OEZVF - VERBUND AG (OEZVF) Q1 2024 Earnings Call Transcript
2024-05-09 01:43:02 ET
VERBUND AG (OEZVF)
Q1 2024 Earnings Conference Call
May 8, 2024, 5:00 AM ET
Company Participants
Peter Kollmann - Chief Financial Officer
Andreas Wollein - Head, Group Finance and IR
Conference Call Participants
John Campbell - Bank of America
Olly Jeffery - Deutsche Bank
Harrison Williams - Morgan Stanley
Martin Tessier - Stifel
Wanda Serwinowska - UBS
Piotr Dzieciolowski - Citigroup
Presentation
Operator
Ladies and gentlemen, welcome to the Conference Call on the Quarter One 2024 Results of VERBUND AG. I am Vasilios, the Chorus Call Operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. I would like to remind you that the presentation will be followed by a Q&A session. [Operator Instructions]
The conference must not be recorded for publication or broadcast. At this time, it’s my pleasure to hand over to Peter Kollmann. Please go ahead.
Peter Kollmann
Thank you very much. Ladies and gentlemen, let me welcome you to the presentation of VERBUND for the first quarter 2024. And let me thank you for joining today’s conference call. Before we move into the analysis of the business development of VERBUND, let me make a few general comments.
VERBUND can look back on an extremely successful year 2023 with the best result in the company’s history and is starting the year 2024 as a strong, resilient and well-positioned company. However, the energy industry value drivers relevant to VERBUND’s earnings have deteriorated compared to the highs of 2022 and 2023. Thus, VERBUND earnings declined slightly in the first quarter.
The fall in gas prices with its consequences on electricity wholesale prices is due in particular to the lower demand for gas as a result of the mild winter and the rather weak economy in Europe, as well as the comparatively high filling level of gas storage facilities.
Now, despite the changed framework conditions in the energy industry, we’re working consistently on the implementation of our Sustainable Strategy 2030, which focuses on strengthening our integrated position in the market, the expansion of New Renewable Energy generation in Europe and the development of a green hydrogen economy.
Now, before I continue with the Q1 presentation, let me state that the interim report for the first quarter differs slightly from previously published interim reports due to a comprehensive change in the Group-wide platform for data processing and the preparation of management information....
VERBUND AG (OEZVF) Q1 2024 Earnings Call Transcript