Wiener Stadtwerke Annual Report 2012

(10) provisions
Group provisions developed as follows over the course of the
period:
in EUR
provisions for
Balance at 31.12.2011 Consumed/reversed Additions Balance at 31.12.2012
Pensions 2,238,294,501 17,740,330 810,512,984 3,031,067,155
Severance payments 53,732,383 4,250,134 13,490,674 62,972,924
Taxes 2,685,191 2,282,041 426,216 829,366
Remaining 401,518,146 258,997,138 292,836,160 435,357,168
Total 2,696,230,222 283,269,643 1,117,266,034 3,530,226,613
Provisions for pensions
For details of the valuation method applied, please refer to the
section 'Accounting and valuation principles' above.
A breakdown of pension obligations, taking the mortality
tables into account (AVÖ 2008-P – Rechnungsgrundlagen für
die Pensionsversicherung – Pagler & Pagler) is provided below:
31.12.2012
TEUR
31.12.2011
TEUR
Cash value of pension obligations 3,031,067 2,597,678
Less unrealised actuarial losses 0 -359,383
provision for pension obligations 3,031,067 2,238,295
Less differential amounts not recognised in
income (carried as accrued income) -254,157 -257,828
net pension obligations 2,776,911 1,980,467
Provisions for taxes
Provisions for taxes in the amount of TEUR 406 (prior year:
TEUR 2,713).
Other provisions
The other provisions mainly take into account obligations
relating to personnel and environmental aspects, claims for
restitution asserted by customers, as yet uninvoiced goods and
services received, and restoration obligations for properties
leased from the City of Vienna and the Republic of Austria.
(11) Liabilities
On page 54 follows a breakdown of Group liabilities by term to
maturity.
The bonds issued by Fernwärme Wien Gesellschaft mbH date
back to 1998 and have a maturity period of 15 years.
The other liabilities are largely made up of obligations arising
out of US cross-border lease transactions entered into by
Wiener Linien, liabilities due to the financial authorities,
prepayments received and liabilities due to the City of Vienna.
In the course of the 2012 financial year, no mutual securitisations
were issued.
physical securities
The financing of additional shares in Verbund acquired in the
course of a capital increase was based in part on the raising of
a Lombard loan on the part of WEEV Beteiligungs GmbH. This
loan is secured by a pledge relating to the Verbund shares
acquired. Due to the decline in the Verbund share price, it
became necessary to provide additional collateral. At
31.12.2012, Wiener Stadtwerke Holding AG had pledged
1,499,914 shares in Verbund. The rights to dividend payments
are also covered by the pledges.
(12) Accrued expenses and deferred income
The position 'Accrued expenses and deferred income' mainly
relates to investment grants (TEUR 3,008,304) and grants for
construction projects (TEUR 467,330) relating to fixed assets.
These represent future revenues which are reversed to negate
the depreciation expense over periods which parallel the
scheduled depreciation of the relevant assets for which the
grants were provided.
(13) Contingent liabilities
At the balance sheet date, the Group recognised contingent
liabilities in the amount of TEUR 496,632 (prior year: TEUR
435,395). These liabilities are offset by contingent receivables
in the amount of TEUR 269,862 (prior year: TEUR 263,981).
The contingent liabilities include US cross-border lease
transactions entered into by Wiener Linien in the amount of
TEUR 242,841 (prior year: TEUR 251,988). These liabilities are
offset by means of rights of recourse in the same amount
recognised as assets. A number of restricted and unrestricted
letters of comfort and guarantees have been issued on behalf
of e&t Energie Handelsgesellschaft. Taking into account the
contracts concluded by e&t Energie Handelsgesellschaft m. b.
H. with its trading partners, the net liability position amounts
to EUR 70,348 million (prior year: TEUR 20,818). In the event
that the guarantees and or letters of comfort issued in favour
of trading partners of e&t Energie Handelsgesellschaft m.b.H.
are called in or exercised by the same, then Wien Energie
GmbH may assert rights of recourse against the remaining share-
holders in the amount of TEUR 17,366 (prior year: TEUR 2,337).
The remaining contingent liabilities relate predominantly to
liability bonds issued in favour of EconGas and Verbund, and
comfort letters and guarantees issued in favour of Oemag AG,
EVN-WE Windparkentwicklungs- u.Betriebs GmbH & Co KG,
Gate Terminal Rotterdam and for locomotives owned by
Wiener Lokalbahnen Cargo GmbH.
Notes to the Consolidated Financial Statements | Annual Report 2012
53