Ad hoc announcement

EVN AG / Keyword(s): Profit Warning/Weiteres Schlagwort

EVN AG: Ad-hoc announcement - Impairment tests relating to electricity
production plants and individual projects in Moscow negatively impact
results

Ad hoc announcement transmitted by DGAP – a service of EQS Group AG. The
issuer is solely responsible for the content of this announcement.
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1. Developments in the EU-wide electricity market lead to a reduction in
   the value of the power plant Dürnrohr and the participation in Verbund
   Innkraftwerke GmbH
2. The current assessment of the realisation of the planned waste
   incineration plant no. 1 as well as the cogeneration heat and power  
   plant and the sludge drying system in Ljuberzy, Moscow, leads to   
   impairments

According to the international accounting standards (IAS 36), EVN AG is
obliged to conduct impairment tests both regularly and upon the occurrence
of certain events; on this basis and in connection with the preparation of
the short and medium term business plans as well as the preparation of the
Annual Report 2013/2014 as of 30 September 2014 EVN identified additional
reasons for impairment of roughly EUR 295m, which will negatively impact
the operating result 2013/14.

Significantly lower estimates of long term electricity price developments,
based on current market analyses, require an impairment of about EUR 24m of
the power plant Dürnrohr. Likewise, such electricity price estimates
require an impairment of about EUR 41m of the goodwill from the purchase of
Verbund Innkraftwerke GmbH.

While positive progress becomes apparent on the sodium hypochlorite plant
project in Moscow, the current assessment of developments led to
significant doubts about the realisation of the waste incineration plant
no. 1 project and required an impairment of about EUR 190m; they also
required an impairment of about EUR 40m of the cogeneration heat and power
plant and the sludge drying system in Ljuberzy, Moscow.

While the impairments will reduce the annual result, they are not cash
effective and therefore have no impact on the expected dividend payments.


04.09.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases. 
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      EVN AG
              EVN Platz
              2344 Maria Enzersdorf
              Austria
Phone:        +43-2236-200-12294
Fax:          +43-2236-200-82294
E-mail:       info@evn.at
Internet:     www.evn.at
ISIN:         AT0000741053
WKN:          074105
Indices:      ATX
Listed:       Wien (Amtlicher Handel / Official Market)
 
End of Announcement                             DGAP News-Service
 
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