All eyes

on the future

EVN Annual Financial Report

2023 / 24

Contents

Management report

Energy policy environment

General business environment

Energy sector environment

Business development

Innovation, research and development

Risk management

Consolidated non-financial report

Disclosures required by § 243a of the

Austrian Commercial Code

Outlook on the 2024/25 financial year

102

107

109

161

169

174

195

Consolidated financial

statements for 2023/24

Consolidated statement of operations

Consolidated statement of comprehensive

income

Consolidated statement of financial position

Consolidated statement in changes in equity

Consolidated statement of cash flows

Consolidated notes

Auditors‘ report

Annual financial statements of EVNAG

2023/24 acc. to UGB

(only available in German)

Management report

Financial statements

Auditors‘ report

Notes

Declaration by the Executive Board

pursuant to § 124 (1) no. 3 of the

Austrian Stock Exchange Act 2018

(“Börsegesetz 2018”)

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

ments in plants that generate electricity from renewable

and non-fossil sources. These subsidies will take the

form of price support via so-called bilateral difference

agreements (contracts for difference) which are

designed to counter an increase in market prices for

customers. The European energy policy basically

changes the role of customers by transforming them

from pure consumers into active market participants

who produce and trade electricity. Increased information

requirements for network operators on available con-

nection capacity should also improve the quality of

European network expansion planning. The so-called

hydrogen and gas decarbonisation package will facilitate

the controlled conversion to hydrogen by creating uni-

form (regulatory) framework conditions for the construc-

tion of hydrogen infrastructure (networks and storage)

and standardise the related planning across Europe.

The policy guidelines set by the European Commission

for the new legislative period include, among others,

thestrengthening of the EU’s competitive position as

apriority. The Green Deal and the related goals and

measures will also be continued.

Austria

The directives for the energy sector which were recently

approved at the EU level must still be implemented

intonational law in Austria. This will be a task for the

new federal government, which can build on a draft of

the Electricity Industry Act (“Elektrizitätswirtschafts-

gesetz”, ElWG) prepared by the previous government as

a replacement for the existing Electricity Industry and

Organisation Act (“Elektrizitätswirtschafts- und organi-

sationsgesetz”, ElWOG).

A federal act was passed in June 2024 to alleviate

crisiseffects and improve market conditions in the

eventof market-dominating energy providers. The act

is provisional and will expire on 31 December 2027.

Despite the market distortions triggered by the war in

Ukraine, the EU accepted the single market and merit

order as material and efficient pricing mechanisms after

extensive consultations with energy experts. The reform

packages for the European electricity market also include

measures to prevent and/or contain price peaks. These

measures will now flow into Austrian law and thena-

tional market design. The goal is to ensure more stable

price development for end customers, also in Austria,

without extreme distortions. However, energy providers

still see a need for more precise and legally secure con-

sumer protection regulations concerning pricing and

cancellation possibilities.

Wide-ranging discussions in Austria have focused on

theextent of Russian gas imports and possible measures

to diversify procurement sources as well as the potential

consequences for national gas supplies from the possible

failure to extend the gas transit contract between Russia

and Ukraine beyond 31 December 2024. Against this

background, the Austrian Parliament passed several legal

amendments in June 2024 to require gas supply compa-

nies that draw at least 25% of their volumes from Russia

or unknown sources to prepare supply security concepts.

The requirement to maintain a strategic gas reserve was

also extended to 2027.

The planned Renewable Gas Act was not passed due to

a lack of the required two-thirds majority in the Austrian

Parliament. From the viewpoint of the energy sector,

aminimum quota for green gas in connection with

penalty payments would have led to a situation where

the market price would be defined by the penalty.

Energy policy environment

Energy and climate policy

European Union

The European Green Deal, the central project of the

European Commission, covered the EU’s legislative

period from 2019 to 2024 and defined an important

energy policy focus for its institutions. The goals to make

Europe the first climate-neutral continent by 2050 and

to substantially reduce greenhouse gas emissions by

2030 have therefore had a significant influence on the

European energy sector legislation in recent years. The

crisis triggered by the war in Ukraine and its influence on

energy prices and the European economy also had an

impact on energy policy decisions beginning in 2022.

One of the most important goals was, and still is, to

contain the negative effects of extreme price fluctua-

tions on the EU market and, in turn, on consumers.

The EU’s extensive legislative packages for the energy

sector were approved in the final version during

spring2024. The reforms for the electricity market

design led to the amendment of the EU’s Single

Electricity Market Directive and Single Electricity Market

Regulation. Amendments were also made to the Single

Gas Market Directive and Regulation, which establish

aframework for future hydrogen energy economy.

The major reforms in this legislative package make it

easier for customers to participate in the electricity

market – both as part of and outside energy communi-

ties. In addition, subsidies are now possible for invest-

Management report

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Federal Act on the Energy Crisis Contribution

for Electricity

To implement an EU regulation on temporary emergency

intervention measures that was issued in autumn 2022,

Austria passed the Federal Act on the Energy Crisis Con-

tribution for Electricity for the period from 1 Decem-

ber2022 to 31 December 2023. The law was subse-

quent ly extended beyond the original expiration date to

31 December2024. The primary goal of the EU regula-

tion and the related national laws was to present a tem-

porary answer to the massive distortions on the inter-

national energy markets and the resulting effect on the

European society and economy. Specifically, Austria

introduced a levy on surplus revenues from electricity

generation based on thresholds for wholesale electricity

prices and the inclusion of eligible investments in

renewable energies and energy efficiency measures.

Regulatory environment

Austria

The operation of the distribution networks and network

infrastructure for electricity and natural gas in Lower

Austria is the responsibility of EVN’s group company

Netz Niederösterreich. All investments 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 Commis-

sion each year in accordance with the Austrian regula-

tory method.

Key parameters for the determination of the network

tariffs include the interest-bearing capital base (regula-

tory 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 current period for the natural gas

and electricity distribution network began on 1 Janu-

ary2023, respectively 1 January 2024. Here, the regula-

tory authority differentiated for the first time between

the efficiency of the various network 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 and provides a

slightly higher return on the capital base for new invest-

ments. EVN’s network company has received a very

positive evaluation from the regulatory authority for

itsproductivity in peer-group benchmarking.

The annual determination of network tariffs by E-Control

includes, among others, the volume-based differences

between planned and actual revenue in previous periods.

National accounting rules require the correction of these

differences during the same period and the recognition

of an appropriate accrual to a regulatory account. In

contrast, IFRS currently do not provide for the recogni-

tion of a regulatory account. The annual offset of the

differences through network tariffs therefore leads to

revenue and earnings fluctuations in EVN’s consolidated

financial statements. The IASB is currently working on a

standard to permit the recognition of these differences.

Bulgaria

The delivery of electricity to industrial and commercial

customers in Bulgaria is liberalised, and EVN Trading SEE

serves as a supplier in this market segment. Household

customers remain in the regulated market and are sup-

plied by EVN Bulgaria EC, 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

January2026. Energy sales to customers in the regu-

lated market segments and the procurement of the

corresponding volumes are based on regulated prices.

A new three-year regulatory period for the electricity

network in Bulgaria began on 1 July 2024. The regula-

tory method defines a revenue cap which covers recog-

nised operating expenses, amortisation and depreciation

as well as an adequate return on the regulatory asset

base. The applied method also includes the projected

network distribution volumes as well as an annually

defined investment factor for planned future invest-

ments. EP Yug is responsible for the operation of the

electricity distribution networks in EVN’s Bulgarian

supply area.

The Bulgarian regulatory authority set new energy tariffs

for the regulated market segments as of 1 July 2024.

Electricity prices for household customers in EVN’s supply

area were increased by 1.9% on average (previous year:

average increase of 3.8%).

North Macedonia

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 seg

ment receive deliveries from the supply company 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” and also serves 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. EVN Home’s license for

the regulated market segment was extended for a further

five years in spring 2024.

The regulated electricity prices for the household

customers supplied by EVN Home DOO are currently

classified in four consumption-based categories. As of

1January 2024, the average prices for all four categories

were raised by 1.6% (1 July 2023: increase of 8.7% to

14.4% based on the category). The regulated electricity

procurement price for EVN Home DOO was set at

EUR57.0per MWh (previous year: EUR 56.0 per MWh).

Network tariffs were raised by 13.4%, and a base fee of

200denars (roughly EUR 3.3) per month was introduced

independent of consumption.

A new three-year regulation period for the North Mace-

donian electricity network began on 1 January 2024

and froze recognised operating expenses, investments

and network losses. Similar to the framework in Bulgaria,

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

implementation of urgently needed structural reforms

(e. g. in the justice system). Other pending issues include

the fight against corruption and the current lack of spe-

cialists. The inflation rate in Bulgaria is declining but still

somewhat higher than in the eurozone. Price stability

within the ECB’s requirements is, not least, a major crite-

rion for the planned introduction of the euro as the

Bulgarian currency at the end of 2025. In a final step, the

Bulgarian parliament must set a concrete date for acces-

sion to the eurozone. Forecasts indicate that the 1.8%

increase in the Bulgarian GDP in 2023 should be fol-

lowed by further growth of 2.1% to 2.4% in 2024 and

2.5% to 3.1% in2025.

Economic growth in Croatia has slowed recently but

remains solid and is among the highest among the

EUmember states. The main driver for this development

comparison and was recently reflected in a downward

revision of GDP expectations to –0.6% for the 2024

calendar year. An improvement in consumer sentiment

and stronger foreign demand, supported by the expected

recovery of industrial activity in the eurozone, should

help the domestic economy to regain momentum. This

more optimistic picture is reflected in forecasts for mod-

erate growth of 0.8% to 1.1% in 2025.

Bulgaria has recently faced the seventh in a series of

elections in only three years due to the inability to form

astable majority in parliament. There are, however,

hopes that a new and stable government will be able to

start the many planned infrastructure projects and draw

the EU subsidies on time. That would accelerate projects

such as the expansion of the motorways and electricity

networks. A stable government is also necessary for the

General business environment

The global economy has generated only moderate

growth to date in 2024. The USA has outpaced the

eurozone, with Germany and Austria again at the lower

end of the scale. Production in the emerging countries

was reserved, and the pace of expansion has slowed

notably, above all in China. Current forecasts are con-

nected with a significant downward risk. Any escalation

of geopolitical tensions, for example in the Near East or

Ukraine, would destabilise global trade and reverse the

recent downward inflationary spiral. That, in turn, would

weaken the development of real incomes and reduce the

speed of monetary policy easing. Global trade has also

been increasingly burdened by protectionist tendencies,

as is illustrated by the high customs duties imposed by

the USA and European Union on Chinese electric cars.

The counteractions threatened by China would limit the

international exchange of goods and have a strong neg-

ative impact on global economic momentum. Growth in

the eurozone is projected to equal approximately 0.8%

in 2024 and range from 1.2% to 1.3% in 2025.

The Austrian economy remained in recession with a

further decline in economic output during the first half

of 2024. The 1.0% GDP reduction in 2023 was followed

by continued weakness in the industrial and construction

sectors in 2024, and consumption has failed to gain

speed despite the substantial growth in real incomes.

The loss of competitiveness resulting from the increasing

cost basis has also had a negative effect on the Austrian

export sector. These developments have caused the

Austrian economy to fall notably behind in European

the regulatory method for the electricity network in

North Macedonia defines a revenue cap which covers

recognised operating expenses, amortisation and

depreciation as well as an adequate return on the

regulatory asset base.

Croatia

The liberalisation of the Croatian natural gas market for

household 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 the country’s natural gas supplies.

The capacity of the LNG terminal is currently undergoing

expansion from 2.3 bn m³ per year to a transfer volume

of 6.2 bn m³ per year by the end of 2026. The through-

put capacity from the LNG terminal to the high-pressure

pipelines leading to Slovenia and Hungary is also being

increased. These projects will broaden diversification

and increase the performance of Croatian energy sup-

plies and strengthen supply security in the country. They

should also help to further consolidate the volatility on

the national natural gas market.

The Croatian government has taken various steps to hold

energy prices for household and industrial customers as

low as possible. Examples include a VAT reduction and

the distribution of vouchers for energy costs.

GDP growth

2025f 2024e 2023 2022 2021

EU-28

1) 2) 5)

1.2 to 1.3 0.7 to 0.8 0.4 3.3 6.2

Austria

1) 2) 3) 5)

0.8 to 1.1 –0.6 –1.0 5.3 4.8

Bulgaria

1) 2) 4) 5)

2.5 to 3.1 2.1 to 2.4 1.8 3.9 7.7

Croatia

1) 2) 4) 5)

2.8 to 3.3 3.0 to 3.6 3.1 7.0 13.0

North Macedonia

1) 4) 5)

2.6 to 3.6 2.0 to 2.5 1.0 2.2 4.5

1) Source: “European Economic Forecast, Autumn 2024“, EU Commission, November 2024

2) Source: “Herbst-Prognose der österreichischen Wirtschaft 2024–2025“, IHS, October 2024

3) Source: “Prognose für 2024 und 2025: Rezession in Österreich hält sich hartnäckig“, WIFO, October 2024

4) Source: “Global Economic Prospects“, World Bank, June 2024

5) Source: “World Economic Outlook“, International Monetary Fund, October 2024

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Both water and wind flows were very positive through-

out the entire reporting year. The generation coefficients

for wind were slightly below the long-term average in

Austria and Bulgaria. That represents a sound improve-

ment over the previous year in Austria and a slight de -

terioration in Bulgaria. The generation coefficients for

water also improved substantially in Austria and

Germany, but remained below the high previous year

inNorth Macedonia.

Primary energy and energy prices continued to decline

during 2023/24. With interim adjustments, theaver-

ageEEX price for natural gas dropped from EUR56.4

perMWh to EUR 33.9 per MWh. The prices ofCO

emis-

sion certificates were lower year-on-year asaresult of

general economic conditions: With an average of

EUR69.1 per tonne in 2023/24, they were roughly

18.0% below the EUR 84.2 per tonne recorded in the

previous financial year.

These developments also had an impact on the

marketprices for electricity, which again declined

significantly during the reporting year. The spot

marketprices for base load and peak load electricity

averaged EUR75.2per MWh and EUR 85.5 per MWh,

respectively(previous year: EUR 134.4 per MWh and

EUR154.8perMWh). Due to the steadily increasing

share of renewable generation capacity in the energy

system, price developments during the year are now

alsosignificantly influenced by seasonal effects.

Energy sector environment

EVN’s energy business is significantly influenced by ex -

ternal factors. The weather and current market prices,

inparticular, have an effect on sales to household

customers. Mild temperatures and energy savings in

reaction to higher prices can weaken the demand for

electricity, natural gas and heat. Market prices and,

asaresult, EVN’s procurement costs are dependent to

asignificant degree on the geopolitical climate. Demand

by industrial customers has a different base and is primar-

ily influenced by economic developments. Changes in

customers’ behaviour have also played an increasingly

important role in recent years through the appearance

ofmore and more so-called prosumers. The relevant

factors for energy generation include wind and water

flows as well as solar radiation.

The weather in EVN’s three core markets was again

characterised by milder temperatures during the 2023/24

financial year. The heating degree total – which defines

the temperature-related demand for energy – was clearly

below the previous year as well as the long-term average

in Austria, Bulgaria and North Macedonia. In Bulgaria, it

only reached 70.1 percentage points of the mean value.

The cooling degree total, which measures the tempera-

ture-related demand for cooling energy, rose substan-

tially above the already high prior year levels in all three

core markets during 2023/24. In North Macedonia, it

was more than twice as high as the long-term average

at205.0 percentage points.

Economic growth in North Macedonia is currently impaired

by a sharp drop in exports. Above all, the ongoing reces-

sion in Germany, one of the country’s most important

export markets in the eurozone, represents a negative

factor. Positive contributions were, however, recently

made by a robust influx of foreign direct investment and

strong real wage increases, which have led to an improve-

ment in private and public sector consumption. Spending

has also been supported by the decline in inflation to the

European Union level. After a moderate growth rate of

1.0% in 2023, forecasts point to a GDP increase of 2.0%

to 2.5% in 2024 and 2.6% to 3.6% in 2025.

is private household consumption, which benefits from

arobust labour market, declining jobless statistics and

an increase in employment. Solid results from the tour-

ism sector and the related positive effects apparently

also play an important role in consumers‘ above-average

optimism in a long-term comparison. The accompanying

steady and strong increase in gross fixed capital invest-

ments is evidently linked to the growth in the construc-

tion sector, which is also supported by EU funds. This

outlook points toward continuation of the 3.1% growth

in 2023 with afurther increase of 3.0% to 3.6% in 2024

and 2.8% to3.3% in2025.

Energy sector environment – indicators

2023/24 2022/23

Heating-related energy demand

Austria 87.6 98.7

Bulgaria 70.1 77.7

North Macedonia 78.8 86.1

Cooling-related energy demand

Austria 143.4 101.2

Bulgaria 143.0 120.2

North Macedonia 205.0 131.0

Primary energy and CO

emission certificates

Crude oil – Brent EUR/bbl 77.9 78.8

Natural gas – THE

EUR/MWh 33.9 56.4

emission certificates

EUR/t 69.1 84.2

Electricity – EPEX spot market

Base load EUR/MWh 75.2 134.4

Peak load EUR/MWh 85.5 154.8

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) Trading Hub Europe (THE) – European Energy Exchange (stock exchange price for natural gas)

3) EPEX Spot – European Power Exchange

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

• Equity accounted energy supply company

EVNKGnegatively affected by valuation effects

• Significantly higher dividend of EUR 182.1m

fromVerbund AG for the 2023 financial year

(previous year: EUR 158.0m)

• Group net result slightly above outlook, but below

the historically high previous year as predicted

Results of operations

Revenue recorded by the EVN Group declined by

13.6%to EUR 3,256.6m in 2023/24.

This development resulted primarily from the down-

ward trend in wholesale prices for electricity and

natural gasin all three EVN core markets and from

theresulting valuation effects from hedges. The price-

related revenue decline in renewable production was

offset in part by an increase in generation volumes.

Other factors included the reduced use of the Theiss

power plant for network stabilisation and a weath-

er-related decrease in heat sales volumes as well as

lower network tariffs in Bulgaria which offset the

overcompensation for the costs of network loss

coverage in the previous year in accordance with

theregulation methodology. Revenue in the inter-

national project business was also lower following

thecompletion of the wastewater treatment plant in

Kuwait. In contrast, Netz Niederösterreich was able

tooffset the revenue effects from declining natural

gasnetwork sales volumes with higher network

tariffsfor electricity in Lower Austria.

The revenue generated by EVN outside Austria amounted

to EUR 1,716.2m (previous year: EUR1,991.2m). As a

share of Group revenue, it remained nearly unchanged

at 52.7% (previous year: 52.8%).

Business development

The scope of consolidation and changes in comparison

with the previous year are explained in the notes to the

consolidated financial statements. Effects from initial

consolidations and deconsolidations are of minor signifi-

cance for the development of the consolidated state-

ment of operations and the consolidated statement of

financial position.

See page 27ff

The notes to the consolidated financial statements also

include an analysis of the potential effects of climate

change, the war in Ukraine and the macroeconomic

environment on the recoverability of assets in accord-

ance with IAS 36 and IFRS 9 and explain further uncer-

tainty in discretionary assessments.

See page 27ff

Statement of operations

Highlights 2023/24

• Revenue –13.6%, EBITDA –8.0%,

Group net result –11.0%

• Revenue from electricity generation and the

SouthEast Europe Segment was reduced by a

substantial decline in spot and forward prices

(despite an increase in renewable production);

acorresponding decrease was also recorded

in thecost of energy purchases from third parties

and primary energy expenses in all markets

• EBIT in South East Europe again exceeds the outlook

due to a decline in the costs for network losses

Revenue by region

EURm

EBITDA by region

EURm

2021/ 22

2,004.8

1,483.6

573.7

4,062.2

South East

Europe

Austria

Central

and Eastern

Europe

2023/242022/23

1,333.0

1,497.1

1,540.4

1,777.4

383.2

494.1

3,256.6

3,768.7

South East

Europe

Austria

Central

and Eastern

Europe

201.3

241.7

150.1

574.2

570.9

556.5

23.956.3

48.2

2023/242022/232021/ 22

799.4

869.0

754.8

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

which amounted to EUR–162.3m (previous year:

EUR–240.3m). Two valuation effects were the main

reasons for this development: the impairment of

EUR39.7m to natural gas inventories previously pur-

chased as a strategic reserve and the addition to provi-

sions for the impending repayment of previous price

increases which were based on disputed contract terms.

Challenging framework conditions – above all intensified

competition combined with customers’ energy savings

measures and supplies from private photovoltaic equip-

ment – also reduced electricity and natural gas sales

volumes and made planning for sales volumes more dif-

ficult. In contrast, a higher earnings contribution was

received from Burgenland Energie (EUR48.3m; previous

year: EUR31.0m) as a result of favourable generation

conditions for renewable energy and structural prepara-

tions (change of consolidation method for a subsidiary

ofBurgenland Energie) for the further expansion of

renewable generation. An additional positive effect

wasthe further revaluation of EUR 16.8m to the Ashta

hydropower plant (previous year: EUR 11.1m). The share

of results from equity accounted investees amounted

toEUR 30.8m (previous year: EUR –67.6m).

Based on these developments, EBITDA recorded by

EVN

declined by 8.0% year-on-year to EUR799.4m.

The higher pace of investments led to an increase of

3.5%in scheduled depreciation and amortisation to

EUR348.3m. Impairment losses of EUR –24.9m were

recorded in 2023/24 (previous year: EUR –3.9m) and

primarily involved the EVN heating plants (EUR –18.5m,

previous year: EUR –3.9m), EVN Naturkraft (EUR –2.4m,

previous year: EUR 0.0) and the energy services

(EUR–1.7m, previous year: EUR 0.0). Impairment tests

ofthe district heating plants led, in total, to negative

effects of EUR–2.2m (previous year: EUR –4.1m).

Other operating income was nearly stable in 2023/24

atEUR 127.3m.

In line with the development of revenue, declining

wholesale prices for electricity and natural gas also led

to a reduction in the cost of electricity purchases from

third parties and primary energy expenses in South East

Europe and in electricity and heat generation. In addi-

tion, Netz Niederösterreich recorded a decline in the

costs for network losses and upstream network costs.

The cost of electricity purchases from third parties and

primary energy expenses fell by a total of 18.7% to

EUR1,362.8m in 2023/24.

The cost of materials and services declined by 14.6%

toEUR 565.8m corresponding to the development of

revenue in the international project business.

Personnel expenses rose by 13.1% year-on-year to

EUR473.9m. The primary reasons were adjustments

required by collective bargaining agreements and an

increase in the average workforce to 7,568 (previous

year: 7,255employees).

Other operating expenses were 5.3% higher year-on-

year at EUR 212.8m. They include an impairment loss of

EUR22.5m which was recognised to a receivable in the

international project business during the first quarter

of2023/24 following a court of arbitration judgment.

This position also includes the energy crisis contribution

levy for electricity generation which, however, was lower

than the previous year due to the development of mar-

ket prices and an increased investment allowance.

The share of results from equity accounted investees with

operational nature was again influenced by a negative

contribution from the energy supply company EVNKG,

South East Europe

Environment

All Other

Segments

Networks

Generation

Energy

114.7

159.5

111.9

96.0

93.2

78.6

7.2

29.5

189.5

255.0

–90.3

–90.1

Energy

428.2

531.4

26.4

24.5

South East Europe

Environment

All Other

Segments

Networks

565.2

564.5

Generation

1,335.8

1,499.7

120.7

132.8

780.3

1,015.9

External revenue by segment

EURm

2022/23

2023/24

EBIT by segment

EURm

2022/23

2023/24

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

ofthe Verbund share led to a decline in other invest-

ments (EUR74.50 as of 30 September 2024 versus

EUR77.05 as of 30 September 2023). Non-current assets

rose by 3.4% to a total of EUR 9,699.7m.

In contrast, current assets fell by 24.8% during the

reporting year to EUR 1,213.8m. The main underlying

factors included reductions in trade receivables, receiv-

ables due from EVN KG resulting from the liquidity

settlement with the EVN Group, and receivables from

hedges. Price and volume effects were responsible for

adecline in the carrying amount of natural gas supplies,

and investments in cash funds were lower than the

previous year.

EVN’s equity rose by 4.1% to EUR6,730.6m in 2023/24

based on the result recorded for the reporting period

and despite the dividend of EUR 1.14 per share (including

a special dividend of EUR 0.62 per share) for the 2022/23

financial year. The increase was reduced by valuation

effects which were recorded directly in equity without

recognition to profit or loss and which were mainly

responsible for the decline in Group net result in the

previous year. These effects described above increased

equity by EUR 506.9m (previous year: reduction of

EUR–737.1m). The equity ratio equalled 61.7% as of

30September 2024 (30 September 2023: 58.8%).

Non-current liabilities declined by 2.3% toEUR2,958.6m.

The main reasons included reclassifications from non-

current to current financial liabilities and the reduction

ofnon-current tax liabilities in line with the lower valu-

ation of the Verbund share. Contrary factors were the

increase in construction costs and network subsidies

thatfollowed the rising investments in the network and

heating business.

Intheprevious year, there was a revaluation of

EUR 1.6m to EVN Wasser.

EBIT for the EVN Group amounted to EUR 426.2m

in2023/24 (previous year: EUR 528.5m).

Financial results totalled EUR 135.3m (previous year:

EUR127.6m) and resulted chiefly from a higher dividend

from Verbund AG for the 2023 financial year. The posi-

tive trend was weakened, among others, by foreign

exchange movements, an increase in interest expense

and valuation effects related to the two combined

heatand power plants in Moscow.

The result before income tax declined by 14.4% to

EUR561.6m. After the deduction of EUR 33.5m inincome

tax expense (previous year: EUR74.0m) and the earnings

attributable to non-controlling interests, Group net result

for the 2023/24 financial year was 11.0% lower year-on-

year at EUR 471.7m.

Statement of financial position

Asset and financial position

EVN’s balance sheet total was a slight 0.7% lower year-

on-year at EUR 10,913.6m as of 30 September 2024.

Property, plant and equipment and intangible assets

increased substantially due to the high level of invest-

ments and were only reduced slightly by impairment

losses of EUR25.2m. Positive valuation effects – in

particular to Burgenland Energie and the Ashta hydro-

power plant in Albania – increased the carrying amount

of equity accounted investees, while the development

Condensed consolidated statement

of operations

2023/24

EURm

2022/23

EURm

/–

2021/ 22

EURmNominal %

Revenue

3,256.6 3,768.7 –512.0 –13.6 4,062.2

Other operating income 127.3 127.5 –0.2 –0.2 109.5

Electricity purchases and primary energy expenses –1,362.8 –1,675.5 312.7 18.7 –2,278.2

Cost of materials and services –565.8 –662.7 96.9 14.6 –707.1

Personnel expenses –473.9 –419.2 –54.7 –13.1 –372.2

Other operating expenses –212.8 –202.2 –10.6 –5.3 –158.4

Share of results from equity accounted

investees with operational nature

30.8 –67.6 98.4 – 98.9

EBITDA 799.4 869.0 –69.6 –8.0 754.8

Depreciation and amortisation –348.3 –336.5 –11.8 –3.5 –318.0

Effects from impairment tests –24.9 –3.9 –21.0 – –105.2

Results from operating activities (EBIT) 426.2 528.5 –102.3 –19.4 331.6

Financial results 135.3 127.6 7.7 6.0 –30.5

Result before income tax 561.6 656.2 –94.6 –14.4 301.2

Income tax –33.5 –74.0 40.6 54.8 –64.0

Result for the period 528.1 582.1 –54.0 –9.3 237.1

thereof result attributable to EVN AG share holders

(Group net result)

471.7 529.7 –58.0 –11.0 209.6

thereof result attributable to non-controlling

interests

56.4 52.4 4.0 7.6 27.5

Earnings per share in EUR

2.65 2.97 –0.3 –11.0 1.18

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

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

employed equals equity plus interest-bearing loans

orassets minus non-interest- bearing liabilities. The

consistent calculation of the value contribution is

ensured by excluding the market value of the invest-

ment in Verbund AG from capital employed and the

dividend from Verbund AG from OpROCE.

The WACC– including EVN’s specific company and

country risks – was set at 5.0% for the purpose of

corporate management. The operating return on capi

tal employed (OpROCE) equalled 7.0% for the reporting

year (previous year:7.7%). The economic value added

(EVA

) generated in 2023/24 totalled EUR 111.2m and

shows the value created during the reporting year.

Dueto the decline in earnings, EVA

was below the

prior year value of EUR159.4m.

Current liabilities were 18.5% lower at EUR1,224.4m.

Declines were recorded, in particular, under current

financial liabilities, tax liabilities and liabilities from

hedges as of 30 September 2024 but were contrasted

byan increase in trade payables.

Value analysis

EVN manages the Group according to the value crea-

tion concept and uses the economic value added

method (EVA

) for this purpose. EVA

is calculated by

multiplying the difference between operating return

oncapital employed (OpROCE) and the average cost of

capital after tax (weighted average cost of capital,

WACC) with average capital employed. Capital

Condensed consolidated

statement of financial position

30.09.2024

EURm

30.09.2023

EURm

/–

30.09.2022

EURmNominal %

Assets

Non-current assets

Intangible assets and property,

plantand equipment 4,925.1 4,496.9 428.1 9.5 4,071.3

Investments in equity accounted investees

andother investments 4,586.1 4,658.8 –72.7 –1.6 6,422.0

Other non-current assets 188.5 225.2 –36.6 –16.3 218.7

9,699.7 9,380.9 318.8 3.4 10,712.0

Current assets 1,213.8 1,615.1 –401.2 –24.8 1,718.5

Total assets 10,913.6 10,996.0 –82.4 –0.7 12,430.5

Equity and liabilities

Equity

Issued capital and reserves attributable

toshareholders of EVN AG 6,414.8 6,165.4 249.4 4.0 7,047.8

Non-controlling interests 315.7 298.9 16.8 5.6 273.3

6,730.6 6,464.3 266.2 4.1 7,321.1

Non-current liabilities

Non-current loans and borrowings 987.8 1,103.5 –115.6 –10.5 1,150.8

Deferred tax liabilities and non-current

provisions 1,160.9 1,153.7 7.2 0.6 1,463.0

Deferred income from network subsidies

andother non-current liabilities

809.9 772.3 37.5 4.9 769.0

2,958.6 3,029.4 –70.8 –2.3 3,382.8

Current liabilities

Current loans and borrowings 126.1 343.2 –217.1 –63.3 377.4

Other current liabilities 1,098.3 1,159.0 –60.7 –5.2 1,349.1

1,224.4 1,502.2 –277.8 –18.5 1,726.5

Total equity and liabilities 10,913.6 10,996.0 –82.4 –0.7 12,430.5

Value analysis

2023/24 2022/23

/–

% 2021/ 22

Average equity

EURm 6,597.5 6,892.7 –4.3 6,932.7

WACC after income tax

1) 2)

% 5.0 5.0 0.0 5.0

Operating ROCE (OpROCE)

1) 3)

% 7.0 7.7 –0.7 5.5

Average capital employed

EURm 5,672.0 5,998.9 –5.4 5,683.2

Net operating profit after tax (NOPAT)

EURm 394.8 459.4 –14.0 313.4

EVA

EURm 111.2 159.4 –30.2 29.3

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.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

In order to safeguard financial flexibility, EVN AG holds

additional contractually agreed bilateral credit com-

mitments of EUR 315.0m. The credit lines represent a

combined total of EUR 815.0m. There were no draw-

downs as of 30 September 2024 and these facilities

weretherefore available in full.

Statement of cash flows

Gross cash flow was 10.8% lower than the previous year

at EUR 982.2m in 2023/24. In addition to the drop in

earnings, the correction of non-cash earnings compo-

nents was a main factor for the decline. It was offset in

part, however, by higher dividends from equity accounted

companies and from Verbund AG. A contrasting positive

Liquidity position

EVN’s net debt, including non-current employee-related

provisions, amounted to EUR 1,129.3m as of 30 Septem-

ber 2024 (previous year: EUR 1,364.3m). The gearing

ratio declined from 21.1% to 16.8%.

The syndicated credit line of EUR 400m was refinanced

prematurely at the end of April 2024 and replaced by a

new syndicated credit facility of EUR 500m. This revolv-

ing credit agreement was concluded with a consortium

of 12 banks and again serves as a strategic liquidity

reserve. It has a term of five years, plus two one-year

extension options, and is a so-called sustainability-linked

credit line with conditions that are also tied to the fulfil-

ment of specific sustainability criteria.

Capital structure indicators

30.09.2024

EURm

30.09.2023

EURm

/–

30.09.2022

EURmNominal %

Non-current loans and borrowings and leasing liabilities

1,058.1 1,174.8 –116.7 –9.9 1,206.1

Current loans and borrowings

134.6 302.0 –167.4 –55.4 128.8

Cash and cash equivalents –78.8 –20.2 –58.6 – –36.9

Non-current and current securities –250.5 –337.5 87.0 25.8 –285.6

Non-current and current loans receivable –30.3 –29.5 –0.9 –3.0 –29.4

Financial net debt 833.1 1,089.7 –256.6 –23.5 983.1

Net debt 1,129.3 1,364.3 –235.0 –17.2 1,245.1

Equity 6,730.6 6,464.3 266.2 4.1 7,321.1

Gearing (%)

16.8 21.1 –4.3 –4.3 17.0

1) Excluding bank overdrafts contained in cash and cash equivalents

2) Changes reported in percentage points

Gearing

16.8%

21.1%

17.0%

Net debt

1,129.3

1,364.3

1,245.1

Net debt and gearing

EURm and %

30.09.2022 30.09.202430.09.2023

For additional information

onthe composition and

terms ofnon-current financial

liabilities, see page64f

Equity

Non-current

liabilities

Current

liabilities

Current

assets

88.9

85.3

30.09.202430.09.2023

61.7

58.8

11.114.7 11. 213.7

27.1

27.6

Non-current

assets

Balance sheet structure

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

effect resulted from the correction of the higher sched-

uled depreciation, amortisation and impairment losses

recorded in the previous year and non-cash earnings

components in financial results.

A substantial year-on-year reduction in the capital

commitment for the liquidity settlement with EVN KG

and in receivables from hedging provided noticeable

Condensed consolidated statement

of cash flows

2023/24

EURm

2022/23

EURm

/– 2021/ 22

EURmNominal %

Result before income tax

561.6 656.2 –94.6 –14.4 301.2

Non-cash items 420.6 444.5 –23.9 –5.4 433.2

Gross cash flow 982.2 1,100.7 –118.5 –10.8 734.3

Changes in current and non-current balance

sheetitems

218.8 –109.5 328.3 – –556.7

Income tax paid –34.3 –48.9 14.6 29.9 –26.6

Net cash flow from operating activities 1,166.7 942.4 224.3 23.8 151.0

Changes in intangible assets and property,

plantandequipment incl. deferred income from

network subsidies

–642.6 –570.4 –72.3 –12.7 –477.4

Changes in financial assets and other

non-currentassets

–11.2 –333.6 322.4 96.6 –50.7

Changes in current securities 106.6 –25.1 131.7 – 191.5

Net cash flow from investing activities –547.2 –929.0 381.8 41.1 –336.7

Net cash flow from financing activities –545.7 1.6 –547.3 – 115.8

Net change in cash and cash equivalents 73.8 14.9 58.9 – –69.8

Cash and cash equivalents at the beginning

ofthe period

20.2 36.9 –16.7 –45.3 122.3

Currency translation differences on cash

andcashequivalents

–15.2 –31.7 16.4 51.9 –15.5

Cash and cash equivalents at the end

oftheperiod

78.8 20.2 58.6 – 36.9

Investment priorities

2023/24

EURm

2022/23

EURm

/–

2021/ 22

EURmNominal %

Energy

87.1 61.5 25.6 41.6 41.7

Generation 86.2 117.2 –31.0 –26.5 56.0

thereof renewable energy Lower Austria 74.0 100.9 –26.9 –26.7 43.1

thereof thermal power plants 9.6 15.5 –5.9 –38.0 10.3

Networks 399.8 356.0 43.8 12.3 334.3

thereof electricity networks 329.1 277.9 51.2 18.4 267.4

thereof natural gas networks

41.5 48.7 –7.2 –14.8 43.3

thereof internet and telecommunications networks

29.2 29.5 –0.3 –1.0 25.3

South East Europe 147.2 135.5 11.6 8.6 110.0

Environment 30.3 22.0 8.2 37.3 19.9

thereof cross-regional supply pipelines and local

networks for drinking water

29.1 19.9 9.2 46.0 18.8

All Other Segments 2.5 1.8 0.7 39.9 2.1

Total 753.0 694.1 58.9 8.5 564.0

1) After consolidation

relief for working capital and supported an improvement

in operating cash flow to EUR1,166.7m (previous year:

EUR942.4m).

Cash flow from investing activities amounted to

EUR–547.2m (previous year: EUR–929.0m). Invest ments

continued to increase, but the previous year also includ ed

a capital injection provided by EVN to EVN KG.

In addition, the investments in cash funds includedunder

current financial investments declined in year-on-year

comparison.

Cash flow from financing activities totalled EUR–545.7m

(previous year: EUR1.6m). It included the scheduled

repayment of financial liabilities as well as the dividend

payments to the shareholders of EVN AG and to

non-controlling interests.

Cash flow totalled EUR 73.8m in 2023/24 (previous year:

EUR 14.9m), and cash and cash equivalents equalled

EUR78.8m as of 30 September 2024 (previous year:

EUR20.2m). EVN also had contractually committed,

undrawn credit lines of EUR 815.0m at its disposal at

theend of the reporting period to service potential

short-term financing requirements.

Investments

Capital expenditure increased as forecasted and rose

to EUR 753.0m in 2023/24 (previous year: EUR694.1m).

EVN’s investment focal points remained unchanged

on the network infrastructure, 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 St. Pölten and, above all, equipment

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

strengthen the company’s competitive position.

Theoverriding criterion for all projects is to provide

aconcrete benefit for customers.

In 2023/24, EVN spent approximately EUR 6.6m

( previous year: approximately EUR 4.0m) on innovation,

research and development projects. Public subsidies

were received for these projects and represent a subsidy

quota of 1.2%.

An important focal point for EVN’s innovation activities

are storage solutions that will allow surplus renewable

production to be used in periods with lower energy

In line with its corporate strategy, EVN also sets focal

points for its investments in the Environment Seg-

ment – namely the improvement of supply security

and the quality of drinking water in Lower Austria.

The focus here, in particular, is on the expansion of

cross-regional supply pipelines.

Innovation, research and development

EVN’s innovation, research and development activities

are directed primarily to projects that safeguard supply

security, protect the environment and resources, and

hand, to drive the conversion to a climate-neutral energy

system. Continuous network expansion 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 pro-

duction from renewable sources into the energy system.

Other investments in this segment were related to the

kabelplus telecommunication network.

EVN’s investments in the South East Europe Segment

involved network investments to guarantee supply secu-

rity, among others, through the construction of further

large-scale photovoltaic plants in North Macedonia.

andnetwork expansion projects in the heating busi-

ness. The expansion of the e-charging infrastructure is

the responsibility of the energy services business and

is assigned to this segment.

In the Generation Segment, investments focused on

theconstruction of further wind parks and large-scale

photovoltaic systems in Lower Austria to support the

attainment of expansion goals by 2030.

The further increase in investments in this segment

underscores the enormous demand for actions, on the

one hand, to protect supply security and, on the other

All Other Segments

Environment

South East Europe

Energy

Generation

Networks

0.3

4.0

19.5

11.6

53.1

11.4

0.5

3.2

19.5

8.9

51.3

16.9

0.4

3.5

19.5

7.4

59.3

9.9

2023/242022/23

2021/ 22

753.069 4.1564.0

Structure of investments

EURm

1) Share of subsidies in total

expenditure for innovation,

research and development

projects

5.7%

2.8%

2.6

4.0

Share of subsidies

1.2%

Expenditures for innovation,

research and development

projects

6.6

Expenditures for innovation, research and

development projects and share of subsidies

EURm and %

2021/22 2023/242022/23

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 decentralised risk managers

with effective methods and tools for identifying and

assessing risks. The responsible business units communi-

cate their risk exposures to corporate risk management,

which defines suitable actions to minimise these risks.

The necessary actions are then implemented by theindi-

vidual business units. The corporate risk management

department is also responsible for analysing EVN’s risk

exposure. The risks related to sustainability, 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:

• 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

generation from renewable sources. A solution must

still

be found, particularly from a seasonal viewpoint, to

support the transformation to a climate-neutral energy

system. Electricity generation from wind power and

photovoltaics now frequently exceeds demand during

thesummer half-year due to the expansion of capacity,

but low water, wind and sun periods in Central Europe–

above all during the winter half-year – can create chal

lenging situations for supply security. In light of these

developments, EVN is working, for example as a project

partner with RAG, on a pilot plant that will use solar

energy to operate an electrolyser. The resulting green

hydrogen will be stored in an idle RAG natural gas storage

facility and can be used during the winter to generate

emission-free electricity and heat. Test operations at this

plant started in summer 2024 under the direction of EVN.

In other projects, EVN is evaluating the possibility to use

surplus production from renewable sources for sector

integration purposes or for the substitution of thermal

generation. One example is the pilot hybrid storage facil

ity in Theiss, which combines heat storage equipment

with a 5 MW storage battery and photovoltaics.

Other EVN research projects involve innovative approaches

to increasingly utilise flexibilities from various customers

and smaller electricity producers to adjust the demand

for energy over time in a manner that prevents demand

peaks and makes it possible to cover requirements with

the available renewable energy. The Green the Flex

project, for example, has set a goal to combine the

flexibility potential of 3,000 private customers into a

so-called virtual power plant. Other contributions in this

area were made by CyberGrid, a company acquired by

EVN in 2022. It offers special IT solutions for the flexi-

bility management of electricity networks and various

individual projects (e. g. for the bi-directional charging

ofe-vehicles) within the framework of the Green Energy

Lab, an interdisciplinary innovation laboratory. Together

with CyberGrid, a battery project also started during

2024 in areas close to photovoltaic, wind and hydro-

power plants. Its objective is to optimally coordinate

thecapacity of network and generation equipment.

In the area of e-mobility, EVN is a participant in the

Car2Flex project. It covers three e-mobility use groups:

private users, e-vehicle fleets (e. g. in companies), and

e-car sharing for multi-family houses. The central issue

ishow to best integrate the rising share of electromobility

in accordance with the mobility needs of the respective

groups. Car2Flex is also designed to create new econom ic

incentives, for example solutions that increase the cus-

tomer’s use of electricity from photo voltaics through

interim storage in vehicle batteries. Thisoptimised, flexi-

ble battery usage can increase the share of renewable

generation and use and, in doing so,reduce costs.

Network operations are confronted with enormous

challenges from the expansion of renewable generation

and the related steady increase in highly volatile electricity

feed-in from a wide range of decentralised equipment.

EVN is therefore also pursuing innovative approaches and

research projects in this area. One project concentrates

on the use of battery storage facilities in the medium -

voltage network: Trials are currently in progress here as

ameans of temporarily shifting load peaks and creating

flexibility in network operations.

In a project with the Vienna University of Technology,

methods are being tested for the real-time analysis of

data from the low-voltage network. EVN is also working

on setting up a long range wide area network (LoRaWAN)

for the energy-efficient transmission of data over large

distances to create the basis for applications and solu

tions in the future Internet of Things.

• 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management department in the correct implemen-

tation of the risk management process. It evaluates and

approves changes in risk (assessment) 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 func-

tions: controlling, legal and public affairs, finance, ac count-

ing, internal audit and the chief compliance officer (CCO)

as well as an (internal) energy industry expert.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

EVN’s major risks and opportunities as well as related risk mitigation measures

Risk/opportunity category Description Risk mitigation measure

Market and competition risks/opportunities

Profit margin risks/opportunities

(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/opportunities

Foreign currency risks Transaction risks (foreign exchange losses) and translation risks on the conversion of foreign

currencyamounts in the consolidated financial statements; foreign exchange risk in financing for

Groupcompanies

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/opportunities Decline or increase 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 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

EVN’s major risks and opportunities as well as related risk mitigation measures

Risk/opportunity category Description Risk mitigation measure

Impairment risks Recognition of impairment losses to receivables, goodwill, investments, generation equipment

andother assets (profitability/value significantly dependent 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 technologies (delayed investments)

or to changes in customer needs; investments in “wrong” technologies;

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 inspections 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/opportunities

Legislative, regulatory and political risks/opportunities 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 operations: 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 Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

EVN’s major risks and opportunities as well as related risk mitigation measures

Risk/opportunity category Description Risk mitigation 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

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.

The tables on page 15ff show 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 observance of human

rights and the fight against corruption. The identified

risks and their impact were dealt with in accordance

with the steps defined by the risk management process.

Risk profile

In addition to the normal industry risks and uncertain-

ties, EVN’s risk profile is influenced primarily by political,

legal and regulatory challenges and changes in the com-

petitive environment. EVN carries out an annual risk

inventory that is updated as needed through ad-hoc

risk reports. This inventory includes the following cate-

gorisation of risks: market and competition risks, finan-

cial risks, operating risks, external risks, strategic and

planning risks and other risks. These are largely assessed

in terms of their financial impact on the EVN Group.

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).

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

involved in the accounting process have the necessary

qualifications and undergo regular training. Complex

actuarial opinions and valuations are prepared by exter-

nal experts or specially qualified employees. The man-

agers responsible for the specific processes – in general,

the heads of the organisational units and corporate

functions – are responsible for compliance with these

processes and the related control measures.

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 functions.

