Annual Financial Report

2021/22

Management report 2021/22

Energy policy environment 03

General business environment 05

Energy sector environment 06

Business development 08

Innovation, research and development 17

Risk management 17

Consolidated non-financial report 23

Disclosures required by § 243a of the Austrian Commercial Code 23

Outlook for the 2022/23 financial year 24

Consolidated financial statements

for 2021/ 22

Consolidated statement of operations 26

Consolidated statement of comprehensive income 27

Consolidated statement of financial position 28

Consolidated statement in changes in equity 29

Consolidated statement of cash flows 30

Consolidated notes 31

Auditors‘ report 117

Annual financial statements of EVNAG

2021/22 acc. to UGB

(only available in German)

Management report 125

Financial statements 161

Auditors‘ report 168

Notes 174

Declaration by the Executive Board

pursuant to § 124 (1) no. 3 of the

Austrian Stock Exchange Act 2018

(“Börsegesetz 2018”)

Declaration by the Executive Board 195

Contents

EVN Annual Financial Report 2021/ 22

Management report

Energy policy environment

European energy policy in times of crisis

The massive distortions in the energy sector that have been pres-

ent since autumn 2021 and were further exacerbated by the war

in Ukraine led to the passage of several temporary legal directives

at the EU level. For example: the gas storage regulation requires

EU member states to fill their storage capacity to at least 80% by

1November2022 and to 90% in the following years – also as of

1November. The EU’s goal is to collectively fill 85% of the total

gas storage capacity in 2022.

The regulation over emergency measures in reaction to the high

electricity prices also includes the following temporary special

measures:

• Binding and voluntary goals to reduce electricity consumption

between 1December2022 and 31March2023

• A cap on market revenues from electricity generation at

EUR180 per MWh

• A solidarity contribution based on the taxable profits of

companies operating in the crude petroleum, natural gas,

coal and refinery sectors when profits exceed 20% of the

comparative period

• Member states will use the income from windfall profits in

electricity generation and the solidarity contribution from the

crude petroleum, natural gas, coal and refinery sectors to

provide temporary financial support for end customers like

households and small and medium-sized enterprises in view

of the high energy prices.

The member states must implement the regulation over emergency

measures into national law by 1December2022 but have a certain

degree of freedom in designing the goals and measures at the

national level. The EU has also announced plans for spring 2023 to

reform the so-called merit order mechanism that determines elec-

tricity prices. Experts are currently working out the necessary

details. Measures involving natural gas are also in planning. The

Council has decided that these measures will include the establish-

ment of a procurement platform, the limitation of price fluctua-

tions in gas exchanges and the creation of new price indexes.

Austria‘s crisis laws

The Austrian Parliament also passed several laws that are designed

to master the energy crisis. An amendment to the Gas Act regu-

lates the creation of strategic gas reserves for Austria. The recently

enacted Gas Diversification Act is intended to reduce the depend-

ence on Russian natural gas by providing subsidies for the pro-

curement of natural gas from non-Russian sources and for refitting

equipment to operate with alternative energy carriers.

Amendments to the Energy Management Act also create an addi-

tional incentive for storage and stockpiling by companies. Austria

has implemented a three-step gas emergency plan which, in the

event of a crisis, regulates supplies for protected customer groups

based on the Energy Management Act.

The Austrian federal government approved several relief packages

in 2022 to counter the inflation triggered by the sharp rise in

energy costs. The entitlement to certain parts of this monetary

assistance is not tied to any requirements, but other parts are

based on social needs. In Lower Austria, EVN’s supply area, all

household customers can additionally benefit from the electricity

price rebate approved by the provincial government. Energy-

intensive companies in Austria receive financial relief through

the Business Energy Cost Subsidy Act. In November 2022 the

Austrian government announced the implementation of the

EUregulation which calls for a temporary cap on market revenues

from renew able generation and a solidarity contribution.

Energy and climate policy

European Union

The EU is continuing to work on the implementation of various

legal regulations which are scheduled for enactment as part of the

“Fit for 55” legislative package. As a milestone to meeting the

Parisclimate goal by 2030, the package includes a reduction of at

least 55% in net greenhouse gas emissions below the 1990 level.

The Commission sees this as a decisive step to make Europe the

first climate-neutral continent by 2050. The “Fit for 55” content

most relevant for EVN is as follows:

• Renewable energy directive which, among others, calls

for an increase to 40% by 2030 in the target for the share

of renewable energies in the European Union

• EU emissions trading system directive which includes,

among others, a recommendation to cut emissions by fur-

ther reducing the availability of CO

emission certificates

• Effort sharing regulation that defines a new emission trad-

ing system for road traffic and the building sector

• Energy efficiency directive which, among others, sets

ambitious annual energy saving requirements based on

energy consumption

EVN Annual Financial Report 2021/ 22

• Revision of the energy taxation directive that shall tax

fuels based on their energy content and environmental

performance

The EU is also currently revising its policies for the financing

ofenergy infrastructure projects. Additional funding is expected

for hydrogen infrastructure and CO

separation and storage in

thefuture.

Austria

The goals set by the Austrian federal government call for electricity

consumption to be covered in full (national balance) through

renewable energy sources by 2030 and require climate neutrality

by 2040. In order to meet these goals, state subsidies depending

on the level of electricity prices and ranging up to EUR 1bn per

year will be provided over the next decade to support the expan-

sion of renewable generation capacity.

The new Renewable Energy Expansion Act, which was passed by

the Austrian Parliament in July 2021, defines the necessary frame-

work conditions for the attainment of the country’s energy and

climate goals. This legal regulation also includes concrete expan-

sion targets: an increase of 27 TWh in electricity generation from

renewable sources by 2030 with 11 TWh coming from photo-

voltaics, 10 TWh from wind power, 5 TWh from hydropower and

1 TWh from biomass.

The most relevant points in the Renewable Energy Expansion Act

for EVN’s business activities include the subsidy mechanisms for

the construction of new photovoltaic, wind power, hydropower

and biomass equipment as well as investment subsidies for elec-

trolysis equipment to convert electricity into hydrogen or synthetic

gas. Investment security will also be created for existing and future

renewable gas generating plants, and an increase of 5 TWh in

nationally produced renewable gas as a share of Austria’s total

natural gas volumes is planned by 2030. Other relevant contents

include the framework conditions for citizens‘ and renewable

energy communities.

The Austrian energy industry is still waiting for specific regulations

on various subjects from the responsible ministries which are

essential for the application of the Renewable Energy Expansion

Act. A new federal energy efficiency act is also outstanding. The

draft of the Renewable Heat Act which is targeted at accelerating

the reduction in CO

from heating and an amendment to the Envi-

ronmental Impact Assessment Act are currently under review,

whereby the branch hopes these regulations will lead to more effi-

cient and faster approval processes for renewable energy projects.

An amendment to the Electricity Industry and Organisation Act is

still outstanding – it is expected to bring changes for network oper-

ators and implement the EU Clean Energy Package in national law.

Regulatory environment

Austria

The operation of the distribution networks and network infrastruc-

ture for electricity and natural gas in Lower Austria is the responsi-

bility of EVN’s group company Netz Niederösterreich. All invest-

ments and expenditures by this company to ensure the continuous

operations of the network infrastructure are remunerated through

network tariffs which are set by the E-Control Commission each

year in accordance with the Austrian regulatory method.

Key parameters for the determination of the network tariffs

include the interest-bearing capital base (regulatory asset base) of

the network operator and the weighted average cost of capital.

Also included is an incentive in the form of productivity factors,

which serve as cost reduction targets for the respective company

and also include inflationary adjustments. E-Control sets the

weighted average cost of capital and cost reduction targets for

anentire regulatory period, which equals five years in Austria.

The regulatory authority reduced the weighted average cost of

capital with the start of the new regulatory periods for the natural

gas distribution network and for the electricity distribution network

on 1 January 2018 and 1 January 2019, respectively, to reflect the

generally lower interest rate levels. However, a differentiation was

made for the first time between the efficiency of the various net-

work operators and between existing and new equipment in order

to create incentives for further investments and efficiency improve-

ments. This benefits network operators with higher productivity in

industry comparison as well as with the slightly higher interest

rates on the capital required for new investments. EVN’s network

company has received a very positive evaluation from the regula-

tory authority for its productivity in peer-group benchmarking.

Anew regulatory period for the natural gas distribution network

will start on 1 January 2023.

Bulgaria

The delivery of electricity to industrial and commercial customers

in Bulgaria has been liberalised. EVN Trading SEE serves as the sup-

plier for customers in this market segment. Household customers

remain in the regulated market and are supplied by EVNBulgariaEC,

Management report — Energy policy environment

EVN Annual Financial Report 2021/ 22

which also acts as a “supplier of last resort” for customers who

donot select another supplier or cannot receive electricity from

their chosen supplier through no fault of their own. In view of the

current energy policy debate in Bulgaria, it can be assumed that

the transfer of household customers to the liberalised market will

be postponed at least to the end of 2025. Energy sales to custom-

ers in the regulated market segments and the procurement of the

corresponding volumes are based on regulated prices.

The Bulgarian regulatory authority set new energy tariffs for the

regulated market segments as of 1July2022. The electricity prices

for household customers in EVN’s supply area were increased

by3.6% on average (previous year: average increase of 3.6% as

of1July2021).

The new three-year regulation period for the electricity network in

Bulgaria began on 1July2021. The regulatory method defines a

revenue cap which covers recognised operating expenses, amortisa-

tion and depreciation as well as an adequate return on the regula-

tory asset base. The applied method also includes the projected

network distribution volumes as well as an annually defined invest-

ment factor for planned future investments. EPYug is responsible

for the operation of the electricity distribution networks in EVN’s

Bulgarian supply area. This company received government com-

pensation payments in 2021/22 to cover the added costs resulting

from the massive increase in electricity prices and the resulting

enormous costs to cover network losses.

North Macedonia

In order to achieve the legally required unbundling of the individual

fields in the energy business and meet the related requirements,

EVN operates through various companies in NorthMacedonia.

Network operations in the regulated market segment are the

responsibility of Elektrodistribucija DOOEL, while customers in the

liberalised market segment receive deliveries from the sales com-

pany EVN Macedonia Elektrosnabduvanje DOOEL. EVN Macedonia

Elektrani DOOEL serves as a production company. Since 1July2019,

EVN Home DOO has supplied electricity to all households and small

businesses in the regulated market segments based on a license

asthe “supplier of universal service”. This license has an initial term

of five years.

An unscheduled increase of 9.5% in the electricity prices for

household customers of EVN Home DOO by the regulator (effec-

tive as of 1January2022) was followed by a 21.8% increase as

of1July2022. In addition, the regulated electricity purchase

pricefor EVN Home DOO was set at EUR 48.0 per MWh (previous

year: average increase of 12.4% as of 1July2021 with a parallel

temporary reduction of 13 percentage points in the value added

tax on energy).

A new three-year regulation period for the electricity network

began on 1 July 2021 and brought an improvement in the recogni-

tion of operating expenses. Similar to the framework in Bulgaria,

the regulatory method for the electricity network in North Mace-

donia defines a revenue cap which covers recognised operating

expenses, amortisation and depreciation as well as an adequate

return on the regulatory asset base. An unscheduled increase in

network charges by the regulator as of 1January2022 led to

partial compensation for the substantial increase in costs to cover

network losses, and an additional increase in network charges

wasannounced as of 1July2022. In accordance with the current

regulatory scheme, the remaining added costs should be offset

through future tariff decisions.

Croatia

The liberalisation of the Croatian natural gas market for house-

hold customers was nearly complete in 2022. The market for

commercial and industrial customers has been liberalised since

2012 and is characterised by increasing competition among the

natural gas suppliers active in the country. The new LNG terminal

near the island of Krk was commissioned on 1January2021 and

has further diversified natural gas supplies in Croatia. The sub-

stantial fluctuation in natural gas prices during the reporting

period and the resulting changes in the suppliers’ offering struc-

ture have led to expectations of continued consolidation on the

Croatian natural gas market.

General business environment

The strong recovery in the global economy during the second

half of 2021 was followed by weaker growth this past spring.

Thewar in Ukraine and China‘s strict zero-Covid policy fuelled

the already strong inflationary trend and further disrupted world-

wide supply chains. Economic developments in Europe were

negatively influenced by wide-ranging political uncertainty and

the massive increase in energy prices. Forecasts point to a

declinefrom the sound economic growth of 5.2% in 2021 to

3.1% to 3.2% for the 2022 calendar year and a further weaken-

ing to 0.4% in 2023.

EVN Annual Financial Report 2021/ 22

Management report — Energy policy environment, General business environment, Energy sector environment

GDP growth % 2023f 2022e 2021 2020 2019

EU-28

1) 2) 5)

0.3 to 0.5 3.1 to 3.2 5.2 –6.1 1.6

Austria

1) 2) 3) 5)

0.2 to 1.0 4.6 to 4.8 4.6 –6.7 1.5

Bulgaria

1) 2) 4)

1.1 to 4.3 2.3 to 3.9 4.2 –4.4 4.0

Croatia

1) 2) 5)

1.0 to 3.5 3.8 to 6.5 10.2 –8.1 3.5

North Macedonia

4) 5)

2.5 to 3.1 2.3 to 2.7 4.0 6.1 3.9

1) Source: “European Economic Forecast, Autumn 2022“, EU-Commission, November 2022

2) Source: “Herbst-Prognose der österreichischen Wirtschaft 2022 –2023“, IHS, October 2022

3) Source: “Prognose für 2022 und 2023: Stagflation in Österreich“, WIFO, October 2022

4) Source: “Global Economic Prospects“, World Bank, June 2022

5) Source: “World Economic Outlook“, International Monetary Fund, April 2022

The Austrian economy generated sound growth during the first

half of 2022. Exports benefited from rising international demand

for products from the manufacturing sector – in the wake of the

corona crisis and with the support of a weak euro. The end of

corona-related restrictions also provided added impulses for a

strong increase in private consumption over the previous year.

However, the framework conditions have deteriorated significantly

in recent months due to the growing economic weakness in the

eurozone and high inflation. Another negative factor is the war in

Ukraine and the resulting sharp rise in energy prices above the

already high year-end 2021 levels at the beginning of 2022.

GDPgrowth in Austria amounted to 4.6% in 2021 and is expected

to reach a similar level in 2022 – specifically between 4.6% and

4.8%– but experts are forecasting a substantial drop to only 0.2%

to 1.0% in 2023.

Economic growth in Bulgaria stagnated, not least as a result of

inflation and the shortages in international supply chains. Rising

worldwide costs, especially for energy, raw material and food

products, undermined demand and created substantial pressure

on imports. The weakness in the European economy is expected

to cut export growth in half during 2022. As a result of the high

energy and producer prices, energy-intensive companies have

reduced their production. This, in turn, led the Bulgarian govern-

ment to extend the employment programmes which were intro-

duced as job protection during the corona pandemic. Public sector

debt in relation to the GDP in Bulgaria has ranged from roughly

15% to 30% for a decade and is very low in European comparison,

while the average household deficit equals 0.5% of annual GDP

asseen over an economic cycle. The country‘s fiscal stability has

always been protected, even in politically turbulent times. Eco-

nomic output in Bulgaria equalled 4.2% in 2021, while growth is

expected to range from 2.3% to 3.9% in 2022 and from 1.1%

to4.3% in 2023.

In Croatia, the robust growth that took hold on a broad basis in

2021 and led to a GDP increase of 10.2% continued into 2022.

The clear improvement in the epidemiological situation and the

easing of corona-related measures – not only in Croatia but also

throughout Europa – supported a strong increase in travel during

2022 and had a corresponding positive effect, above all on the

service sector. Steady, solid growth in private consumption also

contributed to GDP growth. Croatia will join the eurozone on

1January2023. This should slightly reduce the economic risks

forCroatia in an environment that is characterised by growing

uncertainty, strong inflationary pressure and economic weakness.

Forecasts point to a GDP increase of 3.8% to 6.5% in 2022 and

1.0% to 3.5% in 2023.

The EU officially opened accession negotiations with North Mace-

donia on 19July2022, a date that marks an important milestone

on the road to the European Single Market. North Macedonia’s

export sector – above all the automobile supplier industry – is

heavily dependent on international demand and, in particular, on

economic developments in the EU. Nearly 80% of the country‘s

exports are directed to this economic zone. As a result of the war

in Ukraine, the supply chain problems and political uncertainty

have had a negative impact on economic growth in North Mace-

donia. GDPgrowth is expected to range from 2.3% to 2.7% in the

2022 calendar year, compared with 4.0% in 2021, and should

increase slightly to 2.5% to 3.1% in 2023.

Energy sector environment

EVN’s energy business is significantly influenced by external fac-

tors. On the sales side, the weather plays a key role through

thedemand for electricity, natural gas and heat by household

EVN Annual Financial Report 2021/ 22

customers, while the general business environment represents a

main driver for industrial customers’ energy requirements. Genera-

tion and procurement, in contrast, are not only influenced by the

weather but also by the geopolitical climate.

The weather in EVN’s three core markets differed during the

2021/22 financial year. In Austria, the heating degree total – which

defines the temperature-related demand for energy – was 5.8 per-

centage points above the long-term average but 4.3 percentage

points below the previous year. The heating degree total in

Bulgaria and North Macedonia exceeded the long-term average

aswell as the previous year level: plus 13.9 percentage points

inBulgaria and plus 4.6 percentage points in North Macedonia.

The cooling degree total, which measures the temperature-related

demand for cooling energy, rose substantially by 13.7 percentage

points in Austria but remained below the long-term average. In

Bulgaria and North Macedonia, the cooling degree total was 20.7

percentage points and 15.8 percentage points, respectively, below

the respective previous year figure, and was lower than the long-

term average in Bulgaria but higher in North Macedonia.

Economic and geopolitical developments over the past one and a

half years have led to massive distortions on the energy markets.

The economic catch-up effects after Covid-19 as well as the war in

Ukraine and a reduction in generation capacity due to inspections

at the French nuclear power plants, together with lower water

flows in the European rivers, led to a significant increase in energy

prices. The average EEX price for natural gas was subject to dra-

matic fluctuations and quadrupled during the reporting period

from EUR 26.2 per MWh to EUR 123.1 per MWh. The uncertainty

connected with ongoing natural gas deliveries was reflected in

very volatile developments. The average price for CO

emission

certificates was somewhat more stable but still rose by 91.5%

year-on-year to EUR 78.0 per tonne in 2021/22.

The development of the prices for primary energy and CO

certifi-

cates also had an influence on the market prices for electricity:

The spot market prices for base load and peak load electricity

averaged EUR 258.7 per MWh and EUR 296.3 per MWh (previous

year: EUR64.9 per MWh and EUR 75.2 per MWh) due to the

sharp rise in primary energy prices as well as a reduced genera-

tion offering.

Energy sector environment –

indicators 2021/22 2020/21

Heating-related energy demand

Austria 105.8 110.1

Bulgaria 111.8 97.9

North Macedonia 106.2 101.6

Cooling-related energy demand

Austria 86.4 72.7

Bulgaria 86.5 107.2

North Macedonia 123.0 138.8

Primary energy and CO

emission certificates

Crude oil – Brent

EUR/bbl

89.5 50.4

Natural gas – NCG

EUR/MWh

123.1 26.2

Hard coal – API#2

EUR/t

258.8 76.9

emission certificates

EUR/t

78.0 40.7

Electricity – EPEX spot market

Base load

EUR/MWh

258.7 64.9

Peak load

EUR/MWh

296.3 75.2

1) Calculated based on the heating degree total respectively cooling degree total; the basis (100%) corresponds to the adjusted long-term average for the respective countries.

2) Net Connect Germany (NCG) – EEX (European Energy Exchange) stock exchange price for natural gas

3) ARA notation (Amsterdam, Rotterdam, Antwerp)

4) EPEX spot – European Power Exchange

EVN Annual Financial Report 2021/ 22

Management report — Energy sector environment, Business development

Business development

The scope of consolidation and changes in comparison with the

previous year are explained in the notes to the consolidated finan-

cial statements.

Also see page 33f

The macroeconomic environment against the backdrop

of the Covid-19 pandemic, the war in Ukraine and high

inflation

The potential effects of the Covid-19 pandemic and the war in

Ukraine were analysed, in particular, with a view towards the

recoverability of assets in accordance with IAS 36 and IFRS 9 as

well as further uncertainty in discretionary assessments.

The Covid-19 pandemic and economic developments related to

the war in Ukraine are expected to lead to an increase in bankrupt-

cies and in receivables defaults in the near term. Similar to the

practice in previous financial years, the EVN Group has included

the forecasted increase in potential receivables defaults through

aforward looking component.

EVN calculates the impairment losses for trade receivables in

accordance with IFRS 9B5.5.35 based on regionally differentiated

analyses of historical default incidents. Previously introduced gov-

ernment subsidy measures have prevented any rapid increase in

receivables defaults by customers to date. However, we expect an

increase in bankruptcies and receivables defaults during the com-

ing years after the expiration of these government support meas-

ures. In preparation for such incidents, the EVN Group recognised

a EUR6.1m higher impairment loss allowance for trade receivables

for the 2021/22 financial year (previous year: increase of EUR4.1m)

through the forward looking component (see the Credit and

default risk under note 61. Risk management in the Consoli-

dated notes 2021/22).

Russia’s assault on Ukraine, which began on 24 February 2022,

hasstrained relations between the majority of states of the inter-

national community and the Russian Federation and led to a series

of reciprocal sanctions by the EU as well as the Russian Federation.

The result has been an unparalleled increase in energy prices. This

development created operational difficulties for EVN during the

2021/22 financial year because price adjustments are only possible

with a delay due to contract terms or, in South East Europe, only

inlater periods due to the regulatory framework. Moreover, the

high energy prices are reflected in higher customer receivables and

a potential increase in receivables defaults. The forward looking

component included as a result of the Covid-19 pandemic is,

according to current estimates, sufficient to address the expected

receivables defaults. This is especially accurate against the back-

drop of the wide-ranging measures introduced by governments in

Austria, Bulgaria, Croatia and North Macedonia to support house-

hold and commercial customers (among others, compensation

payments for network losses, energy vouchers, energy price subsi-

dies for end customers etc.).

Global distortions and a change in the Group’s risk and earnings

expectations for future projects led to the recognition of an impair-

ment loss to goodwill in the international project business as of

31March2022 (see note 35. Intangible assets).

As a consequence of the political developments in Russia, EVN test ed

the combined heat and power plants in Moscow for impairment

and subsequently wrote off these assets in full as of 31March2022

(see note 36. Property, plant and equipment). EVN has also

decided to completely withdraw from Russia and is currently in

negotiations for the sale of the combined heat and power plants in

that country (see note 43. Assets and liabilities held for sale).

Apart from price increases on the energy markets and the different

effects on EVN’s activities and business fields, investments and

operating expenses are also affected by the soaring inflation rates.

Current macroeconomic developments can also have a – direct and

indirect – negative influence on the demand for energy. All these

factors were included in preparing the risk analyses for 2021/22.

See the risk report on page 17ff

The possible termination of gas deliveries from Russia could,

depending on the timing and duration, have an impact on natural

gas deliveries to EVN’s customers. In view of this possibility, work

is in progress to continuously increase the volumes of non-Russian

gas and strategic gas supplies. Measures to support supply security

are connected with higher costs and can have a negative influence

on earnings in individual periods.

Low net debt and a comfortable base of contractually committed,

undrawn credit lines give EVN a constant, high degree of financial

flexibility and solid liquidity reserves. In summary, the corona crisis

had only a selective negative influence on EVN’s operating results

in 2021/22, as in the previous years. The current high energy prices,

however, have a substantial negative effect on earnings from

energy supply, while renewable energy generation is a source of

positive earnings contributions. Stabilising effects were provided,

above all, by EVN‘s integrated business model and widely diversified

customer portfolio. The EVN Group can therefore be considered

agoing concern.

EVN Annual Financial Report 2021/ 22

Statement of operations

Highlights 2021/22

• Historic distortions on the international energy markets

– Wholesale prices for energy and energy carriers reach

all-time highs in summer 2022; prices decline but

remain high

– Developments intensified by the geopolitical

environment and the resulting impact on inflation

• Different effects on the diversified business areas;

at the equity accounted EVN KG, higher procurement

costs led to massive pressure on earnings from energy

supply

• Earnings in South East Europe stabilised by unscheduled

government compensation for added costs

• Recognition of impairment losses (in particular, to

goodwill in the international project business and to

thenatural gas network)

• Group net result below previous year, as expected

Results of operations

Revenue recorded by the EVN Group rose by 69.6% year-on-year

to EUR 4,062.2m in 2021/22. This development was supported by

a number of individual effects: In South East Europe, the strong

increase in electricity prices led to substantial growth in the energy

supply business. In Austria, the higher network tariffs set by

E-Control as of 1 January2021 and 1 January2022 had a positive

effect on network revenue. Other important impulses were pro-

vided by price effects in renewable electricity generation, price

adjustments by EVN Wärme, higher revenue from natural gas trad-

ing and positive valuation effects of hedges. An increase in the

useof the Theiss power plant by the Austrian network transmission

operator for network stabilisation offset the absence of revenue

from the Walsum 10 power plant following the divestment of

EVN’s stake and the termination of energy purchases from this

source. An increase in revenue was also reported by the interna-

tional project business.

The revenue generated by EVN outside Austria amounted to

EUR2,578.6m (previous year: EUR1,412.8m). This represents an

increase in the share of Group revenue from 59.0% in the previ-

ous year to 63.5% in 2021/22.

Revenue by region

EURm

South East

Europe

Austria

Central

and Eastern

Europe

2021/222020/21

2,004.8

1,046.2

1,483.6

982.1

573.7

366.6

2,394.9

4,062.2

2019/20

911.1

1,024.6

171.8

2,107. 5

EBITDA by region

EURm

South East

Europe

Austria

Central

and Eastern

Europe

150.1

142.9

556.5

642.3

48.2

51.3

2021/222020/21

754.8

836.5

13.2

436.3

140.8

2019/20

590.4

EVN Annual Financial Report 2021/ 22

EBIT by segment

EURm

2020/21

2021/22

External revenue by segment

EURm

2020/21

2021/22

South East Europe

Environment

All Other

Segments

Networks

Generation

Energy

48.0

65.0

54.0

43.8

58.8

94.8

–34.9

26.5

260.3

182.2

–54.7

166.6

Energy

611.8

405.0

20.6

19.4

South East Europe

Environment

All Other

Segments

Networks

517.3

495.1

Generation

2,002.4

1,0 47.4

159.5

127.1

750.6

300.9

Management report — Business development

Other operating income in the previous year was positively influ-

enced by non-recurring effects related to the Walsum10 power

plant. The absence of these effects in 2021/22 was reflected in a

56.2% decline to EUR109.5m.

The distortions on energy markets were responsible for a substan-

tial increase in the cost of electricity purchases from third parties

and primary energy expenses to EUR2,278.2m (previous year:

EUR1,064.7m). This effect paralleled the development of revenue

and was clearly visible through a massive increase in energy pro-

curement costs in South East Europe, higher primary energy costs

for the more frequent use of the Theiss power plant, and higher

procurement costs for EVN Wärme. The cost of materials and ser-

vices rose by 38.9% to EUR 707.1m in line with revenue growth in

the international project business.

Personnel expenses were 3.0% higher year-on-year at EUR372.2m

due to adjustments required by collective bargaining agreements.

The EVN Group had an average workforce of 7,135 in 2021/22

(previous year: 7,126 employees).

Higher receivables write-offs in North Macedonia were responsi-

ble for an increase of 40.1% in other operating expenses to

EUR158.4m. The share of results from equity accounted investees

with operational nature fell by 58.7% to EUR 98.9m, primarily

due to higher electricity and natural gas procurement costs at

EVNKG. In the previous year, this position included revaluations

to the Verbund Innkraftwerke power plants (EUR25.3m) and to

the Ashta hydropower plant in Albania (EUR23.8m). The higher

demand for natural gas storage led to an increase in the earnings

contribution from RAG.

EVN Annual Financial Report 2021/ 22

Based on these developments, EBITDA recorded by the EVN Group

declined by 9.8% year-on-year to EUR754.8m in 2021/22. Depre-

ciation and amortisation, including the effects from impairment

testing, were 6.0% lower at EUR423.2m. Scheduled depreciation

and amortisation in the previous year included the full write-off

ofpower plant components as well as the amortisation of capi-

talised advance costs for the project in Kuwait.

The effects of impairment testing were based on different underlying

developments in both reporting years. In the second quarter of

2021/22, the global distortions led to a change in the Group’s risk

and earnings expectations for future projects and to the recogni-

tion of an impairment loss to goodwill in the international project

business (EUR 52.9m) and to the residual carrying amount of the

two sludge-fired combined heat and power plants in Moscow

(EUR5.5m). Impairment testing as of 30September2022 resulted

in the recognition of a EUR32.9m impairment loss to the natural

gas network operated by Netz Niederösterreich to reflect the

expected weighted average cost of capital in the coming regula-

tory period. Other impairment losses recognised as of 30Septem-

ber2022 involved district heating equipment in Lower Austria

(EUR6.8m) and the Bulgarian district heating company TEZ Plovdiv

(EUR16.7m). These impairment losses were contrasted by a revalu-

ation of EUR9.6m to the Kavarna wind park in Bulgaria to reflect

the increase in electricity prices. In the previous year – in addition

to impairment losses and revaluations of EUR1.8m and EUR2.5m,

respectively, on electricity and district heating equipment – the

takeover of an additional electricity procurement right had resulted

in the recognition of impairment losses totalling EUR113.3m to

the Walsum 10 power plant.

Based on all these developments, EBIT declined by 14.2% to

EUR331.6m.

Financial results declined by 52.5% to EUR–30.5m in 2021/22

despite an increase in the dividend from Verbund AG to EUR1.05

per share for the 2021 financial year (previous year: EUR0.75 per

share) and the reduction in interest expense which resulted from

Condensed consolidated statement of operations

2021/22 2020/21

/– 2019/20

EURm EURm Nominal % EURm

Revenue

4,062.2 2,394.9 1,66 7. 3 69.6 2,107. 5

Other operating income 109.5 250.1 –140.5 –56.2 64.4

Electricity purchases and primary energy expenses –2,278.2 –1,064.7 –1,213.5 – –888.3

Cost of materials and services –707.1 –509.2 –197.9 –38.9 –316.9

Personnel expenses –372.2 –361.3 –10.9 –3.0 –349.3

Other operating expenses –158.4 –113.0 –45.4 – 40.1 –121.1

Share of results from equity accounted

investees with operational nature

98.9 239.6 –140.7 –58.7 94.1

EBITDA

754.8 836.5 –81.7 –9.8 590.4

Depreciation and amortisation –318.0 –337.7 19.8 5.8 –296.7

Effects from impairment tests –105.2 –112.4 7.1 6.3 –20.6

Results from operating activities (EBIT)

331.6 386.4 –54.8 –14.2 273.1

Financial results

–30.5 –20.0 –10.5 –52.5 –15.8

Result before income tax

301.2 366.4 –65.3 –17. 8 257. 3

Income tax –64.0 –14.7 –49.3 – –28.7

Result for the period

237.1 351.7 –114.6 –32.6 228.6

thereof result attributable to EVNAG shareholders (Group net result)

209.6 325.3 –115.8 –35.6 199.8

thereof result attributable to non-controlling interests 27.5 26.4 1.1 4.3 28.9

Earnings per share in EUR

1.18 1.83 –0.7 –35.6 1.12

1) There is no difference between basic and diluted earnings per share.

EVN Annual Financial Report 2021/ 22

Management report — Business development

the scheduled redemption of the bond due in April2022 (nominal

value: EUR300m). Negative factors included the development of

foreign exchange rates, a value adjustment to a loan extended to

an equity accounted company in the international project business,

and the weaker performance of the R138 fund in the current stock

market environment.

The result before income tax was 17.8% lower than the previous

year at EUR301.2m in 2021/22. After the deduction of income

taxexpense – which increased to EUR64.0m (previous year:

EUR14.7m), among others due to value adjustments to tax loss

carryforwards in the international project business – and the earn-

ings attributable to non-controlling interests, Group net result for

the 2021/22 financial year fell by 35.6% to EUR209.6m.

Statement of financial position

Asset and financial position

EVN’s balance sheet total rose by 11.6% over the level on

30September2021to EUR 12,430.5m as of 30September2022.

Astrong increase was recorded in the carrying amount of the

equity accounted investees with operational nature, above all due

to the valuation of hedges held by EVN KG and EnergieAllianz at

the end of the 2021/22 financial year. The market price of the

Verbund share nearly matched the previous year at EUR87.45 as

of 30September2022 (EUR 87.70 as of 30September2021),

which means the valuation of the Verbund investment and there-

fore also the other investments remained stable. The high pace

ofinvestments by EVN led to an increase in property, plant and

equipment and intangible assets, which was reduced by impair-

Condensed consolidated statement of

30.09.2022 30.09.2021

/– 30.09.2020

financial position

EURm EURm Nominal % EURm

Assets

Non-current assets

Intangible assets and property. plant and equipment 4,071.3 3,908.6 162.7 4.2 3,920.3

Investments in equity accounted investees and other investments

6,422.0 5,6 07.0 815.0 14.5 3,170.9

Other non-current assets 218.7 257.0 –38.3 –14.9 336.4

10,712.0 9,772.6 939.4 9.6 7,427.6

Current assets

1,718.5 1,3 6 7.1 351.4 25.7 93 8.1

Total assets

12,430.5 11,139.8 1,290.7 11.6 8,365.7

Equity and liabilities

Equity

Issued capital and reserves attributable to shareholders of EVNAG

7,047.8 6,281.2 766.6 12.2 4,282.1

Non-controlling interests 273.3 263.2 10.2 3.9 261.2

7,321.1 6,544.3 776.8 11.9 4,543.3

Non-current liabilities

Non-current loans and borrowings 1,150.8 718.9 431.9 60.1 1,045.3

Deferred tax liabilities and non-current provisions 1,463.0 1,480.8 –17.8 –1.2 996.4

Deferred income from network subsidies and

other non-current liabilities

769.0 738.2 30.8 4.2 756.6

3,382.8 2,937.9 444.9 15.1 2,798.3

Current liabilities

Current loans and borrowings 377.4 318.0 59.4 18.7 110.0

Other current liabilities 1,349.1 1,339.6 9.5 0.7 914.1

1,726.5 1,657.6 69.0 4.2 1,024.1

Total equity and liabilities

12,430.5 11,139.8 1,290.7 11.6 8,365.7

EVN Annual Financial Report 2021/ 22

ment losses recognised during the reporting year. Non-current

assets increased by a total of 9.6% to EUR10,712.0m.

Current assets rose by 25.7% to EUR1,718.5m, primarily due to

the increase in inventories that resulted from the significantly

higher wholesale prices for natural gas and an increase in strategic

gas reserves to protect supply security. Other receivables and

assets also increased during the reporting year.

Equity totalled EUR 7,321.1m as of 30September2022 and was

higher than on 30September2021 despite the dividend payment

in February2022 for the 2020/21 financial year. This increase

wasbased on the earnings recorded in 2021/22 and, above all,

Balance sheet structure

Equity

Non-current

liabilities

Current

liabilities

Current

assets

Non-current

assets

Value analysis

2021/22 2020 / 21

/–

% 2019/20

Average equity

EURm

6,932.7 5,543.8 25.1 4,547.7

WACC after income tax

1) 2)

5.0 5.5 -0.5 5.5

Operating ROCE (OpROCE)

1) 3)

5.5 6.5 -0.9 6.2

Average capital employed

EURm

5,683.2 4,842.5 17.4 4,405.7

Net operating profit after tax (NOPAT)

EURm

313.4 312.8 0.2 274.6

EVA

EURm

29.3 46.4 -37.0 32.3

1) Changes reported in percentage points

2) The WACC given is used for the purpose of corporate management.

3) Adjusted for impairment losses and one-off effects. The market value of the investment in Verbund AG

is not included in capital employed in order to consistently determine the value contribution.

onthe positive effects of revaluations – especially for equity

accounted investees – recorded directly in equity without recog-

nition to profit or loss. The equity ratio equalled 58.9% as of

30September2022 (30September2021: 58.7%).

Non-current liabilities were 15.1% higher at EUR3,382.8m. This

development was based on the higher valuation of equity-accounted

investees and the resulting increase in non-current tax liabilities,

which was offset in part by the lower future Austrian corporate tax

rate applied to deferred taxes. In addition, EVN issued registered

bonds in April2022 (nominal value: EUR155m, two tranches with

terms of 12 and 15 years) and registered bonds and promissory

note loans in July 2022 (nominal value: EUR157m, tranches with

terms of five, seven, ten and 16 years). Of the three new bank

loans totalling EUR250m which were arranged during the report-

ing year, the EUR100m loan due in February2023 was reclassified

to current financial liabilities. Employee-related provisions declined

during 2021/22.

Current liabilities rose by 4.2% over the level on 30September2021

to EUR 1,726.5m. The main drivers included a higher balance of

trade payables and the increase in current financial liabilities which

resulted from new, short-term bank borrowings. These effects

were contrasted by the scheduled redemption of a bond (nominal

value: EUR300m) in April 2022 and the development of other

current liabilities. This latter position included a substantially lower

volume of investments by EVN KG in the Group’s cash pool, whereby

the decline was reduced by an increase in liabilities from derivatives.

Value analysis

The weighted average cost of capital (WACC) after tax – including

EVN’s specific company and country risks – was set at 5.0% for

the purpose of corporate management. The operating return on

capital employed (OpROCE) amounted to 5.5% for the reporting

86.2

87.7

30.09.202230.09.2021

58.9

58.7

13.812.3 13.914.9

27.2

26.4

EVN Annual Financial Report 2021/ 22

Management report — Business development

year (previous year: 6.5%). The economic value added (EVA

) gen-

erated in 2021/22 totalled EUR29.3m (previous year: EUR46.4m).

Liquidity position

EVN’s net debt remains constant at approximately EUR1bn, with

fluctuations as of the respective balance sheet dates (net debt

including non-current employee-related provisions as of 30 Sep-

tember 2022: EUR1,245.1m; previous year: EUR813.8m). The

gearing ratio increased from 12.4% to 17.0%.

In order to safeguard its financial flexibility, the EVN Group holds

asyndicated credit line of EUR400.0m as well as contractually

agreed bilateral credit commitments of EUR227.0m. These bilat-

eral commitments were not drawn as of 30September2022 and

were therefore available in full. The term of the syndicated credit

line which serves as a strategic liquidity reserve will end in May2025.

The remaining terms of the bilateral credit lines concluded with 11

banks range up to four years. These solid liquidity reserves under-

score the EVN Group’s high level of financial stability and flexibility.

Statement of cash flows

Gross cash flow declined from EUR762.3m in 2020/21 to

EUR734.3m in 2021/22. However, the comparative value was

unusually high because of compensation payments for the take-

over of an electricity procurement right in 2020/21. The decline

was reduced by higher dividends from equity accounted companies.

Cash flow from operating activities declined even stronger year-

on-year. The underlying factors were a significantly lower volume

of investments by EVN KG in the Group’s cash pool as well as the

Capital structure indicators

30.09.2022

EURm

30.09.2021

EURm

/–

30.09.2020

EURmNominal %

Non-current loans and borrowings and leasing liabilities

1,206.1 773.9 432.2 55.8 1,118.1

Current loans and borrowings

128.8 323.4 –194.5 –60.2 40.6

Cash and cash equivalents –36.9 –122.3 85.3 69.8 –140.0

Non-current and current securities –285.6 –473.5 187.9 39.7 –325.8

Non-current and current loans receivable –29.4 –39.6 10.2 25.8 –36.8

Financial net debt

983.1 461.9 521.2 – 656.2

Net debt

1,245.1 813.8 431.2 53.0 1,0 37.7

Equity

7,321.1 6,544.3 776.8 11.9 4,543.3

Gearing (%)

17. 0 12.4 – 4.6 22.8

1) Excluding bank overdrafts contained in cash and cash equivalents

2) Changes reported in percentage points

negative development of working capital in the international pro-

ject business and – driven by energy prices – also in the energy

business. The decline was reduced slightly by income tax payments

which were lower than the previous year.

Cash flow from investing activities totalled EUR–336.7m in 2021/22

(previous year: EUR–754.3m). It reflects the year-on-year increase

in investments in property, plant and equipment – whereby the

previous year also included a compensation payment in connection

with the exit from the Walsum10 power plant – and the change in

cash fund investments that are reported under current financial

investments. In addition, EVN KG received a capital contribution

during the reporting year.

Net debt and gearing

EURm and %

Gearing

Net debt

22.8%

17.0%

12.4%

30.09.2020 30.09.202230.09.2021

1,037.7

1,245.1

813.8

For additional information on the composition and terms of

non-current financial liabilities, see page73f

EVN Annual Financial Report 2021/ 22

Condensed consolidated statement of cash flows

2021/22 2020 / 21

/– 2019/20

EURm EURm Nominal % EURm

Result before income tax

301.2 366.4 –65.3 –17.8 257.3

Non-cash items 433.2 395.8 37.3 9.4 239.8

Gross cash flow

734.3 762.3 –28.0 –3.7 497.1

Changes in current and non-current balance sheet items –556.7 94.4 – 651.1 – –40.7

Income tax paid –26.6 – 67.0 40.4 60.3 –44.3

Net cash flow from operating activities

151.0 789.6 –638.6 –80.9 412.0

Changes in intangible assets and property, plant and

equipment incl. deferred income from network subsidies – 477.4 –605.9 128.5 21.2 –300.1

Changes in financial assets and other non-current assets

–50.7 –0.3 –50.4 – 34.0

Changes in current securities 191.5 –148.1 339.5 – –162.5

Net cash flow from investing activities

–336.7 –754.3 417.6 55.4 –428.6

Net cash flow from financing activities

115.8 –53.0 168.9 – –88.8

Net change in cash and cash equivalents

–69.8 –17.7 –52.1 – –105.4

Cash and cash equivalents at the beginning of the period

122.3 140.0 –17.7 –12.6 246.2

Currency translation differences on cash and cash equivalents –15.5 0.0 –15.5 – –0.9

Cash and cash equivalents at the end of the period

36.9 122.3 –85.3 –69.8 140.0

Cash flow from financing activities amounted to EUR115.8m (pre-

vious year: EUR–53.0m). This amount includes three new bank

loans totalling EUR250m, the issue of registered bonds (nominal

value: EUR155m) in April2022 and the issue of registered bonds

and promissory note loans (nominal value: EUR157m) in July2022.

Contrary factors included the scheduled redemption of a bond

(nominal value: EUR300m) and the dividend payment for the

2020/21 financial year to the shareholders of EVN and to non-con-

trolling interests.

Cash flow totalled EUR–69.8m in 2021/22, and cash and cash

equivalents equalled EUR36.9m as of 30September2022.

EVNAG also had contractually agreed, undrawn credit lines

ofEUR627m at its disposal to service potential short-term

financing requirements.

Investments

Capital expenditure was substantially higher than the previous

yearat EUR 564.0m in 2021/22 (previous year: EUR 415.0m). This

increase was based on the implementation of the Strategy 2030

which sets the focal points for EVN’s investments in network infra-

structure, renewable generation, natural heat and drinking water.

Investments in the Energy Segment included the construction of

anew biomass combined heat and power plant in Krems and,

above all, the expansion of heating equipment and the heating

networks.

In the Generation Segment, investments were again directed to

the expansion of wind power capacity in Lower Austria. The

increase over the previous year reflects the favourable conclusion

of long-standing approval processes for several projects where

realisation has now started.

Investments in the Lower Austrian network infrastructure have

increased once again. EVN‘s projects in this area make a key con-

tribution to the transformation towards a CO

-neutral energy

system because the continuous expansion of the networks at all

voltage levels together with the construction and/or expansion

oftransformer stations and substations represent the basic

requirements to feed the growing electricity production from

renewable sources into the energy system. Other reasons for the

higher volume of investments include the widespread installation

of smart meters, the realisation of digitalisation projects, and

investments in the kabelplus telecommunications network.

EVN Annual Financial Report 2021/ 22

Investment priorities

2021/22

EURm

2020/ 21

EURm

/–

2019/20

EURmNominal %

Energy

41.7 20.5 21.2 – 17.9

Generation

56.0 24.6 31.4 – 48.4

thereof renewable energy Lower Austria 43.1 18.9 24.2 – 17.8

thereof thermal power plants 10.3 5.6 4.7 83.1 30.3

Networks

334.3 249.0 85.4 34.3 181.8

thereof electricity networks 267.4 196.0 71.4 36.4 130.7

thereof natural gas networks 43.3 31.3 12.0 38.3 30.3

thereof cable TV and telecommunications networks 25.3 21.7 3.7 16.9 20.8

South East Europe

110.0 100.4 9.6 9.6 99.7

Environment

19.9 20.5 –0.6 –2.8 16.8

thereof cross-regional supply pipelines and local networks

for drinking water

18.8 18.9 – 0.1 –0.3 15.4

All Other Segments

2.1 0.1 2.0 – 3.3

Total

564.0 415.0 149.1 35.9 367.9

1) After consolidation

GRI indicator: GRI 203-1

EVN’s investments in South East Europe involved network invest-

ments to strengthen supply security and, among others, the

construction of two photovoltaic plants with roughly 1.1 MW

ofinstalled capacity each in North Macedonia.

In line with its corporate strategy, EVN also sets focal points for

itsinvestments in the Environment Segment – namely the improve-

ment of supply security and quality of drinking water in Lower

Austria. The focus here is on the expansion of cross-regional sup-

ply pipelines.

Structure of investments

%, total in EURm

All Other Segments

Environment

South East Europe

Energy

Generation

Networks

0.9

4.5

27.1

4.9

49.4

13.2

2019/20

367.9

0.4

3.5

19.5

7.4

59.3

9.9

2021/22

564.0

0.0

4.9

24.2

4.9

60.0

6.0

2020/21

415.0

Management report — Business development

EVN Annual Financial Report 2021/ 22

Expenditures for innovation, research and

development projects and share of subsidies

EURm and %

Share of subsidies

Expenditures for innovation, research and development projects

1) Share of subsidies in total expenditure for innovation, research and

development projects

2) EVN also received a subsidy for a multi-year networks project.

17.3%

17.7%

5.7%

2019/20

2020/21

2021/22

2.0

1.4

2.6

Risk management

Definition of risk

The EVN Group defines risk as the potential deviation from

planned corporate targets and objectives.

Risk management process

The primary goal of risk management is to protect current and

future earnings and cash flows through the active identification

and control of risk. As part of this process, a centrally organised

corporate risk management department provides the decentral-

ised risk managers with effective methods and tools for identify-

ing and assessing risks. The responsible business units communi-

cate their risk exposures to corporate risk management, which

defines suit-able actions to minimise these risks. The necessary

actions are then implemented by the individual business units.

The corporate risk management department is also responsible

for analysing EVN’s risk exposure. The risks related to sustainabil-

ity, climate and compliance issues are identified annually and

managed by specialised organisational units and/or processes in

agreement with central risk management. EVN’s risk management

process includes the following steps:

Innovation, research and development

The areas of activity in the EVN materiality matrix also define the

framework for innovation, research and development activities.

Projects are directed primarily to safeguarding supply security,

protecting the environment and resources, and strengthening the

company’s competitive position. Customer benefits have high

priority on all projects. This is reflected in the continuous develop-

ment and improvement of digital applications that bring greater

comfort for our customers and greater efficiency.

In 2021/22 EVN spent EUR2.6m (previous year: EUR1.4m) on inno-

vation, research and development projects. Public subsidies were

received for these projects and represent a subsidy quota of 5.7%.

An important focal point for EVN’s innovation, research and devel-

opment activities during the reporting year involved projects and

field tests for the bundling and marketing of flexibilities from private,

commercial and industrial operations. The integrated consumers

form a so-called virtual power plant where the use of

high-consumption equipment is postponed to times when the

demand for electricity is lower. That helps to prevent peak loads

inpower plants and eases the burden on the transport and distri-

bution networks. EVN is also testing the bi-directional charging

ofe-vehicles at its own locations, a procedure that could make an

important contribution to increasing flexibility and improving

demand side management. Examples of current research projects

are Green the Flex, Industry4Redispatch, car2flex and the Open

Data Platform.

Business activities in this area were strengthened during thereport-

ing year with the acquisition of cyberGRID, a company specialised

in the integration of renewable energies and battery storage as

well as the development of related, creative IT solutions.

EVN and the Lower Austrian Energy and Environmental Agency

founded “Energiezukunft Niederösterreich” in 2021/22. This

organisation provides services for energy communities, e. g. in

configuration or communications with public authorities, network

operators and market players.

EVN Annual Financial Report 2021/ 22

• Identification: The survey and/or revision of risks based

onthe latest risk inventory (review of risk inventory) and the

identification of new risk positions and appropriate risk

management countermeasures

• Assessment and analysis: The qualitative and quantitative

evaluation of the identified risks; the aggregation of risks

from different points of view; and the modelling of earnings

and cash flow distributions

• Reporting: Discussion and evaluation of the risk profile by

the Risk Working Committee and the Group Risk Committee;

the implementation of further risk management measures

where necessary; reporting on risk issues to the Audit

Committee

• Process review: Definition of the organisational units that

must submit to an explicit risk assessment; regular reviews

to determine whether the methods used to identify and assess

risks should be modified to reflect changed conditions;

routine reviews by the internal audit department

Responsibilities of the Risk Working Committee

The Risk Working Committee supports the corporate risk manage-

ment department in the correct implementation of the risk man-

agement process. It evaluates and approves changes in risk (assess-

ment) methods and defines the type and scope of risk reporting.

The voting members of the committee at the corporate level

include the heads of the following corporate functions: controlling,

legal and public affairs, finance, accounting, internal audit and

thechief compliance officer (CCO) as well as an (internal) energy

industry expert.

Group Risk Committee and control

The results of the risk inventory and the related reports are

presented to and discussed by the Group Risk Committee, which

consists of the Executive Board of EVN AG, the heads of the

organisational units and the members of the Risk Working

Committee. TheGroup Risk Committee decides on any need for

action, can establish working groups and assign specified tasks,

and is authorised to approve the results of the risk inventory

(riskreports).

GRI indicator: GRI 102-30

Risk profile

In addition to the normal industry risks and uncertainties, EVN’s

risk profile is influenced primarily by political, legal and regulatory

challenges and changes in the competitive environment. EVN

carries out an annual risk inventory that is updated as needed

through ad-hoc risk reports. This inventory includes the following

Management report — Innovation, research and development, Risk management

categorisation of risks: market and competition risks, financial

risks, operating risks, external risks, strategic and planning risks

and other risks. The following table shows the risks classified

under the above categories and the measures designated for their

minimisation.

In line with the Sustainability and Diversity Improvement Act, the

risk inventory aims to systematically identify potential risks and

effects of EVN’s business activities and business relations on areas

of environmental, social and employee-related issues, the obser-

vance of human rights and the fight against corruption. The identi-

fied risks and their impact were dealt with in accordance with the

steps defined by the risk management process.

For the material impacts, see page 21ff

in the EVN Full Report 2021/22

Potential climate risks

EVN also places high priority on climate protection, and potential

climate risks are therefore identified as part of the risk inventory.

Climate risk is consciously not defined as a separate risk category

but – wherever applicable – represents interdisciplinary material in

the individual risk categories. A differentiation is made between

transition risks and physical risks: Transition risks include the uncer-

tainties which arise during the transition to a renewable energy

system. Physical risks, in contrast, involve events and changes

caused directly by climatic factors.

Following are several examples that illustrate the allocation of

potential climate risks to EVN’s risk categories:

• Weaker demand due to a mild winter: physical risk that

isassigned to the category “profit margin risk”

• Decline in electricity production due to a climate-related

dropin water flows: physical risk that is assigned to the

category “profit margin risk”

• Damage caused by extreme weather: physical risk that

is assigned to the category “service disruptions/network

breakdowns”

• Change in environmental regulations: transition risk

that is assigned to the category “external risks”; stricter

requirements could possibly lead to additional costs

• Additional stress for the electricity network due to the

ongoing expansion of substantially more volatile renew-

able generation: transition risk that is assigned to the

category “operating risks” (“service disruptions/network

breakdowns”)

EVN Annual Financial Report 2021/ 22

Risk analyses for 2021/22

In view of the changed circumstances on the energy markets and

geopolitical developments, above all in Ukraine, EVN’s corporate

risk management carried out Group-wide, ad hoc analyses in addi-

tion to the regular risk inventory during 2021/22. The identified

risks and the related impact were reported to the EVN Supervisory

Board. The uncertainties and effects of the current situation which

are relevant for EVN can be assigned to existing risk categories.

The qualitative and quantitative assessment of the risks identified

in connection with the war in Ukraine and the energy market crisis

is therefore presented together with the risk categories listed on

the following pages. Following is an excerpt of the uncertainties

with potentially significant effects:

• Margin reduction caused by the increase in energy

procurement costs

• Increase in working capital due to the volatility on the energy

markets and the resulting negative impact on liquidity

• Stability of the regulatory systems in Bulgaria and North

Mace donia, also in view of the current political uncertainty

• Payment delays ranging up to default by trading partners

andmajor customers

• Interruption or termination of natural gas deliveries to Austria

and the subsequent implementation of government interven-

tion measures as well as a negative influence on natural gas

storage operations

• Increasing procurement costs for investments and maintenance

• Supply chain problems

• Cybersecurity

• Legal cap on revenue from renewable generation

The potential risks and effects of the Covid-19 pandemic remain

the focus of continuous monitoring but have declined and are

currently overshadowed by other issues.

Overall risk profile

In addition to the uncertainties connected with the areas of busi-

ness and operations outside Austria, EVN continues to be con-

fronted with a challenging environment in its home market of

Lower Austria. These growing uncertainties have led to an increase

in EVN’s overall risk profile since the end of the previous financial

year on 30 September 2021. However, it is still not possible to

identify any future risks at the present time that could endanger

the continued existence of the EVN Group. The following table

provides a summary of the material risks and uncertainties to

which the EVN Group is exposed.

