Annual Financial Report
2021/2022
of Energie AG Oberösterreich
We care about tomorrow
Contents
GROUP ANNUAL REPORT 2021/2022
5
Group overview
13 Non-financial report
108 Group Management Report
148 Consolidated Financial Statements
243 Audit Certificate
250 Statement by the Management Board
COMPANY ANNUAL REPORT 2021/2022
253 Audited Company Annual Report
290 Company Management Report
321 Audit Certificate
327 Statement by the Management Board
Energie AG Oberösterreich – Annual Financial Report 2021/2022
GROUP ANNUAL REPORT 2021/2022
SIMPLY TH RE.
Since 1892.
www.energieag.at/annualreport
We care about tomorrow
Contents
5
GROUP OVERVIEW
108 GROUP MANAGEMENT REPORT
6
Interview with the Management Board
108 Group
11 Report by the Supervisory Board
108
General conditions
112
Business development in the Group
13 NON-FINANCIAL REPORT
118
Internal control system
119
Risks and opportunities
13 Letter by the Management Board
120
Research, development and innovation
15 About this report
122
Key performance indicators
16 Business model
123 Segments
18
Shareholder structure
124 Energy Segment
18
Group management bodies
131 Grid Segment
22 Strategy and major sustainability issues
134 Waste Management Segment
33
Sustainability objectives
137 Czech Republic Segment
35
Sustainability at a glance
140 Holding & Services Segment
41 Economy
145 Outlook
47 Environment
75 Social affairs
148 CONSOLIDATED FINANCIAL STATEMENTS
87 Employees
95 Compliance
148 Consolidated Statement of Income
102 GRI content index
149 Consolidated Statement of Comprehensive
Income
149 Consolidated Statement of Financial Position
151 Statement of Changes in Equity
155 Cash Flow Statement
156 Notes
243 Audit Certificate
250 Statement by the Management Board
EVERYTHING NEW FROM A SINGLE SOURCE.
All contents of this Annual Report are available online with interactive
functions at
www.energieag.at/annualreport
Energie AG Oberösterreich – Annual Financial Report 2021/2022
5
Group overview
Group overview
ENERGIE AG OBERÖSTERREICH AT A GLANCE
Unit
2021/2022
Change
2020/2021
Sales revenues
Energy Segment
EUR mill.
3,132.9
134.0%
1,339.0
Grid Segment
EUR mill.
378.7
3.4%
366.1
Waste Management Segment
EUR mill.
263.6
6.7%
247.0
Czech Republic Segment
EUR mill.
194.7
12.5%
173.1
Holding & Services Segment
EUR mill.
32.2
61.0%
20.0
Group
EUR mill.
4,002.1
86.6%
2,145.2
Result
Operating result (EBIT)
EUR mill.
150.6
-20.1%
188.4
EBIT margin
%
3.8
-56.8%
8.8
Earnings before taxes (EBT)
EUR mill.
121.9
-27.6%
168.3
Dividend per share
EUR
0.60
-20.0%
0.75
Statement of Financial Position
Balance sheet total
EUR mill.
6,912.7
78.4%
3,875.4
Equity
EUR mill.
1,794.5
16.8%
1,535.8
Equity ratio
%
26.0
-34.3%
39.6
Net debt 1)
EUR mill.
606.8
-15.6%
718.8
Net gearing
%
33.8
-27.8%
46.8
Cash flow from operating activities
EUR mill.
1,136.5
200.1%
378.7
Profitability
ROCE
%
6.9
1.5%
6.8
Workforce (on average)
Energy Segment
FTE
459
-1.1%
464
Grid Segment
FTE
582
8.8%
535
Waste Management Segment
FTE
831
1.2%
821
Czech Republic Segment
FTE
1,715
-0.2%
1,718
Holding & Services Segment
FTE
1,019
-3.4%
1,055
Group
FTE
4,606
0.3%
4,593
1) Net debt = non-current financial liabilities + current financial liabilities - cash and cash equivalents + cash receipts from futures
Energie AG Oberösterreich – Annual Financial Report 2021/2022
6
Group overview Interview with the Management Board
INTERVIEW WITH THE MANAGEMENT BOARD
OF ENERGIE AG OBERÖSTERREICH
Dr. Andreas Kolar
Chief Executive Officer DDr. Werner Steinecker MBA
Dipl.-Ing. Stefan Stallinger MBA
Member of the Management Board
Chairman of the Management Board
Member of the Management Board
Video statements of the members of the Management Board are available as part of the online version of the annual report:
www.energieag.at/annualreport
The issue of security of supply has taken centre stage among the general public recently
because of the war between Russia and Ukraine. What action has Energie AG
Oberösterreich taken to safeguard security of supply in the short, medium and long term?
Werner Steinecker: Ensuring the high supply quality of electricity, gas and heat on an
ongoing basis is one of the most fundamental tasks to which Energie AG Oberösterreich is
committed. This makes the current situation, in which the fragility of the European energy
system has become apparent to us, all the more challenging. Measures including securing gas
supplies, filling our storage facilities as much as possible and activating power plants as part
of our congestion management strategy meant that we were able to continue supplying
energy to our electricity and gas customers without restriction. Sooner or later, though, we
will be faced with the only viable option of transforming the energy system as swiftly as
possible. We will do everything we can to expand the use of renewable energies, enhance
the grid infrastructure at all voltage levels and increase storage capacities.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
7
Group overview Interview with the Management Board
Ensuring the high supply quality of electricity, gas and
heat on an ongoing basis is one of the most fundamental
tasks to which Energie AG Oberösterreich is committed.
This makes the current situation, in which the fragility of
the European energy system has become apparent to us,
all the more challenging. Sooner or later, we will be faced
with the only viable option of transforming the energy
system as swiftly as possible. We will do everything we
can to expand the use of renewable energies, enhance
the grid infrastructure at all voltage levels and increase
storage capacities.
Werner Steinecker
The energy sector is currently experiencing an extremely tumultuous time, including from
a financial perspective. What actions have been taken to mitigate the current risks?
Andreas Kolar: The Group has had a standardised and cross-departmental risk management
system in place for a while now. Our decision to set up a Risk Committee has enabled us to
monitor market conditions and the associated liquidity, counterparty and market price risks
even more closely and to use these as a basis to make the necessary corporate decisions at an
early stage. Our risk management systems here have played a role in supplying adequate
information for business decisions by analysing and aggregating risks, working to mitigate
threats in good time and to achieve the desired goals in the best possible way. Following the
start of the war in February 2022, a task force was added to this committee to continuously
analyse geopolitical developments and to implement measures both of a financial and a legal
and technical nature.
The general conditions have been unusually challenging in
the year under review and are unlikely to let up in the
near future. We will nevertheless continue to pursue our
goals of supporting the transformation of energy systems,
further optimising the security and quality of supply and
thus safeguarding the Group’s development and value in
the long term.
Andreas Kolar
Expanding the grid infrastructure is increasingly seen to be absolutely key in efforts to
achieve the energy transition. What challenges will this entail?
Stefan Stallinger: The challenges are many – not least because we want to accelerate the
work to expand and upgrade electricity grids so as to enable the feed-in of decentrally
generated green electricity for everyone. We are, however, in a supplier market, e.g.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
8
Group overview Interview with the Management Board
regarding the availability of transformers or switchgears, due to high demand and low supply.
Delivery times are significantly higher than three to five years ago due to material shortages.
A key factor for making specific investments in the grid infrastructure is also the creation of
regulatory incentives so that expansion is not hampered by financial obstacles (low interest
rates). We are also concerned about the project approval procedures, which are at times quite
lengthy and result in a lot of time being lost for the work to transform the energy system. We
are encouraged, however, by the fact that high-performance electricity grids are increasingly
seen by the population as an enabler of the energy transition and as the backbone of security
of supply.
We at Energie AG Oberösterreich see ourselves as
pacemakers of the energy transition and want to enable
everyone to participate in it through a variety of different
measures. These range from numerous sales campaigns
promoting a switch to heat pumps, customised PV
contracting models for private households and companies
and our role as an enabler in e-mobility issues to the work
to expand district heating networks on an ongoing basis
and the highly ambitious expansion path for our own
electricity generation plants.
Stefan Stallinger
Energie AG Oberösterreich was able to maintain its “A, stable” rating despite the current
economic environment. How did it manage this?
Andreas Kolar: The excellent credit rating is partly due to the stable and risk-averse financial
policy pursued by the Group in recent years. The rating agency Standard & Poor’s also
acknowledges the integrated business model of Energie AG Oberösterreich, which makes it
resilient in the face of a crisis. This fact is also reflected in the year under review, in which the
weather-related decline in earnings in the Group’s traditional core segment Energy was
partially compensated for by higher earnings contributions in the Grid and Waste
Management Segments. This excellent rating once again underscores the Group’s impressive
ability to perform – a prerequisite that has empowered Energie AG Oberösterreich to reliably
meet the challenges posed by volatile and sharply rising energy prices and, not least, the
economic impact of Russia’s war with Ukraine during the reporting period. Transforming the
energy system in such a way as to make it climate neutral will require vast amounts of
financial resources. Having the top rating “A, stable” confirmed enables us to face the
demands of the future and to implement clear investment and financing targets.
Energie AG Oberösterreich was named “Austria’s Best Employer” by the renowned Trend
magazine. What were the primary reasons for this?
Werner Steinecker: The award is a perfect way of achieving recognition for the large
number of measures that have been implemented in recent years to foster an employee-
friendly working environment. We are particularly proud of our ongoing work to improve our
employees’ work-life balance, such as establishing a childcare facility at the head office of
Energie AG Oberösterreich in summer 2022. We also attach great importance to the
Energie AG Oberösterreich – Annual Financial Report 2021/2022
9
Group overview Interview with the Management Board
numerous models in place to support the continuous professional development of our
employees. Expanding our trainee, training and mentoring programmes is a way for us to
help ensure that colleagues are given room for development and personal growth. We are
also pleased that the representative study saw us as a modern employer that focuses on key
jobs of the future such as the energy transition, the circular economy and expanding
broadband networks. The award is all the more valuable in such times where there is a
shortage of skilled workers.
The Austrian government aims to generate almost 45% more green electricity than
before by 2030. How can this Herculean task be achieved and what role will Energie AG
Oberösterreich play here?
Stefan Stallinger: The Austrian government’s climate and energy targets are undoubtedly
ambitious, driven by the momentum of the crisis, but we are also noticing a sharp rise in
levels of commitment from industry, politics and the population to forge ahead with efforts
to transform the energy system. Both to reduce dependence on global energy imports and to
optimise our own carbon footprint for the sake of climate change mitigation and
sustainability. We at Energie AG Oberösterreich see ourselves as pacemakers of the energy
transition and want to enable everyone to participate in it through a variety of different
measures. These range from numerous sales campaigns promoting a switch to heat pumps,
customised PV contracting models for private households and companies and our role as an
enabler in e-mobility issues to the work to expand district heating networks on an ongoing
basis and the highly ambitious expansion path for our own electricity generation plants. The
aim is to produce regionally sourced green electricity for an additional 180,000 households
through the construction of hydropower plants, wind farms and PV installations by 2030.
These measures alone will enable us to save over 550,000 tonnes of CO2 and cut energy
imports by as much as 500 GWh.
Rising energy prices have become a major burden for an ever-growing proportion of the
population in 2022. How has Energie AG Oberösterreich dealt with this situation?
Werner Steinecker: Fortunately, we have been able to maintain the price guarantee for
electricity and gas that was announced in October 2021 until 1 January 2023, a fact made
possible by having a forward-looking energy procurement policy focused on minimising risk.
Legislative relief such as the abolition of the flat rate for green electricity and the green
energy subsidy, and energy cost compensation being granted means that existing customers
of Energie AG Oberösterreich paid less for their electricity in 2022 than in the previous year
while their consumption remained unchanged. We are pleased that we were able to
demonstrate to our customers that we are a reliable partner even in such challenging times.
What challenges will this spell for the 2022/2023 fiscal year?
Andreas Kolar: We have been in a kind of permanent crisis for nearly three years now, one
which has recently intensified in terms of the diversity and complexity of the problems we
face. One of these problems is the general economic outlook, which is characterised by
persistently high rates of inflation and low growth forecasts. Despite these general
conditions, there are plans to invest more than EUR 250 million in a sustainable energy future
in the 2022/2023 fiscal year, which will make a key contribution to regional value creation.
The availability of material and human resources will be crucial in efforts to realise these
plans, as will the length of the procedure for approving relevant projects. The aim is to
support the transformation of energy systems, to further optimise the security and quality of
supply and thus to safeguard the Group’s development and value in the long term. We are
confident of our ability to continue successfully mastering such challenges in the future.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
10
Group overview Interview with the Management Board
The share of fossil fuels used to supply heat remains very high, and with it the level of
global dependency. How can this be countered?
Stefan Stallinger: The recently completed district heating project for the city of Wels is a
very good example of how this objective can be achieved. The second largest city in Upper
Austria has been supplied exclusively with sustainable energy since May by harnessing the
industrial waste heat coming from our waste incineration plant WAV. The sector coupling
solution also means that the population of Wels is not affected by any gas supply shortages
or by the extreme gas price volatility. Not only is sector coupling essential through the use of
industrial waste heat, but also through the future production of green hydrogen from
renewably sourced electricity. Energie AG Oberösterreich is involved in various hydrogen
research projects in order to contribute to making the climate-neutral and storable energy
carrier an essential part of the energy and heat transition. The basis for this is the ambitious
work to increase renewable electricity generation activities.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
11
Group overview Report by the Supervisory Board
REPORT BY THE SUPERVISORY BOARD
PURSUANT TO § 96 OF THE STOCK CORPORATION
ACT [AKTIENGESETZ (AKTG)]
During the 2021/2022 fiscal year, the Management Board informed the Supervisory Board
and the Supervisory Board Audit Committee about the activities of the Group and its
subsidiaries in writing and orally on a regular basis, and it discussed all important business
events with these bodies. A total of four periodical ordinary meetings of the Group
Supervisory Board were held in fiscal year 2021/2022 along with two ordinary meetings of
the Audit Committee. The management bodies gave their approval to all business events,
which is mandatory in specific cases. No objections were raised in the course of the general
supervisory activities or the audit.
The annual financial statements of Energie AG Oberösterreich for the 2021/2022 fiscal year,
from 1 October 2021 to 30 September 2022, drawn up according to the Austrian accounting
regulations, together with the accounts and the management report, were audited by
Deloitte Audit Wirtschaftsprüfungs GmbH, Chartered Accountants. The auditor submitted a
written report on his audit findings and assessed that the annual financial statements comply
with the statutory requirements, give a true and fair view of the assets, liabilities, financial
position and profit or loss, and that the management report complies with the legal
requirements and reconciles with the annual financial statements. The auditor therefore
issued an unqualified audit certificate.
The Supervisory Board examined the annual financial statements as of 30 September 2022,
together with the notes and the management report, as well as the proposal for the
appropriation of the profit. It drew up a written report and recommended that the
Supervisory Board approve the auditor’s report, together with the auditor’s unqualified
certificate, as well as the present annual financial statements as of 30 September 2022,
together with the notes and the management report, so as to thus adopt the annual financial
statements as of 30 September 2022. The Audit Committee also recommended that the
Supervisory Board adopt the proposal by the Management Board for the appropriation of the
profit. The Supervisory Board noted with approval the outcome of the review conducted by
the Audit Committee and of the audit conducted by the auditor, and established that the
Supervisory Board, in turn, has no objections regarding the statements. The Supervisory Board
states that it is in agreement with the management report, presented in accordance with
§ 96 of the Austrian Stock Corporation Act, and with the proposal for the appropriation of
the profit, and that it adopts the annual financial statements as of 30 September 2022, which
is thus established.
The Consolidated Financial Statements for the 2021/2022 fiscal year from 1 October 2021 to
30 September 2022 drawn up in accordance with the International Financial Reporting
Standards (IFRS), were also audited by Deloitte Audit Wirtschaftsprüfungs GmbH. The Group
auditor submitted a written report on his audit findings and assessed that the Consolidated
Financial Statements comply with the statutory requirements, give a true and fair view of the
assets, liabilities, financial position and profit or loss as well as the Group’s cash flows, and
that the Management Report complies with the legal requirements and reconciles with the
Consolidated Financial Statements. The Group auditor therefore issued an unqualified audit
certificate. The Supervisory Board examined the Consolidated Financial Statements and the
Group Management Report in detail. The Audit Committee also examined the Consolidated
Financial Statements and the Group Management Report in detail. It drew up a written report
and recommended that the Supervisory Board approve the auditor’s report, together with the
auditor’s unqualified audit certificate, as well as the present Consolidated Financial
Energie AG Oberösterreich – Annual Financial Report 2021/2022
12
Group overview Report by the Supervisory Board
Statements as of 30 September 2022, together with the notes and management report. The
Supervisory Board noted with approval the outcome of the review conducted by the Audit
Committee and of the audit conducted by the Group auditor, and established that the
Supervisory Board, in turn, has no objections regarding the statements.
By drawing up the Consolidated Financial Statements in accordance with the IFRS, the
company is released from its obligation to prepare Consolidated Financial Statements in
accordance with Austrian commercial law provisions.
The consolidated Non-financial Report, which is compulsory under § 267a of the Austrian
Commercial Code (UGB) and is published as a separate part of the Group annual report, was
prepared by the Management Board in compliance with the statutory requirements. The
internal audit unit of Energie AG Oberösterreich has reviewed the Non-financial Report on
behalf of the Supervisory Board and formed the opinion that the Non-Financial report was
prepared in compliance with the statutory requirements. The Supervisory Board agrees with
the findings of the review conducted by the internal audit unit and confirmed that it holds no
objections against them. It was established that – in accordance with § 243c of the Austrian
Commercial Code (Unternehmensgesetzbuch, or UGB) – there is no obligation to prepare a
corporate governance report, and that in accordance with § 243d UGB, there is also no
obligation to prepare a report on payments to government agencies.
The Supervisory Board would like to express its thanks to the Management Board and all
company staff members for their successful work during the 2021/2022 fiscal year.
Linz, 20 December 2022
On behalf of the Supervisory Board
The Chairman of the Supervisory Board
Provincial Counsellor Markus Achleitner
Energie AG Oberösterreich – Annual Financial Report 2021/2022
13
Non-financial report
Report on non-financial information 2021/2022
for Energie AG Oberösterreich
LETTER BY THE MANAGEMENT BOARD
GRI 102-14
The past fiscal year was characterised by an unprecedented level of volatility on the energy
markets. Market prices for electricity and gas saw dramatic rises within just a few months, a
fact made all the more remarkable given that they were already at all-time highs. The
turbulence being experienced on the market is due to the widening gap between the shorter
supply of primary energy sources and the growing demand in the economy for these.
Concerns about potential shortages also had the effect of driving up prices. As one of
Austria's largest energy utility companies, we feel a particular sense of duty under these
conditions to keep expanding our already well-developed stakeholder management concept
and, in doing so, living up to our role as a responsible employer, a reliable partner for
suppliers and customers and an enabler in efforts to achieve sustainable future for energy.
The aim of this non-financial report is to give you an insight into the work of Energie AG
Oberösterreich from the perspective of the United Nations' Sustainable Development Goals
and the corporate principles based on these.
Energie AG Oberösterreich has always had ensuring security of supply and a high supply
quality for our customers as its top priority. Maintaining a reliable supply has become an even
greater task as a result of the Russian war of aggression against Ukraine and the impact it has
had. In light of this, we have done everything we can to establish a range of measures aimed
at safeguarding security of supply. Such measures included securing gas supplies, filling our
storage facilities as much as possible and activating power plants as part of our congestion
management strategy and meant that we were able to continue supplying energy to our
electricity and gas customers without restriction. The current situation lays bare to us the
importance of expanding the grid infrastructure and the use of renewable energies at an
even faster pace to improve our energy independence. The long-term focus on a green
energy future is reflected in the capital expenditure of Energie AG Oberösterreich recognised
by the EU taxonomy. This is the case for 84% of all capital expenditure, a very high
percentage that is to be increased further still. What this also does is underscore the highly
ambitious strategic generation goals of Energie AG Oberösterreich, according to which the
company aims to produce regional green electricity for 180,000 additional households by
2030. We will also invest over EUR 1.0 billion in expanding the grid infrastructure to enable
the energy transition during the same period of time.
Inflation, which was strongly driven by energy prices, increasingly evolved into a major
burden for the general population in the past fiscal year. Despite the prevailing conditions on
the market, Energie AG Oberösterreich was able to maintain the price guarantee promise
made in October 2021 until 1 January 2023. This approach has enabled us to proactively
procure energy at even lower market prices, keeping risk to a minimum. By doubling the
funding for the energy solidarity budget, expanding advisory services and promoting energy
efficiency measures, we want to fulfil our obligation vis-à-vis society and, above all, actively
support customers who are particularly affected in their efforts to save energy and costs.
We firmly believe that the current environment requires an even greater degree of active and
transparent communication and interaction with customers, which is why the corresponding
sales activities, such as the customer forum to involve customers in product design, have been
Energie AG Oberösterreich – Annual Financial Report 2021/2022
14
Non-financial report Letter by the Management Board
further promoted. The Group has long seen conducting a dialogue with stakeholders as a
valuable strategic instrument to strengthen long-term collaboration with key partners. By way
of example, the 100th meeting of the Environmental Commission, a successful citizen
participation model established more than three decades ago, was held a few months ago.
This commission ensures residents served by the waste incineration plant in Wels are regularly
informed about the plant's current developments and its compliance with emission limits.
Over the years, this process has helped foster a sense of mutual understanding and trust, and
there is now a very constructive dialogue on further development and improvements, for
example when it comes to minimising noise and odour emissions.
The Energie AG Group acknowledges that the Group’s success depends on the commitment
of its employees and therefore seeks to solidify its reputation as an attractive employer on an
ongoing basis and to offer a work environment that not only offers interesting development
opportunities, but also accommodates the individual needs of its employees. It is against this
backdrop that a large number of HR measures have been implemented in recent years aimed
at improving employee work-life balance, providing training and further development
opportunities, and offering flexible working hours. We are therefore proud to have been
named Austria's best employer in the recognised cross-industry trend ranking in 2022, in
which Energie AG Oberösterreich was particularly notable as an employer focused squarely
on the future. Being recognised in this way encourages us to continue our human resources
policy and makes us confident that we will be able to meet the upcoming business challenges
as a responsible employer despite the general shortage of skilled workers.
Energie AG consistently seeks to put environmental, social and public welfare issues at the
forefront of our agenda. We hope that this report on non-financial information can provide a
good overview and look forward to working together with you as we continue to pursue a
sustainable development.
The Management Board of Energie AG Oberösterreich
Chief Executive Officer
DDr. Werner Steinecker MBA
Dr. Andreas Kolar
Dipl.-Ing. Stefan Stallinger MBA
Chairman of the Management Board
Member of the Management Board
Member of the Management Board
CEO
CFO
COO
Energie AG Oberösterreich – Annual Financial Report 2021/2022
15
Non-financial report About this report
ABOUT THIS REPORT
GRI 102-1, 102-32, 102-46, 102-50, 102-51, 102-52, 102-53, 102-54
As per the European Union (EU) Directive 2014/95/EU on the disclosure of non-financial and
diversity information (NFR Directive) and its implementation in accordance with the Austrian
Sustainability and Diversity Improvement Act 2017 (Nachhaltigkeits- und
Diversitätsverbesserungsgesetz; NaDiVeG), Energie AG Group has been publishing the
necessary information in a separate report on non-financial information (non-financial
report) since the 2017/2018 fiscal year. This publication is the consolidated non-financial
report for Energie AG Oberösterreich (Energie AG) in accordance with § 267a of the Austrian
Commercial Code (UGB). This report is published on an annual basis together with the Group
Annual Report. The reporting period covers the full fiscal year from 1 October 2021 to 30
September 2022. The legal requirements pertaining to the non-financial report were taken
into account with external assistance based on international frameworks. The report on non-
financial information is based on the standards published by the “Global Reporting Initiative”
(GRI). This report was prepared in accordance with the GRI standards, “core” option, and also
offers information on additional performance indicators, including selected indicators of the
GRI sector supplements for companies from the electricity industry. An overview is provided
in the GRI content index › Page 102.
Commencing with fiscal year 2021/2022, Energie AG Group is required to disclose
information on environmentally sustainable revenues, investments (capex), and operating
expenses (opex) in accordance with the EU Taxonomy Regulation. The application of Article
8 of the Taxonomy Regulation in relation to the two published environmental goals “climate
change mitigation” and “climate change adaptation” as well as the disclosure of taxonomy-
eligible economic activities for fiscal year 2021/2022 is described in the section headed
Economy › Page 41.
In addition to this Non-Financial Report, Energie AG provides information about its corporate
responsibility in an annual Group Management Report › Page 108, in the › Semi-annual
Report and on its › company website.
› Spokesman and Head of Group Communications Michael Frostel MSc is available to
answer any questions regarding this report.
This Non-Financial Report presents non-financial information about Energie AG’s activities,
the activities of the consolidated Group companies and the activities of the associated
companies. It is broken down into the sections Economy, Environment, Social affairs,
Employees and Compliance (with the latter including respect for human rights and the fight
against corruption). Disclosures about topics of lesser relevance have not been provided. Key
figures are also presented, with any discrepancies noted separately.
The equal treatment of all genders is an important concern of Energie AG Group. In
fiscal year 2021/2022, the company has therefore implemented a gender-neutral style in its
external and internal communications. The gender-neutral style has also been adopted in this
Non-financial report (German version).
This report was created with the utmost care and attention and was examined in the Energie
AG Group audit directly commissioned by the Supervisory Board. The Supervisory
Board will report on this after fiscal year end on the next annual general meeting.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
16
Non-financial report Business model
THE BUSINESS MODEL
OF ENERGIE AG OBERÖSTERREICH
GRI 102-2, 102-3, 102-4, 102-6, 102-48 (Group management Report)
The business model of Energie AG Group covers the entire value chain of energy: from
energy generation to the construction and operation of electricity and gas grids as well as the
supply of consumers with electricity, gas and heat. Additionally, customers in Austria are also
offered telecommunication products and energy-related services. The Group offers an
integrated waste management and waste management solutions to its customers in Austria
and northern Italy, while those in the Czech Republic are supplied with drinking water, heat
and wastewater management services.
2022 is also the year in which Energie AG celebrates its 130th anniversary. The › history of
Energie AG is manifest in the milestones achieved by the Group since its formation in the
year 1892.
Energie AG is headquartered in Linz, Upper Austria. Energie AG’s market area includes
Austria, the Czech Republic, and Northern Italy. Operational electricity and gas-related sales
activities in Germany were discontinued at the end of calendar year 2021.
As a provider of electricity, gas, heating, water as well as energy, waste management,
information and communication technology services, the Company works to deliver the
highest levels of quality and reliability in its products, processes and services.
As a competent, responsible and competitive Group, Energie AG aspires to offer its customers
products and services that generate additional value, represent fair value and are regionally
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available. This helps to assure a general spirit of partnership when interacting with customers,
employees, suppliers and the general public.
The Energy Segment › Page 55 is the Company’s core business and consists of electricity and
heat generation, the trade with energy and energy-related products, electricity and gas sales,
heat supply in Austria and sales of telecommunication services. The range of services also
encompasses certain energy services, such as energy audits for large organisations, energy
certificates and building modernisation plans, charge cards for electric mobility charging
stations, special energy contracting models and system optimisation strategies.
The Grid Segment › Page 65 comprises the construction and operation of the electricity and
gas grid as the backbone of Upper Austria’s supply with electricity and gas by Netz
Oberösterreich GmbH (Netz OÖ GmbH), a fully owned subsidiary of Energie AG.
The Waste Management Segment › Page 67 offers integrated waste management and
individual waste management solutions in Austria and Northern Italy. This includes the
collection, acceptance, storage, sorting, management and incineration (including slag
processing) of domestic and commercial waste, as well as recovery and reuse of recycling
materials in this area.
The Czech Republic Segment › Page 71 offers comprehensive drinking water supply and
waste water management services in the Czech Republic. The business models include
concession, operator and service contracts; specialised water, waste water and heating
services; and construction and installations. Cities, local authorities, associations, industrial
enterprises, housing companies and housing cooperatives are the contractual partners who
form the Czech Republic Segment’s client base.
In addition to the management and control functions of the holding company, the Holding &
Services Segment › Page 72 comprises the Telecommunications business area, commercial
and technical services and some subsidiaries consolidated at equity that are not assigned to
other segments. The commercial and technical service companies provide services for the
entire Group.
Disclosures about changes under corporate law during the 2021/2022 fiscal year are provided
in the Group Management Report, Changes under corporate law › Page 117. The Group
Annual Report includes an overview of financial key figures Energie AG Oberösterreich at a
glance › Page 5.
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SHAREHOLDER STRUCTURE
GRI 102-5
In the 2021/2022 fiscal year, the shareholder structure of the Energie AG Group is as follows:
OÖ Landesholding GmbH
52.71%
Land Oberösterreich
0.10%
Linz AG für Energie, Telekommunikation, Verkehr und Kommunale Dienste
10.35%
TIWAG-Tiroler Wasserkraft AG
8.28%
Raiffeisen Oberösterreich (Konsortium)
13.98%
Oberbank AG (Konsortium)
5.18%
VERBUND AG
5.20%
voestalpine Stahl GmbH
2.07%
Oberösterreichische Landesbank Aktiengesellschaft
1.04%
Allgemeine Sparkasse Oberösterreich Bankaktiengesellschaft
0.52%
Oberösterreichische Versicherung Aktiengesellschaft
0.52%
Energie AG Belegschaft Privatstiftung
0.05%
As of 30 September 2022
GROUP MANAGEMENT BODIES
GRI 102-18, also see the Group Management Report, Change in the Management Board
Management Board
Chief Executive Officer Professor Commercial Council Ing. DDr. Werner STEINECKER MBA,
Chairman of the Management Board
Commercial Council Mag. Dr. Andreas KOLAR, Member of the Management Board
Dipl.-Ing. Stefan STALLINGER, MBA, Member of the Management Board
Supervisory Board
Shareholder representatives
Provincial Councillor Markus ACHLEITNER, Chairman
Solicitor Mag. Stefan LANG LL.M., Vice-Chairman
Chief Executive Officer Dr. Heinrich SCHALLER, Deputy Vice-Chairman
Head of Administrative Department Dr. Miriam EDER MBA
Chairman of the Management Board Mag. Dr. Erich ENTSTRASSER
Managing Director Mag. Dr. Christiane FRAUSCHER
Member of Management Board Mag. Florian HAGENAUER MBA
Chief Executive Officer Dipl.-Ing. Erich HAIDER MBA
Secretary General Emerita Mag. Anna Maria HOCHHAUSER (retired on 17 December 2021)
Deputy to Chief Executive Officer Commercial Council Mag. Michaela KEPLINGER-MITTERLEHNER
Dr. Elisabeth KÖLBLINGER (since 17 December 2021)
Member of Management Board Mag. Kathrin Renate KÜHTREIBER-LEITNER MBA
Head of Local Parliamentary Group, Member of State Parliament, Commercial Council Ing. Herwig MAHR
Gertrude SCHATZDORFER-WÖLFEL (since 4 March 2022)
Thomas Peter STADLBAUER MSc MBA MPA
Josef WALCH, Chartered Accountant and Tax Consultant (retired on 17 December 2021)
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Employees’ representatives
Ing. Mag. Leopold HOFINGER, Head of Works Council (retired on 21 April 2022)
Mag. Dr. Regina KRENN, Head of Works Council
Ing. Peter NEISSL MBA MSc, Head of Works Council
Edith SCHATZDORFER, Head of Works Council (since 21 April 2022)
Ing. Bernhard STEINER, Head of Works Council Group Representatives
Gerhard STÖRINGER, Head of Central Works Council
Christian STROBL, Head of Works Council
Andreas WALZER, Head of Works Council
GROUP STRUCTURE
GRI 102-18
The Management Board of Energie AG Oberösterreich manages the Group’s affairs and
represents Energie AG Group externally. In addition to the Austrian Stock Corporation Act
(Aktiengesetz), the Commercial Code (Unternehmensgesetzbuch), and the Articles of
Association, the actions of the Management Board and Supervisory Board are governed by
their respective rules of procedure. The Rules of Procedure of the Management Board
regulate the collaboration among the members of the Management Board, the Management
Board’s information and reporting duties, and transactions that require approval from the
Supervisory Board. The Rules of Procedure of the subsidiaries are based on those of the
Management Board and contain equivalent provisions. The allocation of portfolios between
members of the Management Board is approved by the Supervisory Board and defines the
areas of responsibility of the individual members of the Management Board without
prejudicing the Board’s overall responsibility. The topic of sustainability falls within the
responsibility of the full Management Board and is coordinated by the holding unit Group
Strategy as part of the strategy process. As a control body, the Supervisory Board’s statutory
duties include a review of the non-financial report and presentation of the review’s finding to
the General Meeting.
Energie AG has revised its strategy for the expansion of Fibre To The Home (FTTH) with the
aim of continuing to promote the best possible growth in this area, and create better
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economic conditions for fibre-optic expansion in Upper Austria with the greatest possible
coverage, despite the high degree of urban sprawl and the relating building costs. As a result,
the operational unit FTTH at Energie AG Oberösterreich Telekom GmbH (Telekom GmbH) was
merged with Fiber Service OÖ GmbH, an indirect wholly-owned subsidiary of the Province of
Upper Austria. This led to the formation of a new entity, BBOÖ Breitband Oberösterreich
GmbH (BBOÖ), which is 50% owned by the State of Upper Austria and 50% by Energie AG,
and bundles the FTTH activities. The FTTH business of Telekom GmbH was spun off to this
newly formed entity.
The fibre-optic backbone and the business customer sector remain with Telekom GmbH. The
future focus of Telekom GmbH will be on providing the layer 2 technology (signal technology)
and on backbone data transport for BBOÖ. The FTTH fibre-optic network, part of the spun-
off FTTH operational unit, was transferred to BBOÖ Breitband Oberösterreich Infrastruktur
GmbH, a wholly owned subsidiary of BBOÖ. Further information can be found in Social
affairs, supply security and quality › Page 75, as well as in the Group Management Report,
Changes under corporate law › Page 117 and Holding & Services Segment › Page 140.
The transfer of the “Metering Services” department from Telekom GmbH to Netz OÖ
GmbH on 1 October 2021, which combined the gas and electricity metering in Netz OÖ
GmbH, constitutes a material change in the Group’s structure. Another material change is
manifest in Energie AG Oberösterreich Vertrieb GmbH (Vertrieb GmbH) selling all shares in
Erdgas Oberösterreich Vertriebs GmbH (Erdgas Vertriebs GmbH) in Germany to Energie AG
Oberösterreich Tech Services GmbH (Tech Services GmbH) on 15 September 2022. Following
the end of gas sales activities in Germany at the end of 2021 and owing to the fact that this
entity is only used to process the claim related to the damage at the Grabsleben biogas plant,
Erdgas Vertriebs GmbH now comes under the relevant subsidiary within the Group.
In addition to the line and project organisation, Energie AG Group has an established crisis
and emergency management system with regular drills and meetings convened as
required. In the 2021/2022 fiscal year, a dedicated taskforce was formed and established to
deal with the impact of the war between Russia and Ukraine on the energy market, supply
situation and market position.
Further information about changes under corporate law during the 2021/2022 fiscal year can
be found in the Group Management Report, Changes under corporate law › Page 117.
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KEY FIGURES AT A GLANCE
GRI 102-7
* The shorter length of the fibre-optic network in comparison to the previous year (7,021 km) results from the spin-
off of the FTTH business. The length of the fibre-optic network that remains with Energie AG Group refers to the
backbone and business customer segment.
** Starting with fiscal year 2021/2022, the average waste volume handled of the Waste Management Segment
includes the volumes from Energie AG Südtirol Umwelt Service GmbH and RVL Reststoffverwertung Lenzing GmbH.
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STRATEGY AND MAJOR SUSTAINABILITY ISSUES
GRI 102-44, 102-46, 102-47, 102-49
Energie AG Group is consciously exercising its responsibility in the area of sustainable
development and accepts guidance from the contents and objectives of the Sustainable
Development Goals (SDGs) adopted by the United Nations in 2015. These goals are
intended to assist all nations in making significant progress in their sustainably development
until the year 2030. The Group contributes to the achievement of the SDGs with its strategic
positioning in combination with its individual products and service offerings, also see
Sustainability at a glance › Page 35.
Source: Sustainable development goals
A structured annual strategy process is a prerequisite for consistent control over the
Energie AG Group’s long-term business development. Strategies and measures that assure
the sustainability of the Group’s profitability and financial performance are derived from
market development analyses, the evaluation of the business activities’ effects in an
economic, ecological, and social context (monitoring processes, certifications etc.), the
balancing of the Group’s strategic goals with the interests and expectations ascertained
during the ongoing dialogue with stakeholders and the energy policy environment (new
statutory requirements etc.).
The annual strategy conference of the Management Board of Energie AG Group took place
in April 2022. It focused on an analysis of the prevailing fundamental economic, geopolitical
and legal conditions and associated opportunities and risks for Energie AG.
The strategic course of Energie AG together with the necessary capex resources was
communicated in the Group strategy conference held in July of 2022. In addition to the
current challenges and developments, which include the development of gas and electricity
prices, inflation and strategy implementation, the group strategy conference examined the
human resources strategy and the topic of “how we will work in the future” in further detail.
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MAJOR SUSTAINABILITY ISSUES
As part of the strategy development process, Energie AG’s major sustainability issues are
regularly evaluated and undergo continuous improvement with the involvement of internal
and external interested parties. Sustainability topics were rated in a materiality matrix from
”important“ to ”highly important“. The quantitative and qualitative key performance
indicators to be measured were set based on this matrix. The matrix was last updated in
fiscal year 2020/2021 and adapted to the results of the strategy process.
The focus of the Group’s commercial activities lies on the mid- and long-term positive
development of the major sustainability issues of Energy AG Group. The major sustainability
issues for Energie AG Group have not changed from the previous year and are discussed in
the following sections:
Economy › Page 41 and Group Management Report › Page 108
Partnership with equity investors and outside creditors
Business models fit for the future & innovation
Social affairs › Page 75
Security and quality of supply
Customer orientation and satisfaction
Regional responsibility & social commitment
Environment › Page 47
Climate protection & resource conservation
Employees › Page 87
Acting as a responsible employer
Workplace health and safety
Compliance (incl. Respect for human rights) › Page 95
Legal compliance and prevention of corruption
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DIALOGUE WITH STAKEHOLDERS
GRI 102-16, 102-40, 102-42, 102-43, EU-DMA (formerly EU19)
Energie AG utilises open stakeholder dialogue as a valuable strategic instrument and has
defined it as an essential pillar for initiatives in the field of sustainability.
Energy AG Group is maintaining extensive relations with different groups of stakeholders:
Among the Group’s many stakeholders, Energie AG affords special attention to its
customers. The intense exchange with internal and external stakeholders is mainly used to
satisfy the needs of customers in the best possible way. The Group also seeks to stay in
contact with existing, new and potential staff members. In terms of future employees, this is
on the one hand facilitated by the Group’s presence at job fairs held at secondary schools,
technical colleges and universities. On the other hand, discussions with new employees,
apprentices and their parents as well as student interns are held to precisely analyse and
adequately accommodate the interests of the various stakeholder groups. The strong focus
on employees in 2021/2022 was also reflected in the Trend award as Austria’s best
employer, which saw Energie AG taking the first place among 1,400 Austrian employers
from 19 industry sectors.
The customer forum is a place where current sales projects are subjected to a critical and
constructive dialogue, see Social affairs, customer focus › Page 78.
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Under the remit of the Group’s socio-political responsibility, Energie AG is seeking to engage
in direct contact with stakeholders on regional and interregional events, e.g. at the
occasion of Energie AG’s 130th anniversary, and at the occasion of the regional sales
roadshow. These contacts serve the purpose of informing customers about practical solutions
for a responsible consumption of natural energy sources.
Transparent information and communication is important to the Energie AG Group, in
particular in the case of infrastructure projects that interfere with sensitive habitats and
biospheres. In order to arrive at the greatest possible consensus and understanding for the
measures, the affected stakeholders are already provided with information about the projects
during the early planning phase and are directly involved in selected procedural steps.
A prime example of sustainable cooperation is the citizen participation model that was
implemented for the waste incineration plant in Wels. The model has been running since
1991, making it the longest active model of a public participation, mediation and project
environment management process. The central element of this model is an Environmental
Commission, which acts as a link between the Energie AG Group as the operator of the
waste incineration plant and the neighbouring communities. Thanks to open and transparent
communication that went hand in hand with assuring a compliant process (compliance with
emission limits, minimising noise and smell), this approach has created and sustainably
fostered an atmosphere of mutual understanding and trust. The 100th meeting of the
Commission for Environmental Policy was celebrated in the summer of 2022.
The model was extended by › Energie AG’s principles on democratic politics, which
articulate the Group’s voluntary commitment to considering the interests of stakeholders
affected by infrastructure projects and approval proceedings in particular beyond the scope
prescribed by law.
The › Guidelines for planning processes for (new) high-voltage routes developed in March
2017 serve the purpose of preventing conflicts in grid construction/extension projects, and
especially with regard to the planned routes for 110-kV high voltage lines. Emulating the
proven route planning process in civil engineering, these guidelines assure that the objectively
best possible route is identified from a broad interdisciplinary perspective on the basis of
established fundamental principles.
These guidelines were applied for the first time at the occasion of the Mühlviertel
Electricity Supply project (110-kV project Rohrbach – Bad Leonfelden – Rainbach, a joint
project between Netz OÖ and LINZ NETZ GmbH). The advantages and disadvantages of
potential routes were discussed with all interested parties. This process delivers a planning
corridor in which the project operators can prepare the detail planning in close consultation
and direct dialogue with the landowners.
The Energie AG Group acknowledges that the Company’s success depends on the
commitment of its employees and therefore seeks to solidify its reputation as an attractive
employer and to offer a work environment that not only offers interesting development
opportunities, but also accommodates the individual needs of its employees.
The contact to schools, educational institutions and associations is fostered in cooperation
projects, network events and sponsoring as well as at the various trade exhibitions. The
modern job application platform “digiTalent” facilitates the professional communication with
job candidates. The dialogue with staff members starts with the student interns, who in
the summer of 2022 were invited to a “school interns breakfast event” held at the Group’s
headquarters in Linz. Among other measures, surveys are used for the purpose of including
the internal stakeholders. Feedback from the individual managers and employees is collected
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on many measures such as personnel and management development events, projects and
regulations with the aim of deriving an action plan from them.
To optimise internal processes and procedures, Energie AG Group is holding internal
competitions for the best ideas that will allow the Group to harness the wealth of
practical experience and creative potential of its employees (projects “Neuland”,
“Loominati”). The winning projects are determined in a multi-stage selection process and
implemented without any further delay. This opportunity to become directly involved in
shaping the Company’s fortunes affords special appreciation to the project team members,
while the optimised processes benefit the Group as well as the employees and customers
affected by them. Also see Economy, innovation › Page 41.
Further information and initiatives pursued by Energie AG Group with the aim of considering
the wishes and needs of this important group of stakeholders can be found in section
Employees – responsible employer › Page 87.
The foundation for the implementation of the Group’s stakeholder management is Energie
AG’s › Code of Conduct titled › “This is how we think, this is how we act” and the
› “Code of Conduct for Contractors”, which was introduced in Austria in
fiscal year 2021/2022. The codes define the principles that underpin fair, transparent and
sustainable business practices. Every single employee and contractor endorses and commits
to these principles: responsibility, reliability, quality awareness, sustainability, transparency,
respect, integrity and non-discrimination.
Media analysis
The non-financial information of Energie AG is supplemented by reports in relevant media in
Upper Austria and across Austria on topics that touch on the affairs of the Group. The media
interest in fiscal year 2021/2022 focused on Energie AG’s activities in the context of the
dramatic price developments on the energy markets since the autumn months of 2021 and
on the threat of shortages in Europe’s supply with natural gas from Russia stemming from the
war between Russia and Ukraine. The media responded positively to the initiatives of Energie
AG Group seeking to secure the energy supply and drive the further development of
renewable energies, manifest in the extension of the SolarCampus in Eberstalzell and the
impressive progress made in expanding the electricity grid in Upper Austria.
The media also reported in fond words on Energie AG’s social initiatives (helping customers
with a price guarantee, temporary special conditions for business customers etc.) as well as
those aimed at promoting the efficient use of energy. The accolades were mainly focused on
Energie AG’s special offers in the area of sustainability, e.g. the reports on the measurement
of the CO2 footprint by Energie AG’s subsidiary IfEA Institut für Energieausweis GmbH (IfEA),
the promotion of renewable energy syndicates, the presentation of the regional E-Partner
network, and the › E-Fairteiler app for solar electricity as well as the sustainability
certification of Netz OÖ GmbH.
The press was also greatly interested in Energie AG’s initiatives related to the continued
development of the fibre-optic network and Energie AG Group’s involvement in the initiatives
of the Province of Upper Austria that seek to provide the state’s population with high-
performance internet.
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STRATEGY 2030
GRI 102-14, 103-1, 203-1
Reliability in supply and waste management services
In fiscal year 2021/2022, the turbulences on the energy markets and the continuing
COVID-19 pandemic once again presented Energie AG with enormous challenges in
warranting the uninterrupted operation of critical infrastructure (power plants, electricity and
gas grids, telecommunication, water supply and waste management). In combination with a
solid foundation built on the highest technical and organisational standards, the efficient
work of the additionally established taskforce warranted a high level of supply security
and supply quality. Energie AG Group faced particular challenges in this context as a result
of the looming shortages in Europe’s supply with natural gas caused by the war between
Russia and Ukraine. Energie AG therefore afforded special attention to the development of
strategic concepts aimed at securing Upper Austria’s energy supply in the medium and long
term. These efforts included an anticipatory procurement of the necessary gas quotas on the
energy markets, the replenishment of the Group’s own gas storage facilities, and increased
focus on renewable energies.
Netz OÖ GmbH secures the energy supply in Upper Austria with a modern and reliable
electricity and gas grid and is Austria’s pioneer in the by now completed roll-out of smart
meter technology, making it the backbone of the supply infrastructure in Upper Austria.
In addition to a high-performance grid infrastructure, the security of supply also depends on a
secure and flexible energy output. The combined cycle gas-turbine power plant in
Timelkam (CCGT power plant Timelkam) plays an important role in congestion management
here, and in grid reserve management for transmission system operators. Energie AG’s own
gas storage rights (or gas storage contracts) and subsidiaries support the high degree of
flexibility. The gas storage capacities also serve the purpose of meeting the provisioning
obligations pursuant to Article 6 (1) lit. c of the Gas-SOS-Regulation 2017/1938 in
conjunction with § 121 para 5 GWG. Under these statutory provisions, Vertrieb GmbH as the
supplier of protected customers is obliged to evidence the corresponding volumes in storage.
The development and application of new technologies and intelligent system solutions for
the integration of volatile decentralised electricity generation systems (PV, wind) and flexible
consumer systems (battery storage, e-mobility, heat storage) is of particular importance as
well. Together with partners from science and business, the project Underground Sun Storage
2030 examines the role of hydrogen in extending the production of electricity from
renewable sources from the summer into the winter months. Netz OÖ GmbH actively
supports national research projects (e.g. Industry4Redispatch, System management 2.0). The
participating experts are developing solutions that can accommodate the increasing
requirements for system management, data exchange processes and active participation of
additional market players in the electricity market.
The Waste Management Segment › Page 134 guarantees solutions for hazardous and non-
hazardous waste and recycling materials to the highest technological and ecological
standards and, due to the two waste incineration plants in Wels and Lenzing, makes a
significant contribution to waste management in Austria.
The Energie AG Group has succeeded in establishing itself as a reliable drinking water, waste
water management, space heating and hot water supply company in the Czech Republic
Segment › Page 137. The Group intends to deepen its partnerships with municipalities while
simultaneously boosting efficiency and competitiveness by making targeted investments in its
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own water, waste water and heating infrastructure as well as making constant upgrades to
the Group’s equipment and vehicle fleet.
Energie AG installs and operates a modern telecommunication infrastructure in Upper
Austria and has been investing in the extension of future-proof fibre-optic technologies for
around two decades. The Company’s goal is to advance the digitalisation and increase the
attractiveness of Upper Austria for businesses and residents alike. The majority of public
buildings in Upper Austria as well as many companies are already connected to the Group’s
fibre-optic network. In the business with residential and small customer accounts, the past
fiscal year witnessed a reorientation of the strategy for the FTTH development that aimed at
combining and optimising the broadband activities in Upper Austria, more information can be
found in the chapter headed Business model. › Page 16
Digitalisation will offer Energie AG numerous future opportunities. The development of
digital platforms will allow customers to benefit from new solutions. True to the motto of
“secure digital services”, Energie AG is actively shaping Upper Austria’s digital future in
collaboration with its customers and partners. Therefore key topics and objectives, and a
corresponding roadmap have been developed and consistently implemented.
Energy transition and circular economy
The Paris Climate Agreement requires CO2 emissions to come down to almost zero (net
value) by the year 2050. Austria has set itself the target of becoming climate neutral by
2040. Successfully mastering the necessary transformation process in the energy system
requires the political actions to focus on measures that are aimed at countering climate
change as well as those that prioritise the competitiveness of the economy and security of
supply.
On EU level there are currently discussions about the wording of many of the existing
directives, with the objective of achieving the higher CO2 reduction target of at least -55%
over the period between 1990 and 2030 agreed as part of the Green Deal. Responding to
the impact of Russia’s invasion of Ukraine on the global energy market and resulting
turbulences, the European Commission moved to present the REPowerEU plan. The plan
provides for a diversification of energy sources and acceleration of the transformation
processes along with higher targets for the expansion of renewable energy and energy
savings. The European Commission approved the financial assistance mechanisms of
Austria’s Renewable Energy Expansion Act, with the relevant provisions entering force on 1
January 2022. The decarbonisation of space heating is implemented by virtue of a law on
heat from renewable energies, which postulates an end to fossil energy sources by no later
than 2040. An amendment of the Environmental Compatibility Assessment Act (UVP-G) was
the subject of consultations until September 2022. Among other issues, it is concerned with
the identification of certain zones that are necessary for a rapid implementation of the energy
revolution. These projects related to the energy transformation are of a particularly high
interest in the public eye.
Further information on the fundamental political and regulatory framework can be found in
the Group Management Report, Energy and climate policy environment › Page 109 and
Statutory and regulatory framework in the Grid Segment › Page 131.
The national energy and climate targets for 2030 as well as the decarbonisation path to
be pursued up to 2040 are a very challenging step towards the future energy supply in
Austria. By using biomass, geothermal energy and industrial waste heat, the Energie AG
Group has for many years pursued a consistent decarbonisation strategy in the area of
heat supply and thus plays a pioneering role as a sustainable utility in its market sectors. From
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the perspective of Energie AG, it is relevant to take a holistic, integrated look at the entire
energy system, taking into account the electricity and heat and mobility sectors (“sector
coupling”), as well as a regulatory framework for the ramping up of green gases and
hydrogen.
In the area of electricity procurement, Energie AG has used its own 43 hydropower plants
and corresponding rights to procure electricity generated from renewable energy sources.
Fiscal year 2021/2022 witnessed Energie AG assuming the operational management of three
hydropower plants owned by Wels Strom GmbH: Traunleiten, Breitenbach and the run-of-
river power plant in Traunleiten. Energie AG Group also operates 84 PV plants (previous year:
75) and holds interests in four wind farms with 13 wind power facilities across Austria.
Energie AG supports the government’s programme for 2020-2024 by making sustainable
strategic decisions. This includes the planning and implementation of a number of power
plant projects in the areas of hydroelectric power, photovoltaic and wind power. This is part
of Energie AG’s contribution to the climate and energy policy of the Austrian Federal
Government, which is pursuing the goal of covering 100% of Austria’s total electricity
demand from renewable energies – on balance over a year - by the year 2030.
As a pioneer in the area of sustainable energy supply and partner for the energy
transition in Upper Austria, the Energie AG Group endorses the energy and climate goals
and supports them with concrete measures and projects: Environment › Page 47. Most
Energie AG Group projects pursue the objective of advancing the use of renewable energy
and improving energy efficiency on the one hand, while on the other hand reducing the
consumption of resources and production of waste both within the Group as well as at the
customer.
In the interest of a sustainable waste management and circular economy, the operations
of the Waste Management Segment are optimised by maximising the utilisation of synergy
effects, additional resource conservation, and more efficient recycling processes, e.g. by
further increasing the utilisation of waste heat (Wels waste incineration plant) as district heat
for the town of Wels.
Additional electricity generation from renewables until 2030
The strategic goal of Energie AG Group is to provide 630 GWh of additional electricity from
renewable energies produced by new and revitalised energy generation plants by the year
2030. This will deliver savings of around 200,000 tonnes of CO2 (reference value = ENTSO-E
Mix 2020).
The expansion of electricity generation from renewable energies will make a significant
contribution to the reduction and prevention of greenhouse gas emissions. 2,442 GWh of
electricity from renewable sources were generated and 784,000 tonnes of CO2 saved in the
fiscal year 2021/2022.
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Energie AG will also be continuing to promote the sustainable use of waste, geothermal
energy, industrial waste heat and renewable gases in heat production in the coming years –
adding yet another element to the efforts to achieve a future characterised by renewables.
In addition to these measures, what is also required to fundamentally transform the energy
system is that the grid infrastructure is expanded quickly at all voltage levels, that additional
storage capacity is created and that the gas/hydrogen grid is coupled with this sector and
correspondingly integrated.
The progressing expansion of electricity generation from renewable energies gives rise to
additional challenges in safeguarding the security of supply. Particularly important is the
continued safeguarding of the supply during times of low water levels, diminished solar
power or phases of weak wind activity. To some extent, this can be achieved by a changed
scheduling of production volumes with the help of new pumped-storage power plants.
Additional power plants that can provide a high output over a longer period of time will
however also be required. At the moment, this is mainly achieved with the help of gas power
plants. In the long term, there are plans to operate these power plants with renewable gas
and green hydrogen in particular. This is part of the EU’s energy strategy as well as national
energy strategies, e.g. in Germany and Austria. Energie AG Group is investigating and
monitoring the technological possibilities, including by means of participation in research
projects. The further implementation does however require framework conditions that
support a functioning business model.
Focus on the customer
Energie AG Group stands for high-quality, reliable products and services, which it
continuously and consistently adapts to the needs and preferences of existing and potential
customers. The strategic orientation of all organisational units of the Group is guided by the
benefit offered to the customer. New innovative solutions aim at generating additional value
for consumers, e.g. by creating special incentives for the purchase of environmentally friendly
products or by digitally supporting their decision-making processes.
In its business environment, Energie AG stands for sustainable and fair solutions, which it
can guarantee on the basis of permanent process optimisation efforts. Despite wholesale
prices increasing since 2017, existing residential and commercial customers alike were
guaranteed stable prices for standard electricity products until 1 January 2023 (with the
exception of residential/commercial electricity float prices). The stable prices are made
possible by an expedient procurement strategy: for risk diversification and optimisation
reasons, the procurement for these customers takes places on a very long-term “rolling”
basis, which means equally distributed over various points in time, with the result of an
average price and a smoothing out of peak price points.
Starting in the autumn months of 2021, the prices for new customers were successively
adjusted to match the higher procurements costs and changed market price levels. This is
because even though Energie AG’s customers in Austria receive electricity from 100%
renewable energies, they are nevertheless affected by the enormous price hike and price
fluctuations on the European electricity market.
As a result of the price guarantee, customer offers for standard gas products have also
remained unchanged for many years, which was also made possible by the rolling
procurement strategy described above. An adjustment to the new framework conditions for
new customers was implemented in fiscal year 2021/2022. In the autumn of 2020, the
prices for internet services were guaranteed for the first time. The price guarantee
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assumed until 1 January 2023 ensured that Energie AG Group once again positioned itself as
a reliable and fair partner in the past fiscal year.
Once the price guarantee assumed in the household and commercial sector expires, higher
procurement costs will necessitate a price increase for the gas and electricity supply to
existing customers.
Customers ascribe responsibility to Energie AG Group in particular in the area of security
and regionality. In both areas, Energie AG Group aspires to meet these expectations by
developing and investing in renewable energies and the establishment of a sustainable
circular economy. Turning to social responsibility, Energie AG contributes to the common
good by providing ongoing support in the areas of health, education, sport, arts and culture
as well as charitable and not-for-profit activities, also see the section headed Social
Affairs › Page 75 and the section headed Employees › Page 87. Energie AG Group clearly
showcased its solidarity by actively supporting customers affected by energy poverty, e.g. by
means of goodwill offers.
Safeguarding the legitimate interests of its customers is a top priority for Energie AG. This not
only applies with respect to an ethically exemplary treatment of customers in accordance with
the Group’s › Code of Conduct titled “This is how we think, this is how we act”, but also
when it comes to the handling of personal data. Internal controls have been implemented
to assure the Group’s compliance with the relevant regulations. An awareness campaign
started in the autumn of 2019 has focused on raising employees’ awareness for the prudent
handling of personal data and potential risks (cyber crime etc.). The campaign aims at
increasing the awareness for information security among employees. A dedicated topic (e.g.
data protection, phishing, social engineering) is presented in each quarter using a range of
materials such as banners, flyers and e-learning sessions.
Regional focus
As the energy supplier for Upper Austria, the Energie AG Group has positioned itself as a
strong regional partner for its customers and an important economic factor for the state. A
high degree of regional value creation is achieved by the generation of energy in our home
state, extensive investments in infrastructure projects across the state (expansion of electricity
generation systems, fibre-optic network etc.) and the associated creation of jobs.
Digitalisation provides an important impetus for the region. The Energie AG Group
advances the development of pioneering technologies and uses them to increase the quality
of its customers’ lives in their direct environment – e.g. by providing the means for a more
efficient use of energy and extending the coverage of the fibre-optic network in Upper
Austria.
Similar to Austria, the water and heat markets in the Czech Republic are distinguished by a
very regional structure. All services provided by Energie AG in the Czech Republic are
rendered by seven regional and local water utility companies, five heat utility companies and
one mixed water and heat utility company.
Financial stability
Energie AG’s financial goal is to achieve attractive returns, to sustainably secure the value
of the Energie AG Group and to continue to be a reliable and interesting business partner
for owners and investors in the future. Financial stability is supported by the balanced Group
portfolio of liberalised and regulated business models. A further basis for success is the
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efficient management of risks and opportunities. It empowers the Group management to
identify challenges at an early stage and to take effective measures in good time.
The Group responds quickly to dynamic changes to the statutory framework, as well as
market-based challenges stemming from changes in customer needs or competitors from
outside the industry.
Workforce
Without motivated and committed employees, strategic goals are unachievable. The
employees working at Energie AG are the Group’s most important resource. Energie AG
prevails in the competition for talent by implementing a strategically coordinated recruiting
process and succession management. The Group has also taken measures to further improve
its reputation as a preferred employer.
The Group’s successful apprenticeship programme trains the specialists needed by the
Group’s business sectors and includes measures in the area of diversity that send an
important socio-political signal.
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SUSTAINABILITY OBJECTIVES
GRI 102-14
ECONOMY
EMPLOYEES
Ensuring sustainable financial stability
Further development of employer branding with a
special focus on promoting diversity (women in
Securing the company value
technical professions)
Implementing innovative business models that
Personnel and management development, as
are fit for the future
well as high-quality apprenticeship programmes
Ensuring access to qualified personnel in the long
term, in particular by positioning the Company as a
family-friendly employer
ENVIRONMENT
Expanding renewable energy: +630 GWh by
2030; company fleet of electric cars to rise to 40%
by 2024
COMPLIANCE
Resource conservation
Ensuring a value-conscious compliance culture
Warranting an environmentally friendly and legally
Preventing property damage and reputational
compliant circular economy
damage
Ensuring fair competition by compliance with the
law and regulations
SOCIAL AFFAIRS
Reliability in supply and waste management
services
Positioning ourselves as a responsible company
Development and maintenance of sustainable
relationships with customers
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SUSTAINABILITY OPPORTUNITIES AND RISK MANAGEMENT
GRI 102-11
Due to the rising importance of sustainability issues for commercial decisions,
environmental, social and governance (ESG) aspects are becoming increasingly
important factors in the risk management process. This task falls in the remit of the group-
wide risk management system, which is taken with ascertaining and actively managing
the arising risks at an early point in time. Opportunities and risks are events outside of the
“ordinary” business activities that entail potential positive or negative consequences. For
details on the Group-wide risk management and a description of Energie AG’s opportunities
and risks, please see the Group Management Report › Page 119 and the Notes to the
Consolidated Financial Statements, Management of risks and opportunities › Page 234.
Based on international standards, the most significant effects of Energie AG’s activities on
the issues resulting from the Austrian Sustainability and Diversity Improvement Act (NaDiVeG)
were evaluated in an interactive process conducted together with the relevant business units.
The opportunities and risks identified in this way were subjected to a qualitative assessment
using a group-wide uniform assessment method. Opportunities and risks were presented as
net risks and commensurate measures to reduce these risks were taken.
The focus in the 2021/2022 fiscal year was on further developing the ESG risk management
system. The activities pursued by other organisational units within the Group and their
significant impact on matters regulated under the NaDiVeG were integrated into the group-
wide ESG risk management system. This also included an “outside-in” evaluation of the
issues that resulted in the inclusion of previously omitted risks and opportunities in the risk
inventory of Energy AG Group. These are dealt with accordingly and are given due
consideration within the strategy.
The following table summarises the most important risks and opportunities that may
arise from Energie AG’s activities in relation to the NaDiVeG, as well as the associated
concepts, measures and relevant SDGs:
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SUSTAINABILITY AT A GLANCE
GRI 102-11, 102-15, 102-16, 103-1, 103-2, 103-3
Concepts, significant opportunities (+) / risks (-)1), measures and SDGs
ECONOMY
ENVIRONMENT
PARTNERSHIP WITH EQUITY INVESTORS AND
CLIMATE PROTECTION | RESOURCE
OUTSIDE CREDITORS | BUSINESS MODELS FIT
CONSERVATION
FOR THE FUTURE – INNOVATION
Concepts
Concepts
Consistent QSE management system
Securing the company value by continuing a
Group’s strategic goals for climate protection and
sound financial and investment policy
resource conservation
Implementing innovative business models to
Certified management systems
safeguard the Group’s competitiveness
Partnerships and cooperation projects
Opportunities and risks
Strengthening the Company’s resilience against
Opportunities
exceptional events (e.g. energy market
turbulence, the COVID-19 pandemic)
Efficient and environmentally friendly energy
supply for society and the economy
Increasing the use of new technologies
(digitalisation)
Resource preservation empowered by modern
and sustainable technologies
Contribution to achieving climate neutrality
Opportunities and risks
Risks
see the Notes to the Consolidated Financial
Regional ecological impacts on habitats,
Statements, Management of risks and
hydromorphology and biodiversity from the
opportunities › Page 234
construction and operation of facilities
Local and global environmental impacts from
increased emissions (greenhouse gas emissions in
Measures
particular)
see the Group Management Report › Page 108
Measures
SDGs
“Quality, Safety and Environmental (QSE)
SDG 8: Decent work and economic growth
Management” Group Policy
SDG 9: Industry, innovation and infrastructure
“Strategy Development Process” Group Policy
SDG 12: Responsible consumption and
“Company Cars and Their Private Use” Group
production
Policy
Steady expansion of renewable energies
Company fleet of electric cars to rise to 40%
Legally compliant corporate management
1)
Risks/opportunities are defined as events outside of the “ordinary” business activities that entail potential negative/positive consequences; for
Energie AG’s risks/opportunities resulting from the NaDiVeG, please see “Significant Opportunities (+)/Risks (-) and Measures” in the Notes to the
Consolidated Financial Statements, Management of risks and opportunities › Page 234
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Increasing energy efficiency on the part of
customers and within the Group
Opportunities and risks
Environmental impact assessments and analysis
Opportunities
reports
High reliability in supply and waste management
Reviewed and approved environmental
services
statements, certifications and audits
Regional value-creation with infrastructure
Use of modern and sustainable technologies
projects and capital investments in infrastructure
Crisis and emergency plans
Support for social, cultural and sporting activities
Rights management database
New innovative products and sales channels for
Management of official decisions
customers
Ensuring that the legally required staff
Raising the awareness of children and adolescents
appointments are made
for an environmentally conscious consumption of
Ideas management
resources, electricity and water, as well as for the
proper management and separate collection of
“Code of conduct for contractors”
waste
Risks
SDGs
Potential negative effects on society, economy
SDG 6: Clean water and sanitation
and environment caused by malfunctioning
SDG 7: Affordable and clean energy
critical infrastructure (power plants, grid,
SDG 9: Industry, innovation and infrastructure
telecommunication, waste and water/waste water
management facilities)
SDG 12: Responsible consumption and
production
Potential negative effects from outages of critical
infrastructure on information security, cyber
SDG 13: Climate action
security and data protection
SDG 15: Life on land
Regional consequences for the local population
resulting from the construction and operation of
facilities
SOCIAL AFFAIRS
SECURITY AND QUALITY OF SUPPLY |
Measures
CUSTOMER ORIENTATION AND SATISFACTION |
“QSE Management” Group Policy
REGIONAL RESPONSIBILITY | SOCIAL
COMMITMENT
“Sponsoring and Giving” Group Policy
Investments into (grid) infrastructure
Concepts
Overhaul and maintenance work to ensure
security (of supply)
Consistent QSE management system
Crisis and emergency plans
Crisis management
Group-wide organisational structures for the
Group’s principles on democratic politics
management of risks and opportunities
Group’s strategic goals for security and quality of
Customer forum
supply, customer satisfaction and regional
responsibility
Proactive inclusion of stakeholders
“Principles on democratic politics”
Project-related communication with stakeholders
Consideration of the interests of affected citizens
beyond the scope prescribed by law
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“Guidelines for planning processes for new high-
Family-friendly employer
voltage routes”
Risks
Support for social, cultural and sporting activities
Health and safety risks for company staff and
Educational programme “Energie AG at School”
temporary employees
Ideas management
Complaint management
Measures
“Code of conduct for contractors”
“Human Resource Management” Group Policy
› www.wir-denken-an-morgen.at
“Management by Objectives” Group Policy
also see measures in Compliance
“Management Academy” Group Policy
“berufundfamilie” audit for work-life balance
SDGs
“Workplace Health Promotion until 2019” seal of
SDG 4: Quality education
approval
SDG 6: Clean water and sanitation
In-house health management project
energy@work
SDG 7: Affordable and clean energy
Dialogue with the employees’ representatives
SDG 9: Industry, innovation and infrastructure
Various employer branding measures for the
individual target groups
EMPLOYEES
Personnel and management development
Apprenticeship|trainee programmes
ACTING AS A RESPONSIBLE EMPLOYER |
Promoting diversity: “Women in technology jobs”
WORKPLACE HEALTH AND SAFETY
Trend monitoring
Strategic succession planning
Concepts
Continuous development of the high work safety
Comprehensive human resource management
standards
Management systems for health and safety in the
Safety training courses for internal and external
workplace
employees
Group’s strategic goals for positioning itself as a
Work safety awareness campaign
responsible and attractive employer, as well as for
Introduction of sabbaticals
health and safety at work
Ideas management
Cultural & sport events for the workforce
Opportunities and risks
Opportunities
SDGs
Safeguard and creation of jobs for skilled
professionals within the region
SDG 4: Quality education
Economic contribution by providing education
SDG 5: Gender equality
and training
SDG 8: Decent work and economic growth
Long-term safeguarding of fitness to work and
quality of life as a result of health promotion
measures for the workforce
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COMPLIANCE
RESPECT FOR HUMAN RIGHTS
LEGAL COMPLIANCE AND PREVENTION OF
LEGAL COMPLIANCE AND PREVENTION OF
CORRUPTION
CORRUPTION | SECURITY AND QUALITY OF
SUPPLY | REGIONAL RESPONSIBILITY | ACTING
Concepts
AS A RESPONSIBLE EMPLOYER | CLIMATE
Compliance management system and officer in
PROTECTION & RESOURCE CONSERVATION
place
Concepts
Information management system
Group’s strategic goals for climate protection and
Data protection management system
resource conservation, security and quality of
Whistleblower system
supply, regional responsibility, and acting as a
responsible employer
Opportunities and risks
Compliance management system and officer in
Opportunities
place
Improving legal certainty
Whistleblower system
Fair and transparent contract award processes
Opportunities and risks
Transparency and reliability for customers
Opportunities
Risks
Secure and reliable supply and waste
Risks to fair competition caused by corruption and
management in the interest of a high quality of
violations of antitrust law
life
Risks to claims by customers and employees
Positive effects on the region from regional
under data protection law
procurement
Measures
Positive effects on business partners and
“Compliance Management System” Group Policy
employees
“Anti-corruption” Group Policy
Risks
“Capital Market Compliance” Group Policy
Risks in the earlier links of the supply chain
“Information Security Management” Group Policy
cannot be entirely ruled out
“Data Protection Management System” Group
Isolated cases of discrimination
Policy
Measures
“Data Protection Compliance Policy” Group Policy
“Compliance Management System” Group Policy
“Internal Control System (ICS)” Group Policy
Works council
Code of Conduct “This is how we think, this is
Code of Conduct “This is how we think, this is
how we act”
how we act”
“Code of conduct for contractors”
“Code of conduct for contractors”
Whistleblower instrument “Tell me”
Whistleblower instrument “Tell me”
In-person training and e-learning courses
Procurement sourcing is geared to sustainability
SDGs
criteria and principles
Training courses
SDG 5: Gender equality
SDG 8: Decent work and economic growth
› www.wir-denken-an-morgen.at
SDGs
SDG 8: Decent work and economic growth
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QUALITY, SAFETY AND ENVIRONMENTAL MANAGEMENT
GRI 102-11, 102-16, 103-3, 403-1, 403-8
An integrated quality, safety and environmental management system (QSE) with a focus on
sustainability and maximum efficiency is an integrated component of the management
systems used by Energie AG Group. As part of the Company’s due diligence measures, the
ISO 9001:2015 standard for quality management systems is applied as a Group-wide
standard that contributes towards efficient design, continuous improvement and transparent
presentation of operational processes and procedures.
The governance risk compliance (GRC) management tool implemented in the
2019/2020 fiscal year has now reached the planned scope of use. The processes of the Group
companies (with the exception of the Czech Republic Segment) and their success factors are
mapped in this GRC management system. The tool has been in use for internal and external
audits including the associated action monitoring since fiscal year 2020/2021.
There is at least one QSE liaison assigned to all applicable Group companies and holding
units. These liaisons are responsible for operational implementation of the QSE management
system.
To ensure compliance with relevant environmental and occupational safety
requirements, the entities that are not certified to ISO 14001:2015 and ISO 45001:2018 are
guided by the historical values for the environmental management standards ISO 14001:2015
and EMAS (“Eco Management and Audit Scheme”) as well as occupational health and safety
according to ISO 45001:2018 from the already certified subsidiaries. 43.0% of employees at
Energie AG Group are working in areas that are certified to ISO 45001:2018.
The integrated QSE management system ensures the continuous improvement of the Energie
AG Group’s services through the active involvement of executives, employees and customers.
Regular examination from internal audits and by independent external and accredited
certification bodies guarantees top product and service quality, as well as the best possible
processes for customers and partners. The high quality of the QSE management system was
also confirmed by TÜV Süd after a review audit between 22 April 2022 and 5 July 2022.
All Energie AG units that have adopted these externally certified quality, safety,
environmental and health management systems have processes to identify negative impacts
on the environment and employee health, which can then be prevented or mitigated
accordingly.
All staff in Austria and northern Italy work at entities certified in accordance with quality
management standard ISO 9001:2015. 28.5% of the Austrian and Italian workforce is
employed at entities certified to environmental management standard ISO 14001:2015.
Furthermore, 29.9% of employees in Austria are working in accordance with the Group’s
environmental management system EMAS. The additional and specific standards ISO
14001:2015 and EMAS were implemented for the Waste Management Segment, which
accounts for 27.6% of employees in Austria, between 2010 and 2013.
The Grid Segment is certified to ÖVGW QS GNB 200 (quality requirements for gas grid
operators) and TSM P100 (technical safety management in electricity grids). The audit
concerned industry-specific requirements pertaining to the assessment of gas and electricity
grid operators with regard to the qualification and organisation of their technical units. Other
certifications held by Netz OÖ GmbH include ISO 9001:2015 and ONR 192500:2011
concerning the social responsibility of organisations (CSR). Netz OÖ GmbH has successfully
solidified its leading position within the industry by gaining a new certification in
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fiscal year 2021/2022. Following intensive preparations and an audit phase lasting almost a
full month, the company’s information security management systems (ISMS) was successfully
certified to ISO/IEC 27001:2013. Parallel to the ISO/IEC 27001:2013 audit, all requirements of
the Network and Information System Security Act (NISG) were co-audited by a qualified body,
with the NISG audit report expected early in the 2022/2023 fiscal year.
The Waste Management Segment is certified in the areas of quality (ISO 9001:2015),
occupational health and safety (ISO 45001:2018), environment (ISO 14001:2015), and as a
qualified waste management operator (RAEF). Energie AG Oberösterreich Umwelt Service
GmbH (Umwelt Service GmbH) was the first nationwide waste management company that
implemented the current version of the EMAS validation (Regulation [EC] No. 1221/2009) at
all its locations back in 2013.
The entities in the Czech Republic are not subject to the Energie AG Oberösterreich Group
QSE management system. In accordance with the requirements of the respective subsidiary in
the Czech Republic Segment, two Czech entities are certified in accordance with the
international standards ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018. This means
that just over two thirds of the employees in the Czech Republic work in entities that are
certified under quality, environmental and occupational safety standards.
The companies Gas- und Dampfkraftwerk Timelkam GmbH (GuD-Kraftwerk Timelkam
GmbH) and the Group IT Services department of Business Services GmbH and Telekom GmbH
are additionally certified in accordance with the information security management
standard ISO 27001:2015.
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ECONOMY
SDG 8, 9, 12
GRI 103-1, 103-2, 103-3, 201-1 (Group Management Report, Consolidated Financial Statements), 203-2, EU DMA (formerly
EU8)
The sustainability objectives of Energie AG in the economic domain are:
Ensuring sustainable financial stability
Securing the company value
Implementing innovative business models that are fit for the future
Information on the economic position of Energie AG Group can be found in the Group
Management Report, and at that location in the chapter headed Business Development in
the Group › Page 112, Economic environment › Page 108 and Economic environment for
the energy sector › Page 109 as well as in the Consolidated Financial
Statements › Page 148.
EU TAXONOMY
The redirection of capital streams into sustainable investments is one of the objectives of the
action plan for funding sustainable growth (“EU Action Plan on Sustainable Finance”). The
Taxonomy Regulation came into effect in the middle of 2020 and serves as a uniform binding
classification system that defines the economic activities in the EU that are deemed
“environmentally sustainable”. The companies report on the outcomes of this classification
on an annual basis. Accordingly, the non-financial reports of these companies include
information on how and to what extent their activities are to be classified as environmentally
sustainable.
Based on the previously published regulations and delegated acts, an interdisciplinary project
initially defined the economic activities within Energie AG Group that are to be classified as
environmentally sustainable. In accordance with the Taxonomy Regulation, a
differentiation was made between an economic activity’s taxonomy-eligibility and taxonomy-
aligned. The reporting for fiscal year 2021/2022 requires information on whether an
economic activity is described in the delegated act and thereby rendered taxonomy-eligible.
For the two environmental goals “climate change mitigation” and “climate change
adaptation”, the EU has published the delegated acts on sustainable economic activities
within the meaning of the Taxonomy Regulation. The remaining four environmental goals are
not yet applicable to Energie AG Group in the current fiscal year.
According to relief granted by the EU, the reporting year 2021/2022 only requires Energie AG
to disclose the proportions of the economic activities that are eligible and not eligible under
the taxonomy in the sales revenues as well as capital expenditure and operating
expenses. This consideration in principle includes all fully or partly consolidated subsidiaries.
Owing to Article 8 no. 1 of the Taxonomy Regulation in conjunction with § 243b and/or §
267a Austrian Commercial Code (UGB), application of the regulations under the
Taxonomy Regulation is compulsory for Energie AG. As required under § 245a para 1 UGB,
the Consolidated Financial Statements of Energie AG as of the closing date were compiled in
accordance with the “International Financial Reporting Standards” (IFRS). The figures used to
calculate the key figure for sales revenues, investments (capex) and operating expenses (opex)
stem from the figures reported in the Consolidated Financial Statements.
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Based on a complete analysis of the company’s economic activities with respect to the
environmental goals “climate change mitigation” and “climate change adaptation”, the
proportion of taxonomy-eligible sales revenues, capex and opex in the respective total
figures are stated in accordance with the Taxonomy Regulation for fiscal year 2021/2022.
Identified economic activities within the meaning of the
EU Taxonomy Regulation
Economic sector according
to the EU Taxonomy Regulation
Material economic activities identified in the Energie AG Group
Energy
Electricity generation from hydroelectric power and photovoltaics
Storage of electricity, transmission and distribution of electricity
Heat generation from bioenergy, waste heat and district heat distribution
Water supply, waste water
Construction and operation of systems for water extraction, treatment and supply
management and waste management
Construction and operation of waste water collection and treatment systems
Collection and transportation of non-hazardous waste
Traffic
Transport using passenger cars and light commercial vehicles
On-road freight haulage
Construction and operation of infrastructure for low-carbon road traffic
Building industry and real estate
Acquisition and ownership of buildings
Installation, maintenance and repair of technologies for renewable energies
Installation, maintenance and repair of energy-efficient devices and charging stations for electric vehicles
Information and communication
Data processing, hosting and associated activities
The economic activity “electricity generation from wind power” is not included in
Energie AG’s taxonomy disclosures because the wind power-related participating interests
within Energie AG Group are not consolidated or only consolidated at equity.
Sales revenues – definition
According to the Taxonomy Regulation, the numerator only considers taxonomy-eligible
goods or services that are produced or rendered directly by Energie AG Group. The
proportion of taxonomy-eligible economic activities in the total sales revenues was
determined as the proportion of sales revenues from goods and services that is associated
with taxonomy-eligible economic activities (numerator), divided by Energie AG Group’s
consolidated net sales revenues determined in accordance with the “International Accounting
Standard” (IAS) 1.82 (a) (denominator) (also see the Notes to the Consolidated Financial
Statements, Consolidated Statement of Income › Page 148). The proportion of Energie AG
Group’s taxonomy-eligible sales revenues was 22% in the reporting period.
Sales revenues
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Investment expenditure (capex) - definition
The key figure capex expresses the proportion of the investment expenditure that is either
associated with a taxonomy-eligible economic activity or relates to the procurement of
products and services from a taxonomy-eligible economic activity.
The key figure capex is defined as the taxonomy-eligible investment expenditure (numerator)
divided by the total investment expenditure for intangible assets, property, plant and
equipment, and IFRS 16 leasing investments (denominator) (also see the Group Management
Report, Business development in the Group › Page 112). 84% of the investment
expenditure was defined as taxonomy-eligible in fiscal year 2021/2022.
CapEx
Operating expenses (opex) - definition
The key figure opex expresses the proportion of the operating expenses within the meaning
of the Taxonomy Regulation that is either associated with a taxonomy-eligible economic
activity or relates to the procurement of products from a taxonomy-eligible economic activity.
The key figure opex is defined as the taxonomy-eligible operating expenses (numerator)
divided by the total defined operating expenses (denominator). The operating expenses are
comprised of the expenses for research and development (R&D), expenses for maintenance
and repairs, direct expenses in relation to the daily maintenance of assets, and short-term
leases. 56% of operating expenses in the reporting period were classified as taxonomy-
eligible within the meaning of the Taxonomy Regulation.
OpEx
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PARTNERSHIP WITH EQUITY INVESTORS AND OUTSIDE
CREDITORS
Continuing the sound financial policy aims at sustainably increasing the company value and
the attractiveness of Energie AG Group for equity investors and outside creditors.
Forward-looking initiatives such as pro-active liquidity assurance are aimed at warranting
stability and resilience in times of crisis, as well as with respect to uncertain macroeconomic
developments in Austria.
Positioning the company as a reliable and stable partner for equity investors and outside
creditors is an important goal of Energie AG Group. This goal is pursued stringently and
sustainably by means of a stable dividend policy for our shareholders as well as a financial
policy that places great importance on safeguarding a good and sustainably solid credit
rating.
The goal of the Energie AG Group is to generate an ROCE (Return on Capital Employed) that
is higher than the WACC (Weighted Average Cost of Capital) value through consistent
value-oriented corporate management and control. Energie AG Group primarily relies on the
ROCE and the operating result (EBIT) for its internal management and assessment of the
Group's earning power.
The target for the long-term creditworthiness of Energie AG Group is a rating within the A
group. In late February 2022, the international rating agency Standard & Poor’s again
confirmed the creditworthiness of Energie AG with an ‘A’ rating (with a stable outlook). The
analysts assessed the Group's stability and resilience in today's highly volatile and crisis-laden
environment as particularly positive. For more than two decades, the Energie AG Group has
had a credit rating by external experts as one of the top ranking European energy suppliers.
As a result of the heavy turbulences on the European markets for energy and raw materials in
combination with the associated potentially high liquidity requirements from the energy
trading business, Energie AG in fiscal year 2021/2022 secured its liquidity by agreeing on
additional – partly committed – lines of credit up to EUR 385 million with banks in Austria
and Germany. This means that total lines of credit up to EUR 700 million are available to
safeguard Energie AG's ability to take action even if markets were to become volatile in the
future. Also see the Group Management Report, Funding and investment
strategy › Page 114.
The securing of long-term funding on the capital markets plays an important role, in
particular for the financing of sustainable infrastructure projects for the expansion and
renewal of hydroelectric power and photovoltaic plants as well as the expansion of the
electricity grid in Upper Austria. The transformation toward a sustainable energy supply will
require massive investment programmes from the entire industry over the next couple of
years. The commercial successes enjoyed in recent years enable Energie AG to make a
significant contribution to and actively participate in the energy transition.
The Energie AG Group responds to the identified macroeconomic risks from turbulences
on the energy market and the implications of the COVID-19 pandemic with efficiency
improvement measures, a value-based investment management, and new business models
aimed at harnessing additional earning potentials.
The magnitude of value creation for the stakeholders is evident in a study from the 2018/
2019 fiscal year, in which Economica-Wirtschaftsforschung determined the economic
footprint of Energie AG. The study found the Group to have Austria-wide relevance with a
total value creation of EUR 1.1 billion and more than 10,000 safe jobs. In Upper Austria,
Energie AG Oberösterreich – Annual Financial Report 2021/2022
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Non-financial report Economy
2.1% of the region's gross domestic product and 1.3% of employments are directly or
indirectly dependent on Energie AG.
BUSINESS MODELS FIT FOR THE FUTURE – INNOVATION
Research and development within Energie AG focuses on projects that cater to the strongly
growing demand for digital services as well as the increased use of renewable energy
sources. Energie AG warrants the practicability and demand-orientation of pioneering
business models by involving the stakeholders as early as possible in the development
process.
Wertstatt 8 GmbH (Wertstatt 8) has been developing innovative solutions for the energy
transition as an independent innovation company since 1 October 2019 with the goal of
exploring the potential of different subject areas for future business models and placing an
even stronger focus on the advancement of innovation-related activities. A dedicated
innovation lab geared to the specific needs of innovation work was opened in December of
2021. Wertstatt 8 is continuously developing new solutions that cater to individual customer
requirements. Rapid learning and experimentation is used to work on innovative concepts in
areas such as sustainability, the circular economy or energy. The open innovation approach
is used to develop sustainable service proposals together with customers and external
partners (e.g. Industry meets Makers (IMM), bizup, Energy Institute at Johannes Kepler
University (JKU) of Linz, or industry partners from the network of Wertstatt 8 GmbH). To
promote the dialogue with employees, Wertstatt 8 has founded an internal sustainability
community in fiscal year 2021/2022.
One of the solutions developed by Wertstatt 8, the › online heating adviser “HEINZI”,
supports customers who need to renovate their heating system by recommending heating
technology options in accordance with their individual requirements and preferences.
“HEINZI” also provides information about the heating systems’ CO2 and fine dust emissions
and supplies users with information about financial support for heating system replacements
from the federal or state governments. Customers receive non-binding cost estimates and
may request to be connected with specialist companies in the region who can support them
in the practical implementation.
Users who are interested in installing privately-owned PV plants are supported by Energie
AG’s › “PV calculator”, which allows them to calculate the potential capacity and cost
efficiency of their own PV plant. Energie AG thereby enables its customers to gain a quick
overview of available options and receive suitable offers. Netz OÖ GmbH is the electricity grid
operator for Energie AG and offers its customers a wide range of information and support in
installing their own photovoltaic systems. In the fully automated approval process with the
licensed electrical services companies, the latter also act as the point of contact for customers.
Due to the sudden jump in applications in early 2022, Netz OÖ GmbH offered customers an
extensive pool of information on its website at › www.netzooe.at/photovoltaik and also
introduced online tools for customer support.
In combination with a special new tariff model, the › “E-Fairteiler” app developed by
Wertstatt 8 and launched in July 2021 enables groups of private electricity producers and
consumers to distribute their internally generated PV electricity (peer-to-peer trading)
within the group. The only prerequisite is a smart meter. Surplus electricity can be sold to one
or several groups of other customers (without a PV system) at an individually set price. The
price is set in the app by the group administrator. By joining the group, the individual decides
whether or not they accept the set conditions. More features for the “E-Fairteiler” app are
planned. As of 30 September 2022, 793 customers had already used the app. No new tariff
Energie AG Oberösterreich – Annual Financial Report 2021/2022
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Non-financial report Economy
has been offered since the end of April 2022 as a result of the turbulences on the energy
markets and the resulting difficulties in determining the price of electricity.
Suggestions for improvement are solicited from all Energie AG’s employees on the
“Loominati” platform – from small ideas about how to make savings to all-new business
models. The most important asset for this to succeed is an innovative and highly motivated
workforce, with staff able to play their part in the optimisation of operational processes and
the ongoing development of the Group by sharing their ideas and expertise.
Suggestions for improvements
Unit
2021/2022
2020/2021
2019/2020
Ideas submitted
Number
130
101
121
In the 2021/2022 fiscal year, this translated to 130 suggested improvements submitted by
employees from all units within Energie AG Group in the form of a “Loominati” idea
(previous year: 101).
