Shareholders' equity

Details relating to the development of shareholders’ equity can be seen under "Consolidated statement of changes in equity". In accordance with IAS 27 (Consolidated and Separate Financial Statements), the presentation of minority interests has already been adjusted in line with the recommendation of the IASB.

The share capital comprises:

15,101,800 individual share certificates (bearer shares category A) – 49 % of the share capital; 15,718,200 individual share certificates (registered shares category B) – 51 % of the share capital, authenticated by an interim certificate deposited with the Federal Ministry of Finance and made out in the name of the Republic of Austria. The share has a nominal value of € 7.27.

Capital reserves amount to € 10.9 million (previous year: € 10.9 million). This represents the portion of the statutory reserve that was not created from the net profit in previous years.

Profit reserves result from the retained earnings from within the group. Of these reserves, the amount that can be distributed to the shareholders of the parent company is the item shown as "net profit for the year" in the individual accounts of the parent company as of 31 December 2003, which are prepared in accordance with Austrian Accounting Standards.

In fiscal 2003, unrealized valuation gains from derivative instruments in the amount of € 1.4 million were, in accordance with IAS 39, included directly in shareholders' equity.

At the 55th ordinary General Meeting of Österreichische Elektrizitätswirtschafts-Aktiengesellschaft on 19 March 2002, a decision was taken to authorize the Managing Board of Verbundgesellschaft to acquire own shares up to no more than 10 % of Verbundgesellschaft's share capital for a duration of 18 months, taking into consideration existing own shares; under this provision, the lowest buyback price had to be € 50.0, and the highest € 150.0.

The buyback program started on 6 May 2002 and ended on 19 September 2003.

On the balance sheet date, the amount of own shares totaled, as in the previous year, 82,139 share certificates (= 0.27 % of the share capital). This item reduces shareholders’ equity by € 7.4 million (previous year: € 7.4 million).

On the balance sheet date, there were 30,737,861 shares (previous year: 30,737,861) in circulation.

Minority interests comprise the third-party shares in the shareholders’ equity of the consolidated subsidiaries. Significant majority interests are held in VERBUND-Austrian Hydro Power AG (19.7 %), VERBUND- Austrian Thermal Power GmbH & Co KG (44.3 %), VERBUND-Austrian Thermal Power GmbH (40.5 %) and VERBUND-Austrian Power Vertriebs GmbH (45.0 %).

Details relating to the changes in minority interests can be seen under "Consolidated statement of changes in equity".