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Group overview

 

  

Unit

  

2018/2019

  

2017/2018

  

Change

Sales revenues

  

EUR mill.

  

1,813.4

  

1,625.8

  

11.5%

Operating result (EBIT)

  

EUR mill.

  

73.0

  

171.8

  

-57.5%

EBIT margin

  

%

  

4.0

  

10.6

  

-62.3%

Financial result

  

EUR mill.

  

-17.3

  

-13.7

  

-26.3%

Earnings before taxes

  

EUR mill.

  

55.7

  

158.1

  

-64.8%

Balance sheet total

  

EUR mill.

  

2,975.4

  

3,222.7

  

-7.7%

Equity

  

EUR mill.

  

1,310.3

  

1,381.4

  

-5.1%

Equity ratio

  

%

  

44.0

  

42.9

  

2.6%

Net debt

  

EUR mill.

  

426.0

  

353.7

  

20.4%

Net gearing

  

%

  

32.5

  

25.6

  

27.0%

Investments in property, plant and equipment and intangible assets

  

EUR mill.

  

213.1

  

205.1

  

3.9%

Cash flow from operating activities

  

EUR mill.

  

198.6

  

258.0

  

-23.0%

Cash flow from investing activities

  

EUR mill.

  

-183.4

  

-185.4

  

1.1%

Cash flow from financing activities

  

EUR mill.

  

-86.9

  

-64.3

  

-35.1%

ROCE

  

%

  

2.8

  

7.4

  

-62.2%

WACC

  

%

  

4.3

  

4.4

  

-2.3%

The 2018/2019 fiscal year was dominated by the acquisition of interests in ENAMO GmbH and extensive restructuring measures. The aim of these measures is to leverage positive market effects and to achieve synergies and cost savings.

In the reporting period, the Energie AG Group generated sales revenues in the amount of EUR 1,813.4 million (previous year: EUR 1,625.8 million). The increase in sales revenues in the Energy segment was mainly due to the initial recognition of ENAMO GmbH, ENAMO Ökostrom GmbH and Energie AG Oberösterreich Vertrieb GmbH & Co KG as of 1 April 2019. In addition to this, increasing sales revenues in electricity trading and increased use of the CCGT (combined-cycle gas turbine) power plants in Timelkam and Laakirchen contributed to the increase in sales revenues.

Operating result in the Energy segment increased by EUR 35.6 million from EUR 81.7 million to EUR 117.3 million. The operating result includes the revaluation of the interests previously held in ENAMO GmbH and Energie AG Oberösterreich Vertrieb GmbH & CoKG as a result of the acquisition of all interests as of 1 April 2019 (successive acquisition) in the amount of EUR 48.2 million. In addition, a reversal of impairment of EUR 7.9 million on the CCGT power plant in Timelkam was recorded in the current fiscal year. Due to changes in general contractual conditions, the operating result of the CCGT power plant in Timelkam was lower than in the previous year. EBIT in the Energy segment was also significantly impacted by lower earnings contributions from electricity and gas sales.

In the Grid segment, the operating result decreased from EUR 57.7 million in the previous year to EUR -77.4 million. The decline is mainly attributable to impairments on grid facilities (electricity) in the amount of EUR 109.3 million. The impairment test was based on the value in use and the results indicated the need for impairments. In addition, the operating result includes the reduced electricity and natural gas grid tariffs applicable as of 1 January 2019.

The Waste Management segment generated an EBIT of EUR 13.4 million, which was down on the previous year (EUR 17.4 million) by EUR 4.0 million. While it proved possible, on the one hand, to further grow total revenues, and classic waste disposal revenues continued the positive development of previous years, the year under review was dominated by lower prices for the recycling materials metal and waste paper/cardboard. In addition, there were special effects affecting expenses, leading to a drop in earnings compared with the previous year.

In the Czech Republic segment (formerly: Water segment), an operating result in the amount of EUR 10.9 million was generated in the reporting period (previous year: EUR 9.3 million). The Czech Republic segment now also includes the Group's heat activities in the Czech Republic in addition to its water/waste water activities. The operating result from heat activities amounted to EUR 1.3 million in the 2018/2019 fiscal year.

The operating result of the Holding & Services segment amounted to EUR 8.8 million in the reporting period, an increase of EUR 3.1 million compared to the previous year. Declining profit/loss shares from investments consolidated at equity and higher expenses were more than offset by several property sales and EBIT increases in the service companies.

In the fiscal year 2018/2019, investments in intangible assets and property, plant and equipment amounted to EUR 213.1 million, and were thus EUR 8.0 million or 3.9% above the previous year's level. With a share of 45.0% , the Grid segment accounted for the most part. Capital investments in the Holding & Services segment include expanding the fibre-optic cable network and the smart meter rollout.

Investments in intangible assets and property, plant and equipment by segments

2018/2019; previous year's figures in brackets

Investments in Intangible Assets and Property, Plant and Equipment by Segments (ring chart)

Net debt (non-current and current financial liabilities minus cash and cash equivalents) increased by EUR 72.3 million compared to the previous year (EUR 353.7 million) to EUR 426.0 million. This rise is mainly attributable to lower liquidity. Financial liabilities in the reporting period were almost at the previous year's level.

Cash flow from operating activities in the fiscal year 2018/2019 was EUR 198.6 million, compared with EUR 258.0 million in the previous year.

The financial result deteriorated from EUR -13.7 million in the previous year to EUR -17.3 million in fiscal year 2018/2019. The change resulted in particular from previous year's gains on the disposal of securities, which were partially offset by lower interest payments.