06 | Consolidated Financial Statemens

CONSOLIDATED BALANCE SHEET

ASSETS		31.12.2023		31.12.2022
A.	FIXED ASSETS
I.	INTANGIBLE ASSETS
1.	Permits, industrial and similar rights and benefits as well as licenses derived from these	2,974,262		1,680,517
2.	Goodwill (from individual financial statements)	1,673,532		1,795,615
3.	Goodwill (from consolidation)	8,809,712		4,358,384
4.	Prepayments	24,004	13,481,510	0	7,834,516
II.	TANGIBLE ASSETS
1.	Land, land rights and buildings, including buildings on third-party land	7,446,056		3,190,136
2.	Technical equipment and machines	8,839,858		3,083,654
3.	Other equipment, factory and office equipment	1,343,544		1,272,960
4.	Prepayments and assets under construction	2,943,146	20,572,604	2,978,448	10,525,198
III.	FINANCIAL ASSETS
1.	Securities (book-entry rights) in fixed assets	47,216	47,216	544,952	544,952
IV.	SHARES IN ASSOCIATED COMPANIES	681,238	681,238	135,825	135,825
B.	CURRENT ASSETS
I.	INVENTORIES
1.	Raw materials, auxiliary materials and supplies	2,644,415		2,555,276
2.	Unfinished goods	1,308,751		465,540
3.	Finished goods and goods for resale	3,010,478		2,124,299
4.	Work in progress	6,596,350		1,093,969
	– less advance payments received on orders	-1,597,803		0
5.	Prepayments	402,254	12,364,445	118,442	6,357,526
II.	RECEIVABLES AND OTHER ASSETS
1.	Trade receivables	42,379,851		20,483,449
	thereof with a residual term of more than one year 1,129,745 (previous year: 1,706,004)
2.	Receivables from companies in which a participation are held	0		38,668
	thereof with a residual term of more than one year 0 (previous year: 0)
3.	Other receivables and assets	6,548,890		2,722,646
	thereof with a residual term of more than one year  1,164,941 (previous year:  339,295)		48,928,742		23,244,763
III.	SECURITIES AND SHARES
1.	Other Securities and shares	18,407	18,407		18,407
IV.	CASH BALANCE, CHEQUES, BANK BALANCES	11,731,360	11,731,360		12,728,798
C.	ACCRUED ITEMS		1,380,072		545,407
D.	DEFERRED TAX ASSETS		723,744		865,033
TOTAL ASSETS			109,929,338		62,800,425

SHAREHOLDERS’ EQUITY AND LIABILITIES		31.12.2023		31.12.2022
A.	SHAREHOLDERS’ EQUITY
I.	CALLED-IN NOMINAL CAPITAL (SHARE CAPITAL)		5,026,311		4,380,934
	thereof paid in 5,026,311 (previous year: 4,380,934)
II.	Payment for resolved but not yet registered capital increase		0		420,570
III.	CAPITAL RESERVES
1.	tied-up	23,353,593		20,678,390
2.	free available	1,402,172	24,755,765	1,402,172	22,080,562
IV.	CURRENCY CONVERSION		38,677		59,518
V.	NON-CONTROLLING SHARES		7,159,292		2,651,024
VI.	CUMULATED RESULT (NET PROFIT/LOSS)		-12,364,550		-9,096,604
	thereof result carried forward -9,096,604 (previous year: -7,227,360)
B.	SUBSIDIES AND GRANTS		2,890		4,303
C.	PROVISIONS
1.	Termination Benefits	1,995,778		1,217,344
2.	Current Taxes	21,848		0
3.	Deferred tax liabilities	45,427		0
4.	Other provisions	2,147,978	4,211,031	1,146,709	2,364,053
D.	LIABILITIES
1.	Bonds	2,076,500		2,076,500
	thereof with a residual term of up to one year 76,500 (previous year: 76,500)
	thereof with a residual term of more than one year 2,000,000 (previous year: 2,000,000)
2.	Liabilities to banks	25,239,445		10,377,977
	thereof with a residual term of up to one year 14,929,631 (previous year: 6,375,415)
	thereof with a residual term of more than one year 10,309,814 (previous year: 4,002,563)
3.	Prepayments received on account of orders	3,184,606		1,653,573
	thereof with a residual term of up to one year 3,184,606 (previous year: 1,653,573)
	thereof with a residual term of more than one year 0 (previous year: 0)
4.	Trade payables	31,160,306		13,894,648
	thereof with a residual term of up to one year 30,731,093 (previous year: 13,894,648)
	thereof with a residual term of more than one year 429,213 (previous year: 0)
5.	Other liabilities	17,622,199		11,158,402
	thereof from taxes 3,181,297 (previous year: 2,392,134)
	thereof for social security 1,191,711 (previous year: 493,562)
	thereof with a residual term of up to one year 17,547,699 (previous year: 5,158,222)
	thereof with a residual term of more than one year 74,499 (previous year: 6,000,179)		79,283,056		39,161,100
	thereof with a residual term of up to one year 66,469,529 (previous year: 27,158,358)
	thereof with a residual term of more than one year 12,813,527 (previous year: 12,002,742)
E.	DEFERRED INCOME		1,816,866		774,965
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES			109,929,338		62,800,425

