VERBUND AG,

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2 VERBUND Results quarter 1/2015 Vienna, 06/05/2015

3 Results quarter 1/2015 Page 3

4 At a glance Influencing factors Water supply 3% above long-term average and 10%-points above Q1/2014 Reduction of average achieved contract prices from 39.1 to 35.5 /MWh Sale of French CCGTs, Sorgenia exit and sale of Bulgarian wind farm successfully finalized Programme to reduce costs and increase efficiency continued Results and cash flows EBITDA 217.8m (+5.2%) Group result 63.4m (+54.9%) Operating cash flow 166.1m ( 4.9%) Free cash flow after dividend 266.3m (Q1/2014: 1.4m) Outlook 2015 Outlook 2015 confirmed: EBITDA approx. 770m, Group result approx. 180m Dividend policy: approx. 50% of adjusted Group result Page 4

5 Increased production from all sources Hydro coefficient (run-of-river) long-term average Generation from annual reservoirs/ GWh January February March Q1/2014 (0.93) Q1/2015 (1.03) January February March Q1/2014 (1,035 GWh) Q1/2015 (1,054 GWh) Electricity supply GWh (+14.3%) Electricity supply/ TWh Hydropower: +497 GWh (+8.8%) Generation from storage power: +19 GWh Thermal Power: +357 GWh (+54.4%) Pont-sur-Sambre and Toul 132 GWh CCGT Mellach +115 GWh Wind/Solar: +55 GWh (+24.9%) Purchase from third parties: +780 GWh Hydro power* 6.2 Thermal power 1.0 Wind/solar 0.3 Purchase 6.1 * volumes for holders of interests: 0.8 TWh (at cost) Page 5

6 Declining contract price; higher sales volume Hedging volumes / TWh FY 2014: 39.1/MWh Sales customers/ TWh Total sales equals to 12.6 TWh Resellers +18% 6.0 Traders +23% Clients 4% 2.2 Sales countries/ TWh Total sales equals to 12.6 TWh Austria +10% 6.7 Germany +8% 4.4 France +146% /12/13 31/3/14 30/6/14 30/9/14 31/12/ /3/2015 Romania +23% 0.2 Achieved contract price Hedged volumes Others -51% 0.1 Open volumes 1 Own production excluding volumes for holders of interests (at cost), wind/solar and volumes resulting from pumping Page 6

7 Key financial figures EBITDA/ m Group result/ m +5% +55% Cash flow/ m Operating CF Free CF -5% Q1/2014 Q1/2015 Q1/2014 Q1/2015 EBITDA, EBIT margin/ % Additions/ m EBITDA Marge EBIT Marge -61% to tangible assets (without business combination) 1 Q1/2014 Net debt/ m -5% 4,060 Q1/2015 3, Q1/2014 Q1/2015 Q1/2014 Q1/ Page 7

8 Financial liabilities Debt maturity profile/ m JPY bond 682 Financial liabilities/ bn -13% >2022 Q1/2014 Q1/2015 Financial liabilities Book value Financial liabilities: 3,262m Financial ratios Duration: 4.3 years Effective interest rate: 3.86% p.a. Uncommitted lines of credit: 607m Syndicated loan: 500m Interest mix 93% fixed interest rate 7% floating interest rate Currency mix 99% EUR 1% JPY Rating Standard & Poor s: BBB+/stable outlook Moody s: Baa1/negative outlook Page 8

9 Outlook Payout ratio 2015: approx. 50% based on adjusted Group result of 180m Earnings outlook 2015: EBITDA of around 770m and Group result of around 180m based on an average generation from hydropower Hedging volumes / TWh 34,6 34,6 34,0 Sensitivities 2015 A change of 1% (generation from hydropower/ windpower) or 1/MWh (wholesale price) either way would be reflected as follows in the operating result for 2015, other things being equal: Greater or less generation from hydropower: +/ 6.6m Greater or less generation from windpower : +/ 0.4m Wholesale price: +/ 5.1m 24,6 23,4 1,2 30/9/2014 Achieved contract price Open volumes 2,4 31/12/14 Hedged volumes 19,8 1 Volumes: Own production excluding volumes for holders of interests (at cost), wind/solar and volumes resulting from pumping 6,0 31/3/2015 Page 9

