No leadership crew enjoys navigating a large ship through a heavy storm. The waves are high. The wind pushes unpredictably against the tiller. The crew has to give their all to ensure that the cargo remains secure. And yet: every storm also offers an opportunity for testing.
The past three years have taken your trusted ship, Wiener Stadtwerke, through several storms at once. And every time she has demonstrated that her construction is sturdy and her team well trained. She has succeeded in keeping her passengers’ luggage dry and their cabins warm. On the Management Board, we are grateful for and proud of this.
The upheavals across the entire European energy market in the past year have shown just how important it is to maintain and secure this stability again and again. They hit our Energy Division with full force in the summer. Nobody would have thought that the purchase price for energy could rise by more than 1,000% within a short period of time. We responded swiftly and decisively in close collaboration with the City of Vienna and in the interest of our customers.
In 2022, we have shown even more so than in recent years what it means to be a reliable provider of energy and infrastructure. We have fulfilled our delivery promises, maintained our level of service and continued to pursue ongoing projects without restrictions – all thanks to a secure commercial foundation.
Every euro that we earn is invested in a meaningful way in the needs of our city. In 2022, we invested EUR 1.3bn in the expansion of our company’s services and making the Vienna metropolitan region fit for the future. Of this amount, almost EUR 1bn went to sustainable projects. We were able to finance the majority of this investment using current funds. This also shows that we operate conservatively and are financially stable.
This was again supported by good earnings, to which all divisions of the company contributed with improved figures. The Group’s revenue for 2022 rose by 70% to EUR 7.3bn. This significant increase came from the sharp rise in energy prices. Directly related to this, the cost of materials and cost of purchased services doubled to more than EUR 5.1bn. Despite the high costs, EBITDA adjusted for special effects increased by 41% to EUR 833m and adjusted profit for the year rose by 73% to EUR 488m.
„In 2022, we have shown even more so than in recent years what it means to be a reliable provider of energy and infrastructure.“
Chief Executive Officer
Martin Krajcsir, Chief Executive and Off Peter Weinelt, Deputy Chief Executive Officer
Creating a sustainable, liveable future for Vienna, together.
„We are using alltechnological pathways available to us to phase out fossil-fuel resources as quickly and as expansively as possible.“
Deputy Chief Executive Officer
We continue to make good progress with our operational projects. Construction work on our major U2xU5 project is largely proceeding according to plan and we are also developing our mobility networks and our range of services in many other areas. Our customers are acknowledging and making use of our efforts through an accelerated return to public transport – in 2022, passenger numbers increased by 25%.
In the area of energy, we continue to work at full speed on the expansion of renewable resources. Sun, wind, green hydrogen, regenerative heat and even cooling – we are using all technological pathways available to us to phase out fossil-fuel resources as quickly and as expansively as possible. For instance, we intend to be supplying 20,000 households in the Aspern district with green geothermal heating by 2026. And by 2030, this figure could be as high as 125,000 across Vienna. These and numerous other projects will enable us to gradually reduce our dependence on gas, especially in the residential sector. In industrial contexts, the need for higher temperatures means that such a transition will only be possible to a limited extent for the time being.
We are driving forward digitalisation, getting innovative ideas off the ground and expanding our services. And to keep doing all this, we need even more bright minds in the future. At the same time, demographic change is also at the forefront of our minds. That is why we have further enhanced our employer brand in recent months and are increasing our visibility in the region. Those who come on board with us can not only expect a varied workplace and a diverse team, but they can also play their part in a great undertaking for society.
As you will have noticed from the landing page, our annual report is geared around the theme of “Vienna – a how-to guide”. You may wonder why we have opted for this instruction manual wording. This year, we have decided to give you a more tangible insight into the areas in which we work and what we do. Our world has become so complex that we quickly lose sight of how the various aspects of our everyday lives are connected. Mobility revolution. Energy revolution. Employment market revolution. Nowadays, these phrases are often bandied around without much more thought being given to them. But we associate them with specific projects and undertakings, some of which we work on seven days a week – for you as residents of Vienna and in the interest of the future of the regions in and around our capital.
The tasks facing those at the head of our company are not becoming any less challenging. This is why our Group Management Board will be expanded to three members at the beginning of the coming year. Until then, we will continue to work with all of our partners and our 16,000 employees on creating a sustainable, liveable future for Vienna.
Vienna, im April 2023
Chief Executive Officer
Deputy Chief Executive Officer