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EVN AG Investor Presentation 2013

Jun 10, 2013

742_ip_2013-06-10_1b37d266-a048-4cc4-b9f4-da30607ca3ff.pdf

Investor Presentation

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EVNCompany presentation June 2013

Agenda

  • EVN at a glance
  • Investments and projects
  • Financial performance HY. 1 2012/13
  • Financial performance 2011/12

EVN profile

  • Leading integrated energy and environmental services company serving customers in Lower Austria, SEE and CEE
  • Key business areas: electricity, natural gas, heating, drinking water supply, wastewater treatment, waste incineration
  • Group net profit: EUR 194.9m (+1.4%)
  • Net cash flow from operating activities: EUR 461.0m (–11.7%)
  • Employees: 7,495 (as per 03/31/2013)
  • Rating: A3, stable (Moody's) BBB+, stable (Standard & Poor's)

Shareholder structure

Contribution by business segments

Revenues1) EBITDA1)2)

1) Pre consolidation

2) Figures have been adjusted due to IAS 19

Key metrics

Generation

  • Electricity generation capacity: 1,994 MW
  • Renewable: 508 MW
  • Thermal: 1,487 MW
  • Production mix:
  • Renewable: 25%
  • Thermal: 75%
  • Coverage ratio: 15.5%

Networks

  • Electricity: 134,813 km
  • Natural gas: 13,731 km
  • Heating: 645 km

Energy supply

  • Customers: 3.7 million
  • Sales volume: 29.3 TWh

Environmental Services

  • 0.5 million drinking water customers in Lower Austria
  • Waste incineration plants:
  • 500,000 t p.a. in Lower Austria
  • 360,000 t p.a. in Moscow
  • More than 100 drinking and wastewater plants servicing ~16 million customers throughout Europe

Active in 21 countries

Key geographic areas

  • Lower Austria and Germany
  • −South Eastern Europe (SEE)
  • −Central and Eastern Europe (CEE)

Activities

Lower Austria

Energy business: full integration Environmental services business: drinking water supply, wastewater treatment, waste incineration

−SEE

Electricity and heat distribution as well as natural gas operation

CEE

Drinking water supply, wastewater treatment and waste incineration

  • EVN assigned reserve capacity of 785 MW for Southern Germany over the next three years
  • Electricity production of renewable sources increased by more than 25%
  • Macedonia: 7 small hydropower plants came back to our operatorship (48 MW)
  • Albania: full operations of Ashta hydropower plant (53 MW)
  • New 24 MW wind park in Lower Austria under construction
  • Operations started at Europe's largest wastewater purification plant in Warsaw, Poland
  • Standard & Poor's and Moody's rating: unchanged with stable outlook
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1. Majority of revenues and EBITDA generated in domestic and regulated businesses

Revenue breakdown by segments1) Geographic revenue breakdown2)

Share of regulated EBITDA3)4) Geographic EBITDA breakdown2)4)

1) Pre consolidation adjustments

  • 2) International business includes Energy Supply South East Europe and the international project business of the Environmental Services segment
  • 3) The regulated domestic business includes mainly the Network Infrastructure Austria (excl. cable and telecommunication activities) and the regulated international business Energy Supply South East Europe
  • 4) Figures for 2011/12 have been adjusted due to IAS 19

1. EVN – European utility but a bit different

  • EVN's core competence is the efficient operation and constant upgrading of grid business (electricity, gas, heat, water)
  • Strong, de-centralised portfolio:

Hydropower (Austria)

  • 5 storage and 67 run-of-river hydropower plants
  • – Purchasing rights from hydropower plants along the Danube, Melk, Greifenstein and Freudenau
  • Investment in hydropower plant Nussdorf and Verbund-Innkraftwerke

Windpower

  • –12 windparks
  • Investments: EUR 265m

Biomass

  • 64 biomass plants in Lower Austria
  • –Largest supplier of natural heat in Austria
  • –Investments (in total): EUR 390m
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2. Increase coverage ratio and diversify generation portfolio

Generation mix

Increase coverage ratio in the mid-term to 40% on Group level

  • Hold coverage ratio in CWE
  • Increase coverage ratio in SEE

Diversify generation portfolio

  • Increase renewable generation up to 50% of output
  • Focus on wind in Austria and CWE
  • Focus on hydro in SEE

2. Ongoing projects to increase generation output

1) Start of full operations of the Ashta hydropower plant in April 2013.

