DGAP-News: EVN AG: Development of business in the 1st quarter 2010/11
(firmenpresse) - DGAP-News: EVN AG / Key word(s): Quarter Results/Quarter Results
EVN AG: Development of business in the 1st quarter 2010/11
24.02.2011 / 08:00
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(October 1, 2010 - December 31, 2010)>Successful conclusion of capital increase; Net proceeds of EUR 175.5m>Burkhard Hofer elected as Chairman of the Supervisory Board;
Peter Layr named Spokesman of the Executive Board;
Stefan Szyszkowitz appointed as Member of the Executive Board>EVN subscribed to new shares in VERBUND AG capital increase together
with its syndicate partner Wiener Stadtwerke Holding AG>Increase of payout ratio to about 35%>Group net profit for 2010/11 expected slightly below the prior-year
level
Q. 1 2010/11
EURm Change in %
Revenue 802.2 +4.3
EBITDA 158.4 +0.8
EBIT 104.1 +9.4
Group net profit 87.9 +18.6
Compared to the same period in the previous year, the energy sector
environment in the first quarter of 2010/11 (October 1, 2010 - December 31,
2010) was characterised by cold weather conditions in Austria as well as
Bulgaria and Macedonia. As a result of the economic recovery primary energy
and wholesale electricity prices as well as the costs of CO2 emission
certificates remained above the previous year's level. However, forward
prices for electricity were significantly below the prevailing prices in
the preceding year due to continuing uncertain economic outlook.
Revenue shaped by the positive development in the Environmental Services
segment
In the first quarter of 2010/11, EVN achieved an increase in revenue of EUR
33.0m, or 4.3%, to EUR 802.2m. The main reason for this upward trend was
the positive development in the Environmental Services segment, mainly
based on higher volumes in the international project business and the
coming on stream of the Line 3 of the waste incineration plant in Dürnrohr,
as well as higher revenue in the Network Infrastructure Austria and Energy
Trade and Supply segments. This was in contrast to a decline in the
Generation and Energy Supply South East Europe segments, which can be
primarily attributed to a changed presentation of revenue in Bulgaria.
Significant earnings improvement
Business development in the first quarter 2010/11 was characterized by
higher sales volumes in the light of a slight reduction in the item
electricity purchases and primary energy expenses as well as decreased
personnel expenses On the other hand the item costs of materials and
services as a result of new projects in the Environmental Services segment
increased markedly. Based on these developments EBITDA rose by EUR 1.3m, or
0.8%, to EUR 158.4m. Due to a decline of depreciation and amortisation
results from operating activities (EBIT) increased by EUR 8.9m, or 9.4%, to
EUR 104.1m. Supported by the growth in income from investments in equity
accounted investees, the financial results improved by EUR 12.6m to EUR
16.2m. The Group net profit rose by EUR 13.8m, or 18.6%, to EUR 87.9m
compared to the prior-year level, resulting in earnings per share of EUR
0.51 (previous year: EUR 0.45).
Successful conclusion of capital increase
On October 27, 2010, the Executive Board of EVN AG resolved, with the
approval of the Supervisory Board, to carry out a capital increase from
authorized capital through the issuance of 16,352,582 new ordinary no-par
value bearer shares at a subscription ratio of 10:1. The implementation of
the capital increase raised EVN's share capital from EUR 300.0m by 10.0% to
EUR 330.0m. The subscription price was set at EUR 11.00 per share, and the
subscription period for shareholders lasted between October 29, 2010 and
November 12, 2010. Net proceeds from the capital increase amounted to EUR
175.5m, which is designed to strengthen the balance sheet and support the
credit ratings of EVN, as well as to finance investments in renewable
energy projects in Lower Austria and the expansion of hydropower energy
capacities in other regions of Austria and in neighbouring countries.
As a result of the capital increase there was a change in the shareholder
structure of EVN AG. The majority shareholder NÖLandes-Beteiligungsholding
GmbH continues to hold a 51.0% stake in EVN AG. The stake owned by the
second largest shareholder, EnBW Energie Baden-Württemberg AG, was diluted
from 35.7% to 32.5%. The remaining 16.5% is in free float.
Dividend payment
In the 82nd Annual General Meeting held on January 20, 2011, it was
resolved to distribute a dividend of EUR 0.40 per share or EUR 71.8m to the
shareholders of EVN AG for the 2009/10 financial year. Ex-dividend day was
January 25, 2011, and the dividend payment to shareholders took place on
January 28, 2011.
Outlook
From today's perspective and considering EVN's performance in the first
quarter of 2010/11, we expect EVN's results from operating activities for
2010/11 should be comparable to the prior-year performance, despite the
ongoing uncertain overall business and energy sector environment, rising
primary energy prices and continuing lower wholesale prices on forward
markets in the electricity segment. Group net profit, however, may remain
slightly under the prior-year level.
The complete Letter to Shareholders Q. 1 2010/11 is available at
www.investor.evn.at.
End of Corporate News
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Language: English
Company: EVN AG
EVN Platz
2344 Maria EnzersdorfÖsterreich
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
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113244 24.02.2011
Datum: 24.02.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 33293
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