EQS-News

EVN AG: Business development in the first quarter of 2023/24

EQS-News: EVN AG / Key word(s): Quarter Results EVN AG: Business development in the first quarter of 2023/24 29.02.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Highlights

• Stable business development due to EVN’s diversified business model
• Substantial progress in expansion of renewable generation: commissioning of two further wind parks
• Increase in renewable generation to 81.8%
• Transformation of the energy system as a growth perspective: investments nearly 20% above previous year
• Construction proceeding as scheduled on the second section of the cross-regional drinking water transport pipeline between Krems and Zwettl
• Construction of the seventh natural filter plant in Obersulz, commissioning planned for spring 2024
• New Chief Technology Officer Stefan Stallinger and Chief Financial Officer Alexandra Wittmann appointed by the Supervisory Board
• Dividend policy for the current financial year confirmed: distribution of at least EUR 0.82 per share

 

Energy sector environment

The temperature-related energy demand in the first quarter of 2023/24 was substantially below the long-term average in all three markets; above the previous year in North Macedonia, but lower in Austria. The reporting period was characterised by a gradual decline in wholesale prices for electricity and energy carriers. The current trends in consumer behaviour continued with a focus on energy savings measures and increasing own generation from customer-operated photovoltaic equipment.

 

Decline in revenue and Group net result, EBITDA slightly above previous year’s level

Revenue recorded by the EVN Group fell by 22.6% to EUR 909.1m in the first quarter of 2023/24. The primary reasons for this negative development were the valuation effects from hedges which followed the downward trend in wholesale prices as well as the reduced use of the Theiss power plant for network stabilisation. In South East Europe, the decline in revenue resulted chiefly from a drop in electricity prices and lower energy sales volumes in Bulgaria. The international project business also reported a decrease in revenue due to the largely completed wastewater treatment plant in Kuwait. The decline in revenue was offset in part by an increase in renewable production, higher revenues from natural gas trading and higher network tariffs.