Good morning, ladies and gentlemen, and welcome to the conference call on EVN's results for the first quarter of the 2020/2021 financial year. At this time all participants have been placed on listen-only mode. The floor will be opened for questions following the presentation. 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 the 2020/21 financial year. We started this financial year with a sound performance. EBITDA, EBIT, and group net results are above the previous year. The main drivers for these developments were the earnings contribution of at-equity accounted investees, in particular our supply company, EVN KG, and developments in our environment segment, in particular the start of the Kuwait project. The COVID-19 pandemic remains a permanent factor in our daily working environment. We need to constantly ensure the protection of our employees, customers, and business partners, especially activities and projects which require personal interaction, traveling, and international supply chains remain challenging. However, from a financial point of view, the Corona crisis only had a selective negative impact on our operating results. Our integrated business model and a widely diversified customer base continue to be stabilizing factors. As communicated last year, the Corona crisis shall not impact our investment program. On the contrary, we are committed to further increase CapEx. Our plan is to invest on average up to EUR 450 million during the next couple of years. Therefore, up to three-fourths will be directed towards regulated and stable activities in Lower Austria. During Q1, we were able to increase investments by 13.9% to EUR 86.8 million. The key investment focus now and in future is on network infrastructure. This investment fulfills three strategic objectives: they secure supply security, enable a carbon-free energy future, and provide for further growth to our regulated business. Further investment areas are renewable generation, biomass, and drinking water. I would now like to explain our recent progress in these areas. End of December, we started operations of a new wind farm with an installed capacity of 8.4 MW. This increased our installed wind capacity to 376 MW. In Krems, which is the fifth largest town in Lower Austria, we will construct a new biomass cogeneration plant. The investment volume is about EUR 30 million. Upon commissioning, which is planned for early 2023, this plant will supply renewable electricity to approximately 15,000 households and natural heat to 30,000 households. In the international project business, we were awarded a new contract in Poland. As general contractor, we will be responsible for the modernization of a wastewater treatment plant. The contract value is EUR 11.4 million. Let me now continue with the key financials for the first quarter. The group's revenue was up by 4.8% year-over-year. The main reason for this development is the start of the wastewater project in Kuwait. In addition, temperatures were colder than last year, which led to slightly higher network sales in all three core markets. Contrary factors were lower effect from devaluation of hedges for electricity generation and a decline in revenue from natural gas trading. I would like to inform you that our Q1 results include certain one-off effects. These result from the effect that we took over an additional electricity procurement right from the Walsum 10 power plant in December 2020 in order to simplify the current contractual relationships which this power plant is against the backdrop of the German law, which requires the determination of coal-fired generation. Our quarterly report contains a detailed description of the accounting effects. In a nutshell, I can say that in view of a positive one-off effect in EBITDA, which is contrasted by an impairment loss, the transaction had in total a negative P&L effect of EUR 2 million on the group. The other main reason for the rise in EBITDA were higher earnings contribution from at-equity accounted investees. Based on these developments, the group's EBIT was up 14.4% and amounted to EUR 135.9 million. Financial results were up by 25.9%. In total, we generated a group net result of EUR 93.5 million, which represents an increase by 12.7% over the previous year. Now I would like to move to the next slide, which provides some information regarding the group's balance sheet structure. EVN's net debt has remained constant at approximately EUR 1 billion. Gearing ratio was down and amounted to 19.3%. Our financial flexibility is solid. We benefit from lower net debt and sufficient committed undrawn credit facilities, which amount to EUR 571 million as of the end of December 2020. Our strong balance sheet structure forms the basis for pursuing organic growth opportunities in our regulated and stable Austrian activities. Before I will go through each of these segments in detail, I would like to give you a general overview on the EBITDA development of our business segments. The overview of the EBITDA development per segment illustrates the key drivers of our performance during the reporting period. Whereas the networks in the Southeast Europe segment are slightly above the previous year, the three other segments show more substantial improvement. These are due to the sound performance of our supply company, EVN KG, the non-recurring effects related to the takeover of the additional procurement rights from Walsum 10, and the developments in the environment segment. With this general overview, let's move on now to the next slide, which covers the generation segment in more detail. Electricity generation volumes in this segment were down by 4.8% year-over-year. Renewable generation volumes were slightly above the previous year. Above average, good water flows offset the decline in wind flows. Thermal generation declined due to the reduced use of the Walsum power plant. EBITDA was up at EUR 56.8 million. This increase was mainly due to a positive one-off effect related to the Walsum transaction, which I mentioned earlier. Scheduled depreciation amortization increased as a result of higher investment. In total, the generation segment generated a higher EBIT of EUR 35.7 million. On the next slide, I will continue with the energy segment. The development of revenue in the energy segment depends primarily on the marketing of the electricity generation in EVN's power plants. Due to a lower generation at the Walsum power plant and a year-on-year decline in valuation effects from hedges, revenue was down by 28.3%. The Walsum transaction also had a positive one-off effect on the EBITDA in the energy segment. These effects are contrasted by the impairment loss on the group level, which I mentioned before. The