Annual Report 2023/2024 Report Archive

3. Scope of consolidation

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 income 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. 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 “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 entities are controlled jointly with other investors and are therefore accounted for using the equity method.

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.

The changes in the scope of consolidation are as follows:

 

 

Full
consolidation

 

Proportionate
consolidation

 

Equity
consolidation

30.09.2023

 

48

 

2

 

13

Merger

 

-2

 

 

30.09.2024

 

46

 

2

 

13

In the Holding & Services Segment, Energie AG Oberösterreich Customer Services GmbH was merged with Energie AG Oberösterreich Telekom GmbH to form the Energie AG Business Services GmbH. Subsequently it was renamed Energie AG Oberösterreich Services und Digital Solutions GmbH. The restructuring does not have a material impact on the Consolidated Financial Statements.

Joint ventures

The Statement of Financial Position and the Statement of Income of the joint ventures (100%) presents as follows:

 

 

BBOÖ Breitband Oberösterreich GmbH, Breitband Oberösterreich Infrastruktur GmbH

 

Windpower EP GmbH

 

Other joint ventures

 

 

30.09.2024
EUR mill.

 

30.09.2023
EUR mill.

 

30.09.2024
EUR mill.

 

30.09.2023
EUR mill.

 

30.09.2024
EUR mill.

 

30.09.2023
EUR mill.

Non-current assets

 

250.7

 

222.5

 

21.0

 

24.6

 

56.6

 

55.1

Current assets

 

35.0

 

55.7

 

7.7

 

7.3

 

34.4

 

33.9

 

 

285.7

 

278.2

 

28.7

 

31.9

 

91.0

 

89.0

Equity

 

69.1

 

70.5

 

7.5

 

6.5

 

42.9

 

38.0

Non-current liabilities

 

199.1

 

183.0

 

19.1

 

23.2

 

33.7

 

33.6

Current liabilities

 

17.5

 

24.7

 

2.1

 

2.2

 

14.4

 

17.4

 

 

285.7

 

278.2

 

28.7

 

31.9

 

91.0

 

89.0

Cash and cash equivalents

 

5.7

 

7.0

 

6.8

 

6.1

 

15.2

 

11.1

Non-current financial liabilities

 

73.1

 

67.5

 

18.9

 

22.0

 

24.2

 

25.2

Current financial liabilities

 

 

 

0.4

 

0.4

 

2.2

 

3.7

 

 

BBOÖ Breitband Oberösterreich GmbH, Breitband Oberösterreich Infrastruktur GmbH

 

Windpower EP GmbH

 

Other joint ventures

 

 

2023/2024
EUR mill.

 

2022/2023
EUR mill.

 

2023/2024
EUR mill.

 

2022/2023
EUR mill.

 

2023/2024
EUR mill.

 

2022/2023
EUR mill.

Sales revenues

 

15.2

 

11.1

 

9.9

 

9.9

 

64.4

 

66.0

Depreciation, amortisation, and impairments

 

-13.9

 

-8.8

 

-2.9

 

-2.9

 

-4.4

 

-3.9

Interest income

 

 

 

0.7

 

0.4

 

0.8

 

0.5

Interest expense

 

-3.1

 

-0.9

 

-1.0

 

-0.8

 

-1.3

 

-1.0

Taxes

 

0.1

 

-1.8

 

-2.1

 

-1.2

 

-1.1

 

-2.2

Earnings after taxes

 

-4.5

 

-4.8

 

5.2

 

3.6

 

4.5

 

6.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Share in net assets as of 01.10.

 

35.8

 

38.3

 

3.2

 

3.6

 

17.9

 

14.5

Profit for the period

 

-0.7

 

-2.5

 

2.2

 

1.8

 

2.3

 

3.5

Dividends

 

 

 

-1.7

 

-2.2

 

-0.3

 

-0.1

Share in net assets as of 30.09.

 

35.1

 

35.8

 

3.7

 

3.2

 

19.9

 

17.9

Goodwill

 

0.2

 

0.2

 

 

 

0.7

 

0.3

Carrying amount as of 30.09.