CONSOLIDATED PROFIT AND LOSS ACCOUNT

			2023		2022
1.	Sales revenues		86,786,464		62,731,874
2.	Change in inventories of finished and unfinished goods as well as work in progress		6,780,948		134,647
3.	Other own work capitalised		698,575		1,021,431
4.	Other operating income
a)	Income from the disposal of and appreciation of fixed assets with the exception of financial assets	257,817		10,367
b)	Income from the release of provisions	148,581		111,313
c)	Other	589,634	996,032	1,305,576	1,427,256
5.	Operating performance		95,262,019		65,315,208
6.	Expenses on materials and other purchased services
a)	Material expenses	-10,439,677		-8,355,543
b)	Expenses for purchased services	-46,564,426	-57,004,103	-32,677,785	-41,033,328
7.	Personnel expenses
a)	Wages	-2,892,750		-5,682,633
b)	Salaries	-11,316,458		-4,197,718
c)	Social expenses
ca)	Expenses for pension plan	-293,083		-257,234
cb)	Expenses for severance payments and services for operational employee pension funds	-732,478		-566,328
cc)	Expenses for statutory social security contributions as well as charges and compulsory contributions based on remuneration	-3,796,428		-2,448,715
cd)	Other social expenses	-88,547	-19,119,744	-166,520	-13,319,148
8.	Depreciation
a)	of intangible and tangible assets
aa)	Scheduled depreciation	-4,594,306		-3,522,997
b)	on items of current assets to the extent that they exceed the usual depreciation in the company	-106,714	-4,701,020	-25,300	-3,548,297

9.	Other operating expenses
a)	Taxes not included in line 18	-56,379		-46,109
b)	Other	-10,466,837	-10,523,216	-7,318,680	-7,364,789
10.	Subtotal of lines 1 to 9		3,913,936		49,646
	(Operating result)
11.	Income from other securities and loans from financial assets		0		3,682
12.	Other interest and similar income		33,728		10,592
13.	Expenses from financial assets and securities of current assets
a)	Depreciation		0		0
14.	Interest and similar expenses		-1,926,977		-726,510
15.	Subtotal of lines 11 to 14		-1,893,249		-712,236
	(net financial result)
16.	Results for associated companies		7,577		5,663
17.	Result before taxes		2,028,264		-656,927
	Subtotal from lines 10, 15 and 16
18.	Taxes on income and profits		-735,364		-503,309
19.	Deferred Taxes		-844,843		-400,650
20.	Post-tax profits		448,057		-1,560,886
21.	Annual net profit/loss		448,057		-1,560,886
22.	-/+ minus/plus non-controlling interests in annual net profit/annual deficit		-3,716,003		-308,357
23.	Share of parent company annual net profit/loss		-3,267,946		-1,869,243
24.	Result (profit/loss) carried forward from previous year		-9,096,604		-7,227,360
25.	Cumulated result (net result)		-12,364,550		-9,096,604

