ÖBB Annual Report 2023

Consolidated Financial Statements 252 Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 34 COVID pandemic and Ukraine crisis- financial implications All measures against the spread of the coronavirus were lifted on 01.07.2023, meaning that the COVID pandemic has been overcome. The most significant effects on the consolidated income statement are detailed in the following. The ÖBB Group had received and recognised COVID 19 investment premiums of approx. EUR 7.0 million (py: approx. EUR 7.0 million) up to the date of preparation of the statement of financial position. The investment grants are mainly used for the new acquisition of a vehicle fleet as well as hardware and software. The suspension of the infrastructure usage fee for the ÖBB-Infrastruktur AG network in the amount of approx. EUR 85.9 million was refunded by the federal government in accordance with Section 42 BBG and increased other operating income. In 2023, there were no reductions or refunds. Refund amounts based on notices of separation pursuant to the Epidemics Act for exempt employees with risk certificates pursuant to the ASVG and for employees on short-time work were received in the amount of approx. EUR 6.4 million (py: approx. EUR 16.6 million) and recognised in other operating income. The war in Ukraine caused enormous price jumps on the energy markets during 2022, which led to an unprecedented all- time peak at the end of August. The general price level has declined since then, but nonetheless remained at a high level in the 2023 financial year compared to the pre-coronavirus phase. Possible future effects of the Ukraine crisis on the measurement of individual assets and liabilities are analysed on an ongoing basis. The business activities and thus the net assets, financial position and results of operations are indirectly impacted by the effects of the war in Ukraine. The indirect impact results from increased energy and commodity prices, changes in the interest rate landscape and exchange rates, as well as in the impairment testing of CGUs. In addition, high inflation rates resulted in cost increases in personnel expenses due to collective bargaining agreements. The ÖBB Group includes a subsidiary of the Rail Cargo Group based in Russia, where sales revenues have decreased as a result of the restricted business activities. This, however, has no significant impact on the ÖBB Group. Accounting losses could arise from a deconsolidation of the subsidiary located there if control no longer exists due to the restriction of substantive rights. At the current time, however, control by the ÖBB Group is assumed. Significant allowances for expected credit losses on receivables in these countries were not required as at the reporting date, nor were any impairments necessary on non-financial assets. No subsidiary of the ÖBB Group has its registered office in Ukraine.