DGAP-News: EVN AG: Business development Q. 1-3 2011
(firmenpresse) - DGAP-News: EVN AG / Key word(s): Quarter Results/Quarter Results
EVN AG: Business development Q. 1-3 2011
25.08.2011 / 08:00
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(October 1, 2010 - June 30, 2011)
*Cold winter in Austria once again
*Focus on the expansion of renewable energy in Lower Austria and abroad
*Opening of EVN's largest photovoltaic plant in Trastikovo, Bulgaria
*Acquisition of a 13% stake in VERBUND Innkraftwerke GmbH
*Ground-breaking ceremony for the expansion of the gas network in Zadar,
Croatia
*Outlook 2010/11: results from operating activities at the prior-year
level, Group net profit below the previous year
EURm Q. 1-3 2010/11 Change in %
Revenue 2,163.6 -0.9
EBITDA 394.4 +7.9
Results from operating
activities (EBIT) 213.2 +9.8
Group net profit 207.2 +1.2
In the first three quarters of the 2010/11 financial year (October 1, 2010
- June 30, 2011), European wholesale prices for electricity as well as
prices for CO?emission certificates were above the prior-year levels,
primarily as a consequence of the positive economic development and the
rise in primary energy prices. In the third quarter of the financial year
2010/11, this development was mainly driven by the nuclear catastrophe in
Japan and the unrest in North Africa. Primary energy prices were
significantly higher than in the previous year due to ongoing strong demand
in Asia. The valid forward prices for electricity in the reporting period
remained below the prior-year level but were on the rise.
Despite decline in the energy business, EVN achieves stable revenue level
based on considerable expansion in the environmental services business
In the first three quarters of 2010/11, EVN generated total revenue of EUR
2,163.6m, a drop of 0.9% from the comparable period of 2009/10. On the one
hand, the positive effect of higher energy sales based on a colder winter
compared to the long-term average along with the network tariff increases
for gas in Austria were in contrast to the changed reporting of revenue in
Bulgaria. On the other hand, EVN posted a significant increase in revenue
in the environmental services business.
Slight improvement in the operating results
Despite higher sales volumes for electricity and heating and increased
procurement costs for gas and in South East Europe, costs for 'Electricity
purchases and primary energy expenses' decreased due to the slightly lower
electricity procurement costs in Austria and the changed reporting of this
item in Bulgaria. The considerable increase in the international
environmental project business led to a rise in the cost of materials and
services. Furthermore, personnel expenses and other operating expenses
declined during the period under review. On balance, in the light of an
almost constant revenue situation, these developments led to an EBITDA
increase of 7.9%, to EUR 394.4m. Taking account of the 5.6% rise in
depreciation and amortisation compared to the previous year, the results
from operating activities (EBIT) in the first three quarters of 2010/11
climbed 9.8%, to EUR 213.2m.
Group net profit slightly above the prior-year level
The financial results in the first three quarters fell by 14.1%. The higher
income from investments in equity accounted investees, especially RAG, was
in contrast to the declining gain from other investments, mainly as a
consequence of the lower dividend distributed by VERBUND AG. The net
interest income and other financial results were also down during the
reporting period. After deducting the 16.5% lower income tax and the higher
share of profit assigned to non-controlling interests, the Group net profit
amounted to EUR 207.2m, up 1.2% from the prior-year.
Stable liquidity and sustainable balance sheet structure
The gross cash flow in the first three quarters of 2010/11 amounted to EUR
426.6m, a rise of 1.0% from the previous year. The net cash from operating
activities could be significantly increased by EUR 151.2m to
EUR 465.7m thanks to the decline in working capital. Total assets rose by
8.4% from the last balance sheet date on September 30, 2010, to EUR
7,298.6m. Equity also increased by 15.3% from the balance sheet date to EUR
3,488.1m. The equity ratio at the quarterly reporting date was 47.8%. In
the light of the net debt totaling EUR 1,249.5m, gearing at June 30, 2011
was 35.8%, thus considerably below the prior-year level of 47.2% on June
30, 2010.
Focus on the expansion of renewable energies in Lower Austria and abroad
EVN's activities in the field of renewable energy are in line with the
realignment of policies being pursued in the global energy sector following
the devastating catastrophe in Japan and the decision to phase out nuclear
energy in Germany. In order to achieve the objective of generating 50% of
total energy production from renewable energy sources, EVN will invest up
to EUR 800.0m in various projects by the year 2020. In July 2011, EVN
acquired a 13.0% stake in the 13 power plants along the Inn River operated
by VERBUND Innkraftwerke GmbH. July 2011 also marked the opening of the
revitalised Schütt small-scale hydropower plant. Since July 2011, the
Markgrafneusiedl wind park has been feeding environmental-friendly energy
into the grid. The wind park in Tattendorf is scheduled for completion in
the late autumn of 2011. With the coming on stream of EVN's largest
photovoltaic plant in Trastikovo, Bulgaria, in July 2011, EVN also expanded
its share of renewable energy within its power generation mix. EVN acquired
a stake in the 'Gorna Arda' project company, also in Bulgaria and in July
2011, which will pursue a hydropower plant project.
Outlook
Following the first three quarters, we confirm our outlook for the entire
2010/11 financial year. We expect results from operating activities to
match the previous year's performance, whereas the Group net profit for
2010/11 as a whole will likely be below the comparable prior-year figure.
The complete Letter to Shareholders Q. 1-3 2010/11 is available on the
company's website 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
Listed: ForeignExchange(s) Wien (Amtlicher Handel / Official
Market)
End of News DGAP News-Service
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136855 25.08.2011
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