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11EXAA Eergy Exchage Astria
Annual and Sustainability Report 2011
Energy Exchange Austria
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Dear Shareholders,
Ladies and Gentlemen,
The Management Board o EXAA
is pleased to present the Annal
Report 2011 and wold like to
express its appreciation or
the interest taken and the trstplaced in s.
Preace and Overview
Key perormance ratios
Abbreviations and Defnit ions
Preace o the Chairman o the Spervisory Board
Preace o the Management Board
Highlights o the Year 2011
Sstainability ReportEXAA on sstainable growth path or over ten years
More than jst gigawatt hors and ero amonts
or sstainability strategy
Sstainable and on the right corse with or employees
Sstainable and on the right corse or society
Sstainable and on the right corse or the environment
Sstainable and on the right corse in bsiness
Management Report
Economic Environment
Spot Market Trading in Electric Power
Spot Market Trading in Electric Power in Hngary
Spot Market Trading in CO2
Emission Allowances
The teem training program
Assets, Earnings and Financial Posit ion
Development Prospects o the Company
Risks Relating to Financial Instrments
Financial Statements prsant to the Astrian Commercial Code
Balance Sheet Assets
Balance Sheet Liabilities
Proft and Loss Accont
Notes to the Financial Statements
Adit Opinion
Spervisory Board Report
Proposal or the se o the net proft
Shareholders as o 31 December 2011
Spervisory Board and Management Board
Editorial Inormation
01
02
03
04
05
06
07
08
11
13
14
17
18
23
23
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24
26
26
28
29
30
31
39
41
42
43
44
46
Tale o Cotets>
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Key perormance ratios
in EUR
Sales revenues
Operating result
Financial result
Prot on ordinary business activity
Net prot / loss or the year
beore changes in reserves
Total assets
Shareholders equity
Depreciation / amortisation
Spot market electric power
Trading volume in GWh
Clearing volume in EUR
Number o trading members 1
Spot market CO2
allowances
Trading volume in tTrading volume in EUR
In % o Austrian consumption
Market share
teem training days
Sta Total no. employees
Sta Employees in person / year 2
Sta Sick days ratio
Sta Fluctuation
(EXAA has oe reelace sta memer)Sta Further eduction in hours
Productivity Total no. annual
hours per employee
Share o women
Percentage o employees that
travel to work by public transport
1) excl. traig memers CO2
i 2011
2) perso years are ll a part-time employees coverte ito ll-time eqivalets
Key Perormace RatiosReport 2011
Report201
1
In 2011, EXAA continued to
grow driven by steadily
expanding trading volumes
in the German-Austrian
electricity market.
2010
2,030,159
544,845
8,180
553,025
518,380
2,262,695
1,685,530
-18,741
6,410
292,146,570
90
88,4011,260,481
10.7
232
23
7.12
2.06 %
11.54 %
144.9
520.2
52 %
70 %
Traded electricity volumes 2011
(i MWh)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
2011
2,324,493
761,272
26,696
787,968
738,513
3,306,433
2,424,043
- 6,072
7,558
390,236,567
71
19,179269,072
13.1
402
22
7.04
1.84 %
14.81 %
250.3
537.5
50 %
73 %
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Abbreviations and Defnitions
Areviatios
EXAA
11
AbbreviationsandDefnitions
Agecy or the Cooperatio o Eergy Reglators
APCS Power Clearig a Sett lemet AG
VERbund Traig AG
Foe i 1998 as the Amsteram Power Exchage, remame to APX .V. i 2004
base loa; elivery rom 0.00 hrs to 24.00 hrs, Moay to Say
CISMO Clearig Itegrate Services a Market Operatios GmH
Caro ioxie
Cetral Wester Erope; oe o the eight eergy regios i Erope agree po at the
Florece Form i Septemer 2004
Earigs beore Iterest a Taxes
Spot Exchage oig siess i Frace, Germay a Astria
Eropea Eergy Exchage AG, Leipzig
Icome Tax Act
Eu Allowaces is the Eu athorizatio to emit CO2
Ero
Associatio o Eropea Eergy Exchages
EXAA Awicklgsstelle r Eergieprokte AG (power exchage)
Ssiiary or CO2
trae at the bayerische brse AG
Garatees o OrigiGloal Reportig Iitiative Iex
Gigawatt hor (1 GWh = 1,000 MWh)
Iteratioal Orgaizatio or Staarizatio; ISO 9001:2008
Kreitschtzvera; www.ksv.at
Kilowatt hor (1 kWh = 1,000 Wh)
Megawatt hor (1 MWh = 1,000 kWh)
no-Govermetal Orgaizatio
Spot Exchage oig siess i Scaiavia, i the baltic Regio a i Great britai
with its heaqarter i Lysaker
north Wester Erope; Cooperatio o EPEXSpot a norpool Spot with the target o a
cooriate Price Coplig i Frace, bEnELuX, Germay, Great britai a Scaiavia
Oesterreichische Kotrollak Aktiegesellschat
Over the coter
Peak loa; elivery rom 8:00 hrs to 20:00 hrs, Moay to Friay, except holiays
Prot o oriary siess activity
PricewaterhoseCoopers; www.pwc.at
Power Exchage Cetral Erope
Eu Reglatio o Eergy Market Itegrity a Trasparecy
RWE Trasportetz Strom GmH reame Amprio GmH i Agst 2009
smart techologies Maagemet-beratgs- . beteiliggsgesellschat m..H.
Acroym or Stregths, Weakesses, Opportities a Threatsto
traiig or eergy a evirometal markets
Terawatt hor (1 TWh = 1,000 GWh)
Astria Commercial Coe
Watt hor; it o eergy (power times time it)
ACER
APCS
APT
APX-ENDEX
Base (base load)
CISMO
CO2
CWE
EBlT
EPEXSpot
EEX
EStG
EUA
EUR
EuropEX
EXAA
greenmarket
GoOGRI Index
GWh
ISO
KSV
kWh
MWh
NGO
Nordpool Spot
NWE-Region
OeKB
OTC
Peak (peak load)
POA
PwC
PXE
REMIT
RWE-Netz
Smarttech
SWOTt
teem
TWh
UGB
Wh
>
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Preace o the Chairman o the Spervisory Board
Preace
Dear Shareholders,
Ladies and Gentlemen,
I am very please a pro to aoce that EXAA Awicklgsstelle r Eergie-
prokte AG has complete aother extremely sccessl acial year i 2011. Traig
volmes cotie to icrease sigicatly i 2011 a ew traig participats joie
the exchage. The excellet evelopmet o the past or years has also permitte s to
lly recover the start-p losses a achieve a et prot.
Apart rom the higher electricity traig volmes, the traiig corses oere y EXAA
or the eergy market kow er the ame o teem were also highly sccessl a
cotrite to the goo reslts.
EXAAs excellet perormace was also otice y the geeral plic a the ews-
paper Wirtschatslatt prooce EXAA oe o Astrias Leaig Compaies 2011
together with the cosltig rm PwC a KSV. This istictio is especially pleasig
cosierig that the oig years were ot always smooth sailig.
For the rst time, this acial report also icles a separate sectio o sstaiaility.
This sectio was prepare y the maagemet oar together with the sta i the cor-se o the year a presets the achievemets t also serves as giace a ees
goals or the comig years.
This report presets the sccess achieve y EXAA i the previos year a is testimoy
to the commitmet o the sta a Maagemet boar o the compay. We wat to
express or appreciatio a recogitio o the excellet work accomplishe.
dear shareholers, ear laies a getleme, we wol like to thak yo or yor trst
i or compay a assre yo that we will cotie to make or est eorts to retai
this trst.
Viea, May 2012
Hasjrg Tegg
EXAA
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PreaceotheChairmanotheSupervisoryBoard
Hasjrg Tegg
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>PreacePreace o the Management Board
EXAA
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PreaceotheManagementBoard
Dear Shareholders,
Ladies and Gentlemen,
This report is ieret rom or reports p to ow. It illstrates how EXAA has ee
ale ot oly to attai sstaiale ecoomic evelopmet, t also to prse a policy o
sstaiaility or or sta, society a the eviromet.
For s, sstaiaility escries a yamic process that covers all aspects o a compays
evelopmet a secres the cotie existece o a orgaizatio over the log term,
a therey eets employees a stakeholers.
Sice or oatio i 2001, we have improve trasparecy, eqilirim a eciecy
o the lieralize eergy market o Cetral Erope. We have scceee i cotiosly
expaig sales revees a proctivity every year p to ow.
drig the same perio, the mer o or employees has also ole. We are pro
o havig ee ale to retai highly qalie a committe employees or may years
a to have joitly achieve the positio o service leaer i the market.
Apart rom the steay improvemet i traig volmes, we have also positioe or
traiig program teem as a ceter o competece a ecatio or the eergy market,
therey cotritig to the creatio o kow-how a awareess i Astria a Cetral
Erope.
We have also ee costatly evelopig or ecology ivisio. I Je 2005, the start
o traig i Eropea CO2
emissios allowaces marke the opeig o the market
segmet or evirometal procts. de to the very iclt ramework coitios
i CO2
traig, we have etere ito a cooperatio agreemet with greemarket
exchage, a ssiiary o bayerische brse i Mich a have iscotie traig i
CO2
allowaces o EXAA as o Agst 2011. I the sprig o 2012, we will rig or rst
gree electricity proct to the market, which or the rst time garatees simltaeos
physical proctio a traig.
