3.1.Principles

Subsidiaries

All material entities that are directly or indirectly controlled by Energie AG Oberösterreich (subsidiaries) are fully consolidated according to IFRS 10 and included in the consolidated financial statements. Control exists when the investor is exposed or has rights to variable returns from its involvement with the investee and has the ability to use its power over the investee to influence the amount of the investor’s returns. In all cases, the control results from the equity instruments that are held (participating interests in the company and shares).

Joint Arrangements

IFRS 11 outlines accounting by entities that jointly control an arrangement. Joint control involves the contractually agreed sharing of control. If the controlling parties have rights to the net assets of the arrangement (joint venture), the equity method is used for financial reporting. If the controlling parties have rights to the assets, and obligations for the liabilities, relating to the agreement (joint operations), the assets and liabilities, as well as the revenues 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 attributable to the arrangements. 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 ENAMO GmbH, ENAMO Ökostrom GmbH, Energie AG Oberösterreich Vertrieb GmbH & Co KG, “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 companies are controlled jointly with other investors and are therefore accounted for using the equity method.

ENAMO GmbH delivers electric energy to key account customers, Energie AG Oberösterreich Vertrieb GmbH & Co KG delivers electricity to private and business customers.

Energie AG Oberösterreich is the sole limited partner of Energie AG Oberösterreich Vertrieb GmbH & Co KG. ENAMO GmbH, a joint venture between Energie AG Oberösterreich Service- und Beteiligungsverwaltungs-GmbH and LINZ STROM GmbH, is general partner.

In line with IFRS 11, ENAMO GmbH, with the subsidiaries Energie AG Oberösterreich Vertrieb GmbH & Co KG and LINZ STROM Vertrieb GmbH & Co KG controlled by it, represents a joint arrangement or joint venture, as these companies are controlled jointly by Energie AG Oberösterreich and LINZ AG. These entities are to be accounted for at equity in the consolidated financial statements in line with IFRS 11 in conjunction with IAS 28. Due to the contractually agreed shares of the revenues, this amounts to 80% for ENAMO GmbH, 100% for Energie AG Oberösterreich Vertrieb GmbH & Co KG, and 0% for LINZ STROM Vertrieb GmbH & Co KG.

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.

Structured Entities

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 company.

The company is not financed 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. The leasing contract has been classified as an operating lease contract in line with IAS 17. 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. The rental and leasing expenses include contingent leasing payments in the amount of EUR -1,965.7 thousand (previous year: EUR -1,946.7 thousand) calculated on the basis of variable interest rates.

Other Investments

Interests in subsidiaries, joint ventures, or associated companies that are of subordinate importance from the Group perspective are classified as “available for sale”. If there is no quoted price in an active market available, and the fair value cannot be measured reliably, the value is recognised at cost. The companies which are not consolidated because of their subordinate importance are also insignificant in the total sum.

The changes in the scope of consolidation are as follows:

 

 

Full
consolidation

 

Proportionate
consolidation

 

Equity
consolidation

30/09/2017

 

48

 

2

 

12

Included for the first time in the reporting year

 

3

 

0

 

2

30/09/2018

 

51

 

2

 

14

Energie AG Oberösterreich Personal Power GmbH (Holding & Services Segment, Austria), VODOS Velkoobchod s.r.o. (Water Segment, Czech Republic) and VODOSPOL s.r.o. (Water Segment, Czech Republic) were included in the consolidated financial statements as fully consolidated entities for the first time in the reporting period. The effects on the consolidated financial statements are insignificant.

The companies Geothermie-Wärmegesellschaft Braunau-Simbach GmbH (Energy Segment, Austria) and Geothermie-Fördergesellschaft Simbach-Braunau GmbH (Energy Segment, Germany) were for the first time included in the consolidated statements as companies consolidated at equity. The earnings contribution of both companies amounts to EUR 0.8 million.

Joint Ventures

 

 

Energie AG Oberösterreich
Vertrieb GmbH & Co KG

 

ENAMO GmbH

 

Other joint
ventures

 

 

30/09/2018
EUR mill.

 

30/09/2017
EUR mill.

 

30/09/2018
EUR mill.

 

30/09/2017
EUR mill.

 

30/09/2018
EUR mill.

 

30/09/2017
EUR mill.

