Full of Energy - Energie AG Oberösterreich

ANNUAL REPORT2007/2008Notes to the ConsolidatedFinancial Statements 2007/2008THE GROUPGROUP MANAGEMENT REPORTTHE ENERGY SEGMENTTHE WASTE MANAGEMENT SEGMENTTHE WATER SEGMENTCONSOLIDATED FINANCIAL STATEMENTSGeneral InformationFor the 2007/2008 business year, the following undertakings were consolidated for the first time:The Energie AG Oberösterreich Group is the leadinginfrastructure group of Upper Austria. It provides highqualityservices in connection with supplying energy,as well as waste management and providing servicesin its Energy, Waste Management and Water Segments.The Group headquarters, Energie AG Oberösterreich,are located at Böhmerwaldstrasse 3 in Linz, Austria.The consolidated financial statements of Energie AGOberösterreich for the 2007/2008 business year weredrawn up in accordance with the International FinancialReporting Standards (IFRS), as they were requiredto be applied on the balance-sheet date, together withthe applicable interpretations, as published by theInternational Accounting Standards Board (IASB) andadopted by the European Union.The following standards and interpretations werenot applied on an early basis in the consolidatedfinancial statements 2007/2008: IFRS 8 (OperatingSegments), IFRS 7 (Financial Instruments), as well aschanges in IAS 39 (Financial Instruments). Accordingto current assessments, application of these standards and in ter pretations will not have any major im -pact on the assets, financial and earnings position ofthe Group.After the EU has taken over IAS 23 (Borrowing Costs),it will be mandatory in the future to carry interest onborrowed capital as assets, as a component of costof acquisitions and/or production.The consolidated financial statements comply with thedirectives of the European Union on corporate reporting.The present consolidated financial statements accord ingto the IFRS release the company from its obligationunder § 245a of the Austrian Commercial Law Code toprepare consolidated annual accounts in keep ing withthe Austrian Commercial Law Code. When ever theAus trian Commercial Law Code so re quires, additionalinformation is provided in the re spect ive notes.The consolidated financial statements were preparedin thousand euros (EUR 1,000).Rounding differences may appear as a result of usingautomatic calculation tools for summing up roundedamounts and percentages.Registered Share Type of Consolidatedoffice (in %) consolidation sinceENERGYAUSTRIAOberösterreichische Ferngas AG Linz 65.00 FC 01/07/2007Erdgas Oberösterreich GmbH & Co KG Linz 65.00 FC 01/07/2007Erdgas Oberösterreich GmbH Linz 65.00 FC 01/07/2007ENSERV Energieservice GmbH & Co KG Linz 65.00 FC 01/07/2007ENSERV Energieservice GmbH Linz 65.00 FC 01/07/2007Oberösterreichische Ferngas Service GmbH Linz 65.00 FC 01/07/2007Cogeneration Kraftwerke ManagementOberösterreich GmbH Linz 100.00 FC 01/07/2007EGBV Beteiligungsverwaltung GmbH Linz 35.00 EC 01/07/2007WASTE MANAGEMENTAUSTRIAJohann Spiehs & Co GmbH Vienna 100.00 FC 01/01/2008"Papyrus" Altpapierservice Handelsgesellschaft mbH Vienna 63.33 QC 01/01/2008CZECH REPUBLICAVE Kolín s.r.o. Kolín 75.00 FC 30/09/2008SLOVAKIAAVE SK odpadové hospodárstvo s.r.o. Bratislava 100.00 FC 01/10/2007V.O.D.S. a.s. Košice 51.00 FC 01/10/2007GERMANYAVE Abfallwirtschaft GmbH Rotthalmünster 100.00 FC 30/09/2009CH Abfallwirtschaft Schwaben GmbH Gersthofen 100.00 FC 30/09/2009Papyrus Werkstoff Service GmbH Bad Reichenhall 63.33 QC 01/01/2008Consolidation PrinciplesWATERCZECH REPUBLIC1. JVS a.s. České Budejovice 100.00 FC 30/09/200890CONSOLIDATED GROUPThe principles of IAS 27 (Consolidated Financial Statementsand Accounting for Investments in Subsidiaries)were applied in order to determine the consolidatedgroup. As a result, in addition to Energie AG Oberösterreich, the parent company, the consolidatedfinan cial statements comprise 49 subsidiary companies(36 in the year before), in which Energie AGOberösterreich directly or indirectly holds a majorityof the voting rights.The consolidated financial statements comprise sixjoint ventures (4 in the year before), which are includedon a pro-rata basis.For the business year under review, the accounts ofseven associated companies (8 in the year before)were drawn up according to the equity method, pursuantto the principles of IAS 28 (Accounting for In -vestments in Associates). The historical cost methodis applied to account for shares in subsidiaries, jointventures or associated companies that are of minorsignificance from a Group perspective.The companies that were not included on account oftheir minor significance remain insignificant evenwhen taken together.Uniform accounting and valuation principles are appliedto the financial statements of the undertakings included in the consolidated financial statements as fullyconsolidated or pro-rata consolidated undertakings.The individual financial statements of the subsidiarycompanies have been drawn up for the Group's bal -ance-sheet date. As a result of specific company-lawagreements, ENAMO GmbH (Linz), Energie AG OberösterreichVertrieb GmbH & Co KG (Linz), "Papyrus"Altpapierservice Handelsgesellschaft mbH (Vienna),as well as Papyrus Wertstoff Service GmbH (Bad Reichenhall,Germany) were included in the consoli -dated financial statements on a pro-rata basis.FC = fully consolidated companyQC = company with pro-rata consolidationEC = company associated at equityPlease refer to Note 30 concerning the effects of the changes in the consolidated group on the consolidatedfinancial statements.91