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EVN AG Annual Report 2023
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Annual Report
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Annual Financial Report 2022/23
Contents
Management report 2022/23
Energy policy environment 03 General business environment 05 Energy sector environment 06 Business development 07 Innovation, research and development 16 Risk management 17 Consolidated non-financial report 22 Disclosures required by § 243a of the Austrian Commercial Code 22 Outlook for the 2023/24 financial year 24
Consolidated financial statements for 2022/23
Consolidated statement of operations 26 Consolidated statement of comprehensive income 27 Consolidated statement of financial position 28 Consolidated statement in changes in equity 29 Consolidated statement of cash flows 30 Consolidated notes 31 Auditors' report 120
Annual financial statements of EVN AG 2022/23 acc. to UGB (only available in German)
Management report 128 Financial statements 175 Auditors' report 182 Notes 187
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 208
Management report
Energy policy environment
Energy and climate policy
European Union
The EU is working to make Europe the first climate-neutral continent by 2050, and the associated plans call for a significant reduction in greenhouse gas emissions by 2030. Against this backdrop, the EU is continuing the implementation of various legal regulations to create a binding framework for the attainment of these ambitious goals.
In March 2023, the member states agreed on the basics of a package for the hydrogen market and the decarbonisation of the gas market. It is designed to establish the framework conditions for the gradual transition from fossil natural gas to renewable gases by creating a competitive market together with the necessary infrastructure. Other key content covers the regulation of the future hydrogen networks and the improvement of planning and investment security for networks and storage.
The new EU directive to reform emission trading took effect in May 2023 and was expanded to also cover the transport and building sector beginning in 2027. The income from these new emission trading areas is designated to flow into a climate and social fund.
The EU Parliament and the Council agreed in autumn 2023 on an amendment to the Renewable Energy Directive (RED III) which sets significantly more ambitious goals for the share of renewable energies in heating and cooling supplies as well as the building, industry and transport sectors. For the industry sector, the new goals mean a more rapid conversion to renewable hydrogen. The directive also requires shorter planning and approval periods for projects involving the expansion of plants that generate renewable energies, networks and energy storage.
The energy crisis triggered by the Ukraine war led to efforts by the EU Commission in 2023 to prepare and issue a draft for a new electricity market design. A key objective of these reform efforts is to contain the negative effects of extreme price fluctuations on the EU market and, in the end, reduce the impact on consumers. One of the most important measures gives governments an option to assume the market price risks associated with investments in plants that generate electricity from renewable and non-fossil sources. This will provide power plant operators with greater investment security and customers with relief in the event of rising market prices. The basis will be formed by the conclusion of so-called energy sector contracts for difference between electricity producers and the EU member states. The EU
aims to approve this legislative package on the electricity market design before the upcoming EU elections in 2024.
Austria
The Renewable Energy Expansion Act, which was enacted in Austria during July 2021, includes concrete expansion targets. It requires an increase of 27 TWh per year in renewable electricity generation 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 of the Renewable Energy Expansion Act for EVN's business activities include the subsidy mechanisms for the construction of new renewable plants as well as investment subsidies for electrolysis 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 per year in nationally produced renewable gas as a share of Austria's total natural gas volumes is planned by 2030. Other relevant content includes the framework conditions for citizens' and renewable energy communities.
An amendment to the Environmental Impact Assessment Act was passed in March 2023. It facilitates proceedings and introduces measures to accelerate the approval of projects that contribute to the energy transformation.
An amendment to the Federal Energy Efficiency Act in June 2023 finalised the overdue enactment of the EU Energy Efficiency Directive in Austria.
In October 2023, the federal government agreed on the contents of a new Renewable Heat Act which, in particular, prohibits the installation of fossil fuel-based heating equipment in new household buildings. The Austrian Parliament also approved higher standards for gas storage as part of a legal amendment during that same month. It requires gas suppliers to guarantee supply security at a level of 45 days in the future (instead of the previous 30 days). A storage standard was also introduced for gas-fired power plants (including combined heat and power plants), and the strategic gas reserve was extended to 2026.
The Federal Ministry for Climate Action, Environment, Energy, Mobility, Innovation and Technology is currently working on the Electricity Industry Act to replace the current Electricity Industry and Organisation Act and to implement the EU's Directive on common rules for the internal market for electricity and the Renewable Energy Directive. The Electricity Industry Act is expected to provide, among others, clear rules for energy communities (e.g. concerning
the operation of storage) as well as new rules for network operators (e. g. concerning the simplified use of smart meter data for planning network flexibilities). The new law is also expected to include additional consumer protection rules.
Federal Act on the Energy Crisis Contribution for Electricity
To implement an EU regulation on emergency intervention measures that was issued in autumn 2022, Austria passed the Federal Act on the Energy Crisis Contribution for Electricity for the period from 1 December 2022 to 31 December 2023. The primary goal of the EU regulation and the related national laws was to present a temporary answer to the massive distortions on the international energy markets and the resulting effect on the European society and economy. Specifically, the member states were permitted to collect a solidarity levy based on the increased market revenue from electricity generation and from the crude oil, coal and refinery sectors. The income was to be used to provide financial relief from the high energy prices for end customers like households and smaller and medium-sized businesses.
The Austrian Federal Act on the Energy Crisis Contribution for Electricity calls for a levy equal to 90% of the surplus revenue from electricity generation. The threshold for the calculation of surplus proceeds equalled EUR 140 per MWh from 1 December 2022 to 31 May 2023 but increased up to EUR 176 per MWh based on the inclusion of allowable investments in renewable energies and energy efficiency measures. The threshold was reduced to EUR 120 per MWh, respectively to EUR 156 per MWh as of 1 June 2023 based on the decline in the wholesale prices for electricity.
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 group company Netz Niederösterreich. All investments and expenditures by this company to ensure the continuous operations 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 network operator and the weighted average cost of capital. Also included is an incentive in the form of productivity factors, which serve as cost reduction targets for the respective company and also include inflationary adjustments. E-Control
sets the weighted average cost of capital and cost reduction targets for an entire regulatory period, which equals five years in Austria.
The regulatory authority reduced the weighted average cost of capital with the start of the new regulatory periods for the electricity distribution network on 1 January 2019 and for the natural gas distribution network on 1 January 2023, respectively, to reflect the generally lower interest rate levels. However, a differentiation was made for the first time between the efficiency of the various network operators and between existing and new equipment in order to create incentives for further investments and efficiency improvements. This benefits network operators with higher productivity in industry comparison as well as with the slightly higher interest rates on the capital required for new investments. EVN's network company has received a very positive evaluation from the regulatory authority for its productivity in peer-group benchmarking. A new regulatory period for the electricity distribution network will start on 1 January 2024.
Bulgaria
The delivery of electricity to industrial and commercial customers in Bulgaria has been liberalised. EVN Trading SEE serves as a supplier in this 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. In view of the current energy policy debate in Bulgaria, it can be assumed that the transfer of household customers to the liberalised market will be postponed at least to the end of 2026. 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 2023. The electricity prices for household customers in EVN's supply area were increased by 3.8% on average (previous year: average increase of 3.6% as of 1 July 2022).
The new three-year regulation period for the electricity network in Bulgaria began on 1 July 2021. The regulatory method 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 for planned future investments. EP Yug is responsible for the operation of the electricity distribution networks in EVN's Bulgarian supply area. Due to the decline in electricity prices during the 2022/23 financial year, this company did not receive any further government compensation payments to cover network losses (in the previous year, expenses were reduced by these compensation payments).
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 supply 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 and will be reallocated in the first half of 2024. EVN Home DOO also serves 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.
The regulated electricity prices for the household customers supplied by EVN Home DOO are currently classified in four consumption-based categories. As of 1 January 2023, the prices for all four categories were raised by 8.7% to 14.4% (1 July 2022: increase of roughly 21.8%) and the regulated electricity procurement price for EVN Home DOO was set at EUR 56.0 per MWh (previous year: EUR 48.0 per MWh). The VAT on energy – which was temporarily reduced to 5% as of 1 July 2021 as relief for household customers – was increased to 10% in a first step. These tarif increases were, however, mitigated for household customers by a reduction of 19.8% in the network tariffs.
The VAT on energy was raised to the pre-crisis level of 18% as of 1 July 2023. In return, the regulator reduced the electricity prices for household customers of EVN Home DOO slightly and the regulated electricity procurement price for EVN Home DOO was cut to EUR 53.0 per MWh.
A new three-year regulation period for the North Macedonian electricity network began on 1 July 2021 and brought an improvement in the recognition of operating expenses. Similar to the framework in Bulgaria, the regulatory method for the electricity network in North Macedonia 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 for household customers was nearly complete in 2022. The market for commercial and industrial customers has been liberalised since 2012 and is characterised by increasing competition among the natural gas suppliers active in the country. The new LNG terminal near the island of Krk was commissioned on 1 January 2021 and has further diversified natural gas supplies in Croatia. The substantial fluctuation in natural gas prices during the reporting period and the resulting changes in the suppliers' offering structure have led to expectations of continued consolidation on the Croatian natural gas market.
General business environment
The global economy lost substantial momentum in 2022, and this trend has continued into 2023. The energy crisis and the related, in part dramatic increase in the market prices for electricity and natural gas in the previous year have had a stronger impact on Europe than on the USA, where the economy remains robust despite monetary policy tightening. Growth in the eurozone equalled a moderate 3.3% in 2022. Economists currently expect a short timespan for the recession that has taken hold of several countries as well as a general improvement in the economy during the coming year. These assumptions are based on a substantial reduction in energy prices below the previous highs as well as weakening inflation and the related increase in real income, and an improvement in the global economic environment. GDP growth in the eurozone is projected to range from 0.4% to 0.7% in 2023 and from 1.2% to 1.3% in 2024.
The Austrian economy is currently unable to disengage from the international economic downturn and has fallen into a recession. Forecasts now point to a decline of 0.8% in 2023 after the 4.8% increase in 2022. The underlying factors include the negative effects of above-average inflation, restrictive monetary policies and the weak global economy. Added factors are the generally lower demand following the corona-related catch-up effects and weaker economic growth, especially in the neighbouring countries. The industrial sector is confronted with a decline in orders and high cost pressure. The coming year is, however, expected to see a recovery in the global economy and an increase in private consumption as the result of rising real incomes. The GDP in Austria is expected to increase by 0.8% to 1.2%.
The economic slowdown in Bulgaria became increasingly clear during the course of the year, and the industrial sector is now in a recession. Exports declined, above all, due to weakening demand from Western Europe. A new government was formed in May and is supported by both major political parties. Bulgaria's accession to the eurozone has been delayed and will not take place as originally scheduled on 1 January 2024. Economic recovery is not expected before 2024. After a plus of 3.4% in 2022, GDP growth is forecasted to range from 1.5% to 2.0% in 2023 and from 1.8% to 3.2% in 2024.
Croatia's accession to the eurozone and border-free Schengen area served as a significant source of momentum for tourism in 2023. The full integration of the country in the EU will help to improve trade and investments over the long term, as was demonstrated in 2022: EU subsidies supported investment activity in the country at that time, and this trend has continued in 2023. Economic growth is currently driven by private household consumption, the largest component of GDP. However, high inflation is pressuring real incomes, export activity and the willingness to invest. The GDP increase of 6.2% in 2022 is expected to be followed by a plus of 1.9% to 2.7% in 2023 and 2.5% to 3.1% in 2024.
Economic growth in North Macedonia slowed as expected during the second quarter of 2023, chiefly due to high inflation, the restrictive monetary policy of the North Macedonian central bank and limited foreign direct investment. Inflation has remained very high as a result of corporate profits, and the government recently even introduced price controls for food. Economic growth was moderate at 2.1% in 2022, and forecasts show an increase of 2.0% to 2.5% in 2023 and 2.7% to 3.2% in 2024.
Energy sector environment
EVN's energy business is significantly influenced by external factors. The weather has a strong influence on the demand for electricity, natural gas and heat by household customers, while the general business environment is an important driver for industrial customers' energy requirements. Since the start of the Ukraine war and the related energy crisis, the energy saving steps taken by many customers in reaction to the rising energy prices have played an important role. Market prices and, as a result, EVN's procurement costs are also a function of the geopolitical climate. The relevant factors for energy generation include wind and water flows as well as solar radiation.
The weather in EVN's three core markets during the 2022/23 financial year was characterised by milder temperatures. The heating degree total – which defines the temperature-related demand for energy – in Austria was slightly lower and in Bulgaria and North Macedonia substantially lower than the long-term average. In Bulgaria, it reached only 77.7% of the median value. In contrast, the heating degree totals in the previous year were substantially above the long-term average in all three countries. The cooling degree total, which measures the temperature-related demand for cooling energy, rose substantially year-on-year in all three core markets during 2022/23. In Austria it was slightly above, and in Bulgaria and North Macedonia clearly above the long-term average.
The massive fluctuations and distortions in the previous financial year were followed by a decline in primary energy and energy
| GDP growth | % | 2024f | 2023e | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| EU-281) 2)5) | 1.2 to 1.3 | 0.4 to 0.7 | 3.3 | 5.6 | –6.1 | |
| Austria1) 2) 3) 5) | 0.8 to 1.2 | –0.8 to 0.1 | 4.8 | 4.6 | –6.6 | |
| Bulgaria1)2)4) | 1.8 to 3.2 | 1.5 to 2.0 | 3.4 | 7.6 | –4.0 | |
| Croatia1)2)5) | 2.5 to 3.1 | 1.9 to 2.7 | 6.2 | 13.1 | –8.5 | |
| North Macedonia4) 5) | 2.7 to 3.2 | 2.0 to 2.5 | 2.1 | 3.9 | –4.7 | |
1) Source: "European Economic Forecast, Autumn 2023", EU-Commission, November 2023
2) Source: "Herbst-Prognose der österreichischen Wirtschaft 2023–2024", IHS, October 2023
3) Source: "Prognose für 2023 und 2024: Kaufkraft steigt nach milder Rezession", WIFO, October 2023
4) Source: "Global Economic Prospects", World Bank, June 2023
5) Source: "World Economic Outlook", International Monetary Fund, October 2023
prices during 2022/23, especially during the summer months. The average EEX price for natural gas dropped by half from EUR 123.1 per MWh to approximately EUR 56.4 per MWh. However, a contrasting trend appeared towards the end of the reporting year – with the exception of CO₂ emission certificate prices. Their price was subject to less fluctuation, but rose by 8% on average over the prior year value of EUR 78.0 per tonne to EUR 84.2 per tonne in 2022/23.
This development also had an impact on the market prices for electricity, which declined significantly during the reporting year but remained high. The spot market prices for base load and peak load electricity averaged EUR 134.4 per MWh and EUR 154.8 per MWh, respectively (previous year: EUR 258.7 per MWh and EUR 296.3 per MWh).
Business development
The scope of consolidation and changes in comparison with the previous year are explained in the notes to the consolidated financial statements. Effects from initial consolidations and deconsolidations are of minor significance for the development of the consolidated statement of operations and the consolidated statement of financial position.
See page 33ff
The notes to the consolidated financial statements also include an analysis of the potential effects of climate change, the war in Ukraine and the macroeconomic environment on the recoverability of assets in accordance with IAS 36 and IFRS 9 and explain further uncertainty in discretionary assessments.
See page 33ff
| Energy sector environment – indicators |
2022/23 | 2021/22 | |
|---|---|---|---|
| Heating-related energy demand1) | % | ||
| Austria | 98.7 | 105.8 | |
| Bulgaria | 77.7 | 111.8 | |
| North Macedonia | 86.1 | 106.2 | |
| Cooling-related energy demand1) | % | ||
| Austria | 101.2 | 86.4 | |
| Bulgaria | 120.2 | 86.5 | |
| North Macedonia | 131.0 | 123.0 | |
| Primary energy and CO2 emission certificates | |||
| Crude oil – Brent | EUR/bbl | 78.8 | 89.5 |
| Natural gas – NCG2) | EUR/MWh | 56.4 | 123.1 |
| Hard coal – API#23) | EUR/t | 150.4 | 258.8 |
| CO2 emission certificates | EUR/t | 84.2 | 78.0 |
| Electricity – EPEX spot market4) | |||
| Base load | EUR/MWh | 134.4 | 258.7 |
| Peak load | EUR/MWh | 154.8 | 296.3 |
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
Statement of operations
Highlights 2022/23
- Earnings improvement in South East Europe; includes, in part, positive anticipatory and subsequently recognised effects
- Previous year negatively influenced by impairment losses totalling EUR 114.8m
- Equity accounted energy supply company EVN KG as forecasted – with substantial loss of EUR 240.3m (pre-tax) for the period
- Group net result influenced by significantly higher dividend of EUR 158.0m from Verbund AG for the 2022 financial year (previous year. EUR 46.1m)
Results of operations
Revenue recorded by the EVN Group declined by 7.2% year-onyear to EUR 3,768.7m in 2022/23. This development resulted primarily from a decline in revenue in South East Europe which, in turn, was caused by lower network and energy sales volumes and by the downward trend in wholesale prices. In the international project business, the largely completed wastewater treatment plant in Kuwait led to lower revenue. This decline was moderated by price and volume effects from renewable electricity generation, positive valuation effects from hedges, higher revenue from natural gas trading, increased selling prices at EVN Wärme and higher network tariffs.
The revenue generated by EVN outside Austria amounted to EUR 1,991.2m in 2022/23 (previous year: EUR 2,578.6m). This represents a decrease in the share of Group revenue from 63.5% in the previous year to 52.8% in 2022/23.
Other operating income rose by 16.4% to EUR 127.5m.
Declining wholesale prices in South East Europe led to a reduction of 26.5% in the cost of electricity purchases from third parties and primary energy expenses to EUR 1,675.5m in 2022/23. These costs include positive upfront effects from the procurement of energy to cover network losses, which will be offset in the following year in accordance with the regulation methodology. Contrasting factors included, in particular, higher costs for network losses and upstream network costs at Netz Niederösterreich as well as increased energy procurement costs of EVN Wärme. Higher electricity production volumes in the Verbund Innkraftwerke also increased the cost of electricity purchases from third parties.
The cost of materials and services declined by 6.3% to EUR 662.7m in line with the development of revenue in the international project business and offset inflation-based increases in the other Group companies.
Personnel expenses were 12.6% higher year-on-year at EUR 419.2m due to adjustments required by collective bargaining agreements. The EVN Group had an average workforce of 7,255 in 2022/23 (previous year: 7,135 employees).
Other operating expenses rose by 27.7% to EUR 202.2m. This amount includes a levy of EUR 25.1m on the surplus revenue from electricity production which is based on the Federal Act on the Energy Crisis Contribution for Electricity which was implemented in Austria during December 2022 (details on the underlying legal regulation are provided on page 3f in the section "Energy policy environment").
The share of results from equity accounted investees amounted to EUR –67.6m (previous year: EUR 98.9m). This decline – which was already reported in the first quarter of the financial year and forecasted for the entire year – is attributable to the energy supply company EVN KG, where the development of earnings was significantly impaired by several factors. They included higher procurement costs for energy that can only be passed on to customers with a delay, the lower valuation of hedges as of 30 September 2023 and additions to provisions for impending losses from contractual supply obligations. EVN KG reported a loss of EUR 240.3m for the reporting year. In contrast, higher earnings contributions were received from RAG (EUR +27.4m), the Verbund Innkraftwerke (EUR +20.7m) and Burgenland Energie (EUR +16.6m). A further positive effect was a revaluation to the Ashta hydropower plant (EUR 11.1m).
Based on these developments, EBITDA recorded by the EVN Group rose by 15.1% year-on-year to EUR 869.0m in 2022/23.
Scheduled depreciation and amortisation rose by 5.8% to EUR 336.5m based on investments. A year-on-year comparison of the effects of impairment testing is influenced, above all, by the absence of impairment losses totalling EUR 114.8m from 2021/22 (which involved the international project business, Netz Niederösterreich's natural gas network, district heating equipment in Lower Austria and the Bulgarian district heating company TEZ Plovidv). Impairment losses in 2022/23 amounted to EUR 7.1m and were related chiefly to district heating equipment in Lower Austria (EUR 5.7m). Revaluations of EUR 3.2m were recorded to plants operated by EVN Wärme and EVN Wasser (previous year: revaluations of EUR 9.6m to the Kavarna wind park).
These developments led to an increase in EBIT to EUR 528.5m (previous year: EUR 331.6m).
Financial results improved to EUR 127.6m in 2022/23 (previous year: EUR –30.5m) and were influenced, above all, by an increase in the dividend from Verbund AG to EUR 3.60 per share for the 2022 financial year (previous year: EUR 1.05 per share). In total, the earnings contribution from the Verbund investment equalled EUR 158.0m in 2022/23. Financial results were also supported by the better performance of the R138 fund and EVN's cash fund despite the increase in interest expense. In the previous year, financial results were negatively influenced by foreign exchange effects and the value adjustment to a loan extended to an equity accounted company in the international project business.
The result before income tax totalled EUR 656.2m in 2022/23 (previous year: EUR 301.2m). After the deduction of income tax expense – which increased to EUR 74.0m (previous year: EUR 64.0m) – and the earnings attributable to non-controlling interests, Group net result for the 2022/23 financial year equalled EUR 529.7m (previous year: EUR 209.6m).
EVN Annual Financial Report 2022/23 9
Statement of financial position
Asset and financial position
EVN's balance sheet total declined by 11.5% year-on-year to EUR 10,996.0m as of 30 September 2023.
The carrying amount of equity accounted investees fell sharply due to the valuation of hedges held by EVN KG and EnergieAllianz as well as the loss recorded by EVN KG for the reporting period. In addition, the market price of the Verbund share (EUR 77.05 as of 30 September 2023 versus EUR 87.45 as of 30 September 2022) was responsible for a decline in other investments. A contrasting factor was the increase in property, plant and equipment which resulted from the high level of investments. Non-current assets declined by 12.4% to EUR 9,380.9m.
Current assets were 6.0% lower at EUR 1,615.1m in 2022/23, whereby the high level of investments and capital commitment in working capital led to a reduction in cash and cash equivalents. Inventories fell below the level of the previous year which resulted from the rapid rise in wholesale prices for natural gas and the build-up of additional strategic natural gas reserves to protect supply security. In contrast, an increase was recorded in the receivables due from EVN KG from loans granted by the EVN Group, in tax receivables and in the receivables from hedging transactions.
159.5
255.0 260.3
96.0 54.0
48.0
29.5
78.6 58.8
South East Europe
Networks
Generation
–90.1 –54.7
Energy
Environment
–34.9
All Other Segments
Equity totalled EUR 6,464.3m as of 30 September 2023 and was 11.7% lower than on 30 September 2022, even though the result after tax for the reporting period exceeded the dividend payment in February 2023 of EUR 0.52 per share for the 2021/22 financial year. This decline was based, above all, on valuation effects recorded directly in equity without recognition to profit or loss, in particular to equity accounted investees and to Verbund AG. These valuation effects are also reflected in the consolidated statement of comprehensive income, which reduced equity by a
EVN Annual Financial Report 2022/23 10
| Condensed consolidated statement of operations | 2022/23 EURm |
2021/22 EURm |
+/– Nominal |
% | 2020/21 EURm |
|---|---|---|---|---|---|
| Revenue | 3,768.7 | 4,062.2 | –293.5 | –7.2 | 2,394.9 |
| Other operating income | 127.5 | 109.5 | 18.0 | 16.4 | 250.1 |
| Electricity purchases and primary energy expenses | –1,675.5 | –2,278.2 | 602.7 | 26.5 | –1,064.7 |
| Cost of materials and services | –662.7 | –707.1 | 44.3 | 6.3 | –509.2 |
| Personnel expenses | –419.2 | –372.2 | –47.0 | –12.6 | –361.3 |
| Other operating expenses | –202.2 | –158.4 | –43.9 | –27.7 | –113.0 |
| Share of results from equity accounted investees with operational nature |
–67.6 | 98.9 | –166.5 | – | 239.6 |
| EBITDA | 869.0 | 754.8 | 114.2 | 15.1 | 836.5 |
| Depreciation and amortisation | –336.5 | –318.0 | –18.5 | –5.8 | –337.7 |
| Effects from impairment tests | –3.9 | –105.2 | 101.3 | 96.3 | –112.4 |
| Results from operating activities (EBIT) | 528.5 | 331.6 | 196.9 | 59.4 | 386.4 |
| Financial results | 127.6 | –30.5 | 158.1 | – | –20.0 |
| Result before income tax | 656.2 | 301.2 | 355.0 | – | 366.4 |
| Income tax | –74.0 | –64.0 | –10.0 | –15.6 | –14.7 |
| Result for the period | 582.1 | 237.1 | 345.0 | – | 351.7 |
| thereof result attributable to EVN AG shareholders (Group net result) | 529.7 | 209.6 | 320.1 | – | 325.3 |
| thereof result attributable to non-controlling interests | 52.4 | 27.5 | –24.9 | 90.5 | 26.4 |
| Earnings per share in EUR1) | 2.97 | 1.18 | 1.8 | – | 1.83 |
1) There is no difference between basic and diluted earnings per share.
total of EUR –737.1m in the reporting period (previous year: increased by EUR 895.4m). The equity ratio equalled 58.8% as of 30 September 2023 (30 September 2022: 58.9%).
Non-current liabilities declined by 10.4% to EUR 3,029.4m, chiefly due to the reduction in long-term tax liabilities which followed the lower valuation of equity accounted investees and the investment in Verbund AG. The development of non-current financial liabilities reflected the arrangement of four long-term bank loans at a total of EUR 255m, which was contrasted by the reclassification of bank loans (in total, EUR 200m) and the JPY bond (EUR 77.8m) to current financial liabilities. The new loans include a "green loan"with the European Investment Bank (EUR 110m), which has already been drawn down by an initial tranche of EUR 105m.
Current liabilities fell by 13.0% to EUR 1,502.2m. The main factors for this development included a lower balance of liabilities from derivative transactions and from the procurement of strategic gas reserves, both of which are recorded under other current liabilities. A decline was also recorded in investments by EVN KG in the EVN Group, which are recorded under other current liabilities.
Value analysis
The weighted average cost of capital (WACC) after tax – including EVN's specific company and country risks – was set at 5.0% for the purpose of corporate management. The operating return on capital employed (OpROCE) equalled 7.7% for the reporting year (previous year: 5.5%). The economic value added (EVA®) generated in 2022/23 totalled EUR 159.4m (previous year: EUR 29.3m).
Liquidity position
EVN's net debt including non-current employee-related provisions as of 30 September 2023 amounted to EUR 1,364.3m (previous year: EUR 1,245.1m). The gearing ratio increased from 17.0% to 21.1%.
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 EUR 286.0m. These bilateral commitments were not drawn as of 30 September 2023 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 13 banks range up to two years.
Statement of cash flows
Gross cash flow rose by 49.9% year-on-year to EUR 1,100.7m in 2022/23, chiefly due to the increase in EVN's result before tax. The development of the non-cash earnings components was characterised by the correction of the negative result from the equity accounted EVN KG. The increase was reduced by a reduction in the dividend payments from equity accounted investees and a year-on-year decline in impairment losses and the noncash earnings components in financial results.
Cash flow from operating activities totalled EUR 942.4m and was negatively affected by working capital developments and by an increase in income tax payments over 2021/22 but still exceeded the prior year value of EUR 151.0m. Working capital was reduced, in part by the liquidity settlement with EVN KG which followed the capital increases. Other positive effects resulted from the lower capital commitment in the international project
Balance sheet structure % Equity Non-current liabilities Current liabilities Current assets 86.2 85.3 58.9 58.8 13.8 13.9 14.7 13.7 27.2 27.6 Non-current assets
30.09.2022 30.09.2023
| Condensed consolidated statement of financial position |
30.09.2023 EURm |
30.09.2022 EURm |
+/– Nominal % |
30.09.2021 EURm |
|
|---|---|---|---|---|---|
| Assets | |||||
| Non-current assets | |||||
| Intangible assets and property, plant and equipment | 4,496.9 | 4,071.3 | 425.6 | 10.5 | 3,908.6 |
| Investments in equity accounted investees and other investments | 4,658.8 | 6,422.0 | –1,763.2 | –27.5 | 5,607.0 |
| Other non-current assets | 225.2 | 218.7 | 6.5 | 3.0 | 257.0 |
| 9,380.9 | 10,712.0 | –1,331.1 | –12.4 | 9,772.6 | |
| Current assets | 1,615.1 | 1,718.5 | –103.4 | –6.0 | 1,367.1 |
| Total assets | 10,996.0 | 12,430.5 | –1,434.5 | –11.5 | 11,139.8 |
| Equity and liabilities | |||||
| Equity | |||||
| Issued capital and reserves attributable to shareholders of EVN AG | 6,165.4 | 7,047.8 | –882.4 | –12.5 | 6,281.2 |
| Non-controlling interests | 298.9 | 273.3 | 25.6 | 9.4 | 263.2 |
| 6,464.3 | 7,321.1 | –856.8 | –11.7 | 6,544.3 | |
| Non-current liabilities | |||||
| Non-current loans and borrowings | 1,103.5 | 1,150.8 | –47.3 | –4.1 | 718.9 |
| Deferred tax liabilities and non-current provisions | 1,153.7 | 1,463.0 | –309.3 | –21.1 | 1,480.8 |
| Deferred income from network subsidies and | |||||
| other non-current liabilities | 772.3 | 769.0 | 3.3 | 0.4 | 738.2 |
| 3,029.4 | 3,382.8 | –353.4 | –10.4 | 2,937.9 | |
| Current liabilities | |||||
| Current loans and borrowings | 343.2 | 377.4 | –34.3 | –9.1 | 318.0 |
| Other current liabilities | 1,159.0 | 1,349.1 | –190.1 | –14.1 | 1,339.6 |
| 1,502.2 | 1,726.5 | –224.4 | –13.0 | 1,657.6 | |
| Total equity and liabilities | 10,996.0 | 12,430.5 | –1,434.5 | –11.5 | 11,139.8 |
| Value analysis | +/– | ||||
|---|---|---|---|---|---|
| 2022/23 | 2021/22 | % | 2020/21 | ||
| Average equity | EURm | 6,892.7 | 6,932.7 | –0.6 | 5,543.8 |
| WACC after income tax 1) 2) | % | 5.0 | 5.0 | 0.0 | 5.5 |
| Operating ROCE (OpROCE) 1) 3) | % | 7.7 | 5.5 | 2.1 | 6.5 |
| Average capital employed3) | EURm | 5,998.9 | 5,683.2 | 5.6 | 4,842.5 |
| Net operating profit after tax (NOPAT)3) | EURm | 459.4 | 313.4 | 46.6 | 312.8 |
| EVA® | EURm | 159.4 | 29.3 | – | 46.4 |
1) Changes reported in percentage points
2) The WACC given 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.
business which reflected the good progress on WTE's Kuwait project and from a reduction in natural gas inventories. However, working capital was increased by higher receivables from taxes and from hedges.
Cash flow from investing activities totalled EUR –929.0m (previous year: EUR –336.7m) and was influenced mainly by the significant increase in investments and by capital contributions to EVN KG. Investments were again made in the cash funds included under current financial investments during the fourth quarter of 2022/23, following the gradual reduction of these holdings in the previous quarters and prior year. A contrasting factor was the increase in network subsidies that accompanied the higher volume of network investments.
Cash flow from financing activities amounted to EUR 1.6m (previous year: EUR 115.8m). It includes the dividend payments to the shareholders of EVN AG and to non-controlling interests as well as the scheduled repayment of financial liabilities and the arrangement of four long-term bank loans with a combined balance of EUR 255m.
Cash flow totalled EUR 14.9m in 2022/23, and cash and cash equivalents equalled EUR 20.2m as of 30 September 2023. EVN AG also had contractually agreed, undrawn credit lines of EUR 686m at its disposal at the end of the reporting year to service potential short-term financing requirements.
| 30.09.2023 EURm |
30.09.2022 EURm |
+/– | 30.09.2021 EURm |
||
|---|---|---|---|---|---|
| 1,174.8 | 1,206.1 | –31.4 | –2.6 | 773.9 | |
| 302.0 | 128.8 | 173.2 | – | 323.4 | |
| –20.2 | –36.9 | 16.7 | 45.3 | –122.3 | |
| –337.5 | –285.6 | –51.9 | –18.2 | –473.5 | |
| –29.5 | –29.4 | –0.1 | –0.3 | –39.6 | |
| 1,089.7 | 983.1 | 106.6 | 10.8 | 461.9 | |
| 1,364.3 | 1,245.1 | 119.3 | 9.6 | 813.8 | |
| 6,464.3 | 7,321.1 | –856.8 | –11.7 | 6,544.3 | |
| 21.1 | 17.0 | 4.1 | 4.1 | 12.4 | |
| Nominal | % |
1) Excluding bank overdrafts contained in cash and cash equivalents
2) Changes reported in percentage points
Investments
Capital expenditure was substantially higher than the previous year at EUR 694.1m in 2022/23 (previous year: EUR 564.0m). This increase was based on the Strategy 2030 which sets the focal points for EVN's investments in network infrastructure, renewable generation, natural heat and drinking water.
Investments in the Energy Segment included the completion of the new biomass combined heat and power plant in Krems and, above all, equipment and network expansion measures in the heating business. In the energy services business, investments in e-charging stations also increased.
In the Generation Segment, investments focused on the expansion of renewable generation and included wind power projects as well as large-scale photovoltaic equipment in Lower Austria.
Investments in the Lower Austrian network infrastructure continue to increase. EVN's projects in this area make a key ontribution to the transformation towards a CO₂-neutral energy system because the continuous expansion of the networks at all voltage levels together with the construction and/or expansion of transformer
For additional information on the composition and terms of non-current financial liabilities, see page 76f
stations and substations represent the basic requirements to feed the growing electricity production from renewable sources into the energy system. Other investments in this segment included the kabelplus telecommunication network and also increased over the previous year.
| Condensed consolidated statement of cash flows | 2022/23 | 2021/22 | +/– | 2020/21 | |
|---|---|---|---|---|---|
| EURm | EURm | Nominal | % | EURm | |
| Result before income tax | 656.2 | 301.2 | 355.0 | – | 366.4 |
| Non-cash items | 444.5 | 433.2 | 11.4 | 2.6 | 395.8 |
| Gross cash flow | 1,000.7 | 734.3 | 366.4 | 49.9 | 762.3 |
| Changes in current and non-current balance sheet items | –109.5 | –556.7 | 447.2 | 80.3 | 94.4 |
| Income tax paid | –48.9 | –26.6 | –22.2 | –83.4 | –67.0 |
| Net cash flow from operating activities | 942.4 | 151.0 | 791.4 | – | 789.6 |
| Changes in intangible assets and property, plant and equipment incl. deferred income from network subsidies |
–570.4 | –477.4 | –93.0 | –19.5 | –605.9 |
| Changes in financial assets and other non-current assets | –333.6 | –50.7 | –282.9 | – | –0.3 |
| Changes in current securities | –25.1 | 191.5 | –216.5 | – | –148.1 |
| Net cash flow from investing activities | –929.0 | –336.7 | –592.4 | – | –754.3 |
| Net cash flow from financing activities | 1.6 | 115.8 | –114.3 | –98.6 | –53.0 |
| Net change in cash and cash equivalents | 14.9 | –69.8 | 84.8 | – | –17.7 |
| Cash and cash equivalents at the beginning of the period | 36.9 | 122.3 | –85.3 | –69.8 | 140.0 |
| Currency translation differences on cash and cash equivalents | –31.7 | –15.5 | –16.2 | – | 0.0 |
| Cash and cash equivalents at the end of the period | 20.2 | 36.9 | –16.7 | –45.3 | 122.3 |
| Investment priorities1) | 2022/23 | 2021/22 | +/– | 2020/21 | |
|---|---|---|---|---|---|
| EURm | EURm | Nominal | % | EURm | |
| Energy | 61.5 | 41.7 | 19.8 | 47.5 | 20.5 |
| Generation | 117.2 | 56.0 | 61.2 | – | 24.6 |
| thereof renewable energy Lower Austria | 100.9 | 43.1 | 57.8 | – | 18.9 |
| thereof thermal power plants | 15.5 | 10.3 | 5.2 | 50.4 | 5.6 |
| Networks | 356.0 | 334.3 | 21.7 | 6.5 | 249.0 |
| thereof electricity networks | 277.9 | 267.4 | 10.5 | 3.9 | 196.0 |
| thereof natural gas networks | 48.7 | 43.3 | 5.4 | 12.5 | 31.3 |
| thereof cable TV and telecommunications networks | 29.5 | 25.3 | 4.2 | 16.4 | 21.7 |
| South East Europe | 135.5 | 110.0 | 25.5 | 23.2 | 100.4 |
| Environment | 22.0 | 19.9 | 2.1 | 10.8 | 20.5 |
| thereof cross-regional supply pipelines and local networks for drinking water |
19.9 | 18.8 | 1.1 | 5.7 | 18.9 |
| All Other Segments | 1.8 | 2.1 | –0.3 | –13.0 | 0.1 |
| Total | 694.1 | 564.0 | 130.0 | 23.1 | 415.0 |
1) After consolidation
GRI indicator: GRI 203-1
EVN's investments in South East Europe involved network investments to guarantee supply security and, among others, the construction of further large-scale photovoltaic plants in North Macedonia.
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.
Structure of investments
%, total in EURm
Innovation, research and development
The areas of activity in the EVN materiality matrix also define the framework for innovation, research and development activities. Projects are directed primarily to safeguarding supply security, protecting the environment and resources, and strengthening the company's competitive position. The overriding criterion for all projects is to provide a concrete benefit for customers.
In 2022/23 EVN spent approximately EUR 4.0m (previous year: approximately EUR 2.6m) on innovation, research and development projects. Public subsidies were received for these projects and represent a subsidy quota of 2.8%.
An important focal point for EVN's innovation activities during the reporting year was formed by storage solutions that will allow surplus renewable production to be used in periods with lower energy generation from renewable sources. This challenge must be solved, particularly from a seasonal viewpoint, to design a CO₂-free energy system. Electricity generation from wind power and photovoltaics now frequently exceeds demand during the summer half-year due to the expansion of capacity, but low water, wind and sun periods in Central Europe – above all during the
winter half-year – can create challenging situations for supply security. In light of these developments, EVN is working, for example as a project partner with RAG, on a pilot plant that will use solar energy to operate electrolysis equipment. The resulting green hydrogen will be stored in an idle RAG natural gas storage facility and can be used during the winter to generate emission-free electricity and heat. In other projects, EVN is testing the possibility to use surplus production from renewable sources for sector integration purposes or for the substitution of thermal generation. One example is the pilot hybrid storage facility in Theiss, which combines heat storage equipment with a 5 MW storage battery and photovoltaics.
Other EVN research projects involve innovative approaches to increasingly utilise flexibilities from various customers and smaller electricity producers to adjust the demand for energy over time in a manner that prevents demand peaks and makes it possible to cover requirements with the available renewable energy. Contributions in this area are made by CyberGrid, a subsidiary acquired by EVN in 2022, which offers special IT solutions for the flexibility management of electricity networks as well as individual projects (e.g. for the bi-directional charging of e-vehicles) within the framework of the Green Energy Lab, an interdisciplinary innovation laboratory.
Expenditures for innovation, research and
Share of subsidies
Expenditures for innovation, research and development projects
1) Share of subsidies in total expenditure for innovation, research and development projects
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 2-12
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. These are largely assessed in terms of their financial impact on the EVN Group. 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 the material impacts, see page 21ff in the EVN Annual Report 2022/23
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. Continued on page 20 •
EVN Annual Financial Report 2022/23 17
EVN's major risks and opportunities as well as related risk mitigation measures
| Risk/opportunity category | Description | Risk mitigation measure | |
|---|---|---|---|
| Market and competition risks/opportunities |
|||
| Profit margin risk/opportunity (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/opportunities | |||
| Foreign currency risks | Transaction risks (foreign exchange losses) and translation risks on the conversion of foreign cur rency amounts in the consolidated financial state ments; 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/opportunities | Decline in the value of investments (e.g. funds) and listed strategic holdings (e.g. Verbund AG, Burgenland Holding); 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 |
EVN's major risks and opportunities as well as related risk mitigation measures
| Risk/opportunity category | Description | Risk mitigation measure | ||
|---|---|---|---|---|
| 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 tech nologies (delayed investments) or to changes in customer needs; investments in "wrong" tech nologies; 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/opportunities | ||||
| Legislative, regulatory and political risks/opportunities |
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 opera tions: 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 |
EVN's major risks and opportunities as well as related risk mitigation measures
| Risk/opportunity category | Description | Risk mitigation 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 |
Internal control systems; uniform guidelines and standards; Code of Conduct; compliance organisation |
||
| 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 |
||
• Continued from page 17
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 breakdowns"
- 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 breakdowns")
Risk and opportunity analysis for 2022/23
In view of the geopolitical crises during the past two years and the resulting distortions on energy markets, EVN also monitored risk developments in the Group throughout the reporting period. Ad-hoc analyses were not required in 2022/23 but the assessment of the major risks with a potentially high impact was updated at the end of the first half-year. A report on these risks and their effects was also presented to the Audit Committee of EVN's Supervisory Board.
The following issues were identified as the major uncertainties with the potentially highest effects and analysed in particular detail in connection with the risk inventory carried out as of 30 September 2023 (excerpt):
- Margin risk and competitive situation
- Inflation-related increase in procurement costs for investments and maintenance
- Completion risk for major international projects in the environmental business
- Cybersecurity
EVN's risk profile is influenced primarily by common industry risks and uncertainties and, in particular, by political, legal and regulatory challenges and changes. All these aspects are categorised as part of EVN's risk management process.
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 Austria. In the 2022/23 financial year, however, the uncertainties decreased. The overall risk profile of EVN is trending downwards, but not yet to pre-crisis levels. To conclude, no future risks can be identified at the present time that could endanger the continued existence of the EVN Group.
The table on the pages 18 to 20 provides a summary of the material risks and uncertainties to which the EVN Group is exposed. For the first time, this table also includes opportunities for certain categories, if applicable.
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 a uniform 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. 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.
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 2-12, GRI 2-16
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 Annual Report 2022/23
Disclosures required by § 243a of the Austrian Commercial Code
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The share capital of EVN AG totalled EUR 330,000,000 as of 30 September 2023 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.
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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 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).
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- Based on the above-mentioned constitutional requirements, the province of Lower Austria is the major shareholder of EVN 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 2023, EVN held treasury shares representing 0.9% of share capital and free float equalled 19.7%.
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- EVN has not issued any shares with special control rights.
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- Employees who own shares in EVN may exercise their voting rights personally at the Annual General Meeting. EVN does not have a stock option programme.
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- The Executive Board consists of at least two members. The Supervisory Board has a minimum of eight and a maximum of 12 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.
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- There were no authorisations as defined by § 243a (1) no. 7 of the Austrian Commercial Code in effect during the 2022/23 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.
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- A change of control in EVN 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.
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- There are no agreements to provide compensation to the members of corporate bodies or employees in the event of a public takeover.
Outlook on the 2023/24 financial year
Following the new historical level of investments reached during the past financial year, annual investments will range from EUR 700m to EUR 900m up to 2030, whereby three-fourths will focus on Lower Austria. That makes EVN one of the key players in the design of a CO₂-free energy future. The necessary foundation is formed by a high-performance electricity network infrastructure and, consequently, up to EUR 450m will be directed to this area each year. These investments will safeguard Lower Austria's leading position in renewable generation because an efficient and stable network is the basic condition for integrating the electricity generated by the wind, sun and water in the energy system. Marketable solutions must also be found to utilise the surplus production from renewable generation across multiple sectors or – even more decisive for the success of a year-round CO₂-free energy future – to be stored over several seasons. We will continue to address this essential future issue as part of our innovation activities and work to develop solutions, for example together with RAG, through promising projects.
The expansion of our own renewable generation capacity has also reached a historically high level. In addition to the construction of wind parks, the realisation of large-scale photovoltaic plants has increased rapidly. Our installed photovoltaic capacity will double to roughly 80 MWp in the first quarter of 2023/24 with the commissioning of plants in Dürnrohr and North Macedonia – an important step to reach the goal of 300 MWp for photovoltaics by 2030. In the wind power field, a pipeline of projects in different phases of completion in Lower Austria will help us meet our expansion goal of over 770 MW by 2030.
The crisis that has influenced the international energy markets for the past two years has, at times, triggered unexpected and erratic price fluctuations. This has led to an enormous burden not only for our customers, but also for the profitability of our energy supply business. We expect a return to positive earnings in 2023/24 after spot and futures prices gradually decline.
In South East Europe, the sharp rise in electricity prices also created significant challenges in the various market segments. Regulatory measures, for example as compensation for the additional costs for covering network losses, had positive anticipatory effects that will be offset in 2023/24 in accordance with the regulatory mechanism.
We initiated a structured bidder process for the international project business in September 2023. Its goal is to identify potential new investors for WTE who can support the realisation of the future international project and growth potential that is offered, above all by the successful project in Kuwait.
For the 2023/24 financial year, EVN expects Group net result within a range of roughly EUR 420m to EUR 460m – under the assumption of a stable regulatory and energy policy environment.
EVN's future dividend policy has also been revised to reflect the investment and growth perspectives up to 2030 and beyond. The dividend will equal at least EUR 0.82 per share in the future, whereby EVN wants its shareholders to appropriately participate in any additional earnings growth. In the mid term, a payout ratio equalling 40% of Group net result, adjusted for extraordinary effects, is targeted.
These future perspectives underscore EVN's responsibility to remain a reliable operator of energy and drinking water infrastructure. At the same time, EVN also offers attractive opportunities for the capital market.
Maria Enzersdorf, 21 November 2023
Stefan Szyszkowitz Franz Mittermayer Spokesman of the Executive Board Member of the Executive Board
Consolidated financial statements for 2022/23
According to International Financial Reporting Standards
| Consolidated statement of operations | 26 | |
|---|---|---|
| Consolidated statement of comprehensive income | 27 | |
| Consolidated statement of financial position | 28 | |
| Consolidated statement of changes in equity | 29 | |
| Consolidated statement of cash flows | 30 | |
| Consolidated notes | 31 | Basis of preparation |
| 33 | Basis of consolidation | |
| 39 | Accounting policies | |
| 56 | Notes to the consolidated statement of operations | |
| 64 | Notes to the consolidated statement of financial position | |
| 85 | Segment reporting | |
| 90 | Other information | |
| EVN's investments | 115 | |
| Auditors' report | 120 |
Consolidated statement of operations
| EURm | Note | 2022/23 | 2021/22 |
|---|---|---|---|
| Revenue | 25 | 3,768.7 | 4,062.2 |
| Other operating income | 26 | 127.5 | 109.5 |
| Cost of materials and services | 27 | –2,338.2 | –2,985.3 |
| Personnel expenses | 28 | –419.2 | –372.2 |
| Other operating expenses | 29 | –202.2 | –158.4 |
| Share of results from equity accounted investees with operational nature | 30 | –67.6 | 98.9 |
| EBITDA | 869.0 | 754.8 | |
| Depreciation and amortisation | 31 | –336.5 | –318.0 |
| Effects from impairment tests | 31 | –3.9 | –105.2 |
| Results from operating activities (EBIT) | 528.5 | 331.6 | |
| Results from other investments | 169.0 | 51.4 | |
| Interest income | 16.5 | 5.4 | |
| Interest expense | –57.4 | –37.9 | |
| Other financial results | –0.5 | –49.4 | |
| Financial results | 32 | 127.6 | –30.5 |
| Result before income tax | 656.2 | 301.2 | |
| Income tax | 33 | –74.0 | –64.0 |
| Result for the period | 582.1 | 237.1 | |
| thereof result attributable to EVN AG shareholders (Group net result) | 529.7 | 209.6 | |
| thereof result attributable to non-controlling interests | 52.4 | 27.5 | |
| Earnings per share in EUR1) | 34 | 2.97 | 1.18 |
| Dividend per share in EUR | 46 | 1.142) | 0.52 |
1) There is no difference between basic and diluted earnings per share.
