EVN Company presentation. June 2012
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- Silvester Gilmore
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1 EVN Company presentation June 2012
2 2 Agenda EVN at a glance Investments and projects Financial performance 2010/11 Financial performance HY /12
3 EVN at a glance 3 EVN at a glance Energy Supply SEE 29% Profile Environmental Services 12% - Leading integrated Energy and Environmental Services company serving customers in Lower Austria, SEE and CEE - Key business areas: electricity, gas, heating, drinking water supply, wastewater treatment, waste incineration - Group net profit (2010/11): EUR 189.7m ( 8.4%) - Net cash flow from operating activities (2010/11): EUR 522.0m (+4.6%) - Employees (2010/11): 8,250, ~70% abroad - Rating: A3, stable (Moody s) A, negative (Standard & Poor s) Contribution by business segments Revenues 1) EBITDA 1) Generation 3% Network Infrastructure Austria 16% Environmental Services 14% Energy Supply EUR 2,729.2m SEE EUR 471.4m 18% Energy Trade and Supply 40% 1) Pre consolidation adjustments Energy Trade and Supply 22% Generation 7% Netw ork Infrastructure Austria 39% Key metrics (2010/11) Generation - Electricity generation capacity: 1,873 MW (thermal: 1,434 MW; renewable: 439 MW) - Production mix: 77% thermal, 23% renewable - Coverage ratio: 16.3% Networks - Electricity: 134,308 km - Gas: 13,630 km - Heating: 602 km Energy supply - Customers: 3.7 million - Sales volume: 28.8 TWh Environmental Services million drinking water customers in Lower Austria - Waste incineration plants of 500,000 tons p.a. in Lower Austria and 360,000 tons p.a. in Moscow - More than 93 drinking and wastewater plants servicing about 14 million customers throughout Europe
4 EVN at a glance 4 EVN at a glance 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 gas operation (project) - CEE: drinking water supply, wastewater treatment and waste incineration
5 EVN at a glance 5 Business segments Generation - Production (2010/11): 3,000 GWh - Efficient and flexible thermal fleet (coal, gas, oil) - Sizeable renewable energy portfolio - Projects in Austria, Albania and Bulgaria Energy Supply South East Europe - Electricity distribution and supply business in BG, MK - ~13 TWh sales volume - Heat generation and sales in Bulgaria - Project to build/operate natural gas network in Croatia Network Infrastructure Austria - Electricity and gas distribution networks in Lower Austria - Cable TV and telecommunication networks in Lower Austria and Burgenland Energy Trade and Supply - Sourcing of electricity and primary energy - Sales to end customers in AT and GER - Trading on wholesale markets - Heat generation and sales in AT - ~15 16 TWh sales volumes p.a. Environmental Services - AT: 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
6 EVN at a glance 6 EVN s strategy ongoing consolidation Expand generation capacity - Target a coverage ratio from roughly 20% to 40% 60% - Increase the share of renewable power generation from 30% to 50% - High quality projects in SEE Maintain market leadership in Austrian supply business Enhance efficiency and profitability of regulated operations - Maintain high level in Austria - Continue improvements in SEE Capitalise on environmental services business expertise and track record
7 EVN at a glance 7 Implementation of strategic goals in 2010/11 Expansion of renewable energy in Lower Austria and abroad - Acquisition of 13% of VERBUND Innkraftwerke GmbH in Bavaria - New wind parks in Lower Austria - Capacity increase of existing small hydro power plants in Lower Austria - Completion of EVN s largest photovoltaic plant in Bulgaria - Clear majority (70%) in the hydropower project Gorna Arda in Bulgaria Key investments in security of supply - Start of operation of the gas transportation pipeline Südschiene and construction begin of Westschiene in Lower Austria - Construction begin of the gas grid expansion in Zadar, Croatia - Start-up of the cogeneration plant in Plovdiv, Bulgaria
8 EVN at a glance 8 Strengthening of liquidity position Capital increase of EVN AG by 10% to EUR 330m in October/November Net proceeds of EUR 175.5m from capital increase - Strengthening EVN s balance sheet and supporting EVN s credit rating - Financing projects for expansion of renewable energy capacities in Lower Austria Issuance of a corporate bond in October EUR 300m - Tenor: 10.5 years, Coupon: 4.25% Issuance of two private placements in March EUR 100m and EUR 25m - Tenor: 20 years, Coupon: 4.125% Financial flexibility through committed credit lines of EUR 775m (as per March 31 st, 2012)