2) Includes Austrian wind parks.

3. Regulated business in South Eastern Europe

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1) The revenue caps comprise the recognised operating expenses, the amortisation and depreciation as well as the recognised return on the RAB.

2) Annual review and approval of company's investment plans by the regulatory authority.

Source: Regulators in Bulgaria (SEWRC) and in Macedonia (ERC)

3. Regulated business in South Eastern Europe

Bulgaria

Market entry in 2005

  • EVN buys energy from public provider at regulated prices
  • and sells to end-customers at regulated prices

Bulgaria

District heating plant in Plovdiv

Macedonia

Entire electricity distribution network run by EVN

Croatia

  • Project to build and operate natural gas network in Zadar, Sibenik and Split
  • Customer potential: 130,000 households

3. Upside potential from South Eastern European market development

Illustrative electricity sales

Electricity prices for households (EUR cent/kWh)

Improvement of grid efficiency

4. Competitive business model through integration of environmental services business

  • Successful participation in 100 projects in 18 countries since 1983
  • Strong demand for infrastructure projects set to continue
  • Total order volume of EUR 0.6bn with attractive return potential from international projects
  • Underpinned by stable contributions from drinking water supply and wastewater treatment businesses

5. Capitalising on strategic investments and investments in equity accounted investees

  • 1 electricity producer in Austria with 8.6 GW installed capacity

  • 2 oil and gas producer in Austria, one of the largest gas storage operators in Central Europe with 5 bn m³ working gas capacity

  • 1 green energy producer in Austria and local gas distributor

  • 13 run-of-river plants with 312 MW installed capacity (EVN stake: 41 MW)
  • Distributor and business-to-business natural gas supplier in Austria

5. Current contribution to net profit from investments

Significant contribution to EVN's profit

  • RAG and Verbund are the main contributors
  • Income from RAG increased by ~22% from EUR 60.4m in 2010/11 to EUR 73.5m in 2011/12
  • Contribution from Verbund at prior-year level (2010/11: decrease due to lower dividend payment)
  • Contribution from Others increased due to impairment for the hydro-power project Ashta (EUR –21.3m) in 2010/11

5. RAG – Rohölaufsuchungs AG1)

EBITDA, EBIT and Net profit

Other revenues

  • Oil sales & stockpiling of CER
  • Gas storage

Gas sales

1) Source: RAG, Annual report 2012 according to IFRS CER = Compulsory Emergency Reserves

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1) Source: RAG

2) Sales of produced, swapped and traded gas

Core areas of business

  • Oil and natural gas E&P
  • Natural gas storage

Concessions

  • Austria (5,414 km²)
  • Germany (5,479 km²)
  • Hungary (7,022 km²)
  • Poland (2,951 km²)
  • Romania (1,106 km²)

Storage facilities (Salzburg, Upper Austria)

  • Haidach (JV with Gazprom and Wingas; 2,656 m m³)
  • Aigelsbrunn (100 m m³)
  • Puchkirchen (1,080 m m³)
  • 7Fields (1,165 m m³)

6. Strengthening of liquidity position

  • Capital increase of EVN AG by 10% to EUR 330.0m in October/November 2010
  • Net proceeds of EUR 175.5m from capital increase
  • Issuance of a corporate bond in October 2011
  • EUR 300.0m
  • Replacement of existing corporate bond
  • Tenor: 10.5 years, Coupon: 4.25%
  • Issuance of two private placements in March 2012
  • EUR 100.0m and EUR 25.0m
  • Tenor: 20 years, Coupon: 4.125%
  • Refinancing syndicated revolving credit facility of EUR 500.0m in June 2012
  • Financial flexibility through committed credit lines of EUR 175.0m (as per 9/30/2012)

6. Solid capital structure and rating supports

Net debt and gearing ratio:

