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EVN AG Investor Presentation 2013

Mar 25, 2013

742_ip_2013-03-25_34d86875-aa27-4240-8ef9-a9fc610cb7d9.pdf

Investor Presentation

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EVNCompany presentation

March 2013

  • –EVN at a glance
  • –Investments and projects
  • –Financial performance Q. 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: 7,594, ~68% abroad
  • Rating: A3, stable (Moody's) BBB+, stable (Standard & Poor's)

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

Business segments

Generation

  • Production: 2,803 GWh
  • Efficient and flexible thermal fleet (coal, natural gas, oil)
  • Sizeable renewable energy portfolio
  • Projects in Austria, Germany, Albania and Bulgaria

Energy Trade and Supply

  • Sourcing of electricity and primary energy
  • Sales to end customers in Austria and Germany
  • Trading on wholesale markets
  • Heat generation and sales in Austria
  • ~15–16 TWh energy sales volumes p.a.

Network Infrastructure Austria

  • Electricity and gas distribution networks in Lower Austria
  • Cable TV and telecommunication networks in Lower Austria and Burgenland

Energy Supply South East Europe

  • Electricity distribution and supply business in Bulgaria and Macedonia
  • ~14 TWh sales volumes
  • Heat generation and sales in Bulgaria
  • Project to build/operate natural gas network in Croatia

Environmental Services

  • Austria: drinking water supply, wastewater treatment, waste incineration
  • International project business: drinking water supply, wastewater treatment, waste incineration
  • 18 Central and Eastern and SEE countries

Strategic Investments and Other Business

  • Verbund
  • RAG
  • Burgenland Holding
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EVN – strategic priorities (2)

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business segments

Implementation of strategic goals in 2010/11 and 2011/12

Expansion of renewable energy in Lower Austria and abroad

  • Wind:
  • Four wind parks in Lower Austria (54 MW)
  • Kavarna, Bulgaria (16 MW)
  • Hydro:
  • Acquisition of 13% of Verbund-Innkraftwerke GmbH, Bavaria
  • Capacity increase of existing small hydro power plants, Lower Austria
  • Clear majority (70%) in the hydropower project "Gorna Arda"
  • Start of the trail operations of the first part of Ashta, Albania (26 MW)
  • Photovoltaic/biomass:
  • Expansion of biomass capacity in the home market (> 60 in Austria)
  • Completion of EVN's largest photovoltaic plant in Bulgaria

Implementation of strategic goals in 2010/11 and 2011/12

Key investments in security of supply

  • Start of operation of the natural gas transportation pipeline "Südschiene"
  • Construction begin of "Westschiene" in Lower Austria
  • Construction begin of the natural gas grid expansion in Zadar, Croatia
  • First household customers connected to EVN natural gas grid on 6/1/2012
  • Start-up of the cogeneration plant in Plovdiv, Bulgaria

1. Increase coverage ratio and diversify generation portfolio

Coverage ratio

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

1. Ongoing projects to increase generation output by 2020

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.

2. 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)

Unregulated business Regulated international business Regulated domestic business

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
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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) EVN at a glance

Bulgaria

Skopje Macedonia Market entry in 2006

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 volumes per customer1)

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

  • Capitalising on strategic investments and investments in equity accounted investees

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

EBIT EBITDANet profit

1) Growth in of 51.6% in gas storage business from EUR 76m to EUR 116m based in substantial increase of capacities by start of Haidach and 7fields (now total capacity volumes of about 5 bn m³) CER = Compulsory Emergency Reserves

Shareholder structure Revenue breakdown by segments

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Core areas of business

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

Concessions

  • Austria (5,414 km²)
  • Germany (3,136 km²)
  • Hungary (7,022 km²)
  • Poland (2,951 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)

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

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

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

Development of electricity and primary energy prices

  • Crude oil prices slightly above the prior year
  • – Increase of natural gas prices despite gas price revision
  • –Slightly falling electricity and coal prices
  • – Decrease in prices for CO 2-emission certificates by almost 50%

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

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  • –EVN at a glance
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  • –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

Strategy to double wind capacity by 2015

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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

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 Investments and projects

Hydropower plant projects in Albania

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: 2012/13
  • Start of trail operations of the first part: September 2012

Hydropower plant project in Bulgaria

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

Biomass plants in Lower Austria

Total capacity

  • 64 biomass plants in Lower Austria
  • 1.5 million m³ of wood chips
  • Electricity and heat supply for more than 20,000 households

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)

Photovoltaic plants in Bulgaria

Blatets

  • Start of operations: May 2010
  • Total capacity: 836.7 kWp
  • Investments: EUR 3.0m
  • CO2savings: 280 t p.a.

