Wiener Stadtwerke Annual Report 2012

due will be spread over a longer period (expected to be
25 years). The Company acceded to this agreement on
26 July 2005 and has recorded the pension obligations taking
this agreement into account. The differential amount due and
as not as yet recognised in profit/loss is carried as a separate
position under prepayments and accrued income.
provisions for pensions were calculated at 31.12.2011 in
accordance with IAS 19 (Employee Benefits) applying the
projected unit credit method and the corridor method. The
following parameters and assumptions were applied to the
calculations:
31.12.2011
Active Retired
Discount rate 5.25 % 5.00 %
Salary increase 3 % 0 %
Pension increase 1.50 % 1.50 %
Due to the revision of IAS 19 decided upon by the International
Accounting Standards Board (IASB) on 16 June 2011 and
subsequently adopted by the EU on 5 June 2012, the corridor
method for reporting pension obligations, applying the
projected unit credit method, is no longer applicable to
financial years starting on or after 1 January 2013.
The impact of the revision of IAS 19 on the presentation of the
assets, financial and earnings positions of the Group represent,
in the opinion of the abovementioned Fachsenat für Handelsrecht
und Revision, a well founded exceptional case as defined
by Article 201, para. 2, of the Austrian Commercial Code (UGB)
for a deviation from the principle of valuation consistency as
laid down by Article 201, para. 2 (1), UGB.
On a voluntary basis, the Wiener Stadtwerke Group has
applied the revised approach at an earlier point in time and
has recognised the provisions for pension obligations as at 31
December 2012 applying actuarial principles on the basis of
the entry-age normal method. The calculation applied an
assumed interest rate of 2.5 percent (real interest rate) due to
the current interest-related environment during the 2012
financial year. As in the prior year, no discount for employee
turnover was taken into account, a retirement age of 65 for
both male and female employees was assumed, and the
mortality table AVÖ 2008-P Rechnungsgrundlagen für die
Pensionsversicherung – Pagler & Pagler was applied.
Real interest rate
31.12.2011
2.5 %
Pension increase beneficiary 1.8 %
5.3. Other provisions
The position 'Other provisions' recognises other provisions set
up in appropriate amounts applying the principle of accounting
prudence. A provision has been set up to account for any
shortage of CO 2 emissions certificates.
6. Foreign exchange receivables and payables
Accounts receivable and accounts payable in other currencies
are recognised at the exchange rate at which such accounts
arose. In the event that the applicable exchange rates on the
balance sheet date are lower (in the case of receivables) or
higher (in the case of payables), then these positions are
recognised at the exchange rates prevailing on the balance
sheet date unless these positions have been hedged to
eliminate currency-based risks.
scope of consolidation
Consolidated companies
The consolidated financial statements of Wiener Stadtwerke
Holding AG encompass all of those companies necessary to
represent a true and fair picture of the asset, financial and
earnings positions of the Group. The scope of consolidation is
determined in accordance with Article 247, para. 1, UGB. The
following table provides an overview of the number of companies
consolidated fully, pro rata and based on the equity
method.
Full
consolidation
pro rata
consolidation
At equity
consolidation
Balance at 31.12.2011 30 3 6
First consolidated during
the financial year
5 0 0
No longer consolidated - 2 0 0
Balance at 31.12.2012 33 3 6
For an overview of companies consolidated fully, pro rata and
based on the equity method, please refer to the list of
holdings in the notes.
Wien Energie GmbH, as a limited partner, holds a 100-percent
interest in the assets and results of Wien Energie Vertrieb
GmbH & Co KG. EnergieAllianz Austria GmbH acts as the
general partner without paid-in capital. Wien Energie Vertrieb
GmbH & Co KG is managed jointly in accordance with the
agreements reached relating to EnergieAllianz Austria GmbH.
Pursuant to Article 262, para. 1, of the Austrian Commercial
Code (UGB), Wien Energie Vertrieb GmbH & Co KG is
therefore fully consolidated in the financial statements of
Wiener Stadtwerke on a pro rata basis in accordance with its
share in equity (assets).
Due to the framework agreement concluded between the
shareholders of EconGas GmbH, Wien Energie Gasnetz GmbH
exercises considerable influence over the commercial and
corporate policies of EconGas GmbH. EconGas has therefore
been consolidated in these financial statements based on the
equity method as an associated company.
A total of 25 subsidiaries (prior year: 29) were not fully consolidated.
Similarly, 21 companies (prior year: 22) were not
consolidated applying the equity method. The consolidation
of these companies is immaterial to providing a true and fair
picture of the assets, financial and earnings positions of the
Group (Article 249, para. 2, and Article 263, para. 2, UGB).
Those subsidiaries not fully consolidated are generally charac-
Notes to the Consolidated Financial Statements | Annual Report 2012
49