EVN AG — Annual Report (ESEF) 2021

Dec 16, 2021

Annual Financial Report 2020/21

Shaping the future

Management report 2020/21

Energy policy environment

General business environment

Energy sector environment

Business development

Innovation, research and development

Risk management

Consolidated non-financial report

Disclosures required by § 243a of the Austrian Commercial Code

Outlook for the 2021/22 financial year

Consolidated financial statements for 2020/21

Consolidated statement of operations

Consolidated statement of comprehensive income

Consolidated statement of financial position

Consolidated statement in changes in equity

Consolidated statement of cash flows

Consolidated notes

Auditors‘ report

Annual financial statements of EVNAG 2020/21 acc. to UGB (only available in German)

Management report

Financial statements

Auditors‘ report

Notes

Declaration by the Executive Board pursuant to § 124 (1) no. 3 of the Austrian Stock Exchange Act 2018 (“Börsegesetz 2018”)

Declaration by the Executive Board

Contents

EVN Annual Financial Report 2020 /21

Management report

Energy policy environment

European energy and climate policy

The European Commission presented an extensive package of legislative measures for the energy sector under the title “Fit for 55” in July 2021 and announced the publication of a further section on decarbonisation in the natural gas sector in December2021. The package includes – as a milestone on the way to meeting the Paris climate targets by 2030 – a reduction of at least 55% below the 1990 level in net greenhouse gas emissions in the European Union. The Commission sees this as a decisive step to make Europe the first climate-neutral continent by 2050. These recommendations by the European Commission must now pass through the prescribed legislative procedures. However, a conclusion is unlikely before 2023 due to the expected difficult negotiations between the EU Parliament, Council and Commission.

The most relevant points for EVN’s business activities are as follows:
* Renewableenergydirectivewhich,amongothers,callsfor an increase to 40% by 2030 in the target for the share of renewable energies in the European Union
* EUemissionstradingsystemdirectivewhichincludes,among others, a recommendation to cut emissions by further reducing the availability of CO 2 emission certificates
* Effortsharingregulationthatdefinesanewemissiontrading system for road traffic and the building sector
* Energyefficiencydirectivewhich,amongothers,setsambitious energy saving obligations based on energy consumption
* Revisionoftheenergytaxationdirectivethatshalltaxfuels based on their energy content and environmental performance

The European Union is also currently revising its policies for the financing of energy infrastructure projects. Additional funding is expected for hydrogen infrastructure and CO 2 separation and storage in the future.

Energy price trends

The European Union presented a “toolbox” for measures in October 2021 with which the member states could potentially ease the burden of rapidly rising energy prices on consumers and businesses. Examples of these short-term instruments are emergency income support for households, financial assistance for companies and the temporary reduction of taxes and duties. At the suggestion of several member states, longer-term price stabilisation measures should also be evaluated, e.g. the expansion of energy storage capacity or the joint procurement of natural gas reserves.

Austrian climate and energy goals

The goals set by the Austrian federal government call for electricity consumption to be covered in full (national balance) through renewable energy sources by 2030 and require climate neutrality by 2040. In order to meet these goals, state subsidies ranging up to EUR1bnperyearwillbeprovidedoverthenextdecadetosupport the expansion of renewable generation capacity.

On7July2021theAustrianParliamentpassedthenewRenewable Energy Expansion Act, which defines the necessary framework conditions for the attainment of Austria’s energy and climate goals. This act also includes concrete expansion targets: an increase of 27TWh in electricity generation from renewable sources by 2030 with 11 TWh coming from photovoltaics, 10TWh from wind power, 5 TWh from hydropower and 1 TWh from biomass.

ThemostrelevantpointsintheRenewableEnergyExpansionAct for EVN’s business activities include the subsidy mechanisms for the construction of new photovoltaic, wind power, hydropower and biomass equipment as well as investment subsidies for electrol- ysis equipment to convert electricity into hydrogen or synthetic gas. Investment security will also be created for existing and future renewable gas generating plants, and an increase of 5TWh in nationally produced renewable gas as a per cent of Austria’s total natural gas volumes is planned by 2030. Other relevant contents include the framework conditions for citizens‘ and renewable energy communities. The expected outcome will be a substantial increase in connections of decentralised renewable energy equipment. In combination with the rising power requirements that result from an all-electricity approach (e-mobility, heat pumps etc.), this will lead to a greater burden on electricity networks from the transport of higher and more volatile feed-in volumes. EVN is responding to this challenge with extensive investments in its network infrastructure.

FollowingtheenactmentoftheRenewableEnergyExpansionAct by the Austrian Parliament, the Austrian electricity industry is now waiting for specific regulations on roughly 30 subject areas which mustbepreparedbydifferentministriesandareessentialforthe concrete application of this act. The official notification of the RenewableEnergyExpansionActbytheEuropeanCommissionis also outstanding, whereby there have already been indications of necessary changes on individual points. In order to ensure the legally compliant design of the subsidy mechanisms contained in theRenewableEnergyExpansionAct,anewresolutionbythe Austrian Parliament will apparently be required.

Regulatory environment Austria

The operation of the distribution networks and network infrastructure for electricity and natural gas in Lower Austria is the responsibility of EVN’s subsidiary Netz Niederösterreich GmbH. All investments and expenditures by this company to ensure the continuous opera- tions of the network infrastructure are remunerated through network tariffswhicharesetbytheE-ControlCommissioneachyearin accordance with the Austrian regulatory method. Keyparametersforthedeterminationofthenetworktariffsinclude the interest-bearing capital base (regulatory asset base) of the net- work operator and the weighted average cost of capital.

	2021-09-30	2020-09-30	2019-09-30
IssuedCapitalMember
AdditionalPaidinCapitalMember
RetainedEarningsMember
ValuationReserveMember
ReserveOfExchangeDifferencesOnTranslationMember
TreasurySharesMember
EquityAttributableToOwnersOfParentMember
NoncontrollingInterestsMember
Total Equity
Loans and Borrowings
Other Financial Liabilities
Trade and Other Payables
Provisions
Deferred Tax Liabilities
Other Liabilities
Total Liabilities
Total Equity and Liabilities
Shareholders' Equity
Issued Capital
Additional Paid-in Capital
Retained Earnings
Other Reserves
Equity attributable to owners of the parent
Non-controlling interests
Total Equity
Non-current Liabilities
Interest-bearing liabilities
Other financial liabilities
Provisions
Deferred tax liabilities
Other non-current liabilities
Current Liabilities
Trade and other payables
Interest-bearing liabilities
Other financial liabilities
Provisions
Other current liabilities
Total Liabilities
Total Equity and Liabilities
Issued Capital
Additional Paid-in Capital
Retained Earnings
Valuation Reserve
Reserve of Exchange Differences on Translation
Treasury Shares
Equity Attributable to Owners of Parent
Noncontrolling Interests
Total Equity
Issued Capital
Additional Paid-in Capital
Retained Earnings
Valuation Reserve
Reserve of Exchange Differences on Translation
Equity Attributable to Owners of Parent
Noncontrolling Interests
Issued Capital
Additional Paid-in Capital
Retained Earnings
Valuation Reserve
Reserve of Exchange Differences on Translation
Treasury Shares
Equity Attributable to Owners of Parent
Noncontrolling Interests
Total Equity
Issued Capital
Additional Paid-in Capital
Retained Earnings
Valuation Reserve
Reserve of Exchange Differences on Translation
Equity Attributable to Owners of Parent
Noncontrolling Interests
Retained Earnings
Valuation Reserve
Reserve of Exchange Differences on Translation
Equity Attributable to Owners of Parent
Noncontrolling Interests
Additional Paid-in Capital
Treasury Shares
Issued Capital
Additional Paid-in Capital
Retained Earnings
Valuation Reserve
Reserve of Exchange Differences on Translation
Treasury Shares
Equity Attributable to Owners of Parent
Noncontrolling Interests
Issued Capital
Additional Paid-in Capital
Retained Earnings
Valuation Reserve
Reserve of Exchange Differences on Translation
Treasury Shares
Equity Attributable to Owners of Parent
Noncontrolling Interests
Issued Capital
Additional Paid-in Capital
Retained Earnings
Valuation Reserve
Reserve of Exchange Differences on Translation
Treasury Shares
Equity Attributable to Owners of Parent
Noncontrolling Interests

Bulgaria

Commercial customers in Bulgaria have followed industrial customers as part of the free market since October 2020. EVN Trading SEE serves as the supplier for customers in the liberalised market segment. Household customers remain in the regulated market and are supplied by EVN Bulgaria EC, which also acts as a “supplier of last resort” for customers who do not select another supplier or cannot receive electricity from their chosen supplier through no fault of their own. Energy sales to customers in the regulated market segments and the procurement of the corresponding volumes are based on regulated prices. The Bulgarian regulatory authority set new energy tariffs for the regulated market segments as of 1 July 2021. The end customer prices for household customers in EVN’s supply area were increased by 3.6% on average for electricity (previous year: average increase of 4.2% for electricity as of 1 July 2020). The new three-year regulation period for the electricity network in Bulgaria began on 1 July 2021. The regulatory method for this network defines a revenue cap which covers recognised operating expenses, amortisation and depreciation as well as an adequate return on the regulatory asset base. The applied method also includes the projected network distribution volumes as well as an annually defined investment factor that covers planned future investments. EP Yug is responsible for the operation of the electricity distribution networks in EVN’s Bulgarian supply area.

North Macedonia

In order to achieve the legally required unbundling of the individual fields in the energy business and meet the related requirements, EVN operates through various companies in North Macedonia. Network operations in the regulated market segment are the responsibility of Elektrodistribucija DOOEL, while customers in the liberalised market segment receive deliveries from the sales company EVN Macedonia Elektrosnabduvanje DOOEL. EVN Macedonia Elektrani DOOEL serves as a production company. Since 1 July 2019, EVN Home DOO has supplied electricity to all households and small businesses in the regulated market segments based on a license as the “supplier of universal service”. This license has an initial term of five years. The North Macedonian regulatory authority raised the end customer electricity prices for the household customers of EVN Home DOO by roughly 12.4% as of 1 July 2021 (previous year: average increase of 7.4% as of 1 August 2020) – with a parallel temporary reduction of 13 percentage points in the value added tax on energy. A new three-year regulation period for the electricity network began on 1 July 2021, which brought an improvement in the recognition of operating expenses. Similar to the framework in Bulgaria, the regulatory method for the electricity network defines a revenue cap which covers recognised operating expenses, amortisation and depreciation as well as an adequate return on the regulatory asset base.

Croatia

The liberalisation of the Croatian natural gas market was also nearly completed for household customers in 2021. The market for commercial and industrial customers has been liberalised since 2012 and has been characterised by an increase in competition among the natural gas suppliers active in the country. Natural gas supplies in this country will be further diversified following the commissioning of the new LNG terminal near the island of Krk on 1 January 2021. The substantial fluctuation in natural gas prices during the reporting period and the resulting changes in suppliers’ offering structure lead to expectations of further consolidation on the Croatian natural gas market.

Management report — Energy policy environment

General business environment

The Covid-19 pandemic and the measures to contain its spread triggered a dramatic downward spiral in the global economy during individual months in 2020 and continue to influence the current economic climate and outlook today. The global economy contracted noticeably in the first half of 2020 but has since regained substantial momentum. The easing of corona-related measures sparked a strong recovery, especially in the industrial countries, that was reinforced by the expansive monetary policies of many central banks. Global economic output has already exceeded a level last seen before the pandemic. This also applies to developments in the eurozone: After a sharp drop of approximately 6.3% in 2020, real GDP is expected to rise by 4.9% in 2021 and by 4.5% in 2022. The Austrian economy has followed a corona-related drop of 6.7% in 2020 with increasing growth since the second quarter of 2021 and, by mid-year, had already reached the pre-crisis level. This upward trend was supported, above all, by the significant easing of containment measures and the improvement in the international economy. Private consumption, which was stimulated by the recall of corona restrictions, could also become a growth driver. Negative factors include current supply shortages and the related substantial price increase as well as the ongoing insecurity over the further course of the pandemic. Economic output is projected to range from 3.8% to 4.5% in 2021 and from 4.5% to 4.9% in 2022.

In Bulgaria, the outbreak of the Covid-19 pandemic was responsible for a 4.4% decline in economic output in 2020. It was followed, however, by the start of recovery during the second quarter of 2021. The reasons can be found, on the one hand, in the generally positive development of the European single market and, on the other hand, in the increase in employment and the accompanying growth in private consumption. Leading institutions expect a continuation of the economic upturn despite the very low vaccination rate in European comparison and the recent tightening of corona-related restrictions. Forecasts show a GDP increase of 2.6% to 4.3% in 2021 and 3.3% to 4.3% in 2022.

Croatia was hard hit in 2020, not only by the Covid-19 pandemic but also by two devastating earthquakes which, in total, were responsible for an 8.0% drop in economic output. The economy has, however, recovered faster than was expected at the beginning of 2021 due to robust foreign demand for Croatian products and a healthy tourism sector. At the same time, investments and – thanks to the sound trend on the employment market – private consumption have increased substantially. GDP forecasts point to an increase of 6.3% to 8.1% in 2021 and 4.3% to 5.8% in 2022.

The negative effects of Covid-19 on the Republic of North Macedonia were severe, as is illustrated by the 4.5% decline in economic output in 2020. The initial difficulties in obtaining vaccines have since been overcome. Over the medium term, economic growth in North Macedonia should become stronger – also due to the acceleration of structural reforms in preparation for EU membership. The region will also benefit from the economic and investment plan recently approved by the EU, which provides funding to support competitiveness and integrative growth as well as a green and digital transformation. The economy is expected to grow by 3.6% to 4.0% in 2021 and by 3.5% to 4.2% in 2022.

	2022f	2021e	2020	2019	2018
GDP growth %
EU-28 1) 2) 5)	4.3 to 4.5	4.8 to 5.0	–6.3 to –6.4	1.5	1.9
Austria 1) 2) 3) 5)	4.5 to 4.9	3.8 to 4.5	–6.2 to –6.7	1.5	2.6
Bulgaria 1) 2) 4)	3.3 to 4.3	2.6 to 4.3	–4.2 to –4.4	3.7	3.1
Croatia 1) 2) 5)	4.3 to 5.8	6.3 to 8.1	–8.0	2.9	2.8
North Macedonia 4) 5)	3.5 to 4.2	3.6 to 4.0	–4.5	3.2	2.9

1) Source: “European Economic Forecast, Autumn 2020“, EU-Commission, November 2021
2) Source: “Herbst-Prognose der österreichischen Wirtschaft 2021 –2022“, IHS, October 2021
3) Source: “Prognose für 2021 und 2022: Vierte COVID-19-Welle bremst kräftigen Aufschwung“, WIFO, October 2021
4) Source: “Global Economic Prospects“, World Bank, June 2021
5) Source: “World Economic Outlook“, International Monetary Fund, October 2021

Energy sector environment

EVN’s energy business is significantly influenced by external factors: The weather plays a key role in the demand for electricity, natural gas and heat by household customers, while the general business environment represents a main driver for the energy requirements of industrial customers. Temperatures in EVN’s three core markets were clearly lower year-on-year in 2020/21. In Austria, the heating degree total – which defines the temperature-related demand for energy – was 14.6 percentage points higher than the previous year and 10.1 percentage points above the long-term average.# EVN Annual Financial Report 2020/21

Business development

The scope of consolidation and changes in comparison with the previous year are explained in the notes to the consolidated financial statements. Also see page 178f in the EVN Full Report 2020/21

Effects of the Covid-19 pandemic

The Covid-19 pandemic has held countries throughout the world firmly in its grip since 2020. It has caused governments to take wide-ranging steps to contain the coronavirus, which have had different effects in the involved companies. The most important effects of the Covid-19 pandemic on EVN’s business development in the 2020/21 financial year are described in the following section:

• The closing required for the start of work on the Umm Al Hayman wastewater treatment project in Kuwait was only completed at the end of July 2020 due to the corona crisis; the earnings contribution expected for 2019/20 was therefore postponed to the following years. Further pandemic-related lockdowns in Kuwait during the 2020/21 financial year and the resulting restrictions on entering the country led to further postponements of parts of the expected earnings contributions to future periods.
• EVN calculates the impairment losses for trade receivables in accordance with IFRS 9B5.5.35 based on regionally differentiated analyses of historical default incidents. EVN has not experienced a sharp rise in customer defaults to date due to the government subsidy measures introduced in reaction to the Covid-19 pandemic. However, we expect the expiration of these government measures will be reflected in an increase in bankruptcies and in receivables defaults during the coming years. In preparation for such incidents, the EVN Group recognised a EUR 4.1m higher impairment loss allowance for trade receivables (previous year: increase of EUR 4.7m) for the 2020/21 financial year through the forward looking component (see the Credit and default risk under note 59. Risk management).
• In 2019/20, the increase in the country risk premiums caused by the Covid-19 pandemic resulted in higher discount rates and the recognition of impairment losses. The country risk premiums have since declined substantially from the pre-pandemic levels. This was reflected in revaluations during 2020/21 (see the explanations under 34. Intangible assets and 35. Property, plant and equipment).
• A further effect of the Covid-19 crisis involved the market value of the securities in the R138 fund, which are carried at fair value through profit or loss. The substantial losses recognised at the beginning of 2019/20 have now been recovered following a revival on the stock markets.

Low net debt and a comfortable base of contractually committed, undrawn credit lines give EVN a constant, high degree of financial flexibility and solid liquidity reserves. In summary, the corona crisis had only a selective negative influence on EVN’s operating results in 2019/20 and in 2020/21. Stabilising effects were provided, above all, by EVN‘s integrated business model and widely diversified customer portfolio. The EVN Group can therefore be considered a going concern. The further course of the corona crisis and an increase in general uncertainty could, however, significantly influence EVN’s results through the future development of electricity and primary energy prices as well as the cost of capital.

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Management report — Business development

Statement of operations

Highlights 2020/21

• Group net result above previous year
• Non-cash, non-recurring effects from revaluations to previously impaired equity accounted investees
• Improvement in operating earnings and positive valuation effects at EVN KG
• Higher earnings contribution from the international project business through the start of construction on the wastewater treatment plant project in Kuwait
• Final exit from coal-based electricity generation: Sale of the 49% investment in the Walsum 10 power plant

Revenue recorded by the EVN Group rose by 13.6% year-on-year to EUR 2,394.9m in 2020/21. This sound development was supported primarily by the international project business, in particular by the wastewater treatment project in Kuwait which started in summer 2020. Increased revenue was also recorded by the energy distribution business in South East Europe and by network operations: In addition to cooler weather in all three core markets, the higher network tariffs set by the Austrian E-Control as of 1 January 2021 had a positive effect. Revenue growth was also supported by an increase in electricity generation and by higher electricity prices. The lower valuation effects from electricity generation hedges represented a contrary factor.

The revenue generated by EVN outside Austria amounted to EUR 1,412.8m (previous year: EUR 1,082m). This represents an increase in the share of Group revenue from 51.4% in the previous year to 59.0% in 2020/21.

The increase in other operating income to EUR 250.1m (previous year: EUR 64.4m) resulted chiefly from effects related to the Walsum 10 power plant: A construction subsidy was released in the first quarter of 2020/21 and part of the compensation payment from the takeover of an additional electricity procurement right from the Walsum 10 power plant was recognised. Another positive factor for this position was the sale of the 49% investment in that power plant as of 30 September 2021.

Energy sector environment – indicators

	2020/21	2019/20
Heating-related energy demand 1) %
Austria	110.1	95.5
Bulgaria	97.9	83.9
North Macedonia	101.6	88.7
Cooling-related energy demand 1) %
Austria	72.7	58.9
Bulgaria	107.2	105.4
North Macedonia	138.8	99.4
Primary energy and CO 2 emission certificates
Crude oil – Brent EUR/bbl	50.4	41.6
Natural gas – GIMP 2) EUR/MWh	26.2	9.1
Hard coal – API#2 3) EUR/t	76.9	44.6
CO 2 emission certificates EUR/t	40.7	24.0
Electricity – EPEX spot market 4)
Base load EUR/MWh	64.9	32.5
Peak load EUR/MWh	75.2	38.7

1) Calculated based on the heating degree total respectively cooling degree total; the basis (100%) corresponds to the adjusted long-term average for the respective countries.
2) Net Connect Germany (NCG) – EEX (European Energy Exchange) stock exchange price for natural gas
3) ARA notation (Amsterdam, Rotterdam, Antwerp)
4) EPEX spot – European Power Exchange

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EVN Annual Financial Report 2020 /21

Revenue by region

Region	2019/20	2020/21
South East Europe	911.1	1,046.2
Austria	908.0	1,024.6
Central and Eastern Europe	982.1	1,224.8
Total	2,107.5	2,394.9

EBITDA by region

Region	2019/20	2020/21
South East Europe	171.8	366.6
Austria	71.2	140.8
Central and Eastern Europe	13.2	51.3
Total	142.9	436.3

EBIT by segment

Segment	2019/20	2020/21
Networks	65.0	66.1
Generation	43.8	53.9
Energy	94.8	69.6
Environment	26.5	0.6
South East Europe	182.2	42.9
All Other Segments	13.2	51.3

External revenue by segment

Segment	2019/20	2020/21
Networks	495.1	462.8
Generation	1,0	47.4
Energy	911.5	127.1
Environment	132.1	300.9
South East Europe	372.9	142.9
All Other Segments	631.7	590.4

The cost of electricity purchases from third parties and primary energy expenses rose by 19.9% to EUR 1,064.7m. The main factors for this upward trend were higher energy procurement costs in South East Europe and at EVN Wärme, a higher volume of thermal generation and the related increased use of primary energy, and rising wholesale prices. Effects from the valuation of hedges led to a reduction of these costs.

The cost of materials and services increased by 60.7% to EUR 509.2m due to developments in the international project business. Personnel expenses were 3.4% higher than the previous year at EUR 361.3m. In addition to adjustments required by collective bargaining agreements, this increase resulted, among others, from additional hiring for the wastewater treatment project in Kuwait. The EVN Group had an average workforce of 7,126 in 2020/21 (previous year: 7,007 employees).Other operating expenses were 6.7% below the previous year at EUR 113.0m. One reason for this decline was a reduction in receivables write-offs in North Macedonia. The share of results from equity accounted investees with operational nature rose to EUR 239.6m (previous year: EUR 94.1m), chiefly due to the improvement in operating earnings and valuation effects from hedges held by EVN KG. In addition, the impairment losses recognised to Verbund Innkraftwerke GmbH and the Ashta hydropower plant in the previous year (EUR 20.7m, respectively EUR 4.9m) were offset in 2020/21 by revaluations of EUR 25.3m and EUR 23.8m, respectively. The revaluation at Verbund Innkraftwerke GmbH was based on an increase in electricity wholesale prices on the forward market, while the revaluation at the Ashta hydropower plant reflected the decline in the country risk premium after a Covid-19-related increase. EnergieAllianz returned to business at a normalised level after the negative effects of the corona crisis in the previous year, but the earnings contributions from RAG and Energie Burgenland were lower due the absence of the positive non-recurring effects from 2019/20. Based on these developments, EBITDA rose by 41.7% year-on-year to EUR 836.5m. Higher investments and the amortisation of capitalised advance project costs for the project in Kuwait were responsible for an increase of 13.8% in scheduled depreciation and amortisation to EUR 337.7m. In addition, impairment losses of EUR 113.1m were recorded to the Walsum 10 power plant in the first quarter of 2020/21 following the takeover of an additional electricity procurement right. The effects of impairment testing also include impairment losses of EUR 1.8m and revaluations of EUR 2.5m to electricity generation equipment and district heating assets. EBIT for the 2020/21 financial year totalled EUR 386.4m (previous year: EUR 273.1m). Financial results declined to EUR –20.0m (previous year: EUR –15.8m) despite the better performance of the R138 fund and an increase in the dividend from Verbund AG to EUR 0.75 per share for the 2020 financial year (previous year: EUR 0.69). The reduction resulted from an interest rate hedge that was concluded for the entire term of the bank financing for the Walsum 10 power plant but was terminated prematurely following the sale of the investment in this power plant as of 30 September 2021. The result before income tax rose by 42.4% year-on-year to EUR 366.4m. After the deduction of EUR 14.7m in income tax expense (previous year: EUR 28.7m) – which was positively influenced by the tax-free valuation of equity accounted investees and other investments – and the earnings attributable to non-controlling interests, Group net result for the 2020/21 financial year rose by 62.9% to EUR 325.3m.

Statement of financial position

Asset and financial position

EVN’s balance sheet total rose by 33.2% over the level on 30 September 2020 to EUR 11,139.8m as of 30 September 2021. The increase was based, above all, on the development of the Verbund share and the resulting substantial rise in non-current assets (closing price of EUR 87.70 on 30 September 2021 versus EUR 46.68 on 30 September 2020). An increase was also recorded in the carrying amount of equity accounted investees with operational nature, with the main positive effects provided by a higher earnings contribution from EVN KG, valuations recognised directly in equity and the revaluation of Verbund Innkraftwerke GmbH and the Ashta hydropower plant. A contrary factor was the decline in property, plant and equipment – in spite of the increase in investments – which was based on a first quarter impairment loss to the Walsum 10 power plant and the higher scheduled depreciation and amortisation which resulted, among others, from the amortisation of capitalised advance project costs for the project in Kuwait. Non-current assets increased by a total of 31.6% to EUR 9,772.6m. Current assets rose by 45.7% to EUR 1,367.1m. The primary reasons included an increase in receivables from the energy and international project businesses as well as the higher valuation of CO2 emission certificates as of 30 September 2021 and the resulting increase in inventories. The development of current assets was also influenced by higher investments in cash funds. Equity totalled EUR 6,544.3m as of 30 September 2021 and was 44.0% higher than on 30 September 2020 despite the dividend paid in January 2021 for the 2019/20 financial year. This substantial increase was supported by the earnings generated in 2020/21 and, above all, by the positive effects of valuations recorded directly in equity. The most important factors here were the increase in the price of the Verbund share and the above-mentioned development of equity accounted investees. The equity ratio equalled 58.7% as of 30 September 2021 (30 September 2020: 54.3%). Non-current liabilities rose by 5.0% to EUR 2,937.9m as of 30 September 2021, chiefly due to the increase in non-current tax liabilities that resulted from the higher closing price of the Verbund share. Non-current financial liabilities were reduced by the reclassification to the current segment of loans and a bond maturing in April 2022 and increased by the issue of a green bond with bullet repayment (nominal value: EUR 101m; term: 15 years) through a private placement. A lower balance of employee-related provisions and the release of a provision for environmental and disposal risks, which was related to the sale of the 49% investment in the Walsum 10 power plant, led to a decline in non-current provisions. Current liabilities rose by 61.9% over the level on 30 September 2020 to EUR 1,657.6m. The main drivers for this increase were the above-mentioned reclassification of financial liabilities and an increase in trade payables and other current liabilities, which were contrasted by a reduction in tax liabilities.

Value analysis

The weighted average cost of capital (WACC) after tax – including EVN’s specific company and country risks – was set at 5.5% for the purpose of corporate management. The operating return on capital employed (OpROCE) amounted to 6.5% for the reporting year (previous year: 6.2%). The economic value added (EVA ® ) generated in 2020/21 totalled EUR 46.4m (previous year: EUR 32.3m).

Liquidity position

EVN’s net debt remains constant at a level of approximately EUR 1bn, with fluctuations as of the respective balance sheet dates (net debt including non-current employee-related provisions as of 30 September 2021: EUR 813.8m; previous year: EUR 1,037.7m). The gearing ratio declined from 22.8% to 12.4%. In order to safeguard its financial flexibility, the EVN Group holds a syndicated credit line of EUR 400.0m as well as contractually agreed bilateral credit commitments of approximately EUR 152.0m.

Management report — Business development

Condensed consolidated statement of operations 2020/21

	2020/21 EURm	2019/20 EURm	+ /– EURm	Nominal %	2018 /19 EURm
Revenue	2,394.9	2,107.5	287.4	13.6	2,204.0
Other operating income	250.1	64.4	185.7	–	117.8
Electricity purchases and primary energy expenses	–1,064.7	–888.3	–176.4	–19.9	–1,081.3
Cost of materials and services	–509.2	–316.9	–192.3	–60.7	–280.3
Personnel expenses	–361.3	–349.3	–12.0	–3.4	–338.7
Other operating expenses	–113.0	–121.1	8.1	6.7	–120.2
Share of results from equity accounted investees with operational nature	239.6	94.1	145.5	–	130.5
EBITDA	836.5	590.4	246.1	41.7	631.7
Depreciation and amortisation	–337.7	–296.7	–41.0	–13.8	–269.8
Effects from impairment tests	–112.4	–20.6	–91.8	–	41.6
Results from operating activities (EBIT)	386.4	273.1	113.3	41.5	403.5
Financial results	–20.0	–15.8	–4.2	–26.4	–29.9
Result before income tax	366.4	257.3	109.1	42.4	373.5
Income tax	–14.7	–28.7	13.9	48.6	–46.7
Result for the period	351.7	228.6	123.1	53.8	326.9
thereof result attributable to EVN AG shareholders (Group net result)	325.3	199.8	125.6	62.9	302.4
thereof result attributable to non-controlling interests	26.4	28.9	–2.5	–8.7	24.5
Earnings per share in EUR 1)	1.83	1.12	0.7	62.8	1.70

1) There is no difference between basic and diluted earnings per share.

Condensed consolidated statement of financial position

	30.09.2021 EURm	30.09.2020 EURm	+ /– EURm	Nominal %	30.09.2019 EURm
Assets
Non-current assets
Intangible assets and property, plant and equipment	3,908.6	3,920.3	–11.7	–0.3	3,798.0
Investments in equity accounted investees and other investments	5,607.0	3,170.9	2,436.2	76.8	3,297.5
Other non-current assets	257.0	336.4	–79.4	–23.6	235.4
	9,772.6	7,427.6	2,345.0	31.6	7,330.9
Current assets	1,367.1	938.1	429.1	45.7	857.7
Non-current assets held for sale	–	–	–	–	–
Total assets	11,139.8	8,365.7	2,774.1	33.2	8,188.6
Equity and liabilities
Equity
Issued capital and reserves attributable to shareholders of EVN AG	6,281.2	4,282.1	1,999.1	46.7	4,295.6
Non-controlling interests	263.2	261.2	1.9	0.7	256.5
	6,544.3	4,543.3	2,001.0	44.0	4,552.1
Non-current liabilities
Non-current loans and borrowings	718.9	1,045.3	–326.4	–31.2	990.0
Deferred tax liabilities and non-current provisions	1,480.8	996.4	484.4	48.6	1,081.2
Deferred income from network subsidies and other non-current liabilities	738.2	756.6	–18.3	–2.4	661.9
	2,937.9	2,798.3	139.6	5.0	2,733.2
Current liabilities
Current loans and borrowings	318.0	110.0	208.0	–	68.8
Other current liabilities	1,339.6	914.1	425.5	46.5	834.6
	1,657.6	1,024.1	633.5	61.9	903.3
Total equity and liabilities	11,139.8	8,365.7	2,774.1	33.2	8,188.6

Balance sheet structure

%	30.09.2021	30.09.2020
Equity	58.7	54.3
Non-current liabilities	26.4	33.6
Current liabilities	14.8	12.3
Current assets	12.3	11.2# 14. Financial position and assets

14.9 Key figures and Value analysis

Value analysis	2020/21 EURm	2019/20 EURm	+ /– %	2018 /19 EURm
Average equity	5,543.8	4,547.7	21.9	4,322.4
WACC after income tax 1) 2)	5.5 %	5.5 %	0.0	6.3 %
Operating ROCE (OpROCE) 1) 3)	6.5 %	6.2 %	0.2	5.2 %
Average capital employed 3)	4,842.5	4,405.7	9.9	4,135.4
Net operating profit after tax (NOPAT) 3)	312.8	274.6	13.9	216.3
EVA ®	46.4	32.3	43.7	–42.1

1) Changes reported in percentage points
2) The WACC given (exact value 2018/19: 6.25%) is used for the purpose of corporate management.
3) Adjusted for impairment losses and one-off effects. The market value of the investment in Verbund AG is not included in capital employed in order to consistently determine the value contribution.

These bilateral commitments were not drawn as of 30 September 2021 and were therefore available in full. The term of the syndicated credit line which serves as a strategic liquidity reserve will end in May 2025. The remaining terms of the bilateral credit lines concluded with nine banks range up to four years. These solid liquidity reserves underscore the EVN Group’s financial stability and flexibility.

13 EVN Annual Financial Report 2020 /21

Statement of cash flows

Gross cash flow totalled EUR 762.3m (previous year: EUR 497.1m) and includes adjustments for the non-cash valuation measures related to the takeover of an additional electricity procurement right from the Walsum 10 power plant in the first quarter of 2020/21. Specifically, these effects involve an impairment loss to the power plant, the premature release of a related construction subsidy and the creation of a provision for onerous contracts. The substantial year-on-year increase is therefore based on a compensation payment for the takeover of the electricity procurement right and higher dividends from equity accounted investees. Under cash flow from operating activities, the year-on-year improvement in working capital offset the increase in income tax payments. The increase in cash flow from operating activities is therefore higher than in gross cash flow.

Cash flow from investing activities amounted to EUR –754.3m (previous year: EUR –428.6m). It includes an increase in the investments in property, plant and equipment and, above all, the compensation payment for the exit from the Walsum 10 power plant as well as the change in the investments in cash funds recorded under current financial investments. The previous year was influenced by the transfer of the equity contribution to the project company for the wastewater treatment project in Kuwait as well as a lower volume of securities invested in the R138 fund and the guarantee payment from the Republic of Montenegro for the wastewater treatment project in Budva.

Capital structure indicators

	30.09.2021 EURm	30.09.2020 EURm	+ /–	%	30.09.2019 EURm
Non-current loans and borrowings and leasing liabilities	773.9	1,118.1	–344.2	–30.8	993.9
Current loans and borrowings 1)	323.4	40.6	282.8	–	68.4
Cash and cash equivalents	122.3	140.0	–17.7	–12.6	246.2
Non-current and current securities	473.5	325.8	147.7	45.4	187.2
Non-current and current loans receivable	36.8	39.6	–2.8	–7.6	36.8
Financial net debt	461.9	656.2	–194.3	–29.6	592.0
Net debt	813.8	1,037.7	–223.9	–21.6	999.5
Equity	6,544.3	4,543.3	2,001.0	44.0	4,552.1
Gearing (%) 2)	12.4	22.8	–10.4	–	22.0

1) Excluding bank overdrafts contained in cash and cash equivalents
2) Changes reported in percentage points

Cash flow from financing activities amounted to EUR –53.0m (previous year: EUR –88.8m). This amount includes the dividend for the 2019/20 financial year to the shareholders of EVN AG and to non-controlling interests as well as the scheduled repayment of financial liabilities and the issue of a green bond (nominal value: EUR 101m) through a private placement.

In total, cash flow amounted to EUR –17.7m in 2020/21 and cash and cash equivalents equalled EUR 122.3m as of 30 September 2021. The EVN Group also had contractually agreed, undrawn credit lines of approximately EUR 552.0m at its disposal to service potential short-term financing requirements.

Net debt and gearing

For additional information on the composition and terms of non-current financial liabilities, see page 216 in the EVN Full Report 2020/21

14 EVN Annual Financial Report 2020 /21

Management report — Business development

Investments

Capital expenditure was 12.8% higher year-on-year at EUR 415.0m in 2020/21. However, it should be noted that the first Covid-19 lockdown in spring 2020 led to delays on individual projects which were recovered during the reporting year. In line with its strategy, EVN’s investments focused on the network infrastructure, renewable generation, natural heat and drinking water in Lower Austria.

Investments in the Energy Segment included, in particular, an increase in heating equipment and the expansion of the heating networks. In the Generation Segment, investments were again directed to the expansion of wind power capacity in Lower Austria. The investment volume in this segment dropped by nearly half compared with the previous year due to the postponement of planned renewable generation projects. The delay resulted from amendment procedures on previously approved wind power projects and the still outstanding official notification by the European Commission of the subsidy mechanisms included in the new Austrian Renewable Energy Expansion Act.

Investments in the Lower Austrian network infrastructure were substantially higher in 2020/21 and continued to focus on integrating the steadily increasing volume of decentralised renewable electricity generation equipment. This trend requires the continuous expansion of the networks at all voltage levels as well as the construction and/or expansion of transformer stations and substations to reliably protect supply security and quality. Other reasons for the increase in the investment volume include the widespread installation of smart meters and the realisation of numerous digitalisation projects.

Condensed consolidated statement of cash flows

	2020/21 EURm	2019/20 EURm	+ /–	%	2018 /19 EURm
Result before income tax	366.4	257.3	109.1	42.4	373.5
Non-cash items	395.8	239.8	156.1	65.1	176.9
Gross cash flow	762.3	497.1	265.2	53.3	550.5
Changes in current and non-current balance sheet items	94.4	–40.7	135.1	–	–114.2
Income tax paid	–67.0	–44.3	–22.7	–51.2	–6.6
Net cash flow from operating activities	789.6	412.0	377.6	91.6	429.7
Changes in intangible assets and property, plant and equipment incl. deferred income from network subsidies	–605.9	–300.1	–305.8	–	–321.8
Changes in financial assets and other non-current assets	–0.3	34.0	–34.3	–	65.4
Changes in current securities	–148.1	–162.5	14.5	8.9	49.3
Net cash flow from investing activities	–754.3	–428.6	–325.7	–76.0	–207.1
Net cash flow from financing activities	–53.0	–88.8	35.8	40.3	–191.0
Net change in cash and cash equivalents	–17.7	–105.4	87.7	83.2	31.5
Cash and cash equivalents at the beginning of the period	140.0	246.2	–106.3	–43.2	214.5
Currency translation differences on cash and cash equivalents	0.0	–0.9	0.9	98.5	0.2
Cash and cash equivalents at the end of the period	122.3	140.0	–17.7	–12.6	246.2

15 EVN Annual Financial Report 2020 /21

Investment priorities

	2020/21 EURm	2019/20 EURm	+ /–	%	2018 /19 EURm
Energy	20.5	17.9	2.6	14.5	25.6
Generation	24.6	48.4	–23.8	–49.2	62.2
thereof renewable energy	18.9	17.8	1.1	6.1	51.7
thereof thermal power plants	5.6	30.3	–24.7	–81.5	10.5
Networks	249.0	181.8	67.2	36.9	201.7
thereof electricity networks	196.0	130.7	65.3	50.0	134.6
thereof natural gas networks	31.3	30.3	1.0	3.3	43.7
thereof cable TV and telecommunications networks	21.7	20.8	0.9	4.3	23.4
South East Europe	100.4	99.7	0.7	0.7	81.1
Environment	20.5	16.8	3.7	22.0	17.4
thereof cross-regional supply pipelines and local networks for drinking water	18.9	15.4	3.5	23.1	14.8
All Other Segments	0.1	3.3	–3.3	–98.2	3.5
Total	415.0	367.9	47.1	12.8	391.4

1) After consolidation

GRI indicator: GRI 203-1

EVN’s investments in South East Europe were slightly higher than the previous year. In addition to network investments to strengthen supply security, projects also included the construction of five warm water boilers by the Bulgarian district heating company TEZ Plovdiv and the construction of EVN’s first two photovoltaic plants in North Macedonia with an installed capacity of 1.5 MW each. In line with its corporate strategy, EVN also sets focal points for its investments in the Environment Segment – namely the improvement of supply security and quality of drinking water in Lower Austria. The focus here is on the expansion of cross-regional supply pipelines, e. g. the construction of a new 60 km transport pipeline from Krems to Zwettl to protect water supplies in the Waldviertel and Weinviertel regions. In addition to other pipeline projects, EVN is also investing in the construction of its fifth natural filter plant which will be commissioned in Petronell during January 2022.

Structure of investments %, total in EURm

16 EVN Annual Financial Report 2020 /21

Management report — Business development, Innovation, research and development

Innovation, research and development

The areas of activity in the EVN materiality matrix also define the framework for our innovation, research and development activities. Our projects are focused primarily on safeguarding supply security, protecting the environment and resources, and strengthening the company’s competitive position. Customer benefits have high priority on all projects.This is reflected in the continuous development and improvement of digital applications that bring greater comfort for our customers and greater efficiency in our customer service, for example with options for the digital ordering of network connections or inspection reports for natural gas equipment. In 2020/21 EVN spent EUR 1.4m (previous year: EUR 2.0m) on innovation, research and development projects. Public subsidies were received for these projects and represent a subsidy quota of 17.7%. EVN also received a subsidy for a multi-year networks project. The Green Energy Lab represented a key focal point of innovation, research and development activities in 2020/21. EVN is a founding member and active participant in this Austrian innovation project in support of green energy. It includes over 200 participating partners from research, business and the public sector – together with four energy supply companies, including EVN – which are developing customer- and demand-oriented scalable solutions from the prototype up to market maturity. EVN was responsible for the following three Green Energy Lab projects in 2020/21, which are directed to investigating the practical feasibility of tested technologies and applications:

• NETSE project
  • (Further) development and optimisation of platforms for the simple and efficient operation of energy communities
• Regional electricity supplies from energy communities require hardware and software interfaces between decentral producers, consumers, the network operator and the energy market (for balancing peak periods)
• Hybrid LSC project
  • Multi-family houses and residential areas in Lower Austria as pilot projects for local sustainable communities (LSC)
  • Digitalisation platform for the sustainable use of all supply and disposal services in a community (energy, heat, cooling, water, e-mobility, waste disposal)
• car2flex project
  • Practical testing of bidirectional charging technology in electric autos
  • Intermediate storage of electricity from decentral own generation in photovoltaic equipment
  • Integrated mobility solution to reduce network peaks

Expenditures for innovation, research and development projects and share of subsidies

	2018/19	2019/20	2020/21
Expenditures for innovation, research and development projects 1)	1.2	2.0	1.4
Share of subsidies in total expenditure for innovation, research and development projects 2)	8.1%	17.3%	17.7%

1) EURm
2) EVN also received a subsidy for a multi-year networks project.

Risk management

Definition of risk

The EVN Group defines risk as the potential deviation from planned corporate targets and objectives.

Risk management process

The primary goal of risk management is to protect current and future earnings and cash flows through the active identification and control of risk. As part of this process, a centrally organised corporate risk management department provides the decentralised risk managers with effective methods and tools for identifying and assessing risks. The responsible business units communicate their risk exposures to corporate risk management, which defines suitable actions to minimise these risks. The necessary actions are then implemented by the individual business units. The corporate risk management department is also responsible for analysing EVN’s risk exposure. The risks related to sustainability, climate and compliance issues are identified annually and managed by specialised organisational units and/or processes in agreement with central risk management.

EVN’s risk management process includes the following steps:

• Identification: The survey and/or revision of risks based on the latest risk inventory (review of risk inventory) and the identification of new risk positions and appropriate risk management countermeasures
• Assessment and analysis: The qualitative and quantitative evaluation of the identified risks; the aggregation of risks from different points of view; and the modelling of earnings and cash flow distributions
• Reporting: Discussion and evaluation of the risk profile by the Risk Working Committee and the Group Risk Committee; the implementation of further risk management measures where necessary; reporting on risk issues to the Audit Committee
• Process review: Definition of the organisational units that must submit to an explicit risk assessment; regular reviews to determine whether the methods used to identify and assess risks should be modified to reflect changed conditions; routine reviews by the internal audit department

Responsibilities of the Risk Working Committee

The Risk Working Committee supports the corporate risk management department in the correct implementation of the risk management process. It evaluates and approves changes in risk (assessment) methods and defines the type and scope of risk reporting. The voting members of the committee at the corporate level include the heads of the following corporate functions: controlling, legal and public affairs, finance, accounting, internal audit and the chief compliance officer (CCO) as well as an (internal) energy industry expert.

Group Risk Committee and control

The results of the risk inventory and the related reports are presented to and discussed by the Group Risk Committee, which consists of the Executive Board of EVN AG, the heads of the organisational units and the members of the Risk Working Committee. The Group Risk Committee decides on any need for action, can establish working groups and assign specified tasks, and is authorised to approve the results of the risk inventory (risk reports).

GRI indicator: GRI 102-30

Risk profile

In addition to the normal industry risks and uncertainties, EVN’s risk profile is influenced primarily by political, legal and regulatory challenges and changes in the competitive environment. EVN carries out an annual risk inventory that is updated as needed through ad-hoc risk reports. This inventory includes the following categorisation of risks: market and competition risks, financial risks, operating risks, external risks, strategic and planning risks and other risks.

The following table shows the risks classified under the above categories and the measures designated for their minimisation. In line with the Sustainability and Diversity Improvement Act, the risk inventory aims to systematically identify potential risks and effects of EVN’s business activities and business relations on areas of environmental, social and employee-related issues, the observance of human rights and the fight against corruption. The identified risks and their impact were dealt with in accordance with the steps defined by the risk management process.

For information on the most important effects of the Sustainabilityand Diversity Improvement Act, see page23ff in the EVN Full Report 2020/21

Potential climate risks

EVN also places high priority on climate protection, and potential climate risks are therefore identified as part of the risk inventory. Climate risk is consciously not defined as a separate risk category but – wherever applicable – represents interdisciplinary material in the individual risk categories. A differentiation is made between transition risks and physical risks: Transition risks include the uncertainties which arise during the transition to a renewable energy system. Physical risks, in contrast, involve events and changes caused directly by climatic factors.

Following are several examples that illustrate the allocation of potential climate risks to EVN’s risk categories:

• Weaker demand due to a mild winter: physical risk that is assigned to the category “profit margin risk”
• Decline in electricity production due to a climate-related drop in water flows: physical risk that is assigned to the category “profit margin risk”
• Damage caused by extreme weather: physical risk that is assigned to the category “service disruptions/network breakdown”
• Change in environmental regulations: transition risk that is assigned to the category “external risks”; stricter requirements could possibly lead to additional costs
• Additional stress for the electricity network due to the ongoing expansion of substantially more volatile renewable generation: transition risk that is assigned to the category “operating risks” (“service disruptions/network breakdown”)

Potential risks from the Covid-19 pandemic

The uncertainties and effects of a pandemic can also be assigned to EVN’s existing risk categories as interdisciplinary material. The risks identified in connection with the corona crisis were evaluated from qualitative and quantitative standpoints based on the risk categories shown on the following table. A renewed assessment – especially in comparison with the beginning of the Covid-19 pandemic – has put the individual risks into perspective. The risk inventory carried out in 2020/21 identified the following issues as the major uncertainties for EVN from the corona crisis:

• Quarantine or illness of key personnel: assigned to the category “workforce risks”
• Deterioration in the credit standing of customers: assigned to the category “counterparty/credit risks” or “impairment risks”
• Weak economic growth and a potential decline in sales volumes: assigned to the category “profit margin risk”
• Interferences in the international project business (e.g. due to lockdowns, travel restrictions or problems in international supply chains): assigned to the category “project risk”

For information on the major effects of Covid-19 on EVN’s business development in 2020/21, also see page 140 in the EVN Full Report 2020/21

Overall risk profile

In addition to the uncertainties connected with the areas of business and operations outside Austria, EVN continues to be confronted with a challenging environment in its home market of Lower# Management report — Risk management

Key features of the internal control and risk management system related to accounting processes

In accordance with § 267 (3b) and in connection with § 243a (2) of the Austrian Commercial Code, those companies whose shares are admitted for trading on a regulated market are required to disclose the key features of their internal control and risk management system for corporate accounting processes in the management report. The Executive Board is responsible for establishing a suitable internal control and risk management system (ICS) for accounting processes as defined in § 82 of the Austrian Stock Corporation Act. The effectiveness of the ICS must be monitored by the Audit Committee in accordance with § 92 (4a) no. 4b of the Austrian Stock Corporation Act. EVN’s ICS for accounting processes is monitored at regular intervals by auditing the processes that are considered to be exposed to risk. The results of these monitoring activities are reported to the Executive Board and the Audit Committee. The ICS ensures clear lines of responsibility and eliminates unnecessary process steps, and thereby further improves the security of processes for the preparation of financial statements. The description of the major features of the ICS covers five interrelated components: control environment, risk assessment, control activities, information and communication, and monitoring.

Control environment

The Code of Conduct issued by EVN and the underlying values apply to all Group employees. EVN’s Code of Conduct is available under www.evn.at/code-of-conduct

The consolidated financial statements are prepared by Group accounting. The related processes are based on an accounting guideline that defines the accounting policies to be applied as well as key processes and schedules for the entire Group. Binding instructions apply to the reconciliation of intragroup accounts and other work required for the preparation of the consolidated financial statements. All employees involved in the accounting process have the necessary qualifications and undergo regular training. Complex actuarial opinions and valuations are prepared by external experts or specially qualified employees. The managers responsible for the specific processes – in general, the heads of the organisational units and corporate services – are responsible for compliance with these processes and the related control measures.

Risk assessment and control activities

Multi-stage control measures have been implemented to prevent material misstatements in the presentation of transactions in order to ensure that the individual financial statements of all subsidiaries are recorded correctly. These measures include automated controls that are executed by the consolidation software as well as manual controls by the involved corporate services. These corporate service departments carry out extensive plausibility checks of the individual subsidiaries’ financial statements to ensure their correct transfer to the consolidated financial statements. The review of the financial statement data includes analyses at the position, segment and Group levels, both before and after consolidation. The consolidated financial statements are not released until these quality controls are complete at all levels. EVN AG and the major domestic and foreign subsidiaries use SAP software (FI module, finance and accounting) for their accounting.

EVN’s major risks and related risk management measures

Risk category	Description	Measure
Market and competition risks	Profit margin risk (price and volume effects) Energy sales and production: failure to meet profit margin targets • Procurement and selling prices (esp. for energy carriers) that are volatile and/or deviate from forecasts • Weaker demand (above all due to weather/ climate change, politics, reputation or competition) • Decline in own generation • Reduced project volume in the environmental services business (in particular due to market saturation, limited resources for infrastructure projects, non-inclusion in or failure to win tenders) Potential climate risk	Procurement strategy tailored to the market environment; hedging strategies; diversification of customer segments and business areas; product portfolio that reflects customer demands; longer-term sale of power plant capacity
Supplier risk	Cost overruns on planned projects; incomplete performance of contracted services or failure to meet contract obligations	Partnerships; contractual controls wherever possible; third party expert opinions
Financial risks	Foreign currency risks Transaction risks (foreign exchange losses) and translation risks on the conversion of foreign currency amounts in the consolidated financial statements; financing for Group companies that does not reflect the respective foreign exchange situation	Monitoring; limits; hedging instruments
	Liquidity, cash flow and financing risk Failure to repay liabilities on schedule or to obtain the required liquidity/funds when needed at the expected conditions; potential climate risk	Long-term, centrally managed financial planning; safeguarding financing requirements (e. g. through credit lines)
	Market price risks Decline in the value of investments (e. g. funds) and listed strategic holdings (e. g. Verbund AG, Burgenland Holding AG); potential climate risk	Monitoring of loss potential via daily value-at-risk calculations; investment guidelines
	Counterparty/credit risks (default risks) Complete or partial failure of a business partner or customer to provide the agreed performance	Contractual construction; credit monitoring and credit limit systems; regular monitoring of customer behaviour; hedging instruments; insurance; systematic diversification of business partners
	Investment risks Failure of a core subsidiary or holding company to meet profit targets; potential climate risk	Representation on corporate bodies of the respective company
	Rating changes Higher refinancing costs due to rating downgrades; potential climate risk	Ensuring compliance with key financial indicators
	Interest rate risks Changes in market rates; increase in interest expense; negative effects of low interest rates on the valuation of assets and provisions and on future tariffs	Use of hedging instruments; fixed interest rates in financing contracts
	Impairment risks Recognition of impairment losses to receivables, goodwill, investments, generation equipment and other assets (profitability/value significantly dependent on electricity and primary energy prices and energy sector framework conditions); potential climate risk	Monitoring via sensitivity analyses
	Guarantee risk Financial loss due to claim of contingent liabilities; potential climate risk	Limit volume of guarantees as far as possible; routine monitoring
Strategy and planning risks	Technology risk Late identification of and reaction to new technologies (delayed investments) or to changes in customer needs; investments in “wrong” technologies; potential climate risk	Active participation in external research projects; own demonstration facilities and pilot projects; ongoing adjustments to keep technologies at the latest level
	Planning risk Model risks; incorrect or incomplete assumptions; lost opportunities	Feasibility studies by experienced, highly qualified employees; monitoring of parameters and regular updates; four-eyes principle
Organisational risks	Inefficient or ineffective processes and interfaces; duplication; potential climate risk	Process management; documentation; internal control system (ICS)
Operating risks	Infrastructure risks Incorrect design and use of technical facilities; potential climate risk	Elimination of technical weaknesses; regular inspections and reviews of current and planned infrastructure
	Service disruptions/network breakdowns (own and third party), accidents Supply interruptions; physical danger to persons or infrastructure through explosions/accidents; potential climate risk	Technical upgrading at interfaces of the different networks; expansion and maintenance of network capacity
	IT/security risks (incl. cybersecurity) System losses; data loss or unintended transfer; hacker attacks	Strict system and risk monitoring (internal control system); backup systems; technical maintenance; external audits; occupational safety and health measures; crisis training
	Workforce risks Loss of highly qualified employees; absence due to work accidents; surplus or shortfall of personnel; communication problems; cultural barriers; fraud; intentional or unintentional misrepresentations of transactions or items in the annual financial statements	Attractive work environment; occupational health care and safety measures; flexible working time models; training; events for employees for the exchange of information and networking purposes; internal control system (ICS)
External risks	Legislative, regulatory and political risks Change in political and legal parameters and/or the regulatory environment (e. g. environmental laws, changes in the legal framework, shifting subsidy scheme, market liberalisation in South East Europe); political and economic instability; network operations: non-inclusion of actual operating costs in the network tariffs established by regulatory authority; potential climate risk	Cooperation with interest groups, associations and government agencies on a regional, national and international level; appropriate documentation and service charges

The IFRS consolidated financial statements are prepared with the Hyperion Financial Management software, whereby the data from the individual financial statements of the consolidated companies are transferred by means of an interface. The accounting systems and all upstream systems are protected by restricted access as well as automated and mandatory manual control steps.

EVN’s Major Risks and Related Risk Management Measures

Risk category	Description	Measure
Legal and litigation risks	Non-compliance with contracts; litigation risk from various lawsuits; regulatory and supervisory audits	Representation in local, regional, national and EU-wide interest groups; legal consulting
Social and general economic environment	Macroeconomic developments; debt/financial crisis; stagnating or declining purchasing power; rising unemployment; potential climate risk	Best possible utilisation of (anti-)cyclical optimisation potential
Contract risks	Failure to identify legal, economic or technical problems; contract risks under financing agreements	Extensive legal due diligence; involvement of external experts/legal advisors; contract database and ongoing monitoring
Other risks	Granting of undue advantages, non-compliance, data protection incidents	Distribution of confidential internal information to third parties and the granting of undue advantages/corruption; violation of regulations for the protection of personal data
Project risk	Cost overruns on the construction of new capacity; potential climate risk	Contractual agreement on economic parameters
Co-investment risk	Risks related to the implementation of major projects jointly with partners; potential climate risk	Contractual safeguards; efficient project management
Sabotage	Sabotage, e. g. to natural gas lines, wastewater treatment plants or waste incineration plants	Suitable security measures; regular measurement of water quality and emissions
Image risk	Reputational damage; potential climate risk	Transparent and proactive communications; sustainable management

The ICS for financial reporting and all accounting-related processes are reviewed by the auditor at least once each year to verify compliance with the required controls, to evaluate any risk incidents that occurred during the financial year and to determine whether the controls are still suitable to deal with the existing risks. In the reporting period, a number of process adjustments and improvements were made as part of the continuous efforts to further develop the ICS for financial reporting.

Information, Communication and Monitoring

The Executive Board provides the Supervisory Board with quarterly reports on EVN’s asset, financial and earnings position, together with a statement of financial position and a statement of operations. The Executive Board and the Audit Committee also receive a report on the ICS for financial accounting twice each year, which contains basic information to evaluate the efficiency and effectiveness of the ICS and is designed to support the management of the ICS by the responsible corporate bodies. The report is prepared by ICS management in cooperation with the ICS Committee based on information supplied by the managers responsible for ICS, the persons who carried out the controls and the auditors. This information is also distributed to management and key personnel in the involved companies to facilitate monitoring and control activities and thereby ensure the accuracy of accounting and reporting procedures. EVN’s internal audit department carries out regular reviews of the ICS for financial accounting, and their findings are also included in the continuous improvement of this system.

GRI indicators: GRI 102-31, GRI 102-33

Consolidated Non-Financial Report

The consolidated non-financial statement required by the Austrian Sustainability and Diversity Improvement Act was prepared in accordance with § 267a of the Austrian Commercial Code and is presented as an independent non-financial report. See page 1ff in the EVN Full Report 2020/21

Disclosures Required by § 243a of the Austrian Commercial Code

1. The share capital of EVN AG totalled EUR 330,000,000 as of 30 September 2021 and was divided into 179,878,402 zero par value bearer shares, each of which represents an equal stake in share capital. Shareholders are not entitled to the issue of individual share certificates. There is only one class of shares, and all shares carry the same rights and responsibilities. EVN AG shares are traded in the Prime Market segment of the Vienna Stock Exchange.
2. There are no restrictions on voting rights or agreements limiting the transfer of shares which exceed the general requirements of the Austrian Stock Corporation Act. However, it should be noted that the transferability of the investment owned by the province of Lower Austria, which holds its shares through NÖ Landes-Beteiligungsholding GmbH, St. Pölten, is limited by Austrian federal and provincial constitutional law. NÖ Landes-Beteiligungsholding GmbH (“NLH“) and Wiener Stadtwerke GmbH (“WSTW“) established a tax participation association on 23 September 2021, for which they concluded an “agreement over the creation of a tax participation association for their investments in EVN AG“. This contract basically calls for the syndicated exercise of voting rights by NLH and WSTW in the Annual General Meetings of EVN AG but reflects only the voting weight in the Annual General Meeting based on the respective investments held by NLH and WSTW and in accordance with legal regulations and/or the articles of association (NLH continues to hold a simple – but not qualified – majority and WSTW continues to hold a blocking minority).
3. Based on the above-mentioned constitutional requirements, the province of Lower Austria is the major shareholder of EVN AG with a stake of 51.0%. The second largest shareholder is Wiener Stadtwerke GmbH, Vienna, with a stake of 28.4%; this company is wholly owned by the city of Vienna. As of 30 September 2021, EVN AG held treasury shares representing 0.9% of share capital and free float equalled 19.7%.
4. EVN AG has not issued any shares with special control rights.
5. Employees who own shares in EVN AG may exercise their voting rights personally at the Annual General Meeting. EVN AG does not have a stock option programme.
6. The Executive Board consists of at least two members.

Outlook for the 2021/22 financial year

The Strategy 2030 forms the framework for projects and investments in 2021/22. The EVN Climate Initiative and the commitment to a decarbonisation path by 2034 that was coordinated with the Science Based Targets initiative in autumn 2021 underscore our ambition to make a concrete contribution to realising the Paris climate goals. In addition to this, the share of EVN’s renewable electricity generation will increase from the recent level of 57% to 75% alone through the complete exit from coal-fired electricity generation at the end of September 2021.

The autumn months in 2021 brought disproportionately strong distortions on the international energy markets which led to massive price increases for natural gas and electricity. In light of EVN’s diversified and integrated business model, these price trends will have different effects in the individual segments. The further development of the energy markets is difficult to predict at the present time, and that reduces the planning capability for business activities – apart from the usual uncertainties that affect EVN’s activities, like wind and water flows or the temperature-related energy demand.

From the current perspective, the development of generation activities is expected to be positive – but below-average wind or water flows could reduce the positive effects of increased electricity market prices. Price increases on the wholesale markets, in contrast, have a negative effect on energy sales. In cases where energy procurement prices are not hedged over the long term, higher procurement costs are gradually passed on to customers. The distortions on the energy markets in South East Europe represent a major challenge for regulatory mechanisms and for our activities in these markets. Higher costs to cover network losses are expected to have a substantial negative influence on the development of earnings in Bulgaria and North Macedonia in 2021/22. Based on the current regulatory framework, however, this should be offset through tariff adjustments in the following years.

In the international project business, EVN intends to concentrate on existing contracts – especially the large-scale project in Kuwait. Positive earnings development can be expected in the Environment Segment if projects proceed as scheduled. However, a further intensification of the corona crisis could lead to additional project delays through lockdowns, travel restrictions and the interruption of international supply chains and, in turn, to a decline in earnings.

EVN expects Group net result to range from approximately EUR 200m to EUR 240m for the 2021/22 financial year. However, stronger or longer distortions on the energy markets could have a negative impact on expected earnings. Investments will increase to approximately EUR 500m and will be focused, above all, on the regulated and stable business areas of network infrastructure, renewable generation and drinking water supplies. These activities are intended to protect EVN‘s solid business foundation and support continued growth.

