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Monday, March 27, 2023

EVN increased profit by 83.2 percent in the first quarter

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Sales rose by 30.3 percent to EUR 1.17 billion in the reporting period.
Image: EPA
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Although the consolidated profit in the first quarter increased significantly by 83.2 percent to 149.4 million, a good third of this is due to valuation effects. In energy sales, the company recorded a loss of 70.5 million euros. Nevertheless, we are confident for the year as a whole.

A spokesman for the APA said that about a third of the group’s profits relate to valuations of power plants or procurement and sales contracts as of the reporting date. A higher profit is reported as a result of these revaluations. Adjusted for the effects, the result was further above the profit for the same period in the previous year, which amounted to 81.5 million euros.

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Due to the high wholesale energy prices and higher sales prices at EVN Wärme, sales in the reporting period rose by 30.3 percent to EUR 1.17 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 39.6 percent to EUR 281.7 million, the operating result (EBIT) rose by 55.3 percent to EUR 201.1 million. Furthermore, net debt climbed from EUR 1.24 billion to EUR 1.58 billion due to high investments in renewable energies.

For the full 2022/23 financial year, EVN is expecting earnings in the range of EUR 190m to EUR 250m, which will roughly match the level of the previous year.

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