Energie AG Oberösterreich

Annual Financial Report

2022/2023

of Energie AG Oberösterreich

Contents

GROUP ANNUAL REPORT 2022/2023

Group overview

13 Non-ﬁnancial report

137 Group Management Report

176 Consolidated Financial Statements

264 Audit Certiﬁcate

270 Statement by the Management Board

COMPANY ANNUAL REPORT 2022/2023

273 Audited Company Annual Report

305 Company Management Report

336 Audit Certiﬁcate

341 Statement by the Management Board

Energie AG Oberösterreich – Annual Financial Report 2022/2023

ANNUAL REPORT 2022/2023

ENERGY.

MADE BETTER.

www.energieag.at/annualreport

Contents

GROUP OVERVIEW

137 GROUP MANAGEMENT REPORT

Interview with the Management Board

137 Group

11 Report by the Supervisory Board

137

Framework conditions

141

Business development in the Group

13 NON-FINANCIAL REPORT

147

Internal control system

148

Risks and opportunities

13 Letter by the Management Board

148

Research, development and innovation

15 About this report

151

Key performance indicators

17 Business model

152 Segments

21 Governance structure

153 Energy Segment

26 Strategy

160 Grid Segment

39 Sustainability objectives

163 Waste Management Segment

41 Sustainability at a glance

166 Czech Republic Segment

52 Economy

168 Holding & Services Segment

56 Environment

173 Outlook

95 Social affairs

109 Employees

176 CONSOLIDATED FINANCIAL STATEMENTS

122 Compliance

128 GRI content index

176 Consolidated Statement of Income

177 Consolidated Statement of Comprehensive

Income

177 Consolidated Statement of Financial Position

179 Consolidated Statement of Changes in Equity

183 Consolidated Cash Flow Statement

184 Notes

264 Audit Certiﬁcate

270 Statement by the Management Board

All contents of this Annual Report are available online with interactive

functions at

www.energieag.at/annualreport

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Group overview

ENERGIE AG OBERÖSTERREICH AT A GLANCE

Unit

2022/2023

Change

2021/2022

Sales revenues

Energy Segment

EUR mill.

3,310.6

6.0 %

3,124.5

Grid Segment

EUR mill.

413.9

9.3%

378.7

Waste Management Segment

EUR mill.

255.3

-3.1%

263.6

Czech Republic Segment

EUR mill.

229.7

18.0%

194.7

Holding & Services Segment

EUR mill.

41.6

29.2%

32.2

Group

EUR mill.

4,251.1

6.4 %

3,993.7

Result

Operating result (EBIT)

EUR mill.

218.5

45.1%

150.6

EBIT margin

5.1

34.2 %

3.8

Earnings before taxes (EBT)

EUR mill.

213.0

74.7%

121.9

Dividend per share

EUR

0.6

0.0 %

0.6

Statement of Financial Position

Balance sheet total

EUR mill.

4,116.9

-40.4%

6,912.7

Equity

EUR mill.

1,610.7

-10.2%

1,794.5

Equity ratio

39.1

50.4%

26.0

Net debt ¹⁾

EUR mill.

611.9

0.8%

606.8

Net gearing

38.0

12.4%

33.8

Cash ﬂow from operating activities

EUR mill.

-504.9

-144.4%

1,136.5

Proﬁtability

ROCE

8.8

69.2%

5.2

Workforce (on average)

Energy Segment

FTE

455

-0.9%

459

Grid Segment

FTE

583

0.2%

582

Waste Management Segment

FTE

823

-1.0%

831

Czech Republic Segment

FTE

1,729

0.8%

1,715

Holding & Services Segment

FTE

1,061

4.1%

1,019

Group

FTE

4,651

1.0%

4,606

Net debt = non-current ﬁnancial liabilities + current ﬁnancial liabilities - cash and cash equivalents + cash receipts from futures

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Group overview Interview with the Management Board

INTERVIEW WITH THE MANAGEMENT BOARD

OF ENERGIE AG OBERÖSTERREICH

Dr. Andreas Kolar

Dr. Leonhard Schitter

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 LOOP project has set out the strategic realignment for Energie AG Oberösterreich.

What were the main milestones and successes in this project, and what measures will

need to be taken in future to achieve the goal of climate neutrality by 2035?

Leonhard Schitter: The internal strategic project LOOP represents a major strategic

realignment for Energie AG Oberösterreich, the main aim of which is to decarbonise the

company’s entire energy cycle – from generation and distribution to utilisation. It is our

answer to evolving customer demands and the ever more stringent legal requirements.

During 2023 we took key strategic decisions with a view to achieving climate neutrality by

2035 – providing we can guarantee security of supply.

One central aspect of LOOP is the expansion of renewable energy generation, in particular

through photovoltaic systems, wind energy and hydroelectric power. By 2035, Energie AG

plans to raise total renewable electricity production to around 1,200 GWh/a, cutting

greenhouse gas emissions signiﬁcantly in the process. The building of the Ebensee pumped-

storage power plant will play a big role in this, contributing to supply and grid security. The

use of biomass, geothermal energy and industrial waste heat for sustainable heat supplies

underpins our decarbonisation strategy. The development of hydrogen will also support the

new approach.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Group overview Interview with the Management Board

For the next ﬁscal year, we have concrete measures planned to further our strategic ambition

of climate neutrality while taking account of the technical, legal and economic framework

conditions. Another key focus is on encouraging innovations in order to develop and

strengthen the innovative ﬂair of the company. At the heart of this are such ﬁelds of activity

as the customer experience, e-mobility and innovative storage technologies.

“The internal strategic project LOOP represents a

signiﬁcant realignment for Energie AG. The aim is to

decarbonise the company’s entire energy cycle, from

generation and distribution to utilisation. One core aspect

will be the expansion of renewable energy production,

with the focus on photovoltaic systems, wind energy and

hydroelectric power. We will also use biomass, geothermal

energy and industrial waste heat for sustainable heat

supplies. Another key focus is on encouraging innovations

in order to develop and strengthen the innovative ﬂair of

Energie AG.”

CEO Leonhard Schitter

In view of the current ﬁnancial challenges, what is Energie AG doing to ensure ﬁnancial

stability while continuing to invest in the energy transition?

Andreas Kolar: In the years and indeed the decades ahead, sustainability and protecting the

climate will inﬂuence and determine policy, business and society in general. This development

will impact all business, and of course it will affect Energie AG to a considerable degree.

We are just at the start of an unprecedented transformation of the energy system, one of

historic proportions. The transformation will call for massive investment over the decades

ahead. Energie AG is lining up major investment programmes that will enable us to uphold

our responsibilities and make our contribution to the process. The main areas of our

investment plan are projects aimed at boosting renewable energy production, establishing

storage capacities and, hand in hand with this, expanding our electricity grids as necessary.

These wide-ranging investment plans will be based on the solid and stable ﬁscal foundation

that we have established over recent years. This includes a basically proﬁtable business model

capable of freeing up ﬁnancial resources to fund investments. We also need the

corresponding debt sustainability to support borrowing. Energie AG has very good

creditworthiness and an excellent standing on European ﬁnancial markets. As a reliable and

credible partner to investors and lenders, we are in a position to accommodate the additional

ﬁnancial resources needed to ﬁnance long-term projects in the interests of transforming the

energy system under attractive conditions.

That said, ﬁscal stability is not the only success factor in meeting the challenges of the future

– investors are increasingly looking at the sustainability levels of projects and companies.

Sustainability here is measured by whether an economic activity makes a substantially positive

contribution to the achievement of sustainability goals. In this context, of course, the

investment schemes of Energie AG always look likely to earn recognition and ultimately

ﬁnancial support.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Group overview Interview with the Management Board

“We are just at the start of an unprecedented

transformation of the energy system, one of historic

proportions. The transformation will call for massive

investment over the decades ahead. Energie AG is lining

up major expansion programmes that will enable us to

take our responsibilities and make our contribution to the

process. The main areas of our investment plan are

projects aimed at boosting renewable energy production,

establishing storage capacities and, hand in hand with

this, expanding our electricity grids as necessary.”

CFO Andreas Kolar

Which technological developments do you regard as critical to the ongoing success of the

energy revolution, and how will you ensure these are integrated into existing systems?

Stefan Stallinger: In an energy system increasingly based on decentralised generation, with

all its strong ﬂuctuations, we need to change course in many areas. To balance out daily

ﬂuctuations and compensate for seasonal discrepancies in renewable generation and

consumption, we rely on a range of storage technologies. Green hydrogen will play a key role

as a climate-neutral and storable energy source as regards seasonal shifts in green electricity.

Through our participation in research projects, for example, we are looking into the large-

volume storage of hydrogen in depleted gas storage facilities.

By considering different sectors in an all-round, integrated way, we will be able to utilise

existing energy more efﬁciently, minimise dependence on global energy imports and cut

emissions of greenhouse gases. In the heating unit, we are continually working to consolidate

and optimise our sustainable district heating networks. We are learning new things and

basing innovative processes on projects aimed at linking industrial waste heat and other

sustainable sources with consumers and storage facilities. In future, integrated energy can

become a reality not just through the utilisation of industrial waste heat, but also through the

generation of green hydrogen from renewably produced electricity.

Digital technologies are an important element in all areas of the Group, not only for

presenting our customers with forward-looking offers, but also in terms of incorporating the

energy transition into our processes. We are building up a broad portfolio of digital services,

starting with the PV connection assessment and moving on to customer interaction services

and data analysis at national level. In the ﬁeld of data analytics, innovative technologies like

artiﬁcial intelligence are becoming ever more important – not least in upholding the quality of

electricity supplies. Our activities are aimed at deploying resources sparingly while promoting

environmentally sound technologies.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Group overview Interview with the Management Board

“In an energy system increasingly based on decentralised

generation, with all its strong ﬂuctuations, Energie AG

needs to change course in many areas. To balance out

daily ﬂuctuations and compensate for seasonal

discrepancies in renewable generation and consumption,

we rely on a range of storage technologies such as

pumped-storage power plants and green hydrogen. In the

process, digital technologies are helping us incorporate

the energy transition into our processes – starting with

the PV connection assessment and moving on to

customer interaction services and data analysis at national

level.”

COO Stefan Stallinger

What strategic measures is Energie AG taking in the face of persistently volatile energy

markets and geopolitical insecurity?

Andreas Kolar: As a company in control of critical infrastructure, Energie AG has always had

a working crisis management system that can be called upon at any time. To counter the

negative effects of the generally challenging framework conditions, which have only

worsened since the pandemic, we have enacted new measures across the various divisions of

the company.

We have continued to consolidate our risk management systems while sharpening the focus

of our risk strategy. In order to manage risks and opportunities more effectively in volatile

times, a permanent Risk Committee was set up. The Committee is tasked with analysing our

risk positions more fully, and on that basis deriving key facts to drive decision-making on

behalf of the Management Board. In addition, a crisis unit drawn from all relevant Group

entities was set up when Russia launched its war of aggression against Ukraine in order to

support necessary decisions as effectively as possible in line with regular situation reports.

Improving the monitoring of liquidity and counterparty risks has also been critical in terms of

keeping the risk situation in check. The guidelines thereby produced have been useful when

deciding whether to favour stock markets or bilateral partners on the trading side.

Filling the Group’s gas storage facilities early was another important step as regards

guaranteeing security of supply in winter for our customers. Energie AG has not concluded

any direct contracts with Russian partners. The company sources gas via the stock exchange

or bilateral partners in Switzerland and France.

On the sales front, a long-term procurement strategy is helping the company offer customers

fair average prices. Continual monitoring of the development of counterparty risks and the

conclusion of credit insurance to avoid speciﬁc large-scale risks are key elements of risk

management on the sales side. Last but not least, of course, we are always monitoring legally

relevant geopolitical issues to assess their impact on the company. So far, all of these

measures have helped Energie AG maintain its ﬁnancial stability. We have no doubt we can

continue to thrive even in these turbulent times by holding our present course.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Group overview Interview with the Management Board

There are major challenges facing the grid infrastructure. How does Energie AG intend to

manage these, and how will the expansion of renewable energy sources make a

difference?

Stefan Stallinger: High-performance energy grids will be central to energy provision in the

future. Massive expansion of the grid will be needed to ensure supplies of electrical energy as

well as renewable gases like biogas and hydrogen.

Expanding and strengthening the electricity grids will involve complex tasks, especially as we

seek to make rapid progress in giving all parties the opportunity to feed decentrally produced

green electricity into the grid. PV plants with total output of more than a gigawatt are now

connected to the power grid of Netz Oberösterreich. To ensure quantities of electricity

continue to be transported to the places they are needed at all grid levels, the power grid

must be expanded accordingly. Material shortages caused by lengthy delivery times remain a

challenge to implementation. One encouraging development is the fact that the general

public increasingly regards high-performance power grids as a key plank of the energy

revolution and the cornerstone of supply security.

Putting regulatory incentives in place will create the basis for investment in the grid

infrastructure, ensuring expansion is not impeded by ﬁnancial obstacles like low interest rates.

What’s more, transformation of the energy system often faces delays because project

approvals can take a long time to obtain.

In the long haul, the expansion of renewable generation and infrastructures and our efforts

to achieve climate goals will secure jobs and uphold quality of life for the future. Our

employees are delivering a valuable contribution to the transformation of the energy system.

Energie AG has made great strides as regards diversity and inclusion. How do you plan to

further these initiatives in the interests of an even more inclusive corporate culture?

Leonhard Schitter: Over the past ﬁscal year, Energie AG Oberösterreich has taken big steps

aimed at encouraging innovation and establishing a more open and diverse corporate culture.

One key move was the founding of DiversiTeam, a project group addressing topics such as

inclusive leadership, cultural change, barrier-free access, regionality, the advancement of

women and communications. Events like the Diversity Café were initiated to encourage

discussion of diversity-related themes among employees and deﬁne concrete measures for

Energie AG.

To raise awareness, the e-learning unit “Diversity Basics” was introduced and has already

been successfully completed by more than a thousand employees. Elsewhere the number of

scholarships for women in technical professions was doubled to promote gender equality.

At the same time, Energie AG puts great value on a respectful and appreciative corporate

culture, innovation and fresh ideas. We want all employees to reach their full potential and

contribute their different perspectives. The promotion of gender equality and equality of

opportunity is another key factor in ensuring everyone feels respected and included.

Purposeful apprentice training will supply the Group divisions with the specialists they need,

and from a social policy viewpoint, send out an important signal in favour of diversity.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Group overview Report by the Supervisory Board

REPORT BY THE SUPERVISORY BOARD

PURSUANT TO § 96 OF THE STOCK CORPORATION ACT

[AKTIENGESETZ (AKTG)]

During the 2022/2023 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 2022/2023 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 2022/2023 ﬁscal year,

from 1 October 2022 to 30 September 2023, 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 its unqualiﬁed audit certiﬁcate.

The Supervisory Board examined the annual ﬁnancial statements as of 30 September 2023,

together with the notes and the management report, as well as the proposal for the

appropriation of the proﬁt. The Supervisory Board Audit Committee also examined the

annual ﬁnancial statements as of 30 September 2023, 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 2023, together with the notes and the management report,

so as to thus adopt the annual ﬁnancial statements as of 30 September 2023. 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 2023, which is thus established.

The Consolidated Financial Statements for the 2022/2023 ﬁscal year from 1 October 2022 to

30 September 2023 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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Group overview Report by the Supervisory Board

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

Statements as of 30 September 2023, 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 2022/2023 ﬁscal year.

Linz, 19 December 2023

On behalf of the Supervisory Board

The Chairman of the Supervisory Board

Provincial Councillor KommR Markus Achleitner

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report

Report on non-ﬁnancial information 2022/2023

for Energie AG Oberösterreich

LETTER BY THE MANAGEMENT BOARD

GRI 2-22

In a year dominated by numerous global challenges and geopolitical turbulence, Energie AG

Oberösterreich has taken decisive steps aimed at advancing the Company's ambitions in the

ﬁelds of sustainability, social responsibility and economic stability. The 2022/2023 ﬁscal year

was characterised by a focus on the Group's strategic alignment with a view to sharpening

the business models in order to meet the evolving needs of society while helping to shape a

sustainable future.

Our vision of being a driving force in the energy transition, as developed and codiﬁed by the

“LOOP” strategy project launched in the spring of 2023, will serve as the basis for our goals

up to 2035. The initiative signals our commitment to decarbonising the energy cycle, from

generation and distribution to recovery, and expresses our response to the urgent imperative

of climate change mitigation. One key element on our path to implementing this vision was

the decision to build the pumped-storage power plant Ebensee, which involved an

approximate investment volume of EUR 450 million. The project, often referred to as the

“green battery of Upper Austria”, represents a milestone in our efforts to guarantee security

of supply and network stability at a time when renewable energies are becoming ever more

important.

In keeping with international standards and regulations, the objectives in the area of

Environment Social Governance (ESG), the provisions of the Corporate Sustainability

Reporting Directive (CSRD) and the adaptation to the European Sustainability Reporting

Standards (ESRS) are central elements of our activities, and of transparency in our reporting.

The establishment of an expanded ESG organisation within the company was a critical step in

securing the necessary resources and investment funds for our goals in the areas of social

responsibility, environmental protection and effective corporate management.

As a leading business in the region, Energie AG Oberösterreich puts great value on diversity

and inclusion. This commitment is clear from the rising number of women in managerial

positions (the ratio currently stands at 18.4%). The positive trend is the result of targeted

initiatives, including in particular our support for the START scholarship programme for

talented students from a migrant background. In this way, we are actively fostering a

corporate culture that values diversity and ensures equality of opportunity across all areas of

the company, thereby playing our part in creating a more closely integrated society.

The employees of Energie AG, who are the backbone of our success, have demonstrated

dedication, determination and adaptability in these challenging times. Our investment in a

working environment that encourages cooperation, innovation and personal growth is

reﬂected in the ongoing development and success of the company. Our strong focus on

employees was recognised by the Trend awards for the best employers in Austria in 2022/

2023. Energie AG placed third overall and topped the energy sector.

The customer is at the heart of the Group's strategy. We have developed forward-looking

offers and are expanding our digital customer services. Alongside our commitment to the

ﬁeld of e-mobility, we are investing more in green hydrogen, continuing to modernise our

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Letter by the Management Board

electricity grids and committing to innovative solutions that meet customer needs and

contribute to the attainment of climate targets.

We are living up to our social responsibilities by supporting local initiatives and strengthening

educational programmes. Our commitment ranges from environmental protection projects to

partnerships with educational establishments aimed at promoting the next generation of

specialists and senior executives.

Despite the many challenges of the future, Energie AG is conﬁdent that the strategic

initiatives and investments it has enacted will lead to a future characterised by greater

sustainability, inclusion and resilience for us all. This report presents a detailed insight into the

efforts, plans and goals we have set ourselves for the years ahead.

We look forward to taking this road with you, and to pursuing our forward-looking goals and

measures on behalf of future generations.

Dr. Leonhard Schitter MA

Dr. Andreas Kolar

Dipl.-Ing. Stefan Stallinger MBA

CEO

CFO

COO

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report About this report

ABOUT THIS REPORT

GRI 2-2, 2-3, 2-4, 2-14

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 coincides with the ﬁscal year from 1 October 2022 to

30 September 2023. The last Group annual report for the 2021/2022 ﬁscal year was

published on 20 December 2022. The report on non-ﬁnancial information is based on the

standards published by the Global Reporting Initiative (GRI). This report was prepared with

reference to the GRI standards 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 128.

Since ﬁscal year 2021/2022, Energie AG Group has been required to disclose information on

environmentally sustainable turnover, investments (capex), and operating expenses (opex) in

accordance with the EU Taxonomy Regulation (2020/852). The application of Article 8 of the

EU Taxonomy Regulation on the basis of the delegated acts already passed for the climate

goals of “climate change mitigation” and “climate change adaptation” and the duties of

disclosure incumbent on Taxonomy-eligible and Taxonomy-aligned economic activities for the

2022/2023 ﬁscal year are outlined in the Environment › Page 56 section. While only the

Taxonomy eligibility of the deﬁned economic activities for the environmental goals of “climate

change mitigation” and “climate change adaptation” was reported for the 2021/2022 ﬁscal

year, this report also presents the respective proportions of Taxonomy-eligible and Taxonomy-

aligned economic activities in relation to turnover, capex and opex.

In addition to this Non-Financial Report, Energie AG provides information about its corporate

responsibility in an annual Group Management Report › Page 137, in the › Semi-annual

Report and on its › company website.

Please address any questions on this report to Karin Strobl M.A., Group spokesperson and

Head of › Corporate Communications (karin.strobl@energieag.at, +43 5 9000-3775).

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), see Consolidated Financial Statements › Page 186. Disclosures about

topics of lesser relevance have not been provided. Key ﬁgures are also presented, with any

discrepancies noted separately. Changes in reporting compared to the previous year's

reporting period are detailed in the relevant sections along with corrections and restatements

of information from previous non-ﬁnancial reports.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report About this report

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 by Energie AG

Group Audit, directly commissioned by the Supervisory Board. The Supervisory Board

will report on this after ﬁscal year end on the next General Meeting.

This Group annual report has been translated from German. In cases of doubt, the German-

language version shall take precedence. The editorial deadline was 13 December 2023.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Business model

THE BUSINESS MODEL OF ENERGIE AG OBERÖSTERREICH

GRI 2-1, 2-6

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 waste water management services.

In 2022, Energie AG celebrated 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. In the 2022/2023 ﬁscal year, a decision was

taken to extend the regional focus to Germany, Italy and Slovenia in future.

As a provider of electricity, gas, heat and water as well as energy, waste management,

information and communications 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 offers its customers

products and services that generate additional value, represent fair value and are regionally

available. This helps to assure a general spirit of partnership between the Energie AG

Group and its customers, employees, suppliers and the general public.

The Energy Segment › Page 75 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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Business model

certiﬁcates and building modernisation plans, charge cards for electric mobility charging

stations, special on-site power purchase agreement (PPA) models and system optimisation

strategies.

The Grid Segment › Page 84 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 87 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 90 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 93 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

business units.

The organisational goal of “LOOP”, the strategy and organisational project, is the planned

amalgamation of Energie AG Oberösterreich Telekom GmbH (Telekom GmbH) with Business

Services GmbH and Customer Services GmbH. An additional “Innovation” holding unit will

also be established, see Economy, Business models ﬁt for the future - innovation › Page 53.

Disclosures about changes under corporate law during the 2022/2023 ﬁscal year are provided

in the Group Management Report, Business development in the Group, Changes under

corporate law › Page 146.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Business model

KEY SUSTAINABILITY FIGURES AT A GLANCE

The following diagram shows the key sustainability ﬁgures for the Energie AG Group:

* The average waste volume handled by the Waste Management Segment includes the volumes of RVL Reststoffverwertung Lenzing GmbH.

The overview of ﬁnancial key ﬁgures Energie AG Oberösterreich at a glance › Page 5 is part

of the Group Annual Report.

SUPPLY CHAIN

After some serious market disruption affecting components for power plant construction and

the impact of this on prices and supply times in Energie AG’s procurement areas over the past

two years, the picture is beginning to stabilise. Although prices remain high and delivery

times are lengthy, there are no volatile ﬂuctuations to report at this time. Against this

background, suppliers are being evaluated on the basis of preselection criteria. Consent to

the Code of Conduct and conﬁrmation by contractors in Austria is the precondition for

successful selection.

In contrast to the aforementioned stabilisation trend for power plant components, the

production capacities of the main European manufacturers of network transformers,

converters and electricity transmission components are fully utilised for a long time ahead.

This is manifesting in lengthy and uncertain supply times as well as high and volatile prices.

Energie AG addresses this by concluding long-term framework agreements with best bidders

and secondary bidders.

Anyone contracting with Energie AG in Austria as a supplier, and subsequently any of their

subcontractors, must give an undertaking to perform orders in compliance with the relevant

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Business model

legal regulations, including all employee protection regulations, e.g. the Employee

Protection Act, Regulation on the Protection of Construction Workers; the Employment of

Foreign Nationals, legally compliant waste disposal, and no prior convictions for wage and

social dumping. The associated Code of Conduct for Contractors forms part of agreements

every time an order is placed, see Compliance › Page 122 section.

With regard to the enactment of the future Supply Chain Act (Lieferkettengesetz) in Austria,

Energie AG has taken steps to ensure it meets the new requirements. These include the

revision of supplier screening in line with ESRS standards and the drafting of a strategy

paper. If necessary, relevant contractual conditions in this regard will be adapted.

For more information on the supply chain and procurement, see the Social affairs, Regional

responsibility and social commitment › Page 104.

The operating units of the Czech Republic Segment collaborate with various local, national

and international suppliers, including the energy suppliers and providers of technological

water and waste water solutions required for operational processing. Associations organised

by towns and local communities are key partners in the provision of water. Suppliers in the

heating area include biomass providers, a biomass power plant and an international

production company from which industrial waste heat is procured.

The procurement of natural gas for Energie AG customers, for the production of electricity

and heat and for the management of gas storage facilities is undertaken via stock exchanges

in Germany, Austria and the Netherlands, and via bilateral agreements with trading partners

in the EU, Switzerland, the United Kingdom and Norway. Energie AG has no direct contracts

with natural gas extractors. For systemic reasons, the physical origins of gas cannot be

determined owing to lack of proof of origin. According to the › European Gas Flow

Dashboard of the European Network of Transmission System Operators for Gas (ENTSOG),

the make-up of gas ﬂows into the EU continued to change in the 2022/2023 ﬁscal year. The

proportion of Russian pipeline gas between October 2022 and September 2023 was

approximately 7%, compared to around 25% as recently as September 2021 to October

2022. The main increases were in the proportions of liqueﬁed natural gas (LNG, up +10%)

and North Sea gas (up +4%).

SHAREHOLDER STRUCTURE

Energie AG Oberösterreich is a joint stock company with the following shareholder structure

in the 2022/2023 ﬁscal year:

OÖ Landesholding GmbH

52.71%

Land Oberösterreich

0.10%

Linz AG für Energie, Telekommunikation, Verkehr und Kommunale Dienste

10.36%

TIWAG-Tiroler Wasserkraft AG

8.28%

Raiffeisenlandesbank Oberösterreich (consortium)

13.98%

Oberbank AG (consortium)

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

0.04%

As of 30 September 2023

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Governance structure

GOVERNANCE STRUCTURE

GRI 2-9

The Energie AG Group is organised in a Group structure. Management and Group functions

are pooled in the holding company. The business and service areas are organised in the

form of individual companies. In addition to the line and project organisation, the Group has

an established crisis and emergency management system with regular drills and meetings

convened as required.

The following diagram depicts the seven business units and the four service areas as of

30 September 2023.

In deﬁning the term “business premises”, Energie AG applies the deﬁnition of a “plant” in

§ 74 of the Austrian Commercial Code. Accordingly, Energie AG regards business premises to

be any locally established facility that is used not just temporarily to pursue a commercial

activity and which can potentially have negative impacts.

The Energie AG Group also includes Netz Oberösterreich GmbH, all sites at which

administrative activities are carried out, power plants, support bases, sites belonging to the

Waste Management Segment and staffed sites in the Czech Republic. Building sites and

service/troubleshooting sites are not included.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Corporate management bodies

CORPORATE MANAGEMENT BODIES

GRI 2-9

Management Board

As of 1 January 2023, Dr. Leonhard Schitter, MA took over the position as CEO of

Energie AG and Board Member for Sales and Marketing. In this position, he succeeded Chief

Executive Ofﬁcer DDr. Werner Steinecker, MBA, who retired at the end of the 2022 calendar

year.

Dr. Leonhard SCHITTER, MA

Chief Executive Ofﬁcer (CEO), Chairman of the Management Board

born 16 October 1967; doctorate in law, master’s in European energy management. Joined

Energie AG in 2023, appointed CEO as of 1 January 2023. Term of ofﬁce ends: 31 December

2027.

Board mandates with other organisations:

Entity

Position

Oesterreichs Energie

Vice president

Verbund Hydro Power GmbH

Supervisory Board member

Association of Industrial Companies (Industriellenvereinigung)

Member of the Federal Board

Association of Industrial Companies Upper Austria (Industriellenvereinigung OÖ)

Member of Management Board

Supervisory Board mandates in major entities included in the Consolidated Financial

Statements:

Entity

Position

Energie AG Oberösterreich Umwelt Service GmbH

Supervisory Board member,

Vice-Chairman

Netz Oberösterreich GmbH

Supervisory Board member,

Vice-Chairman

Ennskraftwerke AG

Supervisory Board member

Salzburg AG für Energie, Verkehr und Telekommunikation

Supervisory Board member

Commercial Council Mag. Dr. Andreas KOLAR

Chief Financial Ofﬁcer (CFO), member of the Management Board

born 5 July 1961; degree in business administration, doctorate in social sciences and

economics. Joined Energie AG in 1997; appointed to Management Board on 1 January 2012.

Term of ofﬁce ends: 31 December 2025.

Supervisory Board mandates in major entities included in the Consolidated Financial

Statements:

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Governance structure

Entity

Position

Energie AG Oberösterreich Umwelt Service GmbH

Supervisory Board member

Netz Oberösterreich GmbH

Supervisory Board member

Ennskraftwerke AG

Supervisory Board member

Salzburg AG für Energie, Verkehr und Telekommunikation

Supervisory Board member,

Deputy Vice-Chairman

Dipl.-Ing. Stefan STALLINGER, MBA

Chief Operating Ofﬁcer (COO), member of the Management Board

born 28 February 1975; degree in industrial engineering and technical chemistry, Global

Executive MBA course. Joined Energie AG in 2003; appointed to Management Board on

1 March 2017. Term of ofﬁce ends: 31 December 2027.

Supervisory Board mandates in major entities included in the Consolidated Financial

Statements:

Entity

Position

Energie AG Oberösterreich Umwelt Service GmbH

Supervisory Board member, Chairman

Netz Oberösterreich GmbH

Supervisory Board member, Chairman

Ennskraftwerke AG

Supervisory Board member

Salzburg AG für Energie, Verkehr und Telekommunikation

Supervisory Board member

Salzburg Netz GmbH

Supervisory Board member

Proceedings and allocation of portfolios

The Management Board of Energie AG Oberösterreich is made up of three members,

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 or similar

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. On

account of the changes to the Management Board as of 1 January 2023, the allocation of

portfolios between members of the Management Board was determined by the Supervisory

Board on an interim basis at its meeting held on 20 December 2022. The newly composed

Management Board has now ruled on a new allocation of portfolios. This was approved by

the Supervisory Board at its meeting on 28 September 2023.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Governance structure

Supervisory Board

GRI 2-11, 2-12, 405-1

Composition of the Supervisory Board

Shareholder representatives

Provincial Councillor Commercial Council Markus ACHLEITNER, Chairman, Aichkirchen

Solicitor Mag. Stefan LANG LL.M., Vice-Chairman, Linz

Chief Executive Ofﬁcer Dr. Heinrich SCHALLER, Deputy Vice-Chairman, Linz

Head of Administrative Department Dr. Miriam EDER MBA, Linz

Chairman of the Management Board Mag. Dr. Erich ENTSTRASSER, Innsbruck

Managing Director Mag. Dr. Christiane FRAUSCHER, Linz

Member of Management Board Mag. Florian HAGENAUER MBA, Linz

Chief Executive Ofﬁcer Dipl.-Ing. Erich HAIDER MBA, Linz

Deputy to Chief Executive Ofﬁcer Commercial Council Mag. Michaela KEPLINGER-

MITTERLEHNER, Linz

Dr. Elisabeth KÖLBLINGER, Vöcklabruck

Member of Management Board Mag. Kathrin Renate KÜHTREIBER-LEITNER MBA, Linz

Head of Local Parliamentary Group, Member of State Parliament, Ing. Herwig MAHR, Linz

Gertrude SCHATZDORFER-WÖLFEL, Zipf

Thomas Peter STADLBAUER MSc MBA MPA, Linz

Provincial Councillor Commercial Council Markus Achleitner, chairman of the highest

governance body, is not a senior executive of the Energie AG Group.

Employees' representatives

Mag. Dr. Regina KRENN, Head of Works Council, Steyr (retired on 31 December 2022)

Ing. Peter NEISSL MBA MSc, Head of Works Council, Hartkirchen

Edith SCHATZDORFER, Head of Works Council, Pasching

Edith SCHMID, Head of Works Council, Perg (since 1 January 2023)

Ing. Bernhard STEINER, Head of Works Council Group Representatives, Ottensheim

Gerhard STÖRINGER, Head of Central Works Council, Zell am Pettenﬁrst

Christian STROBL, Head of Works Council, Gampern

Andreas WALZER, Head of Works Council, Wels

The Supervisory Board convenes as necessary, and at least four times a year.

The Supervisory Board performs no operational tasks. It advises and oversees the

Management Board. The Supervisory Board comprises a minimum of six and a maximum of

20 (currently 14) members elected by the annual General Meeting (shareholder

representatives) as well as members appointed by the Works Council in line with the Austrian

Labour Constitution Act (employee representatives, currently seven). The members of the

Supervisory Board (shareholder representatives) are elected by the General Meeting on a

rolling basis in accordance with § 87 of the Stock Corporation Act (AktG). Before the

election, persons proposed must present to the General Meeting their professional

qualiﬁcations, vocational or similar functions along with all circumstances that could give rise

to cause for concern over partiality. The term of ofﬁce for Supervisory Board members

terminates at the end of the General Meeting that rules on approving actions for the fourth

ﬁscal year following the election or appointment, unless they were elected for a shorter term;

the ﬁscal year in which the election takes place is not counted. Re-elections are possible.

Employee representatives are appointed in line with § 110 of the Austrian Labour

Constitution Act (ArbVG) and the provisions of the regulation governing the appointment of

employee representatives to the Supervisory Board (AR-VO).

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Governance structure

In accordance with § 86 para 7 of the Austrian Stock Corporation Act (AktG), women must

comprise at least 30% of the Supervisory Board, with this ﬁgure rounded up or down to the

nearest whole number. At least six women must therefore serve on the Supervisory Board

of Energie AG Oberösterreich. As the curia of shareholder representatives annually objects to

an overall assessment for all elections and appointments for the forthcoming ﬁscal year, the

two Supervisory Board curia (shareholder and employee representatives) are required to meet

this quota separately.

The Supervisory Board currently has one permanent committee for Management Board-

related matters and one Audit Committee. The committee for Management Board-

related matters comprises four shareholder representatives appointed by resolution of the

full Supervisory Board. When appointing members of the committee for Management Board-

related matters, the full Supervisory Board also appoints the chairperson of the committee.

The proceedings of the committee for Management Board-related matters is deﬁned in the

rules of procedure for the Supervisory Board.

The Supervisory Board has also established a permanent Audit Committee in line with § 92

para 4a of the Austrian Stock Corporation Act. The Audit Committee is made up of six

shareholder representatives appointed by resolution of the full Supervisory Board and three

employee representatives appointed from the ranks of all employee representatives by simple

majority in line with § 32a AR-VO. One member of the Audit Committee must be a person

with relevant knowledge of the requirements of the company and practical experience in the

ﬁeld of ﬁnance and accounting as well as reporting (ﬁnancial expert). When appointing

members of the Audit Committee, the full Supervisory Board also appoints the chairperson of

the committee. The proceedings of the Audit Committee are deﬁned in § 92 para 4a AktG

and the rules of procedure for the Supervisory Board.

In accordance with § 75 AktG, the Supervisory Board appoints members of the Management

Board for a maximum of ﬁve years. As Energie AG Oberösterreich is subject to the rulings

of the Court of Auditors, the provisions of the law on transparency in the ﬁlling of

positions in state-afﬁliated companies (Stellenbesetzungsgesetz) are observed.

According to prevailing opinion, members of the Supervisory Board have a duty of loyalty

and allegiance to the Company, thereby prioritising the well-being of the Company over

possible other interests. The Supervisory Board must remain loyal to the Company, and the

interests of the Company must always guide its actions.

According to § 95 para 5(12) of the Austrian Stock Corporation Act, the conclusion of

contracts with members of the Supervisory Board which oblige those members to perform

services outside of their Supervisory Board activities for the Company or a subsidiary

(§ 189a(7) of the Austrian Commercial Code) for remuneration of a not inconsiderable value

shall require the consent of the Supervisory Board. The same applies to contracts with

companies in which a Supervisory Board member has a signiﬁcant business interest.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Strategy

STRATEGY

GRI 2-22, 2-23, 2-25, 203-1

The Energie AG Group accepts its responsibilities in the area of sustainable development and

is guided by European and national energy and climate policy, and in particular the Paris

Agreement on climate change and the European Green Deal.

A structured 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 Group actively contributes to the achievement of the Sustainable Development

Goals (SDGs) of the United Nations with its strategic positioning in combination with its

individual products and the services it offers, also see Sustainability at a glance › Page 41.

The main emphasis is on meeting SDG 7: Affordable and clean energy, SDG 8: Decent work

and economic growth, SDG 9: Industry, innovation and infrastructure, SDG 12: Responsible

consumption and production and SDG 13: Climate action.

In the ﬁrst half of the 2023 calendar year, the future strategy of Energie AG was elaborated

at Management Board level with the contribution of internal and external experts as part of a

strategy and organisational project known as “LOOP”, see also Group Management Report,

Business development in the Group, Group-wide strategy and organisational

project › Page 146. The resultant strategic decisions were approved by the Supervisory Board

in September 2023. The central element of “LOOP” is the strategic goal of climate

neutrality by 2035, which Energie AG pursues subject to the proviso that security of supply

and disposal will be guaranteed in the process.

In view of rising demands on sustainability reporting linked to the CSRD and the ESRS, the

“LOOP” project also deﬁnes the Group's strategy with regard to aspects of ESG. In

particular, the future organisational structure of ESG agendas within the Group was

determined, see Strategy, Internal sustainability management › Page 33.

In the 2023/2024 ﬁscal year, an ESG implementation project will be undertaken with an

external ﬁrm of business consultants to deﬁne the steps required to ensure CSRD-compliant

ESG reporting and comprehensive ESG management within the Group; ESG targets will also

be deﬁned in detail.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Strategy

POLITICAL ENVIRONMENT REGARDING THE ENERGY TRANSITION

According to the Paris Agreement on climate change, global greenhouse gas (GHG)

emissions should be reduced to close to (net) zero by 2050. Austria has set itself the target of

becoming climate neutral by 2040. To facilitate the process of energy system

transformation that is needed to achieve this, the political priority, alongside climate change

measures, must be on the competitiveness of the economy as well as affordable energy and

security of supply.

Further information on the fundamental political and regulatory framework can be found in

the Group Management Report, Framework conditions, Energy and climate policy

environment › Page 137 and Statutory and regulatory framework in the Grid

Segment › Page 160.

The national energy and climate targets for 2030 as well as the decarbonisation path up

to 2040 present a major challenge in terms of future energy supply in Austria. From the

perspective of Energie AG, the transformation requires taking a holistic, integrated look at

the entire energy system, taking into account the electricity, heat, mobility, green gas and

hydrogen sectors (“sector coupling/integration”). To ensure a successful energy transition

while guaranteeing security of supply and grid security, rapid expansion of grid infrastructure

at all voltage levels and the creation of additional storage capacities will be essential.

The progressing expansion of electricity generation from renewable energies gives rise to

additional challenges in safeguarding the security of supply. In particular, service

provision must continue to be safeguarded in times of low water levels, low solar radiation

and light winds. 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. As part of EU-wide and national energy strategies (in Germany and

Austria, for instance), appropriate investment is being sought, including for the operation of

electrolysers and the sale of hydrogen (with partners). 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

sustainable business model. Alongside the accelerated expansion of renewables, there is also

a need for more power plants, such as Energie AG’s planned pumped-storage power plant

in Ebensee. This will make it possible to ensure high output that is both ﬂexible and secure.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Strategy

CORPORATE STRATEGY 2035

As a pioneer in the ﬁeld of sustainable energy supply and a reliable partner of the energy

transition in Upper Austria, the Energie AG Group is committed to energy and climate

policy targets. Working with its customers, employees and partners, the Group is also

committed to an energy future that will ensure prosperity and growth in the regions served

by the Company.

On the basis of its strategic goal of achieving climate neutrality by 2035 while continuing

to guarantee reliable energy supplies and waste management, the Group is proactively

advancing the energy transition.

The main aim of the “LOOP” strategy project is to decarbonise the Energie AG cycle – from

generation and distribution to utilisation – in order to comply with legal and political

provisions, uphold access to the ﬁnancial market and meet the needs of various stakeholder

groups.

To this end, concrete measures will be implemented from the 2023/2024 ﬁscal year

onwards, taking account of the technical, legal and economic conditions. The massive

expansion in systems for generating energy from renewable sources (sun, wind and water) in

Upper Austria and other European countries as well as investments in innovative technologies

are helping the national economy to phase out fossil energy.

Additional electricity generation from renewables until 2035

The 2030 targets for renewables expansion are largely afﬁrmed by the “LOOP” project.

By 2035, the goal is to expand renewable energy generation from the current level of

approximately 2,750 GWh/a in an average year by some 1,200 GWh/a in total, see

Environment, Generation plants › Page 75. With this in mind, the regional focus has been

extended to Germany, Italy and Slovenia.

The new strategic objective of supplying additional electricity from renewable energy

sources – through new generation systems as well as the refurbishment or (replacement)

construction of existing generation systems – will play a major part in cutting greenhouse gas

emissions. In future, this will deliver savings of around 385,000 tonnes of CO₂equivalent

(CO₂eq) (reference value: Austrian Environment Agency (UBA), imported energy 2021), see

also Environment, Emissions › Page 66.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Strategy

Transitioning to a green lifecycle

Alongside additional electricity generation from renewable energy sources, Energie AG

continues to work towards energy and climate policy targets by promoting projects aimed at

driving the transformation to a green lifecycle (for speciﬁc measures, see also

Environment › Page 56).

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 sustainable

heat supply and thus plays a pioneering role in its market sectors. In the area of heat pumps,

the number is expected to increase to over 200,000 systems in Upper Austria. Energie AG has

set itself the target of supporting roughly half of these through electricity supplies, on-site

PPAs or ﬁnancing by 2035. The maximum expansion of district heating will also be promoted

wherever economically feasible.

Proper waste management and the recycling of resources complete the green lifecycle. In the

interest of a sustainable waste management and circular economy, the operations of the

Waste Management Segment will be optimised by maximising the utilisation of synergy

effects, additional resource conservation and more efﬁcient recycling processes, see

Environment, Waste Management Segment › Page 87.

Reliability in supply and waste management services

Even in times of crisis, Energie AG focuses on the reliable and uninterrupted delivery of all

services when planning and realising projects. The same applies to projects of relevance to

energy and climate policy.

Thanks to a solid foundation based on the highest technical and organisational standards,

high security of supply was maintained in the 2022/2023 ﬁscal year despite the turbulence

on the energy markets. The smooth operation of critical infrastructure (power plants, the

electricity and gas grid, telecommunications, water supply and waste disposal) was always

assured. In the area of energy procurement, the external electricity and gas volumes needed

for customers as well as electricity and heat production are secured in advance through long-

term transactions on stock exchanges and over-the-counter (OTC) markets. Due to short-term

and long-term usage rights to gas storage facilities, ﬂuctuations between supply and demand

are balanced out beyond the legal storage requirements. These operational measures are

strategically underpinned by the signiﬁcantly accelerated expansion of renewable energy

sources and thus greater self-sufﬁciency.

Netz OÖ GmbH secures the energy supply in Upper Austria with a modern and reliable

electricity and gas grid and is the national 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 investments support the high degree of

ﬂexibility, see Social affairs, Security and quality of supply › Page 95.

The development and application of new technologies and intelligent system solutions for

the integration of volatile decentralised electricity generation systems (PV and wind) and

ﬂexible consumer systems (battery storage, e-mobility and heat storage) is of particular

importance as well.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Strategy

Pumped-storage power plant Ebensee

Energie AG is investing around EUR 450 million in building a pumped-storage power

plant in Ebensee, Upper Austria. Construction is due to start in October 2023 and will take

four years, with trial operation scheduled for late 2027. To compensate for the volatility of

electricity generation from sun and wind as part of a renewable future, industrial-scale

storage capacity and ﬂexibility is required in the form of pumped-storage power plants. The

planned power plant will have a storage capacity of 1.32 million m³and output of 170 MW.

This means the operating time to generate electricity will be 10 full-load hours. By responding

to changes in demand and electricity generation with speed and ﬂexibility, the planned

power plant will deliver a major contribution to security of supply. For more information, see

the Group Management Report, Energy Segment › Page 153 and the video on the website

energieabergut.at concerning: › Our new pumped-storage power plant at Ebensee.

The Waste Management Segment, Group Management Report › Page 163 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, Group Management Report › Page 166. The Group intends to deepen its

partnerships with municipalities while simultaneously boosting efﬁciency and competitiveness

by making targeted investments in its own water, waste water and heating infrastructure as

well as making constant upgrades to the Group’s equipment and vehicle ﬂeet.

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Non-ﬁnancial report Strategy

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. Since the 2021/2022 ﬁscal

year, the ﬁbre-optic rollout of the “Fibre-to-the-home” (FTTH) unit has been carried out by

BBOÖ Breitband Oberösterreich GmbH (BBOÖ), a joint venture with the Province of Upper

Austria. Since the local FTTH networks were spun off to BBOÖ, Telekom GmbH has also been

supplying them with technical services and ﬁbre-optic backbone data transports.

Energie AG: A reliable partner to customers

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 direction of all Group units is guided by the need to deliver beneﬁt

and personal added value to customers. With forward-looking offers in such areas as heat

pumps and on-site PPAs for PV, a signiﬁcant expansion in digital customer services and a

stronger commitment to e-mobility, the services of Energie AG are fully aligned to the needs

of customers. In the ﬁeld of e-mobility, Energie AG has set itself the target of providing as

many as 50,000 charging stations for electric vehicles in private homes, at work, for vehicle

ﬂeets and in public areas by 2035.

In its business environment, Energie AG stands for fair and sustainable solutions that can

be guaranteed through consistent process optimisations, see Social affairs, Customer

orientation and satisfaction › Page 98.

Customers strongly associate the Energie AG Group with security and regional focus.

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 95 and the section headed

Employees › Page 109. Energie AG Group clearly showcases its solidarity by actively

supporting customers affected by energy poverty.

Safeguarding the legitimate interests of its customers is a top priority for Energie AG. This

means not only ensuring ethically sound dealings with customers but also protecting their

personal data. Internal controls have been implemented to monitor compliance with the

relevant regulations, see Compliance, Data protection › Page 122.

Regional focus

As the energy supplier for Upper Austria, the Energie AG Group has positioned itself as a

strong regional partner and an important economic factor for the state. A high degree of

regional value creation is achieved by the focus on the local generation of energy (expansion

of electricity generation systems), extensive investments in infrastructure projects in the

sales territory, 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.

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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 six regional and local water utility companies (previous year: seven), four heat

utility companies (previous year: ﬁve) and one mixed water and heat utility company (previous

year: one). Compared to the previous year, the number of subsidiaries has fallen due to

mergers.

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 attractive 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

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

The employees working at Energie AG are the Group's most important resource.

Energie AG supports the development of the company through participation. The company

achieves this on the basis of an open and respectful corporate culture that offers scope for

innovation and fresh ideas while creating an environment in which employees can enjoy their

work. Every individual should have the chance to reach their full potential and contribute

different perspectives. Energie AG promotes gender equality and equality of opportunity

for all employees so that everyone feels respected and included, see Employees, Promoting

diversity › Page 116.

Without motivated and committed employees, strategic goals are unachievable. When

recruiting new talent, Energie AG focuses on strategically coordinated recruitment aimed at

speciﬁc target groups and succession management within the Group. The aim is to appeal

to individual groups of applicants according to need, placing a special emphasis on diversity.

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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Non-ﬁnancial report Strategy

INTERNAL SUSTAINABILITY MANAGEMENT

GRI 2-13, 2-14, 3-3

The issue of sustainability is the responsibility of the full Management Board; it is coordinated

by the Group Strategy holding unit and developed in partnership with all organisational

units of the Group.

In the course of the Group-wide strategy project “LOOP”, see Corporate strategy

2035 › Page 28, organisational and content-related steps have been deﬁned with a view to

ensuring timely implementation of the CSRD within the Group. Alongside the

implementation of ESG sustainability management as part of Group strategy and ESG

data management in the Controlling and Risk Management holding unit, other committees

including an ESG steering committee and an ESG lab for control and preparation for

decision-making have been planned at holding level, with the required interfaces deﬁned. In

future, the committees will report directly to the Management Board, which has overall

responsibility for sustainability agendas.

In keeping with its legal obligations, the Supervisory Board continues to audit the non-

ﬁnancial report as part of the Group Internal Audit, reporting its ﬁndings to the General

Meeting.

The implementation of strategic goals in the sustainability area is assured by linking them

closely to the structured annual strategy process. The relevant management teams are

responsible for implementing ESG strategies in the business and service divisions. To ensure

ongoing exchanges on ESG topics between the holding company and the business and

service divisions in future, we also plan to establish an ESG Partner Platform committee

with the ESG contact persons already established for all areas of the Group.

As regards the substantial requirements of the CSRD, a detailed roadmap, including the

timing for the necessary steps, has been drawn up. More strategic deﬁnitions and necessary

steps will be devised and implemented as part of a wide-ranging ESG implementation

project as from the 2023/2024 ﬁscal year.

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Non-ﬁnancial report Strategy

DIALOGUE WITH STAKEHOLDERS

GRI 2-23, 2-29, 3-3, 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.

The different interest groups below were identiﬁed in the course of the established strategy

development process:

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. To deepen the dialogue with

customers, current sales projects are open to critical and constructive dialogue in the context

of the customer forum, see Social affairs, Customer orientation and

satisfaction › Page 98.

To meet its socio-political responsibilities, Energie AG seeks direct contact with

stakeholders at regional and interregional events such as trade shows. In this way, the

company presents practical solutions for the responsible use of natural energy resources to

customers.

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

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Non-ﬁnancial report Strategy

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.

One prime example of sustainable collaboration is the model applied to the waste

incineration plant in Wels. Built in 1991, the plant represents the longest successfully

practised public participation, mediation and project environment management process in

Europe. 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 emissions), this approach has created and sustainably fostered an atmosphere of

mutual understanding and trust.

› Energie AG's principles on democratic politics were developed based on this model and

they 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 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 ﬁrst applied 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 delivered a planning corridor in which the

project operators will prepare the detail planning in close consultation and direct dialogue

with the landowners. In preparation for the environmental impact assessment that will be

carried out, the required environmental impact statement is being drafted.

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.

Among other measures, surveys are used for the purpose of including the internal

stakeholders (e.g. survey on training needs). Feedback from the individual managers and

employees is collected on many measures such as personnel and management development

events, projects and regulations with the aim of deriving an action plan from them.

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 contact to schools, educational institutions and associations is fostered in cooperation

projects and networks, through sponsoring as well as at the various trade exhibitions. The

modern job application platform “digiTalent” facilitates the professional communication with

job candidates. Ongoing exchanges with employees start at the level of student interns. In

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Non-ﬁnancial report Strategy

the summer of 2023, for example, interns were invited to breakfast at Group headquarters in

Linz before taking an excursion to two operational sites.

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 (“Neuland” project, “Loominati” idea

management system). Employees’ project ideas are practically implemented in various

formats. This opportunity to become directly involved in shaping the Company's fortunes

affords special appreciation to the team members, while the optimised processes beneﬁt the

Group as well as the employees and customers affected by them. Also see Economy,

innovation › Page 53.

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 109.

The foundation for the implementation of the Group's stakeholder management is the

Energie AG Group'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 of conduct deﬁne the principles that underpin fair, transparent and

sustainable business practices. Every single employee and contractor of Energie AG endorses

and commits to these principles: responsibility, reliability, quality awareness, sustainability,

transparency, respect, integrity and non-discrimination.

Media analysis

The sustainability communications of Energie AG are supplemented with reports on corporate

issues in relevant Upper Austrian and national media outlets. In the 2022/2023 ﬁscal year,

two issues dominated media reporting: the development of energy prices and Group

activities in support of energy transition and climate neutrality targets.

As regards the energy price trend, the price guarantee extended to existing customers

until the end of 2022 received approving mentions in the press. Also acknowledged was the

steady stream of measures taken by the Energie AG Group with a view to easing the pressure

on the entire customer base following tariff adjustments at the beginning of 2023

necessitated by the market situation.

To give some examples, reports appeared on the waiver of power cut-offs in the event of late

payment, the free power days introduced for young families, the relief packages put together

for commercial businesses and farmers and the string of price reductions with which

Energie AG responded to the gradual relaxation on the energy markets during the spring of

2023.

The adjustments to electricity prices at the beginning of 2023 also gave rise to legal

issues. Given the challenges to the legal conformity of the price increases for electricity

introduced by many companies in the industry on the basis of the new legal situation,

Energie AG and special interest groups agreed on a quick, customer-friendly and practicable

solution in order to avoid a legal dispute lasting many years.

The expansion of the services offered by the Energie AG Group to help its customers enhance

their energy efﬁciency was also the subject of reporting, for example in connection with the

Energy Saving Academy newly introduced at the Energy Saving Trade Fair 2023.

The huge range of activities that Energie AG undertakes in the context of the energy

transition and climate neutrality, including the trebling of feed-in tariffs for producers of

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PV electricity as announced in October 2022, received widespread media coverage. The

same applied to Energie AG’s support for innovative technologies. Reports covered the

funding pledged in February 2023 for the installation of heat pumps and the Group’s

involvement in research projects concerned with the use of hydrogen for energy storage and

generation.

In particular, the media focused on the strategy project “LOOP”, which will enable the Group

to achieve climate neutrality by 2035 while transforming the energy system of Upper

Austria. In this context, the press devoted many column inches to the pumped-storage

power plant Ebensee approved in the 2022/2023 ﬁscal year as well as the many planned

projects aimed at increasing the prevalence of renewable energies.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Strategy

MAJOR SUSTAINABILITY ISSUES

GRI 3-1, 3-2

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 materiality matrix was last

updated in ﬁscal year 2020/2021 and adapted to the results of the strategy process.

The updating of the GRI Universal Standards, and in particular the ESRS (applicable from the

2024/2025 ﬁscal year onwards), imply major changes in terms of the identiﬁcation and

evaluation of material topics. During the 2022/2023 ﬁscal year, Energie AG started to address

the new materiality assessment requirements. The realisation of CSRD and ESRS requirements

will commence as from the 2023/2024 ﬁscal year. The ESG implementation project will start

with the core module “Materiality assessment and stakeholder engagement” in line

with the CSRD.

The identiﬁcation of major sustainability issues as part of the ESG implementation project in

the 2023/2024 ﬁscal year will take into account the concept of double materiality to

ensure both ﬁnancial materiality (the outside-in perspective) and impact materiality (the

inside-out perspective).

The focus of the 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 the

Energie AG Group are described in the following sections:

Economy › Page 52 and Group Management Report › Page 137

Partnership with equity investors and outside creditors

Business models ﬁt for the future & innovation

Environment › Page 56

Climate change mitigation & resource conservation

Social affairs › Page 95

Security and quality of supply

Customer orientation and satisfaction

Regional responsibility & social commitment

Employees › Page 109

Acting as a responsible employer

Workplace health and safety

Compliance (incl. Respect for human rights) › Page 122

Legal compliance and prevention of corruption

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Sustainability objectives

SUSTAINABILITY OBJECTIVES

GRI 2-22, 2-23, 3-3

ECONOMY

EMPLOYEES

Ensuring sustainable ﬁnancial stability and

Further development of employer branding with a

ﬁnancial standing

special focus on speciﬁc target groups

Securing the company value

Personnel and management development, as

well as high-quality apprenticeship programmes

Implementing innovative business models that

are ﬁt for the future

Ensuring access to qualiﬁed personnel in the long

term, for example by positioning the Company as a

family-friendly employer

ENVIRONMENT

Improving all measures of diversity, equity and

inclusion (age, gender, origin, etc.)

