Depreciation of Power Plants Is Not On the Agenda


In view of the reports concerning the valuation approach in the framework of the “South Pole“ project that were published in the past few days, in which companies of the VERBUND group were also mentioned, VERBUND feels bound to make the following statement: Any statements claiming that VERBUND or its hydropower subsidiary VERBUND-Austrian Hydro Power AG (AHP) plans a book depreciation of its power plants are entirely unfounded. Such depreciation was not discussed nor is it on the agenda.

The valuation on the occasion of the change of legal form was performed in accordance with the commercial law and audited by the acclaimed auditing company KPMG, which had been appointed by the Commercial Court to audit the splitting. The managing director of KPMG, Dr. Robert Reiter, is rejecting all speculations spread by the media in this connection: “In valuating the right to vote, AHP made use of § 202 para 2 Z. 3 Commercial Code (HGB). Not the legally possible - higher - market value was stated in the balance sheet but only the - lower - increased-value change of the company’s legal form. Hence the allegation that the company made the most of the valuation rules is entirely unfounded.“

VERBUND firmly rejects any rumours suggesting that through the discussion on Estag it plans to get more favorable conditions in the announced purchase of the 24.9 percent. Hans Haider, chairman of the VERBUND board of management: “We are interested in the Estag shares the sale of which was announced by the province of Styria; we will not let ourselves be influenced by the ongoing public discussion. Due to our joint company Steweag-Steg GmbH we know very well what an essential asset Steweag-Steg is for Estag.“