Annual financial report

2020/21

Burgenland Holding Aktiengesellschaft

2020/21 2019/20 2018 /19

Balance sheet total EURm 80.7 80.7 80.1

Equity EURm 80.7 80.7 80.1

Investment income EURm 10.6 10.5 10.0

Net profit for the period EURm 10.4 10.3 9.8

Energie Burgenland Group

2020/21

forecast

2019/20

Electricity sales GWh 1,118 1,205

Natural gas sales GWh 1,174 1,053

Revenue EURm 336.3 336.7

Pre-tax profit EURm 27.6 56.4

Balance sheet total EURm 957.1 917.7

Equity EURm 346.9 347.4

Key figures

Energising Burgenland

Burgenland Holding Aktiengesellschaft

Burgenland Holding Aktiengesellschaft holds 49% of the share

capital of Energie Burgenland AG. The remaining 51% of the

shares are held by Landesholding Burgenland GmbH. The share

capital of Energie Burgenland AG amounts to EUR 34.9m.

The shares of Burgenland Holding Aktiengesellschaft (share

capital: EUR 21.8m) are traded in the Official Market of the

Vienna Stock Exchange under the international securities iden-

tification number (ISIN) AT0000640552. The majority share-

holder of Burgenland Holding Aktiengesellschaft is EVN AG,

which continues to hold 73.63% of the share capital. Over 10%

of the shares are held by VERBUND AG and between 5% and

10% by WIEN ENERGIE GmbH. The shares held by the remain-

ing shareholders are below the reporting threshold of 4%.

Key figures

Company profile

Foreword of the Executive Board

Corporate governance report

Commitment to the Austrian Code

of Corporate Governance 6

Corporate bodies 7

Energie Burgenland Group

Business development 2020/21 (forecast) 13

Management report

Energy policy environment 15

General business and energy sector environment 16

Business development 18

Risk report 20

Outlook 20

Financial statements 2020/21

Balance sheet 22

Profit and loss account 23

Notes 24

Development of fixed assets 25

Auditor’s report

Subsidiaries

Statement of the Executive Board on the

annual financial report

Annual financial report 2020/21

Content

Foreword of the Executive Board

Klaus Kohlhuber, Alois Ecker

Dear Sir or Madam,

dear shareholders,

the 2020/21 business year was once again marked by

challenges in connection with the Covid-19 pandemic. In addi-

tion, the transformation of the energy system as desired by

society is leading to major changes in the surrounding frame-

work of energy industry and energy policy. In Austria, Parliament

passed the new Act on the Expansion of Renewable Energy

inJuly2021. The performance of Energie BurgenlandAG, and

thus also of Burgenland Holding Aktiengesellschaft, is influenced

strongly by those parameters.

In spite of these turbulent times in the energy sector, Burgen-

land Holding Aktiengesellschaft can again look back on a

successful business year 2020/21. At EUR 10.4m, the profit for

the year as of 30 September 2021, was slightly higher than

last year. The result of Burgenland Holding Aktiengesellschaft

is determined largely by the dividend payouts of its associated

companies, first and foremost that of Energie Burgenland AG,

whose dividend from its profits of the 2019/20 business year

in the amount of EUR 10.3m remained stable compared to the

previous year.

The shares of Burgenland Holding Aktiengesellschaft once

again performed very well during the reporting period. As of

the balance sheet date of 30 September 2021, the share price

had recorded an increase of 26.9% compared to the same date

last year.

These positive developments in the past business year allow the

Management Board of Burgenland Holding Aktiengesellschaft

to recommend to the Annual General Meeting the distribution

of a dividend of EUR 3.45 per share from the profits for the

2020/21 business year.

For the 2020/21 business year, Energie Burgenland AG is

expected to show the usual profit adjusted by last year’s

positive one-off effects. Burgenland Holding Aktiengesellschaft

expects investment income in the 2021/22 business year to

remain basically unchanged from the reporting year.

Eisenstadt, 16 November 2021

Klaus Kohlhuber Alois Ecker

Member of the Member of the

Executive Board Executive Board

Corporate governance report

Commitment to the Austrian Code of

Corporate Governance

Burgenland Holding Aktiengesellschaft is an Austrian public

limited company listed on the Vienna Stock Exchange. Besides

the applicable regulations of Austrian law, in particular the

Stock Corporation Act and Capital Markets Act, corporate

governance is governed by the By-Laws of Burgenland Holding

Aktiengesellschaft, the Austrian Code of Corporate Gover-

nance (ACCG) – see www.corporate-governance.at – as well as

the rules of procedure of corporate bodies.

The Executive Board and Supervisory Board of Burgenland

Holding Aktiengesellschaft are committed to the Principles of

Good Corporate Governance and thus fulfil the expectations

of Austrian and international investors with regard to respon-

sible and transparent corporate governance and manage-

ment control with a long-term perspective. With effect from

23 March 2021, Burgenland Holding Aktiengesellschaft has

fully submitted to the ACCG as amended in January 2021.

The standards of the ACCG are subdivided into three groups:

The first category (Legal Requirements) is based on mandatory

legal provisions and has to be applied by all listed Austrian

companies and is also fulfilled to the letter by Burgenland

Holding Aktiengesellschaft. Non-compliance with C-regula-

tions (Comply-or-Explain) is possible, but has to be justified

publicly. Burgenland Holding Aktiengesellschaft is posting

suchdeclarations in this Report as well as on its homepage.

R-regulations, by contrast, are of purely recommendatory

character and deviations do not require any explanation.

As there is no obligation to prepare consolidated group

accounts, IFRS are not applicable. Reporting is effected pursuant

to applicable Austrian financial reporting requirements; Regula-

tions 65, 66, 69 and 70 of the ACCG are not applied.

The Executive Board and Supervisory Board of Burgenland

Holding Aktiengesellschaft declare, notwithstanding the devi-

ations and explanations listed below, full and complete com-

pliance with the C-Regulations of ACCG; there are also only

isolated deviations from R-Regulations. The Corporate Gover-

nance Report of Burgenland Holding Aktiengesellschaft is

available at www.buho.at/corporate-governance-report.

Deviations from C-Regulations

Due to the special character of the Company, Burgenland

Holding Aktiengesellschaft deviates from the following

C-regulations of the ACCG:

Regulation 16: No member of the Executive Board was elected

Chairman. The Company is a holding with a minor extent of

operating business activities. Given a two-member Executive

Board, appointing a Chairman of the Executive Board would

also entail certain disadvantages. Therefore, the Supervisory

Board chose not to make such appointment. As this is not sub-

ject to any temporal restrictions, changes can be made at any

time. The Executive Board acts as a collegial body and has

always adopted its resolutions unanimously. For the reasons

stated above, the Rules of Procedure for the Executive Board,

which govern the details of the cooperation of the Executive

Board, do not provide for an allocation of responsibilities.

Regulation 18: Burgenland Holding Aktiengesellschaft is

contractually integrated in the audit and risk management

systems as well as the internal control system of EVN AG,

which can be accessed at any time. Given the low complexity

and the size of the Company as well as the desire to keep

administration as efficient as possible, the Executive Board

considers existing checks and controls as sufficient and does

not regard a separate audit plan as necessary. Furthermore,

Energie Burgenland AG has its own audit system in place.

Regulation 27: The remuneration of the Executive Board does

not contain any variable components. The size of the Com-

pany, the limited influence on investment income as well as

the character of the position as sideline employment are good

arguments for a simplified remuneration scheme. Therefore,

the Supervisory Board chose not to stipulate any provisions to

this effect. As this is not subject to any temporal restrictions,

changes can be made at any time.

Regulations 27a bis 29a: Since the Executive Board receives

a fixed remuneration and there are no executive employees

at Burgenland Holding Aktiengesellschaft, Regulations 27a to

29a are applicable only to a limited degree.

Regulation 37: The Chairman of the Supervisory Board

communicates with the Executive Board as a whole. The Com-

pany is a holding with a minor extent of operating business

activities. The Supervisory Board therefore refrained from

appointing a Chairman of the Executive Board (see justifica-

tion of Regulation 16). As this is not subject to any temporal

restrictions, changes can be made at any time. Coordination

of strategy, business development as well as risk management

with the full Executive Board has worked very smoothly given

the limited number of business transactions.

1) pursuant to §243c Austrian Commercial Code

Corporate governance report

Corporate bodies

Executive Board

Klaus Kohlhuber

Born in 1972, Doctor iuris, heads the Secretariat General and

Investment Management of EVN AG; seats on executive boards

in Austrian and foreign group companies of EVN Group;

member of the Executive Board of Burgenland Holding Aktien-

gesellschaft since 2011.

Initial appointment: 5 September 2011

End of current term: 4 September 2026

Three supervisory board positions in other companies pursuant

to Regulation 16 ACCG.