We hope to stay o this corse o sstaiaility we have ee prsig or the past te
years a estalish orselves as a echmark or the istry. Or special thaks go
to or employees or their eicatio a har work which have helpe to esre the
sccess o or compay.
The Maagemet boar wol like to thak the shareholers a the memers o
the Spervisory boar or their trst. We will cotie to work har to meet yor expec-
tatios.
Viea, May 2012
Rol Scheier
Jrge Wahl
Jrge WahlRol Scheier
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The Year 2011 at a GlaceThe Highlights o the Year 2011
1st Qarternew two-ay teem mole or gas starts i Jaary.
EXAA participates as exhiitor i E-Worl Fair i Esse, Germay.
EXAA goes moile: The EXAA app or iPhoe a Aroi celllar phoes ecomes availale.
daily recor hit o 25 March 2011: 34,803.30 MWh.
Traig volme i March 2011 reaches 707,801.30 MWh, makig it the est moth sice
market start.
2 Qarter O 20 Je, EXAA hel its aal traer grop meetig.
Je 2011: The ew versio o the EXAA app ecomes availale. Plicatio o versio 1.1
or Aroi, iPhoe a blackerry. Possiility or registere traers to otai prices a
qatities immeiately ater close o traig.
3r Qarter Agst 2011: greemarket (ssiiary o bayerische brse) a EXAA start cooperatio i
CO2
emissios allowaces traig.
EXAA wis the teer or the Twiig Project i Croatia. The i was oe together with
Eergie-Cotrol Astria.
4th Qarter Lichtlick AG rom Hamrg is 70th traig memer to joi the electricity market at the e
o Septemer.
The Octoer ate o teem is hel or the rst time with a GoO mole. I total, 402 traiigays are ooke i 2011.
Octoer: The ewspaper Wirtschatslatt prooces EXAA oe o Astrias Leaig
Compaies 2011 together with the cosltig rm PwC a KSV EXAA raks i 6 th place
i Astria or small siesses i the category o sstaiaility a creitworthiess.
novemer: EXAA wis the teer or the joit exectio o a Twiig Project with Eergie-
Cotrol Astria i Georgia.
The icrease o the pper i limit or lock procts rom 500 MW to 1,000 MW as
liqiity a raises traig volmes.
new recor-reakig year o EXAA: Traig volme reaches 7,558,106.50 MWh i 2011.
This correspos to a rise o 18 % verss the previos year a a average aily volme o
20,707.14 MWh. Frthermore, a ew all-time high is attaie i decemer 2011 o EXAAwith a average aily traig volme o 23,226.43 MWh a a total o 720,019.40 MWh.
O 31 decemer 2011, 71 memers rom 14 cotries trae electricity o EXAA.EXAA
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TheHighlightsotheYear2011
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>Sstaiaility ReportSstainable growth path or over ten years
EXAA
11
Sustainablegrowthpathorovertenye
ars
1. EXAA on sstainable growth path or over ten years
EXAA (Eergy Exchage Astria) is Astrias eergy a evirometal exchage with its
registere oce i Viea. EXAA was oe o 8 Je 2001 a starte spot market
traig i electric power o 21 March 2002. Sice its start, EXAA has evelope ito a
importat istrmet or the eciet exploitatio o traig opportities i the lieralize
eergy markets o Cetral Erope.
Sice Jaary 2009, EXAA has ee oerig reglar traiig corses er the teem
trae mark at which participats ca lear everythig there is to kow aot the elec-tricity istry. Or traiig program has ecome a poplar corse or ewcomers t
also or experiece employees a ayoy itereste i the eergy istry.
The sigicace o a market is etermie largely y its participats. As o 31 decemer
2011, there were 71 compaies rom 14 cotries traig o EXAA, o which most were
ot rom Astria.
Startig ot rom the electricity spot market with physical elivery i Astrias cotrol
areas, EXAA elarge the traig zoes to icle Germay i 2004. Sice the e
o 2009, EXAA has ee ale to oer physical elivery i all Germa cotrol areas. I
May 2010, EXAA took over the techical settlemet o ay-ahea electricity spot market
traig or PXE (Power Exchage Cetral Erope; www.pxe.cz) or the market area Hgary.
As Astrias oly electricity exchage, we cotrite to the heterogeeity o the Eropea
exchage istry as well as to secrig the attractiveess o the Astria marketplace.
Or core siess icles importat ctios sch as esrig air a veriale price
iscovery throgh the ree play o spply a ema, ealig trasparecy y isclos-
ig prices a qatities as well as oerig iverse serv ices (traiig corses, cosltig,
etc.) that are i ema y or cstomers a stakeholers.
As a iepeet traig platorm, or ty is to serve all traig par ticipats eqally
a to garatee the air a eqal treatmet o all actors. As a eergy exchage, weplay a importat role or maitaiig a ctioig eergy market a sta or certai
vales, amely a lieralize market, a stace we hope s expressio i this report.
For several years, EXAA has ee workig itesely to help il p the markets o
Cetral a Sotheast Erope. EXAAs iverse cotacts to the electricity istry o the
regio a the highly soght-ater cosltig a avisory services it oers joitly with
other stakeholers permit EXAA to play a active role i the creatio o a cooriate a
itegrate eergy market i the regio a or all o Erope.
O 28 decemer 2011, REMIT the Eu Reglatio o Eergy Market Itegrity a
Trasparecy etere ito orce. REMIT has the aim o prevetig isie ealigs a
market maiplatio o eergy markets. A major elemet o the Reglatio is market
spervisio y ACER. Thereore, REMIT cocers ot oly the eergy market actors t
also eergy exchages.
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EXAA
11
Oursustainabilitystrategy
Or sstainability strategy
Sstaiaility Report
EXAA, as a clearig a settlemet aget has ee reglate a spervise p to ow
er the Astria Stock Exchage Act. The spervisio o the commoity exchages
is the competece o the Feeral Miistry or the Ecoomy, Family a Yoth. What is
ew is that with the etry ito orce o REMIT, EXAA ow has to report sspecte isie
ealigs, market maiplatio a irreglarities to the atioal reglatory oies withi
the scope o market spervisio. ACER has set p a reportig platorm or this prpose.
Reportig oligatios or exchage trasactios execte, t also or OTC trasactios
will eter ito orce withi the ext 18 moths.
2. More than jst gigawatt hors and ero amonts or sstainability strategy
At the e o 2011, the Maagemet boar starte a process to evelop a missio state-
met together with all employees i orer to ee EXAAs prole (or ietity), tasks (or
missio), goals (or visio) a priciples (or vales).
Or sstainability strategy rests on this ondation
EXAA has prse a corporate strategy o sstaiaility sice its oatio i 2001.
This meas that the ecoomic sccess o or compay is ot achieve at the expeseo or employees, society or the eviromet. O the cotrary: Or goal is to create
ae vale i all or areas.
Sstaiale ehavior is viewe as a vale river at EXAA (iovatio a ew pro-
cts, higher eciecy, motivatio o employees, sstaiaility as sellig poit, etc.).
We o ot wat to hie ehi the excse that we are too small. The Maagemet
boar has overall resposiility or the sstaiaility o the compays actios a
siess activities. All employees are ivolve i the eorts to achieve this goal.
This report has or sectios: sta, society, eviromet a ecoomy. The cotet
o the rst three sectios was evelope i collaoratio with exteral sstaiailityexperts a with the ivolvemet o employees. The orth sectio meets the reqire-
mets o a aal report a cotais all essetial iormatio or or shareholers.
As a asis or ietiyig the areas o key importace or s, we cocte a i-epth
aalysis o or stregths, weakesses, opportities a risks a smmarize these
i a SWOT aalysis.
EXAA took giace rom the Gloal Reportig Iitiative Level C whe preparig its
Aal a Sstaiaility Report, t we wol like to poit ot that we have ot
carrie ot a GRI check yet. However, we pla to o so or or ext Aal a
Sstaiaility Report 2012.
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EXAA
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Sustainableandontherightcourse
withouremployees
Sstainable and on the right corse with or employees
Sstaiaility Report
3. Sstainable and on the right corse with or employees
Management approach and priority goal:
Whe it comes to or employees, or goal is to retai a rther icrease or pool o
qalie employees, to improve employee satisactio, to stregthe team spirit, a to
esre a aeqate work-lie alace.
Key felds o action, projects, objectives and indicators
3.1. Employee health and satisaction
Healthy a satise employees are or most importat asset. Keepig them healthy
a satise is the ocs o all or activities. With this i mi, we have take meros
measres to oster corporate cltre a team spirit, a oer or employees a high level
o fexiility i shapig their ay-to-ay work arragemets.
Goals To keep the persoel trover rate as low as possile
To icrease the heacot rom crretly 11 to 13 perso
years y 2015
To preserve the high level o employee health a satisactio
Measres Ergoomic workplaces
already Participatio i sports evets (bsiess R, Viea City
implemented Maratho) iclig the provisio o the gear
Orgaizig a holig joit compay evets (smmer party,
gol toramet, Christmas party)
Free rit a riks
Flexile workig hors a home oce optios
3.2. Innovation and participation
EXAA epes o the power o iovatio a the commitmet o its employees. We
strive or ope ialoge o eqal terms, ecoragig or employees to voice criticism
a come p with ieas o their ow. We always try to thik ahea, a sometimes also
ot-o-the-ox, a also see orselves i the role o visioaries a pioeers i or i-
stry. Employee iversity a iiviality is regare as a ae vale, a there is
o iscrimiatio ase o sex, origi or religio.