2) Proposal to the Annual General Meeting: dividend of EUR 0.52 plus a special dividend of EUR 0.62 per share
Consolidated statement of comprehensive income
| EURm | Note | 2022/23 | 2021/22 |
|---|---|---|---|
| Result for the period | 582.1 | 237.1 | |
| Other comprehensive income from | |||
| Items that will not be reclassified to profit or loss | –388.2 | 147.2 | |
| Remeasurements IAS 19 | 47 | –26.7 | 78.1 |
| Investments in equity accounted investees | 47 | 1.3 | 16.8 |
| Shares and other equity instruments measured at fair value and reported in other comprehensive income |
47, 63 | –479.0 | 2.3 |
| Thereon apportionable income tax expense | 47 | 116.2 | 50.0 |
| Items that may be reclassified to profit or loss | –931.1 | 511.1 | |
| Currency translation differences | 5 | –15.9 | 31.4 |
| Cash flow hedges | 47 | 235.4 | –184.1 |
| Investments in equity accounted investees | 47 | –1,435.3 | 793.6 |
| Thereon apportionable income tax expense | 47 | 284.8 | –129.7 |
| Total other comprehensive income after tax | –1,319.3 | 658.3 | |
| Comprehensive income for the period | –737.1 | 895.4 | |
| thereof income attributable to EVN AG shareholders | –790.5 | 858.5 | |
| thereof income attributable to non-controlling interests | 53.3 | 36.9 | |
Consolidated statement of financial position
| EURm | Note | 30.09.2023 | 30.09.2022 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Intangible assets | 35 | 211.2 | 190.9 |
| Property, plant and equipment | 36 | 4,285.7 | 3,880.4 |
| Investments in equity accounted investees | 37 | 1,103.4 | 2,388.0 |
| Other investments | 38 | 3,555.5 | 4,034.0 |
| Deferred tax assets | 51 | 50.9 | 55.6 |
| Other non-current assets | 39 | 174.3 | 163.0 |
| 9,380.9 | 10,712.0 | ||
| Current assets | |||
| Inventories | 40 | 137.7 | 206.8 |
| Income tax receivables | 51.3 | – | |
| Trade and other receivables | 41 | 1,083.6 | 993.5 |
| Securities and other current financial investments | 42 | 266.5 | 216.8 |
| Cash and cash equivalents | 61 | 70.2 | 292.0 |
| Assets held for sale | 43 | 5.8 | 9.3 |
| 1,615.1 | 1,718.5 | ||
| Total assets | 10,996.0 | 12,430.5 | |
| Equity and liabilities | |||
| Equity | |||
| Issued capital and reserves attributable to shareholders of EVN AG | 44–48 | 6,165.4 | 7,047.8 |
| Non-controlling interests | 49 | 298.9 | 273.3 |
| 6,464.3 | 7,321.1 | ||
| Non-current liabilities | |||
| Non-current loans and borrowings | 50 | 1,103.5 | 1,150.8 |
| Deferred tax liabilities | 51 | 785.9 | 1,126.7 |
| Non-current provisions | 52 | 367.7 | 336.2 |
| Deferred income from network subsidies | 53 | 683.3 | 631.3 |
| Other non-current liabilities | 54 | 89.1 | 137.8 |
| 3,029.4 | 3,382.8 | ||
| Current liabilities | |||
| Current loans and borrowings | 55 | 343.2 | 377.4 |
| Income tax liabilities | 63.9 | 54.9 | |
| Trade payables | 56 | 463.2 | 436.7 |
| Current provisions | 57 | 134.4 | 135.5 |
| Other current liabilities | 58 | 497.1 | 720.7 |
| Liabilities in connection with assets held for sale | 43 | 0.4 | 1.3 |
| 1,502.2 | 1,726.5 | ||
| Total equity and liabilities | 10,996.0 | 12,430.5 | |
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 30.09.2021 | 330.0 | 254.2 | 2,863.0 | 2,860.6 | –8.1 | –18.5 | 6,281.2 | 263.2 | 6,544.3 |
| Comprehensive income | – | – | 209.6 | 617.7 | 31.3 | – | 858.5 | 36.9 | 895.4 |
| Dividends 2020/21 | – | – | –92.7 | – | – | – | –92.7 | –26.7 | –119.4 |
| Change in treasury shares | – | 0.4 | – | – | – | 0.4 | 0.8 | – | 0.8 |
| Balance on 30.09.2022 | 330.0 | 254.6 | 2,979.9 | 3,478.3 | 23.2 | –18.1 | 7,047.8 | 273.3 | 7,321.1 |
| Comprehensive income | – | – | 529.7 | –1,304.3 | –15.9 | – | –790.5 | 53.3 | –737.1 |
| Dividends 2021/22 | – | – | –92.7 | – | – | – | –92.7 | –27.7 | –120.4 |
| Change in treasury shares | – | 0.4 | – | – | – | 0.4 | 0.8 | – | 0.8 |
| Balance on 30.09.2023 | 330.0 | 254.9 | 3,417.0 | 2,174.0 | 7.3 | –17.7 | 6,165.4 | 298.9 | 6,464.3 |
| Note | 44 | 45 | 46 | 47 | 5 | 48 | 49 |
Consolidated statement of cash flows
| EURm | Note | 2022/23 | 2021/22 |
|---|---|---|---|
| Result before income tax | 656.2 | 301.2 | |
| + Depreciation, amortisation/ – revaluation of intangible assets and property, plant and equipment and other non-current assets |
31 | 342.0 | 423.2 |
| – Results of equity accounted investees and other investments | 37, 38 | –101.4 | –150.3 |
| + Dividends from equity accounted investees and other investments | 274.7 | 204.0 | |
| + Interest expense | 57.4 | 37.9 | |
| – Interest paid | –46.0 | –36.1 | |
| – Interest income | –16.5 | –5.4 | |
| + Interest received | 15.4 | 5.2 | |
| + Losses/– gains from foreign exchange translations | 3.9 | 27.1 | |
| +/– Other non-cash financial results | –3.3 | 15.0 | |
| – Release of deferred income from network subsidies | 60 | –64.1 | –58.8 |
| – Gains/+ losses on the disposal of intangible assets and property, plant and equipment | –3.3 | 2.8 | |
| – Decrease/+ increase in non-current provisions | 52 | –13.8 | –33.3 |
| + Impairments/ – write ups due to revaluation of a disposal group | –0.3 | 1.9 | |
| Gross cash flow | 1,100.7 | 734.3 | |
| + Decrease/– increase in inventories and receivables | 3.2 | –426.6 | |
| + Increase/– decrease in current provisions | –10.5 | 10.7 | |
| + Increase/– decrease in trade payables and other liabilities | –102.3 | –140.8 | |
| – Income tax paid | –48.9 | –26.6 | |
| Net cash flow from operating activities | 942.4 | 151.0 | |
| + Proceeds from the disposal of intangible assets and property, plant and equipment | 6.2 | 3.9 | |
| + Proceeds from network subsidies | 114.5 | 82.9 | |
| + Proceeds from the disposal of financial assets and other non-current assets | 3.6 | 10.4 | |
| + Proceeds from the disposal of current securities and other current financial investments | 70.5 | 696.3 | |
| – Acquisition of intangible assets and property, plant and equipment | –691.0 | –564.2 | |
| – Acquisition of financial assets and other non-current assets | –331.3 | –61.1 | |
| – Acquisition of current securities and other current financial investments | –95.6 | –504.8 | |
| – Acquisition of subsidiaries less acquired cash and cash equivalents | 4 | –5.9 | – |
| Net cash flow from investing activities | –929.0 | –336.7 | |
| – Dividends paid to EVN AG shareholders | 46 | –92.7 | –92.7 |
| – Dividends paid to non-controlling interests | –27.7 | –26.7 | |
| + Sales of treasury shares | 0.8 | 0.8 | |
| + Increase in financial liabilities | 60 | 256.7 | 562.0 |
| – Decrease in financial liabilities | 60 | –123.7 | –320.7 |
| – Decrease in leasing liabilities | 60 | –11.8 | –6.9 |
| Net cash flow from financing activities | 1.6 | 115.8 | |
| Net change in cash and cash equivalents | 14.9 | –69.8 | |
| Net change in cash and cash equivalents | |||
| Cash and cash equivalents at the beginning of the period1) | 60 | 36.9 | 122.3 |
| Other movements on cash and cash equivalents2) | –31.7 | –15.5 | |
| Cash and cash equivalents at the end of the period1) | 20.2 | 36.9 | |
| Net change in cash and cash equivalents | 14.9 | –69.8 |
1) The addition of bank overdrafts results in cash and cash equivalents as reported on the consolidated statement of financial position.
2) Composition of other movements: EUR –27.7m restricted cash, EUR –3.6m currency differences and EUR –0.4m change of consolidation scope
Consolidated notes
Basis of preparation
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 twelve 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. As far as possible, the legislative basis is presented as is.
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 IFRS 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 2022/23 financial year:
| Standards and interpretations applied for the first time | Effective1) | Expected material effects on EVN's consolidated financial statements |
||
|---|---|---|---|---|
| Revised standards and interpretations | ||||
| IFRS 3 | Reference to the Conceptual Framework | 01.01.2022 | None | |
| IAS 16 | Proceeds before Intended Use | 01.01.2022 | None | |
| IAS 37 | Cost of Fulfilling a Contract | 01.01.2022 | None | |
| Several | Annual Improvements to IFRS 2018–2020 | 01.01.2022 | 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.
The first-time mandatory application of the amended standards and interpretations has no material impact on the consolidated financial statements.
Standards and interpretations already adopted by the EU, but not yet compulsory
| Effective1) | EVN's consolidated financial statements |
|
|---|---|---|
| New standards and interpretations | ||
| Insurance Contracts | 01.01.2023 | None |
| Revised standards and interpretations | ||
| Disclosure of Accounting Policies | 01.01.2023 | None |
| Definition of Accounting Estimates | 01.01.2023 | None |
| Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction | 01.01.2023 | None |
| Initial Application of IFRS 17 and IFRS 9 – Comparative Information | 01.01.2023 | None |
| Amendments to IAS 12 Income Taxes – Pillar Two Model | 01.01.2023 | None |
1) In accordance with IASB, these standards are applicable to financial years beginning on or after the effective date.
The IASB announced changes to IAS 12 – International Tax Reform – Pillar Two Model Rules in May 2023. The changes include a temporary exemption from the required recording and disclosure of information on deferred tax assets and liabilities in connection with the implementation of the Pillar Two rules.
The effects of the global minimum tax are currently the subject of analyses, and detailed statements on the concrete effects are therefore not possible at the present time. However, we assume there will be no effect on the consolidated financial statements. EVN regularly monitors and evaluates developments in connection with the global minimum tax. The future application of not yet binding standards and interpretations is also not expected to have a material effect on EVN's consolidated financial statements.
The following standards and interpretations had been issued by the IASB as of 30 September 2023, but have not yet been adopted by the EU:
| Standards and interpretations not yet applicable and not yet adopted by the EU | Effective1) | Expected material effects on EVN's consolidated financial statements |
|
|---|---|---|---|
| Revised standards and interpretations | |||
| IAS 1 | Classification of Liabilities as Current or Non-current | 01.01.2024 | None |
| IFRS 16 | Lease Liability in a Sale and Leaseback | 01.01.2024 | None |
| IAS 7, IFRS 7 | Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments (Supplier Finance Arrangements) |
01.01.2024 | None |
| IAS 21 | Accounting in case of Lack of Exchangeability of a Currency | 01.01.2025 | 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.
Expected material effects on
Basis of consolidation
3. Consolidation methods
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 proportional 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 35. Intangible assets and 22. 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 liabilities (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.
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 if permissible.
4. Scope of consolidation
The scope of consolidation is determined in accordance with the requirements of IFRS 10. Accordingly, 26 domestic and 28 foreign subsidiaries (including the parent company EVN AG) were fully consolidated in the consolidated financial statements as of 30 September 2023 (previous year: 25 domestic and 27 foreign subsidiaries). A total of ten subsidiaries (previous year: 16) were not consolidated due to their immaterial influence on EVN's asset, financial and earnings position, either individually or in total.
The fully consolidated subsidiary EVN Energieservices GmbH (previous year: EVN AG), as the limited partner of EVN KG, participates to 100.0% in the profit or loss of EVN KG. The limited partner changed in connection with intragroup reorganisations during 2022/23 (also see the information on the initial consolidation of EVN Energieservices GmbH). EnergieAllianz serves as the general partner of EVN KG, but does not hold an investment in this company. Based on the agreement with EnergieAllianz regarding the management of EVN KG, there is joint control and 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 115. Notes 49. Non-controlling interests and 64. 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 | Equity | Total |
|---|---|---|---|
| 30.09.2021 | 55 | 16 | 71 |
| thereof foreign companies | 29 | 6 | 35 |
| Initial consolidation | – | – | – |
| Deconsolidation | –3 | – | –3 |
| 30.09.2022 | 52 | 16 | 68 |
| thereof foreign companies | 27 | 6 | 33 |
| Company acquisition | 1 | – | 1 |
| Initial consolidation | 2 | 1 | 3 |
| Deconsolidation | – | –2 | –2 |
| Reorganisation1) | –1 | – | –1 |
| 30.09.2023 | 54 | 15 | 69 |
| thereof foreign companies | 28 | 5 | 33 |
1) Internal reorganisation
The 100.0% share in WTE Projektentwicklung GmbH, Maria Enzersdorf, and the 50.0% share in EVN-ECOWIND Sonnenstromerzeugungs GmbH, Maria Enzersdorf, which were previously not consolidated due to immateriality, were included in the consolidated financial statements as of 1 January 2023. WTE Projektentwicklung GmbH has been fully consolidated and EVN-ECOWIND consolidated at equity since 1 January 2023. These two first-time consolidations had no material effect on the consolidated financial statements.
EVN previously held 50% of the shares in sludge2energy GmbH (s2e), Berching, Germany and included this company in the consolidated financial statements at equity. As of 1 January 2023, EVN acquired the remaining 50% of the shares in s2e and now holds an investment of 100%. The company has therefore been included through full consolidation since 1 January 2023.
The focus point of business for s2e is the planning, construction and operation of plants for the treatment and utilisation of sludge and residual materials as well as the generation of thermal and electrical energy. The company currently has a newly built thermal sewage sludge utilisation plant in Halle-Lochau, Germany, and is constructing a thermal sewage sludge utilisation plant for a German customer. EVN's objective for the acquisition of s2e by the WTE Group is to expand its market position in the planning and turnkey construction of thermal sewage sludge utilisation plants and to improve and increase the attractiveness of the product portfolio for environmental infrastructure projects in the international project business.
The fair value of the acquired assets and liabilities as of the acquisition date on 1 January 2023 is as follows:
| Acquired assets and liabilities | Fair value |
|---|---|
| EURm | 01.01.2023 |
| Intangible assets and property, plant and equipment | 12.4 |
| Other non-current assets | 1.3 |
| Current receivables and other assets1) | 23.5 |
| Cash and cash equivalents | 1.5 |
| Total fair value of assets | 38.7 |
| Trade payables | –4.4 |
| Current provisions | –9.3 |
| Other current liabilities | –22.7 |
| Total fair value of liabilities | –36.5 |
| Net assets | 2.2 |
| Transferred consideration | 2.2 |
| thereof previous at-equity share (50%) | 1.1 |
| thereof consideration acquired share (50%) | 1.1 |
| Difference | 0.0 |
1) The carrying amounts of current receivables and other assets represent gross receivables and the fair value as of 1 January 2023.
The purchase price reflected the fair value of the acquired net assets and was paid entirely in cash. s2e recorded revenue of EUR 27.9m and a result for the period of EUR –5.4m from the acquisition date to 30 September 2023. If the company had been fully consolidated from the beginning of the financial year, it would have increased revenue by EUR 33.0m. The company generated a result before tax of EUR 2.0m in the first quarter of 2022/23. Because s2e reported negative equity as of 30 September 2022, the excess losses could not be recognised to profit or loss.
This transaction represents a business combination through the successive purchase of shares to attain control. The at equity carrying amount before the business combination equalled EUR 0.0m. The next step involved a revaluation of EUR 1.1m to the existing at equity component at fair value. The gain from this revaluation was reported on the consolidated statement of operations under share of results from equity accounted investees with operational nature.
EVN Energieservices GmbH, Maria Enzersdorf, which was previously not consolidated by EVN due to immateriality, was initially consolidated as of 28 February 2023. EVN AG holds all shares in this company. In connection with internal restructuring following the reorientation of sales activities in the EVN Group, the business unit "sales and energy-related services" of the equity accounted EVN KG was subsequently transferred to EVN Energieservices GmbH as of 28 February 2023. In the future, EVN KG will concentrate solely on electricity and natural gas deliveries to end customers and EVN Energieservices GmbH on sales and energy-related services. The transfer of this business unit represents an acquisition of a business as defined in IFRS 3. The consideration for the transfer of the business unit equalled EUR 3.4m.
The for the first time fully consolidated EVN Energieservices GmbH and the acquired business unit "sales and energy-related services" were assigned to the Energy Segment. The identified assets and liabilities of the business unit measured at fair value as of the acquisition date on 28 February 2023 are as follows:
| Acquired assets and liabilities | Fair value |
|---|---|
| EURm | 28.02.2023 |
| Intangible assets and property, plant and equipment | 9.7 |
| Inventories | 3.3 |
| Current receivables and other assets1) | 13.3 |
| Total fair value of assets | 26.4 |
| Non-current provisions | –1.7 |
| Other non-current liabilities | –2.3 |
| Current loans and borrowings | –0.4 |
| Trade payables | –3.2 |
| Other current liabilities | –14.0 |
| Total fair value of liabilities | –21.6 |
| Net assets | 4.7 |
| Transferred consideration | 3.4 |
| Difference | 1.3 |
1) The fair value of receivables and other assets represents the carrying amounts. Gross receivables, however, totalled EUR 14.7m.
The component considered uncollectible according to best estimates on the acquisition date therefore equals EUR 1.4m.
The contribution generated a negative difference of EUR 1.3m for the EVN Group on the acquisition date, which was recorded to profit or loss and is reported under other operating income. The agreed consideration of EUR 3.4m was based on the valuation of the business unit as of 30 September 2022. The gain from the transaction resulted primarily from the actual development of the business unit during the first five months of the 2022/23 financial year.
This business unit contributed revenue of EUR 20.8m and profit before tax of EUR –9.5m from the acquisition date to 30 September 2023. If the business unit had been included in EVN's consolidated statements from the beginning of the financial year, it would have increased revenue by EUR 42.8m. As the results of EVN KG for the period are included in full under the share of results from equity accounted investees with operational nature, there would have been no change in Group result for the period apart from the above-mentioned initial consolidation gain.
The fully consolidated EVN Kraftwerks- und Beteiligungsgesellschaft mbH, Maria Enzersdorf, was merged with EVN Wärmekraftwerke GmbH. The merger was recorded in the company register on 10 May 2023.
Biowärme Amstetten-West GmbH, Amstetten, which was previously consolidated at equity, was deconsolidated as of 30 June 2023 due to immateriality. This deconsolidation had no material effect on the consolidated financial statements.
EVN acquired a telecommunications network from Bauer GmbH & Co KG, Loosdorf, through an asset deal as of 30 September 2023. This network, which services the communities of Loosdorf and Pöchlarn, provides customers with cable television as well as coaxial and glass fibre internet services. The transaction covers the entire business operations together with all its constituent parts, in particular the cable network, including all related plant components, employment relationships, the existing customer base and the processes required for business operations. Consequently, the acquisition represents a business combination as defined in IFRS 3. A purchase price of EUR 2.9m was paid as return consideration.
The business operations were acquired by kabelplus and allocated to the Networks Segment. The transaction will expand kabelplus' supply area and support connections with new customers. The location of the cable network between Melk and St. Pölten is considered ideal and closes a gap for kabelplus, which already provides internet connectivity.
The fair values of the acquired assets and assumed liabilities as of the acquisition date on 30 September 2023 are as follows:
| EURm 30.09.2023 Intangible assets 1.2 Property, plant and equipment 1.9 Current receivables and other assets 0.1 3.1 Total fair value of assets Other liabilities 0.1 Total fair value of liabilities 0.1 Net assets 3.0 Transferred consideration 2.9 |
Acquired assets and liabilities | Fair value |
|---|---|---|
| Difference 0.1 |
The acquired assets and assumed liabilities were included by carrying forward the fair values determined as of the acquisition date. These determined values should be seen as preliminary in accordance with IFRS 3 due to uncertainty.
In connection with the preliminary purchase price allocation under IFRS 3, the existing customer base was identified as an intangible asset to be recognised separately. The value of the customer base was calculated by applying the residual value method based on future earnings and expenses that could be allocated to the customer base. The fair value of the customer base equalled EUR 1.2m as of 30 September 2023 and will be amortised over a useful life of eight years.
The acquired current receivables did not include any receivables that are likely to be uncollectible. Consequently, the carrying amount represents the fair value.
If the business operations had been acquired as of 1 October 2022, they would have increased revenue by EUR 1.1m and the result after tax by EUR 0.3m.
The transaction led to a minor negative difference of less than EUR 0.1m, which resulted primarily from the negotiating positions of the involved parties.
There were no other IFRS 3 business combinations in the reporting period.
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 recorded 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 –15.9m in 2022/23 (previous year: EUR 31.3m). Of this amount, EUR 0.0m (previous year: EUR –2.1m) 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 32. 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:
| Foreign currency translation | 2022/23 | 2021/22 | ||
|---|---|---|---|---|
| Currency | Exchange rate on the balance sheet date |
Average1) | Exchange rate on the balance sheet date |
Average1) |
| Albanian lek | 106.68000 | 112.01423 | 116.59500 | 120.14423 |
| Bulgarian lev2) | 1.95583 | 1.95583 | 1.95583 | 1.95583 |
| Bahrain dinar | 0.39950 | 0.40042 | 0.36775 | 0.40878 |
| Japanese yen | 158.11000 | 148.73692 | 140.99500 | 134.31769 |
| Croatian kuna3) | – | 7.53476 | 7.52415 | 7.53292 |
| Kuwaiti dinar | 0.32740 | 0.32669 | 0.30215 | 0.33036 |
| North Macedonian denar | 61.50160 | 61.58384 | 61.49500 | 61.63175 |
| Polish zloty | 4.62775 | 4.61934 | 4.84870 | 4.66853 |
| Russian rouble | 103.18475 | 83.21165 | 59.62660 | 78.11961 |
1) Average of the exchange rates on the last day of each month
2) The exchange rate was determined by Bulgarian law.
3) Accession to the euro currency area on 1 January 2023
Accounting policies
6. 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 as in the previous year, 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 annually for impairment (see note 22. 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 according 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 currently met by the Ashta hydropower plant as well as the sewage treatment plant project in Zagreb, both of which are included at equity.
7. 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 obligation 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.
As in the previous year, straight-line depreciation is based on the following useful lives, which are uniform throughout the Group:
| Years |
|---|
| 10–50 |
| 15–50 |
| 10–50 |
| 5–40 |
| 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).
8. Investments in equity accounted investees
Investments in equity accounted investees are initially recognised at cost. In subsequent periods, the carrying amounts of these investments are adjusted by the share of profit or loss attributable to EVN, less any dividends received, and by EVN's share of other comprehensive 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 22. 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 30. Share of results from equity accounted investees with operational nature, 32. Financial results and 64. Disclosures of interests in other entities).
9. 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.
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 noncurrent 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 Derivative 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 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.
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 optimisation – 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. Positive fair values are recorded as receivables from derivative transactions (under other non-current assets or under current receivables and other assets, depending on the term). In contrast, negative fair values are recorded as liabilities from derivative transactions (under other non-current liabilities or under other current liabilities, depending on the term). For counterparties with a master agreement that includes a so-called netting clause, the positive and negative fair values are presented as net amounts for the respective time periods when net settlement is planned (see note 63. Reporting on financial instruments).
EVN has designated significant parts of the listed derivatives as hedges within the framework of hedge accounting. The requirements defined by IFRS 9 for this designation include 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 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. 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 as well as expectations as to whether the changes in the cash flows from 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 are used to hedge currency risks (also see notes 61. Risk managment and 63. Reporting on financial instruments).
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 32. 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.
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 9.B5.5.35 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 consist 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 rating of banks and financial institutions have a low risk of default.
16. Assets and liabilities held for sale
Non-current assets as well as disposal groups that contain assets and liabilities are classified as held for sale when their sale is highly likely.
These assets and disposal groups are generally carried at the lower of their respective carrying amount and fair value less disposal costs. Any necessary recognition of an impairment loss to a disposal group is initially allocated to goodwill and, thereafter, to the remaining assets and liabilities on a proportional basis. Impairment losses resulting from the initial classification as held for sale as well as later gains and losses on revaluation are recognised to profit or loss.
Intangible assets and property, plant and equipment are no longer amortised, respectively depreciated once they have been classified as held for sale.
17. Equity
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.
18. 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 52. 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 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
The calculation of the provisions for pensions, as in the previous year, was based on the Austrian mortality tables "AVÖ 2018-P – Rechnungsgrundlagen für die Pensionsversicherung", which were issued by the Actuarial Association Austria (AVÖ) on 15 August 2018.
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 Niederösterreich. 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.
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.
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 in cash flows cannot be taken into consideration adequately, an adapted 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. This was taken into account accordingly. 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.
19. 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 noncurrent 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 50. 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 20. 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.
20. 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.
Interest 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.
21. 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 | ||
|---|---|---|
| % | 2022/23 | 2021/22 |
| Country of residence | ||
| Austria | 24.0 | 25.0 |
| Albania | 15.0 | 15.0 |
| Bulgaria | 10.0 | 10.0 |
| Germany1) | 31.2–32.6 | 31.2–32.6 |
| 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 |
| Slovenia | 19.0 | 19.0 |
| Czech Republic | 19.0 | 19.0 |
| Cyprus | 12.5 | 12.5 |
1) The tax rate varies slightly depending on the applicable assessment rate for trade tax.
EVN utilised the corporate tax group option as of 30 September 2023. 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. 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. As in the previous year, the positive aggregated tax result is based on the allocation 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, which calls for a negative tax charge for this company if its taxable results are 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. The eco-social tax reform adopted in the 2021/22 financial year, which will reduce the corporate income tax rate by one percentage point to 23% from 2024, is therefore taken into account in the measurement of deferred taxes. These changes were reflected in the valuation of deferred taxes. 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 difference 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.
22. 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, electricity procurement rights, telecommunications networks and facilities in the environmental services business.
The value in use is calculated in accordance with the requirements of IAS 36. Due to the long-term nature of investments in infrastructure assets, EVN uses cash flow projections that correspond to the economic useful life of the respective assets. Impairment tests for hydropower plants are generally based on the assumption that the concession will be reissued and therefore that the respective sites will exist indefinitely. After a detailed planning period of seven years (previous year: four years), a rough planning period follows for infrastructure facilities/long-term projects until the end of the economic useful life, albeit limited to the period in which external electricity price forecasts are available (currently 2050). As the period of the medium-term planning calculations approved by management was aligned with the Strategy 2030 in the 2022/23 financial year, the detailed planning period was also adjusted to seven years.
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 underlying assumptions also take climate-related effects into consideration. 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.
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.
23. 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 (construction of a wastewater treatment plant and corresponding sewage network) and the large-scale project in Bahrain (expansion of an existing wastewater treatment plant and contruction of a sewage sludge utilisation plant). Revenue is recognised in accordance with the percentage of completion method (see notes 20. Revenue recognition and 25. 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 22. 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: 35. Intangible assets, 36. Property, plant and equipment and 37. Investments in equity accounted investees.
The most important premises and judgmental decisions used to determine the scope of consolidation are described under notes 4. Scope of consolidation and 38. Other investments.
WTE 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 filed an arbitration action in Frankfurt against the municipality of Budva for failure to honour the guarantee; the value in dispute equalled EUR 37.9m, including interest. The court of arbitration issued a decision in favour of WTE at the beginning of October 2023. The municipality of Budva must therefore honour the guarantee provided to WTE. 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 61. 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 52. 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 18. Provisions) as well as estimates for other obligations and risks (see note 65. 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 20. Revenue recognition), as well for the usability of tax carry forwards (see note 51. Deferred taxes). These estimates are based on historical data and other assumptions considered appropriate under the given circumstances.
Information on climate change
As an energy and environmental services provider, EVN is committed to making a concrete contribution to climate protection. The company's strategic considerations include the special requirements created by the energy transformation and the far-reaching changes required by this transformation towards climate neutrality as well as the related effects on all sectors of the economy and on private households. Analyses in this context place a special focus on the requirements for climate protection, possible implementation tracks and the implications for the company's business model. These elements create an important basis for evaluating the opportunities and risks for our business resulting, from climate change and the related, rapidly changing regulations.
EVN terminated electricity generation from hard coal in 2020/21. In summer 2021, the company joined the Science Based Targets initiative (SBTi) and, in this connection, set five reduction goals for its activities. The EVN Climate Initiative "EVN for the climate" was launched in 2020/21 to realise these goals. It includes three focal points: the concrete reduction of CO₂ emissions, climate neutrality in selected group companies, and a contribution by EVN's research and development to climate protection. Success in this area will make an important contribution to realising the climate goal agreed in Paris to limit global warming to clearly below 2°C.
The majority of EVN's assets are subject to unpredictable weather conditions due to the generation and transmission or distribution technologies in use. This applies, in particular, to the in part exposed generation infrastructure (hydropower and wind power plants, photovoltaic equipment) and also to the transmission and distribution infrastructure. Climate changes can have a lasting influence on the hydropower, wind power and photovoltaic offering over the long term, which could lead to more extreme seasonal and annual deviations in generation. Changing climatic conditions can also lead to different demand-related behaviour. The declining demand for heating products will be accompanied by a greater demand for drinking water. In view of the high priority given to climate protection at EVN, potential climate risks are identified and assessed as part of the central risk management process. The active handling of risks can limit the effects on the company or support the conscious perception of opportunities for additional growth.
The impact of climate change on the recognition and valuation of assets and liabilities is evaluated at regular intervals. Climate-related earnings fluctuations – whether they result from production differences or changes in demand – are analysed with sensitivity and scenario calculations as part of the planning process and, after approval by management, transferred to the forecast calculations. The measures derived from the EVN Climate Initiative also flow into these calculations which, in total, form the basis for the impairment tests required by IAS 36 (see notes 22. Procedures and effects of impairment tests and 36. Property, plant and equipment). The risks arising from climate change are also included in the determination of the useful life of depreciable assets (see note 7. Property, plant and equipment), the measurement of inventories (see note 12. Inventories) and the recognition and measurement of provisions (see note 18. Provisions).
The CO₂ emissions from twelve of our electricity generation and heating supply plants are covered by the EU's emission rights trading scheme (EU-ETS). In accordance with the ETS, we needed 318,582 CO₂ emission certificates in the 2022/23 financial year. The emission certificates required for heat production in Austria were granted free of charge, and the remainder were purchased over the wholesale market (see notes 40. Inventories and 57. Current provisions).
Impact of the war in Ukraine
The possible effects of the war in Ukraine were evaluated, in particular, with regard to the recoverability of assets as defined by IAS 36 and IFRS 9 and to further uncertainties connected with discretionary assessments.
Russia's assault on Ukraine which began on 24 February 2022 has strained relations between the majority of the international community and the Russian Federation and led to a series of reciprocal sanctions by the EU as well as the Russian Federation. The result was a massive increase in the wholesale prices for electricity and primary energy, which have since stabilised at a level two- to three-times higher than before the crisis. Further developments are uncertain due to the tense situation and can bring an increase in energy prices at any time. Added reciprocal sanctions and/or a possible halt to gas deliveries by Russia could have a significant influence on the energy market and a negative effect on the macroeconomic environment.
The possible termination of gas deliveries by Russia could, depending on the timing and duration, have an impact on natural gas supplies for EVN's customers. The volume of non-Russian gas and strategic gas inventories were expanded in view of this possibility. Measures to support supply security are connected with higher costs and can have a negative influence on earnings in individual periods.
The volatile development of energy prices had a negative effect on earnings in the energy supply business. To protect energy supplies, EVN successively purchased natural gas supplies and concluded futures contracts for electricity. The decline in the market prices for electricity and natural gas subsequently led to negative valuation effects for the recorded natural gas inventories and derivative futures in 2022/23. Provisions were also required for contingent losses from onerous customer contracts (see note 30. Share of results from equity accounted investees with operational nature).
As a consequence of the political developments in Russia, EVN decided in the previous year to withdraw from this market and to sell the two combined heat and power plants in Moscow. The sale negotiations are currently in the approval process by the Russian government commission (see note 43. Assets and liabilities held for sale).
Effects of the macroeconomic environment
EVN evaluated the recoverability of assets as defined by IAS 36 and IFRS 9 and further uncertainties connected with discretionary assessments against the backdrop of the current macroeconomic environment.
Economic developments have led to a higher number of insolvencies across Europe, especially after the expiration of government subsidy measures. These insolvencies are expected to have a negative effect on the macroeconomic environment and cause an increase in receivables defaults. The EVN Group has included the projected increase in potential default incidents through a forward-looking component, similar to the procedure followed in previous years.
EVN determines the impairment losses for trade receivables in accordance with IFRS 9.B5.5.35 based on regionally differentiated analyses of historical default incidents. The inclusion of the forward-looking component led to an increase of EUR 5.0m in the impairment loss allowance for trade receivables (previous year: EUR 6.1m) (see the section on Credit and default risk under note 61. Risk management).
Apart from price increases on the energy markets and the differing effects on EVN's activities and business fields, investments and operating expenses are also affected by the sharp rise in inflation. These cost increases can possibly only be passed on to customers with a delay. The current macroeconomic developments can also have a – direct and indirect – negative influence on the demand for energy and, together with rising costs, have a negative influence on earnings.
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. The high energy prices in recent months had a substantial negative impact on earnings from energy supply, while renewable energy generation made a positive contribution to earnings. 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.
24. 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 decisionmaker 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 IFRS. 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 59. Notes to segment reporting).
Notes to the consolidated statement of operations
25. 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 | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| Revenue from contracts with customers | 3,662.9 | 3,995.3 |
| Other revenue | 105.7 | 66.9 |
| Total | 3,768.7 | 4,062.2 |
Other revenue includes valuation effects of EUR 73.7m (previous year: EUR 44.9m) related to energy derivatives which are attributable to the Energy Segment. Positive and negative results from the valuation of these derivatives are offset for reporting. In addition, EVN recognised operating lease revenue of EUR 32.2m in the 2022/23 financial year (previous year: EUR 22.1m).
The following table shows the revenue from contracts with customers classified by segment and product:
| Revenue from contracts by segment and product | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| Electricity | 437.1 | 405.4 |
| Natural gas | 191.0 | 57.7 |
| Heat | 239.6 | 186.3 |
| Other | 42.4 | 34.3 |
| Energy | 910.1 | 683.7 |
| Electricity | 75.7 | 95.3 |
| Other | 57.0 | 64.2 |
| Generation | 132.8 | 159.5 |
| Electricity | 374.6 | 331.3 |
| Natural gas | 103.0 | 103.7 |
| Other | 86.8 | 82.2 |
| Networks | 564.5 | 517.3 |
| Electricity | 1,464.4 | 1,973.4 |
| Natural gas | 9.9 | 9.4 |
| Heat | 11.9 | 11.2 |
| Other | 13.4 | 8.4 |
| South East Europe | 1,499.7 | 2,002.4 |
| Environmental services | 525.3 | 604.3 |
| Electricity | 4.9 | 6.1 |
| Heat | 1.3 | 1.5 |
| Environment | 531.4 | 611.8 |
| Other | 24.5 | 20.6 |
| All Other Segments | 24.5 | 20.6 |
| Total | 3,662.9 | 3,995.3 |
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 51.9m in 2022/23 (previous year: EUR 53.1m).
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 2023, mainly relate to network subsidies and the international project business.
In total, the remaining performance obligations amount to EUR 942.5m (previous year: EUR 875.2m) at the balance sheet date. Of this amount, EUR 873.5m (previous year: EUR 812.4m) 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 five years, depending on the project. The performance obligations from network subsidies are shown in the following table:
Transaction prices allocated to remaining performance obligations 2022/23 financial year EURm <1 year 1–5 years >5 years Network subsidies 7.0 28.1 34.0 Total 7.0 28.1 34.0 2021/22 financial year EURm <1 year 1–5 years >5 years Network subsidies 6.3 25.4 30.7 Total 6.3 25.4 30.7
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.
26. Other operating income
| Other operating income | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| Income from the reversal of deferred income from network subsidies | 58.3 | 53.3 |
| Own work capitalised | 29.8 | 31.8 |
| Compensation and remunerations | 7.0 | 14.1 |
| Rental income | 3.5 | 3.0 |
| Result from the disposal of intangible assets, and property, plant and equipment | 1.9 | –2.8 |
| Change in work in progress | 3.6 | –5.2 |
| Miscellaneous other operating income | 23.4 | 15.4 |
| Total | 127.5 | 109.5 |
The reversal of deferred income from network subsidies in other operating income relates to grants related to the regulated area.
The decrease in compensation and remuneration is mainly due to the discontinuation of warranties granted in the previous year in connection with a wastewater treatment system.
Miscellaneous other operating income consists, above all, of bonuses, subsidies and services that are not related to business activities.
27. Cost of materials and services
| Cost of materials and services | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| Electricity procurement costs | 1,229.6 | 1,803.0 |
| Gas procurement costs | 355.3 | 382.8 |
| Other energy expenses | 90.6 | 92.4 |
| Electricity purchases from third parties and primary energy expenses | 1,675.5 | 2,278.2 |
| Third-party services and other materials and services | 662.7 | 707.1 |
| Total | 2,338.2 | 2,985.3 |
The cost of materials includes valuation effects from derivative contracts in the energy sector. In the business year under report, these resulted in a decrease in expenses of EUR 19.8m (previous year: increase in expenses of EUR 49.2m).
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.
28. Personnel expenses
| Personnel expenses | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| Salaries and wages | 331.7 | 287.8 |
| Severance payments | 5.0 | 5.1 |
| Pension costs | 4.8 | 10.4 |
| Compulsory social security contributions and payroll-related taxes | 68.1 | 60.4 |
| Other employee-related expenses | 9.6 | 8.4 |
| Total | 419.2 | 372.2 |
Personnel expenses include contributions to the VBV Pensionskasse in the amount of EUR 7.8m (previous year: EUR 7.1m) and contributions to company employee provision funds in the amount of EUR 2.1m (previous year: EUR 1.7m).
The provisions of § 744 of the Austrian Social Security Act led to a reduction in pension adjustments compared with previous years and led to a decline of EUR 4.9m in pension costs.
The average number of employees was as follows:
| Employees by segment1) | 2022/23 | 2021/22 |
|---|---|---|
| Generation | 298 | 229 |
| Networks | 1,340 | 1,345 |
| Energy | 326 | 274 |
| South East Europe | 4,072 | 4,114 |
| Environment | 654 | 622 |
| All Other Segments | 564 | 550 |
| Total | 7,255 | 7,135 |
| 1) Average for the year |
The average number of employees comprised 97.8% salaried and 2.2% 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.
29. Other operating expenses
| Other operating expenses | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| Business operation taxes and duties | 62.8 | 18.4 |
| Legal and consulting fees, expenses related to process risks | 20.9 | 14.2 |
| Write-up/write-off of receivables | 20.7 | 38.0 |
| Maintenance | 14.7 | 13.7 |
| Telecommunications and postage | 12.6 | 11.4 |
| Advertising expenses | 11.1 | 10.3 |
| Transportation and travelling expenses, automobile expenses | 10.9 | 12.8 |
| Insurance | 9.3 | 11.2 |
| Rents | 4.5 | 4.5 |
| Employee training | 2.5 | 2.1 |
| Miscellaneous other operating expenses | 32.3 | 21.9 |
| Total | 202.2 | 158.4 |
The Austrian Federal Act on the Energy Crisis Contribution – Electricity introduced a levy of 90% on the surplus proceeds earned from electricity generation in Austria as of 1 December 2022. The threshold for the calculation of surplus proceeds was set at EUR 140 per MWh up to 31 May 2023 but reduced to EUR 120 per MWh from 1 June 2023 up to the expiration date on 31 December 2023. The threshold can be increased up to EUR 176 per MWh, respectively EUR 156 per MWh based on the inclusion of allowable investments in renewable energies and energy efficiency measures. A levy to moderate the energy and price crisis was also introduced in North Macedonia during 2022/23, whereby this solidarity tax for companies in North Macedonia was only collected once.
This levy on surplus proceeds from electricity generation in Austria and the solidarity tax in North Macedonia were reflected in the recognition of expenses totalling EUR 31.2m.
The increase in business operation taxes and duties resulted primarily from the levy on surplus proceeds from electricity generation in Austria and the solidarity tax in North Macedonia. In addition, provisions were recognised for tax audits in South East Europe.
The position legal and consulting fees, expenses related to process risks also contains the change in the provision for process costs and risks. The item rents includes non-capitalised rental expenses (see note 36. Property, plant and equipment) as well as changes in provisions for rents for network access in Bulgaria. In addition, expenses which are not under the scope of IFRS 16 are also included.
The decline in receivables write-offs resulted mainly from a reduction in the balance of receivables in North Macedonia. As in previous years, a forward-looking component was included in 2022/23 to reflect expected future receivables defaults (see note 61. Risk management).
Miscellaneous other operating expenses include environmental protection expenses, fees for monetary transactions, licenses, membership fees and administrative and office expenses.
30. Share of results from equity accounted investees with operational nature
| Share of results from equity accounted investees with operational nature | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| EVN KG | –240.3 | 7.2 |
| RAG | 79.1 | 51.7 |
| Burgenland Energie | 31.0 | 14.4 |
| Verbund Innkraftwerke | 28.8 | 8.2 |
| Ashta | 11.0 | 0.7 |
| ZOV; ZOV UIP | 10.8 | 12.0 |
| Umm Al Hayman | 6.4 | 4.6 |
| EnergieAllianz | –3.3 | –2.4 |
| Other companies | 8.7 | 2.5 |
| Total | –67.6 | 98.9 |
The share of results from equity accounted investees with operational nature (see note 64. Disclosures of interests in other entities) is reported as part of the results from operating activities (EBIT). The consolidated financial statements do not include any equity-accounted companies of a financial nature.
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 37. Investments in equity accounted investees).
The share of results from equity accounted investees with operational nature decreased to EUR –67.6m in financial year 2022/23 (previous year: EUR 98.9m). This was mainly due to the development of EVN KG. A write-up of the Ashta hydropower plant in the amount of EUR 11.1m had the opposite effect (see note 37. Investments in equity accounted investees).
31. 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 22. Procedures and effects of impairment tests.
Depreciation and amortisation and effects from impairment tests by items of the consolidated statement of financial position
| EURm | 2022/23 | 2021/22 |
|---|---|---|
| Intangible assets | 20.5 | 73.4 |
| Property, plant and equipment | 302.6 | 338.8 |
| Other non-current assets1) | 20.6 | 20.6 |
| Write-up of property, plant and equipment | –3.2 | –9.6 |
| Total | 340.4 | 423.2 |
1) Depreciation of capitalised contract costs
| Depreciation and amortisation and effects from impairment tests | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| Scheduled depreciation and amortisation | 336.5 | 318.0 |
| Effects from impairment tests (impairment)1) | 7.1 | 114.8 |
| Effects from impairment tests (reversal of impairment)1) | –3.2 | –9.6 |
| Total | 340.4 | 423.2 |
1) For details, see notes 35. Intangible assets and 36. Property, plant and equipment
32. Financial results
| Financial results EURm |
2022/23 | 2021/22 |
|---|---|---|
| Income from investments | ||
| Dividend payments | 169.3 | 51.4 |
| thereof Verbund AG | 158.0 | 46.1 |
| thereof Verbund Hydro Power GmbH | 9.1 | 3.5 |
| thereof Wiener Börse AG | 1.5 | 1.5 |
| thereof other companies | 0.8 | 0.4 |
| Valuation results/disposals | –0.3 | – |
| Total income from investments | 169.0 | 51.4 |
| Interest results | ||
| Interest income on financial assets | 1.9 | 1.7 |
| Other interest income | 14.6 | 3.7 |
|---|---|---|
| Total interest income | 16.5 | 5.4 |
| Interest expense on financial liabilities | –34.0 | –29.2 |
| Interest expense personnel provisions | –10.4 | –4.1 |
| Other interest expense | –12.9 | –4.7 |
| Total interest expense | –57.4 | –37.9 |
| Total interest results | –40.9 | –32.5 |
Other financial results
| Results from changes in exchange rates and the disposal of securities from non-current financial assets | 0.7 | –3.3 |
|---|---|---|
| Results from changes in exchange rates and the disposal of current financial assets | 2.8 | –5.8 |
| Currency gains/losses | –3.9 | –25.5 |
| Other financial results | –0.1 | –14.7 |
| Total other financial results | –0.5 | –49.4 |
| Financial results | 127.6 | –30.5 |
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 15.6m (prior year: EUR 3.2m).
The interest expense on financial liabilities represents regular interest payments on issued bonds and bank loans.
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 46.9m (previous year: EUR 33.8m).
The increase in the financial result was mainly due to the dividend payment by Verbund AG in the amount of EUR 158.0m.
33. Income tax expense
| Income tax expense | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| Current income tax income and expense | 7.3 | 50.9 |
| thereof Austrian companies | –14.2 | 32.3 |
| thereof foreign companies | 21.5 | 18.6 |
| Deferred tax income and expense | 66.7 | 13.1 |
| thereof Austrian companies | 51.9 | –1.2 |
| thereof foreign companies | 14.9 | 14.4 |
| Total | 74.0 | 64.0 |
The following table explains the reasons for the difference between the Austrian corporate income tax rate of 24.0% that applied in 2023 (previous year: 25.0%) and the tax expense based on the Group net result reported on the consolidated statement of operations for the 2022/23 financial year:
| Calculation of the effective tax rate | 2022/23 | 2021/22 | ||
|---|---|---|---|---|
| % | EURm | % | EURm | |
| Result before income tax | 656.2 | 301.2 | ||
| Income tax rate/income tax expense at nominal tax rate | 24.0 | 157.5 | 25.0 | 75.3 |
| – Different corporate income tax rates in other countries |
–3.6 | –23.3 | –3.9 | –11.8 |
| – Effect of tax rate change |
–0.3 | –2.2 | –1.3 | –4.0 |
| – Tax-free income from investments |
–12.5 | –82.0 | –11.9 | –35.8 |
| + Revaluation of deferred taxes |
3.6 | 23.6 | 14.0 | 42.0 |
| + Impairment of goodwill |
– | – | 4.4 | 13.2 |
| +/– Tax share valuations and impairment on Group receivables | –0.1 | –0.6 | –2.2 | –6.7 |
| + Non-deductible expenses |
0.6 | 3.7 | 1.2 | 3.5 |
| – Other tax-free income |
–0.5 | –3.2 | –0.5 | –1.4 |
| + Aperiodic tax increases |
0.3 | 1.7 | 0.1 | 0.2 |
| –/+ Other items | –0.2 | –1.2 | –3.5 | –10.4 |
| Effective tax rate/effective income tax expense | 11.3 | 74.0 | 21.3 | 64.0 |
The changes in the revaluation of deferred taxes resulted primarily from the recognition of previously unrecognised tax losses.
The effective tax burden on EVN for the 2022/23 financial year amounts to 11.3% of earnings before taxes (previous year: 21.3%). The effective tax rate is a weighted average of the effective local income tax rates of all consolidated subsidiaries (see note 51. Deferred taxes).
34. 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 2022/23, i. e. 178,225,093 (previous year: 178,187,472) (see note 48. 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 529.7m for the 2022/23 financial year (previous year: EUR 209.6m), earnings per share equalled EUR 2.97 (previous year: EUR 1.18).
Notes to the consolidated statement of financial position
Assets
35. 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.
| Reconciliation of intangible assets | ||||
|---|---|---|---|---|
| 2022/23 financial year | ||||
| EURm | Goodwill | Rights | Other intangible assets | Total |
| Gross value 30.09.2022 | 216.2 | 487.1 | 58.9 | 762.1 |
| Additions | – | 40.0 | – | 40.0 |
| Disposals | – | –3.6 | – | –3.6 |
| Transfers | – | –0.2 | – | –0.2 |
| Change in the scope of consolidation | – | 0.7 | 1.2 | 1.9 |
| Gross value 30.09.2023 | 216.2 | 524.1 | 60.1 | 800.3 |
| Accumulated amortisation 30.09.2022 | –213.2 | –311.3 | –46.7 | –571.2 |
| Scheduled amortisation | – | –17.3 | –3.1 | –20.5 |
| Disposals | – | 2.7 | – | 2.7 |
| Accumulated amortisation 30.09.2023 | –213.2 | –326.0 | –49.9 | –589.1 |
| Net value 30.09.2022 | 3.0 | 175.8 | 12.1 | 190.9 |
| Net value 30.09.2023 | 3.0 | 198.1 | 10.2 | 211.2 |
| 2021/22 financial year EURm |
Goodwill | Rights | Other intangible assets | Total |
| Gross value 30.09.2021 | 216.2 | 442.2 | 59.5 | 717.9 |
| Additions | – | 47.8 | – | 47.8 |
| Disposals | – | –3.6 | – | –3.6 |
| Transfers | – | 0.6 | –0.6 | – |
| Gross value 30.09.2022 | 216.2 | 487.1 | 58.9 | 762.1 |
| Accumulated amortisation 30.09.2021 | –160.3 | –298.0 | –43.1 | –501.4 |
| Scheduled amortisation | – | –16.8 | –3.6 | –20.5 |
| Impairment losses | –52.9 | –0.1 | – | –52.9 |
| Disposals | – | 3.6 | – | 3.6 |
| Accumulated amortisation 30.09.2022 | –213.2 | –311.3 | –46.7 | –571.2 |
| Net value 30.09.2021 | 55.8 | 144.2 | 16.4 | 216.5 |
| Net value 30.09.2022 | 3.0 | 175.8 | 12.1 | 190.9 |
The rights include EVN's electricity procurement rights to the Danube power plants in Freudenau, Melk and Greifenstein. The carrying amount totalled EUR 37.6m as of 30 September 2023 (previous year: EUR 41.5m) and will be amortised over the expected remaining operating life of the power plants.
In 2022/23, a total of EUR 3.9m (previous year: EUR 2.4m) was invested in research and development, EUR 1.1m thereof was capitalised (previous year: EUR 0.9m).
36. Property, plant and equipment
.
