3435Three heat pumps are the core <strong>of</strong> the energy technologyat the Power Tower. In spring and fall, aneffective range <strong>of</strong> 1:50 can be obtained. Every year,we save 450 tons <strong>of</strong> CO 2 by not using fossil energysources.
ANNUAL REPORT2007/2008THE GROUPGROUP MAN<strong>AG</strong>EMENT REPORTTHE ENERGY SEGMENTTHE WASTE MAN<strong>AG</strong>EMENT SEGMENTTHE WATER SEGMENTCONSOLIDATED FINANCIAL STATEMENTSThe <strong>Energy</strong> SegmentAreas supplied by <strong>Energie</strong> <strong>AG</strong>TownsHYDRO POWER STATIONS:Run-<strong>of</strong>-river power stationsStorage power stationsTHERMAL POWER STATIONRannaPartensteinHYDRAULIC POWER PROCUREMENT RIGHTS:HinternbergRun-<strong>of</strong>-river power stationsHübingOttensheim-Wilhering LINZStorage power stationsTraun-PuckingRiedersbachSalzburgSALZBURGUpperAustriaTimelkamSchwarzenseeWeinbachGosauschmiedGosauDürnauGmundenOffensee 2MarchtrenkStadl Paura LambachTraunfallPichlernHumpelmühleSteinbachAgonitzSteyrdurchbruchOffensee 1LauffenBad GoisernBad AusseeSteegKlausAbwinden-AstenSt. PantaleonMühlradingStaningGarstenLosensteinGroßramingWeyerSchönauHinterstoderTrattenbachfallMelkLower AustriaAltenwörthST. PÖLTENTHE ENERGY MARKET ENVIRONMENTPrimary <strong>Energy</strong> MarketsDuring the first three quarters <strong>of</strong> the 2007/2008 businessyear, price increases on all international primaryenergy markets continued at a faster pace. With theliberalization <strong>of</strong> the energy markets, new actorsentered the scene and new market models becamepossible. The results were further price hikes on allenergy trading markets.In the summer 2008 prices on primary energy marketsreached a first peak. On oil markets top prices <strong>of</strong>more than USD 140 per barrel were quoted. As <strong>of</strong> fall2008 the oil market showed clear signs <strong>of</strong> relaxingfor the first time. As the worldwide financial crisis setin, the downward trend accelerated. In November2008 oil prices dropped to less than USD 60 per barrel.Trading prices on markets for natural gas and electricityfollow the crude oil development with certaindelays and at a slower pace.Between fall 2007 and summer 2008 hard coal priceswere marked by an extraordinary rise. In July 2008coal prices on European energy trading marketsreached peak values <strong>of</strong> more than USD 220 per ton,which corresponds to a tripling <strong>of</strong> the price com -pared to the previous year. Market observers thinkthat the reasons for this development are a neworientation <strong>of</strong> the coal market to the changed conditionson the energy trading markets, as well as theappearance <strong>of</strong> new market participants and changeson the CO 2 -certificate market. By the end <strong>of</strong> November2008 the price level had once again dropped toabout USD 80 per ton.In spite <strong>of</strong> decreasing prices, international energymarkets continue to be characterized by high tensionand great volatility. In this context the influence <strong>of</strong>the dollar/euro exchange-rate parity is <strong>of</strong> lesser sig nifi -cance than the market trends. It can be assumed thatvolatility will continue to be high and that the futuredevelopment will also be influenced by the uncertainties<strong>of</strong> the financial and the commodities market, aswell as the global economic development.MühlbachPlankenauGroßarlArthurwerkWagrein-St. JohannSpannbergCarinthiaMaltaPRICE INDEX DEVELOPMENT FOR INTERNATIONAL ENERGY MARKETS70036<strong>Energy</strong> Segment – Overview in 2007/2008 Change 2006/2007 2005/2006Total electricity procured GWh 12,364 19.1% 10,382 12,020Own electricity generation GWh 4,227 23.2% 3,431 3,784Electricity distribution volumes GWh 6,675 2.2% 6,529 6,453Electricity supply volumes GWh 6,774 - 0.4% 6,801 7,082Natural-gas transports 1) m 3 mill. 2,256 16.2% 1,941 2,231Heat sold GWh 998 2) 247.3% 338 443Total sales EUR mill. 1,124,4 36.1% 826.1 834.1EBITDA EUR mill. 226.5 9.4% 207.1 142.1EBITDA adjusted EUR mill. 201.3 28.1% 157.1 142.1EBIT EUR mill. 140.6 6.1% 132.5 6.8EBIT adjusted EUR mill. 115.4 39.9% 82.5 67.8Investments into tangible fixed assetsand intangible assets EUR mill. 110.1 - 47.2% 208.7 121.4Employees – average for the year FTEs 1,933 4.9% 1,842 1,7976005004003002001000Jan. 02April 02July 02Sept. 02Jan. 03April 03July 03Oct. 03Jan. 04April 04July 04Oct. 04Jan. 05April 05July 05Oct. 05Jan. 06April 06July 06Oct. 06Jan. 07April 07July 07Oct. 07Jan. 08April 08July 08Oct. 08371)Total quantity for the full year, sold in Upper Austria to end consumers and regional grid operators by OÖ. Ferngas <strong>AG</strong> (fully consolidated as <strong>of</strong> 01/07/2008)2)Including sales for the full year <strong>of</strong> the heating companies that have been fully consolidated as <strong>of</strong> 01/07/2008Crude-oil market Europe Coal market Europe Electricity market Europe Natural-gas price Europe Exchange rate USD/EUR
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