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EVN AG — Annual Report 2018
Dec 13, 2018
742_10-k_2018-12-13_9b34129c-eb9d-4220-bbea-c6c5238a0d4b.pdf
Annual Report
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Contents
Management report 2017/18
| Energy policy environment | 03 |
|---|---|
| General business environment | 05 |
| Energy sector environment | 06 |
| Business development | 07 |
| Innovation, research and development | 15 |
| Risk management | 17 |
| Consolidated non-financial report | 21 |
| Disclosures required by § 243a of the Austrian Commercial Code | 22 |
| Outlook for the 2018 /19 financial year | 23 |
Consolidated financial statements 2017/18
| Consolidated statement of operations | 26 |
|---|---|
| Consolidated statement of comprehensive income | 27 |
| Consolidated statement of financial position | 28 |
| Consolidated statement in changes in equity | 29 |
| Consolidated statement of cash flows | 30 |
| Consolidated notes | 31 |
| Auditors' report | 103 |
Annual financial statements of EVN AG 2017/18 acc. to UGB (only available in German)
| Management report | 110 |
|---|---|
| Financial statements | 144 |
| Auditors' report | 152 |
| Notes | 158 |
| Report of the Supervisory Board | 179 |
Declaration by the Executive Board pursuant to § 124 (1) no. 3 of the Austrian Stock Exchange Act 2018 ("Börsegesetz 2018")
Declaration by the Executive Board
Management report
Energy policy environment
The energy policy framework conditions for EVN's activities are significantly influenced by European energy and climate policies as well as the related targets and their implementation at the national level. The interaction of European actors in the energy sector – for example, the Agency for the Cooperation of Energy Regulators (ACER) and the Energy Community – plays a key role in defining the energy policy environment.
European energy and climate policy
As early as 2011, the European Council set a goal to cut greenhouse gas emissions 80% to 95% below the 1990 level by 2050. Further targets for the years up to 2030 were announced as part of the climate and energy framework defined in 2014:
- A reduction of at least 40% in greenhouse gas emissions below the 1990 level
- An increase in the share of renewable energy in the total energy mix to at least 27%
- An improvement of at least 27% in energy efficiency
- Cross-border electricity interconnecting lines equalling at least 15% of domestic generation capacity
- An improvement in supply security for natural gas
The European Commission introduced a number of legislative proposals concerning the issue of "Clean Energy for all Europeans" in November 2016, which are intended to support the European goals. Following discussions by the European Parliament and Council, these proposals are expected to be enacted into law by the end of 2018. The related package of measures covers, in particular, the organisation of the electricity market, cross-border cooperation, the feed-in of electricity and heat from renewable sources, supply security for electricity, the management of the future energy union and energy efficiency.
In February 2018, the European Parliament approved a stronger cutback in CO2 emission certificates beginning in 2021. This decision was quickly reflected in an increase in the price of CO2 emission certificates during 2017/18.
Climate and energy strategy of the Austrian federal government
The Austrian federal government presented its climate and energy strategy in June 2018 under the title "#mission2030". It includes a number of targets, among others an exit from fossil fuel-based energy (decarbonisation) by 2050, and creates the basis for the development of an integrated national energy and climate plan. With this strategy, Austria has met the requirement of the
EU Commission to announce specific measures to reach the defined climate targets.
Austria has set a goal to raise the share of renewable energy to 45% to 50% of primary energy requirements by 2030. Moreover, electricity consumption is to be covered in full (national balance) by renewable energy sources in 2030. This calculation will not include the control or balancing energy required to stabilise network operations.
Greenhouse gas emissions in the sectors which do not fall under the EU Emission Trading Scheme are to be reduced 36% below the 2005 level by 2030. Activities in this area will concentrate on the transport and building sectors.
In the area of energy efficiency, Austria has set a goal to increase primary energy intensity 25% to 30% over the 2015 level by 2030.
mission2030 includes a total of ten flagship projects with very specific measures to implement the Austrian climate and energy strategy. The most relevant projects for EVN's business activities are the "e-mobility offensive", "thermal building renovation", "renewable heat", "100,000 roof-mounted photovoltaics and small-scale storage programme" and "renewable hydrogen and biomethane".
Austrian green electricity regulations
The so-called "limited green electricity amendment" passed by the Austrian Parliament in June 2017 included a special quota of subsidies for the construction of wind power plants. This created a legal transition to reduce the waiting lists for projects previously approved by municipal authorities.
The Austrian federal government's climate and energy strategy also calls for the redesign of the legal framework for the expansion of renewable electricity generation. A new Austrian electricity act is scheduled to take effect as of 1 January 2020 which will, in particular, adapt the existing subsidy model to meet the requirements of the EU Directive on state energy and environmental subsidies.
German-Austrian electricity price zone
The possibility of unrestricted electricity trading between Germany and Austria, which took effect in 2002, has been limited to the management of shortages since 1 October 2018 based on a longterm capacity limit of 4.9 GW between the two countries. The Austrian network transmission operator has also been required to contribute up to 1.0 GW to stabilise the German transmission networks since 1 October 2018, and this volume will increase to 1.5 GW as of 1 October 2019. The direct contractual provision of
electricity by EVN's thermal power plants to stabilise the networks in southern Germany was terminated with the separation of the German-Austrian electricity price zone; this reserve capacity will now be provided for the Austrian network transmission operator.
Regulatory environment
Austria
The operation of the distribution networks and network infrastructure for electricity and natural gas in Lower Austria is the responsibility of EVN's subsidiary Netz Niederösterreich GmbH. All investments and expenditures by this company to ensure the continuous operations of the network infrastructure are remunerated through network tariffs which are set by the E-Control Commission each year in accordance with the Austrian regulatory method.
Key parameters for the determination of the network tariffs include the interest-bearing capital base (regulatory asset base) of the network operator and the weighted average cost of capital. Also included is an incentive in the form of productivity factors, which serve as individual cost reduction targets for the respective company and also include inflationary adjustments. E-Control sets the weighted average cost of capital and cost reduction targets for an entire regulatory period, which equals five years in Austria.
The regulatory authority reduced the weighted average cost of capital with the start of the new regulatory period for the natural gas distribution network on 1 January 2018 to reflect the generally lower interest rate levels. However, a differentiation was made for the first time between the efficiency of the various network operators and between existing and new equipment in order to create incentives for further investments and efficiency improvements. This benefits network operators with higher productivity in branch comparison as well as with the slightly higher interest rates on the capital required for new investments. EVN's network company has received a very positive evaluation from the regulatory authority for its productivity in peer-group benchmarking.
A new five-year regulatory period for the electricity distribution network will begin on 1 January 2019.
Bulgaria
The full market liberalisation for industrial customers in Bulgaria will now be followed by gradual access to the free electricity market for commercial customers. EVN Bulgaria will continue to supply commercial customers in the regulated market during 2018/19. After that time, the company will only supply household customers and serve as a "supplier of last resort" for customers in the liberalised market segment who do not select another supplier or cannot receive electricity from their chosen supplier through no fault of their own. The sale of energy to customers in the regulated market segment and the procurement of the corresponding volumes are based on regulated prices. EVN Trading SEE acts as a supplier for the liberalised customers.
The Bulgarian regulatory authority set new energy tariffs for the regulated market segments as of 1 July 2018. The end customer prices for household customers in EVN's supply area were increased by 1.4% on average for electricity and reduced by roughly 4.0% for heat (previous year: average increase of 1.7% for electricity and 1.5% for heat as of 1 July 2017).
A new three-year regulation period for the electricity network in Bulgaria began on 1 July 2018. The regulatory method for this network defines a revenue cap which comprises the recognised operating expenses, amortisation and depreciation as well as an adequate return on the regulatory asset base. The applied method also includes the projected network distribution volumes as well as an annually defined investment factor and planned future investments. EP Yug is responsible for the operation of the electricity distribution networks in EVN's supply area.
Macedonia
EVN operates through various companies in Macedonia. This structure is a result of the unbundling of the individual business areas in utility companies and the need to meet related requirements. EVN Macedonia Elektrani DOOEL serves as the production company, and EVN Elektrodistribucija DOOEL is the distribution network operator in the regulated network business. Customers in the liberalised market segment receive deliveries from the sales company EVN Macedonia Elektrosnabduvanje DOOEL, while EVN Macedonia AD is responsible for supplying customers in the regulated market segments.
The tariff decisions for the regulated market segments which took effect in Macedonia on 1 July 2018 reduced electricity prices for end customers by an average of 0.2% (previous year: average reduction of 0.3%). The liberalisation of the electricity market in Macedonia will be implemented gradually by July 2020, depending on customers' annual electricity consumption. The liberalisation steps will also include the granting of a license for a "supplier of universal service" who will be responsible for deliveries to customers who do not want to or cannot change into the liberalised market.
A new three-year regulatory period for the electricity network also began in Macedonia on 1 July 2018. Similar to Bulgaria, the regulatory method for the electricity network defines a revenue cap
which comprises the recognised operating expenses, amortisation and depreciation as well as an adequate return on the regulatory asset base.
Croatia
The full liberalisation of the Croatian natural gas market has been postponed again, but household customers already have the right to change suppliers. The market for commercial and industrial customers has been liberalised since 2012, and this growing liberalisation has led to increased competition among the natural gas suppliers active on the Croatian market. The consolidation and takeover process that has taken hold in the natural gas sector leads to expectations that competition will continue to increase. In addition, the new Natural Gas Market Act which took effect on 3 March 2018 includes, among others, new rules for the distribution network, the organisation of the natural gas market, the pipeline network and the tariff calculation method.
General business environment
The European Union generated growth of 2.4% in 2017, but the forecasts for 2018 and 2019 are slightly lower at 2.0% to 2.1% and 1.8% to 1.9%, respectively. Global trade has been unsettled by currency risks in a number of emerging East European countries, the unclear direction of US trade policies and the search for an agreement over the United Kingdom's exit from the EU in 2019. Conversely, the domestic economy has been supported by the ongoing, very sound condition of the labour markets in Europe and the USA. Further impulses have also been provided by the continuing expansive monetary policy in Europe.
The increasing economic weakness in the eurozone since the beginning of the year has recently been reflected in a moderate decline in Austria. However, growth has been robust to date in international comparison: the Austrian economy appears to have passed the high point of the upward trend, but remains dynamic. Stimulated by a strong increase in employment, rising real wages and high consumer confidence, private consumption represents an important growth driver. In total, economic researchers are projecting GDP growth of 2.7% to 3.0% in 2018 and 1.7% to 2.0% in 2019.
Bulgaria is expected to see even stronger growth: the GDP increase of 3.6% in 2017 was driven primarily by sound domestic demand and should be followed by similar growth rates over the next two years. The estimates range from 3.5% to 3.8% in 2018 and from 3.2% to 3.7% in 2019. The main drivers for this steady momentum are, as expected, strong private consumption and a high level of investment. According to the experts, political stability over the medium term and the stable currency and household systems should contribute to this ongoing favourable development.
Positive expectations also characterise the picture in Croatia: The 2.9% increase in the economy during 2017 is expected to be followed by 2.5% to 2.8% in 2018 and 2019. These estimates are based, on the one hand, on strong domestic demand – primarily from private household consumption, which will benefit from tourism revenues, wage increases and a further decline in unemployment – and, on the other hand, from the income tax cuts which will take effect at the beginning of 2019.
In Macedonia, hopes are placed on the reform package approved by the government after the zero growth recorded in 2017. The forecasts for an increase of 1.6% to 2.3% in 2018 and roughly
| GDP growth | % | 2019f | 2018e | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|
| EU-281) 2) | 1.8–1.9 | 2.0–2.1 | 2.4 | 1.9 | 2.3 | |
| Austria2)3) | 1.7–2.0 | 2.7–3.0 | 2.6 | 2.0 | 1.1 | |
| Bulgaria1)2)4)5) | 3.2–3.7 | 3.5–3.8 | 3.6 | 3.9 | 3.6 | |
| Croatia1)2)4)6) | 2.5–2.8 | 2.6–2.8 | 2.9 | 3.5 | 2.4 | |
| Macedonia5) 6) | 2.6–2.7 | 1.6–2.3 | 0.0 | 2.9 | 3.9 | |
1) Source: "European Economic Forecast, Autumn 2018", EU-Commission, November 2018
2) Source: "Prognose der österreichischen Wirtschaft 2018–2019", IHS, October 2018
3) Source: "Prognose für 2018 und 2019: Weiterhin starkes Wachstum in risikoreichem Umfeld", WIFO, October 2018
4) Source: "Strategie Österreich & CEE 4. Quartal 2018", Raiffeisen Research, October 2018
5) Source: "Global Economic Prospects", World Bank, June 2018
6) Source: "World Economic Outlook", International Monetary Fund, October 2018
2.6% in 2019 appear quite realistic. The planned changes in the tax system, government subsidy schemes to create jobs and the expansion of the railway and road infrastructure lead economic analysts to expect growth at this level.
Energy sector environment
The development of EVN's energy sector business is influenced to a significant degree by external factors. Energy consumption by retail customers – in the form of electricity, natural gas and heat – is influenced primarily by the weather, while the demand for energy by industrial customers is driven mainly by the general business environment.
The temperatures in EVN's relevant markets during 2017/18 were significantly warmer than the previous year with its unusually cold winter. In Austria, the heating degree total – which defines the
temperature-related demand for energy – was 12.9 percentage points lower than the previous year. The weather in Bulgaria and Macedonia was also much milder, with a heating degree total that was 15.5 and 13.5 percentage points, respectively, below 2016/17. The cooling-related demand for energy, in contrast, differed by national market: the cooling degree total – which represents the equivalent of the heating demand for cooling purposes – was 13.9 percentage points higher year-on-year in Austria, but 5.7 percentage points and 23.1 percentage points lower, respectively, in Bulgaria and Macedonia.
The average EEX price for natural gas rose by 24.7% year-on-year to EUR 21.6 per MWh in 2017/18, above all due to the increase in crude oil prices which followed the positive development of the economy and production cutbacks by OPEC. Average coal prices were 4.1% higher at EUR 77.7 per tonne, chiefly as a result of the general upward trend in primary energy prices. The prices for CO2 emission certificates rose significantly from EUR 5.3 per tonne in the previous year to EUR 12.6 per tonne. This increase is principally
| Energy sector environment – | |||
|---|---|---|---|
| indicators | 2017/18 | 2016/17 | |
| Heating-related energy demand1) | % | ||
| Austria | 101.8 | 114.7 | |
| Bulgaria | 93.3 | 108.7 | |
| Macedonia | 95.6 | 109.1 | |
| Cooling-related energy demand1) | % | ||
| Austria | 105.2 | 91.3 | |
| Bulgaria | 103.2 | 108.9 | |
| Macedonia | 93.5 | 116.6 | |
| Primary energy and CO2 emission certificates | |||
| Crude oil – Brent | EUR/bbl | 58.3 | 46.1 |
| Natural gas – GIMP2) | EUR/MWh | 21.6 | 17.3 |
| Hard coal – API#23) | EUR/t | 77.7 | 74.6 |
| CO2 emission certificates | EUR/t | 12.6 | 5.3 |
| Electricity – EEX forward market4) | |||
| Base load | EUR/MWh | 34.1 | 28.2 |
| Peak load | EUR/MWh | 42.2 | 35.0 |
| Electricity – EPEX spot market5) | |||
| Base load | EUR/MWh | 39.2 | 35.3 |
| Peak load | EUR/MWh | 47.5 | 43.0 |
1) Calculated based on the heating degree total respectively cooling degree total; the basis (100%) corresponds to the adjusted long-term average for the respective countries.
2) Net Connect Germany (NCG) – EEX (European Energy Exchange) stock exchange price for natural gas
3) ARA notation (Amsterdam, Rotterdam, Antwerp)
4) Average prices for the respective EEX quarterly forward market prices, beginning one year before the respective reporting period
5) EPEX spot – European Power Exchange
attributable to the favourable development of the economy and the resulting higher demand by industrial companies for CO2 emission certificates and also reflects a decision by the European Parliament in February 2018 in favour of a stronger reduction in emission certificates beginning in 2021.
In line with the sound economic growth and the increase in emission certificate prices, the forward and spot market prices for base load and peak load electricity increased substantially in 2017/18. Average forward prices rose by 20.9% year-on-year to EUR 34.1 per MWh for base load electricity and by 20.4% to EUR 42.2 per MWh for peak load electricity. The average spot market prices for base load electricity were 11.0% higher than the previous year at EUR 39.2 per MWh and 10.6% higher for peak load electricity at EUR 47.5 per MWh.
Business development
The scope of consolidation and changes in comparison with the previous year are explained in the notes.
Also see page 132f in the EVN Full Report 2017/18
Statement of operations
Highlights 2017/18
- Group net result above normal level for second year in succession due to non-recurring effects
- Higher energy market prices led to positive non-cash earnings effect from the valuation of hedges
- Absence of positive special effects in the previous year were thereby offset (agreement with NEK and unusually high temperature-related energy demand)
- Lower effects from impairment testing
- Energy sector results reduced by substantially milder temperatures – especially in South Eastern Europe
- Increase in renewable electricity production with parallel decline in thermal generation
- Earnings development in Networks Segment slowed by price and volume effects
EVN Annual Financial Report 2017/18 7
EURm 2016/17 2017/18
EBIT by segment South East Europe Environment All Other Segments Networks 40.2 81.0 39.3 51.2 142.6 177.6 9.3 –21.2 Generation 78.4 –7.0 Energy 57.4 73.9
Results of operations
Revenue recorded by the EVN Group declined by 6.5% to EUR 2,072.6m in 2017/18. The main reasons for this development included a reduction in sales of electricity from thermal production compared with the previous year, valuation effects from hedges, lower natural gas trading activities and temperature-related volume effects, above all in South Eastern Europe. The decrease in the international project business represented a further negative factor. Positive impulses were provided by renewable electricity generation, the supply of reserve capacity for network stabilisation and an increase in heat sales which, in total, were unable to fully offset the revenue decline.
The revenue generated by EVN outside Austria amounted to EUR 958.8m (previous year: EUR 1,046.3m). This represents a decline in the share of Group revenue from 47.2% in the previous year to 46.3%.
Other operating income rose by 3.0% to EUR 105.0m in 2017/18 despite the absence of the prior year's earnings effects included in this position from the settlement between EVN's Bulgarian supply company and the state-owned Bulgarian electricity company NEK. The reporting year increase was based, above all, on positive changes in inventories related to customer projects not yet invoiced.
The agreement with NEK also had a positive influence on the cost of electricity purchases from third parties and primary energy expenses, and the comparable prior year value was lower because of this non-recurring effect. In 2017/18 lower thermal electricity production, a reduction in natural gas trading, the valuation of hedges as of the balance sheet date and a weather-related drop in energy sales volumes in South Eastern Europe were responsible for a decline in the cost of electricity purchases from third parties and primary energy expenses. Higher upstream network costs represented a contrary factor. In total, the cost of electricity purchases
| Condensed consolidated statement of operations | 2017/18 EURm |
2016/17 EURm |
+/– Nominal |
% | 2015/16 EURm |
|---|---|---|---|---|---|
| Revenue | 2,072.6 | 2,215.6 | –143.0 | –6.5 | 2,046.6 |
| Other operating income | 105.0 | 101.9 | 3.1 | 3.0 | 97.0 |
| Electricity purchases and primary energy expenses | –961.3 | –989.0 | 27.7 | 2.8 | –930.6 |
| Cost of materials and services | –275.1 | –313.7 | 38.5 | 12.3 | –246.7 |
| Personnel expenses | –321.7 | –316.8 | –4.9 | –1.6 | –313.7 |
| Other operating expenses | –135.7 | –139.0 | 3.3 | 2.4 | –141.6 |
| Share of results from equity accounted | |||||
| investees with operational nature | 188.0 | 162.6 | 25.5 | 15.7 | 93.5 |
| EBITDA | 671.8 | 721.6 | –49.8 | –6.9 | 604.4 |
| Depreciation and amortisation | –258.3 | –262.3 | 4.0 | 1.5 | –266.1 |
| Effects from impairment tests | –20.6 | –112.5 | 91.9 | 81.7 | –77.9 |
| Results from operating activities (EBIT) | 392.9 | 346.9 | 46.1 | 13.3 | 260.4 |
| Financial results | –37.2 | –21.4 | –15.8 | –73.9 | –61.6 |
| Result before income tax | 355.7 | 325.5 | 30.3 | 9.3 | 198.9 |
| Income tax | –76.1 | –53.9 | –22.1 | –41.0 | –16.0 |
| Result for the period | 279.6 | 271.5 | 8.1 | 3.0 | 182.8 |
| thereof result attributable to EVN AG shareholders (Group net result) | 254.6 | 251.0 | 3.6 | 1.4 | 156.4 |
| thereof result attributable to non-controlling interests | 25.0 | 20.5 | 4.5 | 22.0 | 26.4 |
| Earnings per share in EUR1) | 1.43 | 1.41 | 0.02 | 1.4 | 0.88 |
1) There is no difference between basic and diluted earnings per share.
from third parties and primary energy expenses fell by 2.8% to EUR 961.3m.
The cost of materials and services was 12.3% lower at EUR 275.1m as a result of developments in the international project business. On the one hand, expenses were lower due to the reduced order volume. On the other hand, the comparable prior year value was unusually high because of a EUR 45.5m valuation allowance recognised to the remaining aggregate components (reported under inventories) from the former thermal waste utilisation plant project no. 1 in Moscow.
The average workforce declined to 6,831 employees in 2017/18 (previous year: 6,840). Personnel expenses increased, however, by 1.6% to EUR 321.7m chiefly due to adjustments required by collective agreements.
Other operating expenses were 2.4% lower at EUR 135.7m.
The share of results from equity accounted investees with operational nature rose by 15.7% to EUR 188.0m – despite lower earnings contributions from Energie Burgenland and RAG. The increase resulted primarily from the valuation of hedges held by EVN KG as of the balance sheet date. In addition, this position included an
impairment loss recognised to the investment in Verbund Innkraftwerke GmbH in the previous year.
Based on these developments, EBIDTA declined by 6.9% yearon-year to EUR 671.8m in 2017/18. Scheduled depreciation and amortisation were only 1.5% lower than the previous year at EUR 258.3m, but the effects of impairment testing fell by a total of 81.7% to EUR 20.6m. Included here, in particular, are impairment losses to the proportionate investment held by EVN in the Walsum 10 power plant (EUR 25.4m) and to thermal generation plants and district heating plants as well as write-ups, among others, to renewable generation plants and electricity purchase rights. The substantial reduction in this position is attributable, not least, to the higher impairment losses recorded in the previous year, e. g. to thermal and renewable generation plants. After the deduction of depreciation, amortisation and the effects of impairment testing, EBIT rose by 13.3% year-on-year to EUR 392.9m in 2017/18.
Financial results fell by 73.9% to EUR –37.2m, primarily due to the absence of positive valuation effects from the previous year. These valuation effects resulted from the transfer of Verbund shares by the equity-accounted WEEV Beteiligungs GmbH to EVN AG in 2016/17. The decline was increased by a negative currency effect related to EVN's remaining activities in Moscow. The
| Value analysis | +/– | ||||
|---|---|---|---|---|---|
| 2017/18 | 2016/17 | % | 2015/16 | ||
| Average equity | EURm | 3,621.4 | 2,960.4 | 22.3 | 2,680.4 |
| WACC after income tax 1)2) | % | 6.3 | 6.3 | – | 6.5 |
| Operating ROCE (OpROCE) 1)3) | % | 7.7 | 10.2 | –2.5 | 7.6 |
| Average capital employed3) | EURm | 4,094.2 | 4,173.5 | –1.9 | 4,290.7 |
| Net operating profit after tax (NOPAT)3) | EURm | 314.8 | 425.7 | –26.1 | 327.4 |
| EVA® | EURm | 58.9 | 164.8 | –64.3 | 48.5 |
1) Changes reported in percentage points.
2) The WACC given (exact value: 6.25%) is used for the purpose of corporate management.
3) Adjusted for impairment losses and one-off effects. The market value of the investment in Verbund AG is not included in capital employed in order to consistently determine the value contribution.
reduction in interest expense resulting from the lower level of debt and the higher dividend from Verbund AG for the 2017 financial year were unable to fully offset this decline.
The result before income tax rose by 9.3% year-on-year to EUR 355.7m. After the deduction of EUR 76.1m in income tax expense – which was 41.0% higher than the previous year – and the earnings attributable to non-controlling interests, Group net result for the 2017/18 financial year equalled EUR 254.6m. This represents an increase of 1.4% over the previous year.
Statement of financial position
Asset and financial position
EVN's balance sheet total rose by 21.3% over the level on 30 September 2017 to EUR 7,831.1m as of 30 September 2018.
This increase was based primarily on the development of noncurrent assets, which rose by 20.2% to EUR 6,881.9m, and resulted chiefly from the substantially higher price of the Verbund share on the balance sheet date (30 September 2018: EUR 42.42; previous year: EUR 19.95). Other non-current assets also increased, in particular due to a higher balance of non-current securities in the R 138 fund and higher receivables from derivative transactions. The latter reflect the rising energy market prices and the resulting higher market value of derivatives in the energy business. In contrast, the premature cancellation of the contract concluded with the municipality of Budva, Montenegro, for the construction, financing and operation of a wastewater treatment plant led to the reclassification of lease receivables from other non-current to current assets.
Current assets rose by 29.8% to EUR 949.1m. The main factors responsible for this increase include the reclassification of lease receivables from the wastewater treatment project in Budva (see above), a higher volume of receivables due from equity-accounted companies for energy deliveries and a higher volume of current
receivables from derivative transactions in the energy business based on higher market values on the balance sheet date. The balance of the cash fund investments, which are recorded as current securities, was also higher as of 30 September 2018.
EVN's equity increased by 29.9% year-on-year to EUR 4,092.6m as of 30 September 2018. This development was supported by the substantial improvement in Group net result during 2017/18 and, above all, by positive effects from valuations recorded directly in equity. The increase in the Verbund share price was an important factor in this regard. Not least due to these valuation effects, the equity ratio rose to 52.3% (previous year: 48.8%).
Non-current liabilities were 11.6% higher year-on-year at EUR 2,670.3m. The main contributing factors included an increase in non-current provisions and, in particular, an increase in noncurrent tax liabilities which resulted from the higher market price of the Verbund shares. Contrary factors included the reclassification of loans and borrowings from non-current to current.
Current liabilities increased by 17.0% to EUR 1,068.1m, chiefly due to the reclassification of financial liabilities (see above) as well as higher amounts payable to equity-accounted companies and liabilities from derivative transactions.
Value analysis
The weighted average cost of capital (WACC) after tax – including EVN's specific company and country risks – was set at 6.25% for the purpose of corporate management. The economic value added (EVA®) generated in 2017/18 totalled EUR 58.9m (previous year: EUR 164.8m). The operating return on capital employed (OpROCE) amounted to 7.7% for the reporting year (previous year: 10.2%).
Liquidity position
The strong cash flow from operating activities allowed EVN to reduce its net debt – which also includes non-current personnel provisions – by 20.6% to EUR 963.7m during the reporting year. This reduction, combined with the growth in equity which was also supported by the higher price of the Verbund share, – led to a decrease in the gearing ratio from 38.5% to 23.5%.
In order to safeguard its financial flexibility, the EVN Group holds a syndicated credit line of EUR 400.0m, which was prematurely refinanced in May 2018, as well as contractually agreed bilateral credit commitments of approximately EUR 92.0m that were not drawn as of 30 September 2018 and were therefore available in full. The syndicated credit line is seen as a strategic liquidity reserve and has a term of five years with two one-year extension options. The remaining terms of the bilateral credit lines concluded with five banks range up to four years. These solid liquidity reserves underscore the EVN Group's financial stability and flexibility.
| Condensed consolidated statement of | 30.09.2018 | 30.09.2017 | +/– | 30.09.2016 | |
|---|---|---|---|---|---|
| financial position | EURm | EURm | Nominal | % | EURm |
| Assets | |||||
| Non-current assets | |||||
| Intangible assets and property, plant and equipment | 3,620.8 | 3,560.6 | 60.2 | 1.7 | 3,733.7 |
| Investments in equity accounted investees and other investments | 2,939.9 | 1,873.8 | 1,066.1 | 56.9 | 1,537.8 |
| Other non-current assets | 321.2 | 289.5 | 31.8 | 11.0 | 414.2 |
| 6,881.9 | 5,723.8 | 1,158.1 | 20.2 | 5,685.8 | |
| Current assets | 949.1 | 731.0 | 218.1 | 29.8 | 866.9 |
| Non-current assets held for sale | – | – | – | – | 3.8 |
| Total assets | 7,831.1 | 6,454.9 | 1,376.2 | 21.3 | 6,556.5 |
| Equity and liabilities | |||||
| Equity | |||||
| Issued capital and reserves attributable to shareholders of EVN AG | 3,832.8 | 2,892.1 | 940.6 | 32.5 | 2,510.8 |
| Non-controlling interests | 259.9 | 258.0 | 1.9 | 0.7 | 259.8 |
| 4,092.6 | 3,150.1 | 942.6 | 29.9 | 2,770.7 | |
| Non-current liabilities | |||||
| Non-current loans and borrowings | 1,040.5 | 1,125.4 | –84.9 | –7.5 | 1,314.5 |
| Deferred tax liabilities and non-current provisions | 951.8 | 624.4 | 327.4 | 52.4 | 601.2 |
| Deferred income from network subsidies and | |||||
| other non-current liabilities | 678.0 | 642.4 | 35.6 | 5.5 | 625.0 |
| 2,670.3 | 2,392.2 | 278.1 | 11.6 | 2,540.7 | |
| Current liabilities | |||||
| Current loans and borrowings | 89.1 | 50.5 | 38.6 | 76.5 | 239.1 |
| Other current liabilities | 979.1 | 862.1 | 117.0 | 13.6 | 1,006.1 |
| 1,068.1 | 912.6 | 155.6 | 17.0 | 1,245.1 | |
| Total equity and liabilities | 7,831.1 | 6,454.9 | 1,376.2 | 21.3 | 6,556.5 |
Balance sheet structure
| Capital structure indicators | 30.09.2018 EURm |
30.09.2017 EURm |
+/– Nominal |
% | 30.09.2016 EURm |
|---|---|---|---|---|---|
| Non-current loans and borrowings | 1,040.5 | 1,125.4 | –84.9 | –7.5 | 1,314.5 |
| Current loans and borrowings1) | 89.1 | 49.2 | 39.9 | 81.2 | 225.4 |
| Cash and cash equivalents | –214.5 | –221.8 | 7.3 | 3.3 | –223.5 |
| Non-current and current securities | –274.8 | –59.0 | –215.8 | – | –158.4 |
| Non-current and current loans receivable | –42.2 | –43.9 | 1.7 | 3.9 | –36.5 |
| Financial net debt | 598.0 | 849.9 | –251.9 | –29.6 | 1,121.5 |
| Net debt | 963.7 | 1,213.2 | –249.5 | –20.6 | 1,523.3 |
| Equity | 4,092.6 | 3,150.1 | 942.6 | 29.9 | 2,770.7 |
| Gearing (%)2) | 23.5 | 38.5 | – | –15.0 | 55.0 |
1) Excl. bank overdrafts contained in cash and cash equivalents
2) Changes reported in percentage points
Net debt and gearing
For additional information on the composition and terms of non-current financial liabilities, see page 166f in the EVN Full Report 2017/18
Statement of cash flows
Gross cash flow declined by 2.1% to EUR 560.3m in 2017/18 as the result of differing developments: positive factors included the improvement in the result before income tax, an increase in the dividends from equity-accounted investees which exceeded the respective earnings contributions and higher non-current provisions. Contrasting effects included the lower depreciation and amortisation which resulted from the year-on-year decline in the effects of impairment testing.
Cash flow from operating activities rose by 18.6% to EUR 603.5m. This increase reflected contrary non-recurring effects from the previous year, specifically the valuation allowance recognised to the remaining aggregate components (reported under inventories) from the former thermal waste utilisation plant project no. 1 in Moscow and the reduction in liabilities which followed the arbitration decision on the Walsum 10 power plant project. A positive effect in 2017/18 resulted from the changes in other working capital.
Cash flow from investing activities was substantially lower at EUR –457.1m (previous year: EUR –70.6m). However, the prior year comparison is distorted by the above-mentioned arbitration decision and the subsequent reduction in the acquisition cost of the Walsum 10 power plant which was also recorded in 2016/17. Other negative factors included the increase in current securities during the reporting year, the higher balance of non-current securities in the R 138 fund and higher net investments in property, plant and equipment.
Cash flow from financing activities totalled EUR –153.5m in 2017/18 (previous year: EUR –439.9m). This amount includes the dividend payment for the 2016/17 financial year to the shareholders of EVN AG and to non-controlling interests as well as the scheduled repayment of financial liabilities. A comparison with the previous year must also include the repayment of a EUR 150m bond in June 2017.
In total, cash flow amounted to EUR –7.1m in 2017/18, and cash and cash equivalents equalled EUR 214.5m as of 30 September 2018. The EVN Group also had contractually agreed, undrawn
credit lines of approximately EUR 492.0m at its disposal to service potential short-term financing requirements.
Investments
Capital expenditure was 17.3% higher year-on year at EUR 356.4m in 2017/18.
Investments in the Energy Segment focused on the further expansion of the district heating networks, the construction and/ or takeover of biomass heating plants and the construction of cross-regional district heating connector lines.
In the Generation Segment, investments were substantially higher than the previous year and reflected the ongoing expansion of wind power capacity in Lower Austria. EVN completed and commissioned two new wind parks in Oberwaltersdorf and Sommerein during the reporting year and also acquired a further, existing wind park in Ebenfurth.
The Networks Segment continued its high pace of investment. Through its steady investment focus on the network infrastructure
| Condensed consolidated statement of cash flows | 2017/18 EURm |
2016/17 EURm |
+/– Nominal |
% | 2015/16 EURm |
|---|---|---|---|---|---|
| Result before income tax | 355.7 | 325.5 | 30.3 | 9.3 | 198.9 |
| Non-cash items | 204.6 | 246.8 | –42.2 | –17.1 | 339.0 |
| Gross cash flow | 560.3 | 572.3 | –11.9 | –2.1 | 537.9 |
| Changes in current and non-current balance sheet items | 45.2 | –52.8 | 98.1 | – | –75.5 |
| Income tax paid | –2.0 | –10.5 | 8.5 | 80.9 | 0.6 |
| Net cash flow from operating activities | 603.5 | 508.9 | 94.6 | 18.6 | 463.0 |
| Changes in intangible assets and property, plant and equipment incl. deferred income from network subsidies |
–262.3 | –144.5 | –117.7 | –81.4 | –239.1 |
| Changes in financial assets and other non-current assets | –54.3 | –1.0 | –53.3 | – | 2.7 |
| Changes in current securities | –140.6 | 74.9 | –215.5 | – | 5.9 |
| Net cash flow from investing activities | –457.1 | –70.6 | –386.5 | – | –230.6 |
| Net cash flow from financing activities | –153.5 | –439.9 | 286.4 | 65.1 | –253.9 |
| Net change in cash and cash equivalents | –7.1 | –1.6 | –5.5 | – | –21.5 |
| Cash and cash equivalents at the beginning of the period | 221.8 | 223.5 | –1.7 | –0.8 | 244.9 |
| Currency translation differences on cash and cash equivalents | –0.1 | –0.1 | –0.0*) | –45.0 | 0.1 |
| Cash and cash equivalents at the end of the period | 214.5 | 221.8 | –7.3 | –3.3 | 223.5 |
| Investment priorities1) | 2017/18 | 2016/17 | +/– | 2015/16 | |
|---|---|---|---|---|---|
| EURm | EURm | Nominal | % | EURm | |
| Energy | 19.2 | 20.0 | –0.8 | –4.0 | 26.0 |
| Generation | 54.6 | 24.6 | 30.0 | – | 31.2 |
| thereof renewable energy Lower Austria | 43.3 | 13.7 | 29.6 | – | 25.9 |
| thereof thermal power plants | 11.1 | 10.3 | 0.8 | 7.8 | 5.0 |
| Networks | 171.6 | 153.3 | 18.2 | 11.9 | 154.7 |
| thereof electricity networks | 108.6 | 101.8 | 6.8 | 6.7 | 105.1 |
| thereof natural gas networks | 40.6 | 35.8 | 4.7 | 13.2 | 35.2 |
| thereof cable TV and telecommunications networks | 22.3 | 15.7 | 6.6 | 41.8 | 14.5 |
| South East Europe | 86.4 | 92.0 | –5.7 | –6.2 | 93.5 |
| Environment | 20.7 | 11.5 | 9.1 | 79.1 | 8.1 |
| thereof cross-regional supply pipelines and local networks for drinking water |
17.3 | 8.3 | 9.0 | – | 7.3 |
| All Other Segments | 4.0 | 2.3 | 1.7 | 73.4 | 1.9 |
| Total | 356.4 | 303.8 | 52.6 | 17.3 | 315.4 |
1) After consolidation
GRI indicator: 203-1
Structure of investments
%, total in EURm
in Lower Austria – for example, with the new construction or expansion of transformer stations and the expansion or replacement of 110 kV power lines and natural gas pipelines – EVN makes an important contribution to sustainably guaranteeing and improving supply security and quality in its home market.
The main focus of EVN's investments in the South East Europe Segment were also directed to – and will remain on – the protection of supply security.
In line with EVN's strategic orientation, investments in the Environment Segment were again concentrated on improving the supply security and quality of drinking water supplies in Lower Austria. Projects focused on the expansion of the cross-regional pipeline networks and the construction of further natural filter plants to reduce the water hardness by natural means.
Innovation, research and development
The most important areas of activity in the EVN materiality matrix also define the framework for our innovation, research and development activities. Our projects are focused primarily on safeguarding supply security, protecting the environment and resources, and strengthening our competitive position. In 2017/18 we spent EUR 3.4m (of which 0% was financed through public subsidies; previous year: EUR 2.6m) on innovation, research and development projects. In addition to the operation of a blockchain prototype to more closely examine this new technology, activities were directed to the testing and implementation of technological solutions which will further strengthen supply security. Included here, among others, are the following:
- Battery storage project at the Prottes wind park: The advantage of this battery lies in its reaction capabilities in the millisecond range, which allow it to react much faster to grid load changes. For example, this type of storage makes it possible to stabilise grid frequency and offset voltage fluctuations. In 2017/18 we tested all the battery's functions together with our project partners and were able to prove its basic applicability for different grid stabilisation purposes – e. g. voltage stability, blind current compensation, phase compensation, frequency stabilisation and virtual flywheel mass operations. Short-circuit tests were also carried out at the 30 kV and 110 kV voltage levels and provided interesting and valuable information on the reaction of grid-integrated storage facilities to such conditions. We also conducted a black start and isolated operation test, which involved the simulation of a blackout and the configuration of a local grid comprising battery storage and wind turbines from the neighbouring Prottes-Ollersdorf wind park. The battery storage successfully supplied the electricity required to start the wind park equipment. The start of operations was followed by the storage of the generated electricity in the large battery. These activities demonstrate the general suitability of the battery for the decentralised grid restoration. Continuous operation tests with the battery storage system are currently in progress and are designed, in particular, to evaluate the parallel fulfilment of multiple functions. This research project is being conducted in cooperation with TU Wien and AIT (Austrian Institute of Technology) and is scheduled to run up to August 2019.
- Technologies to stabilise the distribution network: The growing number of decentralised generation plants and the increasing penetration of the system by e-mobility and heat pumps can lead to a violation of the allowed voltage limits in the low-voltage grid. In addition to the conventional solution in the form of further grid expansion, compliance with these limits can also be achieved, partly, with the implementation of innovative technologies. We carried out several pilot tests during the past financial year and recorded all grid data. The analysis included the combination of a tap-change low voltage transformer (RONT) with the intelligent distribution network management system iNES as well as the use of a linear voltage regulator – a further technology to stabilise the low-voltage grid. In particular, we tested the communications with our decentralised metering points and the effects on grid stability.
- joulie optimisation assistant: With joulie, our new, internally developed product which was introduced during the past year, private customers can now plan and optimise their individual, decentralised electricity generation (photovoltaic equipment, battery, heat pump, warm water and e-mobility) online and also make money on the energy trading market. Their equipment becomes part of a virtual power plant and thereby makes an active contribution to the energy transition. The development of joulie involved the expansion of our real-time power plant optimisation system for energy trading (EZISSE) to include an aggregator function. An optimisation assistant installed in the customer's equipment creates an automated real-time link with the virtual power plant. Customers have full control over their systems at all times via app or web portal as well as a real-time overview of all key equipment data, components and energy flows (generation, consumption, battery charge level, grid feed-in, self-supply level) – and as a safety extra, an alarm function was also installed to protect the equipment.
People and the benefits they can receive always form the focal point when we develop and realise innovation projects. Our design-thinking process therefore combines technological feasibility, economic marketability and attractiveness for people and evaluates these factors together. A cooperative approach is an important part of this work: our Executive Board and mid-level management are key partners in the innovation process and the most important mentors and supporters for the implementation of innovative solutions. This process operates in two directions by unifying the top-down inputs from the management level with the bottom-up solution approaches supplied by employees. The innovation, sustainability and environmental protection staff department, where our Group-wide innovation management is anchored, regularly collects inputs on specific areas of action from the management level and, through various innovation instruments, gives employees an opportunity to actively participate in the innovation process and contribute to the company's development. As an additional, new innovation instrument, we introduced the so-called "innovation challenge" for our trainees in 2017/18. These young women and men were organised in small teams, each with an EVN coach, and dealt extensively with subjects related to customers, digitalisation and digital media. The results brought exciting new concepts and solutions for the energy customer of the future.
Share of subsidies
- Expenditures for innovation, research and development projects
- 1) Share of subsidies in total expenditure for innovation, research and development projects
Risk management
Definition of risk
The EVN Group defines risk as the potential deviation from planned corporate targets and objectives.
Risk management process
The primary goal of risk management is to protect current and future earnings and cash flows through the active identification and control of risk. As part of this process, a centrally organised corporate risk management department provides the decentralised risk managers with effective methods and tools for identifying and assessing risks. The responsible business units communicate their risk exposures to corporate risk management, which defines suitable actions to minimise these risks. The necessary actions are then implemented by the individual business units. The corporate risk management department is also responsible for analysing EVN's risk exposure. The risks related to sustainability, climate and compliance issues are identified annually and managed by specialised organisational units and/or processes in agreement with central risk management. EVN's risk management process includes the following steps:
- Identification: The survey and/or revision of risks based on the latest risk inventory (review of risk inventory) and the identification of new risk positions and appropriate risk management countermeasures
- Assessment and analysis: The qualitative and quantitative evaluation of the identified risks; the aggregation of risks from different points of view; and the modelling of earnings and cash flow distributions
- Reporting: Discussion and evaluation of the risk profile by the Risk Working Committee and the Group Risk Committee; the implementation of further risk management measures where necessary; reporting on risk issues to the Audit Committee
- Process review: Definition of the organisational units that must submit to an explicit risk assessment; regular reviews to determine whether the methods used to identify and assess risks should be modified to reflect changed conditions; routine reviews by the internal audit department
Responsibilities of the Risk Working Committee
The Risk Working Committee supports the corporate risk management department in the correct implementation of the risk management process. It evaluates and approves changes in risk (assessment) methods and defines the type and scope of risk reporting. The voting members of the committee at the corporate level include the heads of the following corporate functions: controlling, the general secretariat and corporate affairs, finance, accounting, internal audit and the chief compliance officer (CCO) as well as an (internal) energy industry expert.
Group Risk Committee and control
The results of the risk inventory and the related reports are presented to and discussed by the Group Risk Committee, which consists of the Executive Board of EVN AG, the heads of the organisational units and the members of the Risk Working Committee. The Group Risk Committee decides on any need for action, can establish working groups and assign specified tasks, and is authorised to approve the results of the risk inventory (risk reports).
GRI indicator: GRI 102-30
Risk profile
In addition to the normal industry risks and uncertainties, EVN's risk profile is influenced primarily by political, legal and regulatory challenges and changes in the competitive environment. EVN carries out an annual risk inventory that is updated as needed through ad-hoc risk reports. This inventory includes the following categorisation of risks: market and competition risks, financial risks, operating risks, external risks, strategic and planning risks and other risks. The high priority given to sustainability at EVN is reflected in the inclusion of sustainability risks as an interdisciplinary issue in all risk categories; these risks are included in our integrated report. The following table shows the risks classified under the above categories and the measures designated for their minimisation.