Alois Ecker

Born in 1960, Doctor iuris, investment manager as well as

several other management functions and project responsibil-

ities within EVN Group.

Initial appointment: 1 February 2021

End of current term: 31 Januray 2026

Four supervisory board positions in other companies pursuant

to Regulation 16 ACCG.

Members of the Supervisory Board

Name (year of birth) Appointment Other functions Independence Rule 53

Stefan Szyszkowitz, MBA (1964)

Chairman

from 11.03.2011 Spokesman of the Executive Board of EVN AG,

Supervisory Board member of VERBUND AG and Austrian Post AG

yes

Franz Mittermayer (1958)

Vice Chairman

from 16.03.2018 Member of the Executive Board of EVNAG yes

Michael Amerer (1963) from 31.03.2005 Managing Director of VERBUND Hydro PowerGmbH yes

Rita Heiss (1969) from 16.03.2018 Divisional Manager Finance and Accounting of Flughafen Wien AG yes

Johannes Lang (1973) from 20.03.2015 Head of Group Accounting of EVN AG yes

Nikolaus Sauer (1969) from 12.03.2021 Senior Officer Wasserleitungsverband Nördliches Burgenland no

Jörg Sollfelner (1974) from 18.03.2016 Managing Director of ENERGIEALLIANZ Austria GmbH yes

Ute Teufelberger (1977) from 21.03.2014 Managing Director der E-VO eMobility GmbH yes

Norbert Wechtl (1972) from 15.03.2019 Head of Legal and Public Affairs of EVNAG yes

Peter Weinelt (1966) from 16.03.2018 Managing Director of WIENER STADTWERKE GmbH,

Supervisory Board member of VERBUND AG

yes

3) The freefloat of Burgenland Holding Aktiengesellschaft is below 10%. Rule 54 therefore does not apply.

The term of the members of the Supervisory Board elected by the Annual General Meeting ends upon conclusion of the

Annual General Meeting deciding the 2022/23 business year.

1) EVN Macedonia AD, Netz Niederösterreich GmbH, EVN Home DOO

2) “Wohnungseigentümer” Gemeinnützige Wohnbaugesellschaft m.b.H, EWU Wohnbau Unternehmensbeteiligungs-GmbH,

GEBAU-NIOBAU Gemeinnützige Baugesellschaft m.b.H, Gemeinnützige Wohnungsgesellschaft “Austria“ Aktiengesellschaft

Regulation 39: The Supervisory Board does not have a sep-

arate committee for decision-making in urgent matters. The

need for urgent decisions by the Supervisory Board is covered

by circular resolutions, which seems adequate given the low

business volume of the Company. The Supervisory Board can

set up additional committees at any time.

Regulation 83: Based on the documents and materials pro-

vided, the auditors have to assess the functionality of risk

management and report to the Executive Board. As outlined

above, Burgenland Holding Aktiengesellschaft is contractually

integrated in the audit and risk management systems as well

as the internal control system of EVN AG. The auditors’ review

therefore also extended to the functionality of EVN AG’s audit

and risk management.

Management of the Company by the Executive Board

The Executive Board of Burgenland Holding Aktiengesellschaft

is comprised of two members. On its own responsibility, the

Executive Board has to manage the Company in such a manner

as is required by the purpose and the viability of the Company

taking into account the interests of shareholders and employ-

ees as well as public interest. Its actions are based on legal

regulations and the by-laws as well as the Rules of Procedure

for the Executive Board as laid down by the Supervisory Board.

Further important rules of conduct are stipulated by the ACCG.

In matters requiring consent stipulated as such by law or

resolution of the Supervisory Board, the Executive Board has

to obtain the Consent of the Supervisory Board. The Rules of

Procedure contain an extensive catalogue of such matters.

Reporting duties of the Executive Board

The Executive Board has to report to the Supervisory Board

in accordance with the provisions of organisational law. The

reporting obligation specified therein applies also towards

Committees of the Supervisory Board. The reporting duties of

the Executive Board also include quarterly reports about the

situation of the Company as well as information on important

matters concerning associated companies.

Communication between Executive Board and Supervisory

Board is effected in the course of meetings of the Supervisory

Board, its Committees as well as in writing if called for. More-

over, continuous coordination between the Executive Board and

the Chairman of the Supervisory Board occurs with regard to

those activities which fall within the purview of the Supervisory

Board. This includes, above all, the preparation of meetings.

Clear separation of company management and supervision

The Austrian Stock Corporation Act prescribes a two-tier gover-

nance system. It provides for a clear separation of members

of the executive body (executive board) and monitoring body

(supervisory board). Simultaneous membership in both bodies

is not admissible.

Corporate governance report

Supervisory Board

As of 30 September 2021, the Supervisory Board of Burgenland

Holding Aktiengesellschaft comprised a total of 10 members

elected by the Annual General Meeting. The Supervisory Board

is headed by the Chairman and a Vice Chairman, which the

Supervisory Board elects from within its own members.

The independence of the individual members of the Super-

visory Board according to Regulation 53 of ACCG can be seen

from the list on page 6. The Supervisory Board exercises its

functions in accordance with the provisions of the Austrian

Stock Corporation Act as well as the Company By-Laws. Fur-

thermore, its actions are based on the Rules of Procedure for

the Supervisory Board as well as ACCG.

In particular, the Supervisory Board is charged with super-

vising the Executive Board, from which it can request a report

on Company matters at any time. The range of transactions

requiring consent by law (§95 Austrian Stock Corporation Act)

can be expanded by resolutions of the Supervisory Board. Such

a catalogue can be found in relevant Rules of Procedure for the

Executive Board and the Supervisory Board.

Independence of the Supervisory Board

A member of the Supervisory Board shall be deemed independ-

ent if he or she has no business or personal relations with

the company or its Executive Board which would constitute

a material conflict of interest and thus could influence the

member’s behaviour. In case such a conflict exists, the ACCG

provides for transition periods of several years.

The guidelines concerning the independence of the elected

members of the Supervisory Board therefore stipulate that the

Supervisory Board member

1. shall not have any business or personal relations with

Burgenland Holding Aktiengesellschaft or its Executive

Board which would constitute a material conflict of interest

and thus could influence the member’s behaviour;

2. shall not have served as a member of the Executive Board or

as an executive of Burgenland Holding Aktiengesellschaft in

the past five years;

shall not maintain or have maintained in the past year any

business relations with Burgenland Holding Aktien gesellschaft

of significant extent. This shall also apply to relationships with

companies in which the Supervisory Board member has a con

siderable economic interest, but shall not apply to the exercise

of functions pertaining to corporate bodies within the Group.

The approval of individual trans actions by the Supervisory

Board according to L-Regulation 48 of ACCG does not auto

matically qualify the person as not independent.

4. shall not have been auditor of Burgenland Holding Aktien-

gesellschaft or have owned a share in or worked for the

auditing company in the past three years;

shall not be a member of the executive board of another

company in which an Executive Board member of Burgen land

Holding Aktiengesellschaft is a supervisory board member;

6. shall not serve or have served on the Supervisory Board for

more than 15 years. This shall not apply to members of

the Supervisory Board who are shareholders with an entre-

preneurial investment or represent the interests of such a

shareholder.

7. shall not serve or have served on the Supervisory Board for

more than 15 years. This shall not apply to members of

the Supervisory Board who are shareholders with an entre-

preneurial investment or represent the interests of such a

shareholder.

Focus of activities of the Supervisory Board

Within the reporting period, the Supervisory Board performed

the duties and obligations prescribed by law and laid down in

the by-laws in four plenary sessions as well as by three circu

lar resolutions. Of all the significant resolutions of the Super-

visory Board – besides the adoption of the annual accounts for

2019/20 and the approval of the 2021/22 budget – determin

ing the declaration of the dividend and, above all, the voting

behaviour of Company representatives at the Annual General

Meetings of Energie Burgenland AG has to be pointed out

specifically. One member of the Executive Board was extended

in the past business year, with the other one being replaced.

The ACCG as amended in January 2021 was put into effect for

Burgenland Holding Aktiengesellschaft as of 23 March 2021.

The Supervisory Board addresses the efficiency of its activities,

in particular its organisation and procedures, on a yearly basis.

This self-evaluation is conducted based on a written question-

naire as well as oral discussions.

The Supervisory Board has acknowledged the report on the

current implementation of the Market Abuse Regulation as

well as the report on precautions taken to fight corruption in

the Company pursuant to Regulation 18a of the ACCG. More-

over, the Supervisory Board once again examined potential

conflicts of interest and found none to exist. Due to the expiry

of the terms of all members, the Annual General Meeting

appointed nine new members to the Supervisory Board. The

attendance rate of all members of the Supervisory Board at its

meetings amounted to 87.2% on average. In the 2020/21

business year, no member of the Supervisory Board did not

take part in person in more than half the meetings of the

Supervisory Board.