Goals Ietiyig a leveragig the potetial or iovatio
Steppig p the mer o iovatios over time, i possile
Measres Weekly team meetigs
already Iovatio a strategy workshops oce or twice a year
implemented A corporate cltre characterize y opeess Fosterig iversity
Aal appraisal iterviews with 360 eeack
Indicators nmer o ew procts over time (5 ew procts i 2011)
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Sstainable and on the right corse with or employees
EXAA
11
Sustainableandontherightcourse
withouremployees
Sstaiaility Report
3.3. Employee development and appreciation
We wat to oer or employees iterestig a challegig tasks as well as cotie
proessioal evelopmet. As or employees o ot report to s irectly, t are em-
ploye y the CISMOgrop, it is all the more importat to s to take measres to hoor
persoal commitmet a goo perormace.
Goals Possiility o oerig perormace-like pay to all employees
Retaiig aal cotie proessioal evelopmet hors
per employee
Measres Traiig a evelopmet pla or each employee at a aal
already appraisal iterview
implemented Perormace-like pay with oses every employee ca
get p to two moths pay per year as a os
Indicators Employee rther ecatio i hors was 205.3 / employee
i 2011
3.4. My EXAA Sstainable and on the right corse
We aske all o or employees withi the scope o a missio-eig process which
images (see photographs elow) they associate with EXAA a i which orm. The mostexpressive images are presete here.
My EXAA is like a rowing team:
Teamwork is excellet, we ca talkopenlyaot
everythig, we have the strength eee to cope with
tre tasks, a we cotially mobilize orselves a
others to ace ew challeges.
My EXAA is like a compass:
We are always on the lookout or ew areas o
evelopmet a show the worl the right way, oerig
guidance a ispirig condence.
My EXAA has a lot in common with this chart:While the tre is pwars, sccess is ot linear a
is ot at all a matter o course.
My EXAA Sstainable and on the right corse
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My EXAA is like a band o pirates:
We are creative, innovative, condent,pro,
committe a corageos a eciely ot o
the sie o the Frech gare atioale.
My EXAA is like this eagle:
As a etral exchage, we sta or
independence, with traig volmes soaring
high these past ew years.
My EXAA is like a team o astronats:
We kow the big picture withot losig sight o
what is truly important, we play well together
a stick to or missio; a the memers kow
they ca relyo each aother.
My EXAA has members rom
14 Eropean contries:
Or goal or the tre is to have participats
rom all over Europe.
My EXAA is like a sailboat:We work as a dynamic team i a dynamic
environment, we are fexible a innovative, a
i the spirit o tre sportsmanship we always
play y the rules.
My EXAA is like a treasre hnt:
Atreasure hunt is exciting. Where will our
treasure e hie i the uture?
10
Sstainable and on the right corse with or employees
EXAA
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Sustainableandontherightcourse
withouremployees
Sstaiaility Report
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Sustainableandontherightcourse
orsociety
Sstainable and on the right corse or society
Sstaiaility Report
4. Sstainable and on the right corse or society
Management approach and priority goal:
Or goal is to assme social resposiility or or proessioal a private activities, to
raise awareess or resposile eergy maagemet i Astria a to promote kow-
how traser also otsie o Astria.
Key felds o action, projects, goals and indicators
4.1. Competence and training center
We ee orselves as a competece a traiig ceter or the eergy market that
helps to raise awareess a sesitivity to eergy isses. We comie techological
expertise a siess acme; we rig the ieret stakeholers together (nGOs,
tility compaies, govermet oies, parliamet) a play a role as a iepeet a
etral kowlege roker.
Goals Raise awareess a sesitivity to eergy isses
Icrease the mer o participats i traiig evets a
the mer o traiig ays ooke
boost sales o traiig a cosltig services
Measres Implemetatio o the teem traiig program
already Iclsio o gree electricity a atral gas as ew topics
implemented Ivitatio o varios iepeet experts as speakers
Indicators nmer o traiig ays ooke per acial year
(402 traiig ays ooke i 2011)
Traiig a cosltig sales per siess year
(EuR 181,258.50 i 2011)
4.2. Capacity-bilding and know-how transerOr activities i the eergy sector are ot limite to Astria. With or traiig moles a
y promotig evelopmet projects, we also cotrite to capacity-ilig a kow-
how traser i the emergig eergy markets i other Eropea cotries, i particlar,
i Cetral a Easter Erope. Oe o or aims i this cotext is to spport iteratioal
cooperatio eorts i Cetral a Sotheast Erope a to stregthe collaoratio with
or eighorig cotries.
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EXAA
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Sustainableandontherightcourse
orsociety
Sstainable and on the right corse or society
Sstaiaility Report
Goals To provie assistace or the expasio a evelopmet
o eergy markets i Cetral a Easter Erope
To spport oe evelopmet project per year y meas o
specic oatios. The project shol e eergy-relate,
eet the ottom o the pyrami a provie sigicat
leverage (eet or society) or the capital iveste
Measres doatio to Lie Earth spport or a photovoltaic system
already or a meical cliic i Tazaia, i cooperatio with
implemented CISMOgrop compaies
Indicators Expeitre or the aove metioe evelopmet project
Lie Ear th o EuR 1,635 i 2011
4.3. Responsible dialoge with society
beyo or traiig programs a cosltig projects, we are also ivolve i iitiatives
o reglatory themes a social policy isses, a are thereore, i costat ialoge
with society a policymakers. However, we also have to saegar or iepeece
a itegrity as a marketplace at all times.
List o 1)Cliets: traig memers, tilities, acial service proviers istakeholders physical traig i electricity
2)Owers a sppliers: Wieer brse AG as licesor, OeKb as
clearig parter, smart techologies as sotware spplier
3)Plic istittios: Eropea istittios sch as the EropeaCommissio, the Eu Agecy or the Cooperatio o Eergy
Reglators ACER, the Associatio o Eropea Eergy
Exchages EropEX, the Astria a Germa Miistries o
Ecoomics, the Astria a Germa eergy reglators, the
Astria Miistry o the Eviromet, nGOs active i the elso eergy a eviromet sch as Greepeace Gloal
2000 as well as associatios like the Astria Eergy Agecy
or Astrias eergy a gree electricity associatios
4)Germa a Astria trasmissio etwork operators
5)Other sppliers sch as CISMO GmH or irastrctre,tax avisors, maagemet cosltats, lawyers, etc.
Measres Ogoig participatio i EropEX Workig Grops a
already i the evelopmet a amemet o laws a staarsimplemented i Astria a Erope
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5. Sstainable and on the right corse or the environment
Management approach and priority goal:
Or goal is to rece or compays ecological ootprit. As a service siess, we o
ot maactre ay procts orselves, a thereore, o ot have ay major eergy or
resorce cosmptio. Moreover, we ca still make a sigicat cotritio y takig
measres i the area o procremet a employee moility. However, the most impor-
tat leverage we ca achieve is i evelopig ecologically eig procts.
Key felds o action, projects, goals and indicators
5.1. Sstainable procrement
As a service compay, we procre maily oce spplies, techical harware a oo
or or employees.
Goals Itegratig ecological criteria ito all procremet ecisios
Measres Orgaic oo (i seasoally availale):
already rit, air-trae coee, preeraly regioal procts
implemented
5.2. Ecologically benign mobility
Eve thogh two thirs o or employees travel to work y plic traspor t or o oot, we
still elieve there is ee or actio i the area o employee moility. Give or itera-
tioal activities, or employees travel reqetly throghot Erope. However, to keep the
ecological ootprit o these travel activities as low as possile, we have plae several
measres i this respect.
Goals To rece the caro ootprit o employee moility
Measres Caro compesatio or air travel, i possileplanned Itroctio o a special allowace or the se o plic
trasport, i possile
Indicators Percetage o employees sig plic trasport, walkig
or cyclig to travel to work (i 2011, 73 % o employees came
to work y plic trasport)
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5.3. Ecologically benign prodcts
Protectig the eviromet is very ote a river or ew els o siess or or com-
pay. To cotie or ecological activities, we pla to market or rst gree electricity
proct i early 2012.
Goals Improvig trasparecy o ecological electricity procts
o eergy markets
better itegratio o ecologically geerate electricity ito
eergy traig i Astria a iteratioally
Measres Itroctio o a gree electricity proct or spot traig
introduced o EXAA
Indicators Percetage o gree electricity traig volme as compare
to grey electricity traig (or the year 2012, the percetage
o gree electricity i total traig volme is projecte at
6.25 %)
6. Sstainable and on the right corse in bsiness
Management approach and priority goal:
The compays pricipal goal is to rther stregthe EXAAs acial ase. To o so, we
pla to cotie or eorts to attract ew traig memers a raise traig volmes o
the spot market or electricity, a y evelopig ew procts a services.
Key felds o action, projects, goals and indicators
6.1. Sstainable growth
The et prot we achieve or the rst time i 2011 has helpe pt EXAA o a healthy eco-
omic ootig. beig a prot a perormace-rive compay, we also ee loger-termacial ackig or or activities. For this reaso, we will stay o corse or sstaiale
growth, stregtheig or core siess while also opeig p ew els. We work har
to achieve sstaiale sccess, ecase reachig or preset positio was ot a easy
task a retaiig it i the tre will ot e so either.