Reconciliation of property, plant and equipment
| 2022/23 financial year EURm |
Land and buildings |
Lines | Technical equipment |
Meters | Other plants, tools and equipment |
Equipment under construction |
Total |
|---|---|---|---|---|---|---|---|
| Gross value 30.09.2022 | 977.5 | 4,930.7 | 2,782.4 | 320.0 | 240.5 | 351.0 | 9,602.2 |
| Currency translation differences | – | –0.1 | –34.3 | – | – | – | –34.4 |
| Additions | 65.3 | 166.9 | 133.2 | 17.9 | 34.8 | 266.7 | 684.7 |
| Disposals | –3.7 | –14.6 | –14.0 | –9.3 | –7.9 | –0.6 | –50.0 |
| Transfers | 43.4 | 79.2 | 84.6 | 0.1 | 4.6 | –211.8 | – |
| Change in the scope of consolidation | 1.4 | 1.9 | 14.2 | – | 1.5 | 4.4 | 23.3 |
| Gross value 30.09.2023 | 1,084.0 | 5,163.9 | 2,966.1 | 328.7 | 273.6 | 409.7 | 10,225.9 |
| Accumulated amortisation 30.09.2022 | –570.1 | –2,784.4 | –2,063.0 | –126.4 | –166.7 | –11.3 | –5,721.7 |
| Currency translation differences | – | – | 34.2 | – | – | – | 34.2 |
| Scheduled depreciation | –28.3 | –131.4 | –83.2 | –25.6 | –26.9 | – | –295.4 |
| Impairment losses | –1.4 | –4.3 | –1.4 | – | – | – | –7.1 |
| Revaluation | 2.0 | 0.7 | 0.5 | – | – | – | 3.2 |
| Disposals | 2.5 | 14.5 | 12.6 | 8.3 | 8.3 | 0.4 | 46.6 |
| Reclassifications | 0.2 | 0.1 | –0.1 | – | – | –0.1 | 0.1 |
| Accumulated amortisation 30.09.2023 | –595.1 | –2,904.8 | –2,100.4 | –143.7 | –185.2 | –10.9 | –5,940.2 |
| Net value 30.09.2022 | 407.5 | 2,146.3 | 719.4 | 193.6 | 73.9 | 339.8 | 3,880.4 |
| Net value 30.09.2023 | 488.8 | 2,259.2 | 865.6 | 185.0 | 88.3 | 398.8 | 4,285.7 |
| 2021/22 financial year EURm |
Land and buildings |
Lines | Technical equipment |
Meters | Other plants, tools and equipment |
Equipment under construction |
Total |
|---|---|---|---|---|---|---|---|
| Gross value 30.09.2021 | 965.6 | 4,729.1 | 2,802.0 | 294.7 | 227.9 | 240.2 | 9,259.5 |
| Currency translation differences | 0.4 | 1.0 | 24.4 | 0.2 | 0.1 | 0.1 | 26.2 |
| Additions | 21.8 | 139.0 | 60.3 | 59.8 | 25.7 | 215.7 | 522.3 |
| Disposals | –20.9 | –10.5 | –45.3 | –34.8 | –13.8 | –1.0 | –126.3 |
| Transfers | 10.8 | 72.1 | 20.0 | – | 0.7 | –103.9 | –0.4 |
| Reclassification to assets held for sale | – | – | –79.0 | – | –0.1 | – | –79.1 |
| Gross value 30.09.2022 | 977.6 | 4,930.7 | 2,782.4 | 320.0 | 240.5 | 351.0 | 9,602.2 |
| Accumulated amortisation 30.09.2021 | –561.8 | –2,632.4 | –2,073.8 | –133.1 | –154.2 | –11.9 | –5,567.3 |
| Currency translation differences | –0.2 | –0.6 | –23.7 | –0.1 | –0.1 | – | –24.7 |
| Scheduled depreciation | –25.8 | –120.5 | –81.1 | –23.7 | –25.8 | – | –276.9 |
| Impairment losses | –3.9 | –43.5 | –14.1 | –0.1 | –0.2 | – | –61.9 |
| Revaluation | 0.5 | 2.3 | 6.8 | – | – | – | 9.6 |
| Disposals | 20.7 | 10.3 | 44.0 | 30.6 | 13.5 | 0.6 | 119.8 |
| Reclassifications | 0.5 | – | – | – | – | – | 0.5 |
| Reclassification to assets held for sale | – | – | 79.0 | – | 0.1 | – | 79.1 |
| Accumulated amortisation 30.09.2022 | –570.1 | –2,784.4 | –2,063.0 | –126.4 | –166.6 | –11.3 | –5,721.7 |
| Net value 30.09.2021 | 403.8 | 2,096.7 | 728.2 | 161.6 | 73.6 | 228.3 | 3,692.1 |
| Net value 30.09.2022 | 407.5 | 2,146.3 | 719.4 | 193.6 | 73.9 | 339.8 | 3,880.4 |
Land and buildings included land with a value of EUR 71.0m (previous year: EUR 63.5m). There was no maximum amount mortgage as of 30 September 2023.
As in the previous year, no property, plant and equipment or intangible assets were pledged as collateral as of 30 September 2023.
The impairment testing of assets in accordance with IAS 36 led to the recognition of the following impairment losses and write-ups in 2022/23:
Various heating plants attributable to EVN Wärme in the Energy Segment were tested for impairment due to a deterioration in the economic environment during 2022/23. The related calculations led to the recognition of impairment losses totalling EUR 5.7m to three plants and to revaluations of EUR 1.6m to six plants. The recoverable amount was determined on the basis of the value in use and amounted to EUR 23.9m. A WACC after tax ranging from 5.51% to 5.66% was used as the discount rate, which corresponds to an iteratively derived pre-tax WACC of 6.50% to 9.05%.
A building used for operations by EVN Wasser was tested for impairment in 2013/14 following the unscheduled shutdown of a wellfield. The construction and commissioning of a natural filter plant in this operating building led to a revaluation with recognition to profit or loss of EUR 1.6m to the depreciated cost in 2022/23.
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 95.6m (previous year: EUR 74.0m) were contrasted by lease liabilities with a present value of EUR 80.2m (previous year: EUR 61.8m) as of 30 September 2023. The short-term portion of the lease liabilities equalled EUR 8.8m (previous year: EUR 6.4m).
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 2022/23 led to an addition of EUR 28.6m (previous year: EUR 12.0m). 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:
| 2022/23 financial year EURm |
Land and buildings |
Lines | Technical equipment |
Other plants, tools and equipment |
Total |
|---|---|---|---|---|---|
| Rights of use 30.09.2022 | 58.4 | 14.8 | 0.3 | 0.5 | 74.0 |
| Additions | 24.2 | 3.5 | – | 1.1 | 28.7 |
| Scheduled depreciation | –6.5 | –0.6 | –0.3 | –0.4 | –7.7 |
| Disposals | –0.7 | – | – | – | –0.7 |
| Transfers | –0.1 | – | 0.2 | –0.1 | – |
| Change in the scope of consolidation | 1.2 | – | – | – | 1.3 |
| Rights of use 30.09.2023 | 76.5 | 17.7 | 0.1 | 1.3 | 95.6 |
| 2021/22 financial year EURm |
Land and buildings |
Lines | Technical equipment |
Other plants, tools and equipment |
Total |
|---|---|---|---|---|---|
| Rights of use 30.09.2021 | 55.8 | 11.4 | 1.0 | 0.4 | 68.6 |
| Additions | 7.4 | 3.9 | 0.4 | 0.4 | 12.0 |
| Scheduled depreciation | –4.9 | –0.5 | –1.0 | –0.2 | –6.6 |
| Rights of use 30.09.2022 | 58.4 | 14.8 | 0.3 | 0.5 | 74.0 |
The determination of the rights of use and corresponding lease liabilities includes all sufficiently probable cash outflows. The cash outflows from leases totalled EUR 19.9m (previous year: EUR 14.0m) in 2022/23. The consolidated statement of operations contains EUR 3.4m (previous year: EUR 2.5m) 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 1.3m (previous year: EUR 0.6m) in 2022/23. The difference between the cash outflows presented here and the payments for lease liabilities resulted primarily from advance rental payments made in 2022/23. 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.
37. 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 115. Note 64. 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 statements.
| Reconciliation of investments in equity accounted investees | |
|---|---|
| 2022/23 financial year | |
| EURm | |
| Gross value 30.09.2022 | 968.3 |
| Additions | 329.6 |
| Disposals | –5.8 |
| Gross value 30.09.2023 | 1,292.2 |
| Accumulated amortisation 30.09.2022 | 1,419.7 |
| Currency translation differences | –2.5 |
| Change in the scope of consolidation | 0.9 |
| Revaluation | 11.1 |
| Proportional share of results | –78.7 |
| Dividends | –105.3 |
| Changes recognised in other comprehensive income | –1,434.0 |
| Accumulated amortisation 30.09.2023 | –188.9 |
| Net value 30.09.2022 | 2,388.0 |
| Net value 30.09.2023 | 1,103.4 |
| 2021/22 financial year | |
|---|---|
| EURm | |
| Gross value 30.09.2021 | 918.3 |
| Additions | 50.0 |
| Gross value 30.09.2022 | 968.3 |
| Accumulated amortisation 30.09.2021 | 659.2 |
| Currency translation differences | 3.8 |
| Proportional share of results | 98.9 |
| Dividends | –152.6 |
| Changes recognised in other comprehensive income | 810.3 |
| Accumulated amortisation 30.09.2022 | 1,419.7 |
| Net value 30.09.2021 | 1,577.5 |
| Net value 30.09.2022 | 2,388.0 |
To protect energy supplies, EVN KG continuously purchased natural gas supplies and concluded futures contracts for electricity. The decline in the market prices for electricity and natural gas subsequently led to negative valuation effects for the recognised natural gas inventories and derivative futures. Provisions were also required for contingent losses from onerous customer contracts. EVN injected new capital to cover the company's losses and ensure its operational capability. The subsidies to EVN KG totalled EUR 318.4m in 2022/23. The at equity carrying amount of EVN KG equalled EUR 0.0m as of 30 September 2023. Value adjustments of EUR 16.9m could not be recorded directly in equity because the at equity carrying amount would then have been negative.
A capital contribution of EUR 8.6m was provided to EnergieAllianz in 2022/23. The at equity carrying amount of EnergieAllianz equalled EUR 0.0m as of 30 September 2023. Value adjustments of EUR 34.1m were not recognised because the carrying amount would then have been negative.
EVN-ECOWIND Sonnenstromerzeugungs GmbH was included in the consolidated financial statements of EVN AG for the first time in 2022/23. This resulted in the recognition of a EUR 0.5m addition (also see 4. Scope of consolidation). A shareholder contribution of EUR 2.2m was also made to EVN-ECOWIND.
The disposals resulted from the transferral of the "sales and energy-related services" business unit from EVN KG and to changes in the scope of consolidation in connection with s2e and Biowärme Amstetten-West GmbH (also see note 4. Scope of consolidation).
The carrying amount of equity accounted investees, excluding additions and disposals, declined by EUR 1,620.1m in 2022/23. These changes resulted chiefly from adjustments of EUR –1,445.2m to the fair value of derivative financial instruments in the energy business which are designated as cash flow hedges and related to the investments in EVN KG and EnergieAllianz and also included an earnings contribution of EUR –240.3m from EVN KG.
38. 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 7.0m in 2022/23 (previous year: EUR 6.2m). The other investments classified as FVOCI consist primarily of shares in Verbund AG with a value of EUR 3,381.1m (previous year: EUR 3,837.5m) and miscellaneous other investments of EUR 167.4m (previous year: EUR 190.9m). The valuation adjustments were recorded under other comprehensive income, the dividends were recorded in the consolidated statement of operations (also see note 32. Financial results).
EVN AG and Wiener Stadtwerke Holding AG 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.
The valuation of the investment in Verbund Hydro Power AG in 2022/23 based on the discounted cash flow method resulted in an impairment loss of EUR 26.2m in the Generation Segment. 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 132.8m. A WACC after tax of 5.54% was used as the discount rate. The present value model underlying the valuation is based on publicly available information from the annual financial statements and, according to available data for electricity prices, forecasts the development of the years up to 2050 and a perpetual yield without a growth rate.
In the Networks Segment, the valuation of the investment in AGGM Austrian Gas Grid Management AG based on the discounted cash flow method resulted in the recognition of an impairment loss of EUR 1.3m. 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 3.0m. A WACC after tax of 4.90% 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 the publicly available annual financial statements for 2019–2022 and a forecast for the 2023 financial year.
In the All Other Segments, the valuation of the investment in Wiener Börse AG based on the discounted cash flow method resulted in an impairment loss of EUR 0.2m in 2022/23. 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 30.5m. A WACC after tax of 6.47% 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.
39. Other non-current assets
| Other non-current assets | ||
|---|---|---|
| EURm | 30.09.2023 | 30.09.2022 |
| Non-current financial assets | ||
| Securities | 71.0 | 68.8 |
| Loans receivable | 25.0 | 25.1 |
| Lease receivables | 10.1 | 12.7 |
| Receivables arising from derivative transactions | 11.7 | – |
| Receivables and other assets | 25.3 | 13.9 |
| Non-current other assets | ||
| Contract assets | 2.4 | 1.9 |
| Contract costs | 15.5 | 36.1 |
| Primary energy reserves | 0.8 | 0.8 |
| Remaining other non-current assets | 12.4 | 3.9 |
| Total | 174.3 | 163.0 |
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 30.09.2023 | Remaining term to maturity as of 30.09.2022 | |||||
|---|---|---|---|---|---|---|
| Principal components |
Interest components |
Total | Principal components |
Interest components |
Total | |
| <5 years | 8.9 | 0.7 | 9.6 | 7.6 | 0.5 | 8.2 |
| >5 years | 1.2 | 0.1 | 1.3 | 5.0 | 0.1 | 5.1 |
| Total | 10.1 | 0.8 | 10.9 | 12.7 | 0.6 | 13.3 |
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 2022/23 were reported as interest income on non-current assets.
Receivables and other assets include claims from trade receivables in North Macedonia that are reported under non-current assets as a result of instalment plan agreements. In addition, non-current receivables from the Bulgarian Post in the amount of EUR 16.4m are included for the first time in the 2022/23 financial year.
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 in financial year 2019/20 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 20.6m (previous year: EUR 20.6m) in the financial year 2022/23, the book value decreased to EUR 15.5m (see note 31. Depreciation and amortisation and effects from impairment tests).
Current assets
40. Inventories
| Inventories | ||
|---|---|---|
| EURm | 30.09.2023 | 30.09.2022 |
| Primary energy inventories | 67.6 | 120.0 |
| CO2 emission certificates | 13.6 | 16.9 |
| Raw materials, supplies, consumables and other inventories | 47.8 | 62.3 |
| Customer orders not yet invoiced | 8.8 | 7.6 |
| Total | 137.7 | 206.8 |
Primary energy inventories consist primarily of natural gas. Gas inventories totalled EUR 61.0m as of 30 September 2023 (previous year: EUR 117.2m).
Part of the natural gas inventories are measured according to the broker-trader exception 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 48.1m (previous year: EUR 0.1m) as of 30 September 2023. Negative changes in the market value resulted in a revaluation through profit or loss of EUR –10.5m (previous year: EUR 0.1m) as of 30 September 2023.
The CO2 emission certificates relate exclusively to certificates purchased to fulfil the requirements of the Austrian Emission Certificate Act and which have not yet been used. The corresponding obligation for any shortfall in the certificates is reported under current provisions (see note 57. Current provisions).
Valuation allowances of EUR 0.9m were recognised to inventories in 2022/23 (previous year: EUR 0.7m) and were contrasted by revaluations of EUR 0.2m (previous year: EUR 0.1m). The inventories are not subject to any restrictions on disposal or other encumbrances.
41. Trade and other receivables
| Trade and other receivables | ||
|---|---|---|
| EURm | 30.09.2023 | 30.09.2022 |
| Financial assets | ||
| Trade accounts receivable | 331.2 | 306.1 |
| Receivables from investments in equity accounted investees | 147.7 | 50.6 |
| Receivables from non-consolidated subsidiaries | 3.1 | 5.9 |
| Receivables from employees | 10.0 | 9.2 |
| Receivables arising from derivative transactions | 69.1 | 27.0 |
| Lease receivables | 2.2 | 1.5 |
| Other receivables and assets | 155.8 | 180.9 |
| 719.1 | 581.2 | |
| Other receivables | ||
| Taxes and levies receivable | 58.1 | 48.1 |
| Prepayments | 128.0 | 142.8 |
| Contract assets | 178.4 | 221.4 |
| 364.5 | 412.3 | |
| Total | 1,083.6 | 993.5 |
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 61. Risk management.
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 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, as well as security retained in the international project business. The developement in contract assets resulted primarily from contract orders in the international project business. In 2022/23, as in the previous year, no impairments were recognised in connection with contract assets.
As of 30 September 2023, as in the previous year, no receivables were pledged as collateral for EVN's own liabilities.
42. Securities and other financial investments
| Composition of securities and other financial investments | ||
|---|---|---|
| EURm | 30.09.2023 | 30.09.2022 |
| Funds | 229.5 | 193.3 |
| thereof cash funds | 229.3 | 193.1 |
| thereof other fund products | 0.2 | 0.2 |
| Time deposits | 14.1 | 14.4 |
| Restricted cash | 22.9 | 9.3 |
| Total | 266.5 | 216.8 |
A write-up of EUR 1.7m was recorded through profit or loss in 2022/23 (previous year: a small amount below EUR 0.1m). The time deposits reported under this item have a maturity of more than three months.
The item restricted cash includes bank balances that have been pledged and are therefore not available for general use by the Group.
43. Assets and liabilities held for sale
EVN, together with its two fully consolidated subsidiaries OOO EVN Umwelt Service and OOO EVN Umwelt, operates two sludge-fired combined heat and power plants in Moscow. These plants are allocated to the Environment Segment. The war in Ukraine has had a negative influence on relations between the majority of the international community of states and the Russian Federation, and the risk of the orderly continuation of business operations in Russia is more difficult to calculate. In view of these developments, EVN evaluated possible exit scenarios and decided to sell the companies. EVN generally assumed that the sale would take place in the 2022/23 financial year, but there were unexpected delays due to additional requirements and bureaucratic hurdles. The agreement with the buyer was already reached in the first quarter of the 2022/23 financial year, but the mandatory approval of the Russian government commission has not yet been granted. EVN fulfills all of the prescribed requirements for the sale of the companies and expects the formal approval of the Russian government commission to be granted within the next twelve months. The assets and liabilities connected with this disposal group are therefore classified as current as of 30 September 2023 in accordance with IFRS 5.
As of 30 September 2022, other operating expenses included impairment losses of EUR 1.8m. In addition, impairment losses to property, plant and equipment and intangible assets were combined into a minor sum of less than EUR 0.1m. A comparison of the carrying amount and fair value less costs to sell for the disposal group led to a revaluation of EUR 0.4m as of 30 September 2023.
Other comprehensive income includes cumulative expenses connected with the disposal group. The difference from currency translation equalled EUR –5.4m (previous year: EUR –1.5m) as of 30 September 2023.
The disposal group was measured at fair value less costs to sell as of 30 September 2023 and contains the following assets and liabilities:
| Assets and liabilities held for sale EURm |
30.09.2023 | 30.09.2022 |
|---|---|---|
| Current assets | 5.8 | 9.3 |
| Assets held for sale | 5.8 | 9.3 |
| Non-current liabilities | – | 0.5 |
| Current liabilites | 0.4 | 0.8 |
| Liabilities held for sale | 0.4 | 1.3 |
Current assets include EUR 4.9m (previous year: EUR 7.5m) of bank deposits which are subject to disposal restrictions due to the sanctions imposed by the Russian Federation.
Liabilities
Equity
The development of equity in 2022/23 and 2021/22 is shown on page 29.
44. 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.
45. Share premium and capital reserves
The share premium and capital reserves comprise appropriated capital reserves of EUR 205.2m (previous year: EUR 205.2m) from capital increases and unappropriated capital reserves of EUR 58.3m (previous year: EUR 58.3m), both in accordance with Austrian stock corporation law.
46. Retained earnings
Retained earnings of EUR 3,417.0m (previous year: EUR 2,979.9m) 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 | 2022/23 |
| Reported result for the period 2022/23 | 416.3 |
| Plus retained earnings from the 2021/22 financial year | 0.4 |
| Less additions to voluntary reserves | –213.0 |
| Distributable result for the period | 203.7 |
| Proposed dividend | –203.2 |
| Retained earnings for the 2023/24 financial year | 0.5 |
Liabilities do not include the dividend of EUR 1.14 per share for the 2022/23 financial year which will be proposed to the Annual General.
The 94th Annual General Meeting on 2 February 2023 approved a proposal by the Executive Board and the Supervisory Board to distribute a dividend of EUR 0.52 per share for the 2021/22 financial year. This resulted in a total dividend payment of EUR 92.7m. Ex-dividend day was 8 February 2023, dividend payment day was 10 February 2023.
47. 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 9.4m) for the share of changes in the valuation reserves that are attributable to non-controlling interests (see Consolidated statement of comprehensive income, page 27).
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 EURm |
Before tax | 30.09.2023 Tax |
After tax | Before tax | 30.09.2022 Tax |
After tax |
|---|---|---|---|---|---|---|
| Items recognised under other comprehensive income from |
||||||
| Financial assets classified at fair value through other comprehensive income |
3,087.0 | –709.9 | 2,377.1 | 3,566.3 | –820.2 | 2,746.1 |
| Cash flow hedges | 28.9 | –3.3 | 25.6 | –206.5 | 55.1 | –151.4 |
| Remeasurements IAS 19 | –99.6 | 22.3 | –77.3 | –73.0 | 16.3 | –56.7 |
| Investments in equity accounted investees | –204.9 | 53.5 | –151.3 | 1,229.9 | –289.7 | 940.2 |
| Total | 2,811.4 | –637.4 | 2,174.0 | 4,516.7 | –1,038.4 | 3,478.3 |
In 2022/23, cash flow hedges totalling EUR –15.4m (previous year: EUR –43.0m) were transferred from other comprehensive income to the consolidated statement of operations. The year-on-year change resulted, above all, from the portfolio hedge as well as from the hedging of net cash flows from the international project business (see note 63. Reporting on financial instruments). Due to the ineffectiveness of the hedges an amount of EUR 0.0m (previous year: EUR 0.0m) was recognised in profit or loss.
48. Treasury shares
A total of 36,287 treasury shares were sold during the reporting year to permit their issue as a special payment in accordance with a company agreement (previous year: 37,888 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 | Zero par value shares | Treasury shares | Outstanding shares |
| 30.09.2021 | 179,878,402 | –1,697,245 | 178,181,157 |
| Purchase of treasury shares | – | – | – |
| Disposal of treasury shares | – | 37,888 | 37,888 |
| 30.09.2022 | 179,878,402 | –1,659,357 | 178,219,045 |
| Purchase of treasury shares | |||
| Disposal of treasury shares | – | 36,287 | 36,287 |
| 30.09.2023 | 179,878,402 | –1,623,070 | 178,255,332 |
The weighted average number of shares outstanding, which is used as the basis for calculating earnings per share, equals 178,225,093 shares (previous year: 178,187,472 shares).
49. 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 | 30.09.2023 | 30.09.2022 | ||||
|---|---|---|---|---|---|---|
| Subsidiaries | RBG | BUHO | EVN Macedonia | RBG | BUHO | EVN Macedonia |
| Non-controlling interests (%) | 49.97 | 26.37 | 10.00 | 49.97 | 26.37 | 10.0 |
| Carrying amount of non-controlling interests | 216.1 | 48.7 | 33.9 | 202.0 | 41.7 | 34.0 |
| Result attributable to non-controlling interests | 39.7 | 8.2 | –0.1 | 25.8 | 3.8 | 2.5 |
| Dividends attributable to non-controlling interests | 25.0 | 2.7 | – | 24.0 | 2.7 | – |
| Statement of financial position | ||||||
| Non-current assets | 431.7 | 221.1 | 399.2 | 403.8 | 195.5 | 391.6 |
| Current assets | 0.4 | 10.4 | 67.3 | 0.1 | 9.4 | 140.3 |
| Non-current liabilities | – | 1.0 | 94.4 | – | 0.8 | 108.1 |
| Current liabilities | – | – | 19.8 | – | 0.1 | 77.1 |
| 2022/23 | 2021/22 | |||||
| Statement of operations | ||||||
| Revenue | – | – | 0.3 | – | – | 0.1 |
| Result after income tax | 79.4 | 31.2 | 5.4 | 51.7 | 14.4 | 29.3 |
|---|---|---|---|---|---|---|
| Net cash flows | ||||||
| Net cash flow from operating activities | 50.4 | 11.3 | 111.0 | 47.9 | 10.4 | 12.2 |
| Net cash flow from investing activities | – | – | –40.9 | – | – | –34.4 |
| Net cash flow from financing activities | –50.0 | –10.4 | –20.9 | –48.0 | –10.4 | 9.8 |
Non-current liabilities
50. Non-current loans and borrowings
| Breakdown of non-current loans and borrowings |
Nominal interest rate (%) |
Term | Nominal amount | Carrying amount 30.09.2023 EURm |
Carrying amount 30.09.2022 EURm |
Fair value 30.09.2023 EURm |
|---|---|---|---|---|---|---|
| Bonds | 469.5 | 556.7 | 393.5 | |||
| JPY bond | 3.130 | 2009–2024 | JPY 12.0bn | – | 87.4 | – |
| EUR bond | 4.125 | 2012–2032 | EUR 100.0m | 98.8 | 98.6 | 99.0 |
| EUR bond | 4.125 | 2012–2032 | EUR 25.0m | 24.8 | 24.7 | 24.7 |
| EUR bond | 0.850 | 2020–2035 | EUR 101.0m | 101.0 | 101.0 | 66.6 |
| Registered bond | 2.005 | 2022–2034 | EUR 5.0m | 5.0 | 5.0 | 4.0 |
| Registered bond | 2.440 | 2022–2037 | EUR 150.0m | 150.0 | 150.0 | 117.0 |
| Registered bond | 3.900 | 2022–2038 | EUR 90.0m | 90.0 | 90.0 | 82.2 |
| Bank loans (incl. promissory note loans)1) | 0.00–4.99 | until 2068 | – | 633.9 | 594.0 | 599.4 |
| Total | 1,103.5 | 1,150.8 | 992.9 |
1) In the 2022/23 financial year, a reclassification was made to current financial liabilities in the amount of EUR 249.9m.
The maturity structure of the non-current loans and borrowings is as follows:
| Maturity of non-current loans and borrowings |
Remaining term to maturity as of 30.09.2023 | Remaining term to maturity as of 30.09.2022 | ||||
|---|---|---|---|---|---|---|
| EURm | <5 years | >5 years | Total | <5 years | >5 years | Total |
| Bonds | – | 469.5 | 469.5 | 87.4 | 469.3 | 556.7 |
| thereof fixed interest | – | 469.5 | 469.5 | – | 469.3 | 469.3 |
| thereof variable interest | – | – | – | 87.4 | – | 87.4 |
| Bank loans | 203.3 | 430.6 | 633.9 | 235.6 | 358.5 | 594.0 |
| thereof fixed interest | 199.7 | 325.6 | 525.3 | 229.6 | 358.5 | 588.1 |
| thereof variable interest | 3.6 | 105.0 | 108.6 | 6.0 | – | 6.0 |
| Total | 203.3 | 900.1 | 1,103.5 | 323.0 | 827.8 | 1,150.8 |
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 the bonds resulted primarily from the reclassification of one bond to current financial liabilities because of the scheduled maturity within the next 12 months.
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 63. Reporting on financial instruments).
Bank loans
The loans consist of immaterial 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 EUR 247.0m (previous year: EUR 247.0m) of promissory note loans that were issued in October 2012, April 2020 and in July 2022.
Accrued interest is reported under other current liabilities.
51. Deferred taxes
| Deferred taxes | ||
|---|---|---|
| EURm | 30.09.2023 | 30.09.2022 |
| Deferred tax assets | ||
| Employee-related provisions | –25.2 | –22.9 |
| Tax loss carryforwards | –6.8 | –13.9 |
| Investment depreciation | –15.2 | –23.8 |
| Property, plant and equipment | –8.5 | –6.8 |
| Provisions | –7.3 | –11.4 |
| Financial instruments | –8.7 | –72.6 |
| Other assets | –31.1 | –3.8 |
| Other liabilities | –8.4 | –12.7 |
| Deferred tax liabilities | ||
| Property, plant and equipment | 113.7 | 78.4 |
| Intangible assets | 1.9 | 2.1 |
| Investments | 697.1 | 1,130.0 |
| Provisions | 5.0 | 8.5 |
| Financial instruments | 18.6 | 8.2 |
| Other assets | 4.8 | 4.7 |
| Other liabilities | 5.0 | 7.2 |
| Total | 735.1 | 1,071.1 |
| thereof deferred tax assets | –50.9 | –55.6 |
| thereof deferred tax liabilities | 785.9 | 1.126.7 |
Deferred taxes developed as follows:
| Changes in deferred taxes | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| Deferred taxes on 01.10. | 1,071.1 | 978.5 |
| – Changes recognised directly in equity resulting from currency translation differences and other changes | –1.7 | –0.3 |
| – Changes in deferred taxes recognised through profit and loss | 66.7 | 13.1 |
| – Changes in deferred taxes recognised directly in equity from the valuation reserve | –401.0 | 79.8 |
| Deferred taxes on 30.09. | 735.1 | 1,071.1 |
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 75.1m (previous year: EUR 73.9m) related to loss carryforwards were not recognised because they are not expected to be used within the foreseeable future. Of this total, EUR 8.6m will expire during the next five years (previous year: EUR 8.6m). The remaining loss carryforwards that were not capitalised can be carried forward for an indefinite period of time.
Deferred tax liabilities of EUR 110.1m (previous year: EUR 85.7m) on temporary differences of EUR 407.2m (previous year: EUR 325.5m) 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 –51.8m; previous year: EUR –119.6m), associates (EUR –343.2m; previous year: EUR 178.6m) and employee-related provisions (EUR –6.0m; previous year: EUR 20.9m).
52. Non-current provisions
| Non-current provisions | ||
|---|---|---|
| EURm | 30.09.2023 | 30.09.2022 |
| Provisions for pensions | 177.0 | 172.0 |
| Provisions for pension-related obligations | 23.6 | 20.2 |
| Provisions for severance payments | 74.1 | 69.7 |
| Other non-current provisions | 93.1 | 74.3 |
| Total | 367.7 | 336.2 |
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 for the measurement of the provision for pensions and pension-related obligations as well as provisions for severance payments was set at 4.3% as of 30 September 2023 (previous year: provision for pensions and pension-related obligations 3.7%; provisions for severance payments 3.6%).
The following parameters are applied:
- Austrian mortality tables AVÖ 2018-P Rechnungsgrundlagen für die Pensionsversicherung
- Remuneration increases and pension icreases for the following year 7.0% (previous year: 3.5%)
- Remuneration increases and pension icreases for the year 2025 3.5% (previous year: 2.25%)
- Remuneration increases and pension icreases for subsequent years 2.25% (previous year: 2.25%)
| Reconciliation of provisions for pensions | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| Present value of pension obligations (DBO) as of 01.10. | 172.0 | 239.2 |
| + Service costs | –4.0 | 2.0 |
| + Interest costs | 6.4 | 2.6 |
| – Pension payments | –12.3 | –12.5 |
| +/– Actuarial loss/gain | 14.9 | –59.4 |
| thereof | ||
| Financial assumptions | –1.5 | –53.1 |
| Assumptions based on experience | 16.4 | –6.3 |
| Present value of pension obligations (DBO) as of 30.09. | 177.0 | 172.0 |
As of 30 September 2023, the weighted average remaining term equalled 11.0 years for the pension obligations (previous year: 11.1 years). Pension payments are expected to total EUR 12.3m in 2023/24 (previous year: EUR 12.6m).
| Reconciliation of the provisions for pension-related obligations | |||
|---|---|---|---|
| EURm | 2022/23 | 2021/22 | |
| Present value of the provisions for pension-related obligations (DBO) as of 01.10. | 20.2 | 28.1 | |
| + Service costs | 0.2 | 0.4 | |
| + Interest costs | 0.8 | 0.3 | |
| – Payments | –2.2 | –1.2 | |
| +/– Actuarial loss/gain | 4.6 | –7.4 | |
| thereof | |||
| Financial assumptions | –2.0 | –9.2 | |
| Assumptions based on experience | 6.6 | 1.7 | |
| Present value of the provisions for pension-related obligations (DBO) as of 30.09. | 23.6 | 20.2 | |
As of 30 September 2023, the weighted average remaining term equalled 13.6 years for the pension-related obligations (previous year: 14.4 years). The payments for pension-related obligations are expected to total EUR 2.0m in 2023/24 (previous year: EUR 1.3m).
| Reconciliation of the provision for severance payments | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| Present value of severance payment obligations (DBO) as of 01.10. | 69.7 | 84.6 |
| + Service costs | 2.4 | 3.1 |
| + Interest costs | 2.5 | 0.8 |
| – Severance payments | –8.5 | –7.5 |
| – Transfers | –0.1 | – |
| +/– Actuarial loss/gain | 8.1 | –11.3 |
| thereof | ||
| Demographic assumptions | – | –0.1 |
| Financial assumptions | –3.4 | –13.2 |
| Assumptions based on experience | 11.5 | 2.0 |
| Present value of severance payment obligations (DBO) as of 30.09. | 74.1 | 69.7 |
As of 30 September 2023, the weighted average remaining term of the severance payment obligations equalled 5.8 years (previous year: 7.9 years). Severance payments are expected to total EUR 10.1m in 2022/23 (previous year: EUR 9.8m).
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 % |
30.09.2023 | 30.09.2022 | |||
|---|---|---|---|---|---|
| Change in assumption |
Decrease in assumption/ change in DBO |
Increase in assumption/ change in DBO |
Decrease in assumption/ change in DBO |
Increase in assumption/ change in DBO |
|
| Interest rate | 0.50 | 5.69 | –5.16 | 5.77 | –5.22 |
| Remuneration increases | 1.00 | –1.17 | 1.24 | –1.74 | 1.88 |
| Pension increases | 1.00 | –8.86 | 10.58 | –8.94 | 10.67 |
| Remaining life expectancy | 1 year | –4.19 | 4.24 | –4.44 | 4.48 |
Sensitivity analysis for provision for pension-related obligations
| % | 30.09.2023 | 30.09.2022 | |||
|---|---|---|---|---|---|
| Change in assumption |
Decrease in assumption/ change in DBO |
Increase in assumption/ change in DBO |
Decrease in assumption/ change in DBO |
Increase in assumption/ change in DBO |
|
| Interest rate | 0.50 | 7.07 | –6.32 | 7.56 | –6.73 |
| Pension increases | 1.00 | –10.71 | 13.10 | –5.83 | 6.46 |
| Remaining life expectancy | 1 year | –3.21 | 3.21 | –3.42 | 3.41 |
Sensitivity analysis for provision for severance payments
| % | 30.09.2023 | 30.09.2022 | |||
|---|---|---|---|---|---|
| Change in assumption |
Decrease in assumption/ change in DBO |
Increase in assumption/ change in DBO |
Decrease in assumption/ change in DBO |
Increase in assumption/ change in DBO |
|
| Interest rate | 0.50 | 2.90 | –2.75 | 3.91 | –3.68 |
| Remuneration increases | 1.00 | –5.61 | 6.12 | –7.45 | 8.31 |
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 individual 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
| Service anniversary bonuses |
Rents for network access |
Process costs and risks |
Environmental and disposal risks |
Other non-current provisions |
Total | |
|---|---|---|---|---|---|---|
| Carrying amount 01.10.2022 | 20.5 | 6.5 | 3.1 | 42.3 | 1.9 | 74.3 |
| Interest expense | 0.8 | – | 0.2 | 0.4 | – | 1.4 |
| Use | –1.6 | – | –0.2 | – | – | –1.9 |
| Release | – | –0.1 | –2.0 | –0.2 | –0.2 | –2.4 |
| Additions | 1.3 | 0.5 | 0.8 | 8.6 | 0.5 | 11.8 |
| Reclassification | – | –0.1 | 0.4 | 5.8 | 2.2 | 8.2 |
| Change in scope of consolidation | 0.1 | – | – | – | 1.7 | 1.7 |
| Carrying amount 30.09.2023 | 21.0 | 6.8 | 2.3 | 57.0 | 6.0 | 93.1 |
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 environmental 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 19 years. Reclassifications consist chiefly of a transfer from the current to the non-current section due to the adjustment of estimates for the time required to meet renaturation obligations.
53. 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 network companies.
| Deferred income from network subsidies EURm |
Network subsidies (IFRS 15) |
Baukostenzuschüsse (regulierter Bereich) |
Investment subsidies |
Total |
|---|---|---|---|---|
| Carrying amount 01.10.2022 | 56.1 | 515.0 | 60.2 | 631.3 |
| Additions | 12.5 | 97.3 | 11.7 | 121.5 |
| Reclassification | –6.5 | –58.1 | –5.0 | –69.5 |
| Carrying amount 30.09.2023 | 62.1 | 554.2 | 66.9 | 683.3 |
54. Other non-current liabilities
| Other non-current liabilities | ||
|---|---|---|
| EURm | 30.09.2023 | 30.09.2022 |
| Liabilities from derivative transactions | 8.4 | 63.2 |
| Leasing liabilities | 71.3 | 55.4 |
| Remaining other non-current liabilities | 9.3 | 19.2 |
| Total | 89.1 | 137.8 |
The liabilities from derivative transactions include the negative fair values from contracts in the energy sector and from forward exchange transactions in connection with the international project business.
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 30.09.2023 | Remaining term to maturity as of 30.09.2022 | |||||
|---|---|---|---|---|---|---|
| <5 years | >5 years | Total | <5 years | >5 years | Total | |
| Liabilities from derivative transactions | 8.4 | – | 8.4 | 63.2 | – | 63.2 |
| Leasing liabilities | 22.4 | 48.9 | 71.3 | 18.4 | 36.9 | 55.4 |
| Remaining other non-current liabilities | 5.9 | 3.3 | 9.3 | 16.5 | 2.7 | 19.2 |
| Total | 36.8 | 52.3 | 89.1 | 98.1 | 39.7 | 137.8 |
Current liabilities
55. 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 | 30.09.2023 | 30.09.2022 |
| Bonds | 77.8 | – |
| Bank loans | 215.4 | 122.4 |
| Bank overdrafts and other current loans | 50.0 | 255.1 |
| Total | 343.2 | 377.4 |
Bonds amounting to EUR 77.8m (previous year: EUR 0.0m) and loans amounting to EUR 293.2m (previous year: EUR 122.4m) were reclassified to current financial liabilities as they are due within the next twelve months.
56. Trade payables
Trade payables include obligations resulting from outstanding invoices amounting to EUR 149.0m (previous year: EUR 128.8m).
57. Current provisions
Reconciliation of current provisions
EURm
| Personnel entitlements |
Rents for network access |
Process risks | Other current provisions |
Total | |
|---|---|---|---|---|---|
| Carrying amount 01.10.2022 | 83.1 | 2.7 | 2.2 | 47.5 | 135.5 |
| Change in the scope of consolidation | – | – | – | 9.3 | 9.3 |
| Use | –12.5 | – | –0.4 | –13.5 | –26.4 |
| Release | –0.1 | – | – | –11.6 | –11.7 |
| Additions | 18.8 | – | 0.2 | 16.6 | 35.5 |
| Reclassification | –2.2 | 0.1 | –0.4 | –5.4 | –7.9 |
| Carrying amount 30.09.2023 | 87.1 | 2.9 | 1.6 | 42.9 | 134.4 |
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 3.5m as of the balance sheet date (previous year: EUR 7.7m).
Provisions for contingent losses of EUR 24.2m (previous year: EUR 31.4m) were formed in connection with business activities in the context of the planning and construction of environmental infrastructure projects. The provisions result from contractual obligations.
58. Other current liabilities
| Other current liabilities | ||
|---|---|---|
| EURm | 30.09.2023 | 30.09.2022 |
| Financial liabilities | ||
| Liabilities to investments in equity accounted investees | 28.8 | 129.7 |
| Liabilities to non-consolidated subsidiaries | 12.4 | 7.3 |
| Deferred interest expenses | 14.5 | 12.1 |
| Liabilities arising from derivative transactions | 30.6 | 231.3 |
| Leasing liabilities | 8.8 | 6.4 |
| Other financial liabilities | 176.9 | 122.5 |
| 272.2 | 509.3 | |
| Other liabilities | ||
| Contract liabilities | 29.2 | 39.5 |
| Prepayments received | 64.6 | 62.6 |
| Deferred income from network subsidies | 67.7 | 63.0 |
| Liabilities relating to social security | 13.6 | 16.5 |
| Energy taxes | 0.9 | 4.0 |
| Value added tax | 14.3 | 8.0 |
| Other taxes and duties | 34.7 | 17.7 |
| 224.9 | 211.3 | |
| Total | 497.1 | 720.7 |
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 EnergieAllianz for the distribution and procurement of electricity.
Liabilities from derivative transactions include negative market values of derivatives in the energy sector, cross-currency swaps for hedging the JPY bond and forward exchange transactions for environmental infrastructure projects.
Other financial liabilities include, in particular, liabilities related to capitalised contract costs, energy deferrals, liabilities to employees and deposits received.
Contract liabilities mainly relate to advance payments received from customers from the international project business for which revenue was recognised over a certain period of time. The contract liabilities of EUR 38.7m reported in the previous year were recognized as revenue in the 2022/23 financial year.
Segment reporting
| Segment reporting EURm |
Energy | Generation | Networks | South East Europe | ||||
|---|---|---|---|---|---|---|---|---|
| 2022/23 | 2021/22 | 2022/23 | 2021/22 | 2022/23 | 2021/22 | 2022/23 | 2021/22 | |
| External revenue | 1,015.9 | 750.6 | 132.8 | 159.5 | 564.5 | 517.3 | 1,499.7 | 2,002.4 |
| Internal revenue (between segments) | 19.3 | 13.4 | 349.2 | 264.5 | 73.4 | 63.4 | 1.6 | 1.6 |
| Total revenue | 1,035.2 | 764.1 | 481.9 | 424.0 | 637.9 | 580.7 | 1,501.2 | 2,003.9 |
| Operating expenses | –859.9 | –797.1 | –224.2 | –141.9 | –402.6 | –344.2 | –1,261.8 | –1,861.7 |
| Share of results from equity accounted investees operational |
–238.8 | 6.4 | 42.7 | 10.8 | – | – | – | – |
| EBITDA | –63.6 | –26.7 | 300.4 | 292.9 | 235.4 | 236.5 | 239.4 | 142.2 |
| Depreciation and amortisation | –26.6 | –28.0 | –45.4 | –32.6 | –156.8 | –177.7 | –79.9 | –94.3 |
| thereof impairment losses | –5.8 | –6.8 | –1.1 | – | – | –32.9 | – | –16.7 |
| thereof revaluation | 1.6 | – | – | 9.6 | – | – | – | – |
| Results from operating activities (EBIT) |
–90.1 | –54.7 | 255.0 | 260.3 | 78.6 | 58.8 | 159.5 | 48.0 |
| EBIT margin (%) | –8.7 | –7.2 | 52.9 | 61.4 | 12.3 | 10.1 | 10.6 | 2.4 |
| Interest income | – | – | 6.3 | 0.4 | 0.5 | 0.2 | 2.9 | – |
| Interest expense | –4.3 | –2.7 | –4.5 | –3.0 | –22.4 | –14.8 | –12.4 | –12.1 |
| Financial results | –4.7 | –2.7 | 2.3 | –2.4 | –21.8 | –14.5 | –10.0 | –12.5 |
| Result before income tax | –94.8 | –57.3 | 257.3 | 257.9 | 56.8 | 44.4 | 149.6 | 35.4 |
| Goodwill | – | – | 1.2 | 1.2 | 1.8 | 1.8 | – | – |
| Carrying value of investments in equity accounted investees |
37.7 | 1,404.3 | 239.7 | 208.6 | – | – | – | – |
| Total assets | 674.0 | 1,914.1 | 1,193.3 | 990.9 | 2,562.7 | 2,313.3 | 1,402.7 | 1,388.6 |
| Total liabilities | 464.2 | 993.3 | 442.4 | 398.0 | 1,838.6 | 1,601.4 | 895.4 | 1,013.4 |
| Investments1) | 63.6 | 43.0 | 121.7 | 56.6 | 356.0 | 334.3 | 135.5 | 110.0 |
1) In intangible assets and property, plant and equipment
| Segment reporting EURm |
Environment | All Other Segments | Consolidation1) | Total | ||||
|---|---|---|---|---|---|---|---|---|
| 2022/23 | 2021/22 | 2022/23 | 2021/22 | 2022/23 | 2021/22 | 2022/23 | 2021/22 | |
| External revenue | 531.4 | 611.8 | 24.5 | 20.6 | – | – | 3,768.7 | 4,062.2 |
| Internal revenue (between segments) | 0.7 | 0.5 | 83.9 | 75.7 | –528.1 | –419.0 | – | – |
| Total revenue | 532.2 | 612.3 | 108.4 | 96.3 | –528.1 | –419.0 | 3,768.7 | 4,062.2 |
| Operating expenses | –488.4 | –571.3 | –120.1 | –106.0 | 524.8 | 415.9 | –2,832.1 | –3,406.3 |
| Share of results from equity accounted investees operational |
18.3 | 15.6 | 110.2 | 66.2 | – | – | –67.6 | 98.9 |
| EBITDA | 62.2 | 56.5 | 98.5 | 56.5 | –3.4 | –3.2 | 869.0 | 754.8 |
| Depreciation and amortisation | –32.7 | –91.4 | –2.5 | –2.4 | 3.4 | 3.2 | –340.4 | –423.2 |
| thereof impairment losses | –0.3 | –58.4 | – | – | – | – | –7.1 | –114.8 |
| thereof revaluation | 1.6 | – | – | – | – | – | 3.2 | 9.6 |
| Results from operating activities (EBIT) |
29.5 | –34.9 | 96.0 | 54.0 | – | – | 528.5 | 331.6 |
| EBIT margin (%) | 5.5 | –5.7 | 88.6 | 56.1 | – | – | 14.0 | 8.2 |
| Interest income | 2.6 | 1.3 | 47.7 | 24.8 | –43.5 | –21.3 | 16.5 | 5.4 |
| Interest expense | –20.2 | –8.1 | –37.0 | –18.3 | 43.5 | 21.2 | –57.4 | –37.9 |
| Financial results | –20.9 | –45.5 | 200.6 | 62.6 | –17.9 | –15.5 | 127.6 | –30.5 |
| Result before income tax | 8.6 | –80.3 | 296.6 | 116.6 | –17.9 | –15.5 | 656.2 | 301.2 |
| Goodwill | – | – | – | – | – | – | 3.0 | 3.0 |
| Carrying value of investments in equity accounted investees |
170.8 | 172.8 | 655.2 | 602.4 | – | – | 1,103.4 | 2,388.0 |
| Total assets | 1,072.0 | 1,150.9 | 6,195.2 | 6,575.2 | –2,103.8 | –1,902.4 | 10,996.0 | 12,430.5 |
| Total liabilities | 849.3 | 934.6 | 2,075.7 | 2,001.4 | –2,033.9 | –1,832.6 | 4,531.6 | 5,109.3 |
| Investments2) | 22.9 | 21.4 | 1.8 | 2.1 | –7.4 | –3.5 | 694.1 | 564.0 |
1) Explained below in the notes to segment reporting
2) In intangible assets and property, plant and equipment
| Segment information by product – revenue | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| Electricity | 2,462.5 | 2,878.4 |
| Natural gas | 304.0 | 170.9 |
| Heat | 252.8 | 198.9 |
| Environmental services | 525.3 | 604.3 |
| Others | 224.1 | 209.7 |
| Total | 3,768.7 | 4,062.2 |
| Segment information by country – revenue1) | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| Austria | 1,777.4 | 1,483.6 |
| Germany | 458.4 | 534.5 |
| Bulgaria | 934.9 | 1,320.6 |
| North Macedonia | 562.2 | 684.3 |
| Others | 35.7 | 39.2 |
| Total | 3,768.7 | 4,062.2 |
1) The allocation of segment information by countries is based on the location of the companies.
Segment information by country –
non-current assets1)
| 30.09.2023 | 30.09.2022 | ||||
|---|---|---|---|---|---|
| Intangible assets |
Property, plant and equipment |
Intangible assets |
Property, plant and equipment |
||
| 181.9 | 3,270.1 | 163.9 | 2,941.7 | ||
| 0.7 | 9.9 | 0.8 | 11.5 | ||
| 10.9 | 565.1 | 11.9 | 539.4 | ||
| 12.8 | 385.4 | 14.3 | 353.9 | ||
| 4.9 | 55.1 | – | 34.0 | ||
| 211.2 | 4,285.7 | 190.9 | 3,880.4 | ||
1) The allocation of segment information by countries is based on the location of the companies.
59. 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 EnergieAllianz1) • Investment as sole limited partner in EVN KG1) |
|||
| Generation | • Generation of electricity from renewable energy and thermal production capacities for network stabilisation at Austrian and international locations • Operation of a thermal waste utilisation plant in Lower Austria • 13.0% investment in Verbund Innkraftwerke (Germany)1) • 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 and photovoltaics 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 utilisation2) |
|||
| Other business activities | All Other Segments | • 50.03% investment in RAG-Beteiligungs-Aktiengesellschaft, which holds 100% of the shares in RAG1) • 73.63% investment in Burgenland Holding, which holds a stake of 49.0% in Burgenland Energie1) • 12.63% investment in Verbund AG3) • Corporate services |
1) The earnings contribution represents the share of results from equity accounted investees with operational nature and is included in EBITDA.