Key features of the internal control and risk management

system related to accounting processes

In accordance with § 267 (3b) and in connection with § 243a (2)

of the Austrian Commercial Code, those companies whose shares

are admitted for trading on a regulated market are required to

disclose the key features of their internal control and risk manage-

ment system for corporate accounting processes in the manage-

ment report. The Executive Board is responsible for establishing a

suitable internal control and risk management system (ICS) for

accounting processes as defined in § 82 of the Austrian Stock

Corporation Act. The effectiveness of the ICS must be monitored

by the Audit Committee in accordance with § 92 (4a) no. 4b of

theAustrian Stock Corporation Act.

EVN’s ICS for accounting processes is monitored at regular inter-

vals by auditing the processes that are considered to be exposed

to risk. The results of these monitoring activities are reported to

the Executive Board and the Audit Committee. The ICS ensures

clear lines of responsibility and eliminates unnecessary process

steps, and thereby further improves the security of processes for

the preparation of financial statements. The description of the

major features of the ICS covers five interrelated components:

control environment, risk assessment, control activities, informa-

tion and communication, and monitoring.

Control environment

The Code of Conduct issued by EVN and the underlying values

apply to all Group employees.

EVN’s Code of Conduct is available under

www.evn.at/code-of-conduct

The consolidated financial statements are prepared by Group

accounting. The related processes are based on a uniform

accounting guideline that defines the accounting policies to be

applied as well as key processes and schedules for the entire

Group. Binding instructions apply to the reconciliation of intra-

group accounts andother work required for the preparation

ofthe consolidated financial statements. All employees involved

inthe accounting process have the necessary qualifications and

undergo regular training. Complex actuarial opinions and valu-

ations are prepared by external experts or specially qualified

employees. The managers responsible for the specific processes–

in general, the heads of theorganisational units and corporate

services – are responsible for compliance with these processes

andthe related control measures.

EVN Annual Financial Report 2021/ 22

Management report — Risk management

EVN’s major risks and related risk management measures

Risk category Description Measure

Market and competition risks

Profit margin risk

(price and volume effects)

Energy sales and production: failure to meet profit

margin targets

• Procurement and selling prices (esp. for energy

carriers) that are volatile and/or deviate from

forecasts

• Weaker demand (above all due to weather/

climate change, politics, reputation or

competition)

• Decline in own generation

• Reduced project volume in the environmental

services business (in particular due to market

saturation, limited resources for infrastructure

projects, non-inclusion in or failure to win

tenders)

Potential climate risk

Procurement strategy tailored to the market

environment; hedging strategies; diversification of

customer segments and business areas;

product portfolio that reflects customer demands;

longer-term sale of power plant capacity

Supplier risk

Cost overruns on planned projects; incomplete

performance of contracted services or failure to

meetcontract obligations

Partnerships; contractual controls wherever possible;

third party expert opinions

Financial risks

Foreign currency risks

Transaction risks (foreign exchange losses) and

translation risks on the conversion of foreign cur-

rency amounts in the consolidated financial state-

ments; financing for Group companies that does not

reflect the respective foreign exchange situation

Monitoring; limits; hedging instruments

Liquidity, cash flow and

financing risk

Failure to repay liabilities on schedule or to obtain

the required liquidity/funds when needed at the

expected conditions; potential climate risk

Long-term, centrally managed financial planning;

safeguarding financing requirements (e. g. through

credit lines)

Market price risks

Decline in the value of investments (e. g. funds)

and listed strategic holdings (e. g. VerbundAG,

Burgenland Holding); potential climate risk

Monitoring of loss potential via daily value-at-risk

calculations; investment guidelines

Counterparty/credit risks

(default risks)

Complete or partial failure of a business partner or

customer to provide the agreed performance

Contractual construction; credit monitoring and

credit limit systems; regular monitoring of customer

behaviour; hedging instruments; insurance;

systematic diversification of business partners

Investment risks

Failure of a core subsidiary or holding company to

meet profit targets; potential climate risk

Representation on corporate bodies of the

respective company

Rating changes

Higher refinancing costs due to rating downgrades;

potential climate risk

Ensuring compliance with key financial indicators

Interest rate risks

Changes in market rates; increase in interest

expense; negative effects of low interest rates on

the valuation of assets and provisions and on

future tariffs

Use of hedging instruments; fixed interest rates in

financing contracts

EVN Annual Financial Report 2021/ 22

Impairment risks

Recognition of impairment losses to receivables,

goodwill, investments, generation equipment

and other assets (profitability/value significantly

depen dent on electricity and primary energy prices

and energy sector framework conditions);

potential climate risk

Monitoring via sensitivity analyses

Guarantee risk

Financial loss due to claim of contingent liabilities;

potential climate risk

Limit volume of guarantees as far as possible;

routine monitoring

Strategy and planning risks

Technology risk

Late identification of and reaction to new tech-

nologies (delayed investments) or to changes in

customer needs; investments in “wrong” tech -

nol ogies; potential climate risk

Active participation in external research projects;

own demonstration facilities and pilot projects;

ongoing adjustments to keep technologies at the

latest level

Planning risk

Model risks; incorrect or incomplete assumptions;

lost opportunities

Feasibility studies by experienced, highly qualified

employees; monitoring of parameters and regular

updates; four-eyes principle

Organisational risks

Inefficient or ineffective processes and interfaces;

duplication; potential climate risk

Process management; documentation;

internal control system (ICS)

Operating risks

Infrastructure risks

Incorrect design and use of technical facilities;

potential climate risk

Elimination of technical weaknesses; regular

ins pections and reviews of current and planned

infrastructure

Service disruptions/network

breakdowns (own and third party),

accidents

Supply interruptions; physical danger to persons

orinfrastructure through explosions/accidents;

potential climate risk

Technical upgrading at interfaces of the different

networks; expansion and maintenance of network

capacity

IT/security risks (incl. cybersecurity)

System losses; data loss or unintended transfer;

hacker attacks

Strict system and risk monitoring (internal control

system); backup systems; technical maintenance;

external audits; occupational safety and health

measures; crisis training

Workforce risks

Loss of highly qualified employees; absence due

to work accidents; surplus or shortfall of personnel;

communication problems; cultural barriers; fraud;

intentional or unintentional misrepresentations

of transactions or items in the annual financial

statements

Attractive work environment; occupational health

care and safety measures; flexible working time

models; training; events for employees for the

exchange of information and networking purposes;

internal control system (ICS)

External risks

Legislative, regulatory and

political risks

Change in political and legal parameters and/or the

regulatory environment (e. g. environmental laws,

changes in the legal framework, shifting subsidy

scheme, market liberalisation in South East Europe);

political and economic instability; network opera-

tions: non-inclusion of actual operating costs in the

networktariffs established by regulatory authority;

potential climate risk

Cooperation with interest groups, associations and

government agencies on a regional, national and

international level; appropriate documentation and

service charges

EVN’s major risks and related risk management measures

Risk category Description Measure

EVN Annual Financial Report 2021/ 22

Management report — Risk management

Risk assessment and control activities

Multi-stage control measures have been implemented to prevent

material misstatements in the presentation of transactions in order

to ensure that the individual financial statements of all subsidiaries

are recorded correctly. These measures include automated controls

that are executed by the consolidation software as well as manual

controls by the involved corporate services. These corporate service

departments carry out extensive plausibility checks of the individual

subsidiaries’ financial statements to ensure their correct transfer to

the consolidated financial statements. The review of the financial

statement data includes analyses at the position, segment and

Group levels, both before and after consolidation. The consolidated

financial statements are not released until these quality controls

are complete at all levels.

EVN AG and the major domestic and foreign subsidiaries use SAP

software (FI module, finance and accounting) for their accounting.

The IFRS consolidated financial statements are prepared with the

EVN’s major risks and related risk management measures

Risk category Description Measure

Legal and litigation risks

Non-compliance with contracts; litigation risk from

various lawsuits; regulatory and supervisory audits

Representation in local, regional, national and

EU-wide interest groups; legal consulting

Social and general economic

environment

Macroeconomic developments; debt/financial crisis;

stagnating or declining purchasing power;

rising unemployment; potential climate risk

Best possible utilisation of (anti-)cyclical optimisation

potential

Contract risks

Failure to identify legal, economic or technical

problems; contract risks under financing agreements

Extensive legal due diligence; involvement of

externalexperts/legal advisors; contract database

andongoing monitoring

Other risks

Granting of undue advantages,

non-compliance, data protection

incidents

Distribution of confidential internal information

to third parties and the granting of undue

advantages/corruption; violation of regulations

for the protection of personal data

Internal control systems; uniform guidelines

and standards; Code of Conduct; compliance

organisation

Project risk

Cost overruns on the construction of new capacity;

potential climate risk

Contractual agreement on economic parameters

Co-investment risk

Risks related to the implementation of major

projects jointly with partners; potential climate risk

Contractual safeguards; efficient project

management

Sabotage

Sabotage, e. g. to natural gas lines, wastewater

treatment plants or waste incineration plants

Suitable security measures; regular measurement

of water quality and emissions

Image risk

Reputational damage; potential climate risk Transparent and proactive communications;

sustainable management

Hyperion Financial Management software, whereby the data from

the individual financial statements of the consolidated companies

are transferred by means of an interface. The accounting systems

and all upstream systems are protected by restricted access as well

as automated and mandatory manual control steps.

The ICS for financial reporting and all accounting-related processes

are reviewed by the auditor at least once each year to verify com-

pliance with the required controls, to evaluate any risk incidents

that occurred during the financial year and to determine whether

the controls are still suitable to deal with the existing risks. In the

reporting period, a number of process adjustments and improve-

ments were made as part of the continuous efforts to further

develop the ICS for financial reporting.

Information, communication and monitoring

The Executive Board provides the Supervisory Board with quarterly

reports on EVN’s asset, financial and earnings position, together

EVN Annual Financial Report 2021/ 22

with a statement of financial position and a statement of opera-

tions. The Executive Board and the Audit Committee also receive a

report on the ICS for financial accounting twice each year, which

contains basic information to evaluate the efficiency and effective-

ness of the ICS and is designed to support the management of the

ICS by the responsible corporate bodies. The report is prepared

byICS management in cooperation with the ICS Committee based

on information supplied by the managers responsible for ICS, the

persons who carried out the controls and the auditors.

This information is also distributed to management and key

personnel in the involved companies to facilitate monitoring and

control activities and thereby ensure the accuracy of accounting

and reporting procedures. EVN’s internal audit department carries

out regular reviews of the ICS for financial accounting, and their

findings are also included in the continuous improvement of this

system.

GRI indicators: GRI 102-31, GRI 102-33

Consolidated non-financial report

The consolidated non-financial statement required by the Austrian

Sustainability and Diversity Improvement Act was prepared in

accordance with § 267a of the Austrian Commercial Code and is

presented as an independent non-financial report.

See page 1ff in the EVN Full Report 2021/22

Disclosures required by § 243a of the

Austrian Commercial Code

1. The share capital of EVN AG totalled EUR330,000,000 as of

30September2022 and was divided into 179,878,402 zero

parvalue bearer shares, each of which represents an equal

stake in share capital. Shareholders are not entitled to the issue

of individual share certificates. There is only one class of shares,

and all shares carry the same rights and responsibilities.

EVNAG shares are traded in the Prime Market segment of

theVienna Stock Exchange.

2. There are no restrictions on voting rights or agreements

limitingthe transfer of shares which exceed the general

requirements of the Austrian Stock Corporation Act.

However,it should be noted that the transferability of the

investment owned by the province of Lower Austria, which

holds its shares through NÖ Landes-BeteiligungsholdingGmbH,

St. Pölten, is limited by Austrian federal and provincial consti-

tutional law.

NÖ Landes-Beteiligungsholding GmbH (“NLH“) and Wiener

Stadtwerke GmbH (“WSTW“) established a tax participation

association on 23September2021, for which they concluded

an “agreement over the creation of a tax participation associa-

tion for their investments in EVN AG“. This contract basically

calls for the syndicated exercise of voting rights by NLH and

WSTW in the Annual General Meetings of EVN AG but reflects

only the voting weight in the Annual General Meeting based

on the respective investments held by NLH and WSTW and in

accordance with legal regulations and/or the articles of associ-

ation (NLH continues to hold a simple – but not qualified –

majority and WSTW continues to hold a blocking minority).

3. Based on the above-mentioned constitutional requirements,

the province of Lower Austria is the major shareholder of

EVNAG with a stake of 51.0%. The second largest shareholder

is Wiener Stadtwerke GmbH, Vienna, with a stake of 28.4%;

this company is wholly owned by the city of Vienna. As of

30September2022, EVNAG held treasury shares representing

0.9% of share capital and free float equalled 19.7%.

4. EVN AG has not issued any shares with special control rights.

5. Employees who own shares in EVN AG may exercise their vot-

ing rights personally at the Annual General Meeting. EVNAG

does not have a stock option programme.

6. The Executive Board consists of at least two members. The

Supervisory Board has a minimum of eight and a maximum of

twelvemembers. Unless another majority is required by law,

the Annual General Meeting passes its resolutions with a sim-

ple majority of the votes cast or with a majority of the capital

represented in cases requiring a majority of capital.

7. There were no authorisations as defined by § 243a (1) no. 7 of

the Austrian Commercial Code in effect during the 2021/22

financial year which entitled the Executive Board, in particular,

to issue the company’s shares. However, the possibility of

issuing previously repurchased treasury shares to employees

remains intact.

8. A change of control in EVN AG in the sense of § 243a (1) no. 8

of the Austrian Commercial Code is currently not possible

EVN Annual Financial Report 2021/ 22

Management report — Risk management, Disclosures (§ 243a Austrian Commercial Code), Outlook for the 2022/23 financial year

disruptions and a renewed intensification of the corona crisis could

slow this progress and weaken earnings.

For the 2022/23 financial year, EVN expects Group net result in

line with the previous year and within a range of roughly EUR190m

to EUR 250m – under the assumption of a stable regulatory envi-

ronment and predictable energy sector and tax frameworks.

Theearnings contribution from Verbund AG for the 2022 financial

year is initially not included in this estimate. EVN’s dividend from

operating activities is expected to at least equal the previous year

(EUR0.52 per share), whereby EVN wants its shareholders to

appropriately participate in any additional earnings growth.

Investments in the core areas of networks, renewable generation

and drinking water supplies will be carried out as planned and,in

spite of current macroeconomic and energy sector developments,

remain at a level exceeding EUR 500m per year. These activities

will strengthen EVN‘s position as the leading infrastructure opera-

tor in Lower Austria and form the basis for further growth in a sta-

ble market.

Maria Enzersdorf, 23 November 2022

Stefan Szyszkowitz Franz Mittermayer

Spokesman of the Executive Board Member of the Executive Board

Outlook for the 2022/23 financial year

EVN will continue to pursue the course defined by the Strategy2030

in 2022/23. The focus will be placed, above all, on the realisation

of those ambitious projects that make a direct contribution to the

transformation towards a CO

-neutral energy system. Included

here are the increase in renewable generation as well as an exten-

sive programme of investments in the network infrastructure to

make the energy future possible. However, the current energy

crisis is a source of additional challenges and uncertainty.

Against the backdrop of debates at the European and national

level over the reform of the energy market and the introduction

ofa revenue cap on electricity production, the development of

earnings from electricity generation is connected with substantial

uncertainty. The high price levels on the wholesale markets con-

tinue to represent a challenge for the energy supply business.

Earnings are, however, expected to return to a normalised level,

not least due to the gradual transfer of the higher procurement

costs to electricity, natural gas and heat customers.

The development of earnings in the Networks Segment is deter-

mined by the Austrian regulatory methodology. A new regulatory

period for the natural gas distribution network will begin on

1January 2023 and bring a lower weighted average cost of capi-

tal. Moreover, customers are expected to continue their efforts

toreduce electricity and natural gas consumption over the coming

months. All these developments will have a negative effect on

business performance in this segment.

The regulatory authorities in Bulgaria and North Macedonia have

still not defined future measures to offset the higher procurement

prices for energy and the coverage of network losses. Consequently,

the development of earnings in the South East Europe Segment is

connected with uncertainty.

Existing assignments will represent the main activities for the

international project business, above all the large-scale project

in Kuwait. The current geopolitical environment, supply chain

because of the legal regulations described above under points

2. and 3. Therefore, there are no possible consequences of a

change of control.

9. There are no agreements to provide compensation to the

members of corporate bodies or employees in the event of

a public takeover.

EVN Annual Financial Report 2021/ 22

Consolidated statement of operations

Consolidated statement of comprehensive income

Consolidated statement of ﬁnancial position

Consolidated statement of changes in equity

Consolidated statement of cash ﬂows

Consolidated notes

31 Basis of preparation

32 Basis of consolidation

36 Accounting policies

52 Notes to the consolidated statement of operations

61 Notes to the consolidated statement of ﬁnancial position

82 Segment reporting

87 Other information

EVN’s investments

112

Auditors’ report

117

Consolidated financial statements

for 2021/22

According to International Financial Reporting Standards

EVN Annual Financial Report 2021/ 22

Consolidated statement of operations

EURm Note

2021/22 2020/21

Revenue

25 4,062.2 2,394.9

Other operating income 26 109.5 250.1

Cost of materials and services 27 –2,985.3 –1,573.9

Personnel expenses 28 –372.2 –361.3

Other operating expenses 29 –158.4 –113.0

Share of results from equity accounted investees with operational nature 30 98.9 239.6

EBITDA

754.8 836.5

Depreciation and amortisation 31 –318.0 –337.7

Effects from impairment tests 31 –105.2 –112.4

Results from operating activities (EBIT)

331.6 386.4

Results from other investments 51.4 37.6

Interest income 5.4 6.1

Interest expense –37.9 –59.4

Other ﬁnancial results –49.4 –4.3

Financial results

32 –30.5 –20.0

Result before income tax

301.2 366.4

Income tax 33 –64.0 –14.7

Result for the period

237.1 351.7

thereof result attributable to EVNAG shareholders (Group net result) 209.6 325.3

thereof result attributable to non-controlling interests 27.5 26.4

Earnings per share in EUR

34 1.18 1.83

Dividend per share in EUR 0.52

0.52

1) There is no difference between basic and diluted earnings per share.

2) Proposal to the Annual General Meeting: dividend of EUR 0.52 per share

EVN Annual Financial Report 2021/ 22

Consolidated financial statements 2021/22 — Consolidated statement of operations,

Consolidated statement of comprehensive income

EURm Note

2021/22 2020/21

Result for the period

237.1 351.7

Other comprehensive income from

Items that will not be reclassiﬁed to proﬁt or loss 147.2 1,408.7

Remeasurements IAS 19 47 78.1 12.4

Investments in equity accounted investees 47 16.8 4.3

Shares and other equity instruments measured at fair value and reported

in other comprehensive income

47 2.3 1,860.3

Thereon apportionable income tax expense 47 50.0 –468.4

Items that may be reclassiﬁed to proﬁt or loss

511.1 352.4

Currency translation differences 5 31.4 5.4

Cash flow hedges 47 –184.1 –0.4

Investments in equity accounted investees 47 793.6 462.1

Thereon apportionable income tax expense 47 –129.7 –114.6

Total other comprehensive income after tax

658.3 1,761.1

Comprehensive income for the period

895.4 2,112.8

thereof income attributable to EVNAG shareholders 858.5 2,085.5

thereof income attributable to non-controlling interests 36.9 27.2

1) See note 63. Reporting on ﬁnancial instruments

EVN Annual Financial Report 2021/ 22

Consolidated statement of ﬁnancial position

EURm Note

30.09.2022 30.09.2021

Assets

Non-current assets

Intangible assets 35 190.9 216.5

Property, plant and equipment 36 3,880.4 3,692.1

Investments in equity accounted investees 37 2,388.0 1,577.5

Other investments 38 4,034.0 4,029.5

Deferred tax assets 51 55.6 57.0

Other non-current assets 39 163.0 200.0

10,712.0 9,772.6

Current assets

Inventories 40 206.8 95.7

Trade and other receivables 41 993.5 749.9

Securities and other current ﬁnancial investments 42 216.8 399.1

Cash and cash equivalents 60 292.0 122.5

Assets held for sale 43 9.3 –

1,718.5 1,367.1

Total assets

12,430.5 11,139.8

Equity and liabilities

Equity

Issued capital and reserves attributable to shareholders of EVNAG 44–48 7,047.8 6,281.2

Non-controlling interests 49 273.3 263.2

7,321.1 6,544.3

Non-current liabilities

Non-current loans and borrowings 50 1,150.8 718.9

Deferred tax liabilities 51 1,126.7 1,035.4

Non-current provisions 52 336.2 445.3

Deferred income from network subsidies 53 631.3 622.2

Other non-current liabilities 54 137.8 116.0

3,382.8 2,937.9

Current liabilities

Current loans and borrowings 55 377.4 318.0

Taxes payable and levies 54.9 44.8

Trade payables 56 436.7 331.7

Current provisions 57 135.5 124.8

Other current liabilities 60 720.7 838.2

Liabilities in connection with assets held for sale 43 1.3 –

1,726.5 1,657.6

Total equity and liabilities

12,430.5 11,139.8

EVN Annual Financial Report 2021/ 22

Consolidated financial statements 2021/22 — Consolidated statement of financial position,

Consolidated statement of changes in equity

EURm

capital

premium

and

capital

reserves

Retained

earnings

Valuation

reserve

Currency

translation

reserve

Treasury

Issued capital

and reserves

of EVNAG

shareholders

Non-

controlling

interests Total

Balance on 30.09.2020

330.0 253.8 2,625.0 1,105.7 –13.5 –19.0 4,282.1 261.2 4,543.3

Comprehensive income

– – 325.3 1,754.8 5.4 – 2,085.5 27.2 2,112.8

Dividends 2019/20

– – –87.3 – – – –87.3 –25.3 –112.6

Change in treasury shares

– 0.4 – – – 0.5 0.9 – 0.9

Balance on 30.09.2021

330.0 254.2 2,863.0 2,860.6 –8.1 –18.5 6,281.2 263.2 6,544.3

Comprehensive income

– – 209.6 617.7 31.3 – 858.5 36.9 895.4

Dividends 2020/21

– – –92.7 – – – –92.7 –26.7 –119.4

Change in treasury shares

– 0.4 – – – 0.4 0.8 – 0.8

Balance on 30.09.2022

330.0 254.6 2,979.9 3,478.3 23.2 –18.1 7,047.8 273.3 7,321.1

Note 44 45 46 47 5 48 49

EVN Annual Financial Report 2021/ 22

Consolidated statement of cash flows

EURm Note

2021/22 2020/21

Result before income tax

301.2 366.4

+ Depreciation, amortisation/ – revaluation of intangible assets and property, plant and equipment

and other non-current assets

423.2 450.1

– Results of equity accounted investees and other investments 37, 38 –150.3 –277.2

+ Dividends from equity accounted investees and other investments

204.0 166.9

+ Interest expense

37.9 59.4

– Interest paid

–36.1 –42.6

– Interest income

–5.4 –6.1

+ Interest received

5.2 5.5

+ Losses/– gains from foreign exchange translations

27.1 5.8

/– Other non-cash ﬁnancial results

15.0 0.1

– Release of deferred income from network subsidies 60

–58.8 –70.4

– Gains/+ losses on the disposal of intangible assets and property, plant and equipment

2.8 0.8

– Gains from deconsolidations 26

– –25.6

– Decrease/+ increase in non-current provisions 52

–33.3 129.2

– Impairments due to revaluation of a disposal group

1.9 –

Gross cash ﬂow

734.3 762.3

+ Decrease/– increase in inventories and receivables

–426.6 –398.3

+ Increase/– decrease in current provisions

10.7 28.7

+ Increase/– decrease in trade payables and other liabilities

–140.8 464.0

– Income tax paid

–26.6 –67.0

Net cash ﬂow from operating activities

151.0 789.6

+ Proceeds from the disposal of intangible assets and property, plant and equipment

3.9 7.3

+ Proceeds from network subsidies

82.9 77.3

+ Proceeds from the disposal of ﬁnancial assets and other non-current assets

10.4 6.4

+ Proceeds from the disposal of current securities and other current ﬁnancial investments

696.3 108.3

– Acquisition of intangible assets and property, plant and equipment

–564.2 –415.4

– Outflows in connection with deconsolidations 26

– –275.2

– Acquisition of ﬁnancial assets and other non-current assets

–61.1 –6.7

– Acquisition of current securities and other current ﬁnancial investments

–504.8 –256.4

Net cash ﬂow from investing activities

–336.7 –754.3

– Dividends paid to EVN AG shareholders 46

–92.7 –87.3

– Dividends paid to non-controlling interests

–26.7 –25.3

+ Sales of treasury shares

0.8 0.9

+ Increase in ﬁnancial liabilities 60

562.0 101.0

– Decrease in ﬁnancial liabilities 60

–320.7 –34.5

– Decrease in leasing liabilities 60

–6.9 –7.8

Net cash ﬂow from ﬁnancing activities

115.8 –53.0

Net change in cash and cash equivalents

–69.8 –17.7

Net change in cash and cash equivalents

Cash and cash equivalents at the beginning of the period

122.3 140.0

Other movements on cash and cash equivalents

–15.5 –

Cash and cash equivalents at the end of the period

36.9 122.3

Net change in cash and cash equivalents

–69.8 –17.7

1) The addition of bank overdrafts results in cash and cash equivalents as reported on the consolidated statement of ﬁnancial position.

2) Composition of other movements: EUR –16.8m restricted cash, EUR 1.3m currency differences

EVN Annual Financial Report 2021/ 22

Basis of preparation

1. General

EVN AG, as the parent company of the EVN Group (EVN), is a leading listed Austrian energy and environmental services provider.

Its headquarters are located in A-2344 Maria Enzersdorf, Austria. In addition to serving its domestic market in the province of Lower

Austria, EVN operates in the Bulgarian, North Macedonian, Croatian, German and Albanian energy industry. EVN is also active in the

area of environmental services through subsidiaries that provide customers in eleven countries with water supply, wastewater treatment

and thermal waste utilisation services.

The consolidated ﬁnancial statements are prepared as of the balance sheet date of EVN AG. The ﬁnancial year of EVN AG covers the

period from 1 October to 30 September.

The consolidated ﬁnancial statements are prepared on the basis of uniform accounting policies. In cases where the balance sheet date of

a consolidated company differs from the balance sheet date of EVN AG, interim ﬁnancial statements are prepared as of 30 September.

The consolidated ﬁnancial statements are prepared on the basis of historical acquisition and production costs, unless indicated otherwise.

Certain items on the consolidated statement of ﬁnancial position and the consolidated statement of operations are summarised to

achieve a more understandable and clearly structured presentation. These positions are presented individually in the consolidated notes

and explained according to the principle of materiality. In order to improve clarity and comparability, the amounts in the consolidated

ﬁnancial statements are generally shown in millions of euros (EURm), unless otherwise noted. Small amounts below TEUR 50 as well as zero

values are presented in the notes to the consolidated ﬁnancial statements with “–” to improve readability. The rounding of individual

positions and percentage rates can lead to minimal rounding differences. As far as possible, the legislative basis is presented as is.

The consolidated statement of operations is prepared in accordance with the nature of expense method.

2. Reporting in accordance with IFRS

Pursuant to § 245a of the Austrian Commercial Code, the consolidated ﬁnancial statements were prepared in accordance with the

current guidelines set forth in the IFRS issued by the International Accounting Standards Board (IASB) as well as the interpretations

issued by the International Financial Reporting Interpretations Committee (IFRIC) that were applicable as of the balance sheet date

and had been adopted by the European Union (EU).

Standards and interpretations applied for the ﬁrst time and changes in accounting policies

The following standards and interpretations were applied for the ﬁrst time in the 2021/22 ﬁnancial year:

Standards and interpretations applied for the ﬁrst time

Effective

Expected material effects

on EVN’s consolidated

ﬁnancial statements

Revised standards and interpretations

IAS 39, IFRS 4, IFRS 7,

IFRS 9, IFRS 16

Interest Rate Benchmark Reform – Phase 2 01.01.2021 None

IFRS 4 Extension of the Temporary Exemption from Applying IFRS 9 01.01.2021 None

IFRS 16 Covid-19-Related Rent Concessions 01.04.2021 None

1) In accordance with the official Journal of the EU, these standards are applicable to ﬁnancial years beginning on or after the effective date.

The ﬁrst-time mandatory application of the amended standards and interpretations has no material impact on the consolidated ﬁnancial

statements.

Consolidated notes

EVN Annual Financial Report 2021/ 22

Standards and interpretations already adopted by the EU, but not yet compulsory

Effective

Expected material effects on

EVN’s consolidated ﬁnancial

statements

New standards and interpretations

IFRS 17 Insurance Contracts 01.01.2023 None

Revised standards and interpretations

IFRS 3 Reference to the Conceptual Framework 01.01.2022 None

IAS 16 Proceeds before Intended Use 01.01.2022 None

IAS 37 Cost of Fulﬁlling a Contract 01.01.2022 None

Several Annual Improvements to IFRS 2018–2020 01.01.2022 None

IAS 1 Disclosure of Accounting Policies 01.01.2023 None

IAS 8 Deﬁnition of Accounting Estimates 01.01.2023 None

IAS 12 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction 01.01.2023 None

IFRS 17 Initial Application of IFRS 17 and IFRS 9 – Comparative Information 01.01.2023 None

1) In accordance with IASB, these standards are applicable to ﬁnancial years beginning on or after the effective date.

The following standards and interpretations had been issued by the IASB as of 30 September 2022, but have not yet been adopted

bytheEU:

Standards and interpretations not yet applicable and not yet adopted by the EU

Effective

Expected material effects

on EVN’s consolidated

ﬁnancial statements

Revised standards and interpretations

IAS 1 Classiﬁcation of Liabilities as Current or Non-current 01.01.2024 None

IFRS 16 IFRS 16 – Lease Liability in a Sale and Leaseback 01.01.2024 None

1) In accordance with IASB, these standards are applicable to ﬁnancial years beginning on or after the effective date.

EVN regularly monitors and analyses the effects of the application of revised standards and interpretations on the future presentation of

the consolidated ﬁnancial statements and the future disclosures in the consolidated notes.

Basis of consolidation

3. Consolidation methods

Consolidation is carried out by offsetting the consideration transferred against the fair value of the acquired assets and assumed liabilities.

All signiﬁcant companies whose ﬁnancial and operating activities are directly or indirectly controlled by EVN AG (i. e. subsidiaries) are

fully consolidated. EVN is considered to have a controlling interest over a company in which it holds an investment when it has a right to

variable returns from the investee and can inﬂuence the amount of these returns through its control.

This is usually the case when EVN’s voting rights exceed 50.0%, but may also apply if EVN has the power of disposition over and is the

primary beneﬁciary of any economic beneﬁts arising from the business operations of these companies or if EVN is required to carry most

of the risks. Companies are initially consolidated on the acquisition date or at the time EVN gains control and are deconsolidated when

control ends.

EVN Annual Financial Report 2021/ 22

In accordance with IFRS 3, assets and liabilities (including contingent liabilities) obtained through business combinations are recognised

at their full fair value, irrespective of any existing non-controlling interests. Non-controlling interests in subsidiaries are carried at the propor-

tional share of net assets (excluding the proportional share of goodwill). Intangible assets are recognised separately from goodwill if they

can be separated from the acquired company or arise from statutory, contractual or other legal rights. Any remaining positive differences

which represent compensation to the seller for market opportunities or developmental potential that cannot be individually identiﬁed are

recognised in local currency as goodwill and allocated to cash-generating units (CGUs) in the relevant segment (for information on the

treatment and recoverability of goodwill, see notes 35. Intangible assets and 22.Procedures and effects of impairment tests).

Negative differences are recognised in proﬁt or loss after a repeated measurement of the acquired company’s identiﬁable assets and liabil-

ities (including contingent liabilities) and measurement of the acquisition cost. The differences between fair value and the carryingamount

are carried forward in accordance with the related assets and liabilities during the subsequent consolidation. A change in the investment

in a fully consolidated company is accounted for directly in equity without recognition through proﬁt or loss. As in the previous ﬁnancial

year, there were no acquisitions of companies as deﬁned in IFRS 3 during the reporting period.

Joint arrangements are included in the consolidated ﬁnancial statements of EVN depending on the rights and obligations attributed to the

controlling parties by the respective agreement. If only rights to the net assets are involved, the joint arrangement is classiﬁed as a joint

venture according to IFRS 11 and included at equity. If rights to the assets and obligations for the liabilities are involved, the joint arrangement

is classiﬁed as a joint operation according to IFRS 11 and included in the consolidated ﬁnancial statements through line-by-line consolidation.

Associates – i. e. companies in which EVN AG can directly or indirectly exercise signiﬁcant inﬂuence – are included at equity.

Subsidiaries, joint ventures and associates are not consolidated if their inﬂuence on EVN’s asset, ﬁnancial and earnings position is considered

to be immaterial, either individually or in total. These companies are reported at cost less any necessary impairment losses. The materiality

of an investment is assessed on the basis of the balance sheet total, the proportional share of equity, external revenue and annual proﬁt

or loss as reported in the last available ﬁnancial statements in relation to the respective Group totals.

Intragroup receivables, liabilities, income and expenses as well as interim proﬁts and losses are eliminated unless they are immaterial.

The consolidation procedure for proﬁt or loss includes the effects of income taxes as well as the recognition of deferred taxes.

4. Scope of consolidation

The scope of consolidation is determined in accordance with the requirements of IFRS 10. Accordingly, 25 domestic and 27 foreign sub-

sidiaries (including the parent company EVN AG) were fully consolidated in the consolidated ﬁnancial statements as of 30 September2022

(previous year: 26 domestic and 29 foreign subsidiaries). A total of 16 subsidiaries (previous year: 11) were not consolidated due to their

immaterial inﬂuence on EVN’s asset, ﬁnancial and earnings position, either individually or in total.

EVN AG is the sole limited partner of EVN KG and, as such, participates to 100.0% in the proﬁt or loss of EVN KG. EnergieAllianz, serves

as the general partner of EVN KG, but does not hold an investment in this company. The agreements concluded between the Energie-

Allianz shareholders for the management of EVN KG result in joint control. EVN KG is therefore classiﬁed as a joint venture in the sense of

IFRS 11 and consolidated at equity. Contractual agreements also lead to the classiﬁcation of theEnergieAllianz Group (EnergieAllianz and

its subsidiaries) as a joint venture in the sense of IFRS 11; the group is therefore included inthe consolidated ﬁnancial statements at equity.

RBG, a fully consolidated company in which EVN AG has an unchanged interest of 50.03%, holds a 100.0% stake in RAG. RAG is

consolidated at equity because contractual agreements prevent EVN from exercising control.

Consolidated notes — Basis of preparation, Basis of consolidation

EVN Annual Financial Report 2021/ 22

Bioenergie Steyr, in which EVN Wärme holds a stake of 51.0%, is included in EVN’s consolidated ﬁnancial statements at equity because

contractual agreements exclude any possibility of control.

Verbund Innkraftwerke, Germany, in which EVN AG has an unchanged interest of 13.0%, is included at equity due to special contractual

arrangements that allow for the exercise of signiﬁcant inﬂuence.

The criteria for control deﬁned by IFRS 10 are not considered to be met in companies with an investment of 50.0%. These companies

areclassiﬁed as joint ventures in the sense of IFRS 11 based on the respective contractual agreements and are therefore included in the

consolidated ﬁnancial statements at equity.

An overview of the companies included in the consolidated ﬁnancial statements is provided under EVN’s investments, starting on

page112. Notes 49.Non-controlling interests and 64. Disclosures of interests in other entities provide detailed information on

the subsidiaries with major non-controlling interests as well as joint ventures and associates that are included in the consolidated ﬁnan-

cial statements.

The scope of consolidation (including EVN AG as the parent company) developed as follows during the reporting year:

Changes in the scope of consolidation

Full consolidation Line-by-line (joint operation) Equity Total

30.09.2020

60 1 17 78

Initial consolidation – – – –

Deconsolidation –4 –1 –1 –6

Reorganisation

–1 – – –1

30.09.2021

55 – 16 71

thereof foreign companies 29 – 6 35

Initial consolidation – – – –

Deconsolidation –3 – – –3

30.09.2022

52 – 16 68

thereof foreign companies 27 – 6 33

1) Internal reorganisation

The previously fully consolidated EVN Projektgesellschaft Müllverbrennungsanlage Nr. 1 mbH, Essen, Germany, was deconsolidated on

31March 2022 due to immateriality.

On 30 September 2022, EVN Macedonia Holding DOOEL, Skopje, Northern Macedonia, and EVN Projektgesellschaft Müllverbrennungs-

anlage Nr. 3 mbH in Liqu., Maria Enzersdorf, were deconsolidated due to immateriality.

The effect on earnings from the deconsolidations is a small amount of less than EUR 0.1m.

EVN Annual Financial Report 2021/ 22

5. Foreign currency translation

All Group companies record their foreign currency business transactions at the mid exchange rate in effect on the date of the relevant

transaction. Monetary assets and liabilities denominated in a foreign currency are translated at the mid exchange rate on the balance

sheet date. Any resulting foreign currency gains or losses are recognised in proﬁt or loss. The exchange rate applied to the initial recognition

of an asset, expense or income is derived from the date on which a company initially recognises the related non-monetary asset or

non-monetary liability.

In accordance with IAS 21, the annual ﬁnancial statements of Group companies that are prepared in a foreign currency are translated into

euros for inclusion in the consolidated ﬁnancial statements. This translation is based on the functional currency method, under which the

assets and liabilities of companies not reporting in euros are converted at the mid exchange rate on the balance sheet date and any income

and expenses are converted at the average annual rate. Unrealised currency translation differences from long-term Group loans are record-

ed under the currency translation reserve in equity without recognition in proﬁt or loss. Currency translation differences directly recognised

in equity resulted in a change to equity of EUR 31.3m in 2021/22 (previous year: EUR 5.4m). Of this amount, EUR –2.1m (previous year:

EUR –5.0m) is attributable to transfers to the consolidated statement of operations from partial disposals (redemptions) of net invest-

ments and is reported as exchange rate losses in the other ﬁnancial result (see note 32. Financial results).

Additions and disposals are reported at the applicable average exchange rates in all tables. Changes in the mid exchange rates between

the balance sheet date for the reporting year and the previous year as well as differences arising from the use of mid exchange rates to

translate changes during the ﬁnancial year are reported separately under currency translation differences in all tables.

Goodwill resulting from the acquisition of foreign subsidiaries is recorded at the exchange rate in effect on the acquisition date. This

goodwill is subsequently allocated to the acquired company and translated at the exchange rate in effect on the balance sheet date.

When a foreign company is deconsolidated, any related currency differences are recognised in proﬁt or loss.

The following key exchange rates were used for foreign currency translation:

Foreign currency translation

Currency

2021/22 2020/21

Exchange rate on the

balance sheet date Average

Exchange rate on the

balance sheet date Average

Albanian lek

116.59500 120.14423 121.54000 123.08462

Bulgarian lev

1.95583 1.95583 1.95583 1.95583

Bahrain dinar 0.36775 0.40878 0.43630 0.44876

Japanese yen 140.99500 134.31769 129.67000 128.46462

Croatian kuna 7.52415 7.53292 7.48890 7.53688

Kuwaiti dinar 0.30215 0.33036 0.34915 0.36128

Hungarian forint 422.17500 381.05231 360.19000 358.83769

North Macedonian denar 61.49500 61.63175 61.69480 61.64396

Polish zloty 4.84870 4.66853 4.61970 4.55238

Russian rouble 59.62660 78.11961 84.33910 89.42785

Serbian dinar 117.31770 117.52370 117.55950 117.57268

Czech koruna 24.54750 24.85238 25.49500 26.04769

1) Average of the exchange rates on the last day of each month

2) The exchange rate was determined by Bulgarian law.

Consolidated notes — Basis of consolidation

EVN Annual Financial Report 2021/ 22

Accounting policies

6. Intangible assets

Acquired intangible assets are recognised at acquisition cost less straight-line amortisation and any impairment losses, unless their useful

life is classiﬁed as indeﬁnite. Assets with a determinable limited useful life are amortised on the basis of that expected useful life, which

equals three to eight years for software and three to 40 years for rights. Customer relationships capitalised in connection with a business

acquisition, which have a determinable useful life because of potential market liberalisation, are amortised on a straight-line basis over ﬁve

to 15 years. The expected useful lives and amortisation curves are determined by estimating the timing and distribution of cash inﬂows

from the corresponding intangible assets over time. Intangible assets with an indeﬁnite useful life are measured at cost and tested annu-

ally for impairment (see note 22. Procedures and effects of impairment tests).

Internally generated intangible assets must meet the requirements of IAS 38 in order to be capitalised. This standard distinguishes

between research and development expenses.

Service concessions that meet the requirements of IFRIC 12 are classiﬁed as intangible assets. Expenses and income are recognised

according to the percentage of completion method at the fair value of the compensation received. The percentage of completion is

assessed according to the cost-to-cost method. The requirements deﬁned in IFRIC 12 are in particular currently met by the Ashta hydro-

power plant as well as the sewage treatment plant project in Zagreb, both of which are included at equity.

7. Property, plant and equipment

Property, plant and equipment are carried at acquisition or production cost less scheduled straight-line depreciation and any necessary

impairment losses. The acquisition or production cost also includes the estimated expenses for demolition and disposal if there is an obli-

gation to decommission or demolish the plant and equipment or to restore property at the end of the asset’s useful life. The present value

of the estimated demolition and/or disposal costs is capitalised along with the acquisition or production cost and also recognised as a

liability (provision). Production costs for internally generated ﬁxed assets include appropriate material and manufacturing overheads in

addition to direct material and labour costs.

Ongoing maintenance and repairs to property, plant and equipment are recognised in proﬁt or loss, provided this work does not change

the nature of the asset or lead to additional future beneﬁts. If these measures enhance the value of the respective asset, the related

expenses must be capitalised retroactively as part of the acquisition or production cost.

If the construction of property, plant and equipment continues over an extended period of time, these items are classiﬁed as “qualifying

assets”. The borrowing costs incurred during the construction period are then capitalised as a part of the production cost in accordance

with IAS 23. In keeping with EVN’s accounting policies, a project gives rise to a qualifying asset only if construction takes at least twelve

months. Interest on borrowed capital is not capitalised if the amounts are insigniﬁcant over the entire construction phase.

Property, plant and equipment are depreciated from the time they are available for use. Depreciation for property, plant and equipment

subject to wear and tear is calculated on a straight-line basis over the expected useful life of the relevant asset or its components. The

expected economic and technical life is evaluated at each balance sheet date and adjusted if necessary.

EVN Annual Financial Report 2021/ 22

Consolidated notes — Accounting policies

As in the previous year, straight-line depreciation is based on the following useful lives, which are uniform throughout the Group:

Expected useful life of property, plant and equipment Years

Buildings

10 – 50

Transmission lines and pipelines 15 – 50

Machinery 10 – 50

Meters 5 – 40

Tools and equipment 3 – 25

When property, plant and equipment are sold, the acquisition or production cost and accumulated depreciation are reported as a disposal.

The difference between the net proceeds from the sale and the carrying amount are recognised in other operating income or expenses.

Some leases include extension and cancellation options which are used by EVN to achieve maximum operating ﬂexibility in the assets used

by the Group. The determination of the contract term includes all facts and circumstances which could represent an economic incentive

for the exercise of an extension option or the non-exercise of a cancellation option.

EVN evaluates at the beginning of the contract term whether a contract establishes a lease. If a lease is involved, a right of use and

corresponding lease liability are recognised. The amount of the right of use represents the amount of the lease liability on the contract‘s

initial recognition date, with an adjustment for any initial direct costs incurred by the lessee, payments at or before the beginning of the

lease relationship, lease incentives and/or dismantling obligations. The carrying amount of the lease liability is determined by discounting

the payments expected during the lease, the expected payments from issued residual value guarantees, the exercise prices for purchase

options (if their exercise is sufficiently probable) and any payments for premature cancellation of the contract (if probable).

8. Investments in equity accounted investees

Investments in equity accounted investees are initially recognised at cost. In subsequent periods, the carrying amounts of these invest-

ments are adjusted by the share of proﬁt or loss attributable to EVN, less any dividends received, and by EVN’s share of other comprehen-

sive income and any other changes in equity. Investments accounted for according to the equity method are tested for impairment in

accordance with IAS 36 if there are any indications of a loss in value (see note 22. Procedures and effects of impairment tests).

The share of results from equity accounted investees with operational nature is reported as part of results from operating activities (EBIT).

The share of results from equity accounted investees with ﬁnancial nature is reported as part of ﬁnancial results (see notes 30. Share of

results from equity accounted investees with operational nature, 32. Financial results and 64. Disclosures of interests in

other entities).

9. Financial instruments

A ﬁnancial instrument is a contract that gives rise to a ﬁnancial asset in one company and a ﬁnancial liability or an equity instrument in

another company.

Primary financial instruments

Primary ﬁnancial instruments are measured in accordance with the rules deﬁned by IFRS 9. Initial recognition is based on fair value as of

the settlement date, including transaction costs, unless the ﬁnancial instruments are recognised at fair value through proﬁt or loss.

Primary ﬁnancial instruments are recognised in the consolidated statement of ﬁnancial position when EVN is contractually entitled to

receive payment or other ﬁnancial assets from another party.

EVN Annual Financial Report 2021/ 22

Following the initial application of IFRS 9, EVN has classiﬁed its ﬁnancial assets under the following measurement categories since

1 October 2018:

• Fair value through other comprehensive income (FVOCI)

• Fair value through proﬁt or loss (FVTPL)

• At amortised cost (AC)

The classiﬁcation of ﬁnancial assets on initial recognition is based on the business model and the characteristics of the contractual cash ﬂows.

A ﬁnancial asset is classiﬁed at amortised cost (AC) when it is held to collect contractual cash ﬂows and these cash ﬂows consist entirely

of interest and principal payments on the outstanding amount. EVN holds loans receivable, trade receivables, remaining other non-

current assets, cash on hand and cash at banks within the framework of a business model whose objective is to collect contractual cash

ﬂows. Consequently, the cash ﬂow criterion is also met and the ﬁnancial assets are classiﬁed at amortised cost (AC).

The non-current and current securities held by EVN are held within a business model whose objective is neither to collect contractual

cash ﬂows nor to collect contractual cash ﬂows and to sell ﬁnancial assets. These securities are classiﬁed at fair value through proﬁt or

loss (FVTPL). Derivative ﬁnancial assets (outside hedge accounting) must be classiﬁed at fair value through proﬁt or loss (FVTPL) (see Deriv-

ative ﬁnancial instruments).

Investments in equity instruments are generally measured at fair value through proﬁt or loss (FVTPL). However, EVN decided, at the time

IFRS 9 was initially applied, to exercise the “FVOCI option” provided by IFRS 9.5.7.5 and classify all its equity instruments irrevocably at fair

value through other comprehensive income (FVOCI).

Financial liabilities are still classiﬁed under the following measurement categories:

• Fair value through proﬁt or loss (FVTPL)

• At amortised cost (AC)

Subsequent measurement is based on the classiﬁcation to the measurement categories listed above and the rules applicable to the

individual categories. These rules are described in the notes to the individual items on the consolidated statement of ﬁnancial position.

The introduction of IFRS 9 led to the application at the time of initial recognition of the expected credit loss model (ECL) to debt instru-

ments carried at amortised cost, debt instruments measured at FVOCI, lease receivables and contractual assets as deﬁned in IFRS 15.

Under the ECL model, impairment losses are not only recognised for losses which have already occurred but also for expected future credit

losses. The related classiﬁcation is based on a three-stage impairment model. When a ﬁnancial asset is initially recognised, a loss allowance

must be determined for the credit losses expected to occur within one year (risk category 1). Any signiﬁcant deterioration in the debtor’s

credit standing leads to the extension of this timeframe to the full term of the ﬁnancial asset (risk category 2). An impaired credit standing

or actual default by the debtor results in reclassiﬁcation to risk category 3. The criteria for the transfer between risk categories are based

on EVN’s internal rating system.

EVN determines the expected future credit loss by multiplying the “probability of default (PoD)” with the carrying amount of the ﬁnancial

asset “exposure at default (EAD)” and the actual loss resulting from customer default “loss given default (LGD)”.

EVN Annual Financial Report 2021/ 22

Consolidated notes — Accounting policies

In contrast to the above-mentioned ECL model, the simpliﬁed approach does not include the measurement of the twelve-month expected

credit loss but only the lifetime expected credit loss. A simpliﬁed approach must be applied to trade receivables and IFRS 15 contractual

assets without a signiﬁcant ﬁnancing component. An option is also available to apply the simpliﬁed approach to trade receivables and IFRS15

contractual assets with a signiﬁcant ﬁnancing component. EVN uses this option. The option to apply the simpliﬁed approach in accordance

with IFRS 16 to lease receivables is not applied.

EVN uses the practical expedient deﬁned by IFRS 9.B5.5.35 for trade receivables and measures the expected credit loss with a provision

matrix (also see note 13. Trade and other receivables).

Derivative financial instruments

The main instruments used by EVN to manage and limit existing exchange rate and interest rate risks in the ﬁnancial sector are foreign

currency and interest rate swaps. EVN uses swaps, futures and forwards to limit energy sector risks arising from changes in commodity

and product prices.

The forward and futures contracts concluded by EVN for the purchase or sale of electricity, natural gas, coal and CO

emission certiﬁcates

serve to hedge the purchase prices for expected electricity and natural gas deliveries or CO

emission certiﬁcates as well as the selling

prices for planned electricity production. If physical delivery is based on the expected procurement, sale or usage requirements, the criteria

for the so-called “own use exemption” are met. The contracts are then not considered derivative ﬁnancial instruments in terms of IFRS 9,

but represent pending purchase and sale transactions, which must be assessed for possible impending losses from pending transactions

in accordance with IAS 37. If the requirements for the own use exemption are not met – for example, by transactions for short-term opti-

misation – the contracts are recorded as derivatives in accordance with IFRS 9. Corresponding expenses and income from such derivative

ﬁnancial instruments are reported under results from operating activities.

Derivative ﬁnancial instruments are recognised at fair value, which generally reﬂects the acquisition cost, when the respective contract is

concluded and measured at fair value in subsequent periods. The fair value of derivative ﬁnancial instruments is determined on the basis

of quoted market prices, information provided by banks or discounting-based valuation methods whereby the counterparty risk is also

included. Derivative ﬁnancial instruments are reported as other (current or non-current) assets or other (current or non-current) liabilities.

EVN has designated signiﬁcant parts of the listed derivatives as hedges within the framework of hedge accounting. The requirements

deﬁned by IFRS 9 for this designation include an approved underlying transaction or hedging instrument, the formal designation and doc-

umentation of the hedge relationship, an economic relationship between the underlying transaction and the hedge as well as an appro-

priately documented hedging strategy.

Cash ﬂow hedges are used to hedge the interest rate risks arising from ﬁnancial liabilities and foreign exchange risks and to hedge the

price risk from planned future electricity sales. At the beginning of the designated hedge relationship, the Group documents the risk man-

agement goals and strategies to be followed with regard to the hedge. The Group also documents the economic relationship between

the underlying transaction and the hedging instrument as well as expectations as to whether the changes in the cash ﬂows from the

underlying transaction and the hedging instrument are expected to offset each other.

When a derivative is designated as a cash ﬂow hedge, the effective portion of the changes in fair value are recognised under other com-

prehensive income and accumulated in the hedging reserve. The effective portion of the changes in fair value, which is recorded under

other comprehensive income, is limited to the cumulative change in the fair value of the underlying transaction (based on present value)

since the beginning of the hedge. Any ineffective parts of the changes in the fair value of the derivative are recognised immediately to

proﬁt or loss.

EVN Annual Financial Report 2021/ 22

If an expected hedged transaction subsequently leads to the recognition of a non-ﬁnancial item, e. g. inventories, the accumulated

amount from the hedging reserve and the reserve for hedging costs is included in the acquisition cost of the non-ﬁnancial item, if it is

recognised.

For all other expected hedged transactions, the accumulated amount in the hedging reserve and the reserve for hedging costs is reclassi-

ﬁed to proﬁt or loss of the period or periods in which the expected future hedged cash ﬂows inﬂuence proﬁt or loss. If a hedge no longer

meets the criteria for hedge accounting or if the hedging instrument is sold, expires, is terminated or exercised, hedge accounting is ter-

minated prospectively. A so-called “rebalancing” is generally carried out when the framework conditions change, and the hedge is only

terminated when this is not possible. When cash ﬂow hedge accounting is terminated, the amount in the hedging reserve remains in equity

until it is included in the acquisition cost of a non-ﬁnancial item on initial recognition (for hedging transactions that lead to the recognition

of a non-ﬁnancial item) or until it is reclassiﬁed to proﬁt or loss of the period or periods in which the expected hedged future cash ﬂows

inﬂuence proﬁt or loss (for other cash ﬂow hedges).

If the hedged future cash ﬂows are no longer expected to occur, the amounts in the hedging reserve and the reserve for hedging costs

are reclassiﬁed immediately to proﬁt or loss.

The accounting treatment of the changes in the fair value of derivatives used for hedging purposes depends on the type of the hedging

transaction.

Fair value hedges are used to hedge currency risks.

Derivative ﬁnancial instruments classiﬁed as fair value hedges under IFRS 9 serve to hedge recognised assets or liabilities against the risk

of a change in fair value. For fair value hedges, the recognition in proﬁt or loss includes the change in the fair value of the derivative as

well as the contrasting change in the fair value of the underlying transaction, as far as it reﬂects the hedged risk. The related earnings are

generally reported under the same position in the consolidated statement of operations as the underlying transaction. Changes in the

value of the hedges are essentially offset by the changes in the value of the hedged transactions.

The derivatives used by EVN for hedging purposes constitute effective protection. The changes in the fair value of these derivatives are

generally offset by compensating changes in the underlying transactions.

10. Other investments

Other investments include, in addition to other investments, shares in associated companies which are not included in the consolidated

ﬁnancial statements due to immateriality. These shares are recorded at cost less any necessary impairment losses. The other investments

were classiﬁed irrevocably at fair value through other comprehensive income (“FVOCI option”) in accordance with IFRS 9.5.7.5 following

the introduction of IFRS 9. The fair value of these investments is based on available information and derived from market quotations, dis-

counted cash ﬂow calculations or the multiplier method. The measurement and deconsolidation results from these equity instruments are

recorded under other comprehensive income. Dividends received are still reported on the consolidated statement of operations under

income from investments, despite the use of this option (also see note 32. Financial results).