Expansion of the risk inventory in accordance with the Sustainability and Diversity Improvement Act
Prior to the enactment of the Sustainability and Diversity Improvement Act, the potential effects of sustainability aspects on the individual risk categories were also identified and analysed (e. g. risks involving supply security, employees or the environment). The risk inventory was expanded during 2017/18 in line with the Sustainability and Diversity Improvement Act to systematically
EVN's major risks and related risk management measures
| Risk category | Description | Measure |
|---|---|---|
| Market and competition risks | ||
| Profit margin risk (price and volume effects) |
Energy sales and production: failure to meet profit margin targets • Procurement and selling prices (esp. for energy carriers) that are volatile and/or deviate from forecasts • Weaker demand (above all due to weather/cli mate change, politics, reputation or competition) • Decline in own generation • Reduced project volume in the environmental services business (in particular due to market sat uration, limited resources for infrastructure proj ects, non-inclusion in or failure to win tenders) |
Procurement strategy tailored to the market environ ment; hedging strategies; diversification of customer segments and business areas; product portfolio that reflects customer demands; longer-term sale of power plant capacity |
| Supplier risk | Cost overruns on planned projects; incomplete per formance of contracted services or failure to meet contract obligations |
Partnerships; contractual controls wherever possible; third party expert opinions |
| Financial risks1) | ||
| Foreign currency risks | Transaction risks (foreign exchange losses) and trans lation risks on the conversion of foreign currency amounts in the consolidated financial statements; financing for Group companies that does not reflect the respective foreign exchange situation |
Monitoring; limits; hedging instruments |
| Liquidity, cash flow and financing risk | Failure to repay liabilities on schedule or to obtain the required liquidity/funds when needed at the expected conditions |
Long-term, centrally managed financial planning; safeguarding financing requirements (e.g. through credit lines) |
| Market price risks | Decline in the value of investments (e.g. funds) and listed strategic holdings (e.g. Verbund AG, Burgenland Holding AG) |
Monitoring of loss potential via daily value-at-risk calculations; investment guidelines |
| Counterparty-/credit risks (default risks) | Complete or partial failure of a business partner or customer to provide the agreed performance |
Contractual construction; credit monitoring and credit limit systems; regular monitoring of customer behaviour; hedging instruments; insurance; systematic diversification of business partners |
| Investment risks | Failure of a core subsidiary or holding company to meet profit targets |
Representation on corporate bodies of the respective company |
| Rating changes | Higher refinancing costs due to rating downgrades | Ensuring compliance with key financial indicators |
| Interest rate risks | Changes in market rates; increase in interest expense; negative effects of low interest rates on the valuation of assets and provisions and on future tariffs |
Use of hedging instruments; fixed interest rates in financing contracts |
| Impairment risks | Recognition of impairment losses to receivables, goodwill, investments, generation equipment and other assets (profitability/value significantly depen dent on electricity and primary energy prices and energy sector framework conditions) |
Monitoring via sensitivity analyses |
| Guarantee risk | Financial loss due to claim of contingent liabilities | Limit volume of guarantees as far as possible; routine monitoring |
1) For information on the use of financial instruments, also see page 180f and page 183ff in the EVN Full Report 2017/18
EVN's major risks and related risk management measures
| Risk category | Description | Measure |
|---|---|---|
| Strategy and planning risks | ||
| Technology risk | Late identification of and reaction to new technolo gies (delayed investments) or to changes in customer needs; investments in "wrong" technologies |
Active participation in external research projects; own demonstration facilities and pilot projects; ongoing adjustments to keep technologies at the latest level |
| Planning risk | Model risks; incorrect or incomplete assumptions; lost opportunities |
Feasibility studies by experienced, highly qualified employees; monitoring of parameters and regular updates; four-eyes principle |
| Organisational risks | Inefficient or ineffective processes and interfaces; duplication |
Process management; documentation; internal control system (ICS) |
| Operating risks | ||
| Infrastructure risks | Incorrect design and use of technical facilities | Elimination of technical weaknesses; regular inspections and reviews of current and planned infrastructure |
| Service disruptions/network break downs (own and third party), accidents |
Supply interruptions; physical danger to persons or infrastructure through explosions/accidents |
Technical upgrading at interfaces of the different networks; expansion and maintenance of network capacity |
| IT/security risks (incl. cybersecurity) | System losses; data loss or unintended transfer; hacker attacks |
Strict system and risk monitoring (internal control system); backup systems; technical maintenance; external audits; occupational safety and health mea sures; crisis training |
| Workforce risks | Loss of highly qualified employees; absence due to work accidents; surplus or shortfall of personnel; communication problems; cultural barriers; fraud; intentional or unintentional misrepresentations of transactions or items in the annual financial state ments |
Attractive work environment; occupational health care and safety measures; flexible working time models; training; events for employees for the exchange of information and networking purposes; internal control system (ICS) |
| External risks | ||
| Legislative, regulatory and political risks | Change in political and legal parameters and/or the regulatory environment (e.g. environmental laws, changes in the legal framework, shifting subsidy scheme as well as market liberalisation in South East Europe); political and economic instability; network operations: non-inclusion of actual operating costs in the network tariffs established by regulatory authority |
Cooperation with interest groups, associations and government agencies on a regional, national and international level; appropriate documentation and service charges |
| Legal and litigation risks | Non-compliance with contracts; litigation risk from various lawsuits; regulatory and supervisory audits |
Representation in local, regional, national and EU-wide interest groups; legal consulting |
| Social and general economic environment |
Macroeconomic developments, debt/financial crisis; stagnating or declining purchasing power; rising unemployment |
Best possible utilisation of (anti-)cyclical optimisation potential |
| Contract risks | Failure to identify legal, economic or technical prob lems; contract risks under financing agreements |
Extensive legal due diligence; involvement of external experts/legal advisors; contract database and ongo ing monitoring |
EVN's major risks and related risk management measures
| Risk category | Description | Measure |
|---|---|---|
| Other risks | ||
| Granting of undue advantages, non-compliance, data protection incidents |
Distribution of confidential internal information to third parties and the granting of undue advantages/ corruption; violation of regulations for the protection of personal data |
Internal control system; uniform guidelines and standards; Code of Conduct; compliance organisation |
| Project risk | Cost overruns on the construction of new capacity | Contractual agreement on economic parameters |
| Co-investment risk | Risks related to the implementation of major projects jointly with partners |
Contractual safeguards, efficient project manage ment |
| Sabotage | Sabotage, e.g. to natural gas lines, wastewater treatment plants or waste incineration plants |
Suitable security measures; regular measurement of water quality and emissions |
| Image risk | Reputational damage | Transparent and proactive communications; sustainable management |
GRI indicator: GRI 102-15
identify potential risks and effects of EVN's business activities and business relations on areas of environmental, social and employeerelated issues, the observance of human rights and the fight against corruption. Their financial impact on the EVN Group was then assessed. The identified risks and their impact were dealt with in accordance with the steps defined by the risk management process.
For information on the most important effects of the Sustainability and Diversity Improvement Act, see page 30ff information on the most important effects of the Sustainability and Diversity Improvement Act, see page 30ff in the EVN Full Report 2017/18
Overall risk profile
In addition to the uncertainties connected with the areas of business and operations outside Austria, EVN is also confronted with a challenging environment in its home market of Lower Austria. The annual risk inventory did not identify any future risks that could endanger EVN's continued existence.
Key features of the internal control and risk management system related to accounting processes
In accordance with § 267 (3b) and in connection with § 243a (2) of the Austrian Commercial Code ("Unternehmensgesetzbuch", UGB), companies whose shares are admitted for trading on a regulated market are required to disclose the key features of their internal control and risk management system for corporate accounting processes in the management report. The Executive Board is responsible for establishing a suitable internal control and risk management system (ICS) for accounting processes as defined in § 82 of the Austrian Stock Corporation Act ("Aktiengesetz", AktG). The effectiveness of the ICS must be monitored by the Audit
Committee in accordance with § 92 (4a) no. 4b of the Austrian Stock Corporation Act.
EVN's ICS for accounting processes is monitored at regular intervals by auditing the processes that are considered to be exposed to risk. The results of these monitoring activities are reported to the Executive Board and the Audit Committee. The ICS ensures clear lines of responsibility and eliminates unnecessary process steps, and thereby further improves the security of processes for the preparation of financial statements. The description of the major features of the ICS covers five interrelated components: control environment, risk assessment, control activities, information and communication, and monitoring.
Control environment
The Code of Conduct issued by EVN and the underlying values apply to all Group employees.
EVN's Code of Conduct is available under www.evn.at/code-of-conduct
The consolidated financial statements are prepared by Group accounting. The related processes are based on an accounting guideline that defines the accounting policies to be applied as well as key processes and schedules for the entire Group. Binding instructions apply to the reconciliation of intragroup accounts and other work required for the preparation of the consolidated financial statements. All employees involved in the accounting process have the necessary qualifications and undergo regular training. Complex actuarial opinions and valuations are prepared by external experts or specially qualified employees. The managers responsible for the specific processes – in general, the heads of the organisational units and corporate services – are responsible for compliance with these processes and the related control measures.
Risk assessment and control activities
Multi-stage control measures have been implemented to prevent material misstatements in the presentation of transactions in order to ensure that the individual financial statements of all subsidiaries are recorded correctly. These measures include automated controls that are executed by the consolidation software as well as manual controls by the involved corporate services. These corporate service departments carry out extensive plausibility checks of the individual subsidiaries' financial statements to ensure their correct transfer to the consolidated financial statements. The review of the financial statement data includes analyses at the position, segment and Group levels, both before and after consolidation. The consolidated financial statements are not released until these quality controls are complete at all levels.
EVN AG and the major domestic and foreign subsidiaries use SAP software (FI module, finance and accounting) for their accounting. The IFRS consolidated financial statements are prepared with the Hyperion Financial Management software, whereby the data from the individual financial statements are transferred by means of an interface. The accounting systems and all upstream systems are protected by restricted access as well as automated and mandatory manual control steps.
The ICS for financial reporting and all accounting-related processes are reviewed by the auditor at least once each year to verify compliance with the required controls, to evaluate any risk incidents that occurred during the financial year and to determine whether the controls are still suitable to deal with the existing risks. In 2017/18, a number of process adjustments and improvements were made as
part of the continuous efforts to further develop the ICS for financial reporting.
Information, communication and monitoring
The Executive Board provides the Supervisory Board with quarterly reports on EVN's asset, financial and earnings position, together with a statement of financial position and a statement of operations. The Executive Board and the Audit Committee also receive a report on the ICS for financial accounting twice each year, which contains basic information to evaluate the efficiency and effectiveness of the ICS and is designed to support the management of the ICS by the responsible corporate bodies. The report is prepared by ICS management in cooperation with the ICS Committee based on information supplied by the managers responsible for ICS, the persons who carried out the controls and the auditors.
This information is also distributed to management and key personnel in the involved companies to facilitate monitoring and control activities and thereby ensure the accuracy of accounting and reporting procedures. EVN's internal audit department carries out regular reviews of the ICS for financial accounting, and their findings form the basis for the continuous improvement of this system.
GRI indicators: GRI 102-31, GRI 102-33
Consolidated non-financial report
The consolidated non-financial statement required by the Austrian Sustainability and Diversity Improvement Act was prepared for the first time in accordance with § 267a of the Austrian Commercial Code and is presented as an independent non-financial report.
See page 4ff in the EVN Full Report 2017/18
Disclosures required by § 243a of the Austrian Commercial Code
-
- The share capital of EVN AG totalled EUR 330,000,000 as of 30 September 2018 and was divided into 179,878,402 zero par value bearer shares, each of which represents an equal stake in share capital. Shareholders are not entitled to the issue of individual share certificates. There is only one class of shares, and all shares carry the same rights and responsibilities. EVN AG shares are traded in the Prime Market segment of the Vienna Stock Exchange.
-
- There are no restrictions on voting rights or agreements limiting the transfer of shares which exceed the general requirements of the Austrian Stock Corporation Act. However, it should be noted that the transferability of the investment owned by the province of Lower Austria, which holds its shares through NÖ Landes-Beteiligungsholding GmbH, St. Pölten, is limited by Austrian federal and provincial constitutional law.
-
- Based on these constitutional requirements, the province of Lower Austria is the major shareholder of EVN AG with a stake of 51.0%. The second largest shareholder is EnBW Trust e.V., an association headquartered in Karlsruhe, which is recorded in the register of associations maintained by the district court in Mannheim under VR 3737. As of 30 September 2018 EnBW Trust holds an investment of 29.96% of the share capital in trust for EnBW Energie Baden-Württemberg AG, which is also headquartered in Karlsruhe and recorded in the commercial register of the district court in Mannheim under HRB 107956. As of 30 September 2018, EVN AG held treasury shares representing 1.05% of share capital and free float equalled 17.99%.
-
- EVN AG has not issued any shares with special control rights.
-
- Employees who own shares in EVN AG may exercise their voting rights personally at the Annual General Meeting. EVN AG does not have a stock option programme.
-
- The Executive Board consists of at least two members. The Supervisory Board has a minimum of ten and a maximum of 15 members. Unless another majority is required by law, the Annual General Meeting passes its resolutions with a simple
Shareholder structure1)
GRI indicator: GRI 102-5
majority of the votes cast or with a majority of the capital represented in cases requiring a majority of capital.
-
- The 87th Annual General Meeting of EVN AG on 21 January 2016 authorised the Executive Board to repurchase the company's bearer shares during a period of 30 months (i) for distribution to employees of the company or its subsidiaries and (ii) in accordance with § 65 (1) no. 8 of the Austrian Stock Corporation Act (acquisition with no specific purpose) at an amount equalling up to 10% of EVN's share capital. The validity of the authorisation for the purchase of treasury shares expired on 21 July 2018. The Executive Board did not use this authorisation in the 2017/18 financial year.
-
- A change of control in EVN AG in the sense of § 243a (1) no. 8 of the Austrian Commercial Code is currently not possible because of the legal regulations described above under points 2. and 3. Therefore, there are no possible consequences of a change of control.
-
- There are no agreements to provide compensation to the members of corporate bodies or employees in the event of a public takeover as defined in § 243a (1) no. 9 of the Austrian Commercial Code.
Outlook for the 2018/19 financial year
The past years have clearly shown that EVN's broad value chain in the energy sector – which ranges from generation to the customer – together with the environmental services business provides a sound foundation for stable development, also in challenging times. In other words, the EVN Group is solidly positioned for the future. The coming years will bring continuous changes in the energy market environment, not only as a result of #mission2030, the new climate and energy strategy announced by the Austrian federal government.
Business activities in 2018/19 will again focus on investments in the network infrastructure and the expansion of renewable generation capacity, above all in the area of wind power. Massive investments, especially in the electricity networks, are still required to effectively integrate the rising capacity from decentralised generation. However, the continuous changes in customer requirements – partly as a result of e-mobility – also demand constant investments to reliably protect network stability and have created an additional need for intelligent network management.
With the ongoing expansion of its wind power capacity, EVN is making an important contribution to the system conversion in energy production. The Group made substantial progress in reaching its medium-term goal of 500 MW during 2017/18, through a capacity expansion of approximately 50 MW at three wind park locations. This expansion will continue over the coming years if the framework conditions are appropriate.
The steady increase in the feed-in of electricity from renewable generation, which is volatile and therefore impossible to plan, continues to make wide-ranging, flexible power plant capacity indispensable for the protection of network stability. EVN's thermal power plants have been in service for many years to deliver balancing energy and manage shortages. Following the end of the electricity price zone between Germany and Austria on 1 October 2018, EVN's reserve capacity is now available for the Austrian transmission network operator. The relevant contracts cover the period up to September 2021.
The new five-year regulatory period for natural gas network operations in Austria began on 1 January 2018. As expected, the regulatory authority reduced the weighted average cost of capital to reflect the general decline in interest rates over recent years and, in turn, also reduced network tariffs. The new five-year regulatory period for electricity network operations in Austria will begin on 1 January 2019.
In South Eastern Europe, activities will focus on the further reduction of network losses and on the challenges created by the continuing liberalisation of the energy markets and the related changes in the regulatory framework. The decision by the World Bank's International Centre for the Settlement of Investment Disputes in the arbitration proceedings against the Republic of Bulgaria is expected during the 2018/19 financial year.
The supplies, security and quality of drinking water in Lower Austria represent another important focal point for EVN in the coming
financial year. In addition to providing direct water supplies to numerous communities, EVN is steadily expanding its cross-regional pipeline networks to also ensure reliable supplies of drinking water in low-precipitation regions during the drier periods of the year. A growing number of projects involve the construction of natural filter plants, which reduce the water hardness through natural means and without the use of chemicals.
The tender for a wastewater treatment project in Kuwait has reached the exclusive negotiation status with the bidder consortium formed by WTE Wassertechnik, which is responsible for the EVN Group's international project business, and a Kuwaiti financial investor. The final award of the tender is expected in 2018/19. On another project in Bahrain, the contract signing in September 2018 has already been followed by the first key project steps.
The 2017/18 financial year was positively influenced by the strong rise in energy prices, which was reflected, above all, in the valuation of hedges as of the balance sheet date. Assuming average conditions in the energy business environment, Group net result for 2018/19 is expected to range from EUR 160m to EUR 180m. However, Group net result could be significantly influenced by the regulatory background, the legal proceedings currently in progress in Bulgaria and the remaining legal proceeding related to the Walsum 10 power plant project as well as the progress on activities in Moscow.
Maria Enzersdorf, 20 November 2018
Stefan Szyszkowitz Franz Mittermayer Spokesman of the Executive Board Member of the Executive Board
Consolidated financial statements for 2017/18
According to International Financial Reporting Standards
| Consolidated statement of operations | 26 | |
|---|---|---|
| Consolidated statement of comprehensive income | 27 | |
| Consolidated statement of financial position | 28 | |
| Consolidated statement of changes in equity | 29 | |
| Consolidated statement of cash flows | 30 | |
| Consolidated notes | 31 | Basis of preparation |
| 35 | Basis of consolidation | |
| 38 | Accounting policies | |
| 51 | Notes to the consolidated statement of operations | |
| 58 | Notes to the consolidated statement of financial position | |
| 79 | Segment reporting | |
| 84 | Other information | |
| EVN's investments | 98 | |
| Auditors' report | 103 |
Consolidated statement of operations
| EURm | Note | 2017/18 | 2016/17 |
|---|---|---|---|
| Revenue | 24 | 2,072.6 | 2,215.6 |
| Other operating income | 25 | 105.0 | 101.9 |
| Cost of materials and services | 26 | –1,236.4 | –1,302.6 |
| Personnel expenses | 27 | –321.7 | –316.8 |
| Other operating expenses | 28 | –135.7 | –139.0 |
| Share of results from equity accounted investees with operational nature | 29 | 188.0 | 162.6 |
| EBITDA | 671.8 | 721.6 | |
| Depreciation and amortisation | 30 | –258.3 | –262.3 |
| Effects from impairment tests | 30 | –20.6 | –112.5 |
| Results from operating activities (EBIT) | 392.9 | 346.9 | |
| Share of results from equity accounted investees with financial nature | 0.1 | 12.2 | |
| Results from other investments | 20.1 | 18.8 | |
| Interest income | 10.7 | 19.5 | |
| Interest expense | –54.0 | –65.4 | |
| Other financial results | –14.0 | –6.5 | |
| Financial results | 31 | –37.2 | –21.4 |
| Result before income tax | 355.7 | 325.5 | |
| Income tax | 32 | –76.1 | –53.9 |
| Result for the period | 279.6 | 271.5 | |
| thereof result attributable to EVN AG shareholders (Group net result) | 254.6 | 251.0 | |
| thereof result attributable to non-controlling interests | 25.0 | 20.5 | |
| Earnings per share in EUR1) | 33 | 1.43 | 1.41 |
| Dividend per share in EUR | 0.472) | 0.47 |
1) There is no difference between basic and diluted earnings per share.
2) Proposal to the Annual General Meeting: dividend of EUR 0.44 per share + one-time bonus dividend of EUR 0.03 per share
Consolidated statement of comprehensive income
| EURm | Note | 2017/18 | 2016/17 |
|---|---|---|---|
| Result for the period | 279.6 | 271.5 | |
| Other comprehensive income from | |||
| Items that will not be reclassified to profit or loss | –8.5 | 12.3 | |
| Remeasurements IAS 19 | 45 | –14.3 | 26.6 |
| Investments in equity accounted investees | 45 | 2.3 | –7.6 |
| Thereon apportionable income tax expense | 45 | 3.5 | –6.6 |
| Items that may be reclassified to profit or loss | 777.9 | 190.6 | |
| Currency translation differences | 5 | 2.1 | 0.9 |
| Available for sale financial instruments | 45 | 1,025.4 | 245.3 |
| Cash flow hedges | 45 | 7.4 | 13.8 |
| Investments in equity accounted investees | 45 | 0.8 | –3.7 |
| Thereon apportionable income tax expense | 45 | –257.8 | –65.7 |
| Total other comprehensive income after tax | 769.4 | 203.0 | |
| Comprehensive income for the period | 1,049.0 | 474.5 | |
| thereof income attributable to EVN AG shareholders | 1,023.4 | 454.9 | |
| thereof income attributable to non-controlling interests | 25.6 | 19.6 | |
Consolidated statement of financial position
| EURm | Note | 30.09.2018 | 30.09.2017 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Intangible assets | 34 | 182.1 | 177.1 |
| Property, plant and equipment | 35 | 3,438.7 | 3,383.6 |
| Investments in equity accounted investees | 36 | 995.7 | 954.8 |
| Other investments | 37 | 1,944.2 | 919.0 |
| Deferred tax assets | 49 | 68.8 | 79.6 |
| Other non-current assets | 38 | 252.4 | 209.9 |
| 6,881.9 | 5,723.8 | ||
| Current assets | |||
| Inventories | 39 | 94.6 | 98.4 |
| Trade and other receivables | 40 | 500.3 | 409.0 |
| Securities | 41 | 139.8 | 0.5 |
| Cash and cash equivalents | 59 | 214.5 | 223.1 |
| 949.1 | 731.0 | ||
| Total assets | 7,831.1 | 6,454.9 | |
| Equity and liabilities Equity |
|||
| Issued capital and reserves attributable to shareholders of EVN AG | 42–46 | 3,832.8 | 2,892.1 |
| Non-controlling interests | 47 | 259.9 | 258.0 |
| 4,092.6 | 3,150.1 | ||
| Non-current liabilities | |||
| Non-current loans and borrowings | 48 | 1,040.5 | 1,125.4 |
| Deferred tax liabilities | 49 | 471.0 | 171.8 |
| Non-current provisions | 50 | 480.8 | 452.6 |
| Deferred income from network subsidies | 51 | 602.6 | 584.1 |
| Other non-current liabilities | 52 | 75.4 | 58.3 |
| 2,670.3 | 2,392.2 | ||
| Current liabilities | |||
| Current loans and borrowings | 53 | 89.1 | 50.5 |
| Taxes payable and levies | 54 | 85.6 | 67.6 |
| Trade payables | 55 | 337.1 | 314.0 |
| Current provisions | 56 | 91.4 | 91.6 |
| Other current liabilities | 57 | 464.9 | 388.9 |
| 1,068.1 | 912.6 | ||
| Total equity and liabilities | 7,831.1 | 6,454.9 |
Consolidated statement of changes in equity
| EURm | Share capital |
Share premium and capital reserves |
Retained earnings |
Valuation reserve |
Currency translation reserve |
Treasury shares |
Issued capital and reserves of EVN AG shareholders |
Non controlling interests |
Total |
|---|---|---|---|---|---|---|---|---|---|
| Balance on 01.10.2016 | 330.0 | 252.9 | 1,949.9 | 23.2 | –23.0 | –22.2 | 2,510.8 | 259.8 | 2,770.7 |
| Comprehensive income | – | – | 251.0 | 203.0 | 0.9 | – | 454.9 | 19.6 | 474.5 |
| Dividends 2015/16 | – | – | –74.7 | – | – | – | –74.7 | –21.5 | –96.2 |
| Change in treasury shares | – | 0.1 | – | – | – | 1.0 | 1.1 | – | 1.1 |
| Other changes | – | – | 0.0*) | – | – | – | 0.0*) | – | 0.0*) |
| Balance on 30.09.2017 | 330.0 | 253.0 | 2,126.2 | 226.2 | –22.1 | –21.2 | 2,892.1 | 258.0 | 3,150.1 |
| Comprehensive income | – | – | 254.6 | 766.7 | 2.1 | – | 1,023.3 | 25.6 | 1,048.9 |
| Dividends 2016/17 | – | – | –83.6 | – | – | – | –83.6 | –23.7 | –107.3 |
| Change in treasury shares | – | 0.4 | – | – | – | 0.7 | 1.1 | – | 1.1 |
| Other changes | – | – | –0.0*) | 0.0*) | 0.0*) | – | 0.0*) | –0.1 | –0.0*) |
| Change in the scope of consolidation |
– | – | –0.2 | – | 0.0*) | – | –0.2 | 0.1 | –0.1 |
| Balance on 30.09.2018 | 330.0 | 253.4 | 2,297.0 | 992.9 | –20.0 | –20.5 | 3,832.8 | 259.9 | 4,092.6 |
| Note | 42 | 43 | 44 | 45 | 5 | 46 | 47 | ||
Consolidated statement of cash flows
| EURm | Note | 2017/18 | 2016/17 |
|---|---|---|---|
| Result before income tax | 355.7 | 325.5 | |
| + Depreciation, amortisation/ – revaluation of intangible assets and property, plant and equipment | 30 | 278.9 | 374.8 |
| – Non-cash share of results of equity accounted investees and other investments | 36, 37 | –208.2 | –193.6 |
| + Dividends from equity accounted investees and other investments | 163.3 | 129.2 | |
| + Interest expense | 54.0 | 65.4 | |
| – Interest paid | –42.9 | –55.6 | |
| – Interest income | –10.7 | –19.5 | |
| + Interest received | 8.4 | 17.3 | |
| + Losses/– gains from foreign exchange translations | 10.5 | –0.0*) | |
| +/– Other non-cash financial results | 3.4 | 2.3 | |
| – Release of deferred income from network subsidies | 25 | –47.9 | –45.4 |
| – Gains/+ losses on the disposal of intangible assets and property, plant and equipment | –0.7 | 1.6 | |
| – Decrease/+ increase in non-current provisions | 50 | –3.6 | –29.6 |
| Gross cash flow | 560.3 | 572.3 | |
| + Decrease/– increase in inventories and receivables | –69.8 | 107.8 | |
| + Increase/– decrease in current provisions | –0.1 | –6.3 | |
| + Increase/– decrease in trade payables and other liabilities | 115.2 | –154.3 | |
| – Income tax paid | –2.0 | –10.5 | |
| Net cash flow from operating activities | 603.5 | 508.9 | |
| + Proceeds from the disposal of intangible assets and property, plant and equipment | 20.9 | 98.2 | |
| + Proceeds from network subsidies | 68.2 | 63.7 | |
| + Proceeds from the disposal of financial assets and other non-current assets | 25.1 | 90.7 | |
| + Proceeds from the disposal of current securities | – | 135.7 | |
| – Acquisition of intangible assets and property, plant and equipment | –351.3 | –306.4 | |
| – Acquisition of financial assets and other non-current assets | –79.3 | –91.6 | |
| – Acquisition of current securities | –140.6 | –60.9 | |
| Net cash flow from investing activities | –457.1 | –70.6 | |
| – Dividends paid to EVN AG shareholders | 44 | –83.6 | –74.7 |
| – Dividends paid to non-controlling interests | –23.7 | –21.5 | |
| – Increase/+ decrease in nominal capital | – | 0.1 | |
| – Increase in interest in fully consolidated companies | –0.1 | – | |
| + Sales/– repurchase of treasury shares | 1.1 | 1.0 | |
| + Increase in financial liabilities | 2.0 | – | |
| – Decrease in financial liabilities | 59 | –49.2 | –344.8 |
| Net cash flow from financing activities | –153.5 | –439.9 | |
| Net change in cash and cash equivalents1) | –7.1 | –1.6 | |
| Net change in cash and cash equivalents |
| Cash and cash equivalents at the beginning of the period1) | 59 | 221.8 | 223.5 |
|---|---|---|---|
| Currency translation differences on cash and cash equivalents | –0.1 | –0.1 | |
| Cash and cash equivalents at the end of the period1) | 214.5 | 221.8 | |
| Net change in cash and cash equivalents2) | –7.1 | –1.6 |
1) The addition of bank overdrafts results in cash and cash equivalents as reported on the consolidated statement of financial position.
2) Additional information on the consolidated statement of cash flows can be found in note 59. Consolidated statement of cash flows.
Consolidated notes
Basis of preparation
1. General
EVN AG, as the parent company of the EVN Group (EVN), is a leading listed Austrian energy and environmental services provider. Its headquarters are located in A-2344 Maria Enzersdorf, Austria. In addition to serving its domestic market in the province of Lower Austria, EVN operates in the Bulgarian, Macedonian, Croatian, German and Albanian energy industry. EVN is also active in the area of environmental services through subsidiaries that provide customers in eleven countries with water supply, wastewater treatment and thermal waste utilisation services.
The consolidated financial statements are prepared as of the balance sheet date of EVN AG. The financial year of EVN AG covers the period from 1 October to 30 September.
The consolidated financial statements are prepared on the basis of uniform accounting policies. In cases where the balance sheet date of a consolidated company differs from the balance sheet date of EVN AG, interim financial statements are prepared as of 30 September.
The consolidated financial statements are prepared on the basis of historical acquisition and production costs, unless indicated otherwise.
Certain items on the consolidated statement of financial position and the consolidated statement of operations are summarised to achieve a more understandable and clearly structured presentation. These positions are presented individually in the consolidated notes and explained according to the principle of materiality. In order to improve clarity and comparability, the amounts in the consolidated financial statements are generally shown in millions of euros (EURm), unless otherwise noted. Immaterial mathematical differences may arise from the rounding of individual items or percentage rates.
The consolidated statement of operations is prepared in accordance with the nature of expense method.
2. Reporting in accordance with IFRS
Pursuant to § 245a of the Austrian Commercial Code, the consolidated financial statements were prepared in accordance with the current guidelines set forth in the IFRSs issued by the International Accounting Standards Board (IASB) as well as the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) that were applicable as of the balance sheet date and had been adopted by the European Union (EU).
Standards and interpretations applied for the first time and changes in accounting policies
The following standards and interpretations were applied for the first time in the 2017/18 financial year:
| Standards and interpretations applied for the first time | Effective1) | Expected material effects on EVN's consolidated financial statements |
||
|---|---|---|---|---|
| New standards and interpretations | ||||
| – | – | |||
| Revised standards and interpretations | ||||
| IAS 7 | Disclosure Initiative – Statement of Cash Flows | 01.01.2017 | See below | |
| IAS 12 | Recognition of Deferred Tax Assets for Unrealised Losses | 01.01.2017 | None | |
| Diverse | Annual Improvements 2014 –2016 | 01.01.2017/ 01.01.20182) |
None |
1) In accordance with the Official Journal of the EU, these standards are applicable to financial years beginning on or after the effective date.
2) The adoption took effect with the announcement in the Official Journal of the EU on 8 February 2018. The changes to IFRS 12 are applicable to
reporting periods beginning on or after 1 January 2017.
The disclosure initiative to IAS 7 "Statement of Cash Flows" requires the provision of additional information on the changes in financial liabilities. The required disclosures cover both cash and non-cash changes. EVN is presenting the required information in the form of a reconciliation between the amounts reported for financial liabilities in the opening and closing balance sheets (see note 59. Consolidated statement of cash flows).
| Standards and interpretations already adopted by the EU, but not yet compulsory Effective1) |
Expected material effects on EVN's consolidated financial statements |
||
|---|---|---|---|
| New standards and interpretations | |||
| IFRS 9 | Financial Instruments | 01.01.2018 | See below |
| IFRS 15 | Revenue from Contracts with Customers | 01.01.2018 | See below |
| IFRS 16 | Leases | 01.01.2019 | See below |
| IFRIC 22 | Foreign Currency Transactions and Advance Consideration | 01.01.2018 | None |
| IFRIC 23 | Uncertainty over Income Tax Treatments | 01.01.2019 | Still under analysis2) |
| Revised standards and interpretations | |||
| IAS 40 | Transfers of Investment Property | 01.01.2018 | None |
| IFRS 2 | Classification and Measurement of Share-based Payment Transactions | 01.01.2018 | None |
| IFRS 4 | Applying IFRS 9, Financial Instruments with IFRS 4, Insurance Contracts | 01.01.2018 | None |
| IFRS 9 | Prepayment Features with Negative Compensation | 01.01.2019 | None |
| IFRS 15 | Revenue from Contracts with Customers – Clarifications | 01.01.2018 | See below |
1) In accordance with IASB, these standards are applicable to financial years beginning on or after the effective date.
2) The adoption took effect with the announcement in the Official Journal of the EU on 24 October 2018.
IFRS 9: Financial Instruments
IFRS 9 replaces the existing rules for the recognition and measurement of financial instruments under IAS 39. In comparison with IAS 39, IFRS 9 includes new rules for the classification and measurement of financial assets and expanded rules for the recognition of impairment losses to financial assets. It also defines new rules for hedge accounting.
Classification and measurement
IFRS 9 provides for a new classification of financial assets which, in contrast to IAS 39, is based on the respective business model and the characteristics of the contractual payment flows for the individual financial instruments. In the future, financial assets must be allocated to one of the following three categories: "at amortised cost (AC)", "at fair value through profit or loss (FVtPL)" or "at fair value through other comprehensive income (FVOCI)".
An evaluation by the EVN Group showed that most of the financial assets – in particular loans receivable, other non-current assets and receivables as well as cash on hand and at banks – will continue to meet the criteria for classification at amortised cost. Investments in equity instruments which were previously classified as available for sale (AFS) and are held over the long term will be assigned to the category FVOCI under the planned application of IFRS 9.5.7.5. Related valuation adjustments to these instruments will no longer be reclassified to the consolidated statement of operations in the future. The investments in equity instruments which were previously measured at amortised cost based on the exemption provided by IAS 39.46(c) do not lead to a material increase in the carrying amount.
Impairment
With regard to the recognition of impairment losses on financial assets, IFRS 9 replaces the "incurred loss model" with the "expected loss model". Financial assets carried at amortised cost, contractual assets as defined in IFRS 15 and debt instruments measured at FVOCI are now subject to the provisions of the "expected loss model" on initial recognition and are tested for impairment. Impairment losses must be recognised in one of two forms: on the basis of a twelve-month model at the amount of the credit losses expected within the next twelve months or at the amount of the credit losses expected over the lifetime of the asset. The latter alternative must be applied to trade receivables without material financing components and to assets whose credit risk has increased significantly since initial recognition.
In the EVN Group, the twelve-month model will be applied, in particular, to loans receivable, lease receivables and bank deposits, when the requirements of IFRS 9.7.2.19a are met. The data as of 30 September 2018 would point to the need for an immaterial impairment loss of EUR 0.1m.
The application of the lifetime loss model is mandatory for trade receivables without material financing components. EVN has elected to use the approach provided by IFRS 9B5.5.35, which allows for the use of an impairment matrix as a practical expedient for determining the impairment loss. The default incidents in recent years were analysed by region and core market, and an impairment matrix was then developed for the EVN Group based on time intervals. The results of these analyses do not differ materially from the amounts for which impairment losses were previously recorded.
Hedge accounting
The new model for hedge accounting is intended to create a better connection between the company's risk management strategy, the reasons for the conclusion of hedges and the recognition and measurement of these hedges. In addition to convergence with the goals and strategies of corporate risk management, IFRS 9 expands the range of acceptable underlying transactions and requires a rather qualitative and future-oriented approach for evaluating the effectiveness of the hedge relationship.
The hedges held by the EVN Group on the transition date for the hedging of foreign exchange and interest rate risks meet the requirements of IFRS 9. They are in agreement with the strategies and goals of risk management in the EVN Group and can therefore also be recorded under the provisions of IFRS 9.
Transition
EVN will initially apply IFRS 9 "Financial Instruments" in the 2018/19 financial year. Changes in accounting methods due to the application of IFRS 9 will generally be made retrospectively. EVN has decided to utilise the exception rule and will not adjust the comparative information for classification and measurement (including impairment) in previous accounting periods as of the initial application date. Differences between the carrying amounts which result from the application of IFRS 9 will generally be recorded under retained earnings without recognition through profit or loss as of 1 October 2018. In contrast, the new rules for hedge accounting will principally be applied prospectively.
IFRS 15: Revenue from Contracts with Customers
IFRS 15 defines a five-step model for the recognition of revenue from contracts with customers and replaces all previously applicable standards and related interpretations. Under this model, a company recognises revenue at an amount equal to the consideration expected in exchange for the accepted performance obligations, i. e. the transfer of goods or the provision of services. A determination must therefore be made when a contract is concluded as to whether the resulting revenue should be recognised at a point in time or over time. Revenue is recognised when the customer obtains control over the goods or services. This standard also includes extensive requirements for qualitative and quantitative disclosures on the assets resulting from the capitalised costs for the acquisition and fulfilment of contracts with customers.
EVN's customer contracts were analysed as part of a Group-wide project to identify the contracts that could lead to a potential change in the previous method used to realise revenue. The analysed contracts involve revenue from the electricity, natural gas, heat, water, waste utilisation and telecommunications business areas. The application of IFRS 15 is not expected to result in any material effects on the scope or timing of revenue recognition, especially in EVN's core energy supply business. The EVN Group will, as soon as the corresponding prerequisites are met, utilise the practical expedient provided by IFRS 15.B16, which permits the recognition of revenue at the amount the company is entitled to invoice.
The contract analyses also identified the following immaterial issues for the EVN Group:
The costs to acquire a contract with a customer represent additional costs. When the company assumes it will be able to reclaim these costs, the related amounts must generally be capitalised and amortised over the period in which the goods or services are transferred to the customer. If the expected amortisation period does not exceed one year, the practical expedient permits the expensing of these costs. In 2017/18, this would have led to the capitalisation of EUR 0.4m for contract acquisition costs.
Payments to customers for sales purposes, e. g. free months, are generally recognised as revenue deductions. A payment made when the contract is concluded leads to the recognition of an asset which must be released over the minimum contract term. In 2017/18, this would have led to the capitalisation of an asset amounting to EUR 0.2m.
The initial application of IFRS 15 will be made retrospectively, whereby the cumulative adjustment amounts from the initial application will be recorded under retained earnings as of 1 October 2018.
IFRS 16: Leases
IFRS 16 was published by the IASB in January 2016 and will replace IAS 17, the previous standard on leasing arrangements as well as the previous interpretations. IFRS 16 contains both a changed definition of the term "lease" as well as substantial changes in the rules on accounting by the lessee. Under the new rules, the previous distinction between finance leases and operating leases no longer applies and operating leases will be recognised in the same manner as finance leases in the future. Exceptions are leases with a term of twelve months or less and leases involving low-value assets. The simplifications are optional and will be actively applied by EVN.
EVN currently acts as the lessee in operating leases and, consequently, effects are expected from the application of IFRS 16. A project was started during the 2016/17 financial year to survey and identify contracts that fall under the new definition of leasing. In 2017/18 the content of the relevant contracts in most of the involved companies was analysed on the basis of the IFRS 16 criteria. The current status of this analysis indicates that the application of IFRS 16 is not expected to have any material effect on the asset, financial or earnings position of the EVN Group. EVN will apply IFRS 16 retrospectively, whereby the cumulative adjustments will be recognised on the initial application date.
Standards and interpretations not yet effective
The following standards and interpretations had been issued by the IASB as of 30 September 2017, but have not yet been adopted by the EU.
| Expected material effects on EVN's consolidated financial statements |
|---|
| 01.01.2021 None |
| 01.01.2020 Still under analysis |
| Still under analysis |
| Still under analysis |
| None |
| Still under analysis |
| Still under analysis |
| 01.01.2019 01.01.2019 01.01.2020 01.01.2019 01.01.2020 |
1) In accordance with IASB, these standards are applicable to financial years beginning on or after the effective date.
EVN regularly monitors and analyses the effects of the application of revised standards and interpretations on the future presentation of the consolidated financial statements and the future disclosures in the consolidated notes.
Basis of consolidation
3. Consolidation methods
Consolidation is carried out by offsetting the consideration transferred against the fair value of the acquired assets and assumed liabilities.
All significant companies whose financial and operating activities are directly or indirectly controlled by EVN AG (i. e. subsidiaries) are fully consolidated. EVN is considered to have a controlling interest over a company in which it holds an investment when it has a right to variable returns from the investee and can influence the amount of these returns through its control.
This is usually the case when EVN's voting rights exceed 50.0%, but may also apply if EVN has the power of disposition over and is the primary beneficiary of any economic benefits arising from the business operations of these companies or if EVN is required to carry most of the risks. Companies are initially consolidated on the acquisition date or at the time EVN gains control and are deconsolidated when control ends.
In accordance with IFRS 3, assets and liabilities (including contingent liabilities) obtained through business combinations are recognised at their full fair value, irrespective of any existing non-controlling interests. Non-controlling interests in subsidiaries are carried at the proportional share of net assets (excluding the proportional share of goodwill). Intangible assets are recognised separately from goodwill if they can be separated from the acquired company or arise from statutory, contractual or other legal rights. Any remaining positive differences which represent compensation to the seller for market opportunities or developmental potential that cannot be individually identified are recognised in local currency as goodwill and allocated to cash-generating units (CGUs) in the relevant segment (for information on the treatment and recoverability of goodwill, see notes 34. Intangible assets and 21. Procedures and effects of impairment tests). Negative differences are recognised in profit or loss after a repeated measurement of the acquired company's identifiable assets and liabilities (including contingent liabilities) and measurement of the acquisition cost. The differences between fair value and the carrying amount are carried forward in accordance with the related assets and liabilities during the subsequent consolidation. A change in the investment in a fully consolidated company is accounted for directly in equity without recognition through profit or loss. As in the previous financial year, there were no acquisitions of companies as defined in IFRS 3 during the reporting period.
Joint arrangements are included in the consolidated financial statements of EVN depending on the rights and obligations attributed to the controlling parties by the respective agreement. If only rights to the net assets are involved, the joint arrangement is classified as a joint venture according to IFRS 11 and included at equity. If rights to the assets and obligations for the liabilities are involved, the joint arrangement is classified as a joint operation according to IFRS 11 and included in the consolidated financial statements through line-by-line consolidation.
Associates – i. e. companies in which EVN AG can directly or indirectly exercise significant influence – are included at equity.
Subsidiaries, joint ventures and associates are not consolidated if their influence on EVN's asset, financial and earnings position is considered to be immaterial, either individually or in total. These companies are reported at cost less any necessary impairment losses. The materiality of an investment is assessed on the basis of the balance sheet total, the proportional share of equity, external revenue and annual profit or loss as reported in the last available financial statements in relation to the respective Group totals.
Intragroup receivables, liabilities, income and expenses as well as interim profits and losses are eliminated unless they are immaterial. The consolidation procedure for profit or loss includes the effects of income taxes as well as the recognition of deferred taxes.
4. Scope of consolidation
The scope of consolidation is determined in accordance with the requirements of IFRS 10. Accordingly, 31 domestic and 32 foreign subsidiaries (including the parent company EVN AG) were fully consolidated in the consolidated financial statements as of 30 September 2018 (previous year: 27 domestic and 36 foreign subsidiaries). A total of 21 subsidiaries (previous year: 19) were not consolidated due to their immaterial influence on EVN's asset, financial and earnings position, either individually or in total.
EVN AG is the sole limited partner of EVN KG and, as such, participates to 100.0% in the profit or loss of EVN KG. EnergieAllianz serves as the general partner of EVN KG, but does not hold an investment in this company. The agreements concluded between the EnergieAllianz shareholders for the management of EVN KG result in joint control. EVN KG is therefore classified as a joint venture in the sense of IFRS 11 and consolidated at equity. Contractual agreements also lead to the classification of the EnergieAllianz Group (EnergieAllianz and its subsidiaries) as a joint venture in the sense of IFRS 11; the group is therefore included in the consolidated financial statements at equity.
RBG, a fully consolidated company in which EVN AG has an unchanged interest of 50.03%, holds a 100.0% stake in RAG. RAG is consolidated at equity because contractual agreements prevent EVN from exercising control.
Bioenergie Steyr, in which EVN Wärme holds a stake of 51.0%, is included in EVN's consolidated financial statements at equity because contractual agreements exclude any possibility of control.
Verbund Innkraftwerke, Germany, in which EVN AG has an unchanged interest of 13.0%, is included at equity due to special contractual arrangements that allow for the exercise of significant influence.
The criteria for control defined by IFRS 10 are not considered to be met in companies with an investment of 50.00%. These companies are classified as joint ventures in the sense of IFRS 11 based on the respective contractual agreements and are therefore included in the consolidated financial statements at equity.
An overview of the companies included in the consolidated financial statements is provided under EVN's investments, starting on page 194. Notes 47. Non-controlling interests and 63. Disclosures of interests in other entities provide detailed information on the subsidiaries with major non-controlling interests as well as joint ventures and associates that are included in the consolidated financial statements.
The scope of consolidation (including EVN AG as the parent company) developed as follows during the reporting year:
| Changes in the scope of consolidation | Full consolidation | Line-by-line (joint operation) | Equity | Total |
|---|---|---|---|---|
| 30.09.2016 | 67 | 1 | 17 | 85 |
| Initial consolidation | 1 | – | – | 1 |
| Deconsolidation | –2 | – | – | –2 |
| Reorganisation1) | –3 | – | – | –3 |
| 30.09.2017 | 63 | 1 | 17 | 81 |
| Initial consolidation | – | – | 1 | 1 |
| Deconsolidation | – | – | –2 | –2 |
| 30.09.2018 | 63 | 1 | 16 | 80 |
| thereof foreign companies | 32 | 1 | 5 | 38 |
1) Internal reorganisation
WEEV Beteiligungs GmbH was restructured in 2016/17, whereby the Verbund shares held by WEEV were transferred to the parent companies, EVN and Wiener Stadtwerke, in June 2017. In October 2017, the WEEV stake held by Wiener Stadtwerke was transferred to EVN. WEEV is currently in liquidation and was deconsolidated during the first quarter of 2017/18 due to immateriality.
AUL Abfallumladelogistik Austria GmbH, Maria Enzersdorf, which was previously included in the consolidated financial statements at equity, was sold to ABW Abbruch-, Boden- und Wasserreinigungs- Gesellschaft mbH through a contract dated 20 February 2018 and subsequently deconsolidated.
Biowärme Amstetten-West GmbH, Amstetten, was previously not included in EVN's consolidated financial statements due to immateriality. In the fourth quarter of 2017/18, this company was initially included in the consolidated financial statements at equity.
5. Foreign currency translation
All Group companies record their foreign currency business transactions at the average exchange rate in effect on the date of the relevant transaction. Monetary assets and liabilities denominated in a foreign currency are translated at the average exchange rate on the balance sheet date. Any resulting foreign currency gains or losses are recognised in profit or loss.
In accordance with IAS 21, the annual financial statements of Group companies that are prepared in a foreign currency are translated into euros for inclusion in the consolidated financial statements. This translation is based on the functional currency method, under which the assets and liabilities of companies not reporting in euros are converted at the average exchange rate on the balance sheet date and any income and expenses are converted at the average annual rate. Unrealised currency translation differences from long-term Group loans are recorded under the currency translation reserve in equity without recognition in profit or loss. Currency translation differences directly recognised in equity resulted in an increase of EUR 2.1m in 2017/18 (previous year: EUR 0.9m) and include EUR –10.5m which were reclassified from other comprehensive income to the consolidated statement of operations.
Additions and disposals are reported at the applicable average exchange rates in all tables. Changes in the average exchange rates between the balance sheet date for the reporting year and the previous year as well as differences arising from the use of average exchange rates to translate changes during the financial year are reported separately under currency translation differences in all tables.
