Italian Verbund interest Sorgenia increases sales


Verbund's Italian participating interest Sorgenia increased its turnover from 29.7 % to 1.1 billion Euro in the first half of fiscal 2008 (value recorded in the previous year: 883.7 billion Euro). Verbund holds a 41 % share in Sorgenia.

The Ebitda (Earnings before interest, taxes, depreciation and amortization) fell by 6.1 % to 82 million Euro. Effective 30 June, Sorgenia reported a debt of 897.1 million Euro; on 31 December, this figure had still been 904.9 million.

Net profit sank by 34.8 % to 25.4 billion Euro, which is attributable to the negative impact on electricity producers of the tax introduced by the Berlusconi government.

Sorgenia's five-year plan
In June 2008, Verbund increased its share in Sorgenia via capital increases from 38 to 41 percent. In 2009, the share is expected to increase to 44 percent.
At the beginning of July 2008 Sorgenia presented its business plan 2008-2012. The five-year plan foresees investments amounting to a total volume of 2.6 billion Euro until 2012. The focus of the company strategy will be on the further expansion of generation capacities of currently 2,000 MW to over 5,200 MW, a particular emphasis here to be placed on renewable energy sources. Sorgenia has meanwhile become Italy's fifth largest supplier.