energy sales volume showed positive developments. Electricity, natural gas, and heat sales volumes were above the prior year level. The increase in demand for natural gas and heat resulted from colder temperatures, and the increase in electricity sales came from an expansion of the customer base. The COVID-19 pandemic did not have any material negative effects on energy demand. The share of result from at-equity accounted investees, which operational nature improved to EUR 37.7 million. This increase was supported by a sound operating performance of EVN KG and positive effect from the valuation of hedges. Based on these developments, the energy segment reported an EBITDA of EUR 53.6 million and EBIT of EUR 48.3 million. On the next slide, I will present the developments in our Networks segment. Networks sales volumes increased, supported by a weather-related increase in demand for electricity and natural gas in the household customer segment. This was contrasted by a slight decline in electricity consumption by commercial customers. There were no material effects on network sales volumes of the COVID-19 pandemic. Based on these volume developments and the tariff decision as of January 2020, which provided for a reduction of network tariffs for natural gas by an average of 8.1% for household customers, segment revenues were slightly above prior year level. EBITDA in the network segment was up by 3.6% and EBIT by 1.7%. With the beginning of the new calendar year, the Austrian regulator determined new network tariffs. Tariffs for electricity were increased by 66.3% on average, and those for natural gas were increased by 6.4% on average as of the 1st of January 2021. On the next slide, I will continue with the Southeast Europe segment. Temperatures in Southeast Europe were lower than usual mild previous year, but still higher than the long-term average. In Bulgaria, we are facing stronger competition following the market liberalization for commercial customers as of October 2020. Based on these developments, we are reporting today an increase in network sales volume contrasted by a decline in electricity sales volumes. Segment EBITDA and EBIT remain stable at prior year level. They amounted to EUR 33.6 million, respectively EUR 15.5 million. I would like to conclude my presentation of the segments with the environment segment. In our international project business, we were awarded a new contract in Poland regarding the modernization of the wastewater treatment plant. The project has a contract volume of about EUR 11 million. In total, WTE Wassertechnik is currently working on nine projects in Germany, Croatia, Lithuania, Poland, Romania, Bahrain, and Kuwait. The order book was about EUR 1.5 billion as of the end of December. In addition, our joint venture company, sludge2energy, Is currently working on three sewage sludge treatment projects in Germany. The financial performance of the segment is in line with the development in the international project business. There was a corresponding rise of both revenue and operating expenses in this segment. All in all, the segment benefited from the start of the Kuwait wastewater project, which is accounted for according to the percentage of completion method. In addition, there was a positive one-off effect with our Lower Austrian water supply company. In total, these developments led to an increase in EBITDA to EUR 17.9 million and in EBIT to EUR 8.4 million. With this, I conclude the presentation of the segment. On the next slide, I will continue with the development of our group cash flows. Gross cash flow was substantially up EUR 407.8 million. This was mainly due to the compensation payment for a takeover of the electricity procurement right. A further factor was the higher balance of dividends from at-equity accounted investees. The increase in cash flow from operating activities was lower in comparison. One reason were the higher income tax payments. Cash flow from investing activities was influenced chiefly by a year-on-year increase in investments in property, plant, and equipment and higher investment in cash funds. The cash flow from the financing activities reflected the scheduled repayment of loans. A counter effect was the issuance of a green private placement. The net change in cash and cash equivalents amounted to a minus EUR 43.8 million. I would like to conclude my presentation with the confirmation of the outlook for the group. Assuming average conditions in the energy business environment, we expect that the group net result in 2021 will be in a range of approximately EUR 200 million- EUR 230 million. However, the further course of the COVID crisis and the resulting macroeconomic effects could have a negative influence on individual business areas at EVN, and in turn, on the development of earnings for the entire group. I confirm our dividend policy is directed to holding the absolute amount of the ordinary dividend at least constant at EUR 0.49 per share. I'm now looking forward to answering your questions. Ladies and gentlemen, if you would like to ask a question, please press nine and the star key on your telephone keypad. In case you wish to withdraw your question, please press nine followed by star again. Please press nine and star to register for a question. The first question comes from Lueder Schumacher from Société Générale. Over to you. Good morning. Lueder here. A number of questions on my side. The first few questions are on the transaction on the 150 MW of electricity procurement rights on Walsum 10. It seems to be that everybody else is trying to get out of coal exposure, and you're adding to it. I was wondering what the thoughts behind it were, and how exactly EVN will benefit from that transaction. You mentioned simplify the current contractual relationship in the text. I still want to know how adding to coal exposure will benefit EVN. The second one also related to Walsum 10 is, apparently, there's going to be a second compensation payment. When will this be paid, and when it will be paid, how big is it? Will it also be immediately impaired as it appears to be what happened with the first compensation payment? Just for clarity, you mentioned there was an impact from this transaction in the generation segment and the energy segment. Could you tell us exactly how much it is in each segment so we can strip it out for the underlying trend? The same also goes for the environment section. That's another question. If you could quantify the impact from Kuwait and also the positive one-off on EVN Wasser. Okay, thanks a lot. I can confirm, we try to look on the Walsum power plant also under the changed conditions of the stepping out of Germany out of thermal production based