Group overview





1st HY


1st HY



Sales revenues


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Operating result (EBIT)


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Financial result


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Earnings before taxes


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Investments in property, plant and equipment and intangible assets


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Cash flow from operating activities


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Cash flow from investing activities


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Cash flow from financing activities


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In the reporting period, the Energie AG Group generated sales revenues in the amount of EUR 1,107.1 million (previous year: EUR 982.0 million). The increase in sales revenues in the Energy Segment is mainly due to the initial recognition of ENAMO GmbH, ENAMO Ökostrom GmbH and the former Energie AG Oberösterreich Vertrieb GmbH & Co KG as of 1 April 2019, and by growth in electricity and gas management.

The operating result in the Energy Segment fell by EUR 17.3 million from EUR 49.2 million to EUR 31.9 million. In the current fiscal year an impairment in the amount of EUR 0.7 million was recorded on the combined cycle gas turbine (CCGT) power plant in Timelkam (previous year: reversal of impairment in the amount of EUR 6.6 million). An impairment of EUR 7.2 million was recognised for the 7Fields gas storage facility due to lower estimates of the spreads achievable in the future.

In the Grid Segment, the operating result decreased from EUR 34.7 million to EUR 27.5 million. The decline is mainly attributable to lower tariffs in the natural gas grid and higher upstream grid costs.

The Waste Management Segment generated an EBIT of EUR 6.8 million, which was down on the previous year (EUR 7.7 million) by EUR 0.9 million. The impairments of EUR 2.4 million due to a major fire at the waste incineration plant in Hörsching were partially offset by higher revenues in the area of waste incineration and other disposal services.

In the Czech Republic Segment (formerly: Water Segment), an operating result in the amount of EUR 7.2 million was generated in the reporting period (previous year: EUR 8.3 million). In addition to the activities in the field of water and waste water, the Group's heating activities in the Czech Republic, which were transferred from the Energy Segment in the previous year, are now bundled here. The previous year's segment reporting was restated to reflect the new structure for better comparability (see Notes to the Consolidated Financial Statements, section 5 Segment reporting).

The operating result of the Holding & Services Segment amounted to EUR 3.7 million in the reporting period and thus declined by EUR 3.7 million from the previous year's figure of EUR 7.4 million. The previous year's EBIT included revenues from the sale of investment properties.

The share in the result of companies measured at equity is EUR 11.1 million (previous year: EUR 29.5 million). The higher share in the previous year was attributable, in particular, to the results of Energie AG Oberösterreich Vertrieb GmbH & Co KG, ENAMO GmbH, and ENAMO Ökostrom GmbH. These companies were included at equity during the reference period and have been fully consolidated in the consolidated financial statements since 1 April 2019.

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

1st HY 2019/2020; previous year's figures in brackets 1)

1) previous year's values restated (see Notes to the Consolidated Financial Statements, section 5. Segment reporting)

In the first half of 2019/2020, investments in intangible assets and property, plant and equipment amounted to EUR 75.3 million, and were thus EUR 0.7 million or 0.9% above the previous year's level. With a share of 47.4% , the Grid Segment accounted for the most part. Investments in the Holding & Services Segment include expanding the fibre-optic cable network and the smart meter rollout.

 During the first six months of the 2019/2020 fiscal year, Energie AG issued registered bonds with a volume of EUR 100.0 million to cover long-term financing requirements. The tranches were placed with institutional investors at very attractive conditions and have a final maturity of 20 years. This ensures the company's long-term financial flexibility.

Financial liabilities increased by a total of EUR 205.5 million from EUR 462.4 million as of 31 March 2019 to EUR 667.9 million as of 31 March 2020. This is attributable both to raising long-term financing and recognising leasing liabilities in accordance with IFRS 16 for the first time.

Cash flow from operating activities in the first half of the 2019/2020 fiscal year was EUR 21.9 million, compared with EUR 97.7 million in the previous year. The decline was caused in particular by payments from hedging transactions and one-time effects in the previous year.

The financial result is EUR -13.2 million (previous year: EUR -10.9 million). Financing expenses are at the same level as in the previous year; the miscellaneous financial result includes expenses from the change in value of securities.