Climate neutrality by 2035, subject to the proviso

of guaranteed security of supply and waste

management

COMPLIANCE

Steady expansion of renewable energy:

+1.2 TWh/a between now and 2035

Compliance with laws and regulations to ensure

genuinely fair competition

Company ﬂeet of electric cars to rise to 40% by

2024

Ensuring a legally sound operational framework with

regard to ESG compliance

Resource conservation

Establishing awareness of compliance to strengthen

Warranting an environmentally friendly and legally

the culture of compliance

compliant circular economy

Further development of compliance to minimise

Active positioning on the hydrogen market:

risks

seeking of appropriate investments, including the

operation of up to four electrolysers and the sale of

Avoiding property damage and reputational

hydrogen

damage

SOCIAL AFFAIRS

Reliability in supply and waste management

services

Positioning ourselves as a responsible company

Building and maintaining sustainable client

relationships

Expansion of e-mobility by 2035: up to 50,000

charging stations for electric vehicles in private

homes, at work, for vehicle ﬂeets and in public areas

Expansion of digital customer services

Maximum expansion of district heating wherever

economically feasible

Support for the expansion of heat pumps through

electricity supplies, on-site PPAs or ﬁnancing

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Sustainability objectives

SUSTAINABILITY OPPORTUNITIES AND RISK MANAGEMENT

GRI 2-23, 2-25

Given the high importance of sustainability issues to business activity, more and more

aspects of ESG are being incorporated into risk management. This task is performed by the

Group-wide risk management system, which actively monitors and records potential risks

and opportunities. 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 137 and the Notes to the Consolidated Financial

Statements, Management of risks and opportunities › Page 255.

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 2022/2023 ﬁscal year was on further developing the ESG risk management

system. The topics and 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 analysed accordingly and are given due

consideration within the strategy.

The following tables summarise the main opportunities and risks as well as the main

potential impacts that could arise through Energie AG’s activities on issues linked to the

Austrian Sustainability and Diversity Improvement Act (NaDiVeG). The tables also illustrate the

associated concepts and measures that the Energie AG Group deploys, along with relevant

SDGs.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Sustainability at a glance

SUSTAINABILITY AT A GLANCE

GRI 2-22, 2-23, 2-25, 3-3

CONCEPTS, SIGNIFICANT OPPORTUNITIES (+) / RISKS (-)¹⁾, MEASURES AND SDGS

ECONOMY

Innovation company Wertstatt 8

Holding unit “Group Innovation” starting

PARTNERSHIP WITH EQUITY INVESTORS AND

November 2023

OUTSIDE CREDITORS | BUSINESS MODELS FIT

FOR THE FUTURE – INNOVATION

Investments in innovative projects ("Loominati"

platform for improvement suggestions,

international Startup Innovation Challenge

starting November 2023, digitalisation campaign

Economic concepts

“Neuland” etc.)

Securing the company value by continuing a

sound ﬁnancial and investment policy

Implementing innovative business models to

SDGs tied to the economy

safeguard the Group's competitiveness

Partnerships and cooperation projects

SDG 7: Affordable and clean energy

Strengthening the Company's resilience against

SDG 8: Decent work and economic growth

exceptional events (e.g. energy market

SDG 9: Industry, innovation and infrastructure

turbulence)

SDG 12: Responsible consumption and

Increasing the use of new technologies

production

(digitalisation)

ENVIRONMENT

Economic opportunities and risks

CLIMATE PROTECTION | RESOURCE

see the Notes to the Consolidated Financial

CONSERVATION

Statements, Management of risks and

opportunities › Page 255

Environmental concepts

Consistent QSE management system

Economic measures

Group’s strategic goals for climate change

see the Group Management Report › Page 137

mitigation and resource conservation

Investments into (grid) infrastructure

Certiﬁed management systems

Investments into renewable energy

Support for investments by customers into

renewable energy

Environmental opportunities

Long-term provision of attractive jobs

Efﬁcient and environmentally friendly energy

Reliable partner for customers and suppliers

supply for society and the economy

Provision of energy and services for businesses

Resource preservation empowered by modern

and their production

and sustainable technologies

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 255

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Sustainability at a glance

Contribution to achieving climate neutrality

Environmental impact assessments and analysis

reports

Increasing the share of renewable energy

Reviewed and approved environmental

Environmental risks

statements, certiﬁcations and audits

Regional ecological impacts on habitats,

Energy audits for customers (IfEA)

hydromorphology and biodiversity from the

Use of modern and sustainable technologies

construction and operation of facilities

Regular overhaul and maintenance work

Local and global environmental impacts from

Extensive monitoring activities (e.g. water quality)

increased emissions (greenhouse gas emissions in

“Loominati” platform for suggested

particular)

improvements

Consumption of natural resources

Peer-to-peer trading app › “E-Fairteiler”

Storage space optimisation project

Establishment of “Change Agents” to support

Environmental measures

cultural changes, e.g. towards sustainability

“Group Mission Statement”

Crisis and emergency plans

“Principles of our actions”

Legally compliant corporate management

Code of Conduct “This is how we think, this is

Rights management database

how we act”

Management of ofﬁcial decisions

“Code of conduct for contractors”

Ensuring that the legally required staff

“Principles on democratic politics” for public

appointments are made

engagement

Seminar on soil restoration starting November

“Quality, Safety and Environmental (QSE)

2023

Management” Group Policy

Financial contribution for employees towards the

“Internal Control System (ICS)” Group Policy

Austrian rail pass “Klimaticket” starting

“Strategy Development Process” Group Policy

November 2023

“Company Cars and Their Private Use” Group

Project on battery energy storage systems, project

Policy

kick-off in January 2024

Group-wide expansion target for renewable

energies: 1,200 GWh/a between now and 2035

Investments in grid infrastructure in connection

SDGs tied to the environment

with electricity from volatile renewable generation

SDG 6: Clean water and sanitation

Transitioning company ﬂeet to electric cars

SDG 7: Affordable and clean energy

Purchase of electric trucks for selected units

SDG 9: Industry, innovation and infrastructure

“LOOP” strategy project

SDG 12: Responsible consumption and

“Waste Incineration Plant – Decarbonisation”

production

research project

SDG 13: Climate action

Fit4Green service

SDG 15: Life on land

Heat generation from biomass and heat pumps

Increasing energy efﬁciency on the part of

customers and within the Group

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Sustainability at a glance

SOCIAL AFFAIRS

Social measures

SECURITY AND QUALITY OF SUPPLY |

“Group Mission Statement”

CUSTOMER ORIENTATION AND SATISFACTION |

“Principles of our actions”

REGIONAL RESPONSIBILITY | SOCIAL

Code of Conduct “This is how we think, this is

COMMITMENT

how we act”

“Code of conduct for contractors”

Social concepts

“Principles on democratic politics” for public

engagement

Consistent QSE management system

“QSE Management” Group Policy

Crisis management

“ICS” Group Policy

Group’s strategic goals for security and quality of

supply, customer satisfaction and regional

“Sponsoring and Giving” Group Policy

responsibility

Investments into (grid) infrastructure

Overhaul and maintenance work to ensure

security (of supply)

Monitoring of unplanned supply interruptions

Extensive monitoring activities (e.g. water quality)

Social opportunities

Crisis and emergency plans

High reliability in supply and waste management

Group-wide organisational structures for the

services

management of risks and opportunities

Regional value-creation with infrastructure

Customer forum

projects and capital investments in infrastructure

Proactive inclusion of stakeholders

Support for social, cultural and sporting activities

Project-related communication with stakeholders

New innovative products and sales channels for

Consideration of the interests of affected citizens

customers

beyond the scope prescribed by law

Raising the awareness of children and adolescents

“Guidelines for planning processes for new high-

for an environmentally conscious consumption of

voltage routes”

resources, electricity and water, as well as for the

proper management and separate collection of

Support for social, cultural and sporting activities

waste

Educational programme “Energie AG at School”

“Loominati” platform for suggested

Social risks

improvements

Potential negative effects on society, economy

Complaint management

and environment caused by malfunctioning

Virtual assistant “Anette” (provides support for

critical infrastructure (power plants, grid,

PV connection assessment)

telecommunication, waste and water/waste water

management facilities)

Online tools to support energy communities and

request information on available grid capacities

Potential negative effects from outages of critical

infrastructure on information security, cyber

› www.wir-denken-an-morgen.at

security and data protection

› www.energieabergut.at

Regional consequences for the local population

Various communication channels

resulting from the construction and operation of

also see measures in Compliance › Page 122

facilities

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Sustainability at a glance

SDGs tied to social affairs

Employees measures

SDG 4: Quality education

“Group Mission Statement”

SDG 6: Clean water and sanitation

“Principles of our actions”

SDG 7: Affordable and clean energy

Code of Conduct “This is how we think, this is

how we act”

SDG 9: Industry, innovation and infrastructure

Charta for agile collaboration across departments

“Human Resource Management” Group Policy

EMPLOYEES

“Management by Objectives” Group Policy

“Management Academy” Group Policy

ACTING AS A RESPONSIBLE EMPLOYER |

“ICS” Group Policy

WORKPLACE HEALTH AND SAFETY

“berufundfamilie” audit for work-life balance

“Workplace Health Promotion until 2025” seal of

Employees concepts

approval

In-house health management project

Comprehensive human resource management

energy@work

Management systems for health and safety in the

Works agreement on working from home

workplace

Works agreement on sabbaticals

Group’s strategic goals for positioning itself as a

responsible and attractive employer, as well as for

Holiday activities for children

health and safety at work

In-house childcare facility

Nursing care platform

Creation of an attractive work environment

Employees opportunities

Flexible work time models

Safeguard and creation of jobs for skilled

Dialogue with the employees' representatives

professionals within the region

Various employer branding measures for the

Economic contribution by providing education

individual target groups

and training

“Kennst wen” initiative

Long-term safeguarding of ﬁtness to work and

Personnel and management development

quality of life as a result of health promotion

Apprenticeship|trainee programmes

measures for the workforce

Promoting diversity: “Women in technology jobs”

Family-friendly employer

Trend monitoring

Flexible working conditions

Strategic succession planning

Varied jobs that contribute to the energy

Continuous development of the high work safety

transition

standards

Focus on strengths through Positive Leadership

Safety training courses for internal and external

Equal opportunity

employees

Employees risks

Work safety awareness campaign

Accident prevention

Health and safety risks for company staff and

temporary employees

Compliance training courses

Breaches of compliance

Group health insurance

“Loominati” platform for suggested

improvements

Cultural & sport events for the workforce

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Sustainability at a glance

Financial contribution for employees towards the

“Compliance Management System” Group Policy

Austrian rail pass “Klimaticket” starting

“Anti-corruption” Group Policy

November 2023

“Capital Market Compliance” Group Policy

“Information Security Management” Group Policy

“Data Protection Management System” Group

SDGs tied to employees

Policy

SDG 4: Quality education

“Data Protection Compliance Policy” Group Policy

SDG 5: Gender equality

“ICS” Group Policy

SDG 8: Decent work and economic growth

Self-declaration form for bidders in tenders

Exclusion of suppliers on sanctions list during

tenders

COMPLIANCE

Whistleblowing instrument “Tell me”

In-person training and e-learning courses

LEGAL COMPLIANCE AND PREVENTION OF

CORRUPTION

SDGs tied to compliance

SDG 5: Gender equality

Compliance concepts

SDG 8: Decent work and economic growth

Compliance management system and ofﬁcer in

place

Information management system

RESPECT FOR HUMAN RIGHTS

Data protection management system

LEGAL COMPLIANCE AND PREVENTION OF

Whistleblowing system

CORRUPTION | SECURITY AND QUALITY OF

SUPPLY | REGIONAL RESPONSIBILITY | ACTING

AS A RESPONSIBLE EMPLOYER | CLIMATE

Compliance opportunities

PROTECTION | RESOURCE CONSERVATION

Improving legal certainty

Fair and transparent contract award processes

Respect for human rights concepts

Transparency and reliability for customers

Group’s strategic goals for climate change

Compliance risks

mitigation and resource conservation, security and

quality of supply, regional responsibility, and

Risks to fair competition caused by corruption and

acting as a responsible employer

violations of antitrust law

Compliance management system and ofﬁcer in

Risks to claims by customers and employees

place

under data protection law

Whistleblowing system

Compliance measures

“Group Mission Statement”

“Principles of our actions”

Respect for human rights opportunities

Code of Conduct “This is how we think, this is

Secure and reliable supply and waste

how we act”

management in the interest of a high quality of

“Code of conduct for contractors”

life

“Principles on democratic politics” for public

Positive effects on the region from regional

engagement

procurement

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Sustainability at a glance

Positive effects on business partners and

“Code of conduct for contractors”

employees

“Principles on democratic politics” for public

engagement

“Compliance Management System” Group Policy

“ICS” Group Policy

Respect for human rights risks

Works council

Risks in the earlier links of the supply chain

Whistleblowing instrument “Tell me”

cannot be entirely ruled out

Procurement sourcing is geared to sustainability

Isolated cases of discrimination

criteria and principles

Training courses

Respect for human rights measures

› www.wir-denken-an-morgen.at

“Group Mission Statement”

“Principles of our actions”

SDGs tied to the respect for human rights

Code of Conduct “This is how we think, this is

how we act”

SDG 8: Decent work and economic growth

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Sustainability at a glance

QUALITY, SAFETY AND ENVIRONMENTAL MANAGEMENT

GRI 403-1, 403-8

Customer proximity, transparency and process traceability are top priorities for Energie AG as

a quality provider. The whole of Energie AG Oberösterreich in Austria and two entities in the

Czech Republic are fully certiﬁed according to the international standard for a quality

management system under ISO 9001:2015.

An integrated quality, safety and environmental (QSE) management system with a focus on

sustainability and maximum efﬁciency is an integrated component of the management

systems used by the Energie AG Group (excluding the Czech Republic Segment). 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.

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.

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 conﬁrmed by the re-certiﬁcation audit carried out by TÜV Süd between

28 April and 23 June 2023.

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. 30.1% of the Austrian and Italian workforce is

employed at entities certiﬁed to environmental management standard ISO 14001:2015. In

addition, 29.2% of employees in Austria work in accordance with the Group’s environmental

management system EMAS, while 43.3% of Group employees work in units certiﬁed under

ISO 45001:2018. The additional and speciﬁc standards ISO 14001:2015 and EMAS were

implemented for the Waste Management Segment, which accounts for 26.9% of employees

in Austria, between 2010 and 2013.

The Grid Segment is certiﬁed to QS-GNB 200 (quality requirements for gas grid operators)

and TSM P100 (technical safety management in electricity grids) of the Austrian Association

for Gas and Water (ÖVGW). 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). Certiﬁcation under ISO 17025:2018 (requirements for the competence of testing and

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Sustainability at a glance

calibration laboratories) was also obtained. The review of the information security

management system (ISMS) according to ISO/IEC 27001:2013 standards as part of a follow-

up audit conﬁrmed the high level of information systems security at Netz OÖ. This

constitutes a sound basis for the planned overhaul of the energy system. In the 2022/2023

ﬁscal year, Netz OÖ also became the ﬁrst Austrian grid operator to be audited in line with

ÖVGW QS-GNB 300 (quality requirements on gas grid operators for caloriﬁc value

determination).

The Waste Management Segment is certiﬁed in the areas of quality (ISO 9001:2015),

occupational health and safety (ISO 45001:2018), and environment (ISO 14001:2015), and as

a qualiﬁed waste management operator on the basis of the regulation governing the

requirements on waste management operators (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. Umwelt Service GmbH has also been certiﬁed under

EU Regulation 333 (scrap metal ceasing to be waste, Ötztal and Timelkam sites), SURE

(Sustainable Resources Veriﬁcation System), the RAL mark of quality (for the demanufacturing

of refrigeration units in Timelkam) and ISO 14024:2018 (resources potential for the

demanufacturing plant for refrigeration units in Timelkam).

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, the two Czech entities ČEVAK, a.s. and VaK Beroun 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.

Since December 2022, Energie AG Oberösterreich Erzeugung GmbH (Erzeugung GmbH)

has been documenting compliance with RED-II criteria for sustainably produced biomass in

the context of the voluntary certiﬁcation system SURE. The power plant location in Timelkam

is also certiﬁed under ISO 14001:2015 in the environmental management area; the

environmental statement meets the requirements of the EMAS regulation. The companies

Gas- und Dampfkraftwerk Timelkam GmbH, Netz OÖ 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 27001:2013.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Sustainability at a glance

¹⁾The Czech companies ČEVAK, a.s. and VaK Beroun, a.s. are certiﬁed under ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018. ²⁾Excluding

Energie AG Oberösterreich Trading GmbH (Trading GmbH) and Energie AG Oberösterreich Vertrieb GmbH (Vertrieb GmbH). ³⁾Timelkam power plant

location ⁴⁾Gas- und Dampfkraftwerk Timelkam GmbH ⁵⁾Umwelt Service GmbH ⁶⁾Including WDL-Wasserdienstleistungs GmbH (WDL) ⁷⁾WDL and

Energie AG Südtirol Umwelt Service GmbH (Südtirol Umwelt Service GmbH) ⁸⁾Group IT Services department of Business Services GmbH

ISO 27001:2013, TSM P100, ÖVGW QS-GNB 200, ÖVGW QS-GNB 300, ISO 17025:2018,

RAL mark of quality, ISO 14024:2018 and SURE are audited and certiﬁed separately, not as

part of QSE matrix certiﬁcation.

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) are mapped in this GRC management

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Sustainability at a glance

system, together with their success factors. The tool has been in use for internal and external

audits including the associated action monitoring since ﬁscal year 2020/2021.

Awards for Energie AG in 2022/2023

Energie AG once again claimed numerous awards in the 2022/2023 ﬁscal year. Among other

things, the Energie AG Group was recognised as a leading company in 2023. Following a

comprehensive process, the leading company award is conferred on those companies that

commit to sustainable corporate success, innovation and social responsibility. For Energie AG,

the distinction is motivation to keep on developing.

The company also topped the “raw materials, energy, supply and waste management” sector

category in the “Österreichs Top-Arbeitgeber 2023” (Austria’s Best Employer) trend

rankings. Energie AG also placed third in the rankings for best employer in Austria. In the

annual MARKET employer branding study “BEST EMPLOYER”, Energie AG Oberösterreich

was voted third in the overall ranking for Upper Austria by a group of relevance to the labour

market. The study rated 235 leading companies active in industry, commerce and services in

Upper Austria.

Energie AG was recognised as a Top Company in the kununu ranking. Employees,

applicants, apprentices and even former staff members evaluate companies in such categories

as working conditions, career opportunities and salary. Top companies are employers who

care about the well-being of their employees and are rated highly by those employees.

Energie AG Oberösterreich has been certiﬁed as a family-friendly company since June 2012.

Its “berufundfamilie”’ certiﬁcate underlines the pioneering role of Energie AG as a family-

friendly employer.

The “Betriebliche Gesundheitsförderung” (Workplace Health Promotion, BGF) seal of

approval has been reafﬁrmed for Energie AG and its wholly owned subsidiaries in the Energy

Segment for the period from 2023 to 2025. Energie AG was ﬁrst awarded the seal of

approval in 2013. The BGF seal recognises successfully completed projects that promote

health in the workplace, or the implementation of such projects in regular operations.

For its dedication to apprentice training, Energie AG has received the ineo award from the

Upper Austria Economic Chamber until 2025. The i n e o award recognises innovation,

sustainability, commitment and orientation – values that deﬁne a workplace devoted to the

training of young people, day in and day out.

The market research ﬁrm management consult Dr. Eisele & Dr. Noll GmbH analysed customer

satisfaction in 2023 for Energie AG in the electricity/gas and internet sectors. In the process,

Vertrieb GmbH was certiﬁed with the top rating of “outstanding service quality”.

On 16 January 2022, the German Sustainable Building Council conferred its highest

award for sustainable building for the annexe to the PowerTower.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Sustainability at a glance

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Economy

ECONOMY

SDG 7, 8, 9, 12

GRI 201-1 (Group Management Report, Consolidated Financial Statements), EU DMA (formerly EU8), 207-1

The sustainability objectives of Energie AG in the economic domain are:

Ensuring sustainable ﬁnancial stability and ﬁnancial standing

Securing the company value

Implementing innovative business models that are ﬁt for the future

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 a 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 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) through consistently value-

oriented corporate management and control. For its internal management and assessment of

earning power, the Energie AG Group primarily relies on earnings before interest and taxes

(EBIT) and ROCE, see Group Management Report, Business development in the Group,

Corporate management and capital costs › Page 143.

The target for the long-term creditworthiness of Energie AG Group is a rating within the A

group. In March 2023, the international ratings agency S&P Global Ratings 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 a 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 consequence of continuing turbulence on the European markets for energy and raw

materials combined with the associated, potentially high liquidity requirements from the

energy trading business, Energie AG continued to secure its liquidity needs in the 2022/

2023 ﬁscal year by maintaining extensive – and partly committed – lines of credit with

Austrian and German banks. Lines of credit are available up to a total of EUR 950 million and

thus safeguard Energie AG's ability to take action even if markets were to be volatile in the

future. Also see the Group Management Report, Business development in the Group,

Funding and investment strategy › Page 143.

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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Economy

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 multiple crises with efﬁciency improvement

measures, a value-based investment management, and new business models aimed at

harnessing additional earning potentials.

Through its business activities, the Energie AG Group is subject to a range of legal and

regulatory conditions. Complying with all obligations in the areas of taxes, duties and charges

is the main aim of tax policy. These obligations include in particular the correct and timely

submission of returns as well as payments.

To meet its obligations, the Energie AG Group makes available the necessary resources and

pays particular attention to the selection and ongoing training of employees involved in this

area. Sophisticated IT systems are used to record transactions on the basis of documented

rules. A tax control system has been set up to maintain quality. External advisors are also

brought in to review tax returns and analyse complex questions.

Information on the economic position of Energie AG Group can be found in the Group

Management Report › Page 137 and at that location in the chapter headed Business

development in the Group, Macroeconomic environment and Economic environment for

the energy sector › Page 137 as well as in the Consolidated Financial

Statements › Page 176.

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.

Since 1 October 2019, the subsidiary Wertstatt 8 GmbH (Wertstatt 8) has been developing

innovative solutions as an independent innovation company with the goal of exploring the

potential of different subject areas for future business models. A dedicated innovation lab

geared to the speciﬁc needs of innovation work was opened in 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, the Energy Institute at Johannes Kepler University (JKU)

of Linz, or industry partners from the network of Wertstatt 8 GmbH).

Energie AG implements new technologies to make internal processes more efﬁcient and

offer customers innovative solutions. Work to develop strategies designed to meet the

challenges of the future while exploiting opportunities in new business units is continually

progressing. Energie AG carries out its own research, development and innovation activities

and regularly supports promising research projects. In the 2022/2023 ﬁscal year, projects

focused on the areas of decarbonisation, grid infrastructure, heating systems, digitalisation, IT

security and the systematic analysis of the future energy system.

Customer needs in the area of sustainability, against the backdrop of an ageing society, were

the focus of two innovation projects approved for implementation by the Management

Board in the 2022/2023 ﬁscal year. Artiﬁcial intelligence and machine learning will also play a

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Economy

part in meeting customer needs. In the years ahead, the focus will be on speciﬁc product

development and validation for the market, working closely with cooperation partners.

To enable customers to participate actively in the energy transition, Wertstatt 8 is

undertaking intensive innovation in the PV area. One of the ideas being developed aims to

help customers obtain PV systems faster and more economically, despite the shortages, see

Social affairs, Customer orientation and satisfaction › Page 98.

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. To simplify billing (among other things), the

app was fully overhauled in the past ﬁscal year. New customers have been able to access the

app since August 2023; by the end of the 2022/2023 ﬁscal year, 950 active metering points

(previous year: 793) were already in use.

As part of the strategy project “LOOP”, a status survey on Energie AG’s innovation

management was carried out in a separate “Innovation” module. Clear directions for

conceptional development and improving innovative capacity were deﬁned in the process.

In addition to seven strategic principles to guide innovation work, the following innovation

focus topics were devised, with customers at the heart of all activities: continually adapting

full circularity (thinking and acting in cycles, accelerating decarbonisation, acting sustainably,

readiness for climate change) to climate change and its effects, harnessing opportunities

presented by decentralisation, energy efﬁciency and the minimal use of resources and tech

tools.

To guarantee Group-wide innovation management in future, a new “Corporate

innovation” holding unit will be responsible for the theme while a central innovation team

will be established in the 2023/2024 ﬁscal year. The main task of Wertstatt 8 – developing

innovative business models in deﬁned ﬁelds of innovation – remains unchanged. Various

innovation vehicles, such as Energie AG’s planned inaugural “International Startup Innovation

Challenge”, will be implemented to support the future development of the Group.

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 development and optimisation of

operational processes by sharing their ideas and expertise.

Suggestions for improvements

Unit

2022/2023

2021/2022

2020/2021

Ideas submitted

Number

223

130

101

In the 2022/2023 ﬁscal year, this translated to 223 suggested improvements submitted by

employees from all units within Energie AG Group in the form of “Loominati” ideas (previous

year: 130). The signiﬁcant increase is due to the focus campaigns established in the last ﬁscal

year as well as increased communications on ideas management.

For the second time, an internal hackathon was organised: employees were asked to program

their own digital solutions to a problem of their choice using the Microsoft Power Platform.

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Non-ﬁnancial report Economy

Expert IT coaches supported the participating teams with advance training sessions, and

during the actual development of new apps, workﬂows and dashboards designed to make

everyday working routines easier in future. As part of a supporting programme, a kick-off

event was organised for staff. The focus was on artiﬁcial intelligence (AI), with reputable

experts from the ﬁelds of business and science making AI clear and comprehensible. Staff

were also able to learn more about the new technologies in short, 45-minute webinars held

on various days. The “Power Platform” 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. At the same time, the “Neuland” format was

used to enhance the corporate culture in the speciﬁc areas of personal initiative,

entrepreneurial thinking and receptiveness to new technologies.

For more information, see the Group Management Report, Research, development and

innovation › Page 148.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

ENVIRONMENT

SDG 6, 7, 9, 12, 13, 15

Energie AG pursues the following environmental objectives:

Climate neutrality by 2035, subject to the proviso of guaranteed security of supply and

waste management

Steady expansion of renewable energy: +1.2 TWh/a between now and 2035

Company ﬂeet of electric cars to rise to 40% by 2024

Resource conservation

Warranting an environmentally friendly and legally compliant circular economy

Active positioning on the hydrogen market: seeking of appropriate investments,

including the operation of up to four electrolysers and the sale of hydrogen

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 75, Grid › Page 84, Waste Management › Page 87, Czech

Republic › Page 90, and Holding & Services › Page 93.

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 › Erzeugung GmbH (for Timelkam).

EU TAXONOMY

The redirection of capital streams into sustainable investments is one of the EU's main

objectives of the action plan for ﬁnancing sustainable growth (“EU Action Plan on

Sustainable Finance”). The EU 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

the companies include information on how and to what extent their activities are to be

classiﬁed as environmentally sustainable.

Information pursuant to Article 8 of the EU Taxonomy Regulation (2020/852)

Based on the published delegated acts and regulations, Energie AG assessed which of the

Group’s activities can be classiﬁed as environmentally sustainable economic activities

(Taxonomy-eligible) and subsequently reviewed their Taxonomy alignment.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

Energie AG established Taxonomy alignment through an interdisciplinary project. Legal,

commercial and technical experts from the Controlling, Human Resources, Purchasing,

Occupational Health and Safety, Works Council and Compliance Management units were all

involved in the process.

The ﬁrst step was to identify economic activities of relevance to the Energie AG Group and

listed in the delegated act of the EU Taxonomy Regulation (Taxonomy-eligible activities). In

the second step, the Taxonomy-eligible economic activities were evaluated to determine

whether they made a substantial contribution to the environmental goal of “climate

change mitigation” (technical evaluation criteria). An assessment was then carried out to

determine whether practising these economic activities adversely affects any of the other ﬁve

environmental goals (DNSH – do no signiﬁcant harm). Finally, compliance with minimum

safeguards was reviewed at Group level. When these steps had been evaluated positively, the

relevant economic activities were declared Taxonomy-aligned.

To avoid double counting when assigning economic activities, those activities classiﬁed as

Taxonomy-aligned were exclusively allocated to the environmental goal of “climate change

mitigation” in accordance with the technical evaluation.

Technical evaluation criteria and DNSH criteria

The assessment and documentation of technical criteria for the environmental goal of

“climate change mitigation” and the review to conﬁrm avoidance of signiﬁcant harm to

the other ﬁve environmental goals (DNSH) were performed by nominated technical experts

from the relevant Group entities.

Only those economic activities that make a substantial contribution to at least one of the six

EU environmental goals listed below (technical evaluation criteria) and which furthermore

do no signiﬁcant harm to the other environmental targets (DNSH) may be classiﬁed as

Taxonomy-aligned.

1. Climate change mitigation

2. Climate change adaptation

3. Sustainable use and protection of water and marine resources

4. Transition to a circular economy, waste prevention and recycling

5. Pollution prevention and control

6. Protection and restoration of biodiversity and ecosystems

Minimum safeguards

Energie AG ensures observance of the social minimum safeguards under Article 18 of

the EU Taxonomy Regulation and thus compliance with the requirements of the social affairs

and governance areas through the application of management processes established across

the Group as well as organisational regulations (partly through codes of conduct and Group

guidelines).

In line with the published guidelines and codes of conduct, Energie AG undertakes to

comply with, among other things:

human rights and labour rights

rules on compliance and combating corruption

fair competition

applicable tax provisions

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

In addition to the aforementioned guidelines and codes of conduct, the Group-wide

whistleblowing system (“Tell-me”) and the new Diversity, Equity & Inclusion (DEI) initiative

play major roles in the Group’s compliance with these obligations.

In addition, Energie AG’s › “Code of Conduct for Contractors” requires the Group’s suppliers

and business partners to adhere to the principles above.

Economic activities identiﬁed within the meaning of the EU Taxonomy Regulation

Economic sector according

Material economic activities identiﬁed within Energie AG Group

to the EU Taxonomy Regulation

with regard to the environmental goal of “climate change mitigation”

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

High-efﬁciency cogeneration of heat/cool and power from fossil gaseous fuels

Water supply, waste water

Construction and operation of systems for water extraction, treatment and supply

management and waste

Construction and operation of waste water collection and treatment systems

management

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

The economic activity “electricity generation from wind power” is not included in

Energie AG's disclosures under the EU Taxonomy Regulation because the wind power-related

participating interests within Energie AG Group are not consolidated or only consolidated

using the equity method.

KPIs for turnover, capex and opex in the 2022/2023 ﬁscal year

Turnover – deﬁnition

In line with the EU Taxonomy Regulation, only goods and services rendered by the Energie AG

Group itself are taken into account when calculating sustainable turnover. The proportion of

sustainable economic activities in total sales was calculated as the share of turnover with

goods and services associated with sustainable economic activity (numerator) divided by the

Energie AG Group’s consolidated net turnover according to the International Accounting

Standard (IAS) 1.82(a) (denominator), see Notes to the Consolidated Financial Statements,

Consolidated Statement of Income › Page 176.

The largest proportion of Taxonomy-aligned turnover derives from the economic activity of

electricity generation from hydroelectric power (Energy Segment) and from the transmission

and distribution of electricity (Grid Segment). Alongside a range of other listed economic

activities, the collection of non-hazardous waste (Waste Management Segment) and the

operation of water and waste water treatment systems (Czech Republic Segment) deliver

major contributions to sustainability for the Energie AG Group.

The proportion of Taxonomy-aligned economic activities in net turnover is 22.8%,

signiﬁcantly lower than in the capex and opex key ﬁgures. This is largely due to the fact that

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

net turnover from trading and sales of electricity and gas are not considered under the EU

Taxonomy Regulation.

Investment expenditure (capex) - deﬁnition

The capex key ﬁgure indicates the proportion of investment expenditure either linked to a

sustainable economic activity or relating to the procurement of products and services from

sustainable economic activity.

The capex key ﬁgure is deﬁned as sustainable investment expenditure (numerator)

divided by total investment expenditure on intangible assets, property, plant and equipment

and IFRS 16 leasing investment (denominator), see Group Management Report, Business

development in the Group › Page 141.

The proportion of Taxonomy-aligned economic activities in investments (capex) is 71.7%.

The largest proportion of Taxonomy-aligned capex derives from the economic activity of

transmission and distribution of electricity (Grid Segment), followed by electricity generation

from hydroelectric power (Energy Segment). Taxonomy-aligned investments include

proportionate preliminary project costs for the pumped-storage power plant in Ebensee as

approved by the Supervisory Board. Construction on the biggest single investment in the

history of the Group started in October 2023.

Operating expenses (opex) - deﬁnition

The opex key ﬁgure expresses the proportion of operating expenses within the meaning of

the EU Taxonomy Regulation that is associated with sustainable economic activity or the

procurement of products from sustainable economic activity. The opex key ﬁgure is deﬁned

as sustainable operating expenses (numerator) divided by the total deﬁned operating

expenses (denominator).

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

Operating expenses essentially comprise expenditure in connection with ongoing

maintenance, servicing and repair of intangible assets and property, plant and equipment.

Expenditure on research and development (R&D) and expenditure on short-term leases can

also be recognised as operating expenses.

The proportion of Taxonomy-aligned economic activities in operating expenses (opex) is

40.5%. The largest proportion of Taxonomy-aligned opex derives from the economic activity

of transmission and distribution of electricity (Grid Segment), followed by electricity

generation from hydroelectric power (Energy Segment) and the collection and transportation

of non-hazardous waste (Waste Management Segment).

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

Taxonomy information

Share of net turnover from goods or services associated with Taxonomy-aligned economic activities;

disclosure for 2022/2023

Consolidated turnover

Substantial contribution criteria

Pro- Climate Climate

Water

Biodiver-

portion change change and ma-

sity and

Absolute of turn-

miti-

adap-

rine re- Circular

eco-

Economic activities

Code(s) turnover

over

gation

tation sources economy Pollution systems

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

EUR mill.

A. Taxonomy-eligible activities

A.1 Environmentally sustainable activities (Taxonomy-

aligned)

Electricity generation using solar photovoltaic technology

4.1

1.1

0.0

100.0

0.0

Electricity generation from hydropower

4.5

439.1

10.6

100.0

0.0

Transmission and distribution of electricity

4.9

339.0

8.2

100.0

0.0

Storage of electricity

4.10

27.8

0.7

100.0

0.0

District heating/cooling distribution

4.15

5.1

0.1

100.0

0.0

Production of heat/cool from bioenergy

4.24

0.6

0.0

100.0

0.0

Construction, extension and operation of water collection,

treatment and supply systems

5.1

17.4

0.4

100.0

0.0

Construction, extension and operation of waste water

collection and treatment systems

5.3

31.8

0.8

100.0

0.0

Collection and transport of non-hazardous waste in source

segregated fractions

5.5

61.2

1.5

100.0

0.0

Composting of bio-waste

5.8

0.9

0.0

100.0

0.0

Material recovery from non-hazardous waste

5.9

7.5

0.2

100.0

0.0

Infrastructure enabling low-carbon road transport and

public transport

6.15

1.8

0.0

100.0

0.0

Installation, maintenance and repair of renewable energy

technologies

7.6

7.7

0.2

100.0

0.0

Professional services related to energy performance of

buildings

9.3

0.8

0.0

100.0

0.0

Turnover from environmentally sustainable activities

(Taxonomy-aligned) (A.1)

941.7

22.8

A.2 Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned)

District heating/cooling distribution

4.15

7.5

0.2

Cogeneration of heat/cool and power from bioenergy

4.20

23.3

0.6

Production of heat/cool from bioenergy

4.24

0.5

0.0

Production of heat/cool using waste heat

4.25

8.3

0.2

High-efﬁciency cogeneration of heat/cool and power from

fossil gaseous fuels

4.30

229.2

5.5

Production of heat/cool from fossil gaseous fuels in an

efﬁcient district heating and cooling system

4.31

8.7

0.2

Construction, extension and operation of water collection,

treatment and supply systems

5.1

76.9

1.9

Construction, extension and operation of waste water

collection and treatment systems

5.3

50.8

1.2

On-road freight haulage

6.6

1.8

0.0

Turnover from Taxonomy-eligible but not

environmentally sustainable activities (not Taxonomy-

aligned) (A.2)

407.1

9.8

Total (A.1 + A.2)

1,348.8

32.6

B. Taxonomy non-eligible activities

Turnover from Taxonomy non-eligible activities (B)

2,791.1

67.4

Total (A + B)

4,139.9

100.0

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

Do no signiﬁcant harm criteria

Taxonomy- Taxonomy-

aligned pro- aligned pro-

Climate

Climate Water and

Biodiversity

portion of

Category

change miti-

change marine re- Circular eco-

and eco-

Minimum

turnover,

(enabling (transitional

gation adaptation

sources

nomy

Pollution

systems safeguards 2022/2023 2021/2022

activity)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

(18)

(19)

(20)

(21)

Y/N

0.0

10.6

8.2

0.7

0.1

0.0

0.4

0.8

1.5

0.0

0.2

0.0

0.2

0.0

22.8

0.2

0.6

0.0

0.2

5.5

0.2

1.9

1.2

0.0

9.8

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

Capex share from goods or services associated with Taxonomy-aligned economic activities;

disclosure for 2022/2023

Consolidated capex

Substantial contribution criteria

Climate Climate

Water

Biodiver-

Pro- change change and ma-

sity and

Absolute portion

miti-

adap-

rine re- Circular

eco-

Economic activities

Code(s)

capex of capex

gation

tation sources economy Pollution systems

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

EUR mill.

A. Taxonomy-eligible activities

A.1 Environmentally sustainable activities (Taxonomy-

aligned)

Electricity generation using solar photovoltaic technology

4.1

1.8

0.8

100.0

0.0

Electricity generation from hydropower

4.5

11.4

5.4

100.0

0.0

Transmission and distribution of electricity

4.9

115.8

54.4

100.0

0.0

Storage of electricity

4.10

4.0

1.9

100.0

0.0

District heating/cooling distribution

4.15

0.7

0.3

100.0

0.0

Production of heat/cool from bioenergy

4.24

0.8

0.4

100.0

0.0

Construction, extension and operation of water collection,

treatment and supply systems

5.1

1.0

0.5

100.0

0.0

Construction, extension and operation of waste water

collection and treatment systems

5.3

1.3

0.6

100.0

0.0

Collection and transport of non-hazardous waste in source

segregated fractions

5.5

3.1

1.5

100.0

0.0

Composting of bio-waste

5.8

0.0

100.0

0.0

Material recovery from non-hazardous waste

5.9

0.1

0.0

100.0

0.0

On-road freight haulage

6.6

0.4

0.2

100.0

0.0

Infrastructure enabling low-carbon road transport and

public transport

6.15

0.2

0.1

100.0

0.0

Installation, maintenance and repair of charging stations

for electric vehicles in buildings (and parking spaces

attached to buildings)

7.4

0.3

0.2

100.0

0.0

Installation, maintenance and repair of instruments and

devices for measuring, regulation and controlling energy

performance of buildings

7.5

0.1

0.0

100.0

0.0

Installation, maintenance and repair of renewable energy

technologies

7.6

3.0

1.4

100.0

0.0

Acquisition and ownership of buildings

7.7

8.4

4.0

100.0

0.0

Capex of environmentally sustainable activities

(Taxonomy-aligned) (A.1)

152.4

71.7

A.2 Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned)

Storage of hydrogen

4.12

0.6

0.3

District heating/cooling distribution

4.15

1.2

0.5

Production of heat/cool using waste heat

4.25

0.5

0.3

High-efﬁciency cogeneration of heat/cool and power from

fossil gaseous fuels

4.30

0.7

0.3

Construction, extension and operation of water collection,

treatment and supply systems

5.1

4.2

2.0

Construction, extension and operation of waste water

collection and treatment systems

5.3

4.0

1.9

Transport by motorbikes, passenger cars and light

commercial vehicles

6.5

1.9

0.9

On-road freight haulage

6.6

2.1

1.0

Acquisition and ownership of buildings

7.7

0.9

0.4

Data processing, hosting and associated activities

8.1

0.5

0.2

Capex of Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned) (A.2)

16.4

7.7

Total (A.1 + A.2)

168.8

79.4

B. Taxonomy non-eligible activities

Capex of Taxonomy non-eligible activities (B)

43.9

20.6

Total (A + B)

212.7

100.0

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

Do no signiﬁcant harm criteria

Taxonomy- Taxonomy-

aligned pro- aligned pro-

Climate

Climate Water and

Biodiversity

portion of

Category

change miti-

change marine re- Circular eco-

and eco-

Minimum capex, 2022/ capex, 2021/

(enabling (transitional

gation adaptation

sources

nomy

Pollution

systems safeguards

2023

2022

activity)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

(18)

(19)

(20)

(21)

Y/N

0.8

5.4

54.4

1.9

0.3

0.4

0.5

0.6

1.5

0.0

0.2

0.1

0.2

0.0

1.4

4.0

71.7

0.3

0.5

0.3

2.0

1.9

0.9

1.0

0.4

0.2

7.7

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

Opex share from goods or services associated with Taxonomy-aligned economic activities;

disclosure for 2022/2023

Consolidated opex

Substantial contribution criteria

Climate Climate

Water

Biodiver-

Pro- change change and ma-

sity and

Absolute portion

miti-

adap-

rine re- Circular

eco-

Economic activities

Code(s)

opex of opex

gation

tation sources economy Pollution systems

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

EUR mill.

A. Taxonomy-eligible activities

A.1 Environmentally sustainable activities (Taxonomy-

aligned)

Electricity generation using solar photovoltaic technology

4.1

0.1

100.0

0.0

Electricity generation from hydropower

4.5

7.9

7.8

100.0

0.0

Transmission and distribution of electricity

4.9

22.5

22.3

100.0

0.0

Storage of electricity

4.10

0.5

100.0

0.0

District heating/cooling distribution

4.15

0.1

100.0

0.0

Construction, extension and operation of water collection,

treatment and supply systems

5.1

0.5

100.0

0.0

Construction, extension and operation of waste water

collection and treatment systems

5.3

0.4

100.0

0.0

Collection and transport of non-hazardous waste in source

segregated fractions

5.5

4.1

100.0

0.0

Composting of bio-waste

5.8

0.1

100.0

0.0

Material recovery from non-hazardous waste

5.9

0.2

100.0

0.0

Transport by motorbikes, passenger cars and light

commercial vehicles

6.5

0.2

100.0

0.0

On-road freight haulage

6.6

0.2

100.0

0.0

Infrastructure enabling low-carbon road transport and

public transport

6.15

1.0

100.0

0.0

Installation, maintenance and repair of energy efﬁciency

equipment

7.3

0.1

100.0

0.0

Installation, maintenance and repair of instruments and

devices for measuring, regulation and controlling energy

performance of buildings

7.5

0.1

100.0

0.0

Installation, maintenance and repair of renewable energy

technologies

7.6

0.4

100.0

0.0

Acquisition and ownership of buildings

7.7

2.3

100.0

0.0

Opex of environmentally sustainable activities

(Taxonomy-aligned) (A.1)

40.9

40.5

A.2 Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned)

District heating/cooling distribution

4.15

0.7

Cogeneration of heat/cool and power from bioenergy

4.20

1.2

Production of heat/cool using waste heat

4.25

0.5

High-efﬁciency cogeneration of heat/cool and power from

fossil gaseous fuels

4.30

6.7

Construction, extension and operation of water collection,

treatment and supply systems

5.1

1.0

Construction, extension and operation of waste water

collection and treatment systems

5.3

0.6

0.5

Transport by motorbikes, passenger cars and light

commercial vehicles

6.5

1.8

On-road freight haulage

6.6

0.8

Acquisition and ownership of buildings

7.7

3.6

Opex of Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned) (A.2)

17.0

16.8

Total (A.1 + A.2)

57.9

57.3

B. Taxonomy non-eligible activities

Opex of Taxonomy non-eligible activities (B)

43.1

42.7

Total (A + B)

101.0

100.0

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

Do no signiﬁcant harm criteria

Taxonomy- Taxonomy-

aligned pro- aligned pro-

Climate

Climate Water and

Biodiversity

portion of

Category

change miti-

change marine re- Circular eco-

and eco-

Minimum opex, 2022/ opex, 2021/

(enabling (transitional

gation adaptation

sources

nomy

Pollution

systems safeguards

2023

2022

activity)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

(18)

(19)

(20)

(21)

Y/N

0.1

7.8

22.3

0.5

0.1

0.5

0.4

4.1

0.1

0.2

1.0

0.1

0.4

2.3

40.5

0.7

1.2

0.5

6.7

1.0

0.5

1.8

0.8

3.6

16.8

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

CLIMATE PROTECTION & RESOURCE CONSERVATION

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.

Moreover 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.

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-CO₂energy and heat generation,

and by harnessing the beneﬁts of primary fuel and primary raw material substitution. In

addition, a treatment plant for old refrigerators saves a considerable volume of hydrocarbons

with a greenhouse effect.

Fiscal year 2022/2023 accounts for the generation of 1,260 kt of direct greenhouse gas

emissions (GHG emissions) (Scope 1; previous year: 1,502 kt), of which 941 kt are

attributable to fossil energy sources (previous year: 1,184 kt) and 319 kt to biogenic energy

sources (previous year: 318 kt). Energie AG Group accounted for 29 kt of indirect market-

based GHG emissions (Scope 2; previous year: 27 kt) and 100 kt site-based GHG emissions

(previous year: 101 kt). GHG emissions are indicated in tonnes CO₂eq. An adjustment to the

calculation method for biogenic emissions by Erzeugung GmbH led to data changes in

previous years.

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 GHG 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 (CO₂and 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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

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 GHG 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, the electricity supply to Energie AG buildings, grid purchases during

system shutdowns/overhauls and pumped-storage electricity.

GHG emissions in tonnes per year

Total direct (Scope 1) CO₂emissions

2022/2023

2021/2022

2020/2021

Total in t CO₂eq

1,260,081

1,501,707

1,262,260

The emission factors for biomass and biogas were updated according to the values published by the Environment Agency Austria (UBA) and the German

Federal Ofﬁce of Economics and Export Control (Bundesamt für Wirtschaft und Ausfuhrkontrolle).

Direct (Scope 1) CO₂emissions, fossil

Business unit

2022/2023

2021/2022

2020/2021

Erzeugung GmbH

353,028

626,386

390,503

Waste Management Segment

530,609

495,679

468,552

Czech Republic Segment

29,301

31,316

33,561

Vertrieb GmbH

23,356

25,567

25,169

Netz OÖ GmbH

3,238

3,188

3,575

Business Services GmbH

1,907

1,978

1,629

Total in t CO₂eq ¹⁾

941,439

1,184,115

922,990

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).

Direct (Scope 1) CO₂emissions, biogenic

Business unit

2022/2023

2021/2022

2020/2021

Erzeugung GmbH ¹⁾

168,126

152,355

171,612

Waste Management Segment

142,868

157,300

160,046

Czech Republic Segment

7,554

7,840

7,502

Vertrieb GmbH

110

Netz OÖ GmbH

Business Services GmbH

Total in t CO₂eq ²⁾

318,642

317,592

339,270

An adjustment to the calculation method for biogenic emissions by Erzeugung GmbH led to data changes in previous years.

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).

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

Indirect market-based GHG emissions (Scope 2)

Business unit

2022/2023

2021/2022

2020/2021

Erzeugung GmbH

Waste Management Segment

Czech Republic Segment

28,772

26,684

29,005

Vertrieb GmbH

Netz OÖ GmbH

Business Services GmbH

415

421

Total in t CO₂eq

29,187

27,117

29,018

Total Scope 1 + 2, market based (in t CO₂eq)

1,289,268

1,528,824

1,291,278

Indirect site-based GHG emissions (Scope 2)

Business unit

2022/2023

2021/2022

2020/2021

Erzeugung GmbH

6,260

5,758

7,173

Waste Management Segment

17,296

17,400

21,814

Czech Republic Segment

28,772

26,684

29,005

Vertrieb GmbH

607

592

960

Netz OÖ GmbH

45,315

48,618

61,404

Business Services GmbH

2,058

1,797

Total in t CO₂eq

100,308

100,849

120,355

Total Scope 1 + 2, site based (in t CO₂eq) ¹⁾

1,360,389

1,602,556

1,382,615

The values for the ﬁscal year 2022/2023 come from direct measurements, from environmental statements, or were calculated using conversion factors

(for direct GHG emission factors see the Environment Agency Austria (UBA)). 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

2022. For availability reasons, the data for buildings and the Czech Republic Segment is from the ﬁscal year 2021/2022. 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 GHG emissions

are included at 100% in accordance with the operative controlling approach.

Preventing emissions through generation from renewable energy sources

The expansion of electricity generation from renewable energy, see Strategy, Additional

electricity generation from renewables until 2035 › Page 28 and Environment, Energy

Segment › Page 75, will make a signiﬁcant contribution to the reduction and avoidance of

greenhouse gas emissions. 2,552 GWh of electricity from renewable sources were

generated (previous year: 2,442 GWh) and 819,200 tonnes of CO₂eq were saved in the ﬁscal

year 2022/2023 (previous year: 784,000 tonnes).

CO₂emissions from electricity procurement by Vertrieb GmbH

The CO₂emissions from electricity procurement by Vertrieb GmbH¹⁾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, see Environment, Sales › Page 75.

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 CO₂emissions for the electricity procurement in the 2022/2023 ﬁscal year was not available at the time the report for

2022/2023 was prepared.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

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

76 vehicles in the 2022/2023 ﬁscal year (previous year: 54) and now represents 38.2%

(previous year: 26.9%). The aim of raising the proportion of electric cars in Austria to around

40% in 2024 came close to being achieved ahead of time in the 2022/2023 ﬁscal year. The

Energie AG Group continues to strive to raise the proportion steadily. 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 2022/2023,

Energie AG operated 169 charging points in Austria with 22 kW (previous year: 152), 1

direct-current rapid charger with 24 kW, as well as 2 rapid chargers with 2x75kW. The initial

goal of expanding the charging infrastructure to 161 charging points at existing and

numerous new sites by 2024 has already been overachieved.

Internal charging infrastructure

Unit

2022/2023

2021/2022

2020/2021

Charging points

Number

169

155

Sites with charging infrastructure

Number

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 CO₂emissions and the dependence on fossil energy sources.

In the ﬁrst half of 2023, Umwelt Service GmbH carried out intensive testing on the use of

electric-drive trucks. The ﬁrst three electric waste collection vehicles are due to come in

operation before the end of the 2023 calendar year. By 2030, the majority of the 100-plus

collection trucks should have been converted to electric drive.

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 3,518 charge cards were issued to

date (previous year: 2,480). More than 11,400 electric car charging stations across Austria are

provided by cooperation partners and can be used with the Energie AG charging card

(previous year: 9,100). In Upper Austria, Energie AG has established a dense charging

network to provide public and fast charging facilities for electric cars. Existing plans for

further expansion (in cooperation with municipalities and local partners) in different capacity

categories are being intensiﬁed. 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 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

212 publicly accessible charging stations (previous year: 164) with various output ranges from

3.7 kW to 150 kW, including a billing system, and manages a total of 904 charging points

(previous year: 604). As of the reporting date, rapid charging stations were in operation at 17

sites (previous year: 13). The goal is to install up to 50,000 charging stations for electric

vehicles in private homes, at work, for vehicle ﬂeets and in public areas by 2035.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

E-mobility services

Unit

2022/2023

2021/2022

2020/2021

Charging points that accept the Energie AG charge

card

Number

11,400

9,100

7,200

Public charging stations operated

Number

212

164

128

Charging points managed

Number

904

604

425

Rapid charging locations

Number

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 2023/2024. The energy audit

analyses and audits key energy consumption areas for the relevant sites in detail. These

processes encompass operational processes and industrial facilities, e.g. electric drives and

systems, as well as hot water systems used in industrial activities.

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

2022/2023

2021/2022

2020/2021

Dams with ﬁsh bypasses

Number

Dams without ﬁsh bypasses

Number

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.

Resources

Energy consumption

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 5.46 GWh for heating. The biggest source is district heat, which

accounts for 38% (previous year: 42%). Other sources are gas 24% (previous year: 32%),

electricity from heat pumps 19% (previous year: 13%), direct electricity 14% (previous year:

9%) and pellets 5% (previous year: 3%). The pure electricity demand is 5.34 GWh.

Photovoltaic systems installed at Energie AG sites in Austria (excluding the Waste

Management Segment) generated 0.2 GWh of electricity in ﬁscal year 2022/2023 (previous

year: 0.2 GWh).

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

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 CO₂footprint of the entire portfolio of real estate assets in

Upper Austria (ofﬁce, workshop and storage buildings) was analysed. Room for improvement

was identiﬁed, e.g. replacing certain gas supply systems. For the Waste Management

Segment, the CO₂footprint is recalculated on a yearly basis at the same time the

environmental statement is prepared.

The micro gas turbine at Haid has been replaced by district heat. In Gmunden, thermal

building modernisation measures such as window, facade and roof renovations were carried

out in the 2022/2023 ﬁscal year to bring about signiﬁcant improvements to the overall

energy efﬁciency of the building. Energy certiﬁcates were renewed at a large number of sites

in order to evaluate overall energy efﬁciency and subsequently deﬁne optimisation proposals.

Other revisions of the heating system aiming at an integrated energy concept as well as a

wide range of measures to reduce the CO₂output are being analysed and will be

implemented over the coming ﬁscal years.

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.

For Energie AG, focusing on the future means doing business in harmony with the

environment and in line with the principle of sustainability. The contractors of the

Energie AG Group also act with a view to conserving the environment to the greatest

possible extent, using available resources sparingly while promoting the deployment of

environmentally sound technologies. Correct handling of waste and hazardous substances is

of particular importance to contractors. They undertake to store, treat or dispose of such

materials properly.

Purchasing for the Czech Republic Segment is regulated via guidelines and a purchasing

manual that deﬁnes the criteria for selecting suppliers. Of particular importance here are

quality, scope of supply and delivery times as well as QSE standards. Contracts that apply to

all Group companies are tendered and managed via the Czech holding company or ČEVAK,

a.s. Local company-speciﬁc procurement is performed independently by operating units or

through a sister company that specialises in wholesale.

The ofﬁce buildings in particular need an input of resources in the form of electricity, heating

energy, paper and water. In ﬁscal year 2022/2023, the Energie AG Group in Austria

(excluding the Waste Management Segment) consumed 31 tonnes of paper for printing

and copying (previous year: 18 tonnes). The increase was due to the high ﬂow of

information to customers of Energie AG in connection with the crises of recent years. As part

of a digitalisation drive, more and more processes are being digitalised in order to effect

further paper savings. 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. Ongoing digitalisation and the storage space optimisation project initiated in the

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

2021/2022 ﬁscal year have made it easier to save and reuse ofﬁce materials. In the course of

this project, the reuse of old folders will continue. Used folders will almost completely meet

demand in the years ahead in the interests of a circular economy.

Paper consumption

Unit

2022/2023

2021/2022

2020/2021

Paper consumption

The reported paper consumption relates to the Austrian sites and excludes the Waste Management Segment.

Water management

The › “Wasserschatz Österreichs” study (2021) on behalf of the Federal Ministry of

Agriculture, Regions and Tourism (BMLRT) shows that Austria is not currently affected by

water stress and will be able to meet its demand from groundwater in the long term. On the

basis of the document › “Second Voluntary National Review of the 2030 Agenda in the

Czech Republic (2021)”, the › United Nations conclude that water stress in the Czech

Republic is average for Europe. Since it is aware that available ground water resources could

decrease due to the impact of climate change, Energie AG will monitor potential water stress

areas in Austria and the Czech Republic in the future.