11. Other non-current assets

Securities recorded under other non-current assets are initially recognised as FVTPL. These assets are recorded at fair value as of the

acquisition date and subsequently measured at fair value as of the balance sheet date. Changes in fair value are recognised in the consoli-

dated statement of operations.

EVN Annual Financial Report 2021/ 22

Consolidated notes — Accounting policies

Loans receivable are classiﬁed as AC, whereby the carrying amount on the acquisition date corresponds to the fair value. These loans are

subsequently measured at amortised cost in keeping with the effective interest rate method and also reﬂect any necessary impairment

losses.

Lease receivables arise from the international project business in the Environment Segment. They are classiﬁed as ﬁnance leases according

to IFRS 16.

Receivables arising from derivative transactions are recognised as FVTPL. Gains and losses arising from changes in the fair value of deriva-

tive ﬁnancial instruments are either recognised in proﬁt or loss in the consolidated statement of operations or in other comprehensive

income (see note 9. Financial instruments).

The measurement of the remaining non-current assets is based on acquisition or production cost or the lower net realisable value on the

balance sheet date.

Costs incurred for obtaining a contract are capitalised as an asset when EVN assumes these costs can be recovered. The capitalised costs

are amortised on a systematic basis depending on how the goods or services are transferred to the customer.

12. Inventories

The measurement of inventories is based on acquisition or production cost or the lower net realisable value as of the balance sheet date.

For marketable inventories, these values are derived from the current market price. For other inventories, these ﬁgures are based on the

expected proceeds less future production costs. Risks arising from the length of storage or reduced marketability are reﬂected in experi-

ence-based reductions. The moving average price method is used to determine the consumption of primary energy inventories as well as

raw materials, auxiliary materials and fuels.

The inventories of natural gas held by EVN for trading purposes are measured through proﬁt or loss in the consolidated statement of

operations. In accordance with the dealer-broker exception for raw material and commodities traders, measurement is based on fair value

less costs to sell. This represents the market price for day-ahead deliveries on the Central European Gas Hub (CEGH).

13. Trade and other receivables

Current receivables are generally recorded at amortised cost, which equals the acquisition cost less impairment losses for the components

of the receivables that are expected to be uncollectible. EVN applies the practical expedient provided by IFRS 9.B5.5.35 to trade receiv-

ables and determines the expected credit loss with a provision matrix. The input factors for the matrix include analyses of default incidents

in previous ﬁnancial years based on different regional characteristics for the core markets. The expected credit losses determined by the

matrix are ranked by the time (over)due based on historical default rates and subsequently written off through proﬁt or loss. The compiled

information is reviewed annually, and the default rates are adjusted if necessary. All other receivables are accounted for in accordance with

the ECL model (also see note 9. Financial instruments).

Amortised costs, less any applicable impairment losses, can be considered appropriate estimates of the current value because the remain-

ing term to maturity is generally less than one year.

Exceptions to the above procedure are receivables arising from derivative transactions which are recognised at fair value, and foreign

currency items, which are measured at the exchange rates in effect on the balance sheet date.

EVN Annual Financial Report 2021/ 22

Contract assets consist primarily of the Group’s claims to consideration for performance on contract orders from the project business,

in cases where the performance was completed but not yet invoiced as of the balance sheet date. Contract assets are reclassiﬁed to

receivables when the rights become unconditional. This generally occurs when the Group issues an invoice to the customer.

14. Securities

Current securities, which consist mainly of investment certiﬁcates, are classiﬁed as FVTPL and measured at their fair value. Changes in fair

value are recognised in the consolidated statement of operations.

15. Cash and cash equivalents

Cash and cash equivalents include cash on hand and demand deposits. Cash balances in foreign currencies are translated at the

exchange rate in effect on the balance sheet date.

In accordance with internal Group guidelines, EVN invests cash and cash equivalents only with reputable ﬁnancial institutions with good

ratings. In this respect, it is assumed that cash and cash equivalents based on the external ratings by banks and ﬁnancial institutions have

a low risk of default.

16. Assets and liabilities held for sale

Non-current assets as well as disposal groups that contain assets and liabilities are classiﬁed as held for sale when their sale is highly likely.

These assets and disposal groups are generally carried at the lower of their respective carrying amount and fair value less disposal costs.

Any necessary recognition of an impairment loss to a disposal group is initially allocated to goodwill and, thereafter, to the remaining

assets and liabilities on a proportional basis. Impairment losses resulting from the initial classiﬁcation as held for sale as well as later gains

and losses on revaluation are recognised to proﬁt or loss.

Intangible assets and property, plant and equipment are no longer amortised, respectively depreciated once they have been classiﬁed as

held for sale.

17. Equity

In contrast to borrowings, equity is deﬁned by the IFRS framework as the “residual interest in the assets of an entity after deducting all of

its liabilities”. Equity is thus the residual value of a company’s assets and liabilities.

Treasury shares held by EVN are not recognised as securities pursuant to IAS 32, but are instead reported at their (repurchase) acquisition

cost and offset against equity. Any proﬁt or loss resulting from the resale of treasury shares relative to the acquisition cost increases or

decreases capital reserves.

The items recorded under other comprehensive income include certain changes in equity that are not recognised through proﬁt or loss as

well as the related deferred taxes. For example, this position contains the currency translation reserve, valuation results from equity instru-

ments (FVOCI), the effective portion of changes in the fair value of cash ﬂow hedges as well as all remeasurements according to IAS 19.

This item also includes the proportional share of gains and losses recognised directly in equity accounted investees.

EVN Annual Financial Report 2021/ 22

Consolidated notes — Accounting policies

18. Provisions

Personnel provisions

The projected unit credit method is used to determine the provisions for pensions and similar obligations as well as severance payments.

The expected pension payments are distributed according to the number of years of service by employees until retirement, taking expected

future increases in salaries and pensions into account.

The amounts of the provisions are determined by an actuary as of each balance sheet date based on an expert opinion. The measurement

principles are described in note 52. Non-current provisions. All remeasurements – at EVN, only gains and losses from changes in actu-

arial assumptions – are recognised under other comprehensive income in accordance with IAS 19.

The calculation of the provisions for pensions, as in the previous year, was based on the Austrian mortality tables “AVÖ 2018-P – Rechnungs-

grundlagen für die Pensionsversicherung”, which were issued by the Actuarial Association Austria (AVÖ) on 15 August 2018.

The applied interest rate is based on the market yields for ﬁrst-class, ﬁxed-interest industrial bonds as of the balance sheet date, whereby

the maturities of the beneﬁts were taken into account.

The service cost added to the provision is reported under personnel expenses, while the interest component of the addition is included

under ﬁnancial results.

Provisions for pensions and pension-related obligations

Under the terms of a company agreement, EVN AG is required to pay a supplementary pension on retirement to employees who joined

the company prior to 31 December 1989. This commitment also applies to employees who, within the context of the legal unbundling

agreement for the spin-off of the electricity and natural gas networks, are now employed by Netz Niederösterreich. The amount of this

supplementary pension is based on performance as well as on the length of service and the amount of remuneration at retirement. EVN,

in any case, and the employees, as a rule, also make contributions to the umbrella pension fund VBV Pensionskasse AG (VBV) and the

resulting claims are fully credited toward pension payments. Therefore, EVN’s obligations toward both retired employees and prospective

beneﬁciaries are covered in part by provisions for pensions as well as by deﬁned contribution payments on the part of VBV.

For employees who joined the company after 1 January 1990, the supplementary company pension was replaced by a deﬁned contribution

plan that is ﬁnanced through VBV. VBV is responsible for the investment of the pension plan assets. Pension commitments were also made

to certain employees, which require EVN to pay retirement beneﬁts under certain conditions.

Provisions for pension-related obligations were recognised for liabilities arising from the vested claims of current employees and the

current claims of retired personnel and their dependents to receive beneﬁts in kind in the form of electricity and natural gas.

Provision for severance payments

Austrian corporations are required by law to make one-off severance payments to employees whose employment began before

1 January2003 if they are dismissed, in case of dissolution of the employment relationship by mutual consent or when they reach

the legal retirement age. The amount of such payments is based on the number of years of service and the amount of the respective

employee’s remuneration at the time the severance payment is made.

EVN Annual Financial Report 2021/ 22

Employees in Bulgaria and North Macedonia are entitled to severance payments on retirement, which are based on the number of years of

service. With regard to severance compensation entitlements, the other EVN employees are covered by similar social protection measures

contingent on the legal, economic and tax framework of the country in which they work.

The obligation to make one-off severance payments to employees of Austrian companies whose employment commenced after

31December 2002 has been transferred to a deﬁned contribution plan. The payments to this external employee fund are reported under

personnel expenses.

Other provisions

The other provisions reﬂect all recognisable legal or factual commitments to third parties based on past events, where the amount of the

commitments and/or the precise starting point was still uncertain. In these cases, a reliable estimate of the amount of the obligation is

required. If a reliable estimate is not possible, a provision is not recognised. These provisions are recognised at the discounted settlement

amount. They are measured based on the expected value or the amount most likely to be incurred.

Risk-free interest rates are used for the discount rates. If the risks and uncertainties in cash ﬂows cannot be taken into consideration ade-

quately, an adopted discount rate is used.

The provisions for service anniversary bonuses required by collective wage and company agreements are measured using the same para-

meters as the provisions for pensions and similar obligations. A new regulation in the collective agreement for salaried employees of

Austrian utility companies entitles salaried employees whose employment relationship began after 31 December 2009 to a service anni-

versary bonus equalling one month’s salary after 15, 20, 25, 30 and 35 years and to one-half month’s salary after 40 years. This was taken

into account accordingly. All remeasurements– at EVN, only gains and losses from changes in actuarial assumptions – involving service

anniversary bonuses are recognised through proﬁt or loss in accordance with IAS 19. The service cost added to the provision is reported

under personnel expenses, while the interest component of the addition is included under ﬁnancial results.

Waste disposal and land restoration requirements resulting from legal and perceived commitments are recorded at the present value of

the expected future costs. Changes in the estimated costs or the interest rate are offset against the carrying amount of the underlying

asset. If the decrease in a provision exceeds the carrying amount of the asset, the difference is recognised through proﬁt or loss. The

related depreciation is corrected in accordance with the residual carrying amount and depreciated over the remaining useful life. If the

asset has reached the end of its useful life, all subsequent changes to the provisions are recognised in proﬁt or loss.

Provisions for onerous contracts are recognised at the amount of the unavoidable outﬂow of resources. This represents the lower of

the amount that would result from performance of the contract and any compensatory payments to be made in the event of non-

performance.

19. Liabilities

Liabilities are reported at amortised cost, with the exception of liabilities arising from derivative ﬁnancial instruments or liabilities arising

from hedge accounting (see note 9. Financial instruments). Costs for the procurement of funds are considered part of amortised cost.

Non-current liabilities are discounted by applying the effective interest method.

With respect to ﬁnancial liabilities, bullet loans and borrowings with a remaining term to maturity of over one year are classiﬁed as non-

current and items with a remaining term to maturity of less than one year are reported under current loans and borrowings (forinforma-

tion on maturities see note 50. Non-current loans and borrowings).

If the fulﬁlment of a liability is expected within twelve months after the balance sheet date, the liability is classiﬁed as current.

EVN Annual Financial Report 2021/ 22

Consolidated notes — Accounting policies

Network subsidies – which constitute payments made by customers to cover previous investments by EVN in the upstream network –

represent an offset to the acquisition cost of these assets. In the electricity and natural gas network business, they are related to supply

obligations by EVN. The granting of investment subsidies generally requires an operational management structure that complies with

legal requirements and has been approved by the authorities.

Network and investment subsidies represent an offset to the acquisition or production cost of the related asset and, in accordance with

the application of IAS 20 and IFRS 15, are recognised as liabilities. Network and investment subsidies are released on a straight-line basis

over the average useful life of the respective assets. The release of network subsidies from the regulated business is reported under other

operating income, while comparable items from the non-regulated business are reported under revenue (also see notes 2. Reporting

in accordance with IFRS and 20. Revenue recognition).

A contract liability must be reported when consideration (e. g. a prepayment) has been transferred by the customer and the company has

not yet provided goods or services. In the EVN Group, this generally takes place in connection with prepayments from the international

project business.

20. Revenue recognition

IFRS 15 provides a ﬁve-step model for the recognition and measurement of revenue from contracts with customers. Under this model,

revenue from contracts with customers is recognised when control over a good or service is transferred to the customer. A determination

must therefore be made when a contract is concluded as to whether the resulting revenue should be recognised at a speciﬁc point in

time or over time.

Revenue in the EVN Group results primarily from the sale (energy deliveries) and distribution (network utilisation/network services) of

electricity, natural gas, heat and water to industrial, household and commercial customers. The EVN Group also generates revenue from

waste utilisation, telecommunications and the international project business. The provision of goods and services by the EVN Group

generally takes place over a speciﬁc time period, and revenue is therefore recognised over time.

The major services are described below:

Energy deliveries

Revenue results primarily from the transfer of electricity, natural gas, heat and water. Since the customer uses these services as they are

provided, revenue is recognised over time. Revenue is recognised at an amount that reﬂects the services provided and entitled to be

invoiced by EVN. In particular for household customers who only receive one invoice per year, the variable consideration is determined

by extrapolating the energy consumption based on usage proﬁles and current temperature trends. The payment terms for energy deliveries

generally represent 14 days. There is no signiﬁcant ﬁnancing component.

Network utilisation and services

EVN supplies electricity, natural gas, heat and water to its customers within the framework of network usage. The related performance

obligation lies, above all, in the continuous provision and availability of energy through the network infrastructure. Revenue from these

services is also recognised over time and when the services are provided, as described above. The payment terms for network usage

generally represent 14 days. There is no signiﬁcant ﬁnancing component.

Network subsidies constitute payments made by customers to cover previous investments by EVN in the upstream network, to the extent

they represent compensation for granting usage or purchase rights. Network subsidies in the regulated electricity and natural gas business,

where the regulator determines the amount and underlying reason, are recognised as liabilities in accordance with IAS 20 and reported,

as in the past, under other operating income as income from the reversal of deferred income from network subsidies. The network subsidies

EVN Annual Financial Report 2021/ 22

for all other areas are recorded as non-refundable advance payments (liabilities) in accordance with IFRS 15 and have been released to

proﬁt or loss under other revenue since 2018/19 (also see note 2. Reporting in accordance with IFRS).

International project business

Revenue from the international project business is also recognised in accordance with the percentage of completion method as deﬁned

by IFRS 15. Projects are characterised by individual contract conditions with ﬁxed prices and payments which follow a ﬁxed schedule.

If the construction services provided exceed the amount of the payment, a contract asset is recognised. If the payments are higher than

the construction services provided, a contract liability is recorded. The percentage of completion is determined by the cost-to-cost method,

which calls for the recognition of revenue and contract results in relation to actually incurred production costs as a per cent of the expect ed

total costs. Reliable estimates of the total costs for the contracts, selling prices and incurred costs are available. Any changes in the esti-

mated total contract costs and possible resulting losses are recognised in proﬁt or loss in the period incurred. The technological and ﬁnancial

risks which could occur during the remaining term of a project are included through individual estimates and an appropriate amount is

added to the expected total costs. Impending losses from the valuation of projects not yet invoiced are expensed immediately. These losses

are realised when it is probable that the total contract costs will exceed the contract revenue. In the case that customers terminate the

contract for reasons other than the non-fulﬁlment of the service promised by the company, EVN has a legal claim that at least the expenses

incurred plus the lost proﬁt margin will be reimbursed.

Other

EVN also generates revenue from telecommunications, waste utilisation and energy services. Most of the related contracts include

services which are consumed by the customer as they are provided, and this revenue is also recognised over time. Revenue from waste

utilisation is recognised at a point in time.

Interest income is recorded pro rata temporis using the effective interest rate applicable to the particular asset. Dividends are recognised

when a legal entitlement to payment arises.

The costs for obtaining contracts are expensed as incurred if the amortisation period for the related asset equals one year or less. Signiﬁ-

cant ﬁnancing components are not included when the period between the transfer to the customer of the promised good or service and

payment by the customer is less than one year.

Significant judgments related to revenue recognition

Consumption-based fees for energy deliveries and network utilisation represent variable consideration, which is determined according

to the expected value method deﬁned by IFRS 15.53a. Meter-reading dates are spread over the entire year, especially for household

customers with rolling invoices. The volumes of energy consumed during the period between the last meter-reading and the balance

sheet date must be extrapolated with statistical methods and therefore estimated. The procedure used by EVN assigns each customer

to a standard consumption proﬁle in the form of an annual consumption curve for electricity and/or natural gas and extrapolates each

customer individually.

In the international project business, the percentage of completion is decisive for the recognition of revenue. Progress on the respective

projects is determined by an input-based method (cost-to-cost method). This method requires numerous estimates and judgmental

decisions, above all for the identiﬁcation of incurred costs, total contract costs and realisable contract revenue as well as the related con-

tract risks (technical, political and ﬁnancial risks). These estimates are reviewed regularly and adjusted if necessary.

21. Income taxes and deferred taxes

The income tax expense reported in the consolidated statement of operations comprises the current income tax expense for fully consoli-

dated companies, which is based on their taxable income and the applicable income tax rate, as well as the change in deferred tax assets

and deferred tax liabilities.

EVN Annual Financial Report 2021/ 22

Consolidated notes — Accounting policies

The following income tax rates were applied in calculating current income taxes:

Corporate income tax rates

% 2021/22 2020/21

Country of residence

Austria 25.0 25.0

Albania 15.0 15.0

Bulgaria 10.0 10.0

Germany

31.2 – 32.6 31.2 – 32.6

Croatia 18.0 18.0

Kuwait 15.0 15.0

Lithuania 15.0 15.0

North Macedonia 10.0 10.0

Montenegro 9.0 9.0

Poland 19.0 19.0

Romania 16.0 16.0

Russia 20.0 20.0

Slovenia 19.0 19.0

Czech Republic 19.0 19.0

Cyprus 12.5 12.5

1) The tax rate varies slightly depending on the applicable assessment rate for trade tax.

EVN utilised the corporate tax group option as of 30 September 2022. EVN AG is a member of a participation entity with NÖ Landes-

Beteiligungsholding GmbH as the majority participating company and Wiener Stadtwerke GmbH as the minority participating company.

A group and tax settlement contract was concluded for this purpose. EVN also has the right to designate other corporate entities as

members of this tax group.

The taxable proﬁt of the companies belonging to this group is attributable to EVN AG, which calculates combined results based on the

attributed taxable proﬁt. The contract calls for the payment of a positive tax charge, when the aggregated results are positive. As in the

previous year, the positive aggregated tax result is based on the allocation method. If the aggregated results are negative, the tax losses

are kept on record and offset against future positive results. The related disclosures are reported under income taxes. The transfer of

losses from foreign subsidiaries within group taxation leads to the recognition of a liability equal to the nominal amount of the future cor-

porate income tax obligation.

As an offset for the transferred taxable results, the tax group contracts include a tax charge that is based on the stand-alone method.

Transferred tax losses are kept on record as internal loss carryforwards for the respective tax group members and offset against future

positive earnings. An exception to this procedure is the contract concluded with Burgenland Holding, which calls for a negative tax

charge for this company if its taxable results are negative and the group’s total results are positive. In other cases, the loss is recorded as

an internal loss carryforward and refunded in later years in the form of a negative tax charge as soon as it is covered by positive earnings.

Future changes in the tax rate are taken into account if the relevant law has been enacted by the time the consolidated ﬁnancial state-

ments are prepared. The eco-social tax reform passed by the Austrian Parliament during EVN’s 2021/22 ﬁnancial year calls for a reduction

of the corporate income tax rate to 24% in 2023 and to 23% in 2024. These changes were reﬂected in the valuation of deferred taxes.

Deferred taxes are calculated according to the liability method at the tax rate expected when short-term differences are reversed. Deferred

tax assets and deferred tax liabilities are calculated and recognised for all temporary differences (i. e. the difference between the carrying

amounts in the consolidated ﬁnancial statements and the annual ﬁnancial statements prepared for tax purposes that will balance out in

the future).

EVN Annual Financial Report 2021/ 22

Deferred tax assets are recognised only if it is probable that there will be sufficient taxable income or taxable temporary differences to

utilise these items. Tax loss carryforwards are recognised as deferred tax assets. Deferred tax assets and deferred tax liabilities are presented

as a net amount in the consolidated ﬁnancial statements if there is a legal right and intention to offset these items.

22. Procedures and effects of impairment tests

EVN carries out its impairment tests in accordance with the rules deﬁned by IAS 36. Property, plant and equipment and intangible assets,

including goodwill, are tested for impairment when there are internal or external indications of a loss in value. Intangible assets with an

indeﬁnite useful life and goodwill are tested at least once each year for signs of impairment.

The impairment testing of goodwill and assets for which no expected future cash ﬂows can be identiﬁed is based on an assessment of

the respective cash-generating unit (CGU). The decisive criterion used by EVN to classify a generation unit as a CGU is the technical and com-

mercial ability to generate independent revenue. In the EVN Group, this deﬁnition applies to the electricity and heat generation plants,

electricity, natural gas and water distribution systems, electricity procurement rights, telecommunications networks and facilities in the

environmental services business.

The value in use is calculated in accordance with the rules deﬁned by IAS 36. Due to the long-term nature of investments in infrastruc-

ture equipment, EVN uses cash ﬂow forecasts that reﬂect the economic useful life of the equipment. The impairment testing of hydro-

power plants generally assumes the renewal of the concession and, consequently, perpetual operation at the respective location. For

infrastructure equipment/ long-term projects, the detailed planning period of four years is followed by a general planning period up to

the end of the asset’s economic useful life. However, this general planning period is limited to the availability of external forecasts for

electricity prices (currently 2050).

The fair value less costs of disposal is basically calculated in accordance with the fair value measurement hierarchy deﬁned in IFRS 13.

Since it is generally not possible to derive market values for the CGUs and assets of EVN under evaluation, the fair value is estimated in

accordance with Level 3 in the fair value hierarchy. The fair value less costs of disposal for a CGU is calculated with a WACC-based

discounted cash ﬂow method, which is conceptually similar to the value in use procedure, but includes adjustments to the parameters

in the DCF model to reﬂect a market participant’s viewpoint.

The calculation of the fair value less disposal costs and the value in use is based on the future cash inﬂows and outﬂows which are basically

derived from internal medium-term forecasts. The cash ﬂow forecasts are based on the latest ﬁnancial plans approved by management.

The underlying assumptions also take climate-related effects into consideration. The assumptions for the future development of electri city

prices are derived from the quotations on the futures market of the European Energy Exchange AG, Leipzig, Germany. For the period

extending beyond this time, an average is developed from the forecasts issued by two well-known information service providers in the

energy sector. Several scenarios are used for averaging. In this way, the risks that may inﬂuence electricity prices in the future are taken

into account comprehensively.

A weighted average cost of capital which includes the deduction of income tax (WACC) is used as the discount rate. The equity component

of the WACC reﬂects the risk-free interest rate, a country-speciﬁc premium plus a risk premium that incorporates the market risk premium

and an appropriate beta coefficient based on peer group capital market indicators. The debt component of the WACC equals the basis inter-

est rate plus a country-speciﬁc premium and a rating dependent risk premium. The equity and debt components are weighted according

to a capital structure that is appropriate for the CGU based on peer group data at market values. The resulting WACC is used to discount

the cash ﬂows in the respective CGU.

For the purpose of estimating the recoverable amount, EVN initially assesses the value in use. In cases where this amount is lower than

the carrying amount of the asset, or the CGU, the fair value less costs of disposal is calculated if necessary.

EVN Annual Financial Report 2021/ 22

Consolidated notes — Accounting policies

23. Accounting estimates and forward-looking statements

The preparation of the consolidated ﬁnancial statements in accordance with generally accepted IFRS accounting methods requires estimates

and assumptions that have an effect on the assets, liabilities, income and expenses reported in the consolidated ﬁnancial statements and

on the amounts shown in the notes. The actual values may differ from these estimates. The assumptions and estimates arereviewed on a

regular basis.

In particular, the following assumptions and estimates can lead to signiﬁcant adjustments in the carrying amounts of individual assets and

liabilities in future reporting periods.

In the international project business, changes in estimates for the progress on major projects can have a material effect. These estimates

are particularly relevant for the large-scale project in Kuwait (construction of a wastewater treatment plant and corresponding sewage

network) and the large-scale project in Bahrain (expansion of an existing wastewater treatment plant and contruction of a sewage sludge

utilisation plant). Revenue is recognised in accordance with the percentage of completion method (see notes 20. Revenue recognition

and 25. Revenue).

Impairment tests require estimates, especially for future cash surpluses. A change in the general economic, industry or company environ-

ment may reduce cash surpluses and therefore lead to signs of impairment. The weighted average cost of capital (WACC) is used to

determine the recoverable amounts based on capital market methods. The WACC represents the weighted average interest paid by a

company for equity and debt. The weighting applied to the interest on the equity and debt components – which reﬂects a capital struc-

ture at market values – was derived from an appropriate peer group. Given the current volatility on the ﬁnancial markets, the develop-

ment of the cost of capital (and above all the country risk premiums) is monitored on a regular basis (see note 22.Procedures and

effects of impairment tests).

For the valuation of the generation portfolio, the price structure beginning with the ﬁfth year (when predictable market prices are no

longer available on the electricity exchanges) was based on average forecasts from two well-known market research institutes and infor-

mation service providers in the energy sector. The most recent studies, which are updated annually due to the current volatility on the

electricity markets, were used in each case. The following notes show the sensitivity of these assumptions for the largest CGUs, based on

the carrying amount, where a triggering event was identiﬁed and for which an impairment loss or reversal was recognised in the ﬁnancial

statements: 35. Intangible assets, 36.Property, plant and equipment and 37.Investments in equity accounted investees.

The most important premises and judgmental decisions used to determine the scope of consolidation are described under notes

4. Scope of consolidation and 38.Other investments.

WTE constructed a wastewater treatment plant in Budva, Republic of Montenegro, with a contract value of EUR58.5m. The customer, the

municipality of Budva, subsequently failed to meet its payment obligations to WTE. Following the issue of reminders and an extension

period, WTE cancelled the investment contract in May 2018 but operations were temporarily continued as a goodwill gesture by WTE. All

efforts by WTE to reach an agreement on the outstanding payments failed due to a lack of cooperation by the municipality of Budva; in

particular, the joint commission installed for this purpose was unable to deliver any results due to a lack of cooperation by the municipality

of Budva. In December 2019, WTE therefore called the guarantee issued by the Republic of Montenegro (EUR 29.3m) and the municipality

of Budva (EUR 64.6m). The Republic of Montenegro met its payment obligation, but the municipality of Budva refused to make payment.

WTE terminated its operation of the plant at the end of January 2020 after multiple notiﬁcations and transferred these operations to the

municipality of Budva. WTE has ﬁled an arbitration action in Frankfurt against the municipality of Budva for failure to honour the guaran-

tee; the value in dispute equals EUR 37.9m, including interest. Moreover, WTE ﬁled an arbitration action in Geneva in spring 2021 against

the municipality of Budva for non-fulﬁlment of the investment contract. The outcome of these proceedings can lead to valuation adjust-

ments in future periods (also see note 61.Risk management).

EVN Annual Financial Report 2021/ 22

The valuation of the provisions for pensions, pension-related obligations and severance payments are based on assumptions for the

discount rate, retirement age and life expectancy as well as pension and salary increases. The adjustment of these parameters in future

periods can lead to valuation adjustments. Moreover, future changes in electricity and natural gas tariffs can lead to valuation adjust-

mentsin the pension-related obligations (see note 52.Non-current provisions).

Assumptions and estimates are also required to determine the useful life of non-current assets (see notes 6. Intangible assets and

7.Property, plant and equipment), and the provisions for legal proceedings and environmental protection (see note 18. Provisions)

as well as estimates for other obligations and risks (see note 65. Other obligations and risks). In addition, it is necessary to make assump-

tions and estimates for the valuation of receivables and inventories (see notes 12. Inventories and 13. Trade and other receivables)

and for the recognition of revenue (see note 20. Revenue recognition). These estimates are based on historical data and other assump-

tions considered appropriate under the given circumstances.

Information on climate change

As an energy and environmental services provider, EVN feels responsible for making concrete contributions to climate protection. This

contribution includes, in particular, the minimisation of the emissions caused by its activities. The focus here is also on the transformation

of the energy system towards climate-neutral generation, above all through the expansion of wind power and photovoltaic capacity.

In view of the growing importance of climate risks, EVN’s strategic considerations include the special requirements created by the energy

transformation and the far-reaching changes required by this transformation towards climate neutrality as well as the related effects on all

sectors of the economy and on private households. Analyses in this context place a special focus on the requirements for climate protec-

tion, possible implementation tracks and the implications for the company’s business model. These elements create an important basis for

evaluating the opportunities and risks for our business from climate change and the related, rapidly changing regulations.

EVN terminated electricity generation from hard coal in 2020/21. In summer 2021, the company joined the Science Based Targets initia-

tive (SBTi) and, in this connection, set ﬁve reduction goals for its activities. Success in this area will make an important contribution to

realising the climate goal agreed in Paris to limit global warming to clearly below 2°C.

The impact of climate change on the valuation of assets is evaluated at regular intervals. The preparation of the consolidated ﬁnancial

statements as of 30 September 2022 was also based on the opportunities and risks arising from climate change, the goals deﬁned by our

strategy, sustainability and climate protection, including climate neutrality. Material and predictable inﬂuencing factors which have an

effect on assets, liabilities, income and expenses were reﬂected in the consolidated ﬁnancial statements.

The macroeconomic environment against the backdrop of the Covid-19 pandemic, the war in Ukraine and high inflation

The possible effects of the Covid-19 pandemic and the war in Ukraine were evaluated, in particular with regard to the recoverability of

assets as deﬁned by IAS 36 and IFRS 9 and to further uncertainties connected with discretionary assessments.

The Covid-19 pandemic and economic developments connected with the war in Ukraine are expected to result in an increase in insol-

vencies over the coming years. A corresponding increase in receivables defaults is also expected. Similar to previous ﬁnancial years, the

EVNGroup has reﬂected potential receivables defaults through a forward-looking component.

EVN determines the impairment losses for trade receivables in accordance with IFRS 9.B5.5.35 based on regionally differentiated anal yses

of historical default incidents. EVN has not experienced a sharp rise in customer defaults to date due to the government subsidy meas-

ures. However, we expect the expiration of these government measures to be reﬂected in an increase in bankruptcies and in receivables

defaults during the coming years. In preparation for such incidents, the EVNGroup raised the impairment loss allowance for trade receiv-

ables by EUR 6.1m for the 2021/22 ﬁnancial year (previous year: EUR4.1m) through the forward-looking component (see the Credit and

default risk under note 61. Risk management).

EVN Annual Financial Report 2021/ 22

Consolidated notes — Accounting policies

Russia’s assault on Ukraine which began on 24 February 2022 has strained relations between the majority of the international community

and the Russian Federation and led to a series of reciprocal sanctions by the EU as well as the Russian Federation. The result has been an

unparalleled increase in energy prices. This development created operational difficulties for EVN during the 2021/22 ﬁnancial year because

price adjustments can only be implemented with a delay due to contract terms or, in South East Europe, only in later periods due to the

regulatory framework. Moreover, the high energy prices are reﬂected in higher customer receivables and a potential increase in receiv-

ables defaults. The forward looking component included as a result of the Covid-19 pandemic is, according to current estimates, sufficient

to address the expected receivables defaults. This is especially accurate against the backdrop of the wide-ranging measures introduced by

governments in Austria, Bulgaria, Croatia and North Macedonia to support household and commercial customers (among others, com-

pensation payments for network losses, energy vouchers, energy price subsidies for end customers etc.).

Global distortions and a change in the Group’s risk and earnings expectations for future projects led to the recognition of an impairment

loss to goodwill in the international project business as of 31 March 2022 (see note 35. Intangible assets).

As a consequence of the political developments in Russia, EVN tested the combined heat and power plants in Moscow for impairment

and subsequently wrote off these assets in full as of 31 March 2022 (also see note 36. Property, plant and equipment). EVN has also

decided to completely withdraw from Russia and is currently in negotiations for the sale of the combined heat and power plants in that

country (also see note 43. Assets and liabilities held for sale).

Apart from price increases on the energy markets and the different effects on EVN’s activities and business ﬁelds, investments and oper-

ating expenses are also affected by the soaring inﬂation rates. These cost increases can possibly only be passed on to customers with a

delay. These current macroeconomic developments can also have a – direct and indirect – negative inﬂuence on the demand for energy

and, together with the rising costs, have a negative inﬂuence on earnings.

The possible termination of gas deliveries from Russia could, depending on the timing and duration, have an impact on natural gas deliver-

ies to EVN’s customers. In view of this possibility, work is in progress to continuously increase the volumes of non-Russian gas and strategic

gas supplies. Measures to support supply security are connected with higher costs and can have a negative inﬂuence on earnings in indi-

vidual periods.

Low net debt and a comfortable base of contractually committed, undrawn credit lines give EVN a constant, high degree of ﬁnancial

ﬂexibility and solid liquidity reserves. In summary, the corona crisis had only a selective negative inﬂuence on EVN’s operating results in

2021/22 and in the previous years. The current high energy prices have a substantial negative effect on earnings from energy supply,

while renewable energy generation made a positive contribution to earnings. Stabilising effects were provided, above all, by EVN‘s inte-

grated business model and widely diversiﬁed customer portfolio. The EVN Group can therefore be considered a going concern.

24. Principles of segment reporting

The identiﬁcation of operating segments is based on the internal organisational and reporting structure and information prepared for inter-

nal management decisions (the “management approach”). The Executive Board of the EVN Group (the chief operating decision-maker as

deﬁned in IFRS 8) reviews internal management reports on each operating segment at least once each quarter. EVN has deﬁned the fol-

lowing operating segments: Generation, Energy, Networks, South East Europe, Environment and All Other Segments. This conforms in full

to the internal reporting structure. The assessment of all segment information is consistent with the IFRS. EBITDA is used as an indi cator to

measure the earning power of the individual segments. For each segment, EBITDA represents the total net operating proﬁt or loss before

interest, taxes, amortisation of intangible assets and depreciation of property, plant and equipment for the companies included in the seg-

ment, taking intragroup income and expenses into account (see note 59. Notes to segment reporting).

EVN Annual Financial Report 2021/ 22

Notes to the consolidated statement of operations

25. Revenue

Revenue from contracts with customers is recognised when control of a good or service is transferred to the customer. The consider ation

is recognised in the amount that the company expects to receive in exchange for these goods or services.

In addition to revenue from contracts with customers, EVN generates other revenue from its ordinary business activities. This revenue is

presented separately in the following table:

Revenue

EURm 2021/22 2020/21

Revenue from contracts with customers

3,995.3 2,515.3

Other revenue 66.9 –120.4

Total

4,062.2 2,394.9

Other revenue includes valuation effects of EUR 44.9m related to energy derivatives which are attributable to the Energy Segment. Positive

and negative results from the valuation of these derivatives are offset for reporting. In addition, EVN recorded operating lease revenue for

the ﬁrst time in 2021/22. This revenue equalled EUR 22.1m and represents the reserve performance from a power plant which is attributable

to EVN’s ordinary business activities.

The following table shows the revenue from contracts with customers classiﬁed by segment and product:

Revenue from contracts by segment and product

EURm 2021/22 2020/21

Electricity

405.4 203.6

Natural gas 57.7 41.0

Heat 186.3 144.0

Other 34.3 32.6

Energy

683.7 421.3

Electricity 95.3 69.0

Other 64.2 58.2

Generation

159.5 127.1

Electricity 331.3 310.6

Natural gas 103.7 107.2

Other 82.2 77.3

Networks

517.3 495.1

Electricity 1,973.4 1,027.3

Natural gas 9.4 6.4

Heat 11.2 9.2

Other 8.4 4.5

South East Europe

2,002.4 1,047.4

Environmental services 604.3 398.7

Electricity 6.1 5.0

Heat 1.5 1.3

Environment

611.8 405.0

Other 20.6 19.4

All Other Segments

20.6 19.4

Total

3,995.3 2,515.3

EVN Annual Financial Report 2021/ 22

Consolidated notes — Notes to the consolidated statement of operations

EVN generally recognises revenue over time in its core business of energy supplies and deliveries as well as in the international project

business. An exception to this practice is the recognition of revenue by EVN Wärmekraftwerke in connection with the thermal waste utili-

sation plant in Dürnrohr, where revenue is recognised at a speciﬁc point in time. The related revenue amounted to EUR 53.1m in 2021/22

(previous year: EUR 55.6m).

The increase in revenue resulted primarily from the sharp rise in energy prices and, in the Environment Segment, chieﬂy from the interna-

tional project business. The wastewater project in Kuwait which started in summer 2020 made a decisive contribution to revenue growth.

Sales revenues which are expected to be realised in future in connection with performance obligations and which have not yet been met

or have only been partially met as of 30 September 2022, mainly relate to network subsidies and the international project business.

In total, the remaining performance obligations amount to EUR 875.2m (previous year: EUR 1,333.7m) at the balance sheet date. Of this

amount, EUR 812.4m (previous year: EUR 1,272.5m) relates to performance obligations from the international project business. Revenue

is recognised on the basis of the percentage of completion and will be recognised within the next four years, depending on the project.

The performance obligations from network subsidies are shown in the following table:

Transaction prices allocated to remaining performance obligations

2021/22 financial year

EURm

< 1 year 1 – 5 years > 5 years

Network subsidies

6.3 25.4 30.7

Total

6.3 25.4 30.7

2020/21 financial year

EURm

< 1 year 1 – 5 years > 5 years

Network subsidies

6.1 24.2 30.9

Total

6.1 24.2 30.9

EVN applies the practical expedient provided by IFRS 15.B16 when the respective requirements are met and recognises revenue at the

amount it is entitled to invoice. Moreover, contracts for electricity and natural gas deliveries as well as contracts for network utilisation in

the household customer business are concluded for an indeﬁnite period. The customer has a unilateral right to terminate the contracts at

any time. As a result, EVN does not have a contractual right to transfer the related performance obligations or to receive consideration.

EVN therefore uses the practical expedients provided by IFRS 15.121 for the two cases described above and does not disclose any informa-

tion on the remaining performance obligations.

EVN Annual Financial Report 2021/ 22

26. Other operating income

Other operating income

EURm 2021/22 2020/21

Income from the reversal of deferred income from network subsidies

53.3 64.8

Own work capitalised 31.8 33.3

Compensation and remunerations 14.1 7.8

Rental income 3.0 2.9

Gains from deconsolidation – 25.6

Result from the disposal of intangible assets, and property, plant and equipment –2.8 –0.8

Change in work in progress –5.2 8.0

Miscellaneous other operating income 15.4 108.5

Total

109.5 250.1

The decline in other operating income resulted primarly from the sale of the investment in the Walsum 10 power plant. In the previous

year, EVN initially took over an additional electricity procurement right for 150 MW from the Walsum 10 power plant and subsequently

received a settlement payment for the related marketing risks. This settlement payment equalled EUR 93.2m and was recorded under other

operating income. The sale of the 49% investment in STEAG-Walsum 10 Kraftwerksgesellschaft mbH, which was accounted for as a joint

operation, as of 30 September 2021 and the parallel termination of the electricity procurement contract for 410 MW from the Walsum 10

power plant led to a deconsolidation gain of EUR 25.6m.

The increase in compensation and remunerations resulted chieﬂy from guarantee claims of EUR 6.7m in connection with a wastewater

cleaning system.

Miscellaneous other operating income consists, above all, of bonuses, subsidies and services that are not related to business activities.

27. Cost of materials and services

Cost of materials and services

EURm 2021/22 2020/21

Electricity procurement costs

1,803.0 904.6

Gas procurement costs 382.8 86.8

Other energy expenses 92.4 73.3

Electricity purchases from third parties and primary energy expenses

2,278.2 1,064.7

Third-party services and other materials and services 707.1 509.2

Total

2,985.3 1,573.9

The increase in the cost of third-party electricity purchases and energy carriers resulted, above all, from the sharp rise in energy prices.

Since the increase in energy procurement costs cannot be passed on entirely during the same period but only in later periods due to regu-

latory and contractual terms, this leads to a negative effect on operating earnings and to the shift of earnings to future periods.

EVN Annual Financial Report 2021/ 22

Consolidated notes — Notes to the consolidated statement of operations

In 2021/22, the Bulgarian government awarded EVN compensation payments for the steep rise in natural gas procurement costs and grid

losses. Compensation payments totalling EUR 102.7m were recorded as a reduction of the costs for third-party electricity purchases and

energy carriers in accordance with IAS 20.29.

The cost of materials includes valuation effects from derivative contracts in the energy sector. In business year under report, these

resulted in an increase in expenses of EUR 49.2m (previous year: reduction in expenses of EUR 39.4m).

Other energy expenses include in particular biomass procurement costs and expenses for the use of purchased CO

emission certiﬁcates,

as well as valuation effects from derivative ﬁnancial instruments in the energy sector.

The expenses for third-party services and other materials and services mainly relate to the project business of the Environment Segment

and to third-party services for the operation and maintenance of plants. Moreover, this item also includes other expenses directly allocable

to the provision of services.

28. Personnel expenses

Personnel expenses

EURm 2021/22 2020/21

Salaries and wages

287.8 282.7

Severance payments 5.1 5.1

Pension costs 10.4 6.8

Compulsory social security contributions and payroll-related taxes 60.4 59.0

Other employee-related expenses 8.4 7.7

Total

372.2 361.3

Personnel expenses include contributions to the VBV Pensionskasse in the amount of EUR 7.1m (previous year: EUR 7.1m) and contributions

to company employee provision funds in the amount of EUR 1.7m (previous year: EUR 1.5m).

The average number of employees was as follows:

Employees by segment

2021/22 2020/21

Generation

229 249

Networks 1,345 1,327

Energy 274 284

South East Europe 4,114 4,155

Environment 622 555

All Other Segments 550 555

Total

7,135 7,126

1) Average for the year

EVN Annual Financial Report 2021/ 22

The average number of employees comprised 97.7% salaried and 2.3% wage employees (previous year: 97.6% salaried and 2.4% wage

employees), whereby no distinction is made between salaried and wage employees in Bulgaria and North Macedonia. Wage employees

are therefore counted together with salaried employees in these countries.

29. Other operating expenses

Other operating expenses

EURm 2021/22 2020/21

Write-up/write-off of receivables

38.0 7.0

Business operation taxes and duties 18.4 18.4

Legal and consulting fees,

expenses related to process risks

14.2 9.7

Maintenance 13.7 10.5

Transportation and travelling expenses, automobile expenses 12.8 10.0

Telecommunications and postage 11.4 11.0

Insurance 11.2 11.7

Advertising expenses 10.3 10.4

Rents 4.5 2.4

Employee training 2.1 1.6

Miscellaneous other operating expenses 21.9 20.4

Total

158.4 113.0

The position legal and consulting fees, expenses related to process risks also contains the change in the provision for process costs and

risks. The item rents includes non-capitalised rental expenses (see note 36. Property, plant and equipment) as well as changes in pro-

visions for rents for network access in Bulgaria. In addition, expenses which are not under the scope of IFRS 16 are also included.

The substantial increase in receivables write-offs resulted mainly from a higher balance of receivables in North Macedonia. Observable

payment behaviour also led to the application of a higher default quota. As in the previous year, a forward-looking component was

included in 2021/22 to reﬂect expected future receivables defaults (also see note 61. Risk management).

Miscellaneous other operating expenses include environmental protection expenses, fees for monetary transactions, licenses, member-

ship fees and administrative and office expenses.

30. Share of results from equity accounted investees with operational nature

Share of results from equity accounted investees with operational nature

EURm 2021/22 2020/21

RAG

51.7 40.4

Burgenland Energie 14.4 12.6

ZOV; ZOV UIP 12.0 12.1

Verbund Innkraftwerke 8.2 27.5

EVNKG 7.2 117.2

Umm Al Hayman 4.6 1.8

Ashta 0.7 24.0

EnergieAllianz –2.4 2.2

Other companies 2.5 1.8

Total

98.9 239.6

EVN Annual Financial Report 2021/ 22

Consolidated notes — Notes to the consolidated statement of operations

The share of results from equity accounted investees with operational nature (see note 64. Disclosures of interests in other entities)

is reported as part of the results from operating activities (EBIT).

The share of results from equity accounted investees with operational nature consists primarily of earnings contributions, impairment

losses recognised to assets capitalised in connection with acquisitions and other necessary impairment losses and write-ups (see note

37.Investments in equity accounted investees).

The share of results from equity accounted investees with operational nature decreased to EUR 98.9m in ﬁnancial year 2021/22 (previous

year: EUR 239.6m). This decline is mainly attributable to sharp increases in energy procurement costs at EVN KG. In addition, this effect

was strengthened by the impairment write-ups recognised in the previous year at Verbund Innkraftwerke and the Ashta hydropower

plant (see note 37.Investments in equity accounted investees).

31. Depreciation and amortisation and effects from impairment tests

The procedure used for impairment testing is described as part of the disclosures on accounting policies under note 22. Procedures and

effects of impairment tests.

Depreciation and amortisation and effects from impairment tests by items of

the consolidated statement of financial position

EURm 2021/22 2020/21

Intangible assets

73.4 24.5

Property, plant and equipment 338.8 402.5

Other non-current assets

20.6 25.5

Write-up of intangible assets – –0.1

Write-up of property, plant and equipment –9.6 –2.4

Total

423.2 450.1

1) Depreciation of capitalised contract costs

Depreciation and amortisation and effects from impairment tests

EURm 2021/22 2020/21

Scheduled depreciation and amortisation

318.0 337.7

Effects from impairment tests (impairment)

114.8 114.8

Effects from impairment tests (reversal of impairment)

–9.6 –2.5

Total

423.2 450.1

1) For details, see notes 35. Intangible assets and 36. Property, plant and equipment

EVN Annual Financial Report 2021/ 22

32. Financial results

Financial results

EURm 2021/22 2020/21

Income from investments

Dividend payments

51.4 37.3

thereof Verbund AG

46.1 32.9

thereof Verbund Hydro Power GmbH

3.5 2.4

thereof Wiener Börse AG

1.5 1.8

thereof other companies

0.4 0.2

Valuation results/disposals

– 0.3

Total income from investments

51.4 37.6

Interest results

Interest income on financial assets

1.7 1.8

Other interest income

3.7 4.3

Total interest income

5.4 6.1

Interest expense on financial liabilities

–29.2 –52.6

Interest expense personnel provisions

–4.1 –3.9

Other interest expense

–4.7 –2.8

Total interest expense

–37.9 –59.4

Total interest results

–32.5 –53.3

Other financial results

Results from changes in exchange rates and the disposal of securities from non-current financial assets

–3.3 2.7

Results from changes in exchange rates and the disposal of current financial assets

–5.8 –3.4

Currency gains/losses –25.5 –3.5

Other financial results –14.7 –

Total other financial results

–49.4 –4.3

Financial results

–30.5 –20.0

Interest income on ﬁnancial assets includes interest from investment funds whose investment focus is on ﬁxed-interest securities, as well

as the interest component from leasing business. Other interest income includes income from liquid funds and securities held as current

ﬁnancial assets.

Interest income on ﬁnancial assets recognised using the effective interest method amounted to EUR 3.2m (prior year: EUR 3.3m).

The interest expense on ﬁnancial liabilities represents regular interest payments on issued bonds and bank loans. The reduction in interest

expense for ﬁnancial liabilities is mainly due to the deconsolidation of the Walsum 10 joint operation.

Other interest expense includes the interest expense for lease liabilities, the accrued interest expense on non-current provisions, expenses

for current loans as well as leasing costs for biomass equipment, distribution and heating networks. The interest expense on liabilities not

designated at fair value through proﬁt or loss totalled EUR 33.8m (previous year: EUR 55.4m).

The increase in other ﬁnancial results is attributable to an impairment loss of EUR 14.6m recognised to originated loans. These loans were

granted to a company consolidated at equity (also see note 37. Investments in equity accounted investees).

EVN Annual Financial Report 2021/ 22

Consolidated notes — Notes to the consolidated statement of operations

33. Income tax expense

Income tax expense

EURm 2021/22 2020 / 21

Current income tax income and expense 50.9 37.8

thereof Austrian companies 32.3 26.2

thereof foreign companies 18.6 11.6

Deferred tax income and expense 13.1 –23.1

thereof Austrian companies –1.2 22.4

thereof foreign companies 14.4 –45.4

Total 64.0 14.7

The following table explains the reasons for the difference between the Austrian corporate income tax rate of 25.0% that applied in2022

(previous year: 25.0%) and the tax expense based on the Group net result reported on the consolidated statement of operations for

the2021/22 ﬁnancial year:

Calculation of the effective tax rate 2021/ 22 2020/21

% EURm % EURm

Result before income tax

301.2 366.4

Income tax rate/income tax expense at nominal tax rate

25.0 75.3 25.0 91.6

– Different corporate income tax rates in other countries –3.9 –11.8 –2.6 –9.4

– Effect of tax rate change –1.3 –4.0 – –

– Tax-free income from investments –11.9 –35.8 –12.7 –46.5

+ Revaluation of deferred taxes

14.0 42.0 0.6 2.1

+ Impairment of goodwill

4.4 13.2 – –

–

Tax share valuations and impairment on Group receivables –2.2 –6.7 –3.9 –14.2

+ Non-deductible expenses 1.2 3.5 0.4 1.3

– Other tax-free income –0.5 –1.4 –0.4 –1.5

+ Aperiodic tax increases

0.1 0.2 –0.3 –1.0

–

Other items

–3.5 –10.4 –2.1 –7.7

Effective tax rate/effective income tax expense

21.3 64.0 4.0 14.7

The changes in the revaluation of deferred taxes resulted primarily from the recognition of previously unrecognised tax losses.

The tax share valuations mainly relate to the write-down of the participations in OOO EVN Umwelt Service and EVN Bulgaria Fernwärme

Holding GmbH (previous year: OOO EVN Umwelt Service), which had a tax effect during the ﬁnancial year.

The position other items consists primarily of the contractual reduction of the tax charge, which is based on the distribution method.

The effective tax burden on EVN for the 2021/22 ﬁnancial year amounts to 21.3% of earnings before taxes (previous year: 4.0%). The

effective tax rate is a weighted average of the effective local income tax rates of all consolidated subsidiaries (see note 51. Deferred taxes).

EVN Annual Financial Report 2021/ 22

34. Earnings per share

Earnings per share were calculated by dividing Group net result (= proportional share of net result attributable to EVN AG shareholders)

by the weighted average number of ordinary shares outstanding in 2021/22, i. e. 178,187,472 (previous year: 178,144,937) (see note

48.Treasury shares). This amount may be diluted by so-called potential shares arising from stock options or convertible bonds. Since

EVN does not have any such shares, there is no difference between basic and diluted earnings per share. Based on the Group net result of

EUR 209.6m for the 2021/22 ﬁnancial year (previous year: EUR 325.3m), earnings per share equalled EUR 1.18 (previous year: EUR 1.83).

EVN Annual Financial Report 2021/ 22

Notes to the consolidated statement of financial position

Assets

35. Intangible assets

Goodwill is allocated to the CGUs “international project business” and “other CGUs”. Rights include electricity procurement rights,

transportation rights for natural gas pipelines and other rights (primarily software licenses). Other intangible assets primarily include

the customer bases of the Bulgarian and North Macedonian electricity supply companies.

Reconciliation of intangible assets

2021/22 financial year

EURm Goodwill Rights Other intangible assets Total

Gross value 30.09.2021 216.2 442.2 59.5 717.9

Additions – 47.8 – 47.8

Disposals – –3.6 – –3.6

Transfers – 0.6 –0.6 –

Change in the scope of consolidation 0.2 – – 0.2

Gross value 30.09.2022 216.4 487.1 58.9 762.3

Accumulated amortisation 30.09.2021 –160.3 –298.0 –43.1 –501.4

Scheduled amortisation – –16.8 –3.6 –20.5

Impairment losses –52.9 –0.1 – –52.9

Disposals – 3.6 – 3.6

Change in the scope of consolidation –0.2 – – –0.2

Accumulated amortisation 30.09.2022 –213.4 –311.3 –46.7 –571.5

Net value 30.09.2021 55.8 144.2 16.4 216.5

Net value 30.09.2022 3.0 175.8 12.1 190.9

2020/21 financial year

EURm Goodwill Rights Other intangible assets Total

Gross value 30.09.2020 216.7 435.8 65.8 718.3

Additions – 22.9 0.6 23.5

Disposals – –12.6 –6.9 –19.5

Transfers – 0.7 – 0.7

Change in the scope of consolidation –0.6 –4.6 – –5.1

Gross value 30.09.2021 216.2 442.2 59.5 717.9

Accumulated amortisation 30.09.2020 –160.9 –294.4 –46.2 –501.4

Scheduled amortisation – –17.5 –3.8 –21.3

Impairment losses – –3.2 – –3.2

Additions – 0.1 – 0.1

Disposals – 12.4 6.9 19.3

Change in the scope of consolidation 0.6 4.6 – 5.1

Accumulated amortisation 30.09.2021 –160.3 –298.0 –43.1 –501.4

Net value 30.09.2020 55.8 141.4 19.7 216.9

Net value 30.09.2021 55.8 144.2 16.4 216.5

Consolidated notes — Notes to the consolidated statement of operations, Notes to the consolidated statement of financial position

EVN Annual Financial Report 2021/ 22

The rights include EVN’s electricity procurement rights to the Danube power plants in Freudenau, Melk and Greifenstein. The carrying

amount totalled EUR 41.5m as of 30 September 2022 and will be amortised over the expected remaining operating life of the power plants.