Maria Enzersdorf, 24 November 2021

Stefan Szyszkowitz
Spokesman of the Executive Board

Franz Mittermayer
Member of the Executive Board# 7. Corporate Governance Report

The Supervisory Board has a minimum of eight and a maximum of twelve members. Unless another majority is required by law, the Annual General Meeting passes its resolutions with a simple majority of the votes cast or with a majority of the capital represented in cases requiring a majority of capital.

1. There were no authorisations as defined by § 243a (1) no. 7 of the Austrian Commercial Code in effect during the 2020/21 financial year which entitled the Executive Board, in particular, to issue the company’s shares. However, the possibility of issuing previously repurchased treasury shares to employees remains intact.

2. A change of control in EVN AG in the sense of § 243a (1) no. 8 of the Austrian Commercial Code is currently not possible because of the legal regulations described above under points 2. and 3. Therefore, there are no possible consequences of a change of control.

3. There are no agreements to provide compensation to the members of corporate bodies or employees in the event of a public takeover.

Consolidated Financial Statements for 2020/21

According to International Financial Reporting Standards

Consolidated statement of operations

EURm	Note	2020/21	2019/20
Revenue	24	2,394.9	2,107.5
Other operating income	25	250.1	64.4
Cost of materials and services	26	–1,573.9	–1,205.2
Personnel expenses	27	–361.3	–349.3
Other operating expenses	28	–113.0	–121.1
Share of results from equity accounted investees with operational nature	29	239.6	94.1
EBITDA		836.5	590.4
Depreciation and amortisation	30	–337.7	–296.7
Effects from impairment tests	30	–112.4	–20.6
Results from operating activities (EBIT)		386.4	273.1
Results from other investments		37.6	33.3
Interest income		6.1	4.5
Interest expense		–59.4	–47.0
Other financial results		–4.3	–6.7
Financial results	31	–20.0	–15.8
Result before income tax		366.4	257.3
Income tax	32	–14.7	–28.7
Result for the period		351.7	228.6
thereof result attributable to EVN AG shareholders (Group net result)		325.3	199.8
thereof result attributable to non-controlling interests		26.4	28.9
Earnings per share in EUR 1)	33	1.83	1.12
Dividend per share in EUR		0.52 2)	0.49

1) There is no difference between basic and diluted earnings per share.
2) Proposal to the Annual General Meeting: dividend of EUR 0.52 per share

Consolidated statement of comprehensive income

EURm	Note	2020/21	2019/20
Result for the period		351.7	228.6
Other comprehensive income
from Items that will not be reclassified to profit or loss		1,408.7	–112.0
Remeasurements IAS 19	45	12.4	10.2
Investments in equity accounted investees	45	4.3	–2.2
Shares and other equity instruments measured at fair value and reported in other comprehensive income 1)		1,860.3	–156.5
Thereon apportionable income tax expense	45	–468.4	36.5
Items that may be reclassified to profit or loss		352.4	–14.8
Currency translation differences	5	5.4	–3.8
Cash flow hedges	45	–0.4	2.8
Investments in equity accounted investees	45	462.1	–14.1
Thereon apportionable income tax expense	45	–114.6	0.3
Total other comprehensive income after tax		1,761.1	–126.8
Comprehensive income for the period		2,112.8	101.8
thereof income attributable to EVN AG shareholders		2,085.5	74.5
thereof income attributable to non-controlling interests		27.2	27.3

1) See note 61. Reporting on financial instruments

Consolidated statement of financial position

EURm	Note	30.09.2021	30.09.2020
Assets
Non-current assets
Intangible assets	34	216.5	216.9
Property, plant and equipment	35	3,692.1	3,703.4
Investments in equity accounted investees	36	1,577.5	1,002.1
Other investments	37	4,029.5	2,168.7
Deferred tax assets	49	57.0	75.4
Other non-current assets	38	200.0	261.0
		9,772.6	7,427.6
Current assets
Inventories	39	95.7	66.6
Trade and other receivables	40	749.9	403.2
Securities and other current financial investments	41	399.1	253.8
Cash and cash equivalents	59	122.5	214.6
		1,367.1	938.1
Total assets		11,139.8	8,365.7
Equity and liabilities
Equity
Issued capital and reserves attributable to shareholders of EVN AG	42–46	6,281.2	4,282.1
Non-controlling interests	47	263.2	261.2
		6,544.3	4,543.3
Non-current liabilities
Non-current loans and borrowings	48	718.9	1,045.3
Deferred tax liabilities	49	1,035.4	490.0
Non-current provisions	50	445.3	506.4
Deferred income from network subsidies	51	622.2	619.1
Other non-current liabilities	52	116.0	137.5
		2,937.9	2,798.3
Current liabilities
Current loans and borrowings	53	318.0	110.0
Taxes payable and levies		44.8	75.5
Trade payables	54	331.7	298.4
Current provisions	55	124.8	96.2
Other current liabilities	56	838.2	444.0
		1,657.6	1,024.1
Total equity and liabilities		11,139.8	8,365.7

Consolidated statement of changes in equity

EURm	Share capital	Share premium and capital reserves	Retained earnings	Valuation reserve	Currency translation reserve	Treasury shares	Issued capital and reserves of EVN AG shareholders	Non-controlling interests	Total
Balance on 30.09.2019	330.0	253.6	2,514.2	1,226.8	–9.3	–19.7	4,295.6	256.5	4,552.1
Comprehensive income	–	–	199.8	–121.1	–4.2	–	74.5	27.3	101.8
Dividends 2018/19	–	–	–89.0	–	–	–	–89.0	–22.6	–111.6
Change in treasury shares	–	0.2	–	–	–	0.8	1.0	–	1.0
Balance on 30.09.2020	330.0	253.8	2,625.0	1,105.7	–13.5	–19.0	4,282.1	261.2	4,543.3
Comprehensive income	–	–	325.3	1,754.8	5.4	–	2,085.5	27.2	2,112.8
Dividends 2019/20	–	–	–87.3	–	–	–	–87.3	–25.3	–112.6
Change in treasury shares	–	0.4	–	–	–	0.5	0.9	–	0.9
Balance on 30.09.2021	330.0	254.2	2,863.0	2,860.6	–8.1	–18.5	6,281.2	263.2	6,544.3
Note	42	43	44	45	5	46		47

Consolidated statement of cash flows

EURm	Note	2020/21	2019/20
Result before income tax		366.4	257.3
+ Depreciation, amortisation/ – revaluation of intangible assets and property, plant and equipment and other non-current assets	30	450.1	317.3
– Results of equity accounted investees and other investments	36, 37	–277.2	–127.5
+ Dividends from equity accounted investees and other investments		166.9	113.3
+ Interest expense		59.4	47.0
– Interest paid		–42.6	–40.2
– Interest income		–6.1	–4.5
+ Interest received		5.5	3.8
+ Losses/– gains from foreign exchange translations	5	5.8	4.1
+ /– Other non-cash financial results		0.1	0.7
– Release of deferred income from network subsidies	58	–70.4	–52.1
– Gains/+ losses on the disposal of intangible assets and property, plant and equipment		0.8	–0.7
– Gains from deconsolidations	25	–25.6	–
– Decrease/+ increase in non-current provisions	50	129.2	–21.4
Gross cash flow		762.3	497.1
+ Decrease/– increase in inventories and receivables		–398.3	–127.7
+ Increase/– decrease in current provisions		28.7	5.8
+ Increase/– decrease in trade payables and other liabilities		464.0	81.2
– Income tax paid		–67.0	–44.3
Net cash flow from operating activities		789.6	412.0
+ Proceeds from the disposal of intangible assets and property, plant and equipment		7.3	6.7
+ Proceeds from network subsidies		77.3	60.7
+ Proceeds from the disposal of financial assets and other non-current assets		6.4	65.5
+ Proceeds from the disposal of current securities and other current financial investments		108.3	89.4
– Acquisition of intangible assets and property, plant and equipment		–415.4	–367.5
– Outflows in connection with deconsolidations	25	–275.2	–
– Acquisition of financial assets and other non-current assets		–6.7	–31.5
– Acquisition of current securities other current financial investments		–256.4	–251.9
Net cash flow from investing activities		–754.3	–428.6
– Dividends paid to EVN AG shareholders	44	–87.3	–89.0
– Dividends paid to non-controlling interests		–25.3	–22.6
+ Sales of treasury shares		0.9	1.0
+ Increase in financial liabilities	58	101.0	100.0
– Decrease in financial liabilities	58	–34.5	–72.7
– Decrease in leasing liabilities	58	–7.8	–5.5
Net cash flow from financing activities		–53.0	–88.8
Net change in cash and cash equivalents		–17.7	–105.4
Cash and cash equivalents at the beginning of the period 1)	58	140.0	246.2
Currency translation differences on cash and cash equivalents		0.0	–0.9
Cash and cash equivalents at the end of the period 1)		122.3	140.0
Net change in cash and cash equivalents		–17.7	–105.4

1) The addition of bank overdrafts results in cash and cash equivalents as reported on the consolidated statement of financial position.

Notes to the Consolidated Financial Statements

1. General

EVN AG, as the parent company of the EVN Group (EVN), is a leading listed Austrian energy and environmental services provider. Its headquarters are located in A-2344 Maria Enzersdorf, Austria. In addition to serving its domestic market in the province of Lower Austria, EVN operates in the Bulgarian, North Macedonian, Croatian, German and Albanian energy industry. EVN is also active in the area of environmental services through subsidiaries that provide customers in eleven countries with water supply, wastewater treatment and thermal waste utilisation services.

The consolidated financial statements are prepared as of the balance sheet date of EVN AG. The financial year of EVN AG covers the period from 1 October to 30 September.The consolidated financial statements are prepared on the basis of uniform accounting policies. In cases where the balance sheet date of a consolidated company differs from the balance sheet date of EVN AG, interim financial statements are prepared as of 30 September. The consolidated financial statements are prepared on the basis of historical acquisition and production costs, unless indicated otherwise. Certain items on the consolidated statement of financial position and the consolidated statement of operations are summarised to achieve a more understandable and clearly structured presentation. These positions are presented individually in the consolidated notes and explained according to the principle of materiality. In order to improve clarity and comparability, the amounts in the consolidated financial statements are generally shown in millions of euros (EURm), unless otherwise noted. Small amounts below TEUR 50 as well as zero values are presented in the notes to the consolidated financial statements with “–” to improve readability. The rounding of individual positions and percentage rates can lead to minimal rounding differences. The consolidated statement of operations is prepared in accordance with the nature of expense method.

2. Reporting in accordance with IFRS

Pursuant to § 245a of the Austrian Commercial Code, the consolidated financial statements were prepared in accordance with the current guidelines set forth in the IFRSs issued by the International Accounting Standards Board (IASB) as well as the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) that were applicable as of the balance sheet date and had been adopted by the European Union (EU).

Standards and interpretations applied for the first time and changes in accounting policies

The following standards and interpretations were applied for the first time in the 2020/ 21 financial year:

Revised standards and interpretations	Effective 1)	Expected material effects on EVN’s consolidated financial statements
IFRS 3 Definition of a Business	01.01.2020	None
IAS 39, IFRS 7, IFRS 9 Interest Rate Benchmark Reform	01.01.2020	None
IAS 1, IAS 8 Definition of Material	01.01.2020	None
IFRS 16 Covid-19-Related Rent Concessions	01.06.2020	None
Several Amendments to References to the Conceptual Framework	01.01.2020	None

1) In accordance with the Official Journal of the EU, these standards are applicable to financial years beginning on or after the effective date.

EVN voluntarily applied the changes to IAS 39 and IFRS 7 “Interest Rate Benchmark Reform” already during the 2019/20 financial year. The resulting effects are described in the following section.

Reform of the interest rate benchmark

The changes provide temporary relief from the application of specific requirements for the accounting treatment of hedges in hedge relationships which are directly affected by the IBOR reform. The exceptions defined by the IBOR reform are not intended to lead to the discontinuation of hedge accounting. In this connection, it is assumed that the reference interest rates which form the basis for the underlying transaction and the hedging instrument will not be changed by the IBOR reform. However, possible ineffectiveness must still be recognised in the consolidated statement of operations.

In accordance with the transition guidance, the changes were applied retroactively to hedges in existence at the beginning of the reporting period and to the amount accumulated in the cash flow hedge reserve at that time. No adjustment to the cash flow hedge reserve was required in either the 2019/20 or 2020/21 financial years as no impact was identified.

Future changes in the reference interest rate could have an effect on the following hedge relationships:

• EUR/JPY cross-currency swaps are generally used to hedge the JPY bond. The cross-currency swaps (for a nominal value of JPY 12bn up to 15 January 2019 and for a nominal value of JPY 10bn since that date) represent fair value hedges; they are recorded and evaluated in the treasury management system and designated and documented as hedges. The change in the bond liability resulting from this hedge represents an opposite movement to the market value of the swap. The effectiveness calculation for the hedge of the JPY bond involves mapping the hypothetical derivative based on the 6M-JPY-LIBOR. From the current point of view, the changeover to a new reference interest rate in the future will not have any impact on the effectiveness.
• Interest rate swaps are used to hedge variable interest financial liabilities and exchange variable for fixed interest. All transactions are recorded and evaluated in the treasury management system and designated and documented as hedges. The interest rate swaps used to hedge existing risks are principally based on the 6-month or 12-month EURIBOR. Following the conversion of the EURIBOR to a transaction-based calculation method at the end of 2019, the EURIBOR is now acceptable as a reference interest rate under the EU Benchmark Regulation and will therefore not lead to any changes in existing contracts.

Standards and interpretations already adopted by the EU, but not yet compulsory

Revised standards and interpretations	Effective 1)	Expected material effects on EVN’s consolidated financial statements
IAS 39, IFRS 4, IFRS 7, IFRS 9, IFRS 16 Interest Rate Benchmark Reform – Phase 2	01.01.2021	None
IFRS 4 Extension of the Temporary Exemption from Applying IFRS 9	01.01.2021	None
IFRS 16 Covid-19 Related Rent Concessions	01.04.2021	None
IFRS 3 Reference to the Conceptual Framework	01.01.2022	None
IAS 16 Proceeds before Intended Use	01.01.2022	None
IAS 37 Onerous Contracts – Cost of Fulfilling a Contract	01.01.2022	None
Several Annual Improvements to IFRS 2018–2020	01.01.2022	None

1) In accordance with IASB, these standards are applicable to financial years beginning on or after the effective date.

Standards and interpretations not yet applicable and not yet adopted by the EU

The following standards and interpretations had been issued by the IASB as of 30 September 2021, but have not yet been adopted by theEU:

New standards and interpretations	Effective 1)	Expected material effects on EVN’s consolidated financial statements
IFRS 17 Insurance Contracts	01.01.2023	None
IAS 1 Classification of Liabilities as Current or Non-Current	01.01.2023	None
IAS 1 Disclosure of Accounting Policies	01.01.2023	None
IAS 8 Definition of Accounting Estimates	01.01.2023	None
IAS 12 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction	01.01.2023	None

1) In accordance with IASB, these standards are applicable to financial years beginning on or after the effective date.

EVN regularly monitors and analyses the effects of the application of revised standards and interpretations on the future presentation of the consolidated financial statements and the future disclosures in the consolidated notes.

3. Consolidation methods

Basis of consolidation

Consolidation is carried out by offsetting the consideration transferred against the fair value of the acquired assets and assumed liabilities. All significant companies whose financial and operating activities are directly or indirectly controlled by EVN AG (i. e. subsidiaries) are fully consolidated. EVN is considered to have a controlling interest over a company in which it holds an investment when it has a right to variable returns from the investee and can influence the amount of these returns through its control. This is usually the case when EVN’s voting rights exceed 50.0%, but may also apply if EVN has the power of disposition over and is the primary beneficiary of any economic benefits arising from the business operations of these companies or if EVN is required to carry most of the risks.

Companies are initially consolidated on the acquisition date or at the time EVN gains control and are deconsolidated when control ends. In accordance with IFRS 3, assets and liabilities (including contingent liabilities) obtained through business combinations are recognised at their full fair value, irrespective of any existing non-controlling interests. Non-controlling interests in subsidiaries are carried at the propor- tional share of net assets (excluding the proportional share of goodwill).

Intangible assets are recognised separately from goodwill if they can be separated from the acquired company or arise from statutory, contractual or other legal rights. Any remaining positive differences which represent compensation to the seller for market opportunities or developmental potential that cannot be individually identified are recognised in local currency as goodwill and allocated to cash-generating units (CGUs) in the relevant segment (for information on the treatment and recoverability of goodwill, see notes 34. Intangible assets and 21.Procedures and effects of impairment tests). Negative differences are recognised in profit or loss after a repeated measurement of the acquired company’s identifiable assets and liabil- ities (including contingent liabilities) and measurement of the acquisition cost. The differences between fair value and the carrying amount are carried forward in accordance with the related assets and liabilities during the subsequent consolidation. A change in the investment in a fully consolidated company is accounted for directly in equity without recognition through profit or loss.

As in the previous financial year, there were no acquisitions of companies as defined in IFRS 3 during the reporting period.# Consolidated notes — Basis of preparation, Basis of consolidation

Joint arrangements are included in the consolidated financial statements of EVN depending on the rights and obligations attributed to the controlling parties by the respective agreement. If only rights to the net assets are involved, the joint arrangement is classified as a joint venture according to IFRS 11 and included at equity. If rights to the assets and obligations for the liabilities are involved, the joint arrangement is classified as a joint operation according to IFRS 11 and included in the consolidated financial statements through line-by-line consolidation. Associates – i. e. companies in which EVN AG can directly or indirectly exercise significant influence – are included at equity. Subsidiaries, joint ventures and associates are not consolidated if their influence on EVN’s asset, financial and earnings position is considered to be immaterial, either individually or in total. These companies are reported at cost less any necessary impairment losses. The materiality of an investment is assessed on the basis of the balance sheet total, the proportional share of equity, external revenue and annual profit or loss as reported in the last available financial statements in relation to the respective Group totals. Intragroup receivables, liabilities, income and expenses as well as interim profits and losses are eliminated unless they are immaterial. The consolidation procedure for profit or loss includes the effects of income taxes as well as the recognition of deferred taxes.

4. Scope of consolidation

The scope of consolidation is determined in accordance with the requirements of IFRS 10. Accordingly, 26 domestic and 29 foreign sub- sidiaries (including the parent company EVN AG) were fully consolidated in the consolidated financial statements as of 30 September 2021 (previous year: 28 domestic and 32 foreign subsidiaries). A total of 11 subsidiaries (previous year: 13) were not consolidated due to their immaterial influence on EVN’s asset, financial and earnings position, either individually or in total.

EVN AG is the sole limited partner of EVN KG and, as such, participates to 100.0% in the profit or loss of EVN KG. ENERGIEALLIANZ Austria GmbH (EnergieAllianz), serves as the general partner of EVN KG, but does not hold an investment in this company. The agree- ments concluded between the EnergieAllianz shareholders for the management of EVN KG result in joint control. EVN KG is therefore classified as a joint venture in the sense of IFRS 11 and consolidated at equity. Contractual agreements also lead to the classification of the EnergieAllianz Group (EnergieAllianz and its subsidiaries) as a joint venture in the sense of IFRS 11; the group is therefore included in the consolidated financial statements at equity.

RBG, a fully consolidated company in which EVN AG has an unchanged interest of 50.03%, holds a 100.0% stake in RAG. RAG is consolidated at equity because contractual agreements prevent EVN from exercising control. Bioenergie Steyr, in which EVN Wärme holds a stake of 51.0%, is included in EVN’s consolidated financial statements at equity because contractual agreements exclude any possibility of control. Verbund Innkraftwerke, Germany, in which EVN AG has an unchanged interest of 13.0%, is included at equity due to special contractual arrangements that allow for the exercise of significant influence. The criteria for control defined by IFRS 10 are not considered to be met in companies with an investment of 50.0%. These companies are classified as joint ventures in the sense of IFRS 11 based on the respective contractual agreements and are therefore included in the consolidated financial statements at equity.

An overview of the companies included in the consolidated financial statements is provided under EVN’s investments, starting on page 108. Notes 47. Non-controlling interests and 62. Disclosures of interests in other entities provide detailed information on the subsidiaries with major non-controlling interests as well as joint ventures and associates that are included in the consolidated financial statements.

The scope of consolidation (including EVN AG as the parent company) developed as follows during the reporting year:

Changes in the scope of consolidation	Full consolidation	Line-by-line (joint operation)	Equity	Total
30.09.2019	61	1	16	78
Initial consolidation	2	–	1	3
Deconsolidation	–1	–	–	–1
Reorganisation 1)	–2	–	–	–2
30.09.2020	60	1	17	78
Initial consolidation	–	–	–	–
Deconsolidation	–4	–1	–1	–6
Reorganisation 1)	–1	–	–	–1
30.09.2021	55	–	16	71
thereof foreign companies	29	–	6	35

1) Internal reorganisation

The following companies were previously included in EVN’s consolidated financial statements through full consolidation but were no longer included in 2020/21 for materiality reasons.

Company, headquarters	Date
WTE Abwicklungsgesellschaft Russland mbH, Essen, Germany	31.12.2020
EVN WEEV Beteiligungs GmbH in Liqu., Maria Enzersdorf, Austria	31.12.2020
EVN Trading d.o.o. Beograd, Belgrade, Serbia	31.03.2021
WTE desalinizacija morske vode d.o.o., Budva, Montenegro	30.09.2021

EVN Finanzservice GmbH, Maria Enzersdorf, as the transferring company, was merged with Netz Niederösterreich GmbH, Maria Enzers- dorf, as the acquiring company. The company was deleted from the company register on 7 March 2021. The 49% investment in STEAG-EVN Walsum 10 Kraftwerksgesellschaft mbH was sold to the co-shareholder, STEAG Kraftwerksbeteili- gungsgesellschaft mbH, on 30 September 2021 and, at the same time, the related contract for electricity purchases from this power plant was cancelled. The investment in the Walsum 10 power plant, which was proportionately accounted for as a joint operation, was there- fore deconsolidated as of 30 September 2021. The cancellation of the electricity procurement contract based on a compensation payment by EVN and the sale of the investment were concluded at the same time and treated as a single transaction. EVN paid fees totalling EUR 272.5m in connection with this transaction. The deconsolidation also led to a reduction of EUR 2.7m in cash and cash equivalents. This power plant company, which was previously included through proportionate consolidation, also held non-current assets of EUR 3.9m, current assets of EUR 57.7m (including the cash and cash equivalents), non-current liabilities of EUR 291.0m and current liabilities of EUR 68.3m as of the deconsolidation date. These amounts include recognised items from the electricity procurement contract. The residual amount therefore represents negative equity of EUR 298.1m. The balance sheet total of the deconsolidated joint operation amounted to EUR 61.3m on 30 September 2021 (see notes 25. Other operating income, 31. Financial results, 34. Intangible assets, 35. Property, plant and equipment, 45. Valuation reserves, 50. Non-current provisions, 57. Notes to segment reporting and 58. Consolidated statement of cash flows).

e&i EDV Dienstleistungsgesellschaft m.b.H., Vienna, is a 50% subsidiary of EVN AG. The at equity consolidation of this company was terminated as of 31 December 2020 for materiality reasons.

5. Foreign currency translation

All Group companies record their foreign currency business transactions at the mid exchange rate in effect on the date of the relevant transaction. Monetary assets and liabilities denominated in a foreign currency are translated at the mid exchange rate on the balance sheet date. Any resulting foreign currency gains or losses are recognised in profit or loss. The exchange rate applied to the initial recognition of an asset, expense or income is derived from the date on which a company initially recognises the related non-monetary asset or non-monetary liability.

In accordance with IAS 21, the annual financial statements of Group companies that are prepared in a foreign currency are translated into euros for inclusion in the consolidated financial statements. This translation is based on the functional currency method, under which the assets and liabilities of companies not reporting in euros are converted at the mid exchange rate on the balance sheet date and any income and expenses are converted at the average annual rate. Unrealised currency translation differences from long-term Group loans are record- ed under the currency translation reserve in equity without recognition in profit or loss. Currency translation differences directly recognised in equity resulted in a change to equity of EUR 5.4m in 2020/21 (previous year: EUR –3.8m). Of this amount, EUR –5.0m (previous year: EUR –1.2m) is attributable to transfers to the consolidated statement of operations from partial disposals (redemptions) of net investments and is reported as exchange rate losses in the other financial result (see note 31. Financial results).

Additions and disposals are reported at the applicable average exchange rates in all tables. Changes in the mid exchange rates between the balance sheet date for the reporting year and the previous year as well as differences arising from the use of mid exchange rates to translate changes during the financial year are reported separately under currency translation differences in all tables. Goodwill resulting from the acquisition of foreign subsidiaries is recorded at the exchange rate in effect on the acquisition date. This goodwill is subsequently allocated to the acquired company and translated at the exchange rate in effect on the balance sheet date. When a foreign company is deconsolidated, any related currency differences are recognised in profit or loss.The following key exchange rates were used for foreign currency translation:

Currency	Exchange rate on the balance sheet date 2020/21	Average 1) 2020/21	Exchange rate on the balance sheet date 2019/20	Average 1) 2019/20
Albanian lek	121.54000	123.08462	124.05000	123.80231
Bulgarian lev 2)	1.95583	1.95583	1.95583	1.95583
Bahrain dinar	0.43630	0.44876	0.4403	0.4228
Japanese yen	129.67000	128.46462	123.76000	120.74308
Croatian kuna	7.48890	7.53688	7.55650	7.50682
Kuwaiti dinar	0.34915	0.36128	0.35880	0.34429
Hungarian forint	360.19000	358.83769	365.53000	345.04385
North Macedonian denar	61.69480	61.64396	61.69500	61.63588
Polish zloty	4.61970	4.55238	4.54620	4.39806
Russian rouble	84.33910	89.42785	91.77630	78.32732
Serbian dinar	117.55950	117.57268	117.58030	117.56362
Czech koruna	25.49500	26.04769	27.23300	26.19492

1) Average of the exchange rates on the last day of each month
2) The exchange rate was determined by Bulgarian law.

36EVN Annual Financial Report 2020 /21

Accounting policies

1. Intangible assets

Acquired intangible assets are recognised at acquisition cost less straight-line amortisation and any impairment losses, unless their useful life is classified as indefinite. Assets with a determinable limited useful life are amortised on the basis of that expected useful life, which equals three to eight years for software and three to 40 years for rights. Customer relationships capitalised in connection with a business acquisition, which have a determinable useful life because of potential market liberalisation, are amortised on a straight-line basis over five to 15 years. The expected useful lives and amortisation curves are determined by estimating the timing and distribution of cash inflows from the corresponding intangible assets over time. Intangible assets with an indefinite useful life are measured at cost and tested annu- ally for impairment (see note 21. Procedures and effects of impairment tests). Internally generated intangible assets must meet the requirements of IAS 38 in order to be capitalised. This standard distinguishes between research and development expenses. Service concessions that meet the requirements of IFRIC 12 are classified as intangible assets. Expenses and income are recognised accord- ing to the percentage of completion method at the fair value of the compensation received. The percentage of completion is assessed according to the cost-to-cost method. The requirements defined in IFRIC 12 are in particular currently met by the Ashta hydropower plant as well as the sewage treatment plant project in Zagreb, both of which are included at equity.

1. Property, plant and equipment

Property, plant and equipment are carried at acquisition or production cost less scheduled straight-line depreciation and any necessary impairment losses. The acquisition or production cost also includes the estimated expenses for demolition and disposal if there is an obli- gation to decommission or demolish the plant and equipment or to restore property at the end of the asset’s useful life. The present value of the estimated demolition and/or disposal costs is capitalised along with the acquisition or production cost and also recognised as a liability (provision). Production costs for internally generated fixed assets include appropriate material and manufacturing overheads in addition to direct material and labour costs. Ongoing maintenance and repairs to property, plant and equipment are recognised in profit or loss, provided this work does not change the nature of the asset or lead to additional future benefits. If these measures enhance the value of the respective asset, the related expenses must be capitalised retroactively as part of the acquisition or production cost. If the construction of property, plant and equipment continues over an extended period of time, these items are classified as “qualifying assets”. The borrowing costs incurred during the construction period are then capitalised as a part of the production cost in accordance with IAS 23. In keeping with EVN’s accounting policies, a project gives rise to a qualifying asset only if construction takes at least twelve months. Interest on borrowed capital is not capitalised if the amounts are insignificant over the entire construction phase. Property, plant and equipment are depreciated from the time they are available for use. Depreciation for property, plant and equipment subject to wear and tear is calculated on a straight-line basis over the expected useful life of the relevant asset or its components. The expected economic and technical life is evaluated at each balance sheet date and adjusted if necessary.

Consolidated notes — Basis of consolidation, Accounting policies 37EVN Annual Financial Report 2020 /21

As in the previous year, straight-line depreciation is based on the following useful lives, which are uniform throughout the Group:

Expected useful life of property, plant and equipment	Years
Buildings	10 – 50
Transmission lines and pipelines	15 – 50
Machinery	10 – 50
Meters	5 – 40
Tools and equipment	3 – 25

When property, plant and equipment are sold, the acquisition or production cost and accumulated depreciation are reported as a disposal. The difference between the net proceeds from the sale and the carrying amount are recognised in other operating income or expenses. Some leases include extension and cancellation options which are used by EVN to achieve maximum operating flexibility in the assets used by the Group. The determination of the contract term includes all facts and circumstances which could represent an economic incentive for the exercise of an extension option or the non-exercise of a cancellation option. EVN evaluates at the beginning of the contract term whether a contract establishes a lease. If a lease is involved, a right of use and corresponding lease liability are recognised. The amount of the right of use represents the amount of the lease liability on the contract‘s initial recognition date, with an adjustment for any initial direct costs incurred by the lessee, payments at or before the beginning of the lease relationship, lease incentives and/or dismantling obligations. The carrying amount of the lease liability is determined by discounting the payments expected during the lease, the expected payments from issued residual value guarantees, the exercise prices for purchase options (if their exercise is sufficiently probable) and any payments for premature cancellation of the contract (if probable).

1. Investments in equity accounted investees

Investments in equity accounted investees are initially recognised at cost. In subsequent periods, the carrying amounts of these invest- ments are adjusted by the share of profit or loss attributable to EVN, less any dividends received, and by EVN’s share of other comprehen- sive income and any other changes in equity. Investments accounted for according to the equity method are tested for impairment in accordance with IAS 36 if there are any indications of a loss in value (see note 21. Procedures and effects of impairment tests). The share of results from equity accounted investees with operational nature is reported as part of results from operating activities (EBIT). The share of results from equity accounted investees with financial nature is reported as part of financial results (see notes 29. Share of results from equity accounted investees with operational nature, 31. Financial results and 62. Disclosures of interests in other entities).

1. Financial instruments

A financial instrument is a contract that gives rise to a financial asset in one company and a financial liability or an equity instrument in another company. Primary financial instruments Primary financial instruments are measured in accordance with the rules defined by IFRS 9. Initial recognition is based on fair value as of the settlement date, including transaction costs, unless the financial instruments are recognised at fair value through profit or loss. Primary financial instruments are recognised in the consolidated statement of financial position when EVN is contractually entitled to receive payment or other financial assets from another party.

38EVN Annual Financial Report 2020 /21

Following the initial application of IFRS 9, EVN has classified its financial assets under the following measurement categories since 1 October 2018:

• Fairvaluethroughothercomprehensiveincome(FVOCI)
• Fairvaluethroughprofitorloss(FVTPL)
• Atamortisedcost(AC)

The classification of financial assets on initial recognition is based on the business model and the characteristics of the contractual cash flows. A financial asset is classified at amortised cost (AC) when it is held to collect contractual cash flows and these cash flows consist entirely of interest and principal payments on the outstanding amount. EVN holds loans receivable, trade receivables, remaining other non-current assets, cash on hand and cash at banks within the framework of a business model whose objective is to collect contractual cash flows. Consequently, the cash flow criterion is also met and the financial assets are classified at amortised cost (AC). The non-current and current securities held by EVN are held within a business model whose objective is neither to collect contractual cash flows nor to collect contractual cash flows and to sell financial assets. These securities are classified at fair value through profit or loss (FVTPL). Derivativefinancialassets(outsidehedgeaccounting)mustbeclassifiedatfairvaluethroughprofitorloss(FVTPL)(seeDeriva- tive financial instruments). Investmentsinequityinstrumentsaregenerallymeasuredatfairvaluethroughprofitorloss(FVTPL).However,EVNdecided,atthe time IFRS 9 was initially applied, to exercise the “FVOCI option” provided by IFRS 9.5.7.5 and classify all its equity instruments irrevocably at fair value through other comprehensive income (FVOCI).Financial liabilities are still classified under the following measurement categories:
* Fair value through profit or loss (FVTPL)
* At amortised cost (AC)

Subsequent measurement is based on the classification to the measurement categories listed above and the rules applicable to the individual categories. These rules are described in the notes to the individual items on the consolidated statement of financial position.

The introduction of IFRS 9 led to the application at the time of initial recognition of the expected credit loss model (ECL) to debt instruments carried at amortised cost, debt instruments measured at FVOCI, lease receivables and contractual assets as defined in IFRS 15.

Under the ECL model, impairment losses are not only recognised for losses which have already occurred but also for expected future credit losses. The related classification is based on a three-stage impairment model. When a financial asset is initially recognised, a loss allowance must be determined for the credit losses expected to occur within one year (risk category 1). Any significant deterioration in the debtor’s credit standing leads to the extension of this timeframe to the full term of the financial asset (risk category 2). An impaired credit standing or actual default by the debtor results in reclassification to risk category 3. The criteria for the transfer between risk categories are based on EVN’s internal rating system. EVN determines the expected future credit loss by multiplying the “probability of default (PoD)” with the carrying amount of the financial asset “exposure at default (EAD)” and the actual loss resulting from customer default “loss given default (LGD)”.

In contrast to the above-mentioned ECL model, the simplified approach does not include the measurement of the twelve-month expected credit loss but only the lifetime expected credit loss. A simplified approach must be applied to trade receivables and IFRS 15 contractual assets without a significant financing component. An option is also available to apply the simplified approach to trade receivables and IFRS 15 contractual assets with a significant financing component. EVN uses this option. The option to apply the simplified approach in accordance with IAS 17 and IFRS 16 to lease receivables is not applied.

EVN uses the practical expedient defined by IFRS 9 B5.5.35 for trade receivables and measures the expected credit loss with a provision matrix (also see note 13. Trade and other receivables).

Derivative financial instruments

The main instruments used by EVN to manage and limit existing exchange rate and interest rate risks in the financial sector are foreign currency and interest rate swaps. EVN uses swaps, futures and forwards to limit energy sector risks arising from changes in commodity and product prices as well as changes related to electricity transactions. The forward and futures contracts concluded by EVN for the purchase or sale of electricity, natural gas, coal and CO₂ emission certificates serve to hedge the purchase prices for expected electricity and natural gas deliveries or CO₂ emission certificates as well as the selling prices for planned electricity production. If physical delivery is based on the expected procurement, sale or usage requirements, the criteria for the so-called “own use exemption” are met. The contracts are then not considered derivative financial instruments in terms of IFRS 9, but represent pending purchase and sale transactions, which must be assessed for possible impending losses from pending transactions in accordance with IAS 37. If the requirements for the own use exemption are not met – for example, by transactions for short-term optimi- sation – the contracts are recorded as derivatives in accordance with IFRS 9. Corresponding expenses and income from such derivative financial instruments are reported under results from operating activities.

Derivative financial instruments are recognised at fair value, which generally reflects the acquisition cost, when the respective contract is concluded and measured at fair value in subsequent periods. The fair value of derivative financial instruments is determined on the basis of quoted market prices, information provided by banks or discounting-based valuation methods whereby the counterparty risk is also included. Derivative financial instruments are reported as other (current or non-current) assets or other (current or non-current) liabilities.

EVN has designated part of the listed derivatives as hedges within the framework of hedge accounting. The requirements defined by IFRS 9 for this designation include, among others, an approved underlying transaction or hedging instrument, the formal designation and documentation of the hedge relationship, an economic relationship between the underlying transaction and the hedge as well as an appropriately documented hedging strategy.

Cash flow hedges

Cash flow hedges are used to hedge the interest rate risks arising from financial liabilities and foreign exchange risks and to hedge the price risk from planned future electricity sales. The EVN Group designates certain derivatives as hedging instruments to hedge the fluctuations in cash flows arising from changes in foreign exchange rates or interest rates. At the beginning of the designated hedge relationship, the Group documents the risk management goals and strategies to be followed with regard to the hedge. The Group also documents the economic relationship between the underlying transaction and the hedging instrument and records whether the changes in the cash flows of the underlying transaction and the hedging instrument are expected to offset each other.

When a derivative is designated as a cash flow hedge, the effective portion of the changes in fair value are recognised under other comprehensive income and accumulated in the hedging reserve. The effective portion of the changes in fair value, which is recorded under other comprehensive income, is limited to the cumulative change in the fair value of the underlying transaction (based on present value) since the beginning of the hedge. Any ineffective parts of the changes in the fair value of the derivative are recognised immediately to profit or loss.

If an expected hedged transaction subsequently leads to the recognition of a non-financial item, e.g. inventories, the accumulated amount from the hedging reserve and the reserve for hedging costs is included in the acquisition cost of the non-financial item, if it is recognised. For all other expected hedged transactions, the accumulated amount in the hedging reserve and the reserve for hedging costs is reclassified to profit or loss of the period or periods in which the expected future hedged cash flows influence profit or loss.

If a hedge no longer meets the criteria for hedge accounting or if the hedging instrument is sold, expires, is terminated or exercised, hedge accounting is terminated prospectively. A so-called “rebalancing” is generally carried out when the framework conditions change, and the hedge is only terminated when this is not possible. When cash flow hedge accounting is terminated, the amount in the hedging reserve remains in equity until it is included in the acquisition cost of a non-financial item on initial recognition (for hedging transactions that lead to the recognition of a non-financial item) or until it is reclassified to profit or loss of the period or periods in which the expected hedged future cash flows influence profit or loss (for other cash flow hedges). If the hedged future cash flows are no longer expected to occur, the amounts in the hedging reserve and the reserve for hedging costs are reclassified immediately to profit or loss.

The accounting treatment of the changes in the fair value of derivatives used for hedging purposes depends on the type of the hedging transaction.

Fair value hedges

Fair value hedges are used to hedge currency risks. Derivative financial instruments classified as fair value hedges under IFRS 9 serve to hedge recognised assets or liabilities against the risk of a change in fair value. For fair value hedges, the recognition in profit or loss includes the change in the fair value of the derivative as well as the contrasting change in the fair value of the underlying transaction, as far as it reflects the hedged risk. The related earnings are generally reported under the same position in the consolidated statement of operations as the underlying transaction. Changes in the value of the hedges are essentially offset by the changes in the value of the hedged transactions. The derivatives used by EVN for hedging purposes constitute effective protection. The changes in the fair value of these derivatives are generally offset by compensating changes in the underlying transactions.

10. Other investments

Other investments include, in addition to other investments, shares in associated companies which are not included in the consolidated financial statements due to immateriality. These shares are recorded at cost less any necessary impairment losses. The other investments were classified irrevocably at fair value through other comprehensive income (“FVOCI option”) in accordance with IFRS 9.5.7.5 following the introduction of IFRS 9. The fair value of these investments is based on available information and derived from market quotations, discounted cash flow calculations or the multiplier method. The measurement and deconsolidation results from these equity instruments are recorded under other comprehensive income. Dividends received are still reported on the consolidated statement of operations under income from investments, despite the use of this option (also see note 31. Financial results).

11.Other non-current assets

Securities recorded under other non-current assets are initially recognised as FVTPL. These assets are recorded at fair value as of the acquisition date and subsequently measured at fair value as of the balance sheet date. Changes in fair value are recognised in the consolidated statement of operations.

Loans receivable are classified as AC, whereby the carrying amount on the acquisition date corresponds to the fair value. These loans are subsequently measured at amortised cost in keeping with the effective interest rate method and also reflect any necessary impairment losses.

Lease receivables arise from the international project business in the Environment Segment. They are classified as finance leases according to IFRS 16.

Receivables arising from derivative transactions are recognised as FVTPL. Gains and losses arising from changes in the fair value of derivative financial instruments are either recognised in profit or loss in the consolidated statement of operations or in other comprehensive income (see note 9. Financial instruments).

The measurement of the remaining non-current assets is based on acquisition or production cost or the lower net realisable value on the balance sheet date.

Consolidated notes — Accounting policies 41
EVN Annual Financial Report 2020 /21

Costs incurred for obtaining a contract are capitalised as an asset when EVN assumes these costs can be recovered. The capitalised costs are amortised on a systematic basis depending on how the goods or services are transferred to the customer.

12. Inventories

The measurement of inventories is based on acquisition or production cost or the lower net realisable value as of the balance sheet date. For marketable inventories, these values are derived from the current market price. For other inventories, these figures are based on the expected proceeds less future production costs. Risks arising from the length of storage or reduced marketability are reflected in experience-based reductions. The moving average price method is used to determine the consumption of primary energy inventories as well as raw materials, auxiliary materials and fuels. The inventories of natural gas held by EVN for trading purposes are measured through profit or loss in the consolidated statement of operations. In accordance with the dealer-broker exception for raw material and commodities traders, measurement is based on fair value less costs to sell. This represents the market price for day-ahead deliveries on the Central European Gas Hub (CEGH).

13. Trade and other receivables

Current receivables are generally recorded at amortised cost, which equals the acquisition cost less impairment losses for the components of the receivables that are expected to be uncollectible. EVN applies the practical expedient provided by IFRS 9B5.5.35 to trade receivables and determines the expected credit loss with a provision matrix. The input factors for the matrix include analyses of default incidents in previous financial years based on different regional characteristics for the core markets. The expected credit losses determined by the matrix are ranked by the time (over)due based on historical default rates and subsequently written off through profit or loss. The compiled information is reviewed annually, and the default rates are adjusted if necessary. All other receivables are accounted for in accordance with the ECL model (also see note 9. Financial instruments). Amortised costs, less any applicable impairment losses, can be considered appropriate estimates of the current value because the remaining term to maturity is generally less than one year. Exceptions to the above procedure are receivables arising from derivative transactions which are recognised at fair value, and foreign currency items, which are measured at the exchange rates in effect on the balance sheet date.

Contract assets consist primarily of the Group’s claims to consideration for performance on contract orders from the project business, in cases where the performance was completed but not yet invoiced as of the balance sheet date. Contract assets are reclassified to receivables when the rights become unconditional. This generally occurs when the Group issues an invoice to the customer.

14. Securities

Current securities, which consists mainly of investment certificates, are classified as FVTPL and measured at their fair value. Changes in fair value are recognised in the consolidated statement of operations.

15. Cash and cash equivalents

Cash and cash equivalents include cash on hand and demand deposits. Cash balances in foreign currencies are translated at the exchange rate in effect on the balance sheet date. In accordance with internal Group guidelines, EVN invests cash and cash equivalents only with reputable financial institutions with good ratings. In this respect, it is assumed that cash and cash equivalents based on the external ratings by banks and financial institutions have a low risk of default.

16. Equity

42
EVN Annual Financial Report 2020 /21

In contrast to borrowings, equity is defined by the IFRS framework as the “residual interest in the assets of an entity after deducting all of its liabilities”. Equity is thus the residual value of a company’s assets and liabilities. Treasury shares held by EVN are not recognised as securities pursuant to IAS 32, but are instead reported at their (repurchase) acquisition cost and offset against equity. Any profit or loss resulting from the resale of treasury shares relative to the acquisition cost increases or decreases capital reserves. The items recorded under other comprehensive income include certain changes in equity that are not recognised through profit or loss as well as the related deferred taxes. For example, this position contains the currency translation reserve, valuation results from equity instruments (FVOCI), the effective portion of changes in the fair value of cash flow hedges as well as all remeasurements according to IAS 19. This item also includes the proportional share of gains and losses recognised directly in equity accounted investees.

17. Provisions

Personnel provisions

The projected unit credit method is used to determine the provisions for pensions and similar obligations as well as severance payments. The expected pension payments are distributed according to the number of years of service by employees until retirement, taking expected future increases in salaries and pensions into account. The amounts of the provisions are determined by an actuary as of each balance sheet date based on an expert opinion. The measurement principles are described in note 50. Non-current provisions. All remeasurements – at EVN, only gains and losses from changes in actuarial assumptions – are recognised under other comprehensive income in accordance with IAS 19. The calculation of the provisions for pensions, as in the previous year, was based on the Austrian mortality tables “AVÖ 2018-P – Rechnungs- grundlagen für die Pensionsversicherung”, which were issued by the Actuarial Association Austria (AVÖ) on 15 August 2018. The applied interest rate is based on the market yields for first-class, fixed-interest industrial bonds as of the balance sheet date, whereby the maturities of the benefits were taken into account. The service cost added to the provision is reported under personnel expenses, while the interest component of the addition is included under financial results.

Provisions for pensions and pension-related obligations

Under the terms of a company agreement, EVN AG is required to pay a supplementary pension on retirement to employees who joined the company prior to 31 December 1989. This commitment also applies to employees who, within the context of the legal unbundling agreement for the spin-off of the electricity and natural gas networks, are now employed by Netz NÖ. The amount of this supplementary pension is based on performance as well as on the length of service and the amount of remuneration at retirement. EVN, in any case, and the employees, as a rule, also make contributions to the umbrella pension fund VBV Pensionskasse AG (VBV) and the resulting claims are fully credited toward pension payments. Therefore, EVN’s obligations toward both retired employees and prospective beneficiaries are covered in part by provisions for pensions as well as by defined contribution payments on the part of VBV. For employees who joined the company after 1 January 1990, the supplementary company pension was replaced by a defined contribution plan that is financed through VBV. VBV is responsible for the investment of the pension plan assets. Pension commitments were also made to certain employees, which require EVN to pay retirement benefits under certain conditions. Provisions for pension-related obligations were recognised for liabilities arising from the vested claims of current employees and the current claims of retired personnel and their dependents to receive benefits in kind in the form of electricity and natural gas.

Consolidated notes — Accounting policies 43
EVN Annual Financial Report 2020 /21

Provision for severance payments

Austrian corporations are required by law to make one-off severance payments to employees whose employment began before 1 January 2003 if they are dismissed, in case of dissolution of the employment relationship by mutual consent or when they reach the legal retirement age. The amount of such payments is based on the number of years of service and the amount of the respective employee’s remuneration at the time the severance payment is made. Employees in Bulgaria and North Macedonia are entitled to severance payments on retirement, which are based on the number of years of service. With regard to severance compensation entitlements, the other EVN employees are covered by similar social protection measures contingent on the legal, economic and tax framework of the country in which they work.# Consolidated notes — Accounting policies

The obligation to make one-off severance payments to employees of Austrian companies whose employment commenced after 31 December 2002 has been transferred to a defined contribution plan. The payments to this external employee fund are reported under personnel expenses.

Other provisions

The other provisions reflect all recognisable legal or factual commitments to third parties based on past events, where the amount of the commitments and/or the precise starting point was still uncertain. In these cases, a reliable estimate of the amount of the obligation is required. If a reliable estimate is not possible, a provision is not recognised. These provisions are recognised at the discounted settlement amount. They are measured based on the expected value or the amount most likely to be incurred. Risk-free, interest rates are used for the discount rates. If the risks and uncertainties cannot be taken into consideration adequately, an adopted discount rate is used.

The provisions for service anniversary bonuses required by collective wage and company agreements are measured using the same parameters as the provisions for pensions and similar obligations. A new regulation in the collective agreement for salaried employees of Austrian utility companies entitles salaried employees whose employment relationship began after 31 December 2009 to a service anniversary bonus equalling one month’s salary after 15, 20, 25, 30 and 35 years and to one-half month’s salary after 40 years. All remeasurements – at EVN, only gains and losses from changes in actuarial assumptions – involving service anniversary bonuses are recognised through profit or loss in accordance with IAS 19. The service cost added to the provision is reported under personnel expenses, while the interest component of the addition is included under financial results.

Waste disposal and land restoration requirements resulting from legal and perceived commitments are recorded at the present value of the expected future costs. Changes in the estimated costs or the interest rate are offset against the carrying amount of the underlying asset. If the decrease in a provision exceeds the carrying amount of the asset, the difference is recognised through profit or loss. The related depreciation is corrected in accordance with the residual carrying amount and depreciated over the remaining useful life. If the asset has reached the end of its useful life, all subsequent changes to the provisions are recognised in profit or loss.

Provisions for onerous contracts are recognised at the amount of the unavoidable outflow of resources. This represents the lower of the amount that would result from performance of the contract and any compensatory payments to be made in the event of non-performance.

44EVN Annual Financial Report 2020 /21

18. Liabilities

Liabilities are reported at amortised cost, with the exception of liabilities arising from derivative financial instruments or liabilities arising from hedge accounting (see note 9. Financial instruments). Costs for the procurement of funds are considered part of amortised cost. Non-current liabilities are discounted by applying the effective interest method.

With respect to financial liabilities, bullet loans and borrowings with a remaining term to maturity of over one year are classified as non-current and items with a remaining term to maturity of less than one year are reported under current loans and borrowings (for information on maturities see note 48. Non-current loans and borrowings).

If the fulfilment of a liability is expected within twelve months after the balance sheet date, the liability is classified as current.

Network subsidies – which constitute payments made by customers to cover previous investments by EVN in the upstream network – represent an offset to the acquisition cost of these assets. In the electricity and natural gas network business, they are related to supply obligations by EVN. The granting of investment subsidies generally requires an operational management structure that complies with legal requirements and has been approved by the authorities. Network and investment subsidies represent an offset to the acquisition or production cost of the related asset and, in accordance with the application of IAS 20 and IFRS 15, are recognised as liabilities.

Network and investment subsidies are released on a straight-line basis over the average useful life of the respective assets. The release of network subsidies from the regulated business is reported under other operating income, while comparable items from the non-regulated business are reported under revenue (also see notes 2. Reporting in accordance with IFRS and 19. Revenue recognition).

A contract liability must be reported when consideration (e.g. a prepayment) has been transferred by the customer and the company has not yet provided goods or services. In the EVN Group, this generally takes place in connection with prepayments from the international project business.

19. Revenue recognition

IFRS 15 provides a five-step model for the recognition and measurement of revenue from contracts with customers. Under this model, revenue from contracts with customers is recognised when control over a good or service is transferred to the customer. A determination must therefore be made when a contract is concluded as to whether the resulting revenue should be recognised at a specific point in time or over time.

Revenue in the EVN Group results primarily from the sale (energy deliveries) and distribution (network utilisation/network services) of electricity, natural gas, heat and water to industrial, household and commercial customers. The EVN Group also generates revenue from waste utilisation, telecommunications and the international project business.

The provision of goods and services by the EVN Group generally takes place over a specific time period, and revenue is therefore recognised over time. The major services are described below:

Energy deliveries

Revenue results primarily from the transfer of electricity, natural gas, heat and water. Since the customer uses these services as they are provided, revenue is recognised over time. Revenue is recognised at an amount that reflects the services provided and entitled to be invoiced by EVN. In particular for household customers who only receive one invoice per year, the variable consideration is determined by extrapolating the energy consumption based on usage profiles and current temperature trends. The payment terms for energy deliveries generally represent 14 days. There is no significant financing component.

Network utilisation and services

EVN supplies electricity, natural gas, heat and water to its customers within the framework of network usage. The related performance obligation lies, above all, in the continuous provision and availability of energy through the network infrastructure. Revenue from these services is also recognised over time and when the services are provided, as described above. The payment terms for network usage generally represent 14 days. There is no significant financing component.

Network subsidies constitute payments made by customers to cover previous investments by EVN in the upstream network, to the extent they represent compensation for granting usage or purchase rights. Network subsidies in the regulated electricity and natural gas business, where the regulator determines the amount and underlying reason, are recognised as liabilities in accordance with IAS 20 and reported, as in the past, under other operating income as income from the reversal of deferred income from network subsidies. The network subsidies for all other areas are recorded as non-refundable advance payments (liabilities) in accordance with IFRS 15 and have been released to profit or loss under other revenue since 2018/19 (also see note 2. Reporting in accordance with IFRS).

International project business

Revenue from the international project business is also recognised in accordance with the percentage of completion method as defined by IFRS 15. Projects are characterised by individual contract conditions with fixed prices and payments which follow a fixed schedule. If the construction services provided exceed the amount of the payment, a contract asset is recognised. If the payments are higher than the construction services provided, a contract liability is recorded. The percentage of completion is determined by the cost-to-cost method, which calls for the recognition of revenue and contract results in relation to actually incurred production costs as a per cent of the expected total costs. Reliable estimates of the total costs for the contracts, selling prices and incurred costs are available. Any changes in the estimated total contract costs and possible resulting losses are recognised in profit or loss in the period incurred. The technological and financial risks which could occur during the remaining term of a project are included through individual estimates and an appropriate amount is added to the expected total costs. Impending losses from the valuation of projects not yet invoiced are expensed immediately. These losses are realised when it is probable that the total contract costs will exceed the contract revenue. In the case that customers terminate the contract for reasons other than the non-fulfilment of the service promised by the company, EVN has a legal claim that at least the expenses incurred plus the lost profit margin will be reimbursed.

Other

EVN also generates revenue from telecommunications, waste utilisation and energy services. Most of the related contracts include services which are consumed by the customer as they are provided, and this revenue is also recognised over time. Revenue from waste utilisation is recognised at a point in time.

Consolidated notes — Accounting policies 45EVN Annual Financial Report 2020 /21Interest income is recorded pro rata temporis using the effective interest rate applicable to the particular asset. Dividends are recognised when a legal entitlement to payment arises. The costs for obtaining contracts are expensed as incurred if the amortisation period for the related asset equals one year or less. Significant financing components are not included when the period between the transfer to the customer of the promised good or service and payment by the customer is less than one year.

Significant judgments related to revenue recognition

Consumption-based fees for energy deliveries and network utilisation represent variable consideration, which is determined according to the expected value method defined by IFRS 15.53a. Meter-reading dates are spread over the entire year, especially for household customers with rolling invoices. The volumes of energy consumed during the period between the last meter-reading and the balance sheet date must be extrapolated with statistical methods and therefore estimated. The procedure used by EVN assigns each customer to a standard consumption profile in the form of an annual consumption curve for electricity and/or natural gas and extrapolates each customer individually.

In the international project business, the percentage of completion is decisive for the recognition of revenue. Progress on the respective projects is determined by an input-based method (cost-to-cost method). This method requires numerous estimates and judgmental decisions, above all for the identification of incurred costs, total contract costs and realisable contract revenue as well as the related contract risks (technical, political and financial risks). These estimates are reviewed regularly and adjusted if necessary.

20. Income taxes and deferred taxes

The income tax expense reported in the consolidated statement of operations comprises the current income tax expense for fully consolidated companies, which is based on their taxable income and the applicable income tax rate, as well as the change in deferred tax assets and deferred tax liabilities.

The following income tax rates were applied in calculating current income taxes:

Corporate income tax rates	% 2020/21	% 2019/20
Country of residence
Austria	25.0	25.0
Albania	15.0	15.0
Bulgaria	10.0	10.0
Germany – Environment	32.6	30.3
Germany – Generation	34.0	34.0
Estonia 1)	20.0	20.0
Croatia	18.0	18.0
Kuwait	15.0	15.0
Lithuania	15.0	15.0
North Macedonia	10.0	10.0
Montenegro	9.0	9.0
Poland	19.0	19.0
Romania	16.0	16.0
Russia	20.0	20.0
Serbia	15.0	15.0
Slovenia	19.0	19.0
Czech Republic	19.0	19.0
Cyprus	12.5	12.5

1) Taxes on corporate profits are levied when dividends are paid to the shareholders. Retained earnings are not taxed.

EVN utilised the corporate tax group option as of 30 September 2021. EVN AG is a member of a participation entity with NÖ Landes-Beteiligungsholding GmbH as the majority participating company and Wiener Stadtwerke GmbH as the minority participating company (previous year: corporate group with NÖ Landes-Beteiligungsholding GmbH as the head of the group). A group and tax settlement contract was concluded for this purpose. EVN also has the right to designate other corporate entities as members of this tax group. The taxable profit of the companies belonging to this group is attributable to EVN AG, which calculates combined results based on the attributed taxable profit. The contract calls for the payment of a positive tax charge, when the aggregated results are positive. The positive aggregated tax result is based on the allocation method (previous year: stand-alone method). If the aggregated results are negative, the tax losses are kept on record and offset against future positive results. The related disclosures are reported under income taxes. The transfer of losses from foreign subsidiaries within group taxation leads to the recognition of a liability equal to the nominal amount of the future corporate income tax obligation.

As an offset for the transferred taxable results, the tax group contracts include a tax charge that is based on the stand-alone method. Transferred tax losses are kept on record as internal loss carryforwards for the respective tax group members and offset against future positive earnings. An exception to this procedure is the contract concluded with Burgenland Holding AG, which calls for a negative tax charge for this company if its taxable results is negative and the group’s total results are positive. In other cases, the loss is recorded as an internal loss carryforward and refunded in later years in the form of a negative tax charge as soon as it is covered by positive earnings.

Future changes in the tax rate are taken into account if the relevant law has been enacted by the time the consolidated financial statements are prepared. Deferred taxes are calculated according to the liability method at the tax rate expected when short-term differences are reversed. Deferred tax assets and deferred tax liabilities are calculated and recognised for all temporary differences (i.e. the differences between the carrying amounts in the consolidated financial statements and the annual financial statements prepared for tax purposes that will balance out in the future). Deferred tax assets are recognised only if it is probable that there will be sufficient taxable income or taxable temporary differences to utilise these items. Tax loss carryforwards are recognised as deferred tax assets. Deferred tax assets and deferred tax liabilities are presented as a net amount in the consolidated financial statements if there is a legal right and intention to offset these items.

21. Procedures and effects of impairment tests

EVN carries out its impairment tests in accordance with the rules defined by IAS 36. Property, plant and equipment and intangible assets, including goodwill, are tested for impairment when there are internal or external indications of a loss in value. Intangible assets with an indefinite useful life and goodwill are tested at least once each year for signs of impairment.

The impairment testing of goodwill and assets for which no expected future cash flows can be identified is based on an assessment of the respective cash-generating unit (CGU). The decisive criterion used by EVN to classify a generation unit as a CGU is the technical and commercial ability to generate independent revenue. In the EVN Group, this definition applies to the electricity and heat generation plants, electricity, natural gas and water distribution systems, wind parks, electricity procurement rights, telecommunications networks and facilities in the environmental services business.

The value in use is calculated in accordance with the rules defined by IAS 36. Due to the long-term nature of investments in generation equipment, EVN uses cash flow forecasts that reflect the economic useful life of the equipment. The impairment testing of hydropower plants generally assumes the renewal of the concession and, consequently, perpetual operation at the respective location. For generation equipment, the detailed planning period of four years is followed by a general planning period up to the end of the asset’s economic useful life. However, this general planning period is limited to the availability of external forecasts for electricity prices (currently 2050).

The fair value less costs of disposal is basically calculated in accordance with the fair value measurement hierarchy defined in IFRS 13. Since it is generally not possible to derive market values for the CGUs and assets of EVN under evaluation, the fair value is estimated in accordance with Level 3 in the fair value hierarchy. The fair value less costs of disposal for a CGU is calculated with a WACC-based discounted cash flow method, which is conceptually similar to the value in use procedure, but includes adjustments to the parameters in the DCF model to reflect a market participant’s viewpoint.

The calculation of the fair value less disposal costs and the value in use is based on the future cash inflows and outflows which are basically derived from internal medium-term forecasts. The cash flow forecasts are based on the latest financial plans approved by management. The assumptions for the future development of electricity prices are derived from the quotations on the futures market of the European Energy Exchange AG, Leipzig, Germany. For the period extending beyond this time, an average is developed from the forecasts issued by two well-known information service providers in the energy sector. Several scenarios are used for averaging. In this way, the risks that may influence electricity prices in the future are taken into account comprehensively.

A weighted average cost of capital which includes the deduction of income tax (WACC) is used as the discount rate. The equity component of the WACC reflects the risk-free interest rate, a country-specific premium plus a risk premium that incorporates the market risk premium and an appropriate beta coefficient based on peer group capital market indicators. The debt component of the WACC equals the basis interest rate plus a country-specific premium and a rating dependent risk premium. The equity and debt components are weighted according to a capital structure that is appropriate for the CGU based on peer group data at market values. The resulting WACC is used to discount the cash flows in the respective CGU. In the 2020/21 financial year, the mapping of the country risk premiums was adjusted.

For the purpose of estimating the recoverable amount, EVN initially assesses the value in use. In cases where this amount is lower than the carrying amount of the asset, or the CGU, the fair value less costs of disposal is calculated if necessary.

22.# Accounting estimates and forward-looking statements

The preparation of the consolidated financial statements in accordance with generally accepted IFRS accounting methods requires estimates and assumptions that have an effect on the assets, liabilities, income and expenses reported in the consolidated financial statements and on the amounts shown in the notes. The actual values may differ from these estimates. The assumptions and estimates are reviewed on a regular basis. In particular, the following assumptions and estimates can lead to significant adjustments in the carrying amounts of individual assets and liabilities in future reporting periods.

