Good morning, ladies and gentlemen, and welcome to the conference call on EVN's results of the 2021/2022 financial year. At this time, all participants have been placed on a listen-only mode. The floor will be open 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 results for the 2021/2022 financial year. The European energy sector experiences a crisis of historic dimensions. The extraordinary situation started in summer 2021, already with post-COVID demand and price hikes. Then, volatility increased due to the war in Ukraine, and growing inflation made things further worse. The impacts on these developments on EVN and our integrated business model have been varying. For our supply business in Austria and our activities in Southeast Europe, the market environment has been extremely challenging. In Bulgaria, North Macedonia, our activities were especially impacted by rising costs for network losses. Both countries, extraordinary government, respectively regulatory measures were introduced as partial compensation for the significant rise in energy procurement costs. The remaining additional costs should be reflected in future tariff decisions by the regulatory authorities. Due to the recent deterioration of the geopolitical and economic environment, above all for global supply chains, we had to reassess the risk and earnings expectations for EVN Group of the international project business of WTE. This resulted already during the second quarter in impairment losses to goodwill in the international project business and to the residual carrying amount of the two combined sludge-fired heat and power plants in Moscow. In the fourth quarter, impairment has resulted in impairment losses to, among others, the natural gas network in Lower Austria to reflect the lower reactivity in the new regulatory period, as well as to the district heating assets in Lower Austria and Bulgaria. All in all, we are reporting today group net results of EUR 209.6 million, which are well in line with the range which we had predicted for this financial year. Our investment level reached historic highs. CapEx were up by 35.9% at EUR 564 million. To put this into perspective, until two years ago, our annual investments were below EUR 400 million. This year's strong increase is in line with our strategy to invest heavily in networks and renewable generation in Lower Austria, both of which are key building blocks for a green and secure energy future. This rationale is underscored by the EU Taxonomy Regulation. For the first time, we were required to report information on our taxonomy eligibility of our business activities. In addition, we decided voluntarily to report one year earlier than legally required, the KPIs for our taxonomy-aligned activities. The share of taxonomy-aligned CapEx was 85%, which means that such high share of our investments are directed to electrically sustainable activities as defined by the Taxonomy Regulation. For the sake of completeness, the two other taxonomy KPIs are 27% for turnover and 75% for operating. At the first sight, the turnover KPI may seem low, but please note that a large part of the non-taxonomy eligible revenue of about EUR 2.3 billion is attributable to electricity trading and supply, which is allocated to other economic activities in accordance with the EU Taxonomy Regulation. Our ambition and contribution to climate protection was just the other day confirmed by one of the leading international ESG rating institutions. Use it. CDP published its 2022 ratings, and EVN received an upgrade to A-. This means that we reached a leadership level. The CDP ratings consists of eight rating levels, and A- represents the second-best grade. We believe that our recent commitment to the Science Based Targets initiative and last year's final exit from Weißenstein plant, and therefore from coal-fired electricity production were the main drivers for the rating improvement. Our investment focus for the future remains unchanged. Therefore, our investments will remain high. This means that the level of even above EUR 500 million per annum. Climate change and the current crisis in our sector, these are the two reasons why we remain committed to contribute actively to the transformation towards a CO2 neutral energy system. Based on our high CapEx level and today's group net results, we will recommend to the 94th Annual General Meeting the payment of a stable dividend of EUR 0.52 per share. I confirm that EUR 0.52 per share represents the minimum level to future distribution in line with our dividend policy. I would also like to confirm our commitment to appropriate participation of our shareholders in future earnings growth. Let me now continue with the key financials of the reporting period. The group's revenue was up by 69.6% year-over-year. The main reason for this development was the sharp rise in electricity prices, which had a strong impact on revenue in Southeast Europe, as well as from renewable generation. In Austria, the higher network tariff set by E-Control in Austria as the 1st of January 2021 and 2022 had a positive influence on network revenue. The more frequent use of the Theiss power plant by the Austrian transmission network operator for network stabilization offsets the reduced revenue due to the disinvestment from the Weißenstein