9.Other disclosures

Acquisition of shares from ENAMO GmbH

As of 31 March 2019, ENAMO GmbH, ENAMO Ökostrom GmbH and Energie AG Oberösterreich Vertrieb GmbH & Co KG (Energy Segment) are joint ventures attributable to Energie AG Group and will be recognised in the accounts on the basis of the equity method. In the first half year of the 2018/19 financial year, we have signed a purchase contract for the acquisition of a participating interest stake of 35.0% in ENAMO GmbH against payment of a purchase price of EUR 6.9 million. By acquiring all shares in the company with effect on 1 April 2019, the Group gained control over ENAMO GmbH and ENAMO Ökostrom GmbH (a subsidiary of ENAMO GmbH). ENAMO GmbH is also the limited partner of Energie AG Oberösterreich Vertrieb GmbH & Co KG. On 1 April 2019, the Group also gained control over Energie AG Oberösterreich Vertrieb GmbH & Co KG by acquiring all shares in ENAMO GmbH.

As a result of the successive merger on 1 April 2019, the previously held equity stakes in ENAMO GmbH and Energie AG Oberösterreich Vertrieb GmbH & Co KG will be re-measured at their fair value in accordance with IFRS 3. Any resulting profits or losses will be recognised in profit or loss or in other comprehensive income. As a consequence, the existing carrying amounts of the acquired identifiable assets and the assumed liabilities of the three newly controlled companies measured in accordance with IFRS 3 will be fully consolidated in the consolidated financial statements. A goodwill position will be recognised if the total of consideration plus measurement outcome from the successive business combination exceeds the balance of assets and liabilities on the accounts at the acquisition date. The effects of the business combination on the consolidated financial statements are still unknown as of today's date.

Internal restructuring

Restructuring measures took place in the second half year of the 2018/19 fiscal year. The restructuring measures aim at consolidating the sales activities (electricity, gas, heat, telecommunications) in Energie AG Oberösterreich Vertrieb GmbH. The electricity and heat generation segments will be consolidated in Energie AG Oberösterreich Erzeugung GmbH (previously: Energie AG Oberösterreich Kraftwerke GmbH). The heating companies in the Czech Republic will merge with the Water Segment companies in the Czech Republic and then form the Czech Republic Segment.

The 65% participating interest stake in ENAMO GmbH held by Energie AG Oberösterreich Service- und Beteiligungsverwaltungs-GmbH will be transferred to Energie AG Oberösterreich, which will then fully own ENAMO GmbH. The general partner's interest in Energie AG Oberösterreich Vertrieb GmbH & Co KG held by ENAMO GmbH is transferred to Energie AG Oberösterreich Vertrieb GmbH. The subsequent contribution of Energie AG's limited partner stake in Energie AG Oberösterreich Vertrieb GmbH & Co KG to Energie AG Oberösterreich Vertrieb GmbH will terminate Energie AG Oberösterreich Vertrieb GmbH & Co KG and the company's assets will transfer to Energie AG Oberösterreich Vertrieb GmbH. The Sales business unit of Energie AG Oberösterreich Telekom GmbH is spun off to Energie AG Oberösterreich Vertrieb GmbH with retrospective effect on 1 October 2018. The participating interests in Energie AG Renewable Power GmbH, Windpower EP GmbH, ECOFE S.R.L. and Salvatonica Energia S.R.L. held by Energie AG Oberösterreich Power Solutions GmbH are spun off to Energie AG Oberösterreich Kraftwerke GmbH. This is followed by merging Energie AG Oberösterreich Power Solutions GmbH with Energie AG Oberösterreich Vertrieb GmbH. The participating interest in Energie AG Teplo Bohemia s.r.o. (Energy segment, Czech Republic) held by Energie AG Oberösterreich Wärme GmbH (Energy Segment) is spun off to Energie AG Oberösterreich Wärme GmbH (Water Segment). As the Water Segment will in the future include heat generation in the Czech Republic, it is renamed Czech Republic Segment. The participating interests in Energie-Contracting-Steyr GmbH, Fernwärme Steyr GmbH, Bioenergie Steyr GmbH, Geothermie-Wärmegesellschaft Braunau-Simbach mbH, Geothermie-Fördergesellschaft Simbach-Braunau mbH and Energie Ried Wärme GmbH held by Energie AG Oberösterreich Wärme GmbH are spun off to Energie AG Oberösterreich Kraftwerke GmbH (now: Energie AG Oberösterreich Erzeugung GmbH). Following the spin-off of the Heat Generation and Heating Grids business unit to Energie AG Oberösterreich, Energie AG Oberösterreich Wärme GmbH is merged with Energie AG Oberösterreich Vertrieb GmbH. This is followed by spinning off the Heat Generation and Heating Grids business unit to Energie AG Oberösterreich Kraftwerke GmbH. The non-current assets are retained. Energie AG Oberösterreich Kraftwerk Labenbach GmbH is merged with Energie AG Oberösterreich.

Other disclosures

Weather-related fluctuations in revenues and earnings during the fiscal year are particularly noticeable in electricity generation as well as electricity and gas sales. For the Energy Segment, this means that the earnings in the first half year are frequently higher than in the second half year. Due to subdued construction activity in the autumn and winter months, investment in property, plant and equipment is generally lower in the first half year than in the second. In the first six months of the year, the hydro coefficient was 1.13 (previous year: 1.24).

In the first six months of the 2018/19 fiscal year, additions to property plant and equipment amounted to EUR 73.1 million (previous year: EUR 62.9 million), while the carrying amount of disposals was EUR 8.5 million (previous year: EUR 2.3 million). Obligations for the acquisition of property, plant and equipment amount to EUR 50.5 million (previous year: EUR 50.9 million). The Holding & Services Segment includes gains from the disposal of real property not required for business operations in the amount of EUR 5.7 million.

In the first six months of the 2018/19 fiscal year dividends of EUR 78.1 million (previous year: EUR 53.3 million) were distributed to the shareholders of Energie AG Oberösterreich.

Contingent liabilities amounted to EUR 6.5 million (previous year: EUR 5.3 million).

Linz, 29 May 2019

The Management Board of Energie AG Oberösterreich