In the international project business, changes in estimates for the progress on major projects can have a material effect. These estimates are particularly relevant for the large-scale project in Kuwait (wastewater treatment plant) and the large-scale project in Bahrain (expansion of an existing wastewater treatment plant and construction of a sewage sludge utilisation plant). Revenue is recognised in accordance with the percentage of completion method (see notes 19. Revenue recognition and 24. Revenue).

Impairment tests require estimates, especially for future cash surpluses. A change in the general economic, industry or company environment may reduce cash surpluses and therefore lead to signs of impairment. The weighted average cost of capital (WACC) is used to determine the recoverable amounts based on capital market methods. The WACC represents the weighted average interest paid by a company for equity and debt. The weighting applied to the interest on the equity and debt components – which reflects a capital structure at market values – was derived from an appropriate peer group. Given the current volatility on the financial markets, the development of the cost of capital (and above all the country risk premiums) is monitored on a regular basis (see note 21. Procedures and effects of impairment tests).

For the valuation of the generation portfolio, the price structure beginning with the fifth year (when predictable market prices are no longer available on the electricity exchanges) was based on average forecasts from two well-known market research institutes and information service providers in the energy sector. The most recent studies, which are updated annually due to the current volatility on the electricity markets, were used in each case.

The following notes show the sensitivity of these assumptions for the largest CGUs, based on the carrying amount, where a triggering event was identified and for which an impairment loss or reversal was recognised in the financial statements: 34. Intangible assets, 35. Property, plant and equipment and 36. Investments in equity accounted investees.

Consolidated notes — Accounting policies

49 EVN Annual Financial Report 2020 /21

The most important premises and judgmental decisions used to determine the scope of consolidation are described under notes 4. Scope of consolidation and 37. Other investments.

WTE Wassertechnik GmbH constructed a wastewater treatment plant in Budva, Republic of Montenegro, with a contract value of EUR 58.5m. The customer, the municipality of Budva, subsequently failed to meet its payment obligations to WTE. Following the issue of reminders and an extension period, WTE cancelled the investment contract in May 2018 but operations were temporarily continued as a goodwill gesture by WTE. All efforts by WTE to reach an agreement on the outstanding payments failed due to a lack of cooperation by the municipality of Budva; in particular, the joint commission installed for this purpose was unable to deliver any results due to a lack of cooperation by the municipality of Budva.

In December 2019, WTE therefore called the guarantee issued by the Republic of Montenegro (EUR 29.3m) and the municipality of Budva (EUR 64.6m). The Republic of Montenegro met its payment obligation, but the municipality of Budva refused to make payment. WTE terminated its operation of the plant at the end of January 2020 after multiple notifications and transferred these operations to the municipality of Budva. WTE has filed an arbitration action in Frankfurt against the municipality of Budva for failure to honour the guarantee; the value in dispute equals EUR 35.3m, including interest. Moreover, WTE filed an arbitration action in Geneva in spring 2021 against the municipality of Budva for non-fulfilment of the investment contract. The outcome of these proceedings can lead to valuation adjustments in future periods (also see note 59. Risk management).

The valuation of the provisions for pensions, pension-related obligations and severance payments are based on assumptions for the discount rate, retirement age and life expectancy as well as pension and salary increases. The adjustment of these parameters in future periods can lead to valuation adjustments. Moreover, future changes in electricity and natural gas tariffs can lead to valuation adjustments in the pension-related obligations (see note 50. Non-current provisions).

Assumptions and estimates are also required to determine the useful life of non-current assets (see notes 6. Intangible assets and 7. Property, plant and equipment), and the provisions for legal proceedings and environmental protection (see note 17. Provisions) as well as estimates for other obligations and risks (see note 63. Other obligations and risks). In addition, it is necessary to make assumptions and estimates for the valuation of receivables and inventories (see notes 12. Inventories and 13. Trade and other receivables) and for the recognition of revenue (see note 19. Revenue recognition). These estimates are based on historical data and other assumptions considered appropriate under the given circumstances.

50 EVN Annual Financial Report 2020 /21

Effects of the Covid-19 pandemic

The Covid-19 pandemic that started in 2020 has led to actions by governments throughout the world to contain the corona virus. The effects of these measures on companies have varied. The most important effects of the Covid-19 pandemic on EVN’s business development in the 2020/21 financial year are described in the following section:

• The closing for the start of work on the Umm Al Hayman wastewater treatment project in Kuwait was only completed at the end of July 2020 due to the corona crisis; the earnings contribution expected for 2019/20 was therefore postponed to the following years. Further pandemic-related lockdowns in Kuwait during 2020/21 and the related restrictions on entering the country led to the renewed postponement of earnings contributions to the following years.
• EVN determines the impairment losses for trade receivables in accordance with IFRS 9B5.5.25 based on regionally differentiated analyses of historical default incidents. EVN has not experienced a sharp rise in customer defaults to date due to the government subsidy measures introduced in reaction to the Covid-19 pandemic. However, we expect the expiration of these government measures to be reflected in an increase in bankruptcies and in receivables defaults during the coming years. In preparation for such incidents, the EVN Group raised the impairment loss allowance for trade receivables by EUR 4.1m for the 2020/21 financial year (previous year: EUR 4.7m) through the forward-looking component (see the Credit and default risk under note 59. Risk management).
• In 2019/20, the increase in the country risk premiums caused by the Covid-19 pandemic resulted in higher discount rates and the recognition of impairment losses. Country risk premiums have since declined substantially from the initial pandemic levels, a development which was reflected in revaluations during 2020/21 (see notes 34. Intangible assets and 35. Property, plant and equipment).
• The Covid-19 crisis also had an effect on the market value of the securities in the R138 fund, which are carried at fair value through profit or loss. The initially significant price losses at the beginning of the 2019/20 financial year could be recovered after an interim recovery on the stock exchanges.

EVN has successfully protected its high financial flexibility and solid liquidity reserves due to low net debt and a comfortable base of contractually committed, undrawn credit lines. In summary, the corona crisis had a selective negative influence on EVN’s operating results in 2020/21, as in the previous year. Stabilising effects were provided, above all, by EVN‘s integrated business model and widely diversified customer base. The company is therefore expected to continue as a going concern in any case. The further course of the corona crisis and rising uncertainty can have a material negative effect on earnings through the future development of electricity and primary energy prices as well as the cost of capital.

23. Principles of segment reporting

The identification of operating segments is based on the internal organisational and reporting structure and information prepared for internal management decisions (the “management approach”). The Executive Board of the EVN Group (the chief operating decision-maker as defined in IFRS 8) reviews internal management reports on each operating segment at least once each quarter. EVN has defined the following operating segments: Generation, Energy, Networks, South East Europe, Environment and All Other Segments. This conforms in full to the internal reporting structure.

The assessment of all segment information is consistent with the IFRSs. EBITDA is used as an indicator to measure the earning power of the individual segments. For each segment, EBITDA represents the total net operating profit or loss before interest, taxes, amortisation of intangible assets and depreciation of property, plant and equipment for the companies included in the segment, taking intragroup income and expenses into account (see note 57. Notes to segment reporting).# Consolidated notes — Accounting policies 51

EVN Annual Financial Report 2020 /21

Notes to the consolidated statement of operations

24. Revenue

Revenue from contracts with customers is recognised when control of a good or service is transferred to the customer. The consideration is recognised in the amount that the company expects to receive in exchange for these goods or services. In addition to revenue from contracts with customers, EVN generates other revenue from its ordinary business activities. This revenue is presented separately in the following table:

Revenue	2020/21	2019/20
Revenue from contracts with customers	2,515.3	2,091.5
Other revenue	-120.4	16.0
Total	2,394.9	2,107.5

Other revenue mainly relates to valuations effects in relation to electricity derivatives attributable to the Energy Segment. Positive and negative results from the valuation of these derivatives are netted.

The following table shows the revenue from contracts with customers classified by segment and product:

Revenue from contracts by segment and product	2020/21	2019/20
Energy
Electricity	203.6	152.1
Natural gas	41.0	40.8
Heat	144.0	136.1
Other	32.6	27.8
Energy	421.3	356.9
Generation
Electricity	69.0	71.0
Other	58.2	61.0
Generation	127.1	132.1
Networks
Electricity	310.6	291.4
Natural gas	107.2	96.3
Other	77.3	75.2
Networks	495.1	462.8
South East Europe
Electricity	1,027.3	894.2
Natural gas	6.4	5.3
Heat	9.2	8.8
Other	4.5	3.3
South East Europe	1,047.4	911.5
Environmental services
Electricity	5.0	5.7
Heat	1.3	1.5
Environment	405.0	207.7
All Other Segments	19.4	20.4
Total	2,515.3	2,091.5

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EVN Annual Financial Report 2020 /21

Consolidated notes — Notes to the consolidated statement of operations

EVN generally recognises revenue over time in its core business of energy supplies and deliveries as well as in the international project business. An exception to this practice is the recognition of revenue by EVN Wärmekraftwerke in connection with the thermal waste utilisation plant in Dürnrohr, where revenue is recognised at a specific point in time. The related revenue amounted to EUR 55.6m in 2020/21 (previous year: EUR 53.8m).

The increase in sales in the Environment Segment is mainly attributable to the international project business. In particular, the wastewater project in Kuwait launched in summer 2020 made a key contribution to this. Sales revenues which are expected to be realised in future in connection with performance obligations and which have not yet been met or have only been partially met as of 30 September 2021, mainly relate to network subsidies and the international project business.

In total, the remaining performance obligations amount to EUR 1,333.7m (previous year: EUR 1,663.1m) at the balance sheet date. Of this amount, EUR 1,272.5m (previous year: EUR 1,547.8m) relates to performance obligations from the international project business. Revenue is recognised on the basis of the percentage of completion and will be recognised within the next six years, depending on the project.

The performance obligations from network subsidies and energy generation are shown in the following table:

Transaction prices allocated to remaining performance obligations

2020/21 financial year

EURm	< 1 year	1 – 5 years	> 5 years
Network subsidies	6.1	24.2	30.9
Total	6.1	24.2	30.9

2019/20 financial year

EURm	< 1 year	1 – 5 years	> 5 years
Network subsidies	7.2	30.7	39.6
Other performance obligations from energy generation	37.6	–	–
Total	44.8	30.7	39.6

EVN applies the practical expedient provided by IFRS 15.B16 when the respective requirements are met and recognises revenue at the amount it is entitled to invoice. Moreover, contracts for electricity and natural gas deliveries as well as contracts for network utilisation in the household customer business are concluded for an indefinite period. The customer has a unilateral right to terminate the contracts at any time. As a result, EVN does not have a contractual right to transfer the related performance obligations or to receive consideration. EVN therefore uses the practical expedients provided by IFRS 15.121 for the two cases described above and does not disclose any information on the remaining performance obligations.

25. Other operating income

Other operating income	2020/21	2019/20
Income from the reversal of deferred income from network subsidies	64.8	45.6
Own work capitalised	33.3	23.6
Gains from deconsolidation	25.6	–
Change in work in progress	8.0	-26.5
Insurance compensation	7.8	4.8
Rental income	2.9	2.9
Income from the disposal of intangible assets, and property, plant and equipment	-0.8	0.7
Miscellaneous other operating income	108.5	13.2
Total	250.1	64.4

53

EVN Annual Financial Report 2020 /21

EVN took over an additional electricity procurement right for 150 MW from the Walsum 10 power plant in December 2020. A settlement payment was agreed as compensation for the transfer of this electricity procurement right and the related marketing risks. This additional electricity procurement right entitled EVN to purchase a total of 410 MW from the Walsum 10 power plant. Part of the compensation payment was contrasted by a provision for onerous contracts which was recognised directly in equity. It is based on the risk from the marketing of the electricity right which exceeds EVN’s investment in the power plant. The remainder of the compensation payment (EUR 93.2m) is recorded under other operating income with recognition through profit or loss.

The EUR 17.9m network subsidies collected in the past and reported under non-current liabilities were subsequently released to profit or loss and are included under other operating income.

The sale of the 49% investment in STEAG-Walsum 10 Kraftwerksgesellschaft mbH, which was proportionately accounted for as a joint operation, as of 30 September 2021 and the parallel termination of the electricity procurement contract for 410 MW from the Walsum 10 power plant resulted in a deconsolidation gain of EUR 25.6m (see note 4. Scope of consolidation). In addition, changes of EUR –12.3m recognised in connection with the interest rate swap were reclassified to the consolidated statement of operations (see note 31. Financial results).

When a parent company loses control over a subsidiary, it must derecognise the subsidiary’s assets and liabilities and recognise the gain or loss arising from the loss of control. IFRS 10.B97 lists several arrangements which lead to the loss of control over a subsidiary. The termination of the electricity procurement contract following a settlement payment by EVN and the sale of the investment took place at the same time and in contemplation of each other, and are therefore treated as a single transaction. The effects from the termination of the electricity procurement contract for the Walsum 10 power plant are therefore included in deconsolidation results.

Miscellaneous other operating income consists, above all, of bonuses, subsidies and services that are not related to business activities.

26. Cost of materials and services

Cost of materials and services	2020/21	2019/20
Electricity procurement costs	948.8	771.8
Gas procurement costs	86.8	81.5
Other energy expenses	29.1	35.0
Electricity purchases from third parties and primary energy expenses	1,064.7	888.3
Third-party services and other materials and services	509.2	316.9
Total	1,573.9	1,205.2

The cost of materials includes valuation effects from derivative contracts in the energy sector. In the last business year, these resulted in an overall reduction in expenses of EUR 39.4m (previous year: increase in expenses of EUR 4.1m). Other energy expenses include in particular biomass procurement costs and expenses for the use of purchased CO2 emission certificates. The expenses for third-party services and other materials and services mainly relate to the project business of the Environment Segment and to third-party services for the operation and maintenance of plants. Moreover, this item also includes other expenses directly allocable to the provision of services.

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EVN Annual Financial Report 2020 /21

Consolidated notes — Notes to the consolidated statement of operations

27. Personnel expenses

Personnel expenses	2020/21	2019/20
Salaries and wages	282.7	272.7
Severance payments	5.1	5.1
Pension costs	6.8	7.1
Compulsory social security contributions and payroll-related taxes	59.0	57.0
Other employee-related expenses	7.7	7.5
Total	361.3	349.3

Personnel expenses include contributions to the VBV Pensionskasse in the amount of EUR 7.1m (previous year: EUR 6.9m) and contributions to company employee provision funds in the amount of EUR 1.5m (previous year: EUR 1.4m). Due to the Pension Adjustment Act 2021, BGBI. 158/2020, and the amended provisions of § 744 ASVG there were fewer pension adjustments than in the past. This reduced pension expenses by EUR 2.2m.

The average number of employees was as follows:

Employees by segment 1)

	2020/21	2019/20
Generation	249	255
Networks	1,327	1,279
Energy	284	295
South East Europe	4,155	4,153
Environment	555	481
All Other Segments	555	544
Total	7,126	7,007

1) Average for the year

The average number of employees comprised 97.6% salaried and 2.4% wage employees (previous year: 97.7% salaried and 2.3% wage employees), whereby no distinction is made between salaried and wage employees in Bulgaria and North Macedonia. Wage employees are therefore counted together with salaried employees in these countries.

28.## Other operating expenses

Other operating expenses	EURm	2020/21	2019/20
Business operation taxes and duties		18.4	19.1
Insurance		11.7	9.9
Telecommunications and postage		11.0	10.2
Maintenance		10.5	8.6
Advertising expenses		10.4	11.8
Transportation and travelling expenses, automobile expenses		10.0	10.5
Legal and consulting fees, expenses related to process risks		9.7	8.9
Write-up/write-off of receivables		7.0	12.0
Rents		2.4	2.4
Employee training		1.6	2.1
Miscellaneous other operating expenses		20.4	25.6
Total		113.0	121.1

55

EVN Annual Financial Report 2020 /21

The position legal and consulting fees, expenses related to process risks also contains the change in the provision for process costs and risks. Rents also include the change in the provisions for network access fees in Bulgaria. The decrease in write-off of receivables is mainly the result of lower allowances required in the South East Europe Segment. As in the previous year, Covid-19 effects were included in the impairments in the 2020/21 financial year (see note 59. Risk management). Miscellaneous other operating expenses include environmental protection expenses, fees for monetary transactions, licenses, membership fees and administrative and office expenses.

29. Share of results from equity accounted investees with operational nature

Share of results from equity accounted investees with operational nature	EURm	2020/21	2019/20
EVN KG		117.2	39.5
RAG		40.4	42.9
Verbund Innkraftwerke		27.5	–19.0
Ashta		24.0	–4.3
Energie Burgenland		12.6	20.8
ZOV; ZOV UIP		12.1	12.6
Energieallianz Austria		2.2	–3.5
Other companies		3.6	5.1
Total		239.6	94.1

The share of results from equity accounted investees with operational nature (see note 62. Disclosures of interests in other entities) is reported as part of the results from operating activities (EBIT). The share of results from equity accounted investees with operational nature consists primarily of earnings contributions, impairment losses recognised to assets capitalised in connection with acquisitions and other necessary impairment losses and write-ups (see note 36. Investments in equity accounted investees). The share of results from equity accounted investees with operational nature rose to EUR 239.6m in the 2020/21 financial year (previous year: EUR 94.1m). On the one hand, this resulted from a significant improvement in earnings at EVN KG. This company was able to achieve an improvement in its operating result, which was further strengthened by valuation effects of derivative financial instruments in the energy sector as of the balance sheet date. On the other hand, the increase is mainly due to write-ups of Verbund Innkraftwerke in the amount of EUR 25.3m and the hydropower plant Ashta in the amount of EUR 23.8m (see note 36. Investments in equity accounted investees).

30. Depreciation and amortisation and effects from impairment tests

The procedure used for impairment testing is described as part of the disclosures on accounting policies under note 21. Procedures and effects of impairment tests.

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EVN Annual Financial Report 2020 /21

Consolidated notes — Notes to the consolidated statement of operations

Depreciation and amortisation and effects from impairment tests by items of the consolidated statement of financial position

EURm	2020/21	2019/20
Intangible assets	24.5	19.3
Property, plant and equipment	402.5	294.9
Other non-current assets 1)	25.5	4.5
Write-up of intangible assets	–0.1	–0.1
Write-up of property, plant and equipment	–2.4	–1.4
Total	450.1	317.3

1) Depreciation of capitalised contract costs

Depreciation and amortisation and effects from impairment tests

EURm	2020/21	2019/20
Scheduled depreciation and amortisation	337.7	296.7
Effects from impairment tests (impairment) 1)	114.8	22.1
Effects from impairment tests (reversal of impairment) 1)	–2.5	–1.5
Total	450.1	317.3

1) For details, see notes 34. Intangible assets and 35. Property, plant and equipment

31. Financial results

Financial results	EURm	2020/21	2019/20
Income from investments
Dividend payments		37.3	33.4
thereof Verbund AG		32.9	30.3
thereof Verbund Hydro Power GmbH		2.4	1.7
thereof Wiener Börse AG		1.8	1.1
thereof other companies		0.2	0.2
Valuation results / disposals		0.3	–
Total income from investments		37.6	33.4
Interest results
Interest income on financial assets		1.8	2.4
Other interest income		4.3	2.1
Total interest income		6.1	4.5
Interest expense on financial liabilities		–52.6	–39.0
Interest expense personnel provisions		–3.9	–3.2
Other interest expense		–2.8	–4.8
Total interest expense		–59.4	–47.0
Total interest results		–53.3	–42.5
Other financial results
Results from changes in exchange rates and the disposal of non-current financial assets		2.7	–5.6
Results from changes in exchange rates and the disposal of current financial assets		–3.4	1.5
Currency gains/losses		–3.5	–1.9
Other financial results		–	–0.6
Total other financial results		–4.3	–6.7
Financial results		–20.0	–15.8

57

EVN Annual Financial Report 2020 /21

The share of results from equity accounted investees with financial nature (see note 62. Disclosures of interests in other entities) is reported as part of financial results. In 2019/20 this was a small amount that was reported in the consolidated statement of operations. The corresponding company was deconsolidated in the 2020/21 financial year (see note 4. Scope of consolidation). Interest income on financial assets includes interest from investment funds whose investment focus is on fixed-interest securities, as well as the interest component from leasing business. Other interest income includes income from liquid funds and securities held as current financial assets. Interest income on financial assets recognised using the effective interest method amounted to EUR 3.3m (prior year: EUR 4.0m). The interest expense on financial liabilities represents regular interest payments on issued bonds and bank loans. In accordance with IFRS 10.B99, the changes in the fair value of the interest rate swap which were previously recorded under other comprehensive income were reclassified to the consolidated statement of operations following the deconsolidation of the Walsum 10 joint operation. A total of EUR 12.3m was recorded under interest expense in this connection. Other interest expense includes the interest expense for lease liabilities, the accrued interest expense on non-current provisions, expenses for current loans as well as leasing costs for biomass equipment, distribution and heating networks. The interest expense on liabilities not designated at fair value through profit or loss totalled EUR 55.4m (previous year: EUR 43.3m).

32. Income tax expense

Income tax expense	EURm	2020/21	2019/20
Current income tax income and expense		37.8	50.2
thereof Austrian companies		26.2	31.2
thereof foreign companies		11.6	19.0
Deferred tax income and expense		–23.1	–21.5
thereof Austrian companies		22.4	–9.9
thereof foreign companies		–45.4	–11.7
Total		14.7	28.7

58

EVN Annual Financial Report 2020 /21

Consolidated notes — Notes to the consolidated statement of operations

The following table explains the reasons for the difference between the Austrian corporate income tax rate of 25.0% that applied in 2021 (previous year: 25.0%) and the tax expense based on the Group net result reported on the consolidated statement of operations for the 2020/21 financial year:

Calculation of the effective tax rate

	2020/21		2019/20
	%	EURm	%
Result before income tax		366.4
Income tax rate/income tax expense at nominal tax rate	25.0	91.6	25.0
– Different corporate income tax rates in other countries	–2.6	–9.4	–3.4
– Effect of tax rate change	–	–	–
Tax-free income from investments	–12.7	–46.5	–7.9
+ Revaluation of deferred taxes	0.6	2.1	–1.9
+ / – Tax share valuations and impairment on Group receivables	–3.9	–14.2	–2.7
+ Non-deductible expenses	0.4	1.3	1.6
– Other tax-free income	–0.4	–1.5	–0.5
+ Aperiodic tax increases	–0.3	–1.0	0.6
– / + Other items	–2.1	–7.7	0.3
Effective tax rate/effective income tax expense	4.0	14.7	11.1

The position “other items” consists primarily of the contractual reduction of the tax charge, which is based on the distribution method. The changes in the revaluation of deferred taxes resulted primarily from the recognition of previously unrecognised tax losses. The tax share valuations mainly relate to the write-down of the participation OOO EVN Umwelt Service, wich was carried out with tax implications in the financial year under review. (previous year: OOO EVN Umwelt Service). The effective tax burden on EVN for the 2020/21 financial year amounts to 4.0% of earnings before taxes (previous year: 11.1%). The effective tax rate is a weighted average of the effective local income tax rates of all consolidated subsidiaries (see note 49. Deferred taxes).

33. Earnings per share

Earnings per share were calculated by dividing Group net result (= proportional share of net result attributable to EVN AG shareholders) by the weighted average number of ordinary shares outstanding in 2020/21, i. e. 178,144,937 (previous year: 178,079,704) (see note 46. Treasury shares). This amount may be diluted by so-called potential shares arising from stock options or convertible bonds. Since EVN does not have any such shares, there is no difference between basic and diluted earnings per share. Based on the Group net result of EUR 325.3m for the 2020/21 financial year (previous year: EUR 199.8m), earnings per share equalled EUR 1.83 (previous year: EUR 1.12).

59

EVN Annual Financial Report 2020 /21

Notes to the consolidated statement of financial position

Assets

34. Intangible assets

Goodwill is allocated to the CGUs “international project business” and “other CGUs”. Rights include electricity procurement rights, transportation rights for natural gas pipelines and other rights (primarily software licenses). Other intangible assets primarily include the customer bases of the Bulgarian and North Macedonian electricity supply companies.# EVN Annual Financial Report 2020/21

Consolidated notes — Notes to the consolidated statement of financial position

Reconciliation of intangible assets

2020/21 financial year

EURm

	Goodwill	Rights	Other intangible assets	Total
Gross value 30.09.2020	216.7	435.8	65.8	718.3
Additions	–	22.9	0.6	23.5
Disposals	–	-12.6	-6.9	-19.5
Transfers	–	0.7	–	0.7
Change in the scope of consolidation	-0.6	-4.6	–	-5.1
Gross value 30.09.2021	216.2	442.2	59.5	717.9
Accumulated amortisation 30.09.2020	-160.9	-294.4	-46.2	-501.4
Scheduled amortisation	–	-17.5	-3.8	-21.3
Impairment losses	–	-3.2	–	-3.2
Additions	–	0.1	–	0.1
Disposals	–	12.4	6.9	19.3
Change in the scope of consolidation	0.6	4.6	–	5.1
Accumulated amortisation 30.09.2021	-160.3	-298.0	-43.1	-501.4
Net value 30.09.2020	55.8	141.4	19.7	216.9
Net value 30.09.2021	55.8	144.2	16.4	216.5

2019/20 financial year

EURm

	Goodwill	Rights	Other intangible assets	Total
Gross value 30.09.2019	216.7	420.1	72.5	709.3
Additions	–	17.5	-0.1	17.4
Disposals	–	-2.2	-6.6	-8.8
Transfers	–	0.4	-0.1	0.4
Gross value 30.09.2020	216.7	435.8	65.8	718.3
Accumulated amortisation 30.09.2019	-160.9	-281.4	-48.5	-490.8
Scheduled amortisation	–	-15.1	-4.2	-19.3
Impairment losses	–	–	–	–
Additions	–	0.1	–	0.1
Disposals	–	2.2	6.6	8.8
Reclassifications	–	-0.2	–	-0.2
Accumulated amortisation 30.09.2020	-160.9	-294.4	-46.2	-501.4
Net value 30.09.2019	55.8	138.7	24.0	218.5
Net value 30.09.2020	55.8	141.4	19.7	216.9

EVN’s electricity procurement rights to the Danube power plants in Freudenau, Melk and Greifenstein are included in rights. The carrying amount totalled EUR 45.5m as of 30 September 2021 and will be amortised over the expected remaining operating life of the power plants.

The carrying amount of goodwill is allocated as follows: EUR 52.9m to the CGU “international project business” and EUR 2.9m to the CGU “other CGUs”. The carrying amount of the net assets of the CGU “international project business” was EUR 297.1m. The recoverable amount was determined on the basis of the value in use and amounted to EUR 551.7m. A WACC after tax of 3.47% (previous year: 3.88%) was used as the discount rate, which corresponds to an iteratively derived pre-tax WACC of 4.12% (previous year: 4.25%). The recoverable amount of the CGU was thus 85.7% above its carrying amount. If the WACC had increased (decreased) by 0.5 percentage points, the net assets of the CGU would, ceteris paribus, have been EUR 117.8m higher in fiscal year 2020/21 (excess cover of EUR 325.0m). With a WACC after tax of 9.19%, the recoverable amount would correspond to the carrying amount.

In 2020/21, a total of EUR 1.3m (previous year: EUR 2.0m) was invested in research and development; a small amount of less than EUR 0.1m thereof was capitalised (previous year: small amount of less than EUR 0.1m).

35. Property, plant and equipment

Reconciliation of property, plant and equipment

2020/21 financial year

EURm

	Land and buildings	Lines	Technical equipment	Meters	Other plants, tools and equipment	Equipment under construction	Total
Gross value 30.09.2020	971.3	4,567.4	3,184.6	283.3	233.3	211.6	9,451.4
Currency translation differences	–	0.2	4.7	–	–	0.1	4.9
Additions	19.3	114.7	47.3	58.9	26.7	129.1	396.1
Disposals	-23.1	-10.3	-48.6	-50.4	-26.4	-1.0	-159.6
Transfers	13.5	57.0	30.9	2.8	–5.2	-99.3	-0.3
Change in the scope of consolidation	-15.3	–	-416.9	–	–0.6	-0.3	-433.1
Gross value 30.09.2021	965.6	4,729.1	2,802.0	294.7	227.9	240.2	9,259.5
Accumulated amortisation 30.09.2020	-548.2	-2,522.3	-2,347.9	-163.6	-153.9	-12.1	-5,748.0
Currency translation differences	–	–	-4.0	–	–	–	-4.0
Scheduled depreciation	-27.4	-118.7	-98.9	-19.1	-26.9	–	-290.9
Impairment losses	-22.4	-0.5	-88.1	–	-0.2	-0.4	-111.6
Revaluation	0.8	0.4	1.2	–	–	–	2.4
Disposals	20.3	8.7	46.9	49.6	26.1	0.2	151.8
Reclassifications	-0.2	–	0.1	–	–	–	-0.1
Change in the scope of consolidation	15.3	–	416.9	–	0.6	0.3	433.1
Accumulated amortisation 30.09.2021	-561.8	-2,632.4	-2,073.8	-133.1	-154.2	-11.9	-5,567.3
Net value 30.09.2020	423.0	2,045.1	836.7	119.7	79.4	199.5	3,703.4
Net value 30.09.2021	403.7	2,096.7	728.2	161.6	73.6	228.3	3,692.1

2019/20 financial year

EURm

	Land and buildings	Lines	Technical equipment	Meters	Other plants, tools and equipment	Equipment under construction	Total
Gross value 30.09.2019	873.1	4,417.5	3,119.4	269.0	210.8	206.0	9,095.7
Recognition of rights of use from initial application of IFRS 16	67.0	0.4	0.6	–	7.9	–	75.8
Gross value 01.10.2019, adjusted	940.0	4,417.8	3,120.0	269.0	218.7	206.0	9,171.6
Currency translation differences	-0.4	-1.3	-16.6	-0.2	-0.2	-0.4	-19.0
Additions	25.2	112.5	58.9	22.4	25.9	106.7	351.5
Disposals	-4.4	-11.7	-11.0	-11.5	-13.8	-1.5	-53.9
Transfers	10.9	50.0	33.2	3.6	2.8	-99.3	1.2
Gross value 30.09.2020	971.3	4,567.4	3,184.6	283.3	233.3	211.6	9,451.4
Accumulated amortisation 30.09.2019	-522.8	-2,419.2	-2,263.1	-158.0	-143.8	-9.4	-5,516.2
Currency translation differences	0.2	0.6	13.8	0.1	0.1	–	14.9
Scheduled depreciation	-26.5	-114.8	-91.7	-16.4	-23.4	–	-272.9
Impairment losses	-2.5	-0.9	-17.3	–	-0.1	-1.3	-22.1
Revaluation	0.3	0.3	0.8	–	–	–	1.4
Disposals	3.0	11.6	9.7	10.8	13.2	–	48.3
Reclassifications	–	–	-0.1	–	–	-1.4	-1.4
Accumulated amortisation 30.09.2020	-548.2	-2,522.3	-2,347.9	-163.6	-153.9	-12.1	-5,748.0
Net value 30.09.2019	350.3	1,998.3	856.3	111.1	67.0	196.6	3,579.6
Net value 30.09.2020	423.0	2,045.1	836.7	119.7	79.4	199.5	3,703.4

Land and buildings included land with a value of EUR 59.4m (previous year: EUR 62.7m). There was no maximum amount mortgage as of 30 September 2021. As in the previous year, no property, plant and equipment or intangible assets were pledged as collateral as of 30 September 2021.

The impairment testing of assets in accordance with IAS 36 led to the recognition of the following impairment losses and write-ups in 2020/21:

EVN took over an additional electricity procurement right for 150 MW from the Walsum 10 power plant in December 2020. In view of the resulting additional marketing risks, the joint operation Walsum 10 power plant, which was proportionately included as a joint operation, was tested for impairment as of 31 December 2020 in accordance with IAS 36. The impairment test led to the recognition of an impairment loss 1) of EUR 113.1m (previous year: EUR 19.3m). The recoverable amount was based on the value in use and amounted to EUR 0.0m. An after-tax WACC of 3.61% (previous year: 3.62%) was used as the discount rate, which corresponds to an iteratively derived pre-tax WACC of 6.04% (previous year: 5.54%). An increase of 0.5 percentage points in the WACC would not have resulted in any change. A 5% increase in the underlying electricity price assumptions, ceteris paribus, would have led to an impairment loss of EUR 107.0m in 2020/21. The changes in the scope of consolidation included the derecognition of the assets attributable to the Walsum 10 power plant as of 30 September 2021 (also see notes 4. Scope of consolidation and 25. Other operating income).

1) The impairment testing of the power plant component took place solely at the Group level. At the segment level, a provision was recognised for the marketing of EVN’s own electricity production. The impairment loss is therefore reported in the transition column “consolidation”.

In the Energy Segment, EVN Wärme tested various heating assets for impairment due to negative changes in the business environment. The calculations led to the recognition of impairment losses totalling EUR 1.4m for four plants and to a revaluation of EUR 0.3m to one heating plant. The recoverable amount was based on the value in use and totalled EUR 7.6m. An after-tax WACC ranging from 3.49% to 3.83% was used as the discount rate, which corresponds to an iteratively derived pre-tax WACC of 4.23% to 4.75%.

An improvement in forward electricity quotations and a reduction in the WACC led to the impairment testing of small hydropower plants owned by evn naturkraft. This led to revaluations of EUR 0.7m in total to two small hydropower plants in the Generation Segment. The recoverable amount was based on the value in use and totalled EUR 1.2m. An after-tax WACC of 3.82% was used as the discount rate, which corresponds to an iteratively derived pre-tax WACC of 3.82% to 6.22%.

In addition, a reversal of an impairment loss of EUR 1.5m on the Kavarna wind farm was recognised in the Generation segment on 30 June 2021 due to lower country risk premiums. The recoverable amount was determined on the basis of the value in use and amounted to EUR 12.7m (previous year: EUR 11.8m). A WACC after tax of 5.24% (previous year: 6.55%) was used as the discount rate for the regulated period and 5.30% (previous year: 6.62%) for the non-regulated period. This corresponds to an iteratively derived WACC before tax of 5.82% and 5.89% (previous year: 7.28% and 7.35%).

EVN as the lessee

The most important application area for the EVN Group is formed by lease and easement agreements, as well as leased commercial and warehouse space which are assumed to be based on long-term leases. Rights of use totalling EUR 68.6m (previous year: EUR 80.3m) were contrasted by lease liabilities with a present value of EUR 60.6m (previous year: EUR 78.0m) as of 30 September 2021. The short-term portion of the lease liabilities equalled EUR 5.5m (previous year: EUR 5.2m). In connection with subsequent measurement, the rights of use are amortised on a systematic basis over the shorter of the useful life and the remaining term of the lease. The conclusion of new agreements and the recognition of changes in estimates and modifications in 2020/21 led to an addition of EUR 6.6m (previous year: EUR 10.1m).# Consolidated notes — Notes to the consolidated statement of financial position

Rights of use from lease agreements are reported as part of property, plant and equipment in accordance with IFRS 16; the development and amortisation of these rights of use are allocated to the following asset classes:

EVN Annual Financial Report 2020/21

Rights of use	30.09.2020	Land and buildings	Lines	Technical equipment	Other plants, tools and equipment	Total
2020/21 financial year EURm		66.8	6.5	0.4	6.6	80.3
Additions		0.2	5.2	1.0	0.1	6.6
Scheduled depreciation		–5.2	–0.3	–0.4	–0.4	–6.3
Impairments		–12.0	–	–	–	–12.0
Other movements		6.0	–	–	–	–6.0
Rights of use	30.09.2021	55.8	11.4	1.0	0.4	68.6

Rights of use	30.09.2019	Land and buildings	Lines	Technical equipment	Other plants, tools and equipment	Total
2019/20 financial year EURm		–	–	–	–	–
Recognition of rights of use from initial application of IFRS 16		67.0	0.4	0.6	7.9	75.8
Additions		3.7	6.4	–	–	10.1
Scheduled depreciation		–3.8	–0.2	–0.2	–1.3	–5.5
Other movements		–	–	–	–	–
Rights of use	30.09.2020	66.8	6.5	0.4	6.6	80.3

The determination of the rights of use and corresponding lease liabilities includes all sufficiently probable cash outflows. The cash outflows from leases totalled EUR 13.3m (previous year: EUR 11.2m) in 2020/21. The consolidated statement of operations contains EUR 2.3m (previous year: EUR 1.4m) of expenses from unrecognised leases, which include expenses from low-value leases, expenses from short-term leases (less than twelve months) and expenses from variable lease payments that were not included in the lease liability. The interest expense for lease liabilities totalled EUR 0.6m (previous year: EUR 0.5m) in 2020/21. The difference between the cash outflows presented here and the payments for lease liabilities resulted primarily from advance rental payments made in 2020/21. These advance payments are not reported under cash flow from financing activities because they are not related to lease liabilities; they are instead included under cash flow from investing activities. The impairment loss of EUR 12.0m to the rights of use is related to the impairment of the Walsum 10 power plant as of 31 December 2020 and is included in the above-mentioned impairment loss of EUR 113.1m.

36. Investments in equity accounted investees

The companies included in the consolidated financial statements at equity are listed in the notes under EVN’s investments starting on page 108. Note 62. Disclosures of interests in other entities contains financial information on joint ventures and associates that are included at equity in EVN’s consolidated financial statements. All investments in equity accounted investees were recognised at their proportional share of IFRS income or loss based on an interim or annual report with a balance sheet date that does not precede the balance sheet date of EVN by more than three months. There were no listed market prices for the investments in equity accounted investees included in the consolidated financial statement.

EVN Annual Financial Report 2020/21

Consolidated notes — Notes to the consolidated statement of financial position

Reconciliation of investments in equity accounted investees	2020/21 financial year EURm	Gross value 30.09.2020	Change in the scope of consolidation	Gross value 30.09.2021	Accumulated amortisation 30.09.2020	Currency translation differences	Disposal of the scope of consolidation	Revaluation	Proportional share of results	Dividends	Changes recognised in other comprehensive income	Accumulated amortisation 30.09.2021	Net value 30.09.2020	Net value 30.09.2021
		919.9	–1.5	918.3	82.3	–1.2	1.4	49.0	190.6	–129.4	466.4	659.2	1,002.1	1,577.5

Reconciliation of investments in equity accounted investees	2019/20 financial year EURm	Gross value 30.09.2019	Additions	Disposals	Gross value 30.09.2020	Accumulated amortisation 30.09.2019	Currency translation differences	Impairments	Proportional share of results	Dividends	Changes recognised in other comprehensive income	Accumulated amortisation 30.09.2020	Net value 30.09.2019	Net value 30.09.2020
		889.5	30.4	–	919.9	82.6	1.7	–25.6	119.7	–79.9	–16.2	82.3	972.1	1,002.1

In fiscal year 2020/21, a write-up of EUR 25.3m was made at Verbund Innkraftwerke due to improved electricity forward prices. The recoverable amount for EVN’s share in Verbund Innkraftwerke was determined on the basis of the value in use and amounted to EUR 180.9m. The discount rate used was a WACC after tax of 3.68% (previous year: 3.93%), which corresponds to an iteratively derived pre-tax WACC of 5.05% (previous year: 5.10%) (see also note 29. Share of results from equity accounted investees with operational nature). If the WACC had increased (decreased) by 0.5 percentage points, Verbund Innkraftwerke, which is accounted for using the equity method, would have recorded a write-up of EUR 15.6m (write-up of EUR 25.3m) ceteris paribus in fiscal year 2020/21. If the underlying electricity price assumptions had increased (decreased) by 5%, there would have been a write-up of EUR 25.3m (write-up of EUR 17.2m) in fiscal year 2020/21 ceteris paribus.

EVN Annual Financial Report 2020/21

Consolidated notes — Notes to the consolidated statement of financial position

In addition, in connection with the Ashta hydropower plant at Ashta Beteiligungsverwaltung GmbH, a write-up of EUR 9.6m was recognised as of 31 March 2021, due to decreased country risk premiums. The recoverable amount for EVN’s share in Ashta Beteiligungsverwaltung GmbH was determined based on the value in use and amounted to EUR 9.8m. A WACC after tax of 9.09% for the regulated period and 9.10% for the non-regulated period was used as the discount rate, which corresponds to an iteratively derived WACC before tax of 10.37% and 9.39% respectively. As a result of a further reduction in the WACC, a new impairment test was carried out as at 30 September 2021 and an additional write-up of EUR 14.2m was made. The recoverable amount for EVN’s share in Ashta Beteiligungs verwaltung GmbH was determined on the basis of the value in use and amounted to EUR 24.2m. A WACC after tax of 7.51% for the regulated period and 7.69% for the non-regulated period was used as the discount rate, which corresponds to an iteratively derived WACC before tax of 7.77% (also see note 29. Share of results from equity accounted investees with operational nature). In total, the at equity investment in the Ashta hydropower plant was written up by EUR 23.8m in the 2020/21 fiscal year. The carrying amount of equity accounted investees rose by EUR 466.4m in 2020/21 (previous year: reduction of EUR –16.2m) based on the recognition of value changes directly in other comprehensive income. These changes resulted chiefly (EUR 454.3m) from changes in the fair value of derivative financial instruments in the energy business which are designated as cash flow hedges and are related to the investments in EVN KG and Energieallianz Austria GmbH. The shares in ZOV, whose pro-rata equity owned by EVN amounted to EUR 103.9m as of 30 September 2021 (previous year: EUR 104.9m), were assigned to the loan financing banks as collateral.

37. Other investments

The item other investments includes holdings in affiliates and associates, which are not consolidated due to immateriality, as well as miscellaneous stakes of less than 20.0% that were not included at equity. The shares in affiliates and associates which are not consolidated due to immateriality are measured at cost less any necessary impairment losses and totalled EUR 4.1m in 2020/21 (previous year: EUR 4.5m). The other investments classified as FVOCI consist primarily of shares in Verbund AG with a value of EUR 3,848.4m (previous year: EUR 2,048.4m) and miscellaneous other investments of EUR 177.0m (previous year: EUR 115.9m). The valuation adjustments were recorded under other comprehensive income, the dividends were recorded in the consolidated statement of operations (also see note 31. Financial results). EVN AG and Wiener Stadtwerke Holding AG (WSTW) entered into an agreement on 22 September 2010 for the syndication of their directly and indirectly held shareholdings in Verbund AG. This agreement gives the two companies joint control over approximately 26% of the voting shares in Verbund AG. In spite of the syndicate agreement, the scope of possible influence over the financial and business policies of Verbund AG is very limited. The requirements for classification as a controlling influence (IAS 28) are therefore not met and the shares in Verbund AG are therefore accounted by applying IFRS 9. In 2020/21, the valuation of the investment in Wiener Börse AG based on the discounted cash flow method resulted in a write-up of EUR 9.1m. The recoverable amount was determined on the basis of fair value less costs to sell (Level 3 according to IFRS 13) and amounted to EUR 28.6m. A WACC after tax of 5.61% was used as the discount rate. The present value model underlying the valuation includes forecasted distributions for the coming year as well as a perpetual yield without a growth rate. The valuation of the investment in Verbund Hydro Power AG in 2020/21 based on the discounted cash flow method resulted in a write-up of EUR 47.4m. The recoverable amount was determined on the basis of fair value less costs to sell (Level 3 according to IFRS 13) and amounted to EUR 140.8m. A WACC after tax of 3.82% was used as the discount rate. The present value model underlying the valuation is based on publicly available information in the annual financial statements and, based on available data for electricity prices, forecasts the development of the coming years up to 2050 and a perpetual annuity without a growth rate.

EVN Annual Financial Report 2020/21

Consolidated notes — Notes to the consolidated statement of financial position

The valuation of the investment in AGGM Austrian Gas Grid Management AG in 2020/21 based on the discounted cash flow method resulted in a write-up of EUR 3.7m. The recoverable amount was determined on the basis of fair value less costs to sell (Level 3 according to IFRS 13) and amounted to EUR 6.6m. A WACC after tax of 3.60% was used as the discount rate.The present value model underlying the valuation is based on a perpetual yield without a growth rate which, in turn, was developed from the average trend of data from publicly available financial statements for 2017 – 2020 and a forecast for the 2021 financial year.

38. Other non-current assets

Other non-current assets	EURm	30.09.2021	30.09.2020
Non-current financial assets
Securities		74.4	72.0
Loans receivable		35.4	32.9
Lease receivables		14.0	15.4
Receivables arising from derivative transactions		4.9	1.0
Trade receivables		10.8	10.9
Contract assets		1.2	44.7
Contract costs		56.7	82.2
Primary energy reserves		0.7	0.7
Remaining other non-current assets		1.8	1.3
Total		200.0	261.0

Securities reported under other non-current assets consist mainly of shares in investment funds and serve as coverage for the provisions for pensions and similar obligations as required by Austrian tax law. The carrying amounts correspond to the fair value as of the balance sheet date.

Lease receivables relate to project business in connection with PPP-projects. The decline in the fiscal year is mainly due to the contractually agreed redemption payments. The reconciliation of the future minimum lease payments to their present value is as follows:

Terms to maturity of non-current lease receivables

	EURm	Remaining term to maturity as of 30.09.2021	Remaining term to maturity as of 30.09.2020
		Principal components	Interest components
< 5 years		7.8	0.9
> 5 years		6.2	0.2
Total		14.0	1.2

The total of the principal components corresponds to the capitalised value of the lease receivables. The interest components correspond to the proportionate share of the interest component of the total lease payment and do not represent discounted amounts. The interest components of the lease payments in 2020/21 were reported as interest income on non-current assets.

The receivables arising from derivative transactions include the positive market values of derivatives in the energy business.

Trade receivables include claims from North Macedonia which were reclassified as long-term based on instalment agreements with customers.

Contract assets consist primarily of the Group’s claims to consideration for contract performance in the international project business, which was concluded but not yet invoiced as of 30 September 2021. Contract assets are reclassified to receivables when the related rights become unconditional. This generally occurs when the Group issues an invoice to the customer.

Contract costs represent the costs for obtaining contracts, as defined in IFRS 15.91, and are related to the international project business. Contract costs totalling EUR 86.7m were capitalised and will be amortised on a systematic basis in line with the expected timing of the contract on which the costs are based and depending on how the goods or services are transferred to the customer. Therefore, the original depreciation period is between 2.5 years and 4 years. As a result of the current depreciation of EUR 25.5m (previous year: EUR 4.5m) in the fiscal year 2020/21, the book value decreased to EUR 56.7m (previous year: EUR 82.2m; also see note 30. Depreciation and amortisation and effects from impairment tests).

39. Inventories

Inventories	EURm	30.09.2021	30.09.2020
Primary energy inventories		8.9	26.2
CO 2 emission certificates		49.0	12.6
Raw materials, supplies, consumables and other inventories		26.8	25.6
Customer orders not yet invoiced		11.0	2.1
Total		95.7	66.6

Primary energy inventories consist primarily of natural gas. Part of the natural gas inventories have been measured according to the dealer- broker exception since 2019/20 because they are held exclusively for trading. Consequently, these natural gas inventories are measured at fair value (Level 1) less costs to sell. The fair value of the inventories held for trading totalled EUR 0.1m (previous year: EUR 12.4m) as of 30 September 2021. The decrease compared to the previous year is due to the disposal of gas inventories. Positive changes in the market value resulted in a revaluation through profit or loss of EUR 0.1m (previous year: EUR 5.3m) as of 30 September 2021.

The CO 2 emission certificates relate exclusively to certificates purchased to fulfil the requirements of the Austrian Emission Certificate Act, which have not yet been used. The corresponding obligation for any shortfall in the certificates is reported under current provisions (see note 55. Current provisions).

Valuation allowances of EUR 0.9m were recognised to inventories in 2020/21 (previous year: EUR 1.4m) and were contrasted by revaluations of EUR 0.1m (previous year: EUR 0.1m). The inventories are not subject to any restrictions on disposal or other encumbrances.

40. Trade and other receivables

Trade and other receivables	EURm	30.09.2021	30.09.2020
Financial assets
Trade accounts receivable		331.0	217.0
Receivables from investments in equity accounted investees		55.2	24.5
Receivables from non-consolidated subsidiaries		1.0	–
Receivables from employees		0.1	–
Receivables arising from derivative transactions		58.7	6.4
Lease receivables		1.4	3.0
Other receivables and assets		65.1	36.9
		512.3	287.9
Other receivables
Taxes and levies receivable		27.2	24.6
Prepayments		152.4	90.2
Contract assets		58.0	0.5
		237.6	115.3
Total		749.9	403.2

Trade accounts receivable relate mainly to electricity, natural gas and heating customers and customers from the international project business. Notes to impairment losses and default risks for trade receivables can be found in note 59. Risk management. The increase in trade receivables is due on the one hand to project progress in the international project business and on the other hand to the sale of inventories.

Receivables from investments in equity accounted investees and receivables from non-consolidated subsidiaries arise primarily from intragroup transactions related to energy supplies as well as Group financing and services provided to those companies.

The receivables arising from derivative transactions consist chiefly of the positive market values of derivatives in the energy business.

Other receivables and assets include, among others, receivables from insurance and short-term loans receivable. The increase in prepayments resulted primarily from contract orders in the international project business.

Impairment losses of EUR 0.0m were recognised to contract assets in 2020/21 (previous year: EUR 0.8m). As of 30 September 2021, as in the previous year, no receivables were pledged as collateral for EVN’s own liabilities.

41. Securities and other financial investments

Composition of securities and other financial investments	EURm	30.09.2021	30.09.2020
Funds		383.0	236.4
thereof cash funds		382.8	236.2
thereof other fund products		0.2	0.2
Time deposits		16.1	17.4
Total		399.1	253.8

A write-down of EUR –3.5m through profit or loss was recorded in 2020/21 to reflect the decline in market prices (previous year: write-up of EUR 0.2m through profit or loss). The time deposits reported under this item have a maturity of more than three months.

Liabilities

Equity

The development of equity in 2020/21 and 2019/20 is shown on page 28.

42. Share capital

The share capital of EVN AG totals EUR 330.0m (previous year: EUR 330.0m) and is divided into 179,878,402 (previous year: 179,878,402) zero par value bearer shares.

43. Share premium and capital reserves

The share premium and capital reserves comprise appropriated capital reserves of EUR 204.4m (previous year: EUR 204.4m) from capital increases and unappropriated capital reserves of EUR 58.3m (previous year: EUR 58.3m), both in accordance with Austrian stock corporation law.

44. Retained earnings

Retained earnings of EUR 2,863.0m (previous year: EUR 2,625.0m) comprise the proportional share of retained earnings attributable to EVN AG and all other consolidated companies from the date of initial consolidation as well as the proportional share of retained earnings from business combinations achieved in stages.

Dividends are based on the result of EVN AG as reported in the annual financial statements and developed as follows:

Reconciliation of EVN AG’s result for the period

	EURm	2020/21
Reported result for the period 2020/21		236.7
Retained earnings from the 2019/20 financial year		0.1
Less additions to voluntary reserves		–144.1
Distributable result for the period		92.7
Proposed dividend		–92.7
Retained earnings for the 2021/22 financial year		–

Liabilities do not include the dividend of EUR 0.52 per share for the 2020/21 financial year which will be proposed to the Annual General Meeting.

The 92 nd Annual General Meeting on 21 January 2021 approved a proposal by the Executive Board and the Supervisory Board to distribute a dividend of EUR 0.49 per share for the 2019/20 financial year. This resulted in a total dividend payment of EUR 87.3m. Ex-dividend day was 27 January 2021, dividend payment day was 29 January 2021.

45. Valuation reserves

The valuation reserve contains changes in the market value of cash flow hedges and financial assets classified at fair value through other comprehensive income (FVOCI), the IAS 19 remeasurements and the proportional share of changes in the equity of investments in equity accounted investees. In addition, the statement of comprehensive income includes EUR 0.9m (previous year: EUR –1.5m) for the share of changes in the valuation reserves that are attributable to non-controlling interests (see Consolidated statement of comprehensive income, page 26).# EVN Annual Financial Report 2020 /21

Consolidated notes — Notes to the consolidated statement of financial position

The part of the valuation reserve attributable to equity accounted investees consists primarily of components from cash flow hedges that were recorded under equity as well as remeasurements in accordance with IAS 19 and the valuation of FVOCI instruments.

Valuation reserves

	30.09.2021			30.09.2020
	Before tax	Tax	After tax	Before tax	Tax	After tax
Items recognised under other comprehensive income
From Financial assets classified at fair value through other comprehensive income	3,563.8	–890.9	2,672.9	1,703.9	–425.9	1,278.0
Cash flow hedges	–22.4	6.3	–16.1	–22.0	7.3	–14.7
Remeasurements IAS 19	–151.0	37.1	–113.9	–163.5	40.4	–123.1
Investments in equity accounted investees	428.8	–111.1	317.7	–37.0	2.5	–34.5
Total	3,819.2	–958.6	2,860.6	1,481.5	–375.8	1,105.7

In 2020/21, cash flow hedges totalling EUR 13.7m (previous year: EUR 1.9m) were transferred from other comprehensive income to the consolidated statement of operations. The year-on-year change resulted, above all, from the deconsolidation of the Walsum 10 power plant. In this connection, EUR 12.3m was reclassified to the consolidated statement of operation (see note 31. Financial results). Due to the ineffectiveness of the hedges an amount of EUR 0.0m (previous year: EUR 0.0m) was recognised in profit or loss.

46. Treasury shares

A total of 43,464 treasury shares were sold during the reporting year to permit their issue as a special payment in accordance with a company agreement (previous year: 69,587 shares). EVN AG is not entitled to any rights arising from treasury shares. In particular, these shares are not entitled to dividends.

The number of shares outstanding developed as follows:

Reconciliation of the number of outstanding shares

	30.09.2019	30.09.2020	30.09.2021
Zero par value shares	179,878,402	179,878,402	179,878,402
Treasury shares	–1,810,296	–1,740,709	–1,697,245
Outstanding shares	178,068,106	178,137,693	178,181,157
Purchase of treasury shares	–	–	–
Disposal of treasury shares	–	69,587	43,464

The weighted average number of shares outstanding, which is used as the basis for calculating earnings per share, equals 178,144,937 shares (previous year: 178,079,704 shares).

47. Non-controlling interests

The item non-controlling interests comprises the non-controlling interests in the equity of fully consolidated subsidiaries. The following table provides information on each fully consolidated subsidiary of EVN with material non-controlling interests before intragroup eliminations:

Financial information of subsidiaries with material non-controlling interests

EURm	30.09.2021	30.09.2020	30.09.2021	30.09.2020	30.09.2021	30.09.2020
Subsidiaries	RBG BUHO EVN Macedonia	RBG BUHO EVN Macedonia
Non-controlling interests (%)	49.97	26.37	10.00	49.97	26.37	10.00
Carrying amount of non-controlling interests	191.2	40.4	31.3	193.0	39.5	28.5
Result attributable to non-controlling interests	20.2	3.4	2.8	21.4	5.5	2.7
Dividends attributable to non-controlling interests	22.6	2.7	–	20.0	2.6	–

Statement of financial position

EURm	30.09.2021	30.09.2020	30.09.2021	30.09.2020	30.09.2021	30.09.2020
Non-current assets	382.2	190.6	375.0	385.7	186.6	368.6
Current assets	0.1	9.4	62.8	0.2	9.4	36.8
Non-current liabilities	–	1.0	97.8	–	0.6	97.3
Current liabilities	–	–	23.7	–	–	19.8

Statement of operations

2020/21	2019/20
Revenue	–	–	–	–	–
Result after income tax	40.5	12.7	27.8	42.9	20.8

Net cash flows

	2020/21	2019/20		2020/21	2019/20
Net cash flow from operating activities	45.1	10.3	29.7	40.0	10.3	40.2
Net cash flow from investing activities	–	–	–26.4	–	–	–35.4
Net cash flow from financing activities	–45.2	–10.4	–0.2	–40.0	–9.8	–10.3

48. Non-current loans and borrowings

Breakdown of non-current loans and borrowings

	Nominal interest rate (%)	Term	Nominal amount	30.09.2021	30.09.2020	30.09.2021
				Carrying amount	Carrying amount	Fair value
Bonds				319.6	514.5	367.1
EUR bond 1)	4.250	2011 – 2022	EUR 293.0m	–	290.7	–
JPY bond	3.130	2009 – 2024	JPY 12.0bn	95.4	100.9	98.4
EUR bond	4.125	2012 – 2032	EUR 100.0m	98.5	98.3	135.4
EUR bond	4.125	2012 – 2032	EUR 25.0m	24.7	24.7	33.8
EUR bond	0.850	2020– 2035	EUR 101.0m	101.0	–	99.4
Bank loans (incl. promissory note loans)	0.00 – 4.99	until 2068		399.3	530.8	467.3
Total				718.9	1,045.3	834.4

1) In the 2020/21 financial year, a reclassification was made to current financial liabilities in the amount of EUR 292.2m.

Maturity of non-current loans and borrowings

EURm	30.09.2021		30.09.2020
	< 5 years	> 5 years	Total	< 5 years	> 5 years
Bonds	95.4	224.2	319.6	391.5	123.0
thereof fixed interest	–	224.2	224.2	290.7	123.0
thereof variable interest	95.4	–	95.4	100.9	0.4
Bank loans	79.5	319.7	399.3	161.2	369.6
thereof fixed interest	70.3	319.7	390.1	151.6	369.3
thereof variable interest	9.2	–	9.2	9.6	0.4
Total	175.0	543.9	718.9	552.7	492.6

Bonds

All bonds involve bullet repayment on maturity. The foreign currency bond is hedged against interest and foreign exchange risk by means of cross-currency swaps. The change in the carrying amount of bonds resulted, on the one hand, from the issue of a green bond with bullet repayment on maturity (nominal value: EUR 101.0m) in January 2021. On the other hand, a bond was reclassified (EUR 292.2m) to current financial liabilities during the reporting period because it is scheduled to mature within the next 12 months. The other changes resulted primarily from the change in value of the hedged foreign currency risk from the JPY bond. The bonds are carried at amortised cost. Foreign currency liabilities are translated at the exchange rate in effect on the balance sheet date. In accordance with IFRS 9, hedged liabilities are adjusted to reflect the corresponding change in the fair value of the hedged risk in cases where hedge accounting is applied (see note 61. Reporting on financial instruments).

Bank loans

The loans consist of general borrowings from banks and loans, which are subsidised in part by interest and redemption grants from the Austrian Environment and Water Industry Fund. This position also includes the EUR 187.5m (previous year: EUR 187.5m) promissory note loans that were issued in October 2012 and April 2020. Accrued interest is reported under other current liabilities.

49. Deferred taxes

EURm	30.09.2021	30.09.2020
Deferred tax assets
Employee-related provisions	–48.0	–52.5
Tax loss carryforwards	–59.2	–53.1
Investment depreciation	–27.4	–16.2
Property, plant and equipment	–4.1	–52.4
Provisions	–3.2	–17.3
Financial instruments	–21.5	–
Other assets	–32.0	–30.9
Other liabilities	–10.9	–37.4
Deferred tax liabilities
Property, plant and equipment	72.3	70.8
Intangible assets	2.3	2.7
Investments	1,023.9	435.9
Provisions	–	96.2
Financial instruments	15.9	1.8
Other assets	40.3	46.5
Other liabilities	17.8	20.5
Total	978.5	414.6
thereof deferred tax assets	–57.0	–75.4
thereof deferred tax liabilities	1,035.4	490.0

Changes in deferred taxes

EURm	2020/21	2019/20
Deferred taxes on 01.10.	414.6	471.6
– Changes recognised directly in equity resulting from currency translation differences and other changes	4.1	1.3
– Changes in deferred taxes recognised through profit and loss	–23.1	–21.5
– Changes in deferred taxes recognised directly in equity from the valuation reserve	582.8	–36.8
Deferred taxes on 30.09.	978.5	414.6

Projected tax results will permit the utilisation over the coming years of losses for which deferred tax assets were previously recorded. Deferred tax assets of EUR 86.9m (previous year: EUR 81.9m) related to loss carryforwards were not recognised because they are not expected to be used within the foreseeable future. Of this total, EUR 76.5m (previous year: EUR 76.5m) are attributable to EVN MVA 1. Of this total, EUR 1.9m will expire during the next five years (previous year: EUR 1.5m). The remaining loss carryforwards that were not capitalised can be carried forward for an indefinite period of time. Deferred tax liabilities of EUR 111.3m (previous year: EUR 71.6m) on temporary differences of EUR 413.7m (previous year: EUR 277.4m) were not recognised because these differences will remain tax-free in the foreseeable future. These temporary differences arise from differences between the tax base of the participation interest and the proportional share of equity owned less retained earnings, respectively between the tax base of the participation interest and the carrying amount of the equity accounted investees (outside basis differences). The changes recorded under other comprehensive income are primarily attributable to financial instruments (EUR 485.3m; previous year: EUR –39.1m), associates (EUR 109.6m; previous year: EUR –1.2m) and employee-related provisions (EUR 3.3m; previous year: EUR 2.7m).