These corporate service departments carry out extensive

plausibility checks of the individual subsidiaries’ financial

statements to ensure their correct transfer to the con-

solidated 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 Hyperion Financial

Management software, whereby the data from thein di-

vidual financial statements of the consolidated companies

are transferred by means of an interface. The account-

ing systems and all upstream systems are protected

by restricted access as well as automated and mandatory

manual control steps.

management report. The Executive Board is responsible

for establishing a suitable internal control and risk man-

agement system (ICS) for accounting processes asdefined

in § 82 of the Austrian Stock Corporation Act. The effec-

tiveness 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 regu-

lar intervals 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 responsi-

bility 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, information 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 and controlling. 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 intragroup

accounts and other work required for the preparation

ofthe consolidated financial statements. All employees

• Impairment risks

• Completion risk for major international projects

in the environmental business

• Cybersecurity

EVN’s risk profile is influenced primarily by common

industry risks and uncertainties and, in particular, by

political, legal and regulatory challenges and changes.

All these aspects are categorised as part of EVN’s risk

management process.

Overall risk profile

In addition to the uncertainties connected with the areas

of business and operations outside Austria, EVN contin-

ues to be confronted with a challenging environment in

its home market of Lower Austria. The overall risk profile

of EVN is trending downwards. No future riskscan be

identified at the present time that could endanger the

continued existence of the EVN Group.

The table on the pages 15 to 17 provides a summary of

the material risks and uncertainties to which the

EVNGroup is exposed. For the first time, this table also

includes opportunities for certain categories, if applicable.

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 fea-

tures of their internal control and risk management

system for corporate accounting processes in the

Following are several examples that illustrate the alloca-

tion 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 addi-

tional costs

• Additional stress for the electricity network due to

the ongoing expansion of substantially more volatile

renewable generation: transition risk that is assigned

to the category “operating risks” (“service disrup-

tions/network breakdowns”)

Risk and opportunity analysis for2023/24

In view of the geopolitical crises during the past years

and the resulting distortions on energy markets, EVN also

monitored risk developments in the Group throughout

the reporting period. Ad-hoc analyses were not required

in 2023/24 but the assessment of the major risks with a

potentially high impact was updated at the end of the

first half-year. A report on these risks and their effects

was also presented to the Audit Committee of EVN’s

Supervisory Board.

The following issues were identified as the major uncer-

tainties with the potentially highest effects and analysed

in particular detail in connection with the risk inventory

carried out as of 30 September 2024 (excerpt):

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 effec-

tiveness of the ICS and is designed to support the man-

agement of the ICS by the responsible corporate bodies.

The report is prepared by ICS management in coopera-

tion with the ICS Committee based on information sup-

plied 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.

The ICS for financial reporting and all accounting- related

processes are reviewed by the auditor at least once each

year to verify compliance with the required controls, to

evaluate any risk incidents that occurred during the finan-

cial 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 with a statement of financial position

and a statement of operations. The Executive Board and

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 12ff in the EVN Annual Report 2023/24

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

creation of a tax participation association 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

but reflects only the voting weight in the Annual

General Meeting based on the respective invest-

ments held by NLH and WSTW and in accordance

with legal regulations and/or the articles of asso-

ciation (NLH continues to hold a simple – but not

qualified – majority and WSTW continues to hold

ablocking minority).

4. Based on the above-mentioned constitutionalrequire-

ments, the province of Lower Austria is the major

shareholder of EVN 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2024,

EVN held treasury shares representing 0.9% of share

capital and free float equalled 19.7%

5. EVN has not issued any shares with special control

rights.

6. Employees who own shares in EVN may exer-

cise their voting rights personally at the Annual

General Meeting. EVN does not have a stock

option programme.

7. The Executive Board consists of at least two mem-

bers. The Supervisory Board has a minimum of eight

and a maximum of 12 members. Unless another

majority is required by law, the Annual General

Meeting passes its resolutions with a simple majority

of the votes cast or with a majority of the capital

represented in cases requiring a majority of capital.

8. There were no authorisations as defined by § 243a(1)

no. 7 of the Austrian Commercial Code in effect during

the 2023/24 financial year which entitled the Execu-

tive Board, in particular, to issue the company’s shares.

However, the possibility of issuing previously repur-

chased treasury shares to employees remains intact.

9. A change of control in EVN in the sense of § 243a (1)

no. 8 of the Austrian Commercial Code is currentlynot

possible because of the legal regulations described

above under points 2. and 3. Therefore, there are no

possible consequences of a change of control.

10. There are no agreements to provide compensation

tothe members of corporate bodies or employees in

the event of a public takeover.

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 2024 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 agree-

ments 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 provin-

cial constitutional law.

3. 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

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

structured process for the complete sale of WTE that

was terminated on 4 April 2024.

For the 2024/25 financial year, EVN expects Group net

result within a range of EUR 400m to EUR440m–

under

the assumption of a stable regulatory and energy policy

environment.

The dividend policy was confirmed and is unchanged.

Asof the 2024/25 financial year, the dividend will equal

at least EUR 0.82 per share in the future, whereby EVN

wants its shareholders to appropriately participate in any

additional earnings growth. In the medium term, a pay-

out ratio equalling 40% of Group net result, adjusted for

extraordinary effects, is targeted.

Our Group – with an integrated business model in the

energy sector combined with internet and telecommuni

cations services and drinking water supplies in Lower

Austria that complement and complete our infrastructure

offering – is a reliable partner for our customers. At the

same time, these activities create the basis for successful

and attractive positioning on the capital market.

Maria Enzersdorf, 27 November 2024

EVNAG

The Executive Board

Outlook on the 2024/25 financial year

EVN intends to consistently pursue the realisation of its

goals and plans in the 2024/25 financial year. In line

with the Strategy 2030, the foundation was created in

recent years – despite the many economic and geo-

political developments and energy sector distortions –

to position EVN as the designer of a climate-neutral

energy future. Infrastructure projects were developed,

an open dialogue was carried out with stakeholders,

and a concentrated focus was placed on planning and

optimisation. Digitalisation projects, innovations and

visions accompany and supplement this ambitious

course. It has led to the more precise definition and

further expansion of the investment programme, which

will be reflected in investments by the Group of approx

imately EUR 900m annually up to 2030.

In the Generation Segment, EVN is continuing to concen

trate on the expansion of wind power and photovoltaics.

The project pipeline is well filled and sufficiently diversi

fied to meet the goal for an increase to 770 MW of

installed wind power capacity and 300 MWp of photo

voltaic capacity. The completion of the projects currently

under construction will bring EVN a major step forward.

Moreover, the expansion of renewable generation is one

of the major drivers for the initial transition plan that was

revised in 2023/24 and submitted to the Science Based

Target initiative for verification.

Most of the annual investments will continue to be

directed to the expansion of the network infrastructure

in the coming years. The greatest challenge for the elec-

tricity distribution network remains unchanged and

involves the optimal integration of the high, and continu-

ously rising, volatile feed-in volumes from wind and

photovoltaic equipment into Austria’s energy system.

Extensive network investments are also required to meet

changing consumption patterns, for example the grow-

ing use of e-mobility or heat pumps.

Our approach to the issue of large battery storage reflects

our conviction that innovation and pilot projects can lead

to new business models. At the energy hub in Theiss, we

are therefore constructing a large battery storage facility

with a capacity of 70 MW which is planned for commis

sioning as a virtual power plant at the end of 2027. Our

objective is the optimised management of this large

battery in terms of energy efficiency to enable the mar

keting of surplus production from solar energy in times

ofeffective demand. In addition to participation in the

day-ahead or intraday market, we also see concrete

applications of battery storage in network operations

because the temporary shift and use of flexibilities can

also have a positive influence on network stability.

We are continuing to address the challenges in energy

sales with additional offers and services. On the other

hand, EVN established an early position as a provider

ofcharging infrastructure for e-mobility. We also offer

transaction platforms and software solutions for energy

communities and create attractive added value for cus

tomers in this area. The construction of e-charging in fra-

structure and the development of digital offers for

customers will also increasingly determine the further

development of our activities in South East Europe.

Our decision as regards the international project business

is unchanged and means the future focus of the EVN

Group will remain on the core energy business. Further

strategic options for WTE are therefore under evaluation

and naturally reflect the investor feedback from the

Stefan Szyszkowitz Alexandra Wittmann Stefan Stallinger

CEO and Spokesman CFO and Member CTO and Member

of the Executive Board of the Executive Board of the Executive Board

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Consolidated financial

statements for 2023/24

According to International Financial Reporting Standards

Consolidated statement of operations 23

Consolidated statement of comprehensive income 23

Consolidated statement of ﬁnancial position 24

Consolidated statement of changes in equity 25

Consolidated statement of cash ﬂows 26

Consolidated notes 27 Basis of preparation

29 Basis of consolidation

33 Accounting policies

47 Notes to the consolidated statement of operations

54 Notes to the consolidated statement of financial position

72 Segment reporting

76 Other information

EVN’s investments 98

Auditors’ report 102

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Consolidated statement of operations
EURm	Note	2023/24	2022/23
Revenue	25	3,256.6	3,768.7
Other operating income	26	127.3	127.5
Cost of materials and services	27	–1,928.6	–2,338.2
Personnel expenses	28	–473.9	–419.2
Other operating expenses	29	–212.8	–202.2
Share of results from equity accounted investees with operational nature	30	30.8	–67.6
EBITDA		799.4	869.0
Depreciation and amortisation	31	–348.3	–336.5
Effects from impairment tests	31	–24.9	–3.9
Results from operating activities (EBIT)		426.2	528.5
Results from other investments		199.3	169.0
Interest income		8.1	16.5
Interest expense		–61.8	–57.4
Other financial results		–10.2	–0.5
Financial results	32	135.3	127.6
Result before income tax		561.6	656.2
Income tax	33	–33.5	–74.0
Result for the period		528.1	582.1
thereof result attributable to EVNAG shareholders
(Group net result)		471.7	529.7
thereof result attributable to non-controlling interests		56.4	52.4
Earnings per share in EUR 1)	34	2.65	2.97
Dividend per share in EUR	46	0.90 2)	1.14

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

2) Proposal to the Annual General Meeting: dividend of EUR 0.9 0 per share

Consolidated statement of comprehensive income
EURm	Note	2023/24	2022/23
Result for the period		528.1	582.1
Other comprehensive income from Items that will not be reclassiﬁed to proﬁt or loss		–117.2	–388.2
Remeasurements IAS 19	47	–28.5	–26.7
Investments in equity accounted investees	47	–4.8	1.3
Shares and other equity instruments measured at fair value and reported in other comprehensive income	47, 63	–117.3	–479.0
Thereon apportionable income tax expense	47	33.4	116.2
Items that may be reclassiﬁed to proﬁt or loss		96.0	–931.1
Currency translation differences	5	2.1	–15.9
Cash flow hedges	47	–38.1	235.4
Investments in equity accounted investees	47	163.0	–1,435.3
Thereon apportionable income tax expense	47	–31.0	284.8
Total other comprehensive income after tax		–21.2	–1,319.3
Comprehensive income for the period		506.9	–737.1
thereof income attributable to EVNAG shareholders		451.9	–790.5
thereof income attributable to non-controlling interests		54.9	53.3

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Consolidated statement

of financial position (equity and liabilities)

EURm Note 30.09.2024 30.09.2023

Consolidated statement
of financial position (assets)
EURm	Note	30.09.2024	30.09.2023
Assets				Equity and liabilities
Non-current assets				Equity
Intangible assets	35	262.4	211.2	Issued capital and reserves attributable to
Property, plant and equipment	36	4,662.7	4,285.7	shareholders of EVNAG	44–48	6,414.8	6,165.4
Investments in equity accounted investees	37	1,144.0	1,103.4	Non-controlling interests	49	315.7	298.9
Other investments	38	3,442.2	3,555.5			6,730.6	6,464.3
Deferred tax assets	51	31.1	50.9	Non-current liabilities
Other non-current assets	39	157.5	174.3	Non-current loans and borrowings	50	987.8	1,103.5
		9,699.7	9,380.9	Deferred tax liabilities	51	766.3	785.9
Current assets				Non-current provisions	52	394.6	367.7
Inventories	40	116.2	137.7	Deferred income from network subsidies	53	726.1	683.3
Income tax receivables		7.8	51.3	Other non-current liabilities	54	83.8	89.1
Trade and other receivables	41	837.1	1,083.6			2,958.6	3,029.4
Securities and other current financial investments	42	172.0	266.5	Current liabilities
Cash and cash equivalents	61	78.8	70.2	Current loans and borrowings	55	126.1	343.2
Assets held for sale	43	2.0	5.8	Income tax liabilities		24.5	63.9
		1,213.8	1,615.1	Trade payables	56	495.3	463.2
Total assets		10,913.6	10,996.0	Current provisions	57	126.1	134.4
				Other current liabilities	58	451.9	497.1
				Liabilities in connection with assets held for sale	43	0.5	0.4
						1,224.4	1,502.2
				Total equity and liabilities		10,913.6	10,996.0

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Consolidated statement of changes in equity
		Share					Issued capital and
		premium and					reserves of	Non-
		capital	Retained		Currency	Treasury	EVNAG	controlling
EURm	Share capital	reserves	earnings	Valuation reserve	translation reserve	shares	shareholders	interests	Total
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
Comprehensive income	–	–	529.7	–1,304.3	–15.9	–	–790.5	53.3	–737.1
Dividends 2021/22	–	–	–92.7	–	–	–	–92.7	–27.7	–120.4
Change in treasury shares	–	0.4	–	–	–	0.4	0.8	–	0.8
Balance on 30.09.2023	330.0	254.9	3,417.0	2,174.0	7.3	–17.7	6,165.4	298.9	6,464.3
Comprehensive income	–	–	471.7	–21.8	2.1	–	451.9	54.9	506.9
Dividends 2022/23	–	–	–203.2	–	–	–	–203.2	–38.1	–241.4
Change in treasury shares	–	0.4	–	–	–	0.3	0.7	–	0.7
Balance on 30.09.2024	330.0	255.4	3,685.4	2,152.2	9.4	–17.5	6,414.8	315.7	6,730.6

Note 44 45 46 47 5 48 49

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Consolidated statement of cash flows
EURm		Note	2023/24	2022/23
Result before income tax			561.6	656.2
+	Depreciation, amortisation/– revaluation of intangible
	assets and property, plant and equipment and other
	non-current assets	31	373.2	342.0
–	Results of equity accounted investees and other
	investments	37, 38	–230.1	–101.4
+	Dividends from equity accounted investees and other
	investments		340.0	274.7
+	Interest expense		61.8	57.4
–	Interest paid		–47.2	–46.0
–	Interest income		–8.1	–16.5
+	Interest received		7.2	15.4
+	Losses/– gains from foreign exchange translations		9.9	3.9
+/– Other non-cash financial results			–4.5	–3.3
–	Release of deferred income from network subsidies	60	–64.6	–64.1
–	Gains/+ losses on the disposal of intangible assets
	andproperty, plant and equipment		–0.7	–3.3
–	Gains/+ losses from deconsolidations		0.2	–
–	Decrease/+ increase in non-current provisions	52	–23.5	–13.8
+	Impairments/ – write-ups due to revaluation of
	a disposal group		7.1	–0.3
Gross cash ﬂow			982.2	1,100.7
+	Decrease/– increase in inventories and receivables		260.0	3.2
+	Increase/– decrease in current provisions		–8.4	–10.5
+	Increase/– decrease in trade payables and other liabilities		–32.8	–102.3
–	Income tax paid		–34.3	–48.9
Net cash ﬂow from operating activities			1,166.7	942.4

Consolidated statement of cash flows
EURm		Note	2023/24	2022/23
+	Proceeds from the disposal of intangible assets		5.5	6.2
	and property, plant and equipment
+	Proceeds from network subsidies		104.5	114.5
+	Proceeds from the disposal of financial assets
	and other non-current assets		1.6	3.6
+	Proceeds from the disposal of current securities
	and other current financial investments		175.3	70.5
–	Acquisition of intangible assets and property,
	plant and equipment		–752.5	–691.0
–	Acquisition of financial assets and other non-current assets		–8.1	–331.3
–	Acquisition of current securities and other current
	financial investments		–68.7	–95.6
–	Acquisition of subsidiaries less acquired cash
	and cash equivalents	4	–4.7	–5.9
Net cash ﬂow from investing activities			–547.2	–929.0
–	Dividends paid to EVN AG shareholders	46	–203.2	–92.7
–	Dividends paid to non-controlling interests		–38.1	–27.7
+	Sales of treasury shares		0.7	0.8
+	Increase in financial liabilities	60	–	256.7
–	Decrease in financial liabilities	60	–293.2	–123.7
–	Decrease in leasing liabilities	60	–11.8	–11.8
Net cash ﬂow from ﬁnancing activities			–545.7	1.6
Net change in cash and cash equivalents			73.8	14.9
Net change in cash and cash equivalents
Cash and cash equivalents at the beginning of the period 1)		60	20.2	36.9
Other movements on cash and cash equivalents 2)			–15.2	–31.7
Cash and cash equivalents at the end of the period 1)			78.8	20.2
Net change in cash and cash equivalents			73.8	14.9

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 –15.0m (previous year: EUR –27.7m) restricted cash and EUR –0.2m

(previous year: EUR –3.6m) currency differences and EUR 0.0m (previous year: EUR –0.4m) change of consolidation scope.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 11 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.

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 accord-

ance 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 2023/24 ﬁnancial year:

Standards and interpretations applied for the first time
			Expected material effects
			on EVN’s consolidated
		Effective 1)	ﬁnancial statements
New standards and interpretations
IFRS 17	Insurance Contracts	01.01.2023	None
Revised standards and interpretations
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	01.01.2023	None
	from a Single Transaction
IAS 12	Amendments to IAS 12 Income Taxes – Pillar Two Model	01.01.2023	None
IFRS 17	Initial Application of IFRS 17 and IFRS 9 – Comparative Information	01.01.2023	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.

Consolidated notes

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

The following standards and interpretations had been issued by the IASB as of 30 September 2024, but have not yet

been adopted by the EU:

Standards and interpretations not yet applicable and not yet adopted by the EU
			Expected material effects
			on EVN’s consolidated
		Effective 1)	ﬁnancial statements
New standards and interpretations
IFRS 18	Presentation and Disclosure in Financial Statements	01.01.2027	Yes
IFRS 19	Subsidiaries without Public Accountability	01.01.2027	None
Revised standards and interpretations
IAS 21	The Effects of Changes in Foreign Exchange Rates:	01.01.2025	None
	Lack of Exchangeability
IFRS 9, IFRS 7	Amendments to the Classification and Measurement	01.01.2026	None
	of Financial Instruments
IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7	Annual Improvements	01.01.2026	None

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

IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies to ﬁnancial years beginning on or after

1 January 2027. The new standard brings with it the following requirements:

• Companies must classify all income and expenses in the statements of operations into ﬁve categories:

operating activities, investing activities, ﬁnancing activities, discontinued operations and income taxes.

In addition, newly deﬁned subtotals must be shown. However, the net result of the companies remains

unaffected.

• Key performance indicators deﬁned by management (management performance measures) must be

explained in a separate note.

• Extended guidelines specify how information is to be structured and grouped in the ﬁnancial statements.

The amendments to IAS 12 (International Tax Reform – Pillar Two Model Rules) introduced a temporary exemption

from the requirement to recognise and disclose information on deferred tax assets and liabilities in connection with

the implementation of the Pillar Two rules.

It is assumed that EVN's activities in countries where the statutory tax rate is below 15%, in particular Bulgaria,

North Macedonia, Kuwait and Bahrain, are subject to the global minimum taxation rules. If the minimum taxation

had already applied for the current 2023/24 ﬁnancial year, the Group tax rate would increase by less than one

percentage point based on the current ﬁgures.

The ﬁrst-time mandatory application of the new and other amended standards and interpretations has no material

impact on the consolidated ﬁnancial statements.

Standards and interpretations already adopted by the EU, but not yet compulsory
			Expected material effects
			on EVN’s consolidated
		Effective 1)	ﬁnancial statements
Revised standards and interpretations
IAS 7, IFRS 7	Amendments to IAS 7 Statement of Cash Flows and IFRS 7	01.01.2024	None
	Financial Instruments (Supplier Finance Arrangements)
IAS 1	Classification of Liabilities as Current or Non-current	01.01.2024	None
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 Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

ment of the acquired company’s identiﬁable assets and liabilities (including contingent liabilities) and measurement

of the acquisition cost. The differences between fair value and the carrying amount are carried forward in accord-

ance 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.

Joint arrangements are included in the consolidated ﬁnancial statements of EVN depending on the rights and obli-

gations 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 if permissible.

4. Scope of consolidation

The scope of consolidation is determined in accordance with the requirements of IFRS 10. Accordingly, 28 domestic

and 26 foreign subsidiaries (including the parent company EVN AG) were fully consolidated in the consolidated

ﬁnancial statements as of 30 September 2024 (previous year: 26 domestic and 28 foreign subsidiaries). A total of

12 subsidiaries (previous year: 10) were not consolidated due to their immaterial inﬂuence on EVN’s asset, ﬁnancial

and earnings position, either individually or in total.

The fully consolidated subsidiary EVN Energieservices GmbH, as the limited partner of EVN KG, 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. Based on the agreement with EnergieAllianz regarding the management of EVN KG,

there is joint control and EVN KG is therefore classiﬁed as a joint venture in the sense of IFRS 11 and consolidated

In addition, companies are required to use the subtotal of the operating result as the starting point for the statement

of cash ﬂows if they present the operating cash ﬂow using the indirect method.

For the EVN Group, the application of IFRS 18 is expected to result in signiﬁcant changes to the presentation of the

consolidated statement of operation. There will also be changes to the presentation of the consolidated statement

of cash ﬂows and other disclosures in the notes.

The introduction of IFRS 19 and the other amendments are not expected to have a material impact on EVN's consoli-

dated ﬁnancial statements.

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 dispo-

sition 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.

In accordance with IFRS 3, assets and liabilities (including contingent liabilities) obtained through business combina-

tions are recognised at their full fair value, irrespective of any existing non-controlling interests. Non-controlling

interests in subsidiaries are carried at the proportional share of net assets (excluding the proportional share of good-

will). 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 compen-

sation 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 measure-

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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	Equity	Total
30.09.2023	54	15	69
thereof foreign companies	28	5	33
Gradual acquisition of shares	1	–	1
Initial consolidation	1	–	1
Deconsolidation	–1	–1	–2
Reorganisation 1)	–1	–	–1
30.09.2024	54	14	68
thereof foreign companies	26	5	31

1) Internal reorganisation

Bioenergie St. Pölten GmbH, Maria Enzersdorf, is a newly founded 100% subsidiary of EVN Wärme GmbH and was

fully consolidated for the ﬁrst time as of 17 October 2023.

The former 100% subsidiary EVN Trading DOOEL, Skopje, North Macedonia, was liquidated as of 27 November 2023

and deconsolidated as a result. This did not have any material effects on the consolidated ﬁnancial statements.

Sludge2energy GmbH, Berching, Germany, which was fully consolidated for the ﬁrst time in the previous year, was

merged with WTE Wassertechnik GmbH, Essen, Germany, within the Group. The merger was entered in the com-

mercial register on 15 January 2024.

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.

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 agree-

ments 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 invest-

ments, starting on page 98. 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 ﬁnancial statements.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

The purchase price mainly reﬂected the fair value of the acquired net assets, whereby EUR 6.2m have already been

paid in cash. If the company had been fully consolidated from the beginning of the ﬁnancial year, it would have

increased revenue by EUR 4.9m and the result before income tax by EUR 2.7m.

The closing conditions for the purchase were met on 28 August, which also marks the date on which control in the

sense of IFRS 10 was attained. However, the initial consolidation took place on 30 September 2024 in connection

with the preparation of the ﬁnancial statements for materiality reasons. If the company had been fully consolidated

with the attainment of control on 28 August 2024, it would have increased revenue by EUR 0.4m and the result

before income tax by EUR 0.2m.

This transaction represents a business combination through the successive purchase of shares to attain control.

The fair value measurement of assets led to an increase in the company’s net assets. Initially, the revaluation of the

existing at-equity investment resulted in an increase of EUR 1.5m which was recognised to proﬁt or loss. The revalu-

ation gain was reported on the consolidated statement of operations under share of results from equity accounted

investees with operational nature.

There were no IFRS 3 business combinations during the reporting period.

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 recorded 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 2.1m in 2023/24 (previous year: EUR –15.9m).

EVN previously held 50% of the shares in EVN-ECOWIND Sonnenstromerzeugungs GmbH (ESO), Maria Enzersdorf,

and included this company at equity in the consolidated ﬁnancial statements. As of 28 August 2024, EVN acquired

the remaining 50% of the shares in ESO. This resulted in an investment of 100% for EVN, and the company was fully

consolidated as of 30 September 2024. At-equity accounting was discontinued on that same date.

The business purpose of ESO consists of the generation of electrical energy from its equipment, the feed-in of this

energy into the distribution network of Netz Niederösterreich or into the transmission network, sales to electricity

traders, and the marketing of secondary products from this activity. ESO currently operates a ﬂoating photovoltaic

plant in Grafenwörth with a capacity of 24.5 MWp which feeds electricity into the public network. The assets

owned by ESO consist primarily of this plant. The company has no employees and has outsourced the marketing

of the generated energy.

The successive purchase of shares in ESO does not fall under the scope of application of IFRS 3. It represents the

acquisition of assets and the assumption of liabilities because the company has neither a substantial process for

service provision in the sense of IFRS 3 nor a own workforce.

The following table shows the fair value of the acquired assets and assumed liabilities as of the initial consolidation date:

Changes in the scope of consolidation
	Fair value
EURm	30.09.2024
Property, plant and equipment	26.8
Intangible assets	0.3
Current receivables and other assets	0.4
Cash and cash equivalents	1.4
Total fair value of assets	29.0
Non-current liabilities	15.1
Current liabilities	1.2
Total fair value of liabilities	16.2
Net assets	12.7
Transferred consideration	12.7
thereof previous at-equity share (50%)	6.4
thereof consideration acquired (50%)	6.4

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 differ-

ences are recognised in proﬁt or loss.

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

Foreign currency translation
	2023/24		2022/23
	Exchange rate		Exchange rate
	on the balance		on the balance
Currency	sheet date	Average 1)	sheet date	Average 1)
Albanian lek	98.79000	102.21769	106.68000	112.01423
Bulgarian lew 2)	1.95583	1.95583	1.95583	1.95583
Bahrain dinar	0.42195	0.40908	0.39950	0.40042
Japanese yen	159.75000	162.77692	158.11000	148.73692
Kuwaiti dinar	0.34145	0.33341	0.32740	0.32669
North Macedonian denar	61.49250	61.53430	61.50160	61.58384
Polish złoty	4.27940	4.34257	4.62775	4.61934
Russian rouble	104.13450	98.66355	103.18475	83.21165

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

2) The exchange rate was determined by Bulgarian law

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 as in the previous year, 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

mea s ured at cost and tested annually 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 currently met by the Ashta hydropower plant which is 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 obligation 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 12 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.

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 recog-

nised to proﬁt or loss and reported 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 cancel-

lation option.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 ﬁnan-

cial position when EVN is contractually entitled to receive payment or other ﬁnancial assets from another party.

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 Deriva tive 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) .

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 investments are adjusted by the share of proﬁt or loss attributable to EVN, less any dividends

received, and by EVN’s share of other comprehensive 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). (see notes 30. Share of results from equity accounted investees with operational

nature 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 .

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 and

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

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 optimisation – 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. Positive fair values are recorded

as receivables from derivative transactions (under other non-current assets or under current receivables and other

assets, depending on the term). In contrast, negative fair values are recorded as liabilities from derivative trans actions

(under other non-current liabilities or under other current liabilities, depending on the term). For counterparties with

a master agreement that includes a so-called netting clause, the positive and negative fair values are presented as

net amounts for the respective time periods when net settlement is planned (see note 63. Reporting on financial

instruments).

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 documentation of the hedge relationship, an economic relationship between

the underlying transaction and the hedge as well as an appropriately documented hedging strategy .

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 consoli-

dated 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 instruments 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).

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).

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Fair value hedges are used to hedge currency risks (also see notes 61. Risk managment and 63. Reporting on

financial instruments).

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

trans action, 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, discounted 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 state-

ment 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 consolidated statement of operations.

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 relation-

ship, the Group documents the risk management 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 comprehensive 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 .

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 reclassiﬁed 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 .

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 receivables 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 remaining 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.

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 proﬁt or loss 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.

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 derivative 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 experience-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 Trading Hub Europe (THE) – European Energy Exchange.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 actuarial assumptions – are recognised under other comprehensive

income in accordance with IAS 19.

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.

The calculation of the provisions for severance payments,

service anniversary bonuses, pensions and pension-related

obligations, as in the previous year, was based on the Austrian mortality tables “AVÖ 2018-P – Rechnungsgrundlagen

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

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 pro-

spective beneﬁciaries are covered in part by provisions for pensions as well as by deﬁned contribution payments on

the part of VBV .

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

rating of 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. Eq uity

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 transla-

tion reserve, valuation results from equity instruments (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 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Risk-free interest rates are used for the discount rates. If the risks and uncertainties in cash ﬂows cannot be taken

into consideration adequately, an adapted discount rate is used.

The provisions for service anniversary bonuses required by collective wage and company agreements are measured

sing the same parameters 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 anniversary 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 repre-

sents 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 information on maturities see note 50. Non-current loans and borrowings) .

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.

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 com-

menced 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 recog-

nised. 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.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 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) .

I f a liability can be settled within the next 12 months after the reporting date, this part is classiﬁed as current .

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.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

existence of a payment entitlement between the customer and the contractor. In accordance with IFRS 15.19,

disputed claims represent contract modiﬁcations where the contract parties have not yet agreed on the scope of

performance and/or the price. IFRS 15.56 requires the recognition of supplementary agreements only when they

are highly probable and there is no, or hardly any uncertainty. The probability of a possible revenue reversal increases

according to IFRS 15.57, among others, when the amount of consideration is highly dependent on external factors

or actions by third parties and the uncertainty concerning the amount of consideration exists over a longer period

of time. As soon as the entitlements are recognisable under IFRS 15.56, the amount to be recognised is estimated as

the most likely amount (IFRS 15.53 lit b) due to the absence of a large number of similar contracts.

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.

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. Signiﬁcant 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. Meterreading 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 meterreading 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

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 estimated

total contract costs and possible resulting losses are recognised in proﬁt or loss in the period incurred. The techno-

logical 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.

Assignments in the international project business are generally characterised by ﬁxed prices based on individual

contract terms. Supplementary agreements represent variances between the performance actually provided and

the contractually agreed performance that cannot be directly invoiced due to the existing contract regulations.

An agreement must be reached with the customer over the possibility of invoicing and acceptance.

Supplementary agreements can cover subsequent changes to the contract performance as well as disputed

receivables that result from defective performance.

Agreed changes in performance arise when the customer actively intervenes in the commissioned project and

modiﬁes the scope of performance. These types of changes are generally ordered by the customer prior to their

execution. They represent a contract modiﬁcation in the sense of IFRS 15.18 because all contract parties agree

to the modiﬁcation and/or to the price. In accordance with IFRS 15.21 (b), these changes are recognised as part

of the existing contract because they are not distinct and can be allocated to an existing performance obligation.

Claims to compensation for additional costs caused by defective performance arise when they are within the

customer’s scope of responsibility. The complexity of the projects frequently leads to different opinions over the

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

The following income tax rates were applied in calculating current income taxes:

Corporate income tax rates
%	2023/24	2022/23
Country of residence
Austria	23.0	24.0
Albania	15.0	15.0
Bulgaria	10.0	10.0
Germany 1)	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	22.0	19.0
Czech Republic	21.0	19.0
Cyprus	12.5	12.5

1) The income tax rate varies depending on the applicable assessment rate for trade tax.

EVN utilised the corporate tax group option as of 30 September 2024. 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 .

contract costs and realisable contract revenue as well as the related contract 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 consolidated 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 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 commercial 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 requirements of IAS 36. Due to the long-term nature of

investments in infra structure assets, EVN uses cash ﬂow projections that correspond to the economic useful life

of the respective assets. Impairment tests for hydropower plants are generally based on the assumption that the

concession will be reissued and therefore that the respective sites will exist indeﬁnitely. After a detailed planning

period of four years (previous year: seven years), a rough planning period follows for infrastructure facilities/long-

term projects until the end of the economic useful life, albeit limited to the period in which external electricity price

forecasts are available (currently 2050). As the period of the medium-term planning calculations approved by

management was aligned with the Strategy 2030 in the 2022/23 ﬁnancial year, the detailed planning period was

adjusted one-off to seven years.

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 partici-

pant’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.

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 corporate

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 consoli-

dated ﬁnancial statements are prepared. 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).

Deferred tax assets are recognised only if it is probable that there will be sufficient taxable income or taxable tempo-

rary 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.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Following the termination of the disposal process for the complete disposal of WTE in April 2024, strategic options

for the international project business will continue to be evaluated with a view to concentrating on the energy

business. EVN considers that the criteria for disclosure in accordance with IFRS 5 are not cumulatively met as at the

reporting date.

Impairment tests require estimates, especially for future cash surpluses. A change in the general economic, industry

or company environment may reduce cash surpluses and therefore lead to signs of impairment. The weighted aver-

age 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 structure at market values – was derived

from an appropriate peer group. Given the current volatility on the ﬁnancial markets, the development 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 information 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.

Assumptions and estimates must also be made when measuring companies accounted for using the equity method.

In the 2023/24 ﬁnancial year, signiﬁcant estimates had to be made in particular for the termination price to which

ZOV is entitled due to the termination of the concession agreement for a sewage treatment plant project by the

City of Zagreb and for provisions for impending repayments of price increases in the past as a result of disputed

contractual terms at EVN KG. In this regard, assumptions from concluded proceedings and settlements as well as

expectations regarding the assertion of disputed claims have been included .

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 interest 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.

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. In the case of disputed supplements as a result of changes in performance

or disruptions to performance, receivables are only recognised if the eligibility criteria in accordance with IFRS 15.56

are met. This is the case if it is highly probable that the claims are enforceable. However, the assessment of the eligibil

ity criteria for subsequent events requires considerable discretion. It depends largely on the contractual structure and

the legal assessment of the respective circumstances (see notes 20. Revenue recognition and 25. Revenue) .

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

The majority of EVN’s assets are subject to weather conditions beyond our control due to the generation and

transmission or distribution technologies in use. This applies, in particular, to the in part exposed generation infra-

structure (hydropower and wind power plants, photovoltaic equipment) and also to the transmission and distribution

infrastructure. Climate changes can have a lasting inﬂuence on the hydropower, wind power and photovoltaic offer-

ing over the long term, which could lead to more extreme seasonal and annual deviations in generation. Changing

climatic conditions can also lead to different demand-related behaviour. The declining demand for heating products

will be accompanied by a greater demand for drinking water. In view of the high priority given to climate protection

at EVN, potential climate risks are identiﬁed and assessed as part of the central risk management process. This active

handling of risks can limit the effects on the company or support the conscious perception of opportunities for

additional growth.

The impact of climate change on the recognition and valuation of assets and liabilities is evaluated at regular

intervals. Climate-related earnings ﬂuctuations – whether they result from production differences or changes in

demand – are analysed with sensitivity and scenario calculations as part of the planning process and, after approval

by management, transferred to the forecast calculations. The measures derived from the EVN Climate Initiative also

ﬂow into these calculations which, in total, form the basis for the impairment tests required by IAS 36 (see notes

22. Procedures and effects of impairment tests and 36. Property, plant and equipment). The risks arising

from climate change are also included in the determination of the useful life of depreciable assets (see note

7. Property, plant and equipment), the measurement of inventories (see note 12. Inventories) and the

recognition and measurement of provisions (see note 18. Provisions).

The CO₂ emissions from ten of our electricity generation and heating supply plants are covered by the EU’s emission

rights trading scheme (EU-ETS). In accordance with the EU ETS, we required a total of 239,485 CO

emission certiﬁ-

cates for the 2023 calendar year, some of which were granted free of charge. The required emission certiﬁcates a

were purchased over the wholesale market (see notes 40. Inventories and 57. Current provisions).

Effects of the macroeconomic environment

The macroeconomic remains tense, similar to previous years. The war in Ukraine and other geopolitical developments

are the subject of regular monitoring, especially with regard to the impairment testing of assets under IAS 36 and

IFRS 9 as well as further uncertainty concerning estimates and judgments.

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 adjustments 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 assumptions and estimates for the valua-

tion 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), as well for the usability of tax carry forwards

(see note 51. Deferred taxes). These estimates are based on historical data and other assumptions considered

appropriate under the given circumstances.

Information on climate change

As an energy and environmental services provider, EVN is committed to making a concrete contribution to climate

protection. The company’s strategic considerations include the special requirements created by the energy trans-

formation 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 protection, 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 resulting, 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 initiative (SBTi) and, in this connection, set ﬁve reduction goals for its activities. The EVN Climate

Initiative “EVN for the climate” was launched in 2020/21 to realise these goals. It includes three focal points: the

concrete reduction of CO₂ emissions, expansion of renewable energy capacities, and a contribution by EVN’s

research and development to climate protection. 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. In the 2023/24 ﬁnancial year, the

reduction targets were revised so that they correspond to the 1.5°C. target .

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Apart from price increases on the energy markets and the differing effects on EVN’s activities and business ﬁelds,

investments and operating expenses are also affected by high cost increases. These price increases can possibly

only be passed on to customers with a delay. Macroeconomic developments can also have a – direct and indirect –

negative inﬂuence on the demand for energy and, together with rising costs, have a negative inﬂuence on earnings.

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. Stabilising effects are provided, above all, by EVN‘s integrated

business model and widely diversiﬁed customer portfolio. The EVN Group can, in any event, 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 internal 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 following 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 segment, taking intragroup income and expenses into

account (see note 59. Notes to segment reporting).

The course of the war in Ukraine, in particular, and the geopolitical situation, in general, is uncertain due to the

strained situation and can lead to an increase in energy prices at any time. Moreover, reciprocal sanctions between

the international community of nations and the Russian Federation as well as the potential termination of gas

deliveries from Russia could have a signiﬁcant negative impact on the energy market and exert added pressure on

the macroeconomic environment. The volume of non-Russian gas and strategic gas inventories were increased in

view of this possibility. Measures to support supply security are connected with higher costs and can have a negative

inﬂuence on earnings in individual periods.

The volatile development of energy prices had a negative impact on earnings, above all in the energy supply

business. To protect energy supplies over the long term, EVN successively purchased natural gas supplies and

concluded future and forward contracts for electricity. The decline in the market prices for electricity and

n atural gas subsequently led to negative valuation effects for the recorded natural gas inventories and the

recognition of provisions for contingent losses from onerous customer contracts (see note 30. Share of

results from equity accounted investees with operational nature).

As a consequence of the political developments in Russia, EVN decided in the 2021/22 ﬁnancial year to withdraw

from this market and to sell the two combined heat and power plants in Moscow. The transaction was ﬁnally

approved by the Russian government commission in October 2024 (see note 43. Assets and liabilities

held for sale).

Economic developments have led to an increasing number of insolvencies across Europe. The EVN Group has

included macroeconomic developments in the valuation of receivables through a forward-looking component,

similar to the procedure followed in previous years. EVN determines the impairment losses for trade receivables

in accordance with IFRS 9.B5.5.35 based on regionally differentiated analyses of historical default incidents. The

inclusion of the forward-looking component led to an increase of EUR 5.1m in the impairment loss allowance

for trade receivables in 2023/24 (previous year: EUR 5.0m) (see the section on credit and default risk under note

61. Risk management).

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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. The revenue is presented separately in the following table:

Revenue
EURm	2023/24	2022/23
Revenue from contracts with customers	3,213.4	3,662.9
Other revenue	43.2	105.7
Total	3,256.6	3,768.7

Other revenue includes valuation effects of EUR 6.5m (previous year: EUR 73.7m) 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 recognised operating lease revenue of EUR 36.9m in the 2023/24 ﬁnancial year

(previous year: EUR 32.2m).

The following table shows the revenue from contracts with customers classiﬁed by segment and product:

Revenue
EURm	2023/24	2022/23
Electricity	313.5	437.1
Natural gas	126.9	191.0
Heat	224.8	239.6
Other	71.9	42.4
Energy	737.1	910.1
Electricity	65.4	75.7
Other	55.3	57.0
Generation	120.7	132.8
Electricity	389.3	374.6
Natural gas	88.0	103.0
Other	87.9	86.8
Networks	565.2	564.5
Electricity	1,308.9	1,464.4
Natural gas	7.7	9.9
Heat	11.3	11.9
Other	7.9	13.4
South East Europe	1,335.8	1,499.7
Environmental services	421.7	525.3
Electricity	5.1	4.9
Heat	1.4	1.3
Environment	428.2	531.4
Other	26.4	24.5
All Other Segments	26.4	24.5
Total	3,213.4	3,662.9

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 utilisation plant in Dürnrohr, where revenue is recognised at a speciﬁc point in

time. The related revenue amounted to EUR 55.1m in 2023/24 (previous year: EUR 51.9m).

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

26. Other operating income

Other operating income
EURm	2023/24	2022/23
Income from the reversal of deferred income from network subsidies	58.3	58.3
Own work capitalised	38.1	29.8
Compensation and remunerations	7.0	7.0
Rental income	3.6	3.5
Result from the disposal of intangible assets, and property, plant and equipment	0.7	1.9
Change in work in progress	–1.3	3.6
Miscellaneous other operating income	20.9	23.4
Total	127.3	127.5

The reversal of deferred income from network subsidies in other operating income relates to grants related to the

regulated area.

Miscellaneous other operating income consists, above all, of bonuses, subsidies and services that are not related to

business activities.

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 2024, mainly relate to network subsidies

and performance obligations from the international project business.

In total, the remaining performance obligations amount to EUR 672.5m (previous year: EUR 942.5m) at the balance

sheet date. Of this amount, EUR 599.0m (previous year: EUR 812.4m) 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 ﬁve years, depending on the project. The performance obligations from network

subsidies in the non-regulated area are shown in the following table:

Transaction prices allocated
to remaining performance
obligations		30.09.2024			30.09.2023
EURm	< 1 year	1 – 5 years	> 5 years	< 1 year	1 – 5 years	> 5 years
Network subsidies	7.2	30.4	35.9	7.0	28.1	34.0
Total	7.2	30.4	35.9	7.0	28.1	34.0

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 information on the remaining performance obligations.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

28. Personnel expenses

Personnel expenses
EURm	2023/24	2022/23
Salaries and wages	372.8	331.7
Severance payments	5.6	5.0
Pension costs	11.0	4.8
Compulsory social security contributions and payroll-related taxes	75.8	68.1
Other employee-related expenses	8.7	9.6
Total	473.9	419.2

Personnel expenses include contributions to the VBV Pensionskasse in the amount of EUR 8.6m (previous year:

EUR 7.8m) and contributions to company employee provision funds in the amount of EUR 2.5m (previous year:

EUR 2.1m).

The provisions of § 744 of the Austrian Social Security Act led to a reduction in pension adjustments compared with

previous years and led to a decline of EUR 1.3m (previous year: EUR 4.9m) in pension costs.

The average number of employees was as follows:

Employees by segment 1)
EURm	2023/24	2022/23
Generation	340	298
Networks	1,409	1,340
Energy	385	326
South East Europe	4,163	4,072
Environment	661	654
All Other Segments	610	564
Total	7,568	7,255

1) Average for the year

27. Cost of materials and services

Cost of materials and services
EURm	2023/24	2022/23
Electricity procurement costs	1,118.7	1,229.6
Gas procurement costs	174.1	355.3
Other energy expenses	70.0	90.6
Electricity purchases from third parties and primary energy expenses	1,362.8	1,675.5
Third-party services and other materials and services	565.8	662.7
Total	1,928.6	2,338.2

In the previous year, the cost of materials included valuation effects from derivative contracts in the energy sector in

the amount of EUR 19.8m .

Other energy expenses include, in particular, biomass procurement costs and expenses for the use of purchased

emission certiﬁcates.

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.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

In connection with the Budva project in Montenegro, the Geneva Court of Arbitration issued a judgment that

conﬁrmed previous payments received by WTE but did not recognise any further claims. The outstanding receiv ables

of EUR 22.5m from this project were therefore written off in full. As in previous years, a forward-looking com

ponent

was included in 2023/24 to reﬂect expected future receivables defaults (see note 61. Risk management).

The item Legal and consulting fees. expenses related to process risks also include the change in the provision for

process risks.

The increase in maintenance expenses is due in particular to ﬂood damage. In September 2024, there were severe

storms in eastern Austria, which especially affected Lower Austria. The extreme rainfall led to widespread ﬂooding in

many parts of the province, causing damage (see note 57. Current provisions).