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Goals Secre the role o EXAA as Astrias eergy exchage at the
atioal a Eropea level or the log term
Measres See report o the Maagemet boar
already
implemented
Indicators Traig volmes i GWh (7,558 GWh i the year 2011)
Clearig volmes i ero (EuR 390,236,567 i the year 2011)
Operatig otpt (EuR 2,324,492.95 i the year 2011) EbIT (EuR 761,271.92 i the year 2011)
Prot ater taxes (EuR 738,513.25 i the year 2011)
6.2. Secrity and transparency
Or core siess is to esre air a veriale price iscovery ase o the ree iter-
play o spply a ema, to esre trasparecy y plishig price a volme ata
as well as to provie the iverse services emae y or cstomers a stakeholers
(traiig, cosltig, etc.). Or risk maagemet system has prove its eciecy, espe-
cially sice the egiig o the akig crisis i 2008. As a iepeet exchage,
we are eqally committe to all market participats, garateeig o-iscrimiatory
access to eergy traig.
Goals Maximm trasactio secrity or s a or cliets
Measres Cotios improvemet o or risk maagemet system a
already or clearig a settlemet rles as well as ogoig ajstmets
implemented to icreasig trae volmes
Cotios improvemet o or iteral ait a qality
maagemet systems. Havig ergoe ISO 9001:2008
certicatio i 2010, EXAA sccesslly carrie ot a srveillace
ait i Agst 2011
VAT ra i eergy traig: Proactive cooperatio with stake-holers a competet plic oies iclig iormatio
activities i Astria, Germay a at the Eu level to prevet
ay risks to which EXAA may e expose
Indicators Amot o collateral eposite (i 2011, the amot o the
collateral eposite was EuR 49,830,639.06)
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6.3. Service ocs, simplicity and efciency
As the cost a service leaer i the market, we are a attractive alterative to the large
eergy exchages. We are pioeers i a iche segmet a oer or cliets simple a
ser-riely soltios paire with top-level fexiility at low prices. Oerig persoal cliet
services is or top priority. Trst a itegrity are the pillars o or cliet relatioships.
Goals Preserve a improve or excellet cstomer satisactio ratigs
Stregtheig or positio as cost a service leaer
Measres Creatio o log-term persoal cliet relatioships
already Evets or cliets
implemented Lea orgaizatio a short ecisio-makig paths
Flexile work processes
no re tape, t pragmatic commo-sese soltios
Indicators Reslts o reglar cliet satisactio srveys (i respose to the
qestio Wol yo recomme EXAA? 54 ot o 56 traig
participats iterviewe aswere yes i 2011. Oe traig
participat gave a aswer with qalicatios a oe traig
participat reraie rom aswerig the qestio)
This report ree rs to the acial year 2011 a covers oly EXAA AG seate i Viea. The CISMOgrop is otcovere i this report. EXAA oes ot have ay ssiiaries or aliate compaies.
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Report o the Maagemet boarThe Economic Environment
EXAA
11
TheEconomicEnvironment
1. Report on the Development o Bsiness andEconomic Sitation
1.1. Economic Environment
Eergy exchages have ecome a iseparale part o the lieralize eergy markets
i Erope. These exchages serve as a importat complemet to OTC traig, which
is irect traig etwee two parters, a also play a importat role as iepeet
price arometers.
The evelopmets o the past ew years i Erope show that electricity markets are cha-
racterize y cocetratio teecies a coplig iitiatives.
Itegratio i the nWE area (Frace, bEnELuX, Germay, Great britai a Scaiavia)
to create joit price coplig is progressig ast a shol e complete y the e
o 2012. The Czech Replic, Slovakia a Hgary starte a price coplig iitiative i
2011 schele to start i mi 2012, a other cotries a regios (Ieria Peisla,
baltic States, Pola, Romaia, Sloveia, Italy, Switzerla) are workig to joi, aove
all, the nWE project to achieve the goal ee y the Eu Commissio o coplig the
etire Eropea market y 2014.
I 2011, the two exchages EPEXSpot (or the CWE area) a norpool Spot (or Sca-
iavia, baltic cotries a uK) agree to collaorate more closely i the area o traig
systems with the aim o ltimately also joiig market operatio. The Czech-Slovak-H-
garia coplig parters agree to implemet the EPEXSpot system or the ctio o
harmoizig atioal traig reslts also coverig cross-orer electricity elivery.
With this move, the nWE cotries a especially their power exchages have posi-
tioe themselves at the vagar o Eropea power market itegratio; a sitatio
which will have to e take ito cosieratio i the tre strategy o EXAA.
Aother importat evelopmet o the past ew years is the ast pace o chage t also
the prevailig isecrity with respect to the legal, reglatory a political ramework orthe eergy market.
The roles playe have ee recast with the thir Eu legislative package or the eergy
market a the etails o the implemetatio are still eig worke o. The challege
or eergy exchages is to actively take part i the implemetatio process a to work
to esre that the market moel ltimately oes ot cotai ay arriers to exchage
traig.
Germays exit rom clear power ecie i 2011, the ogoig eate over clear
power throghot Erope a the growig share o reewale eergy i proctio are
all actors that are ametally chagig the eviromet or electricity traig. Someshort term itervetios i electricity traig are possile i orer to secre electricity
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Report o the Maagemet boar
spply. Apart rom the elargemet o the gri, it is ecomig icreasigly importat to
aapt the rles to esre that reewale eergy sorces are itegrate ito the market
i sch a maer so as to help garatee the power spply.
I aitio to the active participatio o EXAA i atioal a iteratioal eorts to
ee the ramework or eergy traig a the tireless iteratioalizatio eorts, the
iclsio o reewale eergy i lieralize electricity traig will e oe o the areas o
which EXAA will cocetrate i 2012, therey stregtheig EXAAs market positio a
siess sccess.
1.2. Spot market trading in electricity in Astria and Germany
I 2011, the ptre o EXAAs Astria a Germa electricity market was roke
a traig volmes icrease sigicatly.
Spot market trading in electricity
EXAA
11
Spotmarkettradinginelectricity
Volumes in single hours 2009 to 2011(i MW)
2009 2010 2011
40 %
35 %
30 %
25 %
20 %
15 %
10 %
5 %
0 %
The chart aove reveals that the tre o higher horly trae volmes cotie i 2011.
There were o hors with traig volmes lower tha 200 MW. The trae volme was
elow 400 MW oly i less tha 2 % o the hors a the share o hors with more tha
1,000 MW reache early 27 %.
I total, 7,558 GWh were trae o EXAA i 2011. This is a icrease o aro 18 % over
the previos year. This volme correspos to aro 13.1 % o omestic electricity co-
smptio. The average aily trae volme was 20,707 MWh. The moth o decemer
0 200 200 400 400 600 600 800 800 1,000 1,000 +
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Report o the Maagemet boar
2011 recore the highest traig volme at 720,019.40 MWh. At year-e, there were
71 market participats rom 14 ieret cotries o EXAAs electricity market.
Trading procedres on EXAA
O EXAA, electricity is trae or each o the 24 hors a or 14 locks that cosist
o several hors or all ays o the year. Traig takes place o workays rom Moay
throgh Friay rom 8:00 to 10:12 hrs. drig this perio, traig participats may eter
their qotes ito the system. Whe this phase es, a actio is hel with a view to
matchig as may orers as possile. Ater the actio, market participats may y
or sell srpls qatities rom the actio procere rig the post-traig phase at
the market clearig prices etermie. At the latest y 10:30 hrs, the participats are
iorme o traig reslts.
Price stiness at EXAA
de to the timig o the actio at EXAA with the rst actio reslts or the ay tra-
ers take giace rom crret OTC market prices. This meas that eve i the case
o low traig volmes, larger volmes are oly jst aove or elow the market clearig
price. A simlatio with real-time ata with the aitioal etry o ctitios market orers
o 50, 100 a 200 MW or every iivial hor showe that the price sitatio remaie
very stale. Eve i the case o large market orers, the clearig price sally chage
oly y a ew percetage poits (see chart elow).
Trading Procedres on EXAA
EXAA
11
TradingProceduresonEXAA
Ja
11
Fe
b11
Mar
11
Apr
11
May
11
Ju
11
Ju
l11
Aug
11
Sep
11
Oc
t11
nov
11
dec
11
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
Volume trends on EXAA 2011(i MWh)
500
,986
.20
560
,843
.90
707
,801
.30
638
,223
.30
663
,467
.30
626
,511
.00
603
,305
.20
559
,407
.50
648
,313
.70
668
,238
.80
660
,988
.90
720
,019
.40
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Correlation o prices on EXAA with prices on the OTC market
Precise oservers are srprise time a agai at how similar the prices etermie at
EXAA actios are to those o ilateral spot traes rig the same perios. This eve
reslts i EXAA eig iormally reerre to as the OTC exchage at expert talks. I the
scat two hors ater the EXAA actio (10:15 hrs) i the same, Germa-Astria market
o EPEXSpot (12:00 hrs), this is ot see as ote (see chart elow). What is the reaso?
Whe a traer has a iterest i also exectig y or sell qatities still ope or the extay rig the later, a thereore, last actio o the elivery ay o EPEX (traers mst
ote eter qotes as market orers) to avoi the risk o otherwise avorale alacig
eergy paymets, they have the possiility at 10:15 hrs to eter price limits that match
their ow expectatios withot takig this risk. I act, the share o qotes etere i
EXAA withot price limits is aro 80 percet.
The coseqece is that the so-calle market clearig price etermie ase o
spply a ema o all participats really is represetative or crret market co-
sess. Moreover, at EPEX there is also a high share o comparaly har-to-preict
electricity ees o, accorig to the Germa market moel, electricity qatities eig
etere that are ot cotiget o prices rom wi arms a photovoltaic plats a
this creates reqet pwar a owwar price fctatios.
