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VERBUND. Vienna, 10.10.2008. VERBUND HIGHLIGHTS. SHAREHOLDING STRUCTURE. Republic of Austria. 51 %. most valuable listed company in Austria 12.2 billion EUR market capitalization* 116 power plants with 8,300 MW bottle neck capacity and ~25,000 GWh standard capacity

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VERBUND

Vienna, 10.10.2008


Verbund highlights
VERBUND HIGHLIGHTS

  • SHAREHOLDING STRUCTURE

  • Republic of Austria

  • 51 %

  • most valuable listed company in Austria

  • 12.2 billion EUR market capitalization*

  • 116 power plants with 8,300 MW bottle neck capacity and ~25,000 GWh standard capacity

  • ~60,000 GWh trading volume and trading subsidiaries in 10 countries

  • ~4,000 GWh to end customers

  • ~3,400 km power grid route length

  • Provincial power utilities

  • >25 %

  • Free float

  • <24 %

*06/11/08


Trading subsidiaries

VERBUND REGIONAL FOCUS

  • Creation of an unique position as specialist for growth markets

  • Establishment of a portfolio mix of existing and new projects to accelerate the returns and to gain a steady P&L development

  • Focus on business model “asset based trader” with priority on CO2 extensive technology (hydro, gas, renewables)

  • Foundation of Verbund International (VI) to dedicate management attention and resources


TURKEY RATIONALE

  • total GDP equals two thirds of the total of EU-New Member States (per capita about half)

  • has one of the biggest and strongest growing populations and is one of the most important growth markets in larger Europe

  • Foreign Direct Investment into Turkey has steadily increased over the last 5 years (pushed up by privatizations and reform efforts in line with EU acquits preparation and Worldbank recommendations)

  • Despite political hick-ups, Turkey has proven a stable regulatory and legal framework for foreign investors and is investment-friendly

Forward Prices Base (real 2007) in EUR/MWh

Electricity Demand – Turkey (TWh)

2005-2020 CAGR: 7.8 %

1995-2005 CAGR: 6.5 %

Source: Global Insight & Mercados & Pöyry

Source www.teias.gov.tr


TURKEYENERJISA

Equity Stake:

  • 50 % stake (Partner Sabanci)

    Targets:

  • 5,000 MW generation till 2015

  • 10 % market share (generation & sales)

    Recent developments:

  • Winning bidder for Baskent EDAS @ 1,225 bn USD

  • 1 bn EUR financing signed for the construction of 2,000 MW of greenfield power plants

  • 919 MW CCGT Bandirma ground breaking ceremony this month

  • Over 600 MW HPP under construction(4 HPP)

  • Licences for 69 MW wind, further 155 MW applied for

Sucati7 MW

Tufanbeyli450 MW

Kentsa120 MW

Bandirma919 MW

Bandirma24 MW

Çanakkale65 MW

Çanakkale30 MW

Hydro Power Plants1000 MW

Adana120 MW

Gazipasa14 + 16 MW

Mersin101 MW

Mersin65 MW

Birkapili48 MW

Hydro

Thermal

Wind


PL

PL

CZ

CZ

SK

SK

HU

HU

SL

SL

RO

HR

RO

HR

RS

BIH

RS

BIH

BG

ME

BG

ME

MK

MK

AL

AL

GR

GR

2008

2020

CEE/SEE RATIONALE

  • Dynamic economy growth expects increase of electricity consumption

  • Base scenario shows a growth rate in SEE off 2.3 % p. a. (EU-Energy Demand Forecast) which is significantly above the EU average

  • Outdated generation plants

  • Growing economical integration with EU incl. CO2 regime

  • Integration of the Balkan states to one market zone; Development of a SEE wholesale market

Electricity consumption growth CAGR until 2020

Integration of the market by 2020


Financial crisis outlook
FINANCIAL CRISIS OUTLOOK

  • Real GDP growth – Development (Percent change)

IMF updates World Economic Outlook after one month!

  • World growth slows from 5% in 2007 to 3,75% in 2008 and just over 2% in 2009

  • Central and eastern Europe from 5,7% in 2007 to 4,2% in 2008 and 2,5% in 2009

  • Weakening prospects are depressing commodity prices

  • The financial crisis remains virulent

  • Consumers and firms are reassessing income prospects

Source: IMF - World Economic Outlook


Financial crisis new investments
FINANCIAL CRISIS NEW INVESTMENTS

  • Increase of financing costs

  • Higher equity/debt relation

  • Increase of WACC

  • Reduction of NPVs and equity IRRs

  • Difficulties to find a financing bank (even together with financial institutions)

  • Stronger influence of financing banks in management

  • Example:NPV for a new 400 MW CCGT

-30%


Risks and opportunities
RISKS AND OPPORTUNITIES

  • + Over-average growth rate

  • + High return expectations

    BUT

  • ~ Political intervention

    • “Robin Hood”-Tax

    • Renewable subsidies

  • ~ Tender & licensing procedures

  • ~ Economic development

  • ~ Development of primary energy and electricity prices

  • ~ Capital intensity; financing constraints

  • ~ Human resources

Forward Prices Base SEE (real 2007)

EUR/MWh

Spread of more than 60 EUR/MWh

Source: Pöyry

UNCERTAINTY REMAINS