Goodwill resulting from the acquisition of foreign subsidiaries is recorded at the exchange rate in effect on the acquisition date. This goodwill is subsequently allocated to the acquired company and translated at the exchange rate in effect on the balance sheet date. When a foreign company is deconsolidated, any related currency differences are recognised in profit or loss.
The following key exchange rates were used for foreign currency translation:
| Foreign currency translation | 2017/18 | 2016/17 | ||
|---|---|---|---|---|
| Currency | Exchange rate on the balance sheet date |
Average1) | Exchange rate on the balance sheet date |
Average1) |
| Albanian lek | 126.29000 | 129.88692 | 133.50000 | 134.95000 |
| Bulgarian lev2) | 1.95583 | 1.95583 | 1.95583 | 1.95583 |
| Croatian kuna | 7.43460 | 7.44503 | 7.49500 | 7.46918 |
| Hungarian forint | 324.37000 | 316.56769 | 310.67000 | 308.96538 |
| Macedonian denar | 61.49380 | 61.51948 | 61.46800 | 61.59076 |
| Polish zloty | 4.27740 | 4.24698 | 4.30420 | 4.29246 |
| Russian rouble | 76.14220 | 71.88993 | 68.25190 | 66.16763 |
| Serbian denar | 118.41790 | 118.53138 | 119.36590 | 122.35314 |
| Czech koruna | 25.73100 | 25.63185 | 25.98100 | 26.68462 |
1) Average on the last day of each month
2) The exchange rate was determined by Bulgarian law.
Accounting policies
6. Intangible assets
Acquired intangible assets are recognised at acquisition cost less straight-line amortisation and any impairment losses, unless their useful life is classified as indefinite. Assets with a determinable limited useful life are amortised on the basis of that expected useful life, which equals three to eight years for software and three to 40 years for rights. Customer relationships capitalised in connection with a business acquisition, which have a determinable useful life because of potential market liberalisation, are amortised on a straight-line basis over five to 15 years. The expected useful lives and amortisation curves are determined by estimating the timing and distribution of cash inflows from the corresponding intangible assets over time. Intangible assets with an indefinite useful life are measured at cost and tested annually for impairment (see note 21. Procedures and effects of impairment tests).
Internally generated intangible assets must meet the requirements of IAS 38 in order to be capitalised. This standard distinguishes between research and development expenses.
Service concessions that meet the requirements of IFRIC 12 are classified as intangible assets. Expenses and income are recognised according to the percentage-of-completion-method at the fair value of the compensation received. The percentage of completion is assessed according to the cost-to-cost method. The requirements defined in IFRIC 12 are in particular currently met by the Ashta hydropower plant as well as the sewage treatment plant project in Zagreb, both of which are included at equity.
7. Property, plant and equipment
Property, plant and equipment are carried at acquisition or production cost less scheduled straight-line depreciation and any necessary impairment losses. The acquisition or production cost also includes the estimated expenses for demolition and disposal if there is an obligation to decommission or demolish the plant and equipment or to restore property at the end of the asset's useful life. The present value of the estimated demolition and/or disposal costs is capitalised along with the acquisition or production cost and also recognised as a liability (provision). Production costs for internally generated fixed assets include appropriate material and manufacturing overheads in addition to direct material and labour costs.
Ongoing maintenance and repairs to property, plant and equipment are recognised in profit or loss, provided this work does not change the nature of the asset or lead to additional future benefits. If these measures enhance the value of the respective asset, the related expenses must be capitalised retroactively as part of the acquisition or production cost.
If the construction of property, plant and equipment continues over an extended period of time, these items are classified as "qualifying assets". The borrowing costs incurred during the construction period are then capitalised as a part of the production cost in accordance with IAS 23. In keeping with EVN's accounting policies, a project gives rise to a qualifying asset only if construction takes at least twelve months.
Property, plant and equipment are depreciated from the time they are available for use. Depreciation for property, plant and equipment subject to wear and tear is calculated on a straight-line basis over the expected useful life of the relevant asset or its components. The expected economic and technical life is evaluated at each balance sheet date and adjusted if necessary.
Straight-line depreciation is based on the following useful lives, which are uniform throughout the Group:
| Expected useful life of property, plant and equipment | |
|---|---|
| Buildings | 10–50 |
| Transmission lines and pipelines | 15–50 |
| Machinery | 10–50 |
| Meters | 5–40 |
| Tools and equipment | 3–25 |
When property, plant and equipment are retired, the acquisition or production cost and accumulated depreciation are reported as a disposal. The difference between the net proceeds from the sale and the carrying amount are recognised in other operating income or expenses.
8. Investments in equity accounted investees
Investments in equity accounted investees are initially recognised at cost. In subsequent periods, the carrying amounts of these investments are adjusted by the share of profit or loss attributable to EVN, less any dividends received, and by EVN's share of other comprehensive income and any other changes in equity. Investments accounted for according to the equity method are tested for impairment in accordance with IAS 36 if there are any indications of a loss in value (see note 21. Procedures and effects of impairment tests).
The share of results from equity accounted investees with operational nature is reported as part of results from operating activities (EBIT). The share of results from equity accounted investees with financial nature is reported as part of financial results (see notes 29. Share of results from equity accounted investees with operational nature, 31. Financial results and 63. Disclosures of interests in other entities).
9. Financial instruments
A financial instrument is a contract that gives rise to a financial asset in one company and a financial liability or an equity instrument in another company.
Primary financial instruments
The following measurement categories are used by EVN:
- Available for sale financial assets ("AFS")
- Loans and receivables ("LAR")
- Financial assets designated at fair value through profit or loss and derivative financial instruments with a positive or negative fair value ("@FVTPL")
- Financial liabilities measured at amortised cost ("FLAC")
In accordance with the requirements of IFRS 7 for disclosures in the notes, the following table presents EVN's primary financial instruments by class together with the corresponding measurement categories:
| Classes and measurement categories of primary financial instruments | Measurement category |
|---|---|
| Non-current assets | |
| Other investments | |
| Miscellaneous investments | AFS |
| Other non-current assets | |
| Securities | @FVTPL |
| Loans receivable | LAR |
| Lease receivables | LAR |
| Receivables arising from derivative transactions | Hedge Accounting, @FVTPL |
| Current assets | |
| Current receivables and other current assets | |
| Trade and other receivables | LAR |
| Receivables arising from derivative transactions | Hedge Accounting, @FVTPL |
| Securities | AFS |
| Cash and cash equivalents | |
| Cash on hand and cash at banks | LAR |
| Non-current liabilities | |
| Non-current loans and borrowings | |
| Bonds | FLAC |
| Bank loans | FLAC |
| Other non-current liabilities | |
| Lease liabilities | FLAC |
| Accruals of financial transactions | FLAC |
| Other liabilities | FLAC |
| Liabilities arising from derivative transactions | Hedge Accounting, @FVTPL |
| Current liabilities | |
| Current loans and borrowings | FLAC |
| Trade payables | FLAC |
| Other current liabilities | |
| Other financial liabilities | FLAC |
| Liabilities arising from derivative transactions | Hedge Accounting, @FVTPL |
Primary financial instruments are recognised in the consolidated statement of financial position when EVN is contractually entitled to receive payment or other financial assets from another party. Purchases and sales at prevailing market conditions are reported as of the settlement date.
Primary financial instruments (with the exception of the financial assets designated @FVTPL) are initially recognised at fair value plus transaction costs. Subsequent measurement is based on the classification to the measurement categories listed above and the rules applicable to the individual categories. These rules are described in the notes to the individual items on the consolidated statement of financial position.
The securities reported under other non-current assets are measured @FVTPL because they are managed based on fair value. The net results of financial instruments recognised as @FVTPL include interest. Nonderivative financial assets that are not classified under loans and receivables or @FVTPL are assigned to the measurement category AFS.
All financial assets that fall under the scope of application of IAS 39, with the exception of financial assets designated at fair value in profit or loss, are tested for objective signs of impairment as of each balance sheet date. For financial assets, impairment is determined in accordance with the respective measurement category based on IAS 39 and recognised accordingly. For equity instruments assigned to the valuation category AFS, impairment losses are recognised when there is a significant or longer decline in fair value below the acquisition cost. EVN defines a significant or longer decline in fair value as a decline of more than 20% as of the valuation date or a permanent decline over a period of nine months.
Derivative financial instruments
The main instruments used by EVN to manage and limit existing exchange rate and interest rate risks in the financial sector are foreign currency and interest rate swaps. EVN uses swaps, futures and forwards to limit energy sector risks arising from changes in commodity and product prices as well as changes related to electricity transactions.
The forward and futures contracts concluded by EVN for the purchase or sale of electricity, natural gas and CO2 emission certificates serve to hedge the purchase prices for expected electricity and natural gas deliveries or CO2 emission certificates as well as the selling prices for planned electricity production. If physical delivery is based on the expected procurement, sale or usage requirements, the criteria for the so-called "own use exemption" under IAS 39 are met. The contracts are then not considered derivative financial instruments in terms of IAS 39, but represent pending purchase and sale transactions, which must be assessed for possible impending losses from pending transactions in accordance with IAS 37. If the requirements for the own use exemption are not met – for example, by transactions for shortterm optimisation – the contracts are recorded as derivatives in accordance with IAS 39.
Derivative financial instruments are recognised at fair value, which generally reflects the acquisition cost, when the respective contract is concluded and measured at fair value in subsequent periods. The fair value of derivative financial instruments is determined on the basis of quoted market prices, information provided by banks or discounting-based valuation methods whereby the counterparty risk is also included. Derivative financial instruments are reported as other (current or non-current) assets or other (current or non-current) liabilities.
The accounting treatment of the changes in the fair value of derivatives used for hedging purposes depends on the type of the hedging transaction.
Cash flow hedges are used to hedge interest rate risks arising from financial liabilities.
The effective portions of the gains and losses arising from the fair value measurement of derivative financial instruments classified as cash flow hedges according to IAS 39 are recorded as part of the valuation reserve under other comprehensive income without recognition in profit or loss, taking into account deferred tax liabilities/assets in accordance with IAS 39. The ineffective portion is immediately recognised in profit or loss. The cumulative amount recognised in equity remains in other comprehensive income and is transferred as a reclassification adjustment from equity to profit or loss in the same period or periods in which the hedged transaction actually affects profit or loss, or is no longer expected to occur. The maturity of the hedging instrument is coordinated with the occurrence of the future transaction.
Fair value hedges are used to hedge currency risks.
Derivative financial instruments classified as fair value hedges under IAS 39 serve to hedge recognised assets or liabilities against the risk of a change in fair value. For fair value hedges, the recognition in profit or loss includes the change in the fair value of the derivative as well as the contrasting change in the fair value of the underlying transaction, as far as it reflects the hedged risk. The related earnings are generally reported under the same position in the consolidated statement of operations as the underlying transaction. Changes in the value of the hedges are essentially offset by the changes in the value of the hedged transactions.
The derivatives used by EVN for hedging purposes constitute effective protection. The changes in the fair value of these derivatives are generally offset by compensating changes in the underlying transactions. The hedging relationship between underlying transaction and the hedging instrument as well as their effectiveness are analysed and documented when the relationship is established and subsequently at regular intervals.
10. Other investments
Other investments include shares in associated companies which are not included in the consolidated financial statements due to immateriality. These shares are recorded at cost less any necessary impairment losses. The remaining other investments are assigned to the valuation category AFS and are recognised at fair value in the consolidated statement of financial position. If fair value cannot be reliably determined, these investments are included at cost less any necessary impairment losses. Fair value is determined on the basis of share prices wherever possible. Unrealised profits or losses are recognised in other comprehensive income. An impairment loss (see note 9. Financial instruments) is recognised in profit or loss. When financial assets are sold, the unrealised profits or losses previously recognised in other comprehensive income are transferred to profit or loss.
11. Other non-current assets
Securities recorded under other non-current assets are initially recognised as @FVTPL. These assets are recorded at fair value as of the acquisition date and subsequently measured at fair value as of the balance sheet date. Changes in fair value are recognised in the consolidated statement of operations.
Loans receivable are classified as LAR, whereby the carrying amount on the acquisition date corresponds to the fair value. These loans are subsequently measured at amortised cost in keeping with the effective interest rate method and also reflect any necessary impairment losses.
Lease receivables arise from the international project business in the Environment Segment. They are classified as finance leases according to IAS 17 in conjunction with IFRIC 4.
Receivables arising from derivative transactions are recognised at their fair values. Gains and losses arising from changes in the fair value of derivative financial instruments are either recognised in profit or loss in the consolidated statement of operations or in other comprehensive income (see note 9. Financial instruments).
The measurement of non-current primary energy reserves and miscellaneous other non-current assets is based on acquisition or production cost or the lower net realisable value on the balance sheet date.
12. Inventories
The measurement of inventories is based on acquisition or production cost or the lower net realisable value as of the balance sheet date. For marketable inventories, these values are derived from the current market price. For other inventories, these figures are based on the expected proceeds less future production costs. Risks arising from the length of storage or reduced marketability are reflected in experience-based reductions. The moving average price method is used to determine the consumption of primary energy inventories as well as raw materials, auxiliary materials and fuels.
13. Trade and other receivables
Current receivables are generally reported at amortised cost, which equals the acquisition cost less impairment losses for the components of the receivables that are expected to be uncollectible. Potentially impaired receivables are grouped together on the basis of comparable default risk (especially the time outstanding) and tested together for impairment; any necessary impairment losses are then recognised. The impairment losses, which are recognised in the form of individual bad debt allowances by way of adjustment accounts, are sufficient to reflect the expected default risks. Specific default incidents result in derecognition of the related receivable.
Amortised costs, less any applicable impairment losses, can be considered appropriate estimates of the current value because the remaining term to maturity is generally less than one year.
Exceptions to the above procedure are receivables arising from derivative transactions which are recognised at fair value, and foreign currency items, which are measured at the exchange rates in effect on the balance sheet date.
14. Securities
Current securities are classified as AFS and measured at their fair value. Changes in fair value are recorded under other comprehensive income. When the securities are sold, these gains or losses are transferred to profit or loss.
15. Cash and cash equivalents
Cash and cash equivalents include cash on hand and demand deposits. Cash balances in foreign currencies are translated at the exchange rate in effect on the balance sheet date.
16. Equity
In contrast to borrowings, equity is defined by the IFRS framework as the "residual interest in the assets of an entity after deducting all of its liabilities". Equity is thus the residual value of a company's assets and liabilities.
Treasury shares held by EVN are not recognised as securities pursuant to IAS 32, but are instead reported at their (repurchase) acquisition cost and offset against equity. Any profit or loss resulting from the resale of treasury shares relative to the acquisition cost increases or decreases capital reserves.
The items recorded under other comprehensive income include certain changes in equity that are not recognised through profit or loss as well as the related deferred taxes. For example, this position contains the currency translation reserve, unrealised gains or losses from the fair value measurement of other investments (available for sale financial instruments), the effective portion of changes in the fair value of cash flow hedges as well as all remeasurements according to IAS 19. This item also includes the proportional share of gains and losses recognised directly in equity accounted investees.
17. Provisions
Personnel provision
The projected unit credit method is used to determine the provisions for pensions and similar obligations as well as severance payments. The expected pension payments are distributed according to the number of years of service by employees until retirement, taking expected future increases in salaries and pensions into account.
The amounts of the provisions are determined by an actuary as of each balance sheet date based on an expert opinion. The measurement principles are described in note 50. Non-current provisions. All remeasurements – at EVN, only gains and losses from changes in actuarial assumptions – are recognised under other comprehensive income in accordance with IAS 19.
The calculation of the provisions for pensions in 2017/18 was based on the Austrian mortality tables "AVÖ 2018-P – Rechnungsgrundlagen für die Pensionsversicherung", which were issued by the Actuarial Association Austria (AVÖ) on 15 August 2018. In addition to revised indicators for expected mortality, these tables also include new parameters for the probability of invalidity and marriage. The resulting changes were recorded under other comprehensive income.
The applied interest rate is based on the market yields for first-class, fixed-interest industrial bonds as of the balance sheet date, whereby the timing of the benefits was taken into account.
The service cost added to the provision is reported under personnel expenses, while the interest component of the addition is included under financial results.
Provisions for pensions and similar obligations
Under the terms of a company agreement, EVN AG is required to pay a supplementary pension on retirement to employees who joined the company prior to 31 December 1989. This commitment also applies to employees who, within the context of the legal unbundling agreement for the spin-off of the electricity and natural gas networks, are now employed by Netz NÖ. The amount of this supplementary pension is based on performance as well as on the length of service and the amount of remuneration at retirement. EVN, in any case, and the employees, as a rule, also make contributions to the umbrella pension fund VBV Pensionskasse AG (VBV) and the resulting claims are fully credited toward pension payments. Therefore, EVN's obligations toward both retired employees and prospective beneficiaries are covered in part by provisions for pensions as well as by defined contribution payments on the part of VBV.
For employees who joined the company after 1 January 1990, the supplementary company pension has been replaced by a defined contribution plan that is financed through VBV. VBV is responsible for the investment of the pension plan assets. Pension commitments were also made to certain employees, which require EVN to pay retirement benefits under certain conditions.
Provisions for obligations similar to pensions were recognised for liabilities arising from the vested claims of current employees and the current claims of retired personnel and their dependents to receive benefits in kind in the form of electricity and natural gas.
Provision for severance payments
Austrian corporations are required by law to make one-off severance payments to employees whose employment began before 1 January 2003 if they are dismissed, in case of dissolution of the employment relationship by mutual consent or when they reach the legal retirement age. The amount of such payments is based on the number of years of service and the amount of the respective employee's remuneration at the time the severance payment is made.
Employees in Bulgaria and Macedonia are entitled to severance payments on retirement, which are based on the number of years of service. With regard to severance compensation entitlements, the other EVN employees are covered by similar social protection measures contingent on the legal, economic and tax framework of the country in which they work.
The obligation to make one-off severance payments to employees of Austrian companies whose employment commenced after 31 December 2002 has been transferred to a defined contribution plan. The payments to this external employee fund are reported under personnel expenses.
Other provisions
The other provisions reflect all recognisable legal or factual commitments to third parties based on past events, where the amount of the commitments and/or the precise starting point was still uncertain. In these cases, a reliable estimate of the amount of the obligation is required. If a reliable estimate is not possible, a provision is not recognised. These provisions are recognised at the discounted settlement amount. They are measured based on the expected value or the amount most likely to be incurred.
Risk-free, pre-tax interest rates are used for the discount rates. The risks and uncertainties related to the expected expenditures are included in the estimates for the future cash flows.
The provisions for service anniversary bonuses required by collective wage and company agreements are measured using the same parameters as the provisions for pensions and similar obligations. A new regulation in the collective agreement for salaried employees of utility companies entitles salaried employees whose employment relationship began after 31 December 2009 to a service anniversary bonus equalling one month's salary after 15, 20, 25, 30 and 35 years and to one-half month's salary after 40 years. All remeasurements – at EVN, only gains and losses from changes in actuarial assumptions – involving service anniversary bonuses are recognised through profit or loss in accordance with IAS 19. The service cost added to the provision is reported under personnel expenses, while the interest component of the addition is included under financial results.
Waste disposal and land restoration requirements resulting from legal and perceived commitments are recorded at the present value of the expected future costs. Changes in the estimated costs or the interest rate are offset against the carrying amount of the underlying asset. If the decrease in a provision exceeds the carrying amount of the asset, the difference is recognised through profit or loss. The related depreciation is corrected in accordance with the residual carrying amount and depreciated over the remaining useful life. If the asset has reached the end of its useful life, all subsequent changes to the provisions are recognised in profit or loss.
Provisions for onerous contracts are recognised at the amount of the unavoidable outflow of resources. This represents the lower of the amount that would result from performance of the contract and any compensatory payments to be made in the event of non-performance.
18. Liabilities
Liabilities are reported at amortised cost, with the exception of liabilities arising from derivative financial instruments or liabilities arising from hedge accounting (see note 9. Financial instruments). Costs for the procurement of funds are considered part of amortised cost. Non-current liabilities are discounted by applying the effective interest method.
With respect to financial liabilities, bullet loans and borrowings with a remaining term to maturity of over one year are classified as noncurrent and items with a remaining term to maturity of less than one year are reported under current loans and borrowings (for information on maturities see note 48. Non-current loans and borrowings).
If the fulfilment of a liability is expected within twelve months after balance sheet date, the liability is classified as current.
Deferred income from network subsidies does not reduce the acquisition or production cost of the corresponding assets. They are therefore reported as liabilities in the consolidated statement of financial position in analogous application of IAS 20.
Network subsidies – which constitute payments made by customers to cover previous investments by EVN in the upstream network – represent an offset to the acquisition cost of these assets. In the electricity and natural gas network business, they are related to supply obligations by EVN. The granting of investment subsidies generally requires an operational management structure that complies with legal requirements and has been approved by the authorities. Network and investment subsidies are released on a straight-line basis over the average useful life of the respective assets.
19. Revenue recognition
Realisation of revenue (in general)
Revenues from the end customer business are determined as of the balance sheet date in part based on statistical procedures used in the billing systems and accrued in line with the quantities of energy and water supplied during the reporting period. Revenues are recognised when EVN has provided a billable service to the customer.
Interest income is reported pro rata temporis using the effective interest rate applicable to the particular asset. Dividends are recognised when a legal entitlement to payment arises.
IFRIC 18 regulates the accounting treatment for business transactions in which a company receives an asset or cash from its customers, which is then used to acquire or construct an asset to provide the customer with access to a network or with an ongoing supply of goods or services. The network subsidies received by EVN fall in part under the scope of application of IFRIC 18. Network subsidies in the electricity and natural gas network business are related to EVN's supply obligations. They are accrued as liabilities and released on a straightline basis over the useful life of the related property, plant and equipment. The reversals of deferred income from the received network subsidies are reported under other operating income.
Contract manufacturing
Receivables from the project business (in particular, PPP projects – Public Private Partnership) and the related revenue are accounted for by applying the percentage of completion (PoC) method. Projects are subject to individual contract terms that specify fixed prices. The percentage of completion is determined using the cost-to-cost method. This entails recognising revenue and profits at the ratio of the costs actually incurred to the estimated total costs for the project. Reliable estimates of the total costs, selling prices and actual costs incurred are available. Changes in the estimated contract costs and any related losses are recognised in profit or loss as incurred. The technological and financial risks that might occur during the remaining project period are estimated for each project, and a corresponding contingency fee is included in the estimated contract costs. Impending losses on the valuation of projects not yet invoiced are expensed as incurred. Impending losses are recognised when it is probable that the total contract costs will exceed the contract revenues.
20. Income taxes and deferred taxes
The income tax expense reported in the consolidated statement of operations comprises the current income tax expense for fully consolidated companies, which is based on their taxable income and the applicable income tax rate, as well as the change in deferred tax assets and deferred tax liabilities.
| Corporate income tax rates | ||
|---|---|---|
| % | 2017/18 | 2016/17 |
| Country of residence | ||
| Austria | 25.0 | 25.0 |
| Albania | 15.0 | 15.0 |
| Bulgaria | 10.0 | 10.0 |
| Germany – Environment | 30.3 | 30.3 |
| Germany – Generation | 34.0 | 32.4 |
| Estonia1) | 20.0 | 20.0 |
| Croatia | 18.0 | 18.0 |
| Lithuania | 20.0 | 15.0 |
| Macedonia | 10.0 | 10.0 |
| Montenegro | 9.0 | 9.0 |
| Poland | 19.0 | 19.0 |
| Romania | 16.0 | 16.0 |
| Russia | 20.0 | 20.0 |
| Serbia | 15.0 | 15.0 |
| Slovenia | 19.0 | 19.0 |
| Czech Republic | 19.0 | 19.0 |
| Cyprus | 12.5 | 12.5 |
The following income tax rates were applied in calculating current income taxes:
1) Taxes on corporate profits are levied when dividends are paid to the shareholders. Retained earnings are not taxed.
EVN utilised the corporate tax group option through the formation of one such tax group as of 30 September 2018 (previous year: one). NÖ Landes-Beteiligungsholding GmbH, St. Pölten, serves as the head of this group, which includes EVN AG as a member. A group and tax settlement contract was concluded for this purpose. EVN also has the right to designate other corporate entities as members of this tax group.
The taxable profit of the companies belonging to this group is attributable to EVN AG, which calculates combined results based on the attributed taxable profit. The contract calls for the payment of a positive tax charge, which is based on the stand-alone method, when the aggregated results are positive. If the aggregated results are negative, the tax losses are kept on record and offset against future positive results. The related disclosures are reported under income taxes. The transfer of losses from foreign subsidiaries within group taxation leads to the recognition of a liability equal to the nominal amount of the future corporate income tax obligation.
As an offset for the transferred taxable results, the tax group contracts include a tax charge that is based on the stand-alone method. Transferred tax losses are kept on record as internal loss carryforwards for the respective tax group members and offset against future positive earnings. Exceptions to this procedure are the contracts concluded with the group members WEEV Beteiligungs GmbH in liquidation and Burgenland Holding, which call for a negative tax charge for these two companies if their taxable results are negative and the group's total results are positive. In other cases, the loss is recorded as an internal loss carryforward and refunded in later years in the form of a negative tax charge as soon as it is covered by positive earnings.
Future changes in the tax rate are taken into account if the relevant law has been enacted by the time the consolidated financial statements are prepared.
Deferred taxes are calculated according to the liability method at the tax rate expected when short-term differences are reversed. Deferred tax assets and deferred tax liabilities are calculated and recognised for all temporary differences (i. e. the differences between the carrying amounts in the consolidated financial statements and the annual financial statements prepared for tax purposes that will balance out in the future).
Deferred tax assets are recognised only if it is probable that there will be sufficient taxable income or taxable temporary differences to utilise these items. Tax loss carryforwards are recognised as deferred tax assets. Deferred tax assets and deferred tax liabilities are presented as a net amount in the consolidated financial statements if there is a legal right and intention to offset these items.
21. Procedures and effects of impairment tests
EVN carries out its impairment tests in accordance with the rules defined by IAS 36. Property, plant and equipment and intangible assets, including goodwill, are tested for impairment when there are internal or external indications of a loss in value. Intangible assets with an indefinite useful life and goodwill are tested at least once each year for signs of impairment.
The impairment testing of goodwill and assets for which no expected future cash flows can be identified is based on an assessment of the respective cash-generating unit (CGU). The decisive criterion used by EVN to classify a generation unit as a CGU is the technical and commercial ability to generate independent revenue. In the EVN Group, this definition applies to the electricity and heat generation plants, electricity, natural gas and water distribution systems, wind parks, electricity procurement rights, telecommunications networks and facilities in the environmental services business.
The value in use is calculated in accordance with the rules defined by IAS 36. Due to the long-term nature of investments in generation equipment, EVN uses cash flow forecasts that reflect the economic useful life of the equipment. The impairment testing of hydropower plants generally assumes the renewal of the concession and, consequently, perpetual operation at the respective location. For generation equipment, the detailed planning period of four years is followed by a general planning period up to the end of the asset's economic useful life. However, this general planning period is limited to the availability of external forecasts for electricity prices (currently 2040).
The fair value less costs of disposal is basically calculated in accordance with the fair value measurement hierarchy defined in IFRS 13. Since it is generally not possible to derive market values for the CGUs and assets of EVN under evaluation, the fair value is estimated in accordance with level 3 in the fair value hierarchy. The fair value less costs of disposal for a CGU is calculated with a WACC-based discounted cash flow method, which is conceptually similar to the value in use procedure, but includes adjustments to the parameters in the DCF model to reflect the market participant's viewpoint.
The calculation of the fair value less disposal costs and the value in use is based on the future cash inflows and outflows which are basically derived from internal medium-term forecasts. The cash flow forecasts are based on the latest financial plans approved by management. The assumptions for the future development of electricity prices are derived from the quotations on the futures market of the European Energy Exchange AG, Leipzig. For the period extending beyond this time, an average is developed (50:50) from the forecasts issued by two well-known information service providers in the energy sector. This average is intended to present a balanced picture of the future development of electricity prices. Valuation is based on the low case price forecasts by the two information service providers, and therefore fully reflects the risks that could influence electricity prices in the future.
A weighted average cost of capital which includes the deduction of income tax (WACC) is used as the discount rate. The equity component of the WACC reflects the risk-free interest rate, a country-specific premium plus a risk premium that incorporates the market risk and an appropriate beta coefficient based on peer group capital market indicators. The debt component of the WACC equals the basis interest rate plus a country-specific premium and a risk premium that reflects EVN's rating. The equity and debt components are weighted according to a capital structure that is appropriate for the CGU based on peer group data at market values. The resulting WACC is used to discount the cash flows in the respective CGU.
For the purpose of estimating the recoverable amount, EVN initially assesses the value in use. In cases where this amount is lower than the carrying amount of the asset, or the CGU, the fair value less costs of disposal is calculated if necessary.
22. Accounting estimates and forward-looking statements
The preparation of the consolidated financial statements in accordance with generally accepted IFRS accounting methods requires estimates and assumptions that have an effect on the assets, liabilities, income and expenses reported in the consolidated financial statements and on the amounts shown in the notes. The actual values may differ from these estimates. The assumptions and estimates are reviewed on a regular basis.
In particular, the following assumptions and estimates can lead to significant adjustments in the carrying amounts of individual assets and liabilities in future reporting periods.
Impairment tests require estimates, especially for future cash surpluses. A change in the general economic, industry or company environment may reduce cash surpluses and therefore lead to signs of impairment. The weighted average cost of capital (WACC) is used to determine the recoverable amounts based on capital market methods. The WACC represents the weighted average interest paid by a company for equity and debt. The weighting applied to the interest on the equity and debt components – which reflects a capital structure at market values – was derived from an appropriate peer group. Given the current volatility on the financial markets, the development of the cost of capital (and above all the country risk premiums) is monitored on a regular basis (see note 21. Procedures and effects of impairment tests).
For the valuation of the generation portfolio, the price structure beginning with the fifth year (when predictable market prices are no longer available on the electricity exchanges) was based on average forecasts from two well-known market research institutes and information service providers in the energy sector. The most recent studies, which are updated annually due to the current volatility on the electricity markets, were used in each case. The following notes show the sensitivity of these assumptions for the largest CGU's, based on the carrying amount, where a triggering event was identified and for which an impairment loss or reversal was recognised in the financial statements: 34. Intangible assets, 7. Property, plant and equipment and 36. Investments in equity accounted investees.
The most important premises and judgmental decisions used to determine the scope of consolidation are described under note 4. Scope of consolidation.
The legal dispute between EVN Bulgaria and the state-owned Bulgarian electricity company NEK over disputed offsets was concluded through an out-of-court settlement on 13 February 2017. This settlement covers, in particular, payment for the outstanding portion of expenses incurred from 1 July 2012 to 31 July 2013 and financed in advance by EVN Bulgaria for the additional costs of renewable electricity and default interest, which will now be reimbursed by NEK to EVN Bulgaria. The settlement was carried out through the mutually agreed offset of the designated receivables held by EVN Bulgaria with receivables held by NEK from energy deliveries. Furthermore, the administrative proceedings initiated by the Bulgarian State Energy and Water Regulatory Commission in March 2014 to revoke EVN Bulgaria's license due to the above-mentioned offset of receivables were formally terminated by a decision on 4 August 2017. The arbitration proceedings initiated by EVN in July 2013 against the Republic of Bulgaria are still pending at the World Bank's International Centre for the Settlement of Investment Disputes (ICSID). The outcome of these proceedings could lead to valuation adjustments in future reporting periods.
In Moscow, the anti-monopoly commission (FAS) issued a legally binding directive that declared a 1 June 2010 decision by the Moscow city government to be in violation of competitive law. The original decision by the city government transferred the thermal waste utilisation plant project no. 1 (MPZ1) to the investor EVN and also required and authorised an increase in the capacity to 700,000 tonnes per year. The proceedings initiated by EVN against the government measures were unsuccessful. On the grounds of the government measures to annul the investment agreement, the project corporation for the implementation of the project of MPZ1 filed a request for arbitration as of 27 April 2016 with the London Court of International Arbitration against the corporation Tabrin OÜ (now Veealliance) with corporate seat in Tallinn, Estonia, and as of 11 October 2016 filed an action for repayment of payments made for obtaining rights from the investment agreement with the city of Moscow. In a judgment issued on 26 January 2018, the Court of Arbitration rejected the action in principal claim. The parties did not agree on a second instance to review the arbitration decision. This decision had no further effects on the financial statements because the leasing receivable had been adjusted by an impairment loss in 2013/14.
The project company Steag-EVN Walsum 10 Kraftwerksgesellschaft mbH (SEK), in which EVN holds an investment of 49.0%, filed an arbitration claim against the general contractor consortium, Hitachi Ltd and Hitachi Power Europe GmbH, on 17 December 2013 and a lawsuit against an insurance company on 10 December 2013. The claims are based on damages incurred by the project company due to the delayed completion of the Walsum 10 power plant. They cover lump-sum compensation for the delay, delay-related added costs, prefinanced repair costs and damages arising from the inability to receive allocations of CO2 emission certificates as well as claims against an insurance company. The Hitachi consortium filed claims against the project company in a countersuit. An arbitration decision announced by the ICC on 23 November 2016 awarded SEK compensation of approximately EUR 200m for claims. The counterclaims filed by Hitachi were rejected. In a now related lawsuit the insurer demanded repayment of already made advance payments. In the legal proceedings against the insurance company, a partial judgment on the underlying basis for the claim and a partial final judgment were issued in favour of the project company on 1 July 2015, which state that the facts of the case indicate the insurance company is required to pay compensation for the damage to the power plant in April 2011. Both the insurance company and the project company (here with regard to the acceptance of attorneys' costs) have filed appeals against these decisions. A commercial agreement has since been reached between SEK and the insurer, which requires the insurer to pay SEK compensation of EUR 60m for the two boiler damage incidents. Moreover, SEK and the insurer will withdraw their reciprocal lawsuits. Statistics from the power plant's first operating period pointed to higher specific heat consumption, and therefore lower effectiveness, than promised by the general contractor. A control measurement confirmed this conclusion. On 16 September 2015 another arbitration claim was filed against the general contractor consortium comprising Hitachi Ltd and Hitachi Power Europe GmbH. On 4 July 2018, SEK and the Hitachi consortium reached a settlement which finally terminated these second arbitration proceedings and one remaining open point from the first arbitration proceedings (see note 35. Property, plant and equipment).
EVN holds rights for Wien Energie to purchase electricity from SEK through a contract concluded in 2007 and charges fees for the delivery of this electricity. The end price includes a so-called "performance price 1", which is based primarily on the (not yet finally determined) investment costs for the Walsum 10 power plant. Wien Energie filed an arbitration action suit against EVN on 24 May 2017 with the permanent arbitration court of the Vienna Chamber of Commerce to obtain a detailed breakdown of this "performance price 1". Wien Energie has also issued numerous instructions to EVN concerning the procedures related to SEK, in particular with regard to the enforcement of a financial clause. On 25 September 2017 EVN filed a counterclaim with the permanent arbitration court of the Vienna Chamber of Commerce, requesting a decision that Wien Energie is not entitled to issue these types of instructions. The proceedings are pending. The outcome of these proceedings could lead to valuation adjustments in future reporting periods.
EVN and Verbund Thermal Power operated the Dürnrohr power plant based on a contract dated 28 April 1980 and 16 April 1980, whereby one of the two blocks was assigned to each of the contract partners for management and operation. In December 2014 Verbund Thermal Power terminated the existing management contract as of 30 June 2015 and, in April 2015, stated its intention to permanently shut down its block at the joint Dürnrohr power plant. This decision subsequently led to an increase in maintenance and operating costs for EVN. EVN takes the view that this cancellation is legally invalid because the existing contract was concluded for the technical service life of the equipment in the Dürnrohr power plant and therefore remains unchanged and in force. The company filed an action for a declaratory judgment with the Commercial Court in Vienna which was subsequently terminated by an out-of-court settlement on 29 June 2018.
The valuation of the provisions for pensions, similar obligations and severance payments are based on assumptions for the discount rate, retirement age and life expectancy as well as pension and salary increases. The adjustment of these parameters in future periods can lead to valuation adjustments. Moreover, future changes in electricity and natural gas tariffs can lead to valuation adjustments in the pensionrelated obligations (see note 50. Non-current provisions).
Assumptions and estimates are also required to determine the useful life of non-current assets (see notes 6. Intangible assets and 7. Property, plant and equipment) and the provisions for legal proceedings and environmental protection (see note 17. Provisions) as well as estimates for other obligations and risks (see note 64. Other obligations and risks). In addition, it is necessary to make assumptions and estimates for the valuation of receivables and inventories (see notes 12. Inventories and 13. Trade and other receivables) and for the recognition of revenue (see note 19. Revenue recognition). These estimates are based on historical data and other assumptions considered appropriate under the given circumstances.
23. Principles of segment reporting
The identification of operating segments is based on the internal organisational and reporting structure and information prepared for internal management decisions (the "management approach"). The Executive Board of the EVN Group (the chief operating decision-maker as defined in IFRS 8) reviews internal management reports on each operating segment at least once each quarter. EVN has defined the following operating segments: Generation, Energy, Networks, South East Europe, Environment and All Other Segments. This conforms in full to the internal reporting structure. The assessment of all segment information is consistent with IFRS. EBITDA is used as an indicator to measure the earning power of the individual segments. For each segment, EBITDA represents the total net operating profit or loss before interest, taxes, amortisation of intangible assets and depreciation of property, plant and equipment for the companies included in the segment, taking intragroup income and expenses into account (see note 58. Notes to segment reporting).
Notes to the consolidated statement of operations
24. Revenue
External revenue recorded by the individual business segments developed as follows:
| Revenue | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Generation | 69.8 | 53.7 |
| Energy | 459.3 | 512.0 |
| Networks | 489.6 | 497.9 |
| South East Europe | 902.0 | 957.5 |
| Environment | 136.9 | 181.0 |
| All Other Segments | 15.0 | 13.4 |
| Total | 2,072.6 | 2,215.6 |
25. Other operating income
| Other operating income | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Income from the reversal of deferred income from network subsidies | 47.9 | 45.4 |
| Own work capitalised | 20.8 | 20.7 |
| Change in work in progress | 8.5 | –3.3 |
| Interest on late payments | 7.5 | 17.6 |
| Rental income | 3.4 | 2.2 |
| Insurance compensation | 3.2 | 5.8 |
| Income from the disposal of intangible assets and property, plant and equipment | 0.7 | –1.6 |
| Miscellaneous other operating income | 13.1 | 15.2 |
| Total | 105.0 | 101.9 |
The decrease in the interest on late payments is attributable to the agreement reached in February 2017 between the supply company EVN Bulgaria EC and the state-owned Bulgarian electricity company NEK over the pre-financed, additional costs of renewable electricity and the related award of default interest.
Miscellaneous other operating income consists, above all, of bonuses, subsidies and services that are not related to business activities.
26. Cost of materials and services
| Cost of materials and services | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Electricity purchases from third parties and primary energy expenses | 961.3 | 989.0 |
| Third-party services and other materials and services | 275.1 | 313.7 |
| Total | 1,236.4 | 1,302.6 |
The expenses for electricity purchase from third parties and primary energy carriers consist primarily of the costs for electricity, natural gas, hard coal and biomass. Also included here are costs of EUR 20.5m (previous year: EUR 15.3m) for the purchase of additional CO2 emission certificates during the reporting period due to the insufficient allocation of free certificates.
Third-party services and other materials and services were related primarily to the project business in the Environment Segment as well as services for the operation and maintenance of plants. This position also includes costs directly attributable to the required services.
27. Personnel expenses
| Personnel expenses | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Salaries and wages | 250.0 | 241.5 |
| Severance payments | 4.5 | 6.3 |
| Pension costs | 6.7 | 10.1 |
| Compulsory social security contributions and | ||
| payroll-related taxes | 53.3 | 52.1 |
| Other employee-related expenses | 7.2 | 6.8 |
| Total | 321.7 | 316.8 |
Personnel expenses included contributions of EUR 6.6m (previous year: EUR 9.9m) to VBV Pensionskasse as well as contributions of EUR 1.1m (previous year: EUR 1.0m) to employee pension funds. The decline in the contributions to VBV Pensionskasse resulted from a non-recurring payment of EUR 3.8m in 2016/17, which was related to the sale of EVN Pensionskasse. The Austrian Pension Adjustment Act of 2018, Federal Gazette no. 2017/151, and the related provisions of § 711 of the Austrian Act on General Social Security resulted in lower pension adjustments compared with previous years. This, in turn, reduced pension costs by EUR 2.8m.
The average number of employees was as follows:
| Employees by segment1) | 2017/18 | 2016/17 |
|---|---|---|
| Generation | 250 | 135 |
| Networks | 1,232 | 1,218 |
| Energy | 307 | 305 |
| South East Europe | 4,121 | 4,161 |
| Environment | 384 | 501 |
| All Other Segments | 536 | 521 |
| Total | 6,831 | 6,840 |
1) Average for the year
The average number of employees comprised 97.3% salaried and 2.7% wage employees (previous year: 97.3% salaried and 2.7% wage employees), whereby no distinction is made between salaried and wage employees in Bulgaria and Macedonia. Wage employees are therefore counted together with salaried employees in these countries.
28. Other operating expenses
| Other operating expenses | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Business operation taxes and duties | 18.1 | 18.0 |
| Write-off of receivables | 17.6 | 23.1 |
| Legal and consulting fees, expenses related to process risks | 13.3 | 18.3 |
| Advertising expenses | 13.0 | 11.8 |
| Transportation and travelling expenses, automobile expenses | 12.2 | 11.2 |
| Insurance | 9.9 | 9.4 |
| Maintenance | 9.2 | 7.0 |
| Telecommunications and postage | 9.0 | 9.6 |
| Rents | 7.3 | 6.7 |
| Employee training | 2.3 | 2.0 |
| Miscellaneous other operating expenses | 23.8 | 22.1 |
| Total | 135.7 | 139.0 |
The position legal and consulting fees, expenses related to process risks also contains changes in the provision for process costs and risks. Rents also include the changes in the provisions for network access fees in Bulgaria.
Miscellaneous other operating expenses include environmental protection expenses, fees for monetary transactions, licenses, membership fees and administrative and office expenses.
29. Share of results from equity accounted investees with operational nature
| Share of results from equity accounted investees with operational nature | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| EVN KG | 114.3 | 96.1 |
| RAG | 39.8 | 43.4 |
| Energie Burgenland | 11.6 | 17.0 |
| ZOV; ZOV UIP | 10.1 | 12.5 |
| Verbund Innkraftwerke | 6.3 | –11.4 |
| Other companies | 5.8 | 5.0 |
| Total | 188.0 | 162.6 |
The share of results from equity accounted investees with operational nature (see note 63. Disclosures of interests in other entities) is reported as part of the results from operating activities (EBIT).
The share of results from equity accounted investees with operational nature consists primarily of earnings contributions, impairment losses recognised to assets capitalised in connection with acquisitions and other necessary impairment losses and write-ups (see note 36. Investments in equity accounted investees).
The increase in the share of results from equity accounted investees with operational nature is attributable primarily to EVN KG and Verbund Innkraftwerke.
The year-on-year increase in the earnings contribution from EVN KG is based on positive earnings effects in connection with hedges concluded for risk management.
The positive earnings contribution from Verbund Innkraftwerke resulted, among others, from an improvement in the forward quotations for electricity which led to a write-up of EUR 2.5m. In the previous year, a decline in the estimates for the long-term development of electricity prices led to the recognition of an impairment loss totalling EUR 13.1m (see note 36. Investments in equity accounted investees).
The unrecognised cumulative losses for Ashta totalled EUR 5.6m (previous year: losses of EUR 5.4m).
30. Depreciation and amortisation and effects from impairment tests
The procedure used for impairment testing is described as part of the disclosures on accounting policies under 21. Procedures and effects of impairment tests.
| Depreciation and amortisation and effects from impairment tests by items of the consolidated statement of financial position |
|||
|---|---|---|---|
| EURm | 2017/18 | 2016/17 | |
| Intangible assets | 13.3 | 59.5 | |
| Property, plant and equipment | 291.8 | 316.7 | |
| Write-up of intangible assets | –10.3 | – | |
| Write-up of property, plant and equipment | –16.0 | –1.4 | |
| Total | 278.9 | 374.8 |
| Depreciation and amortisation and effects from impairment tests | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Scheduled depreciation and amortisation | 258.3 | 262.3 |
| Effects from impairment tests (impairment)1) | 46.9 | 113.9 |
| Effects from impairment tests (reversal of impairment)1) | –26.3 | –1.4 |
| Total | 278.9 | 374.8 |
1) For details, see notes 34. Intangible assets and 35. Property, plant and equipment
31. Financial results
| Financial results | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Income from investments | ||
| WEEV Beteiligungs GmbH | – | 12,1 |
| Other companies | 0.1 | 0.0*) |
| Share of results from equity accounted investees with financial nature | 0.1 | 12.2 |
| Dividend payments | 21.1 | 19.0 |
| thereof Verbund AG | 18.4 | 11.6 |
| thereof other companies | 2.7 | 7.3 |
| Write-down/Disposals | –1.0 | –0.1 |
| Results from other investments | 20.1 | 18.8 |
| Total income from investments | 20.2 | 31.0 |
| Interest results | ||
| Interest income on financial assets | 6.5 | 8.8 |
| Other interest income | 4.2 | 10.7 |
| Total interest income | 10.7 | 19.5 |
| Interest expense on financial liabilities | –43.8 | –54.6 |
| Interest expense personnel provisions | –7.2 | –5.9 |
| Other interest expense | –3.0 | –4.9 |
| Total interest expense | –54.0 | –65.4 |
| Total interest results | –43.3 | –45.9 |
| Other financial results | ||
| Results from changes in exchange rates and the disposal of non-current financial assets | –1.8 | –1.5 |
| Results from changes in exchange rates and the disposal of current financial assets | –0.0*) | –0.0*) |
| Currency gains/losses | –10.5 | 0.0*) |
| Other financial results | –1.8 | –5.0 |
| Total other financial results | –14.0 | –6.5 |
| Financial results | –37.2 | –21.4 |
*) Small amount
The share of results from equity accounted investees with financial nature (see note 63. Disclosures of interests in other entities) is reported as part of financial results.
