Earnings Release • May 28, 2013
Earnings Release
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October 1st, 2012 – March 31st, 2013
| Corporate profile | 3 |
|---|---|
| The Burgenland Holding share | 4 |
| Burgenland Holding AG – HY1 2012/13 | 5 |
| Business development | 5 |
| Condensed Interim Financial Statements | 6 |
| Notes | 7 |
| Interim Management Report | 7 |
| Energie Burgenland AG – Q1 2012/13 | 8 |
| Statement of the Management Board on the Interim Financial Report | 9 |
| Burgenland Holding AG | 2012/13 HY1 |
2011/12 | Change in % |
|
|---|---|---|---|---|
| Balance sheet total | EURm | 84.6 | 76.61) | 10.4 |
| Equity | EURm | 78.2 | 76.41) | 2.4 |
| Investment income | EURm | 8.3 | 6.52) | 27.7 |
| Net income for the period | EURm | 8.2 | 6.32) | 30.2 |
1) As of September 30th, 2012.
2) HY1 2011/12
| 2012/13 | 2011/122) | Change | ||
|---|---|---|---|---|
| Energie Burgenland AG | Q1 | Q1 | in % | |
| Electricity sales volumes | GWh | 329.1 | 335.3 | –1.8 |
| Electricity network distribution volumes | GWh | 424.1 | 427.6 | –0.8 |
| Natural gas sales volumes | GWh | 428.9 | 442.7 | –3.1 |
| Natural gas network distribution volumes | GWh | 693.6 | 718.6 | –3.5 |
| Revenue | EURm | 86.6 | 55.0 | 57.5 |
| Pre-tax profit | EURm | 8.9 | 0.3 | – |
| Balance sheet total | EURm | 971.8 | 673.6 | 44.3 |
| Equity1) | EURm | 313.7 | 188.2 | 66.7 |
1) Including untaxed reserves
2) Prior-year figures refer to BEWAG, with the exception of natural gas sales volumes and natural gas network distribution volumes, which relate to BEGAS.
Burgenland Holding AG holds 49% of the share capital of Energie Burgenland AG, which resulted retroactively as of September 30th, 2011, from the merger of BEGAS Energie AG (BEGAS) into Burgenländische Elektrizitätswirtschafts-AG (BEWAG) at the end of June 2012. The remaining 51% of the shares are held by Burgenländische Landesholding GmbH. The share capital of Energie Burgenland AG amounts to EUR 34.9m.
The shares of Burgenland Holding AG (share capital: EUR 21.81m) are listed on the Official Market of the Vienna Stock Exchange under AT0000640552. EVN AG is the majority shareholder in Burgenland Holding AG and holds an unchanged stake of 73.63% of the share capital, with Verbund AG holding more than 10% and WIEN ENERGIE GmbH holding between 5% and 10%. All other shareholders hold less than 4%.
Following slow economic growth within the eurozone in 2012, overall GDP is expected to stagnate in 2013. However, the forecast calls for great regional differences. After a tender recovery phase, the euro crisis worsened again and Cyprus has meanwhile found protection within the euro stabilisation mechanism. In Italy, forming a new government proved difficult following the elections in late February, while Spain missed its deficit goals for 2012. These developments have now led to increasing debates concerning future monetary policy also within the European Central Bank (ECB). In early May, the ECB lowered its benchmark rates by 25 basis points, to 0.5%.
The financial markets, despite the continuing crisis, did well after showing some, partly massive, volatility. Germany's leading DAX index recorded an increase by
8.0% from October 2012 to March 2013, while Vienna's leading ATX index even gained 12.6% in the same period. Only the Dow Jones Euro Stoxx Utilities industry index, relevant for Burgenland Holding AG, lost 8.3%.