 

35.3

 

36.0

 

3.7

 

3.2

 

20.6

 

18.2

Associated companies

The Statement of Financial Position and the Statement of Income of the associated companies (100%) presents as follows:

 

 

Salzburg AG für Energie, Verkehr und Telekommunikation

 

Wels Strom GmbH

 

Other associated companies

 

 

30.09.2024
EUR mill.

 

30.09.2023
EUR mill.

 

30.09.2024
EUR mill.

 

30.09.2023
EUR mill.

 

30.09.2024
EUR mill.

 

30.09.2023
EUR mill.

Non-current assets

 

1,799.5

 

1,695.2

 

91.9

 

93.2

 

6.7

 

5.8

Current assets

 

609.0

 

462.8

 

30.5

 

25.9

 

9.4

 

7.3

 

 

2,408.5

 

2,158.0

 

122.4

 

119.1

 

16.1

 

13.1

Equity

 

727.4

 

621.9

 

34.6

 

30.4

 

11.0

 

9.2

Non-current liabilities

 

814.6

 

743.8

 

24.9

 

26.0

 

4.6

 

2.6

Current liabilities

 

866.5

 

792.3

 

62.9

 

62.7

 

0.5

 

1.3

 

 

2,408.5

 

2,158.0

 

122.4

 

119.1

 

16.1

 

13.1

 

 

Salzburg AG für Energie, Verkehr und Telekommunikation

 

Wels Strom GmbH

 

Other associated companies

 

 

2023/2024
EUR mill.

 

2022/2023
EUR mill.

 

2023/2024
EUR mill.

 

2022/2023
EUR mill.

 

2023/2024
EUR mill.

 

2022/2023
EUR mill.

Sales revenues

 

2,437.3

 

2,868.0

 

182.2

 

192.1

 

9.0

 

8.6

Earnings after taxes

 

130.1

 

16.4

 

8.7

 

7.8

 

1.9

 

1.9

Dividends

 

-25.8

 

 

-4.4

 

-2.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share in net assets as of 01.10.

 

162.5

 

158.2

 

14.8

 

12.3

 

3.7

 

2.9

Profit for the period

 

34.3

 

4.3

 

4.3

 

3.8

 

0.7

 

0.8

Dividends

 

-6.8

 

 

-2.2

 

-1.3

 

 

Share in net assets as of 30.09.

 

190.0

 

162.5

 

16.9

 

14.8

 

4.4

 

3.7

Goodwill

 

19.7

 

19.7

 

36.7

 

36.7

 

 

Carrying amount as of 30.09.

 

209.7

 

182.2

 

53.6

 

51.5

 

4.4

 

3.7

3.2. Group companies

 

 

Domicile

 

Interest held
in %
(prev. year)

 

Consoli­dation
(prev. year)

Austria

 

 

 

 

 

 

Energie AG Oberösterreich

 

Linz

 

Parent
company

 

 

Energie AG Group Treasury GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Businesskunden GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Bohemia GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Customer Services GmbH

 

Linz

 

– (100.00)

 

– (FC)

Energie AG Oberösterreich Erzeugung GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Kraftwerk Ennshafen GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Kommunalservice GmbH

 

Wels

 

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 (100.00)

 

FC (FC)

Energie AG Oberösterreich Renewable Power GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Service- und Beteiligungsverwaltungs-GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Services und Digital Solutions GmbH (previously: Energie AG Oberösterreich Business Services GmbH)

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Telekom GmbH

 

Linz

 

– (100.00)

 

– (FC)

Energie AG Oberösterreich Tech Services GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Trading 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

 

Wels

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Vertrieb GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie-Contracting Steyr GmbH

 

Steyr

 

100.00 (100.00)

 

FC (FC)

Abfall-Aufbereitungs-GmbH

 

Hörsching

 

100.00 (100.00)

 

FC (FC)

ASPG Altlastensanierungsprojekte GmbH

 

Wels

 

100.00 (100.00)

 

FC (FC)

Cogeneration-Kraftwerke Management Oberösterreich GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Energie AG Oberösterreich Öko GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

IfEA Institut für Energieausweis GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Netz Oberösterreich GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

Wertstatt 8 GmbH

 

Linz

 

100.00 (100.00)

 

FC (FC)

MA Restabfallverwertung GmbH

 

Wels

 

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)

Ennskraftwerke Aktiengesellschaft

 

Steyr

 

50.00 (50.00)

 

JO (JO)

Gas- und Dampfkraftwerk Timelkam GmbH

 

Linz

 

50.00 (50.00)

 

JO (JO)

"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)

BBOÖ Breitband Oberösterreich GmbH

 

Linz

 

50.00 (50.00)

 

JV (JV)

Breitband Oberösterreich Infrastruktur 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)