9 EVN at a glance 9 Increase coverage ratio and diversify generation portfolio Coverage ratio 70% 60% 50% 40% 30% 20% 10% 0% 100% 80% 60% 56% 23% 69% 40% Market entrance Bulgaria Market entrance Macedonia 40%- 29% 60% 19% 21% 18% 18% 16% 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 longterm Generation mix 32% 32% 36% 36% 35% 50% Increase coverage ratio long-term to 40% 60% 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 40% 20% 77% 68% 68% 64% 64% 65% 50% 0% 05/06 06/07 07/08 08/09 09/10 10/11 longterm Conventional power generation Renewables
10 EVN at a glance 10 EVN an attractive investment opportunity 1 Growing portfolio of high quality generation assets More than 60% of revenues and more than 80% of EBITDA from stable core Austrian business Upside potential in SEE region Diversified business model through integration of environmental services business Strategic investments in VERBUND and RAG strengthen internal energy hedge Solid capital structure and competitive credit rating support
11 EVN at a glance 11 1 Ongoing projects to double generation output by 2020 (Pro-rata installed capacity, MW) 1, , , ,583 1,608 1,692 1,820 2,845 2,746 Status quo 2010/11 Walsum (financed) Germany Wind parks (partly financed) 1) Ashta (financed) Albania Gorna Arda Bulgaria Devoll Albania Others 2) Selected current generation projects Project Walsum Wind parks 1) Ashta Gorna Arda Devoll Others 2) Fuel type Hard coal Wind Hydro Hydro Hydro Various Pro-rata investment (EURm) n/a Expected COD / /19 n/a 1) Includes Austrian wind parks as well as Kavarna wind park 2) Contains smaller hydro power plants in Austria, cogeneration power plant in Plovdiv, Bulgaria
12 EVN at a glance 12 2 Majority of revenues and EBITDA generated in domestic and regulated businesses Revenue breakdown by segments 2010/11 1) Geographic revenue breakdown 2) Environmental Services 12% Energy Supply SEE 29% Generation 3% Network Infrastructure Austria 16% Energy Trade and Supply 40% 2, , , % 38% 40% 62% 62% 60% Share of regulated EBITDA 3) Geographic EBITDA breakdown 2) EURm 3,000 2,500 2,000 1,500 1, /09 09/10 10/11 Austria International EURm % % 18% 17% 47% 44% % 18% 46% 08/09 09/10 10/11 53% Unregulated business Regulated international business Regulated domestic EURm % 80% % 79% % 76% 08/09 09/10 10/11 Austria International 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 telecom activities) and the regulated international business Energy Supply South East Europe
13 EVN at a glance 13 2 Regulated business in Austria Network Electricity Gas Comments Reset date (Regulatory period length) 1 Jan 2014 (4 years) 1 Jan 2013 (5 years) RAB (EUR m) Not public Not public Next reset of WACC and X factor Capex retrospectively monitored each year WACC (pre-tax, nominal) 7.0% 7.0% X factor sector (Xgen) 1.95% 1.95% X factor company specific 0.25% 0.00% Set for length of regulatory period X factor the same for all companies Additional X factor is company specific Inflation Set annually Set annually Network Operator Price Index 50% of the efficiency gains during one regulatory period are passed on to end customers. Source: E-Control 2010, company information
14 EVN at a glance 14 3 Regulated business in SEE Electricity Bulgaria Macedonia Regulatory authority Reset date (Regulatory period length) SEWRC (State Energy and Water Regulatory Commission) 1 Jul 2013 (5 years) ERC (Energy Regulatory Commission) 1 Jan 2015 (3 years) RAB (EUR m) Not public Not public WACC (pre-tax, nominal) 12.0% % Accepted grid losses 15.0% 14.0% X factor Yes No Source: Regulators in Bulgaria (SEWRC) and in Macedonia (ERC)
15 EVN at a glance 15 2 Regulated business in South Eastern Europe EVN buys energy from public provider at regulated prices and sells to end-customers at regulated prices Bulgaria: - District heating plant in Plovdiv - Sales volumes (2010/11): 8,163 GWh Macedonia: - Entire electricity distribution network run by EVN - Sales volumes (2010/11): 5,233 GWh Croatia: - Project to build and operate natural gas network in Zadar, Sibenik and Split - Customer potential: 130,000 households Bulgaria Market entry in 2005 Plovdiv Macedonia Market entry in 2006 Skopje
16 EVN at a glance 16 3 Upside potential from SEE market development Illustrative electricity sales volumes per customer 1) Electricity prices for households (EUR cent/kwh) Improvement of grid efficiency 120% 100% 80% Upside potential 80% 100% % 40% 54% 10 24% 22% 21% 17% 17% 15% 16% 18% 14% 13% 13% 12% 12% 20% 5 0% EVN in Bulgaria EVN in Macedonia EVN in Lower Austria 0 Bulgaria Macedonia Czech Republic Austria Germany EU-27 04/05 05/06 06/07 07/08 08/09 09/10 10/11 Grid losses, BG Grid losses, MK 2008/ / /11 1) In %, basis: Lower Austria = 100%
