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Dear Shareholders,
Ladies and Gentlemen,

in an environment that remains challenging, we can look back on a satisfactory financial year in 2015/16. The implementation of our strategy is based on an integrated business model that covers the entire value chain in the energy business. This gives us a very solid position in our sector, which is currently undergoing a fundamental transformation.

An essential factor for the sustainable development of our business – and also for supply security, which represents the most important promise to our customers – are the assets in our various business areas. This is reflected in our ongoing investments in the expansion and improvement of our plants, where the key focus is placed on network infrastructure, renewable generation and drinking water supplies.

A number of these plants form the illustrative focal point of this full report – and, at the same time, show a representative cross section of our diversified business model. This fictitious trip through the EVN cosmos ranges from our networks to electricity generation from renewable sources to water supplies and our diversified range of customer services. It also covers our thermal power plants, which in view of the growing, but volatile renewable generation are indispensable for network stability as a “bridge technology”. You will be surprised at how diverse the spectrum of EVN’s business activities is.

EVN again generated strong operating cash flow in 2015/16. This not only creates the financial basis for our extensive investments, but also strengthens our capital structure and allows for a stable dividend policy. As in the previous year, we will make a recommendation to the 88th Annual General Meeting to distribute a dividend of EUR 0.42 per share for the 2015 /16 financial year.

Unterschrift Layr Unterschrift Szyszkowitz

Peter Layr
Spokesman of the Executive Board

Stefan Szyszkowitz
Member of the Executive Board



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