Non-current assets

 

2.6

 

2.4

 

0.1

 

0.1

 

68.3

 

72.8

Current assets

 

140.1

 

136.8

 

36.7

 

33.4

 

12.1

 

13.1

 

 

142.7

 

139.2

 

36.8

 

33.5

 

80.4

 

85.9

Equity

 

101.5

 

96.4

 

12.6

 

11.2

 

20.3

 

17.7

Non-current liabilities

 

13.1

 

12.7

 

0.1

 

0.1

 

51.6

 

56.6

Current liabilities

 

28.1

 

30.1

 

24.1

 

22.2

 

8.5

 

11.6

 

 

142.7

 

139.2

 

36.8

 

33.5

 

80.4

 

85.9

Cash and cash equivalents

 

0.4

 

0.5

 

4.7

 

0.6

 

5.5

 

5.3

Non-current financial liabilities

 

 

 

 

 

40.7

 

45.7

 

 

Energie AG Oberösterreich
Vertrieb GmbH & Co KG

 

ENAMO GmbH

 

Other joint
ventures

 

 

2017/2018
EUR mill.

 

2016/2017
EUR mill.

 

2017/2018
EUR mill.

 

2016/2017
EUR mill.

 

2017/2018
EUR mill.

 

2016/2017
EUR mill.

Sales revenues

 

224.2

 

240.2

 

203.4

 

215.9

 

57.3

 

58.6

Depreciation, amortisation, and impairments

 

 

 

 

 

-5.7

 

-5.8

Interest income

 

0.1

 

0.1

 

 

 

 

0.8

Interest expense

 

-0.2

 

-0.2

 

 

 

-1.2

 

-1.4

Taxes

 

0.1

 

-0.1

 

-0.9

 

-1.0

 

-0.9

 

-1.0

Earnings after taxes

 

43.9

 

52.0

 

4.5

 

2.9

 

2.8

 

4.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Share in net assets as of 1 October

 

96.3

 

91.8

 

7.9

 

9.7

 

4.7

 

3.4

Profit for the period

 

45.2

 

52.5

 

3.5

 

2.6

 

1.6

 

1.6

Dividends

 

-40.0

 

-48.0

 

 

-4.4

 

 

-0.3

Share in net assets as of 30 September

 

101.5

 

96.3

 

11.4

 

7.9

 

6.3

 

4.7

Goodwill

 

 

 

 

 

4.2

 

4.2

Carrying amount as of 30 September

 

101.5

 

96.3

 

11.4

 

7.9

 

10.5

 

8.9

Associated Companies

 

 

Salzburg AG für Energie, Verkehr und Telekommunikation

 

Wels Strom GmbH

 

Other associated companies

 

 

30/09/2018
EUR mill.

 

30/09/2017
EUR mill.

 

30/09/2018
EUR mill.

 

30/09/2017
EUR mill.

 

30/09/2018
EUR mill.

 

30/09/2017
EUR mill.

Non-current assets

 

1,326.2

 

1,368.8

 

68.4

 

52.2

 

28.0

 

19.1

Current assets

 

133.2

 

71.5

 

11.9

 

11.8

 

10.8

 

8.2

 

 

1,459.4

 

1,440.3

 

80.3

 

64.0

 

38.8

 

27.3

Equity

 

532.0

 

515.2

 

23.6

 

23.9

 

9.6

 

4.8

Non-current liabilities

 

655.2

 

639.7

 

25.7

 

26.5

 

9.4

 

5.2

Current liabilities

 

272.2

 

285.4

 

31.0

 

13.6

 

19.8

 

17.3

 

 

1,459.4

 

1,440.3

 

80.3

 

64.0

 

38.8

 

27.3

 

 

Salzburg AG für Energie, Verkehr und Telekommunikation

 

Wels Strom GmbH

 

Other associated companies

 

 

2017/2018
EUR mill.

 

2016/2017
EUR mill.

 

2017/2018
EUR mill.

 

2016/2017
EUR mill.

 

2017/2018
EUR mill.

 

2016/2017
EUR mill.