Committees of the Supervisory Board

Both, the Audit Committee and the Personnel Committee

consist of the following members of the Supervisory Board:

Stefan Szyszkowitz

(Chairman and Remuneration Expert)

Franz Mittermayer (Vice Chairman),

Johannes Lang (Financial Expert), and

Norbert Wechtl.

At the moment, two committees have been set up in the

Supervisory Board of Burgenland Holding Aktiengesellschaft:

the Audit Committee and the Personnel Committee.

Functioning of the Committees of the Supervisory Board

The Supervisory Board will exercise its functions in plenary

session unless individual matters are assigned to Committees of

the Supervisory Board which prepare for the latter negotiations

and resolutions, monitor the implementation of its resolutions

decide on matters specifically assigned by the Supervisory Board.

Corporate governance report

The Audit Committee performs the following tasks:

– monitoring the accounting process as well as providing

recommendations or suggestions to safeguard its reliability;

– monitoring the effectiveness of the internal control system,

and of the internal audit system, if applicable, and the

Company’s risk management system;

– monitoring the audit, taking into account findings and

conclusions in the reports of the audit regulatory body;

– examining and monitoring the independence of the audi-

tors, especially with regard to additional services provided

for the audited company; furthermore, Art. 5 para 5 of

Audit Regulation (EU) 537/2014 has to be observed;

– reporting to the Supervisory Board on the result of the audit

and outlining how the audit contributed to the reliability of

financial reporting as well as the Audit Committee’s role in

this context;

– auditing the annual accounts and preparing its adoption,

examining of the proposal for the distribution of profits, the

Management Report and, if applicable, of the Corporate

Governance Report as well as reporting to the Supervisory

Board about the findings of the audit;

– carrying out the process of selecting the auditor with regard

to appropriate fees as well as recommending the appoint-

ment of such auditor to the Supervisory Board; Art. 16 of

Audit Regulation (EU) 537/2014 shall apply here.

The Audit Committee includes the financial expert required by

law and Regulation 40 ACCG. The members of the Audit Com-

mittee are all familiar with the sector in which the Company

operates. The Audit Committee of the Supervisory Board was

convened twice in the 2020/21 business year. In its meetings,

it covered the financial statements as of 30 September 2020,

including notes, Management Report and Corporate Gover-

nance Report, as well as the auditor’s report on the financial

statements as well as the process of the audit.

The Audit Committee acknowledged the report on transactions

concluded in the course of ordinary activities and on market

conditions (§95a Austrian Stock Corporation Act). Further-

more, the Audit Committee approved certain “non-audit

services” by the auditors by circular resolution.

The

Personnel Committee performs the duties of a nominat-

ing and a compensation committee and deals with personnel

matters related to the members of the Executive Board includ-

ing the planning of succession. The Personnel Committee is

responsible for all matters regarding the relations between

the Company and the members of the Executive Board with

the exception of such matters where it is mandatory for the

entire Supervisory Board to be involved. The Supervisory

Board’s Personnel Committee in its capacity as Compensation

Committee includes a member with know-how and experience

in the area of compensation policy (Regulation 43 ACCG). The

Personnel Committee of the Supervisory Board passed four

circular resolutions in the 2020/21 business year. Apart from

the appointment of the two Executive Board positions that had

become vacant during the reporting period, those covered the

conclusion of contracts with members of the Executive Board

as well as the approval of supervisory board positions held

by Mr.Ecker.

Contracts of Members of the Supervisory Board Requir-

ing

Consent (Regulation 48): From past business years, the

following contract exceeding minor amounts of remuneration

were concluded with EVN AG, in which several members of the

Supervisory Board have a material economic interest:

Since the Company does not have any employees of its own,

administration of the Company is conducted via a service agree-

ment, which, for example, comprises the areas of account-

ing, legal affairs, management accounting, cash manage-

ment and investment management; total net remuneration in

the 2020/21 business year amounted to EUR 110,721.00.

As from the 2020/21 business year, the Company, in accord-

ance with §9 of the Austrian Corporation Tax Act (KStG), has

been the top-tier corporation in a tax group with the consor-

tium of NÖ Landes-Beteiligungsholding GmbH as a majority

shareholder and WIENER STADTWERKE GmbH as a minority

shareholder (up to 2019/20, NÖ Landes-Beteiligungsholding

was the top-tier corporation within this group). The tax alloca-

tion agreement with EVN AG in place since 2014 did not have

to be amended. On the basis of this consolidated tax sharing

agreement with EVN AG, a tax allocation in the amount of

EUR66,844.74 in favour of Burgenland Holding Aktiengesell-

schaft was recorded in the 2020/21 business year.

Measures to promote women, Diversity concept

As the Company does not have any employees of its own or

any executive employees, no specific promotion measures are

planned in this regard. The principle of equal opportunities

applies also to the executive and supervisory bodies of the

Company. Changes in this regard can only be effected when

filling the vacant positions of its corporate bodies. In the past

business year, one seat on the Supervisory Board was filled,

with the equality principle under §86 para 7 Austrian Corpo-

rate Act not being applicable in this context. Two members of

the Supervisory Board are female. In addition to professional

qualification and personal competence, a balanced composi-

tion of the Supervisory Board with regard to such professional

and personal characteristics are of particular importance when

electing the members of this body. There are currently no

women on the Executive Board. One position on the Executive

Board was extended in the reporting period, with the other

seat being newly appointed. Both positions on the Executive

Board were publicly advertised in accordance with the Staffing

Act. There were no female applicants.

Changes after the balance sheet date

No changes in circumstances subject to reporting requirements

occurred between the balance sheet date and the preparation

of the Corporate Governance Report.

Eisenstadt, 16 November 2021

Klaus Kohlhuber Alois Ecker

Member of the Member of the

Executive Board Executive Board

Corporate governance report

Energie Burgenland Group

Business development 2020/21 (forecast)

1 October 2020 – 30 September 2021

Highlights

• TakeoveroftheheatingplantPiringsdorf

• AwardedheatsupplyofOberpullendorfhospital,

allowing construction of new biomass heating plant

on site. Commissioning is scheduled for the coming

business year.

• TransformerstationZurndorf:Bycommissioningthe

fourthgridconnectiontransformerintheZurndorf

network node, the location is turning into one of the

most powerful network nodes in Austria (installed

transmission capacity of 1,200MW, completion of

Eco-Feed-in concept “Öko 4C”).

• Smart-metermassrolloutcompletedinApril2021

• NewExecutiveBoardfrom1January2021,

development of “Change” strategy

• Presentationof“weiterdenker.at”platform

(jointprojectwiththeProvinceofBurgenland)

• Innovativeproductsolutions(“SonnenAbo”,

“SonnenMax” or “SonnenMarie”)

• DesignofaGreenFinanceframeworkin

accordance with international standards

• EnergypartnershipÖBB

• CivicparticipationAndau

The generation of ecological energy remains one focus of

Energie Burgenland Group. Thus, 184 wind energy plants

and

a total capacity of 454 MW

produced around 935 GWh of

ecological electricity in the 2020/21 business year.

Energy sales and supply

In the 2020/21 business year, electricity sales by Energie

Burgenland Vertrieb GmbH & Co KG dropped to 1,118 GWh, a

decrease of 7.2% compared to the volume in the correspond-

ing period of the previous year. Grid sales rose to 1,866 GWh,

5.7% more than in the 2019/20 business year.

Gas sales will be 1,174 GWh, thus around 11.4% above last

year’s levels. Compared to the previous year, grid sales also

rose 14.8% to 2,596 GWh.

Income situation

The revenues of Energie Burgenland Group are expected to

amount to EUR 336.3m, which corresponds to a slight decrease

of 0.1% compared to the previous period. Pre-tax profit is

forecast to amount to EUR 27.6m, representing a decrease of

around 51.1% compared to the previous year.

Financial situation

The net cash flow from operating activities will amount to

EUR58.6m, with operating cash flow expected to come in at

EUR83.1m.

Balance sheet and capital structure

As of 30 September 2021, the balance sheet total is estimated

to amount to EUR 957.1m, with fixed assets (EUR 767.3m)

accounting for 80.2% of total assets. Shareholders’ equity will

amount to EUR346.9m, resulting in an equity ratio of 36.2%.

Taking into account construction and investment grants, the

equity ratio amounts to 50.6%.

Outlook

Within the wind energy sector, repowering of Phase 1 is ex-

pec ted to be completed by Q1 of 2022/23. Thanks to repow-

ering, old wind farms will be replaced with more efficient and

powerful farms. A further focus can be found in the expansion

of photovoltaics, which will see an investment of EUR140.4m

(incl. SPV) in the 2021/22 business year.

Energie Burgenland Vertrieb GmbH & Co KG is planning price

changes for electricity and natural gas for the 2021/22 busi-

ness year.

