Financial Report 2020

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Financial Report 2020 Laying the groundwork for a secure future That’s what we do. Financial Report 2020 WIENER LINIEN | WIEN ENERGIE | WIENER NETZE | WIENER LOKALBAHNEN | WIPARK | WIEN IT BESTATTUNG WIEN | FRIEDHÖFE WIEN | UPSTREAM MOBILITY | FACILITYCOMFORT | GWSG WIENER STADTWERKE GROUP Wiener Stadtwerke / Financial Report 2020 CONTENTS 2 FOREWORD 4 GROUP OPERATING AND FINANCIAL REVIEW 50 CONSOLIDATED FINANCIAL STATEMENTS 140 INFORMATION 142 Auditor’s Report 145 Glossary 148 Contact & Imprint Wiener Stadtwerke at a glance WIENER STADTWERKE AT A GLANCE PERFORMANCE INDICATORS EUR m 2019 2020 Change in % Revenue 3,028.1 3,144.2 +3.8 Adjusted EBITDA* 569.5 615.6 +8.1 Adjusted profit for the year** 247.2 283.4 +14.6 Investments 1,094.5 1,757.4 +60.6 in property, plant and equipment and intangible assets 641.9 647.6 +0.9 in financial assets 452.6 1,109.8 +145.2 Capex ratio 21.2 20.6 -0.6 pp Planned investments in property, plant and equipment and intangible assets from 2021 to 2025 5,593.7 in climate-friendly investments 4,252.3 Total assets as at 31 Dec. 11,412.5 13,868.6 +21.5 Non-current assets as at 31 Dec. 9,546.9 12,264.4 +28.5 Capital and reserves as at 31 Dec. 3,555.3 5,028.4 +41.4 Equity ratio as at 31 Dec. in % 31.2 36.2 +5.0 pp Headcount, avg. FTE 14,529 14,755 +1.6 Apprentices 359 376 +4.7 * Adjusted for a foreign procurement right and other one-off or rare expenses and income ** Additionally adjusted for effects of impairment tests + % EUR m % EUR bn 3.8 423.7 +1.6 +1.5 Revenue increased Investments in More employees Capital increased climate-friendly projects despite crisis 1 Wiener Stadtwerke / Financial Report 2020 Foreword The Management Board in the new WIENER STADTWERKE service point. 2 Foreword / Group operating and financial review / Consolidated financial statements / Information Dear Shareholders, The stable economic foundation gives us every opportu- nity for the current financial year to successfully continue Despite the extraordinary challenges facing the econ- on our path in the service of the citizens of our city. The omy and thus also the WIENER STADTWERKE Group pandemic and difficult energy conditions will remain last year, we can report positive business development challenges for the time being. We are countering this for 2020. As in previous years, the Group’s key figures by improving our efficiency and intensifying our innova- continued to improve with revenue rising by almost 4% to tive activities. Special attention is being paid to climate EUR 3.14bn, and EBITDA even increasing by more than 8% protection, and by 2025 we will invest EUR 4.25bn in to EUR 615.6m after adjustment for special effects. This is climate-friendly projects. a great success, which can be attributed to a sustainable strategy and very well implemented efficiency measures. We would like to thank our business partners and the representatives of the City of Vienna for the successful The main contribution to this growth came from our larg- cooperation in the past year. We are also looking forward est division, Energy, with a 16% increase in revenue. In ad- to the challenges that we will overcome together in 2021 dition to higher revenues from gas sales, sales of services for the benefit of the people in our city. and telecommunications increased noticeably. The Energy Grids division also grew again by 8% after the negative Vienna, June 2021 special effects of regulation in the past year. As expected, the Transport (-17%) and Car Parks (-15%) divisions de- clined significantly. The pandemic saw the mobility of the regional population, as well as tourism, decrease noticea- bly. One of the reasons these figures did not fall even fur- Martin Krajcsir ther was the stable revenue level from annual tickets and Chief Executive Officer Top-Jugendticket youth passes. Against the backdrop of a slight excess of mortality, revenues in the Funeral Services and Cemeteries division increased by 3%. Operating profit (EBIT) of EUR 665.4m was recorded in Peter Weinelt the 2020 reporting period, following EUR 348.6m in the Deputy Chief Executive Officer previous year. The operating profit includes increased revenue, positive one-off effects in personnel expenses, and effects from asset valuation. Improvements in expens- es were also recorded for the Energy and Energy Grids divisions. At EUR 283.4m, the resulting profit for the year, adjusted for special effects, was up on the prior-year value by 15%. With investments in property, plant and equipment and intangible assets amounting to EUR 647.6m, we again used a very high proportion of our funds last year to strengthen our future and performance capabilities. The central themes were digitalisation, innovation and climate protection. 72% of our investments in property, plant and equipment went into climate-friendly projects. In addi- tion, we took over a share package of more than 28% in EVN AG from the German EnBW Trust e. V. last August, following approval by the competition authorities. For us, this financial investment is an attractive investment in the rock-solid business of an Austrian company and a sensible addition to our portfolio. 