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EVN AG Interim / Quarterly Report 2017

Feb 28, 2017

742_ip_2017-02-28_247d1458-0da6-46f1-a3cd-883ab02ce1b2.pdf

Interim / Quarterly Report

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EVN conference callQ. 1 2016/17 results

28 February 2016

Highlights Q. 1 2016/17

  • Increase in electricity generation by 18.4%
  • Higher demand for network stabilisation in Austria and Germany
  • Positive impact of low temperatures on network distribution and energy sales volumes
  • Improvement in the energy business results
  • Positive development in the Environmental Services Segment
  • Transfer of the South-West Moscow drinking water plant in line with contract – after ten years of operation
  • New contract for turn-key wastewater project in Macedonia
  • Arbitration decision1) in favour of Walsum power plant
  • Out-of-court settlement2) with state-owned Bulgarian NEK regarding disputed receivables

Key financials Q. 1 2016/17

Q
2
0
6
1
1
/
1
7		 /–
+
E
U
Rm		 %
R
e
e
n
e
v
u		 6
0
7.
4		 6.
0
E
B
I
T
D
A		 2
1
9.
8		 1
8.
8
d
i
i
i
i
D
t
t
t
e
p
r
e
c
a
o
n
a
n
a
m
o
r
s
a
o
n		 -6
5.
7		 -0
2
f
f
f
i
i
E
t
t
t
t
e
c
s
r
o
m
m
p
a
r
m
e
n
e
s
s		 -2
8.
9		 –
E
B
I
T		 2
2
1
5.		 8
4.
i
i
l
l
F
t
n
a
n
c
a
r
e
s
s
u		 -8
6		 4
8.
7
l
G
t
t
r
o
u
p
n
e
r
e
s
u		 9
5.
3		 2
0.
9
h
f
l
f
N
t
e
c
a
s
o
r
o
m
w
i
i
i
i
t
t
t
o
p
e
r
a
n
g
a
c
v
e
s		 2
5.
3		 -7
2.
8
E
U
R
h
i
E
a
r
n
n
g
s
p
e
r
s
a
r
e		 0.
5
4		 2
0.
8

Revenue above previous year

  • Higher revenue from generation
  • Temperature-based increase in network distribution and energy sales volumes
  • Positive impulses from Environmental Services Segment

Increase in EBITDA, EBIT and Group net result

  • Higher operating expenses
  • Improvement in the energy business results
  • Impairment loss to planned Gorna Arda hydropower project

Solid balance sheet structure, reduced net debt

  • Improvement of equity ratio to 43.8% (30 September 2016: 42.3%)
  • Reduction of net debt to EUR 1,031.5m (30 September 2016: EUR 1,121.5m)
  • Gearing decreased to 35.7% (30 September 2016: 40.5%)

Generation

Q
1
2
0
1
6
/
1
7		 /–
+
l
i
i
i
l
E
t
t
t
e
c
r
c
y
g
e
n
e
r
a
o
n
v
o
u
m
e
s		 h
G
W		 %
l
T
t
o
a		 2
1,
7
5		 8.
3
1
b
l
R
e
n
e
w
a
e
e
n
e
r
g
y
s
o
u
r
c
e
s		 2
3
4		 2
0.
9
h
l
T
e
r
m
a
e
n
e
r
g
s
o
r
c
e
s
y
u		 1,
3
0
2		 1
7.
5
Q
1
2
0
1
6
/
1
7		 /–
+
f
i
i
l
F
n
a
n
c
a
p
e
r
o
r
m
a
n
c
e		 E
U
Rm		 %
R
e
v
e
nu
e		 5
7.
6		 -0
7
E
B
I
T
D
A		 2
3.
4		 -1
8.
6
E
B
I
T		 -1
8.
1		 -

Increase in energy production

  • Rise in renewable generation
  • Continued greater use of thermal power plants to support network stability

Slight decline in revenue

Negative one-off effect from recalculation of cost allocation after Walsum arbitration decision

Decrease in EBITDA, negative EBIT

  • Higher operating expenses
  • Impairment loss to planned Gorna Arda hydropower project

Energy Trade and Supply

l
l
S
t
s
s
a
e
v
o
u
m
e
o		 Q
1
2
0
1
6
/
1
7		 /–
+
d
t
e
n
c
u
s
o
m
e
r
s		 h
G
W		 %
l
i
i
E
t
t
e
c
r
c
y		 1,
7
6
8		 -1
4
l
N
t
a
u
r
a
g
a
s		 2,
1
0
8		 1
7.
9
H
t
e
a		 6
4
3		 1
2.
1
Q
1
2
0
1
6
/
1
7		 /–
+
i
i
l
f
F
n
a
n
c
a
p
e
r
o
r
m
a
n
c
e		 E
U
Rm		 %
R
e
e
n
e
v
u		 1
3
9.
1		 -8
6
E
B
I
T
D
A		 4
6.
2		 1
7.
2
E
B
I
T		 4
1.
5		 1
8.
3

Different development of energy sales volumes

  • Increase in natural gas and heat sales volumes
  • Negative impact from decline in industrial customer segment on electricity sales volumes

Improvement in EBITDA and EBIT

  • Positive one-off effect in operating expenses from recalculation of cost allocation after Walsum arbitration decision
  • Increase in earnings contribution from electricity and natural gas sales company
k
d
b
i
i
i
N
t
t
t
e
w
o
r
s
r
u
o
n		 Q
2
0
6
1
1
/
1
7		 /–
+
l
o
m
e
s
v
u		 h
G
W		 %
l
i
i
E
t
t
e
c
r
c
y		 2,
2
3
1		 3.
9
1)
l
N
t
a
u
r
a
g
a
s		 6,
1
3
0		 1
3.
6
Q
1
2
0
1
6
/
1
7		 /–
+
i
i
l
f
F
n
a
n
c
a
p
e
r
o
r
m
a
n
c
e		 E
U
Rm		 %
R
e
v
e
n
u
e		 1
5
1.
2		 1
8.
2
E
B
I
T
D
A		 8
6.
6		 1
7.
8
E
B
I
T		 8.
0
5		 2
6
5.