Increase due to ongoing investments in Austria and SEE

Rating

  • S&P: BBB+ / stable
  • Moody's: A3 / stable
  • EVN aims at preserving a competitive investment grade credit rating

6. Financial and dividend policy

Financial policy going forward based on selected key ratios (unadjusted):

  • Equity ratio > 40% (9/30/2012: 43.9%)
  • Net debt coverage (FFO) ≥ 23% (9/30/2012: 32.2%)
  • Interest cover (FFO) ≥ 5x (9/30/2012: 6.2x)
  • Dividend payout ratio: EVN intends to increase dividend payout ratio up to 40% mid-term and to above 40% longer-term

Debt maturity profile

  • Issue of a new corporate bond EUR 300.0m (10.5 ys; coupon 4.25%)
  • Redemption of corporate bond (EUR 257.4m)
  • Issue of private placements
  • EUR 125.0m (20.0 ys; coupon 4.125%)
  • Refinancing of syndicated loan
  • EUR 500.0m (5 ys)
  • Committed bilateral credit lines

  • EUR 175.0m

  • Deal for the sale of the 50% stake in Devoll to Statkraft closed

  • Earnings of WEEV burdened by market valuation of Verbund shares acquired in 2010
  • Negatively impacted project development in Moscow
  • Outlook 2012/13: Group net profit for 2012/13 is expected to decline by around 40%

Capitalising on EVN's integrated business model

  • Strengthening our business in core markets
  • Focusing on efficiency-increasing measures
  • Providing security of energy supply and services
  • Benefitting from guaranteed feed-in tariffs for renewable energy
  • Building on our broad, diversified and stable customer base
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5
3
%

1) Figure for 2011/12 has been adjusted due to IAS 19

2) Figures for 2010/11 have been adjusted due to the revisions to IAS 19

3) In intangible assets and property, plant and equipment

Agenda

  • EVN at a glance
  • Investments and projects
  • Financial performance HY. 1 2012/13
  • Financial performance 2011/12

Investments1)

  • Environmental Services
  • Energy Supply South East Europe
  • Network Infrastructure Austria
  • Energy Trade and Supply
  • Generation

Investments 2011/12 down 25.8%

Key investments

  • Wind parks in Lower Austria and Bulgaria
  • Expansion of heat networks and biomass capacities in Lower Austria
  • Construction of Westschiene
  • Expansion of the network infrastructure and replacement of metres in SEE
  • Investments in natural gas network in Croatia
  • Combined cycle heat and power plant in Moscow

1) In intangible assets and property, plant and equipment; Pre consolidation

Coal-fired power plant – Duisburg-Walsum

Duisburg-Walsum

Status

  • Repair of the boiler is done according to plan
  • Inspection of the turbine by the general contractor Hitachi

Gas-fired power plants – Theiss and Korneuburg

Reserve capacity for Southern-Germany

  • Reserve capacity: 785 MW
  • Over the next three years
  • Securing the sites

Windpower plants

12 windparks

  • Gänserndorf west (5 wind turbines)
  • Gänserndorf north (5 wind turbines)
  • Neusiedl / Zaya (5 wind turbines)
  • Prellenkirchen (8 wind turbines)
  • Japons (7 wind turbines)
  • Kettlasbrunn (20 wind turbines)
  • Obritzberg (13 wind turbines)
  • Markgrafneusiedl (10 wind turbines)
  • Tattendorf (8 wind turbines)
  • Pöttelsdorf (4 wind turbines)
  • Glinzendorf (9 wind turbines)1)
  • Kavarna, Bulgaria (8 wind turbines)
  • Total capacity: 191 MW
  • Electricity for more than 100,000 households

1) 50:50 JV with Wien Energie AG

Hydropower plants in Lower Austria

Small-scale hydropower plant Schaldorf

  • Total capacity of 291 MW1)
  • 72 hydropower plants in total
  • 5 storage hydropower plants
  • 67 run-of-river hydropower plants
  • Electricity for some 165,000 households

River Inn

  • 13% stake in Verbund-Innkraftwerke GmbH
  • Capacity: 41 MW (EVN stake)