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 a closed landﬁll

with a so-called water management layer; it is now completely covered. 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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

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.

Internal waste management

All waste internally generated in Austria, 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, slag 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

company.

In addition to the usual household waste from ofﬁce buildings, the operation of water supply

and waste water management systems in the Czech Republic Segment produces additional

waste as speciﬁed in the waste catalogue. Sewage treatment plants produce such waste as

fat and oil mixtures or sewage sludge. By contrast, companies active in the heating area are

faced with ash from burning biomass as a waste product.

Waste generated in tonnes ¹⁾

Calendar year 2022

Calendar year 2021

Calendar year 2020

Non-hazardous waste (Austrian sites)

2,510

2,794

11,301

Non-hazardous waste (Waste Management Segment)

130,294

125,961

115,028

Hazardous waste (Austrian sites)

162

202

144

Hazardous waste (Waste Management Segment)

1,280

1,260

1,242

For the purposes of EMAS certiﬁcation, volumes in the Waste Management Segment include residual waste from waste incineration plants such as slag,

ash and scrap metal. Waste generated by Südtirol Umwelt Service GmbH and RVL Reststoffverwertung Lenzing GmbH (RVL) are not included.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

ENERGY SEGMENT

GRI 203-1, EU1, EU2

Generation

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

Energie AG’s 2030 targets for renewables expansion were largely afﬁrmed by the strategy

project “LOOP”. The original target of +630 GWh/a by 2030 has been doubled to

+1,200 GWh/a by 2035. 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

1,200 GWh/a of renewable electricity between now and 2035 by utilising new plants

(hydroelectric power, wind power, and PV) and improving the efﬁciency of existing plants. The

existing capacities of the Energie AG Group regarding electricity generation from renewable

energy sources will be increased by almost 50%, from around 2,750 GWh/a in an average

year to approximately 3,950 GWh/a.

Achieving the 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

change.

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, see Strategy,

Dialogue with stakeholders › Page 34.

Hydroelectric power

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 as well as to the pumped-storage power plant Malta/Reisseck II

with a proportionate standard production capacity of around 1,410 GWh (previous year:

1,410 GWh).

Energie AG mainly engages in the long-term management of hydropower plants on the

electricity market while supplying important grid services such as the provision of balancing

energy.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

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. Projects involving the

construction of the Weissenbach power plant and replacement of the Traunfall power plant

have been submitted with a view to maximising the potential for clean electricity by 2030.

The Weissenbach project not only delivers environmentally friendly electricity but is also a

valuable contribution to ﬂood protection in the region. Environmental measures will be

designed with a view to minimising and compensating for the loss of works water for

hydroelectric power generation.

Storage expansion, including construction of the pumped-storage power plant in

Ebensee, creates ﬂexibility with regard to electricity supply in Austria, see Corporate

strategy 2035, Reliability in supply and waste management services › Page 29.

Photovoltaics

The expansion of photovoltaics will be implemented with the help of Group-owned PV

plants as well as on-site PPAs for rooftop-mounted photovoltaic plants. Energie AG operates

in accordance with the “Photovoltaic Strategy for Upper Austria 2030”.

Energie AG Group is operating 100 PV power plants (previous year: 84) with an output of

approximately 21 MW (previous year: 18 MW) and a standard production capacity of

21 GWh (previous year: 19 GWh).

Two Group-owned PV plants were being implemented during the 2022/2023 ﬁscal year.

One PV system with an output of 1.46 MWp was installed on the roof of an equestrian

facility. In the second project, the capacity of the existing PV plant at the Energie AG site in

Timelkam was expanded by around 1.15 MWp, ensuring the closed landﬁll site will be used

as effectively as possible to generate electricity. Both plants went into operation at the start

of the 2023/2024 ﬁscal year.

In the 2022/2023 ﬁscal year, Umwelt Service GmbH took additional signiﬁcant steps towards

decarbonising energy supply at its operational sites. Following the construction and

commissioning of a PV plant, for example, the Mühldorf site in Carinthia has been operating

with energy self-sufﬁciency, i.e. fully independently of external suppliers, since spring 2023.

Wind power

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 14 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 38 GWh (previous year: 36 GWh). A new wind turbine generating 3.45 MW was built

at the Munderﬁng wind farm in October 2022.

An expansion of wind power generation is planned for the Kobernaußerwald region by 2030.

The construction of up to 19 new wind turbines in the communities of Schalchen, Maria

Schmolln, Lengau and St. Johann am Walde is under study.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

Generation plants

Unit

2022/2023

2021/2022

2020/2021

Hydropower plants

Number

Total output

280

Standard production capacity

GWh

1,160

Procurement rights from hydroelectric power

380

Procurement rights from hydroelectric power,

standard production capacity

GWh

1,410

Thermal power plants (locations)

Number

Electricity output

MWe

400

Standard production capacity ¹⁾

GWh

2,250

District heating grid Austria

Number

Heat contracting plants

Number

626

614

607

Wind power facilities

Number

Output

Standard production capacity

GWh

PV systems

Number

100

Output

Standard production capacity

GWh

The standard production capacity has been revised from 2,260 GWh to 2,250 GWh. The combined heat and power plant (CHP) in Attnang-Redlham was

decommissioned in 2019.

Proprietary electricity procurement

2022/2023

2021/2022

2020/2021

GWh

Natural gas power

plants

483

15.3

1,015

28.4

465

14.7

Waste incineration

120

3.8

120

3.4

118

3.7

Hydroelectric power

2,359

74.8

2,232

62.4

2,381

75.1

Biomass and biogenic

waste

143

4.5

154

4.3

157

5.0

Wind power

1.1

Photovoltaics

0.5

0.4

Total proprietary

procurement

3,155

3,577

3,169

Share of renewable

energies

2,552

80.9

2,442

68.3

2,586

81.6

In the 2022/2023 ﬁscal year, 80.9% of Energie AG’s proprietary electricity procurement came

from renewable sources (previous year: 68.3%), with around 92.4% of this coming from

hydroelectric power (previous year: 91.4%¹⁾) and the remainder from PV systems, wind

power, biomass and biogenic waste. One reason for the higher proportion of electricity

production from renewable sources has been the rise in river water levels. Although, with a

The share of hydroelectric power in proprietary electricity procurement (62.4%) was replaced by the proportion of hydroelectric power in proprietary

electricity procurement from renewables (91.4%).

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

hydro coefﬁcient of 0.93, this ﬁgure was 7.0% below the long-term average, it exceeded the

previous year’s value by 5.0%. Another reason was the fact that the use of thermal power

plants more than halved because of 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. Organisation in the case of extreme events concerns

the operational management of power plants, and above all weir operation regulations. The

most important measures and concepts have been coordinated with the relevant public

authorities and are reviewed and updated regularly.

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% renewable energy sources”

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.

“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.

To provide ﬂexible capacity at short notice, which may be necessary due to deviations from

forecasts of actual electricity production via wind power and PV plants, Energie AG is

implementing the pumped-storage power plant in Ebensee, see Corporate strategy

2035 › Page 28. While battery storage and controlling consumption behaviour may be

sensible additions from today’s perspective, they 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.

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 for the use of renewable energy.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

Energie AG has six locations ¹⁾for thermal power plants with an output of around

400 MW_eand a standard production capacity of up to 2,250 GWh ²⁾. The power plant with

the highest output in Upper Austria is the CCGT power plant in Timelkam with an output

of 405 MW_e³⁾. 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 biomass power plant at Timelkam (output: 9.5 MW_e, 28 MW_t) 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. 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 626 heating systems under service contracts on behalf of customers (previous

year: 614). A large share of the district heating is generated from highly efﬁcient CHP plants

and biomass power plants. Alongside the operation of geothermal plants, industrial waste

heat is being utilised.

Energie AG’s portfolio of power plants and district heat generation facilities provide a solid

foundation for further developments in the area of renewable heat.

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

Riedersbach, Timelkam, Wels, Kirchdorf, Steyr, Laakirchen

Including Timelkam CCGT power plant (70%) and Riedersbach (location only)

Timelkam CCGT power plant (100%)

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

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. 27 GWh from industrial

waste heat utilisation (Kirchdorf and Gmunden). As part of the “Future initiative electricity

and heat supply Wels” project, the climate-friendly and resource-efﬁcient expansion of heat

supply was expanded for the city of Wels in the form of waste heat utilisation via the local

waste incineration plant (WAV). In the 2022/2023 ﬁscal year, heat extraction from WAV stood

at 283 GWh; in the long term, an increase to around 390 GWh is envisaged. The use of fossil

fuels is being reduced by maximising the utilisation of heat from waste incineration. The

strategy of densiﬁcation and optimisation of the existing district heating networks is

being continued. Expansion of the district heating site at Freistadt is planned. The

cornerstones of the project are the expansion of biomass generation facilities by 2.5 MW, and

of the district heating network by 1,900 metres of pipework. Commissioning is scheduled for

the 2023/2024 ﬁscal year.

For more information about energy generation, see the Group Management Report, Key

performance indicators › Page 151 as well as the Energy Segment › Page 75.

Sales

GRI EU DMA (formerly EU7), 417-1

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 2023,

Vertrieb GmbH and its wholly owned subsidiary IfEA Institut für Energieausweis GmbH (IfEA)

employ nine listed energy auditors (previous year: 12), making them 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 and blower door tests are the most common services

offered to individuals. The IfEA supports businesses on the road to greater sustainability and

resource-efﬁciency by offering energy audits, energy advice for small and medium-sized

companies (SMEs), CO₂footprint analyses, load proﬁle analyses for electricity and natural gas,

optimisation concepts and the ZukunftsFIT check. Delivered in cooperation with an external

cooperation partner, IfEA's › 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. To

raise awareness of greater sustainability among the employees of Energie AG, staff were

offered energy performance certiﬁcates and building thermograms at discounted rates as part

of a special campaign in 2023.

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 transparent, clearly

deﬁned requirements and criteria.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

Following the legally required change of reporting period to one calendar year, the

disclosure for the delivery period from 1 January 2022 to 31 December 2022 is shown in the

diagrams below. Also new is the distinction between a primary fuel mix disclosure, which

provides a general overview, and a secondary fuel mix disclosure with the same level of detail

as before. Since the primary fuel mix disclosure must be applied to invoices, advertising

materials and the website and is legally standardised as regards layout, this depiction is also

chosen here.

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 “Upper Austria hydroelectric power” (“OÖ Wasserkraft”) and the

product label “Upper Austria green electricity” (“OÖ Ökostrom”) of the Vertrieb GmbH relate

to the 2022 calendar year.

Primary fuel mix disclosure according to § para 2 of the Austrian Electricity Industry and Organisation Act (Elektrizitätswirtschafts- und

-organisationsgesetz, ElWOG) in conjunction with the fuel mix disclosure ordinance (Stromkennzeichnungsverordnung, KenV) 2022

The majority of Energie AG's residential and commercial customers use the product mix

“Upper Austria hydroelectric power”:

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

The product mix “Upper Austria green electricity” presents as follows:

Vertrieb GmbH also offers a CO₂-reduced gas product, which contains biogas from the

biogas plant in Engerwitzdorf. The biomethane plant in Engerwitzdorf supplied around

12.0 GWh (previous year: 11.9 GWh) of renewable gas (biomethane) into the natural gas grid

in ﬁscal year 2022/2023.

In accordance with the provisions of § 130 of the Gas Industry Act (GWG) 2011 and the Gas

Labelling Ordinance (Gaskennzeichnungsverordnung), the origins of gas supplied were

required to be speciﬁed for the ﬁrst time in calendar year 2022. Since no ﬁxed standard is yet

speciﬁed regarding the form of presentation, the energy mix for Energie AG was based on

the previous fuel mix disclosure. The composition of total gas sales to Energie AG customers

is as follows:

Energy efﬁciency at the customer

The Federal Energy Efﬁciency Act (Bundes-Energieefﬁzienzgesetz) of 2014 was to the

largest part rescinded at the end of calendar year 2020. The amendment announced on

14 July 2023 re-enacts a number of obligations. One key obligation is the performance of an

energy audit or the introduction of an energy or environmental management system. Energy

suppliers are also required to set up an advice centre for households. To meet its obligations,

Energie AG depends on expert staff at its subsidiary IfEA.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

In addition to legal obligations, the products and services of the Vertrieb GmbH focus on

advancing renewable energies and improving the energy efﬁciency at the customer.

It therefore devises numerous incentives based on funding and campaigns to support the

efﬁcient use of energy and the use of energy-efﬁcient, sustainable products and technologies.

The portfolio aimed at enhancing energy efﬁciency is linked to funding programmes from the

Province of Upper Austria and expanded in line with trends.

In calendar year 2022, some 19,000 free LED lights (previous year: 27,000) were distributed

to customers as part of the Energy Saving Trade Fair and a regional tour.

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 further increased in the year 2022. 1,041 old household appliances were

replaced with more efﬁcient new models (previous year: 845), 1,002 of them were in the

white goods category (e.g. fridges, freezers, washing machines; previous year: 813). In the

past ﬁscal year, the campaign also included a repair voucher to encourage sustainability.

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 calendar year 2022, Energie AG funded a total of 808 heat pumps, a signiﬁcant increase

on the previous year’s ﬁgure of 394. Of these, 162 (previous year: 113) were installed in new

buildings, 171 (previous year: 68) were in renovated older buildings and 445 (previous year:

197) were in unrenovated older buildings. Funding was also made available to 30 projects

that sought to replace hot water heat pumps (previous year: 16). The number of heat pumps

in Upper Austria is expected to increase to over 200,000 by 2035. Energie AG plans to

support roughly half of these through electricity supplies, on-site PPAs or ﬁnancing.

Heat pump funding

Calendar year

Unit

2022

2021

2020

Funded heat pumps

Number

808

394

115

In new buildings

162

113

In renovated older buildings

171

In unrenovated older buildings

445

197

In replacement of domestic hot water heat pump

Working with the network of market partners, the successful “Raus aus Öl” (“Exit Oil”)

campaign continued in calendar year 2022, encouraging customers to switch from old oil-

ﬁred heating systems to new, environmentally friendly and energy-efﬁcient heat pumps.

Similarly, the funding programme was expanded to include a “Raus aus Gas” (“Exit Gas”)

bonus at the end of December 2022.

The “energy saver package” campaign, which in recent ﬁscal years encouraged the

replacement of old heating systems with efﬁcient natural gas-ﬁred condensing boilers, has

not been actively promoted since Russia’s war of aggression against Ukraine broke out. In line

with contractual terms, however, the campaign did remain current until the end of 2022.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

Heat purchase agreements (HPAs) for efﬁcient heating systems were also offered in the

public institution, housing, commerce and industry sectors. The focus was on supplying heat

from renewable energy sources using heat pumps and pellets. For existing HPAs, the focus is

on decarbonisation, usually via a district heating connection.

Energie AG has extensive expertise in the area of photovoltaics. On-site PV power purchase

agreements (PPAs) enable business and industrial customers to harvest the beneﬁts of an

environmentally friendly PV electricity generation without having to ﬁnance the installation of

the system and take care of its operation. Vertrieb GmbH is operating a total of 74 PV on-site

PV PPAs for customers (previous year: 61) with an output of around 12.3 MWp (previous

year: 9.9 MWp) on the roofs of companies in Upper Austria. Additional PV plants are

currently under construction at customers' premises under on-site power purchase

agreements.

PV contracting plants

Unit

2022/2023

2021/2022

2020/2021

PV contracting plants

Number

Output

MWp

12.3

9.9

8.4

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. By 2035, some EUR 2 billion will have been invested in the

expansion, retroﬁtting and maintenance of grids. These investments will assure a reliable and

efﬁcient energy supply for around 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

and 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. Netz OÖ GmbH has been

certiﬁed to ONR 192500:2011 “Social responsibility of organisations” (CSR) since the

2020/2021 ﬁscal year. The CSR goals are closely linked with the QSE management system of

Netz OÖ GmbH. As with the QSE management system, internal and external audits are

regularly carried out in the CSR area to review compliance with the standard and to uphold

and renew certiﬁcation.

As of 30 September 2023, 61,739 PV plants with an approximate installed capacity of

1,014 MW were connected to the Netz OÖ GmbH electricity grid (previous year: 39,276 PV

plants, approx. 589 MW).

The integration of the mainly decentralised PV generation systems into the electricity grid

provokes a high capital expenditure for adapting the grids to the additional requirements

in terms of capacities and grid-balancing capability. On the basis of Upper Austria’s expansion

goals for renewable energy, a signiﬁcant increase in investment requirements is expected over

the next 10 years. Local sourcing generates added value in Upper Austria.

The headlong rush to connect decentralised generation systems to the Netz OÖ GmbH

electricity grid has led to signiﬁcant expansion requirements. The widespread effectiveness of

various technologies for voltage stability and output limitation solutions was analysed down

to the low-voltage grid in Project 567, in order to deploy these to speciﬁc effect

subsequently, see Group Management Report, Research, development and

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Non-ﬁnancial report Environment

innovation › Page 148. Key next steps were taken through preparatory work on the pilot

phase of Industry4Redispatch and work on System Management 2.0 in order to exploit

potential for ﬂexibility while adapting the system to meet rising demands.

Important sub-projects in support of the “Electricity Grid Master Plan Upper Austria

2032”, such as the “Ohlsdorf substation” project (Electricity Grid Master Plan project no. 25),

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 2028, around EUR 59.1 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. Speciﬁcally, work is under way to realise the “hydrogen

roadmap” of Austrian Gas Grid Management AG, which, as the distribution area manager,

envisages conversion of the existing gas system for the distribution of hydrogen. The

investment costs will be determined according to the results of safety-related and operational

feasibility studies as well as legal feasibility and ownership-related feasibility.

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 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.

Grid losses

Unit

2022/2023

2021/2022

2020/2021

Electricity grid losses

GWh

206.9

222

238

Electricity grid losses

2.68

2.7

2.8

Gas grid losses

m³

44,495

10,798

31,367

Gas grid losses in CO₂eq

897.02

217.69

632.36

In the 2022/2023 ﬁscal year, the losses in the electricity grid amounted to 2.68% or

206.9 GWh (previous year 2.7%/222 GWh). The gas grid losses caused by venting (cold

ﬂaring) for repairs and maintenance works amounted to 44,495 m³in the 2022/2023 ﬁscal

year (previous year: 10,798 m³). The gas grid losses correspond to 897.02 t of CO₂eq

(previous year: 217.69 t of CO₂eq). Due to the number and nature of the projects, the

venting quantity has increased greatly in comparison to the previous year. In the preparation

and realisation of projects, Netz OÖ GmbH takes pains to minimise venting quantities. When

disconnecting and venting high-pressure natural gas pipelines, gases are discharged into

downstream grids through speciﬁc gas quantity controls (operational programmes). Owing to

a failure in a high-pressure natural gas pipeline and subsequent urgent measures to avert

danger, there was a one-time increase in the venting quantity during the 2022/2023 ﬁscal

year which led to higher gas grid losses.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

Netz OÖ GmbH publishes its Sustainability report on the company's website: › Netz

OÖ GmbH Sustainability Report.

Use of land

EU-DMA (formerly EU 20)

Electricity and gas are grid-bound energy sources that require corresponding pipelines and

systems to transport them to consumers. As a grid operator, Netz OÖ GmbH 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 the run-up to major supply line projects, a framework agreement deﬁning the essential

contract parameters is generally negotiated with the Chamber of Agriculture for Upper

Austria. This guarantees the interests of affected landowners are taken into account.

The use of land is pursued by concluding civil law agreements with the relevant landowners,

who are compensated as appropriate.

Where a civil law agreement cannot be reached despite intensive efforts on the part of the

Company, the necessary easement rights are granted by authorities in line with the

legislative situation and the compensation due is determined.

The company affords maximum consideration to the settlement structure and

neighbours from the planning phase onwards. It is usually possible to reach mutual

agreement with regard to the use of land before constructing the necessary systems for the

supply and discharge of energy.

Social responsibility of Netz OÖ GmbH

Netz OÖ GmbH performs an ESG risk analysis in the area of gas and electricity that

examines issues related to social affairs, environment, work and customers in terms of the

ensuing opportunities and risks to the company. Success factors have been developed for all

important core CSR issues 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 issues 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 material

sustainability topics and are monitored yearly on the basis of dedicated success factors. The

following 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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

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). Reports on the above

and ongoing projects can be found on the homepage of Netz OÖ GmbH

( › www.netzooe.at/nachhaltigkeit).

In the Network Technology division, the Schalchen pilot project “E-mobility in network

technology” will be expanded. A corresponding plan is currently being devised. This division

has the potential to save several hundred tonnes in CO₂emissions per year, with necessary

business trips accounting for approximately two million kilometres of car journeys.

When Netz OÖ GmbH transferred its head ofﬁces to a new ofﬁce building, IfEA was

charged with estimating the savings achieved by the move in terms of heating, ﬁnal energy

and primary energy as well as CO₂emissions. The result of the survey revealed that the move

to the new, energy-efﬁcient building and the signiﬁcant reduction in the area used has

lowered the environmental impact in terms of energy consumption.

WASTE MANAGEMENT SEGMENT

GRI 306-1, 306-2, 306-3

The Waste Management Segment handles a total waste volume of around 1.5 million

tonnes a year (previous year: 1.6 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 2023 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 waste volumes handled 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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

types of metals. In a multi-stage mechanical separation process using a mobile treatment

plant, ferrous and non-ferrous metals are extracted from the slag. 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 CO₂emissions 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. For more than 30 years, biomonitoring has not detected any environmental

impact.

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.

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 CO₂footprint

determined in cooperation with the Environment Agency Austria in the 2019/2020 ﬁscal year

forms the basis of the climate change mitigation strategy that the Waste Management

Segment is implementing in order to achieve CO₂neutrality. According to Environment

Agency Austria (UBA), 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 UBA, 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

CO₂footprint 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 Umwelt Service GmbH. In Wels, Energie AG makes a positive contribution to the

circular economy and climate change mitigation 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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

Total waste volume in tonnes ¹⁾

2022/2023

2021/2022

2020/2021

By waste type

Non-recyclable waste

1,172,791

1,196,742

1,298,784

Paper

197,738

197,651

211,231

Plastics & packaging

37,619

46,444

47,677

Glass

45,771

54,538

54,409

Organic waste

52,520

56,701

58,981

Metals

22,692

23,240

30,156

By hazardous substance

Hazardous waste

94,233

98,164

100,540

Non-hazardous waste

1,434,897

1,477,151

1,600,697

By waste management method ¹⁾

Recycling

524,061

567,685

639,077

Incineration

High-caloric

46,974

49,629

54,880

Medium-caloric

914,481

909,762

943,282

Low-caloric

Landﬁll

43,614

48,240

63,998

The waste management method relates to the prevalent waste management method after waste generation. The total waste volume for the Waste

Management Segment includes the volumes from Energie AG Südtirol Umwelt Service GmbH.

Note 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 non-recyclable waste.

Note 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.

The following diagram illustrates the transition from a linear economy to a circular

economy. A large quantity of waste is already being recycled or reused. Ultimately, at the

end of a product’s useful life, the only option still is landﬁll or incineration.

Through its waste management services and other services, Umwelt Service GmbH performs

many activities within the circular economy, including the production of quality compost,

the degassing and dismantling of refrigeration units, the mechanical processing of mixed

waste to obtain recyclable fractions and the generation of electricity and heat from the

incineration of non-recyclable waste.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

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 2022/2023,

the Waste Management Segment, via WDL, supplied around 150,000 persons (previous year:

130,000) with approx. 9.1 million m³of drinking water (previous year: 9.0 m³) that is sourced

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

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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

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.

The Czech Republic Segment supplies its customers with drinking water as follows:

Drinking water in m³mill.

2022/2023

2021/2022

2020/2021

Total procurement

58.4

58.6

58.4

Of which produced water

34.8

35.1

35.3

Of which water acquired from third parties

23.6

23.5

23.1

Total volume of drinking water invoiced

48.9

49.2

48.2

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 CHP plants and biomass heating plants as well as industrial exhaust heat.

The activities in the Czech Republic are illustrated using the key ﬁgures below.

The key ﬁgures in the diagram (excluding heating sales) relate to the 2021/2022 ﬁscal year. The slight deviations from the previous year’s ﬁgures were

due to contract periods or tenders won or lost. Due to the acquisition of RATE s.r.o., the length of the heating pipeline network increased in comparison

with the previous year 2020/2021. The heat sales volume in the Czech Republic amounted to 197 GWh in the reporting period, almost matching the

level of the previous year (198 GWh). In total, the decreases linked to the milder winter and savings on the part of customers compensated for the rise

linked to the acquisition of RATE s.r.o. on 3 January 2022.

In ﬁscal year 2022/2023, the Czech Republic Segment supplied just short of 1 million people

with approx. 48.9 million m³of drinking water (previous year: approx. 49.2 million m³) and

provides waste water management services to around 700,000 residents with around

45.2 million m³waste water (previous year: approx. 45.2 million m³). Given that local

authorities are responsible as the owners for renovating networks (except for one

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

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 procurement market

in ﬁscal year 2022/2023 include, for example, a distribution of the procurement risks among

a number of suppliers and an intensiﬁed monitoring of market price trends. Despite the

sometimes difﬁcult political and economic conditions in Europe, drinking water supplies,

waste water management services and heating supplies to homes, businesses and industry

have never been at risk in the Czech Republic.

A benchmarking in accordance with the internationally accepted “unit water leakage”

method paints a positive overall picture for the 90 supply areas (previous year: 69) that each

have a population of more than 5,000. In ﬁscal year 2020/2021, 88% of the networks were

in good condition, 9% in average condition and 3% in poor condition. For the 2021/2022

ﬁscal year, these values have changed to 88% in good condition, 6% in average condition

and 6% (representing six municipalities) in poor condition. The results have deteriorated

marginally at ﬁrst glance, largely because of the (signiﬁcantly) higher number of supply areas

evaluated which were not subject to similar benchmarking in the past. The purpose of such

evaluations is to extend the process to smaller supply areas and thereby continually improve

water losses in those areas.

The business area “Heat” in the Czech Republic Segment supplies over 80,000 residents

with district heat and provides installation services for municipalities and private customers

with a focus on energy efﬁciency and CO₂reduction. 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 CO₂footprint 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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

developments and the rising demand for cooling supply offer the opportunity to develop

additional 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 166.

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 again

participated in a building benchmarking during the 2022/2023 ﬁscal year. Among other

things, the result from the 2021/2022 ﬁscal year clearly document 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).

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 also runs a childcare facility for the

children of employees at its Linz site. The PowerTower annexe has been recognised as

Platinum standard, the highest award in the German Sustainable Building Council system of

the Austrian Society for Sustainable Real Estate (ÖGNI).

As of 30 September 2023, administration buildings in Austria owned by Energie AG (with the

exception of the Waste Management Segment) had seven PV systems (previous year: four)

with an output of around 545 kWp (previous year: 344 kWp) and an average yearly

production of 550 MWh installed on their roofs (previous year: 317 MWh). These PV plants

have an approximate module surface of 3,200 square metres (previous year: 2,400). A further

nine new systems with 730 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. Work up to and including furnishing was carried

out in the 2022/2023 ﬁscal year; occupancy followed in November 2023.

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 CO₂footprint of the subject matter real estate

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Environment

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. One of

these measures involves a full switchover to LED lighting at the PowerTower Linz, which will

be completed during 2024 – 2025.

The issue of security came under the spotlight in the 2022/2023 ﬁscal year, partly because

of events on the energy market. In response, a project group was set up to devise a Group-

wide security plan. The primary aim of this plan is to protect both employees and the various

ofﬁces, storage facilities and workshops of Energie AG.

Expansion of the training workshop and apprentice accommodation began in the 2022/

2023 ﬁscal year. Alongside the new residential and leisure options, a planned car park will

ease the difﬁcult parking situation at the Gmunden site.

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. Direct partnerships with regional suppliers of produce and meat continue to be

sought out and established with increased intensity. In the 2022/2023 ﬁscal year, the

canteens prepared a total of 182,319 fresh servings of food for employees (previous year:

136,567). The increase compared to the 2021/2022 ﬁscal year underlines the quality of food

on offer. In the interest of a balanced diet, the menus also feature vegetarian meal options.

The pilot project “Veganuary” (vegan January) was also launched in January 2023. In

response to its strong popularity, the initiative was extended to February and vegan

alternatives were also permanently added to the breakfast buffet, making it more sustainable

and varied. A quarter of all lunches served are vegetarian. The menu planning system is

evaluated regularly with the aim of preventing or minimising food waste. The company

canteen in Linz is also very popular with the staff of Netz OÖ GmbH, who have transferred

from the new building section to the PowerTower annexe.

Servings of food

Unit

2022/2023

2021/2022

2020/2021

Servings of food for employees

Number

182,319

136,567

93,078

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, a sheltered

workshop performs a certiﬁed data deletion and refurbishes the device. When looking for

devices, the Company relies on a supplier that is reducing its CO₂footprint in terms of

lifecycles or compensates for this through appropriate measures.

Efﬁciency gains and energy consumption reductions are the predominant objectives in the

operation of the data centre. The virtualisation of over 95% of the server network has led to

signiﬁcant savings in electricity consumption, air conditioning and 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. Relocating the printers to central collection

points is improving the air quality for ofﬁce workplaces.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Social affairs

SOCIAL AFFAIRS

SDG 4, 6, 7, 9

GRI EU-DMA (formerly EU6), EU4, EU28, EU29

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 the quality of life of society 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 ourselves as a responsible company

Building and maintaining sustainable client relationships

Expansion of e-mobility by 2035: up to 50,000 charging stations for private homes, at

work, for vehicle ﬂeets and in public areas

Expansion of digital customer services

Maximum expansion of district heating wherever economically feasible

Support for the expansion of heat pumps through electricity supplies, on-site PPAs or

ﬁnancing

SECURITY AND QUALITY OF SUPPLY

Security of supply is the fundamental basis for general business growth, job creation and

quality of life. The services of the Energie AG Group are a major driver of Upper Austria’s

international competitiveness as a business location.

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.

In response to Russia’s war of aggression against 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. Austrian Strategic Gas Storage Management GmbH (ASGM), a

subsidiary of Austrian Gas Grid Management AG (AGGM) in which Netz OÖ GmbH holds a

15% interest, was commissioned with storing 20 TWh of gas in Austria’s gas storage facilities

(in the interest of strategic gas reserves in line with § 18a of the Gas Industry Act (GWG)

2011). The reserve will be used to meet any supply shortages. According to Statistik Austria,

the storage level early in October 2023 was 94 TWh, equivalent to 96% of the country’s total

possible storage capacity. National gas consumption stands at around 90 TWh per year. Gas

storage capacities also serve the purpose of meeting the provisioning obligations pursuant to

Article 6 (1) lit. c of the Gas SoS Regulation (EU) 2017/1938 in conjunction with § 121 para

5 GWG and the national supply obligations in line with § 121 para 5a GWG. Under these

statutory provisions, Vertrieb GmbH as the supplier of protected customers is obliged to

evidence the corresponding volumes in storage for up to 45 days. In addition, there will be a

mandatory provision of gas volumes of up to 45 days for thermal gas power plants over

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Social affairs

50 MW from 1 January 2024. This provision will apply for two winter half years and expire in

2026.

Measures to improve the security of supply include not only precautions for gas customers

but also place a particular focus on assuring the secure supply with district heat.

Congestion management via the CCGT power plant at Timelkam is also playing a major part

in upholding security of supply. Taking account of the measures planned at national level, the

supply situation is good, although uncertainties do arise from the difﬁculty in anticipating

Russian gas deliveries, Germany’s exit from nuclear energy and the currently insufﬁcient

nuclear power plant capacity 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 2022/2023,

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 generation plants relevant

to a grid restoration along with testing of the operational processes are an important element

in assuring the security of supply.

Measures aimed at improving the security of natural gas supply are being considered in

the face of the current energy crisis triggered by the Ukraine conﬂict. These include the

optimisation of fuel procurement, additional storage of natural gas reserves and the

exploration of conversion and substitution potential in relation to 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), and

the ensuing strengthening of the Company's resilience are among the top priorities of

Energie AG Group.

In all activities, the asset management of Netz OÖ GmbH aims to maximise efﬁciency as

regards security, quality and costs.

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Non-ﬁnancial report Social affairs

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

ﬁndings to establish options for future action in the context of grid maintenance and

expansion.

Netz OÖ GmbH operates an electricity grid consisting of 33,684 km of power lines

(previous year: 33,445 km), in addition to a 5,630 km gas grid (previous year: 5,634 km).

These reliable and modern grids warrant the secure energy supply for around 575,000 grid

customers.

Grids in km

2022/2023

2021/2022

2020/2021

Electricity

33,684

33,445

33,185

Gas

5,630

5,634

5,624

Fibreglass

5,880

5,820 ¹⁾

7,021

The loss in the kilometre 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 32.72 min/a in calendar year

2022 (2021: 44.53 min/a). It was 1.07 [1/a] (2021: 1.10 [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 40.11 min/a (2021: 52.89 min/a),

while the customer-related average interruption frequency (SAIFI - “System Average

Interruption Frequency”) was 1.31 [1/a] (2021: 1.34 [1/a]). Calendar year 2022 was

characterised by a number of hurricane lows in February and a striking cluster of

thunderstorms in the summer month of June. 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 2022 was unchanged from the previous years at 99.99%.

Supply reliability ¹⁾

2022

2021

2020

SAIDI (min/a)

40.11

52.89

53.58

ASIDI (min/a)

32.72

44.53

50.82

SAIFI (1/a)

1.31

1.34

1.68

ASIFI (1/a)

1.07

1.10

1.52

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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Social affairs

Telekom GmbH is responsible for the provision of preliminary telecommunications

service products throughout the supply area of Energie AG as well as telecommunications

and telematics services for the Group, and for setting up and operating the backbone for the

external market. Telekom GmbH provides not only bandwidth but also services in the layer 3

area (internet connectivity and telephone equipment) for Vertrieb GmbH.

The availability of data connections in the ﬁbre-optic network is determined by

analysing fault resolution times from the trouble ticket system; in the reporting period, it

stood at 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. The internet data volume

transported in the Telekom business area has continued to increase and stood at 111,920

terabytes (TB) in the 2022/2023 ﬁscal year (previous year: 88,670 TB). At the end of the

reporting period, the Group's own ﬁbre-optic network comprised around 5,880 km (previous

year: 5,820 km).

Supply reliability customer connections in %

2022/2023

2021/2022

2020/2021

Data connection availability

99.98

99.99

Supply reliability is calculated using the following formula: availability = observation period less (-) total fault resolution times divided (/) by observation

period multiplied (x) by 100%. In ﬁscal year 2021/2022, supply reliability was 99.985% (rounded up to 99.99%).

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.

CUSTOMER ORIENTATION AND SATISFACTION

GRI 2-25, 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.

As announced, Energie AG was able to extend its price guarantee on standard electricity

and gas products, which has been in place since 2017, to 1 January 2023. Stable prices have

only been possible thanks to a far-sighted procurement strategy. Volumes of energy are

procured on a rolling basis, i.e. distributed evenly at various points in time to create an

average price and smooth out any price peaks. On account of the exceptional market

situation, Energie AG was obliged to raise the prices of its standard electricity and gas

products for existing customers as of 2 January 2023. At the same time, a wide-ranging

package was unveiled to help customers save energy while measures aimed at providing

active help in cases of hardship were devised.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-ﬁnancial report Social affairs

To cushion the effects of the necessary price adjustment, Energie AG offered various types of

funding for individual customer groups as of February 2023.

Commercial enterprises and farmers who are regular customers were granted up to 50 days

of free electricity, starting in February 2023. The discount was applied to annual invoices,

with the businesses beneﬁting from savings of around 14%.

Customers with heat pumps or storage heaters also received support from Energie AG.

Those with storage heaters qualiﬁed for the Energie AG electricity price cap, under which

Energie AG capped electricity prices at 10 cents per kWh up to a consumption level of

2,900 kWh. For heat pump customers with basic meters, Energie AG invested in product

development and collected customer data in order to create new offers for this speciﬁc

group. Participation in this survey was rewarded with EUR 500.0.

For more information on the price adjustments enacted for electricity and gas as of

2 January 2023, see the Group Management Report, Energie AG: A reliable partner to

customers › Page 153.

In June 2023, Energie AG was able to pass on the lower purchase prices to customers as

announced, reducing prices for electricity customers with standard products and annual

consumption of up to 100,000 kWh. Gas customers (with annual consumption <

400,000 kWh) received a 20% discount on standard products for the period from 1 June

2023 to 31 May 2024.

Customers switching to Energie AG after December 2021 were affected by the disruption on

the energy markets at an earlier stage as it was not possible to procure their required energy

at the lower long-term rates. Energie AG was able to cut prices for these and other new

customers in February 2023. Young families among the new electricity customers also

received 30 free days as a one-time offer.

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, also see Dialogue with stakeholders › Page 34.

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.

Since the introduction of the customer forum four years ago, Energie AG has collected

valuable feedback from customers on offers and services as well as current themes and

general conditions. In the past ﬁscal year, two focus areas were the changes on energy

markets (customer forum, October 2022) and the realisation and communication of price

adjustments (customer forum, March 2023). Discussions with customers include professional

moderation and the involvement of Energie AG employees to ensure feedback is applied

directly to day-to-day working situations. In the reporting period, the customer club “My

Bonus” introduced in the 2020/2021 ﬁscal year grew signiﬁcantly, with the number of

participants doubling to around 29,000. Special customer club campaigns have included the

ticket offer for the Energy Saving Trade Fair and discounts on energy efﬁciency products on

Black Friday.

Collaborative generation systems play a major role in the advancement of renewable

energies and the minimisation of environmental impact. During the 2022/2023 ﬁscal year,

Energie AG implemented the requirements of the Renewable Energy Expansion Act (EAG

2021), enabling individuals to make shared use of decentrally generated energy. Through

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participation in citizens' energy communities, the energy generated can be used across

Austria’s grid regions, see › Energy Communities: Sharing Energy - Netz

Oberösterreich GmbH.

Via the eService portal of Energie AG, customers can use the Energy Manager to

continuously monitor the energy they generate and consume, and to gain a clear overview of

energy consumption. This enables them to analyse patterns of consumption, take speciﬁc

measures aimed at improving energy efﬁciency and cut costs in the process. To ensure data is

up to date and of high quality, core internal expertise in the areas of consumption records

and data management is continually being expanded.

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.

The Energy Saving Trade Fair, the leading trade event for Energie AG, attracted crowds of

visitors in the last ﬁscal year. Over the three days open to the public, some 2,500

consultations were held at the Energie AG stand (compared to 2,100 in the previous year). At

the Energy Saving Academy, which was introduced in 2023, experts on the stand held talks

on such subjects as PV plants, e-mobility, heat pumps and the efﬁcient use of energy.

Together with the Province of Upper Austria and their joint venture BBOÖ, Energie AG is

responding to the increasing consumer demand for online services by expanding the ﬁbre-

optic network in urban and rural areas. 19,495 customers were already actively using the

high-speed internet service offered by Energie AG as of 30 September 2023 (previous year:

16,723).

Unit

2022/2023

2021/2022

2020/2021

Residential internet customers

Number

19,495

16,723

13,166

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, the electricity grid operator, offers its customers a wide range of information

and support in installing their own photovoltaic systems. The steep rise in demand from

residential customers who, as a result of higher energy prices, wish to sell the PV electricity

produced on their roofs led to a sharp increase in applications for grid access. To cut waiting

times for applicants signiﬁcantly, Netz OÖ GmbH provided full information and online

customer support tools via its website › www.netzooe.at/photovoltaik. This information

and support programme was upgraded in the 2022/2023 ﬁscal year and now includes more

detailed information on energy communities along with a largely automated and digitalised

application process for grid access for PV plants. The PV connection assessment was

further optimised and sped up, improved and simpliﬁed through, among other things, the

introduction of a virtual assistant known as Anette to assist with the assessment process.

Digitalisation: a powerful asset

Energie AG places a focus on the digitalisation of services, processes and customer

interaction along the entire value chain. For Energie AG, digitalisation presents many

opportunities for the future; customers will also beneﬁt from new solutions linked to the

development of digital platforms. True to the motto of “secure digital services”,

Energie AG is actively shaping Upper Austria's digital future in collaboration with its

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customers and partners. Therefore key topics and objectives, and a corresponding roadmap

have been developed and consistently implemented. 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 innovative 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. Merging customer data

from the Electricity, Gas, Heat and Telecommunications areas while harmonising the system

accordingly has created the basis for the best possible service from a single source.

Continual improvements to the Netz OÖ GmbH customer portal

› https://eservice.netzooe.at were made during the 2022/2023 ﬁscal year. Several features

linked to grid access agreements have been added to the information tool implemented last

year (extension of the grid commitment, additional agreements for energy communities). 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. The old customer portal was replaced with the new solution

( › entsorgung24.at). This focuses on improved usability, clearer design and new functions.

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. The current developments

on the energy market are leading to a massive rise in customer enquiries, with various tools

being used to process these as effectively as possible. Simple enquiries are handled

automatically using artiﬁcial intelligence. 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 above-average

volume of calls around the turn of the year was managed by deploying additional employees

from across the Group (“Team Energie AG”).

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 quickly. 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.

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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. The proven “AMIS” system features several smart-grid

functions that support grid operations and assist in securing a high quality supply with

electricity.

To cope with the necessary data quantities, higher data availability and ever more complex

demands expected in the future, a suitable new smart metering target architecture will

need to be planned and implemented. With this in mind, Netz OÖ launched a smart meter

upgrade (SMU) project aimed at equipping smart meters with useful and advanced additional

functions.

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

facilitate an ideal 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”.

Through this future-oriented project, Netz OÖ GmbH, a pioneer in the ﬁeld, is applying its

experience and input to discussions and working groups devoted to the issue. In this way, the

company is playing a major part in ensuring the enactment of relevant Community law

requirements, something that is seen as a key contribution towards liberalisation and energy

efﬁciency.

The Czech water investments have been using smart digital water meters for several years

at this point. The digitalisation projects are focused on smart metering in Beroun, Kolín and

other parts of eastern Bohemia. More studies on the digitalisation of control centres and

operations are under way. The “digital twin” for a sewage treatment plant was further

developed in the 2022/2023 ﬁscal year. “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

GRI 2-16

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. In the 2022/2023 ﬁscal year, 600,452 calls were recorded in total (previous year:

369,594). The average length of a call to the Netz OÖ GmbH service hotline was 4.48

minutes (previous year: 5.12), while the average call time to the Energie AG service hotline

was 6.13 minutes (previous year: 5.36). The high number is partly due to the willingness of

customers to switch from other electricity providers to Vertrieb GmbH, and partly due to

uncertainty among existing customers in view of the media coverage of energy and the

questions this raises concerning price rises, product combinations, tariff changes, PV issues,

etc. In partnership with Customer Service, contacts are analysed on a monthly basis, topics

are evaluated and possible courses of action are deﬁned. This includes the cooperation with

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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 number of complaints in Austria and the handling thereof are reported to the

Management Board of the Energie AG Group in the course of the quarterly general meetings

of the Grid Segment and Sales unit.

Customers and other stakeholders in the operational units of the Czech Republic Segment

can submit complaints either in person at customer centres, or via an online contact form.

The number of complaints is reported to the Management Board of Energie AG

Oberösterreich Bohemia GmbH.

As part of customer campaigns, the Customer Service speciﬁcally analyses complaints from

affected customers in order to forward potential for improvements directly to Campaign

Management and internal departments.

The continuous evaluation of the needs of existing and new customers has shown that

prices are the issue closest to their heart. Greater consideration is also being given to such

factors as security of supply, conﬁdence in energy suppliers and the reputation of suppliers.

Having offered fair pricing, attractive customer campaigns and numerous additional offers for

many years, Energie AG is regarded as a consistently 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 2022/2023.

The majority of customers of Vertrieb GmbH continue to exhibit a high loyalty: 83.4% of

them, for example, are very satisﬁed or rather satisﬁed with the sales unit (previous year:

95.6%). The generally turbulent market situation is also reﬂected in evaluations, with a brief

survey in August 2023 revealing a slight improvement in ratings among electricity customers.

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.

Energie AG’s strong customer focus and high service quality was conﬁrmed by a study

carried out in ﬁscal year 2022/2023 by market research agency Jaksch & Partner, according to

which new customers were particularly satisﬁed by and loyal to the Energie AG Group.

The customer satisfaction survey conducted by Netz OÖ GmbH regarding gas grid operators

in autumn of 2022 once again delivered a very good result. The highest level of satisfaction

was expressed for keeping with agreed dates, followed by the satisfaction with the availability

of the gas supply, the performance of works, the technical expertise, and the performance of

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 1.35, previous

year: grade 1.42), safety (grade 1.50, previous year: grade 1.48) and quality (grade 1.47,

previous year: grade 1.54).

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 1.37 (previous year: 1.42) during the reporting period 2022/2023.

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Customer satisfaction survey results

Unit

2022/2023

2021/2022

2020/2021

Vertrieb GmbH (electricity/total)

Very or rather satisﬁed

83.4

95.6

95.9

Netz OÖ GmbH

Reliability

Grade

1.35

1.42

1.15

Security

Grade

1.50

1.48

1.24

Quality

Grade

1.47

1.54

1.28

Waste Management Segment

Grade

1.37

1.42

1.36

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 –

Energie. Aber Gut. the Instagram account › energie.ag and the accounts of the sports family

on Instagram ( › energieagsportfamilie) and Facebook ( › Energie AG-Sportfamilie). These

services are complemented by additional websites for speciﬁc Energie AG products such as

› www.energieabergut.at.

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 affairs

To meet its moral and ethical obligations to customers and wider society, Energie AG has

launched a range of programmes and initiatives to provide support during the energy crisis.

These include the forming of a solidarity budget, advice on energy efﬁciency and help for

low-income households in paying their energy costs. Austrian customers who were facing

difﬁculties due to the energy crisis were supported with special arrangements, e.g. a

moratorium on electricity disconnections and the option to defer due payments or pay in

instalments.

Energie AG prioritised the adaptation of its internal processes so that billing would take

account of the ﬁnancial aid initiated by federal and state governments in Austria at the

earliest possible point.

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 in the past by meeting the multiple crisis situations with concrete actions. In line

with its campaign slogan “100% for Upper Austria”, the company stands for stability and

security and remains dedicated to social issues and regional value creation.

As in the past, the Energie AG Group has clearly demonstrated its solidarity with customers

affected by energy poverty. Support took the form of goodwill offers and a new electricity aid

package of vouchers worth EUR 150.0. There were also measures to ease the pressure on gas

customers, who were credited with a one-time offer of 30 free days on presentation of

exemption of charges from Info Service GmbH (GIS).

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REGIONAL RESPONSIBILITY AND SOCIAL COMMITMENT

GRI 2-6, 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.

The Energie AG Groups delivers on its regional responsibility through operating sites and

systems across Upper Austria. Ongoing infrastructure investments,the continuous training of

skilled professionals and the creation and preservation of jobs are important contributions to

increasing value generation in the regions. Energie AG is fulﬁlling the inter-generational

contract and securing the future viability of the region through wide-ranging investment, for

example in power plants to generate electricity from renewable energy sources. Energie AG’s

own apprentice workshop, which marked its 80th anniversary in 2023, offers talented young

people the chance to embark on careers with good prospects in their home region.

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 494.8 million were placed with 2,328 suppliers in

the 2022/2023 ﬁscal year (previous year: EUR 216.2 million with 2,281 suppliers). 83.4 % of

suppliers were headquartered in Austria (previous year: 92.5%), while 16.5% were based in

other European countries (previous year: 7.4%). The sharp rise in volume is due to both

signiﬁcant price rises and orders already included for the planned pumped-storage power

plant in Ebensee.

Regional procurement

Unit

2022/2023

2021/2022

2020/2021

Contracted suppliers

Number

2,328

2,281

2,303

Of which in Austria

83.4

92.5

93.2

Of which in other European countries

16.5

7.4

6.7

Others

0.1

Order volume

EUR mill.

494.8

216.2

208.2

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.

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Activities in the ﬁelds of sports, culture and social affairs

GRI 2-28

Energie AG supports cultural and sports activities on a regional level, including by

sponsoring local events and sports promotion programmes (“ › Energie AG sports family”).

In 2000, Energie AG started to sponsor individual sportspeople in Upper Austria alongside its

other sports sponsorship activities. Entitled “Energie AG sports family”, the sports

sponsorship programme has gained recognition far beyond the boundaries of Upper Austria.

The emphasis of the funding is on long-term support for up-and-coming sportspeople

based in Upper Austria. For these individuals and the athletes who have already made it to

the top of the world, the company offers an environment for sporting and personal

development. Energie AG also makes an important social contribution to aspiring

sportspeople in Upper Austria by promoting sports with a low public proﬁle.

The Energie AG sports family team currently has 16 members, including 15 active athletes

led by captain Hannes Trinkl. Representing 11 different sports, the team members are some

of Upper Austria’s most successful elite sportspeople. The Energie AG sports family also has

two para athletes, one male and one female. The team is characterised by such qualities as

togetherness, authenticity, mutual learning and shared enjoyment.

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.

On the cultural scene, the company has for many years acted as a partner to exhibition

projects organised by OÖ Landes-Kultur GmbH (formerly OÖ Kulturquartier) in Linz. Regular

exhibitions are also held at the PowerTower in Linz.

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.

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.

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

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project contest “ › UmWeltdenker”, for example, elicits creative ideas in this area and

implements the best of them.

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

2022/2023 ﬁscal year was visited by 3,792 interested children and parents (previous year:

1,800). Following a break of two ﬁscal years due to the Covid-19 pandemic, workshops for

schools (attracting around 240 young people) and a Start of School Festival (attracting 1,800

visitors) resumed in the summer of 2023 near the site of the Energy Experience.

Timelkam Energy Experience Centre

Unit

2022/2023

2021/2022

2020/2021

Visitors

Number

3,792

1,800

400

Visitor numbers for the 2021/2022 and 2020/2021 ﬁscal years have been rounded.

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.wir-denken-an-morgen.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 400,000 copies of these short books are already in circulation (previous year:

390,000). This is supplemented with a workshop for kindergartens, which introduced

children from the age of four to sustainability issues in a playful way.

In the Czech Republic, Energie AG maintains a partnership with the United Nations

International Children’s Emergency Fund (UNICEF) aimed at supplying drinking water to

children and families in crisis-hit regions around the world. The regions in question are

impacted by prolonged drought, natural disasters or political conﬂicts.

Also in the Czech Republic, the DOODPADU campaign seeks to raise awareness of the need

to conserve water. Citizens are educated as to how major problems can be caused by what

enters the sewage system. A workbook on the subject has been published alongside online

course content for schools.

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 24 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.

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FEDERATION, ASSOCIATION AND ORGANISATION MEMBERSHIPS

GRI 2-28

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,

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)

› Austrian Gas and Water Association (ÖVGW)

› Austrian Electrotechnical Association (OVE)

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. Examples include projects linked to new grid tariffs

(“INNOnet”), the utilisation of sustainable heat sources (e.g. industrial waste heat), the

distribution of this heat via district heating networks and the future possibilities of hydrogen-

based energy storage systems.

Through the new “Strategy board of the Upper Austrian hydrogen network” created

by the Province of Upper Austria in the 2022/2023 ﬁscal year, Energie AG discusses and

coordinates current developments and activities with other companies and research institutes

involved in the application of hydrogen technology.

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Non-ﬁnancial report Employees

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.

EMPLOYEES – RESPONSIBLE EMPLOYER

SDG 4, 5, 8

GRI 2-7, 2-8, 2-30, 401-1, 401-2, 401-3, 402-1, 404-1, 404-2, 404-3, 405-1

Energie AG’s goals as an employer seeking to embrace responsibility are:

Further development of employer branding with a special focus on speciﬁc target groups

Personnel and management development, as well as high-quality apprenticeship

programmes

Ensuring access to qualiﬁed personnel in the long term, for example by positioning the

Company as a family-friendly employer

Improving all measures of diversity, equity and inclusion (age, gender, origin, etc.)

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 necessary framework for working from

home etc., as well as providing various demand-oriented childcare options for employees.

In the past ﬁscal year, there was a strong emphasis on the theme of diversity. Our vision up

to 2025 is as follows: “We create a corporate climate in which people can enjoy working

through our open, respectful and appreciative attitude and honest communications”. For

more information, see Employees, Promoting diversity › Page 116.

The implementation of sustainability objectives requires committed and satisﬁed

employees. 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. Target group-oriented employer branding and dedicated trainee programs are

intended to give external target groups an excellent career start at Energie AG Group. Flexible

work time models, high quality work equipment, and a wide range of training and

professional education options are important contributions to staff loyalty.

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Non-ﬁnancial report Employees

STAFF LEVELS AND PERSONNEL STRUCTURE

Unit

2022/2023

2021/2022

2020/2021

Staff ¹⁾(number of employees)

Persons

5,117

5,041

5,030

Workplace

Full-time equivalents (FTE) ¹⁾

Number

4,651

4,606

4,593

In Austria

2,889

2,858

2,843

Female

547

537

541

Male

2,342

2,321

2,302

In the Czech Republic

1,725

1,711

1,715

Female

416

408

410

Male

1,309

1,303

1,305

In other European countries

Female

Male

Part-time

Persons

532

508

477

Female

67.2

68.3

69.0

Male

32.8

31.7

31.0

Diversity

Female percentage

23.2

23.5

Newly hired

Persons

523

593

520

Of which under 30

212

Of which between 30 and 50

249

Of which over 50

Women

136

Men

387

In Austria

365

In the Czech Republic

156

In other European countries

Share of newly hired

10.2

11.8

10.3

Of which under 30

40.5

Of which between 30 and 50

47.7

Of which over 50

11.8

Women

26.0

27.0

Men

74.0

73.0

In Austria

69.8

In the Czech Republic

29.8

In other European countries

0.4

Turnover rate (excluding retirements) ²⁾

5.1

6.8

5.9

Demographics

Average age of workforce

Years

45.0

44.5

44.2

Average time served in company ³⁾

Years

12.1

12.2

The information stated regarding employees relates to full-time equivalents (FTE) as a yearly average of the fully-consolidated and proportionately

consolidated companies.

Turnover rate incl. dismissals during probation period

Workforce is recognised based on time served in fully-consolidated and proportionately consolidated entities.

As of 30 September 2023, Energie AG Group had 5,187 employees or 4,695 FTE in three

countries (previous year: 5,082 employees; 4,630 FTE).

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Non-ﬁnancial report Employees

Alongside the salaried employees, there are temporary staff who are not employed by the

Energie AG Group but are engaged by the Energie AG Group to work on limited-time

projects and assist during peak periods. In the 2022/2023 ﬁscal year, the Group employed an

average of 178 temporary staff members (138 FTE; previous year 184 staff, 154 FTE). The

Energie AG Group is responsible for issuing work instructions and for monitoring as well as

deﬁning and shaping the work area. In Austria, 10 women and seven men were employed on

a case-by-case basis with no guaranteed working hours in the 2022/2023 ﬁscal year.

Of the Group employees, 88.3% are governed by collective bargaining agreements.

Those employees not covered by collective agreements are subject to voluntary contractual

arrangements (works agreements, individual agreements and unions).

There are no general statutory minimum notiﬁcation periods in relation to signiﬁcant

operational changes. However, the statutory rights of information under the Labour

Constitution Act (ArbVG) are observed and employee representatives are notiﬁed of relevant

changes in good time.