The Burgenland Holding AG share closed the first six months of the 2012/13 business year at EUR 37.60, which represents a market capitalisation of EUR 113m and an increase in the share price of 10.6%. As a result, the shares of Burgenland Holding AG once again managed to buck the trend of its industry index. The trading volume at the Vienna Stock Exchange during the reporting period was EUR 0.14m. As of March 31st, 2013, the weighting of the share in Vienna's WBI index was 0.14%.
| Stock performance | 2012/13 HY1 |
2011/12 HY1 |
|
|---|---|---|---|
| Average daily volume | Number | 28 | 31 |
| Total share volume | EURm | 0.14 | 0.14 |
| Highest price | EUR | 40.00 | 41.00 |
| Lowest price | EUR | 32.50 | 29.03 |
| Share price at the end of March | EUR | 37.60 | 37.99 |
| Market capitalisation at the end of March | EURm | 113 | 114 |
| WBI weighting at the end of March | % | 0.14 | 0.16 |
| Burgenland Holding AG – Key figures | 2012/13 HY1 |
2011/12 | Change in % |
|
|---|---|---|---|---|
| Balance sheet total | EURm | 84.6 | 76.61) | 10.4 |
| Equity | EURm | 78.2 | 76.41) | 2.4 |
| Investment income | EURm | 8.3 | 6.52) | 27.7 |
| Net income for the period | EURm | 8.2 | 6.32) | 30.2 |
1) As of September 30th, 2012 2) HY1 2011/12
In the first six months of 2012/13, investment income amounted to EUR 8.3m, an increase of 27.7% compared to the corresponding period last year. This development was caused by the significant increase in the dividend distributed by Energie Burgenland AG for the 2011/12 business year.
In the first six months of 2012/13, net income for the period increased by EUR 1.9m, or 30.2%, to EUR 8.2m. Besides higher investment income this rise was caused by the fact that other operating expenses fell by TEUR 46.2 compared to last year.
As of March 31st, 2013, the balance sheet total amounted to EUR 84.6m, thus 10.6% above the corresponding figure at the most recent balance sheet date of September 30th, 2012. This can be put down to accounts receivable resulting from the dividend payout resolved by Energie Burgenland AG already recorded at the balance sheet date.
Since Burgenland Holding AG's dividend payout in the amount of EUR 6.45m had already been resolved as of the balance sheet date, that dividend was recorded as a liability, which led to a decrease in the equity ratio from 99.8% to 92.3% in the first six months of 2012/13 compared to the balance sheet date of September 30th, 2012.
Due to the fact that the dividend payout of Energie Burgenland AG from the net profit for the 2011/12 business year has already been resolved, no major changes in the result are to be expected for the 2012/13 business year after the first six months of 2012/13.
| Balance sheet | in TEUR | 03/31/2013 | 09/30/2012 | |
|---|---|---|---|---|
| Assets | ||||
| A. Fixed assets | ||||
| Financial assets | ||||
| Investments | 71,325.3 | 71,325.3 | ||
| 71,325.3 | 71,325.3 | |||
| B. Current assets | ||||
| I. Accounts receivables and other assets | ||||
| 1. Receivables from affiliated companies | 4,958.0 | 5,178.0 | ||
| 2. Receivables from associated companies | 8,330.0 | 0.0 | ||
| 3. Other receivables | 16.6 | 36.6 | ||
| 13,304.6 | 5,214.6 | |||
| II. Cash at banks | 11.0 | 8.2 | ||
| 13,315.6 | 5,222.9 | |||
| C. Deferred expenses and accrued income | 8.5 | 2.8 | ||
| Total assets | 84,649.4 | 76,550.9 | ||
| Equity and liabilities | ||||
| A. Equity | ||||
| I. Share capital | 21,810.0 | 21,810.0 | ||
| II. Capital reserves | ||||
| Committed reserves | 43,676.4 | 43,676.4 | ||
| III. Retained earnings | ||||
| Other reserves (free reserves) | 4,682.0 | 4,482.0 | ||
| IV. Net profit | 8,224.5 | 6,450.2 | ||
| 78,192.9 | 76,418.6 | |||
| B. Provisions | ||||
| I. Tax provisions | 0.0 | 0.9 | ||
| II. Other provisions | 2.4 | 12.7 | ||
| C. Liabilities | 2.4 | 13.5 | ||
| I. Trade accounts payable | 4.1 | 1.1 | ||
