vienna | UC | GCA | 23.13% | Vienna | UC | GCA | 23.13% |
| ASGM Austrian | ||||||||
| Strategic Gas | ||||||||
| Storage | ||||||||
| Management | ||||||||
GmbH | Vienna | UC | AGGM | 100.00% | Vienna | UC | AGGM | 100.00% |
| OeMAG | ||||||||
| Abwicklungsstelle | ||||||||
f\u00fcr \u00d6kostrom AG | Vienna | EM | APG | 24.40% | Vienna | EM | APG | 24.40% |
| VUM Verfahren | ||||||||
| Umwelt Manage- | Klagen- | Klagen- | ||||||
| ment GmbH | furt | UC | APG | 100.00% | furt | UC | APG | 100.00% |
| Amster- | Amster- | |||||||
| Equigy B.V. | dam | UC | APG | 20.00% | dam | UC | APG | 20.00% |
| All other segments: Equity interests | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share o f | method | share of | |||||
equit y | equity | |||||||
| VERBUND AG (VH) | ||||||||
\u2013 Equity interests | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| KELAG-K\u00e4rntner | ||||||||
| Elektrizit\u00e4ts- | Klagen- | Klagen- | ||||||
| Aktiengesellschaft | furt | EM | VH | 35.17% | furt | EM | VH | 35.17% |
| C2PAT GmbH & Co | ||||||||
KG | Vienna | UC | VH | 25.00% | \u2013 | \u2013 | \u2013 | \u2013 |
C2PAT GmbH | Vienna | UC | VH | 25.00% | Vienna | UC | VH | 25.00% |
Interest income | \u20acm | |
2022 | 2023 | |
Interest from investments under closed items on the balance sheet | 31.5 | 32.2 |
Interest from money market transactions | 2.7 | 23.6 |
Interest from clearing banks | 3.4 | 6.5 |
Other interest and similar income | 2.5 | 7.0 |
Interest income | 40.1 | 69.3 |
Interest expenses | \u20acm | |
2022 | 2023 | |
Interest for financial liabilities under closed items on the balance sheet | 31.5 | 32.2 |
Interest for bank loans | 10.4 | 28.2 |
Interest for bonds | 13.6 | 20.0 |
Net interest expense on personnel-related liabilities | 7.0 | 18.3 |
Interest for other liabilities from electricity supply commitments | 12.7 | 11.5 |
Interest for money market transactions | 7.6 | 10.7 |
Interest on the cost of procuring credit | 4.1 | 9.4 |
Interest on a share redemption obligation | 7.9 | 7.3 |
Interest for other non-current provisions | 2.8 | 2.1 |
Interest to clearing banks | 6.8 | 0.8 |
Borrowing costs capitalised in accordance with IAS 23 | \u2013 6.7 | \u2013 8.3 |
Other interest and similar expenses | 3.9 | 11.0 |
Interest expenses | 101.7 | 143.2 |
Interest income | \u20acm | |
2022 | 2023 | |
Interest from investments under closed items on the balance sheet | 31.5 | 32.2 |
Interest from money market transactions | 2.7 | 23.6 |
Interest from clearing banks | 3.4 | 6.5 |
Other interest and similar income | 2.5 | 7.0 |
Interest income | 40.1 | 69.3 |
Other financial result | \u20acm | |
2022 | 2023 | |
| Change in a profit participation right with respect to material assets | \u2013 22.7 | 11.5 |
Reversal of impairment losses on securities | 1.3 | 9.9 |
Income from securities and loans | 2.1 | 2.8 |
| Change in an obligation to return an interest | 31.6 | 1.5 |
Change in derivative financial instruments in the finance area | 3.4 | 0.0 |
Change in non-derivative financial instruments | \u2013 9.1 | 0.0 |
Other | \u2013 4.9 | 0.0 |
Other financial result | 1.6 | 25.7 |
1 The profit participation right exists with respect to the material assets of Trans Austria Gasleitung GmbH. It is measured at fair value through profit or loss in accordance with IFRS 9. // 2 The obligation to transfer the 50% interest in Donaukraftwerk Jochenstein AG to the Free State of Bavaria without exchange of consideration is measured at amortised cost. The expected fair value of the interest at the transfer date (31 December 2050) is calculated for the respective period and discounted based on the original | ||
effective interest rate (corresponding to the weighted average cost of capital at the acquisition date). Changes in the expected fair value of the interest are recognised in the other financial result. See section 8.2 Non-current other liabilities. |
Interest income | \u20acm | |
2022 | 2023 | |
Interest from investments under closed items on the balance sheet | 31.5 | 32.2 |
Interest from money market transactions | 2.7 | 23.6 |
Interest from clearing banks | 3.4 | 6.5 |
Other interest and similar income | 2.5 | 7.0 |
Interest income | 40.1 | 69.3 |
Interest expenses | \u20acm | |
2022 | 2023 | |
Interest for financial liabilities under closed items on the balance sheet | 31.5 | 32.2 |
Interest for bank loans | 10.4 | 28.2 |
Interest for bonds | 13.6 | 20.0 |
Net interest expense on personnel-related liabilities | 7.0 | 18.3 |
Interest for other liabilities from electricity supply commitments | 12.7 | 11.5 |
Interest for money market transactions | 7.6 | 10.7 |
Interest on the cost of procuring credit | 4.1 | 9.4 |
Interest on a share redemption obligation | 7.9 | 7.3 |
Interest for other non-current provisions | 2.8 | 2.1 |
Interest to clearing banks | 6.8 | 0.8 |
Borrowing costs capitalised in accordance with IAS 23 | \u2013 6.7 | \u2013 8.3 |
Other interest and similar expenses | 3.9 | 11.0 |
Interest expenses | 101.7 | 143.2 |
Other financial result | \u20acm | |
2022 | 2023 | |
| Change in a profit participation right with respect to material assets | \u2013 22.7 | 11.5 |
Reversal of impairment losses on securities | 1.3 | 9.9 |
Income from securities and loans | 2.1 | 2.8 |
| Change in an obligation to return an interest | 31.6 | 1.5 |
Change in derivative financial instruments in the finance area | 3.4 | 0.0 |
Change in non-derivative financial instruments | \u2013 9.1 | 0.0 |
Other | \u2013 4.9 | 0.0 |
Other financial result | 1.6 | 25.7 |
1 The profit participation right exists with respect to the material assets of Trans Austria Gasleitung GmbH. It is measured at fair value through profit or loss in accordance with IFRS 9. // 2 The obligation to transfer the 50% interest in Donaukraftwerk Jochenstein AG to the Free State of Bavaria without exchange of consideration is measured at amortised cost. The expected fair value of the interest at the transfer date (31 December 2050) is calculated for the respective period and discounted based on the original | ||
effective interest rate (corresponding to the weighted average cost of capital at the acquisition date). Changes in the expected fair value of the interest are recognised in the other financial result. See section 8.2 Non-current other liabilities. |
Interest income | \u20acm | |
2022 | 2023 | |
Interest from investments under closed items on the balance sheet | 31.5 | 32.2 |
Interest from money market transactions | 2.7 | 23.6 |
Interest from clearing banks | 3.4 | 6.5 |
Other interest and similar income | 2.5 | 7.0 |
Interest income | 40.1 | 69.3 |
Interest expenses | \u20acm | |
2022 | 2023 | |
Interest for financial liabilities under closed items on the balance sheet | 31.5 | 32.2 |
Interest for bank loans | 10.4 | 28.2 |
Interest for bonds | 13.6 | 20.0 |
Net interest expense on personnel-related liabilities | 7.0 | 18.3 |
Interest for other liabilities from electricity supply commitments | 12.7 | 11.5 |
Interest for money market transactions | 7.6 | 10.7 |
Interest on the cost of procuring credit | 4.1 | 9.4 |
Interest on a share redemption obligation | 7.9 | 7.3 |
Interest for other non-current provisions | 2.8 | 2.1 |
Interest to clearing banks | 6.8 | 0.8 |
Borrowing costs capitalised in accordance with IAS 23 | \u2013 6.7 | \u2013 8.3 |
Other interest and similar expenses | 3.9 | 11.0 |
Interest expenses | 101.7 | 143.2 |
Other financial result | \u20acm | |
2022 | 2023 | |
| Change in a profit participation right with respect to material assets | \u2013 22.7 | 11.5 |
Reversal of impairment losses on securities | 1.3 | 9.9 |
Income from securities and loans | 2.1 | 2.8 |
| Change in an obligation to return an interest | 31.6 | 1.5 |
Change in derivative financial instruments in the finance area | 3.4 | 0.0 |
Change in non-derivative financial instruments | \u2013 9.1 | 0.0 |
Other | \u2013 4.9 | 0.0 |
Other financial result | 1.6 | 25.7 |
1 The profit participation right exists with respect to the material assets of Trans Austria Gasleitung GmbH. It is measured at fair value through profit or loss in accordance with IFRS 9. // 2 The obligation to transfer the 50% interest in Donaukraftwerk Jochenstein AG to the Free State of Bavaria without exchange of consideration is measured at amortised cost. The expected fair value of the interest at the transfer date (31 December 2050) is calculated for the respective period and discounted based on the original | ||
effective interest rate (corresponding to the weighted average cost of capital at the acquisition date). Changes in the expected fair value of the interest are recognised in the other financial result. See section 8.2 Non-current other liabilities. |
Interest expenses | \u20acm | |
2022 | 2023 | |
Interest for financial liabilities under closed items on the balance sheet | 31.5 | 32.2 |
Interest for bank loans | 10.4 | 28.2 |
Interest for bonds | 13.6 | 20.0 |
Net interest expense on personnel-related liabilities | 7.0 | 18.3 |
Interest for other liabilities from electricity supply commitments | 12.7 | 11.5 |
Interest for money market transactions | 7.6 | 10.7 |
Interest on the cost of procuring credit | 4.1 | 9.4 |
Interest on a share redemption obligation | 7.9 | 7.3 |
Interest for other non-current provisions | 2.8 | 2.1 |
Interest to clearing banks | 6.8 | 0.8 |
Borrowing costs capitalised in accordance with IAS 23 | \u2013 6.7 | \u2013 8.3 |
Other interest and similar expenses | 3.9 | 11.0 |
Interest expenses | 101.7 | 143.2 |
Interest expenses | \u20acm | |
2022 | 2023 | |
Interest for financial liabilities under closed items on the balance sheet | 31.5 | 32.2 |
Interest for bank loans | 10.4 | 28.2 |
Interest for bonds | 13.6 | 20.0 |
Net interest expense on personnel-related liabilities | 7.0 | 18.3 |
Interest for other liabilities from electricity supply commitments | 12.7 | 11.5 |
Interest for money market transactions | 7.6 | 10.7 |
Interest on the cost of procuring credit | 4.1 | 9.4 |
Interest on a share redemption obligation | 7.9 | 7.3 |
Interest for other non-current provisions | 2.8 | 2.1 |
Interest to clearing banks | 6.8 | 0.8 |
Borrowing costs capitalised in accordance with IAS 23 | \u2013 6.7 | \u2013 8.3 |
Other interest and similar expenses | 3.9 | 11.0 |
Interest expenses | 101.7 | 143.2 |
| Impairment testing of Trans Austria Gasleitung GmbH | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | Trans Austria Gasleitung GmbH, | Trans Austria Gasleitung GmbH, |
| Austrian transmission system operator | Austrian transmission system operator | |
| Indications of | Significant changes in the | Significant changes in the |
| impairment | energy industry environment | energy industry environment |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
Derivation of cash flow | Trans Austria Gasleitung GmbH budgets | Trans Austria Gasleitung GmbH budgets |
| (based primarily on market data) | (based primarily on market data) | |
Volume | Capacity bookings | Capacity bookings |
Price | Regulatory tariffs published by the regulator | Regulatory tariffs published by the |
| regulator | ||
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 5 years plus | rough planning phase: 5 years plus | |
| Regulatory Asset Base (RAB) as exit value | Regulatory Asset Base (RAB) as exit value | |
| Key valuation | Regulatory interest rate for the RAB | Regulatory interest rate for the RAB |
| assumptions | ||
After-tax discount rate | Determination of discount rate taking into | Determination of discount rate taking into |
| account regulatory framework conditions | account regulatory framework conditions | |
Recoverable amount | \u20ac 21.9m | \u20ac 33.6m |
| Change in value | \u20ac\u2013 46.2m | \u20ac+ 14.0m |
| during the period | ||
1 An impairment loss had already been recognised in the 2023 reporting period in the amount of \u2013 \u20ac2.8m as at 30 June 2023. By 31 December 2023, the impairment loss | ||
| recognised during the year had decreased and a reversal of the impairment loss was recognised in the amount of \u20ac14.0m . |
| Impairment testing of Ashta Beteiligungsverwaltung GmbH | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | VERBUND and EVN AG joint venture | VERBUND and EVN AG joint venture |
| that holds 100% of the interest in | that holds 100% of the interest in | |
| Energji Ashta Shpk, which in turn operates | Energji Ashta Shpk, which in turn operates | |
| a two-stage Hydromatrix power plant | a two-stage Hydromatrix power plant | |
| (installed capacity: 53 MW) in Albania | (installed capacity: 53 MW) in Albania | |
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts and |
| impairment | updated discount rate | updated discount rate |
Basis for recoverable amount | Value in use | Fair value (Level 3) less costs of disposal |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
Derivation of cash flow | Energji Ashta Shpk budgets | Energji Ashta Shpk budgets |
Volume | The annual output corresponding to the | The annual output corresponding to the |
| mean energy capability of 242 GWh | mean energy capability of 242 GWh | |
Price | 2023\u20132028: Electricity prices based on | 2024\u20132028: Electricity prices based on |
| purchase agreement with KESH | purchase agreement with KESH | |
| 2029\u20132043: Internal price forecasts | 2029\u20132043: External price forecasts | |
Planning period | Detailed planning phase: 1 year; | Detailed planning phase: 1 year; |
| rough planning phase: 20 years (long-term | rough planning phase: 19 years (long-term | |
| reinvestment, repair and maintenance | reinvestment, repair and maintenance | |
| cycles for hydropower plants) | cycles for hydropower plants) | |
| Key valuation | Electricity price forecasts and | Electricity price forecasts and |
| assumptions | discount rate | discount rate |
After-tax discount rate | WACC after taxes (2023\u20132028): 10.75% | WACC after taxes (2024\u20132028): 9.5% |
| WACC after taxes (2029\u20132043): 12.50% | WACC after taxes (2029\u20132043): 11.25% | |
Recoverable amount | \u20ac 19.2m | \u20ac 35.9m |
| Change in value | \u20ac\u2013 0.3m | \u20ac+ 12.7m |
| during the period | ||
1 An impairment loss reversal had already been recognised in the 2023 reporting period in the amount of \u20ac6.3m as at 30 June 2023. By 31 December 2023, the reversal of impairment recognised during the year had increased to \u20ac12.7m. |
| Impairment of assets | |||
Stage 1 | Stage 2 | Stage 3 | |
Credit risk | Low credit risk \u2013 | Elevated credit risk \u2013 | Significant financial |
| (credit risk has not increased | (credit risk has increased | difficulties on the part of the | |
| significantly since initial | significantly since initial | borrower or the issuer | |
| recognition) | recognition) | (breach of contract) | |
| Recognition of | Impairment in the amount of | Impairment in the amount of | Impairment in the amount of |
| loss allowance | the 12-month expected loss | expected lifetime losses | expected lifetime losses |
| Calculation of | Based on the effective | Based on the effective | Based on the effective |
| interest income | interest rate on the gross | interest rate on the gross | interest rate on the net |
| carrying amount | carrying amount | carrying amount |
| Impairment testing of Ashta Beteiligungsverwaltung GmbH | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | VERBUND and EVN AG joint venture | VERBUND and EVN AG joint venture |
| that holds 100% of the interest in | that holds 100% of the interest in | |
| Energji Ashta Shpk, which in turn operates | Energji Ashta Shpk, which in turn operates | |
| a two-stage Hydromatrix power plant | a two-stage Hydromatrix power plant | |
| (installed capacity: 53 MW) in Albania | (installed capacity: 53 MW) in Albania | |
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts and |
| impairment | updated discount rate | updated discount rate |
Basis for recoverable amount | Value in use | Fair value (Level 3) less costs of disposal |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
Derivation of cash flow | Energji Ashta Shpk budgets | Energji Ashta Shpk budgets |
Volume | The annual output corresponding to the | The annual output corresponding to the |
| mean energy capability of 242 GWh | mean energy capability of 242 GWh | |
Price | 2023\u20132028: Electricity prices based on | 2024\u20132028: Electricity prices based on |
| purchase agreement with KESH | purchase agreement with KESH | |
| 2029\u20132043: Internal price forecasts | 2029\u20132043: External price forecasts | |
Planning period | Detailed planning phase: 1 year; | Detailed planning phase: 1 year; |
| rough planning phase: 20 years (long-term | rough planning phase: 19 years (long-term | |
| reinvestment, repair and maintenance | reinvestment, repair and maintenance | |
| cycles for hydropower plants) | cycles for hydropower plants) | |
| Key valuation | Electricity price forecasts and | Electricity price forecasts and |
| assumptions | discount rate | discount rate |
After-tax discount rate | WACC after taxes (2023\u20132028): 10.75% | WACC after taxes (2024\u20132028): 9.5% |
| WACC after taxes (2029\u20132043): 12.50% | WACC after taxes (2029\u20132043): 11.25% | |
Recoverable amount | \u20ac 19.2m | \u20ac 35.9m |
| Change in value | \u20ac\u2013 0.3m | \u20ac+ 12.7m |
| during the period | ||
1 An impairment loss reversal had already been recognised in the 2023 reporting period in the amount of \u20ac6.3m as at 30 June 2023. By 31 December 2023, the reversal of impairment recognised during the year had increased to \u20ac12.7m. |
Goodwill | \u20acm | |
2022 | 2023 | |
Hydro segment | 287.0 | 287.0 |
Sales segment | 13.0 | 13.0 |
Inn River power plant group | 126.6 | 126.6 |
Grenzkraftwerke power plant group | 161.1 | 161.1 |
SMATRICS GmbH & Co KG | 40.5 | 40.5 |
Spain renewables portfolio | 78.4 | 0.0 |
| Solarpower | 0.0 | 6.4 |
Goodwill | 706.6 | 634.6 |
1 Details regarding goodwill recognised for the first time in the 2023 reporting period can be found in the section entitled Business acquisitions |
| Impairment testing of goodwill for the Hydro segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All hydraulic energy power plants of | All hydraulic energy power plants of |
| cash-generating units | VERBUND plus goodwill and | VERBUND plus goodwill and |
| deferred tax items | deferred tax items | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
Derivation of cash flow | VERBUND\u2019s planning | VERBUND\u2019s planning |
| (based primarily on market data) | (based primarily on market data) | |
Volume | Average expected generation of the | Average expected generation of the |
| respective power plants | respective power plants | |
Price | Internal price forecasts and power plant- | Internal price forecasts and power plant- |
| specific premiums or discounts (for | specific premiums or discounts (for | |
| example, the sale of guarantees of origin) | example, the sale of guarantees of origin) | |
Planning period | Detailed planning phase: up to a maximum | Detailed planning phase: up to a maximum |
| of 6 years depending on the specific | of 6 years depending on the specific | |
| power plant; rough planning phase: | power plant; rough planning phase: | |
| up to a maximum of 32 years depending on | up to a maximum of 31 years depending | |
| the specific power plant; subsequent | on the specific power plant; subsequent | |
| terminal value phase following rough | terminal value phase following rough | |
| planning phase depending on the specific | planning phase depending on the specific | |
| power plant | power plant | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75% to 12.50% | WACC: 5.75% to 11.25% |
| depending on the location | depending on the location | |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.26%\u201312.52% (previous year: 6.43%\u201313.79%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Sales segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All of VERBUND\u2019s sales activities | All of VERBUND\u2019s sales activities |
| cash-generating units | plus goodwill | plus goodwill |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Expected trading and distribution volumes | Expected trading and distribution volumes |
Price | Expected trading and sales margins | Expected trading and sales margins |
Planning period | Detailed planning phase of 6 years | Detailed planning phase of 6 years |
| followed by a terminal value phase | followed by a terminal value phase | |
| Key valuation | Expected trading and distribution volumes | Expected trading and distribution volumes |
| assumptions | as well as trading and sales margins | as well as trading and sales margins |
After-tax discount rate | WACC after taxes: 5.75%\u201312.25% | WACC after taxes: 5.75%\u201312.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 8.03%\u2013 15.07% (previous year: 8.46%\u2013 14.52%). // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Grenzkraftwerke run-of-river power plant group | |||
31/12/2022 | 31/12/2023 | ||
| Group of | Run-of-river power plants of the | Run-of-river power plants of the | |
| cash-generating units | Grenzkraftwerke power plant group 2 , | Grenzkraftwerke power plant group 2 , | |
| each of which represents a cash- | each of which represents a cash- | ||
| generating unit, plus goodwill and | generating unit, plus goodwill and | ||
| deferred tax accruals | deferred tax accruals | ||
Basis for recoverable amount | Value in use | Value in use | |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) | |
| Derivation of | Grenzkraftwerke GmbH\u2019s budgets | Grenzkraftwerke GmbH\u2019s budgets | |
| cash flow | (based primarily on market data) | (based primarily on market data) | |
Volume | Annual output corresponding to the | Annual output corresponding to the | |
| mean energy capability of 3,957 or | mean energy capability of 3,957 GWh | ||
4,007 | GWh (after completing measures to | ||
| increase efficiency at Ering-Frauenstein) | |||
Price | Internal price forecasts; discounts for | Internal price forecasts; discounts for | |
| generation characteristics and the | generation characteristics and the | ||
| hydrological forecast and availability risk; | hydrological forecast and availability risk; | ||
| premium for additional proceeds from the | premium for additional proceeds from the | ||
| sale of guarantees of origin (derived from | sale of guarantees of origin (derived from | ||
| quoted price); consideration of water | quoted price); consideration of water | ||
| charges based on official notices; | charges based on official notices; | ||
| estimate of maintenance costs by the | estimate of maintenance costs by the | ||
| managers responsible | managers responsible | ||
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; | |
| rough planning phase: 32 years | rough planning phase: 31 years | ||
| followed by a terminal value phase | followed by a terminal value phase | ||
| Key valuation | Electricity price, discount rate | Electricity price, discount rate | |
| assumptions | |||
After-tax discount rate | WACC: 6.00% | WACC: 6.25% 3 | |
| Impairment loss | \u2013 | \u2013 | |
| during the period | |||
1 The following explanatory notes relate to the second step of the two-step impairment test of the Grenzkraftwerke power plant group. The recoverability of the individual run-of- river power plant assets was tested in the first step. // 2 The Grenzkraftwerke power plant group comprises the following power plants: Braunau-Simbach, Egglfing-Obernberg, Ering-Frauenstein, Jochenstein, Nu\u00dfdorf, Oberaudorf-Ebbs, Passau-Ingling and Sch\u00e4rding-Neuhaus. // 3 The implicit input tax interest rate determined through a process of iteration amounted to 7.93%\u2013 8.05% (previous year: 7.98%\u2013 8.11%). // 4 In the opinion of Management, the carrying amount of the Grenzkraftwerke power plant group's assets | |||
(less deferred tax liabilities) including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur . |
| Impairment testing of goodwill from SMATRICS GmbH & Co KG | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | SMATRICS GmbH & Co KG, | SMATRICS GmbH & Co KG, |
| full-service provider for electromobility | full-service provider for electromobility | |
| charging solutions | charging solutions | |
Basis for recoverable amount | Fair value (Level 3) less costs of disposal | Fair value (Level 3) less costs of disposal |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | SMATRICS GmbH & Co KG budgets | SMATRICS GmbH & Co KG budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electric vehicle ramp-up | Electric vehicle ramp-up |
Price | Charging rates | Charging rates |
Planning period | Detailed planning phase: 8 years | Detailed planning phase: 7 years |
| plus subsequent terminal value phase | plus subsequent terminal value phase | |
| Key valuation | Electric vehicle ramp-up, discount rate | Electric vehicle ramp-up, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 12.25% | WACC: 12.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period |
| Impairment testing of the Mellach combined cycle gas turbine power plant | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | Combined cycle gas turbine power plant | Combined cycle gas turbine power plant |
| (installed electrical capacity: 838 MW) | (installed electrical capacity: 838 MW) | |
| Indications of | Updated electricity or gas | Updated electricity or gas |
| impairment | price forecasts and updated discount rate | price forecasts |
| Basis for recoverable | Fair value (Level 3) less costs of disposal | Fair value (Level 3) less costs of disposal |
| amount | ||
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND Thermal Power GmbH & Co KG | VERBUND Thermal Power GmbH & Co KG |
| cash flow | budgets (based primarily on market data) | budgets (based primarily on market data) |
Volume | Optimisation model with primary inputs: | Optimisation model with primary inputs: |
| installed capacity, heat extraction | installed capacity, heat extraction | |
| (maximum 400 MW) and efficiency | (maximum 400 MW) and efficiency | |
| at full capacity (58.8%) | at full capacity (58.8%) | |
Price | External price forecasts; temporarily | internal and external price forecasts; |
| expected revenue from the grid reserve, | temporarily expected revenue from the | |
| congestion management, redispatch and | grid reserve, congestion management, | |
| market use, including heat extraction in the | redispatch and market use, including heat | |
| winter for one line (Q4/2022 to Q1/2023); | extraction in the winter for one line | |
| estimate of operating, maintenance and | (Q4/2023 to Q1/2024); estimate of | |
| downtime costs by the responsible | operating, maintenance and downtime | |
| managers | costs by the responsible managers | |
Planning period | Total capacity averaging around | Total capacity averaging around |
| 100,000 equivalent operating hours or | 100,000 equivalent operating hours or | |
| until 2040 (dependent on earlier start) | until 2040 (dependent on earlier start) | |
| Key valuation | Discount rate, expected revenue from the | Discount rate, expected revenue from the |
| assumptions | grid reserve, congestion management and | grid reserve, congestion management and |
| redispatch, development of | redispatch, development of | |
| clean spark spreads | clean spark spreads | |
After-tax discount rate | WACC: 6.25% | WACC: 6.25% |
Recoverable amount | \u20ac231.5m | \u20ac161.3m |
| Change in value | \u20ac+ 126.0m | \u20ac\u2013 63.0m |
| during the period | ||
1 An impairment loss had already been recognised in the reporting period in the amount of \u20ac-15.5m as at 30 June 2023. By 31 December 2023, the impairment loss recognised | ||
during the year had increased to \u20ac-63.0m. The impairment loss recognised in the 2023 reporting period was reduced by the change in deferred government grants in the amount of \u20ac1.7m (previous year: \u20ac3.6m) . |
| Impairment testing of existing projects in the Spain renewables portfolio | ||
31/12/2022 | 31/12/2023 | |
| Group of | PV portfolios with a capacity of 82.1 MWp | PV portfolios with a capacity of 82.1 MWp |
cash-generating units 1 | in operation (Anselma Issuer, S.A.U. and | in operation (Anselma Issuer, S.A.U. and |
| Topacio Energy, S.L.U.) | Topacio Energy, S.L.U.) | |
Basis for recoverable amount | Value in use | Value in use |
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts |
| impairment | updated discount rate | |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electricity generation | Electricity generation |
Price | Tariffs for the next 15\u2013 18 years, | Tariffs for the next 14\u2013 17 years, |
| followed by internal price forecast | followed by internal price forecast | |
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years |
| Rough planning phase: 14 to 15 years for | Rough planning phase: 13 to 14 years for | |
| the Anselma Issuer, S.A.U. portfolio and | the Anselma Issuer, S.A.U. portfolio and | |
| 14 to 17 years for the Topacio Energy, | 13 to 16 years for the Topacio Energy, | |
| S.L.U. portfolio. | S.L.U. portfolio. | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75%/6.50% | WACC: 5.75%/6.50% |
Recoverable amount | \u20ac393.0m | \u20ac348.8m |
| Change in value | \u20ac\u2013 49.7m | \u20ac+ 29.9m |
| during the period | ||
1 The existing projects are broken down into the following portfolios: Anselma Issuer, S.A.U. with 17 CGUs, Topacio Energy, S.L.U. with 19 CGUs. // 2 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 14 to 17 years, followed by a period of merchant marketing, two different | ||
WACCs were used for the valuation. The implicit input tax interest rate determined through a process of iteration amounted to 7.25%\u2013 8.08% (previous year: 7.24%\u2013 7.51%). // | ||
3 The reversal of impairment losses as at 31 December 2023 comprises the impairment losses and reversals of impairment losses of 15 CGUs in the Anselma Issuer, S.A.U. portfolio | ||
in the total amount of \u20ac6.0m (previous year: impairment losses in the amount of \u2013 \u20ac15.4m) and 19 CGUs in the Topacio Energy, S.L.U. portfolio in the total amount of \u20ac23.9m | ||
(previous year: impairment losses in the amount of \u2013 \u20ac34.2m). |
| Impairment testing of development projects in Spain renewables portfolio | ||||
31/12/2022 | 31/12/2023 | |||
| Group of | Wind/PV portfolios with a capacity of | Wind/PV portfolios with a capacity of | ||
| cash-generating units | 2,129 | MW under development | 1,827 | MW under development |
| (Tejo Solar, S.L.U, Catalpa Solar, S.L.U. and | (Tejo Solar, S.L.U, Catalpa Solar, S.L.U. | |||
| VERBUND Green Power Renewable | and VERBUND Green Power Renewable | |||
| Projects, S.L.U.) | Projects, S.L.U.) | |||
Basis for recoverable amount | Value in use | Value in use | ||
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts, | ||
| impairment | updated discount rate | increase in CapEx and postponement of | ||
| commissioning | ||||
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) | ||
Derivation of cash flow | VERBUND budgets | VERBUND budgets | ||
| (based primarily on market data) | (based primarily on market data) | |||
Volume | Electricity generation | Electricity generation | ||
Price | Internal price forecast for projects, | Internal price forecast for projects, | ||
| premium for additional proceeds from the | premium for additional proceeds from the | |||
| sale of guarantees of origin | sale of guarantees of origin | |||
| (derived from quoted prices) | (derived from quoted prices) | |||
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years | ||
| Rough planning phase: 29 years (PV) or | Rough planning phase: 29 years (PV) or | |||
| 24 years (wind) | 24 years (wind) | |||
| Key valuation | Electricity price, discount rate | Electricity price, discount rate | ||
| assumptions | ||||
After-tax discount rate | WACC: 6.50% | WACC: 6.50% | ||
Recoverable amount | \u20ac373.1m | \u20ac202.2m | ||
| Impairment loss | \u20ac\u2013 2.0m | \u20ac\u2013 204.1m | ||
| during the period | ||||
1 The development projects are broken down into the following portfolios: Tejo Solar, S.L.U. with 18 CGUs, Catalpa Solar, S.L.U. with 5 CGUs and VERBUND Green Power | ||||
Renewable Projects, S.L.U. with 3 CGUs. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 8.07%\u2013 8.30% (previous year: | ||||
8.57%\u2013 8.67%). // 3 The impairment losses as at 31 December 2023 resulted from 17 CGUs in the Tejo Solar, S.L.U. portfolio in the amount of \u2013 \u20ac169.6m (previous year: \u2013 \u20ac2.0m) | ||||
and five CGUs in the Catalpa Solar, S.L.U. portfolio in the amount of \u20ac34.6m (previous year: \u20ac0m). |
| Impairment testing of the Spain photovoltaic portfolio | ||
| 31/12/2023 | ||
| Group of | 148 | MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., |
| cash-generating units | Watt Development 6 S.L.U., Watt Development 7 S.L.U.) | |
Basis for recoverable amount | Value in use | |
Indications of impairment | Updated electricity price forecasts | |
Valuation technique | Net present value approach (DCF method) | |
Derivation of cash flow | VERBUND budgets (based primarily on market data) | |
Volume | Electricity generation | |
Price | Internal price forecast, premium for additional proceeds from the sale of | |
| guarantees of origin (derived from quoted prices) | ||
Planning period | Detailed planning phase: 6 years | |
| Rough planning phase: 28 years | ||
Key valuation assumptions | Discount rate | |
After-tax discount rate | WACC: 6.50% | |
Recoverable amount | \u20ac105.6m | |
| Impairment loss | \u20ac\u2013 25.0m | |
| during the period | ||
1 At the previous year\u2019s reporting date the test for impairment was conducted as well and no material change in value was identified. // 2 The implicit input tax interest rate | ||
| determined through a process of iteration amounted to 7.91%. |
| Impairment testing of the Spain wind portfolio | |||
| 31/12/2023 | |||
Group of cash-generating units | 256 | MWp wind portfolio with nine operating wind farms in Spain | |
| (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.) | |||
Basis for recoverable amount | Fair value (Level 3) less costs of disposal | ||
Indications of impairment | Updated electricity price forecasts | ||
Valuation technique | Net present value approach (DCF method) | ||
Derivation of cash flow | VERBUND\u2019s planning (based primarily on market data) | ||
Volume | Electricity generation | ||
Price | External price forecast for projects, premium for additional proceeds from the | ||
| sale of guarantees of origin (derived from quoted prices) | |||
Planning period | Detailed planning phase: 6 years | ||
| Rough planning phase: 42 years | |||
Key valuation assumptions | Electricity price, discount rate | ||
After-tax discount rate | WACC: 5.75%/6.50% | ||
Recoverable amount | \u20ac438.1m | ||
| Impairment loss | \u20ac\u2013 54.0m | ||
| during the period | |||
1 impairment test as at 31 December 2023 following the acquisition of shares on 25 July 2023 // 2 Since the return is protected by tariff rate quotas for the next 2 to 8 years, followed by a period of merchant marketing, two WACCs were used for the valuation |
| Impairment testing of Gas Connect Austria GmbH, including Austrian Gas Grid Management AG | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | GCA\u2019s transmission system and | GCA\u2019s transmission system and |
| distribution network, including AGGM | distribution network, including AGGM | |
| Indications of | Updated electricity or gas price forecasts | Significant changes in the energy market |
| impairment | and updated discount rate | environment |
Basis for recoverable amount | Fair value (Level 3) less costs to sell | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | GCA budgets | GCA budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Capacity bookings | Capacity bookings |
Price | Tariffs enacted by the regulator | Tariffs enacted by the regulator |
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 22 years plus | rough planning phase: 21 years plus | |
| regulatory asset base (RAB) as exit value | regulatory asset base (RAB) as exit value | |
| Key valuation | Regulatory interest rate for the RAB | Regulatory interest rate for the RAB |
| assumptions | ||
After-tax discount rate | Determination of discount rate taking into | Determination of discount rate taking into |
| account regulatory framework conditions | account regulatory framework conditions | |
Recoverable amount | \u20ac670.6m | \u20ac444.4m |
| Impairment losses | \u20ac\u2013 2.2m | \u20ac\u2013 56.9m |
| during the period |
| Impairment of assets | |||
Stage 1 | Stage 2 | Stage 3 | |
Credit risk | Low credit risk \u2013 | Elevated credit risk \u2013 | Significant financial |
| (credit risk has not increased | (credit risk has increased | difficulties on the part of the | |
| significantly since initial | significantly since initial | borrower or the issuer | |
| recognition) | recognition) | (breach of contract) | |
| Recognition of | Impairment in the amount of | Impairment in the amount of | Impairment in the amount of |
| loss allowance | the 12-month expected loss | expected lifetime losses | expected lifetime losses |
| Calculation of | Based on the effective | Based on the effective | Based on the effective |
| interest income | interest rate on the gross | interest rate on the gross | interest rate on the net |
| carrying amount | carrying amount | carrying amount |
Income tax rates applicable to subsidiaries | in % | |
2022 | 2023 | |
Austria | 25.0 | 24.0 |
| Germany \u2013 partnerships | 28.6 | 28.6 |
Germany \u2013 limited companies 1 | 24.23\u2013 32.40 | 24.23\u2013 32.40 |
Spain | 25.0 | 25.0 |
Romania | 16.0 | 16.0 |
Italy | \u2013 | 24.0 |
1 The corporate income tax rate shown also includes the solidarity surcharge and municipal trade tax. The trade tax depends on the local multiplier, which varies from one | ||
| municipality to another. |
Taxes on income | \u20acm | |
2022 | 2023 | |
| Current tax expenses | 582.0 | 759.9 |
Deferred income tax expenses | 1.3 | 65.4 |
Taxes on income | 583.4 | 825.3 |
1 Current tax expenses include adjustments from prior periods of \u20ac15.0m (previous year: -\u20ac7.0m). |
Tax reconciliation | \u20acm | |
2022 | 2023 | |
Computed income tax expense | 633.0 | 853.8 |
Impairment testing of fixed assets | 0.0 | 19.8 |
Goodwill amortisation (IFRS) | 33.4 | 18.8 |
Deviating tax rates | 1.8 | 10.3 |
Differences from partnerships | \u2013 6.0 | 2.4 |
Change in Austrian corporate income tax rate | \u2013 56.6 | 0.0 |
Tax-exempt investment income | \u2013 2.1 | \u2013 1.8 |
Amortisation of goodwill for tax purposes | \u2013 2.9 | \u2013 2.8 |
Impairment testing of equity-accounted and other interests | 0.1 | \u2013 3.0 |
Interests accounted for using the equity method | \u2013 1.1 | \u2013 20.4 |
Tax-allowable impairment losses on investments | \u2013 36.7 | \u2013 45.2 |
Other line items | \u2013 0.7 | \u2013 2.3 |
Income tax expenses for the period | 562.3 | 829.7 |
Income tax income or expenses from prior periods (current and deferred) | 21.1 | \u2013 4.4 |
Recognised income tax expenses | 583.4 | 825.3 |
Effective tax rate | 23.0% | 23.2% |
Taxes on income on other comprehensive income | \u20acm | |||||
2022 | 2022 | 2022 | 2023 | 2023 | 2023 | |
| Before | Taxes | After | Before | Taxes | After | |
| taxes | taxes | taxes | taxes | |||
Remeasurement of the net defined benefit liability | 172.0 | \u2013 52.0 | 120.1 | \u2013 30.6 | 7.6 | \u2013 23.0 |
Changes in financial instruments | 3.0 | 0.0 | 3.0 | 32.7 | \u2013 7.5 | 25.2 |
| Other comprehensive income | ||||||
from interests accounted for using the equity method | 13.7 | \u2013 | 13.7 | \u2013 5.2 | \u2013 | \u2013 5.2 |
Total for items that will not be reclassified subsequently to the income statement | 188.7 | \u2013 52.0 | 136.7 | \u2013 3.2 | 0.1 | \u2013 3.1 |
Foreign exchange differences | 0.3 | \u2013 | 0.3 | \u2013 1.5 | \u2013 | \u2013 1.5 |
Changes in cash flow hedges | 465.1 | \u2013 136.6 | 328.5 | 2,150.1 | \u2013 503.3 | 1,646.8 |
| Other comprehensive income | ||||||
from interests accounted for using the equity method | \u2013 9.9 | \u2013 | \u2013 9.9 | 30.6 | \u2013 | 30.6 |
| Total for items that will be reclassified | ||||||
| subsequently to the income statement | 455.5 | \u2013 136.6 | 318.9 | 2,179.2 | \u2013 503.3 | 1,675.9 |
