Dear, ladies and gentlemen, welcome to the conference call of Verbund AGO. At our customers' request, this conference will be recorded. As a reminder, all participants will be in a listen only mode. After the presentation, there will be an opportunity to ask questions. May I now hand you over to Peter Kollmann, who will lead you through this conference.
Please go ahead, sir.
Thank you. Ladies and gentlemen, let me welcome you to our presentation for the first half year twenty twenty one, And let me thank you for joining today's conference call. I hope you are all well and healthy. Before we move into the analysis of the business development for Bunde AG, Let me make a few general comments about the half year. The business development was satisfactory As the energy business environment strongly improves, especially prices for European CO2 certificates End prices for primary energy sources increased, being key factors for wholesale energy prices in Europe.
The sustainable positioning of Vogt is perfectly directed towards the increasingly ambitious Decarbonization efforts within the EU and Austria. These positive factors contributed to the value development of the group. Fairhund shares ended the first half with a value of €78, representing a performance of 11% year to date with a corresponding market capitalization of approximately €27,000,000,000 With that, we are by far the number 1 in the Austrian stock market and among the biggest utilities in Europe. Against this background, let me now present the figures for the first half year twenty twenty one. At the beginning, let me highlight the most important influencing factors for the results development, which you already know and which are, of course, the prices and our hydro coefficient.
The average achieved contract price increased from €44,500,000 for the first half year twenty twenty to €46,600,000 for the first half 'twenty one. The hydro coefficient determining the generation from our Randwick River hydropower plants was lower than the long term average but slightly higher than in the first half year twenty twenty. Production from our hydro reservoirs was much lower compared to last year. On the other hand, there was a positive contribution from the initial consolidation of Gas Connect Austria. Contributions from flexibility products, especially control energy and pumping increased compared to last year.
The impact of these factors on the key figures is as follows: EBITDA increased by 2.5 percent to €655,000,000 And the group result increased by 4.5 percent to EUR 325,000,000. The operating cash flow was lower at a level of SEK 426,000,000, that's minus 21%. The free cash flow was negative at a level of minus SEK 4.73. Obviously, due to the acquisition of Gasconnex Austria, higher dividend payments and CapEx, Net debt increased by 40% to a level of 2,600,000,000. Now based on the strong half year figures and the improving market environment, we increased the outlook for 'twenty one.
We expect now an EBITDA between EUR 1,310,000,000 to EUR 1,410,000,000 And the group results between approximately €590,000,000 to €660,000,000 The payout ratio will be between 45% and 55% of the adjusted group results, which is between 5.80 And 650. Now in the following charts, I will explain the influencing factors In more detail, let me start with an analysis of our generation volumes. At 0.96, The hydro coefficient, which, as you know, is an index quantifying the hydropower generation of the Ruanda River power plants, was 4 percentage points below the long term average and 1 percentage point above the level of the first half year twenty twenty. The production from annual storage power plants decreased by 16% due to less natural inflow and less turbanum. Own production from hydropower overall decreased by 430 gigawatt hours or close to 3% compared to the first half year twenty twenty.
Generation from thermal power plants was down by Close to 70% or 4 59 gigawatt hours, standing from the decreased use Of Mela IV concession management and the fact that the Mela Fi Street Heating Plant was almost not in operation during the quarters 1 and 2 of 2021. Generation from wind power decreased by 13.8% to 444 gigawatt hours. What's the reason? Well, let's say, with wind conditions in all markets What a key factor here. A second important parameter on Verbund's results are the Average achieved contract prices at the end of the first half twenty twenty one.
And obviously, based on our hedging strategy, We achieved an average achieved contract price for our hydro generation of €47,300,000 for 'twenty one. For the full year 2020, we achieved 44.6%. Now please note that we have already hedged approximately 88% Of the volume for 2021 and on a mark to market basis as of the 16th July, We calculate with a price of 52.5 per megawatt hour. You know that when I take the entire generation volume per annum, the sensitivity Our price moves are plusminus €1,000,000 equals €25,000,000 on our EBITDA line. On the next page, flexibility.
As you know, one of the major trends in the new energy world is increasing volatility In the European grid system, coming from the massive development of renewables, we are lucky that we have very flexible assets based of low cost pump storage power plants and our very modern CCGT in Austria. Now those are best positioned to benefit from this volatility through the sale of flexibility products After result of €58,000,000 in the first half of twenty twenty, we achieved €70,000,000 in the first half year 'twenty one. The increase results mainly from higher Contributions from Control Energy and Pumping. Please note that since October 2018, Our Mellak CCGT has been put into a strategic reserve under which we receive a fixed capacity payments and the payment for the generation. As a consequence, we have changed what used to be an unpredictable volatile cash flow against the secure stable cash flow for a period of 3 years.
