Wiener Stadtwerke Annual Report 2012

negative. The effects of the first-time consolidation of affiliated
companies was taken into account both in the cash flow from
investment activities and the cash flow from financing
activities.
The Wiener Stadtwerke Group is funding these investments by
means of operational cash flows and through investment
grants obtained from the public sector, with the latter mainly
benefiting the transport segment. In as far as these are not
received from the shareholder, the investment grants are
recognised and reported as accrued expenses and are reversed
in line with the depreciation period based on the useful
life of the corresponding assets acquired. Investment grants
received from the shareholder, on the other hand, are
recognised as capital increases in equity.
7. segment reporting
segments
Energy segment Production Electricity + heat
Distribution Electricity + gas + heat
Sales Electricity + gas + heat
Transport segment
Local passenger
services
Transport services for
the disabled
Rail cargo
Funerals and
cemeteries segment
Funeral services
Cemeteries
Car parks segment
Car parks owned (incl.
leased)
Car parks managed
In line with the management approach, the segments reported
here form the basis for the intra-Group structure of financial
reporting, with the divisions Wien Energie Stromnetz, Wien
Energie Gasnetz and Wien Energie being consolidated in the
energy segment, and the divisions Wiener Linien and Wiener
Lokalbahnen Group combined to form the transport segment.
Energy segment
Energy segment Production Electricity + heat
Distribution Electricity + gas + heat
Sales Electricity + gas + heat
The energy segment consists of the operational areas of
production, networks and sales. Around two million people,
230,000 businesses and industrial facilities and public buildings,
as well as 4,500 agricultural customers in Vienna and
parts of Lower Austria and Burgenland are supplied with
electricity, gas and district heating. Besides production and
sales, the top priority is end-to-end security of supply, an
objective which is pursued by means of targeted expansion
and the constant renewal of the electricity, gas and district
heating networks.
With effect from 1 January 2012, the balance sheet dates of
affiliated companies within the Wiener Stadtwerke Group have
16 Annual Report 2012 | Consolidated Management Report
been harmonised. The period between 30 September 2012
and 31 December 2012 is reported in the separate financial
statements of the Group‘s energy segment subsidiaries as a
short fiscal year. In the financial statements of the
Wiener Stadtwerke Group, however, the energy segment will
take into account, on an exceptional basis, five quarters.
For this reason, the following tables and charts reporting
figures for 2012 actually include five quarters.
External factors
EU Regulation regarding the integrity and transparency of the
energy wholesale market (REMIT)
The EU Regulation on energy market integrity and transparency
(REMIT) was published in the official journal of the European
Union on 8 December 2011. The most important aspects of
REMIT are the establishment of an EU-wide register of trading
transactions and rules in order to prevent market manipulation
and insider trading. In particular, operators are now required to
publish details of the capacity and use of energy production
and storage facilities, the use and or transfer/transmission of
electricity or natural gas, as well as of the capacity and use of
liquefied gas facilities, including the scheduled or unscheduled
non-availability of these facilities. Precise implementation
requirements are currently being defined.
Climate protection and energy efficiency
The Emission Certificates Act (EZG 2011), which came into
force in December 2011, adopted the amendments to the EU
Emissions Trading Directive in Austrian legislation. Under
National Allocation Plan II (2008 to 2012), free CO 2 certificates
were allocated on the basis of historical emission levels. From
2013, the auctioning of these certificates will become the
underlying principle, with electricity producers in particular no
longer receiving a free allocation of certificates. They will have
to either purchase the necessary certificates for emissions on
the free market or on a common auctioning platform regulated
by the rules of the EU regulation on the auctioning of emissions.
New market players – also including all significant
expansions of existing facilities – are only able to apply for
emission certificates from an EU-wide reserve managed by the
European Commission. The volume of this reserve was
restricted by the regulation to five percent of the EU-wide
volume of certificates. The Emission Certificates Act also
prescribes that the provisions which applied to the trading
period 2008 to 2012 shall remain unchanged, with the exception
of minor technical changes. The duration of the trading
period from 2013 has been extended to eight years.
On 19 October 2011, the Austrian Climate Protection Act (KSG)
passed into legislation and was published on 21 November of
the same year. This is intended to improve the coordination of
action to protect the climate and more clearly define responsibilities.
It entails a breakdown of the emissions of greenhouse
gases authorised Austria-wide in the period 2008 to 2012 by
industrial sector (heating, waste management, transport,
agriculture, etc.). The act defines targets for the emissions of
greenhouse gases recorded in the period 2013 to 2020 for
every sector which are not covered by the emissions trading of