| II. Payables to affiliated companies | 4,749.1 | 117.8 | ||
| III. Other liabilities | 1,700.9 | 0.0 | ||
| 6,454.1 | 118.8 | |||
| Total equity and liabilities | 84,649.4 | 76,550.9 | ||
| 2012/13 | 2011/12 | |||
| Income statement | in TEUR | HY1 | HY1 | |
| Other operating income | 0.3 | 0.3 | ||
| Other operating expenses | –105.4 | –151.6 | ||
| Operating result | –105.1 | –151.3 | ||
| Investment income | 8,330.0 | 6,489.2 | ||
| Other interest and similar income Interest and similar expenses |
0.4 –0.1 |
10.9 0.0 |
||
| Financial result | 8,330.3 8,225.2 |
6,500.1 6,348.8 |
||
| Pre-tax profit Taxes on income |
–0.9 | –0.9 | ||
| Income for the period | 8,224.3 | 6,347.9 | ||
| Profit carry-forward | 0.2 | 0.8 | ||
| Net profit for the period | 8,224.5 | 6,348.7 | ||
The Interim Financial Statements for the period from October 1st, 2012 to March 31st, 2013 were prepared with regard to Generally Accepted Austrian Accounting Principles.
The Interim Financial Statements as of March 31st, 2013 were neither subject to a full audit nor a review by an auditor.
Receivables from companies linked by virtue of a participating interest comprise exclusively receivables from dividend income from Group companies.
As of the balance sheet date of March 31st, 2013, shareholders' equity stood at EUR 78.2m, thus EUR 2.3m higher than on the balance sheet date of September 30th, 2012. This is mainly due to the investment income of Energie Burgenland AG. The position "Other provisions" comprises exclusively compensation of Supervisory Board members of Burgenland Holding AG.
The position "Payables to affiliated companies" is made up of liabilities vis-à-vis EVN AG in connection with the resolved dividend payout. The distribution to the other shareholders of Burgenland Holding AG was recorded under "Other Liabilities".
At TEUR –105.1, the operating result for the first six months of 2012/13 was better than for the corresponding period last year. This was caused by higher consulting expenditure in connection with the restructuring of the associated companies BEGAS and BEWAG in the corresponding period.
On March 18th, 2013, the Annual General Meeting of Energie Burgenland AG resolved to distribute a dividend of EUR 17.0m out of the net profit as of September 30th, 2012, of which EUR 8.33m was allocated to Burgenland Holding AG, representing an increase of 28.4% compared to the corresponding period.
In the first six months of 2012/13, the other financial result dropped TEUR 10.6, to TEUR 0.3, primarily due to the lower interest rate level compared to the same period last year.
The result of Burgenland Holding AG is influenced mainly by the dividend payouts from the associated companies as well as interest rates and, after the first six months of 2012/13, is higher than last year's level as a result of the increased dividend payout of Energie Burgenland AG.
At the end of June 2012, BEGAS and BEWAG, the two gas and electricity providers from Burgenland, were merged retroactively as of September 30th, 2011. Since September 29th, 2012, this company has been operating under the name of Energie Burgenland AG. The Energie Burgenland Group managed to generate a significantly higher pre-tax profit of EUR 24.1m in the past business year (previous year: EUR 4.0m for BEWAG and BEGAS combined). As a result, it was possible to raise the dividend payout of Energie Burgenland AG to a total of
EUR 17.0m, with EUR 8.33m going to Burgenland Holding AG.
Due to the fact that the dividend payout of Energie Burgenland AG has already been resolved, no major changes in the result are to be expected for the second half of 2012/13. Furthermore, no material risks or uncertainties should be anticipated for the remaining six months of the business year given the stable earnings structure of Burgenland Holding AG.