Report o the Maagemet boarPrice Trends on the EXAA Spot Market
EXAA
11
PriceTrendsontheEXAASpotMarket
Price change in base sing simlation market orders Jan. Dec. 2011
(i EuR)
200 MW - 200 MW 100 MW - 100 MW 50 MW - 50 MW
4
3
2
1
0
-1
- 2
- 3
- 4
J
a
11
F
eb11
M
ar
11
A
pr
11
M
ay
11
J
u
11
Ju
l11
A
ug
11
S
ep
11
O
ct11
n
ov
11
d
ec
11
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EXAA traers, most o which have market access to EPEXSpot, appreciate ot oly the
soli price asis i this eviromet or portolio optimizatio, t also se EXAA price
sigals as valale giace or OTC traes cocle ater 10:15 hrs.
EXAA market prices
I the year 2011, the average EXAA ase price was EuR 51.80 / MWh a the EXAApeak price was EuR 57.94 / MWh. Prices evelope remarkaly stale over the corse
o the year espite the exit rom clear power i Germay a apart rom weather a
seasoal fctatios.
Prices were slightly higher i 2011 verss the previos year withi a rage see alreay
at the e o 2010. The average ase price was aro 16 % higher tha i the previos
year, a the peak price was p y almost 12 % i 2011.
The higher prices were r ive y the sstaie recovery o the ecoomy a reslte i
a graal icrease i ema i the market. Market prices o other power exchages
showe similar tres rig the same perio.
21
Report o the Maagemet boarPrice Trends on the EXAA Spot Market
EXAA
11
PriceTrendsontheEXAASpotMarket
EPEX_base_di EXAA_base_di dierece to GPI i base i ero rom 01.01.2009 31.08.2011
Comparison o GPI prices (DowJones German Power Index) with
EXAA and EPEXSpot prices
Ja
09
Fe
b09
Apr
09
M
ay
09
Ju
l09
S
ep
09
Oc
t09
d
ec
09
Fe
b10
Mar
10
M
ay
10
Ju
l10
A
ug
10
Oc
t10
d
ec
10
Ja
11
Mar
11
M
ay
11
Ju
11
Aug
11
30.00
20.00
10.00
0.00
- 10.00
- 20.00
- 30.00 Source:
dow
Joes
Germa
Power
Iex
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1.2.2. Risk management on the EXAA spot market or electric power
EXAA garatees the acial lllmet o exchage traes i its ctio as a cetral
coterparty. The settlemet o traes is govere y special clearig a settlemet
rles that are iig o all exchage memers. As a clearig aget, EXAA orgaizes
a spervises the timely lllmet o all traes a the proper epositig o collateral
y the traig participats.
The aily valatio o all ope positios esres that the collateral eposite y the tra-
ig participats is always maitaie at sciet levels. I this maer, EXAA esresthe acial settlemet o traes i all cases. EXAA accepts cash eposits, certai sec-
rities a ak garatees as collateral or traes. Oesterreichische Kotrollak (OeKb)
is resposile or the akig proceres relatig to clearig. The aily calclatio o
collateral levels is ase o the average et y amot o ve ope traig ays a the
statistically assesse fctatio o amots over 30 traig ays. At the same time, the
ope positios o participats are checke o every traig ay to esre that they o
ot excee the ee limit. This risk maagemet system has ee workig ecietly
sice the start o the akig crisis i Septemer 2008, a eve rig this iclt
phase, the settlemet o traes worke secrely a withot prolems. The amot o
collateral eposite was EuR 49,830,639.06 as o 31 decemer 2011.
Report o the Maagemet boarRisk management on the EXAA spot market
EXAA
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RiskmanagementontheEXAAspotma
rket
90
80
70
60
50
40
30
20
10
0
Price trend (base and peak) on EXAA in 2011 (i EuR / MWh)
Peak base base (Average) Peak (Average)
Ja
11
Fe
b11
Mar
11
Apr
11
May
11
Ju
11
Ju
l11
Aug
11
Sep
11
Oc
t11
nov
11
dec
11
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Report o the Maagemet boarteem training program
EXAA
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teemtrainingprogram
REMIT
The provisios o the REMIT Reglatio o the Eu that etere ito orce o 28 decemer
2011 regarig the moitorig o isie ealig a market maiplatio were imple-
mete.
1.3. Spot market trading in electric power in Hngary
O 17 May 2010, EXAA took over the techical settlemet or ay-ahea spot traig or
Hgary o ehal o PXE (Power Exchage Cetral Erope; www.pxe.cz). uortately,
i 2011 this market segmet aile to achieve the sccess hope or a there was o
traig i Hgary.
1.4. Spot market trading in CO2
emission allowances
EXAA has ee oerig traig i emissio allowaces (EuAs) i actios hel oce a
week as o Je 2005.
I smmer 2011, a cooperatio agreemet or allowaces traig was etere ito withgreemarket, a iepeet market segmet o bayerische brse AG. This agreemet
stiplates that EXAA is to cease its ow actios i emissios allowaces, a thereore,
CO2
traig o EXAA iscotie these actios o 16 Agst 2011.
I 2011, the total trae volme was 19,179 tos. The price iereces to other ex-
chages a OTC traig were ot sigicat.
1.5. The teem training program
Sice Jaary 2009, EXAA has ee orgaizig traiig corses er the trae mark
teem (traiig or eergy a evirometal markets) or the eergy sector a all plic
a private istittios workig i this el. The excellet ookigs a ema i the
market or aitioal traiig moles motivate s to a three ew themes to the
program i 2011. Sice 2011, EXAA has ee oerig two moles or the gas mar-
ket (market moel a thir package, gas traig a price iscovery) as well as oe
mole o the theme o proo o origi, laelig a gree electricity, i aitio to the
ve staar moles (compact kowlege eergy istry, market moel a alace
grops, traig a capacities, EXAA exchage traer iploma, eco-power). I the year
2011, or moles were hel as i-hose evets or two reowe Astria compaies.
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I 2011, EXAA early ole revees verss 2010 with 402 ooke traiig ays that
were attee y some 150 persos. Sice the start o the project, 785 moles were
ooke a over 300 persos took avatage o the teem traiig program or rther
ecatio. This shows that EXAA is a wiely recogize orgaizer o traiig corses
a sorce o kow-how or the Astria eergy istry.
The sta o CISMOgrop also takes avatage o the teem traiig corses as a ex-
cellet opportity or rther ecatio. It is staar procere or ew employees o
CISMOgrop compaies to atte the traiig moles, t also log-year employees
take avatage o the opportities to lear aot the other siess areas o the Grop.
no ew traiig themes are crretly plae or 2012, as exchage traig will cotie
to e the pricipal siess o EXAA. However, ase o the reqests o may partici-
pats, the traiig program will also e oere i Eglish i March 2012.
2. Assets, Earnings and Financial Position
2.1. Earnings sitation
Sales revees i the reportig year were EuR 2,324,493 a thereore, aro 15 %
higher tha i the previos year. This was achieve maily o ack o the very high
traig volmes i the electricity market a the sccess achieve i the acqisitio o
ew traig memers as well as the higher icome eare rom the traiig corses o
the teem project.
Operatig expeses were 6 % higher tha i the preceig year at EuR 1,557,149. This
ca e attrite maily to the trover-like system costs as well as to the higher
overall costs e to the growth strategy o the compay a the catios maagemet
o siess activities i accorace with projectios. The reslt o oriary siess
activity was EuR 787,968 a 42 % etter tha i the previos year. Prot ater taxes wasEuR 738,513 a thereore, a very satisactory 42 % higher tha i the preceig year.
2.2. Assets, earnings and fnancial position
Fixe assets as o 31 decemer 2011 amote to EuR 1,566. These comprise almost
exclsively oce eqipmet a ata processig programmes. Crret assets were
EuR 3,288,552 a icle trae accots receivale o EuR 268,325 which co-
siste largely o short-term receivales rom variale siess ees e rom traig
memers o the electricity market a other receivales o EuR 298,690. bak eposits
exclsive o collateral o eposit amote to EuR 2,187,249 as o 31 decemer 2011.
Shareholers eqity was EuR 2,424,043 o 31 decemer 2011 a reslte rom the
share capital o EuR 1,612,000, capital reserves o EuR 806,000, a the et prot o
EuR 6,043.
Report o the Maagemet boarAssets, Earnings, and Financial Position
EXAA
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Assets,Earnings,andFinancialPosition
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2.3. Liqidity sitation
The tale shows that EXAA ha a stale cash fow i 2011. However, e to the iver-
get treatmet o oreig traig memers as regars vale ae tax (reverse char-
ge mechaism) i the case o iteratioal traes, cash fows are sject to sigicat
volatility. For this reaso, the respective vale ates at the start o the moth have ee
selecte as ct-o ays i the chart elow, ecase the iereces i vale ae tax
treatmet have alreay ee accote or at this time. Compare to the preceig
year, the mothly cash o ha icrease rom a average o EuR 1,500,000 to at least
EuR 2,100,000.
2.4. Events o material signifcance ater the closeo the fnancial year
As CO2
traig aile to evelop satisactorily i the last acial year e to the a-
verse overall coitios, EXAA etere ito a cooperatio agreemet with greemarket,
a ssiiary o bayerische brse i Agst 2011. The CO2
spot market o EXAA was
iscotie.
