Energie AG Achieves Strong Growth
The Upper Austrian energy provider recorded an increase in sales of 12.2% in the fiscal year 2010/11. EBIT was down by 2.6% to € 125.6m.
For the Energie AG Group, the past fiscal year was marked by mutually conflicting trends: On the one hand, the economic upswing and the positive momentum were reflected in the market areas in the quantities sold throughout all segments, and on the other, the regulatory environment, specifically for own electricity procurement, proved to be very turbulent: the political unrest in North Africa and the Arab world, as well as the nuclear disaster in Fukushima coupled with the nuclear phase-out in Germany led to sharp price increases in the international energy markets. Unforeseen and difficult regulatory conditions were encountered both at an international and local level. During the year under review, water levels reached a historical low, causing the electricity generated at the hydropower plants to fall 21% below the average output.
Given the economic environment in fiscal 2010/2011 (1 October 2010 to 30 September 2011), the company generated an EBIT of € 125.6m by sales of € 2,219.9m. Compared to the previous year (€ 1,978.8m), sales were up by € 241.1m or 12.2% resulting from sales growth in all three segments, Energy, Water and Waste Management. With € 125.6m, EBIT was slightly below the previous year’s figures of € 128.9m. The low water levels as well as the unfavorable ratio between the achievable electricity market prices and the delivery costs for fuels for thermal production facilities had an adverse effect on the operating result.
The forecasts for fiscal 2011/2012 are marked by the uncertainty with regard to the economic development. Despite the unstable economic environment, the result is expected to display solid development.