WEEV Beteiligungs GmbH was founded together with the syndicate partner Wiener Stadtwerke Holding AG to participate in the capital increase by Verbund AG and was initially included in EVN's consolidated financial statements at equity during the 2010/11 financial year. WEEV was restructured in 2016/17, and its investment in Verbund was transferred to the parent companies EVN and Wiener Stadtwerke in June 2017. In October 2017, the WEEV stake held by Wiener Stadtwerke was transferred to EVN. WEEV is currently in liquidation and was deconsolidated during the first quarter of 2017/18 due to immateriality (see note 4. Scope of consolidation). The unrecognised losses for WEEV total EUR 4.5m (previous year: loss of EUR 4.5m).
Interest income on financial assets includes interest from investment funds that focus chiefly on fixed-interest securities as well as the interest component from the lease business. Other interest income generally relates to income from cash and cash equivalents and from securities recorded under current financial assets. The interest income from financial assets that are not designated at fair value through profit or loss totalled EUR 9.4m (previous year: EUR 18.3m).
Interest expense on financial liabilities represents regular interest payments on issued bonds and bank loans. Other interest expense includes the accrued interest expense on non-current provisions, expenses for current loans as well as lease costs for biomass equipment, distribution and heating networks. The interest expense on liabilities not designated at fair value through profit or loss totalled EUR 46.8m (previous year: EUR 59.5m).
32. Income tax expense
| Income tax expense | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Current income tax income and expense | 20.7 | 26.9 |
| thereof Austrian companies | 4.8 | 10.5 |
| thereof foreign companies | 15.9 | 16.4 |
| Deferred tax income and expense | 55.4 | 27.0 |
| thereof Austrian companies | 55.3 | 34.5 |
| thereof foreign companies | 0.1 | –7.5 |
| Total | 76.1 | 53.9 |
The following table explains the reasons for the difference between the Austrian corporate income tax rate of 25.0% that applied in 2018 (previous year: 25.0%) and the tax expense based on the Group net result reported on the consolidated statement of operations for the 2017/18 financial year:
| Calculation of the effective tax rate | 2017/18 | 2016/17 | ||
|---|---|---|---|---|
| % | EURm | % | EURm | |
| Result before income tax | 355.7 | 325.5 | ||
| Income tax rate/income tax expense at nominal tax rate | 25.0 | 88.9 | 25.0 | 81.4 |
| – Different corporate income tax rates in other countries |
–0.1 | –0.2 | –3.0 | –9.6 |
| – Effect of tax rate change |
–0.2 | –0.7 | – | – |
| – Tax-free income from investments |
–6.3 | –22.6 | –8.8 | –28.6 |
| + Revaluation of deferred taxes |
1.1 | 3.8 | 2.9 | 9.3 |
| +/– Tax share valuations and impairment on Group receivables | 0.8 | 2.8 | –0.7 | –2.3 |
| + Non-deductible expenses |
0.7 | 2.6 | 0.9 | 3.0 |
| – Other tax free income |
–0.1 | –0.4 | –0.1 | –0.3 |
| + Aperiodic tax increases |
0.7 | 2.5 | 0.1 | 0.2 |
| –/+ Other items | –0.2 | –0.7 | 0.3 | 0.9 |
| Effective tax rate/effective income tax expense | 21.4 | 76.1 | 16.6 | 53.9 |
The tax share valuations are related primarily to the investment revaluation on the investments in EVN Nk BuB and OOO EVN Umwelt Service (previous year: impairment losses recognised on the investments in Hydro Power Company Gorna Arda, TEZ Plovdiv, EVN Nk BuB, EVN Bulgaria EAD, OOO EVN Umwelt Service and the investment revaluation in EVN Macedonia and Energie Allianz).
EVN's effective tax rate for the reporting year equalled 21.4% of the result before income tax (previous year: 16.6%). The effective tax rate represents the weighted average of the effective local corporate tax rates of all consolidated subsidiaries (see note 49. Deferred taxes).
33. Earnings per share
Earnings per share were calculated by dividing Group net result (= proportional share of result attributable to EVN AG shareholders) by the weighted average number of ordinary shares outstanding in 2017/18, i. e. 177,938,720 (previous year: 177,856,536). This amount may be diluted by so-called potential shares arising from stock options or convertible bonds. Since EVN does not have any such shares, there is no difference between basic and diluted earnings per share. Based on the Group net result of EUR 254.6m for the 2017 /18 financial year (previous year: EUR 251.0m), earnings per share equalled EUR 1.43 (previous year: EUR 1.41).
Notes to the consolidated statement of financial position
Assets
34. Intangible assets
Goodwill is allocated to the CGUs "international project business" and "other CGUs". Rights include electricity procurement rights, transportation rights for natural gas pipelines and other rights (primarily software licenses). In the past other intangible assets primarily included the customer bases of the Bulgarian and Macedonian electricity supply companies.
| 2017/18 financial year EURm Goodwill Rights Other intangible assets Total 216.7 381.2 102.4 700.3 Gross value 30.09.2017 Additions – 11.9 0.3 12.2 Disposals – –2.0 – –2.0 Transfers – 22.0 –26.7 –4.7 216.7 413.1 76.0 705.8 Gross value 30.09.2018 –160.9 –272.6 –89.8 –523.3 Accumulated amortisation 30.09.2017 Scheduled amortisation – –12.7 –0.6 –13.3 Impairment losses – –0.0) – –0.0) Additions – 10.3 – 10.3 Disposals – 2.1 – 2.1 Transfers – –15.4 16.0 0.5 –160.9 –288.4 –74.4 –523.7 Accumulated amortisation 30.09.2018 55.8 108.6 12.6 177.1 Net value 30.09.2017 55.8 124.7 1.5 182.1 Net value 30.09.2018 2016/17 financial year EURm Goodwill Rights Other intangible assets Total 216.7 372.8 99.6 689.1 Gross value 30.09.2016 Additions – 10.5 3.0 13.5 Disposals – –2.2 –0.0) –2.2 216.7 381.2 102.4 700.3 Gross value 30.09.2017 –160.9 –220.1 –86.9 –467.9 Accumulated amortisation 30.09.2016 Scheduled amortisation – –12.0 –2.6 –14.5 Impairment losses – –44.8 –0.2 –45.0 Disposals – 1.5 –0.0) 1.6 Transfers – 2.8 –0.2 2.5 –160.9 –272.6 –89.8 –523.3 Accumulated amortisation 30.09.2017 55.8 152.7 12.7 221.2 Net value 30.09.2016 55.8 108.6 12.6 177.1 Net value 30.09.2017 |
Reconciliation of intangible assets | ||
|---|---|---|---|
The carrying amount of goodwill is allocated as follows: EUR 52.9m to the CGU "international project business" and EUR 2.9m to the CGU "other CGUs".
The carrying amount of the net assets in the CGU "international project business" totalled EUR 227.6m. The recoverable amount was determined on the basis of the value in use and equalled EUR 340.2m. A WACC after tax of 5.80% (previous year: 5.92%) was used as the discount rate, which corresponds to an iteratively derived pre-tax WACC of 6.33% (previous year: 6.41%). The recoverable amount of the CGU was 49.5% higher than the carrying amount. An increase (decrease) of 0.5% in the WACC in 2017/18, ceteris paribus, would have led to a surplus cover of EUR 90.4m in the net assets of the CGU (surplus cover of EUR 138.6m). The recoverable amount would equal the carrying amount based on a WACC after tax of 9.47%.
In the Generation Segment, the increase in forward electricity prices led to a write-up of EUR 9.8m to electricity purchasing rights from the Freudenau hydropower plant. EVN holds procurement rights of 12.5% to the electricity generated by the Donaukraftwerk Freudenau during its operating life. The recoverable amount was determined on the basis of the value in use and equalled EUR 31.1m. A WACC after tax of 5.72% (previous year: 5.84%) was used as the discount rate, which corresponds to an iteratively derived pre-tax WACC of 7.17% (previous year: 6.40%). An increase (decrease) of 0.5% in the WACC in 2017/18, ceteris paribus, would have resulted in a write-up of EUR 7.4m (write-up of EUR 12.7m). An increase (decrease) of 5% in the underlying assumptions for the electricity price in 2017/18, ceteris paribus, would have resulted in a write-up of EUR 14.0m (write-up of EUR 5.7m).
In 2017/18, a total of EUR 3.4m (previous year: EUR 2.6m) was invested in research and development; EUR 2.0m thereof were capitalised (previous year: EUR 1.1m).
35. Property, plant and equipment
| Reconciliation of property, plant and equipment | |||||||
|---|---|---|---|---|---|---|---|
| 2017/18 financial year EURm |
Land and buildings |
Lines | Technical equipment |
Meters | Other plants, tools and equipment |
Equipment under construction |
Total |
| Gross value 30.09.2017 | 818.4 | 4,111.6 | 2,966.1 | 255.3 | 184.7 | 168.8 | 8,504.9 |
| Currency translation differences | –0.0*) | –0.0*) | –7.5 | –0.0*) | –0.0*) | 0.0*) | –7.5 |
| Additions | 20.5 | 110.5 | 66.8 | 24.1 | 22.8 | 109.0 | 353.7 |
| Disposals | –2.2 | –10.0 | –33.0 | –15.5 | –13.4 | –0.8 | –74.9 |
| Transfers | 13.1 | 47.5 | 21.1 | 0.8 | 1.2 | –80.9 | 2.8 |
| Gross value 30.09.2018 | 849.6 | 4,259.7 | 3,013.6 | 264.7 | 195.1 | 196.2 | 8,778.9 |
| Accumulated amortisation 30.09.2017 | –479.1 | –2,247.0 | –2,091.5 | –155.8 | –139.5 | –8.3 | –5,121.3 |
| Currency translation differences | 0.0*) | 0.0*) | 5.9 | 0.0*) | 0.0*) | – | 6.0 |
| Changes in the scope of consolidation | – | – | 0.0*) | – | 0.0*) | – | 0.0*) |
| Scheduled depreciation | –20.4 | –107.7 | –84.0 | –16.4 | –16.5 | – | –245.0 |
| Impairment losses | –10.1 | –4.0 | –32.0 | –0.1 | –0.0*) | –0.6 | –46.9 |
| Revaluation | 2.4 | 6.3 | 7.0 | – | 0.3 | – | 16.0 |
| Disposals | 2.0 | 9.8 | 15.6 | 14.4 | 13.0 | – | 54.9 |
| Transfers | –4.1 | 0.0*) | 0.1 | 0.0*) | 0.0*) | – | –3.9 |
| Accumulated amortisation 30.09.2018 | –509.3 | –2,342.5 | –2,178.9 | –157.8 | –142.7 | –9.0 | –5,340.2 |
| Net value 30.09.2017 | 339.3 | 1,864.6 | 874.6 | 99.5 | 45.2 | 160.4 | 3,383.6 |
| Net value 30.09.2018 | 340.3 | 1,917.2 | 834.7 | 106.9 | 52.4 | 187.2 | 3,438.7 |
| 2016/17 financial year EURm |
Land and buildings |
Lines | Technical equipment |
Meters | Other plants, tools and equipment |
Equipment under construction |
Total |
| Gross value 30.09.2016 | 809.8 | 3,959.5 | 3,014.7 | 238.5 | 174.4 | 170.7 | 8,367.6 |
| Currency translation differences | 0.0*) | 0.2 | 2.3 | 0.0*) | 0.0*) | 0.0*) | 2.6 |
| Additions | 7.0 | 110.9 | 43.6 | 27.3 | 19.7 | 81.8 | 290.3 |
| Disposals | –5.6 | –13.4 | –113.9 | –10.6 | –10.2 | –1.7 | –155.4 |
| Transfers | 7.2 | 54.5 | 19.4 | 0.1 | 0.8 | –82.0 | –0.2 |
| Gross value 30.09.2017 | 818.4 | 4,111.6 | 2,966.1 | 255.3 | 184.7 | 168.8 | 8,504.9 |
| Accumulated amortisation 30.09.2016 | –447.7 | –2,144.8 | –1,973.4 | –148.7 | –133.1 | –7.4 | –4,855.0 |
| Currency translation differences | –0.0*) | –0.1 | –1.6 | –0.0*) | –0.0*) | – | –1.7 |
| Scheduled depreciation | –20.2 | –105.9 | –90.4 | –15.8 | –15.4 | – | –247.7 |
| Impairment losses | –7.9 | –13.3 | –45.9 | –0.1 | –0.7 | –1.0 | –68.9 |
| Revaluation | 0.6 | 0.3 | 0.5 | – | – | – | 1.4 |
| Disposals | 2.3 | 13.3 | 16.1 | 9.0 | 9.9 | – | 50.5 |
| Transfers | –6.1 | 3.5 | 3.2 | –0.1 | –0.2 | 0.0*) | 0.2 |
| Accumulated amortisation 30.09.2017 | –479.1 | –2,247.0 | –2,091.5 | –155.8 | –139.5 | –8.3 | –5,121.3 |
| Net value 30.09.2016 | 362.1 | 1,814.8 | 1,041.3 | 89.8 | 41.3 | 163.3 | 3,512.5 |
| Net value 30.09.2017 | 339.3 | 1,864.6 | 874.6 | 99.5 | 45.2 | 160.4 | 3,383.6 |
Land and buildings included land with a value of EUR 58.9m (previous year: EUR 56.1m). EVN held a mortgage with a maximum value of EUR 1.8m as of 30 September 2018, unchanged from the previous year.
Additions to property, plant and equipment included capitalised borrowing costs of EUR 1.4m (previous year: EUR 1.4m). The interest rate used for capitalisation ranged from 2.0% to 3.8% (previous year: 1.7% –3.8%).
For leased and rented equipment, the present value of payment obligations for the use of heating networks and heat generation plants is reported on the consolidated statement of financial position. The net value of these assets totalled EUR 3.0m as of the balance sheet date (previous year: EUR 10.4m). The year-on-year decline resulted from the termination of five lease agreements. The related lease and rental liabilities were recognised under other non-current liabilities (see note 52. Other non-current liabilities).
As in the previous year, no property, plant and equipment or intangible assets were pledged as collateral as of 30 September 2018.
The impairment testing of assets in accordance with IAS 36 led to the recognition of the following impairment losses and write-ups in 2017/18:
Current market analyses and the related less favourable estimates for the development, in combination, of long-term electricity prices, primary energy prices and the prices for emission certificates (clean dark spread) led to the recognition of an impairment loss of EUR 25.4m to EVN's proportional interest in the jointly operated Walsum 10 power plant.1) The recoverable amount was determined on the basis of the value in use and amounted to EUR 109.3m. The applied discount rate equalled an after-tax WACC of 4.94% (previous year: 5.25%) and represents an iteratively derived pre-tax WACC of 6.63% (previous year: 6.79%). An increase (decrease) of 0.5% in the WACC in 2017/18, ceteris paribus, would have resulted in an impairment loss of EUR 28.9m (impairment loss of EUR 21.7m) to the Walsum 10 power plant, which is accounted for as a joint operation based on the proportional share owned. An increase (decrease) of 5% in the underlying assumptions for the electricity price in 2017/18, ceteris paribus, would have resulted in a recovery in value of EUR 2.6m (impairment loss of EUR 53.9m).
1) The impairment testing of the power plant component took place solely at the Group level. At the segment level, a provision was recognised for the marketing of EVN's own electricity production. The impairment loss is therefore reported in the transition column "consolidation".
In 2017/18 the district heating networks and the previously separate CGUs "Baden" and "Mödling" were connected by a pipeline and combined into the CGU "Baden-Mödling". The Guntramsdorf district heating network was also integrated in this new CGU. The new definition of the CGU and the assumption that the subsidised tariff will end as of May 2019 provided grounds for impairment testing. The impairment test of the CGU "Baden-Mödling" led to the recognition of an impairment loss of EUR 0.3m in the Energy Segment. The recoverable amount was determined on the basis of the value in use and amounted to EUR 47.2m. The applied discount rate equalled an aftertax WACC of 5.24%, and represents an iteratively derived pre-tax WACC of 6.96%.
Other impairment tests by EVN Wärme resulted in the recognition of impairment losses totalling EUR 3.7m in the Energy Segment due to a deterioration in the economic framework conditions for eleven heating plants. The recoverable amount was determined on the basis of the value in use and amounted to EUR 13.8m. The applied discount rate equalled an after-tax WACC of 5.70%, and represents an iteratively derived pre-tax WACC of 5.70% to 7.03%.
An impairment loss of EUR 2.1m, was recognised in the South East Europe Segment to reflect an increase in the WACC applied to the CGU "natural gas supplies Croatia". The recoverable amount was determined on the basis of the value in use and amounted to EUR 30.4m. The applied discount rate equalled an after-tax WACC of 7.14%, and represents an iteratively derived pre-tax WACC of 8.45%.
A relatively high carrying amount in relation to the shortage performance provided grounds for the recognition of an impairment loss to six small hydropower plants owned by EVN Naturkraft. The resulting impairment loss of EUR 0.9m was recorded in the Generation Segment. The recoverable amount was determined on the basis of the value in use and amounted to EUR 3.3m. The applied discount rate equalled an after-tax WACC of 5.72%, and represents an iteratively derived pre-tax WACC of 5.48% to 8.46%.
The new regulatory period which begins on 1 January 2019 provided grounds for an adjustment to the value of the CGU "electricity power line network Lower Austria". A write-up of EUR 7.3m was recognised in the Networks Segment to reflect the maximum possible increase in the carrying amount to amortised cost. The recoverable amount was determined on the basis of the value in use and amounted to EUR 677.4m. The applied discount rate equalled an after-tax WACC of 4.47%, and represents an iteratively derived pre-tax WACC of 5.96%. A reduction of 0.5% in the WACC would have had no effect because amortised cost has been reached. An increase of 0.5% in the WACC, ceteris paribus, would have led to a shortfall of EUR 7.8m in the net assets of the CGU in 2017/18.
An improvement in the forward quotations for electricity and an increase in fixed steam delivery volumes provided substantial evidence for an adjustment to the carrying amount of the energy supply centre at the Dürnrohr power plant. This led to a write-up of EUR 4.6m in the Generation Segment. The recoverable amount was determined on the basis of the value in use and amounted to EUR 15.8m. The applied discount rate equalled an after-tax WACC of 5.77% (previous year: 5.92%), and represents an iteratively derived pre-tax WACC of 6.96% (previous year: 4.65%).
EVN Naturkraft carried out numerous impairment tests as a result of the improvement in the forward quotations for electricity and the end of the subsidised tariff at various wind parks. These tests resulted in a write-up of EUR 3.7m in the Generation Segment for five wind parks and four small hydropower plants. The recoverable amount was determined on the basis of the value in use and amounted to EUR 29.3m. The applied discount rate equalled an after-tax WACC of 5.43% to 5.72%, and represents an iteratively derived pre-tax WACC of 0% to 30.83%.
36. Investments in equity accounted investees
The companies included in the consolidated financial statements at equity are listed in the notes under EVN's investments starting on page 194. Note 63. Disclosures of interests in other entities contains financial information on joint ventures and associates that are included at equity in EVN's consolidated financial statements.
All investments in equity accounted investees were recognised at their proportional share of IFRS income or loss based on an interim or annual report with a balance sheet date that does not precede the balance sheet date of EVN by more than three months. There were no listed market prices for the investments in equity accounted investees.
Reconciliation of investments in equity accounted investees
| 2017/18 financial year | |
|---|---|
| EURm | |
| Gross value 30.09.2017 | 911.0 |
| Additions | 0.4 |
| Disposals | –0.2 |
| Gross value 30.09.2018 | 911.2 |
| Accumulated amortisation 30.09.2017 | 43.8 |
| Currency translation differences | –6.0 |
| Disposals | –0.0*) |
| Revaluation | 2.5 |
| Proportional share of results | 185.7 |
| Dividends | –144.4 |
| Changes recognised in other comprehensive income | 3.0 |
| Accumulated amortisation 30.09.2018 | 84.4 |
| Net value 30.09.2017 | 954.8 |
| Net value 30.09.2018 | 995.7 |
| 2016/17 financial year EURm |
| Gross value 30.09.2016 | 934.7 |
|---|---|
| Additions | 2.7 |
| Disposals | –26.4 |
| Gross value 30.09.2017 | 911.0 |
| Accumulated amortisation 30.09.2016 | –8.9 |
| Currency translation differences | –0.1 |
| Impairment losses | –13.1 |
| Proportional share of results | 187.8 |
| Dividends | –110.3 |
| Changes recognised in other comprehensive income | –11.7 |
| Accumulated amortisation 30.09.2017 | 43.8 |
| Net value 30.09.2016 | 925.8 |
| Net value 30.09.2017 | 954.8 |
*) Small amount
A write-up of EUR 2.5m was recorded to Verbund Innkraftwerke in 2017/18 to reflect the improvement in the forward quotations for electricity. The recoverable amount of EVN's participation interest in Verbund Innkraftwerke was determined on the basis of the value in use and amounted to EUR 68.7m. The applied discount rate equalled an after-tax WACC of 5.20% (previous year: 5.32%) and represents an iteratively derived pre-tax WACC of 6.52% (previous year: 6.37%) (also see note 29. Share of results from equity accounted investees with operational nature). An increase (decrease) of 0.5% in the WACC in 2017/18, ceteris paribus, would have resulted in an impairment loss of EUR 6.3m (write-up of EUR 13.1m) to the equity accounted Verbund Innkraftwerke. An increase (decrease) of 5% in the underlying assumptions for the electricity price in 2017/18, ceteris paribus, would have resulted in a write-up of EUR 11.2m (impairment loss of EUR 6.3m).
The shares in ZOV were assigned to the financing banks as collateral for loans. EVN's proportional share of equity in this company totalled EUR 112.0m as of 30 September 2018 (previous year: EUR 103.1m).
37. Other investments
The other investments include holdings in affiliates and associates, which are not consolidated due to immateriality, as well as miscellaneous stakes of less than 20.0% that were not included at equity.
The other investments, which are carried at cost less any necessary impairment losses, totalled EUR 5.9m in 2017/18 (previous year: EUR 7.0m). The other investments classified as AFS consist primarily of shares in Verbund AG with a value of EUR 1,861.5m (previous year: EUR 875.2m) and miscellaneous other investments of EUR 76.8m (previous year: EUR 36.7m). The valuation adjustment which resulted from the increase in the price of the Verbund share was recorded under other comprehensive income
EVN AG and Wiener Stadtwerke Holding AG (WSTW) entered into an agreement on 22 September 2010 for the syndication of their directly and indirectly held shareholdings in Verbund AG. This agreement gives the two companies joint control over approximately 26% of the voting shares in Verbund AG. In spite of the syndicate agreement, the scope of possible influence over the financial and business policies of Verbund AG is very limited. The requirements for classification as a controlling influence (IAS 28) are therefore not met and the shares in Verbund AG were therefore accounted for by applying IAS 39.
In 2017/18, the valuation of the investment in CEESEG AG based on the discounted cash flow method resulted in an impairment loss of EUR 0.4m. The recoverable amount was determined on the basis of fair value less costs to sell (level 3 according to IFRS 13) and amounted to EUR 16.9m. An after-tax WACC of 8.84% was used as the discount rate. The present value model underlying the valuation includes forecasted distributions for the coming year as well as a perpetual yield without a growth rate.
The valuation of the investment in Verbund Hydro Power AG in 2017/18 based on the discounted cash flow method resulted in a write-up of EUR 40.4m. The recoverable amount was determined on the basis of fair value less costs to sell (level 3 according to IFRS 13) and amounted to EUR 59.7m. An after-tax WACC of 5.72% was used as the discount rate. The present value model underlying the valuation assumes publicly available information on the annual financial statements and forecasts the next four years as well as a perpetual yield (without a growth rate), based on available data for electricity prices.
The valuation of the investment in AGGM Austrian Gas Grid Management AG in 2017/18 based on the discounted cash flow method resulted in a write-up of EUR 0.6m. The recoverable amount was determined on the basis of fair value less costs to sell (level 3 according to IFRS 13) and amounted to EUR 1.4m. An after-tax WACC of 4.47% was used as the discount rate. The present value model underlying the valuation was based on a perpetual yield without a growth rate which, in turn, was developed from the average trend of data from publicly available financial statements for 2014–2017 and a forecast for the 2018 financial year.
38. Other non-current assets
| Other non-current assets | ||
|---|---|---|
| EURm | 30.09.2018 | 30.09.2017 |
| Securities | 135.1 | 58.4 |
| Loans receivable | 38.3 | 40.6 |
| Lease receivables | 28.7 | 86.9 |
| Receivables arising from derivative transactions | 35.7 | 9.0 |
| Primary energy reserves | 14.5 | 14.4 |
| Remaining other non-current assets | 0.2 | 0.5 |
| Total | 252.4 | 209.9 |
Securities reported under other non-current assets consist mainly of shares in investment funds and serve as coverage for the provisions for pensions and similar obligations as required by Austrian tax law. The carrying amounts correspond to the fair value as of the balance sheet date.
Lease receivables result from the project business within the context of PPP projects. The decline in 2017/18 is attributable to contractually agreed principal payments and, above all, to the reclassification to trade receivables of non-current leasing receivables totalling EUR 39.2m from the Budva wastewater treatment project following the claim for repayment of the entire amount.
The receivables from derivative transactions include the positive market values of derivatives in the energy business.
The reconciliation of the future minimum lease payments to their present value is as follows:
Terms to maturity of non-current lease receivables
| Remaining term to maturity as of 30.09.2018 | Remaining term to maturity as of 30.09.2017 | ||||||
|---|---|---|---|---|---|---|---|
| Principal components |
Interest components |
Total | Principal components |
Interest components |
Total | ||
| < 5 years | 15.2 | 2.1 | 17.3 | 45.4 | 9.8 | 55.2 | |
| > 5 years | 13.4 | 1.4 | 14.8 | 41.5 | 6.9 | 48.4 | |
| Total | 28.6 | 3.5 | 32.0 | 86.9 | 16.7 | 103.7 |
The total of the principal components corresponds to the capitalised value of the lease receivables. The interest components correspond to the proportionate share of the interest component of the total lease payment and do not represent discounted amounts. The interest components of the lease payments in 2017/18 were reported as interest income on non-current assets.
Current assets
EURm
39. Inventories
| Inventories | ||
|---|---|---|
| EURm | 30.09.2018 | 30.09.2017 |
| Primary energy inventories | 49.6 | 60.3 |
| CO2 emission certificates | 3.1 | 0.5 |
| Raw materials, supplies, consumables and other inventories | 29.0 | 31.1 |
| Customer orders not yet invoiced | 12.8 | 6.4 |
| Aggregate components | 0.2 | 0.2 |
| Total | 94.6 | 98.4 |
Primary energy reserves consist mainly of hard coal and natural gas supplies.
The CO2 emission certificates relate exclusively to certificates purchased to fulfil the requirements of the Austrian Emission Certificate Act, which have not yet been used. The corresponding obligation for any shortfall in the certificates is reported under current provisions (see note 56. Current provisions).
The inventory risk arising from low turnover and declining market prices for raw materials, supplies, consumables and other inventories was reflected in an increase of EUR 1.5m in the valuation allowance (previous year: EUR 0.0m). This was contrasted by write-ups of EUR 0.2m (previous year: EUR 1.2m). The inventories are not subject to any restrictions on disposal or other encumbrances.
40. Trade and other receivables
| Trade and other receivables | ||
|---|---|---|
| EURm | 30.09.2018 | 30.09.2017 |
| Financial assets | ||
| Trade accounts receivable | 301.3 | 280.8 |
| Receivables from investments in equity accounted investees | 64.1 | 15.9 |
| Receivables from non-consolidated subsidiaries | 7.9 | 3.7 |
| Receivables from employees | 0.3 | 9.3 |
| Receivables arising from derivative transactions | 47.5 | 18.0 |
| Lease receivables | 18.3 | 30.6 |
| Other receivables and assets | 27.8 | 27.6 |
| 467.0 | 385.8 | |
| Other receivables | ||
| Taxes and levies receivable | 31.8 | 22.4 |
| Prepayments | 1.4 | 0.8 |
| 33.2 | 23.2 | |
| Total | 500.3 | 409.0 |
Trade accounts receivable relate mainly to electricity, natural gas and heating customers. This position also includes the receivable from the Budva wastewater treatment project.
Receivables from investments in equity accounted investees and receivables from non-consolidated subsidiaries arise primarily from intragroup transactions related to energy supplies as well as Group financing and services provided to those companies.
The receivables from derivative transactions consist chiefly of the positive market values of derivatives in the financial area and energy business.
Other receivables and assets include, among others, receivables from insurances and short-term loans receivable.
As of 30 September 2018, as in the previous year, no receivables were pledged as collateral for EVN's own liabilities.
| Allowances to receivables | |||||||
|---|---|---|---|---|---|---|---|
| EURm | 30.09.2018 | 30.09.2017 | |||||
| Gross receivables |
Allowance | Net receivables | Gross receivables |
Allowance | Net receivables |
||
| Austria | 43.4 | 6.1 | 37.3 | 66.8 | 10.6 | 56.2 | |
| Germany | 17.1 | – | 17.1 | 27.2 | 1.4 | 25.8 | |
| Bulgaria | 138.7 | 19.0 | 119.7 | 137.0 | 22.1 | 114.9 | |
| Macedonia | 290.1 | 220.3 | 69.8 | 301.6 | 229.2 | 72.4 | |
| Others | 67.4 | 10.0 | 57.4 | 14.0 | 2.6 | 11.4 | |
| Total | 556.7 | 255.4 | 301.3 | 546.7 | 265.9 | 280.8 | |
| Maturity of receivables not impaired | ||
|---|---|---|
| EURm | 30.09.2018 | 30.09.2017 |
| Not yet due | 201.0 | 150.5 |
| Past due 1– 90 days | 65.6 | 104.3 |
| Past due 91–180 days | 8.5 | 12.1 |
| Past due 181–360 days | 8.3 | 8.9 |
| Past due >360 days | 17.9 | 5.0 |
| Net receivables | 301.3 | 280.8 |
The allowances to receivables are related primarily to South Eastern Europe. The valuation allowance fell by EUR 10.5m in 2017/18 (previous year: increase of EUR 14.3m)
41. Securities
| Composition of securities | ||
|---|---|---|
| EURm | 30.09.2018 | 30.09.2017 |
| Funds | 139.8 | 0.5 |
| thereof cash funds | 139.4 | – |
| thereof other fund products | 0.4 | 0.5 |
| Shares | 0.0*) | 0.0*) |
| Total | 139.8 | 0.5 |
*) Small amount
The decrease in the stock market prices led to a valuation adjustment of EUR –1.4m in 2017/18, which was recorded in equity without recognition through profit or loss (previous year: EUR 0.2m).
Liabilities
Equity
The development of equity in 2017/18 and 2016/17 is shown on page 125.
42. Share capital
The share capital of EVN AG totals EUR 330.0m (previous year: EUR 330.0m) and is divided into 179,878,402 (previous year: 179,878,402) zero par value bearer shares.
43. Share premium and capital reserves
The share premium and capital reserves comprise appropriated capital reserves of EUR 204.4m (previous year: EUR 204.4m) from capital increases and unappropriated capital reserves of EUR 58.3m (previous year: EUR 58.3m), both in accordance with Austrian stock corporation law.
44. Retained earnings
Retained earnings of EUR 2,297.0m (previous year: EUR 2,126.2m) comprise the proportional share of retained earnings attributable to EVN AG and all other consolidated companies from the date of initial consolidation as well as the proportional share of retained earnings from business combinations achieved in stages.
Dividends are based on the result of EVN AG as reported in the annual financial statements and developed as follows:
| Reconciliation of EVN AG's result for the period | |
|---|---|
| EURm | |
| Reported result for the period 2017/18 | 173.3 |
| Retained earnings from the 2016/17 financial year | 0.1 |
| Less additions to voluntary reserves | –89.6 |
| Distributable result for the period | 83.7 |
| Proposed dividend | –83.7 |
| Retained earnings for the 2018/19 financial year | 0.1 |
Liabilities do not include the dividend of EUR 0.44 per share plus a one-time bonus dividend of EUR 0.03 per share for the 2017/18 financial year which will be proposed to the Annual General Meeting.
The 89th Annual General Meeting on 18 January 2018 approved a proposal by the Executive Board and the Supervisory Board to distribute a dividend of EUR 83.6m, or EUR 0.44 per share plus a one-time bonus dividend of EUR 0.03, to the shareholders of EVN AG for the 2016/17 financial year. The dividend payment to shareholders was made on 26 January 2018.
45. Valuation reserves
The valuation reserve contains changes in financial instruments available for sale and cash flow hedges, IAS 19 remeasurements and the proportional share of changes in the equity of investments in equity accounted investees.
In addition, the statement of comprehensive income includes EUR 0.5m (previous year: EUR –0.9m) for the share of changes in the valuation reserves that are attributable to non-controlling interests (see Consolidated statement of comprehensive income, page 123).
The part of the valuation reserve attributable to equity accounted investees consists primarily of components from cash flow hedges that were recorded under equity as well as remeasurements in accordance with IAS 19 and the valuation of AFS instruments.
| Valuation reserves EURm |
Before tax | 30.09.2018 Tax |
After tax | Before tax | 30.09.2017 Tax |
After tax |
|---|---|---|---|---|---|---|
| Items recognised under other comprehensive income from |
||||||
| Available for sale financial instruments | 1,477.9 | –369.4 | 1,108.5 | 452.5 | –113.1 | 339.4 |
| Cash flow hedges | –24.6 | 8.1 | –16.5 | –32.0 | 10.5 | –21.5 |
| Remeasurements IAS 19 | –118.2 | 29.4 | –88.9 | –103.9 | 25.8 | –78.1 |
| Investments in equity accounted investees | –9.8 | –0.4 | –10.2 | –12.3 | –1.4 | –13.6 |
| Total | 1,325.3 | –332.4 | 992.9 | 304.4 | –78.1 | 226.2 |
In 2017/18, cash flow hedges totalling EUR 1.8m (previous year: EUR 1.7m) were transferred from other comprehensive income to the consolidated statement of operations. The effectiveness of the hedges was unchanged in comparison with the previous year and equalled nearly 100%. Consequently, no ineffective components from the cash flow hedge valuation were recognised in 2017/18.
46. Treasury shares
The 87th Annual General Meeting of EVN AG on 21 January 2016 authorised the Executive Board to repurchase the company's bearer shares during a period of 30 months (i) for distribution to employees of the company or its subsidiaries and (ii) in accordance with § 65 (1) no. 8 of the Austrian Stock Corporation Act (acquisition with no specific purpose) at an amount equalling up to 10% of EVN's share capital. The validity of the authorisation for the purchase of treasury shares expired on 21 July 2018. The Executive Board did not use this authorisation in the 2017/18 financial year.
A total of 67,030 treasury shares were sold during the reporting year to permit their issue as a special payment in accordance with a company agreement (previous year: 85,215 shares). EVN AG is not entitled to any rights arising from treasury shares. In particular, these shares are not entitled to dividends.
The number of shares outstanding developed as follows:
| Reconciliation of the number of outstanding shares Zero par value shares Treasury shares Outstanding shares |
|
|---|---|
| 179,878,402 –2,036,069 30.09.2016 |
177,842,333 |
| Purchase of treasury shares – – |
– |
| Disposal of treasury shares – 85,215 |
85,215 |
| 179,878,402 –1,950,854 30.09.2017 |
177,927,548 |
| Purchase of treasury shares – – |
– |
| Disposal of treasury shares – 67,030 |
67,030 |
| 179,878,402 –1,883,824 30.09.2018 |
177,994,578 |
The weighted average number of shares outstanding, which is used as the basis for calculating earnings per share, equals 177,938,720 shares (previous year: 177,856,536 shares).
47. Non-controlling interests
The item non-controlling interests comprises the non-controlling interests in the equity of fully consolidated subsidiaries.
The following table provides information on each fully consolidated subsidiary of EVN with material non-controlling interests before intragroup eliminations:
| Financial information of subsidiaries with | ||||||
|---|---|---|---|---|---|---|
| material non-controlling interests EURm |
30.09.2018 | 30.09.2017 | ||||
| Subsidiaries | RBG | BUHO | EVN Macedonia | RBG | BUHO | EVN Macedonia |
| Non-controlling interests in per cent | 49.97% | 26.37% | 10.00% | 49.97% | 26.37% | 10.00% |
| Carrying amount of non-controlling interests | 198.5 | 38.9 | 22.0 | 198.2 | 39.5 | 20.0 |
| Result attributable to non-controlling interests | 19.9 | 3.1 | 2.1 | 21.7 | 4.5 | 2.1 |
| Dividends attributable to non-controlling interests | 21.0 | 2.7 | – | 19.0 | 2.5 | – |
| Statement of financial position | ||||||
| Non-current assets | 396.8 | 185.5 | 301.0 | 396.2 | 186.3 | 295.7 |
| Current assets | 0.2 | 8.5 | 102.4 | 0.2 | 9.4 | 96.8 |
| Non-current liabilities | – | 0.5 | 101.2 | – | 0.5 | 104.8 |
| Current liabilities | 0.0*) | 0.0*) | 82.9 | 0.1 | 0.0*) | 89.5 |
| Statement of operations | ||||||
| Revenue | – | 0.0*) | 308.6 | – | 0.0*) | 345.1 |
| Result after income tax | 39.8 | 11.7 | 21.1 | 43.4 | 17.2 | 21.1 |
| Net cash flows | ||||||
| Net cash flow from operating activities | 41.9 | 9.3 | 34.0 | 38.1 | 10.6 | 45.8 |
| Net cash flow from investing activities | – | – | –22.2 | – | – | –22.8 |
| Net cash flow from financing activities | –42.0 | –10.4 | –8.2 | –38.0 | –9.5 | –20.2 |
*) Small amount
Non-current liabilities
48. Non-current loans and borrowings
| Breakdown of non-current loans and borrowings |
Nominal interest rate (%) |
Term | Nominal amount | Carrying amount 30.09.2018 EURm |
Carrying amount 30.09.2017 EURm |
Fair value 30.09.2018 EURm |
|---|---|---|---|---|---|---|
| Bonds | 504.5 | 532.0 | 591.9 | |||
| EUR bond | 5.250 | 2009–2019 | EUR 30.0m | – | 29.9 | – |
| EUR bond | 4.250 | 2011–2022 | EUR 293.0m | 287.7 | 286.2 | 331.7 |
| JPY bond | 3.130 | 2009–2024 | JPY 12.0bn | 94.2 | 93.5 | 102.9 |
| EUR bond | 4.125 | 2012–2032 | EUR 100.0m | 98.0 | 97.9 | 125.8 |
| EUR bond | 4.125 | 2012–2032 | EUR 25.0m | 24.6 | 24.6 | 31.5 |
| Bank loans (incl. promissory note loans) | 0.08–4.99 | until 2047 | – | 536.0 | 593.3 | 593.7 |
| Total | 1,040.5 | 1,125.4 | 1,193.5 | |||
The EUR bond with a nominal value of EUR 30.0m will mature on 18 March 2019 and was therefore reclassified from non-current to current financial liabilities (see 53. Current loans and borrowings).
The maturity structure of the non-current loans and borrowings is as follows:
| Maturity of non-current loans and borrowings |
Remaining term to maturity as of 30.09.2018 | Remaining term to maturity as of 30.09.2017 | ||||
|---|---|---|---|---|---|---|
| EURm | < 5 years | > 5 years | Total | < 5 years | > 5 years | Total |
| Bonds | 287.7 | 216.8 | 504.5 | 316.1 | 216.0 | 532.0 |
| thereof fixed interest | 287.7 | 122.6 | 410.3 | 316.1 | 122.4 | 438.5 |
| thereof variable interest | – | 94.2 | 94.2 | – | 93.5 | 93.5 |
| Bank loans | 189.3 | 346.6 | 536.0 | 204.0 | 389.3 | 593.3 |
| thereof fixed interest | 180.4 | 346.0 | 526.4 | 199.2 | 381.2 | 580.4 |
| thereof variable interest | 8.9 | 0.7 | 9.6 | 4.8 | 8.1 | 12.9 |
| Total | 477.0 | 563.5 | 1,040.5 | 520.1 | 605.3 | 1,125.4 |
Bonds
All bonds involve bullet repayment on maturity. The foreign currency bond is hedged against interest and foreign exchange risk by means of cross currency swaps.
The bonds are carried at amortised cost. Foreign currency liabilities are translated at the exchange rate in effect on the balance sheet date. In accordance with IAS 39, hedged liabilities are adjusted to reflect the corresponding change in the fair value of the hedged risk in cases where hedge accounting is applied. The resulting change in the bond liability is offset by a contrary development in the fair value of the swaps. The results from the cross currency swap concluded to hedge the JPY bond totalled EUR –0.2m in 2017/18 (thereof EUR –0.4m for valuation of the bond and EUR 0.2m for the valuation of the swap; previous year: EUR –1.1m earnings effect, thereof EUR 20.5m for valuation of the bond and EUR –21.6m for the valuation of the swap). The fair value was calculated on the basis of available market information for the respective bond price and the exchange rate as of the balance sheet date.
Bank loans
The loans consist of general borrowings from banks and loans, which are subsidised in part by interest and redemption grants from the Austrian Environment and Water Industry Fund. This position also includes the EUR 121.5m promissory note loans that were issued in October 2012.
Accrued interest expense is included under other current liabilities.
49. Deferred taxes
| Deferred taxes | ||
|---|---|---|
| EURm | 30.09.2018 | 30.09.2017 |
| Deferred tax assets | ||
| Employee-related provisions | –48.2 | –45.1 |
| Tax loss carryforwards | –14.8 | –11.8 |
| Investment depreciation | –38.6 | –51.9 |
| Property, plant and equipment | –38.2 | –37.2 |
| Financial instruments | –17.1 | –17.5 |
| Provisions | –4.5 | –6.8 |
| Other deferred tax assets | –9.3 | –0.3 |
| Deferred tax liabilities | ||
| Property, plant and equipment | 27.2 | 14.2 |
| Intangible assets | 0.7 | 0.1 |
| Untaxed reserves | 29.7 | 32.6 |
| Financial instruments | 379.5 | 116.6 |
| Provisions | 106.9 | 81.8 |
| Other deferred tax liabilities | 28.7 | 17.7 |
| Total | 402.1 | 92.2 |
| thereof deferred tax assets | –68.8 | –79.6 |
| thereof deferred tax liabilities | 471.0 | 171.8 |
Deferred taxes developed as follows:
| Changes in deferred taxes | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Deferred taxes on 01.10. | 92.2 | –7.3 |
| – Changes resulting from currency translation differences and other changes | 0.3 | 0.1 |
| – Changes in deferred taxes recognised through profit and loss | 55.4 | 27.0 |
| – Changes in deferred taxes recognised directly in equity from the valuation reserve | 254.2 | 72.3 |
| Deferred taxes on 30.09. | 402.1 | 92.2 |
Projected tax results will permit the utilisation over the coming years of losses for which deferred tax assets were previously recorded. Deferred tax assets of EUR 95.4m (previous year: EUR 93.8m) related to loss carryforwards were not recognised because they are not expected to be used within the foreseeable future. Of this total, EUR 3.0m will expire during the next five years (previous year: EUR 2.7m). The remaining loss carryforwards that were not capitalised can be carried forward for an indefinite period of time.
Deferred tax liabilities of EUR 92.0m (previous year: EUR 97.8m) on temporary differences of EUR 373.6m (previous year: EUR 397.9m) were not recognised because these differences will remain tax-free in the foreseeable future. These temporary differences arise from differences between the tax base of the participation interest and the proportional share of equity owned, respectively between the tax base of the participation interest and the carrying amount of the equity accounted investees (outside basis differences).
50. Non-current provisions
| Non-current provisions | ||
|---|---|---|
| EURm | 30.09.2018 | 30.09.2017 |
| Provisions for pensions | 253.7 | 250.4 |
| Provisions for obligations similar to pensions | 23.6 | 22.8 |
| Provisions for severance payments | 88.4 | 90.1 |
| Other non-current provisions | 115.1 | 89.3 |
| Total | 480.8 | 452.6 |
The amounts reported for the provisions for pensions, similar obligations and severance payments were generally calculated on the basis of the following parameters:
- Interest rate 1.85% p. a. (previous year: 1.85% p. a.)
- Remuneration increases 2.00% p. a.; in subsequent years 2.00% p. a. (previous year: remuneration increases 2.00% p. a., in subsequent years 2.00% p. a.)
- Pension increases 2.00% p. a.; in subsequent years 2.00% p. a. (previous year: pension increases 2.00% p. a., in subsequent years 2.00% p. a.)
- Austrian mortality tables AVÖ 2018-P Rechnungsgrundlagen für die Pensionsversicherung
| 2017/18 | 2016/17 |
|---|---|
| 250.4 | 282.0 |
| –1.0 | –0.5 |
| 4.7 | 3.8 |
| –14.5 | –14.9 |
| 14.1 | –20.0 |
| 9.0 | – |
| –0.0*) | –17.3 |
| 5.2 | –2.6 |
| 253.7 | 250.4 |
*) Small amount
As of 30 September 2018, the weighted average remaining term equalled 13.3 years for the pension obligations (previous year: 13.0 years). Pension payments are expected to total EUR 14.7m in 2018/19 (previous year: EUR 15.1m).
| Reconciliation of the provision for pension-related obligations | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Present value of the provision for pension-related obligations (DBO) as of 01.10. | 22.8 | 24.8 |
| + Service costs | 0.5 | 0.6 |
| + Interest costs | 0.4 | 0.3 |
| – Payments | –0.9 | –0.8 |
| +/– Actuarial loss/gain | 0.8 | –2.0 |
| thereof | ||
| demographic assumptions | 0.6 | – |
| financial assumptions | – | –2.1 |
| assumptions based on experience | 0.2 | 0.2 |
| Present value of the provision for pension-related obligations (DBO) as of 30.09. | 23.6 | 22.8 |
As of 30 September 2018, the weighted average remaining term equalled 17.5 years for the pension-related obligations (previous year: 17.4 years). The payments for pension-related obligations are expected to total EUR 0.9m in 2018/19 (previous year: EUR 0.6m).
| Reconciliation of the provision for severance payments | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Present value of severance payment obligations (DBO) as of 01.10. | 90.1 | 95.1 |
| – Currency translation differences | –0.0*) | 0.0*) |
| + Service costs | 3.4 | 3.5 |
| + Interest costs | 1.8 | 1.4 |
| – Severance payments | –6.2 | –6.0 |
| +/– Actuarial loss/gain | –0.6 | –4.0 |
| thereof | ||
| demographic assumptions | –1.3 | –0.0*) |
| financial assumptions | 0.1 | –3.2 |
| assumptions based on experience | 0.6 | –0.8 |
| Present value of severance payment obligations (DBO) as of 30.09. | 88.4 | 90.1 |
*) Small amount
As of 30 September 2018, the weighted average remaining term of the severance payment obligations equalled 9.5 years (previous year: 9.1 years). Severance payments are expected to total EUR 7.0m in 2018/19 (previous year: EUR 6.3m).