The goodwill in the CGU “international project business” was tested for impairment as of 31 March 2022 due to a change in the Group’s

risk and earnings expectations caused by the uncertain geopolitical and economic environment. This impairment test led to the recogni-

tion of an impairment loss of EUR 52.9m. The recoverable amount was determined on the basis of the value in use and amounted to

EUR392.2m. A WACC after tax of 4.17% (previous year: 3.47%) was used as the discount rate. If the WACC had increased (decreased)

by0.5 percentage points, the net assets of the CGU would, ceteris paribus, have been EUR 77.3m lower in the 2021/22 financial year

(cover shortfall of EUR 28.5m). The recoverable amount would correspond to the carrying amount at a WACC after tax of 3.23%.

In 2021/22, a total of EUR 2.4m (previous year: EUR 1.3m) was invested in research and development, EUR0.9m thereof was capitalised

(previous year: small amount of less than EUR 0.1m).

36. Property, plant and equipment

Reconciliation of property, plant and equipment

2021/22 financial year

EURm

Land and

buildings Lines

Technical

equipment Meters

Other plants,

tools and

equipment

Equipment

under

construction Total

Gross value 30.09.2021 965.6 4,729.1 2,802.0 294.7 227.9 240.2 9,259.5

Currency translation differences 0.4 1.0 24.4 0.2 0.1 0.1 26.2

Additions 21.8 139.0 60.3 59.8 25.7 215.7 522.3

Disposals –20.9 –10.5 –45.3 –34.8 –13.8 –1.0 –126.3

Transfers 10.8 72.1 20.0 – 0.7 –103.9 –0.4

Reclassification to assets held for sale – – –79.0 – –0.1 – –79.1

Gross value 30.09.2022 977.6 4,930.7 2,782.4 320.0 240.5 351.0 9,602.2

Accumulated amortisation 30.09.20

21 –561.8 –2,632.4 –2,073.8 –133.1 –154.2 –11.9 –5,567.3

Currency translation differences –0.2 –0.6 –23.7 –0.1 –0.1 – –24.7

Scheduled depreciation –25.8 –120.5 –81.1 –23.7 –25.8 – –276.9

Impairment losses –3.9 –43.5 –14.1 –0.1 –0.2 – –61.9

Revaluation 0.5 2.3 6.8 – – – 9.6

Disposals 20.7 10.3 44.0 30.6 13.5 0.6 119.8

Reclassifications 0.5 – – – – – 0.5

Reclassification to assets held for sale – – 79.0 – 0.1 – 79.1

Accumulated amortisation 30.09.2022

–570.1 –2,784.4 –2,063.0 –126.4 –166.6 –11.3 –5,721.7

Net value 30.09.2021 403.8 2,096.7 728.2 161.6 73.6 228.3 3,692.1

Net value 30.09.2022 407.5 2,146.3 719.4 193.6 73.9 339.8 3,880.4

EVN Annual Financial Report 2021/ 22

Consolidated notes — Notes to the consolidated statement of financial position

2020/21 financial year

EURm

Land and

buildings Lines

Technical

equipment Meters

Other plants,

tools and

equipment

Equipment

under

construction Total

Gross value 30.09.2020 971.3 4,567.4 3,184.6 283.3 233.3 211.6 9,451.4

Currency translation differences – 0.2 4.7 – – 0.1 4.9

Additions 19.3 114.7 47.3 58.9 26.7 129.1 396.1

Disposals –23.1 –10.3 –48.6 –50.4 –26.4 –1.0 –159.6

Transfers 13.5 57.0 30.9 2.8 –5.2 –99.3 –0.3

Change in the scope of consolidation –15.3 – –416.9 – –0.6 –0.3 –433.1

Gross value 30.09.2021 965.6 4,729.1 2,802.0 294.7 227.9 240.2 9,259.5

Accumulated amortisation 30.09.20

20 –548.2 –2,522.3 –2,347.9 –163.6 –153.9 –12.1 –5,748.0

Currency translation differences – – –4.0 – – – –4.0

Scheduled depreciation –27.4 –118.7 –98.9 –19.1 –26.9 – –290.9

Impairment losses –22.4 –0.5 –88.1 – –0.2 –0.4 –111.6

Revaluation 0.8 0.4 1.2 – – – 2.4

Disposals 20.3 8.7 46.9 49.6 26.1 0.2 151.8

Reclassifications –0.2 – 0.1 – – – –0.1

Change in the scope of consolidation 15.3 – 416.9 – 0.6 0.3 433.1

Accumulated amortisation 30.09.2021

–561.8 –2,632.4 –2,073.8 –133.1 –154.2 –11.9 –5,567.3

Net value 30.09.2020 423.0 2,045.1 836.7 119.7 79.4 199.5 3,703.4

Net value 30.09.2021 403.7 2,096.7 728.2 161.6 73.6 228.3 3,692.1

Land and buildings included land with a value of EUR 63.5m (previous year: EUR 59.4m). There was no maximum amount mortgage as of

30 September 2022.

As in the previous year, no property, plant and equipment or intangible assets were pledged as collateral as of 30 September 2022.

The impairment testing of assets in accordance with IAS 36 led to the recognition of the following impairment losses and write-ups

in2021/22:

Various heating plants attributable to EVN Wärme were tested for impairment due to a deterioration in the economic environment. The

related calculations led to the recognition of impairment losses totalling EUR 6.8m to three plants in the Energy Segment. The recoverable

amount was determined on the basis of the value in use and amounted to EUR 9.8m. A WACC after tax ranging from 5.64% to 5.66%

was used as the discount rate, which corresponds to an iteratively derived pre-tax WACC of 6.67% to 11.03%.

A triggering event was identified in connection with the CGU “gas grid Lower Austria” due to an increase in the weighted average cost

of capital (WACC) over the expected regulated WACC in the coming regulatory period. The impairment test led to the recognition of an

impairment loss of EUR 32.9m in the Network Segment. The recoverable amount was determined on the basis of the value in use and

amounted to EUR 541.2m. A WACC after tax of 4.53% was used as the discount rate, which corresponds to an iteratively derived pre-tax

WACC of 5.88%. If the WACC had increased (decreased) by 0.5 percentage points, the net assets of the CGU would, ceteris paribus, have

been EUR 84.8m lower (excess cover of EUR 30.5m).

EVN Annual Financial Report 2021/ 22

In the South East Europe Segment, the cogeneration plants operated by TEZ Plovdiv in Bulgaria were tested for impairment following an

increase in the WACC. This impairment test led to the recognition of an impairment loss of EUR 16.6m. The recoverable amount was

determined on the basis of the value in use less costs to sell (Level 3 according to IFRS 13) and amounted to EUR 38.2m. A WACC after tax

of 7.78% was used as the discount rate, which corresponds to an iteratively derived pre-tax WACC of 8.67%. The underlying present

value model includes a detailed planning period of four years, a general planning phase up to and including 2032, and a perpetual yield.

The Kavarna wind park was tested for impairment as of 31 December 2021 due to a change in the regulatory framework in Bulgaria. This

test led to a write-up of EUR 6.4m. The recoverable amount was determined on the basis of the value in use and amounted to EUR 18.4m

(previous year: EUR 12.7m). The discount rates equalled a WACC after tax of 4.31% for the regulated period and 4.58% for the non-regu-

lated period (previous year: 5.24% and 5.30%). Further indications of a change in the value of this CGU were identified as of 30 Septem-

ber 2022 as a result of the economic environment and an increase in the WACC. An impairment test on that date led to the recognition of

a further revaluation of EUR 3.2m. Thus revaluations in the Generation Segment totalled EUR 9.6m in 2021/22. The recoverable amount

was determined on the basis of the value in use and amounted to EUR 22.4m. The discount rates equalled a WACC after tax of 7.65% for

the regulated period and 7.83% for the non-regulated period, which corresponds to an iteratively derived pre-tax WACC of 9.79%.

As a consequence of geopolitical developments and the increased country risk premium in Russia, the combined heat and power plants in

Moscow were tested for impairment in the second quarter of 2021/22 and subsequently written off in full. The impairment loss recognised

to the consolidated statement of operations equals EUR 5.5m. The recoverable amount was determined on the basis of the value in use

and resulted in a negative amount. The discount rate equalled a WACC after tax of 16.38%, which corresponds to an iteratively derived

pre-tax WACC of 18.25%.

EVN as the lessee

The most important application area for the EVNGroup is formed by lease and easement agreements, as well as leased commercial and

warehouse space which are assumed to be based on long-term leases. Rights of use totalling EUR 74.0m (previous year: EUR 68.6m) were

contrasted by lease liabilities with a present value of EUR 61.8m (previous year: EUR 60.6m) as of 30 September 2022. The short-term portion

of the lease liabilities equalled EUR 6.4m (previous year: EUR5.5m).

In connection with subsequent measurement, the rights of use are amortised on a systematic basis over the shorter of the useful life and

the remaining term of the lease. The conclusion of new agreements and the recognition of changes in estimates and modifications

in2021/22 led to an addition of EUR 12.0m (previous year: EUR 6.6m). Rights of use from lease agreements are reported as part of property,

plant and equipment in accordance with IFRS 16; the development and amortisation of these rights of use are allocated to the following

asset classes:

2021/22 financial year

EURm

Land and

buildings Lines

Technical

equipment

Other plants,

tools and

equipment Total

Rights of use 30.09.2021 55.8 11.4 1.0 0.4 68.6

Additions 7.4 3.9 0.4 0.4 12.0

Scheduled depreciation –4.9 –0.5 –1.0 –0.2 –6.6

Rights of use 30.09.2022 58.4 14.8 0.3 0.5 74.0

EVN Annual Financial Report 2021/ 22

2020/21 financial year

EURm

Land and

buildings Lines

Technical

equipment

Other plants,

tools and

equipment Total

Rights of use 30.09.2020 66.8 6.5 0.4 6.6 80.3

Additions 0.2 5.2 1.0 0.1 6.6

Scheduled depreciation –5.2 –0.3 –0.4 –0.4 –6.3

Impairments –12.0 – – – –12.0

Other movements 6.0 – – –6.0 –

Rights of use 30.09.2021 55.8 11.4 1.0 0.4 68.6

The determination of the rights of use and corresponding lease liabilities includes all sufficiently probable cash outflows. The cash out-

flows from leases totalled EUR 14.0m (previous year: EUR 13.3m) in 2021/22. The consolidated statement of operations contains EUR2.5m

(previous year: EUR 2.3m) of expenses from unrecognised leases, which include expenses from low-value leases, expenses from short-

term leases (less than twelve months) and expenses from variable lease payments that were not included in the lease liability. The interest

expense for lease liabilities totalled EUR 0.6m (previous year: EUR 0.6m) in2021/22. The difference between the cash outflows presented

here and the payments for lease liabilities resulted primarily from advance rental payments made in 2021/22. These advance payments are

not reported under cash flow from financing activities because they are not related to lease liabilities; they are instead included under

cash flow from investing activities.

37. Investments in equity accounted investees

The companies included in the consolidated financial statements at equity are listed in the notes under EVN’s investments starting on

page 112. Note 64. Disclosures of interests in other entities contains financial information on joint ventures and associates that are

included at equity in EVN’s consolidated financial statements.

All investments in equity accounted investees were recognised at their proportional share of IFRS income or loss based on an interim or

annual report with a balance sheet date that does not precede the balance sheet date of EVN by more than three months. There were no

listed market prices for the investments in equity accounted investees included in the consolidated financial statements.

Reconciliation of investments in equity accounted investees

2021/22 financial year

EURm

Gross value 30.09.2021

918.3

Additions 50.0

Gross value 30.09.2022

968.3

Accumulated amortisation 30.09.2021

659.2

Currency translation differences 3.8

Proportional share of results 98.9

Dividends –152.6

Changes recognised in other comprehensive income 810.3

Accumulated amortisation 30.09.2022

1,419.7

Net value 30.09.2021

1,577.5

Net value 30.09.2022

2,388.0

Consolidated notes — Notes to the consolidated statement of financial position

EVN Annual Financial Report 2021/ 22

2020/21 financial year

EURm

Gross value 30.09.2020

919.9

Change in the scope of consolidation –1.5

Gross value 30.09.2021

918.3

Accumulated amortisation 30.09.2020

82.3

Currency translation differences –1.2

Disposal from the scope of consolidation 1.4

Revaluation 49.0

Proportional share of results 190.6

Dividends –129.4

Changes recognised in other comprehensive income 466.4

Accumulated amortisation 30.09.2021

659.2

Net value 30.09.2020

1,002.1

Net value 30.09.2021

1,577.5

The strong increase in energy prices led to a necessary equity injection for EVN KG to safeguard the company‘s liquidity and operational

flexibility. The additions of EUR 50.0m in 2021/22 were related solely to the equity injection for EVN KG.

The carrying amount of equity accounted investees rose by EUR 810.5m in 2021/22 (previous year: increase of EUR 575.4m). These

changes resulted chiefly (EUR 768.2m) from changes in the fair value of derivative financial instruments in the energy business which are

designated as cash flow hedges and are related to the investments in EVN KG and EnergieAllianz.

Sludge2energy reported negative equity of EUR 7.4m as of 30 September 2022. The proportional share of unrecognised surplus losses in

this equity accounted company totalled EUR 3.7m as of 30 September 2022 (previous year: EUR 0.0m).

38. Other investments

The item other investments includes holdings in affiliates and associates, which are not consolidated due to immateriality, as well as

miscellaneous stakes of less than 20.0% that were not included at equity.

The shares in affiliates and associates which are not consolidated due to immateriality are measured at cost less any necessary impairment

losses and totalled EUR 6.2m in 2021/22 (previous year: EUR 4.1m). The other investments classified as FVOCI consist primarily of shares in

Verbund AG with a value of EUR 3,837.5m (previous year: EUR 3,848.4m) and miscellaneous other investments of EUR 190.9m (previous

year: EUR 177.0m). The valuation adjustments were recorded under other comprehensive income, the dividends were recorded in the

consolidated statement of operations (also see note 32. Financial results).

EVN AG and Wiener Stadtwerke Holding AG entered into an agreement on 22 September 2010 for the syndication of their directly and

indirectly held shareholdings in Verbund AG. This agreement gives the two companies joint control over approximately 26% of the voting

shares in Verbund AG. In spite of the syndicate agreement, the scope of possible influence over the financial and business policies of

Verbund AG is very limited. The requirements for classification as a controlling influence (IAS 28) are therefore not met and the shares

inVerbund AG are therefore accounted by applying IFRS 9.

EVN Annual Financial Report 2021/ 22

The valuation of the investment in Verbund Hydro Power AG in 2021/22 based on the discounted cash flow method resulted in a write-up

of EUR 18.2m in the Generation Segment. The recoverable amount was determined on the basis of fair value less costs to sell (Level 3

according to IFRS 13) and amounted to EUR 159.0m. A WACC after tax of 5.46% was used as the discount rate. The present value model

underlying the valuation is based on publicly available information in the annual financial statements and, based on available data for

electricity prices, forecasts the development of the coming years up to 2050 and a perpetual yield without a growth rate.

The valuation of the investment in AGGM Austrian Gas Grid Management AG in 2021/22 based on the discounted cash flow method

resulted in the recognition of an impairment loss of EUR 2.3m in the Networks Segment. The recoverable amount was determined on the

basis of fair value less costs to sell (Level 3 according to IFRS 13) and amounted to EUR 4.4m. A WACC after tax of 4.53% was used as the

discount rate. The present value model underlying the valuation is based on a perpetual yield without a growth rate which, in turn, was

developed from the average trend of data from publicly available annual financial statements for 2018–2021 and a forecast for the 2022

financial year.

In the All Other Segments, the valuation of the investment in Wiener Börse AG based on the discounted cash flow method resulted in an

impairment loss of EUR 2.1m in 2021/22. The recoverable amount was determined on the basis of fair value less costs to sell (Level 3

according to IFRS 13) and amounted to EUR 26.0m. A WACC after tax of 6.18% was used as the discount rate. The present value model

underlying the valuation includes forecasted distributions for the coming year as well as a perpetual yield without a growth rate.

39. Other non-current assets

Other non-current assets

EURm 30.09.2022 30.09.2021

Non-current financial assets

Securities

68.8 74.4

Loans receivable 25.1 35.4

Lease receivables 12.7 14.0

Receivables arising from derivative transactions – 4.9

Trade receivables 13.9 10.8

Non-current other assets

Contract assets 1.9 1.2

Contract costs 36.1 56.7

Primary energy reserves 0.8 0.7

Remaining other non-current assets 3.9 1.8

Total

163.0 200.0

Securities reported under other non-current assets consist mainly of shares in investment funds and serve as coverage for the provisions

for pensions and similar obligations as required by Austrian tax law. The carrying amounts correspond to the fair value as of the balance

sheet date.

Lease receivables relate to project business in connection with PPP-projects. The decline in the fiscal year is mainly due to the contractually

agreed redemption payments.

Consolidated notes — Notes to the consolidated statement of financial position

EVN Annual Financial Report 2021/ 22

The reconciliation of the future minimum lease payments to their present value is as follows:

Terms to maturity of non-current lease receivables

EURm

Remaining term to maturity as of 30.09.2022 Remaining term to maturity as of 30.09.2021

Principal

components

Interest

components Total

Principal

components

Interest

components Total

< 5 years 7.6 0.5 8.2 7.8 0.9 8.7

> 5 years 5.0 0.1 5.1 6.2 0.2 6.5

Total

12.7 0.6 13.3 14.0 1.2 15.2

The total of the principal components corresponds to the capitalised value of the lease receivables. The interest components correspond

to the proportionate share of the interest component of the total lease payment and do not represent discounted amounts. The interest

components of the lease payments in 2021/22 were reported as interest income on non-current assets.

Trade receivables include claims from North Macedonia which were reclassified as long-term based on instalment agreements with

customers.

Contract costs represent the costs for obtaining contracts, as defined in IFRS 15.91, and are related to the international project business.

Contract costs totalling EUR 86.7m were capitalised in fiscal year 2019/20 and will be amortised on a systematic basis in line with

the expected timing of the contract on which the costs are based and depending on how the goods or services are transferred to the

customer. Therefore, the original depreciation period is between 2.5 years and 4 years. As a result of the current depreciation of

EUR20.6m (previous year: EUR 25.5m) in the fiscal year 2021/22, the book value decreased to EUR 36.1m (see note 31. Depreciation

and amortisation and effects from impairment tests).

Current assets

40. Inventories

Inventories

EURm 30.09.2022 30.09.2021

Primary energy inventories

120.0 8.9

emission certificates 16.9 49.0

Raw materials, supplies, consumables and other inventories 62.3 26.8

Customer orders not yet invoiced 7.6 11.0

Total

206.8 95.7

Primary energy inventories consist primarily of natural gas. Gas inventories totalled EUR 117.2m as of 30 September 2022 (previous year:

EUR 6.8m). As a reaction to the threatening stop of gas deliveries, EVN continuously increased the volumes of non-Russian gas and its

strategic gas supplies during the 2021/22 financial year. These measures are intended to protect supply security for the EVN Group’s natural

gas customers and to ensure that gas supplies are available for shortage management in the gas-fired power plant.

Part of the natural gas inventories have been measured according to the broker-trader exception since 2019/20 because they are held

exclusively for trading. Consequently, these natural gas inventories are measured at fair value (Level 1) less costs to sell. The fair value of

the inventories held for trading totalled EUR 0.1m (previous year: EUR 0.1m) as of 30 September 2022. Positive changes in the market

value resulted in a revaluation through profit or loss of EUR 0.1m (previous year: EUR 0.1m) as of 30 September 2022.

EVN Annual Financial Report 2021/ 22

The CO

emission certificates relate exclusively to certificates purchased to fulfil the requirements of the Austrian Emission Certificate Act

and which have not yet been used. The corresponding obligation for any shortfall in the certificates is reported under current provisions

(see note 57. Current provisions). The decrease in emission certificates is mainly due to the sale of the Walsum 10 coal-fired power

plant, which was included as a joint operation, in the previous year.

Valuation allowances of EUR 0.7m were recognised to inventories in 2021/22 (previous year: EUR 0.9m) and were contrasted by revaluations

of EUR 0.1m (previous year: EUR 0.1m). The inventories are not subject to any restrictions on disposal or other encumbrances.

41. Trade and other receivables

Trade and other receivables

EURm 30.09.2022 30.09.2021

Financial assets

Trade accounts receivable 306.1 331.0

Receivables from investments in equity accounted investees 50.6 55.2

Receivables from non-consolidated subsidiaries 5.9 1.0

Receivables from employees 9.2 0.1

Receivables arising from derivative transactions 27.0 58.7

Lease receivables 1.5 1.4

Other receivables and assets 180.9 65.1

581.2 512.3

Other receivables

Taxes and levies receivable 48.1 27.2

Prepayments 142.8 152.4

Contract assets 221.4 58.0

412.3 237.6

Total

993.5 749.9

Trade accounts receivable relate mainly to electricity, natural gas and heating customers and customers from the international project

business. Notes to impairment losses and default risks for trade receivables can be found in note 61. Risk management.

Receivables from investments in equity accounted investees and receivables from non-consolidated subsidiaries arise primarily from

intragroup transactions related to energy supplies as well as Group financing and services provided to those companies.

The receivables arising from derivative transactions consist chiefly of the positive market values of derivatives in the energy business.

Other receivables and assets include, among others, receivables from insurance and short-term loans receivable, as well as security

retained in the international project business. The increase in contract assets resulted primarily from contract orders in the international

project business. In 2021/22, as in the previous year, no impairments were recognised in connection with contract assets.

As of 30 September 2022, as in the previous year, no receivables were pledged as collateral for EVN’s own liabilities.

Consolidated notes — Notes to the consolidated statement of financial position

EVN Annual Financial Report 2021/ 22

42. Securities and other financial investments

Composition of securities and other financial investments

EUm 30.09.2022 30.09.2021

Funds

193.3 383.0

thereof cash funds 193.1 382.8

thereof other fund products 0.2 0.2

Time deposits 14.4 16.1

Restricted cash 9.3

–

Total

216.8 399.1

A write-down of a small amount below EUR –0.1m was recorded through profit or loss in 2021/22 (previous year: EUR –3.5m). The time

deposits reported under this item have a maturity of more than three months.

The item restricted cash includes bank balances that have been pledged and are therefore not available for general use by the Group.

43. Assets and liabilities held for sale

EVN, together with its two fully consolidated subsidiaries OOO EVN Umwelt Service and OOO EVN Umwelt, operates two sludge-fired

combined heat and power plants in Moscow. These plants are allocated to the Environment Segment. The war in Ukraine has had a

negative influence on relations between the majority of the international community of states and the Russian Federation, and the risk of

the orderly continuation of business operations in Russia is more difficult to calculate. In view of these developments, EVN evaluated

possible exit scenarios. A potential sale materialised as the most probable scenario in the fourth quarter of 2021/22, and the sale is actually

expected to take place in the first quarter of 2022/23. Based on the concrete intention to sell and the advanced stage of negotiations

with a potential buyer, the sale is considered highly probable. The assets and liabilities connected with this disposal group are therefore

classified as current as of 30 September 2022 in accordance with IFRS 5.

Other operating expenses include impairment losses of EUR 1.8m. In addition, impairment losses to property, plant and equipment and

intangible assets were combined into a minor sum of less than EUR 0.1m. These impairment losses resulted from the application of the

lower of the carrying amount and fair value less costs to sell for the disposal group.

Other comprehensive income includes cumulative expenses connected with the disposal group. The difference from currency translation

equalled EUR –1.5m as of 30 September 2022.

The disposal group was measured at fair value less costs to sell as of 30 September 2022 and contains the following assets and liabilities:

Assets and liabilities held for sale

EURm 30.09.2022

Current assets

9.3

Assets held for sale

9.3

Non-current liabilities 0.5

Current liabilites 0.8

Liabilities held for sale

1.3

Current assets include EUR 7.5m of bank deposits which are subject to disposal restrictions due to the sanctions imposed by the Russian

Federation.

EVN Annual Financial Report 2021/ 22

Liabilities

Equity

The development of equity in 2021/22 and 2020/21 is shown on page 29.

44. Share capital

The share capital of EVN AG totals EUR 330.0m (previous year: EUR 330.0m) and is divided into 179,878,402 (previous year: 179,878,402)

zero par value bearer shares.

45. Share premium and capital reserves

The share premium and capital reserves comprise appropriated capital reserves of EUR 205.2m (previous year: EUR 204.4m) from capital

increases and unappropriated capital reserves of EUR 58.3m (previous year: EUR 58.3m), both in accordance with Austrian stock corpo-

ration law.

46. Retained earnings

Retained earnings of EUR 2,979.9m (previous year: EUR 2,863.0m) comprise the proportional share of retained earnings attributable to

EVN AG and all other consolidated companies from the date of initial consolidation as well as the proportional share of retained earnings

from business combinations achieved in stages.

Dividends are based on the result of EVN AG as reported in the annual financial statements and developed as follows:

Reconciliation of EVN AG’s result for the period

EURm 2021/22

Reported result for the period 2021/22

354.0

Plus retained earnings from the 2020/21 financial year 0.1

Less additions to voluntary reserves –261.0

Distributable result for the period

93.1

Proposed dividend –92.7

Retained earnings for the 2022/23 financial year 0.4

Liabilities do not include the dividend of EUR 0.52 per share for the 2021/22 financial year which will be proposed to the Annual General

Meeting.

The 93

Annual General Meeting on 3 February 2022 approved a proposal by the Executive Board and the Supervisory Board to distribute

a dividend of EUR 0.52 per share for the 2020/21 financial year. This resulted in a total dividend payment of EUR 92.6m. Ex-dividend day

was 9 February 2022, dividend payment day was 11 February 2022.

47. Valuation reserves

The valuation reserve contains changes in the market value of cash flow hedges and financial assets classified at fair value through other

comprehensive income (FVOCI), the IAS 19 remeasurements and the proportional share of changes in the equity of investments in equity

accounted investees.

In addition, the statement of comprehensive income includes EUR 9.4m (previous year: EUR 0.9m) for the share of changes in the valuation

reserves that are attributable to non-controlling interests (see Consolidated statement of comprehensive income, page 27).

The part of the valuation reserve attributable to equity accounted investees consists primarily of components from cash flow hedges that

were recorded under equity as well as remeasurements in accordance with IAS 19 and the valuation of FVOCI instruments.

Consolidated notes — Notes to the consolidated statement of financial position

EVN Annual Financial Report 2021/ 22

Valuation reserves

EURm

30.09.2022 30.09.2021

Before tax Tax After tax Before tax Tax After tax

Items recognised under other comprehensive

income from

Financial assets classified at fair value through

other comprehensive income

3,566.3 –820.2 2,746.1 3,563.8 –890.9 2,672.9

Cash flow hedges –206.5 55.1 –151.4 –22.4 6.3 –16.1

Remeasurements IAS 19

–73.0 16.3 –56.7 –151.0 37.1 –113.9

Investments in equity accounted investees

1,229.9 –289.7 940.2 428.8 –111.1 317.7

Total

4,516.7 –1,038.4 3,478.3 3,819.2 –958.6 2,860.6

In 2021/22, cash flow hedges totalling EUR –43.0m (previous year: EUR 13.7m) were transferred from other comprehensive income to the

consolidated statement of operations. The year-on-year change resulted, above all, from the portfolio hedge as well as from the hedging

of net cash flows from the international project business (see note 63. Reporting on financial instruments). Due to the ineffective-

ness of the hedges an amount of EUR 0.0m (previous year: EUR 0.0m) was recognised in profit or loss.

48. Treasury shares

A total of 37,888 treasury shares were sold during the reporting year to permit their issue as a special payment in accordance with a

company agreement (previous year: 43,464 shares). EVN AG is not entitled to any rights arising from treasury shares. In particular, these

shares are not entitled to dividends.

The number of shares outstanding developed as follows:

Reconciliation of the number of

outstanding shares

Zero par value shares Treasury shares Outstanding shares

30.09.2020

179,878,402 –1,740,709 178,137,693

Purchase of treasury shares – – –

Disposal of treasury shares – 43,464 43,464

30.09.2021

179,878,402 –1,697,245 178,181,157

Purchase of treasury shares – – –

Disposal of treasury shares – 37,888 37,888

30.09.2022

179,878,402 –1,659,357 178,219,045

The weighted average number of shares outstanding, which is used as the basis for calculating earnings per share, equals

178,187,472 shares (previous year: 178,144,937 shares).

EVN Annual Financial Report 2021/ 22

49. Non-controlling interests

The item non-controlling interests comprises the non-controlling interests in the equity of fully consolidated subsidiaries.

The following table provides information on each fully consolidated subsidiary of EVN with material non-controlling interests before

intragroup eliminations:

Financial information of subsidiaries with

material non-controlling interests

EURm 30.09.2022 30.09.2021

Subsidiaries

RBG BUHO EVN Macedonia RBG BUHO EVN Macedonia

Non-controlling interests (%) 49.97 26.37 10.0 49.97 26.37 10.0

Carrying amount of non-controlling interests 202.0 41.7 34.0 191.2 40.4 31.3

Result attributable to non-controlling interests 25.8 3.8 2.5 20.2 3.4 2.8

Dividends attributable to non-controlling interests 24.0 2.7 – 22.6 2.7 –

Statement of financial position

Non-current assets 403.8 195.5 391.6 382.2 190.6 375.0

Current assets 0.1 9.4 140.3 0.1 9.4 62.8

Non-current liabilities – 0.8 108.1 – 1.0 97.8

Current liabilities – 0.1 77.1 – – 23.7

2021/ 22 2020/21

Statement of operations

Revenue – – 0.1 – – –

Result after income tax 51.7 14.4 29.3 40.5 12.7 27.8

Net cash flows

Net cash flow from operating activities 47.9 10.4 12.2 45.1 10.3 29.7

Net cash flow from investing activities – – –34.4 – – –26.4

Net cash flow from financing activities –48.0 –10.4 9.8 –45.2 –10.4 –0.2

Non-current liabilities

50. Non-current loans and borrowings

Breakdown of non-current

loans and borrowings

Nominal

interest rate (%) Term Nominal amount

Carrying

amount

30.09.2022

EURm

Carrying

amount

30.09.2021

EURm

Fair value

30.09.2022

EURm

Bonds

556.7 319.6 480.1

JPY bond 3.130 2009 –2024 JPY 12.0bn 87.4 95.4 88.0

EUR bond 4.125 2012–2032 EUR 100.0m 98.6 98.5 99.1

EUR bond 4.125 2012–2032 EUR 25.0m 24.7 24.7 24.8

EUR bond 0.850 2020–2035 EUR 101.0m 101.0 101.0 64.8

Registered bond 2.005 2022–2034 EUR 5.0m 5.0 – 3.9

Registered bond 2.440 2022–2037 EUR 150.0m 150.0 – 116.3

Registered bond 3.900 2022–2038 EUR 90.0m 90.0 – 83.2

Bank loans (incl. promissory note loans)

0.00 – 4.99 until 2068 – 594.0 399.3 552.7

Total

1,150.8 718.9 1,032.9

1) In the 2021/22 financial year, a reclassification was made to current financial liabilities in the amount of EUR 150.1m.

Consolidated notes — Notes to the consolidated statement of financial position

EVN Annual Financial Report 2021/ 22

The maturity structure of the non-current loans and borrowings is as follows:

Maturity of non-current loans

and borrowings

EURm

Remaining term to maturity as of 30.09.2022 Remaining term to maturity as of 30.09.2021

< 5 years > 5 years Total < 5 years > 5 years Total

Bonds

87.4 469.3 556.7 95.4 224.2 319.6

thereof fixed interest – 469.3 469.3 – 224.2 224.2

thereof variable interest 87.4 – 87.4 95.4 – 95.4

Bank loans 235.6 358.5 594.0 79.5 319.7 399.3

thereof fixed interest 229.6 358.5 588.1 70.3 319.7 390.1

thereof variable interest 6.0 – 6.0 9.2 – 9.2

Total

323.0 827.8 1.150.8 175.0 543.9 718.9

Bonds

All bonds involve bullet repayment on maturity. The foreign currency bond is hedged against interest and foreign exchange risk by means

of cross-currency swaps.

The change results from the issuance of two registered bonds in April 2022 (nominal values of EUR 5m and EUR 150m respectively) and

the issue of a registered bond in July 2022 (nominal value EUR 90m). The other changes result from changes in the value of the hedged

foreign currency risk from the JPY bond.

The bonds are carried at amortised cost. Foreign currency liabilities are translated at the exchange rate in effect on the balance sheet

date. In accordance with IFRS 9, hedged liabilities are adjusted to reflect the corresponding change in the fair value of the hedged risk in

cases where hedge accounting is applied (see note 63. Reporting on financial instruments).

Bank loans

The loans consist of immaterial general borrowings from banks and loans, which are subsidised in part by interest and redemption grants

from the Austrian Environment and Water Industry Fund. This position also includes EUR 247.0m (previous year: EUR 187.5m) of promissory

note loans that were issued in October 2012, April 2020 and in July 2022.

Accrued interest is reported under other current liabilities.

EVN Annual Financial Report 2021/ 22

51. Deferred taxes

Deferred taxes

EURm 30.09.2022 30.09.2021

Deferred tax assets

Employee-related provisions –22.9 –48.0

Tax loss carryforwards –13.9 –59.2

Investment depreciation –23.8 –27.4

Property, plant and equipment –6.8 –4.1

Provisions –11.4 –3.2

Financial instruments –72.6 –21.5

Other assets –3.8 –32.0

Other liabilities –12.7 –10.9

Deferred tax liabilities

Property, plant and equipment 78.4 72.3

Intangible assets 2.1 2.3

Investments 1,130.0 1,023.9

Provisions 8.5 –

Financial instruments 8.2 15.9

Other assets 4.7 40.3

Other liabilities 7.2 17.8

Total

1,071.1 978.5

thereof deferred tax assets –55.6 –57.0

thereof deferred tax liabilities 1,126.7 1,035.4

Deferred taxes developed as follows:

Changes in deferred taxes

EURm 2021/22 2020/21

Deferred taxes on 01.10.

978.5 414.6

– Changes recognised directly in equity resulting from currency translation differences and other changes –0.3 4.1

– Changes in deferred taxes recognised through profit and loss 13.1 –23.1

– Changes in deferred taxes recognised directly in equity from the valuation reserve 79.8 582.8

Deferred taxes on 30.09.

1,071.1 978.5

Projected tax results will permit the utilisation over the coming years of losses for which deferred tax assets were previously recorded.

Deferred tax assets of EUR 73.9m (previous year: EUR 86.9m) related to loss carryforwards were not recognised because they are not

expected to be used within the foreseeable future. Of this total, EUR 8.6m will expire during the next five years (previous year: EUR 1.9m).

The remaining loss carryforwards that were not capitalised can be carried forward for an indefinite period of time.

Deferred tax liabilities of EUR 85.7m (previous year: EUR 111.3m) on temporary differences of EUR 325.5m (previous year: EUR 413.7m)

were not recognised because these differences will remain tax-free in the foreseeable future. These temporary differences arise from dif-

ferences between the tax base of the participation interest and the proportional share of equity owned less retained earnings, respectively

between the tax base of the participation interest and the carrying amount of the equity accounted investees (outside basis differences).

The changes recorded under other comprehensive income are primarily attributable to financial instruments (EUR –119.6m; previous year:

EUR 485.3m), associates (EUR 178.6m; previous year: EUR 109.6m) and employee-related provisions (EUR 20.9m; previous year:

EUR3.3m).

Consolidated notes — Notes to the consolidated statement of financial position

EVN Annual Financial Report 2021/ 22

52. Non-current provisions

Non-current provisions

EURm 30.09.2022 30.09.2021

Provisions for pensions

172.0 239.2

Provisions for pension-related obligations 20.2 28.1

Provisions for severance payments 69.7 84.6

Other non-current provisions 74.3 93.4

Total

336.2 445.3

The calculation of provisions for pensions and similar obligations and provisions for severance payments is mainly based on the following

calculation principles:

The discount rate used to measure the provision for pensions and pension-related obligations was set at 3.7% as of 30 September 2022

(previous year: 1.1%). The provisions for severance payments were measured with a discount rate of 3.6% (previous year 0.9%). The

different discount rates reflect the different duration of the provisions for severance payments.

The following parameters are applied:

• Remuneration increases 3.50% p. a.; in subsequent years 2.25% p. a. (previous year: remuneration increases 2.00% p. a.,

in subsequent years 2.00% p. a.)

• Pension increases 3.50% p. a.; in subsequent years 2.25% p. a. (previous year: pension increases 2.00% p. a.,

in subsequent years 2.00% p. a.)

• Austrian mortality tables AVÖ 2018-P – Rechnungsgrundlagen für die Pensionsversicherung

Reconciliation of provisions for pensions

EURm 2021/22 2020/21

Present value of pension obligations (DBO) as of 01.10.

239.2 260.5

+ Service costs 2.0 –0.1

+ Interest costs 2.6 2.6

– Pension payments –12.5 –13.2

/– Actuarial loss/gain –59.4 –10.6

thereof

Financial assumptions –53.1 –2.8

Assumptions based on experience –6.3 –7.8

Present value of pension obligations (DBO) as of 30.09.

172.0 239.2

As of 30 September 2022, the weighted average remaining term equalled 11.1 years for the pension obligations (previous year: 14.1 years).

Pension payments are expected to total EUR 12.6m in 2022/23 (previous year: EUR 13.2m).

EVN Annual Financial Report 2021/ 22

Reconciliation of the provisions for pension-related obligations

EURm 2021/22 2020/21

Present value of the provisions for pension-related obligations (DBO) as of 01.10.

28.1 28.6

+ Service costs 0.4 0.5

+ Interest costs 0.3 0.3

– Payments –1.2 –1.0

/–

Actuarial loss/gain

–7.4 –0.4

thereof

Financial assumptions –9.2 –0.5

Assumptions based on experience 1.7 0.2

Present value of the provisions for pension-related obligations (DBO) as of 30.09.

20.2 28.1

As of 30 September 2022, the weighted average remaining term equalled 14.4 years for the pension-related obligations (previous year:

17.8 years). The payments for pension-related obligations are expected to total EUR 1.3m in 2022/23 (previous year: EUR 1.0m).

Reconciliation of the provision for severance payments

EURm 2021/22 2020/21

Present value of severance payment obligations (DBO) as of 01.10.

84.6 92.4

Service costs

3.1 3.4

+ Interest costs 0.8 0.7

– Severance payments –7.5 –10.4

/–

Actuarial loss/gain

–11.3 –1.5

thereof

Demographic assumptions –0.1 –

Financial assumptions –13.2 –1.0

Assumptions based on experience 2.0 –0.4

Present value of severance payment obligations (DBO) as of 30.09.

69.7 84.6

As of 30 September 2022, the weighted average remaining term of the severance payment obligations equalled 7.9 years (previous year:

9.0 years). Severance payments are expected to total EUR 9.8m in 2022/23 (previous year: EUR 8.8m).

A change in the actuarial parameters (ceteris paribus) would have the following effect on the provisions for pensions, pension-related

obligations and severance payments:

Sensitivity analysis for provision for pensions

% 30.09.2022 30.09.2021

Change in

assumption

Decrease in

assumption/

change in DBO

Increase in

assumption/

change in DBO

Decrease in

assumption/

change in DBO

Increase in

assumption/

change in DBO

Interest rate

0.50

5.77 –5.22 7.60 –6.73

Remuneration increases

1.00 –1.74 1.88 –2.68 2.91

Pension increases 1.00 –8.94 10.67 –11.00 13.53

Remaining life expectancy 1 year –4.44 4.48 –5.00 5.12

Consolidated notes — Notes to the consolidated statement of financial position

EVN Annual Financial Report 2021/ 22

Sensitivity analysis for provision for

pension-related obligations

30.09.2022 30.09.2021

Change in

assumption

Decrease in

assumption/

change in DBO

Increase in

assumption/

change in DBO

Decrease in

assumption/

change in DBO

Increase in

assumption/

change in DBO

Interest rate

0.50

7.56 –6.73 9.69 –8.44

Remuneration increases

1.00 – – – –

Pension increases 1.00 –5.83 6.46 –13.49 17.08

Remaining life expectancy 1 year –3.42 3.41 –4.18 4.24

Sensitivity analysis for provision for

severance payments

30.09.2022 30.09.2021

Change in

assumption

Decrease in

assumption/

change in DBO

Increase in

assumption/

change in DBO

Decrease in

assumption/

change in DBO

Increase in

assumption/

change in DBO

Interest rate 0.50 3.91 –3.68 4.55 –4.26

Remuneration increases

1.00 –7.45 8.31 –8.41 9.41

The sensitivity analysis was carried out separately for each key actuarial parameter. Only one parameter was changed at a time during the

examination, while the other variables remained constant (ceteris paribus). The method used to calculate the changed obligation reflected

the calculation of the actual obligation. The analytical capacity of this method is limited because the interdependencies between the

individual actuarial parameters are not taken into account. With respect to the severance compensation obligations, a sensitivity analysis

was not carried out for the remaining life expectancy because this parameter has only an immaterial effect on the liability.

Reconciliation of other non-current provisions

EURm

Service

anniversary

bonuses

Rents

for network

access

Process costs

and risks

Environmental

and disposal

risks

Other

non-current

provisions Total

Carrying amount

01.10.2021

25.1 6.3 4.6 53.5 4.0 93.4

Interest expense

0.3 – 0.3 – – 0.7

Use

–2.1 – – – –1.0 –3.1

Release

–2.9 –0.1 –3.4 –11.1 –0.3 –17.8

Additions

0.1 0.4 0.7 1.2 0.4 2.7

Reclassification

– –0.1 0.9 –1.3 –1.3 –1.7

Carrying amount 30.09.2022

20.5 6.5 3.1 42.3 1.9 74.3

Rents for network access involve provisions for rents to gain access to third-party facilities in Bulgaria. Various legal proceedings and

lawsuits, which for the most part arise from operating activities and are currently pending, are reported under process costs and risks.

Environmental and disposal risks primarily encompass the estimated costs for demolition or disposal as well as provisions for environ-

mental risks and risks related to contaminated sites. At the present time, the use of the provisions for environmental and disposal risks

is expected within a timeframe of one to 16 years.

EVN Annual Financial Report 2021/ 22

53. Deferred income from network subsidies

The investment subsidies are related primarily to heating plants, facilities operated by EVN Wasser, small hydropower plants and wind

power plants operated by EVN Naturkraft and facilities operated by network companies.

Deferred income from network subsidies

EURm

Network subsidies

(IFRS 15)

Network subsidies

(IAS 20)

Investment

subsidies Total

Carrying amount 01.10.2021

55.1 503.3 63.8 622.2

Currency translation differences – 0.2 – 0.2

Additions 6.7 62.8 1.6 71.0

Reclassification –5.6 –51.5 –5.1 –62.3

Carrying amount 30.09.2022

56.1 514.9 60.2 631.2

54. Other non-current liabilities

Other non-current liabilities

EURm 30.09.2022 30.09.2021

Liabilities from derivative transactions

63.2 27.6

Leasing liabilities 55.4 55.1

Remaining other non-current liabilities 19.2 33.3

Total

137.8 116.0

The liabilities from derivative transactions include the negative fair values from contracts in the energy sector and from forward exchange

transactions in connection with the international project business.

The remaining other non-current liabilities include accrued long-term electricity delivery obligations, accrued liabilities for contract costs

incurred and long-term compensation payments received.

Term to maturity of other non-current liabilities

EURm

Remaining term to maturity as of 30.09.2022 Remaining term to maturity as of 30.09.2021

< 5 years > 5 years Total < 5 years > 5 years Total

Liabilities from derivative transactions 63.2 – 63.2 27.6 – 27.6

Leasing liabilities 18.4 36.9 55.4 19.9 35.2 55.1

Remaining other non-current liabilities 16.5 2.7 19.2 30.7 2.6 33.3

Total

98.1 39.7 137.8 78.2 37.9 116.0

Consolidated notes — Notes to the consolidated statement of financial position

EVN Annual Financial Report 2021/ 22

Current liabilities

55. Current loans and borrowings

Bank overdrafts are included under cash and cash equivalents in the consolidated statement of cash flows.

Current loans and borrowings

EURm 30.09.2022 30.09.2021

Bonds

– 292.2

Bank loans 122.4 25.6

Bank overdrafts and other current loans 255.1 0.2

Total

377.4 318.0

Loans in the amount of EUR 122.4m (previous year: EUR 25.6m) were reclassified to current financial liabilities because they are now due

within one year.

56. Trade payables

Trade payables include obligations resulting from outstanding invoices amounting to EUR 128.8m (previous year: EUR 116.6m).

57. Current provisions

Reconciliation of current provisions

EURm

Personnel

entitlements

Rents for

network

access Process risks

Other current

provisions Total

Carrying amount 01.10.2021

81.2 2.6 3.7 37.3 124.8

Use –12.4 – –0.6 –15.3 –28.3

Release – – – –1.0 –1.0

Additions 14.3 – – 24.1 38.4

Reclassification –0.1 0.1 –0.9 2.5 1.7

Carrying amount 30.09.2022

83.1 2.7 2.2 47.5 135.5

The provisions for personnel entitlements comprise special payments not yet due, outstanding leave and liabilities resulting from a

voluntary early retirement programme for employees. The provisions for legally binding agreements totalled EUR 7.7m as of the balance

sheet date (previous year: EUR 8.1m).

Provisions for contingent losses of EUR 31.4m (previous year: EUR 22.0m) were formed in connection with business activities in the

context of the planning and construction of environmental infrastructure projects. The provisions result from contractual obligations.

EVN Annual Financial Report 2021/ 22

58. Other current liabilities

Other current liabilities

EURm 30.09.2022 30.09.2021

Financial liabilities

Liabilities to investments in equity accounted investees 129.7 342.5

Liabilities to non-consolidated subsidiaries 7.3 6.3

Deferred interest expenses 12.1 15.1

Liabilities arising from derivative transactions 231.3 151.7

Leasing liabilities 6.4 5.5

Other financial liabilities 122.5 47.7

509.3 568.9

Other liabilities

Contract liabilities 39.5 81.8

Prepayments received 62.6 47.2

Deferred income from network subsidies 63.0 54.3

Liabilities relating to social security 16.5 18.4

Energy taxes 4.0 32.2

Value added tax 8.0 21.1

Other taxes and duties 17.7 14.3

211.3 269.4

Total

720.7 838.2

The liabilities to investments in equity accounted investees consist primarily of cash pooling balances between EVN AG and these

companies as well as amounts due to EnergieAllianz for the distribution and procurement of electricity.

Liabilities from derivative transactions include negative market values of derivatives in the energy sector amounting to EUR 210.8m.

In addition, negative market values from forward exchange transactions for environmental infrastructure projects are included.

Other financial liabilities include, in particular, liabilities related to capitalised contract costs, liabilities to employees and deposits received.

Contractual liabilities mainly relate to advance payments received from customers in the international project business for which revenue

was recognised over a certain period of time. The contract liabilities of EUR 81.8m reported in the previous year were recognised as

revenue in the 2021/22 financial year.

Consolidated notes — Notes to the consolidated statement of financial position

EVN Annual Financial Report 2021/ 22

Segment reporting

EURm Energy Generation Networks South East Europe

2021/22 2020/21 2021/22 2020/21 2021/22 2020/21 2021/22 2020/21

External revenue

750.6 300.9 159.5 127.1 517.3 495.1 2,002.4 1,047.4

Internal revenue (between segments)

13.4 10.6 264.5 202.2 63.4 58.6 1.6 0.7

Total revenue

764.1 311.4 424.0 329.3 580.7 553.8 2,003.9 1,048.1

Operating expenses

–797.1 –243.8 –141.9 –119.0 –344.2 –316.5 –1,861.7 –909.0

Share of results from equity

accounted investees operational

6.4 120.9 10.8 52.1 – – – –

EBITDA

–26.7 188.6 292.9 262.5 236.5 237.3 142.2 139.0

Depreciation and amortisation

–28.0 –22.0 –32.6 –80.3 –177.7 –142.5 –94.3 –74.0

thereof impairment losses

–6.8 –1.5 – –0.3 –32.9 – –16.7 –

thereof revaluation

– 0.3 9.6 2.1 – – – –

Results from operating activities

(EBIT)

–54.7 166.6 260.3 184.0 58.8 94.8 48.0 65.0

EBIT margin (%)

–7.2 53.5 61.4 55.3 10.1 17.1 2.4 6.2

Interest income

– – 0.4 0.5 0.2 0.2 – –

Interest expense

–2.7 –2.2 –3.0 –20.9 –14.8 –14.2 –12.1 –15.8

Financial results

–2.7 –2.1 –2.4 –20.2 –14.5 –13.9 –12.5 –15.7

Result before income tax

–57.3 164.5 257.9 162.0 44.4 81.0 35.4 49.4

Goodwill

– – 1.2 1.2 1.8 1.8 – –

Carrying value of investments in

equity accounted investees

1,404.3 656.2 208.6 200.5 – – – –

Total assets

1,914.1 1,142.4 990.9 828.4 2,313.3 2,246.6 1,388.6 1,242.6

Total liabilities

993.3 604.3 398.0 411.2 1,601.4 1,448.0 1,013.4 869.0

Investments

43.0 21.1 56.6 27.2 334.3 249.0 110.0 100.4

1) In intangible assets and property, plant and equipment

EVN Annual Financial Report 2021/ 22

Segment reporting

EURm Environment All Other Segments Consolidation

Total

2021/22 2020/21 2021/22 2020/21 2021/22 2020/21 2021/22 2020/21

External revenue

611.8 405.0 20.6 19.4 – – 4,062.2 2,394.9

Internal revenue (between segments)

0.5 0.5 75.7 75.2 –419.0 –347.8 – –

Total revenue

612.3 405.5 96.3 94.6 –419.0 –347.8 4,062.2 2,394.9

Operating expenses

–571.3 –355.1 –106.0 –101.5 415.9 246.8 –3,406.3 –1,798.1

Share of results from equity

accounted investees operational

15.6 13.6 66.2 53.0 – – 98.9 239.6

EBITDA

56.5 64.0 56.5 46.1 –3.2 –101.0 754.8 836.5

Depreciation and amortisation

–91.4 –37.5 –2.4 –2.3 3.2 –91.5 –423.2 –450.1

thereof impairment losses

–58.4 – – – – –113.1 –114.8 –114.8

thereof revaluation

– – – – – – 9.6 2.5

Results from operating activities

(EBIT)

–34.9 26.5 54.0 43.8 – –192.5 331.6 386.4

EBIT margin (%)

–5.7 6.5 56.1 46.3 – – 8.2 16.1

Interest income

1.3 1.0 24.8 26.0 –21.3 –21.7 5.4 6.1

Interest expense

–8.1 –8.2 –18.3 –19.7 21.2 21.7 –37.9 –59.4

Financial results

–45.5 –10.1 62.6 56.9 –15.5 –15.0 –30.5 –20.0

Result before income tax

–80.3 16.4 116.6 100.7 –15.5 –207.5 301.2 366.4

Goodwill

– 52.9 – – – – 3.0 55.8

Carrying value of investments in

equity accounted investees

172.8 145.3 602.4 575.5 – – 2,388.0 1,577.5

Total assets

1,150.9 979.3 6,575.2 6,528.8 –1,902.4 –1,828.4 12,430.5 11,139.8

Total liabilities

934.6 771.9 2,001.4 2,249.5 –1,832.6 –1,758.6 5,109.3 4,595.4

Investments

21.4 20.7 2.1 0.1 –3.5 –3.5 564.0 415.0

1) Explained below in the notes to segment reporting

2) In intangible assets and property, plant and equipment

Consolidated notes — Segment reporting

EVN Annual Financial Report 2021/ 22

Segment information by product – revenue

EURm 2021/22 2020/21

Electricity

2,878.4 1,495.2

Natural gas 170.9 154.6

Heat 198.9 154.5

Environmental services 604.3 398.7

Others 209.7 192.0

Total

4,062.2 2,394.9

Segment information by country – revenue

EURm 2021/22 2020/21

Austria

1,483.6 982.1

Germany 534.5 333.3

Bulgaria 1,320.6 651.0

North Macedonia 684.3 395.2

Others 39.2 33.3

Total

4,062.2 2,394.9

1) The allocation of segment information by countries is based on the location of the companies.

Segment information by country –

non-current assets

EURm 30.09.2022 30.09.2021

Intangible

assets

Property, plant

and equipment

Intangible

assets

Property, plant

and equipment

Austria 163.9 2,941.7 136.7 2,773.8

Germany 0.8 11.5 41.3 12.0

Bulgaria 11.9 539.4 21.9 530.0

North Macedonia 14.3 353.9 16.6 337.6

Others – 34.0 – 38.7

Total

190.9 3,880.4 216.5 3,692.1

1) The allocation of segment information by countries is based on the location of the companies.

EVN Annual Financial Report 2021/ 22

59. Notes to segment reporting

The segments of business cover the following activities:

Business areas Segments Major activities

Energy business Energy

• Marketing of electricity produced in the Generation Segment

• Procurement of electricity, natural gas and primary energy carriers

• Trading with and sale of electricity and natural gas to end customers

and on wholesale markets

• Production and sale of heat

• 45.0% investment in EnergieAllianz

• Investment as sole limited partner in

EVN KG

Generation

• Generation of electricity from renewable energy and thermal

production capacities for network stabilisation at Austrian and

international locations

• Operation of a thermal waste utilisation plant in Lower Austria

• 13.0% investment in Verbund Innkraftwerke (Germany)

• 49.99% investment in Ashta run-of-river power plant (Albania)

Networks

• Operation of distribution networks and network infrastructure for

electricity and natural gas in Lower Austria

• Cable TV and telecommunication services in Lower Austria and

Burgenland

South East Europe

• Operation of distribution networks and network infrastructure

for electricity in Bulgaria and North Macedonia

• Sale of electricity to end customers in Bulgaria and North Macedonia

• Generation of electricity from hydropower and photovoltaics in

North Macedonia

• Generation, distribution and sale of heat in Bulgaria

• Construction and operation of natural gas networks in Croatia

• Energy trading for the entire region

Environmental services

business

Environment

• Water supply and wastewater disposal in Lower Austria

• International project business: planning, construction, financing

and/or operation (depending on the project) of plants for

drinking water supplies, wastewater treatment and thermal

waste utilisation

Other business activities

All Other Segments

• 50.03% investment in RAG-Beteiligungs-Aktiengesellschaft,

which holds 100% of the shares in RAG

• 73.63% investment in Burgenland Holding, which holds

a stake of 49.0% in Burgenland Energie

• 12.63% investment in Verbund AG

• Corporate services

1) The earnings contribution represents the share of results from equity accounted investees with operational nature and is included in EBITDA.

