DGAP-News

EVN AG: Business development in the 2013/14 financial year

DGAP-News: EVN AG / Key word(s): Final Results
EVN AG: Business development in the 2013/14 financial year

11.12.2014 / 08:00

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Business development in the 2013/14 financial year
(1 October 2013 - 30 September 2014)

Highlights

- Energy sales reduced by mild winter
- Weather-related decline in generation from windpower and hydropower
- Earnings influenced by negative one-off effects from impairments
- in the generation segment in Austria and Germany,
- in Bulgaria and Macedonia, and
- of environmental services projects in Moscow.
- Reduction of energy prices for electricity by 10% for an average Lower
Austrian household customer as of 1 October 2014 and introduction of a
bonus point programme.
- Investment of 1 billion euros into security of supply as well as
renewable energy in Lower Austria in the coming four years.

Key figures

Revenue: EUR 1,974.8m (Change: -6.2%)
EBITDA: EUR 184.1m (Change: -65.9%)
Results from operating activities (EBIT): EUR 341.4m
Group net result: EUR -299.0m
Cash flow from operating activities: EUR 546.0m (Change: -4.2%)
Dividend per share: EUR 0.42 (Proposal to the Annual General Meeting)
Dividend yield: 4.1%

Energy sector environment

The reporting year was characterised by an unusually mild winter in 2013/14
throughout EVN's entire supply region with temperatures that were
substantially higher than in the previously warm winter season.
Consequently, the heating degree total, which is used to determine energy
requirements for comparative purposes, was lower than the prior year in all
of EVN's supply areas: the year-on-year decline equalled 20.6 percentage
points in Austria, 7.6 percentage points in Bulgaria and 5.7 percentage
points in Macedonia.

A reduction in the auction volume for CO2 emission certificates by the
European Union stabilised prices in year-on-year comparison, but the prices
for these certificates remain at a very low level. The reporting year also
brought a further decline in forward and spot market prices on the European
electricity exchanges. This trend is not expected to reverse over the short
or medium term because of the current supply overhang, which is a direct
result of the weak global economic development and the continued expansion
of electricity generation from renewable sources.

Negative Group net result due to one-off effects from impairments

Revenue recorded by the EVN Group fell by 6.2%, to EUR 1,974.8m in 2013/14.