The strategic reorientation regarding biomass has been imple-

mented. Electricity production was stopped after the first quar-

ter of 2020/21 as planned. The focus thus lies exclusively on

district heating. Around EUR 7.7m is to be invested in this field

in the 2021/22 business year.

For the 2021/22 business year, investments in the electric-

ity grid, the natural gas grid and the wind energy sector are

planned to amount to roughly EUR 53.9m, EUR 14.1m and

EUR106.6m, respectively.

Energie Burgenland Group

2020/21

forecast

Electricity sales volumes GWh 1,118

Grid sales (electricity) GWh 1,866

Natural gas sales volumes GWh 1,174

Grid sales (natural gas) GWh 2,596

Revenue EURm 336.3

Pre-tax profit EURm 27.6

Balance sheet total EURm 957.1

Equity EURm 346.9

Operating cash flow EURm 83.1

1) At the time of printing, the final financial statements of Energie Burgenland AG as of 30 September 2021 were not yet available.

Therefore, the data presented here are preliminary and are based on forecasts as well as the interim statements as of 30 June 2021.

2) Number of wind turbines are calculated in line with the Company’s share in the wind parks (as of 30 September 2021).

3) Total capacity is calculated in line with the Company’s share in the wind parks (as of 30 September 2021).

Management report

European energy and climate policy

In July 2021, the European Commission presented a compre-

hensive legislative package for the energy sector entitled “Fit

for 55” and announced another part for decarbonisation in the

gas sector for December 2021. As an interim goal on its way to

meeting the Paris climate target, the package aims to reduce

net greenhouse gas emissions within the European Union

by2030 by at least 55% compared to 1990 levels. The Com-

mission views this as a decisive step in transforming Europe

into the first climate-neutral continent by 2050.

The proposals of the European Commission will now have to

undergo the standard legislative procedures. In view of the

difficult negotiations to be expected between EU Parliament,

Council, and Commission, the process is not expected to be

concluded before 2023. The items most relevant to Energie

Burgenland AG’s operations are as follows:

– Renewables Directive, which, among other provisions,

stipulates an increased target for the share of renewable

energy within the European Union of 40% by 2030

– Directive on Emissions Trading: contains, among other

elements, the proposal to reduce emissions by means of a

further reduction of CO

emission certificates

– Effort Sharing Regulation, which provides for a new emis-

sion trading system for road traffic and the buildings sector

– Energy Efficiency Directive, which, among other things,

is to stipulate more ambitious reduction obligations with

regard to energy consumption

– revised Energy Taxation Directive: In the future, fuels are

to be taxed based on energy content and environmental

performance

The European Union is also currently revising its regulations on

the financing of energy infrastructure projects. In this context,

additional funding can be expected for hydrogen infrastructure

as well as for CO

capture and storage.

Energy price development

In October 2021, the European Commission presented a “tool-

box” of measures which member states could employ to relieve

consumers and companies in view of sharply increasing energy

prices. Those short-term instruments include, for example,

emergency income support for households, subsidies for com-

panies, as well as temporary reductions in taxes and charges.

At the suggestion of individual member states, longer-term

measures for the purpose of price stabilisation are to be evalu-

ated as well, such as an expansion of energy storage capacities

or the joint procurement of gas reserves.

Austrian energy and climate goals

In Austria, the Federal Government has defined the goal of

covering 100% of total electricity consumption (on balance for

the country) from renewable energy sources by 2030 already

and achieving climate neutrality for Austria no later than 2040.

In order to meet this goal, the expansion of renewable gener-

ation capacities is to be supported by federal funds by up to

EUR1 billion per year for the next 10 years.

On 7 July 2021, Austrian Parliament passed the new Act on

the Expansion of Renewable Energy (EAG), which stipulates

the required framework conditions to achieve Austria’s energy

and climate goals. The EAG also contains specific expansion

targets: Electricity generation from renewable sources is to be

increased by a total of 27 TWh by 2030. Of that, photovoltaics,

wind power, hydropower, and biomass are to account for 11,

10, 5, and 1 TWh, respectively.

Those elements of the EAG which are of particular relevance

for Energie Burgenland AG’s activities comprise support

mechanisms for the construction of new photovoltaic, wind

power, hydropower, and biomass plants to convert electric-

ity into hydrogen or synthetic gas. Moreover, the security of

investments for existing and future plants to produce renew-

able gas must be guaranteed, and the share of domestically

generated renewable gas in Austrian gas sales volume is to

be raised to 5 TWh by 2030. Other relevant components

include the parameters for citizen energy communities and

renewable energy communities.

Burgenland Holding Aktiengesellschaft holds 49% of the share capital of Energie Burgenland AG.

As a result, the Notes on energy policy and energy industry in this Management Report of Burgenland Holding

Aktiengesellschaft will focus mainly on Energie Burgenland Group (Energie Burgenland).

Energy policy environment

General business and energy sector environment

Economic environment

The Covid-19 pandemic and the measures decided for its con-

tainment resulted in a dramatic slump in the global economy

in some months of the past year, and the current economic

situation and the economics forecast are still very much marked

by the pandemic. The global economy shrunk considerably in

the first half of 2020, but has since recovered strongly. In indus-

trialised countries in particular, the easing of Corona measures

led to a significant recovery. This development was, to some

degree, aided by the expansive monetary policy of many

central banks. Consequently, global economic output is now

above pre-pandemic levels. The same is true for the develop-

ment within the Eurozone: Following a sharp downturn in the

economy by around 6.3% in 2020, real GDP is set to grow by

roughly 4.8% and up to 4.5% in 2021 and 2022, respectively.

After the corona-related slump of around 6.7% in 2020, the

Austrian economy has sharply picked up its pace since the

second quarter of 2021 and already returned to pre-crisis levels

by the middle of the year. This development was supported

mainly by the significant easing of containment measures and

the international economic recovery. Private consumption

in particular, which was boosted by the repeal of Corona

measures, could prove to be a further driver of economic

growth. By contrast, current supply chain issues and the result-

ing marked price increases as well as the continuing uncertainty

about the further course of the pandemic have had a dampening

effect. Overall, the economy is likely to grow between 3.8%

and 4.5% this year. For 2022, GDP is expected to rise between

4.5% and 4.8%.

Effects arising from the Covid-19 pandemic

Energie Burgenland AG generally coped very well with the

challenges created by the general Covid-19 situation and the

measures to contain the pandemic starting in spring of 2020,

without suffering any relevant financial impact on revenues or

profit for the year. Accordingly, no material losses from bad

debts were recorded.

Since Energie Burgenland AG had started early on to set up

a crisis management team and take precautions, continuing

operations were guaranteed at all times. The insights gained

from this can now be drawn on for additional optimisations to

be prepared for future crises.

Energy sector environment

The energy business of Energie Burgenland AG is determined

largely by external factors. With regard to household custom-

ers, it is mostly weather conditions that are relevant for the

demand for electricity, natural gas, and heat, while the demand

of industrial customers is determined mainly by the economic

development.

Management report

As a consequence, a considerable increase in the connection

of decentralised renewable energy plants can be expected.

Combined with the rising power requirements due to the

all-electricity approach (e-mobility, heat pumps), this will lead

to higher pressure on the electricity grids resulting from the

transportation of growing and more volatile feed-in quantities.

Energie Burgenland AG is responding to this by undertaking

extensive investments in its network infrastructure.

Following the passage of the EAG by Parliament, the Austrian

electricity industry is now waiting for regulations on around

30issues which have to be worked out by the various govern-

ment departments and will be essential for the specific appli-

cation of the EAG. What is also still missing is the state aid

notification of the EAG by the European Commission, which

has, however, already indicated the need for several changes

to some components. A new resolution by the Austrian Parlia-

ment will likely prove necessary to design the aid mechanisms

contained in the EAG in a manner compatible with state aid

regulations.

1) Sources: “European Economic Forecast, Autumn 2021“, European Commission, November 2021

“Herbst-Prognose der österreichischen Wirtschaft 2021–2022“, IHS, October 2021

“Prognose für 2021 und 2022: Vierte COVID-19-Welle bremst kräftigen Aufschwung“, WIFO, October 2021

“World Economic Outlook“, International Monetary Fund, October 2021

Energy sector environment – indicators

2020/21 2019/20

Heating-related energy demand

% 110.1 95.5

Cooling-related energy demand

% 72.7 58.9

Primary energy and CO

emission certificates

Crude oil – Brent EUR/barrel 50.4 41.6

Natural gas – NCG

EUR/MWh 26.2 9.1

Hard coal – API#2

EUR/t 76.9 44.6

emission certificates EUR/t 40.7 24.0

Electricity – EPEX spot market

Base load EUR/MWh 64.9 32.5

Peak load EUR/MWh 75.2 38.7

1) Calculated based on the heating degree total respectively cooling degree total; the basis (100%) corresponds to the adjusted long-term average.