17 EVN at a glance 17 4 Competitive business model through integration of environmental services business Successful participation in 93 projects in 18 countries since 1983 Strong demand for infrastructure projects set to continue Contract volume of EUR 1.3bn with attractive return potential from international projects Underpinned by stable contributions from drinking water supply and wastewater treatment businesses
18 EVN at a glance 18 5 Internal hedge from investments 12.63% 50.03% 73.63% 49.0% 49.0% - #1 electricity producer in Austria with 8.6 GW installed capacity - Mcap (6/11/2012): EUR 6.6bn - Historical payout ratio ~50% - #2 oil and gas producer in AT - One of the largest gas storage operators in Central Europe with 5 bn m³ working gas capacity - Further shareholders: ~30% E.ON Ruhrgas E&P GmbH 10% Steirische Gas-Wärme GmbH 10% Salzburg AG - #1 green energy producer in Austria with 242 MW installed capacity - Increasing wind energy capacity by 270 MW in the next 5 years Strengthen vertical integration Financial exposure to generation and upstream gas Financial hedge against increasing input energy costs Regional expansion and contribution to EVN s profitability
19 EVN at a glance 19 5 RAG Rohöl-Aufsuchungs AG 1) Production statistics Gas production Gas sales 2) Gas reserves Oil production Oil reserves Oil tank storage capacity Total storage capacity Working gas volume 1) Source: RAG million m³ million m³ million m³ t t t million m³ 2) Sales of produced, swapped and traded gas , , , ,000 5,001 Core areas of business - Oil and natural gas E&P - 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 million m³) - Aigelsbrunn (100 million m³) - Puchkirchen (1,080 million m³) - 7Fields (JV with E.ON Gas Storage; 1,165 million m³)
20 EVN at a glance 20 5 Substantial contribution to net profit from investments EURm_ Strategic investments provide a significant contribution to EVN s profit - RAG and VERBUND are the main contributors - Income from RAG increased by 36% from EUR 44.3m in 2009/10 to EUR 60.4m in 2010/11 - Contribution from VERBUND decreased due to lower dividend payment in 2010/ Contribution from Others decreased due to impairment for the hydropower project Ashta (EUR 21.3m) /09 09/10 10/11 RAG BEWAG, BEGAS VERBUND Others
21 EVN at a glance 21 6 Solid capital structure and rating supports EURm_ 2,000 1,800 1,600 1,400 1,200 1, , , % 49.7% 1, % FY 09/10 FY 10/11 HY. 1 11/12 100% 80% 60% 40% 20% 0% Gearing (%) Increase in net debt and gearing ratio due to ongoing investments in Austria and SEE Net debt can be easily covered by financial assets available for sale Financial policy going forward based on selected key ratios (on an unadjusted basis): - Equity ratio >40% ( : 46.2%) - Net debt coverage (FFO) 25% ( : 38.2%) - Interest cover (FFO) 5x ( : 7.6x) - EVN intends to increase its dividend payout ratio up to 40% mid-term and to above 40% longerterm Net financial debt Gearing Rating S&P: A / negative Moody s: A3 / stable EVN aims at preserving a competitive investment grade credit rating Dividend per share EUR % 34.7% 38.5% 08/09 09/10 10/11 100% 80% 60% 40% 20% 0% Payout ratio Dividend per share Payout ratio
22 EVN at a glance 22 6 Debt maturity profile EURm 1,400 1,200 1, , /12 12/13 13/14 14/15 >2015 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%) Share of fixed interest debt: 76.0% Average financing costs: 4.2% Bank debt Bonds Financial flexibility - Committed bilateral credit lines and syndicated loan of EUR 775.0m - Cash/cash equivalents: EUR 79.8m
23 EVN at a glance 23 Development of electricity and primary energy prices 90 EUR/MWh forward electricity (base) crude oil gas procurement coal Slightly decrease in electricity and coal prices Increase of gas prices Average price in euros for crude oil (Brent) at the level of the peak in 2008
24 EVN at a glance 24 Outlook 2011/12 Assumptions - Stable end customers business development - Lower or negative spreads between primary energy and electricity prices - Stable order book in Environmental Services segment and no negative impact due to economic downturn EVN s expectations - Operating results can match prior-year level - Financial results above previous year s level - Group net profit comparable to prior-year level EVN s ambitions - Competitive investment grade credit rating - Attractive dividend policy - Key ratios (on an adjusted basis): Equity ratio: >40% Net debt coverage (FFO): >25% Interest Cover (FFO): >5x
