ÖBB Annual Report 2023

Group Management Report 72 Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 27 The equity of the ÖBB Group of approx. EUR 3,212.6 million (py: approx. EUR 3,524.2 million) decreased compared to the previous year as a result of non-cash effects from cash flow hedges (valuation of electricity derivatives) of EUR -322.7 million recognised directly in equity and the resulting income tax expense from deferred taxes of approx. EUR -87.1 million. The ÖBB Group’s liabilities as at 31.12.2023 amounted to approx. EUR 36,406.5 million (py: approx. EUR 33,292.4 million). Until 2015, the ÖBB Group’s debt financing was provided, among other methods, through its own bond issues on the capital market. These bonds are recognised by ÖBB-Infrastruktur AG in the amount of approx. EUR 7,884.6 million (py: approx. EUR 8,883.3 million). Since 2017, the ÖBB Group has been raising the necessary financing primarily through loans from the Republic of Austria. These are handled by the Austrian Federal Financing Agency (OeBFA) instead of through its own bond issues on the capital market. The ÖBB Group belongs to the general government sector according to EURstat-criteria. All existing bonds of ÖBB-Infrastruktur AG and their guarantees by the Republic of Austria remain unaffected by this expansion of ÖBB- Infrastruktur AG financing instruments. The financial liabilities of the ÖBB Group include all liabilities from bonds as well as liabilities to banks and Eurofima (Europäische Gesellschaft für die Finanzierung von Eisenbahnmaterial AG). In total, financial liabilities increased by 11% or approx. EUR 3,207.7 million in the reporting year to approx. 33,534.2 million (py: approx. 30,326.5 million). 2,644.8 2,767.7 3,243.6 3,524.2 3,212.6 Dec 31, 2019 Dec 31, 2020 Dec 31, 2021 Dec 31, 2022 Dec 31, 2023 Development of shareholdes' equity in EUR million Dec 31, 2022 33,292.4 30,326.5 Dec 31, 2021 31,289.9 28,257.7 Dec 31, 2023 36,406 . 5 33 , 534 . 2 | MR27 Liabilities in EUR million thereof Financial liabilities in EUR million