2) Net Connect Germany (NCG) – EEX (European Energy Exchange) stock exchange price for natural gas

3) ARA notation (Amsterdam, Rotterdam, Antwerp)

4) EPEX spot – European Power Exchange

The 2020/21 business year was marked by significantly colder

temperatures compared to the previous year. Heating degree

day totals, which defines the temperature-based demand for

energy, were 14.7 percentage points higher in Austria than last

year, and 10.1 percentage points above the long-term average.

Cooling degree day totals, measuring the energy demand for

cooling, showed a marked rise in 2020/21 of 13.8%.

The average EEX price for natural gas almost tripled in the

reporting period, to EUR 26.2 per MWh from EUR 9.1 per MWh

previously. This can mainly be put down to the generally higher

demand for natural gas as well as lower gas storage levels in

Europe and the restarting of the economy after the decreases

in demand caused by Covid-19 in the previous year, especially

in the Asian region. It was mostly the high demand from Asia

and supply chain issues that caused a price increase also in coal

of 72.5% to an average of EUR 76.9 per tonne. The average

price of CO

emission certificates showed a similar develop-

ment. At EUR 40.7 per tonne in the 2020/21 business year, this

was almost 70% higher than last year.

The development of the prices for primary energy as well as

emission certificates also had an impact on the market

prices for electricity: As a result of the marked increase in pri-

mary energy prices, but also because of unfavourable wind

conditions, the spot market prices for base and peak load elec-

tricity averaged EUR 64.9 per MWh and EUR 74.2 per MWh,

respectively, almost twice last year’s levels. The development

in the forward market was even more pronounced: Here,

as at September 30, 2021, the average prices for base and

peak load electricity stood at EUR 150.0 per MWh and

EUR180.5 perMWh, or 3 1/2 times higher than last year.

Management report

• Investmentincomeslightlyhigherthanlastyear

• IncreaseinprofitfortheyeartoEUR10.4m

• ProposaltotheAnnualGeneralMeeting:dividendofEUR3.45pershare

Burgenland Holding Aktiengesellschaft

Economic development

Analysis of the 2020/21 business year

Income situation

The performance of Burgenland Holding Aktiengesellschaft is

determined to a major extent by the dividend of the associated

company Energie Burgenland AG. Overall, Burgenland Holding

Aktiengesellschaft received investment income of EUR10.6m

in the

2020/21

business year (

2019/20

: EUR 10.5m). In addi-

tion to the dividend from Energie Burgenland AG for the

2020/21

business year in the amount of EUR 10.3m (pre-

vious year: EUR 10.3m), a dividend was received from Wiener

BörseAG for the 2020 business year amounting to EUR 0.3m

(previous year: EUR 0.2m).

Burgenland Holding Aktiengesellschaft does not employ any

personnel.

A proposal will be made to the Annual General Meeting to

distribute to the shareholders a dividend of EUR 3.45 per share

(previous year: EUR 3.45 per share) from the net profit for the

2020/21 business year. This corresponds to a dividend pay-

ment of EUR 10.4m.

Stable balance sheet and capital structure

The sound balance sheet structure of Burgenland Holding Aktien-

gesellschaft remained essentially unchanged in the 2020/21

business year compared to the previous year. The balance sheet

total of EUR 80.7m was unchanged from last year, with the

equity ratio as of the balance sheet date of 30 September 2021

amounting to 99.99%.

Burgenland Holding share

(pursuant to §243a (1) Austrian Commercial Code)

As of 30 September 2021, the share capital of Burgenland

Holding Aktiengesellschaft amounted to EUR21.81m, broken

Management report

Burgenland Holding Aktiengesellschaft – key figures

EURm

2020/21 2019/20

Change

in %

Pre-tax profit 10.3 10.3 –

Investment income 10.6 10.5 0.1

Net profit for the year 10.4 10.3 0.1

Balance sheet total 80.7 80.7 –

Non-current assets 71.3 71.3 –

Current assets and prepayments and accrued income 9.4 9.4 –

Equity 80.7 80.7 –

Debt capital 0.0 0.0 –

down into 3,000,000 no-par value bearer shares. Burgenland

Holding Aktiengesellschaft is listed in the “Standard Market

Auction” segment of the Vienna Stock Exchange. Form and

content of the share certificates are determined by the Exe-

cutive Board. An entitlement to the representation of shares

in individual certificates is excluded. There is only one class of

shares. All shares encompass the same rights and obligations.

2. There are no restrictions on voting rights beyond the gen-

eral provisions of the Austrian Corporation Act or any

agreements on restrictions on the transferability of shares.

3. As the majority shareholder, EVN AG continues to hold

73.63% of the shares of Burgenland Holding Aktienge-

sellschaft. VERBUND AG holds more than 10% of the shares,

while WIEN ENERGIE GmbH holds between 5% and 10%.

The shares of the other shareholders are below the reporting

threshold of 4% or are in free float.

4. No shares with special control rights have been issued.

5. There is no equity participation of employees since the com-

pany does not have any employees.

6. The Executive Board consists of two members who are

appointed and removed by the Supervisory Board. Besides

complying with the relevant regulations under the Stock

Corporation Act, the ownership structure requires in

particular compliance with the Staffing Act, which provides

for public tender.

7. The Executive Board has no powers pursuant to §243a (1)

fig. 7 Austrian Commerical Code.

Management report

Key figures for the 2020/21 financial year

Indicators on the income situation

TEUR

2020/21 2019/20

Change

nominal

Change

in %

Earnings before interest

and tax (EBIT)

Pre-tax profit +

interest and similar expenses

pursuant to §231 (2) fig. 15 Austrian

Commercial Code

10,317 10,255 62 0.6

The business activities of Burgenland Holding Aktiengesellschaft consist in holding and managing investments. Burgenland Holding

Aktiengesellschaft did not generate any revenues in the 2020/21 business year.

2020/21 2019/20

Change

in %-points

Return on assets

Return on equity Pre-tax profit / Average equity 12.8% 12.7% 0.1

Return on total assets EBIT / Average total capital 12.8% 12.7% 0.1

Indicators on asset and financial situations

TEUR

2020/21 2019/20

Change

nominal

Change

in %

Working capital Current assets

– Current assets held as reserves

= Current assets

– Short-term debt capital

= Working capital

9,365 9,330 35 0.4

Equity ratio Equity / Total capital 99.99% 99.98% 0.01 –

Burgenland Holding Aktiengesellschaft does not show any liabilities vis-à-vis financial institutions either as of the balance sheet date

of 30 September 2021, or last year’s reporting date. As a result of the higher profit for this year compared to last year, the working

capital is higher than last year. Like last year, net gearing (net debt/shareholders’ equity) amounts to 0.0%.

8. A syndicate agreement exists between Burgenland Holding

Aktiengesellschaft and Landesholding Burgenland GmbH

with regard to Energie Burgenland AG. A change in control in

one of the two owners of Energie Burgenland AG would

trigger a call option for the other owner with regard to the

shares in Energie Burgenland AG.

9. There are no compensation agreements for the benefit of cor-

porate bodies or employees in the event of a public takeover

bid pursuant to §243a (1) fig. 9 Austrian Commericial Code.

Further information can be found on the Company’s website at

www.buho.at.

Cash flow statement

TEUR

2020/21 2019/20

Change

nominal

Change

in %

Net cash flow from operating activites 10,426 9,702 724 7.5

Net cash flow from investing activities 0 0 – –

Net cash flow from financing activites –10,350 –9,750 –600 6.2

Net change in cash and cash equivalents 76 –48 –124 258.3

Composition of cash and cash equivalents: cash at banks, cash and cash equivalents Group cash pooling

The net profit for the year of EUR 10.4m (previous year: EUR 10.3m) yielded an operating cash flow of EUR 10.4m (previous year:

EUR 9.7m). The main determinants of the net profit for the year were the distributions of dividends of the associated companies.

Management report

Environmental protection

While there are no environmental activities worth mentioning

within the Company itself, they do play a large role in the asso

ciated company Energie Burgenland AG. As Austria’s largest

producer of wind power, Energie Burgenland AG makes a major

contribution to environmental protection.

Furthermore, Burgenland Holding Aktiengesellschaft is inte-

grated in the environmental management system of EVNGroup,

which was established to take aspects of environmental pro-

tection into consideration whenever management decisions

have to be made.

Branch offices

Burgenland Holding Aktiengesellschaft does not have any

branch offices.

Risk assessment and control measures

The persons involved in the accounting process via a service

agreement with EVN meet the qualification requirements and

receive training on a regular basis. The company’s accounts are

maintained in the ERP software system SAP, module FI (finance/

accounting) and safeguarded by access authorisations as well as

compulsory automatic and manual checks.

