Assets, liabilities, financial position and profit or loss

The 2019/2020 fiscal year was shaped by the global COVID-19 pandemic. Despite what was generally a more difficult market environment, sales revenues of EUR 1,843.7 million (previous year: EUR 1,813.4 million) and an operating result of EUR 147.7 million (previous year: EUR 73.0 million) were generated in the reporting period. The increase in sales revenues was mainly due to the first full-year inclusion of ENAMO GmbH, ENAMO Ökostrom GmbH and Energie AG Oberösterreich Vertrieb GmbH & Co KG in the Energy Segment.

The impact of the COVID-19 pandemic included lower earnings contributions from electricity sales, provisions for anticipated losses from pending sales transactions and a remeasurement of receivables.

In fiscal year 2019/2020, the EBIT of the Energy Segment amounted to EUR 59.5 million (previous year EUR 117.3 million). In the previous year, upward revaluations in the amount of EUR 56.1 million had a positive effect on the operating result of the Energy Segment.

The Grid Segment achieved an operating result of EUR 36.9 million. The EBIT of the previous year was EUR -77.4 million and included an impairment of the electricity grid in the amount of EUR 109.3 million. In the electricity grid, lower upstream grid costs and an increase in the regulatory grid tariffs had a positive impact on results. Reductions in regulatory gas grid tariffs and volume reductions partially offset this effect.

The Waste Management Segment generated an EBIT of EUR 27.1 million (previous year: EUR 13.4 million). The Hörsching sorting plant was severely damaged by fire. An impairment in the amount of EUR 2.4 million was made for the plant components destroyed by the fire. The effect on earnings ensuing from the insurance compensation amounts to EUR 9.8 million and positively influenced the results of the Waste Management Segment in the reporting period. Price increases for commercial and industrial waste, hazardous waste and services had a negative influence on the operating result. In contrast, the development of prices for certain recycling materials impacted on earnings.

In the Czech Republic Segment, an operating result in the amount of EUR 9.8 million was generated in the reporting period (previous year: EUR 10.9 million).

The operating result of the Holding & Services Segment amounted to EUR 14.4 million in the reporting period, an increase of EUR 5.6 million compared to the previous year. The result includes higher contributions to earnings from the Telecommunications business area and higher shares of earnings from investments consolidated at-equity. In addition, cost savings were also realised.

In the fiscal year 2019/2020, investments in intangible assets and property, plant and equipment amounted to EUR 197.2 million, and were thus EUR 15.9 million or 7.5% below the previous year's level. With a share of 48.0%, the Grid Segment accounted for the largest 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

2019/2020; previous year's figures in brackets

Net debt (non-current and current financial liabilities minus cash and cash equivalents) increased by EUR 125.3 million year-on-year from EUR 426.0 million to EUR 551.3 million. This was mainly due to an increase in non-current financial liabilities.

Cash flow from operating activities in the fiscal year 2019/2020 was EUR 185.8 million, compared with EUR 198.6 million in the previous year.

The financial result decreased from EUR -17.3 million in the previous year to EUR -20.7 million in the 2019/2020 fiscal year, due to higher interest expenses and lower revenue from other investments and securities.