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

In the 2024/25 fiscal year, sales revenues of EUR 2,842.0 million (previous year: EUR 3,159.7 million) and an operating result (EBIT) of EUR 298.0 million (previous year: EUR 398.2 million) were achieved.

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 the electricity and gas portfolio. In addition, sales revenue fell during the reporting period due to lower electricity sales volumes and lower sales prices compared with the 2023/24 fiscal year.

The balance sheet total amounted to EUR 3,781.6 million, down 3.5% on the previous year (previous year: EUR 3,917.6 million). The decrease is primarily attributable to lower fixed term deposits and other charges and to the repayment of a bond.

The operating result of EUR 211.5 million in the Energy Segment was EUR 107.1 million lower in the reporting period than in the 2023/24 fiscal year (EUR 318.6 million). EBIT was negatively affected by lower production volumes from proprietary hydropower plants and procurement rights from hydroelectric power compared to the previous year due to significantly lower water levels in the 2024/25 fiscal year and declining market prices in the generation business. Beyond this, the legally prescribed absorption of revenue from the sale of electricity in line with the Federal Act on the Energy Crisis Contribution for Electricity had a negative impact on earnings. In contrast, the operating result for the previous year was impacted on by special effects in the context of highly volatile wholesale prices. Additionally, a reversal of impairment in the amount of EUR 3.2 million was recognised for the Timelkam combined cycle gas turbine (CCGT) power plant.

In the Grid Segment, EBIT was higher than in the previous year at EUR 54.7 million. The increase in the operating result is primarily attributable to the regulatory tariff increase and to higher electricity and gas grid charges.

In the Environment Segment ²⁾, EBIT was EUR 12.2 million lower than in the same period last year. The decrease is attributable to lower earnings contributions from generated electricity volumes.

In the Czech Republic Segment, an operating result in the amount of EUR 13.7 million was generated in the reporting period (previous year: EUR 11.4 million). In addition to higher sales volumes in the heating sector, higher earnings contributions in the Drinking Water and Waste Water unit also had a positive impact.

The EBIT of the Holding & Services Segment amounted to EUR 5.9 million in the reporting period (previous year: EUR 9.8 million). The lower operating result is mainly attributable to the increase in staff costs during the reporting period, the disposal of a property during the 2023/24 fiscal year and to lower earnings contributions from investments consolidated at equity.

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

2024/25; previous year's figures in brackets

In the 2024/25 fiscal year, investments in intangible assets and property, plant and equipment amounted to EUR 415.1 million, and were thus EUR 96.8 million or 30.4% above the previous year's level. With a share of 49.5%, the Grid Segment accounted for the largest part.

Net debt (non-current and current financial liabilities minus cash and cash equivalents) fell by EUR 94.9 million year-on-year from EUR 336.8 million to EUR 241.9 million. The decrease is mainly due to a reduction in financial liabilities and a less favourable liquidity situation.

Cash flow from operating activities in the 2024/25 fiscal year was EUR 388.2 million, compared with EUR 321.7 million in the previous year. Cash flow from operating activities includes payments received for derivative financial instruments in the amount of EUR 17.4 million and payments received for collateral for derivative financial instruments in the amount of EUR 1.2 million.

In the reporting period, the financial result amounted to EUR 1.2 million less than the EUR 1.9 million recorded in the previous year. Lower interest expenses and lower income on fixed-income assets were largely offset.