2) Dividends are included under financial results.

Consolidated notes — Segment reporting

EVN Annual Financial Report 2021/ 22

Principle of segment allocation and transfer pricing

Subsidiaries are allocated directly to their respective segments. EVN AG is allocated to the segments on the basis of data from the cost

accounting system.

The transfer prices for energy between the individual segments are based on comparable prices for special contract customers, and thus

represent applicable market prices. For the remaining items, pricing is based on cost plus an appropriate mark-up.

Reconciliation of segment results at the Group level

Services performed between segments are eliminated in the consolidation column. The results in the total column reflect the amounts

shown in the consolidated statement of operations. The comparative figures for previous periods include the 49% stake in STEAG-Walsum10

Kraftwerksgesellschaft mbH, which was deconsolidated as of 30 September 2021 following its sale and the simultaneous termination of

the power purchase agreement from the Walsum 10 power plant. In this respect, there were reconciliation amounts before deconsolidation

resulting from the difference between the separate consideration of the Energy and Generation segments and the Group level with regard

to the inclusion of STEAG-EVN Walsum Kraftwerksgesellschaft mbH as a joint operation.

Group disclosures

IFRS 8 requires additional segment information classified by products (external revenues broken down by products and services) and

countries (external revenues and non-current assets broken down by countries) if this information is not already provided as part of the

segment reporting.

Information on transactions with major external customers is required only if these transactions amount to 10.0% or more of a company’s

external revenues. EVN has no transactions with customers that meet this criterion because of its large number of customers and diverse

business activities.

EVN Annual Financial Report 2021/ 22

Other information

60. Consolidated statement of cash flows

The consolidated statement of cash flows shows the changes in cash and cash equivalents during the reporting year as a result of cash

inflows and outflows. The consolidated statement of cash flows is presented in accordance with the indirect method. Non-cash expenses

were added to and non-cash income was subtracted from profit before income tax.

Cash and cash equivalents

EURm 30.09.2022 30.09.2021

Cash

292.0 122.5

thereof cash on hand 0.1 0.7

thereof cash at banks 291.9 121.8

Bank overdrafts –255.1 –0.2

Total

36.9 122.3

As of 30 September 2022, EUR 16.8m (previous year: EUR 0.0m) were subject to disposal restrictions and were reclassified from cash and

cash equivalents (also see notes 42. Securities and other financial investments and 43. Assets and liabilities held for sale).

Network subsidies from the regulated business are released to other operating income (see also note 26. Other operating income),

and those from the non-regulated business to revenue.

Reversal of network and investment subsidies

EURm 2021/22 2020/21

Income from the reversal of network and investment subsidies (regulated business) 53.3 64.8

Revenue from the reversal of network subsidies (non-regulated business) 5.5 5.6

Total 58.8 70.4

The change in financial liabilities, which is primarily attributable to cash flow from financing activities, is shown in the following table:

Cash flow from financing activities

2021/22 financial year

EURm

Current financial

liabilities

Non-current financial

liabilities Leasing liabilities Total

Balance on 01.10.2021 318.0 718.9 60.6 1,097.5

Payments received – 562.0 – 562.0

Payments made –317.8 –2.0 –6.9 –327.6

Reclassification of liquid funds 254.9 – – 254.9

Currency translation – 1.8 – 1.8

Change in fair value – –8.3 – –8.3

Change in costs for the procurement of funds

– 1.6 – 1.6

Other changes – – 8.1 8.1

Reclassifications 122.4 –122.4 – –

Balance on 30.09.2022 377.4 1,150.8 61.8 1,590.0

Consolidated notes — Segment reporting, Other information

EVN Annual Financial Report 2021/ 22

Cash flow from financing activities

2020/21 financial year

EURm

Current financial

liabilities

Non-current financial

liabilities Leasing liabilities Total

Balance on 01.10.2020 110.0 1,045.3 78.0 1,233.3

Payments received – 101.0 – 101.0

Payments made –34.5 – –7.8 –42.3

Changes in the scope of consolidation –17.9 –88.2 – –106.1

Reclassification of liquid funds –74.4 – – –74.4

Currency translation – –0.9 – –0.9

Change in fair value – –5.7 – –5.7

Change in costs for the procurement of funds

– 2.2 – 2.2

Other changes – – –9.6 –9.6

Reclassifications 334.9 –334.9 – –

Balance on 30.09.2021 318.0 718.9 60.6 1,097.5

61. Risk management

Market risk represents the risk that the fair value or future cash flows of a financial instrument fluctuate as the result of market risk factors.

Market risk is classified in the following three components: interest rate, foreign exchange and other market risks. The goal of risk manage-

ment in the EVN Group is to reduce the market-based volatility of earnings on the consolidated statement of operations. To manage mar-

ket risks, the Group acquires and sells derivatives and also enters into financial liabilities. Wherever possible, hedging transactions should be

recognised in order to manage earnings volatility. Other relevant risks include credit or default risk and liquidity risk.

Interest rate risk

EVN defines interest rate risk as the risk that fluctuations in the fair value or future cash flows of a financial instrument due to changes in

the market interest rate could adversely affect interest income and expense as well as equity. This risk is minimised through the regular

monitoring of interest rate risk and compliance with limits as well as hedging strategies that include the use of derivative financial instru-

ments (also see notes 9. Financial instruments and 63. Reporting on financial instruments).

EVN monitors interest rate risk through sensitivity analyses and, among others, with a daily value-at-risk (VaR) calculation. This procedure

calculates the VaR with a confidence level of 99.0% for one day according to the variance-covariance method (delta-gamma approach).

The interest VaR, including the hedging instruments used by EVN, equalled EUR 10.7m as of 30 September 2022 (previous year: EUR2.8m).

The strong increase noted here is essentially due to the higher loans and bonds outstanding and the increased volatility on the interest

markets.

Foreign exchange risk

For EVN, the risk to profit or loss arising from fluctuations in foreign exchange rates arises from transactions carried out in currencies other

than the euro. EVN is exposed to foreign exchange risk on receivables, liabilities, and cash and cash equivalents that are not held in the

Group’s functional currency (i. e. BGN, BHD, CZK, HRK, JPY, KWD, MKD, PLN, RUB). The major driver of foreign exchange risk for EVN is

a bond issued in Japanese yen (JPY). Foreign exchange risk is managed by way of the central compilation, analysis and management of

risk positions, and by hedging the bonds denominated in foreign currency (JPY 12bn) through cross-currency swaps (for a nominal value

of JPY 10bn). Cross-currency swaps for a nominal value of JPY 2bn were terminated on 15 January 2019 based on the related settlement

agreement concluded with a bank. This agreement gave both parties the right to early termination of the cross-currency swap in January2019.

Deposits totalling JPY 2bn were held with financial institutions as at the balance sheet date to hedge foreign exchange risk (see notes

9.Financial instruments and 50. Non-current loans and borrowings).

EVN Annual Financial Report 2021/ 22

Another material driver for foreign exchange risk is the Umm Al Hayman wastewater treatment project in Kuwait. The EVN Group serves

as the general contractor and, as such, is responsible for the planning and construction, above all, of a wastewater treatment plant (con-

tract value: approximately EUR 600m, converted) and – together with partners – of a sewage network with pumping stations (contract

value: approximately EUR 950m, converted). The Group is exposed to transactional foreign exchange risks to the extent that the exchange

rates of the currencies for settlement of the project transactions differ from the Group’s functional currency. These transactions are carried

out chiefly in euro (EUR), US dollar (USD) and Kuwaiti dinar (KWD). In accordance with the relevant Group guideline, foreign exchange

risks from expected project transactions are hedged over the next twelve months. This practice can vary for large-scale projects, where

hedging can also extend beyond the twelve-month period. Forward exchange transactions are used to hedge currency risk and formally

designated in macro-cash flow accounting. These contracts are principally designated as cash flow hedges.

The foreign exchange VaR, based on the major foreign currency risk drivers in the financial area amounted to EUR 1.6m as of 30 Septem-

ber 2022 (previous year: EUR 0.9m) after the inclusion of hedging instruments. The increase is mainly due to the above-mentioned project

and the higher volatility on the foreign exchange markets.

Other market risks

EVN defines other market risks as the risk of price changes resulting from market fluctuations in primary energy, CO

emission certificates,

electricity and securities.

In EVN’s energy trading activities, energy trading contracts are entered into for the purpose of managing price risk. Price risks result from

the procurement and sale of electricity, natural gas, hard coal, and CO

emission certificates.

EVN uses futures, forwards and swaps to hedge the prices of the primary energy carriers electricity, natural gas, coal and CO

emission

certificates in the energy business. These swaps are generally fulfilled. The contracts which cover expected procurement, sale or usage

requirements are evaluated as own-use transactions (also see note 63. Reporting on financial instruments). An increase or decrease

of 5% in the price would have resulted in an aggregated commodity price risk of EUR 3.0m for EVN as of 30 September 2022 (previous

year: EUR 4.1m).

The price risk for securities results from fluctuations on the capital markets. The most significant securities position held by EVN is its

investment in Verbund AG. The price risk VaR for the Verbund AG shares held by EVN as of the balance sheet date was EUR 272.0m

(previous year: EUR 188.8m), whereby the price would be influenced by the sale of a large block of Verbund shares by EVN. The increase

in VaR compared to the last balance sheet date is essentially due to the increased volatility of the stock market price of the shares of

Verbund AG in the past financial year.

Liquidity risk

Liquidity risk represents the risk of not being able to raise the required financial resources to settle liabilities on their due date as well as

the inability to raise the necessary liquidity at the expected terms and conditions. EVN minimises this risk by means of short-term and

medium- term financial and liquidity planning. In concluding financing agreements, special attention is paid to managing the terms to

maturity in order to achieve a balanced maturity profile and thus avoid the bundling of repayment dates. The EVN Group uses cash pooling

to equalise liquidity balances.

The liquidity reserve as of 30 September 2022 comprised cash and cash equivalents of EUR 292.0m (previous year: EUR 122.5m), short-

term time deposits of EUR 14.4m (previous year: EUR 16.1m) and current securities of EUR 193.3m (previous year: EUR 383.0m) which can

be sold at any time. Moreover, EVN had EUR 400.0m in a contractually agreed and unused syndicated line of credit (previous year:

EUR400.0m) and EUR 227.0m (previous year: EUR 152.0m) of contractually agreed and unused bilateral lines of credit as of the balance

sheet date. The liquidity risk was therefore extremely low. The gearing ratio equalled 17.0% as of the balance sheet date (previous year:

12.4%) and underscores EVN’s sound capital structure.

Consolidated notes — Other information

EVN Annual Financial Report 2021/ 22

Expected occurrence of cash flows of loans and borrowings

and other liabilities

30.09.2022

EURm

Carrying

amount

Total

payment flows

Contractually stipulated payment flows

< 1 year 1– 5 years > 5 years

Bonds

556.7 736.6 15.9 141.9 578.7

Bank loans 716.4 812.0 136.0 279.3 396.8

Lease liabilities 61.8 69.7 7.0 20.8 41.9

Liabilities arising from derivative transactions

294.4 326.6 268.9 57.7 –

Liabilities from contract costs 20.6 20.6 14.1 6.5 –

Total

1,650.0 1,965.4 441.8 506.2 1,017.4

30.09.2021

EURm

Carrying

amount

Total

payment flows

Contractually stipulated payment flows

< 1 year 1– 5 years > 5 years

Bonds

611.8 701.4 313.9 123.8 263.7

Bank loans 424.9 517.4 36.6 118.3 362.5

Lease liabilities 60.6 67.7 6.8 21.0 39.9

Liabilities arising from derivative transactions

179.3 186.3 166.5 19.8 –

Liabilities from contract costs 28.6 28.6 8.7 19.9 –

Total

1,305.2 1,501.4 532.5 302.8 666.1

1) Forward exchange transactions (USD/KWD) are included in the carrying amount. Cash flows from forward exchange transactions,

however, are shown in the tables on page 103 in the respective foreign currency.

All financial liabilities not shown in the table are current and the associated cash flows are therefore due within one year.

Credit and default risk

Credit and default risk represents the risk of a loss when business partners fail to meet their contractual obligations. This risk is inherent

to all agreements with delayed payment terms or fulfilment at a later date. Default risk generally arises in connection with trade receivables

and the debt instruments held as financial assets by the Group. The carrying amount of the financial assets and contractual assets repre-

sents the maximum default risk.

To limit default risk, the company evaluates the credit standing of its business partners. Internal and external ratings (including Standard &

Poor’s, Moody’s, Fitch and KSV 1870) are used for this purpose, and the business volume is limited in accordance with the rating and the

probability of default. Sufficient collateral is required before a transaction is entered into if the partner’s credit rating is inadequate.

EVN monitors credit risk and limits default risk for financial receivables and for derivatives and forward transactions which are concluded

to hedge the risks connected with EVN’s energy business or are related to end customers and other debtors.

In order to reduce credit risk, hedging transactions are entered into only with well-known banks that have good credit ratings. EVN also

ensures that funds are deposited at banks with the best possible credit standing based on international ratings.

The default risk for customers is monitored separately at EVN and supported primarily by ratings and experience-based values. Default risk

is also minimised with efficient receivables management and the continuous monitoring of customer payment behaviour.

EVN Annual Financial Report 2021/ 22

The recognition of impairment losses to financial assets carried at amortised cost and to contractual assets in accordance with IFRS 15 has

been based on the ECL model for expected credit losses since 1 October 2018. EVN measures the impairment losses for trade receivables

without a significant financing component and for contractual assets at an amount equal to the expected lifetime credit losses. In contrast,

the impairment losses

• for financial assets with a low default risk as of the balance sheet date and

• for bank deposits without a significant increase in the default risk since initial recognition are based on the expected

twelve-month credit loss.

From the viewpoint of the EVN Group, a financial asset has a low default risk when its credit rating meets the “investment grade” definition.

The Group sees this condition as met with an internal rating of 5a or higher or with an equivalent rating of BB– or higher from Standard

and Poor‘s (S&P).

EVN uses appropriate and reliable information which is relevant and available without undue expenditure of time and expense to determine

whether the default risk of a financial asset has increased significantly since initial recognition and to estimate the expected credit losses.

The default risk of a financial asset is assumed to have increased significantly when the related credit rating has declined to 5b on EVN’s

internal rating scale, which represents the S&P equivalent of B+.

The EVN Group considers a financial asset to be in default when:

• the debtor is unlikely to meet his/her credit obligations in full without measures by the Group to realise collateral (if available), or

• the financial asset declines to 5c on EVN’s internal rating scale, which represents the S&P equivalent of CCC+, or

• payment on trade receivables has not been received after a second reminder or insolvency proceedings are opened over a company

or private person.

Default probabilities and collection rates based on the applicable rating category are used to calculate the required impairment loss. The

amount of the impairment loss equals the present value of the expected credit loss.

The following table includes information on the default risk and expected credit losses for financial instruments carried at amortised cost.

It does not cover trade receivables, receivables from equity accounted investees, receivables from unconsolidated investments or amounts

due from employees. The risk allowance for all financial instruments represents the expected twelve-month credit loss because the

default risk is low. The amounts shown in the table include both current and non-current components.

Consolidated notes — Other information

EVN Annual Financial Report 2021/ 22

Major financial instruments covered by the ECL model

2021/22 financial year

EURm

Equivalent S&P

Default

probability (%)

Loans

receivable

Lease

receivables Bank deposits

Calculated

impairment

EVN rating class 1

AAA – – 3.3 292.0 –

EVN rating class 2 Up to AA– 0.03 – 10.8 – –

EVN rating class 3 Up to A– 0.06 17.2 – – –

EVN rating class 4 Up to BBB– 0.30 11.0 – – –

EVN rating class 5a Up to BB– 1.45 – – – –

EVN rating class 5b Up to B– 7.47 – – – –

EVN rating class 5c Up to D 9.87 – – – –

No rating – – 1.2 – – –

Total

– 29.4 14.1 292.0 –

1) Assumed loss rate (for banks 60%, for corporates 80%)

2) Due to the daily maturity, a one-day probability of default is applied for account balances; for money market deposits, the PoD of the average volume-weighted residual maturity is

taken into account.

3) The impairment losses were not recorded because the related amounts are immaterial.

Major financial instruments covered by the ECL model

2020/21 financial year

EURm

Equivalent S&P

Default

probability (%)

Loans

receivable

Lease

receivables Bank deposits

Calculated

impairment

EVN rating class 1

AAA – – – 122.5 –

EVN rating class 2 Up to AA– 0.03 18.8 6.4 – –

EVN rating class 3 Up to A– 0.06 12.8 5.7 – –

EVN rating class 4 Up to BBB– 0.24 7.0 – – –

EVN rating class 5a Up to BB– 0.96 – 3.3 – –

EVN rating class 5b Up to B– 6.52 – – – –

EVN rating class 5c Up to D 28.30 – – – –

No rating – – – – – –

Total

– 38.6 15.4 122.5 –

1) Assumed loss rate (for banks 60%, for corporates 80%)

2) Due to the daily maturity, a one-day probability of default is applied for account balances; for money market deposits, the PoD of the average volume-weighted residual maturity is

taken into account.

3) The impairment losses were not recorded because the related amounts are immaterial.

EVN uses the practical expedient provided by IFRS 9.B5.5.35 for trade receivables and calculates the expected credit losses with a provision

matrix. The input factors include analyses of default incidents in previous financial years based on different regional characteristics for the

core markets. These factors form the basis for the development of a provision matrix with different time ranges.

As a result of the Covid-19 pandemic and the developments in connection with the Ukraine war, EVN did not experience a sharp rise in

customer defaults. This is due in particular to the numerous government support measures. However, we expect an increase in bankrupt-

cies after the end of these government measures in view of the current energy price situation as a consequence of the war in Ukraine. As

a result, we expect higher receivables defaults in the future. For this reason, the EVN Group has recognised a EUR 6.1m (previous year:

EUR 4.1m) higher impairment of trade receivables for the financial year 2021/22 via a forward-looking component.

EVN Annual Financial Report 2021/ 22

The following tables include information on the default risk and expected credit losses for trade receivables, which were determined on

the basis of a provision matrix for EVN’s core markets:

Expected credit losses in Austria 2021/ 22

EURm

Default probability

range (%)

Default probability

average (%) Gross amount Net amount

Cumulative

impairment loss

Not overdue 0.0–1.2 0.0 44.2 44.2 –

Up to 89 days overdue 0.1–1.2 1.5 6.0 5.9 0.1

Up to 179 days overdue 5.5–56.0 29.4 2.2 1.5 0.6

Up to 359 days overdue 7.9–55.2 34.3 2.4 1.5 0.8

> 360 days overdue 17.6–100 38.1 8.8 5.5 3.4

Total

63.5 58.6 4.9

Expected credit losses in Austria 2020/21

EURm

Default probability

range (%)

Default probability

average (%) Gross amount Net amount

Cumulative

impairment loss

Not overdue 0.1–1.1 0.1 87.2 87.2 0.1

Up to 89 days overdue 0.1–2.2 1.0 4.4 4.4 –

Up to 179 days overdue 7.8 – 54.5 12.8 1.2 1.0 0.2

Up to 359 days overdue 6.6 – 54.0 18.6 1.5 1.2 0.3

> 360 days overdue 14.4 –100.0 30.4 7.1 4.9 2.2

Total

101.4 98.7 2.7

Expected credit losses in Bulgaria 2021/ 22

EURm

Default probability range

(%)

Default probability

average (%) Gross amount Net amount

Cumulative

impairment loss

Not overdue 0.1–1.0 0.22 51.6 51.5 0.1

Up to 89 days overdue 1.0–57.6 4.01 8.5 8.1 0.3

Up to 179 days overdue 59.3–77.7 65.14 0.8 0.3 0.5

Up to 359 days overdue 75.4–98.5 86.71 1.1 0.1 0.9

> 360 days overdue 100.0 100.00 13.3 – 13.3

Total

75.2 60.1 15.1

Expected credit losses in Bulgaria 2020/21

EURm

Default probability range

(%)

Default probability

average (%) Gross amount Net amount

Cumulative

impairment loss

Not overdue 0.0 – 0.7 0.1 61.4 61.3 0.1

Up to 89 days overdue 3.2 – 51.8 6.9 6.7 6.3 0.5

Up to 179 days overdue 6.3 – 64.4 50.3 1.0 0.5 0.5

Up to 359 days overdue 38.6 – 93.4 87.3 0.9 0.1 0.8

> 360 days overdue 100.0 100.0 13.1 – 13.1

Total

83.1 68.1 14.9

Consolidated notes — Other information

EVN Annual Financial Report 2021/ 22

Expected credit losses in North Macedonia 2021/ 22

EURm

Default probability range

(%)

Default probability

average (%) Gross amount Net amount

Cumulative

impairment loss

Not overdue 0.4 –100 39.98 123.9 74.4 49.6

thereof instalment agreements 17.5 –100.0 7.60 65.6 60.6 5.0

thereof without instalment agreements 0.4 –36.6 76.43 58.3 13.7 44.6

Up to 89 days overdue 2.4 –100.0 9.11 59.9 54.5 5.5

Up to 179 days overdue 42.3 –100.0 88.93 10.9 1.2 9.7

Up to 359 days overdue 52.6 –100.0 97.04 16.1 0.5 15.7

> 360 days overdue 100.0 168.5 – 168.5

Total

379.4 130.5 248.9

Expected credit losses in North Macedonia 2020/21

EURm

Default probability range

(%)

Default probability

average (%) Gross amount Net amount

Cumulative

impairment loss

Not overdue 0.3 –100 38.0 109.7 68.1 41.7

thereof instalment agreements 15.1 –100.0 72.8 54.2 14.7 39.5

thereof without instalment agreements 0.3 –17.5 3.9 55.5 53.3 2.2

Up to 89 days overdue 0.3 –100.0 8.4 17.7 16.2 1.5

Up to 179 days overdue 33.8 –100.0 81.0 5.1 1.0 4.2

Up to 359 days overdue 42.1 –100.0 96.5 9.0 0.3 8.7

> 360 days overdue 100.0 100.0 168.1 – 168.1

Total

309.6 85.5 224.1

The overview of expected credit losses in North Macedonia includes both current and non-current trade receivables. Following the conclu-

sion of instalment agreements with customers in North Macedonia, existing trade receivables were reclassified as non-current. These

receivables are not considered part of overdue receivables and, consequently, this category carries a higher average probability of default

than the category “up to 89 days overdue”.

The remaining gross trade receivables of EUR 84.4m (previous year: EUR 102.7m) are related primarily to the international project business.

Since the customers are government-related entities, the probability of default was calculated on the basis of external ratings. Impairments

totalling EUR 18.1m (previous year: EUR 13.3m) were recognised for receivables with a gross carrying amount of EUR 59.6m that fall into

Level 3.

In financial year 2021/22, impairments of EUR 38.0m (previous year: EUR 7.0m) were recognised for trade receivables. The impairments

mainly resulted from expected credit losses under consideration of a provision matrix. As in the previous year, no impairment of contract

assets was necessary.

EVN Annual Financial Report 2021/ 22

The following table shows the development of impairment losses to trade receivables in 2021/22:

Impairment losses – trade receivables

EURm 2021/22 2020/21

Balance on 01.10.

255.0 264.6

Additions

38.0 7.0

Disposal

–6.0 –16.6

Balance on 30.09.

287.1 255.0

The Group’s maximum default risk for the items reported on the consolidated statement of financial position as of 30 September 2022

and 30 September 2021 reflect the carrying amounts shown in notes 39. Other non-current assets, 41. Trade and other receiv ables

and 42. Securities and other financial investments, excluding financial guarantees.

The maximum default risk for derivative financial instruments equals the positive fair value (see note 63. Reporting on financial

instruments).

The maximum risk from financial guarantees is described in note 65. Other obligations and risks.

62. Capital management

EVN’s goal in the area of capital management is to maintain a solid capital structure in order to use the resulting financial strength for

value-creating investments and an attractive dividend policy. EVN has defined an equity ratio of more than 40% and net debt coverage of

more than 30% as its targets. As of 30 September 2022, the equity ratio equalled 58.9% (previous year: 58.7%). Net debt coverage,

which represents the ratio of funds from operations to net debt, equalled 55.8% (previous year: 92.9%). Net debt is calculated as the

total of current and non-current financial liabilities minus cash and cash equivalents, current and non-current securities and loans receiv-

able, plus non-current personnel provisions.

Capital management

EURm 30.09.2022 30.09.2021

Non-current loans and borrowings and leasing liabilities

1,206.1 773.9

Current loans and borrowings

128.8 323.4

Cash and cash equivalents –36.9 –122.3

Non-current and current securities –285.6 –473.5

Non-current and current loans receivable –29.4 –39.6

Net financial debt

983.1 461.9

Non-current personnel provisions

262.0 351.9

Net debt

1,245.1 813.8

Funds from operations

694.1 756.2

Equity

7,321.1 6,544.3

Gearing (%)

17.0 12.4

Net debt coverage (%)

55.8 92.9

1) Excluding bank overdrafts contained in cash and cash equivalents

2) Excluding provisions for service anniversary bonuses

The EVN Group uses cash pooling to manage liquidity and optimise interest rates. EVN AG and each of the participating Group subsidiaries

have concluded a corresponding contract that defines the modalities for cash pooling.

Consolidated notes — Other information

EVN Annual Financial Report 2021/ 22

63. Reporting on financial instruments

Fair value generally reflects the listed price on the balance sheet date. If this price is not available, fair value is calculated in accordance

with financial methods, e. g. by discounting the expected cash flows at the prevailing market interest rate. The input factors required for

the calculations are explained below.

The fair value of shares in unlisted subsidiaries and other investments is based on discounted expected cash flows or comparable transac-

tions. For financial instruments listed on an active market, the trading price as of the balance sheet date represents fair value. Most ofthe

receivables, cash and cash equivalents, and current financial liabilities have short terms to maturity. Therefore, the carrying value of these

instruments as of the balance sheet date approximately corresponds to fair value. The fair value of bonds is calculated as the present value

of the discounted future cash flows based on prevailing market interest rates.

The following table shows the financial instruments carried at fair value and their classification in the fair value hierarchy according toIFRS13.

Level 1 input factors are observable parameters such as quoted prices for identical assets or liabilities. These prices are used for valuation

purposes without modification. Level 2 input factors represent other observable parameters which must be adjusted to reflect the specific

characteristics of the valuation object. Examples of the parameters used to measure the financial instruments classified under Level2 are

forward price curves derived from market prices, exchange rates, interest structure curves and the counterparty credit risk. Level 3 input

factors are non-observable factors which reflect the assumptions that would be used by a market participant to determine an appropriate

price. There were no reclassifications between the various levels during the reporting period.

EVN Annual Financial Report 2021/ 22

Information on classes and categories of financial instruments

EURm

30.09.2022 30.09.2021

Classes

Measurement

category

Fair value

hierarchy

(according

IFRS 13)

Carrying

amount Fair value

Carrying

amount Fair value

Non-current assets

Other investments

Investments FVOCI Level 3 190.3 190.3 177.0 177.0

Miscellaneous investments FVOCI Level 1 3,837.5 3,837.5 3,848.4 3,848.4

Other non-current assets

Securities FVTPL Level 1 68.8 68.8 74.4 74.4

Loans reveivable AC Level 2 25.1 24.4 35.4 38.5

Lease receivables AC Level 2 12.7 12.1 14.0 15.2

Receivables arising from derivative transactions FVTPL Level 2 – – 4.9 4.9

Trade and other receivables AC 13.9 13.9 10.8 10.8

Current assets

Current receivables and other current assets

Trade and other receivables AC 549.5 549.5 453.6 453.6

Receivables arising from derivative transactions FVTPL Level 3

16.2 16.2 58.7 58.7

Receivables arising from derivative transactions FVTPL Level 2

10.8 10.8

Securities

FVTPL Level 1 216.8 216.8 399.1 399.1

Cash and cash equivalents

Cash on hand and cash at banks AC 292.0 292.0 122.5 122.5

Non-current liabilities

Non-current loans and borrowings

Bonds AC Level 2 556.7 480.1 319.6 367.1

Bank loans AC Level 2 594.0 552.7 399.3 467.3

Other non-current liabilities

Other liabilities AC 19.2 19.2 33.3 33.3

Liabilities arising from derivative transactions FVTPL Level 2 24.1 24.1 11.6 11.6

Liabilities arising from derivative transactions Hedging Level 2 39.1 39.1 16.0 16.0

Current liabilities

Current loans and borrowings

AC 377.4 377.4 318.0 318.0

Trade payables

AC 436.7 436.7 331.7 331.7

Other current liabilities

Other financial liabilities AC 278.1 278.1 417.2 417.2

Liabilities arising from derivative transactions FVTPL Level 2 97.9 97.9 141.9 141.9

Liabilities arising from derivative transactions Hedging Level 2 133.3 133.3 9.8 9.8

thereof aggregated to measurement categories

Fair value through other comprehensive income FVOCI

4,027.7 – 4,025.5 –

Financial assets designated at fair value through profit or loss

FVTPL 312.6 – 537.1 –

Financial

assets and

liabilities at amortised cost

3,155.4 – 2,455.4 –

Financial liabilities designated at fair value through profit or loss

FVTPL 122.1 – 153.5 –

1) See note 10. Other investments

Consolidated notes — Other information

EVN Annual Financial Report 2021/ 22

Net results by measurement category

EURm 2021/22 2020/21

Classes Net result

Of which

impairment losses Net result

Of which

impairment losses

Fair value through other comprehensive income (FVOCI)

– – – –

Financial assets at amortised cost (AC)

–79.7 –52.7 –15.6 –7.0

Financial assets and liabilities at fair value through profit or

loss (FVTPL)

–7.4 – –92.2 –

Financial assets and liabilities (hedging) –6.8 – 5.1 –

Financial liabilities at amortised cost (AC)

8.1 – 5.5 –

Total –85.8 –52.7 –97.2 –7.0

1) The net results only involve changes to the consolidated statement of operations; interest expense/income and dividends are not included.

Derivative financial instruments and hedging transactions

Derivative financial instruments are used primarily to hedge the company’s liquidity, exchange rate, price and interest rate risks. The operative

goal is to ensure the long-term continuity of the Group’s earnings. All derivative financial instruments are integrated in a risk management

system as soon as the respective contracts are concluded. This allows for the preparation of a daily overview of all main risk indicators.

The nominal values represent the separate totals of the items classified as financial derivatives on the balance sheet date. These are refer-

ence values which do not provide a measure of the risk incurred by the company through the use of these financial instruments. In particular,

potential risk factors include fluctuations in the underlying market parameters and the credit risk of the contracting parties. Derivative

financial instruments are recognised at their fair value.

EVN Annual Financial Report 2021/ 22

Derivative financial instruments comprise the following:

Derivative

financial instruments

30.09.2022 30.09.2021

Nominal value

Fair values

Nominal value

Fair values

Purchases Disposals Positive Negative Net Purchases Disposals Positive Negative Net

Forward exchange

transactions

KWD

– 81.2 – –25.6 –25.6 – 89.5 – –11.2 –11.2

USD

– 174.7 – –19.5 –19.5 – 174.7 – –4.8 –4.8

USD – 40.0 –0.1 –0.1 – – – – –

BHD – 33.4 – –1.5 –1.5 – – – – –

KWD – 3.5 –0.2 –0.2 – – – – –

PLN – 4.9 – – – – – – – –

Currency swaps

JPYm (> 5 years)

10,000.0 – – –11.1 –11.1 10,000.0 – – –4.4 –4.4

Interest rate swaps

EURm (< 5 years)

– – – – – 10.6 – – –0.1 –0.1

Derivatives energy

Swaps 2.7 –4.3 10.0 –8.4 1.6 24.5 47.9 30.6 –7.2 23.5

Futures 25.4 32.3 3.1 –0.5 2.6 – – – – –

Forwards 32.5 –151.1 37.6 –92.6 –54.9 152.4 126.0 32.5 –141.6 –109.1

Forwards

3) 4)

107.6 –198.7 24.3 –183.0 –158.7 3.5 31.9 0.7 –10.3 –9.7

1) In m nominal currency

2) In EURm

3) Designated as a hedge in accordance with IFRS 9

4) EUR 31.8m negative market value recognised in the consolidated statement of operations at the beginning of the hedging relationship

Positive fair values are recognised as receivables from derivative transactions under other non-current assets or other current assets,

depending on their remaining term to maturity. Negative fair values are recognised as liabilities from derivative transactions under other

non-current liabilities or other current liabilities, depending on their remaining term to maturity. A maturity analysis of the derivative

financial liabilities is provided in the table on liquidity risk (see note 61. Risk management).

EVN uses hedges to manage earnings volatility. The underlying transaction and the hedge are designed to ensure a match between the

parameters relevant for measurement (critical terms match). In order to gauge the effectiveness, the underlying transactions are recorded

in the treasury management system as hypothetical derivates and evaluated to determine whether the relationship with the respective

hedges was or will be effective. Possible sources of ineffectiveness are, for example, timing shifts or a change in the volume of an existing

underlying transaction as well as adjustments for the credit risk of hedges and underlying transactions. All measures are based on internal

guidelines.

The EVN Group applied the hedge accounting rules under IFRS 9 to hedge a bond issued in JPY (see note 50.Non-current loans and

borrowings) as well as for the hedging of the currency risk from the Umm Al Hayman wastewater treatment project. In addition, deriva-

tive financial instruments were used as part of cash flow hedge accounting to hedge the price risk from the planned future income from

electricity sales at variable prices.

Consolidated notes — Other information

100

EVN Annual Financial Report 2021/ 22

JPY bond

The hedge of the JPY bond primarily involves EUR/JPY cross-currency swaps. These cross-currency swaps (for a nominal value of JPY 12bn

up to 15 January 2019 and for a nominal value of JPY 10bn since that date) represent a fair value hedge and are recorded and measured

in the treasury management system, designated as a hedge and documented. The corresponding change in the bond liability from the

hedge represents a contrary movement to the market value of the swaps. The results from the hedge of the JPY bond with cross-currency

swaps totalled EUR 1.0m in 2021/22 (measurement of the bond EUR 7.8m and measurement of the swaps EUR –6.8m; previous year:

earnings effect EUR 0.5m, including measurement of the bond EUR –5.6m and measurement of the swaps EUR 5.1m) and were recorded

under other financial results. The market value was derived from the information available on the balance sheet date and based on the

applicable bond price and exchange rate. A cross-currency swap for a nominal value of JPY 2bn was concluded to hedge the JPYbond

through a settlement agreement with a bank. The related agreement entitled both parties to early termination in January 2019, and the

cross-currency swap was terminated by the bank as of 15 January 2019. In connection with this termination, EVN dissolved the fair value

hedge relationship and collected a settlement payment of EUR 0.6m. The interest rate-based fair value adjustment of the JPY bond related

to the terminated EUR –1.2m swap will be released to profit or loss until the bond matures on 9 January2024 (as of 30 September2022:

EUR–0.3m and as of 30 September 2021: EUR –0.5m).

EVN Naturkraft

EVN’s objective is to achieve a balanced mix of fixed and variable interest financial liabilities which is based on operating circumstances.

Both fixed-interest and variable rate financing is used because of the different payment characteristics of investments. In order to hedge

the above-mentioned risks, interest rate swaps are used to exchange variable for fixed interest. The interest rate swap for EVN Naturkraft

expired in the financial year 2021/22.

Umm Al Hayman

EVN concluded forward exchange contracts to hedge the planned net foreign currency cash flows from the Umm Al Hayman project.

These contracts were concluded in the year the contract was accepted and hedge the full amount of the expected payments. A Group

guideline requires the critical terms of these forward exchange contracts to reflect the hedged transaction as best as possible. The hedging

does not result in any ineffectiveness if the expectations for the timing and amount remain unchanged.

EVN establishes the existence of an economic relationship between the hedging instrument and the hedged transaction based on the

currency, amount and timing of the respective cash flows. The dollar-offset derivative method is used to evaluate whether the derivative

designated in each hedge will presumably be, and was, effective in offsetting changes in the cash flows from the hedged transaction.

Portfolio hedge

EVN implemented a portfolio hedge for the first time in 2020/21 to hedge the risk from the marketing of the Group’s own electricity pro-

duction. Under cash flow hedge accounting as defined by IFRS 9, derivative financial instruments used to hedge the price risk from planned

future income from electricity sales are carried at variable prices. The underlying transaction represents the portfolio of future highly probable

sales of electricity produced by the EVN Group in Austria.

Evaluating the effectiveness of the hedge involves demonstrating an economic relationship between the underlying transaction and the

hedging instrument. In addition, the default risk may not have a dominant influence on the changes in value. The prospective effectiveness

assessment principally takes place on a qualitative basis in accordance with the critical terms match method, which compares the key con-

ditions of the hedging instrument with the underlying transaction. In order to minimise the risk of ineffectiveness from over-hedging, the

hedges are not concluded for the total planned sales volumes. The major conditions between the hedging instruments and planned cash

flows agree, and it is therefore assumed that the changes in the value of the hedging instruments will be offset in full by the changes in future

cash flows. The hedged risks to which both the underlying transaction and hedging instrument are exposed therefore have an opposite

influence on the value of the underlying transaction and hedging instrument.

101

EVN Annual Financial Report 2021/ 22

Fair value hedging instruments –

30.09.2022

EURm

Carrying

amount Balance sheet position

Nominal

amount

Change in

fair value

Cross-currency swaps

–11.1 – Other non-current assets 10.0

–6.8

1) JPYbn

Fair value hedging instruments –

30.09.2021

EURm

Carrying

amount Balance sheet position

Nominal

amount

Change in

fair value

Cross-currency swaps

–4.4 – Other non-current assets 10.0

5.1

1) JPYbn

Fair value hedge –

underlying transaction 30.09.2022

EURm

Carrying

amount

Fair value

adjustment Balance sheet position

Nominal

amount

Change in

fair value

JPY bond

–70.9 –2.3 Non-current financial liabilities 10.0

7.8

1) JPYbn

Fair value hedge –

underlying transaction 30.09.2021

EURm

Carrying

amount

Fair value

adjustment Balance sheet position

Nominal

amount

Change in

fair value

JPY bond

–79.0 –3.0 Non-current financial liabilities 10.0

–5.6

1) JPYbn

Cash flow hedging instruments –

30.09.2022

EURm

Carrying

amount Balance sheet position

Nominal

amount

Change in

fair value

FX-forwards (KWD/EUR) –25.6 Other current/non-current liabilities 81.2

–14.4

FX-forwards (USD/EUR) –19.5 Other current/non-current liabilities 174.7

–14.8

Purchase of electricity forwards –19.9 Other current/non-current liabilities 107.6 –20.6

Sale of electricity forwards –138.7

Other current/non-current liabilities –198.7 –96.6

1) Nominal amount in KWDm

2) Nominal amount in USDm

3) EUR 31.8m negative market value recognised in the consolidated statement of operations at the beginning of the hedging relationship

Consolidated notes — Other information

102

EVN Annual Financial Report 2021/ 22

Cash flow hedging instruments –

30.09.2021

EURm

Carrying

amount Balance sheet position

Nominal

amount

Change in fair

value

Interest rate swaps ENK (French lease)

–0.1 Other current/non-current liabilities 13.2 0.5

FX-forwards (KWD/EUR) –11.2 Other current/non-current liabilities 89.5

–9.1

FX-forwards (USD/EUR) –4.8 Other current/non-current liabilities 174.7

–2.9

Bank balance/Contract assets (KWD) 102.4 Bank balance/Contract assets 35.8

1.5

Bank balance (USD) –43.0 Bank balance –49.8

–1.0

Purchase of electricity forwards 0.7 Other current/non-current liabilities 3.5 0.7

Sale of electricity forwards –10.3 Other current/non-current liabilities 31.9 –10.3

1) Nominal amount in KWDm

2) Nominal amount in USDm

Cash flow hedges – underlying transactions 30.09.2022

EURm Change in fair value

Reserve for measurement

of cash flow hedges

Proceeds from sales (Firm commitment) –43.1 –43.8

Disbursements for procurements (Planning and firm commitment) – –

Proceeds from sales (Firm commitment) –35.6 –35.8

Disbursements for procurements (Planning and firm commitment) – –

Purchase of electricity forwards –9.8 –19.9

Sale of electricity forwards –137.1 –106.9

Cash flow hedges – underlying transactions 30.09.2021

EURm Change in fair value

Reserve for measurement

of cash flow hedges

ENK (French lease)

0.5 0.1

Proceeds from sales (Firm commitment) 9.1 –10.0

Disbursements for procurements (Planning and firm commitment) –1.5 3.4

Proceeds from sales (Firm commitment) 2.9 –4.3

Disbursements for procurements (Planning and firm commitment) 1.0 –1.8

Purchase of electricity forwards 0.7 0.7

Sale of electricity forwards –10.3 –10.3

Effects on the statement of

comprehensive income, statement

of financial position and

statement

of operations

30.09.2022

EURm

Hedge gains/

losses recognised

in other

comprehensive

income

Ineffectiveness

recognised to

profit or loss

Positions for

which

ineffectiveness

was

recognised

Reclassification

from OCI to

statement of

operations

Positions for

which

reclassification

was

recognised

Basis

adjustement

DBO project (KWD)

–43.1 –9.3 Revenue

BOT project (USD) –35.6 –4.1 Revenue

Disbursements for procurements (Planning

and firm commitment)

– – – – – 3.4

Disbursements for procurements (Planning

and firm commitment)

– – – – – –1.8

Purchase of electricity forwards –9.8 10.8 Revenue

Sale of electricity forwards –137.1 –40.5 Revenue

103

EVN Annual Financial Report 2021/ 22

Effects on the statement of

comprehensive income, statement

of financial position and

statement

of operations

30.09.2021

EURm

Hedge gains/

losses recognised

in other

comprehensive

income

Ineffectiveness

recognised to

profit or loss

Positions for

which

ineffectiveness

was

recognised

Reclassification

from OCI to

statement of

operations

Positions for

which

reclassification

was

recognised

Basis

adjustement

Debt financing STEAG-EVN Walsum 10 Kraft-

werksgesellschaft

1.6 –

Other financial

results 12.3

Interest

expense –

ENK (French lease) 0.5 – – – –

DBO Project (KWD) 9.5 – – –1.4 Revenue –

BOT Project (USD) 2.9 – – – Revenue –0.3

Purchase of electricity forwards 0.7 – – – Revenue –

Sale of electricity forwards –10.3 – – – Revenue –

Expected occurrence of cash flows from forward exchange transactions

30.09.2022

Million foreign currency or exchange rate

< 1 year > 1 year

USD

Nominal amount in USD 93.7 81.0

Average USD/EUR forward rate 1.1703 1.0742

KWD

Nominal amount in KWD

26.5 54.6

Average KWD/EUR forward rate 0.3363 0.3489

Expected occurrence of cash flows from forward exchange transactions

30.09.2021

Million foreign currency or exchange rate

< 1 year > 1 year

USD

Nominal amount in USD 106.0 68.7

Average USD/EUR forward rate 1.2058 1.2058

KWD

Nominal amount in KWD

63.7 25.8

Average KWD/EUR forward rate 0.3713 0.3772

64. Disclosures of interests in other entities

An overview of the companies included in the consolidated financial statements is provided beginning on page 112 under EVN’s

investments.

Information on the joint ventures and associates that were included in EVN’s consolidated financial statements at equity in 2021/22 is

provided below.

The share of results from equity accounted investees with operational nature is reported as part of the results from operating activities (EBIT).

Consolidated notes — Other information

104

EVN Annual Financial Report 2021/ 22

The following table shows the equity accounted investees with operational nature:

Joint ventures that were included atequity in the consolidated

financial statements as of 30.09.2022 in accordance with IFRS 11

Company

Bioenergie Steyr GmbH

Biowärme Amstetten-West GmbH

Degremont WTE Wassertechnik Praha v.o.s.

EnergieAllianz

EVNKG

EVN-WE Wind KG

Fernwärme St. Pölten GmbH

Fernwärme Steyr GmbH

RAG

Ashta

sludge2energy

Umm Al Hayman Wastewater Treatment Company KSPC

ZOV

Associates that were included at equity in the consolidated financial statements as of

30.09.2022 in accordance with IAS 28

Company

Burgenland Energie

Verbund Innkraftwerke

ZOV UIP

105

EVN Annual Financial Report 2021/ 22

The following table provides summarised financial information on each individually material joint venture included in the consolidated

financial statements:

Financial information of material

joint ventures

EURm 30.09.2022 30.09.2021

Joint venture

EVNKG RAG ZOV

Energie

Allianz EVNKG RAG ZOV

Energie

Allianz

Statement of financial position

Non-current assets 160.8 527.7 160.5 77.9 39.4 600.4 179.6 13.5

Current assets 1,134.3 507.8 46.8 2,313.5 766.3 63.1 80.8 941.2

Non-current liabilities 2.1 261.1 – 432.6 0.3 324.0 – 220.8

Current liabilities 462.9 501.7 15.5 757.6 365.2 88.8 46.3 325.2

Reconciliation of the carrying amount of

the share of EVN in the joint venture

Net assets 830.2 272.7 191.8 1,201.3 440.2 250.7 214.1 408.7

Share of EVN in net assets (%) 100.0 100.0 48.50 45.00 100.00 100.00 48.50 45.00

Share of EVN in net assets 830.2 272.7 93.0 540.6 440.2 250.7 103.8 183.9

/– Revaluations – 138.8 5.9 – – 139.1 – –

Carrying amount of the share of EVN in the

joint venture

830.2 411.4 99.0 540.6 440.2 389.8 103.8 183.9

2021/22 2020/21

Statement of operations

Revenue

703.2 650.1 26.7 2,934.0 432.4 339.5 17.6 1,338.9

Scheduled depreciation and amortisation

–0.6 –40.1 – –0.6 –0.5 –40.5 – –0.7

Interest income

0.1 0.7 – – – 2.2 28.0 –

Interest expense

–0.1 –1.9 – –2.0 – –1.6 –1.1 –0.8

Income tax

– –17.4 –4.6 0.2 – –14.9 –5.0 –0.3

Result for the period

7.2 51.9 21.1 –5.5 117.2 47.7 22.6 5.0

Other comprehensive income

409.0 17.9 –0.3 1,165.0 289.2 1.1 2.1 366.2

Comprehensive income

416.2 69.8 20.8 1,159.5 406.4 48.8 24.7 371.2

Dividends received by EVN

76.2 48.0 14.6 – 56.4 45.0 13.0 –

The following table provides summarised financial information on the individually immaterial joint ventures included in the consolidated

financial statements:

Financial information of individually immaterial joint ventures

(EVN share)

EURm 2021/22 2020/21

Carrying value of the joint ventures as of the balance sheet date

138.7 103.5

Result for the period 7.8 3.9

Other comprehensive income 23.9 9.4

Comprehensive income 31.7 13.3

Consolidated notes — Other information

106

EVN Annual Financial Report 2021/ 22

The following table provides summarised financial information on each individually material associate included in the consolidated

financial statements:

Financial information of

material associates

EURm 30.09.2022 30.09.2021

Associate

Verbund

IKW ZOV UIP

Burgenland

Energie

Verbund

IKW ZOV UIP

Burgenland

Energie

Statement of financial position

Non-current assets

1,250.9 0.5 842.5 1,190.2 0.3 767.3

Current assets

25.9 5.3 289.8 3.8 8.2 189.8

Non-current liabilities

76.3 – 178.2 63.5 – 182.9

Current liabilities

27.9 1.7 605.9 25.9 5.2 427.3

Reconciliation of the carrying amount of the

share of EVN in the associate

Net assets

1,172.6 4.1 348.4 1,104.7 3.3 346.9

Share of EVN in net assets (%)

13.00 31.00 49.00 13.00 31.00 49.00

Share of EVN in net assets

152.4 1.3 170.7 143.6 1.0 170.0

/– Revaluations

23.4 0.1 20.3 26.2 – 15.7

Carrying amount of the share of EVN

in the associate 175.9 1.4 191.0 169.8 1.0 185.6

2021/22 2020/21

Statement of operations

Revenue 152.9 23.7 528.2 96.2 14.9 336.3

Result for the period 72.3 5.1 23.9 27.3 4.2 20.5

Other comprehensive income –6.2 – 2.4 – – 0.1

Comprehensive income 66.1 5.1 26.3 27.3 4.2 20.6

Dividends received by EVN 1.3 1.2 10.3 1.3 1.3 10.3

The consolidated financial statements include no associates that are individually immaterial.

65. Other obligations and risks

The commitments entered into by EVN and the related risks are as follows:

Other obligations and risks

EURm 30.09.2022 30.09.2021

Guarantees in connection with energy transactions

82.5 95.2

Guarantees in connection with projects in the Environment Segment

684.1 579.0

Guarantees related to the construction and operation of

Energy networks

2.0 3.7

Power plants

87.6 98.4

Order obligations for investments in intangible assets and property, plant and equipment

218.5 191.0

Further obligations arising from guarantees or other contractual contingent liabilities

0.1 0.1

Total

1,074.8 967.4

thereof in connection with equity accounted investees 82.0 89.9

107

EVN Annual Financial Report 2021/ 22

Neither provisions nor liabilities were recognised for the above-mentioned items because claims to the fulfilment of obligations or the

actual occurrence of specific risks were not expected at the time these consolidated financial statements were prepared. The above-

mentioned obligations were contrasted by corresponding recourse claims of EUR 21.2m (previous year: EUR 10.7m).

Other obligations and risks increased by EUR 107.4m to EUR 1,074.9m compared to 30 September 2021. This change mainly resulted from

an increase in guarantees for environmental projects as well as from an increase in scheduled orders for investments in intangible assets

and property, plant and equipment. This was offset by a reduction in guarantees in connection with energy transactions and in connection

with the construction and operation of power plants.

Contingent liabilities relating to guarantees in connection with energy transactions are recognised in the amount of the actual risk for

EVN for those guarantees issued for the procurement or marketing of energy. This risk is measured by the changes between the stipulated

price and the actual market price, whereby EVN is only exposed to procurement risks when market prices decline and to selling risks when

market prices increase.

Accordingly, fluctuations in market prices may lead to a change in the risk exposure after the balance sheet date. The risk assessment

resulted in a contingent liability of EUR 19.8m as of 30 September 2022. The nominal volume of the guarantees underlying this assess-

ment was EUR 527.5m. As of 31 October 2022, the market price risk was EUR 75.2m based on an underlying nominal volume of

EUR522.1m.

Various legal proceedings and lawsuits related to operating activities are pending or claims may be filed against EVN in the future. The

attendant risks were analysed in relation to their probability of occurrence. The evaluation of possible claims showed that the legal proceed-

ings and lawsuits, individually and as a whole, would not have a material negative effect on EVN’s business, liquidity, profit or loss or

financial position.

Additional obligations arising from guarantees and other contractual contingent liabilities consisted chiefly of outstanding capital contri-

butions to affiliates as well as liabilities for affiliates’ loans.

66. Information on transactions with related parties

In accordance with IAS 24, transactions with related parties arise through direct or indirect control, significant influence or joint manage-

ment. Related parties further include close family members of the respective natural persons. Key management personnel and their close

family members are also considered to be related parties.

EVN’s related parties include all companies in the scope of consolidation, other subsidiaries, joint ventures and associates that are not

included in the consolidated financial statements, as well as people who are responsible for the planning, management and supervision of

the Group’s activities. In particular, related parties also include the members of the Executive Board and the Supervisory Board as well as

their family members. A list of the Group companies can be found starting on page 112 under EVN’s investments.

The province of Lower Austria holds 51.0% of the shares of EVN AG through NÖ Landes-Beteiligungsholding GmbH, St. Pölten. Therefore,

the province of Lower Austria and companies under its control or significant influence are classified as related parties of the EVN Group.

Since the province of Lower Austria is a government-related entity which has control over EVN AG due to its majority shareholding, EVN

has elected to apply the exemption provided by IAS 24.25. This exemption releases EVN from the requirement to disclose business trans-

actions and outstanding balances with related parties when the related party is a government-related entity. The business transactions

with companies under the control or significant influence of NÖ Landes-Beteiligungsholding GmbH are related mainly to the provision of

electricity, natural gas, network and telecommunications services.

Consolidated notes — Other information

108

EVN Annual Financial Report 2021/ 22

NÖ Holding GmbH holds 100% of the shares in NÖ Landes-Beteiligungsholding GmbH, which prepares and publishes consolidated financial

statements.

Wiener Stadtwerke GmbH acquired 51,000,000 EVN shares on 5 August 2020. The closing of this transaction made the company, which

is wholly owned by the city of Vienna, the second largest shareholder of EVN AG with an investment of 28.4%. Since the city of Vienna is

a government-related entity which, based on the majority shareholding, can exercise significant influence over EVN AG, the exemption

provided by IAS 24.25 was applied. This exemption permits the non-disclosure of business transactions and outstanding balances with

related parties when the related pary is a government-related entity.

Transactions with related parties

Main shareholder

EVN AG is part of a joint venture with NÖ Landes-Beteiligungsholding GmbH as the main shareholder and WIENER STADTWERKE GmbH

as the minority shareholder. A group and tax equalisation agreement was concluded to regulate the modalities. On the basis of this

agreement, EVN AG has included further subsidiaries in this group of companies. This resulted in a current liability of EUR 28.9m to

NÖLandes-Beteiligungsholding GmbH as of 30September 2022 (previous year: EUR 32.6m). All other business relationships with the

main shareholder or companies attributable to the main shareholder are carried out at arm’s length.

Wiener Stadtwerke GmbH

Based on a syndicate agreement, EVN AG and Wiener Stadtwerke GmbH together hold roughly 26% of the voting shares in Verbund AG

through their direct and indirect investments (also see note 38. Other investments).