Signatures are subject to a four-eyes-principle, which ensures

risk-minimising commissioning of third parties as well as correct

gathering and payment of external invoices.

Furthermore, the Company is integrated in an internal review

system as well as an audit system under a service agreement in

place with EVN AG.

The credit risk is constantly monitored by the Company. Due to

the investment of liquid funds within the Group, credit default

risk is considered immaterial.

The Code of Conduct established by Burgenland Holding

Aktiengesellschaft and the values laid down in the Code apply to

all persons working for Burgenland Holding Aktiengesellschaft.

A compliance management system has been set up.

Every three months, the Executive Board receives a comprehen-

sive report on the Company’s asset, financial, and income situa-

tions, which – in addition to the balance sheet – also contains a

profit and loss account as well as a cash flow statement. These

reports are also presented to the Supervisory Board every three

months.

Burgenland Holding Aktiengesellschaft continues to keep an

increased focus on managing its investment risk, which is cur-

rently considered to be low thanks to the stable environment.

Financial instruments, risks and uncertainties

Existing primary financial instruments are shown in the balance

sheet under receivables and payables. In addition, there are

deposits with banks and equity interests. There are no derivative

financial instruments. The foreign exchange risk is con sidered

to be low. The extent of existing interest rate exposure in

financing is in line with industry levels. Due to the investment

within EVN Group, credit default risk is considered low.

Research and development

Research and development activities are conducted in the asso-

ciated company Energie Burgenland AG, not at the Company

itself.

Outlook

For the

2020/21

business year, Energie Burgenland AG is

expected to show the usual profit adjusted by last year’s positive

one-off effects. Burgenland Holding Aktiengesellschaft expects

investment income in the 2021/22 to remain basically

unchanged from the reporting year.

Eisenstadt, 16 November 2021

The Executive Board

Klaus Kohlhuber Alois Ecker

Member of the Member of the

Executive Board Executive Board

Financial statements 2020/21

Balance sheet as of 30 September 2021

(Comparison with last year as of 30 September 2020)

Financial statements 2020/21

Assets

30.09.2021

EUR

30.09.2020

TEUR

A. Fixed Assets

Financial assets

71,325,280.80 71,325

B. Current assets

I. Accounts receivables

1. Receivables from affiliated companies

9,251,719.42 9,336

2. Other receivables

9,875.50 2

9,261,594.92 9,338

II. Cash at banks 109,720.55 12

9,371,315.47 9,349

C. Deferred expenses and accrued income

Other

3,651.74 6

Total assets

80,700,248.01 80,680

Equity and liabilities

30.09.2021

EUR

30.09.2020

TEUR

A. Equity

I. Called-up, subscribed and paid-in share capital 21,810,000.00 21,810

II. Capital reserves

Committed reserves 43,676,373.33 43,676

III. Retained earnings

Other reserves (free reserves) 4,852,000.00 4,822

IV. Net profit

10,356,075.14 10,352

thereof profit carried forward

2,381.11 2

80,694,448.47 80,661

B. Provisions

Other provisions 5,799.54 19

Total equity and liabilities

80,700,248.01 80,680

Financial statements 2020/21

Profitandlossaccount

1 October 2020 – 30 September 2021

(Periodofcomparison:1October2019–30September2020)

2020/21

EUR

2019/20

TEUR

1. Other operating income

a) other 232.94 0

232.94 0

2. Other operating expenses

a) taxes, unless covered by fig. 9 –363.00 –1

b) other –279,473.03 –242

–

279,836.03 –242

3. Total fig. 1 to 2 (Operating result) –

279,603.09 –242

Investment income 10,596,653.25 10,489

Other interest and similar income 422.23 8

thereof from associated companies 418.87 8

Interest and similar expenses –623.10 0

thereof from associated companies –316.36 0

7. Total fig. 4 to 6 (Financial result)

10,596,452.38 10,496

8. Pre-tax profit

10,316,849.29 10,254

9. Taxes on income from tax allocation 66,844.74 56

thereof income from tax credits 66,844.74 56

10. After-tax profit = Net income for the period

10,383,694.03 10,310

11. Release of retained earnings 0.00 40

12. Allocation of retained earnings –30,000.00 0

13. Profit carry-forward 2,381.11 2

14. Net profit

10,356,075.14 10,352

Notes

General information

These financial statements of Burgenland Holding Aktien-

gesellschaft as of 30 September 2021, were prepared by the

Company’s Executive Board in accordance with the regulations

of the Austrian Commercial Code.

Pursuant to §221 Austrian Commercial Code, the Company is

classified as a large stock company.

The Company is part of the consolidation circle of EVN Group.

The parent company, which prepared the consolidated group

accounts for the smallest and the largest circle of firms is

EVNAG, Maria Enzersdorf. These consolidated group accounts

have been filed with the Commercial Court of Wiener Neustadt.

As from the 2020/21 business year, the Company, in accord-

ance with §9 Austrian Corporation Tax Act (KStG), has been

the top-tier corporation in a tax group with the consortiumof

NÖLandes-Beteiligungsholding GmbH as a majority shareholder

and WIENER STADTWERKE GmbH as a minority shareholder

(up to 2019/20, NÖ Landes-Beteiligungsholding was the

top-

tier corporation within this group). The consolidated tax

sharing

agreement concluded with EVN AG in September2014

remains in effect. Accordingly, a member of the group will be

charged a tax allocation by EVN AG at the corporation tax rate

in effect at the time (currently 25%) in the event of a positive

result for tax purposes based on the stand-alone method, or

will be credited a tax allocation in the event of a negative result

for tax purposes and a positive result for the group as a whole.

Pursuant to §231 (1) in connection with (2) Austrian Commer-

cial Code, the profit and loss account was prepared in accord-

ance with the total expenditure method.

Accounting and

valuation methods

General principles

The financial statements were prepared in conformity with

generally accepted accounting principles and meet the general

norm for annual financial statements of conveying as fair a

view of the Company’s asset, financial, and income situations.

In preparing the financial statements, the principle of com-

pleteness was observed.

Pursuant to §237 (1) fig. 1 Austrian Commercial Code, the

going-concern principle is used in applying accounting and

valuation methods.

The individual valuation principle was applied in valuing indivi-

dual assets and liabilities.

The principle of conservatism was taken into account by show-

ing only those profits which had been realized as of the balance

sheet date. And recognising all potential risks and impending

losses that had arisen by the balance sheet date.

The valuation methods used previously remained unchanged.

Fixed assets

The financial assets were valued at acquisition cost, diminished

by write-downs accounting for permanent impairment where

applicable.

Write-ups of fixed assets are made if the reasons for non-

scheduled depreciation no longer apply.

Current assets

Receivables are valued at face value. Individual value adjust-

ments are made for identifiable risks.

Write-ups are made if the reasons for depreciation no longer

apply.

Deferred taxes

Deferred taxes are recognised pursuant to §198 (9) and (10)

Austrian Commerical Code in accordance with the accounting

concept and without discounting based on the current corpo-

ration tax rate of 25%.

Provisions

In accordance with the principle of conservatism, the provisions

contain all risks identifiable at the time of preparing the balance

sheet as well as all contingent liabilities at those amounts which

are required under due diligence.

Liabilities

Liabilities are valued at the amount to be repaid.

Notes

Notestothebalancesheet

Assets

Fixed assets

The breakdown of fixed assets and their development in the reporting year are shown in the fixed asset schedule.

Investments

Name and registered office

Total

stake

Equity (acc. §224 (3)

Austrian Commercial Code)

Net

income

Balance

sheet date

in % TEUR TEUR

Energie BurgenlandAG

(Registered office: Eisenstadt)

49.00 363,503.0 43,737.5 30.09.2020

Wiener Börse AG

(Registered office: Vienna)

0.99 166,278.3 41,396.3 31.12.2020

Current assets

The receivables from affiliated companies in the amount of

EUR 9,251,719.42 (previous year: TEUR 9,336) comprise

the deposit of short-term funds with EVN AG in the amount

of EUR 9,108,211.37 (previous year: TEUR 9,230) as well

as receivables from investment income tax and tax alloca-

tion against EVN AG within the tax group in the amount of

EUR143,508.05 (previous year: TEUR 105).

Other receivables and assets are composed exclusively of VAT

credits vis-à-vis the tax authorities.

Prepaymentsandaccruedincome

Prepayments and accrued income in the amount of EUR3,651.74

(previous year: TEUR 6) are made up entirely of other accruals

and deferrals.

Deferred taxes

No deferred taxes were recognised for the Company’s pre-con-

solidation losses carried forward in the amount of TEUR2,608

since they cannot be applied in the next few years based on

tax result planning. Ongoing tax losses of the Company are

applied with group taxation.

