DGAP-News: EVN AG: Business development in the 1st Quarter 2011/12
(firmenpresse) - DGAP-News: EVN AG / Key word(s): Quarter Results/Quarter Results
EVN AG: Business development in the 1st Quarter 2011/12
28.02.2012 / 08:00
---------------------------------------------------------------------
(October 1st, 2011 - December 31st, 2011)
*Investment focus on wind energy in Lower Austria - Capacity increase by
15.0% to 163 MW; supply of clean energy for 100,000 households
*Start of construction for a biomass district heating plant in Steyr, Upper
Austria
*Completion of the first construction stage of the natural gas transport
pipeline 'Westschiene'
*EVN acquired additional shareholdings in its two Bulgarian subsidiaries
and holds currently more than 99%
*Market entry into the environmental services business in the Czech
Republic. EVN was awarded the contract to expand and modernise the
wastewater
treatment plant in Prague. EVN operates in 21 countries
*EVN issued a new bond to the value of EUR 300.0m with a term to maturity
of 10.5 years and a fixed coupon of 4.25%
*Outlook for 2011/12: Operating result and Group net profit at the
prior-year level
Q1 Change
EURm 2011/12 in %
Revenue 829.7 +3.4
EBITDA 167.6 +5.8
Results from operating
activities (EBIT) 104.7 +0.7
Group net profit 89.5 +1.8
In the first quarter of 2011/12 (October 1st, 2011 - December 31st, 2011),
European spot market prices for base load and peak load electricity were
below the prior-year level, in spite of the significant rise in primary
energy prices. This is mainly attributable to the economic slowdown as well
as the higher contribution of renewable energy sources in the overall
electricity generation mix. In contrast, the valid forward prices for base
load and peak load electricity rose. The prices for CO2 certificates fell
considerably below the prior-year level, amounting to EUR 9.8 per ton. The
average price for crude oil (Brent), which is considered to be the
benchmark for Europe, was above the prior-year level. This is mainly due to
the continuing strong demand in Asia as well as the ongoing conflict
between Iran and the Western industrialised nations. The natural gas
prices, which are largely linked to the crude oil price, were 32.7% higher
than in the previous year, and the price for coal increased by 10.1%.
Weather-related revenue development
EVN generated total revenue of EUR 829.7m, a rise of 3.4% from the previous
year. In the energy business the cold weather and the slight increase of
end customer prices in South East Europe positively influenced the revenue
development. In the environmental services business there was a revenue
decline.
EBITDA improvement and stable operating result (EBIT)
The positive revenue development was reflected in Group EBITDA despite
higher costs for electricity purchases and primary energy expenses due to a
10.8% reduction in the cost of materials and services. EBITDA improved by
5.8% to EUR 167.6m. The results from operating activities featured an
impairment loss of EUR 8.0m for the biomass pilot plant in Dürnrohr and
thus amounted to EUR 104.7m, about the same level as in the previous year.
Higher financial results and stable group net profit
The financial results improved by 6.6% to EUR 17.3m. In this case, the
higher income from investments in equity accounted investees, especially
from EconGas and BEWAG, were in contrast to the higher interest expense and
lower interest income. The rise of the interest expense resulted, amongst
other factors, from EVN's issuing of a EUR 300.0m corporate bond in October
2011, whereas the existing Eurobond was first redeemed in December 2011.
The profit for the period was up 6.0%, to EUR 101.9m. However, this rise
was not reflected in the Group net profit, due to the fact that the profit
attributable to non-controlling interests rose
as a consequence of the higher earnings contribution from South East
Europe. Thus the Group net profit increased by 1.8% to EUR 89.5m.
Weather-related decrease of net cash flow from operating results
Stable and high equity ratio
In the reporting period the gross cash flow totalled EUR 149.5m, a rise of
6.8% from the prior-year level. The net cash flow from operating activities
was down by 69.2% to EUR 25.9m, which can be attributed to the higher rise
in working capital compared to the prior-year quarter as a result of the
cold weather conditions.
At EUR 6,985.0m, EVN's total assets rose were up 1.7% from the last balance
sheet date September 30th, 2011. This development was mainly related to an
increase in the valuation of the investments in equity accounted investees.
Equity was up 1.0%, to EUR 3,206.5m, corresponding to an equity ratio of
45.9%. Net debt was EUR 1,724.4m as at December 31st, 2011, representing a
gearing ratio of 53.8%.
Investment focus on wind energy in Lower Austria
EVN increased its total output capacity by 15.0% to 163 MW through several
projects and supplies now renewable energy to around 100,000 households.
Since November 2011 the Tattendorf wind park with eight wind turbines and a
total capacity of 16 MW has been feeding electricity into the grid. As of
January 2012, EVN also purchased an existing wind park in Pöttelsdorf with
four wind turbines and a total capacity of 9.2 MW. During the period under
review, EVN together with Wien Energie initiated the implementation of a
new wind park project in Glinzendorf with an output of 18 MW, which is
scheduled to come on stream in August 2012.
Outlook
Following the first quarter of 2011/12, it is expected that the results
from operating activities for 2011/12 matches the previous year's
performance in spite of the difficult and continuing uncertain overall
economic and energy sector environment. The Group net profit is also
anticipated to be at the same level as in the prior year.
EVN's Letter to Shareholders Q. 1 2011/12 is available at
www.investor.evn.at.
End of Corporate News
---------------------------------------------------------------------
28.02.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: EVN AG
EVN Platz
2344 Maria Enzersdorf
Austria
Phone: +43-2236-200-12294
Fax: +43-2236-200-82294
E-mail: info(at)evn.at
Internet: www.evn.at
ISIN: AT0000741053
WKN: 074105
Listed: Foreign Exchange(s) Wien (Amtlicher Handel / Official
Market)
End of News DGAP News-Service
---------------------------------------------------------------------
158242 28.02.2012
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: EquityStory
" alt="Riverstone Appoints New Vice President - Engineering
Datum: 28.02.2012 - 08:00 Uhr
Sprache: Deutsch
News-ID 119166
Anzahl Zeichen: 6153
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 272 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: EVN AG: Business development in the 1st Quarter 2011/12"
steht unter der journalistisch-redaktionellen Verantwortung von
EVN AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