Schütt

  • Capacity: 2 MW
  • 2,700 households
  • Investments: EUR 9.5m

1) Including purchasing rights from hydropower plants along the Danube, Melk, Greifenstein and Freudenau as well as from investment in hydropower plant in Nussdorf, Vienna and Verbund-Innkraftwerke GmbH

Hydropower plant projects in Albania and Bulgaria

Project Ashta on the Drin River

Project Ashta on the Drin River

  • 50:50 JV with Verbund
  • Capacity: 50 MW
  • Generation: ~240 GWh p.a.
  • Supply of 100,000 households
  • Concession period: 35 years
  • Start of operations: April 2013

Gorna Arda

  • 70% EVN stake, 30% NEK
  • River Arda, South Eastern Bulgaria
  • Total capacity: 120 MW – 170 MW
  • Generation: ~350 GWh p.a.
  • Total investments: up to EUR 500.0m
  • Start of operations: 2018/19

Biomass plants in Lower Austria

  • Total capacity
  • 64 biomass plants in Lower Austria
  • 1.4 million m³ of wood chips
  • Largest supplier of natural heat in Austria
  • Expansion of biomass capacity
  • Steyr (trial operation)
  • Opening of Hagenbrunn (Investments: EUR 3.6m)
  • Opening of Langenlois (Investments: EUR 2.3m)
  • Waidhofen, Aschbach (acquisitions)
  • Amstetten (under construction)
  • Markt Piesting (ground-breaking ceremony)

Cogeneration plant in Bulgaria

Plovdiv

  • Generation of electricity and heat
  • Start of construction: 2009/10
  • Start of operations: December 2011
  • Capacity:
  • Electricity: 50 MW
  • Heat: 54 MW
  • Investments: EUR 50.0m
  • Supply of ~33,600 households
  • Most modern cogeneration plant in the Balkans
  • Increasing the security of energy supplies

Gas supply in Lower Austria

Südschiene

  • Gänserndorf-Semmering
  • Completion: July 2011
  • Gas pipeline: ~120 km
  • Investments: EUR 114.0m

Westschiene

  • Auersthal-Amstetten
  • Start of construction: June 2011
  • Completion: 2013/14 financial year
  • Gas pipeline: 143 km
  • Investments: EUR 150.0m

Gas supply in Croatia

Concessions to build and operate a natural gas distribution network on the Dalmatian coast

  • Three counties: Zadar, Split and Sibenik
  • Concession period: 30 years
  • Total pipeline length: 1,450 km
  • ~130,000 households
  • Start of construction: April 2011 (Zadar)
  • First household customers connected to EVN gas grid on 06/01/2012

Waste incineration plants

Dürnrohr, Lower Austria

Dürnrohr, Lower Austria

  • Line 3
  • Start of operation: early 2010
  • Total capacity: 500,000 t p.a. of household residual waste, bulky waste, industrial and commercial waste materials treated
  • State-of-the-art and largest waste incineration plant in Europe
  • Ecologically best possible waste treatment and transportation of waste and residual waste by train

Moscow

  • Total capacity: 360,000 t p.a.
  • Investments: EUR 175.0m
  • Start of operation: 2008
  • EVN operation: 13 years

Waste incineration plant project

Moscow

  • December 2009: Acceptance of a tender to construct another waste treatment plant in Moscow
  • EIA procedure completed
  • Total capacity: 700,000 t p.a.
  • Investments: EUR 575.0m
  • Construction permit still pending

International environmental services projects

Market entry in Czech Republic and Serbia

  • Wastewater treatment plant in Prague (Investments: EUR 35.0m)
  • Drinking water purification plant in Serbia (Investments: EUR 25.3m)

Additional project on Cyprus

  • Fifth project on Cyprus
  • Refitting and expansion of a wastewater purification plant in Larnaca

Agenda

  • EVN at a glance
  • Investments and projects
  • Financial performance HY. 1 2012/13
  • Financial performance 2011/12

