ANNUAL REPORT2007/2008Main SitesTHE GROUPGROUP MAN<strong>AG</strong>EMENT REPORTTHE ENERGY SEGMENTTHE WASTE MAN<strong>AG</strong>EMENT SEGMENTTHE WATER SEGMENTCONSOLIDATED FINANCIAL STATEMENTS●●●●●Net indebtednessNet indebtedness is the balance between interestbearingfinancial liabilities, minus cash and cashequivalents.NOPAT (net operating pr<strong>of</strong>it after tax)NOPAT is the EBIT, minus the result <strong>of</strong> associatedcompanies that are consolidated at equity, plusthe pro-rata interest <strong>of</strong> the social capital, minustaxes on the result.OTC (over the counter)One speaks <strong>of</strong> over-the-counter trading when tradingoperations are conducted outside <strong>of</strong> stock ex -changes.PelletsPellets are ball-shaped or cylindrical compactedmaterials. Pellets are used as energy sources andproduced from wood choppings, wood chips,wood shavings, straw, but also plastic materials.Photo-voltaic technologyPhoto-voltaic technology is the direct conversion<strong>of</strong> radiation energy, especially solar energy, intoelectrical energy.●●●●ROCE adjustedROCE adjusted is the ROCE adjusted for one-<strong>of</strong>feffects.Solar thermal energySolar thermal energy refers to the conversion <strong>of</strong>solar energy into useful heating energy.Spot marketA collective term for an institutionalized short-termmarket, on which deals are traded and enteredas hour contracts, for example, on electricity andnatural-gas markets. The spot market usuallycloses 12 hours before contracts are performed.WACC (weighted average cost <strong>of</strong> capital)WACC reflects the average weighted capital costs(equity and borrowed money) <strong>of</strong> a company for thecapital employed. In this context, the costs <strong>of</strong> borrowedcapital are reduced by the tax advantage.GROUP HOLDING<strong>Energie</strong> <strong>AG</strong> Oberösterreich4021 Linz, Böhmerwaldstrasse 3AustriaBUSINESS UNITS● <strong>Energie</strong> <strong>AG</strong> Oberösterreich Kraftwerke GmbH4021 Linz, Böhmerwaldstrasse 3Austria● <strong>Energie</strong> <strong>AG</strong> Oberösterreich Trading GmbH4021 Linz, Böhmerwaldstrasse 3Austria● <strong>Energie</strong> <strong>AG</strong> Oberösterreich Netz GmbH4021 Linz, Böhmerwaldstrasse 3Austria● <strong>Energie</strong> <strong>AG</strong> Oberösterreich Data GmbH4021 Linz, Böhmerwaldstrasse 3Austria● <strong>Energie</strong> <strong>AG</strong> Oberösterreich Vertrieb GmbH & CoKG4021 Linz, Böhmerwaldstrasse 3Austria● AVE <strong>Energie</strong> <strong>AG</strong> Oberösterreich Umwelt GmbH4021 Linz, Böhmerwaldstrasse 3Austria■ AVE Österreich GmbH4063 Hörsching, Flughafenstrasse 8Austria■ AVE CZ odpadové hospodářství s.r.o.102 00 Pràha 10, Pražská 1321/38aCzech Republic■ AVE Magyarország Hulladékgazdálkodási Kft.1062 Budapest, Andrássy ut. 64Hungary■ AVE SK odpadové hospodářstvo s.r.o.811 02 Bratislava, Hviezdoslavovo nám. 25Slovakia142●●●●PortfolioOn energy markets, portfolio management describeshow energy companies or large industrialenterprises meet their demand, which is optimizedvia several sub-quantities and sources at differentconditions, prices and deadlines. In a typical case,it comprises the different products on wholesalemarkets, deployable production facilities and alsoprice-hedging instruments.PPP (public private partnership)PPPs are a specific form <strong>of</strong> cooperation between thepublic sector and private companies. The scope <strong>of</strong>application for this model is to develop, finance andbuild infrastructure facilities or municipal supplyand disposal undertakings, as well as to operatethese plants.Private placementPrivate placement is a process in which shares arenot <strong>of</strong>fered for public subscription, but only tocertain groups such as, for example, big investors.RatingThe assessment given by a rating agency concern -ing the ability <strong>of</strong> a debtor to repay certain liabilitiescompletely and on time. International ratingcodes are used for this purpose. Internationallyknown rating agencies are, for example, Standard& Poor’s and Moody’s.