Sales revenues

 

1,411.8

 

1,259.7

 

75.3

 

78.5

 

5.8

 

1.7

Earnings after taxes

 

41.2

 

77.3

 

2.3

 

4.8

 

-0.1

 

-0.1

Dividends

 

-6.4

 

-17.6

 

-1.3

 

-2.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share in net assets as of 1 October

 

134.8

 

119.2

 

11.8

 

10.5

 

 

Inclusion for the first time

 

 

 

 

 

1.4

 

3.2

Profit for the period

 

11.7

 

20.2

 

1.1

 

2.4

 

0.8

 

-1.3

Impairment

 

 

 

 

 

 

-1.9

Dividends

 

-6.5

 

-4.6

 

-1.3

 

-1.1

 

 

Carrying amount as of 30 September

 

140.0

 

134.8

 

11.6

 

11.8

 

2.2

 

Goodwill

 

18.7

 

19.7

 

17.7

 

18.7

 

 

Impairment

 

 

-1.0

 

 

-1.0

 

 

Carrying amount as of 30 September

 

158.7

 

153.5

 

29.3

 

29.5

 

2.2

 

3.2.Group Companies

 

 

Domicile

 

Interest held
in %
(previous year)

 

Consolidation method
(previous year)

Austria

 

 

 

 

 

 

Energie AG Oberösterreich

 

Linz

 

Parent company

 

 

Energie AG Oberösterreich Service- und Beteiligungsverwaltungs-GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Business Services GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Customer Services GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Kraftwerk Ennshafen GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Kraftwerke GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Kraftwerk Labenbach GmbH

 

Linz

 

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 (-)

 

FC (-)

Energie AG Oberösterreich Trading 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)

Netz Oberösterreich GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie-Contracting Steyr GmbH

 

Steyr

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Wärme GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Renewable Power GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Group Treasury GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Cogeneration-Kraftwerke Management Oberösterreich GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Power Solutions GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

IfEA Institut für Energieausweis 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

 

Hörsching

 

100.00 (100.00)

 

FC (FC)

ASPG Altlastensanierungsprojekte GmbH

 

Hörsching

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Kommunalservice GmbH

 

Hörsching

 

100.00 (100.00)

 

FC (FC)

Abfall-Aufbereitungs-GmbH

 

Hörsching

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Wasser GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

MA Restabfallverwertung GmbH

 

Hörsching

 

99.00 (99.00)

 

FC (FC)

WDL-WasserdienstleistungsGmbH

 

Linz

 

90.00 (90.00)

 

FC (FC)

Market Calling Marketing GesmbH

 

Linz

 

60.00 (60.00)

 

FC (FC)

Gas- und Dampfkraftwerk Timelkam GmbH

 

Linz

 

50.00 (50.00)

 

JO (JO)

Ennskraftwerke Aktiengesellschaft

 

Steyr

 

50.00 (50.00)

 

JO (JO)

Energie AG Oberösterreich Vertrieb GmbH & Co KG

 

Linz

 

100.00 (100.00)

 

JV (JV)

ENAMO GmbH

 

Linz

 

80.00 (80.00)

 

JV (JV)

ENAMO Ökostrom GmbH

 

Linz

 

80.00 (80.00)

 

JV (JV)

„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)

Windpower EP GmbH

 

Parndorf

 

50.00 (50.00)

 

JV (JV)

Bioenergie Steyr GmbH

 

Behamberg

 

49.00 (49.00)

 

JV (JV)

Wels Strom GmbH

 

Wels

 

49.00 (49.00)

 

EC (EC)

Energie Ried Wärme GmbH

 

Ried im Innkreis

 

40.00 (40.00)

 

EC (EC)

Salzburg AG für Energie, Verkehr und Telekommunikation

 

Salzburg

 

26.13 (26.13)

 

EC (EC)

Geothermie-Wärmegesellschaft Braunau-Simbach mbH

 

Braunau

 

40.00 (40.00)

 

EC (OC)

baulounge GmbH (former Energie AG Oberösterreich Bohemia GmbH)

 

Linz

 

100.00 (100.00)

 

OC (OC)

Oberösterreichische Gemeinnützige Bau- und Wohngesellschaft mit beschränkter Haftung

 

Linz

 

100.00 (100.00)

 

OC (OC)

mieX GmbH

 

Peilstein

 

100.00 (100.00)

 

OC (OC)

Energy IT Service GmbH

 

Linz

 

66.67 (66.67)

 

OC (OC)

BBI Breitbandinfrastruktur GmbH

 

Linz

 

55.00 (55.00)

 

OC (OC)

RVL Reststoffverwertung Lenzing GmbH

 

Lenzing

 

50.00 (50.00)

 

OC (OC)

WDL Infrastruktur GmbH

 

Linz

 

49.00 (49.00)

 

OC (OC)

OÖ Science-Center Wels Errichtungs-GmbH

 

Wels

 

47.67 (47.67)

 

OC (OC)

GRB Geothermie Ried Bohrung GmbH

 

Ried im Innkreis

 

40.00 (40.00)

 

OC (OC)

Recycling Innsbruck GmbH

 

Innsbruck

 

25.00 (25.00)

 

OC (OC)

ELG Liegenschaftsverwertung GmbH

 

Wallern

 

20.00 (20.00)

 

OC (OC)

Czech Republic

 

 

 

 

 

 

Energie AG Bohemia s.r.o.