on lignite and coal. As a minority stakeholder in the company, we are on the other hand, also having this power supply contract and the Viennese municipality was a contractual partner in this. We try to consolidate our position regarding the future of the Walsum power plant, and we are expecting, over the next years here, clear guidance also from the market and the valuation of the power plant. The new law has been issued in August. The first auctions have taken place. This is what we are looking very closely at, but I'm not able to give you more information on that on this basis due to contractual obligations we are having there. You are completely right that the transaction itself is issuing, of course, question. The second payment is already done. We are expecting not from this payment any further impairments. What we are, of course, facing is that the total volume itself in the future has always to be priced at the balance sheet days. There is no further impairment coming out of this deal. Everything has been already recognized in the figures. You have this also in our notes, and I would recommend if you have a telephone call also with our investor relations guys here to walk you through the different lines. I think it's much easier than to do this here in a bigger group. Regarding the Kuwait questions, which are also giving a contribution to the EBIT. It's a single-digit contribution. We are at the beginning of this big project. Luckily, all the issues in preparation could be solved in Kuwait already in advance. We used the period of the pandemic for this. The ships with the pipes are already on the way. The third ship is loaded in the harbor. I think with all the delays, we are still in the original timeframe and also the customer is supporting us. I think despite all the pandemic issues, we think we will manage this project quite well. This will lead also to step-by-step higher EBIT contribution from this project in the next couple of years. Okay. Thank you. Just one follow-up question on your first answer. Is the idea that Walsum 10 will initially participate in one of the German coal closure tenders? Honestly, everything has to be evaluated. We are in a minority stakeholder there. The lead is not with us, but all of us know the sensitivity of this issue. We have done our impairments with the year 2033 regarding this contract. On this basis, it's between today and 2033, when decisions have to be made. We will see from the environment how the stepping out of the nuclear production in Germany with, at the same time, higher installed renewable energy capacities, will lead to questions regarding the power of supply in 2020, 2023. I think this will be the crossroad when the real decisions will have to be taken. Very clear. Thank you. The next question comes from Teresa Schinwald of Raiffeisen Bank International. The floor is yours. Thank you. Good morning. I also have a follow-up on the Walsum issue. You mentioned a certain swing capacity on the balance sheet from the procurement rights, and we have seen a significant reduction in output from Walsum 10, obviously, given its coal-fired production. I wonder if this procurement rights valuation is already based on this lower output level we have seen at Walsum in the past two years. This would be my first question. The second one is on the state of the game of the Renewables Expansion Act in Austria, as the likelihood of a vote on it is now rather low in the first quarter. Could you tell us a bit more about that? What's still open in negotiations and what could be a new timeline? Thank you. Okay, to the first question, of course, from now on, we have to put the whole volume of this power supply contract up to the valuations. Of course, power price is the basis of everything, also of the production of the power plant. We try to put everything what we gained now on the same level. We have a consistent position with the end of December regarding our total procurement rights. The second thing is, of course, everyone is expecting this new act for the further support of renewable energy production. It's being sent to the parliament, voted on, and put into the law. The interesting thing is, and this seems to be the complicated thing, is they need a two-third majority, so the government needs also the position in the parliament, and it has to be accepted by the European Commission. There are two obstacles to put all the policy initiatives into a framework which is then accepted not only by the parliament with this majority, but also by the European Commission. I think the negotiations and documentation in advance are taking more time than they would have expected, because it would be very embarrassing if they vote on a law and then the Commission is not accepting this. On the other hand, it's getting step-by-step a higher attention also in Austria. I still would confirm that I would think that before this summer, the law should be voted, and then after the approval by the Commission, the formal approval by the Commission should be effective. I would expect that this is the new basis for us for the further development in this year 2021. Thank you very much. At the moment, there are no further questions. If you have any additional questions, please press nine and the star key on your telephone keypad. Thank you. nine and star. We have a follow-up question from Lueder Schumacher from Société Générale. Floor is yours again. Sorry, just one follow-up question. You mentioned there's good hydro flow. Can you quantify that? How good was the hydro flow in Q1 compared to normal? Let me give a second. We are just looking at the comparison. Okay. Regarding the KPIs we are using for that, it's around 110 in comparison to the average production. This was quite nice. Oh, that's perfect. Yeah. We had a lot of snow also. It was interesting that the wind was so weak. Let's see how this is on the midterm and long-term influencing also the energy balance of our activities and even of the state itself. These kind of climate effects is still something which is not having too much empiric data for the past to compare them in relation. Photovoltaic will be the third input, which will be interesting then for us on volumes, but also regarding on the timing during the day and the seasons. Okay. That's great. Thank you. At the moment, there are no further questions. Any additional questions, please press nine and the star key on your telephone keypad. There are no further questions. With this, I hand back to Mr. Szyszkowitz. Well, thank you for joining today's conference call. We will publish the results for the first half of our 2021 financial year on Thursday, 27th of May. Please join us then again. Stay healthy, and goodbye.