Despite the measures that have been introduced, the results are showing a decline. EBITDA fell to €354.8m, and the Group result fell to €56.6m. The sharp decrease is primarily attributable to the considerable, positive non-recurring effects in 2013 resulting from the asset swap with E.ON. But even adjusted for these non-recurring effects, results are lower. Adjusted EBITDA declined by 33.4% to €421.0m, and the Group result fell by 62.6% to €93.6m. There are three main reasons for this: substantially lower hydropower generation due to lower water supply, the even lower wholesale prices for electricity as well as non-recurring expenses for thermal power plants.
Based on average own generation from hydropower in the second half of the year, our expectations now are for EBITDA to be approximately €690m and the Group result to be approximately €70m for financial year 2014. The planned payout ratio for 2014 remains at approximately 50% of the Group result of approximately €150m after adjustment for non-recurring effects.