● Oberösterreichische Ferngas <strong>AG</strong>4030 Linz, Neubauzeile 99Austria● Fair <strong>Energy</strong> GmbH4021 Linz, Böhmerwaldstrasse 3Austria● <strong>Energie</strong> <strong>AG</strong> Oberösterreich Wärme GmbH4021 Linz, Böhmerwaldstrasse 3Austria■ <strong>Energie</strong> <strong>AG</strong> Teplo Bohemia s.r.o.370 80 České Budějovice,Boženy Němcové 38/4Czech Republic■ <strong>Energie</strong> <strong>AG</strong> Teplo Slovakia s.r.o.811 02 Bratislava, Hviezdoslavovo nám. 25Slovakia● <strong>Energie</strong> <strong>AG</strong> Oberösterreich Wasser GmbH4021 Linz, Böhmerwaldstrasse 3Austria■ <strong>Energie</strong> <strong>AG</strong> Bohemia s.r.o.370 80 České Budějovice,Boženy Němcové 38/4Czech Republic■ <strong>Energie</strong> <strong>AG</strong> Vodohospodářstvo Slovakia s.r.o.811 02 Bratislava, Hviezdoslavovo nám. 25Slovakia■ AVE Abfallwirtschaft GmbH94094 Rotthalmünster, Penning 2Germany■ AVE Waste Management Romania S.R.L.011943 Bucuresti, sector 1,Str. Pictor Ion Negulici nr. 32, ap 1Romania■ AVE Ungheni SRL3606 Primaria Ungheni, Str. Naţionála, 11Moldova■ AVE Umwelt Ukraine TOB79008 Lviv, pl. Rinok, 18 M.UkraineSERVICE UNITS● <strong>Energie</strong> <strong>AG</strong> Oberösterreich Tech Services GmbH4021 Linz, Böhmerwaldstrasse 3Austria● <strong>Energie</strong> <strong>AG</strong> Oberösterreich Business Services GmbH4021 Linz, Böhmerwaldstrasse 3Austria● <strong>Energie</strong> <strong>AG</strong> Oberösterreich Customer Services GmbH4021 Linz, Böhmerwaldstrasse 3Austria143●ROCE (return on capital employed)ROCE is the ratio <strong>of</strong> NOPAT to the average capitalemployed.■ <strong>Energie</strong> <strong>AG</strong> Magyarorszag vizgazdálkodási Kft.1062 Budapest, Andrássy ut. 64Hungary● <strong>Energie</strong> <strong>AG</strong> Oberösterreich Personal Services GmbH4021 Linz, Böhmerwaldstrasse 3Austria
This business report contains statements relating to the future and compriserisks and uncertainty factors that may ultimately lead to considerable devia -tions in the result. Terms used such as "it is presumed", "it is assumed", "it isestimated", "it is expected", "it is intended", "may", "to plan", "to project","should" and similar expressions serve to characterize statements relating tothe future. We assume no guarantee that the forecasts and figures <strong>of</strong> ourplan ning will actually materialize, which relate to economic, currency-related,technical, competition-related and several other important factors. The actualresults may therefore deviate from those on which the statements relating tothe future are based. <strong>Energie</strong> <strong>AG</strong> does not intend to update the statementsrelating to the future and refuses any responsibility for any such updates. Wehave drawn up the business report with the greatest care and checked all data.The English version <strong>of</strong> the business report is a translation <strong>of</strong> the German report.The German version <strong>of</strong> the report is the only authentic version.144PUBLISHER'S INFORMATIONResponsible publisher:<strong>Energie</strong> <strong>AG</strong> Oberösterreich, Böhmerwaldstrasse 3, 4020 LinzEditors: Walter Czetsch, Manfred Ehrlinger, <strong>Energie</strong> <strong>AG</strong> OberösterreichTranslation: Translated into English by Liese Katschinka, ViennaIdea and graphic design: MMS Werbeagentur LinzPhotography: AVE, <strong>Energie</strong> <strong>AG</strong>, Laresser, OÖ. Ferngas <strong>AG</strong>, Schauer, TollerianAll errors and misprints reserved.Linz, December 2008GFA-COC-001390
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