ÖBB Annual Report 2023

Consolidated Financial Statements 284 Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 66 Sensitivity analysis for interest rate risk IFRS 7 requires a sensitivity analysis for market risks, showing how profit or loss and equity would be affected by hypothetical changes in market interest rates. The effects in each period are determined by applying the hypothetical changes in the risk variables to the portfolio of financial instruments at the reporting date. For the purpose of the sensitivity analysis, the portfolio at the reporting date is assumed to be representative for the entire year. Fluctuations in the market interest rates levied on original fixed interest financial instruments only affect profit or loss if measured at fair value. Accordingly, fixed interest financial instruments measured at amortised cost are not exposed to any interest rate risks. Market interest rate fluctuations of financial instruments designated as cash flow hedges against interest-related cash flow fluctuations affect the cash flow hedge reserve in equity and are therefore considered in equity-related sensitivity calculations. Market interest rate fluctuations of original variable interest financial instruments for which interest payments are not hedged against interest rate risks with cash flow hedges are included in the calculation of profit-related sensitivities. Market interest rate changes of derivative financial instruments that are not included in a hedging relationship according to IFRS 9 have an impact on other financial expenses and income (measurement result from the adjustment of financial assets to fair value) and are therefore taken into account in the earnings-related sensitivity calculations. Effect in income statement Effect in shareholders’ equity Sensitivity analysis interest rate risk as of Dec 31, 2023 in EUR million +100 base points -100 base points +100 base points -100 base points Assets Financial assets 0.0 0.0 -8.8 9.3 Cash and cash equivalents 0.6 -0.6 0.0 0.0 Liabilities Financial liabilities -3.1 3.1 3.5 -3.6 Consolidated effect 2023 -2.5 2.5 -5.3 5.7 Effect in income statement Effect in shareholders’ equity Sensitivity analysis interest rate risk as of Dec 31, 2022 in EUR million +100 base points -100 base points +100 base points -100 base points Assets Financial assets 0.0 0.0 -10.3 11.0 Cash and cash equivalents 0.1 -0.1 0.0 0.0 Liabilities Financial liabilities -4.1 4.1 5.2 -5.1 Consolidated effect 2022 -4.0 4.0 -5.1 5.9 29.2.b. Currency risk The ÖBB Group is exposed to exchange rate risks resulting primarily from original financial liabilities denominated in foreign currencies. As of the reporting date, the ÖBB Group was not exposed to any significant risks relating to foreign currency liabilities. Exchange rate fluctuations therefore had no significant impact on the income. Residual foreign currency risks result primarily from financial liabilities in EUR of the Hungarian companies reporting in Hungarian forints. In the case of remaining positions from terminated CBL transactions (also concerns the US dollar bonds), almost all payment flows are settled in US dollars with matching maturities. Provided there are no defaults on the investments, there is therefore no foreign currency risk.