One-off effects in profit of equity accounted investees

EconGas

Negative earnings contribution recognised in Q. 1 2012/13

Devoll

Sale of 50% stake in hydropower project to joint venture partner

WEEV

P&L relevant market valuation of Verbund shares acquired in 2010

Business highlights

  • EVN assigned reserve capacity of 785 MW for Southern Germany over the next three years
  • Electricity production of renewable sources increased by more than 25%
  • Macedonia: 7 small hydropower plants came back to our operatorship (48 MW)
  • Albania: full operations of Ashta hydropower plant (53 MW)
  • New 24 MW wind park in Lower Austria under construction
  • Operations started at Europe's largest wastewater purification plant in Warsaw, Poland
  • Standard & Poor's and Moody's rating: unchanged with stable outlook

Business development

EU
Rm		 2
0
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–

Revenue impacted by different developments

  • Energy business: above prior year
  • Environmental services business: below prioryear level

EBITDA and EBIT below last year

  • Higher other operating income
  • Higher procurement costs for energy
  • Lower material costs for project business
  • Higher other operating expenses

Decrease in financial results by EUR 82.6m to EUR –17.2m

Financial results

Financial results affected by different developments

  • Drop in income from investments in equity accounted investees
  • Stable income from other investments
  • Lower interest and other financial results

EBITDA development by segments

  • Generation: lower wind conditions, unfavourable market price development, lower electricity production of gas-fired power plants (prior year positively affected by the power request from Germany)
  • Energy Trade and Supply: revenue decrease due to drop in sales of marketed natural gas volumes and price reduction due to lower additional costs for renewable electricity, partly compensated by lower operating expenses

Generation

l
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Higher generation volumes

  • Increase from renewable energy sources
  • Good water flow
  • Start of operations of Ashta, Albania
  • Production decline of gas-fired power plants

Lower revenue

  • Negative development of market prices
  • Lower wind conditions
  • Reduction in the option value of thermal power plants

EBITDA decrease but EBIT increase

  • Higher procurement volumes
  • Impairment charge in prior year

Energy Trade and Supply

1/1
/20
12		 –1
7
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Positive sales volumes development

  • Stable natural gas and electricity sales volumes
  • Higher heat volumes due to expansion of capacities and lower temperatures

Revenue drop

  • Decrease in sales of marketed natural gas volumes
  • Price reductions in prior year due to lower additional costs for renewable electricity
  • Revenue of sold subsidiary included in prior year

Financial results influenced by EconGas

Network Infrastructure Austria

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Diverse distribution volumes development

  • Electricity: slight increase
  • Natural gas: decline
  • Weaker demand from industrial customers
  • Further reduction in use of EVN's thermal power plants

Revenue drop

Decrease in other revenue due to less invoiced customer projects

1) Average, according to the regulator in Austria (E-Control) 2) Including network sales to EVN's power stations

Energy Supply South East Europe

d
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12		 6.
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Financial performance EURm

R
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8
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–

1) Average, household sector, according to the regulators in Bulgaria (SEWRC) and Macedonia (ERC)

  • 2) EVN Macedonia
  • 3) In Bulgaria and Macedonia energy sales volumes fairly equal present network distribution volumes

Higher electricity generation

  • Start of production of the new co-generation plant Plovdiv, Bulgaria in January 2012
  • Seven small hydropower plants in Macedonia came back to our operatorship

Weather-related drop in sales volumes

Prior year: extremely cold

Revenue increase

Tariff adjustments in prior year

Decrease of EBITDA and EBIT

Higher prices for procured electricity, especially additional costs related to renewable energy

Environmental Services

i
i
l
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–

Lower revenue

Completion and invoicing of large projects in prior year

Financial results slightly up

Higher interest results

Business development

  • Poland: start of operations at the largest wastewater purification plant in Europe in March 2013
  • Lower Austria: further activities to ensure drinking water supply

Cash flow

EU
Rm		 2
0
1
2
/
1
3
H
Y
1		 /–
+
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0		 –

Higher gross cash flow

Mainly due to earlier RAG dividend payout

Increase of net cash flow from operating activities

Affected by higher profit tax payments

Change of net cash flow from investing activities

  • Capital payment for at-equity investments
  • Investments in PPE
  • Higher lease receivables