All part-time and full-time employees (unless in marginal employment) are offered company

beneﬁts to the same extent. Statutory entitlements such as parental leave, care leave,

hospital leave, etc. are generally granted and supported beyond the legal requirements where

operationally possible. Temporary staff have the same entitlements.

Energie AG Group employs personnel from 37 different countries (previous year: 32).

A staff turnover rate of 5.1% in ﬁscal year 2022/2023 is mainly attributable to the Waste

Management Segment and the company Market Calling Marketinggesellschaft mbH

(previous year: 6.8%).

Turnover ¹⁾

Unit

2022/2023

2021/2022

2020/2021

Employees leaving (excluding retirements)

Persons

263

Of which under 30

Of which between 30 and 50

144

Of which over 50

Women

Men

186

In Austria

163

In the Czech Republic

In other European countries

Employees leaving (excluding retirements)

5.1

6.8

5.9

Of which under 30

22.1

Of which between 30 and 50

54.7

Of which over 50

23.2

Women

29.3

Men

70.7

In Austria

62.0

In the Czech Republic

37.3

In other European countries

0.7

Turnover incl. dismissals during probation period

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112

Non-ﬁnancial report Employees

The Group offers indeﬁnite employment contracts to the vast majority of its personnel.

Only 414 staff members had ﬁxed-term employment contracts in ﬁscal year 2022/2023

(previous year: 368), 373 of them in the Czech Republic Segment (previous year: 334).

Employment contracts

Unit

2022/2023

2021/2022

Fixed-term contracts

Number

414

368

Female

111

Male

303

274

In Austria

In the Czech Republic

373

334

In other European countries

Indeﬁnite contracts

Number

4,703

4,673

Female

1,073

1,055

Male

3,630

3,618

In Austria

3,039

2,996

In the Czech Republic

1,630

1,644

In other European countries

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. A

cooperation agreement has also been signed for the development and usage of the Alles

Clara app during its pilot phase. Alles Clara is an app designed to help, inform, guide and

support people across Austria who are looking after and caring for loved ones at an early

stage. Where necessary, employees in participating companies and their relatives can access

online assistance and care advice from qualiﬁed caregivers, psychologists and other experts.

To make holiday planning easier, Energie AG supported its employees through the summer

months of 2023 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” has been

set up in the new extension to the Group headquarters in Linz and started its second year of

operation on 1 September 2023. The little ones are cared for by three 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 m²with play equipment, a sand pit and pavilions. The holiday week for

children of Energie AG employees took place for two weeks each in Linz and Gmunden in

July and August 2023, with the catering being provided by Energie AG's in-house restaurant.

All of Energie AG's employees are entitled to take parental leave. In ﬁscal year 2022/2023,

99 employees took maternity/paternity leave. The retention rate shows that 92.1% of

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Non-ﬁnancial report Employees

women and 92.7% of men who returned from parental leave in the previous reporting

periods were still employed by the company one year after their return.

Parental leave

Unit

2022/2023

Entitled to parental leave

Persons

5,117

Women

1,185

Men

3,932

Parental leave

Persons

Women

Men

Returned after parental leave

Persons

Women

Men

Continued employment 1 year after parental leave

Persons

Women

Men

Return to work rate women

100

Return to work rate men

100

Retention rate women

92.1

Retention rate men

92.7

As part of its strategic realignment, Energie AG is also focusing on cultural development.

From the outset, the strategy project “LOOP” ran in parallel with a cultural and change

project aimed at harmonising cultural alignment with strategic objectives. The result was a

“cultural compass” for Energie AG covering the six action areas of future viability,

cooperation agreements and partnerships, customer experience, responsibility, sustainability

and diversity.

In order to derive relevant topics for cooperation within an organisational unit from

Energie AG’s “Charter of agile, interdisciplinary cooperation”, numerous small groups

discussed the content and developed appropriate measures.

Many employees are active participants in one of the many culture & sports sections (such

as 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.

As from 1 November 2023, the company will grant all employees of Energie AG

Oberösterreich or one of its Group companies a ﬁnancial subsidy for a “KlimaTicket”. The

move is designed to promote the use of public transport in Austria and thereby serve the

cause of environmental protection.

The “work from home” works agreement in place since October 2021 establishes the

conditions for home working in the Energie AG Group (excluding the Czech Republic

Segment). An evaluation was carried out to collect the opinions of senior executives and

employees in the Group, with the primary aim of analysing and, if necessary, adapting the

provisions of the current works agreement on working from home. At the same time,

employees of one organisational unit took part in a pilot project designed to trial a ﬂexible

home working model, arranging their home working days as needed. Two corresponding

works agreements were duly formulated, facilitating further ﬂexibility.

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Non-ﬁnancial report Employees

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 2022/

2023 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. One focus was on methods for optimising collaboration; at the same time,

techniques for improving self-management were taught in seminars so that participants could

complete their tasks in a balanced and focused manner, even in challenging times.

The learning platform EINSTEIN offers an extensive training programme and is available

24/7 to all employees and managers in Austria.

Occupational development

Unit

2022/2023

2021/2022

2020/2021

Training per employee ¹⁾

Hours

13.9

11.3

8.6

Women ²⁾

9.3

Men ²⁾

14.9

Second management level ²⁾

29.7

Third management level ²⁾

29.9

Fourth management level ²⁾

17.1

Employees ²⁾

12.4

Performance review rate ²⁾

83.8

69.3

Women

25.3

Men

74.7

Of which second management level

0.9

Of which third management level

2.1

Of which fourth management level

8.9

Of which employees

88.1

Apprentices

Persons

Apprenticeships completed

Persons

Incl. hire personnel and apprentices, excl. training at the management academy, safety inductions and e-learning.

Fiscal year 2022/2023 excl. Czech Republic Segment

As part of Digithek 365, entertaining knowledge units on current IT topics were offered once

a month on a virtual basis. Further information on the digitalisation campaign “Neuland” can

be found in the section headed Business models ﬁt for the future – innovation › Page 53.

Managing directors and department heads were introduced to the topic of positive leadership

in workshops and individual coaching sessions. In future, this strengths-oriented management

approach will be applied at Energie AG. Accordingly, the performance review was revised so

that employee dialogue is focused on strengths (excluding the Waste Management and

Czech Republic Segments). As part of this project, the decision was taken to separate bonus-

relevant evaluation interviews from performance reviews.

In the 2022/2023 ﬁscal year, the “Leadership Experience Discussion Circle” for team and

group lead was continued, consisting 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

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Non-ﬁnancial report Employees

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” tool was evaluated at the level of managing directors and department heads and

a new round was started.

Alongside strategy-related tasks, the strategic project “LOOP” placed a particular emphasis

on cultural transformation and change management in support of the strategic

realignment. Change agents were appointed in all areas of the company to inﬂuence the

transformation actively, exchanging ideas in regular workshops. In performing their roles and

tasks, they received professional support from change trainers. The managing directors and

department heads were speciﬁcally familiarised with important skills and methods for

transformation processes through upskilling formats.

PowerTalents participants completed a development programme for junior staff (the

“Energie AG Management Advanced Program”) designed by the LIMAK Austrian Business

School, an external partner.

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. An employer branding campaign was launched to make interested persons aware of

the range of attractive jobs and the relevant role the company plays in the energy transition.

The emphasis here was on the purpose of Energie AG’s activities, thereby maintaining the

focus on target groups.

The objective of the many personal conversations held at technical college and university jobs

fairs, individually designed pop-up cafés and advertising tailored to social media

(Instagram, TikTok) is to raise awareness of Energie AG as an employer.

To present as broad and authentic an image as possible, employees from different

departments act as Corporate Inﬂuencers, reporting on their day-to-day work in short

videos.

An initiative known as “Kennst wen” invites employees and retirees to draw attention to

the sheer range of career opportunities at Energie AG and in their private lives, and to

encourage friends, acquaintances and relatives to submit applications.

The focus in ﬁscal year 2022/2023 was on technical college trainees, scholarship students and

summer interns. To harness the potential of this target group, two events were arranged

(breakfast for summer interns plus an excursion) to offer them a more detailed insight into

the range of Group activities. Various measures are in place to retain the most outstanding

interns for the long term. In ﬁscal year 2022/2023, as part of an initiative aimed at the

advancement of women, scholarships were awarded to four female technicians (two in

the previous year). 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.

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Non-ﬁnancial report Employees

PROMOTING DIVERSITY

To promote the diversity of Energie AG for the long term, the DiversiTeam project group

was set up with the involvement of representatives from different units. The group is active in

the areas of positive and inclusive management, culture and change, barrier-free access,

regionality, women and communications.

Diversity Café events are held to promote broad-based discussion of the issue with

employees, from which appropriate measures for Energie AG are derived.

The e-learning unit “Diversity Basics” was rolled out across the company to raise awareness

of the issue among employees. As of 30 September 2023, 1,131 employees had taken the

course.

To ensure it 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.

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Non-ﬁnancial report Employees

Diversity

Unit

2022/2023

2021/2022

2020/2021

Women

23.2

23.5

Of which ﬁrst management level

0.0

Of which second management level

10.6

Of which third management level

6.7

Of which fourth management level

1.9

Of which employees

80.8

Men

76.8

76.5

Of which ﬁrst management level

0.1

Of which second management level

8.5

Of which third management level

9.2

Of which fourth management level

5.5

Of which employees

76.7

Women in management positions ¹⁾

18.4

14.6

15.2

Men in management positions

81.6

85.4

84.8

Age groups

First management level

Under 30 years

Between 30 and 50 years

33.3

Over 50 years

66.7

Second management level

Under 30 years

0.3

Between 30 and 50 years

29.1

Over 50 years

70.6

Third management level

Under 30 years

0.2

Between 30 and 50 years

48.4

Over 50 years

51.4

Fourth management level

Under 30 years

4.1

Between 30 and 50 years

51.7

Over 50 years

44.2

Employees

Under 30 years

14.6

Between 30 and 50 years

47.9

Over 50 years

37.5

People with special needs

1.8

Of which ﬁrst management level

Of which second management level

0.4

Of which third management level

Of which fourth management level

1.7

Of which employees

97.9

Deﬁnition of management positions: Management Board (ﬁrst management level), managing directors and heads of holding companies (second

management level), department heads (third management level), team and group leads (fourth management level)

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Non-ﬁnancial report Employees

MAINTAINING THE HIGH QUALITY OF APPRENTICESHIP PROGRAMMES

Energie AG's in-house apprenticeship programme is an important competitive advantage.

Since 1943, 1,571 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 2023, 24 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 IT systems engineering. In keeping with Energie AG's mission to promote

diversity, apprentices of immigrant descent and asylum seekers also have their place in the

Group. Through special early-stage campaigns and events, Energie AG seeks to retain these

individuals while encouraging mutual exchange.

The cooperation with mandatory-attendance schools (electrical engineering polytechnic

course, PowerGirls, Girls Day) and the job shadowing options continued in the past ﬁscal

year.

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 a three-part

communication training that is spread across the full length of the apprenticeship

programme.

A comprehensive feedback tool for trainees was introduced in September 2023.

Apprentices are now able to rate their current training situations every two weeks.

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 2022/2023

ﬁscal year, receiving an outstanding result. Between them, the 18 current graduates (previous

year: 16) earned 14 distinction grades in vocational school and 15 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,

second and third place in the category energy technology.

In terms of sustainability with regard to the next generation of skilled workers, work on

modernising and expanding the training workshop and apprentice residence in

Gmunden began in ﬁscal year 2022/2023. The apprentice workshop currently operates with

20 energy technicians, three metal technicians and one IT technician per year. The expanded

workshop will have room for 20 more apprentices, with modern technology deployed to

ensure facility is adapted to train and support the professionals of tomorrow.

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. On 26 January 2023, Robert Machtlinger was elected to succeed

DDr. Werner Steinecker, MBA as the new chairman of the Association Board. 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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Non-ﬁnancial report Employees

WORKPLACE HEALTH AND SAFETY

GRI 403-2, 403-3, 403-4, 403-5, 403-6

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.

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. A series of seminars conducted by ProMente entitled “First aid for the soul”

instructed employees in how to give ﬁrst aid to people showing signs of mental illness.

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 2025” (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”, 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.

Workplace safety

Unit

2022/2023

2021/2022

2020/2021

Work accidents

Number

Accident rate

‰

13.9

14.10

14.80

Days of sick leave

Number

29.8

19.90

29.20

LTIF ¹⁾

8.6

8.3

9.7

Deaths after work-related injuries

Number

Workplace and construction site inspections ²⁾

Number

189

157

169

Lost Time Injury Frequency Index – frequency of work accidents per one million work hours

Workplace and construction site inspections excluding the 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 2022/2023 ﬁscal year, the Group (excl. Czech

Republic Segment) saw around 189 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: 157). Ofﬁce workplaces were

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Non-ﬁnancial report Employees

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 70 reportable work accidents were registered (previous year: 69), which

corresponds to an accident rate of 13.90 accidents per 1,000 employees (previous year:

14.10 accidents per 1,000 employees) ¹⁾. The accident severity amounted to an average of

29.8 days of sick leave per work accident (previous year: 19.9). Converted to an international

indicator value, this corresponds to an LTIF (Lost Time Injury Frequency) of 8.6 per 1 million

working hours (previous year: 8.3). As in the previous year, there were no fatal work

accidents.

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 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.

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.

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.

Austrian employees have access to a wide range of training options on workplace safety;

these courses may also be attended if necessary by staff of external contractors active in the

technical and electrical engineering areas. 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 construction-site security and working with

lifting equipment. In the ﬁeld of health and safety, Energie AG also offers e-learning modules

on such topics as ﬁre prevention, protection against falls and working in enclosed spaces.

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.

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

Up to cut-off date of 30 September 2023, including partially consolidated companies.

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Non-ﬁnancial report Employees

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.

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 of the Work Safety Act

(ASchG), employees have access to an occupational health specialist for initial medical

consultations.

According to article 8 of the Employee Protection Act (ASchG) and the Construction Work

Coordination Act (BauKG) on construction sites, Energie AG is obliged to coordinate risk

prevention steps. External companies active for Energie AG are informed of dangers posed

by Energie AG (through electrical systems, hydraulic risks in hydroelectric power plants, trafﬁc

on company premises, etc.).

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Non-ﬁnancial report Compliance

COMPLIANCE

SDG 5, 8

GRI 2-23, 2-24, 3-3

Energie AG’s compliance goals are:

Compliance with laws and regulations to ensure genuinely fair competition

Ensuring a legally sound operational framework with regard to ESG compliance

Establishing awareness of compliance to strengthen the culture of compliance

Further development of compliance to minimise risks

Avoiding property damage and reputational damage

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 the Group's 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.

The “ › Code of Conduct for Contractors” 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. This Code of Conduct also provides an important link to suppliers and enables

Energie AG to pass on its high standards to business partners.

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 of the changing

general conditions.

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-raising measures were implemented. The content, responsibilities,

distributions of skills, and required documentation and reporting have all been decided.

Information on compliance is provided to employees via e-learning and classroom-based

training. Employees can decide for themselves when to access e-learning modules, allowing

them to ﬁt the sessions into their everyday work routines as they wish.

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Non-ﬁnancial report Compliance

Whistleblowing system

GRI 2-26

Employees may use Energie AG's web-based whistleblowing system to report, including

anonymously, suspected compliance breaches to the Compliance Ofﬁcer. Employees and

external persons have additional reporting channels available to report their observations,

including a compliance email address and telephone number. 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 and the contents of reported circumstances;

reports are processed according to data protection regulations. During the 2022/2023 ﬁscal

year, no reports were submitted via Energie AG’s internal whistleblower system “Tell Me!”.

Moreover, no compliance cases were reported via external reporting channels.

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.

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 147.

Anti-corruption

GRI 205-3

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 81.0% of the employees in the country (previous year:

80.0%).

As in previous years, there were no conﬁrmed cases of corruption leading to dismissals or

the issuing of warning notices within the Energie AG Group in the 2022/2023 ﬁscal year. Nor

were any violations were conﬁrmed in connection with corruption at business partner

companies.

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/

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Non-ﬁnancial report Compliance

competition law to ensure that new staff and employees active in sales and distribution

demonstrably have access to clearly presented and structured information on the subject. The

primary target groups for graduating this module are all sales and sales-related units as well

as procurement staff.

The investigations throughout Austria into the area of collection and transport in the waste

management industry initiated by the Federal Competition Authority (BWB) in 2021 are still in

progress. Umwelt Service GmbH is actively involved in the investigation and has submitted a

report. The response of the BWB is still outstanding. 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.

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.

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.

To this end, an information security topic was presented each month using a range of

materials such as posters, ﬂyers and e-learning units. The main focus was on phishing as well

as email and internet security, with a practical component (“Friendly Phishing”) added to the

awareness campaign.

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 “This is how we think, this is how we act” 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 in line with its legal obligations as an electricity and gas

distribution grid operator.

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Non-ﬁnancial report Compliance

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.

Compliance controls

The compliance management system regulates systematic access to compliance and deﬁnes

content, responsibilities and the division of authorities as well as documentation and

reporting obligations. At the heart of the Group's compliance with laws and regulations is the

› Code of Conduct entitled “This is how we think, this is how we act”. In establishing its

compliance management system, Energie AG ensures the principles laid down in this Code of

Conduct are acted upon. Implementation requires regular compliance controls, which were

implemented at Group level for the ﬁrst time in ﬁscal year 2022/2023 and reported to the

Audit Committee meeting held on 27 June 2023. Compliance controls deal with

management, business and service processes and are based on deﬁned compliance risks at

the level of these processes.

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 the 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 2022/2023. Key areas of

activity have an information security management system (ISMS) and are certiﬁed under

ISO 27001:2013 and reviewed regularly. A supervisory audit pursuant to ISO 27001:2013

was carried out in the 2022/2023 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 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 related to

information security and offers yearly (electronic) training programmes. As part of a Group

assessment and governance project, the requirements of the successor regulations to the

NISG (NIS 2) are analysed and processed by the responsible units in a structured manner. In

this, Energie AG beneﬁts from the high degree of maturity of the various Group companies.

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 when it comes to modern technology in the area of information and

communication technology, meaning that there is always a certain residual risk. As a result,

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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.

RESPECT FOR HUMAN RIGHTS

SDG 8

GRI 406-1, 2-23

Energie AG is committed to unreserved respect for human rights in all areas of the

company, and in its wider sphere of inﬂuence. In its responsible corporate activities,

Energie AG is guided by internationally recognised principles and practices such as the

Guidelines for Multinational Enterprises of the Organisation for Economic Co-operation and

Development (OECD), the Declaration on Fundamental Principles and Rights at Work of the

International Labour Organization (ILO) and the UN Guiding Principles on Business and

Human Rights.

As well as upholding human rights, the Energie AG Group accepts responsibility for observing

laws and standards in the areas of environment, compliance and working conditions. In

upholding the right to privacy and freedom of expression, the Energie AG Group

adheres to private law and the principle of human dignity, which is recognised by the

European Union (EU) as a fundamental and inviolable right. The right to privacy and the right

to a private life are enshrined in the Universal Declaration of Human Rights (Article 12), the

European Convention on Human Rights (Article 8) and the Charter of Fundamental Rights of

the European Union (Article 7). Freedom of expression is based on the Charter of

Fundamental Rights of the EU (Article 11, Freedom of expression and information) and the

European Convention on Human Rights (Article 10, Freedom of expression).

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.

Energie AG expects all business partners to adhere to the statutory framework, along with

the applicable laws and standards on human rights. Risks in the earlier links of the supply

chain cannot be entirely ruled out. In order to promote respect for human rights within its

scope of possible actions and outside its direct sphere of inﬂuence, the Energie AG Group

applies due diligence in its procurement activities. Since early 2022, bidders and contractors

who wish to do business with Energie AG (excl. Czech Republic Segment) must accept the

“ › Code of Conduct for Contractors” in addition to the General Terms and Conditions. The

latter includes 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 through the whistleblowing system in the 2022/

2023 ﬁscal year, nor were any legal proceedings underway.

For more information on diversity at Energie AG, see Employees, Responsible

employer › Page 109.

Energie AG does not tolerate any discriminatory conduct or any unequal treatment, whether

on the basis of national, social or ethnic origin, skin colour, religion, political beliefs, 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. This encourages a

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Non-ﬁnancial report Compliance

climate of mutual appreciation and respect which applies to both Company employees

and all external stakeholders. Behaviours aiming towards fair and trusting interaction with

one another are supported. The Energie AG “cultural compass”, for example, will consolidate

measures aimed at strengthening the willingness to cooperate and work in partnership.

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” and its new purpose “We are creating a fossil-free future for our children”.

The Energie AG Group will continue to develop its sustainability management in the 2023/

2024 ﬁscal year on the basis of environmental, social and societal aspects.

Linz, 4 December 2023

The Management Board of Energie AG Oberösterreich

Dr. Leonhard Schitter MA

Dr. Andreas Kolar

Dipl.-Ing. Stefan Stallinger MBA

CEO

CFO

COO

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128

Non-ﬁnancial report GRI content index

GRI CONTENT INDEX 2022/2023

The GRI content index describes, in reference with the GRI Standards of the “Global

Reporting Initiative” (GRI), where in this non-ﬁnancial report 2022/2023 the reader can

ﬁnd standard disclosures and the farther-reaching supplementary indicators.

UNIVERSAL STANDARDS

GRI 1: Foundation 2021

GRI 2: General Disclosures 2021

The organization and its reporting practices

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

2-1

Organizational details

Business model › Page 17

Shareholder structure › Page 20

2-2

Entities included in the

About this report › Page 15

organization’s sustainability

Notes to the Consolidated

reporting

Financial Statements, Scope of

consolidation › Page 186

2-3

Reporting period, frequency and

About this report › Page 15

The 2022/2023 Group annual

contact point

report was published on 20

December 2023.

2-4

Restatements of information

About this report › Page 15

Restatements of information from

previous non-ﬁnancial reports are

Emissions › Page 67

disclosed in the individual sections.

Generation plants › Page 77

An adjustment to the calculation

method for biogenic emissions by

Proprietary electricity

Erzeugung GmbH led to data

procurement › Page 77

changes in previous years.

Changes under corporate

law › Page 146

2-5

External assurance

About this report › Page 15

The 2022/2023 non-ﬁnancial

report was reviewed by the Energie

AG Group audit on behalf of the

Supervisory Board. An external

assurance did not take place.

Activities and workers

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

2-6

Activities, value chain, and other

Group Management

business relationships

Report › Page 137

Business model › Page 17

Regional

responsibility › Page 104

Group Management Report,

Business development in the

Group, Changes under

corporate law › Page 146

2-7

Employees

Acting as a responsible

employer › Page 109

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129

Non-ﬁnancial report GRI content index

2-8

Workers who are not employees

Acting as a responsible

employer › Page 109

Governance

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

2-9

Governance structure and

Governance structure › Page 21

composition

Corporate management

bodies › Page 22

Group Management Report,

Change in the Management

Board › Page 146

2-11

Chair of the highest governance

Supervisory Board › Page 24

body

2-12

Role of the highest governance

About this report › Page 15

body in overseeing the

Governance structure › Page 21

management of impacts

Internal sustainability

management › Page 33

2-13

Delegation of responsibility for

Internal sustainability

managing impacts

management › Page 33

2-14

Role of the highest governance

About this report › Page 15

body in sustainability reporting

Internal sustainability

management › Page 33

2-16

Communication of critical concerns Customer satisfaction

The supervisory board is not

surveys › Page 102

informed about complaint

management.

Strategy, policies and practices

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

2-22

Statement on sustainable

Interview with the

The sustainability objectives 2022/

development strategy

Management Board › Page 6

2023 were restated in alignment

with the new strategic orientation

Letter by the Management

of Energie AG Group.

Board › Page 13

Corporate strategy

2035 › Page 28

Major sustainability

issues › Page 38

Sustainability

objectives › Page 39

Sustainability at a

glance › Page 41

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130

Non-ﬁnancial report GRI content index

2-23

Policy commitments

Dialogue with

stakeholders › Page 34

Strategy › Page 26

Sustainability

objectives › Page 39

Sustainability opportunities

and risk management › Page 40

Sustainability at a

glance › Page 41

Quality, safety and

environmental

management › Page 47

Compliance › Page 122

Respect for human

rights › Page 126

2-24

Embedding policy commitments

Compliance › Page 122

› Code of Conduct “This is how

we think, this is how we act”

› “Code of conduct for

contractors”

2-25

Processes to remediate negative

Strategy › Page 26

impacts

Sustainability opportunities

and risk management › Page 40

Sustainability at a

glance › Page 41

Quality, safety and

environmental

management › Page 47

Customer orientation and

satisfaction › Page 98

2-26

Mechanisms for seeking advice

Whistleblower

and raising concerns

system › Page 123

Dialogue with

stakeholders › Page 34

2-28

Membership associations

Federation, association and

organisation

memberships › Page 108

Activities in the ﬁelds of sport,

culture and social

affairs › Page 106

Stakeholder engagement

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

2-29

Approach to stakeholder

Dialogue with

engagement

stakeholders › Page 34

2-30

Collective bargaining agreements

Employees › Page 109

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Non-ﬁnancial report GRI content index

GRI 3: Material Topics 2021

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

3-1

Process to determine material

Strategy › Page 26

The identiﬁcation of major

topics

sustainability issues as part of the

CSRD implementation project in

the 2023/2024 ﬁscal year will take

into account the concept of double

materiality.

3-2

List of material topics

Major sustainability

issues › Page 38

3-3

Management of material topics

Internal sustainability

management › Page 33

Dialogue with

stakeholders › Page 34

Sustainability

objectives › Page 39

Sustainability at a

glance › Page 41

Compliance › Page 122

Group Management

Report › Page 137

Group Management Report,

Internal control

system › Page 324

TOPIC-SPECIFIC STANDARDS

Economic

GRI 201: Economic Performance 2016

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

201-1

Direct economic value generated

Economy › Page 52

and distributed

Group Management

Report › Page 137

Consolidated Financial

Statements › Page 176

201-2

Financial implications and other

Sustainability at a

The ﬁnancial implications of

risks and opportunities due to

glance › Page 41

climate change on the Company

climate change

will be evaluated in the course of

Energy Segment, Effects of

the CSRD implementation project.

climate change on the business

model › Page 78

Czech Republic Segment,

Effects of climate change on the

business model › Page 92

Consolidated Financial

Statements, Management of

risks and

opportunities › Page 255

201-3

Deﬁned beneﬁt plan obligations

Consolidated Financial

and other retirement plans

Statements, Non-current

provisions › Page 247

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132

Non-ﬁnancial report GRI content index

201-4

Financial assistance received from

Consolidated Financial

government

Statements, Changes in

investment subsidies › Page 298

GRI 203: Indirect Economic Impacts 2016

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

203-1

Infrastructure investments and

Corporate strategy

services supported

2035 › Page 28

Energy Segment › Page 75

Grid Segment › Page 84

Group Management

Report › Page 137

Group Management Report,

Business development in the

Group › Page 141

GRI 204: Procurement Practices 2016

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

204-1

Proportion of spending on local

Regional

suppliers

responsibility › Page 104

GRI 205: Anti-corruption 2016

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

205-3

Conﬁrmed incidents of corruption

Anti-corruption › Page 123

and actions taken

GRI 206: Anti-competitive Behavior 2016

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

206-1

Legal actions for anti-competitive

Antitrust compliance › Page 123

behavior, anti-trust, and monopoly

practices

Environmental

GRI 305: Emissions 2016

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

305-1

Direct (Scope 1) GHG emissions

Emissions › Page 67

GHG emissions in tonnes per

year › Page 68

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133

Non-ﬁnancial report GRI content index

305-2

Energy indirect (Scope 2) GHG

Emissions › Page 67

emissions

GHG emissions in tonnes per

year › Page 68

GRI 306: Waste 2020

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

306-1

Waste generation and signiﬁcant

Waste Management

waste-related impacts

Segment › Page 87

306-2

Management of signiﬁcant waste-

Waste Management

related impacts

Segment › Page 87

306-3

Waste generated

Waste Management

Segment › Page 87

Social

GRI 401: Employment 2016

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

401-1

New employee hires and employee

Staff levels and personnel

turnover

structure › Page 109

401-2

Beneﬁts provided to full-time

Acting as a responsible

employees that are not provided to

employer › Page 109

temporary or part-time employees

401-3

Parental leave

Life and work at Energie

AG › Page 112

GRI 402: Labor/Management Relations 2016

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

402-1

Minimum notice periods regarding

Acting as a responsible

operational changes

employer › Page 109

GRI 403: Occupational Health and Safety 2018

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

403-1

Occupational health and safety

Sustainability at a

management system

glance › Page 41

Quality, safety and

environmental

management › Page 47

403-2

Hazard identiﬁcation, risk

Workplace health and

assessment, and incident

safety › Page 118

investigation

403-3

Occupational health services

Workplace health and

safety › Page 118

Energie AG Oberösterreich – Annual Financial Report 2022/2023

134

Non-ﬁnancial report GRI content index

403-4

Worker participation, consultation,

Workplace health and

and communication on

safety › Page 118

occupational health and safety

403-5

Worker training on occupational

Workplace health and

health and safety

safety › Page 118

403-6

Promotion of worker health

Workplace health and

safety › Page 118

403-7

Prevention and mitigation of

Workplace health and

Not relevant

occupational health and safety

safety › Page 118

impacts directly linked by business

relationships

403-8

Quality, safety and

Workers covered by an

occupational health and safety

environmental

management system

management › Page 47

Workplace health and

safety › Page 118

GRI 404: Training and Education 2016

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

404-1

Average hours of training per year

Occupational

per employee

development › Page 114

404-2

Personnel and management

Programs for upgrading employee

No transition assistance

skills and transition assistance

development › Page 113

programmes to facilitate career

programs

endings resulting from retirement

were provided in the 2022/2023

ﬁscal year.

404-3

Percentage of employees receiving

Occupational

regular performance and career

development › Page 114

development reviews

GRI 405: Diversity and Equal Opportunity 2016

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

405-1

Diversity of governance bodies and

Promoting diversity › Page 116

employees

Corporate management

bodies › Page 22

405-2

Ratio of basic salary and

Will be made more concrete in the

remuneration of women to men

course of the CSRD

implementation project

GRI 406: Non-discrimination 2016

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

406-1

Incidents of discrimination and

Respect for human

corrective actions taken

rights › Page 126

Energie AG Oberösterreich – Annual Financial Report 2022/2023

135

Non-ﬁnancial report GRI content index

GRI 417: Marketing and Labeling 2016

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

417-1

Requirements for product and

Sales › Page 80

For the Waste Management

service information and labeling

Segment, see § 24a of the Waste

Management Act (AWG) 2002

(Authorisation for the collection

and treatment of waste).

417-2

Incidents of non-compliance

No breaches

concerning product and service

information and labeling

417-3

Incidents of non-compliance

No breaches

concerning marketing

communications

GRI 418: Customer Privacy 2016

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

418-1

Substantiated complaints

Data protection › Page 124

concerning breaches of customer

privacy and losses of customer

data

Sector Disclosures Electric Utilities 2013

General disclosures

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

EU1

Installed capacity, broken down by

Energy Segment › Page 75

energy source

Proprietary electricity

procurement › Page 77

EU2

Net energy output

Energy Segment › Page 75

Proprietary electricity

procurement › Page 77

EU3

Number of customer accounts

Grid Segment › Page 84

EU4

Length of transmission and

Security and quality of

distribution lines

supply › Page 95

Economic disclosures

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

EU-DMA

Management approach to ensure

Security and quality of

(form.

short and long-term electricity

supply › Page 95

EU6)

availability and reliability

EU-DMA

Research and development

Research, development and

(form.

innovation › Page 148

EU8)

Business models ﬁt for the

future – innovation › Page 53

EU12

Transmission and distribution losses Grid Segment › Page 84

Energie AG Oberösterreich – Annual Financial Report 2022/2023

136

Non-ﬁnancial report GRI content index

Social disclosures

GRI

Reference to information available

Standard

Disclosure

online

Remarks and omissions

EU-DMA

Programs and processes to ensure

Acting as a responsible

employer › Page 109

(form.

the availability of a skilled

EU16)

workforce (formerly EU14) Policies

Workplace health and

and requirements regarding health

safety › Page 118

and safety of employees

EU-DMA

Freedom of Association and

Acting as a responsible

Collective Bargaining

employer › Page 109

EU-DMA

Stakeholder participation in

Dialogue with

(form.

decision making processes related

stakeholders › Page 34

EU19)

to energy planning and

infrastructure development

EU-DMA

Approach to managing the impacts Use of land › Page 86

(form.

of displacement

EU20)

EU22

Number of people displaced

No compulsory purchase orders

were made in the 2022/2023 ﬁscal

year.

EU-DMA

Crisis management

Governance structure › Page 21

(form.

Sustainability at a

EU21)

glance › Page 41

EU-DMA

Programmes for the improvement

Dialogue with

(form.

and maintenance of access to

stakeholders › Page 34

EU23)

electricity and services, including

Customer orientation and

partnerships with the government

satisfaction › Page 98

EU28

Power outage frequency

Security and quality of

supply › Page 95

EU29

Average power outage duration

Security and quality of

supply › Page 95

Energie AG Oberösterreich – Annual Financial Report 2022/2023

137

Group Management Report

Group Management Report 2022/2023

for Energie AG Oberösterreich

1) 2)

GROUP

FRAMEWORK CONDITIONS

Macroeconomic environment ³⁾

The economic situation in the 2022/2023 ﬁscal year (1 October 2022 to 30 September

2023) of Energie AG Oberösterreich (Energie AG) was characterised by continuing weak

economic development, persistently high inﬂation rates and the struggle on the part of the

international central banks to curb inﬂation by raising interest rates. In what is a historically

unprecedented approach, the European Central Bank (ECB) successively raised key interest

rates to 4.5% in eight steps during the reporting period. Due to the uncertainty surrounding

economic forecasts, the ﬁeld of tension between ﬁghting inﬂation and stimulating the

economy will remain consistently high in the coming months.

Economic growth and inﬂation

YoY real change (in %)

Sources: IHS, WIFO, IMF

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.

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 2022/2023 at the same

time as the consolidated report on non-ﬁnancial information (Non-Financial Report) 2022/2023, which is published as part of the Group Annual

Report 2022/2023 and online at › http://www.energieag.at/sustainability.

Sources: IHS (Institute for Advanced Studies): › Fall Forecast of the Austrian Economy, 2022 – 2023, 17 October 2023. IMF › (International

Monetary Fund): World Economic Outlook Database (imf.org), 19 October 2023.

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Group Management Report Group

The Institute for Advanced Studies (IHS), the Institute of Economic Research (WIFO) and the

International Monetary Fund (IMF) forecast an economic growth of between +0.4% and

+1.1% (2022: +3.4%) in the euro zone for the year 2023.

For 2023, the Austrian WIFO and IHS institutes are forecasting a slight recession in the

Austrian economy in the range of -0.4% to -0.8%. The IMF's forecast, however, is more

positive, envisaging low growth of +0.1%. In the previous year, Austria's economic growth

was +4.8%. Sharp increases in interest rates, high energy prices and purchasing power

restraints are the causes of the anticipated economic downturn in 2023.

For the Czech Republic market relevant to Energie AG, an increase in the gross domestic

product of +0.2% is anticipated for the calendar year 2023 (2022: +2.4%). In 2024, the

Czech Republic's gross domestic product is forecast to grow by an average of +2.4%.

Energy and climate policy environment

In the ﬁrst half of the reporting period, the EU's energy policy was again largely characterised

by the implementation of immediate measures to cushion high energy prices in the form of

“emergency regulations”, by activities to reduce dependency on energy imports from Russia

and by measures to improve supply security. For example, the EU published the regulation

on an emergency intervention to address high energy prices, the regulation on

enhancing solidarity and the regulation on establishing a market correction

mechanism to protect against excessively high gas prices.

The Council also published the EU Regulation on accelerating the deployment of

renewable energy on 29 December 2022; this regulation accelerates energy transition

projects through simpliﬁed approval procedures. This regulation is directly applicable by all

authorities and courts for proceedings initiated after its entry into force and is limited to 18

months.

In the second half of the year, the focus was on reforming the design of the EU electricity

market, trilateral negotiations on the gas package and numerous measures in the ﬁght

against climate change.

In March 2023, political agreement was reached on a central climate action measure, the

revision of the Effort Sharing Regulation. This regulation deﬁnes binding reduction

targets for all member states in those sectors not covered by EU emissions trading. This

represents a signiﬁcant increase in the EU savings target from 29% to 40% by 2030

compared with the 2005 ﬁgures. What this means for Austria is a reduction in greenhouse

gas (GHG) emissions of 48% by 2030.

On 18 April 2023, the European Parliament formally adopted the revised EU Emissions

Trading System (EU ETS 1) as part of the “Fit for 55” package. Key elements include a

signiﬁcant increase in the GHG reduction target from -43% to -62% by 2030 compared to

2005 ﬁgures, with the gradual inclusion of additional sectors such as shipping and waste

incineration (as of 2028 following prior monitoring and an impact assessment). Beyond this,

the intent is to introduce EU ETS 2, a separate emissions trading system for buildings, road

transport and process emissions not covered by EU ETS 1, starting in 2027. In this context,

regulatory instruments will limit the CO₂price to EUR 45.0 per tonne.

The planned amendment to the Energy Efﬁciency Directive to rapidly reduce dependence

on Russian gas imports was published in the Ofﬁcial Journal of the EU on 20 September

2023. In line with this, the member states must collaborate to ensure a ﬁnal energy

consumption reduction of at least 11.7% by 2030, compared to the energy consumption

forecasts for 2030, which were established in 2020.

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139

Group Management Report Group

After the summer break, trilateral negotiations on the EU gas package were resumed and

intensiﬁed at the end of September 2023, with negotiations focusing on unbundling rules for

hydrogen grid operators.

On 14 March 2023, the EU Commission presented proposals for a reform of the EU

electricity market in order to accelerate both the expansion of renewable energies and the

phase-out of gas as an energy source, and to protect consumers from price ﬂuctuations of

fossil fuels and future price spikes. At a parliamentary level, the negotiation mandate for the

trilateral negotiations was adopted on 14 September 2023.

Both the large number of emergency regulations and the upheavals on the energy markets

also led to numerous political and legislative measures in Austria. National CO₂pricing for

fossil energy came into force on 1 October 2022 as a central instrument of the eco-social tax

reforms. This means that CO₂emissions in Austria have, for the ﬁrst time, been assigned a

price beyond the bounds of the emissions trading system. This will be in the range of

EUR 30.0 to 55.0 per tonne in the period between 2022 and 2025. Due to the rise in energy

prices, the issue value for national certiﬁcates was reduced from EUR 35.0 to EUR 32.5 for

2023 in line with the price stability mechanism provided for in the Act.

Two minor amendments to the Renewable Energy Expansion Act in October and

December 2022 essentially regulated an extension of the commissioning deadlines for

renewable electricity generation plants or rather improvements to the application system and

a suspension of the ﬂat-rate renewables charge for 2023. The accompanying ordinance on

the allocation of market bonuses to promote larger photovoltaic (PV), wind and

hydropower plants for the years 2022 and 2023 was enacted on 4 October 2022. The

regulation on investment grants for 2023 for small renewable electricity generation plants

was published on 15 March 2023.

In July 2023, Austria's National Council passed an amendment to the Electricity Industry

and Organisation Act (ElWOG) in the scope of the “Inﬂation Relief Package”. It deﬁned

further mandatory reporting obligations for suppliers and transparency requirements to

improve price transparency and promote competition.

Based on the EU Emergency Regulation on Revenue Skimming, the Federal Act on the

Energy Crisis Contribution – Electricity was published on 29 December 2022. This caps

the revenue from inframarginal electricity generation plants with a capacity of more than

1 MW at EUR 140/MWh. The maximum revenue increases to EUR 176/MWh if preferential

investments in renewable energies can be claimed in 2022 and 2023. The levy amounts to

90% of surplus revenue and applies from 1 December 2022 until the end of 2023. Following

a minor amendment in June 2023, the upper limit for market revenue was reduced from

EUR 140.0 to EUR 120.0/MWh in response to the fall in wholesale prices.

The Electricity Cost Subsidy Act was passed to relieve the burden from increased energy

prices for households. Private households will receive this subsidy for electricity consumption

of up to 2,900 kWh per year, with effect in the period from 1 December 2022 to 30 June

2024. An amendment published in February 2023 extended the cap on electricity costs for

households with more than three people. As of 1 June 2023, the group of beneﬁciaries was

expanded to include people with an electricity supply contract classiﬁed as for agricultural,

forestry or commercial purposes.

The amendment to the Environmental Impact Assessment Act (UVP-G-2000) announced

in March 2023 has enabled signiﬁcant facilitations for energy transition projects. This

amendment is intended to enable faster and more efﬁcient approval procedures and is

welcomed by the industry as a whole.

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Group Management Report Group

The amendment to the Gas Industry Act (GWG), announced on 22 March 2023, provides

for an extension of the protected customer group to district heating plants that supply heat

to households, social services or small and medium-sized enterprises (SME) and stipulates the

grid level 1 connection of the Haidach storage facility.

The Federal Energy Efﬁciency Act came into force in mid-June 2023. What this means is

that the EU Directive 2018/2002 (EED II) will be implemented nationally by simply amending

the 2014 Federal Energy Efﬁciency Act. The intended focus is the continuation of ﬁnal energy

audits and energy management systems for large companies and the Federal Government's

voluntary commitment to energy efﬁciency measures corresponding to an annual renovation

rate of 3%. In line with this, the intent is to achieve cumulative ﬁnal savings of 650

petajoules (PJ) by 2030 thanks to strategic measures by the Federal Government and the

federal states in order to reduce ﬁnal energy consumption to 920 PJ by 2030, although this is

an indicative target value.

In order to fully implement the Internal Electricity Market Directive, the governing parties are

looking to put into effect a far-reaching amendment to the Electricity Industry and

Organisation Act (ElWOG). Despite repeated announcements by the Ministry, a review

process of the Electricity Industry Act (ElWG) has not yet been initiated, making it doubtful

that a resolution will be passed in this government term.

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141

Business development in the Group

BUSINESS DEVELOPMENT IN THE GROUP

Assets, liabilities, ﬁnancial position and proﬁt or loss ¹⁾

Group overview

Unit

2022/2023

2021/2022

Change

Sales revenues ¹⁾

EUR mill.

4,251.1

3,993.7

6.4%

Operating result (EBIT)

EUR mill.

218.5

150.6

45.1%

EBIT margin ¹⁾

5.1

3.8

34.2%

Financial result

EUR mill.

-5.5

-28.7

80.8%

Earnings before taxes

EUR mill.

213.0

121.9

74.7%

Balance sheet total

EUR mill.

4,116.9

6,912.7

-40.4%

Equity

EUR mill.

1,610.7

1,794.5

-10.2%

Equity ratio

39.1

26.0

50.4%

Net debt ²⁾

EUR mill.

611.9

606.8

0.8%

Net gearing ³⁾

38.0

33.8

12.4%

Investments in property, plant and equipment and

intangible assets

EUR mill.

212.7

201.2

5.7%

Cash ﬂow from operating activities

EUR mill.

-504.9

1,136.5

> -100%

Cash ﬂow from investing activities

EUR mill.

-109.4

-340.3

67.9%

Cash ﬂow from ﬁnancing activities

EUR mill.

-84.5

-86.1

1.9%

ROCE ¹⁾

8.8

5.2

69.2%

WACC

4.7

0.0%

Previous year's value restated

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.

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.

Energie AG generated sales revenues of EUR 4,251.1 million

(previous year: EUR 3993.7 million) and an operating result of EUR 218.5 million

(previous year: EUR 150.6 million) in the reporting period.

The increase in sales revenues was essentially attributable to higher revenues in the

management of power plants, electricity procurement rights and gas portfolios as well as to

price increases in electricity sales. In addition to the Energy Segment, increases in turnover

were also achieved in all other segments.

The balance sheet total decreased by EUR 2,795.8 million from EUR 6,912.7 million to

EUR 4,116.9 million. The decrease primarily resulted from lower fair values of derivative

ﬁnancial instruments and lower receivables due to collateral provided for derivative ﬁnancial

instruments.

The EBIT in the Energy Segment amounted to EUR 156.3 million in the reporting period

(previous year: EUR 18.8 million). Higher contributions to earnings from the Group's own

hydropower plants and from procurement rights for hydropower plants had a particularly

positive effect. The operating result of the Sales business unit includes a one-off

compensation payment to customers. An impairment in the amount of EUR 10.2 million was

recognised for the Timelkam CCGT power plant in the reporting period due to changes in

operating conditions.

With regard to the derivation of the ﬁnancial performance indicators and the calculation methods, please refer, in addition to the explanations in the

Group Management Report, to the corresponding explanations in the Consolidated Financial Statements › Page 176

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142

Group Management Report Group

In the Grid Segment, the operative result was EUR 31.9 million

(previous year: EUR 45.3 million). Both the volume of electricity transported and the volume

of gas transported were signiﬁcantly lower than in the previous year.

The Waste Management Segment generated an EBIT of EUR 30.4 million

(previous year: EUR 33.9 million). The decline was caused by lower prices for recycling

materials and higher expenses due to inﬂation.

In the Czech Republic Segment, sales revenues of EUR 229.7 million

(previous year: EUR 194.7 million) and an operating result in the amount of EUR 10.5 million

(previous year: EUR 6.0 million) were generated in the reporting period. The higher operating

result is primarily due to a reduction in expenses for primary energy in relation to sales

revenues.

The operating result of the Holding & Services Segment amounted to EUR -10.6 million in

the reporting period (previous year: EUR 46.6 million). The previous year's result included

income of EUR 37.0 million from the spin-off of the “Fibre-to-the-Home” (FTTH) operational

unit. Beyond this, lower results were generated by companies accounted for using the equity

method in the 2022/2023 ﬁscal year.

Investments in intangible assets and property, plant and equipment by Segments

2022/2023; previous year's ﬁgures in brackets

In the 2022/2023 ﬁscal year, investments in intangible assets and property, plant and

equipment amounted to EUR 212.7 million, and were thus EUR 11.5 million above the

previous year's level (EUR 201.2 million). With a share of 58.3%, the Grid Segment

accounted for the largest part.

Net debt (non-current and current ﬁnancial liabilities minus cash and cash equivalents, and

adjusted for future margin payments) rose by EUR 5.1 million year-on-year from

EUR 606.8 million to EUR 611.9 million. This increase is primarily attributable to a decrease in

cash and cash equivalents.

Cash ﬂow from operating activities in the 2022/2023 ﬁscal year was EUR -504.9 million,

compared with EUR 1,136.5 million in the previous year. Cash ﬂow from operating activities

includes payments for derivative ﬁnancial instruments in the amount of EUR 960.9 million

and payments received for collateral for derivative ﬁnancial instruments in the amount of

EUR 324.4 million.

The ﬁnancial result improved in the 2022/2023 ﬁscal year from EUR -28.7 million in the

previous year to EUR -5.5 million. The higher interest expenses compared to the previous year

Energie AG Oberösterreich – Annual Financial Report 2022/2023

143

Group Management Report Group

were more than compensated for by higher earnings on interest, and higher earnings from

investments and securities.

Funding and investment strategy

In the past ﬁscal year, the focus of the treasury activities of the Energie AG Group was on

ensuring solvency at all times while at the same time optimising for the greatest possible

ﬁnancial ﬂexibility. The ongoing turmoil on the commodity markets, coupled with increased

interest rate volatility, have led Group Treasury to increasingly focus on securing liquidity and

creditworthiness in the long term. The conservative approach to Energie AG's funding and

investment policy again proved its value in the 2022/2023 ﬁscal year.

Ensuring high ﬁnancial ﬂexibility

A mix of cash and highly liquid, extremely conservative money-market instruments is held to

ensure solvency at all times. As of the reporting date, the Energie AG Group held cash and

cash equivalents of EUR 230.7 million (previous year: EUR 929.4 million) as well as ﬁxed-term

deposits and short-term investments totalling EUR 258.7 million

(previous year: EUR 273.5 million).

In view of the continuing high price ﬂuctuations on the commodity markets and the

associated volatile margin payments to collateralise trading transactions, Energie AG

proactively expanded its credit lines with banks by a signiﬁcant ﬁgure in the past ﬁscal year.

At the end of the ﬁscal year, the Company had unused and readily available credit lines

totalling EUR 950 million at its disposal (previous year: EUR 700.0 million).

Compared to the corresponding period in the previous year, it was again possible to reduce

ﬁnancial liabilities in the 2022/2023 ﬁscal year by EUR 22.0 million to EUR 638.5 million

(previous year: 660.5 million). The Group's repayment proﬁle is characterised by bullet bonds.

For the ﬁrst time, there will be a greater reﬁnancing requirement in two years due to the

maturity of the 2005-2025 bond (with a nominal value of EUR 300 million).

By proactively securing sufﬁcient sources of funding and liquidity, the Energie AG Group is

also well prepared for unexpected future crisis scenarios.

External rating of Energie AG again conﬁrmed

The external rating of Energie AG was again conﬁrmed in mid-March 2023 by S&P Global

Ratings with an A seal of approval. The rating outlook is also assessed to be stable without

change. The rating of Energie AG is very well secured due to the robust development of key

ﬁgures and the ﬁnancial policy, which has been stable for decades. The Group's strong credit

rating supports the required transformation of the energy system with a view to achieving

climate neutrality. The energy sector expects an increase in investment pressure in the context

of the energy transition and efforts to safeguard security of supply.

Central ﬁnancial management of the Group

The Group's internal ﬁnancial management takes place centrally at the holding company level

and includes both cost-optimised liquidity management of the Group companies and the

long-term provision of ﬁnancial resources in line with requirements and based on standard

market conditions. At the end of the 2022/2023 ﬁscal year, 27 Group companies were

integrated into the Energie AG cash pooling system.

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144

Group Management Report Group

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 2022/2023 ﬁscal year was 4.7%

(previous year: 4.7%).

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 tied up

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 203.

The goal of the Energie AG Group is to generate an ROCE above the WACC through

consistently 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 156.6 million (previous year: EUR 95.2 million ¹⁾).

Previous year's value restated

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Group Management Report Group

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 2022/2023 ﬁscal year, the ROCE of the Energie AG Group was 8.8%, 3.6 percentage

points above the previous year (5.2% ¹⁾).

Treasury stocks

By resolution of the annual General Meeting on 20 December 2022, the share capital of

Energie AG was reduced by EUR 808.00 from EUR 88,652,558.00 to EUR 88,651,750.00 by

means of a simpliﬁed capital reduction by cancellation of 808 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 2022/2023, the

following changes in treasury stock resulted from this security:

Treasury stocks

Share in

Treasury stocks

capital stock

EUR 1,000

Treasury stocks as of 30.09.2022

808

0.001

0.8

Disposals 2022/2023

-808

-0.001

-0.8

Additions 2022/2023

1,624

0.002

1.6

Treasury stocks as of 30.09.2023

1,624

0.002

1.6

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 35. Related

party disclosures › Page 261.

Previous year's value restated

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Changes under corporate law

At the start of the 2022/2023 ﬁscal year, VAK Zápy s.r.o. was merged with its owning

company VAK Beroun a.s., in which ENERGIE AG BOHEMIA s.r.o. has a share holding of some

60%. ENERGIE AG BOHEMIA s.r.o. now manages all water and waste water activities in the

central area around Prague.

On 2 January 2023, Energie AG Kolín a.s. took over an operational unit of Zipr s.r.o. in

Kouřim to further consolidate the market. This involved entering into an existing concession

agreement and acquiring the assets required for this.

Trend in staff levels

In the 2022/2023 ﬁscal year, the Group’s average consolidated workforce stood at 4,651 full

time equivalents (FTE), thus representing an increase of 1.0% (45 FTE) over the average of the

2021/2022 ﬁscal year (4,606 FTE).

The increase in the Holding & Services Segment is mainly due to pension successions as part

of personnel integration by Energie AG Oberösterreich Personal Power GmbH.

Staff levels ¹⁾

Unit

2022/2023

2021/2022

Change

Energy Segment

FTE

455

459

-0.9%

Grid Segment

FTE

583

582

0.2%

Waste Management Segment

FTE

823

831

-1.0%

Czech Republic Segment

FTE

1,729

1,715

0.8%

Holding & Services Segment

FTE

1,061

1,019

4.1%

Group total

FTE

4,651

4,606

1.0%

Yearly average of the fully-consolidated and proportionately consolidated entities

Change in the Management Board

As of 1 January 2023, Dr. Leonhard Schitter took over the position as CEO of Energie AG and

Board Member for Sales and Marketing. In this function he is taking over from the previous

Chief Executive Ofﬁcer DDr. Werner Steinecker, who retired at the end of the 2022 calendar

year, to become the new Chairman of the Management Board of Energie AG.

Dr. Andreas Kolar was reappointed as Chief Financial Ofﬁcer (CFO) and Dipl.-Ing. Stefan

Stallinger MBA as Chief Operating Ofﬁcer (COO) by the Supervisory Board, both continuing

their previous functions.

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

positive further development.

Group-wide strategic and organisational project

To proactively address the massive changes in the underlying conditions, such as the volatile

market situation, the advancing climate crisis and demographic change, a Group-wide

strategy and organisational project named “LOOP” was launched in March 2023.

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This project triggered active shaping of the energy transition towards a sustainable energy

future. Decarbonisation and the accelerated expansion of renewable energies are just as

much in the focus of this project as is an even stronger orientation on customer requirements.

In the ﬁrst phase of the project between March and June 2023, strategic directional decisions

were made. Concrete measures were derived and implementation began in the second

project phase starting in September 2023. The implementation of further focus topics, such

as expanding wind and PV-based energy generation, and advancing hydrogen technology

and energy storage, was triggered, as was the further development of the future topics of e-

mobility and transforming the heating supply.

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 senior executives and

employees in order to identify and control existing risks and 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 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 Governance,

Risk & Compliance (GRC) Management system. The IT tool used links the areas of ICS, Quality

assurance and environmental protection (QSE), risk management, information and

communication technology (ICT) risks, data protection, and compliance and has established

itself as a valuable information system for senior executives 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

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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 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

In the 2022/2023 ﬁscal year, Energie AG faced a number of challenges and opportunities that

had a signiﬁcant impact on the company's risks and opportunities management. This took

place against the backdrop of unstable and uncertain conditions in the energy sector.

The energy industry was signiﬁcantly inﬂuenced by political and regulatory developments

during the reporting period. The European Union issued emergency regulations to cope with

high energy prices and reduce dependence on Russian energy imports. Despite the ongoing

burdens in the energy industry and the general political conditions, there was a downward

trend in electricity and gas prices on both the spot and futures markets. All told, these

developments led to a reduction in the risk position at Energie AG.

Due to volatile energy markets and uncertainties in energy policy, the reliability of medium

and long-term forecasts is currently limited. All told, Energie AG did not identify any risks in

the 2022/2023 ﬁscal year capable of posing a threat to the company as a going concern.

In the 2022/2023 ﬁscal year, risks and opportunities management played a key role in

identifying risks at an early stage and in deriving measures capable of mitigating risks and

leveraging opportunities. Continuous adaptation to political and regulatory developments

and the increased focus on counterparty risk management have contributed to the

Company's ﬁnancial stability and long-term success. Despite uncertainties on the markets and

in politics, Energie AG succeeded in consolidating its position during the reporting period and

is well equipped to meet future challenges.

For more details on the risks and opportunities situation, see the Notes to the Consolidated

Financial Statements, Section 34. Risk management. › Page 255

RESEARCH, DEVELOPMENT AND INNOVATION

Energie AG pursues a clear strategy with a view to research, development and innovation

throughout the Group in order to prepare itself in the best possible way for the challenges

ahead and to ensure continuous further development. The speciﬁc focus is the European and

Austrian targets for mitigating climate change. In the past few years, these targets have led

to concrete guidelines and regulations, which have opened up new projects and ﬁelds of

research.