25 EVN at a glance 25 Financial figures EURm HY / / / / /08 Revenue 1, , , , ,397.0 EBITDA Group net profit Net cash flow from operating activities Investments 1) Balance sheet total 7, , , , ,636.3 Equity 3, , , , ,208.5 Equity ratio 46.0% 46.2% 44.9% 46.7% 48.3% Net debt 1, , , , ,131.3 Gearing 53.9% 49.7% 48.2% 44.1% 35.3% 1) In intangible assets and property, plant and equipment
26 26 Agenda EVN at a glance Investments and projects Financial performance 2010/11 Financial performance HY /12
27 Investments and projects 27 Investments 2010/11 1) Investments up 5.5% EURm_ /09 09/10 10/11 Key investments - Generation: Wind power and small-scale hydro power projects in Lower Austria - Network Infrastructure Austria: Construction of the natural gas transport pipelines Süd- and Westschiene - Energy Trade and Supply: Expansion of heating networks - Energy Supply South East Europe: Expansion of the network infrastructure and replacement of meters Construction of the new cogeneration plant in Plovdiv Environmental Services Energy Supply South East Europe Energy Trade and Supply Netw ork Infrastructure Austria - Environmental Services: Combined cycle heat and power cogeneration plant in Moscow Generation 1) In intangible assets and property, plant and equipment
28 Investments and projects 28 Strategy to double wind capacity by 2015 > EVN s focus on Lower Austria > 163 MW installed capacities > Strong negotiating power vis-à-vis turbine suppliers Austrian Green Electricity Act > Wind park IRR (after tax) 7% 8% Legal framework until 2011 Amendment 2012 Generate stable, regulated cash flows on a long-term basis Eastern part of Lower Austria = Attractive on-shore wind region > Off-take obligation for new plants at fixed feed-in tariffs (13 years) > Eligibility of new renewables projects is subject to annual feed-in tariff constraints Annual constraints too low in the past, creating substantial backlog of ready-to-build projects in Austria > Legal goal to increase Austrian wind generation capacities from 1,011 MW to 2,000 MW (2020) > Increase of annual feed-in tariff constraints to reduce backlog and achieve capacity growth > Attractive wind feed-in tariffs 2012: EUR 95/MWh > One of the most attractive regions in Europe (due to strong wind conditions in the plain Danube and Pannonian area) > Lower Austrian Renewables Roadmap 2030 Increase wind generation capacities in Lower Austria from 550 MW to 1,900 MW (2020) and 3,200 MW (2030)
29 Investments and projects 29 Windpower plants in Lower Austria 10 windparks (84 wind turbines) - 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 (9 wind turbines) - Tattendorf (8 wind turbines) - Pöttelsdorf (4 wind turbines) Windpark project Glinzendorf - Total capacity: 18 MW (9 wind turbines) - Total investments: EUR 27m Total capacity: 163 MW - As of September 30 th, 2011: 138 MW Electricity for 100,000 households
30 Investments and projects 30 Hydropower plants in Lower Austria River Inn - 13% stake in VERBUND-Innkraftwerke GmbH - Capacity: 41 MW (EVN stake) Schütt - Capacity: 2 MW - 2,700 households - Investments: EUR 9.5m Schaldorf - Capacity: 1 MW - 1,500 households - Completion: Spring 2012 Total capacity of 278 MW 1) 70 hydropower plants in total Kleinwasserkraftwerk Schaldorf VERBUND Electricity for some 165,000 households 1) Including purchasing rights from hydropower plants
31 Investments and projects 31 Hydropower plant projects in Albania 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 Project Devoll - 50:50 JV with Statkraft (Norway) - 3 hydropower plants - Capacity: 275 MW - Generation: ~800 GWh p.a. - Concession period: min. 35 years - Start of operations: 2016/19 Project Ashta on the Drin River
32 Investments and projects 32 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 500m - Start of operations: 2018/19
33 Investments and projects 33 Biomass plants in Lower Austria 3 new biomass plants in HY /12 - Hagenbrunn (Investments: EUR 3.6m) - Langenlois (Investments: EUR 2.3m) - Hollabrunn (acquisition) 5 biomass plants under construction - Start of construction in Steyr (Investments: EUR 36.0m) - Ground-breaking ceremony in Markt Piesting (Investments: EUR 0.6m) Total capacity: - More than 60 plants - Thermal capacity: 157 MW million m³ of wood chips - Electricity and heat supply for more than 20,000 households
34 Investments and projects 34 Photovoltaic plants in Bulgaria Blatets - Start of operations: May Total capacity: kwp - Investments: EUR 3m - CO 2 savings: 280 t p.a. Trastikovo - Start of operations: July EVN s largest photovoltaic park - ~25,000 modules - Total capacity: 1,995 kwp - Generation: ~2.4 GWh p.a. - Investments: EUR 5m - CO 2 savings: 2,000 t p.a.