A change in the actuarial parameters (ceteris paribus) would have the following effect on the provisions for pensions, similar obligations and severance payments:
| Sensitivity analysis for provisions for pensions | ||||||
|---|---|---|---|---|---|---|
| % | 30.09.2018 | 30.09.2017 | ||||
| Change in assumption |
Decrease in assumption/ change in DBO |
Increase in assumption/ change in DBO |
Decrease in assumption/ change in DBO |
Increase in assumption/ change in DBO |
||
| Interest rate | 0.50 | 7.13 | –6.34 | 6.95 | –6.18 | |
| Remuneration increases | 1.00 | –2.62 | 2.80 | –2.68 | 2.88 | |
| Pension increases | 1.00 | –10.38 | 12.65 | –10.20 | 12.42 | |
| Remaining life expectancy | 1 year | –4.63 | 4.71 | –4.79 | 4.89 | |
Sensitivity analysis for provisions for pension-related obligations
| % | 30.09.2018 30.09.2017 |
|||||
|---|---|---|---|---|---|---|
| Change in assumption |
Decrease in assumption/ change in DBO |
Increase in assumption/ change in DBO |
Decrease in assumption/ change in DBO |
Increase in assumption/ change in DBO |
||
| Interest rate | 0.50 | 9.48 | –8.26 | 9.40 | –8.20 | |
| Remuneration increases | 1.00 | – | – | – | – | |
| Pension increases | 1.00 | –12.70 | 15.91 | –12.49 | 15.63 | |
| Remaining life expectancy | 1 year | –3.88 | 3.91 | –4.04 | 4.06 |
Sensitivity analysis for provisions for severance payments
| % | 30.09.2018 | 30.09.2017 | |||
|---|---|---|---|---|---|
| Change in assumption |
Decrease in assumption/ change in DBO |
Increase in assumption/ change in DBO |
Decrease in assumption/ change in DBO |
Increase in assumption/ change in DBO |
|
| Interest rate | 0.50 | 4.89 | –4.56 | 4.68 | –4.37 |
| Remuneration increases | 1.00 | –9.44 | 10.24 | –9.38 | 10.62 |
The sensitivity analysis was carried out separately for each key actuarial parameter. Only one parameter was changed at a time during the examination, while the other variables remained constant (ceteris paribus). The method used to calculate the changed obligation reflected the calculation of the actual obligation. The analytical capacity of this method is limited because the interdependencies between the individual actuarial parameters are not taken into account. With respect to the severance compensation obligations, a sensitivity analysis was not carried out for the remaining life expectancy because this parameter has only an immaterial effect on the liability.
Reconciliation of other non-current provisions EURm
| Service anniversary bonuses |
Rents for network access |
Process costs and risks |
Environmental and disposal risks |
Other non-current provisions |
Total | |
|---|---|---|---|---|---|---|
| Carrying amount 01.10.2017 | 22.1 | 6.4 | 8.7 | 48.5 | 3.5 | 89.3 |
| Currency translation differences | –0.0*) | – | –0.0*) | – | –0.0*) | –0.0*) |
| Interest expense | 0.5 | – | 0.0*) | 0.7 | – | 1.1 |
| Use | –0.1 | –0.0*) | – | – | –0.3 | –0.5 |
| Release | – | – | –1.0 | –0.7 | – | –1.7 |
| Additions | 1.9 | – | 0.7 | 19.0 | 4.4 | 25.9 |
| Transfers | – | – | – | 0.9 | –0.9 | – |
| Reclassification | –0.0*) | 0.2 | 0.2 | –0.0*) | 0.5 | 0.9 |
| Carrying amount 30.09.2018 | 24.3 | 6.6 | 8.6 | 68.3 | 7.2 | 115.1 |
*) Small amount
Rents for network access involve provisions for rents to gain access to third-party facilities in Bulgaria. Various legal proceedings and lawsuits, which for the most part arise from operating activities and are currently pending, are reported under process costs and risks. Environmental and disposal risks primarily encompass the estimated costs for demolition or disposal as well as provisions for environmental risks and risks related to contaminated sites. At the present time, the use of the provisions for environmental and disposal risks is expected within a timeframe of two to 28 years.
51. Deferred income from network subsidies
The investment subsidies are related primarily to heating plants, facilities operated by evn wasser, small hydropower plants and wind power plants operated by EVN Naturkraft and facilities operated by Netz NÖ.
| Deferred income from network subsidies EURm |
Network subsidies |
Investment subsidies |
Total |
|---|---|---|---|
| Carrying amount 01.10.2017 | 517.4 | 66.7 | 584.1 |
| Currency translation differences | –0.0*) | – | –0.0*) |
| Additions | 66.0 | 4.1 | 70.0 |
| Transfers | –45.8 | –5.7 | –51.5 |
| Carrying amount 30.09.2018 | 537.6 | 65.0 | 602.6 |
52. Other non-current liabilities
| Other non-current liabilities | ||
|---|---|---|
| EURm | 30.09.2018 | 30.09.2017 |
| Leases | 4.8 | 12.7 |
| Accruals from financial transactions | 0.6 | 1.1 |
| Liabilities from derivative transactions | 49.7 | 32.2 |
| Remaining other non-current liabilities | 20.3 | 12.4 |
| Total | 75.4 | 58.3 |
Leases are related mainly to the long-term utilisation of heating networks and heat generation plants. The accruals from financial transactions involve present value advantages from lease and lease back transactions in connection with electricity procurement rights from the Danube power plants.
The liabilities from derivative transactions include the negative fair values from hedges concluded for bonds, which are contrasted in part by the development of the bond liability, and for project financing related to the Walsum 10 power plant.
The remaining other non-current liabilities include, among others, accrued tax liabilities related to the tax group in Austria, accrued longterm electricity delivery obligations, non-current prepayments made by customers and long-term compensation payment received.
Term to maturity of other non-current liabilities
Remaining term to maturity as of 30.09.2018 Remaining term to maturity as of 30.09.2017 < 5 years > 5 years Total < 5 years > 5 years Total Leases 3.4 1.4 4.8 6.6 6.1 12.7 Accruals from financial transactions 0.6 – 0.6 1.1 – 1.1 Liabilities from derivative transactions 41.7 8.0 49.7 26.4 5.8 32.2 Remaining other non-current liabilities 9.0 11.2 20.3 3.8 8.6 12.4 Total 54.8 20.6 75.4 37.9 20.5 58.3
Current liabilities
EURm
53. Current loans and borrowings
Bank overdrafts are included under cash and cash equivalents in the consolidated statement of cash flows.
| Current loans and borrowings | ||
|---|---|---|
| EURm | 30.09.2018 | 30.09.2017 |
| Bank loans | 59.1 | 49.2 |
| Bond liabilities | 30.0 | – |
| Bank overdrafts and other current loans | 0.0*) | 1.3 |
| Total | 89.1 | 50.5 |
*) Small amount
Loans of EUR 59.1m were reclassified to current financial liabilities because they are now due within one year (previous year: EUR 49.2m).
54. Taxes payable and levies
Taxes payable and levies as of the balance sheet date comprise the following:
| Taxes payable and levies | ||
|---|---|---|
| EURm | 30.09.2018 | 30.09.2017 |
| Energy taxes | 28.2 | 30.8 |
| Value added tax | 14.1 | 18.7 |
| Corporate income tax | 33.6 | 10.1 |
| Other taxes and duties | 9.7 | 8.1 |
| Total | 85.6 | 67.6 |
55. Trade payables
Trade payables include obligations resulting from outstanding invoices amounting to EUR 98.3m (previous year: EUR 80.7m).
56. Current provisions
Reconciliation of current provisions
| EURm | ||||||
|---|---|---|---|---|---|---|
| Personnel entitlements |
Onerous contracts |
Rents for network access |
Process risks | Other current provisions |
Total | |
| Carrying amount 01.10.2017 | 75.0 | 1.1 | 2.7 | 3.1 | 9.7 | 91.6 |
| Currency translation differences | –0.0*) | – | – | –0.0*) | –0.0*) | –0.0*) |
| Use | –9.6 | – | –0.4 | –1.3 | –1.0 | –12.4 |
| Release | – | –2.3 | – | –0.3 | –3.9 | –6.6 |
| Additions | 8.9 | 1.2 | 0.7 | 0.5 | 8.4 | 19.7 |
| Reclassification | – | – | –0.2 | –0.2 | –0.5 | –0.9 |
| Carrying amount 30.09.2018 | 74.2 | 0.0 | 2.8 | 1.7 | 12.7 | 91.4 |
*) Small amount
The provisions for personnel entitlements comprise special payments not yet due, outstanding leave and liabilities resulting from a voluntary early retirement programme for employees. The provisions for legally binding agreements totalled EUR 6.0m as of the balance sheet date (previous year: EUR 7.8m).
57. Other current liabilities
| Other current liabilities EURm |
30.09.2018 | 30.09.2017 |
|---|---|---|
| Financial liabilities | ||
| Liabilities to investments in equity accounted investees | 225.4 | 149.8 |
| Liabilities to non-consolidated subsidiaries | 1.8 | 2.8 |
| Deferred interest expenses | 15.5 | 15.5 |
| Liabilities arising from derivative transactions | 72.6 | 33.3 |
| Other financial liabilities | 50.0 | 77.2 |
| 365.3 | 278.6 | |
| Other liabilities | ||
| Prepayments received | 35.4 | 45.5 |
| Deferred income from network subsidies | 49.5 | 47.8 |
| Liabilities relating to social security | 14.8 | 17.0 |
| 99.7 | 110.3 | |
| Total | 464.9 | 388.9 |
The liabilities to investments in equity accounted investees consist primarily of cash pooling balances between EVN AG and these companies as well as amounts due to EAA for the distribution and procurement of electricity.
The liabilities from derivative transactions include, in particular, the negative market values of derivatives in the energy business.
The other financial liabilities include a liability of EUR 26.5m (previous year: EUR 36.2m) related to a tariff decision in Bulgaria on 1 July 2014, which requires the repayment of revenue from previous periods. The other components of this position include employeerelated liabilities and deposits received.
Other liabilities include the following: prepayments received to cover the costs of electricity, natural gas and heating supplies; prepayments to cover the installation of customer equipment; obligations to social security carriers; and subsidies received for construction costs and investments that will be recognised to revenue within one year.
Segment reporting
| Segment reporting | ||||||||
|---|---|---|---|---|---|---|---|---|
| EURm | Energy | Generation | Networks | South East Europe | ||||
| 2017/18 | 2016/17 | 2017/18 | 2016/17 | 2017/18 | 2016/17 | 2017/18 | 2016/17 | |
| External revenue | 459.3 | 512.0 | 69.8 | 53.7 | 489.6 | 497.9 | 902.0 | 957.5 |
| Internal revenue (between segments) | 19.4 | 8.4 | 200.8 | 186.3 | 64.7 | 68.8 | 0.8 | 0.5 |
| Total revenue | 478.6 | 520.5 | 270.6 | 240.0 | 554.4 | 566.7 | 902.8 | 958.0 |
| Operating expenses | –514.8 | –518.1 | –153.5 | –125.1 | –301.0 | –273.8 | –798.2 | –790.6 |
| Share of results from equity accounted investees operational |
117.0 | 99.4 | 6.6 | –11.1 | – | – | – | – |
| EBITDA | 80.8 | 101.8 | 123.7 | 103.7 | 253.4 | 292.9 | 104.6 | 167.3 |
| Depreciation and amortisation | –23.4 | –27.9 | –45.3 | –110.7 | –110.8 | –115.2 | –64.4 | –86.3 |
| thereof impairment losses | –3.8 | –9.7 | –14.8 | –61.1 | – | – | –2.1 | –24.0 |
| thereof revaluation | 0.1 | 1.3 | 18.2 | 0.2 | 7.3 | – | – | – |
| Results from operating activities (EBIT) |
57.4 | 73.9 | 78.4 | –7.0 | 142.6 | 177.6 | 40.2 | 81.0 |
| EBIT margin (%) | 12.0 | 14.2 | 29.0 | –2.9 | 25.7 | 31.3 | 4.5 | 8.5 |
| Share of results from equity accounted investees financial |
– | – | – | – | – | – | – | – |
| Interest income | 0.2 | 0.2 | 0.8 | 8.0 | 0.2 | 0.2 | 0.0*) | 0.4 |
| Interest expense | –2.5 | –2.9 | –14.3 | –15.8 | –17.4 | –16.9 | –20.7 | –21.6 |
| Financial results | –3.3 | –2.7 | –14.0 | –10.0 | –17.1 | –16.6 | –20.6 | –23.0 |
| Result before income tax | 54.2 | 71.2 | 64.4 | –17.0 | 125.4 | 161.0 | 19.6 | 58.0 |
| Goodwill | – | – | 1.2 | – | 1.8 | 1.8 | – | – |
| Carrying value of investments in equity accounted investees |
218.9 | 190.7 | 75.1 | 70.1 | – | – | – | – |
| Total assets | 862.7 | 696.3 | 1,056.8 | 923.4 | 1,944.7 | 1,921.3 | 1,207.7 | 1,161.1 |
| Liabilities | 764.6 | 599.2 | 804.5 | 662.6 | 1,332.1 | 1,317.2 | 956.5 | 937.6 |
| Investments1) | 19.5 | 20.0 | 58.9 | 26.3 | 173.0 | 153.3 | 86.4 | 92.0 |
1) In intangible assets and property, plant and equipment
| Segment reporting | ||||||||
|---|---|---|---|---|---|---|---|---|
| EURm | Environment | All Other Segments | Consolidation2) | Total | ||||
| 2017/18 | 2016/17 | 2017/18 | 2016/17 | 2017/18 | 2016/17 | 2017/18 | 2016/17 | |
| External revenue | 136.9 | 181.0 | 15.0 | 13.4 | – | – | 2,072.6 | 2,215.6 |
| Internal revenue (between segments) | 13.1 | 16.5 | 61.0 | 59.5 | –359.9 | –340.0 | – | – |
| Total revenue | 150.0 | 197.5 | 76.0 | 73.0 | –359.9 | –340.0 | 2,072.6 | 2,215.6 |
| Operating expenses | –133.0 | –207.7 | –87.2 | –80.7 | 398.8 | 339.6 | –1,588.8 | –1,656.6 |
| Share of results from equity accounted investees operational |
13.0 | 13.9 | 51.4 | 60.4 | – | – | 188.0 | 162.6 |
| EBITDA | 30.1 | 3.7 | 40.2 | 52.7 | 39.0 | –0.4 | 671.8 | 721.6 |
| Depreciation and amortisation | –20.8 | –24.9 | –0.9 | –1.4 | –13.2 | –8.4 | –278.9 | –374.8 |
| thereof impairment losses | –0.8 | – | – | –0.0*) | –25.4 | –19.1 | –46.9 | –113.9 |
| thereof revaluation | – | – | 0.7 | – | – | – | 26.3 | 1.4 |
| Results from operating activities (EBIT) |
9.3 | –21.2 | 39.3 | 51.2 | 25.7 | –8.8 | 392.9 | 346.9 |
| EBIT margin (%) | 6.2 | –10.7 | 51.8 | 70.2 | –0.0*) | –0.0*) | 19.0 | 15.7 |
| Share of results from equity accounted investees financial |
– | – | 0.1 | 12.2 | – | – | 0.1 | 12.2 |
| Interest income | 5.5 | 8.1 | 27.8 | 28.6 | –23.9 | –25.9 | 10.7 | 19.5 |
| Interest expense | –5.5 | –9.9 | –17.5 | –24.2 | 23.9 | 25.9 | –54.0 | –65.4 |
| Financial results | 8.7 | –1.6 | 43.8 | 45.6 | –34.8 | –13.0 | –37.2 | –21.4 |
| Result before income tax | 18.0 | –22.8 | 83.1 | 96.8 | –9.0 | –21.8 | 355.7 | 325.5 |
| Goodwill | 52.9 | 54.0 | – | – | – | – | 55.8 | 55.8 |
| Carrying value of investments in equity accounted investees |
114.5 | 106.7 | 587.1 | 587.3 | – | – | 995.7 | 954.8 |
| Total assets | 644.1 | 816.4 | 4,374.4 | 3,040.0 | –2,259.3 | –2,103.7 | 7,831.1 | 6,454.9 |
| Liabilities | 498.4 | 637.1 | 1,670.8 | 1,265.8 | –2,288.5 | –2,114.8 | 3,738.4 | 3,304.8 |
| Investments1) | 20.7 | 11.6 | 4.0 | 2.3 | –6.0 | –1.7 | 356.4 | 303.8 |
1) In intangible assets and property, plant and equipment
2) Explained below in the notes to segment reporting
| Segment information by product – revenue | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Electricity | 1,459.1 | 1,548.2 |
| Natural gas | 190.4 | 219.3 |
| Heat | 136.1 | 135.1 |
| Environmental services | 136.9 | 181.0 |
| Others | 150.2 | 132.0 |
| Total | 2,072.6 | 2,215.6 |
| Segment information by country – revenue1) | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Austria | 1,113.8 | 1,169.4 |
| Germany | 38.9 | 66.1 |
| Bulgaria | 535.6 | 571.4 |
| Macedonia | 365.8 | 384.9 |
| Others | 18.5 | 23.9 |
| Total | 2,072.6 | 2,215.6 |
1) The allocation of segment information by countries is based on the location of the companies.
Segment information by country –
| non-current assets1) | ||||
|---|---|---|---|---|
| EURm | 30.09.2018 | |||
| Intangible assets | Property, plant and equipment |
Intangible assets | Property, plant and equipment |
|
| Austria | 111.6 | 2,469.5 | 107.1 | 2,381.7 |
| Germany | 45.1 | 147.6 | 45.1 | 197.0 |
| Bulgaria | 20.8 | 486.2 | 20.6 | 470.6 |
| Macedonia | 4.6 | 296.9 | 4.3 | 293.4 |
| Others | 0.0*) | 38.5 | 0.0*) | 40.8 |
| Total | 182.1 | 3,438.7 | 177.1 | 3,383.6 |
1) The allocation of segment information by countries is based on the location of the companies.
58. Notes to segment reporting
The segments of business cover the following activities:
| Business areas | Segments | Major activities | |||
|---|---|---|---|---|---|
| Energy business | Energy | • Marketing of electricity produced in the Generation Segment • Procurement of electricity, natural gas and primary energy carriers • Trading with and sale of electricity and natural gas to end customers and on wholesale markets • Production and sale of heat • 45.0% investment in ENERGIEALLIANZ Austria GmbH1) • Investment as sole limited partner in EVN Energievertrieb GmbH & Co KG (EVN KG)1) |
|||
| Generation | • Generation of electricity from thermal production capacities and renewable energy sources at Austrian and international locations • Operation of a thermal waste utilisation plant in Lower Austria2) • 13.0% investment in Verbund Innkraftwerke GmbH (Germany)1) • 49.0% investment in Walsum 10 hard coal-fired power plant (Germany) 3) • 49.99% investment in Ashta run-of-river power plant (Albania)1) |
||||
| Networks | • Operation of distribution networks and network infrastructure for electricity and natural gas in Lower Austria • Cable TV and telecommunication services in Lower Austria and Burgenland |
||||
| South East Europe | • Operation of distribution networks and network infrastructure for electricity in Bulgaria and Macedonia • Sale of electricity to end customers in Bulgaria and Macedonia • Generation of electricity from hydropower in Macedonia • Generation, distribution and sale of heat in Bulgaria • Construction and operation of natural gas networks in Croatia • Energy trading for the entire region |
||||
| Environmental services business |
Environment | • Water supply and wastewater disposal in Lower Austria • International project business: planning, construction, financing and/or operation (depending on the project) of plants for drinking water supplies, wastewater treatment and thermal waste utilisation |
|||
| Other business activities | All Other Segments | • 50.03% investment in RAG-Beteiligungs-Aktiengesellschaft, which holds 100% of the shares in RAG Austria AG (RAG)1) • 73.63% investment in Burgenland Holding AG, which holds a stake of 49.0% in Energie Burgenland AG1) • 12.63% investment in Verbund AG4) • Corporate services |
1) The earnings contribution represents the share of results from equity accounted investees with operational nature and is included in EBITDA.
2) The components of the thermal power plants in Dürnrohr and Korneuburg, which were previously held by EVN AG and operated together with Verbund Thermal Power, as well as the thermal power plant in Theiss were transferred to EVN Abfallverwertung NÖ GmbH as of 1 July 2018 and are now managed as EVN Wärmekraftwerke GmbH. This company (including the thermal waste utilisation plant in Zwentendorf/Dürnrohr which was previously reported under the Environment Segment) was assigned to the Generation Segment in the fourth quarter of 2017/18.
3) The investment in Steag-EVN Walsum 10 Kraftwerksgesellschaft is accounted for as a joint operation.
4) Dividends are included under financial results.
Principle of segment allocation and transfer pricing
Subsidiaries are allocated directly to their respective segments. EVN AG is allocated to the segments on the basis of data from the cost accounting system.
The transfer prices for energy between the individual segments are based on comparable prices for special contract customers, and thus represent applicable market prices. For the remaining items, pricing is based on cost plus an appropriate mark-up.
Reconciliation of segment results at the Group level
Services performed between segments are eliminated in the consolidation column. The results in the total column reflect the amounts shown in the consolidated statement of operations. Also included are transition amounts, which result from the difference between the viewpoints of the Generation and Energy segments and the Group with respect to the inclusion of Steag-EVN Walsum as a joint operation. The Generation Segment has not identified any signs of impairment to its proportional investment in the power plant resulting from the inclusion of Steag-EVN Walsum as a joint operation, and the Energy Segment has already recognised provisions for onerous contracts connected with the marketing of its electricity production. In contrast, an impairment charge for the Walsum 10 power plant is required from the Group's point of view. These circumstances led to a transition of EUR 25.7m (previous year: EUR –8.8m) from the segment total to Group EBIT.
Group disclosures
IFRS 8 requires additional segment information classified by products (external revenues from customers broken down by products and services) and countries (external revenues from customers and non-current assets broken down by countries) if this information is not provided as part of the segment reporting.
Information on transactions with major external customers is required only if these transactions amount to 10.0% or more of a company's external revenues. EVN has no transactions with customers that meet this criterion because of its large number of customers and diverse business activities.
Other information
59. Consolidated statement of cash flows
The consolidated statement of cash flows shows the changes in cash and cash equivalents during the reporting year as a result of cash inflows and outflows. The consolidated statement of cash flows is presented in accordance with the indirect method. Non-cash expenses were added to and non-cash income was subtracted from profit before income tax.
| Cash and cash equivalents | ||
|---|---|---|
| EURm | 30.09.2018 | 30.09.2017 |
| Cash | 214.5 | 223.1 |
| thereof cash on hand | 0.4 | 0.6 |
| thereof cash at banks | 214.1 | 222.4 |
| Bank overdrafts | 0.0*) | –1.3 |
| Total | 214.5 | 221.8 |
*) Small amount
Of the total deposits with financial institutions, EUR 1.8m (previous year: EUR 0.2m) represent pledges.
The change in financial liabilities, which is primarily attributable to cash flow from financing activities, is shown in the following table:
| Cash flow from financing activities EURm |
Current financial liabilities | Non-current financial liabilities |
Total |
|---|---|---|---|
| Balance on 01.10.2017 | 50.5 | 1,125.4 | 1,175.9 |
| Payments received | – | 2.0 | 2.0 |
| Payments made | –49.2 | – | –49.2 |
| Reclassification of liquid funds | –1.3 | – | –1.3 |
| Currency translation | – | –0.1 | –0.1 |
| Change in fair value | – | 0.4 | 0.4 |
| Change in costs for the procurement of funds | – | 1.8 | 1.8 |
| Reclassification | 89.1 | –89.1 | – |
| Balance on 30.09.2018 | 89.1 | 1,040.5 | 1,129.5 |
60. Risk management
Interest rate risk
EVN defines interest rate risk as the risk that fluctuations in the fair value or future cash flows of a financial instrument due to changes in the market interest rate could adversely affect interest income and expense as well as equity. This risk is minimised through the regular monitoring of interest rate risk and compliance with limits as well as hedging strategies that include the use of derivative financial instruments (also see notes 9. Financial instruments and 62. Reporting on financial instruments).
EVN monitors interest rate risk through sensitivity analyses and, among others, with a daily value-at-risk (VaR) calculation. This procedure calculates the VaR with a confidence level of 99.0% for one day according to the variance-covariance method (delta-gamma approach). The interest VaR, including the hedging instruments used by EVN, equalled EUR 2.7m as of 30 September 2018 (previous year: EUR 4.5m). The lower volatility of interest rates during the reporting year was reflected in a year-on-year decline in the value at risk for interest rates.
Foreign exchange risk
For EVN, the risk to profit or loss arising from fluctuations in foreign exchange rates arises from transactions carried out in currencies other than the euro. EVN is exposed to foreign exchange risk on receivables, liabilities, and cash and cash equivalents that are not held in the Group's functional currency (i. e. BGN, HRK, JPY, MKD, PLN, RUB). The most significant driver of foreign exchange risk for EVN is a bond issued in Japanese yen (JPY). Foreign exchange risk is managed by way of the central compilation, analysis and management of risk positions, and by hedging the bond denominated in foreign currency through cross currency swaps (see notes 9. Financial instruments and 48. Non-current loans and borrowings).
The foreign exchange VaR, based on the major foreign currency risk drivers in the financial area, remains immaterial and amounted to TEUR 75.6 (previous year: TEUR 2.4) after the inclusion of hedging instruments.
Other market risks
EVN defines other market risks as the risk of price changes resulting from market fluctuations in primary energy, CO2 emission certificates, electricity and securities.
In EVN's energy trading activities, energy trading contracts are entered into for the purpose of managing price risk. Price risks result from the procurement and sale of electricity, natural gas, hard coal, and CO2 emission certificates.
For price hedging purposes in the energy sector, EVN uses both financial derivatives, which are invariably converted to cash, as well as commodity derivatives, which are generally based on physical delivery. Commodity derivatives are differentiated by contracts which are subject to possible further optimisation and contracts which are lower than the expected purchase, sale or usage requirements for the supply of customers and EVN's facilities or the marketing of energy produced in EVN's facilities (own use). The table on page 186 shows the outstanding contracts from optimisation as of 30 September 2018 (also see note 62. Reporting on financial instruments). An increase or decrease of 5% in the price would have resulted in an aggregated commodity price risk of EUR 3.5m for EVN as of 30 September 2018.
The price risk for securities results from fluctuations on the capital markets. The most significant securities position held by EVN is its investment in Verbund AG. The price risk VaR for the Verbund AG shares held by EVN as of the balance sheet date was EUR 69.8m (previous year: EUR 28.1m), whereby the price would be influenced by the sale of a large block of Verbund shares by EVN. The year-onyear increase in the VaR resulted essentially from the position's higher share price/market value.
Liquidity risk
Liquidity risk represents the risk of not being able to raise the required financial resources to settle liabilities on their due date as well as the inability to raise the necessary liquidity at the expected terms and conditions. EVN minimises this risk by means of short-term and medium-term financial and liquidity planning. In concluding financing agreements, special attention is paid to managing the terms to maturity in order to achieve a balanced maturity profile and thus avoid the bundling of repayment dates. The EVN Group uses cash pooling to equalise liquidity balances.
The liquidity reserve as of 30 September 2018 comprised cash and cash equivalents of EUR 214.5m (previous year: EUR 223.1m) and current securities of EUR 139.8m (previous year: EUR 0.5m) which can be sold at any time. Moreover, EVN had EUR 400.0m of contractually agreed and unused syndicated lines of credit (previous year: unused lines of credit totalling EUR 400.0m) and EUR 92.0m of contractually agreed and unused bilateral lines of credit (previous year: EUR 97.0m) as of the balance sheet date. The liquidity risk was therefore extremely low. The gearing ratio equalled 23.5% as of the balance sheet date (previous year: 38.5%) and underscores EVN's sound capital structure.
Expected occurrence of cash flows of loans and borrowings and other liabilities
| 2017/18 financial year | Carrying Total |
Contractually stipulated payment flows | ||||
|---|---|---|---|---|---|---|
| EURm | amount | payment flows | < 1 year | 1–5 years | > 5 years | |
| Bonds | 534.5 | 674.9 | 52.3 | 357.9 | 264.6 | |
| Bank loans | 595.1 | 718.9 | 71.8 | 234.6 | 412.5 | |
| Lease liabilities | 6.4 | 8.4 | 2.8 | 4.3 | 1.3 | |
| Liabilities arising from derivative transactions | 122.3 | 126.2 | 72.3 | 42.6 | 11.4 | |
| Total | 1,258.2 | 1,528.4 | 199.1 | 639.4 | 689.8 | |
| 2016/17 financial year EURm |
Carrying amount |
Total payment flows |
Contractually stipulated payment flows < 1 year 1–5 years > 5 years |
|||
| Bonds | 532.0 | 694.6 | 22.3 | 400.6 | 271.8 | |
| Bank loans | 642.5 | 779.2 | 62.9 | 251.0 | 465.3 | |
| Lease liabilities | 14.8 | 16.4 | 2.0 | 8.2 | 6.2 | |
| Liabilities arising from derivative transactions | 65.5 | 70.5 | 31.2 | 25.1 | 14.2 | |
| Total | 1,254.8 | 1,560.7 | 118.4 | 684.9 | 757.4 |
Credit risk
Credit and default risk represents the risk of a loss when business partners fail to meet their contractual obligations. This risk is inherent to all agreements with delayed payment terms or fulfilment at a later date. To limit default risk, the company evaluates the credit standing of its business partners. External ratings (including Standard & Poor's, Moody's, Fitch and KSV 1870) are used for this purpose, and the business volume is limited in accordance with the rating and the probability of default. Sufficient collateral is required before a transaction is entered into if the partner's credit rating is inadequate.
EVN monitors credit risk and limits default risk for financial receivables and for derivatives and forward transactions which are concluded to hedge the risks connected with EVN's energy business or are related to end customers and other debtors.
In order to reduce credit risk, hedging transactions are entered into only with well-known banks that have good credit ratings. EVN also ensures that funds are deposited at banks with the best possible credit standing based on international ratings.
The default risk for customers is monitored separately at EVN and supported primarily by ratings and experience-based values. Credit risks are taken into account through individual and general bad debt allowances. Default risk is also minimised with efficient receivables management and the continuous monitoring of customer payment behaviour.
| Impairment losses by class EURm |
30.09.2018 | 30.09.2017 |
|---|---|---|
| Write-offs/value adjustments | ||
| Non-current assets | ||
| Non-financial assets | 1.0 | 0.1 |
| 1.0 | 0.1 | |
| Current assets | ||
| Trade and other receivables | 17.6 | 23.1 |
| Securities | 0.0*) | – |
| Total | 18.6 | 23.2 |
The Group's maximum default risk for the items reported on the consolidated statement of financial position as of 30 September 2018 and 30 September 2017 reflect the carrying amounts shown in notes 38. Other non-current assets, 40. Trade and other receivables and 41. Securities, excluding financial guarantees.
The maximum default risk for derivative financial instruments equals the positive fair value (see note 62. Reporting on financial instruments).
The maximum risk from financial guarantees is described in note 64. Other obligations and risks.
61. Capital management
EVN's goal in the area of capital management is to maintain a solid capital structure in order to use the resulting financial strength for value-creating investments and an attractive dividend policy. EVN has defined an equity ratio of more than 40% and net debt coverage of more than 30% as its targets. As of 30 September 2018, the equity ratio equalled 52.3% (previous year: 48.8%). Net debt coverage, which represents the ratio of funds from operations to net debt equalled 63.8% (previous year: 48.7%). Net debt is calculated as the total of current and non-current financial liabilities minus cash and cash equivalents, current and non-current securities and loans receivable and plus non-current personnel provisions.
| Capital management | ||
|---|---|---|
| EURm | 30.09.2018 | 30.09.2017 |
| Non-current loans and borrowings | 1,040.5 | 1,125.4 |
| Current loans and borrowings1) | 89.1 | 49.2 |
| Cash and cash equivalents | –214.5 | –221.8 |
| Non-current and current securities | –274.8 | –59.0 |
| Non-current and current loans receivable | –42.2 | –43.9 |
| Net financial debt | 598.0 | 849.9 |
| Non-current personnel provisions2) | 365.8 | 363.3 |
| Net debt | 963.7 | 1,213.2 |
| Funds from operations | 665.1 | 591.2 |
| Equity | 4,092.6 | 3,150.1 |
| Gearing (%) | 23.5 | 38.5 |
| Net debt coverage (%) | 69.0 | 48.7 |
1) Excluding bank overdrafts contained in cash and cash equivalents.
2) Excluding service anniversary bonuses
The EVN Group uses cash pooling to manage liquidity and optimise interest rates. EVN AG and each of the participating Group subsidiaries have concluded a corresponding contract that defines the modalities for cash pooling.
62. Reporting on financial instruments
Fair value generally reflects the listed price on the balance sheet date. If this price is not available, fair value is calculated in accordance with financial methods, e.g. by discounting the expected cash flows at the prevailing market interest rate. The input factors required for the calculations are explained below.
The fair value of shares in unlisted subsidiaries and other investments is based on discounted expected cash flows or comparable transactions. For financial instruments listed on an active market, the trading price as of the balance sheet date represents fair value. Most of the receivables, cash and cash equivalents, and current financial liabilities have short terms to maturity. Therefore, the carrying value of these instruments as of the balance sheet date approximately corresponds to fair value. The fair value of bonds is calculated as the present value of the discounted future cash flows based on prevailing market interest rates.
The following table shows the financial instruments carried at fair value and their classification in the fair value hierarchy according to IFRS 13.
Level 1 input factors are observable parameters such as quoted prices for identical assets or liabilities. These prices are used for valuation purposes without modification.
Level 2 input factors represent other observable parameters which must be adjusted to reflect the specific characteristics of the valuation object. Examples of the parameters used to measure the financial instruments classified under level 2 are forward price curves derived from market prices, exchange rates, interest structure curves and the counterparty credit risk.
Level 3 input factors are non-observable factors which reflect the assumptions that would be used by a market participant to determine an appropriate price.
There were no reclassifications between the various levels during the reporting period.
Information on classes and categories of financial instruments
EURm
| 30.09.2018 | 30.09.2017 | |||||
|---|---|---|---|---|---|---|
| Classes | Measurement category |
Fair value hierarchy (according to IFRS 13) |
Carrying amount |
Fair value | Carrying amount |
Fair value |
| Non-current assets | ||||||
| Other investments | ||||||
| Investments | AFS | Level 3 | 76.8 | 76.8 | 36.8 | 36.8 |
| Miscellaneous investments | AFS | Level 1 | 1,861.5 | 1,861.5 | 875.2 | 875.2 |
| Other non-current assets | ||||||
| Securities | @FVTPL | Level 1 | 135.1 | 135.1 | 58.4 | 58.4 |
| Loans reveivable | LAR | Level 2 | 38.3 | 44.7 | 40.6 | 48.4 |
| Lease receivables | LAR | Level 2 | 28.7 | 31.8 | 86.9 | 99.6 |
| Receivables arising from derivative transactions | @FVTPL | Level 2 | 35.1 | 35.1 | 8.0 | 8.0 |
| Receivables arising from derivative transactions | Hedging | Level 2 | 0.6 | 0.6 | 1.0 | 1.0 |
| Remaining other non-current assets | LAR | 0.2 | 0.2 | 0.5 | 0.5 | |
| Current assets | ||||||
| Current receivables and other current assets | ||||||
| Trade and other receivables | LAR | 419.5 | 419.5 | 367.8 | 367.8 | |
| Receivables arising from derivative transactions | @FVTPL | Level 2 | 47.5 | 47.5 | 18.0 | 18.0 |
| Securities | AFS | Level 1 | 139.8 | 139.8 | 0.5 | 0.5 |
| Cash and cash equivalents | ||||||
| Cash on hand and cash at banks | LAR | 214.5 | 214.5 | 223.1 | 223.1 | |
| Non-current liabilities | ||||||
| Non-current loans and borrowings | ||||||
| Bonds | FLAC | Level 2 | 504.5 | 591.9 | 532.0 | 637.1 |
| Bank loans | FLAC | Level 2 | 536.0 | 593.7 | 593.3 | 651.5 |
| Other non-current liabilities | ||||||
| Leases | FLAC | Level 2 | 4.8 | 5.6 | 12.7 | 14.6 |
| Accruals of financial transactions | FLAC | 0.6 | 0.6 | 1.1 | 1.1 | |
| Other liabilities | FLAC | 20.3 | 20.3 | 12.4 | 12.4 | |
| Liabilities arising from derivative transactions | @FVTPL | Level 2 | 29.9 | 29.9 | 9.8 | 9.8 |
| Liabilities arising from derivative transactions | Hedging | Level 2 | 19.9 | 19.9 | 22.4 | 22.4 |
| Current liabilities | ||||||
| Current loans and borrowings | FLAC | 89.1 | 89.1 | 50.5 | 50.5 | |
| Trade payables | FLAC | 337.1 | 337.1 | 314.0 | 314.0 | |
| Other current liabilities | ||||||
| Other financial liabilities | FLAC | 292.7 | 292.7 | 245.3 | 245.3 | |
| Liabilities arising from derivative transactions | @FVTPL | Level 2 | 67.4 | 67.4 | 25.9 | 25.9 |
| Liabilities arising from derivative transactions | Hedging | Level 2 | 5.1 | 5.1 | 7.4 | 7.4 |
| thereof aggregated to measurement categories | ||||||
| Available for sale financial assets | AFS | 2,078.0 | 912.5 | |||
| Loans and receivables | LAR | 701.2 | 718.9 | |||
| Financial assets designated at fair value in profit or loss | @FVTPL | 217.6 | 84.4 | |||
| Financial liabilities at amortised cost | FLAC | 1,785.0 | 1,761.3 | |||
| Financial liabilities designated at fair value in profit or loss | @FVTPL | 97.3 | 35.7 |
| Net results by measurement category EURm |
2017/18 | 2016/17 | ||
|---|---|---|---|---|
| Classes | Net result | Of which impairment losses |
Net result | Of which impairment losses |
| Available for sale financial assets (AFS) | –0.0*) | –0.0*) | –0.1 | – |
| Loans and receivables (LAR) | –29.8 | –17.6 | –28.0 | –23.1 |
| Financial assets and liabilities at fair value through profit or loss (@FVTPL) |
–6.9 | – | –5.8 | – |
| Financial assets and liabilities (Hedging) | 0.2 | – | –21.6 | – |
| Financial liabilities at amortised cost (FLAC) | –0.4 | – | 20.5 | – |
| Total | –36.9 | –17.6 | –35.0 | –23.1 |
*) Small amount
Derivative financial instruments and hedging transactions
Derivative financial instruments are used primarily to hedge the company's liquidity, exchange rate, price and interest rate risks. The operative goal is to ensure the long-term continuity of the Group's earnings. All derivative financial instruments are integrated in a risk management system as soon as the respective contracts are concluded. This allows for the preparation of a daily overview of all main risk indicators. A separate staff unit has been established to monitor risk controlling and continuously develop risk analyses based on the value-at-risk (VaR) method.
The nominal values represent the separate totals of the items classified as financial derivatives on the balance sheet date. These are reference values which do not provide a measure of the risk incurred by the company through the use of these financial instruments. In particular, potential risk factors include fluctuations in the underlying market parameters and the credit risk of the contracting parties. Derivative financial instruments are recognised at their fair value.
Derivative financial instruments comprise the following:
| Derivative | 30.09.2018 | 30.09.2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| financial instruments | Nominal value1) | Fair values2) | Nominal value1) | Fair values2) | ||||||
| Purchases | Disposals | Positive | Negative | Net | Purchases | Disposals | Positive | Negative | Net | |
| Currency swaps | ||||||||||
| JPYm (> 5 years)3) | – | 12,000.0 | – | –4.7 | –4.7 | – | 12,000.0 | – | –5.0 | –5.0 |
| Interest rate swaps | ||||||||||
| EURm (< 5 years)3) | 18.0 | – | – | –1.7 | –1.7 | 20.2 | – | – | –2.4 | –2.4 |
| EURm (> 5 years)3) | 153.4 | – | 0.6 | –17.8 | –17.2 | 169.3 | – | 1.0 | –22.5 | –21.5 |
| Derivatives energy | ||||||||||
| Swaps | 59.6 | –0.9 | 23.0 | –0.1 | 22.9 | 65.0 | –26.8 | 15.0 | –1.7 | 13.4 |
| Futures | 30.9 | –37.8 | 46.8 | –24.9 | 21.9 | 17.5 | –35.5 | 5.0 | –6.0 | –1.0 |
| Forwards | 30.9 | –137.3 | 12.8 | –72.3 | –59.5 | 34.2 | –113.3 | 5.9 | –27.9 | –22.0 |
1) In m nominal currency
2) In EURm
3) Used as a hedging instrument in accordance with IAS 39
Positive fair values are recognised as receivables from derivative transactions under other non-current assets or other current assets, depending on their remaining term to maturity. Negative fair values are recognised as liabilities from derivative transactions under other non-current liabilities or other current liabilities, depending on their remaining term to maturity. A maturity analysis of the derivative financial liabilities is provided in the table on liquidity risk (see note 60. Risk management).
The following table shows the maturity of the interest rate swaps which are designated as cash flow hedges. The terms of the hedges correspond to the occurrence of the future transactions. The periods in which the cash flows occur represent the periods in which they are expected to have an effect on results.
| Expected occurrence of cash flows from cash flow hedges | |||||
|---|---|---|---|---|---|
| 2017/18 financial year | Total | Contractually stipulated payment flows | |||
| EURm | payment flows | < 1 year | 1–5 years | > 5 years | |
| Cash flows of hedged items | –179.2 | –18.7 | –86.2 | –74.2 | |
| Cash flows from hedging instruments | –21.3 | –5.6 | –13.1 | –2.7 | |
| 2016/17 financial year | Total | Contractually stipulated payment flows | |||
| EURm | payment flows | < 1 year | 1–5 years | > 5 years | |
| Cash flows of hedged items | –197.0 | –18.4 | –85.6 | –93.0 | |
| Cash flows from hedging instruments | –26.5 | –6.2 | –16.3 | –4.1 | |
63. Disclosures of interests in other entities
An overview of the companies included in the consolidated financial statements is provided beginning on page 194 under EVN's investments.
Information on the joint ventures and associates that were included in EVN's consolidated financial statements at equity in 2017/18 is provided below.
The share of results from equity accounted investees with operational nature is reported as part of the results from operating activities (EBIT).
The following overview shows the classification of the equity accounted investees based on operating and financial criteria:
| Joint ventures that were included at equity in the consolidated financial statements as of 30.09.2018 in accordance with IFRS 11 |
Operational nature |
Financial nature |
|---|---|---|
| Company | ||
| Bioenergie Steyr GmbH | ||
| Degremont WTE Wassertechnik Praha v.o.s. | ||
| e&i EDV Dienstleistungsgesellschaft m.b.H. | ||
| EnergieAllianz | ||
| EVN KG | ||
| EVN-WE Wind KG | ||
| Fernwärme St.Pölten GmbH | ||
| Fernwärme Steyr GmbH | ||
| RAG | ||
| Ashta | ||
| sludge2energy GmbH | ||
| ZOV | ||
| Associates that were included at equity in the consolidated financial statements as of 30.09.2018 in accordance with IAS 28 |
Operational nature |
Financial nature |
| Company | ||
| Energie Burgenland | ||
| Verbund Innkraftwerke | ||
| ZOV UIP |
The following table provides summarised financial information on each individually material joint venture included in the consolidated financial statements:
| Financial information of material | |||||||
|---|---|---|---|---|---|---|---|
| joint ventures EURm |
30.09.2018 | 30.09.2017 | |||||
| Joint venture | EVN KG | RAG | ZOV | EVN KG | RAG | ZOV | |
| Statement of financial position | |||||||
| Non-current assets | 17.4 | 551.5 | 235.5 | 14.8 | 627.1 | 245.1 | |
| Current assets | 364.7 | 184.7 | 62.3 | 209.4 | 71.4 | 52.4 | |
| Non-current liabilities | 0.0*) | 317.3 | 40.7 | 0.0*) | 350.7 | 61.2 | |
| Current liabilities | 208.9 | 170.8 | 34.6 | 77.3 | 109.5 | 24.2 | |
| Reconciliation of the carrying amount of the share of EVN in the joint venture |
|||||||
| Net assets | 173.2 | 248.2 | 222.6 | 146.9 | 238.2 | 212.1 | |
| Share of EVN in net assets in per cent | 100.0% | 100.0% | 48.50% | 100.00% | 100.00% | 48.50% | |
| Share of EVN in net assets | 173.2 | 248.2 | 112.0 | 146.9 | 238.2 | 102.9 | |
| +/– Revaluations1) | – | 156.2 | 0.0*) | – | 165.7 | 0.2 | |
| Carrying amount of the share of EVN in the joint venture |
173.2 | 404.4 | 112.0 | 146.9 | 403.9 | 103.1 | |
| 2017/18 | 2016/17 | ||||||
| Statement of operations | |||||||
| Revenue | 450.5 | 470.5 | 16.1 | 444.7 | 468.6 | 21.3 | |
| Scheduled depreciation and amortisation | –0.0*) | –37.2 | –0.0*) | –0.0*) | –50.2 | –0.0*) | |
| Interest income | 0.0*) | 0.3 | 0.1 | 0.4 | – | 0.4 | |
| Interest expense | –0.4 | –3.8 | –4.9 | –0.0*) | –4.0 | –6.9 | |
| Income tax | – | –5.4 | –4.1 | – | –20.3 | –5.4 | |
| Result for the period | 114.3 | 45.1 | 18.8 | 96.1 | 50.6 | 23.5 | |
| Other comprehensive income | –4.6 | 2.7 | 0.7 | 0.1 | –3.2 | 1.0 | |
| Comprehensive income | 109.7 | 47.9 | 19.4 | 96.2 | 47.4 | 24.5 | |
| Dividends received by EVN | 83.3 | 42.0 | 1.3 | 54.1 | 38.0 | 4.7 | |
1) Corresponds to goodwill
*) Small amount
The following table provides summarised financial information on the individually immaterial joint ventures included in the consolidated financial statements:
| Financial information of individually immaterial joint ventures (EVN share) |
||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Carrying value of the joint ventures as of the balance sheet date | 53.4 | 55.5 |
| Result for the period | 5.6 | 20.8 |
| Other comprehensive income | 0.8 | –10.7 |
| Comprehensive income | 6.4 | 10.1 |
The following table provides summarised financial information on each individually material associate included in the consolidated financial statements:
Financial information of
| material associates | |||||||
|---|---|---|---|---|---|---|---|
| EURm | 30.09.2018 | 30.09.2017 | |||||
| Associate | Verbund IKW |
ZOV UIP | Energie Burgenland |
Verbund IKW |
ZOV UIP | Energie Burgenland |
|
| Statement of financial position | |||||||
| Non-current assets | 1,053.2 | 0.2 | 695.7 | 1,225.8 | 0.2 | 658.1 | |
| Current assets | 45.1 | 3.0 | 172.4 | 22.5 | 3.8 | 195.6 | |
| Non-current liabilities | 27.0 | – | 172.0 | 64.2 | – | 170.0 | |
| Current liabilities | 6.8 | 0.6 | 371.6 | 6.8 | 1.5 | 362.2 | |
| Reconciliation of the carrying amount of the share of EVN in the associate |
|||||||
| Net assets | 1,064.4 | 2.6 | 324.6 | 1,177.2 | 2.6 | 321.4 | |
| Share of EVN in net assets in per cent | 13.00% | 31.00% | 36.08% | 13.00% | 31.00% | 36.08% | |
| Share of EVN in net assets | 138.4 | 0.8 | 117.1 | 153.0 | 0.8 | 116.0 | |
| +/– Revaluations1) | –69.5 | – | 65.5 | –89.2 | – | 67.4 | |
| Carrying amount of the share of EVN in the associate |
68.8 | 0.8 | 182.6 | 63.8 | 0.8 | 183.3 | |
| 2017/18 | 2016/17 | ||||||
| Statement of operations | |||||||
| Revenue | 75.6 | 13.2 | 318.5 | 68.7 | 15.7 | 311.4 | |
| Result for the period | –102.6 | 3.4 | 19.8 | –2.1 | 3.4 | 21.1 | |
| Other comprehensive income | – | – | –6.4 | – | – | 2.4 | |
| Comprehensive income | –102.6 | 3.4 | 13.4 | –2.1 | 3.4 | 23.4 | |
| Dividends received by EVN | 1.3 | 1.0 | 9.3 | 1.0 | 1.1 | 10.3 | |
1) Corresponds to goodwill
The consolidated financial statements include no associates that are individually immaterial.