Energie AG takes a proactive stance, and is committed to pursuing the latest research topics,

in awareness of its social responsibility for future generations and for ensuring security of

supply to its customers. In the reporting period, Energie AG worked in a targeted manner on

projects related to the systematic analysis of the future decarbonised energy system and on

the effects of increasing energy generation from renewable sources on the future grid

infrastructure. Other focus topics included hydrogen, ﬂexibility, renewable heat and IT

security.

Energie AG also attaches great importance to development and innovation in the ﬁeld of

digitalisation and automation. In times where decarbonisation and the transformation of

the energy system are becoming increasingly urgent, Energie AG emphasises the importance

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of good networking and close cooperation with partners in science and industry. This

valuable exchange of knowledge forms the basis for the successful research and development

of innovative solutions that enable a sustainable and responsible energy future.

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 2022/2023 ﬁscal year, the focus here was above all on the in-depth

conceptualisation of ideas in preparation for implementation and on developing new business

ideas. In addition to customer research, several experiments were conducted to validate the

business models. Additionally, technology and cooperation partners were brought on board

to implement individual projects, particularly in the ﬁelds of artiﬁcial intelligence and machine

learning.

R&D&I key performance indicators

Unit

2022/2023

2021/2022

Change

Number of R&D&I projects in the Group

Number

108

103

4.9%

Staff in R&D&I projects

FTE

59.3

56.3

5.3%

R&D&I expenses in the Group

EUR mill.

5.0

5.3

-5.2%

In ﬁscal year 2022/2023, research, development and innovation were pursued in the

following projects (non-exhaustive list):

Project 567

This project aims to determine the increasing load that the expansion of decentralised energy

generation systems, in particular PV, as well as the increased electriﬁcation of vehicles and the

growing numbers of heat pumps will put on the distribution grids over the next 30 years, and

to develop methods and scenarios for coping with the resulting grid expansion this will

necessitate. Initially, a forecast, broken down by regions, of the development of the

applicable technologies in the distribution grids was created. This forecast forms the basis for

the comprehensive grid simulations needed to determine the medium and long-term grid

expansion requirements in terms of medium and low-voltage infrastructure. Technical and

economic analysis of various strategies for upgrading the distribution grids delivers

comprehensive results on the effectiveness of the various measures, such as line

reinforcements or building new stations, and forms the basis for efﬁcient and future-oriented

grid development.

CASCADE

Due to the wide range of possible applications such as heat and cold generation, heat

storage and electricity generation, geothermal energy will play a decisive role in the

transformation process for decarbonising industry. The “CASCADE” project aims to evaluate

deep and geothermal resources in three areas in Upper Austria (Steyr, Gmunden and St.

Martin im Mühlkreis) with a view to supplying heat to the participating industrial partners and

the district heating networks of the communities. The key element of the project is that of

elaborating a strategy for cascaded use of geothermal heat. The intent is to leverage deep

high-temperature geothermal energy to cover industrial demand, and at the same time make

this available to district heating networks; this will be followed by the use of medium and

low-temperature heat for commercial and residential purposes. Taking the speciﬁc

requirements of all partners, and the technical and economic aspects into account, the intent

is to generate regional synergies while boosting the economic efﬁciency of the system.

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Future Energy Upper Austria

The “Future Energy Upper Austria” study focuses on the development of energy scenarios

and on integrated infrastructure analysis for the future energy system of Upper Austria. The

aim is to highlight developments and opportunities and derive recommendations in the

context of a climate-neutral energy industry. Three different scenarios are being examined in

terms of their impact up to 2050. The ﬁrst scenario extrapolates energy demand based on

statistical development factors; the second takes into account measures that have already

been adopted or announced by government, such as targets for the expansion of renewable

energies. The third scenario applies an optimisation approach to compute the most

systemically efﬁcient sectoral energy use. The results are processed in a regionalised

simulation across all energy carriers(electricity, gas, heat) in order to identify bottlenecks in

the system and develop potential solution options or derive recommendations for action.

ECOSINT

The “ECOSINT” project focuses on smart integration of renewable energy communities into

the overall system in order to make a positive contribution to managing the energy transition.

Coordinated integration and use of ﬂexibility can help to avoid load and feed-in peaks while

ensuring resilience. The initial step is that of analysing the objectives, opportunities and

requirements for renewable energy communities. An further focus is on designing a

standardised, secure, modular and scalable IT system architecture. Following this, the IT

system architecture will be validated using simulations based on selected use cases and

evaluated in collaboration with the stakeholders. The project's aim is to create an efﬁcient

and secure basis for operating renewable energy communities, taking into account the

internal goals while at the same time optimising the beneﬁts for the overall system.

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KEY PERFORMANCE INDICATORS

Group overview

Unit

2022/2023

2021/2022

Change

Electricity procurement

GWh

11,774

14,096

-16.5%

Electricity procured from third parties

GWh

8,619

10,519

-18.1%

Proprietary electricity procurement ¹⁾

GWh

3,155

3,577

-11.8%

Thermal power plants

GWh

603

1,135

-46.9%

Renewable energy

GWh

2,552

2,442

4.5%

Group's own hydropower plants

GWh

1,106

1,046

5.7%

Procurement rights from hydroelectric power

GWh

1,253

1,186

5.6%

Other renewable energy (photovoltaics,

wind, biomass)

GWh

193

210

-8.1%

Electricity grid distribution volume to end customers

GWh

7,491

8,118

-7.7%

Electricity sales volume ²⁾

GWh

5,994

6,621

-9.5%

Gas grid distribution volume to end customers

GWh

16,861

19,592

-13.9%

Gas sales volume

GWh

4,818

5,461

-11.8%

Heat procurement

GWh

1,662

1,753

-5.2%

Heat sales volume

GWh

1,533

1,619

-5.3%

Total waste volume handled

1,000 t

1,529

1,575

-2.9%

Incinerated waste volume

1,000 t

602

591

1.9%

Invoiced drinking water volume

m³mill.

58.0

58.2

-0.3%

Invoiced waste water volume

m³mill.

45.2

0.0%

Internet data volume transferred ³⁾

111,920

88,670

26.2%

of which in the ﬁscal year 2022/2023 3,153 GWh on the domestic market (previous year: 3,574 GWh)

of which in the ﬁscal year 2022/2023 4,599 GWh distribution to consumers on the domestic market (previous year: 4,975 GWh)

Key ﬁgure changed due to spin off of the Fibre-to-the-Home ﬁbre-optic network in the 2021/2022 ﬁscal year; TB = Terabyte

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 203.

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

2022/2023

2021/2022

Change

Total sales ¹⁾

EUR mill.

3,322.8

3,130.8

6.1%

EBIT

EUR mill.

156.3

18.8

> 100%

Investments in property, plant and equipment

and intangible assets

EUR mill.

26.3

24.5

7.3%

Workforce (on average)

FTE

455

459

-0.9%

Electricity procurement, incl. third-party procurement

GWh

11,590

13,898

-16.6%

Proprietary electricity procurement

GWh

2,971

3,379

-12.1%

Electricity sales volume

GWh

5,994

6,621

-9.5%

Gas sales volume

GWh

4,818

5,461

-11.8%

Heat procurement

GWh

1,156

1,288

-10.2%

Heat sales volume

GWh

1,053

1,178

-10.6%

Previous year's value restated

ECONOMIC FRAMEWORK CONDITIONS FOR THE ENERGY SECTOR ¹⁾

Price development on international energy markets

Sources: EEX, ICE

Sources: EEX (European Energy Exchange AG) › market data: Market data (eex.com), 1 October 2023. ICE (Intercontinental Currency Exchange)

market data: › Products - Futures & Options | ICE (theice.com), 1 October 2023.

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The forward market prices for electricity for delivery in 2024 in Austria showed a clear

downward trend in ﬁscal year 2022/2023. The main inﬂuencing factors here were the prices

for coal, gas and CO₂emission allowances as well as the macroeconomic development.

Following volatile development in the fourth quarter of 2022 and a high of EUR 307.8/MWh

at the beginning of December 2022, prices had dropped to half their previous level by March

2023 and then only continued to fall slowly in a lateral movement. The electricity price for

the annual base of 2024 in the Austrian price zone reached its lowest value of EUR 127.4/

MWh on the last trade date of the past ﬁscal year. The average price was EUR 185.7/MWh in

the 2022/2023 ﬁscal year.

On the spot market, prices also dropped to around half 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 134.3/MWh with a volatile development, with

prices sharply declining since the start of 2023.

The oil price for delivery in December 2023 rose from a low of USD 71.1/barrel (bl) of Brent

crude oil on 4 May 2023 to peak at USD 94.4/barrel on 27 September 2023. Among other

factors, the increase can be attributed to production throttling by the OPEC countries and an

increase in global demand.

A diversiﬁcation of supply sources, the reduction in gas consumption in many areas and high

storage levels caused the price of natural gas to fall signiﬁcantly from the second quarter of

the reporting period. In the 2022/2023 ﬁscal year, the Trading Hub Europe (THE) gas price for

the front year 2024 fell from EUR 113.8/MWh at the beginning of October 2022 to

EUR 48.4/MWh at the end of September 2023.

In the ﬁscal year 2022/2023, prices for CO₂emission allowances ﬂuctuated between

EUR 68.8/t and EUR 100.3/t. After a rise in prices until February 2023, demand subsequently

fell due to the gloomy economic outlook and the reduced use of power plants with fossil

energy sources.

BUSINESS DEVELOPMENT IN THE ENERGY SEGMENT

The Energy Segment recorded sales revenues of EUR 3,322.8 million in the reporting period.

The reason for the 6.1% year-on-year increase was higher sales revenues from the

management of the electricity and gas portfolios and the higher price level in electricity sales.

In the reporting period, the EBIT of the Energy Segment amounted to EUR 156.3 million and

was well above the operating result of the same period of the previous year

(EUR 18.8 million). The EBIT was positively inﬂuenced by the rise in water levels compared

with the previous year and the resulting higher generation volumes from Group-owned

hydropower plants, procurement rights from hydroelectric power, and sales price increases. In

contrast to this, the reduced use of thermal power plants had a negative impact on the result

in the Energy Segment. In addition, increased earnings contributions from the management

of the electricity portfolio more than compensated for decreases in gas management.

In the reporting period, an impairment in the amount of EUR 10.2 million was recognised for

the Timelkam CCGT power plant due to changes in operating conditions, whereas a reversal

of impairment amounting to EUR 4.1 million had been recognised in the previous year. The

operating result of the Energy Segment includes a one-off compensation payment to

customers.

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INCREASED PROPRIETARY ELECTRICITY PROCUREMENT FROM HYDROELECTRIC

POWER AND DOWNTURN IN ELECTRICITY GENERATION FROM THERMAL

POWER PLANTS

Total electricity procurement in the Energy Segment in the 2022/2023 ﬁscal year

totalled 11,590 GWh and was 16.6% lower than in the previous year (13,898 GWh). The

main reason for this development was the sharp decline in electricity procured from third

parties to 8,619 GWh (previous year: 10,519 GWh). At 2,971 GWh, proprietary electricity

procurement in the reporting period was also 12.1% lower than in the previous year

(3,379 GWh).

Electricity production from thermal capacities in the Energy Segment amounted to

483 GWh and thus nearly halved compared to the previous year's value of 1,015 GWh.

Compared to the previous year, this development is attributable to the risk-optimised

utilisation of the CCGT power plant Timelkam and to Cogeneration-Kraftwerke Management

Oberösterreich GmbH (CMOÖ GmbH) in Laakirchen.

As the water level was signiﬁcantly higher compared with the previous year, proprietary

electricity procurement from hydroelectric power during the 2022/2023 ﬁscal year

totalled 2,359 GWh, which is 5.7% above the previous year's ﬁgure of 2,232 GWh.

Compared with the long-term average, river water levels were 7.0% below average in the

reporting period (previous year: -12.1%). The hydro coefﬁcient of the Group's own power

plants and procurement rights was 0.93 during the reporting period (previous year: 0.88).

The drop in sales volumes and a reduction in trading volumes due to lower management

activities at the thermal generation plants saw electricity procured from third parties fall.

Electricity procurement structure without electricity trading

2022/2023; previous year's ﬁgures in brackets

Due to the changing conditions in the energy market, provoked in particular by the push to

expand electricity generation from the volatile energy forms wind and solar, long-term

forecasts indicate both an increasing need for additional, high-performance ﬂexibility and

storage capacities and economic potential in this environment. This prompted the decision to

construct a pumped-storage power plant in Ebensee during the reporting period. With

an investment volume of some EUR 450 million, this project is the largest single investment in

the history of Energie AG. Pumped storage power plants are capable of storing large

amounts of energy and making it available at a later date. This type of power plant is

extremely efﬁcient and is available at all times, which in turn improves security of supply and

grid stability.

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The pumped-storage power plant is planned as a cavern power plant at the foot of the

“Großer Sonnstein” mountain with a variable-speed Francis turbine. The construction of a

natural dam with a height of approx. 60 metres is planned for the headwater reservoir in the

Rumitzgraben. Lake Traunsee will serve as the lower reservoir. In times of surplus electricity

production, the water is pumped around 500 meters uphill, through a cavern housing the

reversible pump turbine, where it acts as an energy store that can be tapped at any time.

When the demand for electricity increases, the water is routed back down again and

converted into electrical energy by the turbine. The power plant has a storage capacity of

1.32 million m³and an output of 170 MW. The storage capacity enables electricity

generation for 10 full load hours.

Moreover, work in the hydroelectric power unit continued on the preliminary projects for the

construction of the Weissenbach power plant and the replacement of the Traunfall power

plant in order to establish projects capable of approval.

Ennskraftwerke AG, in which Energie AG holds a participating interest of 50%, also reported

electricity production below the long-term average in the 2022/2023 ﬁscal year, with a hydro

coefﬁcient of 0.88 (previous year: 0.85). 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 15.2 MW. At the beginning of the

2022/2023 ﬁscal year, a further wind turbine with an output of 3.45 MW was commissioned

by Windpark Munderﬁng GmbH, in which Energie AG holds a 14.7% interest. Generation

from wind power in the reporting period was 33 GWh (previous year: 38 GWh).

Energie AG operates photovoltaic plants in Austria and Italy with a total capacity of

21 MW_p(previous year: 18 MW_p). In the ﬁscal year 2022/2023, 17 GWh of electricity

(previous year: 18 GWh) was fed into the public grid. Two PV projects were being

implemented during the reporting period. For one, a PV system with an output of 1.46 MW_p

was installed on the roof of a horse riding facility. The second project was implemented at

the Energie AG location in Timelkam. The existing PV system on the ash landﬁll site was

supplemented by a second, independent system with approx. 1.15 MW_p, allowing the former

landﬁll area to be used in the best possible way to generate electricity. Both systems were

commissioned at the beginning of the 2023/2024 ﬁscal year.

Energie AG supplies several areas in Upper Austria, including Kirchdorf, Gmunden and

Vöcklabruck, with sustainable district heating. The volume of district heating distributed

from the power plant locations in Riedersbach and Timelkam dropped by 4.8% to 231 GWh

compared with the previous year (242 GWh) due to the mild weather. Expansion of the

Freistadt district heating site has reached the planning phase. The cornerstone of the project

is the expansion of the biomass power plants by 2.5 MW and the district heating network by

1,900 metres of pipework.

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

2022/2023 ﬁscal year amounted to 593 GWh and was therefore 13.5% below the previous

year's value (685 GWh).

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ENERGIE AG AS A RELIABLE PARTNER FOR CUSTOMERS

Following the price guarantee given to electricity and gas customers for main brand standard

products since 2017, it proved necessary to increase prices for existing customers in the

electricity and gas unit in the reporting period on account of the extraordinary market

situation.

The price adjustment for electricity implemented as of 2 January 2023 was supported by an

external legal expert with a view to the new legal situation (“relevant circumstances”

pursuant to § 80 para. 2a ElWOG). The price adjustment in the gas unit, which also took

effect on 2 January 2023, was introduced in accordance with the provisions in the General

Terms and Conditions (GTC) on the basis of changes in the Austrian Gas Price Index (ÖGPI)

and the Consumer Price Index (CPI). Given the challenges to the legal conformity of the price

increases for electricity introduced by many companies in the industry on the basis of the new

legal situation, Energie AG and special interest groups agreed on a quick, customer-friendly

and practicable solution in order to avoid a legal dispute lasting many years.

The price adjustment was accompanied by numerous campaigns – for example, Energie AG

offered special advisory days for customers and also increased personnel resources in the call

centre in advance in order to cope with the anticipated increased volume of communication.

As a result, a set of measures was compiled to effectively counteract the high charges for

speciﬁc customer groups, in particular for customers with heat pumps or night storage

heaters as well as low-income customers. As of 1 February 2023, it proved possible to reduce

prices for new customers acquired since December 2021, moving them to the lower existing

customer price applicable as of 2 January 2023, thus adopting these customers into the

existing customer base. As of 1 February 2023, the price for newly acquired customers was

also reduced.

Thanks to its forward-looking, long-term procurement strategy, Energie AG Oberösterreich

Vertrieb GmbH (Vertrieb GmbH) was able to reduce electricity prices for existing customers as

of 1 June 2023 despite the challenging environment.

The reliable supply situation and the relatively mild winter of 2022/2023 have led to a drop in

wholesale prices for gas as an energy source, which is why gas customers (annual

consumption <400,000 kWh) are being granted a discount of 20% on standard products for

the period from 1 June 2023 to 31 May 2024.

The noticeable easing on the energy markets during the reporting period has already led to

an uptick in competitive activities on the sales market; however, the positive trend of low

provider switching rates continued.

In the reporting period, the number of heating degree days, which deﬁne the temperature-

related energy demand, was well below that of the comparable period in the previous year

(-9.8%) in Upper Austria, and below the average for the last ﬁve years (-5.7%).

In the current energy industry environment, sales activities focused on ongoing and

standardised risk management to ensure targeted risk control, while even greater attention

was paid to monitoring risks from receivables.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

158

Group Management Report Energy Segment

Electricity

Electricity sales volume

in GWh

At 5,994 GWh, Energie AG's consolidated electricity sales

volume in ﬁscal year 2022/2023 was 627 GWh below the

previous year's ﬁgure of 6,621 GWh.

Electricity distribution to business and industrial customers

has declined. This was attributable to lower purchase

volumes from existing customers, an increase in provider

switching behaviour and the growing proportion of self-

supply from in-house PV systems. Due to mild weather in

the ﬁrst half of the ﬁscal year, the development in the

volume sold to residential, commercial and municipal

customers was also lower than in the previous year; in

particular, lower volumes were sold in the period from

October 2022 to January 2023 than in the same period of

the previous year. The slightly cooler start to spring 2023

only partially compensated for these declines.

The continuing trend towards the installation of PV systems attracted many new customers in

the prosumer target group (= a producer who is also a consumer). As a result of this, the

number of customers who supplied electricity back to Energie AG increased signiﬁcantly in

the reporting period.

Gas

Gas sales volume

in GWh

At 4,818 GWh, the volume of gas sold by Energie AG in

the 2022/2023 ﬁscal year was 643 GWh or 11.8% below

the previous year's ﬁgure of 5,461 GWh.

Volumes sold to business and industrial customers were

down on the previous year; this was primarily due to lower

consumption by existing customers. Due to the weather

conditions, lower sales volumes were also noted for the

gas sector's residential, commercial and municipal

customers in the reporting period. In addition, interest in

changing heating systems increased in this area due to the

current economic framework conditions.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

159

Group Management Report Energy Segment

Heat

Heat sales volume Austria

in GWh

The heat sales volume in Austria amounted to 1,053 GWh

in the 2022/2023 ﬁscal year; this was down 10.6% on the

previous year's ﬁgure of 1,178 GWh; again this was

attributable to the mild weather in the reporting period. 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

purchase agreements.

Telecommunications

Prompted by the continuing great demand for online

services, 19,495 private customers were already actively

using Energie AG's products by the end of the 2022/2023

ﬁscal year (previous year: 16,723). Despite the dynamic

and challenging competitive environment, Energie AG was

also able to convince more customers in the business

customer unit of its product beneﬁts.

Photovoltaics

As of 30 September 2023, Energie AG was operating 74 photovoltaic plants on behalf of

customers under on-site power purchase agreements (PPAs) (previous year: 61) with an

output of 12.3 MW_p(previous year: 9.9 MW_p). Consumer products offered in the PV unit

were in great demand during the reporting period.

Electromobility

The focus of Vertrieb GmbH's electromobility activities is currently on charging solutions,

particularly in high-density residential areas and for company ﬂeets in the business sector.

Parallel to this, the targeted installation of public charging stations including operations

management and service packages with local partners was continued and intensiﬁed.

Vertrieb GmbH currently operates 212 publicly accessible charging stations (previous year:

164) with various output ranges from 3.7 kW to 150 kW, including a billing system, and

manages a total of 904 charging points (previous year: 604).

Energie AG Oberösterreich – Annual Financial Report 2022/2023

160

Group Management Report Grid Segment

GRID SEGMENT

Grid Segment overview

Unit

2022/2023

2021/2022

Change

Total sales

EUR mill.

431.7

392.0

10.1%

EBIT

EUR mill.

31.9

45.3

-29.6%

Investments in property, plant and equipment and

intangible assets

EUR mill.

123.9

115.4

7.4%

Workforce (on average)

FTE

583

582

0.2%

Electricity grid distribution volume to end customers

GWh

7,491

8,118

-7.7%

Gas grid distribution volume to end customers

GWh

16,861

19,592

-13.9%

STATUTORY AND REGULATORY FRAMEWORK IN THE GRID SEGMENT

At the beginning of the reporting period, the situation on the energy market continued to

provoke rising costs for the procurement of grid loss energy. This prompted the regulatory

authority to increase the grid utilisation fees for electricity by between 35.8% and 72.6% as

of 1 January 2023. Austria's National Council decided to make a cost-reducing contribution

towards grid loss charges for supply systems for 2023 in order to reduce the burden on

customers. The major share of the increase in grid loss charges was subsequently cushioned

by the government's subsidy, as well as the downward trend in market prices in the

meantime, and tariff levels were reduced accordingly as of 1 March 2023. Compared with the

previous year, the grid utilisation fees therefore increased by between 5.6% and 10.3% from

1 March 2023, with different tariffs now being applied for consumers and suppliers.

The grid utilisation fees in the gas sector rose by 23.5% for consumers at grid level 3 and by

40.8% for consumers at grid level 2. This signiﬁcant increase was again prompted by higher

grid loss costs and higher upstream grid costs.

The fourth regulatory period in the gas sector began on 1 January 2023 and will run for

another 5-year period. In the 2022/2023 ﬁscal year, one focus in the Grid Segment was the

initiation of the cost determination process for the ﬁfth electricity regulatory period. In

addition to wide-ranging requirements and queries from the authorities, expert meetings

were held to discuss and deﬁne the parameters for the ﬁfth regulatory period.

BUSINESS DEVELOPMENT IN THE GRID SEGMENT

In the reporting period, sales revenues in the Grid Segment amounted to EUR 431.7 million,

representing an increase of 10.1%. In ﬁscal year 2022/2023, the EBIT of the Energy Segment

amounted to EUR 31.9 million, which is equivalent to a decline of 29.6%). This was primarily

due to lower transported volumes on both the electricity and gas grids as well as to higher

grid loss costs and upstream grid costs. These were only partially offset by the regulatory

increase in grid utilisation fees. Besides this, the investments made prompted rises in

depreciation and amortisation in the electricity and gas grids and other expenses.

ELECTRICITY AND GAS GRID AS THE BACKBONE OF THE UPPER AUSTRIAN

SUPPLY INFRASTRUCTURE

In the past ﬁscal year, Netz Oberösterreich GmbH (Netz OÖ GmbH) was the ﬁrst Austrian gas

grid operator to be audited in line with ÖVGW-QS-GNB 300 (quality requirements for gas

grid operators for caloriﬁc value determination). The aim is to establish a binding and

Energie AG Oberösterreich – Annual Financial Report 2022/2023

161

Group Management Report Grid Segment

comprehensible procedure for determining and billing for caloriﬁc values when gases with

different caloriﬁc values are fed in. Beyond this, the company already has a number of

existing certiﬁcations. The audit of the information security management system (ISMS) to

ISO/IEC 27001:2013 standards conﬁrmed the high level of information system security at

Netz OÖ GmbH. This provides a solid basis for the planned restructuring of the energy

system.

Compared to the same period of the previous year, the

Electricity grid distribution volume to end

electricity grid distribution volume fell by a total of

customers

7.7% from 8,118 GWh to 7,491 GWh in the ﬁscal year

2022/2023. A signiﬁcant decline in electricity grid

in GWh

distribution volume at all grid levels was noticeable. As of

30 September 2023, the electricity business unit of the

Grid Segment supplied approx. 527,000 active customer

installations (previous year: 522,000).

In the reporting period, a sequence of several

thunderstorms in the months July and August 2023 posed

a challenge for grid operations. It was not only the

individual events themselves, but also 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 2022/2023 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 2032” (Stromnetz-

Masterplan Oberösterreich 2032). The environmental impact assessment (EIA) hearing was

held for the “Central Region Upper Austria Electricity Supply” project. A mandatory EIA was

imposed for the “Mühlviertel, Rohrbach – Langbruck Electricity Supply” project. The

“Wagenham Grid Support”, “Rottenbach Substation” and the “General Renovation of Steyr

North – Steyr East” projects are currently in the implementation phase.

Replacing of overhead power line sections of the medium and low-voltage grid with

underground cable was continued wherever expedient. 29 km of medium-voltage overhead

lines and 135 km of low-voltage overhead lines were replaced by underground cables during

the reporting period.

In the calendar year 2023, the very large number of grid connection applications for

decentralised electricity generation systems or, more speciﬁcally, for PV systems, posed a

major challenge again. It proved impossible to provide 100% of the required grid capacity – it

will be necessary to create this capacity through additional low- and medium-voltage grid

construction work. The installed capacity from PV is around 1,014 MW

(previous year: 589 MW) with around 61,700 connected systems (previous year: 39,300

systems).

Particular attention was paid to optimising the customer interface. In addition to a wide

range of new digital offerings on the online web portal, a decision was reached to implement

a grid-speciﬁc customer competence centre.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

162

Group Management Report Grid Segment

In the reporting period, the gas grid distribution volume

Gas grid distribution volume to end

fell to 16,861 GWh and therefore by 13.9% compared to

customers

the same period of the previous year (19,592 GWh). This

decline in volumes had an impact on both the industrial

in GWh

and household sectors and was inﬂuenced by the very

high gas prices and what was a fairly mild winter.

The number of customers in the Gas unit declined in the

past ﬁscal year. The causes are assumed to be trends in

society and political requirements, especially relating to

climate change mitigation.

Extensive upgrades were carried out at three reduction

stations in the 2022/2023 ﬁscal year. A high-pressure

natural gas pipeline with a total length of 3.6 km was

investigated using smart pigging. Beyond this, various

repairs to high-pressure pipelines were carried out in the

reporting period.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

163

Group Management Report Waste Management Segment

WASTE MANAGEMENT SEGMENT

Waste Management Segment overview

Unit

2022/2023

2021/2022

Change

Total sales

EUR mill.

274.7

272.6

0.8%

EBIT

EUR mill.

30.4

33.9

-10.3%

Investments in property, plant and equipment and

intangible assets

EUR mill.

23.0

19.7

16.8%

Workforce (on average)

FTE

823

831

-1.0%

Total waste volume handled

1,000 t

1,529

1,575

-2.9%

Incinerated waste volume

1,000 t

602

591

1.9%

ECONOMIC FRAMEWORK CONDITIONS FOR THE WASTE MANAGEMENT

SECTOR

The Circular Economy Package authored at EU level aims to establish sustainable products as

the norm in the EU, making these products more durable, repairable, reusable and recyclable

throughout their entire life cycle. The Circular Economy Package amendment under the

Waste Management Act (AWG) at national level is intended to ensure waste avoidance,

recycling, and reuse, and to achieve a product design geared towards sustainability – based

on eco-design speciﬁcations. Targets in line with this for recycling, quotas for reusable and

disposable packaging and for the reduction of certain plastic products as well as 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 substantially increased 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. Since 1 January 2023,

the amendment to the Packaging Regulation (VVO) has required 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) is essentially limited to logistics and handling services for only a part of the

paper and cardboard volumes and – unlike before – is no longer permitted to market these

volumes itself.

The general conditions for the recycling materials paper/cardboard and metals deteriorated

compared with the previous year. Metal prices fell year-on-year, particularly at the beginning

of the 2022/2023 ﬁscal year. In the reporting period, the average price for steel scrap was

around 15% below the previous year's level, but above the long-term average.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

164

Group Management Report Waste Management Segment

There was again a signiﬁcant price decline in recovered paper/cardboard in the 2022/2023

ﬁscal year following record ﬁgures in 2021/2022. This development was reﬂected in statistics

including the Wiesbaden Index for paper and cardboard packaging.

BUSINESS DEVELOPMENT IN THE WASTE MANAGEMENT SEGMENT

Despite the challenging economic environment in the 2022/2023 ﬁscal year, the Waste

Management Segment once again managed to achieve stable economic development at a

high level.

In the 2022/2023 ﬁscal year, sales revenues in the Waste Management Segment amounted to

EUR 274.7 million (previous year 272.6 million), representing an increase of 0.8%. EBIT

decreased by EUR 3.5 million to EUR 30.4 million compared with the previous year

(EUR 33.9 million).

Compared to the previous year, declines in sales revenues, prompted by price trends for the

recycling materials paper/cardboard and scrap metal, were more than compensated for by

electricity and heat revenues for the volumes decoupled from the waste incineration plant

Welser Abfallverwertung (WAV).

In addition to lower prices for the recycling materials paper/cardboard and scrap metal, the

year-on-year decline in earnings was primarily due to inﬂation-driven increases in expenses

such as operating costs.

STABLE DEVELOPMENT IN WASTE MANAGEMENT SERVICES

The waste incineration plants at Wels and Lenzing achieved a throughput of about

601,900 tonnes of incinerated waste volume. This is equivalent to an increase of 1.9%

compared with the previous year. At the Lenzing waste incineration plant, the annual

inspection took place in spring. At the Wels waste incineration plant, the overhaul of line 2

was completed in June/July 2023, with line 1 being completed in August/September 2023.

Umwelt Service GmbH took over the exclusive heat supply

Incinerated waste volume

to the district heating network of eww ag as of 1 May

2022. As a result, households and companies in the Wels

in 1,000 t

area are primarily supplied with heat from waste

incineration. Solar energy and biomass are also fed into

the grid. The past 2022/2023 ﬁscal year was the ﬁrst full

ﬁscal year following the redistribution of activities between

Umwelt Service GmbH and eww ag. Looking back, the

initial results are very positive. Umwelt Service GmbH

ensured an uninterrupted supply of district heating to the

eww ag grid for the Wels area. In December 2022, there

was an unplanned shutdown of the waste incineration

plant in Wels for three days. During this period, the district

heating supply was ensured by the newly-constructed

backup system of hot water generators provided for this

purpose.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

165

Group Management Report Waste Management Segment

In the reporting period, the waste incineration plant in Wels distributed 283 GWh of heat

(previous year: 243 GWh) to the district heating network and to one other key account

customer. Electricity procurement totalled 184 GWh (previous year: 198 GWh).

The treatment plants for hazardous waste in Steyr were again very well utilised in the

year under review. 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 2021/2022, the total

Total waste volume handled

volume handled in the Waste Management Segment

slightly dropped by approx. 2.9% to a total of some

in 1,000 t

1,529,000 t (previous year: 1,575,000 t). While the

volumes in Austria declined, particularly in the area of

construction waste, collection systems and commercial and

industrial waste, there was an overall increase in volumes

in South Tyrol.

Various investment projects were implemented at the sales

locations in the reporting period. Among other things,

building work began on a new ofﬁce building at the

Hörsching location in the scope of site reorientation, as the

existing building had to be sold due to the four-lane

expansion of the western railway line. At the Mühldorf

location, for example, a PV system was used to roof the

waste collection centre, and there was an investment in a

transformer.

In the scope of the “LOOP” project, Umwelt Service GmbH took part in the tender for

promoting zero-emission commercial vehicles and infrastructure (ENIN) and was awarded

funding for the purchase of 3 electric trucks and the associated electric charging

infrastructure at the Redlham location. The vehicles and charging infrastructure will be

procured in the 2023/2024 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) in 2021 are still in

progress. Umwelt Service GmbH is actively assisting in the investigation and has submitted a

report. The BWB's response to this is still outstanding.

Despite lower prices for paper as a recycling material and higher personnel leasing expenses,

stable results were achieved at the Neumarkt location in South Tyrol. Operations in the

management of commercial and industrial waste and production of refuse-derived fuels (RDF)

and glass sorting saw a positive development.

In the WDL-WasserdienstleistungsGmbH (WDL GmbH), the framework conditions for

drinking water supply and waste water management in Austria were largely stable during the

reporting period. At WDL GmbH, the main focus was on maintaining the secure supply of

drinking water and further developing the services offered.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

166

Group Management Report Czech Republic Segment

CZECH REPUBLIC SEGMENT

Czech Republic Segment overview

Unit

2022/2023

2021/2022

Change

Total sales

EUR mill.

229.7

194.7

18.0%

EBIT

EUR mill.

10.5

6.0

75.0%

Investments in property, plant and equipment and

intangible assets

EUR mill.

16.0

8.0

100%

Workforce (on average)

FTE

1,729

1,715

0.8%

Invoiced drinking water volume

m³mill.

48.9

49.2

-0.6%

Invoiced waste water volume

m³mill.

45.2

0.0%

FRAMEWORK CONDITIONS IN THE CZECH REPUBLIC

The development in economic growth in the Czech Republic was at a moderate level in the

2022/2023 ﬁscal year, while inﬂation was still very high in the reporting period. It was around

18% at the beginning of October 2022 and has dropped slowly since then. At the end of the

reporting period, inﬂation was around 6.9%. The unemployment rate remained near full

employment, as during the 2021/2022 ﬁscal year.

In the 2022/2023 ﬁscal year, high fuel prices, in particular, were relevant for the heating unit

of the Czech Republic Segment. In the case of water supply and waste water management,

notably higher market prices compared to the previous year impacted on electricity expenses

for water and waste water treatment and allocation. However, a number of efﬁciency

campaigns and the consideration of the increased energy expenditure in costing have greatly

minimised these effects. As of 1 January 2023, the Czech government ratiﬁed a price cap for

electricity and gas; this had an additional positive impact on energy expenditure in the Czech

Republic Segment.

The Czech koruna continued to steadily strengthen against the euro in the course of the

2022/2023 ﬁscal year, only weakening slightly in the last quarter. The exchange rate as of

30 September 2023 was EUR/CZK 24.4.

BUSINESS DEVELOPMENT IN THE CZECH REPUBLIC SEGMENT

In the 2022/2023 ﬁscal year, the Czech Republic Segment generated sales revenues of

EUR 229.7 million in its water and heating business. This was equivalent to an increase of

18.0% compared with the previous year and was attributable to the price increase which

occurred in the reporting period, to exchange rate effects and to higher sales revenues in the

service sector.

The EBIT in the Czech Republic Segment amounted to EUR 10.5 million in the reporting

period. This is equivalent to an increase of 75.0% (previous year: EUR 6.0 million). The

efﬁciency measures and the lower procurement prices for electricity and gas compared to the

previous year, partly due to the statutory price cap, had a positive effect on EBIT in the

reporting period.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

167

Group Management Report Czech Republic Segment

STABLE VOLUME DEVELOPMENT IN THE CZECH REPUBLIC

In the Czech Republic Segment, a total of 48.9 million m³of drinking water and

45.2 million m³of waste water were invoiced in the reporting period. This corresponds

roughly to the previous year's level.

Invoiced drinking water volume

Invoiced waste water volume

in m³mill.

In the 2022/2023 ﬁscal year, all major tenders for drinking water and efﬂuent were won; the

most important of these being the tenders in Prachatice, Dobřany, Blovice (ČEVAK a.s.) and

Velké Přílepy (VAK Beroun a.s.).

To compensate for high energy prices, energy efﬁciency campaigns were successively

launched at operational investments. For example, the CHP plant at the České Budějovice

sewage treatment plant was renovated. As a result, biogas created by recycling sewage

sludge is now used in a CHP plant to generate electricity and heat, with surplus quantities

being fed into the public grid. At the Chrudim sewage treatment plant, the ventilation system

for the digestion process is being renewed. In addition, PV projects are being pushed forward

with a view to reducing requirements for external energy.

The “Digital Twin” pilot project for a VAK Beroun a.s. sewage treatment plant was further

developed during the reporting period. The project, which is funded by the Czech Republic's

Technology Agency, aims to create a digital simulation of operating procedures in order to

optimise processes and boost energy efﬁciency.

The heat sales volume in the Czech Republic amounted to 197 GWh in the reporting

period, which is at par with the previous year's ﬁgure (198 GWh). Declines due to the milder

winter and customer savings offset the total increase due to the acquisition of RATE s.r.o. as

of 3 January 2022.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

168

Group Management Report Holding & Services Segment

HOLDING & SERVICES SEGMENT

Holding & Services Segment overview

Unit

2022/2023

2021/2022

Change

Total sales

EUR mill.

281.0

258.1

8.9%

EBIT

EUR mill.

-10.6

46.6

> -100%

Investments in property, plant and equipment and

intangible assets

EUR mill.

23.5

33.6

-30.1%

Workforce (on average)

FTE

1,061

1,019

4.1%

Internet data volume transferred ¹⁾

111,920

88,670

26.2%

Key ﬁgure changed due to spin off of the Fibre-to-the-Home ﬁbre-optic network in the 2021/2022 ﬁscal year; TB = Terabyte

BUSINESS DEVELOPMENT IN THE HOLDING & SERVICES SEGMENT

Sales revenues in the Holding & Services Segment in the reporting period were

EUR 281.0 million; this is equivalent to an increase of 8.9% compared with the previous year

(EUR 258.1 million).

The EBIT of the Holding & Services Segment fell from EUR 46.6 million in the previous year to

EUR -10.6 million in the 2022/2023 ﬁscal year. In the previous year, the measurement of the

shareholding in BBOÖ Breitband Oberösterreich GmbH (BBOÖ GmbH) in the amount of

EUR 37.0 million and reversals of impairment on the investment in Wels Strom GmbH, which

is accounted for using the equity method, in the amount of EUR 3.5 million had a positive

effect on EBIT in the Holding & Services Segment.

The entities measured using the equity method and allocated to the Holding & Services

Segment generated signiﬁcantly lower earnings contributions in the reporting period than in

the ﬁscal year 2021/2022. The EBIT contributions of the service entities allocated to the

Holding & Services Segment as well as of the Energie AG Oberösterreich Telekom GmbH

(Telekom GmbH), declined slightly in operating terms, one reason being higher expenses.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

169

Group Management Report Holding & Services Segment

NEW STRATEGIC ORIENTATION IN THE TELECOM UNIT

The 2022/2023 ﬁscal year was characterised by the

Internet data volume transferred

development and implementation of the “Wholesale

Campaign” and “Added Value Offerings” strategic drive.

in TB

While the former was aimed at improving results on the

external ﬁbre-optic market, the focus of the added value

offerings was on a targeted expansion of the portfolio for

partners within the Energie AG Group.

The volume of internet data transmitted in the

telecommunications business area increased further,

amounting to 111,920 terabytes (TB) in the 2022/2023

ﬁscal year (previous year: 88,670 TB). Numerous measures

in the scope of the “Wholesale Campaign” signiﬁcantly

grew what was already healthy demand for broadband

connections. Data transmission reliability was also

maintained at an excellent level with a security of supply (=

data connection availability) of 99.98% (previous year:

99.99%). A new disaster-resilient network was established

in response to increasing customer demand for resilient

telecommunications services. This makes it possible to

offer premium services with far higher reliability. The

successful wholesale campaign is being pushed forward

with innovative products and targeted offers for internet

service providers.

In order to be prepared for a blackout scenario in terms of service provision within the Group,

numerous technical and organisational improvements were implemented in the past ﬁscal

year in close consultation with the Group's internal partners.

The interfaces of Telekom GmbH with the BBOÖ GmbH FTTH joint venture were also

successively further developed in the past ﬁscal year.

STRATEGIC INVESTMENTS

The companies Wels Strom GmbH, Salzburg AG and BBOÖ GmbH, consolidated at equity, 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 electromobility and energy systems for key account customers.

It proved possible to partially cushion the escalating price trend in the energy sector in 2022

thanks to rolling procurement, which meant that inevitable price increases were capped or

delayed.

In the last full ﬁscal year (1 January 2022 to 31 December 2022), proprietary electricity

generation increased by 6.2% year-on-year to around 115 GWh (net generation).

The electricity sales volume to customers fell to 710 GWh (previous year: 742 GWh), 16% of

which was covered by proprietary production, mainly from hydroelectric power. Some 48% of

the electricity distribution was generated outside the grid area of Wels Strom GmbH.

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Group Management Report Holding & Services Segment

The “Future Initiative Wels” project, which was developed in collaboration with eww ag,

Umwelt Service GmbH and Erzeugung GmbH, was successfully brought to a close in the

2022 ﬁscal year. Operational management of the hydropower plants was assumed by

Erzeugung GmbH with effect as of 1 January 2022. District heating generation and supply

was transferred to Umwelt Service GmbH on 1 May 2022 and the corresponding Wels

Strom GmbH generation plants were closed. eww ag has operated the electricity grid, which

is still owned by Wels Strom GmbH, since 1 January 2022.

Salzburg AG für Energie, Verkehr und Telekommunikation (Salzburg AG), in which

Energie AG holds a 26.13% interest, has consistently pushed forward with the expansion of

renewable energies despite the unprecedented upheavals on the energy markets that

resulted in historically high price levels and the need to deposit massive securities and

ultimately provoked price increases.

The turmoil on the energy markets in particular is a drastic reminder of how important the

switch from fossil fuels to renewable energy is to achieving independence. Salzburg AG has

revitalised the Rotgülden hydropower plant, upping production by more than 4 GWh; this

means that an additional 1,100 households can be supplied with clean electricity from

hydroelectric power. In addition, the approval plans for the Stegenwald Salzach power plant

(electricity generation of some 73 GWh per year) and the Sulzau am Obersulzbach

hydropower plant (electricity generation of around 18 GWh per year) were ﬁnalised and the

building decisions were taken.

With a view to decarbonising Salzburg, district and local heating from biomass and industrial

waste heat are also hugely important. Construction of the Siezenheim II biomass CHP plant

began in 2022; it will supply 8,300 households with district heating and 9,700 households

with green electricity in future. Parallel to this, expansion of the public and private charging

infrastructure for electric vehicles is being consistently pushed forward.

Business performance in the most recently completed ﬁscal year (1 January 2022 to

31 December 2022) was characterised by increased volatility on the wholesale markets. Sales

to end users fell to 3,307 GWh (previous year: 3,387 GWh). The trading volume of around

10,723 GWh was more or less on a par with the previous year (10,708 GWh). Generation

from hydroelectric power fell by 3.3 % compared to the previous year, totalling 1,344 GWh

(previous year: 1,390 GWh).

There was a decline in total sales of natural gas in the 2022 ﬁscal year, with 1,813 GWh sold

to end users (previous year: 1,793 GWh).

The telecommunications unit has seen constant growth for years; this is again the case in the

2022 ﬁscal year. It again proved possible to increase the number of internet customers, while

the number of cable TV connections fell slightly. Again this year, internet trade magazines

“connect” and “PC Magazin” conﬁrmed that Salzburg AG offered the best performing

internet in the entire Province of Salzburg.

Additions to non-current assets totalled EUR 269.5 million (previous year: EUR 185.7 million).

This includes EUR 28.4 million in investments in generation plants

(previous year: EUR 16.1 million). A total of EUR 98.3 million (previous year: EUR 57.7 million)

was invested in property, plant and equipment for the electricity grid. In the telecom

technologies unit, the corresponding ﬁgure was EUR 41.1 million (previous year:

EUR 38.5 million).

In the 2022 Salzburg AG ﬁscal year, the reorganisation of local public transport in the central

Salzburg region was discussed intensively and a comprehensive ﬁnancing and organisational

Energie AG Oberösterreich – Annual Financial Report 2022/2023

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Group Management Report Holding & Services Segment

model was developed. A resolution on this by the owners to bundle the transport agendas in

a separate subsidiary in the future was passed in September 2023.

BBOÖ Breitband Oberösterreich GmbH is a company founded in 2022 by the Province of

Upper Austria and Energie AG Oberösterreich; a 50% share is indirectly owned by the

Province of Upper Austria via the Upper Austrian state holding company, while Energie AG

Oberösterreich holds a further 50%.

The entity's aim is the rapid expansion of the ﬁbre optic infrastructure in the Province of

Upper Austria and providing access to the fastest transmission bandwidths at equal and fair

conditions. The intent is to set up a non-discriminatory ﬁbre-to-the-home (FTTH) network

independently of internet service providers in accordance with uniform standards as notiﬁed

by the European Commission.

In the course of the 2022 ﬁscal year, the business purpose of BBOÖ GmbH was changed by

means of reorganisation to active operation of ﬁbre optic networks. The expansion of a

universally available ﬁbre-optic network, was spun off to the subsidiary Breitband

Oberösterreich Infrastruktur GmbH.

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. The focus of work in the 2022/2023 ﬁscal year was on

completing the implementation of the “digital logbook”, and the implementation of steps to

grow user awareness and improve IT security. An extensive Group-wide SAP-S/4HANA

transformation project is proceeding according to schedule. Additionally, the structural and

civil engineering work for a new ofﬁce and workshop building in Gmunden was completed,

and work on the interior and on facility technology started. The construction project for a

new ofﬁce and canteen building in Timelkam was also launched in the reporting period, and

involved the approval of the feasibility study,the implementation of various ofﬁcial procedures

and the preparation of the invitation to tender.

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 2022/2023 ﬁscal year, employees provided

services for around 1.57 million customer contracts. In addition to the reliable provision of all

services, the 2022/2023 ﬁscal year was characterised by the implementation of many

projects. In the reporting period, the speciﬁc focus was on “Implementation of the Electricity

Cost Subsidy Act”, “Implementation and fulﬁlment of the Supplementary Electricity Cost

Energie AG Oberösterreich – Annual Financial Report 2022/2023

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Group Management Report Holding & Services Segment

Subsidy Act” and the price reduction and discounting campaigns in the electricity and gas

sectors.

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.

Employer branding measures, tailored for speciﬁc target groups, were implemented in the

reporting period to secure the required human resources/skills. These activities are becoming

even more important in view of the growth strategy deﬁned in the “LOOP” project.

As the provider of all technical services at Energie AG, Tech Services GmbH is the central

owner of know-how in the Group. The services include conceptual design, project planning,

construction, maintenance and prompt troubleshooting of electricity, gas, and

telecommunications infrastructures as well as power plants, especially in the ﬁeld of

hydroelectric power, heat, photovoltaics and biogas plants. The main challenges in the 2022/

2023 ﬁscal year, partly caused by Russia's war of aggression against Ukraine, included supply

difﬁculties and high price volatility for key material resources. In view of the increased

expansion of electricity grids and generation plants in the scope of the energy transition, a

need for additional personnel resources is anticipated in the next few years. Various process-

oriented and organisational measures directly in the work environment, accompanied by

internal employer branding and increased communication, are intended to support the

recruitment of specialists and the retention of qualiﬁed employees at an early stage.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

173

Group Management Report Outlook

OUTLOOK

According to forecasts by economic research institutes, a moderate economic recovery can

be expected for the 2023/2024 ﬁscal year. The development of real incomes is expected to

lead to an increase in purchasing power in 2024, which will, in turn, stimulate growth. IHS,

WIFO and the IMF anticipate restrained GDP growth in Austria in the range of +0.8% to

+1.2% in 2024 with inﬂation at +3.7% to +4.2%. In the euro zone, economic growth of

+1.2% to +1.6% is forecast.

External experts consider the development of energy prices for the 2023/2024 ﬁscal year to

be signiﬁcantly more stable than in the past two years. This assumption is based on the

measures taken in the meantime to diversify gas supply sources, European and Austrian gas

storage levels of almost 100%, and reduced demand. The major sources of uncertainty are

still the on-going developments in political crisis regions, particularly in Ukraine and the

Middle East, economic developments and the impact of climate change.

In view of the ongoing uncertainties relating to the supply of natural gas from Russia to the

EU and Austria, an amendment to the Gas Industry Act (GWG) and the Electricity Industry

and Organisation Act (ElWOG) was passed by the Economic Affairs Committee on

10 October 2023. The implementation of the ElWOG amendment especially will play a key

role at Vertrieb GmbH in the 2023/2024 ﬁscal year. Energie AG will respond to the risks

arising from the challenging energy policy environment and volatile market developments

with appropriate operational and strategic countermeasures. With a view to the trend

towards the installation of PV systems, the intent is to serve and support all customers – from

households and energy communities to industry – on the sales side. A further increase in

competitive activity is to be expected under the given conditions. The aim of the current

procurement strategy mix, which the Company uses to procure products for its customers in

the domestic sector on a very long-term basis in some cases, is to make sure that appropriate

products continue to be developed and brought to market in the future in order to keep the

switching rate low. The further development of sustainable products and services, particularly

in the ﬁelds of e-mobility, PV and heating solutions, will continue to be the focus in the

coming years.

Energie AG also sees itself as a driving force for a sustainable energy future in the

generation unit and is pushing forward with the expansion of renewable energy sources.

Construction work on the Ebensee pumped-storage power plant started in October 2023 and

will take around four years. Trial operation of this pioneering power plant is planned for the

end of 2027. The focus in the 2023/2024 ﬁscal year will also be on the campaign to expand

wind power in Upper Austria. The Kobernaußerwald wind park project is being pushed

forward.

The general regulatory framework for the Grid Segment for the 2023/2024 ﬁscal year can

continue to be assessed as stable. The parameters for the fourth gas regulation period have

been ﬁxed. The statutory environment for the ﬁfth electricity regulatory period (starting on

1 January 2024) has been clariﬁed for the main part. The challenges in the context of

connecting decentralised generation plants remain high; investment funding will thus

increase in the coming years, while the focus will also remain on personnel resources and the

sufﬁcient availability of materials and operating resources.

In the Waste Management Segment, the volume of commercial and industrial waste is

expected to develop at a restrained level in the 2023/2024 ﬁscal year. The future

development of the recycling materials paper, metals and waste wood is difﬁcult to forecast.

Umwelt Service GmbH is preparing further investments in sustainable projects in the 2023/

Energie AG Oberösterreich – Annual Financial Report 2022/2023

174

Group Management Report Outlook

2024 ﬁscal year, above all the installation of PV systems at several locations including landﬁlls,

as well as the procurement of trucks with electric drivetrains and electric charging

infrastructure. The aim is also to complete reorientation work at the Hörsching location.

The price cap for energy, which was introduced by the Czech government on 1 January 2023

due to the turmoil on the energy market, will initially apply until the end of the 2023

calendar year. There are currently no plans to extend the cap. For this reasons, close

monitoring of the situation on the electricity and gas market, which is dramatic in terms of

costs, will continue in the Czech Republic Segment, especially since the continuing high

price level is putting pressure on suppliers, operators and customers. Further to the planned

investments, the corporate strategy envisages the implementation of various projects focusing

on energy efﬁciency and alternative energy generation in order to achieve the Czech CO₂

reduction targets in the coming years. A positive development in services provided to

municipalities and cities is expected in the 2023/2024 ﬁscal year.

As part of the “LOOP” project, a decision was taken to bundle the Group's digitalisation

expertise in a punch-packing new business unit in order to respond even more quickly, and in

a more targeted way, to the needs of the Group's internal and external customers and offer

them an outstanding customer experience. The focus of Telekom GmbH in the 2023/2024

ﬁscal year will therefore be on organisational integration with the IT services provided by

Business Service GmbH and with Customer Services GmbH. The objective in the

telecommunications sector during this transition is to continue to face constantly increasing

competition along the entire value chain in the telecommunications market, while at the

same time again boosting value creation in this segment in line with planning. The objective

in the internal Group services is to further optimise existing high standards in terms of quality,

security and reliability, despite the on-going development of organisational or process

structures.

In addition to reliably supplying Energie AG's customers and ensuring ﬁnancial stability, the

focus in the 2023/2024 ﬁscal year will continue to be on the strategic development of the

Group in the scope of the Group-wide strategy and organisation project “LOOP”. The focus

of the speciﬁc actions derived from the decisions made on the alignment of the Group's

segments will be increasing the expansion of modes of generation from renewable energy

sources, along with future-oriented technologies and sustainable products and services. The

permanent alignment of all services to customer needs, and pushing forward with

digitalisation and innovation will again be upheld as important strategic objectives in the

2023/2024 ﬁscal year.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

175

Group Management Report Outlook

Assuming a largely stable economic and market environment and subject to any further

political or regulatory market interventions, Energie AG expects the operating result for the

2023/2024 ﬁscal year to be above the level of the 2022/2023 ﬁscal year.

Linz, 4 December 2023

The Management Board of Energie AG Oberösterreich

Dr. Leonhard Schitter MA

Dr. Andreas Kolar

Dipl.-Ing. Stefan Stallinger MBA

CEO

CFO

COO

Energie AG Oberösterreich – Annual Financial Report 2022/2023

176

Consolidated Financial Statements

Consolidated Financial Statements 2022/2023

of Energie AG Oberösterreich

CONSOLIDATED STATEMENT OF INCOME

1 OCTOBER 2022 TO 30 SEPTEMBER 2023

2022/2023

2021/2022

EUR 1,000

1. Sales revenues

(6)

4,251,082.7

3,993,677.4

Procurement costs for proprietary electricity trading

(6)

-111,207.7

-193,860.1

Net sales revenues

(6)

4,139,875.0

3,799,817.3

2. Change in inventories of ﬁnished goods and work in

progress

-4,298.5

2,585.0

3. Other capitalised corporate services

(16)

42,265.2

41,737.4

4. Share in result of companies consolidated at equity

(3.1.; 17)

11,723.6

23,729.8

5. Other operating income

Reversals of impairment

(16.2.)

421.8

4,107.2

Other

(8)

19,316.5

60,874.2

19,738.3

64,981.4

6. Measurement of energy derivatives

(2.3.;

24.11.)

246,155.6

8,412.9

7. Expenses for material and other purchased services

(9)

-3,470,953.3

-3,114,162.3

8. Personnel expenses

(10)

-353,906.1

-318,354.6

9. Depreciation, amortisation and impairments (thereof

impairments EUR -10,611.6 thousand (previous year:

EUR -993.9 thousand))

(11; 16)

-180,195.0

-165,597.4

10. Other operating expenses

(12)

-231,954.8

-192,512.8

11. Operating result

218,450.0

150,636.7

12. Financing expenses

(13)

-30,610.6

-27,942.1

13. Other interest income

(13)

13,824.9

1,231.2

14. Other ﬁnancial result

(14)

11,331.2

-2,016.1

15. Financial result

-5,454.5

-28,727.0

16. Earnings before taxes

212,995.5

121,909.7

17. Income taxes

(15)

-48,107.0

-10,688.7

18. Consolidated net earnings

164,888.5

111,221.0

Thereof attributable to non-controlling interests

727.1

1,061.6

Thereof attributable to investors in the parent company

Consolidated net proﬁt

164,161.4

110,159.4

Energie AG Oberösterreich – Annual Financial Report 2022/2023

177

Consolidated Financial Statements Consolidated Statement of Comprehensive Income

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

1 OCTOBER 2022 TO 30 SEPTEMBER 2023

2022/2023

2021/2022

EUR 1,000

1. Consolidated net earnings

164,888.5

111,221.0

2. Other comprehensive income

Items that will not be subsequently reclassiﬁed to the

statement of income:

Remeasurement of the deﬁned beneﬁt obligation

(25)

-6,522.3

43,740.6

Changes in value of at-equity companies recognised in

equity

-7.5

43.3

Changes in value of investments and securities FVOCI

(23)

38,976.9

5,911.4

Deferred taxes

(15)

-7,410.5

-13,122.5

Items that may be subsequently reclassiﬁed to the

statement of income:

Hedge accounting

(23; 24)

-416,223.0

223,203.8

Changes in value of at-equity companies recognised in

equity

-67.6

763.4

Translation differences

(5.19.)

