AUSTRIA: VERBUND MAINTAINS RESULTS

Article Abstract:

Austria's biggest power producer Verbundgesellschaft reports a pre-tax profit of Sch 2bn for 1999, compared with a loss of Sch 10.32bn in 1998. According to preliminary figures, turnover declined from Sch 20.56bn to Sch 17.72bn and operating profit from Sch 5.91bn to Sch 4.58bn. The decline of operating profit is explained with the fall of sales in the deregulated market and with write-offs. The 1998 result had included valuation adjustments of Sch 14.5bn for so-called stranded costs. Verbund managed to offset the decline of sales on the home market by higher exports. The number of staff was reduced by 10% to 3,459 and personnel costs 29% to Sch 3.49bn. Payroll is to be reduced to close to 3,000 in year 2000.

Verbundgesellschaft

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AUSTRIA: VERBUND POWER GROUP GROWING ABROAD

Article Abstract:

Austrian power group Verbund posted an operating profit of EUR 147.1mn (+0.1%) and a net profit of EUR 63.5mn on a turnover of EUR 761.8mn (+18.5%) in the first six months of 2001. Electricity sales rose by some 20%. Sales outside Austria doubled compared with year-earlier level and for the first time exceeded domestic sales. Profits were affected by declining electricity prices in Austria as well as well as higher costs for fuel and external electricity purchases.

Electric Power Generating, Electric Power Generation

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Austria: Verbund expects good 2001 turnout

Article Abstract:

Austrian electricity holding, Vebund, expects a turnout of EUR 1.6bn for 2001. This is the highest turnout since the caompany lost its monopoly in Austria. Dramatic losses in Austria were regulated with high turnouts in other EU countries where the company is also active. As the company owns electricity depots it makes high profits in times of electricity shortage, for example in the days before Christmas 2001.

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