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Network Infrastructure Austria

The Network Infrastructure Austria Segment covers the operation of the regional electricity and natural gas networks as well as the cable TV and telecommunications networks in Lower Austria and Burgenland. This segment also includes corporate services, above all in connection with construction, which are reported as internal revenue.

Highlights 2015/16

  • Substantial increase in natural gas network distribution volumes
  • Electricity network distribution volumes at prior year level
  • Improvement in EBITDA, EBIT and result before income tax
  • Continued focus of investments on supply security
Key indicators –
Network Infrastructure Austria
 2015/162014/15
+/-
nominal%
2013/14
Key energy business indicatorsGWh
Network distribution volumes 
Electricity 8,1288,12170.17,874
Natural gas 16,21614,9581,2588.414,131
Key financial indicatorsEURm
External revenue 434.2412.821.45.2430.9
Internal revenue 58.759.2–0.5–0.853.7
Total revenue 492.9472.020.94.4484.6
Operating expenses –272.3–270.8–1.5–0.5–297.8
Share of results from equity accounted
investees with operational nature
 
EBITDA 220.6201.219.59.7186.8
Depreciation and amortisation including
effects from impairment tests
 –110.3–105.6–4.7–4.4–103.6
Results from operating activities (EBIT) 110.395.514.815.483.3
Financial results –17.5–17.4–0.1–0.3–19.8
Result before income tax 92.878.114.718.863.4
Total assets 1,883.51,831.552.02.81,787.7
Total liabilities 1,357.11,294.862.34.81,298.2
Investments1) 154.7160.2–5.5–3.4186.8

Development of network distribution volumes

The electricity and natural gas network tariffs in Austria are adjusted at the beginning of each calendar year by the E-Control Commission in accordance with the incentive regulatory system. As of 1 January 2016, the electricity and natural gas network tariffs for household customers were each raised by an average of 11.0%. The previous year’s adjustments covered an average reduction of 1.0% in the electricity network tariffs and 3.0% in the natural gas network tariffs.

Electricity distribution volumes rose slightly from 8,121 GWh in the previous year to 8,128 GWh in 2015/16. The growth in natural gas distribution volumes was significantly higher with an increase of 1,258 GWh, or 8.4%, to 16,216 GWh. This development reflected the stronger demand by supra-regional network operators for thermal generation to stabilise the networks in Austria and southern Germany.

Revenue development

The above-mentioned price and volume developments led to an increase of EUR 20.9m, or 4.4%, in revenue for the Network Infrastructure Austria Segment to EUR 492.9m in 2015/16. EVN also recorded a slight increase in revenue from cable TV and telecommunications services.

Operating expenses and operating results

Operating expenses declined by EUR 1.5m, or 0.5%, to EUR 272.3m during the reporting year. EBITDA rose by EUR 19.5m, or 9.7%, to EUR 220.6m. Despite an investment-related rise of EUR 4.7m, or 4.4%, in depreciation, EBIT increased by EUR 14.8m, or 15.4%, to EUR 110.3m.

Financial results and result before income tax

Financial results remained stable at EUR –17.5m (previous year: EUR –17.4m). The result before income tax rose by EUR 14.7m, or 18.8%, year-on-year to EUR 92.8m.

Investments

The four-year investment programme launched by EVN in 2013/14, which calls for investments of EUR 1bn in Lower Austria, continued its third year as planned in 2015/16. Approximately 70% of the total investment volume is directed to the Network Infrastructure Austria Segment. These investments are intended, in particular, to strengthen and expand the network infrastructure to accommodate the steadily increasing, volatile electricity volumes from decentralised renewable generation. Investments in this segment totalled EUR 154.7m in 2015/16 and were EUR 5.5m, or 3.4%, lower year-on-year due to changes in the timing of individual construction projects.

Outlook

The network tariffs for electricity and natural gas will increase in 2016/17 based on the adjustments that are scheduled to take effect on 1 January 2017 in accordance with the regulatory system. This corresponds to the necessary high investments carried out in recent years, above all to accommodate renewable energy, and to the comparison of network distribution volumes with the respective reference periods. The resulting increase in scheduled depreciation should offset most of the tariff increases, and segment results are therefore expected to remain stable in 2016/17.

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