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 1.03 (previous year: 0.94).
The additions to property, plant and equipment in the first half of the 2022/2023 fiscal year amount to EUR 68.6 million (previous year: EUR 60.9 million), with disposals at carrying amount of EUR 2.2 million (previous year: EUR 1.4 million). Obligations for the acquisition of property, plant and equipment amount to EUR 73.3 million (previous year: EUR 52.5 million).
Volatile prices for electricity and gas led to high cash flows from derivative financial instruments in the reporting period and in the previous year. The Cash Flow Statement includes current cash outflows from hedging transactions in the amount of EUR -877.2 million (previous year: payment inflows of EUR 667.1 million) as well as payment inflows from collateral no longer required to be deposited for stock exchange transactions of EUR 289.3 million (previous year: cash outflows of EUR -288.7 million). In addition, hedging instruments were reversed in the previous year due to the situation at that time, especially those associated with thermal generation plants (hedging for the procurement of gas and CO2 emissions allowances, delivery of electricity). The reversals resulted in income of EUR 36.5 million in the previous year. 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) were no longer satisfied in the previous year. This resulted in income of EUR 43.0 million and expenses of EUR -32.8 million in the previous year.
In the first half of 2022/2023, the asset and liability items from derivative financial instruments, which are shown separately in the Statement of Financial Position, reduced significantly. This is attributable to lower prices for electricity and gas in comparison to 30 September 2022 and the fulfilment of contracts in the first half of 2022/2023.
Following the expiry of a price guarantee for electricity customers issued by Energie AG Oberösterreich Vertrieb GmbH, a price adjustment was made in January 2023 in response to a sharp rise in procurement costs. Against the backdrop of the uncertain legal situation within the entire industry due to the new price adjustment regulations for electricity, Energie AG and special interest groups have agreed to refrain from filing lawsuits in exchange for a one-off payment, thus avoiding a protracted legal dispute. The customers affected by the electricity price increase implemented on 2 January 2023 will receive a one-off payment of EUR 25.00, EUR 50.00 or EUR 100.00, depending on their consumption. A provision of EUR 20.5 million was created for this as at 31 March 2023; the provision will be cash-effective in the second half of 2022/2023.
In the first half of 2022/2023, dividends of EUR 53.2 million (previous year: EUR 66.5 million) were paid out to the shareholders of Energie AG Oberösterreich.
Linz, 30 May 2023
The Management Board of Energie AG Oberösterreich
Dr. Leonhard Schitter
Dr. Andreas Kolar
Dipl.-Ing. Stefan Stallinger MBA