291.5

3,802.8

Deferred taxes

(15)

96,232.5

-49,372.5

Total expenses and revenues recognised in other

comprehensive income

-294,730.0

214,970.3

3. Total comprehensive income after taxes

-129,841.5

326,191.3

4. Thereof attributable to non-controlling interests

1,041.4

1,321.4

5. Thereof attributable to parent company

-130,882.9

324,869.9

Energie AG Oberösterreich – Annual Financial Report 2022/2023

178

Consolidated Financial Statements Consolidated Statement of Financial Position

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF 30 SEPTEMBER 2023

30.09.2023

30.09.2022

ASSETS

EUR 1,000

A. Non-current assets

I. Intangible assets and goodwill

(16)

233,032.2

235,897.9

II. Property, plant and equipment

(16)

2,019,276.4

1,990,004.0

III. Investments (thereof at-equity companies:

EUR 294,826.5 thousand (previous year:

EUR 287,087.3 thousand ))

(17)

370,907.5

327,531.7

IV. Other ﬁnancial assets

(18)

61,208.1

126,827.3

2,684,424.2

2,680,260.9

V. Derivative ﬁnancial instruments

(24.5.)

69,164.8

729,518.2

VI. Other non-current assets

(19)

8,058.4

8,156.8

VII. Deferred tax assets

(15)

6,656.7

4,651.3

2,768,304.1

3,422,587.2

Current assets

I. Inventories

(20)

95,887.9

137,193.6

II. Derivative ﬁnancial instruments

(24.5.)

152,266.0

1,239,345.1

III. Receivables and other assets

(21)

611,133.4

910,620.5

IV. Fixed term deposits and short-term investments

(5.10.)

258,656.1

273,472.6

V. Cash and cash equivalents

(22)

230,669.4

929,449.9

1,348,612.8

3,490,081.7

4,116,916.9

6,912,668.9

30.09.2023

30.09.2022

LIABILITIES

EUR 1,000

Equity

I. Share capital

(23)

88,651.8

88,652.6

II. Capital reserves

(23)

216,655.5

216,616.1

III. Retained earnings

(23)

1,306,064.1

1,192,647.8

IV. Other reserves

(23)

-16,353.0

280,435.6

V. Non-controlling interests

(23)

15,647.9

16,146.9

1,610,666.3

1,794,499.0

Non-current liabilities

I. Financial liabilities

(24.5.)

606,268.7

611,136.2

II. Non-current provisions

(25)

222,865.2

227,730.0

III. Deferred tax liabilities

(15)

68,422.6

128,368.6

(26)

IV. Construction cost subsidies

343,794.0

328,462.5

V. Derivative ﬁnancial instruments

(24.5.)

136,037.7

1,130,824.9

VI. Other non-current liabilities

(27)

47,394.4

47,621.6

1,424,782.6

2,474,143.8

Current liabilities

I. Financial liabilities

(24.5.)

32,193.9

49,342.0

II. Current provisions

(28)

39,088.8

79,033.5

III. Tax provisions

(29)

66.0

176.6

IV. Trade payables

(24.5.)

275,975.4

279,156.4

V. Derivative ﬁnancial instruments

(24.5.)

438,866.5

1,815,628.6

VI. Other current liabilities

(30)

295,277.4

420,689.0

1,081,468.0

2,644,026.1

4,116,916.9

6,912,668.9

Energie AG Oberösterreich – Annual Financial Report 2022/2023

179

Consolidated Financial Statements Consolidated Statement of Changes in Equity

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Reserves

Capital

Retained

under

capital

reserves

earnings

IAS 19

IFRS 9

EUR 1,000

Balance as of 30.09.2022

88,652.6

216,616.1

1,192,647.8

-54,260.2

293,152.4

Items that will not be

subsequently reclassiﬁed to the

statement of income:

Remeasurement of deﬁned

contribution plans

-6,733.9

Changes in value of associated at-

equity companies recognised in

equity

-7.5

Changes in value of investments and

securities FVOCI

75.2

38,899.6

Deferred taxes

-14.3

1,600.0

-8,946.5

Items that may be subsequently

reclassiﬁed to the statement of

income:

Hedge accounting

-416,223.0

Hedge accounting at-equity

companies

-67.6

Translation differences

Deferred taxes

96,232.5

Other comprehensive income

60.9

-5,141.4

-290,105.0

Consolidated net earnings

164,161.4

Total income for the period

164,222.3

-5,141.4

-290,105.0

Dividend distribution

-53,191.1

Treasury stocks

38.6

-38.6

Other

-0.8

0.8

2,423.7

Transactions with shareholders

-0.8

39.4

-50,806.0

Balance as of 30.09.2023

88,651.8

216,655.5

1,306,064.1

-59,401.6

3,047.4

Energie AG Oberösterreich – Annual Financial Report 2022/2023

180

Consolidated Financial Statements Consolidated Statement of Changes in Equity

Other reserves

Equity of

Reval-

Trans-

investors in

Non-

uation

lation

parent

controlling

reserve Treasury stocks

difference

Total

company

interests

Total

EUR 1,000

39,275.8

-9,324.7

11,592.2

280,435.6

1,778,352.1

16,146.9

1,794,499.0

-6,733.9

211.6

-6,522.3

-7.5

38,899.6

38,974.8

2.1

38,976.9

(23)

-7,346.5

-7,360.8

-49.7

-7,410.5

-416,223.0

(23)

-67.6

141.2

150.3

291.5

(5.19.)

96,232.5

141.2

-295,105.2

-295,044.3

314.3

-294,730.0

164,161.4

727.1

164,888.5

141.2

-295,105.2

-130,882.9

1,041.4

-129,841.5

-53,191.1

-456.1

-53,647.2

(33)

-38.6

(23)

-1,644.8

778.9

-1,084.3

-305.4

-1,644.8

-38.6

-1,683.4

-52,450.8

-1,540.4

-53,991.2

37,631.0

-9,363.3

11,733.4

-16,353.0

1,595,018.4

15,647.9

1,610,666.3

Energie AG Oberösterreich – Annual Financial Report 2022/2023

181

Consolidated Financial Statements Consolidated Statement of Changes in Equity

Reserves

Capital

Retained

under

capital

reserves

earnings

IAS 19

IFRS 9

EUR 1,000

Balance as of 30.09.2021

88,653.8

216,596.3

1,151,305.8

-86,006.9

112,759.2

Items that will not be

subsequently reclassiﬁed to the

statement of income:

Remeasurement of deﬁned

contribution plans

44,162.3

Changes in value of associated at-

equity companies recognised in

equity

43.3

Changes in value of investments and

securities FVOCI

-811.6

6,723.0

Deferred taxes

117.0

-12,458.9

-924.5

Items that may be subsequently

reclassiﬁed to the statement of

income:

Hedge accounting

223,203.8

Hedge accounting at-equity

companies

763.4

Translation differences

Deferred taxes

-49,372.5

Other comprehensive income

-694.6

31,746.7

180,393.2

Consolidated net earnings

110,159.4

Total income for the period

109,464.8

31,746.7

180,393.2

Dividend distribution

-66,489.4

Treasury stocks

18.6

-18.6

Other

-1.2

1.2

-1,614.8

Transactions with shareholders

-1.2

19.8

-68,122.8

Balance as of 30.09.2022

88,652.6

216,616.1

1,192,647.8

-54,260.2

293,152.4

Energie AG Oberösterreich – Annual Financial Report 2022/2023

182

Consolidated Financial Statements Consolidated 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

37,541.1

-9,306.1

8,327.0

63,314.4

1,519,870.3

15,887.4

1,535,757.7

44,162.3

-421.7

43,740.6

43.3

6,723.0

5,911.4

(23)

-13,383.4

-13,266.4

143.9

-13,122.5

223,203.8

(23)

763.4

3,265.2

537.6

3,802.8

(5.19.)

-49,372.5

3,265.2

215,405.1

214,710.5

259.8

214,970.3

110,159.4

1,061.6

111,221.0

3,265.2

215,405.1

324,869.9

1,321.4

326,191.3

-66,489.4

-748.0

-67,237.4

(33)

-18.6

(23)

1,734.7

119.9

-313.9

-194.0

1,734.7

-18.6

1,716.1

-66,388.1

-1,061.9

-67,450.0

39,275.8

-9,324.7

11,592.2

280,435.6

1,778,352.1

16,146.9

1,794,499.0

Energie AG Oberösterreich – Annual Financial Report 2022/2023

183

Consolidated Financial Statements Consolidated Cash Flow Statement

CONSOLIDATED CASH FLOW STATEMENT

2022/2023

2021/2022

EUR 1,000

Earnings before taxes

212,995.5

121,909.7

Tax payments

-32,338.8

-33,054.5

(15)

Earnings after income taxes

180,656.7

88,855.2

Depreciation, amortisation and impairments/impairment reversals of

(16)

non-current assets

179,330.2

166,226.7

Change in non-current provisions

-11,387.1

-22,340.3

Change in other non-current assets

98.4

24,247.8

Change in other non-current liabilities and advances received

1,254.3

-190.7

Retained earnings of equity companies

-7,814.3

-10,653.4

Construction cost subsidies received

46,097.2

44,682.9

(26)

Income from the reversal of construction cost subsidies

-30,765.7

-29,279.3

(26)

Losses from the disposal of assets

2,097.0

2,048.7

Gains from the disposal of assets

-3,005.4

-38,069.2

(31)

Other non-cash expenses and income

-3,963.5

-1,457.1

352,597.8

224,071.3

Change in current assets

69,561.6

-256,467.6

(24.1.)

Payments from hedging transactions

-960,877.7

1,694,620.8

Non-cash items from derivatives

-317,449.0

-382,959.2

(24.1.)

Initial margins for derivatives

324,445.9

-342,518.4

(24.1.)

Change in current liabilities

63,461.6

169,688.3

Change in current provisions

-36,678.2

30,085.8

Cash ﬂow from operating activities

-504,938.0

1,136,521.0

Inﬂow from the disposal of property, plant and equipment, and

intangible assets

7,840.8

1,783.3

Outﬂow for additions to property, plant, equipment and intangible

assets

-205,710.6

-184,499.4

(16)

Inﬂow from the disposal of ﬁnancial assets

281,360.8

34,806.7

Change in scope of consolidation less acquired cash

-3,259.4

(3)

Outﬂow for additions to ﬁnancial assets and other ﬁnancial

investments

-192,882.0

-189,105.5

Cash ﬂow from investments

-109,391.0

-340,274.3

Dividend distribution

-53,647.2

-67,237.4

(33)

Acquisition of own shares and non-controlling interests

-341.4

-237.8

Other changes in ﬁnancial liabilities

-30,466.4

-18,660.2 (24.10.)

Cash ﬂow from ﬁnancing activities

-84,455.0

-86,135.4

Total cash ﬂow

-698,784.0

710,111.3

Cash funds at beginning of period

929,449.9

219,197.3

(22)

Cash ﬂow

-698,784.0

710,111.3

Exchange rate effects

3.5

141.3

Cash funds at end of period

230,669.4

929,449.9

(22)

The cash ﬂow from operating activities includes:

Interest received

12,695.2

1,103.8

Interest paid

21,899.1

24,309.7

Dividends received

9,860.9

15,683.3

(17)

Energie AG Oberösterreich – Annual Financial Report 2022/2023

184

Consolidated Financial Statements Notes

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

2022/2023 OF ENERGIE AG OBERÖSTERREICH

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 (Company Register No. 76532y) with registered ofﬁce at Böhmerwaldstraße 3 in Linz, Austria .

The Consolidated Financial Statements of Energie AG Oberösterreich for the 2022/2023 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 ﬁscal year runs from 1 October to 30 September.

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.

2.1

Newly applicable amended standards adopted by the EU that take effect¹⁾on 1 January 2022 or later:

The amended standards do not have a material impact on the Consolidated Financial Statements.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

GENERAL NOTES

General disclosures

Change in accounting methods

Standards and interpretations applied or amended and adopted by the EU for the ﬁrst time

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)

The standards are to be applied in accordance with the Ofﬁcial Journal of the EU for ﬁscal years commencing on or after the effective date.

185

Consolidated Financial Statements Notes

2.2

In the 2022/2023 Consolidated Financial Statements, the following amendments adopted by the EU were not applied early:

Entry into force in the EU on 1 January 2023 or later:

The following standards and interpretations, amendments and improvements of standards enter into force on 1 January 2024 or a later date, although they have not yet been adopted by the European Union at this time:

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:

Application of the following standard was postponed indeﬁnitely:

The ﬁrst-time application of these standards is not expected to result in any signiﬁcant implications for the Consolidated Financial Statements.

2.3

In the Statement of Financial Position as of 30 September 2022, EUR 1,849.0 thousand were reported under non-current liabilities under item “V. Advances received”. Long-term advances received are now no longer shown separately, but instead displayed under “VI. Other non- current liabilities” due to their negligibility. The previous year's period was restated accordingly.

To improve the informative value of the statement of income and also to ensure comparability between companies in the same sector, results from the measurement of energy derivatives without hedge accounting from the Spark Spread portfolio of Gas- und Dampfkraftwerk Timelkam GmbH (GuD) and Cogeneration-Kraftwerke Management Oberösterreich GmbH (CMOÖ) amounting to EUR 246.2 million are reported in a separate item in the statement of income. The change in the accounting method was made retrospectively in accordance with

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Standards and interpretations that have not been applied early

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)

IAS 12 (Amendments: International Tax Reform – Pillar Two Model Rules)

IFRS 16 (Amendments: Lease Liability in a Sale and Leaseback)

IAS 1 (Amendments: Classiﬁcation of Liabilities as Current or Non-current, Deferral of Effective Date)

IAS 1 (Amendments: Non-current Liabilities with Covenants)

IAS 7, IFRS 7 (Amendments: Supplier Finance Arrangements)

IAS 21 (Amendements: Lack of Exchangeability)

IFRS 14 (Regulatory Deferral Accounts)

IFRS 10 and IAS 28 (Amendments: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture)

Other changes

186

Consolidated Financial Statements Notes

IAS 8 by adjusting the comparative information. The sales revenues for the previous year in the amount of EUR 4,002.1 were reduced by EUR 8.4 million to EUR 3,993.7 million and the separate item was increased by EUR 8.4 million.

3.1.

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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Scope of consolidation

Principles

187

Consolidated Financial Statements Notes

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 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
30.09.2022	49	2	13
Merger	-1	-	-
30.09.2023	48	2	13

In the Czech Republic Segment, VAK Zápy s.r.o. (FC) was merged with Vodovody kanalizace Beroun a.s. (FC).

Energie AG Oberösterreich – Annual Financial Report 2022/2023

188

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
	30.09.2023	30.09.2022	30.09.2023	30.09.2022	30.09.2023	30.09.2022
	EUR mill.	EUR mill.	EUR mill.	EUR mill.	EUR mill.	EUR mill.
Non-current assets	222.5	183.4	24.6	27.4	55.1	52.9
Current assets	55.7	81.6	7.3	8.2	33.9	27.7
	278.2	265.0	31.9	35.6	89.0	80.6
Equity	70.5	76.5	6.5	7.2	38.0	32.4
Non-current liabilities	183.0	97.1	23.2	26.4	33.6	37.4
Current liabilities	24.7	91.4	2.2	2.0	17.4	10.8
	278.2	265.0	31.9	35.6	89.0	80.6
Cash and cash
equivalents	7.0	75.5	6.1	7.3	11.1	5.5
Non-current ﬁnancial
liabilities	67.5	-	22.0	25.2	25.2	26.1
Current ﬁnancial
liabilities	-	67.5	0.4	0.2	3.7	2.1

	BBOÖ Breitband
	Oberösterreich GmbH,
	Breitband Oberösterreich
	Infrastruktur GmbH		Windpower EP GmbH		Other joint ventures
	2022/2023	2021/2022	2022/2023	2021/2022	2022/2023	2021/2022
	EUR mill.	EUR mill.	EUR mill.	EUR mill.	EUR mill.	EUR mill.
Sales revenues	11.1	1.7	9.9	10.3	66.0	69.3
Depreciation,
amortisation and
impairments	-8.8	-12.6	-2.9	-2.9	-3.9	-3.6
Interest income	-	-	0.4	-	0.5	0.2
Interest expense	-0.9	-0.5	-0.8	-0.3	-1.0	-0.6
Taxes	-1.8	0.2	-1.2	-1.5	-2.2	-1.9
Earnings after taxes	-4.8	-6.6	3.6	4.4	6.4	5.8
Share in net assets
as of 01.10.	38.3	-	3.6	2.3	14.5	12.3
Inclusion for the ﬁrst
time	-	41.6	-	-	-	-
Proﬁt for the period	-2.5	-3.3	1.8	3.0	3.5	2.8
Dividends	-	-	-2.2	-1.7	-0.1	-0.6
Share in net assets
as of 30.09.	35.8	38.3	3.2	3.6	17.9	14.5
Goodwill	0.2	0.2	-	-	0.3	0.7
Carrying amount
as of 30.09.	36.0	38.5	3.2	3.6	18.2	15.2

Energie AG Oberösterreich – Annual Financial Report 2022/2023

189

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
	30.09.2023	30.09.2022	30.09.2023 30.09.2022		30.09.2023	30.09.2022
	EUR mill.	EUR mill.	EUR mill.	EUR mill.	EUR mill.	EUR mill.
Non-current assets	1,695.2	1,552.0	93.2	94.2	5.8	5.4
Current assets	462.8	392.2	25.9	26.4	7.3	4.6
	2,158.0	1,944.2	119.1	120.6	13.1	10.0
Equity	621.9	605.5	30.4	25.2	9.2	7.2
Non-current liabilities	743.8	735.8	26.0	29.0	2.6	2.6
Current liabilities	792.3	602.9	62.7	66.4	1.3	0.2
	2,158.0	1,944.2	119.1	120.6	13.1	10.0

	Salzburg AG für Energie,
	Verkehr und
	Telekommunikation		Wels Strom GmbH		Other associated companies
	2022/2023	2021/2022	2022/2023 2021/2022		2022/2023	2021/2022
	EUR mill.	EUR mill.	EUR mill.	EUR mill.	EUR mill.	EUR mill.
Sales revenues	2,868.0	2,661.2	192.1	182.7	8.6	7.6
Earnings after taxes	16.4	47.8	7.8	10.7	1.9	2.0
Dividends	-	-30.3	-2.7	-5.2	-	-0.9
Share in net assets
as of 01.10.	158.2	153.7	12.3	9.6	2.9	2.4
Proﬁt for the period	4.3	12.5	3.8	5.2	0.8	0.8
Dividends	-	-8.0	-1.3	-2.5	-	-0.3
Share in net assets
as of 30.09.	162.5	158.2	14.8	12.3	3.7	2.9
Reversal of impairment	-	-	-	3.5	-	-
Goodwill	19.7	19.7	36.7	33.2	-	-
Carrying amount
as of 30.09.	182.2	177.9	51.5	49.0	3.7	2.9

Energie AG Oberösterreich – Annual Financial Report 2022/2023

190

Consolidated Financial Statements Notes

3.2.

		Interest held	Consoli-
		in %	dation
	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 (50.00)	JV (JV)
Breitband Oberösterreich Infrastruktur GmbH	Linz	50.00 (50.00)	JV (JV)
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)
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)

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Group companies

		Interest held	Consoli-
		in %	dation
	Domicile	(prev. year)	(prev. year)
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)
RATE s.r.o.	Štětí	100.00 (100.00)	FC (FC)
Energie AG Teplo Bohemia s.r.o.	Rakovník	100.00 (100.00)	FC (FC)
VAK Zápy s.r.o.	Zápy	- (100.00)	- (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 (97.33)	FC (FC)
Vodárenská společnost Chrudim a.s.	Chrudim	95.00 (95.00)	FC (FC)
SATEZA a.s.	Šumperk	95.83 (95.83)	FC (FC)
	Rychnov nad
Aqua Servis a.s.	Kněžnou	66.00 (66.00)	FC (FC)
Vodovody a kanalizace Beroun a.s.	Beroun	60.23 (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)
	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-FördergesellschaftSimbach-Braunau mbH	Simbach	40.00 (40.00)	AC (AC)
Hungary
Energie AG Heves Régió Környezetvédelmi és Hulladékgazdálkodási
Korlátolt Felelősségű Társaság	Miskolc	100.00 (100.00)	FC (FC)

fully consolidated entities

Joint ventures consolidated at equity

joint operation, proportional consolidation of the assets, liabilities, expenses and income

associated company consolidated at equity

entities unconsolidated due to immateriality

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

191

Consolidated Financial Statements Notes

Energie AG Oberösterreich – Annual Financial Report 2022/2023

192

Consolidated Financial Statements Notes

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.

5.1

The ﬁscal year 2022/2023 was characterised by comparatively high interest rates, a high rate of inﬂation and muted economic growth. These circumstances are taken into account in the Consolidated Financial Statements when measuring provisions using discount rates, when conducting impairment tests using discount rates and when planning future cash ﬂows.

The Federal Act on the Energy Crisis Contribution for Electricity (EKBSG) set an upper limit for electrical energy of EUR 140.00/MWh for the calendar year 2023, which was reduced to EUR 120.00/MWh in June. Revenue going above this amount were subject to a tax of 90%, although there was room to take certain investments into account when determining the upper limit.

5.2

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 194 and following items).

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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Accounting and measurement principles

Framework conditions

Estimates

193

Consolidated Financial Statements Notes

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:

	30.09.2023	30.09.2022
Carrying amounts	EUR 1,000	EUR 1,000
Goodwill	89,860.6	89,725.5
Property, plant and equipment	2,019,276.4	1,990,004.0
Investments	370,907.5	327,531.7
Non-current provisions	222,865.2	227,730.0
Current provisions	39,088.8	79,033.5

5.3

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 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:

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Intangible assets

Property, plant and equipment

Material costs and production wages, including material and production overheads. General administrative expenses are not capitalised

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

194

Consolidated Financial Statements Notes

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

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.

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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Impairment of goodwill

195

Consolidated Financial Statements Notes

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

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 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 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.

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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Planning assumption for the Sales unit

Planning assumptions in the Waste Management Segment

Planning assumptions for the Czech Republic Segment

196

Consolidated Financial Statements Notes

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

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

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 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

The CO₂emissions 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 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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Impairment of other intangible assets and property, plant and equipment

Investments

Inventories

Emissions allowances

197

Consolidated Financial Statements Notes

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

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

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

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

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)”.

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 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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Fixed term deposits and short-term investments

Cash and cash equivalents

Financial instruments

Primary ﬁnancial instruments

198

Consolidated Financial Statements Notes

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.

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

In the Group, derivative ﬁnancial instruments are used above all to hedge the risks of ﬂuctuations in interest rates and electricity, gas and CO₂prices.

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.

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.

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)”. Changes in fair value of derivatives not designated as hedging instruments are recognised in the operating result.

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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Derivative ﬁnancial instruments and hedging transactions

199

Consolidated Financial Statements Notes

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 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 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 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

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

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 are potential or existing obligations (resulting from past events) for which an outﬂow of resources is not probable. There are no material contingent liabilities.

5.19

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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Provisions under IAS 19

Other provisions

Deferred taxes

Construction cost subsidies

Investment subsidies

Contingent liabilities

Foreign currency translations

200

Consolidated Financial Statements Notes

rate applied on 30 September 2023 for the Czech koruna was 24.42490 (previous year: 24.56725), for the Hungarian forint 389.76000 (previous year: 421.84750), for the US dollar 1.05744 (previous year: 0.97984).

5.20

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. Net sales revenues (after deducting procurement costs for proprietary electricity trading) include the realised margin. Procurement costs for proprietary electricity trading pertain to quantities of electricity 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.

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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Revenues from customer contracts

201

Consolidated Financial Statements Notes

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 2022/2023

202

Notes to the Consolidated Statement of Income

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Energy Segment
Revenues from electricity sales	2,048,268.2	2,205,349.0
Revenues from natural gas sales	1,099,850.2	780,294.8
Revenues from district heat sales	85,159.2	91,327.2
Measurement and realisation of energy derivatives without hedging	77,282.7	47,479.2
	3,310,560.3	3,124,450.2
Grid Segment
Revenues from the electricity and gas grids	375,385.3	342,979.8
Revenues from the reversal of construction cost subsidies	29,921.1	28,442.4
Others	8,583.4	7,314.3
	413,889.8	378,736.5
Waste Management Segment
Revenues from the collection of waste	112,786.1	109,354.1
Revenues from the recycling of waste	85,228.8	81,990.2
Revenues from the processing of waste	46,793.3	62,280.2
Others	10,520.1	10,015.4
	255,328.3	263,639.9
Czech Republic Segment
Revenues from water deliveries	89,776.3	80,169.0
Revenues from waste water intake	82,680.9	69,798.5
Revenues from district heat sales	28,529.8	20,261.6
Others	28,681.1	24,468.9
	229,668.1	194,698.0
Holding & Services Segment	41,636.2	32,152.8
Sales revenues	4,251,082.7	3,993,677.4
Procurement costs for proprietary electricity trading	-111,207.7	-193,860.1
Net sales revenues	4,139,875.0	3,799,817.3

Energie AG Oberösterreich – Annual Financial Report 2022/2023

NOTES TO THE CONSOLIDATED STATEMENT OF INCOME

Sales revenues

203

Consolidated Financial Statements Notes

7.1

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 at equity, 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 well as the investments in Salzburg AG für Energie, Verkehr und Telekommunikation, Wels

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Segment reporting

Segment reporting by business units

204

Consolidated Financial Statements Notes

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
2022/2023	EUR mill.	EUR mill.	EUR mill.	EUR mill.	EUR mill.	EUR mill.	EUR mill.
Sales to third parties	3,310.6	413.9	255.3	229.7	41.6		4,251.1
Intersegment sales	12.2	17.8	19.4	-	239.4	-288.8	-
Total sales	3,322.8	431.7	274.7	229.7	281.0	-288.8	4,251.1
Results from investments
in equity companies	5.9	-	0.1	-	5.7	-	11.7
Depreciation,
amortisation and
impairments	-38.2	-97.9	-21.2	-9.1	-13.8	-	-180.2
Thereof impairments	-10.6	-	-	-	-	-	-10.6
Operating result	156.3	31.9	30.4	10.5	-10.6	-	218.5
Carrying amount of
investments in equity
companies	20.0	-	5.1	-	269.7	-	294.8
Goodwill	21.1	-	45.3	23.3	0.2	-	89.9
Investments in intangible
assets
and property, plant and
equipment	26.3	123.9	23.0	16.0	23.5	-	212.7
Capital employed	469.9	778.6	215.1	103.2	148.9	-	1,715.7

	EUR mill.
Capital employed	1,715.7
Assets not used in the service production and sales process	920.8
Non-interest bearing liabilities, provisions	1,480.4
Balance sheet total	4,116.9

Energie AG Oberösterreich – Annual Financial Report 2022/2023

205

Consolidated Financial Statements Notes

The segment information 2021/2022 broken down by business unit presents 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	3,124.5	378.7	263.6	194.7	32.2		3,993.7
Intersegment sales	6.3	13.3	9.0	-	225.9	-254.5	-
Total sales	3,130.8	392.0	272.6	194.7	258.1	-254.5	3,993.7
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	693.3	759.4	207.8	100.2	96.9	-	1,857.6

	EUR mill.
Capital employed	1,857.6
Assets not used in the service production and sales process	1,656.7
Non-interest bearing liabilities, provisions	3,398.4
Balance sheet total	6,912.7

Reversals of impairment concern the Energy Segment with EUR 0.4 million (previous year: EUR 4.1 million). Impairments concern the Energy Segment with EUR 10.6 million. Non-cash items in connection with derivatives in the amount of EUR 317.4 million (previous year: EUR 385.5 million) pertain to the Energy Segment. The income from the reversal of construction cost subsidies attributable to the Grid Segment amounted to EUR 29.9 million (previous year: EUR 28.4 million). Non-cash income from companies valued using the equity method amounting to EUR 4.4 million (previous year: EUR 7.4 million) and income from the disposal of the “Fiber to the Home” operational unit recognised in the previous year and amounting to EUR 37.0 million (see Note 31 › Page 253) relate to the Holding & Services Segment.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

206

Consolidated Financial Statements Notes

7.2

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”.

	Austria	Czech Republic	Other countries	Group
2022/2023	EUR mill.	EUR mill.	EUR mill.	EUR mill.
Sales to third parties	4,007.4	229.8	13.9	4,251.1
Capital employed	1,597.6	103.3	14.8	1,715.7

	Austria	Czech Republic	Other countries	Group
2021/2022	EUR mill.	EUR mill.	EUR mill.	EUR mill.
Sales to third parties	3,787.0	194.7	12.0	3,993.7
Capital employed	1,743.1	100.3	14.2	1,857.6

Revenues from electricity trading with customers outside Austria amounting to EUR 524.0 million (previous year: EUR 526.6 million) were also generated.

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Income from the disposal of intangible assets and property, plant and
equipment	2,966.8	37,874.6
Reversals of impairment	421.8	4,107.2
Capitalised production costs	658.2	649.1
Rental and lease income	4,084.3	3,284.5
Income from the reversal of investment subsidies	2,640.9	2,667.1
Income from CO₂emissions allowances	427.9	2,393.0
Insurance income	284.1	858.5
Other income	8,254.3	13,147.4
	19,738.3	64,981.4

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Electricity purchased from third parties	1,868,105.7	1,860,414.5
Gas purchases	1,112,530.8	768,142.7
Gas input	164,146.1	292,473.2
Expenses for grid purchases	122,254.3	100,835.7
Other purchased goods	170,115.6	152,056.3
Expenses for purchased services	145,008.5	134,100.0
	3,582,161.0	3,308,022.4
Procurement costs for proprietary electricity trading	-111,207.7	-193,860.1
	3,470,953.3	3,114,162.3

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Segment reporting broken down by geographic segments

Other operating revenues

Expenses for material and other purchased services

207

Consolidated Financial Statements Notes

10.

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Wages and salaries	268,868.5	242,021.9
Severance payments and contributions to company pension funds	5,385.9	4,095.5
Pension payments	7,958.0	6,106.4
Expenses for statutory social security contributions and payroll-related levies
and statutory contributions	68,502.8	62,178.9
Other beneﬁt expenses	3,190.9	3,951.9
	353,906.1	318,354.6

The expenses for deﬁned contribution plans amounted to EUR 7,990.1 thousand (previous year: EUR 7,191.5 thousand). Expenses for severance payments of EUR 17.4 thousand (previous year: EUR 9.3 thousand), as well as expenses for pension payments of EUR 453.4 thousand (previous year: EUR 188.6 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:

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Management Board	930.5	846.1
Former Management Board and their survivors	652.3	705.1
Supervisory Board	114.7	95.4
	1,697.5	1,646.6

The average number of employees in this ﬁscal year amounts to 4,651 (previous year: 4,606). Part-time employees are included on a proportional basis.

11.

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Depreciation and amortisation	169,583.4	164,603.5
Impairments	10,611.6	993.9
	180,195.0	165,597.4

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Personnel expenses

Depreciation, amortisation and impairments

208

Consolidated Financial Statements Notes

12.

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Taxes	7,973.5	7,837.2
External services	68,624.1	67,826.7
Travel expenses	9,223.0	8,498.3
Insurance premiums	11,752.3	9,175.5
Postage and telecommunication	6,999.8	6,073.2
Rental and leasing expenses	2,096.0	1,746.8
Write-offs of receivables	1,559.2	1,381.7
Allocation of allowances and expected losses to receivables	1,961.6	897.6
Vehicle expense	20,089.9	18,783.5
Losses from the disposal of intangible assets and property, plant and
equipment	2,097.0	2,048.7
Repairs	33,774.0	27,608.4
Other expenses	65,804.4	40,635.2
	231,954.8	192,512.8

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 597.5 thousand (previous year: EUR 535.9 thousand). In addition, the Group auditor provided other consulting services for the Energie AG Oberösterreich Group totalling EUR 0.4 thousand (previous year: EUR 88.5 thousand).

Other expenses primarily include allocations to provisions, transaction costs, marketing expenses and fees.

Following the expiry of a price guarantee for electricity customers issued by Energie AG Oberösterreich Vertrieb GmbH, a price adjustment was made in January 2023 in response to a sharp rise in procurement costs. Against the backdrop of the uncertain legal situation within the entire industry due to the new price adjustment regulations for electricity, Energie AG and special interest groups have agreed to refrain from ﬁling lawsuits in exchange for a one-off payment, thus avoiding a protracted legal dispute. The customers affected by the electricity price increase implemented on 2 January 2023 receive a one-off payment of EUR 25.00, EUR 50.00 or EUR 100.00, depending on their consumption. Other operating expenses include an amount of EUR 20.5 million to reﬂect this.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Other operating expenses

209

Consolidated Financial Statements Notes

13.

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Financing expenses
Interest and similar expenses	-21,715.4	-24,169.0
Interest expense on personnel provisions	-6,897.0	-1,895.1
Interest expense on lease liabilities	-1,968.0	-727.1
Foreign exchange losses	-30.2	-1,150.9
	-30,610.6	-27,942.1
Other interest income
Interest and similar income	13,298.4	999.4
Interest income from lease liabilities	-	135.9
Foreign exchange gains	526.5	0.8
Measurement of interest rate derivatives	-	95.1
	13,824.9	1,231.2
	-16,785.7	-26,710.9

14.

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Result from investments
Non-consolidated afﬁliated companies	100.0	100.0
Income from other investments	5,851.6	2,507.0
	5,951.6	2,607.0
Result from ﬁnancial investments
Losses from the measurement of lendings	-116.5	-33.8
Gains from the measurement of lendings	37.1	7.0
Income from securities	714.5	652.5
Losses from the measurement of securities	-	-4,858.1
Gains from the measurement of securities	522.4	-
Gains from the disposal of securities	38.6	194.6
Losses from the measurement of ﬁxed term deposits	-115.2	-
Gains from the measurement of ﬁxed term deposits	91.8	205.3
Losses from the measurement of investment funds	-	-624.8
Income from the measurement of investment funds	4,206.9	29.6
Result hedging transaction ﬁnancial investment	-	-195.4
	5,379.6	-4,623.1
	11,331.2	-2,016.1

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Interest income

Other ﬁnancial result

210

Consolidated Financial Statements Notes

15.

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Current income taxes	21,270.6	5,858.6
Adjustment for deferred taxes	26,836.4	4,830.1
	48,107.0	10,688.7

Expenses for taxes on income are EUR 3,188.6 thousand lower (previous year: EUR 19,444.6 thousand lower) than the calculated expenses for taxes on income that result from applying the respective tax rates (Austria: 23.25% (previous year: 24.25%); Czech Republic: 19%) to the earnings before taxes on income. The reasons for the difference between the calculated and reported income tax expenses are as follows:

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Earnings before income taxes	212,995.5	121,909.7
Imputed tax expenses	51,295.6	30,133.3
Tax effects from
Tax-free earnings from companies measured at equity and tax-free
investment income	-4,416.5	-4,821.6
Tax-free proﬁts from reorganisation measures (31)	-	-9,260.4
Impact of the eco-social tax reform on deferred taxes	885.3	-5,206.8
Other items	342.6	-155.8
Effective tax income/expenses	48,107.0	10,688.7
Effective tax rate in %	22.6	8.8

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
	2023	2022	2023	2022	2023	2022
	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000
Intangible assets	-	-	-18,904.5	-19,691.1	-18,904.5	-19,691.1
Property, plant and equipment	9,480.4	7,811.9	-59,432.1	-47,605.9	-49,951.7	-39,794.0
Financial assets	3,173.5	3,295.0	-20,759.0	-11,826.6	-17,585.5	-8,531.6
Provisions	20,422.4	32,743.1	-6,764.8	-1,273.5	13,657.6	31,469.6
Untaxed reserves	-	-	-12,028.6	-12,376.1	-12,028.6	-12,376.1
Construction cost subsidies	82.2	284.0	-1,313.8	-1,739.3	-1,231.6	-1,455.3
Cash ﬂow hedge reserve	21,251.4	-	-4,918.9	-79,900.0	16,332.5	-79,900.0
Leasing	18,337.0	17,214.7	-18,230.7	-17,137.0	106.3	77.7
Current derivative ﬁnancial
instruments	87,877.8	239,654.6	-100,209.3	-320,236.3	-12,331.5	-80,581.7
Non-current derivative ﬁnancial
instruments	31,895.8	243,482.9	-22,031.2	-162,298.2	9,864.6	81,184.7
Other	10,902.6	6,998.2	-596.1	-1,117.7	10,306.5	5,880.5
Deferred tax assets/
liabilities before offsetting	203,423.1	551,484.4	-265,189.0	-670,914.7	-61,765.9	-123,717.3

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Income taxes

211

Consolidated Financial Statements Notes

	Balance			Recognised	Balance
	as of	Exchange	Recognised	in proﬁt or	as of
	30.09.2023	differences	in equity	loss	01.10.2022
	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000
Intangible assets	-18,904.5	-6.5	-	793.1	-19,691.1
Property, plant and equipment	-49,951.7	-26.8	-	-10,130.9	-39,794.0
Financial assets	-17,585.5	-	-8,961.2	-92.7	-8,531.6
Provisions	13,657.6	5.9	1,550.7	-19,368.6	31,469.6
Untaxed reserves	-12,028.6	-	-	347.5	-12,376.1
Construction cost subsidies	-1,231.6	-	-	223.7	-1,455.3
Cash ﬂow hedge reserve	16,332.5	-	96,232.5	-	-79,900.0
Leasing	106.3	-	-	28.6	77.7
Current derivative ﬁnancial
instruments	-12,331.5	-	-	68,250.2	-80,581.7
Non-current derivative ﬁnancial
instruments	9,864.6	-	-	-71,320.1	81,184.7
Other	10,306.5	-6.8	-	4,432.8	5,880.5
	-61,765.9	-34.2	88,822.0	-26,836.4	-123,717.3

	Balance			Recognised	Balance
	as of	Exchange	Recognised	in proﬁt or	as of
	30.09.2022	differences	in equity	loss	01.10.2021
	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000
Intangible assets	-19,691.1	-43.1	-	2,365.5	-22,013.5
Property, plant and equipment	-39,794.0	-152.5	-	-8,265.6	-31,375.9
Financial assets	-8,531.6	-	-924.5	-80.9	-7,526.2
Provisions	31,469.6	32.5	-12,317.9	-2,730.6	46,485.6
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

No deferred tax liabilities were recognised for temporary differences of EUR 683,832.1 thousand (previous year: EUR 922,656.1 thousand) in connection with fully consolidated subsidiaries, joint ventures and associated companies. Deferred taxes in the amount of EUR -8,961.2 thousand (previous year: EUR -924.5 thousand) pertain to changes in value of investments and securities FVOCI recognised outside of proﬁt or loss; deferred taxes in the amount of EUR 96,232.5 thousand (previous year: EUR -49,396.0 thousand) pertain to changes in value from hedge accounting recognised outside of proﬁt or loss.

The OECD has published regulations pertaining to the introduction of a global minimum tax on corporate proﬁts of 15%. This was followed by an EU directive, passed in 2022, which must be transposed into national law. The Energie AG Group is covered by the scope of these regulations, yet does not currently anticipate any additional tax payments.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

212

Notes to the Consolidated Statement of Financial Position

16.

Changes in intangible assets and goodwill

	Electricity				Assets
	procurement			Customer	under
	rights	Other rights	Goodwill	base	construction	Total
2022/2023	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000
Costs
01.10.2022	256,589.7	124,030.0	100,748.4	70,873.0	206.0	552,447.1
Translation differences	-	24.6	135.1	168.6	-1.6	326.7
Additions	971.0	3,806.4	-	581.8	404.5	5,763.7
Disposals	-	-740.8	-	-10,835.3	-	-11,576.1
Transfers	-	262.2	-	-	-262.2	-
30.09.2023	257,560.7	127,382.4	100,883.5	60,788.1	346.7	546,961.4
Accumulated
amortisation
01.10.2022	172,476.5	103,524.5	11,022.9	29,525.3	-	316,549.2
Translation differences	-	21.8	-	110.8	-	132.6
Amortisation	1,339.1	3,195.4	-	4,224.5	-	8,759.0
Disposals	-	-676.3	-	-10,835.3		-11,511.6
30.09.2023	173,815.6	106,065.4	11,022.9	23,025.3	-	313,929.2
Carrying amount as of
01.10.2022	84,113.2	20,505.5	89,725.5	41,347.7	206.0	235,897.9
Carrying amount as of
30.09.2023	83,745.1	21,317.0	89,860.6	37,762.8	346.7	233,032.2

	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 and
impairments
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 2022/2023

NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Intangible assets and property, plant and equipment

213

Consolidated Financial Statements Notes

Changes in property, plant and equipment

		Manufacturing		Assets
	Land and	plant and	Furniture	under
	buildings	equipment	and ﬁxtures	construction	Total
2022/2023	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000
Costs
01.10.2022	1,224,783.4	4,278,086.7	245,033.7	84,995.3	5,832,899.1
Translation differences	531.5	247.7	81.3	-93.5	767.0
Additions	16,408.5	104,166.7	16,073.4	70,278.8	206,927.4
Disposals	-3,811.4	-14,016.6	-8,743.3	-1,847.5	-28,418.8
Transfers	27,836.3	25,993.6	3,736.2	-57,566.1	-
30.09.2023	1,265,748.3	4,394,478.1	256,181.3	95,767.0	6,012,174.7
Accumulated depreciation and
impairments
01.10.2022	690,823.8	2,955,411.0	197,034.5	-374.2	3,842,895.1
Translation differences	214.8	162.5	57.9	-2.2	433.0
Depreciation	23,163.8	121,324.5	16,276.6	59.5	160,824.4
Impairments	-	10,611.6	-	-	10,611.6
Reversal of impairments	-	-421.8	-	-	-421.8
Disposals	-1,786.3	-11,135.5	-8,522.2	-	-21,444.0
Transfers	-	-57.1	57.1	-	-
30.09.2023	712,416.1	3,075,895.2	204,903.9	-316.9	3,992,898.3
Carrying amount as of
01.10.2022	533,959.6	1,322,675.7	47,999.2	85,369.5	1,990,004.0
Carrying amount as of
30.09.2023	553,332.2	1,318,582.9	51,277.4	96,083.9	2,019,276.4

		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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

214

Consolidated Financial Statements Notes

16.1

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
	30.09.2023	30.09.2022	30.09.2023	30.09.2022
	EUR mill.	EUR mill.	%	%
Energy Segment
Sales	20.7	20.7	5.9	5.8
Other	0.4	0.4	5.9	5.8
	21.1	21.1
Waste Management Segment
Waste Management Austria	43.1	43.1	6.0	6.0
Other	2.2	2.2	7.2	7.4
	45.3	45.3
Czech Republic Segment
CEVAK a.s.	15.9	15.8	5.8	5.8
Other	7.4	7.4	5.8-6.3	5.8-6.1
	23.3	23.2
Other	0.2	0.1	-	-
	89.9	89.7

The recoverable amount attributable to the cash generating unit “Sales” exceeds the carrying amount by EUR 62.5 million (previous year: EUR 50.0 million). In the event of a decrease in future cash ﬂows by 21.9% (previous year: 21.8%), or an increase in the interest rate by 1.8% (previous year: 1.3%), 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 16.3 million (previous year: EUR 32.4 million), while the recoverable amount of CEVAK a.s. exceeds the carrying amount by EUR 86.7 million (previous year: EUR 75.8 million). In the event of a decrease in future cash ﬂows by 6.9% (previous year: 22.9%), or an increase in the interest rate by 0.4% (previous year: 0.7%), 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

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 1,815 GWh per year (previous year: 1,741 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 155 to EUR 209 /MWh (previous year: EUR 93 to EUR 196/MWh). Expenses for maintenance and repair were 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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Impairment of cash generating units with own goodwill

Impairment of cash generating units without own goodwill

215

Consolidated Financial Statements Notes

increase rate. The discount rate is 5.9% (previous year: 5.8%). The planning horizon ends in the 2037/2038 ﬁscal year. Due to lower market expectations in particular, an impairment of EUR 10.2 million (previous year: reversal of impairment of EUR 4.1 million) was recognised. The recoverable amount determined using the DCF method corresponds to the value in use in the amount of EUR 33.5 million (previous year: EUR 47.2 million). Fluctuations in cash ﬂows of 20% resulted in a change of EUR 6.7 million in the recoverable amount. An increase in the interest rate by 0.5% results in a reduction of the recoverable amount by EUR 0.6 million.

16.3

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 4.5% or 5.0% was assumed to apply in the 2022/2023 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 31.6 million and a lease liability in the amount of EUR 36.0 million have been recognised as of 30 September 2023.

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. The lease was terminated in the 2022/2023 ﬁscal year and the outstanding lease liability of EUR 35.7 million repaid. The right of use assets had a carrying amount of EUR 9.9 million as of 30 September 2022 and the corresponding liability amounted to EUR 37.4 million. The assets are now recognised under property, plant and equipment.

As of 30 September 2023, the lease liabilities amount to EUR 81.4 million (previous year: EUR 115.9 million) (up to 1 year: EUR 5.0 million; 1-5 years EUR 19.4 million, more than 5 years EUR 57.0 million) (previous year: up to 1 year: EUR 45.2 million, 1-5 years EUR 12.7 million, more than 5 years EUR 58.0 million). The Statement of Financial Position recognises the lease liabilities in the item for ﬁnancial liabilities.

For ﬁscal year 2022/2023, the cash outﬂows for leases amount to EUR 9,145.8 thousand (previous year: EUR 10,337.6 thousand). Expenses for leases not recognised in accordance with IFRS 16 amount to EUR 2,096.0 thousand (of which current rental and lease expenses: EUR 567.0 thousand, of which marginal rental and lease expenses: EUR 279.7 thousand, of which rental and lease expenses not covered by IFRS 16: EUR 1,249.3 thousand, of which

Energie AG Oberösterreich – Annual Financial Report 2022/2023

IFRS 16 (Leases)

216

Consolidated Financial Statements Notes

variable rental and lease expenses: EUR 0.0 thousand) (previous year: EUR 1,746.8 thousand; of which: short-term 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).

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
2022/2023	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000
01.10.2022	69,718.9	16,909.2	154.1	1,016.5	87,798.7
Translation differences	3.8	-	0.1	-	3.9
Additions	6,747.7	342.2	439.5	989.7	8,519.1
Disposals	-46.3	-	-21.3	-0.6	-68.2
Transfers	-	-9,156.4	-	-	-9,156.4
Depreciation	-4,396.8	-1,085.1	-142.7	-581.0	-6,205.6
30.09.2023	72,027.3	7,009.9	429.7	1,424.6	80,891.5

		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

16.4

Research costs in the amount of EUR 5.0 million (previous year: EUR 5.3 million) were recognised as expenses.

In the 2022/2023 ﬁscal year, interest on borrowed capital in the amount of EUR 364.0 thousand (previous year: EUR 149.5 thousand) was capitalised. The applied interest rate was 3.5% (previous year 3.6%).

Additions to assets under construction led to outﬂows of payment instruments in the amount of EUR 59,892.5 thousand (previous year: EUR 60,297.2 thousand). Obligations for the acquisition of property, plant and equipment amount to EUR 312,893.3 thousand (previous year: EUR 46,027.1 thousand). A plot of land with a carrying amount of EUR 452.1 thousand (Holding & Services Segment) is classiﬁed as available for sale and will be transferred at the beginning of the ﬁscal year 2023/2024.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Further disclosures

217

Consolidated Financial Statements Notes

17.

	30.09.2023	30.09.2022
	EUR 1,000	EUR 1,000
Shares in afﬁliated companies	1,583.9	1,580.2
Shares in companies consolidated at equity	294,826.5	287,087.3
Other investments	74,497.1	38,864.2
	370,907.5	327,531.7

The Cash Flow Statement includes dividends from entities consolidated using the equity method in the amount of EUR 3,909.3 thousand (previous year: EUR 13,076.3 thousand).

Due to an increase in expected future cash surpluses, a reversal of impairment of EUR 3.5 million was recognised in the previous year for Wels Strom GmbH (Holding & Services Segment), which is measured using the equity method.

18.

	30.09.2023	30.09.2022
	EUR 1,000	EUR 1,000
Lendings to companies in which an interest is held	14,553.1	84,315.6
Other lendings	8,076.8	7,620.2
Securities at Fair Value through Other Comprehensive Income	11,324.9	8,116.7
Securities at Fair Value through Proﬁt or Loss	27,253.3	26,774.8
	61,208.1	126,827.3

19.

	30.09.2023	30.09.2022
	EUR 1,000	EUR 1,000
Other assets	8,058.4	8,156.8
	8,058.4	8,156.8

20.

	30.09.2023	30.09.2022
	EUR 1,000	EUR 1,000
Primary energy	69,463.9	113,109.7
Raw materials and supplies	22,755.9	19,623.7
Contract assets	2,106.3	2,945.0
Finished goods	1,561.8	1,515.2
	95,887.9	137,193.6

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Investments

Other ﬁnancial assets

Other non-current assets

Inventories

218

Consolidated Financial Statements Notes

21.

	30.09.2023	30.09.2022
	EUR 1,000	EUR 1,000
Trade receivables	387,671.3	351,894.7
Receivables from non-consolidated afﬁliated companies	29,464.0	18,248.8
Receivables from joint arrangements and associated companies	22,079.2	37,325.3
Accruals and deferrals of interest	3,200.2	2,021.5
Receivables from initial margins for derivatives	81,448.6	383,788.7
CO₂emissions allowances	6,426.8	67,971.2
Receivables from cost subsidies	22,679.4	-
Other	58,163.9	49,370.3
	611,133.4	910,620.5

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.

	30.09.2023	30.09.2022
	EUR 1,000	EUR 1,000
Cash in hand	108.5	116.7
Current bonds	-	300,000.0
Cash in bank	230,560.9	629,333.2
	230,669.4	929,449.9

23.

The share capital of Energie AG Oberösterreich consists of 88,651,750 individual share certiﬁcates (previous year: 88,652,558), of which 88,600,000 are ordinary shares (previous year: 88,600,000), and 51,750 are preferred shares without voting rights (previous year: 52,558). The share capital has been fully paid in.

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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Receivables and other assets

Cash and cash equivalents

Equity

219

Consolidated Financial Statements Notes

In ﬁscal year 2022/2023, the share capital was reduced due to the redemption of 808 (previous year: 1,224) 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 2023, the cash ﬂow hedge reserve amounts to EUR -71,003.3 thousand (previous year: EUR 345,219.7 thousand), also see Note 24.3 › Page 226 for more details. 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 0.0 thousand (previous year: EUR 95.1 thousand) was recognised as income through proﬁt or loss. Fair value changes in the amount of EUR -465,467.0 thousand (previous year: EUR 394,614.6 thousand) are recognised as other comprehensive income. During the ﬁscal year, EUR 49,244.0 thousand (previous year: EUR -171,410.8 thousand) were withdrawn from the cash-ﬂow hedge reserve and recognised as an expense through proﬁt or loss.

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 2023, the OCI reserve amounts to EUR 73,981.8 thousand (previous year: EUR 35,082.2 thousand). Changes in market value of EUR 38,974.8 thousand (previous year: EUR 5,911.4 thousand) in the ﬁscal year were recognised in equity under other comprehensive income and transfers made to retained earnings in the amount of

EUR -75.2 thousand (previous year: EUR 811.6 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 2023, the company held 1,624 treasury shares (previous year: 808).

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 39.1% (previous year: 26.0%). 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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

220

Consolidated Financial Statements Notes

24.

24.1

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 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. 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.

Futures 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 CO₂emissions 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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Financial instruments and ﬁnancial risk management

Derivative ﬁnancial instruments and hedging

221

Consolidated Financial Statements Notes

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 CO₂derivatives.

Due to the volatile and uncertain situation, hedging instruments associated with CCGT and CMOÖ (hedging for the procurement of gas and CO₂emissions allowances, sale of electricity) were reversed in the previous year. The reversals resulted in income of EUR 25.5 million for the CCGT and expenses of EUR 17.1 million for the CMOÖ. Reversed derivatives are shown as positive or negative fair values without hedge FVPL. With effect from the ﬁscal year 2022/ 2023, newly concluded hedging instruments in connection with the CCGT and their reversal are also presented as derivatives without hedge FVPL (see Note 24.4 › Page 228).

The Group holds fair value hedges for ﬁrm commitments relating to transactions for procuring and supplying electricity.

Cash ﬂow hedges are used to protect future cash ﬂows. The Group also uses electricity and gas futures and forwards, CO₂futures, 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 ﬂows from hedging transactions in the amount of EUR -960.9 million (previous year: EUR 1,694.6 million) included in the cash ﬂow statement mainly comprise margins from electricity, gas and CO₂futures as well as cash ﬂows from collateral annexes. The non-cash items from derivatives of EUR -317.4 million (previous year: EUR -383.0 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 collateral for derivatives in the amount of EUR 324.4 million (previous year: EUR -342.5 million) is cash and cash equivalents that had to be deposited as collateral for stock exchange transactions.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

222

Consolidated Financial Statements Notes

24.2

24.2.1

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
30.09.2023	EUR 1,000	EUR 1,000	Unit	amount	EUR 1,000
Electricity futures, forwards – sales	92,095.1	-7,566.4	GWh	3,064.3	489,053.1
Electricity futures, forwards – procurement	42,312.2	-214,808.6	GWh	5,551.9	-652,526.6
Gas futures – sales	-	-	GWh	-	10,564.4
Gas futures – procurement	3,565.7	-	GWh	184.1	-97,332.8
Gas-oil swaps – procurement	1,029.2	-36.4	Tonnes	7,200.0	-798.4
CO₂futures – sales	-	-	Tonnes	-	-26.7
CO₂futures – procurement	10.6	-709.8	Tonnes	98,000.0	641.8
Interest rate swaps	22,770.2	-1,376.4	EUR mill.	131.6	2,178.2
Foreign exchange contract	-	-30.6	CZK mill.	50.0	-30.6
Total	161,783.0	-224,528.2			-248,277.6

					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
CO₂futures – sales	26.7	-	Tonnes	1,000.0	682.4
CO₂futures – 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
Foreign exchange contract	-	-	-	-	-
Total	718,870.2	-533,337.8			108,844.1

If not yet cleared, the positive fair values of the derivatives are reported under assets in the non-current and current item “Derivative ﬁnancial instruments”, while negative fair values, if not yet cleared, are reported under liabilities in the non-current and current item “Derivative ﬁnancial instruments” (see 24.5 › Page 229).

