The Lower Austrian energy supplier EVN recorded significantly less turnover and profit in the 2023/24 financial year, mainly as a result of the sharp price drops on the energy markets. Turnover fell by 13.6 percent to almost 3.257 billion euros, and consolidated profit fell by 11.0 percent to 471.7 million euros.
EVN’s 2023/2024 financial year was characterized by mild temperatures in Austria, but also in Bulgaria and North Macedonia, and energy needs were correspondingly lower. According to the company, electricity and gas sales activities to end customers in Lower Austria are negative for the second year in a row. Wholesale electricity and gas prices fell in all three of EVN’s core markets. In the international projects business, turnover fell due to the completion of the sewage treatment plant in Kuwait.
More personnel costs
Due to wage increases and a higher number of employees, personnel costs increased by 13.1 percent to 473.9 million euros. Other operating expenses, at 212.8 million euros, were 5.3 percent higher than last year. This includes a value adjustment of a claim in the international projects business of €22.5 million that has already taken place in the first quarter of 2023/24 as a result of an arbitration award.
Higher dividend
The operating result (EBIT) fell from €528.5 million to €426.2 million. EVN’s financial result amounted to 135.3 million euros (previous year: 127.6 million euros). This improvement is mainly due to Verbund AG’s higher dividend for the 2023 financial year, the statement said. The board of EVN wants to propose at the general meeting for the 2023/24 financial year to pay a dividend of 0.90 euros per share. For the 2022/23 financial year, the utility paid a dividend of 0.52 euros and a special dividend of 0.62 euros, a total of 1.14 euros per share.
For the 2024/25 financial year, EVN expects a consolidated result in the order of 400 to 440 million euros. The dividend policy is confirmed unchanged. The dividend payment must amount to at least 0.82 euros per share for the financial years starting from 2024/25. In the medium term, the aim is a pay-out ratio of 40 percent of the consolidated result, corrected for special effects.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
