Page 119 - KELAG Annual Report 2017

The company maintained its financial position, financial performance and cash flows at a largely stable level despite a
complex and uncertain market environment. The Group generated profit of EUR 80.5m in the financial year 2017 (2016:
EUR 86.5m). The main reasons for the slight decrease in profit include lower wholesale prices and a drop in water levels of
9.5 percentage points in comparison to the prior year.

Revenue 1,172.4 1,064.6
Electricity 946.9 80.8% 838.9 78.8%
Heat 150.4 12.8% 143.7 13.5%
Natural gas 56.6 4.8% 64.3 6.0%
Other 18.6 1.6% 17.6 1.7%
Operating result 101.2 103.6
Financial and investment results as well as profit/loss from 2.3 5.8
associates
Consolidated net profit 80.5 86.5
Earnings per share in EUR 10.1 10.8

Revenue was above the level of the prior year, mainly due to the slight increase in market prices. For further explanations,
please refer to the comments on electricity production and sales volumes in the individual sections on the Electricity/Gas
business division (including the electricity and natural gas grid) and the Heat business division.

At EUR 101.2m, the operating result is essentially at the same level as the prior year (2016: EUR 103.6m).

Cost of materials of EUR 828.4m corresponds to the development of revenue and is thus slightly above the prior-year level.