The cooperatio etere ito with the Czech electricity exchage PXE i May 2010 will
also e iscotie i the corse o the acial year 2012 e to lackig liqiity a
restrctrig at or siess parter. There was o speig o research a evelop-
met. EXAA oes ot operate ay raches. Frthermore, there were o ope cases o
litigatio at the e o the acial year. I 2011, the tasks o EXAA were take over y the
employees o CISMO GmH. Their laor a expert kowlege is prchase y EXAA
er a service cotract or cotracte rom reelace sta.
Report o the Maagemet boarEvents o material signifcance ater the close o the fnancial year
EXAA
11
Eventsomaterialsignifcanceaterthe
closeothefnancialyear
3,000,000.00
2,500,000.00
2,000,000.00
1,500,000.00
1,000,000.00
500,000.00
0.00
Available liquid unds in 2011(i EuR)
Ja
11
Fe
b11
Mar
11
Apr
11
May
11
Ju
11
Ju
l11
Aug
11
Sep
11
Oc
t11
nov
11
dec
11
Ja
12
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26
3. Development prospects o the company
The compays pricipal ojective or the tre is to cotie to stregthe its acial
ase. This will e attaie y makig itese eor ts to acqire ew traig memers a
raise traig volmes o the spot market or electricity, a y evelopig ew procts
a services.
It is o eormos importace to promote iteratioal cooperatio with the eighorig
cotries o Cetral a Sotheast Erope a to avace the coplig o the markets,
therey raisig liqiity i cross-orer traig.
The target is to icrease sales revees i 2012 y a total o p to 10 % at more or less
chage total expeses, a as a reslt improve aal reslts i 2012 verss 2011.
4. Risks relating to fnancial instrments
The pricipal siess risks o EXAA sch as ealt, crrecy a iterest rate risks a
their possile e ects o the assets, earigs a acial positio or the year 2011 may
e assesse as very low.
The siess ees are collecte at the egiig o the year rom the respective accots
o the traig participats y atomatic ak eit orer. Frthermore, traig partici-
pats mst eposit sciet collateral as a reqiremet or takig part i traig a the
collateral mst e icrease immeiately i it rops elow the ee margi. There was
o oreig crrecy risk, ecase traig a ivestmets were cocte i ero. As
regars iterest rate risks, it is poite ot that EXAA oes ot have ay loas or creit
lies with aks. de to the high price volatility, a overrat acility was set p with a
xe iterest rate o the siess accot with the compays pricipal ak; thereore,
iterest rate risk may e excle here as well.
I the case o ope trae receivales i the amot o EuR 268,325 these reer mostly tothe variale siess ees o the traig participats o the electricity market that were
collecte i ll at the egiig o Jaary 2012. The other receivales o EuR 298,690
are vale ae tax claims with omestic tax athorities. The total o ak eposits
amote EuR 2,711,862 at aks with top creit ratigs (o which EuR 524,613 was
collateral receive) at the e o 2011.
Viea, o March 30, 2012
Maagemet boar
Report o the Maagemet boarDevelopment prospects o the company
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1
2
3
4
5
6
7
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Balance Sheet Liabilities
LIABILITIES
i EuR
A. Shareholders equity
I. nomial capital
1. Share capital
II. Capital reserves
1.appropriated reserves
III. net prot / net loss
Thereo prot / loss carryorwar
B. Provisions
1. Provisios or corporatio tax
2. Other provisios
C. Liabilities
1. Amots owe to creit istittios
2. Accots payale trae
3. Other liailities
Thereo taxes
Contingent liabilities
8
9
10
11
12
13
14
15
Notes>
EXAA
11
BalanceSheetLiabilities
Fiacial Statemets 2011
Please ote that the gres se the Germa otatio, i.e., comas are perios a vice versa.
2010
1.612.000,00
1.612.000,00
806.000,00
806.000,00
- 732.470,41
- 1.250.849,94
1.685.529,59
31.093,12
237.170,64
268.263,76
719,18
22.556,23
285.626,36
285.626,36
308.901,77
2.262.695,12
30.000,00
2011
1.612.000,00
1.612.000,00
806.000,00
806.000,00
6.042,84
- 732.470,41
2.424.042,84
13.440,00
90.150,00
103.590,00
769.068,15
9.732,39
9.732,39
778.800,54
3.306.433,38
30.000,00
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Notes to the Financial Statements
EXAA
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NotestotheFinancialStatements
I. ACCOuNTING AND VALuATION POLICIES
The acial statemets have ee prepare i accorace with the priciples o proper
ookkeepig a accotig a the geeral ojective o presetig a air a tre view
o the assets, earigs a acial positio o the compay (Sec. 222 par. 2 Commer-
cial Coe).
The acial statemets have ee prepare i accorace with the priciple o com-
pleteess a proper accotig, a a ogoig cocer has ee assme or the
valatio.
The priciple o separate valatio withot osettig has ee applie to the assets a
liailities.
I accorace with the priciple o coservatism, oly gais realize o the alace
sheet cto ate have ee reporte. All recogizale risks a potetial losses arisig
i the siess year 2011 or i earlier siess years have ee take ito accot.
1. Fixed Assets
1.1. Intangible assets
Itagile assets acqire have ee recogize at cost o acqisitio, less schele
epreciatio o the asis o their sale lie.
A sale lie o 1 to 7 years has ee assme.
Sotware extesios prchase rig the siess year were immeiately epreciate
i ll.
There were o schele write-os.
1.2. Tangible fxed assets
Tagile assets have ee vale at cost o acqisitio a cost o proctio, less
cmlative schele epreciatio cotie i the reportig year 2011. depreciatio
rates have geerally ee calclate accorig to the liear epreciatio metho.
The sale lie o the iivial grops o xe assets is as ollows:
Fixtres, ritre a oce eqipmet oe to or years
Low-vale assets i the meaig o Sec. 13 Icome Tax Act 1988 o the acial year
have ee lly writte o i the year o acqisitio a reporte i the tale o chages
i xe assets er aitios a isposals.
There was o extraoriary epreciatio / amortizatio.
Fixe chagig vales prsat to Sec. 209 par. 1 have ot ee recogize.
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>Notes to the Financial Statements
2. Crrent Assets
2.1. Acconts receivable and other assets
Receivales a other assets have ee recogize at omial vale.
no recogizale risks exist or otstaig receivales.
3. Provisions
3.1. Tax provisions
Provisios or taxes reer to provisios or corporatio tax ot yet assesse or collectio.
3.2. Other provisions
Provisios have ee mae to cover projecte claims i accorace with the priciple
o coservatism. Provisios rom previos years have ee release a recogize
as operatig icome less they have ee se a the reasos or the ormatio o
provisios have cease to exist.
4. Liabilities
Liailities have ee vale at their repaymet amots i accorace with the priciple
o coservatism.
5. Crrency translation
The oreig exchage rate o the e ates has ee applie or the coversio o re-
ceivales a liailities, takig ito accot oreig exchage losses e to chages i
exchage rates as compare to the alace sheet ct-o ate.
6. Changes to valation policies
There have ot ee ay chages to valatio policies.
7. Changes to the presentation layot verss theprevios year
There have ot ee ay chages to the layot verss the previos year.
EXAA
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Notes to the Financial Statements
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NotestotheFinancialStatements
II. NOTES TO THE BALANCE SHEET
ASSETS
1. Fixed AssetsChages i xe asset items a the reakow o aal epreciatio y iivial item (Sec. 226
par. 1 Commercial Coe) are give i the tale o chages to xe assets:
Cost o depr./Amort.
acqisitio Cmlate book vale2011 / 01 / 01 Aitios disposals 2011 / 01 / 01 2011 / 01 / 01 dep r./amo rt
2011 /12 / 31 Traser Traser 2011 /12 / 31 2011 /12 / 31 appreciat io
EuR EuR EuR EuR EuR EuR
I. Intangible assets
1. Istrial property rights a similar
rights a icemets 954,821.94 0.00 60,000.00 954,821.55 0.39 0.00
894,821.94 0.00 0.00 894,821.58 0.36 0.00
II. Property, plant and equipment
1. Fixt res, ritre a oce eqipmet 51,186.17 964.83 24,870.18 44,513.02 6,673.15 6,071.87
27,280.82 0.00 0.00 25,714.81 1,566.01 0.00
Sums 1,006,008.11 964.83 84,870.18 999,334. 57 6,673.54 6,071.87
922,102.76 0.00 0.00 920,536.3 9 1,566.37 0.00
1.1. Intangible assets
Itagile assets cosist o liceses, sotware a the costs o the ew esig o the wesite. Items
er tagile assets have ee writte o accorig to reglar epreciatio i a amot o EuR 0.00
(previos year: EuR 12,061.27).
1.2. Property, plant and eqipment
Items er plat a eqipmet have ee writte o i a amot o EuR 5,830.37 (previos year:
EuR 6,626.60) e to epletio. Low-vale goos were prchase i the reportig year or EuR 241.50
a immeiately writte o (prev. year: EuR 53.32).
2. Crrent Assets
2.1. Acconts receivable and other assets
The tale elow presets the remaiig time to matrity o the receivales reporte i the alace sheet:
With a remaiig Time toTotal matrity o p to 1 yearEuR EuR
Accots receivale trae 278,000.00 278,000.00
Previos year 610,186.62 610,186.62
Amounts owed by companies to which it is related by participating inte rests 9,675.00 9,675.00
Previous year 11,724.00 11,724.00
Other receivales a assets 298,689.52 298,689.52
Previos year 10,410.10 10,410.10
Total receivables 576,689.52 576,689.52
Previos year 620,596.72 620,596.72
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2.1.1. Amonts owed by companies to which it is related by
participating interests
The item amots owe y compaies with which the compay is relate y participa-
tig iterests cosists lly o trae receivales rom Wieer brse AG.
