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

In the first half of the 2022/2023 fiscal year, the Energie AG Group generated sales revenues in the amount of EUR 2,537.4 million (previous year: EUR 2,158.3 million). The increase in sales revenues related mainly to the Energy Segment and was largely attributable to higher prices for electricity and gas.

The operating result (EBIT) fell by EUR 113.8 million from EUR 169.6 million in the first half of 2021/2022 to EUR 55.8 million in the reporting period. The decrease in the operating result was attributable to the Energy Segment at EUR 29.7 million, the Grid Segment at EUR 15.3 million and the Holding & Services Segment at EUR 61.5 million.

The decrease in the Energy Segment from EUR 46.9 million to EUR 17.2 million includes the impairment of the Timelkam combined-cycle gas turbine (CCGT) power plant in the amount of EUR 13.0 million. In addition, the decrease was due to less favourable conditions for the use of thermal generation plants and revenues of EUR 43.5 million generated from the measurement and realisation of energy derivatives not designated as hedging instruments that were included in the EBIT of the same period of the previous year.

The Grid Segment generated sales revenues of EUR 238.3 million (previous year: EUR 215.8 million) and an EBIT of EUR 26.6 million (previous year: EUR 41.9 million). The decrease in the operating result is mainly attributable to lower transported volumes and higher costs of grid losses and upstream grid costs.

In the Waste Management Segment, falling prices for recycling materials and price increases, for example for operating materials, played a role in the decrease in earnings from EUR 26.9 million in the first half of 2021/2022 to EUR 21.2 million in the reporting period.

In the Czech Republic Segment, an EBIT in the amount of EUR 4.8 million was generated (previous year: EUR 6.4 million). The lower operating result was due to significantly higher costs for the procurement of electricity and gas compared with the previous year. From October to December 2021 in particular, the impact of higher energy expenses was not yet as pronounced as in the comparable first quarter of the reporting period.

The Holding & Services Segment recorded an EBIT of EUR -14.0 million in the first half of 2022/2023 (previous year: EUR 47.5 million). The decrease is primarily the result of the measurement of the share in BBOÖ Breitband Oberösterreich GmbH (BBOÖ GmbH) in the amount of EUR 37.0 million in the previous year and of lower earnings contributions from entities accounted for using the equity method.

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

1st HY 2022/2023; previous year's figures in brackets

In the reporting period, investments in intangible assets and property, plant and equipment amounted to EUR 70.7 million (previous year: EUR 61.9 million). With a share of 53.3%, the Grid Segment accounted for the largest part.

The financial result amounted to EUR -7.3 million in the reporting period (previous year: EUR -13.3 million). This development resulted from higher interest income for invested funds and the positive measurement results of shares in investment funds.

In the first half of 2022/2023, the financial liabilities were reduced by EUR 16.1 million to EUR 644.3 million (as of 31 March 2023), compared with the reporting date of 30 September 2022, as a result of ongoing repayments of current and non-current liabilities.

Cash flow from operating activities was EUR -640.0 million in the reporting period, compared with EUR 234.5 million in the previous year. Due to volatile prices for electricity and gas, payments for hedging transactions amounting to EUR -877.2 million were made in the reporting period (previous year: payments amounting to EUR 667.1 million). The reduction in collateral deposits required for stock market transactions led to cash inflows of EUR 289.3 million (previous year: cash outflows of EUR -288.7 million).