35 Investments and projects 35 Cogeneration plant in Bulgaria Plovdiv - Generation of electricity and heat - Start of construction: 2009/10 - Start of operations: December Capacity: Electricity: 50 MW Heat: 54 MW - Investments: EUR 50m - Supply of ~33,600 households - Most modern cogeneration plant in the Balkans - Increasing the security of energy supplies
36 Investments and projects 36 Gas supply in Lower Austria Südschiene - Gänserndorf-Semmering - Completion: July Gas pipeline: ~120 km - Investments: EUR 114m Westschiene - Auersthal-Amstetten - Start of construction: June Completion: ~September Gas pipeline: 143 km - Investments: EUR 150m
37 Investments and projects 37 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) - 1 st customer connected to EVN gas grid on June 1 st, 2012
38 Investments and projects 38 Waste incineration plants Dürnrohr, Lower Austria - Line 3 - Start of operation: early 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 175m - Start of operation: EVN operation: 13 years
39 Investments and projects 39 Waste incineration plant project Moscow - December 2009: Acceptance of a tender to construct another waste treatment plant in Moscow - Total capacity: 700,000 t p.a. - Investments: EUR 575m - Start of operations: 2014
40 40 Agenda EVN at a glance Investments and projects Financial performance 2010/11 Financial performance HY /12
41 Financial performance 2010/11 41 Business achievements 2010/11 Stronger positioning in renewable energy - Acquisition of a 13% stake in VERBUND-Innkraftwerke GmbH - Revitalisation of the Schütt small-scale hydropower plant in Lower Austria - Two new wind parks in Lower Austria - New photovoltaic plant in Trastikovo, Bulgaria - Clear majority (70%) in the hydropower project Gorna Arda, Bulgaria Natural gas transport pipeline Südschiene put into operation Construction start for the Westschiene in Lower Austria Construction begin on gas network in Zadar, Croatia Advanced cooperation between the Macedonian government and EVN Environmental Services segment acquired first project in Romania
42 Financial performance 2010/11 42 Group results 2010/11 EURm Revenue EBITDA EBIT Financial results Group net profit Net cash flow from operating activities EUR Earnings per share Dividend per share 2010/11 2, Change in % Revenue drop in the energy business offset by positive development in Environmental Services segment Higher EBIT due to one-offs Negative development in financial results - Lower dividend paid by VERBUND - Decline in interest and other financial results Strong cash flow generation Decrease of earnings per share - Lower Group net profit - Increased number of outstanding shares following the capital increase Higher dividend payout ratio
43 Financial performance 2010/11 43 Asset impairments 2010/11 Impairment tests, EURm 1. Gas-fired power plants 2. Procurement rights at hydropower plants 3. TEZ Plovdiv / Gas power plant side in Plovdiv 4. Others Effects in operating results 5. Hydropower project Ashta Effects in financial results 2010/ / Assumptions used at impairment tests: - High gas sourcing costs from longterm supply contracts and the elimination of free CO 2 certificates as of Hydropower plants are gaining importance - Ongoing adverse regulation in the Bulgarian heating business - Delay in liberalising the Bulgarian market and postponed plans to construct a gas-fired power plant - Lower expectations on proceeds from the sale of Certified Emission Reductions
44 Financial performance 2010/11 44 EBITDA development by segments 220 Generation Energy Trade and Supply Energy Supply South East Europe Network Infrastructure Austria Environmental Services 60% EURm_ % % % % % % % 8.0% % % % 39.8% 50% 40% 30% 17.0% 18.3% 19.9% 20% % Margin (%) 0 08/09 09/10 10/11 08/09 09/10 10/11 08/09 09/10 10/11 08/09 09/10 10/11 08/09 09/10 10/11 0% EBITDA PBT EBITDA Margin Generation: falling spreads between electricity and primary energy prices Energy Trade and Supply: positiv economic development and one-off effects due to the use of provisions from previous year for impending losses Environmental Services: higher or first-time earnings contribution of new projects