Increase in network distribution volumes

  • Increase due to low temperatures
  • Additional positive impact on natural gas distribution volumes from greater use of thermal power plants

Improvement in EBITDA and EBIT

Positive price and volume effects

Energy Supply South East Europe

1)
i
c
e
s		 in
%
+/–		 d
A
j
tm
t
us
en
le
ic
i
t
ty
e
c
r		 -0
4
%		 0
1.
0
8.
2
0
15
0.
8
3
%
+		 0
1.
0
7.
2
0
1
6
he
t
a		 2)
-1
9
%
le
ic
i
t
ty
e
c
r		 -0
3
%		 0
1.
0
7.
2
0
15
-0
3
%		 0
0
2
0
6
1.
7.
1
n
e
s
s		 Q
1
2
0
1
6
/
1
7		 /–
+
h
G
W		 %
lu
n
vo
m
e
s		 2
8
1		 3
2
5.
lu
n
vo
m
e
s		 3,
7
2
6		 8.
1
m
e
s		 3,
2
3
3		 1.
4
8
2		 3
9.
6
Q
1
2
0
1
6
/
1
7		 /–
+
a
n
c
e		 EU
Rm		 %
2
5
5.
5		 1.
2
2
4.
2		 6
4.
7
8.
6		 -
i r
io
io
lu
s
m

Slightly higher revenue

  • Increase in renewable and thermal generation
  • Increase in energy demand due to low temperatures, contrasted by negative effects from continuing liberalisation

Improvement in EBITDA and EBIT

Lower operating costs due to further improvements in collection rate and lower energy procurement costs

Environmental Services

Q
1
2
0
1
6
/
1
7		 /–
+
l
f
i
i
F
n
a
n
c
a
p
e
r
o
r
m
a
n
c
e		 E
U
Rm		 %
R
e
v
e
n
u
e		 6
5.
9		 3
6.
8
E
B
I
T
D
A		 2
1.
8		 8
2.
3
E
B
I
T		 1
5.
2		 -
l
l
F
i
i
t
n
a
n
c
a
r
e
s
u
s		 0.
3		 -2
1.
8
l
b
f
R
i
t
t
e
s
u
e
o
r
e
n
c
o
m
e
a
x		 1
5.
5		 -

Increase in revenue

Higher revenue from international project business

Increase in EBITDA and EBIT

Driven by international project business

Cash flows

Q
1
2
0
1
6
/
1
7		 /–
+
EU
Rm		 in
%
h
f
low
Gr
os
s c
as		 9
9.
0
1		 9.
2
h
f
low
fro
Ne
ing
iv
i
ies
t c
t
t
t
as
m
op
er
a
a
c		 2
5.
3		 -7
2.
8
f
fro
h
low
inv
ing
iv
i
ies
Ne
t c
t
t
t
as
m
es
a
c		 6
8.
5		 -
h
f
low
fro
f
ina
ing
iv
i
ies
Ne
t c
t
t
as
m
nc
a
c		 -3
6
4.		 -2
9.
3
ha
h
d
h
Ne
in
t c
ng
e
ca
s
an
ca
s
iva
len
ts
eq
u		 5
9.
1		 -

Decrease of operating cash flow

  • Changes in working capital
  • Negative impact from Walsumarbitration decision, however corresponding positive effect contained in cash flow from investing activities

Cash flow from financing activities

Scheduled repayments of loans

  • Group net result derived from operating business for 2016/17 is expected to remain largely stable
  • Additional ~EUR 38 million positive effect on Groupnet result due to out-of-court settlement with NEK
  • Positive effect will be recognised in Q. 2 2016/17
  • Reversal of past valuation allowances to receivables and default interest
  • EVN's strategy remains unchanged
  • EUR 1bn investment programme for networks, renewable generation and drinking water supplies to be continued
  • Commitment to integrated business model
  • Presentation of HY. 1 2016/17 results
  • 24 May 2017

Contact details

Stefan Szyszkowitz, CFOPhone: +43 2236 200-12132E-mail:[email protected]

Investor Relations:Gerald Reidinger

Phone: +43 2236 200-12698E-mail:[email protected]

Matthias Neumüller

Phone: +43 2236 200-12128E-mail:[email protected]

Doris Lohwasser

Phone: +43 2236 200-12473E-mail:[email protected]

Investor information on the web

www.evn.atwww.investor.evn.atwww.responsibility.evn.atE-mail: [email protected]

EVN AG

HeadquartersEVN Platz2344 Maria Enzersdorf

Disclaimer

Certain statements made in this presentation may constitute "Forward-Looking Statements" within the meaning of the U.S. federal securities law. Forwardlooking information is subject to various known and unknown risks and uncertainties. These include statements concerning our expectations and other statements that are not historical facts.

The Company believes any such statements are based on reasonable assumptions and reflect the judgement of EVN's management based on factors currently known by it.

No assurance can be given that these forward-looking statements will prove accurate and correct, or that anticipated, projected future results will be achieved.

For additional information regarding risks, investors are referred to EVN's latest Annual report.

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