power plant. Growth was also recorded in the international project business. I would like to remind you that last year we had one-offs from the takeover of an additional electricity procurement right from the Walsum 10 power plant and the subsequent sale of our share in the power plant company. Other operating income included a positive one-off, while depreciation was increased by a required impairment. The cost of electricity purchased from third parties and primary energy expenses were substantially up at EUR 2.3 billion. The main driver were higher energy procurement costs in Southeast Europe, corresponding to a revenue growth. Other factors include the more frequent use of the Theiss power plant and higher procurement costs for our heating business. The cost of materials and services rose by 38.9% to EUR 707.1 million, in line with the revenue growth in the international project business. The share of results from at equity accounted MSD was down by 58.7% at EUR 98.9 million. Most of this decline was due to the price pressure on our supply company, EVN KG. In addition, in the previous year, this item included reevaluations to at-equity consolidated hydropower gas assets in Germany and Albania. Based on these developments, EBITDA was down by 9.8% at EUR 754.8 million. As already mentioned, we had to record impairment losses in the second quarter on the goodwill in the international project business and two combined heat and power plants in Moscow. At financial year-end, impairment testing resulted in recognition of additional impairment losses, among others, in the amount of EUR 32.9 million to our natural gas network in Lower Austria, in view of lower regulatory WACC in the next regulatory period. In addition, there were impairment losses and reevaluations on the Bulgarian cogeneration plant and on heating plants in Austria, such that the total effect from impairment tests was EUR 105.2 million. The previous year was affected by impairment losses totaling EUR 113.3 million to the Walsum power plant, as already mentioned. In total, the group's EBITDA declined by 14.2% to EUR 331.6 million. Financial results declined to - EUR 30.5 million. An increase in the dividend from VERBUND for the 2021 financial year and a decline in interest expenses following the scheduled redemption of VERBUND in April 2022 were contrasted by weaker performance of the R138 funds, negative foreign exchange developments, and a value adjustment to a loan to an equity accounted company. In total, we generated a group net result of EUR 209.6 million, which represents the expected decline in comparison to the previous year. I would like to move to the next slide, which provides some information regarding the group's balance sheet structure. EVN's net debt remains constant and fluctuated at approximately EUR 1 billion. As of the 30th of September, we stand at EUR 1.2 billion. The gearing ratio increased from 12.4% to 17%. Our financial flexibility is solid. In addition to low net debt, we had committed undrawn credit facilities in the amount of more than EUR 600 million as of financial year-end. Let's move on now to the next slide, which covers the generation segment in more detail. Electricity generation volumes in the segment were down by 19.7% year-on-year. The reason was the absence of the Walsum 10 following the disinvestment of our stake last year. On the other hand, our Theiss power plant was called more frequently by the Austrian transmission network operator for network stabilization. The share of renewable generation increased to 67% compared to last year's 57%. Renewable generation declined due to lower water flows. Revenue was up in year-on-year. Higher electricity prices compensated the decline in volume of electricity generation. The increase in operating expenses reflects the absence of the previous year's positive one-off effect from the takeover of an additional electricity procurement right. As already mentioned, the share of results from equity accounted investees was lower. The reason for the decline was that in the previous year, this item included reevaluations to at-equity consolidated hydropower assets in Germany and Albania. EBITDA increased by 11.6% to EUR 292.9 million. Due to the reevaluation of the Kavarna wind park in Bulgaria, segment EBIT increased to EUR 260.3 million. Today, I can also give a positive outlook on the further expansion of our renewable generation capacities in Lower Austria, which will grow by roughly 90 MW over the coming months. At the moment, installed wind capacity stands at 407 MW. We are now working on the construction of three new wind parks with a total capacity of 67 MW. One project with 13 MW is repowering. Our aim is to expand our installed wind capacity to 750 MW until 2030. In Lower Austria, construction started on the first two large-scale photovoltaic plants. One project is special as it will be a floating photovoltaic plant. This means that the FPV equipment will be floating on the water surface of a pond. The installed capacity will be 24.5 MW, and our share on this project will be 50%. The segment outlook contains uncertainties due to debates in the European and national levels over the reform of energy markets and the introduction of a revenue cap for electricity production. Assuming a price cap on the market