After the elimination of one-off effects, the group result fell by 34 percent to EUR 200 million.
As expected, the listed Lower Austrian energy supplier EVN achieved less profit in the past 2019/20 financial year. Due to the elimination of one-off effects, consolidated earnings fell by around 34 percent to EUR 200 million and were thus at the upper end of expectations. The corona crisis only affected the supplier operationally in certain areas. The shareholders are to receive EUR 0.49 (0.50) per share, as EVN announced on Wednesday.
Punctual impairment
Thanks to the integrated business model and broad customer diversification, the corona crisis only affected the operating result selectively. Isolated delays in construction projects or investments as a result of the lockdown in spring 2020 should be made up for in the 2020/21 financial year.
The energy business was characterized by unfavorable generation and market price developments. Electricity production from renewables fell by almost 3 percent, but the share rose to around 60 percent (after 41 percent) due to thermal generation being reduced by more than half.
Generation from thermal power plants fell by 53 percent; the previous financial year still included the production at the Dürnrohr coal-fired power plant, which ended in August 2019. In the electricity wholesale prices, Covid-19 only had an impact in the short term, on the futures market a return of electricity prices to pre-Corona levels can be seen.
Higher dividend
Operationally, EBITDA fell 6.5 percent to EUR 590.4 million. After a positive effect of EUR 41.6 million in the previous year, the effects of impairment tests amounted to minus EUR 20.6 million and mainly related to the German power plant Walsum 10, which is partly owned by EVN.
EBIT fell by 32.3 percent to EUR 273.1 million. The financial result improved by 47.3 percent to minus 15.8 million euros, mainly driven by the higher Verbund dividend. At 2.1 billion euros, sales were 4.4 percent below the previous year's level.
For the current 2020/21 financial year, EVN is expecting consolidated earnings in a range of around EUR 200 to 230 million, assuming average general conditions in the energy industry.
The further course of the corona crisis and the resulting macroeconomic effects could, however, have a negative impact on individual business areas and thus the development of earnings. Annual investments should reach an average of around 450 million euros over the next few years.