3 Wiener Stadtwerke / Financial Report 2020 Group operating and financial review Financial Year 2020 4 Foreword / Group operating and financial review / Consolidated financial statements / Information 6 1 OPERATING ACTIVITIES 9 2 CORPORATE STRATEGY 10 3 LEGAL AND ECONOMIC ENVIRONMENT 17 4 BUSINESS DEVELOPMENTS, AND FINANCIAL AND NON-FINANCIAL PERFORMANCE INDICATORS 30 5 EMPLOYEES 33 6 SUSTAINABILITY AND THE ENVIRONMENT 37 7 RESEARCH AND INNOVATION 40 8 INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM 44 9 OUTLOOK Standards and guidelines All data and bases of calculation in this operating review are in accordance with interna- tional accounting standards (the International Financial Reporting Standards, IFRS). Monetary values are presented in millions of euros (EUR m). Disclosures in millions of euros may be subject to rounding differences. 5 Wiener Stadtwerke / Financial Report 2020 1 Operating activities The WIENER STADTWERKE Group is a modern infra- ENERGY structure service provider and a major player in terms of climate protection in Vienna and the surrounding area. WIEN ENERGIE GmbH is Austria’s largest regional energy It is one of Austria’s biggest conglomerates and employ- supplier, and provides over two million people, some ers, of major significance for the Austrian economy. Its 230,000 small and medium-sized businesses, industrial business operations cover the divisions Energy, Energy plants and public buildings, and around 4,500 agricultural Grids, Transport, Funeral Services and Cemeteries, and enterprises in Vienna, Lower Austria and Burgenland with Car Parks. The Energy and Energy Grids divisions are electricity, natural gas, district heating and cooling, and made up of Generation, Distribution and Grid Operation innovative energy services. WIEN ENERGIE generates departments which ensure reliable electricity, gas and dis- electricity and heat from renewable energy sources, ener- trict heating and cooling supplies. WIENER STADTWERKE gy from waste plants, and high-efficiency combined heat services also include public transport (WIENER LINIEN and power (CHP) plants. It is also active in the telecommu- and WIENER LOKALBAHNEN), funeral and cemetery man- nications sector, and provides other energy and infrastruc- agement, and car park services (WIPARK). These reliable ture-related services. services help to maintain the high quality of life offered by the City of Vienna, which has been confirmed in various ENERGY GRIDS studies. WIENER NETZE GmbH is Austria’s largest combined In most cases, Group companies must compete in liber- system operator. It runs Vienna’s electricity, gas and dis- alised and/or regulated markets. For example, the sales trict heating distribution grids, and a telecommunication markets of WIEN ENERGIE GmbH and its subsidiary WIEN network. It delivers reliable energy transportation services ENERGIE VERTRIEB GmbH & Co KG are fully exposed around the clock, 365 days a year. With 99.99% reliability, to competition, but WIENER NETZE’s electricity and gas the company is one of the most secure providers in this network tariffs are set by the national regulator, E-Control regard anywhere in the world. WIENER NETZE and its Austria (ECA). approximately 2,400 employees ensure that 2.1 million customers in Vienna and the surrounding area have unin- terrupted access to energy round the clock. Provision of reliable supplies for households and business- es is among WIENER NETZE’s core tasks. The company is also responsible for grid strategy and grid planning, as well as the changeover to smart metering in Vienna and the surrounding area. Going forward, the company will be looking to extend its energy supply leadership – par- ticularly in its role as a key driver of the energy transfor- mation – by pursuing sustainable policies and innovative ideas. 6 Foreword / Group operating and financial review / Consolidated financial statements / Information 1 Operating activities TRANSPORT the Badner Bahn over a car can save 1,620 kg of CO2. Over the course of a year, this corresponds to the amount WIENER LINIEN GmbH & Co KG is Vienna’s leading trans- of CO2 in over 600 litres of diesel. Inside the city limits, it port operator, and reports directly to the City of Vienna on partly shares the WIENER LINIEN track network. WIENER public transport matters. Besides operating underground, LOKALBAHNEN also operates bus routes in Baden and on tram and bus lines, it carries out a wide range of traffic behalf of WIENER LINIEN, as well as passenger services management functions including service and interval on third-party rail infrastructure. The WIENER LOKAL- scheduling, route and stop planning for all transport BAHNEN division also operates transport and private trav- modes, sales and marketing, and operational control.
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