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Disclosures on hedging transactions

Cash ﬂow hedges

223

Consolidated Financial Statements Notes

The nominal values and average hedging prices for cash ﬂow hedges are as follows:

30.09.2023	Unit	2023	2024	2025	2026	> 2026
Electricity futures, forwards – sales
Nominal amount	GWh	679.3	1,619.7	765.3	-	-
Average price hedged	EUR	143.02	156.27	129.29	-	-
Electricity futures, forwards – procurement
Nominal amount	GWh	1,299.4	2,914.2	909.1	367.9	61.3
Average price hedged	EUR	191.41	135.93	148.77	117.42	65.36
Gas futures – sales
Nominal amount	GWh	-	-	-	-	-
Average price hedged	EUR	-	-	-	-	-
Gas futures – procurement
Nominal amount	GWh	-	-	87.7	96.4	-
Average price hedged	EUR	-	-	21.73	20.44	-
Gas-oil swaps – procurement
Nominal amount	Tonnes	900.0	3,300.0	2,100.0	900.0	-
Average price hedged	EUR	672.30	605.16	672.15	610.62	-
CO₂futures – Sales CO₂emissions allowances
Nominal amount	Tonnes	-	-	-	-	-
Average price hedged	EUR	-	-	-	-	-
CO₂futures – procurement CO₂emission
allowances
Nominal amount	Tonnes	98,000.0	-	-	-	-
Average price hedged	EUR	88.81	-	-	-	-
Interest rate swaps
Nominal amount	EUR mill.	131.6	131.6	131.6	131.6	131.6
Average ﬁxed interest rate	%	4.62	4.62	1.33	1.33	1.33
Foreign exchange contract
Nominal amount	CZK mill.	50.0	-	-	-	-
Forward rate	EUR/CZK	24.858	-	-	-	-

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Consolidated Financial Statements Notes

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	-
CO₂futures – Sales CO₂emissions allowances
Nominal amount	Tonnes	1,000.0	-	-	-	-
Average price hedged	EUR	93.40	-	-	-	-
CO₂futures – procurement CO₂emission
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
Foreign exchange contract
Nominal amount	CZK mill.	-	-	-	-	-
Forward rate	EUR/CZK	-	-	-	-	-

The above reporting of derivatives is broken down by calendar year in which these fall due.

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
	Positive	Negative			fair value for
	fair	fair			ineffectiveness
	values	values		Nominal	measurement
30.09.2023	EUR 1,000	EUR 1,000	Unit	amount	EUR 1,000
Electricity forwards – sales	-	-135.9	GWh	4.4	8,545.3
Electricity futures – procurement	63.0	-	GWh	2.2	-3,209.3
Gas futures – procurement	1,787.4	-	GWh	113.9	-66,947.9
CO₂futures – sales	-	-	Tonnes	-	-
Total	1,850.4	-135.9			-61,611.9

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225

Consolidated Financial Statements Notes

					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 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
CO₂futures – sales	-	-	Tonnes	-	2,342.3
Total	72,563.0	-9,236.6			66,391.3

The nominal values and average hedging prices for fair value hedges are as follows:

30.09.2023	Unit	2023	2024	2025	2026	> 2026
Electricity forwards – sales
Nominal amount	GWh	4.4	-	-	-	-
Average price hedged	EUR	77.53	-	-	-	-
Electricity futures – procurement
Nominal amount	GWh	2.2	-	-	-	-
Average price hedged	EUR	76.50	-	-	-	-
Gas futures – procurement
Nominal amount	GWh	-	-	-	113.9	-
Average price hedged	EUR	-	-	-	21.62	-

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

The above reporting of energy derivatives is broken down by calendar year in which these fall due.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

226

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
30.09.2023	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000
Future electricity sales	-489,053.1	32,793.0	84,449.7	-5,460.9	-	72.0
Future electricity
procurement	652,526.6	-65,996.8	-172,417.4	-	-	-
Future gas sales	-10,564.4	-4,129.7	-	-	-	-
Future gas purchases	97,332.8	29,075.6	3,565.7	69,166.0	-27,077.2	-1,905.8
Future diesel purchases	798.4	-	992.7	-	-	-
Future sales of CO₂
emissions allowances	26.7	-	-	-	-	-
Future purchases of CO₂
emissions allowances	-641.8	-	-699.3	-	-	-
Financial liabilities bearing
variable interest	-2,178.2	-	21,393.8	-	-	-
Dividend in CZK	30.6		-30.6
Total	248,277.6	-8,257.9	-62,745.4	63,705.1	-27,077.2	-1,833.8
Total closed and open
derivatives	-	-71,003.3		-	-28,911.0

	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	-	-	-
Total	-108,748.0	159,687.4	185,532.3	-68,024.4	-2,554.0	-65,539.0
Total closed and open
derivatives	-	345,219.7		-	-68,093.0

Energie AG Oberösterreich – Annual Financial Report 2022/2023

227

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
			Consolidated			previously
	Hedging		Statement of	Amounts		applied and
	gains (+)/	Ineffective	Comprehensive	transferred	Consolidated	the hedged	Consolidated
	losses (-)	hedges	Income item in	because the	Statement of	future cash	Statement of
	recognised in	recognised	which	hedged item	Comprehensive	ﬂows are no	Comprehensive
	the other	through	ineffective	affected	Income item in	longer	Income item in
	comprehensive	proﬁt or	hedge was	proﬁt or	which transfer	expected to	which transfer
	income	loss	recognised	loss	was recognised	occur	was recognised
2022/2023	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000
Electricity futures,
forwards – sales	337,225.4	-	-	214,548.0	Sales revenues	-	-
					Expenses for
					material and
Electricity futures,					other
forwards –					purchased
procurement	-766,664.9	-	-	-131,826.9	services	-	-
Gas futures – sales	15,939.6	-	-	-7,710.8	Sales revenues	-	-
					Expenses for
					material and
					other
Gas futures –					purchased
procurement	-54,247.0	-	-	-25,382.7	services	-	-
					Other
Gas-oil swaps –					operating
procurement	270.8	-	-	-1,136.9	expenses	-	-
CO₂futures – sales	-26.7	-	-	-	Sales revenues	-	-
					Expenses for
					material and
					other
CO₂futures –					purchased
procurement	672.1	-	-	-30.4	services	-	-
					Financing
Interest rate swaps	1,363.7	-	-	783.7	expenses	-	-
Total	-465,467.0	-		49,244.0		-

Energie AG Oberösterreich – Annual Financial Report 2022/2023

228

Consolidated Financial Statements Notes

				Transfers from reserves to proﬁt or loss
						Amounts for
						which
						hedge
						accounting
						was
			Consolidated			previously
	Hedging		Statement of	Amounts		applied and
	gains (+)/	Ineffective	Comprehensive	transferred	Consolidated	the hedged	Consolidated
	losses (-)	hedges	Income item in	because the	Statement of	future cash	Statement of
	recognised in	recognised	which	hedged item	Comprehensive	ﬂows are no	Comprehensive
	the other	through	ineffective	affected	Income item in	longer	Income item in
	comprehensive	proﬁt or	hedge was	proﬁt or	which transfer	expected to	which transfer
	income	loss	recognised	loss	was recognised	occur	was recognised
2021/2022	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	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,					other
forwards –					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					other
and swaps –					purchased
procurement	117,374.7	-	-	-29,213.8	services	-10,419.3	Sales revenues
					Other
Gas-oil swaps –					operating
procurement	2,712.8	-	-	-1,748.8	expenses	-
CO₂futures – sales	-450.3	-	-	1,132.5	Sales revenues	-
					Expenses for
					material and
					other
CO₂futures –					purchased
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

24.4 Disclosures on derivatives not designated as hedging instruments

The Energie AG Group holds the following derivatives not dedicated to any hedging relationship:

	Nominal Value		Positive	Negative
			fair values	fair values
30.09.2023	Purchase	Sale	EUR 1,000	EUR 1,000
Derivatives not designated as hedging
instruments
Electricity forwards	EUR 590.6 mill.	EUR 379.3 mill.	90,374.7	-377,767.0
Electricity futures	EUR 556.2 mill.	EUR 681.3 mill.	346,714.8	-145,585.2
Gas forwards	EUR 25.4 mill.	EUR 0.7 mill.	29,666.8	-231.5
Gas futures	EUR 236.1 mill.	EUR 390.9 mill.	214,105.1	-139,333.0
CO₂forwards	EUR 7.5 mill.	EUR 0.0 mill.	35.1	-19.7
CO₂futures	EUR 49.3 mill.	EUR 55.4 mill.	5,800.5	-7,342.0

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229

Consolidated Financial Statements Notes

	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
CO₂forwards	EUR 47.2 mill.	EUR 21.0 mill.	4,438.0	-3,092.1
CO₂futures	EUR 142.7 mill.	EUR 174.4 mill.	28,470.9	-25,649.5

24.5 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.	30.09.2023	30.09.2022
	to IFRS 9	EUR 1,000	EUR 1,000
Investments		76,081.0	40,444.4
Shares in afﬁliated companies	FVOCI	1,583.9	1,580.2
Other investments	FVOCI	74,497.1	38,864.2
Other ﬁnancial assets		61,208.1	126,827.3
Lendings to companies in which an interest is held	AC	14,553.1	84,315.6
Other lendings	AC	8,076.8	7,620.2
Securities FVOCI	FVOCI	11,324.9	8,116.7
Securities FVPL	FVPL	27,253.3	26,774.8
Derivative ﬁnancial instruments (non-current and current)		221,430.8	1,968,863.3
Derivatives designated as hedging instruments (cash ﬂow
hedge)	n/a	101,219.2	512,188.6
Derivatives designated as hedging instruments (fair value
hedge)	n/a	135.0	14,608.7
Derivatives not designated as hedging instruments	FVPL	120,076.6	1,442,066.0
Receivables and other assets (non-current and current)
acc. to the Statement of Financial Position		619,191.8	918,777.3
Thereof non-ﬁnancial assets		33,600.9	107,107.6
Thereof ﬁnancial assets		585,590.9	811,669.7
Trade receivables	AC	387,794.3	351,991.7
Receivables from afﬁliated companies	AC	30,065.7	18,248.8
Receivables from joint arrangements and associated
companies	AC	22,079.2	37,325.3
Other ﬁnancial assets	AC	145,651.7	404,103.9
Fixed term deposits and short-term investments		258,656.1	273,472.6
Fixed term deposits	AC	94,845.2	113,868.6
Short-term investments	FVPL	163,810.9	159,604.0
Cash and cash equivalents	AC	230,669.4	929,449.9
Total ﬁnancial assets		1,433,636.3	4,150,727.2
Financial liabilities (non-current and current)		638,462.6	660,478.2
Bonds	FLAC	300,541.5	300,896.3
Liabilities to banks	FLAC	12,826.7	8,362.7

Energie AG Oberösterreich – Annual Financial Report 2022/2023

230

Consolidated Financial Statements Notes

		Carrying amount	Carrying amount
	Category acc.	30.09.2023	30.09.2022
	to IFRS 9	EUR 1,000	EUR 1,000
Lease liabilities	IFRS 16	81,418.2	115,897.0
Other ﬁnancial liabilities	FLAC	243,676.2	235,322.2
Trade payables (current)	FLAC	275,975.4	279,156.4
Derivative ﬁnancial instruments (non-current and current)		574,904.2	2,946,453.5
Derivatives designated as hedging instruments (cash ﬂow
hedge)	n/a	145,342.2	422,366.9
Derivatives designated as hedging instruments (fair value
hedge)	n/a	29,118.9	92,445.1
Derivatives not designated as hedging instruments	FVPL	378,018.2	1,879,975.5
Received margin payments	n/a	22,424.9	551,666.0
Other liabilities (non-current and current) acc. to the
Statement of Financial Position		342,671.8	466,461.6
Thereof non-ﬁnancial liabilities		256,257.1	216,518.3
Thereof ﬁnancial liabilities		86,414.7	249,943.3
Liabilities to afﬁliated companies	FLAC	284.4	560.7
Liabilities to joint arrangements and associated companies	FLAC	6,073.1	5,357.5
Other ﬁnancial liabilities (non-current and current)	FLAC	80,057.2	244,025.1
Total ﬁnancial liabilities		1,575,756.9	4,136,031.4
Carrying amounts grouped to measurement categories
according to IFRS 9
Financial Assets at Amortized Costs (AC)		933,735.4	1,946,924.0
Financial Assets at Fair Value through Other Comprehensive
Income (FVOCI)		87,405.9	48,561.1
Financial Assets at Fair Value through Proﬁt or Loss (FVPL)		311,140.8	1,628,444.8
Financial Liabilities at Amortized Cost (FLAC)		919,434.5	1,073,680.9
Financial Liabilities at Fair Value through Proﬁt or Loss (FVPL)		378,018.2	1,879,975.5

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231

Consolidated Financial Statements Notes

The positive and negative long-term and short-term market values of the balance sheet item “Derivative ﬁnancial instruments” are divided up as follows:

	ASSETS		LIABILITIES
	Carrying amount	Carrying amount	Carrying amount	Carrying amount
	30.09.2023	30.09.2022	30.09.2023	30.09.2022
	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000
Cash ﬂow hedges	35,120.1	168,833.3	17,303.5	78,626.5
Electricity forwards	12,092.5	146,481.0	15,908.0	76,105.6
Others	23,027.6	22,352.3	1,395.5	2,520.9
Fair value hedges	-	1,739.4	24,294.0	72,812.2
Derivatives not used for hedging	34,044.7	558,945.5	89,536.2	774,738.3
Electricity forwards	18,023.5	451,351.0	89,495.2	761,085.4
Gas forwards	16,021.2	107,594.5	41.0	13,652.9
Included margin payments	-	-	4,904.0	204,647.9
NON-CURRENT DERIVATIVE FINANCIAL
INSTRUMENTS	69,164.8	729,518.2	136,037.7	1,130,824.9
Cash ﬂow hedges	66,099.1	343,355.3	128,038.7	343,740.4
Electricity forwards	65,327.4	319,299.5	127,990.7	343,234.1
Others	771.7	24,055.8	48.0	506.3
Fair value hedges	135.0	12,869.3	4,824.9	19,632.9
Derivatives not used for hedging	86,031.9	883,120.5	288,482.0	1,105,237.2
Electricity forwards	72,351.2	773,602.1	288,271.8	1,099,781.6
Gas forwards	13,645.6	105,080.4	190.5	2,363.5
Others	35.1	4,438.0	19.7	3,092.1
Included margin payments	-	-	17,520.9	347,018.1
CURRENT DERIVATIVE FINANCIAL
INSTRUMENTS	152,266.0	1,239,345.1	438,866.5	1,815,628.6
Cash ﬂow hedges	101,219.2	512,188.6	145,342.2	422,366.9
Electricity forwards	77,419.9	465,780.5	143,898.7	419,339.7
Others	23,799.3	46,408.1	1,443.5	3,027.2
Fair value hedges	135.0	14,608.7	29,118.9	92,445.1
Derivatives not used for hedging	120,076.6	1,442,066.0	378,018.2	1,879,975.5
Electricity forwards	90,374.7	1,224,953.1	377,767.0	1,860,867.0
Gas forwards	29,666.8	212,674.9	231.5	16,016.4
Others	35.1	4,438.0	19.7	3,092.1
Included margin payments	-	-	22,424.9	551,666.0
DERIVATIVE FINANCIAL INSTRUMENTS
(NON-CURRENT AND CURRENT)	221,430.8	1,968,863.3	574,904.2	2,946,453.5

Cash ﬂow hedges and fair value hedges are concluded in particular to hedge price change and interest rate change risks of hedged items. Derivatives not used for hedging are largely closed positions, with the criteria for hedge accounting according to IFRS 9 not being fulﬁlled. These positive and negative market values do not include futures, as these are cleared with daily margin payments.

As of 30 September 2023, the Energie AG Group holds shares in afﬁliated companies and other investments in the amount of EUR 76,081.0 thousand (previous year:

Energie AG Oberösterreich – Annual Financial Report 2022/2023

232

Consolidated Financial Statements Notes

EUR 40,444.4 thousand), as well as securities (stocks) in the amount of EUR 11,324.9 thousand (previous year: EUR 8,116.7 thousand) classiﬁed as “Financial Assets Through Other Comprehensive Income (FVOCI)”. These investments are held for long-term, strategic purposes. For ﬁscal year 2022/2023, the dividends distributed for securities amount to EUR 556.8 thousand (previous year: EUR 428.2 thousand). Dividends distributed for investments amount to EUR 5,951.6 thousand (previous year: EUR 2,607.0 thousand).

In the 2022/2023 ﬁscal year, one Czech investment (previous year: two Czech investments and Oberösterreichische Gemeinnützige Bau- und Wohngesellschaft mit beschränkter Haftung) was sold. EUR 75.2 thousand of accumulated proﬁts (previous year: EUR 811.6 thousand of accumulated losses) were reclassiﬁed within equity.

24.6.

The following table shows the effect of netting agreements:

		30.09.2023			30.09.2022
		Effects from			Effects from
	Reported	offsetting		Reported	offsetting
	ﬁnancial assets/	framework		ﬁnancial 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	387,794.3	-24,211.1	363,583.2	351,991.7	-14,270.1	337,721.6
Positive fair value of
derivatives	221,430.8	-105,412.0	116,018.8	1,968,863.3	-1,494,582.9	474,280.4
Total	609,225.1	-129,623.1	479,602.0	2,320,855.0	-1,508,853.0	812,002.0
Financial liabilities
Trade payables	275,975.4	-24,211.1	251,764.3	279,156.4	-14,270.1	264,886.3
Negative fair value of
derivatives	552,479.3	-105,412.0	447,067.3	2,394,787.5	-1,494,582.9	900,204.6
Total	828,454.7	-129,623.1	698,831.6	2,673,943.9	-1,508,853.0	1,165,090.9

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.

24.7

24.7.1

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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Offsetting of ﬁnancial assets and liabilities

Measurement at fair value

Fair value of ﬁnancial assets and liabilities that are measured regularly at fair value

233

Consolidated Financial Statements Notes

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
30.09.2023	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000
Assets
Shares in afﬁliated companies (FVOCI)	1,583.9	-	-	1,583.9	1,583.9
Other investments (FVOCI)	74,497.1	1,683.9	-	72,813.2	74,497.1
Securities (FVOCI)	11,324.9	11,324.9	-	-	11,324.9
Securities (FVPL)	27,253.3	27,253.3	-	-	27,253.3
Derivatives designated as hedging
instruments (cash ﬂow hedge)	101,219.2	-	101,219.2	-	101,219.2
Derivatives designated as hedging
instruments (fair value hedge)	135.0	-	135.0	-	135.0
Derivatives not designated as hedging
instruments (FVPL)	120,076.6	-	120,076.6	-	120,076.6
Short-term investments (FVPL)	163,810.9	163,810.9	-	-	163,810.9
Total	499,900.9	204,073.0	221,430.8	74,397.1	499,900.9
Liabilities
Derivatives designated as hedging
instruments (cash ﬂow hedge)	145,342.2	-	145,342.2	-	145,342.2
Derivatives designated as hedging
instruments (fair value hedge)	29,118.9	-	29,118.9	-	29,118.9
Derivatives not designated as hedging
instruments (FVPL)	378,018.2	-	378,018.2	-	378,018.2
Total	552,479.3	-	552,479.3	-	552,479.3

Energie AG Oberösterreich – Annual Financial Report 2022/2023

234

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
30.09.2022	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)	14,608.7	-	14,608.7	-	14,608.7
Derivatives not designated as hedging
instruments (FVPL)	1,442,066.0	-	1,442,066.0	-	1,442,066.0
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

Level 3 ﬁnancial instruments have developed as follows:

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Carrying amount as of 01.10.	38,524.4	28,897.5
Gains (losses) – not recognised in proﬁt or loss	35,927.5	10,495.1
Additions	-	20.0
Disposals	-64.7	-906.9
Transfers	-	-35.0
Currency translation	9.9	53.7
Carrying amount as of 30.09.	74,397.1	38,524.4

The gains (losses) recognised directly in equity include the upward revaluation of the investment in Verbund Hydro Power GmbH in the amount of EUR 36,836.2 thousand (previous year: EUR 8,765.6 thousand). The fair value of the investment (0.42%) of EUR 67,298.9 thousand (30 September 2022: EUR 30,462.7 thousand) was determined based on the expected future distributions and a discount rate of 8.33% (30 September 2022: 8.3%). The increase in fair value is mainly attributable to higher expected distributions.

The resulting income of EUR 35,927.5 thousand (previous year: EUR 10,495.1 thousand) through equity was recognised as other comprehensive income in the item “Change in value of investments and securities FVOCI”.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

235

Consolidated Financial Statements Notes

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 13,569.7 thousand (EUR -13,569.7 thousand) (previous year: EUR 6,878.5 thousand (EUR -6,878.5 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 -1,513.9 thousand (EUR 1,601.6 thousand) (previous year: EUR -1,413.0 thousand (EUR 1,586.1 thousand)).

24.7.2 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	1	Market value-oriented	Nominal values, stock market price, net asset
funds			value
Listed energy futures	1	Market value-oriented	Settlement price determined at stock exchange
Non-listed energy			Forward price curve derived from stock exchange
forwards	2	Capital value-oriented	prices, interest rate curve, credit risk of contractual
			partners on a net basis
			Cash ﬂows already ﬁxed or determined using
Interest rate swaps	2	Capital value-oriented	forward rates, interest rate curve, credit risk of
			contractual partners
			Cash ﬂows already ﬁxed or determined using
Gas and gas-oil swaps	2	Capital value-oriented	forward rates, interest rate curve, credit risk of
			contractual partners

24.7.3

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 value of the payments associated with the liabilities, taking into consideration the respectively applicable market parameters (interest rates, credit spreads).

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Fair values of ﬁnancial assets and liabilities that are not measured regularly at fair value, however for which the fair value must be disclosed

236

Consolidated Financial Statements Notes

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.	30.09.2023	30.09.2023	30.09.2022	30.09.2022
	to IFRS 9	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	Level
Assets
Other ﬁnancial assets		22,629.9	22,475.0	91,935.8	90,641.9
Lendings to companies
in which an interest is
held	AC	14,553.1	14,496.7	84,315.6	83,089.7	Level 3
Other lendings	AC	8,076.8	7,978.3	7,620.2	7,552.2	Level 3
Liabilities
Financial liabilities		544,217.7	457,726.6	536,218.5	469,228.2
Bonds	FLAC	300,541.5	301,383.0	300,896.3	309,045.0	Level 1
Other ﬁnancial liabilities	FLAC	243,676.2	156,343.6	235,322.2	160,183.2	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.

24.8

The net result from ﬁnancial instruments is grouped in the different classes of ﬁnancial instruments as follows:

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Financial Assets at Amortized Cost	10,724.2	461.1
Financial Assets at Fair Value through Other Comprehensive Income	39,456.4	7,186.0
Financial Assets at Fair Value through Proﬁt or Loss	4,916.4	-5,054.8
Financial Assets/Liabilities at Fair Value through Proﬁt or Loss	244,746.7	4,595.0
Financial Liabilities Measured at Amortized Cost	-21,082.4	-21,630.1
Net result	278,761.3	-14,442.8
Interest income and expenses from ﬁnancial instruments measured at
amortised costs:
Total interest income	13,224.9	928.1
Total interest expense	-21,082.4	-21,630.1

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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Net result

237

Consolidated Financial Statements Notes

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.

24.9

24.9.1

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).

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.

24.9.2

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 7.1 million, HUF 2.7 billion), (previous year: CZK 7.2 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 23.25% (previous year: 23% to 24.25%) 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)

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Financial risk management

Principles of ﬁnancial risk management

Foreign exchange risk

238

Consolidated Financial Statements Notes

by EUR 504.2 thousand (previous year: EUR 467.2 thousand) and a reduction in equity by EUR 504.2 thousand (previous year: EUR 467.2 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 616.3 thousand (previous year: EUR 571.0 thousand) and an increase in equity by EUR 616.3 thousand (previous year: EUR 571.0 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).

24.9.3

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:

	30.09.2023	30.09.2022
	EUR 1,000	EUR 1,000
Cash in bank	230,560.9	929,333.2
Variable rate lendings	13,206.8	15,054.9
Variable rate loans	-43,083.0	-32,897.3
Variable rate lease liabilities	-36,705.6	-74,610.2
Net risk before hedge accounting	163,979.1	836,880.6
Hedge accounting and interest rate derivatives	31,600.0	68,924.7
Net risk after hedge accounting and interest derivatives	195,579.1	905,805.3

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 23.25% (previous year: 23% to 24.25%) 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 753.0 thousand (previous year: EUR 3,424.5 thousand) and an increase in equity in the amount of EUR 3,618.6 thousand (previous year: EUR 6,370.4 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 2,865.6 thousand (previous year: EUR 2,945.9 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 753.0 thousand (previous year: increase: EUR 3,424.5 thousand) and a decrease in equity in the amount of EUR 3,804.4 thousand (previous year: EUR 6,588.7 thousand). The sensitivity of equity, as well as the sensitivity of earnings (after taxes), were in this case affected by the sensitivity of the interest rate-related cash ﬂow hedge reserve in the amount of EUR 3,051.4 thousand (previous year: EUR 3,164.2 thousand).

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Interest rate risk

239

Consolidated Financial Statements Notes

24.9.4

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 CO₂to 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 year. A tax rate of 23% to 23.25% (previous year: 23% to 24.25%) 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 40% (previous year: 50%) 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 0.0 thousand) and an increase (decrease) in equity by EUR 89,124.9 (previous year: EUR 324,145.1 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 89,124.9 thousand (previous year: EUR 324,145.1 thousand).

Sensitivity of derivative contracts with regard to the prices for gas and diesel (gas-oil):

Following the aforementioned assumptions, a 40% (previous year: 50%) 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 0.0 thousand) and an increase (decrease) in equity by EUR 3,998.8 thousand (previous year: EUR 45,700.5 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 3,998.8 thousand (previous year: EUR 45,700.5 thousand).

Sensitivity of derivative contracts with regard to the price of CO₂:

Following the aforementioned assumptions, a 40% (previous year: 30%) 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: 306.6 thousand) and an increase (decrease) in equity by EUR 2,457.1 thousand (previous year: decrease (increase) EUR 2,210.6 thousand). The sensitivity of equity, as well as the sensitivity of earnings (after taxes), were in this case affected by the sensitivity of the CO₂-price-related cash ﬂow hedge reserve in the amount of EUR 2,457.1 thousand (previous year: EUR 2,517.2 thousand).

24.9.5

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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Commodity price risk

Market risk from securities measured at fair value

240

Consolidated Financial Statements Notes

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 23.25% (previous year: 23% to 24.25%) 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 22,006.5 thousand (previous year: EUR 21,227.5 thousand) and in equity in the amount of EUR 23,509.0 thousand (previous year: EUR 22,386.7 thousand). Here, the 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 1,502.5 thousand (previous year: EUR 1,159.2 thousand).

24.9.6

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: not	Thereof: neither impaired nor past due in the following
		impaired or	maturity ranges				Thereof: not
		overdue as					impaired as
	Carrying	of the					of the
	amount	reporting	Less than	Between	Between	More than	reporting
	30.09.2023	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)	585,590.9	563,134.6	8,671.1	2,175.5	789.2	5,607.2	5,213.3
Trade receivables	387,794.3	373,351.6	8,644.8	1,866.5	789.0	688.0	2,454.4
Receivables from
afﬁliated companies	30,065.7	30,065.7	-	-	-	-	-
Receivables from joint
arrangements and
associated companies	22,079.2	17,150.4	26.3	-	-	4,902.5	-
Other ﬁnancial assets	145,651.7	142,566.9	-	309.0	0.2	16.7	2,758.9
Total	585,590.9	563,134.6	8,671.1	2,175.5	789.2	5,607.2	5,213.3

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Expected credit loss

241

Consolidated Financial Statements Notes

		Thereof: not	Thereof: neither impaired nor past due in the following
		impaired or	maturity ranges				Thereof: not
		overdue as					impaired as
	Carrying	of the					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)	811,669.7	793,511.3	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
afﬁliated companies	18,248.8	18,248.8	-	-	-	-	-
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	811,669.7	793,511.3	11,945.0	737.0	622.6	745.4	4,108.4

The changes in impairments of ﬁnancial assets were as follows:

	Balance					Balance
	as of				Currency	as of
	01.10.2022	Additions	Use	Reversals	conversion	30.09.2023
	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)	7,911.9	1,581.0	-137.8	-300.6	6.5	9,061.0
Trade receivables	7,825.0	1,581.0	-137.8	-264.3	5.2	9,009.1
Other ﬁnancial assets	86.9	-	-	-36.3	1.3	51.9
Total	7,911.9	1,581.0	-137.8	-300.6	6.5	9,061.0

	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

The expenses for complete derecognition of receivables amount to EUR 1,559.2 thousand (previous year: EUR 1,380.7 thousand). The income from the receipt of derecognised receivables amount to EUR 632.4 thousand (previous year: EUR 530.0 thousand). The expenses from additions in the ﬁscal year amounts to EUR 1,280.4 thousand (previous year: EUR 400.3 thousand for income from impairment reversals) 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 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, impairments 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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

242

Consolidated Financial Statements Notes

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
	01.10.2022	Additions	Reversals	conversion	30.09.2023
	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000	EUR 1,000
Other ﬁnancial assets	81.2	116.4	-37.1	0.3	160.8
Lendings to companies in which an
interest is held	51.7	109.3	-35.3	-	125.7
Other lendings	29.5	7.1	-1.8	0.3	35.1
Fixed term deposits	-	-	-	-	-
Receivables and other ﬁnancial
assets (non-current and current)	696.4	380.6	-189.9	0.2	887.3
Trade receivables	696.4	380.6	-189.9	0.2	887.3
Fixed term deposits and short-term
investments	131.4	115.2	-91.8	-	154.8
Fixed term deposits	131.4	115.2	-91.8	-	154.8
Total	909.0	612.2	-318.8	0.5	1,202.9

					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

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

Energie AG Oberösterreich – Annual Financial Report 2022/2023

243

Consolidated Financial Statements Notes

(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 current ﬁscal year, the rating of a loan to a company in which an interest is held was downgraded to “non-investment grade” in accordance with IFRS 9B.5.5.23. This has signiﬁcantly increased the expected credit loss since the investment's initial recognition. The loss expected for this long-term lending was thus measured over the remaining term and amounted to EUR 123.7 thousand.

24.9.7

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, 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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Liquidity risk

244

Consolidated Financial Statements Notes

	Carrying	Cash ﬂows		Cash ﬂows		Cash ﬂows
	amount	2023/2024		2024/2025 to 2027/2028		from 2028/2029
	30.09.2023	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)	638,462.6	21,797.7	32,193.9	41,028.8	322,572.3	49,184.9	284,630.5
Bonds	300,541.5	13,500.0	-	13,500.0	300,795.2	-	-
Liabilities to banks	12,826.7	694.6	7,751.1	477.1	1,940.6	460.2	3,135.0
Lease liabilities	81,418.2	2,369.0	5,026.9	7,944.8	19,423.7	4,509.7	56,967.4
Other ﬁnancial liabilities	243,676.2	5,234.1	19,415.9	19,106.9	412.8	44,215.0	224,528.1
Trade payables (current)	275,975.4	-	275,975.4	-	-	-	-
Derivative ﬁnancial
instruments (non-current
and current)	574,904.2	244.9	438,866.5	1,269.3	134,661.4	789.9	-
Derivatives designated as
hedging instruments
(cash ﬂow hedge)	145,342.2	244.9	128,038.7	1,269.3	15,927.1	789.9	-
Derivatives designated as
hedging instruments (fair
value hedge)	29,118.9	-	4,824.9	-	24,294.0	-	-
Derivatives not
designated as hedging
instruments	378,018.2	-	288,482.0	-	89,536.2	-	-
Received margin
payments	22,424.9	-	17,520.9	-	4,904.1	-	-
Other liabilities (non-
current and current) acc.
to the Statement of
Financial Position	342,671.8
Thereof non-ﬁnancial
liabilities	256,257.1
Thereof ﬁnancial
liabilities	86,414.7	-	82,358.8	-	2,921.9	-	1,134.0
Liabilities to afﬁliated
companies	284.4	-	284.4	-	-	-	-
Liabilities to joint
arrangements and
associated companies	6,073.1	-	6,073.1	-	-	-	-
Other ﬁnancial liabilities
(non-current and current)	80,057.2	-	76,001.3	-	2,921.9	-	1,134.0
Total	1,575,756.9	22,042.6	829,394.6	42,298.1	460,155.6	49,974.8	285,764.5

Energie AG Oberösterreich – Annual Financial Report 2022/2023

245

Consolidated Financial Statements Notes

	Carrying	Cash ﬂows		Cash ﬂows		Cash ﬂows
	amount	2022/2023		2023/2024 to 2026/2027		from 2027/2028
	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	49,408.6	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	4,890.0	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.	2,390,134.3	51,357.6	1,467,679.4	50,542.2	276,932.8

Energie AG Oberösterreich – Annual Financial Report 2022/2023

246

Consolidated Financial Statements Notes

24.10

	EUR 1,000
Financial liabilities 30.09.2022
Non-current	611,136.2
Current	49,342.0
	660,478.2
Addition to lease liabilities	8,519.1
Repayment of lease liabilities	-42,998.1
Other changes in ﬁnancial liabilities	12,463.4
Financial liabilities 30.09.2023
Non-current	606,268.7
Current	32,193.9
	638,462.6

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

24.11

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Positive measurements	3,056,458.6	3,504,104.9
Negative measurements	-2,810,303.0	-3,495,692.0
	246,155.6	8,412.9

The result from the measurement of energy derivatives is largely offset by results from the physical settlement in the income statement.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Development and terms of the most material ﬁnancial liabilities

Measurement of energy derivatives

247

Consolidated Financial Statements Notes

25.

	30.09.2023	30.09.2022
	EUR 1,000	EUR 1,000
Provisions for pensions	79,253.1	80,419.7
Provisions for severance payments	80,064.8	77,068.3
Provisions for anniversary bonuses	19,034.1	18,278.7
Provisions for stepped pension and early retirement beneﬁts	5,514.6	8,401.7
Other provisions	38,998.6	43,561.6
	222,865.2	227,730.0

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.

The following assumptions were made in calculating the personnel provisions:

	2022/2023	2021/2022
	%	%
Discount rate	4.5	4.0
Salary trend	2,9-8,5	3.5
Pension trend	2,0-5,0	2,25-3,5
Expected return on plan assets	4.5	4.0

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 13.59% (previous year: 0.00% to 12.69%) is assumed, staggered according to length of service with the company.

25.1

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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Non-current provisions

Provisions for pensions and similar provisions

248

Consolidated Financial Statements Notes

The Group has an obligation to make additional contributions for deﬁned retirement beneﬁt obligations that were transferred to the Group’s pension fund.

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Present value of retirement beneﬁt obligations (DBO)
as of 01.10.	93,531.4	127,826.1
+ Current service costs	304.4	491.1
+ Interest expense	3,515.4	1,002.6
- Retirement beneﬁts payments	-6,629.4	-7,194.2
(-)/+ Remeasurement – actuarial (gains)/losses:
Due to experience adjustments	3,066.4	7,744.8
Due to changes in demographic assumptions	-2.2	-13.5
Due to changes in ﬁnancial assumptions	-1,698.8	-36,325.5
Present value of retirement beneﬁt obligations (DBO)
as of 30.09.	92,087.2	93,531.4
- Fair value of fund assets	-12,834.1	-13,111.7
Recognised pension provisions as of 30.09.	79,253.1	80,419.7

Changes in fund assets

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Plan assets as of 01.10.	13,111.7	13,962.6
+/(-) Interest income/(expenses) for plan assets	453.3	117.9
+ Contributions to fund	1,011.9	94.0
- Payments from fund	-1,205.3	-1,164.2
+/(-) Asset gain/(loss)	-537.5	101.4
Plan assets as of 30.09.	12,834.1	13,111.7

The actual income from the plan assets amounts to EUR 334.0 thousand (previous year: EUR -270.6 thousand).

The composition of the fund's assets presents as follows:

	30.09.2023	30.09.2022
	%	%
Shares	33.9	39.0
Bonds	28.1	30.5
Cash and cash equivalents	5.7	2.5
Other investments	32.3	28.0
Total	100.0	100.0

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Current service costs	304.4	491.1
Net interest expense	3,062.1	884.7
Pension expense (recognised in net proﬁt or loss for the period)	3,366.5	1,375.8
Remeasurement of retirement beneﬁt obligations	1,902.9	-28,695.6
Retirement beneﬁts expense (recognised in other comprehensive
income)	5,269.4	-27,319.8

Energie AG Oberösterreich – Annual Financial Report 2022/2023

249

Consolidated Financial Statements Notes

The present value of the deﬁned retirement beneﬁt obligations is distributed over the individual groups of employees entitled to pension beneﬁts as follows:

	30.09.2023	30.09.2022
	%	%
Active	17.2	15.7
Vested	0.6	0.5
Retired	82.2	83.8
	100.0	100.0

As of 30 September 2023, the weighted average remaining term of the deﬁned beneﬁt obligations was 10.0 years (previous year: 9.7 years).

Pension payments for the 2023/2024 ﬁscal year are expected to amount to EUR 7,343.1 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

	30.09.2023	30.09.2022
	EUR 1,000	EUR 1,000
Remaining life expectancy
Change by +1 year	5,237.9	5,810.6
Change by -1 year	-5,612.3	-6,203.8
Discount rate
Change by +0.5%	-4,303.5	-5,262.2
Change by -0.5%	4,713.9	5,792.8
Future pension increase
Change by +0.5%	4,609.5	5,595.9
Change by -0.5%	-4,263.9	-5,154.0

Energie AG Oberösterreich – Annual Financial Report 2022/2023

250

Consolidated Financial Statements Notes

25.2

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.

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Present value of severance payment obligations (DBO)
as of 01.10.	77,068.3	95,855.4
+ Current service costs	2,311.9	2,990.0
+/(-) (Gain)/loss on DBP due to termination beneﬁt	-175.4	-364.2
+ Interest expense	2,863.0	742.5
- Severance payments	-6,622.4	-7,180.5
(-)/+ Remeasurement – actuarial (gains)/losses:
Due to experience adjustments	4,530.9	2,329.8
Due to changes in demographic assumptions	-48.2	-135.2
Due to changes in ﬁnancial assumptions	136.7	-17,169.5
Present value of severance payment obligations (DBO)
as of 30.09. = reported provision for severance payment obligations as
of 30.09.	80,064.8	77,068.3

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Current service costs	2,136.5	2,625.8
Net interest expense	2,863.0	742.5
Severance expenses (recognised in net proﬁt or loss for the period)	4,999.5	3,368.3
Remeasurement of the severance beneﬁt obligation	4,619.4	-14,974.9
Severance expenses (recognised in other comprehensive income)	9,618.9	-11,606.6

As of 30 September 2023, the weighted average remaining term of the deﬁned beneﬁt obligations was 7.0 years (previous year: 6.8 years).

Severance payments for the 2023/2024 ﬁscal year are expected to amount to EUR 11,987.0 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

	30.09.2023	30.09.2022
	EUR 1,000	EUR 1,000
Discount rate
Change by +0.5%	-2,582.0	-2,692.3
Change by -0.5%	2,792.2	2,868.1
Future salary increase
Change by +0.5%	2,812.7	2,910.5
Change by -0.5%	-2,661.2	-2,746.0

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Provisions for severance payments

251

Consolidated Financial Statements Notes

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

Based on collective bargaining agreements, a provision for anniversary bonuses is created which is calculated according to the projected unit credit method.

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Present value of anniversary bonus obligation (DBO) as of 01.10.	18,278.7	22,982.4
+ Current service costs	1,044.9	1,376.5
+ Interest expense	716.0	183.3
- Anniversary bonus payments	-1,603.6	-1,595.3
(-)/+ Remeasurement – actuarial (gains)/losses	598.1	-4,668.2
Present value of anniversary bonus obligation (DBO)
as of 30.09. = reported provisions for anniversary bonuses
as of 30.09.	19,034.1	18,278.7

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Current service costs	1,044.9	1,376.5
Net interest expense	716.0	183.3
Remeasurement	598.1	-4,668.2
Expenses for anniversary bonuses (recognised in net proﬁt or loss for
the period)	2,359.0	-3,108.4

25.4

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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Provisions for anniversary bonuses

Provisions for stepped pension and early retirement beneﬁts

252

Consolidated Financial Statements Notes

For the resulting obligations, a provision is created according to IAS 19 (Employee Beneﬁts).

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Present value of early retirement obligations (DBO) as of 01.10.	8,401.7	13,680.0
+ Interest expense	255.8	84.6
+ Past service costs	216.5	716.3
- Early retirement payments	-3,566.0	-5,424.9
(-)/+ Remeasurement – actuarial (gains)/losses	206.6	-654.3
Present value of early retirement obligations (DBO)
as of 30.09. = reported provisions for early retirement obligations
as of 30.09.	5,514.6	8,401.7

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Past service costs	216.5	716.3
Net interest expense	255.8	84.6
Remeasurement	206.6	-654.3
Expenses for stepped pension and early retirement beneﬁts
(recognised in net proﬁt or loss for the period)	678.9	146.6

25.5

	2022/2023	2021/2022
	EUR 1,000	EUR 1,000
Carrying amount as of 01.10.	43,561.6	47,429.6
Use	-3,210.8	-207.0
Reversal	-2,227.7	-2,375.3
Allocation	2,927.3	7,151.9
Change in interest rate	-2,058.4	-8,454.7
Translation differences	6.6	17.1
	38,998.6	43,561.6

This item predominantly contains provisions for landﬁlls and provisions related to the operation of gas storage facilities.

26.

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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Other non-current provisions

Construction cost subsidies

253

Consolidated Financial Statements Notes

27.

	30.09.2023	30.09.2022
	EUR 1,000	EUR 1,000
Investment subsidies	24,608.4	26,090.0
Other liabilities	22,786.0	21,531.6
	47,394.4	47,621.6

28.

	30.09.2023	30.09.2022
	EUR 1,000	EUR 1,000
Carrying amount as of 01.10.	79,033.5	45,661.3
Use	-35,583.9	-14,937.8
Reversal	-32,700.6	-4,771.7
Allocation	28,305.4	53,043.4
Translation difference	34.4	38.3
	39,088.8	79,033.5

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.

29.

	30.09.2023	30.09.2022
	EUR 1,000	EUR 1,000
Corporate tax for the reporting period	66.0	176.6

30.

	30.09.2023	30.09.2022
	EUR 1,000	EUR 1,000
Liabilities to non-consolidated afﬁliated companies	293.0	543.2
Liabilities to joint arrangements and associated companies	6,073.1	5,357.5
Tax liabilities	66,180.3	34,063.0
Social-security liabilities	7,506.9	6,562.9
Advances received	55,856.4	37,612.0
Liabilities to employees	67,120.2	60,972.7
Liabilities from collateral annexes	13,860.0	211,670.0
Other liabilities	78,387.5	63,907.7
	295,277.4	420,689.0

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Other non-current liabilities

Current provisions

Tax provisions

Other current liabilities

254

Consolidated Financial Statements Notes

31.

The business activities of OÖ Landesholding GmbH and Energie AG Group in the telecommunications sector were consolidated during the 2020/2021 ﬁscal year. 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).

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.

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 2022/2023

Non-current assets held for sale

255

Other explanatory notes

32.

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.

33.

The Management Board of Energie AG Oberösterreich proposes to the Annual General Meeting a dividend of EUR 0.60 (previous year: EUR 0.60) per share, amounting to a total of EUR 53,190.1 thousand (previous year: EUR 53,191.1 thousand).

34.

34.1

Energie AG is faced with a number of uncertainties in the context of current developments in the energy sector and the associated challenges arising from volatile price trends and political changes. The core objective of the risk management process is to identify and assess these risks and opportunities at an early stage, followed by determining suitable measures to minimise risks and realise opportunities. As an integral part of the management and control system, these risk assessments form an important part of the strategic and operational decision-making process of our management team.

To support this process, Energie AG’s approach to risk management follows the established COSO II framework, which is recognised as an international standard for risk management across the Group. The responsible business units follow a structured quarterly process to identify and evaluate the risks, opportunities and necessary measures, using a central management system in the process. The data collected is then analysed on Group-level and incorporated into Energie AG's overall risk position.

Reporting to the Group Management Board takes place quarterly and, if necessary, on an ad hoc basis, with the risk management report forming an integral part of the Supervisory Board’s reporting. It is also submitted to the Audit Committee in accordance with the requirements of the Company Law Amendment Act (URÄG) in order to ensure the efﬁciency and validity of the processes. The central management system assures proper documentation and traceability of these processes.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

OTHER EXPLANATORY NOTES

Further disclosures

Proposal for the appropriation of proﬁt

Management of risks and opportunities

Risk management process

256

34.2

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Consolidated Financial Statements Notes

Signiﬁcant opportunities (+) risks (-)¹⁾and measures

STRATEGIC OPPORTUNITIES | RISKS

+|− Strategic opportunities | risks due to

Changes in general climatic conditions

Extreme events and their consequences

(periods of heat | drought, ﬂooding, storms,

hail, forest ﬁres, avalanches)

Long-term changes in climatic and ecological

conditions (precipitation frequency/volume,

increase in average temperatures)

Changes in the general energy policy and energy

market environment

Changes in technological developments, in the

market environment, in customer needs …

Measures

Continuous intensive monitoring of energy policy

developments, markets, competitors, customers,

the climate and

technologies

Participation in research projects, …

Early and intensive monitoring of strategic

opportunities | risks

VALUE OF ASSETS – OPPORTUNITIES & RISKS

Write-ups and write-downs of assets,

procurement rights, investments

Allowances for receivables

Creation of provisions for impending losses

Measures:

Ongoing monitoring, sensitivity analyses

Long-term contracts

Counterparty risk management

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 40

PROJECT OPPORTUNITIES | RISKS

High, long-term investment costs, projects with a

high level of complexity

Underruns and overshooting of the planned

values in terms of timing schedule, project costs

and quality

(Energy) policy uncertainty

Measures:

Project management

Risk management methods in the entire project

cycle

Optimised contract arrangements

SUSTAINABILITY OPPORTUNITIES | RISKS

In the medium term – in our 5-year planning horizon

– we assume that climate-related opportunities |

risks will remain within the statistical range of the

past few years, and these have been taken into

account in our (opportunities | risks) scenarios.

Potential long-term climate-related risks and

opportunities beyond this have been taken into

account in strategic decision-making.

Environmental, social and governance (ESG) aspects

are becoming increasingly important factors in the

risk management process

For opportunities|risks that may affect questions of

sustainability as a result of Energie AG's business

activities, see “Sustainability Opportunities and

Risks › Page 40”

257

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Consolidated Financial Statements Notes

MARKET AND COMPETITION RISKS

+|− Market price changes

(electricity, gas, biomass and CO₂emissions

allowances prices)

Measures:

Bundled management of commodity price risks by

Energie AG Oberösterreich Trading GmbH

Risk strategies geared for the market environment

Leveraging of internal synergies within the Group

+|− Electricity generated from hydroelectric power

inﬂuenced by development of weather/climate

Measures:

Optimised management of generation portfolio

+|- Electricity production from thermal power

plants

Measures

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

+|- Market price and volume changes in waste

management

Recycling materials, industrial waste, domestic

waste, delivery prices, thermal, …

Increased competition from pretreatment plants

and industrial co-incinerators

Increased re-municipalisation efforts of municipal

waste management associations

Measures:

Long-term indexed contracts with deﬁned delivery

volumes and prices

Focused market activities

Intensiﬁcation of cooperation with the public

sector

Further development of the digitalisation projects

+|- Contractual losses|gains and contract changes in

the water|wastewater sector

Measures:

Synergy projects

Ongoing participation in (concession) tenders

258

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Consolidated Financial Statements Notes

OPPORTUNITIES | RISKS FROM BUSINESS OPERATIONS

- Facility risks

Impairment of the availability of facilities due to

Technical malfunctions, sabotage, …

Natural disasters such as storms, ﬂooding, …

Measures:

Maintenance and quality controls

Optimised maintenance strategy

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

+|− Physical weather risks

such as periods of heat|drought, ﬂooding, storms,

hail, forest ﬁres, avalanches and their impact on

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

- Risks from information security, cyber-security

and data protection

Measures:

Optimised insurance strategy

Comprehensive technical measures

Management systems for information security

and data protection

- Personnel risks

Health and safety risks for company staff and

temporary employees

Loss of expertise and practical knowledge

Measures:

Safety training courses for employees

In-house health management project

energy@work

Apprenticeship|trainee programmes

“Human Resource Management”, “Management

by Objectives” and “Management Academy”

Group policies

259

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Consolidated Financial Statements Notes

POLITICAL, REGULATORY AND STATUTORY OPPORTUNITIES | RISKS

+|− Changes in the statutory environment

for the electricity and gas grids

Measures:

Intensive and constructive dialog with the

regulatory authorities

Cooperation with interest groups

+|- Legal risks

from pending legal disputes

Measures:

Legal support

Provisions in the balance sheet

Out-of-court settlements

COMPLIANCE RISKS AND DATA PROTECTION INFRINGEMENTS

- Compliance risks

Antitrust and corruption risks

Financial market compliance

Measures:

Group policies “Compliance Management

System” and “Anti-Corruption”, “Handling on

Insider Information”, “ICT Information Security

Management”

In-person training and e-learning courses

+|- Political and statutory environment

EU climate policy provisions and their

implementation in Austria

Statutory environment for project development

and implementation

Changes to subsidy regime

Measures:

Intensive and constructive dialog with authorities

and politicians

Cooperation with interest groups

- Data protection infringements

Accidental or unlawful destruction, loss, alteration

or disclosure of data

Hacker attacks

Measures:

Group policies “Data Protection Management

System” and “Data Protection Compliance Policy”

In-person training and e-learning courses

260

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Consolidated Financial Statements Notes

FINANCIAL RISKS

+|- Changes in interest rates

Measures:

Long-term ﬁxed interest agreements

+|- Foreign exchange risk

Primarily from the transaction and translation risks of

the Czech Group companies

Measures:

Ongoing monitoring

Currency hedging, where necessary

+|- Prices changes in ﬁnancial assets (securities,

funds)

resulting from ﬂuctuations in market value on the

capital markets

Measures:

Conservative Investment Policy

Consistent monitoring

On-going quantiﬁcation of share price risks

+|- Rating change

relates to lower| higher reﬁnancing costs

Measures:

The management of Energie AG continues to

seek to maintain Energie AG's Single A credit

rating in the long term

Ensuring compliance with the required key

ﬁnancial performance indicators

+|- Opportunities|Risks from investments in other

companies

Fluctuations in the returns on investments

Fluctuations in dividends received

Measures:

Ongoing monitoring

Representation on boards of the subsidiaries

+|- Changes in the discount rate for provisions

The present value of provisions decreases at a higher

discount rate and increases at a lower discount rate

Measures:

Ongoing monitoring

- Counterparty risks

Complete or partial failure of counterparties

Measures:

Ongoing monitoring

Credit limit systems

Hedging instruments

Targeted strategy of diversiﬁcation of business

partners

- Liquidity risk

Measures:

Centralised, forward-looking liquidity planning

Sufﬁcient liquidity reserves

Open, partially committed credit lines

261

Consolidated Financial Statements Notes

35.

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	2022/2023	1,447.8	163.4	108.0	1,250.6
	2021/2022	1,356.1	429.5	147.9	1,818.9
OÖ Landesholding and
subsidiaries	2022/2023	20,859.6	181.8	30,040.9	3.5
	2021/2022	16,759.2	183.4	19,443.9	103.2
Associated companies	2022/2023	151,164.1	29,654.2	9,318.7	260.0
	2021/2022	148,916.4	32,574.8	10,355.2	526.1
Joint ventures	2022/2023	21,196.8	8,656.6	11,647.5	518.4
	2021/2022	27,426.1	4,860.7	86,857.9	857.2

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. Negative tax results are carried forward. The tax allocations amount to EUR 27,990.0 thousand (previous year: EUR 30,195.7 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 20,859.6 thousand (previous year: EUR 16,759.2 thousand). As of the reporting date, this item also includes receivables in the amount of EUR 30,040.9 thousand (previous year: EUR 19,443.9 thousand) and liabilities of EUR 3.5 thousand (previous year: EUR 103.2 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 8,309.7 thousand (previous year: EUR 6,787.3 thousand), while expenses are EUR 5,886.3 thousand (previous year: EUR 3,175.8 thousand).

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 138,084.0 thousand (previous year: EUR 137,476.5 thousand), while expenses are EUR 23,221.0

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Related party disclosures

262

Consolidated Financial Statements Notes

thousand (previous year: EUR 28,431.4 thousand). As of the reporting date, this item also includes receivables of EUR 8,708.2 thousand (previous year: EUR 9,841.3 thousand).

Joint ventures

BBOÖ Breitband Oberösterreich GmbH

A loan of EUR 67,500.0 thousand granted by Energie AG Oberösterreich to BBOÖ Breitband Oberösterreich GmbH was repaid in the reporting year. Furthermore, the Group provided construction services and other services amounting to EUR 13,271.0 thousand (previous year: EUR 20,862.9 thousand) to BBOÖ Breitband Oberösterreich GmbH and its subsidiary Breitband Oberösterreich Infrastruktur GmbH. Services amounting to EUR 6,318.9 thousand (previous year: EUR 3,045.3 thousand) were purchased. This item also includes receivables in the amount of EUR 10,938.8 thousand (previous year: EUR 18,365.5 thousand) and liabilities in the amount of EUR 495.8 thousand (previous year: EUR 845.4 thousand). The settlements are conducted at standard market conditions. There are loan collateral guarantees in the amount of EUR 33,750.0 thousand for liabilities of Breitband Oberösterreich Infrastruktur GmbH.

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 43.8 thousand (previous year: EUR 16.4 thousand) and beneﬁts in the amount of EUR 121.2 thousand (previous year: EUR 124.3 thousand). This item also includes receivables in the amount of EUR 2.3 thousand (previous year: EUR 1.0 thousand).

36.

On 9 October 2023, the EU Council conﬁrmed the Renewable Energy Directive as a further initiative in the “Fit for 55” and REPowerEU legislative package. The aim of the directive is to increase the share of energy consumed in the EU coming from renewable energy sources to 42.5% by 2030. In order to achieve the extremely ambitious target (the share is currently 22%), the idea was to enshrine the overriding public interest and what are termed “acceleration zones” in law. Sector-speciﬁc targets for transport, industry, buildings and district heating and cooling are also included in the directive. Member States have 18 months from the time the directive comes into effect to transpose it into national law.

In view of the ongoing uncertainties relating to the supply of natural gas from Russia to the EU and Austria, an amendment to the Gas Industry Act (GWG) and the Electricity Industry and Organisation Act (ElWOG) was passed by the Economic Affairs Committee on 10 October. The aim here is to extend the period of validity of Austria’s strategic gas reserve until 1 April 2026. From October 2024, gas suppliers will also be able to guarantee the supply of protected customers such as households, social institutions and district heating power plants for up to 45 days between 1 October and 1 March by gas reserves being kept until 30 September 2026. The same provision will also apply in future to electricity generated using natural gas in the Electricity Industry and Organisation Act (ElWOG). Provisions were also adopted in the Gas Industry Act (GWG) that reﬂect the amendment to the Electricity Industry and Organisation Act (ElWOG) adopted this year, which lead to more price transparency and a greater competition.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Material events after the reporting date

263

Consolidated Financial Statements Notes

37.

In this ﬁscal year, the members of the management board of Energie AG Oberösterreich were:

Dr. Leonhard Schitter MA (Chairman of the Management Board, CEO, Hallwang, since 1 January 2023); KommR Prof. Ing. DDr. Werner Steinecker MBA (Chief Executive Ofﬁcer, Kirchschlag, until 31 December 2022); KommR Mag. Dr. Andreas Kolar (Member of the Management Board, CFO, Steyr); Dipl.-Ing. Stefan Stallinger MBA (Member of the Management Board, COO, Linz).