2) A structured sales process was initiated for the international project business in September 2023.
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.
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.
Other information
60. 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 | 30.09.2023 | 30.09.2022 |
| Cash | 70.2 | 292.0 |
| thereof cash on hand | 0.1 | 0.1 |
| thereof cash at banks | 70.1 | 291.9 |
| Bank overdrafts | –50.0 | –255.1 |
| Total | 20.2 | 36.9 |
As of 30 September 2023, EUR 27.7m (previous year: EUR 16.8m) were subject to disposal restrictions and were reclassified from cash and cash equivalents (also see notes 42. Securities and other financial investments and 43. Assets and liabilities held for sale).
Network subsidies from the regulated business are released to other operating income (see also note 26. Other operating income), and those from the non-regulated business to revenue.
| Reversal of network and investment subsidies | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| Income from the reversal of network and investment subsidies (regulated business) | 58.3 | 53.3 |
| Revenue from the reversal of network subsidies (non-regulated business) | 5.8 | 5.5 |
| Total | 64.1 | 58.8 |
The change in financial liabilities, which is primarily attributable to cash flow from financing activities, is shown in the following table:
| Total |
|---|
| 1,590.0 |
| 256.7 |
| –135.5 |
| –205.1 |
| –0.1 |
| –9.9 |
| 0.4 |
| 30.2 |
| – |
| 1,526.8 |
Cash flow from financing activities
| 2021/22 financial year EURm |
Current financial liabilities |
Non-current financial liabilities |
Leasing liabilities | Total |
|---|---|---|---|---|
| Balance on 01.10.2021 | 318.0 | 718.9 | 60.6 | 1,097.5 |
| Payments received | – | 562.0 | – | 562.0 |
| Payments made | –317.8 | –2.9 | –6.9 | –327.6 |
| Reclassification of liquid funds | 254.9 | – | – | 254.9 |
| Currency translation | – | 1.8 | – | 1.8 |
| Change in fair value | – | –8.3 | – | –8.3 |
| Change in costs for the procurement of funds | – | 1.6 | – | 1.6 |
| Other changes | – | – | 8.1 | 8.1 |
| Reclassifications | 122.4 | –122.4 | – | – |
| Balance on 30.09.2022 | 377.4 | 1,150.8 | 61.8 | 1,590.0 |
61. 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 63. 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 6.5m as of 30 September 2023 (previous year: EUR 10.7m). The decrease noted here is essentially due to slightly lower loans and bonds outstanding and the decreased volatility on the interest markets.
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, 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 at the balance sheet date to hedge foreign exchange risk (see notes 9. Financial instruments and 50. Non-current loans and borrowings).
Another material driver for foreign exchange risk is the Umm Al Hayman wastewater treatment project in Kuwait. 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 currencies for settlement of the project transactions differ from the Group's functional currency. These transactions are carried out chiefly in 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 EVN Group is expanding an existing sewage treatment plant in Bahrain and building a sewage sludge incineration plant. As with the project in Kuwait, the company is also exposed to currency risks in Bahrain. Forward exchange transactions were concluded to hedge the highly probable expected net cash flows. The transactions are carried out on the basis of euros (EUR) and Bahraini dinars (BHD).
In previous years, EVN used forward exchange contracts to hedge the exchange rate for the project, but measured these at fair value. In the 2022/23 financial year, EVN decided to implement a cash flow hedge as for the project in Kuwait. In this respect, newly concluded forward exchange contracts, which were concluded to hedge the highly probable net payments in BHD, were designated as hedging instruments.
The foreign exchange VaR, based on the major foreign currency risk drivers in the financial area amounted to EUR 0.2m as of 30 September 2023 (previous year: EUR 1.6m) after the inclusion of hedging instruments. The decrease is mainly due to the abovementioned use of forward exchange contracts as cash flow hedges in the Bahrain project.
Other market risks
EVN defines other market risks as the risk of price changes resulting from market fluctuations in primary energy, CO2 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 and CO2 emission certificates.
EVN uses futures, forwards and swaps to hedge the prices of the primary energy carriers electricity, natural gas and CO2 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 (also see note 63. Reporting on financial instruments). An increase or decrease of 5% in the price would have resulted in an aggregated commodity price risk of EUR 2.7m for EVN as of 30 September 2023 (previous year: EUR 3.0m).
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 145.7m (previous year: EUR 272.0m), whereby the price would be influenced by the sale of a large block of Verbund shares by EVN. The decrease in VaR compared to the last balance sheet date is essentially due to the stable development of the stock market price of the shares of Verbund AG in the past financial year.
Liquidity risk
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 2023 comprised cash and cash equivalents of EUR 70.2m (previous year: EUR 292.0m), short-term time deposits of EUR 12.6m (previous year: EUR 14.4m) and current securities of EUR 216.8m (previous year: EUR 193.3m) 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 286.0m (previous year: EUR 227.0m) of contractually agreed and unused bilateral lines of credit as of the balance sheet date. The liquidity risk was therefore extremely low. The gearing ratio equalled 21.1% as of the balance sheet date (previous year: 17.0%) and underscores EVN's sound capital structure.
Expected occurrence of cash flows of loans and borrowings and other liabilities
| 30.09.2023 | Contractually stipulated payment flows | ||||
|---|---|---|---|---|---|
| EURm | Carrying amount |
Total payment flows |
<1 year | 1–5 years | >5 years |
| Bonds | 547.3 | 719.0 | 93.7 | 58.6 | 566.7 |
| Bank loans | 927.1 | 980.2 | 234.7 | 259.1 | 486.4 |
| Lease liabilities | 80.2 | 96.6 | 9.4 | 27.8 | 59.4 |
| Liabilities arising from derivative transactions1) | 39.1 | 42.3 | 33.2 | 9.1 | – |
| Liabilities from contract costs | 15.5 | 15.5 | 15.5 | – | – |
| Total | 1,531.4 | 1,853.6 | 386.5 | 354.6 | 1,112.5 |
| 30.09.2022 EURm |
Carrying amount |
Total payment flows |
Contractually stipulated payment flows <1 year 1–5 years >5 years |
||
| Bonds | 556.7 | 736.6 | 15.9 | 141.9 | 578.7 |
| Bank loans | 716.4 | 812.0 | 136.0 | 279.3 | 396.8 |
| Lease liabilities | 61.8 | 69.7 | 7.0 | 20.8 | 41.9 |
| Liabilities arising from derivative transactions1) | 294.4 | 326.6 | 268.9 | 57.7 | – |
| Liabilities from contract costs | 20.6 | 20.6 | 14.1 | 6.5 | – |
| Total | 1,650.0 | 1,965.4 | 441.8 | 506.2 | 1,017.4 |
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 105 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. 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
| 2022/23 financial year | Default | Loans | Lease | Calculated | ||
|---|---|---|---|---|---|---|
| EURm | Equivalent S&P | probability (%)1) | receivable | receivables | Bank deposits2) 3) | impairment4) |
| EVN rating class 1 | AAA | – | – | 7.4 | 93.1 | – |
| EVN rating class 2 | Up to AA– | 0.03 | – | – | – | – |
| EVN rating class 3 | Up to A– | 0.05 | 19.4 | 4.9 | – | – |
| EVN rating class 4 | Up to BBB– | 0.22 | 9.2 | – | – | – |
| EVN rating class 5a | Up to BB– | 0.91 | – | – | – | – |
| EVN rating class 5b | Up to B– | 5.53 | – | – | – | – |
| EVN rating class 5c | Up to D | 24.70 | – | – | – | – |
| No rating | – | – | 0.9 | – | – | – |
| Total | 29.5 | 12.3 | 93.1 | – |
1) Assumed loss ratio (60% for banks, 80% for corporates)
2) Due to the daily maturity, a one-day probability of default is applied to account balances;
for money market deposits, the PoD of the average volume-weighted residual term is taken into account.
3) Bank balances also include restricted cash in the amount of EUR 22.9m.
4) The calculated impairments are not recognised in the balance sheet due to their minor magnitude.
Major financial instruments covered by the ECL model
| 2021/22 financial year EURm |
Equivalent S&P | Default probability (%)1) |
Loans receivable |
Lease receivables |
Bank deposits2) 3) | Calculated impairment4) |
|---|---|---|---|---|---|---|
| EVN rating class 1 | AAA | – | – | 3.3 | 301.3 | – |
| EVN rating class 2 | Up to AA– | 0.03 | – | 10.8 | – | – |
| EVN rating class 3 | Up to A– | 0.06 | 17.2 | – | – | – |
| EVN rating class 4 | Up to BBB– | 0.30 | 11.0 | – | – | – |
| EVN rating class 5a | Up to BB– | 1.45 | – | – | – | – |
| EVN rating class 5b | Up to B– | 7.47 | – | – | – | – |
| EVN rating class 5c | Up to D | 9.87 | – | – | – | – |
| No rating | – | – | 1.2 | – | – | – |
| Total | 29.4 | 14.1 | 301.3 | – |
1) Assumed loss ratio (60% for banks, 80% for corporates)
2) Due to the daily maturity, a one-day probability of default is applied to account balances;
for money market deposits, the PoD of the average volume-weighted residual term is taken into account.
3) Bank balances also include restricted cash in the amount of EUR 9.3m.
4) The calculated impairments are not recognized in the balance sheet due to their minor magnitude.
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.
In the current situation, it is particularly important to evaluate how the macroeconomic environment will influence the expected credit losses on trade receivables. The economic developments in recent years did not lead to a sharp rise in receivables defaults by customers, in particular because of numerous government support measures. However, this has currently been reflected in an increasing number of insolvencies in Europe, and we expect higher receivables defaults in the future. For this reason, the EVN Group recognised a EUR 5.0m (previous year: EUR 6.1m) higher impairment loss to trade receivables for the 2022/23 financial year via a forward-looking component.
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 2022/23 EURm
| Default probability range (%) |
Default probability average (%) |
Gross amount | Net amount | Cumulative impairment loss |
|
|---|---|---|---|---|---|
| Not overdue | 0.0 – 0.1 | – | 98.6 | 98.6 | – |
| Up to 89 days overdue | 0.1– 0.6 | 1.1 | 7.9 | 7.8 | 0.1 |
| Up to 179 days overdue | 4.6 –19.7 | 13.6 | 1.9 | 1.6 | 0.3 |
| Up to 359 days overdue | 7.9 – 55.2 | 18.9 | 2.7 | 2.2 | 0.5 |
| >360 days overdue | 15.5–100.0 | 38.6 | 11.0 | 6.8 | 4.3 |
| Total | 122.2 | 117.0 | 5.2 |
Expected credit losses in Austria 2021/22
EURm
| Default probability range (%) |
Default probability average (%) |
Gross amount | Net amount | Cumulative impairment loss |
|
|---|---|---|---|---|---|
| Not overdue | 0.0 –1.2 | – | 44.2 | 44.2 | – |
| Up to 89 days overdue | 0.1–1.2 | 1.5 | 6.0 | 5.9 | 0.1 |
| Up to 179 days overdue | 5.5– 56.0 | 29.4 | 2.2 | 1.5 | 0.6 |
| Up to 359 days overdue | 7.9– 55.2 | 34.3 | 2.4 | 1.5 | 0.8 |
| >360 days overdue | 17.6 –100 | 38.1 | 8.8 | 5.5 | 3.4 |
| Total | 63.5 | 58.6 | 4.9 |
Expected credit losses in Bulgaria 2022/23
| EURm | |||||
|---|---|---|---|---|---|
| Default probability range (%) |
Default probability average (%) |
Gross amount | Net amount | Cumulative impairment loss |
|
| Not overdue | 0.0 – 0.5 | 0.13 | 53.4 | 53.3 | 0.1 |
| Up to 89 days overdue | 3.0– 42.3 | 8.23 | 5.9 | 5.3 | 0.5 |
| Up to 179 days overdue | 31.7– 54.9 | 39.75 | 1.2 | 0.7 | 0.5 |
| Up to 359 days overdue | 63.6 – 98.1 | 88.96 | 1.7 | 0.2 | 1.5 |
| >360 days overdue | 100.0 | 100.00 | 13.6 | – | 13.6 |
| Total | 75.7 | 59.6 | 16.1 | ||
Expected credit losses in Bulgaria 2021/22
| EURm | |||||
|---|---|---|---|---|---|
| Default probability range (%) |
Default probability average (%) |
Gross amount | Net amount | Cumulative impairment loss |
|
| Not overdue | 0.1–1.0 | 0.22 | 51.6 | 51.5 | 0.1 |
| Up to 89 days overdue | 1.0– 57.6 | 4.01 | 8.5 | 8.1 | 0.3 |
| Up to 179 days overdue | 59.3–77.7 | 65.14 | 0.8 | 0.3 | 0.5 |
| Up to 359 days overdue | 75.4 – 98.5 | 86.71 | 1.1 | 0.1 | 0.9 |
| >360 days overdue | 100.0 | 100.00 | 13.3 | – | 13.3 |
| Total | 75.2 | 60.1 | 15.1 |
Expected credit losses in North Macedonia 2022/23
EURm
| Default probability range (%) |
Default probability average (%) |
Gross amount | Net amount | Cumulative impairment loss |
|
|---|---|---|---|---|---|
| Not overdue | 0.4 –100.0 | 50.25 | 126.0 | 62.7 | 63.3 |
| thereof instalment agreements | 17.5 –100.0 | 83.90 | 71.9 | 11.6 | 60.3 |
| thereof without instalment agreements |
0.4 –36.6 | 5.51 | 54.1 | 51.1 | 3.0 |
| Up to 89 days overdue | 2.4 –100.0 | 13.29 | 23.2 | 20.1 | 3.1 |
| Up to 179 days overdue | 42.3 –100.0 | 81.39 | 6.6 | 1.2 | 5.4 |
| Up to 359 days overdue | 52.6 –100.0 | 96.61 | 14.2 | 0.5 | 13.7 |
| >360 days overdue | 100.0 | 100.00 | 156.1 | – | 156.1 |
| Total | 326.2 | 84.5 | 241.7 | ||
Expected credit losses in North Macedonia 2021/22 EURm
| Default probability range (%) |
Default probability average (%) |
Gross amount | Net amount | Cumulative impairment loss |
|
|---|---|---|---|---|---|
| Not overdue | 0.4 –100 | 39.98 | 123.9 | 74.4 | 49.6 |
| thereof instalment agreements | 17.5 –100.0 | 76.43 | 58.3 | 13.7 | 44.6 |
| thereof without instalment agreements |
0.4 –36.6 | 7.60 | 65.6 | 60.6 | 5.0 |
| Up to 89 days overdue | 2.4–100.0 | 9.11 | 59.9 | 54.5 | 5.5 |
| Up to 179 days overdue | 42.3–100.0 | 88.93 | 10.9 | 1.2 | 9.7 |
| Up to 359 days overdue | 52.6 –100.0 | 97.04 | 16.1 | 0.5 | 15.7 |
| >360 days overdue | 100.0 | 100.00 | 168.5 | – | 168.5 |
| Total | 379.4 | 130.5 | 248.9 |
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 102.8m (previous year: EUR 84.4m) are related primarily to the international project business. Since the customers are mainly government-related entities, the probability of default was calculated on the basis of external ratings. Impairments totalling EUR 23.7m (previous year: EUR 18.1m) were recognised for receivables with a gross carrying amount of EUR 70.7m (previous year: EUR 59.6m) that fall into Level 3.
In financial year 2022/23, impairments of EUR 20.7m (previous year: EUR 38.0m) were recognised for trade receivables. The impairments mainly resulted from expected credit losses under consideration of a provision matrix. As in the previous year, no impairment of contract assets was necessary.
The following table shows the development of impairment losses to trade receivables in 2022/23:
| Impairment losses – trade receivables | ||
|---|---|---|
| EURm | 2022/23 | 2021/22 |
| Balance on 01.10. | 287.1 | 255.0 |
| Additions | 20.7 | 38.0 |
| Disposal | –21.1 | –6.0 |
| Balance on 30.09. | 286.7 | 287.1 |
The Group's maximum default risk for the items reported on the consolidated statement of financial position as of 30 September 2023 and 30 September 2022 reflect the carrying amounts shown in notes 39. Other non-current assets, 41. Trade and other receivables and 42. Securities and other financial investments, excluding financial guarantees.
The maximum default risk for derivative financial instruments equals the positive fair value (see note 63. Reporting on financial instruments).
The maximum risk from financial guarantees is described in note 65. Other obligations and risks.
62. 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 50% as its targets. As of 30 September 2023, the equity ratio equalled 58.8% (previous year: 58.9%). Net debt coverage, which represents the ratio of funds from operations to net debt, equalled 79.4% (previous year: 55.8%). 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, plus non-current personnel provisions.
| Capital management | ||
|---|---|---|
| EURm | 30.09.2023 | 30.09.2022 |
| Non-current loans and borrowings and leasing liabilities | 1,174.8 | 1,206.1 |
| Current loans and borrowings1) | 302.0 | 128.8 |
| Cash and cash equivalents | –20.2 | –36.9 |
| Non-current and current securities | –337.5 | –285.6 |
| Non-current and current loans receivable | –29.5 | –29.4 |
| Net financial debt | 1,089.7 | 983.1 |
| Non-current personnel provisions2) | 274.6 | 262.0 |
| Net debt | 1,364.3 | 1,245.1 |
| Funds from operations | 1,082.9 | 694.1 |
| Equity | 6,464.3 | 7,321.1 |
| Gearing (%) | 21.1 | 17.0 |
| Net debt coverage (%) | 79.4 | 55.8 |
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.
63. 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.
Information on classes and categories of financial instruments
EURm
| 30.09.2023 | 30.09.2022 | |||||
|---|---|---|---|---|---|---|
| Classes | Measurement category |
Fair value hierarchy (according to IFRS 13) |
Carrying amount |
Fair value | Carrying amount |
Fair value |
| Non-current assets | ||||||
| Other investments1) | ||||||
| Investments | FVOCI | Level 3 | 167.4 | 167.4 | 190.3 | 190.3 |
| Miscellaneous investments | FVOCI | Level 1 | 3,381.1 | 3,381.1 | 3,837.5 | 3,837.5 |
| Other non-current assets | ||||||
| Securities | FVTPL | Level 1 | 71.0 | 71.0 | 68.8 | 68.8 |
| Loans reveivable | AC | Level 2 | 25.0 | 24.1 | 25.1 | 24.4 |
| Lease receivables | AC | Level 2 | 10.1 | 9.6 | 12.7 | 12.1 |
| Receivables arising from derivative transactions | FVTPL | Level 2 | 11.7 | 11.7 | – | – |
| Trade and other receivables | AC | 25.3 | 25.3 | 13.9 | 13.9 | |
| Current assets | ||||||
| Current receivables and other current assets | ||||||
| Trade and other receivables | AC | 650.0 | 650.0 | 549.5 | 549.5 | |
| Receivables arising from derivative transactions | FVTPL | Level 2 | 69.1 | 69.1 | 27.0 | 27.0 |
| Securities and other financial investments | FVTPL | Level 1 | 266.5 | 266.5 | 216.8 | 216.8 |
| Cash and cash equivalents | ||||||
| Cash on hand and cash at banks | AC | 70.2 | 70.2 | 292.0 | 292.0 | |
| Non-current liabilities | ||||||
| Non-current loans and borrowings | ||||||
| Bonds | AC | Level 2 | 469.5 | 393.5 | 556.7 | 480.1 |
| Bank loans | AC | Level 2 | 633.9 | 599.4 | 594.0 | 552.7 |
| Other non-current liabilities | ||||||
| Other liabilities | AC | 9.3 | 9.3 | 19.2 | 19.2 | |
| Liabilities arising from derivative transactions | FVTPL | Level 2 | 8.2 | 8.2 | 63.2 | 63.2 |
| Liabilities arising from derivative transactions | FVTPL | Level 3 | 0.3 | 0.3 | – | – |
| Current liabilities | ||||||
| Current loans and borrowings | AC | 343.2 | 343.2 | 377.4 | 377.4 | |
| Trade payables | AC | 463.2 | 463.2 | 436.7 | 436.7 | |
| Other current liabilities | ||||||
| Other financial liabilities | AC | 241.6 | 241.6 | 278.1 | 278.1 | |
| Liabilities arising from derivative transactions | FVTPL | Level 2 | 24.3 | 24.3 | 231.3 | 231.3 |
| Liabilities arising from derivative transactions | FVTPL | Level 3 | 6.3 | 6.3 | – | – |
| thereof aggregated to measurement categories | ||||||
| Fair value through other comprehensive income | FVOCI | 3,548.5 | – | 4,027.7 | – | |
| Financial assets designated at fair value through profit or loss | FVTPL | 418.4 | – | 312.6 | – | |
| Financial assets and liabilities at amortised cost | AC | 2,941.3 | – | 3,155.4 | – | |
| Financial liabilities designated at fair value through profit or loss | FVTPL | 39.1 | – | 122.1 | – |
1) See note 10. Other investments
The above table with information on the classes and categories of financial instruments shows cash flow hedges (portfolio hedge – electricity) together with derivative financial instruments that are carried at fair value through profit or loss. A separate presentation is not possible due to the offsetting of derivative financial instruments based on conventional netting agreements in the energy business (see note 9. Financial instruments). The valuation category FVTPL therefore includes positive fair values of EUR 71.5m (previous year: EUR 24.3m) and negative fair values of EUR –1.9m (previous year: EUR –151.2m) which were measured at fair value through other comprehensive income (FVOCI).
| Net results by measurement category1) | |||||
|---|---|---|---|---|---|
| EURm | 2022/23 | 2021/22 | |||
| Classes | Net result | Thereof impairment losses |
Net result | Thereof impairment losses |
|
| Fair value through other comprehensive income (FVOCI) | – | – | – | – | |
| Financial assets at amortised cost (AC) | –24.9 | –20.8 | –79.7 | –52.7 | |
| Financial assets and liabilities at fair value through profit or loss (FVTPL) |
88.3 | – | –7.4 | – | |
| Financial assets and liabilities (hedging) | –8.3 | – | –6.8 | – | |
| Financial liabilities at amortised cost (AC) | 9.7 | – | 8.1 | – | |
| Total | 64.8 | –20.8 | –85.8 | –52.7 |
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 | 30.09.2023 | 30.09.2022 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| financial instruments | Nominal value1) | Fair values2) | Nominal value1) | Fair values2) | ||||||
| Purchases | Disposals | Positive | Negative | Net | Purchases | Disposals | Positive | Negative | Net | |
| Forward exchange transactions |
||||||||||
| KWD3) | – | 80.1 | 1.4 | –12.3 | –10.9 | – | 81.2 | – | –25.6 | –25.6 |
| USD3) | – | 111.4 | 2.3 | –3.4 | –1.0 | – | 174.7 | – | –19.5 | –19.5 |
| BHD3) | – | 8.4 | – | –0.6 | –0.6 | – | – | – | – | – |
| USD | – | – | – | – | – | – | 40.0 | –0.1 | –0.1 | |
| BHD | – | 4.7 | 0.1 | – | 0.1 | – | 33.4 | – | –1.5 | –1.5 |
| KWD | – | 1.8 | – | – | – | – | 3.5 | – | –0.2 | –0.2 |
| PLN | – | – | – | – | – | – | 4.9 | – | – | – |
| RON | – | 2.0 | – | – | – | – | – | – | – | – |
| Currency swaps | ||||||||||
| JPYm (>5 years)3) | 10,000.0 | – | – | –19.4 | –19.4 | 10,000.0 | – | – | –11.1 | –11.1 |
| Derivatives energy | ||||||||||
| Swaps | – | – | – | – | – | 36.0 | –36.0 | 10.0 | –8.4 | 1.6 |
| Futures | 1,257.6 | 2,347.7 | 12.7 | –5.6 | 7.1 | 22.0 | – | – | –0.4 | –0.4 |
| Forwards | 436.9 | 411.2 | 16.4 | –10.9 | 5.5 | 668.4 | 843.2 | 40.7 | –92.6 | –51.9 |
| Futures3) | – | 556.0 | 13.7 | – | 13.7 | – | – | – | – | – |
| Forwards3) | 19.9 | 365.4 | 57.8 | –10.6 | 47.2 | 204.1 | 849.3 | 24.3 | –183.0 | –158.7 |
| Recognition of offsetting clauses |
– | – | –23.6 | 23.6 | – | – | – | –48.1 | 48.1 | – |
| Total after netting out | – | – | 80.9 | –39.1 | 41.2 | – | – | 27.0 | –294.4 | –267.4 |
1) In m nominal currency; energy related in GWh
2) In EURm
3) Designated as a hedge in accordance with IFRS 9
Positive fair values are recognised as receivables from derivative transactions under other non-current assets or receivables and 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. For counterparties with a master agreement that includes an offsetting clause, the positive and negative fair values are presented as a net amount for specific periods because of the applicable net settlement procedure. A maturity analysis of the derivative financial liabilities is provided in the table on liquidity risk (see note 61. 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 50. Non-current loans and borrowings) as well as for the hedging of the currency risk from the Umm Al Hayman wastewater treatment project. In addition, derivative financial instruments were used 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 1.2m in 2022/23 (measurement of the bond EUR 9.5m and measurement of the swaps EUR –8.3m; previous year: earnings effect EUR 1.0m, including measurement of the bond EUR 7.8m and measurement of the swaps EUR –6.8m) 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 2023: EUR –0.1m and as of 30 September 2022: EUR –0.3m).
Umm Al Hayman/Bahrain
EVN concluded forward exchange contracts to hedge the planned net foreign currency cash flows from the Umm Al Hayman project and, as of the 2022/23 financial year, also from the project in Bahrain. The expected payments are therefore fully hedged. 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.
Portfolio hedge
EVN implements a portfolio hedge electricity 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 (electricity forwards and electricity future contracts) 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.
For hedges of electricity deliveries to foreign markets, the change in the value of the hedging instruments may not always fully offset the change in the value of future cash flows. The higher liquidity on the German market has created a situation where increasingly futures are seeing concluded in this market. The electricity price in Austria consists of a German electricity price plus a DE/AT spread. The futures products concluded in Germany therefore represent a hedge for the price component included in the Austrian electricity prices.
If the hedge and the underlying transaction take place on the same market, complete coverage is principally ensured between the underlying transaction and the hedging instrument. If hedges are concluded on the German market due to a lack of sufficient liquidity, the risk component of the German price alone represents the underlying transaction for the hedging relationship – and in that way, achieves full coverage between the underlying transaction and the hedging instrument.
The ineffectiveness of hedges can lead to changes in the credit risk of the counterparty or to a reduction in the expected electricity delivery volume.
| Fair value hedging instruments – 30.09.2023 EURm |
Carrying amount |
Balance sheet position | Nominal amount |
Change in fair value |
|
|---|---|---|---|---|---|
| Cross-currency swaps | –19.4 | – | Other current liabilities | 10,01) | –8.3 |
| 1) JPYbn | |||||
| Fair value hedging instruments – 30.09.2022 EURm |
Carrying amount |
Balance sheet position | Nominal amount |
Change in fair value |
|
| Cross-currency swaps | –11.1 | – | Other non-current liabilities | 10.01) | –6.8 |
| 1) JPYbn | |||||
| Fair value hedge – underlying transaction 30.09.2023 EURm |
Carrying amount |
Balance sheet position | Nominal amount |
Change in fair value |
|
| JPY-bond | –61.2 | –1.9 | Current financial liabilities | 10.01) | 9.7 |
| 1) JPYbn | |||||
| Fair value hedge – underlying transaction 30.09.2022 EURm |
Carrying amount |
Balance sheet position | Nominal amount |
Change in fair value |
|
| JPY-bond | –70.9 | –2.3 | Non-current financial liabilities | 10.01) | 7.8 |
| 1) JPYbn | |||||
| Cash flow hedging instruments – 30.09.2023 EURm |
Carrying amount |
Balance sheet position | Nominal amount |
Change in fair value |
|
| FX-forwards (KWD/EUR) | –10.9 | Other current/non-current liabilities | 80.11) | 14.7 | |
| FX-forwards (USD/EUR) | –1.0 | Other current/non-current liabilities | 111.42) | 18.5 | |
| FX-forwards (BHD/EUR) | –0.6 | Other current/non-current liabilities | 8.43) | –0.6 | |
| Portfolio hedge electricity | 71.5 | Other current/non-current receivables | 908.2 GWh | 47.2 | |
| Portfolio hedge electricity4) | –10.6 | Other current/non-current liabilities | 33.0 GWh | 172.4 | |
| 1) Nominal amount in KWDm |
1) Nominal amount in KWDm
2) Nominal amount in USDm
3) Nominal amount in BHDm
4) EUR 8.7m negative market value recognised in the consolidated statement of operations at the beginning of the hedging relationship
Cash flow hedging instruments – 30.09.2022
| EURm | Carrying amount |
Balance sheet position | Nominal amount |
Change in fair value |
|---|---|---|---|---|
| FX-forwards (KWD/EUR) | –25.6 | Other current/non-current liabilities | 81.21) | –14.4 |
| FX-forwards (USD/EUR) | –19.5 | Other current/non-current liabilities | 174.72) | –14.8 |
| Portfolio hedge electricity | 24.3 | Other current/non-current liabilities | 219.9 GWh | –20.6 |
| Portfolio hedge electricity | –183.03) | Other current/non-current liabilities | 833.4 GWh | –96.6 |
1) Nominal amount in KWDm
2) Nominal amount in USDm
3) EUR 31.8m negative market value recognised in the consolidated statement of operations at the beginning of the hedging relationship
| Cash flow hedges – underlying transactions 30.09.2023 EURm |
Change in fair value | Reserve for measurement of cash flow hedges |
|---|---|---|
| Payments in KWD (Firm commitment) | 15.1 | –22.4 |
| Payments in USD (Firm commitment) | 15.7 | –18.1 |
| Payments in BHD (Firm commitment) | –0.6 | –0.2 |
| Portfolio hedge electricity | 47.2 | 71.5 |
| Portfolio hedge electricity | 142.6 | –1.9 |
| Cash flow hedges – underlying transactions 30.09.2022 EURm |
Change in fair value | Reserve for measurement of cash flow hedges |
|---|---|---|
| Proceeds from sales (Firm commitment) | –43.1 | –43.8 |
| Disbursements for procurements (Planning and firm commitment) | – | – |
| Proceeds from sales (Firm commitment) | –35.6 | –35.8 |
| Disbursements for procurements (Planning and firm commitment) | – | – |
| Portfolio hedge electricity | 23.6 | 24.3 |
| Portfolio hedge electricity | –170.6 | –151.2 |
| Effects on the statement of comprehensive income, statement of financial position and state ment of operations 30.09.2023 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 |
|---|---|---|---|---|---|---|
| DBO-project (KWD) | 15.1 | – | – | –6.3 | Revenue | – |
| BOT-project (USD) | 15.7 | – | – | –2.0 | Revenue | – |
| Project Tubli (BHD) | –0.6 | – | – | –0.3 | Revenue | – |
| Portfolio hedge electricity | 189.7 | – | – | –6.7 | Revenue | – |
| Effects on the statement of comprehensive income, statement of financial position and statement of operations 30.09.2022 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 |
|---|---|---|---|---|---|---|
| DBO-project (KWD) | –43.1 | – | – | –9.3 | Revenue | – |
| BOT-project (USD) | –35.6 | – | – | –4.1 | Revenue | – |
| Disbursements for procurements (Planning and firm commitment) |
– | – | – | – | – | 3.4 |
| Disbursements for procurements (Planning and firm commitment) |
– | – | – | – | – | –1.8 |
| Portfolio hedge electricity | –147.0 | – | – | –29.7 | Revenue | – |
Expected occurrence of cash flows from forward exchange transactions 30.09.2023 Million foreign currency or exchange rate, GWh or EUR/MWh
| <1 year | >1 year | |
|---|---|---|
| USD | ||
| Nominal amount in USD | 99.4 | 12.0 |
| Average USD/EUR forward rate | 1.0693 | 1.1733 |
| KWD | ||
| Nominal amount in KWD | 40.9 | 39.2 |
| Average KWD/EUR forward rate | 0.3424 | 0.3481 |
| BHD | ||
| Nominal amount in BHD | 7.2 | 1.2 |
| Average BHD/EUR forward rate | 2.4089 | 2.3756 |
| Forwards/Futures | ||
| Nominal value in GWH | 700.9 | 200.7 |
| Average hedge price EUR/MWh | 202.47 | 180.23 |
| Expected occurrence of cash flows from forward exchange transactions 30.09.2022 |
||
|---|---|---|
| Million foreign currency or exchange rate, GWh or EUR/MWh | ||
| <1 year | >1 year | |
| USD | ||
| Nominal amount in USD | 93.7 | 81.0 |
| Average USD/EUR forward rate | 1.1703 | 1.0742 |
| KWD | ||
| Nominal amount in KWD | 26.5 | 54.6 |
| Average KWD/EUR forward rate | 0.3363 | 0.3489 |
| Forwards/futures | ||
| Nominal value in GWH | 376.8 | 268.4 |
| Average hedge price EUR/MWh | 66.60 | 245.83 |
64. Disclosures of interests in other entities
An overview of the companies included in the consolidated financial statements is provided beginning on page 115 under EVN's investments.
Information on the joint ventures and associates that were included in EVN's consolidated financial statements at equity in 2022/23 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 with operational nature:
Joint ventures that were included at equity in the consolidated financial statements as of 30.09.2023 in accordance with IFRS 11
| Company |
|---|
| Bioenergie Steyr GmbH |
| Degremont WTE Wassertechnik Praha v.o.s. |
| EnergieAllianz |
| EVN KG |
| EVN-ECOWIND Sonnenstromerzeugungs GmbH |
| EVN-WE Wind KG |
| Fernwärme St.Pölten GmbH |
| Fernwärme Steyr GmbH |
| RAG |
| Ashta |
| Umm Al Hayman Wastewater Treatment Company KSPC |
| ZOV |
Associates that were included at equity in the consolidated financial statements as of 30.09.2023 in accordance with IAS 28
| Company | |
|---|---|
| Burgenland Energie | |
| 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 | 30.09.2023 | 30.09.2022 | ||||||
| Joint venture | EVN KG | RAG | ZOV | Energie Allianz |
EVN KG | RAG | ZOV | Energie Allianz |
| Statement of financial position | ||||||||
| Non-current assets | 0.5 | 537.2 | 134.6 | 118.5 | 160.8 | 527.7 | 160.5 | 77.9 |
| Current assets | 609.0 | 124.7 | 50.9 | 735.2 | 1,134.3 | 507.8 | 46.8 | 2,313.5 |
| Non-current liabilities | 18.6 | 216.3 | – | 37.3 | 2.1 | 261.1 | – | 432.6 |
| Current liabilities | 607.8 | 144.7 | 7.7 | 892.2 | 462.9 | 501.7 | 15.5 | 757.6 |
| Reconciliation of the carrying amount of the share of EVN in the joint venture |
||||||||
| Net assets | –16.9 | 300.9 | 177.8 | –75.8 | 830.2 | 272.7 | 191.8 | 1,201.3 |
| Share of EVN in net assets (%) | 100.00 | 100.00 | 48.50 | 45.00 | 100.00 | 100.00 | 48.50 | 45.00 |
| Share of EVN in net assets | –16.9 | 300.9 | 86.2 | –34.1 | 830.2 | 272.7 | 93.0 | 540.6 |
| +/– Revaluations | 16.9 | 138.5 | 0.3 | 34.1 | – | 138.8 | 5.9 | – |
| Carrying amount of the share of EVN in the joint venture |
– | 439.4 | 86.6 | – | 830.2 | 411.4 | 99.0 | 540.6 |
| 2022/23 | 2021/22 | |||||||
| Statement of operations | ||||||||
| Revenue | 1,378.3 | 558.0 | 21.8 | 3,028.7 | 703.2 | 650.1 | 26.7 | 2,934.0 |
| Scheduled depreciation and amortisation | –0.3 | –38.5 | – | –0.5 | –0.6 | –40.1 | – | –0.6 |
| Interest income | 0.1 | 0.9 | – | 5.0 | 0.1 | 0.7 | – | – |
| Interest expense | –11.2 | –5.0 | – | –1.5 | –0.1 | –1.9 | – | –2.0 |
| Income tax | – | –27.6 | –3.0 | –1.8 | – | –17.4 | –4.6 | 0.2 |
| Result for the period | –240.3 | 79.5 | 13.8 | 3.5 | 7.2 | 51.9 | 21.1 | –5.5 |
The following table provides summarised financial information on the individually immaterial joint ventures included in the consolidated financial statements:
Other comprehensive income –908.1 –1.2 – –490.6 409.0 17.9 –0.3 1,165.0 Comprehensive income –1,148.5 78.3 13.8 –487.2 416.2 69.8 20.8 1,159.5 Dividends received by EVN 5.5 50.0 21.8 – 76.2 48.0 14.6 –
| Financial information of individually immaterial joint ventures (EVN share) |
|||||
|---|---|---|---|---|---|
| EURm | 2022/23 | 2021/22 | |||
| Carrying value of the joint ventures as of the balance sheet date | 167.9 | 138.7 | |||
| Result for the period | 15.1 | 7.8 | |||
| Other comprehensive income | 6.6 | 23.9 | |||
| Comprehensive income | 21.7 | 31.7 |
The following table provides summarised financial information on each individually material associate included in the consolidated financial statements:
| Financial information of material associates |
|||||||
|---|---|---|---|---|---|---|---|
| EURm | 30.09.2023 | 30.09.2022 | |||||
| Associate | Verbund IKW |
ZOV UIP | Burgenland Energie |
Verbund IKW |
ZOV UIP | Burgenland Energie |
|
| Statement of financial position | |||||||
| Non-current assets | 1,244.4 | 0.6 | 998.4 | 1,250.9 | 0.5 | 842.5 | |
| Current assets | 244.2 | 7.9 | 361.4 | 25.9 | 5.3 | 289.8 | |
| Non-current liabilities | 135.9 | – | 179.5 | 76.3 | – | 178.2 | |
| Current liabilities | 43.7 | 4.0 | 809.9 | 27.9 | 1.7 | 605.9 | |
| Reconciliation of the carrying amount of the share of EVN in the associate |
|||||||
| Net assets | 1,309.0 | 4.5 | 370.4 | 1,172.6 | 4.1 | 348.4 | |
| Share of EVN in net assets (%) | 13.00 | 31.00 | 49.00 | 13.00 | 31.00 | 49.00 | |
| Share of EVN in net assets | 170.2 | 1.4 | 181.5 | 152.4 | 1.3 | 170.7 | |
| +/– Revaluations | 22.2 | –0.1 | 34.3 | 23.4 | 0.1 | 20.3 | |
| Carrying amount of the share of EVN in the associate |
192.4 | 1.3 | 215.8 | 175.9 | 1.4 | 191.0 | |
| 2022/23 | 2021/22 | ||||||
| Statement of operations | |||||||
| Revenue | 391.2 | 19.7 | 920.8 | 152.9 | 23.7 | 528.2 | |
| Result for the period | 231.0 | 4.5 | 33.0 | 72.3 | 5.1 | 23.9 | |
| Other comprehensive income | 5.4 | – | 10.2 | –6.2 | – | 2.4 | |
| Comprehensive income | 236.4 | 4.5 | 43.2 | 66.1 | 5.1 | 26.3 | |
| Dividends received by EVN | 13.0 | 1.5 | 11.2 | 1.3 | 1.2 | 10.3 |
The consolidated financial statements include no associates that are individually immaterial.
65. Other obligations and risks
The commitments entered into by EVN and the related risks are as follows:
| Other obligations and risks | ||
|---|---|---|
| EURm | 30.09.2023 | 30.09.2022 |
| Guarantees in connection with energy transactions | 208.6 | 82.5 |
| Guarantees in connection with projects in the Environment Segment | 710.7 | 684.1 |
| Guarantees related to the construction and operation of | ||
| Energy networks | 4.0 | 2.0 |
| Power plants | 84.2 | 87.6 |
| Order obligations for investments in intangible assets and property, plant and equipment | 266.3 | 218.5 |
| Further obligations arising from guarantees or other contractual contingent liabilities | 0.1 | 0.1 |
| Total | 1,273.9 | 1,074.8 |
| thereof in connection with equity accounted investees | 195.9 | 82.0 |
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 abovementioned obligations were contrasted by corresponding recourse claims of EUR 72.1m (previous year: EUR 21.2m).
Other obligations and risks increased by EUR 199.1m to EUR 1,273.9m compared to 30 September 2022. This change mainly resulted from an increase in guarantees in connection with energy transactions, in guarantees for environmental projects as well as from an increase in scheduled orders for investments in intangible assets and property, plant and equipment. This was offset by a reduction in guarantees in connection with the construction and operation of power plants.
Contingent liabilities relating to guarantees in connection with energy transactions are recognised in the amount of the actual risk for EVN for those guarantees issued for the procurement or marketing of energy. 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 208.6m as of 30 September 2023. The nominal volume of the guarantees underlying this assessment was EUR 538.5m. As of 31 October 2023, the market price risk was EUR 164.1m based on an underlying nominal volume of EUR 544.9m.
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 proceedings 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 contributions to affiliates as well as liabilities for affiliates' loans.
66. 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 management. 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 115 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 transactions 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.
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 is part of a joint venture with NÖ Landes-Beteiligungsholding GmbH as the main shareholder and Wiener Stadtwerke GmbH as the minority shareholder. A group and tax equalisation agreement was concluded to regulate the modalities. On the basis of this agreement, EVN has included further subsidiaries in this group of companies. This resulted in a current receivable of EUR 5.4m from NÖ Landes-Beteiligungsholding GmbH as of 30 September 2023 (previous year: current liability of EUR 28.9m). All 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 and Wiener Stadtwerke GmbH together hold roughly 26% of the voting shares in Verbund AG through their direct and indirect investments (also see note 38. Other investments).
Based on the group and tax equalisation agreement, there is a current liability to Wiener Stadtwerke GmbH of EUR 3.1m as of 30 September 2023 (previous year: EUR 8.8m).
EnergieAllianz is a joint energy distribution company comprising Burgenland Energie, EVN and Wien Energie GmbH, a wholly owned subsidiary of Wiener Stadtwerke GmbH. EVN holds 45% of the shares in EnergieAllianz, which is responsible for the trading and sale of electricity, natural gas and energy-related services for industrial, large-scale and business customers.
EVN and Wiener Stadtwerke GmbH jointly operate the project company EVN-Wien Energie Windparkentwicklungs- und Betriebs GmbH & Co KG through their respective subsidiaries, EVN Naturkraft 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 EnergieAllianz for the sale and procurement of electricity and natural gas, and long-term procurement contracts were concluded with Verbund Innkraftwerke for electricity.
The value of services provided to the investments in equity accounted investees listed above is as follows:
| Transactions with joint ventures included at equity | ||||
|---|---|---|---|---|
| 2021/22 | 2022/23 | EURm | ||
| 449.1 | 527.2 | Revenue | ||
| –144.5 | –153.5 | Cost of services received | ||
| 50.6 | 61.2 | Trade accounts receivable | ||
| – | 86.5 | Receivables from cash pooling | ||
| 120.1 | 28.8 | Trade accounts payable | ||
| 11.5 | 7.4 | Loans | ||
| 8.2 | – | Liabilities from cash pooling | ||
| 0.4 | 0.4 | Interest income from loans | ||
| Transactions with associates included at equity | ||||||
|---|---|---|---|---|---|---|
| EURm | 2022/23 | 2021/22 | ||||
| Cost of services received | –48.1 | –16.2 | ||||
| Trade accounts payable | – | 1.4 |
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 2022/23 totalled TEUR 1,360.2 (including compensation in kind and contributions to pension funds; previous year: TEUR 1,253.5).
| Remuneration of the active Executive Board TEUR |
2022/23 | 2021/22 | ||||
|---|---|---|---|---|---|---|
| Fixed remuneration |
Variable remuneration1) |
Compensation in kind |
Fixed remuneration |
Variable remuneration |
Compensation in kind |
|
| Stefan Szyszkowitz | 477.4 | 146.0 | 3.5 | 446.9 | 127.4 | 3.4 |
| Franz Mittermayer | 445.5 | 133.9 | 14.2 | 417.1 | 114.4 | 14.1 |
1) Corresponds to the amounts paid in the 2022/23 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 2022/23 equalled TEUR 72.6 for Stefan Szyszkowitz (previous year: TEUR 67.6) and TEUR 67.1 for Franz Mittermayer (previous year: TEUR 62.5).
In the 2022/23 financial year, the provision for pension obligations for Stefan Szyszkowitz resulted in an addition of TEUR 856.1 (of which TEUR 151.4 was interest expense and TEUR 568.3 was actuarial gains/losses). In the previous year, the change amounted to TEUR –2,313.9 (thereof TEUR 71.4 interest expense and TEUR –2,609.3 actuarial gains/losses). For Franz Mittermayer, there was an addition to the provision for pension obligations of TEUR 337.7 (of which TEUR 230.4 interest expense and TEUR 107.3 actuarial gains/losses). In the previous year, the change amounted to TEUR –1,707.4 (thereof TEUR 90.3 interest expense and TEUR –2,071.3 actuarial gains/losses).
The addition to the provision for severance compensation on behalf of Stefan Szyszkowitz equalled TEUR 57.2 (thereof TEUR 10.3 interest expense and TEUR 38.7 of actuarial gains/losses). The change in the previous year equalled TEUR – 20.9 (thereof TEUR 2.8 interest expense and TEUR –32.7 of actuarial gains/losses). The addition to the provision for severance compensation on behalf of Franz Mittermayer equalled TEUR 44.8 (thereof TEUR 11.8 interest expense and TEUR 33.0 of actuarial gains/losses). The addition in the previous year equalled TEUR 23.0 (thereof TEUR 2.8 interest expense and TEUR 9.7 actuarial gains/losses).
In 2022/23 contributions of TEUR 9.6 (previous year: TEUR 8.8) were made to an external employee fund on behalf of Stefan Szyszkowitz and TEUR 9.1 (previous year: TEUR 8.3) 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 1,034.4 in 2022/23 (previous year: TEUR 1,008.4).
The additions to the provisions for severance payments and pensions for active members of senior management totalled TEUR 545.5 (thereof TEUR 95.4 interest expense and TEUR 353.4 of actuarial gains/losses). The comparative amounts for the previous year included income of TEUR –1,006.6 (thereof TEUR 35.0 interest expense and TEUR –1,155.4 of actuarial gains/losses).
Contributions to the employee fund on behalf of active members of senior management totalled TEUR 19.9 in 2022/23 (previous year: TEUR 18.7) and pension fund contributions amounted to TEUR 337.8 (previous year: TEUR 412.8).
The above amounts include expenses recognised in accordance with national law, as required by the Austrian Corporate Governance Code. In accordance with IAS 19, actuarial gains and losses are recorded under other comprehensive income.
The Supervisory Board remuneration totalled TEUR 172.7 in 2022/23 (previous year: TEUR 156.7). The members of the Advisory Committee for Environmental and Social Responsibility received remuneration of TEUR 99.1 during the reporting year (previous year: TEUR 98.4).
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 2022/23. The resulting items outstanding as of 30 September 2023 are reported under trade accounts receivable.
67. Significant events after the balance sheet date
No significant events occurred between the balance sheet date of 30 September 2023 and the release for publication of the consolidated financial statements on 21 November 2023.
68. Information on management and staff
The corporate bodies of EVN AG are:
Executive Board
Stefan Szyszkowitz – Spokesman of the Ececutive Board Franz Mittermayer – Member of the Executive Board
Supervisory Board
Chairman / Chairwoman Reinhard Wolf (as of 19.06.2023) Bettina Glatz-Kremsner (until 19.06.2023)
Vice-Chairmen Jochen Danninger (as of 19.06.2023) Norbert Griesmayr (until 19.06.2023) Willi Stiowicek
Monika Fraißl Uwe Mitter
| Members | ||
|---|---|---|
| Georg Bartmann | Maria Patek | Peter Weinelt |
| Gustav Dressler | Angela Stransky | Friedrich Zibuschka (until 19.06.2023) |
| Philipp Gruber | Veronika Wüster (as of 19.06.2023) | |
| Employee representatives | ||
| Friedrich Bußlehner | Paul Hofer | Irene Pugl |
69. Approval of the 2022/23 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 will be submitted to the Supervisory Board on 13 December 2023 for examination, and the Supervisory Board will also be asked to approve the individual financial statements.
69. Audit fees
EVN's consolidated financial statements and annual financial statements for the 2022/23 financial year were audited by BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna (previous year: BDO Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna). The costs for BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, respectively for BDO Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft totalled EUR 0.4m (previous year: EUR 0.5m) and were distributed as follows: 71.1% for auditing services (previous year: 52.1%), 16.3% for audit-related services (previous year: 15.6%) and 12.6% for other consulting services (previos year: 32.3%). Auditing and consulting fees for the Group amounted to EUR 0.7m for the reporting year (previous year: EUR 0.8m), whereby 82.4% (previous year: 67.0%) are attributable to auditing, 10.6% (previous year: 14.0%) to audit-related services and 7.0% (previous year: 19.0%) to other consulting services.
Maria Enzersdorf, 21 November 2023
EVN AG The Executive Board
Stefan Szyszkowitz Franz Mittermayer Spokesman of the Executive Board Member of the Executive Board
EVN's investments according to § 245a (1) in connection with § 265 (2) UGB
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.