Other comprehensive income | 644.2 | \u2013 188.6 | 455.6 | 2,176.0 | \u2013 503.2 | 1,672.9 |
Current tax liabilities | \u20acm | |
2022 | 2023 | |
Taxes on income | 454.0 | 642.8 |
Other taxes | 3.9 | 9.0 |
Current tax liabilities | 457.9 | 651.8 |
Taxes on income | \u20acm | |
2022 | 2023 | |
| Current tax expenses | 582.0 | 759.9 |
Deferred income tax expenses | 1.3 | 65.4 |
Taxes on income | 583.4 | 825.3 |
1 Current tax expenses include adjustments from prior periods of \u20ac15.0m (previous year: -\u20ac7.0m). |
Tax reconciliation | \u20acm | |
2022 | 2023 | |
Computed income tax expense | 633.0 | 853.8 |
Impairment testing of fixed assets | 0.0 | 19.8 |
Goodwill amortisation (IFRS) | 33.4 | 18.8 |
Deviating tax rates | 1.8 | 10.3 |
Differences from partnerships | \u2013 6.0 | 2.4 |
Change in Austrian corporate income tax rate | \u2013 56.6 | 0.0 |
Tax-exempt investment income | \u2013 2.1 | \u2013 1.8 |
Amortisation of goodwill for tax purposes | \u2013 2.9 | \u2013 2.8 |
Impairment testing of equity-accounted and other interests | 0.1 | \u2013 3.0 |
Interests accounted for using the equity method | \u2013 1.1 | \u2013 20.4 |
Tax-allowable impairment losses on investments | \u2013 36.7 | \u2013 45.2 |
Other line items | \u2013 0.7 | \u2013 2.3 |
Income tax expenses for the period | 562.3 | 829.7 |
Income tax income or expenses from prior periods (current and deferred) | 21.1 | \u2013 4.4 |
Recognised income tax expenses | 583.4 | 825.3 |
Effective tax rate | 23.0% | 23.2% |
Net deferred tax assets and liabilities | \u20acm | |||
2022 | 2023 | |||
Total assets | Total liabilities | Total assets | Total liabilities | |
Property, plant and equipment | 15.2 | 1,011.6 | 71.2 | 1,034.7 |
Tax-deductible goodwill | 0.0 | 95.6 | 0.0 | 108.9 |
Write-downs of equity interests | 31.9 | 0.0 | 69.8 | 0.0 |
Financial instruments | 334.1 | 22.6 | 0.1 | 206.2 |
Special depreciation for tax purposes | 0.0 | 80.1 | 0.0 | 78.7 |
| Provisions for employee benefits | ||||
| relating to pensions and termination | ||||
| benefits (Sozialkapital) | 67.6 | 0.0 | 70.5 | 0.0 |
Regulatory obligations | 0.0 | 81.8 | 0.0 | 120.7 |
Tax loss carryforwards | 123.2 | 0.0 | 73.9 | 0.0 |
Other line items | 34.0 | 79.0 | 123.3 | 156.3 |
Deferred tax assets/liabilities | 606.0 | 1,370.6 | 408.7 | 1,705.4 |
Netting of deferred tax assets and liabilities from the same tax authority | \u2013 570.1 | \u2013 570.1 | \u2013 345.9 | \u2013 345.9 |
Net deferred tax assets and liabilities | 35.8 | 800.5 | 62.8 | 1,359.5 |
Earnings per share | \u20acm | |
2022 | 2023 | |
Profit for the period | 1,948.8 | 2,732.1 |
Profit for the period attributable to non-controlling interests | \u2013 231.8 | \u2013 466.0 |
Group result | 1,717.0 | 2,266.1 |
Weighted average number of shares in circulation | 347,415,686 | 347,415,686 |
| Earnings per share in \u20ac | 4.94 | 6.52 |
1 Since no options to subscribe to new shares have been issued, nor are there any other facts or circumstances that could have a diluting effect, basic and diluted earnings per | ||
| share are the same. |
| Additional information on cash flow from financing activities | \u20acm | |
2022 | 2023 | |
Dividends paid to the shareholders of VERBUND AG | \u2013 364.8 | \u2013 1,250.7 |
Dividends paid to non-controlling interests | \u2013 113.0 | \u2013 302.9 |
Additional information regarding liabilities from financing activities | \u20acm | ||||||
| Non-cash changes | |||||||
2023 | Balance | Cash flow | Acquisition | Fair value | Changes in | Other | Balance |
| sheet | from | of a | adjustments | exchange | chances | sheet | |
| as at | financing | subsidiary | rates | as at | |||
| 1/1/2023 | activities | 31/12/2023 | |||||
Bonds | 1,151.0 | \u2013 13.1 | 0.0 | 0.0 | 0.0 | 4.8 | 1,142.7 |
| Financial | |||||||
liabilities to banks | 2,568.3 | \u2013 1,451.4 | 1.5 | \u2013 12.3 | \u2013 16.9 | 8.1 | 1,097.3 |
| Other financial | |||||||
liabilities | 175.1 | 0.0 | 0.0 | 0.0 | 0.0 | \u2013 15.5 | 159.6 |
| Capital shares | |||||||
attributable to limited partners | 7.3 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 8.3 |
Liability from put option | 52.1 | \u2013 53.5 | 0.0 | 0.0 | 0.0 | 1.4 | 0.0 |
| Total liabilities | |||||||
| from financing | |||||||
| activities | 3,953.9 | \u2013 1,518.0 | 1.5 | \u2013 12.3 | \u2013 16.9 | \u2013 0.3 | 2,407.9 |
Additional information regarding liabilities from financing activities | \u20acm | ||||||
| Non-cash changes | |||||||
2022 | Balance | Cash flow | Acquisition | Fair value | Changes in | Other | Balance |
| sheet | from | of a | adjustments | exchange | chances | sheet | |
| as at | financing | subsidiary | rates | as at | |||
| 1/1/2022 | activities | 31/12/2022 | |||||
Bonds | 990.6 | \u2013 6.3 | 163.6 | 0.0 | 0.0 | 3.1 | 1,151.0 |
| Financial | |||||||
liabilities to banks | 2,159.0 | 129.8 | 284.1 | \u2013 38.8 | 19.7 | 14.6 | 2,568.3 |
| Other financial | |||||||
liabilities | 147.0 | 14.2 | 13.3 | 0.0 | 0.0 | 0.6 | 175.1 |
Liability from put option | 0.0 | 0.0 | 0.0 | 52.1 | 0.0 | 0.0 | 52.1 |
| Capital shares | |||||||
attributable to limited partners | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.3 | 7.3 |
| Total liabilities | |||||||
| from financing | |||||||
| activities | 3,296.6 | 137.7 | 461.0 | 13.3 | 19.7 | 25.6 | 3,953.7 |
| Additional information on cash flow from financing activities | \u20acm | |
2022 | 2023 | |
Dividends paid to the shareholders of VERBUND AG | \u2013 364.8 | \u2013 1,250.7 |
Dividends paid to non-controlling interests | \u2013 113.0 | \u2013 302.9 |
Property, plant and equipment | \u20acm | |||||||
| Land and | Machin- | Electrical | Power | Office | Gas | Plants | Total | |
| buildings | ery | instal- | lines | and | pipelines | under | ||
| lations | plant | con- | ||||||
| equip- | struction | |||||||
| ment | and | |||||||
| projects | ||||||||
| 2023 | ||||||||
Cost as at 1/1 | 8,452.6 | 5,159.0 | 4,617.8 | 1,672.4 | 276.6 | 767.9 | 1,547.8 | 22,494.0 |
| Foreign exchange | ||||||||
differences | \u2013 0.2 | \u2013 1.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | \u2013 1.7 |
Change in the basis of consolidation | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 51.5 | 51.5 |
Additions from business acquisitions | 1.8 | 0.0 | 1.0 | 0.0 | 0.3 | 0.0 | 0.0 | 3.0 |
Additions | 50.3 | 465.0 | 111.0 | 12.8 | 35.7 | 4.2 | 771.5 | 1,450.5 |
Disposals | \u2013 2.1 | \u2013 258.2 | \u2013 62.5 | \u2013 1.7 | \u2013 15.1 | \u2013 0.5 | \u2013 0.4 | \u2013 340.6 |
Reclassifications | 66.6 | 21.9 | 277.0 | 5.1 | 0.4 | 0.4 | \u2013 372.1 | \u2013 0.7 |
Cost as at 31/12 | 8,569.1 | 5,386.2 | 4,944.2 | 1,688.6 | 297.8 | 771.9 | 1,998.4 | 23,656.1 |
| Accumulated depreciation | ||||||||
as at 1/1 | 3,568.7 | 2,854.2 | 2,744.8 | 876.9 | 187.9 | 373.2 | 11.9 | 10,617.5 |
| Foreign exchange | ||||||||
differences | 0.0 | \u2013 0.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | \u2013 0.8 |
Additions from business acquisitions | 0.3 | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.6 |
Depreciation | 123.2 | 139.0 | 157.2 | \u2013 4.3 | 23.2 | 64.4 | 0.0 | 502.9 |
Impairment losses | 20.5 | 101.9 | 34.6 | 40.3 | 0.5 | 0.0 | 0.6 | 198.3 |
Reversals of impairment losses | \u2013 11.6 | 0.0 | \u2013 19.4 | 0.0 | 0.0 | 0.0 | 0.0 | \u2013 31.0 |
Disposals | \u2013 1.7 | \u2013 257.3 | \u2013 57.5 | \u2013 0.7 | \u2013 14.8 | \u2013 0.6 | \u2013 0.3 | \u2013 333.0 |
Reclassifications | 0.1 | \u2013 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 3.7 | 3.6 |
| Accumulated depreciation | ||||||||
as at 31/12 | 3,699.5 | 2,837.0 | 2,859.8 | 912.2 | 196.9 | 437.0 | 15.8 | 10,958.1 |
| Net carrying amount | ||||||||
as at 31/12 | 4,869.5 | 2,549.3 | 2,084.4 | 776.5 | 100.9 | 334.9 | 1,982.5 | 12,697.9 |
| Net carrying amount | ||||||||
as at 1/1 | 4,883.9 | 2,304.8 | 1,873.1 | 795.5 | 88.7 | 394.6 | 1,535.9 | 11,876.5 |
Property, plant and equipment | \u20acm | |||||||
| Land and | Machin- | Electrical | Power | Office | Gas | Plants | Total | |
| buildings | ery | instal- | lines | and | pipelines | under | ||
| lations | plant | con- | ||||||
| equip- | struction | |||||||
| ment | and | |||||||
| projects | ||||||||
| 2022 | ||||||||
Cost as at 1/1 | 7,992.8 | 4,893.6 | 3,911.1 | 1,558.2 | 251.7 | 760.8 | 1,367.9 | 20,735.9 |
Additions from business acquisitions | 77.3 | 0.0 | 618.8 | 0.0 | 0.0 | 0.0 | 5.9 | 702.0 |
Additions | 140.3 | 151.3 | 46.0 | 15.8 | 29.7 | 10.7 | 787.0 | 1,180.9 |
Disposals | \u2013 8.0 | \u2013 48.4 | \u2013 48.6 | \u2013 6.6 | \u2013 7.3 | \u2013 6.7 | 0.0 | \u2013 125.5 |
Reclassifications | 250.2 | 162.5 | 90.4 | 105.0 | 2.5 | 3.0 | \u2013 613.0 | 0.6 |
Cost as at 31/12 | 8,452.6 | 5,159.0 | 4,617.8 | 1,672.4 | 276.6 | 767.9 | 1,547.8 | 22,494.0 |
| Accumulated depreciation | ||||||||
as at 1/1 | 3,370.0 | 2,855.6 | 2,450.2 | 854.9 | 175.1 | 351.9 | 6.2 | 10,063.8 |
Additions from business acquisitions | 0.0 | 0.0 | 285.0 | 0.0 | 0.0 | 0.0 | 0.0 | 285.0 |
Depreciation | 109.1 | 113.6 | 129.7 | 32.3 | 19.5 | 26.1 | 5.9 | 436.2 |
Impairment losses | 25.3 | 0.3 | 30.6 | 0.0 | 0.0 | 1.4 | 5.0 | 62.8 |
Reversals of impairment losses | \u2013 18.2 | \u2013 85.9 | \u2013 20.4 | \u2013 4.7 | 0.0 | 0.0 | 0.0 | \u2013 129.2 |
Disposals | \u2013 4.5 | \u2013 34.7 | \u2013 43.4 | \u2013 5.6 | \u2013 6.8 | \u2013 6.3 | 0.0 | \u2013 101.3 |
Reclassifications | 87.0 | 5.3 | \u2013 87.0 | 0.0 | 0.1 | 0.0 | \u2013 5.3 | 0.1 |
| Accumulated | ||||||||
| depreciation | ||||||||
as at 31/12 | 3,568.7 | 2,854.2 | 2,744.8 | 876.9 | 187.9 | 373.2 | 11.9 | 10,617.5 |
| Net carrying amount | ||||||||
as at 31/12 | 4,883.9 | 2,304.8 | 1,873.1 | 795.5 | 88.7 | 394.6 | 1,535.9 | 11,876.5 |
| Net carrying amount | ||||||||
as at 1/1 | 4,622.8 | 2,038.0 | 1,461.0 | 703.3 | 76.5 | 408.9 | 1,361.6 | 10,672.1 |
Additions | \u20acm | |
2022 | 2023 | |
| Wind portfolio in Spain | 0.0 | 452.3 |
380 kV Salzburg line | 164.8 | 159.4 |
Kaprun \u2013 Limberg III power plant | 152.3 | 136.5 |
Upper Austrian grid area | 0.0 | 36.2 |
Rei\u00dfeck pumping station | 22.0 | 32.6 |
Reschenpass line | 33.3 | 29.2 |
Replacement and general overhaul of substations | 36.4 | 46.7 |
Wind turbines in Spain | 84.1 | 23.3 |
Automation of hydropower plants | 18.7 | 18.4 |
Various structural measures at hydropower plants | 14.5 | 17.2 |
Load flow controlling elements | 0.0 | 16.9 |
Mayrhofen power plant | 0.0 | 16.3 |
Expansion of 380 kV plants | 0.0 | 15.6 |
Stegenwald power plant | 0.0 | 13.7 |
Photovoltaic projects under construction in Spain | 0.0 | 12.6 |
Gratkorn power plant | 15.4 | 12.4 |
Photovoltaic installations in Austria | 0.0 | 12.4 |
Wind projects under construction in Spain | 145.2 | 0.0 |
Battery storage | 58.5 | 0.0 |
T\u00f6ging power plant | 55.6 | 0.0 |
Weinviertel grid area | 30.1 | 0.0 |
Optimised new construction of the primary supply system nodes | 16.7 | 0.0 |
General line/switching station renovations | 16.2 | 0.0 |
Lusitania photovoltaic installations | 16.0 | 0.0 |
Gerlos power plant | 14.2 | 0.0 |
Other additions (< \u20ac10.0m each) | 286.9 | 398.8 |
Total additions to property, plant and equipment | 1,180.9 | 1,450.5 |
1 relates to the acquisition of operating wind power plants with an output of 257 MW in Spain in July 2023 |
| Useful life | In years |
Residential, office, plant and other plant facilities | 10\u201350 |
Hydroplant buildings | 20\u2013100 |
Gas pipelines | 30 |
Machinery | 10\u201380 |
Electrical installations | 3\u201350 |
Power lines | 50 |
Operating and office equipment | 4\u201310 |
Intangible assets | \u20acm | ||
| Concessions, | Goodwill | Total | |
| rights, licences | |||
| 2023 | |||
Cost as at 1/1 | 922.5 | 1,027.9 | 1,950.4 |
Change in the basis of consolidation | \u2013 39.9 | 0.0 | \u2013 39.9 |
Additions from business acquisitions | 1.8 | 6.4 | 8.2 |
Additions | 92.3 | 0.0 | 92.3 |
Disposals | \u2013 4.7 | 0.0 | \u2013 4.7 |
Reclassifications | 4.3 | 0.0 | 4.3 |
Cost as at 31/12 | 976.2 | 1,034.3 | 2,010.5 |
Accumulated amortisation as at 1/1 | 384.2 | 321.4 | 705.6 |
Additions from business acquisitions | 0.1 | 0.0 | 0.1 |
Depreciation | 21.4 | 0.0 | 21.4 |
Impairment losses | 207.5 | 78.4 | 285.9 |
Disposals | \u2013 2.7 | 0.0 | \u2013 2.7 |
Accumulated amortisation as at 31/12 | 610.5 | 399.8 | 1,010.3 |
Net carrying amount as at 31/12 | 365.7 | 634.5 | 1,000.2 |
Net carrying amount as at 1/1 | 538.2 | 706.5 | 1,244.8 |
Intangible assets | \u20acm | ||
| Concessions, | Goodwill | Total | |
| rights, licences | |||
| 2022 | |||
Cost as at 1/1 | 265.8 | 855.3 | 1,121.1 |
Additions from business acquisitions | 618.0 | 172.6 | 790.7 |
Additions | 46.3 | 0.0 | 46.3 |
Disposals | \u2013 11.4 | 0.0 | \u2013 11.4 |
Reclassifications | 3.7 | 0.0 | 3.7 |
Cost as at 31/12 | 922.5 | 1,027.9 | 1,950.4 |
Accumulated amortisation as at 1/1 | 144.5 | 187.9 | 332.4 |
Additions from business acquisitions | 227.0 | 0.0 | 227.0 |
Depreciation | 16.8 | 0.0 | 16.8 |
Impairment losses | 2.2 | 133.5 | 135.7 |
Reversals of impairment losses | \u2013 0.4 | 0.0 | \u2013 0.4 |
Disposals | \u2013 5.7 | 0.0 | \u2013 5.7 |
Accumulated amortisation as at 31/12 | 384.2 | 321.4 | 705.6 |
Net carrying amount as at 31/12 | 538.2 | 706.5 | 1,244.8 |
Net carrying amount as at 1/1 | 121.3 | 667.4 | 788.7 |
Goodwill | \u20acm | |
2022 | 2023 | |
Hydro segment | 287.0 | 287.0 |
Sales segment | 13.0 | 13.0 |
Inn River power plant group | 126.6 | 126.6 |
Grenzkraftwerke power plant group | 161.1 | 161.1 |
SMATRICS GmbH & Co KG | 40.5 | 40.5 |
Spain renewables portfolio | 78.4 | 0.0 |
| Solarpower | 0.0 | 6.4 |
Goodwill | 706.6 | 634.6 |
1 Details regarding goodwill recognised for the first time in the 2023 reporting period can be found in the section entitled Business acquisitions |
| Impairment testing of goodwill for the Hydro segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All hydraulic energy power plants of | All hydraulic energy power plants of |
| cash-generating units | VERBUND plus goodwill and | VERBUND plus goodwill and |
| deferred tax items | deferred tax items | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
Derivation of cash flow | VERBUND\u2019s planning | VERBUND\u2019s planning |
| (based primarily on market data) | (based primarily on market data) | |
Volume | Average expected generation of the | Average expected generation of the |
| respective power plants | respective power plants | |
Price | Internal price forecasts and power plant- | Internal price forecasts and power plant- |
| specific premiums or discounts (for | specific premiums or discounts (for | |
| example, the sale of guarantees of origin) | example, the sale of guarantees of origin) | |
Planning period | Detailed planning phase: up to a maximum | Detailed planning phase: up to a maximum |
| of 6 years depending on the specific | of 6 years depending on the specific | |
| power plant; rough planning phase: | power plant; rough planning phase: | |
| up to a maximum of 32 years depending on | up to a maximum of 31 years depending | |
| the specific power plant; subsequent | on the specific power plant; subsequent | |
| terminal value phase following rough | terminal value phase following rough | |
| planning phase depending on the specific | planning phase depending on the specific | |
| power plant | power plant | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75% to 12.50% | WACC: 5.75% to 11.25% |
| depending on the location | depending on the location | |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.26%\u201312.52% (previous year: 6.43%\u201313.79%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Sales segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All of VERBUND\u2019s sales activities | All of VERBUND\u2019s sales activities |
| cash-generating units | plus goodwill | plus goodwill |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Expected trading and distribution volumes | Expected trading and distribution volumes |
Price | Expected trading and sales margins | Expected trading and sales margins |
Planning period | Detailed planning phase of 6 years | Detailed planning phase of 6 years |
| followed by a terminal value phase | followed by a terminal value phase | |
| Key valuation | Expected trading and distribution volumes | Expected trading and distribution volumes |
| assumptions | as well as trading and sales margins | as well as trading and sales margins |
After-tax discount rate | WACC after taxes: 5.75%\u201312.25% | WACC after taxes: 5.75%\u201312.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 8.03%\u2013 15.07% (previous year: 8.46%\u2013 14.52%). // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Inn River run-of-river power plant group | ||
31/12/2022 | 31/12/2023 | |
| Group of | Run-of-river power plants of the Inn River | Run-of-river power plants of the Inn River |
| cash-generating units | power plant group 1 , each of which also | power plant group 1 , each of which also |
| represents a cash-generating unit, | represents a cash-generating unit, | |
| plus goodwill and deferred tax accruals | plus goodwill and deferred tax accruals | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND Innkraftwerke GmbH budgets | VERBUND Innkraftwerke GmbH budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Annual output corresponding to the | Annual output corresponding to the |
| mean energy capability of 1,994 GWh | mean energy capability of 1,983 GWh | |
| (after conclusion of the T\u00f6ging | ||
| modernisation project) | ||
Price | Internal price forecasts; discounts for | Internal price forecasts; discounts for |
| generation characteristics and the | generation characteristics and the | |
| hydrological forecast and availability risk; | hydrological forecast and availability risk; | |
| premium for additional proceeds from the | premium for additional proceeds from the | |
| sale of guarantees of origin (derived from | sale of guarantees of origin (derived from | |
| quoted price); consideration of water | quoted price); consideration of water | |
| charges based on official notices; | charges based on official notices; | |
| estimate of maintenance costs by the | estimate of maintenance costs by the | |
| managers responsible | managers responsible | |
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 32 years | rough planning phase: 31 years | |
| followed by a terminal value phase | followed by a terminal value phase | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75% | WACC: 5.75% |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 7.26% (previous year: 7.71%) // | ||
3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occu r |
| Impairment testing of goodwill for the Grenzkraftwerke run-of-river power plant group | |||
31/12/2022 | 31/12/2023 | ||
| Group of | Run-of-river power plants of the | Run-of-river power plants of the | |
| cash-generating units | Grenzkraftwerke power plant group 2 , | Grenzkraftwerke power plant group 2 , | |
| each of which represents a cash- | each of which represents a cash- | ||
| generating unit, plus goodwill and | generating unit, plus goodwill and | ||
| deferred tax accruals | deferred tax accruals | ||
Basis for recoverable amount | Value in use | Value in use | |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) | |
| Derivation of | Grenzkraftwerke GmbH\u2019s budgets | Grenzkraftwerke GmbH\u2019s budgets | |
| cash flow | (based primarily on market data) | (based primarily on market data) | |
Volume | Annual output corresponding to the | Annual output corresponding to the | |
| mean energy capability of 3,957 or | mean energy capability of 3,957 GWh | ||
4,007 | GWh (after completing measures to | ||
| increase efficiency at Ering-Frauenstein) | |||
Price | Internal price forecasts; discounts for | Internal price forecasts; discounts for | |
| generation characteristics and the | generation characteristics and the | ||
| hydrological forecast and availability risk; | hydrological forecast and availability risk; | ||
| premium for additional proceeds from the | premium for additional proceeds from the | ||
| sale of guarantees of origin (derived from | sale of guarantees of origin (derived from | ||
| quoted price); consideration of water | quoted price); consideration of water | ||
| charges based on official notices; | charges based on official notices; | ||
| estimate of maintenance costs by the | estimate of maintenance costs by the | ||
| managers responsible | managers responsible | ||
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; | |
| rough planning phase: 32 years | rough planning phase: 31 years | ||
| followed by a terminal value phase | followed by a terminal value phase | ||
| Key valuation | Electricity price, discount rate | Electricity price, discount rate | |
| assumptions | |||
After-tax discount rate | WACC: 6.00% | WACC: 6.25% 3 | |
| Impairment loss | \u2013 | \u2013 | |
| during the period | |||
1 The following explanatory notes relate to the second step of the two-step impairment test of the Grenzkraftwerke power plant group. The recoverability of the individual run-of- river power plant assets was tested in the first step. // 2 The Grenzkraftwerke power plant group comprises the following power plants: Braunau-Simbach, Egglfing-Obernberg, Ering-Frauenstein, Jochenstein, Nu\u00dfdorf, Oberaudorf-Ebbs, Passau-Ingling and Sch\u00e4rding-Neuhaus. // 3 The implicit input tax interest rate determined through a process of iteration amounted to 7.93%\u2013 8.05% (previous year: 7.98%\u2013 8.11%). // 4 In the opinion of Management, the carrying amount of the Grenzkraftwerke power plant group's assets | |||
(less deferred tax liabilities) including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur . |
| Impairment testing of goodwill from SMATRICS GmbH & Co KG | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | SMATRICS GmbH & Co KG, | SMATRICS GmbH & Co KG, |
| full-service provider for electromobility | full-service provider for electromobility | |
| charging solutions | charging solutions | |
Basis for recoverable amount | Fair value (Level 3) less costs of disposal | Fair value (Level 3) less costs of disposal |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | SMATRICS GmbH & Co KG budgets | SMATRICS GmbH & Co KG budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electric vehicle ramp-up | Electric vehicle ramp-up |
Price | Charging rates | Charging rates |
Planning period | Detailed planning phase: 8 years | Detailed planning phase: 7 years |
| plus subsequent terminal value phase | plus subsequent terminal value phase | |
| Key valuation | Electric vehicle ramp-up, discount rate | Electric vehicle ramp-up, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 12.25% | WACC: 12.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period |
| Sensitivity analysis for SMATRICS GmbH & Co KG 31/12/2023 | |||
| Value assigned to the key | Change in key | Effects on the carrying | |
| valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 12.50% | \u00b1 0.25 PP | \u20ac\u2013 1.8m |
| \u20ac+ 1.8m |
| Sensitivity analysis for SMATRICS GmbH & Co KG 31/12/2022 | |||
| Value assigned to the key | Change in key | Effects on the carrying | |
| valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 12.25% | \u00b1 0.25 PP | \u20ac\u2013 2.7m |
| \u20ac+ 2.1m |
| Impairment testing of goodwill for the Spain renewables portfolio | ||
31/12/2022 | 31/12/2023 | |
| Group of | Photovoltaic portfolios with a capacity of | Photovoltaic portfolios with a capacity of |
cash-generating units 2 | 82.1 MWp in operation (Anselma Issuer, | 82.1 MWp in operation (Anselma Issuer, |
| S.A.U. and Topacio Energy, S.L.U.), | S.A.U. and Topacio Energy, S.L.U.), | |
| wind/photovoltaic portfolios with a | wind/photovoltaic portfolios with a | |
| capacity of 2,129 MW in development | capacity of 1,827 MW in development | |
| (Tejo Solar, S.L.U., Catalpa Solar, S.L.U. | (Tejo Solar, S.L.U., Catalpa Solar, S.L.U. | |
| and VERBUND Green Power Renewable | and VERBUND Green Power Renewable | |
| Projects, S.L.U.) plus goodwill less | Projects, S.L.U.) plus goodwill less | |
| deferred tax items | deferred tax items | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electricity generation | Electricity generation |
Price | Tariffs for existing plants; internal price | Tariffs for existing plants; internal price |
| forecast for projects, premium for | forecast for projects, premium for | |
| additional proceeds from the sale of | additional proceeds from the sale of | |
| guarantees of origin | guarantees of origin | |
| (derived from quoted prices) | (derived from quoted prices) | |
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years |
| Rough planning phase: 14 to 17 years for | Rough planning phase: 13 to 16 years for | |
| existing projects and 29 years (PV) or | existing projects and 29 years (PV) or | |
| 24 years (wind) for development projects | 24 years (wind) for development projects | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75%/6.50% | WACC: 5.75%/6.50% |
Recoverable amount | \u20ac766.1m | \u20ac560.7m |
| Impairment loss | \u20ac\u2013 94.2m | \u20ac\u2013 78.4m |
| during the period | ||
1 The following explanatory notes refer to the second step of the two-step impairment test of the group of cash-generating units known as the \u201cSpain renewables portfolio\u201d. | ||
In the first step, the recoverability of development projects was tested in accordance with IAS 36.10(a) while the recoverability of existing projects was tested if there was any indication that they might be impaired. // 2 The Spain renewables portfolio is broken down into the following sub-portfolios: Anselma Issuer, S.A.U. with 17 CGUs, Topacio | ||
| Energy, S.L.U. with 19 CGUs, Tejo Solar, S.L.U. with 18 CGUs, Catalpa Solar, S.L.U. with 5 CGUs and VERBUND Green Power Renewable Projects, S.L.U. with 3 CGUs. // | ||
3 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 14 to 17 years, followed by a period of merchant marketing, two different WACCs were used for the valuation. The implicit input tax interest rate determined through a process of iteration amounted to 7.25%\u2013 8.30% | ||
(previous year: 7.24%\u2013 8.67%) . |
| Impairment testing of goodwill from Solarpower | |
| 31/12/2023 | |
| Group of | Solarpower (MSP Solarpower GmbH/iFIX GmbH): construction of photovoltaic systems |
| cash-generating units | and distribution of components |
Basis for recoverable amount | Value in use |
Valuation technique | Net present value approach (DCF method) |
Derivation of cash flow | VERBUND budgets (based primarily on market data) |
Volume | MWp plant engineering, sales volumes of PV components |
Price | Purchase prices for photovoltaic modules, inverters and mounting structures; |
| purchased installation services; internal forecasts for project costs and own work | |
Planning period | Detailed planning phase: 6 years plus subsequent terminal value phase |
| Key valuation | Price assumptions (\u20ac/MWp), discount rate |
| assumptions | |
After-tax discount rate | 6.25% |
Recoverable amount | \u20ac24.0m |
| Impairment loss | \u2013 |
| during the period | |
1 impairment test as at 31 December 2023 following the acquisition of shares on 16 June 2023 // 2 The implicit input tax interest rate determined through a process of iteration | |
| amounted to 8.11% . |
| Sensitivity analysis for Solarpower 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 6.25% | \u00b1 0.25 PP | \u20ac\u2013 1.3m |
| \u20ac+ 1.4m |
Intangible assets | \u20acm | ||
| Concessions, | Goodwill | Total | |
| rights, licences | |||
| 2023 | |||
Cost as at 1/1 | 922.5 | 1,027.9 | 1,950.4 |
Change in the basis of consolidation | \u2013 39.9 | 0.0 | \u2013 39.9 |
Additions from business acquisitions | 1.8 | 6.4 | 8.2 |
Additions | 92.3 | 0.0 | 92.3 |
Disposals | \u2013 4.7 | 0.0 | \u2013 4.7 |
Reclassifications | 4.3 | 0.0 | 4.3 |
Cost as at 31/12 | 976.2 | 1,034.3 | 2,010.5 |
Accumulated amortisation as at 1/1 | 384.2 | 321.4 | 705.6 |
Additions from business acquisitions | 0.1 | 0.0 | 0.1 |
Depreciation | 21.4 | 0.0 | 21.4 |
Impairment losses | 207.5 | 78.4 | 285.9 |
Disposals | \u2013 2.7 | 0.0 | \u2013 2.7 |
Accumulated amortisation as at 31/12 | 610.5 | 399.8 | 1,010.3 |
Net carrying amount as at 31/12 | 365.7 | 634.5 | 1,000.2 |
Net carrying amount as at 1/1 | 538.2 | 706.5 | 1,244.8 |
Intangible assets | \u20acm | ||
| Concessions, | Goodwill | Total | |
| rights, licences | |||
| 2022 | |||
Cost as at 1/1 | 265.8 | 855.3 | 1,121.1 |
Additions from business acquisitions | 618.0 | 172.6 | 790.7 |
Additions | 46.3 | 0.0 | 46.3 |
Disposals | \u2013 11.4 | 0.0 | \u2013 11.4 |
Reclassifications | 3.7 | 0.0 | 3.7 |
Cost as at 31/12 | 922.5 | 1,027.9 | 1,950.4 |
Accumulated amortisation as at 1/1 | 144.5 | 187.9 | 332.4 |
Additions from business acquisitions | 227.0 | 0.0 | 227.0 |
Depreciation | 16.8 | 0.0 | 16.8 |
Impairment losses | 2.2 | 133.5 | 135.7 |
Reversals of impairment losses | \u2013 0.4 | 0.0 | \u2013 0.4 |
Disposals | \u2013 5.7 | 0.0 | \u2013 5.7 |
Accumulated amortisation as at 31/12 | 384.2 | 321.4 | 705.6 |
Net carrying amount as at 31/12 | 538.2 | 706.5 | 1,244.8 |
Net carrying amount as at 1/1 | 121.3 | 667.4 | 788.7 |
Investments and non-current other receivables | \u20acm | |
2022 | 2023 | |
Investments \u2013 closed items on the balance sheet | 407.3 | 401.4 |
Other investments and other receivables | 538.1 | 417.8 |
Total | 945.4 | 819.1 |
Investments \u2013 cross-border leasing and closed items on the balance sheet | \u20acm | ||
| Securities (loan | Other loans | Total | |
| stock rights) | under closed | ||
| under closed | items on the | ||
| items on the | balance sheet | ||
| balance sheet | |||
| 2023 | |||
Amortised cost as at 1/1 | 73.2 | 334.1 | 407.3 |
Foreign exchange differences | \u2013 2.7 | \u2013 13.8 | \u2013 16.5 |
Additions | 2.7 | 3.8 | 6.5 |
Capitalised interest | 0.0 | 11.5 | 11.6 |
Disposals | \u2013 1.3 | \u2013 6.1 | \u2013 7.4 |
Amortised acquisition cost as at 31/12 | 71.9 | 329.5 | 401.4 |
of which non-current assets | 71.9 | 329.5 | 401.4 |
Investments \u2013 cross-border leasing and closed items on the balance sheet | \u20acm | ||
| Securities (loan | Other loans | Total | |
| stock rights) | under closed | ||
| under closed | items on the | ||
| items on the | balance sheet | ||
| balance sheet | |||
| 2022 | |||
Amortised cost as at 1/1 | 67.7 | 309.2 | 376.9 |
Foreign exchange differences | 4.0 | 16.8 | 20.8 |
Additions | 2.7 | 3.5 | 6.2 |
Capitalised interest | 0.1 | 11.2 | 11.3 |
Disposals | \u2013 1.3 | \u2013 6.6 | \u2013 7.8 |
Amortised acquisition cost as at 31/12 | 73.2 | 334.1 | 407.3 |
of which non-current assets | 73.2 | 334.1 | 407.3 |
Other investments and non-current other receivables | \u20acm | ||||
| Loans to | Loans to | Securities | Other loans | Total | |
| affiliated | investees | (loan stock | |||
| companies \u2013 | rights) | ||||
| not included | |||||
| in the basis of | |||||
| consolidation | |||||
| 2023 | |||||
Cost as at 1/1 | 2.7 | 59.1 | 181.2 | 5.7 | 248.8 |
Change in the basis of consolidation | \u2013 2.7 | 0.0 | 0.0 | 0.0 | \u2013 2.7 |
Additions | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 |
Reclassifications | 0.0 | \u2013 13.0 | \u2013 3.8 | 0.0 | \u2013 16.8 |
Cost as at 31/12 | 0.0 | 46.1 | 177.4 | 5.8 | 229.4 |
| Accumulated value adjustments | |||||
as at 1/1 | 0.0 | 0.0 | \u2013 20.3 | 0.0 | \u2013 20.3 |
Reversals of impairment losses | 0.0 | 0.0 | 10.7 | 0.0 | 10.7 |
| Accumulated value adjustments | |||||
as at 31/12 | 0.0 | 0.0 | \u2013 9.6 | 0.0 | \u2013 9.6 |
Net carrying amount as at 31/12 | 0.0 | 46.1 | 167.8 | 5.9 | 219.8 |
Net carrying amount as at 1/1 | 2.7 | 59.1 | 160.9 | 5.7 | 228.5 |
Net carrying amount of other non-current receivables | |||||
| as at 31/12 | 198.0 | ||||
Net carrying amount of other non- current receivables as at 1/1 | 309.7 | ||||
| Total net carrying amount | |||||
| as at 31/12 | 417.8 | ||||
Total net carrying amount as at 1/1 | 538.1 |
Other investments and non-current other receivables | \u20acm | ||||
| Loans to | Loans to | Securities | Other loans | Total | |
| affiliated | investees | (loan stock | |||
| companies \u2013 | rights) | ||||
| not included | |||||
| in the basis of | |||||
| consolidation | |||||
| 2022 | |||||
Cost as at 1/1 | 0.0 | 24.6 | 148.8 | 5.6 | 179.1 |
Additions from business acquisitions | 1.2 | 0.0 | 0.0 | 0.0 | 1.2 |
Additions | 0.0 | 0.0 | 32.4 | 0.1 | 32.5 |
Reclassifications | 1.5 | 34.5 | 0.0 | 0.0 | 36.0 |
Cost as at 31/12 | 2.7 | 59.1 | 181.2 | 5.7 | 248.8 |
| Accumulated value adjustments | |||||
as at 1/1 | 0.0 | 0.0 | \u2013 10.4 | 0.0 | \u2013 10.4 |
Impairment losses | 0.0 | 0.0 | \u2013 9.1 | 0.0 | \u2013 9.1 |
Fair value measurement in OCI | 0.0 | 0.0 | 0.5 | 0.0 | 0.5 |
Disposals | 0.0 | 0.0 | \u2013 1.3 | 0.0 | \u2013 1.3 |
| Accumulated value adjustments | |||||
as at 31/12 | 0.0 | 0.0 | \u2013 20.3 | 0.0 | \u2013 20.3 |
Net carrying amount as at 31/12 | 2.7 | 59.1 | 160.9 | 5.7 | 228.5 |
Net carrying amount as at 1/1 | 0.0 | 24.6 | 138.4 | 5.6 | 168.7 |
Net carrying amount of other non-current receivables | |||||
as at 31/12 | 309.7 | ||||
Net carrying amount of other non-current receivables as at 1/1 | 354.4 | ||||
| Net carrying amount total | |||||
as at 31/12 | 538.1 | ||||
| Net carrying amount total | |||||
as at 1/1 | 523.1 |
Trade receivables, other receivables and securities | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Non- | Non- | Current | Current | |
| current | current | |||
Trade receivables | \u2013 | \u2013 | 968.3 | 972.0 |
Receivables from investees | \u2013 | \u2013 | 57.9 | 56.8 |
Loans to investees | 59.1 | 46.1 | 3.5 | 22.5 |
Other receivables and assets | 309.7 | 198.1 | 516.3 | 282.4 |
Trade receivables, other receivables and securities | 368.8 | 244.2 | 1,546.1 | 1,333.8 |
Investments and non-current other receivables | \u20acm | |
2022 | 2023 | |
Investments \u2013 closed items on the balance sheet | 407.3 | 401.4 |
Other investments and other receivables | 538.1 | 417.8 |
Total | 945.4 | 819.1 |
Investments \u2013 cross-border leasing and closed items on the balance sheet | \u20acm | ||
| Securities (loan | Other loans | Total | |
| stock rights) | under closed | ||
| under closed | items on the | ||
| items on the | balance sheet | ||
| balance sheet | |||
| 2023 | |||
Amortised cost as at 1/1 | 73.2 | 334.1 | 407.3 |
Foreign exchange differences | \u2013 2.7 | \u2013 13.8 | \u2013 16.5 |
Additions | 2.7 | 3.8 | 6.5 |
Capitalised interest | 0.0 | 11.5 | 11.6 |
Disposals | \u2013 1.3 | \u2013 6.1 | \u2013 7.4 |
Amortised acquisition cost as at 31/12 | 71.9 | 329.5 | 401.4 |
of which non-current assets | 71.9 | 329.5 | 401.4 |
Investments \u2013 cross-border leasing and closed items on the balance sheet | \u20acm | ||
| Securities (loan | Other loans | Total | |
| stock rights) | under closed | ||
| under closed | items on the | ||
| items on the | balance sheet | ||
| balance sheet | |||
| 2022 | |||
Amortised cost as at 1/1 | 67.7 | 309.2 | 376.9 |
Foreign exchange differences | 4.0 | 16.8 | 20.8 |
Additions | 2.7 | 3.5 | 6.2 |
Capitalised interest | 0.1 | 11.2 | 11.3 |
Disposals | \u2013 1.3 | \u2013 6.6 | \u2013 7.8 |
Amortised acquisition cost as at 31/12 | 73.2 | 334.1 | 407.3 |
of which non-current assets | 73.2 | 334.1 | 407.3 |
Other investments and non-current other receivables | \u20acm | ||||
| Loans to | Loans to | Securities | Other loans | Total | |
| affiliated | investees | (loan stock | |||
| companies \u2013 | rights) | ||||
| not included | |||||
| in the basis of | |||||
| consolidation | |||||
| 2023 | |||||
Cost as at 1/1 | 2.7 | 59.1 | 181.2 | 5.7 | 248.8 |
Change in the basis of consolidation | \u2013 2.7 | 0.0 | 0.0 | 0.0 | \u2013 2.7 |
Additions | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 |
Reclassifications | 0.0 | \u2013 13.0 | \u2013 3.8 | 0.0 | \u2013 16.8 |
Cost as at 31/12 | 0.0 | 46.1 | 177.4 | 5.8 | 229.4 |
| Accumulated value adjustments | |||||
as at 1/1 | 0.0 | 0.0 | \u2013 20.3 | 0.0 | \u2013 20.3 |
Reversals of impairment losses | 0.0 | 0.0 | 10.7 | 0.0 | 10.7 |
| Accumulated value adjustments | |||||
as at 31/12 | 0.0 | 0.0 | \u2013 9.6 | 0.0 | \u2013 9.6 |
Net carrying amount as at 31/12 | 0.0 | 46.1 | 167.8 | 5.9 | 219.8 |
Net carrying amount as at 1/1 | 2.7 | 59.1 | 160.9 | 5.7 | 228.5 |
Net carrying amount of other non-current receivables | |||||
| as at 31/12 | 198.0 | ||||
Net carrying amount of other non- current receivables as at 1/1 | 309.7 | ||||
| Total net carrying amount | |||||
| as at 31/12 | 417.8 | ||||
Total net carrying amount as at 1/1 | 538.1 |
Other investments and non-current other receivables | \u20acm | ||||
| Loans to | Loans to | Securities | Other loans | Total | |
| affiliated | investees | (loan stock | |||
| companies \u2013 | rights) | ||||
| not included | |||||
| in the basis of | |||||
| consolidation | |||||
| 2022 | |||||
Cost as at 1/1 | 0.0 | 24.6 | 148.8 | 5.6 | 179.1 |
Additions from business acquisitions | 1.2 | 0.0 | 0.0 | 0.0 | 1.2 |
Additions | 0.0 | 0.0 | 32.4 | 0.1 | 32.5 |
Reclassifications | 1.5 | 34.5 | 0.0 | 0.0 | 36.0 |
Cost as at 31/12 | 2.7 | 59.1 | 181.2 | 5.7 | 248.8 |
| Accumulated value adjustments | |||||
as at 1/1 | 0.0 | 0.0 | \u2013 10.4 | 0.0 | \u2013 10.4 |
Impairment losses | 0.0 | 0.0 | \u2013 9.1 | 0.0 | \u2013 9.1 |
Fair value measurement in OCI | 0.0 | 0.0 | 0.5 | 0.0 | 0.5 |
Disposals | 0.0 | 0.0 | \u2013 1.3 | 0.0 | \u2013 1.3 |
| Accumulated value adjustments | |||||
as at 31/12 | 0.0 | 0.0 | \u2013 20.3 | 0.0 | \u2013 20.3 |
Net carrying amount as at 31/12 | 2.7 | 59.1 | 160.9 | 5.7 | 228.5 |
Net carrying amount as at 1/1 | 0.0 | 24.6 | 138.4 | 5.6 | 168.7 |
Net carrying amount of other non-current receivables | |||||
as at 31/12 | 309.7 | ||||
Net carrying amount of other non-current receivables as at 1/1 | 354.4 | ||||
| Net carrying amount total | |||||
as at 31/12 | 538.1 | ||||
| Net carrying amount total | |||||
as at 1/1 | 523.1 |
Trade receivables, other receivables and securities | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Non- | Non- | Current | Current | |
| current | current | |||
Trade receivables | \u2013 | \u2013 | 968.3 | 972.0 |
Receivables from investees | \u2013 | \u2013 | 57.9 | 56.8 |
Loans to investees | 59.1 | 46.1 | 3.5 | 22.5 |
Other receivables and assets | 309.7 | 198.1 | 516.3 | 282.4 |
Trade receivables, other receivables and securities | 368.8 | 244.2 | 1,546.1 | 1,333.8 |
| Useful life | In years |
Residential, office, plant and other plant facilities | 10\u201350 |
Hydroplant buildings | 20\u2013100 |
Gas pipelines | 30 |
Machinery | 10\u201380 |
Electrical installations | 3\u201350 |
Power lines | 50 |
Operating and office equipment | 4\u201310 |
Intangible assets | \u20acm | ||
| Concessions, | Goodwill | Total | |
| rights, licences | |||
| 2023 | |||
Cost as at 1/1 | 922.5 | 1,027.9 | 1,950.4 |
Change in the basis of consolidation | \u2013 39.9 | 0.0 | \u2013 39.9 |
Additions from business acquisitions | 1.8 | 6.4 | 8.2 |
Additions | 92.3 | 0.0 | 92.3 |
Disposals | \u2013 4.7 | 0.0 | \u2013 4.7 |
Reclassifications | 4.3 | 0.0 | 4.3 |
Cost as at 31/12 | 976.2 | 1,034.3 | 2,010.5 |
Accumulated amortisation as at 1/1 | 384.2 | 321.4 | 705.6 |
Additions from business acquisitions | 0.1 | 0.0 | 0.1 |
Depreciation | 21.4 | 0.0 | 21.4 |
Impairment losses | 207.5 | 78.4 | 285.9 |
Disposals | \u2013 2.7 | 0.0 | \u2013 2.7 |
Accumulated amortisation as at 31/12 | 610.5 | 399.8 | 1,010.3 |
Net carrying amount as at 31/12 | 365.7 | 634.5 | 1,000.2 |
Net carrying amount as at 1/1 | 538.2 | 706.5 | 1,244.8 |
Intangible assets | \u20acm | ||
| Concessions, | Goodwill | Total | |
| rights, licences | |||
| 2022 | |||
Cost as at 1/1 | 265.8 | 855.3 | 1,121.1 |
Additions from business acquisitions | 618.0 | 172.6 | 790.7 |
Additions | 46.3 | 0.0 | 46.3 |
Disposals | \u2013 11.4 | 0.0 | \u2013 11.4 |
Reclassifications | 3.7 | 0.0 | 3.7 |
Cost as at 31/12 | 922.5 | 1,027.9 | 1,950.4 |
Accumulated amortisation as at 1/1 | 144.5 | 187.9 | 332.4 |
Additions from business acquisitions | 227.0 | 0.0 | 227.0 |
Depreciation | 16.8 | 0.0 | 16.8 |
Impairment losses | 2.2 | 133.5 | 135.7 |
Reversals of impairment losses | \u2013 0.4 | 0.0 | \u2013 0.4 |
Disposals | \u2013 5.7 | 0.0 | \u2013 5.7 |
Accumulated amortisation as at 31/12 | 384.2 | 321.4 | 705.6 |
Net carrying amount as at 31/12 | 538.2 | 706.5 | 1,244.8 |
Net carrying amount as at 1/1 | 121.3 | 667.4 | 788.7 |