The regularly conducted digitalisation initiative “Neuland” is one of the measures taken to
implement Energie AG’s digital strategy. Many pioneering ideas were once again received
from Energie AG’s employees in the past fiscal year 2021/2022. The initiatives included, for
the first time, a hackathon, which allows employees to program their own digital solution on
the basis of Microsoft PowerPlatform. Competent IT coaches supported the team with
training during the lead-up to the event as well as directly in the development of new apps
and workflows that can make their daily work easier by digital means. This was accompanied
by brief webinars that were offered to the employees in the form of twelve inputs over 30
minutes each. A total of 482 staff members have used them for digital training. The
PowerPlatform skills developed at the occasion of the hackathon represent solid knowledge
that is added to the overall organisation and used sustainably for the development of other
digital solutions.
New technologies
Energie AG believes that new technologies offer great potential for developing solutions for
future challenges and harnessing opportunities in existing and new business areas.
Accordingly, new technologies are afforded a high priority in the Group’s research,
development and innovation activities. The works in fiscal year 2021/2022 included, among
others, projects in the areas of decarbonisation, flexibilisation, safety, digitalisation and
automation.
For more information, see the Group Management Report › Page 108, Research,
development and innovation › Page 120.
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Non-financial report Environment
ENVIRONMENT
SDG 6, 7, 9, 12, 13, 15
GRI 103-1, 103-2, 103-3
Energie AG pursues the following environmental objectives:
Steady expansion of renewable energy: +630 GWh by 2030
Company fleet of electric cars to rise to 40% by 2024
Resource conservation
Warranting an environmentally friendly and legally compliant circular economy
Energie AG’s major sustainability issues in the realm of the environment and sustainability are
climate protection and the responsible, careful and efficient consumption of natural energy
resources. They are covered in the section Environment, broken down according to the
Segments Energy › Page 55, Grid › Page 65, Waste Management › Page 67, Czech
Republic › Page 71, and Holding & Services › Page 72.
Waste management is an integral element of the circular economy. Across the EU, statutory
measures are being implemented to retain goods within the economic cycle and – aiming for
the longest possible duration of use – ultimately assure their sustainable processing. The
implementation of the measures and their impact are accompanied by EU-wide reporting
that, among others, includes (volume) disclosures regarding waste handled and processing
paths. Waste management plants that exceed a legal limit of waste volumes are made to
comply with special conditions and reporting obligations. This concerns, for example, waste
incineration plants and landfills.
Regular internal and external audits are carried out as part of due diligence measures to help
to ensure the necessary compliance with the environmentally-relevant statutory requirements.
The full list of review findings can be found in the current environmental statements of
› Umwelt Service GmbH and › Energie AG Oberösterreich Erzeugung GmbH (Erzeugung
GmbH) for Timelkam.
CLIMATE PROTECTION & RESOURCE CONSERVATION
GRI 305-1, 305-2
Energie AG is a steadfast supporter of the Austrian government’s climate policy. In addition
to utilising and expanding electricity generation from renewable sources, Energie AG Group’s
climate protection action is assisted by the principles of resource preservation and energy
efficiency. The company takes measures aimed at increasing the energy efficiency of existing
plants and systems and at the same time advises customers in the implementation of their
own energy efficiency measures. It is implementing projects focused on decentralising the
market that lay the foundation for the emergence and functionality of renewable energy
communities and facilitate a sensible, practical future cooperation with these new market
players.
Projects aimed at reducing the internal consumption of resources, compensating for
undesirable effects from the Group’s own operations on the climate and natural environment,
as well as further improving the environmental footprint of Energie AG are being
implemented.
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Non-financial report Environment
The measures aimed at raising awareness for the responsible treatment of energy resources
among the population are complemented by (digital) information and advisory services as
well as attractive financial assistance options.
Emissions
GRI 305-1, 305-2
The Energie AG Group’s business activity requires a reasonable amount of greenhouse gas
emissions. Thermal power plants are indispensable for electricity production as a means of
ensuring a secure supply. Energie AG works to counter emissions by making substantial
positive impacts on the environment through efficient low-CO2 energy and heat generation,
and by harnessing the benefits of primary fuel and primary raw material substitution. In
addition, the Waste Management Segment’s refrigerator recycling service makes a significant
contribution to reducing greenhouse gas emissions.
Fiscal year 2021/2022 accounts for the generation of 1,358 kt of direct CO2 emissions (Scope
1; previous year: 1,099 kt), of which 1,184 kt are attributable to fossil energy sources
(previous year: 923 kt) and 173 kt to biogenic energy sources (previous year: 176 kt). Energie
AG Group accounted for 27 kt of indirect market-based CO2 emissions (Scope 2; previous
year: 29 kt) and 101 kt site-based CO2 emissions (previous year: 120 kt). The variations in the
previous year’s figures resulted from an improved data collection methodology and more
precise process analysis.
The Energie AG Group’s emissions predominantly come from the operation of thermal
power plants, district heating plants, waste incineration plants and co-generation plants, as
well as from pumping energy, distribution losses, process heat, building heating and vehicles.
Calculation of CO2 emissions takes into account the Greenhouse Gas (GHG) Protocol
Corporate Standards and the Global Reporting Initiative (GRI 305) Standards.
Scope 1 encompasses direct emissions from the incineration processes of stationary and
mobile facilities plus direct emissions from processes (CO2 and CH4).
Direct greenhouse gas emissions are released when primary energy sources are converted
in the Company’s facilities, vehicles and building heating. This includes all fuels such as
natural gas, heating oil, diesel, petrol, liquefied petroleum gas and biogenic fuels. Energie AG
creates electricity and district heating from these sources, allowing it to operate its own fleet
of road vehicles.
Scope 2 encompasses indirect emissions from electricity purchases and district heating. For
Group units located within Austria, the generation mix of Vertrieb GmbH is used to measure
the market-based CO2 emissions from electricity purchases. Electricity sales have been
assigned the value of 0.00 g CO2/kWh since fiscal year 2020/2021. The Czech Republic
Segment is measured at the average annual generation mix for the Czech Republic as per the
“European Environment Agency”.
Indirect greenhouse gas emissions are released by the use of electricity from the grid and
heating from non-Energie AG systems. This includes the operation of systems that generate
no electricity in-house, such as electricity supply to Energie AG buildings, grid purchases
during system shutdowns/overhauls and pumped-storage electricity.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
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Non-financial report Environment
CO2 emissions in tonnes per year
Total direct (Scope 1) CO2 emissions
2021/2022
2020/2021
2019/2020
Total 1)
1,357,555
1,098,730
1,217,676
1) Previous years' values were restated due to improved data transmission.
Direct (Scope 1) CO2 emissions, fossil 1)
Business unit
2021/2022
2020/2021
2019/2020
Erzeugung GmbH
626,386
390,503
491,328
Waste Management Segment
495,679
468,552
483,828
Czech Republic Segment
31,316
33,561
32,062
Vertrieb GmbH
25,567
25,169
23,966
Netz OÖ GmbH
3,188
3,575
3,395
Business Services GmbH 2)
1,978
1,629
1,714
Total
1,184,115
922,990
1,036,292
1) The emission factors for fossil fuels were updated according to the values published by the Environment Agency Austria. Values for the global warming potential were taken
into account over a 100-year timescale in accordance with the “Fifth Assessment Report” of the “Intergovernmental Panel on Climate Change” (IPCC AR5).
2) Previous years' values were restated in fiscal year 2020/2021 as the improved data transmission resulted in a lower consumption of fossil fuels by Business Services GmbH.
Direct (Scope 1) CO2 emissions, biogenic 1)
Business unit
2021/2022
2020/2021
2019/2020
Erzeugung GmbH 2)
8,203
8,082
6,693
Waste Management Segment
157,300
160,046
166,952
Czech Republic Segment
7,840
7,502
7,652
Vertrieb GmbH
96
110
86
Netz OÖ GmbH
0
0
0
Business Services GmbH
1
0
0
Total
173,440
175,740
181,383
1) The emission factors for biomass and biogas were updated according to the values published by the Environment Agency Austria and the German Federal Office of Economics
and Export Control (Bundesamt für Wirtschaft und Ausfuhrkontrolle).
2) Previous years' values were restated for Erzeugung GmbH due to improved data transmission; a significant deviation was identified for biomass use.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
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Indirect (Scope 2) CO2 emissions market based
Business unit
2021/2022
2020/2021
2019/2020
Erzeugung GmbH
12
14
4,310
Waste Management Segment
0
0
11,927
Czech Republic Segment
26,684
29,005
28,997
Vertrieb GmbH 1)
0
0
529
Netz OÖ GmbH
0
0
28,739
Business Services GmbH
421
0
0
Total
27,117
29,018
74,503
Total Scope 1 + 2, market based (in t CO2eq)
1,384,672
1,127,749
1,292,178
1) Previous years' values were restated due to improved data transmission. The measurement of the contracting systems of Vertrieb GmbH was adjusted.
Indirect (Scope 2) CO2 emissions site based
Business unit
2021/2022
2020/2021
2019/2020
Erzeugung GmbH 1)
5,758
7,173
7,841
Waste Management Segment
17,400
21,814
21,737
Czech Republic Segment
26,684
29,005
28,997
Vertrieb GmbH 2)
592
960
965
Netz OÖ GmbH
48,618
61,404
52,374
Business Services GmbH
1,797
0
0
Total
100,849
120,355
111,914
Total Scope 1 + 2, site based (in t CO2eq) 3)
1,458,404
1,219,086
1,329,590
1) An improved data transmission resulted in a restatement of the emissions of the electricity input for Erzeugung GmbH in fiscal year 2020/2021.
2) Previous years' values were restated due to improved data transmission. The measurement of the contracting systems of Vertrieb GmbH was adjusted.
3) The values for the fiscal year 2021/2022 come from direct measurements, from environmental statements, or were calculated using conversion factors (for direct CO2
emission factors see the Environment Agency Austria (Umweltbundesamt)). Conversion factors are used for the use/consumption of natural gas, petrol, diesel, liquefied
petroleum gas, heating oil, methane, biomass, biogas and district heating, for example. The market-based approach was based on the Vertrieb GmbH generation mix and the
generation mix of the Czech Republic. The site-based approach was based on the generation mix of Austria and the Czech Republic. The emission values from waste
incineration (Waste Management Segment) are based on continuous measurements. Methane is included in the “direct fossil emissions”. The data of Umwelt Service GmbH
(Waste Management Segment) has been collected for the calendar year 2021. For availability reasons, the data for buildings and the Czech Republic Segment is from the
fiscal year 2020/2021. The following entities have not been included due to their small scale compared to the overall balance (< 1%): Trading GmbH, Telekom GmbH, the
service areas (except Business Services GmbH) and Ennskraftwerke AG. The CCGT power plant in Timelkam is jointly owned by Energie AG (50%) and Groupe E (CH) (50%).
The CO2 emissions are included at 100% in accordance with the operative controlling approach.
CO2 emissions from electricity production
The CO2 emissions from electricity production 1) have been reduced to 0.00 g/kWh since
fiscal year 2019/2020 as a result of implementing the exclusive use of environmentally-
friendly energy sources. This means that the customers of Vertrieb GmbH are supplied with
CO2-free electricity.
1)
Fuel mix disclosure figures of Vertrieb GmbH excl. Energie AG Oberösterreich Businesskunden GmbH and Energie AG Oberösterreich Öko GmbH
(Öko GmbH); the data for the CO2 emissions for the electricity production in the 2021/2022 fiscal year was not available at the time the report for
2021/2022 was prepared.
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Electric mobility
Energie AG emphasises its role as a paragon and pioneer in the area of resource preservation
by enthusiastically endorsing electric mobility and alternative engine power. The share of
Company-owned electric passenger vehicles (excluding the Czech Republic Segment) rose to
54 vehicles in the 2021/2022 fiscal year (previous year: 39) and now represents 26.9%
(previous year: 20.5%). The goal is to successively increase the share of electric cars in the
Austrian fleet to around 40% by the year 2024. To achieve this objective, there will be a
massive expansion of the internal charging infrastructure at existing and numerous new
Energie AG locations in Austria. In fiscal year 2021/2022, Energie AG operated 152 charging
points in Austria with 22 kW (previous year: 76), 1 direct-current rapid charger with 24 kW,
as well as 2 rapid chargers with 2x75kW. The goal of expanding the charging infrastructure
to 161 charging points at existing and numerous new sites by 2024 was overachieved.
Internal charging infrastructure
Unit
2021/2022
2020/2021
2019/2020
Charging points
Number
155
76
48
Sites with charging infrastructure
Number
28
23
14
Energie AG thereby supports the Austrian Government Programme 2020-2024, which
provides strong impetus for public companies to switch their fleets to electric vehicles. The
charging and operation of the vehicles with 100% renewable energy enables the Group
to reduce CO2 emissions and the dependence on fossil energy sources.
Energie AG’s charging card is the key to Austria’s largest charging network, giving customers
a convenient way to charge their electric cars. A total of 2,480 charge cards were issued to
date (previous year: 1,385). More than 9,100 electric car charging stations across Austria are
provided by cooperation partners and can be used with the Energie AG charging card
(previous year: 7,200). In Upper Austria, Energie AG has established a dense charging
network to provide public and fast charging facilities for electric cars. A further expansion (in
cooperation with municipalities and local partners) in different capacity categories is planned.
The electricity supplied to all charging stations operated by Energie AG is to 100% sourced
from hydroelectric power, wind and solar energy. Energie AG also offers charging solutions
for densely populated residential buildings and company fleets. These solutions are geared to
the charging requirements of the local target groups.
In addition to charging solutions for private and business customers, the Energie AG Group is
pursuing a targeted expansion of public charging stations – including operations
management and service packages with local partners and municipalities – that is aimed at
providing full-coverage supply to the general population. Energie AG currently operates
164 publicly accessible charging stations (previous year: 128) with various output ranges from
3.7 kW to 150 kW, including a billing system, and manages a total of 604 charging points
(previous year: 425). As of the reporting date, rapid charging stations were in operation at
13 sites (previous year: 8).
E-mobility services
Unit
2021/2022
2020/2021
2019/2020
Charging points that accept the Energie AG charge card
Number
9,100
7,200
4,500
Public charging stations operated
Number
164
128
98
Charging points managed
Number
604
425
257
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Non-financial report Environment
Energy audit
The energy audit, in line with § 9 of the Austrian Federal Energy Efficiency Act 2015
(Bundes-Energieeffizienzgesetz), is conducted once every four years and covers all the Energie
AG Group’s locations in Austria. The most recent energy audit was concluded in November
2019 and the next audit will take place in fiscal year 2022/2023. The energy audit examines a
key energy consumption area in the relevant sites’ ”processes“, which is analysed in detail
and subsequently audited. These processes encompass operational processes and industrial
facilities, e.g. electric drives and systems, as well as hot water systems used in industrial
activities.
Energie AG is continuously working on increasing the energy efficiency of its processes
and also runs numerous campaigns that support its customers in making the switch to
efficient devices and energy-saving illuminants. The switch to LED lighting was further
advanced successively in fiscal year 2021/2022. The Waste Management Segment placed a
particular emphasis on the energetic efficiency of grate firing and fluidised bed waste
incineration plants. The expansion of district heat extraction from the waste incineration plant
in Wels was completed in the summer of 2022. Additionally, the installation of a 50 kWp
photovoltaic system at the Redlham site will provide the base load of this production site
from renewable energies.
Biodiversity
The preservation of valuable habitats, biodiversity and water body morphology are essential
aspects of project development at Energie AG. A wide array of environmental considerations
are addressed during the approval process, especially for power plant construction.
Energie AG is also implementing measures to improve ecological conditions and reduce
the environmental footprint.
Fish bypasses have been built at Energie AG’s run-of-river power plants and pumped-
storage power plants in accordance with the Water Framework Directive.
Fish bypasses
Unit
2021/2022
2020/2021
2019/2020
Dams with fish bypasses
Number
26
26
25
Dams without fish bypasses
Number
19
19
20
In the “European Nature Reserve Lower Traun” and the Natura-2000 area “Lower Traun
and Alm Valley”, a section of the embankment of the Traun river was adapted to the
requirements for the rare habitat type “soft floodplain” (biosphere 91E0) in February of 2022.
This delivered a supplementary environmental improvement to the efforts to preserve the
biodiversity. Back in the winter of 2017/2018, measures were taken to stabilise the river bed
with a special attention to the fish biosphere. These measures had a positive impact on the
groundwater level and the overall condition of the floodplain at the Lower Traun river. A
positive secondary effect is better flood protection for neighbouring communities.
Energie AG holds more than 20 fishing rights in Upper Austria and Salzburg and not only
supports the natural reproduction of the fish stock, but also secures the naturally authentic
population density by means of ecological breeding programmes and regular stocking with
native fish species.
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Non-financial report Environment
Resources
Energie AG Group requires energy in various forms in order to operate its business activities.
The administration buildings of Energie AG in Austria (excluding the Waste Management
Segment) consume around 5 GWh for heating. The biggest source is district heat, which
accounts for 42%. Other sources are gas (32%), electricity from heat pumps (13%), direct
electricity (9%), and pellets (3%). The pure electricity demand is approx. 5 GWh. Photovoltaic
systems installed at Energie AG sites in Austria (excluding the Waste Management Segment)
generated 0.2 GWh of electricity in fiscal year 2021/2022.
Energie AG exclusively uses 100% renewable electricity (excluding the Waste Management
Segment) for the operation of its office, workshop and canteen buildings in Upper Austria.
The sustainable consumption of resources has been a longstanding tradition in the
management of Energie AG’s real estate assets in Austria.
In fiscal year 2021/2022, the entire portfolio of real estate assets in Upper Austria (office,
workshop and storage buildings) was analysed on the properties’ CO2 footprint. This
analysis identified potential for optimisation, e.g. by replacing certain gas supply systems. Due
to its size, the micro gas turbine at the Haid site has already been converted to district heat.
Other revisions of the heating system aiming at an integrated energy concept as well as a
wide range of measures to reduce the CO2 output are being analysed and will be
implemented over the coming fiscal years. For the Waste Management Segment, the CO2
footprint is recalculated on a yearly basis at the same time the environmental statement is
prepared.
The input materials needed for the Group to operate its business activities are procured by
Energie AG’s centralised purchasing unit (with the exception of the Czech Republic
Segment). This allows for an optimised allocation of resources and avoids the storage of
reserves in selected areas.
The office buildings in particular need an input of resources in the form of electricity, heating
energy, paper and water. In fiscal year 2021/2022, the Energie AG Group’s sites in Austria
consumed 18 t of paper for printers and copying machines (excluding the Waste
Management Segment), which is 11.7% less than in the previous year and 30.1% less than
in fiscal year 2019/2020. The digitalisation campaign means that more and more processes
are being digitalised, which reduces the consumption of paper even further. The Energie AG
Group’s sites in Austria mainly use paper that is FSC- (Forest Stewardship Council) and PEFC-
(Programme for the Endorsement of Forest Certification) certified.
The process to reduce physical mail started in fiscal year 2017/2018 is continuing. After
switching to the digital inbox for correspondence from government authorities and automatic
forwarding to the respective organisational units with the help of robotics technology, the
future focus will increasingly shift to reducing the number of outgoing paper-based mail
items. Efforts to further establish digital customer communications (invoice delivery, customer
mail etc.) are ongoing. A targeted analysis of the senders of paper-based mail items (e.g.
newspapers, catalogues, promotional and business mail) has already collected more than
3,000 data records (exclusive of the Waste Management Segment) from across Austria.
Coordinated efforts with the affected organisational units have resulted in a reduction of
these mail items by around 70%, which translates into around 1,600 kg of paper-based mail
that was not sent out. This process is evaluated and expanded on an ongoing basis.
Thanks to ongoing digitalisation and the storage space optimisation project initiated in
the 2021/2022 fiscal year, an impressive quantity of office materials was saved and recycled.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
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Non-financial report Environment
Paper consumption
Unit
2021/2022
2020/2021
2019/2020
Paper consumption
t
18
20
25
The reported paper consumption relates to the Austrian sites and excludes the Waste
Management Segment.
Water management
In the thermal power plants, water is used as both an energy source (steam, warm water,
cooling water) as well as process and cleaning materials. It is supplied from (company-owned)
wells, running waters, and the public drinking water grid. The exhaust coolant water and
waste water together with water from precipitation is pre-treated in accordance with the
legal requirements. The hydropower plants use water for energy conversion.
Both the extraction of process water from the underground and running waters as well as
the infeed of waste water have been issued official permits. The use of water for electricity
generation is also subject to approvals under the pertinent water management laws that
must be renewed at certain intervals. This includes an assessment by the public authorities on
whether the systems represent state-of-the-art technology.
A rainwater utilisation system has already been installed in 2007 at Energie AG’s historic
location in Gmunden. The rainwater cisterns supply the toilet facilities of the office and
canteen building, the office tower of the adjacent building, and the carwash.
In addition to using rainwater in Gmunden, Energie AG returns its household-similar waste
water into the water cycle and carries out drinking water hygiene testing on an annual
basis.
A comprehensive water management has also been implemented for all technical plants
that use waste input. The Waste Management Segment has made the environmentally-
friendly extraction and return infeed of water one of its top priorities. The use of oil
separators together with the taking and analysis of samples from waste water before being
fed into the receiving water are integral elements in Energie AG’s operation of waste
management plants.
In fiscal year 2021/2022, the Waste Management Segment began covering an already closed
landfill with a so-called water management layer. The layer consists of soil that has
received a special treatment to reduce the infiltration of rain water into the landfill
underneath.
Employees in Austria (excl. the Waste Management Segment) whose workplace (field service)
situation entitles them to a daily serve of mineral water will in the future receive freshly
carbonised drinking water directly from the well or local water outlet of their respective
support base. All taps used in the field offices in Austria (excl. the Waste Management
Segment) will successively be retrofitted with a technical system that uses an activated carbon
filter to purify, chill and carbonise drinking water using an active carbon filter. This will cut
down on plastic packaging.
Water that is extracted from the groundwater or a running water for being used as a heat
medium (steam, warm water or cooling water) or as process water is usually treated
(softened), ozone is added and the pH value is adjusted as required. Any waste water that
exceeds certain legal limits is treated internally or externally before being fed into the
receiving water or public sewer network.
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Internal waste management
All waste generated internally, mainly consisting of waste from maintenance and
servicing works to the generation plants, is separated by material and logged at each
individual site (in accordance with § 10 Waste Management Act 2002). Recyclable waste (e.g.
scrap metal, paper) are handed over to recycling companies.
All other waste in Austria (ash from the biomass incineration Timelkam, slags from the waste
incineration plant in Wels, scrap metal, workshop refuse, contents of oil separators, or
flotsam arriving at hydropower plants) is handed over to a licensed waste collection and
treatment company.
Waste generated in tonnes 1)
Unit
2021/2022
2020/2021
2019/2020
Non-hazardous waste (Austrian sites)
t
2,794
11,301
1,186
Non-hazardous waste (Waste Management Segment)
t
125,961
115,028
117,827
Hazardous waste (Austrian sites)
t
202
144
118
Hazardous waste (Waste Management Segment)
t
1,260
1,242
2,143
1) The volumes of the Waste Management Segment include, for the purposes of the EMAS certification, residual waste from waste incineration plants, e.g. slags, ashes and
scrap metal. Waste generated by Energie AG Südtirol and RVL Reststoffverwertung Lenzing GmbH (RVL) are not included.
ENERGY SEGMENT
GRI 203-1, EU1, EU2
Generation
The program pursued by the Austrian government provides for a massive expansion of
renewable power plants between now and the year 2030: The electricity generation is set to
increase by 50% or 27 TWh, which will require the construction of many new hydropower
plants, wind turbines and photovoltaic (PV) systems along with a moderate expansion of
biomass.
Energie AG’s generation unit is responsible for developing, building, operating and
maintaining electricity and heat generation facilities and heat distribution systems.
Energie AG is committed to using renewable energy sources in an environmentally
friendly manner and is building and operating hydropower plants, thermal power plants and
heat supply facilities, including with the use of biomass fuels. The Company is also committed
to the expansion of wind power and photovoltaic power plants. Energie AG furthermore
supports research into alternative electricity generation.
Steady expansion of renewable energy
The further expansion of the existing generation portfolio from renewable sources is a focal
point of the strategic development. According to technical and commercial potential
estimates, Energie AG Group has the capacity to generate 630 GWh of renewable
electricity between now and 2030 by utilising new plants (hydroelectric power, wind power,
and PV) and improving the efficiency of existing plants. Energie AG Group’s existing capacities
will be increased by approx. 24% to around 3,250 GWh of electricity from renewable energy
sources, also see Energie AG Strategy 2030, Additional renewable electricity generation
until 2030 › Page 29.
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Achieving these very ambitious energy goals across all of Austria will require optimum
framework conditions and the coordinated joint efforts of political and economic players as
well as the general population. In addition to the streamlining and simplification of the
environmental impact assessment and individual approval processes for energy generation
systems, the necessary expansion of the electricity grid infrastructure for all voltage levels is
an important building block for a sustainable future with regard to energy and climate
protection.
The increasing public acceptance of the expansion of renewable electricity generation is in
stark contrast to the acceptance of concrete projects. Energie AG is responding to this
development by establishing processes that facilitate the participation of the citizenry along
with the concerned municipalities, neighbours and other stakeholder groups.
Hydroelectric power
Hydroelectric power is the most important pillar of Austria’s electricity supply. The
nation has set itself the target of generating an additional 5 TWh from this energy source by
the year 2030. The largest part of the electricity procurement in Energie AG’s power plant
portfolio is also generated by hydroelectric power plants. Upper Austria has already reached a
very high degree of resource utilisation of more than 90% in this area. The newly constructed
power plant in Dürnau and the planned power plant in Traunfall, which will both replace
older plants, as well as the power plant project in Weissenbach and other proprietary projects
together with a production increase to the electricity procurement rights are intended to
expand the capacity to harness the potential of clean electricity by the year 2030. The newly
constructed replacement plant has tripled the output of the Dürnau power plant, which was
commissioned in 2021, to 1.2 MW. The yearly electricity output of approximately 5.8 GWh
can cover the demand of around 1,400 standard households. The Weissenbach project not
only delivers environmentally friendly electricity but is also a valuable contribution to flood
protection in the region.
Storage expansion creates flexibility. In the future, the electricity supply in Austria will have
to have an even greater capacity to store electricity and release it upon request at short
notice. This is why Energie AG is advancing the implementation of the pumped storage
power plant in Ebensee, which has already gained approval in the environmental impact
assessment and is earmarked to significantly increase the security of supply with an output of
up to 170 MW.
The expansion of hydropower also depends on preserving the existing power plant
capacities, which will require measures and regulatory processes aimed at maintaining the
water rights. Environmental measures will be designed with an eye on minimising the loss of
works water for hydropower generation. The expansion of hydroelectric power is partially
necessary to compensate the production decline caused by the ever more stringent
environmental requirements.
Energie AG operates 43 of its own hydropower plants with a total capacity of around
280 MW and around 1,160 GWh in standard production capacity (previous year:
1,160 GWh). In addition, the Group holds procurement rights to run-of-river power plants
along the Enns and Donau with a proportionate standard production capacity of around
1,210 GWh as well to the pumped-storage power plant Malta/Reisseck II with a
proportionate output of around 130 MW.
The operational management of three hydropower plants of Wels Strom GmbH was
assumed by Erzeugung GmbH on 1 January 2022.
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With its hydropower plants, Energie AG is an active player on the electricity market and also
delivers important grid services, particularly including the supply of balancing energy.
Ennskraftwerke AG, in which Energie AG holds a 50% interest, is investing around
EUR 20.0 million into renovating the power plant in St Pantaleon, which is among those
with the highest output capacity. Its full-scale renovation will contribute to increasing the
electricity generation from hydroelectric power by the consumption of 1,800 standard
households.
The construction works on the new replacement hydropower plant in Traunleiten with an
investment volume of EUR 48.0 million were completed back in 2020. The power plant is
owned by Wels Strom GmbH, in which Energie AG holds a 49% interest. The operational
management was assumed by Erzeugung GmbH. The power plant was constructed at the
existing site with the greatest possible degree of care for the adjacent Natura 2000
conservation area.
Photovoltaics
The expansion of photovoltaics will be implemented with the help of Group-owned PV
plants, to be erected mainly on already contaminated sites such as landfills and
decommissioned mining areas or on already used open spaces (e.g. SolarCampus in
Eberstalzell) on the one hand, as well as contracted rooftop-mounted photovoltaic plants.
Energie AG is progressing in accordance with the “Photovoltaic Strategy for Upper Austria
2030”, which prioritises PV on buildings and inferior open spaces.
Energie AG Group is operating 84 PV power plants (previous year: 75) with an output of
approximately 18 MW (previous year: 14 MW) and a standard production capacity of
19 GWh (previous year: 14 GWh). The PV plants in operation have a module surface of
around 125,000 square metres (previous year: 100,000) and can produce the yearly electricity
consumption of around 4,500 freestanding family homes (previous year: 3,500).
In the last few years, the expansion of photovoltaic power enjoyed very strong momentum
across all of Austria. Energie AG has extensive experience in this field and constructed the
first research and demonstration plants several decades ago. An important milestone was the
1 MW solar park in Eberstalzell commissioned in the year 2010.
The expansion of the SolarCampus in Eberstalzell in the autumn of 2021 doubled the
previous photovoltaic surface by adding 15,751 m2, with the result that the existing land area
is now fully used for electricity generation. The use of significantly more powerful PV modules
and their optimised installation delivered an total output increase to 4.32 MWp, which
represents a four-fold increase of the average yearly electricity generation. Compared on the
basis of the ENTSO-E Mix 2020, this saves more than 1,500 tonnes of CO2 emissions. Instead
of the previous number of 300, the SolarCampus in Eberstalzell is now supplying around
1,400 households with solar electricity from the region.
Wind power
Wind power facilities in Austria are predominantly installed in the more windy states of
Lower Austria and Burgenland. In addition to the facilities in Munderfing, Upper Austria,
Energie AG is also invested in wind power facilities located in the municipalities of
Trautmannsdorf and Scharndorf in Lower Austria. Together with local partners, Energie AG
Group owns interest stakes in four wind parks with 13 wind turbines (previous year: 13) via
subsidiaries and thereby makes an active contribution to achieving the climate targets. The
wind power facilities have a proportional output of around 15 MW (previous year: 15 MW)
and a standard production capacity of around 36 GWh (previous year: 36 GWh). A new wind
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turbine, which has been in trial operation since October 2022, was constructed in the wind
park in Munderfing in fiscal year 2021/2022.
Generation plants
Unit
2021/2022
2020/2021
2019/2020
Hydropower plants
Number
43
43
43
Total output
MW
280
280
280
Standard production capacity
GWh
1,160
1,160
1,150
Procurement rights from hydroelectric power
MW
380
380
380
Procurement rights from hydroelectric power, standard production
capacity
GWh
1,410
1,410
1,410
Thermal power plants (locations) 1)
Number
6
6
6
Electricity output
MWe
400
400
400
Standard production capacity
GWh
2,260
2,260
2,260
District heating grid Austria
Number
12
12
12
Heat contracting plants
Number
614
607
598
Wind power facilities
Number
13
13
13
Output
MW
15
15
15
Standard production capacity
GWh
36
36
36
PV systems
Number
84
75
71
Output
MW
18
14
12
Standard production capacity
GWh
19
14
13
1) Previous years' values were restated from 7 to 6. The combined heat and power plant (CHP) in Attnang-Redlham was decommissioned in 2019.
Proprietary electricity procurement
2021/2022
2020/2021
2019/2020
GWh
%
GWh
%
GWh
%
Natural gas
power plants
1,015
28.4
465
14.7
688
19.9
Waste
incineration
120
3.4
118
3.7
128
3.7
Hydroelectric
power
2,232
62.4
2,381
75.1
2,433
70.4
Biomass and
biogenic waste
154
4.3
157
5.0
156
4.5
Wind power
38
1.1
35
1.1
37
1.1
Photovoltaics
18
0.5
13
0.4
12
0.3
Total
proprietary
procurement
3,577
3,169
3,454
Share of
renewable
energies
2,442
68.3
2,586
81.6
2,638
76.4
In the 2021/2022 fiscal year, 68.3% of Energie AG’s proprietary electricity procurement came
from renewable sources (previous year: 81.6%), with around 62.4% of this coming from
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hydroelectric power (previous year: 75.1%) and the remainder from PV systems, wind power,
biomass and biogenic waste. The reasons behind the declining share of electricity production
from renewable sources are river water levels that are 12.1% lower than the long-term
average (previous year: -6.1% lower) in combination with a more than doubling of the
utilisation of thermal power plants as a result of the prevailing market conditions.
Effects of climate change on the business model
The Group’s business policy accommodates changes caused by the effects of climate
change. This includes the monitoring of relevant studies that examine changes in
precipitation and prolonged periods of drought in the catchment areas of Energie AG’s
hydropower plants. A statistically significant change of the standard production capacity of
the hydropower plants is so far neither apparent nor can it yet be assessed. The current
volatility on the electricity markets (price volatility) greatly exceeds the economic
uncertainty due to potential changes to the standard production capacity caused by climate
change. The effects are distorted by the natural fluctuation of water levels and legal
uncertainties that affect the generation of hydroelectric power. Energie AG responds to these
uncertainties, e. g. with measures aimed at maintaining the best possible state-of-the-art
technology for each individual power plant.
Energie AG is prepared for a possible increase in the frequency of extreme events,
particularly including flooding incidents. This concerns the operational management of the
power plants and the weir operation regulations in particular. The most important measures
and concepts have been coordinated with the relevant public authorities and are reviewed
and updated regularly.
The overall direction of the business strategy aims at increasing the proportion of
renewable energy sources in the production of electricity and heat. In addition to
expanding the systems for energy production from renewable sources, the Group is also
advancing the development renewable energy storage. Electricity and heat generation
systems that are based on non-renewable energy sources are, in particular, operated and
further developed as necessary to warrant the security of supply.
Need for flexibility in electricity production
In addition to a high-performance grid infrastructure, the security of supply also depends on a
secure and flexible energy output. After reaching the “100% renewables” target in
electricity generation in the year 2030, the summer months are expected to deliver a clear
surplus production of PV electricity. In winter, on the other hand, it is not possible to cover
the higher electricity demand - mainly resulting from heat pumps, e-mobility and industrial
electrification - due to the insufficient output of the PV and wind power plants. Forecasts
expect the shortfall to amount to up to 9,500 MW for brief periods. “Backup capacities”
from flexible CCGT power plants are needed to warrant the system stability during these
months. The CCGT power plant Timelkam plays an important role in congestion
management and as a grid reserve.
In order to make flexible capacities available at short notice, which may be necessary due to
forecasts that deviate from actual wind levels or solar irradiation, Energie AG is taking the
next step toward realising the pumped-storage power plant in Ebensee, which has
already been approved by the environmental impact assessment. The preliminary project will
also include preparation of the final economic evaluation under energy criteria and the
profitability calculation. Once the preliminary project has been completed, the Supervisory
Board will be asked to make the final investment decision on the project. The demand for
additional storage capacities until 2030 undoubtedly exists. Battery storage, e-mobility, and
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managing consumer behaviour may be sensible additions from today’s perspective but fall a
long way short of covering the total additional need for flexibility on their own. Maintaining
the system stability requires synchronous and parallel support for the volatile generation from
renewable sources by flexible “backup capacities” such as pumped-storage power plants. The
appropriate regulatory and public funding framework will have to be put in place for these
extremely capital-intense investments.
The Ebensee site offers a range of significant advantages given its topography, the
associated high degree of efficiency and the existing grid connection. Due to the economic
environment for the energy sector, the project’s economic viability was not guaranteed up to
now. Europe’s Green Deal, Germany’s plans to phase out coal and nuclear power, and
Austria’s ambitious climate and energy strategy all mean that there is a growing need for
more high-performance storage capacities and flexible solutions. Depending on the project
development, the building permit might already be issued in fiscal year 2022/2023, the
construction will then last around 4 years, which means that an optimum project execution
will lead to a commissioning in the year 2027.
Thermal power plants & district heating
In terms of ensuring security of supply, Energie AG’s fleet of thermal power plants is
playing an important role in the transition to clean and renewable energy. It can balance the
volatile feed-in of renewable energy and acts as a reserve in the case of grid congestion.
Biomass CHP plants also make an important contribution to the use of renewable energy.
Energie AG has six locations 1) for thermal power plants with an output of around
400 MWe and a standard production capacity of up to 2,260 GWh 2). The power plant with
the highest output in Upper Austria is the CCGT power plant in Timelkam with an output
of 405 MWe 3). It warrants the flexibility needed to guarantee the security of supply on the
energy market and allows for a stabilisation of the electricity grid during congestion
management. The Timelkam plant is particularly relevant to the Austrian control area
manager with regard to the security of supply.
The main inspection of the CCGT power plant in Timelkam and its upgrade to state-of-the-
art technology took place in the autumn of 2022 and aimed at increasing the efficiency and
reducing the consumption of natural gas. The output was increased to around 414 MWe. The
conversion works will also see the installation of new furnaces and more advanced turbine
blades, an increase of the incineration temperature, and adjustments to the cooling air.
The last of the coal was burnt up at the Riedersbach power plant in 2016. Since then, only
natural gas and biomass have been used to generate electricity and district heating at the
Riedersbach and Timelkam sites. The biomass power plant at Timelkam (output:
9.5 MWe, 28 MWt) uses forest and herbaceous biomass as well as biogenic waste in
accordance with the Austrian Green Electricity Act to generate green electricity and district
heating.
All thermal electricity and heat generation plants of Energie AG exhibit a very high degree of
fuel utilisation and, in turn, efficient use of primary energy resources.
Conserving resources is more than simply a focus area in the operation of these plants; it
begins as soon as infrastructure facilities are built and spans their entire useful life. The
environmental impact of new production and supply facilities is kept as low as possible with
the close involvement of affected stakeholders and the support of outside experts.
1)
Riedersbach, Timelkam, Wels, Kirchdorf, Steyr, Laakirchen
2)
Including Timelkam CCGT power plant (70%) and Riedersbach (location only)
3)
Timelkam CCGT power plant (100%)
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A forward-thinking maintenance strategy ensures high system availability and maximises
system lifespans.
Increasing energy efficiency in electricity and heat production, distribution grids, and
customers’ energy and water consumption is a permanent focus of efforts to achieve
sustainability.
The Group ensures that thermal power plants and heat generation processes remain
environmentally friendly by using state-of-the-art practices, which are regularly reviewed both
internally and externally. The use of combined heat and power (CHP), combined electricity
and heat generation, plays an important role in improving efficiency. The heat is used for
industrial process heating or district heating for the industrial sector, commercial applications
and residential customers. Efficiency gains are also realised via environmental and other
audits, maintenance and repairs, and via internal improvement processes as part of ongoing
management efforts. The Group is continuing to expand the use of heat. Energie AG
regularly obtains expert opinions to verify that its larger facilities are operating with high
efficiency.
Energie AG operates 12 district heating distribution networks (previous year: 12) and
manages 614 heating systems under service contracts on behalf of customers (previous
year: 607). A large share of the district heating is generated from highly efficient CHP
(combined heat and power) plants and biomass power plants. As well as operating
geothermal plants, the use of industrial waste heat is also increasing in importance.
In October 2022, Energie AG teamed up with the Austrian Institute of Technology (AIT) and
other partners in research and industry to start a research project that examines the
assessment of geothermal resources in three areas in Upper Austria together with the
potential utilisation of this heat in industrial operations as well as the local district heating
networks.
In yet another research project in cooperation with the Energy Institute of Johannes Kepler
University in Linz (JKU) and other research and industry partners, Energie AG has launched a
research project that investigates the development of interregional heat transfer
networks that are supposed to link several industrial waste heat and other sustainable
sources, district heating networks, industrial process heat and storage facilities with each
other.
This can be achieved through increased use of biomass and by “greening the gas”
(blending natural gas with renewable gas, such as using methanation or hydrogen produced
from renewables). Energie AG’s portfolio of power plants and district heat generation
facilities provide a solid foundation for further developments in this area.
Renewable heat
In the area of heat, Energie AG has already initiated the switch to renewable energy through
a number of projects over the past years. Until the year 2030, all of the measures combined
will lead to a quota of 80% for sustainable, CO2-neutral heat generation from biomass
with more than 260 GWh from biomass (Erzeugung GmbH, district heating networks
Aschach, Freistadt, Pregarten, Weichstetten, Bioenergie Steyr GmbH and Energie Contracting
Steyr GmbH), approx. 45 GWh from geothermal (GRB Geothermie Ried Bohrung GmbH and
Geothermie-Fördergesellschaft Simbach-Braunau mbH), and approx. 40 GWh from industrial
waste heat utilisation (Kirchdorf and Gmunden). The significantly expanded utilisation of
waste heat in the waste incineration plant in Wels as part of the project “Future initiative
electricity and heat supply Wels” allows for the current production of around 180 GWh to be
more than doubled to around 390 GWh in the long term. The use of fossil fuels is reduced by
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maximising the utilisation of heat from waste incineration. The strategy of densification and
optimisation of the existing district heating networks is being continued. Additional
waste heat sources will be evaluated between now and 2030, the heat used this way will be
integrated into the district heat networks, making them even more sustainable.
For more information about energy generation, see the Key performance
indicators › Page 122 section of the Group Management Report › Page 108, as well as the
Energy Segment › Page 124.
Sales
GRI EU DMA (formerly EU7)
The energy savings that result from giving well-founded energy advice are a significant
contribution to environmental protection and cost reduction efforts. Energy efficiency and
advice have been among Energie AG’s core competencies for many years. Most of the
Company’s customer advisers in Austria are certified “European Energy Managers” (EUREM)
who can support their customers on-site, e.g. on trade fairs or in the business customer
sector, on the basis of concrete analyses.
As a provider of energy audits in accordance with the Federal Energy Efficiency Act that is
registered with the National Energy Efficiency Monitoring Centre, Vertrieb GmbH and its
wholly owned subsidiary Ingenieurbüro IfEA Institut für Energieausweis GmbH (IfEA) employ
12 listed energy auditors (previous year: 12), making the Company one of the largest
providers of this service in Austria. IfEA offers a wide range of other energy services for
individuals and companies that seek to promote a sustainable and conscious consumption of
energy and enable customers to benefit from easily accessible high-quality services. Energy
performance certificates, thermograms, blower door tests, and heating monitoring are
among the standard service offers. The IfEA supports businesses on their way to more
sustainability and resource-efficiency by offering energy audits, energy advice for small and
medium-sized companies, CO2 footprint and load profile analyses for electricity and natural
gas, as well as optimisation concepts. Delivered in cooperation with an external cooperation
partner, IfEA’s new › Fit4Green service creates significant additional value for customers. The
focus is on energy efficiency, decarbonisation, development of a climate strategy and
concrete implementation planning. It also includes a public funding strategy. A special
campaign in 2022 aimed at raising the awareness for sustainability among the workforce by
offering IfEA services at discounted rates.
Vertrieb GmbH offers its customers CO2-free electricity labelling for residential and
commercial customers. The energy mix amounts to 0 grams CO2/kWh. The fuel mix disclosure
uses 100% renewable energy sources. Additionally, Öko GmbH is supplying municipal public
and business customers with electricity that is certified with the Austrian Ecolabel UZ46. The
Ecolabel distinguishes tariff models and products offered by green electricity traders who fully
source their electricity from renewable energy sources and conform with clearly defined
requirements and transparent criteria.
Vertrieb GmbH also offers a CO2-reduced gas product, which contains biogas from the
company’s own biogas plant in Engerwitzdorf. The biomethane plant in Engerwitzdorf
supplied around 11.9 GW (previous year: 10.8 GWh) of renewable gas (biomethane) into the
natural gas grid in fiscal year 2021/2022.
For the most part, Energie AG supplies its electricity customers with electricity from
environmentally friendly hydroelectric power. The following presentations of the energy mix
of the product label “OÖ Wasserkraft”, and the product label “OÖ Ökostrom” of the
Vertrieb GmbH relate to the 2020/2021 fiscal year 1)
.
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Fuel mix disclosure
The majority of Energie AG’s residential and commercial customers use the product mix
“Upper Austria hydroelectric power”:
Upper Austria hydroelectric power
Products “Ökostrom Klassik”, “Ökostrom Smart Nachtaktiv”, “Ökostrom Wärme”
Figures as of 13 January 2022
1)
Fuel mix disclosure figures as defined by the Austrian Electricity Industry and Organisation Act (Elektrizitätswirtschafts- und -organisationsgesetz;
ElWOG), § 78 onwards, were not yet available for the 2021/2022 fiscal year at the time this report was written.
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The product mix “Upper Austria green electricity” presents as follows:
Upper Austria green electricity
Product “Ökostrom Plus”
Figures as of 13 January 2022
Energy efficiency at the customer
The Federal Energy Efficiency Act (Bundes-Energieeffizienzgesetz) of 2015 was to the
largest part rescinded at the end of calendar year 2020. It took great effort for the Vertrieb
GmbH to satisfy all requirements from the Act. The new Energy Efficiency Act and the
requirements and obligations resulting from it are expected in the first half of 2023. Energie
AG continues to engage in promotional funding and campaigns to encourage efficient and
sustainable energy use.
The products and services of the Vertrieb GmbH focus on advancing renewable energies
and improving the energy efficiency at the customer. As a result, the portfolio is being
extended and combined with public funding options offered by the Province of Upper
Austria.
Energie AG incentivises its customers to use energy efficiently in numerous ways. Around
27,000 LED lamps were distributed to customers free of charge at the occasion of the
regional roadshow in calendar year 2021.
The household appliance exchange campaign promotes the replacement of old energy-
hungry household appliances with energy-efficient new appliances. In cooperation with the
network of partner stores, the number of customers who replaced one of their household
appliances was increased in the year 2021. 845 old household appliances were replaced with
more efficient new models (previous year: 743), 813 of them were in the white goods
category (e.g. fridges, freezers, washing machines).
The provisioning of heat accounts for a significant portion of the total energy demand of
households in Austria and is the reason behind Energie AG’s support of various campaigns
and initiatives that promote the replacement of old heating systems with state-of-the-art
heating solutions. The advice Energie AG gives its customers in the form of energy advisory
services is complemented by a continued push for energy-efficient heating with the help of
heat pumps.
In the year 2021, Energie AG partially funded a total of 394 heat pumps, of which 113 were
in new buildings, 68 in renovated older buildings, and 197 in unrenovated older buildings.
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Funding was also made available to 16 projects that sought to replace hot water heat pumps.
In the year 2020, this was comprised of 115 projects funded under the EEffG, 61 of them for
new buildings, 45 for renovated older buildings, and 9 for hot water heat pumps.
An additional funding option for heat pumps was made available in the campaign “Exit oil”,
which supported the switch from old oil-fired heating systems to environmentally friendly and
energy efficient heat pump solutions. The “energy saver package” campaign, which in past
fiscal years supported the replacement of old heating systems with an efficient natural gas-
fired condensing boiler, has not been actively promoted since the war between Russia and
Ukraine broke out. In line with contractual terms, the campaign does however remain current
until the end of 2022.
Heat contracting solutions for efficient heating systems were another focus area. The
increased use of biomass, geothermal energy and industrial waste heat is particularly effective
in promoting regional and renewable energies in the production of heat.
Energie AG has extensive expertise and experience in the area of photovoltaics. PV
contracting solutions enable business and industrial customers to harvest the benefits of an
environmentally friendly electricity generation from solar power without having to finance the
installation of the system and take care of its operation. Vertrieb GmbH is operating a total of
61 PV contracting systems for customers (previous year: 50) with an output of around
9.9 MWp (previous year: 8.4 MWp) on the roofs of companies in Upper Austria. Other PV
contracting plants at customers’ premises are currently under construction.
PV contracting plants
Unit
2021/2022
2020/2021
2019/2020
PV contracting plants
Number
61
50
51
Output
MWp
9.9
8.4
8.4
Energie AG promotes the expansion of roof-mounted PV plants by offering its
customers the › “PV Superdeal”, which is a way of using a hire-purchase model to put a
powerful, high-quality and individualised PV solution on the roof without the upfront
investment. The focus is on PV plants up to 5 kWp for individual consumption; the unused
electricity is either purchased by Energie AG, or traded peer-to-peer via a mobile phone app.
In the B2B business, the contracting solution › “PV-Profideal”, which offers PV system
packages from 10 to 80 kWp, was developed for commercial and agricultural customers as
well as municipalities, associations and corporations. This provides strong support to the
“Photovoltaic Strategy for Upper Austria 2030”.
GRID SEGMENT
GRI 203-1, EU3, EU12
Netz OÖ GmbH is the electricity and gas grid operator in Upper Austria and parts of the
states of Salzburg, Styria, and Lower Austria. The company also safeguards the operation of
the electricity and gas grid. The yearly investments into grid expansion, retrofitting, and
maintenance amount to more than EUR 100 million. These investments will assure a reliable
and efficient energy supply for more than 575,000 electricity and gas customers. Netz OÖ
GmbH understands that it is an important part of the public service in its supply area.
Netz OÖ GmbH is committed to the sustainable treatment of the resources available to us as
well as to exercising its social responsibility. This includes being actively involved in shaping
the living environment of customers and laying the foundations for the measures that are
needed to master the energy transition and combat climate change. This is why Netz OÖ
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GmbH gained certification to ONR 192500:2011 “Social responsibility of organisations”
(CSR) in the 2020/2021 fiscal year. The CSR goals are closely linked with the QSE
management system of Netz OÖ GmbH. Regular internal and external audits review the
compliance with the QSE and CSR standard.
Netz OÖ GmbH publishes its Sustainability report on the company’s website: › Netz OÖ
GmbH Sustainability Report.
The integration of the mainly decentralised PV generation systems with approx. 589 MW
installed capacity into the electricity grid entails a high capital expenditure for adapting the
grids to the additional requirements in terms of capacities and grid-balancing capability.
Taking Upper Austria’s goals for the expansion of renewable energies as a basis, far more
than EUR 100 million in capital will be needed over the next 10 years. Thanks to local
sourcing, more than half of this amount will generate additional value in Upper Austria.
Important sub-projects that fall under the auspices of the “Electricity Grid Master Plan
Upper Austria 2028”, e.g. the projects “electricity supply Almtal and Kremstal” and
“electricity supply Pramtal south” and the new Hörsching substation have already been
completed. Other projects are currently in the implementation or planning phase. All projects
pursue the objective of warranting a reliable and secure electricity supply in Upper Austria.
In light of the expected massive expansion of e-mobility and decentralised systems for
electricity generation from renewable sources, the low and medium voltage grids will also
have to be expanded in the years ahead.
Between now and 2027, around EUR 55.0 million will be invested into the gas grid, which is
needed to support sector coupling and integration. Investments into this grid are necessary
notwithstanding the planned exit from fossil energy sources due to the fact that these grids
can also transport and distribute green, climate-neutral gases such as organically or artificially
produced biomethane or hydrogen.
In addition to the measures focusing on security and quality of supply, the distribution grid
operator plays an important role in the implementation of the (renewable) energy
communities (measurement and provision of measurement values for the settlement of the
consumption within the community and its members etc.).
Grid losses
Unit
2021/2022
2020/2021
2019/2020
Electricity grid losses
GWh
222
238
203
Electricity grid losses
%
2.7
2.8
2.6
Gas grid losses
m3
10,798
31,367
26,533
Gas grid losses in CO2
t
217.69
632.36
534.91
Grid losses are an indicator for the efficiency of energy supply grids and thereby for the
preservation of resources during energy transportation. The use of low-loss, high-efficiency
transformers in grid renovation as well as energy-efficient control, regulation and
transportation systems contribute to the further reduction of grid losses.
In the 2021/2022 fiscal year, the losses in the electricity grid amounted to 2.7% or
222 GWh (previous year 2.8%/238 GWh). The gas grid losses caused by venting (cold
flaring) for repairs and maintenance works amounted to 10,798 m3 in the
2021/2022 fiscal year (previous year: 31,367 m3). The gas grid losses correspond to 217.69 t
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of CO2 (previous year: 632.36 t of CO2). Due to the number and nature of the projects in
comparison to the previous year, the venting quantity has declined greatly.
Use of land
Electricity and gas are grid-bound energy sources. The supply with electricity and gas
depends on the availability of the necessary grids and transportation systems to the
consumers. As a grid operator, the company needs to secure the right to use the necessary
land parcels for cables and overhead lines that are needed for the electricity grid and for
pressured pipes for the gas grid. The company prioritises the use of public land for grids that
ensure the energy supply (in the public interest) whenever possible. In most cases, however,
such land for the erection and construction is not sufficiently available. This means that it is
necessary to use land owned by third parties.
In order to keep concerns to a minimum, the company already affords maximum
consideration to the settlement structure and neighbours during the planning phase. In
most cases it is possible to reach mutual agreement with regard to the utilisation of land for
the erection of the necessary energy systems. The compulsive registration of an easement
that allows the use of land in the public interest of assuring the energy supply is only a
measure of last resort in cases where this is not possible.
Social responsibility at Netz OÖ GmbH
Netz OÖ GmbH has prepared an ESG risk analysis in the area of gas and electricity that
examines issues related to social affairs, environment, work, and customers. These issues
were assessed with respect to the ensuing opportunities and risks for Netz OÖ GmbH.
Success factors have been developed for all important core CSR issues of Netz OÖ GmbH and
allow for the achievement of strategic business objectives and the sustainable improvement
of the product and service quality. The new requirements were integrated into the quality
management system of Netz OÖ GmbH and are observed in all core activities. Yearly
internal and external audits verify the effectiveness of the quality management system.
Netz OÖ GmbH is firmly committed to the major sustainability issues of the Energie AG
Group. Dedicated sustainability topics were developed for a more specific presentation of
Netz OÖ GmbH together with quantitative and qualitative key performance indicators to be
measured were set in the form of success factors based on these issues. The business
activities of Netz OÖ GmbH are focused on a positive development of the major
sustainability issues and are monitored yearly on the basis of dedicated success factors. The
following significant major sustainability issues were compiled: security and quality of supply,
responsible treatment of third-party property rights, customer orientation and satisfaction,
innovative services to support social developments, workplace health and safety, climate
change mitigation and resource preservation, legal compliance and prevention of corruption,
acting as a responsible employer, regional responsibility, and safeguarding the company
value.
Netz OÖ GmbH has already implement numerous projects that align with the principle of
sustainability and socially responsible action over the past years, e.g. in the area of storing
solar electricity in the gas grid and protecting nature and living creatures (bird protection
project: a substation is turned into a semi-natural habitat for animals). All reports on the
above and ongoing projects can be found on the homepage of Netz OÖ GmbH
( › www.netzooe.at/nachhaltigkeit).
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WASTE MANAGEMENT SEGMENT
GRI 306-1, 306-2, 306-3
The Waste Management Segment handles a total waste volume of around 1.6 million
tonnes a year (previous year: 1.7 million t) at 24 facilities. Due to modern logistics and the
extensive network of facilities, this waste is collected, treated, incinerated or disposed of in a
commercially and environmentally state-of-the-art process. The market for waste
management is subject to permanently changing general conditions.
The careful use of resources and prevention or reduction of emissions with the active
involvement of customers, employees, and owners as well as their level of satisfaction are
fundamental prerequisites for the Group’s long-term success. To guarantee customer focus
and rapid service, the Waste Management Segment operates at various sites across all of
Austria.
The environmental targets of the Waste Management Segment are stated in the current
› environmental declaration 2022 pursuant to EMAS.
The Waste Management Segment always strives to find new ways of disposing waste that
work hand in hand with the circular economy. A comprehensive and integrated back-to-
back circular economy is only made possible by uncompromising changes in the product
design to be adopted by the manufacturers.
The majority of the handled waste volumes is processed in Group-owned treatment and
recycling plants and then returned on the market or used for electricity or heat
generation. Investments into the highest technical standards and in environmental
protection are one of the foundation stones of the Waste Management Segment’s business
activities.
Waste management services are always provided with an eye on preserving and
substituting fossil fuels as much as possible. Key plans in this area include reducing CO2
emissions with a modern fleet of trucks, rolling out e-business (automating commercial
processes), increasing energy efficiency and decreasing overall energy consumption.
The recycling of the residual slag from waste incineration at Energie AG’s Wels plant has
been ongoing for more than 10 years. About a quarter of the input mass remains after the
incineration process in the form of inert residual substances (slag) that also contain various
types of metals. In a multi-stage mechanical separation process using a mobile treatment
plant, ferrous and non-ferrous metals remaining in the slag after incineration are extracted.
These raw materials (aluminium, copper, brass and stainless steel) are separated, recycled and
returned into the metal processing cycle to replace primary raw materials, which also saves
CO2 emissions in comparison to primary production. The recycling of the metals additionally
reduces the use of the landfill in Wels and thereby prevents the need to use other landfills
and the associated truck journeys and fuel consumption.
Biomonitoring, a scientifically-based control method, is used to track pollutant
emissions at the Wels waste incineration plant. The effects of the thermal treatment plant’s
operation on the environment are measured continuously at several fixed points in and
around the site.
In terms of energy efficiency in the Waste Management Segment, the Group pays particular
attention to the energetic effectiveness of the grate firing and circulating fluidised-bed
waste incineration plants. Compliance with the efficiency criteria under Directive 2008/98/EC
is assessed on an annual basis. Efficient electricity conversion and/or heat extraction are
crucial factors in fulfilling these criteria. As far as technically possible, process water, rain
water or seepage is used instead of potable water in the production plants.
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In order to keep the waste incineration plants up to date with the latest technology and
warrant an uninterrupted security of waste management, the waste incineration plants
are regularly inspected with a focus on the replacement of bigger system components.
A key objective of the Waste Management Segment lies in compensating for emissions
caused by own plants and reducing the consumption of resources. The Segment’s CO2
footprint was determined in the 2019/2020 fiscal year in cooperation with the Environment
Agency Austria and forms the basis for the climate change mitigation strategy that the waste
management sector is implementing in order to achieve CO2 neutrality. According to
Environment Agency Austria, the direct and indirect emissions amount to a total of 530,000 t
of CO2eq (resulting from the operation of incineration plants, logistics, electricity
consumption etc.). Around 60% of these emissions are already directly compensated by the
services provided by the Umwelt Service GmbH, e.g. by the production of substitute fuels and
the recycling of waste materials to secondary raw materials. Additionally, the generation of
electricity and district heat in the waste incineration plant in Wels generates a theoretical
prevention potential of around 250,000 t of CO2eq for the Umwelt Service GmbH.
Based on the insights from the investigation conducted by Environment Agency Austria, the
Umwelt Service GmbH is now implementing additional projects within the climate change
mitigation strategy. The focus of these projects is on the switch to electric vehicles and the
in-house generation of electricity from photovoltaics. The positive development of these
projects with respect to the CO2 footprint is monitored continuously.
The site in Wels with its two waste incineration plants is not only the centre piece of the
waste solution for Upper Austria, but also a hub for many waste management activities
within Energie AG Umwelt Service GmbH. In Wels, Energie AG makes a positive contribution
to the circular economy and climate protection by returning humified organic substances and
nutrients to the natural cycle by means of pre-treated compost materials. The compost
material of Energie AG is of quality class A+, which means that it can not only be used for
soil maintenance with fruits and vegetables, but also for the establishment of new vegetation
and lawn areas.
All of the Waste Management Segment’s departments with centralised functions were
consolidated in Wels in fiscal year 2021/2022.
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Total waste volume in tonnes 1)
2021/2022
2020/2021
2019/2020
By waste type
Non-recyclable waste
1,196,742
1,298,784
1,280,717
Paper
197,651
211,231
218,973
Plastics & packaging
46,444
47,677
50,650
Glass
54,538
54,409
55,406
Organic waste
56,701
58,981
59,820
Metals
23,240
30,156
25,796
By hazardous substance
Hazardous waste
98,164
100,540
94,304
Non-hazardous waste
1,477,151
1,600,697
1,597,059
By waste management method 1)
Recycling
567,685
639,077
616,703
Incineration
High-caloric
49,629
54,880
57,508
Medium-caloric
909,762
943,282
955,981
Low-caloric
Landfill
48,240
63,998
61,170
1) The waste management method relates to the prevalent waste management method after waste generation. The total waste volume of the Waste Management Segment also
includes the volumes from Energie AG Südtirol Umwelt Service GmbH, reporting changed with retroactive effect from financial year 2019/2020.
Example 1: So-called non-recyclable waste is generated in private households. The first treatment stage takes place at the waste incineration plant. The incineration produces
residual substances that are then processed in additional steps. The subsequent processing steps are disregarded as the waste volumes are significantly smaller than the
originally produced residual waste.
Example 2: batches of separately collected packaging materials (such as paper, glass, plastic) always contain wrongly discarded packaging materials. A sorting machine
separates these misplaced materials from the recyclable materials. The by far biggest portion of the waste materials can be recycled. As a result, the collected paper, plastic
and packaging materials as well as glass items come under the recycling category in terms of their disposal method.
Internal audits guarantee the process control with respect to legal compliance with
environmental regulations. This focuses on the Austrian Legal Information System, monitoring
of requirements (laws, regulations, administrative decisions) in the Gutwin legal database and
ensuring that waste is obtained and stored legally. In addition, the externally certified
environmental management system guarantees that negative impacts of processes on the
environment are identified and can then be prevented or mitigated accordingly.
Water supply and waste water management services
The Waste Management Segment also offers water supply and waste water
management services to cities and municipalities across Austria. In fiscal year 2021/2022,
the Waste Management Segment, via WDL-Wasserdienstleistungs GmbH, supplied around
130,000 persons with approx. 9.0 million m3 of drinking water that is sources from wells in a
number of waterworks and delivered to the customers (municipal customers) at defined
transfer points.
No noteworthy water losses occur within the transport pipe network, which is owned by
the Waste Management Segment. The differences between the measuring points at wells or
tanks and water meter chambers at the customer’s end fall within the range of the water
meters’ measurement tolerances.
Energie AG only has limited influence over water losses in the distribution networks of the
municipalities serviced, as the municipalities who own the infrastructure in these areas have
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the power to decide on any measures (upgrades, investments, etc.). Energie AG carries out
monitoring, measurements and broad-based analysis and formulates proposed measures for
decision-makers to reduce non-revenue water.
CZECH REPUBLIC SEGMENT
In the Czech Republic, Energie AG is pursuing two different operational models on the water
and waste water management market. The operator model is defined as the public sector
(cities, municipalities, communities) owning the infrastructure and outsourcing its operation
by means of awarding long-term contracts (concessions, leases, leaseholds). In the asset
owner model, Energie AG both operates and owns the infrastructure.
Energie AG’s Heating business unit is supplying district heat and warm water to residential,
commercial and industrial customers in the Czech Republic. The supply is, for example,
supported by cogeneration units and biomass heating plants as well as industrial exhaust
heat.
The activities in the Czech Republic are illustrated using the key figures below.
In fiscal year 2021/2022, the Czech Republic Segment supplied just short of 1 million people
with approx. 49.2 million m3 of drinking water (previous year: approx. 48.2 million m3) and
provides waste water management services to around 700,000 residents with around
45.2 million m3 waste water (previous year: approx. 45.1 million m3). Given that local
authorities are responsible as the owners for renovating networks (except for one
investment – VaK Beroun a.s.), Energie AG’s measures focus on locating and repairing leaks.
In recent years, extensive investments have been made in modern hardware and software for
hydraulic network modelling, as well as in expanding district metered areas, supplying
equipment and providing employee training.
The measures taken in response to the turbulences on the European energy market in
fiscal year 2021/2022 include, for example, a distribution of the procurement risks among a
number of suppliers and an intensified monitoring of the development of energy prices. The
supply of residential, commercial and industrial customers in the Czech Republic with
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drinking water and waste water management services was, despite the impact of the war
between Russia and Ukraine, assured at all times in fiscal year 2021/2022.
A benchmarking in accordance with the internationally accepted “unit water leakage”
method paints a positive overall picture for the 69 supply areas (previous year: 52) that each
have a population of more than 5,000. In fiscal year 2019/2020, 92% of the networks were
in good condition, 6% in average condition and 2% in poor condition. For the
2020/2021 fiscal year, these values have changed to 88% in good condition, 9% in average
condition and 3% (representing two municipalities) in poor condition.
The business area “Heat” in the Czech Republic Segment supplies over 80,000 residents
with district heat (previous year: 50,000) and provides installation services for municipalities
and private customers with a focus on energy efficiency and CO2 reduction. The ongoing
investments in generation systems and heat distribution networks deliver an improved
security of supply and a better energy efficiency. In the Czech Republic, the Energie AG
Group operates boiler houses with an installed thermal output between 50 kW and 20 MW.
Measures aimed at increasing their efficiency and reducing their CO2 footprint are carried out
regularly.
Effects of climate change on the business model
The effects of climate change within the operations area of the Czech Republic Segment
requires a differentiation between specific regional aspects as well as the water/waste water
and heat business areas. For the supply with drinking water, quantitative resource problems
must be expected regionally as well as over the course of the year. Peak coverage from
additional storage facilities will become necessary in the case of longer periods with little
precipitation. In the area of waste water, an increasing frequency of localised to regional
heavy rain events must be expected to overburden the sewage systems and sewage
treatment plants.
The operator model is affected to a lesser degree by the described scenarios, because the
infrastructure is owned by the municipalities, who are bearing the risk of having to adapt the
infrastructure. Opportunities arise from the municipalities’ need for additional funding,
leading to opportunities in the area of public-private partnerships (PPP). In the few cases
where Energie AG entities own the infrastructure, additional investments for the
development of new resources, for peak demand coverage, and for adaptation of the
precipitation/stormwater drainage management must be expected.
In the business area Heat, the milder cold periods must be expected to result in declining
heat sales. Financial assistance from the EU climate initiatives may reinforce the trend toward
new, alternative, and decentralised options for heat supply. At the same time, these new
developments and the increasing demand for cooling supply offer the opportunity to develop
new business models.
Further information on performance and output data as well as key figures, benchmarking
and environmental topics can be found at › www.energieag-bohemia.at and
› www.energieag.cz, as well as in the Group Management Report, Czech Republic
Segment › Page 137.
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HOLDING & SERVICES SEGMENT
Building management
In the interest of a sustainable and resource-optimised building, all larger new buildings,
conversions and extensions of Energie AG Group in Austria (with the exception of the Waste
Management Segment) have been made to comply with climate-friendly building
standards since fiscal year 2020/2021. In addition to securing highly attractive jobs, this is
also implemented in anticipation of the Taxonomy Regulation-relevant requirements for real
estate assets.
Energie AG has placed its focus firmly on its employees and their well-being at the
workplace. This is why modern energy concepts for the various sites are planned and
implemented in addition to Energie AG proactively exercising operator responsibility in
accordance with ÖNORM B1301 (property and building safety).
Together with other prominent Austrian companies and corporate groups, Energie AG is
participating in a building benchmarking that in the 2021/2022 fiscal year once again
documented the pioneering character of the included buildings with respect to economic
operations and efficiency. Building techniques used for the PowerTower, such as the facade
or component activation technique, were also used in the construction of the tower’s
extension, which conformed with the standard promulgated by the Austrian Society for a
Sustainable Real Estate Economy (ÖGNI). The building was commissioned in August 2022 and
offers 230 additional workplaces along with 58 underground car parking spaces to the
organisational units of Energie AG. In addition to health-oriented and modern workplaces,
Energie AG employees also have access to flexible meeting facilities, socialising zones and a
state-of-the-art “conference level”. Living up to its social responsibility, Energie AG is
operating a childcare facility where the employees’ children are looked after.
As of 30 September 2022, administration buildings in Austria owned by Energie AG (with the
exception of the Waste Management Segment) had four PV systems with an output of
around 344 kWp and an average yearly production of 317 MWh installed on their roofs. The
total surface covered with PV modules is approx. 2,400 square metres. A further 6 new
systems with 870 kWp bottleneck capacity are planned between now and the year 2027.
The building yard project in Gmunden (PSG-PowerService Gmunden) was planned in
accordance with climate-friendly standards. The civil engineering and building construction
works (up to the roof substructure) were completed in fiscal year 2021/2022.
Energie AG is firmly committed to a sustainable real estate strategy for its properties in
Austria. The up-to-date energy certificate for each property is complemented by an energy
monitoring report (not applicable to the Waste Management Segment). The report
recapitulates the status quo with regard to the CO2 footprint of the subject matter real estate
portfolio. Various scenario calculations formed the basis on which measures were derived that
will also be reflected in the Group’s sustainability action to be seen in the years ahead.
Staff catering
The company restaurants and canteens of Energie AG in Linz, Gmunden, Timelkam and
Riedersbach have placed an even stronger focus on the use of regional and seasonal fresh
produce compared to the previous years. Direct partnerships with regional suppliers of
produce and meat are sought out and established with increased intensity. In the
2021/2022 fiscal year, the canteens prepared a total of 136,567 fresh servings of food for
employees (previous year: 93,078). The decline in fiscal year 2020/2021 is attributable to
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employees working from home as a result of the COVID-19 pandemic. In the interest of a
balanced diet, the menus also feature vegetarian meal options. Around 25% of all lunches
sold are vegetarian. The menu planning system is evaluated regularly with the aim of
preventing or minimising food waste.
Servings of food
Unit
2021/2022
2020/2021
2019/2020
Servings of food for employees
Number
136,567
93,078
122,892
IT services
To reduce electronic waste, the useful life of user devices such as laptops and PCs was
increased to five years. Once the equipment has reached the end of its useful life, there will
be a certified data deletion and a refurbishment carried out by a sheltered workshop.
Efficiency gains and energy consumption reductions are the predominant objectives in the
operation of the data centre. Thanks to having virtualised more than 95% of its server
landscape, significant energy savings were achieved in the consumption of electricity and air
conditioning as well as operation of the hardware resources. Additionally, the exhaust warm
air is used to heat the building.
The use of central multi-function devices delivers savings in consumables such as toner
and ink, which in turn save money and resources. The relocation of printers from the office
workstations to central pickup points also contributes to an improvement of the air quality at
the office workstations.
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SOCIAL AFFAIRS
SDG 4, 6, 7, 9
GRI 103-1, 103-2, 103-3
In accordance with its mission statement “We care about tomorrow”, Energie AG is firmly
committed to its social and socio-political responsibilities. The development, protection and
fostering of socially sustainable values for society as a contribution to improving and
safeguarding our quality of life is a top priority for the Group. In the area of social affairs, the
following goals and fields of work have been defined:
Reliability in supply and waste management services
Positioning as a responsible company and guarantor of stability and reliability
Building and maintaining sustainable client relationships
Raising the awareness for a considerate treatment of natural energy resources and the
objective of a sustainable circular economy
SECURITY AND QUALITY OF SUPPLY
GRI 103-1, 103-2, 103-3, EU DMA (formerly EU6), EU4, EU28, EU29
The planning and implementation of projects focuses on the reliable and uninterrupted
delivery of all services, including during a crisis.
A major contribution to the supply security is made by Energie AG’s power plants and Netz
OÖ GmbH’s electricity grid. On the one hand, Energie AG operates a power plant pool for
balancing energy, making it a significant contributor to the primary and secondary
balancing in Austria. On the other hand, the congestion management of Energie AG’s power
plants, and the CCGT power plant in Timelkam in particular, make a significant
contribution to supporting the grid.
Owing to the war between Russia and Ukraine, the Austrian government and E-Control
Austria are currently making preparations to further improve the security of supply.
They include far-reaching measures such as the provisioning of a government-mandated
reserve stock of natural gas, measures that facilitate the substitution of natural gas, and many
others. Energie AG is also implementing measures to improve the security of supply and is
not only focusing its precautions on gas customers, but also places a particular focus on
assuring the secure supply with district heat. Keeping the CCGT power plant in Timelkam
available for the energy market and congestion management is another important
contribution to safeguarding the security of supply. The situation with regard to provisioning
for eventualities is good when seen in conjunction with the measures introduced by the
government, uncertainties do however arise from the difficulties in anticipating gas deliveries
from Russia, Germany’s exit from nuclear energy, and insufficient power plant capacities in
France. An EU-wide coordinated approach in the current energy crisis would be of great
importance for the security of supply but also with regard to the development of energy
prices.
The black start and island operation capability of power plants allows for these plants
to be started up without access to an external electricity supply. In fiscal year 2021/2022,
Netz OÖ GmbH has successfully carried out a number of inspections of the black start and
island operation functions with the generation resources available for a grid restoration.
Netz OÖ GmbH is conducting regular training with grid simulators to evaluate
coordinated grid restoration scenarios. Regularly recurring functional testing of the
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generation plants relevant to a grid restoration along with testing of the operational
processes are an important element in assuring the security of supply.
In the current energy crisis, triggered by the war between Russia and Ukraine, measures to
improve the security of supply with natural gas are being evaluated. They include an
optimisation of fuel procurement, additional natural gas reserves in storage, as well as the
harnessing of potentials for conversion and substitution of natural gas. The Group is also
preparing the substitution of natural gas in response to the expected 1st Regulation on
Natural Gas Steering Measures.
The expansion and strengthening of the grid infrastructure combined with increasing
energy storage capacities (e.g. pumped-storage power plants) is intended to quickly and
fully buffer peak loads and compensate for the volatile infeed volumes from decentralised
generation systems that produce energy from renewable sources.
In the area of digitalisation, the fibre-optic networks is being expanded further as a
prerequisite for a full-coverage supply of all regions in Upper Austria with internet access at
the speed of light.
Energie AG is taking steps to secure a high-quality supply with drinking water and waste
water treatment services, especially in regions affected by water shortages, and also
contributes technological know-how in the area of waste water treatment that will be used
to create a solid infrastructure (e.g. leak localisation).
The Waste Management Segment of Energie AG Group covers the entire value creation
chain from waste collection to sorting and recycling/management on the highest technical
level. The services are geared closely to the needs of residential, commercial/industrial and
municipal customers.
The unconditional assurance of security of supply, including under extraordinary
conditions (threat of supply shortages on the energy market, dramatic price increases, the
COVID-19 pandemic), and the ensuing strengthening of the Company’s resilience are among
the top priorities of Energie AG Group.
The impact of the war between Russia and Ukraine on the energy markets in
fiscal year 2021/2022 led to the installation of a dedicated taskforce that convenes weekly.
The aim of the taskforce is to develop appropriate technical, commercial and communicative
responses that are commensurate in light of the supply and market situation. A weekly
situation briefing and forecast is compiled on the basis of the information received from the
environment and important business units.
A task force that monitors the ongoing pandemic developments and devises the necessary
measures has been in place since the 2019/2020 fiscal year. Special precautions to warrant
the operation of critical infrastructure were taken and are explained in further detail in
the section covering the social initiatives during hefty turbulences on the energy markets
and after the COVID-19 pandemic › Page 82.
Security of supply is the fundamental basis for general business growth, job creation and
quality of life. Energie AG’s services are a major driver of Upper Austria’s international
competitiveness as a business location.
Netz OÖ’s asset management efforts are aimed at achieving the highest possible levels of
efficiency in all activities in terms of reliability, quality and cost-effectiveness.
To assess the ability to perform and the security and quality of supply, key performance
indicators such as available grid capacity, grid reliability, grid interruptions and their causes
(interruption time >3 minutes) are determined on an annual basis. The Group then uses these
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findings to establish options for future action in the context of grid maintenance and
expansion.
Netz OÖ GmbH operates an electricity grid consisting of 33,445 km of power lines
(previous year: 33,185 km), in addition to a 5,634 km gas grid (previous year: 5,624 km).
These reliable and modern grids warrant the secure energy supply for more than 575,000
grid customers.
Grids in km
2021/2022
2020/2021
2019/2020
Electricity
33,445
33,185
32,873
Gas
5,634
5,624
5,603
Fibreglass 1)
5,820
7,021
6,600
1) The loss in the km-length of the fibre-optic network in fiscal year 2021/2022 in comparison to the previous years' figures is explained with the demerger of the FTTH unit.
The electricity grid’s supply reliability, measured in terms of service-related unavailability
(ASIDI; “Average System Interruption Duration Index”), was 44.53 min/a in calendar year
2021 (2020: 50.82 min/a). It was 1.10 [1/a] (2020: 1.52 [1/a]) when measured on the basis of
the ASIFI (“Average System Interruption Frequency Index”), with the statistic in both cases
disregarding regionally exceptional events. The customer-related system unavailability (SAIDI –
“System Average Interruption Duration Index”) stood at 52.89 min/a (2020: 53.58 min/a),
while the customer-related average interruption frequency (SAIFI - “System Average
Interruption Frequency”) was 1.34 [1/a] (2020: 1.68 [1/a]). The weather in calendar year 2021
featured a series of strong thunderstorms between June and August. As a result of the
geographic realities of the supply territory of Netz OÖ GmbH, the unavailability figures in
Upper Austria are usually higher than the national average for all of Austria. The availability of
the gas grid in calendar year 2021 was unchanged from the previous years at 99.99%.
Supply reliability 1)
2021
2020
2019
SAIDI (min/a)
52.89
53.58
34.47
ASIDI (min/a)
44.53
50.82
31.62
SAIFI (1/a)
1.34
1.68
1.17
ASIFI (1/a)
1.10
1.52
1.07
1) These key figures are statistical key system figures for national and international comparison. They do not allow any conclusions on the interruption of individual localities.
In the generation unit, the Group takes a holistic approach to optimise technical
availability, starting with the planning and designing phase of power plants as well as by
systematically developing maintenance strategies as part of due diligence measures.
In addition to the environmental measures adopted during plant design, flood protection
improvements also play a crucial role in Energie AG’s run-of-river power plant construction
projects. The individual steps to be taken during day-to-day operation are set out in the
officially approved workplace regulations.
The supply reliability for customer connections in the fibre-optic network is
determined by analysing the fault resolution times from the trouble ticket system. In the
reporting period, it amounted to 99.98% (previous year: 99.99%). The fault resolution time
designates the timespan between receipt of the fault report and the resolution of the fault.
As of the end of the reporting period, the Group-owned fibre-optic network in the backbone
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and business customer areas had a physical length of 5,820 km. The difference to the
previous year’s figure results from the demerger of the FTTH fibre-optic network to BBOÖ, see
Business model, Organisational structure of the Group › Page 19.
Supply reliability customer connections in %
2021/2022
2020/2021
2019/2020
Supply reliability customer connections
99.98
99.99
99.99
The supply reliability is calculated using the following formula: availability = observation period less (-) total fault resolution times divided (/) by observation period multiplied (x)
by 100%.
Water supply availability in the Czech Republic Segment is constantly at or above 99.9%.
Network quality in the drinking water sector fluctuates from year to year between 0.2 and
0.3 cases of damage per kilometre per year, mainly due to weather conditions in winter.
Network quality in the waste water sector is measured at around 0.1 grid interruptions per
kilometre per year.
In regions affected by climate change-related drought and increasing water scarcity, Energie
AG secures the supply through subsidiaries that supply drinking water via tankers and
cisterns. One measure to improve security of supply is the interregional integration of
water supply systems. This enables drinking water from areas with surplus water to be sent
to areas suffering from shortages. Energie AG’s subsidiaries also support their contractual
partners in projects aimed at securing resources with extensive know-how in the area of
water management.
The operational processes of the Waste Management Segment were frequently adapted to
the prevailing requirements in order to warrant the safe and reliable collection and
management of all types of waste during the COVID-19 pandemic.
CUSTOMER ORIENTATION AND SATISFACTION
GRI 103-1, 103-2, 103-3, EU-DMA (formerly EU23)
For the customers and all other stakeholders of Energie AG, the values of continuity,
reliability, safety, sustainability and transparency are at the heart of Energie AG’s
corporate strategy. In light of unpredictable crisis events, these values have gained enormous
importance.
The further intensification of the stakeholder dialogue, incl. by directly involving
customers in strategy and development processes, is intended to contribute to products and
services that are even more in line with the interests and requirements of the different target
groups.
Customer satisfaction is also increased by an open and transparent communication,
initiatives for clean and “affordable energy for everyone”, the further streamlining of
administrative processes, the comfortable access to digital services, and uncomplicated and
rapid fault repair services.
The customer forum introduced three years ago serves to actively involve Energie AG’s
customers in the area of product design and collects valuable feedback on the Group’s offers
and services. The intense customer dialogue assists in understanding their perspective,
bringing the “outside perspective” into the company, and adding a whole new facet to the
notion of customer proximity.
A new platform for the customers of Vertrieb GmbH was launched in fiscal year 2020/2021
when Energie AG introduced the customer club “My Bonus”. The members-only area gives
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customers online access to special services and products, some of them available exclusively
on the platform. The customer club is being revised on an ongoing basis – including in a
dialogue with the stakeholders – and adjusted to meet the preferences and needs of the
customers.
Energie AG’s portfolio of digital services was complemented with additional innovative
applications that assist customers in making economical use of energy and gaining access to
electricity from renewable sources. This includes the development of a WiFi reader unit for
smartphones that can detect energy-wasting household appliances.
For many years, the Energy Saving Trade Fair has been an important leading trade fair for
Energy AG in Austria. After the event’s cancelation in fiscal year 2020/2021, the most recently
held event saw the Energie AG booth giving advice to around 2,100 interested parties. In the
previous year, the physical trade fair was substituted with online advisory days that served
around 1,000 customers.
Energie AG responds to the increasing consumer demand for online services by expanding
the fibre-optic network in urban and rural areas. 16,723 customers were already actively
using the high-speed internet service offered by Energie AG as of 30 September 2022
(previous year: 13,166).
Energie AG’s customer service was honoured to be chosen once again as the recipient of
the ÖGVS award from the Austrian Society for Consumer Studies in fiscal year 2021/2022.
The annual “Industry Monitor” of the ÖGVS is the dominant Austrian ranking in the areas of
customer satisfaction, customer service and price/value ratio and has collected more than
250,000 reviews on a total of 1,824 companies. Energie AG was distinguished as “Industry
Champion 2022” in the customer service category and received one ÖGVS award each for
“TOP customer service electricity utility” and “TOP customer service gas utility”. A high level
of service quality together with individual and competent customer care have always been
important keys to success for Energie AG.
Ongoing monitoring and permanent professional improvement initiatives help to ensure
high-quality customer relationship management, whether over the phone, in person, or
online.
Netz OÖ GmbH has responded to the strong increase in the demand of residential customers
who, as a result of higher energy prices, wish to sell the PV electricity produced on their roofs
by introducing fundamental changes to the handling process in the spring months of 2022.
This delivered noticeably shorter waiting times for customer applications. In the summer of
2022, a comprehensive review of the Netz OÖ GmbH’s online presence made it
significantly easier for interested parties to access important information on the topic of
photovoltaic systems.
Digitalisation: a powerful asset
Energie AG places a focus on the digitalisation of services, processes and customer
interaction along the entire value chain. One of the objectives of the digitalisation measures
is to offer customers flexible, individual, and straight-forward options to get in contact with
Energie AG and to offer self-services such as switching plans, registering as a new customer,
the Energy Manager, consumption alerts, invoice download etc.
The use of technologies such as “Artificial Intelligence” (AI) and “Machine Learning
Algorithms” enable – when applied in consideration of the framework under data protection
law – better and more cost-efficient customer services in the area of data analytics as well
as more rapid and efficient service and decision making processes. The merging of customer
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data from the Electricity, Gas, Heat and Telecom areas and a corresponding system
harmonisation allow for the best possible service “from a single source”.
The customer portals of Netz OÖ GmbH were merged and harmonised in terms of their
functions in fiscal year 2020/2021. The new and revised customer portal now allows grid
customers to review and administer the data of their electricity and gas connections.
Responding to a run for decentralised generation units, the customer portal at
› https://eservice.netzooe.at now features an information tool that enables customers to
track the current status of their “PV application” (extension of the grid access agreement).
The process is adjusted on a regular basis and thereby improved continuously.
The digitalisation in the Waste Management Segment launched Austria’s first waste
management online shop back in 2012 ( › containerdienst24.at). This internet portal
enables users across Austria to order containers for clearing out bulky refuse, gardening
waste or construction rubble. A regional contact person is available for specific questions and
clarifications. In 2016, this service was › extended to key account customers, who can now
access waste management services, invoices, weighing and freight notices, and check on the
status of their orders. Individually configurable authorisation settings can be used by key
account customers to allocate page- and location-specific permissions for employees. The
customer portal enables a sustainable improvement of the waste management processes and
simplifies the daily cooperation within the Waste Management Segment.
Customer Phone Service
A fundamental criterion for customer satisfaction is the rapid processing of enquiries
received over the phone, which Energie AG handles with the help of service staff that has
received extensive training and boasts strong communication skills. They are supported by
artificial intelligence deployed for the automated processing of simple enquiries. An
additional intelligent “peak management” allows for calls to be rescheduled to less busy
times of the day. This increases the availability for the customers and in turn also their
satisfaction with the Company. The ongoing energy crisis is causing a massive amount of
customer inquiries that are handled in the best possible way with the help of the instruments
outlined above.
In the event of failures, which cause a substantial increase in calls from those affected within
a very short period of time, calls need to be answered and processed with rapid turnaround.
A flexible on-call service model for the customer service employees and a suitable
infrastructure (remote work) enable an improved handling of unexpected or high call
volumes.
Introduction and Use of New Technologies
Energie AG is actively committed to introducing and using new technologies, but always
keeps the focus on the customer. Netz OÖ GmbH is among Europe’s leaders in large-scale
smart metering. The intelligent electricity meters allow customers to precisely analyse and
manage their energy consumption. A currently ongoing upgrade project aims at upgrading
the smart meters with additional useful and pioneering functions. The proven system AMIS
features several smart-grid functions that support grid operations and assist in achieving a
high quality supply with electricity. The AMIS system is proving successful in real-world
applications, regularly delivering availability figures in excess of 99%.
Energie AG uses the new smart meter technology for developing new business models. The
Company views smart electricity meters as the key component for turning a house into a
“smart home”. Interaction between electricity meters and home automation systems
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facilitate a perfect use of energy, which users will be able to generate, purchase or store. This
delivers cost savings, lower consumption and greater comfort for the customer. Smart meters
are also a prerequisite for the new market models and market roles introduced with the
Renewable Energy Expansion Act package. Their benefits include, inter alia, consumption
billing within the renewable energy communities, and they can also serve as the foundation
for the peer-to-peer trading app › “E-Fairteiler”.
The Czech water investments have been using smart digital water meters for several years
at this point. The digitalisation projects focus on smart metering in Beroun and smart
metering and grid digitalisation in Kolin. Other studies on the digitalisation of control centres
and operations as well as the development of a “digital twin” for a sewage treatment plant
are ongoing. “Digital twins” are models that e.g. virtually simulate the operation of a sewage
treatment plant in order to probe the effects of different measures taken within the
simulation before they are implemented in live operations.
Customer satisfaction surveys
Contact with customers and partners enables Energie AG to learn about their needs,
concerns and ideas and to use these insights for the development of solutions for specific
problems and the optimisation of processes. Complaint management is a key mechanism in
this area. Together with Customer Service, the Group analyses the communications on a
quarterly basis, evaluating the subject areas and using these as a basis to establish options for
action. This includes the cooperation with social services for debt prevention and mitigation
of debt-related problems by means of the energy solidarity budget and providing advice on
how to reduce energy costs.