So it's a quasi regulated component there. Due to the positive development of the Flexibility Products, we decided to increase our guidance to approximately €120,000,000 for the full year 'twenty one. On the next page, our regulated business, as the closing for Gasconic Austria Took place at the end of May. We now fully consolidate the company, which is also part of our regulatory segments. I will present you our 2 regulated businesses on the slide which you have in front of you.
Now first, Contribution from ABG, our 100% owned subsidiary, is responsible for the entire Austrian high voltage grid with a system length of approximately 7,000 kilometers and very important interconnected capacities into 7 neighboring countries. So it plays a very important strategic role right there in the middle of Europe. As you know, there is a difference between local GAAP and IFRS. And IFRS, in contrast to local GAAP, volatilities in the results contribution cannot be avoided because the so called regulatory accounts cannot be applied. Now the EBITDA for the first half year from our grid business €122,000,000 more or less unchanged to last year.
The EBITDA guidance for the electricity grid is approximately €170,000,000 which is a slight decrease of €10,000,000 compared to the guidance we provided when we published Q1 results. Let me now say a few words about Gasconic Austria. Gasconic Austria operates and constructs natural gas High Pressure Pipelines. The company is also responsible for the marketing and provision of transport capacity at border points, So called entry and exit capacities and the transport capacity required for domestic natural gas demand. Gasconet Austria operates an approximately 900 kilometer long natural gas high pressure grid, 5 compressor stations positioned along the pipelines guarantee the relevant pressure.
In addition to Operations, maintenance and repairs, these are also important tasks. The company plays a very important role in the supply of natural gas in Austria and Europe. The natural gas is transported to the Austrian federal states but also to Germany, France, Slovenia, Croatia and Hungary. With regard to the results contribution of GCA, we only report June 2021 on an isolated basis This amounting to approximately €9,000,000 Please note that we do not provide value from last year as we did not own the asset by then. The guidance for 'twenty one is approximately €60,000,000 under IFRS.
Now this guidance relates to the time period between June December. Please note that the difference between local GAAP And the IFRS is negligible. We, therefore, only present IFRS values for Gasconet. On the right bottom side of the slide, you will find information regarding the regulatory system for our 2 regulated businesses. On the next page, you will see the nonrecurring effects.
We encountered a very small impairment amounting to €500,000 stemming from an Austrian wind power plant Project in Krogerm. In addition, the measurement of an obligation to return an interest in the hydro power plant, Jochemstein amounted to a positive €12,700,000 Then after Considering the impact from the nonrecurring effects above on taxes, the nonrecurring effects on the actual group results amounted to €9,300,000 which is the €10,000,000 which I mentioned at the outset in terms of reported and adjusted results. We also show the nonrecurring effects in the first half year of twenty twenty in comparison. Now on the next slide, we show Verbund's key financial figures for the first half year 'twenty one. And I will hand over to Andreas Wallan.
Please, Andreas. Yes. Hello. One
second. Yes. So going on to Slide 8, you'll see the financial figures. EBITDA increased by around €16,000,000 or 2.5%. I think we have already mentioned the most important influencing factors, the water supply, the sales prices, the Plex products And the positive contribution from the initial consolidation of Gasconet Austria.
On the basis of the segment reporting, we see that The hydro segment as well as all other segments were almost unchanged compared to last year. The sales segment was around €22,000,000 higher than in Q122 2020 due to the positive valuation effects from energy derivatives As well as higher sales to end customers. The grid segment was up by around €9,000,000 due to the first consolidation of GPA, As mentioned before, and the EBITDA contribution of the new renewables segment was down by around €11,000,000 due to the lower wind volumes in all the markets we are operating. The financial result improved by around €26,000,000 due to the significant reduction in interest expenses. This was mainly due to the decrease in interest payments for bonds.
Positive effects from repayments in 2020 We have higher than negative effects from the bond issuance of €500,000,000 in April 2021 as well as the initial consolidation of debt in relation to Gasconet Austria. The group result increased by EUR 14,000,000 to DKK324,500,000. As outlined on the slide before, there was also there were also nonrecurring effects in the first half year twenty twenty one, leading to a group result on the adjusted basis of EUR 315.2 €1,000,000 The EBITDA margin increased strongly to a level of 65.4%. The EBIT margin also increased from a level of 25% to almost 46%. In addition to the good operating business, This positive development is primarily attributable to valuation effects in the area of the electricity trading.
