The share capital of Energie AG Oberösterreich consists of 88,779,655 individual share certificates (previous year: 89,087,750), of which 88,600,000 are ordinary shares (previous year: 88,600,000), and 179,655 are preferred shares without voting rights (previous year: 487,750). 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 2007/08 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 2007/08 fiscal year. The benefit per staff member amounted to the maximum tax-exempt sum pursuant to section 3 (1) item 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.
Fiscal year 2017/2018 saw a reduction of the share capital due to the redemption of 308,095 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 IAS 39 reserves, IAS 19 reserves, revaluation reserves, and reserves for treasury stock, as well as reserves from currency translation differences.
The reserves under IAS 39 include changes in the market value of investments and securities available for sale, and changes in the market value of cash-flow hedges, as well as changes in equity recognised outside profit or loss from associated companies measured at equity.
As of 30 September 2018, the cash flow hedge reserve amounts to EUR 47,380.1 thousand (previous year: EUR -8,104.4 thousand). The effective share of the fair value changes concerning cash-flow hedges is recognised in the other comprehensive income in the cash-flow hedge reserve. The ineffective portion of the fair-value changes from cash flow hedges in the amount of EUR -244.6 thousand (previous year: EUR -575.3 thousand) was recognised as income through profit or loss. Fair value changes in the amount of EUR 54,354.8 thousand (previous year: EUR 20,909.2 thousand) are recognised as other comprehensive income. During the fiscal year, EUR 1,129.7 thousand (previous year: EUR 18,238.6 thousand) were withdrawn from the cash-flow hedge reserve and recognised as an expense through profit or loss. Of this amount, EUR 1,775.8 thousand (previous year: EUR 1,991.9 thousand) were recognised in the financial result while EUR -646.1 thousand (previous year: EUR 16,246.7 thousand) were recognised in the operating result.
The AFS reserve, which is contained in the IAS 39 reserves, includes changes in value of investments and securities classified as available for sale, which are recognised in other comprehensive income. As of 30 September 2018, the AFS reserve amounted to EUR 12,273.9 thousand (previous year: EUR 18,679.0 thousand). Changes in market value in the amount of EUR -543.8 thousand (previous year: EUR 6,146.7 thousand) were recognised as equity, and EUR -5,861.3 thousand (previous year: EUR -4,057.8 thousand) were withdrawn from the AFS reserve and recognised as income through profit or loss in the financial year.
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 2018, the company held 50,449 treasury shares (previous year: 308,095).
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 shareholders 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 at the balance sheet date, the equity ratio amounted to 42.9% (previous year: 41.6%). For purposes of internal reporting and management, the return on capital employed (ROCE) is also used. The capital employed includes the assets attributable to a unit, with the exception of the assets not used in the process of creating and utilising goods and services, less non-interest bearing liabilities and certain reserves.