Q1 2020 EVN AG Earnings Call Transcript
Hello, ladies and gentlemen, and welcome to the conference call on EVN's results for the first quarter of 2019/2020 financial year. (Operator Instructions)
Let me now turn the floor over to your host, Mr. Stefan Szyszkowitz.
Good morning, and welcome to the conference call on EVN's results for the first quarter of 2019/'20 financial year. We have started with a strong performance in '19/'20 financial year. After finishing the first quarter at the end of December, EBITDA, EBIT and group net results are above the previous year.
Most importantly, we delivered the envisioned normalization of our supply business. Last year, our supply company, EVN KG, suffered from higher wholesale prices, both in terms of reduced margin as well as the valuation of hedges. After implementing 2 price increases since 2018/'19 and changing the methodology for the accounting of hedges, we managed to bring the operational results of the equity consolidated company, EVN KG, back to a normalized
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