Finally, I would like to mention the additions to tangible assets, which were based on our CapEx plan above the previous year's level at €248,000,000 The additions concerned mainly investments into hydropower plants as well as the investments into When we move on to Slide 9 of the presentation, we We move to the development of the cash flows. Proposed operating cash flow in the first half year decreased Compared to the first half year twenty twenty, it showed a decrease of around 27% to 4 €26,000,000 mainly due to changes in the working capital and additional marginal payments for the energy Trading business due to the strong increase in wholesale prices. Due to the increase in investments in hydropower plants and the Austrian high voltage Higher dividend payments and the acquisition of Gasconet Austria, the free cash flow after dividends amounted to minus €473,000,000 But it should be taken into account here that the dividend of Verbund AG was paid in the Q2 in 2021, but in the Q3 in financial year 2020 because of the postponement of our Annual General Meeting last year because of the COVID-nineteen pandemic. Net debt increased to around SEK 2,600,000,000. This is mainly due to the issuance of a bond, The Green Sustainability Link bond and the acquisition of Gas Connect Austria, the gearing, therefore, increased as well from 27.4 percent to around 38% at the end of first half year twenty twenty one.
Moving on to the next slide to the financial liabilities. The debt maturity profile shows now a total repayment of €30,000,000 for 2021. You can also see 1 peak in 2024 With a repayment of EUR672,000,000 mainly consisting of a fixed interest bond in the amount of EUR 500,000,000 and 1 week After 2028, which is around €552,000,000 which is mainly treated by the new bond issuance in 2021. Yes, the total amount of our financial liabilities is approximately SEK 1,700,000,000. The average interest rate on our debt is 1.7%, and 73% of our debt is subject to fixed Interest rates.
The increase in financial liabilities is mainly caused by the issuance of the Green Bond and the acquisition of Keeskonet Austria in the first half year twenty twenty one. The ratings are stable. So the S and The P rating of Paphong remains unchanged at CBA stable outlook and also the Moody's rating unchanged at a pretty
Thank you, Andreas. Now moving towards our CapEx plan. You know that we have increased our CapEx plan from €1,800,000,000 to approximately €2,300,000,000 in comparison to our last 3 year plan. The main part of the growth CapEx, approximately EUR 728,000,000 We'll be invested into the regulated grid business, specifically into our 380 KV sales support line in order to increase the capacity to integrate new renewables and of course, better address the volatility and congestion in the grid system. We're also investing into new renewable projects In selected hydro power plants, the investments relate to Austria and Germany.
In addition to the growth CapEx, we are also planning to invest around €884,000,000 into maintenance between 2021, 2023. That is approximately €295,000,000 per annum. Please note that the CapEx plan Does not include the acquisition of Gasconet Austria nor the hydro power project Lindbergh 3 as it is based on the autumn 2020 midterm planning. So that would come In addition to the existing CapEx plan, which I just described. Now We are coming to the end of our presentation and to the outlook.
As you know, key parameters For the development of the operational business, our prices and hydro volumes, At the end of the first half year 'twenty one, we have hedged approximately 47% For our hydro generation for 2022 at an average price of 56.3 On a mark to market basis, as of July 16, the average achieved price for 22 would be at a level of €65,600 We have also hedged approximately 13 percent of our hydro generation for 2023. This is at an average price of 55.1 Again, the mark to market valuation shows a level of €64,100,000 With regard to the year to date hydro situation, we have a hydro coefficient of 0.96. As we mentioned before, that is 4 percentage points below the long term average. On the basis of the aforementioned Developments, we increased our guidance for the full year 2021. I already mentioned EBITDA of between €1,310,000,000 to €1,410,000,000 and a group result of approximately between €590,000,000 to €660,000,000 All that under the assumption of average hydro and wind generation for the 3rd and the 4th quarter as well as the chances and the risk situation of the group.
For the financial year 'twenty one, we will pay out between 45% to 55% of our adjusted Results. As always at this point, I would like to highlight the remaining sensitivities, A deviation of plusminus 1% in the generation from hydropower has an impact of Approximately €7,000,000 in the group results, wind power, relatively small, €300,000 And because we have already hedged so much, a deviation of plusminus €1,000 in the wholesale price will have an impact of €2,000,000 Now with that, I would like to start our Q and A session.