Miscellaneous other operating expenses include environmental protection expenses, fees for monetary transactions,

licenses, membership 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	2023/24	2022/23
EVN KG	–162.3	–240.3
RAG	78.0	79.1
Burgenland Energie	48.3	31.0
Verbund Innkraftwerke	21.4	28.8
Ashta	17.0	11.0
ZOV; ZOV UIP	10.6	10.8
Umm Al Hayman	6.6	6.4
EnergieAllianz	1.9	–3.3
Other companies	9.3	8.7
Total	30.8	–67.6

The average number of employees comprised 97.9% salaried and 2.1% wage employees (previous year: 97.8%

salaried and 2.2% 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	2023/24	2022/23
Write-up/write-off of receivables	36.7	20.7
Business operation taxes and duties	31.2	62.8
Legal and consulting fees, expenses related to process risks	23.6	20.9
Maintenance	24.7	14.7
Transportation and travelling expenses, automobile expenses	13.8	10.9
Telecommunications and postage	13.4	12.6
Advertising expenses	13.3	11.1
Insurance	10.4	9.3
Employee training	3.6	2.5
Miscellaneous other operating expenses	36.5	32.3
Total	212.8	202.2

The Austrian Federal Act on the Energy Crisis Contribution – Electricity introduced a levy of 90% on the surplus

proceeds earned from electricity generation in Austria as of 1 December 2022. The threshold for the calculation

of surplus proceeds was set at EUR 140 per MWh up to 31 May 2023 but reduced to EUR 120 per MWh as of

1 June 2023. The threshold can be increased up to EUR 180 per MWh, respectively EUR 160 per MWh based on

the inclusion of allowable investments in renewable energies and energy efficiency measures. In January 2024,

the Austrian federal government extended the collection period up to 31 December 2024 and increased the

investment-related upper limit for the Energy Crisis Contribution – Electricity to EUR 200 per MWh.

The decline in business operation taxes and duties resulted primarily from a reduction of the levy through surplus

proceeds and the related lower electricity prices. The levy on surplus proceeds from electricity generation in Austria

resulted in expenses of EUR 9.8m (previous year: EUR 31.2m including the solidarity tax in North Macedonia that

were recognised under business operation taxes and duties).

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Depreciation and amortisation and effects from impairment
tests by items of the consolidated statement of financial position
EURm	2023/24	2022/23
Intangible assets	21.7	20.5
Property, plant and equipment	341.4	302.6
Other non-current assets 1)	10.3	20.6
Write-up of property, plant and equipment	–0.3	–3.2
Total	373.2	340.4

1) Depreciation of capitalised contract costs

Depreciation and amortisation and effects from impairment tests
EURm	2023/24	2022/23
Scheduled depreciation and amortisation	348.3	336.5
Effects from impairment tests (impairment) 1)	25.2	7.1
Effects from impairment tests (reversal of impairment) 1)	–0.3	–3.2
Total	373.2	340.4

1) For details, see notes 35. Intangible assets and 36. Property, plant and equipment

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 consolidated

ﬁnancial statements do not include any equity accounted companies of a ﬁnancial nature.

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 increased to EUR 30.8m in

the 2023/24 ﬁnancial year (previous year: EUR –67.6m). This was mainly due to the development of EVN KG

(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.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 7.2m (prior year:

EUR 15.6m).

The interest expense on ﬁnancial liabilities represents regular interest payments on issued bonds and bank loans.

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 48.9m

(previous year: EUR 46.9m).

The increase in the ﬁnancial result was mainly due to the dividend payment by Verbund AG in the amount of

EUR 182.1m .

33. Income tax expense

Income tax expense
EURm	2023/24	2022/23
Current income tax income and expense	28.6	7.3
thereof Austrian companies	12.3	–14.2
thereof foreign companies	16.4	21.5
Deferred tax income and expense	4.8	66.7
thereof Austrian companies	7.0	51.9
thereof foreign companies	–2.1	14.9
Total	33.5 74.0

32. Financial results

32. Financial results
EURm	2023/24	2022/23
Income from investments
Dividend payments	198.7	169.3
thereof Verbund AG	182.1	158.0
thereof Verbund Hydro Power GmbH	13.2	9.1
thereof Wiener Börse AG	1.7	1.5
thereof other companies	1.6	0.8
Valuation results/disposals	0.6	–0.3
Total income from investments	199.3	169.0
Interest results
Interest income on financial assets	1.9	1.9
Other interest income	6.2	14.6
Total interest income	8.1	16.5
Interest expense on financial liabilities	–37.9	–34.0
Interest expense personnel provisions	–12.9	–10.4
Other interest expense	–10.9	–12.9
Total interest expense	–61.8	–57.4
Total interest results	–53.7	–40.9
Other financial results
Results from changes in exchange rates and the disposal of securities from non-current
financial assets	4.7	0.7
Results from changes in exchange rates and the disposal of current financial assets	4.5	2.8
Currency gains/losses	–9.9	–3.9
Other financial results	–9.5	–0.1
Total other financial results	–10.2	–0.5
Financial results	135.3	127.6

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 2023/24, i. e. 178,259,311

(previous year: 178,225,093) (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 differ-

ence between basic and diluted earnings per share. Based on the Group net result of EUR 471.7m for the 2023/24

ﬁnancial year (previous year: EUR 529.7m), earnings per share equalled EUR 2.65 (previous year: EUR 2.97).

Calculation of the effective tax rate
		2023/24		2022/23
Currency		%	EURm	%	EURm
Result before income tax			561.6		656.2
Income tax rate / income tax expense at nominal tax rate		23.0	129.2	24.0	157.5
–	Different corporate income tax rates in other countries	–2.6	–14.6	–3.6	–23.3
–	Effect of tax rate change	–	–0.2	–0.3	–2.2
–	Tax-free income from investments	–15.7	–88.4	–12.5	–82.0
+	Revaluation of deferred taxes	1.7	9.3	3.6	23.6
+	Impairment of goodwill	–	0.3	–	–
–	Tax share valuations and impairment on Group receivables	–0.2	–0.9	–0.1	–0.6
+	Non-deductible expenses	0.5	3.0	0.6	3.7
–	Other tax-free income	–0.3	–1.7	–0.5	–3.2
+	Aperiodic tax increases	0.5	3.0	0.3	1.7
–	Other items	–1.0	–5.5	–0.2	–1.2
Effective tax rate/effective tax expense		6.0	33.5	11.3	74.0

The changes in the recognition and measurement of deferred taxes are mainly due to impairment of deferred tax assets.

The effective tax burden on EVN for the 2023/24 ﬁnancial year amounts to 6.0% of earnings before taxes (previous

year: 11.3%). 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 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 and software 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
2023/24 financial year
		Rights and	Other intangible
EURm	Goodwill	software	assets	Total
Gross value 30.09.2023	216.2	524.1	60.1	800.3
Additions	–	54.9	–	54.9
Disposals	–	–4.6	–	–4.6
Transfers 1)	–	17.6	–	17.6
Change in the scope of consolidation	–	0.3	–	0.3
Gross value 30.09.2024	216.2	592.3	60.1	868.6
Accumulated amortisation 30.09.2023	–213.2	–326.0	–49.9	–589.1
Scheduled amortisation	–	–18.3	–1.8	–20.1
Impairment losses	–1.2	–0.5	–	–1.6
Disposals	–	4.6	–	4.6
Accumulated amortisation 30.09.2024	–214.4	–340.1	–51.7	–606.2
Net value 30.09.2023	3.0	198.1	10.2	211.2
Net value 30.09.2024	1.8	252.2	8.4	262.4

1) The transfers mainly relate to the reclassification of property, plant and equipment to intangible assets,

as the classification as rights is more appropriate .

2022/23 financial year
		Rights and	Other intangible
EURm	Goodwill	software	assets	Total
Gross value 30.09.2022	216.2	487.1	58.9	762.1
Additions	–	40.0	–	40.0
Disposals	–	–3.6	–	–3.6
Transfers	–	–0.2	–	0.2
Change in the scope of consolidation	–	0.7	1.2	1.9
Gross value 30.09.2023	216.2	524.1	60.1	800.3
Accumulated amortisation 30.09.2022	–213.2	–311.3	–46.7	–571.2
Scheduled amortisation		–17.3	–3.1	–20.5
Disposals		2.7		2.7
Accumulated amortisation 30.09.2023	–213.2	–326.0	–49.9	–589.1
Net value 30.09.2022	3.0	175.8	12.1	190.9
Net value 30.09.2023	3.0	198.1	10.2	211.2

The energy hub in Dürnrohr is a cash-generating unit (CGU) in the Generation Segment as part of EVN Wärmekraft-

werke and contains the waste utilisation plant in Zwentendorf as well as the nearby power plant location in Dürnrohr.

Goodwill of EUR 1.2m is allocated to this CGU. Impairment testing led to the full write-off of the EUR 1.2m in goodwill

as well as write-downs of EUR 17.3m to property, plant and equipment. The recoverable amount was determined on

the basis of the value in use and amounted to EUR 77.1m. A WACC after tax of 5.45% was used as the discount rate,

which corresponds to an iteratively derived pre-tax WACC of 7.63%. An increase (decrease) of 0.5 percentage points

in the WACC would have led, ceteris paribus, to a shortfall of EUR 22.3m (shortfall of EUR 13.8m) in the net assets

of the CGU in 2023/24. An increase (decrease) of 5.0 percentage points in the revenue from waste utilisation would

have not resulted, ceterus paribus, in any reduction of value (impairment loss of EUR 70.9m) in 2023/24 .

The rights include EVN’s electricity procurement rights to the Danube power plants in Freudenau, Melk and

Greifenstein. The carrying amount totalled EUR 34.9m as of 30 September 2024 (previous year: EUR 37.6m) and

will be amortised over the expected remaining operating life of the power plants.

A total of EUR 6.6m was invested in research and development during 2023/24 (previous year: EUR 3.9m). Of this

total, EUR 4.2m was capitalised (previous year: EUR 1.1m). In addition, an impairment loss of EUR 0.5m was recog-

nised to a development project based on the conclusion that there would be no future economic benefits for EVN .

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

2022/23 financial year
					Other plants,	Equipment
	Land and		Technical		tools and	under
EURm	buildings	Lines	equipment	Meters	equipment	construction	Total
Gross value 30.09.2022	977.5	4,930.7	2,782.4	320.0	240.5	351.0	9,602.2
Currency translation differences	–	–0.1	–34.3	–	–	–	–34.4
Additions	65.3	166.9	133.2	17.9	34.8	266.7	684.7
Disposals	–3.7	–14.6	–14.0	–9.3	–7.9	–0.6	–50.0
Transfers	43.4	79.2	84.6	0.1	4.6	–211.8	–
Change in the scope of consolidation	1.4	1.9	14.2	–	1.5	4.4	23.3
Gross value 30.09.2023	1,084.0	5,163.9	2,966.1	328.7	273.6	409.7	10,225.9
Accumulated amortisation
30.09.2022	–570.1	–2,784.4	–2,063.0	–126.4	–166.7	–11.3	–5,721.7
Currency translation differences	–	–	34.2	–	–	–	34.2
Scheduled depreciation	–28.3	–131.4	–83.2	–25.6	–26.9	–	–295.4
Impairment losses	–1.4	–4.3	–1.4	–	–	–	–7.1
Revaluation	2.0	0.7	0.5	–	–	–	3.2
Disposals	2.5	14.5	12.6	8.3	8.3	0.4	46.6
Transfers	0.2	0.1	–0.1	–	–	–0.1	0.1
Accumulated amortisation
30.09.2023	–595.1	–2,904.8	–2,100.4	–143.7	–185.2	–10.9	–5,940.2
Net value 30.09.2022	407.5	2,146.3	719.4	193.6	73.9	339.8	3,880.4
Net value 30.09.2023	488.8	2,259.2	865.6	185.0	88.3	398.8	4,285.7

Land and buildings included land with a value of EUR 76.0m (previous year: EUR 71.0m). There was no maximum

amount mortgage as of 30 September 2024.

As in the previous year, no property, plant and equipment or intangible assets were pledged as collateral as of

30 September 2024.

36. Property, plant and equipment

Reconciliation of property, plant and equipment
2023/24 financial year
					Other plants,	Equipment
	Land and		Technical		tools and	under
EURm	buildings	Lines	equipment	Meters	equipment	construction	Total
Gross value 30.09.2023	1,084.0	5,163.9	2,966.1	328.7	273.6	409.7	10,225.9
Currency translation differences	–	0.1	–0.9	–	–	–	–0.7
Additions	24.1	163.0	122.9	23.9	43.1	336.7	713.7
Disposals	–4.0	–90.3	–59.1	–10.0	–22.8	–3.5	–189.7
Transfers 1)	12.7	99.5	97.1	1.5	4.1	–232.7	–17.6
Change in the scope of consolidation	1.5	–	25.2	–	0.1	–	26.8
Gross value 30.09.2024	1,118.3	5,336.2	3,151.3	344.1	298.2	510.3	10,758.4
Accumulated amortisation
30.09.2023	–595.1	–2,904.8	–2,100.4	–143.7	–185.3	–10.9	–5,940.2
Currency translation differences	–	–	0.9	–	–	–	0.8
Scheduled depreciation	–31.5	–137.5	–91.1	–26.4	–31.3	–	–317.9
Impairment losses	–7.9	–1.9	–11.6	–	–0.2	–2.0	–23.6
Revaluation	0.1	0.1	0.1	–	–	–	0.3
Disposals	3.6	90.0	58.4	8.4	22.1	2.3	184.8
Transfers	–	9.8	–9.9	–	0.1	–	–
Change in the scope of consolidation	–	–	0.5	–	–	–	–
Accumulated amortisation
30.09.2024	–630.9	–2,944.4	–2,153.7	–161.7	–194.5	–10.7	–6,095.8
Net value 30.09.2023	488.8	2,259.2	865.6	185.0	88.3	398.8	4,285.7
Net value 30.09.2024	487.4	2,391.9	997.7	182.4	103.7	499.6	4,662.6

1) The transfers mainly relate to the reclassification of property, plant and equipment to intangible assets,

as the classification as rights is more appropriate .

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

2023/24 financial year
	Land and		Technical	Other plants, tools
EURm	buildings	Lines	equipment	and equipment	Total
Rights of use 30.09.2023	76.5	17.7	0.1	1.3	95.6
Additions	5.1	4.0	0.4	0.2	9.8
Scheduled depreciation	–7.3	–0.7	–0.3	–0.4	–8.7
Disposals	–	–	–	–0.3	–0.3
Transfers	0.2	0.2	–	–	0.4
Change in the scope of consolidation	0.6	–	–	–	0.7
Rights of use 30.09.2024	75.2	21.3	0.2	0.8	97.5
2022/23 financial year	Land and		Technical	Other plants, tools
EURm	buildings	Lines	equipment	and equipment	Total
Rights of use 30.09.2022	58.4	14.8	0.3	0.5	74.0
Additions	24.2	3.5	–	1.1	28.7
Scheduled depreciation	–6.5	–0.6	–0.3	–0.4	–7.7
Disposals	–0.7	–	–	–	–0.7
Transfers	–0.1	–	0.2	–0.1	–
Change in the scope of consolidation	1.2	–	–	–	1.3
Rights of use 30.09.2023	76.5	17.7	0.1	1.3	95.6

The determination of the rights of use and corresponding lease liabilities includes all sufficiently probable cash

outflows. The cash outflows from leases totalled EUR 21.1m (previous year: EUR 19.9m) in 2023/24. The consoli-

dated statement of operations contains EUR 3.7m (previous year: EUR 3.4m) of expenses from unrecognised leases,

which include expenses from low-value leases, expenses from short-term leases (less than 12 months) and expenses

from variable lease payments that were not included in the lease liability. The interest expense for lease liabilities

totalled EUR 1.4m (previous year: EUR 1.3m) in 2023/24. The difference between the cash outflows presented here

and the payments for lease liabilities resulted primarily from advance rental payments made in 2023/24. 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.

The impairment testing of assets in accordance with IAS 36 led to the recognition of the following impairment

losses and write-ups in 2023/24:

The impairment test of the CGU “Dürnrohr/Zwentendorf” resulted in a full impairment of goodwill and an impairment

of property, plant and equipment in the amount of EUR 17.3m (also see note 35. Intangible assets).

Wind parks and photovoltaic plants attributable to EVN Naturkraft that are not covered by the subsidy scheme

were tested for impairment due to a decline in short-term forward electricity prices. In the Generation Segment, this

led to the recognition of an impairment loss of EUR 1.4m to a photovoltaic plant. The recoverable amount was

determined on the basis of the value in use and amounted to EUR 5.1m. A WACC after tax of 5.18% was used as

the discount rate, which corresponds to an iteratively derived pre-tax WACC of 6.18%.

Various heating plants attributable to EVN Wärme in the Energy Segment were tested for impairment in 2023/24

due to a deterioration in the economic environment. The related calculations led to the recognition of an impairment

loss of EUR 2.5m to one plant and to a revaluation of EUR 0.3m to another plant. The recoverable amount was

determined on the basis of the value in use and amounted to EUR 9.0m. A WACC after tax ranging from 5.22% to

5.27% was used as the discount rate, which corresponds to an iteratively derived pre-tax WACC of 6.19%.

In addition, impairment losses of EUR 2.2m were recognised on property, plant and equipment in the financial

year 2023/24, as no future inflow of benefits is expected.

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 97.5m (previous year: EUR 95.6m) were contrasted by lease liabilities with a present value of

EUR 78.8m (previous year: EUR 80.2m) as of 30 September 2024. The short-term portion of the lease liabilities

equalled EUR 8.5m (previous year: EUR 8.8m).

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 2023/24 led to an addition of EUR 9.8m (previous

year: EUR 28.6m). 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:

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

2022/23 financial year
EURm
Gross value 30.09.2022	968.3
Additions	329.6
Disposals	–5.8
Gross value 30.09.2023	1,292.2
Accumulated amortisation 30.09.2022	1,419.7
Currency translation differences	–2.5
Change in the scope of consolidation	0.9
Revaluation	11.1
Proportional share of results	–78.7
Dividends	–105.3
Changes recognised in other comprehensive income	–1,434.0
Accumulated amortisation 30.09.2023	–188.9
Net value 30.09.2022	2,388.0
Net value 30.09.2023	1,103.4

The shares held by third parties in EVN-ECOWIND Sonnenstromerzeugungs GmbH, which was previously consolidated

at equity, were acquired in full in the 2023/24 financial year and included in the consolidated financial statements

of EVN AG for the first time as of 30 September 2024 by way of full consolidation. (also see note 4. Scope of

consolidation).

Due to lower country risk premiums as at 30 September 2024, a reversal of an impairment loss of EUR 16.8m was

recognised for the at-equity investment in the Ashta hydropower plant. The recoverable amount for EVN’s share was

determined on the basis of the value in use and amounted to EUR 52.9m. The discount rate used was a WACC after

tax of 7.54% for the regulated period and 7.72% for the non-regulated period, which corresponds to an iteratively

derived WACC before tax of 8.76% (also see note 30. Share of results from equity accounted investees with

operational nature).

Due to the City of Zagreb exercising a contractually agreed right to terminate the concession agreement for a waste-

water treatment plant project, which originally ran until 2028, the equity accounted investee project company ZOV

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 98. 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
2023/24 financial year
EURm
Gross value 30.09.2023	1,292.2
Additions	–
Disposals	–
Change in the scope of consolidation	–2.7
Gross value 30.09.2024	1,289.5
Accumulated amortisation 30.09.2023	–188.9
Currency translation differences	–1.2
Change in the scope of consolidation	–3.7
Revaluation	18.3
Proportional share of results	12.5
Dividends	–140.8
Changes recognised in other comprehensive income	158.2
Accumulated amortisation 30.09.2024	–145.6
Net value 30.09.2023	1,103.4
Net value 30.09.2024	1,144.0

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

In the Networks Segment, the valuation of the investment in AGGM Austrian Gas Grid Management AG based on

the discounted cash flow method resulted in the recognition of a write-up of EUR 0.3m. 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 3.3m.

A WACC after tax of 4.54% 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 the

publicly available annual financial statements for 2020–2023 and a forecast for the 2024 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 a write-up of EUR 0.8m in 2023/24. 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 31.3m. A WACC after tax of 6.37% 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	30.09.2024	30.09.2023
Non-current financial assets
Securities	78.5	71.0
Loans receivable	26.0	25.0
Lease receivables	8.7	10.1
Receivables arising from derivative transactions	1.1	11.7
Receivables and other assets	23.0	25.3
Non-current other assets
Contract assets	3.8	2.4
Contract costs	5.2	15.5
Primary energy reserves	0.8	0.8
Remaining other non-current assets	10.3	12.4
Total	157.5	174.3

handed over the central wastewater treatment plant planned, built, financed and operated by WTE to the City

of Zagreb on August 3, 2024. This also marked the end of the operational management of the operating company

ZOV UIP, which was also accounted for using the equity method. A receivable from the City of Zagreb was

recognized

when the plant was handed over.

The at-equity investment in EnergieAllianz has a carrying amount of EUR 0.0m as at September 30, 2024. Negative

results in the amount of EUR 3.4m (previous year: EUR 34.1m) were not taken into account as they would have led

to a negative carrying amount.

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 11.2m in 2023/24 (previous year: EUR 7.0m). The other invest-

ments classified as FVOCI consist primarily of shares in Verbund AG with a value of EUR 3,269.2m (previous year:

EUR 3,381.1m) and miscellaneous other investments of EUR 161.7m (previous year: EUR 167.4m). 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.

The valuation of the investment in Verbund Hydro Power AG in 2023/24 based on the discounted cash flow method

resulted in an impairment loss of EUR 6.7m 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 126.1m. A WACC after

tax of 5.17% was used as the discount rate, which corresponds to an iteratively derived WACC before tax of 7.05%.

The present value model underlying the valuation is based on publicly available information from the annual financial

statements and, according to available data for electricity prices, forecasts the development of the years up to 2050

and a perpetual yield without a growth rate.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Current assets

40. Inventories

Inventories
EURm	30.09.2024	30.09.2023
Primary energy inventories	47.3	67.6
CO 2 emission certificates	11.3	13.6
Raw materials, supplies, consumables and other inventories	49.8	47.8
Customer orders not yet invoiced	7.7	8.8
Total	116.2	137.7

Primary energy inventories consist primarily of natural gas. Gas inventories totalled EUR 40.9m as of

30 September 2024 (previous year: EUR 61.0m).

Part of the natural gas inventories are measured according to the broker-trader exception 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 5.7m (previous year: EUR 48.1m) as of

30 September 2024. Negative changes in the market value resulted in a revaluation through profit or loss of less

than EUR 0.1m (previous year: EUR –10.5m) as of 30 September 2024.

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).

Valuation allowances of EUR 0.2m were recognised to inventories in 2023/24 (previous year: EUR 0.9m) and were

contrasted by revaluations of EUR 0.3m (previous year: EUR 0.2m). The inventories are not subject to any restric-

tions on disposal or other encumbrances .

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.

The reconciliation of the future minimum lease payments to their present value is as follows:

Terms to maturity of
non-current lease receivables
			Remaining term to maturity as of 30.09.2024			Remaining term to maturity as of 30.09.2023
	Principal	Interest		Principal	Interest
EURm	components	components	Total	components	components	Total
< 5 years	8.7	0.6	9.3	8.9	0.7	9.6
> 5 years	–	–	–	1.2	0.1	1.3
Total	8.7	0.6	9.3	10.1	0.8	10.9

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 2023/24 were reported

as interest income on non-current assets.

Receivables and other assets include claims from trade receivables in North Macedonia that are reported under

non-current assets as a result of instalment plan agreements. In addition, non-current receivables from the Bulgarian

Post in the amount of EUR 16.3m are included.

Contract costs represent the costs for obtaining contracts, as defined in IFRS 15.91, and are related to the inter-

national project business. Contract costs totalling EUR 86.7m were capitalised in financial 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 10.3m (previous year: EUR 20.6m)

in the financial year 2023/24, the book value decreased to EUR 5.2m (previous year: EUR 15.5m) (see note

31. Depre ciation and amortisation and effects from impairment tests).

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

resulted primarily from contract orders in the international project business. In 2023/24, as in the previous year,

no impairments were recognised in connection with contract assets.

As of 30 September 2024, as in the previous year, no receivables were pledged as collateral for EVN’s own liabilities .

42. Securities and other financial investments

Composition of securities and other financial investments
EURm	30.09.2024	30.09.2023
Funds	159.9	229.5
thereof cash funds	159.7	229.3
thereof other fund products	0.2	0.2
Time deposits	–	14.1
Restricted cash	12.1	22.9
Total	172.0 266.5

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

With its two fully consolidated subsidiaries OOO EVN Umwelt Service and OOO EVN Umwelt, EVN operates two

sewage sludge-fired combined heat and power plants in Moscow. These are allocated to the Environment Segment.

As a result of the war in Ukraine, the risk of an orderly continuation of business operations in Russia is more difficult

to calculate. In view of these developments, EVN reviewed possible exit scenarios in the 2021/22 financial year and

decided to sell the companies.

EVN had originally assumed that the sale would take place in the 2022/23 financial year, but there were unexpected

delays due to additional requirements and bureaucratic hurdles. Although the agreement with the buyer had already

been reached in the first quarter of the 2022/23 financial year, the mandatory approval of the Russian government

41. Trade and other receivables

Trade and other receivables
EURm	30.09.2024	30.09.2023
Financial assets
Trade accounts receivable	250.2	331.2
Receivables from investments in equity accounted investees	40.6	147.7
Receivables from non-consolidated subsidiaries	1.6	3.1
Receivables from employees	0.1	10.0
Receivables arising from derivative transactions	25.8	69.1
Lease receivables	2.0	2.2
Other receivables and assets	109.3	155.8
	429.5	719.1
Other receivables
Taxes and levies receivable	68.9	58.1
Prepayments	109.0	128.0
Contract assets	229.6	178.4
	407.6	364.5
Total	837.5	1,083.6

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 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 developement in contract assets

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

commission was still pending. Due to the lengthy approval process, the current difficult competitive situation in

Russia and the conditions resulting from the government commission's decision, EVN AG agreed a price reduction

with the buyer.

EVN meets all the prescribed requirements for the sale of the companies and assumes that the closing will now take

place within the next 12 months in any case. The assets and liabilities in connection with the disposal group are

therefore reported as current as at 30 September 2024 in accordance with IFRS 5.

Impairment losses of EUR 0.6m were recognised in other operating expenses as at 30 September 2024. Impairment

losses on property, plant and equipment and intangible assets amounting to EUR 0.1m were also recognised. In

addition, cash and cash equivalents in the amount of EUR 6.4m had to be derecognized. The derecognition was

recognised in profit or loss in the financial result (also see note 32. Financial result).

Other comprehensive income includes cumulative expenses in connection with the disposal group. As at the balance

sheet date, the difference from currency translation amounted to EUR –5.6m (previous year: EUR –5.4m). As of

30 September 2024, the disposal group was measured at fair value less costs to sell and comprised the following

assets and liabilities:

Assets and liabilities held for sale
EURm	30.09.2024	30.09.2023
Current assets	2.0	5.8
Assets held for sale	2.0	5.8
Current liabilites	0.5	0.4
Liabilities held for sale	0.5	0.4

Current assets include EUR 2.0m (previous year: EUR 4.9m) of bank deposits which are subject to disposal restrictions

due to the sanctions imposed by the Russian Federation.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Liabilities

Equity

The development of equity in 2023/24 and 2022/23 is shown on page 25.

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 205.9m (previous year:

EUR 205.2m) from capital increases and unappropriated capital reserves of EUR 58.3m (previous year: EUR 58.3m),

both in accordance with Austrian stock corporation law.

46. Retained earnings

Retained earnings of EUR 3,685.4m (previous year: EUR 3,417.0m) 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	2023/24
Reported result for the period 2023/24	265.7
Plus retained earnings from the 2022/23 financial year	0.5
Less additions to voluntary reserves	–105.0
Distributable result for the period	161.2
Proposed dividend	–160.5
Retained earnings for the 2024/25 financial year	0.7

Liabilities do not include the dividend of EUR 0.90 per share for the 2023/24 financial year which will be proposed to

the Annual General.

The 95

Annual General Meeting on 1 February 2024 approved a proposal by the Executive Board and the

Super visory Board to distribute a dividend of EUR 0.52 per share plus an one-time special dividend of EUR 0.62 per

share for the 2022/23 financial year. This resulted in a total dividend payment of EUR 203.2m. Ex-dividend day was

6 February 2024, dividend payment day was 9 February 2024 .

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 1.5m (previous year: EUR –0.9m) for the share of

changes in the valu ation reserves that are attributable to non-controlling interests (see Consolidated statement of

comprehensive income, page 23).

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

48. Treasury shares

A total of 23,876 treasury shares were sold during the reporting year to permit their issue as a special payment in

accordance with a company agreement (previous year: 36,287 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
30.09.2022	179,878,402	–1,659,357	178,219,045
Purchase of treasury shares	–	–	–
Disposal of treasury shares	–	36,287	36,287
30.09.2023	179,878,402	–1,623,070	178,255,332
Purchase of treasury shares	–	–	–
Disposal of treasury shares	–	23,876	23,876
30.09.2024	179,878,402	–1,599,194	178,279,208

The weighted average number of shares outstanding, which is used as the basis for calculating earnings per share,

equals 178,259,311 shares (previous year: 178,225,093 shares).

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.

Valuation reserves
		30.09.2024			30.09.2023
EURm	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	2,969.6	–682.9	2,286.7	3,087.0	–709.9	2,377.1
Cash flow hedges	–9.2	4.7	–4.5	28.9	–3.3	25.6
Remeasurements IAS 19	–128.1	28.7	–99.4	–99.6	22.3	–77.3
Investments in equity accounted
investees	–45.2	14.5	–30.7	–204.9	53.5	–151.3
Total	2,787.1	–635.0	2,152.2	2,811.4	–637.4	2,174.0

In 2023/24, cash flow hedges totalling EUR –84.3m (previous year: EUR –15.4m) were transferred from other

comprehensive income to the consolidated statement of operations. The year-on-year change resulted, above all,

from the portfolio hedge electricity 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 ineffectiveness of the hedges an

amount of EUR 0.1m (previous year: EUR 0.0m) was recognised in profit or loss .

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Non-current liabilities

50. Non-current loans and borrowings

Breakdown of non-current
loans and borrowings
				Carrying	Carrying
	Nominal			amount	amount	Fair value
	interest			30.09.2024	30.09.2023	30.09.2024
	rate (%)	Term	Nominal amount	EURm	EURm	EURm
Bonds				469.7	469.5	436.4
EUR bond	4.125	2012 – 2032	EUR 100.0m	98.9	98.8	106.1
EUR bond	4.125	2012 – 2032	EUR 25.0m	24.8	24.8	26.5
EUR bond	0.850	2020 – 2035	EUR 101.0m	101.0	101.0	76.2
Registered bond	2.005	2022 – 2034	EUR 5.0m	5.0	5.0	4.4
Registered bond	2.440	2022 – 2037	EUR 150.0m	150.0	150.0	131.7
Registered bond	3.900	2022 – 203 8	EUR 90.0m	90.0	90.0	91.5
Bank loans
(incl. promissory note loans) 1)	0.00 –4.99	until 2068	–	518.1	633.9	514.4
Total				987.8	1,103.5	950.8

1) In the 2023/24 financial year, a reclassification was made to current financial liabilities in the amount of EUR 161.2m .

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			30.09.2024			30.09.2023
EURm	RBG	BUHO	EVN Macedonia	RBG	BUHO	EVN Macedonia
Subsidiaries
Non-controlling interests (%)	49.97	26.37	10.00	49.97	26.37	10.00
Carrying amount of non-controlling interests	219.1	58.2	34.5	216.1	48.7	33.9
Result attributable to non-controlling interests	39.3	12.8	2.6	39.7	8.2	–0.1
Dividends attributable to non-controlling interests	35.1	3.0	–	25.0	2.7	–
Statement of financial position
Non-current assets	437.4	256.9	431.9	431.7	221.1	399.2
Current assets	0.8	10.6	59.3	0.4	10.4	67.3
Non-current liabilities	–	1.0	93.9	–	1.0	94.4
Current liabilities	0.2	–	19.1	–	–	19.8
		2023/24			2022/23
Statement of operations
Revenue	–	–	0.3	–	–	0.3
Result after income tax	78.7	48.7	25.7	79.4	31.2	5.4
Net cash flows
Net cash flow from operating activities	70.8	11.6	57.6	50.4	11.3	111.0
Net cash flow from investing activities	–	–	–50.1	–	–	–40.9
Net cash flow from financing activities	–70.3	–11.4	–10.0	–50.0	–10.4	–20.9

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

51. Deferred taxes

Deferred taxes
EURm	30.09.2024	30.09.2023
Deferred tax assets
Employee-related provisions	–29.5	–25.2
Tax loss carryforwards	–1.5	–6.8
Investment depreciation	–12.0	–15.2
Property, plant and equipment	–14.8	–8.5
Provisions	–13.8	–7.3
Financial instruments	–1.0	–8.7
Other assets	–24.0	–31.1
Other liabilities	–21.5	–8.4
Deferred tax liabilities
Property, plant and equipment	153.1	113.7
Intangible assets	4.5	1.9
Investments	683.2	697.1
Provisions	0.7	5.0
Financial instruments	6.2	18.6
Other assets	4.0	4.8
Other liabilities	1.6	5.0
Total	735.2	735.1
thereof deferred tax assets	–31.1	–50.9
thereof deferred tax liabilities	766.3	785.9

The maturity structure of the non-current loans and borrowings is as follows:

Maturity of non-current
loans and borrowings
			Remaining term to maturity as of 30.09.2024			Remaining term to maturity as of 30.09.2023
EURm	< 5 years	> 5 years	Total	< 5 years	> 5 years	Total
Bonds	–	469.7	469.7	–	469.5	469.5
thereof fixed interest	–	469.7	469.7	–	469.5	469.5
thereof variable interest	–	–	–	–	–	–
Bank loans	136.6	381.5	518.2	203.3	430.6	633.9
thereof fixed interest	131.7	276.5	408.2	199.7	325.6	525.3
thereof variable interest	4.9	105.0	109.9	3.6	105.0	108.6
Total	136.6	851.2	987.8	203.3	900.1	1,103.5

Bonds

All bonds involve bullet repayment on maturity.

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, as well as 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 247.0m) 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 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

52. Non-current provisions

Non-current provisions
EURm	30.09.2024	30.09.2023
Provisions for pensions	191.5	177.0
Provisions for pension-related obligations	27.1	23.6
Provisions for severance payments	77.6	74.1
Other non-current provisions	98.4	93.1
Total	394.6	367.7

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 for the measurement of the provision for pensions and pension-related obligations was set at

3.4% as of 30 September 2024 (previous year: 4.3%). Provisions for severance payments are measured at an interest

rate of 3.3% (previous year: 4.3%). The different discount rates result from the different duration of the personnel

provisions.

The following parameters are applied:

• Austrian mortality tables AVÖ 2018-P – Rechnungsgrundlagen für die Pensionsversicherung

• Remuneration increases and pension icreases for the following year: 4.0% (previous year: 7.0%)

• Remuneration increases and pension icreases for the year 2026: 2.75% (previous year: 3.5%)

• Remuneration increases and pension icreases for subsequent years: 2.25% (previous year: 2.25%)

Deferred taxes developed as follows:

Changes in deferred taxes
EURm	2023/24	2022/23
Deferred taxes on 01.10.	735.1	1,071.1
– Changes recognised directly in equity resulting from currency translation differences
and other changes	–2.3	–1.7
– Changes in deferred taxes recognised through profit and loss	4.8	66.7
– Changes in deferred taxes recognised directly in equity from the valuation reserve	–2.4	–401.0
Deferred taxes on 30.09.	735.2	735.1

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 80.0m (previous year: EUR 75.1m) related to loss carryforwards

were not recognised because they are not expected to be used within the foreseeable future. Of this total,

EUR 8.8m will expire during the next five years (previous year: EUR 8.6m). The remaining loss carryforwards that

were not capitalised can be carried forward for an indefinite period of time.

Deferred tax liabilities of EUR 134.2m (previous year: EUR 110.1m) on temporary differences of EUR 511.3m ( p revious

year: EUR 407.2m) were not recognised because these differences will remain tax-free in the foreseeable future.

These temporary differences arise from differences 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 –35.0m; previous year: EUR –51.8m), associates (EUR 39.0m; previous year: EUR 343.2m) and employee- related

provisions (EUR –6.4m; previous year: EUR –6.0m).

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

As of 30 September 2024, the weighted average remaining term equalled 14.4 years for the pension-related

obligations (previous year: 13.6 years). The payments for pension-related obligations are expected to total EUR 1.5m

in 2024/25 (previous year: EUR 2.0m).

Reconciliation of the provision for severance payments
EURm		2023/24	2022/23
Present value of severance payment obligations (DBO) as of 01.10.		74.1	69.7
+	Service costs	2.4	2.4
+	Interest costs	3.3	2.5
–	Severance payments	–7.7	–8.5
–	Transfers	0.1	–0.1
+ /– Actuarial loss/gain		5.4	8.1
thereof
Financial assumptions		3.6	–3.4
Assumptions based on experience		1.8	11.5
Present value of severance payment obligations (DBO) as of 30.09.		77.6	74.1

As of 30 September 2024, the weighted average remaining term of the severance payment obligations

equalled 5.6 years (previous year: 5.8 years). Severance payments are expected to total EUR 9.2m in 2024/25

(previous year: EUR 10.1m).

Reconciliation of provisions for pensions
EURm		2023/24	2022/23
Present value of pension obligations (DBO) as of 01.10.		177.0	172.0
+	Service costs	–0.4	–4.0
+	Interest costs	7.6	6.4
–	Payments	–12.2	–12.3
+ /– Actuarial loss/gain		19.5	14.9
thereof
Financial assumptions		18.5	–1.5
Assumptions based on experience		1.0	16.4
Present value of pension obligations (DBO) as of 30.09.		191.5	177.0

As of 30 September 2024, the weighted average remaining term equalled 11.9 years for the pension obligations

(previous year: 11.0 years). Pension payments are expected to total EUR 12.3m in 2024/25 (previous year: EUR 12.3m).

Reconciliation of the provisions
for pension-related obligations
EURm		2023/24	2022/23
Present value of the provisions for pension-related obligations (DBO) as of 01.10.		23.6	20.2
+	Service costs	0.2	0.2
+	Interest costs	1.0	0.8
–	Payments	–1.3	–2.2
+ /– Actuarial loss/gain		3.6	4.6
thereof
Financial assumptions		3.1	–2.0
Assumptions based on experience		0.5	6.6
Present value of the provisions for pension-related obligations (DBO) as of 30.09.		27.1	23.6

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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
	Service	Rents		Environmental	Other
	anniversary	for network	Process costs	and disposal	non-current
EURm	bonuses	access	and risks	risks	provisions	Total
Carrying amount 01.10.2023	21.0	6.8	2.3	57.0	6.0	93.1
Interest expense	1.0	–0.1	0.7	1.6	–	3.2
Use	–1.7	–	–0.3	–0.7	–1.6	–4.3
Release	–	–6.0	–1.5	–1.2	–3.6	–12.3
Additions	3.7	0.2	4.2	6.3	7.8	14.0
Reclassification	–1.6	2.9	–0.8	–0.6	–4.1	–4.3
Change in scope of consolidation	–	–	–	0.9	–	0.9
Carrying amount 30.09.2024	22.3	3.7	4.5	63.3	4.6	98.4

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

19 years. Reclassifications consist chiefly of a transfer from the current to the non-current section due to the adjust-

ment of estimates for the time required to meet renaturation obligations.

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
		30.09.2024		30.09.2023
		Decrease in	Increase in	Decrease in	Increase in
	Change in	assumption/	assumption/	assumption/	assumption/
%	assumption	change in DBO	change in DBO	change in DBO	change in DBO
Interest rate	0.50	6.24	–5.57	5.69	–5.16
Remuneration increases	1.00	–1.20	1.33	–1.17	1.24
Pension increases	1.00	–9.55	11.59	–8.86	10.58
Remaining life expectancy	1 year	–4.38	4.46	–4.19	4.24

Sensitivity analysis for provision for
pension-related obligations
		30.09.2024		30.09.2023
		Decrease in	Increase in	Decrease in	Increase in
	Change in	assumption/	assumption/	assumption/	assumption/
%	assumption	change in DBO	change in DBO	change in DBO	change in DBO
Interest rate	0.50	7.56	–6.73	7.07	–6.32
Pension increases	1.00	–11.49	14.19	–10.71	13.10
Remaining life expectancy	1 year	–3.48	3.50	–3.21	3.21

Sensitivity analysis for provision for
severance payments
		30.09.2024		30.09.2023
		Decrease in	Increase in	Decrease in	Increase in
	Change in	assumption/	assumption/	assumption/	assumption/
%	assumption	change in DBO	change in DBO	change in DBO	change in DBO
Interest rate	0.50	2.83	–2.69	2.90	–2.75
Remuneration increases	1.00	–5.43	5.91	–5.61	6.12

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Term to maturity of other
non-current liabilities
			Remaining term to maturity as of 30.09.2024			Remaining term to maturity as of 30.09.2023
EURm	< 5 years	> 5 years	Total	< 5 years	> 5 years	Total
Liabilities from derivative transactions	0.4	–	0.4	8.4	–	8.4
Leasing liabilities	35.4	34.9	70.2	22.4	48.9	71.3
Remaining other non-current liabilities	11.1	2.0	13.1	5.9	3.3	9.3
Total	46.9	36.9	83.8	36.8	52.3	89.1

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	30.09.2024	30.09.2023
Bonds	–	77.8
Bank loans	126.1	215.4
Bank overdrafts and other current loans	–	50.0
Total	126.1	343.2

The JPY bond in the amount of EUR 76.1m included in current financial liabilities in the previous year was repaid in

full on 9 January 2024.

Loans amounting to EUR 117.3m (previous year: EUR 293.2m) were reclassified to current financial liabilities as they

are due within the next 12 months.

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
	Network subsidies	Network subsidies
EURm	(IFRS 15)	(regulated business)	Investment subsidies	Total
Carrying amount 01.10.2023	62.1	554.2	66.9	683.3
Additions	10.7	105.0	5.6	121.3
Reclassification	–6.5	–69.6	–4.7	–80.8
Changes in the scope of consolidation	–	–	2.3	2.3
Carrying amount 30.09.2024	66.3	589.7	70.1	726.1

54. Other non-current liabilities

Other non-current liabilities
EURm	30.09.2024	30.09.2023
Liabilities from derivative transactions	0.4	8.4
Leasing liabilities	70.2	71.3
Remaining other non-current liabilities	13.1	9.3
Total	83.8	89.1

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 .

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

58. Other current liabilities

Other current liabilities
EURm	30.09.2024	30.09.2023
Financial liabilities
Liabilities to investments in equity accounted investees	79.5	28.8
Liabilities to non-consolidated subsidiaries	14.5	12.4
Deferred interest expenses	12.3	14.5
Liabilities arising from derivative transactions	9.3	30.6
Leasing liabilities	8.5	8.8
Other financial liabilities	102.8	176.9
	226.9	272.2
Other liabilities
Contract liabilities	47.0	29.2
Prepayments received	61.2	64.6
Deferred income from network subsidies	71.0	67.7
Liabilities relating to social security	12.8	13.6
Energy taxes	2.0	0.9
Value added tax	14.7	14.3
Other taxes and duties	16.2	34.7
	225.0	224.9
Total	451.9	497.1

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 and

forward exchange transactions for environmental infrastructure projects .

56. Trade payables

Trade payables include obligations resulting from outstanding invoices amounting to EUR 131.9m (previous year:

EUR 149.0m) .

57. Current provisions

Reconciliation of current provisions
	Personnel	Rents for		Other current
EURm	entitlements	network access	Process risks	provisions	Total
Carrying amount 01.10.2023	87.1	2.9	1.6	42.9	134.4
Currency translation effects	–	–	–	0.1	0.1
Use	–12.0	–	–0.7	–34.0	–46.6
Release	–	–	–	–4.4	–4.4
Additions	20.7	–	–	17.4	38.2
Reclassification	1.6	–2.9	0.8	4.9	4.4
Carrying amount 30.09.2024	97.4	–	1.8	27.0	126.1

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 2.8m as of the balance sheet date (previous year: EUR 3.5m).

Provisions for contingent losses of EUR 20.8m (previous year: EUR 24.2m) 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.

As a result of the flood damage in September 2024, other current provisions of EUR 5.7m were recognised for

maintenance measures on uninsured assets that are subject to a supply contract (see note 29. Other operating

expenses).

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Other financial liabilities include, in particular, liabilities related to capitalised contract costs, energy deferrals,

liabilities to employees and deposits received.

Contract liabilities mainly relate to advance payments received from customers from the international project

business for which revenue was recognised over a certain period of time. The contract liabilities of EUR 29.2m

reported in the previous year were recognized as revenue in the 2023/24 financial year .

