ÖBB Annual Report 2025

73 Group Management Report Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 30 Apart from the original transactions with ÖBB’s financing partners, counterparty credit risks still exist related to terminated CBL transactions. For CBL transactions, securities accounts, payment undertaking agreements, and swaps were concluded with financial partners. They are used to pay lease installments during the term and the acquisition cost at the end of the term. CBL management handles the administration, settlement, risk management, and economic termination of existing CBL transactions. The aim of CBL management is specifically to monitor all rights and obligations arising from the transactions, to ensure execution in accordance with the agreements, to avoid risks, and to ensure the profitability of the entire portfolio. Since 2020, all guarantees received from commercial banks have been taken into account in the weekly limit distribution; since the 4th quarter of 2022, ESG ratings according to Sustainalytics have also been included. Commodity Risk Derivative financial instruments are used exclusively for hedging purposes. This means that they are only used related to corresponding underlying transactions from the original business activity and if the derivative financial instruments have a risk profile which is opposite to the hedging transaction with the highest possible correlation. Activities of a speculative nature are not permitted. Electricity ÖBB-Infrastruktur AG operates its own hydropower plants. It assumes the technical, commercial, and legal responsibility for power installations and equipment and manages the energy competence center for energy procurement at ÖBB. Power systems are power plants, frequency converters, substations, main supply systems, and control centers. Risk management in the area of energy is provided directly by ÖBB-Infrastruktur AG. Since around two thirds of the traction power required and all of the electricity to supply the operating facilities (stations, etc.) is procured on the electricity market, the ÖBB-Infrastruktur sub-group is heavily affected by volatility in the price of electricity. The risk management strategy therefore arranges for price hedging. It is therefore particularly relevant for the ÖBB-Infrastruktur sub-group that prices are already hedged and fixed in advance. Prices are hedged by concluding forwards and futures for the planned purchase quantities for traction power, energy losses, and operating facilities, as well as guarantees of origin. In addition to securing prices, hedging also serves to increase planning reliability, which is necessary as the basis for price calculation. Further information can be found in Note 29.4 to the Consolidated Financial Statements. Diesel Corresponding diesel volumes are generally used by two companies in the ÖBB Group: Österreichische Postbus AG and ÖBB-ProduktionGmbH. Due to fluctuating diesel prices, the raw material “diesel” represents a financial risk for Österreichische Postbus AG, for ÖBB-Produktion GmbH, and thus also for the ÖBB Group. Price fluctuations have an impact on the cost of materials and thus on the income of Österreichische PostbusAG, ÖBB Produktion GmbH, and consequently on that of the ÖBB Group. Österreichische Postbus AG is the market leader in regional public road transport and operates diesel-powered buses for this purpose. ÖBB Produktion GmbH provides its services mainly for its parent companies ÖBB-Personenverkehr AG and Rail Cargo Austria AG and operates diesel-powered locomotives. In order to procure the required quantities of diesel, Strategic Group Purchasing concludes framework agreements with several suppliers on the basis of information provided by Österreichische PostbusAG and ÖBB Produktion GmbH. The term of the framework agreements is usually nine to twelve months. Fuel purchases are made on the basis of the conditions set down in the contracts plus a transportation logistics premium as defined in the contract. The transportation premium may vary according to the point of delivery. This premium is contractually fixed in each case. Österreichische Postbus AG also offers the option of external refueling. For this purpose, there are agreements for fuel cards with various different suppliers. The conditions of each contract are determined between the suppliers and Österreichische PostbusAG. Discounts vary from one supplier to another. MR30 |