45 Financial performance 2010/11 45 Generation Electricity generation volumes (GWh) 2010/11 Change in % Decrease in energy generation volumes Total thereof thermal energy sources thereof renewable energy sources 3,000 1,998 1, Lower power generating volumes at EVN s own thermal power stations - Lower water flow conditions Revenue and EBIT drop EURm Revenue EBITDA EBIT Declining spreads between electricity and primary energy prices in option value of power stations - Impairments: EUR 38.4m Theiß and Korneuburg EUR +31.2m revaluation of purchase rights at hydropower plant Freudenau
46 Financial performance 2010/11 46 Energy Trade and Supply Higher sales volumes to end customers End customer price adjustments 1) Gas (12/1/2009) (4/1/2011) Sales volumes to end customers (GWh) Electricity Natural gas Heat EURm Revenue EBITDA EBIT 1) Average, household sector (EVN Source) 7.0% +8.9% 2010/11 7,143 6,475 1,678 1, Change in % Electricity: economic upswing and expansion of EnergieAllianz outside Austria - Heat: higher sales of steam and heat to key accounts Decrease in revenue despite higher sales volumes - Adjustment in gas prices for end customers - Decrease in marketing proceeds from power plants EBITDA and EBIT increase - Lower primary energy costs due to: - One-off effects due to usage of provisions for impending losses - Reduced purchasing volumes because of reduced operation of own power plants
47 Financial performance 2010/11 47 Energy Supply South East Europe Electricity price adjustments 1) Bulgaria (7/1/2010) (7/1/2011) Macedonia (1/1/2010) (3/1/2011) Network distribution volumes (GWh) Electricity Heat EURm Revenue EBITDA EBIT +2.0% +1.9% +5.1% +4.9% 2010/11 13, Change in % ) Average, household sector, according to the regulators in Bulgaria (SEWRC) and Macedonia (ERC) Sales volumes development - Higher electricity sales volumes in Bulgaria and Macedonia Revenue decrease - Bulgaria: mainly due to changed reporting of tariff components (effect: EUR 46.9m) - Macedonia: higher sales volumes and positive price effects in 2010 and 2011 Decrease in operating expenses - Changed reporting of procurement costs in Bulgaria and usage of provisions for impending losses in Bulgaria - Lower personnel expenses and writeoffs of receivables in Macedonia EBIT improvement despite - Impairment of goodwill at TEZ Plovdiv and impairment of property, plant and equipment of the Plovdiv power plant site totaling EUR 17.7m
48 Financial performance 2010/11 48 Network Infrastructure Austria Tariffs adjustments 1) Electricity (1/1/2011) Gas (1/1/2011) +1.0% +10.6% Diverse network distribution volumes - Electricity distribution volumes: increase due to economic upswing in the first half-year 2010/11 Network distribution volumes (GWh) 2010/11 Change in % Electricity 7, Natural gas 2) 16, Gas distribution volumes: decrease despite cold weather due to lower sales to EVN s own thermal power stations Decrease of EBITDA and EBIT - Higher cost of materials EURm Revenue Higher depreciation EBITDA EBIT ) Including network sales to EVN s power stations 2) Average, according to the regulator in Austria, E-Control
49 Financial performance 2010/11 49 Environmental Services EURm Revenue EBITDA EBIT Profit before income tax 2010/ Change in % Revenue increase due to higher or first-time full year earnings contribution of projects - Waste incineration plant and sodium hypochlorite plant in Moscow Strong EBITDA and EBIT increase New business EUR bn Contract value 1) Concession for wastewater treatment in Slovenia 1) As of September 30 th, 2011
50 Financial performance 2010/11 50 Financial results 2010/ /09 Financial results dropped by 50% Earnings contribution from investments fell Higher results from investments in equity accounted investees: 2009/ RAG: up from EUR 44.3m to EUR 60.4m 2010/ EURm_ Gain from other investments Income from investments in equity accounted investees Total interest results Total other financial results BEWAG/BEGAS: up from EUR 3.1m to EUR 9.4m Impairment for hydropower project Ashta (EUR 21.3m) - Lower gain from other investments VERBUND AG: drop by EUR 28.7m to EUR 22.1m Drop in total interest results - Higher level of financial liabilities - Higher interest rates
51 Financial performance 2010/11 51 Balance sheet EURm Total assets 2010/11 6,870.4 Change in % 1) 2.1 Increase of total assets - Increase in equity accounted investees Equity 3, %-stake VERBUND-Innkraftwerke Equity ratio (in %) Net debt Gearing (in %) , p p Contribution to capital increase of VERBUND AG Increase in net debt - Slightly higher gearing but within EVN framework to maintain competitive investment grade 88.5% 11.5% Non-current assets Current assets 46.2% 39.5% 14.3% Equity Non-current liabilities Current liabilities 1) Compared to September 30 th, 2010
