Verbund Ag Ord (OEZVF) Q3 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, thank you for standing by. Welcome and thank you for joining the conference call on the Quarters 1 to 3 for 2023 results of Bourbon AG. Throughout today's recorded call, all participants will be in a listen-only mode. The presentation will be followed by a question and answer session. If you would like to ask a question, you may press star followed by 1 on your touchstone telephone. please press the star key followed by zero for operator assistance. I would now like to turn the conference over to Peter Coleman. Yeah, thank you very much. Good morning, ladies and gentlemen. Let me welcome you to our presentation for the first three quarters 23. And let me thank you for joining today's conference call. I'm here with Andreas Wallein, I'm traveling, so I'm hoping for a very stable telephone line. If not, Andreas is here with us as well, calling in from Vienna. Before we move into the analysis of the business development of Verbund, let me make a few general comments. After the rollercoaster year 22, which was mainly influenced by several factors such as the Ukraine-Russian war, massive changes in the capital markets with high interest rates and inflation. And last but not least, the sector specific challenges like the structural change in the wholesale markets with extreme price hikes and volatilities. Volatilities which were accompanied by massive state interventions and enormously increasing CapEx requirements into renewables, but also into infrastructure and new applications. Now, the business year 23 has gone back into, how should we say, more quieter waters, more normality, however, with structurally higher prices and higher volatility, a volatility which is going to stay with us for many years to come. The energy world is obviously in a massiv...