DGAP-News: EVN AG / Key word(s): Quarter Results 
EVN AG: Business development in the first quarter of 2020/21 
2021-02-26 / 07:30 
The issuer is solely responsible for the content of this announcement. 
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Highlights 
- Positive business development supports improvement in revenue, EBIT and Group net result 
- Weather-related higher energy demand in the core markets 
- Commissioning of the Kettlasbrunn II wind park with 8.4 MW of installed capacity 
- Start of construction on a biomass combined heat and power plant in Krems with an investment volume of EUR 30m 
- Expansion of drinking water supplies in the Waldviertel region with the construction of a 60 km cross-regional supply 
pipeline from Krems to Zwettl 
- New general contractor assignment for the modernisation of a wastewater treatment plant in Poland 
- Extensive investment programme in progress for supply security, a CO[2]-free energy future and drinking water 
supplies with up to EUR 450m per year 
Key results 
- Revenue: +4.8% to EUR 604.1m 
- EBIT: +14.4% to EUR 135.9m 
- Group net result: +12.7% to EUR 93.5m 
- Net debt: EUR 1,052.4m (30 September 2020: EUR 1,037.7m) 
Effects of the Covid-19 pandemic 
Due to EVN's integrated business model and broad customer diversification, the Covid-19 pandemic has had only a limited 
effect on the development of business and earnings to date. Delays on construction projects and investments in the 
Networks Segment were recovered in part during the first quarter of 2020/21. However, the international project 
business has been complicated by national lockdowns, travel restrictions and interruptions in international supply 
chains. 
Energy sector environment 
The temperature-related energy demand exceeded the previous year in EVN's three relevant markets - Austria, Bulgaria 
and North Macedonia - during the first quarter of 2020/21. In Austria, this indicator also topped the long-term 
average. Increases were also recorded in the market prices for base load and peak load electricity, natural gas and CO 
[2] emission certificates. 
EBIT and Group net result above previous year 
Revenue recorded by the EVN Group rose by 4.8% year-on-year to EUR 604.1m in the first quarter of 2020/21. This 
increase was supported, above all, by the international project business and, in this connection, the wastewater 
treatment plant project in Kuwait which started in summer 2020. Weather conditions were also reflected in slightly 
higher network sales in all three core markets. Contrary factors were lower effects from the valuation of hedges for 
electricity generation and a decline in revenue from natural gas trading. 
The increase in other operating income to EUR 137.8m (previous year: EUR 20.3m) is primarily attributable to a 
non-recurring effect from the takeover of an additional electricity procurement right. The cost of electricity 
purchases from third parties and primary energy expenses fell by 7.9% to EUR 242.2m in line with the decline in revenue 
from natural gas trading. 
Developments in the international project business were responsible for an increase of 74.8% in the cost of materials 
and services to EUR 115.1m. 
Personnel expenses were 2.8% higher year-on-year at EUR 87.7m. In addition to adjustments required by collective 
bargaining agreements, this increase resulted, among others, from additional hiring for the wastewater treatment plant 
project in Kuwait. The average number of employees equalled 7,152 in the first quarter of 2020/21 (previous year: 7,015 
employees). 
The share of results from equity accounted investees with operational nature amounted to EUR 60.2m (previous year: EUR 
29.1m). This year-on-year increase was based primarily on an improvement in operating earnings and valuation effects 
from hedges held by EVN KG. 
EBITDA recorded by the EVN Group totalled EUR 333.8m in the first quarter of 2020/21, which represents an increase of 
75.1% over the previous year. Scheduled depreciation and amortisation rose by 18.3% to EUR 84.8m, chiefly due to the 
high level of investment. In connection with the above-mentioned takeover of an additional electricity procurement 
right, an impairment loss of EUR 113.1m was recognised to a thermal power plant. In total EBIT increased by 14.4% to 
EUR 135.9m. 
Financial results improved by 25.9% to EUR -8.0m. Group net result for the first quarter of 2020/21 equalled EUR 93.5m, 
which represents an increase of 12.7% over the previous year 
Solid balance sheet structure 
EVN has a solid and stable capital structure which will provide a good foundation over the coming years for the 
realisation of the extensive investment programme in the areas of supply security, a CO[2]-free energy future and 
drinking water supplies. Net debt remained constant at approximately EUR 1 bn. 
Energy. Water. Life. - Developments in the energy and environmental services business 
Energy business 
Electricity generation totalled 1,047 GWh in the first quarter of 2020/21. Renewable generation was 4.3% lower 
year-on-year at 543 GWh (previous year: 544 GWh). The share of renewable generation rose to 51.9% during the reporting 
period (previous year: 49.7%). Wind flows fell below the previous year and long-term average, but water flows were 
above average. Electricity generation in the thermal power plants declined by 8.3% to 504 GWh, primarily due to a 
reduction in the use of the Walsum 10 power plant. 
Environmental and water business 
The continuous improvement of supply security and drinking water quality in Lower Austria represents a focal point of 
EVN's investments. The most important projects currently in progress include the construction of the fifth natural 
filter plant in Petronell-Carnuntum and the expansion of the cross-regional supply pipelines. 
In the international project business, a general contractor assignment was received in November 2020 for the 
modernisation of a wastewater treatment plant in Poland (contract value: approximately EUR 11m). As of 31 December 
2020, WTE Wassertechnik had nine projects for wastewater treatment and thermal sludge utilisation under planning and 
construction in Germany, Poland, Lithuania, Romania, Croatia, Bahrain and Kuwait as well as three further thermal 
sludge utilisation projects in progress in Germany through sludge2energy. 
Medium-term investment plan 
EVN is planning a far-reaching investment programme for the coming years with annual investments of up to EUR 450m, 
including roughly three-fourths in Lower Austria. These extensive network investments will protect supply security and 
support a CO[2]-free energy future as well as growth in the Networks Segment. Other focal points include renewable 
generation (wind power, photovoltaics and biomass) and drinking water supplies. The first quarter of 2020/21 also saw 
the start of construction on a biomass combined heat and power plant in Krems that will produce 5 MW of electrical and 
15 MW of thermal generation and supply green electricity for 15,000 households and natural heat for up to 30,000 
households. Commissioning is scheduled for the first calendar quarter of 2023. 
Outlook confirmed for the 2020/21 financial year 
Under the assumption of average conditions in the energy business environment, EVN expects Group net result of 
approximately EUR 200 to 230m for the 2020/21 financial year. However, the further course of the corona crisis and the 
resulting macroeconomic effects could have a negative influence on individual business areas at EVN and, in turn, on 
the development of earnings for the entire Group. 
The Letter to Shareholders on the first quarter of 2020/21 is available under www.investor.evn.at. 
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2021-02-26 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
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Language:     English 
Company:      EVN AG 
              EVN Platz 
              2344 Maria Enzersdorf 
              Austria 
Phone:        +43-2236-200-12294 
E-mail:       info@evn.at 
Internet:     www.evn.at 
ISIN:         AT0000741053 
WKN:          074105 
Indices:      ATX 
Listed:       Foreign Exchange(s) Vienna Stock Exchange (Official Market) 
EQS News ID:  1171166 
 
End of News   DGAP News Service 
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1171166 2021-02-26

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February 26, 2021 01:32 ET (06:32 GMT)