revenues from renewable generation as well as average energy sector conditions, we expect a stable development of earnings in the generation segment. The next slide, I will continue with the energy segment. Revenue was up due to volume and price effects from the marketing of our own electricity production. In addition, price adjustments supported revenue growth of our heating business. Therefore, segment revenues rose substantially and stood at EUR 764.1 million. Operating expenses reflected costs for primary energy carriers for the increased use of the Theiss power plant, as well higher procurement costs for the heating business. The sales volumes declined in all three product groups, electricity, natural gas, and heat. Reasons for this development included milder temperatures and saving effects by customers. The earnings contribution from at equity consolidated company, EVN KG, declined due to higher procurement costs. Based on this development, the energy segment reported EBITDA of - EUR 26.7 million and EBIT of - EUR 54.7 million. For the segment outlook for this financial year, we expect that earnings shall return to a normalized level as we are gradually passing on higher procurement costs to electricity, natural gas, and heat customers. EVN KG's general delivery terms were amended as of September 2022, and now include the semi-annual adjustment of supply contracts with fixed consumer prices based on the Austrian price indexes for electricity and gas. On the next slide, I will present the development in our networks segment. Network sales volumes in both electricity and natural gas volumes declined due to the milder temperatures. In the beginning of 2021 and 2022, there were also regulatory increased tariffs of both electricity and natural gas. Based on these volumes and price developments, segment revenues were up by 4.9%. Operating expenses rose by 8.7%, following an increase in upstream network costs, which led to a slight decline in EBITDA. Impairment testing resulted in the recognition of an impairment loss in the amount of EUR 32.9 million to our natural gas network in Lower Austria, in view of a lower regulated WACC in the next regulatory period. EBIT, therefore, declined year-on-year by 38% to EUR 58.8 million. In the current financial year, we believe that customers' efforts to reduce energy consumption will continue, thereby lowering network volumes. We believe that the results in the network segment will be lower in 2022, 2023. On the next slide, I will continue with the Southeast Europe segment. Customer movements from the liberalized market back to the regulated and subsidized market supported growth in energy volumes in our Southeast Europe segment. In combination with higher prices, this development resulted in a sharp rise in revenue. As already mentioned in the beginning of this call, our Southeast Europe segment suffered from rising costs of network losses due to the higher market prices. In both countries, extraordinary government, respectively regulatory measures, provide for at least partial compensation for the significant rise in energy procurement costs. In Bulgaria, our distribution network operator and our heating company received compensation and payments in the total amount of EUR 102.7 million to cover higher costs during the financial year. The regular tariff decision as of the 1st of July, resulted in an average price increase of 3.6% for household customer in the EVN supply area. In North Macedonia, the regulatory announced extraordinary increases in the electricity prices for household customers of EVN Home and in the network tariffs as of 1st of January 2022, as partial compensation for the significant rise in energy procurement costs. These were followed by a further increase of 21.8% for household customers of EVN Home as of the 1st of July 2022. The electricity purchase prices for supply customer quantity as well for covering network losses were subsidized. Network tariffs were also increased a second time of the 1st of July. The remaining additional costs will be reflected in future tariff decisions. Segment EBITDA was slightly up by 2.3%. Due to the recognition of an impairment loss of EUR 16.7 million, segment EBIT amounted to EUR 48 million. As you know, we always aim for a segment EBIT in the range of EUR 40 million-EUR 60 million. In the recent financial year, we could only meet such range because of the compensation for additional costs. Unfortunately, we don't have visibility yet on future compensation measures in Bulgaria, North Macedonia. Any delay in compensation will have immediate and negative effects on the results in the Southeast Europe segment. I would like to conclude my presentation for the segments with the environment segment. The geopolitical developments being the war in Ukraine, inflation, pessimistic economic outlooks, and global supply chain issues have changed the industry, the earning expectation for the international project business of WTE. Right in the second quarter, we had to record impairment losses to goodwill in the international project business in the amount of EUR 52.9 million, and to the residual carrying amount of EUR 50.5 million of the two sludge-fired thermal cogeneration plants in Moscow. The financial performance of this segment is in line with the