Business development
The application of the new consolidation standards (see note 2. Reporting in accordance with IFRS) led to retrospective changes in the scope of consolidation as of October 2012. EVN KG, which was previously included through proportional consolidation, and the EnergieAllianz Group were consolidated at equity retrospectively as of 1 October 2012.
In comparison with the previous year, the scope of consolidation (see note 4. Scope of consolidation) was increased to include one additional fully consolidated company; the total number of at equity consolidated companies did not change. Including EVN AG as the parent company, the consolidated financial statements for the 2013/14 financial year include 64 fully consolidated companies (previous year: 63), one joint operation included through proportionate consolidation (previous year: 1) and 19 companies consolidated at equity (previous year: 19). EVN Macedonia Elektrosnabduvanje DOOEL was added to the scope of fully consolidated companies during the reporting year.
In 2013/14, Degremont WTE Wassertechnik Praha v.o.s. was initially consolidated at equity. The sale of the 50% stake in ALLPLAN Gesellschaft m.b.H led to the deconsolidation of this company previously included at equity.
Highlights 2013/14
- Earnings influenced by negative effects
- Tariff decisions in Bulgaria and Macedonia led to impairment losses and lower revenue
- Significant doubts over the realisation of the thermal waste utilisation plant in Moscow led to a valuation allowance
- Reduced estimates for the long-term development of electricity prices led to impairment losses in generation segment
- Energy sales reduced by mild winter
- Weather-related decline in generation from windpower and hydropower
