There are weather-related fluctuations in sales revenues and results within the fiscal year particularly as regards electricity generated, electricity sales and the gas business. Higher results tend to be achieved in the first half of the year than in the second half in the Energy Segment. Limited construction activity in the autumn and winter months means that investments in property, plant and equipment are generally lower in the first half of the year than in the second half. The hydro coefficient in the first half of the year came to 0.94 (previous year: 0.99).
The additions to property, plant and equipment in the first half of the 2021/2022 fiscal year amount to EUR 60.9 million (previous year: EUR 69.2 million), with disposals at carrying amount of EUR 1.4 million (previous year: EUR 2.1 million). Obligations for the acquisition of property, plant and equipment amount to EUR 52.5 million (previous year: EUR 69.8 million).
The semi-annual consolidated financial statements do not contain any significant accounting one-time effects due to the COVID-19 pandemic.
The first half of the 2021/22 fiscal year was affected by high and volatile prices for electricity, gas and CO2. The war between Russia and Ukraine further increased the level of uncertainty. The Group does not have any assets in Russia or Ukraine. When assessing the impairment of assets, it was presumed that there would not be an embargo on natural gas from Russia or a supply cut-off for natural gas imposed by Russia. Accordingly no impairments or reversals of impairments were recognised in this context. The volatile prices resulted in high cash flows in the first half of the 2021/22 fiscal year. The Cash Flow Statement includes current payment inflows from hedging transactions in the amount of EUR 667.1 million as well as cash outflows for additional collateral of EUR -288.7 million to be deposited for stock market transactions. In addition, the current situation resulted in the reversal of hedging instruments, in particular in connection with thermal generation plants (hedging for the procurement of gas and CO2 emissions allowances, supply of electricity). The reversals resulted in income of EUR 36.5 million. As a result of the changed framework conditions, the criteria for recognising hedging transactions in connection with certain thermal generation plants (hedging for the procurement of gas and CO2 emissions allowances, supply of electricity) are no longer satisfied. This results in income of EUR 43.0 million and expenses of EUR -32.8 million. The balance of this income and expenses is recognised as sales revenues in the Statement of Income.
In the first half of 2021/2022, dividends of EUR 66.5 million (previous year: EUR 53.2 million) were paid out to the shareholders of Energie AG Oberösterreich.
Linz, 27 May 2022
The Management Board of Energie AG Oberösterreich
Chief Executive Officer
DDr. Werner Steinecker MBA
Chairman of the Management Board
Dr. Andreas Kolar
Member of the Management Board
Dipl.-Ing. Stefan Stallinger MBA
Member of the Management Board