Goodwill | \u20acm | |
2022 | 2023 | |
Hydro segment | 287.0 | 287.0 |
Sales segment | 13.0 | 13.0 |
Inn River power plant group | 126.6 | 126.6 |
Grenzkraftwerke power plant group | 161.1 | 161.1 |
SMATRICS GmbH & Co KG | 40.5 | 40.5 |
Spain renewables portfolio | 78.4 | 0.0 |
| Solarpower | 0.0 | 6.4 |
Goodwill | 706.6 | 634.6 |
1 Details regarding goodwill recognised for the first time in the 2023 reporting period can be found in the section entitled Business acquisitions |
| Impairment testing of goodwill for the Hydro segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All hydraulic energy power plants of | All hydraulic energy power plants of |
| cash-generating units | VERBUND plus goodwill and | VERBUND plus goodwill and |
| deferred tax items | deferred tax items | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
Derivation of cash flow | VERBUND\u2019s planning | VERBUND\u2019s planning |
| (based primarily on market data) | (based primarily on market data) | |
Volume | Average expected generation of the | Average expected generation of the |
| respective power plants | respective power plants | |
Price | Internal price forecasts and power plant- | Internal price forecasts and power plant- |
| specific premiums or discounts (for | specific premiums or discounts (for | |
| example, the sale of guarantees of origin) | example, the sale of guarantees of origin) | |
Planning period | Detailed planning phase: up to a maximum | Detailed planning phase: up to a maximum |
| of 6 years depending on the specific | of 6 years depending on the specific | |
| power plant; rough planning phase: | power plant; rough planning phase: | |
| up to a maximum of 32 years depending on | up to a maximum of 31 years depending | |
| the specific power plant; subsequent | on the specific power plant; subsequent | |
| terminal value phase following rough | terminal value phase following rough | |
| planning phase depending on the specific | planning phase depending on the specific | |
| power plant | power plant | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75% to 12.50% | WACC: 5.75% to 11.25% |
| depending on the location | depending on the location | |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.26%\u201312.52% (previous year: 6.43%\u201313.79%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Sales segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All of VERBUND\u2019s sales activities | All of VERBUND\u2019s sales activities |
| cash-generating units | plus goodwill | plus goodwill |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Expected trading and distribution volumes | Expected trading and distribution volumes |
Price | Expected trading and sales margins | Expected trading and sales margins |
Planning period | Detailed planning phase of 6 years | Detailed planning phase of 6 years |
| followed by a terminal value phase | followed by a terminal value phase | |
| Key valuation | Expected trading and distribution volumes | Expected trading and distribution volumes |
| assumptions | as well as trading and sales margins | as well as trading and sales margins |
After-tax discount rate | WACC after taxes: 5.75%\u201312.25% | WACC after taxes: 5.75%\u201312.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 8.03%\u2013 15.07% (previous year: 8.46%\u2013 14.52%). // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Inn River run-of-river power plant group | ||
31/12/2022 | 31/12/2023 | |
| Group of | Run-of-river power plants of the Inn River | Run-of-river power plants of the Inn River |
| cash-generating units | power plant group 1 , each of which also | power plant group 1 , each of which also |
| represents a cash-generating unit, | represents a cash-generating unit, | |
| plus goodwill and deferred tax accruals | plus goodwill and deferred tax accruals | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND Innkraftwerke GmbH budgets | VERBUND Innkraftwerke GmbH budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Annual output corresponding to the | Annual output corresponding to the |
| mean energy capability of 1,994 GWh | mean energy capability of 1,983 GWh | |
| (after conclusion of the T\u00f6ging | ||
| modernisation project) | ||
Price | Internal price forecasts; discounts for | Internal price forecasts; discounts for |
| generation characteristics and the | generation characteristics and the | |
| hydrological forecast and availability risk; | hydrological forecast and availability risk; | |
| premium for additional proceeds from the | premium for additional proceeds from the | |
| sale of guarantees of origin (derived from | sale of guarantees of origin (derived from | |
| quoted price); consideration of water | quoted price); consideration of water | |
| charges based on official notices; | charges based on official notices; | |
| estimate of maintenance costs by the | estimate of maintenance costs by the | |
| managers responsible | managers responsible | |
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 32 years | rough planning phase: 31 years | |
| followed by a terminal value phase | followed by a terminal value phase | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75% | WACC: 5.75% |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 7.26% (previous year: 7.71%) // | ||
3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occu r |
| Impairment testing of goodwill for the Grenzkraftwerke run-of-river power plant group | |||
31/12/2022 | 31/12/2023 | ||
| Group of | Run-of-river power plants of the | Run-of-river power plants of the | |
| cash-generating units | Grenzkraftwerke power plant group 2 , | Grenzkraftwerke power plant group 2 , | |
| each of which represents a cash- | each of which represents a cash- | ||
| generating unit, plus goodwill and | generating unit, plus goodwill and | ||
| deferred tax accruals | deferred tax accruals | ||
Basis for recoverable amount | Value in use | Value in use | |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) | |
| Derivation of | Grenzkraftwerke GmbH\u2019s budgets | Grenzkraftwerke GmbH\u2019s budgets | |
| cash flow | (based primarily on market data) | (based primarily on market data) | |
Volume | Annual output corresponding to the | Annual output corresponding to the | |
| mean energy capability of 3,957 or | mean energy capability of 3,957 GWh | ||
4,007 | GWh (after completing measures to | ||
| increase efficiency at Ering-Frauenstein) | |||
Price | Internal price forecasts; discounts for | Internal price forecasts; discounts for | |
| generation characteristics and the | generation characteristics and the | ||
| hydrological forecast and availability risk; | hydrological forecast and availability risk; | ||
| premium for additional proceeds from the | premium for additional proceeds from the | ||
| sale of guarantees of origin (derived from | sale of guarantees of origin (derived from | ||
| quoted price); consideration of water | quoted price); consideration of water | ||
| charges based on official notices; | charges based on official notices; | ||
| estimate of maintenance costs by the | estimate of maintenance costs by the | ||
| managers responsible | managers responsible | ||
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; | |
| rough planning phase: 32 years | rough planning phase: 31 years | ||
| followed by a terminal value phase | followed by a terminal value phase | ||
| Key valuation | Electricity price, discount rate | Electricity price, discount rate | |
| assumptions | |||
After-tax discount rate | WACC: 6.00% | WACC: 6.25% 3 | |
| Impairment loss | \u2013 | \u2013 | |
| during the period | |||
1 The following explanatory notes relate to the second step of the two-step impairment test of the Grenzkraftwerke power plant group. The recoverability of the individual run-of- river power plant assets was tested in the first step. // 2 The Grenzkraftwerke power plant group comprises the following power plants: Braunau-Simbach, Egglfing-Obernberg, Ering-Frauenstein, Jochenstein, Nu\u00dfdorf, Oberaudorf-Ebbs, Passau-Ingling and Sch\u00e4rding-Neuhaus. // 3 The implicit input tax interest rate determined through a process of iteration amounted to 7.93%\u2013 8.05% (previous year: 7.98%\u2013 8.11%). // 4 In the opinion of Management, the carrying amount of the Grenzkraftwerke power plant group's assets | |||
(less deferred tax liabilities) including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur . |
| Impairment testing of goodwill from SMATRICS GmbH & Co KG | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | SMATRICS GmbH & Co KG, | SMATRICS GmbH & Co KG, |
| full-service provider for electromobility | full-service provider for electromobility | |
| charging solutions | charging solutions | |
Basis for recoverable amount | Fair value (Level 3) less costs of disposal | Fair value (Level 3) less costs of disposal |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | SMATRICS GmbH & Co KG budgets | SMATRICS GmbH & Co KG budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electric vehicle ramp-up | Electric vehicle ramp-up |
Price | Charging rates | Charging rates |
Planning period | Detailed planning phase: 8 years | Detailed planning phase: 7 years |
| plus subsequent terminal value phase | plus subsequent terminal value phase | |
| Key valuation | Electric vehicle ramp-up, discount rate | Electric vehicle ramp-up, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 12.25% | WACC: 12.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period |
| Sensitivity analysis for SMATRICS GmbH & Co KG 31/12/2023 | |||
| Value assigned to the key | Change in key | Effects on the carrying | |
| valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 12.50% | \u00b1 0.25 PP | \u20ac\u2013 1.8m |
| \u20ac+ 1.8m |
| Sensitivity analysis for SMATRICS GmbH & Co KG 31/12/2022 | |||
| Value assigned to the key | Change in key | Effects on the carrying | |
| valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 12.25% | \u00b1 0.25 PP | \u20ac\u2013 2.7m |
| \u20ac+ 2.1m |
| Impairment testing of goodwill for the Spain renewables portfolio | ||
31/12/2022 | 31/12/2023 | |
| Group of | Photovoltaic portfolios with a capacity of | Photovoltaic portfolios with a capacity of |
cash-generating units 2 | 82.1 MWp in operation (Anselma Issuer, | 82.1 MWp in operation (Anselma Issuer, |
| S.A.U. and Topacio Energy, S.L.U.), | S.A.U. and Topacio Energy, S.L.U.), | |
| wind/photovoltaic portfolios with a | wind/photovoltaic portfolios with a | |
| capacity of 2,129 MW in development | capacity of 1,827 MW in development | |
| (Tejo Solar, S.L.U., Catalpa Solar, S.L.U. | (Tejo Solar, S.L.U., Catalpa Solar, S.L.U. | |
| and VERBUND Green Power Renewable | and VERBUND Green Power Renewable | |
| Projects, S.L.U.) plus goodwill less | Projects, S.L.U.) plus goodwill less | |
| deferred tax items | deferred tax items | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electricity generation | Electricity generation |
Price | Tariffs for existing plants; internal price | Tariffs for existing plants; internal price |
| forecast for projects, premium for | forecast for projects, premium for | |
| additional proceeds from the sale of | additional proceeds from the sale of | |
| guarantees of origin | guarantees of origin | |
| (derived from quoted prices) | (derived from quoted prices) | |
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years |
| Rough planning phase: 14 to 17 years for | Rough planning phase: 13 to 16 years for | |
| existing projects and 29 years (PV) or | existing projects and 29 years (PV) or | |
| 24 years (wind) for development projects | 24 years (wind) for development projects | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75%/6.50% | WACC: 5.75%/6.50% |
Recoverable amount | \u20ac766.1m | \u20ac560.7m |
| Impairment loss | \u20ac\u2013 94.2m | \u20ac\u2013 78.4m |
| during the period | ||
1 The following explanatory notes refer to the second step of the two-step impairment test of the group of cash-generating units known as the \u201cSpain renewables portfolio\u201d. | ||
In the first step, the recoverability of development projects was tested in accordance with IAS 36.10(a) while the recoverability of existing projects was tested if there was any indication that they might be impaired. // 2 The Spain renewables portfolio is broken down into the following sub-portfolios: Anselma Issuer, S.A.U. with 17 CGUs, Topacio | ||
| Energy, S.L.U. with 19 CGUs, Tejo Solar, S.L.U. with 18 CGUs, Catalpa Solar, S.L.U. with 5 CGUs and VERBUND Green Power Renewable Projects, S.L.U. with 3 CGUs. // | ||
3 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 14 to 17 years, followed by a period of merchant marketing, two different WACCs were used for the valuation. The implicit input tax interest rate determined through a process of iteration amounted to 7.25%\u2013 8.30% | ||
(previous year: 7.24%\u2013 8.67%) . |
| Impairment testing of goodwill from Solarpower | |
| 31/12/2023 | |
| Group of | Solarpower (MSP Solarpower GmbH/iFIX GmbH): construction of photovoltaic systems |
| cash-generating units | and distribution of components |
Basis for recoverable amount | Value in use |
Valuation technique | Net present value approach (DCF method) |
Derivation of cash flow | VERBUND budgets (based primarily on market data) |
Volume | MWp plant engineering, sales volumes of PV components |
Price | Purchase prices for photovoltaic modules, inverters and mounting structures; |
| purchased installation services; internal forecasts for project costs and own work | |
Planning period | Detailed planning phase: 6 years plus subsequent terminal value phase |
| Key valuation | Price assumptions (\u20ac/MWp), discount rate |
| assumptions | |
After-tax discount rate | 6.25% |
Recoverable amount | \u20ac24.0m |
| Impairment loss | \u2013 |
| during the period | |
1 impairment test as at 31 December 2023 following the acquisition of shares on 16 June 2023 // 2 The implicit input tax interest rate determined through a process of iteration | |
| amounted to 8.11% . |
| Sensitivity analysis for Solarpower 31/12/2023 | |||
| Value assigned to the | Change in key | Effects on the carrying | |
| key valuation assumption | valuation assumptions | amounts of assets | |
After-tax discount rate | 6.25% | \u00b1 0.25 PP | \u20ac\u2013 1.3m |
| \u20ac+ 1.4m |
Contributions to building costs and grants | \u20acm | |
2022 | 2023 | |
Contributions to building costs | 744.7 | 743.2 |
Government grants | 46.4 | 45.8 |
Contributions to building costs and grants | 791.2 | 788.9 |
Non-current other liabilities | \u20acm | |
2022 | 2023 | |
Other liabilities from electricity deliveries and grid services | 142.0 | 212.6 |
Lease liabilities | 126.0 | 147.8 |
Obligation to return an interest | 116.7 | 122.5 |
Electricity supply commitment | 113.4 | 97.9 |
Advance payments received for grid access fees (electricity) | 0.0 | 62.2 |
Liabilities for grid usage fees (gas) | 2.9 | 43.4 |
Liabilities from outstanding capital expenditure invoices | 22.8 | 32.7 |
Security deposits for transport services | 10.3 | 12.7 |
Trade payables | 2.8 | 2.3 |
Other | 26.3 | 38.7 |
Non-current other liabilities | 563.4 | 772.8 |
Contributions to building costs and grants | \u20acm | |
2022 | 2023 | |
Contributions to building costs | 744.7 | 743.2 |
Government grants | 46.4 | 45.8 |
Contributions to building costs and grants | 791.2 | 788.9 |
Contributions to building costs and grants | \u20acm | |
2022 | 2023 | |
Contributions to building costs | 744.7 | 743.2 |
Government grants | 46.4 | 45.8 |
Contributions to building costs and grants | 791.2 | 788.9 |
| Trade payables and current other liabilities | \u20acm | |
2022 | 2023 | |
Trade payables | 412.7 | 327.4 |
Outstanding receipts for investments | 142.9 | 217.7 |
Other liabilities from electricity deliveries and grid services | 80.2 | 201.0 |
Windfall tax liabilities | 33.5 | 75.5 |
Liabilities to tax authorities | 27.9 | 67.1 |
Other liabilities for maintenance expenses | 52.8 | 58.3 |
Liabilities from equity interest transactions | 0.0 | 55.4 |
Other personnel-related liabilities | 43.0 | 49.9 |
Liabilities to unconsolidated subsidiaries and investees | 26.5 | 48.9 |
Security deposits for transport services | 57.7 | 38.8 |
Liabilities to the emissions registry | 39.1 | 22.2 |
Electricity supply commitment | 13.1 | 15.4 |
Lease liabilities | 10.8 | 12.6 |
Accruals and deferred income | 29.0 | 11.1 |
Advance payments received | 25.2 | 7.8 |
Other | 41.4 | 66.2 |
Trade payables and current other liabilities | 1,035.8 | 1,275.4 |
Non-current other liabilities | \u20acm | |
2022 | 2023 | |
Other liabilities from electricity deliveries and grid services | 142.0 | 212.6 |
Lease liabilities | 126.0 | 147.8 |
Obligation to return an interest | 116.7 | 122.5 |
Electricity supply commitment | 113.4 | 97.9 |
Advance payments received for grid access fees (electricity) | 0.0 | 62.2 |
Liabilities for grid usage fees (gas) | 2.9 | 43.4 |
Liabilities from outstanding capital expenditure invoices | 22.8 | 32.7 |
Security deposits for transport services | 10.3 | 12.7 |
Trade payables | 2.8 | 2.3 |
Other | 26.3 | 38.7 |
Non-current other liabilities | 563.4 | 772.8 |
Right-of-use assets | \u20acm | ||||
| Land and | Electrical | Power | Operating and | Total | |
| buildings | installations | lines | office | ||
| equipment | |||||
As at 1/1/2023 | 113.1 | 9.2 | 20.0 | 4.4 | 146.6 |
Additions | 35.8 | 4.7 | 1.1 | 3.6 | 45.2 |
Depreciation | \u2013 9.9 | \u2013 0.8 | 0.0 | \u2013 2.1 | \u2013 12.8 |
Disposals | \u2013 9.1 | 0.0 | 0.0 | \u2013 0.2 | \u2013 9.3 |
As at 31/12/2023 | 129.9 | 13.1 | 21.1 | 5.7 | 169.7 |
Right-of-use assets | \u20acm | ||||
| Land and | Electrical | Power | Operating and | Total | |
| buildings | installations | lines | office | ||
| equipment | |||||
As at 1/1/2022 | 73.1 | 7.7 | 19.5 | 3.6 | 103.8 |
Additions from business acquisitions | 13.4 | 0.0 | 0.0 | 0.0 | 13.4 |
Additions | 35.6 | 2.1 | 0.6 | 2.5 | 40.7 |
Depreciation | \u2013 7.5 | \u2013 0.5 | 0.0 | \u2013 1.6 | \u2013 9.7 |
Disposals | \u2013 1.5 | 0.0 | 0.0 | \u2013 0.1 | \u2013 1.6 |
As at 31/12/2022 | 113.1 | 9.2 | 20.0 | 4.4 | 146.6 |
Amounts from leases recognised in profit or loss | \u20acm | |
2022 | 2023 | |
Expenses from unwinding the discount on the lease liability | 1.3 | 3.0 |
Variable lease payments that were not recognised in the lease liability | 0.1 | 0.9 |
| Expenses from short-term leases | 56.7 | 95.2 |
Expenses from underlying assets of low value | 0.1 | 0.0 |
1 mainly relates to short-term congestion management contracts. These contracts serve to secure reserve capacity that can be called up in the event of congestion |
Expected cash outflows as at 31/12/2023 | \u20acm | |||
Maturity | 2024 | 2025 | 2026\u20132028 | From 2029 |
| Cash outflows on lease liabilities | ||||
| in accordance with IFRS 7 | 15.7 | 15.0 | 37.0 | 167.5 |
Expected cash outflows as at 31/12/2022 | \u20acm | |||
Maturity | 2023 | 2024 | 2025\u20132027 | From 2028 |
| Cash outflows on lease liabilities | ||||
in accordance with IFRS 7 | 12.2 | 11.7 | 27.8 | 97.2 |
Goodwill | \u20acm | |
2022 | 2023 | |
Hydro segment | 287.0 | 287.0 |
Sales segment | 13.0 | 13.0 |
Inn River power plant group | 126.6 | 126.6 |
Grenzkraftwerke power plant group | 161.1 | 161.1 |
SMATRICS GmbH & Co KG | 40.5 | 40.5 |
Spain renewables portfolio | 78.4 | 0.0 |
| Solarpower | 0.0 | 6.4 |
Goodwill | 706.6 | 634.6 |
1 Details regarding goodwill recognised for the first time in the 2023 reporting period can be found in the section entitled Business acquisitions |
| Impairment testing of goodwill for the Hydro segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All hydraulic energy power plants of | All hydraulic energy power plants of |
| cash-generating units | VERBUND plus goodwill and | VERBUND plus goodwill and |
| deferred tax items | deferred tax items | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
Derivation of cash flow | VERBUND\u2019s planning | VERBUND\u2019s planning |
| (based primarily on market data) | (based primarily on market data) | |
Volume | Average expected generation of the | Average expected generation of the |
| respective power plants | respective power plants | |
Price | Internal price forecasts and power plant- | Internal price forecasts and power plant- |
| specific premiums or discounts (for | specific premiums or discounts (for | |
| example, the sale of guarantees of origin) | example, the sale of guarantees of origin) | |
Planning period | Detailed planning phase: up to a maximum | Detailed planning phase: up to a maximum |
| of 6 years depending on the specific | of 6 years depending on the specific | |
| power plant; rough planning phase: | power plant; rough planning phase: | |
| up to a maximum of 32 years depending on | up to a maximum of 31 years depending | |
| the specific power plant; subsequent | on the specific power plant; subsequent | |
| terminal value phase following rough | terminal value phase following rough | |
| planning phase depending on the specific | planning phase depending on the specific | |
| power plant | power plant | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75% to 12.50% | WACC: 5.75% to 11.25% |
| depending on the location | depending on the location | |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.26%\u201312.52% (previous year: 6.43%\u201313.79%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Sales segment | ||
31/12/2022 | 31/12/2023 | |
| Group of | All of VERBUND\u2019s sales activities | All of VERBUND\u2019s sales activities |
| cash-generating units | plus goodwill | plus goodwill |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Sum-of-the-parts measurement based on a | Sum-of-the-parts measurement based on a |
| net present value approach (DCF method) | net present value approach (DCF method) | |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Expected trading and distribution volumes | Expected trading and distribution volumes |
Price | Expected trading and sales margins | Expected trading and sales margins |
Planning period | Detailed planning phase of 6 years | Detailed planning phase of 6 years |
| followed by a terminal value phase | followed by a terminal value phase | |
| Key valuation | Expected trading and distribution volumes | Expected trading and distribution volumes |
| assumptions | as well as trading and sales margins | as well as trading and sales margins |
After-tax discount rate | WACC after taxes: 5.75%\u201312.25% | WACC after taxes: 5.75%\u201312.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The implicit input tax interest rate determined through a process of iteration amounted to 8.03%\u2013 15.07% (previous year: 8.46%\u2013 14.52%). // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions | ||
| considered possible by Management actually occur. |
| Impairment testing of goodwill for the Inn River run-of-river power plant group | ||
31/12/2022 | 31/12/2023 | |
| Group of | Run-of-river power plants of the Inn River | Run-of-river power plants of the Inn River |
| cash-generating units | power plant group 1 , each of which also | power plant group 1 , each of which also |
| represents a cash-generating unit, | represents a cash-generating unit, | |
| plus goodwill and deferred tax accruals | plus goodwill and deferred tax accruals | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND Innkraftwerke GmbH budgets | VERBUND Innkraftwerke GmbH budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Annual output corresponding to the | Annual output corresponding to the |
| mean energy capability of 1,994 GWh | mean energy capability of 1,983 GWh | |
| (after conclusion of the T\u00f6ging | ||
| modernisation project) | ||
Price | Internal price forecasts; discounts for | Internal price forecasts; discounts for |
| generation characteristics and the | generation characteristics and the | |
| hydrological forecast and availability risk; | hydrological forecast and availability risk; | |
| premium for additional proceeds from the | premium for additional proceeds from the | |
| sale of guarantees of origin (derived from | sale of guarantees of origin (derived from | |
| quoted price); consideration of water | quoted price); consideration of water | |
| charges based on official notices; | charges based on official notices; | |
| estimate of maintenance costs by the | estimate of maintenance costs by the | |
| managers responsible | managers responsible | |
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 32 years | rough planning phase: 31 years | |
| followed by a terminal value phase | followed by a terminal value phase | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75% | WACC: 5.75% |
| Impairment loss | \u2013 | \u2013 |
| during the period | ||
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 7.26% (previous year: 7.71%) // | ||
3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occu r |
| Impairment testing of goodwill from SMATRICS GmbH & Co KG | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | SMATRICS GmbH & Co KG, | SMATRICS GmbH & Co KG, |
| full-service provider for electromobility | full-service provider for electromobility | |
| charging solutions | charging solutions | |
Basis for recoverable amount | Fair value (Level 3) less costs of disposal | Fair value (Level 3) less costs of disposal |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | SMATRICS GmbH & Co KG budgets | SMATRICS GmbH & Co KG budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electric vehicle ramp-up | Electric vehicle ramp-up |
Price | Charging rates | Charging rates |
Planning period | Detailed planning phase: 8 years | Detailed planning phase: 7 years |
| plus subsequent terminal value phase | plus subsequent terminal value phase | |
| Key valuation | Electric vehicle ramp-up, discount rate | Electric vehicle ramp-up, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 12.25% | WACC: 12.50% |
| Impairment loss | \u2013 | \u2013 |
| during the period |
| Impairment testing of goodwill for the Spain renewables portfolio | ||
31/12/2022 | 31/12/2023 | |
| Group of | Photovoltaic portfolios with a capacity of | Photovoltaic portfolios with a capacity of |
cash-generating units 2 | 82.1 MWp in operation (Anselma Issuer, | 82.1 MWp in operation (Anselma Issuer, |
| S.A.U. and Topacio Energy, S.L.U.), | S.A.U. and Topacio Energy, S.L.U.), | |
| wind/photovoltaic portfolios with a | wind/photovoltaic portfolios with a | |
| capacity of 2,129 MW in development | capacity of 1,827 MW in development | |
| (Tejo Solar, S.L.U., Catalpa Solar, S.L.U. | (Tejo Solar, S.L.U., Catalpa Solar, S.L.U. | |
| and VERBUND Green Power Renewable | and VERBUND Green Power Renewable | |
| Projects, S.L.U.) plus goodwill less | Projects, S.L.U.) plus goodwill less | |
| deferred tax items | deferred tax items | |
Basis for recoverable amount | Value in use | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electricity generation | Electricity generation |
Price | Tariffs for existing plants; internal price | Tariffs for existing plants; internal price |
| forecast for projects, premium for | forecast for projects, premium for | |
| additional proceeds from the sale of | additional proceeds from the sale of | |
| guarantees of origin | guarantees of origin | |
| (derived from quoted prices) | (derived from quoted prices) | |
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years |
| Rough planning phase: 14 to 17 years for | Rough planning phase: 13 to 16 years for | |
| existing projects and 29 years (PV) or | existing projects and 29 years (PV) or | |
| 24 years (wind) for development projects | 24 years (wind) for development projects | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75%/6.50% | WACC: 5.75%/6.50% |
Recoverable amount | \u20ac766.1m | \u20ac560.7m |
| Impairment loss | \u20ac\u2013 94.2m | \u20ac\u2013 78.4m |
| during the period | ||
1 The following explanatory notes refer to the second step of the two-step impairment test of the group of cash-generating units known as the \u201cSpain renewables portfolio\u201d. | ||
In the first step, the recoverability of development projects was tested in accordance with IAS 36.10(a) while the recoverability of existing projects was tested if there was any indication that they might be impaired. // 2 The Spain renewables portfolio is broken down into the following sub-portfolios: Anselma Issuer, S.A.U. with 17 CGUs, Topacio | ||
| Energy, S.L.U. with 19 CGUs, Tejo Solar, S.L.U. with 18 CGUs, Catalpa Solar, S.L.U. with 5 CGUs and VERBUND Green Power Renewable Projects, S.L.U. with 3 CGUs. // | ||
3 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 14 to 17 years, followed by a period of merchant marketing, two different WACCs were used for the valuation. The implicit input tax interest rate determined through a process of iteration amounted to 7.25%\u2013 8.30% | ||
(previous year: 7.24%\u2013 8.67%) . |
| Impairment testing of goodwill from Solarpower | |
| 31/12/2023 | |
| Group of | Solarpower (MSP Solarpower GmbH/iFIX GmbH): construction of photovoltaic systems |
| cash-generating units | and distribution of components |
Basis for recoverable amount | Value in use |
Valuation technique | Net present value approach (DCF method) |
Derivation of cash flow | VERBUND budgets (based primarily on market data) |
Volume | MWp plant engineering, sales volumes of PV components |
Price | Purchase prices for photovoltaic modules, inverters and mounting structures; |
| purchased installation services; internal forecasts for project costs and own work | |
Planning period | Detailed planning phase: 6 years plus subsequent terminal value phase |
| Key valuation | Price assumptions (\u20ac/MWp), discount rate |
| assumptions | |
After-tax discount rate | 6.25% |
Recoverable amount | \u20ac24.0m |
| Impairment loss | \u2013 |
| during the period | |
1 impairment test as at 31 December 2023 following the acquisition of shares on 16 June 2023 // 2 The implicit input tax interest rate determined through a process of iteration | |
| amounted to 8.11% . |
| Impairment testing of existing projects in the Spain renewables portfolio | ||
31/12/2022 | 31/12/2023 | |
| Group of | PV portfolios with a capacity of 82.1 MWp | PV portfolios with a capacity of 82.1 MWp |
cash-generating units 1 | in operation (Anselma Issuer, S.A.U. and | in operation (Anselma Issuer, S.A.U. and |
| Topacio Energy, S.L.U.) | Topacio Energy, S.L.U.) | |
Basis for recoverable amount | Value in use | Value in use |
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts |
| impairment | updated discount rate | |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | VERBUND budgets | VERBUND budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Electricity generation | Electricity generation |
Price | Tariffs for the next 15\u2013 18 years, | Tariffs for the next 14\u2013 17 years, |
| followed by internal price forecast | followed by internal price forecast | |
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years |
| Rough planning phase: 14 to 15 years for | Rough planning phase: 13 to 14 years for | |
| the Anselma Issuer, S.A.U. portfolio and | the Anselma Issuer, S.A.U. portfolio and | |
| 14 to 17 years for the Topacio Energy, | 13 to 16 years for the Topacio Energy, | |
| S.L.U. portfolio. | S.L.U. portfolio. | |
| Key valuation | Electricity price, discount rate | Electricity price, discount rate |
| assumptions | ||
After-tax discount rate | WACC: 5.75%/6.50% | WACC: 5.75%/6.50% |
Recoverable amount | \u20ac393.0m | \u20ac348.8m |
| Change in value | \u20ac\u2013 49.7m | \u20ac+ 29.9m |
| during the period | ||
1 The existing projects are broken down into the following portfolios: Anselma Issuer, S.A.U. with 17 CGUs, Topacio Energy, S.L.U. with 19 CGUs. // 2 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 14 to 17 years, followed by a period of merchant marketing, two different | ||
WACCs were used for the valuation. The implicit input tax interest rate determined through a process of iteration amounted to 7.25%\u2013 8.08% (previous year: 7.24%\u2013 7.51%). // | ||
3 The reversal of impairment losses as at 31 December 2023 comprises the impairment losses and reversals of impairment losses of 15 CGUs in the Anselma Issuer, S.A.U. portfolio | ||
in the total amount of \u20ac6.0m (previous year: impairment losses in the amount of \u2013 \u20ac15.4m) and 19 CGUs in the Topacio Energy, S.L.U. portfolio in the total amount of \u20ac23.9m | ||
(previous year: impairment losses in the amount of \u2013 \u20ac34.2m). |
| Impairment testing of development projects in Spain renewables portfolio | ||||
31/12/2022 | 31/12/2023 | |||
| Group of | Wind/PV portfolios with a capacity of | Wind/PV portfolios with a capacity of | ||
| cash-generating units | 2,129 | MW under development | 1,827 | MW under development |
| (Tejo Solar, S.L.U, Catalpa Solar, S.L.U. and | (Tejo Solar, S.L.U, Catalpa Solar, S.L.U. | |||
| VERBUND Green Power Renewable | and VERBUND Green Power Renewable | |||
| Projects, S.L.U.) | Projects, S.L.U.) | |||
Basis for recoverable amount | Value in use | Value in use | ||
| Indications of | Updated electricity price forecasts and | Updated electricity price forecasts, | ||
| impairment | updated discount rate | increase in CapEx and postponement of | ||
| commissioning | ||||
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) | ||
Derivation of cash flow | VERBUND budgets | VERBUND budgets | ||
| (based primarily on market data) | (based primarily on market data) | |||
Volume | Electricity generation | Electricity generation | ||
Price | Internal price forecast for projects, | Internal price forecast for projects, | ||
| premium for additional proceeds from the | premium for additional proceeds from the | |||
| sale of guarantees of origin | sale of guarantees of origin | |||
| (derived from quoted prices) | (derived from quoted prices) | |||
Planning period | Detailed planning phase: 6 years | Detailed planning phase: 6 years | ||
| Rough planning phase: 29 years (PV) or | Rough planning phase: 29 years (PV) or | |||
| 24 years (wind) | 24 years (wind) | |||
| Key valuation | Electricity price, discount rate | Electricity price, discount rate | ||
| assumptions | ||||
After-tax discount rate | WACC: 6.50% | WACC: 6.50% | ||
Recoverable amount | \u20ac373.1m | \u20ac202.2m | ||
| Impairment loss | \u20ac\u2013 2.0m | \u20ac\u2013 204.1m | ||
| during the period | ||||
1 The development projects are broken down into the following portfolios: Tejo Solar, S.L.U. with 18 CGUs, Catalpa Solar, S.L.U. with 5 CGUs and VERBUND Green Power | ||||
Renewable Projects, S.L.U. with 3 CGUs. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 8.07%\u2013 8.30% (previous year: | ||||
8.57%\u2013 8.67%). // 3 The impairment losses as at 31 December 2023 resulted from 17 CGUs in the Tejo Solar, S.L.U. portfolio in the amount of \u2013 \u20ac169.6m (previous year: \u2013 \u20ac2.0m) | ||||
and five CGUs in the Catalpa Solar, S.L.U. portfolio in the amount of \u20ac34.6m (previous year: \u20ac0m). |
| Impairment testing of the Spain photovoltaic portfolio | ||
| 31/12/2023 | ||
| Group of | 148 | MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., |
| cash-generating units | Watt Development 6 S.L.U., Watt Development 7 S.L.U.) | |
Basis for recoverable amount | Value in use | |
Indications of impairment | Updated electricity price forecasts | |
Valuation technique | Net present value approach (DCF method) | |
Derivation of cash flow | VERBUND budgets (based primarily on market data) | |
Volume | Electricity generation | |
Price | Internal price forecast, premium for additional proceeds from the sale of | |
| guarantees of origin (derived from quoted prices) | ||
Planning period | Detailed planning phase: 6 years | |
| Rough planning phase: 28 years | ||
Key valuation assumptions | Discount rate | |
After-tax discount rate | WACC: 6.50% | |
Recoverable amount | \u20ac105.6m | |
| Impairment loss | \u20ac\u2013 25.0m | |
| during the period | ||
1 At the previous year\u2019s reporting date the test for impairment was conducted as well and no material change in value was identified. // 2 The implicit input tax interest rate | ||
| determined through a process of iteration amounted to 7.91%. |
| Impairment testing of the Spain wind portfolio | |||
| 31/12/2023 | |||
Group of cash-generating units | 256 | MWp wind portfolio with nine operating wind farms in Spain | |
| (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.) | |||
Basis for recoverable amount | Fair value (Level 3) less costs of disposal | ||
Indications of impairment | Updated electricity price forecasts | ||
Valuation technique | Net present value approach (DCF method) | ||
Derivation of cash flow | VERBUND\u2019s planning (based primarily on market data) | ||
Volume | Electricity generation | ||
Price | External price forecast for projects, premium for additional proceeds from the | ||
| sale of guarantees of origin (derived from quoted prices) | |||
Planning period | Detailed planning phase: 6 years | ||
| Rough planning phase: 42 years | |||
Key valuation assumptions | Electricity price, discount rate | ||
After-tax discount rate | WACC: 5.75%/6.50% | ||
Recoverable amount | \u20ac438.1m | ||
| Impairment loss | \u20ac\u2013 54.0m | ||
| during the period | |||
1 impairment test as at 31 December 2023 following the acquisition of shares on 25 July 2023 // 2 Since the return is protected by tariff rate quotas for the next 2 to 8 years, followed by a period of merchant marketing, two WACCs were used for the valuation |
| Impairment testing of Gas Connect Austria GmbH, including Austrian Gas Grid Management AG | ||
31/12/2022 | 31/12/2023 | |
Cash-generating unit | GCA\u2019s transmission system and | GCA\u2019s transmission system and |
| distribution network, including AGGM | distribution network, including AGGM | |
| Indications of | Updated electricity or gas price forecasts | Significant changes in the energy market |
| impairment | and updated discount rate | environment |
Basis for recoverable amount | Fair value (Level 3) less costs to sell | Value in use |
Valuation technique | Net present value approach (DCF method) | Net present value approach (DCF method) |
| Derivation of | GCA budgets | GCA budgets |
| cash flow | (based primarily on market data) | (based primarily on market data) |
Volume | Capacity bookings | Capacity bookings |
Price | Tariffs enacted by the regulator | Tariffs enacted by the regulator |
Planning period | Detailed planning phase: 6 years; | Detailed planning phase: 6 years; |
| rough planning phase: 22 years plus | rough planning phase: 21 years plus | |
| regulatory asset base (RAB) as exit value | regulatory asset base (RAB) as exit value | |
| Key valuation | Regulatory interest rate for the RAB | Regulatory interest rate for the RAB |
| assumptions | ||
After-tax discount rate | Determination of discount rate taking into | Determination of discount rate taking into |
| account regulatory framework conditions | account regulatory framework conditions | |
Recoverable amount | \u20ac670.6m | \u20ac444.4m |
| Impairment losses | \u20ac\u2013 2.2m | \u20ac\u2013 56.9m |
| during the period |
Other equity interests | \u20acm | ||
| Interests in | Other equity | Total | |
| unconsolidated | interests | ||
| subsidiaries | |||
| 2023 | |||
(Amortised) cost as at 1/1 | 17.8 | 143.2 | 161.0 |
Change in the basis of consolidation | \u2013 5.0 | 0.0 | \u2013 5.0 |
Additions from acquisitions of interests and capital increases | 22.8 | 1.5 | 24.3 |
Disposals | 0.0 | \u2013 0.6 | \u2013 0.6 |
(Amortised) cost as at 31/12 | 35.6 | 144.1 | 179.7 |
Accumulated value adjustments as at 1/1 | 11.2 | 20.5 | 31.7 |
Fair value measurement in OCI | \u2013 0.6 | 32.5 | 31.9 |
Impairment losses | \u2013 15.8 | 0.0 | \u2013 15.8 |
Accumulated value adjustments as at 31/12 | \u2013 5.2 | 53.0 | 47.8 |
Net carrying amount as at 31/12 | 30.4 | 197.1 | 227.5 |
Net carrying amount as at 1/1 | 29.0 | 163.7 | 192.7 |
Other equity interests | \u20acm | ||
| Interests in | Other equity | Total | |
| unconsolidated | interests | ||
| subsidiaries | |||
| 2022 | |||
(Amortised) cost as at 1/1 | 4.8 | 143.1 | 147.9 |
Additions from acquisitions of interests and capital increases | 13.4 | 0.1 | 13.5 |
Disposals | \u2013 0.4 | 0.0 | \u2013 0.4 |