And the first question we received is from Your line is now open. Sir, please go ahead.
Good morning.
Lueder here. Three questions on my side. The first one is that I'm a bit surprised that your 2023 hedge volumes have not changed since Q1. I guess that must mean that you see upside to the CAL23 contract, which is currently trading at Well, almost €66 per megawatt hour, which would be quite a bullish view. Kind of linked to this is My second question, which is a bit more general, what is your view on few commodities and power prices It seems like the squeeze in gas prices has moved the whole complex higher.
But Ken, could this come to quite a swift end once Nord Stream 2 is operational and presumably the And the third question is also, well, a traditional one for me. It's me questioning your Full year guidance and if it's not still a bit conservative because if I take your Mark to market power price on the 2021 volumes, that's about €8 above the 2020 level. So on your own sensitivities, that would add €200,000,000 roughly less To EBITDA, you add to this the €170,000,000 from APG and you're already at the bottom of your guidance range. Now that's before we go to new renewable sales, gas, and like Austria. So if you could elaborate on that a bit, that would be very useful.
Yes. Sure. Now first of all, on commodities, You're absolutely right. We have seen a dramatic increase since the beginning of the year. In coal, we had approximately 40% in gas, 50% in CO2 certificates, 60% increase, all that obviously feeding into a very high power price.
When we look at the forward curves, they are all the coal, the gas forward curves Are all in backwardation. I think there's a good reason for that. And you have already mentioned To squeeze, I think you said on the gas side, you're absolutely right. As far as gas is concerned, We see a
number of
factors. We had very empty storages in Europe. We had LNG demand in Asia, so less LNG to keep prices honest in Europe. I don't want to comment on the export strategy of Russia, but that certainly has an impact as well. So we almost had a perfect storm as far as gas prices are concerned.
I can only give you my personal opinion. As always, when we're on those conference calls, I don't have a crystal ball. But I would agree with you that we could well see Commodity prices to come down. Is it going to be relatively soon? Or will it take time?
I don't know, but I think prices will come down. Now when you translate that into power prices, again, If you're the power price, all the stars are aligned because the marginal prices Of power stations that are still very important within the German power system, they depend on input factor coal or gas. Then of course, you add the very high CO2 price, and what you basically get is an extremely high power price. And the one thing that is probably going to remain relatively stable Simply because there is such a tremendous will on the political front is on the CO2 price. However, I still maintain my own theory that I think there is a lot of speculation in the CO2 price And it is not a pure function of the strategic needs of buyers.
We will also have and a number of people have already commented on that. We are going to have negotiations over the next 2 to 3 years on the new package, and we shall see How the interest of the European Union is going to play out against national interest. So that is something we need to observe very closely. The second point, Lille, in terms of power price changes. Now since our last Guidance, the power price moved up by approximately €4,000,000 The hedging The hedging has obviously increased, which is why the hedged Prices have gone up as well.
When we gave our last guidance or when we had our last conference call, we were at around 77%. Now we are at approximately 88%, 89% With the hedge level at 47.3 Now the interesting thing is that short term prices, which are not relevant for 2021, Super high. I mean, we are talking when we take the Austrian prices, we're talking around 90, which basically means that If we were able to price in the last remaining piece, which we haven't hedged yet at those short term prices, That will obviously move up our price for the full year 2021 to around 52, maybe Slightly more. You asked about 23, and You were surprised about the relatively small increase since our last conference call. I mean, we are yes, you're right.
It hasn't moved up dramatically because we as I said, we don't really Change our hedging policy short term as a result of momentum because over a long term period, we have realized that Keeping our hedging policy makes a lot of sense. If we just to give you an example, We had a very strong move in power prices, but there was a strong move towards 50 60. If we had accelerated at the time, I mean, strongly accelerated at the time, we would not have been able to take advantage of the very high power prices So it's a classic case of in hindsight, the optimization always works. But looking forward, we are just faced with huge volatility in power prices. So to sum up, in terms of what our hedging levels are per now, We are for 'twenty one, as I mentioned, we are 88%, 89% hedged.
For 'twenty two, we are slightly above 50% hedged. And for 'twenty three, we are 14% hedged. And we shall see where prices develop given As a discussion, we just had.
Okay. So thanks for that one. If I can just follow-up on the guidance. We'll just use the sensitivities you give. And then this means that For hydro, the EBITDA should increase by €200,000,000 You add to this an APG, and you're already at almost €1,300,000,000 That's before all the other divisions.
