EVN increased profit by 83.5 percent

The profit increased compared to the same period last year by 83.5 percent to 419.1 million euros, the company announced on Thursday. Sales reached EUR 2.9 billion and thus fell by 1.3 percent, the operating result (EBIT) amounted to EUR 359.2 million and thus increased by 23.8 percent.

The high dividend payment by Verbund AG, which amounted to 158 million euros, was decisive for the good group result. EVN justified the decline in revenue with declines in business in south-eastern Europe, driven by lower network and energy sales volumes and declining market prices. After the sharp increase in the previous year, prices would now fall again. On the other hand, price effects in renewable electricity generation, valuation effects from hedging transactions, higher sales prices at EVN Wärme and higher grid fees would have increased sales.

The cost of purchasing electricity from third parties and sources of energy fell by 21.3 percent year-on-year to EUR 1.34 billion. EBITDA was EUR 602.1 million, up 4.2 percent year-on-year. The financial result increased significantly to 132.5 million euros, after 4.8 million euros in the same period of the previous year. Earnings before taxes increased by 66.7 percent to EUR 491.7 million. After income taxes, 454.1 million euros remained, which was 83.3 percent more than in the previous year. The profit attributable to the shareholders amounted to 419.1 million euros.

EVN confirmed the outlook for the year as a whole. The contribution of operating activities to the consolidated result will be around EUR 250 million in the 2022/23 financial year. In addition, the participation in Verbund AG with the above-mentioned 158 million euros will have a positive effect on the result.