64. Other obligations and risks
The commitments entered into by EVN and the related risks are as follows:
| Other obligations and risks | ||
|---|---|---|
| EURm | 30.09.2018 | 30.09.2017 |
| Guarantees in connection with energy transactions | 50.9 | 77.6 |
| Guarantees in connection with projects in the Environment Segment | 53.6 | 52.5 |
| Guarantees related to the construction and operation of | ||
| energy networks | 3.0 | 5.3 |
| power plants | 104.5 | 101.4 |
| Order obligations for investments in intangible assets and property, plant and equipment | 112.8 | 94.8 |
| Further obligations arising from guarantees or other contractual contingent liabilities | 0.1 | 0.3 |
| Total | 324.9 | 331.9 |
| thereof in connection with equity accounted investees | 74.0 | 120.4 |
Neither provisions nor liabilities were recognised for the above-mentioned items because claims to the fulfilment of obligations or the actual occurrence of specific risks were not expected at the time these consolidated financial statements were prepared. The above-mentioned obligations were contrasted by corresponding recourse claims of EUR 32.8m (previous year: EUR 41.3m).
Contingent liabilities related to guarantees for subsidiaries in connection with energy transactions are recognised on the basis of the guarantees issued by EAA at an amount equalling the risk exposure of EVN AG. This risk is measured by the changes between the stipulated price and the actual market price, whereby EVN is only exposed to procurement risks when market prices decline and to selling risks when market prices increase.
Accordingly, fluctuations in market prices may lead to a change in the risk exposure after the balance sheet date. The risk assessment resulted in a contingent liability of EUR 8.5m as of 30 September 2018. The nominal volume of the guarantees underlying this assessment was EUR 254.5m. As of 31 October 2018, the market price risk was EUR 7.8m based on an underlying nominal volume of EUR 259.5m.
Various legal proceedings and lawsuits related to operating activities are pending or claims may be filed against EVN in the future. The attendant risks were analysed in relation to their probability of occurrence. The evaluation of possible claims showed that the legal proceedings and lawsuits, individually and as a whole, would not have a material negative effect on EVN's business, liquidity, profit or loss or financial position.
Additional obligations arising from guarantees and other contractual contingent liabilities consisted chiefly of outstanding capital contributions and loan commitments to affiliates as well as liabilities for affiliates' loans.
65. Information on transactions with related parties
In accordance with IAS 24, transactions with related parties arise through direct or indirect control, significant influence or joint management. Related parties include close family members of the respective natural persons. Key management personnel and their close family members are also considered to be related parties.
EVN's related parties include all companies in the scope of consolidation, other subsidiaries, joint ventures and associates that are not included in the consolidated financial statements, as well as people who are responsible for the planning, management and supervision of the Group's activities. In particular, related parties also include the members of the Executive Board and the Supervisory Board as well as their family members. A list of the Group companies can be found starting on page 194 under EVN's investments.
The province of Lower Austria holds 51.00% of the shares of EVN AG through NÖ Landes-Beteiligungsholding GmbH, St. Pölten. Therefore, the province of Lower Austria and companies under its control or significant influence are classified as related parties of the EVN Group. Since the province of Lower Austria is a government-related entity which has control over EVN AG due to its majority shareholding, EVN has elected to apply the exemption provided by IAS 24.25. This exemption releases EVN from the requirement to disclose business transactions and outstanding balances with related parties when the related party is a government-related entity.
On 20 December 2013, EnBW Energie Baden-Württemberg AG, Karlsruhe, Germany, concluded a trust agreement with EnBW Trust within the framework of a so-called contractual trust arrangement model. This agreement led to the transfer by EnBW of its 32.5% investment in EVN AG in trust to EnBW Trust. As of 30 September 2018, EnBW Trust held an investment of 30.0% in EVN AG.
Transactions with related parties
Main shareholder
A group and tax settlement agreement was concluded with NÖ Landes-Beteiligungsholding GmbH, St. Pölten, in connection with the inclusion of EVN AG in a corporate tax group as defined in § 9 of the Austrian Corporate Tax Act. EVN AG has since added further subsidiaries to the tax group based on this agreement. This resulted in a current liability of EUR 16.2m to NÖ Landes-Beteiligungsholding GmbH, St. Pölten, as of 30 September 2018 (previous year: EUR 7.5m). All other business relationships with the main shareholder or companies attributable to the main shareholder are carried out at arm's length.
EnBW Trust e.V.
There were no material business relations with EnBW Energie Baden-Württemberg AG or EnBW Trust e.V. in 2017/18, with the exception of the dividend payment.
Investments in equity accounted investees
Within the context of its ordinary business operations, EVN has concluded supply and service contracts with numerous companies included at equity in its consolidated financial statements. Long-term agreements were concluded with EAA for the sale and procurement of electricity and natural gas, and long-term procurement contracts were concluded with Verbund Innkraftwerke for electricity.
The value of services provided to investments in equity accounted investees is as follows:
| Transactions with joint ventures included at equity | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Revenue | 335.0 | 365.7 |
| Cost of services received | –100.7 | –112.9 |
| Trade accounts receivable | 23.6 | 5.9 |
| Other receivables | 40.5 | 10.0 |
| Trade accounts payable | 24.9 | 17.6 |
| Other liabilities | 116.7 | 64.2 |
| Loans | 19.9 | 20.5 |
| Liabilities from cash pooling | 83.1 | 67.3 |
| Interest income from loans | 0.9 | 0.6 |
| Transactions with associates included at equity | ||
|---|---|---|
| EURm | 2017/18 | 2016/17 |
| Revenue | – | – |
| Cost of services received | –7.3 | –6.0 |
| Trade accounts receivable | – | – |
| Trade accounts payable | 0.6 | 0.7 |
Transactions with related individuals
Executive Board and Supervisory Board
The payments to members of the Executive Board and the Supervisory Board consist primarily of salaries, severance payments, pensions and Supervisory Board remuneration.
The remuneration paid to the active members of the Executive Board in 2017/18 totalled TEUR 1,160.3 (including compensation in kind and contributions to pension funds; previous year: TEUR 1,106.9).
| Remuneration of the active Executive Board TEUR |
2017/18 | 2016/17 | ||||
|---|---|---|---|---|---|---|
| Fixed remuneration |
Variable remuneration |
Compensation in kind |
Fixed remuneration |
Variable remuneration |
Compensation in kind |
|
| Stefan Szyszkowitz | 401.7 | 184.4 | 14.3 | 365.8 | 128.1 | 14.2 |
| Franz Mittermayer | 346.2 | 83.1 | 13.8 | – | – | – |
The pension fund contributions in 2017/18 equalled TEUR 60.7 for Stefan Szyszkowitz (previous year: TEUR 54.8) and TEUR 56.1 for Franz Mittermayer.
An addition of TEUR 823.2 (thereof TEUR 72.8 of interest expense and TEUR 593.1 of actuarial gains/losses) was made to the provision for pension obligations on behalf of Stefan Szyszkowitz in 2017/18. In the previous year, a change of TEUR –354.5 was recorded (thereof TEUR 58.2 of interest expense and TEUR –592.3 of actuarial gains/losses). The addition to the provision for pension obligations on behalf of Franz Mittermayer amounted to TEUR 4,223.1 (thereof TEUR 33.7 of interest expense and TEUR 4,119.3 of actuarial gains/losses).
In 2017/18 contributions of TEUR 9.2 (previous year: TEUR 7.8) were made to an external employee fund on behalf of Stefan Szyszkowitz and TEUR 6.8 on behalf of Franz Mittermayer.
The year-on-year change in the remuneration of the active members of the Executive Board is attributable primarily to the change in performance-based components and the annual wage and salary increases mandated by collective bargaining agreements. Franz Mittermayer has been a member of the Executive Board since 1 October 2017. His variable remuneration therefore only includes preliminary payments on account for the 2017/18 financial year and no remuneration for the previous 2016/17 financial year.
They are also entitled to a contractually agreed pension at retirement, whereby pension payments under the Austrian social security scheme and any payments from the VBV-Pensionskasse are credited against this amount. The existing pension agreement was taken over in principle for Franz Mittermayer, and the resulting salary-based adjustment led to an addition to the provision for pension obligations.
The payments to former members of the Executive Board or their surviving dependents amounted to TEUR 1,972.0 in 2017/18 (previous year: TEUR 1,201.7).
Expenses for severance payments and pensions for active members of senior management totalled TEUR 533.3 in 2017/18 (thereof TEUR 94.3 of interest expense and TEUR 603.2 of actuarial gains/losses) and TEUR 18.9 in the previous year (thereof TEUR 157.4 of interest expense and TEUR –1,244.8 of actuarial gains/losses).
The above amounts include expenses recognised in accordance with national law, as required by the Austrian Corporate Governance Code. In accordance with IFRS, actuarial gains and losses are recorded under other comprehensive income in keeping with IAS 19.
The Supervisory Board remuneration totalled EUR 0.1m in 2017/18 (previous year: EUR 0.2m). The members of the Advisory Committee for Environmental and Social Responsibility received remuneration of EUR 0.1m during the reporting year (previous year: EUR 0.1m).
The basic principles underlying the remuneration system are presented in the remuneration report, which is part of the corporate governance report.
Transactions with other related companies
The disclosure requirements for the notes do not cover information on intragroup transactions. Therefore, business transactions between EVN and its subsidiaries are not reported. Business transactions with non-consolidated subsidiaries and companies not included at equity are generally not reported because they are immaterial.
Related parties can also be direct customers of a company within the EVN Group, whereby these business relationships reflect prevailing market rates and conditions and are immaterial in relation to the total income recorded by the EVN Group in 2017/18. The resulting items outstanding as of 30 September 2018 are reported under trade accounts receivable.
66. Significant events after the balance sheet date
No material events occurred between the balance sheet date on 30 September 2018 and the editorial deadline for the consolidated financial statements on 20 November 2018.
67. Information on management and staff
The corporate bodies of EVN AG are:
Executive Board
Stefan Szyszkowitz – Spokesman of the Executive Board (from 01.10.2017) Franz Mittermayer – Member of the Executive Board (from 01.10.2017)
Supervisory Board
Chairwoman Bettina Glatz-Kremsner
Vice-Chairmen Norbert Griesmayr Willi Stiowicek
Members Dieter Lutz Reinhard Meißl Angela Stransky Susanne Scharnhorst Friedrich Zibuschka Johannes Zügel Philipp Gruber
Employee representatives Franz Hemm Monika Fraißl Paul Hofer Friedrich Bußlehner Manfred Weinrichter
68. Approval of the 2017/18 consolidated financial statements for publication
These consolidated financial statements were prepared by the Executive Board as of the date indicated below. The individual financial statements, which were also included in the consolidated financial statements after their adjustment to reflect International Financial Reporting Standards, and the consolidated financial statements of EVN AG will be submitted to the Supervisory Board on 12 December 2018 for examination, and the Supervisory Board will also be asked to approve the individual financial statements.
69. Auditing fees
EVN's consolidated financial statements and annual financial statements for the 2017/18 financial year were audited by KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna. The costs for KPMG Austria GmbH Wirtschaftsprüfungsund Steuerberatungsgesellschaft, Vienna, totalled EUR 0.5m (previous year: EUR 0.5m) and were distributed as follows: 49% for auditing services, 46.6% for audit-related services and 4.4% for other consulting services. Auditing and consulting fees for the Group amounted to EUR 1.6m for the reporting year (previous year: EUR 1.6m), whereby 34.1% are attributable to auditing, 17.5% to audit-related services, 39.8% to tax advising and 8.6% to other consulting services. All companies in the scope of consolidation were included.
Maria Enzersdorf, 20 November 2018
EVN AG The Executive Board
Stefan Szyszkowitz Franz Mittermayer Spokesman of the Executive Board Member of the Executive Board
EVN's investments according to § 245a (1) ICW § 265 (2) UGB
The following table lists EVN's investments classified by segment of business. The list of companies not included in the consolidated financial statements of EVN AG for materiality reasons is based on the companies' last available local annual financial statements as of the respective balance sheet date. The data from companies that report in a foreign currency is translated into euros at the exchange rate on the balance sheet date of EVN AG.
1. EVN's investments in the energy business ≥ 20.0% as of 30 September 2018
| 1.1. Included in the consolidated financial statements of EVN Company, registered office |
Shareholder | Interest % |
Balance sheet date |
Method of consolidation 2017/18 |
|---|---|---|---|---|
| Ashta Beteiligungsverwaltung GmbH, Vienna | EVN | 49.99 31.12.2017 | E | |
| Bioenergie Steyr GmbH, Behamberg | EVN Wärme | 51.00 30.09.2018 | E | |
| Biowärme Amstetten-West GmbH, Amstetten | EVN Wärme | 49.00 31.12.2017 | E | |
| Elektrorazpredelenie Yug EAD ("EP Yug"), Plovdiv, Bulgaria | BG SN Holding | 100.00 31.12.2017 | V | |
| ENERGIEALLIANZ Austria GmbH ("EnergieAllianz"), Vienna | EVN | 45.00 30.09.2018 | E | |
| EVN Bulgaria Elektrosnabdiavane EAD ("EVN Bulgaria EC"), Plovdiv, Bulgaria | BG SV Holding | 100.00 31.12.2017 | V | |
| EVN Bulgaria EAD ("EVN Bulgaria"), Sofia, Bulgaria | EVN | 100.00 31.12.2017 | V | |
| EVN Bulgaria Fernwärme Holding GmbH ("BG FW Holding"), Maria Enzersdorf | EVN | 100.00 30.09.2018 | V | |
| EVN Bulgaria RES Holding GmbH ("EVN Bulgaria RES"), Maria Enzersdorf | EVN Naturkraft | 100.00 30.09.2018 | V | |
| EVN Bulgaria Stromerzeugung Holding GmbH ("BG SE Holding"), Maria Enzersdorf | EVN | 100.00 30.09.2018 | V | |
| EVN Bulgaria Stromnetz Holding GmbH ("BG SN Holding"), Maria Enzersdorf | EVN | 100.00 30.09.2018 | V | |
| EVN Bulgaria Stromvertrieb Holding GmbH ("BG SV Holding"), Maria Enzersdorf | EVN | 100.00 30.09.2018 | V | |
| EVN Bulgaria Toplofikatsia EAD ("TEZ Plovdiv"), Plovdiv, Bulgaria | BG FW Holding | 100.00 31.12.2017 | V | |
| EVN Croatia Plin d.o.o, Zagreb, Croatia | Kroatien Holding | 100.00 31.12.2017 | V | |
| EVN Elektrodistribucija DOOEL, Skopje, Macedonia | EVN Macedonia | 100.00 31.12.2017 | V | |
| EVN Energievertrieb GmbH & Co KG ("EVN KG"), Maria Enzersdorf | EVN | 100.00 30.09.2018 | E | |
| EVN Geoinfo GmbH ("EVN Geoinfo"), Maria Enzersdorf | Utilitas | 100.00 30.09.2018 | V | |
| EVN Kavarna EOOD ("EVN Kavarna"), Plovdiv, Bulgaria | EVN Bulgaria RES | 100.00 31.12.2017 | V | |
| EVN Kraftwerks- und Beteiligungsgesellschaft mbH ("EVN Kraftwerk"), Maria Enzersdorf | EVN | 100.00 30.09.2018 | V | |
| EVN Kroatien Holding GmbH ("Kroatien Holding"), Maria Enzersdorf | EVN | 100.00 30.09.2018 | V | |
| EVN Liegenschaftsverwaltung Gesellschaft m.b.H. ("EVN LV"), Maria Enzersdorf | EVN/Utilitas | 100.00 30.09.2018 | V | |
| EVN Macedonia AD ("EVN Macedonia"), Skopje, Macedonia | EVN | 90.00 31.12.2017 | V | |
| EVN Macedonia Elektrani DOOEL, Skopje, Macedonia | EVN Macedonia | 100.00 31.12.2017 | V | |
| EVN Macedonia Elektrosnabduvanje DOOEL, Skopje, Macedonia | EVN Macedonia | 100.00 31.12.2017 | V | |
| EVN Macedonia Holding DOOEL, Skopje, Macedonia | EVN | 100.00 31.12.2017 | V | |
| EVN Mazedonien GmbH ("EVN Mazedonien"), Maria Enzersdorf | EVN | 100.00 30.09.2018 | V | |
| evn naturkraft Beteiligungs- und Betriebs-GmbH ("EVN Nk BuB"), Maria Enzersdorf | EVN Naturkraft | 100.00 30.09.2018 | V | |
| evn naturkraft Erzeugungsgesellschaft m.b.H. ("EVN Naturkraft"), Maria Enzersdorf | EVN | 100.00 30.09.2018 | V | |
| EVN Service Centre EOOD, Plovdiv, Bulgaria | EVN Bulgaria | 100.00 31.12.2017 | V | |
| EVN Trading d.o.o. Beograd, Belgrade, Serbia | EVN Trading SEE | 100.00 31.12.2017 | V | |
| EVN Trading DOOEL, Skopje, Macedonia | EVN Trading SEE | 100.00 31.12.2017 | V | |
| EVN Trading South East Europe EAD ("EVN Trading SEE"), Sofia, Bulgaria | EVN Bulgaria | 100.00 31.12.2017 | V | |
| EVN Wärme GmbH ("EVN Wärme"), Maria Enzersdorf | EVN | 100.00 30.09.2018 | V |
Method of consolidation:
V: Fully consolidated company (subsidiary)
NV: Non-consolidated subsidiary
JO: Company included as joint operation
- NJO: Company not included as a joint operation
- E: Company included at equity
- NE: Company not included at equity
| Method of consolidation |
|---|
1) This company is included in the consolidated financial statements at equity and presented in the above table despite a participation interest ≤ 20.0% because of special contractual arrangements that allow for the exercise of significant influence.
| 1.2. Not included in the consolidated financial statements of EVN due to immateriality Company, registered office |
Shareholder | Interest % |
Shareholders' equity TEUR |
Last year's profit/loss TEUR |
Balance sheet date |
Method of consoli dation 2017/18 |
|---|---|---|---|---|---|---|
| ARGE Coop Telekom, Maria Enzersdorf | EVN Geoinfo | 50.00 | 110 (110) |
49 (49) |
31.12.2017 (31.12.2016) |
NE |
| ARGE Digitaler Leitungskataster NÖ, Maria Enzersdorf | EVN Geoinfo | 30.00 | 276 (208) |
68 (–46) |
31.12.2017 (31.12.2016) |
NE |
| Bioenergie Wiener Neustadt GmbH, Wiener Neustadt | EVN Wärme | 90.00 | 474 (501) |
–27 (–38) |
31.12.2017 (31.12.2016) |
NV |
| Energiespeicher Sulzberg GmbH, Maria Enzersdorf | EVN Sulzberg | 51.00 | 43 (44) |
–36 (–49) |
30.09.2018 (30.09.2017) |
NV |
| EVN Asset Management EOOD, Plovdiv, Bulgaria | EVN Bulgaria | 100.00 | 6 (6) |
0 (0) |
31.12.2017 (31.12.2016) |
NV |
| EVN Energiespeicher Sulzberg Beteiligungs GmbH ("EVN Sulzberg"), Maria Enzersdorf |
EVN Naturkraft | 100.00 | 58 (60) |
–37 (–49) |
30.09.2018 (30.09.2017) |
NV |
| EVN Gorna Arda Development EOOD, Sofia, Bulgaria | EVN Bulgaria | 100.00 | 77 (166) |
–89 (–80) |
31.12.2017 (31.12.2016) |
NV |
| EVN TRADING L.L.C., Pristina, Kosovo | EVN Trading SEE | 100.00 | – (–) |
– (–) |
– (–) |
NV |
| EVN-WIEN ENERGIE Windparkentwicklungs- und Betriebs GmbH ("EVN-WE Wind GmbH"), Vienna |
EVN Naturkraft | 50.00 | 43 (43) |
0 (1) |
30.09.2017 (30.09.2016) |
NE |
| Fernwärme Mariazellerland GmbH, Mariazell | EVN Wärme | 48.86 | –10 (66) |
–76 (–92) |
31.12.2017 (31.12.2016) |
NE |
| FWG-Fernwärmeversorgung Amstetten registrierte Genossenschaft mit beschränkter Haftung, Amstetten |
EVN Wärme | 100.00 | 184 (743) |
–9 (88) |
30.06.2018 (30.06.2017) |
NE |
| IN-ER Erömü Kft., Nagykanizsa, Hungary | EVN | 70.00 | 365 (389) |
–8 (–1,375) |
31.12.2017 (31.12.2016) |
NV |
| Kraftwerk Nußdorf Errichtungs- und Betriebs GmbH, Vienna | EVN Naturkraft | 33.33 | 39 (47) |
3 (3) |
31.12.2017 (31.12.2016) |
NE |
| Kraftwerk Nußdorf Errichtungs- und Betriebs GmbH & Co KG, Vienna |
EVN Naturkraft | 33.33 | 7,547 (7,243) |
304 (364) |
31.12.2017 (31.12.2016) |
NE |
| 1.2. Not included in the consolidated financial statements of EVN due to immateriality Company, registered office |
Shareholder | Interest % |
Shareholders' equity TEUR |
Last year's profit/loss TEUR |
Balance sheet date |
Method of consoli dation 2017/18 |
|---|---|---|---|---|---|---|
| EVN Beteiligung 60 GmbH ("EVN Bet. 60"), Maria Enzersdorf |
Utilitas | 100.00 | 1,784 (1,786) |
–2 (–1) |
30.09.2018 (30.09.2017) |
NV |
| EVN Grundstücksverwaltung Bergern GmbH, Maria Enzersdorf |
EVN Bet. 60 | 100.00 | 1,789 (1,783) |
6 (5) |
30.09.2018 (30.09.2017) |
NV |
| Netz Niederösterreich Beteiligung 31 GmbH ("Netz Bet. 31"), Maria Enzersdorf |
Netz NÖ | 100.00 | 1,999 (–) |
–3 (–) |
30.09.2018 (–) |
NV |
| Netz Niederösterreich Liegenschaftsbesitz 31 GmbH, Maria Enzersdorf |
Netz Bet. 31 | 100.00 | 1,954 (–) |
–29 (–) |
30.09.2018 (–) |
NV |
2. EVN's investments in the environmental services business ≥ 20.0% as of 30 September 2018
| 2.1. Included in the consolidated financial statements of EVN Company, registered office |
Shareholder | Interest % |
Balance sheet date |
Method of consolidation 2017/18 |
|---|---|---|---|---|
| Cista Dolina – SHW Komunalno podjetje d.o.o., Kranjska Gora, Slovenia | WTE Betrieb | 100.00 30.09.2018 | V | |
| Degremont WTE Wassertechnik Praha v.o.s., Prague, Czech Republic | WTE Wassertechnik | 35.00 31.12.2017 | E | |
| EVN Wärmekraftwerke GmbH ("EVN Wärmekraftwerke"), Maria Enzersdorf | EVN/ EVN Bet. 52 | 100.00 30.09.2018 | V | |
| EVN Beteiligung 52 GmbH ("EVN Bet. 52"), Maria Enzersdorf | EVN | 100.00 30.09.2018 | V | |
| EVN Projektgesellschaft Müllverbrennungsanlage Nr. 1 mbH ("EVN MVA1"), Essen, Germany |
WTE Wassertechnik | 100.00 30.09.2018 | V | |
| EVN Projektgesellschaft Müllverbrennungsanlage Nr. 3 mbH ("EVN MVA3"), Maria Enzersdorf |
EVN Umwelt/Utilitas | 100.00 30.09.2018 | V | |
| EVN Umwelt Beteiligungs und Service GmbH ("EVN UBS"), Maria Enzersdorf | EVN Umwelt | 100.00 30.09.2018 | V | |
| EVN Umwelt Finanz- und Service-GmbH ("EVN UFS"), Maria Enzersdorf | EVN Umwelt | 100.00 30.09.2018 | V | |
| EVN Umweltholding und Betriebs-GmbH ("EVN Umwelt"), Maria Enzersdorf | EVN | 100.00 30.09.2018 | V | |
| evn wasser Gesellschaft m.b.H. ("evn wasser"), Maria Enzersdorf | EVN/Utilitas | 100.00 30.09.2018 | V | |
| AO Budapro-zavod No. 1, Moscow, Russia | EVN MVA1 | 100.00 31.12.2017 | V | |
| AO EVN MSZ 3 ("AO MVA3"), Moscow, Russia | EVN MVA3 | 100.00 31.12.2017 | V | |
| OOO EVN Umwelt Service, Moscow, Russia | EVN UBS | 100.00 31.12.2017 | V | |
| OOO EVN Umwelt, Moscow, Russia | EVN UBS | 100.00 31.12.2017 | V | |
| sludge2energy GmbH, Berching, Germany | WTE Wassertechnik | 50.00 31.12.2017 | E | |
| Storitveno podjetje Lasko d.o.o., Lasko, Slovenia | WTE Wassertechnik | 100.00 30.09.2018 | V | |
| WTE Abwicklungsgesellschaft Russland mbH ("Abwicklung"), Essen, Germany | International | 100.00 30.09.2018 | V | |
| WTE Betriebsgesellschaft mbH ("WTE Betrieb"), Hecklingen, Germany | WTE Wassertechnik | 100.00 30.09.2018 | V | |
| WTE desalinizacija morske vode d.o.o., Budva, Montenegro | WTE Wassertechnik | 100.00 31.12.2017 | V |
| 2.1. Included in the consolidated financial statements of EVN Company, registered office |
Shareholder | Interest % |
Balance sheet date |
Method of consolidation 2017/18 |
|---|---|---|---|---|
| WTE International GmbH ("International"), Essen, Germany | WTE Wassertechnik | 100.00 30.09.2018 | V | |
| WTE otpadne vode Budva DOO, Podgorica, Montenegro | WTE Wassertechnik | 100.00 31.12.2017 | V | |
| WTE Projektgesellschaft Natriumhypochlorit mbH ("WTE Hyp"), Essen, Germany |
EVN UFS / WTE Wassertechnik |
100.00 30.09.2018 | V | |
| WTE Projektna druzba Bled d.o.o., Bled, Slovenia | WTE Wassertechnik | 100.00 30.09.2018 | V | |
| WTE Wassertechnik GmbH ("WTE Wassertechnik"), Essen, Germany | EVN Bet. 52 | 100.00 30.09.2018 | V | |
| WTE Wassertechnik (Polska) Sp.z.o.o., Warsaw, Poland | WTE Wassertechnik | 100.00 30.09.2018 | V | |
| Zagrebacke otpadne vode d.o.o. ("ZOV"), Zagreb, Croatia | WTE Wassertechnik | 48.50 31.12.2017 | E | |
| Zagrebacke otpadne vode – upravljanje i pogon d.o.o. ("ZOV UIP"), Zagreb, Croatia | WTE Wassertechnik | 33.00 31.12.2017 | E |
| 2.2. Not included in the consolidated financial statements of EVN due to immateriality Company, registered office |
Shareholder | Interest % |
Shareholders' equity TEUR |
Last year's profit/loss TEUR |
Balance sheet date |
Method of consoli dation 2017/18 |
|---|---|---|---|---|---|---|
| ABeG Abwasserbetriebsgesellschaft mbH, Offenbach am Main, Germany |
WTE Wassertechnik |
49.00 | 107 (644) |
–4 (20) |
30.09.2018 (30.09.2017) |
NE |
| Abwasserbeseitigung Kötschach-Mauthen Errichtungs- und Betriebsgesellschaft mbH, Kötschach-Mauthen |
EVN Wärme kraftwerke |
26.00 | 37 (37) |
0 (0) |
31.12.2017 (31.12.2016) |
NE |
| OOO EVN-Ekotechprom MSZ3, Moscow, Russia | AO MVA3 | 70.00 | –8,904 (–7,564) |
–2,124 (–7,900) |
31.12.2017 (31.12.2016) |
NV |
| Saarberg Hölter Projektgesellschaft Süd Butowo mbH ("Süd Butowo"), Essen, Germany |
WTE Wassertechnik |
100.00 | 26 (27) |
–1 (–57) |
30.09.2018 (30.09.2017) |
NV |
| SHW Hölter Projektgesellschaft Zelenograd mbH ("Zelenograd"), Essen, Germany |
WTE Wassertechnik |
100.00 | 16 (17) |
–1 (–2) |
30.09.2018 (30.09.2017) |
NV |
| SHW/RWE Umwelt Aqua Vodogradnja d.o.o., Zagreb, Croatia | WTE Wassertechnik |
50.00 | 566 (432) |
156 (11) |
31.12.2017 (31.12.2016) |
NE |
| Wasserver- und Abwasserentsorgungsgesellschaft Märkische Schweiz mbh, Buckow, Germany |
WTE Wassertechnik |
49.00 | 550 (546) |
3 (3) |
31.12.2017 (31.12.2016) |
NE |
| Wiental-Sammelkanal Gesellschaft m.b.H, Untertullnerbach | evn wasser | 50.00 | 866 (866) |
0 (–2) |
31.12.2017 (31.12.2016) |
NE |
| WTE Abwicklungsgesellschaft Kuwait mbH ("Kuwait"), Essen, Germany |
International | 100.00 | 23 (23) |
0 (0) |
30.09.2018 (30.09.2017) |
NV |
| WTE Baltic UAB, Kaunas, Lithuania | WTE Wassertechnik |
100.00 | 141 (109) |
32 (–52) |
30.09.2018 (30.09.2017) |
NV |
| WTE Projektgesellschaft Kurjanovo mbH ("Kurjanovo"), Essen, Germany |
WTE Wassertechnik |
100.00 | 19 (20) |
–1 (–1) |
30.09.2018 (30.09.2017) |
NV |
| WTE Projektgesellschaft Trinkwasseranlage d.o.o., Beograd-Vracar, Serbia |
WTE Wassertechnik |
100.00 | 97 (99) |
–2 (–2) |
30.09.2017 (30.09.2016) |
NV |
3. EVN's investments in other business activities ≥ 20.0% as of 30 September 2018
| 3.1. Included in the consolidated financial statements of EVN Company, registered office |
Shareholder | Interest % |
Balance sheet date |
Method of consolidation 2017/18 |
|---|---|---|---|---|
| Burgenland Holding Aktiengesellschaft ("Burgenland Holding" respectively "BUHO"), Eisenstadt |
EVN | 73.63 30.09.2018 | V | |
| Energie Burgenland AG, Eisenstadt | BUHO | 49.00 30.09.2018 | E | |
| EVN Business Service GmbH ("EVN Business"), Maria Enzersdorf | Utilitas | 100.00 30.09.2018 | V | |
| EVN Finanzservice GmbH, Maria Enzersdorf | EVN | 100.00 30.09.2018 | V | |
| EVN WEEV Beteiligungs GmbH ("EVN WEEV"), Maria Enzersdorf | EVN | 100.00 31.08.2018 | V | |
| e&i EDV Dienstleistungsgesellschaft m.b.H., Vienna | EVN | 50.00 30.09.2018 | E | |
| R 138-Fonds, Vienna | EVN/Netz NÖ/ evn wasser |
100.00 30.09.2018 | V | |
| RAG-Beteiligungs-Aktiengesellschaft ("RBG"), Maria Enzersdorf | EVN | 50.03 31.03.2018 | V | |
| RAG Austria AG ("RAG"), Vienna | RBG | 100.00 31.12.2017 | E | |
| UTILITAS Dienstleistungs- und Beteiligungs-Gesellschaft m.b.H ("Utilitas"), Maria Enzersdorf |
EVN | 100.00 30.09.2018 | V |
| 3.2. Not included in the consolidated financial statements of EVN due to immateriality |
Interest | Shareholders' equity |
Last year's profit/loss |
Balance sheet | Method of consoli dation |
|
|---|---|---|---|---|---|---|
| Company, registered office | Shareholder | % | TEUR | TEUR | date | 2017/18 |
| EVN Beteiligung 40 GmbH ("EVN Bet. 40"), Maria Enzersdorf | EVN | 100.00 | 22 | –2 | 30.09.2018 | NV |
| (24) | (–2) | (30.09.2017) | ||||
| EVN Fremdenverkehr Ottenstein GmbH, Maria Enzersdorf | EVN Business | 100.00 | – | – | – | NV |
| (–) | (–) | (–) | ||||
| WEEV Beteiligungs GmbH in liquidation, Maria Enzersdorf | EVN/EVN WEEV | 100.00 | 3,005 | 2,028 | 30.06.2018 | NV |
| (53,776) | (27,344) | (30.06.2017) |
Auditors' report
Report on the consolidated financial statements
Audit opinion
We have audited the consolidated financial statements of
EVN AG, Maria Enzersdorf,
and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 30 September 2018, the consolidated statement of operations and consolidated comprehensive income, consolidated statement of cash flows and consolidated statement of changes in equity for the year then ended, and the notes to the consolidated financial statements.
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of 30 September 2018, and its consolidated financial performance and consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, and the additional requirements pursuant to Section 245a UGB (Austrian Commercial Code).
Basis for our opinion
We conducted our audit in accordance with the EU Regulation 537/2014 ("AP Regulation") and Austrian Standards on Auditing. These standards require the audit to be conducted in accordance with International Standards on Auditing (ISA). Our responsibilities under those standards are further described in the "Auditors' Responsibility" section of our report. We are independent of the audited Group in accordance with Austrian company law and professional regulations, and have fulfilled our other responsibilities under those relevant ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, however, we do not provide a separate opinion thereon.
Impairment of property, plant and equipment
Refer to notes 21, 30 and 35 to the consolidated financial statements and the chapter Business development in the consolidated management report.
Risk for the financial statements
Property, plant and equipment (PPE) with a total carrying amount of EUR 3,438.7 million account for 43.9% of total assets of EVN AG Group as of the balance sheet date and comprise mainly lines and technical equipment.
At each reporting date, the Company assesses whether there is any indication that the recoverable amount has decreased significantly and that therefore, property, plant and equipment are impaired. For those items of PPE, for which impairment losses were recognized in prior periods, the Company assesses whether the impairment loss no longer exists and therefore needs to be reversed.
Impairment testing for items of PPE, for which separate cash inflows cannot be determined is performed at the level of the cash generating unit (CGU). In testing impairment, the Company first determines the value in use and if necessary, the fair value less costs of disposal. The value in use as well as fair value less costs of disposal are calculated as the present value of the future cash flows using a discounted cash flow method.
The result of this measurement depends to a high degree on management's planning assumptions and estimates of future cash flows as well as on the discount rates used in the calculations. As such, these assumptions and estimations are subject to significant estimation uncertainties and therefore, impairment of property, plant and equipment was classified as a key audit matter.
Our response
We critically questioned the Company's assessment of whether there is any indication that property, plant and equipment may be impaired or whether an impairment loss recognized in prior periods may need to be reversed, and compared the assessment with our understanding gained during the audit of the consolidated financial statements.
In consultation with our valuation specialists, we assessed the measurement technique model, planning assumptions and measurement parameter for selected issues. The assumptions used for determining the interest rates were assessed for appropriateness by comparing them to industry- and market- specific reference values. We reconciled planning data used in the measurement to medium-term planning approved by management. We assessed the appropriateness of planning estimates by comparing – on a sample basis – actual cash flows with prior period estimated cash flows and discussing deviations with management. We agreed the respective carrying amounts to the fixed assets sub ledger.
Revenue recognition from end customer business
Refer to notes 19 and 24 to the consolidated financial statements and the chapter Business development in the consolidated management report.
Risk for the financial statements
The consolidated financial statements of EVN AG report total revenue of EUR 2,076.6 million.
A significant portion of consolidated revenue relates to revenue generated from end customer business in Austria which is subject to specific risks due to the complexity of the systems required for the appropriate recognition and deferral of revenue and the effect of continuous changes on the business, pricing and tariff models. Revenue is derived from the billings systems based on statistical methods and deferred based on the power volumes supplied. Revenue is recognized if a billable service has been provided to the customer.
Recognition and measurement of this specific and significant portion of revenue is subject to management's estimate and assumptions to a high degree and requires application of complex calculation techniques. Therefore, revenue generated from end customer business was classified as a key audit matter.
Our response
Taking into consideration the fact that there is an increased risk related to the appropriate recognition of revenue due to the complexity as well as underlying estimates and assumptions, we assessed the relevant processes and controls implemented by the Group in respect of recognition of revenue from end customer business including the respective IT systems in cooperation with our specialists from Information Risk Management (IRM).
In addition, we performed adequate analyses as well as tests of detail on the appropriate recognition of revenue and critically assessed the appropriateness of management's estimates and assumptions.
Management's responsibility and responsibility of the audit committee for the consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, the additional requirements pursuant to Section 245a UGB (Austrian Commercial Code) and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Management is also responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless management either intents to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The audit committee is responsible for overseeing the Group's financial reporting process.
Auditors' responsibility
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatements – whether due to fraud or error – and to issue an auditor's report that includes our audit opinion. Reasonable assurance represents a high level of assurance, but provides no guarantee that an audit conducted in accordance with the AP Regulation and Austrian Standards on Auditing (and therefore ISAs), will always detect a material misstatement, if any. Misstatements may result from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with the AP Regulation and Austrian Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit.
Moreover:
- We identify and assess the risks of material misstatement in the consolidated financial statements, whether due to fraud or error, we design and perform audit procedures responsive to those risks and obtain sufficient and appropriate audit evidence to serve as a basis for our audit opinion. The risk of not detecting material misstatements resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or override of internal control.
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- We conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the respective note in the consolidated financial statements. If such disclosures are not appropriate, we will modify our audit opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- We evaluate the overall presentation, structure and content of the consolidated financial statements, including the notes, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- We obtain sufficient appropriate audit evidence regarding the financial information of the entities and business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
- We communicate with the audit committee regarding, amongst other matters, the planned scope and timing of our audit as well as significant findings, including any significant deficiencies in internal control that we identify during our audit.
- We communicate to the audit committee that we have complied with the relevant professional requirements in respect of our independence, that we will report any relationships and other events that could reasonably affect our independence and, where appropriate, the related safeguards.
- From the matters communicated with the audit committee, we determine those matters that were of most significance in the audit i. e. key audit matters. We describe these key audit matters in our auditor's report unless laws or other legal regulations precludepublic disclosure about the matter or when in very rare cases, we determine that a matter should not be included in our audit report because the negative consequences of doing so would reasonably be expected to outweigh the public benefits of such communication.
Report on other legal requirements
Group management report
In accordance with Austrian company law, the group management report is to be audited as to whether it is consistent with the consolidated financial statements and prepared in accordance with legal requirements.
Management is responsible for the preparation of the group management report in accordance with Austrian company law.
We have conducted our audit in accordance with generally accepted standards on the audit of group management reports as applied in Austria.
Opinion
In our opinion, the group management report is consistent with the consolidated financial statements and has been prepared in accordance with legal requirements. The disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
Statement
Based on our knowledge gained in the course of the audit of the consolidated financial statements and our understanding of the Group and its environment, we did not note any material misstatements in the group management report.
Other information
Management is responsible for other information. Other information is all information provided in the annual report, other than the consolidated financial statements, the group management report, and the auditor's report.
Our opinion on the consolidated financial statements does not cover other information and we do not provide any assurance thereon.
In conjunction with our audit, it is our responsibility to read this other information and to assess whether, based on knowledge gained during our audit, it contains any material inconsistencies with the consolidated financial statements or any apparent material misstatement of fact. If we conclude that there is a material misstatement of fact in other information, we must report that fact. We have nothing to report in this regard.
Additional information in accordance with Article 10 EU Regulation
At the Annual General Meeting dated 18 January 2018, we were elected as group auditors. We were appointed by the Supervisory Board on 18 May 2018. We have been the Group's auditors from the year ended 31 December 1992 without interruption.
We declare that our opinion expressed in the "Report on the Consolidated Financial Statements" section of our report is consistent with our additional report to the Audit Committee, in accordance with Article 11 AP Regulation.
We declare that we have not provided any prohibited non-audit services (Article 5 Paragraph 1 AP Regulation) and that we have ensured our independence throughout the course of the audit, from the audited Group.
Engagement partner
The engagement partner is Mr. Rainer Hassler.
Vienna, 20 November 2018
KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft signed by:
Rainer Hassler Wirtschaftsprüfer (Austrian Chartered Accountant)
This report is a translation of the original report in German, which is solely valid.
