EVN debts decreasing

EVN AG, one of Austria’s main energy providers, has announced it has managed to reduce its debts.EVN said today (Thurs) that it had debts of 1.37 billion Euros in the first quarter of the 2010/2011 business year, 6.9 per cent less than in the same period of the previous business year. EVN added its investments dropped by around 25 per cent to 75 million Euros.The firm’s net profit climbed by 18.6 per cent to 87.9 million Euros, while earnings before interest and taxes (Ebit) improved by 9.4 per cent to 104.1 million Euros. EVN’s turnover also rose. The company recorded a 4.3 per cent year on year improvement to 802.2 million Euros.EVN produced 1,189 gigawatt hours (GWh) of electricity in the first three months of the current business year, 1.3 per cent more than in the same time span of the 2009/2010 business year.The provincial government of Lower Austria holds a 51 per cent stake in EVN which is listed on the Vienna Stock Exchange (WBAG). One EVN share cost 11.70 Euros at 2pm today.EVN is based in Maria Enzersdorf and has around three million customers in 18 countries. The company employs more than 8,300 staff, most of them abroad.Peter Layr, who has been a member of EVN’s executive board for more than 11 years, succeeded Burkhard Hofer as chairman last month. Hofer announced his retirement in December after having been in charge for five years. The news came as a surprise to analysts and business news commentators.