Verbund To Receive Difference Payment Of Around EUR400 Million In 2Q2013

VIENNA--Austrian utility Verbund AG (VER.VI) will record a one-time payment of around EUR400 million in the second quarter of 2013, the company said Wednesday upon announcing the closure of an asset swap deal with its German peer E.ON SE (EOAN.XE).

MAIN FACTS:

-The asset swap between Verbund and E.ON was signed on December 3, 2012 and closed April 24, 2013.

-The transaction results in a non-recurring effect in Verbund's consolidated financial statements, namely, a difference payment of around EUR400million, expected to be booked in the second quarter of 2013.

-As part of the transaction, Verbund is selling its 50% interest in the Turkish company Enerjisa Enerji A.S. to E.ON and in return is acquiring E.ON's shares in eight run-of-river power plants in Germany with a proportionate annual generation of more than 2 terawatt hours.

-The power plants will be 100% owned by Verbund after the transaction.

-In addition, Verbund will repurchase just over 20% of the capacity of the Zemm-Ziller power plant group.

 
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