 

Praha

 

100.00 (100.00)

 

FC (FC)

CEVAK a.s.

 

České Budějovice

 

100.00 (100.00)

 

FC (FC)

Vodáreská společnost Beroun s.r.o.

 

Beroun

 

100.00 (100.00)

 

FC (FC)

VODOS s.r.o.

 

Kolín

 

100.00 (100.00)

 

FC (FC)

Energie AG Teplo Bohemia s.r.o.

 

České Budějovice

 

100.00 (100.00)

 

FC (FC)

Energie AG Teplo Vimperk s.r.o.

 

České Budějovice

 

100.00 (100.00)

 

FC (FC)

Energie AG Teplo Rokycany s.r.o.

 

Rokycany

 

100.00 (100.00)

 

FC (FC)

Tepelne zasobovani Rakovník spol. s.r.o.

 

Rakovník

 

100.00 (100.00)

 

FC (FC)

Městské tepelné hospodářství Kolín, spol. s r.o

 

Kolín

 

95.00 (95.00)

 

FC (FC)

Vodáreská spolecnost Chrudim a.s.

 

Chrudim

 

95.00 (95.00)

 

FC (FC)

VHOS a.s.

 

Moravská Třebová

 

94.58 (93.87)

 

FC (FC)

SATEZA a.s.

 

Šumperk

 

91.67 (91.67)

 

FC (FC)

Aqua Servis a.s.

 

Rychnov nad Kněžnou

 

66.00 (66.00)

 

FC (FC)

Vodovody a kanalizace Beroun a.s.

 

Beroun

 

59.20 (59.20)

 

FC (FC)

VODOS Velkoobchod s.r.o.

 

České Budějovice

 

100.00 (100.00)

 

FC (OC)

VODOSPOL s.r.o.

 

Klatovy

 

100.00 (100.00)

 

FC (OC)

1. Jihočeská vodohospodářská spol. s r.o.

 

České Budějovice

 

100.00 (100.00)

 

OC (OC)

DÉMOS, spol. s r.o.

 

Ústí nad Orlicí

 

100.00 (100.00)

 

OC (OC)

DÉMOS – správa, s.r.o.

 

Ústí nad Orlicí

 

100.00 (100.00)

 

OC (OC)

Italy

 

 

 

 

 

 

ECOFE S.R.L.

 

Meran

 

100.00 (100.00)

 

FC (FC)

Salvatonica Energia S.R.L.

 

Meran

 

100.00 (100.00)

 

FC (FC)

Energie AG Südtirol Umwelt Service GmbH

 

Neumarkt

 

100.00 (100.00)

 

FC (FC)

Germany

 

 

 

 

 

 

Erdgas Oberösterreich Vertriebs GmbH

 

Tittling

 

100.00 (100.00)

 

FC (FC)

Papyrus Wertstoff Service GmbH

 

Bad Reichenhall

 

63.33 (63.33)

 

JV (JV)

Geothermie-Fördergesellschaft Simbach-Braunau mbH

 

Simbach

 

40.00 (40.00)

 

EC (OC)

Poland

 

 

 

 

 

 

Finadvice Fair Energy Wind Development sp.zo.o.

 

Warszawa

 

100.00 (-)

 

OC (—)

Finadvice Fair Energy Wind Development 5 Sp. z o.o.

 

Warszawa

 

100.00 (-)

 

OC (—)

Hungary

 

 

 

 

 

 

Energie AG Heves Régió Környezetvédelmi és Hulladékgazdálkodási Korlátolt Felelősségű Társaság

 

Hejöpapi

 

100.00 (100.00)

 

FC (FC)

Slovenia

 

 

 

 

 

 

Komunalna ODTOK d.o.o. (formerly VARINGER d.o.o.)

 

Maribor

 

100.00 (100.00)

 

FC (FC)

FC

fully consolidated company

JV

joint venture consolidated at equity

JO

joint operation, proportionate consolidation of assets and liabilities, as well as expenses and revenues

EC

associated company consolidated at equity

OC

companies not consolidated due to immateriality