Assets, liabilities, financial position and profit or loss 1)

Group overview










Sales revenues


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Operating result (EBIT)


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EBIT margin









Financial result


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Earnings before taxes


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Balance sheet total


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EUR mill.







Equity ratio









Net debt 1)


EUR mill.







Net gearing 2)









Investments in property, plant and equipment and intangible assets


EUR mill.







Cash flow from operating activities


EUR mill.






> +100%

Cash flow from investing activities


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Cash flow from financing activities


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> -100%




















The key figure net debt represents the net financial liabilities and is calculated by Energie AG Group as follows: Net debt = non-current financial liabilities + current financial liabilities (incl. pending margin payments) – cash and cash equivalents (cash, cheques, credit balances with banks). The previous year's figures have been restated to reflect a change in calculation methods.


The key figure net gearing was developed from the key figure debt-equity ratio. While the key figure debt-equity ratio measures the ratio between debt capital and equity, the key figure net gearing juxtaposes the net debt (current and non-current financial liabilities (incl. pending margin payments) less cash and cash equivalents) against the equity. The previous year's figures have been restated to reflect a change in calculation methods.

The 2021/2022 fiscal year was characterised by very high and strongly fluctuating market prices for electricity and gas. Sales revenues of EUR 4,002.1 million (previous year: EUR 2,145.2 million) and an operating result of EUR 150.6 million (previous year: EUR 188.4 million) were generated in the reporting period.

The increase in sales revenues was mainly due to the sky-rocketing wholesale prices for electricity and gas, which led to higher revenue in the management of power plants and electricity procurement rights, in energy trading and in sales. In addition to the Energy Segment, increases in turnover were also achieved in virtually all other segments.

The balance sheet total increased by EUR 3,037.3 million from EUR 3,875.4 million to EUR 6,912.7 million. The increase primarily resulted from higher fair values of derivative financial instruments, receivables due to collateral provided for derivative financial instruments, and higher cash and cash equivalents. In the previous year, the operational unit “Fibre to the home” (FTTH) was recognised separately in the balance sheet item “Non-current assets held for sale” in line with IFRS 5. In the 2021/2022 fiscal year, the operational unit was transferred to BBOÖ Breitband Oberösterreich GmbH (BBOÖ GmbH); the share in this joint venture is 50%.

The EBIT in the Energy Segment amounted to EUR 18.8 million in the reporting period (previous year: EUR 82.4 million). Earnings contributions from the operation of thermal generation plants in particular had a positive impact. Additionally, a reversal of impairment in the amount of EUR 4.1 million was recognised for the Timelkam combined cycle gas turbine (CCGT) power plant in the reporting period. However, the positive effects were more than offset by the significantly lower water level compared with the previous year (hydro coefficient: 0.88; previous year: 0.94) and by sharp increases in procurement prices for electricity and gas.

In the Grid Segment, the operative result was EUR 45.3 million (previous year: EUR 37.2 million). The increase in earnings is attributable to the contribution of the Metering Services operational unit (previously part of the Holding & Services Segment) and to operational improvements in earnings.

The Waste Management Segment generated an EBIT of EUR 33.9 million (previous year: EUR 29.6 million). Favourable market conditions and higher electricity and heat revenues contributed to this increase.

In the Czech Republic Segment, an operating result in the amount of EUR 6.0 million was generated in the reporting period (previous year: EUR 11.1 million). The lower operating result was due in particular to significantly higher costs for the procurement of electricity and gas compared with the previous year.

The operating result of the Holding & Services Segment amounted to EUR 46.6 million in the reporting period (previous year: EUR 28.1 million). The result for the 2021/2022 fiscal year includes earnings of EUR 37.0 million from the spin-off of the “Fiber to the home (FTTH)” operational unit. In addition, a reversal of impairment of EUR 3.5 million was recognised in the reporting period for the subsidiary Wels Strom GmbH, which is accounted for using the equity method. The transfer of the Metering Services operational unit to the Grid Segment had a negative impact on the result.

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

2021/2022; previous year’s figures in brackets

Investments in intangible assets and property, plant and equipment by Segments (ring chart)

In the fiscal year 2021/2022, investments in intangible assets and property, plant and equipment amounted to EUR 201.2 million, and were thus EUR 13.9 million or 6.5% below the previous year’s level (EUR 215.1 million). With a share of 57.4%, the Grid Segment accounted for the largest part.

Net debt (non-current and current financial liabilities minus cash and cash equivalents) fell by EUR 112.0 million year-on-year from EUR 718.8 million to EUR 606.8 million. Net debt includes margin payments received from derivatives that will result in a cash outflow in the next few years.

Cash flow from operating activities in the 2021/2022 fiscal year was EUR 1,136.5 million, compared with EUR 378.7 million in the previous year. The increase is particularly due to inflows from derivative financial instruments.

The financial result changed from EUR -20.1 million in the previous year to EUR -28.7 million in the 2021/2022 fiscal year. This development is attributable to higher interest expenses and losses on remeasurement of securities.

1) 1)With regard to the derivation of the financial performance indicators and the calculation methods, please refer, in addition to the explanations in the Group Management Report, to the corresponding explanations in the Consolidated Financial Statements.

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