Is there something we should be aware of? Why It doesn't seem to be adding up with your current guidance range of 1.3 to 1.4 1 or rather, it seems rather conservative.
Yes. Well, we had when you look at the full year, We obviously have when we take the hydro coefficient, which we have year to date, And if we take 1 for the remaining of the year, we will be below the everything we know today, we will be below The hydro coefficient of 1, so there we lose on the volumes. With the grid, we are lower because of Control Energy. There is a possibility that the cost for Control Energy will continue to go up. But so far, we have reduced the grid by €10,000,000 There is some there is a little bit of potential That it could be slightly more than the €10,000,000 Then on the remaining power prices, we are not sure.
At the moment, we are at a very, very high level. But as I mentioned, there is a lot of volatility. So it could well be that the remaining 10% will not be hedged at the €90 or 80, €85, which I have mentioned, but that we see short term potentially slightly lower prices. On the flexibility products, we are slightly higher, but that is just the guidance. You know that there is always volatility on the flexibility products, particularly congestion management.
So as a result of that, we feel pretty comfortable with the guidance. The one thing I would like to mention at this point, which is something I said last at the last conference call, given The very large amount of projects, which we currently have in terms of hydrogen, In terms of, call it, digitalization and many other aspects where We're doing pilot projects. We're doing research where we need Other operating expenses and personnel for innovation and being prepared for all the aspects of the energy transformation, Our cost basis has gone up. Our OpEx has gone up. I mentioned EUR 40,000,000 to EUR 50,000,000 In the last conference call, well, that is a factor as well when you compare it to previous years.
Very clear. Thank you.
The next question received is from Theresa Schindwald of Raiffeisen International. Your line is now open, Ms. Schindwald. Please go ahead.
Yes, thank you. Good morning. I have 3 and a half questions, if I may. So the first one is a quick one. Maybe I have missed it, but could you give us the hydro level year to date, so that's the end of July?
The second one is on The headline figures for your CapEx plans. I'm aware that the one in the presentation is from last autumn, but now with Gasconnex Austria, Melaszou and the PV Corporation, some Idea about 20222023 CapEx would be nice. The third one is, Okay. I recently mentioned that in the new Renewables Expansion Act, the support for green hydrogen was And that could have been improved, especially when it comes to being it's being fed into the gas grades. Could you tell us a bit more about that?
And the last one is also more general one on pulp prices and operations. So The base peak spreads have declined for the summer months, increased, of course, for the winter months and other utilities, Like first have already said in the midterm, they're going to run their lignite plants rather only in winter than through the whole year. What's your view on that, please?
Yes. Okay. On the year to date, hydro, it's 0.96. On the CapEx, the key components, which will be added Is Lindbergh 3? The cost of Lindbergh 3 is approximately €480,000,000 But obviously, it will be distributed over a number of years.
So let's just say, to keep it simple, euros 100,000,000 per annum, which would be added to the existing plan. And on Gas Connect to Austria, The CapEx depends, and this is related to the first question which you have had. And that is a very important one, and that is a European one, and Austria plays a role in that. Green hydrogen is one of the favorite topics of European politicians. It is one of the favorite topics of the EU Commission.
And it is a wonderful topic because it's almost like A panacea for all the difficult questions you don't want to answer. So how about baseload? How is the energy transformation going to work when you take out coal and when you take out gas. How are you going to make The steel industry, the fertilizer industry, the chemical industry greener. And the answer is hydrogen.
It's always hydrogen, yes? And obviously, the problem is in the detail. And what we need in Europe, we need a framework, We need a regulation, and we need an incentive because a decentralized Hydrogen system will not work. We need to transport. And this is where Gasconic Austria We'll play a very, very important role within Europe because we are right there.
We are right in the middle. We have the pipelines coming up through Italy from Northern Africa. Everybody assumes that Northern Africa will be a production hub for hydrogen, and then it will be produced down there and connected to Italy. From Italy, it will go into Austria. Austria was sort of like then the core, and then it will be distributed from Baumgarten into the various parts of Europe.
But then people are also talking about Ukraine and they're saying, well, wait a second, We can't just rely on Northern Africa. The Ukraine is perfect for wind power, potentially for solar as well. We produce hydrogen in the Ukraine, and there we have very good gas pipelines, which could be turned into hydrogen pipelines to send hydrogen into Europe. Now the Ukraine pipeline ends up in our network as well In Gasconic Austria, and then again, it would be distributed further from Gasconic Austria into the rest of Europe. In order for that to take place, we need and we actually want to invest like all the other Transport operators in Europe into refitting our compressor stations, Possibly even next door existing gas lines, build new hydrogen lines Or refit existing gas lines into hydrogen.