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Segment reporting

Segment reporting
		Energy		Generation		Networks		South East Europe		Environment		All Other Segments		Consolidation 1)		Total
EURm	2023/24	2022/23	2023/24	2022/23	2023/24	2022/23	2023/24	2022/23	2023/24	2022/23	2023/24	2022/23	2023/24	2022/23	2023/24	2022/23
External revenue	780.3	1,015.9	120.7	132.8	565.2	564.5	1,335.8	1,499.7	428.2	531.4	26.4	24.5	–	–	3,256.6	3,768.7
Internal revenue
(between segments)	19.5	19.3	305.3	349.2	78.5	73.4	2.5	1.6	0.5	0.7	95.8	83.9	–502.1	–528.1	–	–
Total revenue	799.8	1,035.2	426.0	481.9	643.7	637.9	1,338.3	1,501.2	428.7	532.2	122.2	108.4	–502.1	–528.1	3,256.6	3,768.7
Operating expenses	–703.4	–859.9	–212.7	–224.2	–381.7	–402.6	–1,139.6	–1,261.8	–414.9	–488.4	–134.0	–120.1	498.2	524.8	–2,488.0	–2,832.1
Share of results from equity accounted investees
operational	–156.5	–238.8	43.7	42.7	–	–	–	–	17.3	18.3	126.3	110.2	–	–	30.8	–67.6
EBITDA	–60.1	–63.6	257.0	300.4	262.0	235.4	198.8	239.4	31.0	62.2	114.6	98.5	–3.9	–3.4	799.4	869.0
Depreciation and amortisation	–30.2	–26.6	–67.5	–45.4	–168.8	–156.8	–84.0	–79.9	–23.8	–32.7	–2.7	–2.5	3.9	3.4	–373.2	–340.4
thereof impairment losses	–4.2	–5.8	–21.0	–1.1	–	–	–	–	–0.1	–0.3	–	–	–	–	–25.2	–7.1
thereof revaluation	0.3	1.6	–	–	–	–	–	–	–	1.6	–	–	–	–	0.3	3.2
Results from operating
activities (EBIT)	–90.3	–90.1	189.5	255.0	93.2	78.6	114.7	159.5	7.2	29.5	111.9	96.0	–	–	426.2	528.5
EBIT margin (%)	–11.3	–8.7	44.5	52.9	14.5	12.3	8.6	10.6	1.7	5.5	91.5	88.6	–	–	13.1	14.0
Interest income	1.0	–	8.3	6.3	0.6	0.5	5.3	2.9	4.0	2.6	52.8	47.7	–63.8	–43.5	8.1	16.5
Interest expense	–7.1	–4.3	–5.7	–4.5	–30.7	–22.4	–15.3	–12.4	–26.1	–20.2	–40.7	–37.0	63.8	43.5	–61.8	–57.4
Financial results	–5.9	–4.7	4.0	2.3	–29.7	–21.8	–10.0	–10.0	–37.9	–20.9	226.8	200.6	–11.9	–17.9	135.3	127.6
Result before income tax	–96.2	–94.8	193.4	257.3	63.5	56.8	104.8	149.6	–30.8	8.6	338.7	296.6	–11.9	–17.9	561.6	656.2
Goodwill	–	–	–	1.2	1.8	1.8	–	–	–	–	–	–	–	–	1.8	3.0
Carrying value of investments
in equity accounted investees	49.8	37.7	230.3	239.7	–	–	–	–	166.9	170.8	696.6	655.2	–	–	1,143.6	1,103.4
Total assets	642.1	674.0	1,186.2	1,193.3	2,756.8	2,562.7	1,488.5	1,402.7	1,014.8	1,072.0	6,164.9	6,195.2	–2,339.7	–2,103.8	10,913.6	10,996.0
Total liabilities	510.4	464.2	432.6	442.4	2,018.1	1,838.6	896.4	895.4	820.5	849.3	1,774.4	2,075.7	–2,269.5	–2,033.9	4,183.0	4,531.6
Investments 2)	89.9	63.6	87.5	121.7	399.8	356.0	147.2	135.5	30.7	22.9	2.5	1.8	–4.6	–7.4	753.0	694.1

1) Described below in the notes on segment reporting

2) In intangible assets and property, plant and equipment

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Segment information by product – revenue
EURm	2023/24	2022/23
Electricity	2,125.5	2,462.5
Natural gas	222.5	304.0
Heat	237.5	252.8
Environmental services	421.7	525.3
Others	249.4	224.1
Total	3,256.6	3,768.7

Segment information by country – revenue 1)
EURm	2023/24	2022/23
Austria	1,540.4	1,777.4
Germany	357.7	458.4
Bulgaria	798.1	934.9
North Macedonia	534.9	562.2
Others	25.6	35.7
Total	3,256.6	3,768.7

1) The allocation of segment information by countries is based on the location of the companies.

Segment information by country –
non-current assets 1)
	30.09.2024		30.09.2023
		Property,		Property,
	Intangible	plant and	Intangible	plant and
EURm	assets	equipment	assets	equipment
Austria	198.6	3,600.9	181.9	3,270.1
Germany	0.6	20.1	0.7	9.9
Bulgaria	35.0	564.5	10.9	565.1
North Macedonia	11.9	426.5	12.8	385.4
Others	16.2	50.7	4.9	55.1
Total	262.4	4,662.7	211.2	4,285.7

1) The allocation of segment information by countries is based on the location of the companies.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

59. Notes to segment reporting

The segments of business cover the following activities:

Notes to segment reporting
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 1)
		•	Investment as sole limited partner in EVN KG 1)
	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) 1)
		•	49.99% investment in Ashta run-of-river power plant (Albania) 1)
	Networks	•	Operation of distribution networks and network infrastructure for electricity and natural gas in Lower Austria
		•	Internet 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	Environment	•	Water supply and wastewater disposal in Lower Austria
business		•	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 2)
Other business activities	All Other Segments	•	50.03% investment in RAG-Beteiligungs-Aktiengesellschaft, which holds 100% of the shares in RAG 1)
		•	73.63% investment in Burgenland Holding, which holds a stake of 49.0% in Burgenland Energie 1)
		•	12.63% investment in Verbund AG 3)
		•	Corporate services

1) The earnings contribution represents the share of results from equity accounted investees with operational nature and is included in EBITDA.

2) Following the termination of the sales process for the complete disposal of WTE in April 2024, further strategic options are under evaluation for the international project business

consistent with EVN's focus on the core energy business.

3) Dividends are included under financial results.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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.

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 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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	30.09.2024	30.09.2023
Cash	78.8	70.2
thereof cash on hand	0.1	0.1
thereof cash at banks	78.7	70.1
Bank overdrafts	–	–50.0
Total	78.8	20.2

As of 30 September 2024, EUR 12.1m (previous year: EUR 22.9m) were subject to disposal restrictions and were

reclassified from cash and cash equivalents (also see note 42. Securities and other financial investments).

Network subsidies from the regulated business are released to other operating income (also see note 26. Other

operating income), and those from the non-regulated business to revenue.

Reversal of network and investment subsidies
EURm	2023/24	2022/23
Income from the reversal of network and investment subsidies (regulated business)	58.3	58.3
Revenue from the reversal of network subsidies (non-regulated business)	6.3	5.8
Total	64.6	64.1

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
2023/24 financial year
	Current financial	Non-current financial
EURm	liabilities	liabilities	Leasing liabilities	Total
Balance on 01.10.2023	343.2	1,103.5	80.2	1,526.8
Payments made	–293.2	–	–11.8	–305.0
Reclassification of liquid funds	–50.0	–	–	–50.0
Currency translation	–	0.9	–	0.9
Change in fair value	–	–0.9	–	–0.9
Change in costs for the procurement
of funds	–	0.5	–	0.5
Other changes	0.8	9.2	10.4	20.4
Reclassifications	125.2	–125.2	–	–
Balance on 30.09.2024	126.1	987.8	78.8	1,192.7
2022/23 financial year	Current financial	Non-current financial
EURm	liabilities	liabilities	Leasing liabilities	Total
Balance on 01.10.2022	377.4	1,150.8	61.8	1,590.0
Payments received	–	256.7	–	256.7
Payments made	–122.4	–1.3	–11.8	–135.5
Reclassification of liquid funds	–205.1	–	–	–205.1
Currency translation	–	–0.1	–	–0.1
Change in fair value	–	–9.9	–	–9.9
Change in costs for the procurement
of funds	–	0.4	–	0.4
Other changes	–	–	30.2	30.2
Reclassifications	293.2	–293.2	–	–
Balance on 30.09.2023	343.2	1,103.5	80.2	1,526.8

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

BHD, KWD, MKD, PLN, RON, RUB, USD) may be exposed to currency risks. With the redemption of the bond issued

in Japanese yen (JPY) in January 2024, a significant driver of currency risk in the financial area at EVN has ceased to

exist. The financial liabilities are now denominated exclusively in euros.

Exposure management (FX) includes reducing the EVN Group's physical, immediately available or daily maturing cash

and cash equivalents in foreign currencies to the necessary, economically reasonable minimum at all times. BGN and

MKD are considered EVN's core currencies and are not subject to active foreign currency risk management.

A material driver for foreign exchange risk in the operational business 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 of a wastewater treatment plant ( contract 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 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 net cash flows by currency from project transactions are hedged over the next 12 months. This practice

can vary for large-scale projects, where hedging can also extend beyond the 12 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 EVN Group is expanding an existing sewage treatment plant in Bahrain and building a sewage sludge incineration

plant. As with the project in Kuwait, the company is also exposed to currency risks in Bahrain. Forward exchange

transactions were used to hedge the highly probable net cash inflows expected. Due to the progress of the project,

the cash flow hedge designation set up in the financial year 2022/23 for hedging transactions relating to the Bahrain

dinar (BHD) was closed.

The foreign exchange VaR, based on the major foreign currency risk drivers in the financial area amounted

to EUR 0.3m as of 30 September 2024 (previous year: EUR 0.2m) after the inclusion of hedging instruments.

Other market risks

EVN defines other market risks as the risk of price changes resulting from market fluctuations in primary energy,

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 and CO

emission certificates.

61. Risk management

Risk management supports the pursuit of corporate objectives, in particular

• the targeted securing of existing and future earnings and cash flow potential

• ensuring the Group's solvency and financing capability and

• optimising the result, taking into account the risk-opportunity calculation.

Risk management is carried out with regard to market risks, liquidity risks and credit and default risks.

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.

Market 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

control through the regular monitoring of interest rate risk and hedging strategies that include the use of derivative

financial instruments (also see notes 9. Financial instruments and 63. Reporting on financial instruments).

In addition to the ongoing calculation of the market value of financial liabilities, EVN also monitors the interest rate

risk using a value-at-risk (VaR) calculation, in which the VaR is calculated with a confidence level of 99.0% for the

holding period of one day using the variance-covariance method (delta-gamma approach). As at the balance sheet

date, the interest rate VaR (taking into account the hedging instruments used) amounted to EUR 5.0m (previous year:

EUR 6.5m). The decline recorded here is due to the reduction in outstanding loans and bonds in the 2023/24 financial

year and the lower volatility on the interest rate markets. At the same time, the interest rate VaR reflects the high level

of fixed-interest financial liabilities of 90% as at 30 September.2024 (previous year: 87%). For the financial liabilities

with variable interest rates as at the balance sheet date, an increase in the market interest rate/reference interest rate

of 100 basis points would mean an increase in interest expenses of EUR 1.1m p. a. (previous year: EUR 1.1m p. a.).

Market risk: Foreign exchange risk

The risk of currency fluctuations affecting earnings arises for EVN from transactions that are not conducted in euros.

Receivables, liabilities, cash and cash equivalents that are not held in the Group's functional currency (including BGN,

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

in a contractually agreed and unused syndicated line of credit (previous year: EUR 400.0m) and EUR 315.0m ( previous

year: EUR 286.0m) 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 16.8% as of the balance sheet date ( previous

year: 21.1%) and underscores EVN’s sound capital structure.

Expected occurrence of cash flows of loans and
borrowings and other liabilities
30.09.2024	Carrying	Total			Contractually stipulated payment flows
EURm	amount	payment flows	< 1 year	1–5 years	> 5 years
Bonds	469.7	570.6	10.6	39.1	520.9
Bank loans	644.2	753.1	143.7	187.2	422.2
Lease liabilities	78.8	98.7	8.9	28.7	61.1
Liabilities arising from derivative transactions 1)	9.7	10.2	9.8	0.4	–
Liabilities from contract costs	5.2	5.2	5.2	–	–
Total	1,207.6	1,437.7	178.1	255.3	1,004.3
30.09.2023	Carrying	Total			Contractually stipulated payment flows
EURm	amount	payment flows	< 1 year	1–5 years	> 5 years
Bonds	547.3	719.0	93.7	58.6	566.7
Bank loans	927.1	980.2	234.7	259.1	486.4
Lease liabilities	80.2	96.6	9.4	27.8	59.4
Liabilities arising from derivative transactions 1)	39.1	42.3	33.2	9.1	–
Liabilities from contract costs	15.5	15.5	15.5	–	–
Total	1,531.4	1,853.6	386.5	354.6	1,112.5

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 90 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.

EVN uses futures, forwards and swaps to hedge the prices of the primary energy carriers electricity, natural gas

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).

A change of 5% in market prices would have the following effects in connection with derivative financial instruments

in the energy business:

Sensitivities market price
%	2023/24		2022/23
	+5%	–5%	+5%	–5%
Effect on equity (cash flow hedges valuation reserve)	–2.0	+2.0	–5.3	+5.3
Impact on operating result	–0.1	+0.1	–2.7	+2.7

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 124.4m (previous year: EUR 145.7m), whereby the price would be influenced by the sale

of a large block of Verbund shares by EVN. The decrease in VaR compared to the last balance sheet date is due to a

lower market value of the Verbund share portfolio held and lower volatility compared to the last balance sheet date.

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 agree-

ments, 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 2024 comprised cash and cash equivalents of EUR 78.8m (previous

year: EUR 70.2m), short-term time deposits of EUR 0.0m (previous year: EUR 12.6m) and current securities

of EUR 159.7m (previous year: EUR 216.8m) which can be sold at any time. Moreover, EVN had EUR 500.0m

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 12-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 4 or higher or with

an equivalent rating of BBB– 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 recog-

nition 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

non-consolidated investments or amounts due from employees. The risk allowance for all financial instruments

represents the expected 12-month credit loss because the default risk is low. The amounts shown in the table include

both current and non-current components.

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 represents the maximum default risk.

To limit credit 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) of the counterparties 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 trans action 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.

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 Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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.

In the current situation, it is particularly important to evaluate how the macroeconomic environment will influence

the expected credit losses on trade receivables. The economic developments in recent years did not lead to a sharp

rise in receivables defaults by customers, in particular because of numerous government support measures. However,

this has currently been reflected in an increasing number of insolvencies in Europe, and we expect higher receivables

defaults in the future. For this reason, the EVN Group recognised a EUR 5.1m (previous year: EUR 5.0m) higher

impairment loss to trade receivables for the 2023/24 financial year via a forward-looking component .

Major financial instruments covered by the ECL model
30.09.2024
		Default
		probability	Loans	Lease				Calculated
EURm	Equivalent S&P	(%) 1)	receivable	receivables	Bank deposits	2)	3)	impairment 4)
EVN rating class 1	AAA	–	–	3.8	–			–
EVN rating class 2	Up to AA–	0.07	–	–	–			–
EVN rating class 3	Up to A–	0.07	29.1	6.9	55.5			–
EVN rating class 4	Up to BBB–	0.33	–	–	27.1			–
EVN rating class 5a	Up to BB–	1.48	–	–	6.0			–
EVN rating class 5b	Up to B–	6.78	–	–	2.2			–
EVN rating class 5c	Up to D	25.98	–	–	–			–
No rating	–	–	1.3	–	–			–
Total			30.3	10.7	89.2			–
30.09.2023		Default
		probability	Loans	Lease				Calculated
EURm	Equivalent S&P	(%) 1)	receivable	receivables	Bank deposits	2)	3)	impairment 4)
EVN rating class 1	AAA	–	–	7.4	–			–
EVN rating class 2	Up to AA–	0.03	–	–	0.3			–
EVN rating class 3	Up to A–	0.05	19.4	4.9	39.7			–
EVN rating class 4	Up to BBB–	0.22	9.2	–	41.0			–
EVN rating class 5a	Up to BB–	0.91	–	–	10.0			–
EVN rating class 5b	Up to B–	5.53	–	–	2.1			–
EVN rating class 5c	Up to D	24.70	–	–	–			–
No rating	–	–	0.9	–	–			–
Total			29.5	12.3	93.1			–

1) Assumed loss ratio (60% for banks, 80% for corporates)

2) Due to the daily maturity, a one-day probability of default is applied to account balances;

for money market deposits, the PoD of the average volume-weighted residual term is taken into account.

3) Bank balances also include restricted cash in the amount of EUR 12.1m (previous year: EUR 22.9m).

4) The calculated impairments are not recognised in the balance sheet due to their minor magnitude .

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Expected credit losses in Bulgaria
30.09.2024
	Default probability	Default probability			Cumulative
EURm	range (%)	average (%)	Gross amount	Net amount	impairment loss
Not overdue	0.0–2.7	0.37	47.8	47.6	0.2
Up to 89 days overdue	2.1–100.0	6.51	7.9	7.4	0.5
Up to 179 days overdue	28.4–100.0	63.80	1.2	0.4	0.7
Up to 359 days overdue	63.2–100.0	87.82	1.4	0.2	1.2
> 360 days overdue	100.0	100.00	14.3	–	14.3
Total			72.5	55.6	17.0
30.09.2023	Default probability	Default probability			Cumulative
EURm	range (%)	average (%)	Gross amount	Net amount	impairment loss
Not overdue	0.0–0.5	0.13	53.4	53.3	0.1
Up to 89 days overdue	3.0–42.3	8.23	5.9	5.3	0.5
Up to 179 days overdue	31.7–54.9	39.75	1.2	0.7	0.5
Up to 359 days overdue	63.6–98.1	88.96	1.7	0.2	1.5
> 360 days overdue	100.0	100.00	13.6	–	13.6
Total			75.7	59.6	16.1

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
30.09.2024
	Default probability	Default probability			Cumulative
EURm	range (%)	average (%)	Gross amount	Net amount	impairment loss
Not overdue	0.0–0.1	0.1	43.7	43.7	–
Up to 89 days overdue	0.1–0.6	0.8	9.6	9.5	0.1
Up to 179 days overdue	4.6–19.7	12.0	2.2	1.9	0.3
Up to 359 days overdue	7.9–55.2	16.4	3.3	2.8	0.5
> 360 days overdue	15.5–100.0	34.3	12.5	8.2	4.3
Total			71.3	66.1	5.2
30.09.2023	Default probability	Default probability			Cumulative
EURm	range (%)	average (%)	Gross amount	Net amount	impairment loss
Not overdue	0.0–0.1	–	98.6	98.6	–
Up to 89 days overdue	0.1–0.6	1.1	7.9	7.8	0.1
Up to 179 days overdue	4.6–19.7	13.6	1.9	1.6	0.3
Up to 359 days overdue	7.9–55.2	18.9	2.7	2.2	0.5
> 360 days overdue	15.5–100.0	38.6	11.0	6.8	4.3
Total			122.2	117.0	5.2

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

The remaining gross trade receivables of EUR 62.2m (previous year: EUR 102.8m) are related primarily to the interna-

tional project business. As the majority of clients are state-related companies, the probability of default was assessed

using external ratings and the receivables were individually impaired if necessary. For receivables with a gross carrying

amount of EUR 30.2m (previous year: EUR 70.7m), which fall into stage 3, impairments totalling EUR 15.4m (previous

year: EUR 23.7m) were recognized.

In financial year 2023/24, impairments of EUR 36.7m (previous year: EUR 20.7m) were recognised for trade receiv ables.

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.

The following table shows the development of impairment losses to trade receivables in 2023/24:

Impairment losses – trade receivables
EURm	2023/24	2022/23
Balance on 01.10.	286.7	287.1
Additions	36.7	20.7
Disposal	–17.9	–21.1
Balance on 30.09.	305.4	286.7

The Group’s maximum default risk for the items reported on the consolidated statement of financial position as of

30 September 2024 and 30 September 2023 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.

Expected credit losses in North Macedonia
30.09.2024
	Default probability	Default probability			Cumulative
EURm	range (%)	average (%)	Gross amount	Net amount	impairment loss
Not overdue	0.4–100.0	55.2	145.3	65.1	80.2
thereof instalment agreements	27.5–100.0	88.5	87.7	10.1	77.5
thereof without instalment
agreements	0.4–36.6	4.7	57.6	54.9	2.7
Up to 89 days overdue	2.4–100.0	9.7	23.6	21.3	2.3
Up to 179 days overdue	42.3–100.0	80.5	6.6	1.3	5.3
Up to 359 days overdue	52.6–100.0	95.2	10.9	0.5	10.4
> 360 days overdue	100.0	100.0	169.7	–	169.7
Total			356.1	88.2	267.9
30.09.2023	Default probability	Default probability			Cumulative
EURm	range (%)	average (%)	Gross amount	Net amount	impairment loss
Not overdue	0.4–100.0	50.25	126.0	62.7	63.3
thereof instalment agreements	17.5–100.0	83.90	71.9	11.6	60.3
thereof without instalment
agreements	0.4–36.6	5.51	54.1	51.1	3.0
Up to 89 days overdue	2.4–100.0	13.29	23.2	20.1	3.1
Up to 179 days overdue	42.3–100.0	81.39	6.6	1.2	5.4
Up to 359 days overdue	52.6–100.0	96.61	14.2	0.5	13.7
> 360 days overdue	100.0	100.00	156.1	–	156.1
Total			326.2	84.5	241.7

The overview of expected credit losses in North Macedonia includes both current and non-current trade receivables.

Following the conclusion 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” .

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 transactions. 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 approx-

imately 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.

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 50% as its targets. As of 30 September 2024, the equity

ratio equalled 61.7% (previous year: 58.8%). Net debt coverage, which represents the ratio of funds from operations

to net debt, equalled 83.7% (previous year: 79.4%). 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	30.09.2024	30.09.2023
Non-current loans and borrowings and leasing liabilities	1,058.1	1,174.8
Current loans and borrowings 1)	134.6	302.0
Cash and cash equivalents	–78.8	–20.2
Non-current and current securities	–250.5	–337.5
Non-current and current loans receivable	–30.3	–29.5
Net financial debt	833.1	1,089.7
Non-current personnel provisions 2)	296.2	274.6
Net debt	1,129.3	1,364.3
Funds from operations	945.2	1,082.9
Equity	6,730.6	6,464.3
Gearing (%)	16.8	21.1
Net debt coverage (%)	83.7	79.4

1) Excluding bank overdrafts contained in cash and cash equivalents

2) Excluding provisions for service anniversary bonuse s

The EVN Group uses cash pooling to manage liquidity and optimise interest rates. EVN AG and each of the partici-

pating Group subsidiaries have concluded a corresponding contract that defines the modalities for cash pooling.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

				30.09.2024		30.09.2023
		Fair value
	Measure-	hierarchy
	ment	(according to	Carrying		Carrying
EURm	category	IFRS 13)	amount	Fair value	amount	Fair value
Classes
Other non-current liabilities
Other liabilities	AC		13.1	13.1	9.3	9.3
Liabilities arising from derivative transactions	FVTPL	Level 2	0.4	0.4	8.2	8.2
Liabilities arising from derivative transactions	FVTPL	Level 3	–	–	0.3	0.3
Current liabilities
Current loans and borrowings	AC		126.1	126.1	343.2	343.2
Trade payables	AC		495.3	495.3	463.2	463.2
Other current liabilities
Other financial liabilities	AC		217.6	217.6	241.6	241.6
Liabilities arising from derivative transactions	FVTPL	Level 2	8.9	8.9	24.3	24.3
Liabilities arising from derivative transactions	FVTPL	Level 3	0.4	0.4	6.3	6.3
thereof aggregated to measurement categories
Fair value through other comprehensive income	FVOCI		3,430.9	–	3,548.5	–
Financial assets designated at fair value through profit or loss	FVTPL		277.3	–	418.4	–
Financial assets and liabilities at amortised cost	AC		2,380.8	–	2,941.3
Financial liabilities designated at fair value through profit or loss	FVTPL		9.7	–	39.1	–

Information on classes and categories of
financial instruments
				30.09.2024		30.09.2023
		Fair value
	Measure-	hierarchy
	ment	(according to	Carrying		Carrying
EURm	category	IFRS 13)	amount	Fair value	amount	Fair value
Classes
Non-current assets
Other investments 1)
Investments	FVOCI	Level 3	161.7	161.7	167.4	167.4
Miscellaneous investments	FVOCI	Level 1	3,269.2	3,269.2	3,381.1	3,381.1
Other non-current assets
Securities	FVTPL	Level 1	78.5	78.5	71.0	71.0
Loans reveivable	AC	Level 2	26.0	26.5	25.0	24.1
Lease receivables	AC	Level 2	8.7	8.7	10.1	9.6
Receivables arising from derivative transactions	FVTPL	Level 2	1.1	1.1	11.7	11.7
Trade and other receivables	AC		23.0	23.0	25.3	25.3
Current assets
Current receivables and other current assets
Trade and other receivables	AC		403.9	404.3	650.0	650.0
Receivables arising from derivative	FVTPL	Level 2
transactions			25.8	25.8	69.1	69.1
Securities and other financial	FVTPL	Level 1
investments			172.0	172.0	266.5	266.5
Cash and cash equivalents
Cash on hand and cash at banks	AC		78.8	78.8	70.2	70.2
Non-current liabilities
Non-current loans and borrowings
Bonds	AC	Level 2	469.7	436.4	469.5	393.5
Bank loans	AC	Level 2	518.2	514.4	633.9	599.4

1) See note 10. Other investments

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 reference values which, however 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 under-

lying market parameters and the credit risk of the contracting parties. Derivative financial instruments are recognised

at their fair value.

The above table with information on the classes and categories of financial instruments shows cash flow hedges

(portfolio hedge – electricity) together with derivative financial instruments that are carried at fair value through

profit or loss. A separate presentation is not possible due to the offsetting of derivative financial instruments based

on conventional netting agreements in the energy business (see note 9. Financial instruments). The valuation

category FVTPL therefore includes positive fair values of EUR 20.5m (previous year: EUR 71.5m) and negative fair

values of EUR –2.2m (previous year: EUR –1.9m) which were measured at fair value through other com prehensive

income (FVOCI).

Net results by measurement
category 1)
	2023/24		2022/23
		Thereof		Thereof
EURm	Net result	impairment losses	Net result	impairment losses
Classes
Fair value through other comprehensive income
(FVOCI)	–	–	–	–
Financial assets at amortised cost (AC)	–55.1	–43.1	–24.9	–20.8
Financial assets and liabilities at fair value through profit or loss (FVTPL)	5.9	–	88.3	–
Financial assets and liabilities (hedging)	–0.2	–	–8.3	–
Financial liabilities at amortised cost (AC)	0.2	–	9.7	–
Total	–49.1	–43.1	64.8	–20.8

1) The net results only involve changes to the consolidated statement of operations; interest expense /income and dividends are not included .

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Derivative financial instruments comprise the following:

Derivative financial instruments
			30.09.2024					30.09.2023
		Nominal value 1)		Fair values 2)		Nominal value 1)			Fair values 2)
	Purchases	Disposals	Positive	Negative	Net	Purchases	Disposals	Positive	Negative	Net
Forward exchange transactions
KWD 3)	–	80.5	3.8	–4.8	–1.0	–	80.1	1.4	–12.3	–10.9
USD 3)	–	23.2	0.1	–0.5	–0.4	–	111.4	2.3	–3.4	–1.0
BHD 3)	–	–	–	–	–	–	8.4	–	–0.6	–0.6
BHD	–	6.7	–	–0.3	–0.3	–	4.7	0.1	–	0.1
KWD	–	–	–	–	–	–	1.8	–	–	–
RON	–	4.0	–	–	–	–	2.0	–	–	–
Currency swaps
JPYm (>5 years) 3)	–	–	–	–	–	10,000.0	–	–	–19.4	–19.4
Derivatives energy
Futures electricity	39.7 GWh	234.0 GWh	5.3	–	5.3	–	18.4 GWh	0.6	–	0.6
Forwards/swaps electricity	761.4 GWh	183.0 GWh	0.8	–0.5	0.3	436.9 GWh	411.2 GWh	16.4	–10.9	5.5
Futures natural gas	68.1 GWh	281.1 GWh	0.3	–2.0	–1.6	809.6 GWh	1,071.7 GWh	6.7	5.1	1.6
Forwards/swaps natural gas	65.9 GWh	598.5 GWh	0.5	–4.0	–3.5	448.0 GWh	1,257.6 GWh	5.4	–0.5	4.9
Futures electricity )	35.2 GWh	576.0 GWh	9.9	–2.2	7.8	–	556.0 GWh	13.7	–	13.7
Forwards/swaps electricity 3)	–	55.2 GWh	10.2	–	10.2	19.9 GWh	365.4 GWh	57.8	–10.6	47.2
Forwards/swaps natural gas 3)	297.1 GWh	–	0.4		0.4	–	–	–	–	–
Recognition of offsetting clauses	–	–	–4.5	4.5	–	–	–	–23.6	23.6	–
Total after netting out	–	–	26.9	–9.7	17.2	–	–	80.9	–39.1	41.2

1) In m nominal currency; energy related in GWh

2) In EURm

3) Designated as a hedge in accordance with IFRS 9

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Portfolio hedge electricity

EVN implements a portfolio hedge to hedge the risk from the marketing of the Group’s own electricity production.

Under cash flow hedge accounting as defined by IFRS 9, derivative financial instruments (electricity forwards and

electricity future contracts) are used to hedge the price risk from planned future income from electricity sales are

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 conditions of the hedging instrument with the under-

lying 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.

For hedges of electricity deliveries to foreign markets, the change in the value of the hedging instruments may not

always fully offset the change in the value of future cash flows. The higher liquidity on the German market has

created a situation where futures are increasingly seeing concluded in this market. The electricity price in Austria

consists of a German electricity price plus a DE/AT spread. The futures products concluded in Germany therefore

represent a hedge for the German price component included in the Austrian electricity prices.

If the hedge and the underlying transaction take place on the same market, complete coverage is principally ensured

between the underlying transaction and the hedging instrument. If hedges are concluded on the German market

due to a lack of sufficient liquidity, the risk component of the German price alone represents the underlying trans-

action for the hedging relationship – and in that way, achieves full coverage between the underlying transaction and

the hedging instrument.

The ineffectiveness of hedges can be caused by changes in the credit risk of the counterparty or to a reduction in

the expected electricity delivery volume.

Positive fair values are recognised as receivables from derivative transactions under other non-current assets or

receivables and 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. For counterparties with a master agreement that includes an

offsetting clause, the positive and negative fair values are presented as a net amount for specific periods because

of the applicable net settlement procedure. 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 ineffec-

tiveness 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.

As at the reporting date, the EVN Group applied the hedge accounting rules for hedging relationships in accordance

with IFRS 9 for the hedging the currency risk from the Umm Al Hayman wastewater treatment project. In addition

derivative 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.

Umm Al Hayman/Bahrain

EVN concluded forward exchange contracts to hedge the planned net foreign currency cash flows from the Umm Al

Hayman project and, as of the 2022/23 financial year, also from the project in Bahrain. The expected payments are

therefore fully hedged. Due to the progress of the project, the hedge relationship for the project in Bahrain was

terminated in the financial year 2023/24. 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 .

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Disclosures on hedging relationships

The JPY bond included in the previous year was repaid in full on January 9, 2024. This also terminated the hedging

relationship using a cross-currency swap.

	Fair value hedging instruments
	30.09.2023
		Carrying			Nominal
	EURm	amount		Balance sheet position	amount	Change in fair value
	Cross-currency swaps 1)	–19.4	–	Other current liabilities	10.0 1)	–8.3
1)	JPYbn
	Fair value hedge – underlying transaction
	30.09.2023
		Carrying	Fair value		Nominal
	EURm	amount	adjustment	Balance sheet position	amount	Change in fair value
	JPY bond	–61.2	–1.9	Other non-current liabilities	10.0 1)	9.7

1) JPYbn

Gas procurement

EVN AG applies the rules for hedge accounting as defined in IFRS 9 and uses derivative financial instruments to

hedge the price risk from planned future costs for the procurement of gas at variable prices. The purpose of this

price risk hedging is to fix the cash outflows for the use of natural gas in electricity and heat production.

The underlying transaction is formed by a portfolio of future, highly probably purchases of gas for electricity and

heat production in the EVN Group. EVN AG generally uses swaps, forwards and futures. Derivatives are only

designated as hedging instruments when the settlement date and the volume correspond to the future highly

probably transaction.

Evaluating the effectiveness of the hedge involves demonstrating an economic relationship between the underlying

transaction and the hedging instrument. In addition, default risk may not have a dominant influence on the changes

in value. The prospective effectiveness assessment is based on the critical terms match method, which compares

the terms, volumes and price basis of both instruments. If these conditions agree, it can be assumed that the changes

in value of the hedge will be completely offset by future cash flows.

Possible sources of ineffectiveness are a reduction in the volume of the expected transaction and an increased risk

of default through a deterioration in the counterparty’s credit standing. These risks are minimised by hedging less

than 100% of the volume, the progressive conclusion of hedging instruments and strict counterparty management .

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Cash flow hedges – underlying transactions
30.09.2024
		Reserve for measurement
EURm	Change in fair value	of cash flow hedges
Payments in KWD (Firm commitment)	–9.9	–12.3
Payments in USD (Firm commitment)	–1.0	–16.9
Payments in BHD (Firm commitment)	–0.6	–
Portfolio hedge electricity	134.0	19.7
Gas procurement	–0.8	0.4
30.09.2023		Reserve for measurement
EURm	Change in fair value	of cash flow hedges
Payments in KWD (Firm commitment)	15.1	–22.4
Payments in USD (Firm commitment)	15.7	–18.1
Payments in BHD (Firm commitment)	–0.6	–0.2
Portfolio hedge electricity	189.8	69.6

Cash flow hedging instruments
30.09.2024
	Carrying		Nominal
EURm	amount	Balance sheet position	amount	Change in fair value
FX forwards (KWD/EUR)	–1.0	Other current/non-current liabilities	80.5 1)	10.0
FX forwards (USD/EUR)	–0.4	Other current/non-current liabilities	23.2 2)	0.7
FX forwards (BHD/EUR)	–	Other current/non-current liabilities	–	0.6
Portfolio hedge electricity	20.1	Other current/non-current receivables	484.5 GWh	–51.4
Portfolio hedge electricity 4)	–2.2	Other current/non-current liabilities	182.0 GWh	–0.3
Gas procurement hedge	0.4	Other current/non-current receivables	297.1 GWh	0.4
30.09.2023	Carrying		Nominal
EURm	amount	Balance sheet position	amount	Change in fair value
FX forwards (KWD/EUR)	–10.9	Other current/non-current liabilities	80.1 1)	14.7
FX forwards (USD/EUR)	–1,0	Other current/non-current liabilities	111.4 2)	18.5
FX forwards (BHD/EUR)	–0,6	Other current/non-current liabilities	8.4 3)	–0.6
Portfolio hedge electricity	71,5	Other current/non-current receivables	908.2 GWh	47.2
Portfolio hedge electricity 5)	–10,6	Other current/non-current liabilities	33.0 GWh	172.4

1) Nominal amount in KWDm

2) Nominal amount in USDm

3) Nominal amount in BHDm

4) EUR 0.7m negative market value recognised in the consolidated statement of operations at the beginning of the hedging relationship

5) EUR 8.7m negative market value recognised in the consolidated statement of operations at the beginning of the hedging relationship

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Expected occurrence of cash flows from forward exchange transactions
30.09.2024
Million foreign currency or exchange rate, GWh or EUR/MWh	< 1 year	> 1 year
USD
Nominal amount in USD	80.5	–
Average USD/EUR forward rate	1.1432	–
KWD
Nominal amount in KWD	23.2	–
Average KWD/EUR forward rate	0.3435	–
Hedging instruments portfolio hedge electricity
Nominal value in GWH	457.3	138.8
Average hedge price in EUR/MWh	123.7	88.9
Hedging instruments gas procurement
Nominal value in GWH	192.3	104.8
Average hedge price in EUR/MWh	38.5	39.1
30.09.2023
Million foreign currency or exchange rate, GWh or EUR/MWh	< 1 year	> 1 year
USD
Nominal amount in USD	99.4	12.0
Average USD/EUR forward rate	1.0693	1.1733
KWD
Nominal amount in KWD	40.9	39.2
Average KWD/EUR forward rate	0.3424	0.3481
BHD
Nominal amount in BHD	7.2	1.2
Average BHD/EUR forward rate	2.4089	2.3756
Hedging instruments electricity
Nominal value in GWH	700.9	200.7
Average hedge price in EUR/MWh	202.47	180.23

Effects on the statement of comprehensive income, statement of financial position
and statement of operations
30.09.2024	Hedge gains/
	losses recognised		Positions for	Reclassification	Positions for
	in other	Ineffectiveness	which	from OCI to	which
	comprehensive	recognised to	ineffectiveness	statement of	reclassification	Basis
EURm	income	profit or loss	was recognised	operations	was recognised	adjustement
DBO project (KWD)	9.9	–	–	–0.2	Revenue	–
BOT project (USD)	1.0	–	–	–0.2	Revenue	–
Project Tubli (BHD)	0.6	–	–	0.3	Revenue	–
Portfolio hedge electricity	–134	–	–	84.3	Revenue	–
Gas procurement	0.8	–	–	–0.4	Gas procure -	–
					ment
30.09.2023	Hedge gains/
	losses recognised		Positions for	Reclassification	Positions for
	in other	Ineffectiveness	which	from OCI to	which
	comprehensive	recognised to	ineffectiveness	statement of	reclassification	Basis
EURm	income	profit or loss	was recognised	operations	was recognised	adjustement
DBO project (KWD)	15.1	–	–	–6.3	Revenue	–
BOT project (USD)	15.7	–	–	–2.0	Revenue	–
Project Tubli (BHD)	–0.6	–	–	–0.3	Revenue	–
Portfolio hedge electricity	189.7	–	–	–6.7	Revenue	–

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 30.09.2024 in accordance with IFRS 11

Company

Bioenergie Steyr GmbH

Degremont WTE Wassertechnik Praha v.o.s.

EnergieAllianz

EVN KG

EVN-WE Wind KG

Fernwärme St. Pölten GmbH

Fernwärme Steyr GmbH

RAG

Ashta

Umm Al Hayman Wastewater Treatment Company KSPC

ZOV

Associates that were included at equity in the consolidated financial statements

as of 30.09.2024 in accordance with IAS 28

Company

Burgenland Energie

Verbund Innkraftwerke

ZOV UIP

64. Disclosures of interests in other entities

An overview of the companies included in the consolidated financial statements is provided beginning on

page 98 under EVN’s investments.

Information on the joint ventures and associates that were included in EVN’s consolidated financial statements

at equity in 2023/24 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).

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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	2023/24	2022/23
Carrying value of the joint ventures as of the balance sheet date	182.4	167.9
Result for the period	14.6	15.1
Other comprehensive income	–7.8	6.6
Comprehensive income	6.9	21.7

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			30.09.2024	Energie-			30.09.2023	Energie-
EURm	EVN KG	RAG	ZOV	Allianz	EVN KG	RAG	ZOV	Allianz
Statement of financial position
Non-current assets	3.9	566.6	2.6	32.8	0.5	537.2	134.6	118.5
Current assets	339.0	121.0	177.9	414.9	609.0	124.7	50.9	735.2
Non-current liabilities	9.2	245.6	–	7.9	18.6	216.3	–	37.3
Current liabilities	324.6	135.3	44.5	447.4	607.8	144.7	7.7	892.2
Reconciliation of the carrying amount
of the share of EVN in the joint venture
Net assets	9.1	306.8	136.1	–7.6	–16.9	300.9	177.8	–75.8
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	9.1	306.8	66.0	–3.4	–16.9	300.9	86.2	–34.1
+/ – Revaluations	–	138.3	19.7	3.4	16.9	138.5	0.3	34.1
Carrying amount of the share of EVN
in the joint venture	9.1	445.1	85.7	–	–	439.4	86.6	–
		2023/24				2022/23
Statement of operations
Revenue	906.2	671.1	31.6	2.102.9	1.378.3	558.0	21.8	3.028.7
Scheduled depreciation and amortisation	–	–48.7	–	–0.4	–0.3	–38.5	–	–0.5
Interest income	1.3	0.4	–	3.0	0.1	0.9	–	5.0
Interest expense	–2.3	–6.8	–	–2.7	–11.2	–5.0	–	–1.5
Income tax	–	–22.8	–3.1	–1.0	–	–27.6	–3.0	–1.8
Result for the period	–154.3	76.7	19.1	4.1	–240.3	79.5	13.8	3.5
Other comprehensive income	180.3	–2.4	–	64.1	–908.1	–1.2	–	–490.6
Comprehensive income	26.0	74.3	19.1	68.2	–1,148.5	78.3	13.8	–487.2
Dividends received by EVN	–	70.0	11.7	–	5.5	50.0	21.8	–

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

65. Other obligations and risks

The commitments entered into by EVN and the related risks are as follows:

Other obligations and risks
EURm	30.09.2024	30.09.2023
Guarantees in connection with energy transactions	146.6	208.6
Guarantees in connection with projects in the Environment Segment	752.6	710.7
Guarantees related to the construction and operation of Energy networks	3.7	4.0
Power plants	94.7	84.2
Order obligations for investments in intangible assets and property, plant and equipment	299.9	266.3
Further obligations arising from guarantees or other contractual contingent liabilities	0.1	0.1
Total	1,297.6	1,273.9
thereof in connection with equity accounted investees	111.5	195.9

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 32.9m (previous year: EUR 72.1m).

Other obligations and risks increased by EUR 23.7m to EUR 1,297.6m compared to 30 September 2023. This change

mainly resulted from an increase in guarantees for environmental projects, in guarantees in connection with the

construction and operation of power plants 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.

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 .

The following table provides summarised financial information on each individually material associate included in

the consolidated financial statements:

Financial information of
material associates
		30.09.2024			30.09.2023
	Verbund		Burgenland	Verbund		Burgenland
EURm	IKW	ZOV UIP	Energie	IKW	ZOV UIP	Energie
Statement of financial position
Non-current assets	1,230.3	–	1,076.3	1,244.4	0.6	998.4
Current assets	130.8	4.4	439.7	244.2	7.9	361.4
Non-current liabilities	172.8	–	180.3	135.9	–	179.5
Current liabilities	47.6	1.3	905.5	43.7	4.0	809.9
Reconciliation of the carrying amount of the share of EVN in the associate
Net assets	1,140.6	3.1	430.2	1,309.0	4.5	370.4
Share of EVN in net assets (%)	13.00	31.00	49.00	13.00	31.00	49.00
Share of EVN in net assets	148.3	1.0	210.8	170.2	1.4	181.5
+ /– Revaluations	20.8	0.1	40.7	22.2	–0.1	34.3
Carrying amount of the share of EVN
in the associate	169.1	1.1	251.5	192.4	1.3	215.8
		2023/24			2022/23
Statement of operations
Revenue	302.4	20.3	1,043.7	391.2	19.7	920.8
Result for the period	175.7	3.1	89.5	231.0	4.5	33.0
Other comprehensive income	0.1	–	–2.7	5.4	–	10.2
Comprehensive income	175.8	3.1	86.8	236.4	4.5	43.2
Dividends received by EVN	44.7	1.6	11.3	13.0	1.5	11.2

The consolidated financial statements include no associates that are individually immaterial.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 share-

holding, 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 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 has included further subsidiaries in this group of companies.

This resulted in a current receivable of EUR 3.1m from NÖ Landes-Beteiligungsholding GmbH as of 30 September 2023

(previous year: current liability of EUR 5.4m). All 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 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 receivable from Wiener Stadtwerke GmbH of

EUR 0.8m as of 30 September 2024 (previous year: liability of EUR 3.1m).

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.

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 146.6m (previous year: EUR 208.6m) as of 30 Septem-

ber 2024. The nominal volume of the guarantees underlying this assessment was EUR 549.6m (previous year:

EUR 538.5m). As of 31 October 2024, the market price risk was EUR 110.8m based on an underlying nominal

volume of EUR 522.4m.

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 proceedings 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 contributions 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 management. 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 98 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 transactions 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.

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Transactions with associates included at equity
EURm	2023/24	2022/23
Cost of services received	–35.1	–48.1
Trade accounts payable	–	–

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.

In the past financial year Stefan Szyszkowitz (member and CEO and Spokesman of the Executive Board),

Franz Mittermayer (member of the Executive Board until 31 March 2024), Stefan Stallinger (CTO and member

of the Executive Board since 1 April 2024) and Alexandra Wittmann (CFO and member of the Executive

Board since 1 September 2024) are members of the EVN Executive Board.

The remuneration paid to the active members of the Executive Board in 2023/24 totalled TEUR 1,547.8 (including

compensation in kind and contributions to pension funds; previous year: TEUR 1,360.2).

Remuneration of the
active Executive Board
		2023/24			2022/23
	Fixed	Variable	Compen sation	Fixed	Variable	Compen sation
TEUR	remuneration	remunera tion 1)	in kind	remuneration	remuneration	in kind
Stefan Szyszkowitz	515.9	189.2	4.0	477.4	146.0	3.5
Franz Mittermayer	272.6	177.3	7.1	445.5	133.9	14.2
Stefan Stallinger	189.4	–	3.0	–	–	–
Alexandra Wittmann	30.7	–	0.1	–	–	–

1) Corresponds to the amounts paid in the 2023/24 financial year; the variable remuneration depends on the achievement of targets.

Details can be found in the remuneration report .

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 investment 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 Stadtwerke 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.

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	2023/24	2022/23
Revenue	308.3	527.2
Cost of services received	–86.9	–153.5
Trade accounts receivable	41.0	61.2
Receivables from cash pooling	–	86.5
Trade accounts payable	32.9	28.8
Loans	5.9	7.4
Liabilities from cash pooling	46.6	–
Interest income from loans	0.3	0.4

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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.

Contributions to the employee fund on behalf of active members of senior management totalled TEUR 22.8 in 2023/24

( previous year: TEUR 19.9) and pension fund contributions amounted to TEUR 438.2 (previous year: TEUR 337.8).

The Supervisory Board remuneration totalled EUR 0.1m in 2023/24 (previous year: EUR 0.1m). The members of the

Advisory Committee for Environmental and Social Responsibility received remuneration of EUR 0.1m during the

reporting year (previous year: EUR 0.1m).

The basic principles underlying the remuneration system are presented in the remuneration report, which is part of

the corporate governance 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 subsidi-

aries 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 relation-

ships reflect prevailing market rates and conditions and are immaterial in relation to the total income recorded by

the EVN Group in 2023/24. The resulting items outstanding as of 30 September 2024 are reported under trade

accounts receivable.

67. Significant events after the balance sheet date

The following significant events occurred between the reporting date of 30 September 2024 and the release for

publication of the consolidated financial statements on 27 November 2024.