The continuous evaluation of the needs of existing and potential new customers has
shown that prices are the issue closest to their heart. The focus is increasingly shifting to
aspects like the security of supply as well as confidence in the energy supplier and its
reputation. With the long-standing price guarantee, product bundles at special conditions
and numerous additional offers, Energie AG presents itself as a reliable partner.
Regular market studies and customer surveys are conducted among various target groups
as a due diligence measure to ensure their satisfaction. Valuable information for the
ascertainment of the most important key performance indicators and their development over
time was once again collected through basic surveys conducted in fiscal year 2021/2022.
The majority of customers of Vertrieb GmbH were found to exhibit a high loyalty: 95.6% of
them, for example, are very satisfied or rather satisfied with the sales unit (previous year:
95.9%). Continually measuring loyalty levels in defined categories (e.g. product range, price
communication, provision of information, regional commitment etc.) provides specific focal
points that allow the company to improve services on an ongoing basis.
The customer satisfaction survey conducted by Netz OÖ GmbH regarding gas grid operators
in autumn of 2021 once again delivered a very good result. The highest level of satisfaction
was expressed for the availability of the gas supply, followed by the satisfaction with the
technical expertise, keeping with agreed dates, and the performance of works and meter
readings. Using a 1 to 5 scale based on Austria’s school grades system, Netz OÖ GmbH’s
customers rated their distribution grid operator’s reliability (grade 1.42, previous year: grade
1.15), safety (grade 1.48, previous year: grade 1.24) and quality (grade 1.54, previous year:
grade 1.28).
Annual customer satisfaction surveys are also carried out at all the Waste Management
Segment’s sites. These include a school marking-style assessment system, in which the
segment received a 1.42 (previous year: 1.36) during the reporting period 2021/2022.
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Customer satisfaction survey results
Unit
2021/2022
2020/2021
2019/2020
Vertrieb GmbH (electricity/total)
Very or rather satisfied
%
95.6
95.9
96.5
Netz OÖ GmbH
Reliability
Grade
1.42
1.15
1.13
Security
Grade
1.48
1.24
1.32
Quality
Grade
1.54
1.28
1.32
Waste Management Segment
Grade
1.42
1.36
1.40
Online communication
Energie AG makes target group-specific information available via a number of different
channels. This includes the traditional website of the Group › www.energieag.at, the press
portal › news.energieag.at, the project websites › www.wir-denken-an-morgen.at for
children and adolescents, › www.sportfamilie.at for sport enthusiasts, the blog pages
( › blog.energieag.at and › hochspannungsblog.at), the Facebook page › Energie AG – Wir
denken an Morgen, the Instagram account › energie.ag and the Instagram
( › energieagsportfamilie) and Facebook ( › Energie AG-Sportfamilie) accounts of the sports
family. These services are complemented by additional websites for specific Energie AG
products.
Responding to the customers’ needs and preferences, Energie AG offers functional self-
service portals, mainly in the mass market areas. These enable customers to independently
deal with a number of tasks and issues relating to supply contracts with Energie AG at any
time of day.
Social responsibility during hefty turbulences on the energy markets
and the COVID-19 pandemic
Energie AG Group seeks to position itself as a strong and reliable partner for its
stakeholders at all times and especially in exceptional situations. The company has proven its
reliability not only during the COVID-19 crisis, but also with concrete activities in
fiscal year 2021/2022, which was dominated by the war between Russia and Ukraine and
hefty turbulences on the energy markets that emphasised its resolve to stability, security,
commitment to social concerns and regional value creation, in line with the campaign
motto “100% for Upper Austria”.
While competitors were responding to dramatic increases in the price of energy by
terminating their customers’ contracts, Energie AG extended the price guarantee for its
existing customers until 1 January 2023. This guarantee of contractually agreed prices was
also made available to new customers. In the spring months of 2022, commercial and
industrial customers were offered noticeable relief in the form of special conditions under a
business tariff that was introduced for this particular purpose on short notice.
Energie AG also showed solidarity with Ukrainian families faced with the fallout of the war
between Russia and their own country: In an internal fundraiser in the spring months of
2022, the Group’s workforce collected EUR 56,000 for the “SOS Kinderdorf Ukraine Nothilfe”
orphanage, with the company more than doubling that amount to a total of EUR 120,000.
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In order to further fulfil its supply and waste management mandate and at the same time
protect the health of its customers and employees, the internal task force with experienced
members of the crisis management team was permanently monitoring the further
development of the COVID-19 pandemic in order to prepare any necessary measures and
coordinate their implementation across the whole Group in clearly organised processes. Once
normal operations had been resumed and staff members returned to their workplaces, a
particular emphasis was placed on aspects related to cultural education. The education and
training measures were adapted to the respective pandemic situation.
Austrian customers who were facing difficulties due to the pandemic were supported with
special arrangements, e.g. a moratorium on electricity disconnections and the option to
defer due payments.
REGIONAL RESPONSIBILITY AND SOCIAL COMMITMENT
GRI 103-1, 103-2, 103-3, 102-9, 204-1
Energie AG is pursuing the goal of further increasing the regional value creation by
implementing infrastructure projects on the local level, cooperating more closely with local
specialist companies (market partners) and involving regional providers into the procurement
chain. The Group is firmly committed to advancing projects that enable customers to
consume and exchange decentrally produced renewable energy.
To the largest extent, Energie AG Group delivers on its regional responsibility through
operating hydropower plants across all of Upper Austria. Ongoing infrastructure investments,
the continuous training of specialist personnel and the creation and preservation of jobs are
important contributions to increasing value generation in the regions.
The high-performance fibre-optic internet connections provided by Energie AG offer the
residents of structurally disadvantaged regions the opportunity to pursue an occupational
activity (working from home). The continued expansion of the fibre-optic network and
development of innovative digital services support the positive economic development of the
regions in Upper Austria and contribute to increasing quality of life of the population.
Market partnerships with relevant specialist companies across Upper Austria is Energie AG’s
way of assuring the availability of expert advice and help with energy-related questions for
customers in their respective home towns and villages, as well as motivating them to save
energy through attractive funding options and joint initiatives with these local businesses.
In its supply chains, Energie AG aims at procuring from companies with a regional
connection. Orders worth a total of EUR 216.2 million were placed with 2,281 suppliers in
the 2021/2022 fiscal year (previous year: EUR 208.2 million with 2,303 suppliers). 92.5% of
suppliers were headquartered in Austria (previous year: 93.2%), while 7.4% were based in
other European countries (previous year: 6.7%).
Regional procurement
Unit
2021/2022
2020/2021
2019/2020
Contracted suppliers
Number
2,281
2,303
2,213
Of which in Austria
%
92.5
93.2
92.3
Of which in other European countries
%
7.4
6.7
7.6
Others
%
0.1
0.1
0.1
Order volume
EUR mill.
216.2
208.2
204.0
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The cooperation with Genussland Oberösterreich initiated by Energie AG in autumn
2020 and completed at the end of calendar year 2021 awarded shopping vouchers
redeemable at participating businesses to new customers who selected product bundles with
green electricity or biogas from local production.
The Energie AG tour bus on its regional roadshow through towns and villages in Upper
Austria in summer 2022 distributed thousands of energy-saving LED lamps to customers.
Energie AG is firmly committed to social engagement, with the Group initiating and
supporting institutions and projects of significance for the economy as well as projects in the
areas of science, art and education on a local level. The Company takes its function as a
role model in terms of social responsibility very seriously and also fulfils this role by pro-
actively taking initiative and supporting charitable organisations.
The online platform › wasserkarte.info is a good example for the support of non-profit
organisations in the regional and interregional area. It shows fire brigade crews the quickest
way to a hydrant.
Activities in the fields of sport, culture and social affairs
GRI 102-12
Energie AG supports cultural and sport activities on a regional level, including by
sponsoring local events, sport promotion programmes (“ › Energie AG sports family”) and
online fitness services.
In the 2021/2022 fiscal year, 14 athletes of the Energie AG sports family received financial
assistance as well as other benefits of relevance to their sport and were provided with an
environment that promotes and facilitates physical and human development. The main focus
is on the sustainable promotion of up-and-coming talents and supporting already successful
athletes. The following principles are at the heart of Energie AG’s sport promotion
programme: willingness to perform, team spirit, authenticity and regionality.
On the cultural scene, the company has been partner of exhibition projects organised by OÖ
Landes-Kultur GmbH (the state-owned cultural outlet formerly known as Upper Austria’s
Culture Precinct) for a number of years, and exhibitions are regularly held in Linz’s Power
Tower.
The Klemens-Brosch Award in cooperation with the State Gallery in Linz, the “Talent
Promotion Award” in cooperation with the University of Arts in Linz, and the “Dream
Scholarship” in cooperation with OK Friends are additional ways in which the Energie AG
Group supports young and talented artists.
Energie AG awarded a digital art prize for the first time in the summer of 2022 and thereby
also emphasised its focus on the future and innovative projects.
In addition, Energie AG has been a long-standing partner of many cultural initiatives
throughout Upper Austria, including the Upper Austrian Regional Exhibition, Salzkammergut
Festwochen summer festival, St. Florianer Sängerknaben boys’ choir and Brucknertage
festival.
As a partner of the volunteer fire brigade and the Red Cross, the Energie AG Group
makes an effort to support rescue organisations with a high level of voluntary commitment.
In the town of Timelkam, Energie AG runs an information centre about electrical energy
called the Erlebniswelt Energie Timelkam (“ › Timelkam Energy Experience”), which in the
2021/2022 fiscal year was visited by almost 1,800 interested children and parents (previous
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year: 400). Annual visitor numbers were around the 5,000 mark in earlier years (without
COVID-19 pandemic restrictions).
Enhancing awareness
The Group considers the raising of an awareness for a sensible and considerate treatment of
energy resources and the value of a sustainable circular economy to be one of its most
important responsibilities in the area of social affairs. Energy AG is a supporter of initiatives
run by youth organisations in the area of sustainability, energy and environment. For many
years, Upper Austria’s scouts, the Pfadfinder, have been implementing environmental projects
with the support of the Energie AG Group and the Province of Upper Austria. The yearly
project contest “ › UmWeltdenker”, for example, elicits creative ideas in this area and
implements the best of them.
The “Energie AG at School” education programme (Energie AG macht Schule) offers
kindergartens and schools classroom handouts on the topics of energy, sustainability and
digitalisation.
Energie AG takes initiative in strengthening the media competency of children and
adolescents in connection with digitalisation and, by means of school materials and the
website › www.wirdenkenanmorgen.at, familiarises them with a sensible and responsible
use of new technologies and digital media. The platform is complemented by interactive
quizzes, videos and instructions for practical exercises and experiments.
In addition, the Group has a selection of short books for the youngest programme
participants, which cover topics relating to energy and sustainability. The eight books
published so far can be ordered by private persons, schools and kindergartens free of charge.
Approximately 390,000 copies of these short books are already in circulation (previous year:
380,000). This is supplemented with a workshop for kindergartens, which introduced
children from the age of four to sustainability issues in a playful way.
Energie AG accompanies an educational programme for Czech primary and junior
secondary school pupils, which aims to protect our natural environment and water
resources and began in 2014. The Group promotes awareness of how to properly dispose of
rubbish by providing customised classroom materials for primary schools and creative projects
for older pupils.
The Czech Republic Segment honoured the occasion of the World Water Day 2022 by
publishing the card game “Serenato”, which aims at explaining the processes involved in the
treatment of waste water in sewage treatment plants.
Respect for the environment and a commitment to a green and efficient business model are
guiding principles that underpin Energie AG’s ethos. The Energie AG Group has supported
the Energy Globe environmental award for some 23 years. Since 1999, over 30,000 projects
for environmental protection and climate change mitigation have been submitted in the areas
of earth, water, fire, air, and youth.
Federation, association and organisation memberships
GRI 102-12, 102-13
Energie AG is a member of associations and representative groups related to its operational
activities, both in Austria and abroad. The Company’s employees also play a role in various
bodies, committees and working groups within these organisations. All Energie AG’s
employees can reap the benefits from these memberships in the form of newsletters, events,
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webinars, as well as access to online portals, publications, studies, models, analytical findings
and more. The following memberships are particularly noteworthy:
› Association of Austrian E-Businesses (Verein Österreichs E-Wirtschaft)
› Association of Industrial Companies (Industriellenvereinigung, IV)
› Chamber of commerce (Wirtschaftskammer, WK)
› Initiative for Upper Austria as a business location (Initiative Wirtschaftsstandort
Oberösterreich, IWS)
› Österreichische Energieagentur (Austrian Energy Agency GmbH, AEA)
› Federal Association of Energy and Water Companies (Bundesverband der Energie
und Wasserwirtschaft, BDEW)
› Energy Saving Association of Upper Austria (Energiesparverband Oberösterreich)
› Association for Ecology and Environmental Research (Verein für Ökologie und
Umweltforschung, VÖU)
› Federal Association of Electric Mobility (Bundesverband Elektromobilität, BEÖ)
› Austrian Association of Water and Waste Management Companies (Österreichischer
Wasser- und Abfallwirtschaftsverband, ÖWAV)
› Verband österreichischer Entsorgungsfachbetriebe (Verband österreichischer
Entsorgungsfachbetriebe, VÖEB)
› Sdružení oboru vodovodů a kanalizací ČR, z.s (SOVAK)
Science and research have traditionally been accorded high value at Energie AG. One area in
which this is evident is the long-standing partnership with the › Energy Institute
(Energieinstitut) at Johannes Kepler University (JKU) in Linz. As a founding member,
Energie AG Group actively participates in shaping and further improving the institute and
draws on its high level of expertise in energy-related areas and its interdisciplinary team.
Energie AG commissions studies from the institute on a consistent basis and works together
closely with it on research projects. Noteworthy example projects include those concerned
with the use of sustainable heat sources (e.g. industrial exhaust heat) and their distribution
within district heating networks (“HeatHighway”, “Gmunden HT-Link”) or the possibilities of
future energy storage systems on hydrogen basis (“Underground Sun Storage 2030”).
Energie AG has been a member of the › Energy Centre České Budějovice, an energy
information centre in České Budějovice supported by the Province of Upper Austria and
the Region of South Bohemia, since 1998. The centre’s priority areas are offering support for
the implementation of energy efficiency measures and the use of renewable energies. Since
2002, Energie AG has also been a member of the Fachgruppe Energie (Energy Working
Group), which seeks to establish a cross-border cooperation in the energy sector between
Upper Austria and South Bohemia. The working group supports cross-border projects and
provides a platform for the exchange of knowledge and experience.
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Non-financial report Employees
EMPLOYEES – RESPONSIBLE EMPLOYER
SDG 4, 5, 8
GRI 103-1, 103-2, 103-3, 102-7, 102-8, 102-41, 404-2
Energie AG’s goals as an employer seeking to embrace responsibility are:
Further development of employer branding with a special focus on promoting diversity
(such as women in technical professions)
Personnel and management development, as well as high-quality apprenticeship
programmes
Ensuring access to qualified personnel in the long term, in particular by positioning the
Company as a family-friendly employer
ACTING AS A RESPONSIBLE EMPLOYER
Energie AG has, in particular with regard to marked transitions in the work and life reality of
its employees, positioned itself as a crisis-safe and responsible employer by establishing
additional flexible work time models, creating the technical conditions for remote working,
working from home etc., as well as providing demand-oriented childcare options for
employees.
An elaborate procedure executed by an economy magazine in cooperation with three
prominent online platforms determined Austria’s 300 best employers 2022, with Energie AG
taking the first place in the energy sector as well as the nationwide overall ranking thanks to
the measures taken.
In a study of the attractiveness of employers in Upper Austria conducted by “Market
Institute” on the basis of a representative survey of Upper Austria’s population in gainful
employment, Energie AG Group took the third place in the overall rating as “best employer
2021”. Energie AG took the first place among all rated companies in Upper Austria in the
subcategories crisis safety and job safety and was awarded the associated quality badge.
The Group’s apprenticeship programme secures a comprehensive practical training for
young talents, who rotate through different business areas with relevant career opportunities,
and is a preventative measure in light of the general shortage of skilled workers. Dedicated
trainee programs are intended to give external target groups an excellent career start at
Energie AG Group. Scholarships and other financial assistance options that explicitly target
female technicians contribute to the promotion of diversity and equal opportunity.
The implementation of sustainability objectives requires committed and satisfied
employees. As an important employer in the supply regions, Energie AG offers attractive and
secure jobs. Flexible work time models, high quality work equipment, and a wide range of
training and professional education options are important contributions to this goal.
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Non-financial report Employees
STAFF LEVELS AND PERSONNEL STRUCTURE
Unit
2021/2022
2020/2021
2019/2020
Staff (number of employees)
Persons
5,041
5,030
4,997
Workplace
Full-time equivalents (FTE) 1)
Number
4,606
4,593
4,560
In Austria
2,858
2,843
2,847
Female
537
541
535
Male
2,321
2,302
2,312
In the Czech Republic
1,711
1,715
1,678
Female
408
410
400
Male
1,303
1,305
1,278
In other European countries
37
35
35
Female
5
4
4
Male
32
31
31
Part-time
Persons
508
477
475
Female
%
68.3
69.0
68.0
Male
%
31.7
31.0
32.0
Newly hired
Persons
593
520
562
Newly hired
%
11.8
10.3
11.2
Female percentage of newly hired
%
27.0
-
-
Male percentage of newly hired
%
73.0
-
-
Turnover rate (excluding retirements) 2)
%
6.8
5.9
6.3
Demographics
Average age of workforce
Years
44.5
44.2
44.4
Average time served in company 3)
Years
12.2
-
-
1) The information stated regarding employees relates to full-time equivalents (FTE) as a yearly average of the fully-consolidated and proportionately consolidated companies.
2) Turnover rate incl. dismissals during probation period
3) Workforce is recognised based on time served in fully-consolidated and proportionately consolidated entities.
As of 30 September 2022, Energie AG Group had 5,082 employees or 4,630 FTE in three
countries (previous year: 5,061 employees; 4,611 FTE). An average of 184 temporary staff
(154 FTE) were employed for limited-time projects and to balance peak work loads in the
2021/2022 fiscal year (previous year: 198 employees, 165 FTE).
All employment contracts with employees are governed by collective agreements or works
agreements. Energie AG Group employs personnel from 32 different countries (previous
year: 29).
A staff turnover rate of 6.8% in fiscal year 2021/2022 is mainly attributable to the Waste
Management Segment and the company Market Calling Marketinggesellschaft mbH.
The Group offers indefinite employment contracts to the vast majority of its personnel.
Only 368 staff members had fixed-term employment contracts in fiscal year 2021/2022, 334
of them in the Czech Republic Segment.
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Non-financial report Employees
Employment contracts
Unit
2021/2022
Fixed-term contracts
Number
368
Female
94
Male
274
In Austria
28
In the Czech Republic
334
In other European countries
6
Indefinite contracts
Number
4,673
Female
1,055
Male
3,618
In Austria
2,996
In the Czech Republic
1,644
In other European countries
33
LIFE AND WORK AT ENERGIE AG OBERÖSTERREICH
Energie AG supports a good balance between work and family life. Except for the Waste
Management and Czech Republic Segments, the Company has been certified via the
“berufundfamilie” audit since 2012. This allows it to position itself as a family-friendly
employer, gain advantages in the competition for skilled professionals, and help to create a
positive working environment by means of the associated raft of measures for management
and employees.
The “Active Parental Leave Management” programme supports employees in Austria in
planning the periods they will be off work. A nursing care platform offers comprehensive
information and service links for employees who care for and support dependents. To make
holiday planning easier, Energie AG supported its employees through the summer months of
2022 by providing a varied programme for children between the ages of six and 12. Since
July 2020, the cooperation with the Salzkammergut Hospital in Gmunden has been offering
employees a year-round kindergarten for their children in addition to the daily bookable
summer camp. The company’s in-house childcare facility (“Loomiland”) in the new
corporate headquarters in Linz opened its doors in July 2022. The little ones are cared for by
two qualified early childhood teachers from the Family Alliance Upper Austria (OÖ
Familienbund). In addition to the child-friendly rooms with sophisticated designs, the facility
offers exterior grounds of almost 300 m2 with play equipment, a sand pit and pavilions.
In order to increase the awareness for Energie AG’s “Charter of agile, interdisciplinary
cooperation”, numerous small groups discussed the contents’ relevance and derived areas
with potential for optimisation.
Many employees are active participants in one of the eleven culture & sport sections
(fishing, hiking, family excursions, photography, football, cultural events, music, jogging, bike
riding, sailing, skiing, rifle shooting, volleyball, scuba diving, tennis) and also establish private
relationships with their colleagues.
The survey “New ways to work from home” conducted within Energie AG in Austria returned
positive feedback and resulted in the extension of the previous remote work model, making
work more flexible.
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The revised works agreement concerning the granting of a paid “training period” was
introduced in response to the newly arisen needs of employees in relation to training and
professional development.
PERSONNEL AND MANAGEMENT DEVELOPMENT
A key goal is to provide targeted services to prepare employees and managers for the
challenges they will face in the working world of the future. The training programme 2021/
2022 offered employees a wide range of options to improve their own skills and
competencies. In addition to a proven series of seminars, the programme was expanded by
adding new contemporary contents, mainly in the area of methodology and media
competence.
The learning platform EINSTEIN offers an extensive training programme and is available
24/7 to all employees and managers in Austria.
The focus in the area of methodological competence was on the wider field of
“communication”. Various new seminars explored a range of aspects, e.g. the speaker’s
voice, argumentation and quick-wittedness as well as the moderation of hybrid events.
Occupational development
Occupational development
Unit
2021/2022
2020/2021
2019/2020
Training per employee 1)
Hours
11.3
8.6
8.8
Performance review rate
%
69.3
69.3
74.2
Apprentices
Persons
76
76
73
Apprenticeships completed
Persons
17
26
16
1) incl. hire personnel and apprentices, excl. training at the leadership academy and safety inductions
Due to the success of the virtual “Digithek”, an element of the “Neuland 2021” digitalisation
campaign, this programme will transition into a permanent format under the heading
“Digithek 365”: a short seminar on a current IT topic will be offered once a month by an
internal lecturer. Further information on the digitalisation campaign “Neuland” can be found
in the section headed Business models fit for the future – innovation › Page 45.
The personnel development programme accessible via the EINSTEIN system offered various
training opportunities in the areas of media competency and methodological competency,
thereby making a significant contribution to keeping the employee’s know-how up to date,
especially in the area of digital media and work methods, and securing their best work
performance.
A master thesis compiled in fiscal year 2021/2022 examined the conflict management
system of Energie AG and evaluated it on the basis of surveys and their analysis. An
accompanying seminar programme for groups and team managers is intended to raise the
awareness for the topic and the instrument available to them. Employees were offered
information events that also aimed at sensitising them for the topic.
The Energie AG workforce was offered the online training on how to stay motivated and
perform at work to support them during the COVID-19 pandemic, a situation that many
staff members have experienced as extremely difficult. Employees were also enabled to
engage with the topic “polarisation and opposites” in a webinar.
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Managing directors and departmental heads deliberated on the challenges related to good
leadership during the COVID-19 pandemic in a day of reflection offered in cooperation with
an external coach. An instrument that supports the teams in reflecting on their cooperation
was made available in the form of the guideline titled “Healthy leadership”.
The “Leadership Experience Discussion Circle” for team and group leaders was continued
in the 2021/2022 fiscal year and consisted of three yearly sessions that deal with leadership
topics in small groups that are guided by a coach. The group is intended to help attendees
solve problems that arise in their day-to-day leadership roles, as well as encouraging these
supervisory staff to be open to bouncing ideas off each other. The “Manager Group
Coaching” continues to be the method of choice on the level of the managing directors and
departmental heads.
The competency model continues to form the basis for the feedback meetings between the
Management Board/Managing Directors/heads of departments.
The “Energie AG Future Lab” is an open and innovative format (workshops, seminars,
excursions, lectures etc.) that aims at providing methodological and technical training to
managerial personnel and also offers space to engage with future topics. Junior staff
(PowerTalents) from Energie AG Group are involved in the programme in addition to
Managing Directors and heads of departments.
Employer branding
The age structure of the employees working in the Group entities and the challenges in
recruiting suitable skilled personnel call on the Energie AG Group to employ a strategically
coordinated recruiting and succession management that serves the purpose of making
potential employees aware of the Company and of opportunities to apply for jobs at an early
stage. In addition to continuing the general employer branding campaign, the
2021/2022 fiscal year also focused on trainees and scholars. The sponsoring package for
associations and clubs gives Energie AG Group the opportunity to harness the social circle of
its employees to approach additional potential job candidates. The positioning of the
employer brand was evaluated in workshops and interviews with staff members.
Promoting diversity and women in technical careers
Due to the great success achieved in the previous years, two more scholarships were
awarded to female technicians in autumn 2021 (previous year: three). The scholars not
only receive financial support, but can also complete internships at Energie AG and write
their master’s thesis drawing on their experiences with the Company, potentially fostering
strong ties between the Company and these scholars from an early stage.
Diversity
Unit
2021/2022
2020/2021
2019/2020
Women
%
23.5
23.5
23.1
Men
%
76.5
76.5
76.9
Women in management positions 1)
%
14.6
15.2
15.8
Men in management positions
%
85.4
84.8
84.2
1) Definition of “management position”: Managing Directors, heads of departments, divisions, facilities, holding companies, corporate units, teams and groups.
To ensure the Company is capable of mastering future challenges, it is important for Energie
AG that its employees have the relevant skills at their disposal and for diversity to be
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Non-financial report Employees
embraced not only in recruiting, but also internally (for example, when filling management
positions).
Since 2014, Energie AG has been providing material and intellectual support to gifted and
socially engaged pupils of immigrant origin through the START scholarship program, laying
the foundations for these scholars to pursue academic study. This support covers the costs for
(one-time) PC equipment, educational materials, seminar attendance, annual meetings, and
regional events and workshops.
MAINTAINING THE HIGH QUALITY OF APPRENTICESHIP
PROGRAMMES
Energie AG’s in-house apprenticeship programme is an important competitive advantage.
Since 1943, 1,549 apprentices have successfully completed their training and become top-
qualified specialists in their fields. About half of these are still employed in the Company
today. In September 2022, 22 youngsters (previous year: 22), began their apprenticeships at
Energie AG in the areas of electrical engineering and metals engineering, as well as for the
first time in gas, water and heating technology. In keeping with our mission to promote
diversity, apprentices of immigrant descent and asylum seekers also have their place in the
Energie AG Group.
The marketing activities have been significantly scaled up in districts with a higher demand
for skilled workers (e.g. Schärding, Ried, Braunau). The apprenticeship trainers will pay
personal visits to the polytechnic schools in these districts. A new advertising campaign is
currently being developed and will be launched in future fiscal years.
The cooperation with mandatory-attendance schools (electrical engineering polytechnic
course, PowerGirls, Girls Day) as well as the offers for job shadowing took place in almost
the same way as in the years before, despite the COVID-19 pandemic.
Safety and health are especially important to Energie AG in its apprentice training. The
Company offers professional workshops and seminars to provide guidance to young people
on topics such as preventing addiction and using the internet safely, as well as since
fiscal year 2021/2022 a three-part communication training that is spread across the full
length of the apprenticeship programme.
The most important milestone for an apprentice is the skilled worker examination at the
Austrian Economic Chambers. The quality of training was also documented in the
2021/2022 fiscal year, receiving an outstanding result. Between them, the 16 current
graduates (previous year: 18) earned 10 distinction grades in vocational school and 13 good
or outstanding results in their final examinations. At the Apprentice Awards held by the
industrial sector in Upper Austria, the team of Energie AG apprentices in their second year
took the first and third place in the category energy technology.
With 22 new apprentices per year, the apprentice workshop continues to operate at
maximum capacity. The modernisation of the building and its fitout was continued in
fiscal year 2021/2022 with the start of the conversion of the mechanical workshop, the roof
and the facade and will not be completed before the year 2025.
The recruiting process is continuously adapted to the situation on the market. Due to a
multi-faceted approach geared to the qualification, local demand and place of residence of
the candidates, all apprenticeship positions were filled with qualified young talents.
In 2018, Energie AG initiated the establishment of the › “zukunft.lehre.österreich”
association Future Apprenticeships Austria (ZLÖ). Its objective is to strengthen the image of
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Non-financial report Employees
apprenticeships in Austria. The role of president is currently occupied by its creator, Chief
Executive Officer DDr. Werner Steinecker MBA. Joining forces with the other members of the
association, Energie AG aims to restore the status that apprenticeships deserve as a key
foundation of business and, in turn, of society both today and in the future. Since 2018, we
have worked meticulously to design and advertise an Austria-wide apprenticeship platform
and an apprenticeship-related image campaign aimed at the target group.
WORKPLACE HEALTH AND SAFETY
GRI 403-1, 403-2, 403-3, 403-4, 403-5, 403-6, 403-7, 403-8
The health and safety of employees is understood as an important success factor and
promoted by targeted priority programmes and internal campaigns.
Only healthy and satisfied staff can be successful with their work for a company. Energie
AG works to ensure awareness and personal responsibility around the quality of work and
occupational safety among its employees. In fiscal year 2021/2022, the internal campaign
“100% safe” was launched to alert employees to potential hazards in their work
environment and at the same time motivate them to contribute their own ideas on how to
further improve work safety.
The “in-house psychological service hotline” of Energie AG Group offers employees free
advice and help in conflicts, stress, work overload, anxiety, sleep disorders and personal crises
(bereavements, sickness etc.). The service offers advice in person or over the phone and aims
at carving out possible solutions that the employees can implement in their own
responsibility.
In accordance with § 4 of the Employee Protection Act (ASchG), potential hazards are
ascertained and assessed by the respective managerial staff (or the responsible commissioned
staff member pursuant to § 9 Administrative Penal Act (VStG)) and § 23 Work Inspection Act
(ArbIG) with the help from the relevant work safety and occupational health experts. This
forms the foundation for the determination of measures (workplace evaluation). The “Safety
Manual” of the Austrian lobby group “Österreichs Energie” serves to evaluate individual
activities. Shortcomings in the Austrian entities detected during the regular inspections
pursuant to § 77a Work Safety Act (ASchG) are also assessed in accordance with a risk matrix
pursuant to ISO 45001:2018 (excluding the Waste Management Segment). The employees
also rate their work activities on a risk matrix provided by the safety management in the form
of training templates.
Work accidents or incidents that almost resulted in an accident are investigated by the safety
management in accordance with the Employee Protection Act insofar as an investigation
appears expedient for the prevention of further accidents. This allows for the
development of suitable measures, such as a change of work materials, work equipment,
work processes, personal protective equipment, or more frequent inductions.
Hazards and risks are reported to the direct line manager. Other persons (employer, safety
expert, occupational health specialist etc.) are involved as required to identify these hazards
and minimise risks as far as possible. In accordance with § 82 Employee Protection Act, the
employees have access to all services offered by an occupational health specialist.
As required under the Employee Protection Act, the involvement of safety liaison staff or the
relevant employee representatives assures that the employees are involved in issues
concerning work safety.
The employer communicates safety-relevant issues to employees down the hierarchical
levels in accordance with the organisational structure and in consultation with the safety
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Non-financial report Employees
liaison officer. The employees in Austria have access to a wide range of training options
on work safety (e.g. e-learning modules on preventative fire protection, protection against
falls, work in enclosed spaces; in-person events for construction site safety, working with
electricity, and working with lifting equipment).
Preventive action and information are used to prevent work-related adverse health conditions
and staff are directed to be more conscious in their approach to health through the
“energy@work” project. If an individual has already fallen ill, the Company takes steps to
promote their recovery. Energie AG’s company health management policy was awarded the
“Betriebliche Gesundheitsförderung bis 2022” (Workplace Health Promotion) seal of
approval (except for the Czech Republic and Waste Management Segments).
Numerous programmes contribute to safeguarding the employees’ health (e.g.“healthy
15 minutes”, Medimouse (spinal) measurements, first aid courses, shiftwork fitness basics
workshop).
Topical issues are discussed and solutions are developed in regular health meetings
including employee representatives, occupational health professionals and safety
management specialists. Weekly exercise programmes at a number of work sites also
promote health awareness. The range of occupational healthcare services includes extensive
contact during consultation hours and vaccination campaigns. The results of the employee
survey 2021 was followed up with a range of measures in the individual subsidiaries.
The first health day took place at the new building of Umwelt Service GmbH in Wels in the
spring of 2022. Employees had the opportunity to have preventive medical check-ups with
trained experts from the health sector at several stations, attend workshops and learn about
healthy nutrition.
Workplace safety
Unit
2021/2022
2020/2021
2019/2020
Work accidents
Number
69
70
80
Accident rate
‰
14.10
14.80
16.20
Days of sick leave
Number
19.90
29.20
32.40
LTIF 1)
8.29
9.70
9.35
Deaths after work-related injuries
Number
0
0
1
Workplace and construction site inspections 2)
Number
157
169
52
1) Lost Time Injury Frequency Index – frequency of work accidents per one million work hours
2) Workplace and construction site inspections 2021/2022 and 2020/2021 excl. Czech Republic Segment 2019/2020 excl. Waste Management Segment and Czech Republic
Segment
Energie AG ensures that the specifications of the Employee Protection Act and the associated
regulations are consistently observed throughout the Group, and that appropriate
preventative measures are implemented. In the 2021/2022 fiscal year, the Group (excl. Czech
Republic Segment) saw around 157 announced and unannounced workplace, external
workplace and construction site inspections carried out by safety experts and
occupational health professionals together with those responsible on site and/or Energie AG
Group management as part of due diligence measures (previous year: 169). Office workplaces
were reviewed to assure ergonomic design and, if necessary, adjusted to keep the number of
musculoskeletal conditions among employees as low as possible.
A total of 69 reportable work accidents were registered (previous year: 70), which
corresponds to an accident rate of 14.1 accidents per 1,000 employees (previous year:
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Non-financial report Compliance
14.8 accidents per 1,000 employees) 1). The accident severity amounted to an average of
19.9 days of sick leave per work accident (previous year: 29.2). Converted to an international
indicator value, this corresponds to an LTIF (Lost Time Injury Frequency) of 8.29 per 1 million
working hours (previous year: 9.70). As in the previous year, there were no fatal work
accidents.
The legally required inductions with respect to health and safety at work and risk prevention
steps are regularly held throughout the Energie AG Group. The short briefings were extended
to include several new topics and are available for employees to access online.
A large number of subject-specific training courses were conducted during the reporting
period as part of due diligence measures. Employees of third-party contractors in the
technical and electrical engineering sectors are also allowed to attend if they require
additional training. In addition to training courses on “working with live electrical
equipment” and operational use authorisation, training modules on low and high voltage
electrical system operation and management authorisation were also offered, along with
other safety-related topics such as working with lifting equipment.
While the natural objective of the safety experts is to bring the rate and severity of
accidents down to zero, they place great emphasis on potential work accidents with a high
likelihood of occurrence and high severity of the potential injury. Approaching this number
requires employees to receive the best possible training and the responsible colleagues to
receive maximum support. Workplaces and activities are also subjected to a continuous
evaluation and the necessary measures are adjusted as required.
Energie AG takes workplace safety (i.e. potential hazards and risks in and around the
buildings) very seriously. Building security inspections for all office, workshop and storage
buildings are carried out annually to check how safe they are. The results of these inspections
are to used to develop measures both to comply with legal requirements and to serve as a
way of preventing hazards from arising in the first place.
COMPLIANCE
SDG 5, 8
GRI 102-16, 103-1, 103-2, 103-3, 205-3
Energie AG’s compliance goals are:
Ensuring a value-conscious compliance culture
Preventing property damage and reputational damage
Ensuring fair competition by compliance with the law and regulations
Ensuring compliance with all Group-wide guidelines and standards
Minimising/Avoiding liability risks and non-material damage
Raising awareness among Energie AG employees of compliance with guidelines and the
Codes of Conduct
Implementing effective prevention measures
Avoiding infringements of legal and in-house standards
1)
Up to cut-off date of 30 September 2022, including partially consolidated companies.
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Non-financial report Compliance
LEGAL COMPLIANCE AND PREVENTION OF CORRUPTION
Particular emphasis is placed on the protection of customer interests, which is ensured by the
Group-wide applicable › Code of Conduct “This is how we think, this is how we act”
together with internal monitoring, quality assurance, and complaint management systems.
› Compliance at Energie AG is based on a mutual understanding of values, which is
expressed in the › Code of Conduct and published for all stakeholders, managers and
employees. The Code of Conduct assures the compliance of our actions with the relevant
laws and regulations. It forms the foundation for all business activities and decisions within
Energie AG Group as well as for a morally, ethically and legally flawless conduct of all
employees of the Group. The Code of Conduct is mandatory for all employees and contains
essential rules concerning respectful conduct and open communication. All managers and
employees throughout the Group have been and will continue to be informed about the in-
house Code of Conduct.
Additionally, the › “Code of Conduct for Contractors” newly developed in
fiscal year 2021/2022 deals with safeguarding human dignity, responsible communications
and data processing, environmental conduct and sustainability, as well as integrity and also
sets out the consequences of violations of these principles and rules.
Internal and external audits serve the purpose of highlighting potential improvements and
necessary actions that support the continuous development of the management systems.
Audits are very important for Energie AG in this context as well as in light if the changing
general conditions, especially with regard to the risks from the progressing digitalisation.
Compliance Management System
To establish compliance effectively throughout the Company, a compliance management
system was established, appropriate guidelines were developed and numerous training
sessions and awareness measures were implemented in recent years. The content,
responsibilities, distributions of skills, and required documentation and reporting have all
been decided. Information on compliance is provided to staff via e-learning, among other
formats. Employees can decide for themselves when they want to use this interactive tool,
allowing them to fit the sessions into their work routine in a way that best suits their needs.
Whistleblower system
Staff members may use Energie AG’s web-based whistleblower system to report, including
anonymously, suspected compliance breaches to the Compliance Officer. Employees and
external persons may also contact a compliance email address or telephone number to report
their observations. Reports about suspicious activities (including from external persons) that
are received elsewhere within the Group must be forwarded to the Compliance Officer
without delay. All whistleblowers are assured strict confidentiality with regard to their identity
as well as the contents of the reported circumstances.
As part of the Energie AG Group’s due diligence measures, the experts in the various areas of
legal specialism monitor the relevant national and European legislative frameworks. The
Compliance Organisation is involved in issues relevant to the Group as a whole.
In the interest of a continuous improvement process, the compliance management system
was subjected to an external evaluation in 2021. The result confirmed that the system
conforms with all essential elements required for certification to the international standard
ISO 19600:2014.
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Non-financial report Compliance
The Group refers to legal databases, a range of legal commentaries, newsletters and legal
registers from external providers to ensure that up-to-date versions of the relevant
requirements are always used in the Legal Department’s operational activities. The Legal
Department acts as one of a number of information channels, notifying the relevant
departments and entities of new legal developments. The Group provides legal certainty and
ensures compliance with the applicable requirements by attending seminars, specialist
conferences, participating in various committees, keeping up to date with the latest legal
developments and legislative plans, and scheduling visits to individual locations.
Internal control system
For further information about Energie AG’s internal control system, see the Group
Management Report, Internal control system › Page 118.
Anti-corruption
Energie AG’s entities and employees are subject to provisions regarding public officials
(Amtsträger) within corruption law. Training sessions are held continuously to ensure the
Group-wide implementation of the comprehensive compliance standards in force at the
Energie AG Group to prevent corruption. The “Anti-Corruption” learning module offered in
Austria has so far been completed by 80.0% of the employees in the country (previous year:
79.1%).
There were no incidents of corruption in the Energie AG Group in the 2021/2022 fiscal year
or in the previous years.
Antitrust compliance
GRI 206-1
Energie AG unconditionally declares its commitment to fair competition with its competitors,
business partners and other market participants. With its comments on the necessary market
behaviour, the antitrust law manual is primarily aimed at the sales-oriented divisions and is
also available to all employees in the Energie AG Group via the Intranet. Since the
2018/2019 fiscal year, a Group-wide learning module has been available on the subject of
antitrust law/competition law to ensure that all members of staff (in particular, new
employees) demonstrably have access to a well-prepared treatment of the topic. The primary
target groups for graduating this module are all sales and sales-related units as well as
procurement staff.
The Austrian Federal Competition Authority (BWB) is conducting investigations throughout
Austria into the area of collection and transport in the waste management industry. These
investigations also entailed search warrants executed at the premises of Umwelt Service
GmbH in March 2021 and April 2022. Umwelt Service GmbH is actively assisting in the
investigation. There were no other incidents related to antitrust law.
Data protection
GRI 418-1
Energie AG maintains a data protection management system to ensure Group-wide
implementation and compliance with the provisions of the General Data Protection
Regulation (EU 2016/679; GDPR) and the new Austrian Data Protection Act
(Datenschutzgesetz; DSG 2018) that has been in effect since 2018.
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Non-financial report Compliance
Energie AG’s Data Protection Policy explains the data protection management system’s
essential operational framework. Energie AG is aware of the trust that its customers place in
the Company. As a result, security, integrity and trust is a top priority when handling personal
data in day-to-day operations.
The data protection processes the Group has implemented log and process valid complaints
regarding breaches of customer data protection, resulting in corrective action if necessary. As
was the case in the previous year, no reportable data protection violations pursuant to GDPR
Article 33 were identified in the past fiscal year.
Promoting a compliance-conscious culture
Management are responsible for promoting a compliance-conscious culture among staff.
Energie AG ensures that its employees know the compliance standards and the values from
the Code of Conduct and put them into practice. Within the annual definition of targets, the
Management Board has the opportunity to agree on measurable and adjustable compliance
goals that form part of the management performance with the Company’s managers and
executives. The managerial staff further confirm their adherence to the relevant and
compulsory compliance requirements of Energie AG in these individual target agreements.
The conduct of Netz OÖ GmbH’s management and employees in relation to lobbying
activities is based on its own › Code of Conduct in accordance with § 7 of the Austrian
Lobbying Act (LobbyG). Netz OÖ GmbH has created an equal treatment programme and
appointed an equal treatment officer based on its legal obligations as an electricity and gas
distribution grid operator.
Compliance forum
The Compliance forum was set up to ensure that compliance questions are handled in a
comprehensible manner. Regular meetings help to ensure the necessary exchange of
information and consistent treatment of compliance-related matters throughout the Group.
All areas of the Group have the opportunity to submit compliance queries and receive
compliance advice.
Information security management
In order to be able to reliably guarantee continuous service to customers and other
stakeholders in line with their needs, Energie AG has maintained a comprehensive, Group-
wide information security management system for a number of years. Especially in the
age of digitalisation and cyber-attacks, detecting and countering risks and attacks of this
nature is of great importance. A risk-based assessment is made on the basis of a group-wide
analysis of the impact on the process landscape (business impact analysis). It is carried out
using a newly established governance risk compliance (GRC) system and forms the starting
point for the subsequent risk assessment, in which Energie AG periodically and systematically
analyses and evaluates threats to its information security, decides its stance on any risks and
takes effective steps to control and reduce these risks.
The cyber risk and fidelity insurance taken out in fiscal year 2018/2019 has been updated and
forms part of the information security management risk assessment 2021/2022. Key areas of
activity are ISO 27001:2015-certified and are regularly reviewed. A recertification audit
pursuant to ISO 27001:2015 was carried out in the 2021/2022 fiscal year in the department
for Group IT Services of the Business Services GmbH. The requirements stemming from the
Austrian Network and Information System Security Act (Netz- und
Informationssystemsicherheitsgesetz; NISG), which aim to ensure a high degree of security for
Energie AG Oberösterreich – Annual Financial Report 2021/2022
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Non-financial report Compliance
networks and information systems, were gradually implemented in the relevant areas in a
timely manner. The Group-wide awareness campaign “Schlaufuchs” regularly informs users
about the risks and dangers and offers yearly (electronic) training programmes.
In addition, Energie AG has taken a large number of steps to establish and maintain an
adequate level of security. However, even the most strenuous effort cannot guarantee
absolute security in today’s information and communication technology, meaning that there
is always a certain residual risk. As a result, Energie AG has an emergency and crisis
management system in place, enabling it to safely restore orderly operation and customer
supply as quickly as possible in the event of a failure.
Supply chain
GRI 102-9, 102-10
Owing to the current fundamental market conditions and ensuing market turbulences,
almost all of Energie AG’s procurement areas are affected by massive price increases and
enormous delivery delays. A forward-looking approach has so far served well in dampening
these effects and safeguarding the core business areas of Energie AG. An example is the
auditing of cable producers with a boycott-safe supply chain and reaffirmed fixed delivery
dates.
The pertinent contractual terms and conditions Energie AG (excluding the Czech Republic
Segment) has relied upon in fiscal year 2021/2022 require all contractors to disclose their
subcontractors, suppliers and all of their respective upstream contractors and
subcontractors. Contractors are obliged to replace any (sub)contractors if there are justified
reasons that speak against the respective subcontractor and supplier.
Anyone contracting with Energie AG as a supplier must give an undertaking to perform
orders in compliance with the relevant regulations, including all employee protection
regulations, e.g. the Employee Protection Act, Regulation on the Protection of Construction
Workers; the Employment of Foreign Nationals, undertaking to legally compliant waste
disposal, and no prior convictions for wage and social dumping. For regional sourcing, please
see Social affairs, Regional responsibility › Page 83.
In purchasing processes, some environmentally relevant criteria are set as mandatory
requirements in the text of requests for proposal. The supplier assessment provided for in the
Group’s purchasing manual includes an environmental component. Tenders for transport
services are awarded with a strong preference on low CO2 emissions. Tenders for cleaning
services pay particular attention to the biodegradability of cleaning products. Purchases are
geared to longevity, e.g. the average useful life of transformers is 45 years.
The majority of natural gas for customers and for the production of electricity and heat and
operation of the gas reservoirs is sourced on stock markets and OTC trading venues in the
following markets: TTF (Netherlands), THE (Germany), VTPa (Austria). There are no direct
contracts with natural gas prospecting companies. The system does not provide information
on the physical origin of the gas. The composition of the natural gas distributed within
Europe has changed over the course of calendar year 2022. The Russian proportion has
declined from around 40% in the year 2021 to around 20% (as of September 2022), while
the proportion of LNG and gas from Norway has increased.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
100
Non-financial report Compliance
RESPECT FOR HUMAN RIGHTS
SDG 8
GRI 406-1
The well-being of all persons within its supply area is an important goal for Energie AG
Group. The Group focuses its actions on providing a safe and reliable supply that enables
well-being, trade and commerce, and a high quality of life.
Respect for human rights is a natural part of life for the Energie AG Group. Energie AG
expects all business partners to adhere to the statutory framework, along with the applicable
laws and standards on human rights. In this respect, the Group cannot discern any material
risks for compliance with the applicable legal standards in the European Union and in Europe.
Risks in the earlier links of the supply chain cannot be entirely ruled out. For this reason, the
Group exercises due diligence in procurement. Since early 2022, bidders and contractors who
wish to do business with Energie AG must accept the General Terms and Conditions along
with the › “Code of Conduct for Contractors”. The latter also sets out the principles related
to human dignity.
Equal treatment has been identified as a human rights issue that could fall within the
Company’s direct sphere of influence, although there is no significant risk in this regard.
Employees may contact the Compliance Officer, the Works Council or their respective
supervisors if they have concerns about a possible discrimination. As in the previous years, no
incidents of discrimination were reported in the 2021/2022 fiscal year, nor were any legal
proceedings underway.
Energie AG does not tolerate any discriminatory conduct or any unequal treatment, whether
on the basis of national or ethnic origin, religion, age, gender or other traits. Diversity
presents valuable potential for Energie AG as an international company Group. Energie AG
respects the unique nature of each individual, and is committed to tolerant and respectful
conduct as well as open communication. The effects of this include promoting a climate of
mutual appreciation and respect and applies to all of the Group’s employees as well as
everyone who lives in the supply area. Behaviours aiming towards fair and trusting interaction
with one another are supported.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
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Non-financial report Compliance
Intentional or targeted misinformation will not be tolerated. Maintaining an open and
constructive dialogue with those responsible on the European, national, regional, and
municipal levels, as well as lobbyists, non-governmental organisations (NGOs: non-
governmental organisations formed privately or under private law) and the residents directly
affected by Energie AG’s projects is very important to the Group, especially in the interest of
sustainability and responsible governance.
The actions of Energie AG always abide by the Group’s guiding principle “We care about
tomorrow”. The Energie AG Group will continue to develop its sustainability management in
the 2022/2023 fiscal year on the basis of environmental and social aspects.
Linz, 5 December 2022
The Management Board of Energie AG Oberösterreich
Chief Executive Officer
DDr. Werner Steinecker MBA
Dr. Andreas Kolar
Dipl.-Ing. Stefan Stallinger MBA
Chairman of the Management Board
Member of the Management Board
Member of the Management Board
CEO
CFO
COO
Energie AG Oberösterreich – Annual Financial Report 2021/2022
102
Non-financial report GRI content index
GRI CONTENT INDEX 2021/2022
The GRI content index describes, in accordance with the GRI standard of the “Global
Reporting Initiative” (GRI), “core” option, where in this non-financial report 2021/2022 the
reader can find standard disclosures and the farther-reaching supplementary indicators.
General disclosures
GRI Standard
Disclosure
Reference to information available online
Remarks and omissions
GRI 102: General Disclosures 2016
Organizational Profile
102-1
Name of the
About this report › Page 15
organisation
102-2
Activities, brands,
Business model › Page 16
products, and services
102-3
Location of
Business model › Page 16
headquarters
102-4
Location of operations
Business model › Page 16
102-5
Ownership and legal
Shareholder structure › Page 18
form
102-6
Markets served
Business model › Page 16
102-7
Scale of the
Key figures at a glance › Page 21
organisation
Employees – responsible employer › Page 87
Group Management Report › Page 108
102-8
Information on
Employees – responsible employer › Page 87
employees and other
workers
102-9
Supply chain
Regional responsibility and social commitment › Page 83
Supply chain › Page 99
102-10
Significant changes to
Supply chain › Page 99
No significant changes.
the organisation and its
supply chain
102-11
Precautionary principle
Sustainability opportunities and risk
or approach
management › Page 34
Sustainability at a glance › Page 35
Quality, safety and environmental
management › Page 39
102-12
External initiatives
Activities in the fields of sport, culture and social
affairs › Page 84
Federation, association and organisation
memberships › Page 85
102-13
Membership of
Federation, association and organisation
associations
memberships › Page 85
Strategy
102-14
Statement from senior
Letter by the Management Board › Page 13
decision-maker
Strategy 2030 › Page 26
Sustainability objectives › Page 33
102-15
Key impacts, risks and
Sustainability at a glance › Page 35
opportunities
Ethics and Integrity
102-16
Values, principles,
Stakeholder dialogue › Page 24
standards, and norms of
Sustainability at a glance › Page 35
behaviour
Quality, safety and environmental
management › Page 39
Compliance › Page 95
Governance
102-18
Governance structure
Group management bodies › Page 18
Group structure › Page 19
Group Management Report, Change in the Group
Management › Page 118
102-32
Highest governance
About this report › Page 15
body’s role in
sustainability reporting
Energie AG Oberösterreich – Annual Financial Report 2021/2022
103
Non-financial report GRI content index
GRI Standard
Disclosure
Reference to information available online
Remarks and omissions
Stakeholder Engagement
102-40
List of stakeholder
Dialogue with stakeholders › Page 24
groups
102-41
Collective bargaining
Employees – responsible employer › Page 87
agreements
102-42
Identifying and selecting
Dialogue with stakeholders › Page 24
stakeholders
102-43
Approach to stakeholder
Dialogue with stakeholders › Page 24
engagement
102-44
Key topics and concerns
Letter by the Management Board › Page 13
raised
Major sustainability issues › Page 0
Dialogue with stakeholders › Page 24
Strategy 2030 › Page 26
Business models fit for the
future – innovation › Page 45
Customer orientation and satisfaction › Page 78
Reporting Practice
102-45
Entities included in the
Notes to the Consolidated
consolidated financial
Financial Statements, Scope of consolidation › Page 157
statements
102-46
Defining report content
About this report › Page 15
and topic boundaries
Major sustainability issues › Page 0
102-47
List of material topics
Major sustainability issues › Page 0
102-48
Restatements of
Business model › Page 16
No restatement of information due to the
information
Changes under corporate law › Page 117
agreed termination of electricity and gas
sales activities in Germany.
102-49
Changes in reporting
Major sustainability issues › Page 0
102-50
Reporting period
About this report › Page 15
102-51
Date of most recent
About this report › Page 15
The 2020/2021 Group annual report was
report
published in December 2021.
102-52
Reporting cycle
About this report › Page 15
102-53
Contact point for
About this report › Page 15
questions regarding the
report
102-54
Claims of reporting in
About this report › Page 15
accordance with the GRI
Standards
102-55
GRI content index
GRI content index 2021/2022 › Page 102
102-56
External assurance
The 2021/2022 non-financial report was
reviewed by the Energie AG Group audit on
behalf of the Supervisory Board. An
external assurance did not take place.
SIGNIFICANT ISSUES
Partnership with equity investors and outside creditors
GRI Standard
Disclosure
Reference to information available online
Remarks and omissions
GRI 103: Management Approach 2016
103-1
Explanation of the
Major sustainability issues › Page 0
material topic and its
Strategy 2030 › Page 26
boundary
Sustainability at a glance › Page 35
Economy › Page 41
Group Management Report › Page 108
103-2
The management
Sustainability at a glance › Page 35
approach and its
Economy › Page 41
components
Group Management Report › Page 108
103-3
Evaluation of the
Sustainability at a glance › Page 35
management approach
Quality, safety and environmental
management › Page 39
Economy › Page 41
Group Management Report, Internal control
system › Page 118
GRI 201: Economic Performance 2016
201-1
Direct economic value
Economy › Page 41
generated and
Group Management Report › Page 108
distributed
Consolidated Financial Statements › Page 148
Energie AG Oberösterreich – Annual Financial Report 2021/2022
104
Non-financial report GRI content index
Business models fit for the future & innovation
GRI Standard
Disclosure
Reference to information available online
Remarks and omissions
GRI 103: Management Approach 2016
103-1
Explanation of the
Major sustainability issues › Page 0
material topic and its
Strategy 2030 › Page 26
boundary
Sustainability at a glance › Page 35
Economy › Page 41
103-2
The management
Sustainability at a glance › Page 35
approach and its
Economy › Page 41
components
103-3
Evaluation of the
Sustainability at a glance › Page 35
management approach
Quality, safety and environmental
management › Page 39
Economy › Page 41
Group Management Report, Internal control
system › Page 118
G4 EU Electric utilities sector supplement
EU DMA
Research and
Business models fit for the
(2013)
development
future – innovation › Page 45
formerly EU8
Group Management Report, Research, development and
innovation › Page 120
Security and quality of supply
GRI Standard Disclosure
Reference to information available online
Remarks and omissions
GRI 103: Management Approach 2016
103-1
Explanation of the
Major sustainability issues › Page 0
material topic and its
Strategy 2030 › Page 26
boundary
Sustainability at a glance › Page 35
Security and quality of supply › Page 75
103-2
The management
Sustainability at a glance › Page 35
approach and its
Security and quality of supply › Page 75
components
103-3
Evaluation of the
Sustainability at a glance › Page 35
management approach
Quality, safety and environmental
management › Page 39
Security and quality of supply › Page 75
Group Management Report, Internal control
system › Page 118
G4 EU Electric utilities sector supplement
EU1 (2013)
Installed capacity,
Energy Segment › Page 55
broken down by energy
Proprietary electricity procurement › Page 58
source
EU2 (2013)
Net energy output
Energy Segment › Page 55
Proprietary electricity procurement › Page 58
EU4 (2013)
Length of transmission
Security and quality of supply › Page 75
and distribution lines
EU DMA
Availability and
Security and quality of supply › Page 75
(2013)
reliability
formerly EU6
EU28
Power outage frequency
Security and quality of supply › Page 75
EU29
Power outage duration
Security and quality of supply › Page 75
Customer orientation and satisfaction
GRI Standard
Disclosure
Reference to information available online
Remarks and omissions
GRI 103: Management Approach 2016
103-1
Explanation of the
Major sustainability issues › Page 0
material topic and its
Strategy 2030 › Page 26
boundary
Sustainability at a glance › Page 35
Customer orientation and satisfaction › Page 78
103-2
The management
Sustainability at a glance › Page 35
approach and its
Customer orientation and satisfaction › Page 78
components
103-3
Evaluation of the
Sustainability at a glance › Page 35
management approach
Quality, safety and environmental
management › Page 39
Customer orientation and satisfaction › Page 78
Energie AG Oberösterreich – Annual Financial Report 2021/2022
105
Non-financial report GRI content index
GRI Standard
Disclosure
Reference to information available online
Remarks and omissions
Group Management Report, Internal control
system › Page 118
G4 EU Electric utilities sector supplement
EU3 (2013)
Number of customer
Grid Segment › Page 65
accounts
EU DMA
Demand-side-
Sales › Page 62
(2013)
management
formerly EU7
EU DMA
Programmes for the
Dialogue with stakeholders › Page 24
(2013)
improvement and
Customer orientation and satisfaction › Page 78
formerly EU23
maintenance of access
to electricity and
services, including
partnerships with the
government
Regional responsibility & social commitment
GRI Standard
Disclosure
Reference to information available online
Remarks and omissions
GRI 103: Management Approach 2016
103-1
Explanation of the
Major sustainability issues › Page 0
material topic and its
Strategy 2030 › Page 26
boundary
Sustainability at a glance › Page 35
Regional responsibility and
social commitment › Page 83
103-2
The management
Sustainability at a glance › Page 35
approach and its
Regional responsibility and
components
social commitment › Page 83
103-3
Evaluation of the
Sustainability at a glance › Page 35
management approach
Quality, safety and environmental
management › Page 39
Regional responsibility and
social commitment › Page 83
Group Management Report, Internal control
system › Page 118
GRI 203: Indirect Economic Impacts 2016
203-1
Infrastructure
Strategy 2030 › Page 26
investments and
Energy Segment › Page 55
services supported
Grid Segment › Page 65
Group Management Report, Business development in the
Group › Page 112
203-2
Significant indirect
Economy › Page 41
economic impacts
GRI 204: Procurement Practices 2016
204-1
Proportion of spending
Regional responsibility › Page 83
on local suppliers
G4 EU Electric utilities sector supplement
EU DMA
Stakeholder involvement
Dialogue with stakeholders › Page 24
(2013)
in decision-making in
formerly EU19
connection with energy
planning and
infrastructure
investments
Climate protection & resource conservation
GRI Standard
Disclosure
Reference to information available online
Remarks and omissions
GRI 103: Management Approach 2016
103-1
Explanation of the
Major sustainability issues › Page 0
material topic and its
Strategy 2030 › Page 26
boundary
Sustainability at a glance › Page 35
Environment › Page 47
103-2
The management
Sustainability at a glance › Page 35
approach and its
Environment › Page 47
components
103-3
Evaluation of the
Sustainability at a glance › Page 35
management approach
Quality, safety and environmental
management › Page 39
Energie AG Oberösterreich – Annual Financial Report 2021/2022
106
Non-financial report GRI content index
GRI Standard
Disclosure
Reference to information available online
Remarks and omissions
Environment › Page 47
Group Management Report, Internal control
system › Page 118
GRI 305: Emissions 2016
305-1
Direct (Scope 1) GHG
Emissions › Page 48
emissions
305-2
Energy indirect (Scope
Emissions › Page 48
2) GHG emissions
GRI 306: Waste 2020
306-1
Waste generation and
Waste Management Segment › Page 67
significant waste-related
impacts
306-2
Management of
Waste Management Segment › Page 67
significant waste-related
impacts
306-3
Waste generated
Waste Management Segment › Page 67
G4 EU Electric utilities sector supplement
EU12 (2013)
Transmission and
Grid Segment › Page 65
distribution losses
Responsible employer & workplace health and safety
GRI Standard
Disclosure
Reference to information available online
Remarks and omissions
GRI 103: Management Approach 2016
103-1
Explanation of the
Major sustainability issues › Page 0
material topic and its
Strategy 2030 › Page 26
boundary
Sustainability at a glance › Page 35
Employees – responsible employer › Page 87
103-2
The management
Employees – responsible employer › Page 87
approach and its
components
103-3
Evaluation of the
Sustainability at a glance › Page 35
management approach
Quality, safety and environmental
management › Page 39
Employees – responsible employer › Page 87
Group Management Report, Internal control
system › Page 118
GRI 403: Occupational Health and Safety 2018
403-1
Occupational health and
Sustainability at a glance › Page 35
safety management
Workplace health and safety › Page 93
system
403-2
Hazard identification,
Workplace health and safety › Page 93
risk assessment, and
incident investigation
403-3
Occupational health
Workplace health and safety › Page 93
services
403-4
Worker participation,
Workplace health and safety › Page 93
consultation, and
communication on
occupational health and
safety
403-5
Worker training on
Workplace health and safety › Page 93
occupational health and
safety
403-6
Promotion of worker
Workplace health and safety › Page 93
health
403-7
Prevention and
Not relevant
mitigation of
occupational health and
safety impacts directly
linked by business
relationships
403-8
Workers covered by an
Quality, safety and environmental
occupational health and
management › Page 39
safety management
system
GRI 404: Training and Education 2016
404-2
Programs for upgrading
Personnel and management development › Page 90
No transition assistance programmes to
employee skills and
facilitate career endings resulting from
Energie AG Oberösterreich – Annual Financial Report 2021/2022
107
Non-financial report GRI content index
GRI Standard
Disclosure
Reference to information available online
Remarks and omissions
transition assistance
retirement were provided in the 2021/2022
programs
fiscal year.
GRI 406: Non-discrimination 2016
406-1
Incidents of
Respect for human rights › Page 100
discrimination and
corrective actions taken
Legal compliance and prevention of corruption
GRI Standard
Disclosure
Reference to information available online
Remarks and omissions
GRI 103: Management Approach 2016
103-1
Explanation of the
Major sustainability issues › Page 0
material topic and its
Strategy 2030 › Page 26
boundary
Sustainability at a glance › Page 35
Compliance › Page 95
103-2
The management
Sustainability at a glance › Page 35
approach and its
Compliance › Page 95
components
103-3
Evaluation of the
Sustainability at a glance › Page 35
management approach
Quality, safety and environmental
management › Page 39
Compliance › Page 95
Group Management Report, Internal control
system › Page 118
GRI 205: Anti-corruption 2016
205-3 Confirmed incidents of
Compliance › Page 95
corruption and actions
taken
GRI 206: Anti-competitive Behaviour 2016
206-1
Legal actions for anti-
Antitrust compliance › Page 97
competitive behaviour,
anti-trust, and
monopoly practices
GRI 418: Customer Privacy 2016
418-1
Substantiated
Data protection › Page 97
complaints concerning
breaches of customer
privacy and losses of
customer data
Energie AG Oberösterreich – Annual Financial Report 2021/2022
108
Group Management Report
Group Management Report 2021/2022
,
for Energie AG Oberösterreich
1) 2)
GROUP
GENERAL CONDITIONS
Economic environment3)
After a dynamic economic recovery in the first months of the reporting period, the
2021/2022 fiscal year (1 October 2021 to 30 September 2022) at Energie AG
Oberösterreich (Energie AG) was characterised by a series of crises of a political and economic
nature. The outbreak of the Russian-Ukrainian war on 24 February 2022 exacerbated existing
supply chain problems and price increases, provoking an energy and raw materials crisis along
with a substantial acceleration of inflation, which had already been on the rise beforehand.
This was followed by the first interest rate rises by the European Central Bank to curb
historically high inflation. The financial markets expect further increases in key interest rates.
Given the burgeoning risk of stagflation or recession in the major economies, the conflict of
interests between fighting inflation and supporting the economy remains intense.
The Institute for Advanced Studies (IHS), the Institute of Economic Research (WIFO) and the
International Monetary Fund (IMF) expect economic growth in the range of +2.7% to +3.1%
for the euro area in 2022 (previous year: +5.3%).
Current forecasts see growth in the Austrian economy of between +4.7% and +4.8% in
2022. In the previous year, Austria’s gross domestic product (GDP) growth was +4.6%. The
high inflation rate, mainly driven by energy and raw material prices is a cause for concern.
After reaching +2.8% in 2021, the rate is expected to settle at between +7.7% and +8.5%
in 2022. Having said this, the IMF is of the opinion that inflation rates are likely to peak at the
end of 2022 in most countries, with inflation expected to remain at significantly elevated
levels for some time after this.
For the Czech Republic market relevant to Energie AG, an increase in the gross domestic
product of between +1.9% and +2.5% is anticipated for the calendar year 2022 (previous
year: +3.4%).
1)
The Group Management Report presented here was prepared in accordance with the requirements of § 267 of the Austrian Commercial Code (UGB)
and refers to the IFRS consolidated financial statements of Energie AG Oberösterreich in terms of § 245a UGB.
2)
In conformity with EU Directive 2014/95/EU on the disclosure of non-financial information and diversity information and its implementation in the
Austrian Sustainability and Diversity Improvement Act (NaDiVeG 2017), Energie AG prepares the Group Management Report 2021/2022 at the same
time as the consolidated report on non-financial information (Non-Financial Report) 2021/2022, which is published as part of the Group Annual
Report 2021/2022 and online at Non-financial report › Page 13
3)
Sources: IHS (Institute for Advanced Studies): › Fall Forecast of the Austrian Economy, 2022 – 2023, 7 October 2022. IMF (International
Monetary Fund): › World Economic Outlook Database: October 2022 (imf.org), 17 October 2022. WIFO (Austrian Institute of Economic
Research): › WIFO Economic Data – WIFO, 20 October 2022.
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Economic growth and inflation
YoY real change (in %)
Sources: IHS, WIFO, IMF
Energy and climate policy environment
In addition to a wide range of agenda decisions in the field of energy and climate policy,
the reporting period was above all characterised by measures intended to cushion the impact
of the energy price shock, reduce energy dependency on Russia and improve the security of
supply.
The aim of the EU Commission’s “Hydrogen and Gas Market Package”, as presented on
15 December 2021, is to integrate renewable and decarbonised gases and hydrogen into the
European legal framework. Moreover, the package includes requirements for regulating and
unbundling hydrogen networks and strengthening consumer rights.
On 2 February 2022, the EU Commission released the final wording of the complementary
delegated act of the EU Taxonomy Regulation on technical assessment criteria for
electricity and/or heat production with gas-fired power plants and from nuclear energy. The
act classifies held-to-maturity investments in hydrogen-capable gas-fired power plants which
continue to be operated with natural gas for a transitional period, and for which very strict
emission limits were set, as a sustainable transitional activity. The overall objective of the
Taxonomy Regulation is to redirect capital flows into sustainable investments by classifying
economic activities in accordance with sustainability criteria.
In May 2022, the Commission presented its previously announced “REPowerEU package”
to rapidly reduce dependence on fossil fuel imports from Russia and accelerate the energy
transition. The package also includes considerations relating to short-term market
intervention, long-term market design reforms as well as recommendations for preparing for
a major interruption to the gas supply.
As part of the “Fit for 55” package, the European Parliament drafted reports on the
Renewables and Energy Efficiency Directives in September 2022, calling for further
acceleration in the expansion of electricity generation from renewables and a significant
increase in energy efficiency ambitions. As early as June 2022, a European Parliament report
on the revision of the EU emissions trading system was adopted.
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On 30 September 2022, the Commission’s proposed regulation on emergency
measures was adopted in the Energy Council of Ministers. The material objective is to
counteract price increases and relieve the burden on electricity consumers by setting targets
for reducing electricity demand and for siphoning off and redistributing surplus revenues. The
measures will come into force on 1 December 2022 and initially apply until 30 June 2023.
The EU member states will be tasked with their detailed implementation.
In addition to this, a number of other energy policy directives were adopted at EU level during
the reporting period. They include the communiqué on dealing with higher energy
prices (“Toolbox”) and new EU Guidelines on State aid for Climate, Environmental
protection and Energy (CEEAG).
In Austria, the federal government and the electricity and gas utilities undertook a number
of activities during the reporting period to alleviate the social hardship caused by the high
energy prices. In February 2022, in the scope of the Electricity Industry and Organisation
Act 2010 (ElWOG), the National Council also standardised a legal entitlement for
households and small businesses to instalment payments, in the face of additional payments
for the annual electricity bill. On 7 September 2022, Austria’s federal government presented
plans for an electricity cost subsidy law to ease the burden on household customers. This
“electricity price cap” is intended to provide financial relief for basic consumption of up to
2,900 kWh per metering point for the period from 1 December 2022 to 30 June 2024.
In January 2022, the Austrian National Council ratified the eco-social tax reform, thereby
introducing national CO2 pricing for petrol, diesel, heating oil, coal and natural gas. The
associated National Emissions Allowance Trading Act provides for graded CO2 pricing of
sectors outside the EU emissions trading scheme, with this taxation to be offset by a climate
bonus and other relief measures. The enactment planned for July 2022 was postponed to
1 October 2022 by a resolution of the National Council.
Also in January 2022, a minor amendment to the Renewable Energy Expansion Act (EAG)
was passed in order to address previous state aid concerns voiced by the EU Commission. In
April 2022, the first regulation for investment subsidies accompanying the EAG was
adopted with details of subsidies for small photovoltaic, wind and hydropower plants.
Three amendments to the Gas Industry Act stipulated, among other things, the
establishment of a strategic gas reserve of 20 TWh by November 2022 and a set of
instruments for the procurement of balancing energy with mandatory storage (Market
Maker). The last amendment introduced a “use it or lose it” principle for systematically
unused storage capacities, requiring all gas storage facilities on Austrian territory to be
connected to the Austrian gas grid.
As an economic steering act to be applied in a crisis situation, the amendment to the Energy
Steering Act from June 2022 governs compensation for asset impairments in the case of
steering measures for gas and electricity. On top of this, large consumers can now voluntarily
store gas volumes, 50% of which are protected against expropriation in the event of steering.
To further secure the gas supply in Austria, a Natural Gas Steering Measures Regulation
was submitted for review in July 2022. This is intended to create the conditions for natural
gas substitution with fuels such as coal, oil, or biomass for large consumers, district heating
companies, and combined heat and power (CHP) plant operators subject to mandatory
steering. A resolution has yet to be passed.
The Gas Diversification Act was adopted at the end of June 2022 in order to cushion the
additional costs of diversifying the procurement of natural gas from non-Russian sources and
of converting plants for generating electricity, heat and/or cooling to alternative modes of
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operation. An amendment in July also provides additional financial support for switching
from gas to other fossil fuels.
A consultation draft for an amended Environmental Impact Assessment Act (UVP-G) was
published on 25 July 2022. The aim of the amendment is to accelerate projects needed in the
scope of the energy transition. Particular attention was paid to avoiding redundant audits and
to improving the way in which procedures are structured, including the setting of deadlines
by the authority. A further material proposal is that of considering the state of the art at the
time a project is launched instead of that at the time of the decision as authoritative. This
would lead to a differentiated view of the projects, especially in the case of renewable energy
generation plants, prompted by rapid technological progress.
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Business development in the Group
BUSINESS DEVELOPMENT IN THE GROUP
Assets, liabilities, financial position and profit or loss 1)
Group overview
Unit
2021/2022
2020/2021
Change
Sales revenues
EUR mill.
4,002.1
2,145.2
86.6%
Operating result (EBIT)
EUR mill.
150.6
188.4
-20.1%
EBIT margin
%
3.8
8.8
-56.8%
Financial result
EUR mill.
-28.7
-20.1
-42.8%
Earnings before taxes
EUR mill.
121.9
168.3
-27.6%
Balance sheet total
EUR mill.
6,912.7
3,875.4
78.4%
Equity
EUR mill.
1,794.5
1,535.8
16.8%
Equity ratio
%
26.0
39.6
-34.3%
Net debt 1)
EUR mill.
606.8
718.8
-15.6%
Net gearing 2)
%
33.8
46.8
-27.8%
Investments in property, plant and equipment and intangible
assets
EUR mill.
201.2
215.1
-6.5%
Cash flow from operating activities
EUR mill.
1,136.5
378.7
> +100%
Cash flow from investing activities
EUR mill.
-340.3
-215.2
-58.1%
Cash flow from financing activities
EUR mill.
-86.1
9.2
> -100%
ROCE
%
6.9
6.8
1.5%
WACC
%
4.7
4.0
17.5%
1) The key figure net debt represents the net financial liabilities and is calculated by Energie AG Group as follows: Net debt = non-current financial liabilities + current financial
liabilities (incl. pending margin payments) – cash and cash equivalents (cash, cheques, credit balances with banks). The previous year's figures have been restated to reflect a
change in calculation methods.
2) The key figure net gearing was developed from the key figure debt-equity ratio. While the key figure debt-equity ratio measures the ratio between debt capital and equity, the
key figure net gearing juxtaposes the net debt (current and non-current financial liabilities (incl. pending margin payments) less cash and cash equivalents) against the equity.
The previous year's figures have been restated to reflect a change in calculation methods.
The 2021/2022 fiscal year was characterised by very high and strongly fluctuating market
prices for electricity and gas. Sales revenues of EUR 4,002.1 million (previous year:
EUR 2,145.2 million) and an operating result of EUR 150.6 million (previous year:
EUR 188.4 million) were generated in the reporting period.
The increase in sales revenues was mainly due to the sky-rocketing wholesale prices for
electricity and gas, which led to higher revenue in the management of power plants and
electricity procurement rights, in energy trading and in sales. In addition to the Energy
Segment, increases in turnover were also achieved in virtually all other segments.
The balance sheet total increased by EUR 3,037.3 million from EUR 3,875.4 million to
EUR 6,912.7 million. The increase primarily resulted from higher fair values of derivative
financial instruments, receivables due to collateral provided for derivative financial
instruments, and higher cash and cash equivalents. In the previous year, the operational unit
“Fibre to the home” (FTTH) was recognised separately in the balance sheet item “Non-
current assets held for sale” in line with IFRS 5. In the 2021/2022 fiscal year, the operational
1)
With regard to the derivation of the financial performance indicators and the calculation methods, please refer, in addition to the explanations in the
Consolidated Financial Statements › Page 148
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unit was transferred to BBOÖ Breitband Oberösterreich GmbH (BBOÖ GmbH); the share in
this joint venture is 50%.
The EBIT in the Energy Segment amounted to EUR 18.8 million in the reporting period
(previous year: EUR 82.4 million). Earnings contributions from the operation of thermal
generation plants in particular had a positive impact. Additionally, a reversal of impairment in
the amount of EUR 4.1 million was recognised for the Timelkam combined cycle gas turbine
(CCGT) power plant in the reporting period. However, the positive effects were more than
offset by the significantly lower water level compared with the previous year (hydro
coefficient: 0.88; previous year: 0.94) and by sharp increases in procurement prices for
electricity and gas.
In the Grid Segment, the operative result was EUR 45.3 million (previous year:
EUR 37.2 million). The increase in earnings is attributable to the contribution of the Metering
Services operational unit (previously part of the Holding & Services Segment) and to
operational improvements in earnings.
The Waste Management Segment generated an EBIT of EUR 33.9 million (previous year:
EUR 29.6 million). Favourable market conditions and higher electricity and heat revenues
contributed to this increase.
In the Czech Republic Segment, an operating result in the amount of EUR 6.0 million was
generated in the reporting period (previous year: EUR 11.1 million). The lower operating
result was due in particular to significantly higher costs for the procurement of electricity and
gas compared with the previous year.
The operating result of the Holding & Services Segment amounted to EUR 46.6 million in
the reporting period (previous year: EUR 28.1 million). The result for the 2021/2022 fiscal year
includes earnings of EUR 37.0 million from the spin-off of the “Fiber to the home (FTTH)”
operational unit. In addition, a reversal of impairment of EUR 3.5 million was recognised in
the reporting period for the subsidiary Wels Strom GmbH, which is accounted for using the
equity method. The transfer of the Metering Services operational unit to the Grid Segment
had a negative impact on the result.
Investments in intangible assets and property, plant and equipment by Segments
2021/2022; previous year’s figures in brackets
In the fiscal year 2021/2022, investments in intangible assets and property, plant and
equipment amounted to EUR 201.2 million, and were thus EUR 13.9 million or 6.5% below
the previous year’s level (EUR 215.1 million). With a share of 57.4%, the Grid Segment
accounted for the largest part.
Net debt (non-current and current financial liabilities minus cash and cash equivalents) fell by
EUR 112.0 million year-on-year from EUR 718.8 million to EUR 606.8 million. Net debt
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includes margin payments received from derivatives that will result in a cash outflow in the
next few years.
Cash flow from operating activities in the 2021/2022 fiscal year was EUR 1,136.5 million,
compared with EUR 378.7 million in the previous year. The increase is particularly due to
inflows from derivative financial instruments.
The financial result changed from EUR -20.1 million in the previous year to
EUR -28.7 million in the 2021/2022 fiscal year. This development is attributable to higher
interest expenses and losses on remeasurement of securities.
Funding and investment strategy
The main focus of the funding and investment strategy of Energie AG continues to be on
comprehensively maintaining the solvency of the Group at all times and on maintaining the
Group’s good credit rating. Financial stability is of essential importance, especially in a phase
of the greatest uncertainty with regard to the economic environment – particularly
accentuated by massive distortions on the energy trading markets.
The conservative orientation of the funding and investment strategy essentially rests on three
pillars here:
Securing a sustainably strong credit rating
In February 2022, Energie AG again had its very good credit rating “A” confirmed by
Standard and Poor’s. The “stable” rating outlook was also sustained. This strong credit rating
enables the Group to obtain access to funding at optimal cost at any time, and to draw on a
variety of different funding sources.
Stable and future-proof finances
Financial liabilities were reduced by EUR 9.6 million to EUR 660.5 million in the past fiscal year
(previous year: 670.1 million). The Group’s repayment profile is characterised by bullet loans
with residual terms of up to 28 years. A significant refunding requirement will not arise again
until the 2024/2025 fiscal year due to the scheduled repayment of a EUR 300 million bond.
As of 30 September 2022, the Energie AG Group had EUR 929.4 million (previous year:
219.2 million) in cash and cash equivalents. Beyond this, as of the reporting date, the Group
had EUR 273.5 million (previous year: EUR 105.8 million) in fixed-term deposits and short-
term investments, which are held as a strategic liquidity reserve. The risk profile of the
strategic liquidity reserve is extremely conservative – a large proportion is held in cash or cash-
equivalent instruments.
In addition to these financial reserves from cash and cash equivalents as well as marketable
securities, Energie AG had EUR 700.0 million (previous year: EUR 315.0 million) in partly
committed credit lines with Austrian and international banks as of 30 September 2022,
which had not been utilised as of the reporting date. The very high level of cash and cash
equivalents compared with the previous years is mainly attributable to cash inflows from
hedging transactions in electricity and gas trading. In the context of the sharp rise in energy
prices and price volatility, the volumes of security deposits in energy trading have been
significantly expanded. In view of the present turbulence on the markets, Energie AG
regularly carries out stress tests in order to assess the impact of extreme market movements
on the Group’s liquidity requirements and to be able to prepare for them.
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Central Group funding
Group-internal funding management is handled centrally by Energie AG Group
Treasury GmbH (Group Treasury GmbH). Financing within the Group is generally centralised,
with the required funds being passed on to the Group companies at market conditions and in
line with their requirements. In the short term, the liquidity of the Austrian Group companies
is managed in the scope of a state-of-the-art cash pooling system. As of 30 September 2022,
27 Group companies are involved in Group cash pooling, with Group Treasury GmbH acting
as the pooling centre.
Value-based corporate management and capital costs
Energie AG’s value management strategy is an instrument for measuring and controlling the
economic success of the Group’s business activities. It serves to assess the attractiveness of
investing activities and secures the company value as well as generating a capital market-
oriented return for the owners. Along with the operating result, the weighted average cost of
capital (WACC) is of essential importance. The WACC value serves as the basis for
determining the minimum yield requirements for Group management and is therefore used
as a yardstick for value generation in the Company.
Energie AG calculates the cost of capital as the weighted average of equity and borrowing
costs. The cost of equity is determined using the capital asset pricing model (CAPM).
Calculations take into account the risk-free interest rate, a country risk premium, a market
risk premium and a beta factor. Borrowing costs are composed of the risk-free interest rate, a
country risk premium and the credit spreads of the peer group. The parameters specified by
the regulatory authority are used for the regulated business units. The capital costs of the
business units with activities on non-regulated markets are determined using the reporting-
date principle and based on market conditions. In a further step, the bottom-up method is
used to weigh these costs up unto the Segment and Group capital costs.
This WACC method is subjected to on-going evaluation taking current publications and
expert opinions into consideration. Adaptations are made as needed. Moreover, the costs of
capital are continuously monitored against the background of a volatile financial market
environment. The consolidated WACC value for the 2021/2022 fiscal year was 4.7%
(previous year: 4.0%).
Along with the operating result, one of the most important key indicators for the Group’s
internal management is the ROCE (Return on Capital Employed), which indicates how
efficiently and profitably the available capital is utilised. The ROCE is calculated as the
quotient of Net Operating Profit After Tax (NOPAT) and average Capital Employed.
The NOPAT key indicator denotes the taxed profit from operating activities excluding the at
equity result of associated companies. One-time effects such as impairments and market
valuations are taken into account and are included in the NOPAT. When calculating taxes, all
at equity income is eliminated from the tax base, as the former is already adjusted for taxes.
The capital employed is derived by subtracting the non-productive assets and non-interest-
bearing liabilities from the average total assets. It reflects the interest-bearing capital pooled
in the company. The average capital employed (ø CE) is calculated as the average of the total
capital employed of the last two fiscal years. Capital employed includes the carrying amount
of the investments accounted for using the equity method, excluding the associated strategic
investments. For information on Capital Employed, please refer to the Notes to the
Consolidated Financial Statements, section 7. Segment reporting › Page 176.
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The goal of the Energie AG Group is to generate an ROCE above the WACC through
consistent value-oriented corporate management and control. The ROCE minus the WACC
results in the relative value contribution. The absolute value added is calculated by multiplying
it by the capital employed. In addition to the development of operating earnings, the level of
ROCE and value added specifically depends on the capital employed. The NOPAT key
indicator corresponds to EBIT less related taxes and other items, amounting to a total of
EUR 97.7 million.
In the Energie AG Group, in addition to strategic considerations, resources for future capital
investments and acquisitions are allocated by prioritising projects exclusively on the basis of
the presented value-oriented criteria and methods.
In the 2021/2022 fiscal year, the ROCE of the Energie AG Group was 6.9%, 0.1 percentage
points above the previous year (6.8%).
Treasury stocks
By resolution of the Annual General Meeting on 17 December 2021, the share capital of
Energie AG Oberösterreich was reduced by EUR 1,224.00 from EUR 88,653,782.00 to
EUR 88,652,558.00 by means of a simplified capital reduction by cancellation of 1,224 no-
par value registered shares of treasury stock in the form of non-voting preferred shares. As a
result, § 4 of the Company’s Articles of Association was amended accordingly.
In certain cases, the Energie AG Oberösterreich employee stock option plan provides for the
right or the obligation to purchase Energie AG employee shares. In fiscal year 2021/2022, the
following changes in treasury stock resulted from this security:
Treasury stocks
Share in
Share in
Treasury stocks
capital stock
capital stock
Shares
%
EUR 1,000
Treasury stocks as of 30.09.2021
1,224
0.001
1.2
Disposals 2021/2022
-1,224
-0.001
-1.2
Additions 2021/2022
808
0.001
0.8
Treasury stocks as of 30.09.2022
808
0.001
0.8
Related party disclosures
For Energie AG’s transactions with related parties in the reporting period, please refer to the
disclosures in the Notes to the Consolidated Financial Statements, Section 36. Related
party disclosures › Page 240.
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Changes under corporate law
In the scope of bundling broadband activities in Upper Austria, the “Operations Layer 1”
and “Operations Layer 2” operational units of Energie AG Oberösterreich Telekom GmbH
(Telekom GmbH) were spun off for inclusion in Energie AG Oberösterreich under the
demerger and acquisition agreement of 4 March 2022. The two operational units, including
“Assets Layer 1”, were subsequently spun off from Energie AG Oberösterreich for inclusion in
OÖ Breitband Infrastruktur GmbH, established in September 2021. The entity was renamed
to Breitband Oberösterreich Infrastruktur GmbH.
The next step was to transfer Energie AG Oberösterreich’s entire investment in Breitband
Oberösterreich Infrastruktur GmbH to Fiber Service OÖ GmbH, which was renamed BBOÖ
Breitband Oberösterreich GmbH, in return for a 50% participating interest in the latter.
Energie AG Oberösterreich and OÖ Landesholding GmbH now each hold half of the shares in
BBOÖ Breitband Oberösterreich GmbH.
Additionally, the “Operation Layer 2” operational unit was spun off from Breitband
Oberösterreich Infrastruktur GmbH for integration with BBOÖ Breitband
Oberösterreich GmbH. Furthermore, the “Operation Layer 1” operational unit, including
“Assets Layer 1” of BBOÖ Breitband Oberösterreich GmbH, was integrated with Breitband
Oberösterreich Infrastruktur GmbH in the form of a shareholder contribution.
Erdgas Oberösterreich Vertriebs GmbH, which operates on the German market, was sold
by Energie AG Oberösterreich Vertrieb GmbH (Vertrieb GmbH) to Energie AG Oberösterreich
Tech Services GmbH (Tech Services GmbH) with a closing date of 15 September 2022.
As of 31 December 2021, all shares in Oberösterreichische Gemeinnützige Bau- und
Wohngesellschaft mbH were sold to LAWOG – Gemeinnützige
Landeswohnungsgenossenschaft für Oberösterreich eingetragene Genossenschaft mit
beschränkter Haftung – and GVVG gemeinnützige Vermietungs- und
Verwaltungsgesellschaft m.b.H.
With a view to bundling heat activities in West Bohemia, the entities Energie AG Teplo
Rokycany s.r.o. and Tepelné zásobování Rakovník, spol. s.r.o. were merged into Energie AG
Teplo Bohemia s.r.o. on 1 October 2021.
In addition to this, Energie AG Bohemia s.r.o. acquired a 100% holding in Czech heat
company RATE s.r.o. on 3 January 2022.
With a closing date of 2 August 2022, all shares in VAK Zápy s.r.o. were sold by Energie AG
Bohemia s.r.o. to VAK Beroun a.s. VAK Zápy s.r.o. was merged with VAK Beroun a.s. at the
start of the 2022/2023 fiscal year.
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Trend in staff levels
In the 2021/2022 fiscal year, the Group’s average consolidated workforce stood at 4,606 full
time equivalents (FTE), thus representing an increase of 0.3% (13 FTE) over the average of the
2020/2021 fiscal year (4,593 FTE).
The increase in the Grid Segment and the decrease in the Holding & Services Segment
primarily result from the transfer of the Metering Services division from Telekom GmbH to
Netz Oberösterreich GmbH (Netz OÖ GmbH).