Development of fixed assets

Fixed asset schedule

Historical acquisiton and production costs

EUR As of

01.10.2020

Additions Disposals Reclassification As of

30.09.2021

I. Financial assets

Subsidiaries

Energie Burgenland AG 70,217,803.48 0.00 0.00 0.00 70,217,803.48

Wiener Börse AG

1,107,477.32

0.00 0.00 0.00 1,107,477.32

Total fixed assets 71,325,280.80 0.00 0.00 0.00 71,325,280.80

Accumulated depreciation Book value

As of

01.10.2020

Additions Thereof

unsched

uled

Disposals Write-

ups

Reclassifi

cation

As of

30.09.2021

30.09.2021 01.10.2020

0.00 0.00 0.00 0.00 0.00 0.00 0.00 70,217,803.48 70,217,803.48

0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,107,477.32 1,107,477.32

0.00 0.00 0.00 0.00 0.00 0.00 0.00 71,325,280.80 71,325,280.80

Notes

Equity and liabilities

Equity

The Company’s share capital amounts to EUR 21.81m, broken

down into 3 million individual bearer shares.

Provisions

The other provisions in the amount of EUR 5,799.54 (previous

year: TEUR 19) cover mainly provisions for Supervisory Board

remuneration as well as the audit of the financial statements.

Notesontheprofitandlossaccount

The income statement was prepared in accordance with the

total expenditure format.

Other operating expenditure

Other operating expenditure consists mainly of administrative

cost for the Company, membership fees and Company pub-

lications. Since the Company does not have any employees

of its own, administration of the Company is conducted via

service agreements, which comprise areas such as account-

ing, legal affairs, management accounting, cash management

and investment management. Total net remuneration in the

reporting period amounted to EUR 110,721.00 (previous year:

TEUR109).

There is no reference to the expenditure for the auditor

applicable to the business year pursuant to §238 (1) fig. 18

Austrian Commercial Code, as such information is contained in

the group accounts of EVN AG.

Investment income

Investment income is comprised of the dividend from Energie

Burgenland AG for the 2019/20 business year in the amount of

EUR 10,290,000.00 (previous year: EUR 10.290m) as well the

dividend received from Wiener Börse AG for the 2020 business

year amounting to EUR 306,653.25 (previous year: TEUR199).

Taxesonincomefromtaxallocation

The item taxes on income from tax allocation shows earnings

from a tax allocation in the amount of EUR 66,844.74 (pre-

vious year: TEUR 56).

Notes

Other information

Bodies and employees of the Company

In the

2020/21

business year, the following persons served on

the Executive Board:

Klaus Kohlhuber

Nikolaus Sauer (until 31 January 2021)

Alois Ecker (from 1 February 2021)

Total expenditure on members of the Executive Board in the

reporting period amounted to EUR 8,800 in total (total for

Executive Board in the previous year: TEUR 9).

The following persons served on the Supervisory Board in the

reporting period:

Stefan Szyszkowitz (Chairman)

Franz Mittermayer (Vice-Chairman)

Michael Amerer

Rita Heiss

Johannes Lang

Nikolaus Sauer (from 12 March 2021)

Jörg Sollfelner

Ute Teufelberger

Norbert Wechtl

Peter Weinelt

The members of the Supervisory Board received compensa-

tion in the amount of TEUR 39.0 (previous year: TEUR 23.1).

Unchanged from the previous reporting period, the Company

does not have any employees.

Like last year, no advances or loans were granted to the mem-

bers of the Executive Board and the Supervisory Board in the

reporting period, and no liability was assumed.

Any and all transactions with close companies and persons

were effected at arm’s length conditions.

Other remarks

The Company takes part in the cash-pooling arrangement

of EVN Group. A contract was concluded to determine the

modalities.

Significant events after the balance sheet date

There were no significant events following the balance sheet

date.

Appropriation of profits

It is recommended to distribute an amount of EUR10,350,000.00,

which corresponds to a dividend of EUR3.45 per share, from

the net profits of EUR 10,356,075.14 and carry forward the

remainder in the amount of EUR6,075.14.

Eisenstadt, 16 November 2021

The Executive Board

Klaus Kohlhuber Alois Ecker

Member of the Member of the

Executive Board Executive Board

Auditor’s report

Report on the Financial Statements

Audit Opinion

We have audited the financial statements of

Burgenland Holding Aktiengesellschaft,

Eisenstadt.

These financial statements comprise the statement of financial

position as of 30 September 2021, the income statement for

the fiscal year then ended and the notes.

Based on our audit the accompanying financial statements

were prepared in accordance with the legal regulations and

present fairly, in all material respects, the assets and the finan-

cial position of the Company as of 30 September 2021 and its

financial performance for the year then ended in accordance

with Austrian Generally Accepted Accounting Principles.

Basis for Opinion

We conducted our audit in accordance with the regulation

(EU) no. 537/2014 (in the following “EU regulation”) and in

accordance with Austrian Standards on Auditing. Those stand-

ards require that we comply with International Standards on

Auditing (ISAs). Our responsibilities under those regulations

and standards are further described in the “Auditor’s Respon-

sibilities for the Audit of the Financial Statements” section of

our report. We are independent of the Company in accordance

with the Austrian General Accepted Accounting Principles and

professional requirements and we have fulfilled our other ethi-

cal responsibilities in accordance with these requirements. We

believe that the audit evidence we have obtained until the date

of this auditor’s report is sufficient and appropriate to provide

a basis for our opinion by this date.

Other Matter

The annual financial statements for the year ended 30 Sep-

tember 2020 were audited by a different auditor and given an

unqualified audit opinion on 16 November 2020.

Key Audit Matters

Key audit matters are those matters that, in our professional

judgment, were of most significance in our audit of the financial

statements of the fiscal year. These matters were addressed in

the context of our audit of the financial statements as a whole,

and in forming our opinion thereon, and we do not provide a

separate opinion on these matters.

We have determined that there are no key audit matters to be

reporter in our opinion.

Other Informationen

Management is responsible for the other information. The other

information comprises the information included in the annual

report, but does not include the financial statements, the

management report and the auditor’s report thereon.

Our opinion on the financial statements does not cover the

other information and we do not express any form of assurance

conclusion thereon.

In connection with our audit of the financial statements, our

responsibility is to read the other information and, in doing so,

to consider whether the other information is materially incon-

sistent with the financial statements or our knowledge obtained

in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that

there is a material misstatement of this other information, we

are required to report that fact. We have nothing to report in

this regard.

Responsibilities of Management and of the

Audit Committee for the Financial Statements

Management is responsible for the preparation of the financial

statements in accordance with Austrian Generally Accepted

Accounting Principles, for them to present a true and fair view

of the assets, the financial position and the financial perfor-

mance of the Company and for such internal controls as man-

agement determines are necessary to enable the preparation

of consolidated financial statements that are free from mate-

rial misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsi-

ble for assessing the Company’s ability to continue as a going

concern, disclosing, as applicable, matters related to going

concern and using the going concern basis of accounting

unless management either intends to liquidate the Company or

to cease operations, or has no realistic alternative but to do so.

The Audit Committee is responsible for overseeing the Company’s

financial reporting process.

Auditor’s Responsibilities for the

Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about

whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to

issue an auditor’s report that includes our opinion. Reasonable

assurance is a high level of assurance, but is not a guarantee

Auditor’s report

that an audit conducted in accordance with the EU regulation

and in accordance with International Standards on Auditing

will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered

material if, individually or in the aggregate, they could reason-

ably be expected to influence the economic decisions of users

taken on the basis of these financial statements.

As part of an audit in accordance with the EU regulation and in

accordance with Austrian Standards on Auditing, which require

the application of ISA, we exercise professional judgment and

maintain professional scepticism throughout the audit.

We also:

– identify and assess the risks of material misstatement of the

financial statements, whether due to fraud or error, design

and perform audit procedures responsive to those risks,

and obtain audit evidence that is sufficient and appropriate

to provide a basis for our opinion. The risk of not detecting

a material misstatement resulting from fraud is higher than

for one resulting from error, as fraud may involve collusion,

forgery, intentional omissions, misrepresentations, or the

override of internal control.

– obtain an understanding of internal control relevant to the

audit in order to design audit procedures that are appro-

priate in the circumstances, but not for the purpose of

expressing an opinion on the effectiveness of the Compa-

ny’s internal control.

– evaluate the appropriateness of accounting policies used

and the reasonableness of accounting estimates and

related disclosures made by management.

– conclude on the appropriateness of management’s use of

the going concern basis of accounting and, based on the

audit evidence obtained, whether a material uncertainty

exists related to events or conditions that may cast signifi-

cant doubt on the Company’s ability to continue as a going

concern. If we conclude that a material uncertainty exists,

we are required to draw attention in our auditor’s report

to the related disclosures in the financial statements or, if

such disclosures are inadequate, to modify our opinion.

Our conclusions are based on the audit evidence obtained

up to the date of our auditor’s report. However, future

events or conditions may cause the Company to cease to

continue as a going concern.