Energie Ried Wärme GmbH

 

Ried im Innkreis

 

40.00 (40.00)

 

JV (JV)

Wels Strom GmbH

 

Wels

 

49.00 (49.00)

 

AC (AC)

Geothermie-Wärmegesellschaft Braunau-Simbach mbH

 

Braunau

 

40.00 (40.00)

 

AC (AC)

Salzburg AG für Energie, Verkehr und Telekommunikation

 

Salzburg

 

26.13 (26.13)

 

AC (AC)

mieX GmbH

 

Peilstein

 

100.00 (100.00)

 

UC (UC)

Lino Solutions GmbH

 

Linz

 

80.00 (–)

 

UC (–)

Energy IT Service GmbH

 

Linz

 

66.67 (66.67)

 

UC (UC)

BBI Breitbandinfrastruktur GmbH

 

Linz

 

55.00 (55.00)

 

UC (UC)

RVL Reststoffverwertung Lenzing GmbH

 

Lenzing

 

50.00 (50.00)

 

UC (UC)

WDL Infrastruktur GmbH

 

Linz

 

49.00 (49.00)

 

UC (UC)

OÖ Science-Center Wels Errichtungs-GmbH

 

Wels

 

50.00 (50.00)

 

UC (UC)

GRB Geothermie Ried Bohrung GmbH

 

Ried im Innkreis

 

40.00 (40.00)

 

UC (UC)

Recycling Innsbruck GmbH

 

Innsbruck

 

25.00 (25.00)

 

UC (UC)

Czech Republic

 

 

 

 

 

 

ČEVAK a.s.

 

České Budějovice

 

100.00 (100.00)

 

FC (FC)

ENERGIE AG BOHEMIA s.r.o.

 

Praha

 

100.00 (100.00)

 

FC (FC)

Energie AG Teplo Vimperk s.r.o.

 

Vimperk

 

100.00 (100.00)

 

FC (FC)

RATE s.r.o.

 

Štětí

 

100.00 (100.00)

 

FC (FC)

Energie AG Teplo Bohemia s.r.o.

 

Rakovník

 

100.00 (100.00)

 

FC (FC)

VHOS a.s.

 

Moravská Třebová

 

100.00 (100.00)

 

FC (FC)

Vodárenská společnost Beroun s.r.o.

 

Beroun

 

100.00 (100.00)

 

FC (FC)

VODOS Velkoobchod s.r.o.

 

České Budějovice

 

100.00 (100.00)

 

FC (FC)

Energie AG Kolin a.s.

 

Kolín

 

97.33 (97.33)

 

FC (FC)

Vodárenská společnost Chrudim a.s.

 

Chrudim

 

95.00 (95.00)

 

FC (FC)

SATEZA a.s.

 

Šumperk

 

95.83 (95.83)

 

FC (FC)

Aqua Servis a.s.

 

Rychnov nad Kněžnou

 

74.06 (66.00)

 

FC (FC)

Vodovody a kanalizace Beroun a.s.

 

Beroun

 

60.25 (60.23)

 

FC (FC)

1. Jihočeská vodohospodářská spol. s r.o.

 

České Budějovice

 

100.00 (100.00)

 

UC (UC)

DÉMOS, spol. s r.o.

 

Ústí nad Orlicí

 

100.00 (100.00)

 

UC (UC)

DÉMOS – správa, s.r.o.

 

Ústí nad Orlicí

 

100.00 (100.00)

 

UC (UC)

Vodovod Radyně a.s.

 

České Budějovice

 

100.00 (100.00)

 

UC (UC)

Italy

 

 

 

 

 

 

ECOFE S.R.L.

 

Meran

 

100.00 (100.00)

 

FC (FC)

Energie AG Südtirol Umwelt Service GmbH

 

Neumarkt

 

100.00 (100.00)

 

FC (FC)

Salvatonica Energia S.R.L.

 

Meran

 

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)

 

AC (AC)

Hungary

 

 

 

 

 

 

Energie AG Heves Régió Környezetvédelmi és Hulladékgazdálkodási Korlátolt Felelősségű Társaság

 

Miskolc

 

100.00 (100.00)

 

FC (FC)

FC

fully consolidated entities

JV

joint ventures consolidated at equity

JO

joint operation, proportional consolidation of the assets, liabilities, expenses and income

AC

associated company consolidated at equity

UC

entities unconsolidated due to immateriality