Staff levels 1)
Unit
2021/2022
2020/2021
Change
Energy Segment
FTE
459
464
-1.1%
Grid Segment
FTE
582
535
8.8%
Waste Management Segment
FTE
831
821
1.2%
Czech Republic Segment
FTE
1,715
1,718
-0.2%
Holding & Services Segment
FTE
1,019
1,055
-3.4%
Group total
FTE
4,606
4,593
0.3%
1) yearly average of the fully-consolidated and proportionately consolidated entities
Change in the Management Board
The Supervisory Board on 30 June 2022 appointed Dr. Leonhard Schitter M.A. to the
Management Board for the period from 1 January 2023 to 31 December 2027 in the
function of Board Member for Sales and Marketing. In this function he will take over from
the current Chief Executive Officer DDr. Werner Steinecker MBA, who will retire at the end of
the 2022 calendar year, and become the new Chairman of the Management Board of
Energie AG.
The Supervisory Board further reappointed Management Board Member KR Mag. Dr. Andreas
Kolar in the function of Chief Financial Officer until 31 December 2025 as well as
Management Board Member Dipl. Ing. Stefan Stallinger MBA as Chief Technology Officer
until 31 December 2027.
Thanks to the board members’ extensive knowledge of the company and industry it operates
in, this new composition of the Management Board will assure the Group’s continuous
further development.
INTERNAL CONTROL SYSTEM
The internal control system (ICS) is a process embedded in the work and operating
procedures of the Energie AG Group which is being implemented by management and staff
in order to identify and control existing risks and to be able to ensure with sufficient certainty
that the following general objectives are achieved in the course of fulfilling the tasks of the
Group:
Effectiveness and efficiency of business activities
Regularity and reliability of internal and external reporting
Compliance with the internal regulations applicable to the Company and the pertinent
legal provisions, in particular for the accounting process
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In the Energie AG Group, the roles “Group Treasury”, “Group Accounting” and “Controlling
and Risk Management” have been established as company holding roles. The “Accounting”
department acts as a service provider for the entire Group and is established in scope of
Energie AG Oberösterreich Business Services GmbH (Business Services GmbH). The basis for
the valid financial reporting is a strongly IT-supported process as well as a high degree of
standardisation in data acquisition and processing, starting with commercial services, through
the preparation of the companies’ annual reports, to consolidation in the consolidated
financial statements. The above-mentioned functions thus form the core of the ICS control
environment with regard to the accounting process.
The core processes of the above-mentioned divisions, and the process-inherent material
risks along with the appropriate controls, are documented and recorded using a suitable IT
tool. Since the 2020/2021 fiscal year, this IT tool links the areas of quality, safety and
environmental management (QSE), ICS, data protection, risk management and information
and communication technology (ICT) risks and has established itself as a valuable information
system for managers and employees.
The concrete design of the controls is adapted to individual requirements which adequately
consider risks and can include both manual and automated components. The dual control
principle is strictly applied to approval processes. Conflicts of functional separation are
avoided and monitored by compensatory controls.
Continuous monitoring and a cyclical audit of the design and effectiveness of the controls
by Group Internal Audit form the basis of quality validation and monitoring for these
systems throughout the Group.
Structured, standardised reporting to the Management Board and supervisory bodies
ensures that the legally prescribed monitoring tasks are performed.
Control awareness is well anchored in the operating units and is sustainably implemented in
the business processes. In addition, maintaining and strengthening risk awareness and
awareness of the importance of the ethical values laid down in the vision and mission
statement is an essential component of the corporate governance culture.
The legal obligation to equal treatment in accordance with ElWOG and GWG 2011 (Natural
Gas Act) are subject to appropriate ICS controls and are monitored by the Equal Treatment
Officer.
The ICS thus satisfied the statutory requirements in the year under review.
RISKS AND OPPORTUNITIES
Energie AG’s risks and opportunities situation was strongly influenced in the
fiscal year 2021/2022 by the tense economic environment for the energy sector and the
energy policy. There was a noticeable increase in the volatility of electricity and gas prices on
the markets. New all-time highs were continuously reported. These developments were
aggravated by both direct and indirect effects due to the Russian-Ukrainian war and the
inflationary economic environment. Further to this, the climatic conditions and general
climate policy, the potential further impact of the COVID-19 pandemic, and imminent
regulatory changes have a significant impact on the risks and opportunities of Energie AG.
Also, the details of the impact of the national implementation of the EU Emergency Measures
Regulation on the absorption and redistribution of surplus proceeds as stipulated by the EU
Commission cannot be predicted at this time.
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At the end of February 2022, a separate task force was established at Energie AG in order to
continuously monitor and assess the risk of a potential gas shortage, attributable for the most
part to the Russian-Ukrainian war. Situation reports are prepared at regular intervals,
contractual relationships are analysed, and any risks are noted. Energie AG received its
purchased gas volumes on schedule during the reporting period and was able to fill its own
storage facilities to over 90% by the end of the 2021/2022 fiscal year.
The typical risks associated with operating activities (fluctuations in electricity prices or the
water level) proved to be higher in the course of the fiscal year 2021/2022 than in previous
years due to price increases. At the same time, however, the opportunities arising from these
issues increased. Energie AG relies on targeted strategic and operational measures to
minimise or mitigate these risks and to leverage opportunities in the best possible way.
Within the scope of ordinary activities, there is also the risk of trading partners not being able
to meet their financial obligations in good time or defaulting altogether. Counterparty risk
management at Energie AG focuses on particularly careful monitoring of counterparty limits/
exposures and the implementation of risk mitigation measures.
The reliability of medium- to long-term forecasts is currently limited due to volatile energy
markets and uncertainties in energy policy. In the Energie AG Group, however, no risks were
identified in the fiscal year 2021/2022 that, either individually or collectively, would have the
potential to jeopardize the continued existence of the Company.
For more details on the risks and opportunities situation, see the Notes to the Consolidated
Financial Statements, Section 35. Risk management. › Page 234
RESEARCH, DEVELOPMENT AND INNOVATION
The topics of research, development and innovation are significant elements in bolstering
Energie AG for future challenges. Numerous projects were successfully completed in the
fiscal year 2021/2022.
The climate targets at a European and Austrian level are increasingly being concretised with
derivations and regulations, giving rise to new topics and fields of research. The hydrogen
technology activities launched in the past fiscal years are seeing continual further
development. Hydrogen will be of great importance in the future to support the shift of
renewable electricity production from summer to winter and decarbonisation in industry.
Energie AG is aware of the importance of a supply security for its customers, and its social
responsibility for future generations. For this reason, projects to bolster the resilience of the
energy system and provide efficient customer services are being driven forward proactively
and with a high level of commitment in all areas of the Group. Digitalisation and
automation play a central role here. Good networking, and intensive cooperation with
partners from science and industry on research, development and innovation, are the building
blocks for a successful exchange with valuable mutual benefits.
Since 1 October 2019, “innovation”, an important issue for the future, has been actively
promoted by Wertstatt 8 GmbH. This wholly owned subsidiary focuses its activities on the
development of digital solutions and innovative business models relating to energy and the
environment. In the fiscal year 2021/2022, the focus in this sector was primarily on
developing new business ideas. To allow this to happen, platform economy and business
ecosystem expertise was established, among other things, and intensive customer research
was stepped up. To test these business ideas, several digital prototypes and deliberately small-
scale field tests were implemented to gain initial experience in the market.
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R&D&I key performance indicators
Unit
2021/2022
2020/2021
Change
Number of R&D&I projects in the Group
Number
103
128
-19.5%
Staff in R&D&I projects
FTE
56.3
58.9
-4.4%
R&D&I expenses in the Group
EUR mill.
5.3
5.5
-3.6%
In fiscal year 2021/2022, research, development and innovation were pursued in the
following projects (non-exhaustive list):
Carbon Cycle Economy Demonstration (CCED)
The “Carbon Cycle Economy Demonstration” project focuses on the sustainable
implementation of a circular economy for CO2. This involves investigating a number of
different options for a further use of carbon dioxide taken from the atmosphere or
manufacturing processes for energy purposes with the help of hydrogen. In this way, it may
be possible to decisively reduce emissions of climate-damaging gases. Energie AG is involved
with field trials at its biogas plant in Engerwitzdorf. This project is expected to further boost
the efficiency and environmental friendliness of the plant.
Industry4Redispatch
Volatility in the electricity grid caused by further expansion of renewable energies, and
dynamic energy prices to match, are leading to growing demands on the electricity grid
infrastructure in transmission and distribution grids. The “Industry4Redispatch” research
project, which was launched in the 2020/2021 fiscal year, focuses on leveraging the potential
of load flexibility in large and medium-sized industrial operations. The aim is to use the
identified flexibility to replace the use of power plants for redispatching (= interventions in
generation output to avoid power grid overloads) on the Austrian electricity transmission
grid. In the current project phase, Netz OÖ GmbH is collaborating with several distribution
system operators, the Austrian transmission system operator and other partners from the
fields of research and automation technology to develop a suitable procedure that will enable
offers from the electricity distribution system, including analysis of the corresponding required
grid capacity.
SSCCS – Secure Supply Chains for Critical Systems
The aim of the “Secure Supply Chains for Critical Systems” (SSCCS) project is to improve the
resilience and reliability of delivery chains against cyber attacks. Based on appropriate analysis
and documentation of the supply chains, supply chains are investigated for vulnerabilities
relating to cyber security and corresponding measures are developed to improve resilience.
One key feature of the project is the shift away from a purely technical perspective towards
the integration of various attack vectors and vulnerabilities along the supply chain.
Furthermore, an exchange of experience and know-how transfer between the project
partners in various industries is planned.
Predictive maintenance
Establishing a predictive maintenance strategy at hydropower plants is one project from
Energie AG’s digitalisation and automation initiative. Energie AG Oberösterreich
Erzeugung GmbH is striving to develop a strategy for data-based decision support in
operations management and maintenance. Development work on a dashboard for a pilot
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power plant began in the reporting period with a view to conducting and evaluating field
trials.
KEY PERFORMANCE INDICATORS
Group overview
Unit
2021/2022
2020/2021
Change
Electricity procurement
GWh
14,096
16,509
-14.6%
Electricity procured from third parties
GWh
10,519
13,340
-21.1%
Proprietary electricity procurement 1)
GWh
3,577
3,169
12.9%
Thermal power plants
GWh
1,135
583
94.7%
Renewable energy
GWh
2,442
2,586
-5.6%
Group's own hydropower plants
GWh
1,046
1,096
-4.6%
Procurement rights from hydroelectric power
GWh
1,186
1,285
-7.7%
Other renewable energy (photovoltaics, wind, biomass)
GWh
210
205
2.4%
Electricity grid distribution volume to end customers
GWh
8,118
8,231
-1.4%
Electricity sales volume 2)
GWh
6,621
6,990
-5.3%
Gas grid distribution volume to end customers
GWh
19,592
19,379
1.1%
Gas sales volume
GWh
5,461
6,407
-14.8%
Heat procurement
GWh
1,753
1,796
-2.4%
Heat sales volume
GWh
1,619
1,663
-2.6%
Total waste volume handled 3)
1,000 t
1,575
1,701
-7.4%
Incinerated waste volume
1,000 t
591
586
0.9%
Invoiced drinking water volume
m3 mill.
58.2
57.2
1.7%
Invoiced waste water volume
m3 mill.
45.2
45.1
0.2%
Length of fibre-optic network 4)
km
5,820
7,021
-17.1%
1) of which in the fiscal year 2021/2022 3,574 GWh on the domestic market (previous year: 3,167 GWh)
2) of which in the fiscal year 2021/2022 4,975 GWh distribution to consumers on the domestic market (previous year: 5,265 GWh)
3) Previous year's value restated
4)
Revaluation due to spinning off the fiber-to-the-home (FTTH) fibre-optic network, see section Changes under corporate law › Page 117 and section Holding & Services
Segment › Page 140
Unless otherwise stated, the key performance indicators given in the following segment
report always refer to the respective segment.
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SEGMENTS
In accordance with internal reporting and pursuant to IFRS 8 “Operating segments”, the
Energy, Grid, Waste Management, Czech Republic and Holding & Services Segments will be
reported on in the Notes to the Consolidated Financial Statements, Section 7. Segment
reporting › Page 176.
Segment name
Activities included
Energy
Production, trade and sales of electricity, gas, heat and telecommunications services
Grid
Construction and operation of the electricity and gas grids, incl. metering services
Waste Management
Acceptance, sorting, waste incineration and landfilling of residuals
Czech Republic
Supplying drinking water, waste water management, and supplying heat in the Czech Republic
Holding & Services
Telecommunications, service companies and management functions; associated at-equity companies
which are not allocated to other segments
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ENERGY SEGMENT
Energy Segment overview
Unit
2021/2022
2020/2021
Change
Total sales
EUR mill.
3,139.2
1,346.1
> +100%
EBIT
EUR mill.
18.8
82.4
-77.2%
Investments in property, plant and equipment and intangible
assets
EUR mill.
24.5
25.2
-2.8%
Workforce (on average)
FTE
459
464
-1.1%
Electricity procurement, incl. third-party procurement
GWh
13,898
16,315
-14.8%
Proprietary electricity procurement
GWh
3,379
2,975
13.6%
Electricity sales volume
GWh
6,621
6,990
-5.3%
Gas sales volume
GWh
5,461
6,407
-14.8%
Heat procurement
GWh
1,288
1,355
-4.9%
Heat sales volume
GWh
1,178
1,240
-5.0%
ECONOMIC ENVIRONMENT FOR THE ENERGY SECTOR 1)
Price development on international energy markets
Sources: EEX, ICE
1)
Sources: EEX (European Energy Exchange AG) market data: › Market data (eex.com). ICE (Intercontinental Currency Ex-change) market data:
› Products - Futures & Options | ICE (theice.com)
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The forward market prices for electricity for delivery in 2023 in Austria showed a massive
upward trend especially in the summer of 2022. The main factor influencing this was the
price of gas, influenced by uncertainties surrounding the Russian-Ukrainian war and the
associated reduction in supplies from Russia, and worries relating to the supply situation.
Starting at around EUR 90.0/MWh at the beginning of the reporting period, electricity prices
moved steeply upwards. The price for the annual base of 2023 in the price zone Austria
reached its highest value on 26 August 2022 at EUR 1,015.0/MWh. The average price was
EUR 247.3/MWh in the 2021/2022 fiscal year. On the spot market, electricity prices rose by
around 300% compared with the same period of the previous year. The average European
Power Exchange (EPEX) spot price base for delivery in Austria in the reporting period was
EUR 259.5/MWh with a volatile development and with prices rising sharply from what was
already a high starting level in the summer of 2022.
The oil price for delivery in December 2022 rose from a low of USD 66.0/barrel of Brent
crude oil at the end of November 2021 to peak at USD 114.2/barrel on 8 June 2022. Up to
February 2022, the increase can be explained by the global economic upswing following the
slump caused by the COVID-19 pandemic; from February, the effects of the Russian-
Ukrainian war predominated.
In the autumn of 2021, the price increase for natural gas was still attributed to uncertainties
in connection with the commissioning of the Nord-Stream 2 gas pipeline and the initially
good economic outlook. From February 2022, the decline in gas supplies from Russia and
increased demand as European gas storage facilities were filled led to a steep rise in prices.
The Trading Hub Europe (THE) gas price for the front year 2023 rose in the fiscal year
2021/2022 from around EUR 32.0/MWh at the beginning of October 2021, peaking at
EUR 314.4/MWh on 26 August 2022, to EUR 185.6/MWh by the end of September 2022,
showing lateral movement in the last few weeks of the reporting period.
In the reporting period, prices for CO2 emission allowances fluctuated between EUR 54.9/t
and EUR 98.0/t. After a continuous increase in prices up to February 2022 as a result of high
demand, there was a slump at the beginning of the Russian-Ukrainian war due to
uncertainties regarding economic developments. Subsequently, demand for electricity
generation again caused CO2 prices to rise, with a need to compensate for low production
levels from hydroelectric and nuclear power plants by increased use of coal and gas-fired
power plants.
BUSINESS DEVELOPMENT IN THE ENERGY SEGMENT
In the 2021/2022 fiscal year, sales revenues in the Energy Segment amounted to
EUR 3,139.2 million. The notable increase compared to the same period of the previous year
(EUR 1,346.1 million) is attributable to the significant increase in wholesale prices for
electricity and gas, which lead to higher sales revenues in energy trading, in the sale of
electricity and gas as well as in the management of power plants and electricity procurement
rights.
In the reporting period, the EBIT of the Energy Segment amounted to EUR 18.8 million and
was 77.2% below the level of the previous year (EUR 82.4 million). The decline was mainly
caused by below-average electricity generation from hydropower plants due to low river
water levels. In sales, the sharp rise in procurement prices for electricity and gas not only had
a negative impact on EBIT in the Energy Segment but also triggered the recognition of risks in
the form of provisions.
The use of the CCGT power plant in Timelkam on the electricity market, on the other hand,
had a positive effect on the operating result. Further details on the thermal power plants can
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Group Management Report Energy Segment
be found in the Notes to the Consolidated Financial Statements, section 24.1. Derivative
financial instruments and hedging › Page 197.
Besides this, contributions to results from the management of the gas storage facilities also
improved, although a provision of EUR 6.8 million for the 7Fields gas storage facility had been
recognised in the previous year.
Due to higher expectations of future earnings contributions, an impairment reversal in the
amount of EUR 4.1 million was recognised for the Timelkam CCGT power plant in the
reporting period. The previous year’s EBIT included reversals of impairment in the amount of
EUR 2.8 million for the Timelkam CCGT power plant and in the amount of EUR 4.4 million
for the Ebensee pumped-storage power plant project.
INCREASED OWN ELECTRICITY GENERATION DESPITE LOW
WATER LEVELS
Total electricity procurement in the Energy Segment in the 2021/2022 fiscal year
totalled 13,898 GWh and was 14.8% lower than in the previous year (16,315 GWh). While
proprietary electricity procurement of 3,379 GWh was 13.6% higher than in the previous
year (2,975 GWh), generation on the electricity markets was lower at 10,519 GWh (previous
year: 13,340 GWh). This was mainly due to lower volumes for the management of the Group
portfolios compared with the previous year.
Electricity production from thermal capacities in the Energy Segment amounted to
1,015 GWh and thus nearly doubled compared to the previous year’s value of 465 GWh.
Compared to the previous year, this development is attributable to increased utilisation of the
CCGT power plant Timelkam and to Cogeneration-Kraftwerke Management
Oberösterreich GmbH (CMOÖ GmbH) in Laakirchen. The Timelkam CCGT power plant was in
standby operation and in use for grid reserve and congestion management in the first quarter
of the 2021/2022 fiscal year. However, the market situation from December onwards showed
full marketability for CCGT power plants, leading to the standby for grid reserve being
discontinued in January 2022 and to a resumption of electricity production for the free
market; however, this use was reduced again at the start of the Russian-Ukrainian war for risk
mitigation reasons.
As the water level was significantly (6.0%) lower compared with the previous year,
proprietary electricity procurement from hydroelectric power during the
2021/2022 fiscal year totalled 2,232 GWh, which is 6.3% below the previous year’s figure of
2,381 GWh. Compared with the long-term average, river water levels were 12.1% below
average in the reporting period. The hydro coefficient of the Group’s own power plants and
procurement rights was 0.88 during the reporting period (previous year: 0.94).
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Electricity procurement structure without electricity trading
2021/2022; previous year’s figures in brackets
With a view to the expansion of electricity generated from renewable energies, work pushed
forward on the preliminary projects for the construction of the new Weissenbach power
plant, and the replacement of the Traunfall power plant, in order to establish projects capable
of approval.
As a result of the strategy project with eww ag launched in 2020, Energie AG took over the
operational management of the new Traunleiten hydropower plant and of several smaller
power plants as of 1 January 2022. Therefore, Energie AG now manages the entire Traun
power plant chain; this allowed for further optimisation in the interaction of the generation
plants, leading to a significant increase in efficiency in the production of green electricity.
Due to the changing conditions in the energy market, especially the expansion of electricity
generation from volatile forms of energy such as wind and solar, there is an increasing need
for additional, high-performance flexibility and storage capacities. This is why work on
detailed planning, and request for quotation planning, for the Ebensee pumped-storage
power plant began in the 2021/2022 fiscal year. The intent is to bring about a construction
decision in the 2022/2023 fiscal year. The legally binding EIA approval notice for the project
was secured as early as in the 2016/2017 fiscal year.
Ennskraftwerke AG, in which Energie AG holds a participating interest of 50%, also reported
electricity production below the long-term average in the 2021/2022 fiscal year, with a hydro
coefficient of 0.85 (previous year: 0.88). Energie AG holds electricity procurement rights to
the hydropower plants of Ennskraftwerke AG and Verbund Hydro Power GmbH with a total
annual standard production capacity amounting to 1,410 GWh.
Energie AG’s wind power portfolio in Austria continues to comprise investments in four
wind parks with a pro rata overall performance of nearly 14.7 MW. Generation from wind
power in the reporting period was 38 GWh (previous year: 35 GWh). The Munderfing wind
farm is currently being expanded to include a further wind turbine with an output of
3.45 MW. Trial operations and commissioning are scheduled for the fiscal year 2022/2023.
Energie AG operates photovoltaic plants and PV contracting plants in Austria and Italy
with a total capacity of 18 MWp (previous year: 14 MWp) via subsidiaries. In the
fiscal year 2021/2022, PV systems generated 18 GWh of electricity (previous year: 13 GWh).
A 3.3 MWp expansion of the SolarCampus in Eberstalzell went operational in the reporting
period.
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The distribution of district heating from the power plant locations in Riedersbach and
Timelkam was 242 GWh, a drop of 5.5% compared with the previous year (257 GWh). Due
to above-average temperatures in the winter of 2021/2022, demand for space heating fell.
In Laakirchen, CMOÖ GmbH supplies a key account customer with electricity and process
heat through a CCGT power plant, as well as several adjacent companies with district
heating. The volume of process heat and district heating distributed to customers during the
2021/2022 fiscal year amounted to 685 GWh and was therefore 4.9% below the previous
year’s value (720 GWh).
DYNAMIC ENVIRONMENT AND ON-GOING DEVELOPMENT OF
THE SALES ORGANISATION
The 2021/2022 fiscal year was characterised by unprecedented dynamics on the European
electricity and gas markets. Vertrieb GmbH responded to this challenging development with
appropriate strategic and operational measures. In the course of the tightening of the energy
markets, intensive monitoring of the Russian-Ukrainian war and its impact on the supply
situation in Austria in particular has been material to energy procurement and sales.
In the competitive environment, there were price increases and customer contract
terminations by other market entities; this, in turn, generated strong demand for new
customer contracts in Energie AG’s Sales unit. Vertrieb GmbH responded to this development
by introducing several price adjustments for new customers while ensuring that existing
customers in the household and commercial sector benefitted from the price guarantee for
standard electricity and gas products (with the exception of domestic/commercial float prices)
and fibre-optic internet. Due to the significant increase in prices and the high volatility on the
electricity and gas market, a product was developed to help business customers manage
procurement timing risks; the risk mechanisms in the contracts were therefore adapted.
The General Terms and Conditions (GTC) for electricity and gas used in the consumer sector
were revised in the reporting period; this was prompted, in part, by a recent decision by
Austria’s Supreme Court (OHG) on price adjustment clauses.
The number of heating degree days in Upper Austria in the reporting period decreased by
3.5% compared with the previous year, and was 3.1% above the average for the past five
years. This meant that there was a year-on-year decline in sales volumes in the temperature-
dependent Vertrieb GmbH business units. However, due to massive price increases and high
volatility, even small volume deviations are economically significant in the current market
situation.
Since the beginning of the COVID-19 pandemic, receivables risk monitoring has been an
unusually significant factor in sales activities, becoming even more important due to the
current energy industry environment with greatly increased market prices. Standardised
ratings ensured stability in ongoing monitoring operations and targeted risk management; as
a result, no significant effects emanated from this item in the fiscal year 2021/2022.
Constant forward-looking development of the organisation, especially in dynamic times,
appears material: The retirement of ENAMO as an entity and brand following the renaming
of “ENAMO Ökostrom GmbH” to “Energie AG Oberösterreich Öko GmbH” completed the
last of a number of milestones for achieving the target structure in the Sales unit.
Following in-depth strategic pre-analysis, the decision was also taken to discontinue electricity
and gas sales activities in Germany and to implement this decision as of 31 December 2021.
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Electricity
Electricity sales volume
in GWh
At 6,621 GWh, Energie AG’s consolidated electricity sales
volume in fiscal year 2021/2022 was 369 GWh below the
previous year’s figure of 6,990 GWh.
Sales volumes to business and industrial customers were
down on the previous year, especially at Energie AG
Oberösterreich Businesskunden GmbH (Businesskunden
GmbH), where the volume fell due to customer switching
and the discontinuation of business in Germany. The volumes
in the residential, commercial and municipal customer sector
were also below the previous year’s value due to the weather
conditions.
Gas sales volume
Gas
in GWh
At 5,461 GWh, the volume of gas sold by Energie AG in the
2021/2022 fiscal year was 946 GWh or 14.8% below the
previous year’s figure of 6,407 GWh.
There were massive price fluctuations in the business and
industrial customer areas. As a result, besides isolated
customer losses, there was also a drop in base load deliveries
and in the purchasing behaviour of existing customers. The
volume sold to residential, commercial and municipal
customers was slightly lower than in the previous year due to
the weather conditions.
Heat
Heat sales volume Austria
in GWh
The heat sales volume in Austria amounted to 1,178 GWh in
the 2021/2022 fiscal year; this was down 5.0% on the
previous year’s figure of 1,240 GWh.
In addition to the district heating sales volume and the heat
sales volume supplied to customers by CMOÖ GmbH, the
heat sales volume also includes the volumes from energy
contracting.
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Telecommunications
By the end of the 2021/2022 fiscal year, 16,723 customers were already actively using
Energie AG’s products (previous year: 13,166). Despite the challenging competitive
environment, Energie AG was also able to convince more customers in the business customer
sector of its product benefits.
Photovoltaics
In the 2021/2022 fiscal year, 61 photovoltaic contracting customer plants (previous year: 50)
with an output of 9.9 MWp (previous year: 8.4 MWp) were in operation. In addition to this,
standardised products such as the “PV Super Deal” for households or the “PV Professional
Deal” for commercial customers were developed, and already saw very high demand, during
the reporting period.
Electromobility
The focus of electromobility activities is currently on charging solutions and the targeted
establishment of public charging stations. Energie AG currently operates 164 publicly
accessible charging stations (previous year: 128) and manages a total of over 604 charging
points (previous year: 425).
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GRID SEGMENT
Grid Segment overview
Unit
2021/2022
2020/2021
Change
Total sales
EUR mill.
392.0
380.9
2.9%
EBIT
EUR mill.
45.3
37.2
21.8%
Investments in property, plant and equipment and intangible
assets
EUR mill.
115.4
103.6
11.4%
Workforce (on average)
FTE
582
535
8.8%
Electricity grid distribution volume to end customers
GWh
8,118
8,231
-1.4%
Gas grid distribution volume to end customers
GWh
19,592
19,379
1.1%
STATUTORY AND REGULATORY FRAMEWORK IN THE GRID
SEGMENT
In addition to the operational challenges of implementing the Renewable Energy Expansion
Act (EAG) package, grid operators are also feeling the effects of the current geopolitical
situation and decarbonisation hype. This is reflected, for example, in the Electricity Segment
by a further increase in demand for PV systems – on top of the aspects attributable to the
incentives from the EAG package.
The statutory environment was stable in the 2021/2022 fiscal year due to the fact that
regulatory periods were still in effect until the end of 2022 for gas and until the end of 2023
for electricity. Discussions are underway between E-Control Austria and industry
representatives on formulating regulations for the subsequent periods starting in 2023 and
2024. In the Gas Segment, the regulatory authority carried out a comprehensive cost review
in the reporting period; the review forms the basis for the distribution grid operator
benchmarks and cost path. Encouragingly, the gas division of Netz OÖ GmbH was confirmed
as an efficient benchmark leader in the preliminary investigation report. This cost review is
scheduled for fiscal year 2022/2023 for the electricity unit.
The grid utilisation fees in the electricity sector increased by between 3.0% and 7.9% as at
1 January 2022. This increase is attributable to high grid loss costs in the wake of rising
energy market prices and higher upstream grid costs.
The grid utilisation fees in the gas sector for consumers at grid level 3 rose by 5.5% as of
1 January 2022. There was a substantial increase by 21.6% for end consumers at grid level 2.
The reason for the increase was the roll-up of the regulatory parameters for the third
regulatory period due to complaints filed by the Austrian Chamber of Commerce and the
Federal Chamber of Labour. The procedure for 2020, which was still open, was decided on in
the reporting period in line with previous procedures and is expected to be rolled up in future
tariffs.
BUSINESS DEVELOPMENT IN THE GRID SEGMENT
The Grid Segment generated sales revenues of EUR 392.0 million in the reporting period. This
represents a moderate increase of 2.9% compared with the previous year’s sales revenues. In
fiscal year 2021/2022, the EBIT of the Grid Segment amounted to EUR 45.3 million and was
therefore EUR 8.1 million up on the previous year’s operating result of EUR 37.2 million.
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The Grid Segment EBIT now also includes the activities of the Metering Services operational
unit, which was transferred from Telekom GmbH to Netz OÖ GmbH as part of an
organisational change with effect as of 1 October 2021.
In terms of operational activities, the regulatory tariff increase in the electricity and gas sectors
had a positive impact on EBIT, while higher upstream grid costs and grid losses reduced
earnings.
ELECTRICITY AND GAS GRID AS THE BACKBONE OF THE UPPER
AUSTRIAN SUPPLY INFRASTRUCTURE
Netz OÖ GmbH, as the electricity and gas grid operator of Energie AG, solidified its leading
position within the industry by gaining a new certification in fiscal year 2021/2022. Following
intensive preparations and an audit phase lasting almost a full month, the company’s
information security management systems (ISMS) could be successfully certified to ISO/IEC
27001:2013. Parallel to the requirements of ISO/IEC 27001:2013, all requirements of the
Network and Information System Security Act (NISG) were co-audited by a qualified body
(QuaSte), with the NISG audit report expected early in the 2022/2023 fiscal year.
Compared to the same period of the previous year, the electricity
Electricity grid distribution volume to end
grid distribution volume fell by a total of 1.4% from 8,231 GWh
customers
to 8,118 GWh in the fiscal year 2021/2022. This decrease in volumes
in GWh
is mainly attributable to the commercial and residential customer
sector, which fell in the second half of the fiscal year in particular.
Volumes in the industrial customer segment also decreased slightly in
the reporting period. As of 30 September 2022, the electricity sector
of the Grid Segment supplied approx. 522,000 active customer
installations (previous year: 517,000).
A sequence of several hurricane lows in February 2022 posed a
challenge for grid operations. It was not only the individual events
themselves, but the number of consecutive events in this period of
time that placed a strain on the response teams. In this situation, the
110 kV high-voltage grid once again proved to be the strong and
reliable backbone of the Upper Austrian electricity supply.
In the 2021/2022 fiscal year, grid activities focused on both grid
upgrade and expansion measures to maintain and secure a stable
electricity supply, and on the consistent implementation of the
“Electricity Grid Master Plan Upper Austria 2028” (Stromnetz-
Masterplan Oberösterreich 2028). This meant that the “Power Supply Pramtal South”
projects, and the substations Hörsching, Ohlsdorf and Kronstorf West were completed or
commenced operations. Work on the environmental impact statement began, following the
decision to introduce a mandatory EIA for the “Electricity Supply Mühlviertel” project.
Replacing of overhead power line sections of the medium and low-voltage grid with
underground cable was continued wherever expedient. Just less than 10 kilometres of
medium-voltage overhead power line were replaced by underground cables in the reporting
period.
The very large number of grid connection applications for decentralised electricity generation
systems or, more specifically, for photovoltaic systems since the beginning of calendar year
2022 was highly challenging. The number of applications is a multiple of the previous year’s
figure. It proved impossible to provide 100% of the required grid capacity – it will be
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necessary to create this capacity through additional low- and medium-voltage grid
construction work. The installed capacity from photovoltaics is around 589 MW (previous
year: 396 MW) with around 39,300 connected systems (previous year: 30,100 systems).
The gas volume transported for end customers in the Group’s own
Gas grid distribution volume to end
grid increased by 1.1% to 19,592 GWh year-on-year in the
customers
2021/2022 fiscal year (previous year 19,379 GWh). This development
in GWh
was largely the result of higher volumes delivered to industry and
power plants, while volumes in the household and commercial
sectors declined.
The number of customers declined in the past fiscal year. The causes
are assumed to be trends in society, political requirements, especially
relating to environmental protection, and uncertainties relating to
sufficient availability of gas.
To ensure reliable operation of the gas grid, extensive upgrades were
carried out at the RS 149 Bad Ischl throttling station on top of
scheduled grid expansion. Three high-pressure gas pipelines with a
total length of 36.9 km were investigated using smart pigging.
Various repairs to high-pressure pipelines were carried out in the
reporting period.
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Group Management Report Waste Management Segment
WASTE MANAGEMENT SEGMENT
Waste Management Segment overview
Unit
2021/2022
2020/2021
Change
Total sales
EUR mill.
272.6
256.2
6.4%
EBIT
EUR mill.
33.9
29.6
14.5%
Investments in property, plant and equipment and intangible
assets
EUR mill.
19.7
28.9
-31.8%
Workforce (on average)
FTE
831
821
1.2%
Total waste volume handled 1)
1,000 t
1,575
1,701
-7.4%
Incinerated waste volume
1,000 t
591
586
1.0%
1) Previous year's value restated
ECONOMIC ENVIRONMENT FOR THE WASTE MANAGEMENT
SECTOR
In the 2021/2022 fiscal year, the Waste Management Segment continued to benefit from
what was, for the most part, a very good economic environment.
Both nationally and internationally, the Circular Economy Package, formulated at EU level,
continues to be the focus of attention. The Circular Economy Package amendment under the
Waste Management Act (AWG) is intended to ensure waste avoidance, recycling, reuse, and
product design geared towards sustainability. Targets in line with this for recycling, quotas for
reusable and disposable packaging, requirements for the reduction of certain plastic products
and on the issue of producer responsibility, incineration bans and landfill restrictions have
been formulated and pose major challenges for the stakeholders.
One of the focuses here is plastic packaging: in order to achieve the EU target of a 50%
recycling rate in 2025, recycling must be doubled in the coming years. In addition, a new
independent quota for separate collection of PET beverage bottles becomes mandatory as of
2025. In order to be able to achieve these high targets, the Circular Economy Package, an
amendment to the Waste Management Act, envisages the mandatory, staggered
introduction of reusable packaging quotas in the food industry as well as a commitment on
the part of the beverage industry to charge a deposit on PET and aluminium containers as of
1 January 2025.
Further provisions from the Waste Management Act (AWG) mandates that, starting on
1 January 2023, waste transportation of volumes above 10 t over distances of more than 300
kilometres must be effected by rail or similarly climate-friendly means of transport, with the
kilometre threshold due to drop to 100 kilometres by 1 January 2026. Although the
amendment offers opportunities, such as relieving the fraught situation in logistics services
provoked by a lack of heavy goods vehicle drivers, however, it also entails economic risks.
From 1 January 2023 onward, the amendment to the Packaging Regulation (VVO) requires
commercial packaging placed on the market exclusively to be returned via a collection and
recovery system. As a waste management company, Energie AG Oberösterreich Umwelt
Service GmbH (Umwelt Service GmbH) would in future essentially be limited to only logistics
services for a part of the paper and cardboard volumes. The concrete application, feasibility
and potential financial impact are still uncertain due to numerous open issues relating to
feasibility in practice.
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The positive trend from the previous year continued for the recyclable materials paper/
cardboard and scrap metals. The Wiesbaden index for paper and cardboard packaging was
even higher on average in the 2021/2022 fiscal year than in the previous year, meaning that
higher sales revenues were achieved in the reporting period. However, a significant fall in
prices was visible at the end of fiscal year 2021/2022. In the scrap metal sector, the average
price for steel scrap was also significantly higher than one year earlier, peaking around the
middle of the 2021/2022 fiscal year. At the end of the 2021/2022 fiscal year, although the
price was lower than the starting price at the beginning of the fiscal year, however, it was still
at a relatively high level.
BUSINESS DEVELOPMENT IN THE WASTE MANAGEMENT
SEGMENT
In the 2021/2022 fiscal year, sales revenues in the Waste Management Segment amounted
to EUR 272.6 million (previous year: EUR 256.2 million), representing an increase of 6.4%.
The operating result rose by EUR 4.3 million to EUR 33.9 million compared with the previous
year’s figure (EUR 29.6 million).
The price development for the recyclable materials paper/cardboard and scrap metals once
again contributed to the increase in sales revenues and EBIT, despite significant price declines
for paper/cardboard becoming noticeable at the end of fiscal year 2021/2022. Similarly,
electricity and heat revenues for the volumes decoupled from Welser Abfallverwertung (WAV)
increased significantly in the first half of the year compared to the previous year. Growth in
sales revenues and earnings was also noted for municipal, commercial and industrial waste.
The previous year’s EBIT included reversals of impairment for waste incineration plants
totalling EUR 4.7 million.
STABLE DEVELOPMENT IN WASTE MANAGEMENT SERVICES
A throughput of some 591,400 t of incinerated waste volume was
Incinerated waste volume
achieved at the waste incineration plant in Wels and Lenzing.
in 1,000 t
This is equivalent to an increase of 1.0% compared with the previous
year.
The annual inspection at the Lenzing waste incineration plant took
place in spring. At WAV, the overhaul of line 2 was completed in
May, with line 1 being completed in August 2022.
In the reporting period, the waste incineration plant in Wels
distributed 243 GWh of heat (previous year: 234 GWh) to the
district heating network and to one other key account customer.
Electricity procurement totalled 198 GWh (previous year: 194 GWh).
In the course of the comprehensive strategy project with eww ag,
the heat supply to both households and businesses in the Wels area
has been significantly expanded and condensed since 2021. In
addition, a second large transport pipeline was built in the north of
the city in 2021 and 2022, while two state-of-the-art hot water
generators were built to secure the district heating supply. This will
substantially increase heat extraction at the Wels waste incineration plant. Umwelt
Service GmbH took over the exclusive heat supply to eww ag as of 1 May 2022. The
extensive preparatory work required for this was successfully completed.
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The treatment plants for hazardous waste in Steyr were again very well utilised in the
2021/2022 fiscal year. In terms of maintenance, the focus was primarily on the renovation of
the CPO plant (chemical/physical treatment plant for organic waste). In addition, the fire
alarm and extinguishing systems were upgraded.
Compared with the fiscal year 2020/2021, the total volume
Total waste volume handled
handled in the Waste Management Segment dropped by approx.
in 1,000 t
7.4% to a total of some 1,575,000 t (previous year: 1,701,000 t).
While the volumes in Austria declined, especially for waste wood,
paper/cardboard, and construction waste, the total volumes in South
Tyrol remained at the previous year’s level.
The extension work at the repair workshop in Attnang-Puchheim for
company-owned heavy goods vehicles was completed in the
reporting period. Beyond this, large-scale roofing work using PV
modules was started at the Mühldorf site in order to, among other
things, protect the waste material collection centre for several
communities against external weather influences, while at the same
time generating renewable energy. In addition, modernisations and
expansion work has pushed forward at several sites, including fire
protection work.
The reconstruction work relating to the relocation of the company
headquarters from Hörsching to the WAV site in Wels has been
concluded. The relocation of the company headquarters and the
accompanying relocation work were completed in the first half of the 2021/2022 fiscal year.
The investigations throughout Austria into the area of collection and transport in the waste
management industry initiated by the Federal Competition Authority (BWB) are still in
progress. Umwelt Service GmbH is actively involved in the investigation and has assured the
BWB of its full willingness to cooperate.
The Neumarkt site in South Tyrol achieved higher earnings compared with the previous year.
There were positive developments in commercial and industrial waste. Operations in the
production of refuse derived fuels (RDF) and glass sorting were also positive. Compared to
this, the scenario in paper and board volumes was challenging with paper mills increasingly
competing directly with waste management companies to acquire paper volumes.
In the WDL-Wasserdienstleistungs GmbH (WDL GmbH), the general conditions for
drinking water supply and waste water disposal in Austria were largely stable during the
reporting period. An important contract with an industrial customer in the service sector was
successfully extended. At WDL GmbH, the main focus was on maintaining the secure supply
of drinking water and further developing the services offered.
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Group Management Report Czech Republic Segment
CZECH REPUBLIC SEGMENT
Czech Republic Segment overview
Unit
2021/2022
2020/2021
Change
Total sales
EUR mill.
194.7
173.2
12.4%
EBIT
EUR mill.
6.0
11.1
-45.9%
Investments in property, plant and equipment and intangible
assets
EUR mill.
8.0
9.1
-12.1%
Workforce (on average)
FTE
1,715
1,718
-0.2%
Invoiced drinking water volume
m3 mill.
49.2
48.2
2.1%
Invoiced waste water volume
m3 mill.
45.2
45.1
0.2%
GENERAL CONDITIONS IN THE CZECH REPUBLIC
The COVID-19 situation in the Czech Republic increasingly eased during the
2021/2022 fiscal year. Following this, the Czech government rescinded most of the measures
to prevent the further spread of the COVID-19 pandemic.
Although this had a positive effect on the economic development of the country, the
generally difficult conditions on the energy market and the Russia-Ukraine war on top had a
negative impact on the economy. Inflation in the Czech Republic rose sharply during the
reporting period, reaching a peak of 18% in September 2022. The unemployment rate
settled near full employment during the 2022 calendar year.
In the Water unit, a new price regulation between the operator and the infrastructure owner
– in particular relating to the maximum permissible costing margin on drinking water, and
wastewater charges – was agreed as on 1 January 2022. One significant innovation here is
determining a permissible margin based on the replacement values of the non-current assets
in operation. This will create sufficient funds for the owners to replace infrastructure.
At the same time, the Czech regulatory authority for the heating sector enacted a change in
heat pricing on 1 January 2022. Based on this, the maximum profit is now calculated, among
other things, by the inflation-adjusted acquisition value of the assets in operation. From
today’s perspective, these regulatory adaptations will not have any negative impact on the
Czech Republic Segment.
In the reporting period, the energy crisis with sharply rising market prices exposed trading
companies for electricity and gas in particular to massive pressure, ultimately triggering
insolvencies and the departure of numerous market participants; this also affected the Czech
Republic Segment. This has led to further massive price increases for energy customers who
now have to procure replacements at high prices on the spot market – in part for volumes
that had already been secured. On top of this, energy suppliers are refusing to conclude new
contracts in many cases. As a consequence the commodities to be procured are being
distributed across several suppliers in order to minimise the risk of default.
High gas prices were particularly relevant for the heating business of Energie AG’s Czech
Republic Segment, as a large proportion of heat is generated by gas-fired boilers and
combined heat and power plants. In the case of water supply and waste water management,
higher market prices impacted on electricity expenses for water and waste water treatment
and allocation. However, the remedial actions taken, including passing on the increased
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Group Management Report Czech Republic Segment
energy costs to the customers or damage agreements with the previous supplier, have
substantially mitigated the impact.
The Czech koruna steadily strengthened against the euro in the course of the
2021/2022 fiscal year. The exchange rate was around EUR/CZK 24.6 towards the end of the
reporting period.
BUSINESS DEVELOPMENT IN THE CZECH REPUBLIC SEGMENT
In the 2021/2022 fiscal year, the Czech Republic Segment generated sales revenues of
EUR 194.7 million in its water and heating business. This was equivalent to an increase of
12.4% compared with the previous year and was attributable to exchange rate effects, price
and volume increases and the services sector. In addition, the sales revenues of the Czech
Republic Segment now also include the activities of RATE s.r.o., which was acquired by
Energie AG Bohemia s.r.o. as of 3 January 2022.
The EBIT in the Czech Republic Segment amounted to EUR 6.0 million in the reporting period.
This is equivalent to a decrease of 45.9% (previous year: EUR 11.1 million), which is mainly
due to the significant rise in energy overheads, triggered by replacement purchases of
electricity and gas, as well as the massive price increases due to the Russian-Ukrainian war.
STABLE VOLUME DEVELOPMENT IN THE CZECH REPUBLIC
In the Czech Republic Segment, a total of 49.2 million m3 of drinking water (previous year:
48.2 million m3) and 45.2 million m3 of waste water (previous year: 45.1 million m3) were
invoiced in the reporting period. In total, this corresponds to slightly higher volumes in
drinking water and waste water business, although developments varied from region to
region.
Invoiced drinking water volume
Invoiced waste water volume
in m3 mill.
in m3 mill.
All major tenders for drinking water and wastewater were won, the most important being
those in Přeštice, Žirovnice, Dobřany (ČEVAK a.s. in all cases) and those of the association of
local authorities JEKOZ (Energie AG Kolín a.s.).
The heat sales volume in the Czech Republic amounted to 198 GWh in the reporting
period, which is 5.0% above the previous year’s figure (189 GWh) due to the acquisition of a
heat supplier in Štětí and despite the mild winter.
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In organisational terms, the focus in the reporting period was on company mergers in the
western part of the supply area and in the central Prague region. In the process, the
companies Energie AG Teplo Rokycany s.r.o. and Tepelné zásobování Rakovník, spol. s.r.o.
were merged and now operate as Energie AG Teplo Bohemia s.r.o. In the second half of the
reporting period, the focus was also on preparing the strategic merger of the water and
wastewater activities in the central region around Prague. The first step was the takeover of
VAK Zápy s.r.o. by its affiliate company VAK Beroun a.s.
Additionally, 100% of the shares in RATE s.r.o. were acquired by Energie AG Bohemia s.r.o.
on 3 January 2022. The company, which has a workforce of 23, is located 80 km north of
Prague and uses industrial waste heat from the paper industry to supply heat and hot water
to approximately 10,000 inhabitants of the town of Štětí and surrounding communities.
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Group Management Report Holding & Services Segment
HOLDING & SERVICES SEGMENT
Holding & Services Segment overview
Unit
2021/2022
2020/2021
Change
Total sales
EUR mill.
258.1
274.7
-6.0%
EBIT
EUR mill.
46.6
28.1
65.8%
Investments in property, plant and equipment and intangible
assets
EUR mill.
33.6
48.3
-30.4%
Workforce (on average)
FTE
1,019
1,055
-3.4%
Length of fibre-optic network
km
5,820
7,021
-17.1%
BUSINESS DEVELOPMENT IN THE HOLDING & SERVICES
SEGMENT
Sales revenues in the Holding & Services Segment in the reporting period were
EUR 258.1 million; this is equivalent to a decrease of 6.0% compared with the previous year
(EUR 274.7 million). The reduction in sales revenues and EBIT in the Holding & Services
Segment was prompted by the transfer of the Metering Services operational unit, which was
transferred from Telekom GmbH to Netz OÖ GmbH as part of an organisational change with
effect as of 1 October 2021.
The EBIT of the Holding & Services Segment increased from EUR 28.1 million in the previous
year to EUR 46.6 million in the fiscal year 2021/2022. The positive development of the
operating result in the reporting period primarily resulted from the measurement of the share
in BBOÖ Breitband Oberösterreich GmbH in the amount of EUR 37.0 million. Beyond this, a
reversal of impairment of EUR 3.5 million was recorded for Wels Strom GmbH, which is
consolidated using the equity method, while the EBIT of the previous year included a reversal
of impairment in the amount of EUR 15.4 million for Wels Strom GmbH. The Energie AG’s
service companies allocated to the Holding & Services Segment declined slightly overall, while
the Telecommunications business area’s remaining activities in the segment showed a slightly
positive development in the reporting period.
STRATEGIC FOCUS IN THE TELECOM SECTOR
For Telekom GmbH, the 2021/2022 fiscal year was characterised by restructuring and process
realignment.
Following the completion of the mass smart meter rollout, the “Metering Services”
operational unit was already merged with the affiliated Netz OÖ GmbH at the start of the
reporting period.
Wide-ranging structural adjustments were made (with retrospective effect on the balance
sheet as of the beginning of the 2021/2022 fiscal year) in April 2022. Due to the bundling of
broadband activities with the Province of Upper Austria to leverage synergy potential in the
fibre-optic rollout, the FTTH unit of Telekom GmbH was spun off into BBOÖ GmbH. The
Province of Upper Austria brought Fiber Service OÖ GmbH into the joint venture. For further
details see the section Changes under corporate law › Page 117.
At Telekom GmbH, the focus in the second half of the reporting period was primarily on
strategic realignment due to the new situation, and on revising the processes and designing
the newly created interfaces.
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In the future, Telekom GmbH will focus on expanding its position as a strong partner for
future-orientated communication and control solutions. Specific development measures and
innovative customer offerings were elaborated for the company’s two main pillars “Fibre
Wholesale” and “Control Solutions”.
In the Fibre Optics business area, Telekom GmbH offers carriers a
Length of fibre-optic network
specific range of services relating to data transport on the backbone
in km
network and layer 2 technology (signalling technology – data link
layer). Besides this, Telekom GmbH acts as a wholesale partner for
internet service providers (ISPs) and Group affiliate Vertrieb GmbH, to
connect additional locations and business customers to its own fibre-
optic network and therefore to further boost the capacity utilisation
of the network and generated value.
In the backbone and wholesale area, the length of the fibre-optic
network remaining in the Group was 5,820 km (previous year’s
figure: 7,021 km). The decrease compared with the previous year’s
figure is attributable to the spin-off of the FTTH area to
BBOÖ GmbH.
Other activities in the telecommunications area in the reporting
period included providing internal communications and control
solutions within the Group, for example, data provisioning and
connecting the Group’s own facilities (control system support).
STRATEGIC INVESTMENTS
The at-equity consolidated companies Wels Strom GmbH and Salzburg AG, as well as further
minority holdings complete the business portfolio of Energie AG.
Wels Strom GmbH, in which Energie AG holds a 49% participating interest, is the
integrated electricity supply company of the city of Wels. Other business areas include
services relating to electric mobility and energy systems for key account customers.
In the last completed fiscal year (1 January 2021 to 31 December 2021), the electricity sales
volume to customers increased to 742 GWh (2020: 692 GWh), 15% of which was covered
by own production, mainly from hydroelectric power. Some 48% of the electricity distribution
was generated outside the grid area of Wels Strom GmbH. The volume increases in the
electricity grid are attributable in part to the fact that the COVID-19 lockdowns in 2020
resulted in greater volume reductions than were experienced in 2021.
In the scope of an extensive strategy project that started in 2020, the owners of Wels
Strom GmbH – eww ag and Energie AG – realigned the supply of heat and energy to the
Wels area in cooperation with the subsidiary. The aim was to leverage synergy potentials and
improve service quality. The operational implementation steps of this comprehensive future
initiative started in 2021 and will continue until the end of 2022.
Salzburg AG für Energie, Verkehr und Telekommunikation (Salzburg AG), in which
Energie AG holds a 26.13% participating interest, has consistently pursued the forward-
looking growth strategy adopted in the summer of 2020 on the path to a greener future,
despite the challenges posed by COVID-19. This meant that Salzburg AG was geared even
more strongly for growth, innovation and customer orientation in terms of content and
organisation, and its reorientation from an infrastructure company to a “green tech
company” was pushed forward.
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Investments continued along the previous path, consistently pushing forward with the
expansion of green energy with simple products and innovative solutions, in the photovoltaics
and e-mobility sectors for example. There will also be substantial investment in broadband
expansion, with more than EUR 100.0 million to be invested throughout the state of Salzburg
by 2025. Beyond this, Salzburg AG is pursuing an innovation strategy that strengthens its
core business with digital solutions and forward-looking ideas while focusing on new markets
and business areas. Cooperation with start-ups is part of this strategy.
Business performance in the most recently completed fiscal year (1 January 2021 to
31 December 2021) was characterised by a decline in total procurement in the electricity
sector. Although electricity distribution to end customers rose slightly to 3,387 GWh (previous
year: 3,304 GWh), the trading volume of 10,708 GWh was significantly lower than in the
previous year (12,801 GWh). Generation from hydroelectric power fell by 9.7% compared
with the previous year to 1,390 GWh (previous year: 1,539 GWh) due to below-average
water levels.
Gas sales to end customers totalled 1,793 GWh; this was up on the previous year’s figure
(1,606 GWh) due to growth in the key account segment. Electricity and gas grid distribution
to end customers in the Salzburg Netz GmbH grid were both up on the previous year. At
976 GWh, total district heating sales including grid losses was 8.5% higher than in the
previous year. Electricity and gas sales to customers were at 3,304 GWh and 1,606 GWh,
respectively, which is 3.5% and 3.4% below the level of the previous year.
The telecommunications business unit has seen constant growth for years; this is also the
case in Salzburg AG’s 2021 fiscal year. Customer numbers increased again in the areas of
cable TV and internet. This year, internet trade magazine connect confirmed that Salzburg
AG offered the best performing internet in the entire Province of Salzburg.
Additions to non-current assets totalled EUR 185.7 million (previous year: EUR 129.0 million).
This includes, among other things, investments of EUR 16.1 million in generation plants
(previous year: EUR 9.0 million), investments of EUR 57.7 million in the electricity grid
(previous year: EUR 45.0 million), investments of EUR 38.5 million in the telecommunications
sector (previous year: EUR 33.3 million) and investments of EUR 19.3 million attributable to
the introduction of smart meters (previous year: EUR 13.5 million).
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SHARED SERVICES
The four Group-wide service companies
Energie AG Oberösterreich Business Services GmbH (Business Services GmbH),
Energie AG Oberösterreich Customer Services GmbH (Customer Services GmbH),
Energie AG Oberösterreich Personalmanagement GmbH (Personalmanagement GmbH)
as well as
Energie AG Oberösterreich Tech Services GmbH (Tech Services GmbH)
are combined in the Holding & Services Segment.
These service companies provide commercial and technical services for the entire Group in
accordance with precisely defined quality and safety standards. These services are guided by
external market conditions for similar products and services.
Business Services GmbH bundles services for the Energie AG Group in the areas of
purchasing and logistics, real estate management, information technology, accounting, and
insurance and legal services. One focus of work in fiscal year 2021/2022 was the finalisation
of the extension to Group headquarters in Linz in the form of an office building with an
energy-efficient design. In the scope of the construction of a new office and workshop
building in Gmunden, various official and award procedures were completed and civil
engineering work began. Besides this, the focus was on the start of the design phase for the
S/4HANA transformation of the enterprise resource planning (ERP) system landscape, the
implementation of various projects to enhance IT security, and the successful completion of
the project to harmonise commercial sales and customer care processes. The test phase of the
“Digital Driver’s Logbook” project started.
The Customer Services GmbH bundles the Group’s customer services and data protection
back office, billing, provider switch management, receivables management and payment
processing in customer-facing operations. In the 2021/2022 fiscal year, employees provided
services for around 1.55 million customer contracts. In addition to the reliable provision of all
services in the face of the continuing COVID-19 pandemic, the 2021/2022 fiscal year was
characterised by many projects. In the reporting period, for example, the focus was on the
topics “changes in consumption data transmission”, “energy cost compensation” and
“implementation of energy communities in the scope of the Renewable Energy Expansion
Act package”. Customer Services GmbH was also strongly involved in the successful
migration and GoLive of the project to adapt the SAP system architecture in the area of billing
and customer services.
The focus of Personalmanagement GmbH’s activities is both on matters related to
personnel strategy and personnel policy for the Group, governed by the Holding division “HR
Strategy and Control”, and on all agendas relating to personnel and management
development, personnel support, personnel accounting and apprenticeship programs. In
addition to the challenges posed by COVID-19, the strategic focus in the
2021/2022 fiscal year was on employer branding activities. In addition, the focus was on
management development using innovative formats and supplementary measures for the
rapid and uncomplicated advanced training of employees on subjects related to digitalisation.
During the reporting period, the conclusion of a company agreement on remote work took
another important step forward towards making working hours more flexible. In the context
of work-life balance, the opening of a company childcare facility in July 2022 is particularly
worthy of note.
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Tech Services GmbH is the central know-how provider in the Group’s technical services
segment. These services include conceptual design, project planning, construction,
maintenance and prompt troubleshooting of electricity, gas, and telecommunications
infrastructures and power plants, especially in the field of hydroelectric power, heat and
photovoltaics. These services were primarily provided for affiliated companies in the Group in
the 2021/2022 fiscal year. To ensure capacity utilisation, numerous external customer orders
were won, underlining competitiveness. In addition to the constant challenges posed by the
COVID-19 pandemic, the Russian-Ukrainian war also resulted in increasing supply issues for
key material resources. One major challenge in the reporting period was the increasing order
volume, particularly in the area of electricity grid expansion, and the recruitment of essential
personnel. Maintaining an effective task force for troubleshooting and retaining expertise in
the planning, construction and maintenance of plants in the Group’s environment with high
quality and at marketable prices remain our top priorities.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
145
Group Management Report Outlook
OUTLOOK
With a view to economic development in the fiscal year 2022/2023, forecasts by economic
research institutes are pessimistic across the board due to the sharp rise in prices and limited
consumer purchasing power. In any case, the IHS, WIFO and IMF expect the economy to drop
very sharply in 2023, forecasting GDP growth for Austria in the range of +0.2% to +1.0%
with inflation between +5.1% and +6.8%. In the euro zone, economic growth of +0.3% to
+2.3% is expected for 2023.
Shortly after the end of the reporting period, the National Emission Allowance Trading
Act (NEHG) 2022 implementing the eco-social tax reform came into force on 1 October
2022 and the Market Premium Regulation on 4 October 2022. The changes in the tax
system resulting from CO2 pricing and the new legal regulations announced for energy
efficiency, heating and climate protection will define new general conditions for all sectors of
the energy industry; this will naturally have an impact across all consumption segments –
from households to industry – and will be a factor shaping further sales activities.
On 18 November 2022, the Austrian federal government announced the key points related
to the national implementation of the EU Emergency Measures Regulation on the absorption
and redistribution of surplus proceeds. In future, a revenue cap of EUR 140.0/MWh will apply
for electricity producers, which can increase in case direct additional costs are proven. There
will also be an input credit for investments into renewable energies and energy efficiency.
These regulations come into effect on 1 December 2022 in Austria and will apply until
31 December 2023. An initiative for the new Energy Crisis Levy Act was already submitted
to the National Council and a resolution is expected in December.
The general conditions in the energy industry remain challenging for Energie AG, and for
the entire industry. The future development of prices on the international energy markets is
difficult to assess for the 2022/2023 fiscal year due to the many unpredictable factors
influencing these. Key factors will include the further course of the Russian-Ukrainian war,
political or regulatory intervention in the market, including possible energy-steering measures
by the Austrian government, economic developments, and weather conditions, particularly in
the coming winter.
Against the backdrop of the rising and volatile energy prices and the related procurement
risk, tightly meshed integration of procurement and sales processes will continue to play a
central role in the coming months. The price guarantee in the residential and commercial
customer segment will end at the beginning of the 2023 calendar year; prompted by higher
procurement costs, a price increase will be necessary for the electricity and gas supply to
existing customers. The support measures planned or adopted by government – such as the
electricity price cap – are intended to ease the burden on customers.
In the generation sector, work on the Ebensee pumped-storage power plant project will
push forward intensively in order to bring about a building decision in the
2022/2023 fiscal year. The construction of additional flexible storage capacities is a basic
prerequisite for achieving the ambitious national expansion targets for electricity generation
from renewable energies while at the same time ensuring security of supply.
The focus for the Grid Segment in the fiscal year 2022/2023 will be on the in-depth
regulatory review of costs and structures in the electricity grid sector and the establishment of
the electricity distribution grid operator benchmark based on this. In terms of tariffs, higher
electricity grid utilisation fees can be expected due to the fraught situation on the energy
market, as high energy prices will also have an impact on the procurement prices for grid
losses. In addition to this, the implementation of the EAEC package will play a central role.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
146
Group Management Report Outlook
Expansion of photovoltaic systems is expected to remain at a similarly high level in the coming
years; the challenges will then shift to expanding the existing grid infrastructures. In addition,
further relevant changes in the statutory environment are expected for the Grid Segment in
the course of the 2022/2023 fiscal year, for example, due to the Electricity Market Act for the
electricity sector, and due to the Renewable Heat Act for the gas sector.
In the Waste Management Segment, the very good economic environment prevalent in
the 2021/2022 fiscal year is unlikely to continue at the same level. A noticeable turnaround
has already begun and the market situation is expected to be challenging in the
2022/2023 fiscal year. In the paper/cardboard sector in particular, the paper industry is
expected to purchase significantly lower volumes due to production cutbacks. The market for
waste wood is currently tight due to high demand and limited availability. In addition, further
cost increases can be expected due to high inflation.
High energy costs will continue to be a major challenge in the Czech Republic Segment,
particularly in the first quarter of the new fiscal year 2022/2023. The Czech government has
decided to cap prices for electricity and gas as of 1 January 2023; this is expected to prompt a
positive development in results from the heating and water sectors. Close monitoring of the
current developments on the electricity and gas market, which are dramatic in terms of costs,
is continuing, especially since these drastic price increases are exposing suppliers, operators
and customers under serious pressure. One focus in the coming fiscal year will be on the
ongoing development of energy efficiency projects for the heat and water supply and
wastewater management. VAK Zápy s.r.o. was merged with its owning company VAK Beroun
a.s. at the beginning of the 2022/2023 fiscal year; the company will in future manage the
water and wastewater activities in the central region around Prague. The services provided to
municipalities and cities are forecasted to remain stable in the 2022/2023 fiscal year, although
– here too – there are signs of greater reticence in terms of communal investment.
In the telecommunications business area, the focus in the next fiscal year will be on
wholesale, i.e., the marketing of bandwidths to internet service providers. In this area, work is
underway to optimise the product range and take a more active approach to customer
support and acquisition. In addition, the interfaces and processes with the recently created
BBOÖ GmbH are being continuously improved in order to push forward with the fibre-optic
roll-out for Upper Austria in the best possible way. In the area of intra-Group services – in
particular operational technology – the aim is to continue to develop existing services with a
view to the needs of users, and create attractive offerings for the Group’s partners by doing
so.
In its function as an energy supplier majority-owned by the Province of Upper Austria,
Energie AG will continue to make every effort in the 2022/2023 fiscal year to reliably
perform its system-critical tasks, in particular supplying its customers, in a fragile economic
and geopolitical situation. The permanent orientation of all services to customer needs, the
focuses of digitalisation and innovation, and the financial stability of the Group will remain
important strategic objectives in the future.
At the same time, the focus is more than ever on making a significant contribution to the
energy transition by expanding renewable energies, establishing a comprehensive circular
economy system and pushing forward with the transformation in mobility. The stable
financial situation achieved in recent years through forward-looking measures and the
Group’s diversified business portfolio provide the basis for mastering these challenging
developments.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
147
Group Management Report Outlook
Against the backdrop of the significant number of uncertainties and highly volatile price
developments, EBIT for the 2022/2023 fiscal year is expected to come in at least at the level
of the 2021/2022 fiscal year – subject to further potential interventions in the market by
policymakers or regulators.
Linz, 5 December 2022
The Management Board of Energie AG Oberösterreich
Chief Executive Officer
DDr. Werner Steinecker MBA
Dr. Andreas Kolar
Dipl.-Ing. Stefan Stallinger MBA
Chairman of the Management Board
Member of the Management Board
Member of the Management Board
CEO
CFO
COO
Energie AG Oberösterreich – Annual Financial Report 2021/2022
148
Consolidated Financial Statements
Consolidated Financial Statements 2021/2022
of Energie AG Oberösterreich
CONSOLIDATED STATEMENT OF INCOME
1 OCTOBER 2021 TO 30 SEPTEMBER 2022
2021/2022
2020/2021
EUR 1,000
EUR 1,000
1. Sales revenues
(6)
Procurement costs for proprietary electricity trading
(6)
-193,860.1
-118,964.6
Net sales revenues
(6)
2. Change in inventories of finished goods and work in progress
3. Other capitalised corporate services
4. Share in result of companies consolidated at equity
(3.1.; 17)
5. Other operating income
Reversals of impairment
(16.2.)
Other
(8)
6. Expenses for material and other purchased services
(9)
-3,114,162.3
-1,292,784.5
7. Personnel expenses
(10)
-318,354.6
-308,420.6
8. Depreciation, amortisation and impairments (thereof impairments
EUR -993.9 thousand (previous year: EUR -723.0 thousand))
(11; 16)
-165,597.4
-164,425.8
9. Other operating expenses
(12)
-192,512.8
-179,894.7
10. Operating result
11. Financing expenses
(13)
-27,942.1
-24,166.0
12. Other interest income
(13)
13. Other financial result
(14)
-2,016.1
14. Financial result
-28,727.0
-20,134.2
15. Earnings before taxes
16. Income taxes
(15)
-10,688.7
-36,410.3
17. Consolidated net earnings
Thereof attributable to non-controlling interests
Thereof attributable to investors in the parent company
Consolidated net profit
Energie AG Oberösterreich – Annual Financial Report 2021/2022
149
Consolidated Financial Statements Consolidated Statement of Comprehensive Income
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
1 OCTOBER 2021 TO 30 SEPTEMBER 2022
2021/2022
2020/2021
EUR 1,000
EUR 1,000
1. Consolidated net earnings
2. Other comprehensive income
Items that will not be subsequently reclassified to the
statement of income:
Remeasurement of the defined benefit obligation
(25)
-3,593.3
Changes in value of at-equity companies recognised in equity
-7.8
Changes in value of investments and securities FVOCI
(23)
Deferred taxes
(15)
-13,122.5
-529.9
Items that may be subsequently reclassified to the statement
of income:
Hedge accounting
(23; 24)
Changes in value of at-equity companies recognised in equity
Translation differences
(5.19.)
Deferred taxes
(15)
-49,372.5
-35,688.6
Total expenses and revenues recognised in other
comprehensive income
3. Total comprehensive income after taxes
4. Thereof attributable to non-controlling interests
5. Thereof attributable to parent company
Energie AG Oberösterreich – Annual Financial Report 2021/2022
150
Consolidated Financial Statements Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION AS OF 30 SEPTEMBER 2022
30.09.2022
30.09.2021
ASSETS
EUR 1,000
EUR 1,000
A. Non-current assets
I. Intangible assets and goodwill
(16)
II. Property, plant and equipment
(16)
III. Investments (thereof at-equity companies:
EUR 287,087.3 thousand (previous year:
EUR 233,868.9 thousand))
(17)
IV. Other financial assets
(18)
V. Derivative financial instruments
(24.4.)
VI. Other non-current assets
(19)
VII. Deferred tax assets
(15)
B.
Current assets
I. Inventories
(20)
II. Derivative financial instruments
(24.4.)
III. Receivables and other assets
(21)
IV. Fixed term deposits and short-term investments
(5.10.)
V. Assets held for sale
(32)
VI. Cash and cash equivalents
(22)
30.09.2022
30.09.2021
LIABILITIES
EUR 1,000
EUR 1,000
A. Equity
I. Share capital
(23)
II. Capital reserves
(23)
III. Retained earnings
(23)
IV. Other reserves
(23)
V. Non-controlling interests
(23)
B. Non-current liabilities
I. Financial liabilities
(24)
II. Non-current provisions
(25)
III. Deferred tax liabilities
(15)
IV. Construction cost subsidies
(26)
V. Advances received
(27)
VI. Derivative financial instruments
(24.4.)
VII. Other non-current liabilities
(28)
C. Current liabilities
I. Financial liabilities
(24)
II. Current provisions
(29)
III. Tax provisions
(30)
IV. Trade payables
(24)
V. Liabilities related to assets held for sale
(32)
VI. Derivative financial instruments
(24.4.)
VII. Other current liabilities
(31)
Energie AG Oberösterreich – Annual Financial Report 2021/2022
151
Consolidated Financial Statements Statement of Changes in Equity
STATEMENT OF CHANGES IN EQUITY
Reserves
Reserves
Share
Capital
Retained
under
under
capital
reserves
earnings
IAS 19
IFRS 9
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Balance as of 30.09.2021
-86,006.9
Items that will not be subsequently
reclassified to the statement of
income:
Remeasurement of the defined benefit
obligation
-
-
-
-
Changes in value of associated at-equity
companies recognised in equity
-
-
-
-
Changes in value of investments and
securities FVOCI
-
-
-811.6
-
Deferred taxes
-
-
-12,458.9
-924.5
Items that may be subsequently
reclassified to the statement of
income:
Hedge accounting
-
-
-
-
Hedge accounting at-equity companies
-
-
-
-
Translation differences
-
-
-
-
-
Deferred taxes
-
-
-
-
-49,372.5
Other comprehensive income
-
-
-694.6
Consolidated net earnings
-
-
-
-
Total income for the period
-
-
Dividend distribution
-
-
-66,489.4
-
-
Treasury stocks
-
-18.6
-
-
Other
-1.2
-1,614.8
-
-
Transactions with shareholders
-1.2
-68,122.8
-
-
Balance as of 30.09.2022
-54,260.2
Energie AG Oberösterreich – Annual Financial Report 2021/2022
152
Consolidated Financial Statements Statement of Changes in Equity
Other reserves
Equity of
investors in
Non-
Revaluation
Translation
parent
controlling
reserve
Treasury stocks
difference
Total
company
interests
Total
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
-9,306.1
-
-
-
-421.7
-
-
-
-
-
-
-
-
(23)
-
-
-
-13,383.4
-13,266.4
-13,122.5
-
-
-
-
(23)
-
-
-
-
-
-
(5.19.)
-
-
-
-49,372.5
-49,372.5
-
-49,372.5
-
-
-
-
-
-
-
-
-
-
-
-
-66,489.4
-748.0
-67,237.4
-
-18.6
-
-18.6
-18.6
-
-18.6
(23)
-
-
-313.9
-194.0
-18.6
-
-66,388.1
-1,061.9
-67,450.0
-9,324.7
Energie AG Oberösterreich – Annual Financial Report 2021/2022
153
Consolidated Financial Statements Statement of Changes in Equity
Reserves
Reserves
Share
Capital
Retained
under
under
capital
reserves
earnings
IAS 19
IFRS 9
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Balance as of 30.09.2020
-83,324.7
Items that will not be subsequently
reclassified to the statement of
income:
Remeasurement of the defined benefit
obligation
-
-
-
-3,565.8
-
Changes in value of associated at-equity
companies recognised in equity
-
-
-
-7.8
-
Changes in value of investments and
securities FVOCI
-
-
-
-
Deferred taxes
-
-
-
-1,428.2
Items that may be subsequently
reclassified to the statement of
income:
Hedge accounting
-
-
-
-
Hedge accounting at-equity companies
-
-
-
-
Translation differences
-
-
-
-
-
Deferred taxes
-
-
-
-
-35,687.4
Other comprehensive income
-
-
-
-2,682.2
Consolidated net earnings
-
-
-
-
Total income for the period
-
-
-2,682.2
Dividend distribution
-
-
-53,192.3
-
-
Treasury stocks
-
-27.6
-
-
Other
-1.7
-
-
Transactions with shareholders
-1.7
-53,218.0
-
-
Balance as of 30.09.2021
-86,006.9
Energie AG Oberösterreich – Annual Financial Report 2021/2022
154
Consolidated Financial Statements Statement of Changes in Equity
Other reserves
Equity of
investors in
Non-
Revaluation
Translation
parent
controlling
reserve
Treasury stocks
difference
Total
company
interests
Total
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
-9,278.5
-50,640.0
-
-
-
-3,565.8
-3,565.8
-27.5
-3,593.3
-
-
-
-7.8
-7.8
-
-7.8
-
-
-
-
(23)
-
-
-
-536.8
-536.8
-529.9
-
-
-
(23)
-
-
-
-
-
-
(5.19.)
-
-
-
-35,687.4
-35,687.4
-1.2
-35,688.6
-
-
-
-
-
-
-
-
-
-
-
-
-53,192.3
-756.4
-53,948.7
-
-27.6
-
-27.6
-27.6
-
-27.6
(23)
-
-
-
-
-1.9
-
-
-27.6
-
-27.6
-53,218.0
-758.3
-53,976.3
-9,306.1
Energie AG Oberösterreich – Annual Financial Report 2021/2022
155
Consolidated Financial Statements Cash Flow Statement
CASH FLOW STATEMENT
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Earnings before income taxes
Tax payments
-33,054.5
-31,025.8
(15)
Earnings after income taxes
Depreciation, amortisation and impairments/impairment reversals of non-current
assets
(16)
Change in non-current provisions
-22,340.3
-253.7
Change in other non-current assets
-26,435.9
Change in other non-current liabilities and advances received
-190.7
-2,319.5
Retained earnings of equity companies
-10,653.4
-21,775.0
Construction cost subsidies received
(26)
Income from the reversal of construction cost subsidies
-29,279.3
-28,092.9
(26)
Losses from the disposal of assets
Gains from the disposal of assets
-38,069.2
-2,427.0
(32)
Other non-cash expenses and income
-1,457.1
-2,142.9
Change in current assets
-256,467.6
-65,273.2
Payments from hedging transactions
(24.1.)
Non-cash items from derivatives
-382,959.2
-44,880.7
(24.1.)
Initial margins for derivatives
-342,518.4
-50,881.8
(24.1.)
Change in current liabilities
-54,254.1
Change in current provisions
Cash flow from operating activities
Inflow from the disposal of property, plant and equipment, and intangible assets
Outflow for additions to property, plant, equipment and intangible assets
-184,499.4
-198,072.5
(16)
Inflow from the disposal of financial assets
Change in scope of consolidation less acquired cash
-3,259.4
(3)
Outflow for additions to financial assets and other financial investments
-189,105.5
-34,891.4
Cash flow from investments
-340,274.3
-215,190.7
Dividend distribution
-67,237.4
-53,948.7
(34)
Acquisition of own shares and non-controlling interests
-237.8
-27.6
Issuance of registered bonds
(24.7.)
Other changes in financial liabilities
-18,660.2
-11,795.1
(24.7.)
Cash flow from financing activities
-86,135.4
Total cash flow
Cash funds at beginning of period
(22)
Cash flow
Exchange rate effects
Cash funds at end of period
(22)
The cash flow from operating activities includes:
Interest received
Interest paid
Dividends received
(17)
Energie AG Oberösterreich – Annual Financial Report 2021/2022
156
Consolidated Financial Statements Notes
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS 2021/2022
OF ENERGIE AG OBERÖSTERREICH
GENERAL NOTES
1.
General disclosures
The Energie AG Oberösterreich Group is a modern and competitive energy and service
provider in the Energy, Grid, Waste Management, Czech Republic and Holding & Services
Segments.
The parent company of the Group is Energie AG Oberösterreich with registered office at
The Consolidated Financial Statements of Energie
AG
Oberösterreich for the
2021/2022 fiscal year were drawn up in accordance with the International Financial Reporting
Standards (IFRS), published by the International Accounting Standards Board (IASB), as they
were required to be applied as of the reporting date, as well as in accordance with the
interpretations of the International Financial Reporting Committee (IFRIC) as adopted by the
European Union.
The present Consolidated Financial Statements according to the IFRS release the company
from its obligation under § 245 a of the Austrian Commercial Code to prepare consolidated
annual financial statements in keeping with the Austrian Commercial Code. Whenever the
Austrian Commercial Code so requires, additional disclosures are made in the respective
notes.
The figures in the Consolidated Financial Statements are reported thousands of euros
(EUR 1,000). The use of automated calculation systems may give rise to rounding differences
when adding up rounded figures and percentages.
2.
Change in accounting methods
2.1.
Standards and interpretations applied or amended and adopted by the EU for
the first time
Newly applicable amended standards adopted by the EU that take effect on 1 January 2021
or later:
IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Amendments: Interest Rate Benchmark
Reform – Phase 2)
IFRS 4 (Amendments: Extension of the Temporary Exemption from Applying IFRS 9)
IFRS 16 (Amendments: Covid-19-Related Rent Concessions beyond 30 June 2021)
The amended standards do not have a material impact on the Consolidated Financial
Statements.
2.2.
Standards and interpretations that have not been applied early
In the 2021/2022 Consolidated Financial Statements, the following amendments adopted by
the EU were not applied early:
Energie AG Oberösterreich – Annual Financial Report 2021/2022
157
Consolidated Financial Statements Notes
Entry into force in the EU on 1 January 2022 or later:
IFRS 3 (Amendments: Reference to the Conceptual Framework)
IAS 37 (Amendments: Onerous Contracts – Costs of Fulfilling a Contract)
IAS 16 (Amendments: Property, Plant & Equipment: Proceeds before Intended Use)
Annual Improvements to IFRS Standards 2018-2020 Cycle (Amendments to IFRS 1,
IFRS 9, IFRS 16 and IAS 41)
IFRS 17 (Insurance Contracts)
IFRS 17 (Amendements: Intitial Application of IFRS 17 and IFRS 9 – Comparative
Information)
IAS 1 (Amendments: Disclosure of Accounting Policies)
IAS 8 (Amendments: Definition of Accounting Estimates)
IAS 12 (Amendments: Deferred Tax related to Assets and Liabilities arising from a Single
Transaction)
The following standards and interpretations, amendments and improvements of standards
enter into force on 1 January 2023 or a later date, although they have not yet been adopted
by the European Union at this time:
IAS 1 (Amendments: Classification of Liabilities as Current or Non-current)
IFRS 16 (Amendments: Lease Liability in a Sale and Leaseback)
IAS 1 (Amendments: Non-Current Liabilities with Covenants)
These standards are expected to be applied on the effective date promulgated by the EU.
The following standard came into force on 1 January 2016, but was not adopted by the EU:
IFRS 14 (Regulatory Deferral Accounts)
Application of the following standard was postponed indefinitely:
IFRS 10 and IAS 28 (Amendments: Sale or Contribution of Assets between an Investor
and its Associate or Joint Venture)
The first-time application of these standards is not expected to result in any significant
implications for the Consolidated Financial Statements.
2.3.
Derivative financial instruments
In the previous year, surpluses from derivative financial instruments were recognised in the
item “Other non-current assets” (EUR 84,465.5 thousand) as well as in the item “Receivables
and other assets” (EUR 287,236.5 thousand). Deficits were recognised in the item “Other
non-current liabilities” (EUR 88,405.5 thousand) and “Other current liabilities” (EUR
428,978.8). Owing to materiality criteria, the amounts were recognised in separate balance
sheet items (“Derivative financial instruments”) from 30 September 2022 onward and the
previous year was restated accordingly.
2.4.
Eco-social tax reform
One of the effects of the eco-social tax reform is a change in the tax rate for corporate tax.
The previous rate of 25% applicable in
Austria
will be reduced to 24% in calendar year 2023
and to 23% from calendar year 2024. The future tax rates (24.25% for 2022/2023; 23.25%
for 2023/2024; 23% from 2024/2025) were applied when calculating the deferred tax assets
and liabilities. The adjustment resulted in a recognition of EUR 5.2 million of income through
profit and loss and a further EUR 5.7 million of income through equity.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
158
Consolidated Financial Statements Notes
3.
Scope of consolidation
3.1.
Principles
Subsidiaries
All material entities that are directly or indirectly controlled by Energie AG Oberösterreich
(subsidiaries) are fully consolidated according to IFRS 10 and included in the Consolidated
Financial Statements. Control exists when the investor is exposed or has rights to variable
returns from its involvement with the investee and has the ability to use its power over the
investee to influence the amount of the investor’s returns. In all cases, the control results from
the equity instruments that are held (participating interests in the company and shares).
Joint arrangements
IFRS 11 outlines accounting by entities that jointly control an arrangement. Joint control
involves the contractually agreed sharing of control. If the controlling parties have rights to
the net assets of the arrangement (joint venture), the equity method is used for financial
reporting. If the controlling parties have rights to the assets, and obligations for the liabilities,
relating to the agreement (joint operations), the assets and liabilities, as well as the income
and expenses, are recognised using proportionate consolidation.
Joint operations
Ennskraftwerke Aktiengesellschaft produces electricity with hydropower plants. Gas- und
Dampfkraftwerk Timelkam GmbH supplies electricity from the operation of a combined cycle
gas-turbine power plant.
The Group holds a strategic interest of 50% in both Ennskraftwerke Aktiengesellschaft and
Gas- und Dampfkraftwerk Timelkam GmbH. The entities are not controlled by any party.
Under the existing electricity supply contracts, the investors purchase the electric energy
produced by the Group companies, where the internal price is calculated on a pro-rata basis
of the production costs, plus a corresponding profit margin. Due to the electricity supply
contracts, the parties have rights to the assets. As the arrangements’ liabilities can only be
settled with these cash flows, the parties have obligations for the liabilities relating to the
joint arrangement. Ennskraftwerke Aktiengesellschaft and Gas- und Dampfkraftwerk
Timelkam GmbH are therefore classified as joint operations according to IFRS 11.
The share of the assets and liabilities, as well as the revenues and expenses are reported in
the Consolidated Financial Statements. The average share of the electricity supply (38%) is
used to determine the share for the pro rata recognition of Ennskraftwerke
Aktiengesellschaft. The share of the electricity procured from Gas- und Dampfkraftwerk
Timelkam GmbH, amounting to 70%, is used for the consolidation of the company.
Joint ventures
Due to special agreements under company law, no control exists for “Papyrus”
Altpapierservice Handelsgesellschaft m.b.H. (Salzburg), Papyrus Wertstoff Service GmbH (Bad
Reichenhall, Germany) or for Fernwärme Steyr GmbH, despite holding a majority of the
voting rights. These entities are controlled jointly with other investors and are therefore
accounted for using the equity method.
Associated companies
Companies in which Energie AG Oberösterreich exercises a significant influence (associated
companies) are consolidated using the equity method. Significant influence exists due to
holdings of the entity’s share capital. Salzburg AG für Energie, Verkehr und
Energie AG Oberösterreich – Annual Financial Report 2021/2022
159
Consolidated Financial Statements Notes
Telekommunikation is an infrastructure provider for energy, transport and
telecommunication. Wels Strom GmbH is an energy utility and service company.
The changes in the scope of consolidation are as follows:
Full
Proportionate
Equity
consolidation
consolidation
consolidation
30.09.2021
49
2
11
Inclusion for the first time
1
-
2
Merger
-1
-
-
30.09.2022
49
2
13
Energie AG Teplo Rokycany s.r.o. was merged with Tepelné zásobování Rakovník spol. s.r.o.
and subsequently renamed Energie AG Teplo Bohemia s.r.o.
In the Czech Republic Segment, RATE s.r.o (Czech Republic, Štětí) was fully consolidated for
the first time, with the implications thereof for the Consolidated Financial Statements being
insignificant. The entity is involved in supplying heating and hot water, as well as providing
the related services.
BBOÖ Breitband Oberösterreich GmbH (50%) and its wholly-owned subsidiary Breitband
Oberösterreich Infrastruktur GmbH have been included for the first time in the Consolidated
Financial Statements for the present fiscal year using the equity method. Please refer to
section 32 “Non-current assets held for sale” › Page 232 here.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
160
Consolidated Financial Statements Notes
Joint ventures
The Statement of Financial Position and the Statement of Income of the joint ventures
(100%) presents as follows:
BBOÖ Breitband Oberösterreich
GmbH, Breitband Oberösterreich
Infrastruktur GmbH
Windpower EP GmbH
Other joint ventures
30.09.2022 30.09.2021
30.09.2022
30.09.2021
30.09.2022 30.09.2021
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
Non-current
assets
183.4
-
27.4
28.6
52.9
52.5
Current assets
81.6
-
8.2
6.4
27.7
24.8
265.0
-
35.6
35.0
80.6
77.3
Equity
76.5
-
7.2
4.8
32.4
27.5
Non-current
liabilities
97.1
-
26.4
29.4
37.4
16.8
Current liabilities
91.4
-
2.0
0.8
10.8
33.0
265.0
-
35.6
35.0
80.6
77.3
Cash and cash
equivalents
75.5
-
7.3
2.1
5.5
3.0
Non-current
financial
liabilities
-
-
25.2
28.3
26.1
30.0
Current financial
liabilities
67.5
-
0.2
0.2
2.1
2.0
BBOÖ Breitband Oberösterreich
GmbH, Breitband Oberösterreich
Infrastruktur GmbH
Windpower EP GmbH
Other joint ventures
2021/2022
2020/2021
2021/2022
2020/2021
2021/2022
2020/2021
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
Sales revenues
1.7
-
10.3
5.8
69.3
55.7
Depreciation,
amortisation and
impairments
-12.6
-
-2.9
-2.9
-3.6
-3.6
Interest income
-
-
-
-
0.2
0.2
Interest expense
-0.5
-
-0.3
-0.5
-0.6
-0.6
Taxes
0.2
-
-1.5
-0.4
-1.9
-0.9
Earnings after
taxes
-6.6
-
4.4
1.1
5.8
3.3
Share in net
assets
as of 01.10.
-
-
2.3
1.7
12.3
10.9
Inclusion for the
first time
41.6
-
-
-
-
-
Profit for the
period
-3.3
-
3.0
0.6
2.8
1.7
Dividends
-
-
-1.7
-
-0.6
-0.3
Share in net
assets
as of 30.09.
38.3
-
3.6
2.3
14.5
12.3
Goodwill
0.2
-
-
-
0.7
0.7
Carrying
amount
as of 30.09.
38.5
-
3.6
2.3
15.2
13.0
Energie AG Oberösterreich – Annual Financial Report 2021/2022
161
Consolidated Financial Statements Notes
Associated companies
The Statement of Financial Position and the Statement of Income of the associated
companies (100%) presents as follows:
Salzburg AG für Energie, Verkehr
und Telekommunikation
Wels Strom GmbH
Other associated companies
30.09.2022
30.09.2021
30.09.2022 30.09.2021
30.09.2022
30.09.2021
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
Non-current
assets
1,552.0
1,438.3
94.2
99.8
5.4
5.9
Current assets
392.2
96.5
26.4
16.5
4.6
3.1
1,944.2
1,534.8
120.6
116.3
10.0
9.0
Equity
605.5
588.0
25.2
19.7
7.2
5.9
Non-current
liabilities
735.8
675.6
29.0
32.6
2.6
2.5
Current liabilities
602.9
271.2
66.4
64.0
0.2
0.6
1,944.2
1,534.8
120.6
116.3
10.0
9.0
Salzburg AG für Energie, Verkehr
und Telekommunikation
Wels Strom GmbH
Other associated companies
2021/2022
2020/2021
2021/2022
2020/2021
2021/2022
2020/2021
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
Sales revenues
2,661.2
1,623.1
182.7
119.0
7.6
5.0
Earnings after
taxes
47.8
50.0
10.7
-4.8
2.0
1.5
Dividends
-30.3
-25.7
-5.2
-
-0.9
-0.9
Share in net
assets
as of 01.10.
153.7
147.2
9.6
12.1
2.4
2.2
Profit for the
period
12.5
13.2
5.2
-2.5
0.8
0.6
Reversal of
impairment
-
-
3.5
-
-
-
Dividends
-8.0
-6.7
-2.5
-
-0.3
-0.4
Share in net
assets
as of 30.09.