Based on the group and tax equalisation agreement, there is a current liability to Wiener Stadtwerke GmbH of EUR 8.8m as of

30 September 2022 (previous year: EUR 8.9m).

EnergieAllianz is a joint energy distribution company comprising Burgenland Energie, EVN and Wien Energie GmbH, a wholly owned

subsidiary of Wiener Stadtwerke GmbH. EVN holds 45% of the shares in EnergieAllianz, which is responsible for the trading and sale of

electricity, natural gas and energy-related services for industrial, large-scale and business customers.

EVN and Wiener Stadtwerke GmbH jointly operate the project company EVN-Wien Energie Windparkentwicklungs- und

BetriebsGmbH & Co KG through their respective subsidiaries, EVN Naturkraft and Wien Energie GmbH, each of which holds an invest-

ment

of 50% as a limited partner. This company is responsible for the development, construction and operation of wind parks.

Further joint investments, which are immaterial in scope, exist between the EVN Group and/or subsidiaries controlled by Wiener Stadt-

werke GmbH.

Investments in equity accounted investees

Within the context of its ordinary business operations, EVN has concluded supply and service contracts with numerous companies included

at equity in its consolidated financial statements. Long-term agreements were concluded with EnergieAllianz for the sale and procurement

of electricity and natural gas, and long-term procurement contracts were concluded with Verbund Innkraftwerke for electricity.

109

EVN Annual Financial Report 2021/ 22

The value of services provided to the investments in equity accounted investees listed above is as follows:

Transactions with joint ventures included atequity

EURm 2021/22 2020/21

Revenue

449.1 252.4

Cost of services received –144.5 –28.4

Trade accounts receivable 50.6 55.2

Other receivables – –

Trade accounts payable 120.1 18.7

Other liabilities – –

Loans 11.5 20.0

Liabilities from cash pooling 8.2 323.1

Interest income from loans 0.4 0.5

Transactions with associates included atequity

EURm 2021/22 2020/21

Revenue

– –

Cost of services received –16.2 –10.2

Trade accounts receivable – –

Trade accounts payable 1.4 0.7

Transactions with related individuals

Executive Board and Supervisory Board

The payments to members of the Executive Board and the Supervisory Board consist primarily of salaries, severance payments, pensions

and Supervisory Board remuneration.

The remuneration paid to the active members of the Executive Board in 2021/22 totalled TEUR 1,253.5 (including compensation in kind

and contributions to pension funds; previous year: TEUR 1,225.4).

Remuneration of the active Executive Board

TEUR 2021/22 2020/21

Fixed

remuneration

Variable

remuneration

Compensation

in kind

Fixed

remuneration

Variable

remuneration

Compensation

in kind

Stefan Szyszkowitz 446.9 127.4 3.4 434.8 129.3 3.3

Franz Mittermayer 417.1 114.4 14.1 405.8 111.7 14.0

1) Corresponds to the amounts paid in the 2021/22 financial year; the variable remuneration depends on the achievement of targets. Details can be found in the remuneration report.

In addition, pension fund contributions made in 2021/22 equalled TEUR 67.6 for Stefan Szyszkowitz (previous year: TEUR 65.8) and

TEUR62.5 for Franz Mittermayer (previous year: TEUR 60.8).

The provision for pension obligations for Stefan Szyszkowitz was reversed in the amount of TEUR –2,313.9 in 2021/22 (thereof TEUR 71.4

interest expense and TEUR –2,609.3 of actuarial gains/losses). In the previous year, the change was TEUR 49.3 (thereof TEUR 64.5 interest

expense and TEUR –245.6 of actuarial gains/losses). For Franz Mittermayer, there was a reversal of the provision for pension obligations in

the amount of TEUR –1,707.4 (thereof TEUR 90.3 interest expense and TEUR –2,071.3 of actuarial gains/losses). In the previous year, the

change was TEUR 164.9 (thereof TEUR 80.5 interest expense and TEUR –193.1 of actuarial gains/losses).

Consolidated notes — Other information

110

EVN Annual Financial Report 2021/ 22

In 2021/22 contributions of TEUR 8.8 (previous year: TEUR 8.7) were made to an external employee fund on behalf of Stefan Szyszkowitz

and TEUR 8.3 (previous year: TEUR 8.1) on behalf of Franz Mittermayer.

The year-on-year change in the remuneration of the active members of the Executive Board is attributable primarily to the change in

performance-based components and the annual wage and salary increases mandated by collective bargaining agreements.

The members of the Executive Board are also entitled to a contractually agreed pension at retirement, whereby pension payments under

the Austrian social security scheme and any payments from the VBV-Pensionskasse are credited against this amount.

The payments to former members of the Executive Board or their surviving dependents amounted to TEUR 1,008.4 in 2021/22 (previous

year: TEUR 1,159.3).

For severance payments and pensions for active members of senior management, there was income of TEUR –575.0 in total, consisting of

the utilisation of provisions as well as pension fund contributions and contributions to the employee pension fund (thereof TEUR 35.0

interest expense and TEUR –1,155.4 of actuarial gains/losses) and in the previous year an expense of TEUR 445.5 (thereof TEUR 28.7 inter-

est expense and TEUR 65.0 of actuarial gains/losses).

The above amounts include expenses recognised in accordance with national law, as required by the Austrian Corporate Governance Code.

In accordance with IAS 19, actuarial gains and losses are recorded under other comprehensive income.

The Supervisory Board remuneration totalled TEUR 156.7 in 2021/22 (previous year: TEUR 154.7). The members of the Advisory Committee

for Environmental and Social Responsibility received remuneration of TEUR 98.4 during the reporting year (previous year: TEUR 104.9).

The basic principles underlying the remuneration system are presented in the remuneration report, which is part of the corporate govern-

ance report.

Transactions with other related companies

The disclosure requirements for the notes do not cover information on intragroup transactions. Therefore, business transactions between

EVN and its subsidiaries are not reported. Business transactions with non-consolidated subsidiaries and companies not included at equity

are generally not reported because they are immaterial.

Related parties can also be direct customers of a company within the EVN Group, whereby these business relationships reflect prevailing

market rates and conditions and are immaterial in relation to the total income recorded by the EVN Group in 2021/22. The resulting items

outstanding as of 30 September 2022 are reported under trade accounts receivable.

67. Significant events after the balance sheet date

The following significant events occurred between the balance sheet date of 30 September 2022 and the release for publication of the

consolidated financial statements on 23 November 2022:

On 18 November 2022, the Austrian federal government announced the implementation of EU Regulation 2022/1854 on emergency

measures in response to high energy prices, which in particular provides for a temporary revenue cap for inframarginal electricity

generation and an energy crisis contribution for fossil fuels. EVN is evaluating the effects of the new provisions.

68. Information on management and staff

The corporate bodies of EVN AG are:

Executive Board

Stefan Szyszkowitz – Spokesman of the Executive Board

Franz Mittermayer – Member of the Executive Board

111

EVN Annual Financial Report 2021/ 22

Supervisory Board

Chairwoman

Bettina Glatz-Kremsner

Vice-Chairmen

Norbert Griesmayr

Willi Stiowicek

Members

Georg Bartmann Maria Patek Peter Weinelt

Gustav Dressler Angela Stransky Friedrich Zibuschka

Philipp Gruber

Employee representatives

Friedrich Bußlehner Paul Hofer Irene Pugl

Monika Fraißl Uwe Mitter

69. Approval of the 2021/22 consolidated financial statements for publication

These consolidated financial statements were prepared by the Executive Board as of the date indicated below. The individual financial

statements, which were also included in the consolidated financial statements after their adjustment to reflect International Financial

Reporting Standards, and the consolidated financial statements of EVN AG will be submitted to the Supervisory Board on 14 Decem-

ber2022 for examination, and the Supervisory Board will also be asked to approve the individual financial statements.

70. Auditing fees

EVN’s consolidated financial statements and annual financial statements for the 2021/22 financial year were audited by BDO AustriaGmbH

Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna. The costs for BDO Austria GmbH Wirtschaftsprüfungs- und Steuer-

beratungsgesellschaft, Vienna, totalled EUR 0.5m (previous year: EUR 0.3m) and were distributed as follows: 52.1% for auditing services

(previous year: 76.6%), 15.6% for audit-related services (previous year: 6.8%) and 32.3% for other consulting services (previos year:

16.7%). Auditing and consulting fees for the Group amounted to EUR0.8m for the reporting year (previous year: EUR 0.5m), whereby

67.0% (previous year: 86.2%) are attributable to auditing, 14.0% (previous year: 4.0%) to audit-related services and 19.0% (previous year:

9.8%) to other consulting services.

Maria Enzersdorf, 23 November 2022

EVNAG

The Executive Board

Stefan Szyszkowitz Franz Mittermayer

Spokesman of the Executive Board Member of the Executive Board

Consolidated notes — Other information

112

EVN Annual Financial Report 2021/ 22

The following table lists EVN’s investments classified by segment of business. The list of companies not included in the consolidated finan-

cial statements of EVN AG for materiality reasons is based on the companies’ last available local annual financial statements as of the

respective balance sheet date. The data from companies that report in a foreign currency is translated into euros at the exchange rate on

the balance sheet date of EVN AG.

EVN’s investments according to § 245a (1) in connection with § 265 (2) UGB

Method of consolidation:

V: Fully consolidated company (subsidiary)

NV: Non-consolidated subsidiary

JO: Company included as joint operation

NJO: Company not included as a joint operation

E: Company included at equity

NE: Company not included at equity

1. EVN’s investments in the energy business ≥ 20.0%

as of 30 September 2022

1.1. Included in the consolidated financial statements of EVN

Company. registered office Shareholder

Interest

Balance

sheet date

Method of

consolidation

2021/ 22

Ashta BeteiligungsverwaltungGmbH (“Ashta”), Vienna EVN Naturkraft 49.99 31.12.2021 E

Bioenergie SteyrGmbH, Behamberg EVN Wärme 51.00 30.09.2022 E

Biowärme Amstetten-WestGmbH, Amstetten EVN Wärme 49.00 31.12.2021 E

Elektrorazpredelenie Yug EAD (“EP Yug”), Plovdiv, Bulgaria BG SN Holding 100.00 31.12.2021 V

ENERGIEALLIANZ AustriaGmbH (“EnergieAllianz”), Vienna EVN 45.00 30.09.2022 E

EVN Bulgaria Elektrosnabdiavane EAD (“EVNBulgariaEC”), Plovdiv, Bulgaria BG SV Holding 100.00 31.12.2021 V

EVN Bulgaria EAD (“EVN Bulgaria”), Sofia, Bulgaria EVN 100.00 31.12.2021 V

EVN Bulgaria Fernwärme HoldingGmbH (“BG FW Holding”), Maria Enzersdorf EVN 100.00 30.09.2022 V

EVN Bulgaria RES HoldingGmbH (“EVN Bulgaria RES”), Maria Enzersdorf EVN Naturkraft 100.00 30.09.2022 V

EVN Bulgaria Stromerzeugung HoldingGmbH (“BG SE Holding”), Maria Enzersdorf EVN Naturkraft 100.00 30.09.2022 V

EVN Bulgaria Stromnetz HoldingGmbH (“BG SN Holding”), Maria Enzersdorf EVN 100.00 30.09.2022 V

EVN Bulgaria Stromvertrieb HoldingGmbH (“BG SV Holding”), Maria Enzersdorf EVN 100.00 30.09.2022 V

EVN Bulgaria Toplofikatsia EAD (“TEZ Plovdiv”), Plovdiv, Bulgaria BG FW Holding 100.00 31.12.2021 V

EVN Croatia Plin d.o.o (“EVN Croatia”), Zagreb, Croatia Kroatien Holding 100.00 31.12.2021 V

ELEKTRODISTRIBUCIJA DOOEL, Skopje, North Macedonia EVN Macedonia 100.00

31.12.2021 V

EVN EnergievertriebGmbH & Co KG (“EVNKG”), Maria Enzersdorf EVN 100.00 30.09.2022 E

EVN GeoinfoGmbH (“EVN Geoinfo”), Maria Enzersdorf Utilitas 100.00 30.09.2022 V

EVN Home DOO, Skopje, North Macedonia EVN Macedonia/

EVN Supply

100.00 31.12.2021 V

EVN Kavarna EOOD (“EVN Kavarna”), Plovdiv, Bulgaria EVN Bulgaria RES 100.00 31.12.2021 V

EVN Kraftwerks- und Beteiligungsgesellschaft mbH (“EVN Kraftwerk”), Maria Enzersdorf

EVN 100.00 30.09.2022 V

EVN Kroatien HoldingGmbH (“Kroatien Holding”), Maria Enzersdorf EVN 100.00 30.09.2022 V

EVN Macedonia AD (“EVN Macedonia”), Skopje, North Macedonia EVN Mazedonien 90.00 31.12.2021 V

EVN Macedonia Elektrani DOOEL, Skopje, North Macedonia EVN Macedonia 100.00 31.12.2021 V

EVN Macedonia Elektrosnabduvanje DOOEL (“EVN Supply”), Skopje,

North Macedonia

EVN Macedonia 100.00 31.12.2021 V

EVN MazedonienGmbH (“EVN Mazedonien”), Maria Enzersdorf EVN 100.00 30.09.2022 V

evn naturkraft Erzeugungsgesellschaft m.b.H. (“EVN Naturkraft”), Maria Enzersdorf EVN 100.00 30.09.2022 V

EVN Service Centre EOOD, Plovdiv, Bulgaria EVN Bulgaria 100.00 31.12.2021 V

EVN Trading DOOEL, Skopje, North Macedonia EVN Trading SEE 100.00 31.12.2021 V

EVN Trading South East Europe EAD (“EVN Trading SEE”), Sofia, Bulgaria EVN Bulgaria 100.00 31.12.2021 V

EVN WärmeGmbH (“EVN Wärme”), Maria Enzersdorf EVN 100.00 30.09.2022 V

EVN WärmekraftwerkeGmbH (“EVN Wärmekraftwerke”), Maria Enzersdorf EVN / EVN Bet. 52 100.00 30.09.2022 V

113

EVN Annual Financial Report 2021/ 22

1.2. Not included in the consolidated financial

statements of EVN due to immateriality

Company. registered office Shareholder

Interest

Shareholders’

equity

TEUR

Last year’s

profit/loss

TEUR

Balance sheet

date

Method of

consoli dation

2021/ 22

Bioenergie Wiener NeustadtGmbH, Wiener Neustadt EVN Wärme 90.00 807

(765)

135

(93)

31.12.2021

(31.12.2020)

cyberGRID Verwaltungs GmbH, Vienna EVN 100.00 5

(–)

–

(–)

31.03.2022

(–)

cyberGRID GmbH & Co KG, Vienna EVN 100.00 565

(–)

–137

(–)

31.03.2022

(–)

Energie Zukunft Niederösterreich GmbH (“EZN”),

Heiligenkreuz

EVN 50.00 1,122

(–)

–428

(–)

31.12.2021

(–)

EVN Macedonia Holding DOOEL, Skopje, North Macedonia EVN 100.00 413

(424)

–11

(–13)

31.12.2021

(31.12.2020)

EVN-ECOWIND Sonnenstromerzeugungs GmbH,

Maria Enzersdorf

EVN Naturkraft 50.00 881

(389)

–28

(–46)

30.09.2022

(30.09.2021)

EVN-WIEN ENERGIE Windparkentwicklungs- und

BetriebsGmbH (“EVN-WE WindGmbH”), Vienna

EVN Naturkraft 50.00 37

(36)

(1)

30.09.2021

(30.09.2020)

Fernwärme MariazellerlandGmbH, Mariazell EVN Wärme 48.86 286

(134)

152

(109)

31.12.2021

(31.12.2020)

Kraftwerk Nußdorf Errichtungs- und BetriebsGmbH, Vienna EVN Naturkraft 33.33 39

(47)

(3)

31.12.2021

(31.12.2020)

Kraftwerk Nußdorf Errichtungs- und BetriebsGmbH & Co KG,

Vienna

EVN Naturkraft 33.33 9,235

(8,837)

397

(351)

31.12.2021

(31.12.2020)

Netz Niederösterreich Beteiligung 31GmbH

(“Netz Bet. 31”), Maria Enzersdorf

Netz

Niederösterreich

100.00 14,923

(14,925)

–2

(–3)

30.09.2022

(30.09.2021)

Netz Niederösterreich Liegenschaftsbesitz 31 GmbH,

Maria Enzersdorf

Netz Bet. 31 100.00 15,427

(15,344)

187

(418)

30.09.2022

(30.09.2021)

1.1. Included in the consolidated financial statements of EVN

Company. registered office Shareholder

Interest

Balance

sheet date

Method of

consolidation2021/22

EVN-WIEN ENERGIE Windparkentwicklungs- und BetriebsGmbH & Co KG

(“EVN-WE Wind KG”), Vienna

EVN Naturkraft 50.00 30.09.2022 E

Fernwärme St. PöltenGmbH, St. Pölten EVN 49.00 31.12.2021 E

Fernwärme SteyrGmbH, Steyr EVN Wärme 49.00 30.09.2022 E

Hydro Power Company Gorna Arda AD, Sofia, Bulgaria BG SE Holding 76.00 31.12.2021 V

kabelplusGmbH (“kabelplus”), Maria Enzersdorf Utilitas 100.00 30.09.2022 V

Netz NiederösterreichGmbH (“Netz Niederösterreich”), Maria Enzersdorf EVN 100.00 30.09.2022 V

Verbund InnkraftwerkeGmbH (“Verbund Innkraftwerke”), Töging, Germany

EVN Naturkraft 13.00 31.12.2021 E

Wasserkraftwerke Trieb und KrieglachGmbH (“WTK”), Maria Enzersdorf EVN Naturkraft 70.00 30.09.2022 V

1) This company is included in the consolidated financial statements at equity and presented in the above table despite a participation interest ≤ 20.0% because of special contractual

arrangements that allow for the exercise of significant influence.

EVN‘s investments

114

EVN Annual Financial Report 2021/ 22

2. EVN’s investments in the environmental services business ≥ 20.0%

as of 30 September 2022

2.1. Included in the consolidated financial statements of EVN

Company. registered office Shareholder

Interest

Balance sheet

date

Method of

consolidation

2021/ 22

Cista Dolina – SHW Komunalno podjetje d.o.o., Kranjska Gora, Slovenia WTE Betrieb 100.00 30.09.2022 V

Degremont WTE Wassertechnik Praha v.o.s., Prague, Czech Republic WTE 35.00 31.12.2021 E

EVN Beteiligung 52GmbH (“EVN Bet. 52”), Maria Enzersdorf EVN 100.00 30.09.2022 V

EVN Umwelt Beteiligungs und ServiceGmbH (“EVN UBS”), Maria Enzersdorf EVN Umwelt 100.00 30.09.2022 V

EVN Umweltholding und Betriebs-GmbH (“EVN Umwelt”), Maria Enzersdorf EVN 100.00 30.09.2022 V

EVN Wasser GmbH (“EVN Wasser”), Maria Enzersdorf EVN/Utilitas 100.00 30.09.2022 V

OOO EVN Umwelt Service, Moscow, Russia EVN UBS 100.00 31.12.2021 V

OOO EVN Umwelt, Moscow, Russia EVN UBS 100.00 31.12.2021 V

sludge2energyGmbH (“sludge2energy”), Berching, Germany WTE 50.00 31.12.2021 E

Storitveno podjetje Laško d.o.o., Laško, Slovenia WTE 100.00

30.09.2022

Umm Al Hayman Holding Company WLL, Kuwait City, Kuwait WTE 50.00

31.12.2021

WTE Abwicklungsgesellschaft Kuwait mbH, Essen, Germany

International 100.00

30.09.2022

WTE Betriebsgesellschaft mbH (“WTE Betrieb”), Hecklingen, Germany

WTE 100.00

30.09.2022

WTE InternationalGmbH (“International”), Essen, Germany WTE 100.00

30.09.2022

WTE O&M Kuwait Sewerage Treatment O.P.C., Kuwait City, Kuwait International 100.00

30.09.2022

WTE otpadne vode Budva DOO, Podgorica, Montenegro WTE 100.00 31.12.2021 V

WTE Projektna družba Bled d.o.o., Bled, Slovenia WTE 100.00

30.09.2022

WTE WassertechnikGmbH (“WTE”), Essen, Germany EVN Bet. 52 100.00

30.09.2022

WTE Wassertechnik (Polska) Sp.z.o.o., Warshaw, Poland WTE 100.00

30.09.2022

Zagrebačke otpadne vode d.o.o. (“ZOV”), Zagreb, Croatia WTE 48.50 31.12.2021 E

Zagrebačke otpadne vode – upravljanje i pogon d.o.o. (“ZOV UIP”), Zagreb, Croatia WTE 29.00 31.12.2021 E

1) The relief options of § 264 (3) of the German Commercial Code (dHGB) are used.

115

EVN Annual Financial Report 2021/ 22

2.2. Not included in the consolidated financial

statements of EVNdue to immateriality

Company. registered office Shareholder

Interest

Shareholders’

equity

TEUR

Last year’s

profit/loss

TEUR

Balance sheet

date

Method of

consoli dation

2021/ 22

Abwasserbeseitigung Kötschach-Mauthen Errichtungs- und

Betriebsgesellschaft mbH, Kötschach-Mauthen

EVN Umwelt 26.00 260

(234)

190

(164)

31.12.2021

(31.12.2020)

EVN Projektgesellschaft Müllverbrennungsanlage Nr. 1 mbH

(“EVN MVA1”), Essen, Germany

WTE

100.00

(–)

–1.006

(–)

30.09.2022

(30.09.2021)

EVN Projektgesellschaft Müllverbrennungsanlage Nr. 3 mbH in

Liqu. (“EVN MVA3”), Maria Enzersdorf

EVN Umwelt/

Utilitas

100.00

(–)

–5

(–)

30.09.2022

(30.09.2021)

JV WTE Tecton Azmeel W.L.L, Al Seef (Manama), Bahrain WTE 50.00 87

(20)

(0)

30.09.2021

(30.09.2020)

SHW/RWE Umwelt Aqua Vodogradnja d.o.o., Zagreb, Croatia WTE 50.00 493

(505)

–12

(–16)

31.12.2021

(31.12.2020)

Wasserver- und Abwasserentsorgungsgesellschaft

Märkische Schweiz mbh, Buckow, Germany

WTE 49.00 563

(560)

(3)

31.12.2021

(31.12.2020)

Wiental-Sammelkanal Gesellschaft m.b.H, Untertullnerbach EVN Wasser 50.00 866

(866)

(0)

31.12.2021

(31.12.2020)

WTE Abwicklungsgesellschaft Russland mbH, Essen,

Germany

International 100.00

(25)

(0)

30.09.2022

(30.09.2021)

WTE Baltic UAB, Kaunas, Lithuania WTE 100.00 256

(203)

(16)

30.09.2022

(30.09.2021)

WTE desalinizacija morske vode d.o.o., Budva, Montenegro WTE Betrieb 100.00

–646

(–632)

–13

(–16)

31.12.2021

(31.12.2020)

WTE Projektentwicklung GmbH, Maria Enzersdorf WTE

100.00 40

(–)

30.09.2022

(30.09.2021)

WTE Projektgesellschaft Natriumhypochlorit mbH, Essen,

Germany

International

100.00 24

(25)

–1

(0)

30.09.2022

(30.09.2021)

EVN‘s investments

116

EVN Annual Financial Report 2021/ 22

3. EVN’s investments in other business activities ≥ 20.0%

as of 30 September 2022

3.1. Included in the consolidated financial statements of EVN

Company. registered office Shareholder

Interest

Balance sheet

date

Method of

consolidation

2021/ 22

Burgenland Holding Aktiengesellschaft (“Burgenland Holding” or “BUHO”),

Eisenstadt

EVN 73.63 30.09.2022 V

BurgenlandEnergie AG (“Burgenland Energie”), Eisenstadt BUHO 49.00 30.09.2022 E

EVN Business ServiceGmbH (“EVN Business”), Maria Enzersdorf Utilitas 100.00 30.09.2022 V

R138-Fonds, Vienna EVN/Netz

Niederösterreich/

EVN Wasser

100.00 30.09.2022 V

RAG-Beteiligungs-Aktiengesellschaft (“RBG”), Maria Enzersdorf EVN 50.03 31.03.2022 V

RAG AustriaAG (“RAG”), Vienna RBG 100.00 31.12.2021 E

UTILITAS Dienstleistungs- und Beteiligungs-Gesellschaft m.b.H (“Utilitas”),

Maria Enzersdorf

EVN 100.00 30.09.2022 V

3.2. Not included in the consolidated financial

statements of EVNdue to immateriality

Company. registered office Shareholder

Interest

Sharehold-

ers’ equity

TEUR

Last year’s

profit/loss

TEUR

Balance sheet

date

Method of

consoli dation

2021/ 22

EVN Beteiligung 60GmbH

(“EVN Bet. 60”), Maria Enzersdorf

Utilitas 100.00 33

(2,295)

–2

(464)

30.09.2022

(30.09.2020)

EVN Grundstücksverwaltung

BergernGmbH, Maria Enzersdorf

EVN Bet. 60 100.00 27

(2,257)

–8

(468)

30.09.2022

(30.09.2021)

e&i EDV Dienstleistungsgesellschaft m.b.H., Vienna EVN 50.00 276

(298)

(68)

30.09.2022

(30.09.2021)

EVN Energieservices GmbH, Maria Enzersdorf EVN 50.00 32

(–)

–4

(–)

30.09.2022

(–)

117

EVN Annual Financial Report 2021/ 22

Report on the Consolidated Financial Statements

Audit Opinion

We have audited the consolidated financial statements of

EVN AG,

Maria Enzersdorf,

and of its subsidiaries (the Group) comprising the consolidated statement of financial position as of September 30, 2022, the consolidated

statement of operations, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the

consolidated statement of cash flows for the fiscal year then ended and the notes to the consolidated financial statements.

Based on our audit the accompanying consolidated financial statements were prepared in accordance with the legal regulations and

present fairly, in all material respects, the assets and the financial position of the Group as of September 30, 2022 and its financial

performance for the year then ended in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU and

with requirements stated in par. 245a UGB.

Basis for Opinion

We conducted our audit in accordance with the regulation (EU) no. 537/2014 (in the following “EU regulation”) and in accordance with

Austrian Standards on Auditing. Those standards require that we comply with International Standards on Auditing (ISAs). Our responsibilities

under those regulations and standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements”

section of our report. We are independent of the Group in accordance with the Austrian General Accepted Accounting Principles and

professional requirements and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that

the audit evidence we have obtained until the date of this auditor’s report is sufficient and appropriate to provide a basis for our opinion

by this date.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial

statements of the fiscal year. These matters were addressed in the context of our audit of the consolidated financial statements as a whole,

and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

• Accounting of the large-scale project Umm Al Hayman in the international project business

• Impairment of intangible assets, property, plant and equipment and investments in equity accounted investees

• Accounting of derivative financial instruments in connection with energy transactions

Accounting of the large-scale project Umm Al Hayman in the international project business

Facts and references to further information

With a contract volume of more than 1,2 billion EUR attributable to the group, the Umm Al Hayman project is currently the largest

construction project in EVN’s international project division. The subject of this project is the design and construction of a sewage

treatment plant or respectively a sewer network with pumping stations in Kuwait. Contract costs have been capitalized and will be

amortized based on the project progress.

Revenue is recognized over the period in which the term of the service was rendered, with the stage of completion being measured

based on the cost incurred in relation to the expected total cost. As payments are denominated mainly in Kuwaiti Dinar and US Dollar,

derivative financial instruments are used to hedge against exchange rate risks. IFRS 9 hedge accounting is applied, therefore, the

cumulative gain or loss on the hedging instruments are recognized in other comprehensive income. The COVID 19 pandemic resulted

indelays, which need to be assessed and accounted for. Overall, the project is classified as significant in terms of value for the

consolidated financial statements and requires the application of complex accounting methods.

Auditors’ report

118

EVN Annual Financial Report 2021/ 22

The risk for the consolidated financial statements lies in the uncertainty of the assumptions and estimates needed to account for this

large-scale project. These may result in misstatements in the consolidated statement of financial position or the consolidated statement

of operations.

Auditing procedure

During our audit, we have obtained an understanding of the relevant processes and have tested the effectiveness of selected internal

controls. Additionally, we have analyzed the accounting instructions and files (accounting template) and have assessed them based on

the underlying contracts. We have examined the application of the relevant accounting standards (in particular IFRS 15 – Revenue from

contracts with customers and IFRS 9 – Financial instruments regarding hedge accounting). The recorded costs (third party and own work)

have been critically reviewed and a detailed document examination on a sample basis was performed. We have inspected the cost and

project reports and questioned the commercial and technical project managers on the current construction process. In addition, we have

inspected the construction site. Finally, we also reconciled the cost element reports with the general ledger and the bookings were

matched to the accounting templates.

Reference to further information

The principles of revenue recognition for construction projects are disclosed in the notes to the consolidated financial statements

in section 20 (Revenue recognition) of the Accounting and valuation policies. Further information to this project can be found in

section23Discretionary decisions and forward-looking statements, in section 39 Other non-current assets regarding costs for obtaining

contracts and in section 61 Risk management regarding foreign exchange risk.

Impairment of intangible assets, property, plant and equipment and investments in equity accounted investees

Facts and reference to further information

Intangible assets, property, plant and equipment (PPE) and investments in equity accounted investees with a total carrying amount of

EUR 6,459.3 million account for 52 % of total assets of the group as of September 30, 2022.

Accounting standards require an assessment to be made at each reporting date, whether there is any indication that the recoverable

amount has decreased significantly and that therefore, intangible assets, property, plant and equipment and equity accounted investees

are impaired. For those items of intangible assets, PPE and equity accounted investees, for which impairment losses were recognized in

prior periods, the Group assesses whether the impairment loss no longer exists and therefore needs to be reversed.

Intangible assets and property, plant and equipment for which no separate future cash flows can be identified are tested for impairment

at the level of the cash-generating units. By determining the value in use or, if necessary, the value less costs to sell, estimates must be

made regarding the development of revenues and expenses and the resulting cash surpluses, as well as assumptions for determining the

discount rate used.

The result of the valuation is therefore subject to estimation uncertainties. A change in the macroeconomic, industry or corporate situation

in the future may lead to a reduction in cash-flows and thus to impairment losses. For the consolidated financial statements, there is a risk

of incorrect valuation of intangible assets, property, plant and equipment, and investments in equity accounted investees.

Auditing procedure

During our audit, we have obtained an understanding of how the group monitors impairment triggers. In doing so, we critically assessed

the processes implemented to determine whether they are suitable for the valuation of intangible assets, property, plant and equipment,

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EVN Annual Financial Report 2021/ 22

and investments in equity accounted investees. We also assessed the related key internal controls and evaluated their form, implementa-

tion and effectiveness. We critically assessed the triggers for impairments and reversals and have compared them with our own estimates.

We have critically discussed and evaluated the underlying forecasts and assumptions for the valuation and assessed their appropriateness

based on current and expected developments and other evidence. In consultation with our valuation specialists, we assessed the

measurement technique model, planning assumptions and measurement parameter for selected issues. We assessed the appropriateness

of planning estimates by comparing actual cash flows with prior period estimated cash flows on a sample basis and discussing deviations

with staff responsible for planning. We agreed that the respective results of the valuations were properly accounted for.

Reference to further information

The procedures and effects of impairment tests are described in section 22 of the notes to the consolidated financial statements. Further

information can be found in section 23 Accounting estimates and forward-looking statements. The effects of impairment tests are presented

in section 31 (Depreciation and amortization and effects from impairment tests) and in sections 35 (Intangible assets), 36 (Property, plant

and equipment) and 37 (Investments in equity accounted investees) of the notes to the consolidated statement of financial position.

Accounting of dericative financial instruments in connection with energy transactions

Facts and reference to further information

The Group uses derivative financial instruments in the energy business to reduce risks related to price changes. The forward and future

contracts and swaps concluded for the purchase or sale of electricity, natural gas and CO

emission allowances are used to hedge purchase

prices for expected electricity and gas supplies or CO

emission allowances and to hedge sales prices for planned electricity production.

Significant parts of the derivatives existing as of September 30, 2022 were designated as part of hedging relationships (hedge accounting).

For hedge accounting, various formal and material criteria must be met. The applicable accounting provisions are to be classified as com-

plex and require extensive descriptions.

The risk for the consolidated financial statements lies in the following: If the criteria for hedge accounting are not met, changes in the

fairvalue of the derivative financial instruments concerned may have to be recognized in profit or loss, which in view of the high volatility

of the fair values could have a significant impact on profit or loss for the annual result.

Auditing procedure

As part of our audit procedures, we analyzed the organization of energy trading at EVN AG and assessed the internal control system

across the trading and valuation processes. In doing so, we assessed the organizational structure and workflows as well as the risk

management and risk monitoring processes, including the trading software used. In this context, we have also assessed whether the

conditions for the application of hedge accounting rules are met. In addition, we obtained third-party confirmations from trading

partners and traced the valuation of the derivatives and their recognition in the consolidated financial statements. We agreed that the

required disclosures are included in the notes to the consolidated financial statements.

Reference to further information

The principles for accounting for derivative financial instruments in connection with energy transactions are presented in the notes to

theconsolidated financial statements in section 9 (Derivative financial instruments) under accounting policies. Further details can be

found in section 63 (Reporting on financial instruments) in the subsection “Derivative financial instruments and hedging transactions”

tothe extent that they relate to the energy sector. Changes in the fair value of derivative financial instruments to which the rules of cash

flow hedges are applied and which are recognized directly in equity are covered in note section 47 (Valuation reserves).

Auditors’ report

120

EVN Annual Financial Report 2021/ 22

Other information

Management is responsible for the other information. The other information comprises the information included in the annual report,

butdoes not include the consolidated financial statements, the Group’s management report and the auditor’s report thereon.

We received the non-financial report and the consolidated corporate governance report before the date of the auditor’s report, and we

expect to receive the remaining parts of the annual report after that date.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance

conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so,

to consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge

obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there

is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and of the Audit Committee for the Consolidated Financial Statements

Management is responsible for the preparation of the consolidated financial statements in accordance with International Financial

Reporting Standards (IFRS), as adopted by the EU and with requirements stated in par. 245a UGB, for them to present a true and fair view

of the assets, the financial position and the financial performance of the Group and for such internal controls as management determines

are necessary to enable the preparation of consoli-dated financial statements that are free from material misstatement, whether due to

fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going

concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management

either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The Audit Committee is responsible for overseeing the Group’s financial reporting process.

Auditor’s responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high

level of assurance, but is not a guarantee that an audit conducted in accordance with the EU regulation and in accordance with Austrian

Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users

taken on the basis of these consolidated financial statements.

As part of an audit in accordance with the EU regulation and in accordance with Austrian Standards on Auditing, which require the

application of ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit.

121

EVN Annual Financial Report 2021/ 22

We also:

• identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design

and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a

basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from

error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the

circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures

made by management.

• conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence

obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability

to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s

report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion.

Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions

may cause the Group to cease to continue as a going concern.

• evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and

whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair

presentation.

• obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group

to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of

the group audit. We remain solely responsible for our audit opinion.

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant

audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence,

and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and

where applicable, related safeguards.

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit

of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our

auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we

determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be

expected to outweigh the public interest benefits of such communication.

Auditors’ report

122

EVN Annual Financial Report 2021/ 22

Report on Other Legal Requirements

Comments on the management report for the group

Pursuant to Austrian Generally Accepted Accounting Principles, the Group management report is to be audited as to whether it is consistent

with the consolidated financial statements and as to whether it was prepared in accordance with the applicable legal regulations.

Management is responsible for the preparation of the Group’s management report in accordance with Austrian Generally Accepted

Accounting Principles

We conducted our audit in accordance with Austrian Standards on Auditing for the audit of the Group’s management report.

Opinion

In our opinion, the management report for the Group was prepared in accordance with the valid legal requirements and is consistent

with the consolidated financial statements.

Statement

Based on the findings during the audit of the consolidated financial statements and due to the thus obtained understanding concerning

the Group and its circumstances no material misstatements in the Group’s management report came to our attention.

Additional information in accordance with Article 10 of the EU Regulation

We were elected as auditor by the ordinary general meeting on February 3, 2022. We were appointed by the Supervisory Board

on February 4, 2022. We have been appointed to audit the consolidated financial statements without interruption since the

2020/21 financial year.

We confirm that the audit opinion in the section “Report on the consolidated financial statements” is consistent with the additional

report to the audit committee referred to in article 11 of the EU regulation.

We declare that no prohibited non-audit services (article 5 par. 1 of the EU regulation) were provided by us and that we remained

independent of the audited company in conducting the audit.

Responsible austrian certified public accountant

The engagement partner on the audit resulting in this independent auditor’s report is Mr. Gerhard Posautz, Certified Public Accountant.

Vienna, November 23, 2022

BDO Austria GmbH

Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

Gerhard Posautz Peter Bartos

Auditor Auditor

This report is a translation of the original report in German, which is solely valid.

EVN AG

Jahresabschluss 2021/22

nach UGB

Sitz der Gesellschaft:

2344 Maria Enzersdorf

Registriert Landesgericht Wr. Neustadt

FN 72000 h

UID Nr. ATU14704505

EVN AG

EVN Platz

2344 Maria Enzersdorf

Österreich

123

EVN Annual Financial Report 2021/ 22

Inhaltsverzeichnis

Lagebericht 4

Jahresabschluss

Bilanz zum 30. September 2022 40

Gewinn- und Verlustrechnung für das Geschäftsjahr 2021/22 42

Entwicklung des Anlagevermögens 44

Beteiligungen der EVN AG 45

Uneingeschränkter Bestätigungsvermerk 46

Anhang 53

Bericht des Aufsichtsrats 74

Der vorliegende Jahresabschluss der EVN AG für das Geschäftsjahr 2021/22 wurde nach den

österreichischen Rechnungslegungsvorschriften erstellt.

Im Geschäftsbericht 2021/22 der EVN wurde ein Konzernabschluss nach den Grundsätzen der

International Financial Reporting Standards (IFRS) veröffentlicht. Mit dieser Form der Bericht-

erstattung legt die EVN ihren Aktionären und der Öffentlichkeit einen Konzernabschluss vor, der

international anerkannten Prinzipien der Rechnungslegung entspricht. Dieser Geschäftsbericht

kann selbstverständlich jederzeit bei der EVN angefordert werden.

Lagebericht 12 5

Jahresabschluss 161

Bilanz zum 30. September 2022 162

Gewinn- und Verlustrechnung für das Geschäftsjahr 2021/22 164

Entwicklung des Anlagevermögens 166

Beteiligungen der EVN AG 167

Uneingeschränkter Bestätigungsvermerk 168

Anhang 174

Inhalt

124

EVN Annual Financial Report 2021/ 22

Lagebericht

125

EVN Annual Financial Report 2021/ 22

EVN AG, Maria Enzersdorf

Lagebericht EVN AG für das Geschäftsjahr 2021/22

Bericht des Vorstandes

Energiepolitisches Umfeld

Europäische Energiepolitik im Zeichen der Krise

Als Reaktion auf die durch den Ukrainekrieg entstandenen massiven Verwerfungen im Energiesektor wurden auf EU-

Ebene einige zeitlich befristete Gesetze beschlossen. So sieht die Gasspeicher-Verordnung vor, dass die EU-

Mitgliedsstaaten ihre Speicheranlagen bis 1. November 2022 zu mindestens 80 % und in den Folgejahren – ebenfalls

jeweils zum 1. November – zu 90 % ihrer Kapazität befüllen müssen. Insgesamt verfolgt die EU das Ziel, im Jahr 2022

einen gemeinsamen Füllstand von 85 % ihrer gesamten Gasspeicherkapazität zu erreichen.

Die Verordnung über Notfallmaßnahmen als Reaktion auf die hohen Strompreise sieht zudem folgende zeitlich

befristete Sondermaßnahmen vor:

- Verbindliche und freiwillige Ziele, um den Stromverbrauch zwischen 1. Dezember 2022 und 31. März 2023 zu

senken

- Abschöpfung von Markterlösen aus der Stromerzeugung über 180 Euro pro MWh

- Einhebung einer Solidaritätsabgabe auf Grundlage der steuerpflichtigen Gewinne von Unternehmen im Erdöl-,

Erdgas-, Kohle- und Raffineriebereich, wenn die Gewinne über 20 % des Vergleichszeitraums liegen

- Die Mitgliedsstaaten werden die Einnahmen aus den Zufallsgewinnen in der Stromerzeugung und der

Solidaritätsabgabe aus dem Erdöl-, Erdgas-, Kohle- und Raffineriebereich einsetzen, um Endkunden wie

Haushalte sowie kleinere und mittlere Unternehmen angesichts der hohen Energiepreise finanziell zu entlasten.

Die Mitgliedsstaaten müssen die Verordnung über die Notfallmaßnahmen bis zum 1. Dezember 2022 national

umsetzen, genießen dabei aber in der Ausgestaltung der Ziele und Maßnahmen auf nationaler Ebene

Gestaltungsspielraum. Für das Frühjahr 2023 hat die EU auch eine Reform des Strommarktdesigns angekündigt. An

den Details wird aktuell auf Expertenebene gearbeitet. Ebenso sind Maßnahmen bei Erdgas in Planung. Der Rat hat

beschlossen, dass diese die Einrichtung einer Einkaufsplattform, eine Limitierung von Preisschwankungen an

Gasbörsen und die Schaffung neuer Preisindizes umfassen sollen.

Österreichische Krisengesetze

In Österreich wurden ebenfalls diverse Gesetze zur Bewältigung der Energiekrise beschlossen. So regelt eine Novelle

des Gaswirtschaftsgesetzes die Beschaffung strategischer Gasreserven für Österreich. Das neu beschlossene

Gasdiversifizierungsgesetz wiederum hat die Reduktion der Abhängigkeit von russischem Erdgas zum Ziel, indem

Fördermittel für die Beschaffung von Erdgas aus nicht-russischen Quellen sowie für die Umrüstung von Anlagen auf

alternative Energieträger zur Verfügung gestellt werden.

Weiters wurden Änderungen des Energielenkungsgesetzes beschlossen, um einen zusätzlichen Anreiz für

Einspeicherung und Bevorratung durch die Unternehmen zu schaffen. Ebenso besteht in Österreich ein dreistufiger

Gasnotfallplan, der im Krisenfall die Versorgung geschützter Kundengruppen auf Basis des Energielenkungsgesetzes

regelt.

Zudem hat die österreichische Bundesregierung im Jahr 2022 mehrere Entlastungspakete auf den Weg gebracht, die

der Teuerung infolge der stark gestiegenen Energiekosten entgegenwirken sollen. Zum Teil war der Anspruch auf

diese monetären Hilfen an keine Voraussetzungen gebunden, zum Teil setzt er soziale Bedürftigkeit voraus. In

Niederösterreich, dem Versorgungsgebiet der EVN, können alle Haushaltskunden von dem durch die Landesregierung

beschlossenen Strompreisrabatt profitieren. Energieintensive Unternehmen werden in Österreich durch das

Unternehmens-Energiekostenzuschussgesetz entlastet.

Im November 2022 kündigte die österreichische Bundesregierung Details zur Umsetzung der EU-Verordnung an, die

insbesondere eine zeitlich befristete Erlösbegrenzung für die erneuerbare Erzeugung sowie eine Solidaritätsabgabe

vorsieht.

Energie- und Klimapolitik der Europäischen Union

Die EU arbeitet weiterhin an der Umsetzung diverser Rechtsvorschriften, die im Rahmen des Legislativpakets „Fit for

55“ in Kraft treten sollen. Das Paket enthält als Etappenziel auf dem Weg zum Pariser Klimaziel bis 2030 eine

Senkung der Netto-Treibhausgasemissionen in der EU um mindestens 55 % gegenüber dem Stand von 1990. Die

126

EVN Annual Financial Report 2021/ 22

EVN AG, Maria Enzersdorf

Kommission sieht dies als entscheidenden Schritt, um Europa bis 2050 zum ersten klimaneutralen Kontinent zu

machen. Die für die Geschäftstätigkeit der EVN relevantesten Inhalte von „Fit for 55“ sind:

- Richtlinie über erneuerbare Energien, die u. a. eine Erhöhung der Zielvorgabe für den Anteil erneuerbarer

Energien in der EU auf 40 % bis 2030 vorsieht

- Emissionshandels-Richtlinie: Enthält u. a. den Vorschlag, Emissionen durch eine weitere Verknappung der CO2-

Emissionszertifikate zu reduzieren

- Lastenteilungsverordnung, die ein neues Emissionshandelssystem für den Straßenverkehr und den

Gebäudesektor vorsieht

- Energieeffizienz-Richtlinie, die u. a. ambitioniertere jährliche Einsparverpflichtungen bezogen auf den

Energieverbrauch festlegen soll

- Überarbeitete Energiebesteuerungs-Richtlinie: Brennstoffe sollen künftig nach Energiegehalt und

Umweltverträglichkeit besteuert werden

Die EU überarbeitet aktuell auch ihr Regelwerk zur Finanzierung von Energieinfrastrukturvorhaben. Hier werden

künftig zusätzliche Gelder für Wasserstoffinfrastruktur sowie für CO2-Abscheidung und -Speicherung erwartet.

Energie- und Klimapolitik Österreich

In Österreich hat sich die Bundesregierung das Ziel gesetzt, die Stromversorgung bereits bis 2030 zu 100 % (national

bilanziell) aus erneuerbaren Energiequellen zu decken und Österreich bis spätestens 2040 klimaneutral zu machen.

Um dieses Ziel zu erreichen, soll der Ausbau der erneuerbaren Erzeugungskapazitäten in den nächsten zehn Jahren in

Abhängigkeit vom Strompreisniveau mit bis zu 1 Mrd. Euro pro Jahr staatlich unterstützt werden.

Bereits im Juli 2021 beschloss der österreichische Nationalrat das neue Erneuerbaren-Ausbau-Gesetz (EAG), das die

erforderlichen Rahmenbedingungen für die Erreichung der österreichischen Energie- und Klimaziele festlegt. Das EAG

enthält auch konkrete Ausbauziele: Die Stromerzeugung aus erneuerbaren Quellen soll bis 2030 um insgesamt 27

TWh gesteigert werden. Davon sollen 11 TWh auf Photovoltaik, 10 TWh auf Windkraft, 5 TWh auf Wasserkraft und 1

TWh auf Biomasse entfallen.

Zu den für die Aktivitäten der EVN besonders relevanten Inhalten des EAG zählen die Fördermechanismen für die

Errichtung neuer Photovoltaik-, Windkraft-, Wasserkraft- und Biomasseanlagen sowie Investitionszuschüsse für

Elektrolyseanlagen zur Umwandlung von Strom in Wasserstoff oder synthetisches Gas. Darüber hinaus sollen die

Investitionssicherheit für bestehende und zukünftige Anlagen zur Erzeugung von erneuerbarem Gas gewährleistet

und der Anteil von national produziertem erneuerbarem Gas am österreichischen Gasabsatz bis 2030 auf 5 TWh

erhöht werden. Weitere relevante Inhalte sind die Rahmenbedingungen für Bürger-Energiegemeinschaften und

Erneuerbare-Energiegemeinschaften.

Anfang Oktober 2022 ist die für die erneuerbare Energieerzeugung wichtige EAG-Marktprämienverordnung 2022 in

Kraft getreten. Diese regelt, basierend auf dem Erneuerbaren-Ausbau-Gesetz (EAG), detaillierte Bestimmungen wie

beispielsweise die jährlichen Vergabevolumina für Wind- und PV-Projekte oder Höchstpreise für Gebote in

Ausschreibungsverfahren und setzt den Rahmen für Fördereinreichungen für die Kalenderjahre 2022 und 2023.

Ein neues Bundes-Energieeffizienzgesetz ist derzeit in Ausarbeitung. In Begutachtung sind aktuell der Entwurf des

Erneuerbare-Wärme-Gesetzes sowie eine Novelle des Umweltverträglichkeitsprüfungsgesetzes, von der sich die

Branche effizientere und raschere Genehmigungsverfahren für Projekte im Bereich erneuerbare Energie erhofft. Im

Elektrizitätswirtschafts- und -organisationsgesetz (ElWOG) wiederum bedarf es noch einer Novelle, die Änderungen

für Netzbetreiber bringen soll und das EU-Clean-Energy-Paket national umsetzt.

Wirtschaftliches Umfeld Österreich

Nach einem kräftigen Aufholprozess der Weltwirtschaft in der zweiten Jahreshälfte 2021 reduzierte sich das

Wachstum im Frühjahr dieses Jahres merkbar. Der Krieg in der Ukraine sowie die strikte Null-Covid-Politik Chinas

beschleunigten die ohnehin bereits kräftige Teuerung und verschärften darüber hinaus neuerlich die weltweiten

Lieferkettenprobleme. Die große politische Unsicherheit mit stark steigenden Energiepreisen belastete die

Wirtschaftsentwicklung in Europa. Nach einem hohen Wirtschaftswachstum von rund 5,2 % im Jahr 2021 erwarten

Experten für das laufende Kalenderjahr 2022 nur noch ein Plus zwischen 3,1 % und 3,2 %. Für das kommende Jahr

wird mit einer weiteren deutlichen Verlangsamung auf rund 0,4 % gerechnet.

Die österreichische Wirtschaft verzeichnete im ersten Halbjahr 2022 eine durchaus positive Entwicklung. Die

Exportwirtschaft profitierte nach der Coronakrise – und unterstützt vom schwachen Eurokurs – von gesteigerter

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internationaler Nachfrage nach Produkten des verarbeitenden Gewerbes. Durch die Aufhebung coronabedingter

Einschränkungen legte auch der private Konsum im Jahresvergleich kräftig zu. Im Einklang mit der

Konjunkturabschwächung im Euroraum und der hohen Inflation trübten sich die Rahmenbedingungen in den letzten

Monaten jedoch deutlich ein. Mit dem Krieg in der Ukraine stiegen die bereits seit Ende 2021 höheren Energiepreise

Anfang 2022 abermals kräftig an. Nach dem Wachstum des BIP um 4,6 % im vergangenen Jahr wird für 2022 ein

Wirtschaftswachstum in ähnlicher Höhe – konkret zwischen 3,9 % und 4,8 % – erwartet. Für 2023 rechnen Experten

hingegen nur noch mit 0,2 % bis 1,0 % Wachstum.

Energiewirtschaftliches Umfeld

Das Energiegeschäft der EVN ist wesentlich durch externe Einflussfaktoren geprägt. Auf der Vertriebsseite beeinflusst

bei den Haushaltskunden vor allem die Witterung die Nachfrage nach Strom, Erdgas und Wärme, während die

Nachfrage der Industriekunden insbesondere durch die wirtschaftliche Entwicklung bestimmt wird. Für die Erzeugung

bzw. Beschaffung spielt zusätzlich zu den Wetterbedingungen auch das geopolitische Umfeld eine zentrale Rolle.

Im Geschäftsjahr 2021/22 präsentierte sich die Witterung unterschiedlich. Die Heizgradsumme – sie definiert den

temperaturbedingten Energiebedarf – lag in Österreich zwar um 5,8 Prozentpunkte über dem langjährigen

Durchschnitt, jedoch um 4,3 Prozentpunkte unter dem Vorjahresniveau. Die Kühlgradsumme, die den Energiebedarf

für Kühlung bemisst, stieg 2021/22 in Österreich mit einem Plus von 13,7 Prozentpunkte deutlich an, blieb jedoch

unter dem langjährigen Durchschnitt.

Die wirtschaftlichen und geopolitischen Entwicklungen der vergangenen eineinhalb Jahre führten zu massiven

Verwerfungen auf den Energiemärkten. Die konjunkturellen Aufholeffekte nach Covid-19, der Krieg in der Ukraine

sowie revisionsbedingt geringere Erzeugungskapazitäten in französischen Atomkraftwerken führten kombiniert mit

der geringen Wasserführung der Flüsse in Europa zu einem markanten Anstieg der Energiepreise. Der

durchschnittliche EEX-Börsepreis für Erdgas unterlag gravierenden Schwankungen und vervielfachte sich in der

Berichtsperiode von zuvor 26,2 Euro pro MWh auf 123,1 Euro pro MWh. Aufgrund der Unsicherheiten im

Zusammenhang mit den laufenden Gaslieferungen zeigte sich die Entwicklung dabei ausgesprochen volatil. Etwas

stabiler entwickelte sich der durchschnittliche Preis für CO2-Emissionszertifikate, dieser lag mit 78,0 Euro pro Tonne

im Geschäftsjahr 2021/22 jedoch ebenfalls um 91,5 % über dem Vorjahreswert.

Die Entwicklung der Preise für Primärenergie und CO2-Zertifikate wirkte sich in Folge auch auf die Marktpreise für

Strom aus: Die Spotmarktpreise für Grund- und Spitzenlaststrom lagen wegen des markanten Anstiegs der

Primärenergiepreise und einer Verknappung des Erzeugungsangebots bei durchschnittlich 258,7 Euro pro MWh bzw.

296,3 Euro pro MWh (Vorjahr: 64,9 Euro pro MWh bzw. 74,2 Euro pro MWh).

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Wirtschaftliche Entwicklung

Kennzahlen zur Ertragslage

2021/22

2020/21

Veränderung

Mio. EUR Mio. EUR

Mio. EUR

Umsatzerlöse

790,3

369,8

420,4

113,7%

Die Umsatzerlöse stiegen auf 790,3 Mio. EUR und setzen sich aus Stromerlösen in Höhe von 550,3 Mio. EUR (VJ:

150,3 Mio. EUR), Gaserlösen in Höhe von 55,9 Mio. EUR (VJ: 40,5 Mio. EUR) und sonstigen Umsatzerlösen in Höhe

von 184,0 Mio. EUR (VJ: 179,1 Mio. EUR) zusammen.

Die Stromerlöse stiegen gegenüber dem Vorjahr um 400,0 Mio. EUR, die Gaserlöse stiegen um 15,5 Mio. EUR und

die sonstigen Umsatzerlöse um 5,0 Mio. EUR. Der Anstieg der Strom- und Gaserlöse resultiert hauptsächlich aus

gestiegenen Energieabsatzpreisen und positiven Effekten aus Absicherungsgeschäften.