10 Current developments Page 10

11 Thermal restructuring Update Exit from thermal portfolio abroad finalized Sale of French CCGTs: closing in Q1/2015 Sorgenia exit: closing in Q1/2015 Thermal portfolio Austria Closure of Dürnrohr hard coal power plant currently under implementation Mellach hard coal power plant will remain in operation to supply district heating to the city of Graz CCGT Mellach injunction by Styrian court further procedure pending Application for the termination of antitrust behaviour filed for the gas supply agreement outcome expected 2016 Gas procurement and payments to EconGas stopped Expected results contribution excl. one-offs France m 2014A 2015E EBITDA EBIT Group result Expected results contribution excl. one-offs Austria m 2014A 2015E EBITDA EBIT Group result Page 11

12 Cost cutting programme Gradual reduction of 500 FTEs until 2020 by means of partial retirement, package offers and natural churn without replacement Cost cutting targets and results/ m 60 Immediate reduction of cost of maintenance and operations via strictly prioritized asset management and maintenance strategy Immediate reduction of other operating expenses via zero base budgeting and tight cost control processes Strict review of our project portfolio will further reduce the cost of feasibility studies Initial target Actuals / Expected (2015) Page 12

13 Growth capex : 433m 1 Hydropower Investment volume 71m 430 MW 2 pumped storage power plant Reißeck II (COD: 2015) New construction of run of river power plant Töging in Germany (additional capacity of 25 MW (COD: 2021) Efficiency increase measures 64m (part of maintenance capex) Additional 69 MW, 90 GWh Wind power Investment volume 19m 21 MW in Austria (COD: 2015) Grid Investment volume 334m 380-kV Salzburg line, 220-kV replacement construction 1 includes 10m of investments in participations (e-mobility etc.) 2 VERBUND s share of total capacity: 284 MW hydro storage Page 13

14 Details to the capex plan Growth capex/ m (total of 433m) Hydropower Wind power Grid Others Maintenance capex/ m (total of 436m) Hydro Thermal Grid Page 14

15 Appendix Page 15

16 Income statement (continuing and discontinued business) m Q1/2014 Q1/2014 Q1/2014 Q1/2015 continuing discontinued Total Revenue 680,4 670,8 9,6 712,1 Electricity revenue 555,6 546,0 9,6 579,4 Grid revenue 87,5 87,5 0,0 91,6 Other revenue 37,3 37,3 0,0 41,2 Other operating income 12,4 12,3 0,0 14,4 Expenses for electricity purchases & use of fuels -356,6-347,4-9,2-386,4 Other operating & personnel expenses -129,0-121,9-7,1-122,1 Depreciation & amortisation -96,3-96,3 0,0-94,0 Effects from impairment tests -0,1-0,1 0,0 0,0 EBIT 110,7 117,3-6,7 123,8 Result from equity interests & oth. interests 7,9 7,9 0,0 7,6 Interest income/expense -45,5-41,9-3,6-35,5 Other financial result -3,1-3,3 0,2-1,1 Effects from impairment tests 0,0 0,0 0,0 0,0 Effects from business combination 0,0 0,0 0,0 0,0 Financial result -40,8-37,3-3,5-29,0 Taxes -16,5-16,5 0,0-22,0 Group result 40,9 51,1-10,1 63,4 Minorities 12,4 12,4 0,0 9,4 Earnings per share ( ) 0,12 0,15 0,18 Page 16

17 Balance sheet (short version) m Change Non-current assets % Current assets % Assets held for sale % Total assets % Equity % Non-current liabilities % Current liabilities % Total liabilities % Page 17

18 Cash flow statement (short version) m Q1/2014 Q1/2015 Change Cash flow from operating activities % Cash flow from investing activities Cash flow from financing activities % Change in cash and cash equivalents % Cash and cash equivalents at the end of the period % Page 18

19 Investor relations team Andreas Wollein Head of Group Finance and Investor Relations T +43(0) [email protected] Martin Weikl Investor Relations Manager T +43(0) [email protected] Stefan Wallner Investor Relations Manager T +43(0) [email protected] Page 19