Drop in net cash flow from financing activities

Dividend payment to EVN's shareholders

Prior year adjusted due to IAS 19 (2011)

2
0
1
1
/
1
2
H
Y
1		 2
0
1
1
/
1
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1		 /–
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EU
Rm		 (
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a		 %
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n
e
r
e
s
e
x
p
e
n
s
e
s		 5
0.
9
–		 4
2.
6
–		 –8
3
l
l
i
i
F
t
n
a
n
c
a
r
e
s
u
s		 6
5.
4		 3.
6
7		 )
–8
2
1
f
f
i
i
P
t
t
t
r
o
a
e
r
n
c
o
m
e
a
x		 2
8
6
1.		 2
3
6
5.		 3.
8
f
i
G
t
t
r
o
p
n
e
p
r
o
u		 2
1
2.
9		 2
0
9.
1		 3.
8

HY. 1 2011/12 (adj.): slight impact on Group net profit

  • Change of disclosure of interest component of the provisions for pensions and severance payments between personnel expenses and financial results
  • Adjustment due to corridor method

Investments HY. 1 2012/131)

Investment volume

Roughly on prior-year level

Investment focus

  • Expansion of windpower capacity
  • Expansion of district heating network
  • Construction of gas-pipeline Westschiene
  • Network expansion in Austria to ensure supply security against the backdrop of the steady rise in renewable energy
  • Expansion and modernisation network infrastructure in SEE

Agenda

  • EVN at a glance
  • Investments and projects
  • Financial performance HY. 1 2012/13
  • Financial performance 2011/12

Business highlights

  • Expansion of windpower capacity in Lower Austria and Bulgaria
  • Expansion of natural heat power capacity
  • Enlargement of hydropower plants assets in Lower Austria and Albania
  • Completion of the first construction phase of the natural gas transport pipeline Westschiene
  • New co-generation plant in Plovdiv put into operation
  • Environmental Services business: contracts awarded in Prague (CZ), in Serbia and on Cyprus
  • Consolidation of investments in South Eastern Europe
  • Optimising financial flexibility: Refinancing and emission of bonds and credit facilities

Business development

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

Weather-related revenue development

  • Energy business:
  • Historically coldest winter and higher end customer prices in SEE
  • Environmental Services business:
  • Lower project implementation volume

EBITDA and EBIT on prior-year level

  • Higher procurement costs for energy
  • Provision for impending losses
  • Adjustments due to IAS 19 (EUR +16.5m)

Decrease of financial results

Adjustments due to IAS 19 (EUR –16.5m)

Group net profit above prior year

1) Figure has been adjusted due to IAS 19 (EBITDA/EBIT EUR +16.5m; Financial results EUR –16.5m)

EBITDA development by segments1)

  • Generation: power request on the part of the German Federal Network Agency; revision in natural gas price between Gazprom and EconGas; new wind park capacities
  • Energy Trade and Supply: Reduced marketing of own thermal power plants; passing on of reduced natural gas procurement costs and lower additional costs for renewable electricity to end customers
  • Energy Supply SEE: historically coldest winter and higher end customer prices

Generation

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

Reduced use of EVN's own thermal power stations

Negative spreads for gas-fired power plants

Higher revenue

  • Higher wind and hydropower production coefficients and volumes
  • Power request by the German Federal Network Agency
  • Gas price revision between Gazprom and EconGas

EBITDA and EBIT increase

  • Impairment losses
  • EUR 8.0m, biomass pilot plant in Dürnrohr
  • EUR 9.8m, wind park Kavarna in Bulgaria

