- Oops!Something went wrong.Please try again later.
DGAP-News: EVN AG / Key word(s): Quarter Results
- Positive business development supports improvement in revenue, EBIT and Group net result
- Weather-related higher energy demand in the core markets
- Commissioning of the Kettlasbrunn II wind park with 8.4 MW of installed capacity
- Start of construction on a biomass combined heat and power plant in Krems with an investment volume of EUR 30m
- Expansion of drinking water supplies in the Waldviertel region with the construction of a 60 km cross-regional supply pipeline from Krems to Zwettl
- New general contractor assignment for the modernisation of a wastewater treatment plant in Poland
- Extensive investment programme in progress for supply security, a CO2-free energy future and drinking water supplies with up to EUR 450m per year
- Revenue: +4.8% to EUR 604.1m
- EBIT: +14.4% to EUR 135.9m
- Group net result: +12.7% to EUR 93.5m
- Net debt: EUR 1,052.4m (30 September 2020: EUR 1,037.7m)
The increase in other operating income to EUR 137.8m (previous year: EUR 20.3m) is primarily attributable to a non-recurring effect from the takeover of an additional electricity procurement right. The cost of electricity purchases from third parties and primary energy expenses fell by 7.9% to EUR 242.2m in line with the decline in revenue from natural gas trading.
Developments in the international project business were responsible for an increase of 74.8% in the cost of materials and services to EUR 115.1m.
Personnel expenses were 2.8% higher year-on-year at EUR 87.7m. 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 average number of employees equalled 7,152 in the first quarter of 2020/21 (previous year: 7,015 employees).
The share of results from equity accounted investees with operational nature amounted to EUR 60.2m (previous year: EUR 29.1m). This year-on-year increase was based primarily on an improvement in operating earnings and valuation effects from hedges held by EVN KG.
EBITDA recorded by the EVN Group totalled EUR 333.8m in the first quarter of 2020/21, which represents an increase of 75.1% over the previous year. Scheduled depreciation and amortisation rose by 18.3% to EUR 84.8m, chiefly due to the high level of investment. In connection with the above-mentioned takeover of an additional electricity procurement right, an impairment loss of EUR 113.1m was recognised to a thermal power plant. In total EBIT increased by 14.4% to EUR 135.9m.
Financial results improved by 25.9% to EUR -8.0m. Group net result for the first quarter of 2020/21 equalled EUR 93.5m, which represents an increase of 12.7% over the previous year
Electricity generation totalled 1,047 GWh in the first quarter of 2020/21. Renewable generation was 4.3% lower year-on-year at 543 GWh (previous year: 544 GWh). The share of renewable generation rose to 51.9% during the reporting period (previous year: 49.7%). Wind flows fell below the previous year and long-term average, but water flows were above average. Electricity generation in the thermal power plants declined by 8.3% to 504 GWh, primarily due to a reduction in the use of the Walsum 10 power plant.
The continuous improvement of supply security and drinking water quality in Lower Austria represents a focal point of EVN's investments. The most important projects currently in progress include the construction of the fifth natural filter plant in Petronell-Carnuntum and the expansion of the cross-regional supply pipelines.
In the international project business, a general contractor assignment was received in November 2020 for the modernisation of a wastewater treatment plant in Poland (contract value: approximately EUR 11m). As of 31 December 2020, WTE Wassertechnik had nine projects for wastewater treatment and thermal sludge utilisation under planning and construction in Germany, Poland, Lithuania, Romania, Croatia, Bahrain and Kuwait as well as three further thermal sludge utilisation projects in progress in Germany through sludge2energy.
The Letter to Shareholders on the first quarter of 2020/21 is available under www.investor.evn.at.
26.02.2021 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)
EQS News ID:
End of News
DGAP News Service