Berechnung

2021/22

2020/21

Veränderung

Mio. EUR Mio. EUR

Mio. EUR

Ergebnis vor Zinsen

und Steuern

Ergebnis vor Steuern

+ Zinsen und ähnliche Aufwendungen gemäß §

385,4

297,0

88,4

29,8%

231 (2) Z 15 UGB

Die sonstigen betrieblichen Erträge betrugen im Geschäftsjahr 2021/22 48,4 Mio. EUR (Vorjahr: 200,4 Mio. EUR). Der

Rückgang ist auf den Wegfall von Einmaleffekten aus der Auflösung von Rückstellungen im Vorjahr zurückzuführen.

Die Aufwendungen für Primärenergie, CO2-Kosten und Strombezug betrugen im abgelaufenen Geschäftsjahr 564,7

Mio. EUR (Vorjahr: 203,1 Mio. EUR). Der Anstieg ist überwiegend auf einen preisbedingten Anstieg der

Aufwendungen für Strom- und Gasbezug zurückzuführen.

An Materialaufwand und sonstigen bezogenen Leistungen fielen 91,9 Mio. EUR (Vorjahr: 82,3 Mio. EUR) an. Dies

bedeutet gegenüber dem Vorjahr einen Anstieg von 9,6 Mio. EUR.

Der Personalaufwand betrug im Geschäftsjahr 2021/22 73,5 Mio. EUR (Vorjahr: 75,7 Mio. EUR). Bei der EVN AG

waren durchschnittlich 546 Angestellte auf Vollzeitbasis (Vorjahr: 589 Angestellte) beschäftigt. Daraus resultierte ein

Personalaufwand pro Mitarbeiter von 0,1 Mio. EUR (Vorjahr: 0,1 Mio. EUR). Der Umsatz pro Mitarbeiter betrug

1,4 Mio. EUR (Vorjahr: 0,6 Mio. EUR).

Die Abschreibungen betrugen im Berichtszeitraum 6,4 Mio. EUR und sind damit um 0,5 Mio. EUR geringer als im

Vorjahr.

Die sonstigen betrieblichen Aufwendungen beliefen sich auf 27,6 Mio. EUR (Vorjahr 112,0 Mio. EUR). Der Rückgang

ist auf den Wegfall von Vorjahreseffekten aus Absicherungsgeschäften zurückzuführen.

Aufgrund der oben angeführten Rahmenbedingungen verzeichnete die EVN AG ein positives Betriebsergebnis in

Höhe von 74,0 Mio. EUR (Vorjahr 89,9 Mio. EUR).

Das Finanzergebnis ist vor allem durch Beteiligungserträge, Zinsaufwendungen und -erträge, Zuschreibungen zu

Finanzanlagen und Aufwendungen aus Finanzanlagen geprägt. Das Beteiligungsergebnis stieg gegenüber dem

Vorjahr von 273,9 Mio. EUR auf 300,5 Mio. EUR. Die sonstigen Zinsen und ähnlichen Erträgen beliefen sich auf 8,7

Mio. EUR (VJ: 9,2 Mio. EUR). Die Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen erhöhten sich

aufgrund einer Zuschreibung auf 8,7 Mio. EUR (VJ: 2,4 Mio. EUR). Die Aufwendungen aus Finanzanlagen und aus

Wertpapieren des Umlaufvermögens verringerten sich vor allem wegen geringerer Abschreibungen auf Anteile an

verbundenen Unternehmen auf 24,5 Mio. EUR (VJ: 95,4 Mio. EUR).

Insgesamt konnte ein Finanzergebnis in Höhe von 276,8 Mio. EUR erzielt werden, welches um 105,8 Mio. EUR oder

61,9 % über dem Vorjahr liegt.

Die beschriebenen Entwicklungen führten zu einem Ergebnis vor Steuern von 350,7 Mio. EUR. Dies bedeutet einen

Anstieg von 89,9 Mio. EUR. Das Ergebnis vor Zinsen und Steuern erhöhte sich um 88,4 Mio. EUR auf 385,4 Mio. EUR.

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Berechnung

2021/22

2020/21

% %

Eigenkapitalrentabilität

Ergebnis vor Steuern

14,2%

11,5%

durchschnittliches Eigenkapital

Die Eigenkapitalrentabilität belief sich im Geschäftsjahr 2021/22 auf 14,2%. Im Geschäftsjahr 2020/21 betrug diese

11,5%.

Berechnung

2021/22

2020/21

Gesamtkapitalrentabilität

Ergebnis vor Zinsen und Steuern

8,3%

6,6%

durchschnittliches Gesamtkapital

Im Geschäftsjahr 2021/22 konnte eine Gesamtkapitalrentabilität von 8,3% erzielt werden. Im Geschäftsjahr 2020/21

betrug diese 6,6%.

Kennzahlen zur Vermögens- und Finanzlage

Berechnung

30.09.2022

30.09.2021

Veränderung

Mio. EUR

Nettoverschuldung

Verzinsliches Fremdkapital

76,4

427,1

-350,7

-82,1%

- Flüssige Mittel

Das verzinsliche Fremdkapital und die flüssigen Mittel berechnen sich dabei folgendermaßen:

Berechnung

30.09.2022

30.09.2021

Veränderung

Mio. EUR

Verzinsliches

Fremdkapital

Anleihen

+Verbindlichkeiten gegenüber Kreditinstituten

1.855,8 1.819,8 35,9 2,0%

+Finanzverbindlichkeiten gegenüber verbundenen

Unternehmen und beteiligten Unternehmen

+Rückstellungen für Abfertigungen

+Rückstellungen für Pensionen

+Rückstellungen für Jubiläumsgelder

30.09.2022

30.09.2021

Veränderung

Mio. EUR

Flüssige Mittel

Ausleihungen an verbundene Unternehmen,

Forderungen aus Cash Pooling, Kassenbestand,

Schecks, Guthaben bei Kreditinstituten,

Wertpapiere des UV sowie aus sonstigem

Finanzvermögen

1.779,4

1.392,7

386,6

27,8%

Berechnung

30.09.2022

30.09.2021

Veränderung

Mio. EUR Mio. EUR

Mio. EUR

Nettoumlaufvermögen

Umlaufvermögen

116,2

-402,8

519,1

n.a.%

- langfristiges Umlaufvermögen

=Kurzfristiges Umlaufvermögen

- kurzfristiges Fremdkapital

=Nettoumlaufvermögen

Der Rückgang des kurzfristigen Fremdkapitals bei gleichzeitigem Anstieg des Umlaufvermögens führte gegenüber

dem Vorjahr zu einem Anstieg des Nettoumlaufvermögens auf 116,2 Mio. EUR.

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Berechnung

30.09.2022

30.09.2021

Eigenkapitalquote

Eigenkapital

54,5%

51,9%

Gesamtkapital

Die Bilanzsumme betrug per 30.09.2022 4.782,5 Mio. EUR (VJ: 4.523,6 Mio. EUR) und erhöhte sich damit gegenüber

dem Vorjahr um 258,9 Mio. EUR bzw. 5,7 %. Das Eigenkapital der Gesellschaft belief sich auf 2.608,7 Mio. EUR (VJ:

2.346,6 Mio. EUR).

Der stärkere Anstieg des Eigenkapitals führte insgesamt zu einer um 2,7%-Punkte höheren Eigenkapitalquote.

Berechnung

30.09.2022

30.09.2021

% %

Nettoverschuldungsgrad

Nettoverschuldung

2,9%

18,2%

Eigenkapital

Geldflussrechnung

Berechnung

2021/22

2020/21

Veränderung

Mio. € Mio. €

Mio. €

Geldflussrechnung

Geldfluss aus dem Ergebnis 337,2 -98,7 435,9 n.a.%

Netto-Geldfluss aus der laufenden

Geschäftstätigkeit

360,8

-142,6

503,4

n.a.%

Netto-Geldfluss aus der Investitionstätigkeit

-194,0

-40,7

-153,3

376,3%

Netto-Geldfluss aus der Finanzierungstätigkeit -24,7 204,8 -229,5 n.a.%

Zahlungswirksame Veränderung des

Finanzmittelbestandes

142,1

21,5

120,7

561,5%

Ausgehend von einem Jahresüberschuss in Höhe von 354,0 Mio. EUR belief sich der Cashflow aus dem Ergebnis im

abgelaufenen Geschäftsjahr auf 337,2 Mio. EUR und der Cashflow aus der laufenden Geschäftstätigkeit auf 360,8

Mio. EUR.

Der Cashflow aus der Investitionstätigkeit betrug -194,0 Mio. EUR, wobei die Veränderung zum Vorjahr vor allem auf

höhere Investitionen in Sachanlagen bei geringeren Einzahlungen aus Anlagenabgängen, BKZ und

Investitionszuschüssen zurückzuführen ist.

Ausgehend von der im Geschäftsjahr 2021/22 durchgeführten Ausschüttung aus dem Bilanzgewinn 2020/21 in Höhe

von 92,7 Mio. EUR und einem stärkeren Anstieg der lang- als Rückgang der kurzfristigen Finanzverbindlichkeiten

weist die EVN AG einen Cashflow aus der Finanzierungstätigkeit in Höhe von -24,7 Mio. EUR aus.

Insgesamt resultierte aus dieser Entwicklung eine Erhöhung des Finanzmittelbestandes (bestehend aus Konzern

Cashpooling, Taggeldguthaben bei Kreditinstituten und Wertpapieren des Umlaufvermögens) von 142,1 Mio. EUR.

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Zweigniederlassungen

EVN verfügt über keine Zweigniederlassungen im Sinne des § 243 Abs 3 Z 4 UGB.

Innovation, Forschung und Entwicklung

Die Handlungsfelder der EVN Wesentlichkeitsmatrix geben auch den Themenrahmen für die Innovations-,

Forschungs- und Entwicklungsaktivitäten der EVN vor. In diesem Sinn verfolgt die EVN primär Projekte zur

Gewährleistung der Versorgungssicherheit, zur Schonung von Umwelt und Ressourcen sowie zur Stärkung der

Wettbewerbsfähigkeit des Unternehmens. Insbesondere der Kundennutzen hat bei allen Projekten einen hohen

Stellenwert. Vor diesem Hintergrund werden laufend digitale Anwendungen entwickelt bzw. verbessert, die

größeren Komfort für die Kunden und mehr Effizienz im Kundenservice bringen.

In der Berichtsperiode hat die EVN AG insgesamt 1,8 Mio. Euro (Vorjahr: 1,0 Mio. Euro) für Innovations-,

Forschungs- und Entwicklungsprojekte aufgewendet. Für diese Projekte wurden Förderungen in Anspruch

genommen, die einer Förderquote von 3,7

% entsprechen.

Einen wesentlichen Schwerpunkt der Innovations-, Forschungs- und Entwicklungsaktivitäten der EVN bildeten im

Berichtszeitraum Projekte und Feldversuche, die sich mit der Bündelung und Vermarktung von Flexibilitäten von

Privat-, Gewerbe- und Industriebetrieben beschäftigen. Die eingebundenen Verbraucher*innen bilden dazu ein

sogenanntes virtuelles Kraftwerk, in dessen Rahmen der Einsatz verbrauchsstarker Anlagen auf Zeiten mit

geringerer Stromnachfrage verschoben wird. Dadurch können Spitzenbelastung von Kraftwerken vermieden sowie

die Transport- und Verteilnetze entlastet werden. Auch das bidirektionale Laden von E-Fahrzeugen, das die EVN an

eigenen Standorten testet, kann wichtige Beiträge zur Flexibilisierung und zum Demand Side Management leisten.

Beispiele für Forschungsprojekte sind Green the Flex, Industry4Redispatch, car2flex oder Open Data Platform.

Verstärken konnte sich die EVN auf diesem Gebiet im Berichtszeitraum durch die Akquisition von Cybergrid, einem

Unternehmen, das auf die Integration von erneuerbaren Energien und Batteriespeichern sowie die Entwicklung

kreativer IT-Lösungen in diesem Bereich spezialisiert ist.

Ebenfalls im Berichtszeitraum gründeten die EVN und die Energie- und Umweltagentur des Landes

Niederösterreich die Energiezukunft Niederösterreich, die mit ihren Dienstleistungen und Services

Energiegemeinschaften unterstützt, z. B. bei der Konfiguration oder der Kommunikation mit Behörden,

Netzbetreibern und Marktakteuren.

Risikomanagement

Risikodefinition

Im EVN Konzern ist Risiko als die potenzielle Abweichung von geplanten Unternehmenszielen definiert.

Risikomanagementprozess

Primäres Ziel des Risikomanagements ist die gezielte Sicherung bestehender und zukünftiger Ertrags- und Cash-

Flow-Potenziale durch aktive Risikosteuerung. Dazu stellt ein zentral organisiertes Risikomanagement den

dezentralen Risikoverantwortlichen im Rahmen des Risikomanagementprozesses geeignete Methoden und

Werkzeuge zur Identifikation und Bewertung von Risiken zur Verfügung. Die risikoverantwortlichen

Geschäftseinheiten kommunizieren ihre Risikopositionen an das zentrale Risikomanagement. Hier werden

geeignete Maßnahmen zur Risikominimierung definiert, für deren Umsetzung wiederum die dezentralen

Geschäftseinheiten verantwortlich sind. Ebenso erfolgt hier die Analyse des Risikoprofils der EVN. Die jährliche

Erfassung und das Management von Risiken mit Bezug auf Nachhaltigkeit, Klima und Compliance erfolgen im

Einklang mit dem zentralen Risikomanagementprozess durch darauf spezialisierte Organisationseinheiten bzw.

Prozesse. Insgesamt umfasst der Risikomanagementprozess der EVN die folgenden Schritte:

•

Identifikation:

Erhebung bzw. Überarbeitung der Risiken auf Basis der letzten Risikoinventur (Review des

Risikoinventars) und Identifikation von neuen Risiken und entsprechenden Risikosteuerungsmaßnahmen

•

Bewertung und Analyse:

Qualitative und quantitative Bewertung der identifizierten Risiken, Aggregation

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der Risiken nach unterschiedlichen Betrachtungsperspektiven und Modellierung der Ergebnis- und Cash-Flow-

Verteilungen

•

Berichterstattung:

Diskussion und Beurteilung des Risikoprofils im Risikoarbeitsausschuss und im

Konzernrisikoausschuss sowie gegebenenfalls Einleitung von weiteren Risikosteuerungsmaßnahmen;

Risikoberichterstattung an den Prüfungsausschuss

•

Prozess-Review:

Definition jener organisatorischen Einheiten, die einer expliziten Risikobetrachtung zu

unterziehen sind; regelmäßige Überprüfung, ob die festgelegten Methoden bei geänderten Verhältnissen

modifiziert werden müssen; regelmäßige Prüfung durch die Interne Revision

Aufgaben des Risikoarbeitsausschusses

Der Risikoarbeitsausschuss unterstützt das zentrale Risikomanagement bei der ordnungsgemäßen Umsetzung des

Risikomanagementprozesses. Er beurteilt und genehmigt Änderungen in Bezug auf die (Bewertungs-)Methodik

und definiert Art und Umfang der Risikoberichterstattung. Mitglieder des Risikoarbeitsausschusses auf

Konzernebene sind die Leiter der Konzernfunktionen Controlling, Recht und Public Affairs, Finanzwesen,

Rechnungswesen, Interne Revision, der Chief Compliance Officer (CCO) sowie ein (unternehmensinterner)

energiewirtschaftlicher Experte.

Konzernrisikoausschuss und Kontrolle

Im Konzernrisikoausschuss, der aus dem Vorstand der EVN AG, den Leitern der Organisationseinheiten und den

Mitgliedern des Risikoarbeitsausschusses besteht, werden die Ergebnisse der Risikoinventur sowie die Berichte

präsentiert und diskutiert. Er entscheidet über den weiteren Handlungsbedarf, kann Arbeitsgruppen einberufen

sowie Arbeitsaufträge erteilen und verabschiedet die Ergebnisse der Risikoinventur (Risikoberichte).

Risikoprofil

Neben den branchenüblichen Risiken und Ungewissheiten ist das Risikoprofil der EVN vor allem durch politische,

rechtliche und regulatorische Herausforderungen und Veränderungen im Wettbewerbsumfeld geprägt. Im

Rahmen der jährlich durchgeführten Risikoinventur, deren Ergebnisse im Bedarfsfall um Ad-hoc-Risikomeldungen

aktualisiert werden, erfolgt eine Kategorisierung in Markt- und Wettbewerbs-, Finanz-, Betriebs-, Umfeld-,

Strategie- und Planungsrisiken sowie sonstige Risiken. Diese werden großteils bezüglich ihrer finanziellen

Auswirkungen auf den EVN Konzern bewertet. In der nachfolgenden Tabelle werden die entsprechend diesen

Kategorien ermittelten wesentlichen Risiken sowie Maßnahmen zu deren Minimierung beschrieben.

In der Risikoinventur werden in der EVN im Sinn des NaDiVeG sowohl potenzielle Risiken als auch Auswirkungen

der Geschäftstätigkeit der EVN und ihrer Geschäftsbeziehungen auf Umwelt-, Sozial- und Arbeitnehmerbelange,

die Achtung der Menschenrechte und die Bekämpfung von Korruption systematisch erhoben. Die identifizierten

Risiken bzw. Auswirkungen wurden entsprechend den im Risikomanagementprozess vorgesehenen Schritten

weiter behandelt.

Potenzielle Klimarisiken

Angesichts des hohen Stellenwerts des Themas Klimaschutz bei der EVN werden im Zuge der Risikoinventur gezielt

auch potenzielle Klimarisiken erhoben. Klimarisiko ist jedoch bewusst nicht als eigene Risikokategorie definiert,

sondern wird – sofern zutreffend – als Querschnittsmaterie den einzelnen Risikokategorien der EVN zugeordnet.

Dabei wird zwischen Transitionsrisiken und physischen Risiken unterschieden. Zu den Transitionsrisiken zählen

Unsicherheiten, die aus dem Übergang in Richtung eines erneuerbaren Energiesystems resultieren. Physische

Risiken betreffen hingegen Ereignisse und Veränderungen, die unmittelbare klimatische Ursachen haben.

Im Folgenden einige Beispiele, die die Zuordnung potenzieller Klimarisiken zu den Risikokategorien der EVN

illustrieren:

• Nachfragerückgang aufgrund eines milderen Winters: physisches Risiko, das der Kategorie

Deckungsbeitragsrisiko zugeordnet wird

• Rückgang der Stromproduktion durch ein klimabedingt geringes Wasserdargebot: physisches Risiko, das der

Kategorie Deckungsbeitragsrisiko zugeordnet wird

• Schaden durch ein Extremwetterereignis: physisches Risiko, das der Kategorie Störungen/Netzausfall

zugeordnet wird

• Änderung von Umweltauflagen: Transitionsrisiko, das der Kategorie Umfeldrisiko zugeordnet wird; strengere

Auflagen könnten potenziell Mehrkosten verursachen

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• Zunehmende Belastung für das Stromnetz durch den laufenden Ausbau der deutlich volatileren, erneuerbaren

Erzeugung: Transitionsrisiko, das der Kategorie Betriebsrisiko (Störungen/Netzausfall) zugeordnet wird

Risikoanalysen im Geschäftsjahr 2021/22

Angesichts der geänderten Gegebenheiten auf den Energiemärkten und der geopolitischen Entwicklungen, vor

allem in der Ukraine, führte das zentrale Risikomanagement der EVN im Berichtszeitraum zusätzlich zur regulären

Risikoinventur konzernweite Ad-hoc-Analysen durch und berichtete über Risiken sowie Auswirkungen auch dem

Aufsichtsrat der EVN. Die für die EVN relevanten Ungewissheiten und Auswirkungen der aktuellen Situation lassen

sich wie bisher den bereits bestehenden Risikokategorien zuordnen. Aus diesem Grund erfolgte die qualitative und

quantitative Bewertung der im Zusammenhang mit dem Ukrainekrieg bzw. der Energiemarktkrise identifizierten

Risiken entlang der in der Tabelle auf den folgenden Seiten aufgelisteten Risikokategorien. Als wesentliche

Unsicherheiten mit potenziell hohen Auswirkungen wurden u. a. identifiziert (Auswahl):

• Margenreduktion durch gestiegene Energiebeschaffungskosten

• Aufbau des Working Capitals infolge der Volatilität auf den Energiemärkten und damit Belastung der

Liquiditätssituation

• Stabilität der Regulierungssysteme in Bulgarien und Nordmazedonien auch in der aktuellen politischen

Unsicherheit

• Zahlungsverzögerungen bis hin zu Zahlungsausfällen bei Handelspartnern bzw. Großkunden

• Lieferstopp von Erdgas nach Österreich und dadurch bedingtes Inkrafttreten staatlicher

Energielenkungsmaßnahmen sowie negative Einflüsse auf die Bewirtschaftung der Erdgasspeicher

• Steigende Beschaffungskosten für Investitionen und Instandhaltungsmaßnahmen

• Probleme in der Lieferkette

• Cybersecurity

• Sondergesetze zur Erlösbegrenzung der erneuerbaren Erzeugung

Mögliche Risiken bzw. Auswirkungen der Covid-19-Pandemie werden weiterhin beobachtet, haben sich aber

reduziert und werden von anderen Themen überlagert.

Gesamtrisikoprofil

Neben den Ungewissheiten im Zusammenhang mit Geschäftsfeldern und -betrieben außerhalb Österreichs ist die

EVN auch im Heimmarkt Niederösterreich mit einem weiterhin herausfordernden Umfeld konfrontiert. Im Rahmen

der jährlich durchgeführten Konzernrisikoinventur wurden keine Risiken für die Zukunft identifiziert, die den

Fortbestand der EVN gefährden könnten.

Wesentliche Merkmale des internen Kontroll- und -Risikomanagementsystems im Hinblick auf den

Rechnungslegungsprozess

Die Einrichtung eines angemessenen internen Kontroll- und Risikomanagementsystems (IKS) im Hinblick auf den

Rechnungslegungsprozess liegt gemäß §

82 AktG in der Verantwortung des Vorstands und ist gemäß §

92 Abs. 4a

Z. 4b AktG vom Prüfungsausschuss auf seine Wirksamkeit hin zu überwachen.

Das IKS für den Rechnungslegungsprozess der EVN wird durch Kontrollen der identifizierten risikobehafteten

Prozesse in regelmäßigen Abständen überwacht, und die Ergebnisse daraus werden dem Management und dem

Prüfungsausschuss berichtet. Das IKS gewährleistet klare Zuständigkeiten und eliminiert überflüssige

Prozessschritte, wodurch die Sicherheit in den Abläufen für die Erstellung der Finanzberichterstattung weiter

erhöht wird. Die Beschreibung der wesentlichen Merkmale besteht aus den fünf zusammenhängenden

Komponenten Kontrollumfeld, Risikobeurteilung, Kontrollmaßnahmen, Information und Kommunikation sowie

Überwachung.

Kontrollumfeld

Der von der EVN festgelegte Verhaltenskodex und die darin zugrunde gelegten Wertvorstellungen gelten für alle

Mitarbeiter des gesamten Konzerns. Zum EVN Verhaltenskodex siehe www.evn.at/verhaltenskodex.

Die Erstellung des Jahresabschlusses erfolgt durch die kaufmännischen Konzernfunktionen der EVN. Der

Abschlussprozess der EVN basiert auf einer einheitlichen Bilanzierungsrichtlinie, die neben den

Bilanzierungsvorschriften auch die wesentlichen Prozesse und Termine konzernweit festlegt. Für die konzerninternen

Abstimmungen und die sonstigen Abschlussarbeiten bestehen verbindliche Anweisungen. Die am

Rechnungslegungsprozess beteiligten Mitarbeiter erfüllen die qualitativen Anforderungen und werden regelmäßig

geschult. Komplexe versicherungsmathematische Gutachten und Bewertungen werden durch darauf spezialisierte

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Dienstleister oder qualifizierte Mitarbeiter erstellt. Für die Einhaltung der Prozesse sowie der korrespondierenden

Kontrollmaßnahmen sind die jeweiligen Prozessverantwortlichen – das sind im Wesentlichen die Leiter der

Organisationseinheiten sowie der Konzernfunktionen – verantwortlich.

Risikobeurteilung und Kontrollmaßnahmen

Zur Vermeidung von wesentlichen Fehldarstellungen bei der Abbildung von Transaktionen wurden mehrstufig

aufgebaute Sicherungsmaßnahmen mit dem Ziel implementiert, dass die Einzelabschlüsse sämtlicher

Tochtergesellschaften richtig erfasst werden. Diese Maßnahmen umfassen sowohl automatisierte Kontrollen in der

Konsolidierungssoftware als auch manuelle Kontrollen in den kaufmännischen Konzernfunktionen. Auf Basis der

Abschlüsse der Tochterunternehmen führen diese Fachabteilungen umfangreiche Plausibilitätsüberprüfungen

durch, damit die Daten der Einzelabschlüsse ordnungsgemäß in den Konzernabschluss übernommen werden. Die

Überprüfung der Abschlussdaten sieht vor, dass die Daten vor und nach der Konsolidierung zentral auf Positions-,

Segment- und Konzernebene analysiert werden. Erst nach Durchführung dieser Qualitätskontrollen auf allen

Stufen erfolgt die Freigabe des Konzernabschlusses.

Das Rechnungswesen der EVN AG und der wichtigsten in- und ausländischen Tochtergesellschaften wird mit dem

ERP-Softwaresystem SAP, Modul FI (Finanz-/Rechnungswesen) geführt. Die Erstellung des Konzernabschlusses

nach IFRS erfolgt mit der Software Hyperion Financial Management, in die die Werte der Einzelabschlüsse der

konsolidierten Gesellschaften mittels Schnittstelle übernommen werden. Die Rechnungswesensysteme sowie alle

vorgelagerten Systeme sind durch Zugriffsberechtigungen und automatische sowie zwingend im Prozess

vorgesehene manuelle Kontrollschritte geschützt.

Das IKS für die Finanzberichterstattung und die für das Rechnungswesen relevanten Prozesse werden mindestens

einmal jährlich vom zuständigen Assessor dahingehend überprüft, ob die Kontrollen durchgeführt worden sind, ob

es im Geschäftsjahr Risikovorfälle gegeben hat und ob die Kontrollen weiterhin geeignet sind, die vorhandenen

Risiken abzudecken. Im Berichtszeitraum wurden im Sinn der kontinuierlichen Weiterentwicklung des IKS für die

Finanzberichterstattung Prozessanpassungen und -verbesserungen durchgeführt.

Information, Kommunikation und Überwachung

Der Aufsichtsrat wird vom Vorstand vierteljährlich mit einem umfassenden Bericht über die Vermögens-, Finanz-

und Ertragslage, der sowohl eine Bilanz als auch eine Gewinn-und-Verlust-Rechnung enthält, informiert. Darüber

hinaus ergeht zweimal jährlich ein Bericht über das IKS für die Finanzberichterstattung an den Vorstand und den

Prüfungsausschuss, der als Informationsgrundlage zur Beurteilung der Effizienz und Effektivität des IKS dient und

die Steuerbarkeit des IKS durch die dafür vorgesehenen Gremien gewährleisten soll. Dieser Bericht erfolgt durch

das IKS-Management in Zusammenarbeit mit dem IKS-Komitee auf Basis der Informationen der IKS-

Bereichsverantwortlichen, der Kontrolldurchführenden und der Assessoren.

Zur Wahrnehmung der Überwachungs- und Kontrollfunktion im Hinblick auf eine ordnungsgemäße

Rechnungslegung und Berichterstattung werden die relevanten Informationen zudem auch den Leitungsorganen

und wesentlichen Mitarbeitern der jeweiligen Gesellschaft zur Verfügung gestellt. Die Interne Revision der EVN

führt regelmäßig Prüfungen des IKS für die Finanzberichterstattung durch, deren Ergebnisse ebenfalls bei den

laufenden Verbesserungen des IKS Berücksichtigung finden.

Einsatz von Finanzinstrumenten

Die EVN setzt derivative Finanzinstrumente zur Absicherung des Unternehmens gegen Marktpreisänderungs-,

Liquiditäts-, Wechselkurs- und Zinsänderungsrisiken ein. Zu diesem Zweck hat das Unternehmen ein Kontrollumfeld

geschaffen, welches im Rahmen des Risikomanagements Richtlinien und Abläufe für die Beurteilung der Anwendung

von Derivaten umfasst. Weitere Informationen finden sich im Anhang der EVN AG im Kapitel 3.2.7.

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Risikokategorie

Beschreibung

Maßnahme

Markt

- und Wettbewerbsrisiken

Deckungsbeitragsrisiko

(Preis

- und Mengeneffekte)

Energievertrieb und

-produktion: Nichterreichen der

geplanten Deckungsbeiträge

•

Volatile bzw. vom Plan abweichende Bezugs-

und Absatzpreise (insb. für Energieträger)

•

Nachfragerückgänge (insb. beeinflusst durch

Witterung bzw. Klimawandel, Politik, Reputation

oder Wettbewerb)

•

Rückgang der Eigenerzeugung

•

ückgang des Projektvolumens im Umweltbereich

(insb. infolge Marktsättigung, eingeschränkter

Ressourcen für Infrastrukturprojekte oder

Nichtberücksichtigung bzw. Unterliegen bei

Ausschreibungen)

Potenzielles Klimarisiko

Auf das Marktumfeld abgestimmte

Beschaffungsstrategie; Absicherungsstrategien;

Diversifizierung

der Kundensegmente sowie Geschäftsfelder;

auf Kunden

bedürfnisse abgestimmte Produktpalette;

längerfristiger Verkauf von Kraftwerkskapazitäten

Lieferantenrisiko

Überschreiten der geplanten (Projekt

-)Kosten;

mangelhafte Erfüllung oder Nichterfüllung vertraglich

zugesagter Leistungen

Partnerschaften; möglichst weitgehende

vertragliche Absicherung; externe Expertise

Finanzrisiken

Fremdwährungsrisiken

Transaktionsrisiken (Fremdwährungskursverluste) und

Translationsrisiken bei der

Fremdwährungsumrechnung im Konzernabschluss;

nicht währungskonforme Finanzierung von

Konzerngesellschaften

Überwachung; Limits; Absicherungsinstrumente

Liquiditäts

-, Cash-Flow- und

Finanzierungsrisiko

Nicht fristgerechte Begleichung eingegangener

Verbindlichkeiten; Risiko, erforderliche

Liqu

idität/Finanzmittel bei Bedarf nicht zu den

erwarteten Konditionen beschaffen zu können

;

otenzielles Klimarisiko

Langfristig abgestimmte und zentral gesteuerte

Finanzplanung; Absicherung des benötigten

Finanzmittelbedarfs (u. a. durch Kreditlinien)

Preis

-/Kursänderungsrisiken

Kurs

-/Wertverluste bei Veranlagungspositionen

(z. B. Fonds) und börsenotierten strategischen

Beteiligungen (z. B. Verbund

AG, Burgenland

Holding

AG); potenzielles Klimarisiko

Monitoring des Verlustpotenzials mittels

tägliche

r Value-at-Risk-Ermittlung; Anlagerichtlinien

Counterparty

-/Kreditrisiken

(Ausfallrisiken)

Vollständiger/teilweiser Ausfall einer von einem

Geschäftspartner oder Kunden zugesagten Leistung

Vertragliche Konstruktionen; Bonitäts-Monitoring und

Kreditlimitsystem; laufendes Monitoring

des

Kundenverhaltens; Absicherungsinstrumente;

Versicherungen; gezielte Diversifizierung der

Geschäftspartner

Beteiligungsrisiken

Nichterreichen der Gewinnziele einer

kerngeschäftsnahen Beteiligungsgesellschaft

;

otenzielles Klimarisiko

Vertretung in Gremien der

jeweiligen Beteiligungsgesellschaft

Rating

-Veränderung

Bei Verringerung der Rating

-Einstufung höhere

Refinanzierungskosten

; potenzielles Klimarisiko

Sicherstellung der Einhaltung relevanter

Finanzkennzahlen

Zinsänderungsrisiken

Veränderungen der Marktzinsen; steigender

Zinsaufwand; negative Auswirkungen eines niedrigen

Zinsniveaus auf die Bewertung von Vermögenswerten

und Rückstellungen sowie auf künftige Tarife

Einsatz von Absicherungsinstrumenten;

Zinsbindung in Finanzierungsverträgen

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Wertminderungs

-/Impairment-Risiken

Wertberichtigung von Forderungen; Wertminderung

von Firmenwerten, Beteiligungen, Erzeugungsanlagen

und sonstigen Vermögenswerten

(Wirtschaftlichkeit/Werthaltigkeit maßgeblich von

Strom

- und Primärenergiepreisen und

energiewirtschaftlichen Rahmenbedingungen

abhängig)

; potenzielles Klimarisiko

Monitoring mittels Sensitivitätsanalysen

Haftungsrisiko

Finanzieller Schaden durch

Schlagendwerden von

Eventualverbindlichkeiten

; potenzielles Klimarisiko

Haftungen auf erforderliches Mindestmaß

beschränken; laufendes Monitoring

Strategie- und Planungsrisiken

Technologierisiko

Spätes Erkennen von und Reagieren auf neue

Technologien (verzögerte Investitionstätigkeit) bzw.

auf Veränderungen von Kundenbedürfnissen;

Investitionen in die „falschen“ Technologien

;

otenzielles Klimarisiko

Aktive Teilnahme an externen Forschungsprojekten;

eigene Demonstrationsanlagen und Pilotpr

ojekte;

ständige Anpassung an den Stand der Technik

Planungsrisiko

Modellrisiko; Treffen von falschen bzw.

unvollständigen Annahmen; Opportunitätsverluste

Wirtschaftlichkeitsbeurteilung durch erfahrene, gut

ausgebildete Mitarbeiter; Monitoring der

Parameter

und regelmäßige Updates; Vier

-Augen-Prinzip

Organisatorische Risiken

Ineffiziente bzw. ineffektive Abläufe und

Schnittstellen; Doppelgleisigkeiten

; potenzielles

Klimarisiko

Prozessmanagement; Dokumentation; internes

Kontrollsystem (IKS)

Betriebsrisiken

Infrastrukturrisiken

Falsche Auslegung und Nutzung der technischen

Anlagen

; potenzielles Klimarisiko

Beheben von technischen Schwachstellen;

regelmäßige Kontrollen und Überprüfungen

der vorhandenen und künftig benötigten

Infrastruktur

Störungen/Netzausfall

(Eigen

- und Fremdanlagen), Unfälle

Versorgungsunterbrechung; Gefährdung von Leib und

Leben bzw. Infrastruktur durch Explosionen/Unfälle

;

otenzielles Klimarisiko

Technische Nachrüstung bei den Schnittstellen der

unte

rschiedlichen Netze; Ausbau und Instandhaltung

der Netzkapazitäten

-/Sicherheitsrisiken

(inkl. Cybersecurity)

Systemausfälle; Datenverlust bzw. unbeabsichtigter

Datentransfer; Hackerangriffe

Stringente (IKT

-)System- und Risikoüberwachung;

Back

-up-Systeme; technische Wartung; externe

Prüfung; Arbeitssicherheitsmaßnahmen;

Krisenübungen

Mitarbeiterrisiken

Verlust von hochqualifizierten Mitarbeitern; Ausfall

durch Arbeitsunfälle; personelle Über

- oder

Unterkapazitäten;

Kommunikationsprobleme;

kulturelle Barrieren; Betrug; bewusste bzw.

unbewusste Fehldarstellung von Transaktionen bzw.

Jahresabschlussposten

Attraktives Arbeitsumfeld; Gesundheits

- und

Sicherheitsvorsorge; flexible Arbeitszeitmodelle;

Schulungen; Veranstal

tungen für Mitarbeiter zum

Informationsaustausch und zum Networking; internes

Kontrollsystem (IKS)

Umfeldrisiken

Gesetzgebungs

-, regulatorische und

politische Risiken

Veränderung der politischen und rechtlichen

Rahmenbedingungen sowie des

regulatorischen

Umfelds (z. B. Umweltgesetze, wechselnde rechtliche

Rahmenbedingungen, Änderung des Förderregimes,

Marktliberalisierung in Südosteuropa); politische und

wirtschaftliche Instabilität; Netzbetrieb:

Nichtanerkennung der Vollkosten des Netzbetr

iebs im

Netztarif durch den Regulator

; potenzielles Klimarisiko

Zusammenarbeit mit Interessenvertretungen,

Verbänden und Behörden auf regionaler, nationaler

und internationaler Ebene; angemessene

Dokumentation und Leistungsverrechnung

Rechts

- und Prozessrisiko

Nichteinhalten von Verträgen; Prozessrisiko aus

diversen Verfahren; regulatorische bzw.

aufsichtsrechtliche Prüfungen

Vertretung in lokalen, regionalen, nationalen und

-weiten Interessenvertretungen; Rechtsberatung

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Soziales und

gesamtwirtschaftliches

Umfeld

Konjunkturelle Entwicklungen; Schulden

-/Finanzkrise;

stagnierende oder rückläufige Kaufkraft; steigende

Arbeitslosigkeit

; potenzielles Klimarisiko

Weitestgehende Ausschöpfung von (anti

-) zyklischen

Optimierungspotenzialen

ertragsrisiken

Nichterkennen von Problemen im juristischen,

wirtschaftlichen und technischen Sinn; Vertragsrisiko

aus Finanzierungsverträgen

Umfassende Legal Due Diligence; Zukauf von

Expertise/Rechtsberatung; Vertragsdatenbank und

laufendes Monitoring

Sonstige Risiken

Unerlaubte Vorteilsgewährung,

Non

-Compliance,

Datenschutzrechtliche Vorfälle

Weitergabe vertraulicher interner Informationen an

Dritte und unerlaubte Vorteilsgewährung/Korruption;

Verletzung des Schutzes personenbezogener Daten

Interne Kontrollsysteme; einheitliche Richtlinien

und Standards; Verhaltenskodex; Compliance

Organisation

Projektrisiko

Projektbudgetüberschreitungen beim Aufbau neuer

Kapazitäten

; potenzielles Klimarisiko

Vertragliche Absicherung der wirtschaftlichen

Parameter

-Investment-Risiko

Risiken im Zusammenhang mit der Durchführung von

Großprojekten gemeinsam mit Partnerunternehmen

;

otenzielles Klimarisiko

Vertragliche Absicherung; effizientes

Projektmanagement

Sabotage

Sabotage z.

B. bei Erdgasleitungen,

äranlagen und Müllverbrennungsanlagen

Geeignete Sicherheitsvorkehrungen; regelmäßige

Messung der Wasserqualität und der Emissionswerte

Imagerisiko

Reputationsschaden

; potenzielles Klimarisiko

Transparente und proaktive Kommunikation;

nachhaltige Unternehmenssteuerung

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EVN Aktie (Angaben nach § 243a Abs. 1 UGB)

1. Per 30. September 2022 betrug das Grundkapital der EVN AG 330.000.000 Euro und war unterteilt in

179.878.402 Stück auf Inhaber lautende nennwertlose Stückaktien, die jeweils im gleichen Umfang am

Grundkapital beteiligt sind. Der Anspruch auf Einzelverbriefung der Aktien ist ausgeschlossen. Es existiert nur

diese eine Aktiengattung. Alle Aktien verkörpern die gleichen Rechte und Pflichten und werden auf dem Prime

Market der Wiener Börse gehandelt.

2. Es gibt keine über die Bestimmungen des Aktiengesetzes hinausgehenden Beschränkungen der Stimmrechte

bzw. Vereinbarungen über die Beschränkung der Übertragbarkeit von Aktien. Hinzuweisen ist jedoch darauf,

dass die Übertragbarkeit der Beteiligung des Landes Niederösterreich, das seine Anteile über die NÖ Landes-

Beteiligungsholding GmbH, St.

Pölten, hält, durch bundes- und landesverfassungsgesetzliche Bestimmungen

eingeschränkt ist.

Die NÖ Landes-Beteiligungsholding GmbH („NLH“) und die Wiener Stadtwerke GmbH („WSTW“) haben am 23.

September 2021 eine steuerliche Beteiligungsgemeinschaft gegründet, wofür sie einen „Vertrag über die

Bildung einer steuerlichen Beteiligungsgemeinschaft betreffend Anteile der Parteien an der EVN AG“

abgeschlossen haben. Dieser Vertrag sieht grundsätzlich eine syndizierte Ausübung der Stimmrechte von NLH

und WSTW in der Hauptversammlung der EVN AG vor, bildet aber nur das sich ohnehin nach Gesetz und/oder

Satzung auf Grund des jeweiligen Aktienbesitzes von NLH und WSTW ergebende Stimmgewicht in der

Hauptversammlung ab (im Ergebnis verfügt NLH weiterhin über die einfache (nicht aber eine qualifizierte)

Mehrheit und WSTW weiterhin über eine Sperrminorität).

3. Auf Basis dieser verfassungsrechtlichen Vorschriften ist das Land Niederösterreich mit 51,0

% Mehrheitsaktionär

der EVN AG. Zweitgrößter Aktionär der EVN AG ist mit 28,4

% die Wiener Stadtwerke GmbH, Wien, die zu

100

% im Eigentum der Stadt Wien steht. Der Anteil der von der EVN AG gehaltenen eigenen Aktien betrug

zum Stichtag 0,9

%; der Streubesitz belief sich somit auf 19,7

4. Es wurden keine Aktien mit besonderen Kontrollrechten ausgegeben.

5. Mitarbeiter, die im Besitz von Aktien sind, üben ihr Stimmrecht unmittelbar selbst bei der Hauptversammlung

aus. Es besteht in der EVN AG kein Aktienoptionsprogramm.

6. Der Vorstand besteht aus mindestens zwei Mitgliedern. Der Aufsichtsrat besteht aus mindestens acht und

höchstens zwölf Mitgliedern. Sofern das Gesetz nicht zwingend eine andere Mehrheit vorschreibt, beschließt

die Hauptversammlung mit einfacher Mehrheit der abgegebenen Stimmen und in Fällen, in denen eine

Kapitalmehrheit erforderlich ist, mit einfacher Mehrheit des bei der Beschlussfassung vertretenen Grundkapitals.

7. Befugnisse des Vorstands im Sinn des §

243a Abs. 1 Z. 7 UGB, insbesondere hinsichtlich der Möglichkeit, Aktien

auszugeben, bestanden im Geschäftsjahr 2021/22 nicht. Davon unberührt blieb jedoch die Möglichkeit, bereits

zurückgekaufte eigene Aktien an Mitarbeiter auszugeben.

8. Aufgrund der oben, insbesondere in Punkt 2. und 3., erwähnten Rechtslage kann in der EVN AG derzeit ein

Kontrollwechsel im Sinn des §

243a Abs. 1 Z. 8 UGB nicht eintreten. Dasselbe gilt für allfällige Folgewirkungen

eines Kontrollwechsels.

9. Entschädigungsvereinbarungen zugunsten von Organen oder Mitarbeitern für den Fall eines öffentlichen

Übernahmeangebots bestehen nicht.

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Nichtfinanzielle Erklärung (Angaben nach § 243b UGB)

Die vorliegende nichtfinanzielle Erklärung erfüllt die Anforderungen der EU-Richtlinie 2014/95/EU zur Angabe

nichtfinanzieller und die Diversität betreffender Informationen (NFI-Richtlinie), in Österreich umgesetzt durch das

Nachhaltigkeits- und Diversitätsverbesserungsgesetz (NaDiVeG). Hinsichtlich der Angaben zu Diversität wird auf den

Corporate Governance-Bericht verwiesen. Dieser findet sich unter www.evn.at/corporate-governance-bericht.

Zur konzernweiten Darstellung der nichtfinanziellen Informationen wurde die Option gewählt, einen eigenständigen

nichtfinanziellen Bericht zu erstellen. Die gemäß NaDiVeG geforderten Informationen zu Umwelt-, Sozial- und

Arbeitnehmerbelangen, zur Achtung der Menschenrechte und zur Bekämpfung von Korruption des EVN Konzerns

finden sich im Berichtsteil „Nichtfinanzieller Bericht“ des EVN Ganzheitsberichts 2021/22 und sind zur besseren

Orientierung zudem eigens im Inhaltsverzeichnis gekennzeichnet.

Geschäftsmodell

Die Aktivitäten der international tätigen EVN Gruppe umfassen das Energie- und das Umweltgeschäft. Der Hauptsitz

des Unternehmens befindet sich in Niederösterreich, weitere Kernmärkte sind Bulgarien und Nordmazedonien.

Insgesamt ist die EVN Gruppe derzeit in 14 Ländern aktiv.

Operative Geschäftsbereiche der EVN Gruppe

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EVN Wertschöpfungskette

Die in die nichtfinanzielle Erklärung einbezogenen Daten und Kennzahlen beziehen sich auf die Muttergesellschaft

des EVN Konzerns, die EVN AG, und umfassen den Zeitraum 1. Oktober 2021 bis 30. September 2022.

Analyse wesentlicher Themen und Stakeholder-Einbeziehung

Die EVN bekennt sich zum Konzept der nachhaltigen Unternehmensführung und strebt in diesem Sinn eine

ausgewogene Berücksichtigung ökonomischer, ökologischer und sozialer Gesichtspunkte an. Damit sind alle

ethischen, sozialen und umweltbezogenen Aspekte – sprich die Themenfelder Environment, Social und Governance

(ESG) – umfasst, für die wir in der EVN auch den Überbegriff „Nachhaltigkeit“ verwenden. Ein angemessener

Ausgleich der Anliegen aller am Unternehmen Interessierten – der Stakeholder – ist das Leitmotiv dabei. Neben

grundlegenden Formulierungen zu Vision, Mission und Unternehmenswerten definiert eine Reihe weiterer

verbindlicher Dokumente den konzernweiten Verhaltens- und Handlungsrahmen der EVN. Als Mitglied des UN Global

Compact bekennt sie sich zudem explizit zur Achtung, zur Einhaltung und zum Schutz der Menschenrechte sowie

globaler Prinzipien ethischen und wirtschaftlichen Handelns. In Kombination mit dem Wertesystem ergibt sich aus

diesem Konzept ein klarer unternehmerischer Handlungsrahmen, aus dem die EVN in weiterer Folge ihre

Kernstrategien ableitet. Ein ganz wesentliches Element ist dabei die Berücksichtigung der Interessen der internen und

externen Stakeholder, mit denen sie in vielfältiger Weise in regem Austausch steht.

Den Kern des Stakeholder-Managements bildet ein institutionalisierter Dialog mit den diversen Stakeholder-Gruppen,

die aus nachstehender Darstellung ersichtlich sind. Ihre Identifikation und Priorisierung erfolgt regelmäßig im Rahmen

der Aktualisierung unserer Wesentlichkeitsmatrix. Dabei überprüfen wir auch stets die Relevanz der einzelnen

Stakeholder-Gruppen für unser Unternehmen.

Die EVN Wesentlichkeitsmatrix wird im Dreijahresrhythmus aktualisiert. Da die letzte Stakeholder-Befragung im

Frühjahr 2020 und damit während des ersten Lockdowns infolge der Covid-19-Pandemie stattfand, wurde im

Folgejahr eine neuerliche Befragung durchgeführt, um die Ergebnisse aus dem Vorjahr zu plausibilisieren.

Dazu wurde eine repräsentative Auswahl interner und externer Stakeholder ersucht, mittels Online-Fragebogen die

Relevanz der Handlungsfelder sowie deren Auswirkungen auf die Unternehmenstätigkeit zu beurteilen. Ziel dieses

strukturierten Erhebungsprozesses war es, auf jene Themen zu fokussieren, die den höchsten Stellenwert für die

Stakeholder der EVN aufweisen und gleichzeitig die größten ökonomischen, ökologischen oder sozialen

Auswirkungen auf die Geschäftstätigkeit der EVN haben. Die wesentlichsten Themen und Handlungsfelder, auf die

sich die Berichterstattung konzentriert, sind jene, die in der Wesentlichkeitsmatrix eine mittlere bis sehr hohe Relevanz

für die EVN aufweisen.

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Handlungsfelder

Als Grundlage für den Abgleich zwischen der Strategie und den Stakeholder-Interessen dient die EVN

Wesentlichkeitsmatrix mit ihren acht Handlungsfeldern:

• Nachhaltige Unternehmenswertsteigerung

• Versorgungssicherheit

• Kundenorientierung

• Attraktive Arbeitgeberin

• Klimaschutz

• Umweltschutz

• Innovation und Digitalisierung

• Stakeholder-Dialog

Die nachstehende Tabelle liefert einen Überblick hinsichtlich der Zuordnung der einzelnen Handlungsfelder zu den

gemäß NaDiVeG geforderten Angaben und Leistungsindikatoren zu den im Fokus stehenden Belangen in Bezug auf

Umwelt, Soziales, Arbeitnehmer, Achtung der Menschenrechte und Bekämpfung von Korruption.

EVN Handlungsfeld

Nichtfinanzielle Informationen gem. NaDiVeG

Nachhaltige Unternehmenswertsteigerung

Strategie, Achtung der Menschenrechte, Bekämpfung

von Korruption

Versorgungssicherheit

Strategie

Kundenorientierung

Einbindung Stakeholder

Attraktiver Arbeitgeber Arbeitnehmerbelange, Achtung der Menschenrechte,

Sozialbelange

Klimaschutz

Umweltbelange

Umweltschutz

Umweltbelange

Innovation und Digitalisierung

Strategie, Arbeitnehmerbelange

Stakeholder-Dialog

Einbindung der Stakeholder, Sozialbelange

CSR-Organisation

Die folgende Darstellung illustriert die CSR-Organisation der EVN, die – im Einklang mit der europäischen Best Practice

– insbesondere den folgenden Grundsätzen folgt:

• Der Gesamtvorstand verantwortet das Themenfeld Environment, Social, Governance (ESG) – also sämtliche

Aspekte und Agenden in Sachen Umweltschutz, Soziales und nachhaltige Unternehmensführung. Alle diese

Themen fließen in die EVN Nachhaltigkeitsstrategie ein. Da der Vorstand – in enger Abstimmung mit dem

Aufsichtsrat – auch die Strategie verantwortet, ist die Schnittstelle für die (Weiter-)Entwicklung dieser

Themen auf der höchsten Unternehmensebene verankert.

Zudem tauscht sich der Vorstand regelmäßig mit

dem Aufsichtsrat zur Nachhaltigkeitsstrategie aus und berichtet diesem quartalsweise über wesentliche

Entwicklungen und Maßnahmen im ESG-Bereich.

• Der viermal jährlich tagende Lenkungsausschuss für Nachhaltigkeit setzt sich neben dem Gesamtvorstand

aus Führungskräften verschiedenster Unternehmensbereiche sowie Mitgliedern des

abteilungsübergreifenden Nachhaltigkeitsteams zusammen. Das Gremium behandelt auf

Managementebene aktuelle ESG-Themen, beschließt wesentliche ESG-Aktivitäten und stellt durch seine

Zusammensetzung sicher, dass die behandelten Strategien, Maßnahmen und Ziele auch operativ auf den

Gesamtkonzern ausgerollt und flächendeckend umgesetzt werden.

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Die direkt dem Gesamtvorstand unterstellte Stabsstelle Innovation, Nachhaltigkeit und Umweltschutz ist sowohl für

die Koordination der Nachhaltigkeitsaktivitäten als auch für die Themen Umwelt- und Klimaschutz verantwortlich. Im

Rahmen von Managementklausuren, insbesondere der zweimal jährlich stattfindenden ganztägigen

Innovationsklausuren, berichtet die Stabsstelle über die von ihr verantworteten Innovations- und Forschungsprojekte.

Wesentlicher Anspruch dieser Projekte ist ein positiver Beitrag zum Umwelt- und Klimaschutz sowie zum

Kundennutzen.

Die Stabsstelle Innovation, Nachhaltigkeit und Umweltschutz koordiniert außerdem ein abteilungsübergreifendes

Nachhaltigkeitsteam, das die Einhaltung der hohen Nachhaltigkeitsstandards unserer Gruppe sicherstellt. Seine

Mitglieder sind darauf geschult, das Thema Nachhaltigkeit sowie die Bedeutung von ethischem und sozialem

Wirtschaften mit Nachdruck zu vertreten, ihr Wissen beratend an die Nachhaltigkeitsexperten in den einzelnen

Unternehmensbereichen weiterzugeben und diese bei der Umsetzung von Nachhaltigkeitsaktivitäten zu unterstützen.

Auch im Nachhaltigkeitsteam stehen die für unsere Geschäftstätigkeit relevanten Aspekte des Klimawandels

ganz oben auf der Agenda.

Zusätzlich zum kontinuierlichen Austausch mit internen Experten stehen unserem Vorstand und Aufsichtsrat mehrere

Beiräte (z. B. EVN Kundenbeirat, Nachhaltigkeitsbeirat) zur Seite, in denen externe Experten verschiedenster

Fachrichtungen ihre Expertise und ihre Außenperspektive zu ESG-Aspekten unserer Tätigkeit einbringen.

Proaktive Einbindung der EVN Stakeholder

Die gesellschaftliche Akzeptanz bei der Umsetzung von EVN Projekten ist eine Grundvoraussetzung für den

langfristigen und nachhaltigen Unternehmenserfolg und für die positive öffentliche Wahrnehmung der EVN. Oberstes

Prinzip ist dabei die angemessene und gut ausbalancierte Berücksichtigung jener Anliegen, die von verschiedenen

Stakeholder-Gruppen an EVN herangetragen werden. Ein regelmäßiger, proaktiver und offener Dialog mit diesen

Stakeholdern ist daher auch im EVN Verhaltenskodex als wichtiger Managementgrundsatz verankert.

Projektkommunikation

EVN pflegt einen offenen und intensiven Austausch mit relevanten NGOs und Interessenvertretungen, um

vertrauensvolle und langfristig tragfähige Beziehungen auch zu jenen Gruppen aufzubauen, die manchen Aktivitäten

und Projekten der EVN kritisch gegenüberstehen. Eine gute Gesprächsbasis fördert wechselseitiges Verständnis und

ist damit eine wesentliche Voraussetzung dafür, bei divergierenden Interessenlagen gemeinsam Lösungen entwickeln

zu können. Abgesehen von höherer Planungsqualität und -sicherheit trägt die proaktive Einbindung von und

Interessenvertretungen in vielen Fällen zu einer intensiveren und professionelleren Kommunikation mit Anrainern und

lokalen Initiativen bei. Positiv wirkt sich auch hier die Erfahrung aus bereits realisierten Projekten aus.