The closing for the sale of the two sewage sludge-fired combined heat and power plants in Moscow took place on

31 October 2024. The last remaining activities of the EVN Group in Russia were thus sold.

In addition in 2023/24, pension fund contributions totalling TEUR 78.9 (previous year: TEUR 72.6) were made for

Stefan Szyszkowitz, pension fund contributions totalling TEUR 35.4 (previous year: TEUR 67.1) and a severance

payment totalling TEUR 378.2 for Franz Mittermayer, for Stefan Stallinger in the amount of TEUR 37.9 (previous year:

TEUR 0) and for Alexandra Wittmann in the amount of TEUR 6.1 (previous year: TEUR 0).

In the 2023/24 financial year, the provision for pension obligations for Stefan Szyszkowitz resulted in an allocation of

TEUR 1,509.5 (thereof TEUR 213.8 interest expense, thereof TEUR 1,135.3 actuarial gains/losses). In the previous year,

the allocation totalled TEUR 856.1 (thereof TEUR 151.4 interest expense, thereof TEUR 568.3 actuarial gains/losses).

Alexandra Wittmann and Stefan Stallinger are included exclusively in a defined contribution pension scheme.

In the 2023/24 financial year, the provision for severance payments for Stefan Szyszkowitz resulted in an allocation

of TEUR 32.5 (thereof TEUR 14.8 interest expense, thereof TEUR 8.2 actuarial gains/losses). In the previous year,

the allocation totalled TEUR 57.2 (thereof interest expense of TEUR 10.3, thereof actuarial gains/losses of TEUR 38.7).

Alexandra Wittmann and Stefan Stallinger are subject to severance payments in accordance with the Austrian Company

Employee and Self-Employment Provision Act.

In the 2023/24 financial year, contributions of TEUR 10.8 (previous year: TEUR 9.6) were made to the employee

pension fund for Stefan Szyszkowitz, TEUR 7.1 (previous year: TEUR 9.1) for Franz Mittermayer and TEUR 2.5

(previous year: TEUR 0) for Stefan Stallinger.

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.

Stefan Szyszkowitz is also entitled to a contractually agreed pension on retirement, against which ASVG pension

benefits and benefits from the VBV pension fund are offset.

The payments to former members of the Executive Board or their surviving dependents amounted to TEUR 846.0

in 2023/24 ( p revious year: TEUR 1,034.4).

The additions to the provisions for severance payments and pensions for active members of senior management

totalled TEUR 1,324.3 (thereof TEUR 232.8 interest expense and TEUR 908.0 of actuarial gains/losses). The com-

parative amounts for the previous year included income of TEUR 545.5 (thereof TEUR 95.4 interest expense and

TEUR 353.4 of actuarial gains/losses).

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

68. Information on management and staff

The corporate bodies of EVN AG are:

Executive Board

Stefan Szyszkowitz – CEO and Spokesman of the Ececutive Board

Franz Mittermayer – Member of the Executive Board (until 31 March 2024)

Stefan Stallinger – CTO and Member of the Executive Board (as of 1 April 2024)

Alexandra Wittmann – CFO and Member of the Executive Board (as of 1 September 2024)

Supervisory Board

Chairman

Reinhard Wolf

Vice-Chairmen

Jochen Danninger

Willi Stiowicek

Members

Georg Bartmann Maria Patek Veronika Wüster

Gustav Dressler Angela Stransky

Philipp Gruber Peter Weinelt

Employee representatives

Friedrich Bußlehner (until 1 April 2024) Paul Hofer Irene Pincolitsch (as of 2 April 2024)

Monika Fraißl Uwe Mitter Irene Pugl

69. Approval of the 2023/24 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 adjust-

ment to reflect International Financial Reporting Standards, and the consolidated financial statements of EVN will be

submitted to the Supervisory Board on 16 December 2024 for examination, and the Supervisory Board will also be

asked to approve the individual financial statements.

70. Audit fees

BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna, audited EVN's annual

financial statements and consolidated financial statements for 2023/24. The expenses for the services of the Group

auditor (including the international network within the meaning of § 271b UGB) were as follows:

Auditor expenses
			2023/24		2022/23
			thereof BDO Assurance GmbH		thereof BDO Assurance GmbH
		Group	Wirtschafts prüfungs- und	Group	Wirtschafts prüfungs- und
		auditor	Steuer beratungsgesellschaft	auditor	Steuer beratungsgesellschaft
Auditor expenses	EURm	1.0	0.5	0.7	0.4
Auditing services	%	60.6	54.7	82.3	69.6
Audit-related services	%	10.8	21.2	10.5	16.7
Other consulting services	%	28.6	24.1	7.2	13.7

Maria Enzersdorf, 27 November 2024

EVNAG

The Executive Board

Stefan Szyszkowitz Alexandra Wittmann Stefan Stallinger

CEO and Spokesman CFO and Member CTO and Member

of the Executive Board of the Executive Board of the Executive Board

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Company, registered office Shareholder

Interest

Balance

sheet date

Method of

consolidation

2023/24

EVN’s investments according to § 245a (1) in connection with § 265 (2) UGB

The following table lists EVN’s investments classified by segment of business. The list of companies not included in

the consolidated financial 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.

1. EVN’s investments in the energy business ≥ 20.0% as of 30 September 2024
1.1. Included in the consolidated financial statements of EVN
				Method of	EVN Energieservices GmbH (“EVN ES”), Maria Enzersdorf	EVN	100.00	30.09.2024	V
		Interest	Balance	consolidation
Company, registered office	Shareholder	%	sheet date	2023/24	EVN Energievertrieb GmbH & Co KG (“EVN KG ” ), Maria Enzersdorf	EVN ES	100.00	30.09.2024	E
Ashta Beteiligungsverwaltung GmbH (“Ashta”), Vienna	EVN Naturkraft	49.99	31.12.2023	E	EVN Geoinfo GmbH ( “ EVN Geoinfo”), Maria Enzersdorf	Utilitas	100.00	30.09.2024	V
Bioenergie Steyr GmbH, Behamberg	EVN Wärme	51.00	30.09.2024	E	EVN Home DOO, Skopje, North Macedonia	EVN Macedonia/	100.00	31.12.2023	V
Elektrorazpredelenie Yug EAD (“EP Yug”), Plovdiv, Bulgaria	BG SN Holding	100.00	31.12.2023	V		EVN Supply
ENERGIEALLIANZ Austria GmbH (“EnergieAllianz”), Vienna	EVN ES	45.00	30.09.2024	E	EVN Kavarna EOOD ( “ EVN Kavarna”), Plovdiv, Bulgaria	EVN Bulgaria RES	100.00	31.12.2023	V
EVN Bulgaria Elektrosnabdiavane EAD (“EVN Bulgaria EC”),	BG SV Holding	100.00	31.12.2023	V	EVN Kroatien Holding GmbH (“Kroatien Holding”),	EVN	100.00	30.09.2024	V
Plovdiv, Bulgaria					Maria Enzersdorf
EVN Bulgaria EAD (“EVN Bulgaria”), Sofia, Bulgaria	EVN	100.00	31.12.2023	V	EVN Macedonia AD (“EVN Macedonia ” ), Skopje,	EVN Macedonia	90.00	31.12.2023	V
EVN Bulgaria Fernwärme Holding GmbH (“BG FW Holding”),	EVN	100.00	30.09.2024	V	North Macedonia
Maria Enzersdorf					EVN Macedonia Elektrani DOOEL, Skopje, North Macedonia	EVN Macedonia	100.00	31.12.2023	V
EVN Bulgaria RES Holding GmbH (“EVN Bulgaria RES”),	EVN Naturkraft	100.00	30.09.2024	V	EVN Macedonia Elektrosnabduvanje DOOEL ( “ EVN Supply”),	EVN Macedonia	100.00	31.12.2023	V
Maria Enzersdorf					Skopje, North Macedonia
EVN Bulgaria Stromerzeugung Holding GmbH (“BG SE Holding”),	EVN Naturkraft	100.00	30.09.2024	V	EVN Mazedonien GmbH ( “ EVN Mazedonien”), Maria Enzersdorf	EVN	100.00	30.09.2024	V
Maria Enzersdorf					evn naturkraft Erzeugungsgesellschaft m.b.H.	EVN	100.00	30.09.2024	V
EVN Bulgaria Stromnetz Holding GmbH (“BG SN Holding”),	EVN	100.00	30.09.2024	V	( “ EVN Naturkraft”), Maria Enzersdorf
Maria Enzersdorf					EVN Service Centre EOOD, Plovdiv, Bulgaria	EVN Bulgaria	100.00	31.12.2023	V
EVN Bulgaria Stromvertrieb Holding GmbH (“BG SV Holding”),	EVN	100.00	30.09.2024	V	EVN Trading South East Europe EAD ( “ EVN Trading SEE”),	EVN Bulgaria	100.00	31.12.2023	V
Maria Enzersdorf					Sofia, Bulgaria
EVN Bulgaria Toplofikatsia EAD (“TEZ Plovdiv”), Plovdiv, Bulgaria	BG FW Holding	100.00	31.12.2023	V	EVN Wärme GmbH ( “ EVN Wärme”), Maria Enzersdorf	EVN	100.00	30.09.2024	V
EVN Croatia Plin d.o.o (“EVN Croatia”), Zagreb, Croatia	Kroatien Holding	100.00	31.12.2023	V	EVN Wärmekraftwerke GmbH ( “ EVN Wärmekraftwerke”),	EVN/	100.00	30.09.2024 V
ELEKTRODISTRIBUCIJA DOOEL, Skopje, North Macedonia	EVN Macedonia	100.00	31.12.2023	V	Maria Enzersdorf	EVN Bet. 52

Method of consolidation

V: Fully consolidated company (subsidiary) JO: Company included as joint operation E: Company included at equity NV: Non-consolidated subsidiary NJO: Company not included as a joint operation NE: Company not included at equity

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

1.1. Included in the consolidated financial statements of EVN
				Method of
		Interest	Balance	consolidation
Company, registered office	Shareholder	%	sheet date	2023/24
EVN-WIEN ENERGIE Windparkentwicklungs- und	EVN Naturkraft	50.00	30.09.2024	E
Betriebs GmbH & Co KG (“EVN-WE Wind KG”), Vienna
Fernwärme St. Pölten GmbH, St. Pölten	EVN	49.00	31.12.2023	E
Fernwärme Steyr GmbH, Steyr	EVN Wärme	49.00	30.09.2024	E
Hydro Power Company Gorna Arda AD, Sofia, Bulgaria	BG SE Holding	76.00	31.12.2023	V
kabelplus GmbH (“kabelplus”), Maria Enzersdorf	Utilitas	100.00	30.09.2024	V
Netz Niederösterreich GmbH (“Netz Niederösterreich”), Maria Enzersdorf	EVN	100.00	30.09.2024	V
Verbund Innkraftwerke GmbH (“Verbund Innkraftwerke”), Töging, Germany 1)	EVN Naturkraft	13.00	31.12.2023	E
Wasserkraftwerke Trieb und Krieglach GmbH (“WTK”), Maria Enzersdorf	EVN Naturkraft	70.00	30.09.2024	V
EVN-ECOWIND Sonnenstromerzeugungs GmbH, Maria Enzersdorf	EVN Naturkraft	100.00	30.09.2024	V
Bioenergie St. Pölten GmbH, Maria Enzersdorf	EVN Wärme	100.00	30.09.2024	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 .

1.2. Not included in the consolidated financial statements of EVN due to immateriality
			Shareholders’	Last year’s		Method of
		Interest	equity	profit/loss	Balance sheet	consoli dation
Company, registered office	Shareholder	%	TEUR	TEUR	date	2023/24
cyberGRID GmbH, Vienna	Utilitas	100.00	296	–258	30.09.2024	NV
			(6)	(1)	(31.03.2023)
Biowärme Amstetten-West GmbH,	EVN Wärme	49.00	3,277	637	31.12.2023	NE
Amstetten			(2,641)	(429)	(31.12.2022)
EVN Macedonia Holding DOOEL,	EVN	100.00	395	8	31.12.2023	NV
Skopje, North Macedonia			(403)	(–10)	(31.12.2022)
Bioenergie Wiener Neustadt GmbH,	EVN Wärme	90.00	1,184	220	31.12.2023	NV
Wiener Neustadt			(964)	(157)	(31.12.2022)
Energie Zukunft Niederösterreich	EVN	50.00	211	–449	31.12.2023	NE
GmbH, Heiligenkreuz			(660)	(–462)	(31.12.2022)
EVN-WIEN ENERGIE Windpark -	EVN Naturkraft	50.00	40	1	30.09.2023	NE
entwicklungs- und Betriebs GmbH			(39)	(1)	(30.09.2022)
(“EVN-WE Wind GmbH”), Vienna
Fernwärme Mariazellerland GmbH,	EVN Wärme	48.86	941	358	31.12.2023	NE
Mariazell			(582)	(296)	(31.12.2022)
Kraftwerk Nußdorf Errichtungs-	EVN Naturkraft	33.33	12,836	3,999	31.12.2023	NE
und Betriebs GmbH & Co KG, Vienna			(10,337	(1,500)	(31.12.2022)
Kraftwerk Nußdorf Errichtungs-	EVN Naturkraft	33.33	45	3	31.12.2023	NE
und Betriebs GmbH, Vienna			(41)	(3)	(31.12.2022)
Netz Niederösterreich Beteiligung	Netz NÖ	100.00	16,187	1,264	30.09.2024	NV
31 GmbH (“Netz Bet. 31”), Maria Enzersdorf			(14,923)	(–)	(30.09.2023)
Netz Niederösterreich Liegenschafts-	Netz Bet. 31	100.00	16,181	–519	30.09.2024	NV
besitz 31 GmbH, Maria Enzersdorf			(15,455)	(27)	(30.09.2023)
E.GON GmbH, Heiligenkreuz	Utilitas	100.00	2,766	–269	30.09.2024	NV
			(–)	(–)	(–)
EVN Biogas GmbH,	EVN Wärme -	100.00	30	–5	30.09.2024	NV
Maria Enzersdorf	kraftwerke		(–)	(–)	(–)
EH Solar Contracting Solutions	EVN	50.00	–	–	–	NE
GmbH, St. Pölten	Energieservices
Zephyr Energy GmbH, Maria Enzersdorf	EVN Naturkraft	74.90	–	–	–	N V

Method of consolidation

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

2.2. Not included in the consolidated financial statements of EVN due to immateriality
			Shareholders’	Last year’s		Method of
		Interest	equity	profit/loss	Balance sheet	consoli dation
Company, registered office	Shareholder	%	TEUR	TEUR	date	2023/24
Abwasserbeseitigung	WTE Projekt-	26.00	320	19	31.12.2023	NE
Kötschach-Mauthen Errichtungs-	entwicklung		(301)	(41)	(31.12.2022)
und Betriebsgesellschaft mbH, Kötschach-Mauthen	GmbH
EVN Projektgesellschaft Müll-	WTE	100.00	–	–743	30.04.2022 1)	NV
verbrennungsanlage Nr. 1 mbH	Wassertechnik		(–)	(– 1.006)	(30.09.2021)
in Liqu. (“EVN MVA1”), Essen, Germany
JV WTE Tecton Azmeel W.L.L.,	WTE	50.00	–924	–234	30.09.2023	NE
Al Seef (Manama), Bahrain	Wassertechnik		(–617)	(–704)	(30.09.2022)
Wasserver- und Abwasser-	WTE	49.00	586	22	31.12.2023	NE
entsorgungsgesellschaft	Wassertechnik		(566)	(3)	(31.12.2022)
Märkische Schweiz mbh, Buckow, Germany
Viennatal-Sammelkanal	EVN Wasser	50.00	866	–	31.12.2023	NE
Gesellschaft m.b.H, Unter- tullnerbach			(866)	(–)	(31.12.2022)
WTE Baltic UAB, Kaunas,	WTE	100.00	298	36	30.09.2024	NV
Lithuania	Wassertechnik		(262)	(6)	(30.09.2023)
WTE desalinizacija morske vode	WTE Betrieb	100.00	–838	–149	31.12.2023	NV
d.o.o., Podgorica, Montenegro			(–689)	(–25)	(31.12.2022)
WTE Projektgesellschaft Natrium - hypochlorit mbH (“WTE Hyp”), Essen, Germany	EVN Bet. 52	100.00 23

(24)

–1

(–1)

30.09.2024

(30.09.2023)

1) The company is still in the liquidation phase. The liquidation balance sheet was prepared on April 30, 2022;

no further annual financial statements are prepared .

2. EVN’s investments in the environmental services business ≥ 20.0% as of 30 September 2024
2.1. Included in the consolidated financial statements of EVN
				Method of
		Interest	Balance sheet	consolida-
Company, registered office	Shareholder	%	date	tion 2023/24
Cista Dolina – SHW Komunalno podjetje d.o.o., Kranjska Gora, Slovenia	WTE Betrieb	100.00	30.09.2024	V
Degremont WTE Wassertechnik Praha v.o.s., Prague, Czech Republic	WTE	35.00	31.12.2023	E
EVN Beteiligung 52 GmbH (“EVN Bet. 52”), Maria Enzersdorf	EVN	100.00	30.09.2024	V
EVN Umwelt Beteiligungs und Service GmbH (“EVN UBS”), Maria Enzersdorf	EVN Umwelt	100.00	30.09.2024	V
EVN Umweltholding und Betriebs-GmbH (“EVN Umwelt”), Maria Enzersdorf	EVN	100.00	30.09.2024	V
EVN Wasser GmbH (“EVN Wasser”), Maria Enzersdorf	EVN/Utilitas	100.00	30.09.2024	V
OOO EVN Umwelt Service, Moscow, Russia	EVN UBS	100.00	31.12.2023	V
OOO EVN Umwelt, Moscow, Russia	EVN UBS	100.00	31.12.2023	V
Storitveno podjetje Laško d.o.o., Laško, Slovenia	WTE	100.00	30.09.2024	V
Umm Al Hayman Holding Company WLL, Kuwait City, Kuwait	WTE	50.00	31.12.2023	E
WTE Abwicklungsgesellschaft Kuwait mbH, Essen, Germany 1)	International	100.00	30.09.2024	V
WTE Betriebsgesellschaft mbH (“WTE Betrieb”), Hecklingen, Germany 1)	WTE	100.00	30.09.2024	V
WTE International GmbH (“International”), Essen, Germany	WTE	100.00	30.09.2024	V
WTE O&M Kuwait Sewerage Treatment O.P.C., Kuwait City, Kuwait	International	100.00	30.09.2024	V
WTE otpadne vode Budva DOO, Podgorica, Montenegro	WTE	100.00	31.12.2023	V
WTE Projektentwicklung GmbH, Maria Enzersdorf	WTE	100.00	30.09.2024	V
WTE Projektna družba Bled d.o.o., Bled, Slovenia	WTE	100.00	30.09.2024	V
WTE Wassertechnik GmbH (“WTE”), Essen, Germany	EVN Bet. 52	100.00	30.09.2024	V
WTE Wassertechnik (Polska) Sp.z.o.o., Warshaw, Poland	WTE	100.00	30.09.2024	V
Zagrebačke otpadne vode d.o.o. (“ZOV”), Zagreb, Croatia	WTE	48.50	31.12.2023	E
Zagrebačke otpadne vode – upravljanje i pogon d.o.o.
(“ZOV UIP”), Zagreb, Croatia

WTE

29.00

31.12.2023 E

1) The relief options of § 264 (3) of the German Commercial Code (dHGB) are used .

Method of consolidation

100

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

3. EVN’s investments in other business activities ≥ 20.0% as of 30 September 2024
3.1. Included in the consolidated financial statements of EVN
						Method of
				Interest	Balance sheet	consolidation
Company, registered office			Shareholder	%	date	2023/24
Burgenland Holding Aktiengesellschaft			EVN	73.63	30.09.2024	V
(“Burgenland Holding” bzw. “BUHO”), Eisenstadt
Burgenland Energie AG (“Burgenland Energie”), Eisenstadt			BUHO	49.00	30.09.2024	E
EVN Business Service GmbH (“EVN Business”), Maria Enzersdorf			Utilitas	100.00	30.09.2024	V
R138-Fonds, Vienna			EVN/Netz	100.00	30.09.2024	V
			Niederösterreich/
			EVN Wasser
RAG-Beteiligungs-Aktiengesellschaft (“RBG”), Maria Enzersdorf			EVN	50.03	31.03.2024	V
RAG Austria AG (“RAG”), Vienna			RBG	100.00	31.12.2023	E
UTILITAS Dienstleistungs- und Beteiligungs-Gesellschaft m.b.H.			EVN	100.00	30.09.2024	V
(“Utilitas”), Maria Enzersdorf
3.2. Not included in the consolidated financial statements of EVN due to immateriality			Sharehold-	Last year’s		Method of
		Interest	ers’ equity	profit/loss	Balance sheet	consoli dation
Company, registered office	Shareholder	%	TEUR	TEUR	date	2023/24
e&i EDV Dienstleistungs-	EVN	50.00	255	74	30.09.2024
gesellschaft m.b.H., Vienna			(261)	(65)	(30.09.2023 )

Method of consolidation

101

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 30 Septem-

ber,2024, 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30 September, 2024 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 § 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 Generally 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.

Auditors’ report

We have audited the consolidated financial statements of EVN AG, Maria Enzersdorf,

102

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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, and investments in equity accounted investees. We also assessed

the related key internal controls and evaluated their form and implementation. 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, on which the discount rate is based. 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 amortisation and effects from impair-

ment 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.

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.

Below are the key audit matters, from our viewpoint:

• Impairment of intangible assets, property, plant and equipment and investments in equity accounted investees

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 6.068,7 mn account for 56% of total assets of the group as of 30 September 2024.

Accounting standards require an assessment to be made at each reporting date, whether there is any indication

thatthe recoverable amount has decreased significantly. For those items of intangible assets, PPE and equity

accounted investees, for which impairment losses were recognised 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 cashflows 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.

103

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

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 accord-

ance 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.

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, inten-

tional 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.

We received the consolidated 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 § 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.

104

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Report on other legal and regulatory requirements

Comments on the Group Management Report

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.

Regarding the consolidated non-financial report contained in the group management report, it is our responsibility

to check whether it has been prepared, to read it, and to assess whether this other information contains material

inconsistencies with the consolidated financial statements or with the knowledge we obtained during the audit,

orotherwise appears to be materially misstated.

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,

comprising the details in accordance with § 243a UGB (Austrian Company Code) and is consistent with the consoli-

dated 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.

• 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.

• We plan and conduct the group audit to obtain sufficient appropriate audit evidence regarding the financial

information of the entities or business units within the group, as a basis for forming an audit opinion on the

consolidated financial statements. We are responsible for directing, supervising, and reviewing the audit

activitiescarried out for the purposes 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.

105

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Additional information in accordance with Article 10 of the EU Regulation

We were elected as auditor by the ordinary General Meeting on 1 February 2024. We were appointed by the

Supervisory Board on 2 February 2024. 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, 27 November, 2024

BDO Assurance GmbH

Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

Gerhard Posautz Johannes Waltersam

Auditor Auditor

This report is a translation of the original report in German, which is solely valid.

106

EVN Annual Financial Report 2023 / 24 Declaration by the Executive BoardAnnual financial statements of EVNAGFinancial statementsManagement report

Sitz der Gesellschaft:

2344 Maria Enzersdorf

Registriert Landesgericht Wr. Neustadt

FN 72000 h

UID Nr. ATU14704505

EVN AG

EVN Platz

2344 Maria Enzersdorf

Österreich

EVN AG

Jahresabschluss

2023/24

nach UGB

107

EVN Annual Financial Report 2023 / 24

Inhalt

Lagebericht

Jahresabschluss

Bilanz zum 30. September 2024

Gewinn- und Verlustrechnung für das Geschäftsjahr 2023/24

Entwicklung des Anlagevermögens

Beteiligungen der EVN AG

Uneingeschränkter Bestätigungsvermerk

Anhang

109

161

162

164

166

167

169

174

108

EVN Annual Financial Report 2023 / 24

109

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Lagebericht EVN AG für das Geschäftsjahr 2023/24

Bericht des Vorstandes

ENERGIEPOLITISCHES UMFELD

Energie- und Klimapolitik

Europäische Union

Der europäische Green Deal galt für die europäische Legislaturperiode von 2019 bis 2024

als das zentrale Projekt der Europäischen Kommission und definierte damit einen wichtigen

energiepolitischen Fokus der EU-Institutionen. Die Zielsetzungen, Europa bis 2050 zum

ersten klimaneutralen Kontinent zu machen und bereits bis 2030 die

Treibhausgasemissionen erheblich zu reduzieren, hatten daher in den letzten Jahren

maßgeblichen Einfluss auf die europäische Gesetzgebung für den Energiesektor. Ab 2022

prägten zudem die durch den Ukrainekrieg ausgelöste Krise sowie deren Einfluss auf die

Energiepreise und die europäische Wirtschaft die energiepolitischen Weichenstellungen.

Eines der wesentlichen Ziele war und ist es dabei, die negativen Auswirkungen extremer

Preisschwankungen auf den EU-Markt und damit letztlich auf die Verbraucher*innen

einzudämmen.

Die in der abgelaufenen Legislaturperiode der EU erarbeiteten umfassenden

Gesetzespakete für den Energiebereich wurden im Frühjahr 2024 final beschlossen. Die

damit auf den Weg gebrachten Reformen im Strommarktdesign führten zu Novellen der EU-

Elektrizitätsbinnenmarktrichtlinie und der EU-Elektrizitätsbinnenmarktverordnung. Zusätzlich

erfolgten Novellen der Gasbinnenmarktrichtlinie und -verordnung, die auch einen Rahmen

für eine zukünftige Wasserstoffwirtschaft festlegen.

Wesentliche Neuerungen dieser Gesetzespakete betreffen etwa Erleichterungen für

Kund*innen bei der Teilnahme am Strommarkt – sowohl im Rahmen von wie auch außerhalb

von Energiegemeinschaften. Hinzu kommt die Möglichkeit einer Förderung neuer Anlagen

zur Stromerzeugung aus erneuerbaren bzw. nichtfossilen Quellen durch Preisstützung

mittels sogenannter zweiseitiger Differenzverträge (Contracts for Difference), die gleichzeitig

einem Anstieg der Marktpreise für die Kund*innen entgegenwirken sollen. Generell verändert

die europäische Energiepolitik die Rolle der Kund*innen, indem diese von reinen

Verbraucher*innen auch zu aktiven Marktteilnehmer*innen werden können, die Strom

produzieren und handeln. Zudem sollen Informationsverpflichtungen für Netzbetreiber über

verfügbare Anschlusskapazitäten die Qualität der europäischen Netzausbauplanung

verbessern. Das sogenannte Gas- und Wasserstoffpaket wiederum soll einen geregelten

Umstieg auf Wasserstoff ermöglichen, indem einheitliche (regulatorische)

Rahmenbedingungen für die Errichtung der erforderlichen Wasserstoffinfrastruktur (Netze

und Speicher) geschaffen und Planungen dafür europaweit vereinheitlicht werden.

Für die neue Legislaturperiode hat die europäische Kommission in ihren politischen Leitlinien

u. a. die Stärkung der Wettbewerbsfähigkeit als Priorität benannt. Zudem werden der Green

Deal und die damit verbundenen Ziele und Maßnahmen fortgeführt.

Österreich

In Österreich müssen die auf EU-Ebene zuletzt beschlossenen Richtlinien für den

Energiebereich noch in nationales Recht umgesetzt werden. Dieser Aufgabe wird sich die

110

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

neue Bundesregierung widmen müssen. Sie kann dabei auf einem Entwurf der

Vorgängerregierung für das Elektrizitätswirtschaftsgesetz (ElWG) aufsetzen, das an die

Stelle des bestehenden Elektrizitätswirtschafts- und organisationsgesetzes (ElWOG) treten

soll.

Im Juni 2024 wurde das mit 31. Dezember 2027 befristete Bundesgesetz zur Abmilderung

von Krisenfolgen und zur Verbesserung der Marktbedingungen im Falle von

marktbeherrschenden Energieversorgern beschlossen.

Die EU hat trotz der durch den Ukrainekrieg ausgelösten Marktverwerfungen nach

ausgiebigen Konsultationen mit Energieexpert*innen den Binnenmarkt und die Merit Order

als wesentliche und effiziente Mechanismen für die Preisbildung anerkannt. In ihren

Reformpaketen für den europäischen Strommarkt hat sie gleichzeitig Maßnahmen gesetzt,

die Preisspitzen vermeiden bzw. eindämmen sollen. Diese werden nun in die österreichische

Gesetzgebung bzw. in das nationale Marktdesign einfließen. Ziel ist es dabei, auch in

Österreich künftig wieder eine stabilere Preisentwicklung für Endkund*innen ohne extreme

Verwerfungen zu gewährleisten. Aus Sicht der Energielieferant*innen sind jedoch weiterhin

präzisere und rechtssichere Konsument*innenschutzbestimmungen in Bezug auf die

Preisgestaltung und die Kündigungsmöglichkeiten erforderlich.

Ausführlich diskutiert wurden in Österreich das Ausmaß der russischen Gasimporte,

mögliche Maßnahmen zur weiteren Diversifizierung der Bezugsquellen sowie potenzielle

Folgen einer Nichtverlängerung des mit 31. Dezember 2024 endenden Gas-Transitvertrags

zwischen Russland und der Ukraine auf die nationale Gasversorgung. Vor diesem

Hintergrund hat das österreichische Parlament im Juni 2024 Gesetzesänderungen

beschlossen, die jene Gasversorgungsunternehmen, die zumindest 25 % ihrer Mengen aus

Russland oder aus unbekannten Quellen beziehen, zur Erstellung eines

Versorgungssicherheitskonzepts verpflichtet. Zudem wurde die Verpflichtung, eine

strategische Gasreserve vorzuhalten, bis 2027 verlängert.

Das geplante Erneuerbaren-Gas-Gesetz konnte mangels der erforderlichen Zwei-Drittel-

Mehrheit im österreichischen Parlament nicht beschlossen werden. Aus Sicht der

Energiebranche hätte eine Mindestquote für grünes Gas im Zusammenspiel mit

Strafzahlungen dazu geführt, dass der Marktpreis durch die Höhe der Strafzahlung definiert

worden wäre.

WIRTSCHAFTLICHES UMFELD

Im bisherigen Verlauf des Jahres 2024 wuchs die Weltwirtschaft nur moderat. Dabei zeigte

sich die Dynamik in den USA höher als im Euroraum, in dem sich wiederum Deutschland

und Österreich am unteren Ende der Skala finden. In den Schwellenländern entwickelte sich

die Produktion verhalten, besonders in China hat sich das Expansionstempo spürbar

verlangsamt. Die aktuellen Prognosen sind mit erheblichen Abwärtsrisiken behaftet. Eine

Eskalation der geopolitischen Spannungen, etwa im Nahen Osten oder in der Ukraine, würde

den Welthandel bremsen und die zuletzt im Sinkflug befindliche Inflation wieder antreiben.

Damit würden sich die Realeinkommen schwächer entwickeln, und die Geldpolitik würde

wohl langsamer gelockert werden. Zusätzlich wird der Welthandel zunehmend von

protektionistischen Tendenzen belastet. So haben die USA und die Europäische Union hohe

Zölle auf chinesische Elektroautos eingeführt. Im Raum stehende Gegenmaßnahmen Chinas

würden den internationalen Güteraustausch weiter einschränken und die wirtschaftliche

Dynamik damit stark beeinträchtigen. Für den Euroraum prognostizieren die

Wirtschaftsforscher*innen aktuell für das Jahr 2024 ein Wachstum von rund 0,8 %, 2025

dürfte das Plus zwischen 1,2 % und 1,4 % liegen.

111

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Die österreichische Wirtschaftsleistung ist in der ersten Hälfte 2024 weiter zurückgegangen.

Nach einer Reduktion des BIP um 1,0 % im Jahr 2023 hat sich die Rezession in Industrie

und Bauwirtschaft auch im laufenden Jahr fortgesetzt, und auch der Konsum hat trotz

kräftiger Realeinkommenszuwächse noch nicht wieder angezogen. Der Verlust an

Wettbewerbsfähigkeit durch den Anstieg der Kostenbasis belastet auch die österreichische

Exportwirtschaft. Damit fällt die österreichische Wirtschaft im europäischen Vergleich spürbar

zurück. Dies führte zuletzt zu einer Rücknahme der BIP-Erwartungen für das Kalenderjahr

2024 auf –0,6 %. Mit einer Aufhellung der Konsumstimmung und einer stärkeren

Auslandsnachfrage, getragen durch die erwartete Erholung der Industriekonjunktur im

Euroraum, sollte die heimische Wirtschaft wieder an Schwung gewinnen. Für 2025 wird

deshalb mit einem moderaten Wachstum zwischen 0,8 % und 1,6 % gerechnet.

ENERGIEWIRTSCHAFTLICHES UMFELD

Das Energiegeschäft der EVN ist wesentlich durch externe Einflussfaktoren geprägt. So wird

der Vertrieb an Haushaltskund*innen vor allem von der Witterung und vom aktuellen

Marktpreisniveau beeinflusst. Milde Temperaturen und Einsparmaßnahmen angesichts

hoher Preise können die Nachfrage nach Strom, Erdgas und Wärme dämpfen. Dabei

hängen die Marktpreise und damit die Beschaffungspreise der EVN wesentlich vom

geopolitischen Umfeld ab. Die Nachfrage der Industriekund*innen wiederum ist primär durch

die wirtschaftliche Entwicklung bestimmt. In den letzten Jahren spielen auch Veränderungen

im Verhalten der Kund*innen, die sich mehr und mehr zu sogenannten Prosumers

entwickeln, eine immer größere Rolle. Für die Energieerzeugung sind schließlich das Wind-

und Wasserdargebot sowie die Sonneneinstrahlung relevant.

Im Geschäftsjahr 2023/24 war die Witterung in allen drei Kernmärkten der EVN erneut von

sehr milden Temperaturen geprägt. Die Heizgradsumme – sie definiert den

temperaturbedingten Energiebedarf – lag in Österreich, Bulgarien und Nordmazedonien

jeweils sowohl deutlich unter dem Vorjahreswert als auch unter dem langjährigen

Durchschnitt. In Bulgarien erreichte sie sogar nur 70,1 % des üblichen Mittelwerts.

112

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Die Kühlgradsumme, die den Energiebedarf für Kühlung bemisst, stieg im Geschäftsjahr

2023/24 hingegen in allen drei Kernmärkten im Vergleich zu den bereits hohen

Vorjahreswerten nochmals deutlich an. In Nordmazedonien war sie mit 205,0 % sogar mehr

als doppelt so hoch wie im langjährigen Durchschnitt.

Sowohl das Wasser- als auch das Winddargebot gestaltete sich in der Berichtsperiode

insgesamt sehr positiv. Die Erzeugungskoeffizienten für Wind kamen in Österreich und

Bulgarien knapp unter dem langjährigen Durchschnitt zu liegen. In Österreich bedeutete dies

eine deutliche Verbesserung zum Vorjahr, in Bulgarien eine leichte Verschlechterung. Auch

die Erzeugungskoeffizienten für Wasser verbesserten sich in Österreich und Deutschland

spürbar, während sie in Nordmazedonien hinter dem hohen Vorjahreswert zurückblieben.

Die Primärenergie- und Energiepreise zeigten sich in der Berichtsperiode weiterhin

rückläufig. Nach unterjährigen Schwankungen reduzierte sich der durchschnittliche EEX-

Börsenpreis für Erdgas zum Bilanzstichtag von zuvor 56,4 Euro pro MWh auf 33,9 Euro pro

MWh. Auch die Preise für CO2-Emissionszertifikate kamen konjunkturbedingt unter den

Vergleichswerten des Vorjahres zu liegen: Mit durchschnittlich 69,1 Euro pro Tonne im

Geschäftsjahr 2023/24 lagen sie um rund 18,0 % unter dem Wert von 84,2 Euro pro Tonne

in der vorangegangenen Berichtsperiode.

Diese Entwicklungen wirkten sich auch auf die Marktpreise für Strom aus, die im Berichtsjahr

ebenfalls einen neuerlichen deutlichen Rückgang verzeichneten: Die Spotmarktpreise für

Grund- und Spitzenlaststrom lagen bei durchschnittlich 75,2 Euro pro MWh bzw. 85,5 Euro

pro MWh (Vorjahr: 134,4 Euro pro MWh bzw. 154,8 Euro pro MWh). Aufgrund des

kontinuierlich ansteigenden Anteils an erneuerbaren Erzeugungskapazitäten im

Energiesystem sind die unterjährigen Preisentwicklungen mittlerweile auch stark von

saisonalen Effekten beeinflusst.

113

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

WIRTSCHAFTLICHE ENTWICKLUNG

Kennzahlen zur Ertragslage

2023/2024

2022/23 Veränderung

Mio. EUR Mio. EUR Mio. EUR %

Umsatzerlöse 740,0 936,4 -196,4 -21,0

Die Umsatzerlöse sanken auf 740,0 Mio. EUR und setzen sich aus Stromerlösen in Höhe

von 369,2 Mio. EUR (VJ: 485,4 Mio. EUR), Gaserlösen in Höhe von 140,7 Mio. EUR (VJ:

242,0 Mio. EUR) und sonstigen Umsatzerlösen in Höhe von 230,0 Mio. EUR (VJ: 209,0 Mio.

EUR) zusammen.

Die Stromerlöse sanken gegenüber dem Vorjahr um 116,2 Mio. EUR, die Gaserlöse um

101,2 Mio. EUR, während die sonstigen Umsatzerlöse um 21,0 Mio. EUR stiegen. Die

Reduktion der Stromerlöse ist hauptsächlich auf die im Vergleich zum Vorjahr stark

gesunkenen Strompreise zurückzuführen. Der Rückgang ist hierbei deutlich bei den

gesunkenen Stromerlösen im Stromhandel mit Dritten sichtbar. Die Reduktion der Gaserlöse

ist ebenfalls auf die im Vergleich zum Vorjahr stark gesunkenen Gaspreise aber auch auf

geringere Gashandelsaktivitäten zurückzuführen.

Berechnung 2023/24 2022/2023

Veränderung

Mio. EUR Mio. EUR Mio. EUR %

Ergebnis vor

Zinsen und

Steuern

Ergebnis vor Steuern

+ Zinsen und ähnliche

Aufwendungen gemäß §

323,9 473,8 -149,9 -31,6

231 (2) Z 15 UGB

Die sonstigen betrieblichen Erträge betrugen im Geschäftsjahr 2023/24 1,4 Mio. EUR

(Vorjahr: 1,9 Mio. EUR).

Die Aufwendungen für Primärenergie, CO2-Kosten und Strombezug betrugen im

abgelaufenen Geschäftsjahr 451,5 Mio. EUR (Vorjahr: 682,5 Mio. EUR). Der Rückgang ist in

erster Linie auf preisbedingte geringere Aufwendungen für Strom- und Gasbezug

zurückzuführen. Dieser Effekt wird verstärkt durch gesunkene Aufwendungen für CO2

Zertifikate.

An Materialaufwand und sonstigen bezogenen Leistungen fielen 118,1 Mio. EUR (Vorjahr:

106,2 Mio. EUR) an. Dies bedeutet gegenüber dem Vorjahr einen Anstieg von 11,9 Mio.

EUR.

Der Personalaufwand betrug im Geschäftsjahr 2023/24 102,3 Mio. EUR (Vorjahr: 96,6 Mio.

EUR) und ist insbesondere auf die kollektivvertraglichen Anpassungen zurückzuführen. Bei

der EVN AG waren durchschnittlich 570 Angestellte auf Vollzeitbasis (Vorjahr: 561

Angestellte) beschäftigt. Daraus resultierte ein Personalaufwand pro Mitarbeiter von

180,0 Tsd. EUR (Vorjahr: 172,2 Tsd. EUR). Der Umsatz pro Mitarbeiter betrug 1,3 Mio. EUR

(Vorjahr: 1,7 Mio. EUR).

Die Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen

betrugen im Berichtszeitraum 5,5 Mio. EUR und sind damit um rd. 1,0 Mio. EUR niedriger als

im Vorjahr.

114

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Die sonstigen betrieblichen Aufwendungen beliefen sich auf 35,6 Mio. EUR (Vorjahr 31,4

Mio. EUR).

Aufgrund der oben angeführten Rahmenbedingungen verzeichnete die EVN AG ein positives

Betriebsergebnis in Höhe von 28,4 Mio. EUR (Vorjahr 15,1 Mio. EUR).

Das Finanzergebnis ist vor allem durch Beteiligungserträge, Zinsaufwendungen und -erträge,

Wertpapiererträgen und Aufwendungen aus Finanzanlagen geprägt. Das

Beteiligungsergebnis sank gegenüber dem Vorjahr von 431,1 Mio. EUR auf 358,5 Mio. EUR.

Die sonstigen Zinsen und ähnlichen Erträgen beliefen sich auf 27,1 Mio. EUR (VJ: 29,6 Mio.

EUR). Die Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen und

Wertpapieren des Umlaufvermögens erhöhten sich auf 5,5 Mio. EUR (VJ: 1,9 Mio. EUR). Die

Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens stiegen vor

allem wegen höherer Abschreibungen auf Anteile an verbundenen Unternehmen auf 130,2

Mio. EUR (VJ: 33,8 Mio. EUR). Die Zinsen und ähnlichen Aufwendungen betrugen im

Geschäftsjahr 75,1 Mio. EUR (VJ: 69 Mio. EUR).

Insgesamt konnte ein Finanzergebnis in Höhe von 220,4 Mio. EUR erzielt werden, welches

um 169,2 Mio. EUR oder 43,2 % unter dem Vorjahr liegt.

Die beschriebenen Entwicklungen führten zu einem Ergebnis vor Steuern von 248,8 Mio.

EUR. Dies bedeutet einen Rückgang von 156,0 Mio. EUR.

Berechnung 2023/24 2022/23

% %

Eigenkapitalrentabilität

Ergebnis vor Steuern 8,4 14,6

durchschnittliches Eigenkapital

Die Eigenkapitalrentabilität belief sich im Geschäftsjahr 2023/24 auf 8,4%. Im Geschäftsjahr

2022/23 betrug diese 14,6%.

Berechnung 2023/24 2022/23

% %

Gesamtkapitalrentabilität

Ergebnis vor Zinsen und

Steuern

6,4

9,5

durchschnittliches Gesamtkapital

Im Geschäftsjahr 2023/24 konnte eine Gesamtkapitalrentabilität von 6,4% erzielt werden. Im

Geschäftsjahr 2022/23 betrug diese 9,5%.

115

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Kennzahlen zur Vermögens- und Finanzlage

Berechnung 30.09.2024

30.09.2023

Veränderung

Mio. EUR Mio. EUR Mio. EUR %

Nettoverschuldung

Verzinsliches Fremdkapital

180,4

166,3

346,6

n.a.

- Flüssige Mittel

Das verzinsliche Fremdkapital und die flüssigen Mittel berechnen sich dabei

folgendermaßen:

Berechnung 30.09.2024

30.09.2023

Veränderung

Mio. EUR Mio. EUR Mio. EUR %

Verzinsliches

Fremdkapital

Anleihen

+Verbindlichkeiten aus

Schuldscheindarlehen

+Verbindlichkeiten gegenüber

Kreditinstituten

1.677,3 1.982,6 -305,3 -15,4

+Finanzverbindlichkeiten

gegenüber verbundenen

Unternehmen und beteiligten

Unternehmen

+Rückstellungen für

Abfertigungen

+Rückstellungen für Pensionen

+Rückstellungen für

Jubiläumsgelder

30.09.2024

30.09.2023

Veränderung

Mio. EUR Mio. EUR Mio. EUR %

Flüssige

Mittel

Ausleihungen an verbundene

Unternehmen, Forderungen aus

Cash Pooling, Kassenbestand,

Schecks, Guthaben bei

Kreditinstituten, Wertpapiere des

UV sowie aus sonstigem

Finanzvermögen

1.857,7 1.816,4 41,3 2,3

Berechnung 30.09.2024

30.09.2023 Veränderung

Mio. EUR Mio. EUR Mio. EUR %

Nettoumlaufvermögen

Umlaufvermögen 33,4 -28,8 62,2 216

- langfristiges

Umlaufvermögen

=Kurzfristiges

Umlaufvermögen

- kurzfristiges

Fremdkapital

=Nettoumlaufvermögen

116

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Berechnung 30.09.2024 30.09.2023

% %

Eigenkapitalquote

Eigenkapital 60,9 56,6

Gesamtkapital

Die Bilanzsumme betrug per 30.09.2024 4.922,3 Mio. EUR (VJ: 5.182,1 Mio. EUR) und

reduzierte sich damit gegenüber dem Vorjahr um 259,8 Mio. EUR bzw. 5,0 %. Das

Eigenkapital der Gesellschaft belief sich auf 2.995,7 Mio. EUR (VJ: 2.932,4 Mio. EUR).

Der stärkere Anstieg des Eigenkapitals führte insgesamt zu einer um 4,3%-Punkte höheren

Eigenkapitalquote.

Berechnung 30.09.2024 30.09.2023

% %

Nettoverschuldungsgrad Nettoverschuldung n.a.

5,7

Eigenkapital

Geldflussrechnung

Berechnung 2023/24

2022/23 Veränderung

Mio. € Mio. € Mio. € %

Geldflussrechnung

Geldfluss aus dem Ergebnis 426,3 541,5 -115,2 -21,3

Netto-Geldfluss aus der

laufenden Geschäftstätigkeit

583,5 402,5 160,9 40,0

Netto-Geldfluss aus der

Investitionstätigkeit

-64,1 -536,4 492,3 -91,8

Netto-Geldfluss aus der

Finanzierungstätigkeit

-518,6

10,0 -528,7 n.a.

