ÖBB Annual Report 2023

Consolidated Financial Statements 290 Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 72 Power derivates designated as hedges Dec 31, 2022 Nominal (contract price) Average exercise price Fair value Maturity Number of swaps MWh in EUR million in EUR in EUR million Portfolio 193 2,523,888 248.8 289.7 thereof maturing 2023 63 1,058,040 64.5 61.0 185.7 thereof maturing 2024 96 1,071,648 128.7 120.1 96.1 thereof maturing 2025 34 394.200 55.6 141.1 7.9 In principle, within the scope of the dedication of a derivative as a hedging instrument, a prospective effectiveness measurement is conducted as well as a review of the effectiveness of the measurement unit and the determination of possible ineffectiveness on each reporting date. Ineffectiveness is measured by comparing the cumulative changes in the fair value of the designated hedging instruments since the designation of the hedging relationship and the cumulative changes in the fair value of the underlying hedged item in relation to the hedged risk. A hypothetical derivative is formed to determine the cumulative changes in the fair value of the underlying hedged item in relation to the risk of changes in the European Energy Exchange Settlement price. Inefficiencies may result from the fact that the concluded procurement transactions may be based on other load profiles and that quantity deviations may arise in the context of cascading and profiling, as the hypothetical derivative does not change in this case. Furthermore, ineffectiveness may arise if the credit risk of the trading partner differs significantly from that of ÖBB-Infrastruktur AG. In addition, reductions in the planned purchase quantity may lead to short-term excess collateralisation, which, however, again compensates over time. The fair value of electricity purchase forwards as at the reporting date is determined on the basis of European Energy Exchange futures quotations (EEX quotation), which are discounted using current yield curves. The fair values or electricity purchase futures correspond to the EEX quotation. Amounts that are reclassified from other comprehensive income to the income statement are recognised in the cost of materials, as are any ineffectiveness. The closed derivatives are forwards for the supply of operating facilities. Once the tender has taken place or the contract is awarded, the quantity originally purchased via the forward is sold by means of an offsetting forward and is thus closed out. The transfer from other comprehensive income to the income statement takes place upon delivery. The accumulated other comprehensive income from the electric power forwards designated as cash flow hedges is as follows: Power forwards in EUR million CFH CFH closed OCI total Deferred tax OCI after tax As of Dec 31, 2021 283.0 6.2 289.2 72.3 216.9 Traction power 204.7 0.0 204.7 51.2 153.6 Operating facilities 57.2 0.0 57.2 14.3 42.9 Operating facilities closed -59.5 59.5 0.0 0.0 0.0 Transfer to income statement 2022 -195.7 -4.9 -200.6 -54.8 -145.8 As of Dec 31, 2022 289.7 60.8 350.5 83.0 267.5 Traction power -149.5 0.0 -149.5 -35.9 -113.7 Operating facilities -24.7 0.0 -24.7 -5.9 -18.8 Operating facilities closed 4.3 -4.3 0.0 0.0 0.0 Transfer to income statement 2023 -185.9 -52.5 -238.4 -55.5 -183.0 As of Dec 31, 2023 -66.2 4.0 -62.2 -14.3 -47.9 See Note 13 for more information on the deferred taxation. 29.4.2. Cashflow Hedges – Diesel Fluctuations in diesel prices mean that the raw material “diesel” represents a financial risk for ÖBB-Produktion Gesellschaft mbH as well as for Österreichische Postbus AG and thus subsequently for the ÖBB Group, as price fluctuations have an impact on the cost of materials and on the results of ÖBB-Produktion Gesellschaft mbH as well as Österreichische Postbus AG and thus on the ÖBB Group. ÖBB-Produktion Gesellschaft mbH provides its services mainly for its ÖBB Group parent companies ÖBB-Personenverkehr AG and Rail Cargo Austria AG. Österreichische Postbus AG provides its services to customers outside the ÖBB Group.