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EVN AG Investor Presentation 2013

Apr 11, 2013

742_ip_2013-04-11_da25b1a3-cb98-4a6a-9d74-d8a54ea41791.pdf

Investor Presentation

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EVNInstitutional Investors Conference

Zürs, April 11th, 2013

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: 7,594, ~68% abroad (as per September 30th, 2012)
  • Rating: A3, stable (Moody's) BBB+, stable (Standard & Poor's)

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

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EVN – strategic priorities (2)

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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 200.0m

Biomass

  • 64 biomass plants in Lower Austria
  • Largest supplier of natural heat in Austria
  • Investments: EUR 170.0m

Windpower plants – strategy to enlarge wind capacity

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

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: spring 2013

Gorna Arda

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

Ongoing projects to increase generation output

1) Includes Austrian wind parks

2) Start of the trail operations of the first part of Ashta in Q3 2011/12; second section will likely come on stream in March 2013.

  • Biomass district heating plant in Steyr supplies customers with heat and electricity
  • First construction phase of the natural gas transport pipeline Westschiene completed
  • EVN Netz GmbH acquired a 15%-stake in AGGM Austria Gas Grid Management AG
  • Contract awarded for planning and construction of three further wastewater treatment plants in Romania
  • Emission of promissory note loans of EUR 121.5m
  • On-going share buyback programme extended and repurchase volume increased by further 1,000,000 shares
  • Prior-year figures were adjusted due to IAS 19 (2011)

Business development

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Decrease in revenue

  • Energy business: Temperature and economic related drop
  • Environmental Services business: Scheduled completion of large projects in prior year

Stable EBITDA and higher EBIT

  • Lower procurement costs for energy
  • Higher other operating income
  • Impairment charge in the prior year

Financial results dropped

Negative earnings contribution by EconGas

Group net profit below prior year

EBITDA development by segments

  • – Generation: lower electricity production of thermal power plants due to unfavourable market price development and prior year was positively effected by the power request from Germany
  • – Energy Trade and Supply: drop in sales of marketed natural gas volumes, price reduction due to lower additional costs for renewable electricity and termination of the cooperation agreement with Begas
  • –Network Infrastructure Austria: stable earnings
  • –Energy Supply SEE: tariff adjustments

Financial results

Income from investments in equity accounted investees

Gain from other investments

Total interest results

Total other financial results

Financial results: EUR –11.7m

  • – EconGas EUR –20.4m
  • – High negative spread between longterm, oil-based natural gas purchases and hub price linked sales
  • Recognition of a provision for impending losses on contractually agreed, longterm transport and LNG capacity bookings

Solid capital structure and rating supports

Earnings and dividend per share

  • Net debt and gearing ratio: Increase due to ongoing investments in Austria and SEE
  • 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)
  • – EVN intends to increase dividend payout ratio up to 40% mid-term and to above 40% longer-term

Rating

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

Outlook 2012/13

Weak economic growth in Europe

  • Ongoing high primary energy prices and low electricity prices
  • Decrease of electricity and natural gas network tariffs in Austria
  • Mild winter mainly in South Eastern Europe
  • Challenging regulatory and politically conditions in Bulgaria

Operating results and Group net profit are expected to be below the prior-year level

Additional information

Stefan Szyszkowitz

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

Gerald Reidinger

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

Klára Székffy

Sector Analyst Phone: +43 2236 200-12745Fax: +43 2236 200-82745E-mail:[email protected]

Investor information on the web

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

EVN AG

Headquarters EVN Platz2344 Maria Enzersdorf

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