Zahlungswirksame

Veränderung des

Finanzmittelbestandes

0,7 -123,8 124,6 n.a.

Ausgehend von einem Jahresüberschuss in Höhe von 265,7 Mio. EUR belief sich der

Cashflow aus dem Ergebnis im abgelaufenen Geschäftsjahr auf 426,3 Mio. EUR und der

Cashflow aus der laufenden Geschäftstätigkeit auf 583,5 Mio. EUR.

Der Cashflow aus der Investitionstätigkeit betrug -64,1 Mio. EUR, wobei die Veränderung

zum Vorjahr vor allem auf niedrigere Investitionen in Finanzanlagen zurückzuführen ist.

Ausgehend von der im Geschäftsjahr 2023/24 durchgeführten Ausschüttung aus dem

Bilanzgewinn 2022/23 in Höhe von 203,2 Mio. EUR und Abnahme der

Finanzverbindlichkeiten in Höhe von 315,5 Mio. EUR, weist die EVN AG einen Cashflow aus

der Finanzierungstätigkeit in Höhe von -518,6 Mio EUR aus.

Insgesamt resultierte aus dieser Entwicklung eine Erhöhung des Finanzmittelbestandes

(bestehend aus Forderungen aus Cash Pooling, Taggeldguthaben bei Kreditinstituten und

Wertpapieren des Umlaufvermögens) von 0,7 Mio. EUR.

Die Veränderung der

Keine Nettoverschuldung vorhanden

117

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Verbindlichkeiten aus Cash Pooling werden im Cashflow aus der Finanzierungstätigkeit

ausgewiesen.

Zweigniederlassungen

EVN verfügt über keine Zweigniederlassungen im Sinne des § 243 Abs 3 Z 4 UGB.

Innovation, Forschung und Entwicklung

Die EVN konzentriert ihre Innovations-, Forschungs- und Entwicklungsaktivitäten primär auf

Projekte zur Gewährleistung der Versorgungssicherheit, zur Schonung von Klima und

Umwelt sowie zur Stärkung der Wettbewerbsfähigkeit des Unternehmens. Übergeordnetes

Kriterium ist bei allen Projekten die Anforderung, einen konkreten Nutzen für Kund*innen zu

erbringen.

In der Berichtsperiode hat die EVN insgesamt rund 1,5 Mio. Euro (Vorjahr: rund 1,0 Mio.

Euro) für Innovations-, Forschungs- und Entwicklungsprojekte aufgewendet. Für diese

Projekte wurden Förderungen in Anspruch genommen, die einer Förderquote von 1,8 %

entsprechen.

Ein wesentlicher Schwerpunkt in den Innovationsaktivitäten der EVN gilt Lösungen zur

Speicherung erneuerbarer Überschussproduktion für Perioden mit geringer

Energieerzeugung. Besonders für die saisonale Speicherung muss auf dem Weg zu einem

klimaneutralen Energiesystem noch eine Lösung gefunden werden. Denn die

Stromerzeugung aus Windkraft und Photovoltaik übersteigt im Sommerhalbjahr mittlerweile

häufig die Nachfrage, während es im Winterhalbjahr bei geringem Wasser-, Wind- und

Sonnenaufkommen in Zentraleuropa zu herausfordernden Situationen für die

Versorgungssicherheit kommen kann. Vor diesem Hintergrund engagiert sich die EVN z. B.

als Projektpartnerin bei einer Pilotanlage der RAG, die Sonnenenergie zum Betrieb einer

Elektrolyseanlage nutzt. Der auf diese Weise produzierte grüne Wasserstoff wird in eine

natürliche Erdgasspeicherspeicherstätte der RAG eingespeichert und kann im Winter zur

emissionsfreien Strom- bzw. Wärmeerzeugung genutzt werden. Die Anlage hat im Sommer

2024 unter Federführung der EVN ihren Probebetrieb aufgenommen. In anderen Projekten

forscht die EVN an Möglichkeiten, Überschussproduktion aus erneuerbaren Quellen für

sektorenübergreifende Zwecke oder zur Substitution thermischer Erzeugung zu nutzen. Ein

Beispiel dafür ist der Pilot-Hybridspeicher Theiß, eine Kombination eines Wärmespeichers

mit einem 5-MW-Batteriespeicher und einer Photovoltaikanlage.

Weitere Forschungsschwerpunkte der EVN betreffen innovative Ansätze zur vermehrten

Nutzung von Flexibilitäten verschiedener Abnehmer*innen und kleinerer

Stromproduzent*innen, um die Energienachfrage zeitlich so zu verändern, dass

Nachfragespitzen vermieden werden und der Bedarf mit den gerade verfügbaren

Energiemengen aus erneuerbarer Produktion gedeckt werden kann. Das Projekt Green the

Flex setzt sich etwa zum Ziel, die Flexibilitätspotenziale von 3.000 Privatkund*innen zu

einem sogenannten virtuellen Kraftwerk zusammenzufassen. Weitere Beiträge leisten in

diesem Bereich die 2022 von der EVN erworbene Tochtergesellschaft CyberGrid mit

speziellen IT-Lösungen für das Flexibilitätsmanagement von Stromnetzen sowie diverse

Einzelprojekte (z. B. solche zum bidirektionalen Laden von E-Fahrzeugen) im Rahmen des

Green Energy Lab, eines branchenübergreifenden Innovationslabors. Ebenfalls mit

Beteiligung der CyberGrid wurden im Jahr 2024 Batterieprojekte im unmittelbaren Umfeld

von Photovoltaik-, Wind- und Wasserkraftanlagen gestartet, um die Kapazität von Netz- und

Erzeugungsanlagen optimal aufeinander abzustimmen.

118

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Im Bereich der E-Mobilität ist die EVN am Leitprojekt Car2Flex beteiligt. Dieses befasst sich

mit drei verschiedenen Anwendergruppen von Elektromobilität: den Privatnutzer*innen, den

E-Fahrzeugflotten (z. B. in Unternehmen) und dem E-Car-Sharing in

Mehrparteienwohnhäusern. Im Mittelpunkt steht die Frage, wie – entsprechend den

Mobilitätsbedürfnissen der jeweiligen Gruppen – der steigende Anteil von Elektromobilität am

besten zu integrieren ist. Zudem sollen die Car2Flex-Konzepte neue wirtschaftliche Anreize

schaffen, so etwa mit Lösungen, die den Eigenverbrauch von Strom aus Photovoltaik durch

Zwischenspeicherung in der Batterie eines Fahrzeugs steigern. Durch diese optimierte,

flexible Batterienutzung können der Anteil an erneuerbarer Energieerzeugung und -nutzung

erhöht und Kosten gespart werden.

Der Ausbau der erneuerbaren Energieerzeugung stellt angesichts der stetig zunehmenden,

hoch volatilen Stromeinspeisung aus vielen dezentralen Anlagen den Netzbetrieb vor

enorme Herausforderungen. Deshalb verfolgt die EVN auch in diesem Bereich diverse

innovative Lösungsansätze und Forschungsprojekte. Konkret wird etwa der Einsatz von

Batteriespeichern im Mittelspannungsnetz getestet, um Spannungsspitzen temporär zu

verschieben und dadurch Flexibilitäten im Netzbetrieb zu schaffen. In einem gemeinsamen

Projekt mit der TU Wien werden wiederum Methoden zur Echtzeitanalyse von Daten aus

dem Niederspannungsnetz erprobt. Zudem arbeitet die EVN im Netzbetrieb am Aufbau eines

Long Range Wide Area Network (LoRaWAN), das eine energieeffiziente Datenübertragung

über große Entfernungen ermöglicht und damit die Grundlage für Anwendungen und

Lösungen im künftigen Internet der Dinge schafft.

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 der Risiken nach unterschiedlichen Betrachtungsperspektiven und

Modellierung der Ergebnis- und Cash-Flow-Verteilungen

119

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

•

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.

120

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

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

• Zunehmende Belastung für das Stromnetz durch den laufenden Ausbau der deutlich

volatileren, erneuerbaren Erzeugung: Transitionsrisiko, das der Kategorie Betriebsrisiko

(Störungen/Netzausfall) zugeordnet wird

Risiko- und Chancenanalysen im Geschäftsjahr 2023/24

Vor dem Hintergrund der geopolitischen Krisen während der vergangenen Jahre und der

daraus resultierenden Verwerfungen auf den Energiemärkten führte die EVN auch

unterjährig ein Monitoring der Risikoentwicklung für die Gruppe durch. Ad-hoc-Analysen

waren im Berichtszeitraum nicht erforderlich, es erfolgte jedoch zum Ende des ersten

Halbjahres 2023/24 eine Aktualisierung der Bewertung der wesentlichen Risiken mit

potenziell hohen Auswirkungen. Das Risikomanagement berichtete über diese Risiken

sowie deren Auswirkungen auch dem Prüfungsausschuss des Aufsichtsrats der EVN.

In der zum Bilanzstichtag durchgeführten Risikoinventur wurden u. a. folgende wesentliche

Unsicherheiten mit potenziell hohen Auswirkungen identifiziert und folglich mit besonderem

Augenmerk analysiert (Auswahl):

•

Wertminderungs-/Impairmentrisiken

•

Fertigstellungsrisiko bei internationalen Großprojekten im Umweltbereich

•

Cybersecurity

Das Risikoprofil des EVN Konzerns ist vor allem durch die branchenüblichen Risiken und

Ungewissheiten und insbesondere durch politische, rechtliche und regulatorische

Herausforderungen geprägt. Die Kategorisierung all dieser Aspekte folgt dem

Risikomanagementprozess der EVN.

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. Damit ist das Gesamtrisikoprofil der EVN

tendenziell gesunken. Gegenwärtig sind keine Risiken für die Zukunft erkennbar, die den

Fortbestand des EVN Konzerns gefährden könnten.

In der Tabelle auf den Seiten 18 bis 22 werden die wesentlichen Risiken und

Ungewissheiten zusammenfassend erläutert. Erstmals werden in dieser Tabelle, sofern

zutreffend, auch die Chancen für die einzelnen Kategorien erwähnt.

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.

121

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

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 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

122

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

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.

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 Geschäftsjahr 2023/24 haben die

Unsicherheiten allerdings abgenommen. Damit hat sich das Gesamtrisikoprofil der EVN

tendenziell reduziert, jedoch noch nicht bis auf das Vorkrisenniveau. Gegenwärtig sind

keine Risiken für die Zukunft erkennbar, die den Fortbestand des EVN Konzerns gefährden

könnten.

In der folgenden Tabelle werden die wesentlichen Risiken und Ungewissheiten

zusammenfassend erläutert. Erstmals werden in dieser Tabelle, sofern zutreffend, auch die

Chancen für die einzelnen Kategorien erwähnt.

123

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Risiko-

/Chancenkategorie

Beschreibung

Maßnahme

zur

Risikominimierung

Markt- und Wettbewerbsrisiken/-chancen

Deckungsbeitragsrisiko/-

chance

(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

• Rückgang 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 Kundenbedürfnisse

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

Liquidität/Finanzmittel bei Bedarf

nicht zu den erwarteten

Konditionen beschaffen zu

können; potenzielles Klimarisiko

Langfristig abgestimmte und

zentral gesteuerte Finanzplanung;

Absicherung des benötigten

Finanzmittelbedarfs (u. a. durch

Kreditlinien)

124

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Preis-

/Kursänderungsrisiken/-

chancen

Kurs-/Wertverluste bei

Veranlagungspositionen

(z. B. Fonds) und börsennotierten

strategischen Beteiligungen (z. B.

Verbund

AG, Burgenland

Holding AG); potenzielles

Klimarisiko

Monitoring des Verlustpotenzials

mittels

täglicher 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;

potenzielles 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

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

125

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Strategie- und Planungsrisiken

Technologierisiko

Spätes Erkennen von und

Reagieren auf neue

Technologien (verzögerte

Investitionstätigkeit) bzw. auf

Veränderungen von

Kundenbedürfnissen;

Investitionen in die „falschen“

Technologien; potenzielles

Klimarisiko

Aktive Teilnahme an externen

Forschungsprojekten; eigene

Demonstrationsanlagen und

Pilotprojekte; 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; potenzielles

Klimarisiko

Technische Nachrüstung bei den

Schnittstellen der

unterschiedlichen Netze; Ausbau

und Instandhaltung der

Netzkapazitäten

IT-/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;

Veranstaltungen für Mitarbeiter

zum Informationsaustausch und

zum Networking; internes

Kontrollsystem (IKS)

126

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Umfeldrisiken

Gesetzgebungs-,

regulatorische und

politische

Risiken/Chancen

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 Netzbetriebs

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

EU-weiten

Interessenvertretungen;

Rechtsberatung

Soziales und

gesamtwirtschaftliches

Umfeld

Konjunkturelle Entwicklungen;

Schulden-/Finanzkrise;

stagnierende oder rückläufige

Kaufkraft; steigende

Arbeitslosigkeit

; potenzielles

Klimarisiko

Weitestgehende Ausschöpfung

von (anti-) zyklischen

Optimierungspotenzialen

Vertragsrisiken

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

Co-Investment-Risiko

Risiken im Zusammenhang mit

der Durchführung von

Großprojekten gemeinsam mit

Partnerunternehmen; potenzielles

Klimarisiko

Vertragliche Absicherung;

effizientes Projektmanagement

127

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Sabotage

Sabotage z. B. bei

Erdgasleitungen,

Kläranlagen und

Müllverbrennungsanlagen

Geeignete

Sicherheitsvorkehrungen;

regelmäßige Messung der

Wasserqualität und der

Emissionswerte

Imagerisiko

Reputationsschaden; potenzielles

Klimarisiko

Transparente und proaktive

Kommunikation;

nachhaltige

Unternehmenssteuerung

128

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

EVN Aktie (Angaben nach § 243a UGB)

1. Per 30. September 2024 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.

3. 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 vor, bildet aber nur

das sich ohnehin nach Gesetz und/oder Satzung aufgrund 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).

4. Auf Basis der oben erwähnten verfassungsrechtlichen Vorschriften ist das Land

Niederösterreich mit 51,0 % Mehrheitsaktionär der EVN. Zweitgrößte Aktionärin der EVN

ist mit 28,4 % die Wiener Stadtwerke GmbH, Wien, die zu 100 % im Eigentum der Stadt

Wien steht. Der Anteil, der von der EVN gehaltenen eigenen Aktien, betrug zum

Stichtag 0,9 %; der Streubesitz belief sich somit auf 19,7 %.

5. Es wurden keine Aktien mit besonderen Kontrollrechten ausgegeben.

6. Mitarbeiter*innen, die im Besitz von Aktien sind, üben ihr Stimmrecht unmittelbar selbst

bei der Hauptversammlung aus. Es besteht in der EVN kein Aktienoptionsprogramm.

7. 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.

8. Befugnisse des Vorstands im Sinn des § 243a Abs. 1 Z. 7 UGB, insbesondere

hinsichtlich der Möglichkeit, Aktien auszugeben, bestanden im Geschäftsjahr 2023/24

nicht. Davon unberührt blieb jedoch die Möglichkeit, bereits zurückgekaufte eigene Aktien

an Mitarbeiter*innen auszugeben.

9. Aufgrund der oben, insbesondere in den Punkten 2. und 3., erwähnten Rechtslage kann

in der EVN derzeit ein Kontrollwechsel im Sinn des § 243a Abs. 1 Z. 8 UGB nicht

eintreten. Dasselbe gilt für allfällige Folgewirkungen eines Kontrollwechsels.

10. Entschädigungsvereinbarungen zugunsten von Organen oder Mitarbeiter*innen für den

Fall eines öffentlichen Übernahmeangebots bestehen nicht.

129

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

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.

Unter dem Titel „EVN Ganzheitsbericht“ integriert die EVN Gruppe jährlich ihren

Geschäftsbericht und ihre Nachhaltigkeitserklärung über das vergangene Geschäftsjahr.

Unser Anspruch ist es, eine gleichrangige Berichterstattung über finanzielle und

nichtfinanzielle Themen einschließlich der Corporate Governance zu gewährleisten. In

Vorbereitung auf die für die EVN Gruppe ab dem Geschäftsjahr 2024/25 verpflichtende

Anwendung der Corporate Sustainability Reporting Standards (CSRD) orientiert sich bereits

der Ganzheitsbericht 2023/24 an der Struktur der European Sustainability Reporting

Standards (ESRS). Es wird jedoch ausdrücklich darauf hingewiesen, dass die konzernweite

Darstellung der nichtfinanziellen Informationen für das Geschäftsjahr 2023/24 noch nicht den

Anspruch erhebt, sämtlichen Anforderungen der ESRS zu entsprechen.

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 „Nachhaltigkeitserklärung“ des EVN

Ganzheitsberichts 2023/24 und sind zur besseren Orientierung zudem eigens im

Inhaltsverzeichnis gekennzeichnet.

Die in die nichtfinanzielle Erklärung einbezogenen Daten und Kennzahlen beziehen sich auf

die Muttergesellschaft des EVN Konzerns, der EVN AG, und umfassen den Zeitraum 1.

Oktober 2023 bis 30. September 2024.

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

13 Ländern aktiv.

130

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Operative Geschäftsbereiche der EVN Gruppe

EVN Wertschöpfungskette

131

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Die vor- und nachgelagerte Wertschöpfungskette des EVN Konzerns lässt sich in folgende

drei Hauptkategorien unterteilen:

• Stromerzeugung und -speicherung

• Betrieb von Leitungsnetzen

• Versorgung der Kund*innen mit Strom, Erdgas und Wärme

• Umweltgeschäft (Trinkwasserversorgung in Niederösterreich, internationale Projekte

in den Bereichen Abwasserbehandlung und Klärschlammverwertung)

Unternehmensstrategie

Die EVN sieht sich in der Ausübung ihrer Geschäftstätigkeit stets in der Verantwortung,

neben der Gewährleistung der Versorgungssicherheit für ihre Kund*innen einen

wesentlichen Beitrag im Kampf gegen den Klimawandel zu leisten. Dies betrifft insbesondere

die Minimierung der von der EVN Tätigkeit verursachten Emissionen. Angesichts der hohen

Bedeutung dieser Thematik hat die EVN auf Basis der Strategie 2030 die EVN Klimainitiative

entwickelt. Die EVN Klimainitiative konkretisiert die Dekarbonisierungsziele des EVN

Konzerns und bündelt alle Maßnahmen zum Ausbau erneuerbarer Erzeugungskapazitäten –

und damit auch der Zielsetzungen zur Reduktion von Treibhausgasemissionen.

Da die Entwicklung der wesentlichen Markt- und Umfeldfaktoren mit Unsicherheiten behaftet

ist, hat die EVN im Rahmen ihres Strategieprozesses auch Sensitivitäts- und

Szenarioanalysen durchgeführt, um in weiterer Folge belastbare Rückschlüsse für die

Ableitung konkreter Maßnahmen zu ziehen. Zudem analysiert sie für die

energiewirtschaftlichen Rahmenbedingungen etwaige Abweichungen von Planannahmen

und deren Auswirkungen regelmäßig auf Managementebene, so z. B. in den vierteljährlich

stattfindenden Lenkungsausschüssen der Segmente, in denen sich Vorstandsmitglieder und

Führungskräfte mit internen Expert*innen austauschen. Die aggregierten Erkenntnisse

erörtert der Vorstand wiederum regelmäßig mit dem Aufsichtsrat.

Initialer 1,5°C-Übergangsplan

Im Geschäftsjahr 2023/24 hat sich die EVN intensiv mit einer Überarbeitung und

Verschärfung ihrer bestehenden CO2e-Reduktionsziele beschäftigt, um sie in Einklang mit

dem 1,5°C-Ziel des Pariser Klimaabkommens zu bringen. Die Modellierung der Zielpfade

erfolgte wie bereits bei der ersten Zieldefinition im Jahr 2021 auf Basis der von der Science

Based Targets Intitiative (SBTi) definierten Methodik, die dem Sonderbericht „1,5°C globale

Erwärmung“ des Weltklimarats (IPCC) folgt, sowie des Greenhouse Gas Protocol. Bereits

bestehende Maßnahmen wurden geprüft und wo möglich intensiviert, gleichzeitig wurden

neue Zielsetzungen definiert.

Basierend darauf wurde ein initialer Übergangsplan mit konkreten Maßnahmen für den

gesamten EVN Konzern entwickelt. Dieser wurde im Berichtsjahr vom Vorstand genehmigt

und auch unserem Prüfungsausschuss des Aufsichtsrats vorgelegt. Unser initialer 1,5°C-

Übergangsplan steht damit in Einklang mit der durch den EVN Vorstand und Aufsichtsrat

genehmigten Strategie 2030. Der initiale Übergangsplan des EVN Konzerns enthält vier

Zielsetzungen zur Reduktion unserer CO2e-Emissionen. Zwei Intensitätsziele zielen auf die

Reduktion der spezifischen CO2e-Emissionen ab, zwei weitere Ziele geben eine absolute

CO2e-Reduktion vor. Die Zielsetzungen betreffen Emissionen aus der Strom- und

Wärmeerzeugung, im Bereich Scope 2 insbesondere Emissionen aus den Strom-

Netzverlusten sowie aus unserem Gas-Netzabsatz. Auch der CO2e-Ausstoß sowie biogene

Emissionen der thermischen Abfallverwertungssanlage in Zwentendorf/Dürnrohr (letztere

aufgrund von Vorgaben von SBTi) sind von der Zielsetzung umfasst. Als Basisjahr wird das

Geschäftsjahr 2021/22 herangezogen, erreicht werden sollen die Ziele bis zum Ende des

Geschäftsjahres 2030/31.

132

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Wesentliche Treiber dieses Prozesses sind:

• Weiterer starker Ausbau unserer erneuerbaren Erzeugungskapazitäten, vor allem in

den Bereichen Windkraft und Photovoltaik

• Kontinuierliche Reduktion der Emissionen aus Strom-Netzverlusten in den

südosteuropäischen Märkten Bulgarien und Nordmazedonien

• Ausbau der Fernwärmenetze zur Versorgung zusätzlicher Kund*innen mit

Naturwärme

• Substitution von Erdgas in der Wärmeproduktion durch erneuerbares Gas

• Substitution von Erdgas in der Gasversorgung von Endkund*innen durch

erneuerbares Gas

• Reduktion des Gasabsatzes an Endkund*innen der EVN aufgrund von Umstellungen

auf alternative Heizsysteme z. B. Wärmepumpen

• Substitution von Erdgas in der Stromproduktion zur Produktion von

Ausgleichsenergie (Netzreserve) durch erneuerbares Gas

Kernstrategien 2030

1. Ermöglichen eines erneuerbaren Energiesystems

• Wir bekennen uns dazu, einen wesentlichen Beitrag zur Erreichung der

österreichischen und europäischen Klimaziele zu leisten.

• Dieses Bekenntnis bekräftigen wir durch die Ausarbeitung eines 1,5°C-

Übergangsplans.

• Eine zentrale Maßnahme zur Verwirklichung unserer Ziele stellt dabei der

Ausbau unserer erneuerbaren Erzeugungskapazitäten in unseren Kernmärkten

Niederösterreich, Bulgarien und Nordmazedonien dar, insbesondere in den

Bereichen Windkraft und Photovoltaik.

• Die zunehmende Überschussproduktion aus erneuerbarer Erzeugung erfordert

innovative Ansätze für eine effiziente sektorübergreifende Nutzung von Energie.

Wir arbeiten aus voller Überzeugung an Initiativen, durch die Ökostrom auch zur

133

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Dekarbonisierung anderer Bereiche, so etwa des Wärme- und Verkehrssektors,

beitragen kann. Zu diesem Zweck investieren wir in den Ausbau von E-

Ladeinfrastruktur ebenso wie in den vermehrten Einsatz von Wärmepumpen.

• Neben der Sektorkopplung arbeiten wir an Projekten zur Speicherung von

Überschussproduktion aus erneuerbarer Energie. Konkrete Vorhaben betreffen

die Bewirtschaftung von Großbatteriespeichern sowie die Erzeugung und

Speicherung von grünem Wasserstoff.

2. Netzausbau für eine erneuerbare Energiezukunft

• Eine effiziente, leistungsfähige und digitale Stromnetzinfrastruktur ist

Voraussetzung für ein CO2-freies Energiesystem. Die kontinuierlich zunehmende

Einspeisung von Wind- und Sonnenstrom sowie Änderungen im

Verbraucherverhalten – vor allem durch E-Mobilität und die Transformation des

Wärmesektors – erfordern erhebliche Ausbaumaßnahmen in unserem

Netzgebiet. Zu diesem Zweck realisieren wir in den nächsten Jahren ein

ambitioniertes Investitionsprogramm. Es umfasst die Verlegung zusätzlicher

Leitungen auf allen Spannungsebenen ebenso wie die Errichtung zusätzlicher

Umspannwerke und Trafostationen.

• Neben diesen Bauvorhaben setzen wir auch verstärkt auf Digitalisierung. Der

Einsatz smarter Technologien und Applikationen in der Netzsteuerung optimiert

das Lastenmanagement und damit die Einspeisung und Nutzung von Ökostrom,

vor allem während Produktionsspitzen. Durch eine intelligente digitale

Netzsteuerung können wir erforderliche Investitionen in die Hardware optimieren.

• Die bisher für Erdgas genutzte Infrastruktur wird auf den künftigen Transport von

Wasserstoff und erneuerbares Gas vorbereitet.

3. Digitale Angebote für Kund*innen

• Die Transformation des Energiesystems verändert Rolle und Verhalten unserer

Kund*innen. Durch private Stromerzeugung mittels Photovoltaikanlagen sowie

eigene Batteriespeicher, Wärmepumpen oder E-Ladestationen werden aus

Stromabnehmer*innen aktive Teilnehmer*innen am Energiemarkt.

• Unser Anspruch ist es, diese Entwicklungen durch spezielle Dienstleistungen und

Angebote zu unterstützen bzw. zu ermöglichen und dadurch den veränderten

Kund*innenbedürfnissen Rechnung zu tragen. Auf Basis unserer Expertise im

Energiesektor entwickeln wir dazu Softwarelösungen und -applikationen, die

unseren Kund*innen bequem und zuverlässig die Teilnahme am Energiemarkt

ermöglichen, etwa im Rahmen von Energie-Gemeinschaften.

• Für alle Kund*innengruppen verfolgen wir eine Strategie der konsequenten

Digitalisierung unserer Vertriebsprozesse, um die interne Abwicklung effizienter

zu gestalten und dadurch die Servicequalität und das Angebot für unsere

Kund*innen laufend zu verbessern.

Verlässliche Trinkwasserversorgung

• Wie im Energiegeschäft gilt auch für unser Trinkwassergeschäft in

Niederösterreich der höchstmögliche Anspruch in Sachen Versorgungssicherheit

und -qualität. Entwicklungen wie der steigende Wasserverbrauch durch

demografische Veränderungen sowie die Zunahme witterungsbedingter

Verbrauchsspitzen machen es unabdingbar, dass wir in den nächsten Jahren

auch in die Trinkwasserversorgung verstärkt investieren.

• Investitionsschwerpunkte sind dabei der Ausbau überregionaler Leitungsnetze

sowie Kapazitätssteigerungen in den Pumpwerken. Mit diesen Maßnahmen

gewährleisten wir, dass künftig ausreichende Wasserressourcen möglichst

effizient in alle Regionen unseres Versorgungsgebiets verteilt werden können.

134

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

• Darüber hinaus investieren wir laufend in die Verbesserung der Wasserqualität.

Zu diesem Zweck errichten wir Naturfilteranlagen, um das Wasser mittels

Membrantechnik rein physikalisch – also ohne Einsatz von Chemikalien – zu

enthärten und zu reinigen.

5. Lösungen für die Kreislaufwirtschaft

• Die EVN betreibt in Niederösterreich eine moderne, ökologisch optimierte

thermische Abfallverwertungsanlage. Die bei der Abfallverbrennung gewonnene

Energie wird zur Erzeugung von Strom und Fernwärme genutzt.

• Auf Basis unseres Know-hows und unserer langjährigen Erfahrung in der

thermischen Abfallverwertung betreiben wir zudem eine thermische

Klärschlammverwertungsanlage. Auch hier werden Strom und Fernwärme

erzeugt.

• Darauf aufbauend prüfen wir derzeit die Errichtung einer weiteren Anlage zur

thermischen Behandlung von Klärschlamm und planen dabei auch die

Rückgewinnung von Phosphor aus Klärschlamm.

Proaktive Einbindung der EVN Stakeholder

Die EVN verfolgt das Konzept der nachhaltigen Unternehmensführung und strebt in diesem

Sinne 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 die

EVN auch den Überbegriff „Nachhaltigkeit“ verwendet. Ein angemessener Ausgleich der

Anliegen aller am Unternehmen Interessierten – der Stakeholder – ist dabei das Leitmotiv.

Das Wertegerüst der EVN umfasst grundlegende Aussagen zu Vision, Mission und

Unternehmenswerten sowie verbindliche Dokumente zu konzernweiten Verhaltens- und

Handlungsregeln. Als Mitglied des UN Global Compact bekennt sie sich zudem explizit zur

Einhaltung globaler Prinzipien ethischen wirtschaftlichen Handelns.

Die EVN legt hohen Wert auf einen regelmäßigen, proaktiven und offenen Dialog mit allen

Stakeholdern. Oberstes Prinzip ist dabei die angemessene und gut ausbalancierte

Berücksichtigung jener Anliegen, die von verschiedenen Stakeholder-Gruppen an uns

herangetragen werden. Denn wir sind davon überzeugt, dass die gesellschaftliche

Akzeptanz unserer Geschäftstätigkeit eine

wesentliche Voraussetzung für unseren

langfristigen und nachhaltigen

Unternehmenserfolg und für die positive

öffentliche Wahrnehmung der EVN darstellt.

Um dies zu erreichen, setzen wir auf einen

institutionalisierten Austausch auf allen

Hierarchieebenen und in unterschiedlichen,

den jeweiligen Zielgruppen angepassten

Formaten. Dabei kommunizieren wir sowohl

zu regelmäßig wiederkehrenden Terminen als

auch anlassbezogen. Auf diese Weise wollen

wir gewährleisten, dass unsere Stakeholder

mit ihren berechtigten Anliegen strukturiert

und frühzeitig gehört und in weiterer Folge

konkret adressiert werden.

Verschiedene interne Organisationabläufe

stellen sicher, dass der Vorstand über wichtiges Stakeholder-Feedback informiert wird. Dazu

werden etwa die vierteljährlich stattfindenden Steering Committees, die zu allen Segmenten

135

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

sowie zu den Themen Nachhaltigkeit und Public Affairs stattfinden, oder die zur Steuerung

von Projekten eingerichteten Lenkungsausschüsse genutzt. In diesen Gremien sind neben

dem Gesamtvorstand auch die fachlich und inhaltlich relevanten Führungskräfte vertreten.

Im Fall von Bauvorhaben bilden Due-Diligence-Prüfungen zu ökologischen und sozialen

Aspekten bereits in der Frühphase die Grundlage für interne Entscheidungsprozesse bis hin

zur Genehmigung der Projekte durch den Vorstand bzw. – bei größeren Vorhaben – auch

den Aufsichtsrat. Zusätzlich zum kontinuierlichen Austausch mit internen Expert*innen

stehen unserem Vorstand und Aufsichtsrat mehrere Beiräte zur Seite, in denen externe

Expert*innen verschiedenster Fachrichtungen ihre Expertise und Außenperspektive zu ESG-

Aspekten unserer Tätigkeit einbringen. Angesichts der hohen Relevanz von ESG-Themen

und zur weiteren Stärkung der Nachhaltigkeitsexpertise verfügt der Prüfungsausschuss des

Aufsichtsrats über eine Nachhaltigkeitsexpertin. Bereits in Vorbereitung auf die CSRD wurde

2023 eine Online-Befragung durchgeführt, um die Standpunkte der Stakeholder zu den

wesentlichen Auswirkungen zu ermitteln und abzugleichen.

Projektkommunikation

Die EVN setzt ihre Maßnahmen insbesondere in den Bereichen Projektkommunikation und

gesellschaftliches Engagement.

Die nachhaltige Erfüllung des Versorgungsauftrags der EVN ist von Projekten in den

Bereichen erneuerbare Energieerzeugung, Netze und Trinkwasserversorgung abhängig.

Diese Projekte stoßen in der Öffentlichkeit jedoch zunehmend auf Kritik. Dies führt unter

anderem zu steigenden Anforderungen an eine erfolgreiche Projektkommunikation. Zur

Bewältigung dieser Aufgabe hat die EVN ein eigenes Team „Projektkommunikation und

Klimadialog“ etabliert. Darüber hinaus wurde ein spezielles Aus- und

Weiterbildungsprogramm entwickelt, das darauf abzielt, die kommunikativen und

strategischen Fähigkeiten der Projektleiter*innen zu stärken. Die Schulungsinhalte umfassen

auch den Umgang mit schwierigen Situationen und Konflikten, wie sie bei

Infrastrukturprojekten auftreten

können. Im Rahmen der Schulung werden die Teilnehmer*innen gezielt in jenen Fähigkeiten

geschult, die ihnen dabei helfen, eine effektive Kommunikation mit relevanten Stakeholdern

wie NGOs und Bürgerinitiativen zu führen und potenzielle Konflikte frühzeitig zu lösen. Auf

diese Weise fördern wir die Projektkommunikation und das Konfliktmanagement in den

betreffenden Konzerngesellschaften nachhaltig.

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

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 Ansprüche

• Transparente und umfassende Projektinformation

• Professionelle, strukturierte und proaktive Kommunikation mit allen lokalen

Stakeholdern (inklusive politischer Entscheidungsträger)

• Unterstützung der Kommunen bei der Kommunikation und gegebenenfalls

Vermittlung bei Konflikten

Selbstverständlich können sich lokale Stakeholder mit ihren Anliegen oder Bedenken

jederzeit von sich aus an die EVN wenden. Neben einer direkten Kontaktaufnahme mit den

136

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Projektleiter*innen oder der Projektkommunikation unter der E-Mail-Adresse dialog@evn.at

bzw. dialog@netz-noe.at sind wir auch über das EVN Servicetelefon bzw. die E-Mail-

Adresse info@evn.at erreichbar.

Krisenmanagement

Für weite Teile der Geschäftstätigkeit – insbesondere für Gefährdungsbereiche, die auch die

Bevölkerung sowie die Umwelt betreffen – verfügt die EVN über umfassende Krisen-,

Katastrophen- und Notfallpläne sowie über dazugehörige Schulungsprogramme. An allen

Standorten werden Maßnahmen für Krisensituationen regelmäßig trainiert. In

Niederösterreich veranstaltet die EVN darüber hinaus regelmäßig interne und externe

Übungen und Schulungen zum Thema Krisenmanagement abgehalten. Mitarbeiter im

Störungsdienst werden laufend geschult, ebenso erfolgen jährlich Trainings für

Diensthabenden sowie Sicherheitsunterweisungen für alle Mitarbeiter.

Unterstützung von Interessenvertretungen und Initiativen

Die vielfältigen Geschäftsaktivitäten der EVN leisten einen wesentlichen Beitrag zum

öffentlichen Leben und zur Wirtschaft insgesamt. Deshalb sind wir auch Mitglied in diversen

gesetzlichen und freiwilligen nationalen und internationalen Organisationen und

Interessenvertretungen bzw. stehen im Austausch mit diesen. Zu den Branchenverbänden

zählen beispielsweise Oesterreichs Energie oder Eurelectric. Im Kontext sozialer und

ökologischer Themen sind wir unter anderem Mitglied bei UN Global Compact oder bei

respACT. Alle Aktivitäten im Zusammenhang mit diesen Mitgliedschaften erfolgen in

Übereinstimmung mit den Vorgaben unseres Verhaltenskodex. Die EVN ist gemäß den

gesetzlichen Bestimmungen zudem in das österreichische Lobbying- und

Interessenvertretungsregister sowie in das Transparenzregister der EU eingetragen.

Management der Auswirkungen, Risiken und Chancen

Zur Ermittlung und Bewertung wesentlicher Auswirkungen, Risiken und Chancen und somit

der Festlegung der wesentlichen Berichtsthemen orientierte sich die EVN in ihrer seit vielen

Jahren bestehenden Nachhaltigkeitsberichterstattung bisher am Konzept der

Wesentlichkeitsanalyse gemäß den Standards der Global Reporting Initiative (GRI). Unter

Berücksichtigung der Interessen diverser interner und externer Stakeholder wurden dabei

jene Themenbereiche (bisher als „Handlungsfelder“ bezeichnet) identifiziert und bewertet,

die den höchsten Stellenwert für die Stakeholder der EVN und gleichzeitig die größten

ökonomischen, ökologischen oder sozialen Auswirkungen auf ihre Geschäftstätigkeit

aufweisen. Dieser strukturierte Prozess wurde im Drei-Jahres-Rhythmus wiederholt und

aktualisiert.

Zudem erhebt die EVN in einer jährlichen Risikoinventur im Sinn des NaDiVeG und der EU-

Taxonomie-Verordnung sowohl potenzielle Risiken als auch Auswirkungen der

Geschäftstätigkeit der EVN und ihrer Geschäftsbeziehungen auf Umwelt-, Sozial- und

Arbeitnehmer*innenbelange, die Achtung der Menschenrechte und die Bekämpfung von

Korruption systematisch und bewerten sie hinsichtlich ihrer finanziellen Auswirkungen auf

den EVN Konzern.

In Vorbereitung auf die verpflichtende Anwendung der CSRD hat die EVN für die aktuelle

Berichtsperiode eine doppelte Wesentlichkeitsanalyse in Anlehnung an die Anforderungen

der ESRS durchgeführt, ihre jährliche Risikoinventur weiterentwickelt und diese mit den

Anforderungen der doppelten Wesentlichkeit verschränkt. Im Zuge der Überarbeitung

wurden auch die wesentlichen Themenfelder an die Nomenklatur der ESRS angepasst. Die

bisher verwendete unternehmensspezifische Definition der Handlungsfelder wird nicht

fortgeführt. Für die Identifikation und Analyse von Auswirkungen, Chancen und Risiken und

die Entwicklung geeigneter Gegenmaßnahmen wurde ein klar strukturierter und definierter

Prozess definiert. Die Einbindung der Führungs- und der Vorstandsebene gewährleistet die

137

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

EVN dabei insbesondere dadurch, dass die Erkenntnisse und Analysen der im Rahmen der

Risikoinventur durchgeführten doppelten Wesentlichkeitsanalyse im eigens gebildeten ESG-

Risikoarbeits- und anschließend im Konzernrisikoausschuss präsentiert und diskutiert

werden.

Vorrangiges Ziel des ESG-Risikomanagementprozesses ist die gezielte Bewertung

bestehender und potenzieller Auswirkungen der Geschäftstätigkeit der EVN auf Menschen

und Umwelt (Auswirkungswesentlichkeit) sowie die Erhebung und Beurteilung von

Bruttorisiken und Chancen (finanzielle Wesentlichkeit), v. a. im Nachhaltigkeitskontext. Die

jährliche Erfassung erfolgt im Zuge der jährlichen Risikoinventur durch das zentral

organisierte Risikomanagement mit Unterstützung der Konzernfunktion Innovation und

Nachhaltigkeit und der ESG-Organisation der EVN.

ESG-Organisation der EVN

Der Konzernfunktion Innovation und Nachhaltigkeit verantwortet die Nachhaltigkeitsagenden

sowie die Themen Umwelt- und Klimaschutz im EVN Konzern. Ein zentraler Bestandteil

dieser Aufgabe ist die konzernweite Koordination der Nachhaltigkeit und insbesondere der

neuen gesetzlichen Anforderungen. So wurden in Vorbereitung auf die für den EVN Konzern

ab dem Geschäftsjahr 2024/25 verpflichtende Anwendung der CSRD aus den Abteilungen

Innovation und Nachhaltigkeit, Personalwesen, Sicherheit und Infrastruktur, Beschaffung und

Einkauf, Information und Kommunikation, Customer Relations sowie Corporate Compliance

Management Verantwortliche für die einzelnen Themenstandards nominiert. Die zentrale

Steuerung der ESRS-Standards durch diese Konzernfunktionen soll sicherstellen, dass die

Einhaltung hoher Nachhaltigkeitsstandards konzernweit gewährleistet wird. Zudem soll die

operative Weiterentwicklung und Umsetzung neuer ESG-Aspekte, wie beispielsweise die

Umsetzung der CSRD, sichergestellt werden.

Im Rahmen des einmal pro Quartal stattfindenden Steering Committee Nachhaltigkeit wird

der Gesamtvorstand über Nachhaltigkeitsagenden und -vorhaben informiert. Das Gremium

behandelt aktuelle ESG-Themen, beschließt wesentliche ESG-Aktivitäten und stellt dank

seiner breiten Zusammensetzung sicher, dass die behandelten Strategien, Maßnahmen und

Ziele operativ auf den Gesamtkonzern ausgerollt und flächendeckend umgesetzt werden.

Zusätzlich zum kontinuierlichen Austausch mit internen Expert*innen stehen dem Vorstand

und dem Aufsichtsrat mehrere Beiräte zur Seite, in denen externe Expert*innen

verschiedenster Fachrichtungen ihre Expertise und ihre Außenperspektive zu ESG-Aspekten

einbringen: der Nachhaltigkeitsbeirat, der EVN Sozialbeirat und der EVN Kunstrat.

Der Aufsichtsrat nimmt bei der Nachhaltigkeitsberichterstattung eine wesentliche Rolle ein.

Quartals- und Jahresberichte werden dem Prüfungsausschuss sowie dem

138

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Gesamtaufsichtsrat vor Veröffentlichung präsentiert und zwischen Vorstand und Aufsichtsrat

erörtert. Im Vergütungsausschuss erfolgt die Überwachung der Erreichung der

Nachhaltigkeitsziele im Rahmen der Vergütungspolitik, der Vergütungspraktiken und der

vergütungsbezogenen Anreizstrukturen. Zudem wird der Aufsichtsrat in jeder Sitzung durch

den Vorstand über aktuelle Themen aus dem Bereich ESG informiert.

ESG-Risikomanagementprozess

Weitestgehend analog zum Risikomanagementprozess der EVN umfasst die Erhebung und

Bewertung der Auswirkungen, Risiken und Chancen folgende Schritte:

• Identifikation: Auf Basis der Anforderungen der ESRS sowie der bisherigen

Erhebung der Risikopositionen im Bereich Nachhaltigkeit wurde ein ESG-

Risikokatalog erstellt, der nun jährlich evaluiert und angepasst wird. Eine formelle

Freigabe dieses Katalogs mit den wesentlichen Auswirkungen, Risiken und Chancen

erfolgt im ESG-Risikoarbeitsausschuss.

• Bewertung und Analyse:

Qualitative und quantitative Bewertung der

unterschiedlichen potenziellen Auswirkungen, Risiken und Chancen durch

Risikoverantwortliche der zentralen und dezentralen Geschäftseinheiten im gesamten

EVN Konzern

– Risiken/Chancen: Die Bewertung erfolgt je Zeithorizont (kurz-, mittel- und

langfristig) anhand einer fünfstufigen Skala für die beiden Dimensionen

„Eintrittswahrscheinlichkeit“ und „Auswirkung auf den Cash Flow“.

– Auswirkungen:

Die Bewertung erfolgt je Zeithorizont (kurz-, mittel- und

langfristig) anhand einer fünfstufigen Skala für die zwei Dimensionen

„Eintrittswahrscheinlichkeit“ und „Schweregrad“, wobei der Schweregrad die

von der CSRD verpflichtend zu beurteilenden Faktoren „Ausmaß“, „Umfang“

und „Unabänderbarkeit negativer Auswirkungen“ abbildet. Bewertungen in

Bezug auf mögliche negative Auswirkungen auf Menschenrechte fanden darin

ebenso Berücksichtigung.

• Berichterstattung:

Diskussion der erhobenen Auswirkungen, Risiken und Chancen

im ESG-Risikoarbeitsausschuss und im Anschluss im Konzernrisikoausschuss;

gegebenenfalls Einleitung von Steuerungsmaßnahmen; Berichterstattung an den

Prüfungsausschuss; Darstellung der wesentlichen Auswirkungen, Risiken und

Chancen in der Nachhaltigkeitserklärung der EVN

Im Vorfeld der ESG-Risikoinventur 2023/24 hat die EVN die wesentlichen Auswirkungen,

Risiken und Chancen mit den Interessen und Standpunkten der unterschiedlichen

Stakeholder-Gruppen der EVN abgeglichen und die Ergebnisse im ESG-Risikokatalog

berücksichtigt. Dies erfolgte im Zuge einer Stakeholder-Onlinebefragung, die im Jahr 2023

ebenfalls im Rahmen der CSRD-Vorbereitungsarbeiten durchgeführt wurde.

Analyse von Klimarisiken

In Umsetzung der EU-Taxonomie-Verordnung führt die EVN seit dem Geschäftsjahr 2021/22

einen standardisierten jährlichen Prozess zur Analyse möglicher Klimarisiken und ihrer

Auswirkungen auf ihr Geschäftsmodell durch. Dabei werden mögliche Klimarisiken für einen

Zeitraum anhand Szenarien bis zum Jahr 2100 erhoben und bewertet. Physische Risiken

betreffen Ereignisse und Veränderungen, die unmittelbare klimatische Ursachen haben. Ein

Beispiel für ein chronisches Klimarisiko ist die langfristig zu erwartende Erderwärmung.

Höhere Temperaturen können sich negativ auf Anlagen der EVN auswirken. Akute Risiken

stellen hingegen Sturm, Starkregenereignisse oder Hochwasser dar. All diese Faktoren

müssen bei der Auslegung von Anlagen und Infrastruktur berücksichtigt werden.