158.2
153.7
15.8
9.6
2.9
2.4
Goodwill
19.7
19.7
33.2
33.2
-
-
Carrying
amount
as of 30.09.
177.9
173.4
49.0
42.8
2.9
2.4
Energie AG Oberösterreich – Annual Financial Report 2021/2022
162
Consolidated Financial Statements Notes
3.2.
Group companies
Interest held
in %
Consolidation
Domicile
(prev. year)
(prev. year)
Austria
Parent
Energie AG Oberösterreich
Linz
company
Energie AG Group Treasury GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Businesskunden GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Business Services GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Bohemia GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Customer Services GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Erzeugung GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Kraftwerk Ennshafen GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Kommunalservice GmbH
Wels
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Personalmanagement GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Personal Power GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Renewable Power GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Service- und Beteiligungsverwaltungs-GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Telekom GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Tech Services GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Trading GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Umwelt Holding GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Umwelt Service GmbH
Wels
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Vertrieb GmbH
Linz
100.00 (100.00)
FC (FC)
Energie-Contracting Steyr GmbH
Steyr
100.00 (100.00)
FC (FC)
Abfall-Aufbereitungs-GmbH
Hörsching
100.00 (100.00)
FC (FC)
ASPG Altlastensanierungsprojekte GmbH
Wels
100.00 (100.00)
FC (FC)
Cogeneration-Kraftwerke Management Oberösterreich GmbH
Linz
100.00 (100.00)
FC (FC)
Energie AG Oberösterreich Öko GmbH
Linz
100.00 (100.00)
FC (FC)
IfEA Institut für Energieausweis GmbH
Linz
100.00 (100.00)
FC (FC)
Netz Oberösterreich GmbH
Linz
100.00 (100.00)
FC (FC)
Wertstatt 8 GmbH
Linz
100.00 (100.00)
FC (FC)
MA Restabfallverwertung GmbH
Wels
99.00 (99.00)
FC (FC)
WDL-Wasserdienstleistungs GmbH
Linz
90.00 (90.00)
FC (FC)
Market Calling Marketing GesmbH
Linz
60.00 (60.00)
FC (FC)
Ennskraftwerke Aktiengesellschaft
Steyr
50.00 (50.00)
JO (JO)
Gas- und Dampfkraftwerk Timelkam GmbH
Linz
50.00 (50.00)
JO (JO)
"Papyrus" Altpapierservice Handelsgesellschaft m.b.H.
Salzburg
63.33 (63.33)
JV (JV)
Fernwärme Steyr GmbH
Steyr
51.00 (51.00)
JV (JV)
AMR Austrian Metal Recovery GmbH
Linz
50.00 (50.00)
JV (JV)
BBOÖ Breitband Oberösterreich GmbH
Linz
50.00 (-)
JV (-)
Breitband Oberösterreich Infrastruktur GmbH (formerly: OÖ Breitband
Infrastruktur GmbH)
Linz
50.00 (100.00)
JV (UC)
Energie AG Oberösterreich – Annual Financial Report 2021/2022
163
Consolidated Financial Statements Notes
Interest held
in %
Consolidation
Domicile
(prev. year)
(prev. year)
Windpower EP GmbH
Parndorf
50.00 (50.00)
JV (JV)
Bioenergie Steyr GmbH
Behamberg
49.00 (49.00)
JV (JV)
Ried im
Energie Ried Wärme GmbH
Innkreis
40.00 (40.00)
JV (JV)
Wels Strom GmbH
Wels
49.00 (49.00)
AC (AC)
Geothermie-Wärmegesellschaft Braunau-Simbach mbH
Braunau
40.00 (40.00)
AC (AC)
Salzburg AG für Energie, Verkehr und Telekommunikation
Salzburg
26.13 (26.13)
AC (AC)
mieX GmbH
Peilstein
100.00 (100.00)
UC (UC)
Oberösterreichische Gemeinnützige Bau- und Wohngesellschaft mit beschränkter
Haftung
Linz
- (100.00)
- (UC)
Energy IT Service GmbH
Linz
66.67 (66.67)
UC (UC)
BBI Breitbandinfrastruktur GmbH
Linz
55.00 (55.00)
UC (UC)
RVL Reststoffverwertung Lenzing GmbH
Lenzing
50.00 (50.00)
UC (UC)
WDL Infrastruktur GmbH
Linz
49.00 (49.00)
UC (UC)
OÖ Science-Center Wels Errichtungs-GmbH
Wels
50.00 (50.00)
UC (UC)
Ried im
GRB Geothermie Ried Bohrung GmbH
Innkreis
40.00 (40.00)
UC (UC)
Recycling Innsbruck GmbH
Innsbruck
25.00 (25.00)
UC (UC)
Czech Republic
České
ČEVAK a.s.
Budějovice
100.00 (100.00)
FC (FC)
ENERGIE AG BOHEMIA s.r.o.
Praha
100.00 (100.00)
FC (FC)
Energie AG Teplo Vimperk s.r.o.
Vimperk
100.00 (100.00)
FC (FC)
Energie AG Teplo Rokycany s.r.o.
Rokycany
- (100.00)
- (FC)
RATE s.r.o.
Štětí
100.00 (-)
FC (-)
Energie AG Teplo Bohemia s.r.o.
(formerly: Tepelné zásobování Rakovník spol. s r.o.)
Rakovník
100.00 (100.00)
FC (FC)
VAK Zápy s.r.o.
Zápy
100.00 (100.00)
FC (FC)
Moravská
VHOS a.s.
Třebová
100.00 (100.00)
FC (FC)
Vodárenská společnost Beroun s.r.o.
Beroun
100.00 (100.00)
FC (FC)
České
VODOS Velkoobchod s.r.o.
Budějovice
100.00 (100.00)
FC (FC)
Energie AG Kolin a.s.
Kolín
97.33 (97.30)
FC (FC)
Vodárenská společnost Chrudim a.s.
Chrudim
95.00 (95.00)
FC (FC)
SATEZA a.s.
Šumperk
95.83 (91.67)
FC (FC)
Rychnov nad
Aqua Servis a.s.
Kněžnou
66.00 (66.00)
FC (FC)
Vodovody a kanalizace Beroun a.s.
Beroun
59.29 (59.22)
FC (FC)
České
1. Jihočeská vodohospodářská spol. s r.o.
Budějovice
100.00 (100.00)
UC (UC)
DÉMOS, spol. s r.o.
Ústí nad Orlicí
100.00 (100.00)
UC (UC)
DÉMOS – správa, s.r.o.
Ústí nad Orlicí
100.00 (100.00)
UC (UC)
Energie AG Oberösterreich – Annual Financial Report 2021/2022
164
Consolidated Financial Statements Notes
Interest held
in %
Consolidation
Domicile
(prev. year)
(prev. year)
České
Vodovod Radyně a.s.
Budějovice
100.00 (100.00)
UC (UC)
Italy
ECOFE S.R.L.
Meran
100.00 (100.00)
FC (FC)
Energie AG Südtirol Umwelt Service GmbH
Neumarkt
100.00 (100.00)
FC (FC)
Salvatonica Energia S.R.L.
Meran
100.00 (100.00)
FC (FC)
Germany
Erdgas Oberösterreich Vertriebs GmbH
Tittling
100.00 (100.00)
FC (FC)
Bad
Papyrus Wertstoff Service GmbH
Reichenhall
63.33 (63.33)
JV (JV)
Geothermie-Fördergesellschaft Simbach-Braunau mbH
Simbach
40.00 (40.00)
AC (AC)
Poland
Finadvice Fair Energy Wind Development Sp. z o.o.
Warszawa
- (100.00)
- (UC)
Finadvice Fair Energy Wind Development 5 Sp. z o.o.
Warszawa
- (100.00)
- (UC)
Hungary
Energie AG Heves Régió Környezetvédelmi és Hulladékgazdálkodási Korlátolt
Felelősségű Társaság
Miskolc
100.00 (100.00)
FC (FC)
FC fully consolidated entities
JV Joint ventures consolidated at equity
JO joint operation, proportional consolidation of the assets, liabilities, expenses and income
AC associated company consolidated at equity
UC entities unconsolidated due to immateriality
4.
Consolidation methods
Capital consolidation uses the purchase method of accounting, under which the fair value of
the consideration paid for the acquired company is offset from the proportionate revaluated
equity of the subsidiaries at the acquisition date. The non-controlling interests are measured
at the fair value of the attributable assets and liabilities of the acquiree (partial goodwill
method).
Goodwill from business combinations is measured according to IFRS 3. The acquired goodwill
is essentially based on expected future earnings and synergy effects. The impairment of
goodwill is tested at least once each year in accordance with IAS 36. Negative differences are
recognised through profit or loss in accordance with IFRS 3.
The financial statements of the entities fully or proportionally consolidated in the
Consolidated Financial Statements are reported according to uniform accounting and
measurement principles. The separate financial statements of the fully consolidated entities,
joint operations and joint ventures, as well as the entities accounted for using the equity
method, are reported at the date of the Consolidated Financial Statements, or interim reports
are prepared.
Intragroup receivables and liabilities, expenses and income, as well as interim results are
eliminated.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
165
Consolidated Financial Statements Notes
5.
Accounting and measurement principles
5.1.
General conditions
The 2021/2022 fiscal year saw a significant easing of the constraints and impacts of the
COVID-19 pandemic compared with the previous year. The year under review was influenced,
among other things, by the outbreak of the Russian-Ukrainian war and related sanctions,
volatile prices for electricity and gas at a high level, and an increase in interest rates and
inflation.
The higher prices for electricity and gas are taken into account in the impairment testing of
assets. The increase in interest rates affects in particular the discounting of provisions for
social capital and other non-current provisions (see section 25 Non-current
provisions › Page 224). The increase in inflation leads, among other things, to a change in
the assessment of future wage, salary and pension development.
To support the Austrian economy during the Corona crisis, the Austrian Federal Government
has launched a programme aimed at promoting business investment. Investments in
depreciating non-current assets are promoted with a one-off non-repayable subsidy of 7% or
14% of the investment amount. The subsidy is granted on condition that a so-called “first
measure” (order placement, conclusion of a purchase contract, down payment, construction
start etc.) is implemented by no later than 31 May 2021. Commissioning and payment must
take place by no later than 28 February 2023; this date may be extended to 28 February
2025 under certain conditions. Subsidiaries from
Austria
have already applied for the
investment bonus and funding approvals have been received. As of 30 September 2022,
claims for subsidies in an amount of EUR 3,292.0 thousand were recognised for already
implemented investments. The corresponding liability item is reported under other non-
current liabilities and will be eliminated through profit or loss in accordance with their useful
lives after completion of the assets.
5.2.
Estimates
Compiling the Consolidated Financial Statements required estimates to be made that
influence the assets, liabilities and equity, income, and expenses, as well as the figures
disclosed in the Notes.
In particular, estimates and assumptions are made in calculating provisions and in testing
asset impairment.
Estimates and assumptions in the area of personnel provisions primarily involve interest rates,
wage and salary trends and fluctuation.
The salary trend used to determine the personnel provisions consists of the expected future
increase of salaries and wages under collective agreements and the average increases of
salaries and wages.
The interest rate for discounting the personnel provisions is determined by an external service
provider on the basis of “high quality corporate bonds” and adjusted for the company’s
internal duration.
The interest rate for discounting the other non-current provisions is based on a no-risk
interest rate determined on the basis of AAA-rated treasury bills.
In the course of testing the impairment of assets and goodwill, estimates are made
concerning future cash flows and interest rates (see section 5.5. › Page 167 and following
items).
Energie AG Oberösterreich – Annual Financial Report 2021/2022
166
Consolidated Financial Statements Notes
The estimates made may differ from the figures that actually result in the future and influence
subsequent Consolidated Financial Statements. In respect to the possible effects of changes
in estimates, please refer to the sensitivity analyses concerning impairment testing and
actuarial parameters.
Estimates affect the following items in the Statement of Financial Position:
30.09.2022
30.09.2021
Carrying amounts
EUR 1,000
EUR 1,000
Goodwill
89,725.5
87,316.9
Property, plant and equipment
1,990,004.0
1,949,379.3
Investments
327,531.7
264,704.9
Non-current provisions
227,730.0
293,810.9
Current provisions
79,033.5
45,661.3
5.3.
Intangible assets
The goodwill resulting from the acquisition of subsidiaries is reported under intangible assets.
Goodwill is recognised at cost less accumulated impairment losses.
Other assets acquired by the Group that have limited useful lives are recognised at cost less
accumulated amortisation and accumulated impairment losses.
Under certain circumstances according to IAS 38 (Intangible Assets), development costs are to
be capitalised as self-created intangible assets and subsequently amortised over their useful
lives.
With the exception of goodwill, intangible assets are amortised over the period of the
following estimated useful lives:
Useful life
in years
Intangible assets
Procurement rights
15-99
Other rights
4-50
Customer base
10-25
depending on
Dumping rights and landfills
utilization
Costs for research activities with the prospect of providing new scientific or technical insights
are recognised as expenses.
5.4.
Property, plant and equipment
Property, plant and equipment are recognised at cost less accumulated depreciation and
accumulated impairment losses.
The costs include expenses that are directly attributable to the acquisition of the asset. The
costs for self-constructed assets include:
Material costs and production wages, including material and production overheads.
General administrative expenses are not capitalised
Energie AG Oberösterreich – Annual Financial Report 2021/2022
167
Consolidated Financial Statements Notes
All other costs directly attributable to bringing the assets into working condition for their
intended use
The estimated costs of dismantling and removing the objects and restoring the site
Capitalised borrowing costs
Subsequent expenses are only capitalised when it is probable that the future economic
benefit associated with these expenses will flow to the Group. Ongoing repairs and
maintenance are immediately recognised as expenses.
Property, plant and equipment are depreciated from the date on which they are available for
use, or in the case of self-constructed assets, from the date the asset is complete and ready
for use.
As far as different useful lives are to be applied for material non-current assets, these are
recognised according to the component approach (IAS 16.43).
The depreciation of significant property, plant and equipment is recognised according to the
following, Group-wide uniform useful lives:
Useful life
in years
Constructions
Buildings
50
Other structures
10-50
Water engineering structures
50-75
Manufacturing plant and equipment
Power plants
10-50
Electricity grid
15-40
Waste management systems
6-20
Telecommunications facilities
7-20
Furniture and fixtures
3-10
5.5
Impairment of goodwill
In the fourth quarter of each fiscal year, or during the course of the year when an impairment
indicator arises, any potentially incurred impairment losses are determined by subjecting the
goodwill to an impairment test. For this, goodwill is allocated to units that are expected to
benefit from the expectations for future earnings and synergies of the combination. The
goodwill of the Sales business unit is allocated to the cash generating unit “Sales” in
accordance with Group controlling and reporting. In the Waste Management Segment, the
Group companies are combined by country due to the existing management and reporting
structures in Austria. In the Czech Republic Segment, the cash generating unit CEVAK a.s.
corresponds to the entity.
An impairment loss is recognised when the carrying amount of a cash generating unit
exceeds its recoverable amount. The recoverable amount corresponds to the larger amount
resulting from the fair value less the costs of disposal or the value in use. The value in use is
determined by discounting future cash flows that are expected to be derived from a cash-
generating unit. The fair value less cost of disposal is assessed from an external perspective,
the value in use is assessed from the internal perspective of the company.
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Consolidated Financial Statements Notes
The cash flows used to determine the value in use are based on the five-year mid-term
planning approved by the Management Board. The planning figures are based both on past
experience and on external sources of information. The assumptions concerning cash flows
beyond the period of detailed planning are based on analyses of the past as well as on
forecasts for the future. Future restructuring measures and expansion investments, for which
no funds were expended or no obligation incurred yet, are not included. A growth rate of
1.0% (previous year: 1.0%) is assumed for the time after the detailed planning period. The
growth rate is based on electricity prices and forecasts for future GDP growth, as well as
expected increases in expenses. The assumptions concerning future GDP growth are based on
European Commission publications. The testing of goodwill impairment is based on the
goodwill’s value in use.
The discount interest rate is an interest rate after taxes that reflects the current market
estimates and the specific risks of the cash-generating unit.
5.5.1.
Planning assumption for Sales
The planning of the cash generating unit Sales is broken down into the sectors electricity (key
account customers; business, commercial and private customers), gas, heat and telecom
sales, as well as customer projects and services.
The volatility on the energy markets meant that planning was carried out separately for the
main and secondary brands in the electricity and gas units on the basis of achievable margins.
The assumptions for the future electricity and gas procurement costs are based, where
available, on market data; where market data was unavailable, estimates were based on
market surveys and assumptions.
The inflation rate is used to extrapolate the future external costs.
5.5.2.
Planning assumptions in the Waste Management Segment
Planning in the Waste Management Segment is based on the Group-wide central planning
assumptions concerning economic growth, inflation and the development of interest rates
and exchange rates during the planning period.
Sales planning is based on detailed planning for the individual products and services of each
location. In the area of waste incineration plants and key account customers, single-customer
planning based on contractual parameters was also used. For waste and recycling materials, a
price development was used for the planning period that was realistic to assume at the time
of planning. For the other products and services, an expected course of business development
was projected and the sales revenues from electricity and district heating were determined on
the basis of contracts or prospective forecasting.
The recycling and throughput volumes were planned for the major waste management
systems based on expected market developments. The expected throughput is
305,000 tonnes for the Wels waste incineration plant and 295,000 tonnes for the Lenzing
waste recycling plant.
The material expense items such as personnel expenses, vehicle fleet costs, maintenance and
taxes were planned in line with the sales and plant planning.
5.5.3.
Planning assumptions for the Czech Republic Segment
Planning for the Czech Republic Segment is based on centrally defined, country-specific
planning parameters like the development of the inflation rate and economic growth, as well
as interest rates and exchange rates.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
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Consolidated Financial Statements Notes
Sales planning in the area of drinking water and waste water as well as for the heating sector
in the Czech Republic is based on a quantity and price structure that in turn is based on a
trend for sales planning extrapolated from historical consumption data and the planning
parameters. The planned drinking water, waste water prices and heating prices have been
determined by each planning unit, taking into consideration the existing contract data and
estimates of the future development of expenses, and in compliance with any applicable
general regulatory conditions.
For the planning of material expense items in the Czech Republic Segment, country-specific
planning parameters were determined using the estimates of external analysts. In particular,
this includes price developments for untreated water, chemicals, and fuels, as well as prices
for electricity and gas.
A major planning assumption is that existing contracts for drinking water and waste water
with the municipal bodies and water authorities are maintained.
5.6.
Impairment of other intangible assets and property, plant and equipment
According to IAS 36 (Impairment of Assets), intangible assets and property, plant and
equipment are to be subjected to an impairment test when there is evidence that an asset or
cash-generating unit might be impaired or a previously recognised impairment needs to be
reversed. An impairment is recognised when the carrying amount exceeds the recoverable
amount of the asset or cash generating unit. The recoverable amount is the larger amount
resulting from the fair value less the costs of disposal or the value in use.
The value in use is determined by discounting future cash flows that are expected to be
derived from a cash-generating unit. The cash flows used to determine the value in use are
based on the five-year mid-term planning approved by the Management Board. For the
subsequent period, a perpetual annuity or a calculation up to the expected end of the useful
life of the object is recognised. The planning figures are based both on past experience and
on external sources of information. Future restructuring and expansion investments are not
included. The discount interest rate is an interest rate after taxes that reflects the current
market estimates and the specific risks of the cash-generating unit.
The fair value less cost of disposal is assessed from an external perspective, the value in use is
assessed from the internal perspective of the company.
5.7.
Investments
The measurement of investments in companies accounted for using the equity method is
increased or decreased according to the changes in equity and impairments/reversal of
impairments in proportion to the capital share held. The movements in equity are recognised
through profit or loss or in the other comprehensive income.
5.8.
Inventories
Inventories are measured at average historical cost (moving average cost method) or at the
lower net realisable value. Costs include direct costs as well as proportionate material and
production overhead.
Impairments due to reduced realisable value are recognised using write-downs.
5.9.
Emissions allowances
The CO2 emissions allowances issued free of charge according to the Austrian Gas Emissions
Allowances Act are measured at fair value at the date of allocation and recognised both
Energie AG Oberösterreich – Annual Financial Report 2021/2022
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Consolidated Financial Statements Notes
under current receivables and under current liabilities. Fluctuations in fair value are recognised
in the Statement of Income. In the course of using the emissions allowances, corresponding
provisions are built up and the reduction of the liability from their allocation is recognised in
the Statement of Income. Upon delivery of the emissions allowances to the registration office,
the provision is netted against the asset.
Emissions allowances purchased on the market are recognised under current receivables.
Fluctuations in fair value are recognised in the Statement of Income. In the course of using
the emissions allowances, corresponding provisions are built up. Upon delivery of the
emissions allowances to the registration office, the provision is netted against the asset.
5.10.
Fixed term deposits and short-term investments
The item “Fixed term deposits” includes highly liquid fixed term deposits with an original
maturity of more than three months up to one year. Fixed term deposits with terms of more
than one year are recognised in the “other financial assets”. They are measured at amortised
costs under the category “Financial Assets at Amortised Cost (AC)”. This item also recognises
investments in money market funds that are allocated to the category “Financial Assets at
Fair Value through Profit or Loss (FVPL)”.
5.11.
Cash and cash equivalents
The item “Cash and cash equivalents” includes cash in hand, deposits at banks with an
original maturity of up to three months, provided that they are not subject to limitations on
availability, and investments in short-term bonds that are readily convertible to a fixed
amount of cash and which are only subject to an insignificant risk of changes in value. They
are measured at amortised costs under the category “Financial Assets at Amortised Cost
(AC)”.
5.12.
Financial instruments
Purchases and sales of primary financial instruments are recognised at the settlement date.
Purchases and sales of derivative financial instruments are recognised at the trade date.
Measurement of the financial instruments is done at the time of acquisition, always at fair
value under consideration of the transaction costs (except for the financial instruments of the
FVPL category). Financial instruments are derecognised when the rights to payments from the
investment have lapsed or been assigned and once the Group has relinquished all substantial
risks and rewards of ownership.
5.12.1.
Primary financial instruments
Energie AG Group used the categories “Financial Assets at Amortized Cost (AC)”, “Financial
Assets at Fair Value through Other Comprehensive Income (FVOCI)”, “Financial Assets at Fair
Value through Profit or Loss (FVPL)”, “Financial Liabilities at Amortized Cost (FLAC)” and
“Financial Liabilities at Fair Value through Profit or Loss (FVPL)”.
Financial assets held as part of a business model that pursues the objective of holding
financial assets for the purpose of collecting the contractual payment streams with
contractual terms that result in payment streams on fixed dates and exclusively representing
repayments and interest payments are classified as “Financial Assets at Amortised Cost (AC)”.
The initial recognition is measured at fair value plus transaction costs, subsequent
measurement is made at amortised costs.
An impairment in the amount of the expected credit loss over the term is recognised for
financial assets measured at amortised costs (AC) whose default risk has significantly
increased since their first-time recognition, as well as for trade receivables. An allowance for
Energie AG Oberösterreich – Annual Financial Report 2021/2022
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Consolidated Financial Statements Notes
accounts receivable is, differently to what was explained above, recognised in the amount of
the expected credit losses over the full term. If the term is less than 12 months, the
impairment is determined on the basis of the shorter term.
The category “Financial Assets at Amortised Cost (AC)” essentially comprises lendings, trade
receivables, receivables from joint arrangements and associated companies, other financial
receivables, fixed term deposits as well as cash and cash equivalents.
For certain financial investments in equity instruments that would otherwise be measured at
their fair value through profit or loss, the irrevocable choice was made to recognise the
changes to the fair value resulting from their remeasurement in the other comprehensive
income (“Financial Assets at Fair Value through Other Comprehensive Income (FVOCI)”). This
category is essentially comprised of other investments and securities (shares). Their fair value
is, where available, determined on the basis of stock exchange prices, or otherwise by
measurement of internally or externally available measurement parameters.
Derivatives without a hedging relationship are recognised in the categories “Financial Assets
at Fair Value through Profit or Loss (FVPL)” or “Financial Liabilities at Fair Value through Profit
or Loss (FVPL)”.
Certain securities (units in investment funds) and money market funds recognised in the item
“Fixed term deposits and short-term investments” are allocated to the category “Financial
Assets at Fair Value through Profit or Loss (FVPL)”. Their fair values are derived from current
market prices.
Financial liabilities that are not attributable to leases, trade payables, liabilities to affiliated
companies, joint arrangements as well as associated companies and other financial liabilities
are allocated to the category “Financial Liabilities at Cost (FLAC)” and measured at amortised
costs calculated on the basis of the effective interest method. The initial recognition is
measured at fair value plus transaction costs. Premiums, discounts or other costs of issue are
distributed across the financing term and disclosed in the financial result.
5.12.2.
Derivative financial instruments and hedging transactions
In the Group, derivative financial instruments are used above all to hedge the risks of
fluctuations in interest rates and electricity, gas and CO2 prices.
The requirements for hedge accounting according to IFRS 9 specifically include
documentation of the hedging relationship, the hedging strategy and the ongoing
assessment of effectiveness. According to IFRS 9, the hedging relationship is effective if there
is a commercial relationship between the hedged item and the hedging transaction, the
effects of the credit risk have no dominant impact on the change in value resulting from the
commercial relationship and the hedging quota from the volume of the actually hedged item
corresponds to the volume of the hedging transaction that is actually used for hedging
purposes. All components of changes in fair value of derivatives are included in effectivity
assessment.
If a derivative financial instrument pursuant to IFRS 9 is used for hedge accounting in a cash
flow hedge, the effective portion of the gain or loss on the hedging instrument’s fair value is
recognised in equity in other comprehensive income. This is reclassified in the Statement of
Income in the same period in which the cash flows of the hedged item are recognised in
profit or loss. If the hedged item ceases to exist, the hedging result is recognised in the
Statement of Income. The ineffective portion of the change in fair value of a hedging
instrument for which a cash flow hedge has been created is recognised through profit or loss
to the extent required.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
172
Consolidated Financial Statements Notes
In fair value hedge accounting, both the fair value change of the derivative, and the
corresponding fair value change of the hedged item, as far as it is attributable to the hedged
risk, are recognised through profit or loss.
Changes in fair value of derivatives not designated as hedging instruments are recognised in
the operating result. The balanced net results from derivative energy instruments are
recognised under sales revenues.
Contracts that were entered into and that continue to be held for the receipt or delivery of
non-financial items in accordance with expected purchase, sale or usage requirements are not
recognised as derivative financial instruments at fair value according to IFRS 9, but rather as
executory contracts according to the regulations of IAS 37.
5.13.
Provisions under IAS 19
Provisions for pensions, severance, stepped pension/early retirement benefits and anniversary
bonuses are calculated according to the projected unit credit method in accordance with
IAS 19 (Employee Benefits). Expected increases in wages, salaries and pensions are taken into
account. Actuarial gains and losses for pension and severance provisions are recognised in
other comprehensive income, and they are recognised through profit or loss for anniversary
bonus, stepped pension and early retirement provisions. Interest costs are recognised in the
financial result.
5.14.
Other provisions
Other provisions include all recognisable obligations as of the reporting date that are based
on past events and for which the amount or maturity is uncertain. Provisions are recognised
at the amount that is most likely to be incurred. Discounted costs for obligations resulting
from dismantling and removing property, plant and equipment assets and restoring the site
are estimated, capitalised at the date the plant is added, and recognised as a provision.
5.15.
Deferred taxes
Deferred tax liabilities are recognised for all temporary differences between the amounts
recognised in the Consolidated Statement of Financial Position and the amounts recognised
in the tax balance sheets of the individual Group companies. Future tax benefits resulting
from tax losses that are carried forward are also taken into account. Values are adjusted if it is
no longer probable that they can be offset.
5.16.
Construction cost subsidies
This item primarily includes contributions received from electricity, gas and district heating
customers for connecting them to the grid. Construction cost subsidies carried as liabilities
are reversed as sales revenues in accordance with the depreciation and impairments for the
corresponding asset.
5.17.
Investment subsidies
Government grants for asset acquisition are recognised as investment subsidies liabilities and
reversed in other operating income in accordance with the asset’s useful life.
5.18.
Contingent liabilities
Contingent liabilities are potential or existing obligations (resulting from past events) for
which an outflow of resources is not probable. There are no material contingent liabilities.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
173
Consolidated Financial Statements Notes
5.19.
Foreign currency translations
Foreign currency translation is carried out according to the functional currency principle. The
functional currency for all consolidated entities is the respective national currency.
Accordingly, items of the Statement of Financial Position are translated at the mean exchange
rate on the reporting date, and items of the Statement of Income are translated at the mean
exchange rate for the statement period. Differences from translating the pro-rata equity are
recognised in other comprehensive income. Differences from currency translation of minority
interests are recognised under the item “non-controlling interest in equity”. The exchange
rate applied on 30 September 2022 for the Czech koruna was 24.56725 (previous year:
25.42595), for the Hungarian forint 421.84750 (previous year: 359.921), for the US dollar
0.97984 (previous year: 1.15896).
5.20.
Revenues from customer contracts
Revenues are recognised at the time a customer gains the authority to dispose over the goods
or services. The sales revenues correspond to the revenues presented in the segment
reporting. There are no significant obligations to accept returns or grant refunds, guarantees
and/or discretionary decisions.
Sales revenues in the Energy Segment and the Grid Segment
Written contracts are in place with electricity and gas customers and/or electricity grid and
gas grid customers.
These result in performance obligations for the delivery of electricity and natural gas, as well
as obligations from the operation of the electricity and gas grid for the Group.
These performance obligations are satisfied within the relevant periods. Electricity and gas
customers as well as electricity grid and gas grid customers with monthly volume metering
are invoiced on a monthly basis. Payment is usually received within one month from the
invoice date. Where no monthly volume metering takes place, the customers usually pay
monthly instalments.
The transaction price is determined on the basis of the concluded electricity and gas supply
contracts, or the grid utilisation fees for the grid utilisation period. In the case of multi-
component contracts, the consideration payable is allocated to the performance obligations
on the basis of the contractually agreed prices for the individual performance obligations. This
essentially concerns energy supplies, balancing energy and other services.
Sales revenues are recognised within the period in which electricity or natural gas deliveries
take place or the grid is utilised.
Sales revenues include revenues from proprietary trading of electricity and gas. Net sales
revenues (after deducting procurement costs for proprietary electricity and gas trading)
include the realised margin. Procurement costs for proprietary energy and gas trading pertain
to quantities of electricity and gas that have been purchased solely for the purpose of
reselling at the wholesale level while achieving an appropriate margin.
Sales revenues in the Waste Management Segment
The revenues from the collection of waste concern the collection and intake of refuse. These
performance obligations are, to the largest extent, satisfied at a certain point in time. The
transaction price is determined on the basis of the contracts concluded. Multi-component
contracts usually provide for the consideration payable to be allocated to the performance
obligations.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
174
Consolidated Financial Statements Notes
Waste recycling includes the incineration of waste. Written contracts are in place with
customers purchasing the generated heat and/or electricity. The performance obligations –
the supply of heat and electricity – are satisfied within the relevant period. The transaction
price is provided for in the contracts.
Additional revenues are generated from the sale of recycling materials (plastics, metals,
timber). The performance obligation is satisfied at the time of the transfer to the customer.
Sales revenues are recognised within the period in which the collection and/or intake of the
waste takes place, in which the generated heat or electricity is delivered, or in which the
recycled materials are delivered. Payment terms in the Waste Management Segment are
usually one month from the invoice date.
Sales revenues in the Czech Republic Segment
Sales revenues in the Czech Republic Segment predominantly result from water deliveries,
intake of waste water and services related to water/waste water and heat supplies in the
Czech Republic. These performance obligations are, to the largest extent, satisfied within the
relevant periods. The transaction price is provided for in the contracts.
Sales revenues are recognised in the period in which the delivery of water or intake of waste
water takes place, the customer obtains the benefit from the services, or the heat is delivered.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
175
Notes to the Statement of Income
NOTES TO THE STATEMENT OF INCOME
6.
Sales revenues
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Energy Segment
Revenues from electricity sales
2,205,344.0
935,436.1
Revenues from natural gas sales
780,294.8
287,055.1
Revenues from district heat sales
91,327.2
56,032.8
Others
55,892.1
60,471.4
3,132,858.1
1,338,995.4
Grid Segment
Revenues from the electricity and gas grids
342,984.8
334,752.4
Revenues from the reversal of construction cost subsidies
28,442.4
27,118.5
Others
7,314.3
4,223.2
378,741.5
366,094.1
Waste Management Segment
Revenues from the collection of waste
109,354.1
104,495.5
Revenues from the recycling of waste
81,990.2
83,085.6
Revenues from the processing of waste
62,280.2
50,040.7
Others
10,015.4
9,403.1
263,639.9
247,024.9
Czech Republic Segment
Revenues from water deliveries
80,169.0
73,473.4
Revenues from waste water intake
69,798.5
63,811.8
Revenues from district heat sales
20,261.6
13,980.3
Others
24,468.9
21,801.0
194,698.0
173,066.5
Holding & Services Segment
32,152.8
19,982.6
Sales revenues
4,002,090.3
2,145,163.5
Procurement costs for proprietary electricity trading
-193,860.1
-118,964.6
Net sales revenues
3,808,230.2
2,026,198.9
Energie AG Oberösterreich – Annual Financial Report 2021/2022
176
Consolidated Financial Statements Notes
7.
Segment reporting
Segment reporting by business units
Energie AG Group identifies the reportable segments according to IFRS 8 on the basis of
internal reporting and internal control (Management Approach).
The segment reporting includes the Energy, Grid, Waste Management, and Czech Republic
and Holding & Services Segments.
The accounting policies applied to the reported segments are the same as those applied
throughout the Group. The operating result is the net profit or loss for the period that is
monitored regularly by the chief decision-makers and used as the primary basis for assessing
success and allocating resources.
The sales transactions carried out between the Grid Segment and the other segments
primarily involve grid services for which the prices are based on regulatory stipulations. Intra-
Group sales revenues in the Holding & Services Segment primarily involve delivery of goods
and services that are charged at prices corresponding to market conditions.
Capital employed is the key figure relating to assets and liabilities in the Group that are
reported to the chief operating decision makers on a regular basis. Capital employed includes
above all equity and interest-bearing liabilities, including lease liabilities, less cash and cash
equivalents, fixed term deposits, and certain financial assets.
Energy
The Energy Segment figures include the production, trade and sales of electrical energy.
Electricity is primarily generated using hydraulic and thermal power generation plants. In
addition, electricity is also obtained from third-party power plants via procurement rights, as
well as on the electricity market. The Energy Segment includes Energie AG Oberösterreich
Trading GmbH as a central electricity and gas trading company, as well as the 7-Fields gas
reservoir. The trade with and distribution of natural gas, the heating business unit, as well as
Bioenergie Steyr GmbH, Fernwärme Steyr GmbH, Windpower EP GmbH, Geothermie-
Wärmegesellschaft Braunau-Simbach mbH, Geothermie-Fördergesellschaft Simbach-Braunau
mbH and Energie Ried Wärme GmbH, all measured using the equity method, are allocated to
the Energy Segment.
Grid
The Grid Segment includes the construction and operation of the electricity and gas grids.
Waste Management
The Waste Management Segment primarily includes the acceptance, sorting, incineration and
landfilling of domestic and industrial waste. “Papyrus” Altpapierservice
Handelsgesellschaft m.b.H. (measured using the equity method), Papyrus Wertstoff
Service GmbH and Austrian Metal Recovery GmbH are allocated to the Waste Management
Segment.
Czech Republic
The Czech Republic Segment primarily includes supplying drinking water, as well as waste
water management and the heat activities in the Czech Republic.
Holding & Services
The Holding & Services Segment comprises the management and control functions of the
segment, commercial and technical services, Energie AG Oberösterreich Telekom GmbH, as
Energie AG Oberösterreich – Annual Financial Report 2021/2022
177
Consolidated Financial Statements Notes
well as the investments in Salzburg AG für Energie, Verkehr und Telekommunikation, Wels
Strom GmbH, BBOÖ Breitband Oberösterreich GmbH and Breitband Oberösterreich
Infrastruktur GmbH, all recognised at equity.
Segment reporting by business units is as follows:
Reconcili-
Waste
ation/
Manage-
Czech
Holding &
eli-
Energy
Grid
ment
Republic
Services
mination
Group
2021/2022
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
Sales to third parties
3,132.9
378.7
263.6
194.7
32.2
4,002.1
Intersegment sales
6.3
13.3
9.0
-
225.9
-254.5
-
Total sales
3,139.2
392.0
272.6
194.7
258.1
-254.5
4,002.1
Results from investments in
equity companies
5.4
-
0.4
-
17.9
-
23.7
Depreciation, amortisation and
impairments
-28.8
-95.0
-21.2
-8.3
-12.3
-
-165.6
Thereof impairments
-1.0
-
-
-
-
-
-1.0
Operating result
18.8
45.3
33.9
6.0
46.6
-
150.6
Carrying amount of investments
in equity companies
16.5
-
5.2
-
265.4
-
287.1
Goodwill
21.1
-
45.3
23.2
0.1
-
89.7
Investments in intangible assets
and property, plant and
equipment
24.5
115.4
19.7
8.0
33.6
-
201.2
Capital employed
-242.7
759.4
213.0
100.2
212.1
-
1,042.0
EUR mill.
Capital employed
1,042.0
Assets not used in the service production and sales process
1,596.6
Non-interest bearing liabilities, provisions
4,274.1
Balance sheet total
6,912.7
Energie AG Oberösterreich – Annual Financial Report 2021/2022
178
Consolidated Financial Statements Notes
The operational unit “Metering” was transferred from Energie AG Oberösterreich
Telekom GmbH (Holding & Services Segment) to Netz Oberösterreich GmbH (Grid Segment)
in the 2021/2022 fiscal year. Segment reporting in 2021/2022 by the old segment structure is
as follows:
Reconcili-
Waste
ation/
Manage-
Czech
Holding &
eli-
Energy
Grid
ment
Republic
Services
mination
Group
2021/2022
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
Sales to third parties
3,132.9
378.6
263.6
194.7
32.3
4,002.1
Intersegment sales
6.3
13.2
9.0
-
252.2
-280.7
-
Total sales
3,139.2
391.8
272.6
194.7
284.5
-280.7
4,002.1
Results from investments in
equity companies
5.4
-
0.4
-
17.9
-
23.7
Depreciation, amortisation and
impairments
-28.8
-77.6
-21.2
-8.3
-29.7
-
-165.6
Thereof impairments
-1.0
-
-
-
-
-
-1.0
Operating result
18.8
39.0
33.9
6.0
52.9
-
150.6
Carrying amount of investments
in equity companies
16.5
-
5.2
-
265.4
-
287.1
Goodwill
21.1
-
45.3
23.2
0.1
-
89.7
Investments in intangible assets
and property, plant and
equipment
24.5
108.3
19.7
8.0
40.7
-
201.2
Capital employed
-242.7
632.6
213.0
100.2
338.9
-
1,042.0
EUR mill.
Capital employed
1,042.0
Assets not used in the service production and sales process
1,596.6
Non-interest bearing liabilities, provisions
4,274.1
Balance sheet total
6,912.7
Energie AG Oberösterreich – Annual Financial Report 2021/2022
179
Consolidated Financial Statements Notes
The segment information 2020/2021 broken down by business unit presents as follows:
Reconcili-
Waste
ation/
Manage-
Czech
Holding &
eli-
Energy
Grid
ment
Republic
Services
mination
Group
2020/2021
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
EUR mill.
Sales to third parties
1,339.0
366.1
247.0
173.1
20.0
-
2,145.2
Intersegment sales
7.1
14.8
9.2
0.1
254.7
-285.9
-
Total sales
1,346.1
380.9
256.2
173.2
274.7
-285.9
2,145.2
Results from investments in
equity companies
2.3
-
0.7
-
26.2
-
29.2
Depreciation, amortisation and
impairments
-27.1
-74.5
-20.4
-7.7
-34.7
-
-164.4
Thereof impairments
-0.5
-
-
-
-0.2
-
-0.7
Operating result
82.4
37.2
29.6
11.1
28.1
-
188.4
Carrying amount of investments
in equity companies
12.7
-
5.0
-
216.2
-
233.9
Goodwill
21.1
-
45.3
20.8
0.1
-
87.3
Investments in intangible assets
and property, plant and
equipment
25.2
103.6
28.9
9.1
48.3
-
215.1
Capital employed
473.3
684.5
213.3
93.4
335.4
-
1,799.9
EUR mill.
Capital employed
1,799.9
Assets not used in the service production and sales process
652.3
Non-interest bearing liabilities, provisions
1,423.2
Balance sheet total
3,875.4
Reversals of impairment concern the Energy Segment with EUR 4.1 million (previous year:
EUR 7.2 million), and the Waste Management Segment with EUR 0.0 million (previous year:
EUR 4.7 million). Non-cash items in connection with derivatives in the amount of
EUR 385.5 million (previous year: EUR -45.2 million) pertain to the Energy Segment. The
income from the reversal of construction cost subsidies attributable to the Grid Segment
amounted to EUR 28.4 million (previous year: EUR 27.1 million). Non-cash income from
companies valued using the equity method amounting to EUR 7.4 million (previous year:
EUR 19.4 million) and income from the disposal of the “Fiber to the Home” operational unit
amounting to EUR 37.0 million (see section 32 › Page 232) relate to the Holding & Services
Segment.
Segment reporting broken down by geographic segments
Energie AG Oberösterreich Group operates primarily in the regions “Austria” and “Czech
Republic”. Business operations in other countries (Italy, Germany, Hungary, Poland) are
combined in the geographical segment “Other countries”.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
180
Consolidated Financial Statements Notes
Austria
Czech Republic
Other countries
Group
2021/2022
EUR mill.
EUR mill.
EUR mill.
EUR mill.
Sales to third parties
3,795.4
194.7
12.0
4,002.1
Capital employed
927.5
100.3
14.2
1,042.0
Austria
Czech Republic
Other countries
Group
2020/2021
EUR mill.
EUR mill.
EUR mill.
EUR mill.
Sales to third parties
1,961.0
173.3
10.9
2,145.2
Capital employed
1,690.8
93.6
15.5
1,799.9
Revenues from electricity trading with customers outside Austria amounting to
EUR 526.6 million (previous year: EUR 361.5 million) were also generated.
8.
Other operating revenues
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Income from the disposal of intangible assets and property, plant and equipment
37,874.6
2,183.4
Reversals of impairment
4,107.2
11,880.6
Capitalised production costs
649.1
546.0
Rental and lease income
3,284.5
2,917.5
Income from the reversal of investment subsidies
2,667.1
3,350.3
Income from CO2 emissions allowances
2,393.0
2,654.5
Insurance income
858.5
1,101.9
Other income
13,147.4
8,476.0
64,981.4
33,110.2
9.
Expenses for material and other purchased services
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Electricity purchased from third parties
1,860,414.5
736,239.9
Gas purchases
768,142.7
312,222.0
Gas input
292,473.2
45,322.7
Expenses for grid purchases
100,835.7
95,575.7
Other purchased goods
152,056.3
84,913.3
Expenses for purchased services
134,100.0
137,475.5
3,308,022.4
1,411,749.1
Procurement costs for proprietary electricity trading
-193,860.1
-118,964.6
3,114,162.3
1,292,784.5
Energie AG Oberösterreich – Annual Financial Report 2021/2022
181
Consolidated Financial Statements Notes
10.
Personnel expenses
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Wages and salaries
242,021.9
235,192.1
Severance payments and contributions to company pension funds
4,095.5
5,989.2
Pension payments
6,106.4
5,291.5
Expenses for statutory social security contributions and payroll-related levies and statutory
contributions
62,178.9
59,921.8
Other benefit expenses
3,951.9
2,026.0
318,354.6
308,420.6
The expenses for defined contribution plans amounted to EUR 7,191.5 thousand (previous
year: EUR 6,985.2 thousand). Expenses for severance payments of EUR 9.3 thousand
(previous year: EUR 8.9 thousand), as well as expenses for pension payments of
EUR 188.6 thousand (previous year: EUR 215.3 thousand), pertain to members of the
Management Board.
The remunerations of the Management Board and of the Supervisory Board of Energie AG
Oberösterreich are as follows:
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Management Board
846.1
826.9
Former Management Board and their survivors
705.1
694.9
Supervisory Board
95.4
93.5
1,646.6
1,615.3
The average number of employees in this fiscal year amounts to 4,606 (previous year: 4,593).
Part-time employees are included on a proportional basis.
11.
Depreciation, amortisation and impairments
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Depreciation and amortisation
164,603.5
163,702.8
Impairments
993.9
723.0
165,597.4
164,425.8
Energie AG Oberösterreich – Annual Financial Report 2021/2022
182
Consolidated Financial Statements Notes
12.
Other operating expenses
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Taxes
7,837.2
7,862.9
External services
67,826.7
51,510.5
Travel expenses
8,498.3
7,693.9
Insurance premiums
9,175.5
7,278.5
Postage and telecommunication
6,073.2
5,995.0
Rental and leasing expenses
1,746.8
1,683.1
Write-offs of receivables
1,381.7
1,589.8
Allocation of allowances and expected losses to receivables
897.6
737.0
Vehicle expense
18,783.5
17,404.6
Losses from the disposal of intangible assets and property, plant and equipment
2,048.7
1,540.8
Repairs
27,608.4
29,798.4
Other expenses
40,635.2
46,800.2
192,512.8
179,894.7
Taxes mainly include property tax, dumpsite levy and electricity levy, as well as the Austrian
landfill tax. The expenses incurred for the Group auditor, Deloitte Audit
Wirtschaftsprüfungs GmbH, for auditing services and other accounting services provided to
the entities of the Energie AG Oberösterreich Group amount to EUR 540.5 thousand
(previous year: EUR 519.8 thousand). In addition, the Group auditor provided other
consulting services for the Energie AG Oberösterreich Group totalling EUR 88.5 thousand
(previous year: EUR 19.0 thousand).
Other expenses primarily include allocations to provisions, transaction costs, marketing
expenses and fees.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
183
Consolidated Financial Statements Notes
13.
Interest income
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Financing expenses
Interest and similar expenses
-24,169.0
-21,180.1
Interest expense on personnel provisions
-1,895.1
-2,439.7
Interest expense on lease liabilities
-727.1
-516.9
Foreign exchange losses
-1,150.9
-29.3
-27,942.1
-24,166.0
Other interest income
Interest and similar income
999.4
841.9
Interest income from lease liabilities
135.9
235.3
Foreign exchange gains
0.8
95.2
Measurement of interest rate derivatives
95.1
-95.1
1,231.2
1,077.3
-26,710.9
-23,088.7
14.
Other financial result
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Result from investments
Non-consolidated affiliated companies
100.0
100.0
Income from other investments
2,507.0
1,824.3
2,607.0
1,924.3
Result from financial investments
Losses from the measurement of lendings
-33.8
-6.5
Gains from the measurement of lendings
7.0
10.7
Income from securities
652.5
367.0
Losses from the measurement of securities
-4,858.1
-
Gains from the measurement of securities
-
641.1
Gains from the disposal of securities
194.6
243.6
Losses from the measurement of fixed term deposits
-
-113.0
Gains from the measurement of fixed term deposits
205.3
-
Losses from the measurement of investment funds
-624.8
-89.4
Income from the measurement of investment funds
29.6
16.7
Result hedging transaction financial investment
-195.4
-40.0
-4,623.1
1,030.2
-2,016.1
2,954.5
Energie AG Oberösterreich – Annual Financial Report 2021/2022
184
Consolidated Financial Statements Notes
15.
Income taxes
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Current income taxes
5,858.6
33,418.4
Adjustment for deferred taxes
4,830.1
2,991.9
10,688.7
36,410.3
Expenses for taxes on income are EUR 19,444.6 thousand lower (previous year:
EUR 4,987.6 thousand lower) than the calculated expenses for taxes on income that result
from applying the respective tax rates to the earnings before taxes on income. The reasons
for the difference between the calculated and reported income tax expenses are as follows:
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Earnings before income taxes
121,909.7
168,269.2
Imputed tax expenses
30,133.3
41,397.9
Tax effects from
Tax-free earnings from companies measured at equity and tax-free investment income
-4,821.6
-4,410.9
Tax-free profits from reorganisation measures (32)
-9,260.4
-
Impact of the eco-social tax reform on deferred taxes
-5,206.8
-
Other items
-155.8
-576.7
Effective tax income/expenses
10,688.7
36,410.3
Effective tax rate in %
8.8
21.6
Energie AG Oberösterreich – Annual Financial Report 2021/2022
185
Consolidated Financial Statements Notes
Temporary differences between the amounts recognised in the Consolidated Financial
Statements and the respective taxable amounts have the following effects on the reported
deferred taxes:
Assets
Liabilities
Net
2022
2021
2022
2021
2022
2021
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Intangible assets
-
-
-19,691.1
-22,900.3
-19,691.1
-22,900.3
Property, plant and equipment
7,811.9
9,650.5
-47,605.9
-40,139.6
-39,794.0
-30,489.1
Financial assets
3,295.0
3,830.5
-7,539.6
-6,696.9
-4,244.6
-2,866.4
Provisions
28,456.1
43,282.5
-1,273.5
-1,456.7
27,182.6
41,825.8
Untaxed reserves
-
-
-12,376.1
-14,037.1
-12,376.1
-14,037.1
Construction cost subsidies
284.0
17.4
-1,739.3
-1,896.3
-1,455.3
-1,878.9
Cash flow hedge reserve
-
2,186.5
-79,900.0
-32,690.5
-79,900.0
-30,504.0
Leasing
17,214.7
17,064.3
-17,137.0
-17,835.7
77.7
-771.4
Outstanding write-downs to fair value
-
180.1
-
-
-
180.1
Current derivative financial instruments
239,654.6
62,006.9
-320,236.3
-61,462.9
-80,581.7
544.0
Non-current derivative financial instruments
243,482.9
17,423.0
-162,298.2
-18,693.1
81,184.7
-1,270.1
Other
6,998.2
6,945.1
-1,117.7
-748.3
5,880.5
6,196.8
Deferred tax assets/
liabilities before offsetting
547,197.4
162,586.8
-670,914.7
-218,557.4
-123,717.3
-55,970.6
Energie AG Oberösterreich – Annual Financial Report 2021/2022
186
Consolidated Financial Statements Notes
Balance
Recognised
Balance
as of
Disposal
Exchange
Recognised
in profit or
as of
30.09.2022
group IFRS 5
differences
in equity
loss
01.10.2021
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Intangible assets
-19,691.1
-
-43.1
-
3,252.3
-22,900.3
Property, plant
and equipment
-39,794.0
-
-152.5
-
-9,152.4
-30,489.1
Financial assets
-4,244.6
-
-
-924.5
-453.7
-2,866.4
Provisions
27,182.6
-
32.5
-12,317.9
-2,357.8
41,825.8
Untaxed reserves
-12,376.1
-
-
-
1,661.0
-14,037.1
Construction cost
subsidies
-1,455.3
-
-
-
423.6
-1,878.9
Cash flow hedge
reserve
-79,900.0
-
-
-49,396.0
-
-30,504.0
Leasing
77.7
-
-
-
849.1
-771.4
Outstanding
write-downs to
fair value
-
-
-
-
-180.1
180.1
Current
derivative
financial
instruments
-80,581.7
-
-
-
-81,125.7
544.0
Non-current
derivative
financial
instruments
81,184.7
-
-
-
82,454.8
-1,270.1
Other
5,880.5
-
-115.1
-
-201.2
6,196.8
-123,717.3
-
-278.2
-62,638.4
-4,830.1
-55,970.6
Energie AG Oberösterreich – Annual Financial Report 2021/2022
187
Consolidated Financial Statements Notes
Balance
Recognised
Balance
as of
Disposal
Exchange
Recognised
in profit or
as of
30.09.2021
group IFRS 5
differences
in equity
loss
01.10.2020
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Intangible assets
-22,900.3
-
-68.6
-
111.0
-22,942.7
Property, plant
and equipment
-30,489.1
2,634.2
-284.6
-
-9,308.3
-23,530.4
Financial assets
-2,866.4
-
-
-1,428.2
1,169.1
-2,607.3
Provisions
41,825.8
-
61.5
898.3
7,047.9
33,818.1
Untaxed reserves
-14,037.1
-
-
-
637.4
-14,674.5
Construction cost
subsidies
-1,878.9
-
-
-
-1,746.9
-132.0
Cash flow hedge
reserve
-30,504.0
-
-
-35,688.6
-
5,184.6
Leasing
-771.4
-
-
-
-866.5
95.1
Outstanding
write-downs to
fair value
180.1
-
-
-
-180.0
360.1
Current
derivative
financial
instruments
544.0
-
-
-
318.8
225.2
Non-current
derivative
financial
instruments
-1,270.1
-
-
-
-1,218.4
-51.7
Other
6,196.8
-39.0
-9.4
-
1,044.0
5,201.2
-55,970.6
2,595.2
-301.1
-36,218.5
-2,991.9
-19,054.3
No deferred tax liabilities were recognised for temporary differences of
EUR 922,656.1 thousand (previous year: EUR 643,621.4 thousand) in connection with fully
consolidated subsidiaries, joint ventures and associated companies. Deferred taxes in the
amount of EUR -924.5 thousand (previous year: EUR -1,428.2 thousand) pertain to changes
in value of investments and securities FVOCI recognised outside of profit or loss; deferred
taxes in the amount of EUR -49,396.0 thousand (previous year: EUR -35,688.6 thousand)
pertain to changes in value from hedge accounting recognised outside of profit or loss.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
188
Notes to the Statement of Financial Position
NOTES TO THE STATEMENT OF FINANCIAL POSITION
16.
Intangible assets and property, plant and equipment
Changes in intangible assets and goodwill
Electricity
Assets
procurement
Customer
under
rights
Other rights
Goodwill
base
construction
Total
2021/2022
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Costs
01.10.2021
254,900.4
118,165.1
98,339.8
77,568.7
74.7
549,048.7
Translation
differences
-
162.4
740.0
857.3
3.9
1,763.6
Change in the
scope of
consolidation
-
9.7
1,668.6
1,278.8
-
2,957.1
Additions
1,689.3
6,329.5
-
-
557.8
8,576.6
Disposals
-
-1,067.1
-
-8,831.8
-
-9,898.9
Transfers
-
430.4
-
-
-430.4
-
30.09.2022
256,589.7
124,030.0
100,748.4
70,873.0
206.0
552,447.1
Accumulated
amortisation
01.10.2021
171,169.2
100,337.1
11,022.9
33,397.7
-
315,926.9
Translation
differences
-
144.4
-
588.3
-
732.7
Amortisation
1,307.3
4,029.3
-
4,371.1
-
9,707.7
Disposals
-
-986.3
-
-8,831.8
-
-9,818.1
30.09.2022
172,476.5
103,524.5
11,022.9
29,525.3
-
316,549.2
Carrying amount
as of 01.10.2021
83,731.2
17,828.0
87,316.9
44,171.0
74.7
233,121.8
Carrying
amount as of
30.09.2022
84,113.2
20,505.5
89,725.5
41,347.7
206.0
235,897.9
Energie AG Oberösterreich – Annual Financial Report 2021/2022
189
Consolidated Financial Statements Notes
Electricity
Assets
procurement
Customer
under
rights
Other rights
Goodwill
base
construction
Total
2020/2021
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Costs
01.10.2020
251,950.2
116,571.4
97,240.1
84,862.0
156.4
550,780.1
Change in the
scope of
consolidation
-
275.1
1,321.6
1,547.7
8.7
3,153.1
Translation
differences
2,950.2
2,833.7
-
-
201.7
5,985.6
Additions
-
-1,204.0
-221.9
-8,841.0
-5.1
-10,272.0
Disposals
-
-598.1
-
-
-
-598.1
Transfers
-
287.0
-
-
-287.0
-
30.09.2021
254,900.4
118,165.1
98,339.8
77,568.7
74.7
549,048.7
Accumulated
amortisation
and
impairments
01.10.2020
169,935.2
97,361.7
11,022.9
36,884.3
-
315,204.1
Translation
differences
-
249.7
-
1,024.2
-
1,273.9
Amortisation
1,234.0
4,340.4
-
4,330.2
-
9,904.6
Disposals
-
-1,187.6
-
-8,841.0
-
-10,028.6
Disposal group
IFRS 5
-
-427.1
-
-
-
-427.1
30.09.2021
171,169.2
100,337.1
11,022.9
33,397.7
-
315,926.9
Carrying amount
as of 01.10.2020
82,015.0
19,209.7
86,217.2
47,977.7
156.4
235,576.0
Carrying
amount as of
30.09.2021
83,731.2
17,828.0
87,316.9
44,171.0
74.7
233,121.8
Energie AG Oberösterreich – Annual Financial Report 2021/2022
190
Consolidated Financial Statements Notes
Changes in property, plant and equipment
Manufacturing
Assets
Land and
plant and
Furniture
under
buildings
equipment
and fixtures
construction
Total
2021/2022
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Costs
01.10.2021
1,198,297.6
4,115,592.4
234,491.6
111,086.9
5,659,468.5
Translation differences
3,329.3
1,780.2
608.9
209.6
5,928.0
Change in the scope of consolidation
741.7
261.3
14.9
-
1,017.9
Additions
9,430.3
108,542.8
13,924.3
60,739.2
192,636.6
Disposals
-2,645.4
-16,010.4
-6,995.0
-501.1
-26,151.9
Transfers
15,629.9
67,920.4
2,989.0
-86,539.3
-
30.09.2022
1,224,783.4
4,278,086.7
245,033.7
84,995.3
5,832,899.1
Accumulated depreciation and
impairments
01.10.2021
668,204.0
2,854,219.2
188,002.5
-336.5
3,710,089.2
Translation differences
1,521.7
1,211.2
444.6
-3.8
3,173.7
Depreciation
22,433.7
116,994.1
15,468.0
-
154,895.8
Impairments
-
993.9
-
-
993.9
Reversal of impairments
-3.6
-4,103.6
-
-
-4,107.2
Disposals
-1,333.5
-13,908.2
-6,880.6
-28.0
-22,150.3
Transfers
1.5
4.4
-
-5.9
-
30.09.2022
690,823.8
2,955,411.0
197,034.5
-374.2
3,842,895.1
Carrying amount as of 01.10.2021
530,093.6
1,261,373.2
46,489.1
111,423.4
1,949,379.3
Carrying amount as of 30.09.2022
533,959.6
1,322,675.7
47,999.2
85,369.5
1,990,004.0
Manufacturing
Assets
Land and
plant and
Furniture
under
buildings
equipment
and fixtures
construction
Total
2020/2021
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Costs
01.10.2020
1,167,385.4
4,097,802.9
227,437.0
88,327.7
5,580,953.0
Translation differences
5,787.5
3,147.7
1,036.9
341.9
10,314.0
Additions
17,822.0
103,860.3
14,838.5
72,590.4
209,111.2
Disposals
-3,660.7
-13,559.7
-11,462.3
-565.4
-29,248.1
Disposal group IFRS 5
-
-104,627.3
-
-7,034.3
-111,661.6
Transfers
10,963.4
28,968.5
2,641.5
-42,573.4
-
30.09.2021
1,198,297.6
4,115,592.4
234,491.6
111,086.9
5,659,468.5
Accumulated depreciation
and impairments
01.10.2020
650,398.0
2,761,577.8
184,360.8
3,984.9
3,600,321.5
Translation differences
2,609.7
2,103.6
755.6
-6.8
5,462.1
Depreciation
21,525.7
118,195.7
14,076.8
-
153,798.2
Impairments
723.0
-
-
-
723.0
Reversal of impairments
-4,111.1
-3,454.9
-
-4,314.6
-11,880.6
Disposals
-2,935.0
-11,547.6
-11,190.7
-
-25,673.3
Disposal group IFRS 5
-
-12,661.7
-
-
-12,661.7
Transfers
-6.3
6.3
-
-
-
30.09.2021
668,204.0
2,854,219.2
188,002.5
-336.5
3,710,089.2
Carrying amount as of 01.10.2020
516,987.4
1,336,225.1
43,076.2
84,342.8
1,980,631.5
Carrying amount as of 30.09.2021
530,093.6
1,261,373.2
46,489.1
111,423.4
1,949,379.3
Energie AG Oberösterreich – Annual Financial Report 2021/2022
191
Consolidated Financial Statements Notes
16.1.
Impairment of cash generating units with own goodwill
For the purposes of impairment testing, goodwill is allocated to the following cash-
generating units and the cash flows of these cash-generating units are discounted at the
following discount rates:
Goodwill
Discount rate
30.09.2022
30.09.2021
30.09.2022 30.09.2021
EUR mill.
EUR mill.
%
%
Energy Segment
Sales
20.7
20.7
5.8
4.3
Other
0.4
0.4
5.8
4.3
21.1
21.1
Waste Management Segment
Waste Management Austria
43.1
43.1
6.0
4.5
Other
2.2
2.2
7.4
5.4
45.3
45.3
Czech Republic Segment
CEVAK a.s.
15.8
15.3
5.8
3.9
Other
7.4
5.5
5.8-6.1
3.9-4.7
23.2
20.8
Other
0.1
0.1
-
-
89.7
87.3
The recoverable amount attributable to the cash generating unit “Sales” exceeds the carrying
amount by EUR 50.0 million (previous year: EUR 173.9 million). In the event of a decrease in
future cash flows by 21.8% (previous year: 55.1%), or an increase in the interest rate by
1.3% (previous year: 3.7%), the carrying amount corresponds to the present value of the
future cash flows.
The recoverable amount of the “Waste Management/Austria” cash-generating unit exceeds
the carrying amount by EUR 32.4 million (previous year: EUR 79.8 million), while the
recoverable amount of CEVAK a.s. exceeds the carrying amount by EUR 75.8 million (previous
year: EUR 146.1 million). In the event of a decrease in future cash flows by 22.9% (previous
year: 28.2%), or an increase in the interest rate by 0.7% (previous year: 1.3%), the carrying
amount of the “Waste Management Segment/Austria” cash-generating unit corresponds to
the present value of the future cash flows. A decrease in CEVAK a.s.' future cash flows by
10% would not result in an impairment.
16.2.
Impairment of cash generating units without own goodwill
Timelkam CCGT (combined cycle gas-turbine) power plant
Due to the current situation on the market, impairment testing was performed for the
Timelkam CCGT power plant (Energy Segment). The maximum output of the power plants
amounts to 422 MW, maximum district heating supply is 100 MW. Efficiency was estimated
at 55.7%. Annual electricity generation was recognised at up to 1,741 GWh per year
(previous year: 2,227 GWh). The assumptions for the future electricity and gas prices are
based, where available, on market data; if no market data were available, estimates were
made based on market studies. The estimated electricity price is EUR 93 to EUR 196/MWh
(previous year: EUR 65.92 to EUR 82.61/MWh). Expenses for maintenance and repair were
Energie AG Oberösterreich – Annual Financial Report 2021/2022
192
Consolidated Financial Statements Notes
recognised according to maintenance plans and contracts. Other material expense items such
as personnel costs, insurance and infrastructure costs are annually increased by an estimated
increase rate. The discount rate is 5.8% (previous year: 4.3%). The planning horizon ends in
the 2037/2038 fiscal year. Due to higher market expectations in particular, an impairment
reversal of EUR 4.1 million (previous year: impairment reversal of EUR 2.8 million) was
recognised. The recoverable amount determined using the DCF method corresponds to the
value in use in the amount of EUR 47.2 million (previous year: EUR 45.3 million). Fluctuations
in cash flows of 20% resulted in a change of EUR 9.4 million in the recoverable amount. An
increase in the interest rate by 0.5% results in a reduction of the recoverable amount by
EUR 1.2 million.
Impairments in the previous year:
Due to a revised appraisal of the feasibility of the Ebensee pumped-storage power plant, an
impairment reversal of EUR 4.4 million was recognised for the Energy Segment. The
recoverable amount corresponds to the carrying amount of EUR 4.4 million. Impairment
reversals of EUR 4.7 million for waste incineration plants were recognised for the Waste
Management Segment, particularly as a result of expected higher proceeds from the
utilisation of district heat services.
16.3.
IFRS 16 (Leases)
For leased assets, a right-of-use asset representing its right to use an underlying asset is
capitalised and, at the same time, a lease liability recognised in the amount of the present
value of the lease payments. Discounting takes place at the lease-specific interest rate. If the
lease-specific interest rate cannot be determined, the incremental borrowing interest rate is
applied. Depending on the term, an incremental borrowing interest rate of 1.53% or 2.00%
was assumed to apply in the 2021/2022 fiscal year. The right of use asset is then amortised
and the lease liability carried forward using the effective interest method.
IFRS 16 is not applied to short-term leases and leases concerning an underlying asset of minor
value. In accordance with IFRS 16.4, the company has opted out of voluntary application of
IFRS 16 for intangible assets.
The Group has been leasing the property at Böhmerwaldstraße 3, Linz, where Group
headquarters is located, from Power Tower GmbH since the year 2008. The Group holds a
1% share in the entity.
The entity is not funded by the Group. The leasing contract is for an indefinite period,
cancellation by the lessee is only possible 20 years after the start of the contract at the
earliest, under certain circumstances only after 23 years. The Group has the unilateral right,
but no obligation, to acquire Power Tower GmbH 15 or 20 years after the commencement of
the lease. Leasing payments are linked to interest rate developments. The Group is required
to perform the ongoing maintenance of the property and fulfill all legal requirements that
could also apply to the owner. There are no other additional risks. Power Tower GmbH is to
be considered a structured entity pursuant to IFRS 12, but the lack of control means that it is
not to be included as a subsidiary in the Consolidated Financial Statements. In accordance
with IFRS 16, a right of use asset in the amount of EUR 36.7 million and a lease liability in the
amount of EUR 37.0 million have been recognised as of 30 September 2022.
Additionally, in the 2007/2008 fiscal year, plant and equipment assets were sold and leased
back for a term of 15 years (“sale and leaseback”) in the Waste Management Segment. At
the end of the lease term, the lessor has the right to sell the asset to the lessee at the
outstanding loan amount. During the lease term, subleasing to third parties is not permitted.
The right of use assets have a carrying amount of EUR 9.9 million
Energie AG Oberösterreich – Annual Financial Report 2021/2022
193
Consolidated Financial Statements Notes
(previous year: EUR 12.8 million) as of 30 September 2022 and the corresponding liability
amounts to EUR 37.4 million (previous year: EUR 40.4 million).
As of 30 September 2022, the lease liabilities amount to EUR 115.9 million (previous year:
EUR 114.7 million) (up to 1 year: EUR 45.2 million; 1-5 years EUR 12.7 million, more than
5 years EUR 58.0 million) (previous year: up to 1 year: EUR 7.6 million, 1-5 years
EUR 52.4 million, more than 5 years EUR 54.8 million). The Statement of Financial Position
recognises the lease liabilities in the item for financial liabilities.
For fiscal year 2021/2022, the cash outflows for leases amount to EUR 10,337.6 thousand
(previous year: EUR 9,847.4 thousand). Expenses for leases not recognised in accordance with
IFRS 16 amount to EUR 1,746.8 thousand (of which current rental and lease expenses:
EUR 604.7 thousand, of which marginal rental and lease expenses: EUR 245.5 thousand, of
which rental and lease expenses not covered by IFRS 16: EUR 896.6 thousand, of which
variable rental and lease expenses: EUR 0.0 thousand) (previous year: EUR 1,683.1 thousand;
of which: short-term rental and lease expenses: EUR 615.1 thousand, of which marginal
rental and lease expenses: EUR 227.7 thousand, of which rental and lease expenses not
covered by IFRS 16: EUR 840.3 thousand, of which variable rental and lease expenses:
EUR: 0.0 thousand).
The item property, plant and equipment recognises the following right of use assets:
Manufacturing
Land and
plant and
Furniture
buildings
equipment
and fixtures
Vehicles
Total
2021/2022
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
01.10.2021
72,321.2
13,413.2
228.6
1,037.4
87,000.4
Change in the scope of consolidation
39.9
-
-
-
39.9
Translation differences
15.9
-
1.1
-
17.0
Additions
2,928.4
6,599.8
33.3
483.9
10,045.4
Disposals
-1,052.9
-
-30.6
-
-1,083.5
Depreciation
-4,533.6
-3,103.8
-78.3
-504.8
-8,220.5
30.09.2022
69,718.9
16,909.2
154.1
1,016.5
87,798.7
Manufacturing
Land and
plant and
Furniture
buildings
equipment
and fixtures
Vehicles
Total
2020/2021
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
01.10.2020
68,177.0
16,396.9
62.8
1,026.4
85,663.1
Translation differences
26.6
-
0.8
-
27.4
Additions
8,634.0
52.7
235.9
647.5
9,570.1
Disposals
-92.4
-10.7
-6.8
-154.2
-264.1
Depreciation
-4,424.0
-3,025.7
-64.1
-482.3
-7,996.1
30.09.2021
72,321.2
13,413.2
228.6
1,037.4
87,000.4
16.4.
Further disclosures
Research costs in the amount of EUR 5.3 million (previous year: EUR 5.5 million) were
recognised as expenses.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
194
Consolidated Financial Statements Notes
In the 2021/2022 fiscal year, interest on borrowed capital in the amount of
EUR 149.5 thousand (previous year: EUR 212.0 thousand) was capitalised. The applied
interest rate was 3.6% (previous year 3.8%).
Additions to assets under construction led to outflows of payment instruments in the amount
of EUR 60,297.2 thousand (previous year: EUR 65,083.7 thousand). Obligations for the
acquisition of property, plant and equipment amount to EUR 46,027.1 thousand (previous
year: EUR 47,892.0 thousand).
17.
Investments
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
Shares in affiliated companies
1,580.2
1,580.7
Shares in companies consolidated at equity
287,087.3
233,868.9
Other investments
38,864.2
29,255.3
327,531.7
264,704.9
The Cash Flow Statement includes dividends from entities consolidated using the equity
method in the amount of EUR 13,076.3 thousand (previous year: EUR 7,407.2 thousand).
Due to an increase in expected future cash surpluses, a reversal of impairment of
EUR 3.5 million (previous year: 15.4 million) was recognised for Wels Strom GmbH (Holding &
Services Segment), which is measured using the equity method.
18.
Other financial assets
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
Lendings to companies in which an interest is held
84,315.6
5,186.4
Other lendings
7,620.2
6,544.3
Fixed term deposits
-
24,847.2
Securities at Fair Value through Other Comprehensive Income
8,116.7
12,631.5
Securities at Fair Value through Profit or Loss
26,774.8
31,109.0
126,827.3
80,318.4
19.
Other non-current assets
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
CO2 emissions allowances
-
24,301.9
Other assets
8,156.8
8,102.8
8,156.8
32,404.7
Energie AG Oberösterreich – Annual Financial Report 2021/2022
195
Consolidated Financial Statements Notes
20.
Inventories
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
Primary energy
113,109.7
31,358.7
Raw materials and supplies
19,623.7
16,838.1
Contract assets
2,945.0
3,748.8
Finished goods
1,515.2
1,377.0
137,193.6
53,322.6
21.
Receivables and other assets
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
Trade receivables
351,894.7
259,880.2
Receivables from non-consolidated affiliated companies
18,248.8
252.4
Receivables from joint arrangements and associated companies
37,325.3
5,076.8
Accruals and deferrals of interest
2,021.5
1,957.3
Receivables from initial margins for derivatives
383,788.7
74,620.2
CO2 emissions allowances
67,971.2
42,422.0
Other
49,370.3
52,403.1
910,620.5
436,612.0
Receivables from electricity and water supplies that have not been invoiced as of the
reporting date are accrued and recognised in the item “Trade receivables”.
22.
Cash and cash equivalents
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
Cash in hand
116.7
131.0
Current bonds
300,000.0
-
Cash in bank
629,333.2
219,066.3
929,449.9
219,197.3
23.
Equity
The share capital of Energie AG Oberösterreich consists of 88,652,558 individual share
certificates (previous year: 88,653,782), of which 88,600,000 are ordinary shares (previous
year: 88,600,000), and 52,558 are preferred shares without voting rights (previous year:
53,782). The share capital has been fully paid in.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
196
Consolidated Financial Statements Notes
The capital reserves result from the share premium of the capital increase, minus the directly
attributable costs of obtaining equity in the amount of EUR 1,771.9 thousand, as well as
from the contribution of own shares in the 2006/2007 fiscal year, and from shares issued to
staff in the 2012/2013 fiscal year.
In the 2007/2008 fiscal year, 390,000 preferred shares without voting rights were contributed
to Energie AG Oberösterreich. These shares were offered to Group staff members at
favourable conditions during the 2007/2008 fiscal year. The benefit per staff member
amounted to the maximum tax-exempt sum pursuant to § 3 para 1 subpara 15 letter b of the
Austrian Income Tax Act.
In the 2012/2013 fiscal year, 87,750 shares were issued to employees of the Group at
discounted prices. The capital increase took effect with entry in the Register of Companies on
29 October 2013.
In fiscal year 2021/2022, the share capital was reduced due to the redemption of 1,224
(previous year: 1,742) treasury shares (preference shares without voting rights).
The retained earnings result from the profits that the Group generated but did not distribute.
Other reserves include IFRS 9 reserves, IAS 19 reserves, revaluation reserves, and treasury
stock reserves, as well as reserves from translation differences.
The reserves under IFRS 9 include changes in the fair value of investments and securities
measured “At Fair Value through Other Comprehensive Income” (FVOCI), and changes in the
fair value of cash flow hedges, as well as changes in the equity of associated companies
consolidated using the equity method recognised outside profit or loss.
As of 30 September 2022, the cash flow hedge reserve amounts to EUR 345,219.7 thousand
(previous year: EUR 122,015.9 thousand). The effective share of the fair value changes
concerning cash-flow hedges is recognised in the other comprehensive income in the cash-
flow hedge reserve. The ineffective share of the fair-value changes from cash flow hedges in
the amount of EUR 95.1 thousand (previous year: EUR -85.4 thousand) was recognised as
income through profit or loss. Fair value changes in the amount of EUR 394,614.6 thousand
(previous year: EUR 149,211.7 thousand) are recognised as other comprehensive income.
During the fiscal year, EUR -171,410.8 thousand (previous year: EUR -6,457.4 thousand) were
withdrawn from the cash-flow hedge reserve and recognised through profit or loss. Of this
amount, EUR 2,543.2 thousand (previous year: EUR 2,748.6 thousand) were recognised as
expense in the financial result and EUR 173,954.0 thousand (previous year:
EUR 9,206.0 thousand) as income in the operating result.
The OCI reserve, which is part of the IFRS 9 reserves, includes changes in value of investments
and securities classified as “At Fair Value through Other Comprehensive Income” (FVOCI),
which are recognised in other comprehensive income. As of 30 September 2022, the OCI
reserve amounts to EUR 35,082.2 thousand (previous year: EUR 28,359.2 thousand).
Changes in market value of EUR 5,911.4 thousand (previous year: EUR 5,529.5 thousand) in
the fiscal year were recognised in equity under other comprehensive income and transfers
made to retained earnings in the amount of EUR 811.6 thousand (previous year:
EUR 0.00 thousand).
The IAS 19 reserves result from the actuarial valuation of pension and severance provisions
recognised in other comprehensive income.
The revaluation reserve results from first-time consolidations in previous years.
As of 30 September 2022, the company held 808 treasury shares (previous year: 1,224).
Energie AG Oberösterreich – Annual Financial Report 2021/2022
197
Consolidated Financial Statements Notes
Capital management
It is the objective of the Group’s capital management to preserve a strong capital base so that
the company can continue to generate adequate returns for the investors corresponding with
the risk situation of the company, promote the future development of the company, and also
provide benefits for other interest groups. Value based management is firmly entrenched in
the management systems and in management processes. The equity in the books according
to IFRS is what the management considers to be capital. As of the reporting date, the equity
ratio amounted to 26.0% (previous year: 39.6%). For purposes of internal reporting and
management, the return on capital employed (ROCE) is also used. The capital employed
includes the assets attributable to a unit, with the exception of the assets not used in the
process of creating and utilising goods and services, less non-interest bearing liabilities and
certain provisions.
24.
Financial instruments and financial risk management
24.1.
Derivative financial instruments and hedging
The Group’s risk management uses derivative financial instruments that predominantly serve
the purpose of hedging price and interest rate risks. The accounting of these derivative
financial instrument applies – in as far as hedging transactions are concerned and the criteria
are met – the cash flow hedge and fair value hedge accounting methods.
The use of derivative financial instruments in the Group is subject to corresponding
authorisation and control procedures. Proprietary trading is only carried out within very tightly
defined limits.
Interest rate swaps are used for hedging future variable interest payments on funding and
leasing contracts as well as highly probable funding in the future. Energie AG Group hedges
these by purchasing interest rate swaps that correspond to the hedged item in terms of the
base interest rate, payment dates, interest rate fixing date, nominal amounts and maturities.
As their essential parameters concur, a commercial relationship between the hedged item and
the hedging transaction can be affirmed. Hedges may be ineffective in the case of changes in
the counterparty’s and Energie AG’s credit risk, as well as in cases where the measurement-
relevant parameters differ from the hedged item and hedging transaction. The qualitative and
quantitative effectiveness of a hedge is determined on the basis of the hypothetical
derivatives method.
Futures and forwards are used to hedge price-related risks from electricity procurement and
electricity sales. The objective of Energie AG Group is to hedge the entire price risk using
derivative and non-derivative financial instruments and thereby reduce the cash flow risk from
electricity purchasing and sales and/or the fair value risk from firm commitments. This means
that only a portion of the total volume is hedged using derivative financial instruments.
Hedging is carried out on a rolling basis. Either the entire price risk is hedged, or only a
component of the risk. Components are hedged if the hedging instrument has a different
market price zone than the hedged item. The difference between prices in different market
price zones is observable on the market and amounted to an average of EUR27.54/MWh
(previous year: EUR 3.38/MWh) in fiscal year 2021/2022. The commercial relationship results
either from almost identical parameters of hedged item and hedging transaction (in particular
base price, performance, term and price base), or the high correlation of prices in different
market price zones in cases where only a component is hedged. A hedging ineffectiveness
may result from temporal differences, price differences, different market price zones or the
counterparty’s credit risk. The qualitative and quantitative effectiveness of a hedge is
determined on the basis of the hypothetical derivatives method.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
198
Consolidated Financial Statements Notes
Futures, forwards and swaps are used to hedge price risks from gas purchases and gas sales.
The hedging aims at reducing the cash flow risk or fair value risk from firm commitments. The
hedging volume is determined on the basis of the hedging strategy. Only a portion of the
purchases and sales are hedged using derivative instruments. The commercial relationship
either results from almost identical parameters (in particular volume, price and term), or from
the high correlation of prices if the hedged item and the hedging transaction have a different
price base. A hedging ineffectiveness may result from temporal differences, price differences,
different market price zones or the counterparty’s credit risk. The qualitative and quantitative
effectiveness of a hedge is determined on the basis of the hypothetical derivatives method.
Futures are used to hedge procurement and sales of CO2 emissions allowances. The hedging
aims at reducing the cash flow risk. Only a portion of the total volume is hedged on the basis
of the hedging strategy. The commercial relationship results from almost identical parameters
(in particular volume, price and term). Ineffective hedges may result from temporal
differences or the counterparties’ credit risk. The qualitative and quantitative effectiveness of
a hedge is determined on the basis of the hypothetical derivatives method.
Beyond that, gas-oil-swaps are concluded to hedge the price risks of purchasing fuel. The
objective is to reduce the cash flow risk from fuel purchases. The hedging volume results from
the hedging strategy and concerns only a portion of the fuel purchases. The commercial
relationship is established on the basis of the parameters quantity, term and the evidence for
the correlation of the prices of the hedged item and the hedging transaction. Ineffective
hedges may result from temporal differences, price differences and the counterparties’ credit
risk. The qualitative and quantitative effectiveness of a hedge is determined on the basis of
the hypothetical derivatives method.
The spark-spread risk from Gas- und Dampfkraftwerk Timelkam GmbH (CCGT power plant)
and Cogeneration-Kraftwerke Management Oberösterreich GmbH (CMOÖ) is hedged using
electricity, gas and CO2 emissions allowances. The commercial relationship results from
almost identical parameters (in particular volume, price and term). In these cases, a dynamic
hedging strategy based on defined targets and price developments does frequently result in
the termination and redesignation of hedging relationships. Ineffective hedges may result
from temporal differences, price differences and the counterparties’ credit risk. The qualitative
and quantitative effectiveness of a hedge is determined on the basis of the hypothetical
derivatives method.
Due to the volatile and uncertain situation, hedging instruments associated with CCGT and
CMOÖ (hedging for the procurement of gas and CO2 emissions allowances, sale of electricity)
were reversed. The reversals resulted in income of EUR 25.5 million for the CCGT and
expenses of EUR 17.1 million for the CMOÖ.
The Group holds fair value hedges for firm commitments relating to transactions for
procuring and supplying electricity and gas and for supplying CO2.
Cash flow hedges are used to protect future cash flows. The Group also uses electricity, gas,
CO2 futures, as well as gas and gas-oil swaps, to hedge price risks; interest rate swaps are
used to hedge the cash flow risks of variable-interest liabilities and highly probable funding in
the future.
The cash inflows from hedging transactions in the amount of EUR 1,694.6 million (previous
year: EUR 320.8 million) included in the cash flow statement mainly comprise margins from
electricity, gas and CO2 futures as well as cash inflows from collateral annexes. The non-cash
items from derivatives of EUR -383.0 million (previous year: EUR -44.9 million) include
amounts transferred from the cash flow hedge reserve because the hedged item affected
profit or loss and non-cash items from derivatives without a hedging relationship. The
Energie AG Oberösterreich – Annual Financial Report 2021/2022
199
Consolidated Financial Statements Notes
collateral for derivatives in the amount of EUR -342.5 million (previous year:
EUR -50.9 million) is cash and cash equivalents that had to be deposited as collateral for stock
exchange transactions.
24.2.
Disclosures on hedging transactions
24.2.1.
Cash flow hedges
For cash flow hedges, the carrying amounts, nominal amounts and changes in fair values for
the reporting period used for recognising an ineffective hedge are as follows:
Change in the
Positive
Negative
fair value for
fair
fair
ineffectiveness
values
values
Nominal
measurement
30.09.2022
EUR 1,000
EUR 1,000
Unit
amount
EUR 1,000
Electricity futures, forwards – sales
19,733.2
-424,257.6
GWh
1,676.9
-229,692.2
Electricity futures, forwards – procurement
573,374.6
-93,344.4
GWh
4,034.1
260,753.5
Gas futures – sales
-
-10,564.4
GWh
109.7
-8,672.9
Gas futures and swaps – procurement
100,898.5
-
GWh
1,210.8
66,503.2
Gas-oil swaps – procurement
2,344.5
-553.3
Tonnes
7,200.0
820.0
CO2 futures – sales
26.7
-
Tonnes
1,000.0
682.4
CO2 futures – procurement
803.3
-2,144.3
Tonnes
167,000.0
-9,435.4
Interest rate swaps
21,689.4
-2,473.8
EUR mill.
168.9
27,885.5
Total
718,870.2
-533,337.8
108,844.1
Change in the
Positive
Negative
fair value for
fair
fair
ineffectiveness
values
values
Nominal
measurement
30.09.2021
Unit
amount
EUR 1,000
EUR 1,000
EUR 1,000
Electricity futures, forwards – sales
101.3
-174,933.5
GWh
3,980.9
-176,258.2
Electricity futures, forwards – procurement
219,773.8
-497.1
GWh
3,912.0
221,608.9
Gas futures – sales
-
-1,891.5
GWh
210.9
-1,891.5
Gas futures, forwards and swaps – procurement
34,405.9
-10.6
GWh
1,698.4
36,974.8
Gas-oil swaps – procurement
1,238.7
-267.5
Tonnes
6,900.0
1,306.4
CO2 futures – sales
-
-655.7
Tonnes
27,000.0
118.0
CO2 futures – procurement
8,413.8
-319.4
Tonnes
1,024,000.0
7,486.9
Interest rate swaps
2,443.2
-11,113.1
EUR mill.
172.0
7,616.2
Total
266,376.7
-189,688.4
96,961.5
If not yet cleared, the positive fair values of the derivatives are reported in the non-current
and current item “Derivative financial instruments”, while negative fair values, if not yet
cleared, are reported in the non-current and current item “Derivative financial instruments”.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
200
Consolidated Financial Statements Notes
The nominal values and average hedging prices for cash flow hedges are as follows:
30.09.2022
Unit
2022
2023
2024
2025
> 2025
Electricity futures, forwards – sales
Nominal amount
GWh
332.8
1,238.9
105.2
-
-
Average price hedged
EUR
61.45
224.32
277.39
-
-
Electricity futures, forwards – procurement
Nominal amount
GWh
747.5
2,218.3
508.9
419.3
140.1
Average price hedged
EUR
273.44
344.94
69.42
162.83
117.88
Gas futures – sales
Nominal amount
GWh
-
-
98.9
10.8
-
Average price hedged
EUR
-
-
19.58
20.25
-
Gas futures and swaps – procurement
Nominal amount
GWh
64.1
116.7
250.3
665.9
113.9
Average price hedged
EUR
18.46
24.01
18.61
21.48
21.15
Gas-oil swaps – procurement
Nominal amount
Tonnes
900.0
3,300.0
2,100.0
900.0
-
Average price hedged
EUR
567.73
528.15
569.60
689.47
-
CO2 futures – Sales CO2 emissions allowances
Nominal amount
Tonnes
1,000.0
-
-
-
-
Average price hedged
EUR
93.40
-
-
-
-
CO2 futures – procurement CO2 emission allowances
Nominal amount
Tonnes
167,000.0
-
-
-
-
Average price hedged
EUR
74.76
-
-
-
-
Interest rate swaps
Nominal amount
EUR mill.
167.3
131.6
131.6
131.6
131.6
Average fixed interest rate
%
3.22
4.62
4.62
1.33
1.33
Energie AG Oberösterreich – Annual Financial Report 2021/2022
201
Consolidated Financial Statements Notes
30.09.2021
Unit
2021
2022
2023
2024
> 2024
Electricity futures, forwards – sales
Nominal amount
GWh
275.5
1,469.0
1,235.0
1,001.4
-
Average price hedged
EUR
59.88
51.92
65.51
69.82
-
Electricity futures, forwards – procurement
Nominal amount
GWh
742.6
1,843.1
566.8
417.9
341.6
Average price hedged
EUR
102.96
65.92
54.71
57.26
62.18
Gas futures – sales
Nominal amount
GWh
-
66.2
35.0
98.9
10.8
Average price hedged
EUR
-
73.95
25.60
19.58
20.25
Gas futures, forwards and swaps – procurement
Nominal amount
GWh
153.0
381.6
378.0
650.0
135.8
Average price hedged
EUR
17.82
23.63
18.53
19.70
19.83
Gas-oil swaps – procurement
Nominal amount
Tonnes
900.0
3,000.0
2,100.0
900.0
-
Average price hedged
EUR
428.55
379.51
417.66
435.00
-
CO2 futures – Sales CO2 emissions allowances
Nominal amount
Tonnes
27,000.0
-
-
-
-
Average price hedged
EUR
37.46
-
-
-
-
CO2 futures – procurement CO2 emission allowances
Nominal amount
Tonnes
919,000.0
60,000.0
30,000.0
15,000.0
-
Average price hedged
EUR
55.06
38.00
44.28
66.95
-
Interest rate swaps
Nominal amount
EUR mill.
