ÖBB Annual Report 2023

251 Consolidated Financial Statements Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 33 h. Information related to climate policy aspects and risks (climate change) The ÖBB Group understands sustainability in a holistic way and combines successful business management with ecological compatibility and social responsibility. This achieves a sustainable corporate orientation in the sense of the preventative principle. This holistic approach is used to identify both the opportunities and risks for the company and its environment with regard to sustainability issues. Based on the annually updated climate risk and vulnerability analysis, which was first conducted in the ÖBB Group in 2022 as part of the implementation of the EU Taxonomy Regulation, as well as a general opportunity and risk analysis, the following key topics relating to climate policy aspects and risks were identified that have an impact on the ÖBB Group. – The risk of increased extreme weather events due to climate change (heavy rainfall, flooding, mudslides, storms, heatwaves, etc.) has an impact on the operation of trains / buses and the infrastructure as well as on customers. ÖBB Group is taking appropriate measures to counteract this, such as the introduction of suitable monitoring and early warning systems as well as targeted research and development programmes to increase the resilience of facilities, systems, vehicles and processes. – Climate change also presents an opportunity for the company with regard to the growth of public transport and the expansion of rail and bus services, which may result in a possible increase in capacity utilisation and the associated productivity, but also an increase in revenue/turnover. Subsequently, however, this is also associated with necessary investments in expanding the capacity of the rail system. – Due to climate change and related developments, the ÖBB Group is directly and indirectly exposed to the risk of an increase in energy prices, both for renewable energy (due to shortages on the market) and for fossil energy (due to the introduction of the CO2 tax). In the course of the completion of the climate risk and vulnerability analysis, no significant long-term climate risks were identified for the in-house generation of traction current apart from the usual annual precipitation volatilities. The management has taken into account the recognisable or assessable effects of climate change in the course of preparing the consolidated financial statements. The climate risk and vulnerability analysis did not currently result in any effects on the formation of provisions or indications for impairments of assets or necessary adjustments of useful lives. Furthermore, no aspects related to climate change were identified that would lead to an adjustment of the carrying amounts of assets and liabilities in the current consolidated financial statements. The ÖBB Group prepares a separate sustainability report for the ÖBB Group, which is included in the Group management report. Differentiation of maturities Deferred taxes are to be recognised as non-current in accordance with IAS 12. The short-term portion is therefore correspondingly disclosed in the Notes (Note 13). Realisation properties are recognised in inventories, although their realisation is not expected within the next twelve months. The long-term portion is disclosed in the Notes (Note 21). Where trade receivables and trade payables are non-current, they are included in current items in accordance with IAS 1 “Presentation of Financial Statements” and are disclosed in Notes 20 and 27. Offsetting Expenses and income from the structuring and profiling of electricity procurement (adjustment to the demand profile) and from balancing energy are offset. Concentration of risks As of the reporting dates, no significant dependence on particular non-Group customers, suppliers or creditors whose sudden default might significantly affect business operations existed. Furthermore, there is no concentration of personnel services or providers of other services, franchises and licences or other rights on which ÖBB Group is dependent and whose sudden loss could seriously jeopardise business operations. The ÖBB Group invests its liquid funds with various banks and credit institutions with good credit ratings. See Note 32 for information on the financing and grants awarded by the Republic of Austria as well as grant agreements.