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EStAG Reports Moderate Rise in Earnings

Published: March 30, 2012; 10:12 · (Vindobona)

The Styrian energy supplier Energie Steiermark AG could raise revenues by 9.0% to 1.37bn. Operating profits were down, though.

EStAG Reports Moderate Rise in Earnings / Picture: © EStAG

In 2011, Energie Steiermark AG (EStAG) recorded a rise in revenues from 1.25bn to 1.37bn. EBIT rose from € 69.8m to € 83.3m. However, operating profits declined by 3.9% from € 96.7m to € 92.6m, as the financial result worsened. Earnings from participations declined from € 26.9m to € 9.2m.

The management board explained that this is due to a write-off in Verbund Thermal Power. Nevertheless, CEO Oswin Kois said to be “very satisfied”. Kois also referred to the current economic uncertainties. The amount of dividends was not told. In 2009 and 2010, dividends amounted to € 27m. Kois underlined that all foreign subsidiaries in Slovakia, Slovenia, Hungary and the Czech Republic showed positive results and proved sustainably robust.

CEO Oswin Kois will step down by the end of March. Christian Purrer will succeed. The designated chief executive plans a new positioning of EStAG. With multi-utility offers and new service packages, new business models should be implemented. What is more, the whole group should focus on renewable energy. In 2011, investments of € 175m were made (after € 217.6m in 2010). Besides hydro power, biomass and photovoltaic, electric mobility should be strengthened.

EStAG is held by the province of Styria (75%) and EdF (Eléctricité de France, 25%). The number of employees decreased slightly from 1,797 to 1,739.