CEESEG AG, in which Burgenland Holding AG owns a stake of 0.99%, recommends a dividend at last year's level for the Annual General Meeting on June 13th, 2013.
| 2012/13 | 2011/122) | Change | ||
|---|---|---|---|---|
| Energie Burgenland AG – Group | Q1 | Q1 | in % | |
| Electricity sales volumes | GWh | 329.1 | 335.3 | –1.8 |
| Electricity network distribution volumes | GWh | 424.1 | 427.6 | –0.8 |
| Natural gas sales volumes | GWh | 428.9 | 442.7 | –3.1 |
| Natural gas network distribution volumes | GWh | 693.6 | 718.6 | –3.5 |
| Revenue | EURm | 86.6 | 55.0 | 57.5 |
| Pre-tax profit | EURm | 8.9 | 0.3 | – |
| Balance sheet total | EURm | 971.8 | 673.6 | 44.3 |
| Equity1) | EURm | 313.7 | 188.2 | 66.7 |
| Gross cash flow | EURm | 24.0 | 25.9 | –7.3 |
1) Including untaxed reserves
2) Prior-year figures refer to BEWAG, with the exception of natural gas sales volumes and natural gas network distribution volumes, which relate to BEGAS.
In the first quarter of the 2012/13 business year, the electricity purchasing volumes of Energie Burgenland amounted to 443.8 GWh. Electricity sales to end customers were 329.1 GWh, 1.8% below the volumes in the corresponding period of the prior year. Compared to the previous business year, electricity network distribution volumes dropped 0.8% to 424.1 GWh. Natural gas sales volumes to end customers amounted to 428.9 GWh (previous year: 442.7 GWh), with natural gas network distribution volumes falling 3.5% to 693.6 GWh.
The Group's revenue amounted to EUR 86.6m. The increase compared to the previous year is mainly the result of the inclusion of the BEGAS Group for the first time. Furthermore, wind companies generated higher revenues while electricity sales declined. Pre-tax profit amounted to EUR 8.9m, which represents an increase of EUR 8.6m over the previous year.
As of December 31st, 2012, the balance sheet total amounted to EUR 971.8m, with fixed assets (EUR 778.7m) accounting for 80.1% of total assets. The increase compared to the previous year is mainly the result of the inclusion of the BEGAS Group for the first time. Equity including untaxed reserves increased to EUR 313.7m compared to last year, resulting in an equity ratio of 32.3%. Gross cash flow was EUR 24.0m.
Numerous mergers of group companies are planned for the second and the third quarter of the 2012/13 business year in order to simplify the structure and create synergies. Furthermore, wind power facilities will be brought online continuously.
in million kWh
1) The information on performance refers to the interim group accounts of Energie Burgenland AG for the 2012/13 business year as of December 31st , 2012. For comparison, we present the figures from the interim group accounts as of December 31st, 2011. It must be noted that the figures as of December 31st, 2011, do not yet include the merger of BEWAG and BEGAS into Energie Burgenland AG effected in the 2011/12 business year. The consolidation scope comprises 23 fully consolidated, two proportionately consolidated and two equity-consolidated companies.
We confirm, to the best of our knowledge,
that the abridged Interim Statements drawn up in conformity with the relevant accounting standards present a true and fair view of the company's assets, liabilities, financial position, and profit or loss, and
that the Interim Management Report presents a true and fair view of the company's assets, liabilities, financial position, and profit or loss with regard to important events during the first six months of the business year and their impact on the abridged Financial Statements in terms of material risks and uncertainties in the remaining six months of the business year.
Eisenstadt, May 23rd, 2013
The Management Board
Klaus Kohlhuber Nikolaus Sauer Member of the Member of the
Management Board Management Board
| Results Q1–3 2012/13 | 08/08/2013 |
|---|---|
| Annual results 2012/13 | 12/12/2013 |
1) Preliminary.
| Share capital | EUR 21.81m |
|---|---|
| Denomination | 3 million no-par bearer shares |
| Majority shareholder | EVN AG |
| Identification number (ISIN) | AT0000640552 |
| Ticker symbols | BHAV.VI (Reuters); BURG AV (Bloomberg); AT; BHD (Dow Jones) |
| Stock exchange listing | Vienna |
Technologiezentrum Marktstraße 3 A-7000 Eisenstadt Austria
E-mail: [email protected]
Phone: +43 2236 200-24186 Fax: +43 2236 200-2030
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