170.5
167.3
131.6
131.6
131.6
Average fixed interest rate
%
3.17
3.22
4.62
4.62
1.33
The above reporting of derivatives is broken down by calendar year in which these fall due.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
202
Consolidated Financial Statements Notes
24.2.2.
Fair value hedges
For fair value hedges, the carrying amounts, nominal amounts and changes in fair values for
the reporting period used for recognising an ineffective hedge are as follows:
Change in the fair
Positive
Negative
value for
fair
fair
ineffectiveness
values
values
Nominal
measurement
30.09.2022
EUR 1,000
EUR 1,000
Unit
amount
EUR 1,000
Electricity forwards – sales
-
-8,681.2
GWh
24.9
-3,636.2
Electricity forwards – procurement
3,827.7
-555.4
GWh
11.0
3,121.7
Gas futures – procurement
68,735.3
-
GWh
948.9
64,563.5
CO2 futures – sales
-
-
Tonnes
-
2,342.3
Total
72,563.0
-9,236.6
66,391.3
Change in the fair
Positive
Negative
value for
fair
fair
ineffectiveness
values
values
Nominal
measurement
30.09.2021
EUR 1,000
EUR 1,000
Unit
amount
EUR 1,000
Electricity forwards – sales
-
-5,045.0
GWh
57.5
-4,731.1
Electricity futures and forwards – procurement
150.6
-
GWh
11.9
-40.2
Gas futures – procurement
4,190.7
-18.9
GWh
631.2
4,372.9
CO2 futures – sales
343.9
-2,686.2
Tonnes
835,000.0
-2,342.3
Total
4,685.2
-7,750.1
-2,740.7
The nominal values and average hedging prices for fair value hedges are as follows:
30.09.2022
Unit
2022
2023
2024
2025
> 2025
Electricity forwards – sales
Nominal amount
GWh
5.2
17.5
-
-
-
Average price hedged
EUR
85.91
77.53
-
-
-
Electricity forwards – procurement
Nominal amount
GWh
2.2
8.8
-
-
-
Average price hedged
EUR
133.10
76.50
-
-
-
Gas futures – procurement
Nominal amount
GWh
-
63.6
193.2
569.4
122.7
Average price hedged
EUR
-
35.96
21.94
20.81
21.62
CO2 futures – sales
Nominal amount
Tonnes
-
-
-
-
-
Average price hedged
EUR
-
-
-
-
-
Energie AG Oberösterreich – Annual Financial Report 2021/2022
203
Consolidated Financial Statements Notes
30.09.2021
Unit
2021
2022
2023
2024
> 2024
Electricity forwards – sales
Nominal amount
GWh
28.1
11.9
17.5
-
-
Average price hedged
EUR
44.73
46.58
77.53
-
-
Electricity futures and forwards – procurement
Nominal amount
GWh
3.2
-
8.7
-
-
Average price hedged
EUR
207.50
-
76.50
-
-
Gas futures – procurement
Nominal amount
GWh
-
52.6
43.8
166.9
367.9
Average price hedged
EUR
-
23.08
24.86
18.65
18.32
CO2 futures – sales
Nominal amount
Tonnes
30,000.0
805,000.0
-
-
-
Average price hedged
EUR
55.20
59.34
-
-
-
The above reporting of energy derivatives is broken down by calendar year in which these fall
due.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
204
Consolidated Financial Statements Notes
24.3.
Disclosures on hedged items and the reserve for cash flow hedges
The carrying amounts of the hedged items in fair value hedges, the reserve for cash flow
hedges and the change in the fair value for the determination of ineffective cash flow hedges
and fair value hedges for the reporting period are as follows:
Change in the Amount in the Amount in the
Change in the
Carrying
Carrying
fair value for reserves for reserves for
fair value for amount of the amount of the
ineffectiveness measurements measurements ineffectiveness hedged item in hedged item in
measurement
of cash flow
of cash flow
measurement
fair value
fair value
(cash flow hedges closed
hedges open
(fair value hedges closed
hedges open
hedges)
derivatives
derivatives
hedges)
derivatives
derivatives
30.09.2022
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Future electricity sales
229,692.2
-30,006.3
-404,524.5
505.7
3,340.2
5,532.9
Future electricity procurement
-260,753.5
180,047.4
480,030.2
575.3
-
-
Future gas sales
8,672.9
-1,794.0
-10,564.4
-
-
-
Future gas purchases
-66,503.2
11,372.5
100,898.5
-66,803.2
-5,894.2
-71,071.9
Future diesel purchases
-820.0
67.8
1,791.1
-
-
-
Future sales of CO2 emissions
allowances
-682.4
-
26.7
-2,302.2
-
-
Future purchases of CO2
emissions allowances
9,435.4
-
-1,340.9
-
-
-
Financial liabilities bearing
variable interest
-27,790.4
-
19,215.6
-
-
-
Change in the Amount in the Amount in the
Change in the
Carrying
Carrying
fair value for reserves for reserves for
fair value for amount of the amount of the
ineffectiveness measurements measurements ineffectiveness hedged item in hedged item in
measurement
of cash flow
of cash flow
measurement
fair value
fair value
(cash flow hedges closed
hedges open
(fair value hedges closed
hedges open
hedges)
derivatives
derivatives
hedges)
derivatives
derivatives
30.09.2021
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Future electricity sales
176,258.2
-3,083.2
-174,832.2
5,027.2
-
5,027.2
Future electricity procurement
-221,608.9
48,400.0
219,276.7
-610.1
-
-575.3
Future gas sales
1,891.5
-
-1,891.5
-
-
-
Future gas purchases
-36,974.8
-8.0
34,395.3
-4,472.6
206.1
-4,268.7
Future diesel purchases
-1,306.4
-76.3
971.2
-
-
-
Future sales of CO2 emissions
allowances
-118.0
-
-655.7
2,302.2
-
2,302.2
Future purchases of CO2
emissions allowances
-7,486.9
-
8,094.4
-
-
-
Financial liabilities bearing
variable interest
-7,711.3
-
-8,574.8
-
-
-
Energie AG Oberösterreich – Annual Financial Report 2021/2022
205
Consolidated Financial Statements Notes
The development of the reserves for cash flow hedges is as follows:
Transfers from reserves to profit or loss
Amounts
for which
hedge
accounting
was
previously
Amounts
applied
Consolidated transferred
and the
Hedging gains
Statement of
because
Consolidated
hedged
Consolidated
(+)/ Ineffective Comprehensive
the
Statement of
future
Statement of
losses (-) hedges Income item in
hedged Comprehensive cash flows Comprehensive
recognised in recognised
which
item Income item in
are no Income item in
the other
through
ineffective
affected which transfer
longer which transfer
comprehensive
profit or
hedge was
profit or
was
expected
was
income
loss
recognised
loss
recognised
to occur
recognised
2021/2022
EUR 1,000
EUR 1,000
EUR 1,000
TEUR
EUR 1,000
TEUR
EUR 1,000
Electricity futures, forwards
– sales
-374,490.9
-
-
-15,726.0
Sales revenues
133,601.7
Sales revenues
Expenses for
material and
Electricity futures, forwards
other purchased
– procurement
636,772.7
-
-
-244,371.7
services
-
Gas futures – sales
-7,138.5
-
-
-3,186.2
Sales revenues
-
Expenses for
material and
Gas futures, forwards and
other purchased
swaps – procurement
117,374.7
-
-
-29,213.8
services
-10,419.3
Sales revenues
Sonstige
Gas-oil swaps –
betriebliche
procurement
2,712.8
-
-
-1,748.8
Aufwendungen
-
CO2 futures – sales
-450.3
-
-
1,132.5
Sales revenues
-
Expenses for
material and
other purchased
CO2 futures – procurement
-5,413.0
-
-
6,977.2
services
-10,999.6
Sales revenues
Other interest
Financing
Interest rate swaps
25,247.1
95.1
income
2,543.2
expenses
-
Total
394,614.6
95.1
-283,593.6
112,182.8
Energie AG Oberösterreich – Annual Financial Report 2021/2022
206
Consolidated Financial Statements Notes
Transfers from reserves to profit or loss
Amounts
for which
hedge
accounting
was
previously
Amounts
applied
Consolidated transferred
and the
Hedging gains
Statement of
because
Consolidated
hedged
Consolidated
(+)/ Ineffective Comprehensive
the
Statement of
future
Statement of
losses (-) hedges Income item in
hedged Comprehensive cash flows Comprehensive
recognised in recognised
which
item Income item in
are no Income item in
the other
through
ineffective
affected which transfer
longer which transfer
comprehensive
profit or
hedge was
profit or
was
expected
was
income
loss
recognised
loss
recognised
to occur
recognised
2020/2021
EUR 1,000
EUR 1,000
EUR 1,000
TEUR
EUR 1,000
TEUR
EUR 1,000
Electricity futures, forwards
– sales
-182,572.0
-
-
3,123.2
Sales revenues
-
-
Expenses for
material and
Electricity futures, forwards
other purchased
– procurement
281,299.4
-
-
-11,165.8
services
-
-
Gas futures – sales
-1,891.5
-
-
-
Sales revenues
-
-
Expenses for
material and
Gas futures, forwards and
other purchased
swaps – procurement
39,226.3
-
-
-2,251.7
services
-
-
Sonstige
Gas-oil futures and swaps
Other operating
betriebliche
– procurement
1,597.4
9.7
expenses
59.3
Aufwendungen
-
-
CO2 futures – sales
-1,654.3
-
-
1,772.4
Sales revenues
-
-
Expenses for
material and
other purchased
CO2 futures – procurement
8,230.2
-
-
-743.4
services
-
-
Other interest
Financing
Interest rate swaps
4,976.2
-95.1
income
2,748.6
expenses
-
-
Total
149,211.7
-85.4
-6,457.4
-
-
Energie AG Oberösterreich – Annual Financial Report 2021/2022
207
Consolidated Financial Statements Notes
The Energie AG Group holds the following derivatives not dedicated to any hedging
relationship:
Nominal Value
Positive
Negative
fair values
fair values
30.09.2022
Purchase
Sale
EUR 1,000
EUR 1,000
Derivatives not designated as hedging
instruments
Electricity forwards
EUR 1,202.9 mill.
EUR 670.6 mill.
1,224,953.0
-1,860,867.1
Electricity futures
EUR 1,068.0 mill.
EUR 1,258.7 mill.
1,767,405.1
-1,473,395.0
Gas forwards
EUR 45.2 mill.
EUR 13.4 mill.
212,674.9
-16,016.3
Gas futures
EUR 423.1 mill.
EUR 796.3 mill.
1,734,896.1
-1,590,170.1
CO2 forwards
EUR 47.2 mill.
EUR 21.0 mill.
4,438.0
-3,092.1
CO2 futures
EUR 142.7 mill.
EUR 174.4 mill.
28,470.9
-25,649.5
Nominal Value
Positive
Negative
fair values
fair values
30.09.2021
Purchase
Sale
EUR 1,000
EUR 1,000
Derivatives not designated as hedging
instruments
Electricity forwards
EUR 146.7 mill.
EUR 145.5 mill.
151,708.7
-153,816.2
Electricity futures
EUR 2.0 mill.
EUR 1.0 mill.
245.4
-807.6
Gas forwards
EUR 0.3 mill.
EUR 0.2 mill.
1,018.2
-106.4
Gas futures
EUR 5.2 mill.
EUR 7.9 mill.
4,502.7
-5,326.7
CO2 forwards
EUR 12.0 mill.
EUR 0.0 mill.
1,797.2
-1.6
CO2 futures
EUR 5.6 mill.
EUR 19.3 mill.
3,318.6
-3,814.9
Energie AG Oberösterreich – Annual Financial Report 2021/2022
208
Consolidated Financial Statements Notes
24.4.
Carrying amounts in accordance with IFRS 9
In accordance with IFRS 9 or IFRS 16, the carrying amounts of financial assets and liabilities
are grouped into classes or measurement categories as follows:
Carrying amount
Carrying amount
Category acc.
30.09.2022
30.09.2021
to IFRS 9
EUR 1,000
EUR 1,000
Investments
40,444.4
30,836.0
Shares in affiliated companies
FVOCI
1,580.2
1,580.7
Other investments
FVOCI
38,864.2
29,255.3
Other financial assets
126,827.3
80,318.4
Lendings to companies in which an interest is held
AC
84,315.6
5,186.4
Other lendings
AC
7,620.2
6,544.3
Fixed term deposits
AC
-
24,847.2
Securities FVOCI
FVOCI
8,116.7
12,631.5
Securities FVPL
FVPL
26,774.8
31,109.0
Derivative financial instruments (non-current and current)
1,968,863.3
371,702.0
Derivatives designated as hedging instruments (cash flow hedge)
n/a
512,188.6
211,765.5
Derivatives designated as hedging instruments (fair value hedge)
n/a
14,608.8
5,412.4
Derivatives not designated as hedging instruments
FVPL
1,442,065.9
154,524.1
Receivables and other assets (non-current and current) acc. to the
Statement of Financial Position
918,777.3
469,016.7
Thereof non-financial assets
107,107.6
86,351.6
Thereof financial assets
811,669.7
382,665.1
Trade receivables
AC
351,991.7
259,902.2
Receivables from affiliated companies
AC
18,248.8
252.4
Receivables from joint arrangements and associated companies
AC
37,325.3
5,076.8
Other financial assets
AC
404,103.9
117,433.7
Fixed term deposits and short-term investments
273,472.6
105,775.3
Fixed term deposits
AC
113,868.6
85,816.1
Short-term investments
FVPL
159,604.0
19,959.2
Cash and cash equivalents
AC
929,449.9
219,197.3
Total financial assets
4,150,727.2
1,190,494.1
Financial liabilities (non-current and current)
660,478.2
670,096.9
Bonds
FLAC
300,896.3
301,231.8
Liabilities to banks
FLAC
8,362.7
6,530.5
Lease liabilities
IFRS 16
115,897.0
114,748.8
Other financial liabilities
FLAC
235,322.2
247,585.8
Trade payables (current)
FLAC
279,156.4
162,178.9
Derivative financial instruments (non-current and current)
2,946,453.5
517,384.3
Derivatives designated as hedging instruments (cash flow hedge)
n/a
422,366.9
179,434.5
Derivatives designated as hedging instruments (fair value hedge)
n/a
92,445.1
9,986.3
Derivatives not designated as hedging instruments
FVPL
1,879,975.5
153,924.2
Received margin payments
n/a
551,666.0
174,039.3
Other liabilities (non-current and current) acc. to the Statement of
Financial Position
466,461.6
231,417.6
Thereof non-financial liabilities
216,518.3
150,359.7
Thereof financial liabilities
249,943.3
81,057.9
Liabilities to affiliated companies
FLAC
560.7
9,292.5
Liabilities to joint arrangements and associated companies
FLAC
5,357.5
2,774.3
Other financial liabilities (non-current and current)
FLAC
244,025.1
68,991.1
Total financial liabilities
4,136,031.4
1,430,718.0
Energie AG Oberösterreich – Annual Financial Report 2021/2022
209
Consolidated Financial Statements Notes
Carrying amount
Carrying amount
Category acc.
30.09.2022
30.09.2021
to IFRS 9
EUR 1,000
EUR 1,000
Carrying amounts grouped to measurement categories according to
IFRS 9
Financial Assets at Amortized Costs (AC)
1,946,924.0
724,256.4
Financial Assets at Fair Value through Other Comprehensive Income (FVOCI)
48,561.1
43,467.5
Financial Assets at Fair Value through Profit or Loss (FVPL)
1,628,444.7
205,592.3
Financial Liabilities at Amortized Cost (FLAC)
1,073,680.9
798,584.9
Financial Liabilities at Fair Value through Profit or Loss (FVPL)
1,879,975.5
153,924.2
As of 30 September 2022, the Energie AG Group holds shares in affiliated companies and
other investments in the amount of EUR 40,444.4 thousand (previous year: EUR 30,836.0), as
well as securities (stocks) in the amount of EUR 8,116.7 thousand (previous year:
EUR 12,631.5 thousand) classified as “Financial Assets Through Other Comprehensive Income
(FVOCI)”. These investments are held for long-term, strategic purposes. For
fiscal year 2021/2022, the dividends distributed for securities amount to EUR 428.2 thousand
(previous year: EUR 210.8 thousand). Dividends distributed for investments amount to
EUR 2,607.0 thousand (previous year: EUR 1,924.3 thousand).
In the 2021/2022 fiscal year, two Czech investments and Oberösterreichische Gemeinnützige
Bau- und Wohngesellschaft mit beschränkter Haftung (previous year: no strategic
investments) were sold. EUR 811.6 thousand (previous year: EUR 0.0 thousand) of
accumulated losses were reclassified within equity.
24.5.
Offsetting of financial assets and liabilities
The following table shows the effect of netting agreements:
30.09.2022
30.09.2021
Reported
Effects from
Reported
Effects from
financial
offsetting
financial
offsetting
assets/
framework
assets/
framework
liabilities
agreements
Net amounts
liabilities
agreements
Net amounts
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Financial assets
Trade receivables
351,991.7
-14,270.1
337,721.6
259,902.2
-13,478.0
246,424.2
Positive fair value of derivatives
1,968,863.3
-1,494,582.9
474,280.4
371,702.0
-250,090.6
121,611.4
Total
2,320,855.0
-1,508,853.0
812,002.0
631,604.2
-263,568.6
368,035.6
Financial liabilities
Trade payables
279,156.4
-14,270.1
264,886.3
162,178.9
-13,478.0
148,700.9
Negative fair value of derivatives
2,394,787.5
-1,494,582.9
900,204.6
343,345.0
-250,090.6
93,254.4
Total
2,673,943.9
-1,508,853.0
1,165,090.9
505,523.9
-263,568.6
241,955.3
At the Energie AG Oberösterreich Group, the derivative financial instruments and receivables/
payables presented above are concluded on the basis of standard agreements (e.g. ISDA,
EFET, German Master Agreement for Financial Derivative Transactions), which, in the event of
insolvency of a business partner, permit the offsetting of outstanding transactions. The
criteria for netting in the statement of financial position are not met, because either no net
payments are being made or the legal enforceability of the netting agreements is uncertain.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
210
Consolidated Financial Statements Notes
24.6.
Measurement at fair value
24.6.1.
Fair value of financial assets and liabilities that are measured regularly at fair
value
Pursuant to IFRS 13, financial instruments that are measured at fair value are classified within
a fair value hierarchy. In view of possible uncertainties relating to possible estimates of the
fair values, a distinction is made between three levels:
Level 1: Measurement on the basis of a published price quotation for identical assets or
liabilities in an active market.
Level 2: Measurement on the basis of inputs that are observable either directly or indirectly in
the market and measurements based on prices quoted in inactive markets.
Level 3: Measurement on the basis of inputs not observable in the market.
If the inputs used to determine the fair value of an asset or liability are attributable to
different levels of the fair value hierarchy, the measurement at fair value is wholly assigned to
the fair value hierarchy level that corresponds to the lowest input which, in the aggregate, is
material for the measurement.
The financial instruments measured at fair value are assigned to levels 1 to 3:
Measurement
on the basis
of inputs
Measurement
observable
Other
at market
on the
measurement
Carrying
prices
market
methods
Total fair
amount
Level 1
Level 2
Level 3
value
30.09.2022
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Assets
Shares in affiliated companies (FVOCI)
1,580.2
-
-
1,580.2
1,580.2
Other investments (FVOCI)
38,864.2
1,920.0
-
36,944.2
38,864.2
Securities (FVOCI)
8,116.7
8,116.7
-
-
8,116.7
Securities (FVPL)
26,774.8
26,774.8
-
-
26,774.8
Derivatives designated as hedging instruments
(cash flow hedge)
512,188.6
-
512,188.6
-
512,188.6
Derivatives designated as hedging instruments (fair
value hedge)
14,608.8
-
14,608.8
-
14,608.8
Derivatives not designated as hedging instruments
(FVPL)
1,442,065.9
-
1,442,065.9
-
1,442,065.9
Short-term investments (FVPL)
159,604.0
159,604.0
-
-
159,604.0
Total
2,203,803.2
196,415.5
1,968,863.3
38,524.4
2,203,803.2
Liabilities
Derivatives designated as hedging instruments
(cash flow hedge)
422,366.9
-
422,366.9
-
422,366.9
Derivatives designated as hedging instruments (fair
value hedge)
92,445.1
-
92,445.1
-
92,445.1
Derivatives not designated as hedging instruments
(FVPL)
1,879,975.5
-
1,879,975.5
-
1,879,975.5
Total
2,394,787.5
-
2,394,787.5
-
2,394,787.5
Energie AG Oberösterreich – Annual Financial Report 2021/2022
211
Consolidated Financial Statements Notes
Measurement
on the basis
of inputs
Measurement
observable
Other
at market
on the
measurement
Carrying
prices
market
methods
Total fair
amount
Level 1
Level 2
Level 3
value
30.09.2021
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Assets
Shares in affiliated companies (FVOCI)
1,580.7
-
-
1,580.7
1,580.7
Other investments (FVOCI)
29,255.3
1,938.5
-
27,316.8
29,255.3
Securities (FVOCI)
12,631.5
12,631.5
-
-
12,631.5
Securities (FVPL)
31,109.0
31,109.0
-
-
31,109.0
Derivatives designated as hedging instruments
(cash flow hedge)
211,765.5
-
211,765.5
-
211,765.5
Derivatives designated as hedging instruments (fair
value hedge)
5,412.4
-
5,412.4
-
5,412.4
Derivatives not designated as hedging instruments
(FVPL)
154,524.1
-
154,524.1
-
154,524.1
Short-term investments (FVPL)
19,959.2
19,959.2
-
-
19,959.2
Total
466,237.7
65,638.2
371,702.0
28,897.5
466,237.7
Liabilities
Derivatives designated as hedging instruments
(cash flow hedge)
179,434.5
-
179,434.5
-
179,434.5
Derivatives designated as hedging instruments (fair
value hedge)
9,986.3
-
9,986.3
-
9,986.3
Derivatives not designated as hedging instruments
(FVPL)
153,924.2
-
153,924.2
-
153,924.2
Total
343,345.0
-
343,345.0
-
343,345.0
Level 3 financial instruments have developed as follows:
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Carrying amount as of 01.10.
28,897.5
27,568.1
Gains (losses) – not recognised in profit or loss
10,495.1
1,160.6
Additions
20.0
35.0
Disposals
-906.9
-
Transfers
-35.0
-
Currency translation
53.7
133.8
Carrying amount as of 30.09.
38,524.4
28,897.5
Energie AG Oberösterreich – Annual Financial Report 2021/2022
212
Consolidated Financial Statements Notes
The appreciation of EUR 10,495.1 thousand (previous year: EUR 1,923.7 thousand) relates to
Other Investments (FVOCI). The fair value of these Other Investments is determined using a
measurement method based on capitalisation of earnings. Essential input factors are the cash
flow assumptions from planning and the discount rate. The impairment of other investments
in the Czech Republic amounts to EUR 0.0 thousand (previous year: EUR 763.1 thousand).
The resulting profit of EUR 10,495.1 thousand (previous year: EUR 1,160.6 thousand)
through equity was recognised as other comprehensive income in the item “Change in value
of investments and securities FVOCI”.
An increase (reduction) of the cash flow assumptions by 25% would have resulted in an
increase (reduction) of the OCI in the amount of EUR 6,878.5 thousand
(EUR -6,878.5 thousand) (previous year: EUR 4,702.4 thousand (EUR -4,702.4 thousand)). An
increase (reduction) of the discount rate by 50 basis points would have resulted in a reduction
(increase) of the OCI in the amount of EUR -1,413.0 thousand (EUR 1,586.1 thousand)
(previous year: EUR -1,116.1 thousand (EUR 1,278.2 thousand)).
24.6.2.
Valuation techniques and inputs used in measuring fair values
In general, the fair values of the financial assets and liabilities correspond to their market
prices on the reporting date. If active market prices are not directly available, then – if they
are not of minor significance – they are calculated using recognised actuarial measurement
models and current market parameters (in particular interest rates, exchange rates and the
credit rating of contractual partners). This is done by discounting the cash flows from the
financial instruments to the reporting date.
The following valuation parameters and inputs were used:
Financial instruments
Level
Valuation techniques
Inputs
Other investments
3
Capital value-oriented
Assumptions concerning cash flows, interest rates, planning
Listed securities, mutual funds
1
Market value-oriented
Nominal values, stock market price, net asset value
Listed energy futures
1
Market value-oriented
Settlement price determined at stock exchange
Forward price curve derived from stock exchange prices,
Non-listed energy forwards
2
Capital value-oriented
interest rate curve, credit risk of contractual partners on a
net basis
Cash flows already fixed or determined using forward rates,
Interest rate swaps
2
Capital value-oriented
interest rate curve, credit risk of contractual partners
Cash flows already fixed or determined using forward rates,
Gas and gas-oil swaps
2
Capital value-oriented
interest rate curve, credit risk of contractual partners
24.6.3.
Fair values of financial assets and liabilities that are not measured regularly at
fair value, however for which the fair value must be disclosed
The items trade receivables, receivables from affiliated companies, receivables from joint
arrangements and associated companies, other financial assets, as well as fixed term deposits
and current investments are characterised by predominantly short remaining terms. This
means that their carrying amounts as of the reporting date roughly represent their fair value.
If they are material and have a fixed interest rate, then the fair value of non-current lendings
corresponds to the present value of the payments associated with the assets, taking into
consideration the current market parameters in each case (interest rates, credit spreads).
Trade payables, liabilities to affiliated companies, liabilities to joint arrangements and
associated companies and other financial liabilities usually have short remaining terms. The
values on the balance sheet are approximately the fair values. If they are material and bear
interest at a fixed rate, the fair value of financial liabilities is determined using the present
Energie AG Oberösterreich – Annual Financial Report 2021/2022
213
Consolidated Financial Statements Notes
value of the payments associated with the liabilities, taking into consideration the respectively
applicable market parameters (interest rates, credit spreads).
The following financial assets and liabilities have a fair value different from the carrying
amount:
Carrying
Carrying
amount
Fair value
amount
Fair value
Category acc.
30.09.2022
30.09.2022
30.09.2021
30.09.2021
to IFRS 9
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Level
Assets
Other financial
assets
91,935.8
90,641.9
11,730.7
12,521.0
Lendings to
companies in
which an interest
is held
AC
84,315.6
83,089.7
5,186.4
5,847.9
Level 3
Other lendings
AC
7,620.2
7,552.2
6,544.3
6,673.1
Level 3
Liabilities
Financial
liabilities
536,218.5
469,228.2
548,817.6
607,949.5
Bonds
FLAC
300,896.3
309,045.0
301,231.8
344,823.0
Level 1
Other financial
liabilities
FLAC
235,322.2
160,183.2
247,585.8
263,126.5
Level 3
The fair values of the Level 3 financial assets and liabilities disclosed above were determined
in agreement with generally accepted valuation techniques based on discounted cash flow
analyses. Material input is the discount rate, which takes into account the expected credit loss
of the counterparty.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
214
Consolidated Financial Statements Notes
24.7.
Net result
The net result from financial instruments is grouped in the different classes of financial
instruments as follows:
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Financial Assets at Amortized Cost
461.1
760.2
Financial Assets at Fair Value through Other Comprehensive Income
7,186.0
5,740.3
Financial Assets at Fair Value through Profit or Loss
-5,054.8
936.0
Financial Assets/Liabilities at Fair Value through Profit or Loss
4,595.0
4,733.3
Financial Liabilities Measured at Amortized Cost
-21,630.1
-18,273.6
Net result
-14,442.8
-6,103.8
Interest income and expenses from financial instruments measured at amortised costs:
Total interest income
928.1
753.7
Total interest expense
-21,630.1
-18,273.6
The net result for the category Financial Assets at Amortized Cost (AC) mainly includes
interest income from invested money and is recognised in the financial result. This item also
includes income from the reversal of impairments and expected credit losses, income from
the receipt of receivables that had previously been written off, as well as expenses from
impairments, expected credit losses and write-offs for trade receivables recognised in the
operating result.
The net result of the category Financial Assets at Fair Value through Other Comprehensive
Income (FVOCI) shows the measurement result for the investments and securities measured
outside of profit or loss. Income from investments and dividends from securities are reported
in the other financial result.
The net result of the category Financial Assets at Fair Value through Profit or Loss (FVPL)
mainly includes earnings from remeasurement and earnings from disposals, as well as
dividends from securities and income from the remeasurement of money market funds and is
shown in other financial result.
The net result of the category Financial Assets at Fair Value Trading through Profit or Loss
(FVPL) and Financial Liabilities at Fair Value Trading through Profit or Loss (FVPL) essentially
results from the derivatives used by Energie AG. The measured value of derivative instruments
in the Energy Segment is recognised in the operating result.
The net result of the category Financial Liabilities at Amortized Cost mainly includes interest
expenses from financial liabilities and is part of the financial result.
24.8.
Financial risk management
24.8.1.
Principles of financial risk management
Due to its business activities and the financial transactions it conducts, the Energie AG Group
is exposed to various risks. These risks primarily include currency and interest rate risks,
liquidity risks, expected credit loss, price risks from securities, and price risks in the commodity
sector (energy sector price risks).
Energie AG Oberösterreich – Annual Financial Report 2021/2022
215
Consolidated Financial Statements Notes
Energy sector risks are managed by Energie AG Oberösterreich Trading GmbH, and financial
risks are managed centrally by Group Treasury, which is also responsible for any hedging
measures for all Group companies. Hedging against energy sector risks is handled on the
basis of an internal policy on conducting energy sector hedging transactions. A financial
management guideline for the Group (Treasury Policy), in which the main goals, principles
and distribution of duties in the Group are set out, serves as a basis for the management of
financial risks.
Hedging against energy sector and financial risks is also handled using derivative financial
instruments. Transactions of this type are on principle only carried out with counterparties
with very good credit ratings in order to minimise the risk of default.
24.8.2.
Foreign exchange risk
The foreign exchange risks in the Energie AG Group result from funding provided in foreign
currencies and the translation risk from the conversion of foreign Group companies into the
Group currency (Czech Republic and Hungary).
For the foreign exchange risk of financial instruments, sensitivity analyses were carried out
which show the effects of hypothetical changes in exchange rates on result (after taxes) and
equity. The affected holdings as of the reporting date were used as a basis (CZK 7.2 million,
HUF 2.7 billion), (previous year: CZK 7.4 million, HUF 2.7 billion). Here it was assumed that
the risk on the reporting date basically represents the risk during the fiscal year. A tax rate of
23% to 24.25% (previous year: 25%) was used. In addition, it was assumed for the analysis
that all other variables, in particular interest rates, remain constant. In the analysis, the
currency risks for financial instruments that are denominated in a currency different from the
functional currency and are of a monetary nature were included. Differences resulting from
the exchange rate in translating financial statements into the Group currency were not taken
into consideration.
Following the aforementioned assumptions, an upward revaluation of the Euro by 10%
against all other currencies on the reporting date would result in lower earnings (after taxes)
by EUR 467.2 thousand (previous year: EUR 530.3 thousand) and a reduction in equity by
EUR 467.2 thousand (previous year: EUR 530.3 thousand). Here, the sensitivity of equity, as
well as the sensitivity of profit (after taxes), were affected by the sensitivity of the currency-
related translation effects of net investments and hedge accounting in the amount of
EUR 0.0 thousand (previous year: EUR 0.0 thousand).
Following the aforementioned assumptions, a write-down of the Euro by 10% against all
other currencies on the reporting date would result in increased earnings (after taxes) by
EUR 571.0 thousand (previous year: EUR 648.1 thousand) and an increase in equity by
EUR 571.0 thousand (previous year: EUR 648.1 thousand). Here, the sensitivity of equity, as
well as the sensitivity of profit (after taxes), were affected by the sensitivity of the currency-
related translation effects of net investments and hedge accounting in the amount of
EUR 0.0 thousand (previous year: EUR 0.0 thousand).
Energie AG Oberösterreich – Annual Financial Report 2021/2022
216
Consolidated Financial Statements Notes
24.8.3.
Interest rate risk
The Energie AG Group holds interest rate-sensitive financial instruments in order to meet the
requirements of operational and strategic liquidity management. Interest rate change risks
mainly result from financial instruments with variable interest rates (cash flow risk). Interest
rate risks result in particular from:
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
Cash in bank
929,333.2
219,197.3
Variable rate lendings
15,054.9
2,595.4
Variable rate loans
-32,897.3
-33,179.8
Variable rate lease liabilities
-74,610.2
-78,370.6
Net risk before hedge accounting
836,880.6
110,242.3
Hedge accounting and interest rate derivatives
68,924.7
72,028.0
Net risk after hedge accounting and interest derivatives
905,805.3
182,270.3
For the interest rate risks of these financial instruments, sensitivity analyses were carried out
which show the effects of hypothetical changes in market interest rates on result (after taxes)
and equity. The affected holdings as of the reporting date were used as a basis. Here it was
assumed that the risk on the reporting date basically represents the risk during the fiscal year.
A tax rate of 23% to 24.25% (previous year: 25%) was used. In addition, it was assumed for
the analysis that all other variables, in particular exchange rates, remain constant.
Following the aforementioned assumptions, an increase in the market interest rate by 50
basis points on the reporting date would result in increased earnings (after taxes) by
EUR 3,424.5 thousand (previous year: EUR 683.5 thousand) and an increase in equity in the
amount of EUR 6,370.4 thousand (previous year: EUR 5,327.4 thousand). The sensitivity of
equity, as well as the sensitivity of earnings (after taxes), were in this case affected by the
sensitivity of the interest rate-related cash flow hedge reserve in the amount of
EUR 2,945.9 thousand (previous year: EUR 4,643.9 thousand).
Following the aforementioned assumptions, a decrease in the market interest rate by 50 basis
points on the reporting date would result in a reduction of earnings (after taxes) by
EUR 3,424.5 thousand (previous year: increase: EUR 683.5 thousand) and a decrease in equity
in the amount of EUR 6,588.7 thousand (previous year: EUR 5,713.6 thousand). The
sensitivity of equity, as well as the sensitivity of earnings (after taxes), were in this case
affected by the sensitivity of the interest rate-related cash flow hedge reserve in the amount
of EUR 3,164.2 thousand (previous year: EUR 5,030.1 thousand).
24.8.4.
Commodity price risk
Commodity price risks arise primarily from the procurement and sale of electricity, gas and
CO2. Beyond that price risks arise for Energie AG Oberösterreich due to speculative positions
taken in proprietary trading. Proprietary trading is only carried out within very tightly defined
limits and the risk can therefore be considered immaterial.
Hedging instruments are used for electrical energy, gas and CO2 to hedge against energy
industry risks.
For the commodity price risks, sensitivity analyses were carried out which show the effect of
hypothetical changes in the fair value level on result (after taxes) and equity. The affected
derivative holdings in the area of energy as of the reporting date were used as a basis. Here it
was assumed that the risk on the reporting date basically represents the risk during the fiscal
Energie AG Oberösterreich – Annual Financial Report 2021/2022
217
Consolidated Financial Statements Notes
year. A tax rate of 23% to 24.25% (previous year: 25%) was used. In addition, it was
assumed for the analysis that all other variables, in particular exchange rates, remain
constant. Not taken into consideration are contracts which are for the purpose of the receipt
or delivery of non-financial items according to the expected purchase, sale and use
requirements of the company (own use) and which therefore are not to be reported
according to IFRS 9, with the exception of onerous contacts.
Sensitivity of derivative contracts regarding the electricity price:
Following the aforementioned assumptions, a 50% (previous year: 15%) increase (decrease)
in the fair value level as of the reporting date would result in a decrease (increase) in profit
(after taxes) by EUR 0.0 thousand (previous year: EUR 55.4 thousand) and an increase
(decrease) in equity by EUR 324,145.1 (previous year: EUR 8,380.9 thousand). The sensitivity
of equity, as well as the sensitivity of earnings (after taxes), were in this case affected by the
sensitivity of the electricity-price-related cash flow hedge reserve in the amount of
EUR 324,145.1 thousand (previous year: EUR 8,436.3 thousand).
Sensitivity of derivative contracts with regard to the prices for gas and diesel (gas-oil):
Following the aforementioned assumptions, a 50% (previous year: 25%) increase (decrease)
in the fair value level as of the reporting date would result in a decrease (increase) in profit
(after taxes) by EUR 0.0 thousand (previous year: EUR 466.8 thousand) and an increase
(decrease) in equity by EUR 45,700.5 thousand (previous year: EUR 11,265.2 thousand). The
sensitivity of equity, as well as the sensitivity of earnings (after taxes), were in this case
affected by the sensitivity of the gas-price-related cash flow hedge reserve in the amount of
EUR 45,700.5 thousand (previous year: EUR 11,732.0 thousand).
Sensitivity of derivative contracts with regard to the price of CO2:
Following the aforementioned assumptions, a 30% (previous year: 15%) increase (decrease)
in the fair value level as of the reporting date would result in a decrease (increase) in profit
(after taxes) by EUR 306.6 thousand (previous year: EUR 55.5 thousand) and an increase
(decrease) in equity by EUR 2,210.6 thousand (previous year: decrease (increase)
EUR 6,823.7 thousand). The sensitivity of equity, as well as the sensitivity of earnings (after
taxes), were in this case affected by the sensitivity of the CO2-price-related cash flow hedge
reserve in the amount of EUR 2,517.2 thousand (previous year: EUR 6,879.2 thousand).
24.8.5.
Market risk from securities measured at fair value
The Energie AG Oberösterreich Group holds securities and funds that result in price change
risks for the company. The fluctuation risk of the securities held is limited by a conservative
investment policy and ongoing monitoring, as well as ongoing quantification of the risk
potential.
A sensitivity analysis carried out for the price risks from securities established the effect of
hypothetical changes in the market price level on earnings (after taxes) and equity. The
relevant holdings of financial instruments “At Fair Value through Other Comprehensive
Income” and “At Fair Value through Profit or Loss” on the reporting date were used as a
basis. Here it was assumed that the risk on the reporting date basically represents the risk
during the fiscal year. A tax rate of 23% to 24.25% (previous year: 25%) was used. In
addition, it was assumed for the analysis that all other inputs, such as the currency, remain
constant.
Following the aforementioned assumptions, a 15% increase (decrease) in the fair value level
as of the reporting date would result in an increase (decrease) in profit (after taxes) in the
amount of EUR 21,227.5 thousand (previous year: EUR 5,745.2 thousand) and in equity in
the amount of EUR 22,386.7 thousand (previous year: EUR 7,384.3 thousand). Here, the
Energie AG Oberösterreich – Annual Financial Report 2021/2022
218
Consolidated Financial Statements Notes
sensitivity of equity, as well as the sensitivity of profit (after taxes), were affected by the
sensitivity of the market-price-level-related OCI reserve in the amount of
EUR 1,159.2 thousand (previous year: EUR 1,639.1 thousand).
24.8.6.
Expected credit loss
Credit risks arise for the Energie AG Group due to non-fulfilment of contractual
arrangements by counterparties.
The expected credit loss is limited by performing regular credit assessments of the customer
portfolio. In the area of financial and energy trading, transactions are only conducted with
counterparties with a first-class credit rating. In addition, the risks are mitigated by limit
systems and monitoring.
At Energie AG Oberösterreich, the maximum expected credit loss corresponds to the carrying
amount of the reported financial assets.
A low credit risk is assumed for derivatives and other instruments accounted for at fair value.
Netting agreements are used to reduce the credit risks attached to derivatives.
The carrying amounts of the financial assets are composed as follows:
Thereof:
Thereof: neither impaired nor past due in the following
not
maturity ranges
Thereof:
impaired
not
or overdue
impaired
Carrying
as of the
as of the
amount
reporting
Less than
Between
Between More than
reporting
30.09.2022
date
30 days 30 and 60 days 60 and 90 days
90 days
date
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Receivables and other
financial assets (non-current
and current)
793,420.9
775,262.5
11,945.0
737.0
622.6
745.4
4,108.4
Trade receivables
351,991.7
336,341.9
11,906.4
570.4
622.4
722.6
1,828.0
Receivables from joint
arrangements and associated
companies
37,325.3
37,306.5
18.8
-
-
-
-
Other financial assets
404,103.9
401,614.1
19.8
166.6
0.2
22.8
2,280.4
Total
793,420.9
775,262.5
11,945.0
737.0
622.6
745.4
4,108.4
Energie AG Oberösterreich – Annual Financial Report 2021/2022
219
Consolidated Financial Statements Notes
Thereof:
Thereof: neither impaired nor past due in the following
not
maturity ranges
Thereof:
impaired
not
or overdue
impaired
Carrying
as of the
as of the
amount
reporting
Less than
Between
Between More than
reporting
30.09.2021
date
30 days 30 and 60 days 60 and 90 days
90 days
date
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Receivables and other
financial assets (non-current
and current)
382,412.7
366,297.5
9,734.4
852.2
526.8
640.3
4,361.5
Trade receivables
259,902.2
247,042.5
9,709.6
674.3
526.6
606.3
1,342.9
Receivables from joint
arrangements and associated
companies
5,076.8
5,069.0
7.8
-
-
-
-
Other financial assets
117,433.7
114,186.0
17.0
177.9
0.2
34.0
3,018.6
Total
382,412.7
366,297.5
9,734.4
852.2
526.8
640.3
4,361.5
The changes in impairments of financial assets were as follows:
Balance
Balance
as of
Currency
as of
01.10.2021
Additions
Use
Reversals
conversion
30.09.2022
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Receivables and other financial assets (non-
current and current)
8,556.3
665.8
-276.1
-1,066.1
32.0
7,911.9
Trade receivables
8,472.2
665.8
-276.1
-1,065.9
29.0
7,825.0
Other financial assets
84.1
-
-
-0.2
3.0
86.9
Total
8,556.3
665.8
-276.1
-1,066.1
32.0
7,911.9
Balance
Balance
as of
Currency
as of
01.10.2020
Additions
Use
Reversals
conversion
30.09.2021
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Receivables and other financial assets (non-
current and current)
9,051.9
713.4
-77.6
-1,203.1
71.7
8,556.3
Trade receivables
8,973.1
713.4
-77.6
-1,203.1
66.4
8,472.2
Other financial assets
78.8
-
-
-
5.3
84.1
Total
9,051.9
713.4
-77.6
-1,203.1
71.7
8,556.3
The expenses for complete derecognition of receivables amount to EUR 1,380.7 thousand
(previous year: EUR 1,589.8 thousand). The income from the receipt of derecognised
receivables amount to EUR 530.0 thousand (previous year: EUR 590.2 thousand). The income
from impairment reversals in the fiscal year amounts to EUR 400.3 thousand (previous year:
EUR 489.7 thousand) for financial assets classified as “Financial Assets at Amortized Cost
(AC)”.
With regard to the holdings of financial trade and other receivables that are neither impaired
nor in default, there are no indications as of the reporting date that the debtors will not meet
Energie AG Oberösterreich – Annual Financial Report 2021/2022
220
Consolidated Financial Statements Notes
their payment obligations. For the financial assets not listed in the above table, there are no
material delinquencies or impairments at the reporting date, and there are no indications that
the debtors will not meet their payment obligations.
Individual impairments are made up of a number of individual items, of which none is
material when considered by itself. In addition, value adjustments graduated by risk groups
are recognised to provide for general credit risks. An impairment of 50% is usually recognised
for trade receivables that are more than 180 days overdue.
A financial asset is considered a write-off if the debtor is unlikely to meet his obligations. This
is in particular assumed if insolvency proceedings are opened or a claim is overdue for a long
time.
Pursuant to the expected credit loss model described in IFRS 9, expected credit losses must
also be recognised for financial assets “At Amortised Cost” (AC). The expected credit losses
developed as follows:
Balance
Currency
as of
01.10.2021
Additions
Reversals
conversion
30.09.2022
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Other financial assets
206.8
33.8
-159.8
0.4
81.2
Lendings to companies in which an
interest is held
18.7
33.8
-0.8
-
51.7
Other lendings
35.3
-
-6.2
0.4
29.5
Fixed term deposits
152.8
-
-152.8
-
-
Receivables and other financial
assets (non-current and current)
501.0
232.7
-37.7
0.4
696.4
Trade receivables
501.0
232.7
-37.7
0.4
696.4
Fixed term deposits and short-
term investments
183.9
-
-52.5
-
131.4
Fixed term deposits
183.9
-
-52.5
-
131.4
Total
891.7
266.5
-250.0
0.8
909.0
Energie AG Oberösterreich – Annual Financial Report 2021/2022
221
Consolidated Financial Statements Notes
Balance
Currency
as of
01.10.2020
Additions
Reversals
conversion
30.09.2021
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Other financial assets
57.3
159.3
-10.7
0.9
206.8
Lendings to companies in which an
interest is held
24.0
-
-5.3
-
18.7
Other lendings
33.3
6.5
-5.4
0.9
35.3
Fixed term deposits
-
152.8
-
-
152.8
Receivables and other financial
assets (non-current and current)
1,123.1
23.6
-649.0
3.3
501.0
Trade receivables
1,123.1
23.6
-649.0
3.3
501.0
Fixed term deposits and short-
term investments
223.7
-
-39.8
-
183.9
Fixed term deposits
223.7
-
-39.8
-
183.9
Total
1,404.1
182.9
-699.5
4.2
891.7
For trade receivables and receivables from subsidiaries that are essentially comprised of trade
receivables, the credit losses expected over the term are measured using an impairment
matrix. In the case of lendings, fixed term deposits, cash and cash equivalents, the expected
credit losses are assessed for a 12-month period due to the credit risk remaining essentially
unchanged, or because a low credit risk is assumed on the basis of the counterparty’s current
rating. Any change in the credit risk is ascertained by monitoring the rating. For the purpose
of reflecting an assumed recovery rate, the expected losses include the Loss Given Default
(LGD), unless the instrument is of diminished creditworthiness. The estimated losses are in
this case ascertained on the basis of the estimated expected cash flows and the originally
effective interest rate.
In the previous fiscal year, the rating of one particular long-term investment with one
Austrian bank pursuant to IFRS 9B.5.5.23 deteriorated to “non-investment grade”. This has
significantly increased the expected credit loss since the investment’s initial recognition. The
loss expected for this long-term fixed deposit was thus measured over the remaining term
and amounted to EUR 107.8 thousand. It is reported in the item other financial assets and
included in the addition of EUR 152.8 thousand. The 12-month credit loss is again applied in
the present fiscal year.
24.8.7.
Liquidity risk
A liquidity risk would exist when liquidity reserves or debt capacity were insufficient to meet
financial obligations on time. Due to anticipatory liquidity planning and the liquidity reserves
that are held, the liquidity risk is considered very low for the Energie AG Group. In addition,
open lines of bank credit and on the capital market are also drawn on as sources for
financing. Measures aimed at assuring an appropriate capital structure and a conservative
financial profile assist the company in maintaining its current “A” rating.
All financial instruments held on the reporting date and for which payments are contractually
agreed upon are consolidated. Plan figures for new, future financial liabilities are not
included. An average remaining term of 12 months is assumed for the current operating
loans; the loan terms are however extended regularly and are, from a commercial perspective,
Energie AG Oberösterreich – Annual Financial Report 2021/2022
222
Consolidated Financial Statements Notes
available for longer than the stated periods. Foreign currency amounts are translated at the
spot rate as of the reporting date. Variable interest payments from financial instruments are
determined based on the last interest rates set before the reporting date. Financial liabilities
that can be repaid at any time are always assigned to the earliest maturity range.
Cash flows
Cash flows
Cash flows
Carrying
2022/2023
2023/2024 to 2026/2027
from 2027/2028
amount
30.09.2022
Interest Repayments
Interest Repayments
Interest Repayments
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Financial liabilities (non-
current and current)
660,478.2
20,011.0
49,342.0
49,797.9
335,725.5
55,080.2
276,599.5
Bonds
300,896.3
13,500.0
-
27,000.0
301,328.3
-
-
Liabilities to banks
8,362.7
280.0
2,746.8
413.4
2,028.7
530.9
3,587.2
Lease liabilities
115,897.0
1,560.4
45,241.2
5,384.8
12,690.1
10,561.6
57,965.7
Other financial liabilities
235,322.2
4,670.6
1,354.0
16,999.7
19,678.4
43,987.7
215,046.6
Trade payables (current)
279,156.4
-
279,156.4
-
-
-
-
Derivative financial
instruments (non-current and
current)
2,946,453.5
1,569.9 1,815,628.6
1,559.7 1,128,351.2
1,133.6
-
Derivatives designated as
hedging instruments (cash flow
hedge)
422,366.9
1,569.9
343,740.4
1,559.7
76,152.8
1,133.6
-
Derivatives designated as
hedging instruments (fair value
hedge)
92,445.1
-
19,632.9
-
72,812.2
-
-
Derivatives not designated as
hedging instruments
1,879,975.5
-
1,105,237.2
-
774,738.3
-
-
Received margin payments
551,666.0
-
347,018.1
-
204,647.9
Other liabilities (non-current
and current) acc. to the
Statement of Financial
Position
466,461.6
Thereof non-financial
liabilities
216,518.3
Thereof financial liabilities
249,943.3
-
246,007.3
-
3,602.7
-
333.3
Liabilities to affiliated
companies
560.7
-
560.7
-
-
-
-
Liabilities to joint arrangements
and associated companies
5,357.5
-
5,357.5
-
-
-
-
Other financial liabilities (non-
current and current)
244,025.1
-
240,089.1
-
3,602.7
-
333.3
Total
4,136,031.4
21,580.9 2,390,134.3
51,357.6 1,467,679.4
56,213.8
276,932.8
Energie AG Oberösterreich – Annual Financial Report 2021/2022
223
Consolidated Financial Statements Notes
Cash flows
Cash flows
Cash flows
Carrying
2021/2022
2022/2023 to 2025/2026
from 2026/2027
amount
30.09.2021
Interest Repayments
Interest Repayments
Interest Repayments
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Financial liabilities (non-
current and current)
670,096.9
18,319.7
21,127.2
59,446.1
376,518.1
51,566.7
273,897.2
Bonds
301,231.8
13,500.0
-
40,500.0
301,842.2
-
-
Liabilities to banks
6,530.5
123.4
382.7
442.5
2,111.4
644.7
4,036.4
Lease liabilities
114,748.8
231.4
7,555.4
1,317.9
52,396.2
2,707.6
54,797.2
Other financial liabilities
247,585.8
4,464.9
13,189.1
17,185.7
20,168.3
48,214.4
215,063.6
Trade payables (current)
162,178.9
-
162,178.9
-
-
-
-
Derivative financial
instruments (non-current and
current)
517,384.3
2,665.2
428,978.8
6,734.4
77,292.3
3,980.2
-
Derivatives designated as
hedging instruments (cash flow
hedge)
179,434.5
2,665.2
117,063.1
6,734.4
51,258.2
3,980.2
-
Derivatives designated as
hedging instruments (fair value
hedge)
9,986.3
-
6,522.8
-
3,463.5
-
-
Derivatives not designated as
hedging instruments
153,924.2
-
131,353.6
-
22,570.6
-
-
Received margin payments
174,039.3
-
174,039.3
-
-
-
-
Other liabilities (non-current
and current) acc. to the
Statement of Financial
Position
231,417.6
Thereof non-financial
liabilities
150,359.7
Thereof financial liabilities
81,057.9
-
77,061.4
-
3,621.9
-
374.6
Liabilities to affiliated
companies
9,292.5
-
9,292.5
-
-
-
-
Liabilities to joint arrangements
and associated companies
2,774.3
-
2,774.3
-
-
-
-
Other financial liabilities (non-
current and current)
68,991.1
-
64,994.6
-
3,621.9
-
374.6
Total
1,430,718.0
20,984.9
689,346.3
66,180.5
457,432.3
55,546.9
274,271.8
Energie AG Oberösterreich – Annual Financial Report 2021/2022
224
Consolidated Financial Statements Notes
24.9.
Development and terms of the most material financial liabilities
EUR 1,000
Financial liabilities 30.09.2021
Non-current
648,969.7
Current
21,127.2
670,096.9
Registered bond 2022–2051
9,377.1
Other registered bonds
-8,628.1
Other changes in financial liabilities
-10,367.7
Financial liabilities 30.09.2022
Non-current
611,136.2
Current
49,342.0
660,478.2
The Group issued the following material funding:
Energie AG Oberösterreich:
4.5% Energie AG OOe. Bond 2005-25 ISIN: XS0213737702 volume: EUR 300,000,000
coupon: 4 March.
Registered bond 2010-2030, 4.75%, Volume: EUR 40,000,000
Registered bond 2020-2040, 1.25%, Volume: EUR 100,000,000
Registered bond 2021-2051, 1.386%, Volume: EUR 65,000,000
25.
Non-current provisions
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
Provisions for pensions
80,419.7
113,863.5
Provisions for severance payments
77,068.3
95,855.4
Provisions for anniversary bonuses
18,278.7
22,982.4
Provisions for stepped pension and early retirement benefits
8,401.7
13,680.0
Other provisions
43,561.6
47,429.6
227,730.0
293,810.9
For the most part, the provisions for pensions, severance payments and anniversary bonuses
have a term that is more than five years. The provision for stepped pension and early
retirement benefits will lead to payment outflows within the next five fiscal years, for the
most part.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
225
Consolidated Financial Statements Notes
The following assumptions were made in calculating the personnel provisions:
2021/2022
2020/2021
%
%
Discount rate
4.0
0.8
Salary trend
3.5
2.9
Pension trend
2.25-3.5
2.0
Expected return on plan assets
4.0
0.8
Biometric calculations were based on the AVÖ 2018 P calculation principles for pension funds
from the Actuarial Association of Austria. The statutory retirement age was used as a basis.
A fluctuation ranging from 0.00% to 12.69% (previous year: 0.00% to 12.12%) is assumed,
staggered according to length of service with the company.
25.1.
Provisions for pensions and similar provisions
Company agreements and commitments under individual contracts have incurred an
obligation to pay pensions upon retirement to certain staff members who joined the
company prior to 30 September 1996 and have accepted neither full nor partial
compensation of their claims to direct payments. Beyond that, there is an obligation to pay
pensions to certain staff members who retired before 1 July 1998.
For this group of people, a pension provision has been created in line with IAS 19 (Employee
Benefits) using the projected unit credit method of actuarial valuation.
The Group has an obligation to make additional contributions for defined retirement benefit
obligations that were transferred to the Group’s pension fund.
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Present value of retirement benefit obligations (DBO)
as of 01.10.
127,826.1
130,659.1
+ Current service costs
491.1
498.9
+ Interest expense
1,002.6
1,250.5
- Retirement benefits payments
-7,194.2
-7,217.8
(-)/+ Remeasurement – actuarial (gains)/losses:
Due to experience adjustments
7,744.8
-572.7
Due to changes in demographic assumptions
-13.5
1.0
Due to changes in financial assumptions
-36,325.5
3,207.1
Present value of retirement benefit obligations (DBO)
as of 30.09.
93,531.4
127,826.1
- Fair value of fund assets
-13,111.7
-13,962.6
Recognised pension provisions as of 30.09.
80,419.7
113,863.5
Energie AG Oberösterreich – Annual Financial Report 2021/2022
226
Consolidated Financial Statements Notes
Changes in fund assets
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Plan assets as of 01.10.
13,962.6
13,610.3
+/(-) Interest income/(expenses) for plan assets
117.9
122.7
+ Contributions to fund
94.0
182.1
- Payments from fund
-1,164.2
-1,145.4
+/(-) Asset gain/(loss)
101.4
1,192.9
Plan assets as of 30.09.
13,111.7
13,962.6
The actual income from the plan assets amounts to EUR -270.6 thousand (previous year:
EUR 1,008.8 thousand).
The composition of the fund’s assets presents as follows:
30.09.2022
30.09.2021
%
%
Shares
39.0
39.2
Bonds
30.5
40.0
Money market
2.5
7.8
Other investments
28.0
13.0
Total
100.0
100.0
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Current service costs
491.1
498.9
Net interest expense
884.7
1,127.8
Pension expense (recognised in net profit or loss for the period)
1,375.8
1,626.7
Remeasurement of retirement benefit obligations
-28,695.6
1,442.5
Retirement benefits expense (recognised in other comprehensive income)
-27,319.8
3,069.2
The present value of the defined retirement benefit obligations is distributed over the
individual groups of employees entitled to pension benefits as follows:
30.09.2022
30.09.2021
%
%
Active
15.7
16.5
Vested
0.5
1.3
Retired
83.8
82.2
100.0
100.0
As of 30 September 2022, the weighted average remaining term of the defined benefit
obligations was 10.0 years (previous year: 12.0 years).
Energie AG Oberösterreich – Annual Financial Report 2021/2022
227
Consolidated Financial Statements Notes
Pension payments for the 2022/2023 fiscal year are expected to amount to
EUR 7,335.3 thousand.
An increase or decrease in the material actuarial assumptions would have the following
effects on the present value of the retirement benefit obligations:
Sensitivity analyses
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
Remaining life expectancy
Change by +1 year
5,810.6
9,272.0
Change by -1 year
-6,203.8
-9,760.3
Discount rate
Change by +0.5%
-5,262.2
-7,709.2
Change by -0.5%
5,792.8
8,617.8
Future pension increase
Change by +0.5%
5,595.9
8,134.8
Change by -0.5%
-5,154.0
-7,409.3
25.2.
Provisions for severance payments
Based on obligations according to Austrian law and collective bargaining agreements,
severance payments were paid to employees who took up service by 31 December 2002.
Benefits due at the time of retirement or severance are calculated on the basis of the last
salary, as well as the number of years of employment.
Based on these regulations according to labour law and collective bargaining agreements, a
provision is created which is calculated according to the projected unit credit method.
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Present value of severance payment obligations (DBO)
as of 01.10.
95,855.4
95,623.6
+ Current service costs
2,990.0
3,092.3
+/(-) (Gain)/loss on DBP due to termination benefit
-364.2
-
+ Interest expense
742.5
915.1
- Severance payments
-7,180.5
-5,927.4
(-)/+ Remeasurement – actuarial (gains)/losses:
Due to experience adjustments
2,329.8
505.3
Due to changes in demographic assumptions
-135.2
-40.5
Due to changes in financial assumptions
-17,169.5
1,687.0
Present value of severance payment obligations (DBO)
as of 30.09. = reported provision for severance payment obligations as of 30.09.
77,068.3
95,855.4
Energie AG Oberösterreich – Annual Financial Report 2021/2022
228
Consolidated Financial Statements Notes
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Current service costs
2,625.8
3,092.3
Net interest expense
742.5
915.1
Severance expenses (recognised in net profit or loss for the period)
3,368.3
4,007.4
Remeasurement of the severance benefit obligation
-14,974.9
2,151.8
Severance expenses (recognised in other comprehensive income)
-11,606.6
6,159.2
As of 30 September 2022, the weighted average remaining term of the defined benefit
obligations was 6.8 years (previous year: 8.2 years).
Severance payments for the 2022/2023 fiscal year are expected to amount to
EUR 9,786.8 thousand.
An increase or decrease in the significant actuarial assumptions would have the following
effects on the present value of the severance payment obligations:
Sensitivity analyses
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
Discount rate
Change by +0.5%
-2,692.3
-4,067.0
Change by -0.5%
2,868.1
4,377.7
Future salary increase
Change by +0.5%
2,910.5
4,332.4
Change by -0.5%
-2,746.0
-4,057.1
For employment relationships in Austria commencing on or after 1 January 2003, the
employer is liable to remit 1.53% of the gross salary to an employee pension fund. This form
of severance payment is recognised as a defined contribution plans according to IAS 19
(Employee Benefits).
25.3.
Provisions for anniversary bonuses
Based on collective bargaining agreements, a provision for anniversary bonuses is created
which is calculated according to the projected unit credit method.
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Present value of anniversary bonus obligation (DBO) as of 01.10.
22,982.4
22,448.2
+ Current service costs
1,376.5
1,323.9
+ Interest expense
183.3
223.1
Anniversary bonus payments
-1,595.3
-1,677.5
(-)/+ Remeasurement – actuarial (gains)/losses
-4,668.2
664.7
Present value of anniversary bonus obligation (DBO)
as of 30.09. = reported provisions for anniversary bonuses
as of 30.09.
18,278.7
22,982.4
Energie AG Oberösterreich – Annual Financial Report 2021/2022
229
Consolidated Financial Statements Notes
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Current service costs
1,376.5
1,323.9
Net interest expense
183.3
223.1
Remeasurement
-4,668.2
664.7
Expenses for anniversary bonuses (recognised in net profit or loss for the period)
-3,108.4
2,211.7
25.4.
Provisions for stepped pension and early retirement benefits
A stepped pension (early retirement model) has been agreed upon with certain employees.
This is a transitional payment for the period between the early termination of the
employment relationship and the time when a claim to legal pension benefits is reached. The
transitional payments for this period correspond to a previously determined percentage of the
previous salary.
For the resulting obligations, a provision is created according to IAS 19 (Employee Benefits).
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Present value of early retirement obligations (DBO) as of 01.10.
13,680.0
21,572.2
+ Interest expense
84.6
173.9
+ Past service costs
716.3
573.5
- Early retirement payments
-5,424.9
-7,358.5
(-)/+ Remeasurement – actuarial (gains)/losses
-654.3
-1,281.1
Present value of early retirement obligations (DBO)
as of 30.09. = reported provisions for early retirement obligations as of 30.09.
8,401.7
13,680.0
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Past service costs
716.3
573.5
Net interest expense
84.6
173.9
Remeasurement
-654.3
-1,281.1
Expenses for stepped pension and early retirement benefits (recognised in net profit
or loss for the period)
146.6
-533.7
Energie AG Oberösterreich – Annual Financial Report 2021/2022
230
Consolidated Financial Statements Notes
25.5.
Other non-current provisions
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Carrying amount as of 01.10.
47,429.6
33,777.4
Use
-207.0
-63.6
Reversal
-2,375.3
-137.3
Allocation
-7,151.9
13,818.0
Change in interest rate
-8,454.7
-
Translation differences
17.1
35.1
43,561.6
47,429.6
This item predominantly contains provisions for landfills and provisions related to the
operation of gas storage facilities.
26.
Construction cost subsidies
This item primarily includes financing contributions received from electricity, gas and district
heating customers. They are reversed as income over the average depreciation period for the
corresponding equipment (up to 40 years). Impairments and reversals of impairment for these
assets were proportionally considered in the construction cost subsidies.
27.
Advances received
This item contains advances received from customers for services to be provided.
28.
Other non-current liabilities
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
Investment subsidies
26,090.0
27,302.4
Other liabilities
19,682.6
21,247.1
45,772.6
48,549.5
Energie AG Oberösterreich – Annual Financial Report 2021/2022
231
Consolidated Financial Statements Notes
29.
Current provisions
Current provisions developed as follows during this fiscal year:
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Carrying amount as of 01.10.
45,661.3
20,684.1
Use
-14,937.8
-7,359.2
Reversal
-4,771.7
-723.8
Allocation
53,043.4
32,996.0
Translation difference
38.3
64.2
79,033.5
45,661.3
This item mainly consists of provisions for the future performance of electricity and gas supply
contracts, provisions for obligations from emissions allowances, and waste management
costs.
30.
Tax provisions
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
Corporate tax for the reporting period
176.6
109.2
31.
Other current liabilities
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
Liabilities to non-consolidated affiliated companies
543.2
9,288.1
Liabilities to joint arrangements and associated companies
5,357.5
2,774.3
Tax liabilities
34,063.0
14,710.7
Social-security liabilities
6,562.9
7,082.4
Advances received
37,612.0
13,526.3
Liabilities to employees
60,972.7
57,430.1
Liabilities from collateral annexes
211,670.0
41,780.0
Other liabilities
63,907.7
36,276.2
420,689.0
182,868.1
Energie AG Oberösterreich – Annual Financial Report 2021/2022
232
Consolidated Financial Statements Notes
32.
Non-current assets held for sale
The business activities of OÖ Landesholding GmbH and Energie AG Group in the
telecommunications sector were consolidated during the reporting period. The aim of
consolidation is to expand and provide comprehensive broadband internet in Upper Austria
as well as to harness synergy effects.The business activities of OÖ Landesholding GmbH and
Energie AG Group in the telecommunications sector were consolidated during the reporting
period.
As of 30 September 2021, the operational unit “Fiber to the home” (FTTH) was recognised in
the item “Non-current assets held for sale” (Holding & Services Segment).
30.09.2021
EUR 1,000
Assets
Non-current assets
Intangible assets
171.0
Property, plant and equipment
99,000.0
Other non-current assets
23,001.2
122,172.2
Current assets
Receivables
47.9
122,220.1
Liabilities
Non-current liabilities
Deferred tax liabilities
2,595.2
Construction cost subsidies
603.1
Other non-current liabilities
39,193.1
42,391.4
Current liabilities
Trade payables
445.5
42,836.9
The assets were essentially comprised of fibre-optic infrastructure and claims for subsidies.
They were measured at amortised costs. The other non-current liabilities consisted of
subsidies for fibre-optic infrastructure recognised as liabilities. There were also plans to
allocate intra-Group liabilities of EUR 75.4 million to this operational unit.
This operational unit was spun out into Breitband Oberösterreich Infrastruktur GmbH
(formerly: OÖ Breitband Infrastruktur GmbH) as planned. The interest held in Breitband
Oberösterreich Infrastruktur GmbH was transferred to BBOÖ Breitband Oberösterreich GmbH
(formerly: Fiber Service OÖ GmbH), a subsidiary of OÖ Landesholding GmbH. BBOÖ
Breitband Oberösterreich GmbH operates a company in the telecommunications sector. As a
result of the restructuring, Energie AG Oberösterreich received a participating interest of 50%
in BBOÖ Breitband Oberösterreich GmbH.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
233
Consolidated Financial Statements Notes
The assets and liabilities reported in the Consolidated Financial Statements as of
30 September 2021 were deconsolidated without any changes. The Consolidated Financial
Statements as of 30 September 2022 reports earnings from the disposal of EUR 37.0 million,
which were determined in accordance with IAS 28.28, in the item “Other operating income”.
The participating interest in BBOÖ Breitband Oberösterreich GmbH constitutes a joint venture
as per IFRS 11 and is measured using the equity method. As of 30 September 2022, the
carrying amount measured using the equity method was EUR 38.4 million.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
234
Other explanatory notes
OTHER EXPLANATORY NOTES
33.
Other obligations
Pursuant to an energy supply agreement between Energie AG Oberösterreich Trading GmbH
and VERBUND AG, the Group procures a certain annual amount of electricity on the basis of
standard market products. The cost of the delivered electricity is recognised under material
costs.
34.
Proposal for the appropriation of profit
The Management Board of Energie AG Oberösterreich proposes to the Annual General
Meeting a dividend of
EUR 0.60 (previous year: EUR 0.75) per share, amounting to a total of EUR 53,191.1 thousand
(previous year: EUR 66,489.4 thousand).
35.
Management of risks and opportunities
35.1.
Risk management process
Due to the current developments in the energy industry and energy policy environment and
the associated volatile situation on the energy markets, the industry as a whole and
Energie AG as an industry player are facing numerous uncertainties. The aim of the risk
management process is to identify these risks and opportunities at an early stage, to evaluate
them and to derive suitable measures from them in order to minimise the risks and take
advantage of opportunities in the best way possible. As an integral part of the management
and control system, risk assessments support the management team and form part of the
strategic and operational issues decision-making process.
The established COSO II framework forms the basis for the Group-wide risk management
process at Energie AG. The responsible business units follow a structured quarterly process to
identify and evaluate risks, opportunities and measures and record them in a central software
tool. The data collected is then analysed on Group-level and incorporated into the Group’s
overall risk position.
Reporting to the Group’s Management Board is done on a quarterly basis and ad hoc as
required. The risk management report is an integral part of reporting to the Supervisory Board
and is, in accordance with the requirements of the Austrian Company Law Amendment Act
(URÄG), also submitted to the audit committee with respect to the efficiency and validity of
the processes. The central management system assures proper documentation and
verifiability.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
235
Consolidated Financial Statements Notes
35.2.
Significant opportunities (+) | risks (-)1)and measures
STRATEGIC OPPORTUNITIES | RISKS
PROJECT OPPORTUNITIES | RISKS
High, long-term investment costs, projects with a
+|− Strategic opportunities | risks due to
high level of complexity
Changes in general climatic conditions
Underruns and overshooting of the planned
Extreme events and their consequences
values in terms of timing schedule, project costs
(periods of heat | drought, flooding, storms,
and quality
hail, forest fires, avalanches)
(Energy) policy uncertainty
Long-term changes in climatic and ecological
Measures:
conditions (precipitation frequency/volume,
increase in average temperatures)
Project management
Changes in the general energy policy and energy
Risk management methods in the entire project
market environment
cycle
Changes in technological developments, in the
Optimised contract arrangements
market environment, in customer needs …
Measures
SUSTAINABILITY OPPORTUNITIES | RISKS
Continuous intensive monitoring of energy policy
In the medium term – in our 5-year planning horizon
developments, markets, competitors, customers,
– we assume that climate-related opportunities |
the climate and technologies
risks will remain within the statistical range of the
Participation in research projects, …
past few years, and these have been taken into
Early and intensive monitoring of strategic
account in our (opportunities | risks) scenarios.
opportunities|risks
Potential long-term climate-related risks and
opportunities beyond this have been taken into
account in strategic decision-making.
VALUE OF ASSETS – OPPORTUNITIES & RISKS
Write-ups and write-downs of assets,
Environmental, social and governance (ESG) aspects
procurement rights, investments
are becoming increasingly important factors in the
Allowances for receivables
risk management process.
Creation of provisions for impending losses
For opportunities|risks that may affect questions of
Measures:
sustainability as a result of Energie AG’s business
Ongoing monitoring, sensitivity analyses
activities, see “Sustainability Opportunities and
Long-term contracts
Risks” › Page 34
Counterparty risk management
1)
Risk|opportunities, definition:
- A risk is the possibility of an event occurring which has a negative impact on targets (EBT, EBIT, cash flow)
- An opportunity is the possibility of an event occurring which has a positive impact on targets (EBT, EBIT, cash flow)
For more information on the risks | opportunities which may have an impact on the concerns of the Sustainability and Diversity Act (NaDiVeG) as a
result of Energie AG’s business activities, see Sustainability opportunities and risk management › Page 34
Energie AG Oberösterreich – Annual Financial Report 2021/2022
236
Consolidated Financial Statements Notes
MARKET AND COMPETITION RISKS
+|− Market price changes
+|- Market price and volume changes in waste
management
(electricity, gas, biomass and CO2 emissions
Recycling materials, industrial waste, domestic
allowances prices)
waste, delivery prices, thermal, …
Measures:
Increased competition from pretreatment plants
Bundled management of commodity price risks by
and industrial co-incinerators
Energie AG Oberösterreich Trading GmbH
Increased re-municipalisation efforts of municipal
Risk strategies geared for the market environment
waste management associations
Leveraging of internal synergies within the Group
Measures:
Long-term indexed contracts with defined delivery
+|− Electricity generated from hydroelectric power
volumes and prices
influenced by development of weather/climate
Focused market activities
Intensification of cooperation with the public
Measures:
sector
Optimised management of generation portfolio
Further development of the digitalisation projects
+|- Electricity production from thermal power
+|- Contractual losses|gains and contract changes in
plants
the water|wastewater sector
Measures:
Measures:
Bundled management of commodity price risks by
Synergy projects
Energie AG Trading
Ongoing participation in (concession) tenders
Long-term contracts
Leveraging of internal synergies within the Group
Risk strategies geared for the market environment
+|- Electricity, gas, heat and telecommunications
services sales volumes
influenced by development of weather/climate,
competition, economy, policy, …
Measures:
Bundling of sales organisations
Price guarantee
Service and subsidy offerings
Focus on digitalisation
Positioning as an energy service provider
Energie AG Oberösterreich – Annual Financial Report 2021/2022
237
Consolidated Financial Statements Notes
OPPORTUNITIES | RISKS FROM BUSINESS OPERATIONS
- Facility risks
- Risks from information security, cyber-security
and data protection
Impairment of the availability of facilities due to
Measures:
Technical malfunctions, sabotage, …
Optimised insurance strategy
Natural disasters such as storms, flooding, …
Comprehensive technical measures
Measures:
Management systems for information security
and data protection
Maintenance and quality controls
Optimised maintenance strategy
Structural (flood) protection measures
- Personnel risks
Strategy programmes “Replacing overhead
Health and safety risks for company staff and
medium-voltage lines that are particularly
temporary employees
susceptible to disruption with underground
Loss of expertise and practical knowledge
cable”, “Replacing low-voltage lines”, consistent
expansion of grid automation
Measures:
Crisis and contingency management
Safety training courses for employees
Insurance
In-house health management project
energy@work
Apprentice|trainee education
+|− Physical weather risks
Group policies “Human Resource Management”,
such as periods of heat|drought, flooding, storms,
“Management by Objectives” and “Management
hail, forest fires, avalanches and their impact on
Academy”
third parties
Measures:
Structural (flood) protection measures
Strategy programmes “Replacing overhead
medium-voltage lines that are particularly
susceptible to disruption with underground
cable”, “Replacing low-voltage lines”, consistent
expansion of grid automation
Crisis and contingency management
Insurance
Energie AG Oberösterreich – Annual Financial Report 2021/2022
238
Consolidated Financial Statements Notes
POLITICAL, REGULATORY AND STATUTORY OPPORTUNITIES |
RISKS
+|− Changes in the statutory environment
+|- Political and statutory environment
for the electricity and gas grids
EU climate policy provisions and their
implementation in Austria
Measures:
Statutory environment for project development
Intensive and constructive dialog with the
and implementation
regulatory authorities
Changes to subsidy regime
Cooperation with interest groups
Measures:
Intensive and constructive dialog with authorities
+|- Legal risks
and politicians
Cooperation with interest groups
from pending legal disputes
Measures:
Legal support
Provisions in the balance sheet
Out-of-court settlements
COMPLIANCE RISKS AND DATA PROTECTION INFRINGEMENTS
- Compliance risks
- Data protection infringements
Antitrust and corruption risks
Accidental or unlawful destruction, loss, alteration
or disclosure of data
Financial market compliance
Hacker attacks
Measures:
Measures:
Group policies “Compliance Management
System” and “Anti-Corruption”, “Handling on
Group policies “Data Protection Management
Insider Information”, “ICT Information Security
System” and “Data Protection Compliance Policy”
Management”
In-person training and e-learning courses
In-person training and e-learning courses
Energie AG Oberösterreich – Annual Financial Report 2021/2022
239
Consolidated Financial Statements Notes
FINANCIAL RISKS
+|- Changes in interest rates
+|- Opportunities|Risks from investments in other
companies
Measures:
Fluctuations in the returns on investments
Long-term fixed interest agreements
Fluctuations in dividends received
Measures:
+|- Foreign exchange risk
Ongoing monitoring
Primarily from the transaction and translation risks of
Representation on the boards of the subsidiaries
the Czech Group companies
Measures:
+|- Changes in the discount rate for provisions
Ongoing monitoring
The present value of provisions decreases at a higher
Currency hedging, where necessary
discount rate and increases at a lower discount rate
Measures:
+|- Prices changes in financial assets (securities,
Ongoing monitoring
funds)
resulting from fluctuations in market value on the
capital markets
- Counterparty risks
Measures:
Complete or partial failure of counterparties
Conservative investment policy
Measures:
Consistent monitoring
Ongoing monitoring
On-going quantification of share price risks
Credit limit systems
Hedging instruments
Targeted strategy of diversification of business
+|- Rating change
partners
means lower| higher refinancing costs
Measures:
- Liquidity risk
The management of Energie AG continues to
Measures:
seek to maintain Energie AG’s Single A credit
rating in the long term
Centralised, forward-looking liquidity planning
Ensuring compliance with the required key
Sufficient liquidity reserves
financial performance indicators
Open, partially committed credit lines
Energie AG Oberösterreich – Annual Financial Report 2021/2022
240
Consolidated Financial Statements Notes
36.
Related party disclosures
Related parties include OÖ Landesholding GmbH as majority shareholder as well as its
subsidiaries, the Province of Upper Austria as sole investor of OÖ Landesholding GmbH, the
joint ventures, the associated companies as well as members of the Management Board and
of the Supervisory Board of Energie AG Oberösterreich and their close relatives.
Revenues
Expenses
Receivables
Liabilities
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Province of Upper Austria
2021/2022
1,356.1
429.5
147.9
1,818.9
2020/2021
1,445.4
520.4
164.5
2,395.5
OÖ Landesholding and subsidiaries
2021/2022
16,759.2
183.4
19,443.9
103.2
2020/2021
12,278.8
243.0
1,518.1
9,251.7
2021/2022
148,916.4
32,574.8
10,355.2
526.1
Associated companies
2020/2021
54,173.9
14,683.6
3,646.6
219.1
Joint ventures
2021/2022
27,426.1
4,860.7
86,857.9
857.2
2020/2021
5,415.4
1,978.0
1,012.8
1,786.4
Province of Upper Austria
The Province of Upper Austria is the sole investor of OÖ Landesholding GmbH. OÖ
Landesholding GmbH is the majority shareholder of Energie AG Oberösterreich.
OÖ Landesholding GmbH
Energie AG Oberösterreich and selected subsidiaries are members of the OÖ Landesholding
GmbH tax group. The provisions of the OÖ Landesholding GmbH Group contract govern the
relationship between Energie AG Oberösterreich and the Group parent, whereas Energie AG
Oberösterreich calculates its taxable income in consideration of the taxable income of its
subordinate Group companies. In the case of positive tax income, any positive tax allocations
are offset using the applicable tax rate of 25%. Negative tax results are carried forward. The
tax allocations amount to EUR 30,195.7 thousand (previous year: EUR 28,081.0 thousand).
Sales revenues were also generated with OÖ Landesholding GmbH and its subsidiaries, in
particular through the supply of electricity and gas, in the amount of EUR 16,759.2 thousand
(previous year: EUR 12,278.8 thousand). As of the reporting date, this item also includes
receivables in the amount of EUR 19,443.9 thousand (previous year: EUR 1,518.1 thousand)
and liabilities of EUR 103.2 thousand (previous year: EUR 9,251.7 thousand).
Associated companies
Salzburg AG für Energie, Verkehr und Telekommunikation
Gas and electricity deliveries at standard market terms take place between the Group and
Salzburg AG. The sales revenues amount to EUR 6,787.3 thousand (previous year:
EUR 5,951.8 thousand), while expenses are EUR 3,175.8 thousand (previous year:
EUR 3,814.9 thousand).
Energie AG Oberösterreich – Annual Financial Report 2021/2022
241
Consolidated Financial Statements Notes
Wels Strom GmbH
In addition to grid services, heat and electricity deliveries at standard market terms took place
between the Group and Wels Strom GmbH. The sales revenues amount to
EUR 137,476.5 thousand (previous year: EUR 44,227.7 thousand), while expenses are
EUR 28,431.4 thousand (previous year: EUR 10,356.7 thousand). As of the reporting date,
this item also includes receivables of EUR 9,841.3 thousand (previous year:
EUR 3,045.5 thousand).
Joint ventures
BBOÖ Breitband Oberösterreich GmbH
Energie AG Oberösterreich has provided a funding in the amount of EUR 67,500.0 thousand
for BBOÖ Breitband Oberösterreich GmbH with a term until 30 September 2023.
Furthermore, the Group provided construction services and other services amounting to
EUR 20,862.9 thousand (previous year: EUR 0.0 thousand) to BBOÖ Breitband Oberösterreich
GmbH and its subsidiary Breitband Oberösterreich Infrastruktur GmbH. Services amounting to
EUR 3,045.3 thousand (previous year: EUR 0.0 thousand) were purchased. This item also
includes receivables in the amount of EUR 18,363.5 thousand (previous year:
EUR 0.0 thousand) and liabilities in the amount of EUR 845.4 thousand (previous year:
EUR 0.0 thousand). The settlements are conducted at standard market conditions.
Members of the Management in key positions
Members of the management in key positions include the members of the Management
Board and the Supervisory Board of Energie AG Oberösterreich, and the Management Board
and the Supervisory Board of OÖ Landesholding GmbH. Please refer to section 10 with regard
to the remuneration of the members of the Management Board and the Supervisory Board of
Energie AG Oberösterreich. Additional disclosable transactions included revenues of
EUR 16.4 thousand (previous year: EUR 13.1 thousand) and benefits in the amount of
EUR 124.3 thousand (previous year: EUR 116.6 thousand). This item also includes receivables
in the amount of EUR 1.0 thousand (previous year: EUR 1.4 thousand).
37.
Material events after the reporting date
On 18 November 2022, the Austrian Federal Government announced the key points related
to the national implementation of the EU Emergency Measures Regulation on the absorption
and redistribution of surplus proceeds. In future, a price cap of EUR 140.0/MWH, possibly
higher if additional direct costs can be established, will be imposed on electricity producers.
There will also be an input credit for investments into renewable energies and energy
efficiency. These regulations come into effect on 1 December 2022 in Austria and will apply
until 31 December 2023. An initiative for the new Energy Crisis Levy Act was already
submitted to the National Council and a resolution is expected in December.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
242
Consolidated Financial Statements Notes
38.
Disclosures on Group management bodies
In this fiscal year, the members of the management board of Energie AG Oberösterreich
were:
KommR Prof. Ing. DDr. Werner Steinecker MBA (CEO, Kirchschlag); KommR Mag. Dr. Andreas
Kolar (Member of the Management Board, Steyr); Dipl.-Ing. Stefan Stallinger MBA (Member
of the Management Board, Linz).
The Supervisory Board of Energie AG Oberösterreich had the following members in the
2021/2022 fiscal year:
Provincial Councillor Markus Achleitner (Chairman); Mag. Stefan Lang LL.M (Vice-Chairman);
Dr. Heinrich Schaller (Deputy Vice-Chairman); Dr. Miriam Eder MBA; Mag. Dr. Erich
Entstrasser; Mag. Dr. Christiane Frauscher; Mag. Florian Hagenauer MBA; Dipl.-Ing. Erich
Haider MBA; Mag. Anna-Maria Hochhauser (until 17 December 2021); Dr. Elisabeth
Kölblinger (since 17 December 2021); Mag. Michaela Keplinger-Mitterlehner; Mag. Kathrin
Renate Kühtreiber-Leitner MBA; Member of the Provincial Parliament Ing. Herwig Mahr;
Gertrude Schatzdorfer-Wölfel (since 4 March 2022); Thomas Peter Stadlbauer MSc MBA MPA;
Josef Walch (until 17 December 2021).
Appointed by the Works Council: Ing. Mag. Leopold Hofinger (until 21 April 2022); Mag. Dr.
Regina Krenn; Ing. Peter Neißl MBA MSc; Edith Schatzdorfer (since 21 April 2022); Ing.
Bernhard Steiner; Christian Strobl; Gerhard Störinger; Andreas Walzer.
Linz, 5 December 2022
The Management Board of Energie AG Oberösterreich
Chief Executive Officer
DDr. Werner Steinecker MBA
Dr. Andreas Kolar
Dipl.-Ing. Stefan Stallinger MBA
Chairman of the Management Board
Member of the Management Board
Member of the Management Board
CEO
CFO
COO
Energie AG Oberösterreich – Annual Financial Report 2021/2022
243
Consolidated Financial Statements Audit Certificate
AUDIT CERTIFICATE
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
Audit opinion
We have audited the Consolidated Financial Statements of Energie AG Oberösterreich, Linz,
and its subsidiaries (the Group) comprising the Consolidated Statement of Financial Position
as of 30 September 2022, the Consolidated Statement of Income, Consolidated Statement of
Comprehensive Income, Statement of Changes in Equity, and Consolidated Cash Flow
Statement for the fiscal year ending on that date, as well as the Notes to the Consolidated
Financial Statements.
It is our opinion that the attached Consolidated Financial Statements comply with the
statutory requirements and offer an adequately accurate representation of the asset and
financial position of the Group as of 30 September 2022, as well as the Group’s earnings
position and cash flows during the fiscal year ending as of that date, in accordance with the
International Financial Reporting Standards (IFRS), as they are to be applied in the EU and the
additional requirements stipulated in § 245a of the Austrian Commercial Code (UGB), the
Electricity Industry and Organisation Act 2010, and the Gas Industry Act 2011.
Basis for our audit opinion
We have conducted our audit in accordance with Directive (EU) No. 537/2014 (EU Directive
hereinafter) and the Austrian Principles of Proper Auditing of Financial Statements. These
principles require the application of the International Standards on Auditing (ISA). Our
responsibilities under these regulations and standards are set out in more detail in Section
“Responsibilities of the Auditor in Auditing the Consolidated Financial Statements” of the
audit certificate. We are independent from the Group in compliance with the Austrian
corporate law and professional regulation and have discharged our other professional duties
in accordance with these requirements. We are of the opinion that the audit evidence
obtained by us by the date of our audit certificate is sufficient and suitable for forming the
basis for our audit opinion expressed as of that date.
Highly significant audit findings
Highly significant audit findings are findings concerning circumstances that, in our
professional judgement, had the highest significance for our audit of the Consolidated
Financial Statements for the fiscal year. These findings were considered in the context of our
audit of the Consolidated Financial Statements in their entirety, as well as in forming our
audit opinion. We do not issue a separate opinion on these findings.
The circumstances bearing the most relevance for our audit were:
1. Measurement of cash generating units
Circumstances and problem
The intangible assets (excluding goodwill assets) and property, plant and equipment with a
total carrying amount of around EUR 2,136.2 million represent 30.9% of the Group’s total
assets as of the reporting date. No impairments or reversals of impairment were recognised
for any intangible assets in the year under review. For property, plant and equipment assets,
impairments amounting to EUR 1.0 million and reversals of impairment amounting to
EUR 4.1 million were recognised.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
244
Consolidated Financial Statements Audit Certificate
When preparing the Consolidated Financial Statements, Energie AG Oberösterreich assesses
whether there are indications for an impairment or impairment reversal for all significant cash
generating units. If indications exist, the recoverable amount for the concerned cash
generating units is ascertained and the respective carrying amount is increased or decreased
to match the recoverable amount.