52 Financial performance 2010/11 52 Cash flow EURm Gross cash flow Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Net change in cash and cash items 09/10 10/ / Change in % EURm Gross cash flow Investments in property, plant and equipment and intangible assets Higher gross CF - Lower profit before income tax - Higher depreciation and amortisation - Lower non-cash income from investments in equity accounted investees - Lower non-current provisions Increase of net CF from operating activities - Decrease of current balance sheet items - Higher net cash outflow from investing activities and liabilities Decrease of net CF from investing activities - Decrease of current securities - Higher capital payment for investments in equity accounted investees - Increase in lease receivables in the Environmental Services segment Decrease of net CF from financing activities - Redemption of liabilities - Despite net proceeds of capital increase
53 53 Agenda EVN at a glance Investments and projects Financial performance 2010/11 Financial performance HY /12
54 Financial performance HY /12 54 Business highlights Investment focus on renewable energy in Lower Austria - Start-up of the production of the wind park Tattendorf (16 MW) - Aquisition of wind park Pöttelsdorf (9.2 MW) - Start of constraction of wind park Glinzendorf (18 MW) - Start-up of operations of the small hydropower plant in Schaldorf (1 MW) Extention of biomass production capacity by three new plants - 57 biomass plants in Lower Austria and five plants in progress New cogeneration plant in Plovdiv put into operation Contracts awarded in the Prag (CZ) and Serbia in the Environmental Services segment Issue of a corporate bond (EUR 300m) and two private placements (EUR 125m) Moody s confirmed the long-term credit rating of A3 (stable outlook) Start of the share buyback programme
55 Financial performance HY /12 55 Business development EURm 2011/12 HY. 1 Change in % Weather-related revenue development Revenue 1, Stable EBITDA EBITDA EBIT Operating expenses up 4.6% Higher EBIT Financial results Group net profit Net cash flow from operating activities EUR Earnings per share Impairment loss of EUR 8.0m vs. EUR 17.7m in the prior-year period Positive development of financial results - Higher income from investments in equity accounted investees Weather-related decrease of net CF from operating results
56 Financial performance HY /12 56 EBITDA development by segments Generation Energy Trade and Supply Network Infrastructure Austria Energy Supply South East Europe Environmental Services EURm % % % % 11.3% 10.2% % % % % 9.8% 8.9% 18.6% 18.2% 10.6% % 60% 50% 40% 30% 20% 10% Margin (%) 0 HY. 1 09/10 HY. 1 10/11 HY. 1 11/12 HY. 1 09/10 HY. 1 10/11 HY. 1 11/12 HY. 1 09/10 HY. 1 10/11 HY. 1 11/12 HY. 1 09/10 HY. 1 10/11 HY. 1 11/12 HY. 1 09/10 HY. 1 10/11 HY. 1 11/12 0% EBITDA Profit before tax EBITDA Margin Generation: power request on the part of the German Federal Network Agency, revision in natural gas price between Gazprom and EconGas and new wind park capacities Energy Supply South East Europe: weather-related sales volumes increase and higher end customer prices
57 Financial performance HY /12 57 Generation Electricity generation volumes (GWh) 2011/12 HY. 1 Change in % Reduced use of EVN s own thermal power stations Total thereof thermal energy sources thereof renewable energy sources 1, Negative spark spreads Revenue increase - Power request by the German Federal Network Agency EURm Revenue EBITDA Revision in natural gas prices between Gazprom and EconGas - New wind park capacities EBIT increase despite EBIT Impairment loss on the biomass pilot plant in Dürnrohr of EUR 8.0m
58 Financial performance HY /12 58 Energy Trade and Supply End customer price adjustments 1) Gas (4/1/2011) (10/1/2011) Electricity (1/1/2012) Sales volumes to end customers (GWh) Electricity Natural gas Heat +8.9% +3.6% 1.7% 2011/12 HY. 1 3,915 5,171 1,214 Change in % Diverse sales volumes development - Lower gas sales volumes due to reduced use of EVN s own thermal power plants and higher temperatures - Higher electricity sales volumes due to business extension of EAA outside of Lower Austria - Higher heat sales volumes to large customers Revenue decrease - Decrease of end customer price for electricity EURm Revenue EBITDA EBIT Adjustments in natural gas prices EBITDA decrease - Higher procurement costs for electricity - Higher provision for impending losses related to power plant project Duisburg- Walsum 1) Average, household sector (EVN source)
