Net assets, financial position and results of operations

Sales revenues in the amount of EUR 982.0 million were generated in the first six months of the fiscal year 2018/2019 (previous year: EUR 913.2 million). The increase in sales revenues by EUR 68.8 million (7.5%) is primarily due to higher sales revenues from electricity trading, and the increased use of the CCGT (combined cycle gas-turbine) power plants in Timelkam and Laakirchen.

Group EBIT amounted to EUR 107.3 million in the reporting period, compared to EUR 127.3 million in the first half of the previous year.

Operating results in the Energy Segment amounted to EUR 51.4 million in the first half of 2018/2019 compared to EUR 70.0 million in the same period of the previous year. Electricity and gas sales generated lower earnings due to higher procurement costs. Despite higher volumes, the earnings contribution of the CCGT power plant in Timelkam was lower than in the previous year due to changes in contract terms. The lower water level with a hydro coefficient of 1.13 (previous year: 1.24) also depressed earnings in the Energy Segment. In addition, due to a positive assessment of the future market environment, an upward revaluation of the CCGT power plant in Timelkam was recorded in the reporting period in the amount of EUR 6.6 million (previous year: EUR 5.0 million).

In the Grid Segment, the operating result decreased from EUR 54.0 million in the previous year to EUR 34.7 million. The decline is mainly attributable to the development of volumes and grid tariffs in the fields of electricity and gas.

In the Waste Management Segment, EBIT fell from EUR 8.3 million to EUR 7.7 million. This was attributable, among other things, to higher maintenance costs and the increase in provisions for landfills due to a lower calculated interest rate. However, it proved possible to increase the operative result.

In the Water Segment, sales revenues rose by 5.1% to EUR 71.5 million accompanied by a rise in earnings by 32.6% to EUR 6.1 million. Gains were made in the fields of water supply, wastewater management, services and construction assembly.

The operating result in the Holding & Services Segment amounted to EUR 7.4 million in the first half of 2018/2019, compared to EUR -9.6 million in the same period of the previous year. In the previous year, it was impossible to record the profit/loss shares of an associated company consolidated at equity, as this would have led to the fair value of the investment being exceeded. The result of the first half of the 2018/2019 fiscal year includes profits on the sale of properties.

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

1st HY 2018/2019; previous year's figures in brackets

Capital investments in intangible assets and property, plant and equipment totalled EUR 74.6 million in the first half of 2018/2019 and were therefore EUR 10.2 million, or 15.8%, higher as compared to the previous year. The Grid Segment accounted with a share of 47.6% for the most part. Capital investments in the Holding & Services Segment include expanding the fibre-optic cable network and the smart meter rollout.

Financial liabilities increased by EUR 7.3 million to EUR 462.4 million compared to 30 September 2018. The increase is primarily attributable to short-term outside financing.

The financial result changed from EUR -4.5 million in the previous year, which included gains from the sale of securities, to EUR -10.9 million in the first half year of the 2018/2019 fiscal year.