Inhalt
| Lagebericht |
110 | |
|---|---|---|
| Jahresabschluss |
| |
| Bilanz zum 30. September 2018 |
145 | |
| Gewinn- und Verlustrechnung für das Geschäftsjahr 2017/18 | 147 | |
| Entwicklung des Anlagevermögens |
149 | |
| Beteiligungen der EVN AG |
151 | |
| Bestätigungsvermerk |
152 | |
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| Anhang | 158 | |
| Bericht des Aufsichtsrats |
179 | |
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Berechnet nach Heizgradsummen; die Basis (100 %) entspricht dem bereinigten langjährigen Durchschnitt der länderspezifischen Messwerte
Net Connect Germany (NCG) – Börsepreis für Erdgas an der EEX (European Energy Exchange)
Notierung in ARA (Amsterdam, Rotterdam, Antwerpen)
Durchschnittspreise der jeweiligen Quartals-Forwardpreise, beginnend ein Jahr vor dem jeweiligen Zeitraum an der EEX (European Energy Exchange)
EPEX Spot – European Power Exchange
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| (Auswahl) Überblick zu den wesentlichen potenziellen Auswirkungen unserer Unternehmenstätigkeit | |||
|---|---|---|---|
| EVN Handlungsfeld und Definition | Impact-Bewertung (Auszug) "-" = negativ; "+" = positiv |
Handhabung - Instrumente und Maßnahmen (Auszug) |
SDG |
| Versorgungssicherheit steht für eine verlässliche Versor- gung, auch in Krisensituationen. Im Energiebereich spielen dabei eine vorausschauende Beschaffungsstra- tegie, ein flexibler Erzeugungsmix mit ausreichenden Reserve- und Speicherkapazitäten sowie die technische Netzqualität eine be- deutende Rolle. |
Beeinflussung von Lebensräumen (Mensch, Tier und Natur)/Beeinträch- tigung der Biodiversität durch Netz- ausbau, Wasserkraftwerke und Errichtung von Windkraftanlagen - Verbrauch natürlicher Ressourcen - Emissionen - Auswirkungen auf Gesellschaft und Wirtschaft durch Netzausfälle + Erhöhung des Anteils erneuerbarer Energie + Zuverlässige Energieversorgung für Gesellschaft und Wirtschaft Bereitstellung von Infrastruktur |
→ Zertifizierte Umweltmanagement- systeme → 500 MW mittelfristiges Ausbauziel für Windkraft → Höchste Priorität für Versorgungs- sicherheit und -qualität → EVN-interne Krisen- und Notfallpläne (z. B. Hochwasser, Wasserkraftwerke) → Umfangreiche Monitoring-Aktivitäten (z. B. Wassergualität) → Geringe Netzverluste und Stromunter- brechungen |
→ SDG 6 Sauberes Wasser und Sanitäreinrichtungen → SDG 7 Bezahlbare und saubere Energie $\rightarrow$ SDG 9 Industrie, Innovation und Infrastruktur → SDG 12 Nachhaltige/r Konsum und Produktion |
| Kundenzufriedenheit steht für Produkte und Dienst- leistungen, die individuelle Bedürf- nisse erfüllen und transparent sind, für hohe Servicequalität, eine ziel- gruppenadäquate Kommunikation sowie die Unterstützung unserer Kunden beim effizienten Umgang mit Energie. |
Datenschutzrechtliche Vorfälle $\overline{\phantom{000000000000000000000000000000000000$ + Verbesserter und effizienter Umgang mit Energie Kooperationen sichern regionale $^{+}$ Arbeitsplätze + Hohe Standards in der Versorgungssicherheit + Hohe Verfügbarkeit der EVN Kraftwerke |
→ Höchste Priorität für Versorgungs- sicherheit und -qualität → Höchste Priorität für Datenschutz → Umfangreiche Monitoring-Aktivitäten (z. B. Wasserqualität) → Monitoring der mittleren Strom- unterbrechungshäufigkeit → Unterstützung der Kunden in effizientem Verbrauchsverhalten |
→ SDG 7 Bezahlbare und saubere Energie → SDG 10 Weniger Ungleich- heiten → SDG 12 Nachhaltige/r Konsum und Produktion → SDG 13 Maßnahmen zum Klimaschutz |
| Umwelt- und Klimaschutz steht für einen Systemumbau in Richtung einer klimaneutralen Erzeu- gung mit Energiespeichern als Aus- gleich. Bis dahin nehmen thermische Kraftwerke eine Brückenfunktion ein, um die Versorgungssicherheit zu gewährleisten. Effizienzsteigerun- gen und Innovationsinitiativen liefern in allen Bereichen einen wichtigen Beitrag. Denn unsere Produkte und Dienstleistungen sollen generell so umweltschonend wie möglich bereitgestellt werden. |
Beeinflussung von Lebensräumen $\overline{\phantom{0}}$ (Mensch, Tier und Natur)/Beeinträch- tigung der Biodiversität durch Netzausbau, Wasserkraftwerke und Errichtung von Windkraftanlagen Einsatz natürlicher Ressourcen $\overline{\phantom{a}}$ - Emissionen + Hohe Standards in der Versorgungsqualität + Effiziente und umweltschonende Energieversorgung für Gesellschaft und Wirtschaft + Volkswirtschaftlicher Beitrag durch Innovationsinitiativen Beitrag zur Erreichung der internatio- $\pm$ nalen und nationalen Klimaziele + Reduktion treibhausrelevanter Emissionen |
→ Beirat für Umwelt und soziale Verantwortung → Zertifizierte Umweltmanagement- systeme → 500 MW mittelfristiges Ausbauziel für Windkraft → Kohleausstieg am Standort Dürnrohr bis 2025 → EVN-interne Krisen- und Notfallpläne (z. B. Hochwasser, Wasserkraftwerke) → Vielfältige Maßnahmen zum Arten- schutz, zur Wahrung der Biodiversität sowie zum Schutz und zur Wieder- herstellung natürlicher Lebensräume → Innovations-, Forschungs- und Entwicklungsaktivitäten → Hohe Nachhaltigkeitsansprüche in der Lieferkette → Laufende Modernisierung des Gasleitungsnetzes → Fokus auf Effizienzsteigerung |
→ SDG 7 Bezahlbare und saubere Energie $\rightarrow$ SDG 9 Industrie, Innovation und Infrastruktur → SDG 12 Nachhaltige/r Konsum und Produktion → SDG 13 Maßnahmen zum Klimaschutz → SDG 15 Leben an Land |
| Nachhaltige Unternehmens- wertsteigerung steht für unternehmerisches Handeln, das unter anderem die stetige Anpassung an unser dynami- sches Umfeld durch gezielte Inno- vationen, eine wertorientierte Investitionsstrategie sowie eine stabile Dividendenentwicklung im Fokus hat. |
Risiko eines Wertverlusts bei Eigen- und Fremdkapitalinvestoren + Stabile Dividendenentwicklung + Verbesserung der Infrastruktur in Ländern/Regionen, in denen Projekte durchgeführt bzw. abgeschlossen wurden + Arbeitsplatzsicherung |
→ Projektabsicherung durch Garantien → Ausgewogenes Verhältnis zwischen Investitionsprojekten und einer attrak- tiven Aktionärsvergütung als Ziel → EVN Verhaltenskodex → EVN Integritätsklausel als Bestandteil jeder Lieferantenbeziehung → Corporate Compliance Management → Innovations-, Forschungs- und Entwicklungsaktivitäten → Ausgewogene Mittelverwendungs- strategie |
→ SDG 7 Bezahlbare und saubere Energie → SDG 8 Menschenwürdige Arbeit und Wirtschafts- wachstum → SDG 9 Industrie, Innovation und Infrastruktur |
| Handlungsfeld | Impact-Bewertung (Auszug) -" = negativ; +" = positiv |
Handhabung - Instrumente und Maßnahmen (Auszug) |
SDG |
|---|---|---|---|
| Gesellschaftliches Engagement steht für das Übernehmen von Verantwortung für Menschen in herausfordernden Lebenssituationen, insbesondere für Kinder und junge Menschen. Im Fokus befinden sich aber auch Maßnahmen zur Be- kämpfung von Energiearmut, die evn sammlung, das EVN Archiv und der EVN Sozialfonds. |
+ Förderung und Unterstützung von Kindern und Jugendlichen in heraus- fordernden Lebenssituationen Verbesserung des Verbrauchsverhal- $\ddot{}$ tens bei Kunden + Vermittlung von naturwissenschaft- lichen und praktischen Grundlagen der Elektrizität für Volksschulkinder |
→ Bekämpfung von Energiearmut → Unterstützung der Kunden in effizien- tem Verbrauchsverhalten → Verantwortung für Kunst und Kultur im Rahmen der evn sammlung $\rightarrow$ EVN Sozialfonds → EVN Schulservice |
→ SDG 1 Keine Armut → SDG 4 Hochwertige Bildung → SDG 10 Weniger Ungleich- heiten → SDG 12 Nachhaltige/r Konsum und Produktion |
| Stakeholder-Einbindung steht für den proaktiven Dialog mit unseren Anspruchsgruppen und den verantwortungsvollen Umgang mit deren Anliegen, z. B. durch die Einbindung von Anrainern beim Anlagenausbau und -betrieb. |
- Asymmetrische Einbeziehung unter- schiedlicher Stakeholder-Gruppen + Wahrung der Interessen der wesent- lichsten Stakeholder-Gruppen |
→ EVN Kundenbeirat → Regelmäßige Stakeholder-Befragung → Proaktive Stakeholder-Einbindung → Projektbezogene Stakeholder-Kommu- nikation → EVN Wesentlichkeitsmatrix als Instru- ment zum Abgleich zwischen Konzern- strategie und Stakeholder-Interessen |
→ SDG 17 Partnerschaften zur Erreichung der Ziele |
| Verantwortungsvolle Unternehmensführung steht für ethisches, regelkonfor- mes Verhalten und eine voraus- schauende Weiterentwicklung des Geschäftsmodells mit Fokus auf Digitalisierung und innovative Energiedienstleistungen. Dabei gilt es auch, unsere Verantwortung als Arbeitgeber wahrzunehmen, um eine nachhaltige Personalentwick- lung in einem sich stets wandelnden Arbeitsumfeld zu ermöglichen. |
Risiko eines Wertverlusts bei Eigen- und Fremdkapitalinvestoren Arbeitsunfälle $\overline{\phantom{a}}$ Betrugsfälle, Korruption $\hspace{1.5cm} \rule{1.5cm}{0.15cm} \hspace{1.5cm} \hspace{1.5cm} \rule{1.5cm}{0.15cm}$ Schaffung von Arbeitsplätzen ÷. + Arbeitsplatzsicherung + Attraktives Arbeitsumfeld Stabile Dividendenentwicklung ÷ + Volkswirtschaftlicher Beitrag durch Aus- und Weiterbildungen + Volkswirtschaftlicher Beitrag durch Infrastrukturprojekte und -investitionen |
→ EVN Verhaltenskodex → Compliance-Schulungen → EVN Leitwerte → Anonymes Hinweisgeberverfahren → Betriebliche Sozialpartnerschaft → Nachhaltige Personalentwicklung → Grundsätze und Richtlinien der International Labour Organization (ILO) und des UN Global Compact → Hohe Standards bei Gesundheitsvor- sorge, Arbeitsschutz und -sicherheit → Flexible Arbeitszeitmodelle → Internes Kontrollsystem (IKS) → Wiedereinstieg karenzierter Mitarbeiter; Behaltefristen über gesetzliches Ausmaß → Innovations-, Forschungs- und Entwicklungsaktivitäten → Integriertes Geschäftsmodell → Fokus auf regulierte und stabile Aktivitäten → Ratings im A-Bereich als Ziel → Ausgewogenes Verhältnis zwischen Investitionsprojekten und einer attrak- tiven Aktionärsvergütung als Ziel |
→ SDG 1 Keine Armut → SDG 3 Gesundheit und Wohlergehen $\rightarrow$ SDG 4 Hochwertige Bildung → SDG 5 Geschlechtergleichheit → SDG 8 Menschenwürdige Arbeit und Wirtschaftswachs- tum → SDG 10 Weniger Ungleich- heiten |
| Verantwortung in der Lieferkette steht für die Verankerung von sozialen und ökologischen Aspekten in der Beschaffung und Auftragsver- gabe sowie die Sicherstellung der Einhaltung der Menschenrechte bei unseren Lieferanten. |
Menschenrechtsverletzungen durch Lieferanten und/oder Subauftrag- nehmer Regionale Wertschöpfung durch $\ddot{}$ Kooperationen + Faire und transparente Auftrags- vergabe |
→ Hohe Nachhaltigkeitsansprüche in der Lieferkette → Nachhaltige Ausrichtung aller Beschaffungsvorgänge der EVN → EVN Integritätsklausel als Bestandteil jeder Lieferantenbeziehung → Selbstdeklarationsbogen für alle Bieter bei Ausschreibungen → Regelmäßige Überprüfung der Lieferkette bei Primärenergiebeschaf- fung (z. B. Steinkohle) → Regelmäßige Kontrolle der Einhaltung der Menschen- und Arbeitnehmer- rechte bei der Steinkohlebeschaffung (z. B. Vor-Ort-Besichtigungen) |
→ SDG 8 Menschenwürdige Arbeit und Wirtschafts- wachstum |
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Bilanz zum 30.09.2018
Aktiva
| 30.9.2018 EUR |
30.9.2017 TEUR |
|
|---|---|---|
| A. Anlagevermögen | ||
| I. Immaterielle Vermögensgegenstände | 40.636.943,96 | 34.646 |
| II. Sachanlagen | 24.263.911,00 | 41.030 |
| III. Finanzanlagen | 3.607.898.798,43 | 3.564.371 |
| 3.672.799.653,39 | 3.640.047 | |
| B. Umlaufvermögen | ||
| I. Vorräte | ||
| 1. Primärenergievorräte | 74.144.702,02 | 73.365 |
| 2. Hilfs- und Betriebsstoffe | 201.396,64 | 6.174 |
| 3. Waren | 24.601,62 | 28 |
| 4. Noch nicht abrechenbare Leistungen | 784.996,02 | 5.085 |
| 75.155.696,30 | 84.653 | |
| II. Forderungen und sonstige Vermögensgegenstände | ||
| 1. Forderungen aus Lieferungen und Leistungen | 7.200.505,55 | 11.302 |
| 2. Forderungen gegenüber verbundenen Unternehmen | 241.746.971,96 | 111.494 |
| 3. Forderungen gegenüber Unternehmen, mit denen | ||
| ein Beteiligungsverhältnis besteht | 148.976.315,15 | 98.562 |
| 4. Sonstige Forderungen und Vermögensgegenstände | 9.329.936,33 | 11.768 |
| davon mit einer Restlaufzeit von mehr als einem Jahr | 16.956,25 | 31 |
| 407.253.728,99 | 233.126 | |
| III. Wertpapiere und Anteile | ||
| Sonstige Wertpapiere und Anteile | 146.745.515,00 | 7.538 |
| IV. Kassenbestand, Guthaben bei Kreditinstituten | 122.607.297,70 | 87.944 |
| 751.762.237,99 | 413.261 | |
| C. Rechnungsabgrenzungsposten | ||
| Sonstige | 5.158.603,18 | 11.236 |
| D. Aktive latente Steuern | 30.794.145,33 | 31.500 |
| 4.460.514.639,89 | 4.096.044 | |
EVN AG, Maria Enzersdorf
| Passiva | ||
|---|---|---|
| 30.9.2018 EUR |
30.9.2017 TEUR |
|
| A. Eigenkapital | ||
| I. eingefordertes und einbezahltes Grundkapital | ||
| Gezeichnetes Kapital | 330.000.000,00 | 330.000 |
| Eigene Anteile | -3.456.012,02 | -3.579 |
| 326.543.987,98 | 326.421 | |
| II. Kapitalrücklagen | ||
| 1. Gebundene | 204.429.160,43 | 204.429 |
| 2. Nicht gebundene | 58.267.709,06 | 58.268 |
| 262.696.869,49 | 262.697 | |
| III. Gewinnrücklagen | ||
| 1. Gesetzliche Rücklage | 4.723.734,22 | 4.724 |
| 2. Andere Rücklagen (freie Rücklagen) | 1.313.314.819,62 | 1.223.543 |
| 1.318.038.553,84 | 1.228.266 | |
| IV. Rücklagen für eigene Anteile | 3.456.012,02 | 3.579 |
| V. Bilanzgewinn | 83.736.427,73 | 83.702 |
| davon Gewinnvortrag | 75.593,79 1.994.471.851,06 |
80 1.904.665 |
| B. Investitionszuschüsse | 3.834,59 | 3.061 |
| C. Rückstellungen | ||
| 1. Rückstellungen für Abfertigungen | 28.086.480,00 | 29.134 |
| 2. Rückstellungen für Pensionen und | ||
| pensionsähnliche Verpflichtungen | 84.630.834,00 | 78.271 |
| 3. Steuerrückstellungen | 16.574.246,17 | 10.725 |
| 4. Sonstige Rückstellungen | 574.073.393,26 | 443.432 |
| 703.364.953,43 | 561.563 | |
| D. Verbindlichkeiten | ||
| 1. Anleihen | 554.370.652,53 | 554.371 |
| davon mit einer Restlaufzeit bis zu einem Jahr | 30.000.000,00 | 0 |
| davon mit einer Restlaufzeit von mehr als einem Jahr | 524.370.652,53 | 554.371 |
| 2. Verbindlichkeiten gegenüber Kreditinstituten | 292.850.000,00 | 314.200 |
| davon mit einer Restlaufzeit bis zu einem Jahr | 28.667.073,18 | 21.350 |
| davon mit einer Restlaufzeit von mehr als einem Jahr | 264.182.926,82 | 292.850 |
| 3. Erhaltene Anzahlungen auf Bestellungen | 1.414.109,33 | 8.249 |
| davon mit einer Restlaufzeit bis zu einem Jahr | 1.093.720,98 | 4.985 |
| davon mit einer Restlaufzeit von mehr als einem Jahr | 320.388,35 | 3.264 |
| 4. Verbindlichkeiten aus Lieferungen und Leistungen | 24.671.838,23 | 23.296 |
| davon mit einer Restlaufzeit bis zu einem Jahr | 24.668.113,23 | 23.296 |
| davon mit einer Restlaufzeit von mehr als einem Jahr | 3.725,00 | 0 |
| 5. Verbindlichkeiten gegenüber | ||
| verbundenen Unternehmen | 598.011.360,06 | 519.218 |
| davon mit einer Restlaufzeit bis zu einem Jahr | 597.896.360,06 | 519.097 |
| davon mit einer Restlaufzeit von mehr als einem Jahr | 115.000,00 | 121 |
| 6. Verbindlichkeiten gegenüber Unternehmen, mit | ||
| denen ein Beteiligungsverhältnis besteht | 233.747.865,77 | 133.759 |
| davon mit einer Restlaufzeit bis zu einem Jahr | 233.747.865,77 | 133.759 |
| 7. Sonstige Verbindlichkeiten | 34.583.347,20 | 35.943 |
| davon aus Steuern | 542.288,22 | 1.494 |
| davon im Rahmen der sozialen Sicherheit | 1.608.679,25 | 2.709 |
| davon mit einer Restlaufzeit bis zu einem Jahr | 26.464.002,15 | 27.594 |
| davon mit einer Restlaufzeit von mehr als einem Jahr | 8.119.345,05 | 8.349 |
| 1.739.649.173,12 | 1.589.036 | |
| davon mit einer Restlaufzeit bis zu einem Jahr | 942.537.135,37 | 730.080 |
| davon mit einer Restlaufzeit von mehr als einem Jahr | 797.112.037,75 | 858.955 |
| E. Rechnungsabgrenzungsposten | ||
| 1. Baukostenzuschüsse | 21.941.212,30 | 36.248 |
| 2. Sonstige | 1.083.615,39 | 1.472 |
| 23.024.827,69 | 37.720 | |
| 4.460.514.639,89 | 4.096.044 |
Gewinn- und Verlustrechnung für das Geschäftsjahr vom 1.10.2017 bis 30.9.2018
| 2017/18 EUR |
2016/17 TEUR |
|
|---|---|---|
| 1. Umsatzerlöse | 484.516.717,44 | 513.840 |
| 2. Veränderung des Bestands an noch nicht | ||
| abrechenbaren Leistungen | -4.300.003,82 | 343 |
| 3. Andere aktivierte Eigenleistungen | 153.755,81 | 302 |
| 4. Sonstige betriebliche Erträge a) Erträge aus dem Abgang und der Zuschreibung zum Anlage vermögen |
||
| mit Ausnahme der Finanzanlagen | 10.846.485,80 | 47.254 |
| b) Erträge aus der Auflösung von Rückstellungen | 361.898,35 | 418 |
| c) Übrige | 5.404.990,79 | 1.879 |
| 16.613.374,94 | 49.551 | |
| 5. Aufwendungen für Material und sonstige bezogene Herstellungsleistungen |
||
| a) Fremdstrombezug und Energieträger | -374.134.860,65 | -371.048 |
| b) Materialaufwand | -5.395.193,66 | -6.646 |
| c) Aufwendungen für bezogene Leistungen | -94.866.909,51 | -104.144 |
| -474.396.963,82 | -481.838 | |
| 6. Personalaufwand | ||
| a) Gehälter | -61.945.317,76 | -59.594 |
| b) Soziale Aufwendungen | -26.644.447,90 | -10.388 |
| davon für Altersversorgung | -10.651.034,17 | 3.723 |
| davon für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen |
-1.348.433,08 | 162 |
| davon für gesetzlich vorgeschriebene Sozialabgaben | ||
| sowie vom Entgelt abhängige Abgaben und Pflichtbeiträge | -13.517.806,08 | -13.529 |
| -88.589.765,66 | -69.982 | |
| 7. Abschreibungen auf immaterielle Gegenstände | ||
| des Anlagevermögens und Sachanlagen | -7.893.041,15 | -25.930 |
| davon außerplanmäßige Abschreibungen | -691.475,65 | -17.737 |
| 8. Sonstige betriebliche Aufwendungen | -7.893.041,15 | -25.930 |
| a) Steuern, soweit sie nicht unter Z 18 fallen | -516.212,21 | -625 |
| b) Übrige | -62.434.057,51 | -77.431 |
| -62.950.269,72 | -78.056 | |
| 9. Zwischensumme aus Z 1 bis Z 8 (Betriebsergebnis) | -136.846.195,98 | -91.770 |
| 10. Erträge aus Beteiligungen | 314.826.092,75 | 234.203 |
| davon aus verbundenen Unternehmen | 221.935.993,37 | 136.557 |
| 11. Erträge aus anderen Wertpapieren und | ||
| Ausleihungen des Finanzanlagevermögens | 17.012.201,24 | 9.775 |
| davon aus verbundenen Unternehmen | 17.000.053,85 | 9.762 |
| 12. Sonstige Zinsen und ähnliche Erträge | 3.543.426,92 | 2.732 |
| davon aus verbundenen Unternehmen | 1.920.555,13 | 1.775 |
| 13. Erträge aus dem Abgang von und der Zuschreibung zu | ||
| Finanzanlagen und Wertpapieren des Umlaufvermögens davon aus verbundenen Unternehmen |
4.070.743,93 449.425,27 |
234.597 197.634 |
| 14. Aufwendungen aus Finanzanlagen und | ||
| aus Wertpapieren des Umlaufvermögens | -10.093.271,42 | -53.617 |
| davon Abschreibungen | -9.960.451,01 | -53.346 |
| davon Aufwendungen aus verbundenen Unternehmen | -8.581.555,25 | -52.872 |
| 15. Zinsen und ähnliche Aufwendungen | -37.487.199,34 | -43.908 |
| davon betreffend verbundene Unternehmen | -247.548,89 | -427 |
| 16. Zwischensumme aus Z 10 bis Z 15 (Finanzergebnis) | 291.871.994,08 | 383.781 |
| 17. Ergebnis vor Steuern (Übertrag) | 155.025.798,10 | 292.011 |
| 2017/18 | 2016/17 | |
|---|---|---|
| EUR | TEUR | |
| Übertrag | 155.025.798,10 | 292.011 |
| 18. Steuern vom Einkommen | 18.284.146,63 | 45.957 |
| davon latente Steuern | -705.820,44 | 33.314 |
| 19. Ergebnis nach Steuern = Jahresüberschuss | 173.309.944,73 | 337.968 |
| 20. Zuweisung zu Gewinnrücklagen | -89.649.110,79 | -254.347 |
| 21. Gewinnvortrag aus dem Vorjahr | 75.593,79 | 80 |
| 22. Bilanzgewinn | 83.736.427,73 | 83.702 |
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Bestätigungsvermerk
Bericht zum Jahresabschluss
Prüfungsurteil
Wir haben den Jahresabschluss der
EVN AG, Maria Enzersdorf,
bestehend aus der Bilanz zum 30. September 2018, der Gewinn- und Verlustrechnung für das an diesem Stichtag endende Geschäftsjahr und dem Anhang, geprüft.
Nach unserer Beurteilung entspricht der Jahresabschluss den gesetzlichen Vorschriften und vermittelt ein möglichst getreues Bild der Vermögens- und Finanzlage zum 30. September 2018 sowie der Ertragslage der Gesellschaft für das an diesem Stichtag endende Geschäftsjahr in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften und den sondergesetzlichen Bestimmungen des Elektrizitätswirtschafts- und -organisationsgesetzes 2010 (ElWOG 2010) und des Gaswirtschaftsgesetzes 2011 (GWG 2011).
Grundlage für das Prüfungsurteil
Wir haben unsere Abschlussprüfung in Übereinstimmung mit der EU-Verordnung Nr 537/2014 (im Folgenden AP-VO) und mit den österreichischen Grundsätzen ordnungsgemäßer Abschlussprüfung durchgeführt. Diese Grundsätze erfordern die Anwendung der International Standards on Auditing (ISA). Unsere Verantwortlichkeiten nach diesen Vorschriften und Standards sind im Abschnitt "Verantwortlichkeiten des Abschlussprüfers für die Prüfung des Jahresabschlusses" unseres Bestätigungsvermerks weitergehend beschrieben. Wir sind von der Gesellschaft unabhängig in Übereinstimmung mit den österreichischen unternehmensrechtlichen und berufsrechtlichen Vorschriften und wir haben unsere sonstigen beruflichen Pflichten in Übereinstimmung mit diesen Anforderungen erfüllt. Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen.
Besonders wichtige Prüfungssachverhalte
Besonders wichtige Prüfungssachverhalte sind solche Sachverhalte, die nach unserem pflichtgemäßen Ermessen am bedeutsamsten für unsere Prüfung des Jahresabschlusses des Geschäftsjahres waren. Diese Sachverhalte wurden im Zusammenhang mit unserer Prüfung des Jahresabschlusses als Ganzem und bei der Bildung unseres Prüfungsurteils hierzu berücksichtigt und wir geben kein gesondertes Prüfungsurteil zu diesen Sachverhalten ab.
Werthaltigkeit der Anteile an verbundenen Unternehmen, Ausleihungen an verbundene Unternehmen, Beteiligungen sowie Finanzforderungen gegenüber verbundenen Unternehmen
Das Risiko für den Abschluss
Die Anteile an verbundenen Unternehmen, Ausleihungen an verbundene Unternehmen, Beteiligungen sowie Finanzforderungen gegenüber verbundenen Unternehmen mit einem Buchwert von insgesamt 3.583,3 Mio EUR stellen 80,3 % des ausgewiesenen Vermögens der EVN AG zum Bilanzstichtag dar.
Im Rahmen der Aufstellung des Jahresabschlusses werden Anteile an verbundenen Unternehmen, Ausleihungen an verbundene Unternehmen, Beteiligungen sowie Finanzforderungen gegenüber verbundenen Unternehmen von der Gesellschaft einer Werthaltigkeitsüberprüfung unterzogen. Hierbei beurteilt die Gesellschaft, ob Anhaltspunkte für einen wesentlich gesunkenen beizulegenden Wert und damit für außerplanmäßige Abschreibungen vorliegen. Für jene Finanzanlagen, die in den Vorjahren außerplanmäßig abgeschrieben wurden, wird überprüft, ob die Gründe für die Abschreibung weggefallen sind und somit eine Zuschreibung erforderlich ist. Im Anlassfall wird eine Unternehmensbewertung auf Basis von diskontierten Netto-Zahlungsmittelzuflüssen, die im wesentlich von zukünftigen Umsatz- und Margenerwartungen abhängig sind, sowie auf Basis von abgeleiteten Diskontierungszinssätzen ermittelt.
Das Ergebnis dieser Bewertung ist in hohem Maße von der Einschätzung des künftigen Umsatzwachstums und der Ergebnismargen und der daraus resultierenden Zahlungsüberschüssen sowie Annahmen zur Festlegung der verwendeten Diskontierungszinssätze abhängig und daher mit bedeutenden Schätzungsunsicherheiten behaftet.
Das Risiko für den Abschluss besteht im Wesentlichen darin, dass die Anteile an verbundenen Unternehmen, Ausleihungen an verbundene Unternehmen, Beteiligungen sowie Finanzforderungen gegenüber verbundenen Unternehmen nicht gemäß UGB bewertet sind.
Unsere Vorgehensweise in der Prüfung
Wir haben die vom Unternehmen durchgeführte Beurteilung, ob Anhaltspunkte für Wertminderungen oder Wertaufholungen von Anteilen an verbundenen Unternehmen, Ausleihungen an verbundene Unternehmen, Beteiligungen sowie Finanzforderungen gegenüber verbundenen Unternehmen vorliegen, kritisch hinterfragt und mit unseren Erkenntnissen aus der Jahresabschlussprüfung verglichen.
Das Bewertungsmodell, die Planungsannahmen und die Bewertungsparameter haben wir unter Konsultation unserer Bewertungsspezialisten zu ausgewählten Fragestellungen überprüft. Die bei der Bestimmung der Zinssätze herangezogenen Annahmen wurden durch Abgleich mit markt- und branchenspezifischen Richtwerten auf Angemessenheit beurteilt. Die der Bewertung zugrunde gelegten Plandaten haben wir in Stichproben auf die vom Management genehmigten mittelfristigen Planungsrechnungen übergeleitet. Zur Beurteilung der Planungstreue haben wir in Stichproben die tatsächlichen Zahlungsmittelströme mit den in Vorperioden angenommenen Planzahlungen verglichen und Abweichungen mit dem Management besprochen.
Die betroffenen Buchwerte haben wir mit der Finanzbuchhaltung abgestimmt.
Bewertung der Drohverlustrückstellung aus nachteiliger Strombezugsverpflichtung
Das Risiko für den Abschluss
Im Jahresabschluss der EVN AG zum 30. September 2018 wird eine Drohverlustrückstellung aus nachteiliger Strombezugsverpflichtung in Höhe von 423,6 Mio EUR (9,5 % der Bilanzsumme) ausgewiesen. Diese wird mit dem voraussichtlichen Erfüllungsbetrag bilanziert, welcher grundsätzlich auf den Bilanzstichtag abgezinst wird.
Die gebildete Drohverlustrückstellung entspricht dem Barwert der erwarteten Nettocashflows aus dem Strombezugsvertrag. Dabei werden als Zahlungsmittelzuflüsse die erwarteten Energieerlöse aus dem Verkauf des bezogenen Stroms herangezogen. Um Schätzunsicherheiten hinsichtlich der Strompreise zu reduzieren wird für die Berechnung der Rückstellung ein Mittelwert der Strompreiskurven von zwei renommierten Informationsdienstleistern in der Energiewirtschaft herangezogen. Die Zahlungsmittelabflüsse ergeben sich aus den zukünftig erwarteten direkten und indirekten Kosten. Aufgrund des langfristigen Charakters der Rückstellung erfolgt zur Ermittlung des Barwertes eine Abzinsung des negativen Cashflows mittels des 7-Jahre-Durchschnittszinsatz entsprechend der Veröffentlichung der deutschen Bundesbank. Die Änderungen der genannten Parameter haben wesentliche Auswirkungen auf die Höhe der Rückstellung und das Periodenergebnis.
Das Risiko für den Abschluss besteht im Wesentlichen darin, dass die Drohverlustrückstellung zu hoch oder zu gering bewertet und das Periodenergebnis damit nicht zutreffend ermittelt ist.
Unsere Vorgehensweise in der Prüfung
Wir haben das Bewertungsmodell, die Planungsannahmen und die Bewertungsparameter der Berechnung der Drohverlustrückstellung unter Berücksichtigung der uns vorgelegten vertraglichen Grundlagen hinsichtlich der Angemessenheit und rechnerischen Richtigkeit überprüft. Den Abzinsungssatz haben wir durch Abgleich mit öffentlich verfügbaren Informationen auf Angemessenheit beurteilt.
Darüber hinaus haben wir die zugrundgelegten Annahmen in Gesprächen mit dem Management und den Bereichsverantwortlichen erörtert. In diesem Zuge haben wir beurteilt, wie historische Erfahrungen die Planung des Managements beeinflussen und ob eine Planungstreue gegeben ist.
Verantwortlichkeiten der gesetzlichen Vertreter und des Prüfungsausschusses für den Jahresabschluss
Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung des Jahresabschlusses und dafür, dass dieser in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften und den sondergesetzlichen Bestimmungen des Elektrizitätswirtschafts- und -organisationsgesetzes 2010 (ElWOG 2010) und des Gaswirtschaftsgesetzes 2011 (GWG 2011) ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage der Gesellschaft vermittelt. Ferner sind die gesetzlichen Vertreter verantwortlich für die internen Kontrollen, die sie als notwendig erachten, um die Aufstellung eines Jahresabschlusses zu ermöglichen, der frei von wesentlichen – beabsichtigten oder unbeabsichtigten – falschen Darstellungen ist.
Bei der Aufstellung des Jahresabschlusses sind die gesetzlichen Vertreter dafür verantwortlich, die Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit zu beurteilen, Sachverhalte im Zusammenhang mit der Fortführung der Unternehmenstätigkeit – sofern einschlägig – anzugeben, sowie dafür, den Rechnungslegungsgrundsatz der Fortführung der Unternehmenstätigkeit anzuwenden, es sei denn, die gesetzlichen Vertreter beabsichtigen, entweder die Gesellschaft zu liquidieren oder die Unternehmenstätigkeit einzustellen oder haben keine realistische Alternative dazu.
Der Prüfungsausschuss ist verantwortlich für die Überwachung des Rechnungslegungsprozesses der Gesellschaft.
Verantwortlichkeiten des Abschlussprüfers für die Prüfung des Jahresabschlusses
Unsere Ziele sind hinreichende Sicherheit darüber zu erlangen, ob der Jahresabschluss als Ganzes frei von wesentlichen – beabsichtigten oder unbeabsichtigten – falschen Darstellungen ist und einen Bestätigungsvermerk zu erteilen, der unser Prüfungsurteil beinhaltet. Hinreichende Sicherheit ist ein hohes Maß an Sicherheit, aber keine Garantie dafür, dass eine in Übereinstimmung mit der AP-VO und mit den österreichischen Grundsätzen ordnungsgemäßer Abschlussprüfung, die die Anwendung der ISA erfordern, durchgeführte Abschlussprüfung eine wesentliche falsche Darstellung, falls eine solche vorliegt, stets aufdeckt. Falsche Darstellungen können aus dolosen Handlungen oder Irrtümern resultieren und werden als wesentlich angesehen, wenn von ihnen einzeln oder insgesamt vernünftigerweise erwartet werden könnte, dass sie die auf der Grundlage dieses Jahresabschlusses getroffenen wirtschaftlichen Entscheidungen von Nutzern beeinflussen.
Als Teil einer Abschlussprüfung in Übereinstimmung mit der AP-VO und mit den österreichischen Grundsätzen ordnungsgemäßer Abschlussprüfung, die die Anwendung der ISA erfordern, üben wir während der gesamten Abschlussprüfung pflichtgemäßes Ermessen aus und bewahren eine kritische Grundhaltung.
Darüber hinaus gilt:
- Wir identifizieren und beurteilen die Risiken wesentlicher beabsichtigter oder unbeabsichtigter – falscher Darstellungen im Abschluss, planen Prüfungshandlungen als Reaktion auf diese Risiken, führen sie durch und erlangen Prüfungsnachweise, die ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen. Das Risiko, dass aus dolosen Handlungen resultierende wesentliche falsche Darstellungen nicht aufgedeckt werden, ist höher als ein aus Irrtümern resultierendes, da dolose Handlungen betrügerisches Zusammenwirken, Fälschungen, beabsichtigte Unvollständigkeiten, irreführende Darstellungen oder das Außerkraftsetzen interner Kontrollen beinhalten können.
- Wir gewinnen ein Verständnis von dem für die Abschlussprüfung relevanten internen Kontrollsystem, um Prüfungshandlungen zu planen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit des internen Kontrollsystems der Gesellschaft abzugeben.
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Wir beurteilen die Angemessenheit der von den gesetzlichen Vertretern angewandten Rechnungslegungsmethoden sowie die Vertretbarkeit der von den gesetzlichen Vertretern dargestellten geschätzten Werte in der Rechnungslegung und damit zusammenhängende Angaben.
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Wir ziehen Schlussfolgerungen über die Angemessenheit der Anwendung des Rechnungslegungsgrundsatzes der Fortführung der Unternehmenstätigkeit durch die gesetzlichen Vertreter sowie, auf der Grundlage der erlangten Prüfungsnachweise, ob eine wesentliche Unsicherheit im Zusammenhang mit Ereignissen oder Gegebenheiten besteht, die erhebliche Zweifel an der Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit aufwerfen kann. Falls wir die Schlussfolgerung ziehen, dass eine wesentliche Unsicherheit besteht, sind wir verpflichtet, in unserem Bestätigungsvermerk auf die dazugehörigen Angaben im Jahresabschluss aufmerksam zu machen oder, falls diese Angaben unangemessen sind, unser Prüfungsurteil zu modifizieren. Wir ziehen unsere Schlussfolgerungen auf der Grundlage der bis zum Datum unseres Bestätigungsvermerks erlangten Prüfungsnachweise. Zukünftige Ereignisse oder Gegebenheiten können jedoch die Abkehr der Gesellschaft von der Fortführung der Unternehmenstätigkeit zur Folge haben.
- Wir beurteilen die Gesamtdarstellung, den Aufbau und den Inhalt des Jahresabschlusses einschließlich der Angaben sowie ob der Jahresabschluss die zugrunde liegenden Geschäftsvorfälle und Ereignisse in einer Weise wiedergibt, dass ein möglichst getreues Bild erreicht wird.
- Wir tauschen uns mit dem Prüfungsausschuss unter anderem über den geplanten Umfang und die geplante zeitliche Einteilung der Abschlussprüfung sowie über bedeutsame Prüfungsfeststellungen, einschließlich etwaiger bedeutsamer Mängel im internen Kontrollsystem, die wir während unserer Abschlussprüfung erkennen, aus.
- Wir geben dem Prüfungsausschuss auch eine Erklärung ab, dass wir die relevanten beruflichen Verhaltensanforderungen zur Unabhängigkeit eingehalten haben und uns mit ihm über alle Beziehungen und sonstigen Sachverhalte austauschen, von denen vernünftigerweise angenommen werden kann, dass sie sich auf unsere Unabhängigkeit und – sofern einschlägig – damit zusammenhängende Schutzmaßnahmen auswirken.
- Wir bestimmen von den Sachverhalten, über die wir uns mit dem Prüfungsausschuss ausgetauscht haben, diejenigen Sachverhalte, die am bedeutsamsten für die Prüfung des Jahresabschlusses des Geschäftsjahres waren und daher die besonders wichtigen Prüfungssachverhalte sind. Wir beschreiben diese Sachverhalte in unserem Bestätigungsvermerk, es sei denn, Gesetze oder andere Rechtsvorschriften schließen die öffentliche Angabe des Sachverhalts aus oder wir bestimmen in äußerst seltenen Fällen, dass ein Sachverhalt nicht in unserem Bestätigungsvermerk mitgeteilt werden sollte, weil vernünftigerweise erwartet wird, dass die negativen Folgen einer solchen Mitteilung deren Vorteile für das öffentliche Interesse übersteigen würden.
Sonstige gesetzliche und andere rechtliche Anforderungen
Bericht zum Lagebericht
Der Lagebericht ist auf Grund der österreichischen unternehmensrechtlichen Vorschriften darauf zu prüfen, ob er mit dem Jahresabschluss in Einklang steht und ob er nach den geltenden rechtlichen Anforderungen aufgestellt wurde. Zu der im Lagebericht enthaltenen nichtfinanziellen Erklärung ist es unsere Verantwortung zu prüfen, ob sie aufgestellt wurde, sie zu lesen und abzuwägen, ob sie angesichts des bei der Prüfung gewonnenen Verständnisses wesentlich im Widerspruch zum Jahresabschluss steht oder sonst wesentlich falsch dargestellt erscheint.
Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung des Lageberichts in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften.
Wir haben unsere Prüfung in Übereinstimmung mit den Berufsgrundsätzen zur Prüfung des Lageberichts durchgeführt.
Urteil
Nach unserer Beurteilung ist der Lagebericht nach den geltenden rechtlichen Anforderungen aufgestellt worden, enthält die nach § 243a UGB zutreffenden Angaben, und steht in Einklang mit dem Jahresabschluss.
Erklärung
Angesichts der bei der Prüfung des Jahresabschlusses gewonnenen Erkenntnisse und des gewonnenen Verständnisses über die Gesellschaft und ihr Umfeld haben wir keine wesentlichen fehlerhaften Angaben im Lagebericht festgestellt.
Zusätzliche Angaben nach Artikel 10 AP-VO
Wir wurden von der Hauptversammlung am 18. Jänner 2018 als Abschlussprüfer gewählt und am 18. Mai 2018 vom Aufsichtsrat mit der Abschlussprüfung der EVN AG beauftragt. Wir sind ohne Unterbrechung seit 1992 Abschlussprüfer der Gesellschaft.
Wir erklären, dass das Prüfungsurteil im Abschnitt "Bericht zum Jahresabschluss" mit dem zusätzlichen Bericht an den Prüfungsausschuss nach Artikel 11 der AP-VO in Einklang steht.
Wir erklären, dass wir keine verbotenen Nichtprüfungsleistungen (Artikel 5 Abs 1 der AP-VO) erbracht haben und dass wir bei der Durchführung der Abschlussprüfung unsere Unabhängigkeit von der geprüften Gesellschaft gewahrt haben.
Auftragsverantwortlicher Wirtschaftsprüfer
Der für die Abschlussprüfung auftragsverantwortliche Wirtschaftsprüfer ist Herr Mag. Rainer Hassler.
Wien, am 20. November 2018
KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Mag. Rainer Hassler Wirtschaftsprüfer
Anhang für das Geschäftsjahr 2017/18
1. ALLGEMEINE ANGABEN
Der vorliegende Jahresabschluss zum 30.9.2018 der EVN AG wurde vom Vorstand der Gesellschaft nach den Vorschriften des Unternehmensgesetzbuches (UGB) aufgestellt.
Die Gesellschaft ist eine große Kapitalgesellschaft gemäß § 221 UGB.
Die bisherige Form der Darstellung des Jahresabschlusses wurde bei der Erstellung des vorliegenden Jahresabschlusses beibehalten.
Das Unternehmen ist Mutterunternehmen und gehört dem Konsolidierungskreis des EVN-Konzerns an. Der Konzernabschluss ist beim Firmenbuchgericht Wiener Neustadt hinterlegt.
Anlässlich von konzerninternen Umstrukturierungen wurden die thermischen Kraftwerke Dürnrohr, Korneuburg und Theiss per 01.07.2018 an die EVN Wärmekraftwerke GmbH – vormals EVN Abfallverwertung Niederösterreich GmbH – veräußert.
Die Gesellschaft befindet sich beginnend mit dem Wirtschaftsjahr 2005/06 in einer Unternehmensgruppe gemäß § 9 KStG mit der NÖ Landes-Beteiligungsholding GmbH als Gruppenträger, mit der auch im Oktober 2005 ein Gruppen- und Steuerausgleichsvertrag geschlossen wurde.
Weiters befinden sich zum 30. September 2018 die EVN Wasser GmbH, die Netz Niederösterreich GmbH, die EVN Finanzmanagement und Vermietungs-GmbH, die EVN Finanzservice GmbH, die EVN Wärme GmbH, die evn naturkraft Erzeugungsgesellschaft m.b.H, die EVN Kroatien Holding, die EVN Croatia Plin d.o.o., die EVN WEEV Beteiligungs GmbH, die WEEV Beteiligungs GmbH in Liquidation, die Wasserkraftwerke Trieb und Krieglach GmbH, die Energiespeicher Sulzberg GmbH, die EVN Energiespeicher Sulzberg Beteiligungs GmbH, die kabelplus GmbH, die Utilitas Dienstleistungs- und Beteiligungs-Gesellschaft m.b.H, die EVN Beteiligung 51 GmbH, die EVN Wärmekraftwerke GmbH, die Burgenland Holding AG, die RAG-Beteiligungs-Aktiengesellschaft, die RAG Austria AG , die RAG Energy Storage GmbH, die EVN Umweltholding und Betriebs-GmbH, die EVN Projektgesellschaft Müllverbrennungsanlage Nr. 3 mbH, die EVN Umwelt Finanz- und Service-GmbH, die EVN Liegenschaftsverwaltung GmbH, die EVN Kraftwerksund Beteiligungs-GmbH sowie die EVN Umwelt Beteiligungs und Service GmbH in dieser Unternehmensgruppe.
Mit den Gruppenmitgliedern wurden Gruppen- und Steuerumlagevereinbarungen abgeschlossen, wonach die Steuerumlagen jeweils nach der Belastungsmethode ("standalone"-Methode) ermittelt werden.
Dabei werden bei überrechneten steuerlichen Verlusten, diese auf Seite der Gruppenmitglieder als "interne Verlustvorträge" evident gehalten und mit künftigen positiven Ergebnissen verrechnet. Ausnahmen davon bilden die Verträge mit den Gruppenmitgliedern WEEV Beteiligungs GmbH in Liquidation und Burgenland Holding AG, die vorsehen, dass der WEEV Beteiligungs GmbH in Liquidation und der Burgenland Holding AG im Falle der Zurechnung eines negativen steuerlichen Ergebnisses eine negative Steuerumlage gutgeschrieben wird, wenn das Gruppenergebnis insgesamt positiv ist.
Die Gewinn-und-Verlust-Rechnung wurde gem. § 231 Abs 1 in Verbindung mit Abs. 2 UGB nach dem Gesamtkostenverfahren erstellt.
2. BILANZIERUNGS- UND BEWERTUNGSMETHODEN
2.1. Allgemeine Grundsätze
Der Jahresabschluss wurde unter Beachtung der Grundsätze ordnungsmäßiger Buchführung und Bilanzierung erstellt und entspricht der Generalnorm für den Jahresabschluss, ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens zu vermitteln.
Bei der Erstellung des Jahresabschlusses wurde der Grundsatz der Vollständigkeit eingehalten.
Bei den angewandten Bilanzierungs- und Bewertungsmethoden wird gemäß § 237 Abs 1 Z1 UGB von der Fortführung des Unternehmens ausgegangen.
Bei den Vermögensgegenständen und Schulden wurde der Grundsatz der Einzelbewertung angewandt.
Dem Vorsichtsgrundsatz wurde Rechnung getragen, indem nur die am Abschlussstichtag verwirklichten Gewinne zum Ausweis gelangten und alle erkennbaren Risiken und drohenden Verluste, die bis zum Bilanzstichtag entstanden sind, berücksichtigt wurden.
Die bisherigen angewandten Bewertungsmethoden wurden beibehalten.
2.2. Anlagevermögen
Immaterielle Vermögensgegenstände werden zu Anschaffungskosten, vermindert um lineare, planmäßige Abschreibungen bewertet. Außerplanmäßige Abschreibungen auf einen zum Abschlussstichtag niedrigeren beizulegenden Wert werden vorgenommen, soweit es erforderlich ist.
Gegenstände des Sachanlagevermögens werden zu Anschaffungs- bzw. Herstellungskosten, vermindert um lineare, planmäßige Abschreibungen bewertet. Gemäß den steuerrechtlichen Vorschriften nimmt die Gesellschaft für Zugänge im ersten Halbjahr eine volle Jahresabschreibung, für Zugänge im zweiten Halbjahr eine halbe Jahresabschreibung vor.
Außerplanmäßige Abschreibungen auf einen zum Abschlussstichtag niedrigeren beizulegenden Wert werden vorgenommen, soweit die Wertminderung voraussichtlich von Dauer ist.
Die Herstellungskosten enthalten Material- und Fertigungseinzelkosten sowie angemessene Teile der Material- und Fertigungsgemeinkosten. Aufwendungen der allgemeinen Verwaltung sowie Fremdkapitalzinsen werden nicht aktiviert. Die der Aktivierung von Eigenleistungen zugrunde liegenden Personalstundensätze berücksichtigen auch Aufwendungen für freiwillige Sozialleistungen, Abfertigungen und überbetriebliche Altersversorgung. Ein Ausscheiden überhöhter Gemeinkosten infolge offenbarer Unterbeschäftigung war nicht erforderlich.
