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

Sales revenues of EUR 3,159.7 million (previous year: EUR 4,251.1 million) and an operating result (EBIT) of EUR 398.2 million (previous year: EUR 218.5 million) were generated in the reporting period.

The decrease in sales revenues was mainly due to the lower level of wholesale prices for electricity and gas than in the comparative period of the previous year; this led to lower revenue in the management of gas storage facilities and in the electricity portfolio. Besides this, sales revenues decreased in the reporting period due to the lower sales volumes for electricity and gas compared to the 2022/2023 fiscal year and the lower volumes transported on the electricity and gas grids.

The balance sheet total decreased by EUR 199.3 million from EUR 4,116.9 million to EUR 3,917.6 million. The decrease is mainly due to lower fair values of derivative financial instruments and a lower level of fixed term deposits and short-term investments. Lower hedged volumes and prices are the reason for the drop in the market values of derivative financial instruments.

The EBIT in the Energy Segment amounted to EUR 318.6 million in the reporting period (previous year: EUR 156.3 million). The higher generation volumes from proprietary hydropower plants and procurement rights from hydroelectric power compared to the previous year due to high water levels in the reporting period, plus higher market prices in the business unit Generation had a particularly positive effect on the operating result. Lower sales volumes and prices in the Sales unit and the statutory energy crisis contribution for electricity had the opposite effect on EBIT. Due to the current market situation, it was necessary to recognise impairment losses for the Timelkam combined cycle gas turbine (CCGT) power plant and for district heating generation plants and district heating networks.

In the Grid Segment, the EBIT was EUR 25.1 million (previous year: EUR 31.9 million). The decline in the operating result is attributable to the transported volumes of both electricity and gas, which were significantly below the equivalent volumes of the previous year.

The Waste Management Segment generated an EBIT of EUR 33.3 million (previous year: EUR 30.4 million). Higher electricity revenues and higher prices for the recycling materials recovered paper/cardboard and scrap metal had a positive effect on the development of the operating result.

In the Czech Republic Segment, sales revenues of EUR 235.1 million (previous year: EUR 229.7 million) and an operating result in the amount of EUR 11.4 million (previous year: EUR 10.5 million) were generated in the reporting period. Provisions were made in the balance sheet for damage due to flooding which is not covered by insurance.

The EBIT of the Holding & Services Segment amounted to EUR 9.8 million in the reporting period (previous year: EUR -10.6 million). The increase in the operating result is primarily due to the higher earnings contributions of entities accounted for using the equity method in the reporting period compared to the same period of the previous year.

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

2023/2024; previous year’s figures in brackets

In the 2023/2024 fiscal year, investments in intangible assets and property, plant and equipment amounted to EUR 318.3 million, and were thus EUR 105.6 million or 49.6% above the previous year’s level. With a share of 49.9%, the Grid Segment accounted for the largest part.

Net debt (non-current and current financial liabilities minus cash and cash equivalents) fell by EUR 275.1 million year-on-year from EUR 611.9 million to EUR 336.8 million. This decrease is mainly due to an improved liquidity situation.

Cash flow from operating activities in the 2023/2024 fiscal year was EUR 321.7 million, compared with EUR -504.9 million in the previous year. Cash flow from operating activities includes payments for derivative financial instruments in the amount of EUR 133.1 million and payments received for collateral for derivative financial instruments in the amount of EUR 48.9 million.

The financial result improved in the 2023/2024 fiscal year from EUR -5.5 million in the previous year to EUR 1.9 million. While interest expenses dropped all told compared to the previous year, higher interest income was generated from short-term investments. In addition, higher income was generated from profit distributed by subsidiaries and positive valuation results of shares in investment funds.