ÖBB Annual Report 2023

Consolidated Financial Statements 268 Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 50 17. Investments accounted by equity method Investments accounted for using the equity method in both reporting years include shares in a joint venture, Galleria di Base del Brennero – Brenner Base Tunnel BBT SE, I-39100 Bolzano and in several associates. 2023 2022 in EUR million in EUR million Interest in one joint venture 40.6 40.6 Interest in associated companies 32.6 32.2 As of Dec 31 73.2 72.8 The following table reconciles the summarised financial information of the joint venture to the carrying amount of the Group’s equity share. The values of Galleria di Base del Brennero – Brenner Base Tunnel BBT SE are preliminary and adjusted to the accounting method in the Group. There were no significant deviations from the provisional figures following the completion of the 2022 closure of the Gallerie di Base del Brennero. Galleria di Base del Brennero – Brenner Base Tunnel BBT SE Dec 31, 2023 Dec 31, 2022 in EUR million in EUR million Revenue 0.0 0.0 Depreciation -0.7 -0.7 Interest income 3.0 0.1 Interest expenses -0.0 *) -0.0 *) Tax expense or income 0.0 *) 0.0 *) Annual profit / loss from continuing operations 0.0 0.0 Other comprehensive income 0.0 0.0 Overall result 0.0 0.0 Cash and cash equivalents 268.9 107.6 Other current assets 107.9 223.9 Non-current assets 56.3 12.6 Current liabilities 350.0 261.1 Non-current liabilities 1.9 1.9 Net assets 100% 81.1 81.1 Interest of the Group in the net assets of the investee as of Jan 01 40.6 40.6 Overall result attributable to the Group 0.0 0.0 Dividends received from associated companies 0.0 0.0 Carrying amount of the interest in the investee as of Dec 31 40.6 40.6 *) Smallest amount. The Galleria di Base del Brennero – Brenner Base Tunnel BBT SE (henceforth BBT SE) is the only Group joint agreement. BBT SE is an independent legal entity. The Group has a residual interest in the net assets, accordingly the Group has classified its interest as a joint venture. The purpose and task of BBT SE is the planning and construction of the Brenner Base Tunnel. The overall project comprises the construction of the railway tunnel between Tulfes/Innsbruck and Franzensfeste with the main, exploratory and access tunnels, multi-function stations, technical facilities, the operations control centre, the necessary landfill sites and the bridges and sites required to carry out the construction work, as well as the commissioning of the tunnel. The provisions of the contractual agreement of 30.04.2004 specify that the share capital of BBT SE is divided 50% between Italy and Austria respectively. The 50% of the Austrian share is wholly owned by the ÖBB-Infrastruktur AG. The 50% of the Italian part is wholly owned by TFB Societá di Partecipazioni S.p.A. ÖBB-Infrastruktur AG has undertaken to finance 50% of the construction of the Brenner Base Tunnel and will receive a 100% investment grant from the federal government in the form of a 50-year annuity as a cost contribution. In accordance with agreements between Italy and Austria, the two countries have agreed to provide additional contributions in proportion to their shares in order to compensate for any losses if necessary.