(Amortised) cost as at 31/12 | 17.8 | 143.2 | 161.0 |
Accumulated value adjustments as at 1/1 | 9.3 | 19.9 | 29.2 |
Fair value measurement in OCI | 1.9 | 0.6 | 2.5 |
Accumulated value adjustments as at 31/12 | 11.2 | 20.5 | 31.7 |
Net carrying amount as at 31/12 | 29.0 | 163.7 | 192.7 |
Net carrying amount as at 1/1 | 14.1 | 163.0 | 177.1 |
| Segment: Hydro | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | compan y company's | quarters | dation | compan y company's | |||
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH) \u2013 Hydro | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| Innwerk AG | Stamm- | Stamm- | ||||||
| (VHP-IW) | ham | CS | VH | 100.00% | ham | CS | VH | 100.00% |
| VERBUND Hydro | ||||||||
| Power GmbH (VHP) | Vienna | CS | VH | 80.54% | Vienna | CS | VH | 80.54% |
| VERBUND | ||||||||
| Innkraftwerke | ||||||||
| GmbH | T\u00f6ging | CS | VH | 70.27% | T\u00f6ging | CS | VH | 70.27% |
| Donaukraftwerk | ||||||||
| Jochenstein | VH | 50.00% | VH | 50.00% | ||||
Aktiengesellschaft | Passau | CS | VHP-IW | 50.00% | Passau | CS | VHP-IW | 50.00% |
| Grenzkraftwerke | VH | 50.00% | VH | 50.00% | ||||
| GmbH | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
\u00d6sterreichisch- Bayerische | ||||||||
| Kraftwerke | VH | 50.00% | VH | 50.00% | ||||
| Aktiengesellschaft | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
| Ennskraftwerke | ||||||||
| Aktiengesellschaft | Steyr | GT | VH | 50.00% | Steyr | GT | VH | 50.00% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH & | ||||||||
| Co KG | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
Ashta Beteiligungs- verwaltung GmbH | ||||||||
(VHP-AL-HII) | Vienna | EM | VHP | 50.01% | Vienna | EM | VHP | 50.01% |
| VHP-AL- | VHP-AL- | |||||||
Energji Ashta Shpk | Bushat | EM | HII | 100.00% | Bushat | EM | HII | 100.00% |
| Lestin Tauch- und | ||||||||
Bergungsunterneh- men Gesellschaft | ||||||||
| m.b.H. (LESTIN) | Vienna | UC | VHP | 100.00% | Vienna | UC | VHP | 100.00% |
| Murkraftwerk Graz | ||||||||
| Errichtungs- und | ||||||||
| BetriebsgmbH | Graz | UC | VHP | 25.10% | Graz | UC | VHP | 25.10% |
| VERBUND | VHP | 99.90% | VHP | 99.90% | ||||
Tourismus GmbH | Vienna | UC | LESTIN | 0.10% | Vienna | UC | LESTIN | 0.10% |
| Manara HPP | ||||||||
| Operation Ltd. | Tel-Aviv | UC | VHP | 80.00% | Tel-Aviv | UC | VHP | 80.00% |
| Segment: New renewables | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Wind | ||||||||
| Power Austria | ||||||||
GmbH (VRP-AT) | Vienna | CS | VHP | 100.00% | Vienna | CS | VHP | 100.00% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH (VGP-DE) | stadt | CS | VGP | 100.00% | stadt | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power GmbH | ||||||||
| (VGP) | Vienna | CS | VGP | 100.00% | Vienna | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
Power Iberia, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Wind | ||||||||
| Power Romania | Bucha- | Bucha- | ||||||
| SRL | rest | CS | VGP | 100.00% | rest | CS | VGP | 100.00% |
| Infrastruktur | ||||||||
| Oberheimbach I | W\u00f6rr- | |||||||
| GmbH & Co. KG | stadt | CS | VGP | 85.00% | \u2013 | \u2013 | \u2013 | \u2013 |
Infrastrukturgesell- schaft Bischheim | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH & Co. KG | stadt | CS | VGP | 80.60% | stadt | CS | VGP | 80.60% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | ||||||||
| Photovoltaik | Sch\u00f6ne- | |||||||
| GmbH | feld | CS | VGP | 100.00% | Berlin | CS | VGP | 100.00% |
| Watt Development | ||||||||
| SPV 5 S.L.U. | ||||||||
(VGP-IB-IL1) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 6 S.L.U. | ||||||||
(VGP-IB-IL2) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 7 S.L.U. | ||||||||
(VGP-IB-IL3) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL1 | IL1 | |||||||
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL2 | IL2 | |||||||
| Infraestructuras de | VGP-IB- | 20.00% | VGP-IB- | 20.00% | ||||
Illora S.L. | Madrid | UC | IL3 | Madrid | UC | IL3 | ||
| SOLAVOLTA | Sankt | Sankt | ||||||
| Energie- und | Marga- | Marga- | ||||||
| Umwelttechnik | rethen im | rethen im | ||||||
| GmbH | Bgld. | EM | VGP | 50.00% | Bgld. | EM | VGP | 50.00% |
| Parque E\u00f3lico | ||||||||
Ayamonte S.L.U. | Madrid | CS | VH | 70.00% | Madrid | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico | de | de | ||||||
| Buseco S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico El | de | de | ||||||
| Barroso S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Parque E\u00f3lico | Pozuelo | Pozuelo | ||||||
| Loma de los Pinos | de | de | ||||||
| S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Lusitania | de | de | ||||||
| Renovables S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
Anselma Issuer, S.A.U. | ||||||||
(VGP-IB-ANI) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Topacio Energy, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Catalpa Solar, S.L.U. | ||||||||
(VGP-IB-CAS) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Tejo Solar, S.L.U. | ||||||||
(VGP-IB-TES) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Power Renewable | ||||||||
| Projects, S.L.U. | ||||||||
(VGP-IB-GRP) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Cuerva, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Los Navalmorales, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Albarreal, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Totan\u00e9s, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SDC) | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
Blacky Energy, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-BLA) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Cyopsa-El Molino | ||||||||
| Energ\u00eda E\u00f3lica, | VGP-IB- | VGP-IB- | ||||||
S.A.U. | Madrid | UC | BLA | 100.00% | Madrid | CS | BLA | 100.00% |
| VERBUND Green | ||||||||
Power Valderrama, S.L.U. (VGP-IB- | VGP-IB- | VGP-IB- | ||||||
VAL) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
Musas, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
| Ofion, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Green Power Wind | ||||||||
| Spain 1, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| Green Power Wind | ||||||||
Marquesado, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power Italia S.R.L. | ||||||||
| (VGP-IT) | Sternatia | UC | VGP | 100.00% | Milan | CS | VGP | 100.00% |
| PV Novoli S.R.L. | \u2013 | \u2013 | \u2013 | \u2013 | Lecce | CS | VGP-IT | 100.00% |
| Totan\u00e9s | ||||||||
| Infraestructuras | VGP-IB- | VGP-IB- | ||||||
| Comunes, S.L. | Madrid | UC | SDC | 38.89% | Madrid | UC | SDC | 38.89% |
| Murcia Solar Park | ||||||||
| GmbH | VGP-IB- | VGP-IB- | ||||||
| (VGP-IB-MUR) | Berlin | UC | ANI | 100.00% | Berlin | UC | ANI | 100.00% |
| Baluma Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Baviera Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Bolardo Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Boyante Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Braganza Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cairo Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Camareta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Carmesi Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cenida Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Comunidad de | ||||||||
| Bienes del Huerto | ||||||||
| Solar del Hinojar, | VGP-IB- | VGP-IB- | ||||||
| C.B. | Lorca | UC | SVL | 92.72% | Lorca | UC | SVL | 92.72% |
| Cornamusa Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Cruceta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Faballones Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Feanor Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Galadrien Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Helice Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Imai Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Koe Energy, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Lima Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Miriel Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Mosqueton Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Nairobi Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Natera Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Obenque Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Orion Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Orla Solar, S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Panol Solar, S.L. | Madrid | UC | TES | 51.00% | Madrid | UC | TES | 51.00% |
| Penalara Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Perdiguero Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Peregrino Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Posets Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Radar Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Reclamo Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Rehala Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Rotor Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Sentina Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Sextante Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Stopper Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.0% |
| Stein Von Liebig | ||||||||
| Balears I, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SVL) | Madrid | UC | MUR | 100.00% | Madrid | UC | MUR | 100.00% |
| Trufa Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Volateo Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Zelanda Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Zuncho Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| VERBUND Green | ||||||||
| Power Albania | ||||||||
Sh.p.k. | Tirana | UC | VGP | 100.00% | Tirana | UC | VGP | 100.00% |
| Segment: Sales | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH)\u2013 Sales | ||||||||
activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Energy4Business | ||||||||
GmbH (VEB) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Energy4Business | ||||||||
Germany GmbH | Munich | CS | VEB | 100.00% | Munich | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Customers | ||||||||
GmbH (VEC) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
Energy4Flex GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Future | ||||||||
GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| MSP Solarpower | ||||||||
GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
iFix Solar GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
| SMATRICS GmbH | ||||||||
& Co KG | Vienna | CS | VEB | 74.90% | Vienna | CS | VEB | 74.90% |
| SMATRICS | SMATRICS | |||||||
| SMATRICS EnBW | GmbH & | GmbH & | ||||||
| GmbH | Vienna | EM | Co KG | 49.00% | Vienna | EM | Co KG | 49.00% |
| E-Mobility Provider | ||||||||
| Austria GmbH | Vienna | UC | VEB | 74.90% | Vienna | UC | VEB | 74.90% |
| smart Energy | ||||||||
Services GmbH | Vienna | UC | VEC | 50.00% | Vienna | UC | VEC | 50.00% |
| Segment: Grid | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| Austrian Power | ||||||||
Grid AG (APG) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| Gas Connect | ||||||||
| Austria GmbH | ||||||||
(GCA) Vienna | CS | VH | 51.00% | Vienna | CS | VH | 51.00% | |
| Austrian Gas Grid | ||||||||
| Management AG | ||||||||
(AGGM) Vienna | CS | GCA | 51.00% | Vienna | CS | GCA | 51.00% | |
| Trans Austria | ||||||||
| Gasleitung GmbH | ||||||||
(TAG) Vienna | EM | GCA | 15.53% | Vienna | EM | GCA | 15.53% | |
| AGCS Gas Clearing | ||||||||
| and Settlement AG | Vienna | UC | GCA | 23.13% | Vienna | UC | GCA | 23.13% |
| ASGM Austrian | ||||||||
| Strategic Gas | ||||||||
| Storage | ||||||||
| Management | ||||||||
GmbH | Vienna | UC | AGGM | 100.00% | Vienna | UC | AGGM | 100.00% |
| OeMAG | ||||||||
| Abwicklungsstelle | ||||||||
f\u00fcr \u00d6kostrom AG | Vienna | EM | APG | 24.40% | Vienna | EM | APG | 24.40% |
| VUM Verfahren | ||||||||
| Umwelt Manage- | Klagen- | Klagen- | ||||||
| ment GmbH | furt | UC | APG | 100.00% | furt | UC | APG | 100.00% |
| Amster- | Amster- | |||||||
| Equigy B.V. | dam | UC | APG | 20.00% | dam | UC | APG | 20.00% |
| All other segments: Thermal generation | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND | ||||||||
| Thermal Power | ||||||||
| GmbH | Fernitz- | Fernitz- | ||||||
| (VTP GmbH) | Mellach | CS | VH | 100.00% | Mellach | CS | VH | 100.00% |
| VERBUND | VH | 100.00% | VH | 100.00% | ||||
| Thermal Power | Fernitz- | VTP | 0.00% | Fernitz- | VTP | 0.00% | ||
| GmbH & Co KG | Mellach | CS | GmbH | Mellach | CS | GmbH |
| All other segments: Services | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Services | ||||||||
GmbH | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| All other segments: Equity interests | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share o f | method | share of | |||||
equit y | equity | |||||||
| VERBUND AG (VH) | ||||||||
\u2013 Equity interests | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| KELAG-K\u00e4rntner | ||||||||
| Elektrizit\u00e4ts- | Klagen- | Klagen- | ||||||
| Aktiengesellschaft | furt | EM | VH | 35.17% | furt | EM | VH | 35.17% |
| C2PAT GmbH & Co | ||||||||
KG | Vienna | UC | VH | 25.00% | \u2013 | \u2013 | \u2013 | \u2013 |
C2PAT GmbH | Vienna | UC | VH | 25.00% | Vienna | UC | VH | 25.00% |
| Other Group companies | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | com- | quarters | dation | company | com- | |
| method | pany's | method | pany's | |||||
| share of | share of | |||||||
| equity | equity | |||||||
| VERBUND AG (VH) | ||||||||
| \u2013 All other activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Finanzierungsservice | ||||||||
| GmbH | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Ventures GmbH | ||||||||
(VVE) Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% | |
| VERBUND Green | ||||||||
| Hydrogen GmbH | ||||||||
| (VGH) | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Hydrogen Sales | ||||||||
| GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VGH | 100.00% |
| HalloSonne GmbH | ||||||||
(HAS) Vienna | UC | VVE | 100.00% | Vienna | UC | VVE | 100.00% | |
| HalloSonne PV | ||||||||
Finanzierungs- Holding GmbH | ||||||||
(HAF) Vienna | UC | HAS | 100.00% | Vienna | UC | HAS | 100.00% | |
| HalloSonne 1. PV | ||||||||
Vermietungs- GmbH | Vienna | UC | HAF | 100.00% | Vienna | UC | HAF | 100.00% |
| HalloSonne | ||||||||
| Installations GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | UC | HAS | 100.00% |
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence | ||||||||
1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
Interests in unconsolidated subsidiaries | FVOCI | 2 | 14.8 | 14.8 |
Interests in unconsolidated subsidiaries | FVOCI | AC | 5.3 | 5.3 |
Interests in unconsolidated subsidiaries | FVPL | 3 | 10.3 | 10.3 |
Other equity interests | FVOCI | 1 | 23.2 | 23.2 |
Other equity interests | FVOCI | 2 | 157.9 | 157.9 |
Other equity interests | FVOCI | AC | 16.0 | 16.0 |
Other equity interests and unconsolidated subsidiaries | 227.5 | |||
Derivatives in the energy area | FVPL | 2 | 349.9 | 349.9 |
Derivatives in the energy area | FVPL | 3 | 6.3 | 6.3 |
Derivatives in the finance area | FVPL | 2 | 25.8 | 25.8 |
| Derivatives in the finance area \u2013 | ||||
closed items on the balance sheet | FVPL | 2 | 19.2 | 19.2 |
Receivables from derivative financial instruments | 401.1 | |||
Securities | FVPL | 1 | 158.4 | 158.4 |
Securities | FVOCI | 3 | 8.1 | 8.1 |
Securities | FVOCI | AC | 1.3 | 1.3 |
Securities \u2013 closed items on the balance sheet | AC | 2 | 71.9 | 72.2 |
Loans \u2013 closed items on the balance sheet | AC | 2 | 329.5 | 333.0 |
Loans | AC | 2 | 52.0 | 49.2 |
Other | FVPL | 3 | 28.7 | 28.7 |
Other | AC | \u2013 | 143.4 | \u2013 |
Other | \u2013 | \u2013 | 26.0 | \u2013 |
Other investments and non-current other receivables | 819.2 | |||
Derivatives in the energy area | FVPL | 2 | 1,207.2 | 1,207.2 |
Derivatives in the finance area | FVPL | 2 | 4.4 | 4.4 |
Receivables from derivative financial instruments | 1,211.6 | |||
Trade receivables | AC | \u2013 | 972.0 | \u2013 |
Receivables from investees | AC | \u2013 | 56.8 | \u2013 |
Loans to investees | AC | 2 | 22.5 | 22.4 |
Securities | FVPL | 1 | 4.4 | 4.4 |
Emission rights | \u2013 | \u2013 | 45.4 | \u2013 |
Other | AC | \u2013 | 142.2 | \u2013 |
Other | \u2013 | \u2013 | 90.5 | \u2013 |
Trade receivables, other receivables and securities | 1,333.8 | |||
Cash and cash equivalents | AC | \u2013 | 964.0 | \u2013 |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
| Aggregated by measurement category | ||||
Financial assets measured at amortised cost | AC | 2,754.4 | ||
Financial assets measured at fair value through profit or loss | FVPL | 1,814.4 | ||
Financial assets measured at fair value through other comprehensive income | FVOCI | 226.6 |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,142.7 | 983.0 |
Financial liabilities to banks and to others | AC | 2 | 836.4 | 804.7 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 125.3 | 135.1 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 295.3 | 295.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 8.3 | \u2013 |
Non-current and current financial liabilities | 2,408.0 | |||
Derivatives in the energy area | FVPL | 2 | 60.9 | 60.9 |
Liabilities from derivative financial instruments | 60.9 | |||
Electricity supply commitment | \u2013 | \u2013 | 97.9 | \u2013 |
Obligation to return an interest | AC | 3 | 122.5 | 122.5 |
Trade payables | AC | \u2013 | 2.3 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 147.8 | |
Other | AC | \u2013 | 402.2 | \u2013 |
Non-current other liabilities | 772.8 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 293.3 | 293.3 |
Derivatives in the energy area | FVPL | 3 | 4.3 | 4.3 |
Liabilities from derivative financial instruments | 302.4 | |||
Trade payables | AC | \u2013 | 327.4 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 12.6 | |
Other | AC | \u2013 | 783.0 | \u2013 |
Other | \u2013 | \u2013 | 152.4 | \u2013 |
Trade payables and current other liabilities | 1,275.4 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 3,741.8 | ||
Financial liabilities measured at fair value through profit or loss | FVPL | 363.2 | ||
Financial liabilities measured at fair value through profit or loss \u2013 designated | FVPL \u2013 D | 295.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Interests in unconsolidated subsidiaries | FVOCI | 2 | 15.4 | 15.4 |
Interests in unconsolidated subsidiaries | FVOCI | AC | 5.5 | 5.5 |
Interests in unconsolidated subsidiaries | FVPL | 3 | 8.1 | 8.1 |
Other equity interests | FVOCI | 1 | 27.4 | 27.4 |
Other equity interests | FVOCI | 2 | 121.2 | 121.2 |
Other equity interests | FVOCI | AC | 15.1 | 15.1 |
| Other equity interests and unconsolidated | ||||
| subsidiaries | 192.7 | |||
Derivatives in the energy area | FVPL | 2 | 369.7 | 369.7 |
Derivatives in the finance area | FVPL | 2 | 36.2 | 36.2 |
| Derivatives in the finance area \u2013 | ||||
closed items on the balance sheet | FVPL | 2 | 31.5 | 31.5 |
Receivables from derivative financial instruments | 437.3 | |||
Securities | FVPL | 1 | 152.4 | 152.4 |
Securities | FVOCI | 3 | 7.3 | 7.3 |
Securities | FVOCI | AC | 1.3 | 1.3 |
Securities \u2013 closed items on the balance sheet | AC | 2 | 73.2 | 71.2 |
Loans \u2013 closed items on the balance sheet | AC | 2 | 334.1 | 335.9 |
Loans | AC | 2 | 67.5 | 61.1 |
Other | FVPL | 3 | 21.2 | 21.2 |
Other | AC | \u2013 | 250.2 | \u2013 |
Other | l\u2013 | \u2013 | 38.3 | \u2013 |
Investments and other receivables | 945.5 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 1,820.7 | 1,820.7 |
Derivatives in the finance area | FVPL | 2 | 8.3 | 8.3 |
Receivables from derivative financial instruments | 1,833.7 | |||
Trade receivables | AC | \u2013 | 968.3 | \u2013 |
Receivables from investees | AC | \u2013 | 57.9 | \u2013 |
Loans to investees | AC | 2 | 3.5 | 3.0 |
Securities | FVPL | 1 | 0.2 | 0.2 |
Emission rights | \u2013 | \u2013 | 49.0 | \u2013 |
Other | AC | \u2013 | 428.3 | \u2013 |
Other | \u2013 | \u2013 | 38.7 | \u2013 |
Trade receivables, other receivables and securities | 1,546.1 | |||
Cash and cash equivalents | AC | \u2013 | 409.3 | \u2013 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
| Aggregated by measurement category | ||||
Financial assets measured at amortised cost | AC | 2,592.4 | ||
Financial assets measured at fair value through profit or loss | FVPL | 2,444.8 | ||
Financial assets measured at fair value through other comprehensive income | FVOCI | 201.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,151.0 | 956.5 |
Financial liabilities to banks and to others | AC | 2 | 2,304.6 | 2,323.5 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 126.6 | 140.2 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 312.3 | 312.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 7.3 | \u2013 |
Liability from put option | AC | \u2013 | 52.1 | \u2013 |
Non-current and current financial liabilities | 3,953.9 | |||
Derivatives in the energy area | FVPL | 2 | 1,069.2 | 1,069.2 |
Liabilities from derivative financial instruments | 1,069.2 | |||
Electricity supply commitment | \u2013 | \u2013 | 113.4 | \u2013 |
Obligation to return an interest | AC | 3 | 116.7 | 124.5 |
Trade payables | AC | \u2013 | 2.8 | \u2013 |
Deferred income for grants (emission rights) | \u2013 | \u2013 | 0.1 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 126.0 | |
Other | AC | \u2013 | 204.3 | \u2013 |
Non-current other liabilities | 563.4 | |||
Derivatives in the energy area | FVPL | 1 | 216.7 | 216.7 |
Derivatives in the energy area | FVPL | 2 | 1,274.9 | 1,274.9 |
Liabilities from derivative financial instruments | 1,491.6 | |||
Trade payables | AC | \u2013 | 412.7 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 10.8 | |
Other | AC | \u2013 | 467.7 | \u2013 |
Other | \u2013 | \u2013 | 144.6 | \u2013 |
Trade payables and current other liabilities | 1,035.8 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 4,838.6 | ||
Financial liabilities at fair value through profit or loss | FVPL | 2,560.8 | ||
| Financial liabilities at fair value through profit or loss \u2013 | ||||
designated | FVPL \u2013 D | 312.3 |
| Valuation techniques and input factors for determining fair values | |||
Level | Financial instrument | Valuation technique | Input factor |
1 | Energy forwards | Market approach | Settlement price published by the |
| stock exchange | |||
1 | Securities, other equity interest in | Market approach | Stock exchange price |
| Burgenland Holding AG | |||
2 | Securities and other loans under closed | Net present value | Payments associated with the financial |
| items on the balance sheet, non-current | approach | instruments, yield curve, credit risk of | |
| loans, liabilities to banks, bonds and | the contracting parties (credit default | ||
| other financial liabilities | swaps or credit spread curves) | ||
2 | Interests in unconsolidated subsidiaries, | Market approach | Trading Multiple, transaction price |
| other equity interest in Energie AG | |||
| Ober\u00f6sterreich and RTE | |||
2 | Non-listed energy forwards | Net present value | Forward price curve derived from |
| approach | stock exchange, yield curve, credit risk | ||
| of the contracting parties | |||
2 | Other assets and liabilities measured | Net present value | Cash flows already fixed or determined |
| at fair value in the finance area | approach | via forward rates, yield curve, credit risk | |
| of the contracting parties | |||
3 | Return obligation (obligation to transfer | Net present value | Price forecasts for electricity, |
| back the 50% interest acquired in | approach | weighted average cost of capital | |
| Donaukraftwerk Jochenstein AG) | after taxes | ||
3 | Securities (shares of Wiener B\u00f6rse AG) | Net present value | Expected distribution of profits, |
| approach | cost of equity | ||
3 | Other non-current receivables | Net present value | Expected distribution of profits, |
| (profit participation right with respect to | approach | cost of equity | |
| material assets of TAG) | |||
AC | Other shares in unconsolidated | \u2013 | Cost as the best estimate of |
| subsidiaries, other equity interests and | fair value | ||
| securities | |||
\u2013 | Cash and cash equivalents, trade | \u2013 | Carrying amount as the best estimate of |
| receivables and payables, current other | fair value | ||
| receivables, other borrowing within | |||
| current credit lines as well as current | |||
| other liabilities |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
Interests in unconsolidated subsidiaries | FVOCI | 2 | 14.8 | 14.8 |
Interests in unconsolidated subsidiaries | FVOCI | AC | 5.3 | 5.3 |
Interests in unconsolidated subsidiaries | FVPL | 3 | 10.3 | 10.3 |
Other equity interests | FVOCI | 1 | 23.2 | 23.2 |
Other equity interests | FVOCI | 2 | 157.9 | 157.9 |
Other equity interests | FVOCI | AC | 16.0 | 16.0 |
Other equity interests and unconsolidated subsidiaries | 227.5 | |||
Derivatives in the energy area | FVPL | 2 | 349.9 | 349.9 |
Derivatives in the energy area | FVPL | 3 | 6.3 | 6.3 |
Derivatives in the finance area | FVPL | 2 | 25.8 | 25.8 |
| Derivatives in the finance area \u2013 | ||||
closed items on the balance sheet | FVPL | 2 | 19.2 | 19.2 |
Receivables from derivative financial instruments | 401.1 | |||
Securities | FVPL | 1 | 158.4 | 158.4 |
Securities | FVOCI | 3 | 8.1 | 8.1 |
Securities | FVOCI | AC | 1.3 | 1.3 |
Securities \u2013 closed items on the balance sheet | AC | 2 | 71.9 | 72.2 |
Loans \u2013 closed items on the balance sheet | AC | 2 | 329.5 | 333.0 |
Loans | AC | 2 | 52.0 | 49.2 |
Other | FVPL | 3 | 28.7 | 28.7 |
Other | AC | \u2013 | 143.4 | \u2013 |
Other | \u2013 | \u2013 | 26.0 | \u2013 |
Other investments and non-current other receivables | 819.2 | |||
Derivatives in the energy area | FVPL | 2 | 1,207.2 | 1,207.2 |
Derivatives in the finance area | FVPL | 2 | 4.4 | 4.4 |
Receivables from derivative financial instruments | 1,211.6 | |||
Trade receivables | AC | \u2013 | 972.0 | \u2013 |
Receivables from investees | AC | \u2013 | 56.8 | \u2013 |
Loans to investees | AC | 2 | 22.5 | 22.4 |
Securities | FVPL | 1 | 4.4 | 4.4 |
Emission rights | \u2013 | \u2013 | 45.4 | \u2013 |
Other | AC | \u2013 | 142.2 | \u2013 |
Other | \u2013 | \u2013 | 90.5 | \u2013 |
Trade receivables, other receivables and securities | 1,333.8 | |||
Cash and cash equivalents | AC | \u2013 | 964.0 | \u2013 |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
| Aggregated by measurement category | ||||
Financial assets measured at amortised cost | AC | 2,754.4 | ||
Financial assets measured at fair value through profit or loss | FVPL | 1,814.4 | ||
Financial assets measured at fair value through other comprehensive income | FVOCI | 226.6 |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,142.7 | 983.0 |
Financial liabilities to banks and to others | AC | 2 | 836.4 | 804.7 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 125.3 | 135.1 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 295.3 | 295.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 8.3 | \u2013 |
Non-current and current financial liabilities | 2,408.0 | |||
Derivatives in the energy area | FVPL | 2 | 60.9 | 60.9 |
Liabilities from derivative financial instruments | 60.9 | |||
Electricity supply commitment | \u2013 | \u2013 | 97.9 | \u2013 |
Obligation to return an interest | AC | 3 | 122.5 | 122.5 |
Trade payables | AC | \u2013 | 2.3 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 147.8 | |
Other | AC | \u2013 | 402.2 | \u2013 |
Non-current other liabilities | 772.8 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 293.3 | 293.3 |
Derivatives in the energy area | FVPL | 3 | 4.3 | 4.3 |
Liabilities from derivative financial instruments | 302.4 | |||
Trade payables | AC | \u2013 | 327.4 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 12.6 | |
Other | AC | \u2013 | 783.0 | \u2013 |
Other | \u2013 | \u2013 | 152.4 | \u2013 |
Trade payables and current other liabilities | 1,275.4 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 3,741.8 | ||
Financial liabilities measured at fair value through profit or loss | FVPL | 363.2 | ||
Financial liabilities measured at fair value through profit or loss \u2013 designated | FVPL \u2013 D | 295.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Interests in unconsolidated subsidiaries | FVOCI | 2 | 15.4 | 15.4 |
Interests in unconsolidated subsidiaries | FVOCI | AC | 5.5 | 5.5 |
Interests in unconsolidated subsidiaries | FVPL | 3 | 8.1 | 8.1 |
Other equity interests | FVOCI | 1 | 27.4 | 27.4 |
Other equity interests | FVOCI | 2 | 121.2 | 121.2 |
Other equity interests | FVOCI | AC | 15.1 | 15.1 |
| Other equity interests and unconsolidated | ||||
| subsidiaries | 192.7 | |||
Derivatives in the energy area | FVPL | 2 | 369.7 | 369.7 |
Derivatives in the finance area | FVPL | 2 | 36.2 | 36.2 |
| Derivatives in the finance area \u2013 | ||||
closed items on the balance sheet | FVPL | 2 | 31.5 | 31.5 |
Receivables from derivative financial instruments | 437.3 | |||
Securities | FVPL | 1 | 152.4 | 152.4 |
Securities | FVOCI | 3 | 7.3 | 7.3 |
Securities | FVOCI | AC | 1.3 | 1.3 |
Securities \u2013 closed items on the balance sheet | AC | 2 | 73.2 | 71.2 |
Loans \u2013 closed items on the balance sheet | AC | 2 | 334.1 | 335.9 |
Loans | AC | 2 | 67.5 | 61.1 |
Other | FVPL | 3 | 21.2 | 21.2 |
Other | AC | \u2013 | 250.2 | \u2013 |
Other | l\u2013 | \u2013 | 38.3 | \u2013 |
Investments and other receivables | 945.5 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 1,820.7 | 1,820.7 |
Derivatives in the finance area | FVPL | 2 | 8.3 | 8.3 |
Receivables from derivative financial instruments | 1,833.7 | |||
Trade receivables | AC | \u2013 | 968.3 | \u2013 |
Receivables from investees | AC | \u2013 | 57.9 | \u2013 |
Loans to investees | AC | 2 | 3.5 | 3.0 |
Securities | FVPL | 1 | 0.2 | 0.2 |
Emission rights | \u2013 | \u2013 | 49.0 | \u2013 |
Other | AC | \u2013 | 428.3 | \u2013 |
Other | \u2013 | \u2013 | 38.7 | \u2013 |
Trade receivables, other receivables and securities | 1,546.1 | |||
Cash and cash equivalents | AC | \u2013 | 409.3 | \u2013 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
| Aggregated by measurement category | ||||
Financial assets measured at amortised cost | AC | 2,592.4 | ||
Financial assets measured at fair value through profit or loss | FVPL | 2,444.8 | ||
Financial assets measured at fair value through other comprehensive income | FVOCI | 201.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,151.0 | 956.5 |
Financial liabilities to banks and to others | AC | 2 | 2,304.6 | 2,323.5 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 126.6 | 140.2 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 312.3 | 312.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 7.3 | \u2013 |
Liability from put option | AC | \u2013 | 52.1 | \u2013 |
Non-current and current financial liabilities | 3,953.9 | |||
Derivatives in the energy area | FVPL | 2 | 1,069.2 | 1,069.2 |
Liabilities from derivative financial instruments | 1,069.2 | |||
Electricity supply commitment | \u2013 | \u2013 | 113.4 | \u2013 |
Obligation to return an interest | AC | 3 | 116.7 | 124.5 |
Trade payables | AC | \u2013 | 2.8 | \u2013 |
Deferred income for grants (emission rights) | \u2013 | \u2013 | 0.1 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 126.0 | |
Other | AC | \u2013 | 204.3 | \u2013 |
Non-current other liabilities | 563.4 | |||
Derivatives in the energy area | FVPL | 1 | 216.7 | 216.7 |
Derivatives in the energy area | FVPL | 2 | 1,274.9 | 1,274.9 |
Liabilities from derivative financial instruments | 1,491.6 | |||
Trade payables | AC | \u2013 | 412.7 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 10.8 | |
Other | AC | \u2013 | 467.7 | \u2013 |
Other | \u2013 | \u2013 | 144.6 | \u2013 |
Trade payables and current other liabilities | 1,035.8 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 4,838.6 | ||
Financial liabilities at fair value through profit or loss | FVPL | 2,560.8 | ||
| Financial liabilities at fair value through profit or loss \u2013 | ||||
designated | FVPL \u2013 D | 312.3 |
| Valuation techniques and input factors for determining fair values | |||
Level | Financial instrument | Valuation technique | Input factor |
1 | Energy forwards | Market approach | Settlement price published by the |
| stock exchange | |||
1 | Securities, other equity interest in | Market approach | Stock exchange price |
| Burgenland Holding AG | |||
2 | Securities and other loans under closed | Net present value | Payments associated with the financial |
| items on the balance sheet, non-current | approach | instruments, yield curve, credit risk of | |
| loans, liabilities to banks, bonds and | the contracting parties (credit default | ||
| other financial liabilities | swaps or credit spread curves) | ||
2 | Interests in unconsolidated subsidiaries, | Market approach | Trading Multiple, transaction price |
| other equity interest in Energie AG | |||
| Ober\u00f6sterreich and RTE | |||
2 | Non-listed energy forwards | Net present value | Forward price curve derived from |
| approach | stock exchange, yield curve, credit risk | ||
| of the contracting parties | |||
2 | Other assets and liabilities measured | Net present value | Cash flows already fixed or determined |
| at fair value in the finance area | approach | via forward rates, yield curve, credit risk | |
| of the contracting parties | |||
3 | Return obligation (obligation to transfer | Net present value | Price forecasts for electricity, |
| back the 50% interest acquired in | approach | weighted average cost of capital | |
| Donaukraftwerk Jochenstein AG) | after taxes | ||
3 | Securities (shares of Wiener B\u00f6rse AG) | Net present value | Expected distribution of profits, |
| approach | cost of equity | ||
3 | Other non-current receivables | Net present value | Expected distribution of profits, |
| (profit participation right with respect to | approach | cost of equity | |
| material assets of TAG) | |||
AC | Other shares in unconsolidated | \u2013 | Cost as the best estimate of |
| subsidiaries, other equity interests and | fair value | ||
| securities | |||
\u2013 | Cash and cash equivalents, trade | \u2013 | Carrying amount as the best estimate of |
| receivables and payables, current other | fair value | ||
| receivables, other borrowing within | |||
| current credit lines as well as current | |||
| other liabilities |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
Interests in unconsolidated subsidiaries | FVOCI | 2 | 14.8 | 14.8 |
Interests in unconsolidated subsidiaries | FVOCI | AC | 5.3 | 5.3 |
Interests in unconsolidated subsidiaries | FVPL | 3 | 10.3 | 10.3 |
Other equity interests | FVOCI | 1 | 23.2 | 23.2 |
Other equity interests | FVOCI | 2 | 157.9 | 157.9 |
Other equity interests | FVOCI | AC | 16.0 | 16.0 |
Other equity interests and unconsolidated subsidiaries | 227.5 | |||
Derivatives in the energy area | FVPL | 2 | 349.9 | 349.9 |
Derivatives in the energy area | FVPL | 3 | 6.3 | 6.3 |
Derivatives in the finance area | FVPL | 2 | 25.8 | 25.8 |
| Derivatives in the finance area \u2013 | ||||
closed items on the balance sheet | FVPL | 2 | 19.2 | 19.2 |
Receivables from derivative financial instruments | 401.1 | |||
Securities | FVPL | 1 | 158.4 | 158.4 |
Securities | FVOCI | 3 | 8.1 | 8.1 |
Securities | FVOCI | AC | 1.3 | 1.3 |
Securities \u2013 closed items on the balance sheet | AC | 2 | 71.9 | 72.2 |
Loans \u2013 closed items on the balance sheet | AC | 2 | 329.5 | 333.0 |
Loans | AC | 2 | 52.0 | 49.2 |
Other | FVPL | 3 | 28.7 | 28.7 |
Other | AC | \u2013 | 143.4 | \u2013 |
Other | \u2013 | \u2013 | 26.0 | \u2013 |
Other investments and non-current other receivables | 819.2 | |||
Derivatives in the energy area | FVPL | 2 | 1,207.2 | 1,207.2 |
Derivatives in the finance area | FVPL | 2 | 4.4 | 4.4 |
Receivables from derivative financial instruments | 1,211.6 | |||
Trade receivables | AC | \u2013 | 972.0 | \u2013 |
Receivables from investees | AC | \u2013 | 56.8 | \u2013 |
Loans to investees | AC | 2 | 22.5 | 22.4 |
Securities | FVPL | 1 | 4.4 | 4.4 |
Emission rights | \u2013 | \u2013 | 45.4 | \u2013 |
Other | AC | \u2013 | 142.2 | \u2013 |
Other | \u2013 | \u2013 | 90.5 | \u2013 |
Trade receivables, other receivables and securities | 1,333.8 | |||
Cash and cash equivalents | AC | \u2013 | 964.0 | \u2013 |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
| Aggregated by measurement category | ||||
Financial assets measured at amortised cost | AC | 2,754.4 | ||
Financial assets measured at fair value through profit or loss | FVPL | 1,814.4 | ||
Financial assets measured at fair value through other comprehensive income | FVOCI | 226.6 |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,142.7 | 983.0 |
Financial liabilities to banks and to others | AC | 2 | 836.4 | 804.7 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 125.3 | 135.1 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 295.3 | 295.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 8.3 | \u2013 |
Non-current and current financial liabilities | 2,408.0 | |||
Derivatives in the energy area | FVPL | 2 | 60.9 | 60.9 |
Liabilities from derivative financial instruments | 60.9 | |||
Electricity supply commitment | \u2013 | \u2013 | 97.9 | \u2013 |
Obligation to return an interest | AC | 3 | 122.5 | 122.5 |
Trade payables | AC | \u2013 | 2.3 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 147.8 | |
Other | AC | \u2013 | 402.2 | \u2013 |
Non-current other liabilities | 772.8 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 293.3 | 293.3 |
Derivatives in the energy area | FVPL | 3 | 4.3 | 4.3 |
Liabilities from derivative financial instruments | 302.4 | |||
Trade payables | AC | \u2013 | 327.4 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 12.6 | |
Other | AC | \u2013 | 783.0 | \u2013 |
Other | \u2013 | \u2013 | 152.4 | \u2013 |
Trade payables and current other liabilities | 1,275.4 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 3,741.8 | ||
Financial liabilities measured at fair value through profit or loss | FVPL | 363.2 | ||
Financial liabilities measured at fair value through profit or loss \u2013 designated | FVPL \u2013 D | 295.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Interests in unconsolidated subsidiaries | FVOCI | 2 | 15.4 | 15.4 |
Interests in unconsolidated subsidiaries | FVOCI | AC | 5.5 | 5.5 |
Interests in unconsolidated subsidiaries | FVPL | 3 | 8.1 | 8.1 |
Other equity interests | FVOCI | 1 | 27.4 | 27.4 |
Other equity interests | FVOCI | 2 | 121.2 | 121.2 |
Other equity interests | FVOCI | AC | 15.1 | 15.1 |
| Other equity interests and unconsolidated | ||||
| subsidiaries | 192.7 | |||
Derivatives in the energy area | FVPL | 2 | 369.7 | 369.7 |
Derivatives in the finance area | FVPL | 2 | 36.2 | 36.2 |
| Derivatives in the finance area \u2013 | ||||
closed items on the balance sheet | FVPL | 2 | 31.5 | 31.5 |
Receivables from derivative financial instruments | 437.3 | |||
Securities | FVPL | 1 | 152.4 | 152.4 |
Securities | FVOCI | 3 | 7.3 | 7.3 |
Securities | FVOCI | AC | 1.3 | 1.3 |
Securities \u2013 closed items on the balance sheet | AC | 2 | 73.2 | 71.2 |
Loans \u2013 closed items on the balance sheet | AC | 2 | 334.1 | 335.9 |
Loans | AC | 2 | 67.5 | 61.1 |
Other | FVPL | 3 | 21.2 | 21.2 |
Other | AC | \u2013 | 250.2 | \u2013 |
Other | l\u2013 | \u2013 | 38.3 | \u2013 |
Investments and other receivables | 945.5 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 1,820.7 | 1,820.7 |
Derivatives in the finance area | FVPL | 2 | 8.3 | 8.3 |
Receivables from derivative financial instruments | 1,833.7 | |||
Trade receivables | AC | \u2013 | 968.3 | \u2013 |
Receivables from investees | AC | \u2013 | 57.9 | \u2013 |
Loans to investees | AC | 2 | 3.5 | 3.0 |
Securities | FVPL | 1 | 0.2 | 0.2 |
Emission rights | \u2013 | \u2013 | 49.0 | \u2013 |
Other | AC | \u2013 | 428.3 | \u2013 |
Other | \u2013 | \u2013 | 38.7 | \u2013 |
Trade receivables, other receivables and securities | 1,546.1 | |||
Cash and cash equivalents | AC | \u2013 | 409.3 | \u2013 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
| Aggregated by measurement category | ||||
Financial assets measured at amortised cost | AC | 2,592.4 | ||
Financial assets measured at fair value through profit or loss | FVPL | 2,444.8 | ||
Financial assets measured at fair value through other comprehensive income | FVOCI | 201.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,151.0 | 956.5 |