50. Non-current provisions

EURm	30.09.2021	30.09.2020
Provisions for pensions	239.2	260.5
Provisions for pension-related obligations	28.1	28.6
Provisions for severance payments	84.6	92.4
Other non-current provisions	93.4	124.9
Total	445.3	506.4

The calculation of provisions for pensions and similar obligations and provisions for severance payments is mainly based on the following calculation principles: The discount rate used to measure the provision for pensions and pension-related obligations was set at 1.1% as of 30 September 2021 (previous year: 1.0%). The provisions for severance payments were measured with a discount rate of 0.9% (previous year 0.7%).The differ- ent discount rates reflect the different duration of the provisions for severance payments. The following parameters are applied:
* Remuneration increases 2.00% p. a.; in subsequent years 2.00% p. a.; (previous year: remuneration increases 2.00% p. a., in subsequent years 2.00% p. a.)
* Pension increases 2.00% p. a.; in subsequent years 2.00% p. a.; (previous year: pension increases 2.00% p. a., in subsequent years 2.00% p. a.)
* Austrian mortality tables AVÖ 2018-P – Rechnungsgrundlagen für die Pensionsversicherung

Reconciliation of provisions for pensions
| EURm | 2020/21 | 2019/20 |
| :--------------------------------------------- | :------ | :------ |
| Present value of pension obligations (DBO) as of 01.10. | 260.5 | 283.1 |
| + Service costs | –0.1 | –1.0 |
| + Interest costs | 2.6 | 2.0 |
| – Pension payments | –13.2 | –14.1 |
| + /– Actuarial loss/gain | –10.6 | –9.5 |
| thereof Financial assumptions | –2.8 | –8.4 |
| Assumptions based on experience | –7.8 | –1.1 |
| Present value of pension obligations (DBO) as of 30.09. | 239.2 | 260.5 |

As of 30 September 2021, the weighted average remaining term equalled 14.1 years for the pension obligations (previous year: 14.1 years). Pension payments are expected to total EUR 13.2m in 2021/22 (previous year: EUR 14.3m).

Reconciliation of the provisions for pension-related obligations
| EURm | 2020/21 | 2019/20 |
| :--------------------------------------------------- | :------ | :------ |
| Present value of the provisions for pension-related obligations (DBO) as of 01.10. | 28.6 | 29.3 |
| + Service costs | 0.5 | 0.5 |
| + Interest costs | 0.3 | 0.2 |
| – Payments | –1.0 | –0.9 |
| + /– Actuarial loss/gain | –0.4 | –0.5 |
| thereof Financial assumptions | –0.5 | –1.7 |
| Assumptions based on experience | 0.2 | 1.1 |
| Present value of the provisions for pension-related obligations (DBO) as of 30.09. | 28.1 | 28.6 |

75EVN Annual Financial Report 2020 /21

As of 30 September 2021, the weighted average remaining term equalled 17.8 years for the pension-related obligations (previous year: 18.3 years). The payments for pension-related obligations are expected to total EUR 1.0m in 2021/22 (previous year: EUR 1.0m).

Reconciliation of the provision for severance payments
| EURm | 2020/21 | 2019/20 |
| :--------------------------------------------------- | :------ | :------ |
| Present value of severance payment obligations (DBO) as of 01.10. | 92.4 | 95.0 |
| – Currency translation differences | – | – |
| + Service costs | 3.4 | 3.5 |
| + Interest costs | 0.7 | 0.8 |
| – Severance payments | –10.4 | –6.7 |
| + /– Actuarial loss/gain | –1.5 | –0.2 |
| thereof Financial assumptions | –1.0 | 0.1 |
| Assumptions based on experience | –0.4 | –0.3 |
| Present value of severance payment obligations (DBO) as of 30.09. | 84.6 | 92.4 |

As of 30 September 2021, the weighted average remaining term of the severance payment obligations equalled 9.0 years (previous year: 8.9 years). Severance payments are expected to total EUR 8.8m in 2021/22 (previous year: EUR 7.0m).

A change in the actuarial parameters (ceteris paribus) would have the following effect on the provisions for pensions, pension-related obligations and severance payments:

Sensitivity analysis for provision for pensions
| % Change in assumption | 30.09.2021 Decrease in assumption/ change in DBO | 30.09.2021 Increase in assumption/ change in DBO | 30.09.2020 Decrease in assumption/ change in DBO | 30.09.2020 Increase in assumption/ change in DBO |
| :--- | :--- | :--- | :--- | :--- |
| Interest rate 0.50 | 7.60 | –6.73 | 7.63 | –6.75 |
| Remuneration increases 1.00 | –2.68 | 2.91 | –2.71 | 2.95 |
| Pension increases 1.00 | –11.00 | 13.53 | –11.02 | 13.55 |
| Remaining life expectancy 1 year | –5.00 | 5.12 | –5.05 | 5.17 |

Sensitivity analysis for provision for pension-related obligations
| % Change in assumption | 30.09.2021 Decrease in assumption/ change in DBO | 30.09.2021 Increase in assumption/ change in DBO | 30.09.2020 Decrease in assumption/ change in DBO | 30.09.2020 Increase in assumption/ change in DBO |
| :--- | :--- | :--- | :--- | :--- |
| Interest rate 0.50 | 9.69 | –8.44 | 9.98 | –8.66 |
| Remuneration increases 1.00 | – | – | – | – |
| Pension increases 1.00 | –13.49 | 17.08 | –13.62 | 17.26 |
| Remaining life expectancy 1 year | –4.18 | 4.24 | –4.21 | 4.27 |

76EVN Annual Financial Report 2020 /21
Consolidated notes — Notes to the consolidated statement of financial position

Sensitivity analysis for provision for severance payments
| % Change in assumption | 30.09.2021 Decrease in assumption/ change in DBO | 30.09.2021 Increase in assumption/ change in DBO | 30.09.2020 Decrease in assumption/ change in DBO | 30.09.2020 Increase in assumption/ change in DBO |
| :--- | :--- | :--- | :--- | :--- |
| Interest rate 0.50 | 4.55 | –4.26 | 4.66 | –4.35 |
| Remuneration increases 1.00 | –8.41 | 9.41 | –8.56 | 9.61 |

The sensitivity analysis was carried out separately for each key actuarial parameter. Only one parameter was changed at a time during the examination, while the other variables remained constant (ceteris paribus). The method used to calculate the changed obligation reflected the calculation of the actual obligation. The analytical capacity of this method is limited because the interdependencies between the indi- vidual actuarial parameters are not taken into account. With respect to the severance compensation obligations, a sensitivity analysis was not carried out for the remaining life expectancy because this parameter has only an immaterial effect on the liability.

Reconciliation of other non-current provisions
| EURm | Carrying amount 01.10.2020 | Interest expense | Use | Release | Additions | Reclassification | Change in the scope of consolidation | Carrying amount 30.09.2021 |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Service anniversary bonuses | 25.2 | 0.3 | –1.6 | – | 1.1 | 0.1 | – | 25.1 |
| Rents for network access | 6.5 | – | – | –0.6 | 0.3 | 0.1 | – | 6.3 |
| Process costs and risks | 6.9 | 0.4 | – | –1.0 | 0.6 | –2.3 | –24.8 | 4.6 |
| Environmental and disposal rights | 82.5 | –2.5 | – | 1.5 | 1.0 | –4.2 | –157.0 | 53.5 |
| Other non-current provisions | 3.7 | – | –0.7 | –0.5 | 157.8 | 0.4 | –181.8 | 4.0 |
| Total | 124.9 | –1.8 | –2.2 | –0.4 | 160.8 | –5.9 | –181.8 | 93.4 |

Rents for network access involve provisions for rents to gain access to third-party facilities in Bulgaria. Various legal proceedings and lawsuits, which for the most part arise from operating activities and are currently pending, are reported under process costs and risks. Environmental and disposal risks primarily encompass the estimated costs for demolition or disposal as well as provisions for environ- mental risks and risks related to contaminated sites. At the present time, the use of the provisions for environmental and disposal risks is expected within a timeframe of one to 17 years. In connection with the additional takeover of the electricity procurement right at the Walsum 10 power plant in December 2020, an addition of EUR 120.8m was recognised with no effect on profit or loss. Furthermore, as a result of deteriorating spreads, an additional provision was recognised in profit or loss during the year. Overall, a provision for impending losses of EUR 157.0m was allocated as a result of the onerous electricity purchase agreement. The changes in the scope of consolidation therefore relate to provisions from the electricity pro- curement agreement at the Walsum 10 power plant and dismantling obligations in connection with the deconsolidated assets (see notes 4. Scope of consolidation and 25. Other operating income).

77EVN Annual Financial Report 2020 /21
Consolidated notes — Notes to the consolidated statement of financial position

1. Deferred income from network subsidies

The investment subsidies are related primarily to heating plants, facilities operated by EVN Wasser, small hydropower plants and wind power plants operated by EVN Naturkraft and facilities operated by Netz NÖ.

Deferred income from network subsidies
| EURm | Network subsidies (IFRS 15) | Network subsidies (IAS 20) | Investment subsidies | Total |
| :--------------------------- | :-------------------------- | :------------------------- | :------------------- | :------ |
| Carrying amount 01.10.2020 | 68.2 | 487.7 | 63.2 | 619.1 |
| Additions | 9.3 | 53.4 | 5.1 | 67.8 |
| Reclassification | –22.5 | –37.8 | –4.5 | –64.8 |
| Carrying amount 30.09.2021 | 55.1 | 503.3 | 63.8 | 622.2 |

The reclassification of network subsidies totalling EUR 22.5m to the current segment includes EUR 17.9m from the takeover of an electricity procurement right to Walsum 10 in December 2020 (see notes 25. Other operating income and 58. Consolidated statement of cash flows).

1. Other non-current liabilities

Other non-current liabilities EURm	30.09.2021	30.09.2020
Accruals from financial transactions	–	0.1
Liabilities from derivative transactions	27.6	16.9
Leasing liabilities	55.1	72.8
Remaining other non-current liabilities	33.3	47.7
Total	116.0	137.5

The accruals from financial transactions involve present value advantages from lease and leaseback transactions in connection with electricity procurement rights from the Danube power plants. The liabilities from derivative transactions include the negative fair values from contracts in the energy sector. The remaining other non-current liabilities include accrued long-term electricity delivery obligations, accrued liabilities for contract costs incurred and long-term compensation payments received.

Term to maturity of other non-current liabilities
| EURm | Remaining term to maturity as of 30.09.2021 | Remaining term to maturity as of 30.09.2020 |
| :------------------------------------- | :---------- | :---------- | :---------- | :---------- | :---------- | :---------- |
| | < 5 years | > 5 years | Total | < 5 years | > 5 years | Total |
| Accruals from financial transactions | – | – | – | 0.1 | – | 0.1 |
| Liabilities from derivative transactions | 27.6 | – | 27.6 | 15.5 | 1.4 | 16.9 |
| Leasing liabilities | 19.9 | 35.2 | 55.1 | 23.1 | 49.6 | 72.8 |
| Remaining other non-current liabilities | 30.7 | 2.6 | 33.3 | 43.1 | 4.7 | 47.7 |
| Total | 78.2 | 37.9 | 116.0 | 81.8 | 55.7 | 137.5 |

78EVN Annual Financial Report 2020 /21
Consolidated notes — Notes to the consolidated statement of financial position

Current liabilities

1. Current loans and borrowings

Bank overdrafts are included under cash and cash equivalents in the consolidated statement of cash flows.

Current loans and borrowings
| EURm | 30.09.2021 | 30.09.2020 |
| :----------------------- | :--------- | :--------- |
| Bonds | 292.2 | – |
| Bank loans | 25.6 | 35.4 |
| Bank overdrafts and other current loans | 0.2 | 74.6 |
| Total | 318.0 | 110.0 |

Bonds in the amount of EUR 292.2m (previous year: EUR 0.0m) and loans in the amount of EUR 25.6m (previous year: EUR 35.4m) were reclassified to current financial liabilities because they are now due within one year.

1. Trade payables

Trade payables include obligations resulting from outstanding invoices amounting to EUR 116.6m (previous year: EUR 100.8m).

55.## Current provisions

EURm	Personnel entitlements	Rents for network access	Process risks	Other current provisions	Total
Carrying amount 01.10.2020	77.8	2.7	2.0	13.7	96.2
Use	–10.9	–	–0.5	–1.9	–13.3
Release	–	–	–	–0.8	–0.9
Additions	14.4	–	–0.1	22.6	36.9
Reclassification	–	–0.1	2.3	3.7	5.9
Carrying amount 30.09.2021	81.2	2.6	3.7	37.3	124.8

The provisions for personnel entitlements comprise special payments not yet due, outstanding leave and liabilities resulting from a voluntary early retirement programme for employees. The provisions for legally binding agreements totalled EUR 8.1m as of the balance sheet date (previous year: EUR 7.2m). Provisions for contingent losses of EUR 22.0m (previous year: EUR 5.8m) were formed in connection with business activities in the context of the planning and construction of environmental infrastructure projects. The provisions result on the one hand from contractual obligations and on the other hand from negative exchange rate developments.

56. Other current liabilities

EURm	30.09.2021	30.09.2020
Financial liabilities
Liabilities to investments in equity accounted investees	342.5	108.6
Liabilities to non-consolidated subsidiaries	6.3	4.5
Deferred interest expenses	15.1	14.5
Liabilities arising from derivative transactions	151.7	8.8
Leasing liabilities	5.5	5.2
Other financial liabilities	47.7	75.5
	568.9	217.1
Other liabilities
Contract liabilities	81.8	43.6
Prepayments received	47.2	38.7
Deferred income from network subsidies	54.3	54.5
Liabilities relating to social security	18.4	16.2
Energy taxes	32.2	37.1
Value added tax	21.1	20.8
Other taxes and duties	14.3	15.9
	269.4	226.8
Total	838.2	444.0

The liabilities to investments in equity accounted investees consist primarily of cash pooling balances between EVN AG and these companies as well as amounts due to EAA for the distribution and procurement of electricity. The liabilities arising from derivative transactions include, in particular, the negative market values of derivatives in the energy business. Other financial liabilities include, in particular, liabilities related to capitalised contract costs, liabilities to employees and deposits received. Contract liabilities mainly relate to advance payments received from customers in the international project business for which sales revenues were recognised over a certain period of time. The contract liabilities reported in the previous year were fully recognised as sales revenues in fiscal year 2020/21.

Segment reporting

EURm	Energy Generation	Networks South East Europe
	2020/21	2019/20	2020/21	2019/20	2020/21	2019/20	2020/21	2019/20
External revenue	300.9	372.9	127.1	132.1	495.1	462.8	1,047.4	911.5
Internal revenue (between segments)	10.6	10.7	202.2	161.8	58.6	55.1	0.7	0.7
Total revenue	311.4	383.6	329.3	293.9	553.8	517.9	1,048.1	912.2
Operating expenses	–243.8	–339.3	–119.0	–156.2	–316.5	–318.0	–909.0	–775.5
Share of results from equity accounted investees operational	120.9	39.4	52.1	–22.3	–	–	–	–
EBITDA	188.6	83.8	262.5	115.4	237.3	199.9	139.0	136.7
Depreciation and amortisation	–22.0	–22.3	–80.3	–72.5	–142.5	–130.3	–74.0	–70.6
thereof impairment losses	–1.5	–1.7	–0.3	–2.8	–	–	–	–0.1
thereof revaluation	0.3	–	2.1	1.5	–	–	–	–
Results from operating activities (EBIT)	166.6	61.4	184.0	42.9	94.8	69.6	65.0	66.1
EBIT margin (%)	53.5	16.0	55.3	14.6	17.1	13.4	6.2	7.2
Interest income	–	–	0.5	0.8	0.2	0.2	–	–
Interest expense	–2.2	–1.6	–20.9	–13.8	–14.2	–14.8	–15.8	–19.7
Financial results	–2.1	–1.6	–20.2	–12.9	–13.9	–12.6	–15.7	–20.4
Result before income tax	164.5	59.9	162.0	30.0	81.0	57.0	49.4	45.7
Goodwill	–	–	1.2	1.2	1.8	1.8	–	–
Carrying value of investments in equity accounted investees	656.2	137.9	200.5	150.7	–	–	–	–
Total assets	1,142.4	774.8	828.4	1,123.3	2,246.6	2,090.4	1,242.6	1,219.2
Total liabilities	604.3	641.9	411.2	710.1	1,448.0	1,457.2	869.0	893.7
Investments 1)	21.1	28.8	27.2	53.4	249.0	181.8	100.4	99.7

---

1) In intangible assets and property, plant and equipment

Segment reporting

EURm	Environment	All Other Segments	Consolidation 1)	Total
	2020/21	2019/20	2020/21	2019/20	2020/21	2019/20	2020/21	2019/20
External revenue	405.0	207.7	19.4	20.4	–	–	2,394.9	2,107.5
Internal revenue (between segments)	0.5	0.4	75.2	69.0	–347.8	–297.7	–	–
Total revenue	405.5	208.1	94.6	89.4	–347.8	–297.7	2,394.9	2,107.5
Operating expenses	–355.1	–204.2	–101.5	–96.8	246.8	278.7	–1,798.1	–1,611.3
Share of results from equity accounted investees operational	13.6	13.3	53.0	63.6	–	–	239.6	94.1
EBITDA	64.0	17.3	46.1	56.3	–101.0	–19.0	836.5	590.4
Depreciation and amortisation	–37.5	–16.7	–2.3	–2.4	–91.5	–2.4	–450.1	–317.3
thereof impairment losses	–	–0.6	–	–	–113.1	–16.8	–114.8	–22.1
thereof revaluation	–	–	–	–	–	–	2.5	1.5
Results from operating activities (EBIT)	26.5	0.6	43.8	53.9	–192.5	–21.4	386.4	273.1
EBIT margin (%)	6.5	0.3	46.3	60.3	–	–	16.1	13.0
Interest income	1.0	1.5	26.0	27.4	–21.7	–25.3	6.1	4.5
Interest expense	–8.2	–6.9	–19.7	–15.5	21.7	25.3	–59.4	–47.0
Financial results	–10.1	–5.9	56.9	53.3	–15.0	–15.8	–20.0	–15.8
Result before income tax	16.4	–5.3	100.7	107.2	–207.5	–37.2	366.4	257.3
Goodwill	52.9	52.9	–	–	–	–	55.8	55.8
Carrying value of investments in equity accounted investees	145.3	136.8	575.5	576.7	–	–	1,577.5	1,002.1
Total assets	979.3	862.0	6,528.8	4,600.0	–1,828.4	–2,304.1	11,139.8	8,365.7
Total liabilities	771.9	716.9	2,249.5	1,781.9	–1,758.6	–2,379.4	4,595.4	3,822.4
Investments 2)	20.7	17.1	0.1	3.3	–3.5	–16.1	415.0	367.9

---

1) Explained below in the notes to segment reporting
2) In intangible assets and property, plant and equipment

Segment information by product – revenue

EURm	2020/21	2019/20
Electricity	1,495.2	1,430.4
Natural gas	154.6	142.4
Heat	154.5	146.3
Environmental services	398.7	200.6
Others	192.0	187.8
Total	2,394.9	2,107.5

Segment information by country – revenue 1)

EURm	2020/21	2019/20
Austria	982.1	1,024.6
Germany	333.3	133.5
Bulgaria	651.0	550.6
North Macedonia	395.2	360.4
Others	33.3	38.3
Total	2,394.9	2,107.5

1) The allocation of segment information by countries is based on the location of the companies.

Segment information by country – non-current assets 1)

EURm	30.09.2021	30.09.2020
	Intangible assets	Property, plant and equipment
Austria	136.7	2,773.8
Germany	41.3	12.0
Bulgaria	21.9	530.0
North Macedonia	16.6	337.6
Others	–	38.7
Total	216.5	3,692.1

1) The allocation of segment information by countries is based on the location of the companies.

57. Notes to segment reporting

The segments of business cover the following activities:

Business areas

Segments

Major activities

Energy business
* Energy
* Marketing of electricity produced in the Generation Segment
* Procurement of electricity, natural gas and primary energy carriers
* Trading with and sale of electricity and natural gas to end customers and on wholesale markets
* Production and sale of heat
* 45.0% investment in ENERGIEALLIANZ Austria GmbH 1)
* Investment as sole limited partner in EVN Energievertrieb GmbH & Co KG (EVN KG) 1)
* Generation
* Generation of electricity from thermal production capacities and renewable energy sources at Austrian and international locations
* Operation of a thermal waste utilisation plant in Lower Austria
* 13.0% investment in Verbund Innkraftwerke GmbH (Germany) 1)
* 49.0% investment in Walsum 10 hard coal-fired power plant (Germany) 2)
* 49.99% investment in Ashta run-of-river power plant (Albania) 1)
* Networks
* Operation of distribution networks and network infrastructure for electricity and natural gas in Lower Austria
* Cable TV and telecommunication services in Lower Austria and Burgenland
* South East Europe
* Operation of distribution networks and network infrastructure for electricity in Bulgaria and North Macedonia
* Sale of electricity to end customers in Bulgaria and North Macedonia
* Generation of electricity from hydropower in North Macedonia
* Generation, distribution and sale of heat in Bulgaria
* Construction and operation of natural gas networks in Croatia
* Energy trading for the entire region

Environmental services business
* Environment
* Water supply and wastewater disposal in Lower Austria
* International project business: planning, construction, financing and/or operation (depending on the project) of plants for drinking water supplies, wastewater treatment and thermal waste utilisation

Other business activities
* All Other Segments
* 50.03% investment in RAG-Beteiligungs-Aktiengesellschaft, which holds 100% of the shares in RAG Austria AG (RAG) 1)
* 73.63% investment in Burgenland Holding AG, which holds a stake of 49.0% in Energie Burgenland AG 1)
* 12.63% investment in Verbund AG 3)
* Corporate services

1) The earnings contribution represents the share of results from equity accounted investees with operational nature and is included in EBITDA.
2) The investment in STEAG-EVN Walsum 10 Kraftwerksgesellschaft was shown as a proportionately consolidated company (joint operation) in the 2020/21 financial year and deconsolidated as of 30 September 2021 after EVN disposed of its 49% stake.
3) Dividends are included under financial results.

Principle of segment allocation and transfer pricing

Subsidiaries are allocated directly to their respective segments. EVN AG is allocated to the segments on the basis of data from the cost accounting system.The transfer prices for energy between the individual segments are based on comparable prices for special contract customers, and thus represent applicable market prices. For the remaining items, pricing is based on cost plus an appropriate mark-up.

Reconciliation of segment results at the Group level

Services performed between segments are eliminated in the consolidation column. The results in the total column reflect the amounts shown in the consolidated statement of operations. Also included are transition amounts, which result from the difference between the viewpoints of the Generation and Energy segments and the Group with respect to the inclusion of STEAG-EVN Walsum as a joint operation. The Generation Segment has not identified any signs of impairment to its proportional investment in the power plant resulting from the inclusion of STEAG-EVN Walsum as a joint operation, and the Energy Segment has already recognised provisions for onerous contracts connected with the marketing of its electricity production. In contrast, an impairment charge for the Walsum 10 power plant is required from the Group‘s point of view. In addition, the Walsum 10 power plant, which was included as a joint operation, was sold and deconsolidated as of 30 September 2021. These circumstances led to a transition of EUR –192.5m (previous year: EUR –21.4m) from the segment total to Group EBIT.

Group disclosures

IFRS 8 requires additional segment information classified by products (external revenues broken down by products and services) and countries (external revenues and non-current assets broken down by countries) if this information is not already provided as part of the segment reporting. Information on transactions with major external customers is required only if these transactions amount to 10.0% or more of a company’s external revenues. EVN has no transactions with customers that meet this criterion because of its large number of customers and diverse business activities.

85 EVN Annual Financial Report 2020 /21

Other information

58. Consolidated statement of cash flows

The consolidated statement of cash flows shows the changes in cash and cash equivalents during the reporting year as a result of cash inflows and outflows. The consolidated statement of cash flows is presented in accordance with the indirect method. Non-cash expenses were added to and non-cash income was subtracted from profit before income tax.

Cash and cash equivalents	EURm	30.09.2021	30.09.2020
Cash		122.5	214.5
thereof cash on hand		0.7	0.1
thereof cash at banks		121.8	214.4
Bank overdrafts		–0.2	–74.6
Total		122.3	140.0

Of the reported bank balances, EUR 0.1m (prior year: EUR 0.3m) are pledged.

Network subsidies from the regulated business are released to other operating income (see also note 25. Other operating income), and those from the non-regulated business to revenue.

Reversal of network and investment subsidies	EURm	2020/21	2019/20
Income from the reversal of network and investment subsidies (regulated business)		64.8	45.6
Revenue from the reversal of network subsidies (non-regulated business)		5.6	6.5
Total		70.4	52.1

The takeover of the electricity procurement right to Walsum 10 in December 2020 led to the release of previously collected network subsidies totalling EUR 17.9m. These subsidies were released to profit or loss through other operating income.

The change in financial liabilities, which is primarily attributable to cash flow from financing activities, is shown in the following table:

Cash flow from financing activities 2020 / 21 financial year

EURm	Current financial liabilities	Non-current financial liabilities	Leasing liabilities	Total
Balance on 01.10.2020	110.0	1,045.3	78.0	1,233.3
Payments received	101.0	–	–	101.0
Payments made	–34.5	–	–7.8	–42.3
Changes in the scope of consolidation	–17.9	–88.2	–	–106.1
Reclassification of liquid funds	–74.4	–	–	–74.4
Currency translation	–	–0.9	–	–0.9
Change in fair value	–	–5.7	–	–5.7
Change in costs for the procurement of funds	–	2.2	–	2.2
Other changes	–	–	–9.6	–9.6
Reclassifications	334.9	–334.9	–	–
Balance on 30.09.2021	318.0	718.9	60.6	1,097.5

86 EVN Annual Financial Report 2020 /21

Consolidated notes — Other information

Cash flow from financing activities 2019/20 financial year

EURm	Current financial liabilities	Non-current financial liabilities	Leasing liabilities	Total
Balance on 01.10.2019	68.8	990.0	79.7	1,138.5
Payments received	–	100.0	–	100.0
Payments made	–68.4	–4.3	–5.5	–78.2
Reclassification of liquid funds	74.2	–	–	74.2
Currency translation	–	–0.4	–	–0.4
Change in fair value	–	–6.8	–	–6.8
Change in costs for the procurement of funds	–	2.2	–	2.2
Other changes	–	–	3.8	3.8
Reclassifications	35.4	–35.4	–	–
Balance on 30.09.2020	110.0	1,045.3	78.0	1,233.3

59. Risk management

Market risk represents the risk that the fair value or future cash flows of a financial instrument fluctuate as the result of market risk factors. Market risk is classified in the following three components: interest rate, foreign exchange and other market risks. The goal of risk management in the EVN Group is to reduce the market-based volatility of earnings on the consolidated statement of operations. To manage market risks, the Group acquires and sells derivatives and also enters into financial liabilities. Wherever possible, hedging transactions should be recognised in order to manage earnings volatility. Other relevant risks include credit or default risk and liquidity risk.

Interest rate risk

EVN defines interest rate risk as the risk that fluctuations in the fair value or future cash flows of a financial instrument due to changes in the market interest rate could adversely affect interest income and expense as well as equity. This risk is minimised through the regular monitoring of interest rate risk and compliance with limits as well as hedging strategies that include the use of derivative financial instruments (also see notes 9. Financial instruments and 61. Reporting on financial instruments). EVN monitors interest rate risk through sensitivity analyses and, among others, with a daily value-at-risk (VaR) calculation. This procedure calculates the VaR with a confidence level of 99.0% for one day according to the variance-covariance method (delta-gamma approach). The interest VaR, including the hedging instruments used by EVN, equalled EUR 2.8m as of 30 September 2021 (previous year: EUR 3.8m). The decline noted here is essentially due to a continued calming of the markets and a reduction in the debt portfolio.

Foreign exchange risk

For EVN, the risk to profit or loss arising from fluctuations in foreign exchange rates arises from transactions carried out in currencies other than the euro. EVN is exposed to foreign exchange risk on receivables, liabilities, and cash and cash equivalents that are not held in the Group’s functional currency (i. e. BGN, BHD, CZK, HRK, JPY, KWD, MKD, PLN, RUB). The major driver of foreign exchange risk for EVN is a bond issued in Japanese yen (JPY). Foreign exchange risk is managed by way of the central compilation, analysis and management of risk positions, and by hedging the bonds denominated in foreign currency (JPY 12bn) through cross-currency swaps (for a nominal value of JPY 10bn). Cross-currency swaps for a nominal value of JPY 2bn were terminated on 15 January 2019 based on the related settlement agreement concluded with a bank. This agreement gave both parties the right to early termination of the cross-currency swap in January 2019. Deposits totalling JPY 2bn were held with financial institutions as of 30 September 2021 to hedge foreign exchange risk (see notes 9. Financial instruments and 48. Non-current loans and borrowings).

87 EVN Annual Financial Report 2020 /21

Another material driver for foreign exchange risk is the Umm Al Hayman wastewater treatment project. The EVN Group serves as the general contractor and, as such, is responsible for the planning and construction, above all, of a wastewater treatment plant (contract value: approximately EUR 600m, converted) and – together with partners – of a sewage network with pumping stations (contract value: approximately EUR 950m, converted). The Group is exposed to transactional foreign exchange risks to the extent that the exchange rates of the currencies for settlement of the project transactions differ from the Group’s functional currency. These transactions are carried out chiefly in the euro (EUR), US dollar (USD) and Kuwaiti dinar (KWD). In accordance with the relevant Group guideline, foreign exchange risks from expected project transactions are hedged over the next twelve months. This practice can vary for large-scale projects, where hedging can also extend beyond the twelve-month period. Forward exchange transactions are used to hedge currency risk and formally designated in macro-cash flow accounting. These contracts are principally designated as cash flow hedges. The foreign exchange VaR, based on the major foreign currency risk drivers in the financial area amounted to EUR 0.9m as of 30 September 2021 (previous year: EUR 0.5m) after the inclusion of hedging instruments. The increase is mainly due to the above-mentioned project.

Other market risks

EVN defines other market risks as the risk of price changes resulting from market fluctuations in primary energy, CO 2 emission certificates, electricity and securities. In EVN’s energy trading activities, energy trading contracts are entered into for the purpose of managing price risk. Price risks result from the procurement and sale of electricity, natural gas, hard coal, and CO 2 emission certificates. EVN uses futures, forwards and swaps to hedge the prices of the primary energy carriers electricity, natural gas, coal and CO 2 emission certificates in the energy business. These swaps are generally fulfilled. The contracts which cover expected procurement, sale or usage requirements are evaluated as own-use transactions.The table on page 95 shows the outstanding contracts as of 30 September 2021 (also see note 61. Reporting on financial instruments). An increase or decrease of 5% in the price would have resulted in an aggregated commodity price risk of EUR 4.1m for EVN as of 30 September 2021 (previous year: EUR 1.7m). The price risk for securities results from fluctuations on the capital markets. The most significant securities position held by EVN is its investment in Verbund AG. The price risk VaR for the Verbund AG shares held by EVN as of the balance sheet date was EUR 188.8m (previous year: EUR 143.4m), whereby the price would be influenced by the sale of a large block of Verbund shares by EVN. The increase in VaR compared to the last balance sheet date is essentially due to the stock market price of the shares of Verbund AG, which rose sharply in the past financial year.

Liquidity risk represents the risk of not being able to raise the required financial resources to settle liabilities on their due date as well as the inability to raise the necessary liquidity at the expected terms and conditions. EVN minimises this risk by means of short-term and medium-term financial and liquidity planning. In concluding financing agreements, special attention is paid to managing the terms to maturity in order to achieve a balanced maturity profile and thus avoid the bundling of repayment dates. The EVN Group uses cash pooling to equalise liquidity balances. The liquidity reserve as of 30 September 2021 comprised cash and cash equivalents of EUR 122.5m (previous year: EUR 214.5m), short-term time deposits of EUR 16.1m (previous year: EUR 17.4m) and current securities of EUR 383.0m (previous year: EUR 236.4m) which can be sold at any time. Moreover, EVN had EUR 400.0m in a contractually agreed and unused syndicated line of credit (previous year: EUR 400.0m) and EUR 152.0m of contractually agreed and unused bilateral lines of credit (previous year: EUR 205.0m) as of the balance sheet date. The liquidity risk was therefore extremely low. The gearing ratio equalled 12.4% as of the balance sheet date (previous year: 22.8%) and underscores EVN’s sound capital structure.

88 EVN Annual Financial Report 2020 /21 Consolidated notes — Other information

Expected occurrence of cash flows of loans and borrowings and other liabilities

30.09.2021

EURm	Carrying amount	Total payment flows	Contractually stipulated payment flows	< 1 year	1–5 years	> 5 years
Bonds	611.8	701.4	313.9	123.8	263.7
Bank loans	424.9	517.4	36.6	118.3	362.5
Lease liabilities	60.6	67.7	6.8	21.0	39.9
Liabilities arising from derivative transactions 1)	179.3	186.3	166.5	19.8	–
Liabilities from contract costs	28.6	28.6	8.7	19.9	–
Total	1,305.2	1,501.4	532.5	302.8	666.1

30.09.2020

EURm	Carrying amount	Total payment flows	Contractually stipulated payment flows	< 1 year	1–5 years	> 5 years
Bonds	514.5	612.5	20.9	432.5	159.1
Bank loans	566.2	672.4	47.4	203.7	421.3
Lease liabilities	78.0	86.6	5.9	21.7	59.0
Liabilities arising from derivative transactions 1)	25.7	30.0	8.6	19.9	1.5
Liabilities from contract costs	69.3	69.3	42.0	27.3	–
Total	1,253.7	1,470.8	124.8	705.1	640.9

1) Forward exchange transactions (USD/KWD) are included in the carrying amount. Cash flows from forward exchange transactions, however, are shown in the tables on page 99 in the respective foreign currency. All financial liabilities not shown in the table are current and the associated cash flows are therefore due within one year.

Credit and default risk

Credit and default risk represents the risk of a loss when business partners fail to meet their contractual obligations. This risk is inherent to all agreements with delayed payment terms or fulfilment at a later date. Default risk generally arises in connection with trade receivables and the debt instruments held as financial assets by the Group. The carrying amount of the financial assets and contractual assets represents the maximum default risk.

To limit default risk, the company evaluates the credit standing of its business partners. Internal and external ratings (including Standard & Poor’s, Moody’s, Fitch and KSV 1870) are used for this purpose, and the business volume is limited in accordance with the rating and the probability of default. Sufficient collateral is required before a transaction is entered into if the partner’s credit rating is inadequate.

EVN monitors credit risk and limits default risk for financial receivables and for derivatives and forward transactions which are concluded to hedge the risks connected with EVN’s energy business or are related to end customers and other debtors. In order to reduce credit risk, hedging transactions are entered into only with well-known banks that have good credit ratings. EVN also ensures that funds are deposited at banks with the best possible credit standing based on international ratings.

The default risk for customers is monitored separately at EVN and supported primarily by ratings and experience-based values. Default risk is also minimised with efficient receivables management and the continuous monitoring of customer payment behaviour. The recognition of impairment losses to financial assets carried at amortised cost and to contractual assets in accordance with IFRS 15 has been based on the ECL model for expected credit losses since 1 October 2018.

89 EVN Annual Financial Report 2020 /21 Consolidated notes — Other information

EVN measures the impairment losses for trade receivables without a significant financing component and for contractual assets at an amount equal to the expected lifetime credit losses. In contrast, the impairment losses

• for financial assets with a low default risk as of the balance sheet date and
• for bank deposits without a significant increase in the default risk since initial recognition

are based on the expected twelve-month credit loss. From the viewpoint of the EVN Group, a financial asset has a low default risk when its credit rating meets the “investment grade” definition. The Group sees this condition as met with an internal rating of 5a or higher or with an equivalent rating of BB– or higher from Standard and Poor‘s (S&P).

EVN uses appropriate and reliable information which is relevant and available without undue expenditure of time and expense to determine whether the default risk of a financial asset has increased significantly since initial recognition and to estimate the expected credit losses. The default risk of a financial asset is assumed to have increased significantly when the related credit rating has declined to 5b on EVN’s internal rating scale, which represents the S&P equivalent of B+.

The EVN Group considers a financial asset to be in default when:

• the debtor is unlikely to meet his/her credit obligations in full without measures by the Group to realise collateral (if available), or
• the financial asset declines to 5c on EVN’s internal rating scale, which represents the S&P equivalent of CCC+, or
• payment on trade receivables has not been received after a second reminder or insolvency proceedings are opened over a company or private person.

Default probabilities and collection rates based on the applicable rating category are used to calculate the required impairment loss. The amount of the impairment loss equals the present value of the expected credit loss. The following table includes information on the default risk and expected credit losses for financial instruments carried at amortised cost. It does not cover trade receivables, receivables from equity accounted investees, receivables from unconsolidated investments or amounts due from employees. The risk allowance for all financial instruments represents the expected twelve-month credit loss because the default risk is low. The amounts shown in the table include both current and non-current components.

Major financial instruments covered by the ECL model

2020 / 21 financial year

EURm	Equivalent S&P	Default probability (%) 1)	Loans receivable	Lease receivables	Bank deposits 2)	Calculated impairment 3)
EVN rating class 1 AAA	–		122.5	–	–	–
EVN rating class 2 Up to AA–	0.03	18.8	6.4	–	–	–
EVN rating class 3 Up to A–	0.06	12.8	5.7	–	–	–
EVN rating class 4 Up to BBB–	0.24	7.0	–	–	–	–
EVN rating class 5a Up to BB–	0.96	–	3.3	–	–	–
EVN rating class 5b Up to B–	6.52	–	–	–	–	–
EVN rating class 5c Up to D	28.30	–	–	–	–	–
No rating	–		–	–	–	–
Total		38.6	15.40	122.5	–

1) Assumed loss rate (for banks 60%, for corporates 80%)
2) Since the bank deposits are due on demand, the default probability was set at one day.
3) The impairment losses were not recorded because the related amounts are immaterial.

90 EVN Annual Financial Report 2020 /21 Consolidated notes — Other information

Major financial instruments covered by the ECL model

2019/ 20 financial year

EURm	Equivalent S&P	Default probability (%) 1)	Loans receivable	Lease receivables	Bank deposits 2)	Calculated impairment 3)
EVN rating class 1 AAA	–		–	–	214.5	–
EVN rating class 2 Up to AA–	0.03	19.8	7.1	–	–	–
EVN rating class 3 Up to A–	0.06	–	6.5	–	–	–
EVN rating class 4 Up to BBB–	0.25	14.5	–	–	–	–
EVN rating class 5a Up to BB–	0.91	–	3.1	–	–	–
EVN rating class 5b Up to B–	6.49	–	–	–	–	–
EVN rating class 5c Up to D	27.08	–	–	–	–	–
No rating	–		2.5	1.7	–	–
Total		36.7	18.4	214.5	–

1) Assumed loss rate (for banks 60%, for corporates 80%)
2) Since the bank deposits are due on demand, the default probability was set at one day.
3) The impairment losses were not recorded because the related amounts are immaterial.

EVN uses the practical expedient provided by IFRS 9.B5.5.35 for trade receivables and calculates the expected credit losses with a provision matrix. The input factors include analyses of default incidents in previous financial years based on different regional characteristics for the core markets. These factors form the basis for the development of a provision matrix with different time ranges.As a result of the Covid-19 pandemic and the subsequent government support measures, EVN did not experience any sudden losses of receivables from customers. However, an increase in insolvencies is expected in the following years after the government measures have come to an end, and thus also a corresponding increase in bad debt losses. In this respect, the EVN Group has recognised a higher value adjustment of trade receivables of EUR 4.1m (previous year: EUR 4.7m) via a forward looking component for the 2020/21 financial year. The following tables include information on the default risk and expected credit losses for trade receivables, which were determined on the basis of a provision matrix for EVN’s core markets:

Expected credit losses in Austria 2020/21

EURm	Default probability range (%)	Default probability average (%)	Gross amount	Net amount	Cumulative impairment loss
Not overdue	0.1–1.1	0.1	87.2	87.2	0.1
Up to 89 days overdue	0.1–2.2	1.0	4.4	4.4	–
Up to 179 days overdue	7.8 – 54.5	12.8	1.2	1.0	0.2
Up to 359 days overdue	6.6 – 54.0	18.6	1.5	1.2	0.3
> 360 days overdue	14.4 –100.0	30.4	7.1	4.9	2.2
Total			101.4	98.7	2.7

Expected credit losses in Austria 2019/20

EURm	Default probability range (%)	Default probability average (%)	Gross amount	Net amount	Cumulative impairment loss
Not overdue	0.1–1.0	0.1	43.2	43.2	–
Up to 89 days overdue	0.1–1.8	0.3	3.7	3.7	–
Up to 179 days overdue	4.5–50.4	14.2	0.8	0.7	0.1
Up to 359 days overdue	7.0–52.0	25.5	1.2	0.9	0.3
> 360 days overdue	14.5–100.0	42.8	4.7	2.7	2.0
Total			53.6	51.2	2.5

Expected credit losses in Bulgaria 2020 / 21

EURm	Default probability range (%)	Default probability average (%)	Gross amount	Net amount	Cumulative impairment loss
Not overdue	0.0 – 0.7	0.1	61.4	61.3	0.1
Up to 89 days overdue	3.2 – 51.8	6.9	6.7	6.3	0.5
Up to 179 days overdue	6.3 – 64.4	50.3	1.0	0.5	0.5
Up to 359 days overdue	38.6 – 93.4	87.3	0.9	0.1	0.8
> 360 days overdue	100.0	100.0	13.1	–	13.1
Total			83.1	68.1	14.9

Expected credit losses in Bulgaria 2019/ 20

EURm	Default probability range (%)	Default probability average (%)	Gross amount	Net amount	Cumulative impairment loss
Not overdue	0.0–1.1	0.2	44.7	44.6	0.1
Up to 89 days overdue	2.1–84.2	8.3	4.5	4.1	0.4
Up to 179 days overdue	3.4–55.6	47.3	1.0	0.5	0.5
Up to 359 days overdue	39.8–77.8	70.6	1.2	0.4	0.8
> 360 days overdue	100.0	100.0	13.0	–	13.0
Total			64.2	49.6	14.7

Expected credit losses in North Macedonia 2020 / 21

EURm	Default probability range (%)	Default probability average (%)	Gross amount	Net amount	Cumulative impairment loss
Not overdue	0.3 –17.5	38.0	109.7	68.1	41.7
thereof of instalment agreements	15.1 – 100.0	72.8	54.2	14.7	39.5
thereof without instalment agreeements	0.3 –17.5	3.9	55.5	53.3	2.2
Up to 89 days overdue	0.3 –100.0	8.4	17.7	16.2	1.5
Up to 179 days overdue	33.8 –100.0	81.0	5.1	1.0	4.2
Up to 359 days overdue	42.1 –100.0	96.5	9.0	0.3	8.7
> 360 days overdue	100.0	100.0	168.1	–	168.1
Total			309.6	85.5	224.1

Expected credit losses in North Macedonia 2019 / 20

EURm	Default probability range (%)	Default probability average (%)	Gross amount	Net amount	Cumulative impairment loss
Not overdue	0.0–66.7	35.7	92.2	59.2	33.0
thereof instalment agreements	14.0–100.0	67.5	44.7	14.5	30.2
thereof without instalment agreements	0.0–66.7	5.8	47.5	44.7	2.8
Up to 89 days overdue	0.6–30.7	9.3	15.8	14.3	1.5
Up to 179 days overdue	82.3–93.5	82.9	5.7	1.0	4.7
Up to 359 days overdue	65.9–98.3	97.3	10.4	0.3	10.1
> 360 days overdue	100.0	100.0	186.0	–	186.0
Total			310.1	74.8	235.3

The overview of expected credit losses in North Macedonia includes both current and non-current trade receivables. Following the conclusion of instalment agreements with customers in North Macedonia, existing trade receivables were reclassified as non-current. These receivables are not considered part of overdue receivables and, consequently, this category carries a higher average probability of default than the category “up to 89 days overdue”. The remaining gross trade receivables of EUR 102.7m (previous year: EUR 64.4m) are related primarily to the international project business. Since the customers are government-related entities, the probability of default was calculated on the basis of external ratings. Impairments totalling EUR 13.3m (previous year: EUR 12.1m) were recognised for two receivables with a gross carrying amount of EUR 38.8m that fall into Level 3.

In financial year 2020/21, impairments of EUR 7.0m (previous year: EUR 12.0m) were recognised for trade receivables. The impairments mainly resulted from expected credit losses under consideration of a provision matrix. In addition, contract assets were impaired in the amount of EUR 0.0m (previous year: EUR 0.9m).

The following table shows the development of impairment losses to trade receivables in 2020/21:

Impairment losses – trade receivables

EURm	2020/21	2019/20
Balance on 01.10.2020	264.6	256.7
Additions	7.0	12.0
Disposal	–16.6	–4.1
Balance on 30.09.2021	255.0	264.6

The Group’s maximum default risk for the items reported on the consolidated statement of financial position as of 30 September 2021 and 30 September 2020 reflect the carrying amounts shown in notes 38. Other non-current assets, 40. Trade and other receivables and 41. Securities and other financial investments, excluding financial guarantees. The maximum default risk for derivative financial instruments equals the positive fair value (see note 61. Reporting on financial instruments). The maximum risk from financial guarantees is described in note 63. Other obligations and risks.

60. Capital management

EVN’s goal in the area of capital management is to maintain a solid capital structure in order to use the resulting financial strength for value-creating investments and an attractive dividend policy. EVN has defined an equity ratio of more than 40% and net debt coverage of more than 30% as its targets. As of 30 September 2021, the equity ratio equalled 58.7% (previous year: 54.3%). Net debt coverage, which represents the ratio of funds from operations to net debt, equalled 92.9% (previous year: 47.7%). Net debt is calculated as the total of current and non-current financial liabilities minus cash and cash equivalents, current and non-current securities and loans receivable and plus non-current personnel provisions.

Capital management

EURm	30.09.2021	30.09.2020
Non-current loans and borrowings and leasing liabilities	773.9	1.118.1
Current loans and borrowings 1)	323.4	40.6
Cash and cash equivalents	–122.3	–140.0
Non-current and current securities	–473.5	–325.8
Non-current and current loans receivable	–39.6	–36.8
Net financial debt	461.9	656.2
Non-current personnel provisions 2)	351.9	381.5
Net debt	813.8	1.037.7
Funds from operations	756.2	494.7
Equity	6,544.3	4,543.3
Gearing (%)	12.4	22.8
Net debt coverage (%)	92.9	47.7

1) Excluding bank overdrafts contained in cash and cash equivalents
2) Excluding provisions for service anniversary bonuses

The EVN Group uses cash pooling to manage liquidity and optimise interest rates. EVN AG and each of the participating Group subsidiaries have concluded a corresponding contract that defines the modalities for cash pooling.

61. Reporting on financial instruments

Fair value generally reflects the listed price on the balance sheet date. If this price is not available, fair value is calculated in accordance with financial methods, e. g. by discounting the expected cash flows at the prevailing market interest rate. The input factors required for the calculations are explained below. The fair value of shares in unlisted subsidiaries and other investments is based on discounted expected cash flows or comparable transactions. For financial instruments listed on an active market, the trading price as of the balance sheet date represents fair value. Most of the receivables, cash and cash equivalents, and current financial liabilities have short terms to maturity. Therefore, the carrying value of these instruments as of the balance sheet date approximately corresponds to fair value. The fair value of bonds is calculated as the present value of the discounted future cash flows based on prevailing market interest rates. The following table shows the financial instruments carried at fair value and their classification in the fair value hierarchy according to IFRS 13. Level 1 input factors are observable parameters such as quoted prices for identical assets or liabilities. These prices are used for valuation purposes without modification. Level 2 input factors represent other observable parameters which must be adjusted to reflect the specific characteristics of the valuation object. Examples of the parameters used to measure the financial instruments classified under Level 2 are forward price curves derived from market prices, exchange rates, interest structure curves and the counterparty credit risk. Level 3 input factors are non-observable factors which reflect the assumptions that would be used by a market participant to determine an appropriate price. There were no reclassifications between the various levels during the reporting period.# Consolidated notes — Other information

Information on classes and categories of financial instruments

EURm

Classes	Measurement category	Fair value hierarchy (according to IFRS 13)	Carrying amount	Fair value	Carrying amount	Fair value
Non-current assets
Other investments 1)
Investments	FVOCI	Level 3	177.0	177.0	115.9	115.9
Miscellaneous investments	FVOCI	Level 1	3,848.4	3,848.4	2,048.4	2,048.4
Other non-current assets
Securities	FVTPL	Level 1	74.4	74.4	72.0	72.0
Loans reveivable	AC	Level 2	35.4	38.5	32.9	37.0
Lease receivables	AC	Level 2	14.0	15.2	15.4	15.7
Receivables arising from derivative transactions	FVTPL	Level 2	4.9	4.9	0.1	0.1
Receivables arising from derivative transactions	Hedging	Level 2	–	–	1.0	1.0
Trade and other receivables	AC		10.8	10.8	10.9	10.9
Current assets
Current receivables and other current assets
Trade and other receivables	AC		453.6	453.6	281.4	281.4
Receivables arising from derivative transactions	FVTPL	Level 2	58.7	58.7	6.4	6.4
Securities	FVTPL	Level 1	399.1	399.1	253.8	253.8
Cash and cash equivalents
Cash on hand and cash at banks	AC		122.5	122.5	214.6	214.6
Non-current liabilities
Non-current loans and borrowings
Bonds	AC	Level 2	319.6	367.1	514.5	592.3
Bank loans	AC	Level 2	399.3	467.3	530.8	613.3
Other non-current liabilities
Accruals of financial transactions	AC		–	–	0.1	0.1
Other liabilities	AC		33.3	33.3	47.7	47.7
Liabilities arising from derivative transactions	FVTPL	Level 2	11.6	11.6	0.7	0.7
Liabilities arising from derivative transactions	Hedging	Level 2	16.0	16.0	16.2	16.2
Current liabilities
Current loans and borrowings	AC		318.0	318.0	110.0	110.0
Trade payables	AC		331.7	331.7	298.4	298.4
Other current liabilities
Other financial liabilities	AC		417.2	417.2	208.3	208.3
Liabilities arising from derivative transactions	FVTPL	Level 2	141.9	141.9	4.3	4.3
Liabilities arising from derivative transactions	Hedging	Level 2	9.8	9.8	4.6	4.6

thereof aggregated to measurement categories

Fair value through other comprehensive income (FVOCI)	4,025.5	–
Financial assets designated at fair value through profit or loss (FVTPL)	537.1	–
Financial assets and liabilities at amortised cost (AC)	2,455.4	–
Financial liabilities designated at fair value through profit or loss (FVTPL)	153.5	–

1) See note 10. Other investments

Net results by measurement category

1)

EURm	2020/21		2019/20
Classes	Net result	Of which impairment losses	Net result	Of which impairment losses
Fair value through other comprehensive income (FVOCI)	–	–	–	–
Financial assets at amortised cost (AC)	–15.6	–7.0	–13.5	–12.0
Financial assets and liabilities at fair value through profit or loss (FVTPL)	–92.2	–	–20.8	–
Financial assets and liabilities (hedging)	5.1	–	–5.8	–
Financial liabilities at amortised cost (AC)	5.5	–	6.5	–
Total	–97.2	–7.0	–33.6	–12.0

1) The net results only involve changes to the consolidated statement of operations; interest expense/income and dividends are not included.

Derivative financial instruments and hedging transactions

Derivative financial instruments are used primarily to hedge the company’s liquidity, exchange rate, price and interest rate risks. The operative goal is to ensure the long-term continuity of the Group’s earnings. All derivative financial instruments are integrated in a risk management system as soon as the respective contracts are concluded. This allows for the preparation of a daily overview of all main risk indicators. The nominal values represent the separate totals of the items classified as financial derivatives on the balance sheet date. These are reference values which do not provide a measure of the risk incurred by the company through the use of these financial instruments. In particular, potential risk factors include fluctuations in the underlying market parameters and the credit risk of the contracting parties. Derivative financial instruments are recognised at their fair value.

Derivative financial instruments comprise the following:

Derivative financial instruments	30.09.2021		30.09.2020
	Nominal value 1)	Fair values 2)	Nominal value 1)	Fair values 2)
	Purchases Disposals	Positive Negative Net	Purchases Disposals	Positive Negative Net
Forward exchange transactions
KWD 3)	–	89.5	–	–11.2
USD 3)	–	174.7	–	–4.8
Currency swaps
JPYm (> 5 years) 3)	10,000.0	–	–	–4.4
Interest rate swaps
EURm (< 5 years) 3)	10.6	–	–	–0.1
EURm (> 5 years) 3)	–	–	–	–
Derivatives energy
Swaps	24.5	47.9	30.6	–7.2
Futures	–	–	–	–
Forwards	152.4	126.0	32.5	–141.6
Forwards 3)	3.5	31.9	0.7	–10.3

1) In m nominal currency
2) In EURm
3) Used as a hedging instrument in accordance with IFRS 9

Positive fair values are recognised as receivables from derivative transactions under other non-current assets or other current assets, depending on their remaining term to maturity. Negative fair values are recognised as liabilities from derivative transactions under other non-current liabilities or other current liabilities, depending on their remaining term to maturity. A maturity analysis of the derivative financial liabilities is provided in the table on liquidity risk (see note 59. Risk management).

EVN uses hedges to manage earnings volatility. The underlying transaction and the hedge are designed to ensure a match between the parameters relevant for measurement (critical terms match). In order to gauge the effectiveness, the underlying transactions are recorded in the treasury management system as hypothetical derivates and evaluated to determine whether the relationship with the respective hedges was or will be effective. Possible sources of ineffectiveness are, for example, timing shifts or a change in the volume of an existing underlying transaction as well as adjustments for the credit risk of hedges and underlying transactions. All measures are based on internal guidelines.

The EVN Group applied the hedge accounting rules under IFRS 9 to hedge a bond issued in JPY (see note 48. Non-current loans and borrowings) and to hedge a loan from evn naturkraft and to hedge the currency risk from the Umm Al Hayman wastewater treatment project. In addition, derivative financial instruments were used for the first time in the 2020/21 business year as part of cash flow hedge accounting to hedge the price risk from the planned future income from electricity sales at variable prices.

JPY bond

The hedge of the JPY bond primarily involves EUR/JPY cross-currency swaps. These cross-currency swaps (for a nominal value of JPY 12bn up to 15 January 2019 and for a nominal value of JPY 10bn since that date) represent a fair value hedge and are recorded and measured in the treasury management system, designated as a hedge and documented. The corresponding change in the bond liability from the hedge represents a contrary movement to the market value of the swaps. The results from the hedge of the JPY bond with cross-currency swaps totalled EUR 0.5m in 2020/21 (measurement of the bond EUR 5.6m and measurement of the swaps EUR –5.1m; previous year: earnings effect EUR –0.4m, including measurement of the bond EUR 5.4m and measurement of the swaps EUR –5.8m) and were recorded under other financial results. The market value was derived from the information available on the balance sheet date and based on the applicable bond price and exchange rate.

A cross-currency swap for a nominal value of JPY 2bn was concluded to hedge the JPY bond through a settlement agreement with a bank. The related agreement entitled both parties to early termination in January 2019, and the cross-currency swap was terminated by the bank as of 15 January 2019. In connection with this termination, EVN dissolved the fair value hedge relationship and collected a settlement payment of EUR 0.6m. The interest rate-based fair value adjustment of the JPY bond related to the terminated EUR –1.2m swap will be released to profit or loss until the bond matures on 9 January 2024 (as of 30 September 2021: EUR –0.5m and as of 30 September 2020: EUR –0.8m).

Walsum 10 and evn naturkraft

EVN’s objective is to achieve a balanced mix of fixed and variable interest financial liabilities which is based on operating circumstances. Both fixed-interest and variable rate financing is used because of the different payment characteristics of investments. In order to hedge the above-mentioned risks (Walsum 10 and evn naturkraft loans), interest rate swaps are used to exchange variable for fixed interest. The sale of the investment in STEAG-EVN Walsum 10 Kraftwerksgesellschaft mbH led to the deconsolidation of the company as well as the derecognition of the interest rate swaps reported in EVN’s consolidated financial statements (see notes 4. Scope of consolidation and 31. Financial results). All transactions are recorded and measured in the treasury management system, designated as a hedge and documented. All hedges connected with financial liabilities were classified as effective as of 30 September 2021.

Umm Al Hayman

EVN concluded forward exchange contracts to hedge the planned net foreign currency cash flows from the Umm Al Hayman project. These contracts were concluded in the year the contract was accepted and hedge the full amount of the expected payments. A Group guideline requires the critical terms of these forward exchange contracts to reflect the hedged transaction as best as possible. The hedging does not result in any ineffectiveness if the expectations for the timing and amount remain unchanged.EVN establishes the existence of an economic relationship between the hedging instrument and the hedged transaction based on the currency, amount and timing of the respective cash flows. The dollar-offset derivative method is used to evaluate whether the derivative designated in each hedge will presumably be, and was, effective in offsetting changes in the cash flows from the hedged transaction.

EVN Annual Financial Report 2020/21

Portfolio hedge

EVN implemented a portfolio hedge for the first time in 2020/21 to hedge the risk from the marketing of the Group’s own electricity production. Under cash flow hedge accounting as defined by IFRS 9, derivative financial instruments used to hedge the price risk from planned future income from electricity sales are carried at variable prices. The underlying transaction represents the portfolio of future highly probable sales of electricity produced by the EVN Group in Austria. Evaluating the effectiveness of the hedge involves demonstrating an economic relationship between the underlying transaction and the hedging instrument. In addition, the default risk may not have a dominant influence on the changes in value. The prospective effectiveness assessment principally takes place on a qualitative basis in accordance with the critical terms match method, which compares the key conditions of the hedging instrument with the underlying transaction. In order to minimise the risk of ineffectiveness from over-hedging, the hedges are not concluded for the total planned sales volumes. The major conditions between the hedging instruments and planned cash flows agree, and it is therefore assumed that the changes in the value of the hedging instruments will be offset in full by the changes in future cash flows. The hedged risks to which both the underlying transaction and hedging instrument are exposed therefore have an opposite influence on the value of the underlying transaction and hedging instrument.

