Wiener Stadtwerke Annual Report 2012

terised by low turnover. The total assets of these subsidiaries
represent less than two percent of the consolidated balance
sheet total.
Pursuant to Article 249, para 1, of the UGB, the company
Gemeinnützige Wohnungs- und Siedlungsgesellschaft of
Wiener Stadtwerke GmbH was not consolidated.
A foreign subsidiary was consolidated in the Group‘s financial
statements for the first time in 2012; this necessitated translating
the relevant results into euro.
A list of the Group’s holdings may be obtained directly from
the offices of the parent company.
Changes in the scope of consolidation
during the financial year
During the period under review, the companies Parkraum Wien
Management GmbH, WSTW TownTown GmbH & Co Stationsturm
KG, Windnet Windkraftanlagenbetriebs GmbH, Windnet
Windkraftanlagebetriebs GmbH & Co KG and Vienna Energy
Természeti Erö KFT were included in the scope of full consolidation
for the first time. The offsetting of the value of the
parent company‘s investments against the pro rata equity of
the subsidiaries was based on the time they were acquired.
The companies STPM Städtische Parkraummanagement GmbH
and WIPARK Garagen GmbH were merged. Furthermore, the
company Wiener Stadtwerke Beteiligungsmanagement GmbH
merged with Wiener Stadtwerke Vermögensverwaltung GmbH.
Consolidation principles
Capital consolidation applied the book value method.
Differential amounts arising in the periods up to and including
the 2008 financial year between the valuations of equity
investments and the proportional share of equity in subsidiaries
were recognised under the position 'Capital reserves' in
accordance with Article 261, para. 1, of the Austrian Commercial
Code. Shares in subsidiaries not held by the Group are
recognised under the position 'Minority interests'.
During the consolidation of liabilities, licences, prepayments
made, lendings, accounts receivable – trade, other receivables
and accrued income are offset against the corresponding
liabilities and provisions.
All Group-internal expenses and income are offset in the
course of the expenses and income consolidation of the
Group subsidiaries in accordance with Article 257, para. 1, of
the UGB. In the event of Group-internal construction work, the
associated revenues are reclassified as own work capitalised.
intercompany results within the Group are recognised in
income and eliminated in accordance with the principal of
materiality. No elimination of intercompany results has been
applied to companies valued applying the equity method
given that their influence on the overall standing of the Group
is immaterial.
50 Annual Report 2012 | Notes to the Consolidated Financial Statements
Deferred tax assets based on intercompany results, and
resulting from the different accounting options available
during the preparation of the consolidated financial statements
as opposed to the financial statements of the individual
subsidiaries, are no longer recognised following a Group-
internal consolidated tax agreement effective since 2005. The
untaxed reserves (with the exception of investment allowances)
recognised in the financial statements of the subsidiaries are,
therefore, carried under the position retained earnings without
any corresponding deferral of taxes.
The differential amounts resulting from the capital accounting
of companies recognised applying the equity method are
determined according to the same principles applied to fully
consolidated companies. Wherever possible and material,
these valuations are adjusted to correspond to group-wide
valuation methods.
These consolidated financial statements are based to a certain
extent on estimations and assumptions which have an influence
on the values of assets and liabilities, the representation of
other obligations on the balance sheet date, and on details of
revenues and expenses during the period under review. The
actual figures and amounts may deviate from these estimations.
notes to the consolidated balance sheet
The numbering of the following explanations (Notes) relates to
that provided in the Consolidated Balance Sheet and the
Consolidated Profit and Loss Account. The numbering is
sequential and is without other relevance.
(1) Fixed assets
For details of developments in specific fixed asset positions
and a breakdown of depreciation and amortisation by asset
type for the financial year 2012, please refer to the table
entitled Statement of Changes in Tangible and Intangible
Assets.
The land value element of developed plots of land amounts to
TEUR 208,681 (prior year: TEUR 197,376).
(2) intangible assets
31.12.2012
EUR
31.12.2011
EUR
Licences, industrial property rights and
similar rights including associated
licences 143,972,348 147,536,132
Goodwill 4,643,799 2,442,296
Prepayments 7,433,666 3,288,422
intangible assets 156,049,813 153,266,850