1. EVN's investments in the energy business ≥20.0% as of 30 September 2023
| 1.1. Included in the consolidated financial statements of EVN Company. registered office |
Shareholder | Interest % |
Balance sheet date |
Method of consolidation 2022/23 |
|
|---|---|---|---|---|---|
| Ashta Beteiligungsverwaltung GmbH ("Ashta"), Vienna | EVN Naturkraft | 49.99 31.12.2022 | E | ||
| Bioenergie Steyr GmbH, Behamberg | EVN Wärme | 51.00 30.09.2023 | E | ||
| Elektrorazpredelenie Yug EAD ("EP Yug"), Plovdiv, Bulgaria | BG SN Holding | 100.00 31.12.2022 | V | ||
| ENERGIEALLIANZ Austria GmbH ("EnergieAllianz"), Vienna | EVN ES | 45.00 30.09.2023 | E | ||
| EVN Bulgaria Elektrosnabdiavane EAD ("EVN Bulgaria EC"), Plovdiv, Bulgaria | BG SV Holding | 100.00 31.12.2022 | V | ||
| EVN Bulgaria EAD ("EVN Bulgaria"), Sofia, Bulgaria | EVN | 100.00 31.12.2022 | V | ||
| EVN Bulgaria Fernwärme Holding GmbH ("BG FW Holding"), Maria Enzersdorf | EVN | 100.00 30.09.2023 | V | ||
| EVN Bulgaria RES Holding GmbH ("EVN Bulgaria RES"), Maria Enzersdorf | EVN Naturkraft | 100.00 30.09.2023 | V | ||
| EVN Bulgaria Stromerzeugung Holding GmbH ("BG SE Holding"), Maria Enzersdorf | EVN Naturkraft | 100.00 30.09.2023 | V | ||
| EVN Bulgaria Stromnetz Holding GmbH ("BG SN Holding"), Maria Enzersdorf | EVN | 100.00 30.09.2023 | V | ||
| EVN Bulgaria Stromvertrieb Holding GmbH ("BG SV Holding"), Maria Enzersdorf | EVN | 100.00 30.09.2023 | V | ||
| EVN Bulgaria Toplofikatsia EAD ("TEZ Plovdiv"), Plovdiv, Bulgaria | BG FW Holding | 100.00 31.12.2022 | V | ||
| EVN Croatia Plin d.o.o ("EVN Croatia"), Zagreb, Croatia | Kroatien Holding | 100.00 31.12.2022 | V | ||
| ELEKTRODISTRIBUCIJA DOOEL, Skopje, North Macedonia | EVN Macedonia | 100.00 31.12.2022 | V | ||
| EVN Energieservices GmbH ("EVN ES"), Maria Enzersdorf | EVN | 100.00 30.09.2023 | V | ||
| EVN Energievertrieb GmbH & Co KG ("EVN KG"), Maria Enzersdorf | EVN ES | 100.00 30.09.2023 | E | ||
| EVN Geoinfo GmbH ("EVN Geoinfo"), Maria Enzersdorf | Utilitas | 100.00 30.09.2023 | V | ||
| EVN Home DOO, Skopje, North Macedonia | EVN Macedonia/ EVN Supply |
100.00 31.12.2022 | V | ||
| EVN Kavarna EOOD ("EVN Kavarna"), Plovdiv, Bulgaria | EVN Bulgaria RES | 100.00 31.12.2022 | V | ||
| EVN Kroatien Holding GmbH ("Kroatien Holding"), Maria Enzersdorf | EVN | 100.00 30.09.2023 | V | ||
| EVN Macedonia AD ("EVN Macedonia"), Skopje, North Macedonia | EVN Mazedonien | 90.00 31.12.2022 | V | ||
| EVN Macedonia Elektrani DOOEL, Skopje, North Macedonia | EVN Macedonia | 100.00 31.12.2022 | V | ||
| EVN Macedonia Elektrosnabduvanje DOOEL ("EVN Supply"), Skopje, North Macedonia EVN Macedonia | 100.00 31.12.2022 | V | |||
| EVN Mazedonien GmbH ("EVN Mazedonien"), Maria Enzersdorf | EVN | 100.00 30.09.2023 | V | ||
| evn naturkraft Erzeugungsgesellschaft m.b.H. ("EVN Naturkraft"), Maria Enzersdorf | EVN | 100.00 30.09.2023 | V | ||
| EVN Service Centre EOOD, Plovdiv, Bulgaria | EVN Bulgaria | 100.00 31.12.2022 | V | ||
| EVN Trading DOOEL, Skopje, North Macedonia | EVN Trading SEE | 100.00 31.12.2022 | V | ||
| EVN Trading South East Europe EAD ("EVN Trading SEE"), Sofia, Bulgaria | EVN Bulgaria | 100.00 31.12.2022 | V | ||
| EVN Wärme GmbH ("EVN Wärme"), Maria Enzersdorf | EVN | 100.00 30.09.2023 | V | ||
| EVN Wärmekraftwerke GmbH ("EVN Wärmekraftwerke"), Maria Enzersdorf | EVN/ EVN Bet. 52 | 100.00 30.09.2023 | V |
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
| 1.1. Included in the consolidated financial statements of EVN Company. registered office |
Shareholder | Interest % |
Balance sheet date |
Method of consolidation 2022/23 |
|---|---|---|---|---|
| EVN-ECOWIND Sonnenstromerzeugungs GmbH, Maria Enzersdorf |
EVN Naturkraft | 50.00 30.09.2023 | E | |
| EVN-WIEN ENERGIE Windparkentwicklungs- und Betriebs GmbH & Co KG ("EVN-WE Wind KG"), Vienna |
EVN Naturkraft | 50.00 30.09.2023 | E | |
| Fernwärme St.Pölten GmbH, St.Pölten | EVN | 49.00 31.12.2022 | E | |
| Fernwärme Steyr GmbH, Steyr | EVN Wärme | 49.00 30.09.2023 | E | |
| Hydro Power Company Gorna Arda AD, Sofia, Bulgaria | BG SE Holding | 76.00 31.12.2022 | V | |
| kabelplus GmbH ("kabelplus"), Maria Enzersdorf | Utilitas | 100.00 30.09.2023 | V | |
| Netz Niederösterreich GmbH ("Netz Niederösterreich"), Maria Enzersdorf | EVN | 100.00 30.09.2023 | V | |
| Verbund Innkraftwerke GmbH ("Verbund Innkraftwerke"), Töging, Germany1) | EVN Naturkraft | 13.00 31.12.2022 | E | |
| Wasserkraftwerke Trieb und Krieglach GmbH ("WTK"), Maria Enzersdorf | EVN Naturkraft | 70.00 30.09.2023 | 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 2022/23 |
|---|---|---|---|---|---|---|
| Bioenergie Wiener Neustadt GmbH, Wiener Neustadt | EVN Wärme | 90.00 | 964 (807) |
157 (135) |
31.12.2022 (31.12.2021) |
NV |
| Biowärme Amstetten-West GmbH, Amstetten | EVN Wärme | 49.00 | 2,641 (2,311) |
429 (544) |
31.12.2022 (31.12.2021) |
NE |
| cyberGRID Verwaltungs GmbH, Vienna | EVN | 100.00 | 6 (5) |
1 (–) |
31.03.2023 (31.03.2022) |
NV |
| cyberGRID GmbH & Co KG, Vienna | EVN | 100.00 | 139 (565) |
–426 (–137) |
31.03.2023 (31.03.2022) |
NV |
| Energie Zukunft Niederösterreich GmbH ("EZN"), Heiligenkreuz |
EVN | 50.00 | 660 (1,122) |
–462 (–428) |
31.12.2022 (31.12.2021) |
NE |
| EVN Macedonia Holding DOOEL, Skopje, Nordmazedonien | EVN | 100.00 | 403 (413) |
–10 (–11) |
31.12.2022 (31.12.2021) |
NV |
| EVN-WIEN ENERGIE Windparkentwicklungs- und Betriebs GmbH ("EVN-WE Wind GmbH"), Vienna |
EVN Naturkraft | 50.00 | 39 (37) |
1 (1) |
30.09.2022 (30.09.2021) |
NE |
| Fernwärme Mariazellerland GmbH, Mariazell | EVN Wärme | 48.86 | 582 (286) |
296 (152) |
31.12.2022 (31.12.2021) |
NE |
| Kraftwerk Nußdorf Errichtungs- und Betriebs GmbH, Vienna | EVN Naturkraft | 33.33 | 41 (39) |
3 (3) |
31.12.2022 (31.12.2021) |
NE |
| Kraftwerk Nußdorf Errichtungs- und Betriebs GmbH & Co KG, Vienna |
EVN Naturkraft | 33.33 | 10,337 (9,235) |
1,500 (397) |
31.12.2022 (31.12.2021) |
NE |
| Netz Niederösterreich Beteiligung 31 GmbH ("Netz Bet. 31"), Maria Enzersdorf |
Netz Niederösterreich |
100.00 | 14,923 (14,923) |
– (–2) |
30.09.2023 (30.09.2022) |
NV |
| Netz Niederösterreich Liegenschaftsbesitz 31 GmbH, Maria Enzersdorf |
Netz Bet. 31 | 100.00 | 15,455 (15,427) |
27 (187) |
30.09.2023 (30.09.2022) |
NV |
2. EVN's investments in the environmental services business ≥20.0% as of 30 September 2023
| 2.1. Included in the consolidated financial statements of EVN Company. registered office |
Shareholder | Interest % |
Balance sheet date |
Method of consolidation 2022/23 |
|---|---|---|---|---|
| Cista Dolina – SHW Komunalno podjetje d.o.o., Kranjska Gora, Slovenia | WTE Betrieb | 100.00 30.09.2023 | V | |
| Degremont WTE Wassertechnik Praha v.o.s., Prague, Czech Republic | WTE | 35.00 31.12.2022 | E | |
| EVN Beteiligung 52 GmbH ("EVN Bet. 52"), Maria Enzersdorf | EVN | 100.00 30.09.2023 | V | |
| EVN Umwelt Beteiligungs und Service GmbH ("EVN UBS"), Maria Enzersdorf | EVN Umwelt | 100.00 30.09.2023 | V | |
| EVN Umweltholding und Betriebs-GmbH ("EVN Umwelt"), Maria Enzersdorf | EVN | 100.00 30.09.2023 | V | |
| EVN Wasser GmbH ("EVN Wasser"), Maria Enzersdorf | EVN/Utilitas | 100.00 30.09.2023 | V | |
| OOO EVN Umwelt Service, Moscow, Russia | EVN UBS | 100.00 31.12.2022 | V | |
| OOO EVN Umwelt, Moscow, Russia | EVN UBS | 100.00 31.12.2022 | V | |
| sludge2energy GmbH ("sludge2energy"), Berching, Germany | WTE | 100.00 31.12.2022 | V | |
| Storitveno podjetje Laško d.o.o., Laško, Slovenia | WTE | 100.00 30.09.2023 | V | |
| Umm Al Hayman Holding Company WLL, Kuwait City, Kuwait | WTE | 50.00 31.12.2022 | E | |
| WTE Abwicklungsgesellschaft Kuwait mbH, Essen, Germany1) | International | 100.00 30.09.2023 | V | |
| WTE Betriebsgesellschaft mbH ("WTE Betrieb"), Hecklingen, Germany1) | WTE | 100.00 30.09.2023 | V | |
| WTE International GmbH ("International"), Essen, Germany | WTE | 100.00 30.09.2023 | V | |
| WTE O&M Kuwait Sewerage Treatment O.P.C., Kuwait City, Kuwait | International | 100.00 30.09.2023 | V | |
| WTE otpadne vode Budva DOO, Podgorica, Montenegro | WTE | 100.00 31.12.2022 | V | |
| WTE Projektentwicklung GmbH, Maria Enzersdorf | WTE | 100.00 30.09.2023 | V | |
| WTE Projektna družba Bled d.o.o., Bled, Slovenia | WTE | 100.00 30.09.2023 | V | |
| WTE Wassertechnik GmbH ("WTE"), Essen, Germany | EVN Bet. 52 | 100.00 30.09.2023 | V | |
| WTE Wassertechnik (Polska) Sp.z.o.o., Warshaw, Poland | WTE | 100.00 30.09.2023 | V | |
| Zagrebačke otpadne vode d.o.o. ("ZOV"), Zagreb, Croatia | WTE | 48.50 31.12.2022 | E | |
| Zagrebačke otpadne vode – upravljanje i pogon d.o.o. ("ZOV UIP"), Zagreb, Croatia | WTE | 29.00 31.12.2022 | E |
1) The relief options of § 264 (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 2022/23 |
|---|---|---|---|---|---|---|
| Abwasserbeseitigung Kötschach-Mauthen Errichtungs- und Betriebsgesellschaft mbH, Kötschach-Mauthen |
EVN Umwelt | 26.00 | 301 (260) |
41 (190) |
31.12.2022 (31.12.2021) |
NE |
| EVN Projektgesellschaft Müllverbrennungsanlage Nr. 1 mbH in Liqu. ("EVN MVA1"), Essen, Germany |
WTE | 100.00 | 0 (–) |
–742 (–1,006) |
30.04.2022 (30.09.2021) |
NV |
| JV WTE Tecton Azmeel W.L.L, Al Seef (Manama), Bahrain | WTE | 50.00 | –617 (87) |
–704 (41) |
30.09.2022 (30.09.2021) |
NE |
| SHW/RWE Umwelt Aqua Vodogradnja d.o.o., Zagreb, Croatia | WTE | 50.00 | 483 (493) |
–10 (–12) |
31.12.2022 (31.12.2021) |
NE |
| Wasserver- und Abwasserentsorgungsgesellschaft Märkische Schweiz mbh, Buckow, Germany |
WTE | 49.00 | 566 (563) |
3 (3) |
31.12.2022 (31.12.2021) |
NE |
| Wiental-Sammelkanal Gesellschaft m.b.H, Untertullnerbach | EVN Wasser | 50.00 | 866 (866) |
0 (0) |
31.12.2022 (31.12.2021) |
NE |
| WTE Baltic UAB, Kaunas, Litauen | WTE | 100.00 | 262 (256) |
6 (53) |
30.09.2023 (30.09.2022) |
NV |
| WTE desalinizacija morske vode d.o.o., Budva, Montenegro | WTE Betrieb | 100.00 | –689 (–646) |
–25 (–13) |
31.12.2022 (31.12.2021) |
NV |
| WTE Projektgesellschaft Natriumhypochlorit mbH, Essen, Germany |
International | 100.00 | 24 (24) |
–1 (–1) |
30.09.2023 (30.09.2022) |
NV |
3. EVN's investments in other business activities ≥20.0% as of 30 September 2023
| 3.1. Included in the consolidated financial statements of EVN Company. registered office |
Shareholder | Interest % |
Balance sheet date |
Method of consolidation 2022/23 |
|---|---|---|---|---|
| Burgenland Holding Aktiengesellschaft ("Burgenland Holding" bzw. "BUHO"), Eisenstadt |
EVN | 73.63 30.09.2023 | V | |
| Burgenland Energie AG ("Burgenland Energie"), Eisenstadt | BUHO | 49.00 30.09.2023 | E | |
| EVN Business Service GmbH ("EVN Business"), Maria Enzersdorf | Utilitas | 100.00 30.09.2023 | V | |
| R138-Fonds, Wien | EVN/Netz Niederösterreich/ EVN Wasser |
100.00 30.09.2023 | V | |
| RAG-Beteiligungs-Aktiengesellschaft ("RBG"), Maria Enzersdorf | EVN | 50.03 31.03.2023 | V | |
| RAG Austria AG ("RAG"), Vienna | RBG | 100.00 31.12.2022 | E | |
| UTILITAS Dienstleistungs- und Beteiligungs-Gesellschaft m.b.H ("Utilitas"), Maria Enzersdorf |
EVN | 100.00 30.09.2023 | V |
| 3.2. Not included in the consolidated financial statements of EVN due to immateriality Company. registered office |
Shareholder | Interest % |
Sharehold ers' equity TEUR |
Last year's profit/loss TEUR |
Balance sheet date |
Method of consolidation 2022/23 |
|---|---|---|---|---|---|---|
| e&i EDV Dienstleistungsgesellschaft m.b.H., Vienna | EVN | 50.00 | 261 | 65 | 30.09.2023 | NE |
| (276) | (62) | (30.09.2022) |
Auditors' report
Report on the Consolidated Financial Statements
Audit Opinion
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 30 September, 2023, the consolidated statement of operations, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the 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 30 September, 2023 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 § 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 Group in accordance with the Austrian Generally 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.
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.
Below are the key audit matters, from our viewpoint
- Accounting of the large-scale project Umm Al Hayman in the international project business
- Impairment of intangible assets, property, plant and equipment and investments in equity accounted investees
Accounting of the large-scale project Umm Al Hayman in the international project business
Facts and references to further information
With a contract volume of more than EUR 1.2 bn 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. Contract costs have been capitalised and will be amortised based on the project progress.
Revenue is recognised over the period in which the term of the service was rendered, 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, 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 recognised in other comprehensive income. The Covid 19 pandemic, delays in supply chains as well as project modifications made at the customer`s request resulted in moderate 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 analysed 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. 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 20 (Revenue recognition) of the Accounting and valuation policies. Further information to this project can be found in section 23 Accounting estimates and forward-looking statements, in section 39 Other non-current assets regarding costs for obtaining contracts and in section 61 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 5,600.3 mn account for 51% of total assets of the group as of 30 September, 2023.
Accounting standards require an assessment to be made at each reporting date, whether there is any indication that the recoverable amount has decreased significantly. 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 macroe-conomic, industry or corporate situation in the future may lead to a reduction in cashflows 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 also assessed the related key internal controls and evaluated their form and implementation. 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 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, on which the discount rate is based. 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 staff responsible for planning. We agreed that the respective results of the valuations were properly accounted for.
Reference to further information
The procedures and effects of impairment tests are described in section 22 of the notes to the consolidated financial statements. Further information can be found in section 23 Accounting estimates and forward-looking statements. The effects of impairment tests are presented in section 31 (Depreciation and amortisation and effects from impairment tests) and in sections 35 (Intangible assets), 36 (Property, plant and equipment) and 37 (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.
We received the consolidated non-financial report and the consolidated corporate governance report before the date of the auditor's report, and we expect to receive the remaining parts of the annual report after that date.
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 Audit Committee 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 § 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 consoli-dated 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.
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.
Comments on the Group Management Report
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, comprising the details in accordance with § 243a UGB (Austrian Company Code) 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 2 February, 2023. We were appointed by the Supervisory Board on 3 February, 2023. We have been appointed to audit the consolidated financial statements without interruption since the 2020/21 financial year.
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, 21 November 2023
BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Gerhard Posautz Johannes Waltersam Certified Auditor Certified Auditor
This report is a translation of the original report in German, which is solely valid.
EVN AG Jahresabschluss 2022/23
nach UGB
EVN AG
EVN Platz 2344 Maria Enzersdorf Österreich
Sitz der Gesellschaft: 2344 Maria Enzersdorf Registriert Landesgericht Wr. Neustadt FN 72000 h UID Nr. ATU14704505
Jahresabschluss Lagebericht 128
Bilanz zum 30. September 2023 51 Gewinn- und Verlustrechnung für das Geschäftsjahr 2022/23 53 Jahresabschluss 175
Entwicklung des Anlagevermögens 55 Beteiligungen der EVN AG 56 Uneingeschränkter Bestätigungsvermerk 57 Bilanz zum 30. September 2023 176 Gewinn- und Verlustrechnung für das Geschäftsjahr 2022/23 178 Entwicklung des Anlagevermögens 180 Beteiligungen der EVN AG 181 Uneingeschränkter Bestätigungsvermerk 182
Anhang 187
Der vorliegende Jahresabschluss der EVN AG für das Geschäftsjahr 2022/23 wurde nach den österreichischen Rechnungslegungsvorschriften erstellt.
Lagebericht 4
Anhang 63
Bericht des Aufsichtsrats 84
Im Geschäftsbericht 2022/23 der EVN wurde ein Konzernabschluss nach den Grundsätzen der International Financial Reporting Standards (IFRS) veröffentlicht. Mit dieser Form der Berichterstattung legt die EVN ihren Aktionären und der Öffentlichkeit einen Konzernabschluss vor, der international anerkannten Prinzipien der Rechnungslegung entspricht. Dieser Geschäftsbericht kann selbstverständlich jederzeit bei der EVN angefordert werden.
L ag eberi cht
Lagebericht EVN AG für das Geschäftsjahr 2022/23
Bericht des Vorstandes
ENERGIEPOLITISCHES UMFELD
Europäische Union
Nach dem Willen der EU wird Europa bis 2050 der erste klimaneutrale Kontinent sein, und bereits bis 2030 sollen die Treibhausgasemissionen erheblich reduziert werden. Vor diesem Hintergrund arbeitet die EU laufend an weiteren Gesetzesvorhaben, um einen verbindlichen Rechtsrahmen zur Erreichung dieser ambitionierten Ziele zu schaffen.
Im März 2023 einigten sich die Mitgliedsstaaten auf die Grundlagen des Pakets für den Wasserstoffmarkt und den dekarbonisierten Gasmarkt. Es soll die wesentlichen Rahmenbedingungen für den sukzessiven Übergang von fossilem Erdgas hin zu erneuerbaren Gasen durch die Schaffung eines wettbewerbsfähigen Markts samt der dafür erforderlichen Infrastruktur regeln. Weitere wesentliche Inhalte sind die Regulierung der künftigen Wasserstoffnetze sowie die Verbesserung der Planungs- und Investitionssicherheit für Netze und Speicher.
Im Mai 2023 trat eine neue EU-Richtlinie über die Reform des Emissionshandels in Kraft, die diesen ab 2027 auch auf den Verkehrs- und Gebäudesektor ausweitet. Die Einnahmen aus den neuen Bereichen des Emissionshandels sollen in einen Klima- und Sozialfonds fließen.
Im Herbst 2023 einigten sich EU-Parlament und Rat auf eine Novelle der Erneuerbaren-Energien-Richtlinie (RED III), die deutlich ambitioniertere Ziele für den Anteil erneuerbarer Energien in der Wärme- und Kälteversorgung sowie in den Sektoren Gebäude, Industrie und Verkehr vorsieht. Für die Industrie bedeuten die neuen Ziele auch einen rascheren Umstieg auf erneuerbaren Wasserstoff. Zudem enthält die Richtlinie die Vorgabe, die Dauer der Planungs- und Genehmigungsverfahren für den Ausbau von Anlagen zur Erzeugung von erneuerbaren Energien, Netzen und Energiespeichern zu verkürzen.
Vor dem Hintergrund der durch den Ukrainekrieg ausgelösten Energiekrise legte die EU-Kommission 2023 einen Entwurf für ein neues Strommarktdesign vor. Ein wesentliches Ziel der Reformbestrebungen ist es, die negativen Auswirkungen von extremen Preisschwankungen auf den EU-Markt und letztlich auf die Verbraucher einzudämmen. Als eine wesentliche Maßnahme soll künftig für Investitionen in Anlagen zur Stromerzeugung aus erneuerbaren bzw. nichtfossilen Quellen die Übernahme von Marktpreisrisiken durch den Staat ermöglicht werden. Dies soll einerseits den Kraftwerksbetreibern Investitionssicherheit bieten, andererseits sollen Verbraucher bei steigenden Marktpreisen entlastet werden können. Ermöglicht werden soll das durch den Abschluss sogenannter energiewirtschaftlicher Differenzverträge (Contracts for Difference) zwischen Stromproduzenten und den EU-Mitgliedsstaaten. Die EU ist bestrebt, dass das Gesetzespaket zum Strommarktdesign noch vor den EU-Wahlen im Jahr 2024 beschlossen wird.
Österreich
In Österreich enthält das im Juli 2021 beschlossene Erneuerbaren-Ausbau-Gesetz (EAG) konkrete Ausbauziele. Bis 2030 soll die erneuerbare Stromerzeugung um insgesamt 27 TWh pro Jahr 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 erneuerbarer Erzeugungsanlagen 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 p. a. erhöht werden. Weitere relevante Inhalte sind die Rahmenbedingungen für Bürgerenergiegemeinschaften und Erneuerbare-Energie-Gemeinschaften.
Im März 2023 wurden durch eine Novelle des Umweltverträglichkeitsprüfungsgesetzes Verfahrenserleichterungen sowie Maßnahmen zur Beschleunigung der Genehmigung für Vorhaben der Energiewende beschlossen.
Im Juni 2023 erfolgte mit der Novelle des Bundes-Energieeffizienzgesetzes die Umsetzung der Energieeffizienz-Richtlinie der EU in Österreich.
Im Oktober 2023 einigte sich die Bundesregierung auf die Inhalte für ein neues Erneuerbare-Wärme-Gesetz, das insbesondere ein Verbot der Errichtung neuer Heizungsanlagen auf Basis fossiler Brennstoffe in Neubauten für Haushalte vorsieht. Ebenfalls im Oktober 2023 beschloss der österreichische Nationalrat im Rahmen einer Gesetzesnovelle einen höheren Standard für die Gasbevorratung. Demnach müssen Gaslieferanten zur Gewährleistung der Versorgungssicherheit künftig einen Versorgungsstandard von 45 Tagen (statt bisher 30 Tagen) gewährleisten. Neu eingeführt wurde auch ein Bevorratungsstandard für Gaskraftwerke (inkl. Kraft-Wärme-Kopplungsanlagen). Zudem wurde die Verlängerung des Vorhaltens der strategischen Gasreserve bis 2026 beschlossen.
Das Bundesministerium für Klimaschutz, Umwelt, Energie, Mobilität, Innovation und Technologie arbeitet zur Umsetzung der Strombinnenmarktrichtlinie sowie der Erneuerbaren-Richtlinie der EU aktuell am Elektrizitätswirtschaftsgesetz (ElWG), das auch das bestehende Elektrizitätswirtschafts- und -organisationsgesetz (ElWOG) ersetzen soll. Vom ElWG werden somit u. a. klare Regelungen zu Energiegemeinschaften (z. B. in Bezug auf den Betrieb von Speichern) ebenso erwartet wie neue Regelungen für Netzbetreiber (z. B. in Bezug auf die vereinfachte Nutzung von Smart-Meter-Daten für die Planung von Netzflexibilitäten). Auch zusätzliche Konsumentenschutzbestimmungen sollen Eingang in das ElWG finden.
Bundesgesetz über den Energiekrisenbeitrag-Strom
In Österreich trat – in Umsetzung einer im Herbst 2022 beschlossenen EU-Verordnung über zeitlich befristete Notfallmaßnahmen – für den Zeitraum 1. Dezember 2022 bis 31. Dezember 2023 das Bundesgesetz über den Energiekrisenbeitrag-Strom in Kraft. Primäres Ziel der EU-Verordnung und der darauf beruhenden nationalstaatlichen Gesetze war es, temporär auf die massiven Verwerfungen auf den internationalen Energiemärkten und die daraus resultierenden Auswirkungen auf die europäische Gesellschaft und Volkswirtschaft zu reagieren. Konkret sollten die Mitgliedsstaaten zur Einhebung einer Solidaritätsabgabe auf Grundlage gestiegener Markterlöse in der Stromerzeugung sowie aus dem Erdöl-, Kohleund Raffineriebereich ermächtigt werden. Die Einnahmen sollten verwendet werden, um Endkunden wie Haushalte sowie kleinere und mittlere Unternehmen angesichts der hohen Energiepreise finanziell zu entlasten.
Das österreichische Bundesgesetz über den Energiekrisenbeitrag-Strom sieht die Abschöpfung von 90 % der Überschusserlöse aus der Stromerzeugung vor. Der Schwellenwert zur Ermittlung der Überschusserlöse lag im Zeitraum 1. Dezember 2022 bis 31. Mai 2023 bei 140 Euro pro MWh bzw. bis zu 176 Euro pro MWh unter Berücksichtigung der anrechenbaren Investitionen in erneuerbare Energien und Energieeffizienzmaßnahmen. Ab 1. Juni 2023 wurde der Schwellenwert aufgrund der mittlerweile gesunkenen Großhandelspreise für Strom auf 120 Euro pro MWh bzw. bis zu 156 Euro pro MWh reduziert.
WIRTSCHAFTLICHES UMFELD
Nachdem die Weltwirtschaft im Lauf des Jahres 2022 bereits deutlich an Schwung verloren hatte, setzte sich dieser Trend 2023 fort. Im Vorjahr hatte die Energiekrise und der damit verbundene, teilweise drastische Anstieg der Marktpreise für Strom und Erdgas Europa stärker getroffen als die USA, wo die Konjunktur trotz der ausgeprägten Straffung der Geldpolitik robust blieb. Mit einem Plus von 3,3 % fiel das Wachstum in der Eurozone damit 2022 nur moderat aus. Aktuell gehen die Ökonomen mehrheitlich davon aus, dass die in einigen wenigen Ländern einsetzende Rezession von kurzer Dauer sein wird und die Konjunktur sich im nächsten Jahr allgemein wieder verbessern wird. Diese Annahme beruht auf dem im Vergleich zu den Höchstständen deutlichen Rückgang der Energiepreise, den durch die nachlassende Inflation steigenden Realeinkommen sowie auf dem verbesserten weltwirtschaftlichen Umfeld. Für die Eurozone werden für 2023 BIP-Wachstumsraten zwischen 0,4 und 1,1 % bzw. zwischen 1,2 und 1,6 % für 2024 erwartet.
Die österreichische Volkswirtschaft befindet sich gegenwärtig im Sog des internationalen Konjunkturabschwungs in einer Rezession. Nach einem Anstieg um 4,8 % im Jahr 2022 dürfte die Wirtschaftsleistung 2023 um bis zu 0,8 % schrumpfen. Hauptfaktoren dafür sind die Belastungen durch die überdurchschnittlich hohe Inflation, die restriktive Geldpolitik sowie die schwache internationale Wirtschaftsentwicklung. Hinzu kommen eine geringere gesamtwirtschaftliche Nachfrage nach den coronabedingten Aufholeffekten sowie die schwächere wirtschaftliche Entwicklung gerade in den Nachbarländern. Die Industrie leidet unter einem Rückgang bei den Aufträgen und hohem Kostendruck. Für das nächste Jahr wird jedoch eine Belebung der Weltwirtschaft und ein von steigenden Realeinkommen getragenes Wachstum des privaten Konsums erwartet. Damit dürfte das BIP 2024 auch in Österreich etwa um 0,8 bis 1,6 % steigen.
ENERGIEWIRTSCHAFTLICHES UMFELD
| /07//// | 10/11/3 | |||
|---|---|---|---|---|
| ાડા | ਟੀ | |||
| Primarenergie und CO2-Zertifikate | ||||
| Rohölpreis - Brent | EUR/bbl | 89,5 | 78,8 | |
| Gaspreis - NCG | EUR/MWh | 123,1 | 56,4 | |
| Kohle - API#2 | EUR/Tonne | 258,8 | 150.4 | |
| CO2 - Zertifikate EUA | EUR/Tonne | 78.0 | 84,2 | |
| Strom - Spot/Forwardmarkt (AT) - "IST = Spotpreise; Plan = Forwardpreise" | ||||
| EEX Grundlaststrom | EUR/MWh | 258,7 | 134,4 | |
| EEX Spitzenlaststrom | EUR/MWh | 296.3 | 154.8 |
Das Energiegeschäft der EVN ist wesentlich durch externe Einflussfaktoren geprägt. Bei den Haushaltskunden geht vor allem von der Witterung ein starker Einfluss auf die Nachfrage nach Strom, Erdgas und Wärme aus. Die Nachfrage der Industriekunden wiederum ist primär durch die wirtschaftliche Entwicklung bestimmt. Seit Beginn des Ukrainekriegs und der dadurch ausgelösten Energiekrise spielen zudem die Energiesparmaßnahmen, mit denen viele Kunden auf die gestiegenen Energiepreise reagieren, eine wesentliche Rolle. Auch die Marktpreise und damit die Beschaffungspreise der EVN hängen vom geopolitischen Umfeld ab. Für die Energieerzeugung sind das Wind- und Wasserdargebot sowie die Sonneneinstrahlung relevant.
Im Geschäftsjahr 2022/23 war der Witterungsverlauf in allen drei Kernmärkten der EVN von milden Temperaturen geprägt. Die Heizgradsumme – sie definiert den temperaturbedingten Energiebedarf – lag in Österreich leicht, in Bulgarien und Nordmazedonien deutlich unter
EVN AG, Maria Enzersdorf
dem langjährigen Durchschnitt. In Bulgarien erreichte sie sogar nur 77,7 % des üblichen Mittelwerts. Zum Unterschied davon waren die Heizgradsummen im Vorjahr in allen drei Ländern deutlich über dem langjährigen Durchschnitt gelegen.
Die Kühlgradsumme, die den Energiebedarf für Kühlung bemisst, stieg im Geschäftsjahr 2022/23 in allen drei Kernmärkten im Vergleich zum Vorjahr deutlich an. In Österreich kam sie leicht, in Bulgarien und Nordmazedonien deutlich über dem langjährigen Durchschnitt zu liegen.
Nach den massiven Schwankungen und Verwerfungen im vorangegangenen Geschäftsjahr waren die Primärenergie- und Energiepreise in der Berichtsperiode vor allem während der Sommermonate wieder rückläufig. So halbierte sich der durchschnittliche EEX-Börsepreis für Erdgas von zuvor 123,1 Euro pro MWh auf rund 56,4 Euro pro MWh. Gegen Ende des Berichtsjahres zeichnete sich hier allerdings wieder ein gegenläufiger Trend ab. Eine Ausnahme bildeten die Preise für CO2-Emissionszertifikate: Ihr Preis unterlag zwar geringeren Schwankungen, lag im Schnitt aber mit 84,2 Euro pro Tonne im Geschäftsjahr 2022/23 um rund 8 % über dem Vorjahreswert von 78,0 Euro pro Tonne.
Dies wirkte sich auch auf die Marktpreise für Strom entsprechend aus: Sie verzeichneten im Berichtsjahr zwar einen deutlichen Rückgang, blieben aber dennoch auf hohem Niveau: Die Spotmarktpreise für Grund- und Spitzenlaststrom lagen bei durchschnittlich 134,4 Euro pro MWh bzw. 154,8 Euro pro MWH (Vorjahr: 258,7 Euro pro MWh bzw. 296,3 Euro pro MWh).
WIRTSCHAFTLICHE ENTWICKLUNG
Kennzahlen zur Ertragslage
| 2022/23 | 2021/22 | Veränderung | ||
|---|---|---|---|---|
| Mio. EUR | Mio. EUR | Mio. EUR | % | |
| Umsatzerlöse | 936,4 | 790,3 | 146,1 | 18,5% |
Die Umsatzerlöse stiegen auf 936,4 Mio. EUR und setzen sich aus Stromerlösen in Höhe von 485,4 Mio. EUR (VJ: 550,3 Mio. EUR), Gaserlösen in Höhe von 242,0 Mio. EUR (VJ: 55,9 Mio. EUR) und sonstigen Umsatzerlösen in Höhe von 209,0 Mio. EUR (VJ: 184,0 Mio. EUR) zusammen.
Die Stromerlöse sanken gegenüber dem Vorjahr um 64,9 Mio. EUR, während die Gaserlöse um 186,0 Mio. EUR und die sonstigen Umsatzerlöse um 25,0 Mio. EUR stiegen. Die Stromerlöse sanken trotz höherer Energieabsatzpreise, was in erster Linie auf positive Effekte aus Absicherungsgeschäften im Vorjahr und gesunkene Erlöse aus dem CO2- Zertifikatehandel zurückzuführen ist. Der Anstieg der Gaserlöse resultiert hauptsächlich aus gestiegenen Absatzpreisen und Arbitragegeschäften zur Optimierung der Nutzung der zur Verfügung stehenden Gasspeicherkapazitäten. Die Preiseffekte gegenüber dem Vorjahr sind also sowohl im Strom- als auch im Gasbereich der Marktpreisentwicklung entgegengesetzt.
EVN AG, Maria Enzersdorf
Das begründet sich daraus, dass die EVN AG den Großteil ihrer absatz- und beschaffungsseitigen Geschäfte mehrere Monate im Voraus kontrahiert.
| Berechnung | 2022/23 | 2021/22 | Veränderung | ||
|---|---|---|---|---|---|
| Mio. EUR | Mio. EUR | Mio. EUR | % | ||
| Ergebnis vor Zinsen und Steuern |
Ergebnis vor Steuern + Zinsen und ähnliche Aufwendungen gemäß § 231 (2) Z 15 UGB |
473,8 | 385,4 | 88,4 | 22,9% |
Die sonstigen betrieblichen Erträge betrugen im Geschäftsjahr 2022/23 1,9 Mio. EUR (Vorjahr: 48,4 Mio. EUR). Der Rückgang ist auf den Wegfall von Einmaleffekten aus der Auflösung von Rückstellungen im Vorjahr und auf positive Effekte aus Absicherungsgeschäften im Vorjahr zurückzuführen.
Die Aufwendungen für Primärenergie, CO2-Kosten und Strombezug betrugen im abgelaufenen Geschäftsjahr 682,5 Mio. EUR (Vorjahr: 564,7 Mio. EUR). Der Anstieg ist in erster Linie auf einen preisbedingten Anstieg der Aufwendungen für Strom- und Gasbezug zurückzuführen. Dieser Effekt wird abgeschwächt durch gesunkene Aufwendungen für CO2 Zertifikate und positive Effekte aus beschaffungsseitigen Derivaten.
An Materialaufwand und sonstigen bezogenen Leistungen fielen 105,5 Mio. EUR (Vorjahr: 91,9 Mio. EUR) an. Dies bedeutet gegenüber dem Vorjahr einen Anstieg von 13,6 Mio. EUR.
Der Personalaufwand betrug im Geschäftsjahr 2022/23 96,6 Mio. EUR (Vorjahr: 73,5 Mio. EUR) und ist insbesondere aufgrund von kollektivvertraglichen Anpassungen und Rückstellungsbildungen gegenüber dem Vorjahr gestiegen. Bei der EVN AG waren durchschnittlich 561 Angestellte auf Vollzeitbasis (Vorjahr: 546 Angestellte) beschäftigt. Daraus resultierte ein Personalaufwand pro Mitarbeiter von 0,2 Mio. EUR (Vorjahr: 0,1 Mio. EUR). Der Umsatz pro Mitarbeiter betrug 1,7 Mio. EUR (Vorjahr: 1,4 Mio. EUR).
Die Abschreibungen betrugen im Berichtszeitraum 6,5 Mio. EUR und sind damit um 0,1 Mio. EUR höher als im Vorjahr.
Die sonstigen betrieblichen Aufwendungen beliefen sich auf 31,4 Mio. EUR (Vorjahr 27,6 Mio. EUR).
Aufgrund der oben angeführten Rahmenbedingungen verzeichnete die EVN AG ein positives Betriebsergebnis in Höhe von 15,1 Mio. EUR (Vorjahr 74,0 Mio. EUR).
Das Finanzergebnis ist vor allem durch Beteiligungserträge, Zinsaufwendungen und -erträge, Wertpapiererträgen und Aufwendungen aus Finanzanlagen geprägt. Das Beteiligungsergebnis stieg gegenüber dem Vorjahr von 300,5 Mio. EUR auf 431,1 Mio. EUR, getrieben durch die höhere Verbund-Dividende. Die sonstigen Zinsen und ähnlichen Erträgen beliefen sich auf 29,6 Mio. EUR (VJ: 8,7 Mio. EUR). Die Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen sanken auf 1,9 Mio. EUR (VJ: 8,7 Mio. EUR). Die Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens stiegen vor allem wegen höherer Abschreibungen auf Anteile an verbundenen Unternehmen auf 33,8 Mio. EUR (VJ: 24,5 Mio. EUR). Die Zinsen und ähnlichen Aufwendungen betrugen im Geschäftsjahr 69,0 Mio. EUR (VJ: 34,6 Mio. EUR).
Insgesamt konnte ein Finanzergebnis in Höhe von 389,6 Mio. EUR erzielt werden, welches um 112,9 Mio. EUR oder 40,8 % über dem Vorjahr liegt.
Die beschriebenen Entwicklungen führten zu einem Ergebnis vor Steuern von 404,7 Mio. EUR. Dies bedeutet einen Anstieg von 54,0 Mio. EUR. Das Ergebnis vor Zinsen und Steuern erhöhte sich um 88,4 Mio. EUR auf 473,8 Mio. EUR.
| Berechnung | 2022/23 | 2021/22 | |
|---|---|---|---|
| % | % | ||
| Eigenkapitalrentabilität | Ergebnis vor Steuern | 14,6% | 14,2% |
| durchschnittliches Eigenkapital |
Die Eigenkapitalrentabilität belief sich im Geschäftsjahr 2022/23 auf 14,6%. Im Geschäftsjahr 2021/22 betrug diese 14,2%.
| Berechnung | 2022/23 | 2021/22 |
|---|---|---|
| % | % | |
| Gesamtkapitalrentabilität Ergebnis vor Zinsen und Steuern durchschnittliches Gesamtkapital |
9,5% | 8,3% |
Im Geschäftsjahr 2022/23 konnte eine Gesamtkapitalrentabilität von 9,5% erzielt werden. Im Geschäftsjahr 2021/22 betrug diese 8,3%.
Kennzahlen zur Vermögens- und Finanzlage
| Berechnung | 30.09.2023 | 30.09.2022 Veränderung | ||
|---|---|---|---|---|
| Mio. EUR | Mio. EUR | Mio. EUR | % | |
| Nettoverschuldung Verzinsliches Fremdkapital 166,3 - Flüssige Mittel |
76,4 | 89,9 | 117,6% |
Das verzinsliche Fremdkapital und die flüssigen Mittel berechnen sich dabei folgendermaßen:
| Berechnung | 30.09.2023 30.09.2022 Veränderung | ||||
|---|---|---|---|---|---|
| Mio. EUR | Mio. EUR | Mio. EUR | % | ||
| Verzinsliches Fremdkapital |
Anleihen +Verbindlichkeiten aus Schuldscheindarlehen +Verbindlichkeiten gegenüber Kreditinstituten +Finanzverbindlichkeiten gegenüber verbundenen Unternehmen und beteiligten Unternehmen +Rückstellungen für Abfertigungen +Rückstellungen für Pensionen +Rückstellungen für Jubiläumsgelder |
1.982,6 | 1.855,8 | 126,9 | 6,8% |
| 30.09.2023 30.09.2022 Veränderung | |||||
|---|---|---|---|---|---|
| Mio. EUR | Mio. EUR | Mio. EUR | % | ||
| Flüssige Mittel |
Ausleihungen an verbundene Unternehmen, Forderungen aus Cash Pooling, Kassenbestand, Schecks, Guthaben bei Kreditinstituten, Wertpapiere des UV sowie aus sonstigem Finanzvermögen |
1.816,4 | 1.779,4 | 37,0 | 2,1% |
| Berechnung | 30.09.2023 30.09.2022 Veränderung | ||||
|---|---|---|---|---|---|
| Mio. EUR | Mio. EUR | Mio. EUR | % | ||
| Nettoumlaufvermögen Umlaufvermögen | -28,8 | 116,2 | -145,0 | n.a.% | |
| - langfristiges | |||||
| Umlaufvermögen | |||||
| =Kurzfristiges | |||||
| Umlaufvermögen | |||||
| - kurzfristiges | |||||
| Fremdkapital | |||||
| =Nettoumlaufvermögen |
Der Anstieg des kurzfristigen Fremdkapitals bei gleichzeitigem Rückgang des Umlaufvermögens führte gegenüber dem Vorjahr zu einem Rückgang des Nettoumlaufvermögens auf -28,8 Mio. EUR.
| Berechnung | 30.09.2023 | 30.09.2022 | |
|---|---|---|---|
| % | % | ||
| Eigenkapitalquote | Eigenkapital Gesamtkapital |
56,6% | 54,5% |
Die Bilanzsumme betrug per 30.09.2023 5.182,1 Mio. EUR (VJ: 4.782,5 Mio. EUR) und erhöhte sich damit gegenüber dem Vorjahr um 399,7 Mio. EUR bzw. 8,4 %. Das Eigenkapital der Gesellschaft belief sich auf 2.932,4 Mio. EUR (VJ: 2.608,7 Mio. EUR).
Der stärkere Anstieg des Eigenkapitals führte insgesamt zu einer um 2,1%-Punkte höheren Eigenkapitalquote.
| Berechnung | 30.09.2023 | 30.09.2022 | |
|---|---|---|---|
| Nettoverschuldungsgrad Nettoverschuldung | Eigenkapital | % 5,7% |
% 2,9% |
Geldflussrechnung
| Berechnung | 2022/23 2021/22 | Veränderung | ||
|---|---|---|---|---|
| Mio. € | Mio. € | Mio. € | % | |
| Geldflussrechnung Geldfluss aus dem Ergebnis | 541,5 | 337,2 | 204,3 | 60,6% |
| Netto-Geldfluss aus der laufenden Geschäftstätigkeit |
402,5 | 360,8 | 41,7 | 11,4% |
| Netto-Geldfluss aus der Investitionstätigkeit |
-536,4 | -194,0 | -342,4 | 176,5% |
| Netto-Geldfluss aus der Finanzierungstätigkeit |
10,0 | -24,7 | 34,7 | n.a.% |
| Zahlungswirksame Veränderung des |
-123,8 | 142,1 | -266,0 | n.a.% |
| Finanzmittelbestandes |
Ausgehend von einem Jahresüberschuss in Höhe von 416,3 Mio. EUR belief sich der Cashflow aus dem Ergebnis im abgelaufenen Geschäftsjahr auf 541,5 Mio. EUR und der Cashflow aus der laufenden Geschäftstätigkeit auf 402,5 Mio. EUR.
Der Cashflow aus der Investitionstätigkeit betrug -536,4 Mio. EUR, wobei die Veränderung zum Vorjahr vor allem auf höhere Investitionen in Finanzanlagen bei geringeren Einzahlungen aus Anlagenabgängen zurückzuführen ist.
Ausgehend von der im Geschäftsjahr 2022/23 durchgeführten Ausschüttung aus dem Bilanzgewinn 2021/22 in Höhe von 92,7 Mio. EUR und einem Anstieg der Finanzverbindlichkeiten weist die EVN AG einen Cashflow aus der Finanzierungstätigkeit in Höhe von 10,6 Mio. EUR aus.
Insgesamt resultierte aus dieser Entwicklung eine Reduktion des Finanzmittelbestandes (bestehend aus Forderungen aus Cash Pooling, Taggeldguthaben bei Kreditinstituten und Wertpapieren des Umlaufvermögens) von -123,8 Mio. EUR. Die Veränderung der Verbindlichkeiten aus Cash Pooling werden im Cashflow aus der Finanzierungstätigkeit ausgewiesen.
Zweigniederlassungen
EVN verfügt über keine Zweigniederlassungen im Sinne des § 243 Abs 3 Z 4 UGB.
Innovation, Forschung und Entwicklung
Die Handlungsfelder der Wesentlichkeitsmatrix der EVN geben auch den Themenrahmen für die Innovations-, Forschungs- und Entwicklungsaktivitäten der Gruppe vor. In diesem Sinn verfolgt die EVN primär Projekte zur Gewährleistung der Versorgungssicherheit, zur Schonung von Klima und Umwelt sowie zur Stärkung der Wettbewerbsfähigkeit des Unternehmens. Übergeordnetes Kriterium ist bei allen Projekten die Anforderung, einen konkreten Kundennutzen zu erbringen.
In der Berichtsperiode hat die EVN insgesamt 1,0 Mio. Euro (Vorjahr: 1,8 Mio. Euro) für Innovations-, Forschungs- und Entwicklungsprojekte aufgewendet. Für diese Projekte wurden Förderungen in Anspruch genommen, die einer Förderquote von 11,0 % entsprechen.
Ein wesentlicher Schwerpunkt in den Innovationsaktivitäten der EVN gilt Lösungen zur Speicherung erneuerbarer Überschussproduktion für Perioden mit geringer Energieerzeugung aus erneuerbaren Quellen. Besonders in saisonaler Hinsicht ist dies die zu lösende Herausforderung für ein CO2-freies Energiesystem. Denn während die Stromerzeugung aus Windkraft und Photovoltaik im Sommerhalbjahr dank des forcierten Ausbaus mittlerweile häufig die Nachfrage deutlich übersteigt, können Perioden mit geringem Wasser-, Wind- und Sonnenaufkommen in Zentraleuropa – vor allem im Winterhalbjahr – zu herausfordernden Situationen für die Versorgungssicherheit führen. Vor diesem Hintergrund engagiert sich die EVN z. B. als Projektpartner der RAG bei einer Pilotanlage, die Sonnenenergie zum Betrieb einer Elektrolyseanlage nutzt. Der dadurch produzierte grüne Wasserstoff wird in eine natürliche Erdgasspeicherspeicherstätte der RAG eingespeichert und kann im Winter zur emissionsfreien Energie- bzw. Wärmeerzeugung genutzt werden. In anderen Projekten forscht die EVN an Möglichkeiten, Überschussproduktion aus erneuerbaren Quellen für sektorenübergreifende Zwecke oder zur Substitution thermischer Erzeugung zu nutzen. Ein Beispiel ist der Pilot-Hybridspeicher Theiß, eine Kombination eines Wärmespeichers mit einem 5-MW-Batteriespeicher und einer Photovoltaikanlage.
Weitere Forschungsschwerpunkte der EVN betreffen innovative Ansätze zur vermehrten Nutzung von Flexibilitäten verschiedener Abnehmer und kleinerer Stromproduzenten, um die Energienachfrage zeitlich so zu verändern, dass Nachfragespitzen vermieden und der Bedarf mit den gerade verfügbaren Energiemengen aus erneuerbarer Produktion gedeckt werden kann. Beiträge leisten in diesem Bereich etwa die 2022 von der EVN erworbene Tochtergesellschaft CyberGrid mit speziellen IT-Lösungen zum Flexibilitätsmanagement von Stromnetzen sowie Einzelprojekte (z. B. solche zum bidirektionalen Laden von E-Fahrzeugen) im Rahmen des Green Energy Lab, eines branchenübergreifenden Innovationslabors.
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.
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
Risiko- und Chancenanalysen im Geschäftsjahr 2022/23
Vor dem Hintergrund der geopolitischen Krisen während der vergangenen beiden Jahre und der daraus resultierenden Verwerfungen auf den Energiemärkten führt EVN auch unterjährig ein engmaschiges Monitoring der Risikoentwicklung für die Gruppe durch. Adhoc-Analysen waren im Berichtszeitraum nicht erforderlich, es erfolgte jedoch zum Ende des ersten Halbjahres 2022/23 eine Aktualisierung der Bewertung der wesentlichen Risiken mit potenziell hohen Auswirkungen. Das Risikomanagement berichtete über diese Risiken sowie deren Auswirkungen auch dem Prüfungsausschuss des Aufsichtsrats der EVN.
In der zum Bilanzstichtag durchgeführten Risikoinventur wurden u. a. folgende wesentliche Unsicherheiten mit potenziell hohen Auswirkungen identifiziert und folglich mit besonderem Augenmerk analysiert (Auswahl):
- Margenrisiko und Wettbewerbssituation; Weitergabemöglichkeit der Energiebeschaffungskosten an Endkunden
- Inflationsbedingt steigende Beschaffungskosten für Investitionen und Instandhaltungsmaßnahmen
- Fertigstellungsrisiko bei internationalen Großprojekten im Umweltbereich
- Cybersecurity
Das Risikoprofil des EVN Konzerns ist vor allem durch die branchenüblichen Risiken und Ungewissheiten und insbesondere durch politische, rechtliche und regulatorische Herausforderungen geprägt. Die Kategorisierung all dieser Aspekte folgt dem Risikomanagementprozess der EVN.
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.
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 Geschäftsjahr 2022/23 haben die Unsicherheiten allerdings abgenommen. Damit hat sich das Gesamtrisikoprofil der EVN tendenziell reduziert, jedoch noch nicht bis auf das Vorkrisenniveau. Gegenwärtig sind keine Risiken für die Zukunft erkennbar, die den Fortbestand des EVN Konzerns gefährden könnten.
In der folgenden Tabelle werden die wesentlichen Risiken und Ungewissheiten zusammenfassend erläutert. Erstmals werden in dieser Tabelle, sofern zutreffend, auch die Chancen für die einzelnen Kategorien erwähnt.
| Risiko-/Chancenkategorie | Beschreibung | Maßnahme zur Risikominimierung |
|---|---|---|
| Markt- und Wettbewerbsrisiken/-chancen | ||
| Deckungsbeitragsrisiko/- chance (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/- chancen |
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 |
| Rating-Veränderung | Bei Verringerung der Rating Einstufung 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 |
| Wertminderungs- /Impairment-Risiken |
Wertberichtigung von Forderungen; Wertminderung von Firmenwerten, Beteiligungen, Erzeugungsanlagen und sonstigen Vermögenswerten (Wirtschaftlichkeit/Werthaltigkeit maßgeblich von Strom- und Primärenergiepreisen und energiewirtschaftlichen Rahmenbedingungen abhängig); potenzielles Klimarisiko |
Monitoring mittels Sensitivitätsanalysen |
| 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/Chancen |
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. aufsichtsrechtliche Prüfungen |
Vertretung in lokalen, regionalen, nationalen und EU-weiten Interessenvertretungen; Rechtsberatung |
| Soziales und gesamtwirtschaftliches Umfeld |
Konjunkturelle Entwicklungen; Schulden-/Finanzkrise; stagnierende oder rückläufige Kaufkraft; steigende Arbeitslosigkeit; potenzielles Klimarisiko |
Weitestgehende Ausschöpfung von (anti-) zyklischen Optimierungspotenzialen |
| Vertragsrisiken | Nichterkennen von Problemen im juristischen, wirtschaftlichen und technischen Sinn; Vertragsrisiko aus Finanzierungsverträgen |
Umfassende Legal Due Diligence; Zukauf von Expertise/Rechtsberatung; Vertragsdatenbank und laufendes Monitoring |
| Sonstige Risiken | ||
| Unerlaubte Vorteilsgewährung, Non-Compliance, Datenschutzrechtliche Vorfälle |
Weitergabe vertraulicher interner Informationen an Dritte und unerlaubte Vorteilsgewährung/Korruption; Verletzung des Schutzes personenbezogener Daten |
Interne Kontrollsysteme; einheitliche Richtlinien und Standards; Verhaltenskodex; Compliance-Organisation |
| Projektrisiko | Projektbudgetüberschreitungen beim Aufbau neuer Kapazitäten; potenzielles Klimarisiko |
Vertragliche Absicherung der wirtschaftlichen Parameter |
| Co-Investment-Risiko | Risiken im Zusammenhang mit der Durchführung von Großprojekten gemeinsam mit Partnerunternehmen; potenzielles Klimarisiko |
Vertragliche Absicherung; effizientes Projektmanagement |
| Sabotage | Sabotage z. B. bei Erdgasleitungen, Kläranlagen und Müllverbrennungsanlagen |
Geeignete Sicherheitsvorkehrungen; regelmäßige Messung der Wasserqualität und der Emissionswerte |
| Imagerisiko | Reputationsschaden; potenzielles Klimarisiko |
Transparente und proaktive Kommunikation; nachhaltige Unternehmenssteuerung |
|---|---|---|
| ------------- | ------------------------------------------------- | -------------------------------------------------------------------------------------- |
EVN Aktie (Angaben nach § 243a Abs. 1 UGB)
-
- Per 30. September 2023 betrug das Grundkapital der EVN AG 330.000.000 Euro und war unterteilt in 179.878.402 Stück auf Inhaber lautende nennwertlose Stückaktien, die jeweils im gleichen Umfang am Grundkapital beteiligt sind. Der Anspruch auf Einzelverbriefung der Aktien ist ausgeschlossen. Es existiert nur diese eine Aktiengattung. Alle Aktien verkörpern die gleichen Rechte und Pflichten und werden auf dem Prime Market der Wiener Börse gehandelt.
-
- Es gibt keine über die Bestimmungen des Aktiengesetzes hinausgehenden Beschränkungen der Stimmrechte bzw. Vereinbarungen über die Beschränkung der Übertragbarkeit von Aktien. Hinzuweisen ist jedoch darauf, dass die Übertragbarkeit der Beteiligung des Landes Niederösterreich, das seine Anteile über die NÖ Landes-Beteiligungsholding GmbH, St. Pölten, hält, durch bundes- und landesverfassungsgesetzliche Bestimmungen eingeschränkt ist.
Die NÖ Landes-Beteiligungsholding GmbH ("NLH") und die Wiener Stadtwerke GmbH ("WSTW") haben am 23. September 2021 eine steuerliche Beteiligungsgemeinschaft gegründet, wofür sie einen "Vertrag über die Bildung einer steuerlichen Beteiligungsgemeinschaft betreffend Anteile der Parteien an der EVN AG" abgeschlossen haben. Dieser Vertrag sieht grundsätzlich eine syndizierte Ausübung der Stimmrechte von NLH und WSTW in der Hauptversammlung der EVN AG vor, bildet aber nur das sich ohnehin nach Gesetz und/oder Satzung auf Grund des jeweiligen Aktienbesitzes von NLH und WSTW ergebende Stimmgewicht in der Hauptversammlung ab (im Ergebnis verfügt NLH weiterhin über die einfache (nicht aber eine qualifizierte) Mehrheit und WSTW weiterhin über eine Sperrminorität).
-
- Auf Basis dieser verfassungsrechtlichen Vorschriften ist das Land Niederösterreich mit 51,0 % Mehrheitsaktionär der EVN AG. Zweitgrößter Aktionär der EVN AG ist mit 28,4 % die Wiener Stadtwerke GmbH, Wien, die zu 100 % im Eigentum der Stadt Wien steht. Der Anteil der von der EVN AG gehaltenen eigenen Aktien betrug zum Stichtag 0,9 %; der Streubesitz belief sich somit auf 19,7 %.
-
- Es wurden keine Aktien mit besonderen Kontrollrechten ausgegeben.
-
- Mitarbeiter, die im Besitz von Aktien sind, üben ihr Stimmrecht unmittelbar selbst bei der Hauptversammlung aus. Es besteht in der EVN AG kein Aktienoptionsprogramm.
-
- Der Vorstand besteht aus mindestens zwei Mitgliedern. Der Aufsichtsrat besteht aus mindestens acht und höchstens zwölf Mitgliedern. Sofern das Gesetz nicht zwingend eine andere Mehrheit vorschreibt, beschließt die Hauptversammlung mit einfacher Mehrheit der abgegebenen Stimmen und in Fällen, in denen eine Kapitalmehrheit erforderlich ist, mit einfacher Mehrheit des bei der Beschlussfassung vertretenen Grundkapitals.
-
- Befugnisse des Vorstands im Sinn des § 243a Abs. 1 Z. 7 UGB, insbesondere hinsichtlich der Möglichkeit, Aktien auszugeben, bestanden im Geschäftsjahr 2022/23 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.
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 2022/23 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 14 Ländern aktiv.
Operative Geschäftsbereiche der EVN Gruppe
Geschäftsbereiche
Unser integriertes Geschäftsmodell deckt die gesamte Wertschöpfungskette ab:
- Erzeugung von Energie
- Betrieb von Verteilnetzen
- Versorgung von Endkund*innen mit Strom, Erdgas und Wärme (mit unterschiedlichen Schwerpunkten in unseren verschiedenen Märkten)
Energiegeschäft Umweltgeschäft Beteiligungen
Das Umweltgeschäft umfasst folgende Aktivitäten:
- Trinkwasserversorgung in Niederösterreich
- Für das internationale Projektgeschäft – es umfasst die Planung, Errichtung, Finanzierung und Betriebsführung von Anlagen für die Trinkwasserver- und die Abwasserentsorgung sowie die thermische Abfall- und Klärschlammverwertung – wurde im September 2023 ein strukturierter Verkaufsprozess initiiert
Kerngeschäftsnahe Beteiligungen als Ergänzung und Absicherung unserer Wertschöpfungskette:
- Verbund AG (12,63 %)
- Burgenland Holding (73,63 %), die ihrerseits 49,0 % an der Burgenland Energie hält
- RAG (50,03 %)
EVN Wertschöpfungskette
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 2022 bis 30. September 2023.
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. Damit sind alle ethischen, sozialen und umweltbezogenen Aspekte – sprich die Themenfelder Environment, Social und Governance (ESG) – umfasst, für die die EVN auch den Überbegriff "Nachhaltigkeit" verwendet. Ein angemessener Ausgleich der Anliegen aller am Unternehmen Interessierten – der Stakeholder – ist dabei das Leitmotiv. Grundlegende Aussagen zu Vision, Mission und Unternehmenswerten sowie verbindliche Dokumente zu konzernweiten Verhaltens- und Handlungsregeln bilden gemeinsam das Wertegerüst der EVN. Als Mitglied des UN Global Compact bekennt sie sich zudem explizit zur Einhaltung globaler Prinzipien ethischen wirtschaftlichen Handelns.
Den Kern des Stakeholder-Managements bildet ein institutionalisierter Dialog mit den diversen Stakeholder-Gruppen, die aus nachstehender Darstellung ersichtlich sind. Ihre Identifikation und Priorisierung erfolgen regelmäßig im Rahmen der Aktualisierung der Wesentlichkeitsmatrix. Dabei überprüft die EVN auch stets die Relevanz der einzelnen Stakeholder-Gruppen für das Unternehmen.
Die EVN Wesentlichkeitsmatrix wird im Dreijahresrhythmus aktualisiert. Die letzte Stakeholder-Befragung fand im Frühjahr 2021 statt. 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. 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 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. Im Rahmen eines Lenkungsausschusses Nachhaltigkeit hat die EVN für den Berichtszeitraum validiert und bestätigt, dass die wesentlichsten Themen und Handlungsfelder für die EVN weiterhin gültig sind.
Wichtigste Stakeholder-Gruppen der EVN
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
- Attraktive Arbeitgeberin
- 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 |
Nachhaltigkeitsorganisation
Die folgende Darstellung illustriert die Nachhaltigkeitsorganisation der EVN, die – im Einklang mit der europäischen Best Practice – insbesondere den folgenden Grundsätzen folgt:
- In der EVN ist die Verantwortung für das Themenfeld Environment, Social, Governance (ESG) – also sämtliche Aspekte und Agenden in Sachen Umweltschutz, Soziales und nachhaltige Unternehmensführung – und deren Weiterentwicklung beim Gesamtvorstand und damit auf der höchsten Unternehmensebene angesiedelt. Alle diese Themen fließen in die EVN Nachhaltigkeitsstrategie ein, die ihrerseits von der (ebenfalls vom Vorstand verantworteten) Konzernstrategie abgeleitet wird. Zudem tauscht sich der Vorstand regelmäßig mit dem Aufsichtsrat zur Nachhaltigkeitsstrategie aus und berichtet diesem quartalsweise über wesentliche Entwicklungen und Maßnahmen im ESG-Bereich. Angesichts der hohen Relevanz von ESG-Themen und um die Nachhaltigkeitsexpertise im Prüfungsausschuss noch stärker zu verankern, wurde im Geschäftsjahr 2022/23 zusätzlich eine Nachhaltigkeitsexpertin in den Prüfungsausschuss des Aufsichtsrats bestellt.
- Vierteljährlich tagt zudem der Lenkungsausschuss Nachhaltigkeit, der sich aus dem Gesamtvorstand, aus Führungskräften, aus Geschäftsführern der wesentlichen österreichischen und internationalen Konzerngesellschaften sowie aus Mitgliedern eines abteilungsübergreifenden Nachhaltigkeitsteams zusammensetzt. Das Gremium behandelt aktuelle ESG-Themen, beschließt wesentliche ESG-Aktivitäten und stellt dank seiner breiten Zusammensetzung sicher, dass die behandelten Strategien, Maßnahmen und Ziele operativ auf den Gesamtkonzern ausgerollt und flächendeckend umgesetzt werden.
EVN Nachhaltigkeitsorganisation
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 sowie die operative Weiterentwicklung und Umsetzung neuer ESG-Aspekte in der EVN Gruppe sicherstellt. Auch im Nachhaltigkeitsteam stehen die für die 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.
Themen Umwelt- und Klimaschutz verantwortlich. Im Rahmen von Managementklausuren, insbesondere der zweimal jährlich stattfindenden ganztägigen Innovationsklausuren,
EVN Geschäftstätigkeit relevanten Aspekte des Klimawandels ganz oben auf der Agenda. Zusätzlich zum kontinuierlichen Austausch mit internen Experten stehen dem 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 der EVN Tätigkeit einbringen. Die Stabsstelle Innovation, Nachhaltigkeit und Umweltschutz koordiniert außerdem ein abteilungsübergreifendes Nachhaltigkeitsteam, das die Einhaltung der hohen Nachhaltigkeitsstandards sowie die operative Weiterentwicklung und Umsetzung neuer ESG-Aspekte in der EVN Gruppe sicherstellt. Auch im Nachhaltigkeitsteam stehen die für die EVN Geschäftstätigkeit relevanten Aspekte des Klimawandels ganz oben auf der Agenda.
Proaktive Einbindung der EVN Stakeholder Die gesellschaftliche Akzeptanz der Geschäftstätigkeiten betrachtet die EVN als Grundvoraussetzung für den langfristigen und nachhaltigen Unternehmenserfolg und für die Zusätzlich zum kontinuierlichen Austausch mit internen Experten stehen dem 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 der EVN Tätigkeit einbringen.
positive öffentliche Wahrnehmung der EVN. Oberstes Prinzip ist dabei die angemessene und gut ausbalancierte Berücksichtigung jener Anliegen, die von verschiedenen Stakeholder-Proaktive Einbindung der EVN Stakeholder
Gruppen an die EVN herangetragen werden. Ein regelmäßiger, proaktiver und offener Dialog mit diesen Stakeholdern ist daher auch im EVN Verhaltenskodex als wichtiger Managementgrundsatz verankert. Die gesellschaftliche Akzeptanz der Geschäftstätigkeiten betrachtet die EVN als 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 die EVN herangetragen werden. Ein regelmäßiger, proaktiver und offener Dialog mit diesen Stakeholdern ist daher auch im EVN Verhaltenskodex als wichtiger Managementgrundsatz verankert.
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Projektkommunikation
Die EVN hält engen und offenen Kontakt zu relevanten NGOs und Interessenvertretungen, um vertrauensvolle und langfristige Beziehungen zu entwickeln. Dieser offene Austausch fördert gegenseitiges Verständnis und ist die entscheidende Voraussetzung dafür, dass im Fall divergierender Interessen gemeinsam Lösungen gefunden werden können. Neben einer höherer Planungsqualität und -sicherheit hat dies auch den positiven Effekt, dass die Kommunikation mit Anrainern und lokalen Initiativen intensiver und professioneller wird. Dabei fließt die Erfahrung aus bereits realisierten Projekten ebenfalls positiv mit ein.
Von Beginn der Planung an werden sowohl ökologische als auch soziale Aspekte in die Projektentwicklung und auch in die Due-Diligence-Prüfungen einbezogen. Diese Prüfungen, die vor jedem Projektstart durchgeführt werden, bilden die Grundlage für interne Entscheidungsprozesse des Vorstands und bei größeren Projekten auch des Aufsichtsrats. Der intensive Dialog verfolgt dabei insbesondere die folgenden Ziele:
- Hohe Akzeptanz bei allen Stakeholdern
- Unterstützung der Realisierbarkeit von Projekten
- Positive Wahrnehmung des Unternehmens und seiner Aktivitäten
- Reduktion von Risiken und Vermeidung von Imageschäden
Verantwortungsvoller Umgang mit den Anliegen lokaler Stakeholder
Den Dialog mit den unmittelbar von einem geplanten Projekt der EVN betroffenen Menschen führen wir stets nach folgenden Grundsätzen:
- Frühzeitiges Identifizieren der unterschiedlichen Erwartungen und Ansprüchen
- Transparente und umfassende Projektinformation
- Professionelle, strukturierte und proaktive Kommunikation mit allen lokalen Stakeholdern (inklusive politischer Entscheidungsträger)
- Unterstützung der Kommunen bei der Kommunikation und gegebenenfalls Vermittlung bei Konflikten
Die Informationsaktivitäten zu den verschiedenen Projekten der EVN erfolgen in enger Abstimmung und Zusammenarbeit mit den Projektleitern und -verantwortlichen. Selbstverständlich bietet die EVN die Möglichkeit, dass sich lokale Stakeholder mit ihren Anliegen jederzeit von sich aus an die EVN wenden können. Neben einer direkten Kontaktaufnahme mit den Projektleitern unter der E-Mail-Adresse [email protected] stehen dafür auch das EVN Servicetelefon bzw. die E-Mail-Adresse [email protected] zur Verfügung.
Krisenmanagement
Für weite Teile der Geschäftstätigkeit – insbesondere für Gefährdungsbereiche, die auch die Bevölkerung sowie die Umwelt betreffen – verfügt die EVN über umfassende Krisen-, Katastrophen- und Notfallpläne sowie über dazugehörige Schulungsprogramme. An allen Standorten werden Maßnahmen für Krisensituationen regelmäßig trainiert. In Niederösterreich veranstaltet die EVN darüber hinaus regelmäßig interne und externe Übungen und Schulungen zum Thema Krisenmanagement abgehalten. Mitarbeiter im Störungsdienst werden laufend geschult, ebenso erfolgen jährlich Trainings für Diensthabenden sowie Sicherheitsunterweisungen für alle Mitarbeiter.
Maßnahmen zur Verbesserung der Projektkommunikation
Bei Projekten in den Bereichen erneuerbare Energieerzeugung, Netze und Trinkwasserversorgung sind zwei Trends zu beobachten: Zum einen wird die Öffentlichkeit immer kritischer gegenüber solchen Projekten, und zum anderen steigen die Anforderungen an eine erfolgreiche Projektkommunikation aus Sicht aller Interessengruppen. Als Reaktion darauf hat die EVN das Team "Projektkommunikation und Klimadialog" geschaffen und ein spezielles Aus- und Weiterbildungsprogramm entwickelt, das die kommunikativen und strategischen Fähigkeiten der Projektleiter stärken soll.
EVN AG, Maria Enzersdorf
Externe Experten begleiteten die Schulung, die insgesamt 40 Stunden umfasste, und vermittelten den Teilnehmern wertvolles Wissen und bewährte Strategien, mit denen eine erfolgreiche Kommunikation mit wichtigen Interessengruppen gewährleistet werden kann. Die Schulungsinhalte umfassten auch den Umgang mit schwierigen Situationen und Konflikten, wie sie bei Infrastrukturprojekten auftreten können. Dank der Schulung können die Teilnehmer nun die Kommunikation mit relevanten Stakeholdern wie NGOs und Bürgerinitiativen optimieren und Konflikte frühzeitig lösen, um Vertrauen und Akzeptanz zu stärken und die erfolgreiche Umsetzung von Projekten zu unterstützen.
Unterstützung von Interessenvertretungen und Initiativen
Da die vielfältigen Geschäftsaktivitäten einen wesentlichen Beitrag zum öffentlichen Leben und zur Wirtschaft insgesamt leisten, ist die EVN Mitglied in diversen gesetzlichen und freiwilligen nationalen und internationalen Organisationen und Interessenvertretungen, nicht zuletzt um durch diese Vernetzung die Aufgaben der EVN noch besser und im Sinn der Stakeholder erfüllen zu können. Beispiele für Branchenverbände sind Oesterreichs Energie oder Eurelectric, zu den Initiativen im Kontext sozialer und ökologischer Themen zählen u.a. UN Global Compact oder respACT. Alle Aktivitäten im Zusammenhang mit diesen Mitgliedschaften erfolgen im Einklang mit dem Verhaltensrahmen des Compliance-Management-Systems. Gemäß den gesetzlichen Bestimmungen ist die EVN auch in das österreichische Lobbying- und Interessenvertretungsregister sowie in das Transparenzregister der EU eingetragen.
Unternehmensstrategie
Ein klares Wertegerüst und die Fokussierung auf Handlungsfelder, die regelmäßig gemeinsam mit allen Stakeholdern reflektiert und entsprechend priorisiert werden, bilden die Grundlage für das unternehmerische Handeln der EVN. Auf diesem Fundament ruhen nicht nur alle Grundsätze und Regeln in Bezug auf das Verhalten der Mitarbeiter, Lieferanten und Geschäftspartner, sondern die gesamte Konzernstrategie der EVN. In der jährlichen Risikoinventur werden im Sinn des NaDiVeG und der EU-Taxonomie-Verordnung 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 hinsichtlich ihrer finanziellen Auswirkungen auf den EVN Konzern bewertet. Als wichtigste Verpflichtung gegenüber ihren Kunden betrachtet die EVN die Sicherstellung einer flächendeckenden und stets verlässlichen Versorgung mit ihren Produkten und Dienstleistungen.
Als Energie- und Umweltdienstleisterin sieht sich die EVN in der Verantwortung, einen wesentlichen Beitrag im Kampf gegen den Klimawandel zu leisten. Dies betrifft insbesondere die Minimierung der von der EVN Tätigkeit verursachten Emissionen. Den Fokus legt die EVN hier auch auf den Umbau des Energiesystems in Richtung einer klimaneutralen Erzeugung – und hier vor allem auf den Ausbau der Windkraft- und Photovoltaikkapazitäten. Bereits im Geschäftsjahr 2020/21 hat die EVN die Stromerzeugung aus Kohle endgültig beendet. Im Sommer 2021 trat die EVN der Science Based Targets Initiative (SBTi) bei und setzte sich insgesamt fünf Reduktionsziele. Damit leistet sie einen wesentlichen Beitrag zur Verwirklichung des in Paris vereinbarten Klimaziels, den Anstieg der Erderwärmung auf deutlich unter 2°C zu beschränken. Für das Geschäftsjahr 2023/24 ist die Ausarbeitung eines Transitionsplans auf das 1,5°C-Ziel geplant.
Eine wesentliche Rolle spielten im Strategieprozess die für den Energiesektor relevanten internationalen Rahmenwerke wie die Sustainable Development Goals der Vereinten Nationen und die Zielsetzungen der Energie- und Klimapolitik, z. B. das Pariser Klimaabkommen oder der European Green Deal. Denn sie verändern das Umfeld und die für eine Energieversorgerin maßgeblichen rechtlichen und regulatorischen Vorgaben teils massiv.
Die bestimmende Veränderung für die Energiebranche – und damit auch ein zentraler Faktor für die EVN Strategie – ergibt sich aus dem gesellschaftlichen und politischen Bestreben, das auf eine möglichst rasche Transformation in ein funktionierendes CO2-freies Energiesystem abzielt, um die branchenspezifischen Klimaeinflüsse noch deutlicher und schneller zu minimieren. Um diesen Entwicklungen in angemessener Weise gerecht zu werden, hat die EVN auf Basis der Strategie 2030 die EVN Klimainitiative entwickelt. Dadurch wurden maßgebliche Zielsetzungen wie die mit der Science Based Targets Initiative akkordierten Dekarbonisierungsziele oder die Klimaneutralität ausgewählter Konzerngesellschaften eng mit der Gesamtstrategie der EVN verknüpft.
EVN Klimainitiative
Basierend auf der Strategie 2030 hat die EVN bereits im Geschäftsjahr 2020/21 die EVN Klimainitiative entwickelt. Sie besteht aus den folgenden drei Säulen und untermauert das Engagement der EVN für den Klimaschutz durch konkrete Maßnahmen, Ziele und Projekte.
- Science Based Targets Initiative
- Klimaneutralität in ausgewählten Tochtergesellschaften
- Beitrag von Forschung und Entwicklung zum Klimaschutz
Unsere Kernstrategien 2030
Handlungsfelder
- 1 Nachhaltige Unternehmenswertsteigerung
- 2 Versorgungssicherheit
- 3 Kund*innenorientierung
- 4 Innovation und Digitalisierung 5 Klimaschutz
- 6 Umweltschutz
Handlungsfelder
- 1 Nachhaltige Unternehmenswertsteigerung 2 Versorgungssicherheit
- 3 Kund*innenorientierung
4 Innovation und Digitalisierung 5 Klimaschutz 6 Umweltschutz
Auswirkungen der Geschäftstätigkeit auf Gesellschaft, Umwelt und Wirtschaft
Im Rahmen der jährlichen Risikoinventur werden im Sinn des NaDiVeG und der EU-Taxonomie-Verordnung 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 hinsichtlich 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.
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
Gemäß EU-Taxonomie-Verordnung werden Klimarisiken anhand von Klimaszenarien analysiert. Auch im Rahmen der Risikoinventur werden potenzielle Klimarisiken sowie Auswirkungen der Geschäftstätigkeit im Zusammenhang mit dem Thema Klimawandel erhoben. Im Risikomanagementprozess ist Klimarisiko jedoch bewusst nicht als eigene Risikokategorie definiert, sondern wird 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 Sensitivitäts- und Szenarioanalysen analysiert. Vergleichbare Fragestellungen prägen auch die Auswahl der Szenarien für die Betrachtung der künftigen Preisentwicklung von Energie und Primärenergieträgern. Auf dieser Basis 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 Stillstandszeiten 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.
EVN AG, Maria Enzersdorf
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 Abgang von hochqualifizierten Mitarbeitern. Diesem Risiko wird vor allem mit der Schaffung eines attraktiven Arbeitsumfelds und mit flexiblen Arbeitszeitmodellen begegnet. In der Risikobetrachtung umfasst sind auch bewusste bzw. unbewusste Fehldarstellungen von Transaktionen bzw. Jahresabschlussposten, die durch das interne Kontrollsystem (IKS) vermieden werden sollen.
Die Erfassung und Analyse der ökologischen Auswirkungen der Unternehmenstätigkeit in Bereichen wie Ressourceneinsatz, Energie- und Wasserverbrauch, Emissionen, Biodiversität, Transport sowie Abwasser und Abfall (Umweltrisiken) obliegen der Stabsstelle Innovation, Nachhaltigkeit und Umweltschutz. Diese unterstützt die operativen Einheiten auf Basis ihrer Analysen auch darin, Umweltauswirkungen zu verhindern bzw. zu minimieren.
Überblick über die wesentlichen potenziellen Auswirkungen unserer Unternehmenstätigkeit (Auswahl)
EVN Handlungsfeld und Definition
Nachhaltige Unternehmenswertsteigerung
… steht für eine unternehmerische Haltung, die bei strategischen Entscheidungen stets auf ein ausgewogenes Verhältnis zwischen wertorientierten Investitionen und einer attraktiven Vergütung für die Aktionär*innen achtet. Ein ethisch und rechtlich einwandfreies Verhalten unserer Mitarbeiter*innen ist dabei selbstverständlich. Die Verankerung von sozialen und ökologischen Aspekten in Beschaffung und Auftragsvergabe sowie die Sicherstellung der Einhaltung der Menschenrechte durch unsere Lieferant*innen und Geschäftspartner*innen stehen dabei ebenso im Fokus.
Versorgungssicherheit
… steht für eine verlässliche Versorgung unserer Kund*innen auch in Krisensituationen. Dabei spielt nicht nur die lückenlose Versorgung mit Energie in der gewünschten Menge, sondern auch die technische Netzqualität eine bedeutende Rolle. Unsere Schwerpunkte liegen dabei neben einem nachhaltigen Ausbau der Netz- und Technikinfrastruktur auch in der verlässlichen Trinkwasserversorgung und in der Steigerung der Trinkwasserqualität.
Kund*innenorientierung
… steht für Produkte und Dienstleistungen, die individuelle Bedürfnisse erfüllen und transparent sind, für hohe Servicequalität, für eine zielgruppenadäquate Kommunikation sowie für die Unterstützung unserer Kund*innen beim effizienten und sicheren Umgang mit Energie. Dabei nimmt der Schutz personenbezogener Daten einen hohen Stellenwert ein.
Impact-Bewertung (Auszug) "–" = negativ; "+" = positiv
- Risiko eines Wertverlusts für Eigenund Fremdkapitalinvestor*innen
- Compliance-Verstöße
-
- Stabile Dividendenentwicklung
-
- Verbesserung der Infrastruktur in Ländern/Regionen, in denen Projekte durchgeführt bzw. abgeschlossen wurden
-
- Arbeitsplatzsicherung
-
- Regionale Wertschöpfung durch Kooperationen
-
- Solide Kapitalausstattung ermöglicht ein Abfedern von Wirtschaftskrisen
– Beeinflussung von Lebensräumen (Mensch, Tier und Natur)/Beeinträchtigung der Biodiversität durch Netzausbau, Wasserkraftwerke und Errichtung von Windkraftanlagen – Verbrauch natürlicher Ressourcen
– Auswirkungen auf Gesellschaft und Wirtschaft durch Netzausfälle + Erhöhung des Anteils erneuerbarer
- Zuverlässige Energieversorgung für Gesellschaft und Wirtschaft + Bereitstellung von Infrastruktur + Versorgung mit hochwertigem
– Gestiegene Börsepreise beeinträchtigen
Leistbarkeit von Energie – Datenschutzrechtliche Vorfälle + Verbesserter und effizienter Umgang
-
Kooperationen sichern regionale
-
Hohe Standards in der Versorgungs-
– Emissionen
Energie
Trinkwasser
mit Energie
Arbeitsplätze
sicherheit + Hohe Verfügbarkeit der EVN Kraftwerke
- Faire und transparente Auftragsvergabe
Handhabung – Instrumente und Maßnahmen (Auszug)
- Ausgewogenes Verhältnis zwischen Investitionsprojekten und einer attraktiven Aktionär*innenvergütung als Ziel
- Projektabsicherung durch Garantien und Versicherungen
- Integriertes Geschäftsmodell mit Fokus auf regulierte und stabile Aktivitäten
- Ratings im soliden A-Bereich als Ziel
- EVN Verhaltenskodex
- EVN Leitwerte
- Corporate Compliance Management • Compliance-Schulungen
- EVN Integritätsklausel als Bestandteil
- jeder Lieferant*innenbeziehung • Nachhaltige Ausrichtung der
- Beschaffungsvorgänge
- Selbstdeklarationsbogen für alle Bieter*innen bei Ausschreibungen
- Anonymes Hinweisgeber*innenverfahren
- Regelmäßige Kontrolle der Einhaltung von Menschen- und Arbeitnehmer*innenrechten in der Lieferkette
- Zertifizierte Umweltmanagementsysteme
- Konzernweite Ausbauziele bis 2030: Windkraft von aktuell 447 MW auf 770 MW und Photovoltaik von derzeit 42 MWp auf 300 MWp
- Höchste Priorität für Versorgungssicherheit und -qualität
- EVN-interne Krisen- und Notfallpläne (z. B. Hochwasser, Pandemievorsorge)
- Umfangreiche Monitoring-Aktivitäten (z. B. Wasserqualität)
- Geringe Netzverluste und Stromunterbrechungen
- Laufende Investitionen zur Verbesserung der Netzinfrastruktur und der Trinkwasserversorgung
- Cybersecurity
- Höchste Priorität für Versorgungssicherheit und -qualität
- Höchste Priorität für Datenschutz • Umfangreiche Monitoring-Aktivitäten
- (z. B. Wasserqualität) • Monitoring der mittleren Strom-
- unterbrechungshäufigkeit • Unterstützung der Kund*innen in
- effizientem Verbrauchsverhalten • Vielfältige Kommunikationskanäle für
- Kund*innen • Bekämpfung von Energiearmut
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Sustainable Development Goals
Überblick über die wesentlichen potenziellen Auswirkungen unserer Unternehmenstätigkeit (Auswahl)
EVN Handlungsfeld und Definition
Attraktive Arbeitgeberin
... steht für unseren Anspruch, eine verantwortungsbewusste, faire und krisensichere Arbeitgeberin zu sein. Dabei gilt es auch, Diversität und Chancengleichheit zu fördern, die Mitarbeiter*innenaus- 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.
Impact-Bewertung (Auszug) "–" = negativ; "+" = positiv
- Arbeitsunfälle
- Auswirkung auf Gesundheit der Mitarbeiter*innen durch Überlastung
- Compliance-Verstöße
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- Schaffung von Arbeitsplätzen
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- Arbeitsplatzsicherung
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- Attraktives Arbeitsumfeld
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- Flexible Arbeitsbedingungen + Volkswirtschaftlicher Beitrag
- durch Aus- und Weiterbildung
Handhabung – Instrumente und Maßnahmen (Auszug)
- 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
Sustainable Development Goals
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.
- Treibhausgasemissionen
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- Hohe Standards in der Versorgungsqualität
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- Effiziente und umweltschonende Energieversorgung für Gesellschaft und Wirtschaft + Beitrag zur Erreichung der
- internationalen und nationalen Klimaziele
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- Reduktion treibhausrelevanter Emissionen
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- Notwendige Anpassungen des Geschäftsmodells an den Klimawandel
- Konzernweite Ausbauziele bis 2030: Windkraft von aktuell 447 MW auf 770 MW und Photovoltaik von derzeit 42 MWp auf 300 MWp
- Dekarbonisierungsziele gemäß SBTi (bis 2034)
- Klimaneutralität ausgewählter Konzerngesellschaften
- Netzinvestitionen zur Integration von Strom aus volatiler erneuerbarer Erzeugung
- Fokus auf Effizienzsteigerung insbesondere im Bereich THG-Emissionsminimierung
- Wärmeerzeugung aus Biomasse und mit Wärmepumpen
- Eignung des Gasnetzes für erneuerbare und CO2-freie Gase
- Zertifizierte Umweltmanagementsysteme
- EVN-interne Krisen- und Notfallpläne (z. B. Hochwasser)
- 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
- Sanierung von Altlasten und ehemaligen Standorten
36
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
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- Hohe Umweltstandards in der Versorgungsqualität
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- Effiziente und umweltschonende Energieversorgung für Gesellschaft und Wirtschaft
EVN AG, Maria Enzersdorf Überblick über die wesentlichen potenziellen Auswirkungen unserer Unternehmenstätigkeit (Auswahl)
EVN Handlungsfeld und Definition
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.
Impact-Bewertung (Auszug) "–" = negativ; "+" = positiv
- Innovative Produkte werden von Kund*innen nicht angenommen
- Risiko für Cyberkriminalität steigt
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- Wettbewerbsfähigkeit wird erhalten + Flexiblere Arbeitsbedingungen für Mitarbeiter*innen
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- Volkswirtschaftlicher Beitrag durch Innovationsinitiativen, sowie Infrastrukturprojekte und -investitionen
Handhabung – Instrumente und Maßnahmen (Auszug)
- Laufendes Monitoring des
- Innovationsprozesses • Umfangreiche IT-Security-Maßnahmen
- Innovations-, Forschungs- und Entwicklungsaktivitäten
- Ausgewogenes Verhältnis zwischen Investitionsprojekten und einer attraktiven Aktionär*innenvergütung als Ziel
Sustainable Development Goals
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
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- Wahrung der Interessen der wesentlichsten Stakeholder-Gruppen
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- Sicherung und Erhöhung der Lebensqualität durch die verlässliche Bereitstellung von Energie
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- Gewährleistung der Lebensqualität durch die Versorgung mit hochwertigem Trinkwasser
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- Förderung und Unterstützung von Kindern und Jugendlichen in herausfordernden Lebenssituationen
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- Verbesserung des Verbrauchsverhaltens bei Kund*innen
- Maximale Nähe zu unseren Kunden + Vermittlung von naturwissenschaftlichen und praktischen Grundlagen der Elektrizität für Volksschulkinder
- Niederschwellige digitale Feedbackangebote zur gleichmäßigen Wahrung der Interessen unterschiedlicher Kund*innengruppen
- Nachhaltigkeitsbeirat
- Regelmäßige Stakeholder-Befragungen
- Proaktive Stakeholder-Einbindung • Projektbezogene Stakeholder--
- Kommunikation • EVN Wesentlichkeitsmatrix als
- Instrument für den Abgleich von 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
- Initiativen zur Stärkung der digitalen Kompetenz
Maximale Nähe zu unseren Kunden Daseinsvorsorge hat für die EVN oberste Priorität. Ebenso wichtig ist für die EVN möglichst große Nähe zu den Kunden, denen sie in allen Anliegen möglichst rasch, unkompliziert und
Die verlässliche Versorgung der EVN Kunden mit Dienstleistungen der täglichen Daseinsvorsorge hat für die EVN oberste Priorität. Ebenso wichtig ist für die EVN möglichst große Nähe zu den Kunden, denen sie in allen Anliegen möglichst rasch, unkompliziert und individuell zur Seite steht. individuell zur Seite steht. Die Kunden der EVN haben in Zeiten großer Umbrüche auf den Energiemärkten außergewöhnliche Belastungen erfahren und erhöhten Beratungsbedarf. Auch im Geschäftsjahr 2022/23 stand das EVN Kundenservice deshalb vor enormen
Die verlässliche Versorgung der EVN Kunden mit Dienstleistungen der täglichen
Die Kunden der EVN haben in Zeiten großer Umbrüche auf den Energiemärkten außergewöhnliche Belastungen erfahren und erhöhten Beratungsbedarf. Auch im Geschäftsjahr 2022/23 stand das EVN Kundenservice deshalb vor enormen Herausforderungen. Um die Servicequalität kontinuierlich zu steigern, hat die EVN im Berichtszeitraum zudem ein Projekt zur Verbesserung der Resilienz und Stabilität und zur Schaffung einer schlagkräftigen, effizienten Organisationsstruktur im Bereich Customer Relations gestartet. Dieser Prozess wurde von externen Beratern begleitet. Maßnahmen zur Entlastung des Customer-Relations-Teams umfassten u. a. Kapazitätserhöhungen sowohl intern als auch durch die Unterstützung externer Call-Center-Partner. Zudem fanden unter externer Begleitung Teamcoachings zur Steigerung der mentalen Stärke und somit zur besseren Bewältigung des hohen Arbeitspensums statt. 37 Herausforderungen. Um die Servicequalität kontinuierlich zu steigern, hat die EVN im Berichtszeitraum zudem ein Projekt zur Verbesserung der Resilienz und Stabilität und zur Schaffung einer schlagkräftigen, effizienten Organisationsstruktur im Bereich Customer Relations gestartet. Dieser Prozess wurde von externen Beratern begleitet. Maßnahmen zur Entlastung des Customer-Relations-Teams umfassten u. a. Kapazitätserhöhungen sowohl intern als auch durch die Unterstützung externer Call-Center-Partner. Zudem fanden unter externer Begleitung Teamcoachings zur Steigerung der mentalen Stärke und somit zur besseren Bewältigung des hohen Arbeitspensums statt.
Um möglichst viele der EVN Kunden persönlich über die Ablöse des bisherigen Klassik-Tarifs und die Optionen für einen Wechsel zu einem neuen Tarif zu informieren, startete die EVN im Frühjahr 2023 wieder eine Informationskampagne mit dem EVN Info-Bus. Im Rahmen dieser Kampagne besuchten EVN Mitarbeiter insgesamt 469 Gemeinden Niederösterreichs, um die Kunden vor Ort umfassend über den Tarifwechsel aufzuklären und zu informieren. Der EVN Info-Bus hatte sich bereits im Herbst 2022 im Rahmen der Informationskampagne über Entlastungsmaßnahmen und Einsparungspotenziale sehr bewährt und wurde auch diesmal äußerst positiv aufgenommen.
Hohen Stellenwert misst die EVN auch einem aktiven Beschwerdemanagement bei, in dessen Rahmen alle Rückmeldungen unzufriedener Kunden dokumentiert, ausgewertet und regelmäßig eingehend analysiert werden, um daraus spezifische Verbesserungsmaßnahmen abzuleiten. Zudem setzt die EVN intensiv auf Schulungen und Trainings für das Customer-Relations-Team – zunehmend auch mittels digitaler E-Learning-Formate.
Die EVN legt großen Wert auf Diversität, sowohl in Bezug auf ihre eigenen Mitarbeiter als auch im Umgang mit ihren Kunden. Für Kunden, deren Muttersprache nicht Deutsch ist, werden Beratungsdienste in ihrer jeweiligen Muttersprache angeboten. Möglich wird dies durch die große Vielfalt im Team, dem viele Kollegen mit unterschiedlichen Muttersprachen angehören.
Nach umfassenden Vorbereitungen wurde der frühere Kundenbeirat der EVN im Geschäftsjahr 2022/23 in einem neuen, digitalen Format aufgesetzt. Das bestehende Beratungsgremium, in dem seit dem Jahr 2011 gewählte Kundenvertreter ihre Anliegen und Bedürfnisse mit dem Management und Experten erörtert hatten, wurde dadurch auf eine zeitgemäße und wesentlich breitere Basis gestellt. Feedbackwillige Kunden können sich nun auf freiwilliger Basis online unter https://mein-feedback.at/ anmelden. Dadurch soll eine große Gruppe an Testkunden entstehen, die online sowie vor Ort – und damit rasch, flexibel und niederschwellig – um ihre Meinung zu bestehenden sowie geplanten Produkt- und Serviceangeboten gebeten werden kann. Im Geschäftsjahr 2023/24 will die EVN darüber hinaus Real-Time-Feedback in einem digitalen Format auf Echtzeitbasis einführen. Dies soll eine rasche Erhebung und Auswertung der Qualität von Kundenkontakten ermöglichen.
Die EVN setzt darüber hinaus auf den für die spezifischen Anforderungen des Unternehmens definierten Customer Loyalty Index, um die Zufriedenheit der Kunden mit unterschiedlichen Aspekten ihrer Geschäftsbeziehung zur EVN zu evaluieren. Dabei wird anhand verschiedener Indikatoren die Loyalität der Kunden auf monatlicher Basis beobachtet und gemessen. Der Index ermöglicht es, Veränderungen des Kundenverhaltens und deren Ursachen frühzeitig zu erkennen und rasch darauf zu reagieren.
Im Frühjahr 2023 absolvierte das EVN Kundenservice erfolgreich die Re-Zertifizierung nach ISO 18295-1. Die Schwerpunkte der dafür erforderlichen Überprüfung lagen auf den Abläufen im Kundenservice sowie auf dem Schulungskonzept für das Customer-Relations-Team. In allen Bereichen wurden die umfassenden Anforderungen der ISO-Norm erfüllt. Das neue Zertifikat ist bis Dezember 2028 gültig.
Das Wertegerüst der EVN schließt auch das klare Bekenntnis zu sozialer Verantwortung mit ein, das im aktuellen Umfeld nochmals stark an Bedeutung gewinnt. Über unterschiedliche Kanäle (persönlich, telefonisch oder online) bieten geschulte Mitarbeiter in Customer Relations und in den Service Centern individuelle Beratung von Energiespartipps bis hin zum Umgang mit Zahlungsschwierigkeiten und halten aktiv den Kontakt mit den Kunden. Seit vielen Jahren bewähren sich Maßnahmen wie Kooperationen mit der Caritas, der Schuldnerberatung Niederösterreich, der Diakonie sowie dem Niederösterreichischen Armutsnetzwerk. Diese Zusammenarbeit hat die EVN zuletzt weiter intensiviert. Einen Fokus bilden hier Energieeffizienzmaßnahmen sowie die Ausschöpfung von Einsparpotenzialen, durch die sich oft erhebliche Kostenreduktionen erzielen lassen.
Der regelmäßige Austausch mit den genannten Organisationen erleichtert es zudem, im Einzelfall gezielte Maßnahmen für sozial benachteiligte Kunden abzustimmen. Dazu zählen individuelle Vereinbarungen über Stundungen oder Ratenzahlungen ebenso wie Lösungen, die in Kooperation mit Hilfsorganisationen und Anbietern sozialer Hilfsleistungen erarbeitet werden. Für den Zeitraum von 1. Dezember 2022 bis 30. April 2023 hat die EVN auf Abschaltungen bei Haushaltskunden für Strom überhaupt ganz verzichtet, und auch im laufenden Geschäftsjahr werden im Zeitraum von 1. Dezember 2023 bis 31. März 2024 bei Haushaltskunden keine Abschaltungen bei Strom, Erdgas oder Wärme vorgenommen. Zur Unterstützung besonderer sozialer Härtefälle wurde im Herbst 2022 ein mit 3 Mio. Euro dotierter Energiehilfe-Fonds eingerichtet, der betroffene Haushalte mit professioneller Energieberatung, Gerätetausch oder einer Überbrückungsfinanzierung für Energierechnungen unterstützen soll. Die Abwicklung der von diesem Fonds gewährten Unterstützungen erfolgt über soziale Institutionen.
Umweltbelange
Die grundlegenden Ziele und Werte der EVN in Sachen Klima- und Umweltschutz sind einerseits im Umweltleitbild der EVN und andererseits in der EVN Klimainitiative 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 der Anlagen und Projekte sowie zu einem umweltgerechten Abfallmanagement. Die lückenlose Erfüllung vom Umweltgesetzen und -auflagen in allen Aktivitäten der EVN ist dabei selbstverständlich. Im Bereich Klimaschutz wiederum legt die Klimainitiative den Fokus auf einen schrittweisen Systemumbau in Richtung einer klimaneutralen Energieerzeugung mit den Schwerpunkten Windkraft und Photovoltaik bei gleichzeitiger Gewährleistung der Versorgungssicherheit.
Die Tätigkeitsbereiche der EVN AG umfassten im Geschäftsjahr im Wesentlichen Handelsund 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 Umweltmanagementsysteme gemäß dem Eco Management und Audit Scheme (EMAS) sowie nach ISO 14001. Die EMAS-Verordnung schreibt unter anderem die Festlegung von messbaren Umweltzielen vor, deren Zielsetzung einen kontinuierlichen Verbesserungsprozess vorsieht. Für die Zertifizierung nach EMAS sind die lückenlose Einhaltung von umweltrelevanten Gesetzen und deren engmaschige Überprüfung zwingende Grundvoraussetzungen. Alle thermischen Anlagen in Niederösterreich sowie 74 Wärmeerzeugungs- und Kälteanlagen der EVN entsprechen diesen Standards.
Das Engagement der EVN zum Klimaschutz orientiert sich an einem ausgewogenen Mix aus optimaler Versorgungssicherheit und minimalen Umweltauswirkungen. Mit den folgenden Initiativen und strategischen Ansätzen erbringt die EVN einen wesentlichen Beitrag zur Erreichung der österreichischen und europäischen Klimaziele:
- Forcierte Nutzung der erneuerbaren Energiequellen Wasser, Wind, Sonne, Biomasse und erneuerbares Gas
- Steigerung der Energieeffizienz eigener Produktionsanlagen und Netze
- Aktive Teilnahme an Innovations-, Entwicklungs- und Forschungsprojekten
- Information und Beratung der Kunden im Hinblick auf die Reduktion ihres Energiebedarfs
- Regionale Wertschöpfung durch die Nutzung heimischer Energieträger wie Biomasse und erneuerbares Gas
- Nutzung von Fahrzeugen mit alternativen Antrieben wie z.B. E-Autos
- Steigerung des Anteils erneuerbarer Energien am Produktmix der EVN
- Zunehmender Einsatz erneuerbarer Energien zur Deckung des Eigenbedarfs
• Unterstützung der Transformation der Gasnetze hin zu erneuerbarem Gas und Wasserstoff
Nachhaltigkeitsbeirat
Der Nachhaltigkeitsbeirat der EVN berät den Vorstand der Gesellschaft in wichtigen Fragen der nachhaltigen Unternehmensführung in den Bereichen Umwelt- und Klimaschutz, Anpassung an den Klimawandel, Kreislaufwirtschaft, Biodiversität, nachhaltige Wasserwirtschaft, Digitalisierung, Gleichbehandlung und Chancengleichheit, Arbeitssicherheit und Arbeitsschutz sowie Soziales und Menschenrechte. Im Geschäftsjahr 2022/23 trat das aus 28 Mitgliedern bestehende Gremium zu zwei Sitzungen zusammen. Ein besonderer Fokus wurde dabei neben den Themen Versorgungssicherheit und Energietransformation, energiewirtschaftliche Situation in Niederösterreich und aktuelle Marktsituation und Aktivitäten des EVN Vertriebsgeschäfts auch auf die Herausforderungen des Arbeitsmarkts sowie von der Ausbildung über das Finden und Halten von Arbeitskräften als auch auf die Skills der Zukunft gelegt.
Abfall
Die EVN achtet darauf, dass Wertstoffe – soweit möglich – intern wiederverwendet werden, bevor sie als Abfall deklariert werden. Eine innerbetriebliche Behandlung oder Recycling von Abfällen wird aufgrund der rechtlich dafür notwendigen Behandlungserlaubnis nicht durchgeführt. Gemäß der EU-Gesetzgebung geschieht dies über die direkte Beauftragung von geeigneten Entsorgern oder Verwertern, die eine fachgerechte Verwertung und Entsorgung der Abfälle nach der europäischen Abfallhierarchie gewährleisten und so sicherstellen, dass Wertstoffe nicht verloren gehen.
Alle regelmäßig anfallenden gefährlichen und nicht gefährlichen Abfälle gibt die EVN auf Basis von Rahmenverträgen an berechtigte Entsorgungsunternehmen ab, die diese Abfälle entsprechend den gesetzlichen Vorschriften des jeweiligen Landes umweltgerecht entsorgen. In der Berichtsperiode entsorgte die EVN keine gefährlichen oder nicht gefährlichen Abfälle grenzüberschreitend.
| Abfallmengen gesamt1) | 2022/23 | 2021/22 | 2020/21 | |
|---|---|---|---|---|
| Nicht gefährliche Abfälle | t | 203 | 267 | 339 |
| davon zur Rückgewinnung umgeleitete Abfälle | t | 180 | - | - |
| davon dem Recycling zugeführt | t | 176 | - | - |
| davon sonstigen Verfahren zur Rückgewinnung zugeführt | t | 4 | - | - |
| davon zur Entsorgung weitergeleitete Abfälle | t | 23 | - | - |
| davon in die Verbrennung mit Energierückgewinnung | t | 21 | - | - |
| davon zur Deponierung | t | 1 | - | - |
| davon zu sonstigen Entsorgungsverfahren | t | 1 | - | - |
| Gefährliche Abfälle | t | 33 | 35 | 31 |
| davon der Verwertung zugeführte gefährliche Abfälle | t | 8 | - | - |
| davon zur Entsorgung weitergeleitete gefährliche Abfälle | t | 25 | - | - |
1) Ohne Baurestmassen
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:
- EVN Junior-Ranger-Programm: An zwei Samstagen vermittelten externe Experten insgesamt 17 Jugendlichen Theorie- und Praxiswissen zu Themen wie Hydrobiologie, Flora und Fauna in Flussauen, Gewässerökologie, Fischerei sowie Natur- und Gewässerschutz. Die Wissensvermittlung fand am und um den Stausee Erlaufklause, ein Wasserkraftwerksstandort der EVN, statt.
- EVN Sozialfonds: Der EVN Sozialfonds ist mit jährlich rund 120.000 Euro dotiert und unterstützt Kinder- und Jugendprojekte niederösterreichischer Institutionen. Über die Auswahl der Förderprojekte entscheidet ein Expertengremium, das zweimal pro Jahr zusammentritt. Seine Empfehlungen zur Mittelverwendung an den Vorstand der EVN erfolgen einstimmig auf Basis eines vordefinierten Kriterienkatalogs. Im Geschäftsjahr 2022/23 unterstützte der Fonds 18 Projekte mit einem Gesamtbeitrag von rund 122.000 Euro.
- Bonuspunkte spenden: In der EVN Bonuswelt bietet die EVN ihren Kunden vielfältige Möglichkeiten zur Verwendung jener Bonuspunkte, die sie im Rahmen ihres Energiebezugs oder der Nutzung anderer EVN Services laufend sammeln. Die Bonuspunkte können wahlweise als finanzielle Vergütung für die Kunden selbst oder aber zur Unterstützung verschiedener wohltätiger Projekte eingelöst werden. Spendenaktionen gab es zuletzt u.a. für Menschen mit psychischen Erkrankungen, für Tierheime oder für Sozialmärkte.
- evn sammlung: Seit 1995 besteht die evn sammlung, eine Kollektion zeitgenössischer Kunst aus aller Welt, 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 sieht es als ihre Verantwortung, zeitgerecht auf die aktuellen Herausforderungen zu reagieren und ein optimales Arbeitsumfeld für ihre Mitarbeiter zu schaffen, in dem sie sich weiterentwickeln und zielorientiert am gemeinsamen Erfolg arbeiten können. Mit dem Projekt "EVN Arbeitswelt" versucht die EVN, diesen Anforderungen gerecht zu werden und ein möglichst flexibles Arbeitsumfeld für ihre Mitarbeiter zu schaffen. Länderspezifische gesetzliche Bestimmungen und internationale Regelwerke, etwa die Allgemeine Erklärung der Menschenrechte, sowie die grundlegenden Formulierungen in unserem Verhaltenskodex bilden die grundsätzlichen Leitgedanken der EVN Unternehmenskultur, wenn es um den Umgang mit Mitarbeitern geht. Eine Reihe weiterer verbindlicher Dokumente zur Unternehmens- und Führungskultur, so etwa das Führungsleitbild und die Menschenrechts-Policy, definiert und konkretisiert die Prinzipien und Richtlinien der EVN für den alltäglichen Umgang miteinander.
Im Umgang mit den Mitarbeitern kommt die EVN aber nicht nur den gesetzlich definierten Pflichten nach, sondern erbringt darüber hinaus viele zusätzliche freiwillige Leistungen, um dem Anspruchsbild einer fairen Arbeitgeberin zu entsprechen.
Fundamentale Prinzipien wie z.B. Gleichbehandlung und Chancengleichheit, Vereinbarkeit von Familie und Beruf, Arbeitsschutz und -sicherheit, betriebliche Gesundheitsvorsorge, betriebliche Sozialpartnerschaft und interne Kommunikation sowie betriebliche Zusatzleistungen prägen hierbei die Unternehmenskultur.
Zum Bilanzstichtag am 30. September 2023 beschäftigte die EVN 626 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 2023 gehörten der EVN AG 182 Frauen (29,1 %) und 444 Männer (70,9 %) an. Zur Erhöhung des Frauenanteils in der EVN sowie zur Unterstützung der Karriereplanung insbesondere hoch qualifizierter bietet das Programm "Frauen@ EVN" u. a. die Möglichkeit, bedarfsorientiert Seminare zu besuchen und interne Netzwerkmöglichkeiten wahrzunehmen. Auch ein Mentoring-Programm wurde vor einigen Jahren ins Leben gerufen. Damit will die EVN die Mitarbeiterinnen in ihren Führungspositionen stärken und gleichzeitig die Voraussetzungen für eine Steigerung der Anzahl weiblicher Führungskräfte schaffen. Auch die Möglichkeit, als Teilzeitbeschäftigter Führungsverantwortung zu übernehmen, wird von der EVN bewusst unterstützt und gelebt.
10 Frauen und 9 Männer sind in der Berichtsperiode neu in das Unternehmen eingetreten, während 5 Frauen und 8 Männer das Unternehmen verlassen haben. Zum Stichtag 30. September 2023 gab es in der EVN AG in Summe 76 Teilzeitbeschäftigte, davon 59 Frauen und 17 Männer. Der Anteil an teilzeitbeschäftigten Mitarbeitern an der Gesamtbelegschaft der EVN AG zum Bilanzstichtag entspricht somit 12,1 %.
Gleichbehandlung und Chancengleichheit
Im Einklang mit der Allgemeinen Erklärung der Menschenrechte, den Prinzipien des UN Global Compact sowie den Grundsätzen der International Labour Organization werden alle Mitarbeiter der EVN ungeachtet von Geschlecht, Alter, ethnischer Herkunft, Hautfarbe, sexueller Orientierung, Religion, Weltanschauung oder allfälligen Beeinträchtigungen gleichwertig behandelt. Außerdem lehnt die EVN jede Diskriminierung von Mitarbeitern in Bezug auf Einstellung, Fortbildung, Personalentwicklung, Beschäftigungsbedingungen und Entlohnung bei gleicher fachlicher und persönlicher Qualifikation ausdrücklich ab.
Die Vergütung aller Mitarbeiter richtet sich nach dem jeweils gültigen Kollektivvertrag bzw. nach ihrer jeweiligen Tätigkeit und Qualifikation. Damit bestehen in der EVN bei gleichwertiger Ausbildung und Tätigkeit keine Unterschiede in der Vergütung zwischen Frauen und Männern. Zu unserem grundsätzlichen Bekenntnis zu Gleichbehandlung und Chancengleichheit zählt auch die Förderung der Integration von Menschen mit besonderen Bedürfnissen. Im Geschäftsjahr 2022/23 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 eines der ersten Unternehmen hat die EVN bereits im Mai 2011 die "Charta zur neuen Vereinbarkeit Eltern – Wirtschaft" – eine Initiative des Landes und der Wirtschaftskammer Niederösterreich – unterzeichnet und damit ein Zeichen für eine elternorientierte Personalpolitik gesetzt. In vielen Bereichen können Mitarbeiter ihre Arbeitszeit frei gestalten, sofern nicht betriebliche Erfordernisse wie etwa Schichtdienste dem entgegenstehen. Die Grundlage dafür bildet ein Gleitzeitmodell ohne Kernzeit, das sehr hohe Flexibilität ermöglicht, Verschiedene Teilzeitmodelle sowie fixe Modelle für mobiles Arbeiten, die z.B. auch eine Kombination von Arbeitseinsatz im Außendienst und mobilem Arbeiten innerhalb eines Arbeitstags ermöglichen, erleichtern den Mitarbeitern die Vereinbarkeit von beruflichen und familiären Verpflichtungen.
Die Modelle für mobiles Arbeiten sehen einen Rahmen von bis zu 1.280 Stunden pro Jahr vor, in denen die Mitarbeiter ortsungebunden arbeiten können. Mitarbeiter mit Familienverantwortung werden außerdem mit Einrichtungen wie einem Eltern-Kind-Büro oder mit dem betreuten Kinderferienprogramm der EVN unterstützt.
Alle Mitarbeiter der EVN haben nach der Geburt eines Kindes gesetzlichen Anspruch auf Karenzzeit sowie dem sogenannten Papamonat. Die EVN gewährt die Karenzzeit mit einer möglichen Arbeitsfreistellung bis zum 36. Lebensmonat des Kindes sogar über die bestehende gesetzliche Verpflichtung hinaus. Während der Karenzzeit hält die EVN den Kontakt zu ihren Mitarbeitern gezielt aufrecht und erleichtert damit ihren beruflichen Wiedereinstieg. Darüber hinaus stehen den Mitarbeitern in Karenz weiterhin spezifische Informationsveranstaltungen und ein umfassendes Aus- und Weiterbildungsprogramm offen. Auch immer mehr männliche Mitarbeiter der EVN nutzen dieses Angebot, und beinahe alle Mütter und Väter kehren nach ihrer Karenz wieder zur EVN zurück.
Gesundheitsvorsorge, Arbeitsschutz und -sicherheit
Die Gewährleistung der Sicherheit und Gesundheit der Mitarbeiter sowie die Bestrebungen im Interesse von Arbeitssicherheit und Unfallvermeidung bilden ein zentrales Element der EVN Unternehmenskultur. In Ergänzung zu europäischen und länderspezifischen gesetzlichen Vorschriften, die durchwegs zur Gänze eingehalten werden, sind sie für sämtliche Unternehmenseinheiten im EVN Verhaltenskodex, Menschenrechts-Policy, Sicherheitsleitbild und -strategie sowie in internen Geschäftsanweisungen und Richtlinien fest verankert, die Sicherheitsrisiken definieren 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 Norm ISO 45001. Durch den engen Kontakt zwischen den Sicherheitsvertrauenspersonen in den einzelnen Unternehmensbereichen und den zentralen 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 ihrer Kenntnisse im Arbeitsschutz die erste Anlaufstelle für Betroffene. Darüber hinaus werden alle Mitarbeiter und Leasingmitarbeiter von Sicherheitsvertrauenspersonen in Arbeitsausschüssen vertreten, die Arbeitsschutzprogramme überwachen und über solche beraten. Dieser Austausch erfolgt gemäß den gesetzlichen Vorgaben einmal jährlich.
Als Basis der regelmäßigen Unterweisungen dient das eigens auf die Arbeitsbedingungen in der Energiewirtschaft ausgerichtete "Handbuch Sicherheit" der Branchenvereinigung Oesterreichs Energie. Das für den Konzern zentral organisierte Team der EVN Arbeitssicherheit setzt auch eine Vielfalt an konkreten Maßnahmen um, wie z.B. Sicherheitsgespräche mit dem Vorgesetzten, E-Learning-Module und Videoclips zu Arbeitsweisen und zur Handhabung von Arbeitsmitteln, Fachseminare, Artikel in der Mitarbeiterzeitung sowie im Intranet zu unterschiedlichen Aspekten der Arbeitssicherheit sowie die Verleihung des jährlichen "Oskar für Arbeitssicherheit" an jene Abteilungen bzw. Organisationen, die ein unfallfreies Jahr hinter sicher gebracht haben.
Im Geschäftsjahr 2022/23 ereigneten sich bei der EVN AG zwei Arbeitsunfälle (Vorjahr: 5); der Lost Time Injury Frequency Index (LTIF) betrug 1,6 (Vorjahr: 1,7).
Um auch unserer Verantwortung für die Gesundheit der Mitarbeiter gerecht zu werden, bietet die EVN eine weit über das gesetzliche Maß hinausgehende arbeitsmedizinische Betreuung. Zwei Arbeitsmediziner stehen für alle Fragen rund um Gesundheitsvorsorge, Bewusstseinsbildung sowie Erhaltung und Förderung der Gesundheit am Arbeitsplatz zur Verfügung und betreuen die Mitarbeiter im Rahmen der Arbeitnehmerschutzbestimmungen und darüber hinaus. Zu den zahlreichen angebotenen Maßnahmen zählen u.a. Gesundenuntersuchungen, Impfungen, Seh- und Hörtests, Präventionsmedizin sowie Erste-Hilfe-Kurse, aber auch psychologische Beratung, Coaching, Tipps für gesunde Ernährung sowie spezifische Angebote für Mitarbeiter, die besonderen Belastungen ausgesetzt sind. Die EVN ist nicht in Ländern aktiv, in denen ein erhöhtes Risiko durch übertragbare Krankheiten besteht oder Arbeitsbedingungen vorherrschen, die die Gesundheit der Mitarbeiter dauerhaft gefährden könnten. Dennoch hat die EVN Konzernanweisungen für Ernstfälle in allen Konzerngesellschaften entwickelt – darunter z.B. die "Pandemievorsorge EVN", die nach dem Ausbruch von Covid-19 im März 2020 als wertvolle Grundlage für die gesetzten Maßnahmen diente.
Neben den direkt vom Unternehmen getragenen Maßnahmen eröffnet die EVN Kultur- und Sportvereinigung allen Mitarbeitern ein vielfältiges Angebot an Aktivitäten von Laufsport über Tennis, Fußball und Flugsport bis hin zu Film und Fotografie. Bei vielen dieser Aktivitäten nimmt die Gesundheitsförderung ebenfalls einen wichtigen Stellenwert ein.
Betriebliche Sozialpartnerschaft
Bei wesentlichen unternehmerischen Entscheidungen achtet die EVN auf Transparenz und steht damit im Einklang mit ihrem Führungsleitbild, mit allen gesetzlichen Bestimmungen sowie mit der Allgemeinen Erklärung der Menschenrechte. In diesem Sinn werden auch die Arbeitnehmervertreter laufend und zeitgerecht über wesentliche unternehmerische Entscheidungen informiert bzw. 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 Belegschaftsvertretungen wie Betriebsräte oder Gewerkschaften vertreten und sind hinsichtlich ihrer Bezahlung durch kollektivvertragliche, tarifliche oder gesetzliche Mindestlöhne geschützt. Regelmäßig werden die Belegschaftsvertretungen in die Kollektivvertragsverhandlungen eingebunden. Insgesamt orientiert sich das Gehaltsschema von allen Mitarbeitern der EVN AG an diesen Kollektivverträgen. Mitarbeiterthemen werden auch in Arbeits- und Sicherheitsausschüssen behandelt, die sich u.a. aus Betriebsräten oder Gewerkschaftsvertretern zusammensetzen. Außerdem können sich Vertreter des Betriebsrats im Aufsichtsrat sowie im Nachhaltigkeitsbeirat äußern.
Personalentwicklung und -förderung
Die hohe Qualifikation der Mitarbeiter hat für die EVN große strategische Bedeutung und ist wesentlich für die Sicherung des nachhaltigen Unternehmenserfolgs. Daher bilden die Wahrung, aber auch die Verbesserung der hohen Kompetenz der Mitarbeiter zentrale Schwerpunkte des Personalmanagements bei EVN. Vor dem Hintergrund des aktuellen Arbeits- und Fachkräftemangels hat die zielgerichtete, individuelle und effiziente Personalentwicklung nochmals an Bedeutung gewonnen. Im Geschäftsjahr 2022/23 absolvierte jeder Mitarbeiter der EVN AG im Schnitt 11,1 Stunden an Weiterbildungsveranstaltungen.
Entscheidender Erfolgsfaktor im Wettbewerb um die klügsten Köpfe ist es, die Erwartungen und Bedürfnisse seiner potenziellen und auch bestehenden Mitarbeiter zu kennen und diesen so weit wie möglich entgegenzukommen. Die EVN betrachtet ihre Mitarbeiter sehr differenziert über den gesamten Employee Life Cycle hinweg, von der Phase der Orientierung und Jobsuche bis hin zum Pensionsantritt und auch noch danach. Ein umfassendes Onboarding stellt mit Infoveranstaltungen, Einschulungen, E-Learnings, Patensystem und regelmäßigen Feedbackschleifen sicher, dass die neuen Mitarbeiter auch tatsächlich im Unternehmen ankommen.
Damit die Mitarbeiter in ihrer jeweiligen Situation wahrgenommen und gefördert werden und sich weiterentwickeln können, spielt auch regelmäßiges Feedback – z. B. im Rahmen der jährlichen Mitarbeitergespräche – und die laufende Erhebung der Mitarbeiterzufriedenheit durch den "Stimmungsbarometer" eine ganz wesentliche Rolle.
Zur Gewinnung von qualifizierten neuen Mitarbeitern nutzt die EVN seit vielen Jahren auch gezieltes Employer Branding. Dazu gibt sie u. a. auf digitalen Plattformen authentische Einblicke in das Unternehmen und die vielfältigen Aufgabenbereiche. Ebenso gibt es seit einigen Jahren ein erfolgreiches Empfehlungsprogramm "Mitarbeiter werben Mitarbeiter" sowie ein Jobbotschafter-Programm. Grundidee ist in beiden Fällen die stärkere und aktive Einbindung bestehender Kollegen ins Recruiting.
Das umfangreiche Aus- und Weiterbildungsangebot der EVN wird durch die EVN Akademie umgesetzt, die jährlich rund 200 Veranstaltungen organisiert und mehr als 70 unterschiedliche Ausbildungspläne zu technischen Themenstellungen und Inhalten wie auch zur Persönlichkeitsentwicklung koordiniert. Für Führungskräfte und High Potentials gibt es darüber hinausgehende Ausbildungsprogramme und vielfältige Karrieremöglichkeiten.
Im Bewusstsein um den hohen Stellenwert von Aus- und Weiterbildung bekennt sich die EVN auch zu Bildungskarenz und Bildungsteilzeit. Entsprechende Ansuchen werden nach Prüfung der betrieblichen Möglichkeiten und Interessen vonseiten der Arbeitgeberin unter Berücksichtigung definierter Rahmenbedingungen grundsätzlich genehmigt. Auch das Modell der befristeten Wiedereingliederungsteilzeit wird fallweise genutzt, um Mitarbeiter z.B. nach einer längeren Krankheit die schrittweise Rückkehr in den Arbeitsalltag zu erleichtern. Die Möglichkeit der Altersteilzeit wiederum nutzen Mitarbeiter, um ihre Arbeitszeit bis zum Pensionsantritt schrittweise zu reduzieren.
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.
Die EVN legt größten Wert auf ethisch und rechtlich einwandfreies Verhalten aller Mitarbeiter, Geschäftspartner und Lieferanten. Um die Einhaltung dieses Bekenntnisses zu lückenloser Regeltreue wirksam zu gewährleisten, hat die EVN konzernweit Compliance-Richtlinien und Maßnahmen implementiert. Zentrales Dokument ist dabei der in zehn Themenbereiche gegliederte EVN Verhaltenskodex, der auf Basis des EVN Unternehmensleitbilds u. a. jene Aspekte der Geschäftstätigkeit regelt, die Menschenrechte, Governance, Unternehmensethik, Korruptionsprävention, Datenschutz, Vertraulichkeit und Wettbewerbsverhalten, Arbeitsschutz und Unfallvermeidung sowie Klima- und Umweltschutz betreffen. Lückenlose Compliance sowie die strikte Einhaltung des EVN Verhaltenskodex bilden konzernweit die verbindliche Richtschnur für das Verhalten. Die Regelungen des Verhaltenskodex setzen auf verschiedenen Grundlagen auf, die jeweils auf die Gegebenheiten und Anforderungen des Unternehmens umgelegt werden. Ihr Bogen reicht von länderspezifischen gesetzlichen Bestimmungen und internationalen Regelwerken, etwa Leitsätzen und Übereinkommen der OECD sowie des UN Global Compact, über Grundsatzerklärungen und Prinzipien der International Labour Organisation (ILO) bis hin zu internen Organisationsvorschriften und Unternehmensgrundsätzen, die über geltendes Recht hinausgehen.
Menschenrechte
Seit jeher ist im EVN Verhaltenskodex das uneingeschränkte und unmissverständliche Bekenntnis zur Achtung, zur Einhaltung sowie zum Schutz der Menschenrechte sowie zur Berücksichtigung ethischer Grundsätze im Umgang mit allen Mitarbeitern an allen Standorten sowie in allen Geschäftsbeziehungen verankert. Die Ablehnung von Kinder- und Zwangsarbeit zählt ebenso dazu wie die Forderung, niemanden aufgrund von Gender, Alter, ethnischer Herkunft, Hautfarbe, sexueller Orientierung, Religion, Weltanschauung oder allfälligen Beeinträchtigungen zu diskriminieren. Weitere Elemente sind die Gewährung von Mitspracherechten, die Umsetzung von Maßnahmen für Arbeitsschutz und -sicherheit sowie die Berücksichtigung von Menschenrechtsfragen in der Lieferkette (insbesondere bei internationalen Projekten).
Den Handlungsrahmen für die Einhaltung der Menschenrechte und des sozialen Mindestschutzes bilden interne Regelungen, die ihrerseits auf relevanten Gesetzen und internationalen Regelwerken beruhen, insbesondere auf den zehn Prinzipien des UN Global Compact und auf den Leitsätzen der OECD, der Vereinten Nationen sowie der International Labour Organization. Als international tätiges Unternehmen ist die EVN in Ländern mit unterschiedlicher Geschichte und Entwicklung in Menschenrechtsfragen tätig. Auch wenn dies primär in der Verantwortung der jeweiligen Regierungen liegt, fühlt sich die EVN dazu verpflichtet, die Wahrung der Menschenrechte sicherzustellen und ihre Einhaltung im Rahmen der Möglichkeiten auch außerhalb des unmittelbaren Wirkungsbereichs zu fördern.
Die Aspekte Menschenrechte und sozialer Mindestschutz werden im EVN Konzern als Querschnittsmaterien von unterschiedlichen Organisationseinheiten (insbesondere Personalwesen, Arbeitsschutz und -sicherheit, Beschaffung und Einkauf sowie der Stabsstelle Corporate Compliance Management) verantwortet. Im Geschäftsjahr 2021/22 wurden – insbesondere mit Blick auf die erstmalige Berichterstattung gemäß der EU-Taxonomie-Verordnung – die internen Prozesse und Regelwerke zu den Themen Menschenrechte und sozialer Mindestschutz überprüft und diese im Berichtszeitraum weiterentwickelt. Damit sollte sichergestellt werden, dass die für diese Themenbereiche etablierten Managementansätze und organisatorischen Regelungen lückenlos eingehalten werden.
Begleitend erfolgte im Lauf der letzten beiden Geschäftsjahre – vor allem für die besonders mit den Aspekten Menschenrechte befassten Organisationen – eine vertiefte Auseinandersetzung mit dem Thema, die auch durch externe Experten begleitet wurde. Vorstand und Führungskräfte wurden regelmäßig über Fortschritte und neu implementierte Maßnahmen informiert. Darüber hinaus wurde im Jahr 2022 eine EVN Menschenrechts-Policy formuliert und vom Vorstand genehmigt sowie ein EVN Menschenrechtsbeauftragter ernannt und in der Stabsstelle Corporate Compliance Management etabliert. Ab dem Geschäftsjahr 2023/24 sind bereits konkrete Weiterentwicklungsmaßnahmen geplant: Zu Beginn stehen Sensibilisierungsmaßnahmen und verpflichtende Schulungen. Diese sollen konzernweit das Verständnis zur Achtung der diversen Aspekte zum Thema Menschenrechte verstärken. Zudem soll ein Impact Assessment zum Thema Menschenrechte durchgeführt werden, um mögliche Risiken und Auswirkungen strukturiert zu erheben, zu bewerten und gegebenenfalls weitere Maßnahmen zu entwickeln.
Risiken in Bezug auf die Nichteinhaltung der Menschenrechte werden konzernweit im Rahmen der jährlichen Risikoinventur erhoben.
Korruptionsprävention
Die EVN tritt entschieden gegen jede Art von Korruption auf und fasst den Begriff Korruption sehr weit. Er beinhaltet für die EVN neben gesetzwidrigen Zahlungen (z.B. Bestechung, Kick-back-Zahlungen, fingierten Leistungen, Falschklassifizierung/-kontierung) auch alle anderen Arten von Zuwendungen (z.B. Geschenke, Einladungen, nicht drittübliche Vergünstigungen, immaterielle Vorteile wie Auszeichnungen und Protektion).
Sowohl die Annahme als auch die Gewährung solcher Vorteile sind für die Mitarbeiter der EVN und deren Angehörige konzernweit verboten. Ausgenommen davon sind bei pflichtgemäßer Abwicklung von Geschäften lediglich die Annahme bzw. Gewährung ortsund landesüblicher Aufmerksamkeiten geringen Werts.
Umfassende präventive Maßnahmen – darunter eigene Verhaltensregeln sowie spezifische Aus- und Weiterbildungsveranstaltungen – sollen Mitarbeiter gerade zum Thema Korruptionsvermeidung sensibilisieren. Deshalb legt die EVN bei der regelmäßigen Erhebung von Compliance-Risiken auch besonders Augenmerk auf das Thema Korruption.
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 Compliance-Risikofeldern und Verstößen gegen den Verhaltenskodex
- Reaktion durch Aufklärung und Verbesserung sowie gegebenenfalls Setzen von Maßnahmen
Die Führung und die laufende Weiterentwicklung des CMS werden von der direkt dem Gesamtvorstand unterstellten Stabsstelle Corporate Compliance Management (CCM) verantwortet. Neben dem Chief Compliance Officer und den Mitarbeitern von CCM wurden in den einzelnen operativen Bereichen der EVN dezentrale Compliance Officer eingesetzt.
Erhebung von Compliance-Risiken
Compliance-Risiken, die bei der EVN 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 die Interne Revision im Rahmen aller Prüfungsprojekte auf die Einhaltung sämtlicher Vorgaben und Regelungen im Zusammenhang mit Compliance. Die Ergebnisse dieser Erhebungen werden den Führungskräften, dem Gesamtvorstand und dem Prüfungsausschuss des Aufsichtsrats vorgelegt.
Hinweisgeberverfahren
Für den Fall eines (vermuteten) Compliance-Verstoßes steht internen und externen Personen ein vertrauliches und anonymes Hinweisgeberverfahren ("Whistle Blowing") zur Verfügung. Alle Bedenken in Bezug auf ethisch nicht vertretbares oder rechtswidriges Verhalten können dabei niederschwellig entweder persönlich, telefonisch, über spezifische Compliance E-Mail-Adressen oder über ein von einem externen Dienstleister gehostetes Hinweisgebersystem erfolgen. Diese Möglichkeiten bestehen konzernweit und in allen wesentlichen Landessprachen des EVN Konzerns. Das Hinweisgeberverfahren wurde dabei mit der Zielsetzung ausgestaltet, eine lückenlose, objektive und effiziente Aufklärung gemeldeter Verstöße gegen den EVN Verhaltenskodex zu gewährleisten. Anonym abgegebene Hinweise werden stets von der EVN behandelt. Eine eigene Konzernanweisung regelt insbesondere die Vorgehensweise bei der Behandlung der gemeldeten Bedenken sowie die Vorkehrungen zum Schutz der Hinweisgeber vor Repressalien.
Compliance-Verstöße stellen eine Verletzung von Dienstpflichten dar, in manchen Fällen sind sie zudem strafrechtlich relevant. Dies ist von den dazu berufenen Einrichtungen zu beurteilen. Sollte sich ein Verdacht bestätigen, führt dies je nach Schwere und Schadensumfang zu arbeits- bzw. 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.
Im Geschäftsjahr 2022/23 wurden der EVN AG keine Fälle von vermuteter Diskriminierung gemeldet. In der Berichtsperiode hat die EVN AG keine Meldungen über Vorwürfe vermuteter Korruption erreicht und kein – aus vor der Berichtszeit – gemeldeter Fall war Gegenstand von Klagen. Auch eine Vertragsaufkündigung mit Geschäftspartnern aus Gründen von Verstößen gegen den EVN Verhaltenskodex ist nicht erfolgt.
Die Verpflichtung zur Einhaltung hoher 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. Im gesamten Konzern verfolgt die EVN das Ziel, Geschäftsbeziehungen zu Unternehmen zu vermeiden, denen direkte oder indirekte Verstöße gegen die Menschenrechte bzw. das Korruptions-, Kartell- oder Wirtschaftsrecht zur Last gelegt werden oder gar nachgewiesen wurden. Bei der Überprüfung potenzieller Geschäftspartner, die auch das Screening von Sanktionslisten mit einschließt, folgt die EVN einem risikoorientierten Ansatz und berücksichtigt insbesondere Branchen- und Länderrisiken. Die EVN nutzt zudem die Compliance-Datenbank und -Software eines spezialisierten externen Dienstleisters. Sofern diese Screenings sensible Ergebnisse erbringen, werden entsprechende Maßnahmen zur Risikoreduktion gesetzt.
Compliance-Schulungen
Das CMS der EVN stellt mit einem sorgsam entwickelten und kontinuierlich verbesserten Schulungs- und Kommunikationskonzept konzernweit sicher, dass sich alle Mitarbeiter regelmäßig mit Compliance-Themen befassen und die Themenbereiche des EVN Verhaltenskodex jährlich wiederholt werden. Schulungsschwerpunkte sind insbesondere Menschenrechte, Unternehmensethik, Korruptionsprävention und Wettbewerbsverhalten.
Das im Geschäftsjahr 2021/22 in Abstimmung mit den Führungskräften neu konzipierte mehrstufige Compliance-Schulungsprogramm stellt nun mehr den konzernweit verpflichtenden Schulungsstandard zum EVN Verhaltenskodex dar, der von allen neu eingetretenen Mitarbeitern (inklusive externer Arbeitskräfte) absolviert werden muss. Sämtliche Module dieses umfassenden Lernpfads zeichnen sich durch einen hohen Grad an Interaktion und Praxisbezug aus. Die Präsenztrainings, Webinare und E-Learnings kombinieren zudem Einheiten zum Selbststudium samt Wissensüberprüfungen mit der Möglichkeit zur gemeinsamen Arbeit an Fallbeispielen.
Neben diesem umfangreichen Schulungsprogramm setzt CCM regelmäßig auch auf alternative Kommunikationsmaßen (z.B. solche im Intranet oder in der Mitarbeiterzeitung der EVN) sowie auf die Wissensvermittlung durch Führungskräfte, die laufend in die Vertiefung und Weiterentwicklung der Compliance-Grundsätze und -Regeln sowie der ethischen Prinzipien eingebunden sind.
EVN AG, Maria Enzersdorf
Ausblick Ausblick Die EVN AG wird im Geschäftsjahr 2023/24 den mit der Strategie 2030 vorgegebenen Kurs konzentriert weiterverfolgen. Der Fokus liegt dabei vor allem auf der Umsetzung all jener
Die EVN AG wird im Geschäftsjahr 2023/24 den mit der Strategie 2030 vorgegebenen Kurs konzentriert weiterverfolgen. Der Fokus liegt dabei vor allem auf der Umsetzung all jener ambitionierten Projekte, die einen konkreten Beitrag zur Transformation in Richtung eines CO2-neutralen Energiesystems leisten. Die EVN AG wird im Geschäftsjahr 2023/24 den mit der Strategie 2030 vorgegebenen Kurs konzentriert weiterverfolgen. Der Fokus liegt dabei vor allem auf der Umsetzung all jener ambitionierten Projekte, die einen konkreten Beitrag zur Transformation in Richtung eines CO2-neutralen Energiesystems leisten. ambitionierten Projekte, die einen konkreten Beitrag zur Transformation in Richtung eines CO2-neutralen Energiesystems leisten. Die Krise der internationalen Energiemärkte hat während der letzten beiden Jahre zeitweise ungeahnte Preisausschläge verursacht. Dies hat zu enormen Belastungen geführt, für
Die Krise der internationalen Energiemärkte hat während der letzten beiden Jahre zeitweise ungeahnte Preisausschläge verursacht. Dies hat zu enormen Belastungen geführt, für unsere Kunden ebenso wie für die Profitabilität unseres Energievertriebs. Für das Geschäftsjahr 2023/24 erwarten wir nach einem schrittweisen Rückgang der Spot- und Terminpreise nun eine Rückkehr auf ein positives Ergebnis aus dem Energievertrieb. Die Krise der internationalen Energiemärkte hat während der letzten beiden Jahre zeitweise ungeahnte Preisausschläge verursacht. Dies hat zu enormen Belastungen geführt, für unsere Kunden ebenso wie für die Profitabilität unseres Energievertriebs. Für das Geschäftsjahr 2023/24 erwarten wir nach einem schrittweisen Rückgang der Spot- und Terminpreise nun eine Rückkehr auf ein positives Ergebnis aus dem Energievertrieb. unsere Kunden ebenso wie für die Profitabilität unseres Energievertriebs. Für das Geschäftsjahr 2023/24 erwarten wir nach einem schrittweisen Rückgang der Spot- und Terminpreise nun eine Rückkehr auf ein positives Ergebnis aus dem Energievertrieb. Für das internationale Projektgeschäft haben wir im September 2023 einen strukturierten Verkaufsprozess gestartet. Ziel ist es, potenzielle neue Eigentümer für die WTE zu finden,
Für das internationale Projektgeschäft haben wir im September 2023 einen strukturierten Verkaufsprozess gestartet. Ziel ist es, potenzielle neue Eigentümer für die WTE zu finden, mit deren Unterstützung diese künftige internationale Projekt- und Wachstumspotenziale, die sich insbesondere dank der Referenz des erfolgreichen Kuwait-Projekts bieten, realisieren kann. Für das internationale Projektgeschäft haben wir im September 2023 einen strukturierten Verkaufsprozess gestartet. Ziel ist es, potenzielle neue Eigentümer für die WTE zu finden, mit deren Unterstützung diese künftige internationale Projekt- und Wachstumspotenziale, die sich insbesondere dank der Referenz des erfolgreichen Kuwait-Projekts bieten, realisieren kann. mit deren Unterstützung diese künftige internationale Projekt- und Wachstumspotenziale, die sich insbesondere dank der Referenz des erfolgreichen Kuwait-Projekts bieten, realisieren kann. Unter der Annahme, dass der Ergebnisbeitrag aus der Beteiligung an der Verbund AG im Geschäftsjahr 2023/24 voraussichtlich geringer ausfallen wird, wird ein Jahresergebnis unter
Unter der Annahme, dass der Ergebnisbeitrag aus der Beteiligung an der Verbund AG im Geschäftsjahr 2023/24 voraussichtlich geringer ausfallen wird, wird ein Jahresergebnis unter Vorjahresniveau erwartet. Geschäftsjahr 2023/24 voraussichtlich geringer ausfallen wird, wird ein Jahresergebnis unter Vorjahresniveau erwartet. Vorjahresniveau erwartet. Vor dem Hintergrund der Investitions- und Wachstumsperspektiven bis 2030 und darüber hinaus wird auch die Dividendenpolitik der EVN für die Zukunft neu formuliert. Die
Unter der Annahme, dass der Ergebnisbeitrag aus der Beteiligung an der Verbund AG im
Vor dem Hintergrund der Investitions- und Wachstumsperspektiven bis 2030 und darüber hinaus wird auch die Dividendenpolitik der EVN für die Zukunft neu formuliert. Die Dividendenausschüttung soll künftig mindestens 0,82 Euro pro Aktie betragen. Die EVN beabsichtigt, ihre Aktionär*innen an zusätzlichen Ergebnissteigerungen in angemessener Höhe zu beteiligen. Mittelfristig wird eine Ausschüttungsquote von 40 % des um außerordentliche Effekte bereinigten Konzernergebnisses angestrebt. Vor dem Hintergrund der Investitions- und Wachstumsperspektiven bis 2030 und darüber hinaus wird auch die Dividendenpolitik der EVN für die Zukunft neu formuliert. Die Dividendenausschüttung soll künftig mindestens 0,82 Euro pro Aktie betragen. Die EVN beabsichtigt, ihre Aktionär*innen an zusätzlichen Ergebnissteigerungen in angemessener Höhe zu beteiligen. Mittelfristig wird eine Ausschüttungsquote von 40 % des um außerordentliche Effekte bereinigten Konzernergebnisses angestrebt. Dividendenausschüttung soll künftig mindestens 0,82 Euro pro Aktie betragen. Die EVN beabsichtigt, ihre Aktionär*innen an zusätzlichen Ergebnissteigerungen in angemessener Höhe zu beteiligen. Mittelfristig wird eine Ausschüttungsquote von 40 % des um außerordentliche Effekte bereinigten Konzernergebnisses angestrebt.
Maria Enzersdorf, Maria Enzersdorf, am 21. November 2023 am 21. November 2023
Maria Enzersdorf,
am 21. November 2023
Der Vorstand Der Vorstand
Der Vorstand Mag. Stefan Szyszkowitz, MBA Dipl.-Ing. Franz Mittermayer
Mag. Stefan Szyszkowitz, MBA Dipl.-Ing. Franz Mittermayer
Mag. Stefan Szyszkowitz, MBA Dipl.-Ing. Franz Mittermayer
49
49
Jahresabschluss
Bilanz zum 30.09.2023
Aktiva
| 30.9.2023 EUR |
30.9.2022 TEUR |
|
|---|---|---|
| A. Anlagevermögen | ||
| I. Immaterielle Vermögensgegenstände | 37.907.475,75 | 41.852 |
| II. Sachanlagen | 22.976.050,64 | 21.937 |
| III. Finanzanlagen | 4.102.167.095,81 | 3.603.123 |
| 4.163.050.622,20 | 3.666.912 | |
| B. Umlaufvermögen | ||
| I. Vorräte | ||
| 1. Primärenergievorräte | 49.111.236,80 | 120.824 |
| 2. Waren | 0,00 | 25 |
| 49.111.236,80 | 120.848 | |
| II. Forderungen und sonstige Vermögensgegenstände | ||
| 1. Forderungen aus Lieferungen und Leistungen | 43.538.553,69 | 2.987 |
| 2. Forderungen gegenüber verbundenen Unternehmen | 543.864.448,00 | 550.250 |
| 3. Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht |
429.501,27 | 33.034 |
| 4. Sonstige Forderungen und Vermögensgegenstände | 93.207.763,94 | 7.516 |
| davon mit einer Restlaufzeit von mehr als einem Jahr | 0,00 | 0 |
| 681.040.266,90 | 593.787 | |
| III. Wertpapiere und Anteile | ||
| Sonstige Wertpapiere und Anteile | 227.795.437,12 | 193.269 |
| IV. Kassenbestand, Guthaben bei Kreditinstituten | 52.086.443,29 | 203.605 |
| 1.010.033.384,11 | 1.111.510 | |
| C. Aktive Rechnungsabgrenzung | 252.084,22 | 250 |
| D. Aktive latente Steuern | 8.790.382,02 | 3.803 |
| 5.182.126.472,55 | 4.782.476 |
EVN AG, Maria Enzersdorf EVN AG, Maria Enzersdorf
| Passiva Passiva |
30.9.2023 | 30.9.2022 |
|---|---|---|
| 30.9.2023 EUR EUR |
30.9.2022 TEUR TEUR |
|
| A. Eigenkapital A. Eigenkapital |
||
| I. eingefordertes und einbezahltes Grundkapital I. eingefordertes und einbezahltes Grundkapital Gezeichnetes Kapital |
330.000.000,00 | 330.000 |
| Gezeichnetes Kapital Eigene Anteile |
330.000.000,00 -2.977.639,85 |
330.000 -3.044 |
| Eigene Anteile | -2.977.639,85 327.022.360,15 |
-3.044 326.956 |
| II. Kapitalrücklagen | 327.022.360,15 | 326.956 |
| II. Kapitalrücklagen 1. Gebundene |
205.182.200,62 | 205.182 |
| 1. Gebundene 2. Nicht gebundene |
205.182.200,62 58.267.709,06 |
205.182 58.268 |
| 2. Nicht gebundene | 58.267.709,06 263.449.909,68 |
58.268 263.450 |
| III. Gewinnrücklagen | 263.449.909,68 | 263.450 |
| III. Gewinnrücklagen 1. Gesetzliche Rücklage |
4.723.734,22 | 4.724 |
| 1. Gesetzliche Rücklage 2. Andere Rücklagen (freie Rücklagen) |
4.723.734,22 2.130.561.880,70 |
4.724 1.917.495 |
| 2. Andere Rücklagen (freie Rücklagen) | 2.130.561.880,70 2.135.285.614,92 |
1.917.495 1.922.219 |
| IV. Rücklagen für eigene Anteile | 2.135.285.614,92 2.977.639,85 |
1.922.219 3.044 |
| IV. Rücklagen für eigene Anteile V. Bilanzgewinn |
2.977.639,85 203.701.181,18 |
3.044 93.066 |
| V. Bilanzgewinn davon Gewinnvortrag |
203.701.181,18 391.689,22 |
93.066 80 |
| davon Gewinnvortrag | 391.689,22 2.932.436.705,78 2.932.436.705,78 |
80 2.608.735 2.608.735 |
| B. Investitionszuschüsse B. Investitionszuschüsse |
10.344,92 10.344,92 |
0 0 |
| C. Rückstellungen | ||
| C. Rückstellungen 1. Rückstellungen für Abfertigungen |
22.947.312,00 | 19.567 |
| 1. Rückstellungen für Abfertigungen 2. Rückstellungen für Pensionen und |
22.947.312,00 | 19.567 |
| 2. Rückstellungen für Pensionen und pensionsähnliche Verpflichtungen |
69.454.930,00 | 62.267 |
| pensionsähnliche Verpflichtungen 3. Steuerrückstellungen |
69.454.930,00 77.482.627,61 |
62.267 7.610 |
| 3. Steuerrückstellungen 4. Sonstige Rückstellungen |
77.482.627,61 43.636.042,54 |
7.610 47.614 |
| 4. Sonstige Rückstellungen | 43.636.042,54 213.520.912,15 |
47.614 137.057 |
| D. Verbindlichkeiten | 213.520.912,15 | 137.057 |
| D. Verbindlichkeiten 1. Anleihen 1. Anleihen |
570.370.652,53 570.370.652,53 |
570.371 570.371 |
| davon mit einer Restlaufzeit bis zu einem Jahr davon mit einer Restlaufzeit bis zu einem Jahr |
99.370.652,53 99.370.652,53 |
0 0 |
| davon mit einer Restlaufzeit von mehr als einem Jahr davon mit einer Restlaufzeit von mehr als einem Jahr |
471.000.000,00 471.000.000,00 |
570.371 570.371 |
| 2. Verbindlichkeiten gegenüber Kreditinstituten 2. Verbindlichkeiten gegenüber Kreditinstituten |
810.414.634,10 810.414.634,10 |
870.232 870.232 |
| davon mit einer Restlaufzeit bis zu einem Jahr davon mit einer Restlaufzeit bis zu einem Jahr |
257.317.073,18 257.317.073,18 |
364.817 364.817 |
| davon mit einer Restlaufzeit von mehr als einem Jahr davon mit einer Restlaufzeit von mehr als einem Jahr 3. Verbindlichkeiten aus Lieferungen und Leistungen |
553.097.560,92 553.097.560,92 31.774.077,14 |
505.415 505.415 15.288 |
| 3. Verbindlichkeiten aus Lieferungen und Leistungen davon mit einer Restlaufzeit bis zu einem Jahr |
31.774.077,14 31.774.077,14 |
15.288 15.288 |
| davon mit einer Restlaufzeit bis zu einem Jahr 4. Verbindlichkeiten gegenüber |
31.774.077,14 | 15.288 |
| 4. Verbindlichkeiten gegenüber verbundenen Unternehmen |
559.172.526,30 | 486.066 |
| verbundenen Unternehmen davon mit einer Restlaufzeit bis zu einem Jahr |
559.172.526,30 559.081.526,30 |
486.066 485.975 |
| davon mit einer Restlaufzeit bis zu einem Jahr davon mit einer Restlaufzeit von mehr als einem Jahr |
559.081.526,30 91.000,00 |
485.975 91 |
| davon mit einer Restlaufzeit von mehr als einem Jahr 5. Verbindlichkeiten gegenüber Unternehmen, mit |
91.000,00 | 91 |
| 5. Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht |
3.117.333,54 | 51.365 |
| denen ein Beteiligungsverhältnis besteht davon mit einer Restlaufzeit bis zu einem Jahr |
3.117.333,54 3.117.333,54 |
51.365 51.365 |
| davon mit einer Restlaufzeit bis zu einem Jahr 6. Sonstige Verbindlichkeiten 6. Sonstige Verbindlichkeiten |
3.117.333,54 59.439.265,75 59.439.265,75 |
51.365 42.182 42.182 |
| davon aus Steuern davon aus Steuern |
8.840.102,47 8.840.102,47 |
5.278 5.278 |
| davon im Rahmen der sozialen Sicherheit davon im Rahmen der sozialen Sicherheit |
1.477.418,17 1.477.418,17 |
1.394 1.394 |
| davon mit einer Restlaufzeit bis zu einem Jahr davon mit einer Restlaufzeit bis zu einem Jahr |
51.260.238,72 51.260.238,72 |
29.544 29.544 |
| davon mit einer Restlaufzeit von mehr als einem Jahr davon mit einer Restlaufzeit von mehr als einem Jahr |
8.179.027,03 8.179.027,03 |
12.638 12.638 |
| 2.034.288.489,36 2.034.288.489,36 |
2.035.504 2.035.504 |
|
| davon mit einer Restlaufzeit bis zu einem Jahr davon mit einer Restlaufzeit bis zu einem Jahr davon mit einer Restlaufzeit von mehr als einem Jahr |
1.001.920.901,41 1.001.920.901,41 1.032.367.587,95 |
946.989 946.989 1.088.515 |
| davon mit einer Restlaufzeit von mehr als einem Jahr E. Passive Rechnungsabgrenzung |
1.032.367.587,95 1.870.020,34 |
1.088.515 1.181 |
| E. Passive Rechnungsabgrenzung | 1.870.020,34 | 1.181 |
5.182.126.472,55 4.782.476
5.182.126.472,55 4.782.476
Gewinn- und Verlustrechnung für das Geschäftsjahr vom 1.10.2022 bis 30.9.2023
| 2022/23 EUR |
2021/22 TEUR |
|
|---|---|---|
| 1. Umsatzerlöse | 936.413.934,66 | 790.275 |
| 2. Andere aktivierte Eigenleistungen | 2.082,22 | 6 |
| 3. Sonstige betriebliche Erträge | ||
| a) Erträge aus dem Abgang vom und der Zuschreibung zum | ||
| Anlagevermögen mit Ausnahme der Finanzanlagen | 2.018,92 | 18 |
| b) Erträge aus der Auflösung von Rückstellungen | 24.174,46 | 26.290 |
| c) Übrige | 1.904.375,18 | 22.123 |
| 1.930.568,56 | 48.431 | |
| 4. Aufwendungen für Material und sonstige bezogene Herstellungsleistungen |
||
| a) Fremdstrombezug und Energieträger | -682.474.637,19 | -564.681 |
| b) Materialaufwand | -878.227,20 | -776 |
| c) Aufwendungen für bezogene Leistungen | -105.353.550,82 | -91.879 |
| -788.706.415,21 | -657.336 | |
| 5. Personalaufwand | ||
| a) Gehälter | -65.678.413,03 | -57.056 |
| b) Soziale Aufwendungen | -30.926.584,00 | -16.402 |
| davon für Altersversorgung | -11.437.506,15 | -3.110 |
| davon für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen |
-5.117.059,63 | -553 |
| davon für gesetzlich vorgeschriebene Sozialabgaben | ||
| sowie vom Entgelt abhängige Abgaben und Pflichtbeiträge | -13.672.485,66 | -12.138 |
| -96.604.997,03 | -73.458 | |
| 6. Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen |
-6.507.008,21 | -6.388 |
| 7. Sonstige betriebliche Aufwendungen | ||
| a) Steuern, soweit sie nicht unter Z 17 fallen | -298.659,93 | -255 |
| b) Übrige | -31.131.490,77 | -27.302 |
| -31.430.150,70 | -27.557 | |
| 8. Zwischensumme aus Z 1 bis Z 7 (Betriebsergebnis) | 15.098.014,29 | 73.974 |
| 9. Erträge aus Beteiligungen | 431.090.236,66 | 300.512 |
| davon aus verbundenen Unternehmen | 257.245.919,29 | 249.635 |
| 10. Erträge aus anderen Wertpapieren und | ||
| Ausleihungen des Finanzanlagevermögens | 29.933.974,95 | 17.898 |
| davon aus verbundenen Unternehmen | 29.887.124,18 | 17.854 |
| 11. Sonstige Zinsen und ähnliche Erträge | 29.555.409,19 | 8.731 |
| davon aus verbundenen Unternehmen | 15.570.677,70 | 7.092 |
| 12. Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen und Wertpapieren des Umlaufvermögens |
1.907.487,40 | 8.704 |
| davon aus verbundenen Unternehmen | 0,00 | 0 |
| 13. Aufwendungen aus Finanzanlagen und | ||
| aus Wertpapieren des Umlaufvermögens | -33.811.658,04 | -24.460 |
| davon Abschreibungen | -33.746.000,00 | -18.691 |
| davon Aufwendungen aus verbundenen Unternehmen | -33.746.000,00 | -18.657 |
| 14. Zinsen und ähnliche Aufwendungen | -69.049.137,85 | -34.622 |
| davon betreffend verbundene Unternehmen | -11.967.747,28 | -18 |
| 15. Zwischensumme aus Z 9 bis Z 14 (Finanzergebnis) | 389.626.312,31 | 276.762 |
| 16. Ergebnis vor Steuern (Übertrag) | 404.724.326,60 | 350.736 |
| 2022/23 EUR |
2021/22 TEUR |
|
|---|---|---|
| Übertrag | 404.724.326,60 | 350.736 |
| 17. Steuern vom Einkommen davon latente Steuern |
11.585.165,36 4.986.965,06 |
3.249 -6.138 |
| 18. Ergebnis nach Steuern = Jahresüberschuss | 416.309.491,96 | 353.985 |
| 19. Zuweisung zu Gewinnrücklagen | -213.000.000,00 | -261.000 |
| 20. Gewinnvortrag aus dem Vorjahr | 391.689,22 | 80 |
| 21. Bilanzgewinn | 203.701.181,18 | 93.066 |
| NTWICKLUNG DES ANLAGEVERMOGE | FURO |
|---|---|
| Ansohaffungs- und Herstellungskosten | Kumulierte Absohreibungen | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stand 1.10.2022 | · Umgründungen Zu-lAbgange aus |
Zugange | Abgange | Umbuchunger | Stand 30.9.2023 | Stand 1.10.2022 | Zugange | davon außer- planmaBig |
Abgange | usohreibungeUmbuchungerStand 30.9.2023 | BW 30.9.2023 | BW 1.10.2022 | |||
| Immaterielle Vermögensgegenstände 15 Baukostenzuschüsse gem Art.II(2) EFG Rechte |
0.07 201. 219. 180.85 |
0.00 0.00 |
0.00 0.00 |
0.00: 0.00 |
0,00: 00 0 |
201.219.180.85 0.07 |
159.366.740.28 0.00 |
0.00 3.944.964.89 |
0.00- 0.00 |
0.00: 0.00 |
0.00: 0.00 |
0.00 0.00 |
163.311.705.17 0.00 |
37.907.475.68 0.07 |
0.07 41852.440.57 |
| Summe I | 201.219.180.92 | 0.00 | 0.00 | 0.00 | 00 0 |
201.219.180.92 | 159.366.740.28 | 3.944.964.89 | 0.00 | 0.00 | 0.00 | 0.00 | 163.311.705,17 | 37.907.475.75 | 41.852.440.64 |
| Grundstücke, grundstücksgleiche Rechte und Bauten, einschließlich der Bauten Kraftwerks- und Erzeugungsanlagen auf fremdem Grund Sachanlagen |
2.297.233.56: 44.909.591.12 |
0.00 0.00 |
0.00: 142.906,46 |
0.00 0.00 |
3.850.00: 0.003 |
45.056.347.58 2.297.233.56 |
33.088.477.21: 1033.723.60 |
1252.521.82 115,805,30 |
0.000 0.00: |
0.00: 0.00 |
0.00: 0.003 |
0.003 0.00 |
1.149.528.90 34.340.339.03 |
10.715.348.55 1.147.704.66 |
11.821.113.91 1263.509.96 |
| Andere Anlagen, Betriebs- und Geschältsausstattung |
16.522.893.06 | 0.00 | તેનું રેક્ટ 13- | 1068,385,65 | 0.00: | 16.453.792.54 | 9.375.583.53 | 1.793.716.20 | 0.00 | 1058.053.46 | 0.003 | 0.00 | 9 511 246 27 | 6.942.548.27 | 7.147.309.53 |
| Geleistete Anzahlungen und Anlagen in Bau |
1.705.531,27 | 0.00 | 2.468.769.89 | 0.00 | -3.850.00 | 4.170.451.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0,00 | 0.00 | 0.00 | 4.170.451.16 | 1.705.531,27 |
| Summe II | 65.435.249.01 | 0.00 | 3.610.961,48 | 1.068.385,65 | 0.00 | 67.977.824.84 | 43.497.784.34 | 2.562.043.32 | 0.00 | 1.058.053.46 | 0.00 | 0.00 | 45.001.774.20 | 22.976.050.64 | 21.937.464,67 |
| Summe + | 266,654,423,93 | 0,00 | 3.610.961,48 | 1.068.385,65 | 0,00 | 269.197.005.76 | 202,864,524,62; | 6.507.008.21 | 0.00 1.058.053.46 | 0.00 | 0.00 : 208.313.479.37 | 60.883.526.39 | 63.789.905.31 | ||
| Ausleihungen an verbundene Unternehm Antelle an verbundenen Unternehmen weltpapiere (wertrechte) Sonstige Ausleihungen des Anlagevermögens r inanzanlagen Beteiligungen |
2.180.003.371,67: 566.367.166,88 357.016.523,48 13.982.955.47 148.680.00 |
100.303.035.15 0,00 0.00 -100.303.035.15 0.00 |
326.950.000.00: 0,000 246,500,000,003 0,00 51.420.00 |
231464,97: 40.442.064,831 0,00 0,00 37,340,00 |
0,00 00 0,00 0.00 0.00 0 |
2.607.025.001,85 466.064.071.73 1.163.074.458.65 19.982.955.47 162.760.00 |
119.010.678.13 0,00 0,00 385.473.76 0.00 |
33.746.000.00 0.00 0.00 0.00 0.00 |
33.746.000.00: 0.00 0.00 0.00 0.00 |
0,000 0.00: 0.00 0.00 0.00 |
0.000: 0.00: 0.00 0.000 0.00 |
0.00: 0.00 0.00 0.00 0.00 |
152.756.678.13 1385.473,76 0,00 0.00 0.00 |
2.454.268.323.72 1.163.074.458,65 464.678.537.97 19.982.955.47 162 760.00 |
957.016.523,48 564.981693.12 19.982.955.47 148,680,00 2.060.992.693.54 |
| Summe III | 3.723.518.697.50 | 0,00 : 573.501.420,00 : 40.710.869,80 : | 0,00 : 4.256.309.247,70 | 120.396.151,89: 33.746.000,00 33.746.000,00 | 0.00 | 0.00 | 0.00 | 154.142.151,89 4.102.167.095.81 3.603.122.545.61 | |||||||
| Gesamtsumme Anlagevermögen | 3.990.173.127.43 | 0.00 : | 577.112.381.48: 41.779.255.45 | 0.00: 4.525.506.253.461 323.260.676.51: 40.253.008.211.33.746.000.00: 1.058.053.46 | 0.00 | 0.00 : 362.455.631.26 4.163.050.622.20 3.666.912.450.92 |
Beteiligungsspiegel
| Anteil am Nominal kapital % |
Währung | Jahres überschuss/ -fehlbetrag |
Eigenkapital | Bilanz stichtag |
|
|---|---|---|---|---|---|
| Burgenland Holding Aktiengesellschaft | 73,63 EUR | 11.382.591,20 | 81.678.762,27 | 30.09.2023 | |
| EVN Wärmekraftwerke GmbH | 99,48 EUR | 7.432.637,84 | 85.686.607,07 | 30.09.2023 | |
| EVN Beteiligung 52 GmbH | 100,00 EUR | -319.744,37 | 117.410.899,49 | 30.09.2023 | |
| EVN Bulgaria EAD, Bulgarien | 100,00 TBGN | 985,00 | 48.285,00 | 31.12.2022 | |
| EVN Bulgaria Fernwärme Holding | 100,00 EUR | -1.277,41 | 10.885.380,12 | 30.09.2023 | |
| EVN Bulgaria Stromnetz Holding GmbH | 100,00 EUR | 30.160.262,75 | 315.251.861,77 | 30.09.2023 | |
| EVN Bulgaria Stromvertrieb Holding GmbH | 100,00 EUR | 9.059.374,71 | 45.045.022,27 | 30.09.2023 | |
| EVN Kroatien Holding GmbH | 100,00 EUR | -1.495,88 | 13.264.154,75 | 30.09.2023 | |
| EVN Macedonia Holding DOOEL, Nordmazedonien | 100,00 TMKD | -630,00 | 24.869,00 | 31.12.2022 | |
| EVN Mazedonien GmbH | 100,00 EUR | -2.948,03 | 213.802.590,74 | 30.09.2023 | |
| evn naturkraft Erzeugungsgesellschaft m.b.H. | 100,00 EUR | 201.678.351,56 | 440.371.348,60 | 30.09.2023 | |
| EVN Umweltholding und Betriebs-GmbH | 100,00 EUR | 960.891,38 | 79.575.407,66 | 30.09.2023 | |
| evn wasser Gesellschaft m.b.H. | 99,98 EUR | 3.655.339,61 | 76.010.103,94 | 30.09.2023 | |
| EVN Wärme GmbH | 100,00 EUR | 7.601.769,42 | 98.944.998,22 | 30.09.2023 | |
| Netz Niederösterreich GmbH | 100,00 EUR | 62.246.604,92 | 746.592.958,19 | 30.09.2023 | |
| RAG-Beteiligungs-Aktiengesellschaft (RBG) | 50,03 EUR | 49.973.112,02 | 407.205.197,46 | 31.03.2023 | |
| Utilitas Dienstleistungs- und Beteiligungs-Gesellschaft m.b.H. | 100,00 EUR | 18.320.029,47 | 46.426.139,25 | 30.09.2023 | |
| EVN Energieservices GmbH | 100,00 EUR | -72.493.143,46 | 366.041.752,09 | 30.09.2023 |
| Anteil am Nominal kapital % |
Währung | Jahres überschuss/ -fehlbetrag |
Eigenkapital | Bilanz stichtag |
|
|---|---|---|---|---|---|
| APCS Power Clearing and Settlement AG | 2,52 EUR | 366.354,50 | 3.435.354,50 | 31.12.2022 | |
| CISMO Clearing Integrated Services and Market Operations GmbH | 1,26 EUR | 2.242.968,21 | 3.042.968,21 | 31.12.2022 | |
| e&i EDV Dienstleistungsgesellschaft m.b.H. | 50,00 EUR | 65.400,37 | 261.209,75 | 30.09.2023 | |
| Energie Zukunft Niederösterreich GmbH | 50,00 EUR | -461.902,43 | 660.442,98 | 31.12.2022 | |
| Fernwärme St. Pölten GmbH | 49,00 EUR | -980.402,66 | 23.846.140,71 | 31.12.2022 | |
| Verbund AG | 12,63 TEUR | 563.341.800,00 | 3.817.408.200,00 | 31.12.2022 | |
| Verbund Hydro Power GmbH | 0,70 TEUR | 1.335.891.700,00 | 2.962.937.600,00 | 31.12.2022 | |
| Wiener Börse AG | 4,65 EUR | 34.582.619,11 | 178.614.193,37 | 31.12.2022 |
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Anhang
1. ALLGEMEINE ANGABEN
Der vorliegende Jahresabschluss zum 30.09.2023 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.
Beginnend mit dem Geschäftsjahr 2020/21 sind die NÖ Landes-Beteiligungsholding (NLH) und die WIENER STADTWERKE GmbH (WSTW) 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 2023 hat die EVN AG ihrerseits mit der EVN Wasser GmbH, Netz Niederösterreich GmbH, EVN Wärme GmbH, evn naturkraft Erzeugungsgesellschaft m.b.H, EVN Energieservices GmbH, EVN Kroatien Holding GmbH, EVN Croatia Plin d.o.o., 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 Business Service GmbH, EVN Geoinfo GmbH, Netz Niederösterreich Beteiligung 31 GmbH, Netz Niederösterreich Liegenschaftsbesitz 31 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 auch dann 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.
Im Zuge einer konzerninternen Umstrukturierung infolge einer Neuausrichtung der Vertriebsaktivitäten des EVN Konzerns wurde mit 28. Februar 2023 der Teilbetrieb "vertriebs- und energienahe Dienstleistungen" der EVN KG in die 100%ige Tochtergesellschaft EVN Energieservice GmbH eingebracht. Die EVN KG soll sich damit künftig ausschließlich auf Stromund Gaslieferungen an Endkund*innen konzentrieren, während die EVN Energieservices sich auf vertriebs- und energienahe Dienstleistungen fokussiert. Weiters erfolgte eine Einbringung der Anteile an der EnergieAllianz Austria GmbH (EAA) in die EVN Energieservice GmbH. Dementsprechend werden die Forderungen und Verbindlichkeiten an die EVN KG und EAA nunmehr als Forderungen und Verbindlichkeiten gegenüber Dritten ausgewiesen. Nachdem im Vorjahr der Ausweis unter Forderungen und Verbindlichkeiten gegenüber beteiligten Unternehmen erfolgte, sind die Vorjahreszahlen nur bedingt vergleichbar.
Die Gewinn-und-Verlust-Rechnung wurde gem. § 231 Abs 1 in Verbindung mit Abs. 2 UGB nach dem Gesamtkostenverfahren erstellt.
2. BILANZIERUNGS- UND BEWERTUNGSMETHODEN
2.1. Allgemeine Grundsätze
Der Jahresabschluss wurde unter Beachtung der Grundsätze ordnungsmäßiger Buchführung 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 eingehalten.
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 Bilanzierungsund 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. Herstellungskosten, 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.
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 zugrundeliegenden Personalstundensätze berücksichtigen auch Aufwendungen für freiwillige Sozialleistungen, Abfertigungen und überbetriebliche Altersversorgung. Ein Ausscheiden 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 |
| andere Anlagen, Betriebs- und Geschäftsausstattung | 3-20 | 5-33,3 |
Geringwertige Vermögensgegenstände werden im Zugangsjahr aktiviert und sofort abgeschrieben. 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 voraussichtlich 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 kapitalwertorientiertes 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 aussagekräftigen 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 vorgenommen, 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 Durchschnittspreisverfahren ermittelt. Bestandsrisken, die sich aus der Lagerdauer sowie geminderter Verwendbarkeit ergeben, werden durch angemessene Wertabschläge berücksichtigt.
Für notwendige Beschaffungen von CO2-Emissionszertifikaten erfolgt die Bilanzierung zu Anschaffungskosten, für Zuführungen zu Rückstellungen aufgrund allfälliger Unterdeckungen 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 Außenstandsdauer mit folgenden Wertberichtigungssätzen:
| Außenstandsdauer: | Wertberichtigungsprozentsatz: |
|---|---|
| noch nicht fällig | 0,06% |
| 1 - 89 Tage | 0,13% |
| 90 - 179 Tage | 83,43% |
| 180 - 359 Tage | 79,30% |
| 360 - 719 Tage | 81,14% |
| 720 - 1079 Tage | 91,68% |
| >1080 Tage | 92,02% |
Die Wertpapiere des Umlaufvermögens werden zu Anschaffungskosten oder dem niedrigeren 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 Steuersatzes der im Zeitpunkt der Umkehr der befristeten Unterschiede gelten wird gebildet. Die im Geschäftsjahr 2021/22 beschlossene ökosoziale Steuerreform, den Körperschaftsteuersatz ab dem Jahr 2023 etappenweise auf 24 % und ab dem Jahr 2024 auf 23 % zu senken, wird dementsprechend bei der Bewertung der latenten Steuern berücksichtigt.
2.5. Rückstellungen
Die Ermittlung der Rückstellungen für Abfertigungen sowie für Pensionen und pensionsähnlichen Verpflichtungen erfolgt nach versicherungsmathematischen Grundsätzen unter der Anwendung der "Projected-Unit-Credit"-Methode gemäß IAS 19. Die Berechnung erfolgt mit einem Rechnungszinssatz von 4,30 % (Abfertigungen) (VJ: 3,60 %) bzw. 4,30 % (Pensionen) (VJ: 3,70 %) sowie unter Berücksichtigung von künftigen jährlichen Gehaltssteigerungen und Erhöhungen von Pensionen von 7,0 % (VJ: 3,50 %) im nächsten Jahr, einer jährlichen Steigerung von 3,5 % für 2025 (VJ: 2,25 %) und einer jährlichen Steigerung von 2,25 % für Folgejahre (VJ: 2,25 %).
Das Pensionsantrittsalter wurde für Männer und Frauen nunmehr einheitlich mit 63 Jahren angesetzt. Für Frauen wurde zusätzlich die Übergangsregelung 60 - 63 Jahre berücksichtigt. (Vorjahr: Männer 65 Jahre, Frauen 60 - 65 Jahre). Hinsichtlich der Sterbewahrscheinlichkeit kommen die Berechnungstafeln ("AVÖ 2018–P") zur Anwendung.
EVN AG, Maria Enzersdorf
Der Rückstellung für Jubiläumsgeldverpflichtungen liegt eine versicherungsmathematische Berechnung nach IAS 19 zugrunde. Es werden dieselben Parameter wie bei den Berechnungen der Rückstellungen für Pensionsverpflichtungen angewandt.
Der Rechnungszinssatz für alle Sozialkapitalrückstellungen ist ein Stichtagszinssatz basierend 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.
In den sonstigen Rückstellungen werden unter Beachtung des Vorsichtsprinzips alle zum Zeitpunkt der Bilanzerstellung erkennbaren Risiken und der Höhe sowie dem Grunde nach ungewissen Verbindlichkeiten mit den Beträgen berücksichtigt, die nach vernünftiger kaufmännischer Beurteilung erforderlich sind.
Langfristige Rückstellungen werden in Abhängigkeit von ihrer erwarteten Laufzeit mit einem Zinssatz von 0,91 % (VJ: 0,43 %) abgezinst.
2.6. Verbindlichkeiten
Die Verbindlichkeiten sind mit dem Erfüllungsbetrag unter Bedachtnahme auf den Grundsatz der Vorsicht angesetzt.
2.7. Währungsumrechnung
Die Währungsumrechnung erfolgt zum Zeitpunkt des Geschäftsvorfalles mit dem aktuellen Kurs. Zum Bilanzstichtag erfolgt bei den Forderungen eine Abwertung, sofern der Stichtagskurs niedriger als der Entstehungskurs ist, bei den Verbindlichkeiten eine Aufwertung sofern der Stichtagskurs höher als der Entstehungskurs ist. In Fremdwährung angeschaffte Gegenstände des Anlage- oder Umlaufvermögens werden mit dem Entstehungskurs erfasst, wobei keine weitere Umwertung erfolgt.
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). Die betragsmäßig gleichen Zu- und Abgänge aus Umgründungen betreffen die Umbuchung der Buchwerte der Beteiligungsansätze an der EVN Energievertrieb GmbH & Co KG sowie der ENERGIEALLIANZ Austria GmbH auf die EVN Energieservices GmbH, die im Zuge der unter Punkt 1. Allgemeine Angaben dargestellten Umgründung diese Beteiligungen von der EVN AG übernommen hat.
Als immaterielle Vermögensgegenstände werden Strombezugsrechte und sonstige Rechte mit einem Stand von EUR 37.907.475,75 (VJ: TEUR 41.852) ausgewiesen. In der Bilanz werden immaterielle Vermögensgegenstände EUR 302.579,31 (VJ: TEUR 332) 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 Wertberichtung.
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.
Von den Ausleihungen an verbundene Unternehmen ist ein Betrag von EUR 7.068.738,01 (VJ: TEUR 17.865) innerhalb des nächsten Jahres fällig.
Von den sonstigen Ausleihungen ist ein Betrag von EUR 35.170,00 (VJ: TEUR 32) innerhalb des nächsten Jahres fällig.
EVN AG, Maria Enzersdorf
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 64.216,00 (VJ: TEUR 18) gebildet.
Die Forderungen gegenüber verbundenen Unternehmen enthalten Forderungen aus Lieferungen und Leistungen in Höhe von EUR 11.282.358,55 (VJ: TEUR 24.560) sowie sonstige Forderungen in Höhe von EUR 532.582.089,45 (VJ: TEUR 525.690).
Die sonstigen Forderungen und Vermögensgegenstände gegenüber verbundenen Unternehmen enthalten als wesentliche Positionen Steuerforderungen über EUR 66.079.007,70 (VJ: TEUR 49.294), Finanzforderungen über EUR 293.618.370,86 (VJ: TEUR 432.053) sowie Forderungen aus Beteiligungserträgen und Abgängen aus Finanzanlagen über EUR 172.884.710,89 (VJ: TEUR 44.343).
Die Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht, enthalten Forderungen aus Lieferungen und Leistungen in Höhe von EUR 429.501,27 (VJ: TEUR 33.034) sowie sonstige Forderungen in Höhe von EUR 0,00 (VJ: TEUR 0,00).
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 227.795.437,12 (VJ: TEUR 193.269).
Der Kassenbestand beträgt zum Bilanzstichtag EUR 7.889,10 (VJ: TEUR 7).
Zum Bilanzstichtag beträgt das Guthaben bei Kreditinstituten EUR 52.078.554,19 (VJ: TEUR 203.598).
3.1.3. Aktive Rechnungsabgrenzung
| 30.09.2023 | 30.09.2022 | |
|---|---|---|
| EUR | TEUR | |
| Aktive Rechnungsabgrenzungen | 252.084,22 | 250 |
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:
| 30.09.2023 EUR |
30.09.2022 TEUR |
|
|---|---|---|
| Sachanlagen Beteiligungen Personalrückstellungen sonstige Rückstellungen Steuerliche Verlustvorträge noch nicht verrechnete Beteiligungs |
-15.746.846,21 -25.415.246,12 42.829.395,44 -156.706,92 26.574.476,90 |
-18.378 -25.814 37.036 1.465 0 |
| abschreibung gem § 12 Abs 3 Z 2 KStG sonstige Posten |
13.385.407,94 1.496.991,77 |
19.833 2.062 |
| Daraus resultieren aktive latente Steuern abzüglich: Saldierung mit passiven latenten Steuern Stand zum 30.9. |
42.967.472,80 18.293.705,58 -9.503.323,56 8.790.382,02 |
16.254 13.968 -10.164 3.803 |
Die latenten Steuern entwickelten sich wie folgt:
| 30.09.2023 | 30.09.2022 | ||
|---|---|---|---|
| EUR | TEUR | ||
| Stand zum 1.10. | 3.803.416,96 | 9.942 | |
| Erfolgswirksame Veränderung | 4.986.965,06 | -6.138 | |
| Stand zum 30.9. | 8.790.382,02 | 3.803 | |
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 2.130.561.880,70 (VJ: TEUR 1.917.495).
Gemäß § 229 Abs 1a UGB wurde für die zum Stichtag 30. September 2023 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 2.977.639,85 (VJ: TEUR 3.044) aus.
Zum Bilanzstichtag wurden 1.623.070 (VJ: 1.659.357) Stück eigene Anteile mit einem rechnerischen Wert von EUR 2.977.639,85 (VJ: TEUR 3.044) ausgewiesen. Im Geschäftsjahr 2022/23 wurden 36.287 Stück eigene Aktien an Mitarbeiter übertragen.
3.2.2. Investitionszuschüsse
| Stand 01.10.2022 EUR |
Zuführung EUR |
Verbrauch EUR |
Abgang EUR |
Stand 30.09.2023 EUR |
|
|---|---|---|---|---|---|
| Sachanlagen Geleistete Anzahlungen und Anlagen in Bau |
0,00 10.344,92 | 0,00 | 0,00 | 10.344,92 | |
| Summe Investitionszuschüsse | 0,00 10.344,92 | 0,00 | 0,00 | 10.344,92 |
3.2.3. Rückstellungen
Die sonstigen Rückstellungen in Höhe von EUR 43.636.042,54 (VJ: TEUR 47.614) betreffen im Wesentlichen die Vorsorgen für:
| EUR | TEUR | |
|---|---|---|
| CO2-Zertifikate kurzfristige Personalverpflichtungen Anteilige Jubiläumsgelder Noch nicht fakturierte Lieferungen und Leistungen Gasbezugs-/absatzgeschäfte |
3.542.694,13 24.657.080,56 7.310.711,00 2.537.434,80 5.588.122,05 43.636.042,54 |
10.512 21.262 6.984 2.976 5.880 47.614 |
3.2.4. Verbindlichkeiten
| Restlaufzeit | Bilanzwert | ||||
|---|---|---|---|---|---|
| < 1 Jahr | 1-5 Jahre | > 5 Jahre | 30.09.2023 | ||
| EUR | EUR | EUR | EUR | ||
| 1. | Anleihen Vorjahr in TEUR |
99.370.652,53 0 |
0,00 99.371 |
471.000.000,00 471.000 |
570.370.652,53 570.371 |
| 2. | Verbindlichkeiten gegenüber Kreditinstituten Vorjahr in TEUR |
257.317.073,18 364.817 |
144.268.292,72 210.268 |
408.829.268,20 295.146 |
810.414.634,10 870.232 |
| 3. | Verbindlichkeiten aus Lieferungen und Leistungen Vorjahr in TEUR |
31.774.077,14 15.288 |
0,00 0 |
0,00 0 |
31.774.077,14 15.288 |
| 4. | Verbindlichkeiten gegenüber verbundenen Unternehmen Vorjahr in TEUR |
559.081.526,30 485.975 |
24.000,00 24 |
67.000,00 67 |
559.172.526,30 486.066 |
| 5. | Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis be steht |
3.117.333,54 | 0,00 | 0,00 | 3.117.333,54 |
| Vorjahr in TEUR | 51.365 | 0 | 0 | 51.365 | |
| 6. | Sonstige Verbindlichkeiten Vorjahr in TEUR |
51.260.238,72 29.544 |
1.857.167,22 6.241 |
6.321.859,81 6.398 |
59.439.265,75 42.182 |
| Vorjahr in TEUR | 1.001.920.901,41 946.989 |
146.149.459,94 315.904 |
886.218.128,01 772.611 |
2.034.288.489,36 2.035.504 |
Die Verbindlichkeiten gegenüber Kreditinstituten beinhalten Schuldscheindarlehen in Höhe von EUR 242.000.000,00 (VJ: TEUR 243.500).
Die Verbindlichkeiten gegenüber verbundenen Unternehmen enthalten Verbindlichkeiten aus Lieferungen und Leistungen in Höhe von EUR 53.775.019,24 (VJ: TEUR 107.756) sowie sonstige Verbindlichkeiten in Höhe von EUR 505.397.507,06 (VJ: TEUR 378.311). Die sonstigen Verbindlichkeiten gegenüber verbundenen Unternehmen enthalten Verbindlichkeiten aus Cash-Pooling Vereinbarungen in Höhe von EUR 469.414.015,82 (VJ: TEUR 303.019), Verbindlichkeiten aus Festgeldveranlagungen in Höhe von EUR 9.800.000,00 (VJ: TEUR 8.900), sowie sonstige Finanzverbindlichkeiten in Höhe von EUR 26.183.491,24 (VJ: TEUR 66.392).
Die Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht, enthalten sonstige Verbindlichkeiten in Höhe von EUR 3.117.333,54 (VJ: TEUR 43.934).
Im Posten Sonstige Verbindlichkeiten sind Aufwendungen in Höhe von EUR 20.045.681,54 (VJ: TEUR 22.096) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.
3.2.5. Haftungsverhältnisse
| 30.09.2023 | 30.09.2022 | |
|---|---|---|
| EUR | TEUR | |
| Bankgarantien | 592.456.899,59 | 615.445 |
| Sonstige Haftungsverhältnisse | 474.929.935,11 | 414.956 |
| Patronatserklärungen | 20.100.000,00 | 20.000 |
| 1.087.486.834,70 | 1.050.401 | |
| davon gegenüber verbundenen Unternehmen davon gegenüber sonstigen nahestehenden Unter |
852.611.019,55 | 929.607 |
| nehmen | 197.572.640,99 | 83.781 |
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 2023 eine Eventualverbindlichkeit in Höhe von EUR 204.946.727,06 (VJ: TEUR 19.765). Das dieser Bewertung zugrundeliegende Nominalvolumen der Garantien betrug EUR 496.600.253,99. Zum 31. Oktober 2023 betrug das Risiko betreffend Marktpreisänderungen EUR 159.343.258,85 bei einem zugrundeliegenden Nominalvolumen von EUR 502.834.861,40.
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:
-
- Kontrahierung von Gasspeichernutzungsmöglichkeiten im Umfang von bis zu 643 MW Ausspeicherleistung für den Zeitraum 01.04.2023 bis 31.03.2027. Die Kontrahierung dieser Mengen erfolgte im Wege von 3 Einzeltransaktionen.
-
- Abschluss von Großhandelskontrakten Strom mit Lieferung nach dem 30.09.2023 mit einer Netto-Verkaufsmenge von 666.636 MWh. Die Kontrahierung dieser Mengen erfolgte im Wege von 117 Einzeltransaktionen.
-
- Abschluss von Großhandelskontrakten Erdgas mit Lieferung nach dem 30.09.2023 mit einer Netto-Verkaufsmenge von 1.071.648 MWh. Die Kontrahierung dieser Mengen erfolgte im Wege von 293 Einzeltransaktionen.
-
- Abschluss von Bezugsverträgen über den Bezug von Energie aus Erneuerbaren Energieträgern mit Lieferung nach dem 30.09.2023 im Umfang von 23.629 MWh. Die Kontrahierung dieser Mengen erfolgte im Wege von 2 Einzeltransaktionen.
-
- Abschluss von Bezugs- und Lieferverträgen über den Bezug von elektrischer Energie in Verbindung mit Herkunftsnachweisen mit Lieferung nach dem 30.09.2023 im Umfang 584.346 MWh.
-
- Abschluss eines Netzreservevertrages mit APG über die Vorhaltung von 470 MW Leistung für die Zwecke des Engpassmanagement für den Zeitraum 01.10.2023 bis 30.09.2024.
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 Treasury- und Risikomanagementsystem erfasst. Dies ermöglicht einen tagesaktuellen Überblick über alle wesentlichen Risikokennzahlen. Für das Risiko-Controlling wurde zudem ein eigenes Team im Finanzwesen mit Stabstellecharakter eingerichtet, das laufend Risikoanalysen, u.a. basierend auf der Value-at-Risk-Methode erstellt.
Derivative Finanzinstrumente dienen in erster Linie der Absicherung des Unternehmens gegen Marktpreisänderungsrisiken (insbesondere Wechselkurs- und Zinsänderungsrisiken) sowie zur Bereitstellung der benötigten liquiden Mittel in der erforderlichen Währung. Ziel des Marktrisikomanagements ist es, wirtschaftliche Effekte, die sich aus Marktpreisschwankungen ergeben, zu minimieren. Das aktive Marktrisikomanagement führt zu einer verbesserten Planbarkeit in Bezug auf Ergebnisgrößen, erwartete Zahlungsströme und Bilanzpositionen.
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 Finan-
zinstrumente erfolgt mittels marktgängiger, stichtagsbezogener Wechselkurse sowie Zinsstrukturkurven. Das Kreditrisiko der Vertragspartner findet dabei Berücksichtigung.
Für derivative Finanzinstrumente werden die Nominalwerte sowie die aktuellen Marktwerte (Fair Values) angegeben.
Die derivativen Finanzinstrumente 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 | |||||
| 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 | |||
| Währungsswaps | ||||||
| JPY (unter 1 Jahr) | 10.000,0 | 10.000,0 | -19,4 | -11,2 |
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. Prospektiv wird die Critical-Terms-Match-Methode angewandt. Retrospektiv erfolgt diese Prüfung mittels Dollar-Offset-Methode (ergänzt um eine Regressionsanalyse), wobei die verschiedenen gesicherten Risiken (Zins- und Währungsrisiken) mit Hilfe von hypothetischen Derivaten einzeln gemessen werden. Per 30.09.2023 beträgt die auf das Zinsrisiko bezogene Effektivität aufgrund der kurzen Restlaufzeit lediglich 52 %. Mittels Regressionsanalyse, die ein Bestimmtheitsmaß von 0,99992 ergibt, wird jedoch die Effektivität nachgewiesen. Die auf das Währungsrisiko bezogene Effektivität beläuft sich auf 97 %.
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.
Energiebereich:
Die nachfolgende Tabelle zeigt die saldierten Werte der derivativen Finanzinstrumente ausgenommen Geschäfte, die im Portfolioansatz (siehe unten) enthalten sind. Der Nominalwert wird bei den Verkäufen mit einem negativen Vorzeichen und bei den Käufen mit einem positiven Vorzeichen dargestellt.
| Nominalwert | Marktwert | |||||
|---|---|---|---|---|---|---|
| in Mio EUR | in Mio EUR | |||||
| Derivative Finanz instrumente |
Anteil | Anteil | ||||
| 30.09.2023 | 30.09.2022 | 30.09.2023 | > 12 | 30.09.2022 | > 12 | |
| Monate | Monate | |||||
| Kohleswaps | 0,0 | 1,6 | 0,0 | 0,0 | 1,6 | 0,0 |
| Forwards Gas | -58,1 | 17,9 | 6,5 | 0,0 | -10,7 | 0,0 |
Für derivative Finanzinstrumente mit negativem Marktwert, die keiner Sicherungsbeziehung zugeordnet sind, werden in Summe Drohverlustrückstellungen in Höhe von TEUR 5.588 (VJ: TEUR 6.180) gebildet.
Stromhandel – Portfolioansatz:
Die Gesellschaft tätigt auch Termingeschäfte im Auftrag von verbundenen Unternehmen. Zur Durchführung dieser Aufträge werden bilaterale Verträge mit Dritten (OTC-Forwards) bzw. Termingeschäfte an der Börse (Futures) sowie gleichzeitig Verträge mit verbundenen Unternehmen abgeschlossen.
Die Ausführung eines Auftrags führt somit in der EVN AG gleichzeitig zu einem Beschaffungs- und einem Absatzgeschäft auf Termin. Die Ausfallsrisiken der geschlossenen Geschäfte sind grundsätzlich vergleichbar bzw. vernachlässigbar, wodurch der Effekt daraus bei den angeführten Marktwerten nicht berücksichtigt wurde.
Im Geschäftsjahr wurde der Portfolioansatz auf den gesamten Stromhandel der EVN AG erweitert.
Die Zusammensetzung, der im gegenständlichen Abschluss ausgewiesenen Derivate ist in der nachstehenden Tabelle dargestellt:
| Nominalwert | Marktwert | |||||
|---|---|---|---|---|---|---|
| EUR | TEUR | EUR | TEUR | |||
| Forwards und Futures Strom mit Dritten |
30.09.2023 | 30.09.2022 | 30.09.2023 | Anteil > 12 Monate |
30.09.2022 | Anteil > 12 Monate |
| Kauf | -29.569.825,38 | -129.962 | -21.507.618,71 | -267.504,23 | -3.488 | -852 |
| Verkauf | 258.695.698,62 | 462.410 | 125.136.448,84 | 13.662.903,72 | -176.017 | -19.173 |
| Nominalwert | Marktwert | |||||
|---|---|---|---|---|---|---|
| Forwards Strom mit verbundenen Unternehmen |
EUR | TEUR | EUR | TEUR | ||
| 30.09.2023 | 30.09.2022 | 30.09.2023 | Anteil > 12 Monate |
30.09.2022 | Anteil > 12 Monate |
|
| Kauf | -245.119.783,13 | -401.188 -108.595.804,32 -11.461.656,27 | 167.709 | 25.048 | ||
| Verkauf | 12.684.078,00 | 88.042 | 10.597.272,57 | 0,00 | 27.975 | 3.669 |
Die angeführten Termingeschäfte werden in analoger Anwendung des in AFRAC 15 Rz 57 dargestellten Konzepts des Portfolio-Handelshedge als einheitliches Bewertungsobjekt imparitätisch bewertet. Die Saldierung der beizulegenden Zeitwerte aller derivativen Finanzinstrumente des Portfolios ergab einen positiven Betrag. Insofern ist zum Bilanzstichtag keine Drohverlustrückstellung aus dem Portfolio-Handelshedge erforderlich.
4. ERLÄUTERUNGEN ZUR GEWINN- UND VERLUSTRECHNUNG
4.1. Umsatzerlöse
| 2022/23 EUR |
2021/22 TEUR |
|
|---|---|---|
| Umsatzerlöse gegliedert nach Absatzmärkten: | ||
| Inland | 729.832.145,93 | 749.497 |
| Ausland | 206.581.788,73 | 40.777 |
| 936.413.934,66 | 790.275 | |
| 2022/23 | 2021/22 | |
| EUR | TEUR | |
| Umsatzerlöse gegliedert nach Tätigkeitsbereichen: | ||
| Leistungsverrechnung im Konzern | 206.538.577,39 | 183.135 |
| Stromerlöse | 485.441.594,41 | 550.299 |
| Gaserlöse | 241.956.028,33 | 55.932 |
| Sonstige übrige Erlöse | 2.477.734,53 | 909 |
| 936.413.934,66 | 790.275 |
4.2. Sonstige betriebliche Erträge
Die übrigen sonstigen betrieblichen Erträge gliedern sich wie folgt:
| 2022/23 | 2021/22 | |
|---|---|---|
| EUR | TEUR | |
| Realisierungseffekte Kohle - Derivate | 1.606.440,00 | 21.858 |
| Projektförderungen | 211.938,88 | 261 |
| Sonstige Erträge | 85.996,30 | 4 |
| 1.904.375,18 | 22.123 |
4.3. Personalaufwand
In den Gehältern sowie sozialen Aufwendungen ist die nachstehende Komponente enthalten:
| 2022/23 | 2021/22 | |
|---|---|---|
| EUR | TEUR | |
| Dotierung der Rückstellung für Jubiläumsgelder | ||
| in Gehältern | 52.741,00 | -1.946 |
Die Aufwendungen für Altersversorgung in Höhe von EUR 11.437.506,15 (VJ: TEUR 3.110) betreffen beitragsorientierte Pensionsvorsorgen.
Die Aufwendungen für freiwillige Abfertigungszahlungen sowie Leistungen an Mitarbeitervorsorgekassen betragen EUR 5.117.059,63 (VJ: TEUR 553).
4.4. Sonstige betriebliche Aufwendungen
In den sonstigen betrieblichen Aufwendungen in Höhe von EUR 31.430.150,70 (VJ: TEUR 27.557) sind enthalten:
| 2022/23 | 2021/22 | |
|---|---|---|
| EUR | TEUR | |
| Werbeaufwand | 8.964.217,50 | 8.719 |
| Leistungsverrechnung im Konzern | 7.558.221,10 | 5.773 |
| Beratungsleistungen | 3.409.798,66 | 2.956 |
| Porto- und Fernmeldeaufwand |
1.558.795,57 | 2.157 |
| Sonstige übrige Aufwendungen | 3.070.324,01 | 1.949 |
| Reisekosten | 1.921.477,19 | 1.565 |
| Mitgliedsbeiträge und Umlagen | 1.092.080,98 | 1.230 |
| Weiterbildung und Tagungsaufwand | 1.249.260,58 | 1.001 |
| Sonstige Konzernleistungen | 984.802,40 | 940 |
| Mieten und Benützungsentgelte | 608.779,67 | 683 |
| Versicherungsaufwand | 416.930,49 | 293 |
| Stelleninserate | 542.439,87 | 290 |
| Forderungsabschreibungen | 52.389,66 | 0 |
| Restbuchwerte aus Anlagenabgängen |
633,02 | 0 |
| 31.430.150,70 | 27.557 |
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 2022/23 der verbundenen Unternehmen EVN Bulgaria Stromvertrieb Holding GmbH, EVN Bulgaria Stromnetz Holding GmbH, EVN Wasser Gesellschaft m.b.H, sowie der evn naturkraft Erzeugungsgesellschaft mbH wurden in Höhe von EUR 172.884.710,89 (VJ: TEUR 44.343) im Finanzergebnis phasenkongruent erfasst.
4.6. Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens
Die Aufwendungen aus verbundenen Unternehmen beinhalten eine Abschreibung an den Anteilen an der EVN Energieservices GmbH in Höhe von EUR 33.746.000,00.
4.7. Zinsen und ähnliche Aufwendungen
In diesem Posten sind Zinskomponenten aus der Abzinsung von Sozialkapitalrückstellungen in Höhe von EUR 3.321.898,00 (VJ: TEUR 1.307) enthalten.
4.8. Steuern vom Einkommen
| 2022/23 | 2021/22 | |
|---|---|---|
| EUR | TEUR | |
| Steueraufwand aus der Gruppenbesteuerung | 70.030.907,96 | 53.628 |
| Körperschaftsteuer Vorjahre | 68.736,70 | 573 |
| Körperschaftsteuer Ausland laufendes Jahr | -157.802,27 | -256 |
| Steuerertrag aus der Gruppenbesteuerung | -76.540.078,23 | -63.334 |
| latente Körperschaftsteuer | -4.986.965,06 | 6.138 |
| Abzugsteueraufwand | 35,54 | 0 |
| -11.585.165,36 | -3.249 |
5. Ergänzende Angaben
5.1. Mitarbeiter (im Jahresdurchschnitt)
Die durchschnittliche Zahl der Arbeitnehmer (ausschließlich Angestellte auf Vollzeitbasis) während des Geschäftsjahres betrug 561 (VJ: 546).
5.2. Mitglieder des Vorstandes und des Aufsichtsrates
Die Gesamtbezüge der aktiven Vorstandsmitglieder betrugen im Geschäftsjahr TEUR 1.378,90 (inklusive Beiträge in die Mitarbeitervorsorgekasse) (VJ: TEUR 1.271), an ehemalige Vorstandsmitglieder bzw. deren Hinterbliebene wurden TEUR 1.034,40 (VJ: TEUR 1.008) bezahlt.
Für Abfertigungen und Pensionen ergibt sich für Vorstand und aktive leitende Angestellte in Summe ein Aufwand in Höhe von TEUR 2.199 (VJ: Ertrag TEUR 4.596), der sich aus der Veränderung von Rückstellungen sowie Pensionskassenbeiträgen und Beiträgen an die Mitarbeitervorsorgekasse zusammensetzt.
Die Aufsichtsratsvergütungen betrugen im Berichtsjahr TEUR 172,7 (VJ: TEUR 157).
An den Nachhaltigkeitsbeirat wurden im Berichtszeitraum Vergütungen in Höhe von TEUR 99,1 (VJ: TEUR 97) ausbezahlt.
Im Geschäftsjahr wurde an ein Mitglied des Aufsichtsrates (Arbeitnehmervertreter) ein Gehaltsvorschuss in Höhe von 10.000 Euro im Rahmen bestehender betrieblicher Regelungen neu gewährt. Die bestehenden Gehaltsvorschüsse werden mit einem Zinssatz zwischen 3,0 % und 4,0 % p.a. verzinst und sind innerhalb von 7 bis 15 Jahren zurückzuzahlen. Im Geschäftsjahr wurden Gehaltsvorschüsse in Höhe von 4.200 Euro von zwei Mitgliedern des Aufsichtsrates (Arbeitnehmervertreter) zurückgezahlt. Es wurden keine Vorschüsse an die Mitglieder des Aufsichtsrates erlassen. An Mitglieder des Vorstands wurden keine Vorschüsse oder Kredite gewährt.
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 ENERGIEALLI-ANZ Austria GmbH.
5.4. Ergebnisverwendung
Es wird vorgeschlagen, unter Berücksichtigung der eigenen Anteile in Höhe von 1.623.070 Stück, aus dem Bilanzgewinn einen Betrag in Höhe von EUR 203.211.078,48 das entspricht einer Dividende von EUR 1,14 je Aktie, auszuschütten und den verbleibenden Betrag auf neue Rechnung vorzutragen.
5.5. Wesentliche Ereignisse nach dem Bilanzstichtag
Zwischen dem Bilanzstichtag 30. September 2023 und der Aufstellung des Jahresabschlusses am 21. November 2023 sind keine wesentlichen Ereignisse aufgetreten.
5.6. Angaben zu Organen der Gesellschaft
Aufsichtsrat: EVN AG, Maria Enzersdorf
Aufsichtsrat:
Präsident*in:
Mitglieder:
Ing. Paul Hofer Dipl.-Ing. Irene Pugl
Vorstand:
Der Vorstand
Präsident*in: Mag. Bettina Glatz-Kremsner (bis 19.06.2023) DI Reinhard Wolf (ab 19.06.2023) 5.6. Angaben zu Organen der Gesellschaft
Vizepräsidenten: Dr. Norbert Griesmayr (bis 19.06.2023) Mag. Jochen Danninger (ab 19.06.2023) Mag. Bettina Glatz-Kremsner (bis 19.06.2023) DI Reinhard Wolf (ab 19.06.2023)
Mitglieder: Mag. Georg Bartmann Dr. Gustav Dressler Mag. Philipp Gruber Dipl.-Ing. Peter Weinelt Dipl.-Ing. Dr. Friedrich Zibuschka ( bis 19.06.2023) Arbeitnehmervertreter*innen: Ing. Paul Hofer Dipl.-Ing. Irene Pugl Mag. Dr. Monika Fraißl Vizepräsidenten: Dr. Norbert Griesmayr (bis 19.06.2023) Mag. Jochen Danninger (ab 19.06.2023) Mag. Georg Bartmann Dr. Gustav Dressler Mag. Philipp Gruber Dipl.-Ing. Peter Weinelt Dipl.-Ing. Dr. Friedrich Zibuschka ( bis 19.06.2023)
Mag. Willi Stiowicek
Dipl.-Ing. Maria Patek, MBA Dipl.-Ing. Angela Stransky Mag. Veronika Wüster, MAIS (ab 19.06.2023) Mag. Willi Stiowicek
Uwe Mitter Friedrich Bußlehner Dipl.-Ing. Maria Patek, MBA Dipl.-Ing. Angela Stransky Mag. Veronika Wüster, MAIS (ab 19.06.2023)
Vorstand: Mag. Dr. Monika Fraißl
Arbeitnehmervertreter*innen:
Vorstandsdirektor Mag. Stefan Szyszkowitz, MBA – Sprecher des Vorstandes Vorstandsdirektor Dipl.-Ing. Franz Mittermayer
Uwe Mitter
Friedrich Bußlehner
Maria Enzersdorf, am 21. November 2023 Vorstandsdirektor Mag. Stefan Szyszkowitz, MBA – Sprecher des Vorstandes
Der Vorstand Maria Enzersdorf, am 21. November 2023
Vorstandsdirektor Dipl.-Ing. Franz Mittermayer
Mag. Stefan Szyszkowitz, MBA Dipl.-Ing. Franz Mittermayer
Mag. Stefan Szyszkowitz, MBA Dipl.-Ing. Franz Mittermayer
82
Declaration by the Executive Board pursuant to § 124 (1) no. 3 of the Austrian Stock Exchange Act 2018 ("Börsegesetz 2018")
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, 21 November 2023
EVN AG The Executive Board
Stefan Szyszkowitz, MBA Franz Mittermayer Spokesman of the Executive Board Member of the Executive Board