Die Projektkommunikation ist in der EVN institutionalisiert. Vom Kleinwasserkraftwerk über Leitungsprojekte und

Windparks bis hin zu Biomasseanlagen plant und realisiert EVN alle Bauvorhaben unter aktiver Einbindung von

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Anrainern, Bürgerinitiativen, NGOs, politischen Vertretungen, Vereinen und lokalen Initiativen. Der intensive Dialog

verfolgt dabei insbesondere die folgenden Ziele:

 Hohe Akzeptanz bei allen Stakeholdern

 Unterstützung der Realisierbarkeit von Projekten

 Positive Wahrnehmung des Unternehmens und seiner Aktivitäten

 Reduktion von Risiken und Vermeidung von Imageschäden

Von Planungsbeginn an fließen auf diese Weise ökologische und soziale Aspekte in die Projektentwicklung ebenso

mit ein wie in Due-Diligence- Prüfungen. Diese Prüfungen, die vor jedem Projektstart durchgeführt werden, dienen

als Grundlage für interne Entscheidungsprozesse des Vorstands bzw. bei entsprechender Projektgröße auch des

Aufsichtsrats.

Verantwortungsvoller Umgang mit den Anliegen lokaler Stakeholder

Den Dialog mit den unmittelbar von einem geplanten Projekt der EVN betroffenen Menschen führen wir stets nach

folgenden Grundsätzen:

 Frühzeitiges Identifizieren der unterschiedlichen Erwartungen und Ansprüchen

 Transparente und umfassende Projektinformation

 Professionelle, strukturierte und proaktive Kommunikation mit allen lokalen Stakeholdern (inklusive

politischer Entscheidungsträgern)

 Unterstützung der Kommunen bei der Kommunikation und gegebenenfalls Vermittlung bei Konflikten

Die Projektkommunikation erfolgt in enger Abstimmung und Zusammenarbeit mit den Projektleitern und -

verantwortlichen, deren Kompetenz in Sachen Projektkommunikation laufend geschult wird. Natürlich können sich

die lokalen Stakeholder mit ihren Anliegen auch jederzeit von sich aus an EVN wenden. Neben einer direkten

Kontaktaufnahme mit den Projektleitern unter der E-Mail-Adresse dialog@evn.at stehen dafür auch das EVN Service-

Telefon bzw. die E-Mail-Adresse info@evn.at zur Verfügung.

Krisenmanagement

Für weite Teile der Geschäftstätigkeit – insbesondere Gefährdungsbereiche, die auch die Bevölkerung sowie die

Umwelt betreffen könnten – verfügt die EVN über umfassende Krisen-, Katastrophen- und Notfallpläne samt den

dazugehörigen Schulungsprogrammen. An allen Standorten werden Maßnahmen für Krisensituationen auch

regelmäßig trainiert. In Niederösterreich werden zudem regelmäßig interne und externe Übungen und Schulungen

zum Thema Krisenmanagement abgehalten. Mitarbeiter im Störungsdienst werden laufend geschult, ebenso erfolgen

jährlich Trainings für alle Diensthabenden sowie Sicherheitsunterweisungen für sämtliche Mitarbeiter.

Unterstützung von Interessenvertretungen und Initiativen

Der Betrieb der EVN Infrastruktur und die vielfältigen EVN Dienstleistungen tragen entscheidend zum Funktionieren

des öffentlichen Lebens und der Wirtschaft bei. Um diese Aufgaben bestmöglich erfüllen zu können, ist EVN Mitglied

in diversen gesetzlichen und freiwilligen nationalen und internationalen Organisationen und Interessenvertretungen.

Beispiele für Branchenverbände sind Oesterreichs Energie oder Eurelectric, als Initiativen zu sozialen und ökologischen

Themen wären UN Global Compact oder respACT zu nennen. Alle Aktivitäten im Zusammenhang mit diesen

Mitgliedschaften erfolgen im Einklang mit dem Verhaltensrahmen unseres Compliance-Management-Systems.

Gemäß den gesetzlichen Bestimmungen ist die EVN auch in das österreichische Lobbying- und

Interessenvertretungsregister sowie in das Transparenzregister der Europäischen Union eingetragen.

Unternehmensstrategie

Ein klares Wertegerüst und die Fokussierung auf Handlungsfelder, die regelmäßig gemeinsam mit allen Stakeholdern

reflektiert und entsprechend priorisiert werden, bilden die Grundlage für das unternehmerische Handeln der EVN. Die

Strategie der EVN berücksichtigt – neben den Interessen ihrer internen und externen Stakeholder – auch die

potenziellen positiven oder negativen Auswirkungen ihrer Unternehmenstätigkeit auf sozialem, ökologischem und

wirtschaftlichem Gebiet („Impact-Bewertung“). Als wichtigste Verpflichtung gegenüber ihren Kunden betrachtet die

EVN die Sicherstellung einer flächendeckenden und stets verlässlichen Versorgung mit ihren Produkten und

Dienstleistungen.

Gleichzeitig ist sich die EVN ihrer hohen Verantwortung bewusst, als bedeutender Marktteilnehmer auch einen

aktiven Beitrag zur Verwirklichung gesellschaftlicher Anliegen sowie zum Umwelt- und Klimaschutz zu leisten. Ein

klarer Fokus liegt hier auf dem Umbau des Energiesystems in Richtung einer klimaneutralen Erzeugung, deren

naturgegebene Volatilität mithilfe von Energiespeichern ausgeglichen wird. Ein zentrales strategisches Ziel bleibt

dabei weiterhin der kontinuierliche Ausbau der Netzinfrastruktur in Niederösterreich. Er schafft die Voraussetzungen

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dafür, die Energiewende zu unterstützen und gleichzeitig Versorgungssicherheit und -qualität nachhaltig zu

gewährleisten.

Eine wesentliche Rolle in unserem Strategieprozess spielen die für den Energiesektor relevanten internationalen

Rahmenwerke wie die Sustainable Development Goals der Vereinten Nationen und die Zielsetzungen der Energie-

und Klimapolitik, z. B. das Pariser Klimaabkommen oder der European GreenDeal. Denn sie verändern das Umfeld

und die für eine Energieversorgerin maßgeblichen rechtlichen und regulatorischen Vorgaben teils massiv. Die

bestimmende Veränderung für die Energiebranche – und damit auch ein zentraler Faktor für die EVN-Strategie –

ergibt sich aus dem gesellschaftlichen und politischen Bestreben, das auf eine möglichst rasche Transformation in ein

funktionierendes CO

-freies Energiesystem abzielt, um die branchenspezifischen Klimaeinflüsse noch deutlicher und

schneller zu minimieren. Um diesen Entwicklungen in angemessener Weise gerecht zu werden, hat die EVN auf Basis

der Strategie 2030 die EVN Klimainitiative entwickelt. Dadurch wurden maßgebliche Zielsetzungen wie die mit der

Science Based Targets Initiative akkordierten Dekarbonisierungsziele oder die Klimaneutralität ausgewählter

Konzerngesellschaften eng mit der Gesamtstrategie der EVN verknüpft.

EVN Klimainitiative

Im Geschäftsjahr 2020/21 wurde auf Basis der EVN Strategie 2030 („Nachhaltiger. Digitaler. Effizienter.“) die EVN

Klimainitiative entwickelt, die auf drei Säulen basiert:

 Erarbeitung von Science Based Targets

 Klimaneutralität in ausgewählten Tochtergesellschaften

 Beitrag von Forschung und Entwicklung in der EVN zum Klimaschutz

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Auswirkungen der Geschäftstätigkeit auf Gesellschaft, Umwelt und Wirtschaft

Im Rahmen der jährlichen Risikoinventur werden im Sinn des NaDiVeG sowohl potenzielle Risiken als auch

Auswirkungen der Geschäftstätigkeit der EVN und ihrer Geschäftsbeziehungen auf Umwelt-, Sozial- und

Arbeitnehmerbelange, die Achtung der Menschenrechte und die Bekämpfung von Korruption systematisch erhoben

und bezüglich ihrer finanziellen Auswirkungen auf die EVN bewertet.

Damit steht ein klar strukturierter und definierter Prozess zur Verfügung, um potenzielle Risiken bzw. Auswirkungen

auf unterschiedlichen organisatorischen und hierarchischen Ebenen zu identifizieren und zu analysieren sowie

geeignete Gegenmaßnahmen zu entwickeln. Die Einbindung der Führungs- und der Vorstandsebene wird dabei

insbesondere dadurch gewährleistet, dass die Erkenntnisse und Analysen der Risikoinventur im Risikoarbeits- und im

Konzernrisikoausschuss präsentiert und diskutiert werden. Im Geschäftsjahr 2020/21 wurde auch der zur

Aktualisierung der EVN Wesentlichkeitsmatrix eingesetzte Online-Fragebogen genutzt, um sowohl interne als auch

externe Stakeholder zu den Auswirkungen der Geschäftstätigkeit der EVN auf Gesellschaft, Umwelt und Wirtschaft zu

befragen.

Die nachfolgende Tabelle fasst die wesentlichen potenziellen Auswirkungen zusammen. Sie enthält zudem

beispielhaft Instrumente und Maßnahmen, die– im Einklang mit dem EVN Verhaltenskodex und den übergeordneten

Verhaltensnormen zum Thema Compliance – zur Minimierung allfälliger negativer Auswirkungen genutzt bzw.

gesetzt werden.

Nachhaltigkeits- und insbesondere Klimarisiken im Fokus

Angesichts des hohen Stellenwerts, den EVN dem Thema Klimaschutz beimisst, werden in der Risikoinventur gezielt

auch potenzielle Klimarisiken erhoben sowie Auswirkungen der Geschäftstätigkeit im Zusammenhang mit dem

Thema Klimawandel. Klimarisiko ist jedoch bewusst nicht als eigene Risikokategorie definiert, sondern wird – sofern

zutreffend – als Querschnittsmaterie den einzelnen Risikokategorien der EVN zugeordnet. Dabei wird unterschieden

zwischen Transitionsrisiken und physischen Risiken. Zu den Transitionsrisiken zählen Unsicherheiten, die aus dem

Übergang in Richtung eines erneuerbaren Energiesystems resultieren. Physische Risiken betreffen hingegen Ereignisse

und Veränderungen, die unmittelbare klimatische Ursachen haben.

Klimatisch verursachte Ergebnisschwankungen werden aber nicht nur durch das Risikomanagement erfasst, sondern

mögliche quantitative Auswirkungen auch im Planungsprozess in Form entsprechender Sensitivitäten und

Szenarioanalysen analysiert. Vergleichbare Fragestellungen prägen auch die Auswahl der Szenarien für die künftige

Preisentwicklung von Energie und Primärenergieträgern. Dadurch werden der Klimawandel und seine Auswirkungen

auf die EVN Geschäftstätigkeit auch auf Ebene der Führungskräfte, des Vorstands und des Aufsichtsrats erläutert.

Schäden durch Extremwetterereignisse stellen wiederum eine Bedrohung für die Versorgungssicherheit dar. In einem

weiter gefassten Nachhaltigkeitskontext umfassen Risiken in diesem Bereich auch Versorgungsunterbrechungen oder

die Gefährdung von Leib und Leben sowie der Infrastruktur durch Explosionen oder Unfälle. Um einen störungsfreien

Betrieb und die technische Sicherheit der Kraftwerke – beides maßgebliche Voraussetzungen für eine verlässliche

Versorgung – zu gewährleisten, werden regelmäßig Revisionen und Wartungsarbeiten durchgeführt, die geplante

Stillstandszeiten mit

sich bringen. Tatsächliche Unterbrechungen der Stromversorgung werden im Netzbereich

anhand der Kennzahlen System Average Interruption Frequency Index (SAIFI) – der mittleren

Unterbrechungshäufigkeit – und System Average Interruption Duration Index (SAIDI) – der durchschnittlichen

jährlichen Dauer der ungeplanten Stromunterbrechungen gemessen und überwacht.

Arbeitssicherheit und Unfallvermeidung nehmen in allen Einheiten des Unternehmens ebenfalls einen zentralen

Stellenwert ein. Das geforderte hohe Sicherheitsniveau wird dabei vor allem durch Schulungen und

Bewusstseinsbildung gewährleiste. In Ergänzung der geltenden gesetzlichen Vorschriften wurde dafür ein

umfangreiches internes Regelwerk aus Geschäftsanweisungen und Richtlinien entwickelt. Im EVN Konzern werden

sämtliche Arbeitsunfälle zentral über den sicherheitstechnischen Dienst erfasst und ausgewertet. Wie in

nebenstehender Tabelle beim Handlungsfeld „Nachhaltige Unternehmenswertsteigerung“ beschrieben, beziehen sich

die Mitarbeiterrisiken aber auch auf den Abgang von hochqualifizierten Mitarbeiter oder auf eine bewusste bzw.

unbewusste Fehldarstellung von Transaktionen bzw. Jahresabschlussposten. Diesen Risiken wird u. a. mit der

Schaffung eines attraktiven Arbeitsumfelds und flexiblen Arbeitszeitmodellen sowie unserem internen Kontrollsystem

(IKS) begegnet.

Die Erfassung und Analyse der ökologischen Auswirkungen der Unternehmenstätigkeit in Bereichen wie

Ressourceneinsatz, Energie- und Wasserverbrauch, Emissionen, Biodiversität, Transport sowie Abwasser und Abfall

(Umweltrisiken) obliegt der Stabsstelle Innovation, Nachhaltigkeit und Umweltschutz. Diese unterstützt die operativen

Einheiten auf Basis ihrer Analysen auch darin, Umweltauswirkungen zu verhindern bzw. zu minimieren.

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Voller Einsatz für unsere Kunden und Kundinnen

Die Kunden und ihre Zufriedenheit stehen für die EVN im Mittelpunkt ihrer gesamten Tätigkeit. Rund 4,8 Mio.

Kunden vertrauten im Geschäftsjahr 2021/22 auf die sichere Versorgung mit Energie- sowie Umweltprodukten von

der EVN. Im Energiegeschäft in Niederösterreich handelt es sich bei EVN Kunden um Privathaushalte,

Gewerbeunternehmen, Industrie und öffentliche Einrichtungen; im internationalen Umwelt-Projektgeschäft sind es

hingegen vorwiegend öffentliche Auftraggeber wie Städte und Gemeinden.

Die aktuellen Rahmenbedingungen auf den Energiemärkten stellen auch die Kunden der EVN vor große

Herausforderungen. Trotz des damit verbundenen enormen Anstiegs an Kontaktaufnahmen über alle bestehenden

Kommunikationskanäle nehmen sich die EVN-Mitarbeiter für die Anliegen der Kunden ausreichend Zeit. Denn die

Versorgung der Menschen mit elementaren Dienstleistungen hat – besonders in der aktuell schwierigen Zeit –

höchste Priorität.

Kundenzufriedenheit wird für die EVN über Produkte und Dienstleistungen, die individuelle Bedürfnisse erfüllen und

transparent abgerechnet werden, sowie über hohe Servicequalität, zielgruppengerechte Kommunikation und die

Unterstützung unserer Kunden im effizienten Umgang mit Energie definiert. Innerhalb dieser Eckpunkte setzt die EVN

in allen Märkten auf eine faire und professionelle Partnerschaft mit ihren Kunden. Eine permanente und einfache

Erreichbarkeit für die Kunden, prompte Bearbeitung von Anfragen oder ein aktives Beschwerdemanagement sind

Beispiele hierfür. Internationaler Erfahrungsaustausch und kontinuierliche Schulungen und Trainings von Mitarbeitern

mit Kundenkontakt sowie regelmäßige systematische Befragungen der Kunden unterstreichen ebenfalls den hohen

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Stellenwert der Professionalität im Kundenservice der EVN. In Österreich stellt sich die EVN auch regelmäßig proaktiv

externen und unabhängigen Beurteilungen zur Qualität des Kundenservice sowie der Zufriedenheit der Kunden. Beim

Customer Loyalty Index wird mithilfe verschiedener Indikatoren die Loyalität unserer Kunden auf monatlicher Basis

beobachtet und gemessen. Der Index ermöglicht es uns, Veränderungen des Kundenverhaltens und deren Ursachen

frühzeitig zu identifizieren, um rasch entsprechend reagieren zu können.

Seit dem Jahr 2011 stand dem Unternehmen mit dem EVN Kundenbeirat ein eigenes Beratungsgremium zur

Verfügung, das einen regelmäßigen und systematischen Austausch zu den Anliegen und Bedürfnissen der Kunden

mit dem Management und den Experten der EVN ermöglichte. Nach umfassenden Vorbereitungen startet der

Kundenbeirat der EVN im Geschäftsjahr 2022/23 in einem neuen, digitalen Format. Feedbackwillige Kunden können

sich dazu seit Oktober 2022 auf freiwilliger Basis online unter https://mein-feedback.at anmelden. Dadurch soll eine

große Gruppe an Testkunden entstehen, die sowohl online als auch vor Ort – und damit rasch, flexibel und

niederschwellig – um ihre Meinung zu bestehenden sowie geplanten Produkt- und Serviceangeboten gebeten

werden kann.

Das Risiko allfälliger negativer Gesundheits- und Sicherheitsauswirkungen unserer Produkte minimiert die EVN durch

umsichtiges, verantwortungsvolles Agieren entlang ihrer gesamten Wertschöpfungskette. Eine zentrale Rolle nimmt

dabei das EVN Qualitätsmanagement ein. Es definiert hohe Standards für alle relevanten produktbezogenen

Tätigkeiten und Prozesse und sorgt gleichermaßen für deren verlässliche Beachtung. Durch laufende

Qualitätssicherung wird im Sinn ganzheitlicher Verantwortung zudem sichergestellt, dass alle Produkte und

Dienstleistungen allen Anforderungen im Hinblick auf die Gesundheit, Sicherheit und Zufriedenheit der Kunden

entsprechen.

Das Wertegerüst der EVN umfasst auch das klare Bekenntnis zu sozialer Verantwortung, das im aktuellen Umfeld

nochmals stark an Bedeutung gewinnt. Zur Unterstützung besonderer sozialer Härtefälle wurde heuer ein mit 3 Mio.

EUR dotierten Energiehilfe-Fonds eingerichtet, der betroffene Haushalte unterstützen soll. Die Abwicklung der von

diesem Fonds gewährten Unterstützungen erfolgt durch soziale Institutionen. Im September 2022 wurde unter dem

Titel „Stromspar-September“ eine Kampagne initiiert, die mit einem breiten Bündel an Kommunikationsmaßnahmen

die niederösterreichische Bevölkerung proaktiv über die von Bund, Land und der EVN selbst gestarteten

Entlastungsmaßnahmen, neuen Tarifangebote und konkrete Energiespartipps samt konkretem Einsparpotenzial

informiert hat.

Umweltbelange

Die grundlegenden Ziele und Werte der EVN in Sachen Klima- und Umweltschutz sind einerseits im Umweltleitbild

der EVN und andererseits in der EVN Klimainitiative verankert. Im Bereich Umweltschutz umfasst das Leitbild

Vorgaben zur Minimierung von Umweltbeeinträchtigungen, zur verantwortungsvollen Nutzung von Ressourcen, zum

Erhalt der natürlichen Lebensräume von Tieren und Pflanzen im Umfeld unserer Anlagen und Projekte sowie zu einem

umweltgerechten Abfallmanagement. Im Bereich Klimaschutz liegt der Fokus auf einen schrittweisen Systemumbau

in Richtung einer klimaneutralen Energieerzeugung bei gleichzeitiger Gewährleistung der Versorgungssicherheit.

Die Tätigkeitsbereiche der EVN AG umfassten im Geschäftsjahr im Wesentlichen Handels- und Verwaltungstätigkeit.

Energieverbrauch und Emissionen sind deshalb für den Einzelabschluss nicht wesentlich, weswegen auf eine

diesbezügliche Angabe verzichtet wird.

Umweltmanagement in der EVN

Bereits seit 1995 betreibt die EVN auf freiwilliger Basis ein Umweltmanagementsystem. Als integriertes

Managementsystem schließt es neben den Anforderungen von EMAS (Eco-Management and Audit Scheme) und ISO

14001 auch jene des Umweltschutzes mit ein.

Die EMAS-Verordnung schreibt unter anderem die Definition von

messbaren Umweltzielen vor. Für die Zertifizierung nach EMAS sind die lückenlose Einhaltung von umweltrelevanten

Gesetzen und deren engmaschige Überprüfung zwingende Grundvoraussetzungen. Alle unsere aktiven thermischen

Kraftwerke in Niederösterreich sowie 64 Wärmeerzeugungs- und vier Kälteanlagen unterliegen diesen Standards.

Unsere thermische Abfallverwertungsanlage in Zwentendorf/Dürnrohr ist zusätzlich auch nach der internationalen

Qualitätsnorm ISO 9001 und dem österreichischen Regelwerk für Entsorgungsfachbetriebe zertifiziert.

Durch die forcierte Nutzung von erneuerbaren Energieträgern, effizienzsteigernde Maßnahmen und die umfassende

Beratung der Kunden zur Reduktion ihres Energiebedarfs erbringt die EVN einen wesentlichen Beitrag zur Erreichung

der österreichischen und europäischen Klimaziele. Eine ausgewogene Mischung aus optimaler Versorgungssicherheit

und minimalen Umweltauswirkungen ist hier entscheidend. Unser Engagement zum Klimaschutz umfasst

unterschiedliche Initiativen und strategische Ansätze:

• Forcierte Nutzung der erneuerbaren Energiequellen Wasser, Wind, Sonne, Biomasse und Biogas

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• Steigerung der Energieeffizienz der eigenen Produktionsanlagen und Netze

• Aktive Teilnahme an Innovations-, Entwicklungs- und Forschungsprojekten

• Information und Beratung der Kunden zur Reduktion des Energiebedarfs

• Regionale Wertschöpfung durch die Nutzung heimischer Energieträger wie Biomasse und Biogas

• Nutzung von Fahrzeugen mit alternativen Antrieben wie z. B. Elektroautos

• Steigerung des Anteils der erneuerbaren Energien am Produktmix der EVN

• Zunehmender Einsatz erneuerbarer Energien zur Deckung des Eigenbedarfs

• Unterstützung der Transformation der Gasnetze hin zu Biogas und Wasserstoff

Abfall

Die EVN achtet darauf, dass Abfälle – wo dies möglich ist – direkt der Wiederverwendung oder einem Recycling

zugeführt werden. Dies geschieht etwa über die direkte Beauftragung von geeigneten Entsorgern oder Verwertern.

Außerdem wählen wir Lieferanten von Material und Geräten sowie Entsorgungspartner möglichst nach ökologischen

Gesichtspunkten aus.

Alle regelmäßig anfallenden gefährlichen und nicht gefährlichen Abfälle geben wir auf Basis von Rahmenverträgen an

berechtigte Entsorgungsunternehmen ab, die diese Abfälle entsprechend den gesetzlichen Vorschriften des jeweiligen

Landes umweltgerecht entsorgen. In der Berichtsperiode haben wir keinerlei gefährliche oder nicht gefährliche

Abfälle grenzüberschreitend entsorgt.

Entwicklung der Abfallmengen

2021/22

2020/21

2019/20

Gefährliche Abfälle und Reststoffe

Nicht gefährliche Abfälle und Reststoffe

267

339

395

Export gefährlicher Abfälle

Gefährliche Abfälle

1) Ohne Baurestmassen

Sozialbelange

Im Bewusstsein der Verantwortung gegenüber den unterschiedlichen Interessengruppen setzt die EVN in ihrem

Verantwortungsbereich auch außerhalb des operativen Kerngeschäfts Initiativen zur Verbesserung der Lebensqualität

der Menschen. Nachfolgend einige Beispiele für diese Aktivitäten im gesellschaftlichen Kontext:

• Jugend- und Schulplattform: Einen Schwerpunkt der gesellschaftlichen Verantwortung sieht die EVN in der

Förderung des Wissens zum Themenkreis „(Sorgsamer Umgang mit) Energie, Energieeffizienz sowie

Energiesparen“. Zu diesem Zweck hat die EVN das EVN Schulservice initiiert, das Projekte, Vorträge und

Wettbewerbe mit Kindern und Jugendlichen anbietet.

• EVN Sozialfonds: Der EVN Sozialfonds, der mit jährlich rund 120.000 Euro dotiert ist, unterstützt Kinder- und

Jugendprojekte niederösterreichischer Institutionen. Über die Auswahl der Förderprojekte entscheidet ein

Expertengremium, das sich zweimal pro Jahr trifft. Die Empfehlungen an den Vorstand der EVN zur

Mittelverwendung erfolgen einstimmig auf Basis eines vordefinierten Kriterienkatalogs. Im Geschäftsjahr

2021/22 wurden 14 Projekte mit einem Gesamtbeitrag von rund 120,0 Tsd. Euro unterstützt.

• Bonuspunkte spenden: In der EVN Bonuswelt bietet die EVN ihren Kunden vielfältige Angebote zur

Verwendung ihrer Bonuspunkte, die sie laufend anhand ihres Energiebezugs oder der Nutzung anderer EVN

Services sammeln. Die Bonuspunkte können wahlweise als finanzielle Vergütung für den Kunden oder aber als

Beitrag zur Unterstützung von Sozialprojekten der EVN eingelöst werden. Auf diese Weise können EVN Kunden

ihre gesammelten Bonuspunkte spenden z. B. für bedürftige Familien (in Kooperation mit Caritas und Diakonie),

für Tierheime oder für Sozialmärkte.

• evn sammlung: Seit 1995 besteht die evn sammlung, eine Kollektion zeitgenössischer internationaler Kunst,

die von dem mit renommierten Experten besetzten EVN Kunstrat kuratiert wird. Die Firmensammlung versteht

sich als Plattform zur Auseinandersetzung mit bildender Kunst und richtet sich gleichermaßen an Mitarbeiter und

ihre Familien wie an Kunstinteressierte von außerhalb des Unternehmens.

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Arbeitnehmerbelange

Die EVN legt größten Wert auf ethisch und rechtlich einwandfreies Verhalten aller Mitarbeiter, Geschäftspartner und

Lieferanten. Um dieses Bekenntnis zu lückenloser Regeltreue auch wirksam in die Tat umzusetzen, wurde eine breite

Palette an Compliance-Richtlinien und -Maßnahmen implementiert, angeführt von dem in zehn Themenbereiche

gegliederten EVN Verhaltenskodex. Er regelt u. a. jene Aspekte unserer Geschäftstätigkeit, die Menschenrechte,

Governance, Compliance, Unternehmensethik, Korruptionsprävention, öffentliches Auftreten und

Wettbewerbsverhalten sowie Arbeitsschutz und Unfallvermeidung betreffen.

Als Arbeitgeber ist sich die EVN ihrer Verantwortung bewusst und erfüllt nicht nur ihre gesetzlich definierten

Pflichten, sondern erbringt darüber hinaus auch eine Reihe an freiwilligen Leistungen. Fundamentale Prinzipien wie

B. Gleichbehandlung, Chancengleichheit, Vereinbarkeit von Familie und Beruf, Gesundheitsvorsorge, Arbeitsschutz

und -sicherheit, eine betriebliche Sozialpartnerschaft oder eine aktive Personalentwicklung sowie -förderung prägen

hierbei die Unternehmenskultur.

Zum Bilanzstichtag am 30. September 2022 beschäftigte die EVN 605 Mitarbeiter (Kopfzahl). Die Belegschaft setzt

sich aus Menschen unterschiedlicher Nationalitäten, Kulturen und Generationen zusammen. Sie spielen durch ihre

hohe Qualifikation in allen Geschäftsaktivitäten der EVN eine zentrale Rolle.

Diversität

Zum Bilanzstichtag 30. September 2022 gehörten der EVN AG 176 Frauen (29,1 %) und 429 Männer (70,9 %) an.

Zur Erhöhung des Frauenanteils im Konzern haben wir das Programm „Frauen@EVN“ lanciert, das mithilfe

bedarfsorientierter Seminare, interner Netzwerkmöglichkeiten und diverser weiterer Initiativen die

Rahmenbedingungen für unsere Mitarbeiterinnen laufend weiter verbessert. Insbesondere hoch qualifizierte Frauen

sollen mit dem Programm in ihrer Karriereplanung und als Führungskräfte unterstützt werden. Ein Mentoring-

Programm verfolgt das Ziel, Frauen in der EVN in ihren Führungspositionen zu stärken und Voraussetzungen zu

schaffen, durch die die Anzahl an weiblichen Führungskräften erhöht werden kann. Auch die Möglichkeit, als

Teilzeitbeschäftigter Führungsverantwortung zu übernehmen, wird von der EVN bewusst unterstützt und gelebt.

11 Frauen und 7 Männer sind in der Berichtsperiode neu in das Unternehmen eingetreten, während 3 Frauen und

5 Männer das Unternehmen verlassen haben. Zum Stichtag 30. September 2022 gab es in der EVN AG in Summe

71 Teilzeitbeschäftigte, davon 56 Frauen und 15 Männer. Der Anteil an teilzeitbeschäftigten Mitarbeitern an der

Gesamtbelegschaft der EVN AG zum Bilanzstichtag entspricht somit 11,7 %.

Gleichbehandlung und Chancengleichheit

Im Einklang mit der Allgemeinen Erklärung der Menschenrechte, den Prinzipien des UN Global Compact sowie der

Grundsätze der International Labour Organization werden alle Mitarbeiter der EVN ungeachtet Gender, ihrer

nationalen oder ethnischen Herkunft, ihrer Hautfarbe, ihrer sexuellen Orientierung, ihrer Weltanschauung und

Religion, ihres Alters oder aufgrund allfälliger Beeinträchtigungen gleichwertig behandelt. Außerdem lehnen wir

Diskriminierung von Mitarbeitern in Bezug auf Einstellung, Fortbildung, Personalentwicklung,

Beschäftigungsbedingungen und Entlohnung bei gleicher fachlicher und persönlicher Qualifikation ausdrücklich ab.

Unabhängig vom Geschlecht richtet sich die Vergütung aller Mitarbeiter ausschließlich nach dem jeweils gültigen

Kollektivvertrag bzw. ihrer jeweiligen Tätigkeit und Qualifikation. Damit bestehen in der EVN bei gleicher Ausbildung

und Tätigkeit keine Unterschiede in der Vergütung zwischen Frauen und Männern. Zu unserem grundsätzlichen

Bekenntnis zu Gleichbehandlung und Chancengleichheit gehört auch die Förderung der Integration von Menschen

mit besonderen Bedürfnissen. Im Geschäftsjahr 2021/22 beschäftigte die EVN AG 13 Menschen aus dieser

Personengruppe; dies entspricht einem Anteil von 2,2 % der Gesamtbelegschaft.

Vereinbarkeit von Familie und Beruf

Ein weiteres zentrales Anliegen der EVN ist eine ausgewogene Balance zwischen dem Berufs- und Familienleben ihrer

Mitarbeiter. Als wichtigen Schritt auf diesem Weg wurde im Mai 2011 die „Charta zur neuen Vereinbarkeit Eltern-

Wirtschaft“ unterzeichnet. Damit bekennt sich die EVN klar zu einer elternorientierten Personalpolitik. In vielen

Bereichen können Mitarbeiter etwa ihre Arbeitszeit frei gestalten. Die Grundlage dafür bildet ein Gleitzeitmodell ohne

Kernzeit, das hohe Flexibilität ermöglicht, sofern dem nicht betriebliche Erfordernisse wie etwa Schichtdienste

entgegenstehen. Darüber hinaus bietet die EVN ihren Mitarbeitern verschiedene Teilzeitmodelle an, die besonders im

Zusammenhang mit der Kinderbetreuung eine wichtige Rolle spielen. Seit September 2021 gibt es auch

Arbeitsmodelle für mobiles Arbeiten, in deren Rahmen Mitarbeiter bis zu 1.100 Stunden pro Jahr ortsungebunden

arbeiten können. Mitarbeiter mit Familienverantwortung werden außerdem mit Einrichtungen wie einem Eltern-Kind-

Büro oder mit dem betreuten Kinderferienprogramm der EVN unterstützt.

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Während der Karenzzeit hält die EVN den Kontakt zu ihren Mitarbeitern ganz gezielt aufrecht und erleichtert damit

ihren beruflichen Wiedereinstieg. Darüber hinaus steht den Mitarbeitern in Karenz weiterhin spezifische

Informationsveranstaltungen und ein umfassendes Aus- und Weiterbildungsprogramm offen. Auch immer mehr

männliche Mitarbeiter der EVN nutzen dieses Angebot.

Gesundheitsvorsorge, Arbeitsschutz und –sicherheit

Ein wesentlicher Themenbereich des EVN Verhaltenskodex befasst sich mit unseren Bestrebungen zur

Arbeitssicherheit und Unfallvermeidung in sämtlichen Unternehmenseinheiten. Zusätzlich zu den zahlreichen

europäischen und länderspezifischen gesetzlichen Vorschriften definieren wir eigene Grundsätze hinsichtlich Arbeits-

und Gesundheitsschutz. Diese Grundsätze sind im Sicherheitsleitbild und in der Sicherheitsstrategie der EVN

verankert. Hinzu kommt ein umfangreiches internes Regelwerk aus Geschäftsanweisungen und Richtlinien, die alle

mit unserer Tätigkeit verbundenen Sicherheitsrisiken beschreiben und entsprechende Gegenmaßnahmen vorgeben.

Sämtliche Arbeitsunfälle nahezu aller Mitarbeiter und Leiharbeiter der EVN werden über einen zentralen

sicherheitstechnischen Dienst erfasst und analysiert, und es werden gegebenenfalls entsprechende Maßnahmen

eingeleitet. Zur Erfassung erkannter Risiken und Vorfälle sowie zum Monitoring getroffener Maßnahmen orientiert

sich die EVN an den Anforderungen der ISO 45001. Durch den engen Kontakt zwischen den

Sicherheitsvertrauenspersonen in den einzelnen Unternehmensbereichen und den Sicherheitsfachkräften wird

außerdem sichergestellt, dass erkannte Risiken und Maßnahmen zur Gefahrenvermeidung in alle Sicherheits- und

Gesundheitsschutzdokumente einfließen. Bei sicherheitstechnischen Fragen ist die jeweils zuständige

Sicherheitsvertrauensperson mit ihrer fachlichen Kompetenz hinsichtlich des konkreten Arbeitsprozesses und ihren

Kenntnissen im Arbeitsschutz der erste Ansprechpartner für Betroffene. Darüber hinaus werden alle Mitarbeiter und

Leiharbeiter über Sicherheitsvertrauenspersonen in Arbeitsausschüssen vertreten, die Arbeitsschutzprogramme

überwachen und darüber beraten. Dieser Austausch erfolgt gemäß den gesetzlichen Vorgaben einmal jährlich.

Eine Reihe von Vorkehrungen und Initiativen, wie z. B. das monatliche Sicherheitsgespräch mit den Vorgesetzten,

detaillierte Unterweisungen, E-Learning-Module oder Fachseminare dienen dazu die Mitarbeiter nachhaltig auf dieses

Thema zu sensibilisieren.

Im Geschäftsjahr 2021/22 ereignete sich bei der EVN AG fünf Arbeitsunfälle (Vorjahr: 1); der Lost Time Injury

Frequency Index (LTIF) betrug 1,7 (Vorjahr: 0,0). Der Arbeitsunfall des Vorjahres stand nicht im Zusammenhang mit

einer arbeitsrelevanten Tätigkeit und war damit nicht LTIF relevant.

Um auch unserer Verantwortung für die Gesundheit unserer Mitarbeiter gerecht zu werden, bieten wir eine weit über

das gesetzliche Maß hinausgehende arbeitsmedizinische Betreuung. In Österreich stehen zwei Arbeitsmedizinerinnen

für alle Fragen rund um die Erhaltung und Förderung der Gesundheit am Arbeitsplatz zur Verfügung und betreuen

unsere Mitarbeiter im Rahmen der Arbeitnehmerschutzbestimmungen. Zu den zahlreichen angebotenen Maßnahmen

zählen Gesundenuntersuchungen, Impfungen, Seh- und Hörtests sowie Präventionsmedizin, aber auch

psychologische Beratung, Coaching, Tipps zu gesunder Ernährung sowie spezifische Angebote für Mitarbeiter, die

besonderen Belastungen ausgesetzt sind.

Die EVN ist nicht in Ländern aktiv, in denen ein erhöhtes Risiko durch

übertragbare Krankheiten oder Arbeitsbedingungen vorherrschen, die die Gesundheit unserer Mitarbeiter dauerhaft

gefährden könnten. Dennoch haben wir Konzernanweisungen für Ernstfälle in allen Konzerngesellschaften entwickelt

– darunter die „Pandemievorsorge EVN“, die nach dem Ausbruch von Covid-19 im März 2020 als Grundlage für die

ersten gesetzten Maßnahmen Anwendung fand.

Im Berichtszeitraum In den vergangenen Monaten wurde eine spezielle Videoreihe zum Thema „Gesund und positiv

mit Herausforderungen umgehen“ entwickelt und allen Mitarbeitern zur Verfügung gestellt. Die Videos bieten

Anregungen und Impulse zum positiven Umgang mit Stress und Überbelastung, zur Bewältigung von als schwierig

erlebten Situation und Rahmenbedingungen, wie z. B. der Pandemie, dem Krieg in der Ukraine und seinen

Auswirkungen auf die Energiemärke oder neuen Arbeitsanforderungen.

Betriebliche Sozialpartnerschaft

Wesentliche unternehmerische Entscheidungen trifft die EVN transparent im Einklang mit ihrem Führungsleitbild und

auf Basis der diesbezüglichen rechtlichen Bestimmungen. Auch die Arbeitnehmervertreter werden in diesem Sinn

laufend zeitgerecht über wesentliche unternehmerische Entscheidungen informiert bzw. im Vorfeld in die

Entscheidungsprozesse eingebunden. Dies gilt für strategische Entscheidungen ebenso wie für Änderungen oder

Anpassungen im Personalbereich. 100 % der Mitarbeiter in der EVN AG werden durch Mitarbeitervertretungen in

Form von Betriebsräten vertreten und sind hinsichtlich ihrer Bezahlung durch kollektivvertragliche Mindestlöhne

geschützt. Die jeweiligen Mitarbeitervertretungen sind regelmäßig maßgeblich in die Kollektivvertragsverhandlungen

eingebunden. Insgesamt orientiert sich das Gehaltsschema von allen Mitarbeitern der EVN AG an den

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entsprechenden Kollektivverträgen. Mitarbeiterthemen werden auch in Arbeits- und Sicherheitsausschüssen

behandelt, weiters finden Betriebsratsvertreter sowohl im Aufsichtsrat als auch im Nachhaltigkeitsbeirat Gehör.

Personalentwicklung und -förderung

Die Qualifikation der Mitarbeiter ist ein wesentliches Element in der Sicherung des nachhaltigen Unternehmenserfolgs

der EVN. Deshalb bilden die Erhaltung und der Ausbau des bestehenden hohen Kompetenzniveaus der Mitarbeiter

auch einen zentralen Schwerpunkt des Personalmanagements bei EVN. Im Geschäftsjahr 2021/22 absolvierte jeder

Mitarbeiter der EVN AG im Schnitt 17,3 Stunden an Weiterbildungsveranstaltungen.

Mit der Implementierung der IT-basierten Lern- und Seminarkoordinationsplattform ELI (EVN Learning Interface) wird

auch in diesem Bereich zukünftig verstärkt auf virtuelle Präsenz gesetzt. Visualisierte Ausbildungspläne, Abbilden einer

Bildungshistorie, transparente Information und Datenerfassung sowie eine vereinfachte Administration sind die

wesentliche Elemente dieser neuen Plattform.

Achtung der Menschenrechte und Bekämpfung von Korruption

Neben den grundlegenden Formulierungen zu Vision, Mission und Unternehmenswerten definiert eine Reihe weiterer

verbindlicher Dokumente den Verhaltens- und Handlungsrahmen der EVN. Als Mitglied des UN Global Compact

bekennt sich die EVN zudem explizit zur Einhaltung globaler Prinzipien ethischen wirtschaftlichen Handelns.

Unter dem übergeordneten Begriff „Compliance“ setzt die EVN die konsequente Einhaltung grundlegender ethischer

Prinzipien sowie aller rechtlichen Anforderungen im Handeln und Verhalten aller Mitarbeiter voraus – auch in Bezug

auf Lieferanten und Geschäftspartner. Der EVN Verhaltenskodex (siehe auch www.evn.at/verhaltenskodex.aspx)

benennt und regelt dabei u. a. jene Aspekte der Geschäftstätigkeit, die Menschenrechte, Governance, Compliance,

Unternehmensethik, Korruptionsprävention, öffentliches Auftreten und Wettbewerbsverhalten betreffen. Er umfasst

Unternehmensgrundsätze, die über geltendes Recht hinausgehen, und legt Verhaltensregeln für alle Mitarbeiter des

Konzerns fest. Grundlagen des Kodex sind neben internen Organisationsvorschriften und den jeweiligen

länderspezifischen gesetzlichen Bestimmungen auch internationale Regelwerke, darunter Leitsätze und

Übereinkommen der OECD oder Grundsatzerklärungen und Prinzipien der International Labour Organisation (ILO).

Menschenrechte

Seit jeher war im EVN Verhaltenskodex das uneingeschränkte und unmissverständliche Bekenntnis zur Achtung, zur

Einhaltung sowie zum Schutz der Menschenrechte sowie zur Berücksichtigung ethischer Grundsätze im Umgang mit

allen Mitarbeitern an allen unseren Standorten sowie in allen unseren Geschäftsbeziehungen verankert. Die

Ablehnung von Kinder- und Zwangsarbeit zählt dazu ebenso wie die Forderung, niemanden aufgrund von Gender,

Alter, ethnischer Herkunft, Hautfarbe, sexueller Orientierung, Religion, Weltanschauung oder allfälligen

Beeinträchtigungen zu diskriminieren, oder die Gewährung von Mitspracherechten, die Umsetzung von Maßnahmen

für Arbeitsschutz und -sicherheit sowie die Berücksichtigung von Menschenrechtsfragen in der Lieferkette

(insbesondere bei internationalen Projekten).

Den Handlungsrahmen für die Einhaltung der Menschenrechte und des sozialen Mindestschutzes bilden interne

Regelungen, die ihrerseits auf relevanten Gesetzen und internationalen Regelwerken beruhen, insbesondere auf den

zehn Prinzipien des UN Global Compact und auf den Leitsätzen der OECD, der Vereinten Nationen sowie der

International Labour Organization. Als international tätiges Unternehmen ist die in Ländern mit unterschiedlicher

Geschichte und Entwicklung in Menschenrechtsfragen tätig. Auch wenn dies primär in der Verantwortung der

jeweiligen Regierungen liegt, fühlen wir uns dazu verpflichtet, die Wahrung der Menschenrechte sicherzustellen und

ihre Einhaltung im Rahmen unserer Möglichkeiten auch außerhalb unseres unmittelbaren Wirkungsbereichs zu

fördern.

Im Geschäftsjahr 2021/22 wurden – insbesondere mit Blick auf die erstmalige Berichterstattung gemäß der EU-

Taxonomie-Verordnung – die internen Prozesse und Regelwerke zu den Themen Menschenrechte und sozialer

Mindestschutz überprüft und weiterentwickelt. Damit sollte sichergestellt werden, dass die für diese Themenbereiche

etablierten Managementansätze und organisatorischen Regelungen lückenlos eingehalten werden. Dies auch vor

dem Hintergrund, dass die Aspekte Menschenrechte und sozialer Mindestschutz im EVN Konzern als

Querschnittsmaterien von unterschiedlichen Organisationseinheiten (insbesondere Personalwesen, Arbeitsschutz und

-sicherheit, Beschaffung und Einkauf sowie der Stabsstelle Corporate Compliance Management) verantwortet

werden.

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All dies führte in den betroffenen Organisationseinheiten zu einer vertieften Auseinandersetzung mit dem Thema

Menschenrechte. Vorstand und Führungskräfte wurden regelmäßig über Fortschritte und neu implementierte

Maßnahmen informiert. Darüber hinaus wurden im November 2022 eine EVN Menschenrechts-Policy erstellt und

vom Vorstand genehmigt sowie ein EVN Menschenrechtsbeauftragter ernannt.

Risiken in Bezug auf die Nichteinhaltung der Menschenrechte werden konzernweit im Rahmen der jährlichen

Risikoinventur erhoben.

Korruptionsprävention

Die EVN tritt entschieden gegen alle Arten der Korruption ein und fasst den Begriff Korruption sehr weit. Er beinhaltet

für die EVN neben gesetzwidrigen Zahlungen (z. B. Bestechung, Kick-back-Zahlungen, fingierte Leistungen,

Falschklassifizierung/-kontierung) auch alle Arten von Zuwendungen (z. B. Geschenke, Einladungen, nicht drittübliche

Vergünstigungen, immaterielle Vorteile wie Auszeichnungen und Protektion). Sowohl die Annahme als auch die

Gewährung sind für die Mitarbeiter der EVN und deren Angehörige konzernweit verboten. Ausgenommen davon

sind lediglich die Annahme bzw. Gewährung orts- und landesüblicher Aufmerksamkeiten geringen Werts.

Umfassende präventive Maßnahmen – darunter eigene Verhaltensregeln sowie spezifische Aus- und

Weiterbildungsveranstaltungen – sollen Mitarbeiter gerade zum Thema Korruptionsvermeidung besonders stark

sensibilisieren. Deshalb legt die Stabsstelle Corporate Compliance Management im Rahmen der regelmäßigen

Erhebung von Compliance- Risiken auch einen besonderen Schwerpunkt auf das Thema Korruption. Basis dafür ist

ein Kriterienkatalog, der als wesentliche Elemente das Geschäftsumfeld bzw. Land, die Branche, den

Geschäftsumfang sowie die Art der Geschäftsanbahnung und -abwicklung berücksichtigt.

Organisation des Compliance-Managements

Bei der EVN besteht seit 2012 ein eigenes Compliance-Management-System (CMS). Es gibt einen konzernweit

einheitlichen Rahmen vor, der die EVN Mitarbeiter im Arbeitsalltag dabei unterstützen soll, sich integer und

gesetzestreu zu verhalten.

Es baut auf drei Säulen auf:

• Prävention durch Bewusstseinsbildung und Schulungen

• Identifikation von Verstößen gegen den Verhaltenskodex

• Reaktion durch Aufklärung und Verbesserung

Die Führung und die laufende Weiterentwicklung des CMS liegt in den Händen der direkt dem Gesamtvorstand

unterstellten Stabsstelle Corporate Compliance Management (CCM). Neben dem Chief Compliance Officer und den

Mitarbeitern von CCM wurden in den einzelnen operativen Bereichen der EVN dezentrale Compliance Officer

installiert.

Erhebung von Compliance-Risiken

Compliance-Risiken, die bei uns auch die Themen Menschenrechte und Korruptionsprävention umfassen, werden bei

der EVN jährlich systematisch und aus unterschiedlichen Blickwinkeln für den Gesamtkonzern erhoben. Ein wichtiger

Anlass dafür ist etwa die jährliche Risikoinventur, da Compliance-Verstöße aus Sicht des Risikomanagements der EVN

einen Risikofaktor darstellen. Darüber hinaus achtet auch unsere Interne Revision im Rahmen aller Prüfungsprojekte

auf die Einhaltung sämtlicher Vorgaben und Regelungen im Zusammenhang mit Compliance.

Hinweisgeberverfahren

Für den Fall eines (vermuteten) Compliance-Verstoßes steht unseren Mitarbeitern über das EVN Intranet bzw.

spezielle Compliance-E-Mail- Adressen konzernweit ein vertrauliches und anonymes Hinweisgeberverfahren („Whistle

Blowing“) zur Verfügung. Hier können alle Bedenken in Bezug auf ethisch nicht vertretbares oder rechtswidriges

Verhalten gemeldet werden. Über eigens eingerichtete Compliance-E-Mail-Adressen können aber auch unsere

Geschäftspartner das Hinweisgeberverfahren nutzen. Den Umgang mit den gemeldeten Bedenken sowie den Schutz

der Hinweisgeber haben wir in einer eigenen Konzernanweisung geregelt.

Compliance-Verstöße stellen eine Verletzung von Dienstpflichten dar, in manchen Fällen sind sie zudem von

strafrechtlicher Relevanz. Dies ist von den dazu berufenen Einrichtungen zu beurteilen. Sollte sich ein Verdacht

bestätigen, führt dies je nach Schwere und Schadensumfang zu arbeits- und zivilrechtlichen Konsequenzen. Deshalb

sind Mitarbeiter, die im Rahmen ihrer Arbeit in Interessen- oder Loyalitätskonflikte geraten, aufgerufen, sich direkt

und rechtzeitig an den EVN Compliance Officer zu wenden.

Im Geschäftsjahr 2021/22 wurden uns keine Fälle von vermuteter Diskriminierung gemeldet. In der Berichtsperiode

haben uns keine Meldungen über Vorwürfe vermuteter Korruption erreicht und kein – aus vor der Berichtszeit -

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gemeldeter Fall war Gegenstand von Klagen. Eine Vertragsaufkündigung mit Geschäftspartnern aus Gründen von

Verstößen gegen den EVN Verhaltenskodex ist im Berichtszeitraum nicht erfolgt.

Die Verpflichtung zur Einhaltung hoher und strenger ethischer Standards gilt explizit auch für Geschäftspartner der

EVN. Besonderen Wert wird hier auf die Themen „Menschenrechte“, „Arbeitsbedingungen und -rechte“, „Umwelt-

und Klimaschutz“ sowie „Geschäftsethik“ gelegt. Die EVN strebt an, Geschäftsbeziehungen zu Unternehmen zu

vermeiden, denen direkte oder indirekte Verstöße gegen die Menschenrechte bzw. das Korruptions-, Kartell- oder

Wirtschaftsrecht nachgewiesen wurden oder zur Last gelegt werden. Bei der Überprüfung potenzieller

Geschäftspartner, die auch das Screening von Sanktionslisten miteinschließt, folgt die EVN einem risikobasierten

Ansatz und berücksichtigt insbesondere Branchen- und Länderrisiken. Für Österreich wird zudem die Compliance-

Datenbank und -Software eines spezialisierten externen Dienstleisters genutzt. Sofern diese Screenings sensible

Ergebnisse erbringen, werden entsprechende Maßnahmen zur Risikoreduktion gesetzt.

Compliance-Schulungen

Alle Vorstands- und Geschäftsführungsmitglieder, Führungskräfte sowie alle Mitarbeiter der EVN werden regelmäßig

auf korrektes ethisches Verhalten sensibilisiert. Dies erfolgt zumeist im Rahmen von Schulungen und Workshops, die

insbesondere auf die Themen „Menschenrechte“, „Unternehmensethik“, „Korruptionsprävention“, „öffentliches

Auftreten“ und „Wettbewerbsverhalten“ fokussieren. Das Spektrum der Ausbildungen reicht dabei von

verpflichtenden standardisierten Präsenzschulungen für alle neu eintretenden Mitarbeiter über ergänzende E-

Learning-Programme bis hin zu Spezialschulungen für besonders exponierte Bereiche

Im Geschäftsjahr 2021/22 startete das in Abstimmung mit den Führungskräften neu konzipierte mehrstufige

Compliance-Schulungsprogramm zum EVN Verhaltenskodex, das verpflichtend von allen neu eingetretenen

Mitarbeiter (inkl. externer Arbeitskräfte) absolviert werden muss. Sämtliche Module dieses intensiven Lernpfads

zeichnen sich durch einen hohen Grad an Interaktion und Praxisbezug aus. Die Webinare und E-Learnings

kombinieren zudem Einheiten zum Selbststudium samt Wissensüberprüfungen mit Möglichkeiten zur gemeinsamen

virtuellen Arbeit an Fallbeispielen.

Neben diesem umfangreichen Schulungsprogramm setzt das CCM regelmäßig auch auf alternative

Kommunikationsmaßen (z. B. solche im Intranet oder in der Mitarbeiterzeitung) sowie auf die Wissensvermittlung

durch Führungskräfte, die laufend in die Vertiefung und Weiterentwicklung unserer Compliance-Grundsätze und –

Regeln sowie unserer ethischen Prinzipien eingebunden sind.

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Ausblick

Die EVN AG wird im Geschäftsjahr 2022/23 den mit der Strategie 2030 vorgegebenen Kurs konzentriert

weiterverfolgen. Der Fokus liegt dabei vor allem auf der Umsetzung all jener ambitionierten Projekte, die einen

konkreten Beitrag zur Transformation in Richtung eines CO2-neutralen Energiesystems leisten. Die aktuelle

Energiekrise sorgt dabei für zusätzliche Herausforderungen bzw. Unsicherheiten.

Für die operative Ergebnisentwicklung ist in erster Linie die Vermarktung der Stromproduktion des EVN Konzerns

maßgeblich. Vor dem Hintergrund der volatilen Großhandelsmärkte und der auf europäischer und nationaler Ebene

geführten Debatte über eine Reform des Energiemarkts und die Einführung einer Erlösbergrenzung für die

Stromproduktion ist die Ergebnisentwicklung in diesem Bereich mit hohen Unsicherheiten behaftet. Unter

Berücksichtigung des Finanzergebnisses wird ein Jahresergebnis unter dem Vorjahresniveau erwartet. Der

Ergebnisbeitrag aus der Beteiligung an der Verbund AG für das Geschäftsjahr 2022 ist dabei vorerst nicht

berücksichtigt.

Die Dividendenausschüttung der EVN AG soll zumindest auf dem Niveau des Vorjahres (0,52 Euro pro Aktie) gehalten

werden. Die EVN beabsichtigt, ihre Aktionäre an zusätzlichen Ergebnissteigerungen in angemessener Höhe zu

beteiligen.

Maria Enzersdorf,

am 23. November 2022

Der Vorstand

Mag. Stefan Szyszkowitz, MBA Dipl.-Ing. Franz Mittermayer