DGAP-News: EVN AG: Business development Q. 1-3 2011/12
(firmenpresse) - DGAP-News: EVN AG / Key word(s): Quarter Results/Quarter Results
EVN AG: Business development Q. 1-3 2011/12
30.08.2012 / 08:00
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* Expansion of wind power capacity in Lower Austria and Bulgaria by about
38%, to 190 MW
* Start-up of Schaldorf small-scale hydropower plant, Austria (1 MW) and
start of the trail operations of the first part of the Ashta hydropower
plant in Albania (25 MW)
* Expansion of biomass capacity in the home market; with more than 60
plants EVN is the largest producer of natural heat in Austria
* Start-up of cogeneration plant in Plovdiv, Bulgaria
* Market entrance in Prague (CZ) and Serbia in the environmental services
business
* Refinancing syndicated revolving credit facility of EUR 500.0m
* Outlook 2011/12: Group net profit is expected to be at the same level of
the previous year
EURm Q. 1-3 2011/12 Change in %
Revenue 2,256.8 +4.3
EBITDA 416.2 +5.5
Results from operating
activities (EBIT) 226.1 +6.1
Group net profit 222.8 +7.5
Energy sector development
In the first three quarters of 2011/12 (October 1st, 2011 - June 30th,
2012), the valid forward prices for base and peak load electricity rose.
The prices for CO2 certificates were almost cut in half during the
reporting period. The average price for crude oil (Brent) was above the
prior-year level. The natural gas prices for Austria, which are largely
linked to the crude oil price, were higher than in the previous year
despite the natural gas price revision between Gazprom and EconGas. The
European spot market prices for base and peak load electricity were below
the prior-year level, in spite of the ongoing high level of primary energy
prices. This is mainly attributable to the higher contribution of renewable
energy sources in the overall electricity generation mix and the
cyclically-related decline in demand for electricity.
Weather-related revenue development
EVN generated total revenue of EUR 2,256.8m, a rise of 4.3% from the
previous year. In the energy business the cold weather and the slight
increase of end customer prices in South Eastern Europe positively
influenced the revenue development. Stable revenue was achieved in the
environmental services business.
Higher EBITDA and improvement of operating results (EBIT)
Despite the increase of operating expenses by 4.0% due to higher
procurement costs especially for electricity, EVN's EBITDA of EUR 416.2m
was up 5.5% compared to the prior year. EBIT improved by 6.1%, to
EUR 226.1m despite an impairment loss on the biomass pilot plant in
Dürnrohr of EUR 8.0m and the Kavarna wind park in Bulgaria at the amount of
EUR 9.8m.
Higher financial results and Group net profit
The financial results improved by 5.9%, to EUR 65.6m. This is mainly due to
the higher income from investments in equity accounted investees. In
contrast, the higher interest expense and the lower interest income had a
negative impact. Taking account of the slightly lower income tax, the
profit for the period after income tax expense totalled EUR 252.7m, up
7.5%. The Group net profit improved by 7.5%, to EUR 222.8m.
Lower cash flow from operating results Stable capital structure despite
lower equity ratio and higher gearing
In the first three quaters of 2011/12, the gross cash flow amounted to EUR
445.0m, an increase of 4.3% compared to prior-year period. The net cash
flow from operating activities was down by 40.9%, to EUR 275.3m, which can
be attributed to a stronger rise in working capital compared to the
previous year.
At EUR 6,894.7m, EVN's total assets rose slightly by 0.4% compared to the
balance sheet date at September 30th, 2011. Higher valuation of investments
in equity accounted investees in the non-current assets and higher
receivables in the energy business in the current assets were in contrast
to lower valuation of other investments in the non-current assets. Equity
amounted to EUR 3,120.4m in the reporting period, a drop of 1.7%. The
equity ratio of 45.3% decreased slightly compared to the level of the last
balance sheet date. The net debt of EUR 1,739.3m corresponds to a gearing
ratio of 55.7%.
Expansion of environmental friendly power production capacities in focus
In the first three quarters of 2011/12, the investment focus was on the
expansion of the power generation capacities from renewable energy sources.
A total of 22 new wind turbines produce in wind parks Tattendorf,
Pöttelsdorf, Glinzendorf and Markgrafneusiedl environmental friendly
electricity. In April 2012, the small-scale hydropower plant in Schaldorf
at the River Mürz was put into operation. In May 2012 EVN and the Federal
Province of Lower Austria launched the first public participation model for
a photovoltaic plant in Zwentendorf. In the reporting period EVN opened and
constructed several biomass heating plants. Operating now over 60 biomass
plants in Lower Austria, EVN is the largest producer of natural heat in
Austria.
Since January 2012 a new cogeneration plant in Plovdiv, Bulgaria has
produced energy and heat. At the end of June 2012, the Kavarna wind park in
Bulgaria with a total capacity of 16 MW came on stream. So the capacities
in South Eastern Europe contributed around 10% to EVN's energy production
in the reporting period. In Albania trail operations of the first part of
the Ashta hydropower plant started in the third quarter of 2011/12.
Outlook
Following the first three quarters of 2011/12, we confirm our outlook for
the entire 2011/12 financial year. From today's perspective, we expect the
results from operating activities as a whole basically to match the
previous year's performance in spite of the difficult and continuing
uncertain overall economic and energy industry situation. On balance, the
Group net profit is thus expected to be at the same level as in the
prior-year.
EVN's Letter to Shareholders Q. 1-3 2011/12 is available at
www.investor.evn.at.
End of Corporate News
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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
Indices: ATX
Listed: Foreign Exchange(s) Wien (Amtlicher Handel / OfficialMarket)
End of News DGAP News-Service
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183331 30.08.2012
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