development in the international project business. In line with the progress on the Kuwait project, there was a corresponding rise in both revenue and operating expenses in the segment. EBITDA amounted to EUR 56.5 million. EBIT declined due to the before mentioned impairment losses, among others, and amounted to -EUR 35.9 million. The future development of earnings in the environment segment is always subject to the progress on international projects. Above all, the large-scale project in Kuwait progress is subject to geopolitical environment. Given that segment results in 2021, 2022 were influenced by negative one-offs, an improvement in earnings is expected in the current financial year. With this, I conclude the presentation of the segments. On the next slide, I will continue with the development of the group cash flows. Group gross cash flow was lower at EUR 434.3 million. Please remember it was unusually high in the previous year due to the receipt of a compensation payment for the takeover of an electricity procurement right. The decline was diminished slightly by higher dividends from equity accounted investees. The decline in cash flow from operating activities was even higher in comparison. The sharp rise in energy prices and lower investment by EVN KG and the group's cash pool were responsible for working capital effect. Cash flow from investing activities was influenced chiefly by year-on-year increase in investments in property, plant, and equipment, and the change in investment in cash funds. In the previous year, it is also included in compensation payment for the exit from the Walsum 10 power plant. The cash flow from financing activities included new bank loans and debt instruments totaling EUR 562 million. The repayment of a bond with a nominal value of EUR 300 million and the dividend payments to our shareholders and non-controlling interest represented a contrary factor. The net change in cash and cash equivalents amounted to EUR 36.9 million. As mentioned before, our financial flexibility is solid, secured with committed and drawn credit facility of EUR 627 million at the end of September 2022. I would like to conclude my presentation with the outlook for the group. We are still going through a period with substantial distortions and uncertain parameters which have a significant impact on our performance. Under the assumption of a stable regulatory environment and predictable energy sector and tax framework, we expect group net result to be in line with the previous year and within a range of roughly EUR 190 million-EUR 250 million. The earnings contribution from VERBUND for the 2022 financial year is not included in this estimate. I confirm that our future dividend from operating activities shall at least equal the dividend proposal of 2021, 2022, which is EUR 0.52 per share. I also confirm that we are committed to let our shareholders appropriately participate in any additional earnings growth. With this, I have reached the end of my presentation. I'm now looking forward to answering your questions. Ladies and gentlemen, if you would like to ask a question, please press nine and star on your telephone keypad. In case you wish to cancel your question, press nine star again. Please press nine star now to state your question. The first question comes from Teresa Schinwald from Raiffeisen Bank International. Yeah, good morning. Thanks for taking my question. It's about the upcoming regulation of the revenue cap. Can you tell us a bit about the timeline you're expecting for the decision-making? Well, it has been approved by the Austrian Parliament, has now to go into the second chamber, and then it has to be signed by the president and published. Everyone is expecting that this will take place even before the end of the year, because it should be go into effect with the 1st of December this year, as this was also a given date by the European Union kind of directive. What we know so far is that the Austrian Parliament used the revenue cap, but also was giving an incentive to investors who are investing in renewable energy. The cap of 180, which is the limit given by the European Union, they went below this 140, but they have this incentive going up another EUR 36/ MWh for investment. This will be further specified by a directive by two ministries of the Austrian government, and therefore it will be quite decisive how the definitions of these incentives are really defined. Therefore, we tried to have a rough estimate. There will be an obligation for the totally the angle, which will be in range of something of EUR 190 million -EUR 240 million. This is a rough first estimate, and we try to reflect this already in our operating expectation for the ongoing year, so for the next year. Therefore, the range which was, which I was giving before between EUR 190 million- EUR 150 million is more or less including already an estimation how this taxation issue will affect the group. Okay. Just two follow-up questions on that. The directives are probably not expected for the same time as the law is signed by the president. I think they will be. It will take longer. They will be not ready, but all the utilities who have as a business year, the calendar year, will need it also to make their financial results with the end of December. I would expect