Financial liabilities to banks and to others | AC | 2 | 2,304.6 | 2,323.5 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 126.6 | 140.2 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 312.3 | 312.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 7.3 | \u2013 |
Liability from put option | AC | \u2013 | 52.1 | \u2013 |
Non-current and current financial liabilities | 3,953.9 | |||
Derivatives in the energy area | FVPL | 2 | 1,069.2 | 1,069.2 |
Liabilities from derivative financial instruments | 1,069.2 | |||
Electricity supply commitment | \u2013 | \u2013 | 113.4 | \u2013 |
Obligation to return an interest | AC | 3 | 116.7 | 124.5 |
Trade payables | AC | \u2013 | 2.8 | \u2013 |
Deferred income for grants (emission rights) | \u2013 | \u2013 | 0.1 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 126.0 | |
Other | AC | \u2013 | 204.3 | \u2013 |
Non-current other liabilities | 563.4 | |||
Derivatives in the energy area | FVPL | 1 | 216.7 | 216.7 |
Derivatives in the energy area | FVPL | 2 | 1,274.9 | 1,274.9 |
Liabilities from derivative financial instruments | 1,491.6 | |||
Trade payables | AC | \u2013 | 412.7 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 10.8 | |
Other | AC | \u2013 | 467.7 | \u2013 |
Other | \u2013 | \u2013 | 144.6 | \u2013 |
Trade payables and current other liabilities | 1,035.8 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 4,838.6 | ||
Financial liabilities at fair value through profit or loss | FVPL | 2,560.8 | ||
| Financial liabilities at fair value through profit or loss \u2013 | ||||
designated | FVPL \u2013 D | 312.3 |
Net gains or losses by measurement category | \u20acm | |
2022 | 2023 | |
Financial assets and liabilities measured at fair value through profit or loss | 101.1 | 36.6 |
Financial assets measured at fair value through other comprehensive income | 4.3 | 32.7 |
| Financial assets and liabilities measured at fair value through profit or loss \u2013 | ||
designated | 23.0 | 22.5 |
Financial liabilities measured at amortised cost | 27.8 | 8.0 |
Financial assets measured at amortised cost | 15.3 | \u2013 21.5 |
Total interest expenses from financial liabilities measured at amortised cost | \u2013 86.9 | \u2013 120.7 |
Total interest income from financial assets measured at amortised cost | 42.4 | 72.0 |
| Components of net gains or losses | |
Measurement category | Note |
| Financial assets and liabilities | The net gains or losses arose from the measurement of derivative financial |
| measured at fair value through | instruments in the energy area (wholesale and trading) in the operating result, |
| profit or loss | as well as from the measurement of (other) derivative and non-derivative financial |
| instruments in the finance area in the other financial result. | |
| Financial assets and liabilities | The net gains or losses arose from the measurement of financial liabilities to |
| measured at fair value through | banks (closed items on the balance sheet). These gains and losses are offset by |
| profit or loss \u2013 designated | net gains and losses from financial assets and liabilities measured at fair value |
| through profit or loss and net gains and losses from financial assets and liabilities | |
| measured at cost in the corresponding amounts. | |
| Financial assets and liabilities | The net gains and losses relate primarily to financial instruments associated with |
| measured at amortised cost | closed items on the balance sheet in the other financial result as well as to |
| valuation allowances on trade receivables in the operating result. |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
Interests in unconsolidated subsidiaries | FVOCI | 2 | 14.8 | 14.8 |
Interests in unconsolidated subsidiaries | FVOCI | AC | 5.3 | 5.3 |
Interests in unconsolidated subsidiaries | FVPL | 3 | 10.3 | 10.3 |
Other equity interests | FVOCI | 1 | 23.2 | 23.2 |
Other equity interests | FVOCI | 2 | 157.9 | 157.9 |
Other equity interests | FVOCI | AC | 16.0 | 16.0 |
Other equity interests and unconsolidated subsidiaries | 227.5 | |||
Derivatives in the energy area | FVPL | 2 | 349.9 | 349.9 |
Derivatives in the energy area | FVPL | 3 | 6.3 | 6.3 |
Derivatives in the finance area | FVPL | 2 | 25.8 | 25.8 |
| Derivatives in the finance area \u2013 | ||||
closed items on the balance sheet | FVPL | 2 | 19.2 | 19.2 |
Receivables from derivative financial instruments | 401.1 | |||
Securities | FVPL | 1 | 158.4 | 158.4 |
Securities | FVOCI | 3 | 8.1 | 8.1 |
Securities | FVOCI | AC | 1.3 | 1.3 |
Securities \u2013 closed items on the balance sheet | AC | 2 | 71.9 | 72.2 |
Loans \u2013 closed items on the balance sheet | AC | 2 | 329.5 | 333.0 |
Loans | AC | 2 | 52.0 | 49.2 |
Other | FVPL | 3 | 28.7 | 28.7 |
Other | AC | \u2013 | 143.4 | \u2013 |
Other | \u2013 | \u2013 | 26.0 | \u2013 |
Other investments and non-current other receivables | 819.2 | |||
Derivatives in the energy area | FVPL | 2 | 1,207.2 | 1,207.2 |
Derivatives in the finance area | FVPL | 2 | 4.4 | 4.4 |
Receivables from derivative financial instruments | 1,211.6 | |||
Trade receivables | AC | \u2013 | 972.0 | \u2013 |
Receivables from investees | AC | \u2013 | 56.8 | \u2013 |
Loans to investees | AC | 2 | 22.5 | 22.4 |
Securities | FVPL | 1 | 4.4 | 4.4 |
Emission rights | \u2013 | \u2013 | 45.4 | \u2013 |
Other | AC | \u2013 | 142.2 | \u2013 |
Other | \u2013 | \u2013 | 90.5 | \u2013 |
Trade receivables, other receivables and securities | 1,333.8 | |||
Cash and cash equivalents | AC | \u2013 | 964.0 | \u2013 |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
| Aggregated by measurement category | ||||
Financial assets measured at amortised cost | AC | 2,754.4 | ||
Financial assets measured at fair value through profit or loss | FVPL | 1,814.4 | ||
Financial assets measured at fair value through other comprehensive income | FVOCI | 226.6 |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,142.7 | 983.0 |
Financial liabilities to banks and to others | AC | 2 | 836.4 | 804.7 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 125.3 | 135.1 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 295.3 | 295.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 8.3 | \u2013 |
Non-current and current financial liabilities | 2,408.0 | |||
Derivatives in the energy area | FVPL | 2 | 60.9 | 60.9 |
Liabilities from derivative financial instruments | 60.9 | |||
Electricity supply commitment | \u2013 | \u2013 | 97.9 | \u2013 |
Obligation to return an interest | AC | 3 | 122.5 | 122.5 |
Trade payables | AC | \u2013 | 2.3 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 147.8 | |
Other | AC | \u2013 | 402.2 | \u2013 |
Non-current other liabilities | 772.8 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 293.3 | 293.3 |
Derivatives in the energy area | FVPL | 3 | 4.3 | 4.3 |
Liabilities from derivative financial instruments | 302.4 | |||
Trade payables | AC | \u2013 | 327.4 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 12.6 | |
Other | AC | \u2013 | 783.0 | \u2013 |
Other | \u2013 | \u2013 | 152.4 | \u2013 |
Trade payables and current other liabilities | 1,275.4 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 3,741.8 | ||
Financial liabilities measured at fair value through profit or loss | FVPL | 363.2 | ||
Financial liabilities measured at fair value through profit or loss \u2013 designated | FVPL \u2013 D | 295.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Interests in unconsolidated subsidiaries | FVOCI | 2 | 15.4 | 15.4 |
Interests in unconsolidated subsidiaries | FVOCI | AC | 5.5 | 5.5 |
Interests in unconsolidated subsidiaries | FVPL | 3 | 8.1 | 8.1 |
Other equity interests | FVOCI | 1 | 27.4 | 27.4 |
Other equity interests | FVOCI | 2 | 121.2 | 121.2 |
Other equity interests | FVOCI | AC | 15.1 | 15.1 |
| Other equity interests and unconsolidated | ||||
| subsidiaries | 192.7 | |||
Derivatives in the energy area | FVPL | 2 | 369.7 | 369.7 |
Derivatives in the finance area | FVPL | 2 | 36.2 | 36.2 |
| Derivatives in the finance area \u2013 | ||||
closed items on the balance sheet | FVPL | 2 | 31.5 | 31.5 |
Receivables from derivative financial instruments | 437.3 | |||
Securities | FVPL | 1 | 152.4 | 152.4 |
Securities | FVOCI | 3 | 7.3 | 7.3 |
Securities | FVOCI | AC | 1.3 | 1.3 |
Securities \u2013 closed items on the balance sheet | AC | 2 | 73.2 | 71.2 |
Loans \u2013 closed items on the balance sheet | AC | 2 | 334.1 | 335.9 |
Loans | AC | 2 | 67.5 | 61.1 |
Other | FVPL | 3 | 21.2 | 21.2 |
Other | AC | \u2013 | 250.2 | \u2013 |
Other | l\u2013 | \u2013 | 38.3 | \u2013 |
Investments and other receivables | 945.5 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 1,820.7 | 1,820.7 |
Derivatives in the finance area | FVPL | 2 | 8.3 | 8.3 |
Receivables from derivative financial instruments | 1,833.7 | |||
Trade receivables | AC | \u2013 | 968.3 | \u2013 |
Receivables from investees | AC | \u2013 | 57.9 | \u2013 |
Loans to investees | AC | 2 | 3.5 | 3.0 |
Securities | FVPL | 1 | 0.2 | 0.2 |
Emission rights | \u2013 | \u2013 | 49.0 | \u2013 |
Other | AC | \u2013 | 428.3 | \u2013 |
Other | \u2013 | \u2013 | 38.7 | \u2013 |
Trade receivables, other receivables and securities | 1,546.1 | |||
Cash and cash equivalents | AC | \u2013 | 409.3 | \u2013 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
| Aggregated by measurement category | ||||
Financial assets measured at amortised cost | AC | 2,592.4 | ||
Financial assets measured at fair value through profit or loss | FVPL | 2,444.8 | ||
Financial assets measured at fair value through other comprehensive income | FVOCI | 201.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,151.0 | 956.5 |
Financial liabilities to banks and to others | AC | 2 | 2,304.6 | 2,323.5 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 126.6 | 140.2 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 312.3 | 312.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 7.3 | \u2013 |
Liability from put option | AC | \u2013 | 52.1 | \u2013 |
Non-current and current financial liabilities | 3,953.9 | |||
Derivatives in the energy area | FVPL | 2 | 1,069.2 | 1,069.2 |
Liabilities from derivative financial instruments | 1,069.2 | |||
Electricity supply commitment | \u2013 | \u2013 | 113.4 | \u2013 |
Obligation to return an interest | AC | 3 | 116.7 | 124.5 |
Trade payables | AC | \u2013 | 2.8 | \u2013 |
Deferred income for grants (emission rights) | \u2013 | \u2013 | 0.1 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 126.0 | |
Other | AC | \u2013 | 204.3 | \u2013 |
Non-current other liabilities | 563.4 | |||
Derivatives in the energy area | FVPL | 1 | 216.7 | 216.7 |
Derivatives in the energy area | FVPL | 2 | 1,274.9 | 1,274.9 |
Liabilities from derivative financial instruments | 1,491.6 | |||
Trade payables | AC | \u2013 | 412.7 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 10.8 | |
Other | AC | \u2013 | 467.7 | \u2013 |
Other | \u2013 | \u2013 | 144.6 | \u2013 |
Trade payables and current other liabilities | 1,035.8 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 4,838.6 | ||
Financial liabilities at fair value through profit or loss | FVPL | 2,560.8 | ||
| Financial liabilities at fair value through profit or loss \u2013 | ||||
designated | FVPL \u2013 D | 312.3 |
Net gains or losses by measurement category | \u20acm | |
2022 | 2023 | |
Financial assets and liabilities measured at fair value through profit or loss | 101.1 | 36.6 |
Financial assets measured at fair value through other comprehensive income | 4.3 | 32.7 |
| Financial assets and liabilities measured at fair value through profit or loss \u2013 | ||
designated | 23.0 | 22.5 |
Financial liabilities measured at amortised cost | 27.8 | 8.0 |
Financial assets measured at amortised cost | 15.3 | \u2013 21.5 |
Total interest expenses from financial liabilities measured at amortised cost | \u2013 86.9 | \u2013 120.7 |
Total interest income from financial assets measured at amortised cost | 42.4 | 72.0 |
| Components of net gains or losses | |
Measurement category | Note |
| Financial assets and liabilities | The net gains or losses arose from the measurement of derivative financial |
| measured at fair value through | instruments in the energy area (wholesale and trading) in the operating result, |
| profit or loss | as well as from the measurement of (other) derivative and non-derivative financial |
| instruments in the finance area in the other financial result. | |
| Financial assets and liabilities | The net gains or losses arose from the measurement of financial liabilities to |
| measured at fair value through | banks (closed items on the balance sheet). These gains and losses are offset by |
| profit or loss \u2013 designated | net gains and losses from financial assets and liabilities measured at fair value |
| through profit or loss and net gains and losses from financial assets and liabilities | |
| measured at cost in the corresponding amounts. | |
| Financial assets and liabilities | The net gains and losses relate primarily to financial instruments associated with |
| measured at amortised cost | closed items on the balance sheet in the other financial result as well as to |
| valuation allowances on trade receivables in the operating result. |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,142.7 | 983.0 |
Financial liabilities to banks and to others | AC | 2 | 836.4 | 804.7 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 125.3 | 135.1 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 295.3 | 295.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 8.3 | \u2013 |
Non-current and current financial liabilities | 2,408.0 | |||
Derivatives in the energy area | FVPL | 2 | 60.9 | 60.9 |
Liabilities from derivative financial instruments | 60.9 | |||
Electricity supply commitment | \u2013 | \u2013 | 97.9 | \u2013 |
Obligation to return an interest | AC | 3 | 122.5 | 122.5 |
Trade payables | AC | \u2013 | 2.3 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 147.8 | |
Other | AC | \u2013 | 402.2 | \u2013 |
Non-current other liabilities | 772.8 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 293.3 | 293.3 |
Derivatives in the energy area | FVPL | 3 | 4.3 | 4.3 |
Liabilities from derivative financial instruments | 302.4 | |||
Trade payables | AC | \u2013 | 327.4 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 12.6 | |
Other | AC | \u2013 | 783.0 | \u2013 |
Other | \u2013 | \u2013 | 152.4 | \u2013 |
Trade payables and current other liabilities | 1,275.4 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 3,741.8 | ||
Financial liabilities measured at fair value through profit or loss | FVPL | 363.2 | ||
Financial liabilities measured at fair value through profit or loss \u2013 designated | FVPL \u2013 D | 295.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,151.0 | 956.5 |
Financial liabilities to banks and to others | AC | 2 | 2,304.6 | 2,323.5 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 126.6 | 140.2 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 312.3 | 312.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 7.3 | \u2013 |
Liability from put option | AC | \u2013 | 52.1 | \u2013 |
Non-current and current financial liabilities | 3,953.9 | |||
Derivatives in the energy area | FVPL | 2 | 1,069.2 | 1,069.2 |
Liabilities from derivative financial instruments | 1,069.2 | |||
Electricity supply commitment | \u2013 | \u2013 | 113.4 | \u2013 |
Obligation to return an interest | AC | 3 | 116.7 | 124.5 |
Trade payables | AC | \u2013 | 2.8 | \u2013 |
Deferred income for grants (emission rights) | \u2013 | \u2013 | 0.1 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 126.0 | |
Other | AC | \u2013 | 204.3 | \u2013 |
Non-current other liabilities | 563.4 | |||
Derivatives in the energy area | FVPL | 1 | 216.7 | 216.7 |
Derivatives in the energy area | FVPL | 2 | 1,274.9 | 1,274.9 |
Liabilities from derivative financial instruments | 1,491.6 | |||
Trade payables | AC | \u2013 | 412.7 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 10.8 | |
Other | AC | \u2013 | 467.7 | \u2013 |
Other | \u2013 | \u2013 | 144.6 | \u2013 |
Trade payables and current other liabilities | 1,035.8 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 4,838.6 | ||
Financial liabilities at fair value through profit or loss | FVPL | 2,560.8 | ||
| Financial liabilities at fair value through profit or loss \u2013 | ||||
designated | FVPL \u2013 D | 312.3 |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,142.7 | 983.0 |
Financial liabilities to banks and to others | AC | 2 | 836.4 | 804.7 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 125.3 | 135.1 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 295.3 | 295.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 8.3 | \u2013 |
Non-current and current financial liabilities | 2,408.0 | |||
Derivatives in the energy area | FVPL | 2 | 60.9 | 60.9 |
Liabilities from derivative financial instruments | 60.9 | |||
Electricity supply commitment | \u2013 | \u2013 | 97.9 | \u2013 |
Obligation to return an interest | AC | 3 | 122.5 | 122.5 |
Trade payables | AC | \u2013 | 2.3 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 147.8 | |
Other | AC | \u2013 | 402.2 | \u2013 |
Non-current other liabilities | 772.8 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 293.3 | 293.3 |
Derivatives in the energy area | FVPL | 3 | 4.3 | 4.3 |
Liabilities from derivative financial instruments | 302.4 | |||
Trade payables | AC | \u2013 | 327.4 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 12.6 | |
Other | AC | \u2013 | 783.0 | \u2013 |
Other | \u2013 | \u2013 | 152.4 | \u2013 |
Trade payables and current other liabilities | 1,275.4 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 3,741.8 | ||
Financial liabilities measured at fair value through profit or loss | FVPL | 363.2 | ||
Financial liabilities measured at fair value through profit or loss \u2013 designated | FVPL \u2013 D | 295.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Interests in unconsolidated subsidiaries | FVOCI | 2 | 15.4 | 15.4 |
Interests in unconsolidated subsidiaries | FVOCI | AC | 5.5 | 5.5 |
Interests in unconsolidated subsidiaries | FVPL | 3 | 8.1 | 8.1 |
Other equity interests | FVOCI | 1 | 27.4 | 27.4 |
Other equity interests | FVOCI | 2 | 121.2 | 121.2 |
Other equity interests | FVOCI | AC | 15.1 | 15.1 |
| Other equity interests and unconsolidated | ||||
| subsidiaries | 192.7 | |||
Derivatives in the energy area | FVPL | 2 | 369.7 | 369.7 |
Derivatives in the finance area | FVPL | 2 | 36.2 | 36.2 |
| Derivatives in the finance area \u2013 | ||||
closed items on the balance sheet | FVPL | 2 | 31.5 | 31.5 |
Receivables from derivative financial instruments | 437.3 | |||
Securities | FVPL | 1 | 152.4 | 152.4 |
Securities | FVOCI | 3 | 7.3 | 7.3 |
Securities | FVOCI | AC | 1.3 | 1.3 |
Securities \u2013 closed items on the balance sheet | AC | 2 | 73.2 | 71.2 |
Loans \u2013 closed items on the balance sheet | AC | 2 | 334.1 | 335.9 |
Loans | AC | 2 | 67.5 | 61.1 |
Other | FVPL | 3 | 21.2 | 21.2 |
Other | AC | \u2013 | 250.2 | \u2013 |
Other | l\u2013 | \u2013 | 38.3 | \u2013 |
Investments and other receivables | 945.5 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 1,820.7 | 1,820.7 |
Derivatives in the finance area | FVPL | 2 | 8.3 | 8.3 |
Receivables from derivative financial instruments | 1,833.7 | |||
Trade receivables | AC | \u2013 | 968.3 | \u2013 |
Receivables from investees | AC | \u2013 | 57.9 | \u2013 |
Loans to investees | AC | 2 | 3.5 | 3.0 |
Securities | FVPL | 1 | 0.2 | 0.2 |
Emission rights | \u2013 | \u2013 | 49.0 | \u2013 |
Other | AC | \u2013 | 428.3 | \u2013 |
Other | \u2013 | \u2013 | 38.7 | \u2013 |
Trade receivables, other receivables and securities | 1,546.1 | |||
Cash and cash equivalents | AC | \u2013 | 409.3 | \u2013 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
| Aggregated by measurement category | ||||
Financial assets measured at amortised cost | AC | 2,592.4 | ||
Financial assets measured at fair value through profit or loss | FVPL | 2,444.8 | ||
Financial assets measured at fair value through other comprehensive income | FVOCI | 201.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,151.0 | 956.5 |
Financial liabilities to banks and to others | AC | 2 | 2,304.6 | 2,323.5 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 126.6 | 140.2 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 312.3 | 312.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 7.3 | \u2013 |
Liability from put option | AC | \u2013 | 52.1 | \u2013 |
Non-current and current financial liabilities | 3,953.9 | |||
Derivatives in the energy area | FVPL | 2 | 1,069.2 | 1,069.2 |
Liabilities from derivative financial instruments | 1,069.2 | |||
Electricity supply commitment | \u2013 | \u2013 | 113.4 | \u2013 |
Obligation to return an interest | AC | 3 | 116.7 | 124.5 |
Trade payables | AC | \u2013 | 2.8 | \u2013 |
Deferred income for grants (emission rights) | \u2013 | \u2013 | 0.1 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 126.0 | |
Other | AC | \u2013 | 204.3 | \u2013 |
Non-current other liabilities | 563.4 | |||
Derivatives in the energy area | FVPL | 1 | 216.7 | 216.7 |
Derivatives in the energy area | FVPL | 2 | 1,274.9 | 1,274.9 |
Liabilities from derivative financial instruments | 1,491.6 | |||
Trade payables | AC | \u2013 | 412.7 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 10.8 | |
Other | AC | \u2013 | 467.7 | \u2013 |
Other | \u2013 | \u2013 | 144.6 | \u2013 |
Trade payables and current other liabilities | 1,035.8 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 4,838.6 | ||
Financial liabilities at fair value through profit or loss | FVPL | 2,560.8 | ||
| Financial liabilities at fair value through profit or loss \u2013 | ||||
designated | FVPL \u2013 D | 312.3 |
Sales and procurement (cash flow hedges) as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 723.4 | 366.9 | 356.5 |
Forwards | 369.3 | 39.0 | 330.3 |
Total before netting | 1,092.7 | 405.9 | 686.8 |
of which current | 939.7 | 388.3 | 551.5 |
of which non-current | 152.9 | 17.6 | 135.3 |
of which in other comprehensive income | 686.8 |
Wholesale as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 671.5 | 999.8 | \u2013 328.3 |
Forwards | 1,707.6 | 838.8 | 868.8 |
Total before netting | 2,379.2 | 1,838.6 | 540.6 |
of which current | 1,984.7 | 1,604.0 | 380.7 |
of which non-current | 394.5 | 234.6 | 159.9 |
Futures already realised | 840.9 | 1,219.5 | \u2013 378.6 |
Total | 162.0 |
Trading as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 21.9 | 23.0 | \u2013 1.0 |
Forwards | 300.8 | 295.0 | 5.8 |
Total before netting | 322.7 | 318.0 | 4.8 |
of which current | 280.6 | 275.6 | 5.1 |
of which non-current | 42.1 | 42.4 | \u2013 0.3 |
Total as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 1,416.9 | 1,389.7 | 27.2 |
Forwards | 2,377.7 | 1,172.8 | 1,204.9 |
Total before netting | 3,794.5 | 2,562.5 | 1,232.1 |
Including netting agreements | \u2013 2,199.3 | \u2013 2,199.3 | 0.0 |
Total after netting | 1,595.3 | 363.2 | 1,232.1 |
EEX/ECX clearing variation margins of futures | \u2013 31.9 | 0.0 | \u2013 31.9 |
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments | 1,563.3 | 363.2 | 1,200.1 |
of which current | 1,207.2 | 302.4 | 904.8 |
of which non-current | 356.2 | 60.9 | 295.3 |
Sales and procurement (cash flow hedges) as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 580.8 | 1,618.4 | \u2013 1,037.6 |
Forwards | 426.6 | 701.1 | \u2013 274.5 |
Options | 4.7 | 172.4 | \u2013 167.7 |
Total before netting | 1,012.1 | 2,491.9 | \u2013 1,479.8 |
of which current | 948.1 | 1,879.6 | \u2013 931.5 |
of which non-current | 64.0 | 612.3 | \u2013 548.3 |
of which in other comprehensive income | \u2013 1,479.8 |
Wholesale as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 1,650.3 | 542.0 | 1,108.3 |
Forwards | 2,994.7 | 2,875.3 | 119.4 |
Total before netting | 4,645.0 | 3,417.3 | 1,227.6 |
of which current | 3,798.3 | 2,410.0 | 1,388.3 |
of which non-current | 846.7 | 1,007.3 | \u2013 160.7 |
Futures already realised | 900.7 | 1,980.4 | \u2013 1,079.7 |
Total | 147.9 |
Trading as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 85.7 | 88.5 | \u2013 2.8 |
Forwards | 1,354.6 | 1,353.2 | 1.4 |
Total before netting | 1,440.3 | 1,441.7 | \u2013 1.4 |
of which current | 1,091.0 | 1,094.7 | \u2013 3.7 |
of which non-current | 349.3 | 347.0 | 2.3 |
Total as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
| Futures | 2,316.8 | 2,248.9 | 67.8 |
Forwards | 4,775.9 | 4,929.6 | \u2013 153.7 |
Options | 4.7 | 172.4 | \u2013 167.7 |
Total before netting | 7,097.3 | 7,351.0 | \u2013 253.6 |
Including netting agreements | \u2013 4,790.2 | \u2013 4,790.2 | 0.0 |
Total after netting | 2,307.2 | 2,560.8 | \u2013 253.6 |
EEX/ECX clearing variation margins of futures | \u2013 112.2 | 0.0 | \u2013 112.2 |
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments | 2,195.0 | 2,560.8 | \u2013 365.8 |
of which current | 1,825.3 | 1,491.6 | 333.7 |
of which non-current | 369.7 | 1,069.2 | \u2013 699.5 |
Carrying amounts and fair values by measurement category 31/12/2023 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | as at 31/12 | ||
| accordance with | as at 31/12 | |||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,142.7 | 983.0 |
Financial liabilities to banks and to others | AC | 2 | 836.4 | 804.7 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 125.3 | 135.1 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 295.3 | 295.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 8.3 | \u2013 |
Non-current and current financial liabilities | 2,408.0 | |||
Derivatives in the energy area | FVPL | 2 | 60.9 | 60.9 |
Liabilities from derivative financial instruments | 60.9 | |||
Electricity supply commitment | \u2013 | \u2013 | 97.9 | \u2013 |
Obligation to return an interest | AC | 3 | 122.5 | 122.5 |
Trade payables | AC | \u2013 | 2.3 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 147.8 | |
Other | AC | \u2013 | 402.2 | \u2013 |
Non-current other liabilities | 772.8 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 293.3 | 293.3 |
Derivatives in the energy area | FVPL | 3 | 4.3 | 4.3 |
Liabilities from derivative financial instruments | 302.4 | |||
Trade payables | AC | \u2013 | 327.4 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 12.6 | |
Other | AC | \u2013 | 783.0 | \u2013 |
Other | \u2013 | \u2013 | 152.4 | \u2013 |
Trade payables and current other liabilities | 1,275.4 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 3,741.8 | ||
Financial liabilities measured at fair value through profit or loss | FVPL | 363.2 | ||
Financial liabilities measured at fair value through profit or loss \u2013 designated | FVPL \u2013 D | 295.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Interests in unconsolidated subsidiaries | FVOCI | 2 | 15.4 | 15.4 |
Interests in unconsolidated subsidiaries | FVOCI | AC | 5.5 | 5.5 |
Interests in unconsolidated subsidiaries | FVPL | 3 | 8.1 | 8.1 |
Other equity interests | FVOCI | 1 | 27.4 | 27.4 |
Other equity interests | FVOCI | 2 | 121.2 | 121.2 |
Other equity interests | FVOCI | AC | 15.1 | 15.1 |
| Other equity interests and unconsolidated | ||||
| subsidiaries | 192.7 | |||
Derivatives in the energy area | FVPL | 2 | 369.7 | 369.7 |
Derivatives in the finance area | FVPL | 2 | 36.2 | 36.2 |
| Derivatives in the finance area \u2013 | ||||
closed items on the balance sheet | FVPL | 2 | 31.5 | 31.5 |
Receivables from derivative financial instruments | 437.3 | |||
Securities | FVPL | 1 | 152.4 | 152.4 |
Securities | FVOCI | 3 | 7.3 | 7.3 |
Securities | FVOCI | AC | 1.3 | 1.3 |
Securities \u2013 closed items on the balance sheet | AC | 2 | 73.2 | 71.2 |
Loans \u2013 closed items on the balance sheet | AC | 2 | 334.1 | 335.9 |
Loans | AC | 2 | 67.5 | 61.1 |
Other | FVPL | 3 | 21.2 | 21.2 |
Other | AC | \u2013 | 250.2 | \u2013 |
Other | l\u2013 | \u2013 | 38.3 | \u2013 |
Investments and other receivables | 945.5 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 1,820.7 | 1,820.7 |
Derivatives in the finance area | FVPL | 2 | 8.3 | 8.3 |
Receivables from derivative financial instruments | 1,833.7 | |||
Trade receivables | AC | \u2013 | 968.3 | \u2013 |
Receivables from investees | AC | \u2013 | 57.9 | \u2013 |
Loans to investees | AC | 2 | 3.5 | 3.0 |
Securities | FVPL | 1 | 0.2 | 0.2 |
Emission rights | \u2013 | \u2013 | 49.0 | \u2013 |
Other | AC | \u2013 | 428.3 | \u2013 |
Other | \u2013 | \u2013 | 38.7 | \u2013 |
Trade receivables, other receivables and securities | 1,546.1 | |||
Cash and cash equivalents | AC | \u2013 | 409.3 | \u2013 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
| Aggregated by measurement category | ||||
Financial assets measured at amortised cost | AC | 2,592.4 | ||
Financial assets measured at fair value through profit or loss | FVPL | 2,444.8 | ||
Financial assets measured at fair value through other comprehensive income | FVOCI | 201.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Liabilities \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Bonds | AC | 2 | 1,151.0 | 956.5 |
Financial liabilities to banks and to others | AC | 2 | 2,304.6 | 2,323.5 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | AC | 2 | 126.6 | 140.2 |
| Financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | FVPL \u2013 D | 2 | 312.3 | 312.3 |
Capital shares attributable to limited partners | \u2013 | \u2013 | 7.3 | \u2013 |
Liability from put option | AC | \u2013 | 52.1 | \u2013 |
Non-current and current financial liabilities | 3,953.9 | |||
Derivatives in the energy area | FVPL | 2 | 1,069.2 | 1,069.2 |
Liabilities from derivative financial instruments | 1,069.2 | |||
Electricity supply commitment | \u2013 | \u2013 | 113.4 | \u2013 |
Obligation to return an interest | AC | 3 | 116.7 | 124.5 |
Trade payables | AC | \u2013 | 2.8 | \u2013 |
Deferred income for grants (emission rights) | \u2013 | \u2013 | 0.1 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 126.0 | |
Other | AC | \u2013 | 204.3 | \u2013 |
Non-current other liabilities | 563.4 | |||
Derivatives in the energy area | FVPL | 1 | 216.7 | 216.7 |
Derivatives in the energy area | FVPL | 2 | 1,274.9 | 1,274.9 |
Liabilities from derivative financial instruments | 1,491.6 | |||
Trade payables | AC | \u2013 | 412.7 | \u2013 |
Lease liabilities | \u2013 | \u2013 | 10.8 | |
Other | AC | \u2013 | 467.7 | \u2013 |
Other | \u2013 | \u2013 | 144.6 | \u2013 |
Trade payables and current other liabilities | 1,035.8 | |||
| Aggregated by measurement category | ||||
Financial liabilities measured at amortised cost | AC | 4,838.6 | ||
Financial liabilities at fair value through profit or loss | FVPL | 2,560.8 | ||
| Financial liabilities at fair value through profit or loss \u2013 | ||||
designated | FVPL \u2013 D | 312.3 |
Non-current and current financial liabilities | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Non- | Non- | Current | Current | |
| current | current | |||
Bonds | 1,139.0 | 629.2 | 12.0 | 513.5 |
Financial liabilities to banks | 1,032.9 | 484.5 | 1,096.6 | 192.3 |
Financial liabilities to others | 174.5 | 12.4 | 0.7 | 147.2 |
Capital shares attributable to limited partners | 7.3 | 8.3 | 0.0 | 0.0 |
Liability from put option | 52.1 | 0.0 | 0.0 | 0.0 |
Subtotal | 2,405.7 | 1,134.4 | 1,109.3 | 852.9 |
Financial liabilities to banks \u2013 closed items on the balance sheet | 438.9 | 420.6 | 0.0 | 0.0 |
Non-current and current financial liabilities | 2,844.6 | 1,555.0 | 1,109.3 | 852.9 |
| Non-current and current financial liabilities 2023 | ||||
| Longest | Issue | Carrying | 1 year or | |
| maturity | volume | amount | less | |
| as at 31/12 | ||||
| Bonds | ||||
Euro currency | 2041 | 1,203.0 | 1,142.7 | 513.5 |
Total bonds | 1,142.7 | 513.5 | ||
of which at a fixed interest rate | 2041 | 1,203.0 | 1,142.7 | 513.5 |
| Financial liabilities to banks | ||||
Euro currency | 2040 | 1,284.9 | 676.8 | 192.3 |
Total financial liabilities to banks | 676.8 | 192.3 | ||
of which at a fixed interest rate | 2040 | 814.0 | 510.4 | 46.6 |
of which at a variable interest rate | 2030 | 470.9 | 166.3 | 145.7 |
| Financial liabilities to others | ||||
Euro currency | 2027 | 159.4 | 159.6 | 147.2 |
Total financial liabilities to others | 159.6 | 147.2 | ||
of which at a variable interest rate | 2027 | 159.4 | 159.6 | 147.2 |
| Financial liabilities to banks \u2013 | ||||
| closed items on the balance sheet | ||||
Foreign currencies ($) | 2030 | 420.6 | 0.0 | |
| Total financial liabilities to banks \u2013 | ||||
| closed items on the balance sheet | 420.6 | 0.0 | ||
of which at a fixed interest rate | 2030 | 420.6 | 0.0 | |
Capital shares attributable to limited partners | 8.3 | |||
Total financial liabilities | 2,408.0 | 852.9 | ||
1 These financial liabilities are covered by assets on the balance sheet. |
| \u20acm | |||||||
| \u203a 1 to 2 | \u203a 2 to 3 | \u203a 3 to 4 | \u203a 4 to 5 | \u203a 5 years | Weighted | Weighted | Fair value |
| years | years | years | years | nominal | effective | as at 31/12 | |
| interest rate | interest rate | ||||||
14.2 | 12.9 | 13.1 | 13.0 | 575.9 | 1.29% | 1.34% | 983.0 |
14.2 | 12.9 | 13.1 | 13.0 | 575.9 | 1.29% | 1.34% | 983.0 |
14.2 | 12.9 | 13.1 | 13.0 | 575.9 | 1.29% | 1.34% | 983.0 |
47.4 | 31.7 | 28.4 | 128.6 | 248.3 | 2.90% | 2.42% | 644.4 |
47.4 | 31.7 | 28.4 | 128.6 | 248.3 | 2.90% | 2.42% | 644.4 |
38.0 | 29.2 | 25.9 | 126.1 | 244.6 | 2.27% | 2.45% | 480.2 |
9.4 | 2.5 | 2.5 | 2.5 | 3.8 | 4.80% | 2.20% | 166.9 |
0.0 | 0.0 | 12.4 | 0.0 | 0.0 | 3.78% | 2.78% | 160.3 |
0.0 | 0.0 | 12.4 | 0.0 | 0.0 | 3.78% | 2.78% | 160.3 |
0.0 | 0.0 | 12.4 | 0.0 | 0.0 | 3.78% | 2.78% | 160.3 |
87.8 | 281.9 | 29.7 | 0.0 | 21.3 | 430.4 | ||
87.8 | 281.9 | 29.7 | 0.0 | 21.3 | 430.4 | ||
87.8 | 281.9 | 29.7 | 0.0 | 21.3 | 430.4 | ||
| 8.3 | |||||||
157.7 | 326.5 | 83.7 | 141.6 | 845.5 |
| Non-current and current financial liabilities 2022 | ||||
| Longest | Issue | Carrying | 1 year or | |
| maturity | volume | amount | less | |
| as at 31/12 | ||||
| Bonds | ||||
Euro currency | 2041 | 1,203.0 | 1,151.0 | 12.0 |
Total bonds | 1,151.0 | 12.0 | ||
of which at a fixed interest rate | 2041 | 1,203.0 | 1,151.0 | 12.0 |
| Financial liabilities to banks | ||||
Euro currency | 2040 | 2,470.8 | 2,129.5 | 1,096.6 |
Total financial liabilities to banks | 2,129.5 | 1,096.6 | ||
of which at a fixed interest rate | 2037 | 490.0 | 236.3 | 24.2 |
of which at a variable interest rate | 2040 | 1,980.8 | 1,893.2 | 1,072.4 |
| Financial liabilities to others | ||||
Euro currency | 2040 | 174.5 | 175.1 | 0.7 |
Total financial liabilities to others | 175.1 | 0.7 | ||
of which at a fixed interest rate | 2040 | 15.1 | 15.6 | 0.5 |
of which at a variable interest rate | 2024 | 159.4 | 159.5 | 0.1 |
| Financial liabilities to banks \u2013 | ||||
| closed items on the balance sheet | ||||
Foreign currencies ($) | 2030 | 438.9 | ||
| Total financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | 438.9 | |||
of which at a fixed interest rate | 2030 | 438.9 | ||
Capital shares attributable to limited partners | 7.3 | |||
Liability from put option | 52.1 | |||
Total financial liabilities | 3,953.9 | 1,109.3 |
| \u20acm | |||||||
| \u203a 1 to 2 | \u203a 2 to 3 | \u203a 3 to 4 | \u203a 4 to 5 | \u203a 5 years | Weighted | Weighted | Fair value |
| years | years | years | years | nominal | effective | as at 31/12 | |
| interest rate | interest rate | ||||||
512.1 | 13.6 | 12.9 | 12.4 | 588.0 | 1.29% | 1.34% | 956.5 |
512.1 | 13.6 | 12.9 | 12.4 | 588.0 | 1.29% | 1.34% | 956.5 |
512.1 | 13.6 | 12.9 | 12.4 | 588.0 | 1.29% | 1.34% | 956.5 |
61.4 | 313.3 | 31.7 | 252.9 | 373.6 | 2.30% | 3.00% | 2,143.2 |
61.4 | 313.3 | 31.7 | 252.9 | 373.6 | 2.30% | 3.00% | 2,143.2 |
22.6 | 17.6 | 9.8 | 7.0 | 155.0 | 2.55% | 2.68% | 222.8 |
38.8 | 295.7 | 21.9 | 245.9 | 218.6 | 2.16% | 3.33% | 1,920.4 |
147.0 | 0.0 | 0.0 | 12.4 | 15.1 | 3.91% | 3.17% | 180.3 |
147.0 | 0.0 | 0.0 | 12.4 | 15.1 | 180.3 | ||
0.0 | 0.0 | 0.0 | 0.0 | 15.1 | 7.00% | 7.21% | 19.1 |
147.0 | 0.0 | 0.0 | 12.4 | 0.0 | 3.61% | 2.34% | 161.1 |
92.9 | 294.0 | 30.3 | 21.7 | 452.5 | |||
92.9 | 294.0 | 30.3 | 21.7 | 452.5 | |||
92.9 | 294.0 | 30.3 | 21.7 | 452.5 | |||
| 7.3 | |||||||
| 52.1 | |||||||
779.9 | 419.8 | 338.6 | 308.0 | 998.3 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
Interests in unconsolidated subsidiaries | FVOCI | 2 | 15.4 | 15.4 |
Interests in unconsolidated subsidiaries | FVOCI | AC | 5.5 | 5.5 |
Interests in unconsolidated subsidiaries | FVPL | 3 | 8.1 | 8.1 |
Other equity interests | FVOCI | 1 | 27.4 | 27.4 |
Other equity interests | FVOCI | 2 | 121.2 | 121.2 |
Other equity interests | FVOCI | AC | 15.1 | 15.1 |
| Other equity interests and unconsolidated | ||||
| subsidiaries | 192.7 | |||
Derivatives in the energy area | FVPL | 2 | 369.7 | 369.7 |
Derivatives in the finance area | FVPL | 2 | 36.2 | 36.2 |
| Derivatives in the finance area \u2013 | ||||
closed items on the balance sheet | FVPL | 2 | 31.5 | 31.5 |
Receivables from derivative financial instruments | 437.3 | |||
Securities | FVPL | 1 | 152.4 | 152.4 |
Securities | FVOCI | 3 | 7.3 | 7.3 |
Securities | FVOCI | AC | 1.3 | 1.3 |
Securities \u2013 closed items on the balance sheet | AC | 2 | 73.2 | 71.2 |
Loans \u2013 closed items on the balance sheet | AC | 2 | 334.1 | 335.9 |
Loans | AC | 2 | 67.5 | 61.1 |
Other | FVPL | 3 | 21.2 | 21.2 |
Other | AC | \u2013 | 250.2 | \u2013 |
Other | l\u2013 | \u2013 | 38.3 | \u2013 |
Investments and other receivables | 945.5 | |||
Derivatives in the energy area | FVPL | 1 | 4.7 | 4.7 |
Derivatives in the energy area | FVPL | 2 | 1,820.7 | 1,820.7 |
Derivatives in the finance area | FVPL | 2 | 8.3 | 8.3 |
Receivables from derivative financial instruments | 1,833.7 | |||
Trade receivables | AC | \u2013 | 968.3 | \u2013 |
Receivables from investees | AC | \u2013 | 57.9 | \u2013 |
Loans to investees | AC | 2 | 3.5 | 3.0 |
Securities | FVPL | 1 | 0.2 | 0.2 |
Emission rights | \u2013 | \u2013 | 49.0 | \u2013 |
Other | AC | \u2013 | 428.3 | \u2013 |
Other | \u2013 | \u2013 | 38.7 | \u2013 |
Trade receivables, other receivables and securities | 1,546.1 | |||
Cash and cash equivalents | AC | \u2013 | 409.3 | \u2013 |
Carrying amounts and fair values by measurement category 31/12/2022 | \u20acm | |||
| Assets \u2013 balance sheet items | Measurement | Level | Carrying | Fair value |
| category in | amount | |||
| accordance with | ||||
| IFRS 9 | ||||
| Aggregated by measurement category | ||||
Financial assets measured at amortised cost | AC | 2,592.4 | ||
Financial assets measured at fair value through profit or loss | FVPL | 2,444.8 | ||
Financial assets measured at fair value through other comprehensive income | FVOCI | 201.3 |
Sales and procurement (cash flow hedges) as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 723.4 | 366.9 | 356.5 |
Forwards | 369.3 | 39.0 | 330.3 |
Total before netting | 1,092.7 | 405.9 | 686.8 |
of which current | 939.7 | 388.3 | 551.5 |
of which non-current | 152.9 | 17.6 | 135.3 |
of which in other comprehensive income | 686.8 |
Wholesale as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 671.5 | 999.8 | \u2013 328.3 |
Forwards | 1,707.6 | 838.8 | 868.8 |
Total before netting | 2,379.2 | 1,838.6 | 540.6 |
of which current | 1,984.7 | 1,604.0 | 380.7 |
of which non-current | 394.5 | 234.6 | 159.9 |
Futures already realised | 840.9 | 1,219.5 | \u2013 378.6 |
Total | 162.0 |
Trading as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 21.9 | 23.0 | \u2013 1.0 |
Forwards | 300.8 | 295.0 | 5.8 |
Total before netting | 322.7 | 318.0 | 4.8 |
of which current | 280.6 | 275.6 | 5.1 |
of which non-current | 42.1 | 42.4 | \u2013 0.3 |
Total as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 1,416.9 | 1,389.7 | 27.2 |
Forwards | 2,377.7 | 1,172.8 | 1,204.9 |
Total before netting | 3,794.5 | 2,562.5 | 1,232.1 |
Including netting agreements | \u2013 2,199.3 | \u2013 2,199.3 | 0.0 |
Total after netting | 1,595.3 | 363.2 | 1,232.1 |
EEX/ECX clearing variation margins of futures | \u2013 31.9 | 0.0 | \u2013 31.9 |
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments | 1,563.3 | 363.2 | 1,200.1 |
of which current | 1,207.2 | 302.4 | 904.8 |
of which non-current | 356.2 | 60.9 | 295.3 |
Sales and procurement (cash flow hedges) as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 580.8 | 1,618.4 | \u2013 1,037.6 |
Forwards | 426.6 | 701.1 | \u2013 274.5 |
Options | 4.7 | 172.4 | \u2013 167.7 |
Total before netting | 1,012.1 | 2,491.9 | \u2013 1,479.8 |
