EQS-News

EVN AG: Business development in the first quarter of 2023/24 - Seite 2

Other operating income rose by 17.9% to EUR 35.0m.

In line with the development of sales volumes and revenue, the cost of energy purchases from third parties and primary energy expenses fell by 29.3% to EUR 391.3m. This reduction resulted chiefly from the decline in wholesale prices in South East Europe and lower primary energy costs for electricity and heat generation.

The cost of materials and services fell by 29.9% to EUR 127.7m consistent with the development of revenue in the international project business.

Personnel expenses, in contrast, rose by 16.8% year-on-year to EUR 111.8m. The primary reasons were an increase in the workforce and adjustments required by collective bargaining agreements.

Other operating expenses were 56.9% higher at EUR 74.9m. This position includes the Energy Crisis Contribution levy on electricity, which equalled EUR 10.6m in the first quarter of 2023/24 (previous year: EUR 7.0m, first charged in December 2022).

The share of results from equity accounted investees with operational nature, which was massively influenced in the previous year by negative developments at the energy supply company EVN KG, turned clearly positive at EUR 47.4m in the first quarter of 2023/24 (previous year: EUR –43.2m). In addition to the earnings improvement at EVN KG, higher contributions were also received from Burgenland Energie and Verbund Innkraftwerke.

Based on these developments, EBITDA recorded by the EVN Group rose by 1.4% year-on-year to EUR 285.7m in the first quarter of 2023/24.

The higher pace of investments led to an increase of 5.2% in scheduled depreciation and amortisation to EUR 84.8m. In total, EBIT was 0.3% below the previous year at EUR 200.5m.

Financial results totalled EUR –11.9m (previous year: EUR –10.2m), whereby the increase in interest expense was moderated by better performance of the R138 fund and EVN’s cash fund.

The result before income tax declined slightly by 1.2% to EUR 188.7m. After the deduction of EUR 35.3m in income tax expense (previous year: EUR 36.2m) and the earnings attributable to non-controlling interests, Group net result for the period equalled EUR 143.8m. That represents a year-on-year reduction of 3.7%.