Fair value hedging instruments – 30.09.2021

EURm	Carrying amount	Balance sheet position	Nominal amount	Change in fair value
Cross-currency swaps	–4.4	Other non-current assets	10.0 1)	5.1 1)
JPYbn

Fair value hedging instruments – 30.09.2020

EURm	Carrying amount	Balance sheet position	Nominal amount	Change in fair value
Cross-currency swaps	0.7	Other non-current assets	10.0 1)	–5.8 1)
JPYbn

Fair value hedge – underlying transaction 30.09.2021

EURm	Carrying amount	Fair value adjustment	Balance sheet position	Nominal amount	Change in fair value
JPY bond	–79.0	–3.0	Non-current financial liabilities	10.0 1)	–5.6 1)
JPYbn

Fair value hedge – underlying transaction 30.09.2020

EURm	Carrying amount	Fair value adjustment	Balance sheet position	Nominal amount	Change in fair value
JPY bond	–84.1	–4.0	Non-current financial liabilities	10.0 1)	5.4 1)
JPYbn

Cash flow hedging instruments – 30.09.2021

EURm	Carrying amount	Balance sheet position	Nominal amount	Change in fair value
Interest rate swaps ENK (French lease)	–0.1	Other current/non-current liabilities	13.2	0.5
FX forwards (KWD/EUR)	–11.2	Other current/non-current liabilities	89.5 1)	–9.1
FX forwards (USD/EUR)	–4.8	Other current/non-current liabilities	174.7 2)	–2.9
Bank balances/Contract assets (KWD)	102.4	Bank balances/Contract assets	35.8 1)	1.5
Bank balances (USD)	–43.0	Bank balances	–49.8 2)	–1.0
Purchase energy forwards	0.7	Other current/non-current liabilities	3.5	0.7
Sell energy forwards	–10.3	Other current/non-current liabilities	31.9	–10.3

1) Nominal amount in KWDm
2) Nominal amount in USDm

Cash flow hedging instruments – 30.09.2020

EURm	Carrying amount	Balance sheet position	Nominal amount	Change in fair value
Interest rate swaps STEAg-EVN Walsum 10 Kraftwerksgesellschaft	–15.8	Other current/non-current liabilities	121.6	3.7
Interest rate swaps ENK (French lease)	–0.6	Other current/non-current liabilities	13.2	0.6
FX-Forwards (KWD/EUR)	–2.2	Other current/non-current liabilities	87.8 2)	–2.2
FX-Forwards (USD/EUR)	–1.9	Other current/non-current liabilities	174.7 3)	–1.9

1) The difference to the change in the carrying amount of the interest rate swaps is attributable to the accrued interest which is included in the carrying amount.
2) Nominal amount in KWDm
3) Nominal amount in USDm

Cash flow hedges – underlying transactions 30.09.2021

EURm	Change in fair value	Reserve for measurement of cash flow hedges
ENK (French lease)	0.5	0.1
Proceeds from sales (Firm commitment)	9.1	10.0
Proceeds from procurements (Planning and firm commitment)	–1.5	–3.4
Proceeds from sales (Firm commitment)	2.9	4.3
Disbursements for procurements (Planning and firm commitment)	1.0	1.8
Purchase energy forwards	0.7	0.7
Sell energy forwards	–10.3	–10.3

Cash flow hedges – underlying transactions 30.09.2020

EURm	Change in fair value	Reserve for measurement of cash flow hedges
Debt financing STEAg-EVN Walsum 10 Kraftwerksgesellschaft	–3.7	13.9
ENK (French lease)	–0.6	0.6
Proceeds from sales (Firm commitment)	2.2	1.9
Proceeds from sales (Firm commitment)	1.9	1.7

Effects on the statement of comprehensive income statement of financial position and statement of operations 30.09.2021

EURm	Hedge gains/ losses recognised in other comprehensive income	Ineffectiveness recognised to profit or loss	Positions for which ineffectiveness was recognised	Reclassification from OCI to statement of operations	Positions for which reclassification was recognised	Basis adjustement
Debt financing STEAg-EVN-Walsum 10 Kraftwerksgesellschaft	1.6	–	Other financial restuls	12.3	Interest expense	–
ENK (French lease)	0.5	–	–	–	–	–
DBO project (KWD)	9.5	–	–	–1.4	Revenue	–
BOT project (USD)	2.9	–	–	–	Revenue	–0.3
Purchase energy forwards	0.7	–	–	–	Revenue	–
Sell energy forwards	–10.3	–	–	–	Revenue	–

Effects on the statement of comprehensive income statement of financial position and statement of operations 30.09.2020

EURm	Hedge gains/ losses recognised in other comprehensive income	Ineffectiveness recognised to profit or loss	Positions for which ineffectiveness was recognised	Reclassification from OCI to statement of operations	Positions for which reclassification was recognised	Basis adjustement
Debt financing STEAg-EVN Walsum 10 Kraftwerksgesellschaft	–3.7	–	Other financial restuls	–1.6	Interest expense	–
ENK (French lease)	–0.6	–	–	–	–	–
DBO project (KWD)	2.2	–	–	–0.3	Revenue	–
BOT project (USD)	1.9	–	–	–	Revenue	–0.2

Expected occurrence of cash flows from forward exchange transactions 30.09.2021

Million foreign currency or exchange rate	< 1 year	> 1 year
USD
Nominal amount in USD	106.0	68.7
Average USD/EUR forward rate	1.2058	1.2058
KWD
Nominal amount in KWD	63.7	25.8
Average KWD/EUR forward rate	0.3713	0.3772

Expected occurrence of cash flows from forward exchange transactions 30.09.2020

Million foreign currency or exchange rate	< 1 year	> 1 year
USD
Nominal amount in USD	–	174.7
Average USD/EUR forward rate	–	1.2058
KWD
Nominal amount in KWD	11.8	76.0
Average KWD/EUR forward rate	0.3652	0.3726

Consolidated notes — Other information

62. Disclosures of interests in other entities

An overview of the companies included in the consolidated financial statements is provided beginning on page 108 under EVN’s investments. Information on the joint ventures and associates that were included in EVN’s consolidated financial statements at equity in 2020/21 is provided below. The share of results from equity accounted investees with operational nature is reported as part of the results from operating activities (EBIT). The following table shows the equity accounted investees based with operational nature:

Joint ventures that were included at equity in the consolidated financial statements as of 30.09.2021 in accordance with IFRS 11

• Bioenergie Steyr gmbH
• Biowärme Amstetten-West gmbH
• Degremont WTE Wassertechnik Praha v.o.s.
• EnergieAllianz EVN Kg
• EVN-WE Wind Kg
• Fernwärme St. Pölten gmbH
• Fernwärme Steyr gmbH
• RAg Ashta sludge2energy gmbH
• Umm Al Hayman Wastewater Treatment Company KSPC
• ZOV

Associates that were included at equity in the consolidated financial statements as of 30.09.2021 in accordance with IAS 28

• Energie Burgenland Verbund Innkraftwerke
• ZOV
• UIP

The following table provides summarised financial information on each individually material joint venture included in the consolidated financial statements:

Financial information of material joint ventures

EURm	30.09.2021	30.09.2020
Joint venture	EVN KG	RAG ZOV EAA
Statement of financial position
Non-current assets	39.4	600.4
Current assets	4.9	629.5
Non-current liabilities	0.1	324.0
Current liabilities	0.3	365.2
Reconciliation of the carrying amount of the share of EVN in the joint venture
Net assets	440.2	250.7
Share of EVN in net assets (%)	100.00	100.00
Share of EVN in net assets	440.2	250.7
+ /– Revaluations	–	139.1
Carrying amount of the share of EVN in the joint venture	440.2	389.8
	2020/21
Statement of operations
Revenue	432.4	339.5
Scheduled depreciation and amortisation	–0.5	–40.5
Interest income	–	2.2
Interest expense	–	–1.6
Income tax	–	–14.9
Result for the period	117.2	47.7
Other comprehensive income	289.2	1.1
Comprehensive income	406.4	48.8
Dividends received by EVN	56.4	45.0

The following table provides summarised financial information on the individually immaterial joint venturesincluded in the consolidated financial statements: Financial information of individually immaterial joint ventures (EVN share)
EURm | 2020/21 | 2019/20
------- | -------- | --------
Carrying value of the joint ventures as of the balance sheet date | 103.5 | 85.9
Result for the period | 3.9 | 2.3
Other comprehensive income | 9.4 | –0.3
Comprehensive income | 13.3 | 2.0

102EVN Annual Financial Report 2020 /21 Consolidated notes — Other information

The following table provides summarised financial information on each individually material associate included in the consolidated financial statements:

Financial information of material associates
EURm | 30.09.2021 | 30.09.2020 | Associate | Verbund | IKW | ZOV | UIP | Energie Burgenland | Verbund | IKW | ZOV | UIP | Energie Burgenland
------- | -------- | -------- | -------- | -------- | -------- | -------- | -------- | -------- | -------- | -------- | -------- | -------- | --------
Statement of financial position | | | | | | | | | | | | |
Non-current assets | 1,190.2 | 0.3 | 767.3 | 1,129.6 | 0.4 | 659.5 | | | | | |
Current assets | 3.8 | 8.2 | 189.8 | 22.4 | 4.3 | 247.3 | | | | | |
Non-current liabilities | 63.5 | – | 182.9 | 51.8 | – | 187.0 | | | | | |
Current liabilities | 25.9 | 5.2 | 427.3 | 12.4 | 1.2 | 375.5 | | | | | |
Reconciliation of the carrying amount of the share of EVN in the associate | | | | | | | | | | | |
Net assets | 1,104.7 | 3.3 | 346.9 | 1,087.8 | 3.6 | 344.4 | | | | | |
Share of EVN in net assets (%) | 13.00 | 31.00 | 49.00 | 13.00 | 31.00 | 49.00 | | | | | |
Share of EVN in net assets | 143.6 | 1.0 | 170.0 | 141.4 | 29.00 | 168.8 | | | | | |
+/– Revaluations | 26.2 | – | 15.7 | 2.2 | – | 14.5 | | | | | |
Carrying amount of the share of EVN in the associate | 169.8 | 1.0 | 185.6 | 143.6 | 1.0 | 183.3 | | | | | |

2020/21 | 2019/20 | | | | | | | | | |
Statement of operations | | | | | | | | | | |
Revenue | 96.2 | 14.9 | 336.3 | 90.7 | 14.4 | 339.3 | | | | | |
Result for the period | 27.3 | 4.2 | 20.5 | 27.1 | 4.4 | 39.2 | | | | | |
Other comprehensive income | – | – | 0.1 | – | –0.1 | –19.9 | | | | | |
Comprehensive income | 27.3 | 4.2 | 20.6 | 27.1 | 4.4 | 19.4 | | | | | |
Dividends received by EVN | 1.3 | 1.3 | 10.3 | 1.3 | 1.2 | 10.3 | | | | | |

The consolidated financial statements include no associates that are individually immaterial.

1. Other obligations and risks

The commitments entered into by EVN and the related risks are as follows:

Other obligations and risks
EURm | 30.09.2021 | 30.09.2020
------- | -------- | --------
guarantees in connection with energy transactions | 95.2 | 72.0
guarantees in connection with projects in the Environment Segment | 579.0 | 553.5
guarantees related to the construction and operation of Energy networks | 3.7 | 2.8
Power plants | 98.4 | 119.7
Order obligations for investments in intangible assets and property, plant and equipment | 191.0 | 131.2
Further obligations arising from guarantees or other contractual contingent liabilities | 0.1 | 0.1
Total | 967.4 | 879.4
thereof in connection with equity accounted investees | 89.9 | 85.2

103EVN Annual Financial Report 2020 /21 Consolidated notes — Other information

Neither provisions nor liabilities were recognised for the above-mentioned items because claims to the fulfilment of obligations or the actual occurrence of specific risks were not expected at the time these consolidated financial statements were prepared. The above- mentioned obligations were contrasted by corresponding recourse claims of EUR 10.7m (previous year: EUR 8.3m). Other obligations and risks increased by EUR 88.8m to EUR 967.4m compared to 30 September 2020. This change mainly resulted from an increase in scheduled orders for investments in intangible assets and property, plant and equipment, from an increase in guarantees for environmental projects as well as guarantees in connection with energy transactions. This was offset by a reduction in guarantees in connection with the construction and operation of power plants. Contingent liabilities related to guarantees for subsidiaries in connection with energy transactions are recognised on the basis of the guar- antees issued by EAA at an amount equalling the risk exposure of EVN AG. This risk is measured by the changes between the stipulated price and the actual market price, whereby EVN is only exposed to procurement risks when market prices decline and to selling risks when market prices increase. Accordingly, fluctuations in market prices may lead to a change in the risk exposure after the balance sheet date. The risk assessment resulted in a contingent liability of EUR 26.2m as of 30 September 2021. The nominal volume of the guarantees underlying this assessment was EUR 282.0m. As of 31 October 2021, the market price risk was EUR 20.6m based on an underlying nominal volume of EUR 282.0m. Various legal proceedings and lawsuits related to operating activities are pending or claims may be filed against EVN in the future. The attendant risks were analysed in relation to their probability of occurrence. The evaluation of possible claims showed that the legal proceed- ings and lawsuits, individually and as a whole, would not have a material negative effect on EVN’s business, liquidity, profit or loss or financial position. Additional obligations arising from guarantees and other contractual contingent liabilities consisted chiefly of outstanding capital contri- butions to affiliates as well as liabilities for affiliates’ loans.

1. Information on transactions with related parties

In accordance with IAS 24, transactions with related parties arise through direct or indirect control, significant influence or joint manage- ment. Related parties further include close family members of the respective natural persons. Key management personnel and their close family members are also considered to be related parties. EVN’s related parties include all companies in the scope of consolidation, other subsidiaries, joint ventures and associates that are not included in the consolidated financial statements, as well as people who are responsible for the planning, management and supervision of the Group’s activities. In particular, related parties also include the members of the Executive Board and the Supervisory Board as well as their family members. A list of the Group companies can be found starting on page 108 under EVN’s investments. The province of Lower Austria holds 51.0% of the shares of EVN AG through NÖ Landes-Beteiligungsholding GmbH, St. Pölten. Therefore, the province of Lower Austria and companies under its control or significant influence are classified as related parties of the EVN Group. Since the province of Lower Austria is a government-related entity which has control over EVN AG due to its majority shareholding, EVN has elected to apply the exemption provided by IAS 24.25. This exemption releases EVN from the requirement to disclose business trans- actions and outstanding balances with related parties when the related party is a government-related entity. The business transactions with companies under the control or significant influence of NÖ Landes-Beteiligungsholding GmbH are related mainly to the provision of electricity, natural gas, network and telecommunications services. NÖ Holding GmbH holds 100% of the shares in NÖ Landes-Beteiligungsholding GmbH, which prepares and publishes consolidated financial statements.

104EVN Annual Financial Report 2020 /21 Consolidated notes — Other information

Wiener Stadtwerke GmbH acquired 51,000,000 EVN shares on 5 August 2020. The closing of this transaction made the company, which is wholly owned by the city of Vienna, the second largest shareholder of EVN AG with an investment of 28.4%. Since the city of Vienna is a government-related entity which, based on the majority shareholding, can exercise significant influence over EVN AG, the exemption provided by IAS 24.25 was applied. This exemption permits the non-disclosure of business transactions and outstanding balances with related parties when the related pary is a government-related entity.

Transactions with related parties

Main shareholder

EVN AG is part of a joint venture with NÖ Landes-Beteiligungsholding GmbH as the main shareholder and WIENER STADTWERKE GmbH as the minority shareholder (previous year: group of companies with NÖ Landes-Beteiligungsholding GmbH as the group parent). A group and tax equalisation agreement was concluded to regulate the modalities. On the basis of this agreement, EVN AG has included further subsidiaries in this group of companies. This resulted in a current liability of EUR 32.6m to NÖ Landes-Beteiligungsholding GmbH as of 30September 2021 (previous year: EUR 66.0m). All other business relationships with the main shareholder or companies attributable to the main shareholder are carried out at arm’s length.

Wiener Stadtwerke GmbH

Based on a syndicate agreement, EVN AG and Wiener Stadtwerke GmbH together hold roughly 26% of the voting shares in Verbund AG through their direct and indirect investments (also see note 37. Other investments). Based on the group and tax equalisation agreement, there is a current liability to Wiener Stadtwerke GmbH of EUR 8.9m as of 30 Septem- ber 2021 (previous year: EUR 0.0m). EVN held an electricity procurement contract with STEAG-EVN Walsum 10 Kraftwerksgesellschaft on behalf of Wien Energie GmbH, a wholly owned subsidiary of Wiener Stadtwerke GmbH, based on a contract concluded in 2007 and charged afeeforelectricitydeliveries.ThetransactionvolumetotalledEUR9.0minthefinancialyear2020/21.EVNandWienEnergieGmbHter- minated the existing electricity procurement contract for the Walsum 10 power plant by mutual agreement in December 2020. In this connection, EVN took over an additional electricity procurement right for 150 MW from this power plant. ENERGIEALLIANZ Austria GmbH is a joint energy distribution company comprising Energie Burgenland AG, EVN AG and Wien Energie GmbH, a wholly owned subsidiary of Wiener Stadtwerke GmbH. EVN AG holds 45% of the shares in ENERGIEALLIANZ Austria GmbH, which is responsible for the trading and sale of electricity, natural gas and energy-related services for industrial, large-scale and business customers. EVN AG and Wiener Stadtwerke GmbH jointly operate the project company EVN-Wien Energie Windparkentwicklungs- und BetriebsGmbH & Co KG through their respective subsidiaries, evn naturkraft Erzeugungsgesellschaft m.b.H. and Wien Energie GmbH, each of which holds an investment of 50% as a limited partner. This company is responsible for the development, construction and operation of wind parks.Further joint investments, which are immaterial in scope, exist between the EVN Group and/or subsidiaries controlled by Wiener Stadtwerke GmbH.

Investments in equity accounted investees

Within the context of its ordinary business operations, EVN has concluded supply and service contracts with numerous companies included at equity in its consolidated financial statements. Long-term agreements were concluded with EAA for the sale and procurement of electricity and natural gas, and long-term procurement contracts were concluded with Verbund Innkraftwerke for electricity.

105EVN Annual Financial Report 2020 /21

The value of services provided to investments in equity accounted investees is as follows:

Transactions with joint ventures included at equity

EURm	2020/21	2019/20
Revenue	252.4	190.5
Cost of services received	–28.4	–47.9
Trade accounts receivable	55.2	22.9
Other receivables	–	1.6
Trade accounts payable	18.7	14.6
Other liabilities	–	4.5
Loans	20.0	16.0
Liabilities from cash pooling	323.1	88.4
Interest income from loans	0.5	0.6

Transactions with associates included at equity

EURm	2020/21	2019/20
Revenue	–	–
Cost of services received	–10.2	–9.7
Trade accounts receivable	–	–
Trade accounts payable	0.7	1.0

Transactions with related individuals

Executive Board and Supervisory Board

The payments to members of the Executive Board and the Supervisory Board consist primarily of salaries, severance payments, pensions and Supervisory Board remuneration. The remuneration paid to the active members of the Executive Board in 2020/21 totalled TEUR 1,225.4 (including compensation in kind and contributions to pension funds; previous year: TEUR 1,245.4).

Remuneration of the active Executive Board

TEUR	2020/21	2019/20
	Fixed remuneration	Variable remuneration 1)
Stefan Szyszkowitz	434.8	129.3
Franz Mittermayer	405.8	111.7

1) Corresponds to the amounts paid in the 2020/21 financial year; the variable remuneration depends on the achievement of targets. Details can be found in the remuneration report.

In addition, pension fund contributions made in 2020/21 equalled TEUR 65.8 for Stefan Szyszkowitz (previous year: TEUR 64.7) and TEUR 60.8 for Franz Mittermayer (previous year: TEUR 59.7).

An addition of TEUR 49.3 (thereof TEUR 64.5 of interest expense and TEUR –245.6 of actuarial gains/losses) was made to the provision for pension obligations on behalf of Stefan Szyszkowitz in 2020/21. In the previous year, a change of TEUR –272.9 was recorded (thereof TEUR 47.2 of interest expense and TEUR –569.9 of actuarial gains/losses). The addition to the provision for pension obligations on behalf of Franz Mittermayer amounted to TEUR 164.9 (thereof TEUR 80.5 of interest expense and TEUR –193.1 of actuarial gains/losses). In the previous year, a change of TEUR –116.9 was recorded (thereof TEUR 57.3 of interest expense and TEUR –466.3 of actuarial gains/losses).

106EVN Annual Financial Report 2020 /21

Consolidated notes — Other information

In 2020/21 contributions of TEUR 8.7 (previous year: TEUR 8.9) were made to an external employee fund on behalf of Stefan Szyszkowitz and TEUR 8.1 (previous year: TEUR 8.2) on behalf of Franz Mittermayer. The year-on-year change in the remuneration of the active members of the Executive Board is attributable primarily to the change in performance-based components and the annual wage and salary increases mandated by collective bargaining agreements. The members of the Executive Board are also entitled to a contractually agreed pension at retirement, whereby pension payments under the Austrian social security scheme and any payments from the VBV-Pensionskasse are credited against this amount.

The payments to former members of the Executive Board or their surviving dependents amounted to TEUR 1,159.3 in 2020/21 (previous year: TEUR 1,461.1).

Expenses for severance payments and pensions for active members of senior management totalled TEUR 445.5 in 2020/21 (thereof TEUR 28.7 of interest expense and TEUR 65.0 of actuarial gains/losses) and TEUR 144.8 in the previous year (thereof TEUR 22.8 of interest expense and TEUR –216.2 of actuarial gains/losses).

The above amounts include expenses recognised in accordance with national law, as required by the Austrian Corporate Governance Code. In accordance with IFRS, actuarial gains and losses are recorded under other comprehensive income in keeping with IAS 19.

The Supervisory Board remuneration totalled TEUR 154.7 in 2020/21 (previous year: TEUR 156.5). The members of the Advisory Committee for Environmental and Social Responsibility received remuneration of TEUR 104.9 during the reporting year (previous year: TEUR 93.4). The basic principles underlying the remuneration system are presented in the remuneration report, which is part of the corporate governance report.

Transactions with other related companies

The disclosure requirements for the notes do not cover information on intragroup transactions. Therefore, business transactions between EVN and its subsidiaries are not reported. Business transactions with non-consolidated subsidiaries and companies not included at equity are generally not reported because they are immaterial. Related parties can also be direct customers of a company within the EVN Group, whereby these business relationships reflect prevailing market rates and conditions and are immaterial in relation to the total income recorded by the EVN Group in 2020/21. The resulting items outstanding as of 30 September 2021 are reported under trade accounts receivable.

1. Significant events after the balance sheet date

No significant events occurred between the balance sheet date on 30 September 2021 and the release for publication of the consolidated financial statements on 24 November 2021.

1. Information on management and staff

The corporate bodies of EVN AG are:

Executive Board

• Stefan Szyszkowitz – Spokesman of the Executive Board
• Franz Mittermayer – Member of the Executive Board

Supervisory Board

• Chairwoman Bettina Glatz-Kremsner
  107EVN Annual Financial Report 2020 /21

• Vice-Chairmen Norbert Griesmayr

• Willie Stiowicek

• Members

  • Georg Bartmann (since 21.01.2021)
  • Susanne Scharnhorst (until 21.01.2021)
  • Gustav Dressler (since 21.01.2021)
  • Angela Stransky
  • Philipp Gruber
  • Peter Weinelt (since 21.01.2021)
  • Dieter Lutz (until 21.01.2021)
  • Friedrich Zibuschka
  • Reinhard Meißl (until 21.01.2021)
  • Johannes Zügel (until 21.01.2021)
  • Maria Patek. MBA (since 21.01.2021)

• Employee representatives

  • Friedrich Bußlehner
  • Uwe Mitter
  • Monika Fraißl
  • Irene Pugl
  • Paul Hofer

• Approval of the 2020/21 consolidated financial statements for publication

These consolidated financial statements were prepared by the Executive Board as of the date indicated below. The individual financial statements, which were also included in the consolidated financial statements after their adjustment to reflect International Financial Reporting Standards, and the consolidated financial statements of EVN AG will be submitted to the Supervisory Board on 15 December 2021 for examination, and the Supervisory Board will also be asked to approve the individual financial statements.

1. Auditing fees

EVN’s consolidated financial statements and annual financial statements for the 2020/21 financial year were audited by BDO Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna. The costs for BDO Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna, totalled EUR 0.3m and were distributed as follows: 76.6% for auditing services, 6.8% for audit-related services and 16.7% for other consulting services. Auditing and consulting fees for the Group amounted to EUR 0.5m for the reporting year, whereby 86.2% are attributable to auditing, 4.0% to audit-related services, 9.8% to other consulting services. All companies in the scope of consolidation were included. The audit of the annual financial statements and consolidated financial statements of EVN was performed by KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft in the financial year 2019/20.

Maria Enzersdorf, 24 November 2021

EVN AG

The Executive Board

Stefan Szyszkowitz, MBA
Spokesman of the Executive Board

Dipl.-Ing. Franz Mittermayer
Member of the Executive Board

108EVN Annual Financial Report 2020 /21

The following table lists EVN’s investments classified by segment of business. The list of companies not included in the consolidated financial statements of EVN AG for materiality reasons is based on the companies’ last available local annual financial statements as of the respective balance sheet date. The data from companies that report in a foreign currency is translated into euros at the exchange rate on the balance sheet date of EVN AG.

EVN’s investments according to § 245a (1) in connection with § 265 (2) UgB

Method of consolidation:
* V: Fully consolidated company (subsidiary)
* NV: Non-consolidated subsidiary
* JO: Company included as joint operation
* NJO: Company not included as a joint operation
* E: Company included at equity
* NE: Company not included at equity

1. EVN’s investments in the energy business ≥ 20.0% as of 30 September 2021

1.1. Included in the consolidated financial statements of EVN

Company.# Consolidated notes — Other information

EVN's investments

1.1. Included in the consolidated financial statements of EVN

Company. registered office	Shareholder	Interest %	Balance sheet date	Method of consolidation 2020/21
Ashta BeteiligungsverwaltunggmbH (“Ashta”), Vienna	EVN Naturkraft	49.99	31.12.2020	E
Bioenergie SteyrgmbH, Behamberg	EVN Wärme	51.00	30.09.2021	E
Biowärme Amstetten-WestgmbH, Amstetten	EVN Wärme	49.00	31.12.2020	E
Elektrorazpredelenie Yug EAD (“EP Yug”), Plovdiv, Bulgaria	Bg SN Holding	100.00	31.12.2020	V
ENERgIEALLIANZ AustriagmbH (“EnergieAllianz”), Vienna	EVN	45.00	30.09.2021	E
EVN Bulgaria Elektrosnabdiavane EAD (“EVNBulgariaEC”), Plovdiv, Bulgaria	Bg SV Holding	100.00	31.12.2020	V
EVN Bulgaria EAD (“EVN Bulgaria”), Sofia, Bulgaria	EVN	100.00	31.12.2020	V
EVN Bulgaria Fernwärme HoldinggmbH (“Bg FW Holding”), Maria Enzersdorf	EVN	100.00	30.09.2021	V
EVN Bulgaria RES HoldinggmbH (“EVN Bulgaria RES”), Maria Enzersdorf	EVN Naturkraft	100.00	30.09.2021	V
EVN Bulgaria Stromerzeugung HoldinggmbH (“Bg SE Holding”), Maria Enzersdorf	EVN Naturkraft	100.00	30.09.2021	V
EVN Bulgaria Stromnetz HoldinggmbH (“Bg SN Holding”), Maria Enzersdorf	EVN	100.00	30.09.2021	V
EVN Bulgaria Stromvertrieb HoldinggmbH (“Bg SV Holding”), Maria Enzersdorf	EVN	100.00	30.09.2021	V
EVN Bulgaria Toplofikatsia EAD (“TEZ Plovdiv”), Plovdiv, Bulgaria	Bg FW Holding	100.00	31.12.2020	V
EVN Croatia Plin d.o.o. Zagreb, Croatia	Kroatien Holding	100.00	31.12.2020	V
ELEKTRODISTRIBUCIJA DOOEL, Skopje, North Macedonia	EVN Macedonia	100.00	31.12.2020	V
EVN EnergievertriebgmbH & Co Kg (“EVNEV”), Maria Enzersdorf	EVN	100.00	30.09.2021	E
EVN geoinfogmbH (“EVN geoinfo”), Maria Enzersdorf	Utilitas	100.00	30.09.2021	V
EVN Home DOO, Skopje, North Macedonia	EVN Macedonia/ EVN Supply	100.00	31.12.2020	V
EVN Kavarna EOOD (“EVN Kavarna”), Plovdiv, Bulgaria	EVN Bulgaria RES	100.00	31.12.2020	V
EVN Kraftwerks- und Beteiligungsgesellschaft mbH (“EVN Kraftwerk”), Maria Enzersdorf	EVN	100.00	30.09.2021	V
EVN Kroatien HoldinggmbH (“Kroatien Holding”), Maria Enzersdorf	EVN	100.00	30.09.2021	V
EVN Macedonia AD (“EVN Macedonia”), Skopje, North Macedonia	EVN Mazedonien	90.00	31.12.2020	V
EVN Macedonia Elektrani DOOEL, Skopje, North Macedonia	EVN Macedonia	100.00	31.12.2020	V
EVN Macedonia Elektrosnabduvanje DOOEL (“EVN Supply”), Skopje, North Macedonia	EVN Macedonia	100.00	31.12.2020	V
EVN Macedonia Holding DOOEL, Skopje, North Macedonia	EVN	100.00	31.12.2020	V
EVN MazedoniengmbH (“EVN Mazedonien”), Maria Enzersdorf	EVN	100.00	30.09.2021	V
evn naturkraft Erzeugungsgesellschaft m.b.H. (“EVN Naturkraft”), Maria Enzersdorf	EVN	100.00	30.09.2021	V
EVN Service Centre EOOD, Plovdiv, Bulgarien	EVN Bulgaria	100.00	31.12.2020	V
EVN Trading DOOEL, Skopje, North Macedonia	EVN Trading SEE	100.00	31.12.2020	V
EVN Trading South East Europe EAD (“EVN Trading SEE”), Sofia, Bulgaria	EVN Bulgaria	100.00	31.12.2020	V
EVN WärmegmbH (“EVN Wärme”), Maria Enzersdorf	EVN	100.00	30.09.2021	V
EVN WärmekraftwerkegmbH (“EVN Wärmekraftwerke”), Maria Enzersdorf	EVN / EVN Bet. 52	100.00	30.09.2021	V
EVN-WIEN ENERGIE Windparkentwicklungs- und BetriebsGmbH & Co KG (“EVN-WE Wind KG”), Vienna	EVN Naturkraft	50.00	30.09.2021	E
Fernwärme St. PöltenGmbH, St. Pölten	EVN	49.00	31.12.2020	E
Fernwärme SteyrGmbH, Steyr	EVN Wärme	49.00	30.09.2021	E
Hydro Power Company Gorna Arda AD, Sofia, Bulgaria	BG SE Holding	76.00	31.12.2020	V
kabelplusGmbH (“kabelplus”), Maria Enzersdorf	Utilitas	100.00	30.09.2021	V
Netz NiederösterreichGmbH (“Netz NÖ”), Maria Enzersdorf	EVN	100.00	30.09.2021	V
Verbund InnkraftwerkeGmbH (“Verbund Innkraftwerke”), Töging. Germany 1)	EVN Naturkraft	13.00	31.12.2020	E
Wasserkraftwerke Trieb und KrieglachGmbH (“WTK”), Maria Enzersdorf	EVN Naturkraft	70.00	30.09.2021	V

1) This company is included in the consolidated financial statements at equity and presented in the above table despite a participation interest ≤ 20.0% because of special contractual arrangements that allow for the exercise of significant influence.

1.2. Not included in the consolidated financial statements of EVN due to immateriality

Company. registered office	Shareholder	Interest %	Shareholders’ equity TEUR	Last year’s profit/loss TEUR	Balance sheet date	Method of consolidation 2020/21
Bioenergie Wiener NeustadtGmbH, Wiener Neustadt	EVN Wärme	90.00	765 (672)	93 (195)	31.12.2020 (31.12.2019)	NE
NV Energie Zukunft Niederösterreich GmbH, Heiligenkreuz	EVN	50.00	– (–)	– (–)	– (–)	NE
EVN-Ökowind Sonnenstromerzeugungs GmbH, Maria Enzersdorf	EVN Naturkraft	50.00	389 (–)	46 (–)	30.09.2021 (–)	NE
EVN-WIEN ENERGIE Windparkentwicklungs- und BetriebsGmbH (“EVN-WE WindGmbH”), Vienna	EVN Naturkraft	50.00	36 (46)	1 (1)	30.09.2020 (30.09.2019)	NE
Fernwärme MariazellerlandGmbH, Mariazell	EVN Wärme	48.86	134 (25)	109 (110)	31.12.2020 (31.12.2019)	NE
Kraftwerk Nußdorf Errichtungs- und BetriebsGmbH, Vienna	EVN Naturkraft	33.33	47 (44)	3 (3)	31.12.2020 (31.12.2019)	NE
Kraftwerk Nußdorf Errichtungs- und BetriebsGmbH & Co KG, Vienna	EVN Naturkraft	33.33	8,837 (8,486)	351 (549)	31.12.2020 (31.12.2019)	NE
Netz Niederösterreich Beteiligung 31GmbH (“Netz Bet. 31”), Maria Enzersdorf	Netz NÖ	100.00	5,082 (5,058)	–3 (–1)	30.09.2021 (30.09.2020)	NV
Netz Niederösterreich Liegenschaftsbesitz 31 GmbH, Maria Enzersdorf	Netz Bet. 31	100.00	15,344 (5,088)	418 (37)	30.09.2021 (30.09.2020)	NV

2. EVN’s investments in the environmental services business ≥ 20.0% as of 30 September 2021

2.1. Included in the consolidated financial statements of EVN

Company. registered office	Shareholder	Interest %	Balance sheet date	Method of consolidation 2020/21
Cista Dolina – SHW Komunalno podjetje d.o.o., Kranjska gora, Slovenia	WTE Betrieb	100.00	30.09.2021	V
Degremont WTE Wassertechnik Praha v.o.s., Prague, Czech Republic	WTE Wassertechnik	35.00	31.12.2020	E
EVN Beteiligung 52gmbH (“EVN Bet. 52”), Maria Enzersdorf	EVN	100.00	30.09.2021	V
EVN Projektgesellschaft Müllverbrennungsanlage Nr. 1 mbH (“EVN MVA1”), Essen, germany	WTE Wassertechnik	100.00	30.09.2021	V
EVN Projektgesellschaft Müllverbrennungsanlage Nr. 3 mbH (“EVN MVA3”), Maria Enzersdorf	EVN Umwelt / Utilitas	100.00	30.09.2021	V
EVN Umwelt Beteiligungs und ServicegmbH (“EVN UBS”), Maria Enzersdorf	EVN Umwelt	100.00	30.09.2021	V
EVN Umweltholding und Betriebs-gmbH (“EVN Umwelt”), Maria Enzersdorf	EVN	100.00	30.09.2021	V
EVN Wasser gmbH (“EVN Wasser”), Maria Enzersdorf	EVN/Utilitas	100.00	30.09.2021	V
OOO EVN Umwelt Service, Moskau, Russia	EVN UBS	100.00	31.12.2020	V
OOO EVN Umwelt, Moskau, Russia	EVN UBS	100.00	31.12.2020	V
sludge2energygmbH, Berching, germany	WTE Wassertechnik	50.00	31.12.2020	E
Storitveno podjetje Laško d.o.o., Laško, Slovenia	WTE Wassertechnik	100.00	30.09.2021	V
Umm Al Hayman Holding Company WLL, Kuwait City, Kuwait	WTE Wassertechnik	50.00	31.12.2020	E
WTE Abwicklungsgesellschaft Kuwait mbH, Essen, germany	International	100.00	30.09.2021	V
WTE Betriebsgesellschaft mbH (“WTE Betrieb”), Hecklingen, germany 1)	WTE Wassertechnik	100.00	30.09.2021	V
WTE InternationalgmbH (“International”), Essen, germany	WTE Wassertechnik	100.00	30.09.2021	V
WTE O&M Kuwait Sewerage Treatment O.P.C., Kuwait City, Kuwait	International	100.00	30.09.2021	V
WTE otpadne vode Budva DOO, Podgorica, Montenegro	WTE Wassertechnik	100.00	31.12.2020	V
WTE Projektna družba Bled d.o.o., Bled, Slovenia	WTE Wassertechnik	100.00	30.09.2021	V
WTE WassertechnikgmbH (“WTE Wassertechnik”), Essen, germany	EVN Bet. 52	100.00	30.09.2021	V
WTE Wassertechnik (Polska) Sp.z.o.o., Warschau, Poland	WTE Wassertechnik	100.00	30.09.2021	V
Zagrebačke otpadne vode d.o.o. (“ZOV”), Zagreb, Croatia	WTE Wassertechnik	48.50	31.12.2020	E
Zagrebačke otpadne vode – upravljanje i pogon d.o.o. (“ZOV UIP”), Zagreb, Croatia	WTE Wassertechnik	29.00	31.12.2020	E

1) The relief options of § 264 para 3 of the german Commercial Code (dHgB) are used.

2.2. Not included in the consolidated financial statements of EVNdue to immateriality

Company. registered office	Shareholder	Interest %	Shareholders’ equity TEUR	Last year’s profit/loss TEUR	Balance sheet date	Method of consolidation 2020/21
Abwasserbeseitigung Kötschach-Mauthen Errichtungs- und Betriebsgesellschaft mbH, Kötschach-Mauthen	EVN Umwelt	26.00	234 (70)	164 (33)	31.12.2020 (31.12.2019)	NE
EVN Umwelt Finanz- und Service-gmbH (“EVN UFS”), Maria Enzersdorf	EVN Umwelt	100.00	40 (42)	–2 (–1)	30.09.2021 (30.09.2020)	NV
JV WTE Tecton Azmeel W.L.L. Al Seef (Manama), Bahrain	WTE Wassertechnik	50.00	87 (20)	41 (0)	30.09.2021 (30.09.2020)	NE
SHW/RWE Umwelt Aqua Vodogradnja d.o.o., Zagreb, Croatia	WTE Wassertechnik	50.00	505 (507)	–16 (–29)	31.12.2020 (31.12.2019)	NE
Wasserver- und Abwasserentsorgungsgesellschaft Märkische Schweiz mbh, Buckow, germany	WTE Wassertechnik	49.00	560 (556)	3 (3)	31.12.2020 (31.12.2019)	NE
Wiental-Sammelkanal gesellschaft m.b.H., Untertullnerbach	EVN Wasser	50.00	866 (866)	0 (0)	31.12.2020 (31.12.2019)	NE
WTE Abwicklungsgesellschaft Russland mbH, Essen, germany	International	100.00	25 (25)	0 (0)	30.09.2021 (30.09.2020)	NV
WTE Baltic UAB, Kaunas, Lithuania	WTE Wassertechnik	100.00	203 (187)	16 (34)	30.09.2021 (30.09.2020)	NV
WTE desalinizacija morske vode d.o.o., Budva, Montenegro	WTE Betrieb	100.00	–646 (–632)	–13 (–16)	31.12.2020 (31.12.2019)	NV
WTE Projektgesellschaft Natriumhypochlorit mbH, Essen, germany	EVN UFS / WTE Wassertechnik	100.00	25 (25)	0 (0)	30.09.2021 (30.09.2020)	NV

3. EVN’s investments in other business activities ≥ 20.0% as of 30 September 2021

3.1. Included in the consolidated financial statements of EVN

Company. registered office	Shareholder	Interest %	Balance sheet date	Method of consolidation 2020/21
Burgenland Holding Aktiengesellschaft (“Burgenland Holding“ bzw.

We have audited the consolidated financial statements of EVN AG, Maria Enzersdorf, and of its subsidiaries (the Group) comprising the consolidated statement of financial position as of September 30, 2021, and the consolidated statement of operations, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the fiscal year then ended, and the notes to the consolidated financial statements.

Based on our audit the accompanying consolidated financial statements were prepared in accordance with the legal regulations and present fairly, in all material respects, the assets and the financial position of the Group as of September 30, 2021 and its financial performance for the year then ended in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU and with requirements stated in par. 245a UGB.

Basis for Opinion

We conducted our audit in accordance with the regulation (EU) no. 537/2014 (in the following “EU regulation”) and in accordance with Austrian Standards on Auditing. Those standards require that we comply with International Standards on Auditing (ISAs). Our responsibilities under those regulations and standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the Austrian General Accepted Accounting Principles and professional requirements and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained until the date of this auditor’s report is sufficient and appropriate to provide a basis for our opinion by this date.

OTHER MATTER

The consolidated financial statements for the year ended September 30, 2020 were audited by a different auditor and given an unqualified audit opinion on November 17, 2020.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the fiscal year. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

• Accounting of the large-scale project Umm Al Hayman
• Impairment of intangible assets, property, plant and equipment and investments in equity accounted investees

Accounting of the large-scale project Umm Al Hayman

Facts and references to further information

With a contract volume of more than EUR 1,2 Billion attributable to the group, the Umm Al Hayman project is currently the largest construction project in EVN’s international project division. The subject of this project is the design and construction of a sewage treatment plant or respectively a sewer network with pumping stations in Kuwait. The relevant contracts have been signed in the previous fiscal year. Contract costs have been capitalized and will be amortized based on the project progress. Revenue is recognized over the construction period, with the stage of completion being measured based on the cost incurred in relation to the expected total cost. As payments are denominated mainly in Kuwaiti Dinar and US Dollar instead of Euro, derivative financial instruments are used to hedge against exchange rate risks. IFRS 9 hedge accounting is applied, therefore, the cumulative gain or loss on the hedging instruments are recognized in other comprehensive income. The COVID 19 pandemic resulted in delays, which need to be assessed and accounted for.

Overall, the project is classified as significant in terms of value for the consolidated financial statements and requires the application of complex accounting methods. The risk for the consolidated financial statements lies in the uncertainty of the assumptions and estimates needed to account for this large-scale project. These may result in misstatements in the consolidated statement of financial position or the consolidated statement of operations.

Auditing procedure

During our audit, we have obtained an understanding of the relevant processes and have tested the effectiveness of selected internal controls. Additionally, we have analyzed the accounting instructions and files (accounting template) and have assessed them based on the underlying contracts. We have examined the application of the relevant accounting standards (in particular IFRS 15 – Revenue from Contracts with Customers and IFRS 9 – Financial Instruments regarding hedge accounting). The recorded costs (third party and own work) have been critically reviewed and a detailed document examination on a sample basis was performed. We have inspected the cost and project reports and questioned the commercial and technical project managers on the current construction process. In addition, we have inspected the construction site. Finally, we also reconciled the cost element reports with the general ledger and the bookings were matched to the accounting templates.

Reference to further information

The principles of revenue recognition for construction projects are disclosed in the notes to the consolidated financial statements in section 19 (Revenue recognition) of the Accounting policies. Further information to this project can be found in section 22 Discretionary decisions and forward-looking statements, in section 38 Other noncurrent assets regarding costs for obtaining contracts and in section 59 Risk management regarding foreign exchange risk.

Impairment of intangible assets, property, plant and equipment and investments in equity accounted investees

Facts and reference to further information

Intangible assets, property, plant and equipment (PPE) and investments in equity accounted investees with a total carrying amount of EUR 5,486 million account for 49% of total assets of the Group as of September 30, 2021. At each reporting date, the Company assesses whether there is any indication that the recoverable amount has decreased significantly and that therefore, intangible assets, property, plant and equipment and equity accounted investees are impaired. For those items of intangible assets, PPE and equity accounted investees, for which impairment losses were recognised in prior periods, the Group assesses whether the impairment loss no longer exists and therefore needs to be reversed.

Intangible assets and property, plant and equipment for which no separate future cash flows can be identified are tested for impairment at the level of the cash-generating units. By determining the value in use or, if necessary, the value less costs to sell, estimates must be made regarding the development of revenues and expenses and the resulting cash surpluses, as well as assumptions for determining the discount rate used. The result of the valuation is therefore subject to estimation uncertainties. A change in the macroeconomic, industry or corporate situation in the future may lead to a reduction in cash-flows and thus to impairment losses. For the consolidated financial statements, there is a risk of incorrect valuation of intangible assets, property, plant and equipment, and investments in equity accounted investees.

Auditing procedure

During our audit, we have obtained an understanding of how the group monitors impairment triggers. In doing so, we critically assessed the processes implemented to determine whether they are suitable for the valuation of intangible assets, property, plant and equipment, and investments in equity accounted investees. We critically assessed the triggers for impairments and reversals and have compared them with our own estimates. We have critically discussed and evaluated the underlying forecasts and assumptions for the valuation with management and assessed their appropriateness based on current and expected developments and other evidence. In consultation with our valuation specialists, we assessed the measurement technique model, planning assumptions and measurement parameter for selected issues. The assumptions used for determining the interest rates were assessed for appropriateness by comparing them to industry- and market-specific reference values. We assessed the appropriateness of planning estimates by comparing actual cash flows with prior period estimated cash flows on a sample basis and discussing deviations with management.

3.2. Not included in the consolidated financial statements of EVN due to immateriality

Company. registered office	Shareholder	Interest %	Shareholders’ equity TEUR	Last year’s profit/loss TEUR	Balance sheet date	Method of consolidation
Eisenstadt	EVN 73.63	30.09.2021	V
V Energie Burgenland Ag, Eisenstadt	BUHO	49.00	30.09.2021	E
Maria Enzersdorf	EVN Business Service gmbH (“EVN Business”)	100.00	30.09.2021	V
Vienna	Utilitas Fonds	100.00	30.09.2021	V
Maria Enzersdorf	EVN/Netz NÖ/ EVN Wasser RAg-Beteiligungs-Aktiengesellschaft (“RBg”)	100.00	30.09.2021	V
Vienna	EVN 50.03	31.03.2021	V
Maria Enzersdorf	RAg Austria Ag (“RAg”) RBg	100.00	31.12.2020	E
	UTILITAS Dienstleistungs- und Beteiligungs-gesellschaft m.b.H (“Utilitas”)	100.00	30.09.2021	V

Company. registered office	Shareholder	Interest %	Shareholders’ equity TEUR	Last year’s profit/loss TEUR	Balance sheet date	Method of consolidation
Maria Enzersdorf	EVN Bet. 60 gmbH (“EVN Bet. 60”)	100.00	2,295	(1,831)	30.09.2021 (30.09.2020)	NV
Maria Enzersdorf	EVN grundstücksverwaltung Bergern gmbH	100.00	2,257	(1,790)	30.09.2021 (30.09.2020)	NV
Maria Enzersdorf	EVN WEEV Beteiligungs gmbH in Liqu. (“EVN WEEV”)	100.00	36	(38)	31.08.2021 (31.08.2020)	NV
Vienna	e&i EDV Dienstleistungsgesellschaft m.b.H.	50.00	298	(284)	30.09.2021 (30.09.2020)	NE

---

113

EVN Annual Financial Report 2020 /21We agreed the respective carrying amounts to the fixed assets sub ledger.

Reference to further information
The procedures and effects of impairment tests are described in section 21 of the notes to the consolidated financial statements. Further information can be found in section 22 Accounting estimates and forward-looking statements. The effects of impairment tests are presented in section 30 (Depreciation and amortisation and effects from impairment tests) and in sections 34 (Intangible assets), 35 (Property, plant and equipment) and 36 (Investments in equity accounted investees) of the notes to the consolidated statement of financial position.

Other information
Management is responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated financial statements, the Group’s management report and the auditor’s report thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, to consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and of the supervisory board for the Consolidated Financial Statements
Management is responsible for the preparation of the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU and with requirements stated in par. 245a UGB, for them to present a true and fair view of the assets, the financial position and the financial performance of the Group and for such internal controls as management determines are necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The Audit Committee is responsible for overseeing the Group’s financial reporting process.

Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the EU regulation and in accordance with Austrian Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

116 EVN Annual Financial Report 2020 /21 Auditors’ report

As part of an audit in accordance with the EU regulation and in accordance with Austrian Standards on Auditing, which require the application of ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
* identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
* obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
* evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
* conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
* evaluate the overall presentation, structure, and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
* obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements.

We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

117 EVN Annual Financial Report 2020 /21 Report on Other Legal Requirements

Comments on the management report for the group
Pursuant to Austrian Generally Accepted Accounting Principles, the Group management report is to be audited as to whether it is consistent with the consolidated financial statements and as to whether it was prepared in accordance with the applicable legal regulations. Management is responsible for the preparation of the Group’s management report in accordance with Austrian Generally Accepted Accounting Principles. We conducted our audit in accordance with Austrian Standards on Auditing for the audit of the Group’s management report.

Opinion
In our opinion, the management report for the group was prepared in accordance with the valid legal requirements and is consistent with the consolidated financial statements.

Statement
Based on the findings during the audit of the consolidated financial statements and due to the thus obtained understanding concerning the Group and its circumstances no material misstatements in the Group’s management report came to our attention.

Additional information in accordance with Article 10 of the EU regulation
We were elected as auditor by the ordinary general meeting on January 21, 2021. We were appointed by the Supervisory Board on June 7, 2021. We have been appointed to audit the consolidated financial statements for the first time for fiscal year 2020/21.
We confirm that the audit opinion in the section “Report on the consolidated financial statements” is consistent with the additional report to the audit committee referred to in article 11 of the EU regulation. We declare that no prohibited non-audit services (article 5 par. 1 of the EU regulation) were provided by us and that we remained independent of the audited company in conducting the audit.

Responsible austrian certified public accountant
The engagement partner on the audit resulting in this independent auditor’s report is Mr. Gerhard Posautz, Certified Public Accountant.

Vienna, November 24, 2021

BDO Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

Gerhard Posautz Peter Bartos
Auditor Auditor

This report is a translation of the original report in german, which is solely valid.

118 EVN Annual Financial Report 2020 /21

263 EVN Ganzheitsbericht 2020 / 21 Konzernabschluss EVN AG Jahresabschluss 2020/21 nach UGB

Sitz der Gesellschaft: 2344 Maria Enzersdorf Registriert Landesgericht Wr. Neustadt FN 72000 h UID Nr. ATU14704505

EVN AG EVN Platz 2344 Maria Enzersdorf Österreich

119 EVN Annual Financial Report 2020 /21

Inhalt
Lagebericht 120
Jahresabschluss 154
Bilanz zum 30.# Lagebericht

Bericht des Vorstandes

Energiepolitisches Umfeld

Europäische Energie- und Klimapolitik

Im Juli 2021 hat die Europäische Kommission unter dem Titel „Fit for 55“ ein umfassendes Legislativpaket für den Energiebereich vorgelegt, ein weiterer Teil für die Dekarbonisierung im Gasbereich wurde für Dezember 2021 angekündigt. Das Paket enthält als Etappenziel auf dem Weg zum Pariser Klimaziel bis 2030 eine Senkung der Netto-Treibhausgasemissionen in der Europäischen Union um mindestens 55 % gegenüber dem Stand von 1990. Die Kommission sieht dies als entscheidenden Schritt, um Europa bis 2050 zum ersten klimaneutralen Kontinent zu transformieren. Die Vorschläge der Europäischen Kommission müssen nun die vorgesehenen Gesetzgebungsverfahren durchlaufen. Aufgrund der zu erwartenden schwierigen Verhandlungen zwischen EU-Parlament, Rat und Kommission ist ein Abschluss nicht vor 2023 zu erwarten. Die für die Geschäftstätigkeit der EVN relevantesten Inhalte sind:

• Richtlinie über erneuerbare Energien, die u. a. eine Erhöhung der Zielvorgabe für den Anteil erneuerbarer Energien in der Europäischen Union auf 40 % bis 2030 vorsieht
• Emissionshandels-Richtlinie: enthält u. a. den Vorschlag, Emissionen durch eine weitere Verknappung der CO 2 -Emissionszertifikate zu reduzieren
• Lastenteilungsverordnung, die ein neues Emissionshandelssystem für den Straßenverkehr und den Gebäudesektor vorsieht
• Energieeffizienz-Richtlinie, die u. a. ambitioniertere jährliche Einsparverpflichtungen bezogen auf den Energieverbrauch festlegen soll
• Überarbeitete Energiebesteuerungs-Richtlinie: Brennstoffe sollen künftig nach Energiegehalt und Umweltleistung besteuert werden

Die Europäische Union überarbeitet aktuell auch ihr Regelwerk zur Finanzierung von Energieinfrastrukturvorhaben. Hier werden künftig zusätzliche Gelder für Wasserstoffinfrastruktur sowie für CO 2 -Abscheidung und -Speicherung erwartet.

Energiepreisentwicklung

Die Europäische Kommission hat im Oktober 2021 eine „Toolbox“ für Maßnahmen präsentiert, mit denen die Mitgliedsstaaten Verbraucher und Unternehmen angesichts der stark gestiegenen Energiepreise potenziell entlasten können. Die genannten kurzfristigen Instrumente umfassen z. B. eine Notfall-Einkommensunterstützung für Haushalte, Beihilfen für Unternehmen sowie temporäre Senkungen von Steuern und Abgaben. Auf Vorschlag einzelner Mitgliedsstaaten sollen auch längerfristige Maßnahmen zur Preisstabilisierung evaluiert werden, so z. B. die Erweiterung der Energiespeicherkapazitäten oder die gemeinschaftliche Beschaffung von Gasreserven.

Österreichische Energie- und Klimaziele

In Österreich hat sich die Bundesregierung das Ziel gesetzt, die Stromversorgung bereits bis 2030 zu 100 % (national bilanziell) aus erneuerbaren Energiequellen zu decken und Österreich bis spätestens 2040 klimaneutral zu machen. Um dieses Ziel zu erreichen, soll der Ausbau der erneuerbaren Erzeugungskapazitäten in den nächsten zehn Jahren mit bis zu 1 Mrd. Euro pro Jahr staatlich unterstützt werden. Am 7. Juli 2021 beschloss der österreichische Nationalrat das neue Erneuerbaren-Ausbau-Gesetz (EAG), das die erforderlichen Rahmenbedingungen für die Erreichung der österreichischen Energie- und Klimaziele festlegt. Das EAG enthält auch konkrete Ausbauziele: Die Stromerzeugung aus erneuerbaren Quellen soll bis 2030 um insgesamt 27 TWh gesteigert werden. Davon sollen 11 TWh auf Photovoltaik, 10 TWh auf Windkraft, 5 TWh auf Wasserkraft und 1 TWh auf Biomasse entfallen. Zu den für die Aktivitäten der EVN besonders relevanten Inhalten des EAG zählen die Fördermechanismen für die Errichtung neuer Photovoltaik-, Windkraft-, Wasserkraft- und Biomasseanlagen sowie Investitionszuschüsse für Elektrolyseanlagen zur Umwandlung von Strom in Wasserstoff oder synthetisches Gas. Darüber hinaus sollen die Investitionssicherheit für bestehende und zukünftige Anlagen zur Erzeugung von erneuerbarem Gas gewährleistet und der Anteil von national produziertem erneuerbarem Gas am österreichischen Gasabsatz bis 2030 auf 5 TWh erhöht werden. Weitere relevante Inhalte sind die Rahmenbedingungen für Bürger-Energiegemeinschaften und Erneuerbare-Energiegemeinschaften.

Als Folge daraus sind deutlich mehr Anschlüsse von dezentralen erneuerbaren Energieerzeugungsanlagen zu erwarten. In Kombination mit dem steigenden Leistungsbedarf durch den All-Electricity-Ansatz (E-Mobilität, Wärmepumpen etc.) wird dies zu einer höheren Belastung der Stromnetze durch den Transport steigender und volatiler Einspeisemengen führen. Die EVN antwortet darauf mit umfangreichen Investitionen in ihre Netzinfrastruktur. Nach der Verabschiedung des EAG durch den Nationalrat wartet die österreichische Elektrizitätswirtschaft nun auf Verordnungen zu rund 30 Themenbereichen, die von unterschiedlichen Ministerien ausgearbeitet werden müssen und die für die konkrete Anwendung des EAG essenziell sind. Ebenfalls ausständig ist derzeit die beihilfenrechtliche Notifizierung des EAG durch die Europäische Kommission, die in einigen Punkten jedoch bereits Änderungsbedarf angemerkt hat. Um die im EAG enthaltenen Fördermechanismen beihilfenrechtskonform zu gestalten, bedarf es voraussichtlich eines neuerlichen Beschlusses im Nationalrat.

Wirtschaftliches Umfeld

Die Covid-19-Pandemie und die zu ihrer Eindämmung beschlossenen Maßnahmen verursachten im vergangenen Jahr in einzelnen Monaten einen dramatischen Einbruch der Weltwirtschaft, und auch die aktuelle Wirtschaftslage sowie der wirtschaftliche Ausblick sind weiterhin von der Pandemie geprägt. Die Weltkonjunktur schrumpfte in der ersten Hälfte 2020 deutlich, legte seither jedoch wieder kräftig zu. Vor allem in den Industrieländern führten die Lockerungen der Coronamaßnahmen zu einer kräftigen Erholung. Unterstützt wurde diese Entwicklung nicht zuletzt durch die expansive Geldpolitik vieler Notenbanken. Die globale Wirtschaftsleistung liegt dadurch schon über dem Niveau vor Ausbruch der Pandemie. Dies gilt gleichermaßen für die Entwicklung in der Eurozone: Nach einem Einbruch der Wirtschaft um rund 6,3 % im Jahr 2020 dürfte das reale BIP 2021 um rund 4,8 % und im Folgejahr 2022 um bis zu 4,5 % wachsen. Die österreichische Wirtschaft nahm nach dem Corona-bedingten Einbruch um rund 6,7 % im Jahr 2020 seit dem zweiten Quartal 2021 wieder kräftig an Fahrt auf und erreichte bereits zur Jahresmitte wieder das Vorkrisenniveau. Getragen war diese Entwicklung insbesondere von den signifikanten Lockerungen der Eindämmungsmaßnahmen und von der internationalen Konjunkturerholung. Vor allem der durch die Rücknahme der Coronamaßnahmen angekurbelte Privatkonsum könnte zu einem weiteren Treiber des Wachstums werden. Dämpfend wirken hingegen die aktuellen Lieferengpässe und die damit verbundenen deutlichen Preissteigerungen sowie die weiterhin bestehende Unsicherheit über den weiteren Verlauf der Pandemie. Per Saldo dürfte die Wirtschaftsleistung im laufenden Jahr zwischen 3,8 % und 4,5 % zulegen. Für das Jahr 2022 wird mit einem Wachstum zwischen 4,5 % und 4,8 % gerechnet.

Energiewirtschaftliches Umfeld

Das Energiegeschäft der EVN ist wesentlich durch externe Einflussfaktoren geprägt. Der durchschnittliche EEX-Börsepreis für Erdgas verdreifachte sich in der Berichtsperiode von zuvor 9,1 Euro pro MWh nahezu auf 26,2 Euro pro MWh. Zurückzuführen war dies in erster Line auf die generell höhere Nachfrage nach Erdgas sowie auf niedrige Gasspeicherstände in Europa und das erneute Anspringen der Konjunktur nach den Covid-19-bedingten Nachfragerückgängen im Vorjahr, vor allem im asiatischen Raum. Die Verknappung bei Erdgas sowie die starke Nachfrage aus China aufgrund von Dürren und Lieferengpässe führten auch bei Steinkohle im# Um die im EAG enthaltenen Fördermechanismen beihilfenrechtskonform zu gestalten, bedarf es voraussichtlich eines neuerlichen Beschlusses im Nationalrat.

Wirtschaftliches Umfeld

Die Covid-19-Pandemie und die zu ihrer Eindämmung beschlossenen Maßnahmen verursachten im vergangenen Jahr in einzelnen Monaten einen dramatischen Einbruch der Weltwirtschaft, und auch die aktuelle Wirtschaftslage sowie der wirtschaftliche Ausblick sind weiterhin von der Pandemie geprägt. Die Weltkonjunktur schrumpfte in der ersten Hälfte 2020 deutlich, legte seither jedoch wieder kräftig zu. Vor allem in den Industrieländern führten die Lockerungen der Coronamaßnahmen zu einer kräftigen Erholung. Unterstützt wurde diese Entwicklung nicht zuletzt durch die expansive Geldpolitik vieler Notenbanken. Die globale Wirtschaftsleistung liegt dadurch schon über dem Niveau vor Ausbruch der Pandemie. Dies gilt gleichermaßen für die Entwicklung in der Eurozone: Nach einem Einbruch der Wirtschaft um rund 6,3 % im Jahr 2020 dürfte das reale BIP 2021 um rund 4,8 % und im Folgejahr 2022 um bis zu 4,5 % wachsen. Die österreichische Wirtschaft nahm nach dem Corona-bedingten Einbruch um rund 6,7 % im Jahr 2020 seit dem zweiten Quartal 2021 wieder kräftig an Fahrt auf und erreichte bereits zur Jahresmitte wieder das Vorkrisenniveau. Getragen war diese Entwicklung insbesondere von den signifikanten Lockerungen der Eindämmungsmaßnahmen und von der internationalen Konjunkturerholung. Vor allem der durch die Rücknahme der Coronamaßnahmen angekurbelte Privatkonsum könnte zu einem weiteren Treiber des Wachstums werden. Dämpfend wirken hingegen die aktuellen Lieferengpässe und die damit verbundenen deutlichen Preissteigerungen sowie die weiterhin bestehende Unsicherheit über den weiteren Verlauf der Pandemie. Per Saldo dürfte die Wirtschaftsleistung im laufenden Jahr zwischen 3,8 % und 4,5 % zulegen. Für das Jahr 2022 wird mit einem Wachstum zwischen 4,5 % und 4,8 % gerechnet.

Energiewirtschaftliches Umfeld

Das Energiegeschäft der EVN ist wesentlich durch externe Einflussfaktoren geprägt. Der durchschnittliche EEX-Börsepreis für Erdgas verdreifachte sich in der Berichtsperiode von zuvor 9,1 Euro pro MWh nahezu auf 26,2 Euro pro MWh. Zurückzuführen war dies in erster Line auf die generell höhere Nachfrage nach Erdgas sowie auf niedrige Gasspeicherstände in Europa und das erneute Anspringen der Konjunktur nach den Covid- 19-bedingten Nachfragerückgängen im Vorjahr, vor allem im asiatischen Raum. Die Verknappung bei Erdgas sowie die starke Nachfrage aus China aufgrund von Dürren und Lieferengpässe führten auch bei Steinkohle im

Energiewirtschaftliches Umfeld – Kennzahlen 2020/21 2019/20

	Primärenergie und CO 2 -Emissionszertifikate
Rohöl – Brent	EUR/Barrel	50,4	41,6
Erdgas – NCG ¹)	EUR/MWh	26,2	9,1
Steinkohle – API#2 ²⁾	EUR/t	76,9	44,6
CO 2 -Emissionszertifikate	EUR/t	40,7	24,0
Strom – EPEX Spotmarkt ³⁾
Grundlaststrom	EUR/MWh	64,9	32,5
Spitzenlaststrom	EUR/MWh	75,2	38,7

¹⁾ Net Connect Germany (NCG) – Börsepreis für Erdgas an der EEX (European Energy Exchange)
²⁾ Notierung in ARA (Amsterdam, Rotterdam, Antwerpen)
³⁾ EPEX Spot – European Power Exchange

123EVN Annual Financial Report 2020 /21 EVN AG, Maria Enzersdorf 6

Jahresvergleich zu einem Preisanstieg um 72,5 % auf durchschnittlich 76,9 Euro pro Tonne. Eine ähnliche Entwicklung zeigte der durchschnittliche Preis für CO 2 -Emissionszertifikate – mit 40,7 Euro pro Tonne lag er im Geschäftsjahr 2020/21 um fast 70 % über dem Vorjahreswert. Die Entwicklung der Preise für Primärenergie und CO 2 -Zertifikate wirkte sich auch auf die Marktpreise für Strom aus: Die Spotmarktpreise für Grund- und Spitzenlaststrom lagen wegen des markanten Anstiegs der Primärenergiepreise, aber auch aufgrund des ungünstigen Winddargebots, mit durchschnittlich 64,9 Euro pro MWh bzw. 74,2 Euro pro MWh auf fast doppelt so hohem Niveau wie im Vergleichszeitraum. Noch deutlicher zeigt sich diese Entwicklung auf dem Terminmarkt: Die durchschnittlichen Preise für Grund- und Spitzenlaststrom lagen hier mit Stichtag 30.09.2021 mit 150,0 Euro pro MWh bzw. 180,5 Euro pro MWh um 106,9 % bzw. 129,6 % über dem Vergleichswert des Vorjahres.