of which current | 948.1 | 1,879.6 | \u2013 931.5 |
of which non-current | 64.0 | 612.3 | \u2013 548.3 |
of which in other comprehensive income | \u2013 1,479.8 |
Wholesale as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 1,650.3 | 542.0 | 1,108.3 |
Forwards | 2,994.7 | 2,875.3 | 119.4 |
Total before netting | 4,645.0 | 3,417.3 | 1,227.6 |
of which current | 3,798.3 | 2,410.0 | 1,388.3 |
of which non-current | 846.7 | 1,007.3 | \u2013 160.7 |
Futures already realised | 900.7 | 1,980.4 | \u2013 1,079.7 |
Total | 147.9 |
Trading as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 85.7 | 88.5 | \u2013 2.8 |
Forwards | 1,354.6 | 1,353.2 | 1.4 |
Total before netting | 1,440.3 | 1,441.7 | \u2013 1.4 |
of which current | 1,091.0 | 1,094.7 | \u2013 3.7 |
of which non-current | 349.3 | 347.0 | 2.3 |
Total as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
| Futures | 2,316.8 | 2,248.9 | 67.8 |
Forwards | 4,775.9 | 4,929.6 | \u2013 153.7 |
Options | 4.7 | 172.4 | \u2013 167.7 |
Total before netting | 7,097.3 | 7,351.0 | \u2013 253.6 |
Including netting agreements | \u2013 4,790.2 | \u2013 4,790.2 | 0.0 |
Total after netting | 2,307.2 | 2,560.8 | \u2013 253.6 |
EEX/ECX clearing variation margins of futures | \u2013 112.2 | 0.0 | \u2013 112.2 |
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments | 2,195.0 | 2,560.8 | \u2013 365.8 |
of which current | 1,825.3 | 1,491.6 | 333.7 |
of which non-current | 369.7 | 1,069.2 | \u2013 699.5 |
| Cash flow hedges \u2013 effects on the statement of | ||||||
| comprehensive income and balance sheet 2023 | \u20acm | |||||
| Gains/ | Hedging | Ineffective | Line items in | Reclassifi- | Line items in | |
| losses | costs | portion of the | the statement | cations from | the statement | |
| recognised | hedge | of comprehen- | reserves to | of comprehen- | ||
| in other | recognised in | sive income in | profit or loss | sive income in | ||
| comprehen- | profit or loss | which the | which the | |||
| sive income | reclassify- | reclassifi- | ||||
| cation was | cation was | |||||
| recognised | recognised | |||||
| Electricity | ||||||
futures, forwards and options \u2013 sales | 1,637.1 | 0.0 | 0.4 | Revenue | \u2013 900.2 | Revenue |
| Electricity | ||||||
futures and forwards \u2013 | Electricity | Electricity | ||||
purchasing | \u2013 476.4 | 0.0 | 0.0 | purchase | \u2013 108.0 | purchase |
| Gas forwards \u2013 | ||||||
purchasing | \u2013 9.6 | 0.0 | 0.0 | Gas purchases | \u2013 7.9 | Gas purchases |
| Interest rate | Other | Interest | ||||
swaps | \u2013 6.1 | 0.0 | 0.0 | financial result | 7.2 | expenses |
| Cash flow hedges \u2013 effects on the statement of | ||||||
comprehensive income and balance sheet 2022 | \u20acm | |||||
| Gains/ | Hedging | Ineffective | Line items of | Reclassifi- | Line items of | |
| losses | costs | portion of the | the statement | cations from | the statement | |
| recognised | hedge | of comprehen- | reserves to | of comprehen- | ||
| in other | recognised in | sive income in | profit or loss | sive income in | ||
| comprehen- | profit or loss | which the | which the | |||
| sive income | reclassify- | reclassify- | ||||
| cation was | cation was | |||||
| recognised | recognised | |||||
| Electricity | ||||||
futures, forwards and options \u2013 sales | \u2013 1,041.2 | \u2013 3.3 | 0.4 | Revenue | \u2013 1,974.2 | Revenue |
| Electricity | ||||||
futures and forwards \u2013 | Electricity | Electricity | ||||
purchasing | \u2013 96.4 | 0.0 | \u2013 0.1 | purchase | 358.9 | purchase |
| Gas forwards \u2013 | Gas | Gas | ||||
purchasing | \u2013 19.1 | 0.0 | 0.0 | purchases | 13.5 | purchases |
| Interest rate | Other | Interest | ||||
swaps | 23.1 | 0.0 | 0.0 | financial result | 1.6 | expenses |
Liabilities from derivative financial instruments | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Non- | Non- | Current | Current | |
| current | current | |||
Derivatives in the energy area | 1,069.2 | 60.9 | 1,491.6 | 302.4 |
Liabilities from derivative financial instruments | 1,069.2 | 60.9 | 1,491.6 | 302.4 |
| Trade payables and current other liabilities | \u20acm | |
2022 | 2023 | |
Trade payables | 412.7 | 327.4 |
Outstanding receipts for investments | 142.9 | 217.7 |
Other liabilities from electricity deliveries and grid services | 80.2 | 201.0 |
Windfall tax liabilities | 33.5 | 75.5 |
Liabilities to tax authorities | 27.9 | 67.1 |
Other liabilities for maintenance expenses | 52.8 | 58.3 |
Liabilities from equity interest transactions | 0.0 | 55.4 |
Other personnel-related liabilities | 43.0 | 49.9 |
Liabilities to unconsolidated subsidiaries and investees | 26.5 | 48.9 |
Security deposits for transport services | 57.7 | 38.8 |
Liabilities to the emissions registry | 39.1 | 22.2 |
Electricity supply commitment | 13.1 | 15.4 |
Lease liabilities | 10.8 | 12.6 |
Accruals and deferred income | 29.0 | 11.1 |
Advance payments received | 25.2 | 7.8 |
Other | 41.4 | 66.2 |
Trade payables and current other liabilities | 1,035.8 | 1,275.4 |
Non-current other liabilities | \u20acm | |
2022 | 2023 | |
Other liabilities from electricity deliveries and grid services | 142.0 | 212.6 |
Lease liabilities | 126.0 | 147.8 |
Obligation to return an interest | 116.7 | 122.5 |
Electricity supply commitment | 113.4 | 97.9 |
Advance payments received for grid access fees (electricity) | 0.0 | 62.2 |
Liabilities for grid usage fees (gas) | 2.9 | 43.4 |
Liabilities from outstanding capital expenditure invoices | 22.8 | 32.7 |
Security deposits for transport services | 10.3 | 12.7 |
Trade payables | 2.8 | 2.3 |
Other | 26.3 | 38.7 |
Non-current other liabilities | 563.4 | 772.8 |
Cash and cash equivalents | \u20acm | |
2022 | 2023 | |
Cash at banks | 409.3 | 964.0 |
Cash and cash equivalents | 409.3 | 964.0 |
Financial instruments with credit risk by assigned rating group 2023 | \u20acm | ||||||
| Credit | Equiva- | Financial | Secu- | Non-current | Trade recei- | Deriva- | Invest- |
| rating | lent | instruments | rities | and current | vables | tives in the | ments as |
| group | Moody\u2019s- | \u2013 closed | other recei- | energy area | well as cash | ||
| rating | items on | vables | and cash | ||||
| the balance | equivalents | ||||||
| sheet | |||||||
A | up to Aa3 | 269.7 | 0.0 | 0.0 | 82.4 | 109.9 | 297.6 |
B | up to A3 | 150.8 | 4.6 | 38.1 | 158.0 | 286.3 | 617.7 |
C1\u2013C3 | up to Baa3 | 0.0 | 1.1 | 0.0 | 435.9 | 1,147.9 | 48.7 |
D1\u2013D5 | below Baa3 | 0.0 | 0.0 | 0.0 | 18.7 | 19.2 | 0.0 |
Not rated | 0.0 | 166.5 | 437.7 | 277.1 | 0.0 | 0.0 | |
Total | 420.5 | 172.2 | 475.8 | 972.0 | 1,563.3 | 964.0 | |
1 incl. receivables from investees and loans to investees // 2 Non-current and current other loans and money market transactions have been combined under investments in this presentation |
Financial instruments with credit risk by assigned rating group 2022 | \u20acm | ||||||
| Credit | Equiva- | Financial | Secu- | Non-current | Trade recei- | Deriva- | Invest- |
| rating | lent | instruments | rities | and current | vables | tives in the | ments as |
| group | Moody\u2019s- | \u2013 closed | other recei- | energy area | well as cash | ||
| rating | items on | vables | and cash | ||||
| the balance | equiva-lents | ||||||
| sheet | |||||||
A | up to Aa3 | 270.8 | 0.0 | 0.0 | 30.1 | 62.0 | 181.8 |
B | up to A3 | 168.0 | 5.7 | 19.0 | 325.1 | 183.1 | 168.0 |
C1\u2013C3 | up to Baa3 | 0.0 | 0.0 | 21.2 | 283.2 | 1,793.4 | 59.5 |
D1\u2013D5 | below Baa3 | 0.0 | 0.0 | 0.0 | 23.6 | 156.5 | 0.0 |
Not rated | 0.0 | 155.4 | 833.0 | 306.4 | 0.0 | 0.0 | |
Total | 438.8 | 161.1 | 873.2 | 968.4 | 2,195.0 | 409.3 |
Inventories | \u20acm | |
2022 | 2023 | |
Natural gas 1 | 103.0 | 35.4 |
Inventories of primary energy sources | 103.0 | 35.4 |
Emission rights held for trading | 0.7 | 16.6 |
Changes in emission rights held for trading | 0.4 | \u2013 0.1 |
Fair value of emission rights held for trading | 1.1 | 16.5 |
Guarantees of origin and green electricity certificates | 1.7 | 8.0 |
Additives and consumables | 12.7 | 14.9 |
Other | 4.5 | 6.0 |
Inventories | 123.0 | 80.8 |
1 A write-down of \u20ac22.7m (previous year: \u20ac18.8m) on gas inventories was recognised as expense in the income statement for the reporting period. |
Receivables from derivative financial instruments | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Non- | Non- | Current | Current | |
| current | current | |||
Derivatives in the energy area | 369.7 | 356.2 | 1,825.4 | 1,207.2 |
Derivatives in the finance area | 67.7 | 44.9 | 8.3 | 4.4 |
Receivables from derivative financial instruments | 437.3 | 401.1 | 1,833.7 | 1,211.6 |
Trade receivables, other receivables and securities | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Non- | Non- | Current | Current | |
| current | current | |||
Trade receivables | \u2013 | \u2013 | 968.3 | 972.0 |
Receivables from investees | \u2013 | \u2013 | 57.9 | 56.8 |
Loans to investees | 59.1 | 46.1 | 3.5 | 22.5 |
Other receivables and assets | 309.7 | 198.1 | 516.3 | 282.4 |
Trade receivables, other receivables and securities | 368.8 | 244.2 | 1,546.1 | 1,333.8 |
Trade receivables, other receivables and securities | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Non- | Non- | Current | Current | |
| current | current | |||
Trade receivables | \u2013 | \u2013 | 968.3 | 972.0 |
Receivables from investees | \u2013 | \u2013 | 57.9 | 56.8 |
Loans to investees | 59.1 | 46.1 | 3.5 | 22.5 |
Other receivables and assets | 309.7 | 198.1 | 516.3 | 282.4 |
Trade receivables, other receivables and securities | 368.8 | 244.2 | 1,546.1 | 1,333.8 |
Trade receivables, other receivables and securities | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Non- | Non- | Current | Current | |
| current | current | |||
Trade receivables | \u2013 | \u2013 | 968.3 | 972.0 |
Receivables from investees | \u2013 | \u2013 | 57.9 | 56.8 |
Loans to investees | 59.1 | 46.1 | 3.5 | 22.5 |
Other receivables and assets | 309.7 | 198.1 | 516.3 | 282.4 |
Trade receivables, other receivables and securities | 368.8 | 244.2 | 1,546.1 | 1,333.8 |
| Trade payables and current other liabilities | \u20acm | |
2022 | 2023 | |
Trade payables | 412.7 | 327.4 |
Outstanding receipts for investments | 142.9 | 217.7 |
Other liabilities from electricity deliveries and grid services | 80.2 | 201.0 |
Windfall tax liabilities | 33.5 | 75.5 |
Liabilities to tax authorities | 27.9 | 67.1 |
Other liabilities for maintenance expenses | 52.8 | 58.3 |
Liabilities from equity interest transactions | 0.0 | 55.4 |
Other personnel-related liabilities | 43.0 | 49.9 |
Liabilities to unconsolidated subsidiaries and investees | 26.5 | 48.9 |
Security deposits for transport services | 57.7 | 38.8 |
Liabilities to the emissions registry | 39.1 | 22.2 |
Electricity supply commitment | 13.1 | 15.4 |
Lease liabilities | 10.8 | 12.6 |
Accruals and deferred income | 29.0 | 11.1 |
Advance payments received | 25.2 | 7.8 |
Other | 41.4 | 66.2 |
Trade payables and current other liabilities | 1,035.8 | 1,275.4 |
| Trade payables and current other liabilities | \u20acm | |
2022 | 2023 | |
Trade payables | 412.7 | 327.4 |
Outstanding receipts for investments | 142.9 | 217.7 |
Other liabilities from electricity deliveries and grid services | 80.2 | 201.0 |
Windfall tax liabilities | 33.5 | 75.5 |
Liabilities to tax authorities | 27.9 | 67.1 |
Other liabilities for maintenance expenses | 52.8 | 58.3 |
Liabilities from equity interest transactions | 0.0 | 55.4 |
Other personnel-related liabilities | 43.0 | 49.9 |
Liabilities to unconsolidated subsidiaries and investees | 26.5 | 48.9 |
Security deposits for transport services | 57.7 | 38.8 |
Liabilities to the emissions registry | 39.1 | 22.2 |
Electricity supply commitment | 13.1 | 15.4 |
Lease liabilities | 10.8 | 12.6 |
Accruals and deferred income | 29.0 | 11.1 |
Advance payments received | 25.2 | 7.8 |
Other | 41.4 | 66.2 |
Trade payables and current other liabilities | 1,035.8 | 1,275.4 |
Non-current other liabilities | \u20acm | |
2022 | 2023 | |
Other liabilities from electricity deliveries and grid services | 142.0 | 212.6 |
Lease liabilities | 126.0 | 147.8 |
Obligation to return an interest | 116.7 | 122.5 |
Electricity supply commitment | 113.4 | 97.9 |
Advance payments received for grid access fees (electricity) | 0.0 | 62.2 |
Liabilities for grid usage fees (gas) | 2.9 | 43.4 |
Liabilities from outstanding capital expenditure invoices | 22.8 | 32.7 |
Security deposits for transport services | 10.3 | 12.7 |
Trade payables | 2.8 | 2.3 |
Other | 26.3 | 38.7 |
Non-current other liabilities | 563.4 | 772.8 |
Non-controlling interests | in % | |
2022 | 2023 | |
Gas Connect Austria GmbH | 49.00 | 49.00 |
Austrian Gas Grid Management AG | 74.00 | 74.00 |
VERBUND Innkraftwerke GmbH | 29.73 | 29.73 |
VERBUND Hydro Power GmbH | 15.94 | 15.94 |
VERBUND Wind Power Austria GmbH | 15.94 | 15.94 |
Parque E\u00f3lico Ayamonte S.L.U. | 30.0 | \u2013 |
Parque E\u00f3lico Buseco S.L.U. | 30.0 | \u2013 |
Parque E\u00f3lico El Barroso S.L.U. | 30.0 | \u2013 |
Parque E\u00f3lico Loma de los Pinos S.L.U. | 30.0 | \u2013 |
Lusitania Renovables S.L.U. | 30.0 | \u2013 |
Non-controlling interests | in % | |
2022 | 2023 | |
Gas Connect Austria GmbH | 49.00 | 49.00 |
Austrian Gas Grid Management AG | 74.00 | 74.00 |
VERBUND Innkraftwerke GmbH | 29.73 | 29.73 |
VERBUND Hydro Power GmbH | 15.94 | 15.94 |
VERBUND Wind Power Austria GmbH | 15.94 | 15.94 |
Parque E\u00f3lico Ayamonte S.L.U. | 30.0 | \u2013 |
Parque E\u00f3lico Buseco S.L.U. | 30.0 | \u2013 |
Parque E\u00f3lico El Barroso S.L.U. | 30.0 | \u2013 |
Parque E\u00f3lico Loma de los Pinos S.L.U. | 30.0 | \u2013 |
Lusitania Renovables S.L.U. | 30.0 | \u2013 |
| Subsidiaries with material non-controlling interests: | ||||||
statement of comprehensive income | \u20acm | |||||
2022 | 2023 | |||||
| VERBUND | Gas | VERBUND | VERBUND | Gas | VERBUND | |
| Hydro | Connect | Innkraft- | Hydro | Connect | Innkraft- | |
| Power | Austria | werke | Power | Austria | werke | |
| GmbH | GmbH | GmbH | GmbH | GmbH | GmbH | |
Amounts held as non-controlling interests | 15.94% | 49.00% | 29.73% | 15.94% | 49.00% | 29.73% |
Revenue | 2,227.9 | 399.4 | 203.6 | 3,392.1 | 324.0 | 424.9 |
Profit for the period | 1,353.9 | \u2013 23.4 | 99.2 | 2,175.1 | 77.2 | 262.6 |
| Profit for the period | ||||||
attributable to non-controlling interests | 215.8 | \u2013 11.5 | 29.5 | 345.3 | 40.5 | 78.1 |
Other comprehensive income | 35.1 | 5.3 | 11.1 | \u2013 10.4 | \u2013 2.0 | 0.5 |
| Total comprehensive income | ||||||
for the period | 1,388.9 | \u2013 18.2 | 110.4 | 2,164.8 | 75.2 | 263.1 |
Total profit or loss for the period attributable to non-controlling interests | 221.4 | \u2013 8.9 | 32.8 | 345.1 | 36.8 | 78.2 |
Subsidiaries with material non-controlling interests: balance sheet | \u20acm | |||||
31/12/2022 | 31/12/2023 | |||||
| VERBUND | Gas | VERBUND | VERBUND | Gas | VERBUND | |
| Hydro | Connect | Innkraft- | Hydro | Connect | Innkraft- | |
| Power | Austria | werke | Power | Austria | werke | |
| GmbH | GmbH | GmbH | GmbH | GmbH | GmbH | |
Non-current assets | 4,963.0 | 770.0 | 953.7 | 5,158.7 | 695.9 | 941.3 |
Current assets | 829.4 | 102.2 | 64.8 | 1,550.7 | 154.1 | 315.2 |
Non-current liabilities | \u2013 1,905.5 | \u2013 414.4 | \u2013 82.1 | \u2013 1,671.3 | \u2013 79.8 | \u2013 137.6 |
Current liabilities | \u2013 185.9 | \u2013 110.2 | \u2013 35.8 | \u2013 472.3 | \u2013 389.6 | \u2013 55.2 |
Net assets | 3,701.0 | 347.5 | 900.7 | 4,565.8 | 380.5 | 1,063.7 |
Amounts held as non-controlling interests | 15.94% | 49.00% | 29.73% | 15.94% | 49.00% | 29.73% |
Net assets attributable to non-controlling interests | 589.9 | 170.3 | 267.8 | 727.8 | 186.4 | 316.3 |
Subsidiaries with material non-controlling interests: cash flows | \u20acm | |||||
31/12/2022 | 31/12/2023 | |||||
| VERBUND | Gas | VERBUND | VERBUND | Gas | VERBUND | |
| Hydro | Connect | Innkraft- | Hydro | Connect | Innkraft- | |
| Power | Austria | werke | Power | Austria | werke | |
| GmbH | GmbH | GmbH | GmbH | GmbH | GmbH | |
Cash flow from operating activities | 1,480.7 | 131.4 | 166.3 | 2,326.0 | 163.2 | 359.9 |
Cash flow from investing activities | \u2013 285.9 | \u2013 57.4 | \u2013 70.1 | \u2013 302.7 | \u2013 142.9 | \u2013 19.2 |
Cash flow from financing activities | \u2013 1,194.7 | \u2013 52.4 | \u2013 96.2 | \u2013 2,023.3 | \u2013 41.1 | \u2013 340.8 |
Change in cash and cash equivalents | 0.0 | 21.6 | 0.0 | 0.0 | \u2013 20.8 | 0.0 |
Dividends paid to non-controlling interests | 97.3 | 12.3 | 3.0 | 224.8 | 20.1 | 29.7 |
Non-current and current financial liabilities | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Non- | Non- | Current | Current | |
| current | current | |||
Bonds | 1,139.0 | 629.2 | 12.0 | 513.5 |
Financial liabilities to banks | 1,032.9 | 484.5 | 1,096.6 | 192.3 |
Financial liabilities to others | 174.5 | 12.4 | 0.7 | 147.2 |
Capital shares attributable to limited partners | 7.3 | 8.3 | 0.0 | 0.0 |
Liability from put option | 52.1 | 0.0 | 0.0 | 0.0 |
Subtotal | 2,405.7 | 1,134.4 | 1,109.3 | 852.9 |
Financial liabilities to banks \u2013 closed items on the balance sheet | 438.9 | 420.6 | 0.0 | 0.0 |
Non-current and current financial liabilities | 2,844.6 | 1,555.0 | 1,109.3 | 852.9 |
Non-current and current financial liabilities 1 | \u20acm | |
2022 | 2023 | |
Carrying amount as at 1/1 | 2,849.4 | 3,515.0 |
Borrowings | 559.5 | 12.1 |
Additions from business acquisitions | 461.0 | 1.3 |
Net change in money market transactions | \u2013 380.3 | \u2013 906.8 |
Change in put liability | 52.1 | \u2013 52.1 |
Changes in capital shares attributable to limited partners | 7.3 | 1.0 |
Changes in interest accruals | 7.6 | 2.1 |
Unscheduled repayments | 0.0 | \u2013 500.0 |
Scheduled repayments | \u2013 41.5 | \u2013 69.6 |
Reclassifications | 0.0 | \u2013 15.6 |
Carrying amount as at 31/12 | 3,515.0 | 1,987.3 |
of which non-current liabilities | 2,405.7 | 1,134.4 |
of which current liabilities | 1,109.3 | 852.9 |
1 excl. financial liabilities under closed items on the balance sheet |
Financial liabilities \u2013 closed items on the balance sheet | \u20acm | |
2022 | 2023 | |
Carrying amount as at 1/1 | 447.2 | 438.9 |
Foreign exchange gains or losses | 19.7 | \u2013 16.9 |
Capitalisation | 31.5 | 32.2 |
Repayments and/or disposals | \u2013 20.8 | \u2013 21.1 |
Market value changes | \u2013 38.8 | \u2013 12.3 |
Carrying amount as at 31/12 | 438.9 | 420.6 |
of which non-current liabilities | 438.9 | 420.6 |
| Non-current and current financial liabilities 2023 | ||||
| Longest | Issue | Carrying | 1 year or | |
| maturity | volume | amount | less | |
| as at 31/12 | ||||
| Bonds | ||||
Euro currency | 2041 | 1,203.0 | 1,142.7 | 513.5 |
Total bonds | 1,142.7 | 513.5 | ||
of which at a fixed interest rate | 2041 | 1,203.0 | 1,142.7 | 513.5 |
| Financial liabilities to banks | ||||
Euro currency | 2040 | 1,284.9 | 676.8 | 192.3 |
Total financial liabilities to banks | 676.8 | 192.3 | ||
of which at a fixed interest rate | 2040 | 814.0 | 510.4 | 46.6 |
of which at a variable interest rate | 2030 | 470.9 | 166.3 | 145.7 |
| Financial liabilities to others | ||||
Euro currency | 2027 | 159.4 | 159.6 | 147.2 |
Total financial liabilities to others | 159.6 | 147.2 | ||
of which at a variable interest rate | 2027 | 159.4 | 159.6 | 147.2 |
| Financial liabilities to banks \u2013 | ||||
| closed items on the balance sheet | ||||
Foreign currencies ($) | 2030 | 420.6 | 0.0 | |
| Total financial liabilities to banks \u2013 | ||||
| closed items on the balance sheet | 420.6 | 0.0 | ||
of which at a fixed interest rate | 2030 | 420.6 | 0.0 | |
Capital shares attributable to limited partners | 8.3 | |||
Total financial liabilities | 2,408.0 | 852.9 | ||
1 These financial liabilities are covered by assets on the balance sheet. |
| \u20acm | |||||||
| \u203a 1 to 2 | \u203a 2 to 3 | \u203a 3 to 4 | \u203a 4 to 5 | \u203a 5 years | Weighted | Weighted | Fair value |
| years | years | years | years | nominal | effective | as at 31/12 | |
| interest rate | interest rate | ||||||
14.2 | 12.9 | 13.1 | 13.0 | 575.9 | 1.29% | 1.34% | 983.0 |
14.2 | 12.9 | 13.1 | 13.0 | 575.9 | 1.29% | 1.34% | 983.0 |
14.2 | 12.9 | 13.1 | 13.0 | 575.9 | 1.29% | 1.34% | 983.0 |
47.4 | 31.7 | 28.4 | 128.6 | 248.3 | 2.90% | 2.42% | 644.4 |
47.4 | 31.7 | 28.4 | 128.6 | 248.3 | 2.90% | 2.42% | 644.4 |
38.0 | 29.2 | 25.9 | 126.1 | 244.6 | 2.27% | 2.45% | 480.2 |
9.4 | 2.5 | 2.5 | 2.5 | 3.8 | 4.80% | 2.20% | 166.9 |
0.0 | 0.0 | 12.4 | 0.0 | 0.0 | 3.78% | 2.78% | 160.3 |
0.0 | 0.0 | 12.4 | 0.0 | 0.0 | 3.78% | 2.78% | 160.3 |
0.0 | 0.0 | 12.4 | 0.0 | 0.0 | 3.78% | 2.78% | 160.3 |
87.8 | 281.9 | 29.7 | 0.0 | 21.3 | 430.4 | ||
87.8 | 281.9 | 29.7 | 0.0 | 21.3 | 430.4 | ||
87.8 | 281.9 | 29.7 | 0.0 | 21.3 | 430.4 | ||
| 8.3 | |||||||
157.7 | 326.5 | 83.7 | 141.6 | 845.5 |
| Non-current and current financial liabilities 2022 | ||||
| Longest | Issue | Carrying | 1 year or | |
| maturity | volume | amount | less | |
| as at 31/12 | ||||
| Bonds | ||||
Euro currency | 2041 | 1,203.0 | 1,151.0 | 12.0 |
Total bonds | 1,151.0 | 12.0 | ||
of which at a fixed interest rate | 2041 | 1,203.0 | 1,151.0 | 12.0 |
| Financial liabilities to banks | ||||
Euro currency | 2040 | 2,470.8 | 2,129.5 | 1,096.6 |
Total financial liabilities to banks | 2,129.5 | 1,096.6 | ||
of which at a fixed interest rate | 2037 | 490.0 | 236.3 | 24.2 |
of which at a variable interest rate | 2040 | 1,980.8 | 1,893.2 | 1,072.4 |
| Financial liabilities to others | ||||
Euro currency | 2040 | 174.5 | 175.1 | 0.7 |
Total financial liabilities to others | 175.1 | 0.7 | ||
of which at a fixed interest rate | 2040 | 15.1 | 15.6 | 0.5 |
of which at a variable interest rate | 2024 | 159.4 | 159.5 | 0.1 |
| Financial liabilities to banks \u2013 | ||||
| closed items on the balance sheet | ||||
Foreign currencies ($) | 2030 | 438.9 | ||
| Total financial liabilities to banks \u2013 | ||||
closed items on the balance sheet | 438.9 | |||
of which at a fixed interest rate | 2030 | 438.9 | ||
Capital shares attributable to limited partners | 7.3 | |||
Liability from put option | 52.1 | |||
Total financial liabilities | 3,953.9 | 1,109.3 |
| \u20acm | |||||||
| \u203a 1 to 2 | \u203a 2 to 3 | \u203a 3 to 4 | \u203a 4 to 5 | \u203a 5 years | Weighted | Weighted | Fair value |
| years | years | years | years | nominal | effective | as at 31/12 | |
| interest rate | interest rate | ||||||
512.1 | 13.6 | 12.9 | 12.4 | 588.0 | 1.29% | 1.34% | 956.5 |
512.1 | 13.6 | 12.9 | 12.4 | 588.0 | 1.29% | 1.34% | 956.5 |
512.1 | 13.6 | 12.9 | 12.4 | 588.0 | 1.29% | 1.34% | 956.5 |
61.4 | 313.3 | 31.7 | 252.9 | 373.6 | 2.30% | 3.00% | 2,143.2 |
61.4 | 313.3 | 31.7 | 252.9 | 373.6 | 2.30% | 3.00% | 2,143.2 |
22.6 | 17.6 | 9.8 | 7.0 | 155.0 | 2.55% | 2.68% | 222.8 |
38.8 | 295.7 | 21.9 | 245.9 | 218.6 | 2.16% | 3.33% | 1,920.4 |
147.0 | 0.0 | 0.0 | 12.4 | 15.1 | 3.91% | 3.17% | 180.3 |
147.0 | 0.0 | 0.0 | 12.4 | 15.1 | 180.3 | ||
0.0 | 0.0 | 0.0 | 0.0 | 15.1 | 7.00% | 7.21% | 19.1 |
147.0 | 0.0 | 0.0 | 12.4 | 0.0 | 3.61% | 2.34% | 161.1 |
92.9 | 294.0 | 30.3 | 21.7 | 452.5 | |||
92.9 | 294.0 | 30.3 | 21.7 | 452.5 | |||
92.9 | 294.0 | 30.3 | 21.7 | 452.5 | |||
| 7.3 | |||||||
| 52.1 | |||||||
779.9 | 419.8 | 338.6 | 308.0 | 998.3 |
Non-current other liabilities | \u20acm | |
2022 | 2023 | |
Other liabilities from electricity deliveries and grid services | 142.0 | 212.6 |
Lease liabilities | 126.0 | 147.8 |
Obligation to return an interest | 116.7 | 122.5 |
Electricity supply commitment | 113.4 | 97.9 |
Advance payments received for grid access fees (electricity) | 0.0 | 62.2 |
Liabilities for grid usage fees (gas) | 2.9 | 43.4 |
Liabilities from outstanding capital expenditure invoices | 22.8 | 32.7 |
Security deposits for transport services | 10.3 | 12.7 |
Trade payables | 2.8 | 2.3 |
Other | 26.3 | 38.7 |
Non-current other liabilities | 563.4 | 772.8 |
| Actuarial assumptions for pension obligations | ||||
2022 | 2023 | |||
Discount rate or expected rate of return from plan assets | 3.75% | 3.75% | ||
Pension increases | 1.75%\u20135.75% | 2.00%\u20136.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover | none | none | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for obligations similar to pensions | ||||
2022 | 2023 | |||
Discount rate | 3.75% | 3.75% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20135.80% | 0.00%\u20135.80% | ||
| Change in contributions based on hospital cost index for new contracts | ||||
(with participation)/old contracts (without participation) | 2.75%\u20135.50% | 2.75%\u20136.00% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for termination benefit obligations | ||||
2022 | 2023 | |||
Discount rate | 3.50% | 3.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20130.60% | 0.00%\u20130.60% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
Non-current and current provisions | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
Non-current | Non-current | Current | Current | |
Provisions for pensions | 301.2 | 301.4 | \u2013 | \u2013 |
| Provisions for obligations | ||||
| similar to pensions | 98.9 | 105.7 | \u2013 | \u2013 |
Provisions for termination benefits | 93.9 | 90.2 | \u2013 | \u2013 |
Provisions for partial retirement | 3.5 | 2.7 | 1.6 | 1.3 |
Other personnel-related provisions | 21.4 | 26.4 | 33.9 | 37.6 |
Other provisions | 100.7 | 39.6 | 15.4 | 40.0 |
Non-current and current provisions | 619.5 | 566.0 | 50.9 | 78.9 |
| Actuarial assumptions for pension obligations | ||||
2022 | 2023 | |||
Discount rate or expected rate of return from plan assets | 3.75% | 3.75% | ||
Pension increases | 1.75%\u20135.75% | 2.00%\u20136.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover | none | none | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for obligations similar to pensions | ||||
2022 | 2023 | |||
Discount rate | 3.75% | 3.75% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20135.80% | 0.00%\u20135.80% | ||
| Change in contributions based on hospital cost index for new contracts | ||||
(with participation)/old contracts (without participation) | 2.75%\u20135.50% | 2.75%\u20136.00% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for termination benefit obligations | ||||
2022 | 2023 | |||
Discount rate | 3.50% | 3.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20130.60% | 0.00%\u20130.60% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Sensitivity analysis for net pension liability 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in net | change in net | |
| points or years | liability of | liability of | |
Discount rate | 0.25% | \u2013 2.38% | 2.49% |
Pension increases | 0.50% | 5.16% | \u2013 4.75% |
Longevity based on mortality table | 1 year | 4.94% | \u2013 4.90% |
| Sensitivity analysis for obligations similar to pensions 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 3.18% | 3.35% |
Change in contributions based on hospital cost index | 0.50% | 6.79% | \u2013 6.16% |
Longevity based on mortality table | 1 year | 5.91% | \u2013 5.73% |
| Sensitivity analysis for termination benefit obligations 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 1.70% | 1.75% |
Salary increases | 0.50% | 3.70% | \u2013 3.53% |
Longevity based on mortality table | 1 year | \u2013 0.01% | 0.01% |
| Sensitivity analysis for net pension liability 2022 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in net | change in net | |
| points or years | liability of | liability of | |
Discount rate | 0.25% | \u2013 2.38% | 2.49% |
Pension increases | 0.50% | 5.17% | \u2013 4.76% |
Longevity based on mortality table | 1 year | 4.81% | \u2013 4.79% |
| Sensitivity analysis for obligations similar to pensions 2022 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 3.18% | 3.35% |
Change in contributions based on hospital cost index | 0.50% | 6.81% | \u2013 6.18% |
Longevity based on mortality table | 1 year | 5.71% | \u2013 5.56% |
| Sensitivity analysis for termination benefit obligations 2022 | Change in | If assumption | If assumption |
| assumption in | increases, | decreases, | |
| percentage | change in | change in | |
| points or years | obligation of | obligation of | |
| Discount rate | 0.25% | \u2013 1.75% | 1.80% |
| Salary increases | 0.50% | 3.65% | \u2013 3.48% |
| Longevity based on mortality table | 1 year | 0.00% | 0.00% |
Reconciliation from defined benefit obligation to provisions | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Pension | Pension | Obligations | Obligations | |
| obligations | obligations | similar to | similar to | |
| pensions | pensions | |||
| Defined benefit obligation | ||||
covered by plan assets | 224.0 | 230.1 | \u2013 | \u2013 |
Fair value of plan assets | \u2013 156.4 | \u2013 163.0 | \u2013 | \u2013 |
| Net value of obligations | ||||
covered by plan assets | 67.6 | 67.1 | \u2013 | \u2013 |
| Defined benefit obligation | ||||
| not covered by plan assets | 233.5 | 234.3 | 98.9 | 105.7 |
| Carrying amount of provisions | ||||
| as at 31/12 | 301.1 | 301.4 | 98.9 | 105.7 |
Pension expenses | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Pension | Pension | Obligations | Obligations | |
| obligations | obligations | similar to | similar to | |
| pensions | pensions | |||
Service costs (vested claims) | 3.4 | 1.5 | 2.0 | 0.9 |
Net interest expense | 4.1 | 10.6 | 1.8 | 3.6 |
| Pension expenses | ||||
(recognised in profit for the period) | 7.5 | 12.1 | 3.8 | 4.5 |
Remeasurements of the net liability | \u2013 114.1 | 18.1 | \u2013 44.1 | 7.1 |
| Pension expenses | ||||
(recognised in total comprehensive income for the period) | \u2013 106.6 | 30.2 | \u2013 40.3 | 11.6 |
Reconciliation of defined benefit obligation | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Pension | Pension | Obligations | Obligations | |
| obligations | obligations | similar to | similar to | |
| pensions | pensions | |||
Defined benefit obligation as at 1/1 | 620.4 | 457.5 | 143.8 | 98.9 |
Service costs (vested claims) | 3.4 | 1.5 | 2.0 | 0.9 |
Pension payments or contributions to supplementary health insurance | ||||
(benefit payments) | \u2013 36.1 | \u2013 36.6 | \u2013 4.6 | \u2013 4.8 |
Interest expenses | 6.1 | 16.4 | 1.8 | 3.6 |
Remeasurements based on experience adjustments | 0.4 | 5.7 | \u2013 3.2 | 2.7 |
Remeasurements arising from changes in demographic assumptions | 0.0 | 0.0 | 2.5 | 0.0 |
Remeasurements arising from changes in financial assumptions | \u2013 136.7 | 19.9 | \u2013 43.4 | 4.4 |
Defined benefit obligation as at 31/12 | 457.5 | 464.4 | 98.9 | 105.7 |
Reconciliation of plan assets | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Pension | Pension | Obligations | Obligations | |
| obligations | obligations | similar to | similar to | |
| pensions | pensions | |||
Fair value of plan assets as at 1/1 | 190.9 | 156.4 | \u2013 | \u2013 |
Contributions by VERBUND | 0.5 | 8.5 | \u2013 | \u2013 |
Payouts (benefit payments) | \u2013 14.6 | \u2013 15.2 | \u2013 | \u2013 |
Interest income | 1.9 | 5.8 | \u2013 | \u2013 |
Other gains (+) or losses (\u2013) | \u2013 22.3 | 7.5 | \u2013 | \u2013 |
Fair value of plan assets as at 31/12 | 156.4 | 163.0 | \u2013 | \u2013 |
Plan assets | in % | |||
2022 | 2022 | 2023 | 2023 | |
Quoted | Total | Quoted | Total | |
Shares | 37.9 | 37.9 | 40.6 | 40.6 |
Bonds | 32.3 | 32.3 | 32.0 | 32.0 |
Money market | 7.6 | 7.6 | 6.3 | 6.3 |
Other investments | 22.2 | 22.2 | 21.1 | 21.1 |
Total | 100.0 | 100.0 | 100.0 | 100.0 |
Analysis of provisions for termination benefits | \u20acm | |
2022 | 2023 | |
Provisions for statutory termination benefits | 93.4 | 89.9 |
Provisions for termination benefits based on special agreements as defined in the Sozialplan concluded between management and the works council | 0.5 | 0.5 |
Carrying amount of provisions as at 31/12 | 93.9 | 90.4 |
Expense for termination benefit costs | \u20acm | |
2022 | 2023 | |
Service costs | 0.9 | 0.7 |
Net interest expense | 0.9 | 3.1 |
Expense for termination benefit costs (recognised in profit for the period) | 1.8 | 3.8 |
Remeasurements of termination benefits | \u2013 13.8 | 5.5 |
| Expenses for termination benefit costs | ||
| (recognised in total comprehensive income for the period) | \u2013 12.0 | 9.3 |
Reconciliation of defined benefit obligation for statutory termination benefits | \u20acm | |
2022 | 2023 | |
Defined benefit obligation as at 1/1 | 119.1 | 93.4 |
Service costs (vested claims) | 0.9 | 0.7 |
Interest expenses | 0.9 | 3.1 |
Termination benefits (benefit payments) | \u2013 13.7 | \u2013 12.8 |
Remeasurements based on experience adjustments | 1.5 | 3.0 |
Remeasurements arising from changes in demographic assumptions | 0.9 | 0.0 |
Remeasurements arising from changes in financial assumptions | \u2013 16.2 | 2.5 |
Defined benefit obligation as at 31/12 | 93.4 | 89.9 |
Reconciliation from defined benefit obligation to provisions | \u20acm | |
2022 | 2023 | |
Defined benefit obligation covered by plan assets | 8.1 | 7.3 |
Fair value of plan assets | \u2013 3.1 | \u2013 3.3 |
Carrying amount of provisions as at 31/12 | 5.0 | 4.0 |
Expenses for partial retirement | \u20acm | |
2022 | 2023 | |
Service costs | 1.6 | 1.1 |
Net interest expense | 0.0 | 0.2 |
Remeasurements | 0.9 | 0.7 |
| Expenses for partial retirement (recognised in profit for the period) | 2.5 | 2.0 |
Reconciliation of defined benefit obligation | \u20acm | |
2022 | 2023 | |
Defined benefit obligation as at 1/1 | 7.9 | 8.1 |
Service costs (vested claims) | 1.6 | 1.1 |
Net interest expense | 0.0 | 0.2 |
Payments for early retirement | \u2013 2.3 | \u2013 3.0 |
Remeasurements | 0.9 | 0.9 |
Defined benefit obligation as at 31/12 | 8.1 | 7.3 |
Reconciliation of plan assets | \u20acm | |
2022 | 2023 | |
Fair value of plan assets as at 1/1 | 3.1 | 3.1 |
Other gains (+) or losses (\u2013) | 0.0 | 0.2 |
Fair value of plan assets as at 31/12 | 3.1 | 3.3 |
Plan assets | in % | |
2022 | 2023 | |
Bonds | 100.0 | 100.0 |
Total | 100.0 | 100.0 |
Analysis of other personnel-related provisions | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
Non-current | Non-current | Current | Current | |
Provision for bonuses from the performance-based remuneration | ||||
system | \u2013 | \u2013 | 33.7 | 37.3 |
Provision for anniversary bonuses | 17.2 | 20.7 | \u2013 | \u2013 |
Other | 4.1 | 5.5 | 0.2 | 0.3 |
Other personnel-related provisions | 21.3 | 26.4 | 33.9 | 37.6 |
Reconciliation of other personnel-related provisions | \u20acm | |
2022 | 2023 | |
Carrying amount as at 1/1 | 52.1 | 55.3 |
of which non-current | 25.2 | 21.4 |
of which current | 26.9 | 33.9 |
New provisions | 28.1 | 33.8 |
Interest accrued | 0.2 | 0.8 |
Appropriation | \u2013 21.0 | \u2013 23.6 |
Reversal | \u2013 4.1 | \u2013 2.3 |
Carrying amount as at 31/12 | 55.3 | 64.0 |
of which non-current | 21.4 | 26.4 |
of which current | 33.9 | 37.6 |
Reconciliation of other provisions 2023 | \u20acm | ||
| Dismantling and | Other | Total | |
| decontamin- | |||
| ation costs | |||
Carrying amount as at 1/1/2023 | 29.9 | 86.1 | 116.0 |
of which non-current | 26.4 | 74.3 | 100.7 |
of which current | 3.6 | 11.8 | 15.4 |
Change in the basis of consolidation | 3.2 | 0.0 | 3.2 |
New provisions | 6.4 | 13.5 | 19.9 |
Interest accrued | \u2013 2.1 | 2.3 | 0.2 |
Appropriation | \u2013 0.9 | \u2013 43.0 | \u2013 43.9 |
Reversal | \u2013 1.2 | \u2013 14.6 | \u2013 15.8 |
Carrying amount as at 31/12/2023 | 35.3 | 44.3 | 79.6 |
of which non-current | 32.4 | 7.2 | 39.6 |
of which current | 2.9 | 37.1 | 40.0 |
Reconciliation of other provisions 2022 | \u20acm | ||
| Dismantling and | Other | Total | |
| decontamin- | |||
| ation costs | |||
Carrying amount as at 1/1/2022 | 36.3 | 90.7 | 127.0 |
of which non-current | 34.4 | 76.3 | 110.7 |
of which current | 1.9 | 14.4 | 16.3 |
New provisions | 3.0 | 8.6 | 11.5 |
Interest accrued | \u2013 2.0 | 1.3 | \u2013 0.7 |
Appropriation | \u2013 1.7 | \u2013 9.9 | \u2013 11.6 |
Reversal | \u2013 5.6 | \u2013 4.7 | \u2013 10.3 |
Carrying amount as at 31/12/2022 | 29.9 | 86.1 | 116.0 |
of which non-current | 26.4 | 74.3 | 100.7 |
of which current | 3.6 | 11.8 | 15.4 |
Non-current and current provisions | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
Non-current | Non-current | Current | Current | |
Provisions for pensions | 301.2 | 301.4 | \u2013 | \u2013 |
| Provisions for obligations | ||||
| similar to pensions | 98.9 | 105.7 | \u2013 | \u2013 |
Provisions for termination benefits | 93.9 | 90.2 | \u2013 | \u2013 |
Provisions for partial retirement | 3.5 | 2.7 | 1.6 | 1.3 |
Other personnel-related provisions | 21.4 | 26.4 | 33.9 | 37.6 |
Other provisions | 100.7 | 39.6 | 15.4 | 40.0 |
Non-current and current provisions | 619.5 | 566.0 | 50.9 | 78.9 |
| Actuarial assumptions for pension obligations | ||||
2022 | 2023 | |||
Discount rate or expected rate of return from plan assets | 3.75% | 3.75% | ||
Pension increases | 1.75%\u20135.75% | 2.00%\u20136.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover | none | none | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for obligations similar to pensions | ||||
2022 | 2023 | |||
Discount rate | 3.75% | 3.75% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20135.80% | 0.00%\u20135.80% | ||
| Change in contributions based on hospital cost index for new contracts | ||||
(with participation)/old contracts (without participation) | 2.75%\u20135.50% | 2.75%\u20136.00% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for termination benefit obligations | ||||
2022 | 2023 | |||
Discount rate | 3.50% | 3.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20130.60% | 0.00%\u20130.60% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Sensitivity analysis for net pension liability 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in net | change in net | |
| points or years | liability of | liability of | |
Discount rate | 0.25% | \u2013 2.38% | 2.49% |
Pension increases | 0.50% | 5.16% | \u2013 4.75% |
Longevity based on mortality table | 1 year | 4.94% | \u2013 4.90% |
| Sensitivity analysis for obligations similar to pensions 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 3.18% | 3.35% |
Change in contributions based on hospital cost index | 0.50% | 6.79% | \u2013 6.16% |
Longevity based on mortality table | 1 year | 5.91% | \u2013 5.73% |
| Sensitivity analysis for termination benefit obligations 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 1.70% | 1.75% |
Salary increases | 0.50% | 3.70% | \u2013 3.53% |
Longevity based on mortality table | 1 year | \u2013 0.01% | 0.01% |
| Sensitivity analysis for net pension liability 2022 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in net | change in net | |
| points or years | liability of | liability of | |
Discount rate | 0.25% | \u2013 2.38% | 2.49% |
Pension increases | 0.50% | 5.17% | \u2013 4.76% |
Longevity based on mortality table | 1 year | 4.81% | \u2013 4.79% |
| Sensitivity analysis for obligations similar to pensions 2022 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 3.18% | 3.35% |
Change in contributions based on hospital cost index | 0.50% | 6.81% | \u2013 6.18% |
Longevity based on mortality table | 1 year | 5.71% | \u2013 5.56% |
| Sensitivity analysis for termination benefit obligations 2022 | Change in | If assumption | If assumption |
| assumption in | increases, | decreases, | |
| percentage | change in | change in | |
| points or years | obligation of | obligation of | |
| Discount rate | 0.25% | \u2013 1.75% | 1.80% |
| Salary increases | 0.50% | 3.65% | \u2013 3.48% |
| Longevity based on mortality table | 1 year | 0.00% | 0.00% |
Reconciliation from defined benefit obligation to provisions | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Pension | Pension | Obligations | Obligations | |
| obligations | obligations | similar to | similar to | |
| pensions | pensions | |||
| Defined benefit obligation | ||||
covered by plan assets | 224.0 | 230.1 | \u2013 | \u2013 |
Fair value of plan assets | \u2013 156.4 | \u2013 163.0 | \u2013 | \u2013 |
| Net value of obligations | ||||
covered by plan assets | 67.6 | 67.1 | \u2013 | \u2013 |
| Defined benefit obligation | ||||
| not covered by plan assets | 233.5 | 234.3 | 98.9 | 105.7 |
| Carrying amount of provisions | ||||
| as at 31/12 | 301.1 | 301.4 | 98.9 | 105.7 |
Pension expenses | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Pension | Pension | Obligations | Obligations | |
| obligations | obligations | similar to | similar to | |
| pensions | pensions | |||
Service costs (vested claims) | 3.4 | 1.5 | 2.0 | 0.9 |
