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DGAP-News: EVN AG / Key word(s): Half Year Results
- Positive business development supports improvement in revenue, EBIT and Group net result
- Weather-related higher energy demand in Austria, Bulgaria and North Macedonia
- 376 MW of installed wind power capacity as of 31 March 2021
- Construction on a biomass combined heat and power plant in Krems; green electricity for 15,000 households and natural heat for up to 30,000 households
- Commissioning of the fifth natural filter plant in Petronell-Carnuntum scheduled for winter 2021/22
- New general contractor assignment for the modernisation of a drinking water treatment plant in Romania
- EVN returns to the ATX
- Revenue: +7.6% to EUR 1,284.8m
- EBIT: +10.3% to EUR 254.5m
- Group net result: +15.3% to EUR 176.0m
- Net debt: EUR 929.9m (30 September 2020: EUR 1,037.7m)
Energy sector environment
Revenue, EBIT and Group net result above previous year
Other operating income rose to EUR 165.5m (previous year: EUR 41.9m), primarily owing to the effects from the takeover of an additional electricity procurement right. The cost of electricity purchases from third parties and primary energy expenses increased by 2.4% to EUR 568.7m, while a decline in revenue from natural gas trading led to a reduction of the related costs.
Developments in the international project business were responsible for an increase of 81.4% in the cost of materials and services to EUR 240.8m. Personnel expenses were 4.1% higher year-on-year at EUR 176.9m. In addition to adjustments required by collective bargaining agreements, this increase resulted, among others, from additional hiring for the wastewater treatment plant project in Kuwait.
The share of results from equity accounted investees with operational nature increased to EUR 127.3m (previous year: EUR 61.2m), primarily due to an improvement in operating earnings and changes in the valuation effects from hedges held by EVN KG. In addition to higher earnings contributions from RAG and Energie Burgenland, the improvement was supported by a revaluation of EUR 9.6m to the Ashta hydropower plant based on a reduction of the country risk premium. EBITDA recorded by the EVN Group rose by 37.8% year-on-year to EUR 535.8m in the first half of 2020/21.
Scheduled depreciation and amortisation increased by 17.2% to EUR 168.2m owing to the high level of investment and the amortisation of capitalised start-up costs for the project in Kuwait. In connection with the takeover of an additional electricity procurement right, impairment losses totalling EUR 113.1m were recognised to a thermal power plant. EBIT increased by 10.3% to EUR 254.5m in the first half of 2020/21.
Financial results improved by 27.8% to EUR -21.0m supported, in particular, by better performance of the R 138 fund. Group net result for the period equalled EUR 176.0m, which represents an increase of 15.3% over the previous year.
Solid balance sheet structure
Energy. Water. Life. - Developments in the energy and environmental services business
Environmental and water business
In the international project business, a new contract in Romania was received during February 2021. It has a volume of approximately EUR 12m and involves the upgrading and modernisation of the Gilau drinking water treatment plant to supply the city of Cluj-Napoca. As of 31 March 2021, WTE Wassertechnik had nine projects for wastewater, drinking water and thermal sewage sludge treatment under planning and construction in Germany, Poland, Lithuania, Romania, Bahrain and Kuwait as well as three further thermal sludge utilisation projects in progress in Germany (Halle-Lochau, Hannover und Straubing) through the joint venture with sludge2energy.
Investment programme for the coming years
Outlook confirmed for the 2020/21 financial year
The Letter to Shareholders on the first half of 2020/21 is available under www.investor.evn.at.
27.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
2344 Maria Enzersdorf
Foreign Exchange(s) Vienna Stock Exchange (Official Market)
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