139

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Wesentliche Auswirkungen, Risiken und Chancen

Die nachfolgende Tabelle zeigt die auf Basis des ESG-Risikomanagementprozesses im Jahr

2024 erhobenen wesentlichen Auswirkungen, Risiken und Chancen in Bezug auf die

Unternehmenstätigkeit der EVN.

140

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

141

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Governance, Achtung der Menschenrechte und Bekämpfung von Korruption

Die Vision, Mission und Unternehmenswerte sowie konzernweit verbindlichen Dokumente zu

Verhaltens- und Handlungsregeln bilden gemeinsam das Wertegerüst der EVN, das die

Grundlage für unser unternehmerisches Handeln darstellt. Dies betrifft nicht nur alle

Grundsätze und Regeln in Bezug auf das Verhalten unserer Mitarbeiter*innen,

Lieferant*innen und Geschäftspartner*innen, sondern auch unsere gesamte

Konzernstrategie. Im Sinn der hohen Verantwortung für unsere tagtäglichen Ver- und

Entsorgungsaufgaben gelten für die Tätigkeit und die Führung unseres Konzerns

anspruchsvolle Grundsätze. Die Einhaltung grundlegender ethischer Prinzipien sowie aller

rechtlichen Anforderungen ist für uns dabei selbstverständlich. Als Mitglied des UN Global

Compact bekennen wir uns zudem explizit zur Einhaltung globaler Prinzipien ethischen

wirtschaftlichen Handelns.

Um die Einhaltung dieses Bekenntnisses zu lückenloser Regeltreue wirksam zu

gewährleisten, haben wir konzernweit Compliance-Richtlinien und Maßnahmen

implementiert. Zentrales Dokument ist dabei der in zehn Themenbereiche gegliederte EVN

Verhaltenskodex, der auf Basis des Unternehmensleitbilds der EVN u. a. jene Aspekte

unserer Geschäftstätigkeit regelt, die Menschenrechte, Governance, Unternehmensethik,

Korruptionsprävention, Datenschutz, Vertraulichkeit und Wettbewerbsverhalten,

Arbeitsschutz und Unfallvermeidung sowie Klima- und Umweltschutz betreffen. Lückenlose

Compliance sowie die strikte Einhaltung des EVN Verhaltenskodex bilden konzernweit die

verbindliche Richtschnur für unser Verhalten. Weitere Richtlinien, die sich spezifisch auf

bestimmte Zielgruppen wie Mitarbeiter*innen oder Lieferant*innen bzw. auf bestimmte

Themen wie Menschenrechte, Korruptionsprävention oder wettbewerbsrechtliche

Bestimmungen beziehen, vertiefen und ergänzen den EVN Verhaltenskodex.

Die Regelungen des Verhaltenskodex setzen auf verschiedenen Grundlagen auf, die jeweils

auf die Gegebenheiten und Anforderungen des Unternehmens umgelegt werden. Ihr Bogen

reicht von länderspezifischen gesetzlichen Bestimmungen und internationalen Regelwerken,

etwa Leitsätzen und Übereinkommen der OECD sowie des UN Global Compact, über

Grundsatzerklärungen und Prinzipien der International Labour Organisation (ILO) bis hin zu

142

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

internen Organisationsvorschriften und Unternehmensgrundsätzen, die über geltendes Recht

hinausgehen.

Bei der EVN besteht seit 2012 ein eigenes Compliance-Management-System (CMS), das

vom*von der Chief Compliance Officer (CCO) geführt und weiterentwickelt wird. Es gibt

einen konzernweit einheitlichen Rahmen vor, der unsere Mitarbeiter*innen dabei

unterstützen soll, sich in ihrem Arbeitsalltag integer und gesetzestreu zu verhalten. Unser

CMS baut auf drei Säulen auf:

• Prävention durch Bewusstseinsbildung und Schulungen

• Identifikation von Compliance-Risikofeldern und Verstößen gegen den

Verhaltenskodex

• Reaktion durch Aufklärung und Verbesserung sowie gegebenenfalls Setzen von

Maßnahmen

Menschenrechte

Seit jeher ist 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

Standorten sowie in allen Geschäftsbeziehungen verankert. Zudem wurde im Jahr 2022 die

EVN Menschenrechts-Policy formuliert. Die Ablehnung von Kinder- und Zwangsarbeit zählt

ebenso dazu wie die Forderung, niemanden aufgrund von Gender, Alter, ethnischer oder

sozialer Herkunft, Hautfarbe, sexueller Orientierung, Religion, Weltanschauung oder

allfälligen körperlichen oder geistigen Beeinträchtigungen zu diskriminieren. Weitere

Elemente sind 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 EVN in Ländern mit

unterschiedlicher Geschichte und Entwicklung in Menschenrechtsfragen tätig. Auch wenn

dies primär in der Verantwortung der jeweiligen Regierungen liegt, sieht sich die EVN dazu

verpflichtet, die Wahrung der Menschenrechte sicherzustellen und ihre Einhaltung im

Rahmen der Möglichkeiten auch außerhalb des unmittelbaren Wirkungsbereichs zu fördern.

Die Aspekte Menschenrechte und sozialer Mindestschutz werden im EVN Konzern als

Querschnittsmaterien von unterschiedlichen Organisationseinheiten (insbesondere

Personalwesen, Arbeitsschutz und -sicherheit, Beschaffung und Einkauf sowie Corporate

Compliance Management) verantwortet. Risiken in Bezug auf die Nichteinhaltung der

Menschenrechte werden konzernweit im Rahmen der jährlichen

Risikoinventur erhoben.

Korruptionsprävention

Korruptionsprävention ist im Wertekatalog der EVN tief verankert und bildet daher auch

einen der zehn Themenbereiche im EVN Verhaltenskodex. Wir treten entschieden gegen

jede Art von Korruption auf und verwenden dabei konzernweit eine sehr weit gefasste

Begriffsdefinition. Sie schließt ausdrücklich folgende Vorteile für unsere Mitarbeiter*innen

und ihnen zuzurechnende Dritte als Korruptionstatbestand ein und verbietet diese somit:

• Gesetzwidrige Zahlungen (z. B. Bestechung, Kick-back-Zahlungen, Zahlungen für

fingierte Leistung, Falschklassifizierung/-kontierung)

143

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

• Annahme oder Gewährung von Zuwendungen jeglicher Art (z. B. Geschenke,

Einladungen, nicht drittübliche Vergünstigungen, immaterielle Vorteile wie

Auszeichnungen und Protektion)

Ausgenommen davon sind bei pflichtgemäßer Abwicklung von Geschäften lediglich die

Annahme bzw. Gewährung orts- und landesüblicher Aufmerksamkeiten geringen Werts.

Abgesehen von unserem restriktiven internen Regel- und Wertekatalog unterliegen alle

Mitarbeiter*innen und Organe der EVN der strengen österreichischen Rechtslage in Bezug

auf Amtsträger*innen. So soll etwa das Korruptionsstrafrecht u. a. verhindern, dass

Amtsträger* innen ihre Position missbrauchen, um sich selbst bzw. Dritten einen Vorteil zu

verschaffen. Umfassende präventive Maßnahmen – darunter eigene Werte- und

Verhaltensregeln sowie spezifische Aus- und Weiterbildungsangebote – sollen unsere

Mitarbeiter*innen gerade zum Thema Korruptionsvermeidung sensibilisieren. Darüber hinaus

trachten wir mit folgenden Maßnahmen und Kontrollmechanismen, etwaige Verstöße gegen

gesetzliche Vorgaben und unternehmensspezifischen Compliance-Regeln präventiv zu

verhindern:

• Verankerung des Vier-Augen- und Funktionstrennungsprinzips zur Kontrolle der

Einhaltung aller Compliance- Regeln in unseren Geschäftsabläufen und

Managemententscheidungen (insbesondere Tätigkeiten mit häufigen Lieferant*innen-

, Kund*innen- und Behördenkontakten im Zusammenhang mit

Beschaffungsvorgängen, Auftragsvergaben, Bewilligungsverfahren, Gutachten,

Forschungs- und Förderthemen, Grundstücksangelegenheiten sowie beim

Recruiting)

• Strikte automatisierte und systemgestützte Abläufe zur Genehmigung, Abrechnung

und Dokumentation von Aufwendungen im Rahmen von Dienstreisen,

Repräsentationen etc.

• Regelungen in Dienstverträgen zur Vermeidung von arbeitsrechtlichen

Interessenkonflikten (z. B. Melde- und Genehmigungspflicht von Nebentätigkeiten an

bzw. durch die Personalabteilung)

• Verankerung der Behandlung von allfälligen Interessenkonflikten bei

Beschaffungsvorgängen

• Integritätsüberprüfung von Geschäftspartner*innen

• Strenge Kriterien, Regeln und Abläufe im Zusammenhang mit der Beauftragung,

Abwicklung und Abrechnung von Beratungs-, Vermittlungs- und Lobbyingleistungen

• Organisatorische Anweisungen zu den Themen Sponsoring sowie Spenden

(Voraussetzungen, Regeln, Abläufe)

Neben regelmäßigen Überprüfungen durch Corporate Compliance Management werden

auch im Rahmen der jährlich durchgeführten Risikoinventur Compliance-Risiken erhoben, da

Compliance-Verstöße – und somit auch Vorwürfe oder Vorfälle in Bezug auf Korruption –

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. Ergebnisse dieser konzerninternen Erhebungen und

Überprüfungen werden den Führungskräften, dem Gesamtvorstand und dem

Prüfungsausschuss des Aufsichtsrats vorgelegt. Neben dem Hinweisgeber*innenverfahren

bilden auch Überprüfungen durch die Interne Revision wesentliche Ansatzpunkte, die zur

Aufdeckung von Vorwürfen oder Vorfällen in Bezug auf Korruption oder von anderen

Verstößen gegen den EVN Verhaltenskodex beitragen können.

144

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Hinweisgeberverfahren

Für den Fall eines (vermuteten) Verstoßes gegen den EVN Verhaltenskodex steht internen

und externen Personen ein vertrauliches und anonymes Hinweisgeber*innenverfahren

(„Whistle Blowing“) zur Verfügung. Alle derartigen Bedenken können dabei niederschwellig

entweder persönlich oder telefonisch, über spezifische Compliance E-Mail-Adressen sowie

über ein von einem externen Dienstleister gehostetes Hinweisgeber*innensystem erfolgen.

Diese Möglichkeiten bestehen konzernweit und in allen wesentlichen Landessprachen des

EVN Konzerns. Das Hinweisgeber*innenverfahren wurde dabei mit der Zielsetzung

ausgestaltet, eine lückenlose, objektive und effiziente Aufklärung gemeldeter Verstöße

gegen den EVN Verhaltenskodex zu gewährleisten. Die in der EVN für Compliance-Themen

verantwortlichen Mitarbeiter*innen untersuchen stets unverzüglich, unabhängig und objektiv

alle – auch anonym abgegebene – Meldungen. Diese Erhebungen erfolgen vertraulich sowie

nach einem konzernweit einheitlichen Standard. Die einzelnen Schritte, Erkenntnisse sowie

relevante Unterlagen werden revisionssicher in einer eigenen Software dokumentiert, die

durch ein streng definiertes Berechtigungskonzept vor unbefugtem Zugriff geschützt ist.

Der Chief Compliance Officer und eine Stellvertretung sind in ihrer Funktion direkt und

ausschließlich dem Vorstand unterstellt und bei der Ausübung ihrer Funktion weisungsfrei.

Da der Chief Compliance Officer keine anderen Aufgaben und Funktionen im EVN Konzern

ausüben darf, ist bei allen Untersuchungen die Unabhängigkeit von den in die Angelegenheit

involvierten Personen einschließlich der Führungskräfte gewährleistet. Der*die Chief

Compliance Officer berichtet mehrmals jährlich an den Gesamtvorstand und an den

Prüfungsausschuss des Aufsichtsrats.

Das in Österreich im August 2023 in Kraft getretene HinweisgeberInnenschutzgesetz

(HSchG) – es setzt die Richtlinie (EU) 2019/1937 (Hinweisgeberrichtlinie) in österreichisches

Recht um – bildet für die EVN die rechtliche Grundlage, um Hinweisgeber*innen bestmöglich

zu schützen und dadurch die Meldung von Compliance-Verstößen in vertraulichem Umfeld

zu ermöglichen. In Deutschland, Bulgarien und Kroatien wenden wir ebenfalls die

korrespondierenden nationalen Gesetze an, und auch im Nicht-EU-Mitgliedsstaat

Nordmazedonien ist der Umgang mit bzw. der Schutz von Hinweisgeber*innen gesetzlich

geregelt.

Eine eigene Konzernanweisung regelt insbesondere die Vorgehensweise bei der

Behandlung der gemeldeten Bedenken sowie die Vorkehrungen zum Schutz der

Hinweisgeber*innen oder anderen negativen Konsequenzen. Dies umfasst etwa auch den

Schutz externer Personen vor geschäftlichen Nachteilen. Ein weiterer zentraler

Schutzmechanismus umfasst die Identität aller von einem Hinweis betroffenen Personen.

Alle Mitarbeiter*innen werden regelmäßig im Rahmen von Schulungen und

Kommunikationsmaßnahmen über diese niederschwelligen Kommunikationskanäle für

Hinweise, mögliche Anwendungsfälle sowie die Grundprinzipien des Verfahrens informiert.

Im Geschäftsjahr 2023/24 haben uns betreffend die EVN AG drei Meldungen über Vorwürfe

vermuteter Korruption erreicht. Die intern eingeleiteten Untersuchungen haben in einem Fall

eine Bestätigung des gemeldeten Verstoßes gebracht. Dieser Fall war nicht Gegenstand von

Klagen und hatte die Beendigung des Dienstverhältnisses des betroffenen Mitarbeitenden

zur Folge. Es wurden intern, aber auch extern Maßnahmen gesetzt, um ähnliche Vorfälle

künftig zu verhindern. Eine Vertragsaufkündigung mit Geschäftspartner*innen ist im

Berichtszeitraum nicht erfolgt. Im Geschäftsjahr 2023/24 wurde zudem eine weitere Meldung

im Bereich Geschlechterdiskriminierung gemeldet, die anonym abgegeben wurde. Diese

wies jedoch nicht die für eine interne Untersuchung erforderlichen Kriterien auf. Über die

bilaterale Kommunikationsplattform des Hinweisgeber*innensystems wurde dem/der

Hinweisgeber*in geantwortet.

145

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Die Verpflichtung zur Einhaltung hoher 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.

Im gesamten Konzern verfolgt die EVN das Ziel, Geschäftsbeziehungen zu Unternehmen zu

vermeiden, denen direkte oder indirekte Verstöße gegen die Menschenrechte bzw. das

Korruptions-, Kartell- oder Wirtschaftsrecht zur Last gelegt werden oder gar nachgewiesen

wurden.

Sämtliche Lieferant*innen – potenzielle ebenso wie bestehende – werden über ein Ratingtool

eines renommierten internationalen Ratinganbieters schon im Vorhinein – und danach

laufend – anhand festgelegter ESG-Kriterien bewertet. Zu diesen Kriterien zählen

Treibhausgasemissionen, Energiemanagement, Landverbrauch, Biodiversität und

Abfallmanagement ebenso wie Community Engagement, Datenschutz,

Arbeitnehmer*innenrechte, ethische Geschäftspraktiken, Aktionär*innenrechte oder

Transparenz. Auch allfällige negative Medienberichterstattung fließt stets aktuell in die

Bewertung mit ein. Bei Auftreten derartiger Risiken werden entsprechende

Ausgleichsmaßnahmen gesetzt. Hinzu kommen weitreichende Selbstauskünfte, die jede*r

Lieferant*in der EVN im Rahmen des Onboardings im Beschaffungsportal, aber auch noch

danach im Rahmen des laufenden Auftragsverhältnisses erteilen muss und die ebenfalls

einen besonderen Fokus auf ESG-Kriterien und Nachhaltigkeitsmaßnahmen legen.

Bei allen Beschaffungsaktivitäten legen wir zudem großen Wert auf eine partnerschaftliche

Grundhaltung, faire Geschäftsgebarung und einen offenen Dialog. Die Integritätsklausel der

EVN definiert die Richtlinien der nachhaltigen Beschaffung und die Aufgaben und Pflichten

der Geschäftspartner*innen in diesem Zusammenhang. Als integraler Bestandteil jeder

Beschaffungsaktivität ist sie verpflichtend für sämtliche unserer Geschäftspartner*innen. Sie

ist auf der Website der EVN für alle Investor*innen, Investitions- und

Beteiligungspartner*innen, Auftragnehmer*innen und Stakeholder abrufbar.

Sofern im Rahmen einer laufenden Geschäftsbeziehung eine Verletzung der

Integritätsklausel festgestellt wird (z. B. im Rahmen eines Vor-Ort Audits), werden

entsprechende Maßnahmen gesetzt. Diese können von der Forderung einer

Mängelbehebung bis zur Vertragsauflösung reichen.

Compliance-Schulungen

Alle neu eingetretenen Mitarbeiter*innen müssen das konzernweit verpflichtende

Compliance-Schulungsprogramm zum EVN Verhaltenskodex absolvieren, das aus folgenden

Modulen besteht:

• Compliance Basics

• Compliance E-Learning

• Compliance Update

• Compliance Fresh Up

• Weitere Auffrischungs- und Spezialschulungen

Mit diesem Schulungskonzept, das wir regelmäßig durch begleitende

Kommunikationsmaßnahmen ergänzen, stellen wir konzernweit sicher, dass sich alle

Mitarbeiter*innen regelmäßig mit Compliance-Themen befassen und die Themenbereiche

des EVN Verhaltenskodex jährlich wiederholt werden. Schulungsschwerpunkte sind

insbesondere folgende Aspekte:

• Menschenrechte, Gleichbehandlung und Anti-Diskriminierung

• Unternehmensethik

• Korruptionsprävention

• Wettbewerbsverhalten

146

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Diese Schulungen sind auch für alle Führungskräfte verpflichtend, für die wir eigene bzw.

zusätzliche Formate anbieten. Zudem werden diese Schulungen inhaltlich und methodisch

an regionale Anforderungen angepasst, um eine möglichst zielgerichtete Ansprache in der

jeweiligen Landessprache zu erreichen. Schulungen stehen auch externen Arbeitskräften zur

Verfügung.

Neben diesem umfangreichen Schulungsprogramm setzt CCM regelmäßig auch auf

alternative Kommunikationsmaßnahmen (z. B. solche im Intranet oder in den

Mitarbeiter*innenzeitungen der EVN) sowie auf die Wissensvermittlung durch

Führungskräfte, die laufend in die Vertiefung und Weiterentwicklung unserer Compliance-

Grundsätze und -Regeln sowie unserer ethischen Prinzipien eingebunden sind.

Umweltbelange

Die grundlegenden Ziele und Werte der EVN in Sachen Klima- und Umweltschutz sind

einerseits im Nachhaltigkeitsleitbild der EVN und andererseits in der EVN Klimainitiative

verankert. Das Nachhaltigkeitsleitbild der EVN Gruppe formuliert unser generelles

Bekenntnis zum Klimaschutz und bildet die Grundlage für alle damit verbundenen

Zielsetzungen, unsere nachhaltig orientierte Unternehmensführung und unseren aktiven

Beitrag zur Eindämmung der Klimaerwärmung. Die EVN Klimainitiative, ebenfalls Teil

unserer Kernstrategien 2030, konkretisiert unsere Dekarbonisierungsziele und bündelt

unsere Maßnahmen zum Ausbau unserer erneuerbaren Erzeugungskapazitäten – und damit

auch unsere Zielsetzungen zur Reduktion von Treibhausgasemissionen.

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 Umweltmanagementsysteme und hat

sich damit zur Verbesserung ihrer Umweltleistungen verpflichtet. Alle unsere ISO-

zertifizierten Standorte unterliegen sowohl internen als auch externen Audits, in deren

Rahmen entsprechende Verbesserungsprogramme erstellt, umgesetzt und überwacht

werden. In unseren nach EMAS zertifizierten Anlagen werden bei jährlichen Überprüfungen

entsprechende Verbesserungsprogramme entwickelt, die auch die jährliche Bewertung und

Umsetzung der Ziele aus dem vorangegangenen Geschäftsjahr umfassen.

Europäische

Norm

Anwendungsbereich Schwerpunkte

Eco Management

und Audit Scheme

(EMAS)

ISO 14001, ISO

14001:2004

Alle thermischen Anlagen in

Niederösterreich sowie 74

Wärmeerzeugungs- und Kälteanlagen

der EVN entsprechen diesen Standards

Festlegung von messbaren

Umweltzielen,

kontinuierlicher

Verbesserungsprozess,

lückenlose Einhaltung

umweltrelevanter Gesetze,

engmaschige Überprüfungen

ISO 9001, ISO

9001:2008

Die thermische Abfallverwertungsanlage

in Zwentendorf/Dürnrohr und der

Bereich Anlagentechnik der EVN

Wärmekraftwerke GmbH sind nach ISO

9001:2015 zertifiziert

Prozessorientiertes

Qualitätsmanagementsystem

147

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Beitrag zu Forschung und Entwicklung zum Klimaschutz, Nachhaltigkeitsbeirat

Forschungs- und Entwicklungsaktivitäten zur nachhaltigen Reduktion von CO2 e-Emissionen

sind ein weiterer Baustein in unserem Bestreben, aktiv zur Verwirklichung der Pariser

Klimaziele beizutragen. Zudem dienen sie der strategischen Weiterentwicklung unseres

Geschäftsmodells. In diesem Sinn sollen all unsere Forschungs- und Entwicklungsaktivitäten

einen Beitrag zur Verwirklichung der Ziele der EVN Klimainitiative leisten. Wir wollen den

Klimaschutz und den schrittweisen Systemumbau in Richtung klimaneutraler

Energieerzeugung bei gleichzeitiger Gewährleistung der Versorgungssicherheit fördern. Dies

erfolgt im Rahmen vieler innovativer Forschungs- und Entwicklungsprojekte, so z. B. des

Batteriespeicherprojekts „Batterie STABIL“ oder der überregionalen, von

Landesenergieversorgern und den Landesenergieagenturen getragenen Forschungsinitiative

„Green Energy Lab“.

Weiters unterstützt der Nachhaltigkeitsbeirat der EVN unseren Vorstand in beratender

Funktion in wichtigen Fragen der nachhaltigen Unternehmensführung, so u. a. zu den

Themen Klimaschutz und Anpassung an den Klimawandel.

Abfall

Unser Bekenntnis zu einer verantwortungsvollen und nachhaltigen Ressourcennutzung

sowie zur Kreislaufwirtschaft ist in allen wesentlichen Unternehmensdokumenten der EVN

Gruppe enthalten. Diese definieren unseren Anspruch sowie unsere konzernweit

verbindlichen Konzepte zu diesen Themenbereichen.

Sowohl im EVN Verhaltenskodex als auch im EVN Nachhaltigkeitsleitbild ist unser Anspruch

verankert, den Einsatz von Ressourcen bestmöglich zu minimieren und die Effizienz ihrer

Nutzung zu maximieren. Daher steuern wir die Material- und Stoffströme so, dass die

verwendeten Materialien und Stoffe vorrangig einer Wiederverwendung, einem Recycling

und einer sonstigen Verwertung zugeführt werden. Auch unser Abfallmanagementsystem

wird laufend in Richtung Kreislaufwirtschaft optimiert. Zum Management der Ressourcen und

Abfälle wurde im Geschäftsjahr 2023/24 eine eigene konzernweite Richtlinie erlassen. Sie

definiert neben den bereits erwähnten übergeordneten Zielsetzungen auch konkrete Regeln,

u. a. – sofern technisch möglich – den Ersatz von Primärrohstoffen durch sekundäre

(recycelte) Ressourcen. Weiters sieht die Richtlinie eine Optimierung unseres

Abfallmanagementsystems in Richtung Kreislaufwirtschaft vor. Bei unseren Anlagen achten

wir in allen Phasen – Bau, Betrieb und Rückbau – auf eine Verringerung der

Umweltauswirkungen. Dies impliziert, dass Nachhaltigkeitskriterien auch im

Beschaffungsprozess berücksichtigt und evaluiert werden.

148

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Abfallmengen

2023/24 2022/23

Abfallmengen gesamt

391,0 236,4

Nicht gefährliche Abfälle

342,9

202,9

davon einer Verwertung zugeführt t 220,1 179,8

davon einer Vorbereitung zur Wiederverwendung zugeführt t 0,0 0,0

davon einem Recycling zugeführt t 107,4 175,9

davon einer sonstigen Verwertung zugeführt t 112,7 3,9

davon einer Beseitigung zugeführt t 122,8 23,1

davon einer Verbrennung zugeführt t 84,7 21,3

davon zur Deponierung t 1,1 0,9

davon einer sonstigen Beseitigung zugeführt t 37,0 1,0

Gefährliche Abfälle

48,1

33,5

davon einer Verwertung zugeführt t 46,2 8,4

davon einer Vorbereitung zur Wiederverwendung zugeführt t 0,0 0,0

davon einem Recycling zugeführt t 0,7 8,4

davon einer sonstigen Verwertung zugeführt t 45,5 0,0

davon einer Beseitigung zugeführt t 2,0 25,1

davon zur Deponierung t 0,4 5,7

davon einer Verbrennung zugeführt t 0,5 6,0

davon einer sonstigen Beseitigung zugeführt t 1,0 13,4

Gesamtmenge nicht recycelter Abfälle

283,0

52,1

prozentualer Anteil nicht recycelter Abfälle

72,4

22,0

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:

• EVN Schulservice

Im Rahmen unserer Jugend- und Schulplattform setzen wir auf

Wissensförderung zu den Themenbereichen „Sorgsamer Umgang mit Energie“,

„Energieeffizienz“ sowie „Energiesparen“. Dafür haben wir für Niederösterreich,

Bulgarien und Nordmazedonien das EVN Schulservice initiiert, das Projekte, Vorträge

und Wettbewerbe für Kinder und Jugendliche anbietet.

• EVN Junior-Ranger-Programm:

Externe Expert* innen vermitteln Jugendlichen fundiertes

Theorie- und Praxiswissen zu einer Vielzahl von Themen, darunter Hydrobiologie, Flora

und Fauna in Flussauen, Gewässerökologie, Fischerei sowie Natur und

Gewässerschutz. Die Wissensvermittlung erfolgt in der Regel am und um den Standort

des Wasserkraftwerks Erlaufklause, einer unserer Wasserkraftwerksstandorte.

• Bonuspunkte spenden: In der EVN Bonuswelt bieten wir unseren Kund*innen vielfältige

Möglichkeiten zur Verwendung jener Bonuspunkte, die sie im Rahmen ihres

Energiebezugs oder der Nutzung anderer EVN Services laufend sammeln. Die

Bonuspunkte können wahlweise als finanzielle Vergütung für die Kund*innen selbst oder

aber zur Unterstützung verschiedener wohltätiger Projekte eingelöst werden.

• EVN Sozialfonds:

Der EVN Sozialfonds ist mit jährlich rund 150.000 Euro dotiert und

unterstützt Kinder- und Jugendprojekte niederösterreichischer Institutionen. Über die

Auswahl der Förderprojekte entscheidet ein Expert*innengremium, das zweimal pro Jahr

zusammentritt. Seine Empfehlungen zur Mittelverwendung an den Vorstand der EVN

erfol gen einstimmig auf Basis eines vordefinierten Kriterienkatalogs. Im Geschäftsjahr

2023/24 unterstützte der Fonds 22 Projekte mit einem Gesamtbeitrag von rund 132.500

Euro.

149

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

• evn sammlung:

Seit 1995 besteht die evn sammlung, eine Kollektion zeitgenössischer

Kunst aus aller Welt, die von dem mit renommierten Expert*innen besetzten EVN

Kunstrat kuratiert wird. Unsere Firmensammlung versteht sich als Plattform zur

Auseinandersetzung mit bildender Kunst und richtet sich gleichermaßen an

Mitarbeiter*innen und ihre Familien wie an Kunstinteressierte von außerhalb des

Unternehmens.

Arbeitnehmerbelange

Wir sehen es als unsere Verantwortung, zeitgerecht auf die aktuellen Herausforderungen

des Arbeitsmarkts zu reagieren und ein Arbeitsumfeld zu schaffen, in dem sich unsere

Mitarbeiter*innen wohlfühlen, optimal weiterentwickeln und zielorientiert am gemeinsamen

Erfolg arbeiten können. Dabei wird eine ausgewogene Balance zwischen Freizeit und Arbeit

für viele Menschen immer wichtiger. Gleichzeitig macht es der branchenübergreifende

Fachkräftemangel immer schwieriger, qualifizierte Mitarbeiter*innen zu finden und langfristig

im Unternehmen zu halten. Unter dem Motto „Nachhaltiger. Digitaler. Effizienter.“ tragen

neue Technologien und digitales Equipment, mobiles Arbeiten und flexible

Arbeitszeitmodelle sowie eine smarte Raumnutzung in unseren Büros dazu bei, unsere Art

der Zusammenarbeit und den internen Informations- und Kommunikationsfluss zu

optimieren.

Die konzernweit verbindlichen Dokumente zu unserer Unternehmens- und Führungskultur

definieren und konkretisieren unsere Konzepte, Prinzipien und Richtlinien für den alltäglichen

Umgang miteinander. Diese hohen Standards wenden wir in allen Ländern, in denen wir

aktiv sind, gleichermaßen an. In diesem Zusammenhang haben wir auch die sogenannten

EVN Leitwerte definiert: „ensure“ (sichern), „encourage“ (ermutigen) und „enable“

(ermöglichen).

Die folgenden fundamentalen Prinzipien und Verhaltensgrundsätze prägen unsere

Unternehmenskultur konzernweit:

• Compliance

Wir verpflichten uns zur Einhaltung aller relevanten rechtlichen

Vorgaben und Standards sowie aller internen Richtlinien und Prozesse. Wo immer

möglich, streben wir danach, die verpflichtenden Anforderungen zu übertreffen.

• Diversität und Chancengleichheit: Wir engagieren uns für ein vielfältiges

Arbeitsumfeld, fördern Diversität und Chancengleichheit und setzen Maßnahmen zur

Vermeidung von Diskriminierung und zum Schutz vulnerabler

Mitarbeiter*innengruppen. Die EVN als Arbeitgeberin bekennt sich nachdrücklich zum

Verbot jeglicher Form von Zwangsarbeit, Menschenhandel und moderner Sklaverei.

Darüber hinaus tolerieren wir keine Form von Kinderarbeit.

• Kontinuierliche Kommunikation:

Unterschiedlichste Kommunikationskanäle helfen

uns dabei, eine respektvolle Kommunikation und einen kontinuierlichen Dialog mit

unseren Mitarbeiter*innen sowie mit direkt und indirekt betroffenen

Interessengruppen zu gewährleisten und deren Bedürfnisse und Erwartungen in

laufende Feedbackprozesse einfließen zu lassen.

• Personalentwicklung und -förderung:

Wir schulen unsere Mitarbeiter*innen laufend

und bieten zahlreiche Möglichkeiten zur Aus- und Weiterbildung, um mit

kontinuierlicher Qualifizierung und Kompetenzentwicklung auf die sich permanent

verändernden Anforderungen zu reagieren und vielfältige Karrierewege zu

ermöglichen.

• Vereinbarkeit von Familie und Beruf:

Wir unterstützen unsere Mitarbeiter*innen mit

umfangreichen Maßnahmen und Angeboten bei der Vereinbarkeit von Beruf und

Privatleben.

150

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

• Arbeitsschutz und Gesundheitsvorsorge:

Als verantwortungsvolle Arbeitgeberin

bieten wir ein attraktives stabiles Arbeitsumfeld mit fairen Arbeitsbedingungen und

angemessener Entlohnung. Zudem ergreifen wir alle erforderlichen Maßnahmen, um

die Gesundheit und den Schutz unserer Mitarbeiter*innen zu gewährleisten.

Diversität

Die EVN AG beschäftigte zum Bilanzstichtag 30. September 2024 insgesamt 621

Mitarbeiter*innen (Vorjahr: 626 Mitarbeiter*innen; Kopfzahl). Hiervon waren 195 Frauen (31,4

%) und 426 Männer (68,6 %). Im Vorjahr lag der Frauenanteil mit 182 Mitarbeiterinnen bei

29,1 % und der Männeranteil mit 444 Mitarbeitern bei 70,9 %.

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. Allen Mitarbeiter*innen gleiche Chancen

zu bieten, ist ein zentraler Grundsatz der EVN. Wir sind davon überzeugt, dass vielfältige

Teams bessere Ergebnisse erzielen sowie über höhere Effektivität und Innovationskraft

verfügen als homogene Gruppen.

Mit dem Programm „Frauen@EVN“ sind wir bestrebt, den Frauenanteil in leitenden

Positionen schrittweise zu erhöhen, um Diversität auch im Führungskreis zu gewährleisten.

Mit zahlreichen Initiativen wollen wir Rahmenbedingungen schaffen, die es Frauen

ermöglichen, je nach Qualifikation und Fähigkeit verantwortungsvolle Aufgaben in Fach- und

Führungsfunktionen wahrzunehmen. Im abgelaufenen Geschäftsjahr haben wir damit

begonnen, eine Diversitätsstrategie für die EVN in Österreich zu erarbeiten. Erster Schritt

dabei war eine Umfrage unter 450 zufällig ausgewählten Mitarbeiter* innen, anhand derer wir

unsere Position zum Thema DIE (Diversity, Inclusion, Equity) bestimmen konnten. In

weiterer Folge planen wir die Durchführung von Workshops zur Erarbeitung der Strategie

unter Einbeziehung von Vertreter*innen aller Unternehmensbereiche in Österreich.

19 Frauen und 16 Männer sind in der Berichtsperiode neu in das Unternehmen eingetreten,

während 3 Frauen und 10 Männer das Unternehmen verlassen haben. Zum Stichtag 30.

September 2024 gab es in der EVN AG in Summe 80 Teilzeitbeschäftigte, davon 66 Frauen

und 14 Männer. Der Anteil an teilzeitbeschäftigten Mitarbeiter*innen an der

Gesamtbelegschaft der EVN AG zum Bilanzstichtag entspricht somit 12,9 %.

Gleichbehandlung und Chancengleichheit

Im Einklang mit den Leitprinzipien der Vereinten Nationen für Wirtschaft und

Menschenrechte, der Erklärung der Internationalen Arbeitsorganisation (ILO) über

grundlegende Prinzipien und Rechte bei der Arbeit und den OECD-Leitsätzen für

multinationale Unternehmen sowie mit dem EVN Verhaltenskodex, der EVN

Menschenrechts- Policy, dem EVN Führungsleitbild, dem EVN Nachhaltigkeitsleitbild, den

konzernweiten Richtlinien „Soziale Mindeststandards“ und „Mitarbeiter*innen“, den EVN

Leitwerten und allen damit in Verbindung stehenden länderspezifischen gesetzlichen

Bestimmungen und Richtlinien behandeln wir alle unsere Mitarbeiter*innen ungeachtet ihres

Geschlechts und ihres Alters, ihrer ethnischen oder sozialen Herkunft oder Nationalität,

Hautfarbe, sexuellen Orientierung, Religion, Weltanschauung oder allfälliger körperlicher

oder geistiger Beeinträchtigungen gleichwertig. Außerdem lehnen wir jede Diskriminierung

von Mitarbeiter*innen in Bezug auf Einstellung, Fortbildung, Personalentwicklung,

Beschäftigungsbedingungen und Entlohnung bei gleicher fachlicher und persönlicher

Qualifikation ausdrücklich ab. Die Vergütung aller unserer Mitarbeiter*innen richtet sich nach

dem jeweils gültigen Kollektivvertrag bzw. nach ihrer jeweiligen Tätigkeit und Qualifikation.

Dabei stellen wir sicher, dass wir die gesetzlichen Anforderungen erfüllen und, wo immer

möglich, übertreffen.

151

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Die Vergütung aller Mitarbeiter richtet sich nach dem jeweils gültigen Kollektivvertrag bzw.

nach ihrer jeweiligen Tätigkeit und Qualifikation. Damit bestehen in der EVN bei

gleichwertiger Ausbildung und Tätigkeit keine Unterschiede in der Vergütung zwischen

Frauen und Männern. Zu unserem grundsätzlichen Bekenntnis zu Gleichbehandlung und

Chancengleichheit zählt auch die Förderung der Integration von Menschen mit besonderen

Bedürfnissen. Im Geschäftsjahr 2023/24 beschäftigte die EVN AG 14 Menschen aus dieser

Personengruppe. Dies entspricht einem Anteil von 2,3 % der Gesamtbelegschaft.

Vereinbarkeit von Beruf und Privatleben

Es ist uns ein Anliegen, unseren Mitarbeiter*innen eine ausgewogene Balance zwischen

ihrem Familien- und Berufsleben zu ermöglichen. Mit der Unterzeichnung der Charta zur

neuen Vereinbarkeit Eltern–Wirtschaft, einer Initiative des Landes und der

Wirtschaftskammer Niederösterreich, haben wir schon 2011 ein Zeichen für eine

elternorientierte Personalpolitik gesetzt. In vielen Bereichen können sich unsere

Mitarbeiter*innen ihre Arbeitszeit frei einteilen, sofern keine betrieblichen Erfordernisse wie

etwa Schichtdienste entgegenstehen. Die Grundlage dafür bildet ein Gleitzeitmodell ohne

Kernzeit, das eine sehr hohe Flexibilität bietet. Verschiedene Teilzeitmodelle sowie Modelle

für mobiles Arbeiten, die z. B. auch eine Kombination von Arbeitseinsatz im Außendienst und

mobilem Arbeiten innerhalb eines Arbeitstags ermöglichen, machen es unseren Mitarbeiter*

innen leichter, berufliche und familiäre Verpflichtungen zu vereinbaren. Die Modelle für

mobiles Arbeiten sehen einen Rahmen von bis zu 1.280 Stunden pro Jahr vor, in denen

unsere Mitarbeiter*innen ortsungebunden arbeiten können.

Als weitere Unterstützung bieten wir Folgendes an:

• Betreuung durch betriebliche Tageseltern am Standort in Maria Enzersdorf (derzeit noch

als Pilotprojekt)

• Betreutes Kinderprogramm während einiger Wochen in den Sommerferien

Alle unsere Mitarbeiter*innen haben nach der Geburt eines Kindes gesetzlichen Anspruch

auf Karenzzeit. In Österreich kommt noch der sogenannte "Papamonat" hinzu, den immer

mehr Väter in Anspruch nehmen. In Österreich wird die Karenzzeit über die bestehende

gesetzliche Verpflichtung hinaus verlängert, wobei eine mögliche Arbeitsfreistellung bis zum

36. Lebensmonat des Kindes vorgesehen ist. Während der Karenzzeit halten wir den

Kontakt zu unseren Mitarbeiter*innen gezielt aufrecht, um ihren beruflichen Wiedereinstieg

zu erleichtern. Beinahe alle Mütter und Väter kehren nach ihrer Karenz wieder in unser

Unternehmen zurück. Spezifische Informationsveranstaltungen und unser umfassendes Aus-

und Weiterbildungsprogramm stehen unseren Mitarbeiter*innen auch während der Karenz

offen. Über eine Online-Informationsplattform, die wir gemeinsam mit einem externen

Partnerunternehmen betreiben, stellen wir zahlreiche Informationen zu Karenz,

Kinderbetreuung und Wiedereinstieg zur Verfügung.

Gesundheitsvorsorge, Arbeitsschutz und -sicherheit

Die Gewährleistung der Sicherheit und Gesundheit unserer Mitarbeiter*innen samt unseren

Bestrebungen im Interesse von Arbeitssicherheit und Unfallvermeidung bilden daher zentrale

Elemente unserer Unternehmenskultur. In Ergänzung zu europäischen und

länderspezifischen gesetzlichen Vorschriften, die wir durchwegs zur Gänze einhalten, sind

sie in unterschiedlichen Formaten für sämtliche Unternehmenseinheiten fest verankert:

• EVN Verhaltenskodex

• EVN Menschenrechts-Policy

• EVN-interne Grundsätze: Konzernrichtlinie Arbeitssicherheit

• EVN-interne Konzern- und Geschäftsanweisungen sowie Richtlinien zur Identifikation

von Sicherheitsrisiken und Definition entsprechender Gegenmaßnahmen

152

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Sämtliche Arbeitsunfälle unserer Mitarbeiter*innen wie auch unserer

Leasingmitarbeiter*innen werden zuerst dezentral in der jeweiligen Organisationseinheit

erfasst und behandelt. Interne Geschäftsanweisungen regeln die anschließende Meldung

des Vorfalls an den zentralen sicherheitstechnischen Dienst. Dieser analysiert den Unfall und

ergreift gegebenenfalls entsprechende Maßnahmen. Weiters ermutigen wir unsere

Mitarbeiter*innen auch dazu, Beinahe-Unfälle und (potenziell) gefährliche Situationen zu

melden und heben ihren Stellenwert für die Prävention hervor. Bei der Erfassung von Risiken

und Vorfällen sowie beim Monitoring von Maßnahmen orientieren wir uns an den

Anforderungen an ein Arbeitsschutzmanagementsystem entsprechend ISO 45001.

Sowohl für die Arbeitssicherheit als auch für die Themen Brandschutz, Gesundheit und Erste

Hilfe verfügen wir sowohl dezentral als auch zentral über speziell geschulte Präventivkräfte.

Durch den engen Kontakt zwischen den Sicherheitsvertrauenspersonen in den einzelnen

Unternehmensbereichen und den zentralen Sicherheitsfachkräften sorgen wir dafür, dass

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 ihrer Kenntnisse im Arbeitsschutz die erste Anlaufstelle für

Betroffene. Darüber hinaus werden alle unsere Mitarbeiter* innen und

Leasingmitarbeiter*innen von Sicherheitsvertrauenspersonen in jährlich stattfindenden

Arbeitsausschüssen vertreten, die die Arbeitsschutzprogramme überwachen und über solche

beraten. Zudem sind auch unsere Betriebsrät*innen in sämtliche Belange der

Arbeitssicherheit und der Gesundheitsvorsorge laufend eingebunden.

Wir setzen auf umfassende Information und Unterweisung aller unserer Mitarbeiter*innen in

sämtlichen gesundheits- und sicherheitsrelevanten Fragen, um Unfälle zu vermeiden. Dabei

dient uns das eigens auf die Arbeitsbedingungen in der Energiewirtschaft ausgerichtete und

laufend weiterentwickelte „Handbuch Sicherheit“ der Branchenvereinigung Oesterreichs

Energie als Basis. Dieses wird durch Handbücher für spezielle Bereiche wie z. B.

Wasserkraftwerke sowie Windkraft- oder Photovoltaikanlagen ergänzt. Alle diese Unterlagen

werden regelmäßig aktualisiert und sind bei der Erstunterweisung neuer Mitarbeiter*innen

(bei Neueintritt bzw. auch bei Versetzung in einen neuen Arbeitsbereich) verpflichtend

anzuwenden. Detaillierte Unterweisungen erfolgen auch bei Arbeiten, die innerhalb unseres

Betriebs von Fremdpersonen durchgeführt werden. Dabei weisen wir gezielt auf allfällige

besondere Gefahren hin, die von unseren Anlagen ausgehen. Unterweisungen in Bezug auf

den Arbeitnehmer*innenschutz umfassen neben allgemeinen Informationen vor allem

verhaltens- und handlungsbezogene Anweisungen, die auf den konkreten Arbeitsplatz bzw.

Aufgabenbereich der jeweiligen Mitarbeiter*innen eingehen. Das für den EVN Konzern

zentral organisierte Arbeitssicherheitsteam setzt ebenfalls eine Vielzahl an konkreten

Maßnahmen um, um unsere Mitarbeiter*innen einerseits nachhaltig für Sicherheitsthemen zu

sensibilisieren und andererseits tatsächliche Unfälle zu vermeiden.

Im Geschäftsjahr 2023/24 ereignete sich bei der EVN AG ein Arbeitsunfall (Vorjahr: 2); der

Lost Time Injury Frequency Index (LTIF) betrug 0,8 (Vorjahr: 1,6).

Um unserer Verantwortung für die Gesundheit unserer Mitarbeiter*innen gerecht zu werden,

bieten wir eine weit über das gesetzliche Maß hinausgehende arbeitsmedizinische

Betreuung. In Österreich stehen zwei Arbeitsmediziner*innen für alle Fragen rund um

Gesundheitsvorsorge, Bewusstseinsbildung sowie Erhaltung und Förderung der Gesundheit

am Arbeitsplatz zur Verfügung, die unsere Mitarbeiter*innen im Rahmen der

Arbeitnehmer*innenschutzbestimmungen und darüber hinaus betreuen. Zu unserem

umfassenden Angebot zählen u. a.:

• Gesundenuntersuchungen

• Impfungen

153

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

• Seh- und Hörtests

• Präventionsmedizin

• Erste-Hilfe-Kurse

• Psychologische Beratung

• Coaching

• Tipps für gesunde Ernährung

• Spezifische Angebote für Mitarbeiter*innen, die besonderen Belastungen ausgesetzt

sind

Neben den direkt vom Unternehmen getragenen Maßnahmen zur Gesundheitsförderung

bietet die EVN Kultur- und Sportvereinigung allen Mitarbeiter*innen ein vielfältiges Angebot

an Aktivitäten von Laufsport, Wandern oder Ballsportarten. Auch hier nimmt die

Gesundheitsförderung einen wichtigen Stellenwert ein.