that there will be a fast-forward approach on that, yeah. Some of the definitions are not in the law, and therefore it needs this further directive by the ministry, how they should be implied for producing companies, yeah. Yeah. The renewables investments you mentioned, of ± EUR 200 million, they would reduce the revenue cap? How should we understand this? Yes. It would bring the revenue cap up from this EUR 140 to EUR 176. This is the range where the definition will be effective, and therefore, I have to be very careful. This is our first estimation we gave. It's pretty. Yeah. It's pretty close to all decisions we have to make and going public, and therefore I have to understanding that it's not not easy, yeah, to have a good judgment on that. I perfectly understand that. I think this is actually in line with market expectations. Okay. Anyway. Second question about your renewables investments, continuing, what would be needed to step up the process to exceed the EUR 90 million to significantly grow domestically in Austria, in your view? Well, first of all, the best what you can get and what is helping the most is a local acceptance of a project, yeah. In a lot of cases, yeah, it is one thing to find the landowner. The second thing is that you get the approval by the city communities. In all the projects which we are pursuing, we do this quite early and therefore, after one year when there were delays in all the kind of project permits, now we're really trying to bring this 90 MW during the next year, financial year, calendar year to the grid, which would be then, especially in this environment of high prices, yeah, a very interesting situation, huh? We think that a further understanding also by the government regarding resources, regarding all evaluations, yeah, because in a lot of the cases, the permits are just delayed because the process of decision-making is under threat due to a lack of specialized evaluations. This could really help us. This is a general topic for our project firms in Austria, but in this sense, there's another sense of urgency now in this crisis, which we are seeing now. I think we will profit from this new backing, and we see first signs in that. Okay. My last question is, regarding the outlook and, the VERBUND contribution, which as I read, is not included in the outlook at all. With VERBUND deciding on the dividend probably in March, we could reckon with an updated guidance after the, yeah, dividend decision, which given the current guidance and excluding any special dividends, would mean almost double the contribution that EVN received last year from VERBUND. Am I right? Well, this is your evaluation due to the reasoning of our lawyers, yeah. We made a decision not to comment on the dividend policy of another company, especially in these high times of volatility. We have taxation issues, they have their operative management and let's see what the results of 2022 for VERBUND will be and what kind of dividend will be proposed to the AGM. You are right. We'll have a clearer picture on all the different developments which at the end are influencing the EVN Group's total result for the ongoing year. Okay. Thank you. At the moment, there seem to be no further questions. Ladies and gentlemen, if you would like to ask a question, please press star now. The next question comes from Richard Alderman from BTIG. Please go ahead with your question. Good morning. Can you just talk about, how you see the evolution of net debt in the coming financial year? Obviously it's gone up quite a lot in the last 12 months. What are the drivers in terms of where you think that out turns in 12 months time? Richard, this is a very good question because this is really an enormous increase, yeah. The reasons for that are mainly resulting from the energy markets' turbulences. The working capital, yeah, between higher procurement costs, expenses, and then the delayed path through to the customers lead to a higher working capital from the customer side and also on the energy side, yeah. We see on different days, EUR 200 million, EUR 300 million coming and going quite easily. This is an add on to the normal working capital management and working capital situation. The second thing is that we have, with EUR 140 million, a higher investment program realized in this year, which is also reflecting in this. Is also the Kuwait project is in the strongest phase of realization, and therefore more working capital is needed there in this phase of the project. All together were leading to this change in the working capital situation. On a midterm expectation, our cash flow on operating activities is more or less EUR 500 million, and this is then also what we are aiming for regarding investments, dividend. Question mark is how the next year will develop. It's too early to have an estimation there, but we will see the sidewise development and especially if the winter is over. Let's see if there is not an improvement on working capital. Thank you. Mr. Szyszkowitz, there are no further questions left. Thank you for joining today's conference call. We will publish the results for the first quarter of our 2022/ 2023 financial year on Tuesday, the 21st of February. Please join us again. We all here wish you a merry Christmas, good health in the coming year. Goodbye.