Net interest expense | 4.1 | 10.6 | 1.8 | 3.6 |
| Pension expenses | ||||
(recognised in profit for the period) | 7.5 | 12.1 | 3.8 | 4.5 |
Remeasurements of the net liability | \u2013 114.1 | 18.1 | \u2013 44.1 | 7.1 |
| Pension expenses | ||||
(recognised in total comprehensive income for the period) | \u2013 106.6 | 30.2 | \u2013 40.3 | 11.6 |
Reconciliation of defined benefit obligation | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Pension | Pension | Obligations | Obligations | |
| obligations | obligations | similar to | similar to | |
| pensions | pensions | |||
Defined benefit obligation as at 1/1 | 620.4 | 457.5 | 143.8 | 98.9 |
Service costs (vested claims) | 3.4 | 1.5 | 2.0 | 0.9 |
Pension payments or contributions to supplementary health insurance | ||||
(benefit payments) | \u2013 36.1 | \u2013 36.6 | \u2013 4.6 | \u2013 4.8 |
Interest expenses | 6.1 | 16.4 | 1.8 | 3.6 |
Remeasurements based on experience adjustments | 0.4 | 5.7 | \u2013 3.2 | 2.7 |
Remeasurements arising from changes in demographic assumptions | 0.0 | 0.0 | 2.5 | 0.0 |
Remeasurements arising from changes in financial assumptions | \u2013 136.7 | 19.9 | \u2013 43.4 | 4.4 |
Defined benefit obligation as at 31/12 | 457.5 | 464.4 | 98.9 | 105.7 |
Reconciliation of plan assets | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
| Pension | Pension | Obligations | Obligations | |
| obligations | obligations | similar to | similar to | |
| pensions | pensions | |||
Fair value of plan assets as at 1/1 | 190.9 | 156.4 | \u2013 | \u2013 |
Contributions by VERBUND | 0.5 | 8.5 | \u2013 | \u2013 |
Payouts (benefit payments) | \u2013 14.6 | \u2013 15.2 | \u2013 | \u2013 |
Interest income | 1.9 | 5.8 | \u2013 | \u2013 |
Other gains (+) or losses (\u2013) | \u2013 22.3 | 7.5 | \u2013 | \u2013 |
Fair value of plan assets as at 31/12 | 156.4 | 163.0 | \u2013 | \u2013 |
Plan assets | in % | |||
2022 | 2022 | 2023 | 2023 | |
Quoted | Total | Quoted | Total | |
Shares | 37.9 | 37.9 | 40.6 | 40.6 |
Bonds | 32.3 | 32.3 | 32.0 | 32.0 |
Money market | 7.6 | 7.6 | 6.3 | 6.3 |
Other investments | 22.2 | 22.2 | 21.1 | 21.1 |
Total | 100.0 | 100.0 | 100.0 | 100.0 |
Analysis of provisions for termination benefits | \u20acm | |
2022 | 2023 | |
Provisions for statutory termination benefits | 93.4 | 89.9 |
Provisions for termination benefits based on special agreements as defined in the Sozialplan concluded between management and the works council | 0.5 | 0.5 |
Carrying amount of provisions as at 31/12 | 93.9 | 90.4 |
Expense for termination benefit costs | \u20acm | |
2022 | 2023 | |
Service costs | 0.9 | 0.7 |
Net interest expense | 0.9 | 3.1 |
Expense for termination benefit costs (recognised in profit for the period) | 1.8 | 3.8 |
Remeasurements of termination benefits | \u2013 13.8 | 5.5 |
| Expenses for termination benefit costs | ||
| (recognised in total comprehensive income for the period) | \u2013 12.0 | 9.3 |
Reconciliation of defined benefit obligation for statutory termination benefits | \u20acm | |
2022 | 2023 | |
Defined benefit obligation as at 1/1 | 119.1 | 93.4 |
Service costs (vested claims) | 0.9 | 0.7 |
Interest expenses | 0.9 | 3.1 |
Termination benefits (benefit payments) | \u2013 13.7 | \u2013 12.8 |
Remeasurements based on experience adjustments | 1.5 | 3.0 |
Remeasurements arising from changes in demographic assumptions | 0.9 | 0.0 |
Remeasurements arising from changes in financial assumptions | \u2013 16.2 | 2.5 |
Defined benefit obligation as at 31/12 | 93.4 | 89.9 |
Reconciliation from defined benefit obligation to provisions | \u20acm | |
2022 | 2023 | |
Defined benefit obligation covered by plan assets | 8.1 | 7.3 |
Fair value of plan assets | \u2013 3.1 | \u2013 3.3 |
Carrying amount of provisions as at 31/12 | 5.0 | 4.0 |
Expenses for partial retirement | \u20acm | |
2022 | 2023 | |
Service costs | 1.6 | 1.1 |
Net interest expense | 0.0 | 0.2 |
Remeasurements | 0.9 | 0.7 |
| Expenses for partial retirement (recognised in profit for the period) | 2.5 | 2.0 |
Reconciliation of defined benefit obligation | \u20acm | |
2022 | 2023 | |
Defined benefit obligation as at 1/1 | 7.9 | 8.1 |
Service costs (vested claims) | 1.6 | 1.1 |
Net interest expense | 0.0 | 0.2 |
Payments for early retirement | \u2013 2.3 | \u2013 3.0 |
Remeasurements | 0.9 | 0.9 |
Defined benefit obligation as at 31/12 | 8.1 | 7.3 |
Reconciliation of plan assets | \u20acm | |
2022 | 2023 | |
Fair value of plan assets as at 1/1 | 3.1 | 3.1 |
Other gains (+) or losses (\u2013) | 0.0 | 0.2 |
Fair value of plan assets as at 31/12 | 3.1 | 3.3 |
Plan assets | in % | |
2022 | 2023 | |
Bonds | 100.0 | 100.0 |
Total | 100.0 | 100.0 |
Analysis of other personnel-related provisions | \u20acm | |||
2022 | 2023 | 2022 | 2023 | |
Non-current | Non-current | Current | Current | |
Provision for bonuses from the performance-based remuneration | ||||
system | \u2013 | \u2013 | 33.7 | 37.3 |
Provision for anniversary bonuses | 17.2 | 20.7 | \u2013 | \u2013 |
Other | 4.1 | 5.5 | 0.2 | 0.3 |
Other personnel-related provisions | 21.3 | 26.4 | 33.9 | 37.6 |
Reconciliation of other personnel-related provisions | \u20acm | |
2022 | 2023 | |
Carrying amount as at 1/1 | 52.1 | 55.3 |
of which non-current | 25.2 | 21.4 |
of which current | 26.9 | 33.9 |
New provisions | 28.1 | 33.8 |
Interest accrued | 0.2 | 0.8 |
Appropriation | \u2013 21.0 | \u2013 23.6 |
Reversal | \u2013 4.1 | \u2013 2.3 |
Carrying amount as at 31/12 | 55.3 | 64.0 |
of which non-current | 21.4 | 26.4 |
of which current | 33.9 | 37.6 |
Reconciliation of other provisions 2023 | \u20acm | ||
| Dismantling and | Other | Total | |
| decontamin- | |||
| ation costs | |||
Carrying amount as at 1/1/2023 | 29.9 | 86.1 | 116.0 |
of which non-current | 26.4 | 74.3 | 100.7 |
of which current | 3.6 | 11.8 | 15.4 |
Change in the basis of consolidation | 3.2 | 0.0 | 3.2 |
New provisions | 6.4 | 13.5 | 19.9 |
Interest accrued | \u2013 2.1 | 2.3 | 0.2 |
Appropriation | \u2013 0.9 | \u2013 43.0 | \u2013 43.9 |
Reversal | \u2013 1.2 | \u2013 14.6 | \u2013 15.8 |
Carrying amount as at 31/12/2023 | 35.3 | 44.3 | 79.6 |
of which non-current | 32.4 | 7.2 | 39.6 |
of which current | 2.9 | 37.1 | 40.0 |
Reconciliation of other provisions 2022 | \u20acm | ||
| Dismantling and | Other | Total | |
| decontamin- | |||
| ation costs | |||
Carrying amount as at 1/1/2022 | 36.3 | 90.7 | 127.0 |
of which non-current | 34.4 | 76.3 | 110.7 |
of which current | 1.9 | 14.4 | 16.3 |
New provisions | 3.0 | 8.6 | 11.5 |
Interest accrued | \u2013 2.0 | 1.3 | \u2013 0.7 |
Appropriation | \u2013 1.7 | \u2013 9.9 | \u2013 11.6 |
Reversal | \u2013 5.6 | \u2013 4.7 | \u2013 10.3 |
Carrying amount as at 31/12/2022 | 29.9 | 86.1 | 116.0 |
of which non-current | 26.4 | 74.3 | 100.7 |
of which current | 3.6 | 11.8 | 15.4 |
| Actuarial assumptions for pension obligations | ||||
2022 | 2023 | |||
Discount rate or expected rate of return from plan assets | 3.75% | 3.75% | ||
Pension increases | 1.75%\u20135.75% | 2.00%\u20136.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover | none | none | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for obligations similar to pensions | ||||
2022 | 2023 | |||
Discount rate | 3.75% | 3.75% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20135.80% | 0.00%\u20135.80% | ||
| Change in contributions based on hospital cost index for new contracts | ||||
(with participation)/old contracts (without participation) | 2.75%\u20135.50% | 2.75%\u20136.00% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for termination benefit obligations | ||||
2022 | 2023 | |||
Discount rate | 3.50% | 3.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20130.60% | 0.00%\u20130.60% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Sensitivity analysis for net pension liability 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in net | change in net | |
| points or years | liability of | liability of | |
Discount rate | 0.25% | \u2013 2.38% | 2.49% |
Pension increases | 0.50% | 5.16% | \u2013 4.75% |
Longevity based on mortality table | 1 year | 4.94% | \u2013 4.90% |
| Sensitivity analysis for obligations similar to pensions 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 3.18% | 3.35% |
Change in contributions based on hospital cost index | 0.50% | 6.79% | \u2013 6.16% |
Longevity based on mortality table | 1 year | 5.91% | \u2013 5.73% |
| Sensitivity analysis for termination benefit obligations 2023 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 1.70% | 1.75% |
Salary increases | 0.50% | 3.70% | \u2013 3.53% |
Longevity based on mortality table | 1 year | \u2013 0.01% | 0.01% |
| Sensitivity analysis for net pension liability 2022 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in net | change in net | |
| points or years | liability of | liability of | |
Discount rate | 0.25% | \u2013 2.38% | 2.49% |
Pension increases | 0.50% | 5.17% | \u2013 4.76% |
Longevity based on mortality table | 1 year | 4.81% | \u2013 4.79% |
| Sensitivity analysis for obligations similar to pensions 2022 | |||
| Change in | If assumption | If assumption | |
| assumption | increases, | decreases, | |
| in percentage | change in | change in | |
| points or years | obligation of | obligation of | |
Discount rate | 0.25% | \u2013 3.18% | 3.35% |
Change in contributions based on hospital cost index | 0.50% | 6.81% | \u2013 6.18% |
Longevity based on mortality table | 1 year | 5.71% | \u2013 5.56% |
| Sensitivity analysis for termination benefit obligations 2022 | Change in | If assumption | If assumption |
| assumption in | increases, | decreases, | |
| percentage | change in | change in | |
| points or years | obligation of | obligation of | |
| Discount rate | 0.25% | \u2013 1.75% | 1.80% |
| Salary increases | 0.50% | 3.65% | \u2013 3.48% |
| Longevity based on mortality table | 1 year | 0.00% | 0.00% |
| Actuarial assumptions for pension obligations | ||||
2022 | 2023 | |||
Discount rate or expected rate of return from plan assets | 3.75% | 3.75% | ||
Pension increases | 1.75%\u20135.75% | 2.00%\u20136.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover | none | none | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for obligations similar to pensions | ||||
2022 | 2023 | |||
Discount rate | 3.75% | 3.75% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20135.80% | 0.00%\u20135.80% | ||
| Change in contributions based on hospital cost index for new contracts | ||||
(with participation)/old contracts (without participation) | 2.75%\u20135.50% | 2.75%\u20136.00% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
| Actuarial assumptions for termination benefit obligations | ||||
2022 | 2023 | |||
Discount rate | 3.50% | 3.75% | ||
Salary increases | 2.75%\u20136.75% | 2.75%\u20137.25% | ||
Employee turnover (depending on duration of employment) | 0.00%\u20130.60% | 0.00%\u20130.60% | ||
Longevity based on mortality table | AV\u00d6 2018-P/ | AV\u00d6 2018-P/ | ||
| Heubeck | Heubeck | |||
| mortality tables | mortality tables | |||
2018 | G | 2018 | G |
Current tax liabilities | \u20acm | |
2022 | 2023 | |
Taxes on income | 454.0 | 642.8 |
Other taxes | 3.9 | 9.0 |
Current tax liabilities | 457.9 | 651.8 |
Sales and procurement (cash flow hedges) as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 723.4 | 366.9 | 356.5 |
Forwards | 369.3 | 39.0 | 330.3 |
Total before netting | 1,092.7 | 405.9 | 686.8 |
of which current | 939.7 | 388.3 | 551.5 |
of which non-current | 152.9 | 17.6 | 135.3 |
of which in other comprehensive income | 686.8 |
Wholesale as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 671.5 | 999.8 | \u2013 328.3 |
Forwards | 1,707.6 | 838.8 | 868.8 |
Total before netting | 2,379.2 | 1,838.6 | 540.6 |
of which current | 1,984.7 | 1,604.0 | 380.7 |
of which non-current | 394.5 | 234.6 | 159.9 |
Futures already realised | 840.9 | 1,219.5 | \u2013 378.6 |
Total | 162.0 |
Trading as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 21.9 | 23.0 | \u2013 1.0 |
Forwards | 300.8 | 295.0 | 5.8 |
Total before netting | 322.7 | 318.0 | 4.8 |
of which current | 280.6 | 275.6 | 5.1 |
of which non-current | 42.1 | 42.4 | \u2013 0.3 |
Total as at 31/12/2023 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 1,416.9 | 1,389.7 | 27.2 |
Forwards | 2,377.7 | 1,172.8 | 1,204.9 |
Total before netting | 3,794.5 | 2,562.5 | 1,232.1 |
Including netting agreements | \u2013 2,199.3 | \u2013 2,199.3 | 0.0 |
Total after netting | 1,595.3 | 363.2 | 1,232.1 |
EEX/ECX clearing variation margins of futures | \u2013 31.9 | 0.0 | \u2013 31.9 |
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments | 1,563.3 | 363.2 | 1,200.1 |
of which current | 1,207.2 | 302.4 | 904.8 |
of which non-current | 356.2 | 60.9 | 295.3 |
Sales and procurement (cash flow hedges) as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 580.8 | 1,618.4 | \u2013 1,037.6 |
Forwards | 426.6 | 701.1 | \u2013 274.5 |
Options | 4.7 | 172.4 | \u2013 167.7 |
Total before netting | 1,012.1 | 2,491.9 | \u2013 1,479.8 |
of which current | 948.1 | 1,879.6 | \u2013 931.5 |
of which non-current | 64.0 | 612.3 | \u2013 548.3 |
of which in other comprehensive income | \u2013 1,479.8 |
Wholesale as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 1,650.3 | 542.0 | 1,108.3 |
Forwards | 2,994.7 | 2,875.3 | 119.4 |
Total before netting | 4,645.0 | 3,417.3 | 1,227.6 |
of which current | 3,798.3 | 2,410.0 | 1,388.3 |
of which non-current | 846.7 | 1,007.3 | \u2013 160.7 |
Futures already realised | 900.7 | 1,980.4 | \u2013 1,079.7 |
Total | 147.9 |
Trading as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
Futures | 85.7 | 88.5 | \u2013 2.8 |
Forwards | 1,354.6 | 1,353.2 | 1.4 |
Total before netting | 1,440.3 | 1,441.7 | \u2013 1.4 |
of which current | 1,091.0 | 1,094.7 | \u2013 3.7 |
of which non-current | 349.3 | 347.0 | 2.3 |
Total as at 31/12/2022 | \u20acm | ||
| Positive | Negative | Net | |
| fair values | fair values | ||
| Futures | 2,316.8 | 2,248.9 | 67.8 |
Forwards | 4,775.9 | 4,929.6 | \u2013 153.7 |
Options | 4.7 | 172.4 | \u2013 167.7 |
Total before netting | 7,097.3 | 7,351.0 | \u2013 253.6 |
Including netting agreements | \u2013 4,790.2 | \u2013 4,790.2 | 0.0 |
Total after netting | 2,307.2 | 2,560.8 | \u2013 253.6 |
EEX/ECX clearing variation margins of futures | \u2013 112.2 | 0.0 | \u2013 112.2 |
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments | 2,195.0 | 2,560.8 | \u2013 365.8 |
of which current | 1,825.3 | 1,491.6 | 333.7 |
of which non-current | 369.7 | 1,069.2 | \u2013 699.5 |
Sensitivity: market price fluctuation of + 10% | \u20acm | |
2022 | 2023 | |
Effect on operating result (wholesale and trading portfolio) | \u2013 61.9 | \u2013 25.1 |
Effect on equity (revaluation reserve from cash flow hedges) | \u2013 346.6 | \u2013 183.9 |
Sensitivity: market price fluctuation of \u2013 10% | \u20acm | |
2022 | 2023 | |
Effect on operating result (wholesale and trading portfolio) | 61.9 | 25.1 |
Effect on equity (revaluation reserve from cash flow hedges) | 346.6 | 183.9 |
| Receivables from derivative financial instruments | |||
| \u20acm | |||
| Reference value | Positive fair values | Positive fair values | |
31/12/2022 | 31/12/2023 | ||
| Interest rate swaps \u2013 closed items on the | $286.9m (previous | ||
| balance sheet (fixed interest recipient) | year: $281.6m) | 31.5 | 19.2 |
| Interest rate swaps \u2013 hedges | \u20ac270.3m (previous | ||
| (fixed interest payer) | year: \u20ac300.4m) | 43.5 | 30.2 |
| Interest rate swap relating to financial liabilities | \u20ac0.0m (previous | ||
| (freestanding) | year: \u20ac37.3m) | 1.1 | 0.0 |
1 The reference value includes the reference basis of the derivative instruments. The actual cash flows only represent a fraction of these values. |
| Measures to reduce counterparty risk | |
1 | Transactions and investments are in principle only carried out with customers deemed sufficiently creditworthy |
| (i.e. with an external investment grade rating from an international rating agency or based on an internal | |
| credit review) | |
2 | Assigning individual limits to each counterparty based on the credit assessment |
3 | Group-wide monitoring of individual counterparty limits |
4 | Observing counterparty risk as a whole and risk to the customer\u2019s structural portfolio based on probabilities |
| as published by international rating agencies | |
5 | Securing sufficient collateral (e.g. advance payments, bank guarantees, letters of comfort) for transactions |
| entered into | |
6 | Reducing risk by entering into offsetting agreements (with the exception of operating activities in the regulated |
| Grid segment, where there are some trade receivables for which the debtor does not meet the requirements due | |
| to obligations to contract) |
Financial instruments with credit risk by assigned rating group 2023 | \u20acm | ||||||
| Credit | Equiva- | Financial | Secu- | Non-current | Trade recei- | Deriva- | Invest- |
| rating | lent | instruments | rities | and current | vables | tives in the | ments as |
| group | Moody\u2019s- | \u2013 closed | other recei- | energy area | well as cash | ||
| rating | items on | vables | and cash | ||||
| the balance | equivalents | ||||||
| sheet | |||||||
A | up to Aa3 | 269.7 | 0.0 | 0.0 | 82.4 | 109.9 | 297.6 |
B | up to A3 | 150.8 | 4.6 | 38.1 | 158.0 | 286.3 | 617.7 |
C1\u2013C3 | up to Baa3 | 0.0 | 1.1 | 0.0 | 435.9 | 1,147.9 | 48.7 |
D1\u2013D5 | below Baa3 | 0.0 | 0.0 | 0.0 | 18.7 | 19.2 | 0.0 |
Not rated | 0.0 | 166.5 | 437.7 | 277.1 | 0.0 | 0.0 | |
Total | 420.5 | 172.2 | 475.8 | 972.0 | 1,563.3 | 964.0 | |
1 incl. receivables from investees and loans to investees // 2 Non-current and current other loans and money market transactions have been combined under investments in this presentation |
Financial instruments with credit risk by assigned rating group 2022 | \u20acm | ||||||
| Credit | Equiva- | Financial | Secu- | Non-current | Trade recei- | Deriva- | Invest- |
| rating | lent | instruments | rities | and current | vables | tives in the | ments as |
| group | Moody\u2019s- | \u2013 closed | other recei- | energy area | well as cash | ||
| rating | items on | vables | and cash | ||||
| the balance | equiva-lents | ||||||
| sheet | |||||||
A | up to Aa3 | 270.8 | 0.0 | 0.0 | 30.1 | 62.0 | 181.8 |
B | up to A3 | 168.0 | 5.7 | 19.0 | 325.1 | 183.1 | 168.0 |
C1\u2013C3 | up to Baa3 | 0.0 | 0.0 | 21.2 | 283.2 | 1,793.4 | 59.5 |
D1\u2013D5 | below Baa3 | 0.0 | 0.0 | 0.0 | 23.6 | 156.5 | 0.0 |
Not rated | 0.0 | 155.4 | 833.0 | 306.4 | 0.0 | 0.0 | |
Total | 438.8 | 161.1 | 873.2 | 968.4 | 2,195.0 | 409.3 |
Expected credit losses 2023 | \u20acm | |||||
| Equiva- | Proba- | Loss ratio | Gross | Valuation | Net | |
| lent | bility of | carrying | allowance | carrying | ||
| Moody\u2019s- | default | amount | amount | |||
| rating | ||||||
A | up to Aa3 | 0.04% | 0.60% | 269.9 | \u2013 0.1 | 269.8 |
B | up to A3 | 0.09% | 0.70% | 160.3 | \u2013 0.1 | 160.2 |
| up to | 0.10%\u2013 | |||||
| C1\u2013C3 | Baa3 | 0.25% | 0.80% | 0.0 | 0.0 | 0.0 |
Loans portion of a net investment 1 | \u2013 | \u2013 | \u2013 | 40.1 | 0.0 | 40.1 |
| No recognition of expected | ||||||
| credit losses | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,255.4 |
Total | 1,725.5 | |||||
1 In terms of their economic substance, non-current loans represent an increase in the net investment in Ashta Beteiligungsverwaltung GmbH (see section 4.5 Interests | ||||||
accounted for using the equity method). // 2 Guarantees in energy trading in the amount of \u20ac241.7m (previous year: \u20ac631.4m) are maintained as a special asset pool, which is why there is no default risk. No expected credit losses are recognised for the other remaining financial instruments due to their low level of exposure to default risk, short terms | ||||||
| to maturity or the borrower\u2019s good creditworthiness. |
Expected credit losses 2022 | \u20acm | |||||
| Equiva- | Proba- | Loss ratio | Gross | Valuation | Net | |
| lent | bility of | carrying | allowance | carrying | ||
| Moody\u2019s- | default | amount | amount | |||
| rating | ||||||
A | bis Aa3 | 0.02% | 0.60% | 270.8 | 0.0 | 270.8 |
B | bis A3 | 0.06% | 0.70% | 155.7 | \u2013 0.1 | 155.6 |
| 0.10%\u2013 | ||||||
C1\u2013C3 | bis Baa3 | 0.25% | 0.80% | 0.0 | 0.0 | 0.0 |
Loans portion of a net investment | \u2013 | \u2013 | \u2013 | 43.6 | 0.0 | 43.6 |
No recognition of expected credit losses | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,096.1 |
Total | 1,566.2 |
Expected credit losses 2023 | \u20acm | |||
| Loss ratio | Gross carrying | Valuation | Net carrying | |
| amount | allowance | amount | ||
Not past due | 0% | 998.4 | 0.0 | 998.4 |
1\u2013 30 days past due | 0% | 25.2 | 0.0 | 25.2 |
31\u2013 120 days past due | 10\u2013 50% | 1.9 | \u2013 0.4 | 1.5 |
> 120 days past due | 90% | 15.8 | \u2013 12.1 | 3.8 |
Total | 1,041.3 | \u2013 12.5 | 1,028.8 |
Expected credit losses 2022 | \u20acm | |||
| Loss ratio | Gross carrying | Valuation | Net carrying | |
| amount | allowance | amount | ||
Not past due | 0% | 978.6 | 0.0 | 978.6 |
1\u2013 30 days past due | 0% | 23.9 | 0.0 | 23.9 |
31\u2013 120 days past due | 10\u2013 50% | 21.9 | \u2013 0.3 | 21.6 |
> 120 days past due | 90% | 12.0 | \u2013 9.9 | 2.1 |
Total | 1,036.4 | \u2013 10.1 | 1,026.2 |
| Measures to reduce counterparty risk | |
1 | Transactions and investments are in principle only carried out with customers deemed sufficiently creditworthy |
| (i.e. with an external investment grade rating from an international rating agency or based on an internal | |
| credit review) | |
2 | Assigning individual limits to each counterparty based on the credit assessment |
3 | Group-wide monitoring of individual counterparty limits |
4 | Observing counterparty risk as a whole and risk to the customer\u2019s structural portfolio based on probabilities |
| as published by international rating agencies | |
5 | Securing sufficient collateral (e.g. advance payments, bank guarantees, letters of comfort) for transactions |
| entered into | |
6 | Reducing risk by entering into offsetting agreements (with the exception of operating activities in the regulated |
| Grid segment, where there are some trade receivables for which the debtor does not meet the requirements due | |
| to obligations to contract) |
Financial instruments with credit risk by assigned rating group 2023 | \u20acm | ||||||
| Credit | Equiva- | Financial | Secu- | Non-current | Trade recei- | Deriva- | Invest- |
| rating | lent | instruments | rities | and current | vables | tives in the | ments as |
| group | Moody\u2019s- | \u2013 closed | other recei- | energy area | well as cash | ||
| rating | items on | vables | and cash | ||||
| the balance | equivalents | ||||||
| sheet | |||||||
A | up to Aa3 | 269.7 | 0.0 | 0.0 | 82.4 | 109.9 | 297.6 |
B | up to A3 | 150.8 | 4.6 | 38.1 | 158.0 | 286.3 | 617.7 |
C1\u2013C3 | up to Baa3 | 0.0 | 1.1 | 0.0 | 435.9 | 1,147.9 | 48.7 |
D1\u2013D5 | below Baa3 | 0.0 | 0.0 | 0.0 | 18.7 | 19.2 | 0.0 |
Not rated | 0.0 | 166.5 | 437.7 | 277.1 | 0.0 | 0.0 | |
Total | 420.5 | 172.2 | 475.8 | 972.0 | 1,563.3 | 964.0 | |
1 incl. receivables from investees and loans to investees // 2 Non-current and current other loans and money market transactions have been combined under investments in this presentation |
Financial instruments with credit risk by assigned rating group 2022 | \u20acm | ||||||
| Credit | Equiva- | Financial | Secu- | Non-current | Trade recei- | Deriva- | Invest- |
| rating | lent | instruments | rities | and current | vables | tives in the | ments as |
| group | Moody\u2019s- | \u2013 closed | other recei- | energy area | well as cash | ||
| rating | items on | vables | and cash | ||||
| the balance | equiva-lents | ||||||
| sheet | |||||||
A | up to Aa3 | 270.8 | 0.0 | 0.0 | 30.1 | 62.0 | 181.8 |
B | up to A3 | 168.0 | 5.7 | 19.0 | 325.1 | 183.1 | 168.0 |
C1\u2013C3 | up to Baa3 | 0.0 | 0.0 | 21.2 | 283.2 | 1,793.4 | 59.5 |
D1\u2013D5 | below Baa3 | 0.0 | 0.0 | 0.0 | 23.6 | 156.5 | 0.0 |
Not rated | 0.0 | 155.4 | 833.0 | 306.4 | 0.0 | 0.0 | |
Total | 438.8 | 161.1 | 873.2 | 968.4 | 2,195.0 | 409.3 |
Expected credit losses 2023 | \u20acm | |||||
| Equiva- | Proba- | Loss ratio | Gross | Valuation | Net | |
| lent | bility of | carrying | allowance | carrying | ||
| Moody\u2019s- | default | amount | amount | |||
| rating | ||||||
A | up to Aa3 | 0.04% | 0.60% | 269.9 | \u2013 0.1 | 269.8 |
B | up to A3 | 0.09% | 0.70% | 160.3 | \u2013 0.1 | 160.2 |
| up to | 0.10%\u2013 | |||||
| C1\u2013C3 | Baa3 | 0.25% | 0.80% | 0.0 | 0.0 | 0.0 |
Loans portion of a net investment 1 | \u2013 | \u2013 | \u2013 | 40.1 | 0.0 | 40.1 |
| No recognition of expected | ||||||
| credit losses | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,255.4 |
Total | 1,725.5 | |||||
1 In terms of their economic substance, non-current loans represent an increase in the net investment in Ashta Beteiligungsverwaltung GmbH (see section 4.5 Interests | ||||||
accounted for using the equity method). // 2 Guarantees in energy trading in the amount of \u20ac241.7m (previous year: \u20ac631.4m) are maintained as a special asset pool, which is why there is no default risk. No expected credit losses are recognised for the other remaining financial instruments due to their low level of exposure to default risk, short terms | ||||||
| to maturity or the borrower\u2019s good creditworthiness. |
Expected credit losses 2022 | \u20acm | |||||
| Equiva- | Proba- | Loss ratio | Gross | Valuation | Net | |
| lent | bility of | carrying | allowance | carrying | ||
| Moody\u2019s- | default | amount | amount | |||
| rating | ||||||
A | bis Aa3 | 0.02% | 0.60% | 270.8 | 0.0 | 270.8 |
B | bis A3 | 0.06% | 0.70% | 155.7 | \u2013 0.1 | 155.6 |
| 0.10%\u2013 | ||||||
C1\u2013C3 | bis Baa3 | 0.25% | 0.80% | 0.0 | 0.0 | 0.0 |
Loans portion of a net investment | \u2013 | \u2013 | \u2013 | 43.6 | 0.0 | 43.6 |
No recognition of expected credit losses | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,096.1 |
Total | 1,566.2 |
Expected credit losses 2023 | \u20acm | |||
| Loss ratio | Gross carrying | Valuation | Net carrying | |
| amount | allowance | amount | ||
Not past due | 0% | 998.4 | 0.0 | 998.4 |
1\u2013 30 days past due | 0% | 25.2 | 0.0 | 25.2 |
31\u2013 120 days past due | 10\u2013 50% | 1.9 | \u2013 0.4 | 1.5 |
> 120 days past due | 90% | 15.8 | \u2013 12.1 | 3.8 |
Total | 1,041.3 | \u2013 12.5 | 1,028.8 |
Expected credit losses 2022 | \u20acm | |||
| Loss ratio | Gross carrying | Valuation | Net carrying | |
| amount | allowance | amount | ||
Not past due | 0% | 978.6 | 0.0 | 978.6 |
1\u2013 30 days past due | 0% | 23.9 | 0.0 | 23.9 |
31\u2013 120 days past due | 10\u2013 50% | 21.9 | \u2013 0.3 | 21.6 |
> 120 days past due | 90% | 12.0 | \u2013 9.9 | 2.1 |
Total | 1,036.4 | \u2013 10.1 | 1,026.2 |
Expected credit losses 2023 | \u20acm | |||||
| Equiva- | Proba- | Loss ratio | Gross | Valuation | Net | |
| lent | bility of | carrying | allowance | carrying | ||
| Moody\u2019s- | default | amount | amount | |||
| rating | ||||||
A | up to Aa3 | 0.04% | 0.60% | 269.9 | \u2013 0.1 | 269.8 |
B | up to A3 | 0.09% | 0.70% | 160.3 | \u2013 0.1 | 160.2 |
| up to | 0.10%\u2013 | |||||
| C1\u2013C3 | Baa3 | 0.25% | 0.80% | 0.0 | 0.0 | 0.0 |
Loans portion of a net investment 1 | \u2013 | \u2013 | \u2013 | 40.1 | 0.0 | 40.1 |
| No recognition of expected | ||||||
| credit losses | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,255.4 |
Total | 1,725.5 | |||||
1 In terms of their economic substance, non-current loans represent an increase in the net investment in Ashta Beteiligungsverwaltung GmbH (see section 4.5 Interests | ||||||
accounted for using the equity method). // 2 Guarantees in energy trading in the amount of \u20ac241.7m (previous year: \u20ac631.4m) are maintained as a special asset pool, which is why there is no default risk. No expected credit losses are recognised for the other remaining financial instruments due to their low level of exposure to default risk, short terms | ||||||
| to maturity or the borrower\u2019s good creditworthiness. |
Expected credit losses 2022 | \u20acm | |||||
| Equiva- | Proba- | Loss ratio | Gross | Valuation | Net | |
| lent | bility of | carrying | allowance | carrying | ||
| Moody\u2019s- | default | amount | amount | |||
| rating | ||||||
A | bis Aa3 | 0.02% | 0.60% | 270.8 | 0.0 | 270.8 |
B | bis A3 | 0.06% | 0.70% | 155.7 | \u2013 0.1 | 155.6 |
| 0.10%\u2013 | ||||||
C1\u2013C3 | bis Baa3 | 0.25% | 0.80% | 0.0 | 0.0 | 0.0 |
Loans portion of a net investment | \u2013 | \u2013 | \u2013 | 43.6 | 0.0 | 43.6 |
No recognition of expected credit losses | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,096.1 |
Total | 1,566.2 |
Expected credit losses 2023 | \u20acm | |||
| Loss ratio | Gross carrying | Valuation | Net carrying | |
| amount | allowance | amount | ||
Not past due | 0% | 998.4 | 0.0 | 998.4 |
1\u2013 30 days past due | 0% | 25.2 | 0.0 | 25.2 |
31\u2013 120 days past due | 10\u2013 50% | 1.9 | \u2013 0.4 | 1.5 |
> 120 days past due | 90% | 15.8 | \u2013 12.1 | 3.8 |
Total | 1,041.3 | \u2013 12.5 | 1,028.8 |
Expected credit losses 2022 | \u20acm | |||
| Loss ratio | Gross carrying | Valuation | Net carrying | |
| amount | allowance | amount | ||
Not past due | 0% | 978.6 | 0.0 | 978.6 |
1\u2013 30 days past due | 0% | 23.9 | 0.0 | 23.9 |
31\u2013 120 days past due | 10\u2013 50% | 21.9 | \u2013 0.3 | 21.6 |
> 120 days past due | 90% | 12.0 | \u2013 9.9 | 2.1 |
Total | 1,036.4 | \u2013 10.1 | 1,026.2 |
Net debt/EBITDA | \u20acm | |
2022 | 2023 | |
Net debt | 3,898.3 | 1,758.7 |
EBITDA | 3,160.7 | 4,490.5 |
Net debt/EBITDA | 1.2 | 0.4 |
Free cashflow after dividends | \u20acm | |
2022 | 2023 | |
Cash flow from operating activities | 2,019.9 | 5,083.0 |
Cash flow from investing activities excluding cash inflows and outflows from investments and disposals in investments | \u2013 1,567.8 | \u2013 1,431.3 |
Free cash flow before dividends | 452.1 | 3,651.6 |
Dividend | \u2013 477.8 | \u2013 1,553.6 |
Free cashflow after dividends | \u2013 25.7 | 2,098.1 |
Return on capital employed (ROCE) of non-regulated business segments | \u20acm | |
2022 | 2023 | |
NOPAT | 1,891.0 | 2,549.8 |
Average capital employed | 8,930.5 | 8,251.1 |
ROCE of non-regulated business segments | 21.2% | 30.9% |
| Purchase commitments for property, plant and equipment and intangible assets | |||
as well as other commitments | \u20acm | ||
1 year or less | 1 to 5 years | \u203a 5 years | |
Total commitment | 1,134.2 | 652.2 | 71.6 |
Transactions with joint ventures | \u20acm | |
2022 | 2023 | |
| Income statement | ||
Other revenue | 0.4 | 0.5 |
Other operating income | 0.0 | 0.1 |
Expenses for electricity, grid, gas and certificates purchases | \u2013 0.8 | \u2013 1.9 |
Fuel expenses and other usage-/revenue-dependent expenses | \u2013 3.9 | \u2013 2.8 |
Other operating expenses | \u2013 0.7 | \u2013 0.4 |
Interest income | 1.0 | 0.9 |
Interest expenses | 0.0 | \u2013 0.5 |
Other financial result | 0.9 | 0.6 |
Transactions with joint ventures | \u20acm | |
31/12/2022 | 31/12/2023 | |
| Balance sheet | ||
Investments and non-current other receivables | 40.1 | 36.6 |
Trade receivables, other receivables and securities | 3.6 | 3.6 |
Contributions to building costs | 0.9 | 0.9 |
Trade payables and other liabilities | 12.9 | 22.5 |
Transactions with associates | \u20acm | |
2022 | 2023 | |
| Income statement | ||
Electricity revenue | 77.3 | 162.9 |
Grid revenue | 50.1 | 57.7 |
Other revenue | 7.9 | 9.0 |
Other operating income | 4.9 | 3.2 |
Expenses for electricity, grid, gas and certificates purchases | \u2013 62.7 | \u2013 288.1 |
Fuel expenses and other usage-/revenue-dependent expenses | 3.8 | 1.3 |
Other operating expenses | \u2013 37.8 | \u2013 39.0 |
Interest income | 0.8 | 1.5 |
Transactions with associates | \u20acm | |
31/12/2022 | 31/12/2023 | |
| Balance sheet | ||
Trade receivables, other receivables and securities | 26.0 | 22.5 |
Contributions to building costs | 274.2 | 264.7 |
Trade payables and current other liabilities | 3.0 | 1.7 |
Current remuneration of the Executive Board (incl. variable remuneration) | \u20ac | |||
2022 | 2023 | |||
| Fixed | Variable | Fixed | Variable | |
| remuneration | remuneration | remuneration | remuneration | |
Dr. Michael Strugl | 750,000 | 826,750 | 750,000 | 826,750 |
Dr. Peter F. Kollmann | 620,000 | 713,000 | 620,000 | 713,000 |
Dr. Achim Kaspar | 475,000 | 546,250 | 475,000 | 546,250 |
| Subsidiaries with material non-controlling interests: | ||||||
statement of comprehensive income | \u20acm | |||||
2022 | 2023 | |||||
| VERBUND | Gas | VERBUND | VERBUND | Gas | VERBUND | |
| Hydro | Connect | Innkraft- | Hydro | Connect | Innkraft- | |
| Power | Austria | werke | Power | Austria | werke | |
| GmbH | GmbH | GmbH | GmbH | GmbH | GmbH | |
Amounts held as non-controlling interests | 15.94% | 49.00% | 29.73% | 15.94% | 49.00% | 29.73% |
Revenue | 2,227.9 | 399.4 | 203.6 | 3,392.1 | 324.0 | 424.9 |
Profit for the period | 1,353.9 | \u2013 23.4 | 99.2 | 2,175.1 | 77.2 | 262.6 |
| Profit for the period | ||||||
attributable to non-controlling interests | 215.8 | \u2013 11.5 | 29.5 | 345.3 | 40.5 | 78.1 |
Other comprehensive income | 35.1 | 5.3 | 11.1 | \u2013 10.4 | \u2013 2.0 | 0.5 |
| Total comprehensive income | ||||||
for the period | 1,388.9 | \u2013 18.2 | 110.4 | 2,164.8 | 75.2 | 263.1 |
Total profit or loss for the period attributable to non-controlling interests | 221.4 | \u2013 8.9 | 32.8 | 345.1 | 36.8 | 78.2 |
Subsidiaries with material non-controlling interests: balance sheet | \u20acm | |||||
31/12/2022 | 31/12/2023 | |||||
| VERBUND | Gas | VERBUND | VERBUND | Gas | VERBUND | |
| Hydro | Connect | Innkraft- | Hydro | Connect | Innkraft- | |
| Power | Austria | werke | Power | Austria | werke | |
| GmbH | GmbH | GmbH | GmbH | GmbH | GmbH | |
Non-current assets | 4,963.0 | 770.0 | 953.7 | 5,158.7 | 695.9 | 941.3 |
Current assets | 829.4 | 102.2 | 64.8 | 1,550.7 | 154.1 | 315.2 |
Non-current liabilities | \u2013 1,905.5 | \u2013 414.4 | \u2013 82.1 | \u2013 1,671.3 | \u2013 79.8 | \u2013 137.6 |
Current liabilities | \u2013 185.9 | \u2013 110.2 | \u2013 35.8 | \u2013 472.3 | \u2013 389.6 | \u2013 55.2 |
Net assets | 3,701.0 | 347.5 | 900.7 | 4,565.8 | 380.5 | 1,063.7 |
Amounts held as non-controlling interests | 15.94% | 49.00% | 29.73% | 15.94% | 49.00% | 29.73% |
Net assets attributable to non-controlling interests | 589.9 | 170.3 | 267.8 | 727.8 | 186.4 | 316.3 |
Subsidiaries with material non-controlling interests: cash flows | \u20acm | |||||
31/12/2022 | 31/12/2023 | |||||
| VERBUND | Gas | VERBUND | VERBUND | Gas | VERBUND | |
| Hydro | Connect | Innkraft- | Hydro | Connect | Innkraft- | |
| Power | Austria | werke | Power | Austria | werke | |
| GmbH | GmbH | GmbH | GmbH | GmbH | GmbH | |
Cash flow from operating activities | 1,480.7 | 131.4 | 166.3 | 2,326.0 | 163.2 | 359.9 |
Cash flow from investing activities | \u2013 285.9 | \u2013 57.4 | \u2013 70.1 | \u2013 302.7 | \u2013 142.9 | \u2013 19.2 |
Cash flow from financing activities | \u2013 1,194.7 | \u2013 52.4 | \u2013 96.2 | \u2013 2,023.3 | \u2013 41.1 | \u2013 340.8 |
Change in cash and cash equivalents | 0.0 | 21.6 | 0.0 | 0.0 | \u2013 20.8 | 0.0 |
Dividends paid to non-controlling interests | 97.3 | 12.3 | 3.0 | 224.8 | 20.1 | 29.7 |
Material associates: statement of comprehensive income | \u20acm | |
2022 | 2023 | |
| KELAG-K\u00e4rntner | KELAG-K\u00e4rntner | |
| Elektrizit\u00e4ts- | Elektrizit\u00e4ts- | |
| Aktien- | Aktien- | |
| gesellschaft | gesellschaft | |
Revenue | 2,923.5 | 2,673.4 |
Profit after tax | 134.6 | 432.1 |
Ownership interest of VERBUND | 35.17% | 35.17% |
Profit or loss for the period attributable to VERBUND | 47.3 | 152.0 |
Differences due to the application of the equity method of accounting | \u2013 43.0 | \u2013 73.8 |
Share of profit or loss from associates accounted for using the equity method | 4.3 | 78.2 |
Profit after tax | 134.6 | 432.1 |
Other comprehensive income | 14.5 | 70.2 |
Total comprehensive income for the period | 149.1 | 502.3 |
Ownership interest of VERBUND | 35.17% | 35.17% |
Total comprehensive income for the period attributable to VERBUND | 52.4 | 176.6 |
Differences due to the application of the equity method of accounting | \u2013 44.5 | \u2013 73.8 |
Total comprehensive income for the period from associates accounted for using the equity method | 8.0 | 102.9 |
Dividends received from associates | 21.1 | 35.2 |
Material associates: balance sheet | \u20acm | |
31/12/2022 | 31/12/2023 | |
| KELAG-K\u00e4rntner | KELAG-K\u00e4rntner | |
| Elektrizit\u00e4ts- | Elektrizit\u00e4ts- | |
| Aktien- | Aktien- | |
| gesellschaft | gesellschaft | |
Non-current assets | 2,553.0 | 2,319.6 |
Current assets | 1,595.6 | 1,023.8 |
Non-current liabilities | \u2013 1,320.8 | \u2013 1,117.1 |
Current liabilities | \u2013 1,689.9 | \u2013 689.4 |
Equity attributable to non-controlling interests | \u2013 17.6 | \u2013 14.4 |
Net assets | 1,120.3 | 1,522.5 |
Ownership interest of VERBUND | 35.17% | 35.17% |
Net assets attributable to VERBUND | 394.0 | 535.4 |
Differences due to the application of the equity method of accounting | \u2013 99.6 | \u2013 127.5 |
Carrying amount of associates accounted for using the equity method | 294.3 | 407.9 |
| Segment: Hydro | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | compan y company's | quarters | dation | compan y company's | |||
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH) \u2013 Hydro | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| Innwerk AG | Stamm- | Stamm- | ||||||
| (VHP-IW) | ham | CS | VH | 100.00% | ham | CS | VH | 100.00% |
| VERBUND Hydro | ||||||||
| Power GmbH (VHP) | Vienna | CS | VH | 80.54% | Vienna | CS | VH | 80.54% |
| VERBUND | ||||||||
| Innkraftwerke | ||||||||
| GmbH | T\u00f6ging | CS | VH | 70.27% | T\u00f6ging | CS | VH | 70.27% |
| Donaukraftwerk | ||||||||
| Jochenstein | VH | 50.00% | VH | 50.00% | ||||
Aktiengesellschaft | Passau | CS | VHP-IW | 50.00% | Passau | CS | VHP-IW | 50.00% |
| Grenzkraftwerke | VH | 50.00% | VH | 50.00% | ||||
| GmbH | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
\u00d6sterreichisch- Bayerische | ||||||||
| Kraftwerke | VH | 50.00% | VH | 50.00% | ||||
| Aktiengesellschaft | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
| Ennskraftwerke | ||||||||
| Aktiengesellschaft | Steyr | GT | VH | 50.00% | Steyr | GT | VH | 50.00% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH & | ||||||||
| Co KG | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
Ashta Beteiligungs- verwaltung GmbH | ||||||||
(VHP-AL-HII) | Vienna | EM | VHP | 50.01% | Vienna | EM | VHP | 50.01% |
| VHP-AL- | VHP-AL- | |||||||
Energji Ashta Shpk | Bushat | EM | HII | 100.00% | Bushat | EM | HII | 100.00% |
| Lestin Tauch- und | ||||||||
Bergungsunterneh- men Gesellschaft | ||||||||
| m.b.H. (LESTIN) | Vienna | UC | VHP | 100.00% | Vienna | UC | VHP | 100.00% |
| Murkraftwerk Graz | ||||||||
| Errichtungs- und | ||||||||
| BetriebsgmbH | Graz | UC | VHP | 25.10% | Graz | UC | VHP | 25.10% |
| VERBUND | VHP | 99.90% | VHP | 99.90% | ||||
Tourismus GmbH | Vienna | UC | LESTIN | 0.10% | Vienna | UC | LESTIN | 0.10% |
| Manara HPP | ||||||||
| Operation Ltd. | Tel-Aviv | UC | VHP | 80.00% | Tel-Aviv | UC | VHP | 80.00% |
| Segment: Sales | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH)\u2013 Sales | ||||||||
activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Energy4Business | ||||||||
GmbH (VEB) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Energy4Business | ||||||||
Germany GmbH | Munich | CS | VEB | 100.00% | Munich | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Customers | ||||||||
GmbH (VEC) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
Energy4Flex GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Future | ||||||||
GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| MSP Solarpower | ||||||||
GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
iFix Solar GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
| SMATRICS GmbH | ||||||||
& Co KG | Vienna | CS | VEB | 74.90% | Vienna | CS | VEB | 74.90% |
| SMATRICS | SMATRICS | |||||||
| SMATRICS EnBW | GmbH & | GmbH & | ||||||
| GmbH | Vienna | EM | Co KG | 49.00% | Vienna | EM | Co KG | 49.00% |
| E-Mobility Provider | ||||||||
| Austria GmbH | Vienna | UC | VEB | 74.90% | Vienna | UC | VEB | 74.90% |
| smart Energy | ||||||||
Services GmbH | Vienna | UC | VEC | 50.00% | Vienna | UC | VEC | 50.00% |
