2.1. Standards and interpretations applied or amended and adopted by the EU for the first time
Newly applicable amended standards adopted by the EU that take effect on 01.01.21 or later:
- IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Amendments: Interest Rate Benchmark Reform – Phase 2)
- IFRS 4 (Amendments: Extension of the Temporary Exemption from Applying IFRS 9)
- IFRS 16 (Amendments: Covid-19-Related Rent Concessions beyond 30 June 2021)
The amended standards do not have a material impact on the consolidated financial statements.
2.2. Standards and interpretations that have not been applied early
In the 2021/2022 Semi-Annual Financial Statements, the following amendments adopted by the EU were not applied early:
Entry into force in the EU on 1 January 2022:
- 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)
Entry into force in the EU on 1 January 2023:
- IFRS 17 (Insurance Contracts)
- IAS 1 (Amendments: Disclosure of Accounting Policies)
- IAS 8 (Amendments: Definition of Accounting Estimates)
The following standards and interpretations, amendments and improvements of standards enter into force on 1 January 2023 or a later date, although they have not yet been adopted by the European Union at this time:
- IAS 1 (Amendments: Classification of Liabilities as Current or Non-current)
- IAS 12 (Amendments: Deferred Tax related to Assets and Liabilities arising from a Single Transaction)
- IFRS 17 (Amendements: Intitial Application of IFRS 17 and IFRS 9 – Comparative Information)
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:
- IFRS 14 (Regulatory Deferral Accounts)
Application of the following standard was postponed indefinitely:
- IFRS 10 and IAS 28 (Amendments: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture)
The first-time application of these standards is not expected to result in any significant implications for the Consolidated Financial Statements.
2.3. Eco-social tax reform
One of the effects of the eco-social tax reform is a change in the tax rate for corporate tax. The previous rate of 25% applicable in Austria will be reduced to 24% in calendar year 2023 and to 23% in calendar year 2024. The new tax rates were applied when calculating the deferred tax assets and liabilities. The adjustment resulted in a recognition of EUR 3.5 million through profit and loss and a further EUR –0.3 million through equity.
2.4. Derivative financial instruments and collateral
In the previous year, surpluses from derivative financial instruments were recognised in the item “Other non-current assets” (EUR 84,465.5 thousand) as well as in the item “Receivables and other assets” (EUR 287,236.6 thousand). Deficits were recognised in the item “Other non-current liabilities” (EUR 88,405.5 thousand) and “Other current liabilities” (EUR 428,978.8). Owing to materiality criteria, the amounts were recognised in separate balance sheet items ("Derivative financial instruments”) from 31 March 2022 onward and the previous year was adjusted accordingly.
Payments for collateral in connection with stock exchange transactions (EUR -288,701.2 thousand, previous year: EUR -3,157.3 thousand) are reported in item “Other changes to working capital” in the Cash Flow Statement as of 31 March 2021. Due to the amount’s materiality, it is now reported separately in item “Collateral for stock exchange transactions”. The Cash Flow Statement from the previous year was adjusted accordingly.
Non-cash effects from derivatives (EUR -217,613.5 thousand, previous year: EUR -6,476.7 thousand) are reported in item “Other items” in the Cash Flow Statement as of 31 March 2021. Due to the amount’s materiality, it is now reported separately in item “Non-cash effects from derivatives”. The Cash Flow Statement from the previous year was adjusted accordingly.