That is CapEx, and that CapEx needs to be Properly incentivized through regulation, I. E, the basic assumption would be that you get a regulated return plus a premium Because hydrogen is obviously a top priority. But that is something that needs to be discussed on the European level, And that's very, very important that instead of just talking about how great hydrogen is, Sit down and do something, yes? Come up with the European regulation so that we are then, together with all the other gas transport Operator is able to properly invest into the grid. In terms of power prices, Well, there is incredibly difficult.
The reason why it is so difficult is because We have a lot of different factors, which have moved dramatically. And when you assume a regression to the mean, And when you assume that coal is going to normalize, gas is going to normalize and when possibly even CO2 Goes down a bit. You obviously have completely different power prices because the one thing we should never forget, we We will talk about the build out of renewables, but the build out of renewables is slower, particularly in Austria and Germany, As most people would expect, and I'm not even taking into consideration the huge amount of power Which you need for the hydrogen production, I'm only talking about meeting demand for new renewables, and nobody wants to talk about the bridge technology, which is Gas, because gas obviously is CO2 emitting, and People don't talk about the bridge technology, and that is one of the key issues. However, it will be important. And the more gas you have in the system, the less coal you have in the system, the price will be determined by gas.
If the gas prices come down, then of course, you will have lower power prices. But all that, Before we get there, there will be huge amounts of volatility, in my view.
Yes. So again, to the base peak spreads, sorry to bring it up again. So does the UC already an impact, especially when it comes to pumped storage, which is the Could benefit from higher volatility based tea spreads. But on
the other
hand, the spreads seem to Increased more seasonally, so even planting parts more seasonal products.
Yes. Prediction of the spread between Bayesian peak is a complex science. When you look back and when you look at predictions 5, 10, 15 years ago, almost everybody has been wrong. That is a very difficult prognosis because there are even more parameters which need to be considered. But when you assume A very strong build out of renewables.
It could well be then in combination with Storage and in combination with which technology that during the summertime When you have a lot of renewables in the market, the spread should be lower. And during the winter It should be higher.
Thank you very much. And also thank you for getting the power plants right that I had one. Thank you.
You're welcome.
Ladies and gentlemen, before we take the next And the next question received is from Anna Svynowska of Jefferies. Your line is now open, madam. Please go ahead.
Hi. It's Wanda Spervinauskas from Credit Suisse. Just one very quick question from me. On the regulatory surplus at the end of this year, what is your expectation? And has there been Any update on the repayment of the surplus?
Thanks a lot.
Van, the story. I had a very bad line of bad acoustics. Would you be so kind as to repeat the question?
Yes, sure. The question is on the regulatory surplus. What is your expectation for the end of this year? What will be the amount sitting in the regulatory surplus? And what should we expect in terms of the repayment of the surplus?
Yes. Well, my expectation for the end of the year in the regulatory account would be 2.70,000,000 and 2.75,000,000. That would be quite a reduction from The year end level, which was at 315,000,000, and we would like to decrease the regulatory account over the next 2 years by anything between €30,000,000 40,000,000 Obviously, that's something we would like to do. It always depends on the regulator. At the end of the day, he has the last word, but that is our plan.
Brilliant. Thanks a lot.
And we received a follow-up of Jules Schumacher from Societe Generale. Your line is now open again. Please go ahead.
Yes. Just a very quick follow-up. It's on Gasconnecht Austria. So on Slide 6, are you Saying that you expect €60,000,000 for the second half, so your full year contribution from PCA should be €69,000,000
No. The number For the entire period, since closing, would be somewhere between €560,000,000 on the EBITDA. And on the results, it would be around €10,000,000 And going forward, From 'twenty two onwards, an assumption for you and your models would be Approximately €100,000,000 on the EBITDA line and approximately €20,000,000 On the results line, obviously, when anything changes, we will update you on a regular basis.
Okay. So the on Slide 6, the guidance for 6% to 12%. Okay. That's the Excellent. Thank you.
Yes.
Exactly. As we receive no further questions, I hand back to Mr. For a month of closing remarks.
Well, thank you very much. As always, a very interesting discussion. We are in the middle of very interesting times. We have alluded On commodity prices that have moved up dramatically, so I think we will have a very interesting next two quarters. In the meantime, I wish you all a great summer, great summer holidays,
Ladies and gentlemen, thank you for your attendance. This call is being concluded. You may disconnect.