Trastikovo

  • Start of operations: July 2011
  • EVN's largest photovoltaic park
  • ~25,000 modules
  • Total capacity: 1,995 kWp
  • Generation: ~2.4 GWh p.a.
  • Investments: EUR 5.0m
  • CO2savings: 2,000 t p.a.

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 toEVN gas grid on 6/1/2012

Waste incineration plants

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

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

  • –EVN at a glance

  • –Investments and projects
  • –Financial performance Q. 1 2012/13

  • –Financial performance 2011/12

  • 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)
  • Outlook 2012/13: results from operating activities and Group net profit are expected to be below prior-year figures

Business development

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1
2		 /–
+
l
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2.
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–		 3
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9.
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6.
5
E
B
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7
4.
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4
5		 6.
1
5
E
B
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T		 2
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3.
2		 2
0
6.
7		 1
6.
5
I
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4.
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–		 8
7.
9
–		 1
6.
5
–
l
l
F
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6.
5		 5
3.
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6.
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–
f
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x		 2
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3.
8		 2
3
3.
8		 –
f
G
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p
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u		 9
9
1
4.		 9
9
1
4.		 –
2
0
1
1
/
1
2
d
1		 2
0
1
1
/
1
2		 /–
+		 h
f
d
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EU
Rm
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)
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–		 Q
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0.
5
–		 6.
7		 b
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4.		 6
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7.		 6.
7		 f
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7		 d
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6.
4
–		 2
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–		 –4
1
l
l
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7.
3		 –4
1
f
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1.
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9
f
G
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p
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1.
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9.
5		 1.
9		 ina
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l p
fo
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Q.
1
2
0
1
2
/
1
3
nc
er
rm
an
ce

2011/12 (adj.): no 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

Q. 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

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

Generation

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

Lower generation volumes

  • Production decline from thermal power plants
  • Increase from renewable energy sources

Lower revenue

  • Reduction in the option value of thermal power plants
  • In the prior year positive effect by the power request by the German Federal Network Agency

EBITDA decrease and EBIT increase

Impairment charge in the prior year

Energy Trade and Supply

End customerprice adjustments1)

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

Diverse sales volumes development

  • Lower natural gas: economic weakness and improved energy efficiency
  • Higher electricity: business extension of EAA outside of Austria

Revenue drop

  • Decrease in sales of marketed natural gas volumes
  • Price reduction due to lower additional costs for renewable electricity

EBITDA and EBIT decrease

Financial results influenced by EconGas

f
f
d
)
i
j
1
T
t
t
a
r
s
a
u
s
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e
n
s
l
E
i
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t
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c
r
c
y		 1/1
/20
12		 –
l
N
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a
g
a
s
u		 1/1
/20
12		 1.
9
%
–
k
d
i
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b
i
N
t
t
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e
o
r
s
r
o
n
w
u		 2
0
1
2
/
1
3		 /–
+
l
s
v
o
u
m
e		 h
GW		 Q
1		 i
%
n
l
i
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E
t
t
e
c
r
c
y		 2,
0
7
9		 1.
4
l
N
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s		 4,
9
3
5		 5.
4
–
i
i
l
f
F
n
a
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c
a
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o
r
m
a
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Rm
R
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v
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1
4
1.		 2
4.
–
E
B
I
T
D
A		 7
8.
2		 8.
0
E
B
I
T		 5
3.
8		 1
1.
3

Diverse distribution volumes development

  • Electricity: slight increase
  • Natural gas: decline due to weaker demand from industrial customers and further reduction in use of EVN's thermal power plants

Revenue drop

Decrease in other revenue due to a decline in invoiced customer projects

EBITDA and EBIT improvement

Energy Supply South East Europe

End customerprice adjustments1)

l
i
B
g
a
r
a
u		 l
i
i
t
t
e
e
c
r
c
y		 7/1
/20
12		 3.
6
%
1
h
t
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a		 4/1
/20
12		 6.
8
%
7/1
/20
12		 –2
0.
6
%
d
M
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o
n
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/20
12		 )
2
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8
%
8/1
/20
12		 )
2
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6.
1
b
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2
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1
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/
e
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g
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u
s
n
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s
s		 1
3		 /–
+
d
i
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t
n
c
a
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r
s		 GW
h		 Q
1		 i
%
n
)
3
l
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E
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t.
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c
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v
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s		 3,
3
8
6		 8.
8
–
d
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b
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l
H
t
t.
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a
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s
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v
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s		 7
1		 1
7.
3
–
l
l
E
i
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t
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c
r
c
g
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y
v
u		 9
3		 8
6.
5
l
f
i
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F
n
a
n
c
a
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r
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a
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e		 EU
Rm
R
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v
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n
u
e		 2
6
6.
7		 8.
3
E
B
I
T
D
A		 2
4.
6		 7.
9
E
B
I
T		 8.
9		 6.
9
  • 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 in January 2012

