DGAP-News

EVN AG: Business development in the 1st Half-year 2012/13 - Seite 2

resulted from the scheduled completion of projects in the prior year. The
energy business was characterised by contrary developments. The price
increases in South Eastern Europe in 2012 and higher heating revenue in
Austria had a positive effect on Group revenue. This was offset in part by
lower sales volumes of marketed natural gas, a reduction in electricity
prices in Austria during the previous year and a decline in sales to end
customers in South Eastern Europe. In addition, revenue for the first half
of the previous year included first facility GmbH, a company that was
subsequently sold.


Results from operating activities (EBIT) slightly below the previous year;
Group net profit burdened by negative financial results

Within the EBITDA there were contrary developments. The other operating
income rose due to higher level of inventories. The cost of materials and
services declined due to the scheduled completion of projects in the
international project business in the previous year. Negatively for the
EBITDA were higher expenditures for energy and higher other operating
expenses. Depreciation and amortisation fell below the previous year. The
above factors led to an EBITDA-decline of 2.7% to EUR 330.2m and an
EBIT-decrease of 1.9% to EUR 212.1m.

Financial results fell from EUR 65.4m to EUR -17.2m owing to several
effects. The negative earnings contribution of EUR 20.4m from EconGas that
was recognised in the first quarter of 2012/13 led to a year-on-year
difference of EUR 32.2m in financial results. In addition, the sale of the
investment held by EVN AG in Devoll Hydropower ShA was responsible for a
one-time negative effect of EUR 27.5m. The negative earnings contribution
of EUR 22.5m from WEEV Beteiligungs GmbH resulted from a valuation-related
impairment charge to the Verbund shares held by WEEV, which was recognised
to reflect a significant and lasting decline in the price of these shares
below their cost.
Group net profit for the first half of 2012/13 totalled EUR 131.5m and was
EUR 81.4m, or 38.2%, lower than the comparable prior-year period.


Positive cash flow development, stable equity, higher gearing

Gross cash flow rose by 46.7%, to EUR 379.1m for the first half of 2012/13,
despite the decline in profit before income tax. This increase was
supported, above all, by a dividend payment from RAG and an increase in
non-current provisions. The increase in the net cash flow from operating
activities was lowered by higher income tax payments. Working capital
developed stable. EVN's balance sheet total equalled EUR 7,064.7m as of