The recoverable amount for a cash generating unit corresponds to the larger amount
resulting from the fair value less the costs of disposal or the value in use, with the latter
determined using the discounted cash flow method. Measuring the recoverable amount
requires a number of discretionary decisions and is subject to significant components derived
by estimation, e.g. selection of the appropriate method for measuring the company’s value,
estimation of future cash flows, and determination of a reasonable discounting rate. There is
a risk that inadequate estimates and/or discretionary decisions have a significant impact on
the resultant recoverable amount and in turn on the carrying amounts recognised for the
intangible assets and property, plant and equipment in the Consolidated Statement of
Financial Position and the operating result reported in the Consolidated Statement of Income.
Details pertaining to the measurement of cash generating units can be found in the Notes,
particularly section 5.6 and section 16.2.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
245
Consolidated Financial Statements Audit Certificate
Audit methodology
We have carried out our audit of the measurement of the intangible assets and property,
plant and equipment assets as follows:
We have analysed and critically examined the process for measuring cash generating
units on the basis of the documentation available at the company and information
received with respect to whether the process is suitable to assure a reasonable
measurement of the cash generating units.
We have identified the internal controls for this process we deemed relevant to the
outcome of our audit and assessed how they have been developed and set up.
We have critically examined the Group’s analyses of indications for a necessary material
impairment or reversal of impairment, and assessed them in consideration of the insights
gained from our audit of the Consolidated Financial Statements.
Where such indicators were present, we examined the calculation of the recoverable
amount with a particular focus on discretionary decisions and estimations as follows:
We have reviewed the selection of the valuation model, the planning assumptions,
and the valuation parameters.
Our valuation specialists have assessed the assumptions made in connection with
the discounting rate on their adequacy by verifying them against market- and
industry-specific reference values.
We have assessed the formal and substantial plausibility of the internal planning
calculations that form the foundation for the assumptions made in relation to
expected cash flows.
The results of the calculations of recoverable amounts were juxtaposed against the
carrying amounts for the concerned intangible assets and/or the concerned
property, plant and equipment and we assessed any potential need for the
recognition of an impairment or impairment reversal.
2. Impairment of goodwill
Circumstances and problem
The Consolidated Statement of Financial Position of Energie AG Oberösterreich as of the
reporting date report goodwill assets with a total carrying amount of around
EUR 89.7 million. These assets were to the largest extent allocated to the cash generating
units “Sales”, “Waste Management” and “Czech Republic”. No impairments were
recognised for goodwill assets in the year under review.
In the fourth quarter of each fiscal year, or during the course of the year when an indicator
for an impairment arises, Energie AG Oberösterreich determines any potentially incurred
impairment losses by subjecting the goodwill to impairment testing. An impairment loss is
recognised when the carrying amount of a cash generating unit allocated to a goodwill asset
exceeds its recoverable amount. The recoverable amount corresponds to the larger amount
resulting from the fair value less the costs of disposal or the value in use, with the latter
determined using the discounted cash flow method.
Measuring the recoverable amount requires a number of discretionary decisions and is subject
to significant components derived by estimation, e.g. selection of the appropriate method for
measuring the company’s value, estimation of future cash flows, and determination of a
reasonable discounting rate. There is a risk that inadequate estimates and/or discretionary
decisions have a significant impact on the resultant recoverable amount and in turn on the
carrying amounts recognised for the intangible (goodwill) assets in the Consolidated
Statement of Financial Position and the operating result reported in the Consolidated
Statement of Income.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
246
Consolidated Financial Statements Audit Certificate
Details pertaining to the measurement of goodwill can be found in the Notes, particularly
section 5.5 and section 16.1.
Audit methodology
The value of goodwill assets must – irrespective of indicators for an impairment – be reviewed
on a yearly basis. We therefore verified whether impairment testing was carried out for all
material goodwill assets.
That notwithstanding, our audit of the measurement of goodwill assets followed the same
methodology as our audit of the measurement of the cash generating units. Our
deliberations on the audit methodology thus apply analogously with regard to this audit
finding of particular importance.
Other Disclosures
The legal representatives are responsible for the other required disclosures. Such other
disclosures encompass all information presented in the Group annual report, with the
exception of the Consolidated Financial Statements, the Group Management Report and the
audit certificate. The Non-financial Report was received by us prior to the date of this audit
certificate, the other components of the Group Annual Report are expected to be made
available to us after that date.
Our audit opinion on the Consolidated Financial Statements does not extend to these other
disclosures, which are excluded from the assurances given by our firm. We refer to the
section contained in the “Report on the Group Management Report” with regard to the
information contained in the Group Management Report.
Our audit of the Consolidated Financial Statements comes with the responsibility to read and
consider the other disclosures with the objective of determining whether they contain
significant discrepancies from the Consolidated Financial Statements and the insights gained
during our audit, or whether they are significantly misrepresented in another way.
We are compelled to report if the work carried out in relation to the other disclosures received
before the date of the audit certificate leads us to the conclusion that these other disclosures
are significantly misrepresented. Our audit has not resulted in any reportable circumstances.
Responsibilities of the legal representatives and the Audit Committee for the
Consolidated Financial Statements
The legal representatives are responsible for compiling the Consolidated Financial Statements
in compliance with the IFRS rules applicable in the EU and the additional requirements
stipulated in § 245a of the Austrian Commercial Code (UGB), the Electricity Industry and
Organisation Act 2010 and the Gas Industry Act 2011, and for assuring that they provide a
true and fair view of the Group’s assets, liabilities, financial position and profit or loss. The
legal representatives are further responsible for the internal controls deemed necessary by
them for preparing a set of Consolidated Financial Statements that is free from significant
misrepresentations caused by fraud or human error.
In compiling the Consolidated Financial Statements, the legal representatives have the duty to
form an opinion on the Group’s ability to continue its business operations, to disclose any
relevant circumstances relating to the continuation of the business operations and to base
their considerations on the principle of continued business operations, unless they intend to
liquidate the Group, cease business operations or find themselves in lack of any viable
alternative to such course of action.
The Audit Committee is responsible for supervising the Group’s accounting processes.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
247
Consolidated Financial Statements Audit Certificate
Responsibilities of the auditors for the audit of the Consolidated Financial
Statements
Our objective is to assure an adequate degree of certainty on whether the Consolidated
Financial Statements in their entirety are free from significant misrepresentations caused by
fraud or human error, and to issue an audit certificate that reflects our audit findings. An
adequate degree of certainty means a high degree of certainty, but is not an absolute
guarantee that the audit conducted in accordance with the EU Directive and the Austrian
Principles of Proper Auditing, which require application of ISA, has in fact identified all
significant misrepresentations that may be contained in the audited financial statements.
Misrepresentations may result from malicious acts or misconceptions and are deemed
significant if they could, individually or collectively, have a potential influence on the
commercial decisions made by their readers on the basis of these Consolidated Financial
Statements.
In conducting our audit in accordance with the EU Directive and the Austrian Principles of
Proper Auditing, which require application of ISA, we form our opinions on the basis of our
professional judgement and maintain a critical view of the circumstances presented to us
throughout the entire course of the audit.
We further adhere to the following:
We identify and assess the risks stemming from any significant misrepresentations in the
Financial Statements caused by fraud or human error, plan our audit activities as a
response to these risks, perform our audit activities and gain sufficient and suitable audit
evidence to serve as the basis for our audit findings. The risk of significant
misrepresentations resulting from malicious acts remaining undetected is higher than the
risk resulting from misconceptions, because malicious acts may include collusion,
fraudulent acts, forgery, intentional omissions, deceiving representations or the
circumvention of internal controls.
In order to plan audit activities that adequately address the prevailing circumstances, we
gain an understanding of the Group’s system of internal controls bearing relevance for
our audit, but without the objective of forming an audit opinion on its effectiveness.
We evaluate the appropriateness of the accounting methods applied by the legal
representatives, as well as the tenability of values estimated by the legal representatives
and represented in the accounts and the disclosures associated with such estimates.
We draw inferences about the appropriateness of the legal representatives operating
under the accounting principle of continued business operations, as well as, on the basis
of the evidence presented to us for our audit, whether any events or circumstances are
subject to a considerable uncertainty that would give rise to doubts about the viability of
the Group continuing its business operations. If we arrive at the conclusion that a
material uncertainty exists, we are obliged to draw attention to the associated
disclosures contained in the Consolidated Financial Statements in our audit certificate, or
to modify our audit certificate if these disclosures are inappropriate. We draw our
conclusions on the basis of the audit evidence gathered by the date of our audit
certificate. Future events or circumstances may however result in the Group resolving to
discontinue its business operations.
We form an opinion on the overall presentation, structure and contents of the
Consolidated Financial Statements including the disclosures therein, as well as on
whether they present a true and fair view of the underlying business transactions and
events.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
248
Consolidated Financial Statements Audit Certificate
We issue our audit opinion on the Consolidated Financial Statements on the basis of
sufficient and suitable audit evidence for the financial information of the business units
or the business activities of the Group. We are responsible for managing, supervising
and performing the audit of the Consolidated Financial Statements. We bear the sole
responsibility for our audit opinion.
We consult with the Audit Committee on matters such as the planned scope and timing of
the audit as well as significant audit findings, including any significant defects in the system
of internal control system detected during our audit.
We also issue a statement to the Audit Committee confirming our adherence to the relevant
professional requirements pertaining to our independence, and exchange information with
the Audit Committee on all relationships and other circumstances that may reasonably be
expected to affect our independence and, if applicable, any associated precautionary
measures.
From the circumstances discussed with the Audit Committee, we determine those that had
the highest significance for the audit of the Consolidated Financial Statements for the fiscal
year and are therefore the circumstances bearing special audit significance. We describe these
circumstances in our audit certificate, unless public disclosure of a certain circumstance is
prohibited by law or other legal requirement, or determine in very rare cases that certain
circumstances should not be disclosed in our audit certificate because the negative
implications of disclosing them could reasonably be expected to exceed the benefits for the
public interest.
Report on the Group Management Report
Austrian corporate law requires an assessment of whether the Group Management Report
reconciles with the Consolidated Financial Statements and whether it was compiled in
accordance with the applicable legal requirements.
The legal representatives are responsible for compiling the Group Management Report in
compliance with the requirements under Austrian corporate law.
We have conducted our audit on the basis of the professional principles for the auditing of
group management reports.
Audit opinion
We have formed the opinion that the attached Group Management Report complies with the
applicable legal requirements, that it contains accurate information pursuant to § 243a UGB,
and that it reconciles with the Consolidated Financial Statements.
Declaration
Our audit of the Consolidated Financial Statements and the understanding formed about the
Group and its business environment has not identified any material misrepresentations in the
Group Management Report.
Additional information pursuant to Article 10 EU Directive
Our firm was elected auditors of the consolidated and individual financial statements for the
fiscal year ending on 30 September 2022 by the General Meeting held on 17 December
2021. On 9 February 2022, the Supervisory Board has granted our firm the mandate to audit
the company’s financial statements for the fiscal year ending on 30 September 2022. We
have been the Group’s auditors without interruption since the fiscal year ending
30 September 2021.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
249
Consolidated Financial Statements Audit Certificate
We hereby declare that our audit opinion presented in section “Report on the Consolidated
Financial Statements” reconciles with the additional report to the Audit Committee pursuant
to Article 11 of the EU Directive.
We hereby declare that we have not performed any prohibited non-audit services pursuant to
Article 5 para 1 EU Directive and that we have maintained our independence from the
audited group during the conduct of our audit of the financial statements.
Responsible auditor
The responsible auditor for this assignment was Mag. Gerhard Marterbauer.
Vienna
5 December 2022
Deloitte Audit Wirtschaftsprüfungs GmbH
Mag. Gerhard Marterbauer
Auditor
The Consolidated Financial Statements with our audit certificate may only be published or disclosed in the format
certified by us. This audit certificate refers exclusively to the full original Consolidated Financial Statements and the
Group Management Report issued in German. The provisions of § 281 para 2 of the Austrian Commercial Code (UGB)
must be observed for any other versions.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
250
Consolidated Financial Statements Statement by the Management Board
STATEMENT BY THE MANAGEMENT BOARD
PURSUANT TO § 124 PARA 1 SUBPARA 3 OF THE
STOCK EXCHANGE ACT [BÖRSEGESETZ (BÖRSEG)]
The Management Board of Energie AG Oberösterreich confirms to the best of its knowledge
that the Consolidated Financial Statements of Energie AG Oberösterreich give a true and fair
view of the assets, liabilities, as well as the financial and earnings position of the Group as
required by the applicable accounting standards, and that the Group Management Report
represents the development and performance of the business and the position of the Group
in such a way, that it gives a true and fair view of the assets, liabilities, as well as the financial
and earnings position of the Group, together with a description of the principal risks and
uncertainties faced by the Group.
Linz, 5 December 2022
The Management Board of Energie AG Oberösterreich
Chief Executive Officer
DDr. Werner Steinecker MBA
Dr. Andreas Kolar
Dipl.-Ing. Stefan Stallinger MBA
Chairman of the Management Board
Member of the Management Board
Member of the Management Board
CEO
CFO
COO
Energie AG Oberösterreich – Annual Financial Report 2021/2022
Company
Annual Report
2021/2022
of Energie AG Oberösterreich
Company Annual Report 2021/2022
Contents
253 COMPANY ANNUAL REPORT 2021/2022
253 Audited Company Annual Report
253
Statement of Financial Position
253
Statement of Income
255
Notes to the Annual Financial Statements
275
Annexes to the Notes
290 Company Management Report
290
General conditions
297
Employees
304
Assets, liabilities, financial position and profit or loss
306
Financing and investment strategy
307
Corporate management and capital costs
308
Treasury stocks
309
Internal control system
310
Risks and opportunities
316
Research, development and innovation
318
Outlook
327 Statement by the Management Board
Energie AG Oberösterreich – Annual Financial Report 2021/2022
253
Company Annual Report 2021/2022
Company Annual Report 2021/2022
of Energie AG Oberösterreich
AUDITED COMPANY ANNUAL REPORT
STATEMENT OF FINANCIAL POSITION AS OF 30 SEPTEMBER
2022
30.09.2022
30.09.2021
ASSETS
EUR
EUR 1,000
A. Non-current assets
I. Intangible assets
63,370,919.74
60,484
II. Property, plant and equipment
1,414,492,430.73
1,480,977
III. Financial assets
785,764,262.11
772,054
2,263,627,612.58
2,313,514
B. Current assets
I. Inventories
90,681,794.15
27,658
II. Receivables and other assets (thereof with a remaining term of more than 1 year:
EUR 0.00; previous year: EUR 5 thousand)
51,788,850.63
96,724
III. Securities
159,574,305.96
19,950
IV. Cash, credit balances with banks
981,515,284.67
262,377
1,283,560,235.41
406,709
C. Accruals and deferrals
3,571,490.33
3,765
3,550,759,338.32
2,723,988
30.09.2022
30.09.2021
LIABILITIES
EUR
EUR 1,000
A. Equity
I. Called and paid share capital (thereof subscribed share capital
EUR 88,652,558.00; prev. year: EUR 88,654 thousand)
88,652,558.00
88,654
less nominal value of treasury stocks
-808.00
-1
88,651,750.00
88,653
II. Committed capital reserved
209,137,542.00
209,136
III. Retained earnings
1. Legal reserves
8,000,000.00
8,000
2. Free reserves
429,638,295.69
471,213
3. Reserves for treasury stocks
808.00
1
437,639,103.69
479,215
IV. Balance sheet profit (thereof profit carried forward EUR 10,581.50; prev. year:
EUR 8 thousand)
53,200,000.00
66,500
788,628,395.69
843,503
B. Investment subsidies
10,369,281.92
11,382
C. Special item for emission allowances allocated free of charge
2,170,112.88
1,260
D. Provisions
79,392,505.43
71,710
E. Liabilities
(thereof with a remaining term of up to one year: EUR 1,844,797,362.36; previous
year EUR 915,231 thousand
thereof with a remaining term of more than one year: EUR 781,244,681.42; previous
year: EUR 830,073 thousand)
2,626,042,043.78
1,745,304
F. Construction cost subsidies
42,831,604.80
48,599
G. Accruals and deferrals
1,325,393.82
2,229
3,550,759,338.32
2,723,988
Energie AG Oberösterreich – Annual Financial Report 2021/2022
254
Company Annual Report 2021/2022 Audited Company Annual Report
STATEMENT OF INCOME 2021/2022
2021/2022
2020/2021
EUR
EUR 1,000
1. Sales revenues
590,207,792.00
409,489
2. Capitalised corporate services
606.75
0
3. Other operating income
3,351,526.47
3,985
4. Expenses for material and other purchased services
-431,635,314.54
-191,428
5. Personnel expenses
-12,739,704.55
-11,605
6. Depreciation, amortisation and write-downs (thereof write-downs EUR 521,174.75;
previous year: EUR 241 thousand)
-120,429,117.13
-123,108
7. Other operating expenses
-25,698,385.80
-27,446
8. Subtotal from 1-7 (operating result)
3,057,403.20
59,887
9. Income from investments (thereof from affiliated companies EUR 19,000,000.00;
prev. year EUR 28,000 thousand)
21,297,120.16
29,585
10. Income from other securities and lendings from the non-current financial assets
(thereof from affiliated companies EUR 329,912.34; prev. year EUR 366 thousand)
758,147.42
772
11. Other interest and similar income (thereof from affiliated companies EUR 0.00;
prev. year: EUR 0 thousand)
7,981,571.53
451
12. Income from the disposal and write-up of financial assets and current securities
(thereof from affiliated companies EUR 0.00; previous year: EUR 22 thousand)
0.00
22
13. Expenses from financial assets and current securities (thereof from affiliated companies
EUR 18,510.78; previous year: EUR 1,523 thousand, thereof from write-downs
EUR 1,357,233.46; previous year EUR 44 thousand)
-1,375,744.24
-1,567
14. Interest and similar expenses
(thereof from affiliated companies EUR 4,203,041.66; previous year:
EUR 3,255 thousand)
-25,737,596.69
-24,188
15. Subtotal from 9-14 (financial result)
2,923,498.18
5,074
16. Earnings before taxes
5,980,901.38
64,962
17. Income taxes
(thereof deferred taxes EUR -6,642,905.72; previous year: EUR 6,703 thousand)
5,652,086.40
-1,504
18. Earnings after taxes = net profit for the year
11,632,987.78
63,458
19. Reversal of retained earnings
41,556,430.72
3,035
20. Profit for the year
53,189,418.50
3,035
21. Profit carried forward from the previous year
10,581.50
8
22. Balance sheet profit
53,200,000.00
3,042
Energie AG Oberösterreich – Annual Financial Report 2021/2022
255
Notes to the Annual Financial Statements
NOTES TO THE ANNUAL FINANCIAL STATEMENTS 2021/2022
1. General notes
The present Annual Financial Statements for the fiscal year 2021/2022 were prepared in
compliance with the principles of proper accounting and the general duty to provide a
suitable view of the net asset, financial and earnings position of the company in accordance
with the Austrian Commercial Code [UGB].
The Company is classified as a large stock corporation pursuant to § 221 of the Austrian
Commercial Code (UGB).
In order to achieve a clear presentation, some items have been condensed in the Statement
of Financial Position and in the Statement of Income. These items are explained separately in
the Notes to the Annual Financial Statements.
For assets and liabilities that are split between different items of the Statement of Financial
Position, the respective splitting relationship with other items is disclosed in the Notes.
The Statement of Income is presented in vertical format and was prepared using the total-
cost method.
In the 2021/2022 fiscal year, reorganisation steps were taken in the “Fiber to the home”
broadband / fibre-optic network expansion drive. The following reorganisation steps affected
Energie AG Oberösterreich:
1. The “Operation Layer 1 and Layer 2” operational units of Energie AG Oberösterreich
Telekom GmbH were spun off to Energie AG Oberösterreich effective from 30 September
2021.
2. The “Operation Layer 1 (including associated assets Layer 1) and Operation Layer 2”
operational units of Energie AG Oberösterreich were spun off to OÖ Breitband
Infrastruktur GmbH effective from 30 September 2021.
3. The 100% share in OÖ Breitband Infrastruktur GmbH was transferred from Energie AG
Oberösterreich to Fiber Service OÖ GmbH in return for the assignment of shares amounting
to 50% in Fiber Service OÖ GmbH by OÖ Landesholding GmbH (effective date 1 October
2021).
Appendix 5 to the Notes contains the takeover balance sheet as of 1 October 2021 for 1., the
takeover balance sheet as of 1 October 2021 for 2. and the contribution balance sheet as of
1 October 2021 for 3.
There is only limited direct comparability with the previous year due to the reorganisation
steps that have taken place.
The format used in previous years was continued in the preparation of the present Annual
Financial Statements.
Together with individual Group companies, Energie AG Oberösterreich was incorporated into
the Group of companies of OÖ Landesholding GmbH (Group parent) as a member company
pursuant to § 9 KStG (Austrian Tax Act) starting with the 2010 tax year. The associated
inclusion in the group and tax allocation agreement of OÖ Landesholding GmbH was
finalised.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
256
Company Annual Report 2021/2022 Audited Company Annual Report
The provisions of the OÖ Landesholding GmbH Group contract govern the relationship
between Energie AG Oberösterreich and the Group parent, whereas Energie AG
Oberösterreich calculates its taxable income in consideration of the taxable income of its
subordinate Group companies (accrual principle):
The Group contract provides for the recognition of positive tax allocations from Group
members in an amount corresponding to 25% of the allocated positive income. The tax
losses allocated to the Group parent reduce the basis for positive tax allocations to be paid to
the Group parent in subsequent years. However, the Group parent can ultimately assume the
allocated negative result by paying a negative tax allocation to the Group company in the
amount of 97% of the tax portion attributable to the assumed negative income.
The option of a deviating tax allocation agreement between Energie AG Oberösterreich and
its Group companies provided for in the accession agreement to the Group contract was
exercised and a clearing procedure similar to the clearing system described above was
approved at the level of Energie AG Oberösterreich and its subordinate Group members.
On 1 October 2004, Energie AG Oberösterreich introduced an effective cash-pooling system
that aims at optimising the management of the Group’s bank accounts, as well as the intra-
group liquidity management and the processing of payment transactions within the Group.
Energie AG Oberösterreich decided in favour of two pooling groups, and since 1 October
2006 Energie AG Group Treasury GmbH has been the lead company of the pool.
A total of 27 (previous year: 27) entities participate in the pooling arrangements as of
30 September 2022.
Energie AG Oberösterreich is Energie AG Group’s highest-level parent company and prepares
the Consolidated Financial Statements prescribed under § 245a para 1 of the Austrian
Commercial Code (UGB). The Consolidated Financial Statements are filed with the Provincial
Court of Linz as the competent Commercial Court.
2. Accounting policies
The accounting policies applied in the previous year were continued.
General principles
The Annual Financial Statements were prepared in adherence to the principle of
completeness.
The principle of obtaining individual measurements was applied in the measurement of assets
and liabilities.
The company observed the principle of prudence by only recognising profits that were
realised by the date of the Statement of Financial Position. All discernible risks and impending
losses incurred up to the date of the Statement of Financial Position are included in the
Annual Financial Statements.
Estimates are based on prudent appraisals. The company has based its estimates on statistical
data from its historical experience with similar circumstances.
Measurements were made under the assumption of a continuation of the company.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
257
Company Annual Report 2021/2022 Audited Company Annual Report
Non-current assets
Intangible assets are, to the extent acquired against consideration, measured at their
acquisition costs and depreciated over a useful life of 5 to 20 years using the straight-line
method.
Property, plant and equipment assets are measured at cost less straight-line depreciation.
Buildings are depreciated over a useful life ranging from 15 to 40 years, manufacturing plant
and equipment as well as other equipment, furniture and fixtures are depreciated over a
useful life of 4 to 25 years.
Low-value assets are fully written off in the year of their acquisition.
Write-downs are recognised for impairments expected to be permanent.
Shares in affiliated companies and other investments are recognised at cost or the lower
attributable fair values.
For the purposes of the Annual Financial Statements, shares in affiliated companies and
investments are assessed on indications for a significant change in the attributable value. This
includes an assessment of whether there are any prevailing external or internal influences that
may cause a significant change in value. If necessary, the value is measured on the basis of
discounted net cash inflows determined on the basis of the 5-year mid-term planning and/or
available external planning data. The perpetual annuity is usually based on the cash inflows
assumed in the mid-term planning. The assumptions for an increase in the perpetual annuity
are determined in a company-specific approach. The specific discount rate applied by the
company is derived from the current market data. The pro-rata equity serves as the lower
ceiling for the measurement of participating interests.
Securities (book-entry securities) held investments are measured at their purchase prices or, in
the event of a permanent impairment, at the lower stock exchange price.
Non-interest-bearing and low-interest-bearing lendings are shown at their present value.
Write-ups are now always recognised following an upward revaluation or if the reasons for a
write-down no longer apply. Pursuant to § 124b para 270 of the Austrian Income Tax Act
(EStG), a reserve for taxes assessable on write-ups has been formed in the
2016/2017 fiscal year for write-ups of security investments unrecognised prior to
30 September 2016. This reserve is recognised as deferred income and reversed in
accordance with the tax provisions pursuant to § 906 para 32 of the Austrian Commercial
Code (UGB).
Part of the provision for value adjustments was reversed with tax effect in the
2021/2022 fiscal year, as the allocable tax value of the financial assets concerned was lower
than the allocable tax value relevant for the formation of the provision for value adjustments.
Current assets
Raw materials and supplies are measured at their average acquisition or production costs
(moving average price method), lower current values or fixed values.
Work in progress is measured at the attributable production costs.
Receivables are measured at their nominal value, taking their collectability into account. Bad
debt allowances are recognised for receivables that may not be collectable. Receivables in
foreign currency are measured in strict adherence to the principle of lower of cost or market.
Energie AG Oberösterreich – Annual Financial Report 2021/2022
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Company Annual Report 2021/2022 Audited Company Annual Report
Deferred taxes
Deferred tax assets are generally recognised for all temporal differences between the values
of assets, provisions and liabilities under tax law and their carrying values under corporate
law. Pursuant to § 198 para 10 subpara 3 of the Austrian Commercial Code, deferred taxes
from shares in affiliated companies are not recognised as deferred taxes if their reversal is
plannable but not timeable from today’s perspective.
A deferred tax liability will be recognised on the liabilities side of the Statement of Financial
Position for taxes payable in future fiscal years. The calculation is based on a tax rate of
between 23% and 24.25% (previous year: 25%).
Provisions
Actuarial principles are applied to calculate provisions for severance payments, using the
“Projected-Unit-Credit” method, in keeping with IAS 19. The calculation is based on a
retirement age of 62 years for females and males in keeping with transitional provisions or an
earlier retirement age in individual cases, an interest rate of 4.00% for the calculations
(previous year: 0.80%), planned salary increases of 3.50% (previous year: 2.90%) as well as a
discount for fluctuations according to probabilities, depending on years of employment from
1.87% for 0 years of employment (previous year: 1.82% for 0 years of employment) to
0.00% from 42 years of employment (previous year: 0.0% from 42 years of employment).
The provision for anniversary bonuses is also calculated using the “Projected-Unit-Credit”
method in keeping with IAS 19, using the same parameters that were employed to calculate
the provisions for severance payments. When calculating the provisions for anniversary
bonuses, a discount for fluctuations according to probabilities, depending on years of
employment from 1.87% for 0 years of employment (previous year: 1.82% for 0 years of
employment) to 0.00% from 46 years of employment (previous year: 0.00% from 46 years of
employment) was used as a basis.
Actuarial principles are applied to calculate provisions for old-age pensions, stepped pensions
and early retirement benefits, using the “Projected-Unit-Credit” method, in keeping with
IAS 19. The calculation is based on the AVÖ 2018-P calculation tables, an actuarial interest
rate of 4.00% (previous year 0.80%) and a pension trend of 2.25% (previous year 2.00%).
The increase in the actuarial interest rate for calculating social capital provisions from 0.80%
to 4.00% results in the reductions in the respective provisions exceeding the allocations in the
expenses for severance payments and in the expenses for pensions. Changes in social capital
provisions (provisions for severance payments, pensions, anniversary bonuses, phased
pensions and early retirement) were previously recognised in personnel expenses due to
changes in the actuarial interest rate. Exercising the option under AFRAC 27, margin no. 95,
means that such changes are now recognised in the financial result. The option of
recognising this in the financial result was exercised in the current fiscal year in order to
ensure the clearest possible picture of the earnings situation, given the high impact of the
change in the actuarial interest rate. The interest for accounting purposes included in the
changes in provisions is reported as before in the item for interest and similar expenses in the
financial result.
Other provisions were formed in accordance with the principle of prudent accounting.
In accordance with the statutory requirements, the company considered all discernible risks
and impending losses in the measurement of the other provisions. Non-current provisions
were discounted using an interest rate of 1.50% (previous year: 0.00%).
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Liabilities
Liabilities are measured at their repayment amounts and in adherence to the principle of
prudent accounting. Liabilities in foreign currencies are measured in keeping with the highest
value principle.
Emission allowances
Starting in the 2009/2010 fiscal year, accounting of emission allowances based on AFRAC
expert´s opinion takes place by capitalising emission allowances obtained at no charge at the
time of their acquisition and measuring them at market value applicable on the date of their
disposition. A special liability item is recognised in the same amount and reversed in
accordance with the actual CO2 emissions. Emission allowances acquired against
consideration are capitalised at cost on the acquisition date. The measurement of capitalised
emission allowances strictly adheres to the lower-of-cost-or-market value principle. A
provision is created to account for the obligation to surrender emission allowances based on
the actual CO2 emissions.
Starting with the 2013 calendar year, no free allocation is planned for power generation. In
calendar year 2020, Energie AG received a free allocation for heat generation for the last
time.
Construction cost subsidies
This item primarily includes financing contributions received from electricity and gas
customers.
They are reversed through profit or loss over a 15 to 40 year period. Since the 2005/2006 and
2015/2016 fiscal years, construction cost subsidies are collected at the time new electricity
and gas connections are installed by Netz Oberösterreich GmbH.
3. Notes to the Statement of Financial Position
Non-current assets
The “Changes in non-current assets” (Annex 2 to the Notes) shows, in addition to the legally
required outline and annual development, the company-specific composition of the non-
current assets.
Intangible assets
In addition to electricity procurement rights, the intangible assets also comprise various
computer software programmes, user rights for various systems, leasehold interests etc.
Property, plant and equipment
Low-value assets amounting to EUR 1,136 thousand were fully written off in the year of
acquisition (previous year: EUR 1,293 thousand).
The individual assets in item “Land and buildings” show real property assets in the amount of
EUR 35,235 thousand (previous year: EUR 33,160 thousand).
The use of property, plant and equipment not recognised in the Statement of Financial
Position on the basis of long-term rent, lease and leasing agreements results in liabilities in
the amount of EUR 2,177 thousand (previous year: EUR 1,924 thousand) for the next fiscal
year. The liabilities for the next five years amount to EUR 9,963 thousand (previous year:
EUR 9,286 thousand).
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Financial assets
The table below provides information about the relevant data as of 30 September 2022 with
respect to participating interests of 20% or more.
Profit/loss
Equity of the
for the
Share capital
Interest in the company
company
year
EUR 1,000
%
EUR 1,000
EUR 1,000
EUR 1,000
Affiliated companies
Energie AG Oberösterreich Service- und
Beteiligungsverwaltungs-GmbH, Linz
35
100
35
347,381
18,268
Energie AG Oberösterreich Umwelt
Holding GmbH, Linz
150
100
150
102,892
9,100
Energie AG Group Treasury GmbH, Linz
35
100
35
34,655
3,631
Energie AG Oberösterreich
Bohemia GmbH, Linz
500
100
500
33,854
4,419
Netz Oberösterreich GmbH, Linz
5,000
100
5,000
128,179
17,901
Energie AG Oberösterreich
Trading GmbH, Linz
150
100
150
48,398
8,109
Energie AG Oberösterreich
Erzeugung GmbH, Linz
150
100
150
80,787
2,405
Energie AG Oberösterreich Tech
Services GmbH, Linz
150
100
150
17,964
6,347
Energie AG Oberösterreich Business
Services GmbH, Linz
35
100
35
8,250
2,792
Energie AG Oberösterreich Customer
Services GmbH, Linz
35
100
35
3,390
652
Energie AG Oberösterreich
Telekom GmbH, Linz
150
100
150
11,080
4,635
Energie AG Oberösterreich
Personalmanagement GmbH, Linz
35
100
35
2,473
1,205
Energy IT Service GmbH, Linz
45
33.3
15
144
5
Cogeneration-Kraftwerke Management
2)
2)
Oberösterreich GmbH, Linz
100
99.9
100
–
–
Wertstatt 8 GmbH, Linz 3)
35
100
35
1,082
-19
Energie AG Oberösterreich
Vertrieb GmbH, Linz
35
100
35
106,500
3,299
Other investments
BBOÖ Breitband Oberösterreich GmbH,
Linz 1)
35
50
17.5
78,384
-322
Ennskraftwerke Aktiengesellschaft,
Steyr 1)
3,400
50
1,700
26,349
-1,115
1) Figures as of 31 December 2021
2) Discretionary non-disclosure as per § 242 para 2 subpara 2 of the Austrian Commercial Code (UGB)
3) The loss for the year is absorbed by Energie AG Oberösterreich in accordance with the loss absorption agreement
Lendings in the amount of EUR 3,661 thousand will mature in the next fiscal year.
With effect on 1 October 2016, write-ups of investment securities recognised in
fiscal year 2015/2016 were transferred into a provision for value adjustments pursuant to
§ 124b para 270 subpara a of the Austrian Income Tax Act (EStG) and recognised as deferred
income pursuant to § 906 para 32 of the Austrian Corporate Code.
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Current assets
Inventories
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
Raw materials and supplies
90,682
27,658
Receivables and other assets
Thereof
Thereof
securitised
Capitalised
Carrying value
remaining term
by bills of
anticipated
30.09.2022
> 1 year
exchange
amounts
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Trade receivables
44
0
0
0
Previous year
42
5
0
0
Receivables from affiliated companies
38,582
0
0
0
Previous year
40,086
0
0
0
Receivables from companies in which an interest is held
7,357
0
0
0
Previous year
309
0
0
0
Other receivables and other assets
5,807
0
0
2,166
Previous year
56,286
0
0
2,327
51,789
0
0
2,166
Previous year
96,724
5
0
2,327
The item Receivables from affiliated companies in the amount of EUR 38,582 thousand
(previous year: EUR 40,086 thousand) consists of trade receivables in the amount of
EUR 28,202 thousand (previous year: EUR 10,057 thousand), financial receivables in the
amount of EUR 206 thousand (previous year: EUR 314 thousand), other receivables in the
amount of EUR 38,413 thousand (previous year: EUR 39,179 thousand), including
EUR 24,124 thousand (previous year EUR 10,981 thousand) receivables from positive tax
allocations and EUR 14,000 thousand (previous year EUR 28,000 thousand) from same-year
dividend payments, trade payables in the amount of EUR 27,271 thousand (previous year:
EUR 9,432 thousand), other liabilities from tax allocations in the amount of
EUR 949 thousand (previous year: EUR 32 thousand) and other liabilities from loss absorption
in the amount of EUR 19 thousand (previous year: EUR 0 thousand).
The carrying amount of the allocated free-of-charge CO2 emissions allowances on
30 September 2022 was EUR 2,659 thousand. The carrying amount of the CO2 emission
allowances acquired against payment was EUR 3 thousand as of 30 September 2022. The
CO2 emissions allowance price on the reporting date was EUR 66.73, which means that it
was necessary to write down part of the free-of-charge emission allowances. After write-
down, the carrying amount was EUR 2,349 thousand as of 30 September 2022.
Accruals and deferrals
The discount on cost of finance, carried under assets, and the portions of issuing costs for
bonds are written off in keeping with the terms of these bonds.
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Equity
Called share capital and paid-in share capital
By resolution of the Annual General Meeting on 17 December 2021, the share capital of
Energie AG was reduced by EUR 1,224.00 from EUR 88,653,782.00 to EUR 88,652,558.00
by means of a simplified capital reduction by cancellation of 1,224 no-par value registered
shares of treasury stock in the form of non-voting preferred shares.
The share capital is broken down into 88,652,558 no-par-value shares (of which 88,600,000
are ordinary shares and 52,558 non-voting preference shares) with a nominal value per share
of EUR 1.00. All ordinary shares as well as the non-voting preference shares are registered in
the bearer’s name.
The company has formed appropriated reserves in the amount required by law.
Capital reserves
The reserves take the form of appropriated capital reserves.
The appropriated capital reserve provides cover of the statutory reserve in the amount of
EUR 865,255.80.
Retained earnings
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
Legal reserves
8,000
8,000
Other reserves (free reserves)
429,638
471,213
Reserves for treasury stocks
1
1
437,639
479,215
In the 2021/2022 fiscal year, free reserves in the amount of EUR 1 thousand (previous year:
EUR 1 thousand) were transferred to the reserves for treasury stocks.
The free reserves were reduced by the acquisition of treasury stocks in the amount of
EUR 19 thousand.
Free reserves from retained earnings were reversed in the amount of EUR 41,556 thousand in
the fiscal year (previous year: EUR 3,035 thousand).
In the context of the introduction of an employee-shareholding model, the shares transferred
in the 2006/2007 fiscal year as a shareholder contribution free of charge from the State of
Upper Austria, amounting to EUR 7,879 thousand, were purchased at favourable conditions
by a defined group of employees of the Energie AG Oberösterreich Group. 1,224 treasury
stocks with a nominal value of EUR 1 thousand and acquisition costs of EUR 28 thousand
were redeemed in the reporting year. As of the reporting date, the Company held treasury
stocks with a nominal value of EUR 1 thousand (previous year: EUR 1 thousand) and
acquisition costs in the amount of EUR 19 thousand (previous year: EUR 28 thousand) from
retired and former employees, as well as from employees who exercised the option allowing
them to sell employee shares after a five-year holding period. 808 of these shares were
repurchased in fiscal year 2021/2022.
Investment subsidies
The position „Changes in Investment Subsidies“ (Annex 3 to the Notes) shows the
composition and movement over the year.
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Provisions
30.09.2022
30.09.2021
EUR 1,000
EUR 1,000
Provisions for severance payments
1,974
2,398
Provisions for pensions
10,776
18,272
Provisions for tax (thereof deferred taxes EUR 7,094 thousand; prev. year EUR 1,477 thousand)
20,656
13,827
Other provisions
45,987
37,213
79,393
71,710
Tax provisions
The calculation of the deferred tax liabilities is based on a tax rate of 23% and 24.25%.
Differences between the values recognised in the Statement of Financial Position for tax
purposes and the commercial Statement of Financial Position only contain deferred taxes that
have a limited term. Differences that remain on the accounts are assumed to be relevant for
taxation. Deferred tax assets are offset against deferred tax liabilities.
A provision for tax arrears in the amount of EUR 13,561 thousand (previous year:
EUR 12,350 thousand) was formed for tax losses from Group members already utilised by the
parent company.
The deferred tax liabilities in the amount of EUR 7,094 thousand (previous year:
EUR 1,477 thousand) are non-current liabilities.
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The accrual item for deferred taxes results from differences between the commercial and tax
balance sheets for expenses that will only become tax-deductible in future years. This item
recognises the balance from deferred tax assets and liabilities to the extent the prerequisites
for offsetting deferred tax assets from deferred tax liabilities have been met. The deferred tax
item resulting from the difference between the commercial and tax balance sheets under
corporate law is shown in the following:
Statement of
Financial
Tax balance
Change in
Position
sheet
Difference
deferred taxes
30.09.2022
30.09.2022
2021/2022
2021/2022
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Deferred tax assets:
Inventory measurement
0
1,793
1,793
189
Cost of finance
0
507
507
-87
Provision for severance payments
1,974
1,375
599
-413
Provision for pensions
10,776
5,967
4,808
-7,358
Provision for early retirement
1,072
983
89
-147
Provision for stepped pensions
90
89
1
-13
Provision for anniversary bonuses
623
430
192
-150
Allowances in kind (electricity)
6,916
2,669
4,247
-133
Allowances in kind (gas)
123
102
21
-119
Current provisions
35,926
0
35,926
7,038
48,183
-1,193
Permanent differences from property, plant and
equipment
0
0
Deferred tax liabilities:
Property, plant and equipment
1,414,492
1,383,272
-31,221
-25,589
Measurement of receivables
0
0
0
13
Untaxed reserves
0
47,718
-47,718
1,923
-78,939
-23,653
Balance from deferred tax assets and liabilities
30,755
24,845
Resulting deferred tax liability (23%-24.25%)
7,094
7,822
Total deferred tax liabilities
7,094
7,822
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Other provisions
The other provisions mainly comprise obligations to personnel (stepped pensions, anniversary
benefits, early retirement benefits, electricity and gas used by employees), uncertain liabilities
such as for the decommissioning of the Riedersbach coal power station, an environmental
provision, a provision for impending losses from the 7Fields gas reservoir and obligations from
emission allowances that must be surrendered.
Obligations from outstanding supplier invoices are reported in the trade payables item.
Certain obligations to personnel (accrued paid leave, accruals for holiday, vacation and other
bonuses, etc.) are reported in the other liabilities.
Liabilities
Thereof
Thereof
Thereof
Carrying
remaining
remaining
remaining
Thereof
value
term
term
term
Secured in
accrued
30.09.2022
< 1 year
1-5 years
> 5 years
rem
Type of
liabilities
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
security
EUR 1,000
Bonds
300,000
0
300,000
0
0
-
0
Previous year
300,000
0
300,000
0
0
-
0
Liabilities to banks
217,444
109
380
216,956
0
-
0
Previous year
222,532
5,108
369
217,055
0
-
0
Advances received on account of
orders
0
0
0
0
0
-
0
Previous year
154
154
0
0
0
-
0
Trade payables
17,382
17,382
0
0
0
-
0
Previous year
9,383
9,383
0
0
0
-
0
Liabilities to affiliated companies
2,016,077
1,754,581
0
261,495
0
-
0
Previous year
1,167,104
857,300
67,500
242,304
0
-
0
Other liabilities
75,139
72,725
2,064
349
0
-
17,899
Previous year
46,131
43,286
2,480
364
0
-
18,326
2,626,042
1,844,797
302,444
478,800
0
-
17,899
Previous year
1,745,304
915,231
370,349
459,724
0
-
18,326
The liabilities to affiliated companies in the amount of EUR 2,016,077 thousand (previous
year: EUR 1,167,104 thousand) are broken down into trade liabilities with
EUR 29,310 thousand (previous year: EUR 1,540 thousand), financial liabilities with
EUR 1,733,205 thousand (previous year: EUR 913,077 thousand), the security deposit to Netz
Oberösterreich GmbH with EUR 261,495 thousand (previous year: EUR 242,304 thousand),
other liabilities with EUR 1,225 thousand (previous year: EUR 12,539 thousand), trade
receivables with EUR 17 thousand (previous year: EUR 36 thousand), other receivables with
EUR 9,141 thousand (previous year: EUR 2,320 thousand), with the latter including
EUR 4,141 thousand (previous year: EUR 2,320 thousand) in receivables from the positive tax
appropriation and EUR 5 thousand (previous year: EUR 0 thousand) of same-period
distributions.
Other liabilities to affiliated companies in the amount of EUR 1,225 thousand consist entirely
of tax appropriation refunds to Group companies.
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The greatest part of the remaining liabilities pertain to tax liabilities in the amount of
EUR 28,681 thousand (previous year: EUR 8,211 thousand), liabilities concerning social
security contributions in the amount of EUR 175 thousand (previous year:
EUR 689 thousand), outstanding interest charges in the amount of EUR 12,999 thousand
(previous year: EUR 13,216 thousand), as well as liabilities in relation to hedging transactions
in the amount of EUR 26,300 thousand (previous year: EUR 16,900 thousand).
Disclosures on financial instruments
As of the reporting date, the derivative financial instruments are composed as follows:
Fair value
Carrying
Contract
Positive
Negative
amount
Balance sheet
value
Term
EUR 1,000
EUR 1,000
EUR 1,000
item
Interest swaps bond
(fixed interest
received)
EUR 75 mill.
2025
836
0
0
-
Previous year
EUR 75 mill.
2025
1,244
0
0
-
Interest swaps loans
(fixed interest paid)
EUR 37 mill.
2023
0
174
0
-
EUR 32 mill.
2028
0
2,300
0
-
EUR 100 mill.
2035
21,689
0
-
EUR 172 mill.
21,689
2,474
0
Previous year
EUR 172 mill.
2,443
11,114
0
Derivative financial instruments that are not recognised in the Statement of Financial Position
are used to partially hedge the risks of interest rate changes inherent in bonds and loans. A
provision item will be formed if there is no hedging relationship and the present value is
negative. Negative market values of derivatives in a hedging relationship amounted to
EUR 2,474 thousand and were not recognised in the accounts.
The measurement of the swaps results from discounting the future cash flows (present value
method) on the basis of an expected interest curve from 30 September 2022. The interest
curve is provided by a department that is not involved in trading the respective financial
instrument.
The derivative financial instruments used for hedging purposes are regularly tested on
effectiveness in order to assess their compensating effect and in turn the effectiveness of the
hedging relationships.
Construction cost subsidies
This item primarily includes financing contributions received from electricity and gas
customers.
They are reversed through profit or loss over a 15 to 40 year period. Since the 2005/2006 and
2015/2016 fiscal years, construction cost subsidies are collected at the time new electricity
and gas connections are installed by Netz Oberösterreich GmbH.
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Accruals and deferrals
The deferred income and accrued expense items are essentially composed of the premium
spread over the term of issued bonds and accruals of income received.
Pursuant to § 124b para 270 letter a of the Austrian Income Tax Act, write-ups for
investment securities in the amount of EUR 310 thousand not recognised in the
2015/2016 fiscal year were transferred into a provision for value adjustments under tax law
with effect on 1 October 2016 and recognised as deferred income pursuant to § 906 para 32
of the Austrian Commercial Code (UGB).
In accordance with the accounting changes from the Austrian Accounting Changes Act 2014
(RÄG 2014), deferred taxes in the amount of EUR 32,016 thousand were reallocated to
deferred income in the 2016/2017 fiscal year. They stem from shares in affiliated companies
and are reversed over four fiscal years in accordance with § 906 para 34 of the Austrian
Commercial Code (UGB), with the final reversal amount recognised in the previous year.
Contingent liabilities
Thereof to
Thereof to
affiliated and
affiliated and
associated
associated
30.09.2022
companies
30.09.2021
companies
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
Guarantees from cash pooling
1,698,754
1,698,754
800,587
800,587
Guarantees related to electricity trade
415,808
415,808
57,905
57,905
Other guarantees
55,998
55,998
58,509
58,509
Total guarantees
2,170,559
2,170,559
917,001
917,001
Liabilities from bills of exchange
2,000
2,000
2,000
2,000
2,172,559
2,172,559
919,001
919,001
Energie AG Oberösterreich assumed an obligation, in the form of a letter of guarantee, to
ensure the contracting parties’ claims from the cash-pooling agreement. As of 30 September
2022, these receivables amount to EUR 1,699 million. In consideration of Energie AG’s own
pooling liabilities, the net financial guarantee item amounts to EUR 121 million. Letters of
guarantee and letters of comfort were issued to the business partners of Energie AG
Oberösterreich Trading GmbH in relation to energy trading transactions. The other guarantees
pertain to assumptions of liability for loans that affiliated companies of Energie AG were
granted from various financial institutions.
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4. Notes to the Statement of Income
Sales revenues
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Electricity
35,577
68,292
Gas
319,315
102,425
Other sales revenues
235,315
238,772
590,208
409,489
The electricity and gas revenues result from the settlement of electricity procurement
agreements and settlements from the 7Fields gas reservoir to Energie AG Oberösterreich
Trading GmbH.
The other sales revenues mainly include income from the reversal of construction cost
subsidies, income from warehoused inventory used by Group companies, and lease payments
for non-current assets and lease payments made to Group companies.
Other operating income
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Income from the disposal and appreciation of non-current assets (excluding financial assets)
296
1,519
Income from the reversal of provisions
120
-
Other
2,936
2,466
3,352
3,985
The other operating income essentially consists of proceeds from the utilisation of investment
subsidies, proceeds from insurance benefits, proceeds from capitalised production activities,
proceeds from CO2 emissions allowances and proceeds from onward invoicing.
Expenses for material and other purchased services
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Cost of materials
391,469
154,401
Expenses for purchased services
40,167
37,027
431,635
191,428
The most important items under “Cost of materials” are the electricity procured from
electricity supply contracts that remained with Energie AG Oberösterreich, the use of gas, the
cost of materials withdrawn from the inventories by Group companies, as well as materials
procured from third parties.
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Personnel expenses
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Wages
4
1
Salaries
8,289
8,224
Social security expenses
4,447
3,379
Thereof expenses for pension payments
578
503
Thereof severance payments and contributions to company pension funds
119
1,038
Thereof expenses for statutory social security contributions and payroll-related levies and
statutory contributions
1,641
1,682
12,740
11,605
The item for salaries includes EUR 45 thousand (previous year: EUR 52 thousand) from
changes in the provisions for anniversary bonuses. The change in the social capital provision
due to changes in the actuarial interest rate has been recognised in the financial result since
the reporting year. The previous year’s figure includes EUR 16 thousand due to the change in
the actuarial interest rate.
The expenses for severance payments and payments to company pension funds as well as the
expenses for pension benefits include the actuarial profits from 2021/2022 in an amount of
EUR 208 thousand (previous year: EUR 76 thousand actuarial losses). The change in the social
capital provision due to changes in the actuarial interest rate has been recognised in the
financial result since the reporting year. The previous year’s figure includes EUR -87 thousand
due to the change in the actuarial interest rate.
The interest expenses resulting from the provisions for severance payments, old-age pensions,
anniversary bonuses, stepped pensions and early retirement benefits is reported in the
financial result under interest and similar expenses.
The expenses for severance payments and payments to company pension funds include
expenses for members of the Management Board and senior executives amounting to
EUR 40 thousand (previous year: EUR 39 thousand).
The expenses for old-age pensions include expenses for members of the Management Board
and senior executives in the amount of EUR 301 thousand (previous year: EUR 344 thousand).
The expenses for pension payments consist of EUR 380 thousand related to contribution-
based commitments (previous year: EUR 387 thousand).
The item “Expenses for severance payments and payments to company pension funds”
includes expenses for pension funds in the amount of EUR 84 thousand (previous year:
EUR 81 thousand).
Depreciation, amortisation and impairments
Depreciation and amortisation expenses fully relate to non-current intangible assets and
property, plant and equipment and are reported in the assets analysis. Write-downs in an
amount of EUR 521 thousand was recognised for thermal plants in the reporting year. In the
previous year, write-downs of EUR 241 thousand were recognised for buildings.
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Other operating expenses
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Taxes other than income tax
204
198
Other
25,495
27,249
25,698
27,446
The other operating expenses comprise administrative expenses, allowances, insurance
premiums, rental expenses, consultancy expenses, losses from the disposal of property, plant
and equipment, and marketing expenses.
The losses from the disposal of non-current assets amount to EUR 1,269 thousand (previous
year: EUR 1,286 thousand) and essentially relate to redistribution systems, power plants, and
gas supply systems.
As the Company’s auditors are also the auditors of the Consolidated Financial Statements of
Energie AG Oberösterreich, Linz, in which the Company is included (as a fully consolidated
company), reference is made to the corresponding disclosures with regard to the expenses for
the auditor in fiscal year 2021/2022 contained in that Company’s Notes to the Consolidated
Financial Statements.
Income from investments in other companies
Income from investments in other companies in the amount of EUR 19,000 thousand
(previous year: EUR 28,000 thousand) relate to profit disbursements in the same period.
Other interest and similar income
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Change of discount rate for social capital
7,746
0
Interest
205
451
Other
31
0
7,982
451
The change in the social capital provision due to changes in the actuarial interest rate has
been recognised in the financial result since the reporting year. The previous year saw
EUR -71 thousand included in personnel expenses due to the change in the actuarial interest
rate.
Other income of EUR 31 thousand (previous year: EUR 0) relates to the release of deferred
income in accordance with § 906 para 32 of the Austrian Business Code
(Unternehmensgesetzbuch, UGB).
Income from the disposal and write-up of financial assets and current securities
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Income from the disposal financial assets
0
22
0
22
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Expenses from financial assets and current securities
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Write-downs
1,357
44
Loss absorption
19
1,523
1,376
1,567
EUR 687 thousand (previous year: EUR 10 thousand) of the write-down relate to securities
held as current assets, EUR 620 thousand (previous year: EUR 34 thousand) to securities held
as fixed assets and EUR 50 thousand (previous year: EUR 0) to the investment in
Oberösterreichische Gemeinnützige Bau- und Wohngesellschaft mit beschränkter Haftung.
The expenses resulting from loss-assumption arrangements amount to EUR 19 thousand
(previous year: EUR 1,523 thousand).
Interest and similar expenses
This item includes the calculated interest expenses attributable to the provisions for severance
benefits, pensions, anniversary bonuses, stepped pensions and early retirement benefits in the
amount of EUR 240 thousand (previous year: EUR 308 thousand), and the interest income
from plan assets in the amount of EUR 64 thousand (previous year: EUR 76 thousand).
Income taxes
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Ongoing tax expenses
3,670
31,218
Tax expenses from tax audit
-1,150
200
Positive tax allocations
-20,007
-25,299
Negative tax allocations
4,013
2,088
Deferred tax liabilities
7,822
-6,703
-5,652
1,504
Pursuant to the Tax Allocation Agreement, the option of settling losses carried forward was
exercised and losses of
EUR 1,215 of Energie AG Oberösterreich Umwelt Holding GmbH were absorbed in the previous year.
The receivables from and liabilities to affiliated companies include receivables for outstanding
tax allocation repayments from Group companies in the amount of EUR 2,174 thousand
(previous year: EUR 1,825 thousand), as well as liabilities for additional tax allocation
payments in the amount of EUR 10,208 thousand (previous year: EUR 13,301 thousand). The
receivable reported for tax allocation refund from the Group parent, OÖ
Landesholding GmbH, amounts to EUR 18,056 thousand (previous year: additional tax
allocation payment of EUR 9,223 thousand).
The difference of receivables or liabilities from tax allocations against the resulting tax
expenses or income is due to advance payments received from the Group companies during
the fiscal year.
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Income or expense items of extraordinary magnitude or significance
The individual items recognised in the Statement of Income do not contain expenses or
income of an extraordinary magnitude or significance pursuant to § 237 para 1 subpara 4 of
the Austrian Corporate Code, with the exception of the aforementioned write-downs
recognised for property, plant and equipment.
5. Other disclosures
Other financial obligations
Energie AG Oberösterreich has agreed to cover 100% of the annual loss of Wertstatt
8 GmbH for the 2021/2022 fiscal year. The losses assumed from this entity amounts to
EUR 19 thousand.
On 17 October 2022, Energie AG Oberösterreich gave an undertaking to absorb the losses of
Energie AG Oberösterreich Business Services GmbH, Energie AG Oberösterreich Tech
Services GmbH, and Wertstatt 8 GmbH for fiscal year 2022/2023 and further issued a non-
binding letter of comfort to these entities. This letter of comfort, which Energie AG
Oberösterreich can only terminate after expiry of 24 months from signing, was not
recognised in the Annual Financial Statements as of 30 September 2022, but may give rise to
financial obligations for Energie AG Oberösterreich in fiscal year 2022/2023. In this context,
another non-binding letter of comfort, terminable 24 months from the date of signing, was
issued to Energie AG Oberösterreich Telekom GmbH on 28 October 2021.
Corporate bodies, employees
The remuneration of the Management Board and the Supervisory Board presents as follows:
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Management Board
846
827
Former Management Board and their survivors
705
695
Supervisory Board
95
94
The average number of employees (FTE) in the fiscal year presents as follows:
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Employees
68
70
The data pertaining to the members of the Management Board and the members of the
Supervisory Board are disclosed separately (Annex 1 to the Notes).
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Unbundling
In addition to the already existing functional and accounting unbundling, Energie AG
Oberösterreich implemented the unbundling requirement under corporate law (statutory
unbundling) by setting up legally autonomous companies during fiscal 2006/2007.
Pursuant to § 8 para 3 ElWOG and § 8 para 3 GWG, the following disclosable transactions
are executed with affiliated companies:
Management of electricity and gas assets,
Energie AG OÖ Trading GmbH
trading services
Electricity procured from third parties, energy Energie AG OÖ Vertrieb GmbH
services,
technical services, heat supplies
Grid services
Netz OÖ GmbH
Fuel purchases
Energie AG OÖ Umwelt Service GmbH
Data/telecommunication
Energie AG OÖ Telekom GmbH
Commercial/legal services
Energie AG OÖ Business Services GmbH
Personnel management services
Energie AG OÖ Personalmanagement GmbH
Personnel leasing
Energie AG OÖ Personal Power GmbH
Cash pooling, financing
Energie AG Group Treasury GmbH
Provisioning of personnel
Wertstatt 8 GmbH
Assets, holding services
Energie AG OÖ Vertrieb GmbH,
Netz OÖ GmbH,
Energie AG OÖ Erzeugung GmbH,
Energie AG OÖ Telekom GmbH,
Energie AG OÖ Trading GmbH,
Energie AG OÖ Business Services GmbH,
Energie AG OÖ Tech Services GmbH,
Cogeneration-Kraftwerke Management
OÖ GmbH,
Energie AG OÖ Umwelt Holding GmbH
The breakdown of the Statement of Financial Position as of 30 September 2022 and the
Statement of Income for fiscal year 2021/2022 into the areas of electricity generation and
electricity trade, electricity and gas grid and other activities (Annexes 6 and 7 to the Notes) in
accordance with the breakdown principles described in Annex 8 to the Notes serves the
purpose of establishing the capital structure for the cost audit by Energie-Control Austria for
the regulation of the economic sectors electricity and natural gas.
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Events after the reporting date
No material events within the meaning of § 238 para 1 subpara 11 of the Austrian
Commercial Code occurred after the balance sheet date.
Proposed appropriation of the profit
The Management Board proposes to distribute an amount of EUR 53,200,000.00 from the
balance sheet profit in the form of a dividend payment of EUR 0.60 per each ordinary share
and to carry the difference forward to new account.
Linz, 5 December 2022
The Management Board of Energie AG Oberösterreich
Chief Executive Officer
DDr. Werner Steinecker MBA
Dr. Andreas Kolar
Dipl.-Ing. Stefan Stallinger MBA
Chairman of the Management Board
Member of the Management Board
Member of the Management Board
CEO
CFO
COO
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Annexes to the Notes
ANNEXES TO THE NOTES
Corporate bodies
Supervisory Board
Markus Achleitner
Chairman
Mag. Stefan Lang, LL.M.
Vice-Chairman
Dr. Heinrich Schaller
Deputy Vice-Chairman
Dr. Miriam Eder, MBA
Mag. Dr. Erich Entstrasser
Mag. Dr. Christine Frauscher
Mag. Florian Hagenauer, MBA
Dipl.-Ing. Erich Haider, MBA
Mag. Anna Maria Hochhauser
(until 17 December 2021)
Dr. Elisabeth Kölblinger
(since 17 December 2021)
Commercial Council Mag. Michaela
Keplinger-Mitterlehner
Mag. Kathrin Renate Kühtreiber-Leitner, MBA
Member of Local Parliamentary Group Ing.
Herwig Mahr
(since 4 March 2022)
Gertrude Schatzdorfer-Wölfel
Thomas Peter Stadlbauer MSc MBA MPA
(until 17 December 2021)
Josef Walch
Works Council representatives:
Ing. Mag. Leopold Hofinger
(until 21 April 2022)
Mag. Dr. Regina Krenn
Ing. Peter Neißl, MBA MSc
Edith Schatzdorfer
(since 21 April 2022)
Ing. Bernhard Steiner
Christian Strobl
Gerhard Störinger
Andreas Walzer
Management Board
KommR Ing. DDr. Werner Steinecker, MBA
Chief Executive Officer, Chairman of the
Management Board
KommR Mag. Dr. Andreas Kolar
Member of the Management Board
Dipl.-Ing. Stefan Stallinger, MBA
Member of the Management Board
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Changes in non-current assets
Costs
Disposals due
Balance as of
to
Balance as of
01.10.2021
Additions reorganisation
Disposals
Transfers
30.09.2022
EUR
EUR
EUR
EUR
EUR
EUR
I.
Intangible assets
1. Procurement rights
227,305,775.38
1,689,316.65
0.00
0.00
0.00
228,995,092.03
2. Other rights
104,868,547.10
6,085,228.60
598,072.05
784,526.48
0.00
109,571,177.17
Total intangible assets
332,174,322.48
7,774,545.25
598,072.05
784,526.48
0.00
338,566,269.20
II.
Property, plant and
equipment
1. Electricity plants
1. 1 Power plants, land and
buildings
474,546,671.71
59,932.42
0.00
110,361.72
378,595.23
474,874,837.64
Manufacturing plant and
equipment
595,681,028.98
987,635.66
0.00
693,244.07
3,535,816.20
599,511,236.77
Advance payments made
and facilities under
construction
8,361,980.04
4,204,101.75
0.00
316,102.08
-5,119,150.62
7,130,829.09
Total power plant
assets
1,078,589,680.73
5,251,669.83
0.00
1,119,707.87
-1,204,739.19 1,081,516,903.50
1. 2 Transformer and
distribution systems
Land and buildings
153,031,954.62
4,518,809.05
0.00
188,082.10
3,957,717.17
161,320,398.74
Manufacturing plant and
equipment
614,206,869.09
17,097,685.46
0.00
3,606,950.41
11,370,502.60
639,068,106.74
Lines and cables
1,406,914,117.38
57,411,490.19
0.00
5,775,066.62
35,465,463.26
1,494,016,004.21
Advance payments made
and facilities under
construction
63,892,771.24
17,295,112.11
0.00
67,169.42
-51,227,147.79
29,893,566.14
Total transformer and
distribution systems
2,238,045,712.33
96,323,096.81
0.00
9,637,268.55
-433,464.76
2,324,298,075.83
Total electricity assets
3,316,635,393.06 101,574,766.64
0.00
10,756,976.42
-1,638,203.95 3,405,814,979.33
2. Gas supply assets
Land and buildings
12,033,595.85
124,293.19
0.00
36,772.02
0.00
12,121,117.02
Lines and cables
649,941,521.60
5,478,347.41
0.00
104,402.33
1,307,966.09
656,623,432.77
Gas stations and measurement
systems
66,250,838.91
2,155,622.84
0.00
301,724.84
253,211.03
68,357,947.94
Advance payments made and
facilities under construction
2,326,376.13
747,316.81
0.00
0.00
-1,561,177.12
1,512,515.82
Total distribution systems
730,552,332.49
8,505,580.25
0.00
442,899.19
0.00
738,615,013.55
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Accumulated depreciation, amortisation and write-downs
Carrying amounts
Disposals due
Carrying
Carrying
Balance as of
to
Balance as of
amount
amount
01.10.2021
Additions reorganisation
Disposals
Transfers
30.09.2022
30.09.2021
30.09.2022
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
181,731,897.18
1,247,512.67
0.00
0.00
0.00
182,979,409.85
45,573,878.20
46,015,682.18
89,958,772.89
3,416,327.65
454,433.67
704,727.26
0.00
92,215,939.61
14,909,774.21
17,355,237.56
271,690,670.07
4,663,840.32
454,433.67
704,727.26
0.00
275,195,349.46
60,483,652.41
63,370,919.74
372,316,314.91
6,112,696.78
0.00
4,949.16
-5.64
378,424,068.17
102,230,356.80
96,450,769.47
551,908,674.50
4,696,415.73
0.00
664,553.48
-426,426.12
556,366,962.87
43,772,354.48
43,144,273.90
0.00
0.00
0.00
0.00
0.00
0.00
8,361,980.04
7,130,829.09
924,224,989.41
10,809,112.51
0.00
669,502.64
-426,431.76
934,791,031.04 154,364,691.32 146,725,872.46
114,319,509.40
2,481,127.22
0.00
147,470.36
0.00
116,653,166.26
38,712,445.22
44,667,232.48
432,903,754.87
21,509,899.52
0.00
2,983,440.38
426,607.59
451,003,606.42
181,303,114.22
188,064,500.32
948,478,645.39
41,603,073.36
0.00
5,285,557.39
0.00
984,796,161.36
458,435,471.99
509,219,842.85
0.00
0.00
0.00
0.00
0.00
0.00
63,892,771.24
29,893,566.14
1,495,701,909.66
65,594,100.10
0.00
8,416,468.13
426,607.59
1,552,452,934.04
742,343,802.67
771,845,141.79
2,419,926,899.07
76,403,212.61
0.00
9,085,970.77
175.83 2,487,243,965.08 896,708,493.99 918,571,014.25
6,069,866.17
213,011.98
0.00
16,945.99
0.00
6,265,932.16
5,963,729.68
5,855,184.86
391,684,029.69
12,319,171.95
0.00
85,400.72
0.00
403,917,800.92
258,257,491.91
252,705,631.85
39,956,891.10
2,281,965.66
0.00
214,532.74
0.00
42,024,324.02
26,293,947.81
26,333,623.92
0.00
0.00
0.00
0.00
0.00
0.00
2,326,376.13
1,512,515.82
437,710,786.96
14,814,149.59
0.00
316,879.45
0.00
452,208,057.10 292,841,545.53 286,406,956.45
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Costs
Disposals due
Balance as of
to
Balance as of
01.10.2021
Additions
reorganisation
Disposals
Transfers
30.09.2022
EUR
EUR
EUR
EUR
EUR
EUR
3. District heat systems
Land and buildings
4,963,779.52
0.00
0.00
0.00
0.00
4,963,779.52
Manufacturing plant and
equipment
30,313,882.13
162,111.93
0.00
165,969.86
274,313.54
30,584,337.74
Lines and cables
97,370,941.12
1,717,378.73
0.00
28,886.79
715,826.67
99,775,259.73
Advance payments made and
facilities under construction
1,109,160.97
839,631.11
0.00
0.00
-990,140.21
958,651.87
Total district heat assets
133,757,763.74
2,719,121.77
0.00
194,856.65
0.00
136,282,028.86
4. Other facilities, furniture and
fixtures
Land and buildings
90,869,207.04
60,450.88
0.00
129,334.10
1,676,413.97
92,476,737.79
Manufacturing plant and
equipment
425,507,127.14
9,150,749.96
104,627,284.86
208,121.81
1,186,480.05
331,008,950.48
Furniture and fixtures
79,409,846.45
6,810,090.20
0.00
2,426,798.63
376,653.89
84,169,791.91
Advance payments made and
facilities under construction
14,174,478.76
19,952,199.54
7,034,327.85
35,926.86
-1,601,343.96
25,455,079.63
Total other facilities,
furniture and fixtures
609,960,659.39
35,973,490.58 111,661,612.71
2,800,181.40 1,638,203.95
533,110,559.81
Total property, plant and
equipment
4,790,906,148.68 148,772,959.24 111,661,612.71 14,194,913.66
0.00 4,813,822,581.55
III. Financial assets
1. Shares in affiliated companies
738,589,589.86
200,000.00
3,000,000.00
779,250.49
0.00
735,010,339.37
2. Loans to affiliated companies
18,697,164.92
20,113,938.31
0.00
5,101,690.54
0.00
33,709,412.69
3. Investments
23,293,508.40
2897440.24¹⁾
0.00
0.00
0.00
26,190,948.64
4. Non-current securities (book-
entry securities)
8,846,662.90
0.00
0.00
0.00
0.00
8,846,662.90
Total financial assets
789,426,926.08
23,211,378.55
3,000,000.00
5,880,941.03
0.00
803,757,363.60
Total non-current assets
5,912,507,397.24 179,758,883.04 115,259,684.76 20,860,381.17
0.00 5,956,146,214.35
1)
Addition to investment due to reorganisation
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Accumulated depreciation, amortisation and write-downs
Carrying amounts
Disposals due
Balance as of
to
Balance as of
Carrying amount
Carrying amount
01.10.2021
Additions
reorganisation
Disposals
Transfers
30.09.2022
30.09.2021
30.09.2022
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
4,163,751.73
45,163.95
0.00
0.00
0.00
4,208,915.68
800,027.79
754,863.84
25,216,055.10
904,106.66
0.00
165,969.86
0.00
25,954,191.90
5,097,827.03
4,630,145.84
83,043,054.92
1,995,208.11
0.00
722.17
0.00
85,037,540.86
14,327,886.20
14,737,718.87
0.00
0.00
0.00
0.00
0.00
0.00
1,109,160.97
958,651.87
112,422,861.75
2,944,478.72
0.00
166,692.03
0.00
115,200,648.44
21,334,901.99
21,081,380.42
53,887,175.95
1,491,576.86
0.00
77,910.72
0.00
55,300,842.09
36,982,031.09
37,175,895.70
218,448,381.20
15,623,280.53
14,198,170.65
141,506.17
-175.83
219,732,160.74
207,058,745.94
111,276,789.74
67,533,201.13
4,488,578.50
0.00
2,377,302.26
0.00
69,644,477.37
11,876,645.32
14,525,314.54
0.00
0.00
0.00
0.00
0.00
0.00
14,174,478.76
25,455,079.63
339,868,758.28
21,603,435.89
14,198,170.65
2,596,719.15
-175.83
344,677,480.20
270,091,901.11
188,433,079.61
3,309,929,306.06 115,765,276.81
14,198,170.65
12,166,261.40
0.00 3,399,330,150.82 1,480,976,842.62 1,414,492,430.73
16,862,221.98
0.00
0.00
0.00
0.00
16,862,221.98
721,727,367.88
718,148,117.39
0.00
0.00
0.00
0.00
0.00
0.00
18,697,164.92
33,709,412.69
0.00
0.00
0.00
0.00
0.00
0.00
23,293,508.40
26,190,948.64
510,902.49
619,977.02
0.00
0.00
0.00
1,130,879.51
8,335,760.41
7,715,783.39
17,373,124.47
619,977.02
0.00
0.00
0.00
17,993,101.49
772,053,801.61
785,764,262.11
3,598,993,100.60 121,049,094.15
14,652,604.32
12,870,988.66
0.00 3,692,518,601.77 2,313,514,296.64 2,263,627,612.58
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Changes in investment subsidies
Reversal/
Balance as of
Allocation
Disposals
Transfers
consumption
Balance as of
01.10.2021
2021/2022
2021/2022
2021/2022
2021/2022
30.09.2022
EUR
EUR
EUR
EUR
EUR
EUR
I. Intangible assets
Other rights
1,367,776.50
0.00
12,251.92
0.00
182,855.40
1,172,669.18
Total intangible assets
1,367,776.50
0.00
12,251.92
0.00
182,855.40
1,172,669.18
II. Property, plant and
equipment
1. Electricity plants
1. 1. Power plants, land
and buildings
8,004,252.55
33,755.74
0.00
0.00
734,894.22
7,303,114.07
Manufacturing
plant and
equipment
656,731.43
183,282.83
0.00
136,294.21
125,212.48
851,095.99
Advance payments
made and facilities
under construction
275,014.35
88,529.76
138,631.66
-136,294.21
0.00
88,618.24
Total power
plant assets
8,935,998.33
305,568.33
138,631.66
0.00
860,106.70
8,242,828.30
1. 2. Transformer and
distribution systems
Lines and cables
84,500.00
0.00
0.00
0.00
13,000.00
71,500.00
Total transformer
and distribution
systems
84,500.00
0.00
0.00
0.00
13,000.00
71,500.00
Total electricity
assets
9,020,498.33
305,568.33
138,631.66
0.00
873,106.70
8,314,328.30
2. District heat systems
Land and buildings
66,436.05
0.00
0.00
0.00
2,345.30
64,090.75
Manufacturing
plant and
equipment
214,220.74
0.00
0.00
0.00
71,406.91
142,813.83
Lines and cables
23,200.10
0.00
0.00
0.00
1,657.15
21,542.95
Total district heat
assets
303,856.89
0.00
0.00
0.00
75,409.36
228,447.53
3. Other facilities, furniture
and fixtures
Land and buildings
205,527.57
4,179.26
0.00
0.00
10,643.77
199,063.06
Manufacturing
plant and
equipment
351,913.52
22,686.81
124,588.78
28,754.35
28,437.94
250,327.96
Furniture and
fixtures
69,483.75
14,056.56
0.00
0.00
34,008.68
49,531.63
Advance payments
made and facilities
under construction
63,398.55
150,025.15
29,755.09
-28,754.35
0.00
154,914.26
Total other facilities,
furniture and
fixtures
690,323.39
190,947.78
154,343.87
0.00
73,090.39
653,836.91
Total property, plant and
equipment
10,014,678.61
496,516.11
292,975.53
0.00
1,021,606.45
9,196,612.74
Total investment subsidies
(thereof allocated COVID bonus
EUR 388,221.11)
11,382,455.11
496,516.11
305,227.45
0.00
1,204,461.85
10,369,281.92
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Cash Flow Statement 2021/2022
2021/2022
2020/2021
EUR 1,000
EUR 1,000
Net cash flow from ongoing business activities
Net profit for the year
11,633
63,458
Gains from the disposal of assets
-296
-1,541
Reversal of investment subsidies
-1,358
-1,497
Reversal of construction cost subsidies
-5,768
-6,636
Write-up of financial assets
0
0
Appreciation of current securities
0
0
Income from investments, securities and lendings as well as interest and similar expenses
-4,268 1)
-6,620 1)
Losses from the disposal of assets
1,323
1,287
Write-down of property, plant and equipment and intangible assets
120,429
123,108
Change in social capital
-6,902 2)
-771 2)
Change in other non-current provisions
-316
6,678
Change in non-current provisions for deferred taxes
7,822 3)
1,301 3)
Write-down of financial assets
620
34
Write-down of current securities
615
10
Cash flow from earnings
123,535
178,811
Change in inventories
-63,024
2,762
Change in other receivables and assets, deferrals and accruals (excl. financial receivables)
42,708 4)
12,950 4)
Change in current provisions
9,427
11,229
Change in advance payments received
-154
154
Change in CO2 special item
910
0
Change in current liabilities and deferrals and accruals (excl. financial liabilities)
46,367
-29,897
Change in non-current liabilities and deferrals and accruals (excl. financial liabilities)
-610
-976
Cash flow from operations
159,160
175,033
1) including phase-congruent distributions of EUR 19,000 thousand (previous year: EUR 28,000 thousand)
2) exclusive of personnel transfer outside of profit or loss
3) plus change in the deferred income for the reversal of deferred taxes
4) less phase-congruent distributions of EUR 19,000 thousand (previous year: EUR 28,000 thousand)
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2021/2022
2020/2021
EUR 1,000
EUR 1,000
Cash flow from investing activities
Investments into non-current assets
-176,861
-167,033
Income from the disposal of non-current assets
6,927
11,147
Income received from investments, securities and interest
11,006
2,808
Investment subsidies received
497
1,015
Construction subsidies received
0
37
-158,432
-152,026
Cash flow from financing activities
Change in bonds and bank liabilities
-5,087
74,927
Change in treasury stocks
-19
-28
Distribution to shareholders
-66,489
-53,193
Interest payments and similar expenses
-25,738
-24,188
Purchase, sale of current securities
-140,240
0
Change in financial receivables and financial liabilities within the Group
956,127
147,258
718,555
144,776
Cash flow from operations
159,160
175,033
Cash flow from investment activities
-158,432
-152,026
Cash flow from financing activities
718,555
144,776
Change in cash and cash equivalents
719,282
167,783
Cash and cash equivalents opening balance
262,377
94,582
Transfer of personnel provisions to/from subsidiaries
-144
12
Cash and cash equivalents closing balance
981,515
262,377
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Reorganisation balance sheets
Takeover balance sheet pursuant to § 2 para 1 subpara 12 SpaltG
as of 1 October 2021 of Energie AG Oberösterreich, Linz
01.10.2021
ASSETS
EUR
A. Non-current assets
I. Financial assets
0.00
B. Current assets
I. Receivables and other assets
1. Trade receivables
47,913.69
2. Receivables from affiliated companies
28,046,472.49
3. Receivables from companies in which an interest is held
0.00
4. Other receivables
22,842,451.00
50,936,837.18
II. Cash, credit balances with banks
0.00
50,936,837.18
C. Accruals and deferrals
0.00
D. Deferred tax assets
0.00
50,936,837.18
01.10.2021
LIABILITIES
EUR
A. Spin-off capital
3,000,000.00
B. Investment subsidies
39,037,217.93
C. Provisions
1. Provisions for severance payments
0.00
2. Provisions for pensions
0.00
3. Other provisions
0.00
0.00
D. Liabilities
1. Trade payables
445,493.16
2. Liabilities to affiliated companies
7,851,034.09
3. Other liabilities
0.00
8,296,527.25
E. Construction cost subsidies
603,092.00
F. Accruals and deferrals
0.00
50,936,837.18
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Takeover balance sheet pursuant to § 2 para 1 subpara 12 SpaltG
as of 1 October 2021 of OÖ Breitband Infrastruktur GmbH, Linz
01.10.2021
ASSETS
EUR
A. Non-current assets
I. Intangible assets
143,638.38
II. Property, plant and equipment assets
97,463,442.06
III. Non-current financial assets
0.00
97,607,080.44
B. Current assets
I. Inventories
0.00
II. Receivables and other assets
1. Trade receivables
47,913.69
2. Receivables from affiliated companies
0.00
3. Receivables from companies in which an interest is held
0.00
4. Other receivables
23,001,216.46
23,049,130.15
III. Securities
0.00
IV. Cash, credit balances with banks
0.00
23,049,130.15
C. Accruals and deferrals
120,656,210.59
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01.10.2021
LIABILITIES
EUR
A.
Spin-off capital
2,862,440.24
B.
Investment subsidies
39,188,826.99
C.
Special item for emission allowances allocated free of charge
0.00
D.
Provisions
1. Provisions for severance payments
0.00
2. Provisions for pensions
0.00
3. Tax provisions
0.00
4. Other provisions
0.00
0.00
E.
Liabilities
1. Bonds
0.00
2. Liabilities to banks
0.00
3. Advances received
0.00
4. Trade payables
445,493.16
5. Liabilities to affiliated companies
75,351,034.09
6. Other liabilities
0.00
75,796,527.25
F.
Construction cost subsidies
603,092.00
G.
Accruals and deferrals
2,205,324.11
120,656,210.59
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Contribution balance sheet as of 1 October 2021 of Energie AG Oberösterreich, Linz
(contribution of shares to Fiber Service OÖ GmbH)
Under
Under tax law
commercial
pursuant to
law
§ 15 UmgrStG
01.10.2021
01.10.2021
ASSETS
EUR
EUR
A. Non-current assets
I. Non-current financial assets
1. Investment OÖ Breitband Infrastruktur GmbH
2,897,440.24
-5,923,856.21
2,897,440.24
-5,923,856.21
Under
Under tax law
commercial
pursuant to
law
§ 15 UmgrStG
01.10.2021
01.10.2021
LIABILITIES
EUR
EUR
A.
Incorporation capital
2,897,440.24
-5,923,856.21
2,897,440.24
-5,923,856.21
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Statement of Financial Position of Energie AG Oberösterreich as of
30 September 2022 pursuant to § 8 ElWOG and § 8 GWG
Electricity
Total
generation/
Electricity
for the
sales
grid
Gas grid
Other
Company
ASSETS
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
D.3.1.
Total non-current assets
368,561.3
879,203.0
292,931.0
722,932.3
2,263,627.6
D.3.1.1.
Intangible assets
49,725.4
11,155.1
123.3
2,367.1
63,370.9
D.3.1.2.
Property, plant and equipment
168,059.5
846,090.4
292,195.5
108,147.0
1,414,492.4
D.3.1.3.
Financial assets
150,776.4
21,957.4
612.3
612,418.2
785,764.3
D.3.2.
Total current assets
996,762.7
115,304.8
39,941.7
131,550.9
1,283,560.2
D.3.2.1.
Inventories
77,521.2
8,322.2
4,147.2
691.2
90,681.8
D.3.2.2.
Total receivables and other assets
11,441.7
786.6
249.5
39,311.0
51,788.9
D.3.2.2.1.
Trade receivables
-9.3
38.6
0.0
14.5
43.8
D.3.2.2.2.
Receivables from affiliated companies
5,816.7
0.0
0.0
32,764.9
38,581.7
D.3.2.2.3.
Receivables from companies in which an interest
is held
2,187.1
0.0
0.0
5,169.6
7,356.6
D.3.2.2.4.
Other receivables and assets
3,447.2
748.0
249.5
1,362.1
5,806.8
D.3.2.3.
Securities
30,307.4
58,843.7
19,695.6
50,727.5
159,574.3
D.3.2.4.
Cash, cheques, credit balances with banks
877,492.4
47,352.4
15,849.4
40,821.2
981,515.3
D.3.3.
Accruals and deferrals
136.1
264.3
88.5
3,082.6
3,571.5
Total assets
1,365,460.2
994,772.1
332,961.2
857,565.8
3,550,759.3
Electricity
Total
generation/
Electricity
for the
sales
grid
Gas grid
Other
Company
LIABILITIES
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
D.3.4.
Equity
92,242.5
360,121.8
87,330.4
248,933.6
788,628.4
D.3.6.
Investment subsidies
8,834.4
73.6
806.9
654.4
10,369.3
D.3.7.
Total provisions
34,169.6
7,904.6
476.1
39,012.3
81,562.6
D.3.7.1.
Severance payments
0.0
0.0
0.0
1,973.8
1,973.8
D.3.7.2.
Pensions
0.0
0.0
0.0
10,775.9
10,775.9
D.3.7.3.
Other interest-bearing provisions
0.0
0.0
0.0
1,784.7
1,784.7
D.3.7.4.
Other provisions
34,169.6
7,904.6
476.1
24,477.9
67,028.3
D.3.8.
Total liabilities
1,225,385.9
623,552.6
208,268.1
568,835.5
2,626,042.0
D.3.8.1.1.
Trade payables
1.1
4,319.8
654.7
12,406.3
17,381.9
D.3.8.1.2.
Liabilities to affiliated companies
1,072,649.6
475,110.5
133,527.1
334,789.7
2,016,076.9
D.3.8.1.3.
Liabilities to companies in which an interest is
held
0.0
0.0
0.0
0.0
0.0
D.3.8.1.4.
Other liabilities
152,735.2
144,122.2
74,086.3
221,639.6
592,583.3
D.3.9.
Construction cost subsidies
3,509.7
3,119.5
36,079.7
122.7
42,831.6
D.3.10.
Accruals and deferrals
1,318.1
0.0
0.0
7.3
1,325.4
Total liabilities and equity
1,365,460.2
994,772.1
332,961.2
857,565.8
3,550,759.3
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Statement of Income of Energie AG Oberösterreich for the
2021/2022 fiscal year pursuant to § 8 ElWOG and § 8 GWG
Electricity
Total
generation/
Electricity
for the
sales
grid
Gas grid
Other
Company
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
1.
Sales revenues
382,008.3
109,935.6
27,643.8
70,620.0
590,207.8
2.
Change in inventory
0.0
0.0
0.0
0.0
0.0
3.
Capitalised corporate services
0.0
0.0
0.0
0.6
0.6
4.
Other operating income
1,790.0
127.5
35.1
1,398.9
3,351.5
5.
Cost of materials and other services
-369,131.6
-9.7
0.0
-62,494.0
-431,635.3
6.
Personnel expenses
0.0
0.0
0.0
-12,739.7
-12,739.7
7.
Depreciation, amortisation and write-downs
-15,491.6
-78,757.4
-15,459.7
-10,720.4
-120,429.1
8.
Other operating expenses
-15,019.6
-1,699.9
-162.7
-8,816.1
-25,698.4
9.
Operating result (l. 1 to 8)
-15,844.5
29,596.0
12,056.5
-22,750.6
3,057.4
10.
Income from investments in other companies
5,106.5
14.1
18.6
16,158.0
21,297.1
Income from other securities and
11.
lendings from the non-current financial assets
118.9
0.0
0.0
639.3
758.1
12.
Other interest and similar income
0.0
0.0
0.0
7,981.6
7,981.6
Income from the disposal and write-up of financial
13.
assets and current securities
0.0
0.0
0.0
0.0
0.0
14.
Expenses from financial assets and current securities
0.0
0.0
0.0
-1,375.7
-1,375.7
15.
Interest and similar expenses
-4,854.9
-9,426.1
-3,155.0
-8,301.5
-25,737.6
16.
Financial result (l. 10 to 15)
370.5
-9,412.1
-3,136.4
15,101.5
2,923.5
17.
Earnings before taxes
-15,474.1
20,184.0
8,920.1
-7,649.1
5,980.9
18.
Income taxes
5,702.5
-6,541.3
272.9
6,217.9
5,652.1
19.
Earnings after taxes = net profit for the year
-9,771.5
13,642.7
9,193.0
-1,431.2
11,633.0
20.
Reversal of retained earnings
5,002.0
19,720.1
4,399.3
12,435.0
41,556.4
21.
Profit carried forward from the previous year
0.0
0.0
0.0
10.6
10.6
22.
Balance sheet profit
-4,769.6
33,362.8
13,592.4
11,014.4
53,200.0
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Reporting pursuant to ElWOG 2010 as amended and § 8 GWG 2011
The UNBUNDLING concept is based on the use of SAP-R/3 with the “cost center” and “profit
center” standard functions from the financial management with the support of the fixed
asset accounting and cost accounting departments.
All own power plants, the procurement rights, and the 7Fields gas reservoir have been
allocated to the production sector.
The Grid segment includes the 110 kV grid, the electrical substations, the medium and low-
voltage grid, the transformer stations, the high-pressure and low-pressure natural gas grid,
the gas pressure control and measuring stations, as well as the automated metering
infrastructure. In the course of incorporating the “Grid” operational unit into Netz
Oberösterreich GmbH in the 2014/2015 fiscal year, the operation of the distribution grid was
leased out from Energie AG Oberösterreich.
The general rule of directly allocating the assets and directly attributable capital to the
individual segments in the Statement of Financial Position has been followed. In cases where
the relationship to the individual activities was indirect, or a further breakdown would require
a disproportionately great effort, the allocation was based on relevant and cause-related
classifications.
The static method was used for the allocation of capital. Interest-bearing liabilities have been
allocated on the basis of the directly attributable net assets (total assets less cash/bank credit
balances) in accordance with the overall situation in the company. The difference between
calculated assets and directly or indirectly attributed capital was subsequently replenished
from equity.
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MANAGEMENT REPORT FOR THE
2021/2022 FISCAL YEAR
Energie AG Oberösterreich (Energie AG) is the holding company of the Energie AG Group.
Energie AG Group is a leading Austrian infrastructure group of companies with the segments
Energy, Grid, Waste Management, Czech Republic and Holding & Services. Energie AG
assumes the role of a holding company and holds the majority of assets in the electricity and
gas business as well as the intra-Group service companies as non-current assets. Due to the
close ties between the Company and the Group as a whole, the following primarily
represents the Group’s perspective.