Weather-related drop in sales volumes

Prior year: extremely cold

Revenue increase

Tariff adjustments

Increase of EBITDA and EBIT

  • Despite higher prices for procured electricity, especially the additional costs related to renewable energy
  • Higher write-offs of receivables

Environmental Services

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

Lower revenue

Completion and invoicing of large projects in the prior year

EBITDA and EBIT decrease

Financial results up from EUR 0.7m

Higher income from investments ZOV and ZOV UIP, Croatia

New contract awarded

Three wastewater treatment plants in Romania

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

Cash flow

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

Higher gross CF

Lower non-cash share of income of equity accounted investees

Increase of net CF from operating activities

Weather-related lower y-o-y increase in working capital

Change of net CF from investing activities

  • Investment in short-term securities
  • Capital payment for investments in equity accounted investees

Increase of net CF from financing activities

Issue of promissory note loans

Investments1)

Generation

Investment volume

Roughly on prior-year level

Investment focus

  • Expansion of windpower capacity
  • Expansion of district heating networks
  • Construction of Westschiene

  • Expansion of the network infrastructure and replacement of metres in SEE

  • –EVN at a glance

  • –Investments and projects
  • –Financial performance Q. 1 2012/13

  • –Financial performance 2011/12

  • 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
e
n
e
v
u		 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
u
s		 3
6.
5		 1
2.
7
–
f
i
G
t
t
r
o
u
p
n
e
p
r
o		 1
9
4.
9		 1.
4
h
f
l
f
i
N
t
t
e
c
a
s
o
w
r
o
m
o
p
e
r
a
n
g
i
i
i
t
t
a
c
e
s
v		 6
0
4
1.		 1
1.
7
–
EU
R
h
i
E
a
r
n
n
g
s
p
e
r
s
a
r
e		 0
9
1.		 0.
6
d
d
i
i
D
e
n
v		 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		 GW
h		 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
s
o
r
c
e
s
y
u		 3
1,
4
7		 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		 1,
3
3
1		 3
2.
8
l
f
i
i
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)

4/1
/20
11		 8.
9
%
10/
1/2
01
1		 3.
6
%
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
s
o
m
e
r
s
u		 h
GW		 2
0
1
1
/
1
2		 i
%
n
l
i
i
E
t
t
e
c
r
c
y		 7,
4
2
7		 4.
0
l
N
G
t
a
u
r
a
a
s		 6,
1
6
6		 4.
8
–
H
t
e
a		 6
8
2
1,		 0.
3
l
f
i
i
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
–

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 1) Average, household sector (source: EVN)

6363

i
f
f
d
j
)
T
1
t
t
a
r
a
u
s
m
e
n
s
l
i
i
E
t
t
e
c
r
c
y		 1/1
/20
12		 –
l
N
t
a
u
r
a
g
a
s		 /20
12
1/1		 %
1.
9
–
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		 GW
h		 2
0
1
1
/
1
2		 i
%
n
l
i
i
E
t
t
e
c
r
c
y		 8
2
7,
7		 0.
4
l
G
N
t
a
u
r
a
a
s		 3
1
5,
4
5		 6.
0
–
f
i
i
l
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		 0
2.
9
5		 0
5.
)
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

1) Average, according to the regulator in Austria (E-Control)

2) Figure has been adjusted due to IAS 19

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

Energy Supply South East Europe

d
i
d
j
)
1
E
t
t
t
n
c
u
s
o
m
e
r
p
r
c
e
a
u
s
m
e
n
s
l
B
i
g
a
r
a
u		 l
i
i
t
t
e
e
c
r
c
y		 7/1
/20
11		 1.
9
%
7/1
/20
12		 1
3.
9
%
h
t
e
a		 4/1
/20
12		 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
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
1
1
/
1
2		 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
l
f
i
i
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		 6.
1
1
)
4
E
B
I
T
D
A		 1
0
8.
8		 2
5.
3
)
4
E
B
I
T		 3
4
5.		 –
  • 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
  • Increased write-offs of receivables

Environmental Services

/–
+
EU
Rm		 2
0
1
1
/
1
2		 i
%
n
3
3
5.
7		 3.
3
–
9.
0
7		 6
1
4.
5
1.
9		 2
0.
8
1
1.
7		 1.
4
–
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 supports

Cash flow

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

Investments in property, plant and equipment and intangible assets

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]

Klára Székffy

Head of Investor RelationsPhone: +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

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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