Energy. Water. Life. Full Report 2018 /19 Report 2018 EVN Full Dear Ladies and Gentlemen, Dear Shareholders
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/ 19 Energy. Water. Life. Full Report 2018 /19 EVN Full Report 2018 EVN Full Dear Ladies and Gentlemen, Dear Shareholders, The future of the global climate has domi- investments towards Lower Austria’s network nated public discussions in recent months. infrastructure. We see these investments as a EVN’s activities during the 2018/19 financial central step on the road to a climate-friendly year included the early termination of energy system because they are an indispen- coal-generated electricity production in sable requirement for protecting network Lower Austria – also against the backdrop stability in view of a further increase in volatile of the substantial increase in the price of renewable generation. CO2 emission certificates – as well as the accelerated expansion of wind power. We are also making a substantial contribution Our wind power generation capacity has in support of renewable generation: EVN, increased by roughly 100 MW to 367 MW currently the leading wind power producer in in only two financial years, which means Lower Austria, set an ambitious goal several we have reached our interim goal one year years ago to increase this capacity to 500 MW. earlier than planned. These two examples While our work is directed to meeting this alone show that we are committed to sup- goal, we are also evaluating projects for porting the future-oriented transformation large-scale photovoltaic facilities, especially at of our energy system towards renewable our own power plant locations. Here we see generation. a potential of up to 100 MW in our markets over the medium term, subject to appropriate Our long-term strategy as a listed company framework conditions. is focused on clearly defined corporate values and a responsibility towards our stakeholders. Energy. Water. Life. This new slogan has This strategy reflects EVN’s priority areas of represented EVN since the 2018/19 financial activity, above all supply security and customer year. By supplying energy – electricity, natural satisfaction. At the same time, our decisions gas, district heating and cooling – and and actions must also integrate numerous managing drinking water and wastewater, long-term strategic considerations and business we make an essential contribution to our requirements. Included here, not least, are customers’ quality of life – each and every the careful planning and systematic imple- day. These activities are also the focal point mentation of an investment programme that of a new campaign which was introduced also comprehensively meets energy sector, in our home market of Lower Austria during legal and regulatory requirements. spring 2019: With top quality energy and drinking water supplies, EVN provides During the past financial year, we again well-being, supply security and customer dedicated significant portions of our total service day for day, around the clock. Stefan Szyszkowitz Franz Mittermayer Spokesman of the Executive Board Member of the Executive Board Key figures +/– 2018 /19 2017/18 % 2016/17 Sales volumes Electricity generation volumes GWh 5,594 5,526 1.2 6,059 thereof from renewable energy GWh 2,315 2,213 4.6 2,093 Electricity sales volumes to end customers GWh 19,924 18,413 8.2 18,544 Natural gas sales volumes to end customers GWh 5,083 5,178 –1.8 5,744 Heat sales volumes to end customers GWh 2,196 2,219 –1.0 2,293 Consolidated statement of operations Revenue1) EURm 2,204.0 2,078.7 6.0 2,215.6 EBITDA EURm 631.7 671.8 –6.0 721.6 EBITDA margin1) 2) % 28.7 32.3 –3.7 32.6 Results from operating activities (EBIT) EURm 403.5 392.9 2.7 346.9 EBIT margin1) 2) % 18.3 18.9 –0.6 15.7 Result before income tax EURm 373.5 355.7 5.0 325.5 Group net result EURm 302.4 254.6 18.8 251.0 Consolidated statement of financial position Balance sheet total EURm 8,188.6 7,831.1 4.6 6,454.9 Equity EURm 4,552.1 4,092.6 11.2 3,150.1 Equity ratio2) % 55.6 52.3 3.3 48.8 Net debt EURm 999.5 963.7 3.7 1,213.2 Gearing2) % 22.0 23.5 –1.6 38.5 Return on equity (ROE)2) % 7.6 7.7 –0.2 9.2 Consolidated cash flow and investments Net cash flow from operating activities EURm 429.7 603.5 –28.8 508.9 Investments 3) EURm 391.4 356.4 9.8 303.8 Net debt coverage (FFO)2) % 50.9 69.0 –18.2 48.7 Interest cover (FFO) x 11.7 14.4 –18.9 10.1 Value added Net operating profit after tax (NOPAT) EURm 216.3 314.8 –31.3 425.7 Capital employed 4) EURm 4,135.4 4,094.2 1.0 4,173.5 Operating return on capital employed (OpROCE)2) % 5.2 7.7 –2.5 10.2 Weighted average cost of capital (WACC) 2) 5) % 6.3 6.3 – 6.3 Economic value added (EVA®)6) EURm –42.1 58.9 – 164.8 Share Earnings EUR 1.70 1.43 