124EVN Annual Financial Report 2020 /21 EVN AG, Maria Enzersdorf 7

Wirtschaftliche Entwicklung

Kennzahlen zur Ertragslage

Berechnung	2020/21 Mio. EUR	2019/20 Mio. EUR	Veränderung Mio. EUR	Veränderung %
Umsatzerlöse	369,8	400,2	-30,3	-7,6%

Die Umsatzerlöse sanken auf 369,8 Mio. EUR und setzen sich aus Stromerlösen in Höhe von 150,3 Mio. EUR (VJ: 179,9 Mio. EUR), Gaserlösen in Höhe von 40,5 Mio. EUR (VJ: 40,4 Mio. EUR) und sonstigen Umsatzerlösen in Höhe von 179,1 Mio. EUR (VJ: 179,8 Mio. EUR) zusammen. Die Stromerlöse sanken gegenüber dem Vorjahr um 29,6 Mio. EUR und die Gaserlöse stiegen um 0,1 Mio. EUR. Die sonstigen Umsatzerlöse verringerten sich um 0,7 Mio. EUR. Der Rückgang der Stromerlöse ist überwiegend auf Effekte aus Absicherungsgeschäften zurückzuführen.

Berechnung	2020/21 Mio. EUR	2019/20 Mio. EUR	Veränderung Mio. EUR	Veränderung %
Ergebnis vor Zinsen und Steuern	297,0	263,0	34,0	12,9%
Ergebnis vor Steuern

+ Zinsen und ähnliche Aufwendungen gemäß § 231 (2) Z 15 UGB

Die sonstigen betrieblichen Erträge betrugen im Geschäftsjahr 2020/21 200,4 Mio. EUR (Vorjahr: 0,6 Mio. EUR). Der Anstieg ist auf die Erträge aus der Auflösung von Drohverlustrückstellungen und Baukostenzuschüssen zurückzuführen. Die Aufwendungen für Primärenergie, CO2-Kosten und Strombezug betrugen im abgelaufenen Geschäftsjahr 203,1 Mio. EUR (Vorjahr: 214,3 Mio. EUR). Der Rückgang ist überwiegend auf eine Reduktion der Aufwendungen für die Gasspeicher und auf Effekte aus Absicherungsgeschäften zurückzuführen. An Materialaufwand und sonstigen bezogenen Leistungen fielen 82,8 Mio. EUR (Vorjahr: 81,4 Mio. EUR) an. Dies bedeutet gegenüber dem Vorjahr einen Anstieg von 1,4 Mio. EUR. Der Personalaufwand betrug im Geschäftsjahr 2020/21 75,7 Mio. EUR (Vorjahr: 75,3 Mio. EUR). Bei der EVN AG waren durchschnittlich 589 Angestellte auf Vollzeitbasis (Vorjahr: 616 Angestellte) beschäftigt. Bei der EVN AG sind derzeit keine Lehrlinge in Ausbildung (Vorjahr: 0 Lehrlinge). Daraus resultierte ein Personalaufwand pro Mitarbeiter von 0,1 Mio. EUR (Vorjahr: 0,1 Mio. EUR). Der Umsatz pro Mitarbeiter betrug 0,6 Mio. EUR (Vorjahr: 0,6 Mio. EUR). Die Abschreibungen betrugen im Berichtszeitraum 6,9 Mio. EUR und sind damit um 0,2 Mio. EUR geringer als im Vorjahr. Die sonstigen betrieblichen Aufwendungen beliefen sich auf 112,0 Mio. EUR (Vorjahr 29,0 Mio. EUR). Der Anstieg ist auf Effekte aus Absicherungsgeschäften zurückzuführen. Aufgrund der oben angeführten Rahmenbedingungen verzeichnete die EVN AG ein positives Betriebsergebnis in Höhe von 89,9 Mio. EUR (Vorjahr –6,4 Mio. EUR). Das Finanzergebnis ist vor allem durch Beteiligungserträge, Zinsaufwendungen und -erträge, Zuschreibungen zu Finanzanlagen und Aufwendungen aus Finanzanlagen geprägt. Das Beteiligungsergebnis stieg gegenüber dem Vorjahr von 255,0 Mio. EUR auf 273,9 Mio. EUR. Die sonstigen Zinsen und ähnlichen Erträgen beliefen sich auf 9,2 Mio. EUR (VJ: 4,3 Mio. EUR). Die Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens erhöhten sich vor allem aufgrund von Teilwertabschreibungen zu verbundenen Unternehmen auf 95,4 Mio. EUR (VJ: 9,3 Mio. EUR). Insgesamt konnte ein Finanzergebnis in Höhe von 171,0 Mio. EUR erzielt werden, welches um 64,6 Mio. EUR oder 27,4 % unter dem Vorjahr liegt. Die beschriebenen Entwicklungen führten zu einem Ergebnis vor Steuern von 260,9 Mio. EUR. Dies bedeutet einen Anstieg von 31,7 Mio. EUR. Das Ergebnis vor Zinsen und Steuern erhöhte sich um 34,0 Mio. EUR auf 297,0 Mio. EUR.

125EVN Annual Financial Report 2020 /21 EVN AG, Maria Enzersdorf 8

Kennzahlen zur Ertragslage

Berechnung	2020/21 %	2019/20 %
Eigenkapitalrentabilität	11,5%	10,8%
Eigenkapital
durchschnittliches

Die Eigenkapitalrentabilität belief sich im Geschäftsjahr 2020/21 auf 11,5%. Im Geschäftsjahr 2019/20 betrug diese 10,8%.

Berechnung	2020/21 %	2019/20 %
Gesamtkapitalrentabilität	6,6%	6,1%
Gesamtkapital
durchschnittliches

Im Geschäftsjahr 2020/21 konnte eine Gesamtkapitalrentabilität von 6,6% erzielt werden. Im Geschäftsjahr 2019/20 betrug diese 6,1%.

Kennzahlen zur Vermögens- und Finanzlage

Berechnung	30.09.2021 Mio. €	30.09.2020 Mio. €	Veränderung Mio. €	Veränderung %
Nettoverschuldung
Verzinsliches Fremdkapital	427,1	-1.147,5	1.574,6	n.a.%
- Flüssige Mittel

Das verzinsliche Fremdkapital und die flüssigen Mittel berechnen sich dabei folgendermaßen:

Berechnung	30.09.2021 Mio. €	30.09.2020 Mio. €	Veränderung Mio. €	Veränderung %
Verzinsliches Fremdkapital
Anleihen	1.819,8	1.532,3	287,6	18,8%
+Verbindlichkeiten gegenüber Kreditinstituten
+Finanzverbindlichkeiten gegenüber verbundenen Unternehmen und beteiligten Unternehmen
+Rückstellungen für Abfertigungen
+Rückstellungen für Pensionen
+Rückstellungen für Jubiläumsgelder

Berechnung	30.09.2021 Mio. €	30.09.2020 Mio. €	Veränderung Mio. €	Veränderung %
Flüssige Mittel
Ausleihungen an verbundene Unternehmen, Forderungen aus Cash Pooling, Kassenbestand, Schecks, Guthaben bei Kreditinstituten, Wertpapiere des UV sowie aus sonstigem Finanzvermögen	1.392,7	2.679,7	-1.287,0	-48,0%

Berechnung	30.09.2021 Mio. €	30.09.2020 Mio. €	Veränderung Mio. €	Veränderung %
Nettoumlaufvermögen	-402,84	-164,69	-238,1	-144,6%
Umlaufvermögen
- langfristiges Umlaufvermögen
=Kurzfristiges Umlaufvermögen
- kurzfristiges Fremdkapital
=Nettoumlaufvermögen

Der stärkere Anstieg des kurzfristigen Fremdkapitals als des Umlaufvermögens führte gegenüber dem Vorjahr zu einem Rückgang des Nettoumlaufvermögens um 144,6 % auf –402,84 Mio. EUR.

126EVN Annual Financial Report 2020 /21 EVN AG, Maria Enzersdorf 9

Berechnung	30.09.2021 %	30.09.2020 %
Eigenkapitalquote	51,9%	49,5%
Eigenkapital
Gesamtkapital

Die Bilanzsumme betrug per 30.09.2021 4.523,6 Mio. EUR (VJ: 4.438,7 Mio. EUR) und erhöhte sich damit gegenüber dem Vorjahr um 84,9 Mio. EUR bzw. 1,9 %. Das Eigenkapital der Gesellschaft belief sich auf 2.346,6 Mio. EUR (VJ: 2.197,1 Mio. EUR).# EVN Annual Financial Report 2020/21

10 Zweigniederlassungen

EVN verfügt über keine Zweigniederlassungen im Sinne des § 243 Abs 3 Z 4 UGB.

Innovation, Forschung und Entwicklung

Die Handlungsfelder der EVN Wesentlichkeitsmatrix geben auch den Themenrahmen für die Innovations-, Forschungs- und Entwicklungsaktivitäten der EVN vor. In diesem Sinn verfolgt die EVN primär Projekte zur Gewährleistung der Versorgungssicherheit, zur Schonung von Umwelt und Ressourcen sowie zur Stärkung der Wettbewerbsfähigkeit des Unternehmens. Insbesondere der Kundennutzen hat bei allen Projekten einen hohen Stellenwert. Vor diesem Hintergrund werden laufend digitale Anwendungen entwickelt bzw. verbessert, die größeren Komfort für die Kunden und mehr Effizienz im Kundenservice bringen.

In der Berichtsperiode hat die EVN AG insgesamt 1,0 Mio. Euro (Vorjahr: 1,5 Mio. Euro) für Innovations-, Forschungs- und Entwicklungsprojekte aufgewendet. Für diese Projekte wurden Förderungen in Anspruch genommen, die einer Förderquote von 18,7 % entsprechen.

Einen wesentlichen Schwerpunkt der Innovations-, Forschungs- und Entwicklungsaktivitäten der EVN bildete im Berichtszeitraum das Green Energy Lab. Die EVN engagiert sich als Gründungsmitglied aktiv bei diesem österreichweiten Innovationsprojekt für grüne Energie, in dem mehr als 200 teilnehmende Partner aus Forschung, Wirtschaft und dem öffentlichen Sektor gemeinsam mit vier Energieversorgungsunternehmen, darunter eben die EVN, kunden- und bedarfsorientierte skalierbare Lösungen vom Prototyp bis zur Marktreife entwickeln.

Im Geschäftsjahr 2020/21 setzte die EVN im Rahmen des Green Energy Lab u. a. folgende drei Projekte um, die durchwegs auf die Untersuchung der Praxistauglichkeit der erprobten Technologien und Anwendungen abzielten:

Projekt „NETSE“

• (Weiter-)Entwicklung und Optimierung von Plattformen für einen einfachen und effizienten Betrieb von Energiegemeinschaften
• Regionale Stromversorgung von Energiegemeinschaften erfordert Hard- und Software-Schnittstellen zwischen dezentralen Produzenten, Verbrauchern, dem Netzbetreiber und dem Energiemarkt (für den Spitzenausgleich)

Projekt „Hybrid LSC“

• Mehrparteienhäuser und Siedlungen in Niederösterreich als Pilotprojekte für lokale nachhaltige Gemeinschaften („Local Sustainable Communities“ bzw. LSC)
• Digitalisierungsplattform zur nachhaltigen Nutzung aller Versorgungs- und Entsorgungsdienstleistungen einer Gemeinschaft (Energie, Wärme, Kälte, Wasser, E-Mobilität, Abfallentsorgung)

Projekt „car2flex“

• Praxiserprobung bidirektionaler Ladetechnik von E-Autos
• Zwischenspeicherung von Strom aus dezentraler Eigenerzeugung in Photovoltaik-Anlagen
• Integrierte Mobilitätslösung zur Reduktion von Netzspitzen

Risikomanagement

Risikodefinition

Im EVN Konzern ist Risiko als die potenzielle Abweichung von geplanten Unternehmenszielen definiert.

Risikomanagementprozess

Primäres Ziel des Risikomanagements ist die gezielte Sicherung bestehender und zukünftiger Ertrags- und Cash-Flow-Potenziale durch aktive Risikosteuerung. Dazu stellt ein zentral organisiertes Risikomanagement den dezentralen Risikoverantwortlichen im Rahmen des Risikomanagementprozesses geeignete Methoden und Werkzeuge zur Identifikation und Bewertung von Risiken zur Verfügung. Die risikoverantwortlichen Geschäftseinheiten kommunizieren ihre Risikopositionen an das zentrale Risikomanagement. Hier werden geeignete Maßnahmen zur Risikominimierung definiert, für deren Umsetzung wiederum die dezentralen Geschäftseinheiten verantwortlich sind. Ebenso erfolgt hier die Analyse des Risikoprofils der EVN.

Die jährliche Erfassung und das Management von Risiken mit Bezug auf Nachhaltigkeit, Klima und Compliance erfolgen im Einklang mit dem zentralen Risikomanagementprozess durch darauf spezialisierte Organisationseinheiten bzw. Prozesse. Insgesamt umfasst der Risikomanagementprozess der EVN die folgenden Schritte:

• Identifikation: Erhebung bzw. Überarbeitung der Risiken auf Basis der letzten Risikoinventur (Review des Risikoinventars) und Identifikation von neuen Risiken und entsprechenden Risikosteuerungsmaßnahmen
• Bewertung und Analyse: Qualitative und quantitative Bewertung der identifizierten Risiken, Aggregation der Risiken nach unterschiedlichen Betrachtungsperspektiven und Modellierung der Ergebnis- und Cash-Flow- Verteilungen
• Berichterstattung: Diskussion und Beurteilung des Risikoprofils im Risikoarbeitsausschuss und im Konzernrisikoausschuss sowie gegebenenfalls Einleitung von weiteren Risikosteuerungsmaßnahmen; Risikoberichterstattung an den Prüfungsausschuss
• Prozess-Review: Definition jener organisatorischen Einheiten, die einer expliziten Risikobetrachtung zu unterziehen sind; regelmäßige Überprüfung, ob die festgelegten Methoden bei geänderten Verhältnissen modifiziert werden müssen; regelmäßige Prüfung durch die Interne Revision

Aufgaben des Risikoarbeitsausschusses

Der Risikoarbeitsausschuss unterstützt das zentrale Risikomanagement bei der ordnungsgemäßen Umsetzung des Risikomanagementprozesses. Er beurteilt und genehmigt Änderungen in Bezug auf die (Bewertungs-)Methodik und definiert Art und Umfang der Risikoberichterstattung. Mitglieder des Risikoarbeitsausschusses auf Konzernebene sind die Leiter der Konzernfunktionen Controlling, Recht und Public Affairs, Finanzwesen, Rechnungswesen, Interne Revision, der Chief Compliance Officer (CCO) sowie ein (unternehmensinterner) energiewirtschaftlicher Experte.

Konzernrisikoausschuss und Kontrolle

Im Konzernrisikoausschuss, der aus dem Vorstand der EVN AG, den Leitern der Organisationseinheiten und den Mitgliedern des Risikoarbeitsausschusses besteht, werden die Ergebnisse der Risikoinventur sowie die Berichte präsentiert und diskutiert. Er entscheidet über den weiteren Handlungsbedarf, kann Arbeitsgruppen einberufen sowie Arbeitsaufträge erteilen und verabschiedet die Ergebnisse der Risikoinventur (Risikoberichte).

Risikoprofil

Neben den branchenüblichen Risiken und Ungewissheiten ist das Risikoprofil der EVN vor allem durch politische, rechtliche und regulatorische Herausforderungen und Veränderungen im Wettbewerbsumfeld geprägt. Im Rahmen der jährlich durchgeführten Risikoinventur, deren Ergebnisse im Bedarfsfall um Ad-hoc-Risikomeldungen aktualisiert werden, erfolgt eine Kategorisierung in Markt- und Wettbewerbs-, Finanz-, Betriebs-, Umfeld-, Strategie- und Planungsrisiken sowie sonstige Risiken. Diese werden großteils bezüglich ihrer finanziellen Auswirkungen auf den EVN Konzern bewertet. In der nachfolgenden Tabelle werden die entsprechend diesen Kategorien ermittelten wesentlichen Risiken sowie Maßnahmen zu deren Minimierung beschrieben.

In der Risikoinventur werden in der EVN im Sinn des NaDiVeG sowohl potenzielle Risiken als auch Auswirkungen der Geschäftstätigkeit der EVN und ihrer Geschäftsbeziehungen auf Umwelt-, Sozial- und Arbeitnehmerbelange, die Achtung der Menschenrechte und die Bekämpfung von Korruption systematisch erhoben. Die identifizierten Risiken bzw. Auswirkungen wurden entsprechend den im Risikomanagementprozess vorgesehenen Schritten weiter behandelt.

Potenzielle Klimarisiken

Angesichts des hohen Stellenwerts des Themas Klimaschutz bei der EVN werden im Zuge der Risikoinventur gezielt auch potenzielle Klimarisiken erhoben. Klimarisiko ist jedoch bewusst nicht als eigene Risikokategorie definiert, sondern wird – sofern zutreffend – als Querschnittsmaterie den einzelnen Risikokategorien der EVN zugeordnet. Dabei wird zwischen Transitionsrisiken und physischen Risiken unterschieden. Zu den Transitionsrisiken zählen Unsicherheiten, die aus dem Übergang in Richtung eines erneuerbaren Energiesystems resultieren. Physische Risiken betreffen hingegen Ereignisse und Veränderungen, die unmittelbare klimatische Ursachen haben.

Geldfllussrechnung

Berechnung	2020/21 Mio. €	2019/20 Mio. €	Veränderung Mio. €	%
Geldfluss aus dem Ergebnis	-98,7	224,8	-323,5	n.a.%
Netto-Geldfluss aus der laufenden Geschäftstätigkeit	-142,6	146,2	-288,8	n.a.%
Netto-Geldfluss aus der Investitionstätigkeit	-40,7	-124,9	84,1	67,4%
Netto-Geldfluss aus der Finanzierungstätigkeit	204,8	109,4	95,4	87,2%
Zahlungswirksame Veränderung des Finanzmittelbestandes	21,5	130,7	-109,2	-83,6%

Ausgehend von einem Jahresüberschuss in Höhe von 236,7 Mio. EUR belief sich der Cashflow aus dem Ergebnis im abgelaufenen Geschäftsjahr auf -98,7 Mio. EUR und der Cashflow aus der laufenden Geschäftstätigkeit auf -142,6 Mio. EUR. Der Cashflow aus der Investitionstätigkeit betrug -40,7 Mio. EUR, wobei die Veränderung zum Vorjahr vor allem auf geringere Investitionen in Finanzanlagen und höhere Erlöse aus Abgängen von Finanzanlagen zurückzuführen ist. Ausgehend von der im Geschäftsjahr 2020/21 durchgeführten Ausschüttung aus dem Bilanzgewinn 2019/20 in Höhe von 87,3 Mio. EUR und einem Anstieg der kurz- und langfristigen Finanzverbindlichkeiten weist die EVN AG einen Cashflow aus der Finanzierungstätigkeit in Höhe von 204,8 Mio. EUR aus. Insgesamt resultierte aus dieser Entwicklung eine Erhöhung des Finanzmittelbestandes (bestehend aus Konzern Cashpooling, Tag- und Festgeldern bei Kreditinstituten und Wertpapieren des Umlaufvermögens) von 21,5 Mio. EUR.# Im Folgenden einige Beispiele, die die Zuordnung potenzieller Klimarisiken zu den Risikokategorien der EVN illustrieren:

• Nachfragerückgang aufgrund eines milderen Winters: physisches Risiko, das der Kategorie Deckungsbeitragsrisiko zugeordnet wird
• Rückgang der Stromproduktion durch ein klimabedingt geringes Wasserdargebot: physisches Risiko, das der Kategorie Deckungsbeitragsrisiko zugeordnet wird
• Schaden durch ein Extremwetterereignis: physisches Risiko, das der Kategorie Störungen/Netzausfall zugeordnet wird
• Änderung von Umweltauflagen: Transitionsrisiko, das der Kategorie Umfeldrisiko zugeordnet wird; strengere Auflagen könnten potenziell Mehrkosten verursachen
• Zunehmende Belastung für das Stromnetz durch den laufenden Ausbau der deutlich volatileren, erneuerbaren Erzeugung: Transitionsrisiko, das der Kategorie Betriebsrisiko (Störungen/Netzausfall) zugeordnet wird

Mögliche Risiken durch die Covid-19-Pandemie

Auch die für die EVN relevanten Ungewissheiten und Auswirkungen einer Pandemie lassen sich als Querschnittsmaterie den bestehenden Risikokategorien zuordnen. Somit erfolgte die qualitative und quantitative Bewertung der im Zusammenhang mit der Coronakrise identifizierten Risiken anhand der in der Tabelle auf den folgenden Seiten aufgelisteten Risikokategorien. Die Einschätzung zu einzelnen Risiken hat sich – insbesondere im Vergleich zum Beginn der Covid-19-Pandemie – relativiert. Im Rahmen der im Berichtszeitraum durchgeführten Risikoinventur wurden folgende Sachverhalte als die wesentlichen Unsicherheiten aus der Coronakrise für die EVN identifiziert:

• Quarantäne bzw. Erkrankung von Schlüsselpersonal: wird der Kategorie Mitarbeiterrisiken zugeordnet
• Bonitätsverschlechterung bei Kunden: wird der Kategorie Counterparty-/Kreditrisiken bzw. Wertminderungsrisiken zugeordnet
• Geringeres Wirtschaftswachstum und dadurch eventuell geringere Absatzmengen: wird der Kategorie Deckungsbeitragsrisiko zugeordnet
• Beeinträchtigungen im internationalen Projektgeschäft (z. B. durch Lockdowns, Reisebeschränkungen oder die Unterbrechung internationaler Lieferketten): wird der Kategorie Projektrisiko zugeordnet

Gesamtrisikoprofil

Neben den Ungewissheiten im Zusammenhang mit Geschäftsfeldern und -betrieben außerhalb Österreichs ist die EVN auch im Heimmarkt Niederösterreich mit einem weiterhin herausfordernden Umfeld konfrontiert. Im Rahmen der jährlich durchgeführten Konzernrisikoinventur wurden keine Risiken für die Zukunft identifiziert, die den Fortbestand der EVN gefährden könnten.

Wesentliche Merkmale des internen Kontroll- und -Risikomanagementsystems im Hinblick auf den Rechnungslegungsprozess

Die Einrichtung eines angemessenen internen Kontroll- und Risikomanagementsystems (IKS) im Hinblick auf den Rechnungslegungsprozess liegt gemäß § 82 AktG in der Verantwortung des Vorstands und ist gemäß § 92 Abs. 4a Z. 4b AktG vom Prüfungsausschuss auf seine Wirksamkeit hin zu überwachen. Das IKS für den Rechnungslegungsprozess der EVN wird durch Kontrollen der identifizierten risikobehafteten Prozesse in regelmäßigen Abständen überwacht, und die Ergebnisse daraus werden dem Management und dem Prüfungsausschuss berichtet. Das IKS gewährleistet klare Zuständigkeiten und eliminiert überflüssige Prozessschritte, wodurch die Sicherheit in den Abläufen für die Erstellung der Finanzberichterstattung weiter erhöht wird. Die Beschreibung der wesentlichen Merkmale besteht aus den fünf zusammenhängenden Komponenten Kontrollumfeld, Risikobeurteilung, Kontrollmaßnahmen, Information und Kommunikation sowie Überwachung.

Kontrollumfeld

Der von der EVN festgelegte Verhaltenskodex und die darin zugrunde gelegten Wertvorstellungen gelten für alle Mitarbeiter des gesamten Konzerns. Zum EVN Verhaltenskodex siehe www.evn.at/verhaltenskodex. Die Erstellung des Jahresabschlusses erfolgt durch die kaufmännischen Konzernfunktionen der EVN. Der Abschlussprozess der EVN basiert auf einer einheitlichen Bilanzierungsrichtlinie, die neben den Bilanzierungsvorschriften auch die wesentlichen Prozesse und Termine konzernweit festlegt. Für die konzerninternen Abstimmungen und die sonstigen Abschlussarbeiten bestehen verbindliche Anweisungen. Die am Rechnungslegungsprozess beteiligten Mitarbeiter erfüllen die qualitativen Anforderungen und werden regelmäßig geschult. Komplexe versicherungsmathematische Gutachten und Bewertungen werden durch darauf spezialisierte Dienstleister oder qualifizierte Mitarbeiter erstellt. Für die Einhaltung der Prozesse sowie der korrespondierenden Kontrollmaßnahmen sind die jeweiligen Prozessverantwortlichen – das sind im Wesentlichen die Leiter der Organisationseinheiten sowie der Konzernfunktionen – verantwortlich.

Risikobeurteilung und Kontrollmaßnahmen

Zur Vermeidung von wesentlichen Fehldarstellungen bei der Abbildung von Transaktionen wurden mehrstufig aufgebaute Sicherungsmaßnahmen mit dem Ziel implementiert, dass die Einzelabschlüsse sämtlicher Tochtergesellschaften richtig erfasst werden. Diese Maßnahmen umfassen sowohl automatisierte Kontrollen in der Konsolidierungssoftware als auch manuelle Kontrollen in den kaufmännischen Konzernfunktionen. Auf Basis der Abschlüsse der Tochterunternehmen führen diese Fachabteilungen umfangreiche Plausibilitätsüberprüfungen durch, damit die Daten der Einzelabschlüsse ordnungsgemäß in den Konzernabschluss übernommen werden. Die Überprüfung der Abschlussdaten sieht vor, dass die Daten vor und nach der Konsolidierung zentral auf Positions-, Segment- und Konzernebene analysiert werden. Erst nach Durchführung dieser Qualitätskontrollen auf allen Stufen erfolgt die Freigabe des Konzernabschlusses. Das Rechnungswesen der EVN AG und der wichtigsten in- und ausländischen Tochtergesellschaften wird mit dem ERP-Softwaresystem SAP, Modul FI (Finanz-/Rechnungswesen) geführt. Die Erstellung des Konzernabschlusses nach IFRS erfolgt mit der Software Hyperion Financial Management, in die die Werte der Einzelabschlüsse der konsolidierten Gesellschaften mittels Schnittstelle übernommen werden. Die Rechnungswesensysteme sowie alle vorgelagerten Systeme sind durch Zugriffsberechtigungen und automatische sowie zwingend im Prozess vorgesehene manuelle Kontrollschritte geschützt. Das IKS für die Finanzberichterstattung und die für das Rechnungswesen relevanten Prozesse werden mindestens einmal jährlich vom zuständigen Assessor dahingehend überprüft, ob die Kontrollen durchgeführt worden sind, ob es im Geschäftsjahr Risikovorfälle gegeben hat und ob die Kontrollen weiterhin geeignet sind, die vorhandenen Risiken abzudecken. Im Berichtszeitraum wurden im Sinn der kontinuierlichen Weiterentwicklung des IKS für die Finanzberichterstattung Prozessanpassungen und -verbesserungen durchgeführt.

Information, Kommunikation und Überwachung

Der Aufsichtsrat wird vom Vorstand vierteljährlich mit einem umfassenden Bericht über die Vermögens-, Finanz- und Ertragslage, der sowohl eine Bilanz als auch eine Gewinn-und-Verlust-Rechnung enthält, informiert. Darüber hinaus ergeht zweimal jährlich ein Bericht über das IKS für die Finanzberichterstattung an den Vorstand und den Prüfungsausschuss, der als Informationsgrundlage zur Beurteilung der Effizienz und Effektivität des IKS dient und die Steuerbarkeit des IKS durch die dafür vorgesehenen Gremien gewährleisten soll. Dieser Bericht erfolgt durch das IKS-Management in Zusammenarbeit mit dem IKS-Komitee auf Basis der Informationen der IKS- Bereichsverantwortlichen, der Kontrolldurchführenden und der Assessoren. Zur Wahrnehmung der Überwachungs- und Kontrollfunktion im Hinblick auf eine ordnungsgemäße Rechnungslegung und Berichterstattung werden die relevanten Informationen zudem auch den Leitungsorganen und wesentlichen Mitarbeitern der jeweiligen Gesellschaft zur Verfügung gestellt. Die Interne Revision der EVN führt regelmäßig Prüfungen des IKS für die Finanzberichterstattung durch, deren Ergebnisse ebenfalls bei den laufenden Verbesserungen des IKS Berücksichtigung finden.

Einsatz von Finanzinstrumenten

Die EVN setzt derivative Finanzinstrumente zur Absicherung des Unternehmens gegen Marktpreisänderungs-, Liquiditäts-, Wechselkurs- und Zinsänderungsrisiken ein. Zu diesem Zweck hat das Unternehmen ein Kontrollumfeld geschaffen, welches im Rahmen des Risikomanagements Richtlinien und Abläufe für die Beurteilung der Anwendung von Derivaten umfasst. Weitere Informationen finden sich im Anhang der EVN AG im Kapitel 3.2.7.

| Risikokategorie | Beschreibung # Wesentliche Risiken der EVN und Maßnahmen zu deren Minimierung

## Risikokategorie	Beschreibung	Maßnahme
Markt- und Wettbewerbsrisiken	Deckungsbeitragsrisiko (Preis- und Mengeneffekte) Energievertrieb und -produktion: Nichterreichen der geplanten Deckungsbeiträge • Volatile bzw. vom Plan abweichende Bezugs- und Absatzpreise (insb. für Energieträger) • Nachfragerückgänge (insb. beeinflusst durch Witterung bzw. Klimawandel, Politik, Reputation oder Wettbewerb) • Rückgang der Eigenerzeugung • Rückgang des Projektvolumens im Umweltbereich (insb. infolge Marktsättigung, eingeschränkter Ressourcen für Infrastrukturprojekte oder Nichtberücksichtigung bzw. Unterliegen bei Ausschreibungen) • Potenzielles Klimarisiko	Auf das Marktumfeld abgestimmte Beschaffungsstrategie; Absicherungsstrategien; Diversifizierung der Kundensegmente sowie Geschäftsfelder; auf Kundenbedürfnisse abgestimmte Produktpalette; längerfristiger Verkauf von Kraftwerkskapazitäten
Lieferantenrisiko	Überschreiten der geplanten (Projekt-)Kosten; mangelhafte Erfüllung oder Nichterfüllung vertraglich zugesagter Leistungen	Partnerschaften; möglichst weitgehende vertragliche Absicherung; externe Expertise
Finanzrisiken	Fremdwährungsrisiken Transaktionsrisiken (Fremdwährungskursverluste) und Translationsrisiken bei der Fremdwährungsumrechnung im Konzernabschluss; nicht währungskonforme Finanzierung von Konzerngesellschaften	Überwachung; Limits; Absicherungsinstrumente
	Liquiditäts-, Cash-Flow- und Finanzierungsrisiko Nicht fristgerechte Begleichung eingegangener Verbindlichkeiten; Risiko, erforderliche Liquidität/Finanzmittel bei Bedarf nicht zu den erwarteten Konditionen beschaffen zu können; potenzielles Klimarisiko	Langfristig abgestimmte und zentral gesteuerte Finanzplanung; Absicherung des benötigten Finanzmittelbedarfs (u. a. durch Kreditlinien)
	Preis-/Kursänderungsrisiken Kurs-/Wertverluste bei Veranlagungspositionen (z. B. Fonds) und börsenotierten strategischen Beteiligungen (z. B. Verbund AG, Burgenland Holding AG); potenzielles Klimarisiko	Monitoring des Verlustpotenzials mittels täglicher Value-at-Risk-Ermittlung; Anlagerichtlinien
	Counterparty-/Kreditrisiken (Ausfallrisiken) Vollständiger/teilweiser Ausfall einer von einem Geschäftspartner oder Kunden zugesagten Leistung	Vertragliche Konstruktionen; Bonitäts-Monitoring und Kreditlimitsystem; laufendes Monitoring des Kundenverhaltens; Absicherungsinstrumente; Versicherungen; gezielte Diversifizierung der Geschäftspartner
	Beteiligungsrisiken Nichterreichen der Gewinnziele einer kerngeschäftsnahen Beteiligungsgesellschaft; potenzielles Klimarisiko	Vertretung in Gremien der jeweiligen Beteiligungsgesellschaft
	Ratingveränderung Bei Verringerung der Ratingeinstufung höhere Refinanzierungskosten; potenzielles Klimarisiko	Sicherstellung der Einhaltung relevanter Finanzkennzahlen
	Zinsänderungsrisiken Veränderungen der Marktzinsen; steigender Zinsaufwand; negative Auswirkungen eines niedrigen Zinsniveaus auf die Bewertung von Vermögenswerten und Rückstellungen sowie auf künftige Tarife	Einsatz von Absicherungsinstrumenten; Zinsbindung in Finanzierungsverträgen
	Haftungsrisiko Finanzieller Schaden durch Schlagendwerden von Eventualverbindlichkeiten; potenzielles Klimarisiko	Haftungen auf erforderliches Mindestmaß beschränken; laufendes Monitoring
Strategie- und Planungsrisiken	Technologierisiko Spätes Erkennen von und Reagieren auf neue Technologien (verzögerte Investitionstätigkeit) bzw. auf Veränderungen von Kundenbedürfnissen; Investitionen in die „falschen“ Technologien; potenzielles Klimarisiko	Aktive Teilnahme an externen Forschungsprojekten; eigene Demonstrationsanlagen und Pilotprojekte; ständige Anpassung an den Stand der Technik
	Planungsrisiko Modellrisiko; Treffen von falschen bzw. unvollständigen Annahmen; Opportunitätsverluste	Wirtschaftlichkeitsbeurteilung durch erfahrene, gut ausgebildete Mitarbeiter; Monitoring der Parameter und regelmäßige Updates; Vier-Augen-Prinzip
Organisatorische Risiken	Ineffiziente bzw. ineffektive Abläufe und Schnittstellen; Doppelgleisigkeiten; potenzielles Klimarisiko	Prozessmanagement; Dokumentation; internes Kontrollsystem (IKS)
Betriebsrisiken	Infrastrukturrisiken Falsche Auslegung und Nutzung der technischen Anlagen; potenzielles Klimarisiko	Beheben von technischen Schwachstellen; regelmäßige Kontrollen und Überprüfungen der vorhandenen und künftig benötigten Infrastruktur
	Störungen/Netzausfall (Eigen- und Fremdanlagen), Unfälle Versorgungsunterbrechung; Gefährdung von Leib und Leben bzw. Infrastruktur durch Explosionen/Unfälle; potenzielles Klimarisiko	Technische Nachrüstung bei den Schnittstellen der unterschiedlichen Netze; Ausbau und Instandhaltung der Netzkapazitäten
	IT-/Sicherheitsrisiken (inkl. Cybersecurity) Systemausfälle; Datenverlust bzw. unbeabsichtigter Datentransfer; Hackerangriffe	Stringente (IKT-)System- und Risikoüberwachung; Back-up-Systeme; technische Wartung; externe Prüfung; Arbeitssicherheitsmaßnahmen; Krisenübungen
	Mitarbeiterrisiken Verlust von hochqualifizierten Mitarbeitern; Ausfall durch Arbeitsunfälle; personelle Über- oder Unterkapazitäten; Kommunikationsprobleme; kulturelle Barrieren; Betrug; bewusste bzw. unbewusste Fehldarstellung von Transaktionen bzw. Jahresabschlussposten	Attraktives Arbeitsumfeld; Gesundheits- und Sicherheitsvorsorge; flexible Arbeitszeitmodelle; Schulungen; Veranstaltungen für Mitarbeiter zum Informationsaustausch und zum Networking; internes Kontrollsystem (IKS)
Umfeldrisiken	Gesetzgebungs-, regulatorische und politische Risiken Veränderung der politischen und rechtlichen Rahmenbedingungen sowie des regulatorischen Umfelds (z. B. Umweltgesetze, wechselnde rechtliche Rahmenbedingungen, Änderung des Förderregimes, Marktliberalisierung in Südosteuropa); politische und wirtschaftliche Instabilität; Netzbetrieb: Nichtanerkennung der Vollkosten des Netzbetriebs im Netztarif durch den Regulator; potenzielles Klimarisiko	Zusammenarbeit mit Interessenvertretungen, Verbänden und Behörden auf regionaler, nationaler und internationaler Ebene; angemessene Dokumentation und Leistungsverrechnung
	Rechts- und Prozessrisiko Nichteinhalten von Verträgen; Prozessrisiko aus diversen Verfahren; regulatorische bzw.# Wesentliche Risiken der EVN und Maßnahmen zu deren Minimierung

| Risikokategorie | Beschreibung | Maßnahme # Befugnisse des Vorstands im Sinn des §   243a Abs. 1 Z. 7 UGB, insbesondere hinsichtlich der Möglichkeit, Aktien auszugeben, bestanden im Geschäftsjahr 2020/21 nicht. Davon unberührt blieb jedoch die Möglichkeit, bereits zurückgekaufte eigene Aktien an Mitarbeiter auszugeben.

Aufgrund der oben, insbesondere in Punkt 2. und 3., erwähnten Rechtslage kann in der EVN AG derzeit ein Kontrollwechsel im Sinn des §   243a Abs. 1 Z. 8 UGB nicht eintreten. Dasselbe gilt für allfällige Folgewirkungen eines Kontrollwechsels.

Entschädigungsvereinbarungen zugunsten von Organen oder Mitarbeitern für den Fall eines öffentlichen Übernahmeangebots bestehen nicht.

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18 Nichtfinanzielle Erklärung (Angaben nach § 243b UGB)

Die vorliegende nichtfinanzielle Erklärung erfüllt die Anforderungen der EU-Richtlinie 2014/95/EU zur Angabe nichtfinanzieller und die Diversität betreffender Informationen (NFI-Richtlinie), in Österreich umgesetzt durch das Nachhaltigkeits- und Diversitätsverbesserungsgesetz (NaDiVeG). Hinsichtlich der Angaben zu Diversität wird auf den Corporate Governance-Bericht verwiesen. Dieser findet sich unter www.evn.at/corporate-governance-bericht.

Zur konzernweiten Darstellung der nichtfinanziellen Informationen wurde die Option gewählt, einen eigenständigen nichtfinanziellen Bericht zu erstellen. Die gemäß NaDiVeG geforderten Informationen zu Umwelt-, Sozial- und Arbeitnehmerbelangen, zur Achtung der Menschenrechte und zur Bekämpfung von Korruption des EVN Konzerns finden sich im Berichtsteil „Nichtfinanzieller Bericht“ des EVN Ganzheitsberichts 2020/21 und sind zur besseren Orientierung zudem eigens im Inhaltsverzeichnis gekennzeichnet.

Geschäftsmodell

Die Aktivitäten der international tätigen EVN Gruppe umfassen das Energie- und das Umweltgeschäft. Der Hauptsitz des Unternehmens befindet sich in Niederösterreich, weitere Kernmärkte sind Bulgarien und Nordmazedonien. Insgesamt ist die EVN Gruppe derzeit in 13 Ländern aktiv.

Operative Geschäftsbereiche der EVN Gruppe

EVN Wertschöpfungskette

EnErgiEgEschäft UmwEltgEschäft BEtEiligUngEn

Unser integriertes Geschäftsmodell deckt die gesamte Wertschöpfungskette ab:

• Erzeugung von Energie
• Betrieb von Verteilnetzen
• Versorgung von Endkunden mit Strom, Erdgas und Wärme (mit unterschied- lichen Schwerpunkten in unseren verschiedenen Märkten)
• Trinkwasserversorgung in Niederösterreich
• Internationales Projektgeschäft: Planung, Errichtung, Finanzierung und Betriebsführung von Anlagen für die Trinkwasserver- und die Abwasser entsorgung sowie die thermische Abfall- und Klärschlamm- verwertung

Kerngeschäftsnahe Beteiligungen als Ergänzung und Absicherung unserer Wertschöpfungskette:

• Verbund AG (12,63 %)
• Burgenland Holding AG (73,63 %), die ihrerseits 49,0 % an der Energie Burgenland AG hält
• RAG Austria AG (50,03 %)

wErtschöpfUngskEttE Erzeugung Handel & Vertrieb Umwelt- geschäft Speicherung Netz Kunden

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19 Die in die nichtfinanzielle Erklärung einbezogenen Daten und Kennzahlen beziehen sich auf die Muttergesellschaft des EVN Konzerns, der EVN AG, und umfassen den Zeitraum 1. Oktober 2020 bis 30. September 2021.

Analyse wesentlicher Themen und Stakeholder-Einbeziehung

Die EVN bekennt sich zum Konzept der nachhaltigen Unternehmensführung und strebt in diesem Sinn eine ausgewogene Berücksichtigung ökonomischer, ökologischer und sozialer Gesichtspunkte an. Ein angemessener Ausgleich der Anliegen aller am Unternehmen Interessierten – der Stakeholder – ist das Leitmotiv dabei. Neben grundlegenden Formulierungen zu Vision, Mission und Unternehmenswerten definiert eine Reihe weiterer verbindlicher Dokumente den konzernweiten Verhaltens- und Handlungsrahmen der EVN. Als Mitglied des UN Global Compact bekennt sie sich zudem explizit zur Achtung, zur Einhaltung und zum Schutz der Menschenrechte sowie globaler Prinzipien ethischen und wirtschaftlichen Handelns. „Nachhaltigkeit“ – verstanden als Überbegriff insbesondere für ethische, soziale und umweltbezogene Aspekte – ist für die EVN das zentrale Grundprinzip ihrer Tätigkeit. In Kombination mit dem Wertesystem ergibt sich aus diesem Konzept ein klarer unternehmerischer Handlungsrahmen, aus dem die EVN in weiterer Folge ihre Kernstrategien ableitet. Ein ganz wesentliches Element ist dabei die Berücksichtigung der Interessen der internen und externen Stakeholder, mit denen sie in vielfältiger Weise in regem Austausch steht. Den Kern des Stakeholder-Managements bildet ein institutionalisierter Dialog mit den diversen Stakeholder-Gruppen, die aus nachstehender Darstellung ersichtlich sind. Ihre Identifikation und Priorisierung erfolgt regelmäßig im Rahmen der Aktualisierung unserer Wesentlichkeitsmatrix. Dabei überprüfen wir auch stets die Relevanz der einzelnen Stakeholder-Gruppen für unser Unternehmen. Die EVN Wesentlichkeitsmatrix wird im Dreijahresrhythmus aktualisiert. Da die letzte Stakeholder-Befragung im Frühjahr 2020 und damit während des ersten Lockdowns infolge der Covid-19-Pandemie stattfand, wurde im Berichtszeitraum eine neuerliche Befragung durchgeführt, um die Ergebnisse aus dem Vorjahr zu plausibilisieren. Dazu wurde eine repräsentative Auswahl interner und externer Stakeholder ersucht, mittels Online-Fragebogen die Relevanz der Handlungsfelder sowie deren Auswirkungen auf die Unternehmenstätigkeit zu beurteilen. Zudem wurden diesmal auch die externen Stakeholder um ihre Beurteilung der Auswirkungen auf die Unternehmenstätigkeit der EVN ersucht. Ziel dieses strukturierten Erhebungsprozesses war es, auf jene Themen zu fokussieren, die den höchsten Stellenwert für die Stakeholder der EVN aufweisen und gleichzeitig die größten ökonomischen, ökologischen oder sozialen

EVN AG, Maria Enzersdorf

19 Die in die nichtfinanzielle Erklärung einbezogenen Daten und Kennzahlen beziehen sich auf die Muttergesellschaft des EVN Konzerns, der EVN AG, und umfassen den Zeitraum 1. Oktober 2020 bis 30. September 2021.

Analyse wesentlicher Themen und Stakeholder-Einbeziehung

Die EVN bekennt sich zum Konzept der nachhaltigen Unternehmensführung und strebt in diesem Sinn eine ausgewogene Berücksichtigung ökonomischer, ökologischer und sozialer Gesichtspunkte an. Ein angemessener Ausgleich der Anliegen aller am Unternehmen Interessierten – der Stakeholder – ist das Leitmotiv dabei. Neben grundlegenden Formulierungen zu Vision, Mission und Unternehmenswerten definiert eine Reihe weiterer verbindlicher Dokumente den konzernweiten Verhaltens- und Handlungsrahmen der EVN. Als Mitglied des UN Global Compact bekennt sie sich zudem explizit zur Achtung, zur Einhaltung und zum Schutz der Menschenrechte sowie globaler Prinzipien ethischen und wirtschaftlichen Handelns. „Nachhaltigkeit“ – verstanden als Überbegriff insbesondere für ethische, soziale und umweltbezogene Aspekte – ist für die EVN das zentrale Grundprinzip ihrer Tätigkeit. In Kombination mit dem Wertesystem ergibt sich aus diesem Konzept ein klarer unternehmerischer Handlungsrahmen, aus dem die EVN in weiterer Folge ihre Kernstrategien ableitet. Ein ganz wesentliches Element ist dabei die Berücksichtigung der Interessen der internen und externen Stakeholder, mit denen sie in vielfältiger Weise in regem Austausch steht. Den Kern des Stakeholder-Managements bildet ein institutionalisierter Dialog mit den diversen Stakeholder-Gruppen, die aus nachstehender Darstellung ersichtlich sind. Ihre Identifikation und Priorisierung erfolgt regelmäßig im Rahmen der Aktualisierung unserer Wesentlichkeitsmatrix. Dabei überprüfen wir auch stets die Relevanz der einzelnen Stakeholder-Gruppen für unser Unternehmen. Die EVN Wesentlichkeitsmatrix wird im Dreijahresrhythmus aktualisiert. Da die letzte Stakeholder-Befragung im Frühjahr 2020 und damit während des ersten Lockdowns infolge der Covid-19-Pandemie stattfand, wurde im Berichtszeitraum eine neuerliche Befragung durchgeführt, um die Ergebnisse aus dem Vorjahr zu plausibilisieren. Dazu wurde eine repräsentative Auswahl interner und externer Stakeholder ersucht, mittels Online-Fragebogen die Relevanz der Handlungsfelder sowie deren Auswirkungen auf die Unternehmenstätigkeit zu beurteilen. Zudem wurden diesmal auch die externen Stakeholder um ihre Beurteilung der Auswirkungen auf die Unternehmenstätigkeit der EVN ersucht. Ziel dieses strukturierten Erhebungsprozesses war es, auf jene Themen zu fokussieren, die den höchsten Stellenwert für die Stakeholder der EVN aufweisen und gleichzeitig die größten ökonomischen, ökologischen oder sozialen

Vorstand	Führungskräfte	Geschäftsführer	Mitarbeiter	Verbände	Branchenverbände	Betriebsrat	Medien	Bürgerbeteiligungen	NGOs Umwelt	NGOs Soziales	Projektanrainer	Eigentümer	Institutionelle Investoren	Privataktionäre	Anleiheinvestoren	Kreditgeber	Analysten	Mitarbeiter	Mitbewerber	Kapitalmarkt	Politik	Behörden	Wissenschaft	Forschung	Kunden	Aufsichtsrat	Zivilgesellschaft	Geschäftspartner	Interessen- vertretungen

Wichtigste Stakeholder-Gruppen der EVN

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EVN AG, Maria Enzersdorf

20 Auswirkungen auf die Geschäftstätigkeit der EVN haben. Die wesentlichsten Themen und Handlungsfelder, auf die sich die Berichterstattung konzentriert, sind jene, die in der Wesentlichkeitsmatrix eine mittlere bis sehr hohe Relevanz für die EVN aufweisen.# Handlungsfelder

Als Grundlage für den Abgleich zwischen der Strategie und den Stakeholder-Interessen dient die EVN Wesentlichkeitsmatrix mit ihren acht Handlungsfeldern:

• Nachhaltige Unternehmenswertsteigerung
• Versorgungssicherheit
• Kundenorientierung
• Attraktiver Arbeitgeber
• Klimaschutz
• Umweltschutz
• Innovation und Digitalisierung
• Stakeholder-Dialog

Die nachstehende Tabelle liefert einen Überblick hinsichtlich der Zuordnung der einzelnen Handlungsfelder zu den gemäß NaDiVeG geforderten Angaben und Leistungsindikatoren zu den im Fokus stehenden Belangen in Bezug auf Umwelt, Soziales, Arbeitnehmer, Achtung der Menschenrechte und Bekämpfung von Korruption.

EVN Handlungsfeld	Nichtfinanzielle Informationen gem. NaDiVeG
Nachhaltige Unternehmenswertsteigerung	Strategie, Achtung der Menschenrechte, Bekämpfung von Korruption
Versorgungssicherheit	Strategie
Kundenorientierung	Einbindung Stakeholder
Attraktiver Arbeitgeber	Arbeitnehmerbelange, Achtung der Menschenrechte, Sozialbelange
Klimaschutz	Umweltbelange
Umweltschutz	Umweltbelange
Innovation und Digitalisierung	Strategie, Arbeitnehmerbelange
Stakeholder-Dialog	Einbindung der Stakeholder, Sozialbelange

Die wesentlichsten Themen und Handlungsfelder, auf die sich die Berichterstattung konzentriert, sind jene, die in der Wesentlichkeitsmatrix eine mittlere bis sehr hohe Relevanz für die EVN aufweisen.

EVN Wesentlichkeitsmatrix 2020/21

(Note: A visual representation of the matrix was described but not provided in the text. This placeholder indicates where such an image would typically be.)

CSR-Organisation

Die folgende Darstellung illustriert die CSR-Organisation der EVN, die – im Einklang mit der europäischen Best Practice – insbesondere den folgenden Grundsätzen folgt:

• Der Gesamtvorstand verantwortet das Themenfeld Environment, Social, Governance (ESG) – also sämtliche Aspekte und Agenden in Sachen Umweltschutz, Soziales und nachhaltige Unternehmensführung. Alle diese Themen fließen in die EVN Nachhaltigkeitsstrategie ein. Da der Vorstand – in enger Abstimmung mit dem Aufsichtsrat – auch die Strategie verantwortet, ist die Schnittstelle für die (Weiter-)Entwicklung dieser Themen auf der höchsten Unternehmensebene verankert.
• Der viermal jährlich tagende Lenkungsausschuss für Nachhaltigkeit setzt sich neben dem Gesamtvorstand aus Führungskräften verschiedenster Unternehmensbereiche sowie Mitgliedern des abteilungsübergreifenden Nachhaltigkeitsteams zusammen. Das Gremium behandelt auf Managementebene aktuelle ESG-Themen, beschließt wesentliche ESG-Aktivitäten und stellt durch seine Zusammensetzung sicher, dass die behandelten Strategien, Maßnahmen und Ziele auch operativ auf den Gesamtkonzern ausgerollt und flächendeckend umgesetzt werden.
• Die direkt dem Gesamtvorstand unterstellte Stabsstelle Innovation, Nachhaltigkeit und Umweltschutz ist sowohl für die Koordination der Nachhaltigkeitsaktivitäten als auch für die Themen Umwelt- und Klimaschutz verantwortlich. Im Rahmen von Managementklausuren, insbesondere der zweimal jährlich stattfindenden ganztägigen Innovationsklausuren, berichtet die Stabsstelle über die von ihr verantworteten Innovations- und Forschungsprojekte. Wesentlicher Anspruch dieser Projekte ist ein positiver Beitrag zum Umwelt- und Klimaschutz sowie zum Kundennutzen.
• Die Stabsstelle Innovation, Nachhaltigkeit und Umweltschutz koordiniert außerdem ein abteilungsübergreifendes Nachhaltigkeitsteam, das die Einhaltung der hohen Nachhaltigkeitsstandards unserer Gruppe sicherstellt. Seine Mitglieder sind darauf geschult, das Thema Nachhaltigkeit sowie die Bedeutung von ethischem und sozialem Wirtschaften mit Nachdruck zu vertreten, ihr Wissen beratend an die Nachhaltigkeitsexperten in den einzelnen Unternehmensbereichen weiterzugeben und diese bei der Umsetzung von Nachhaltigkeitsaktivitäten zu unterstützen. Auch im Nachhaltigkeitsteam stehen die für unsere Geschäftstätigkeit relevanten Aspekte des Klimawandels ganz oben auf der Agenda.
• Zusätzlich zum kontinuierlichen Austausch mit internen Experten stehen unserem Vorstand und Aufsichtsrat mehrere Beiräte (z. B. EVN Kundenbeirat, Nachhaltigkeitsbeirat) zur Seite, in denen externe Experten verschiedenster Fachrichtungen ihre Expertise und ihre Außenperspektive zu ESG-Aspekten unserer Tätigkeit einbringen.

EVN Nachhaltigkeitsorganisation

• Gesamtvorstand und leitende Mitarbeiter
• Enge Abstimmung mit dem Aufsichtsrat
• Zielgerichtete Steuerung der CSR-Aktivitäten
• Koordination durch Stabsstelle Innovation, Nachhaltigkeit und Umweltschutz
• Sicherstellung der Einhaltung der CSR-Standards innerhalb des Konzerns
• Umsetzung von Nachhaltigkeitsaktivitäten in den jeweiligen Unternehmensbereichen

Beiräte

Lenkungsausschuss für Nachhaltigkeit

Nachhaltigkeitsteam

Nachhaltigkeitsexperten der jeweiligen Unternehmensbereiche

Proaktive Einbindung der EVN Stakeholder

Die gesellschaftliche Akzeptanz bei der Umsetzung von EVN Projekten ist eine Grundvoraussetzung für den langfristigen und nachhaltigen Unternehmenserfolg und für die positive öffentliche Wahrnehmung der EVN. Oberstes Prinzip ist dabei die angemessene und gut ausbalancierte Berücksichtigung jener Anliegen, die von verschiedenen Stakeholder-Gruppen an EVN herangetragen werden. Ein regelmäßiger, proaktiver und offener Dialog mit diesen Stakeholdern ist daher auch im EVN Verhaltenskodex als wichtiger Managementgrundsatz verankert.# Projektkommunikation

EVN pflegt einen offenen und intensiven Austausch mit relevanten NGOs und Interessenvertretungen, um vertrauensvolle und langfristig tragfähige Beziehungen auch zu jenen Gruppen aufzubauen, die manchen Aktivitäten und Projekten der EVN kritisch gegenüberstehen. Eine gute Gesprächsbasis fördert wechselseitiges Verständnis und ist damit eine wesentliche Voraussetzung dafür, bei divergierenden Interessenlagen gemeinsam Lösungen entwickeln zu können. Abgesehen von höherer Planungsqualität und -sicherheit trägt die proaktive Einbindung von und Interessenvertretungen in vielen Fällen zu einer intensiveren und professionelleren Kommunikation mit Anrainern und lokalen Initiativen bei. Positiv wirkt sich auch hier die Erfahrung aus bereits realisierten Projekten aus.

Die Projektkommunikation ist in der EVN institutionalisiert. Vom Kleinwasserkraftwerk über Leitungsprojekte und Windparks bis hin zu Biomasseanlagen plant und realisiert EVN alle Bauvorhaben unter aktiver Einbindung von Anrainern, Bürgerinitiativen, NGOs, politischen Vertretungen, Vereinen und lokalen Initiativen. Der intensive Dialog verfolgt dabei insbesondere die folgenden Ziele:

• Hohe Akzeptanz bei internen und externen Stakeholdern
• Förderung der Realisierbarkeit von Projekten
• Positive Wahrnehmung des Unternehmens und seiner Aktivitäten
• Reduktion von Risiken und Vermeidung von Imageschäden

Von Planungsbeginn an fließen auf diese Weise ökologische und soziale Aspekte in die Projektentwicklung ebenso mit ein wie in Due-Diligence-Prüfungen. Diese Prüfungen, die vor jedem Projektstart durchgeführt werden, dienen als Grundlage für interne Entscheidungsprozesse des Vorstands bzw. bei entsprechender Projektgröße auch des Aufsichtsrats.

Verantwortungsvoller Umgang mit den Anliegen lokaler Stakeholder

Beim Dialog mit den Menschen, die unmittelbar von einem geplanten Projekt der EVN betroffen sind, wird nach folgenden Prämissen gehandelt:

• Frühzeitiges Identifizieren von Erwartungen und Ansprüchen der unterschiedlichen Interessengruppen
• Professionelle, strukturierte und proaktive Kommunikation mit allen lokalen Stakeholdern
• Transparente und umfassende Darstellung relevanter Projektinformationen unter Einsatz moderner Kommunikationsformate
• Koordination der Kommunikation mit den politischen Entscheidungsträgern, Unterstützung der Kommunen bei der Kommunikation und Vermittlung bei Konflikten

Die Projektkommunikation erfolgt in enger Abstimmung und Zusammenarbeit mit den Projektleitern und - verantwortlichen, deren Kompetenz in Sachen Projektkommunikation laufend geschult wird. Natürlich können sich die lokalen Stakeholder mit ihren Anliegen auch jederzeit von sich aus an EVN wenden. Neben einer direkten Kontaktaufnahme mit den Projektleitern stehen dafür auch das EVN Service-Telefon bzw. die E-Mail-Adresse info@evn.at zur Verfügung

Krisenmanagement

Für weite Teile der Geschäftstätigkeit – insbesondere Risikobereiche, die auch die Bevölkerung betreffen könnten – verfügt die EVN über umfassende Krisen-, Katastrophen- und Notfallpläne samt den dazugehörigen Schulungsprogrammen. An allen Standorten werden Krisensituationen auch regelmäßig geübt. In Niederösterreich werden zudem regelmäßig interne und externe Übungen und Schulungen zum Thema Krisenmanagement abgehalten. Mitarbeiter im Störungsdienst werden laufend geschult, ebenso erfolgen jährlich Trainings für alle Diensthabenden sowie Sicherheitsunterweisungen für sämtliche Mitarbeiter.

Unterstützung von Interessenvertretungen und Initiativen

Der Betrieb der EVN Infrastruktur und die vielfältigen EVN Dienstleistungen tragen entscheidend zum Funktionieren des öffentlichen Lebens und der Wirtschaft bei. Um diese Aufgaben bestmöglich erfüllen zu können, ist EVN Mitglied in diversen gesetzlichen und freiwilligen nationalen und internationalen Organisationen und Interessenvertretungen. Beispiele für Branchenverbände sind Oesterreichs Energie oder Eurelectric, als Initiativen zu sozialen und ökologischen Themen wären UN Global Compact oder respACT zu nennen. Alle Aktivitäten im Zusammenhang mit diesen 140EVN Annual Financial Report 2020 /21 EVN AG, Maria Enzersdorf 23 Mitgliedschaften erfolgen im Einklang mit dem Verhaltensrahmen unseres Compliance-Management-Systems. Gemäß den gesetzlichen Bestimmungen ist die EVN auch in das österreichische Lobbying- und Interessenvertretungsregister sowie in das Transparenzregister der Europäischen Union eingetragen.

Unternehmensstrategie

Die strategische Ausrichtung der EVN orientiert sich in hohem Maß an den Interessen der internen und externen Stakeholder. Kern von deren Einbindung in das Unternehmensgeschehen und damit des Stakeholder-Managements ist der intensive Dialog mit den diversen Stakeholder-Gruppen. Ihre Identifikation und Priorisierung erfolgt dabei regelmäßig im Rahmen der Aktualisierung der EVN Wesentlichkeitsmatrix. Dabei wird auch die Relevanz einzelner Stakeholder-Gruppen für das Unternehmen immer wieder neu bewertet.

Gerade als integriertes Energieunternehmen sieht sich die EVN als logischer Partner für Politik und Gesellschaft, um in ihren Geschäftsfeldern aktiv zur Erfüllung der Klima- und Energieziele beizutragen, die im europäischen wie im österreichischen Rahmen definiert werden. Deshalb ist es der EVN wichtig, ihre Unternehmensstrategie auch auf diese Ziele abzustimmen. Konzepte und Lösungen, die angesichts der Klimaveränderung von unserer Branche erwartet werden, stehen damit bei der EVN weit oben auf der Agenda. Belege dafür sind der massive Ausbau der Anlagen zur erneuerbaren Stromerzeugung sowie der Investitionsschwerpunkt im Bereich Netzinfrastruktur, der einen essenziellen Beitrag zur Integration der wachsenden dezentralen Erzeugung in das Energiesystem leistet.

