DGAP-News

EVN AG: Business development in the first quarter of 2020/21 - Seite 2

EBIT and Group net result above previous year
Revenue recorded by the EVN Group rose by 4.8% year-on-year to EUR 604.1m in the first quarter of 2020/21. This increase was supported, above all, by the international project business and, in this connection, the wastewater treatment plant project in Kuwait which started in summer 2020. Weather conditions were also reflected in slightly higher network sales in all three core markets. Contrary factors were lower effects from the valuation of hedges for electricity generation and a decline in revenue from natural gas trading.

The increase in other operating income to EUR 137.8m (previous year: EUR 20.3m) is primarily attributable to a non-recurring effect from the takeover of an additional electricity procurement right. The cost of electricity purchases from third parties and primary energy expenses fell by 7.9% to EUR 242.2m in line with the decline in revenue from natural gas trading.

Developments in the international project business were responsible for an increase of 74.8% in the cost of materials and services to EUR 115.1m.

Personnel expenses were 2.8% higher year-on-year at EUR 87.7m. In addition to adjustments required by collective bargaining agreements, this increase resulted, among others, from additional hiring for the wastewater treatment plant project in Kuwait. The average number of employees equalled 7,152 in the first quarter of 2020/21 (previous year: 7,015 employees).

The share of results from equity accounted investees with operational nature amounted to EUR 60.2m (previous year: EUR 29.1m). This year-on-year increase was based primarily on an improvement in operating earnings and valuation effects from hedges held by EVN KG.

EBITDA recorded by the EVN Group totalled EUR 333.8m in the first quarter of 2020/21, which represents an increase of 75.1% over the previous year. Scheduled depreciation and amortisation rose by 18.3% to EUR 84.8m, chiefly due to the high level of investment. In connection with the above-mentioned takeover of an additional electricity procurement right, an impairment loss of EUR 113.1m was recognised to a thermal power plant. In total EBIT increased by 14.4% to EUR 135.9m.