DGAP-News

EVN AG: Business development in the first quarter of the 2014/15 financial year

DGAP-News: EVN AG / Key word(s): Quarter Results
EVN AG: Business development in the first quarter of the 2014/15
financial year

26.02.2015 / 08:00

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Business development in the first quarter of the 2014/15 financial year
(1 October 2014 - 31 December 2014)

Highlights

* Group net result exceeds first quarter of previous year
* Increase in electricity generation based on the expansion of renewable
energy production and full operations in the Duisburg-Walsum power plant
* Reduction of energy prices for electricity by 10% for an average
Lower Austrian household customer as of 1 October 2014
* Investment offensive: 1 billion euros into security of supply as well as
renewable energy in Lower Austria in the coming four years
* Sale of sodium hypochlorite plant to the Moscow city water supply and
wastewater disposal company
* Outlook 2014/15: Group net result expected to exceed 2012/13

Key figures

* Revenue: +8.7% to EUR 599.9m
* EBITDA: +32.3% to EUR 184.8m
* Results from operating activities (EBIT): +53.5% to EUR 121.2m
* Group net result: +66.1% to EUR 73.1m
* Cash flow from operating activities: -50.4% to EUR 92.4m
* Net debt: EUR 1,352.5m (30.09.2014: EUR 1,622.4m)

Energy sector environment

The first quarter of the 2014/15 financial year brought an increase in
temperatures in Austria to a level that was significantly higher than the
previous year and also above the long-term average. The warm weather was
responsible for an 11.5% drop in the heating degree total compared with the
previous year. South Eastern Europe saw different developments during the
reporting period: the heating degree total in Macedonia was 6.8% below the
prior year, while Bulgaria recorded an increase of 2.5%.

The continuing expansion of renewable energy generation capacity in Austria
and Germany as well as the lower price of coal and - despite the recent
increase - the still low price for CO2 emission certificates led to a
further drop in the forward and spot market prices for base load and peak
load electricity during the first quarter of 2014/15.

Increase in Group net result

The EVN Group generated revenue of EUR 599.9m in the first quarter of
2014/15, which represents an increase of 8.2%, over the comparable prior