The Supervisory Board of Energie AG Oberösterreich had the following members in the 2022/ 2023 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; Dr. Elisabeth Kölblinger; Commercial Council Mag. Michaela Keplinger- Mitterlehner; Mag. Kathrin Renate Kühtreiber-Leitner MBA; Member of the Provincial Parliament Ing. Herwig Mahr; Gertrude Schatzdorfer-Wölfel; Thomas Peter Stadlbauer MSc MBA MPA.

Appointed by the Works Council: Mag. Dr. Regina Krenn (until 31 December 2022); Ing. Peter Neißl MBA MSc; Edith Schatzdorfer (since 1 January 2023); Ing. Bernhard Steiner; Christian Strobl; Gerhard Störinger; Andreas Walzer.

Linz, 4 December 2023

The Management Board of Energie AG Oberösterreich

Dr. Leonhard Schitter MA

Chairman of the Management Board

CEO

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Disclosures on Group management bodies

Dr. Andreas Kolar

Member of the Management Board

CFO

Dipl.-Ing. Stefan Stallinger MBA

Member of the Management Board

COO

264

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 Income for the

period 1 October 2022 to 30 September 2023, the Consolidated Statement of

Comprehensive Income for the period 1 October 2022 to 30 September 2023, the

Consolidated Statement of Financial Position as of 30 September 2023, the Consolidated

Statement of Changes in Equity, and the 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 2023, 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.

Valuations of cash generating units and of goodwill

Circumstances and problem

The intangible assets (of which goodwill assets in the amount of EUR 89.9 million) and

property, plant and equipment with a total carrying amount of around EUR 2,252.3 million

represent 54.7% of the Group's total assets as of 30 September 2023. The goodwill assets

were to the largest extent allocated to the cash generating units “Sales”, “Waste

Management” and “Czech Republic”. Energie AG Oberösterreich analyses all cash-

generating units and the reported goodwill in compliance with the applicable rules and

Energie AG Oberösterreich – Annual Financial Report 2022/2023

265

Consolidated Financial Statements Audit Certiﬁcate

regulations on accounting to determine whether there is a need for impairment or, in the

case of cash-generating units, a need to reverse any impairment charges applied, taking into

account the current framework conditions in the ﬁnancial and energy sectors.

Details here are presented in the Notes to the Consolidated Financial Statements, in particular

under “5.5. Impairment of goodwill”, “5.6. Impairment of other intangible assets and

property, plant and equipment”, “16.1. Impairment of cash-generating units with goodwill”

and “16.2. Impairment of cash-generating units without goodwill”.

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. This means that numerous input factors are included in the

valuation models used to review the valuations based on capital-value-oriented methods. In

particular, this also includes the future development of electricity, heat and primary energy

prices, the availability and price developments of waste and recycling materials, and

assumptions concerning regulatory developments. Assumptions regarding costs and price

developments for the supply of water and management of waste water are also a factor

when determining values.

This is a particularly important aspect of the audit given the complexity of the valuation

models and the fact that the results depend on the assessment of market developments by

the legal representatives.

Audit methodology

We have assessed the valuations carried out in the following areas:

Critical examination of the Group’s analyses of indications for a necessary material

impairment or reversal of impairment, and their assessment in consideration of the

insights gained from our audit of the Consolidated Financial Statements;

Plausibility check of the future cash ﬂows recognised in the valuation models according

to internal planning calculations with company-speciﬁc information, contractual

framework conditions and relevant market data from external sources;

The mathematical accuracy of the valuation models;

Assessment of the parameters used to determine the discount rate.

Other Disclosures

The legal representatives are responsible for the other required disclosures. The other

disclosures encompass all information presented in the Group annual report, with the

exception of the Annual Financial Statements and 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 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.

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Consolidated Financial Statements Audit Certiﬁcate

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.

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.

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267

Consolidated Financial Statements Audit Certiﬁcate

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.

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

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268

Consolidated Financial Statements Audit Certiﬁcate

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 para

2 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 ﬁnancial statements for the ﬁscal year ending on

30 September 2023 by the General Meeting held on 20 December 2022. On 15 February

2023, the Supervisory Board has granted our ﬁrm the mandate to audit the Company's

Financial Statements for the ﬁscal year ending on 30 September 2023. We have been the

Group’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 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.

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269

Consolidated Financial Statements Audit Certiﬁcate

RESPONSIBLE AUDITOR

The responsible auditor for this assignment was Mag. Gerhard Marterbauer.

Vienna

5 December 2023

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.

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270

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, 4 December 2023

The Management Board of Energie AG Oberösterreich

Dr. Leonhard Schitter MA

Dr. Andreas Kolar

Dipl.-Ing. Stefan Stallinger MBA

Chairman of the Management Board

Member of the Management Board

CEO

CFO

COO

Energie AG Oberösterreich – Annual Financial Report 2022/2023

Company

Annual Report

2022/2023

of Energie AG Oberösterreich

Company Annual Report 2022/2023

Contents

273 COMPANY ANNUAL REPORT 2022/2023

273 Audited Company Annual Report

273

Statement of Financial Position

273

Statement of Income

275

Notes to the Annual Financial Statements

294

Annexes to the Notes

305 Company Management Report

305

Framework conditions

311

Employees

319

Assets, liabilities, ﬁnancial position and proﬁt or loss

321

Funding and investment strategy

322

Corporate management and capital costs

324

Treasury stocks

324

Internal control system

325

Risks and opportunities

331

Research, development and innovation

334

Outlook

341 Statement by the Management Board

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273

Company Annual Report 2022/2023

of Energie AG Oberösterreich

AUDITED COMPANY ANNUAL REPORT

STATEMENT OF FINANCIAL POSITION AS OF 30 SEPTEMBER 2023

30.09.2023

30.09.2022

ASSETS

EUR

EUR 1,000

Non-current assets

I. Intangible assets

63,892,187.58

63,371

II. Property, plant and equipment

1,441,315,654.45

1,414,493

III. Financial assets

774,662,899.38

785,764

2,279,870,741.41

2,263,628

Current assets

I. Inventories

63,785,902.67

90,682

II. Receivables and other assets (thereof with a remaining term of

more than 1 year: EUR 20,215.26; previous year: EUR 0 thousand)

91,693,726.67

51,789

III. Securities

159,796,375.24

159,574

IV. Cash, credit balances with banks

299,136,146.57

981,515

614,412,151.15

1,283,560

Accruals and deferrals

3,432,370.18

3,571

2,897,715,262.74

3,550,759

30.09.2023

30.09.2022

LIABILITIES

EUR

EUR 1,000

Equity

I. Called and paid share capital (thereof subscribed share capital

EUR 88,651,750.00; prev. year: EUR 88,653 thousand)

88,651,750.00

88,653

less nominal value of treasury stocks

-1,624.00

-1

88,650,126.00

88,652

II. Committed capital reserved

209,138,350.00

209,138

III. Retained earnings

1. Legal reserves

8,000,000.00

8,000

2. Free reserves

434,553,127.31

429,637

3. Reserves for treasury stocks

1,624.00

442,554,751.31

437,638

IV. Balance sheet proﬁt (thereof proﬁt carried forward EUR 8,950.00;

prev. year: EUR 11 thousand)

53,200,000.00

53,200

793,543,227.31

788,628

Investment subsidies

10,083,373.59

10,369

Special item for emission allowances allocated free of charge

2,974,657.61

2,170

Provisions

73,469,479.57

79,393

Liabilities

(thereof with a remaining term of up to one year:

EUR 1,176,570,753.45; previous year EUR 1,844,797 thousand

thereof with a remaining term of more than one year:

EUR 802,014,500.98; previous year: EUR 781,245 thousand)

1,978,585,254.43

2,626,042

Construction cost subsidies

37,912,565.41

42,832

Accruals and deferrals

1,146,704.82

1,325

2,897,715,262.74

3,550,759

Energie AG Oberösterreich – Annual Financial Report 2022/2023

274

Company Annual Report 2022/2023 Audited Company Annual Report

STATEMENT OF INCOME 2022/2023

2022/2023

2021/2022

EUR

EUR 1,000

1. Sales revenues

781,279,039.21

590,208

2. Capitalised corporate services

0.00

3. Other operating income

3,622,334.95

3,352

4. Expenses for material and other purchased services

-535,362,205.82

-431,636

5. Personnel expenses

-13,786,897.74

-12,740

6. Depreciation, amortisation and write-downs (thereof write-downs

EUR 384,129.31; previous year: EUR 521 thousand)

-124,033,535.09

-120,429

7. Other operating expenses

-25,676,557.80

-25,698

8. Subtotal from 1-7 (operating result)

86,042,177.71

3,058

9. Income from investments (thereof from afﬁliated companies

EUR 31,000,000.00; prev. year EUR 19,000 thousand)

36,610,221.81

21,297

10. Income from other securities and lendings from the non-current

ﬁnancial assets (thereof from afﬁliated companies EUR 1,147,983.13;

prev. year EUR 330 thousand)

1,704,754.43

758

11. Other interest and similar income (thereof from afﬁliated companies

EUR 0.00; prev. year: EUR 0 thousand)

7,591,804.16

7,982

12. Income from the disposal and write-up of ﬁnancial assets and current

securities

(thereof from afﬁliated companies EUR 0.00; previous year:

EUR 0 thousand)

328,958.33

13. Expenses from ﬁnancial assets and current securities (thereof from

afﬁliated companies EUR 2,833,406.74; previous year:

EUR 19 thousand, thereof from write-downs EUR 0.00; previous year

EUR 1,357 thousand)

-2,833,406.74

-1,376

14. Interest and similar expenses

(thereof from afﬁliated companies EUR 45,623,330.43; previous year:

EUR 4,203 thousand)

-64,598,838.71

-25,738

15. Subtotal from 9-14 (ﬁnancial result)

-21,196,506.72

2,923

16. Earnings before taxes

64,845,670.99

5,981

17. Income taxes

(thereof deferred taxes EUR -14,880,140.79; previous year:

EUR -7,822 thousand)

-6,701,204.97

5,652

18. Earnings after taxes = net proﬁt for the year

58,144,466.02

11,633

19. Reversal/allocation of retained earnings

-4,953,416.02

41,556

20. Proﬁt for the year

53,191,050.00

53,189

21. Proﬁt carried forward from the previous year

8,950.00

22. Balance sheet proﬁt

53,200,000.00

53,200

Energie AG Oberösterreich – Annual Financial Report 2022/2023

275

Notes to the Annual Financial Statements

NOTES TO THE ANNUAL FINANCIAL STATEMENTS 2022/2023

1. General notes

The present Annual Financial Statements for the ﬁscal year 2022/2023 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.

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.

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 2023.

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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.

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. This includes in particular the future development of

electricity, heat and primary energy prices, the availability and price developments of waste

and recycling materials, and assumptions concerning regulatory developments. Assumptions

regarding costs and price developments for the supply of water and management of waste

water are also a factor when determining values. 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

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277

Company Annual Report 2022/2023 Audited Company Annual Report

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 investment securities 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).

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. The gas reservoirs are

valued by means of a moving average price method. Where market-based prices for volumes

already contracted as of the balance sheet date are lower than the ones contractually agreed

at the time of storage, a write-down is recognised.

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.

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 23%

(previous year: between 23% and 24.25%).

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 4.50% for the calculations (previous

year: 4.00%), planned stepped salary increases from 8.50% to 2.90% (previous year: 3.50%

throughout) 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: 1.87% for

0 years of employment) to 0.00% from 42 years of employment upwards (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

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Company Annual Report 2022/2023 Audited Company Annual Report

bonuses, a discount for ﬂuctuations according to probabilities, depending on years of

employment from 1.87% for 0 years of employment (previous year: 1.87% for 0 years of

employment) to 0.00% from 47 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

4.50% (previous year 4.00%) and a stepped pension trend from 5.00% to 2.00% (previous

year: 2.25% throughout).

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 2.50% (previous year: 1.50%).

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 CO₂emissions. 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 CO₂emissions.

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.

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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 1,499,610.09 were fully written off in the year of

acquisition (previous year: EUR 1,136 thousand).

The individual assets in item „Land and buildings“ show real property assets in the amount of

EUR 35,159,948.32 (previous year: EUR 35,235 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 1,967,313.97 (previous year: EUR 2,177 thousand) for the next ﬁscal year.

The liabilities for the next ﬁve years amount to EUR 10,403,217.94 (previous year: EUR 9,963

thousand).

Financial assets

The table below provides information about the relevant data as of 30 September 2023 with

respect to participating interests of 20% or more.

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Proﬁt/loss

Equity of the

for the

Share capital

Interest in the company

company

year

EUR

Afﬁliated companies

Energie AG Oberösterreich Service- und

Beteiligungsverwaltungs-GmbH, Linz

35,000.00

100

35,000.00 348,447,686.66

6,066,861.45

Energie AG Oberösterreich Umwelt

Holding GmbH, Linz

150,000.00

100

150,000.00

97,944,982.52

52,658.96

Energie AG Group Treasury GmbH, Linz

35,000.00

100

35,000.00

40,963,412.41

6,308,348.10

Energie AG Oberösterreich

Bohemia GmbH, Linz

500,000.00

100

500,000.00

34,745,503.92

6,891,020.44

Netz Oberösterreich GmbH, Linz

5,000,000.00

100 5,000,000.00 140,196,772.69 12,017,479.72

Energie AG Oberösterreich

Trading GmbH, Linz

150,000.00

100

150,000.00

62,799,160.71 14,401,172.11

Energie AG Oberösterreich

Erzeugung GmbH, Linz

150,000.00

100

150,000.00 109,105,483.60 31,318,045.68

Energie AG Oberösterreich Tech

Services GmbH, Linz ³⁾

150,000.00

100

150,000.00

17,963,720.97

-1,760,958.28

Energie AG Oberösterreich Business

Services GmbH, Linz ³⁾

35,000.00

100

35,000.00

8,250,289.75

-1,012,081.18

Energie AG Oberösterreich Customer

Services GmbH, Linz

35,000.00

100

35,000.00

2,849,623.30

-540,262.07

Energie AG Oberösterreich Telekom

GmbH, Linz

150,000.00

100

150,000.00

15,321,063.44

4,241,231.63

Energie AG Oberösterreich

Personalmanagement GmbH, Linz

35,000.00

100

35,000.00

2,435,426.74

-37,232.58

Energy IT Service GmbH, Linz

45,000.00

33.3

14,985.00

149,844.11

5,450.00

Cogeneration-Kraftwerke Management

Oberösterreich GmbH, Linz

100,000.00

99.9

99,900.00

Wertstatt 8 GmbH, Linz ³⁾

35,000.00

100

35,000.00

1,082,400.67

-60,367.28

Energie AG Oberösterreich

Vertrieb GmbH, Linz

35,000.00

100

35,000.00 117,890,365.90 11,390,295.10

EUR

EUR 1,000

Other investments

BBOÖ Breitband Oberösterreich GmbH,

Linz ¹⁾

35,000.00

17,500.00

83,870.23

5,485.84

Ennskraftwerke Aktiengesellschaft,

Steyr ¹⁾

3,400,000.00

50 1,700,000.00

25,314.30

-1,034.60

Figures as of 31 December 2022

Discretionary non-disclosure as per § 242 para 2 subpara 2 of the Austrian Commercial Code (UGB)

The loss for the year is absorbed by Energie AG Oberösterreich in accordance with the loss absorption agreement

Lendings in the amount of EUR 1,650,000.00 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.

Current assets

Inventories

30.09.2023

30.09.2022

EUR

EUR 1,000

Raw materials and supplies

63,785,902.67

90,682

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Receivables and other assets

Thereof

securitised

Capitalised

Carrying value

remaining term

by bills of

anticipated

30.09.2023

> 1 year

exchange

amounts

EUR

Trade receivables

67,958.62

0.00

Previous year

43,815.66

0.00

Receivables from afﬁliated companies

77,023,179.18

0.00

Previous year

38,581,651.93

0.00

Receivables from companies in which an

interest is held

5,889,312.75

0.00

Previous year

7,356,620.96

0.00

Other receivables and other assets

8,713,276.12

20,215.26

0.00

9,437,676.30

Previous year

5,806,762.08

0.00

2,165,641.56

91,693,726.67

20,215.26

0.00

9,437,676.30

Previous year

51,788,850.63

0.00

2,165,641.56

The item Receivables from afﬁliated companies in the amount of EUR 77,023,179.18

(previous year: EUR 38,582 thousand) consists of trade receivables in the amount of

EUR 19,252,418.34 (previous year: EUR 28,202 thousand), ﬁnancial receivables in the

amount of EUR 0.00 (previous year: EUR 206 thousand), other receivables in the amount of

EUR 73,052,627.28 (previous year: EUR 38,413 thousand) (including receivables from positive

tax allocations in the amount of EUR 12,859,873.07 [previous year: EUR 24,124 thousand]

and same-year dividend payments in the amount of EUR 31,000,000.00 [previous year:

EUR 14,000 thousand]), trade liabilities in the amount of EUR 15,280,094.90 (previous year:

EUR 27,271 thousand), other liabilities from tax allocations in the amount of EUR 1,771.54

(previous year: EUR 949 thousand) and other liabilities from loss absorption in the amount of

EUR 0.00 (previous year: EUR 19 thousand).

The carrying amount of the allocated free-of-charge CO₂emissions allowances on

30 September 2023 was EUR 3,271,386.78. The carrying amount of the CO₂emission

allowances acquired against payment was EUR 918.57 as of 30 September 2023. The CO₂

emissions allowance price on the reporting date was EUR 81.67, 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 3,104,733.76 as of 30 September 2023.

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.

Equity

Called share capital and paid-in share capital

By resolution of the annual General Meeting on 20 December 2022, the share capital of

Energie AG was reduced by EUR 808.00 from EUR 88,652,558.00 to EUR 88,651,750.00 by

means of a simpliﬁed capital reduction by cancellation of 808 no-par value registered shares

of treasury stock in the form of non-voting preferred shares.

The share capital is broken down into 88,651,750 no-par-value shares (of which 88,600,000

are ordinary shares and 51,750 non-voting preference shares) with a nominal value per share

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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 865,175.00.

Retained earnings

30.09.2023

30.09.2022

EUR

EUR 1,000

Legal reserves

8,000,000.00

8,000

Other reserves (free reserves)

434,553,127.31

429,638

Reserves for treasury stocks

1,624.00

442,554,751.31

437,639

In the 2022/2023 ﬁscal year, free reserves in the amount of EUR 1,624.00 (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 38,584.40.

EUR 4,953,416.02 was allocated to free reserves from retained earnings in the ﬁscal year

(previous year: reversal of EUR 41,556 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. 808 treasury

stocks with a nominal value of EUR 808.00 and acquisition costs of EUR 18,581.70 were

redeemed in the reporting year. As of the reporting date, the entity held treasury stocks with

a nominal value of EUR 1,624.00 (previous year: EUR 1 thousand) and acquisition costs in the

amount of EUR 38,584.40 (previous year: EUR 19 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. 1,624 of these shares were repurchased in

ﬁscal year 2022/2023.

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

30.09.2023

30.09.2022

EUR

EUR 1,000

Provisions for severance payments

1,651,118.84

1,974

Provisions for pensions

9,870,656.91

10,776

Provisions for tax (thereof deferred taxes EUR 22,001,743.49; prev. year

EUR 7,094 thousand)

36,052,580.13

20,656

Other provisions

25,895,123.69

45,987

73,469,479.57

79,393

Tax provisions

The calculation of the deferred tax liabilities is based on a tax rate of 23%. 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 14,050,836.64 (previous year: EUR 13,561

thousand) was formed for tax losses from Group members already utilised by the parent

company.

The deferred tax liabilities in the amount of EUR 22,001,743.49 (previous year: EUR 7,094

thousand) are non-current liabilities.

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:

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Statement of

Change in

Financial Position

Tax balance sheet

Difference

deferred taxes

30.09.2023

2022/2023

EUR

Deferred tax assets:

Inventory measurement

2,000,333.98

207,628.61

Cost of ﬁnance

419,972.18

-86,926.62

Measurement of receivables

-800.84

-549.87

250.97

107.96

Provision for severance payments

1,651,118.84

1,181,123.67

469,995.17

-129,006.37

Provision for pensions

9,870,656.91

5,943,521.73

3,927,135.18

-881,230.65

Provision for early retirement

900,038.17

824,247.38

75,790.79

-13,296.66

Provision for stepped pensions

-1,024.78

Provision for anniversary bonuses

728,875.66

496,956.55

231,919.11

39,464.19

Allowances in kind (electricity)

5,734,608.37

2,415,693.78

3,318,914.59

-928,146.52

Allowances in kind (gas)

1,845,368.26

1,233,690.60

611,677.66

590,770.14

Current provisions

14,464,003.00

14,464,003.00 -21,461,827.88

25,519,992.63 -22,663,488.58

Permanent differences from property,

plant and equipment

693.57

Deferred tax liabilities:

Property, plant and equipment

1,441,315,654.45 1,366,398,116.52

-74,917,537.93 -43,696,754.50

Untaxed reserves

46,262,902.59

-46,262,902.59 1,454,995.82

-121,180,440.52 -42,241,758.68

Balance from deferred tax assets and

liabilities

95,659,754.32

64,904,553.69

Resulting deferred tax liability (23%)

22,001,743.49

14,907,360.49

Total deferred tax liabilities

22,001,743.49

14,907,360.49

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.

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Liabilities

Thereof

Carrying value

remaining term remaining term remaining term Secured

accrued

30.09.2023

< 1 year

1-5 years

> 5 years

in rem

liabilities

EUR

Bonds

300,000,000.00

0.00 300,000,000.00

0.00

Previous year

300,000,000.00

0.00 300,000,000.00

0.00

Liabilities to banks

217,336,616.16

89,330.02

389,151.53 216,858,134.61

0.00

Previous year

217,444,428.15

108,566.37

379,915.21 216,955,946.57

0.00

Advances received on

account of orders

107,000.01

0.00

Previous year

0.01

0.00

Trade payables

11,537,816.45

0.00

Previous year

17,381,872.36

0.00

Liabilities to afﬁliated

companies

1,367,506,226.42 1,085,721,792.56

0.00 281,784,433.86

0.00

Previous year

2,016,076,899.07 1,754,581,479.39

0.00 261,495,419.68

0.00

Liabilities to companies in

which an interest is held

3,541,338.46

0.00

Previous year

0.00

Other liabilities

78,556,256.93

75,573,475.95

1,848,769.30

1,134,011.68

0.00 17,982,252.42

Previous year

75,138,844.19

72,725,444.23

2,064,349.61

349,050.35

0.00 17,898,564.88

1,978,585,254.43 1,176,570,753.45 302,237,920.83 499,776,580.15

0.00 17,982,252.42

Previous year

2,626,042,043.78 1,844,797,362.36 302,444,264.82 478,800,416.60

0.00 17,898,564.88

The liabilities to afﬁliated companies in the amount of EUR 1,367,506,226.42 (previous year:

EUR 2,016,077 thousand) are broken down into trade liabilities with EUR 2,018,532.03

(previous year: EUR 29,310 thousand), ﬁnancial liabilities with EUR 1,084,185,368.84

(previous year: EUR 1,733,205 thousand), the security deposit to Netz Oberösterreich GmbH

with EUR 281,784,433.86 (previous year: EUR 261,495 thousand), other liabilities with

EUR 3,698,274.58 (previous year: EUR 1,225 thousand), trade receivables with

EUR 72,468.21 (previous year: EUR 17 thousand), other receivables with EUR 4,107,914.68

(previous year: EUR 9,141 thousand), with the latter including EUR 4,107,914.68 (previous

year: EUR 4,141 thousand) in receivables from the positive tax appropriation and EUR 0.00

(previous year: EUR 5,000 thousand) of same-period distributions.

Other liabilities to afﬁliated companies in the amount of EUR 3,698,274.58 consist of tax

appropriation refunds to Group companies in the amount of EUR 807,000.00 and loss

absorptions in the amount of EUR 2,833,406.74.

The greatest part of the remaining liabilities pertain to tax liabilities in the amount of

EUR 57,304,218.04 (previous year: EUR 28,681 thousand), liabilities concerning social

security contributions in the amount of EUR 213,911.57 (previous year: EUR 175 thousand),

outstanding interest charges in the amount of EUR 12,732,528.06 (previous year:

EUR 12,999 thousand), as well as liabilities in relation to hedging transactions in the amount

of EUR 600,000.00 (previous year: EUR 26,300 thousand).

Disclosures on ﬁnancial instruments

As of the reporting date, the derivative ﬁnancial instruments are composed as follows:

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Fair value

Carrying

Contract

Positive

Negative

amount

Balance

value

Term

EUR

EUR 1,000

sheet item

Interest swaps bond (ﬁxed

interest received)

EUR 75 mill.

2025

491,539.05

EUR 75 mill.

491,539.05

Previous year

EUR 75 mill.

835,904.24

Interest swaps loans (ﬁxed

interest paid)

EUR 37 mill.

2023

EUR 32 mill.

2028

1,376,418.17

EUR 100 mill.

2035 22,770,170.86

EUR 132 mill.

22,770,170.86 1,376,418.17

Previous year

EUR 169 mill.

21,689,417.63 2,473,801.65

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 1,376,418.17 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 2023. 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.

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 309,921.53 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).

As at the reporting date, write-ups of EUR 7,327.82 that were not carried out are recognised

as deferred income.

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Contingent liabilities

Thereof to

afﬁliated and

associated

30.09.2023

companies

30.09.2022

companies

EUR

EUR 1,000

Guarantees from cash pooling

901,584,765.73

1,698,753

Guarantees related to electricity trade

150,402,185.00

415,808

Other guarantees

47,277,873.94

55,998

Total guarantees

1,099,264,824.67 1,099,264,824.67

2,170,559

Liabilities from bills of exchange

2,000,000.00 2,000,000.00

2,000

1,101,264,824.67 1,101,264,824.67

2,172,559

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

2023, these receivables amount to EUR 902 million. In consideration of Energie AG's own

pooling liabilities, the net ﬁnancial guarantee item amounts to EUR -23 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.

4. Notes to the Statement of Income

Sales revenues

2022/2023

2021/2022

EUR

EUR 1,000

Electricity

123,857,988.06

35,577

Gas

415,104,549.39

319,315

Other sales revenues

242,316,501.76

235,315

781,279,039.21

590,208

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

2022/2023

2021/2022

EUR

EUR 1,000

Income from the disposal and appreciation of non-current assets (excluding

ﬁnancial assets)

599,430.36

296

Income from the reversal of provisions

120

Other

3,022,904.59

2,936

3,622,334.95

3,352

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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 CO₂emissions allowances and proceeds from onward invoicing.

Expenses for material and other purchased services

2022/2023

2021/2022

EUR

EUR 1,000

Cost of materials

492,531,699.22

391,469

Expenses for purchased services

42,830,506.60

40,167

535,362,205.82

431,635

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.

Personnel expenses

2022/2023

2021/2022

EUR

EUR 1,000

Wages

6,057.19

Salaries

9,046,752.86

8,289

Social security expenses

4,734,087.69

4,447

Thereof expenses for pension payments

1,056,723.02

578

Thereof severance payments and contributions to company pension funds

277,295.65

119

Thereof expenses for statutory social security contributions and payroll-

related levies and statutory contributions

2,539,303.13

1,641

13,786,897.74

12,740

The item for salaries includes EUR 86,269.29 (previous year: EUR 45 thousand) from changes

in the provisions for anniversary bonuses.

The expenses for severance payments and payments to company pension funds as well as the

expenses for pension beneﬁts include the actuarial proﬁts from 2022/2023 in an amount of

EUR 114,002.44 (previous year: EUR 208 thousand actuarial losses).

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 53,902.53 (previous year: EUR 40 thousand).

The expenses for old-age pensions include expenses for members of the Management Board

and senior executives in the amount of EUR 655,369.71 (previous year: EUR 301 thousand).

The expenses for pension payments consist of EUR 445,196.37 related to contribution-based

commitments (previous year: EUR 380 thousand).

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The item „Expenses for severance payments and payments to company pension funds“

includes expenses for pension funds in the amount of EUR 97,754.25 (previous year: EUR 84

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 384,129.31 (previous year: EUR 521 thousand) was recognised for thermal

plants in the reporting year.

Other operating expenses

2022/2023

2021/2022

EUR

EUR 1,000

Taxes other than income tax

212,341.70

204

Other

25,464,216.10

25,495

25,676,557.80

25,698

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 1,759,177.91 (previous

year: EUR 1,269 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 2022/2023 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 31,000,000.00 (previous

year: EUR 19,000 thousand) relate to proﬁt disbursements in the same period.

Other interest and similar income

2022/2023

2021/2022

EUR

EUR 1,000

Actuarial interest rate for social capital and assumptions regarding increases

421,065.49

7,746

Interest

7,170,738.67

205

Other

7,591,804.16

7,982

In the previous year, other income of EUR 31 thousand related to the release of deferred

income in accordance with § 906 para 32 of the Austrian Business Code

(Unternehmensgesetzbuch, UGB).

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Income from the disposal and write-up of ﬁnancial assets and current securities

2022/2023

2021/2022

EUR

EUR 1,000

Income from the disposal ﬁnancial assets

Appreciation of ﬁnancial assets and current securities

328,958.33

EUR 106,889.05 of the income from the appreciation of ﬁnancial assets and current securities

relates to security investments and EUR 222,069.28 to current securities in the reporting year.

Expenses from ﬁnancial assets and current securities

2022/2023

2021/2022

EUR

EUR 1,000

Write-downs

1,357

Loss absorption

2,833,406.74

1,376

In the previous year, EUR 687 thousand of the write-down related to securities held as current

assets, EUR 620 thousand to security investments and EUR 50 thousand to the investment in

Oberösterreichische Gemeinnützige Bau- und Wohngesellschaft mit beschränkter Haftung.

The expenses resulting from loss-assumption arrangements amount to EUR 2,833,406.74

thousand (previous year: EUR 19 thousand).

Interest and similar expenses

This item includes the calculated interest expense attributable to provisions for severance

beneﬁts, pensions, anniversary bonuses, stepped pensions and early retirement beneﬁts

totalling EUR 824,190.48 (previous year: EUR 240 thousand), interest income from plan

assets in the amount of EUR 283,810.22 (previous year: EUR 64 thousand) and the change in

the social capital provision due to changes in the actuarial interest rate and assumptions

regarding salary and pension increases in the amount of EUR 20,213.40 (previous year: EUR 0

thousand).

Income taxes

2022/2023

2021/2022

EUR

EUR 1,000

Ongoing tax expenses

18,498,522.94

3,670

Tax expenses from tax audit

-20,108.57

-1,150

Positive tax allocations

-30,548,088.14

-20,007

Negative tax allocations

3,890,737.95

4,013

Deferred tax liabilities

14,880,140.79

7,822

6,701,204.97

-5,652

The receivables from and liabilities to afﬁliated companies include receivables for outstanding

tax allocation repayments from Group companies in the amount of EUR 808,771.54 (previous

year: EUR 2,174 thousand), as well as liabilities for additional tax allocation payments in the

amount of EUR 16,967,787.75 (previous year: EUR 10,208 thousand). The receivable

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reported for tax allocation refund from the Group parent, OÖ Landesholding GmbH, amounts

to EUR 3,997,623.94 (previous year: EUR 18,056).

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.

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 entered into loss coverage agreements that require the

company to cover the full losses of Energie AG Oberösterreich Business Services GmbH,

Energie AG Oberösterreich Tech Services GmbH and Wertstatt 8 GmbH for ﬁscal year 2022/

2023 only. The losses assumed from these entities amount to EUR 2,833,406.74.

On 23 October 2023, Energie AG Oberösterreich gave an undertaking to absorb the losses of

Energie AG Oberösterreich Business Services GmbH, Energie AG Oberösterreich Customer

Services GmbH, Energie AG Oberösterreich Personalmanagement GmbH, Energie AG

Oberösterreich Tech Services GmbH, and Wertstatt 8 GmbH for ﬁscal year 2023/2024 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 2023, but may give

rise to ﬁnancial obligations for Energie AG Oberösterreich in ﬁscal year 2023/2024.

Corporate bodies, employees

The remuneration of the Management Board and the Supervisory Board presents as follows:

2022/2023

2021/2022

EUR

EUR 1,000

Management Board

930,464.29

846

Former Management Board and their survivors

652,279.22

705

Supervisory Board

114,732.13

The average number of employees (FTE) in the ﬁscal year presents as follows:

2022/2023

2021/2022

Employees

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

Energie AG OÖ Trading GmbH

assets,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 2023 and the

Statement of Income for ﬁscal year 2022/2023 into the areas of electricity generation and

electricity trade, electricity and gas grid and other activities (Annexes 5 and 6 to the Notes) in

accordance with the breakdown principles described in Annex 7 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.

Proposal for the appropriation of 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, 4 December 2023

The Management Board of Energie AG Oberösterreich

Dr. Leonhard Schitter MA

Dr. Andreas Kolar

Dipl.-Ing. Stefan Stallinger MBA

CEO

CFO

COO

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Annexes to the Notes

ANNEXES TO THE NOTES

Corporate management 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

Dr. Elisabeth Kölblinger

Commercial Council Mag. Michaela

Keplinger-Mitterlehner

Mag. Kathrin Renate Kühtreiber-Leitner, MBA

LAbg. Ing. Herwig Mahr

Gertrude Schatzdorfer-Wölfel

Thomas Peter Stadlbauer MSc MBA MPA

Works Council representatives:

Mag. Dr. Regina Krenn

(until 31 December 2022)

Ing. Peter Neißl, MBA MSc

Edith Schatzdorfer

Edith Schmid

(since 1 January 2023)

Ing. Bernhard Steiner

Christian Strobl

Gerhard Störinger

Andreas Walzer

Management Board

Dr. Leonhard Schitter

Chairman of the Management Board

Dr. Andreas Kolar

Member of the Management Board, CFO

Dipl.-Ing. Stefan Stallinger MBA

Member of the Management Board, COO

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Changes in non-current assets

Costs

Balance as of

01.10.2022

Additions

Disposals

Transfers

30.09.2023

EUR

I. Intangible assets

1. Procurement rights

228,995,092.03

971,000.00

0.00

229,966,092.03

2. Other rights

109,571,177.17

3,462,812.93

599,533.29

0.00

112,434,456.81

Total intangible assets

338,566,269.20

4,433,812.93

599,533.29

0.00

342,400,548.84

II. Property, plant and equipment

1. Electricity plants

1. 1 Power plants, land and

buildings

474,874,837.64

73,103.76

79,362.29

98,500.00

474,967,079.11

Manufacturing plant and

equipment

599,511,236.77

1,027,836.74

520,441.95

247,560.13

600,266,191.69

Advance payments made

and facilities under

construction

7,130,829.09

5,049,442.24

73,420.77

-2,607,905.56

9,498,945.00

Total power plant assets

1,081,516,903.50

6,150,382.74

673,225.01

-2,261,845.43 1,084,732,215.80

1. 2 Transformer and distribution

systems

Land and buildings

161,320,398.74

5,356,579.40

262,361.02

4,393,251.48

170,807,868.60

Manufacturing plant and

equipment

639,068,106.74

20,219,405.20

7,021,409.26

5,298,621.96

657,564,724.64

Lines and cables

1,494,016,004.21

53,264,549.88

5,408,977.53

9,619,581.24 1,551,491,157.80

Advance payments made

and facilities under

construction

29,893,566.14

28,691,160.59

61,368.26

-19,323,052.85

39,200,305.62

Total transformer and

distribution systems

2,324,298,075.83

107,531,695.07

12,754,116.07

-11,598.17 2,419,064,056.66

Total electricity assets

3,405,814,979.33

113,682,077.81

13,427,341.08

-2,273,443.60 3,503,796,272.46

2. Gas supply assets

Land and buildings

12,121,117.02

366,011.85

7,298.82

124,845.54

12,604,675.59

Lines and cables

656,623,432.77

3,168,388.73

298,037.59

94,118.28

659,587,902.19

Gas stations and measurement

systems

68,357,947.94

3,879,619.32

1,103,751.63

495,277.88

71,629,093.51

Advance payments made and

facilities under construction

1,512,515.82

354,814.26

4,797.48

-714,241.70

1,148,290.90

Total distribution systems

738,615,013.55

7,768,834.16

1,413,885.52

0.00

744,969,962.19

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Accumulated depreciation, amortisation and write-downs

Carrying amounts

Balance as of

Value

Balance as of Carrying amount Carrying amount

01.10.2022

Additions

appreciation

Disposals

Transfers

30.09.2023

30.09.2022

30.09.2023

EUR

182,979,409.85

1,277,464.90

0.00

184,256,874.75

46,015,682.18

45,709,217.28

92,215,939.61

2,571,117.21

0.00

535,570.31

0.00

94,251,486.51

17,355,237.56

18,182,970.30

275,195,349.46

3,848,582.11

0.00

535,570.31

0.00

278,508,361.26

63,370,919.74

63,892,187.58

378,424,068.17

5,512,343.29

0.00

50,217.97

0.00

383,886,193.49

96,450,769.47

91,080,885.62

556,366,962.87

4,571,010.01

0.00

490,092.07

0.00

560,447,880.81

43,144,273.90

39,818,310.88

0.00

7,130,829.09

9,498,945.00

934,791,031.04

10,083,353.30

0.00

540,310.04

0.00

944,334,074.30

146,725,872.46

140,398,141.50

116,653,166.26

2,814,257.41

0.00

189,442.92

0.00

119,277,980.75

44,667,232.48

51,529,887.85

451,003,606.42

22,590,135.03

0.00

5,829,230.62

289.95

467,764,220.88

188,064,500.32

189,800,503.76

984,796,161.36

43,992,908.65

0.00

4,791,455.49

0.00 1,023,997,614.52

509,219,842.85

527,493,543.28

0.00

29,893,566.14

39,200,305.62

1,552,452,934.04

69,397,301.09

0.00

10,810,129.03

289.95 1,611,039,816.15

771,845,141.79

808,024,240.51

2,487,243,965.08

79,480,654.39

0.00

11,350,439.07

289.95 2,555,373,890.45

918,571,014.25

948,422,382.01

6,265,932.16

220,755.85

0.00

2,796.91

0.00

6,483,891.10

5,855,184.86

6,120,784.49

403,917,800.92

12,322,662.93

0.00

298,037.59

0.00

415,942,426.26

252,705,631.85

243,645,475.93

42,024,324.02

2,158,915.40

0.00

940,773.56

0.00

43,242,465.86

26,333,623.92

28,386,627.65

0.00

1,512,515.82

1,148,290.90

452,208,057.10

14,702,334.18

0.00

1,241,608.06

0.00

465,668,783.22

286,406,956.45

279,301,178.97

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Costs

Balance as of

01.10.2022

Additions

Disposals

Transfers

30.09.2023

EUR

3. District heat systems

Land and buildings

4,963,779.52

0.00

4,963,779.52

Manufacturing plant and

equipment

30,584,337.74

120,701.89

28,542.19

0.00

30,676,497.44

Lines and cables

99,775,259.73

209,777.60

183,143.50

925,503.45

100,727,397.28

Advance payments made and

facilities under construction

958,651.87

3,004,125.90

33,148.42

-925,503.45

3,004,125.90

Total district heat assets

136,282,028.86

3,334,605.39

244,834.11

0.00

139,371,800.14

4. Other facilities, furniture and

ﬁxtures

Land and buildings

92,476,737.79

1,055,395.70

619,410.10

16,262,952.04

109,175,675.43

Manufacturing plant and

equipment

331,008,950.48

10,699,603.08

1,016,426.51

2,737,270.67

343,429,397.72

Furniture and ﬁxtures

84,169,791.91

4,819,443.10

1,556,630.30

2,007,409.42

89,440,014.13

Advance payments made and

facilities under construction

25,455,079.63

9,827,365.81

651,740.27

-18,734,188.53

15,896,516.64

Total other facilities,

furniture and ﬁxtures

533,110,559.81

26,401,807.69

3,844,207.18

2,273,443.60

557,941,603.92

Total property, plant and

equipment

4,813,822,581.55

151,187,325.05

18,930,267.89

0.00 4,946,079,638.71

III. Financial assets

1. Shares in afﬁliated companies

735,010,339.37

0.00

735,010,339.37

2. Loans to afﬁliated companies

33,709,412.69

91,679.31

11,299,931.09

0.00

22,501,160.91

3. Investments

26,190,948.64

0.00

26,190,948.64

4. Non-current securities (book-

entry securities)

8,846,662.90

0.00

8,846,662.90

Total ﬁnancial assets

803,757,363.60

91,679.31

11,299,931.09

0.00

792,549,111.82

Total non-current assets

5,956,146,214.35

155,712,817.29

30,829,732.27

0.00 6,081,029,299.37

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Accumulated depreciation, amortisation and write-downs

Carrying amounts

Balance as of

Value

Balance as of Carrying amount Carrying amount

01.10.2022

Additions

appreciation

Disposals

Transfers

30.09.2023

30.09.2022

30.09.2023

EUR

4,208,915.68

45,163.99

0.00

4,254,079.67

754,863.84

709,699.85

25,954,191.90

905,359.66

0.00

27,454.41

0.00

26,832,097.15

4,630,145.84

3,844,400.29

85,037,540.86

1,722,656.97

0.00

4,578.59

0.00

86,755,619.24

14,737,718.87

13,971,778.04

0.00

958,651.87

3,004,125.90

115,200,648.44

2,673,180.62

0.00

32,033.00

0.00

117,841,796.06

21,081,380.42

21,530,004.08

55,300,842.09

1,916,539.19

0.00

2,155.38

613.79

57,214,612.11

37,175,895.70

51,961,063.32

219,732,160.74

16,299,352.94

0.00

726,378.99

-903.74

235,306,038.43

111,276,789.74

108,123,359.29

69,644,477.37

5,112,891.66

0.00

1,398,505.04

0.00

73,358,863.99

14,525,314.54

16,081,150.14

0.00

25,455,079.63

15,896,516.64

344,677,480.20

23,328,783.79

0.00

2,127,039.41

-289.95

365,879,514.53

188,433,079.61

192,062,089.39

3,399,330,150.82

120,184,952.98

0.00

14,751,119.54

0.00 3,504,763,984.26 1,414,492,430.73 1,441,315,654.45

16,862,221.98

0.00

16,862,221.98

718,148,117.39

0.00

33,709,412.69

22,501,160.91

0.00

26,190,948.64

1,130,879.51

0.00

106,889.05

0.00

1,023,990.46

7,715,783.39

7,822,672.44

17,993,101.49

0.00

106,889.05

0.00

17,886,212.44

785,764,262.11

774,662,899.38

3,692,518,601.77

124,033,535.09

106,889.05

15,286,689.85

0.00 3,801,158,557.96 2,263,627,612.58 2,279,870,741.41

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Changes in investment subsidies

Reversal/

Balance as of

Allocation

Disposals

Transfers

consumption

Balance as of

01.10.2022

2022/2023

30.09.2023

EUR

I. Intangible assets

Other rights

1,172,669.18

0.00

668.90

0.00

183,747.65

988,252.63

Total intangible assets

1,172,669.18

0.00

668.90

0.00

183,747.65

988,252.63

II. Property, plant and

equipment

1. Electricity plants

1. 1. Power plants, land

and buildings

7,303,114.07

4,891.23

0.00

13,790.00

680,815.97

6,640,979.33

Manufacturing

plant and

equipment

851,095.99

33,141.94

3,501.08

32,938.24

111,329.68

802,345.41

Advance payments

made and facilities

under construction

88,618.24

26,592.00

7.00 -46,728.24

68,475.00

Total power plant

assets

8,242,828.30

64,625.17

3,508.08

0.00

792,145.65

7,511,799.74

1. 2. Transformer and

distribution systems

Lines and cables

71,500.00

0.00

13,000.00

58,500.00

Total transformer

and distribution

systems

71,500.00

0.00

13,000.00

58,500.00

Total electricity

assets

8,314,328.30

64,625.17

3,508.08

0.00

805,145.65

7,570,299.74

2. District heat systems

Land and buildings

64,090.75

0.00

2,345.31

61,745.44

Manufacturing

plant and

equipment

142,813.83

0.00

71,406.92

71,406.91

Lines and cables

21,542.95 143,462.81

0.00

8,867.59

156,138.17

Total district heat

assets

228,447.53 143,462.81

0.00

82,619.82

289,290.52

3. Other facilities,

furniture and ﬁxtures

Land and buildings

199,063.06

0.00

10,643.78

188,419.28

Manufacturing

plant and

equipment

250,327.96

2,659.26

346.18

10,638.27

35,534.88

227,744.43

Furniture and

ﬁxtures

49,531.63

8,094.97

0.00

17,058.49

22,724.68

51,960.41

Advance payments

made and facilities

under construction

154,914.26 700,764.19 60,575.11 -27,696.76

767,406.58

Total other facilities,

furniture and

ﬁxtures

653,836.91 711,518.42 60,921.29

0.00

68,903.34

1,235,530.70

Total property, plant

and equipment

9,196,612.74 919,606.40 64,429.37

0.00

956,668.81

9,095,120.96

Total investment subsidies

(thereof allocated COVID

bonus EUR 759,252.40)

10,369,281.92 919,606.40 65,098.27

0.00 1,140,416.46 10,083,373.59

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Cash Flow Statement 2022/2023

2022/2023

2021/2022

EUR

EUR 1,000

Net cash ﬂow from ongoing business activities

Net proﬁt for the year

58,144,466.02

11,633

Gains from the disposal of assets

-599,430.36

-296

Reversal of investment subsidies

-1,140,416.46

-1,358

Reversal of construction cost subsidies

-4,919,039.39

-5,768

Write-up of ﬁnancial assets

-106,889.05

Appreciation of current securities

-222,069.28

Income from investments, securities and lendings as well as interest and

similar expenses

18,692,058.31 ¹⁾

-4,268 ¹⁾

Loss absorptions

2,833,406.74

Losses from the disposal of assets

1,759,177.91

1,323

Write-down of property, plant and equipment and intangible assets

124,033,535.09

120,429

Change in social capital

-839,374.14 ²⁾

-6,902 ²⁾

Change in other non-current provisions

-1,184,420.00

-316

Change in non-current provisions for deferred taxes

14,907,360.48

7,822

Write-down of ﬁnancial assets

0.00

620

Write-down of current securities

0.00

615

Cash ﬂow from earnings

211,358,365.87

123,553

Change in inventories

26,895,891.48

-63,024

Change in other receivables and assets, deferrals and accruals (excl. ﬁnancial

receivables)

-8,971,628.73 ³⁾

42,708 ³⁾

Change in current provisions

-18,803,531.69

9,427

Change in advance payments received

107,000.00

-154

Change in CO₂special item

804,544.73

910

Change in current liabilities and deferrals and accruals (excl. ﬁnancial

liabilities)

-22,128,411.30

46,349

Change in non-current liabilities and deferrals and accruals (excl. ﬁnancial

liabilities)

390,692.02

-610

Cash ﬂow from operations

189,652,922.38

159,160

including phase-congruent distributions of EUR 31,000,000.00 (previous year: EUR 19,000 thousand)

exclusive of personnel transfer outside of proﬁt or loss

less phase-congruent distributions of EUR 31,000,000.00 (previous year: EUR 19,000 thousand)

Energie AG Oberösterreich – Annual Financial Report 2022/2023

301

Company Annual Report 2022/2023 Audited Company Annual Report

2022/2023

2021/2022

EUR

EUR 1,000

Cash ﬂow from investing activities

Investments into non-current assets

-155,712,817.29

-176,861

Income from the disposal of non-current assets

14,383,294.87

6,927

Income received from investments, securities and interest

14,906,780.40

11,006

Investment subsidies received

854,508.13

497

Construction subsidies received

0.00

-125,568,233.89

-158,432

Cash ﬂow from ﬁnancing activities

Change in bonds and bank liabilities

-107,811.99

-5,087

Change in treasury stocks

-38,584.40

-19

Distribution to shareholders

-53,191,050.00

-66,489

Interest payments and similar expenses

-64,598,838.71

-25,738

Purchase, sale of current securities

0.00

-140,240

Change in ﬁnancial receivables and ﬁnancial liabilities within the Group

-628,524,480.98

956,127

-746,460,766.08

718,555

Cash ﬂow from operations

189,652,922.38

159,160

Cash ﬂow from investment activities

-125,568,233.89

-158,432

Cash ﬂow from ﬁnancing activities

-746,460,766.08

718,555

Change in cash and cash equivalents

-682,376,077.59

719,282

Cash and cash equivalents opening balance

981,515,284.67

262,377

Transfer of personnel provisions to/from subsidiaries

-3,060.51

-144

Cash and cash equivalents closing balance

299,136,146.57

981,515

Energie AG Oberösterreich – Annual Financial Report 2022/2023

302

Company Annual Report 2022/2023 Audited Company Annual Report

Statement of Financial Position of Energie AG Oberösterreich as of

30 September 2023 pursuant to § 8 ElWOG and § 8 GWG

Electricity

Total

generation/

Electricity

for the

sales

grid

Gas grid

Other

Company

ASSETS

EUR 1,000

D.3.1.

Total non-current assets

359,671.6

910,772.1

285,571.6

723,855.4 2,279,870.7

D.3.1.1.

Intangible assets

49,320.5

10,755.7

73.1

3,743.0 63,892.2

D.3.1.2.

Property, plant and equipment

165,574.7

878,059.0

284,886.3

112,795.6 1,441,315.7

D.3.1.3.

Financial assets

144,776.4

21,957.4

612.3

607,316.8

774,662.9

D.3.2.

Total current assets

339,028.8

107,464.6

35,688.6

132,230.2

614,412.2

D.3.2.1.

Inventories

48,182.2

9,877.8

4,907.9

818.0

63,785.9

D.3.2.2.

Total receivables and other assets

39,942.3

1,237.2

381.8

50,132.5

91,693.7

D.3.2.2.1. Trade receivables

7.5

24.8

0.0

35.6

68.0

D.3.2.2.2. Receivables from afﬁliated companies

35,485.1

0.0

41,538.1

77,023.2

D.3.2.2.3. Receivables from companies in which

an interest is held

0.0

5,889.3

D.3.2.2.4. Other receivables and assets

4,449.6

1,212.5

381.8

2,669.4

8,713.3

D.3.2.3.

Securities

29,347.5

60,418.2

19,062.3

50,968.3

159,796.4

D.3.2.4.

Cash, cheques, credit balances with

banks

221,556.8

35,931.4

11,336.6

30,311.4

299,136.1

D.3.3.

Accruals and deferrals

99.6

205.0

64.7

3,063.1

3,432.4

Total assets

698,800.0 1,018,441.7

321,324.9

859,148.7 2,897,715.3

Electricity

Total

generation/

Electricity

for the

sales

grid

Gas grid

Other

Company

LIABILITIES

EUR 1,000

D.3.4.

Equity

133,461.6

348,490.5

80,981.3

230,609.8

793,543.2

D.3.6.

Investment subsidies

8,022.7

60.4

771.8

1,228.5

10,083.4

D.3.7.

Total provisions

21,366.4

22,088.0

600.3

32,389.5

76,444.1

D.3.7.1.

Severance payments

0.0

1,651.1

D.3.7.2.

Pensions

0.0

9,870.7

D.3.7.3.

Other interest-bearing provisions

0.0

1,628.9

D.3.7.4.

Other provisions

21,366.4

22,088.0

600.3

19,238.8

63,293.4

D.3.8.

Total liabilities

531,724.4

646,685.1

205,370.8

594,805.0 1,978,585.3

D.3.8.1.1. Trade payables

816.2

2,291.4

209.9

8,327.3 11,644.8

D.3.8.1.2. Liabilities to afﬁliated companies

398,840.8

496,607.2

132,087.5

339,970.7 1,367,506.2

D.3.8.1.3. Liabilities to companies in which an

interest is held

3,541.3

0.0

3,541.3

D.3.8.1.4. Other liabilities

128,526.0

147,786.4

73,073.4

246,507.0

595,892.9

D.3.9.

Construction cost subsidies

3,085.5

1,117.8

33,600.7

108.6

37,912.6

D.3.10.

Accruals and deferrals

1,139.4

0.0

7.3

1,146.7

Total liabilities and equity

698,800.0 1,018,441.7

321,324.9

859,148.7 2,897,715.3

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Company Annual Report 2022/2023 Audited Company Annual Report

Statement of Income of Energie AG Oberösterreich for the

2022/2023 ﬁscal year pursuant to § 8 ElWOG and § 8 GWG

Electricity

Total

generation/

Electricity

for the

sales

grid

Gas grid

Other

Company

EUR 1,000

Sales revenues

565,238.5

113,079.4

24,493.7

78,467.5

781,279.0

Change in inventory

0.0

Capitalised corporate services

0.0

Other operating income

1,263.4

501.0

35.1

1,822.9

3,622.3

Cost of materials and other services

-466,261.9

-9.0

0.0

-69,091.2

-535,362.2

Personnel expenses

0.0

-13,786.9

Depreciation, amortisation and write-downs

-14,537.7

-82,083.5

-15,261.2

-12,151.2

-124,033.5

Other operating expenses

-15,105.6

-2,197.6

-177.7

-8,195.7

-25,676.6

Operating result (l. 1 to 8)

70,596.7

29,290.2

9,089.9

-22,934.6

86,042.2

10. Income from investments in other companies

5,495.9

10.6

1.9

31,101.9

36,610.2

Income from other securities and

11. lendings from the non-current ﬁnancial assets

996.2

0.0

708.6

1,704.8

12. Other interest and similar income

0.0

7,591.8

Income from the disposal and write-up of

13. ﬁnancial assets and current securities

0.0

329.0

Expenses from ﬁnancial assets and current

14. securities

0.0

-2,833.4

15. Interest and similar expenses

-12,450.3

-22,102.2

-7,863.0

-22,183.3

-64,598.8

16. Financial result (l. 10 to 15)

-5,958.2

-22,091.7

-7,861.1

14,714.6

-21,196.5

17. Earnings before taxes

64,638.4

7,198.6

1,228.8

-8,220.1

64,845.7

18. Income taxes

6,233.7

-10,808.8

-347.5

-1,778.7

-6,701.2

Earnings after taxes = net proﬁt for the

19. year

70,872.2

-3,610.3

881.3

-9,998.7

58,144.5

20. Allocation of retained earnings

-812.0

-2,354.9

-470.1

-1,316.5

-4,953.4

21. Proﬁt carried forward from the previous year

0.0

9.0

22. Balance sheet proﬁt

70,060.2

-5,965.1

411.2

-11,306.3

53,200.0

Energie AG Oberösterreich – Annual Financial Report 2022/2023

304

Company Annual Report 2022/2023 Audited Company Annual Report

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.

Energie AG Oberösterreich – Annual Financial Report 2022/2023

305

Company Annual Report 2022/2023 Company Management Report

MANAGEMENT REPORT FOR THE

2022/2023 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.

FRAMEWORK CONDITIONS

Macroeconomic environment ¹⁾

The economic situation in the 2022/2023 ﬁscal year (1 October 2022 to 30 September

2023) of Energie AG Oberösterreich (Energie AG) was characterised by continuing weak

economic development, persistently high inﬂation rates and the struggle on the part of the

international central banks to curb inﬂation by raising interest rates. In what is a historically

unprecedented approach, the European Central Bank (ECB) successively raised key interest

rates to 4.5% in eight steps during the reporting period. Due to the uncertainty surrounding

economic forecasts, the ﬁeld of tension between ﬁghting inﬂation and stimulating the

economy will remain consistently high in the coming months.

Economic growth and inﬂation

YoY real change (in %)

Sources: IHS, WIFO, IMF

Sources: IHS (Institute for Advanced Studies): › Fall Forecast of the Austrian Economy, 2022 – 2023, 17 October 2023. IMF › (International

Monetary Fund): World Economic Outlook Database (imf.org), 19 October 2023. WIFO (Austrian Institute of Economic Research): › WIFO

Economic Data – WIFO, 19 October 2023.

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306