Der betriebsgewöhnlichen Nutzungsdauer werden branchenübliche Richtwerte zugrunde gelegt. Die Abschreibungssätze sind nachstehender Tabelle zu entnehmen.
| Abschreibungen nach Anlagenkategorien | Nutzungsdauer in Jahren |
Planmäßige Abschreibung |
|---|---|---|
| in % | ||
| Rechte | 4-77 | 1,3-25 |
| Gebäude | 10-50 | 2-10 |
| Bauliche Anlagen der Kraftwerke | 10-33 | 3-10 |
| Maschinelle und elektrische Einrichtungen | 10-33 | 3-10 |
| andere Anlagen, Betriebs- und Geschäftsausstattung | 3-20 | 5-33,3 |
Geringwertige Vermögensgegenstände werden im Zugangsjahr aktiviert und sofort abgeschrieben. Die Ausbuchung dieser Anlagen erfolgt nach Ablauf der Nutzungsdauern, die für die definierten Anlagengruppen grundsätzlich gelten.
Die Finanzanlagen werden zu Anschaffungskosten oder, falls ihnen ein niedrigerer Wert (z. B. Börsekurs) beizulegen ist, mit diesem angesetzt, wenn die Wertminderungen voraussichtlich von Dauer sind.
Bei der Bewertung von Beteiligungen müssen vor allem in Bezug auf künftige Zahlungsmittelüberschüsse Schätzungen unter Unsicherheit vorgenommen werden. Eine Änderung der gesamtwirtschaftlichen, der Branchen- oder der Unternehmenssituation in der Zukunft kann zu einer Reduktion bzw. Erhöhung der Zahlungsmittelüberschüsse und somit zu Wertminderungen bzw. Wertaufholungen führen.
Den Bewertungen wird auf Basis der voraussichtlichen Entwicklung ein kapitalwertorientiertes Verfahren zugrunde gelegt, bei dem die gewichteten durchschnittlichen Kapitalkosten (Weighted Average Cost of Capital = WACC) verwendet werden. Diese entsprechen der durchschnittlichen gewichteten Verzinsung von Eigen- und Fremdkapital. Die Gewichtung von Eigen- und Fremdkapitalverzinsung – diese entspricht einer Kapitalstruktur zu Marktwerten – werden aus einer adäquaten Peer Group abgeleitet. Vor dem Hintergrund des derzeit volatilen Finanzmarktumfelds stellt die Entwicklung der Kapitalkosten (und insbesondere der Länderrisikoprämien) eine Unsicherheit dar und wird laufend beobachtet.
Als Preisgerüst dienen ab dem fünften Jahr (keine aussagekräftigen Marktpreise an den Strombörsen mehr verfügbar) Prognosen zweier renommierter Marktforschungsinstitute und Informationsdienstleister in der Energiewirtschaft, welche aufgrund der derzeitigen Volatilität der Strommärkte jährlich aktualisiert werden.
Ausleihungen werden zu Anschaffungskosten, unverzinsliche bzw. niedrig verzinsliche Ausleihungen zum Barwert bilanziert. Bei nachhaltigen und wesentlichen Wertminderungen werden die niedrigeren Werte angesetzt.
Zuschreibungen zu Vermögensgegenständen des Anlagevermögens werden vorgenommen, wenn die Gründe für die außerplanmäßige Abschreibung weggefallen sind. Die Zuschreibung erfolgt auf maximal den Nettobuchwert, der sich unter Berücksichtigung der Normalabschreibungen, die inzwischen vorzunehmen gewesen wären, ergibt.
2.3. Umlaufvermögen
Die Bewertung der Vorräte erfolgt zu Anschaffungs- bzw. Herstellungskosten oder dem niedrigeren Wert aus Anschaffungskosten oder beizulegendem Wert am Bilanzstichtag. Die Anschaffungskosten werden nach dem gleitenden Durchschnittspreisverfahren ermittelt. Bestandsrisken, die sich aus der Lagerdauer sowie geminderter Verwendbarkeit ergeben, werden durch angemessene Wertabschläge berücksichtigt.
Bei den Vorräten der Betriebsgastronomie wird gemäß § 209 Abs 1 UGB das Bewertungswahlrecht in Anspruch genommen, diese mit einem gleichbleibenden Wert anzusetzen.
EVN AG, Maria Enzersdorf
Begründet wird das damit, dass sie regelmäßig ersetzt werden und ihr Gesamtwert von untergeordneter Bedeutung ist. Der Bestand unterliegt in seiner Größe, seinem Wert und seiner Zusammensetzung nur geringen Veränderungen. Eine Inventur ist gemäß § 209 Abs 1 UGB alle fünf Jahre vorgesehen. Im Geschäftsjahr 2017/18 erfolgte die Inventur für die Vorräte der Betriebsgastronomie.
Für notwendige Beschaffungen von CO2-Emissionszertifikaten erfolgt die Bilanzierung zu Anschaffungskosten, für Zuführungen zu Rückstellungen aufgrund allfälliger Unterdeckungen mit dem Zeitwert zum Bilanzstichtag.
Die Bewertung der nicht abrechenbaren Leistungen erfolgt zum niedrigeren Wert aus Anschaffungs- oder Herstellungskosten oder zum beizulegenden Wert am Bilanzstichtag.
Forderungen und sonstige Vermögensgegenstände werden mit dem Nennbetrag angesetzt. Längerfristige unverzinsliche bzw. niedrig verzinsliche Forderungen werden entsprechend diskontiert. Für erkennbare Risiken werden Einzelwertberichtigungen gebildet. Für das allgemeine Kreditrisiko erfolgt eine pauschale Einzelwertberichtigung je nach Außenstandsdauer mit folgenden Wertberichtigungssätzen:
| Außenstandsdauer: | Wertberichtigungsprozentsatz: |
|---|---|
| 0 – 89 Tage | 0 % |
| 90 – 359 Tage | 25 % |
| 360 - 1079 Tage | 40 % |
| > = 1080 Tage | 60 % |
Die Wertpapiere des Umlaufvermögens werden zu Anschaffungskosten oder dem niedrigeren beizulegendem Wert zum Bilanzstichtag bewertet.
Zuschreibungen zu Vermögensgegenständen des Umlaufvermögens werden vorgenommen, wenn die Gründe für die Abschreibung weggefallen sind.
2.4. Latente Steuern
Latente Steuern werden gemäß § 198 Abs 9 und 10 UGB nach dem bilanzorientierten Konzept und ohne Abzinsung auf Basis des aktuellen Körperschaftsteuersatzes von 25 % gebildet.
2.5. Investitionszuschüsse
Im Einklang mit der AFRAC Stellungnahme "Bilanzierung von Zuschüssen bei Betrieben und sonstigen ausgegliederten Rechtsträgern im öffentlichen Sektor" werden Investitionszuschüsse in einem eigenen Sonderposten der Bilanz nach dem Eigenkapital ausgewiesen sowie über die Nutzungsdauer des Anlagegutes im Posten sonstiger betrieblicher Ertrag aufgelöst.
2.6. Rückstellungen
Die Ermittlung der Rückstellungen für Abfertigungen sowie für Pensionen und pensionsähnlichen Verpflichtungen erfolgt nach versicherungsmathematischen Grundsätzen unter der Anwendung der "Projected-Unit-Credit"-Methode gemäß IAS 19. Die Berechnung erfolgt mit einem Rechnungszinssatz von 1,85 % (VJ: 1,85 %) sowie unter Berücksichtigung von künftigen jährlichen Gehaltssteigerungen von 2,00 % (VJ: 2,00 %) im nächsten Jahr und einer jährlichen Gehaltssteigerung von 2,00 % für Folgejahre (VJ: 2,00 %) bzw. von Erhöhungen der Pensionen von 2,00 % (VJ: 2,00 %) im nächsten Jahr und einer jährlichen Erhöhung der Pensionen von 2,00 % für Folgejahre (VJ: 2,00 %). Das Pensionsantrittsalter wurde für Frauen mit 60 Jahren und für Männer mit 65 Jahren festgesetzt.
EVN AG, Maria Enzersdorf
Die von der Aktuar Vereinigung Österreichs im August 2018 aktualisierten und herausgegebenen Sterbetafeln ("AVÖ 2008-P) wurden bei der Berechnung der Personalrückstellungen per 30.09.2018 berücksichtigt.
Der Rückstellung für Jubiläumsgeldverpflichtungen liegt eine versicherungsmathematische Berechnung nach IAS 19 zugrunde. Es werden dieselben Parameter wie bei den Berechnungen der Rückstellungen für Abfertigungs- und Pensionsverpflichtungen angewandt.
Der Rechnungszinssatz für alle Sozialkapitalrückstellungen ist ein Stichtagszinssatz basierend auf Renditen von hochwertigen, festverzinslichen Unternehmensanleihen, wobei die Fälligkeiten der zu zahlenden Leistungen entsprechend berücksichtigt werden. Die Zinsen auf die Rückstellungen für Sozialkapital sowie Auswirkungen aus einer Änderung des Zinssatzes werden im Finanzergebnis ausgewiesen.
In den sonstigen Rückstellungen werden unter Beachtung des Vorsichtsprinzips alle zum Zeitpunkt der Bilanzerstellung erkennbaren Risiken und der Höhe sowie dem Grunde nach ungewissen Verbindlichkeiten mit den Beträgen berücksichtigt, die nach vernünftiger kaufmännischer Beurteilung erforderlich sind.
Langfristige Rückstellungen werden in Abhängigkeit von ihrer erwarteten Laufzeit mit einem Zinssatz von 0,98 % (VJ:1,36 %) bis 2,47 % (VJ: 3,00 %) abgezinst.
2.7. Verbindlichkeiten
Die Verbindlichkeiten sind mit dem Erfüllungsbetrag unter Bedachtnahme auf den Grundsatz der Vorsicht angesetzt.
2.8. Währungsumrechnung
Die Währungsumrechnung erfolgt zum Zeitpunkt des Geschäftsvorfalles mit dem aktuellen Kurs. Zum Bilanzstichtag erfolgt bei den Forderungen eine Abwertung, sofern der Stichtagskurs niedriger als der Entstehungskurs ist, bei den Verbindlichkeiten eine Aufwertung sofern der Stichtagskurs höher als der Entstehungskurs ist. In Fremdwährung angeschaffte Gegenstände des Anlage- oder Umlaufvermögens werden mit dem Entstehungskurs erfasst, wobei keine weitere Umwertung erfolgt.
3. ERLÄUTERUNGEN ZUR BILANZ
3.1. Aktiva
3.1.1. Anlagevermögen
Die Aufgliederung des Anlagevermögens und seine Entwicklung im Berichtsjahr sind im Anlagenspiegel angeführt (Anlage 1).
Als immaterielle Vermögensgegenstände werden Strombezugsrechte und sonstige Rechte mit einem Stand von EUR 40.636.943,96 (VJ: TEUR 34.646) ausgewiesen. Sie enthalten EUR 532.997,42 (VJ: TEUR 1.311) für immaterielle Vermögensgegenstände, die von verbundenen Unternehmen erworben wurden.
Im Geschäftsjahr 2017/2018 hat eine Wertaufholung bei den immateriellen Vermögensgegenständen im Ausmaß von EUR 10.071.292,91 stattgefunden.
Der Nettowert der Grundstücke zum Bilanzstichtag beträgt EUR 2.575.348,55 (VJ: TEUR 2.573) und beinhaltet eine Wertberichtung in Höhe von EUR 824.388,69 (VJ: TEUR 8.122).
Im Geschäftsjahr 2017/18 hat eine Wertaufholung im Sachanlagevermögen im Ausmaß von EUR 714.772,91 stattgefunden.
Die Aufgliederung der verbundenen Unternehmen und Beteiligungen ist dem Beteiligungsspiegel (Anlage 2) zu entnehmen.
Im Zuge der konzerninternen Umstrukturierung der WEEV Beteiligungs GmbH, wurden die von der WEEV gehaltenen Verbund-Anteile an die Mutterhäuser Wiener Stadtwerke und EVN AG übertragen. In diesem Zusammenhang wurden die drei bestehenden Verbund Portfolios zu einem einzigen zusammengefasst und mittels gewogenem Durchschnittspreisverfahren neu bewertet. Die Änderung der Bewertungsmethode hat keinen wesentlichen Einfluss auf die Vermögens-, Finanz- und Ertragslage der EVN AG.
Die Wertpapiere des Anlagevermögens dienen im Wesentlichen der gesetzlich vorgeschriebenen Deckung der Rückstellungen für Pensionen und pensionsähnlichen Verpflichtungen.
Im Geschäftsjahr 2017/18 hat eine Wertaufholung im Finanzanlagevermögen im Ausmaß von EUR 2.948.274,69 stattgefunden.
Von den Ausleihungen an verbundene Unternehmen ist ein Betrag von EUR 17.742.324,51 (VJ: TEUR 10.406) innerhalb des nächsten Jahres fällig.
Von den sonstigen Ausleihungen ist ein Betrag von EUR 56.740,00 (VJ: TEUR 60) innerhalb des nächsten Jahres fällig.
3.1.2. Umlaufvermögen
Vorräte
In Aufträgen, deren Ausführungen sich über mehr als zwölf Monate erstreckt, sind zum Bilanzstichtag angemessene Teile der Verwaltungskosten mit einem Betrag von insgesamt TEUR 0 (VJ: TEUR 390) enthalten.
Bei den Primärenergievorräten handelt es sich um Öl-, Kohle und Gasvorräte sowie um CO2-Zertifikate.
Forderungen und sonstige Vermögensgegenstände
Von den Forderungen aus Lieferungen und Leistungen wurde eine pauschale Wertberichtigung von EUR 143.876,10 (VJ: TEUR 176) sowie eine Einzelwertberichtigung von EUR 17.770,78 (VJ: TEUR 3.542) gebildet.
Die Forderungen gegenüber verbundenen Unternehmen enthalten Forderungen aus Lieferungen und Leistungen in Höhe von EUR 28.422.127,11 (VJ: TEUR 17.959) sowie sonstige Forderungen in Höhe von EUR 213.324.844,85 (VJ: TEUR 93.534).
Die Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht, enthalten Forderungen aus Lieferungen und Leistungen in Höhe von EUR 38.059.750,11 (VJ: TEUR 5.203) sowie sonstige Forderungen in Höhe von EUR 110.916.565,04 (VJ: TEUR 93.359).
Die sonstigen Forderungen und Vermögensgegenstände gegenüber verbundenen Unternehmen enthalten als wesentliche Positionen Steuerforderungen über EUR 27.339.591,11 (VJ: TEUR 31.422) sowie Forderungen aus Beteiligungserträgen über EUR 73.337.366,97 (VJ: TEUR 30.494).
Im Posten Sonstige Forderungen und Vermögensgegenstände sind Erträge in Höhe von EUR 5.625.983,87 (VJ: TEUR 6.293) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.
Finanzumlaufvermögen
Das Finanzumlaufvermögen enthält fremde Wertpapiere in Höhe von EUR 139.745.515,00 (VJ: TEUR 538).
Der Kassenbestand beträgt zum Bilanzstichtag EUR 7.203,02 (VJ: TEUR 9).
Zum Bilanzstichtag beträgt das Guthaben bei Kreditinstituten EUR 122.600.094,68 (VJ: TEUR 87.935).
| 3.1.3. Aktive Rechnungsabgrenzung | 30.09.2018 EUR |
30.09.2017 TEUR |
|---|---|---|
| Anleihekosten Sonstige Abgrenzungen |
5.104.569,85 54.033,33 |
6.607 0 |
| Lohn- und Gehaltsverrechnung | 0,00 | 4.629 |
| 5.158.603,18 | 11.236 |
3.1.4. Aktive latente Steuern
Die aktiven latenten Steuern wurden auf Unterschiede zwischen dem steuerlichen und unternehmensrechtlichen Wertansatz zum Bilanzstichtag für folgende Posten gebildet:
| 30.09.2018 | 30.09.2017 | |
|---|---|---|
| EUR | TEUR | |
| Sachanlagen | -27.566.512,66 | -27.158 |
| Beteiligungen | -27.485.943,68 | -27.486 |
| Personalrückstellungen | 67.137.200,12 | 61.634 |
| sonstige Rückstellungen | 34.261.795,08 | 16.581 |
| unversteuerte Rücklagen | -4.173.564,64 | -3.162 |
| noch nicht verrechnete Beteiligungs | ||
| abschreibung gem § 12 Abs 3 Z 2 KStG | 73.745.915,38 | 97.644 |
| sonstige Posten | 7.257.691,73 | 7.946 |
| 123.176.581,33 | 126.000 | |
| Daraus resultieren aktive latente Steuern | 45.600.650,58 | 45.951 |
| abzüglich: Saldierung mit passiven latenten Steuern | -14.806.505,25 | -14.451 |
| Stand zum 30.9. | 30.794.145,33 | 31.500 |
| Die latenten Steuern entwickelten sich wie folgt: | ||
| 30.09.2018 | 30.09.2017 | |
| EUR | TEUR | |
| Stand zum 1.10. | 31.499.965,78 | 56.277 |
| Erfolgswirksame Veränderung | -705.820,44 | -24.777 |
| Erfolgsneutrale Veränderung aus Umgründungen | 0,00 | 0 |
| Stand zum 30.9. | 30.794.145,33 | 31.500 |
3.2. Passiva
3.2.1. Eigenkapital
Das Grundkapital in Höhe von EUR 330.000.000,00 (VJ: TEUR 330.000) ist in 179.878.402 Stückaktien zerlegt.
Die Gewinnrücklagen betreffen neben der gesetzlichen Rücklage in Höhe von EUR 4.723.734,22 (VJ: TEUR 4.724) freie Rücklagen in Höhe von EUR 1.313.314.819,62 (VJ: TEUR 1.223.543).
Gemäß § 229 Abs 1a UGB wurde für die zum Stichtag 30. September 2018 im Bestand der EVN AG befindlichen eigenen Anteile eine Rücklage durch Umwidmung freier Gewinnrücklagen gebildet. Analog zu den eigenen Anteilen weist diese Rücklage für eigene Anteile zum Bilanzstichtag einen rechnerischen Wert in Höhe von EUR 3.456.012,02 (VJ: TEUR 3.579) aus.
Zum Bilanzstichtag wurden 1.883.824 (VJ: 1.950.854 ) Stück eigene Anteile mit einem rechnerischen Wert von EUR 3.456.012,02 (VJ: TEUR 3.579) ausgewiesen. Im Geschäftsjahr 2017/18 wurden 67.030 Stück eigene Aktien an Mitarbeiter übertragen.
Mit Beschluss vom 21. Jänner 2016 ermächtigte die 87. ordentliche Hauptversammlung der EVN AG den Vorstand, während einer Geltungsdauer von 30 Monaten auf Inhaber lautende eigene Stückaktien zum Zweck der Ausgabe an Arbeitnehmer der Gesellschaft oder eines mit ihr verbundenen Unternehmens sowie gemäß § 65 Abs. 1 Z. 8 AktG (zweckfreier Erwerb) im Ausmaß von insgesamt höchstens 10 % des Grundkapitals der EVN zu erwerben. Die Gültigkeit des Ermächtigungsbeschlusses endete durch Zeitablauf am 21. Juli 2018. Der Vorstand hatte davon im Geschäftsjahr 2017/18 keinen Gebrauch gemacht.
3.2.2. Investitionszuschüsse
Die Investitionszuschüsse haben sich im Geschäftsjahr 2017/18 wie folgt entwickelt:
| Stand 01.10.2017 EUR |
Zuführung EUR |
Verbrauch EUR |
Abgang EUR |
Stand 30.09.2018 EUR |
|
|---|---|---|---|---|---|
| Sachanlagen Grundstücke, grundstücksgleiche Rechte und Bauten, einschließlich Bauten auf fremden Grund Kraftwerks- und Erzeugungsanlagen Andere Anlagen, Betriebs- und Geschäftsausstattung |
1.010.718,61 2.044.028,24 6.390,99 |
0,00 0,00 0,00 |
40.428,75 170.335,69 2.556,40 |
970.289,86 1.873.692,55 0,00 |
0,00 0,00 3.834,59 |
| Summe Investitionszuschüsse | 3.061.137,84 | 0,00 | 213.320,84 | 2.843.982,41 | 3.834,59 |
3.2.3. Rückstellungen
Die sonstigen Rückstellungen in Höhe von EUR 574.073.393,26 (VJ: TEUR 443.432) betreffen im Wesentlichen die Vorsorgen für:
| 30.09.2018 | 30.09.2017 | |
|---|---|---|
| EUR | TEUR | |
| Sonstige Verpflichtungsrisken | 423.588.133,51 | 356.736 |
| Strombezugs-/absatzgeschäfte | 97.554.386,45 | 32.988 |
| kurzfristige Personalverpflichtungen | 22.486.982,96 | 22.711 |
| CO2-Zertifikate | 16.639.230,79 | 9.398 |
| Anteilige Jubiläumsgelder | 8.617.430,00 | 7.508 |
| Noch nicht fakturierte Lieferungen und Leistungen | 3.736.673,42 | 4.020 |
| Prozessrisken | 600.000,00 | 900 |
| Kohlebezugsgeschäfte | 515.824,35 | 2.383 |
| Gasbezugs-/absatzgeschäfte | 334.731,78 | 61 |
| Umwelt- und Altlastenrisken | 0,00 | 6.729 |
| 574.073.393,26 | 443.432 |
3.2.4. Verbindlichkeiten
| Restlaufzeit | Bilanzwert | |||
|---|---|---|---|---|
| < 1 Jahr | 1-5 Jahre | > 5 Jahre | 30.09.2018 | |
| EUR | EUR | EUR | EUR | |
| 1. Anleihen Vorjahr in TEUR |
30.000.000,00 0 |
300.000.000,00 330.000 |
224.370.652,53 224.371 |
554.370.652,53 554.371 |
| 2. Verbindlichkeiten gegenüber Kreditinstituten Vorjahr in TEUR |
28.667.073,18 21.350 |
70.768.292,72 84.618 |
193.414.634,10 208.232 |
292.850.000,00 314.200 |
| 3. Erhaltene Anzahlungen auf Bestellungen Vorjahr in TEUR |
1.093.720,98 4.985 |
320.388,35 3.264 |
0,00 0 |
1.414.109,33 8.249 |
| 4. Verbindlichkeiten aus Lieferungen und Leistungen Vorjahr in TEUR |
24.668.113,23 23.296 |
3.725,00 0 |
0,00 0 |
24.671.838,23 23.296 |
| 5. Verbindlichkeiten gegenüber verbundenen Unternehmen Vorjahr in TEUR |
597.896.360,06 519.097 |
24.000,00 24 |
91.000,00 97 |
598.011.360,06 519.218 |
| 6. Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht Vorjahr in TEUR |
233.747.865,77 133.759 |
0,00 0 |
0,00 0 |
233.747.865,77 133.759 |
| 7. Sonstige Verbindlichkeiten Vorjahr in TEUR |
26.464.002,15 27.594 |
541.207,74 0 |
7.578.137,31 8.349 |
34.583.347,20 35.943 |
| Vorjahr in TEUR | 942.537.135,37 730.080 |
371.657.613,81 417.907 |
441.048 | 425.454.423,94 1.739.649.173,12 1.589.036 |
Die Verbindlichkeiten gegenüber verbundenen Unternehmen enthalten Verbindlichkeiten aus Lieferungen und Leistungen in Höhe von EUR 7.920.396,40 (VJ: TEUR 10.197) sowie sonstige Verbindlichkeiten in Höhe von EUR 590.090.963,66 (VJ: TEUR 509.021).
Die Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht, enthalten sonstige Verbindlichkeiten in Höhe von EUR 232.824.163,66 (VJ: TEUR 133.759).
In den sonstigen Verbindlichkeiten sind EUR 153.138.000,00 (VJ: TEUR 117.671) aus kurzfristigen Finanzverbindlichkeiten im Zusammenhang mit dem Cash Pooling und Festgeldvereinbarungen ausgewiesen.
Im Posten Sonstige Verbindlichkeiten sind Aufwendungen in Höhe von EUR 24.744.288,72 (VJ: TEUR 24.288) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.
3.2.5. Passive Rechnungsabgrenzung
| Sonstige Abgrenzungen | 30.09.2018 EUR |
30.09.2017 TEUR |
|---|---|---|
| Refinanzierungstransaktionen Zinsswaps |
690.774,02 392.841,37 |
1.036 435 |
| 1.083.615,39 | 1.472 |
3.2.6. Haftungsverhältnisse
| 30.09.2018 | 30.09.2017 | |
|---|---|---|
| EUR | TEUR | |
| Bürgschaften | 10.000,00 | 10 |
| Bankgarantien | 35.533.861,73 | 23.559 |
| Patronatserklärungen | 0,00 | 0 |
| Sonstige Haftungsverhältnisse | 724.598.667,06 | 871.129 |
| 760.142.528,79 | 894.698 | |
| davon gegenüber verbundenen Unternehmen | 638.606.811,08 | 782.348 |
| davon gegenüber assoziierten Unternehmen | 79.116.378,36 | 112.350 |
Die hierunter ausgewiesenen Eventualverbindlichkeiten entfallen im Wesentlichen auf Haftungen für von Banken für die eigene Geschäftstätigkeit und jene von Tochtergesellschaften ausgestellte Garantien, auf Haftungen für Finanzierungen von Tochtergesellschaften, auf Einzahlungsverpflichtungen gegenüber verbundenen Unternehmen sowie auf übernommene Haftungen gegenüber Banken für Kundenkredite.
Für das im Eigentum der VERBUND-Austrian Hydro Power AG (vormals "Donaukraft") stehende Kraftwerk Freudenau wurden in Vorjahren Refinanzierungstransaktionen abgeschlossen. Bei diesen Transaktionen hat sich die EVN AG verpflichtet, in bestimmten Verzugs- und Verlustfällen an die Österreichische Elektrizitätswirtschafts-Aktiengesellschaft (Verbund AG) Kostenersatz zu leisten.
Für die im Auftrag der EVN AG getätigten Geschäfte der ENERGIEALLIANZ Austria GmbH für den Eigenhandel sowie die Beschaffung von Elektrizität und Gas wurden gegenüber den Handelspartnern Patronatserklärungen erteilt. Die Eventualverbindlichkeiten hierfür werden in Höhe des tatsächlichen Risikos für die EVN AG angesetzt. Dieses Risiko bemisst sich an Veränderungen zwischen vereinbartem Preis und aktuellem Marktpreis, wobei sich bei Beschaffungsgeschäften ein Risiko nur bei gesunkenen Marktpreisen und bei Absatzgeschäften ein Risiko nur bei gestiegenen Marktpreisen ergibt.
Dementsprechend kann sich das Risiko aufgrund von Marktpreisänderungen nach dem Stichtag entsprechend verändern. Aus dieser Risikobewertung resultierte per 30. September 2018 eine Eventualverbindlichkeit in Höhe von EUR 8.530.990,00 (VJ: TEUR 46.961). Das dieser Bewertung zugrunde liegende Nominalvolumen der Garantien betrug EUR 254.500.000,00. Zum 31. Oktober 2018 betrug das Risiko betreffend Marktpreisänderungen EUR 7.760.840,00 bei einem zugrunde liegenden Nominalvolumen von EUR 259.500.000,00.
Die EVN AG hat für ihre Tochtergesellschaften EVN Trading South East Europe EAD und EVN Bulgaria Toploficatsia EAD zur Sicherstellung der Unternehmensfortführung für die nächsten 12 Monate eine harte Patronatserklärung abgegeben.
3.2.7. Art, Zweck und finanzielle Auswirkungen sonstiger nicht in der Bilanz ausgewiesener oder angegebener Geschäfte
Die Gesellschaft hat im Geschäftsjahr folgende wesentliche Verträge mit Wirkung für die Folgeperioden abgeschlossen:
-
- Abschluss eines Vertrages zur Vorhaltung von Reserve zur Engpassvermeidung aus "Theiß Kombi" für den Zeitraum bis 30.09.2021 mit möglicher Verlängerung um weitere 2 Jahre.
-
- Kontrahierung von Gasspeichernutzungsmöglichkeiten im Umfang von 600 MW für den Zeitraum bis 31.03.2019 sowie Kontrahierung von Gasspeichernutzungsmöglichkeiten im Umfang von 200 MW für den Zeitraum bis 31.03.2020.
-
- Abschluss von Großhandelskontrakten Strom mit Lieferung nach dem 30.9.2018 mit einer Nettoverkaufsmenge von 1.960.236 MWh. Die Kontrahierung dieser Mengen erfolgte im Wege von 235 Einzeltransaktionen.
-
- Abschluss von Großhandelskontrakten über den Bezug von CO2-Zertifikaten mit Lieferung nach dem 30.9.2018 mit einer Liefermenge von 1.654 tsd t. Die Kontrahierung dieser Mengen erfolgte im Wege von 163 Einzeltransaktionen.
-
- Abschluss von Großhandelskontrakten Erdgas mit Lieferung nach dem 30.9.2018 mit einer Nettokaufmenge von 564.190 MWh. Die Kontrahierung dieser Mengen erfolgte im Wege von 11 Einzeltransaktionen.
-
- Abschluss von Kohlebezugsgeschäften und Transportverträgen für das Kraftwerk Dürnrohr mit einer ausstehenden Liefermenge von rd. 53 tsd t.
-
- Abschluss von derivativen Geschäften für Kohle zur Risikominderung der Stromproduktion aus Kohlekraftwerken mit einer Nettomenge von 378 tsd t im Wege von 21 Einzeltransaktionen.
-
- Abschluss eines Reservestromvertrages für den Fall von Erzeugungseinschränkungen im Kraftwerk Walsum 10 mit einer Laufzeit bis 31.12.2019.
Hinsichtlich der wertmäßigen Auswirkung der derivativen Verträge wird auf den Abschnitt zu den derivativen Finanzinstrumenten verwiesen.
3.2.8. Finanzinstrumente
Die Bilanzierungs- und Bewertungsgrundsätze sind beim jeweiligen Bilanzposten angeführt. Käufe und Verkäufe von Finanzinstrumenten werden zum Settlement-Stichtag gebucht.
Langfristige Veranlagungen dienen dem Aufbau des für das Sozialkapital erforderlichen Deckungsstocks und erfolgen im Rahmen von extern verwalteten Investmentfonds.
Das Kreditrisiko von Forderungen entspricht den in der Bilanz ausgewiesenen, um vorgenommene Wertberichtigungen reduzierten Wertansätzen.
Alle Finanzinstrumente werden sofort nach Abschluss in einem Risikomanagementsystem erfasst. Dies ermöglicht einen tagesaktuellen Überblick über alle wesentlichen Risikokennzahlen. Für das Risiko-Controlling wurde zudem eine eigene Stabsstelle eingerichtet, die laufend Risikoanalysen basierend auf der Value-at-Risk-Methode erstellt.
Derivative Finanzinstrumente dienen in erster Linie der Absicherung des Unternehmens gegen Marktpreisänderungs-, Liquiditäts-, Wechselkurs- und Zinsänderungsrisiken.
EVN AG, Maria Enzersdorf
Strategisches Ziel ist die Kontinuität des operativen wie des Finanzergebnisses. Darüber hinaus werden vereinzelt Möglichkeiten genutzt, die ein höheres Risiko enthalten und einen höheren Ertrag versprechen.
Die Nominalwerte sind die saldierten Summen der zu den jeweiligen Finanzderivaten gehörenden Einzelpositionen zum Bilanzstichtag. Sie entsprechen zwar den zwischen den Vertragspartnern vereinbarten Beträgen, sind jedoch kein Maßstab für das Risiko des Unternehmens aus dem Einsatz dieser Finanzinstrumente. Das Risikopotenzial umfasst insbesondere Schwankungen der zugrunde liegenden Marktparameter. Die Bewertung der Finanzinstrumente erfolgt mittels von Börsepreisen abgeleiteten Forwardpreiskurven, Wechselkursen, Zinsstrukturkurven. Das Kreditrisiko der Vertragspartner findet dabei Berücksichtigung.
Für derivative Finanzinstrumente werden die Nominalwerte sowie die aktuellen Marktwerte (Fair Values) angegeben.
Die derivativen Finanzinstrumente setzen sich zum Bilanzstichtag wie folgt zusammen und sind in den folgenden Bilanzpositionen erfasst:
| Derivative Finanzinstrumente mit Sicherungsbeziehung | ||||
|---|---|---|---|---|
| Nominalwert in Mio JPY Marktwert in Mio EUR |
||||
| 30.09.2018 | 30.09.2017 | 30.09.2018 | 30.09.2017 | |
| Währungsswaps | ||||
| JPY (über 5 Jahre) | 12.000,0 | 12.000,0 | -4,8 | -5,0 |
Die in obiger Tabelle ausgewiesenen Währungsswaps sind Cross-Currency Swaps zur Absicherung der Zins- und Währungsrisiken der in fremder Währung begebenen Anleihe (JPY-Anleihe). Die Laufzeit der Währungsswaps ist ident mit der Laufzeit der Anleihe bis 2024. Die Effektivität der Sicherungsbeziehung wird zumindest quartalsweise geprüft. Retrospektiv erfolgt diese Prüfung mittels Dollar-Offset-Methode, prospektiv wird die Critical-Terms-Match-Methode angewandt. Per 30.09.2018 beträgt die auf das Zinsrisiko bezogene Effektivität 95% und die auf das Währungsrisiko bezogene Effektivität 98%.
Eine dokumentierte Widmung der Verträge wurde vollzogen, indem das abzusichernde Risiko identifiziert, der Beginn der Sicherungsbeziehung festgelegt und das Vorliegen aller materiellen Voraussetzungen nachvollziehbar begründet wurde. In materieller Hinsicht gilt hier dazu, dass die Sicherungsgeschäfte die qualitative Eignung des abgesicherten Grundgeschäfts besitzen, ein Absicherungsbedarf auf Basis des Preisänderungsrisikos aus dem Grundgeschäft vorliegt, eine bestehende Absicherungsstrategie existiert und die Derivate qualitativ geeignet als Sicherungsinstrument sind.
Für derivative Instrumente mit negativem Marktwert wird keine Drohverlustrückstellung gebildet, sofern eine Sicherungsbeziehung mit den jeweils zugrundeliegenden Geschäften besteht.
| Derivative Finanz | Nominalwert in Mio EUR |
Marktwert in Mio EUR |
||||
|---|---|---|---|---|---|---|
| instrumente ohne Sicherungsbeziehung |
30.09.2018 | 30.09.2017 | 30.09.2018 | Anteil > 12 Monate |
30.09.2017 | Anteil > 12 Monate |
| Kohleswaps | 58,7 | 38,3 | 22,9 | 6,2 | 13,4 | 2,7 |
| Forwards Strom | 107,9 | 82,2 | -62,2 | -22,2 | -22,4 | -6,5 |
| Forwards mit Collateral / Futures physisch Strom |
37,8 | 34,9 | -24,9 | -6,4 | -5,3 | -2,5 |
| Forwards Gas | 1,3 | 2,8 | 2,2 | 0,0 | 0,0 | 0 |
| Forwards CO2 - Zertifikate |
0,3 | 5,9 | 0,5 | 0,5 | 0,4 | 0,6 |
| Forwards mit Collateral / Futures physisch CO2- Zertifikate |
30,9 | 16,9 | 46,8 | 27,1 | 4,3 | 3,8 |
Für derivative Finanzinstrumente mit negativem Marktwert, die keiner Sicherungsbeziehung zugeordnet sind, werden in Summe Drohverlustrückstellungen in Höhe von TEUR 97.318 (VJ: TEUR 35.624) über die Aufwendungen für bezogene Leistungen (Fremdstrombezug und Energieträger) gebildet.
4. ERLÄUTERUNGEN ZUR GEWINN- UND VERLUSTRECHNUNG
4.1. Umsatzerlöse
| 2017/18 | 2016/17 | |
|---|---|---|
| EUR | TEUR | |
| Umsatzerlöse gegliedert nach Absatzmärkten: | ||
| Inland | 437.092.326,51 | 481.356 |
| Ausland | 47.424.390,93 | 32.484 |
| 484.516.717,44 | 513.840 | |
| 2017/18 | 2016/17 | |
| EUR | TEUR | |
| Umsatzerlöse gegliedert nach Tätigkeitsbereichen: | ||
| Stromerlöse | 213.200.102,58 | 242.807 |
| Leistungsverrechnung im Konzern | 170.291.560,32 | 165.929 |
| Gaserlöse | 66.188.813,77 | 77.062 |
| Auflösung von Baukostenzuschüssen | 14.306.822,20 | 2.985 |
| Wärmeerlöse | 13.345.315,49 | 16.850 |
| Kundenaufträge | 5.702.511,97 | 5.801 |
| Lichtserviceprojekte | 669.410,07 | 1.466 |
| Sonstige übrige Erlöse | 812.181,04 | 941 |
| 484.516.717,44 | 513.840 |
EVN AG, Maria Enzersdorf
4.2. Sonstige betriebliche Erträge
| 2017/18 | 2016/17 | |
|---|---|---|
| EUR | TEUR | |
| Investitionszuschüsse | 3.057.303,25 | 698 |
| Wertberichtigung | 1.674.179,21 | 621 |
| Schadensvergütungen | 183.275,50 | 270 |
| Projektförderungen | 67.583,94 | 15 |
| Sonstige Erträge aus Vorjahren | 36.543,01 | 112 |
| Sonstige Erträge | 386.105,88 | 164 |
| 5.404.990,79 | 1.879 |
4.3. Personalaufwand
In den Gehältern sind nachstehende Komponenten enthalten:
| 2017/18 EUR |
2016/17 TEUR |
|
|---|---|---|
| Dotierung der Rückstellung für Jubiläumsgelder in Gehältern |
962.600,16 | -399 |
| Dotierung der Rückstellung für Deputate in Gehältern |
151.856,08 | -440 |
Betreffend Altersversorgung ergaben sich aufgrund der Dotierung von Rückstellungen Aufwendungen in Höhe von EUR 7.699.007,52 (VJ: Erträge in Höhe von TEUR 8.207). sowie Aufwendungen in Höhe von EUR 2.952.026,65 (VJ: Aufwendungen in Höhe von TEUR 4.484) betreffend beitragsorientierte Pensionsvorsorgen.
Für Abfertigungen (ohne Leistungen an Mitarbeitervorsorgekassen) ergaben sich aufgrund der Dotierung von Rückstellungen Aufwendungen in Höhe von EUR 952.316,82 (VJ: Erträge in Höhe von TEUR 516).
4.4. Sonstige betriebliche Aufwendungen
In den übrigen sonstigen betrieblichen Aufwendungen in Höhe von EUR 62.950.269,72 (VJ: TEUR 78.056) sind im Wesentlichen enthalten:
| 2017/18 | 2016/17 | |
|---|---|---|
| EUR | TEUR | |
| Restbuchwerte aus Anlagenabgängen | 14.155.622,65 | 127 |
| Sonstige Konzernleistungen | 10.674.910,27 | 263 |
| Werbeaufwand | 10.174.076,23 | 8.813 |
| Leistungsverrechnung im Konzern | 9.367.058,28 | 9.271 |
| Beratungsleistungen | 4.598.354,44 | 5.373 |
| Reisekosten | 2.707.945,59 | 2.644 |
| Forderungsabschreibungen | 2.179.851,81 | 42.759 |
| Weiterbildung und Tagungsaufwand | 1.961.376,30 | 1.633 |
| Porto- und Fernmeldeaufwand | 1.863.592,22 | 1.869 |
| Versicherungsaufwand | 1.748.489,99 | 1.472 |
| Mitgliedsbeiträge und Umlagen | 1.156.199,54 | 1.179 |
| Sonstige übrige Aufwendungen | 2.362.792,40 | 2.651 |
| 62.950.269,72 | 78.056 |
Die Angabe der auf das Geschäftsjahr entfallenden Aufwendungen für den Abschlussprüfer gemäß § 238 Abs 1 Z 18 unterbleibt, da eine derartige Information im Konzernabschluss der EVN AG enthalten ist.
4.5. Erträge aus Beteiligungen
Die Ergebnisse des Geschäftsjahres 2017/18 der verbundenen Unternehmen EVN Bulgaria Stromvertrieb Holding GmbH, der EVN Kraftwerks- und Beteiligungsgesellschaft mbH, der EVN Wasser Gesellschaft m.b.H, der EVN Finanzservice GmbH. sowie der EVN Energievertrieb GmbH & Co KG wurden im Finanzergebnis phasenkongruent erfasst.
4.6. Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens
Die Aufwendungen aus verbundenen Unternehmen in Höhe von EUR 8.581.555,25 (VJ: TEUR 52.872) beinhalten ausschließlich Abschreibungen von Anteilen an verbundenen Unternehmen.
4.7. Zinsen und ähnliche Aufwendungen
In diesem Posten sind Zinskomponenten aus der Abzinsung von Sozialkapitalrückstellungen in Höhe von EUR 2.169.728,58 (VJ: TEUR 1.765) enthalten.
4.8. Steuern vom Einkommen
| 2017/18 | 2016/17 | |
|---|---|---|
| EUR | TEUR | |
| Körperschaftsteuer Inland laufendes Jahr | 16.876.175,23 | 40.862 |
| Körperschaftsteuer Vorjahre | 1.263.108,43 | -79 |
| Körperschaftsteuer Ausland laufendes Jahr | 1.379.903,82 | -1.126 |
| Steuerertrag aus der Gruppenbesteuerung | -38.509.154,55 | -52.300 |
| latente Körperschaftsteuer | 705.820,44 | -33.314 |
| -18.284.146,63 | -45.957 |
5. Ergänzende Angaben
5.1. Mitarbeiter (im Jahresdurchschnitt)
Die durchschnittliche Zahl der Arbeitnehmer (ausschließlich Angestellte) während des Geschäftsjahres betrug 641 (VJ: 641).
5.2. Mitglieder des Vorstandes und des Aufsichtsrates
Die Gesamtbezüge der aktiven Vorstandsmitglieder betrugen im Geschäftsjahr TEUR 1.176 (VJ: TEUR 1.107), an ehemalige Vorstandsmitglieder bzw. deren Hinterbliebene wurden TEUR 1.972 (VJ: TEUR 1.202) bezahlt.
Für Abfertigungen und Pensionen ergibt sich für Vorstand und leitende Angestellte ein Ertrag aufgrund der Auflösung bzw. dem Verbrauch von Rückstellungen in Höhe von EUR -2.897.832,80 (VJ: Ertrag TEUR -2.750), für die übrigen Arbeitnehmer ein Mehraufwand in Höhe von EUR 14.897.300,05 (VJ: Ertrag TEUR -1.135).
Die Aufsichtsratsvergütungen betrugen im Berichtsjahr EUR 146.800,00 TEUR (VJ: TEUR 152).
An den Beirat für Umwelt und soziale Verantwortung wurden im Berichtszeitraum Vergütungen in Höhe von EUR 101.800,00 (VJ: TEUR 109) ausbezahlt.
Den Organen der Gesellschaft wurden keine Kredite gewährt, und es wurden keine Haftungen übernommen.
5.3. Sonstige Erläuterungen
ElWOG-Angaben
Geschäfte im Sinne des § 8 Abs 3 ElWOG bzw. § 8 Abs 3 GWG werden insbesondere mit folgenden verbundenen Elektrizitäts- bzw. Erdgasunternehmen getätigt: Netz Niederösterreich GmbH, evn naturkraft Erzeugungsgesellschaft m.b.H, EVN Wärme GmbH, EVN Energievertrieb GmbH & Co KG sowie ENERGIEALLIANZ Austria GmbH.
5.4. Wesentliche Ereignisse nach dem Bilanzstichtag
Nach dem Bilanzstichtag sind keine wesentlichen Ereignisse eingetreten.
5.5. Ergebnisverwendung
Es wird vorgeschlagen, unter Berücksichtigung der eigenen Anteile in Höhe von 1.883.824 Stück, aus dem Bilanzgewinn in Höhe von EUR 83.736.427,73 einen Betrag in Höhe von EUR 83.657.451,66, das entspricht einer Dividende von EUR 0,47 je Aktie, auszuschütten und den verbleibenden Betrag auf neue Rechnung vorzutragen.
5.6. Angaben zu Organen der Gesellschaft
Aufsichtsrat:
Präsidentin: Mag. Bettina Glatz-Kremsner
Vizepräsidenten: Generaldirektor Dr. Norbert Griesmayr Mag. Willi Stiowicek
Mitglieder: Direktor Dieter Lutz Dipl.-Ing. Angela Stransky Kommerzialrat Mag. Philipp Gruber Dr. Johannes Zügel
Vortr. Hofrat Dr. Reinhard Meißl Mag. Susanne Scharnhorst Univ.-Prof. Dipl.-Ing. Dr. Friedrich Zibuschka
Arbeitnehmervertreter: Zentralbetriebsratsvorsitzender Vizepräsident Franz Hemm Zentralbetriebsratsvorsitzender Ing. Paul Hofer
stv. Zentralbetriebsratsvorsitzender Kammerrat Manfred Weinrichter Mag. Dr. Monika Fraißl Friedrich Bußlehner
Vorstand:
Vorstandsdirektor Mag. Stefan Szyszkowitz, MBA – Sprecher des Vorstandes Vorstandsdirektor Dipl.-Ing. Franz Mittermayer
Maria Enzersdorf, am 20. November 2018
Der Vorstand
Mag. Stefan Szyszkowitz, MBA Dipl.-Ing. Franz Mittermayer
Declaration by the Executive Board pursuant to § 124 (1) no. 3 of the Austrian Stock Exchange Act 2018 ("Börsegesetz 2018")
The Executive Board of EVN AG certifies to the best of its knowledge that the consolidated financial statements, which were prepared in accordance with the applicable reporting standards, present a true and fair view of the assets, liabilities, financial position and profit or loss of the EVN Group. Furthermore, the Executive Board certifies that the respective management report presents a true and fair view of the development and performance of the business and the position of the EVN Group so as to give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, together with a description of the principal risks and uncertainties the group faces.
The Executive Board of EVN AG certifies to the best of its knowledge that the separate financial statements, which were prepared in accordance with the applicable reporting standards, present a true and fair view of the assets, liabilities, financial position and profit or loss of the parent company and that the respective management report presents a true and fair view of the development and performance of the business and the position of the company so as to give a true and fair view of the assets, liabilities, financial position and profit or loss of the company, together with a description of the principal risks and uncertainties the company faces.
Maria Enzersdorf, 20 November 2018
EVN AG The Executive Board
Stefan Szyszkowitz, MBA Franz Mittermayer Spokesman of the Executive Board Member of the Executive Board