18.7 1.41 Dividend EUR 0.47 + 0.037) 0.44 + 0.037) 6.4 0.44 + 0.037) Dividend yield2) % 3.1 2.8 0.3 3.6 Share performance Share price at 30 September EUR 16.14 16.88 –4.4 13.22 Highest price EUR 17.28 18.00 –4.0 13.40 Lowest price EUR 12.16 13.07 –7.0 10.47 Market capitalisation at 30 September EURm 2,903 3,036 –4.4 2,377 Credit rating Moody’s A1, stable A2, positive A2, stable Standard & Poor‘s A, stable A–, stable A–, stable 1) Previous year’s figures were adjusted – see the consolidated notes, note 2. Reporting in accordance with IFRS, Changes in the presentation of the consolidated financial statements and adjustment of prior year data 2) Changes reported in percentage points 3) In intangible assets and property, plant and equipment 4) Average adjusted capital employed 5) Exact value 2016/17, 2017/18 and 2018/19: 6.25% 6) As defined by Stern Stewart & Co. 7) Bonus dividend of EUR 0.03 per share; 2018/19 financial year: proposal to the Annual General Meeting 2018/19 2017/18 2016/17 Employees Number of employees on a full-time equivalent basis (FTE) Ø 6,908 6,831 6,840 Number of employees as of 30 September (headcount) number 7,327 7,200 7,181 thereof women number 1,686 1,664 1,674 thereof men number 5,641 5,536 5,507 Proportion of women % 23.0 23.1 23.3 Employee fluctuation % 3.4 1.9 2.6 Training hours per employee hrs. 34.1 33.8 31.3 Number of occupational accidents1) 2) number 85 100 89 Environment 2) Direct greenhouse gas emissions (Scope 1) t CO2e 2,726,185 2,573,847 2,839,782 2) Specific greenhouse gas emissions (Scope 1) t CO2e/GWh 310.80 291.62 301.82 NOx emissions t 1,979 2,353 2,497 Hazardous waste and residual materials 3) t 19,604 19,348 11,524 Water consumption4) m m³ 32.2 32.7 31.5 1) Number of occupational accidents with lost days (excluding commuting accidents) 2) Adjustment of prior year information due to a change in the calculation method 3) Without building residues and power plant by-products 4) Drinking water supplies from purified ground water by evn wasser Equity, net debt and gearing Cash flow and investments EURm and % EURm 4,552.1 Equity 4,092.6 603.5 508.9 3,150.1 Net cash flow from 429.7 operating activities 391.4 Investments 356.4 303.8 1,213.2 963.7 999.5 Net debt 38.5% 23.5% 22.0% Gearing 30.09.2017 30.09.2018 30.09.2019 2016/17 2017/18 2018/19 Revenue1), EBITDA and EBITDA margin1) Employees by region EURm and % Annual average 2,215.6 2,204.0 Revenue 6,840 6,831 6,908 1) 2,078.7 4,472 4,435 4,489 International 32.6% 32.3%1) 28.7% EBITDA margin 721.6 2,419 Austria 671.8 631.7 EBITDA 2,368 2,396 2016/17 2017/18 2018/19 2016/17 2017/18 2018/19 1) Previous year’s figures were adjusted – see the consolidated notes, note 2. Reporting in accordance with IFRS, Changes in presentation of the consolidated financial statements and adjustment of prior year data Highlights 2018/19 Revenue +6.0% to EUR 2,204.0m EBIT +2.7% to EUR 403.5m Group net result +18.8% to EUR 302.4m Dividend proposal EUR 0.47 + 0.03 bonus per share 1 Contents Non-financial 01 report About this report 04 EVN – energy company 06 and environmental services provider Business model (Austrian Sustainability and Diversity Improvement Act) EVN – the reliable 28 supplier. Supply security at EVN is 30 protected by a wide range Forward-looking. 10 of measures Goal-oriented. Sustainable. Highly ecient electricity 34 Strategy, analysis of key issues, sustainability networks risks, involvement of stakeholders (Austrian Sustainability and Diversity Improvement Act) Interview with the 10 Executive Board A focused strategy 15 Our core strategies 18 Ecient CSR organisation 20 Impact of our business 21 Always there. 36 activities on society, the environment and the Focus on the customer 38 economy Product labelling and 41 Sustainably attractive for 25 responsibility investors Data protection 43 External ratings 27 2 Conserve resources, 44 Sustainability 82 minimise emissions. programme Environmental issues (Austrian Sustain ability and Diversity Improvement Act) Independent assurance 88 report on the non-financial Environmentally and climate- 46 reporting 2018/19 friendly actions are an integral part of all our activities Corporate governance 91 Environmental impact of our 48 Diversity concept (Austrian Sustainability thermal power plants and Diversity Improvement Act) Emissions 49 Report of the Supervisory Board 91 Responsible use of energy 52 Consolidated corporate 93 governance report Responsible use of resources 53 Sustainable water management 54 Management report 104 Environmentally compatible 56 Energy policy environment 104 waste management General business environment 106 Biodiversity 57 Energy sector environment 107 Business development 108 Committed to 58 Innovation, research and 116 clear values.