The share capital of Energie AG Oberösterreich consists of 88,652,558 individual share certificates (previous year: 88,653,782), of which 88,600,000 are ordinary shares (previous year: 88,600,000), and 52,558 are preferred shares without voting rights (previous year: 53,782). The share capital has been fully paid in.
The capital reserves result from the share premium of the capital increase, minus the directly attributable costs of obtaining equity in the amount of EUR 1,771.9 thousand, as well as from the contribution of own shares in the 2006/2007 fiscal year, and from shares issued to staff in the 2012/2013 fiscal year.
In the 2007/2008 fiscal year, 390,000 preferred shares without voting rights were contributed to Energie AG Oberösterreich. These shares were offered to Group staff members at favourable conditions during the 2007/2008 fiscal year. The benefit per staff member amounted to the maximum tax-exempt sum pursuant to § 3 para 1 subpara 15 letter b of the Austrian Income Tax Act.
In the 2012/2013 fiscal year, 87,750 shares were issued to employees of the Group at discounted prices. The capital increase took effect with entry in the Register of Companies on 29 October 2013.
In fiscal year 2021/2022, the share capital was reduced due to the redemption of 1,224 (previous year: 1,742) treasury shares (preference shares without voting rights).
The retained earnings result from the profits that the Group generated but did not distribute.
Other reserves include IFRS 9 reserves, IAS 19 reserves, revaluation reserves, and treasury stock reserves, as well as reserves from translation differences.
The reserves under IFRS 9 include changes in the fair value of investments and securities measured “At Fair Value through Other Comprehensive Income” (FVOCI), and changes in the fair value of cash flow hedges, as well as changes in the equity of associated companies consolidated using the equity method recognised outside profit or loss.
As of 30 September 2022, the cash flow hedge reserve amounts to EUR 345,219.7 thousand (previous year: EUR 122,015.9 thousand). The effective share of the fair value changes concerning cash-flow hedges is recognised in the other comprehensive income in the cash-flow hedge reserve. The ineffective share of the fair-value changes from cash flow hedges in the amount of EUR 95.1 thousand (previous year: EUR -85.4 thousand) was recognised as income through profit or loss. Fair value changes in the amount of EUR 394,614.6 thousand (previous year: EUR 149,211.7 thousand) are recognised as other comprehensive income. During the fiscal year, EUR -171,410.8 thousand (previous year: EUR -6,457.4 thousand) were withdrawn from the cash-flow hedge reserve and recognised through profit or loss. Of this amount, EUR 2,543.2 thousand (previous year: EUR 2,748.6 thousand) were recognised as expense in the financial result and EUR 173,954.0 thousand (previous year: EUR 9,206.0 thousand) as income in the operating result.
The OCI reserve, which is part of the IFRS 9 reserves, includes changes in value of investments and securities classified as “At Fair Value through Other Comprehensive Income” (FVOCI), which are recognised in other comprehensive income. As of 30 September 2022, the OCI reserve amounts to EUR 35,082.2 thousand (previous year: EUR 28,359.2 thousand). Changes in market value of EUR 5,911.4 thousand (previous year: EUR 5,529.5 thousand) in the fiscal year were recognised in equity under other comprehensive income and transfers made to retained earnings in the amount of EUR 811.6 thousand (previous year: EUR 0.00 thousand).
The IAS 19 reserves result from the actuarial valuation of pension and severance provisions recognised in other comprehensive income.
The revaluation reserve results from first-time consolidations in previous years.
As of 30 September 2022, the company held 808 treasury shares (previous year: 1,224).
Capital management
It is the objective of the Group’s capital management to preserve a strong capital base so that the company can continue to generate adequate returns for the investors corresponding with the risk situation of the company, promote the future development of the company, and also provide benefits for other interest groups. Value based management is firmly entrenched in the management systems and in management processes. The equity in the books according to IFRS is what the management considers to be capital. As of the reporting date, the equity ratio amounted to 26.0% (previous year: 39.6%). For purposes of internal reporting and management, the return on capital employed (ROCE) is also used. The capital employed includes the assets attributable to a unit, with the exception of the assets not used in the process of creating and utilising goods and services, less non-interest bearing liabilities and certain provisions.