Corporate news: segment reporting changes as of quarter 1/2020
VERBUND AG hereby announces upcoming changes to segment reporting which will be first published on 13 May 2020 in the interim report covering quarter 1/2020.
Background and details of the changes:
VERBUND has restructured the organisation of Group management as a result of the business expansion in the fields of wind and solar power, the restructuring of sales activities as part of the Downstream project and changes in company law.
As of quarter 1/2020, the Renewable generation segment reported in the past is divided into the Hydro and New renewables segments. Generation from hydropower technology is reported under the Hydro segment. Business activities relating to wind and solar power are combined in the New renewables segment. As a consequence of the Downstream project, the Energy services segment, which was previously reported under All other segments, is now integrated into the Sales segment. All the other segments are reported unchanged.
VERBUND classifies New renewables as a reportable segment even though it falls below the quantitative thresholds, because management believes that information on the business activities relating to new renewable energy sources is useful for the readers of the financial statements and expects to see strong growth in this segment in future.
Segment information from the previous year has been adjusted to reflect this revised segment structure.
The enclosed figures represent pro forma figures for quarter 1/2019 and financial year 2019 and are unaudited. Adjustments to the final figures are possible.
This corporate news along with the pro forma figures are available on our website at www.verbund.com > Investor Relations.