Kernstrategie im Überblick

Die Strategie der EVN berücksichtigt – neben den Interessen ihrer internen und externen Stakeholder – auch die potenziellen positiven oder negativen Auswirkungen ihrer Unternehmenstätigkeit auf sozialem, ökologischem und wirtschaftlichem Gebiet („Impact-Bewertung“). Als wichtigste Verpflichtung gegenüber ihren Kunden betrachtet die EVN die Sicherstellung einer flächendeckenden und stets verlässlichen Versorgung mit ihren Produkten und Dienstleistungen. Die bestimmende Veränderung in der Energiewirtschaft – und damit auch ein zentraler Faktor für die EVN Strategie – ergibt sich aus der europäischen und der österreichischen Klima- und Energiepolitik, die auf eine möglichst rasche Transformation in ein funktionierendes CO 2 -freies Energiesystem abzielt. Getrieben wird dieser Wandel vom gesellschaftlichen und politischen Bestreben, die branchenspezifischen Klimaeinflüsse noch deutlicher und schneller zu minimieren. Gleichzeitig ist sich die EVN ihrer hohen Verantwortung bewusst, als bedeutender Marktteilnehmer auch einen aktiven Beitrag zur Verwirklichung gesellschaftlicher Anliegen sowie zum Umwelt- und Klimaschutz zu leisten. Ein klarer Fokus liegt hier auf dem Umbau des Energiesystems in Richtung einer klimaneutralen Erzeugung, deren naturgegebene Volatilität mithilfe von Energiespeichern ausgeglichen wird. Ein zentrales strategisches Ziel bleibt dabei weiterhin der kontinuierliche Ausbau der Netzinfrastruktur in Niederösterreich. Er schafft die Voraussetzungen dafür, die Energiewende zu unterstützen und gleichzeitig Versorgungssicherheit und -qualität nachhaltig zu gewährleisten.

EVN Klimainitiative

Im Geschäftsjahr 2020/21 wurde auf Basis der EVN Strategie 2030 („Nachhaltiger. Digitaler. Effizienter.“) die EVN Klimainitiative entwickelt, die auf drei Säulen basiert:

• Erarbeitung von Science Based Targets
• Klimaneutralität in ausgewählten Tochtergesellschaften
• Beitrag von Forschung und Entwicklung in der EVN zum Klimaschutz

141EVN Annual Financial Report 2020 /21 EVN AG, Maria Enzersdorf 24

20 EVN Ganzheitsbericht 2020 / 21

Unsere Kernstrategien 2030

| Branchenumfeld und Trends | Unsere Strategie # Effizienzsteigerungen im Netzbetrieb Fortschreitende Liberalisierung als Herausforderung für den Energievertrieb Steigender Wasserverbrauch durch demografische Veränderungen (Urbanisierung) sowie Zunahme witterungs- bedingter Verbrauchsspitzen Steigende Qualitätsanforderun- gen in der Wasserversorgung (z. B. Wasserhärte) Ausbringungsverbote für Klärschlamm sowie strengere EU-Vorgaben bezüglich Trennung und Recycling von Hausmüll (z. B. Kunststoff) Spezifische regionale Gegebenheiten und Rahmen- bedingungen erfordern individuelle Lösungen im Bereich der kommunalen Wasserver- und Abwasserent- sorgung Wachstum durch neue Windkraft- und Photo- voltaik-Projekte Bekenntnis zu Versorgungssicherheit und -qualität Senkung von Netzverlusten und Steigerung der Inkassoquote Effizienzsteigerungen im operativen Geschäft Kapazitätssteigerungen in den Pumpwerken zur Steigerung der Leistungs- fähigkeit sowie Ausbau überregionaler Leitungsnetze Errichtung von Naturfilter- anlagen zur natürlichen Reduktion der Wasserhärte Erschließung neuer Trinkwasserquellen Konzepte und Projekte im Bereich der thermischen Klärschlamm- sowie der Abfallverwertung (Fokus auf Österreich und Deutschland) Konzentration unserer Lösungskompetenz auf ausgewählte Aufträge für bonitätsstarke Kommunen und Länder Schaffung von Mehrwert für unsere Auftrag - geber·innen als Basis für unseren wirtschaftlichen Erfolg Wachstum und Effizienz steigerung in Südosteuropa Verstärkter Fokus auf Trinkwasser- versorgung in Niederösterreich Fokussierung auf Konzepte im Bereich Kreislaufwirtschaft Diversifikation durch selektives Engagement im internationalen Umweltgeschäft Branchenumfeld und Trends Unsere Strategie

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26 Auswirkungen der Geschäftstätigkeit auf Gesellschaft, Umwelt und Wirtschaft

Im Rahmen der jährlichen Risikoinventur werden im Sinn des NaDiVeG sowohl potenzielle Risiken als auch Auswirkungen der Geschäftstätigkeit der EVN und ihrer Geschäftsbeziehungen auf Umwelt-, Sozial- und Arbeitnehmerbelange, die Achtung der Menschenrechte und die Bekämpfung von Korruption systematisch erhoben und bezüglich ihrer finanziellen Auswirkungen auf die EVN bewertet. Damit steht ein klar strukturierter und definierter Prozess zur Verfügung, um potenzielle Risiken bzw. Auswirkungen auf unterschiedlichen organisatorischen und hierarchischen Ebenen zu identifizieren und zu analysieren sowie geeignete Gegenmaßnahmen zu entwickeln. Die Einbindung der Führungs- und der Vorstandsebene wird dabei insbesondere dadurch gewährleistet, dass die Erkenntnisse und Analysen der Risikoinventur im Risikoarbeits- und im Konzernrisikoausschuss präsentiert und diskutiert werden.

Im Geschäftsjahr 2020/21 wurde auch der zur Aktualisierung der EVN Wesentlichkeitsmatrix eingesetzte Online-Fragebogen genutzt, um sowohl interne als auch externe Stakeholder zu den Auswirkungen der Geschäftstätigkeit der EVN auf Gesellschaft, Umwelt und Wirtschaft zu befragen. Die nachfolgende Tabelle fasst die wesentlichen potenziellen Auswirkungen zusammen. Sie enthält zudem beispielhaft Instrumente und Maßnahmen, die – im Einklang mit dem EVN Verhaltenskodex und den übergeordneten Verhaltensnormen zum Thema Compliance – zur Minimierung allfälliger negativer Auswirkungen genutzt bzw. gesetzt werden.

Nachhaltigkeits- und insbesondere Klimarisiken im Fokus

Angesichts des hohen Stellenwerts, den EVN dem Thema Klimaschutz beimisst, werden in der Risikoinventur gezielt auch potenzielle Klimarisiken erhoben sowie Auswirkungen der Geschäftstätigkeit im Zusammenhang mit dem Thema Klimawandel. Klimarisiko ist jedoch bewusst nicht als eigene Risikokategorie definiert, sondern wird – sofern zutreffend – als Querschnittsmaterie den einzelnen Risikokategorien der EVN zugeordnet. Dabei wird unterschieden zwischen Transitionsrisiken und physischen Risiken. Zu den Transitionsrisiken zählen Unsicherheiten, die aus dem Übergang in Richtung eines erneuerbaren Energiesystems resultieren. Physische Risiken betreffen hingegen Ereignisse und Veränderungen, die unmittelbare klimatische Ursachen haben. Klimatisch verursachte Ergebnisschwankungen werden aber nicht nur durch das Risikomanagement erfasst, sondern mögliche quantitative Auswirkungen auch im Planungsprozess in Form entsprechender Sensitivitäten und Szenarioanalysen analysiert. Vergleichbare Fragestellungen prägen auch die Auswahl der Szenarien für die künftige Preisentwicklung von Energie und Primärenergieträgern. Dadurch werden der Klimawandel und seine Auswirkungen auf die EVN Geschäftstätigkeit auch auf Ebene der Führungskräfte, des Vorstands und des Aufsichtsrats erläutert.

Schäden durch Extremwetterereignisse stellen wiederum eine Bedrohung für die Versorgungssicherheit dar. In einem weiter gefassten Nachhaltigkeitskontext umfassen Risiken in diesem Bereich auch Versorgungsunterbrechungen oder die Gefährdung von Leib und Leben sowie der Infrastruktur durch Explosionen oder Unfälle. Um einen störungsfreien Betrieb und die technische Sicherheit der Kraftwerke – beides maßgebliche Voraussetzungen für eine verlässliche Versorgung – zu gewährleisten, werden regelmäßig Revisionen und Wartungsarbeiten durchgeführt, die geplante Stillstandzeiten mit sich bringen. Tatsächliche Unterbrechungen der Stromversorgung werden im Netzbereich anhand der Kennzahlen System Average Interruption Frequency Index (SAIFI) – der mittleren Unterbrechungshäufigkeit – und System Average Interruption Duration Index (SAIDI) – der durchschnittlichen jährlichen Dauer der ungeplanten Stromunterbrechungen gemessen und überwacht.

Arbeitssicherheit und Unfallvermeidung nehmen in allen Einheiten des Unternehmens ebenfalls einen zentralen Stellenwert ein. Das geforderte hohe Sicherheitsniveau wird dabei vor allem durch Schulungen und Bewusstseinsbildung gewährleistet. In Ergänzung der geltenden gesetzlichen Vorschriften wurde dafür ein umfangreiches internes Regelwerk aus Geschäftsanweisungen und Richtlinien entwickelt. Im EVN Konzern werden sämtliche Arbeitsunfälle zentral über den sicherheitstechnischen Dienst erfasst und ausgewertet.

Wie in nebenstehender Tabelle beim Handlungsfeld „Nachhaltige Unternehmenswertsteigerung“ beschrieben, beziehen sich die Mitarbeiterrisiken aber auch auf den Verlust von hochqualifizierten Mitarbeitern oder auf eine bewusste bzw. unbewusste Fehldarstellung von Transaktionen bzw. Jahresabschlussposten. Diesen Risiken wird u. a. mit der Schaffung eines attraktiven Arbeitsumfelds und flexiblen Arbeitszeitmodellen sowie unserem internen Kontrollsystem (IKS) begegnet.

Die Erfassung und Analyse der ökologischen Auswirkungen der Unternehmenstätigkeit in Bereichen wie Ressourceneinsatz, Energie- und Wasserverbrauch, Emissionen, Biodiversität, Transport sowie Abwasser und Abfall (Umweltrisiken) obliegt der Stabsstelle Innovation, Nachhaltigkeit und Umweltschutz. Diese unterstützt die operativen Einheiten auf Basis ihrer Analysen auch darin, Umweltauswirkungen zu verhindern bzw. zu minimieren.

144EVN Annual Financial Report 2020 /21 EVN AG, Maria Enzersdorf

27 Überblick zu den wesentlichen potenziellen Auswirkungen unserer Unternehmenstätigkeit (Auswahl)

| EVN Handlungsfeld und Definition # Überblick zu den wesentlichen potenziellen Auswirkungen unserer Unternehmenstätigkeit (Auswahl)

EVN Handlungsfeld und Definition

Impact-Bewertung (Auszug)

„–“ = negativ; „+“ = positiv

Handhabung – Instrumente und Maßnahmen (Auszug)

Sustainable Development Goals (SDG)

Attraktiver Arbeitgeber

... steht für unseren Anspruch, ein verantwortungsbewusster, fairer und krisensicherer Arbeitgeber zu sein. Dabei gilt es auch, Diversität und Chancengleichheit zu fördern, Mitarbeiteraus- und weiterbildung zu forcieren sowie ein vielfältiges Angebot an Aufgaben und eine moderne Arbeitswelt zu bieten. Damit sichern wir nicht zuletzt eine zielgerichtete und effiziente Personalentwicklung in einem sich laufend wandelnden Arbeitsumfeld. Selbstverständlich ist bei alldem ein umfassender Arbeits- und Gesundheitsschutz.

– Arbeitsunfälle
– Auswirkung auf Gesundheit der Mitarbeiter·innen durch Überlastung
– Compliance-Verstöße

• Schaffung von Arbeitsplätzen
• Arbeitsplatzsicherung
• Attraktives Arbeitsumfeld
• Flexible Arbeitsbedingungen

• Volkswirtschaftlicher Beitrag durch Aus- und Weiterbildung

• EVN Leitwerte

• Betriebliche Sozialpartnerschaft
• Nachhaltige Personalentwicklung
• Grundsätze und Richtlinien der International Labour Organization (ILO) und des UN Global Compact
• Hohe Standards bei Gesundheitsvorsorge, Arbeitsschutz und -sicherheit
• Flexible Arbeitszeitmodelle
• Internes Kontrollsystem (IKS)
• Wiedereinstieg karenzierter Mitarbeiter·innen; Behaltefristen über gesetzliches Ausmaß hinaus
• Gruppen-Krankenversicherung

• Compliance-Schulungen

• SDG 1 Keine Armut

• SDG 3 Gesundheit und Wohlergehen
• SDG 4 Hochwertige Bildung
• SDG 5 Geschlechtergleichheit
• SDG 8 Menschenwürdige Arbeit und Wirtschaftswachstum
• SDG 10 Weniger Ungleichheiten

Klimaschutz

… steht für einen schrittweisen Systemumbau in Richtung einer klimaneutralen Energieerzeugung bei gleichzeitiger Gewährleistung der Versorgungssicherheit. Effizienzsteigerungen und Innovationsinitiativen – nicht zuletzt zur Reduktion von Treibhausgasemissionen – liefern hier in allen Bereichen einen wichtigen Beitrag.

– Treibhausgas-Emissionen

• Hohe Standards in der Versorgungsqualität
• Effiziente und umweltschonende Energieversorgung für Gesellschaft und Wirtschaft
• Beitrag zur Erreichung der internationalen und nationalen Klimaziele

• Reduktion treibhausrelevanter Emissionen

• Konzernweite Ausbauziele bis 2030: Windkraft von aktuell 394 MW auf 750 MW und Photovoltaik um 300 MW

• Endgültiger Kohleausstieg durch Verkauf der 49 %-Beteiligung am Kraftwerk Walsum 10 am 30. September 2021
• Dekarbonisierungsziele gemäß SBTi (bis 2034)
• Netzinvestitionen zur Integration von Strom aus volatiler erneuerbarer Erzeugung
• Fokus auf Effizienzsteigerung insbesondere im Bereich THG-Emissionsminimierung
• SDG 7 Bezahlbare und saubere Energie
• SDG 11 Nachhaltige Städte und Gemeinden
• SDG 13 Maßnahmen zum Klimaschutz
• SDG 15 Leben an Land

Umweltschutz

… steht für eine Minimierung der im Rahmen unserer Tätigkeit auftretenden Umweltbeeinträchtigungen, für eine verantwortungsvolle Nutzung von Ressourcen, z. B. Materialien und Wasser, für den Schutz von Flora und Fauna sowie für den Erhalt der natürlichen Lebensräume von Tieren und Pflanzen im Umfeld unserer Anlagen und Projekte. Ein weiterer Schwerpunkt liegt auf einem umweltgerechten Abfallmanagement. Die lückenlose Erfüllung von Umweltgesetzen und -auflagen ist bei allen unseren Aktivitäten selbstverständlich.

– Beeinflussung von Lebensräumen (Mensch, Tier und Natur)/Beeinträchtigung der Biodiversität durch Netzausbau, Wasserkraftwerke und Errichtung von Windkraftanlagen
– Verbrauch natürlicher Ressourcen
– Emissionen

• Hohe Umweltstandards in der Versorgungsqualität

• Effiziente und umweltschonende Energieversorgung für Gesellschaft und Wirtschaft

• Zertifizierte Umweltmanagementsysteme

• EVN-interne Krisen- und Notfallpläne (z. B. Hochwasser, Wasserkraftwerke)
• Vielfältige Maßnahmen zum Artenschutz, zur Wahrung der Biodiversität sowie zum Schutz und zur Wiederherstellung natürlicher Lebensräume
• Einsatz modernster Umwelttechnik
• Laufende Modernisierung des Gasleitungsnetzes
• Fokus auf Effizienzsteigerung
• Umweltgerechtes Abfallmanagement
• SDG 12 Nachhaltige/r Konsum und Produktion
• SDG 15 Leben an Land

---

Der Kunde im Fokus

Die Kunden und ihre Zufriedenheit stehen für die EVN im Mittelpunkt ihrer gesamten Tätigkeit. Rund 4,8 Mio. Kunden vertrauten im Geschäftsjahr 2020/21 auf die sichere Versorgung mit Energie- sowie Umweltprodukten von der EVN. Im Energiegeschäft in Niederösterreich handelt es sich bei EVN Kunden um Privathaushalte, Gewerbeunternehmen, Industrie und öffentliche Einrichtungen; im internationalen Umwelt-Projektgeschäft sind es hingegen vorwiegend öffentliche Auftraggeber wie Städte und Gemeinden.

Kundenzufriedenheit wird für die EVN über Produkte und Dienstleistungen, die individuelle Bedürfnisse erfüllen und transparent abgerechnet werden, sowie über hohe Servicequalität, zielgruppengerechte Kommunikation und die Unterstützung unserer Kunden im effizienten Umgang mit Energie definiert. Innerhalb dieser Eckpunkte setzt die EVN in allen Märkten auf eine faire und professionelle Partnerschaft mit ihren Kunden. Eine permanente und einfache Erreichbarkeit für die Kunden, prompte Bearbeitung von Anfragen oder ein aktives Beschwerdemanagement sind Beispiele hierfür. Internationaler Erfahrungsaustausch und kontinuierliche Schulungen und Trainings von Mitarbeitern mit Kundenkontakt sowie regelmäßige systematische Befragungen der Kunden unterstreichen ebenfalls den hohen Stellenwert der Professionalität im Kundenservice der EVN.

In Österreich setzen wir darüber hinaus auf den Customer Loyalty Index. Dabei wird mithilfe verschiedener Indikatoren die Loyalität unserer Kunden auf monatlicher Basis beobachtet und gemessen. Der Index ermöglicht es uns, Veränderungen des Kundenverhaltens und deren Ursachen frühzeitig zu identifizieren, um rasch entsprechend reagieren zu können. Erfreulicherweise blieb der Wert in den letzten Jahren durchwegs stabil auf hohem Niveau. Die Maßnahmen zur Bekämpfung der Covid-19-Pandemie haben den persönlichen Kundenkontakt erheblich eingeschränkt. Um weiterhin eine persönliche Kundenberatung zu ermöglichen gibt es seit Sommer 2021 die Möglichkeit über die Website der EVN digitale Beratungsgespräche mit einem Kundenberater zu buchen.

In Österreich wurde von der EVN bereits im Jahr 2011 ein Kundenbeirat eingerichtet, der den regelmäßigen und systematischen Gedankenaustausch zwischen der EVN und Vertretern aus repräsentativen Kundensegmenten ermöglicht. Die aus der Arbeit des Beirats entwickelten Vorschläge und Ideen werden unmittelbar zur Gestaltung und Verbesserung der Serviceleistungen, Produkte und Kommunikationsmaßnahmen genutzt. Aktuell ist die Entwicklung# Kundenzufriedenheit

Kundenzufriedenheit wird für die EVN über Produkte und Dienstleistungen, die individuelle Bedürfnisse erfüllen und transparent abgerechnet werden, sowie über hohe Servicequalität, zielgruppengerechte Kommunikation und die Unterstützung unserer Kunden im effizienten Umgang mit Energie definiert. Innerhalb dieser Eckpunkte setzt die EVN in allen Märkten auf eine faire und professionelle Partnerschaft mit ihren Kunden. Eine permanente und einfache Erreichbarkeit für die Kunden, prompte Bearbeitung von Anfragen oder ein aktives Beschwerdemanagement sind Beispiele hierfür. Internationaler Erfahrungsaustausch und kontinuierliche Schulungen und Trainings von Mitarbeitern mit Kundenkontakt sowie regelmäßige systematische Befragungen der Kunden unterstreichen ebenfalls den hohen Stellenwert der Professionalität im Kundenservice der EVN.

In Österreich setzen wir darüber hinaus auf den Customer Loyalty Index. Dabei wird mithilfe verschiedener Indikatoren die Loyalität unserer Kunden auf monatlicher Basis beobachtet und gemessen. Der Index ermöglicht es uns, Veränderungen des Kundenverhaltens und deren Ursachen frühzeitig zu identifizieren, um rasch entsprechend reagieren zu können. Erfreulicherweise blieb der Wert in den letzten Jahren durchwegs stabil auf hohem Niveau.

Die Maßnahmen zur Bekämpfung der Covid-19-Pandemie haben den persönlichen Kundenkontakt erheblich eingeschränkt. Um weiterhin eine persönliche Kundenberatung zu ermöglichen gibt es seit Sommer 2021 die Möglichkeit über die Website der EVN digitale Beratungsgespräche mit einem Kundenberater zu buchen.

In Österreich wurde von der EVN bereits im Jahr 2011 ein Kundenbeirat eingerichtet, die den regelmäßigen und systematischen Gedankenaustausch zwischen der EVN und Vertretern aus repräsentativen Kundensegmenten ermöglicht. Die aus der Arbeit des Beirats entwickelten Vorschläge und Ideen werden unmittelbar zur Gestaltung und Verbesserung der Serviceleistungen, Produkte und Kommunikationsmaßnahmen genutzt. Aktuell ist die Entwicklung eines Kundenbeirats mit digitalen Plattform in Gange, die ab dem Geschäftsjahr 2021/22 zum Einsatz kommen soll, und dann nochmals erweiterte Formen des Feedbacks und der Zusammenarbeit bieten wird.

Das Risiko allfälliger negativer Gesundheits- und Sicherheitsauswirkungen unserer Produkte minimiert die EVN durch umsichtiges, verantwortungsvolles Agieren entlang ihrer gesamten Wertschöpfungskette. Eine zentrale Rolle nimmt dabei das EVN Qualitätsmanagement ein. Es definiert hohe Standards für alle relevanten produktbezogenen Tätigkeiten und Prozesse und sorgt gleichermaßen für deren verlässliche Beachtung. Durch laufende Qualitätssicherung wird im Sinn ganzheitlicher Verantwortung zudem sichergestellt, dass alle Produkte und Dienstleistungen allen Anforderungen im Hinblick auf die Gesundheit, Sicherheit und Zufriedenheit der Kunden entsprechen.

Überblick zu den wesentlichen potenziellen Auswirkungen unserer Unternehmenstätigkeit (Auswahl)

EVN Handlungsfeld und Definition

Impact-Bewertung (Auszug)

Handhabung – Instrumente und Maßnahmen (Auszug)

Sustainable Development Goals (SDG)

Innovation und Digitalisierung

… stehen für eine vorausschauende Weiterentwicklung unseres Geschäftsmodells, die u. a. die laufende Anpassung an ein dynamisches Umfeld durch gezielte Innovationen und Digitalisierung im Fokus hat.

Handlungsfeld & Definition	Impact-Bewertung (Auszug)	Handhabung – Instrumente und Maßnahmen (Auszug)	Sustainable Development Goals (SDG)
Innovation und Digitalisierung … stehen für eine vorausschauende Weiterentwicklung unseres Geschäftsmodells, die u. a. die laufende Anpassung an ein dynamisches Umfeld durch gezielte Innovationen und Digitalisierung im Fokus hat.	– Innovative Produkte werden von Kund·innen nicht angenommen – Risiko für Cyberkriminalität steigt + Wettbewerbsfähigkeit wird erhalten + Flexiblere Arbeitsbedingungen für Mitarbeiter·innen + Volkswirtschaftlicher Beitrag durch Innovationsinitiativen, Infrastrukturprojekte und -investitionen	• Laufendes Monitoring des Innovationsprozesses • Umfangreiche IT-Security-Maßnahmen • Innovations-, Forschungs- und Entwicklungsaktivitäten • Ausgewogenes Verhältnis zwischen Investitionsprojekten und einer attraktiven Aktionärsvergütung als Ziel	• SDG 7 Bezahlbare und saubere Energie • SDG 8 Menschenwürdige Arbeit und Wirtschaftswachstum • SDG 9 Industrie, Innovation und Infrastruktur • SDG 13 Maßnahmen zum Klimaschutz

Stakeholder-Dialog

… steht für das Übernehmen von Verantwortung gegenüber den unterschiedlichen Interessengruppen der EVN durch vielfältige soziale und kulturelle Initiativen, auch außerhalb unseres operativen Kerngeschäfts. Im Fokus stehen ein proaktiver Dialog mit unseren diversen Stakeholder-Gruppen sowie der verantwortungsvolle Umgang mit ihren Anliegen, z. B. durch die Einbindung von Anrainer·innen beim Ausbau und Betrieb unserer Anlagen. Weitere Schwerpunkte unseres sozialen Engagements liegen in der Wissensvermittlung an Kinder und Jugendliche sowie in der Verbesserung der Lebensqualität von Menschen in herausfordernden Lebenssituationen, z. B. durch Maßnahmen zur Bekämpfung von Energiearmut.

Handlungsfeld & Definition	Impact-Bewertung (Auszug)	Handhabung – Instrumente und Maßnahmen (Auszug)	Sustainable Development Goals (SDG)
Stakeholder-Dialog … steht für das Übernehmen von Verantwortung gegenüber den unterschiedlichen Interessengruppen der EVN durch vielfältige soziale und kulturelle Initiativen, auch außerhalb unseres operativen Kerngeschäfts. Im Fokus stehen ein proaktiver Dialog mit unseren diversen Stakeholder-Gruppen sowie der verantwortungsvolle Umgang mit ihren Anliegen, z. B. durch die Einbindung von Anrainer·innen beim Ausbau und Betrieb unserer Anlagen. Weitere Schwerpunkte unseres sozialen Engagements liegen in der Wissensvermittlung an Kinder und Jugendliche sowie in der Verbesserung der Lebensqualität von Menschen in herausfordernden Lebenssituationen, z. B. durch Maßnahmen zur Bekämpfung von Energiearmut.	– Asymmetrische Einbeziehung unterschiedlicher Stakeholder-Gruppen – Mangelnde Identifikation von Erwartungen und Ansprüchen der unterschiedlichen Stakeholder-Gruppen – Beeinträchtigungen durch Luftemissionen der Kraftwerke – Lärmbeeinträchtigungen beim Anlagenausbau und -betrieb + Wahrung der Interessen der wesentlichsten Stakeholder-Gruppen + Sicherung und Erhöhung der Lebensqualität durch die verlässliche Bereitstellung von Energie + Gewährleistung der Lebensqualität durch die Versorgung mit hochwertigem Trinkwasser + Förderung und Unterstützung von Kindern und Jugendlichen in herausfordernden Lebenssituationen + Verbesserung des Verbrauchsverhaltens bei Kund·innen + Vermittlung von naturwissenschaftlichen und praktischen Grundlagen der Elektrizität für Volksschulkinder	• EVN Kundenbeirat zur gleichmäßigen Wahrung der Interessen unterschiedlicher Kundengruppen • Nachhaltigkeitsbeirat • Regelmäßige Stakeholder-Befragung • Proaktive Stakeholder-Einbindung • Projektbezogene Stakeholder-Kommunikation • EVN Wesentlichkeitsmatrix als Instrument zum Abgleich zwischen Konzernstrategie und Stakeholder-Interessen • Bekämpfung von Energiearmut • Unterstützung der Kund·innen in effizientem Verbrauchsverhalten • Verantwortung für Kunst und Kultur im Rahmen der evn sammlung • EVN Sozialfonds • EVN Schulservice • Kostenlose Workshops der kabelplus für Schulen zur Stärkung der digitalen Kompetenz junger Menschen	• SDG 1 Keine Armut • SDG 4 Hochwertige Bildung • SDG 10 Weniger Ungleichheiten • SDG 12 Nachhaltiger Konsum und Produktion • SDG 17 Partnerschaften zur Erreichung der Ziele

Umweltbelange

Die grundlegenden Ziele und Werte der EVN in Sachen Klima- und Umweltschutz sind im Umweltleitbild der EVN verankert. Im Bereich Umweltschutz umfasst das Leitbild Vorgaben zur Minimierung von Umweltbeeinträchtigungen, zur verantwortungsvollen Nutzung von Ressourcen, zum Erhalt der natürlichen Lebensräume von Tieren und Pflanzen im Umfeld unserer Anlagen und Projekte sowie zu einem umweltgerechten Abfallmanagement. Im Bereich Klimaschutz legt das Umweltleitbild der EVN den Fokus auf einen schrittweisen Systemumbau in Richtung einer klimaneutralen Energieerzeugung bei gleichzeitiger Gewährleistung der Versorgungssicherheit.

Die Tätigkeitsbereiche der EVN AG umfassten im Geschäftsjahr im Wesentlichen Handels- und Verwaltungstätigkeit. Energieverbrauch und Emissionen sind deshalb für den Einzelabschluss nicht wesentlich, weswegen auf eine diesbezügliche Angabe verzichtet wird.

Umweltmanagement in der EVN

Bereits seit 1995 betreibt die EVN auf freiwilliger Basis ein Umweltmanagementsystem. Als integriertes Managementsystem schließt es neben den Anforderungen von EMAS (Eco-Management and Audit Scheme) und ISO 14001 auch jene des Umweltschutzes mit ein. Die EMAS-Verordnung schreibt unter anderem die Definition von messbaren Umweltzielen vor. Für die Zertifizierung nach EMAS sind die lückenlose Einhaltung von umweltrelevanten Gesetzen und deren engmaschige Überprüfung zwingende Grundvoraussetzungen. Alle unsere thermischen Kraftwerke in Niederösterreich sowie 64 Wärmeerzeugungs- und drei Kälteanlagen unterliegen diesen Standards. Unsere thermische Abfallverwertungsanlage in Zwentendorf/Dürnrohr ist zusätzlich auch nach ISO 9001 und nach den Vorgaben für das Überwachungszeichen „Entsorgungsfachbetrieb“ zertifiziert.

Durch die forcierte Nutzung von erneuerbaren Energieträgern, effizienzsteigernde Maßnahmen und die umfassende Beratung der Kunden zur Reduktion ihres Energiebedarfs erbringt die EVN einen wesentlichen Beitrag zur Erreichung der Klimaziele Österreichs. Eine ausgewogene Mischung aus optimaler Versorgungssicherheit und minimalen Umweltauswirkungen ist hier entscheidend.

Unser Engagement zum Klimaschutz umfasst unterschiedliche Initiativen und strategische Ansätze:

• Forcierte Nutzung der erneuerbaren Energiequellen Wasser, Wind, Sonne, Biomasse und Biogas
• Steigerung der Energieeffizienz der eigenen Produktionsanlagen und Netze
• Aktive Teilnahme an Innovations-, Entwicklungs- und Forschungsprojekten
• Information und Beratung der Kunden zur Reduktion des Energiebedarfs
• Regionale Wertschöpfung durch die Nutzung heimischer Energieträger wie Biomasse und Biogas
• Nutzung von Fahrzeugen mit alternativen Antrieben wie z. B. Elektroautos

Abfall

Die EVN achtet darauf, dass Abfälle – wo dies möglich ist – direkt der Wiederverwendung oder einem Recycling zugeführt werden. Dies geschieht etwa über die direkte Beauftragung von geeigneten Entsorgern oder Verwertern. Außerdem wählen wir Lieferanten von Material und Geräten sowie Entsorgungspartner nach ökologischen Gesichtspunkten aus. Alle regelmäßig anfallenden gefährlichen und nicht gefährlichen Abfälle geben wir auf Basis von Rahmenverträgen an berechtigte Entsorgungsunternehmen ab, die diese Abfälle entsprechend den gesetzlichen Vorschriften des jeweiligen Landes umweltgerecht entsorgen. In der Berichtsperiode haben wir keinerlei gefährliche oder nicht gefährliche Abfälle grenzüberschreitend entsorgt.# EVN Annual Financial Report 2020/21

EVN AG, Maria Enzersdorf

Entwicklung der Abfallmengen

	2020/21	2019/20	2018/19
Gefährliche Abfälle und Reststoffe t	31	43	40
Nicht gefährliche Abfälle und Reststoffe t	339	395	360
Export gefährlicher Abfälle Gefährliche Abfälle t	0	0	0

1) Ohne Baurestmassen und Kraftwerksnebenprodukte

Sozialbelange

Im Bewusstsein der Verantwortung gegenüber den unterschiedlichen Interessengruppen setzt die EVN in ihrem Verantwortungsbereich auch außerhalb des operativen Kerngeschäfts Initiativen zur Verbesserung der Lebensqualität der Menschen. Nachfolgend einige Beispiele für diese Aktivitäten im gesellschaftlichen Kontext:

• Jugend- und Schulplattform: Einen Schwerpunkt der gesellschaftlichen Verantwortung sieht die EVN in der Förderung des Wissens zum Themenkreis „(Sorgsamer Umgang mit) Energie, Energieeffizienz sowie Energiesparen“. Zu diesem Zweck hat die EVN das EVN Schulservice initiiert, das Projekte, Vorträge und Wettbewerbe mit Kindern und Jugendlichen anbietet.
• EVN Sozialfonds: Der EVN Sozialfonds, der mit jährlich rund 100.000 Euro dotiert ist, unterstützt Kinder- und Jugendprojekte niederösterreichischer Institutionen. Über die Auswahl der Förderprojekte entscheidet ein Expertengremium, das sich zweimal pro Jahr trifft. Die Empfehlungen an den Vorstand der EVN zur Mittelverwendung erfolgen einstimmig auf Basis eines vordefinierten Kriterienkatalogs. Im Geschäftsjahr 2020/21 wurden 14 Projekte mit einem Gesamtbeitrag von 120,0 Tsd. Euro unterstützt.
• Bonuspunkte spenden: In der EVN Bonuswelt bietet die EVN ihren Kunden vielfältige Angebote zur Verwendung ihrer Bonuspunkte, die sie laufend anhand ihres Energiebezugs oder der Nutzung anderer EVN Services sammeln. Die Bonuspunkte können wahlweise als finanzielle Vergütung für den Kunden oder aber als Beitrag zur Unterstützung von Sozialprojekten der EVN eingelöst werden. Auf diese Weise können EVN Kunden ihre gesammelten Bonuspunkte spenden z. B. für Familien, die besonders schwer von der Coronakrise getroffen wurden oder für Freiwillige Feuerwehren.
• evn sammlung: Seit 1995 besteht die evn sammlung, eine Kollektion zeitgenössischer internationaler Kunst, die von dem mit renommierten Experten besetzten EVN Kunstrat kuratiert wird. Die Firmensammlung versteht sich als Plattform zur Auseinandersetzung mit bildender Kunst und richtet sich gleichermaßen an Mitarbeiter und ihre Familien wie an Kunstinteressierte von außerhalb des Unternehmens.

Arbeitnehmerbelange

Die EVN legt größten Wert auf ethisch und rechtlich einwandfreies Verhalten aller Mitarbeiter, Geschäftspartner und Lieferanten. Um dieses Bekenntnis zu lückenloser Regeltreue auch wirksam in die Tat umzusetzen, wurde eine breite Palette an Compliance-Richtlinien und -Maßnahmen implementiert, angeführt von dem in zehn Themenbereiche gegliederten EVN Verhaltenskodex. Er regelt u. a. jene Aspekte unserer Geschäftstätigkeit, die Menschenrechte, Governance, Compliance, Unternehmensethik, Korruptionsprävention, öffentliches Auftreten und Wettbewerbsverhalten sowie Arbeitsschutz und Unfallvermeidung betreffen.

Als Arbeitgeber ist sich die EVN ihrer Verantwortung bewusst und erfüllt nicht nur ihre gesetzlich definierten Pflichten, sondern erbringt darüber hinaus auch eine Reihe an freiwilligen Leistungen. Fundamentale Prinzipien wie z. B. Gleichbehandlung, Chancengleichheit, Vereinbarkeit von Familie und Beruf, Gesundheitsvorsorge, Arbeitsschutz und -sicherheit, eine betriebliche Sozialpartnerschaft oder eine aktive Personalentwicklung sowie -förderung prägen hierbei die Unternehmenskultur.

Zum Bilanzstichtag am 30. September 2021 beschäftigte die EVN 632 Mitarbeiter (Kopfzahl). Die Belegschaft setzt sich aus Menschen unterschiedlicher Nationalitäten, Kulturen und Generationen zusammen. Sie spielen durch ihre hohe Qualifikation in allen Geschäftsaktivitäten der EVN eine zentrale Rolle.

Diversität

Zum Bilanzstichtag 30. September 2021 gehörten der EVN AG 177 Frauen (28,0 %) und 455 Männer (72,0 %) an. Zur Erhöhung des Frauenanteils im Konzern haben wir das Programm „Frauen@EVN“ lanciert, das mithilfe bedarfsorientierter Seminare, interner Netzwerkmöglichkeiten und diverser weiterer Initiativen die Rahmenbedingungen für unsere Mitarbeiterinnen laufend weiter verbessert. Insbesondere hoch qualifizierte Frauen sollen mit dem Programm in ihrer Karriereplanung und als Führungskräfte unterstützt werden. Ein Mentoring- Programm verfolgt das Ziel, Frauen in der EVN in ihren Führungspositionen zu stärken und Voraussetzungen zu schaffen, durch die die Anzahl an weiblichen Führungskräften erhöht werden kann. Mittelfristig streben wir im Konzern eine Frauenquote an, die dem aktuellen Geschlechterverhältnis in der berufsgruppenspezifischen Ausbildung entspricht.

6 Frauen und 8 Männer sind in der Berichtsperiode neu in das Unternehmen eingetreten, während 5 Männer und 8 Frauen das Unternehmen verlassen haben. Zum Stichtag 30. September 2021 gab es in der EVN AG in Summe 68 Teilzeitbeschäftigte, davon 54 Frauen und 14 Männer. Der Anteil an teilzeitbeschäftigten Mitarbeitern an der Gesamtbelegschaft der EVN AG zum Bilanzstichtag entspricht somit 10,8 %.

Gleichbehandlung und Chancengleichheit

Im Einklang mit der Allgemeinen Erklärung der Menschenrechte, den Prinzipien des UN Global Compact sowie der Grundsätze der International Labour Organization werden alle Mitarbeiter der EVN ungeachtet ihrer nationalen oder ethnischen Herkunft, ihres Geschlechts, ihrer sexuellen Orientierung, ihrer Kultur und Religion, ihres Alters oder ihres Gesundheitszustands gleichwertig behandelt. Außerdem lehnen wir Diskriminierung von Mitarbeitern in Bezug auf Einstellung, Fortbildung, Personalentwicklung, Beschäftigungsbedingungen und Entlohnung bei gleicher fachlicher und persönlicher Qualifikation ausdrücklich ab. Unabhängig vom Geschlecht richtet sich die Vergütung aller Mitarbeiter ausschließlich nach dem jeweils gültigen Kollektivvertrag bzw. ihrer jeweiligen Tätigkeit und Qualifikation. Damit bestehen in der EVN bei gleicher Ausbildung und Tätigkeit keine Unterschiede in der Vergütung zwischen Frauen und Männern.

Zu unserem grundsätzlichen Bekenntnis zu Gleichbehandlung und Chancengleichheit gehört auch die Förderung der Integration von Menschen mit besonderen Bedürfnissen. Im Geschäftsjahr 2020/21 beschäftigte die EVN AG 15 Menschen aus dieser Personengruppe; dies entspricht einem Anteil von 2,4 % der Gesamtbelegschaft.

Vereinbarkeit von Familie und Beruf

Ein weiteres zentrales Anliegen der EVN ist eine ausgewogene Balance zwischen dem Berufs- und Familienleben ihrer Mitarbeiter. Als wichtigen Schritt auf diesem Weg wurde im Mai 2011 die „Charta zur neuen Vereinbarkeit Eltern- Wirtschaft“ unterzeichnet. Damit bekennt sich die EVN klar zu einer elternorientierten Personalpolitik.

In vielen Bereichen können Mitarbeiter etwa ihre Arbeitszeit frei gestalten. Die Grundlage dafür bildet ein Gleitzeitmodell ohne Kernzeit, das hohe Flexibilität ermöglicht, sofern dem nicht betriebliche Erfordernisse wie etwa Schichtdienste entgegenstehen. Darüber hinaus bietet die EVN ihren Mitarbeitern verschiedene Teilzeitmodelle an, die besonders im Zusammenhang mit der Kinderbetreuung eine wichtige Rolle spielen. Seit September 2021 gibt es auch Arbeitsmodelle für mobiles Arbeiten, in deren Rahmen Mitarbeiter bis zu 1.100 Stunden pro Jahr ortsungebunden arbeiten können.

Mitarbeiter mit Familienverantwortung werden außerdem mit Einrichtungen wie einem Eltern-Kind- Büro oder mit dem betreuten Kinderferienprogramm der EVN unterstützt. Während der Karenzzeit hält die EVN den Kontakt zu ihren Mitarbeitern ganz gezielt aufrecht und erleichtert damit ihren beruflichen Wiedereinstieg. Darüber hinaus steht den Mitarbeitern in Karenz weiterhin spezifische Informationsveranstaltungen und ein umfassendes Aus- und Weiterbildungsprogramm offen. Auch immer mehr männliche Mitarbeiter der EVN nutzen dieses Angebot.

Gesundheitsvorsorge, Arbeitsschutz und –sicherheit

Ein wesentlicher Themenbereich des EVN Verhaltenskodex befasst sich mit unseren Bestrebungen zur Arbeitssicherheit und Unfallvermeidung in sämtlichen Unternehmenseinheiten. Zusätzlich zu den zahlreichen europäischen und länderspezifischen gesetzlichen Vorschriften definieren wir eigene Grundsätze hinsichtlich Arbeits- und Gesundheitsschutz. Diese Grundsätze sind im Sicherheitsleitbild und in der Sicherheitsstrategie der EVN verankert. Hinzu kommt ein umfangreiches internes Regelwerk aus Geschäftsanweisungen und Richtlinien, die alle mit unserer Tätigkeit verbundenen Sicherheitsrisiken beschreiben und entsprechende Gegenmaßnahmen vorgeben.

Sämtliche Arbeitsunfälle nahezu aller Mitarbeiter und Leiharbeiter der EVN werden über einen zentralen sicherheitstechnischen Dienst erfasst und analysiert, und es werden gegebenenfalls entsprechende Maßnahmen eingeleitet. Zur Erfassung erkannter Risiken und Vorfälle sowie zum Monitoring getroffener Maßnahmen orientiert sich die EVN an den Anforderungen der ISO 45001.

Durch den engen Kontakt zwischen den Sicherheitsvertrauenspersonen in den einzelnen Unternehmensbereichen und den Sicherheitsfachkräften wird außerdem sichergestellt, dass erkannte Risiken und Maßnahmen zur Gefahrenvermeidung in alle Sicherheits- und Gesundheitsschutzdokumente einfließen. Bei sicherheitstechnischen Fragen ist die jeweils zuständige Sicherheitsvertrauensperson mit ihrer fachlichen Kompetenz hinsichtlich des konkreten Arbeitsprozesses und ihren Kenntnissen im Arbeitsschutz der erste Ansprechpartner für Betroffene. Darüber hinaus werden alle Mitarbeiter und Leiharbeiter über Sicherheitsvertrauenspersonen in Arbeitsausschüssen vertreten, die Arbeitsschutzprogramme überwachen und darüber beraten. Dieser Austausch erfolgt gemäß den gesetzlichen Vorgaben einmal jährlich.

Eine Reihe von Vorkehrungen und Initiativen, wie z. B.# EVN Annual Financial Report 2020 /21

EVN AG, Maria Enzersdorf

das monatliche Sicherheitsgespräch mit den Vorgesetzten, detaillierte Unterweisungen, E-Learning-Module oder Fachseminare dienen dazu die Mitarbeiter nachhaltig auf dieses Thema zu sensibilisieren. Im Geschäftsjahr 2020/21 ereignete sich bei der EVN AG ein Arbeitsunfall (Vorjahr: 6); der Lost Time Injury Frequency Index (LTIF) betrug 0,0 (Vorjahr: 2,6), da dieser Arbeitsunfall nicht im Zusammenhang mit einer arbeitsrelevanten Tätigkeit stand und damit nicht LTIF relevant war. Um auch unserer Verantwortung für die Gesundheit unserer Mitarbeiter gerecht zu werden, bieten wir eine weit über das gesetzliche Maß hinausgehende arbeitsmedizinische Betreuung. In Österreich stehen zwei Arbeitsmedizinerinnen für alle Fragen rund um die Erhaltung und Förderung der Gesundheit am Arbeitsplatz zur Verfügung und betreuen unsere Mitarbeiter im Rahmen der Arbeitnehmerschutzbestimmungen. Zu den zahlreichen angebotenen Maßnahmen zählen Gesundenuntersuchungen, Impfungen, Seh- und Hörtests sowie Präventionsmedizin, aber auch psychologische Beratung, Coaching, Tipps zu gesunder Ernährung sowie zielgruppenspezifische Angebote für Mitarbeiter, die besonderen Belastungen ausgesetzt sind. Die EVN ist nicht in Ländern aktiv, in denen ein erhöhtes Risiko durch übertragbare Krankheiten oder Arbeitsbedingungen vorherrschen, die die Gesundheit unserer Mitarbeiter dauerhaft gefährden könnten. Dennoch haben wir Konzernanweisungen für Ernstfälle in allen Konzerngesellschaften entwickelt – darunter die „Pandemievorsorge EVN“, die nach dem Ausbruch von Covid-19 im März 2020 als Grundlage für die ersten gesetzten Maßnahmen Anwendung fand.

Betriebliche Sozialpartnerschaft

Wesentliche unternehmerische Entscheidungen trifft die EVN transparent im Einklang mit ihrem Führungsleitbild und auf Basis der diesbezüglichen rechtlichen Bestimmungen. Auch die Arbeitnehmervertreter werden in diesem Sinn laufend zeitgerecht über wesentliche unternehmerische Entscheidungen informiert bzw. im Vorfeld in die Entscheidungsprozesse eingebunden. Dies gilt für strategische Entscheidungen ebenso wie für Änderungen oder Anpassungen im Personalbereich. 100 % der Mitarbeiter in der EVN AG werden durch Mitarbeitervertretungen in Form von Betriebsräten vertreten und sind hinsichtlich ihrer Bezahlung durch kollektivvertragliche Mindestlöhne geschützt. Die jeweiligen Mitarbeitervertretungen sind regelmäßig maßgeblich in die Kollektivvertragsverhandlungen eingebunden. Insgesamt orientiert sich das Gehaltsschema von allen Mitarbeitern der EVN AG an den entsprechenden Kollektivverträgen. Mitarbeiterthemen werden auch in Arbeits- und Sicherheitsausschüssen behandelt, weiters finden Betriebsratsvertreter sowohl im Aufsichtsrat als auch im Nachhaltigkeitsbeirat Gehör.

Personalentwicklung und –förderung

Die Qualifikation der Mitarbeiter ist ein wesentliches Element in der Sicherung des nachhaltigen Unternehmenserfolgs der EVN. Deshalb bilden die Erhaltung und der Ausbau des bestehenden hohen Kompetenzniveaus der Mitarbeiter auch einen zentralen Schwerpunkt des Personalmanagements bei EVN. Im Geschäftsjahr 2020/21 absolvierte jeder Mitarbeiter der EVN AG im Schnitt 19,8 Stunden an Weiterbildungsveranstaltungen. Mit der Entwicklung und Implementierung einer IT-basierten Lern- und Seminarkoordinationsplattform (ELI – EVN Learning Interface) bis Ende 2021 wird auch in diesem Bereich zukünftig verstärkt auf virtuelle Präsenz gesetzt. Visualisierte Ausbildungspläne, Abbilden einer Bildungshistorie, transparente Information und Datenerfassung sowie eine vereinfachte Administration sind die wesentliche Elemente dieser neuen Plattform.

Achtung der Menschenrechte und Bekämpfung von Korruption

Neben den grundlegenden Formulierungen zu Vision, Mission und Unternehmenswerten definiert eine Reihe weiterer verbindlicher Dokumente den Verhaltens- und Handlungsrahmen der EVN. Als Mitglied des UN Global Compact bekennt sich die EVN zudem explizit zur Einhaltung globaler Prinzipien ethischen wirtschaftlichen Handelns. Unter dem übergeordneten Begriff „Compliance“ setzt die EVN die konsequente Einhaltung grundlegender ethischer Prinzipien sowie aller rechtlichen Anforderungen im Handeln und Verhalten aller Mitarbeiter voraus – auch in Bezug auf Lieferanten und Geschäftspartner.

Der EVN Verhaltenskodex (siehe auch www.evn.at/verhaltenskodex.aspx) benennt und regelt dabei u. a. jene Aspekte der Geschäftstätigkeit, die Menschenrechte, Governance, Compliance, Unternehmensethik, Korruptionsprävention, öffentliches Auftreten und Wettbewerbsverhalten betreffen. Er umfasst Unternehmensgrundsätze, die über geltendes Recht hinausgehen, und legt Verhaltensregeln für alle Mitarbeiter des Konzerns fest. Grundlagen des Kodex sind neben internen Organisationsvorschriften und den jeweiligen

Menschenrechte

Ein ganz zentraler Themenbereich im Verhaltenskodex der EVN ist das uneingeschränkte und unmissverständliche Bekenntnis zur Achtung, zur Einhaltung sowie zum Schutz der Menschenrechte und ethischer Grundsätze an allen Standorten der EVN. Die EVN hat sich verpflichtet den zehn Prinzipien des UN Global Compact Folge zu leisten und lehnt insbesondere jede Form von Kinder- und Zwangsarbeit entschieden ab. Damit verbunden ist auch die Anforderung, niemanden aus Gründen der nationalen oder ethnischen Herkunft, des Geschlechts, der sexuellen Orientierung, der Kultur, der Religion, des Alters oder des Gesundheitszustands zu diskriminieren. Weitere Themenbereiche betreffen die Gewährung von Mitspracherechten, Maßnahmen für Arbeitsschutz und -sicherheit sowie Menschenrechtsfragen in der Lieferkette. Dies gilt nicht nur gegenüber Geschäftspartnern der EVN, sondern auch im Umgang mit den Mitarbeitern.

Korruptionsprävention

Die EVN tritt entschieden gegen alle Arten der Korruption ein und fasst den Begriff Korruption sehr weit. Er beinhaltet für die EVN neben gesetzwidrigen Zahlungen (z. B. Bestechung, Kick-back-Zahlungen, fingierte Leistungen, Falschklassifizierung/-kontierung) auch alle Arten von Zuwendungen (z. B. Geschenke, Einladungen, nicht drittübliche Vergünstigungen, immaterielle Vorteile wie Auszeichnungen und Protektion). Alle diese Varianten sind für die Mitarbeiter der EVN und deren Angehörige – mit Ausnahmen etwa für die Annahme oder Gewährung orts- und landesüblicher Aufmerksamkeiten geringen Werts – konzernweit verboten. Umfassende präventive Maßnahmen – darunter eigene Verhaltensregeln sowie spezifische Aus- und Weiterbildungsveranstaltungen – sollen Mitarbeiter gerade zum Thema Korruptionsvermeidung besonders stark sensibilisieren. Deshalb legt die Stabsstelle Corporate Compliance Management im Rahmen der regelmäßigen Erhebung von Compliance- Risiken auch einen besonderen Schwerpunkt auf das Thema Korruption. Basis dafür ist ein Kriterienkatalog, der als wesentliche Elemente das Geschäftsumfeld bzw. Land, die Branche, den Geschäftsumfang sowie die Art der Geschäftsanbahnung und -abwicklung berücksichtigt.

Organisation des Compliance-Managements

Bei der EVN besteht seit 2012 ein eigenes Compliance-Management-System (CMS). Es gibt einen konzernweit einheitlichen Rahmen vor, der die EVN Mitarbeiter im Arbeitsalltag dabei unterstützen soll, sich integer und gesetzestreu zu verhalten. Es baut auf drei Säulen auf:

• Prävention durch Bewusstseinsbildung und Schulungen
• Identifikation von Verstößen gegen den Verhaltenskodex
• Reaktion durch Aufklärung und Verbesserung

Die Führung und die laufende Weiterentwicklung des CMS liegt in den Händen der direkt dem Gesamtvorstand unterstellten Stabsstelle Corporate Compliance Management (CCM). Neben dem Chief Compliance Officer und den Mitarbeitern von CCM wurden in den einzelnen operativen Bereichen der EVN dezentrale Compliance Officer installiert.

Erhebung von Compliance-Risiken

Compliance-Risiken, die bei uns auch die Themen Menschenrechte und Korruptionsprävention umfassen, werden bei der EVN jährlich systematisch und aus unterschiedlichen Blickwinkeln für den Gesamtkonzern erhoben. Ein wichtiger Anlass dafür ist etwa die jährliche Risikoinventur, da Compliance-Verstöße aus Sicht des Risikomanagements der EVN einen Risikofaktor darstellen. Darüber hinaus achtet auch unsere Interne Revision im Rahmen aller Prüfungsprojekte auf die Einhaltung sämtlicher Vorgaben und Regelungen im Zusammenhang mit Compliance.

Hinweisgeberverfahren

Für den Fall eines (vermuteten) Compliance-Verstoßes steht unseren Mitarbeitern über das EVN Intranet bzw. spezielle Compliance-E-Mail- Adressen konzernweit ein vertrauliches und anonymes Hinweisgeberverfahren („Whistle Blowing“) zur Verfügung. Hier können alle Bedenken in Bezug auf ethisch nicht vertretbares oder rechtswidriges Verhalten gemeldet werden. Über eigens eingerichtete Compliance-E-Mail-Adressen können aber auch unsere Geschäftspartner das Hinweisgeberverfahren nutzen. Den Umgang mit den gemeldeten Bedenken sowie den Schutz der Hinweisgeber haben wir in einer eigenen Konzernanweisung geregelt.

Compliance-Verstöße stellen eine Verletzung von Dienstpflichten dar, in manchen Fällen sind sie zudem von strafrechtlicher Relevanz. Dies ist von den dazu berufenen Einrichtungen zu beurteilen. Sollte sich ein Verdacht bestätigen, führt dies je nach Schwere und Schadensumfang zu arbeits- und zivilrechtlichen Konsequenzen. Deshalb sind Mitarbeiter, die im Rahmen ihrer Arbeit in Interessen- oder Loyalitätskonflikte geraten, aufgerufen, sich direkt und rechtzeitig an den EVN Compliance Officer zu wenden.# EVN Annual Financial Report 2020/21

Compliance

Im Geschäftsjahr 2020/21 wurden keine Fälle von Diskriminierung aufgrund ethnischer, nationaler oder sozialer Herkunft, Hautfarbe, Geschlecht, sexueller Orientierung, Religion oder politischer Ansichten gemeldet. In der Berichtsperiode wurden jedoch zwei Meldungen über vermutete Verstöße gegen den im Verhaltenskodex verankerten Grundsatz der Integrität und Vermeidung von Korruption gemeldet. Diese Hinweise gegen Mitarbeiter haben sich nach interner Untersuchung bestätigt, waren jedoch nicht Gegenstand von Klagen. Einer der Fälle hatte eine Beendigung des Dienstverhältnisses, der andere eine Abmahnung zur Folge, zudem wurden Maßnahmen gesetzt, um derartige Fälle künftig zu verhindern. Eine Vertragsaufkündigung mit Geschäftspartnern ist nicht erfolgt.

Die Verpflichtung zur Einhaltung hoher und strenger ethischer Standards gilt explizit auch für Geschäftspartner der EVN. Besonderen Wert wird hier auf die Themen „Menschenrechte“, „Arbeitsbedingungen und -rechte“, „Umwelt- und Klimaschutz“ sowie „Geschäftsethik“ gelegt. Die EVN strebt an, Geschäftsbeziehungen zu Unternehmen zu vermeiden, denen direkte oder indirekte Verstöße gegen die Menschenrechte bzw. das Korruptions-, Kartell- oder Wirtschaftsrecht nachgewiesen wurden oder zur Last gelegt werden. Bei der Überprüfung potenzieller Geschäftspartner, die auch das Screening von Sanktionslisten miteinschließt, folgt die EVN einem risikobasierten Ansatz und berücksichtigt insbesondere Branchen- und Länderrisiken. Für Österreich wird zudem die Compliance- Datenbank und -Software eines spezialisierten externen Dienstleisters genutzt. Sofern diese Screenings sensible Ergebnisse erbringen, werden entsprechende Maßnahmen zur Risikoreduktion gesetzt.

Compliance-Schulungen

Alle Vorstands- und Geschäftsführungsmitglieder, Führungskräfte sowie alle Mitarbeiter der EVN werden regelmäßig auf korrektes ethisches Verhalten sensibilisiert. Dies erfolgt zumeist im Rahmen von Schulungen und Workshops, die insbesondere auf die Themen „Menschenrechte“, „Unternehmensethik“, „Korruptionsprävention“, „öffentliches Auftreten“ und „Wettbewerbsverhalten“ fokussieren. Das Spektrum der Ausbildungen reicht dabei von verpflichtenden standardisierten Präsenzschulungen für alle neu eintretenden Mitarbeiter über ergänzende E-Learning-Programme bis hin zu Spezialschulungen für besonders exponierte Bereiche. Ein besonderer Schwerpunkt galt im Geschäftsjahr 2020/21 der Neugestaltung des Compliance-Schulungsprogramms um diese noch stärker auf die Bedürfnisse der Teilnehmer abzustimmen.

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36

Ausblick

Die Strategie 2030 bildet den Rahmen für die Projekte und Investitionen des Geschäftsjahres 2021/22. Die EVN Klimainitiative und das Bekenntnis zu einem im Herbst 2021 mit der Science Based Targets Initiative akkordierten Dekarbonisierungspfad bis 2034 unterstreichen dabei unsere Ambition, einen konkreten Beitrag zur Verwirklichung der Pariser Klimaziele zu leisten.

Der Herbst 2021 war von unverhältnismäßig starken Verwerfungen auf den internationalen Energiemärkten geprägt, die zu massiven Preisanstiegen bei Erdgas und Strom geführt haben. Da die weitere Entwicklung auf den Energiemärkten aktuell schwer zu prognostizieren ist, nimmt auch die Planbarkeit des Geschäftsverlaufs – abseits der für die Aktivitäten der EVN üblichen Unsicherheiten – weiter ab. Für die operative Ergebnisentwicklung ist in erster Linie die Vermarktung der Stromproduktion des EVN Konzerns maßgeblich. Hier entfallen künftig Effekte aus der Vermarktung von Strom aus dem Kraftwerk Walsum 10, nachdem die EVN ihre 49 %-Beteiligung an diesem Kraftwerk Ende September 2021 abgegeben und den Strombezug von dort beendet hat. Ohne die Einmaleffekte aus der Beendigung dieses belastenden Vertrages, die sich im abgelaufenen Jahr positiv ausgewirkt haben, ist für das Geschäftsjahr 2021/22 mit einem geringeren operativen Ergebnis zu rechnen als im Vorjahr. Stärkere oder länger anhaltende Verwerfungen auf den Energiemärkten könnten das erwartete Ergebnis jedoch wesentlich beeinflussen.