2.1.2. Other receivables and assets
The i tem other receivales reer maily to vale ae tax creits ot yet claime a
ipt taxes ot yet ree.
O the total amot o other receivales, EuR 4,339.72 (prev. year EuR 0.00) reslts
rom eerre iterest icome o term moey eposits. These receivales are e orpaymet ext year.
31 dec. 2011 31 dec. 2010EuR EuR
Other loas a avaces 4,339.72 0.00
Ipt tax Germay (dE) 5,835.51 7,413.20
Ipt tax Great britai (Gb) 533.53 1,021.88
Ipt tax netherlas (nL) 0.00 493.62
Ipt tax Spai (ES) 0.00 414.40
Ipt tax Pola 1,067.00 1,067.00
Ipt tax Czech Replic 690.00 0.00
Ipt tax Frace 587.60 0.00
Tax oce VAT e 285,636.16 0.00
Total other receivales a assets 298,689.52 10,410.10
3. Prepaid expenses and deerred charges
3.1. Prepaid expenses
Prepai expeses have ee reporte i a amot o EuR 16,315.14 (prev. year: EuR
20,346.90) a comprise all expeses recogize o a accral asis er expe-
itres i the ollowig year.
LIABILITIES
4. Shareholders eqity
4.1. Share capital
The share capital o the compay o EuR 1,612,000.00 is ivie ito 1,612 registere
shares with a omial vale o EuR 1,000.00 each.
4.2. Capital reserves4.2.1. Appropriated reserves
Appropriate capital reserves reer to the premim rom the isse o par-vale shares
over the isse price.
Notes to the Financial Statements
EXAA
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4.3. Net proft
The et prot or the year 2011 is EuR 6,042.84.
This amot accots or the loss carrie orwar rom the year 2010 o EuR - 732,470.41.
5. Provisions
5.1. Provisions or taxes
Tax provisios cocer projecte paymets e or past corporatio taxes or the year
2011 ase o the reslts or the year.
5.2. Provisions not reported separately in the balance sheet
The ollowig provisios have ee mae i sstatial amots t have ot ee
reporte separately i the alace sheet.
As o 1.1.2011EuR
useEuR
ReleaseEuR
AllocatioEuR
As o 31.12.2011EuR
Prov. or legalcosel/cosltig
14,895.00 14,792.55 102.45 46,800.00 46,800.00
Other provisios 222,275.64 213,540.77 8,734.87 43,350.00 43,350.00
Total otherprovisions
237,170.64 228,333.32 8,837.32 90,150.00 90,150.00
6. Liabilities
The tale elow shows the matrities o the liailities reporte i the alace sheet:
With a remaiig time toTotal matrity o p to oe yearEuR EuR
Accots payale aks 0.00 0.00Previos year 719.18 719.18
Accots payale trae 769,068.15 769,068.15Previos year 22,556.23 22,556.23
Other liaili ties 9,732.39 9,732.39Previos year 285,626.36 285,626.36
Thereo or taxes 9,732.39 9,732.39
Previous year 285,626.36 285,626.36
Total liabilities 778,800.54 778,800.54
Previos year 308,901.77 308,901.77
6.1. Other liabilities
The item other liailities oes ot cotai ay expeses that all e ater the alacesheet cto ate.
35
Notes to the Financial Statements
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>Notes to the Financial Statements
7. Frther inormation on the balance sheet
7.1. Liabilities
The ollowig liailities were reporte o the alace sheet prsat to Sec. 199
Commercial Coe:
1. bak garatee rom die Erste bak er oesterreichische Sparkasse AG or
EuR 30,000.00 i avor o the RWE cotrol area.
7.2. Other fnancial liabilities
As o the ct-o ata, there were o other acial oligatios rom retal or leas igagreemets.
III. NOTES TO THE PROFIT AND LOSS ACCOuNT
The prot a loss accot was prepare i accorace with the total cost ormat pr-
sat to Sec. 231 par. 2 Commercial Coe.
1. Sales revenes
Althogh traig volmes are attritale to the respective traig memers i com-
mercial terms, sales revees rom traig activities (yig a sellig) are reporte
er sales revees, a amots or power ille to thir parties are reporte er
revees a expeses.
Revees (sell) 2011 EuR 390,505,389.62 2010 EuR 292,146,570.29
Expeses (y) 2011 EuR 390,505,389.62 2010 EuR 292,146,570.29
The sales revees cotai those amots that EXAA collects as set ot i the p-
lishe Schele o Fees o Wieer brse AG rom exchage memers or operatig a
makig the exchage traig system availale. The memership ees are collecte olyoce at the time exchage memership is grate. The siess ees are e aally.
The trasactio ees epe o the respective memers traig volme a are
ivoice to the yer a the seller o every traig ay.
The procees rom trasactio ees i electricity spot traig or Germay / Astria o
EuR 1,090,897.48 (prev. year EuR 940,857.58) reslt rom the electricity traig volme o
1 Jaary 2011 to 31 decemer 2011 o 7,558,106.5 MWh (prev. year: 6,410,043.2 MWh)
with a trae vale o EuR 390,236,567 (prev. year: EuR 290,886,089 ).
The trasactio ees rom CO2
emissio allowaces traig amote to EuR 583.11
(prev. year EuR 1,962.89) a reslt rom the traig volmes o 1 Jaary 2011 to
31 decemer 2011 o 19,179 t (prev. year: 88.401 t) with a trae volme o EuR 269,071.89(prev. year: EuR 1,260,481.04).
EXAA
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Notes to the Financial Statements
EXAA
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NotestotheFinancialStatements
The eviatio rom the previos year is e maily to the iscotie operatio o CO2
traig o EXAA as o 16 Agst 2011.
Apart rom the ees collecte or exchage traig o EuR 2,050,505.59 (prev. year
EuR 1,851,945.47) sales revees also icle the procees rom traiig corses o
EuR 218,153.96 (prev. year: EuR 141,391.27) a rom ata veig o EuR 8,062.50
(prev. year: EuR 8,010.00) as well as revees rom settlemet compesatio o
EuR 19,800.00 (prev. year: 15,214.75).
2. Other operating income
Other operatig icome icles amots rom the release o se expese provi-
sios o EuR 8,837.32 (prev. year EuR 0.00), icome rom the iscotie operatio
o CO2
traig o EuR 10,000 (prev. year EuR 0.00) a other icome, maily cost re-
imrsemets o a total o EuR 9,133.58 (prev. year EuR 13,596.48).
3. Personnel expenses
no persoel were employe i the acial year.
The work sally perorme y employees is prchase rom exteral sppliers areporte er the item other operatig expeses.
4. Other operating expenses
4.1. Frther other operating expenses
The item rther other expeses icle maily expeses or the ogoig costs o
the system o EuR 330,552.20 (prev. year: EuR 300,055.66), expeses or iverse
exteral services o EuR 917,615.53 (prev. year: EuR 932,185.02) a other expeses o
EuR 308,981.43 (prev. year: EuR 234,331.72).
5. Taxes on income and earnings
The corporatio tax chage verss the previos year y EuR 14,808.59 a was
EuR 49,454.42 i the acial year 2011.
6. Net proft
The et prot or the acial year 2011 was EuR 738,513.25 a chage verss the
previos year y EuR 220,133.72 (prev. year: EuR 518,379.53).
The release o the loss carrie orwar rom acial year 2010 i a amot o
EuR - 732,470.41 reslts i a et prot o EuR 6,042.84.
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Fiacial Statemets 2011Notes to the Financial Statements
EXAA
11
NotestotheFinancialStatements
IV. OTHER INFORMATION
1. The average nmber o employees was:
The compay has ot ha ay employees sice 11 Jly 2006.
2. The ollowing persons were on the Management Board:
Management Board: rom 1 Jaary 2011 to 31 decemer 2011
Rol Scheier a Jrge Wahl
3. The ollowing persons are on the Spervisory Board:Hasjrg Tegg Chairma o the Spervisory boar
Herert Seilma 1st Vice-Chairma
Heirich Schaller 2 Vice-Chairma
Wolgag Arer, Memer
Herma Egger, Memer
Roert Hager, Memer
Fraz Keschig, Memer
Helmt Meel, Memer
Lwig niee, Memer
Peter Rieler, Memer til 1 Oct. 2011
Gariela Riha, Memer
4. The exceptio rle accorig to Sec. 241 para. 4 Astria Commercial Coe has
ee applie.
5. Other explanations required on the grounds o materiality:
Sice May 2010, there has ee a cooperatio agreemet with Power Exchage
Cetral Erope, a.s., Ry 14 / 682, CZ - 110 05 Prage.
O 16 Agst 2011, traig i emissios allowaces o EXAA was iscotie a
a cooperatio agreemet or allowaces traig was etere ito with greemarket,
a iepeet market segmet o bayerische brse AG.
Viea, o March 30, 2012
Jrge WahlRol Scheier
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039
Adit Opinion
Report on the Financial Statements
We have aite the accompayig acial statemets, iclig the accotig, o
EXAA Abwicklngsstelle r Energieprodkte AGAlserbachstrae 14 16, A -1090 Vienna
or the scal year rom Jaary 1, 2011 to decemer 31, 2011. These acial statemets
comprise the alace sheet as o decemer 31, 2011, the icome statemet or the scal
year ee decemer 31, 2011, a the otes.