Energy Trade and Supply

End customerprice adjustments1)

l
N
t
a
u
r
a
g
a
s		 4/1
/20
11		 %
8.
9
10/
1/2
01
1		 3.
6
%
l
E
i
i
t
t
e
c
r
c
y		 1/1
/20
12		 1.
7
%
–
l
l
S
t
a
e
s
v
o
u
m
e
s
o		 /–
+
d
t
e
n
c
u
s
o
m
e
r
s		 2
0
1
1
/
1
h
GW		 i
2
%
n
l
i
i
E
t
t
e
c
r
c
y		 7,
4		 2
7
4
0
l
N
G
t
a
r
a
a
s
u		 6,
1		 6
6
4
8
–
H
t
e
a		 6
1,		 8
2
0.
3
f
i
i
l
F
n
a
n
c
a
p
e
r
o
r
m
a
n
c
e		 EU
Rm
R
e
v
e
n
u
e		 1,
1
2
8.
5		 3.
1
–
)
2
E
B
I
T
D
A		 3
4
5		 6
6.
8
–
)
2
E
B
I
T		 8.
1
1		 8
8.
2
–

1) Average, household sector (source: EVN)

2) Figure has been adjusted due to IAS 19

Diverse sales volumes development

  • Natural gas: decrease due to reduced use of EVN's own thermal power plants and lower sales volumes to end customers
  • Electricity: increase due to business extension of EAA outside of Lower Austria
  • Heat: at prior-year level

Revenue drop

  • Decline in marketing proceeds of EVN's own thermal power plants
  • Declined end customer price for electricity and adjustments in natural gas prices

EBITDA and EBIT decrease

  • Higher procurement volumes and prices
  • Higher provisions for impending losses
f
f
d
)
i
j
1
T
t
t
a
r
a
s
m
e
n
s
u
l
E
i
i
t
t
e
c
r
c
y		 /20
12
1/1		 –
l
N
t
a
u
r
a
g
a
s		 1/1
/20
12		 –1
9
%
k
d
i
i
b
i
N
t
t
t
e
w
o
r
s
r
u
o
n		 /–
+
l
v
o
u
m
e
s		 h
GW		 2
0
2
1
1
/
1		 i
%
n
l
i
i
E
t
t
e
c
r
c
y		 7,
7
8
2		 0.
4
l
N
G
t
a
u
r
a
a
s		 1
5,
4
3
5		 6.
0
–
l
f
i
i
F
n
a
n
c
a
p
e
r
o
r
m
a
n
c
e		 EU
Rm
R
e
e
n
e
v
u		 5
0
2.
9		 5.
0
)
2
E
B
I
T
D
A		 2
0
2.
3		 5.
7
)
2
E
B
I
T		 1
0
2.
2		 1
0.
5

Diverse distribution sales volumes

  • Electricity: at the prior-year level
  • Natural gas: drop due to reduced use of EVN's own thermal power plants and higher temperature

Adjustment of network tariffs

EBITDA above prior-year level

Adjustments due to IAS 19

EBIT increase

  • Change in the reporting of non-invoiced customer orders
  • Higher personnel expenses
  • Adjustments due to IAS 19 1) Average, according to the regulator in Austria (E-Control) 2) Figure has been adjusted due to IAS 19
d
d
i
j
E
t
t
n
c
u
s
o
m
e
r
p
r
c
e
a
u
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e		 )
1
t
n
s
l
B
i
u
g
a
r
a
l
i
i
t
t
e
e
c
r
c
y		 7/1
/20
11		 %
1.
9
/20
12
7/1		 1
3.
9
%
h
t
e
a		 /20
12
4/1		 6.
8
%
7/1
/20
12		 %
–2
0.
6
d
i
M
a
c
e
o
n
a		 1/1
/20
12		 )
2
%
4.
8
8/1
/20
12		 )
2
%
6.
1
k
d
b
i
i
i
N
t
t
t
e
w
o
r
s
r
u
o
n		 /–
+
l
v
o
u
m
e
s		 h
GW		 2
0
2
1
1
/
1		 i
%
n
)
3
l
i
i
E
t
t
e
c
r
c
y		 3,
8
3
1
7		 3.
3
H
t
e
a		 2
4
1		 3.
4
f
i
i
l
F
n
a
n
c
a
p
e
r
o
r
m
a
n
c
e		 EU
Rm
R
e
v
e
n
u
e		 9
6
8.
7		 1
6.
1
)
4
E
B
I
T
D
A		 1
0
8.
8		 2
5.
3
)
4
E
B
I
T		 4
5.
3		 –