Betriebliche Sozialpartnerschaft

Bei wesentlichen unternehmerischen Entscheidungen achten wir auf Transparenz und

agieren damit im Einklang mit unserem Führungsleitbild, mit allen gesetzlichen

Bestimmungen sowie mit der Allgemeinen Erklärung der Menschenrechte. In diesem Sinn

werden auch die Belegschaftsvertretungen – solche bestehen neben der EVN AG auch in

zahlreichen weiteren Unternehmen unserer Gruppe – laufend und zeitgerecht über

wesentliche unternehmerische Entscheidungen informiert bzw. 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 Belegschaftsvertretungen wie

Betriebsräte oder Gewerkschaften vertreten und sind hinsichtlich ihrer Bezahlung durch

kollektivvertragliche Mindestlöhne geschützt. Regelmäßig werden die

Belegschaftsvertretungen in die Kollektivvertragsverhandlungen eingebunden. Insgesamt

orientiert sich das Gehaltsschema von allen Mitarbeitern der EVN AG an diesen

Kollektivverträgen. Mitarbeiterthemen werden auch in Arbeits- und Sicherheitsausschüssen

behandelt, die sich u.a. aus Betriebsrät*innen oder Gewerkschaftsvertreter*innen

zusammensetzen. Außerdem können sich Vertreter*innen des Betriebsrats im Aufsichtsrat

sowie im Nachhaltigkeitsbeirat äußern.

Personalentwicklung und -förderung

Die hohe Qualifikation der Mitarbeiter*innen hat für die EVN große strategische Bedeutung

und ist wesentlich für die Sicherung des nachhaltigen Unternehmenserfolgs. Daher bilden

die Wahrung, aber auch die Verbesserung der hohen Kompetenz der Mitarbeiter*innen

zentrale Schwerpunkte des Personalmanagements bei EVN. Im Geschäftsjahr 2023/24

absolvierte jede*r Mitarbeiter*in der EVN AG im Schnitt 17,2 Stunden an

Weiterbildungsveranstaltungen (Vorjahr: 11,1 Stunden).

Die EVN betrachtet ihre Mitarbeiter*innen sehr differenziert über den gesamten Employee

Life Cycle hinweg, von der Phase der Orientierung und Jobsuche bis hin zum Pensionsantritt

und auch noch danach. Ein umfassendes Onboarding stellt mit Infoveranstaltungen,

Einschulungen, E-Learnings, Patensystem und regelmäßigen Feedbackschleifen sicher,

dass die neuen Mitarbeiter*innen auch tatsächlich im Unternehmen ankommen. Damit die

Mitarbeiter*innen in ihrer jeweiligen Situation wahrgenommen und gefördert werden und sich

weiterentwickeln können, spielt auch regelmäßiges Feedback – z. B. im Rahmen der

jährlichen Mitarbeiter*innengespräche – und die laufende Erhebung der

Mitarbeiter*innenzufriedenheit durch den „Stimmungsbarometer“ eine ganz wesentliche

Rolle.

154

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Das umfangreiche Aus- und Weiterbildungsangebot der EVN wird durch die EVN Akademie

umgesetzt, die jährlich rund 200 Veranstaltungen organisiert und mehr als 70

unterschiedliche Ausbildungspläne zu technischen Themenstellungen und Inhalten wie auch

zur Persönlichkeitsentwicklung koordiniert. Für Führungskräfte und High Potentials gibt es

darüber hinausgehende Ausbildungsprogramme und vielfältige Karrieremöglichkeiten.

Darüber hinaus bietet die EVN ihren Mitarbeiter*innen die Möglichkeit, Bildungskarenz und

Bildungsteilzeit in Anspruch zu nehmen. Nach einer Prüfung der betrieblichen Möglichkeiten

und Interessen unter Berücksichtigung der definierten Rahmenbedingungen werden

entsprechende Anträge grundsätzlich genehmigt.

Maximale Nähe zu unseren Kunden

Die zuverlässige Versorgung unserer Kund*innen mit Dienstleistungen der täglichen

Daseinsvorsorge hat für uns höchste Priorität. Ebenso wichtig ist für uns dabei die Nähe zu

unseren Kund*innen, denen wir in allen Anliegen so rasch, unkompliziert und individuell wie

möglich zur Seite stehen möchten.

Unsere Service- und Beratungsleistungen für unsere Kund*innen setzen vielseitiges

Fachwissen voraus, da unsere Produktpalette ebenso breit und vielfältig ist wie die an uns

herangetragenen Anliegen. Diese reichen von grundlegenden Fragen der

Geschäftsbeziehung – wie An- und Abmeldungen, Tarifberatung und Rechnungsauskünften

– bis hin zu spezialisierten Anfragen im Bereich der Energieberatung sowie des Vertriebs

von Energieeffizienzdienstleistungen und -produkten. Kund*innenzufriedenheit definieren wir

zum einen über unsere Produkte und Dienstleistungen, die den individuellen Bedürfnissen

möglichst genau entsprechen sollen und transparent abgerechnet werden. Auf der anderen

Seite stehen eine hohe Servicequalität, zielgruppengerechte Kommunikation und die

Unterstützung unserer Kund*innen in Fragen des effizienten Umgangs mit Energie. Rund um

diese Angelpunkte setzen wir in allen unseren Märkten auf eine faire Partnerschaft mit

unseren Kund*innen auf professioneller Basis.

Wir sind uns der Auswirkungen unserer Aktivitäten auf Kund*innen bewusst und nehmen

unsere Verantwortung für deren Schutz ernst. Dies unterstreicht besonders unsere

Konzernrichtlinie „Umgang mit Kund*innen“, die konzernweit als Leitfaden für unsere

Bemühungen dient, wesentliche Auswirkungen, Risiken und Chancen in Bezug auf

Kund*innen zu identifizieren, zu bewerten und zu steuern. In der Richtlinie sind Grundsätze

und Verfahren festgelegt, anhand derer wir negative Auswirkungen auf unsere Stakeholder-

Gruppe „Kund*innen“ überwachen, kontrollieren und reduzieren. Dabei stellen wir sicher,

dass wir die gesetzlichen Anforderungen stets erfüllen. Mit der Richtlinie verpflichten wir uns

zudem, unsere Geschäftspraktiken durch fortlaufende Innovation zu verbessern, um die

positiven Auswirkungen unserer Produkte und Dienstleistungen sowie unseres technischen

Fortschritts auf Kund*innen zu fördern. Im Sommer 2024 haben wir dafür auch ein

Kund*innenversprechen mit einer Kund*innencharta unter dem Motto „Fairness und

Transparenz: unser Versprechen an unsere Kund*innen“ formuliert. Wir verpflichten uns

darin, die Bedürfnisse, Erwartungen und Anliegen unserer Kund*innen zu verstehen und zu

erfüllen. Die Inhalte unserer Kund*innencharta unterliegen einer regelmäßigen Überprüfung

und Aktualisierung. Damit stellen wir sicher, dass wir den Bedürfnissen und Erwartungen

unserer Kund*innen jederzeit möglichst gerecht werden.

Neben den gängigen Kommunikationskanälen wie beispielsweise Telefonaten, E-Mails,

digitalen Anfragen über das Serviceportal „Meine EVN" oder Kund*innenbesuchen ist auch

ein aktives Beschwerdemanagement von hoher Relevanz. Alle Rückmeldungen von

Kund*innen, die mit unseren Leistungen nicht zufrieden sind, werden von uns systematisch

dokumentiert, ausgewertet und eingehend analysiert. Dadurch können wir zeitnah

spezifische Verbesserungsmaßnahmen ableiten. Der strukturierte Qualitätskreislauf leistet

155

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

einen wesentlichen Beitrag zur laufenden Steigerung unserer Servicequalität. Darüber

hinaus ermöglicht das Hinweisgeber*innensystem der EVN, auch anonymisiert mit der EVN

in Austausch zu treten. Für den Fall eines (vermuteten) Compliance-Verstoßes steht internen

und externen Personen ein vertrauliches und anonymes Hinweisgeber*innenverfahren zur

Verfügung.

Um den stetig wachsenden Anforderungen unserer Kund*innen gerecht zu werden, setzen

wir zudem auch im Bereich Customer Relations verstärkt auf die Möglichkeiten der

Digitalisierung.

Zur Berücksichtigung der Interessen, Anliegen und Standpunkte unserer Kund*innen hatte

die EVN bereits 2011 einen Kund*innenbeirat etabliert. Dieses Beratungsgremium, in dem

gewählte Kund*innenvertreter*innen ihre Anliegen und Bedürfnisse mit dem Management

und Expert*innen erörterten, wurde im Geschäftsjahr 2022/23 in einem neuen, digitalen

Format neu aufgesetzt. Kund*innen, die Feedback geben möchten, können sich nun freiwillig

online unter https://mein-feedback.at/ anmelden.

Für Themen, die einen tiefergehenden Dialog mit unseren Kund*innen erfordern, setzen wir

auch den EVN Info-Bus ein. Er ermöglichte z. B. im Rahmen der Informationskampagne zur

Ablösung des bisherigen Klassik-Tarifs und zu den Optionen für einen Tarifwechsel im

Frühjahr 2023 persönliche Gespräche vor Ort mit unseren Kund*innen. Insgesamt besuchten

unsere Mitarbeiter*innen im Rahmen dieser Kampagne in acht Wochen über 469

Gemeinden Niederösterreichs. Der EVN Info-Bus hatte sich zuvor bereits im Herbst 2022 als

auch im Frühjahr und Spätsommer 2024 im Rahmen unserer Informationskampagnen sehr

bewährt.

Für Kund*innen, deren Muttersprache nicht die jeweilige Landessprache ist, bietet die EVN

selbstverständlich Beratungsdienste in ihrer Muttersprache an. Möglich wird dies durch die

große Vielfalt in unserem Team, dem viele Kolleg*innen mit unterschiedlichen

Muttersprachen angehören.

In Österreich setzen wir darüber hinaus auf den für die spezifischen Anforderungen unseres

Unternehmens definierten Customer Loyalty Index, um die Zufriedenheit unserer Kund*innen

in den unterschiedlichen Aspekten ihrer Geschäftsbeziehung zur EVN zu evaluieren. Die

Loyalität der Kund*innen wird anhand verschiedener Indikatoren auf monatlicher Basis

beobachtet und gemessen. Der Index versetzt uns in die Lage, Veränderungen im

Kund*innenverhalten und deren Ursachen frühzeitig zu erkennen und zeitnah darauf zu

reagieren.

Unser Kund*innenservice ist zudem nach ISO 18295-1 zertifiziert. Die Schwerpunkte dieser

Zertifizierung umfassen die Abläufe im Kund*innenservice sowie das Schulungskonzept für

das Customer-Relations-Team. Die umfassenden Anforderungen der ISO-Norm wurden

dabei in allen Bereichen erfüllt. Dies belegt, dass wir im Kund*innenservice höchsten

Qualitätsansprüchen genügen und alle gesetzlichen Vorgaben einhalten.

Ein weiteres wichtiges Element unserer Kund*innenorientierung ist eine transparente

Produktkennzeichnung. Gemäß der gesetzlichen Stromkennzeichnungspflicht stellen wir

unseren Kund*innen in Österreich alle Informationen über den gelieferten Strom zur

Verfügung. Dazu zählen die geografische Herkunft, die Zusammensetzung nach

Primärenergieträgern sowie die bei der Erzeugung verursachten Umweltauswirkungen.

Bereits seit vielen Jahren verpflichten wir uns dabei freiwillig, in keinem unserer

österreichischen Stromprodukte Atomstrom zu verwenden. Der in Österreich von uns

gelieferte Strom stammt zudem zu 100 % aus österreichischen und ausschließlich

156

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

erneuerbaren Quellen. Er wird somit komplett CO2-frei erzeugt, wie auch eine

entsprechende Zertifizierung belegt.

Auch beim Schutz personenbezogener Daten und Geschäftsinformationen legen wir höchste

Maßstäbe an. Diese Grundhaltung ist seit jeher fest in unserer Unternehmenskultur

verankert und spiegelt sich daher auch im EVN Verhaltenskodex wider. Während

Informationssicherheit dabei das lückenlose Funktionieren der täglichen

Versorgungsaufgaben gewährleistet, stellt Datenschutz die Wahrung der höchstpersönlichen

Rechte von Kund*innen, Mitarbeiter*innen und Lieferant*innen sicher. Auch hier sind die

rechtlichen Vorgaben wie die EU-Datenschutz-Grundverordnung (DSGVO) und das

österreichische Datenschutzgesetz zu berücksichtigen.

Neben den technischen Schutzmaßnahmen und Zugriffsbeschränkungen setzt die EVN auf

ein umfassendes Datenschutzmanagementsystem, das sowohl Aufgaben bzw. Rollen im

Unternehmen als auch Prozesse genau regelt. Unser Datenschutzmanagementsystem ist

organisatorisch über Datenschutzverantwortliche und -beauftragte in allen unseren Märkten

verankert. Diese sind sowohl für die strikte Einhaltung aller Datenschutzvorgaben als auch

für die laufende Bewusstseinsbildung bei den Mitarbeiterinnen und Mitarbeitern ihres

jeweiligen Bereichs verantwortlich. Das Datenschutzhandbuch liefert detaillierte

Anweisungen für konkrete Anwendungsfälle, so etwa für die Bearbeitung von

datenschutzrechtlichen Auskunfts- bzw. Löschungsbegehren. Ebenso geregelt ist das

Vorgehen bei Datenschutzvorfällen. Das Datenschutzmanagementsystem unterliegt ebenso

einer laufenden Evaluierung und Aktualisierung wie das Information-Security-Management-

System der Gruppe. Das Thema Datenschutz wird darüber hinaus jährlich im Rahmen der

Risikoinventur der EVN beleuchtet. Eine direkte Kontaktaufnahme mit unserem

Datenschutzbeauftragten ist jederzeit über die E-Mail-Adresse datenschutz@evn.at möglich.

Unterstützung vulnerabler Kund*innengruppen

Das Wertesystem der EVN beinhaltet auch ein eindeutiges Bekenntnis zu sozialer

Verantwortung, denn Energieversorgung muss sowohl zuverlässig als auch bezahlbar sein.

Wir sind uns der Belastung durch Preisanstiege bei Energie für finanzschwache Haushalte

bewusst. Daher verstärken wir unsere Anstrengungen und Initiativen zur Unterstützung von

Kund*innengruppen mit besonderen Bedürfnissen. Unsere Mitarbeiter*innen in Customer

Relations und in den Service Centern sind auf dieses Anliegen hin speziell geschult und

sensibilisiert. Über verschiedene Kanäle (persönlich, telefonisch oder online) bieten sie

individuelle Beratung zu verschiedenen Themen, von Energiespartipps bis hin zum Umgang

mit Zahlungsschwierigkeiten.

In Österreich setzen wir seit vielen Jahren erfolgreich auf Maßnahmen wie unsere

Kooperationen mit der Caritas, der Schuldnerberatung Niederösterreich, der Diakonie sowie

dem Niederösterreichischen Armutsnetzwerk. Einen Schwerpunkt bilden

Energieeffizienzmaßnahmen sowie die Ausschöpfung von Einsparpotenzialen, durch die sich

oft erhebliche Kostenreduktionen erzielen lassen. Sehr gute Erfahrungen haben wir mit

Programmen gemacht, in denen wir Sozialarbeiter*innen für Beratungsgespräche ausbilden

(z. B. zu den Themen Energieeinsparung, Fördermöglichkeiten in Form von

Heizkostenzuschüssen etc.) oder sie bei ihrer Arbeit mit armutsgefährdeten Personen

begleiten. Dabei wenden wir das Prinzip „Train the Trainer“ an.

Der regelmäßige Austausch mit den genannten Organisationen ermöglicht es uns zudem, im

Einzelfall gezielte Maßnahmen für sozial benachteiligte Kund*innen abzustimmen. Dazu

zählen individuelle Vereinbarungen über Stundungen oder Ratenzahlungen ebenso wie

Lösungen, die wir in Kooperation mit Hilfsorganisationen und Anbieter*innen sozialer

Hilfsleistungen erarbeiten. Die EVN betrachtet Vertragsbeendigungen als Ultima Ratio und

ist bestrebt, derartige Maßnahmen nach Möglichkeit zu vermeiden. Für den Zeitraum von 1.

157

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Dezember 2023 bis 31. März 2024 hat die EVN, wie bereits im Jahr zuvor, auf

Abschaltungen bei Haushaltskund*innen für Strom, Erdgas und Wärme verzichtet.

Zur Unterstützung in besonderen Härtefällen hat die EVN im Herbst 2022 einen mit jährlich 3

Mio. Euro dotierten Energiehilfe-Fonds eingerichtet. Der Fonds bietet betroffenen Haushalten

professionelle Energieberatung, den Tausch veralteter Geräte sowie

Überbrückungsfinanzierungen für Energierechnungen an. Die Abwicklung der von diesem

Fonds gewährten Unterstützungen erfolgt über soziale Institutionen.

158

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

AUSBLICK AUF DAS GESCHÄFTSJAHR 2024/25

Die EVN wird im Geschäftsjahr 2024/25 konsequent an der Verwirklichung ihrer Ziele und

Pläne weiterarbeiten. In Umsetzung der Strategie 2030 wurden in den letzten Jahren –

ungeachtet aller volkswirtschaftlichen und geopolitischen Entwicklungen sowie

energiewirtschaftlichen Verwerfungen – die Voraussetzungen erarbeitet, dass sich die EVN

als Gestalterin einer klimaneutralen Energiezukunft positioniert. Dazu hat sie

Infrastrukturprojekte entwickelt, einen offenen Dialog mit Stakeholdern geführt und sich

intensiv mit Planungen und Optimierungen befasst. Digitalisierungsvorhaben, Innovationen

und Visionen begleiten und ergänzen diesen ambitionierten Kurs. In Summe führte dies zu

einer Präzisierung und neuerlichen Ausweitung des Investitionsprogramms, sodass die

Investitionen der Gruppe bis 2030 jährlich etwa 900 Mio. Euro betragen werden.

Im Segment Erzeugung setzt die EVN weiterhin auf den Ausbau von Windkraft und

Photovoltaik. Die Projektpipeline ist sehr gut gefüllt und ausreichend diversifiziert, um die

gesteckten Ausbauziele von bis zu 770 MW installierter Leistung bei Wind sowie 300 MW bei

Photovoltaik zu erreichen. Allein die Fertigstellung der aktuell in Errichtung befindlichen

Projekte wird die EVN diesen Zielen wieder einen großen Schritt näherbringen. Zudem ist

der Ausbau der erneuerbaren Erzeugung einer der wesentlichen Treiber für den initialen

Übergangsplan, den wir im Berichtszeitraum neu erarbeitet haben und nunmehr mit der

Science Based Target Initiative akkordieren.

Der Großteil der jährlichen Investitionen wird auch in Zukunft in die Erweiterung der

Netzinfrastruktur fließen. Im Strom-Verteilnetz besteht die große Herausforderung

unverändert darin, die hohen und weiterhin steigenden volatilen Einspeisemengen aus Wind-

und Photovoltaikanlagen bestmöglich in das österreichische Energiesystem zu integrieren.

Aber auch die geänderten Verbrauchsmuster, die etwa die E-Mobilität oder der wachsende

Einsatz von Wärmepumpen mit sich bringen, erfordern umfangreiche Netzinvestitionen.

Im Bereich der Großbatteriespeicher folgen wir unserer Überzeugung, dass aus

Innovationen und Pilotanlagen konkrete, neue Geschäftsmodelle entstehen können. Am

Energieknoten Theiß werden wir deshalb einen Großbatteriespeicher mit einer Leistung von

70 MW errichten, der Ende 2027 als virtuelles Kraftwerk in Betrieb gehen soll. Wir streben

eine energiewirtschaftlich optimierte Bewirtschaftung dieser Großbatterie an, sodass die

Vermarktung von Überschussproduktion aus Sonnenstrom zu Zeiten mit effektiver Nachfrage

erfolgen kann. Neben der Teilnahme am Day-Ahead- oder am Intraday-Markt sehen wir für

Batteriespeicher aber auch konkrete Anwendungsfälle im Netzbetrieb, denn die zeitliche

Verschiebung und Nutzung von Flexibilitäten kann sich auch positiv auf die Netzstabilität

auswirken.

Den Herausforderungen im Energievertrieb begegnen wir mit zusätzlichen Angeboten und

Dienstleistungen. Einerseits positionierte sich die EVN bereits frühzeitig als Anbieterin von

Ladeinfrastruktur für E-Mobilität. Wir bieten aber auch Abwicklungsplattformen und

Softwarelösungen für Energiegemeinschaften und damit einen attraktiven Mehrwert für

Kund*innen in diesem Bereich. Die Errichtung von E-Ladeinfrastruktur sowie die Entwicklung

digitaler Angebote für Kund*innen bestimmt zunehmend auch die Weiterentwicklung unserer

Aktivitäten in Südosteuropa.

Für das internationale Projektgeschäft gilt unverändert die Prämisse, dass der künftige

Fokus der EVN Gruppe auf dem Kerngeschäft im Energiebereich liegt. Daher werden

weiterhin strategische Optionen im Zusammenhang mit der WTE evaluiert. Dabei

berücksichtigen wir naturgemäß das Investor*innenfeedback aus dem am 4. April 2024

beendeten strukturierten Verkaufsprozess zur vollständigen Veräußerung der WTE.

159

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Für das Geschäftsjahr 2024/25 erwartet die EVN unter der Annahme eines stabilen

regulatorischen und energiepolitischen Umfelds ein Konzernergebnis in der Bandbreite von

400 bis 440 Mio. Euro.

Die Dividendenpolitik wird unverändert bestätigt. Die Dividendenausschüttung soll auch

künftig mindestens 0,82 Euro pro Aktie betragen. Die EVN beabsichtigt, ihre Aktionär*innen

an zusätzlichen Ergebnissteigerungen in angemessener Höhe zu beteiligen. Mittelfristig wird

eine Ausschüttungsquote von 40 % des um außerordentliche Effekte bereinigten

Konzernergebnisses angestrebt.

Mit unserem integrierten Geschäftsmodell im Energiebereich in Kombination mit den

Internet- und Telekommunikationsdienstleistungen sowie der Trinkwasserversorgung in

Niederösterreich, die unser Infrastrukturangebot weiterhin ergänzen und komplettieren, ist

unsere Gruppe eine verlässliche Partnerin für unsere Kund*innen. Gleichzeitig ist dies die

Grundlage für eine erfolgreiche und attraktive Positionierung auf dem Kapitalmarkt.

Maria Enzersdorf, am 27. November 2024

EVN AG

Der Vorstand

Mag. Stefan Szyszkowitz, MBA Dipl.-Ing. Stefan Stallinger, MBA

Wittmann Alexandra, Mag. (FH)

160

EVN Annual Financial Report 2023 / 24

Jahresabschluss

161

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Bilanz zum 30.09.2024

Aktiva

30.9.2024

30.9.2023

EUR

TEUR

A. Anlagevermögen

I. Immaterielle Vermögensgegenstände 35.170.820,07 37.907

II. Sachanlagen 22.729.667,97 22.976

III. Finanzanlagen 4.013.491.431,12 4.102.167

4.071.391.919,16 4.163.051

B. Umlaufvermögen

I. Vorräte

1. Primärenergievorräte 37.479.807,27 49.111

37.479.807,27 49.111

II. Forderungen und sonstige Vermögensgegenstände

1. Forderungen aus Lieferungen und Leistungen 21.930.768,41 43.539

2. Forderungen gegenüber verbundenen Unternehmen 582.043.456,74 543.864

3. Forderungen gegenüber Unternehmen, mit denen

ein Beteiligungsverhältnis besteht

1.150.288,53

430

4. Sonstige Forderungen und Vermögensgegenstände 11.634.372,81 93.208

616.758.886,49 681.040

III. Wertpapiere und Anteile

Sonstige Wertpapiere und Anteile 159.141.557,46 227.795

IV.

Kassenbestand,

Guthaben bei Kreditinstituten

31.817.430,05

52.086

845.197.681,27 1.010.033

C. Aktive Rechnungsabgrenzung 487.212,99 252

D. Aktive latente Steuern 5.245.197,40 8.790

4.922.322.010,82 5.182.126

162

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

Passiva

30.9.2024

30.9.2023

EUR

TEUR

A. Eigenkapital

I. eingefordertes und einbezahltes Grundkapital

Gezeichnetes Kapital 330.000.000,00 330.000

Eigene Anteile -2.933.837,59 -2.978

327.066.162,41 327.022

II. Kapitalrücklagen

1. Gebundene 205.893.227,90 205.182

2. Nicht gebundene 58.267.709,06 58.268

264.160.936,96 263.450

III. Gewinnrücklagen

Gesetzliche Rücklage

4.723.734,22

4.724

2. Andere Rücklagen (freie Rücklagen) 2.235.605.682,96 2.130.562

2.240.329.417,18 2.135.286

IV. Rücklagen für eigene Anteile 2.933.837,59 2.978

V. Bilanzgewinn 161.199.679,66 203.701

davon Gewinnvortrag 490.102,70 392

2.995.690.033,80 2.932.437

B. Investitionszuschüsse 8.673,32 10

C. Rückstellungen

1. Rückstellungen für Abfertigungen 24.050.186,00 22.947

Rückstellungen für Pensionen und

pensionsähnliche Verpflichtungen

77.319.604,00

69.455

3. Steuerrückstellungen 90.106.927,35 77.483

Sonstige Rückstellungen

46.328.551,75

43.636

237.805.269,10 213.521

D. Verbindlichkeiten

Anleihen

471.000.000,00

570.371

davon mit einer Restlaufzeit bis zu einem Jahr 0,00 99.371

davon mit einer Restlaufzeit von mehr als einem Jahr 471.000.000,00 471.000

Verbindlichkeiten gegenüber Kreditinstituten

553.097.599,66

810.415

davon mit einer Restlaufzeit bis zu einem Jahr 117.317.111,92 257.317

davon mit einer Restlaufzeit von mehr als einem Jahr 435.780.487,74 553.098

3. Verbindlichkeiten aus Lieferungen und Leistungen 31.586.040,71 31.774

davon mit einer Restlaufzeit bis zu einem Jahr 31.586.040,71 31.774

4. Verbindlichkeiten gegenüber

verbundenen Unternehmen 542.588.694,57 559.173

davon mit einer Restlaufzeit bis zu einem Jahr 542.503.694,57 559.082

davon mit einer Restlaufzeit von mehr als einem Jahr 85.000,00 91

5. Verbindlichkeiten gegenüber Unternehmen, mit

denen ein Beteiligungsverhältnis besteht 261.213,25 3.117

davon mit einer Restlaufzeit bis zu einem Jahr 261.213,25 3.117

6. Sonstige Verbindlichkeiten 89.177.069,96 59.439

davon aus Steuern 7.547.779,28 8.840

davon im Rahmen der sozialen Sicherheit 1.492.704,89 1.477

davon mit einer Restlaufzeit bis zu einem Jahr 81.063.884,27 51.260

davon mit einer Restlaufzeit von mehr als einem Jahr 8.113.185,69 8.179

1.687.710.618,15 2.034.288

davon mit einer Restlaufzeit bis zu einem Jahr 772.731.944,72 1.001.921

davon mit einer Restlaufzeit von mehr als einem Jahr 914.978.673,43 1.032.368

E. Passive Rechnungsabgrenzung 1.107.416,45 1.870

4.922.322.010,82 5.182.126

163

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

2023/24

2022/23

EUR

TEUR

1. Umsatzerlöse 739.991.476,35 936.414

2. Andere aktivierte Eigenleistungen 0,00 2

3. Sonstige betriebliche Erträge

Erträge aus dem Abgang vom und der Zuschreibung zum

Anlagevermögen mit Ausnahme der Finanzanlagen

33.940,00

b) Erträge aus der Auflösung von Rückstellungen 3.897,79 24

c) Übrige 1.375.754,77 1.904

1.413.592,56 1.931

4. Aufwendungen für Material und sonstige

bezogene Herstellungsleistungen

a) Fremdstrombezug und Energieträger -451.523.650,62 -682.475

b) Materialaufwand -852.116,55 -878

c) Aufwendungen für bezogene Leistungen -117.207.313,01 -105.354

-569.583.080,18 -788.706

5. Personalaufwand

Gehälter -73.082.137,64 -65.678

b) Soziale Aufwendungen -29.266.361,19 -30.927

davon für Altersversorgung -11.697.232,50 -11.438

davon für Abfertigungen und Leistungen an

betriebliche Mitarbeitervorsorgekassen -2.445.667,53 -5.117

davon für gesetzlich vorgeschriebene Sozialabgaben

sowie vom Entgelt abhängige Abgaben und Pflichtbeiträge -14.454.594,41 -13.672

-102.348.498,83 -96.605

6. Abschreibungen auf immaterielle Gegenstände

des Anlagevermögens und Sachanlagen

-5.460.529,20

-6.507

7. Sonstige betriebliche Aufwendungen

a) Steuern, soweit sie nicht unter Z 17 fallen -247.810,46 -299

b) Übrige -35.376.320,68 -31.131

-35.624.131,14 -31.430

8. Zwischensumme aus Z 1 bis Z 7 (Betriebsergebnis) 28.388.829,56 15.098

9. Erträge aus Beteiligungen 358.536.684,24 431.090

davon aus verbundenen Unternehmen 161.233.989,71 257.246

10. Erträge aus anderen Wertpapieren und

Ausleihungen des Finanzanlagevermögens

34.606.105,99

29.934

davon aus verbundenen Unternehmen 34.551.575,75 29.887

11. Sonstige Zinsen und ähnliche Erträge 27.096.764,80 29.555

davon aus verbundenen Unternehmen 21.979.589,87 15.571

12. Erträge aus dem Abgang von und der Zuschreibung zu

Finanzanlagen und Wertpapieren des Umlaufvermögens

5.482.183,72

1.907

davon aus verbundenen Unternehmen 0,00 0

13. Aufwendungen aus Finanzanlagen und

aus Wertpapieren des Umlaufvermögens

-130.209.302,26

-33.812

davon Abschreibungen -130.165.500,00 -33.746

davon Aufwendungen aus verbundenen Unternehmen -130.165.500,00 -33.746

14. Zinsen und ähnliche Aufwendungen -75.076.022,84 -69.049

davon betreffend verbundene Unternehmen -18.718.817,51 -11.968

15. Zwischensumme aus Z 9 bis Z 14 (Finanzergebnis) 220.436.413,65 389.626

16. Ergebnis vor Steuern (Übertrag) 248.825.243,21 404.724

Gewinn- und Verlustrechnung

für das Geschäftsjahr vom 1.10.2023 bis 30.9.2024

164

EVN Annual Financial Report 2023 / 24

EVN AG, Maria Enzersdorf

2023/24

2022/23

EUR

TEUR

Übertrag 248.825.243,21 404.724

17. Steuern vom Einkommen 16.884.333,75 11.585

davon latente Steuern 3.545.184,62 4.987

18. Ergebnis nach Steuern = Jahresüberschuss 265.709.576,96 416.309

19. Zuweisung zu Gewinnrücklagen -105.000.000,00 -213.000

20. Gewinnvortrag aus dem Vorjahr 490.102,70 392

21.

Bilanzgewinn

161.199.679,66

203.701

165

EVN Annual Financial Report 2023 / 24

ENTWICKLUNG DES ANLAGEVERMÖGENS

in EURO

Stand 1.10.2023

Zu-/Abgänge

aus

Umgründunge

Zugänge Abgänge Umbuchungen Stand 30.9.2024 Stand 1.10.2023 Zugänge

davon außer-

planmäßig

Abgänge

Zuschreibungen

Umbuchungen Stand 30.9.2024

I. Immaterielle Vermögensgegenstände

Rechte 201.219.180,85 0,00 0,00 0,00 0,00 201.219.180,85 163.311.705,17 2.736.655,68 0,00 0,00 0,00 0,00 166.048.360,85 35.170.820,00 37.907.475,68

Baukostenzuschüsse gem.Art.II(2) EFG 1969 0,07 0,00 0,00 0,00 0,00 0,07 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,07 0,07

Summe I

201.219.180,92 0,00 0,00 0,00 0,00 201.219.180,92 163.311.705,17 2.736.655,68 0,00 0,00 0,00 0,00 166.048.360,85 35.170.820,07 37.907.475,75

II. Sachanlagen

Grundstücke, grundstücksgleiche Rechte

und Bauten, einschließlich der Bauten

auf fremdem Grund 45.056.347,58 0,00 215.708,33 1.205.103,20 3.219.507,51 47.286.460,22 34.340.999,03 1.376.613,38 0,00 1.069.093,52 0,00 0,00 34.648.518,89 12.637.941,33 10.715.348,55

Kraftwerks- und Erzeugungsanlagen 2.297.233,56 0,00 0,00 0,00 0,00 2.297.233,56 1.149.528,90 115.805,30 0,00 0,00 0,00 0,00 1.265.334,20 1.031.899,36 1.147.704,66

Andere Anlagen, Betriebs- und

Geschäftsausstattung 16.453.792,54 0,00 1.563.701,20 1.374.742,13 0,00 16.642.751,61 9.511.246,27 1.231.454,84 0,00 1.357.591,43 0,00 0,00 9.385.109,68 7.257.641,93 6.942.546,27

Geleistete Anzahlungen und

Anlagen in Bau 4.170.451,16 0,00 851.241,70 0,00 -3.219.507,51 1.802.185,35 0,00 0,00 0,00 0,00 0,00 0,00 0,00 1.802.185,35 4.170.451,16

Summe II

67.977.824,84 0,00 2.630.651,23 2.579.845,33 0,00 68.028.630,74 45.001.774,20 2.723.873,52 0,00 2.426.684,95 0,00 0,00 45.298.962,77 22.729.667,97 22.976.050,64

Summe I + II

269.197.005,76 0,00 2.630.651,23 2.579.845,33 0,00 269.247.811,66 208.313.479,37 5.460.529,20 0,00 2.426.684,95 0,00 0,00 211.347.323,62 57.900.488,04 60.883.526,39

III. Finanzanlagen

Anteile an verbundenen Unternehmen 2.607.025.001,85 223.634,00 3.000.000,00 28.724,50 0,00 2.610.219.911,35 152.756.678,13 130.165.500,00 130.165.500,00 0,00 0,00 0,00 282.922.178,13 2.327.297.733,22 2.454.268.323,72

Ausleihungen an verbundene Unternehmen 1.163.074.458,65 0,00 62.000.000,00 25.385.811,19 0,00 1.199.688.647,46 0,00 0,00 0,00 0,00 0,00 0,00 0,00 1.199.688.647,46 1.163.074.458,65

Beteiligungen 466.064.071,73 0,00 0,00 0,00 0,00 466.064.071,73 1.385.473,76 0,00 0,00 0,00 0,00 0,00 1.385.473,76 464.678.597,97 464.678.597,97

Wertpapiere (Wertrechte)

des Anlagevermögens 19.982.955,47 0,00 1.679.782,00 0,00 0,00 21.662.737,47 0,00 0,00 0,00 0,00 0,00 0,00 0,00 21.662.737,47 19.982.955,47

Sonstige Ausleihungen 162.760,00 0,00 59.950,00 58.995,00 0,00 163.715,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 163.715,00 162.760,00

Summe III

4.256.309.247,70 223.634,00 66.739.732,00 25.473.530,69 0,00 4.297.799.083,01 154.142.151,89 130.165.500,00 130.165.500,00 0,00 0,00 0,00 284.307.651,89 4.013.491.431,12 4.102.167.095,81

Gesamtsumme Anlagevermögen 4.525.506.253,46 223.634,00 69.370.383,23 28.053.376,02 0,00 4.567.046.894,67 362.455.631,26 135.626.029,20 130.165.500,00 2.426.684,95 0,00 0,00 495.654.975,51 4.071.391.919,16 4.163.050.622,20

Anschaffungs- und Herstellungskosten Kumulierte Abschreibungen

BW 30.9.2024 BW 1.10.2023

166

EVN Annual Financial Report 2023 / 24

Beteiligungsspiegel zum 30.09.2024

Eigenkapital

Bilanz-

stichtag

Burgenland Holding Aktiengesellschaft

73,63

EUR

11.683.427,01

81.962.189,28

30.09.2024

EVN Wärmekraftwerke GmbH

99,48

EUR

12.293.828,20

87.980.435,27

30.09.2024

EVN Beteiligung 52 GmbH

100,00

EUR

29.403.984,52

146.814.884,01

30.09.2024

EVN Bulgaria EAD, Bulgarien

100,00

EUR

1.767.564,10

25.455.581,80

31.12.2023

EVN Bulgaria Fernwärme Holding

100,00

EUR

-411,15

10.884.968,97

30.09.2024

EVN Bulgaria Stromnetz Holding GmbH

100,00

EUR

30.286.045,03

315.377.906,80

30.09.2024

EVN Bulgaria Stromvertrieb Holding GmbH

100,00

EUR

15.103.981,78

51.079.004,05

30.09.2024

EVN Kroatien Holding GmbH

100,00

EUR

-831,70

13.263.323,05

30.09.2024

EVN Macedonia Holding DOOEL, Nordmazedonien

100,00

EUR

-10.380,00

486.960,00

31.12.2023

EVN Mazedonien GmbH

100,00

EUR

-1.143,01

213.772.723,23

30.09.2024

evn naturkraft Erzeugungsgesellschaft m.b.H.

100,00

EUR

152.866.283,83

463.237.632,43

30.09.2024

EVN Umweltholding und Betriebs-GmbH

100,00

EUR

-3.346.536,24

35.442.505,42

30.09.2024

evn wasser Gesellschaft m.b.H.

99,98

EUR

3.015.114,71

75.379.879,04

30.09.2024

EVN Wärme GmbH

100,00

EUR

28.655.605,97

127.600.604,19

30.09.2024

Netz Niederösterreich GmbH

100,00

EUR

46.423.871,39

793.016.829,58

30.09.2024

RAG-Beteiligungs-Aktiengesellschaft (RBG)

50,03

EUR

70.319.190,88

427.524.388,34

31.03.2024

Utilitas Dienstleistungs- und Beteiligungs-Gesellschaft m.b.H.

100,00

EUR

22.350.122,09

43.456.263,15

30.09.2024

EVN Energieservices GmbH

100,00

EUR

-52.415.251,54

313.626.500,55

30.09.2024

Eigenkapital

Bilanz-

stichtag

APCS Power Clearing and Settlement AG

2,52

EUR

1.195.085,58

4.264.085,58

31.12.2023

CISMO Clearing Integrated Services and Market Operations GmbH

1,26

EUR

2.241.983,49

3.041.983,49

31.12.2023

e&i EDV Dienstleistungsgesellschaft m.b.H.

50,00

EUR

73.698,84

254.908,59

30.09.2024

Energie Zukunft Niederösterreich GmbH

50,00

EUR

-449.401,81

211.041,17

31.12.2023

Fernwärme St. Pölten GmbH

49,00

EUR

8.655.984,81

32.502.125,52

31.12.2023

Verbund AG

12,63

TEUR

1.202.441,60

3.769.153,30

31.12.2023

Verbund Hydro Power GmbH

0,70

TEUR

2.125.466,00

3.788.403,70

31.12.2023

Wiener Börse AG

4,65

EUR

39.545.361,87

192.230.202,64

31.12.2023

Anteil am

Nominal-

kapital

Währung

Jahres-

überschuss/

-fehlbetrag

Anteil am

Nominal-

kapital

Währung

Jahres-

überschuss/

-fehlbetrag

167

EVN Annual Financial Report 2023 / 24

Beteiligungsspiegel zum 30.09.2023

Eigenkapital

Bilanz-

stichtag

Burgenland Holding Aktiengesellschaft

73,63

EUR

11.382.591,20

81.678.762,27

30.09.2023

EVN Wärmekraftwerke GmbH

99,48

EUR

7.432.637,84

85.686.607,07

30.09.2023

EVN Beteiligung 52 GmbH

100,00

EUR

-319.744,37

117.410.899,49

30.09.2023

EVN Bulgaria EAD, Bulgarien

100,00

EUR

503.630,50

24.688.120,50

31.12.2022

EVN Bulgaria Fernwärme Holding

100,00

EUR

-1.277,41

10.885.380,12

30.09.2023

EVN Bulgaria Stromnetz Holding GmbH

100,00

EUR

30.160.262,75

315.251.861,77

30.09.2023

EVN Bulgaria Stromvertrieb Holding GmbH

100,00

EUR

9.059.374,71

45.045.022,27

30.09.2023

EVN Kroatien Holding GmbH

100,00

EUR

-1.495,88

13.264.154,75

30.09.2023

EVN Macedonia Holding DOOEL, Nordmazedonien

100,00

EUR

-12.600,00

497.380,00

31.12.2022

EVN Mazedonien GmbH

100,00

EUR

-2.948,03

213.802.590,74

30.09.2023

evn naturkraft Erzeugungsgesellschaft m.b.H.

100,00

EUR

201.678.351,56

440.371.348,60

30.09.2023

EVN Umweltholding und Betriebs-GmbH

100,00

EUR

960.891,38

79.575.407,66

30.09.2023

evn wasser Gesellschaft m.b.H.

99,98

EUR

3.655.339,61

76.010.103,94

30.09.2023

EVN Wärme GmbH

100,00

EUR

7.601.769,42

98.944.998,22

30.09.2023

Netz Niederösterreich GmbH

100,00

EUR

62.246.604,92

746.592.958,19

30.09.2023

RAG-Beteiligungs-Aktiengesellschaft (RBG)

50,03

EUR

49.973.112,02

407.205.197,46

31.03.2023

Utilitas Dienstleistungs- und Beteiligungs-Gesellschaft m.b.H.

100,00

EUR

18.320.029,47

46.426.139,25

30.09.2023

EVN Energieservices GmbH

100,00

EUR

-72.493.143,46

366.041.752,09

30.09.2023

Eigenkapital

Bilanz-

stichtag

APCS Power Clearing and Settlement AG

2,52

EUR

366.354,50

3.435.354,50

31.12.2022

CISMO Clearing Integrated Services and Market Operations GmbH

1,26

EUR

2.242.968,21

3.042.968,21

31.12.2022

e&i EDV Dienstleistungsgesellschaft m.b.H.

50,00

EUR

65.400,37

261.209,75

30.09.2023

Energie Zukunft Niederösterreich GmbH

50,00

EUR

-461.902,43

660.442,98

31.12.2022

Fernwärme St. Pölten GmbH

49,00

EUR

-980.402,66

23.846.140,71

31.12.2022

Verbund AG

12,63

TEUR

563.341.800,00

3.817.408.200,00

31.12.2022

Verbund Hydro Power GmbH

0,70

TEUR

1.335.891.700,00

2.962.937.600,00

31.12.2022

Wiener Börse AG

4,65

EUR

34.582.619,11

178.614.193,37

31.12.2022

Anteil am

Nominal-

kapital

Währung

Jahres-

überschuss/

-fehlbetrag

Anteil am

Nominal-

kapital

Währung

Jahres-

überschuss/

-fehlbetrag

168

EVN Annual Financial Report 2023 / 24

169

EVN Annual Financial Report 2023 / 24

170

EVN Annual Financial Report 2023 / 24

171

EVN Annual Financial Report 2023 / 24

172

EVN Annual Financial Report 2023 / 24

173

EVN Annual Financial Report 2023 / 24

174

EVN Annual Financial Report 2023 / 24

175

EVN Annual Financial Report 2023 / 24

176

EVN Annual Financial Report 2023 / 24

177

EVN Annual Financial Report 2023 / 24

178

EVN Annual Financial Report 2023 / 24

179

EVN Annual Financial Report 2023 / 24

180

EVN Annual Financial Report 2023 / 24

181

EVN Annual Financial Report 2023 / 24

182

EVN Annual Financial Report 2023 / 24

183

EVN Annual Financial Report 2023 / 24

184

EVN Annual Financial Report 2023 / 24

185

EVN Annual Financial Report 2023 / 24

186

EVN Annual Financial Report 2023 / 24

187

EVN Annual Financial Report 2023 / 24

188

EVN Annual Financial Report 2023 / 24

189

EVN Annual Financial Report 2023 / 24

190

EVN Annual Financial Report 2023 / 24

191

EVN Annual Financial Report 2023 / 24

192

EVN Annual Financial Report 2023 / 24

193

EVN Annual Financial Report 2023 / 24

194

EVN Annual Financial Report 2023 / 24

Declaration by the Executive Board pursuant to

§ 124 (1) no. 3 of the Austrian Stock Exchange

Act 2018 (“Börsegesetz 2018”)

The Executive Board of EVN AG certifies to the best of its knowl-

edge that the consolidated financial statements, which were

prepared in accordance with the applicable reporting standards,

present a true and fair view of the assets, liabilities, financial

position and profit or loss of the EVN Group. Furthermore, the

Executive Board certifies that the respective management report

presents a true and fair view of the development and performance

of the business and the position of the EVN Group so as to give

atrue and fair view of the assets, liabilities, financial position and

profit or loss of the Group, together with a description of the

principal risks and uncertainties the group faces.

The Executive Board of EVN AG certifies to the best of its

knowledge that the separate financial statements, which were

prepared in accordance with the applicable reporting standards,

present a true and fair view of the assets, liabilities, financial

position and

profit or loss of the parent company and that the

respective manage

ment report presents a true and fair view

ofthe development and performance of the business and the

position of the company so as to give a true and fair view of

theassets, liabilities, financial position and profit or loss of the

company, together with a description of the principal risks and

uncertainties the company faces.

Maria Enzersdorf, 27 November 2024

EVN AG

The Executive Board

Stefan Szyszkowitz Alexandra Wittmann Stefan Stallinger

CEO and Spokesman CFO and Member CTO and Member

of the Executive Board of the Executive Board of the Executive Board

195

EVN Annual Financial Report 2023 / 24