Maria Enzersdorf, am 24. November 2021

Der Vorstand
Mag. Stefan Szyszkowitz, MBA
Dipl.-Ing. Franz Mittermayer

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Jahresabschluss

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EVN Annual Financial Report 2020 /21

EVN AG, Maria Enzersdorf

Bilanz zum 30.09.2021

Aktiva	30.9.2021	30.9.2020
A. Anlagevermögen
I. Immaterielle Vermögensgegenstände	45.907.251,79	50.759
II. Sachanlagen	21.330.362,33	25.594
III. Finanzanlagen	3.442.009.560,46	3.685.447
B. Umlaufvermögen	3.509.247.174,58	3.761.800
I. Vorräte
1. Primärenergievorräte	42.496.187,10	21.646
2. Waren	24.601,62	25
II. Forderungen und sonstige Vermögensgegenstände	42.520.788,72	21.671
1. Forderungen aus Lieferungen und Leistungen	37.322.545,14	7.935
2. Forderungen gegenüber verbundenen Unternehmen	371.813.728,31	149.830
3. Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht	112.620.369,50	69.012
4. Sonstige Forderungen und Vermögensgegenstände	7.291.426,83	5.253
davon mit einer Restlaufzeit von mehr als einem Jahr	8.312,50	19
III. Wertpapiere und Anteile	529.048.069,78	232.029
Sonstige Wertpapiere und Anteile	389.990.100,61	241.677
IV. Kassenbestand, Guthaben bei Kreditinstituten	42.073.374,03	147.729
C. Aktive Rechnungsabgrenzung	1.003.632.333,14	643.105
D. Aktive latente Steuern	766.177,92	2.200
	9.941.790,86	31.551
	4.523.587.476,50	4.438.656
38

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EVN AG, Maria Enzersdorf

Passiva

	30.9.2021	30.9.2020
A. Eigenkapital
I. eingefordertes und einbezahltes Grundkapital
Gezeichnetes Kapital	330.000.000,00	330.000
Eigene Anteile	-3.113.719,28	-3.193
	326.886.280,72	326.807
II. Kapitalrücklagen
1. Gebundene	204.429.160,43	204.429
2. Nicht gebundene	58.267.709,06	58.268
	262.696.869,49	262.697
III. Gewinnrücklagen
1. Gesetzliche Rücklage	4.723.734,22	4.724
2. Andere Rücklagen (freie Rücklagen)	1.656.425.801,27	1.512.243
	1.661.149.535,49	1.516.967
IV. Rücklagen für eigene Anteile	3.113.719,28	3.193
V. Bilanzgewinn	92.734.307,24	87.431
davon Gewinnvortrag	143.080,65	84
	2.346.580.712,22	2.197.094
B. Investitionszuschüsse	25.901,00	0
C. Rückstellungen
1. Rückstellungen für Abfertigungen	23.710.239,00	26.105
2. Rückstellungen für Pensionen und pensionsähnliche Verpflichtungen	88.245.249,00	92.849
3. Steuerrückstellungen	414.048,65	2.813
4. Sonstige Rückstellungen	178.933.113,68	482.275
	291.302.650,33	604.043
D. Verbindlichkeiten
1. Anleihen	625.370.652,53	524.371
davon mit einer Restlaufzeit bis zu einem Jahr	300.000.000,00	0
davon mit einer Restlaufzeit von mehr als einem Jahr	325.370.652,53	524.371
2. Verbindlichkeiten gegenüber Kreditinstituten	310.566.980,56	367.866
davon mit einer Restlaufzeit bis zu einem Jahr	7.335.273,28	57.317
davon mit einer Restlaufzeit von mehr als einem Jahr	303.231.707,28	310.549
3. Verbindlichkeiten aus Lieferungen und Leistungen	24.948.111,29	11.025
davon mit einer Restlaufzeit bis zu einem Jahr	24.948.111,29	11.025
4. Verbindlichkeiten gegenüber verbundenen Unternehmen	533.327.900,31	573.317
davon mit einer Restlaufzeit bis zu einem Jahr	533.230.900,31	573.214
davon mit einer Restlaufzeit von mehr als einem Jahr	97.000,00	103
5. Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht	334.933.773,84	99.720
davon mit einer Restlaufzeit bis zu einem Jahr	334.933.773,84	99.720
6. Sonstige Verbindlichkeiten	55.127.747,63	43.138
davon aus Steuern	15.097.259,24	5.639
davon im Rahmen der sozialen Sicherheit	1.438.651,37	1.465
davon mit einer Restlaufzeit bis zu einem Jahr	42.296.080,37	30.169
davon mit einer Restlaufzeit von mehr als einem Jahr	12.831.667,26	12.969
	1.884.275.166,16	1.619.437
davon mit einer Restlaufzeit bis zu einem Jahr	1.242.744.139,09	771.446
davon mit einer Restlaufzeit von mehr als einem Jahr	641.531.027,07	847.991
E. Passive Rechnungsabgrenzung	1.403.046,79	18.082
	4.523.587.476,50	4.438.656
39

EVN AG, Maria Enzersdorf

Passiva

	30.9.2021	30.9.2020
A. Eigenkapital
I. eingefordertes und einbezahltes Grundkapital
Gezeichnetes Kapital	330.000.000,00	330.000
Eigene Anteile	-3.113.719,28	-3.193
	326.886.280,72	326.807
II. Kapitalrücklagen
1. Gebundene	204.429.160,43	204.429
2. Nicht gebundene	58.267.709,06	58.268
	262.696.869,49	262.697
III. Gewinnrücklagen
1. Gesetzliche Rücklage	4.723.734,22	4.724
2. Andere Rücklagen (freie Rücklagen)	1.656.425.801,27	1.512.243
	1.661.149.535,49	1.516.967
IV. Rücklagen für eigene Anteile	3.113.719,28	3.193
V. Bilanzgewinn	92.734.307,24	87.431
davon Gewinnvortrag	143.080,65	84
	2.346.580.712,22	2.197.094
B. Investitionszuschüsse	25.901,00	0
C. Rückstellungen
1. Rückstellungen für Abfertigungen	23.710.239,00	26.105
2. Rückstellungen für Pensionen und pensionsähnliche Verpflichtungen	88.245.249,00	92.849
3. Steuerrückstellungen	414.048,65	2.813
4. Sonstige Rückstellungen	178.933.113,68	482.275
	291.302.650,33	604.043
D. Verbindlichkeiten
1. Anleihen	625.370.652,53	524.371
davon mit einer Restlaufzeit bis zu einem Jahr	300.000.000,00	0
davon mit einer Restlaufzeit von mehr als einem Jahr	325.370.652,53	524.371
2. Verbindlichkeiten gegenüber Kreditinstituten	310.566.980,56	367.866
davon mit einer Restlaufzeit bis zu einem Jahr	7.335.273,28	57.317
davon mit einer Restlaufzeit von mehr als einem Jahr	303.231.707,28	310.549
3. Verbindlichkeiten aus Lieferungen und Leistungen	24.948.111,29	11.025
davon mit einer Restlaufzeit bis zu einem Jahr	24.948.111,29	11.025
4. Verbindlichkeiten gegenüber verbundenen Unternehmen	533.327.900,31	573.317
davon mit einer Restlaufzeit bis zu einem Jahr	533.230.900,31	573.214
davon mit einer Restlaufzeit von mehr als einem Jahr	97.000,00	103
5. Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht	334.933.773,84	99.720
davon mit einer Restlaufzeit bis zu einem Jahr	334.933.773,84	99.720
6. Sonstige Verbindlichkeiten	55.127.747,63	43.138
davon aus Steuern	15.097.259,24	5.639
davon im Rahmen der sozialen Sicherheit	1.438.651,37	1.465
davon mit einer Restlaufzeit bis zu einem Jahr	42.296.080,37	30.169
davon mit einer Restlaufzeit von mehr als einem Jahr	12.831.667,26	12.969
	1.884.275.166,16	1.619.437
davon mit einer Restlaufzeit bis zu einem Jahr	1.242.744.139,09	771.446
davon mit einer Restlaufzeit von mehr als einem Jahr	641.531.027,07	847.991
E. Passive Rechnungsabgrenzung	1.403.046,79	18.082
	4.523.587.476,50	4.438.656

EVN AG, Maria Enzersdorf

2020/21 2019/20 EUR TEUR

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Gewinn- und Verlustrechnung für das Geschäftsjahr vom 1.10.2020 bis 30.9.2021

Description	2020/21	2019/20
1. Umsatzerlöse	369.834.345,77	400.150
2. Andere aktivierte Eigenleistungen	8.375,00	20
3. Sonstige betriebliche Erträge
a) Erträge aus dem Abgang vom und der Zuschreibung zum Anlagevermögen mit Ausnahme der Finanzanlagen	305.857,70	185
b) Erträge aus der Auflösung von Rückstellungen	179.574.516,40	10
c) Übrige	20.544.843,31	422
	200.425.217,41	616
4. Aufwendungen für Material und sonstige bezogene Herstellungsleistungen
a) Fremdstrombezug und Energieträger	-203.070.065,26	-214.338
b) Materialaufwand	-479.306,45	-518
c) Aufwendungen für bezogene Leistungen	-82.292.697,39	-80.904
	-285.842.069,10	-295.760
5. Personalaufwand
a) Gehälter	-60.814.949,08	-61.860
b) Soziale Aufwendungen	-14.838.180,70	-13.445
davon für Altersversorgung	-674.132,78	1.354
davon für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen	-383.397,65	-886
davon für gesetzlich vorgeschriebene Sozialabgaben sowie vom Entgelt abhängige Abgaben und Pflichtbeiträge	-13.053.703,05	-13.222
	-75.653.129,78	-75.305
6. Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen	-6.918.545,69	-7.103
7. Sonstige betriebliche Aufwendungen
a) Steuern, soweit sie nicht unter Z 17 fallen	-460.917,41	-455
b) Übrige	-111.506.114,69	-28.519
	-111.967.032,10	-28.974
8. Zwischensumme aus Z 1 bis Z 7 (Betriebsergebnis)	89.887.161,51	-6.356
9. Erträge aus Beteiligungen	273.910.676,88	255.017
davon aus verbundenen Unternehmen	160.721.341,73	159.495
10. Erträge aus anderen Wertpapieren und Ausleihungen des Finanzanlagevermögens	17.057.219,02	17.838
davon aus verbundenen Unternehmen	17.023.625,32	17.830
11. Sonstige Zinsen und ähnliche Erträge	9.154.301,83	4.308
davon aus verbundenen Unternehmen	6.135.928,80	3.781
12. Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen und Wertpapieren des Umlaufvermögens	2.384.671,30	1.512
davon aus verbundenen Unternehmen	1.103.393,13	505
13. Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens	-95.402.059,68	-9.328
davon Abschreibungen	-94.838.435,40	-87
davon Aufwendungen aus verbundenen Unternehmen	-93.047.510,68	-8.526
14. Zinsen und ähnliche Aufwendungen	-36.107.602,91	-33.793
davon betreffend verbundene Unternehmen	-11.255,02	-25
15. Zwischensumme aus Z 9 bis Z 14 (Finanzergebnis)	170.997.206,44	235.554
16. Ergebnis vor Steuern (Übertrag)	260.884.367,95	229.198

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Gewinn- und Verlustrechnung für das Geschäftsjahr vom 1.10.2020 bis 30.9.2021 (Fortsetzung)

Description	2020/21	2019/20
Übertrag	260.884.367,95	229.198
17. Steuern vom Einkommen	-24.190.125,39	-8.272
davon latente Steuern	-21.608.801,49	2.329
18. Ergebnis nach Steuern = Jahresüberschuss	236.694.242,56	220.926
19. Zuweisung zu Gewinnrücklagen	-144.103.015,97	-133.579
20. Gewinnvortrag aus dem Vorjahr	143.080,65	84
21. Bilanzgewinn	92.734.307,24	87.431

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ENTWICKLUNG DES ANLAGEVERMÖGENS in EURO

Description	Stand 1.10.2020	Zugänge	Abgänge	Umbuchungen	Stand 30.9.2021	Zugänge davon außerplanmäßig	Abgänge	Zuschreibungen	Umbuchungen	Stand 30.9.2021	Anschaffungs- und Herstellungskosten	Kumulierte Abschreibungen	BW 30.9.2021	BW 1.10.2020
I. Immaterielle Vermögensgegenstände
Rechte	201.269.217,80	0,00	50.036,95	0,00	201.219.180,85	150.510.036,55	4.851.318,65	0,00	49.426,07	0,00	155.311.929,13	45.907.251,72	50.759.181,25
Baukostenzuschüsse gem.Art.II(2) EFG 1969	0,07	0,00	0,00	0,00	0,07	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,07	0,07
Summe I	201.269.217,87	0,00	50.036,95	0,00	201.219.180,92	150.510.036,55	4.851.318,65	0,00	49.426,07	0,00	155.311.929,13	45.907.251,79	50.759.181,32
II. Sachanlagen
Grundstücke, grundstücksgleiche Rechte und Bauten, einschließlich der Bauten auf fremdem Grund	50.725.693,04	116.052,78	7.270.800,13	869.448,96	44.440.394,65	35.718.521,29	1.043.925,79	0,00	4.907.108,66	0,00	31.855.338,42	12.585.056,23	15.007.171,75
Kraftwerks- und Erzeugungsanlagen	2.546.709,30	0,00	249.475,74	0,00	2.297.233,56	1.051.588,74	115.805,30	0,00	249.475,74	0,00	917.918,30	1.379.315,26	1.495.120,56
Andere Anlagen, Betriebs- und Geschäftsausstattung	17.563.139,11	547.917,59	1.867.339,62	7.513,67	16.251.230,75	9.845.355,83	907.495,95	0,00	1.838.742,71	0,00	8.914.109,07	7.337.121,68	7.717.783,28
Geleistete Anzahlungen und Anlagen in Bau	1.374.073,52	0,00	468.241,73	-876.962,63	28.869,16	0,00	0,00	0,00	0,00	0,00	0,00	0,00	28.869,16	1.374.073,52
Summe II	72.209.614,97	663.970,37	9.855.857,22	0,00	63.017.728,12	46.615.465,86	2.067.227,04	0,00	6.995.327,11	0,00	41.687.365,79	21.330.362,33	25.594.149,11
Summe I + II	273.478.832,84	663.970,37	9.905.894,17	0,00	264.236.909,04	197.125.502,41	6.918.545,69	0,00	7.044.753,18	0,00	196.999.294,92	67.237.614,12	76.353.330,43
III. Finanzanlagen
Anteile an verbundenen Unternehmen	2.280.248.738,29	120.770.472,23	273.164.445,43	71.000.000,00	2.198.854.765,09	35.341.235,13	93.029.000,00	0,00	0,00	0,00	128.370.235,13	2.070.484.529,96	2.244.907.503,16
Ausleihungen an verbundene Unternehmen	908.337.094,71	169.564.102,42	170.516.120,22	-71.000.000,00	836.385.076,91	1.103.393,13	0,00	0,00	0,00	1.103.393,13	0,00	0,00	836.385.076,91	907.233.701,58
Beteiligungen	515.592.166,88	775.000,00	0,00	0,00	516.367.166,88	1.181.537,29	203.936,47	0,00	0,00	0,00	1.385.473,76	514.981.693,12	514.410.629,59
Wertpapiere (Wertrechte) des Anlagevermögens	18.656.955,47	1.326.000,00	0,00	0,00	19.982.955,47	0,00	0,00	0,00	0,00	0,00	0,00	0,00	19.982.955,47	18.656.955,47
Sonstige Ausleihungen	237.730,00	32.500,00	94.925,00	0,00	175.305,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	175.305,00	237.730,00
Summe III	3.723.072.685,35	292.468.074,65	443.775.490,65	0,00	3.571.765.269,35	37.626.165,55	93.232.936,47	0,00	1.103.393,13	0,00	129.755.708,89	3.442.009.560,46	3.685.446.519,80
Gesamtsumme Anlagevermögen	3.996.551.518,19	293.132.045,02	453.681.384,82	0,00	3.836.002.178,39	234.751.667,96	100.151.482,16	0,00	7.044.753,18	1.103.393,13	0,00	326.755.003,81	3.509.247.174,58	3.761.799.850,23

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Anhang

EVN AG, Maria Enzersdorf

50 Anhang für das Geschäftsjahr 2020/21

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EVN AG, Maria Enzersdorf

51

1. ALLGEMEINE ANGABEN

Der vorliegende Jahresabschluss zum 30.09.2021 der EVN AG wurde vom Vorstand der Gesellschaft nach den Vorschriften des Unternehmensgesetzbuches (UGB) aufgestellt. Die Gesellschaft ist eine große Kapitalgesellschaft gemäß § 221 UGB. Die bisherige Form der Darstellung des Jahresabschlusses wurde bei der Erstellung des vorliegenden Jahresabschlusses beibehalten. Das Unternehmen ist Mutterunternehmen und gehört dem Konsolidierungskreis des EVN- Konzerns an. Der Konzernabschluss ist beim Firmenbuchgericht Wiener Neustadt hinterlegt.

Die EVN AG wurde bisher in die steuerliche Unternehmensgruppe der NÖ Landes-Beteiligungsholding einbezogen. Beginnend mit dem Geschäftsjahr 2020/21 sind die NÖ Landes-Beteiligungsholding und die WIENER STADTWERKE GmbH übereingekommen, dass die EVN AG in eine steuerliche Beteiligungsgemeinschaft iSd § 9 KStG einbezogen wird. Die EVN AG kann ihrerseits nach freiem Ermessen einzelne oder mehrere ihrer qualifizierenden Tochter- und Beteiligungsgemeinschaften in die Gruppe der Beteiligungsgemeinschaft einbeziehen. Die NLH und die WSTW sind selbst jeweils Gruppenträger einer Unternehmensgruppe. NLH bleibt als hauptbeteiligte Gesellschaft der Beteiligungsgemeinschaft Gruppenträger der EVN, WSTW ist minderbeteiligte Gesellschaft.

Zum 30. September 2021 hat die EVN AG ihrerseits mit der Wasser GmbH, Netz Niederösterreich GmbH, EVN Wärme GmbH, evn naturkraft Erzeugungsgesellschaft m.b.H, EVN Kroatien Holding, EVN Croatia Plin d.o.o., EVN WEEV Beteiligungs GmbH i.L., kabelplus GmbH, Utilitas Dienstleistungs- und Beteiligungs-Gesellschaft m.b.H, EVN Wärmekraftwerke GmbH, Burgenland Holding AG, RAG-Beteiligungs-Aktiengesellschaft, RAG Austria AG, RAG Energy Storage GmbH, RAG Exploration & Production GmbH, EVN Umweltholding und Betriebs-GmbH, EVN Projektgesellschaft Müllverbrennungsanlage Nr. 3 mbH, EVN Umwelt Finanz- und Service-GmbH, EVN Business Service GmbH, EVN Geoinfo GmbH sowie der EVN Umwelt Beteiligungs und Service GmbH eine Gruppen- und Steuerumlagevereinbarung abgeschlossen und bildet mit diesen Gesellschaften die steuerliche EVN Gruppe.

Die Steuerumlagen in der „EVN Gruppe“ werden jeweils nach der Belastungsmethode („stand-alone“-Methode) ermittelt. Dabei werden bei überrechneten steuerlichen Verlusten, diese auf Seite der Gruppenmitglieder als "interne Verlustvorträge" evident gehalten und mit künftigen positiven Ergebnissen verrechnet. Eine Ausnahme davon bildet der Vertrag mit der Burgenland Holding AG, der vorsieht, dass der Burgenland Holding AG im Falle der Zurechnung eines negativen steuerlichen Ergebnisses eine negative Steuerumlage gutgeschrieben wird, wenn das Gruppenergebnis insgesamt positiv ist. Die EVN AG entrichtet ihrerseits eine Steuerumlage an die NLH und WSTW die sich vom steuerlichen Ergebnis der „EVN Gruppe“ bemisst.# EVN Annual Financial Report 2020/21

EVN AG, Maria Enzersdorf

2. BILANZIERUNGS- UND BEWERTUNGSMETHODEN

2.1. Allgemeine Grundsätze

Die Gewinn-und-Verlust-Rechnung wurde gem. § 231 Abs 1 in Verbindung mit Abs. 2 UGB nach dem Gesamtkostenverfahren erstellt.

Der Jahresabschluss wurde unter Beachtung der Grundsätze ordnungsmäßiger Buch- führung und Bilanzierung erstellt und entspricht der Generalnorm für den Jahresabschluss, ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens zu vermitteln. Bei der Erstellung des Jahresabschlusses wurde der Grundsatz der Vollständigkeit einge- halten. Bei den angewandten Bilanzierungs- und Bewertungsmethoden wird gemäß § 237 Abs 1 Z1 UGB von der Fortführung des Unternehmens ausgegangen. Bei Umgründungen werden die Buchwerte aus dem letzten Jahresabschluss oder einer Zwischenbilanz, die nach dem auf den letzten Jahresabschluss angewandten Bilanzierungs- und Bewertungsmethoden zu erstellen ist, fortgeführt. Bei den Vermögensgegenständen und Schulden wurde der Grundsatz der Einzelbewertung angewandt. Dem Vorsichtsgrundsatz wurde Rechnung getragen, indem nur die am Abschlussstichtag verwirklichten Gewinne zum Ausweis gelangten und alle erkennbaren Risiken und drohenden Verluste, die bis zum Bilanzstichtag entstanden sind, berücksichtigt wurden. Die bisherigen angewandten Bilanzierungs- und Bewertungsmethoden wurden beibehalten.

2.2. Anlagevermögen

Immaterielle Vermögensgegenstände werden zu Anschaffungskosten, vermindert um lineare, planmäßige Abschreibungen bewertet. Gemäß den steuerrechtlichen Vorschriften nimmt die Gesellschaft für Zugänge im ersten Halbjahr eine volle Jahresabschreibung, für Zugänge im zweiten Halbjahr eine halbe Jahresabschreibung vor. Außerplanmäßige Abschreibungen auf einen zum Abschlussstichtag niedrigeren beizulegenden Wert werden vorgenommen, soweit die Wertminderung voraussichtlich von Dauer ist.

Gegenstände des Sachanlagevermögens werden zu Anschaffungs- bzw. Herstellungs- kosten, vermindert um lineare, planmäßige Abschreibungen bewertet. Gemäß den steuer- rechtlichen Vorschriften nimmt die Gesellschaft für Zugänge im ersten Halbjahr eine volle Jahresabschreibung, für Zugänge im zweiten Halbjahr eine halbe Jahresabschreibung vor. Außerplanmäßige Abschreibungen auf einen zum Abschlussstichtag niedrigeren beizu- legenden Wert werden vorgenommen, soweit die Wertminderung voraussichtlich von Dauer ist.

Die Herstellungskosten enthalten Material- und Fertigungseinzelkosten sowie angemessene Teile der Material- und Fertigungsgemeinkosten. Aufwendungen der allgemeinen Verwaltung sowie Fremdkapitalzinsen werden nicht aktiviert. Die der Aktivierung von Eigenleistungen zugrunde liegenden Personalstundensätze berücksichtigen auch Aufwendungen für frei- willige Sozialleistungen, Abfertigungen und überbetriebliche Altersversorgung. Ein Aus- scheiden überhöhter Gemeinkosten infolge offenbarer Unterbeschäftigung war nicht erforderlich.

Der betriebsgewöhnlichen Nutzungsdauer werden branchenübliche Richtwerte zugrunde gelegt. Die Abschreibungssätze sind nachstehender Tabelle zu entnehmen.

Abschreibungen nach Anlagenkategorien	Nutzungsdauer in Jahren	Planmäßige Abschreibung in %
Rechte	4-40	2,5-25
Gebäude	10-50	2-10
Kraftwerks- und Erzeugungsanlagen	20	5
Maschinelle und elektrische Einrichtungen	10-33	3-10
andere Anlagen, Betriebs- und Geschäftsausstattung	3-20	5-33,3

Geringwertige Vermögensgegenstände werden im Zugangsjahr aktiviert und sofort abge- schrieben. Die Ausbuchung dieser Anlagen erfolgt nach Ablauf der Nutzungsdauern, die für die definierten Anlagengruppen grundsätzlich gelten.

Die Finanzanlagen werden zu Anschaffungskosten oder, falls ihnen ein niedrigerer Wert (z. B. Börsekurs) beizulegen ist, mit diesem angesetzt, wenn die Wertminderungen vor- aussichtlich von Dauer sind. Bei der Bewertung von Anteilen an verbundenen Unternehmen müssen vor allem in Bezug auf künftige Zahlungsmittelüberschüsse Schätzungen unter Unsicherheit vorgenommen werden. Eine Änderung der gesamtwirtschaftlichen, der Branchen- oder der Unternehmenssituation in der Zukunft kann zu einer Reduktion bzw. Erhöhung der Zahlungsmittelüberschüsse und somit zu Wertminderungen bzw. Wertaufholungen führen. Den Bewertungen wird auf Basis der voraussichtlichen Entwicklung ein kapitalwertorien- tiertes Verfahren zugrunde gelegt, bei dem die gewichteten durchschnittlichen Kapitalkosten (Weighted Average Cost of Capital = WACC) verwendet werden. Diese entsprechen der durchschnittlichen gewichteten Verzinsung von Eigen- und Fremdkapital. Die Gewichtung von Eigen- und Fremdkapitalverzinsung – diese entspricht einer Kapitalstruktur zu Marktwerten – werden aus einer adäquaten Peer Group abgeleitet. Vor dem Hintergrund des derzeit volatilen Finanzmarktumfelds stellt die Entwicklung der Kapitalkosten (und insbesondere der Länderrisikoprämien) eine Unsicherheit dar und wird laufend beobachtet. Als Preisgerüst dienen ab dem fünften Jahr (keine aussagekräftige Marktpreise an den Strombörsen mehr verfügbar) Prognosen zweier renommierter Marktforschungsinstitute und Informationsdienstleister in der Energiewirtschaft, welche aufgrund der derzeitigen Volatilität der Strommärkte jährlich aktualisiert werden.

Ausleihungen werden zu Anschaffungskosten, unverzinsliche bzw. niedrig verzinsliche Ausleihungen zum Barwert bilanziert. Außerplanmäßige Abschreibungen werden nur im Fall einer voraussichtlich dauernden Wertminderung vorgenommen.

Zuschreibungen zu Vermögensgegenständen des Anlagevermögens werden vorge- nommen, wenn die Gründe für die außerplanmäßige Abschreibung weggefallen sind. Die Zuschreibung erfolgt auf maximal den Nettobuchwert, der sich unter Berücksichtigung der Normalabschreibungen, die inzwischen vorzunehmen gewesen wären, ergibt.

2.3. Umlaufvermögen

Die Bewertung der Vorräte erfolgt zu Anschaffungs- bzw. Herstellungskosten oder dem niedrigeren Wert aus Anschaffungskosten oder beizulegendem Wert am Bilanzstichtag. Die Anschaffungskosten für den Gasvorrat werden nach dem gleitenden Durchschnitts- preisverfahren ermittelt. Bestandsrisken, die sich aus der Lagerdauer sowie geminderter Verwendbarkeit ergeben, werden durch angemessene Wertabschläge berücksichtigt.

Bei den Vorräten der Betriebsgastronomie wird gemäß § 209 Abs 1 UGB das Bewertungs- wahlrecht in Anspruch genommen, diese mit einem gleichbleibenden Wert anzusetzen. Begründet wird das damit, dass sie regelmäßig ersetzt werden und ihr Gesamtwert von untergeordneter Bedeutung ist. Der Bestand unterliegt in seiner Größe, seinem Wert und seiner Zusammensetzung nur geringen Veränderungen. Eine Inventur ist gemäß § 209 Abs 1 UGB alle fünf Jahre vorgesehen. Die nächste Inventur für die Vorräte der Betriebsgastronomie erfolgt am 30.09.2023.

Für notwendige Beschaffungen von CO2-Emissionszertifikaten erfolgt die Bilanzierung zu Anschaffungskosten, für Zuführungen zu Rückstellungen aufgrund allfälliger Unter- deckungen mit dem Zeitwert zum Bilanzstichtag. Als Verbrauchsfolgeverfahren von CO2 Zertifikaten wird das First-in-first-out Prinzip angewendet.

Forderungen und sonstige Vermögensgegenstände werden mit dem Nennbetrag angesetzt. Längerfristige unverzinsliche bzw. niedrig verzinsliche Forderungen werden entsprechend diskontiert. Für erkennbare Risiken werden Einzelwertberichtigungen gebildet. Für das allgemeine Kreditrisiko erfolgt eine pauschale Einzelwertberichtigung je nach Außen- standsdauer mit folgenden Wertberichtigungssätzen:

Außenstandsdauer:	Wertberichtigungsprozentsatz:
0 - 89 Tage	0 %
90 - 359 Tage	25 %
360 - 719 Tage	40 %
720 - 1079 Tage	50 %
> = 1080 Tage	75 %

Die Wertpapiere des Umlaufvermögens werden zu Anschaffungskosten oder dem niedri- geren beizulegendem Wert zum Bilanzstichtag bewertet. Zuschreibungen zu Vermögensgegenständen des Umlaufvermögens werden vorgenommen, wenn die Gründe für die Abschreibung weggefallen sind.

2.4. Latente Steuern

Latente Steuern werden gemäß § 198 Abs 9 und 10 UGB nach dem bilanzorientierten Konzept und ohne Abzinsung auf Basis des aktuellen Körperschaftsteuersatzes von 25 % gebildet.

2.5. Rückstellungen

Die Ermittlung der Rückstellungen für Abfertigungen sowie für Pensionen und pensions- ähnlichen Verpflichtungen erfolgt nach versicherungsmathematischen Grundsätzen unter der Anwendung der „Projected-Unit-Credit“-Methode gemäß IAS 19. Die Berechnung er- folgt mit einem Rechnungszinssatz von 0,90 % (Abfertigungen) (VJ: 0,70 %) bzw. 1,10 % (Pensionen) (VJ: 1,00 %) sowie unter Berücksichtigung von künftigen jährlichen Gehaltssteigerungen von 2,00 % (VJ: 2,00 %) im nächsten Jahr und einer jährlichen Gehaltssteigerung von 2,00 % für Folgejahre (VJ: 2,00 %) bzw. von Erhöhungen der Pensionen von 2,00 % (VJ: 2,00 %) im nächsten Jahr und einer jährlichen Erhöhung der Pensionen von 2,00 % für Folgejahre (VJ: 2,00 %). Das Pensionsantrittsalter wurde für Frauen mit 60-65 Jahren und für Männer mit 65 Jahren festgesetzt. Hinsichtlich der Sterbewahrscheinlichkeit kommen die Berechnungstafeln („AVÖ 2018–P“) zur Anwendung.

Der Rückstellung für Jubiläumsgeldverpflichtungen liegt eine versicherungsmathematische Berechnung nach IAS 19 zugrunde. Es werden dieselben Parameter wie bei den Berech- nungen der Rückstellungen für Pensionsverpflichtungen angewandt. Der Rechnungszinssatz für alle Sozialkapitalrückstellungen ist ein Stichtagszinssatz ba- sierend auf Renditen von hochwertigen, festverzinslichen Unternehmensanleihen, wobei die Fälligkeiten der zu zahlenden Leistungen entsprechend berücksichtigt werden. Die Zinsen auf die Rückstellungen für Sozialkapital sowie Auswirkungen aus einer Änderung des Zinssatzes werden im Finanzergebnis ausgewiesen.# 3. ERLÄUTERUNGEN ZUR BILANZ

3.1. Aktiva

3.1.1. Anlagevermögen

Die Aufgliederung des Anlagevermögens und seine Entwicklung im Berichtsjahr sind im Anlagenspiegel angeführt (Anlage 1). Als immaterielle Vermögensgegenstände werden Strombezugsrechte und sonstige Rechte mit einem Stand von EUR 45.907.251,72 (VJ: TEUR 50.759) ausgewiesen. In der Bilanz werden immaterielle Vermögensgegenstände EUR 361.071,22 (VJ: TEUR 391) ausgewiesen, die von verbundenen Unternehmen erworben wurden. Der Nettowert der Grundstücke zum Bilanzstichtag beträgt EUR 2.363.242,96 (VJ: TEUR 2.363) und beinhaltet keine Wertberichtigung. Die Aufgliederung der verbundenen Unternehmen und Beteiligungen ist dem Beteiligungsspiegel (Anlage 2) zu entnehmen.

Die Wertpapiere des Anlagevermögens dienen im Wesentlichen der gesetzlich vorgeschriebenen Deckung der Rückstellungen für Pensionen und pensionsähnlichen Verpflichtungen. Des Weiteren wurden im aktuellen Geschäftsjahr 0,25 % der Anteile an der European Energy Exchange AG mit Sitz in Deutschland in Höhe von EUR 1.326.000,00 erworben, die unter den Wertpapieren des Anlagevermögens ausgewiesen werden.

Im Geschäftsjahr 2020/21 wurde eine Ausleihung an ein verbundenes Unternehmen in Höhe von EUR 71.000.000,00 in einen nicht rückzahlbaren Zuschuss umgewandelt. Im Zuge der Umwandlung wurde die bisher unverzinsliche Ausleihung wieder auf den Nominalbetrag aufgezinst und auf Grund dessen im Finanzergebnis ein Ertrag in Höhe von EUR 1.103.393,13 (VJ: TEUR 505) ausgewiesen.

Von den Ausleihungen an verbundene Unternehmen ist ein Betrag von EUR 37.843.776,68 (VJ: TEUR 108.400) innerhalb des nächsten Jahres fällig. Von den sonstigen Ausleihungen ist ein Betrag von EUR 36.875,00 (VJ: TEUR 48) innerhalb des nächsten Jahres fällig.

3.1.2. Umlaufvermögen

Vorräte
Bei den Primärenergievorräten handelt es sich um Gasvorräte sowie um CO2-Zertifikate.

Forderungen und sonstige Vermögensgegenstände
Von den Forderungen aus Lieferungen und Leistungen wurde eine pauschale Einzelwertberichtigung von EUR 21.684,91 (VJ: TEUR 23) gebildet.

Die Forderungen gegenüber verbundenen Unternehmen enthalten Forderungen aus Lieferungen und Leistungen in Höhe von EUR 5.659.440,29 (VJ: TEUR 6.475) sowie sonstige Forderungen in Höhe von EUR 366.154.288,02 (VJ: TEUR 143.355).

Die sonstigen Forderungen und Vermögensgegenstände gegenüber verbundenen Unternehmen enthalten als wesentliche Positionen Steuerforderungen über EUR 24.216.727,33 (VJ: TEUR 24.331), Finanzforderungen über EUR 125.620.838,87 (VJ: TEUR 46.797) sowie Forderungen aus Beteiligungserträgen und Abgängen aus Finanzanlagen über EUR 216.102.619,58 (VJ: TEUR 61.686).

Die Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht, enthalten Forderungen aus Lieferungen und Leistungen in Höhe von EUR 36.434.975,61 (VJ: TEUR 10.789) sowie sonstige Forderungen in Höhe von EUR 76.185.393,89 (VJ: TEUR 58.223).

In den sonstigen Forderungen und Vermögensgegenständen sind, wie im Vorjahr, keine wesentlichen Erträge enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.

Finanzumlaufvermögen
Das Finanzumlaufvermögen enthält fremde Wertpapiere in Höhe von EUR 382.990.100,61 (VJ: TEUR 234.677).

Der Kassenbestand beträgt zum Bilanzstichtag EUR 8.628,51 (VJ: TEUR 8). Zum Bilanzstichtag beträgt das Guthaben bei Kreditinstituten EUR 42.064.745,52 (VJ: TEUR 147.721).

3.1.3. Aktive Rechnungsabgrenzung

	30.09.2021	30.09.2020
EUR	TEUR	TEUR
Anleihekosten	766.177,92	2.200

3.1.4. Aktive latente Steuern

Die aktiven latenten Steuern wurden auf Unterschiede zwischen dem steuerlichen und unternehmensrechtlichen Wertansatz zum Bilanzstichtag für folgende Posten gebildet:

	30.09.2021	30.09.2020
	EUR	TEUR
Sachanlagen	-20.428.609,36	-24.400
Beteiligungen	-25.049.243,15	-25.890
Personalrückstellungen	69.502.298,54	74.803
sonstige Rückstellungen	1.095.678,65	73.150
noch nicht verrechnete Beteiligungsabschreibung gem § 12 Abs 3 Z 2 KStG	13.044.250,00	25.496
sonstige Posten	1.602.788,76	3.044
	39.767.163,44	126.202
Daraus resultieren aktive latente Steuern	21.311.253,99	44.123
abzüglich: Saldierung mit passiven latenten Steuern	-11.369.463,13	-12.573
Stand zum 30.9.	9.941.790,86	31.551

Die latenten Steuern entwickelten sich wie folgt:

	30.09.2021	30.09.2020
EUR	TEUR	TEUR
Stand zum 1.10.	31.550.592,35	31.551
Erfolgswirksame Veränderung	-21.608.801,49	0
Stand zum 30.9.	9.941.790,86	31.551

3.2. Passiva

3.2.1. Eigenkapital

Das Grundkapital in Höhe von EUR 330.000.000,00 (VJ: TEUR 330.000) ist in 179.878.402 Stückaktien zerlegt. Die Gewinnrücklagen betreffen neben der gesetzlichen Rücklage in Höhe von EUR 4.723.734,22 (VJ: TEUR 4.724) freie Rücklagen in Höhe von EUR 1.656.425.801,27 (VJ: TEUR 1.512.243). Gemäß § 229 Abs 1a UGB wurde für die zum Stichtag 30. September 2021 im Bestand der EVN AG befindlichen eigenen Anteile eine Rücklage durch Umwidmung freier Gewinnrücklagen gebildet. Analog zu den eigenen Anteilen weist diese Rücklage für eigene Anteile zum Bilanzstichtag einen rechnerischen Wert in Höhe von EUR 3.113.719,28 (VJ: TEUR 3.193) aus. Zum Bilanzstichtag wurden 1.697.245 (VJ: 1.740.709) Stück eigene Anteile mit einem rechnerischen Wert von EUR 3.113.719,28 (VJ: TEUR 3.193) ausgewiesen. Im Geschäftsjahr 2020/21 wurden 43.464 Stück eigene Aktien an Mitarbeiter übertragen.

3.2.2. Investitionszuschüsse

	Stand 01.10.2020	Zuführung	Verbrauch	Abgang	Stand 30.09.2021
EUR	EUR	EUR	EUR	EUR	EUR
Sachanlagen	0,00	25.901,00	0,00	0,00	25.901,00
Geleistete Anzahlungen und Anlagen in Bau	0,00	25.901,00	0,00	0,00	25.901,00
Summe Investitionszuschüsse	0,00	25.901,00	0,00	0,00	25.901,00

3.2.3. Rückstellungen

Die sonstigen Rückstellungen in Höhe von EUR 178.933.113,68 (VJ: TEUR 482.275) betreffen im Wesentlichen die Vorsorgen für:

	30.09.2021	30.09.2020
	EUR	TEUR
Strombezugs-/absatzgeschäfte	122.036.014,56	3.003
CO2-Zertifikate	25.297.021,50	2.542
kurzfristige Personalverpflichtungen	20.949.726,02	21.357
Anteilige Jubiläumsgelder	8.826.874,00	8.861
Noch nicht fakturierte Lieferungen und Leistungen	1.823.477,60	3.150
Sonstige Verpflichtungsrisken	0,00	440.824
Kohlebezugsgeschäfte	0,00	1.274
Gasbezugs-/absatzgeschäfte	0,00	1.264
	178.933.113,68	482.275

Die Veränderung der sonstigen Verpflichtungsrisken ist auf den Ausstieg aus dem Kraftwerksprojekt Walsum 10 zurückzuführen. Die Auflösung aus dieser Position wird in den sonstigen betrieblichen Erträgen erfasst.

3.2.4. Verbindlichkeiten

	Bilanzwert	< 1 Jahr	1-5 Jahre	> 5 Jahre
	EUR	EUR	EUR	EUR
1. Anleihen	300.000.000,00	99.370.652,53	226.000.000,00	625.370.652,53
Vorjahr in TEUR	0	399.371	125.000	524.371
2. Verbindlichkeiten gegenüber Kreditinstituten	7.335.273,28	46.768.292,72	256.463.414,56	310.566.980,56
Vorjahr in TEUR	57.317	46.768	263.780	367.866
3. Verbindlichkeiten aus Lieferungen und Leistungen	24.948.111,29	0,00	0,00	24.948.111,29
Vorjahr in TEUR	11.025	0	0	11.025
4. Verbindlichkeiten gegenüber verbundenen Unternehmen	533.230.900,31	24.000,00	73.000,00	533.327.900,31
Vorjahr in TEUR	573.214	24	79	573.317
5. Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht	334.933.773,84	0,00	0,00	334.933.773,84
Vorjahr in TEUR	99.720	0	0	99.720
6. Sonstige Verbindlichkeiten	42.296.080,37	6.588.232,07	6.243.435,19	55.127.747,63
Vorjahr in TEUR	30.169	6.591	6.377	43.138
	1.242.744.139,09	152.751.177,32	488.779.849,75	1.884.275.166,16
Vorjahr in TEUR	771.446	452.754	395.237	1.619.437

Die Verbindlichkeiten gegenüber Kreditinstituten beinhalten Schuldscheindarlehen in Höhe von EUR 182.500.000,00 (VJ: TEUR 182.500).

Die Verbindlichkeiten gegenüber verbundenen Unternehmen enthalten Verbindlichkeiten aus Lieferungen und Leistungen in Höhe von EUR 18.188.040,06 (VJ: TEUR 26.585) sowie sonstige Verbindlichkeiten in Höhe von EUR 515.139.860,25 (VJ: TEUR 546.732).

Die Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht, enthalten sonstige Verbindlichkeiten in Höhe von EUR 334.320.037,11 (VJ: TEUR 99.573).

In den sonstigen Verbindlichkeiten sind EUR 323.079.000,00 (VJ: TEUR 88.437) aus kurzfristigen Finanzverbindlichkeiten im Zusammenhang mit dem Cash Pooling ausgewiesen.# ERLÄUTERUNGEN ZUR GEWINN- UND VERLUSTRECHNUNG

Im Posten Sonstige Verbindlichkeiten sind Aufwendungen in Höhe von EUR 34.604.873,26 (VJ: TEUR 23.437) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.

3.2.5. Haftungsverhältnisse

	30.09.2021	30.09.2020
EUR
Bankgarantien	557.293.896,86	478.970
Sonstige Haftungsverhältnisse	342.976.453,26	700.765
Patronatserklärungen	20.000.000,00	20.000
Gesamt	920.270.350,12	1.199.735
Davon gegenüber verbundenen Unternehmen	776.562.922,42	1.064.565
Davon gegenüber assoziierten Unternehmen	94.800.156,38	93.007

Die hierunter ausgewiesenen Eventualverbindlichkeiten entfallen im Wesentlichen auf Haftungen für von Banken für die eigene Geschäftstätigkeit und jene von Tochtergesellschaften ausgestellte Garantien, auf Haftungen für Finanzierungen von Tochtergesellschaften, auf Einzahlungsverpflichtungen gegenüber verbundenen Unternehmen sowie auf übernommene Haftungen gegenüber Banken für Kundenkredite.

Für das im Eigentum der VERBUND-Austrian Hydro Power AG (vormals „Donaukraft“) stehende Kraftwerk Freudenau wurden Refinanzierungstransaktionen abgeschlossen. Bei diesen Transaktionen hat sich die EVN AG verpflichtet, in bestimmten Verzugs- und Verlustfällen an die Österreichische Elektrizitätswirtschafts-Aktiengesellschaft (Verbund AG) Kostenersatz zu leisten.

Für die im Auftrag der EVN AG getätigten Geschäfte der ENERGIEALLIANZ Austria GmbH für den Eigenhandel sowie die Beschaffung von Elektrizität und Gas wurden gegenüber den Handelspartnern Patronatserklärungen erteilt. Die Eventualverbindlichkeiten hierfür werden in Höhe des tatsächlichen Risikos für die EVN AG angesetzt. Dieses Risiko bemisst sich an Veränderungen zwischen vereinbartem Preis und aktuellem Marktpreis, wobei sich bei Beschaffungsgeschäften ein Risiko nur bei gesunkenen Marktpreisen und bei Absatzgeschäften ein Risiko nur bei gestiegenen Marktpreisen ergibt. Dementsprechend kann sich das Risiko aufgrund von Marktpreisänderungen nach dem Stichtag entsprechend verändern.

Aus dieser Risikobewertung resultierte per 30. September 2021 eine Eventualverbindlichkeit in Höhe von EUR 26.176.632,00 (VJ: TEUR 17.777). Das dieser Bewertung zugrunde liegende Nominalvolumen der Garantien betrug EUR 282.000.000,00.

Zum 31. Oktober 2021 betrug das Risiko betreffend Marktpreisänderungen EUR 20.597.593,00 bei einem zugrunde liegenden Nominalvolumen von EUR 282.000.000,00.

3.2.6. Art, Zweck und finanzielle Auswirkungen sonstiger nicht in der Bilanz ausgewiesener oder angegebener Geschäfte

Die Gesellschaft hat im Geschäftsjahr folgende wesentliche Verträge mit Wirkung für die Folgeperioden abgeschlossen:

1. Kontrahierung von Gasspeichernutzungsmöglichkeiten im Umfang von 90 MW für den Zeitraum 01.04.2021 bis 31.03.2022.
2. Abschluss von Großhandelskontrakten Strom mit Lieferung nach dem 30.09.2021 mit einer Netto-Verkaufsmenge von 620.220 MWh. Die Kontrahierung dieser Mengen erfolgte im Wege von 306 Einzeltransaktionen.
3. Abschluss von derivativen Geschäften für Kohle zur Risikominderung der Stromproduktion aus Kohlekraftwerken bzw. deren Rückabwicklung mit einer Netto-Verkaufsmenge von 30 tsd t. Die Kontrahierung erfolgte im Wege von 57 Einzeltransaktionen.
4. Abschluss von Großhandelstransaktionen für EUAs mit Lieferung nach dem 30.09.2021 mit einer Netto-Menge von 0 t. Die Kontrahierung dieser Mengen erfolgte im Wege von 45 Einzeltransaktionen.
5. Abschluß eines Netzreservevertrages mit APG über die Vorhaltung von 470 MW Leistung für die Zwecke des Engpassmanagement für den Zeitraum 01.10.2021 bis 30.09.2022.

Hinsichtlich der wertmäßigen Auswirkung der derivativen Verträge wird auf den Abschnitt zu den derivativen Finanzinstrumenten verwiesen.

3.2.7. Finanzinstrumente

Die Bilanzierungs- und Bewertungsgrundsätze sind beim jeweiligen Bilanzposten angeführt. Käufe und Verkäufe von Finanzinstrumenten werden zum Settlement-Stichtag gebucht. Langfristige Veranlagungen dienen dem Aufbau des für das Sozialkapital erforderlichen Deckungsstocks und erfolgen im Rahmen von extern verwalteten Investmentfonds. Das Kreditrisiko von Forderungen entspricht den in der Bilanz ausgewiesenen, um vorgenommene Wertberichtigungen reduzierten Wertansätzen. Alle Finanzinstrumente werden sofort nach Abschluss in einem Risikomanagementsystem erfasst. Dies ermöglicht einen tagesaktuellen Überblick über alle wesentlichen Risikokennzahlen. Für das Risiko-Controlling wurde zudem eine eigene Stabsstelle eingerichtet, die laufend Risikoanalysen basierend auf der Value-at-Risk-Methode erstellt.

Derivative Finanzinstrumente dienen in erster Linie der Absicherung des Unternehmens gegen Marktpreisänderungs-, Liquiditäts-, Wechselkurs- und Zinsänderungsrisiken. Strategisches Ziel ist die Kontinuität des operativen wie des Finanzergebnisses. Darüber hinaus werden vereinzelt Möglichkeiten genutzt, die ein höheres Risiko enthalten und einen höheren Ertrag versprechen.

Die Nominalwerte sind die saldierten Summen der zu den jeweiligen Finanzderivaten gehörenden Einzelpositionen zum Bilanzstichtag. Sie entsprechen zwar den zwischen den Vertragspartnern vereinbarten Beträgen, sind jedoch kein Maßstab für das Risiko des Unternehmens aus dem Einsatz dieser Finanzinstrumente. Das Risikopotenzial umfasst insbesondere Schwankungen der zugrunde liegenden Marktparameter. Die Bewertung der Finanzinstrumente erfolgt mittels von Börsepreisen abgeleiteten Forwardpreiskurven, Wechselkursen sowie Zinsstrukturkurven. Das Kreditrisiko der Vertragspartner findet dabei Berücksichtigung.

Für derivative Finanzinstrumente werden die Nominalwerte sowie die aktuellen Marktwerte (Fair Values) angegeben. Sie setzen sich zum Bilanzstichtag wie folgt zusammen und sind in den folgenden Bilanzpositionen erfasst:

Derivative Finanzinstrumente mit Sicherungsbeziehung

	Nominalwert in Mio JPY	Marktwert in Mio EUR
	30.09.2021	30.09.2020
Währungsswaps JPY (1 bis 5 Jahre)	10.000,0	10.000,0

Die in obiger Tabelle ausgewiesenen Währungsswaps sind Cross-Currency Swaps zur Absicherung der Zins- und Währungsrisiken der in fremder Währung begebenen Anleihe (JPY-Anleihe). Die Laufzeit der Währungsswaps ist ident mit der Laufzeit der Anleihe bis 2024.

Die Effektivität der Sicherungsbeziehung der Cross-Currency Swaps wird zumindest quartalsweise geprüft. Retrospektiv erfolgt diese Prüfung mittels Dollar-Offset-Methode, prospektiv wird die Critical-Terms-Match-Methode angewandt. Per 30.09.2021 beträgt die auf das Zinsrisiko bezogene Effektivität 92%, die auf das Währungsrisiko bezogene Effektivität befindet sich nahe 93%.

Eine dokumentierte Widmung der Verträge wurde vollzogen, indem das abzusichernde Risiko identifiziert, der Beginn der Sicherungsbeziehung festgelegt und das Vorliegen aller materiellen Voraussetzungen nachvollziehbar begründet wurde. In materieller Hinsicht gilt hier dazu, dass die Sicherungsgeschäfte die qualitative Eignung des abgesicherten Grundgeschäfts besitzen, ein Absicherungsbedarf auf Basis des Preisänderungsrisikos aus dem Grundgeschäft vorliegt, eine bestehende Absicherungsstrategie existiert und die Derivate qualitativ geeignet als Sicherungsinstrument sind.

Für derivative Instrumente mit negativem Marktwert wird keine Drohverlustrückstellung gebildet, sofern eine Sicherungsbeziehung mit den jeweils zugrundeliegenden Geschäften besteht.

Ante il > 12 Monate	Ante il <= 12 Monate	Ante il > 12 Monate	Ante il <= 12 Monate
Nominalwert in Mio EUR		Marktwert in Mio EUR
30.09.2021	30.09.2020	30.09.2021	30.09.2020
Kohleswaps	23,5	11,3	23,5
Forwards Strom	10,0	38,0	-130,8
Forwards mit Collateral / Futures physisch Strom	0,0	1,7	0,0
Forwards Gas	0,0	12,4	0,0
Forwards CO2-Zertifikate	12,0	0,0	12,0
Forwards mit Collateral / Futures physisch CO2-Zertifikate	0,0	6,2	0,0

Derivative Finanzinstrumente

Für derivative Finanzinstrumente mit negativem Marktwert, die keiner Sicherungsbeziehung zugeordnet sind, werden in Summe Drohverlustrückstellungen in Höhe von TEUR 122.457 (VJ: TEUR 4.954) gebildet und sind in den Umsatzerlösen sowie sonstigen betrieblichen Aufwendungen erfasst.

Die Gesellschaft tätigt heuer erstmals auch Termingeschäfte im Auftrag von verbundenen Unternehmen. Zur Durchführung dieser Aufträge werden bilaterale Verträge mit Dritten (OTC-Forwards) sowie gleichzeitig Verträge mit verbundenen Unternehmen getätigt. Die Ausführung eines Auftrags führt somit in der EVN AG gleichzeitig zu einem Beschaffungs- und einem Absatzgeschäft zu gleichen Konditionen auf Termin. Die Ausfallsrisiken der geschlossenen Geschäfte sind grundsätzlich vergleichbar bzw. vernachlässigbar wodurch der Effekt daraus bei den angeführten Marktwerten nicht berücksichtigt wurde. Wie in der nachstehenden Tabelle dargestellt, stehen sich in gleicher Höhe Derivate mit negativem wie mit positivem Fair Value gegenüber.

	Nominalwert in EUR	Marktwert in EUR
Forwards Strom mit verbundenen Unternehmen
Kauf	3.045.373,75	540.497,07
Verkauf	38.194.610,49	9.459.390,10
Forwards Strom mit Dritten
	Nominalwert	Marktwert
Kauf	38.194.610,49	-9.459.390,10
Verkauf	3.045.373,75	-540.497,07

Die angeführten Termingeschäfte werden in analoger Anwendung des in AFRAC 15 Rz 57 dargestellten Konzepts des Portfolio-Handelshedge als einheitliches Bewertungsobjekt imparitätisch bewertet.# 4.2. Sonstige betriebliche Erträge

Die Erträge aus der Auflösung von Rückstellungen resultieren Großteils aus dem Ausstieg aus dem Kohlekraftwerksprojekt Walsum 10. Per 30. September 2021 hat die EVN Kraftwerks- und Beteiligungsgesellschaft mbH ihre 49 %-Beteiligung am Steinkohlekraftwerk Walsum 10 an ihren Joint-Venture-Partner STEAG veräußert; gleichzeitig wurde auch der Strombezugsvertrag aus dem Kraftwerk beendet.

	2020/21	2019/20	EUR TEUR
Baukostenzuschuss KW Walsum 10	17.933.225,23	0
Sonstige Erträge	2.171.498,88	85
Projektförderungen	332.206,44	336
Gerichtskostenersätze	107.912,76	0
Gesamt	20.544.843,31	422

4.3. Personalaufwand

In den Gehältern sowie sozialen Aufwendungen sind nachstehende Komponenten enthalten:

	2020/21	2019/20	EUR TEUR
Dotierung der Rückstellung für Jubiläumsgelder in Gehältern	-128.274,92	-432
Dotierung der Rückstellung für Deputate in sozialen Aufwendungen	-218.285,27	-195

Betreffend Altersversorgung ergaben sich aufgrund der Auflösung von Rückstellungen Minderaufwendungen in Höhe von EUR 2.509.841,76 (VJ: TEUR 4.384) sowie Aufwendungen in Höhe von EUR 3.175.238,49 (VJ: TEUR 3.030) betreffend beitragsorientierte Pensionsvorsorgen. Für Abfertigungen (ohne Leistungen an Mitarbeitervorsorgekassen) ergaben sich aufgrund der Auflösung von Rückstellungen Minderaufwendungen in Höhe von EUR 81.739,93 (VJ: Aufwendungen in Höhe von TEUR 433).

4.4. Sonstige betriebliche Aufwendungen

In den sonstigen betrieblichen Aufwendungen in Höhe von EUR 111.967.032,10 (VJ: TEUR 28.974) sind enthalten:

	2020/21	2019/20	EUR TEUR
Drohverluste Derivate	81.289.287,21	0
Werbeaufwand	8.523.080,32	9.313
Leistungsverrechnung im Konzern	6.399.199,14	5.067
Beratungsleistungen	2.904.610,28	2.679
Restbuchwerte aus Anlagenabgängen	2.392.899,26	66
Porto- und Fernmeldeaufwand	2.059.477,17	2.012
Sonstige übrige Aufwendungen	1.771.129,35	1.889
Forderungsabschreibungen	1.403.653,71	2.034
Mitgliedsbeiträge und Umlagen	1.315.249,05	1.243
Reisekosten	1.096.791,13	1.732
Weiterbildung und Tagungsaufwand	962.113,26	1.421
Versicherungsaufwand	841.438,23	521
Mieten und Benützungsentgelte	499.947,56	485
Stelleninserate	341.655,09	412
Sonstige Konzernleistungen	166.501,34	101
Gesamt	111.967.032,10	28.974

Die Angabe der auf das Geschäftsjahr entfallenden Aufwendungen für den Abschlussprüfer gemäß § 238 Abs 1 Z 18 UGB unterbleibt, da eine derartige Information im Konzernabschluss der EVN AG enthalten ist.

4.5. Erträge aus Beteiligungen

Die Ergebnisse des Geschäftsjahres 2020/21 der verbundenen Unternehmen EVN Bulgaria Stromvertrieb Holding GmbH, EVN Bulgaria Stromnetz Holding GmbH, der EVN Kraftwerks- und Beteiligungsgesellschaft mbH sowie der EVN Wasser Gesellschaft m.b.H wurden in Höhe von EUR 61.701.169,58 (VJ: TEUR 61.686) im Finanzergebnis phasenkongruent erfasst.

4.6. Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens

Die Aufwendungen aus verbundenen Unternehmen in Höhe von EUR 93.047.510,68 (VJ: TEUR 8.526) beinhalten eine Abschreibung an den Anteilen an der EVN Umweltholding und Betriebs GmbH in Höhe von EUR 92.898.000,00.

4.7. Zinsen und ähnliche Aufwendungen

In diesem Posten sind Zinskomponenten aus der Abzinsung von Sozialkapitalrückstellungen in Höhe von EUR 1.223.149,09 (VJ: TEUR 980) enthalten.

4.8. Steuern vom Einkommen

	2020/21	2019/20	EUR TEUR
Körperschaftsteuer Inland laufendes Jahr	42.445.917,49	42.172
latente Körperschaftsteuer	21.608.801,49	-2.329
Körperschaftsteuer Vorjahre	-204.100,60	4.847
Körperschaftsteuer Ausland laufendes Jahr	-1.725.822,92	449
Steuerertrag aus der Gruppenbesteuerung	-37.934.670,07	-36.867
Gesamt	24.190.125,39	8.272

5. Ergänzende Angaben

5.1. Mitarbeiter (im Jahresdurchschnitt)

Die durchschnittliche Zahl der Arbeitnehmer (ausschließlich Angestellte) während des Geschäftsjahres betrug 589 (VJ: 615).

5.2. Mitglieder des Vorstandes und des Aufsichtsrates

Die Gesamtbezüge der aktiven Vorstandsmitglieder betrugen im Geschäftsjahr TEUR 1.242 (VJ: TEUR 1.263), an ehemalige Vorstandsmitglieder bzw. deren Hinterbliebene wurden TEUR 1.159 (VJ: TEUR 1.461) bezahlt. Für Abfertigungen und Pensionen ergibt sich für Vorstand und leitende Angestellte ein Aufwand in Höhe von EUR 1.832.645,28 (VJ: Aufwand TEUR 775), für die übrigen Arbeitnehmer ein Ertrag aufgrund der Auflösung bzw. dem Verbrauch von Rückstellungen Höhe von EUR 775.114,85 (VJ: Ertrag TEUR 1.243). Die Aufsichtsratsvergütungen betrugen im Berichtsjahr EUR 154.700,00 (VJ: TEUR 157). An den Nachhaltigkeitsbeirat wurden im Berichtszeitraum Vergütungen in Höhe von EUR 104.907,36 (VJ: TEUR 93) ausbezahlt. Den Organen der Gesellschaft wurden keine Kredite gewährt, und es wurden keine Haftungen übernommen.

5.3. Sonstige Erläuterungen

ElWOG-Angaben

Geschäfte im Sinne des § 8 Abs 3 ElWOG bzw. § 8 Abs 3 GWG werden insbesondere mit folgenden verbundenen Elektrizitäts- bzw. Erdgasunternehmen getätigt: Netz Niederösterreich GmbH, evn naturkraft Erzeugungsgesellschaft m.b.H, EVN Wärme GmbH, EVN Wärmekraftwerke GmbH, EVN Energievertrieb GmbH & Co KG sowie ENERGIEALLIANZ Austria GmbH.

5.4. Ergebnisverwendung

Es wird vorgeschlagen, unter Berücksichtigung der eigenen Anteile in Höhe von 1.697.425 Stück, aus dem Bilanzgewinn einen Betrag in Höhe von EUR 92.654.201,64, das entspricht einer Dividende von EUR 0,52 je Aktie, auszuschütten und den verbleibenden Betrag auf neue Rechnung vorzutragen.

5.5. Angaben zu Organen der Gesellschaft

Aufsichtsrat:
Präsidentin: Mag. Bettina Glatz-Kremsner
Vizepräsidenten: Dr. Norbert Griesmayr, Mag. Willi Stiowicek
Mitglieder:
* Mag. Georg Bartmann (ab 21.01.2021)
* Dr. Gustav Dressler (ab 21.01.2021)
* Mag. Philipp Gruber
* Dr. Reinhard Meißl (bis 21.01.2021)
* Mag. Susanne Scharnhorst (bis 21.01.2021)
* Dipl.-Ing. Peter Weinelt (ab 21.01.2021)
* Dr. Johannes Zügel (bis 21.01.2021)
* Kommerzialrat Dieter Lutz (bis 21.01.2021)
* Dipl.-Ing. Maria Patek, MBA (ab 21.01.2021)
* Dipl.-Ing. Angela Stransky
* Dipl.-Ing. Dr. Friedrich Zibuschka

Arbeitnehmervertreter:
* Ing. Paul Hofer
* Dipl.-Ing. Irene Pugl
* Mag. Dr. Monika Fraißl
* Uwe Mitter
* Friedrich Bußlehner

Vorstand:
* Vorstandsdirektor Mag. Stefan Szyszkowitz, MBA – Sprecher des Vorstandes
* Vorstandsdirektor Dipl.-Ing. Franz Mittermayer

Maria Enzersdorf, am 24. November 2021

Der Vorstand
Mag. Stefan Szyszkowitz, MBA
Dipl.-Ing. Franz Mittermayer

The Executive Board of EVN AG certifies to the best of its knowledge that the consolidated financial statements, which were prepared in accordance with the applicable reporting standards, present a true and fair view of the assets, liabilities, financial position and profit or loss of the EVN Group. Furthermore, the Executive Board certifies that the respective management report presents a true and fair view of the development and performance of the business and the position of the EVN Group so as to give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, together with a description of the principal risks and uncertainties the group faces.

The Executive Board of EVN AG certifies to the best of its knowledge that the separate financial statements, which were prepared in accordance with the applicable reporting standards, present a true and fair view of the assets, liabilities, financial position and profit or loss of the parent company and that the respective management report presents a true and fair view of the development and performance of the business and the position of the company so as to give a true and fair view of the assets, liabilities, financial position and profit or loss of the company, together with a description of the principal risks and uncertainties the company faces.

Maria Enzersdorf, 24 November 2021

EVN AG
The Executive Board

Declaration by the Executive Board pursuant to § 124 (1) no. 3 of the Austrian Stock Exchange Act 2018 (“Börsegesetz 2018”)

Stefan Szyszkowitz, MBA
Spokesman of the Executive Board

Franz Mittermayer
Member of the Executive Board