– evaluate the overall presentation, structure and content

of the financial statements, including the disclosures, and

whether the financial statements represent the underly-

ing transactions and events in a manner that achieves fair

presentation.

We communicate with the Audit Committee regarding, among

other matters, the planned scope and timing of the audit and

significant audit findings, including any significant deficiencies

in internal control that we identify during our audit.

We also provide the Audit Committee with a statement that

we have complied with relevant ethical requirements regarding

independence, and to communicate with them all relationships

and other matters that may reasonably be thought to bear on

our independence, and where applicable, related safeguards.

From the matters communicated with the Audit Committee,

we determine those matters that were of most significance in

the audit of the financial statements of the current period and

are therefore the key audit matters. We describe these mat-

ters in our auditor’s report unless law or regulation precludes

public disclosure about the matter or when, in extremely rare

circumstances, we determine that a matter should not be com-

municated in our report because the adverse consequences of

doing so would reasonably be expected to outweigh the public

interest benefits of such communicationn.

Other Legal Requirements

Comments on the Management Report

for the Company

Pursuant to Austrian Generally Accepted Accounting Principles,

the management report is to be audited as to whether it is

consistent with the financial statements and as to whether

the management report was prepared in accordance with the

applicable legal regulations.

Management is responsible for the preparation of the manage-

ment report in accordance with Austrian Generally Accepted

Accounting Principles.

We conducted our audit in accordance with Austrian Standards

on Auditing for the audit of the management report.

Opinion

In our opinion, the management report for the Company was

prepared in accordance with the valid legal requirements,

comprising the details in accordance with section 243a UGB

(Austrian Company Code) and is consistent with the financial

statements.

Statement

Based on the findings during the audit of the financial state-

ments and due to the thus obtained understanding concerning

the Company and its circumstances no material misstatements

in the management report came to our attention.

Auditor’s report

Additional Information in accordance with Article 10 of

the EU Regulation

We were elected as auditor by the ordinary general meeting

at 12 June 2021. We were appointed by the Supervisory Board

on 16 June 2021.

We confirm that the audit opinion in the section “Report on

the financial statements” is consistent with the additional

report to the audit committee referred to in article 11 of the

EU regulation.

We declare that no prohibited non-audit services (article 5

par. 1 of the EU regulation) were provided by us and that we

remained independent of the audited company in conducting

the audit.

Responsible Austrian Certified Pulic Accountant

The engagement partner is Mr. Gerhard Posautz, Certified Public

Accountant.

Vienna, 16 November 2021

BDO Austria GmbH

Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

Gerhard Posautz

Auditor

Peter Bartos

Auditor

This report is a translation of the original report in German, which is solely valid.

Auditor’s report

The Burgenland Holding Aktiengesellschaft share

TheBurgenlandHoldingAktiengesellschaftshare

In the reporting period from October 2020 to September2021,

which was still dominated by the crisis in connection with

the Covid-19 pandemic, European stock markets performed

surprisingly well. While the leading German DAX index rose

19.6% and thus reached historic highs, Vienna’s leading ATX

index also made up massive ground and even gained 73.5%.

By comparison, the Dow Jones Euro Stoxx Utilities industry

index, relevant for Burgenland Holding Aktiengesellschaft,

showed a markedly weaker performance, rising only 1.4%.

The share of Burgenland Holding Aktiengesellschaft followed

this clearly favourable development and closed at EUR 99.00,

managing an increase of 26.9% compared to last year. The

average daily trading volume in the reporting period amounted

to 20 shares. This results in a trading volume at the Vienna

Stock Exchange of EUR 0.45m. As of 30 September 2021, the

weighting of the share in Vienna’s WBI index was 0.22%, with

market capitalisation amounting to EUR 297m as of that day.

The Executive Board will recommend the distribution of a divi-

dend of EUR 3.45 per share for the 2020/21 business year at

the Annual General Meeting on 11 March 2022.

Investor information

Stock performance

2020/21 2019/20 2018 /19

Average daily turnover Shares 20 31 13

Total share volume EURm 0.45 0.64 0.37

Highest price EUR 101.00 90.00 85.00

Lowest price EUR 76.00 74.00 62.00

Share price at the end of September EUR 99.00 78.00 76.00

Market capitalisation at the end of September EURm 297 234 228

WBI weighting at the end of September % 0.22 0.28 0.20

Dividend per share EUR 3.45

3.45 3.25

1) Proposal to the Annual General Meeting

On the basis of September 2020

Burgenland Holding share price – relative development compared to Vienna Stock Exchange Index (%)

160.00

150.00

140.00

130.00

120.00

110.00

100.00

90.00

BUHO Vienna Stock Exchange Index (WBI)

Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21

100% Netz BurgenlandGmbH

100% Energie Burgenland VertriebGmbH & Co KG

100% Energie Green Energy GmbH

57.6% EPZ Energieprojekt ZurndorfGmbH&CoKG

57.6% EP ZurndorfGmbH

50% PAMA-GOLS Windkraftanlagenbetriebs GmbH

50% PAMA-GOLS Windkraftanlagenbetriebs GmbH & Co KG

40% MMW PotzneusiedlGmbH

50% Energie Burgenland – Haider Windpark GmbH

100% Windpark Nick AlphaGmbH

100% Windpark BaumgartenGmbH

100% Energie Burgenland BürgerbeteiligungGmbH

20% Windpark Deutsch HaslauGmbH

25% Windpark Nikitsch GmbH

100% WIBE – Windpark BeteiligungsGmbH (Eisenstadt, Österreich)

51% Renerwind Energetikai Kft. (Budapest, Ungarn)

100% Energie Burgenland FernwärmeGmbH

100% Energie Burgenland Green Technology GmbH

100% Energie Burgenland Dienstleistung und Technik GmbH

100% Energie Burgenland KonzernclearingGmbH

100% Energie Burgenland Wärme und Service GmbH

33.33% EBRZ Erstes Burgenländisches RechenzentrumGmbH

10% ENERGIEALLIANZ AustriaGmbH

2.52% APCS Power Clearing and SettlementAG

0.44% AGCS Gas Clearing and Settlement AG

1.48% CISMO Clearing Integrated Services and Market OperationsGmbH

1% Biomasse Kraftwerk GüssingGmbH u. Co KG

Burgenland HoldingAktiengesellschaft

Subsidiaries

0.99% Wiener BörseAG

49% Energie BurgenlandAG

Energie BurgenlandAG investments as of 30 September 2021

Subsidiaries

Statement of the Executive Board

on the annual financial statements

pursuant to §124 (1) fig. 3 Stock Exchange Act 2018

The Executive Board of Burgenland Holding Aktiengesellschaft

confirms that, to the best of its knowledge, the annual financial

statements give a true and fair view of the assets, liabilities,

financial position and profit or loss of the Company as required by

the applicable accounting standards and that the management

report gives a true and fair view of the development and perfor-

mance of the business and the position of the Company,together

with a description of the principal risks and uncertainties.

Eisenstadt, 16 November 2021

The Executive Board

Klaus Kohlhuber Alois Ecker

Member of the Member of the

Executive Board Executive Board

Statement of the Executive Board

Burgenland Holding Aktiengesellschaft

Corporate calendar 2021/22

Record date Annual General Meeting 01.03.2022

Annual General Meeting 11.03.2022

Ex-dividend day 17.03.2022

Record-date 18.03.2022

Dividend payment 24.03.2022

Results HY1 2021/22 (Interim financial report) 25.05.2022

Annual results 2021/22 (Annual financial report) 15.12.2022

1) Subject to change without notice

Basic information

Share capital EUR 21.81

Denomination 3 million no-par bearer shares

Majority shareholder EVNAG

Identification number (ISIN) AT0000640552

Ticker symbols

BHAV.VI (Reuters); BURG AV

(Bloomberg); AT; BHD (Dow Jones)

Stock exchange listing Vienna

1) As of 30 September 2021

Imprint

Burgenland HoldingAktiengesellschaft

Technologiezentrum

Marktstraße 3

A-7000 Eisenstadt

Austria

Investor Relations

Karin Krammer

Phone: +43 2236 200-12867

Fax: +43 2236 200-2030

investor.relations@buho.at

www.buho.at

For reasons of legibility, gender-specific wording is not used in the Annual Report

Insofar as personal designations are only given in masculine form, they refer to both men

and women in the same way.

This Annual Report is also available in German. In cases of doubt, the German version shall prevail.

Editorial deadline: 17 November 2021

Publishing date: 16 December 2021

Composition and fine-drawing: gugler* MarkenSinn, 3100 St. Pölten

Print: gugler* DruckSinn, 3390 Melk

Design and concept: Selma Peschek, 1060 Vienna

Photos: Raimo Rudi Rumpler (photos of the Executive Board), shutterstock (image pages)