Increased write-offs of receivables 1) Average, household sector, according to the regulators in Bulgaria (SEWRC) and Macedonia (ERC) 2) EVN Macedonia

  • 3) In Bulgaria and Macedonia energy sales volumes fairly equal present network distribution volumes
  • 4) Figure has been adjusted due to IAS 19

Temperature-related sales volumes increase

  • Historically coldest winter, temperaturerelated sales volumes increase
  • BG: heating degree +22.0%p
  • MK: heating degree +19.6%p

Revenue increase

  • Higher sales volumes
  • Higher electricity price for end customers

Increase of EBITDA and EBIT

  • Higher prices for procured energy, especially the additional costs related to renewable energy

Environmental Services

/–
+
l
f
i
i
F
n
a
n
c
a
p
e
r
o
r
m
a
n
c
e		 EU
Rm		 2
0
1
1
/
1
2		 i
%
n
R
e
v
e
n
u
e		 3
3
5.
7		 3.
3
–
)
1
E
B
I
T
D
A		 7
9.
0		 1
4.
6
)
1
E
B
I
T		 9
5
1.		 2
0.
8
)
1
l
l
i
i
F
t
n
a
n
c
a
r
e
s
s
u		 1
1.
7		 1.
4
–
f
b
f
i
i
P
t
t
r
o
e
o
r
e
n
c
o
m
e
a
x		 6
3.
5		 1
6.
0

Lower revenue

Lower project implementation volume

EBITDA and EBIT increase

Financial results slightly above the prioryear level

New contracts awarded

  • Wastewater treatment plant in Prague (CZ) (turn-key project)
  • Drinking water treatment plant in Serbia
  • Wastewater purification plant on Cyprus

Financial results1)

Income from investments in equity accounted investees

Gain from other investments

Total interest results

Total other financial results

Financial results decreased

Adjustments due to IAS 19

Higher income from investments in equity accounted investees

  • Higher contribution by RAG
  • Impairment of Ashta in the prior year

Lower interest results

  • Higher interest expenses
  • Time overlap of two EUR-bonds
  • Higher net debt
  • Lower interest income in the international project business

1) Figures 2011/12 have been adjusted due to IAS 19 (EBITDA/EBIT EUR +16.5m; Financial results EUR –16.5m)

Solid capital structure and rating support

Cash flow

EU
Rm		 2
0
1
1
/
1
2		 /–
+
i
%
n
h
f
l
C
r
o
s
s
c
a
s
o
w		 8
0.
3
4		 0.
5
h
f
l
f
i
N
t
t
e
c
a
s
o
r
o
m
o
p
e
r
a
n
g
w
i
i
i
t
t
a
c
e
s
v		 6
0
4
1.		 1
1.
7
–
h
f
l
f
i
i
N
t
t
e
c
a
s
o
w
r
o
m
n
v
e
s
n
g
i
i
i
t
t
a
c
v
e
s		 –3
3
3.
9		 3
4.
7
–
h
f
l
f
f
N
i
i
t
e
c
a
s
o
w
r
o
m
n
a
n
c
n
g
i
i
i
t
t
a
c
v
e
s		 –1
0
5.
6		 –
h
i
h
d
h
N
t
e
c
a
n
g
e
n
c
a
s
a
n
c
a
s
i
t
e
m
s		 1
3
4.
1		 1
9.
1

Higher gross CF

  • Decline in non-current provisions in prior year
  • Lower non-cash earnings components

Decrease of net CF from operating activities

  • Reduction in funds tied up in
  • working capital

Change of net CF from investing activities

  • Lower investments in intangible assets and property, plant and equipment
  • Capital payment for investments in equity accounted investees (Ashta, Devoll, Walsum, EVN Bulgaria EP and EC)

Additional information

Stefan Szyszkowitz

CFOPhone: +43 2236 200-12132Fax: +43 2236 200-82132E-mail: [email protected]

Investor information on the web

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

Gerald Reidinger

Head of Finance and Investor RelationsPhone: +43 2236 200-12698Fax: +43 2236 200-82698E-mail: [email protected]

EVN AG

Headquarters EVN 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. Forward-looking 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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