Managements Responsibility or the Financial Statements and
or the Acconting System
The Compays maagemet is resposile or the accotig a or the preparatio
a air presetatio o these acial statemets i accorace with Astria Geerally
Accepte Accotig Priciples. This resposiility icles: desigig, implemetig
a maitaiig iteral cotrol relevat to the preparatio a air presetatio o a-
cial statemets that are ree rom material misstatemet, whether e to ra or error;
selectig a applyig appropriate accotig policies; makig accotig estimatesthat are reasoale i the circmstaces.
Aditors Responsibility and Description o Type and
Scope o the Stattory Adit
Or resposiility is to express a opiio o these acial statemets ase o or
ait. We cocte or ait i accorace with laws a reglatios applicale i
Astria a Astria Staars o Aitig. Those staars reqire that we comply
with proessioal gielies a that we pla a perorm the ait to otai reasoale
assrace whether the acial statemets are ree rom material misstatemet.
A ait ivolves perormig proceres to otai ait eviece aot the amots aisclosres i the acial statemets. The proceres selecte epe o the aitors
jgmet, iclig the assessmet o the risks o material misstatemet o the acial
statemets, whether e to ra or error. I makig those risk assessmets, the aitor
cosiers iteral cotrol relevat to the Compays preparatio a air presetatio o
the acial statemets i orer to esig ait proceres that are appropriate i the
circmstaces, t ot or the prpose o expressig a opiio o the eectiveess o
the Compays iteral cotrol. A ait also icles evalatig the appropriateess
o accotig policies se a the reasoaleess o accotig estimates mae y
maagemet, as well as evalatig the overall presetatio o the acial statemets.
We elieve that the ait eviece we have otaie is sciet a appropriate to
provie a reasoale asis or or ait opiio.
Ait Opiio
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Opinion
Or ait i ot give rise to ay ojectios. I or opiio, which is ase o the reslts
o or ait, the acial statemets comply with legal reqiremets a give a tre a
air view o the acial positio o the Compay as o decemer 31, 2011 a o its
acial perormace or the scal year rom Jaary 1, 2011 to decemer 31, 2011 i
accorace with Astria Geerally Accepte Accotig Priciples.
Comments on the Management Report
Prsat to stattory provisios, the maagemet report is to e aite as to whether
it is cosistet with the acial statemets a as to whether the other isclosres are
ot misleaig with respect to the Compays positio. The aitors report also has to
cotai a statemet as to whether the maagemet report is cosistet with the acial
statemets.
I or opiio, the maagemet report is cosistet with the acial statemets.
Viea, March 30, 2012
Ib Iterilaz HerWirtschatsprg GmH
This report is a translation o the original report in German, which is solely valid.
Puplication o the fnancial statements together with our auditors opinion may only be
made i the fnancial statements and the management report are identifcal with the audi-
ted version attached to this report. Section 281 paragraph 2 UGB (Austrian Commercial
Code) applies.
MMag. Rola TEuFELTax Cosltat
Mag. Areas RTHLInCertie Plic Accotat
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41
Report o the Spervisory Board
I 2011, the Spervisory boar moitore a approve the maagemet activities o
the Maagemet boar withi the scope o reglar meetigs a o the asis o etaile
writte reports smitte as well as y reqetly commicatig i perso with the
memers o the Maagemet boar. The Maagemet boar reporte reglarly o the
corse o siess a the sitatio o the compay.
The ait o these acial statemets or 2011 a o the maagemet report was car-
rie ot y Ib Iterilaz Her & Her Wirtschatsprg GmH, Viea, a theacial statemets were corme to e i compliace with legal provisios withot
ay restrictios. The acial statemets a maagemet report were aware a -
qalie ait opiio.
The Committee estalishe y the Spervisory boar prsat to Sec. 92 (4a) Astria
Stock Corporatio Act or the prpose o aitig a preparig the aoptio o the
acial statemets complie with its oligatios a met o 22 March 2012. Two meet-
igs o the Ait Committee took place i the acial year 2011. At the seco meetig
o 2011, the Ait Committee ealt i etail with the accotig system a the iteral
ait system. Aitioally, the ocs o the ait o the acial statemets or 2011 was
ee.
I its report to the Spervisory boar, the Ait Committee agree with the reslts o the
ait o the acial statemets a reache the coclsio that there were o reasos
or raisig ojectios ater coctig a ait o the acial statemets a o the
maagemet report as well as o the proposal or the se o the prot/loss.
The Spervisory boar examie the acial statemets a the maagemet report
prsat to Sec. 96 o the Stock Corporatio Act as well as the proposal presete y
the maagemet oar or the se o the prot/loss reporte i the acial statemets
or the year ee o 31 decemer 2011. The examiatio i ot reslt i ay reasos
or ojectios.
The Spervisory boar approve the acial statemets or 2011 at its meetig o 30
May 2011, which herey stas aopte, a eclare its coset to the proposals o
the Maagemet boar regarig the se o the prot or the year 2011.
The Spervisory boar proposes the appoitmet o Ib Iterilaz Her & Her
Wirtschatsprg GmH, Viea, as aitor or the acial year 2012.
The Spervisory boar wol like to express its appreciatio a recogitio o the ex-
cellet work perorme y the Maagemet boar a all employees o EXAA Awick-
lgsstelle r Eergieprokte AG.
Viea, May 2012
Spervisory boar
ReportReport o the Spervisory Board
EXAA
11
ReportotheSupervisoryBoard
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>use o the ResltsProposal or the se o the reported net proft
EXAA
11
Proposalortheuseothereportednet
proft
42
Proposal or the se o the reported net proft
The Maagemet boar o EXAA Awicklgsstelle r Eergieprokte AG proposes to
carry the et prot reporte i the acial statemets or the year ee 31 decemer
2011 o EuR 6,042.84 (ero six thosa orty two a eighty or cets) orwar to the
ext year.
Viea, May 2012
Maagemet boar
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43
Ownership structure as o 31 December 2011
Shareholders Share %
APCS Power Clearig a Settlemet AG 34.56
Wieer brse AG 25.12
smart techologies Maagemet-beratgs- . beteiliggsgesellschat m..H. 8.06
Oesterreichische Kotrollak Aktiegesellschat 8.06
VERbund Traig AG 3.04
e&t Eergie Haelsgesellschat m..H. 3.04
KELAG-Krter Elektrizitts-Aktiegesellschat 3.04
STEWEAG-STEG GmH 3.04
TIWAG Tiroler Wasserkrat Aktiegesellschat 3.04
Vorarlerger Kratwerke Aktiegesellschat 3.04
Eergie Graz GmH & Co KG 2.98
OMV Power Iteratioal GmH 2.98
100.00
EXAAShareholders as o 31 December 2011
EXAA
11
Shareholdersaso31December2011
VERBUND Trading AG
3.04 %
e & t 3.04 %
KELAG 3.04 %
STEWEAG-STEG 3.04 %
TIWAG 3.04 %
VKW 3.04 %
OMV 2.98 %
Energie Graz 2.98 %
Wiener Brse
25.12 %
OeKB
8.06 %smart
8.06 %
Others 24.20 %
APCS
34.56 %
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>Memers
EXAA
11
SupervisoryBoardandManagementBo
ard
44
Spervisory Board and Management Board
Supervisory Board
Hansjrg Tengg Chairma
Herbert Seidlmann Vice-Chairma
Heinrich Schaller Vice-Chairma
Wolgang Aubrunner Memer
Hermann Egger Memer
Robert Hager Memer
Franz Keuschnig Memer
Helmut Mennel Memer
Ludwig Nieen Memer
Peter Riedler Memer til 1 Oct. 2011
Gabriela Riha Memer
Management Board
Rudol Schneider
Jrgen Wahl
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45
Spervisory Board Committees(as o 31 December 2011)
Adit Committee
Hasjrg Tegg
Herert Seilma
Heirich Schaller
Wolgag Arer
Roert Hager
Appointment Committee
Hasjrg Tegg
Herert Seilma
Heirich Schaller
Wolgag Arer
Strategy Committee
Hasjrg Tegg
Herert SeilmaHeirich Schaller
Wolgag Arer
Roert Hager
Fraz Keschig
Spervisory Board Committees
Memers
EXAA
11
SupervisoryBoardCommittees
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>Eitorial Iormatio
Media owner:
EXAA Awicklgsstelle r Eergieprokte AG
Fn 210730y, Commercial Cort o Viea
Type: Martia Gaigg
Printed: PrePress & Prit Avice Service drckeratg GmH
Place: A -1230 Wie, Liesiger-Flr Gasse 8
Translation: CAMELS Capital Markets Eglish Lagage Services
Logo: Create y MCb Mothwr
Photography credits:
Cover: kily spporte y daiel Kovac
Page 03: smart techologies Maagemet-beratgs- beteiliggsgesellschat mH.
Page 04: Foto Wilke, CISMO Clearig Itegrate Services a Market Operatios GmH
Page 9 10: ega otolia; Ltilotogra otolia; The Image bak / Caela Foto Art / Kreziger / Getty Images;
m_reihart otolia; Flickr / Roerto Moz / Getty Images; matttila otolia; lios otolia; balthazar otolia
46
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CotactEXAA Abwicklungsstelle r Energieprodukte AG
A-1090 Vienna, Alserbachstrae 14 16
Phone: +43 1 253 72 72 - 0
Fax: +43 1 253 72 72 - 96
E-Mail: [email protected], www.exaa.at