GENERAL CONDITIONS
Economic environment 1)
After a dynamic economic recovery in the first months of the reporting period, the
2021/2022 fiscal year (1 October 2021 to 30 September 2022) at Energie AG Oberösterreich
(Energie AG) was characterised by a series of crises of a political and economic nature. The
outbreak of the Russian-Ukrainian war on 24 February 2022 exacerbated existing supply
chain problems and price increases, provoking an energy and raw materials crisis along with a
substantial acceleration of inflation, which had already been on the rise beforehand.
This was followed by the first interest rate rises by the European Central Bank to curb
historically high inflation. The financial markets expect further increases in key interest rates.
Given the burgeoning risk of stagflation or recession in the major economies, the conflict of
interests between fighting inflation and supporting the economy remains intense.
Economic growth and inflation
YoY real change (in %)
Sources: IHS, WIFO, IMF
1)
Sources: IHS (Institute for Advanced Studies): › Fall Forecast of the Austrian Economy, 2022 – 2023, 7 October 2022. IMF (International
Monetary Fund): › World Economic Outlook Database: October 2022 (imf.org), 17 October 2022. WIFO (Austrian Institute of Economic
Research): › WIFO Economic Data – WIFO, 20 October 2022.
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The Institute for Advanced Studies (IHS), the Institute of Economic Research (WIFO) and the
International Monetary Fund (IMF) expect economic growth in the range of +2.7% to +3.1%
for the euro area in 2022 (previous year: +5.3%).
Current forecasts see growth in the Austrian economy of between +4.7% and +4.8% in
2022. In the previous year, Austria’s gross domestic product (GDP) growth was +4.6%. The
high inflation rate, mainly driven by energy and raw material prices is a cause for concern.
After reaching +2.8% in 2021, the rate is expected to settle at between +7.7% and +8.5%
in 2022. Having said this, the IMF is of the opinion that inflation rates are likely to peak at the
end of 2022 in most countries, with inflation expected to remain at significantly elevated
levels for some time after this.
For the Czech Republic market relevant to Energie AG, an increase in the gross domestic
product of between +1.9% and +2.5% is anticipated for the calendar year 2022 (previous
year: +3.4%).
Energy and climate policy environment
In addition to a wide range of agenda decisions in the field of energy and climate policy, the
reporting period was above all characterised by measures intended to cushion the impact of
the energy price shock, reduce energy dependency on Russia and improve the security of
supply.
The aim of the EU Commission’s “Hydrogen and Gas Market Package”, as presented on
15 December 2021, is to integrate renewable and decarbonised gases and hydrogen into the
European legal framework. Moreover, the package includes requirements for regulating and
unbundling hydrogen networks and strengthening consumer rights.
On 2 February 2022, the EU Commission released the final wording of the complementary
delegated act of the EU Taxonomy Regulation on technical assessment criteria for electricity
and/or heat production with gas-fired power plants and from nuclear energy. The act
classifies held-to-maturity investments in hydrogen-capable gas-fired power plants which
continue to be operated with natural gas for a transitional period, and for which very strict
emission limits were set, as a sustainable transitional activity. The overall objective of the
Taxonomy Regulation is to redirect capital flows into sustainable investments by classifying
economic activities in accordance with sustainability criteria.
In May 2022, the Commission presented its previously announced “REPowerEU package” to
rapidly reduce dependence on fossil fuel imports from Russia and accelerate the energy
transition. The package also includes considerations relating to short-term market
intervention, long-term market design reforms as well as recommendations for preparing for
a major interruption to the gas supply.
As part of the “Fit for 55” package, the European Parliament drafted reports on the
Renewables and Energy Efficiency Directives in September 2022, calling for further
acceleration in the expansion of electricity generation from renewables and a significant
increase in energy efficiency ambitions. As early as June 2022, a European Parliament report
on the revision of the EU emissions trading system was adopted.
On 30 September 2022, the Commission’s proposed regulation on emergency measures was
adopted in the Energy Council of Ministers. The material objective is to counteract price
increases and relieve the burden on electricity consumers by setting targets for reducing
electricity demand and for siphoning off and redistributing surplus revenues. The measures
will come into force on 1 December 2022 and initially apply until 30 June 2023. The EU
member states will be tasked with their detailed implementation.
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In addition to this, a number of other energy policy directives were adopted at EU level during
the reporting period. They include the communiqué on dealing with higher energy prices
(“Toolbox”) and new EU Guidelines on State aid for Climate, Environmental protection and
Energy (CEEAG).
In Austria, the federal government and the electricity and gas utilities undertook a number of
activities during the reporting period to alleviate the social hardship caused by the high
energy prices. In February 2022, in the scope of the Electricity Industry and Organisation Act
2010 (ElWOG), the National Council also standardised a legal entitlement for households and
small businesses to instalment payments, in the face of additional payments for the annual
electricity bill. On 7 September 2022, Austria’s federal government presented plans for an
electricity cost subsidy law to ease the burden on household customers. This “electricity price
cap” is intended to provide financial relief for basic consumption of up to 2,900 kWh per
metering point for the period from 1 December 2022 to 30 June 2024.
In January 2022, the Austrian National Council ratified the eco-social tax reform, thereby
introducing national CO2 pricing for petrol, diesel, heating oil, coal and natural gas. The
associated National Emissions Allowance Trading Act provides for graded CO2 pricing of
sectors outside the EU emissions trading scheme, with this taxation to be offset by a climate
bonus and other relief measures. The enactment planned for July 2022 was postponed to
1 October 2022 by a resolution of the National Council.
Also in January 2022, a minor amendment to the Renewable Energy Expansion Act (EAG)
was passed in order to address previous state aid concerns voiced by the EU Commission. In
April 2022, the first regulation for investment subsidies accompanying the EAG was adopted
with details of subsidies for small photovoltaic, wind and hydropower plants.
Three amendments to the Gas Industry Act stipulated, among other things, the establishment
of a strategic gas reserve of 20 TWh by November 2022 and a set of instruments for the
procurement of balancing energy with mandatory storage (Market Maker). The last
amendment introduced a “use it or lose it” principle for systematically unused storage
capacities, requiring all gas storage facilities on Austrian territory to be connected to the
Austrian gas grid.
As an economic steering act to be applied in a crisis situation, the amendment to the Energy
Steering Act from June 2022 governs compensation for asset impairments in the case of
steering measures for gas and electricity. On top of this, large consumers can now voluntarily
store gas volumes, 50% of which are protected against expropriation in the event of steering.
To further secure the gas supply in Austria, a Natural Gas Steering Measures Regulation was
submitted for review in July 2022. This is intended to create the conditions for natural gas
substitution with fuels such as coal, oil, or biomass for large consumers, district heating
companies, and combined heat and power (CHP) plant operators subject to mandatory
steering. A resolution has yet to be passed.
The Gas Diversification Act was adopted at the end of June 2022 in order to cushion the
additional costs of diversifying the procurement of natural gas from non-Russian sources and
of converting plants for generating electricity, heat and/or cooling to alternative modes of
operation. An amendment in July also provides additional financial support for switching
from gas to other fossil fuels.
A consultation draft for an amended Environmental Impact Assessment Act (UVP-G) was
published on 25 July 2022. The aim of the amendment is to accelerate projects needed in the
scope of the energy transition. Particular attention was paid to avoiding redundant audits and
to improving the way in which procedures are structured, including the setting of deadlines
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by the authority. A further material proposal is that of considering the state of the art at the
time a project is launched instead of that at the time of the decision as authoritative. This
would lead to a differentiated view of the projects, especially in the case of renewable energy
generation plants, prompted by rapid technological progress.
Economic environment for the energy sector
Price development on international energy markets
Sources: EEX, ICE
The forward market prices for electricity for delivery in 2023 in Austria showed a massive
upward trend especially in the summer of 2022. The main factor influencing this was the
price of gas, influenced by uncertainties surrounding the Russian-Ukrainian war and the
associated reduction in supplies from Russia, and worries relating to the supply situation.
Starting at around EUR 90.0/MWh at the beginning of the reporting period, electricity prices
moved steeply upwards. The price for the annual base of 2023 in the price zone Austria
reached its highest value on 26 August 2022 at EUR 1,015.0/MWh. The average price was
EUR 247.3/MWh in the 2021/2022 fiscal year. On the spot market, electricity prices rose by
around 300% compared with the same period of the previous year. The average European
Power Exchange (EPEX) spot price base for delivery in Austria in the reporting period was
EUR 259.5/MWh with a volatile development and with prices rising sharply from what was
already a high starting level in the summer of 2022.
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The oil price for delivery in December 2022 rose from a low of USD 66.0/barrel of Brent crude
oil at the end of November 2021 to peak at USD 114.2/barrel on 8 June 2022. Up to
February 2022, the increase can be explained by the global economic upswing following the
slump caused by the COVID-19 pandemic; from February, the effects of the Russian-
Ukrainian war predominated.
In the autumn of 2021, the price increase for natural gas was still attributed to uncertainties
in connection with the commissioning of the Nord-Stream 2 gas pipeline and the initially
good economic outlook. From February 2022, the decline in gas supplies from Russia and
increased demand as European gas storage facilities were filled led to a steep rise in prices.
The Trading Hub Europe (THE) gas price for the front year 2023 rose in the fiscal year
2021/2022 from around EUR 32.0/MWh at the beginning of October 2021, peaking at
EUR 314.4/MWh on 26 August 2022, to EUR 185.6/MWh by the end of September 2022,
showing lateral movement in the last few weeks of the reporting period.
In the reporting period, prices for CO2 emission allowances fluctuated between EUR 54.9/t
and EUR 98.0/t. After a continuous increase in prices up to February 2022 as a result of high
demand, there was a slump at the beginning of the Russian-Ukrainian war due to
uncertainties regarding economic developments. Subsequently, demand for electricity
generation again caused CO2 prices to rise, with a need to compensate for low production
levels from hydroelectric and nuclear power plants by increased use of coal and gas-fired
power plants.
Statutory and regulatory framework in the Grid Segment
In addition to the operational challenges of implementing the Renewable Energy Expansion
Act (EAG) package, grid operators are also feeling the effects of the current geopolitical
situation and decarbonisation hype. This is reflected, for example, in the Electricity Segment
by a further increase in demand for PV systems – on top of the aspects attributable to the
incentives from the EAG package.
The statutory environment was stable in the 2021/2022 fiscal year due to the fact that
regulatory periods were still in effect until the end of 2022 for gas and until the end of 2023
for electricity. Discussions are underway between E-Control Austria and industry
representatives on formulating regulations for the subsequent periods starting in 2023 and
2024. In the Gas Segment, the regulatory authority carried out a comprehensive cost review
in the reporting period; the review forms the basis for the distribution grid operator
benchmarks and cost path. Encouragingly, the gas division of Netz OÖ GmbH was confirmed
as an efficient benchmark leader in the preliminary investigation report. This cost review is
scheduled for fiscal year 2022/2023 for the electricity unit.
The grid utilisation fees in the electricity sector increased by between 3.0% and 7.9% as at
1 January 2022. This increase is attributable to high grid loss costs in the wake of rising
energy market prices and higher upstream grid costs.
The grid utilisation fees in the gas sector for consumers at grid level 3 rose by 5.5% as of
1 January 2022. There was a substantial increase by 21.6% for end consumers at grid level 2.
The reason for the increase was the roll-up of the regulatory parameters for the third
regulatory period due to complaints filed by the Austrian Chamber of Commerce and the
Federal Chamber of Labour. The procedure for 2020, which was still open, was decided on in
the reporting period in line with previous procedures and is expected to be rolled up in future
tariffs.
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Economic environment for the waste management sector
In the 2021/2022 fiscal year, the Waste Management Segment continued to benefit from
what was, for the most part, a very good economic environment.
Both nationally and internationally, the Circular Economy Package, formulated at EU level,
continues to be the focus of attention. The Circular Economy Package amendment under the
Waste Management Act (AWG) is intended to ensure waste avoidance, recycling, reuse, and
product design geared towards sustainability. Targets in line with this for recycling, quotas for
reusable and disposable packaging, requirements for the reduction of certain plastic products
and on the issue of producer responsibility, incineration bans and landfill restrictions have
been formulated and pose major challenges for the stakeholders.
One of the focuses here is plastic packaging: in order to achieve the EU target of a 50%
recycling rate in 2025, recycling must be doubled in the coming years. In addition, a new
independent quota for separate collection of PET beverage bottles becomes mandatory as of
2025. In order to be able to achieve these high targets, the Circular Economy Package, an
amendment to the Waste Management Act, envisages the mandatory, staggered
introduction of reusable packaging quotas in the food industry as well as a commitment on
the part of the beverage industry to charge a deposit on PET and aluminium containers as of
1 January 2025.
Further provisions from the Waste Management Act (AWG) mandates that, starting on
1 January 2023, waste transportation of volumes above 10 tonnes over distances of more
than 300 kilometres must be effected by rail or similarly climate-friendly means of transport,
with the kilometre threshold due to drop to 100 kilometres by 1 January 2026. Although the
amendment offers opportunities, such as relieving the fraught situation in logistics services
provoked by a lack of heavy goods vehicle drivers, however, it also entails economic risks.
From 1 January 2023 onward, the amendment to the Packaging Regulation (VVO) requires
commercial packaging placed on the market exclusively to be returned via a collection and
recovery system. As a waste management company, Energie AG Oberösterreich Umwelt
Service GmbH (Umwelt Service GmbH) would in future essentially be limited to logistics
services for only a part of the paper and cardboard volumes. The concrete application,
feasibility and potential financial impact are still uncertain due to numerous open issues
relating to feasibility in practice.
The positive trend from the previous year continued for the recyclable materials paper/
cardboard and scrap metals. The Wiesbaden index for paper and cardboard packaging was
even higher on average in the 2021/2022 fiscal year than in the previous year, meaning that
higher sales revenues were achieved in the reporting period. However, a significant fall in
prices was visible at the end of fiscal year 2021/2022. In the scrap metal sector, the average
price for steel scrap was also significantly higher than one year earlier, peaking around the
middle of the 2021/2022 fiscal year. At the end of the 2021/2022 fiscal year, although the
price was lower than the starting price at the beginning of the fiscal year, however, it was still
at a relatively high level.
General conditions in the Czech Republic
The COVID-19 situation in the Czech Republic increasingly eased during the
2021/2022 fiscal year. Following this, the Czech government rescinded most of the measures
to prevent the further spread of the COVID-19 pandemic.
Although this had a positive effect on the economic development of the country, the
generally difficult conditions on the energy market and the Russian-Ukrainian war on top had
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a negative impact on the economy. Inflation in the Czech Republic rose sharply during the
reporting period, reaching a peak of 18% in September 2022. The unemployment rate
settled near full employment during the 2022 calendar year.
In the Water unit, a new price regulation between the operator and the infrastructure owner
– in particular relating to the maximum permissible costing margin on drinking water, and
wastewater charges – was agreed as of 1 January 2022. One significant innovation here is
determining a permissible margin based on the replacement values of the non-current assets
in operation. This will create sufficient funds for the owners to replace infrastructure.
At the same time, the Czech regulatory authority for the heating sector enacted a change in
heat pricing on 1 January 2022. Based on this, the maximum profit is now calculated, among
other things, by the inflation-adjusted acquisition value of the assets in operation. From
today’s perspective, these regulatory adaptations will not have any negative impact on the
Czech Republic Segment.
In the reporting period, the energy crisis with sharply rising market prices exposed trading
companies for electricity and gas in particular to massive pressure, ultimately triggering
insolvencies and the departure of numerous market participants; this also affected the Czech
Republic Segment. This has led to further massive price increases for energy customers who
now have to procure replacements at high prices on the spot market – in part for volumes
that had already been secured. On top of this, energy suppliers are refusing to conclude new
contracts in many cases. As a consequence the commodities to be procured are being
distributed across several suppliers in order to minimise the risk of default.
High gas prices were particularly relevant for the heating business of Energie AG’s Czech
Republic Segment, as a large proportion of heat is generated by gas-fired boilers and
combined heat and power plants. In the case of water supply and waste water management,
higher market prices impacted on electricity expenses for water and waste water treatment
and allocation. However, the remedial actions taken, including passing on the increased
energy costs to the customers or damage agreements with the previous supplier, have
substantially mitigated the impact.
The Czech koruna steadily strengthened against the euro in the course of the
2021/2022 fiscal year. The exchange rate was around EUR/CZK 24.6 towards the end of the
reporting period.
Changes under corporate law
In the scope of bundling broadband activities in Upper Austria, the “Operations Layer 1” and
“Operations Layer 2” operational units of Energie AG Oberösterreich Telekom GmbH
(Telekom GmbH) were spun off for inclusion in Energie AG Oberösterreich under the
demerger and acquisition agreement of 4 March 2022. The two operational units, including
“Assets Layer 1”, were subsequently spun off from Energie AG Oberösterreich for inclusion in
OÖ Breitband Infrastruktur GmbH, established in September 2021. The entity was renamed
to Breitband Oberösterreich Infrastruktur GmbH.
The next step was to transfer Energie AG Oberösterreich’s entire investment in Breitband
Oberösterreich Infrastruktur GmbH to Fiber Service OÖ GmbH, which was renamed BBOÖ
Breitband Oberösterreich GmbH, in return for a 50% participating interest in the latter.
Energie AG Oberösterreich and OÖ Landesholding GmbH now each hold half of the shares in
BBOÖ Breitband Oberösterreich GmbH.
Additionally, the “Operation Layer 2” operational unit was spun off from Breitband
Oberösterreich Infrastruktur GmbH for integration with BBOÖ Breitband
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Oberösterreich GmbH. Furthermore, the “Operation Layer 1” operational unit, including
“Assets Layer 1” of BBOÖ Breitband Oberösterreich GmbH, was integrated with Breitband
Oberösterreich Infrastruktur GmbH in the form of a shareholder contribution.
Erdgas Oberösterreich Vertriebs GmbH, which operates on the German market, was sold by
Energie AG Oberösterreich Vertrieb GmbH (Vertrieb GmbH) to Energie AG Oberösterreich
Tech Services GmbH (Tech Services GmbH) with a closing date of 15 September 2022.
As of 31 December 2021, all shares in Oberösterreichische Gemeinnützige Bau- und
Wohngesellschaft mbH were sold to LAWOG – Gemeinnützige
Landeswohnungsgenossenschaft für Oberösterreich eingetragene Genossenschaft mit
beschränkter Haftung – and GVVG gemeinnützige Vermietungs- und
Verwaltungsgesellschaft m.b.H.
With a view to bundling heat activities in West Bohemia, the entities Energie AG Teplo
Rokycany s.r.o. and Tepelné zásobování Rakovník, spol. s.r.o. were merged into Energie AG
Teplo Bohemia s.r.o. on 1 October 2021.
In addition to this, Energie AG Bohemia s.r.o. acquired a 100% holding in Czech heat
company RATE s.r.o. on 3 January 2022.
With a closing date of 2 August 2022, all shares in VAK Zápy s.r.o. were sold by Energie AG
Bohemia s.r.o. to VAK Beroun a.s. A merger of VAK Zapy s.r.o. with VAK Beroun a.s. was
planned for the start of the 2022/2023 fiscal year.
EMPLOYEES
Development of the workforce
In the 2021/2022 fiscal year, the Group’s average consolidated workforce stood at 4,606 full
time equivalents (FTE), thus representing an increase of 0.3% (13 FTE) over the average of the
2020/2021 fiscal year (4,593 FTE).
As of 30 September 2022 Energie AG Group had 4,630 employees (FTE, previous year:
4,611) in three countries (previous year: three).
The Group parent company Energie AG had an average of 68 employees (FTE) in the
2021/2022 fiscal year, down from 70 FTE in the previous year.
Change in the Management Board
The Supervisory Board on 30 June 2022 appointed Dr. Leonhard Schitter M.A. to the
Management Board for the period from 1 January 2023 to 31 December 2027 in the
function of Board Member for Sales and Marketing. In this function he will take over from
the current Chief Executive Officer DDr. Werner Steinecker MBA, who will retire at the end of
the 2022 calendar year, and become the new Chairman of the Management Board of
Energie AG.
The Supervisory Board further reappointed Management Board Member KR Mag. Dr. Andreas
Kolar in the function of Chief Financial Officer until 31 December 2025 as well as
Management Board Member Dipl. Ing. Stefan Stallinger MBA as Chief Technology Officer
until 31 December 2027.
Thanks to the board members’ extensive knowledge of the company and industry it operates
in, this new composition of the Management Board will assure the Group’s continuous
further development.
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Life and work at Energie AG
Energie AG supports a good balance between work and family life. Except for the Waste
Management and Czech Republic Segments, the Company has been certified via the
“berufundfamilie” audit since 2012. This allows it to position itself as a family-friendly
employer, gain advantages in the competition for skilled professionals, and help to create a
positive working environment by means of the associated raft of measures for management
and employees.
The “Active Parental Leave Management” programme supports employees in Austria in
planning the periods they will be off work. A nursing care platform offers comprehensive
information and service links for employees who care for and support dependents. To make
holiday planning easier, Energie AG supported its employees through the summer months of
2022 by providing a varied programme for children between the ages of six and 12. Since
July 2020, the cooperation with the Salzkammergut Hospital in Gmunden has been offering
employees a year-round kindergarten for their children in addition to the daily bookable
summer camp.
The company’s in-house childcare facility (“Loomiland”) in the new corporate headquarters in
Linz opened its doors in July 2022. The little ones are cared for by two qualified early
childhood teachers from the Family Alliance Upper Austria (OÖ Familienbund). In addition to
the child-friendly rooms with sophisticated designs, the facility offers exterior grounds of
almost 300 m2 with play equipment, a sand pit and pavilions.
In order to increase the awareness for Energie AG’s “Charter of agile, interdisciplinary
cooperation”, numerous small groups discussed the contents’ relevance and derived areas
with potential for optimisation.
Many employees are active participants in one of the eleven culture & sport sections (fishing,
hiking, family excursions, photography, football, cultural events, music, jogging, bike riding,
sailing, skiing, rifle shooting, volleyball, scuba diving, tennis) and also establish private
relationships with their colleagues.
The survey “New ways to work from home” conducted within Energie AG in Austria returned
positive feedback and resulted in the extension of the previous remote work model, making
work more flexible.
The revised works agreement concerning the granting of a paid “training period” was
introduced in response to the newly arisen needs of employees in relation to training and
professional development.
Personnel and management development
A key goal is to provide targeted services to prepare employees and managers for the
challenges they will face in the working world of the future. The training programme
2021/2022 offered employees a wide range of options to improve their own skills and
competencies. In addition to a proven series of seminars, the programme was expanded by
adding new contemporary contents, mainly in the area of methodology and media
competence.
The learning platform EINSTEIN offers an extensive training programme and is available 24/7
to all employees and managers in Austria.
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The focus in the area of methodological competence was on the wider field of
“communication”. Various new seminars explored a range of aspects, e.g. the speaker’s
voice, argumentation and quick-wittedness as well as the moderation of hybrid events.
Occupational development
Unit
2021/2022
2020/2021
2019/2020
Training per employee 1)
Hours
11.3
8.6
8.8
Performance review rate
%
69.3
69.3
74.2
Apprentices
Persons
76
76
73
Apprenticeships completed
Persons
17
26
16
1) incl. hire personnel and apprentices, excl. training at the leadership academy and safety inductions
Due to the success of the virtual “Digithek”, an element of the “Neuland 2021” digitalisation
campaign, this programme will transition into a permanent format under the heading
“Digithek 365”: a short seminar on a current IT topic will be offered once a month by an
internal lecturer.
The personnel development programme accessible via the EINSTEIN system offered various
training opportunities in the areas of media competency and methodological competency,
thereby making a significant contribution to keeping the employee’s know-how up to date,
especially in the area of digital media and work methods, and securing their best work
performance.
A master thesis compiled in fiscal year 2021/2022 examined the conflict management system
of Energie AG and evaluated it on the basis of surveys and their analysis. An accompanying
seminar programme for groups and team managers is intended to raise the awareness for the
topic and the instrument available to them. Employees were offered information events that
also aimed at sensitising them for the topic.
The Energie AG workforce was offered the online training on how to stay motivated and
perform at work to support them during the COVID-19 pandemic, a situation that many staff
members have experienced as extremely difficult. Employees were also enabled to engage
with the topic “polarisation and opposites” in a webinar.
Managing directors and departmental heads deliberated on the challenges related to good
leadership during the COVID-19 pandemic in a day of reflection offered in cooperation with
an external coach. An instrument that supports the teams in reflecting on their cooperation
was made available in the form of the guideline titled “Healthy leadership”.
The “Leadership Experience Discussion Circle” for team and group leaders was continued in
the 2021/2022 fiscal year and consisted of three yearly sessions that deal with leadership
topics in small groups that are guided by a coach. The group is intended to help attendees
solve problems that arise in their day-to-day leadership roles, as well as encouraging these
supervisory staff to be open to bouncing ideas off each other. The “Manager Group
Coaching” continues to be the method of choice on the level of the managing directors and
departmental heads.
The competency model continues to form the basis for the feedback meetings between the
Management Board/Managing Directors/heads of departments.
The “Energie AG Future Lab” is an open and innovative format (workshops, seminars,
excursions, lectures etc.) that aims at providing methodological and technical training to
managerial personnel and also offers space to engage with future topics. Junior staff
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(PowerTalents) from Energie AG Group are involved in the programme in addition to
Managing Directors and heads of departments.
Maintaining the high quality of apprenticeship programmes
Energie AG’s in-house apprenticeship programme is an important competitive advantage.
Since 1943, 1,549 apprentices have successfully completed their training and become top-
qualified specialists in their fields. About half of these are still employed in the Company
today. In September 2022, 22 youngsters (previous year: 22), began their apprenticeships at
Energie AG in the areas of electrical engineering and metals engineering, as well as for the
first time in gas, water and heating technology. In keeping with our mission to promote
diversity, apprentices of immigrant descent and asylum seekers also have their place in the
Energie AG Group.
The marketing activities have been significantly scaled up in districts with a higher demand
for skilled workers (e.g. Schärding, Ried, Braunau). The apprenticeship trainers will pay
personal visits to the polytechnic schools in these districts. A new advertising campaign is
currently being developed and will be launched in future fiscal years.
The cooperation with mandatory-attendance schools (electrical engineering polytechnic
course, PowerGirls, Girls Day) as well as the offers for job shadowing took place in almost the
same way as in the years before, despite the COVID-19 pandemic.
Safety and health are especially important to Energie AG in its apprentice training. The
Company offers professional workshops and seminars to provide guidance to young people
on topics such as preventing addiction and using the internet safely, as well as since
fiscal year 2021/2022 a three-part communication training that is spread across the full
length of the apprenticeship programme.
The most important milestone for an apprentice is the skilled worker examination at the
Austrian Economic Chambers. The quality of training was also documented in the
2021/2022 fiscal year, receiving an outstanding result. Between them, the 16 current
graduates (previous year: 18) earned 10 distinction grades in vocational school and 13 good
or outstanding results in their final examinations. At the Apprentice Awards held by the
industrial sector in Upper Austria, the team of Energie AG apprentices in their second year
took the first and third place in the category energy technology.
With 22 new apprentices per year, the apprentice workshop continues to operate at
maximum capacity. The modernisation of the building and its fitout was continued in
fiscal year 2021/2022 with the start of the conversion of the mechanical workshop, the roof
and the facade and will not be completed before the year 2025.
The recruiting process is continuously adapted to the situation on the market. Due to a multi-
faceted approach geared to the qualification, local demand and place of residence of the
candidates, all apprenticeship positions were filled with qualified young talents.
In 2018, Energie AG initiated the establishment of the “zukunft.lehre.österreich” association
Future Apprenticeships Austria (ZLÖ). Its objective is to strengthen the image of
apprenticeships in Austria. The role of president is currently occupied by its creator, Chief
Executive Officer DDr. Werner Steinecker, MBA. Joining forces with the other members of the
association, Energie AG aims to restore the status that apprenticeships deserve as a key
foundation of business and, in turn, of society both today and in the future. Since 2018, we
have worked meticulously to design and advertise an Austria-wide apprenticeship platform
and an apprenticeship-related image campaign aimed at the target group.
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Employer branding
The age structure of the employees working in the Group entities and the challenges in
recruiting suitable skilled personnel call on the Energie AG Group to employ a strategically
coordinated recruiting and succession management that serves the purpose of making
potential employees aware of the Company and of opportunities to apply for jobs at an early
stage. In addition to continuing the general employer branding campaign, the
2021/2022 fiscal year also focused on trainees and scholars. The sponsoring package for
associations and clubs gives Energie AG Group the opportunity to harness the social circle of
its employees to approach additional potential job candidates. The positioning of the
employer brand was evaluated in workshops and interviews with staff members.
Promoting diversity and women in technical careers
Due to the great success achieved in the previous years, two more scholarships were awarded
to female technicians in autumn 2021 (previous year: three). The scholars not only receive
financial support, but can also complete internships at Energie AG and write their master’s
thesis drawing on their experiences with the Company, potentially fostering strong ties
between the Company and these scholars from an early stage.
Diversity
Unit
2021/2022
2020/2021
2019/2020
Women
%
23.5
23.5
23.1
Men
%
76.5
76.5
76.9
Women in management positions 1)
%
14.6
15.2
15.8
Men in management positions 1)
%
85.4
84.8
84.2
1) Definition of “management position”: Managing Directors, heads of departments, divisions, facilities, holding companies, corporate units, teams and groups.
To ensure the Company is capable of mastering future challenges, it is important for
Energie AG that its employees have the relevant skills at their disposal and for diversity to be
embraced not only in recruiting, but also internally (for example, when filling management
positions).
Since 2014, Energie AG has been providing material and intellectual support to gifted and
socially engaged pupils of immigrant origin through the START scholarship program, laying
the foundations for these scholars to pursue academic study. This support covers the costs for
(one-time) PC equipment, educational materials, seminar attendance, annual meetings, and
regional events and workshops.
Workplace health and safety
The health and safety of employees is understood as an important success factor and
promoted by targeted priority programmes and internal campaigns.
Only healthy and satisfied staff can be successful with their work for a company. Energie AG
works to ensure awareness and personal responsibility around the quality of work and
occupational safety among its employees. In fiscal year 2020/2021, the internal campaign
“100% safe” was launched to alert employees to potential hazards in their work
environment and at the same time motivate them to contribute their own ideas on how to
further improve work safety.
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The “in-house psychological service hotline” of Energie AG Group offers employees free
advice and help in conflicts, stress, work overload, anxiety, sleep disorders and personal crises
(bereavements, sickness etc.). The service offers advice in person or over the phone and aims
at carving out possible solutions that the employees can implement on their own.
In accordance with § 4 of the Employee Protection Act (ASchG), potential hazards are
ascertained and assessed by the respective managerial staff (or the responsible commissioned
staff member pursuant to § 9 Administrative Penal Act (VStG)) and § 23 Work Inspection Act
(ArbIG) with the help from the relevant work safety and occupational health experts. This forms
the foundation for the determination of measures (workplace evaluation). The “Safety Manual”
of the Austrian lobby group “Österreichs Energie” serves to evaluate individual activities.
Shortcomings in the Austrian entities detected during the regular inspections pursuant to § 77a
Work Safety Act (ASchG) are also assessed in accordance with a risk matrix pursuant to ISO
45001:2018 (excluding the Waste Management Segment). The employees also rate their work
activities on a risk matrix provided by the safety management in the form of training templates.
Work accidents or incidents that almost resulted in an accident are investigated by the safety
management in accordance with the Employee Protection Act insofar as an investigation
appears expedient for the prevention of further accidents. This allows for the development of
suitable measures, such as a change of work materials, work equipment, work processes,
personal protective equipment, or more frequent inductions.
Hazards and risks are reported to the direct line manager. Other persons (employer, safety
expert, occupational health specialist etc.) are involved as required to identify these hazards
and minimise risks as far as possible. In accordance with § 82 Employee Protection Act, the
employees have access to all services offered by an occupational health specialist.
As required under the Employee Protection Act, the involvement of safety liaison staff or the
relevant employee representatives assures that the employees are involved in issues
concerning work safety.
The employer communicates safety-relevant issues to employees down the hierarchical levels
in accordance with the organisational structure and in consultation with the safety liaison
officer. The employees in Austria have access to a wide range of training options on work
safety (e.g. e-learning modules on preventative fire protection, protection against falls, work
in enclosed spaces; in-person events for construction site safety, working with electricity, and
working with lifting equipment).
Preventive action and information are used to prevent work-related adverse health conditions
and staff are directed to be more conscious in their approach to health through the
“energy@work” project. If an individual has already fallen ill, the Company takes steps to
promote their recovery. Energie AG’s company health management policy was awarded the
“Betriebliche Gesundheitsförderung bis 2022” (Workplace Health Promotion) seal of approval
(except for the Czech Republic and Waste Management Segments).
Numerous programmes contribute to safeguarding the employees’ health (e.g.“healthy 15
minutes”, Medimouse (spinal) measurements, first aid courses, shiftwork fitness basics
workshop).
Topical issues are discussed and solutions are developed in regular health meetings including
employee representatives, occupational health professionals and safety management
specialists. Weekly exercise programmes at a number of work sites also promote health
awareness. The range of occupational healthcare services includes extensive contact during
consultation hours and vaccination campaigns. The results of the employee survey 2021 was
followed up with a range of measures in the individual subsidiaries.
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The first health day took place at the new building of Umwelt Service GmbH in Wels in the
spring of 2022. Employees had the opportunity to have preventive medical check-ups with
trained experts from the health sector at several stations, attend workshops and learn about
healthy nutrition.
Workplace safety
Workplace safety
Unit
2021/2022
2020/2021
2019/2020
Work accidents
Number
69
70
80
Accident rate
‰
14.10
14.80
16.20
Days of sick leave
Number
19.90
29.20
32.40
LTIF 1)
8.29
9.70
9.35
Deaths after work-related injuries
Number
0
0
1
Workplace and construction site inspections 2)
Number
157
169
52
1) Lost Time Injury Frequency Index – frequency of work accidents per one million work hours
2) Workplace and construction site inspections 2021/2022 and 2020/2021 excl. Czech Republic Segment 2019/2020 excl. Waste Management Segment and Czech Republic
Segment
Energie AG ensures that the specifications of the Employee Protection Act and the associated
regulations are consistently observed throughout the Group, and that appropriate
preventative measures are implemented. In the 2021/2022 fiscal year, the Group (excl. Czech
Republic Segment) saw around 157 announced and unannounced workplace, external
workplace and construction site inspections carried out by safety experts and occupational
health professionals together with those responsible on site and/or Energie AG Group
management as part of due diligence measures (previous year: 169). Office workplaces were
reviewed to assure ergonomic design and, if necessary, adjusted to keep the number of
musculoskeletal conditions among employees as low as possible.
A total of 69 reportable work accidents were registered (previous year: 70), which
corresponds to an accident rate of 14.1 accidents per 1,000 employees (previous year:
14.8 accidents per 1,000 employees) 1). The accident severity amounted to an average of
19.9 days of sick leave per work accident (previous year: 29.2). Converted to an international
indicator value, this corresponds to an LTIF (Lost Time Injury Frequency) of 8.29 per 1,000,000
working hours (previous year: 9.70). As in the previous year, there were no fatal work
accidents.
The legally required inductions with respect to health and safety at work and risk prevention
steps are regularly held throughout the Energie AG Group. The short briefings were extended
to include several new topics and are available for employees to access online.
A large number of subject-specific training courses were conducted during the reporting
period as part of due diligence measures. Employees of third-party contractors in the
technical and electrical engineering sectors are also allowed to attend if they require
additional training. In addition to training courses on “working with live electrical
equipment” and operational use authorisation, training modules on low and high voltage
electrical system operation and management authorisation were also offered, along with
other safety-related topics such as working with lifting equipment.
While the natural objective of the safety experts is to bring the rate and severity of accidents
down to zero, they place great emphasis on potential work accidents with a high likelihood
1)
Up to cut-off date of 30 September 2022, including partially consolidated companies.
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of occurrence and high severity of the potential injury. Approaching this number requires
employees to receive the best possible training and the responsible colleagues to receive
maximum support. Workplaces and activities are also subjected to a continuous evaluation
and the necessary measures are adjusted as required.
Energie AG takes workplace safety (i.e. potential hazards and risks in and around the
buildings) very seriously. Building security inspections for all office, workshop and storage
buildings are carried out annually to check how safe they are. The results of these inspections
are to used to develop measures both to comply with legal requirements and to serve as a
way of preventing hazards from arising in the first place.
Branch offices
Energie AG has no branch offices.
ASSETS, LIABILITIES, FINANCIAL POSITION AND PROFIT OR
LOSS (IN ACCORDANCE WITH UGB-CODE)
Unit
2021/2022
2020/2021
Change
Sales revenues
EUR mill.
590.2
409.5
44.1%
Operating result (EBIT)
EUR mill.
3.1
59.9
-94.9%
EBIT margin
%
0.5%
14.6%
-96.5%
Earnings before taxes
EUR mill.
6.0
65.0
-90.8%
Balance sheet total
EUR mill.
3,550.8
2,724.0
30.4%
Equity
EUR mill.
788.6
843.5
-6.5%
Equity ratio
%
22.3%
31.1%
-28.3%
Cash flow from operating activities
EUR mill.
159.2
175.0
-9.1%
The sales revenues are EUR 180.7 million up on the previous year, amounting to
EUR 590.2 million (previous year: EUR 409.5 million).
A comparison with revenues in the previous year shows that intra-group gas sales have
increased by EUR 216.9 million. Even though the volume withdrawn increased by 2.9% in a
year-on-year comparison, the increase in sales revenue is mainly due to significantly higher
average sales prices (+202.9%). Electricity revenues fell by EUR 32.7 million, a fact largely
attributable to lower water levels compared with the previous year and high repurchase prices
on the hedged volumes. At the pumped-storage power plants, sales revenues increased
despite lower year-on-year volumes (-11.7%) due to higher market prices.
EBIT was EUR 56.8 million lower than in the previous year and amounted to EUR 3.1 million.
This is attributable to the differences in the sales revenues and the following other
differences:
The other operating income experienced a decline by EUR 0.6 million over the previous year.
Expenses for materials and purchased services increased by EUR 240.2 million. Gas achieved
higher sales revenues, while material expense increased due to higher gas purchases from the
7Fields gas reservoir of EUR 215.0 million (2.9% volume increase and significant increase of
procurement costs) and increased pumping costs in the amount of EUR 21.3 million (+19.8%
volume increase and higher electricity prices).
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Personnel expenses were EUR 1.1 million higher than in the previous year. This is mainly due
to the increase in the provision for staff electricity fees. The change in the social capital
provision due to changes in the actuarial interest rate has been recognised in the financial
result since the reporting year. The previous year’s figure for personnel expenses includes
EUR -71 thousand due to the change in the actuarial interest rate.
Depreciation and amortisation decreased by EUR 3.0 million, write-downs increased by
EUR 0.3 million to EUR 0.5 million and concerned the district heating network and district
heating generation plants in the reporting year.
Other operating expenses decreased by EUR 1.7 million. The previous year’s recognition of a
provision for impending losses at the 7Fields gas storage facility in the amount of
EUR 6.7 million was offset in the reporting year by expenses of EUR 3.5 million in connection
with the dissolution of the company death benefit fund. Expenses for software maintenance
and compulsory union fees also increased.
The financial result is EUR 2.9 million, a decrease of EUR 2.2 million over the previous year.
The change is mainly the result of lower income from investments of EUR 8.3 million, higher
write-downs of securities held as fixed and current assets of EUR 1.3 million and income of
EUR 7.7 million due to changes in the actuarial interest rate used to calculate provisions for
social capital. The change in the social capital provision due to changes in the actuarial
interest rate has been recognised in the financial result since the reporting year.
This amounts to earnings before taxes (EBT) of EUR 6.0 million (previous year:
EUR 65.0 million).
The balance sheet total in the fiscal year is EUR 3,550.8 million (previous year:
EUR 2,724.0 million) and has increased by EUR 826.8 million (or +30.4%) over the previous
year.
On the assets side, property, plant and equipment decreased by EUR 66.5 million. Disposals
of property, plant and equipment assets due to the spin-off of the “Operation Layer 1
(including associated assets Layer 1) and Operation Layer 2” operational units of Energie AG
Oberösterreich to OÖ Breitband Infrastruktur GmbH amount to EUR 97.5 million.
The transformer and distribution systems account for the largest part of the investments in
property, plant and equipment.
Financial assets increased by EUR 13.7 million, mainly due to a loan being granted within the
Group.
Inventories increased by EUR 63.0 million, a fact primarily attributable to the changes in
volume (+30.1%) and price (+288.6%) at the 7Fields gas storage facility.
Receivables from affiliated companies and companies in which an interest is held increased by
EUR 5.5 million. Receivables from an affiliated company resulting from the spin-off of the
“Operation Layer 1 and Layer 2” operational units of Energie AG Oberösterreich Telekom
GmbH to Energie AG Oberösterreich amounted to EUR 28.0 million. These receivables were
netted with existing liabilities to this affiliated company.
Other receivables and assets decreased by EUR 50.5 million, mainly due to the end of a CO2
commission transaction in the previous year with receivables of EUR 49.2 million.
Securities held as current assets increased by EUR 139.6 million and credit balances with
banks by EUR 719.1 million.
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Turning to the liabilities side of the balance sheet, equity decreased by EUR 54.9 million. This
is attributable to the distribution of a dividend of EUR 66.5 million and the profit for the year
amounting to EUR 11.6 million.
The investment subsidies include the COVID-19 investment bonus of EUR 0.9 million.
The provisions increased by EUR 7.7 million. The provisions for impending losses in
connection with the 7Fields gas reservoir amount to EUR 7.4 million.
Liabilities to banks decreased by EUR 5.1 million and were attributable to the repayment of
long-term funding in an amount of EUR 5.0 million.
Trade payables increased by EUR 8.0 million.
The liabilities to affiliated companies increased by EUR 849.0 million over the previous year, a
fact predominantly attributable to the higher netting and pooling liabilities to Energie AG
Group Treasury GmbH in an amount of EUR 887.6 million. The netting and pooling liabilities
include the netted receivables of EUR 28.0 million from the spin-off of the “Operation Layer 1
and Layer 2” operational units of Energie AG Oberösterreich Telekom GmbH to Energie AG
Oberösterreich. The changes in liabilities to affiliated companies include the disposal of a
financial liability in the amount of EUR 67.5 million from the spin-off of the “Operation Layer
1 (including associated assets Layer 1) and Operation Layer 2” operational units of Energie
AG Oberösterreich to OÖ Breitband Infrastruktur GmbH.
The other liabilities increased by EUR 29.0 million. This includes higher tax liabilities in the
amount of EUR 20.5 million and liabilities from collateral annexes related to hedging
transactions in the amount of EUR 9.4 million.
Construction cost subsidies were EUR 5.8 million lower.
Equity decreased by 6.5% over the previous year, the equity ratio (relating to the total capital
less investment subsidies and special items for emission allowances) decreased by 28.3% to
22.3%.
The cash flow from operating activities amounts to EUR 159.2 million and decreased by 9.1%
over the previous year. While the cash flow from earnings decreased by EUR 55.2 million, the
working capital was EUR 39.4 million higher than in the previous year.
FUNDING AND INVESTMENT STRATEGY
The main focus of the funding and investment strategy of Energie AG continues to be on
comprehensively maintaining the solvency of the Group at all times and on maintaining the
Group’s good credit rating. Financial stability is of essential importance, especially in a phase
of the greatest uncertainty with regard to the economic environment – particularly
accentuated by massive distortions on the energy trading markets.
The conservative orientation of the funding and investment strategy essentially rests on three
pillars here:
Securing a sustainably strong credit rating
In February 2022, Energie AG again had its very good credit rating “A” confirmed by
Standard and Poor’s. The “stable” rating outlook was also sustained. This strong credit rating
enables the Group to obtain access to funding at optimal cost at any time, and to draw on a
variety of different funding sources.
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Stable and future-proof finances
Financial liabilities were reduced by EUR 9.6 million to EUR 660.5 million in the past fiscal year
(previous year: 670.1 million). The Group’s repayment profile is characterised by bullet loans
with residual terms of up to 28 years. A significant refunding requirement will not arise again
until the 2024/2025 fiscal year due to the scheduled repayment of a EUR 300 million bond.
As of 30 September 2022, the Energie AG Group had EUR 929.4 million (previous year:
219.2 million) in cash and cash equivalents. Beyond this, as of the reporting date, the Group
had EUR 273.5 million (previous year: EUR 105.8 million) in fixed-term deposits and short-
term investments, which are held as a strategic liquidity reserve. The risk profile of the
strategic liquidity reserve is extremely conservative – a large proportion is held in cash or cash-
equivalent instruments.
In addition to these financial reserves from cash and cash equivalents as well as marketable
securities, Energie AG had EUR 700.0 million (previous year: EUR 315.0 million) in partly
committed credit lines with Austrian and international banks as of 30 September 2022,
which had not been utilised as of the reporting date. The very high level of cash and cash
equivalents compared with the previous years is mainly attributable to cash inflows from
hedging transactions in electricity and gas trading. In the context of the sharp rise in energy
prices and price volatility, the volumes of security deposits in energy trading have been
significantly expanded. In view of the present turbulence on the markets, Energie AG
regularly carries out stress tests in order to assess the impact of extreme market movements
on the Group’s liquidity requirements and to be able to prepare for them.
Central Group funding
Group-internal funding management is handled centrally by Energie AG Group
Treasury GmbH (Group Treasury GmbH). Financing within the Group is generally centralised,
with the required funds being passed on to the Group companies at market conditions and in
line with their requirements. In the short term, the liquidity of the Austrian Group companies
is managed in the scope of a state-of-the-art cash pooling system. As of 30 September 2022,
27 Group companies are involved in Group cash pooling, with Group Treasury GmbH acting
as the pooling centre.
VALUE-BASED CORPORATE MANAGEMENT AND CAPITAL
COSTS
Energie AG’s value management strategy is an instrument for measuring and controlling the
economic success of the Group’s business activities. It serves to assess the attractiveness of
investing activities and secures the company value as well as generating a capital market-
oriented return for the owners. Along with the operating result, the weighted average cost of
capital (WACC) is of essential importance. The WACC value serves as the basis for
determining the minimum yield requirements for Group management and is therefore used
as a yardstick for value generation in the Company.
Energie AG calculates the cost of capital as the weighted average of equity and borrowing
costs. The cost of equity is determined using the capital asset pricing model (CAPM).
Calculations take into account the risk-free interest rate, a country risk premium, a market
risk premium and a beta factor. Borrowing costs are composed of the risk-free interest rate, a
country risk premium and the credit spreads of the peer group. The parameters specified by
the regulatory authority are used for the regulated business units. The capital costs of the
business units with activities on non-regulated markets are determined using the reporting-
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date principle and based on market conditions. In a further step, the bottom-up method is
used to weigh these costs up unto the Segment and Group capital costs.
This WACC method is subjected to on-going evaluation taking current publications and
expert opinions into consideration. Adaptations are made as needed. Moreover, the costs of
capital are continuously monitored against the background of a volatile financial market
environment. The consolidated WACC value for the 2021/2022 fiscal year was 4.7%
(previous year: 4.0%).
Along with the operating result, one of the most important key indicators for the Group’s
internal management is the ROCE (Return on Capital Employed), which indicates how
efficiently and profitably the available capital is utilised. The ROCE is calculated as the
quotient of Net Operating Profit After Tax (NOPAT) and average Capital Employed.
The NOPAT key indicator denotes the taxed profit from operating activities excluding the at
equity result of associated companies. One-time effects such as impairments and market
valuations are taken into account and are included in the NOPAT. When calculating taxes, all
at equity income is eliminated from the tax base, as the former is already adjusted for taxes.
The capital employed is derived by subtracting the non-productive assets and non-interest-
bearing liabilities from the average total assets. It reflects the interest-bearing capital pooled
in the company. The average capital employed (ø CE) is calculated as the average of the total
capital employed of the last two fiscal years. Capital employed includes the carrying amount
of the investments accounted for using the equity method, excluding the associated strategic
investments.
The goal of the Energie AG Group is to generate an ROCE above the WACC through
consistent value-oriented corporate management and control. The ROCE minus the WACC
results in the relative value contribution. The absolute value added is calculated by multiplying
it by the capital employed. In addition to the development of operating earnings, the level of
ROCE and value added specifically depends on the capital employed. The NOPAT key
indicator corresponds to EBIT less related taxes and other items, amounting to a total of
EUR 97.7 million.
In the Energie AG Group, in addition to strategic considerations, resources for future capital
investments and acquisitions are allocated by prioritising projects exclusively on the basis of
the presented value-oriented criteria and methods.
In the 2021/2022 fiscal year, the ROCE of the Energie AG Group was 6.9%, 0.1 percentage
points above the previous year (6.8%).
TREASURY STOCKS
By resolution of the Annual General Meeting on 17 December 2021, the share capital of
Energie AG Oberösterreich was reduced by EUR 1,224.00 from EUR 88,653,782.00 to
EUR 88,652,558.00 by means of a simplified capital reduction by cancellation of 1,224 no-
par value registered shares of treasury stock in the form of non-voting preferred shares. As a
result, § 4 of the Company’s Articles of Association was amended accordingly.
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In certain cases, the Energie AG Oberösterreich employee stock option plan provides for the
right or the obligation to purchase Energie AG employee shares. In fiscal year 2021/2022, the
following changes in treasury stock resulted from this security:
Share in
Share in
Treasury stocks
capital stock
capital stock
Treasury stocks
Shares
%
EUR 1,000
Treasury stocks as of 30.09.2021
1,224
0.001
1.2
Disposals 2021/2022
-1,224
-0.001
-1.2
Additions 2021/2022
808
0.001
0.8
Treasury stocks as of 30.09.2022
808
0.001
0.8
INTERNAL CONTROL SYSTEM
The internal control system (ICS) is a process embedded in the work and operating
procedures of the Energie AG Group which is being implemented by management and staff
in order to identify and control existing risks and to be able to ensure with sufficient certainty
that the following general objectives are achieved in the course of fulfilling the tasks of the
Group:
Effectiveness and efficiency of business activities
Regularity and reliability of internal and external reporting
Compliance with the internal regulations applicable to the Company and the pertinent
legal provisions, in particular for the accounting process
In the Energie AG Group, the roles “Group Treasury”, “Group Accounting” and “Controlling
and Risk Management” have been established as company holding roles. The “Accounting”
department acts as a service provider for the entire Group and is established in scope of
Energie AG Oberösterreich Business Services GmbH (Business Services GmbH). The basis for
the valid financial reporting is a strongly IT-supported process as well as a high degree of
standardisation in data acquisition and processing, starting with commercial services, through
the preparation of the companies’ annual reports, to consolidation in the consolidated
financial statements. The above-mentioned functions thus form the core of the ICS control
environment with regard to the accounting process.
The core processes of the above-mentioned divisions, and the process-inherent material risks
along with the appropriate controls, are documented and recorded using a suitable IT tool.
Since the 2020/2021 fiscal year, this IT tool links the areas of quality, safety and
environmental management (QSE), ICS, data protection, risk management and information
and communication technology (ICT) risks and has established itself as a valuable information
system for managers and employees.
The concrete design of the controls is adapted to individual requirements which adequately
consider risks and can include both manual and automated components. The dual control
principle is strictly applied to approval processes. Conflicts of functional separation are
avoided and monitored by compensatory controls.
Continuous monitoring and a cyclical audit of the design and effectiveness of the controls by
Group Internal Audit form the basis of quality validation and monitoring for these systems
throughout the Group.
Structured, standardised reporting to the Management Board and supervisory bodies ensures
that the legally prescribed monitoring tasks are performed.
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Control awareness is well anchored in the operating units and is sustainably implemented in
the business processes. In addition, maintaining and strengthening risk awareness and
awareness of the importance of the ethical values laid down in the vision and mission
statement is an essential component of the corporate governance culture.
The legal obligation to equal treatment in accordance with ElWOG and GWG 2011 (Natural
Gas Act) are subject to appropriate ICS controls and are monitored by the Equal Treatment
Officer.
The ICS thus satisfied the statutory requirements in the year under review.
RISKS AND OPPORTUNITIES
Energie AG’s risks and opportunities situation was strongly influenced in the
fiscal year 2021/2022 by the tense economic environment for the energy sector and the
energy policy. There was a noticeable increase in the volatility of electricity and gas prices on
the markets. New all-time highs were continuously reported. These developments were
aggravated by both direct and indirect effects due to the Russian-Ukrainian war and the
inflationary economic environment. Further to this, the climatic conditions and general
climate policy, the potential further impact of the COVID-19 pandemic, and imminent
regulatory changes have a significant impact on the risks and opportunities of Energie AG.
Also, the details of the impact of the national implementation of the EU Emergency Measures
Regulation on the absorption and redistribution of surplus proceeds as stipulated by the EU
Commission cannot be predicted at this time.
At the end of February 2022, a separate task force was established at Energie AG in order to
continuously monitor and assess the risk of a potential gas shortage, attributable for the most
part to the Russian-Ukrainian war. Situation reports are prepared at regular intervals,
contractual relationships are analysed, and any risks are noted. Energie AG received its
purchased gas volumes on schedule during the reporting period and was able to fill its own
storage facilities to over 90% by the end of the 2021/2022 fiscal year.
The typical risks associated with operating activities (fluctuations in electricity prices or the
water level) proved to be higher in the course of the fiscal year 2021/2022 than in previous
years due to price increases. At the same time, however, the opportunities arising from these
issues increased. Energie AG relies on targeted strategic and operational measures to
minimise or mitigate these risks and to leverage opportunities in the best possible way.
Within the scope of ordinary activities, there is also the risk of trading partners not being able
to meet their financial obligations in good time or defaulting altogether. Counterparty risk
management at Energie AG focuses on particularly careful monitoring of counterparty limits/
exposures and the implementation of risk mitigation measures.
The reliability of medium- to long-term forecasts is currently limited due to volatile energy
markets and uncertainties in energy policy. In the Energie AG Group, however, no risks were
identified in the fiscal year 2021/2022 that, either individually or collectively, would have the
potential to jeopardize the continued existence of the Company.
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Significant opportunities (+) | risks (-) 1) and measures
STRATEGIC OPPORTUNITIES | RISKS
PROJECT OPPORTUNITIES | RISKS
High, long-term investment costs, projects with a
+|− Strategic opportunities | risks due to
high level of complexity
Changes in general climatic conditions
Extreme events and their consequences
Underruns and overshooting of the planned
(periods of heat | drought, flooding, storms,
values in terms of timing schedule, project costs
hail, forest fires, avalanches)
and quality
Long-term changes in climatic and ecological
(Energy) policy uncertainty
conditions (precipitation frequency/volume,
Measures:
increase in average temperatures)
Project management
Changes in the general energy policy and energy
Risk management methods in the entire project
market environment
cycle
Changes in technological developments, in the
Optimised contract arrangements
market environment, in customer needs …
Measures
SUSTAINABILITY OPPORTUNITIES | RISKS
Continuous intensive monitoring of energy policy
In the medium term – in our 5-year planning horizon
developments, markets, competitors, customers,
– we assume that climate-related opportunities |
the climate and
risks will remain within the statistical range of the
technologies
past few years, and these have been taken into
Participation in research projects, …
account in our (opportunities | risks) scenarios.
Early and intensive monitoring of strategic
opportunities | risks
Potential long-term climate-related risks and
opportunities beyond this have been taken into
account in strategic decision-making.
VALUE OF ASSETS – OPPORTUNITIES & RISKS
Environmental, social and governance (ESG) aspects
Write-ups and write-downs of assets,
are becoming increasingly important factors in the
procurement rights, investments
risk management process
Allowances for receivables
Creation of provisions for impending losses
Opportunities|risks that may affect questions of
sustainability as a result of Energie AG’s business
Measures:
activities.
Ongoing monitoring, sensitivity analyses
Long-term contracts
Counterparty risk management
1)
Risk|opportunities, definition:
- A risk is the possibility of an event occurring which has a negative impact on targets (EBT, EBIT, cash flow)
- An opportunity is the possibility of an event occurring which has a positive impact on targets (EBT, EBIT, cash flow)
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MARKET AND COMPETITION RISKS
+|− Market price changes
+|- Market price and volume changes in waste
management
(electricity, gas, biomass and CO2 emissions
Recycling materials, industrial waste, domestic
allowances prices)
waste, delivery prices, thermal, …
Measures:
Increased competition from pretreatment plants
Bundled management of commodity price risks by
and industrial co-incinerators
Energie AG Oberösterreich Trading GmbH
Increased re-municipalisation efforts of municipal
Risk strategies geared for the market environment
waste management associations
Leveraging of internal synergies within the Group
Measures:
Long-term indexed contracts with defined delivery
volumes and prices
+|- Electricity generated from
Focused market activities
Hydroelectric power influenced by development of
Intensification of cooperation with the public
weather/climate
sector
Measures
Further development of the digitalisation projects
Optimised management of generation portfolio
+|- Contractual losses|gains and contract changes in
the water|wastewater sector
+|- Electricity production from thermal power
plants
Measures:
Measures:
Synergy projects
Ongoing participation in (concession) tenders
Bundled management of commodity price risks by
Energie AG Trading
Long-term contracts
Leveraging of internal synergies within the Group
Risk strategies geared for the market environment
+|- Electricity, gas, heat and telecommunications
services sales volumes
influenced by development of weather/climate,
competition, economy, policy, ...
Measures:
Bundling of sales organisations
Price guarantee
Service and subsidy offerings
Focus on digitalisation
Positioning as an energy service provider
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OPPORTUNITIES/RISKS FROM BUSINESS OPERATIONS
- Facility risks
- Risks from information security, cyber-security
and data protection
Impairment of the availability of facilities due to
Measures:
Technical malfunctions, sabotage, …
Optimised insurance strategy
Natural disasters such as storms, flooding, …
Comprehensive technical measures
Measures:
Management systems for information security
and data protection
Maintenance and quality controls
Optimised maintenance strategy
Structural (flood) protection measures
- Personnel risks
Strategy programmes “Replacing overhead
Health and safety risks for company staff and
medium-voltage lines that are particularly
temporary employees
susceptible to disruption with underground
Loss of expertise and practical knowledge
cable”, “Replacing low-voltage lines”, consistent
expansion of grid automation
Measures:
Crisis and contingency management
Safety training courses for employees
Insurance
In-house health management project
energy@work
Apprenticeship|trainee programmes
+|− Physical weather risks
“Human Resource Management”, “Management
such as periods of heat|drought, flooding, storms,
by Objectives” and “Management Academy”
hail, forest fires, avalanches and their impact on
Group policies
third parties
Measures:
Structural (flood) protection measures
Strategy programmes “Replacing overhead
medium-voltage lines that are particularly
susceptible to disruption with underground
cable”, “Replacing low-voltage lines”, consistent
expansion of grid automation
Crisis and contingency management
Insurance
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POLITICAL, REGULATORY AND STATUTORY OPPORTUNITIES/
RISKS
+|− Changes in the statutory environment
+|- Political and statutory environment
for the electricity and gas grids
EU climate policy provisions and their
implementation in Austria
Measures:
Statutory environment for project development
Intensive and constructive dialog with the
and implementation
regulatory authorities
Changes to subsidy regime
Cooperation with interest groups
Measures:
Intensive and constructive dialog with authorities
+|- Legal risks
and politicians
Cooperation with interest groups
from pending legal disputes
Measures
Legal support
Provisions in the balance sheet
Out-of-court settlements
COMPLIANCE RISKS AND DATA PROTECTION INFRINGEMENTS
- Compliance risks
- Data protection infringements
Antitrust and corruption risks
Accidental or unlawful destruction, loss, alteration
or disclosure of data
Financial market compliance
Hacker attacks
Measures:
Measures:
Group policies “Compliance Management
System” and “Anti-Corruption”, “Handling on
Group policies “Data Protection Management
Insider Information”, “ICT Information Security
System” and “Data Protection Compliance Policy”
Management”
In-person training and e-learning courses
In-person training and e-learning courses
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FINANCIAL RISKS
+|- Changes in interest rates
+|- Opportunities|Risks from investments in other
companies
Measures:
Fluctuations in the returns on investments
Long-term fixed interest agreements
Fluctuations in dividends received
Measures:
+|- Foreign exchange risk
Ongoing monitoring
Primarily from the transaction and translation risks of
Representation on boards of the subsidiaries
the Czech Group companies
Measures:
+|- Changes in the discount rate for provisions
Ongoing monitoring
The present value of provisions decreases at a higher
Currency hedging, where necessary
discount rate and increases at a lower discount rate
Measures:
+|- Prices changes in financial assets (securities,
Ongoing monitoring
funds)
resulting from fluctuations in market value on the
capital markets
- Counterparty risks
Measures:
Complete or partial failure of counterparties
Conservative Investment Policy
Measures:
Consistent monitoring
Ongoing monitoring
On-going quantification of share price risks
Credit limit systems
Hedging instruments
Targeted strategy of diversification of business
+|- Rating change
partners
means lower| higher refinancing costs
COVID-19 counterparty task force
Measures:
The management of Energie AG continues to
- Liquidity risk
seek to maintain Energie AG’s Single A credit
Measures:
rating in the long term
Ensuring compliance with the required key
Centralised, forward-looking liquidity planning
financial performance indicators
Sufficient liquidity reserves
Open, partially committed credit lines
Risk management process
Due to the current developments in the energy industry and energy policy environment and
the associated volatile situation on the energy markets, the industry as a whole and
Energie AG as an industry player are facing numerous uncertainties. The aim of the risk
management process is to identify these risks and opportunities at an early stage, to evaluate
them and to derive suitable measures from them in order to minimise the risks and take
advantage of opportunities in the best way possible. As an integral part of the management
and control system, risk assessments support the management team and form part of the
strategic and operational issues decision-making process.
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The established COSO II framework forms the basis for the Group-wide risk management
process at Energie AG. The responsible business units follow a structured quarterly process to
identify and evaluate risks, opportunities and measures and record them in a central software
tool. The data collected is then analysed on Group-level and incorporated into the Group’s
overall risk position.
Reporting to the Group’s Management Board is done on a quarterly basis and ad hoc as
required. The risk management report is an integral part of reporting to the Supervisory Board
and is, in accordance with the requirements of the Austrian Company Law Amendment Act
(URÄG), also submitted to the audit committee with respect to the efficiency and validity of
the processes. The central management system assures proper documentation and
verifiability.
RESEARCH, DEVELOPMENT AND INNOVATION
The topics of research, development and innovation are significant elements in bolstering
Energie AG for future challenges. Numerous projects were successfully completed in the
fiscal year 2021/2022.
The climate targets at a European and Austrian level are increasingly being concretised with
derivations and regulations, giving rise to new topics and fields of research. The hydrogen
technology activities launched in the past fiscal years are seeing continual further
development. Hydrogen will be of great importance in the future to support the shift of
renewable electricity production from summer to winter and decarbonisation in industry.
Energie AG is aware of the importance of a supply security for its customers, and its social
responsibility for future generations. For this reason, projects to bolster the resilience of the
energy system and provide efficient customer services are being driven forward proactively
and with a high level of commitment in all areas of the Group. Digitalisation and automation
play a central role here. Good networking, and intensive cooperation with partners from
science and industry on research, development and innovation, are the building blocks for a
successful exchange with valuable mutual benefits.
Since 1 October 2019, “innovation”, an important issue for the future, has been actively
promoted by Wertstatt 8 GmbH. This wholly owned subsidiary focuses its activities on the
development of digital solutions and innovative business models relating to energy and the
environment. In the fiscal year 2021/2022, the focus in this sector was primarily on
developing new business ideas. To allow this to happen, platform economy and business
ecosystem expertise was established, among other things, and intensive customer research
was stepped up. To test these business ideas, several digital prototypes and deliberately small-
scale field tests were implemented to gain initial experience in the market.
R&D&I key performance indicators
Unit
2021/2022
2020/2021
Change
Number of R&D&I projects in the Group
Number
103
128
-19.5%
Staff in R&D&I projects
FTE
56.3
58.9
-4.4%
R&D&I expenses in the Group
EUR mill.
5.3
5.5
-3.6%
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In fiscal year 2021/2022, research, development and innovation were pursued in the
following projects (non-exhaustive list):
Carbon Cycle Economy Demonstration (CCED)
The “Carbon Cycle Economy Demonstration” project focuses on the sustainable
implementation of a circular economy for CO2. This involves investigating a number of
different options for a further use of carbon dioxide taken from the atmosphere or
manufacturing processes for energy purposes with the help of hydrogen. In this way, it may
be possible to decisively reduce emissions of climate-damaging gases. Energie AG is involved
with field trials at its biogas plant in Engerwitzdorf. This project is expected to further boost
the efficiency and environmental friendliness of the plant.
Industry4Redispatch
Volatility in the electricity grid caused by further expansion of renewable energies, and
dynamic energy prices to match, are leading to growing demands on the electricity grid
infrastructure in transmission and distribution grids. The “Industry4Redispatch” research
project, which was launched in the 2020/2021 fiscal year, focuses on leveraging the potential
of load flexibility in large and medium-sized industrial operations. The aim is to use the
identified flexibility to replace the use of power plants for redispatching (= interventions in
generation output to avoid power grid overloads) on the Austrian electricity transmission
grid. In the current project phase, Netz OÖ GmbH is collaborating with several distribution
system operators, the Austrian transmission system operator and other partners from the
fields of research and automation technology to develop a suitable procedure that will enable
offers from the electricity distribution system, including analysis of the corresponding required
grid capacity.
SSCCS – Secure Supply Chains for Critical Systems
The aim of the “Secure Supply Chains for Critical Systems” (SSCCS) project is to improve the
resilience and reliability of delivery chains against cyber attacks. Based on appropriate analysis
and documentation of the supply chains, supply chains are investigated for vulnerabilities
relating to cyber security and corresponding measures are developed to improve resilience.
One key feature of the project is the shift away from a purely technical perspective towards
the integration of various attack vectors and vulnerabilities along the supply chain.
Furthermore, an exchange of experience and know-how transfer between the project
partners in various industries is planned.
Predictive maintenance
Establishing a predictive maintenance strategy at hydropower plants is one project from
Energie AG’s digitalisation and automation initiative. Energie AG Oberösterreich
Erzeugung GmbH is striving to develop a strategy for data-based decision support in
operations management and maintenance. Development work on a dashboard for a pilot
power plant began in the reporting period with a view to conducting and evaluating field
trials.
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OUTLOOK
With a view to economic development in the fiscal year 2022/2023, forecasts by economic
research institutes are pessimistic across the board due to the sharp rise in prices and limited
consumer purchasing power. In any case, the IHS, WIFO and IMF expect the economy to drop
very sharply in 2023, forecasting GDP growth for Austria in the range of +0.2% to +1.0%
with inflation between +5.1% and +6.8%. In the euro zone, economic growth of +0.3% to
+2.3% is expected for 2023.
Shortly after the end of the reporting period, the National Emission Allowance Trading Act
(NEHG) 2022 implementing the eco-social tax reform came into force on 1 October 2022 and
the Market Premium Regulation on 4 October 2022. The changes in the tax system resulting
from CO2 pricing and the new legal regulations announced for energy efficiency, heating and
climate protection will define new general conditions for all sectors of the energy industry;
this will naturally have an impact across all consumption segments – from households to
industry – and will be a factor shaping further sales activities.
On 18 November 2022, the Austrian federal government announced the key points related
to the national implementation of the EU Emergency Measures Regulation on the absorption
and redistribution of surplus proceeds. In future, a revenue cap of EUR 140.0/MWh will apply
for electricity producers, which can increase in case direct additional costs are proven. There
will also be an input credit for investments into renewable energies and energy efficiency.
These regulations come into effect on 1 December 2022 in Austria and will apply until
31 December 2023. An initiative for the new Energy Crisis Levy Act was already submitted to
the National Council and a resolution is expected in December.
The general conditions in the energy industry remain challenging for Energie AG, and for the
entire industry. The future development of prices on the international energy markets is
difficult to assess for the 2022/2023 fiscal year due to the many unpredictable factors
influencing these. Key factors will include the further course of the Russian-Ukrainian war,
political or regulatory intervention in the market, including possible energy-steering measures
by the Austrian government, economic developments, and weather conditions, particularly in
the coming winter.
Against the backdrop of the rising and volatile energy prices and the related procurement
risk, tightly meshed integration of procurement and sales processes will continue to play a
central role in the coming months. The price guarantee in the residential and commercial
customer segment will end at the beginning of the 2023 calendar year; prompted by higher
procurement costs, a price increase will be necessary for the electricity and gas supply to
existing customers. The support measures planned or adopted by government – such as the
electricity price cap – are intended to ease the burden on customers.
In the generation sector, work on the Ebensee pumped-storage power plant project will push
forward intensively in order to bring about a building decision in the 2022/2023 fiscal year.
The construction of additional flexible storage capacities is a basic prerequisite for achieving
the ambitious national expansion targets for electricity generation from renewable energies
while at the same time ensuring security of supply.
The focus for the Grid Segment in the fiscal year 2022/2023 will be on the in-depth
regulatory review of costs and structures in the Grid Segment and the establishment of the
electricity distribution grid operator benchmark based on this. In terms of tariffs, higher
electricity grid utilisation fees can be expected due to the fraught situation on the energy
market, as high energy prices will also have an impact on the procurement prices for grid
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losses. In addition to this, the implementation of the EAEC package will play a central role.
Expansion of photovoltaic systems is expected to remain at a similarly high level in the coming
years; the challenges will then shift to expanding the existing grid infrastructures. In addition,
further relevant changes in the statutory environment are expected for the Grid Segment in
the course of the 2022/2023 fiscal year, for example, due to the Electricity Market Act for the
electricity sector, and due to the Renewable Heat Act for the gas sector.
In the Waste Management Segment, the very good economic environment prevalent in the
2021/2022 fiscal year is unlikely to continue at the same level. A noticeable turnaround has
already begun and the market situation is expected to be challenging in the
2022/2023 fiscal year. In the paper/cardboard sector in particular, the paper industry is
expected to purchase significantly lower volumes due to production cutbacks. The market for
waste wood is currently tight due to high demand and limited availability. In addition, further
cost increases can be expected due to high inflation.
High energy costs will continue to be a major challenge in the Czech Republic Segment,
particularly in the first quarter of the new fiscal year 2022/2023. The Czech government has
decided to cap prices for electricity and gas as of 1 January 2023; this is expected to prompt a
positive development in results from the heating and water sectors. Close monitoring of the
current developments on the electricity and gas market, which are dramatic in terms of costs,
is continuing, especially since these drastic price increases are exposing suppliers, operators
and customers under serious pressure. One focus in the coming fiscal year will be on the
ongoing development of energy efficiency projects for the heat and water supply and
wastewater management. A merger is planned, at the beginning of the
2022/2023 fiscal year, between VAK Zápy s.r.o. and its owning company VAK Beroun a.s.,
which will in future manage the water and wastewater activities in the central region around
Prague. The services provided to municipalities and cities are forecasted to remain stable in
the 2022/2023 fiscal year, although – here too – there are signs of greater reticence in terms
of communal investment.
In the telecommunications business area, the focus in the next fiscal year will be on
wholesale, i.e., the marketing of bandwidths to internet service providers. In this area, work is
underway to optimise the product range and take a more active approach to customer
support and acquisition. In addition, the interfaces and processes with the recently created
BBOÖ GmbH are being continuously improved in order to push forward with the fibre-optic
roll-out for Upper Austria in the best possible way. In the area of intra-Group services – in
particular operational technology – the aim is to continue to develop existing services with a
view to the needs of users, and create attractive offerings for the Group’s partners by doing
so.
In its function as an energy supplier majority-owned by the Province of Upper Austria,
Energie AG will continue to make every effort in the 2022/2023 fiscal year to reliably perform
its system-critical tasks, in particular supplying its customers, in a fragile economic and
geopolitical situation. The permanent orientation of all services to customer needs, the
focuses of digitalisation and innovation, and the financial stability of the Group will remain
important strategic objectives in the future.
At the same time, the focus is more than ever on making a significant contribution to the
energy transition by expanding renewable energies, establishing a comprehensive circular
economy system and pushing forward with the transformation in mobility. The stable
financial situation achieved in recent years through forward-looking measures and the
Group’s diversified business portfolio provide the basis for mastering these challenging
developments.
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Against the backdrop of the significant number of uncertainties and highly volatile price
developments, EBIT for the 2022/2023 fiscal year is expected to come in at least at the level
of the 2021/2022 fiscal year – subject to further potential interventions in the market by
policymakers or regulators.
Linz, 5 December 2022
The Management Board of Energie AG Oberösterreich
Chief Executive Officer
DDr. Werner Steinecker MBA
Dr. Andreas Kolar
Dipl.-Ing. Stefan Stallinger MBA
Chairman of the Management Board
Member of the Management Board
Member of the Management Board
CEO
CFO
COO
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AUDIT CERTIFICATE
REPORT ON THE ANNUAL FINANCIAL STATEMENTS
Audit opinion
We have audited the Annual Financial Statements of Energie AG Oberösterreich, Linz,
comprising the Statement of Financial Position as of 30 September 2022, the Statement of
Income for the fiscal year ending as of that date, as well as the Notes to the Annual Financial
Statements.
It is our opinion that the attached Annual Financial Statements comply with the statutory
requirements and present an in all material respects suitable view of the asset and financial
position of the Company as of 30 September 2022, as well as the earnings position and cash
flows of the Company during the fiscal year ending on that date, in accordance with Austrian
corporate law and the statutory provisions of the Electricity Industry and Organisation Act
2010 and the Gas Industry Act 2011.
Basis for our audit opinion
We have conducted our audit in accordance with Directive (EU) No. 537/2014 (EU Directive
hereinafter) and the Austrian Principles of Proper Auditing of Financial Statements. These
principles require the application of the International Standards on Auditing (ISA). Our
responsibilities under these regulations and standards are set out in more detail in section
“Responsibilities of the Auditor in Auditing the Annual Financial Statements” of the audit
certificate. We are independent from the Company in compliance with the Austrian corporate
law and professional regulation and have discharged our other professional duties in
accordance with these requirements. We are of the opinion that the audit evidence obtained
by us by the date of our audit certificate is sufficient and suitable for forming the basis for our
audit opinion expressed as of that date.
Highly significant audit findings
Highly significant audit findings are findings concerning circumstances that, in our
professional judgement, had the highest significance for our audit of the Annual Financial
Statements for the fiscal year. These findings were considered in the context of our audit of
the Annual Financial Statements in their entirety, as well as in forming our audit opinion. We
do not issue a separate opinion on these findings.
1. Measurement of shares in affiliated companies
Circumstances and problem
As of the reporting date, shares in affiliated companies with a carrying amount of
EUR 718.1 million represent approx. 20.2% of the total assets. An amount of approximately
EUR 19 thousand in expenses from loss absorption agreements was recognised in the year
under review. No impairment was recognised for shares in affiliated companies.
When preparing the Annual Financial Statements, Energie AG Oberösterreich analyses all
material shares in affiliated companies on the presence of indications for a material change in
value. For shares in affiliated companies that were impaired in previous years, it is examined
whether the reasons for an impairment no longer apply and an upward revaluation is
required. Where such indications are present, the value of the affiliated company is measured
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and any resulting difference in value recognised as an impairment/write-up to the carrying
amount.
Measuring the company’s value requires a number of discretionary decisions and is subject to
significant components derived by estimation, e.g. selection of the method for measuring the
company’s value, estimation of future cash flows, and determination of a reasonable
discounting rate. There is a risk that inadequate estimates and/or discretionary decisions have
a significant impact on the resultant company value and in turn on the carrying amounts
recognised for the shares in affiliated companies in the Statement of Financial Position and
the financial result reported in the Statement of Income.
Details on the measurement of shares in affiliated companies can be found in the Notes,
section “II. Accounting policies”, subsection “Non-current assets”.
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Audit methodology
We have carried out our audit of the measurement of shares in affiliated companies as
follows:
We have analysed and critically examined the process for measuring shares in affiliated
companies on the basis of the documentation available at the company and information
received with respect to whether the process is suitable to assure a reasonable
measurement of the shares in affiliated companies.
We have identified the internal controls for this process we deemed relevant to the
outcome of our audit and assessed how they have been developed and set up.
We have critically examined the Company’s analyses of indications for a necessary
material impairment or impairment reversal, and assessed them in consideration of the
insights gained from our audit of the Annual Financial Statements.
Where such indicators were present, we examined the Company’s own valuation with a
particular focus on discretionary decisions and estimations as follows:
We have reviewed the selection of the valuation model, the planning assumptions,
and the valuation parameters.
Our valuation specialists have assessed the assumptions made in connection with
the discounting rate on their adequacy by verifying them against market- and
industry-specific reference values.
We have assessed the formal and substantial plausibility of the internal planning
calculations that form the foundation for the assumptions made in relation to
expected cash flows.
The results of the company valuation was juxtaposed against the carrying amounts
for the concerned shares in affiliated companies and we assessed any potential
need for the recognition of an impairment or impairment reversal.
Other Disclosures
The legal representatives are responsible for the other required disclosures. The other
disclosures encompass all information presented in the Annual Financial Report, with the
exception of the Consolidated Financial Statements, the Management Report and Group
Management Report, and the associated audit certificates. The Non-financial Report was
received by us prior to the date of this audit certificate, the other components of the Annual
Financial Report are expected to be made available to us after that date.
Our audit opinion on the Annual Financial Statements does not extend to these other
disclosures, which are excluded from the assurances given by our firm. We refer to the
section contained in the “Report on the Management Report” with regard to the information
contained in the Management Report.
Our audit of the Annual Financial Statements comes with the responsibility to read and
consider the other disclosures with the objective of determining whether they contain
significant discrepancies from the Annual Financial Statements and the insights gained during
our audit, or whether they are significantly misrepresented in another way.
We are compelled to report if the work carried out in relation to the other disclosures
received before the date of the audit certificates leads us to the conclusion that these other
disclosures are significantly misrepresented. Our audit has not resulted in any reportable
circumstances.
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Responsibilities of the legal representatives and the Audit Committee
for the Annual Financial Statements
The legal representatives are responsible for compiling the Annual Financial Statements in
compliance with Austrian corporate law, the statutory provisions of the Electricity Industry
and Organisation Act 2010 and the Gas Industry Act 2011, and for assuring that they provide
a true and fair view of the Company’s assets, liabilities, financial position and profit or loss.
The legal representatives are further responsible for the internal controls deemed necessary by
them for preparing a set of Annual Financial Statements that is free from significant
misrepresentations caused by fraud or human error.
In compiling the Annual Financial Statements, the legal representatives have the duty to form
an opinion on the Company’s ability to continue its business operations, to disclose any
relevant circumstances relating to the continuation of the business operations and to base
their considerations on the principle of continued business operations, unless they intend to
liquidate the Company, cease business operations or find themselves in lack of any viable
alternative to such course of action.
The Audit Committee is responsible for supervising the Company’s accounting processes.
Responsibilities of the auditors for the audit of the Annual Financial
Statements
Our objective is to assure an adequate degree of certainty on whether the Annual Financial
Statements in their entirety are free from significant misrepresentations caused by fraud or
human error, and to issue an audit certificate that reflects our audit findings. An adequate
degree of certainty means a high degree of certainty, but is not an absolute guarantee that
the audit conducted in accordance with the EU Directive and the Austrian Principles of Proper
Auditing, which require application of ISA, has in fact identified all significant
misrepresentations that may be contained in the audited financial statements.
Misrepresentations may result from malicious acts or misconceptions and are deemed
significant if they could, individually or collectively, have a potential influence on the
commercial decisions made by their readers on the basis of these Annual Financial
Statements.
In conducting our audit in accordance with the EU Directive and the Austrian Principles of
Proper Auditing, which require application of ISA, we form our opinions on the basis of our
professional judgement and maintain a critical view of the circumstances presented to us
throughout the entire course of the audit.
We further adhere to the following:
We identify and assess the risks stemming from any significant misrepresentations in the
Financial Statements caused by fraud or human error, plan our audit activities as a
response to these risks, perform our audit activities and gain sufficient and suitable audit
evidence to serve as the basis for our audit findings. The risk of significant
misrepresentations resulting from malicious acts remaining undetected is higher than the
risk resulting from misconceptions, because malicious acts may include collusion,
fraudulent acts, forgery, intentional omissions, deceiving representations or the
circumvention of internal controls.
In order to plan audit activities that adequately address the prevailing circumstances, we
gain an understanding of the system of internal controls bearing relevance for our audit,
but without the objective of forming an audit opinion on its effectiveness.
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We evaluate the appropriateness of the accounting methods applied by the legal
representatives, as well as the tenability of values estimated by the legal representatives
and represented in the accounts and the disclosures associated with such estimates.
We draw inferences about the appropriateness of the legal representatives operating
under the accounting principle of continued business operations, as well as, on the basis
of the evidence presented to us for our audit, whether any events or circumstances are
subject to a considerable uncertainty that would give rise to doubts about the viability of
the Company continuing its business operations. If we arrive at the conclusion that a
material uncertainty exists, we are obliged to draw attention to the associated
disclosures contained in the Annual Financial Statements in our audit certificate, or to
modify our audit certificate if these disclosures are inappropriate. We draw our
conclusions on the basis of the audit evidence gathered by the date of our audit
certificate. Future events or circumstances may however result in the Company resolving
to discontinue its business operations.
We form an opinion on the overall presentation, structure and contents of the Annual
Financial Statements including the disclosures therein, as well as on whether they
present a suitable view of the underlying business transactions and events.
We consult with the Audit Committee on matters such as the planned scope and timing of
the audit as well as significant audit findings, including any significant defects in the system
of internal control system detected during our audit.
We also issue a statement to the Audit Committee confirming our adherence to the relevant
professional requirements pertaining to our independence, and exchange information with
the Audit Committee on all relationships and other circumstances that may reasonably be
expected to affect our independence and, if applicable, any associated precautionary
measures.
From the circumstances discussed with the Audit Committee, we determine those that have
the highest significance for the audit of the Annual Financial Statements for the fiscal year
and that therefore represent the circumstances bearing special significance for the audit. We
describe these circumstances in our audit certificate, unless public disclosure of a certain
circumstance is prohibited by law or other legal requirement, or determine in very rare cases
that certain circumstances should not be disclosed in our audit certificate because the
negative implications of disclosing them could reasonably be expected to exceed the benefits
for the public interest.
Audit report on the Management Report
Austrian corporate law requires an assessment of whether the Management Report reconciles
with the Annual Financial Statements and whether it was compiled in accordance with the
applicable legal requirements.
The legal representatives are responsible for compiling the Company Management Report in
compliance with the requirements under Austrian corporate law.
We have conducted our audit on the basis of the professional principles for the auditing of
management reports.
Audit opinion
We have formed the opinion that the attached Management Report complies with the
applicable legal requirements and that it reconciles with the Annual Financial Statements.
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Declaration
Our audit of the Annual Financial Statements and the understanding formed about the
Company and its business environment has not identified any material misrepresentations in
the Management Report.
Additional information pursuant to Article 10 EU Directive
Our firm was elected auditors of the financial statements for the fiscal year ending on
30 September 2022 by the General Meeting held on 17 December 2021. On 9 February
2022, the Supervisory Board has granted our firm the mandate to audit the Company’s
Financial Statements for the fiscal year ending on 30 September 2022. We have been the
Company’s auditors without interruption since the fiscal year ending 30 September 2021.
We hereby declare that our audit opinion presented in section “Report on the Annual
Financial Statements” reconciles with the additional report to the Audit Committee pursuant
to Article 11 of the EU Directive.
We hereby declare that we have not performed any prohibited non-audit services pursuant to
Article 5 para 1 EU Directive and that we have maintained our independence from the
audited company during the conduct of our audit of the Financial Statements.
Responsible auditor
The responsible auditor for this assignment was Mag. Gerhard Marterbauer.
Vienna
5 December 2022
Deloitte Audit Wirtschaftsprüfungs GmbH
Mag. Gerhard Marterbauer
Auditor
The Annual Financial Statements bearing our audit certificate may only be published or disclosed in the version certified
by us. This audit certificate refers exclusively to the full original Annual Financial Statements and the Management
Report issued in German. The provisions of § 281 para 2 of the Austrian Commercial Code (UGB) must be observed for
any other versions.
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STATEMENT BY THE MANAGEMENT BOARD
PURSUANT TO § 124 PARA 1 SUBPARA 3 OF THE
STOCK EXCHANGE ACT [BÖRSEGESETZ (BÖRSEG)]
The Management Board of Energie AG Oberösterreich confirms to the best of its knowledge
that the Annual Financial Statements of Energie AG Oberösterreich give a true and fair view
of the assets, liabilities, as well as the financial and earnings position of the Company as
required by the applicable accounting standards, and that the Management Report represents
the development and performance of the business and the position of the Company in such
a way, that it gives a true and fair view of the assets, liabilities, as well as the financial and
earnings position of the Company, together with a description of the principal risks and
uncertainties faced by the Company.
Linz, 5 December 2022
The Management Board of Energie AG Oberösterreich
Chief Executive Officer
DDr. Werner Steinecker MBA
Dr. Andreas Kolar
Dipl.-Ing. Stefan Stallinger MBA
Chairman of the Management Board
Member of the Management Board
Member of the Management Board
CEO
CFO
COO
Energie AG Oberösterreich – Annual Financial Report 2021/2022
DISCLAIMER
Any gender-specific terms used in this report should be understood as referring to both
genders, unless explicitly stated.
When “Energie AG” is referred to in the financial statement, Energie AG Oberösterreich is
meant.
This report contains forward-looking statements subject to risks and uncertainties that could
cause actual results to differ substantially from those predicted. Terms used such as “presu-
med”, “assumed”, “estimated”, “expected”, “intended”, “may”, “planned”, “projected”,
“should” and comparable expressions serve to characterise forward-looking statements. No
guarantees can therefore be given that the forecasts and planned values will actually
materialise regarding economic, currency-related, technical, competition-related and several
other important factors that could cause actual results to differ from those anticipated in the
forward-looking statements. Energie AG does not intend to update such forward-looking
statements and refuses any responsibility for any such updates. We have exercised utmost
diligence in the preparation of this report and checked the data contained therein. The
present English version is a translation of the German report. The German version of the
report is the only authentic version.
LEGAL NOTICE
Responsible publisher:
Energie AG Oberösterreich, Böhmerwaldstraße 3, 4020 Linz, Austria
Editors:
Michael Frostel MSc, Mag. Margit Lang, Mag. Iveta Strnadova MBA, Mag. Gerald Seyr,
Mag. Klaus Oberparleiter
Concept, graphic design and implementation: nexxar GmbH, Wien
Cover design: upart Werbung & Kommunikation GmbH,
Linz
Translation: GORNIK translators for industry GmbH
Photo Credits: Energie AG Oberösterreich, Wolfgang Zopf, Hermann Wakolbinger
Subject to errors and misprints.
Linz, December 2022
Energie AG Oberösterreich
Böhmerwaldstraße 3
4020 Linz, Austria
www.energieag.at