59 Financial performance HY /12 59 Network Infrastructure Austria Tariffs adjustments 1) Electricity (1/1/2012) Natural gas (1/1/2012) Network distribution volumes (GWh) 1.9% Electricity 4, Natural gas 2) 10, EURm Revenue EBITDA EBIT 2011/12 HY Change in % Diverse distribution sales volumes - Electricity: at prior-year level - Natural gas: drop due to reduced use of EVN s own thermal power plants and higher temperature Adjustment of network tariffs Decrease of EBITDA and EBIT - Higher procurement costs - Higher maintenance and repair costs 1) Average, according to the regulator in Austria, E-Control 2) Including network sales to EVN s power stations
60 Financial performance HY /12 60 Energy Supply South East Europe Electricity price adjustments 1) Bulgaria (7/1/2010) electricity (7/1/2011) electricity (4/1/2011) heat Macedonia (3/1/2011) (1/1/2012) Network distribution volumes (GWh) +2.0% +1.9% +6.8% +4.9% 2) +4.8% 2) 2011/12 HY. 1 Change in % Electricity 3) 7, Heat Temperature-related sales volumes increase - BG: heating degree +23.4%p - MK: heating degree +21.2%p Revenue increase - Weather-related hike of sales volumes - Electricity and heat price adjustments EBITDA increased Increase of EBIT from EUR 2.6m despite EURm Revenue Higher prices for procured energy - Increased write-off of receivables EBITDA EBIT ) 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
61 Financial performance HY /12 61 Environmental Services EURm Revenue EBITDA EBIT Financial results Profit before income tax 2011/12 HY Change in % Lower revenue - Lower project invoicing - Lower income from waste incineration Financial results down - Decreasing interest balance of projects during the operational phase - Higher interest expense of projects during the construction phase New market entry - Wastewater treatment plant in the Prague (CZ) - Drinking water treatment plant in Serbia (BOOT project)
62 Financial performance HY /12 62 Financial results HY. 1 11/ HY. 1 10/ HY. 1 09/ EURm_ Gain from other investments Financial results increased Higher income from investments in equity accounted investees Lower interest results - Higher interest expenses - Higher net debt - Slightly higher interest rates - Lower interest income Income from investments in equity accounted investees Total interest results Total other financial results
63 Financial performance HY /12 63 Cash flow EURm Gross cash flow Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Net change in cash and cash items HY. 1 10/11 HY. 1 11/ /12 HY EURm Gross cash flow Investments in intangible assets, property, plant and equipment Change in % Lower gross CF - Higher non-cash results from at equity accounted investees - Release of non-current provisions Decrease of net CF from operating activities - Stronger seasonal effect in working capital Change of net CF from investing activities - Lower investments in intangible assets and property, plant and equipment - Lower capital payment for investments in equity accounted investees - Acquisition of additional stake in EVN s Bulgarian subsidiaries - Sales of current investments in securities Decrease of net CF from financing activities - Capital increase in the prior-year
64 Financial performance HY /12 64 Investments 1) Investments down 17.3% Key investments - Wind parks in Lower Austria - Construction of Westschiene EURm_ Expansion of heating networks and biomass capacities in Lower Austria - Cogeneration plant in Plovdiv, Bulgaria - Expansion of the network infrastructure and replacement of metres in SEE HY. 1 10/11 HY.1 11/12 - Cogeneration plant in Ljuberzy, Moscow Environmental Services Energy Supply South East Europe Energy Trade and Supply Netw ork Infrastructure Austria Generation 1) In intangible assets and property, plant and equipment
65 65 Additional information Stefan Szyszkowitz CFO Phone: Fax: Investor information on the web Klára Székffy Head of Investor Relations Phone: Fax: EVN AG Headquarters EVN Platz 2344 Maria Enzersdorf
66 66 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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