| Segment: Grid | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| Austrian Power | ||||||||
Grid AG (APG) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| Gas Connect | ||||||||
| Austria GmbH | ||||||||
(GCA) Vienna | CS | VH | 51.00% | Vienna | CS | VH | 51.00% | |
| Austrian Gas Grid | ||||||||
| Management AG | ||||||||
(AGGM) Vienna | CS | GCA | 51.00% | Vienna | CS | GCA | 51.00% | |
| Trans Austria | ||||||||
| Gasleitung GmbH | ||||||||
(TAG) Vienna | EM | GCA | 15.53% | Vienna | EM | GCA | 15.53% | |
| AGCS Gas Clearing | ||||||||
| and Settlement AG | Vienna | UC | GCA | 23.13% | Vienna | UC | GCA | 23.13% |
| ASGM Austrian | ||||||||
| Strategic Gas | ||||||||
| Storage | ||||||||
| Management | ||||||||
GmbH | Vienna | UC | AGGM | 100.00% | Vienna | UC | AGGM | 100.00% |
| OeMAG | ||||||||
| Abwicklungsstelle | ||||||||
f\u00fcr \u00d6kostrom AG | Vienna | EM | APG | 24.40% | Vienna | EM | APG | 24.40% |
| VUM Verfahren | ||||||||
| Umwelt Manage- | Klagen- | Klagen- | ||||||
| ment GmbH | furt | UC | APG | 100.00% | furt | UC | APG | 100.00% |
| Amster- | Amster- | |||||||
| Equigy B.V. | dam | UC | APG | 20.00% | dam | UC | APG | 20.00% |
| All other segments: Thermal generation | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND | ||||||||
| Thermal Power | ||||||||
| GmbH | Fernitz- | Fernitz- | ||||||
| (VTP GmbH) | Mellach | CS | VH | 100.00% | Mellach | CS | VH | 100.00% |
| VERBUND | VH | 100.00% | VH | 100.00% | ||||
| Thermal Power | Fernitz- | VTP | 0.00% | Fernitz- | VTP | 0.00% | ||
| GmbH & Co KG | Mellach | CS | GmbH | Mellach | CS | GmbH |
| All other segments: Services | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Services | ||||||||
GmbH | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| All other segments: Equity interests | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share o f | method | share of | |||||
equit y | equity | |||||||
| VERBUND AG (VH) | ||||||||
\u2013 Equity interests | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| KELAG-K\u00e4rntner | ||||||||
| Elektrizit\u00e4ts- | Klagen- | Klagen- | ||||||
| Aktiengesellschaft | furt | EM | VH | 35.17% | furt | EM | VH | 35.17% |
| C2PAT GmbH & Co | ||||||||
KG | Vienna | UC | VH | 25.00% | \u2013 | \u2013 | \u2013 | \u2013 |
C2PAT GmbH | Vienna | UC | VH | 25.00% | Vienna | UC | VH | 25.00% |
| Other Group companies | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | com- | quarters | dation | company | com- | |
| method | pany's | method | pany's | |||||
| share of | share of | |||||||
| equity | equity | |||||||
| VERBUND AG (VH) | ||||||||
| \u2013 All other activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Finanzierungsservice | ||||||||
| GmbH | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Ventures GmbH | ||||||||
(VVE) Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% | |
| VERBUND Green | ||||||||
| Hydrogen GmbH | ||||||||
| (VGH) | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Hydrogen Sales | ||||||||
| GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VGH | 100.00% |
| HalloSonne GmbH | ||||||||
(HAS) Vienna | UC | VVE | 100.00% | Vienna | UC | VVE | 100.00% | |
| HalloSonne PV | ||||||||
Finanzierungs- Holding GmbH | ||||||||
(HAF) Vienna | UC | HAS | 100.00% | Vienna | UC | HAS | 100.00% | |
| HalloSonne 1. PV | ||||||||
Vermietungs- GmbH | Vienna | UC | HAF | 100.00% | Vienna | UC | HAF | 100.00% |
| HalloSonne | ||||||||
| Installations GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | UC | HAS | 100.00% |
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence | ||||||||
1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner |
Current remuneration of the Executive Board (incl. variable remuneration) | \u20ac | |||
2022 | 2023 | |||
| Fixed | Variable | Fixed | Variable | |
| remuneration | remuneration | remuneration | remuneration | |
Dr. Michael Strugl | 750,000 | 826,750 | 750,000 | 826,750 |
Dr. Peter F. Kollmann | 620,000 | 713,000 | 620,000 | 713,000 |
Dr. Achim Kaspar | 475,000 | 546,250 | 475,000 | 546,250 |
| Segment: Hydro | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | compan y company's | quarters | dation | compan y company's | |||
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH) \u2013 Hydro | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| Innwerk AG | Stamm- | Stamm- | ||||||
| (VHP-IW) | ham | CS | VH | 100.00% | ham | CS | VH | 100.00% |
| VERBUND Hydro | ||||||||
| Power GmbH (VHP) | Vienna | CS | VH | 80.54% | Vienna | CS | VH | 80.54% |
| VERBUND | ||||||||
| Innkraftwerke | ||||||||
| GmbH | T\u00f6ging | CS | VH | 70.27% | T\u00f6ging | CS | VH | 70.27% |
| Donaukraftwerk | ||||||||
| Jochenstein | VH | 50.00% | VH | 50.00% | ||||
Aktiengesellschaft | Passau | CS | VHP-IW | 50.00% | Passau | CS | VHP-IW | 50.00% |
| Grenzkraftwerke | VH | 50.00% | VH | 50.00% | ||||
| GmbH | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
\u00d6sterreichisch- Bayerische | ||||||||
| Kraftwerke | VH | 50.00% | VH | 50.00% | ||||
| Aktiengesellschaft | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
| Ennskraftwerke | ||||||||
| Aktiengesellschaft | Steyr | GT | VH | 50.00% | Steyr | GT | VH | 50.00% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH & | ||||||||
| Co KG | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
Ashta Beteiligungs- verwaltung GmbH | ||||||||
(VHP-AL-HII) | Vienna | EM | VHP | 50.01% | Vienna | EM | VHP | 50.01% |
| VHP-AL- | VHP-AL- | |||||||
Energji Ashta Shpk | Bushat | EM | HII | 100.00% | Bushat | EM | HII | 100.00% |
| Lestin Tauch- und | ||||||||
Bergungsunterneh- men Gesellschaft | ||||||||
| m.b.H. (LESTIN) | Vienna | UC | VHP | 100.00% | Vienna | UC | VHP | 100.00% |
| Murkraftwerk Graz | ||||||||
| Errichtungs- und | ||||||||
| BetriebsgmbH | Graz | UC | VHP | 25.10% | Graz | UC | VHP | 25.10% |
| VERBUND | VHP | 99.90% | VHP | 99.90% | ||||
Tourismus GmbH | Vienna | UC | LESTIN | 0.10% | Vienna | UC | LESTIN | 0.10% |
| Manara HPP | ||||||||
| Operation Ltd. | Tel-Aviv | UC | VHP | 80.00% | Tel-Aviv | UC | VHP | 80.00% |
| Segment: New renewables | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Wind | ||||||||
| Power Austria | ||||||||
GmbH (VRP-AT) | Vienna | CS | VHP | 100.00% | Vienna | CS | VHP | 100.00% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH (VGP-DE) | stadt | CS | VGP | 100.00% | stadt | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power GmbH | ||||||||
| (VGP) | Vienna | CS | VGP | 100.00% | Vienna | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
Power Iberia, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Wind | ||||||||
| Power Romania | Bucha- | Bucha- | ||||||
| SRL | rest | CS | VGP | 100.00% | rest | CS | VGP | 100.00% |
| Infrastruktur | ||||||||
| Oberheimbach I | W\u00f6rr- | |||||||
| GmbH & Co. KG | stadt | CS | VGP | 85.00% | \u2013 | \u2013 | \u2013 | \u2013 |
Infrastrukturgesell- schaft Bischheim | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH & Co. KG | stadt | CS | VGP | 80.60% | stadt | CS | VGP | 80.60% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | ||||||||
| Photovoltaik | Sch\u00f6ne- | |||||||
| GmbH | feld | CS | VGP | 100.00% | Berlin | CS | VGP | 100.00% |
| Watt Development | ||||||||
| SPV 5 S.L.U. | ||||||||
(VGP-IB-IL1) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 6 S.L.U. | ||||||||
(VGP-IB-IL2) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 7 S.L.U. | ||||||||
(VGP-IB-IL3) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL1 | IL1 | |||||||
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL2 | IL2 | |||||||
| Infraestructuras de | VGP-IB- | 20.00% | VGP-IB- | 20.00% | ||||
Illora S.L. | Madrid | UC | IL3 | Madrid | UC | IL3 | ||
| SOLAVOLTA | Sankt | Sankt | ||||||
| Energie- und | Marga- | Marga- | ||||||
| Umwelttechnik | rethen im | rethen im | ||||||
| GmbH | Bgld. | EM | VGP | 50.00% | Bgld. | EM | VGP | 50.00% |
| Parque E\u00f3lico | ||||||||
Ayamonte S.L.U. | Madrid | CS | VH | 70.00% | Madrid | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico | de | de | ||||||
| Buseco S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico El | de | de | ||||||
| Barroso S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Parque E\u00f3lico | Pozuelo | Pozuelo | ||||||
| Loma de los Pinos | de | de | ||||||
| S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Lusitania | de | de | ||||||
| Renovables S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
Anselma Issuer, S.A.U. | ||||||||
(VGP-IB-ANI) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Topacio Energy, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Catalpa Solar, S.L.U. | ||||||||
(VGP-IB-CAS) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Tejo Solar, S.L.U. | ||||||||
(VGP-IB-TES) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Power Renewable | ||||||||
| Projects, S.L.U. | ||||||||
(VGP-IB-GRP) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Cuerva, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Los Navalmorales, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Albarreal, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Totan\u00e9s, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SDC) | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
Blacky Energy, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-BLA) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Cyopsa-El Molino | ||||||||
| Energ\u00eda E\u00f3lica, | VGP-IB- | VGP-IB- | ||||||
S.A.U. | Madrid | UC | BLA | 100.00% | Madrid | CS | BLA | 100.00% |
| VERBUND Green | ||||||||
Power Valderrama, S.L.U. (VGP-IB- | VGP-IB- | VGP-IB- | ||||||
VAL) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
Musas, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
| Ofion, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Green Power Wind | ||||||||
| Spain 1, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| Green Power Wind | ||||||||
Marquesado, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power Italia S.R.L. | ||||||||
| (VGP-IT) | Sternatia | UC | VGP | 100.00% | Milan | CS | VGP | 100.00% |
| PV Novoli S.R.L. | \u2013 | \u2013 | \u2013 | \u2013 | Lecce | CS | VGP-IT | 100.00% |
| Totan\u00e9s | ||||||||
| Infraestructuras | VGP-IB- | VGP-IB- | ||||||
| Comunes, S.L. | Madrid | UC | SDC | 38.89% | Madrid | UC | SDC | 38.89% |
| Murcia Solar Park | ||||||||
| GmbH | VGP-IB- | VGP-IB- | ||||||
| (VGP-IB-MUR) | Berlin | UC | ANI | 100.00% | Berlin | UC | ANI | 100.00% |
| Baluma Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Baviera Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Bolardo Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Boyante Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Braganza Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cairo Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Camareta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Carmesi Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cenida Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Comunidad de | ||||||||
| Bienes del Huerto | ||||||||
| Solar del Hinojar, | VGP-IB- | VGP-IB- | ||||||
| C.B. | Lorca | UC | SVL | 92.72% | Lorca | UC | SVL | 92.72% |
| Cornamusa Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Cruceta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Faballones Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Feanor Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Galadrien Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Helice Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Imai Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Koe Energy, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Lima Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Miriel Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Mosqueton Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Nairobi Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Natera Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Obenque Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Orion Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Orla Solar, S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Panol Solar, S.L. | Madrid | UC | TES | 51.00% | Madrid | UC | TES | 51.00% |
| Penalara Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Perdiguero Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Peregrino Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Posets Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Radar Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Reclamo Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Rehala Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Rotor Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Sentina Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Sextante Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Stopper Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.0% |
| Stein Von Liebig | ||||||||
| Balears I, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SVL) | Madrid | UC | MUR | 100.00% | Madrid | UC | MUR | 100.00% |
| Trufa Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Segment: Sales | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH)\u2013 Sales | ||||||||
activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Energy4Business | ||||||||
GmbH (VEB) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Energy4Business | ||||||||
Germany GmbH | Munich | CS | VEB | 100.00% | Munich | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Customers | ||||||||
GmbH (VEC) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
Energy4Flex GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Future | ||||||||
GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| MSP Solarpower | ||||||||
GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
iFix Solar GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
| SMATRICS GmbH | ||||||||
& Co KG | Vienna | CS | VEB | 74.90% | Vienna | CS | VEB | 74.90% |
| SMATRICS | SMATRICS | |||||||
| SMATRICS EnBW | GmbH & | GmbH & | ||||||
| GmbH | Vienna | EM | Co KG | 49.00% | Vienna | EM | Co KG | 49.00% |
| E-Mobility Provider | ||||||||
| Austria GmbH | Vienna | UC | VEB | 74.90% | Vienna | UC | VEB | 74.90% |
| smart Energy | ||||||||
Services GmbH | Vienna | UC | VEC | 50.00% | Vienna | UC | VEC | 50.00% |
Material associates: statement of comprehensive income | \u20acm | |
2022 | 2023 | |
| KELAG-K\u00e4rntner | KELAG-K\u00e4rntner | |
| Elektrizit\u00e4ts- | Elektrizit\u00e4ts- | |
| Aktien- | Aktien- | |
| gesellschaft | gesellschaft | |
Revenue | 2,923.5 | 2,673.4 |
Profit after tax | 134.6 | 432.1 |
Ownership interest of VERBUND | 35.17% | 35.17% |
Profit or loss for the period attributable to VERBUND | 47.3 | 152.0 |
Differences due to the application of the equity method of accounting | \u2013 43.0 | \u2013 73.8 |
Share of profit or loss from associates accounted for using the equity method | 4.3 | 78.2 |
Profit after tax | 134.6 | 432.1 |
Other comprehensive income | 14.5 | 70.2 |
Total comprehensive income for the period | 149.1 | 502.3 |
Ownership interest of VERBUND | 35.17% | 35.17% |
Total comprehensive income for the period attributable to VERBUND | 52.4 | 176.6 |
Differences due to the application of the equity method of accounting | \u2013 44.5 | \u2013 73.8 |
Total comprehensive income for the period from associates accounted for using the equity method | 8.0 | 102.9 |
Dividends received from associates | 21.1 | 35.2 |
Material associates: balance sheet | \u20acm | |
31/12/2022 | 31/12/2023 | |
| KELAG-K\u00e4rntner | KELAG-K\u00e4rntner | |
| Elektrizit\u00e4ts- | Elektrizit\u00e4ts- | |
| Aktien- | Aktien- | |
| gesellschaft | gesellschaft | |
Non-current assets | 2,553.0 | 2,319.6 |
Current assets | 1,595.6 | 1,023.8 |
Non-current liabilities | \u2013 1,320.8 | \u2013 1,117.1 |
Current liabilities | \u2013 1,689.9 | \u2013 689.4 |
Equity attributable to non-controlling interests | \u2013 17.6 | \u2013 14.4 |
Net assets | 1,120.3 | 1,522.5 |
Ownership interest of VERBUND | 35.17% | 35.17% |
Net assets attributable to VERBUND | 394.0 | 535.4 |
Differences due to the application of the equity method of accounting | \u2013 99.6 | \u2013 127.5 |
Carrying amount of associates accounted for using the equity method | 294.3 | 407.9 |
| Segment: New renewables | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Wind | ||||||||
| Power Austria | ||||||||
GmbH (VRP-AT) | Vienna | CS | VHP | 100.00% | Vienna | CS | VHP | 100.00% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH (VGP-DE) | stadt | CS | VGP | 100.00% | stadt | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power GmbH | ||||||||
| (VGP) | Vienna | CS | VGP | 100.00% | Vienna | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
Power Iberia, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Wind | ||||||||
| Power Romania | Bucha- | Bucha- | ||||||
| SRL | rest | CS | VGP | 100.00% | rest | CS | VGP | 100.00% |
| Infrastruktur | ||||||||
| Oberheimbach I | W\u00f6rr- | |||||||
| GmbH & Co. KG | stadt | CS | VGP | 85.00% | \u2013 | \u2013 | \u2013 | \u2013 |
Infrastrukturgesell- schaft Bischheim | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH & Co. KG | stadt | CS | VGP | 80.60% | stadt | CS | VGP | 80.60% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | ||||||||
| Photovoltaik | Sch\u00f6ne- | |||||||
| GmbH | feld | CS | VGP | 100.00% | Berlin | CS | VGP | 100.00% |
| Watt Development | ||||||||
| SPV 5 S.L.U. | ||||||||
(VGP-IB-IL1) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 6 S.L.U. | ||||||||
(VGP-IB-IL2) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 7 S.L.U. | ||||||||
(VGP-IB-IL3) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL1 | IL1 | |||||||
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL2 | IL2 | |||||||
| Infraestructuras de | VGP-IB- | 20.00% | VGP-IB- | 20.00% | ||||
Illora S.L. | Madrid | UC | IL3 | Madrid | UC | IL3 | ||
| SOLAVOLTA | Sankt | Sankt | ||||||
| Energie- und | Marga- | Marga- | ||||||
| Umwelttechnik | rethen im | rethen im | ||||||
| GmbH | Bgld. | EM | VGP | 50.00% | Bgld. | EM | VGP | 50.00% |
| Parque E\u00f3lico | ||||||||
Ayamonte S.L.U. | Madrid | CS | VH | 70.00% | Madrid | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico | de | de | ||||||
| Buseco S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico El | de | de | ||||||
| Barroso S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Parque E\u00f3lico | Pozuelo | Pozuelo | ||||||
| Loma de los Pinos | de | de | ||||||
| S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Lusitania | de | de | ||||||
| Renovables S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
Anselma Issuer, S.A.U. | ||||||||
(VGP-IB-ANI) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Topacio Energy, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Catalpa Solar, S.L.U. | ||||||||
(VGP-IB-CAS) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Tejo Solar, S.L.U. | ||||||||
(VGP-IB-TES) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Power Renewable | ||||||||
| Projects, S.L.U. | ||||||||
(VGP-IB-GRP) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Cuerva, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Los Navalmorales, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Albarreal, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Totan\u00e9s, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SDC) | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
Blacky Energy, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-BLA) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Cyopsa-El Molino | ||||||||
| Energ\u00eda E\u00f3lica, | VGP-IB- | VGP-IB- | ||||||
S.A.U. | Madrid | UC | BLA | 100.00% | Madrid | CS | BLA | 100.00% |
| VERBUND Green | ||||||||
Power Valderrama, S.L.U. (VGP-IB- | VGP-IB- | VGP-IB- | ||||||
VAL) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
Musas, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
| Ofion, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Green Power Wind | ||||||||
| Spain 1, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| Green Power Wind | ||||||||
Marquesado, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power Italia S.R.L. | ||||||||
| (VGP-IT) | Sternatia | UC | VGP | 100.00% | Milan | CS | VGP | 100.00% |
| PV Novoli S.R.L. | \u2013 | \u2013 | \u2013 | \u2013 | Lecce | CS | VGP-IT | 100.00% |
| Totan\u00e9s | ||||||||
| Infraestructuras | VGP-IB- | VGP-IB- | ||||||
| Comunes, S.L. | Madrid | UC | SDC | 38.89% | Madrid | UC | SDC | 38.89% |
| Murcia Solar Park | ||||||||
| GmbH | VGP-IB- | VGP-IB- | ||||||
| (VGP-IB-MUR) | Berlin | UC | ANI | 100.00% | Berlin | UC | ANI | 100.00% |
| Baluma Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Baviera Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Bolardo Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Boyante Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Braganza Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cairo Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Camareta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Carmesi Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cenida Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Comunidad de | ||||||||
| Bienes del Huerto | ||||||||
| Solar del Hinojar, | VGP-IB- | VGP-IB- | ||||||
| C.B. | Lorca | UC | SVL | 92.72% | Lorca | UC | SVL | 92.72% |
| Cornamusa Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Cruceta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Faballones Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Feanor Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Galadrien Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Helice Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Imai Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Koe Energy, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Lima Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Miriel Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Mosqueton Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Nairobi Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Natera Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Obenque Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Orion Solar, S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Orla Solar, S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| VGP-IB- | VGP-IB- | |||||||
Panol Solar, S.L. | Madrid | UC | TES | 51.00% | Madrid | UC | TES | 51.00% |
| Penalara Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Perdiguero Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Peregrino Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Posets Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | CAS | 100.00% | Madrid | UC | CAS | 100.00% |
| Radar Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Reclamo Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Rehala Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Rotor Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Sentina Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Sextante Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Stopper Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.0% |
| Stein Von Liebig | ||||||||
| Balears I, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SVL) | Madrid | UC | MUR | 100.00% | Madrid | UC | MUR | 100.00% |
| Trufa Energy, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Volateo Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Zelanda Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Zuncho Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| VERBUND Green | ||||||||
| Power Albania | ||||||||
Sh.p.k. | Tirana | UC | VGP | 100.00% | Tirana | UC | VGP | 100.00% |
| Segment: Sales | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH)\u2013 Sales | ||||||||
activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Energy4Business | ||||||||
GmbH (VEB) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Energy4Business | ||||||||
Germany GmbH | Munich | CS | VEB | 100.00% | Munich | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Customers | ||||||||
GmbH (VEC) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
Energy4Flex GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Future | ||||||||
GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| MSP Solarpower | ||||||||
GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
iFix Solar GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
| SMATRICS GmbH | ||||||||
& Co KG | Vienna | CS | VEB | 74.90% | Vienna | CS | VEB | 74.90% |
| SMATRICS | SMATRICS | |||||||
| SMATRICS EnBW | GmbH & | GmbH & | ||||||
| GmbH | Vienna | EM | Co KG | 49.00% | Vienna | EM | Co KG | 49.00% |
| E-Mobility Provider | ||||||||
| Austria GmbH | Vienna | UC | VEB | 74.90% | Vienna | UC | VEB | 74.90% |
| smart Energy | ||||||||
Services GmbH | Vienna | UC | VEC | 50.00% | Vienna | UC | VEC | 50.00% |
| Segment: Grid | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| Austrian Power | ||||||||
Grid AG (APG) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| Gas Connect | ||||||||
| Austria GmbH | ||||||||
(GCA) Vienna | CS | VH | 51.00% | Vienna | CS | VH | 51.00% | |
| Austrian Gas Grid | ||||||||
| Management AG | ||||||||
(AGGM) Vienna | CS | GCA | 51.00% | Vienna | CS | GCA | 51.00% | |
| Trans Austria | ||||||||
| Gasleitung GmbH | ||||||||
(TAG) Vienna | EM | GCA | 15.53% | Vienna | EM | GCA | 15.53% | |
| AGCS Gas Clearing | ||||||||
| and Settlement AG | Vienna | UC | GCA | 23.13% | Vienna | UC | GCA | 23.13% |
| ASGM Austrian | ||||||||
| Strategic Gas | ||||||||
| Storage | ||||||||
| Management | ||||||||
GmbH | Vienna | UC | AGGM | 100.00% | Vienna | UC | AGGM | 100.00% |
| OeMAG | ||||||||
| Abwicklungsstelle | ||||||||
f\u00fcr \u00d6kostrom AG | Vienna | EM | APG | 24.40% | Vienna | EM | APG | 24.40% |
| VUM Verfahren | ||||||||
| Umwelt Manage- | Klagen- | Klagen- | ||||||
| ment GmbH | furt | UC | APG | 100.00% | furt | UC | APG | 100.00% |
| Amster- | Amster- | |||||||
| Equigy B.V. | dam | UC | APG | 20.00% | dam | UC | APG | 20.00% |
| All other segments: Equity interests | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share o f | method | share of | |||||
equit y | equity | |||||||
| VERBUND AG (VH) | ||||||||
\u2013 Equity interests | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| KELAG-K\u00e4rntner | ||||||||
| Elektrizit\u00e4ts- | Klagen- | Klagen- | ||||||
| Aktiengesellschaft | furt | EM | VH | 35.17% | furt | EM | VH | 35.17% |
| C2PAT GmbH & Co | ||||||||
KG | Vienna | UC | VH | 25.00% | \u2013 | \u2013 | \u2013 | \u2013 |
C2PAT GmbH | Vienna | UC | VH | 25.00% | Vienna | UC | VH | 25.00% |
| Segment: Hydro | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | compan y company's | quarters | dation | compan y company's | |||
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH) \u2013 Hydro | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| Innwerk AG | Stamm- | Stamm- | ||||||
| (VHP-IW) | ham | CS | VH | 100.00% | ham | CS | VH | 100.00% |
| VERBUND Hydro | ||||||||
| Power GmbH (VHP) | Vienna | CS | VH | 80.54% | Vienna | CS | VH | 80.54% |
| VERBUND | ||||||||
| Innkraftwerke | ||||||||
| GmbH | T\u00f6ging | CS | VH | 70.27% | T\u00f6ging | CS | VH | 70.27% |
| Donaukraftwerk | ||||||||
| Jochenstein | VH | 50.00% | VH | 50.00% | ||||
Aktiengesellschaft | Passau | CS | VHP-IW | 50.00% | Passau | CS | VHP-IW | 50.00% |
| Grenzkraftwerke | VH | 50.00% | VH | 50.00% | ||||
| GmbH | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
\u00d6sterreichisch- Bayerische | ||||||||
| Kraftwerke | VH | 50.00% | VH | 50.00% | ||||
| Aktiengesellschaft | Simbach | CS | VHP-IW | 50.00% | Simbach | CS | VHP-IW | 50.00% |
| Ennskraftwerke | ||||||||
| Aktiengesellschaft | Steyr | GT | VH | 50.00% | Steyr | GT | VH | 50.00% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH & | ||||||||
| Co KG | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
| Kraftwerk Nu\u00dfdorf | ||||||||
| Errichtungs- und | ||||||||
| Betriebs GmbH | Vienna | EM | VHP | 33.33% | Vienna | EM | VHP | 33.33% |
Ashta Beteiligungs- verwaltung GmbH | ||||||||
(VHP-AL-HII) | Vienna | EM | VHP | 50.01% | Vienna | EM | VHP | 50.01% |
| VHP-AL- | VHP-AL- | |||||||
Energji Ashta Shpk | Bushat | EM | HII | 100.00% | Bushat | EM | HII | 100.00% |
| Lestin Tauch- und | ||||||||
Bergungsunterneh- men Gesellschaft | ||||||||
| m.b.H. (LESTIN) | Vienna | UC | VHP | 100.00% | Vienna | UC | VHP | 100.00% |
| Murkraftwerk Graz | ||||||||
| Errichtungs- und | ||||||||
| BetriebsgmbH | Graz | UC | VHP | 25.10% | Graz | UC | VHP | 25.10% |
| VERBUND | VHP | 99.90% | VHP | 99.90% | ||||
Tourismus GmbH | Vienna | UC | LESTIN | 0.10% | Vienna | UC | LESTIN | 0.10% |
| Manara HPP | ||||||||
| Operation Ltd. | Tel-Aviv | UC | VHP | 80.00% | Tel-Aviv | UC | VHP | 80.00% |
| Segment: New renewables | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Wind | ||||||||
| Power Austria | ||||||||
GmbH (VRP-AT) | Vienna | CS | VHP | 100.00% | Vienna | CS | VHP | 100.00% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH (VGP-DE) | stadt | CS | VGP | 100.00% | stadt | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power GmbH | ||||||||
| (VGP) | Vienna | CS | VGP | 100.00% | Vienna | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
Power Iberia, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Wind | ||||||||
| Power Romania | Bucha- | Bucha- | ||||||
| SRL | rest | CS | VGP | 100.00% | rest | CS | VGP | 100.00% |
| Infrastruktur | ||||||||
| Oberheimbach I | W\u00f6rr- | |||||||
| GmbH & Co. KG | stadt | CS | VGP | 85.00% | \u2013 | \u2013 | \u2013 | \u2013 |
Infrastrukturgesell- schaft Bischheim | W\u00f6rr- | W\u00f6rr- | ||||||
| GmbH & Co. KG | stadt | CS | VGP | 80.60% | stadt | CS | VGP | 80.60% |
| VERBUND Green | ||||||||
| Power | ||||||||
| Deutschland | ||||||||
| Photovoltaik | Sch\u00f6ne- | |||||||
| GmbH | feld | CS | VGP | 100.00% | Berlin | CS | VGP | 100.00% |
| Watt Development | ||||||||
| SPV 5 S.L.U. | ||||||||
(VGP-IB-IL1) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 6 S.L.U. | ||||||||
(VGP-IB-IL2) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Watt Development | ||||||||
| SPV 7 S.L.U. | ||||||||
(VGP-IB-IL3) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL1 | IL1 | |||||||
| VGP-IB- | 20.00% | VGP-IB- | 20.00% | |||||
| IL2 | IL2 | |||||||
| Infraestructuras de | VGP-IB- | 20.00% | VGP-IB- | 20.00% | ||||
Illora S.L. | Madrid | UC | IL3 | Madrid | UC | IL3 | ||
| SOLAVOLTA | Sankt | Sankt | ||||||
| Energie- und | Marga- | Marga- | ||||||
| Umwelttechnik | rethen im | rethen im | ||||||
| GmbH | Bgld. | EM | VGP | 50.00% | Bgld. | EM | VGP | 50.00% |
| Parque E\u00f3lico | ||||||||
Ayamonte S.L.U. | Madrid | CS | VH | 70.00% | Madrid | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico | de | de | ||||||
| Buseco S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Parque E\u00f3lico El | de | de | ||||||
| Barroso S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Parque E\u00f3lico | Pozuelo | Pozuelo | ||||||
| Loma de los Pinos | de | de | ||||||
| S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
| Pozuelo | Pozuelo | |||||||
| Lusitania | de | de | ||||||
| Renovables S.L.U. | Alarc\u00f3n | CS | VH | 70.00% | Alarc\u00f3n | CS | VH | 100.00% |
Anselma Issuer, S.A.U. | ||||||||
(VGP-IB-ANI) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Topacio Energy, S.L.U. | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
Catalpa Solar, S.L.U. | ||||||||
(VGP-IB-CAS) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Tejo Solar, S.L.U. | ||||||||
(VGP-IB-TES) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Power Renewable | ||||||||
| Projects, S.L.U. | ||||||||
(VGP-IB-GRP) | Madrid | CS | VH | 100.00% | Madrid | CS | VH | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Cuerva, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Los Navalmorales, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | VGP-IB- | VGP-IB- | ||||||
Albarreal, S.L.U. | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
| Sica Desarrollos | ||||||||
| Totan\u00e9s, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-SDC) | Madrid | CS | ANI | 100.00% | Madrid | CS | ANI | 100.00% |
Blacky Energy, S.L.U. | VGP-IB- | VGP-IB- | ||||||
(VGP-IB-BLA) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Cyopsa-El Molino | ||||||||
| Energ\u00eda E\u00f3lica, | VGP-IB- | VGP-IB- | ||||||
S.A.U. | Madrid | UC | BLA | 100.00% | Madrid | CS | BLA | 100.00% |
| VERBUND Green | ||||||||
Power Valderrama, S.L.U. (VGP-IB- | VGP-IB- | VGP-IB- | ||||||
VAL) | Madrid | UC | GRP | 100.00% | Madrid | CS | GRP | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
Musas, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Energ\u00edas | ||||||||
| Renovables de | VGP-IB- | VGP-IB- | ||||||
| Ofion, S.L.U. | Madrid | UC | VAL | 100.00% | Madrid | CS | VAL | 100.00% |
| Green Power Wind | ||||||||
| Spain 1, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| Green Power Wind | ||||||||
Marquesado, S.L.U. | \u2013 | \u2013 | \u2013 | \u2013 | Madrid | CS | VGP | 100.00% |
| VERBUND Green | ||||||||
| Power Italia S.R.L. | ||||||||
| (VGP-IT) | Sternatia | UC | VGP | 100.00% | Milan | CS | VGP | 100.00% |
| PV Novoli S.R.L. | \u2013 | \u2013 | \u2013 | \u2013 | Lecce | CS | VGP-IT | 100.00% |
| Totan\u00e9s | ||||||||
| Infraestructuras | VGP-IB- | VGP-IB- | ||||||
| Comunes, S.L. | Madrid | UC | SDC | 38.89% | Madrid | UC | SDC | 38.89% |
| Murcia Solar Park | ||||||||
| GmbH | VGP-IB- | VGP-IB- | ||||||
| (VGP-IB-MUR) | Berlin | UC | ANI | 100.00% | Berlin | UC | ANI | 100.00% |
| Baluma Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Baviera Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Bolardo Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Boyante Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Braganza Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cairo Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Camareta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Carmesi Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Cenida Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Comunidad de | ||||||||
| Bienes del Huerto | ||||||||
| Solar del Hinojar, | VGP-IB- | VGP-IB- | ||||||
| C.B. | Lorca | UC | SVL | 92.72% | Lorca | UC | SVL | 92.72% |
| Cornamusa Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Cruceta Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Faballones Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Feanor Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Galadrien Solar, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Helice Energy, | VGP-IB- | VGP-IB- | ||||||
| S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Volateo Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| Zelanda Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | GRP | 100.00% | Madrid | UC | GRP | 100.00% |
| Zuncho Solar, | VGP-IB- | VGP-IB- | ||||||
S.L.U. | Madrid | UC | TES | 100.00% | Madrid | UC | TES | 100.00% |
| VERBUND Green | ||||||||
| Power Albania | ||||||||
Sh.p.k. | Tirana | UC | VGP | 100.00% | Tirana | UC | VGP | 100.00% |
| Segment: Sales | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND AG | ||||||||
| (VH)\u2013 Sales | ||||||||
activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Energy4Business | ||||||||
GmbH (VEB) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Energy4Business | ||||||||
Germany GmbH | Munich | CS | VEB | 100.00% | Munich | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Customers | ||||||||
GmbH (VEC) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
Energy4Flex GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| VERBUND | ||||||||
| Energy4Future | ||||||||
GmbH | Vienna | CS | VEB | 100.00% | Vienna | CS | VEB | 100.00% |
| MSP Solarpower | ||||||||
GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
iFix Solar GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VEB | 100.00% |
| SMATRICS GmbH | ||||||||
& Co KG | Vienna | CS | VEB | 74.90% | Vienna | CS | VEB | 74.90% |
| SMATRICS | SMATRICS | |||||||
| SMATRICS EnBW | GmbH & | GmbH & | ||||||
| GmbH | Vienna | EM | Co KG | 49.00% | Vienna | EM | Co KG | 49.00% |
| E-Mobility Provider | ||||||||
| Austria GmbH | Vienna | UC | VEB | 74.90% | Vienna | UC | VEB | 74.90% |
| smart Energy | ||||||||
Services GmbH | Vienna | UC | VEC | 50.00% | Vienna | UC | VEC | 50.00% |
| Segment: Grid | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| Austrian Power | ||||||||
Grid AG (APG) | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| Gas Connect | ||||||||
| Austria GmbH | ||||||||
(GCA) Vienna | CS | VH | 51.00% | Vienna | CS | VH | 51.00% | |
| Austrian Gas Grid | ||||||||
| Management AG | ||||||||
(AGGM) Vienna | CS | GCA | 51.00% | Vienna | CS | GCA | 51.00% | |
| Trans Austria | ||||||||
| Gasleitung GmbH | ||||||||
(TAG) Vienna | EM | GCA | 15.53% | Vienna | EM | GCA | 15.53% | |
| AGCS Gas Clearing | ||||||||
| and Settlement AG | Vienna | UC | GCA | 23.13% | Vienna | UC | GCA | 23.13% |
| ASGM Austrian | ||||||||
| Strategic Gas | ||||||||
| Storage | ||||||||
| Management | ||||||||
GmbH | Vienna | UC | AGGM | 100.00% | Vienna | UC | AGGM | 100.00% |
| OeMAG | ||||||||
| Abwicklungsstelle | ||||||||
f\u00fcr \u00d6kostrom AG | Vienna | EM | APG | 24.40% | Vienna | EM | APG | 24.40% |
| VUM Verfahren | ||||||||
| Umwelt Manage- | Klagen- | Klagen- | ||||||
| ment GmbH | furt | UC | APG | 100.00% | furt | UC | APG | 100.00% |
| Amster- | Amster- | |||||||
| Equigy B.V. | dam | UC | APG | 20.00% | dam | UC | APG | 20.00% |
| All other segments: Thermal generation | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND | ||||||||
| Thermal Power | ||||||||
| GmbH | Fernitz- | Fernitz- | ||||||
| (VTP GmbH) | Mellach | CS | VH | 100.00% | Mellach | CS | VH | 100.00% |
| VERBUND | VH | 100.00% | VH | 100.00% | ||||
| Thermal Power | Fernitz- | VTP | 0.00% | Fernitz- | VTP | 0.00% | ||
| GmbH & Co KG | Mellach | CS | GmbH | Mellach | CS | GmbH |
| All other segments: Services | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share of | method | share of | |||||
| equity | equity | |||||||
| VERBUND Services | ||||||||
GmbH | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| All other segments: Equity interests | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | company's | quarters | dation | company | company's | |
| method | share o f | method | share of | |||||
equit y | equity | |||||||
| VERBUND AG (VH) | ||||||||
\u2013 Equity interests | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| KELAG-K\u00e4rntner | ||||||||
| Elektrizit\u00e4ts- | Klagen- | Klagen- | ||||||
| Aktiengesellschaft | furt | EM | VH | 35.17% | furt | EM | VH | 35.17% |
| C2PAT GmbH & Co | ||||||||
KG | Vienna | UC | VH | 25.00% | \u2013 | \u2013 | \u2013 | \u2013 |
C2PAT GmbH | Vienna | UC | VH | 25.00% | Vienna | UC | VH | 25.00% |
| Other Group companies | ||||||||
2022 | 2023 | |||||||
Company | Head- | Consoli- | Parent | Parent | Head- | Consoli- | Parent | Parent |
| quarters | dation | company | com- | quarters | dation | company | com- | |
| method | pany's | method | pany's | |||||
| share of | share of | |||||||
| equity | equity | |||||||
| VERBUND AG (VH) | ||||||||
| \u2013 All other activities | Vienna | CS | \u2013 | \u2013 | Vienna | CS | \u2013 | \u2013 |
| VERBUND | ||||||||
| Finanzierungsservice | ||||||||
| GmbH | Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% |
| VERBUND | ||||||||
| Ventures GmbH | ||||||||
(VVE) Vienna | CS | VH | 100.00% | Vienna | CS | VH | 100.00% | |
| VERBUND Green | ||||||||
| Hydrogen GmbH | ||||||||
| (VGH) | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VH | 100.00% |
| VERBUND Green | ||||||||
| Hydrogen Sales | ||||||||
| GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | CS | VGH | 100.00% |
| HalloSonne GmbH | ||||||||
(HAS) Vienna | UC | VVE | 100.00% | Vienna | UC | VVE | 100.00% | |
| HalloSonne PV | ||||||||
Finanzierungs- Holding GmbH | ||||||||
(HAF) Vienna | UC | HAS | 100.00% | Vienna | UC | HAS | 100.00% | |
| HalloSonne 1. PV | ||||||||
Vermietungs- GmbH | Vienna | UC | HAF | 100.00% | Vienna | UC | HAF | 100.00% |
| HalloSonne | ||||||||
| Installations GmbH | \u2013 | \u2013 | \u2013 | \u2013 | Vienna | UC | HAS | 100.00% |
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence | ||||||||
1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner |