EVN AG — Earnings Release 2001

Dec 10, 2001

News Details

Ad-hoc | 10 December 2001 08:39

EVN AG english

Business Development 1 October 2000 – 30 September 2001 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Business Development 1 October 2000 – 30 September 2001 .Profit before tax nearly unchanged at EUR 126m. .Entry into the water business. .Start of construction work on waste incineration plant. .EnergieAllianz received regulatory approval. 2000/01 Change % Volumes sold Electricity1 GWh6,430 +1.6 Gas m m31,322 1.1 Heat GWh721 +1.3 EUR m Sales revenues 1,014.7 +7.0 Operating result (EBIT) 121.0 +1.4 Profit before tax 126.3 0.9 Net result 87.87.1 1 Sales to end-customers. The online version of EVNs 2000/01 Annual Report can be directly accessed from http://www.investor.evn.at/ar2001 end of ad-hoc-announcement (c)DGAP 10.12.2001 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: EVN Business Development during the 2000/01 financial year (1 October 2000 30 September 2001) Despite the mild weather and a slowdown in economic development, EVN energy revenues increased by 6.1 % in the 2000/01 business year, mainly due to higher revenues in the gas and heating segments. Total sales revenues were up 7.0 % in the 2000/01 business year. Expenditure on electricity and primary energy purchases in 2000/01 was up 16.1 % on the already high level of the preceding year. This was largely the consequence of the continuing high level of gas purchasing prices and the additional increase in the average cost of electricity sourcing during the period under review. The cost of materials increased by 2.9 % over the previous year. This was primarily due to the enlargement of the scope of consolidation. Personnel expenses were reduced by 8.1% over the preceding year, despite an expansion in the scope of consolidation and an average wage increase of 2.9% following an increase in the collective wage agreement on November 1, 2000. This was primarily achieved through the partial settlement of pension entitlements during the past year, which resulted in a reduction in the requirement for provisions and a corresponding drop in expenses. In addition, there was a partial transfer of pension entitlements to the EVN pension fund, EVN- Pensionskasse AG, as per September 30, 2001. Despite the aforementioned expansion in the scope of consolidation, the average number of Group employees was down by 0.8 % to 2,204. Depreciation was reduced by 9.6 % over the preceding year. A considerably lower level of exceptional depreciation was the main reason for this decrease. Despite expansion of the scope of consolidation, operating expenses decreased to a level well below that of the previous year. This was due to a drop in the requirement for provisions. EBIT up by 1.4 % Despite the difficult general conditions, the operating result (EBIT) for the 2000/01 financial year rose by EUR 1.6 m, or 1.4 %, to EUR 121.0 m. Consequently, an EBIT margin of 11.9 % was achieved, which is only slightly lower than the 12.6 % of the preceding year. In the treasury, the past year provided a solid return from investments. By contrast, the income from interest declined. On balance, a positive financial result of EUR 5.3 m was achieved. However, this is EUR 2.7 m, or 34.0 %, lower than the preceding year. The profit before tax for the financial year 2000/01 amounts to EUR 126.3 m, which is EUR1.1m, or 0.9% lower than the previous year. Following the deduction of taxes on profit and minority interests, the net profit totals EUR 87.8 m, which is EUR 6.7 m, or 7.1 % lower than the previous year. The result achieved during the 2000/01 financial year corresponds with a return on equity (ROE) of 9.4 % (previous year: 11.3 %) and a return on capital employed (ROCE) of 6.4 % (previous year: 7.5 %). Based on the solid result, the management board will propose to the AGM the payment of a dividend of EUR 0.7 per share. Outlook EVN CEO Rudolf Gruber, “Despite complete deregulation of the Austrian electricity market as per 1 October 2001, EVN was able to achieve solid 2000/01 annual results. However, particularly the electricity business was affected by deregulation. After the formal approval of EnergieAllianz, the alliance is set to considerably strengthen its market position through the partial merger of the regional sales organisations of the partner companies. Of strategic importance for the Groups positioning as a one-stop shop for energy and infrastructure services is EVNs entry into the water business, which was completed in the 2000/01 financial year with the purchase of evn wasser. Additional business opportunities will result from the planned extension of the value added chain into end-customer supply and the entry into the wastewater business. Construction work by EVNs subsidiary AVN on Austrias largest waste incineration plant adjacent to EVNs power station in Dürnrohr is on schedule. The plant is scheduled to be operational in the fall of 2003. This project is yet further evidence of EVNs long-term growth prospects, which not only relate to the domestic Lower Austrian and national market, but also extend to Austrias neighbouring countries. ——————————————————————————– WKN: 074105; ISIN: AT0000741053; Index: ATX Listed: Amtlicher Handel in Wien; Amtlicher Handel in Frankfurt und München; Freiverkehr in Berlin, Hamburg und Stuttgart 100839 Dez 01