CONSOLIDATED CASH FLOW STATEMENT

			2023	2022
1		Result before taxes	2,028,264	-656,927
2	+/-	Depreciations, appreciations/write-up on assets in the area of investment activities	4,559,661	3,522,998
3	-/+	Profit/loss from the disposal of assets from investment activities	1,800,327	187,123
4	-/+	Investment income, income from other securities and loans from financial assets as well as other interest and similar income/interest and similar expenses	1,893,249	712,236
5	+/-	other non-cash expenses/income	606,714	58,304
6		Net cash flow from operating result	10,888,215	3,823,734
7	-/+	Increase/decrease of stock, trade receivables as well as other assets	8,085,061	2,451,526
8	+/-	Increase/decrease in provisions	828,738	830,237
9	+/-	Increase/decrease of trade liabilities as well as other liabilities	-11,217,631	-6,380,421
10		Net cash flow from operating activities before tax	8,584,383	725,076
11	–	Payments for income taxes	-1,371,642	-447,204
12		Net cash flow from operating activities	7,212,741	277,872
13	+	Payments received from disposal of assets (without financial assets)	257,816	128,685
14	+	Payments received for disposal of financial assets and other financial investments	0	8,233
15	–	Payments made for asset addition (without financial assets)	-9,128,167	-2,543,987
16	–	Payments made for additions to financial assets and other financial investments	-557,662	-3,333
17	+	Payments received for income from investments, interest and securities	33,728	14,274
18	+	Payments received from sale of subsidiaries	0	0
19	–	Payments made for acquisition of subsidiaries	-2,796,409	-103,000
20	+	Adjustment item acquisition of subsidiaries	3,702,175	0
21		Net cash flow from investment activity	-8,488,519	-2,499,128
22	+	Payments received on equity	4,250,010	5,915,062
23	–	Repayments received on equity	0	0
24	–	Paid out dividends	0	0
25	+	Payments received for issue of bonds and borrowing via financial credit	6,537,117	2,803,806
26	–	Payments made for the repayment of loans and financial credits	-2,625,356	-1,650,156
27	–	Payments made for interest and similar expenses	-1,926,977	-726,510
28		Net cash flow from financing activity	6,234,794	6,342,202
29		Change in cash and cash equivalents (lines 12+21+28)	4,959,016	4,120,946
30	+/-	Currency-related and other changes in the value of cash and cash equivalents	-20,841	-55,414
31		Cash at the beginning of the period (change consolidation scope)	-403,851	0
32	+	Cash and cash equivalents at the beginning of the period	6,371,791	2,306,259
33		Cash and cash equivalents at the end of the period	10,906,115	6,371,791

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

Financial year 2023 in EUR	called-in nominal capital (Equity capital)	Payment for resolved but not yet registered cap.incr.	Capital reserves	Revenue reserves	Currency conversion	Non-controlling shares	Cumulated result (net profit/loss)	SHAREHOLDERS’ EQUITY
Balance as at 01.01.2023	4,380,934	420,570	22,080,562	0	59,518	2,651,024	-9,096,604	20,496,004
Reclassification								0
Capital increase	645,377	-420,570	2,675,203					2,900,010
Dividend distributions								0
Currency adjustments					-20,841			-20,841
Allocation to reserves								0
Release of reserves								0
Change of the consolidated entity						-1,169,708		-1,169,708
Dividends to non-controlling Shareholders								0
Change to non-controlling shares						1,924,137		1,924,137
Annual net profit/loss						3,753,839	-3,267,946	485,893
Balance as at 31.12.2023	5,026,311	0	24,755,765	0	38,677	7,159,292	-12,364,550	24,615,495

CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS

in EUR				Acquisition and production costs								Accumulated depreciations									Book value
CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS				01.01.2023	New subsidiaries	Additions	Reclassification	Disposals	Disposal of subsidiaries	31.12.2023		01.01.2023	New subsidiaries	Scheduled depreciation	Non-scheduled depreciation	Reclassification	Appreciation in value	Disposals	Disposal of subsidiaries	31.12.2023	01.01.2023	31.12.2023
A.	FIXED ASSETS
	I.	Intangible assets
		1.	Permits, industrial and similar rights	7,543,333	4,442,624	276,577	-54,995	-239,181	-41,186	11,927,172		-5,862,816	-2,648,565	-667,066	0	21,238	0	187,651	16,647	-8,952,910	1,680,517	2,974,262
		2.	Goodwill (from individual financial statement)	2,510,496	319,603	0	0	0	-496	2,829,603		-714,881	-184,186	-257,500	0	0	0	0	496	-1,156,071	1,795,615	1,673,532
		3.	Goodwill (from consolidation)	7,246,276	88,261	5,449,374	0	0	-84,566	12,699,345		-2,887,892	0	-1,010,197	0	0	0	0	8,457	-3,889,632	4,358,384	8,809,712
		4.	Prepayments	0	0	24,004	0	0	0	24,004		0	0	0	0	0	0	0	0	0	0	24,004
	Total intangible assets			17,300,105	4,850,488	5,749,955	-54,995	-239,181	-126,248	27,480,124		-9,465,589	-2,832,751	-1,934,763	0	21,238	0	187,651	25,600	-13,998,613	7,834,516	13,481,510
	II.	Tangible assets
		1.	Land and land rights	1,221,564	1,223,555	0	0	0	0	2,445,119		-173,302	0	0	0	0	0	0	0	-173,302	1,048,262	2,271,817
		2.	Buildings, including buildings on third-party land	3,413,538	3,272,044	20,830	0	0	0	6,706,412		-1,289,115	-801,619	-179,789	0	0	0	0	0	-2,270,523	2,124,423	4,435,889
		3.	Investments in third-party buildings	30,957	3,248,488	286,897	54,995	-1,175,670	-6,749	2,438,918		-13,506	-2,053,776	-64,568	0	-21,238	0	451,847	674	-1,700,567	17,451	738,350
		4.	Technical equipment and machines	11,367,120	25,991,702	2,141,592	1,188,388	-2,976,669	-14,437	37,697,696		-8,283,466	-20,933,488	-2,047,692	0	0	34,645	2,367,631	4,532	-28,857,838	3,083,654	8,839,858
		5.	Other equipment, factory and office equipment	4,211,092	7,132,480	321,552	95,733	-606,075	-449,689	10,705,093		-2,938,132	-6,650,327	-366,584	-910	0	0	467,084	127,320	-9,361,549	1,272,960	1,343,544
		6.	Prepayments and assets under construction	2,978,448	671,944	607,341	-1,284,121	0	-30,466	2,943,146		0	0	0	0	0	0	0	0	0	2,978,448	2,943,146
	Total tangible assets			23,222,719	41,540,213	3,378,212	54,995	-4,758,414	-501,341	62,936,384		-12,697,521	-30,439,210	-2,658,633	-910	-21,238	34,645	3,286,562	132,526	-42,363,780	10,525,197	20,572,604
	III.	Financial assets
		1.	Securities (book-entry rights) in fixed assets	545,452	243,726	12,250	0	-534,762	0	266,666		-500	-218,950	0	0	0	0	0	0	-219,450	544,952	47,216
	Total financial assets			545,452	243,726	12,250	0	-534,762	0	266,666		-500	-218,950	0	0	0	0	0	0	-219,450	544,952	47,216
	IV.	Shares in associated companies		168,830	0	545,412	0	-33,005	0	681,237		0	0	0	0	0	0	0	0	0	168,830	681,238
TOTAL FIXED ASSETS				41,237,106	46,634,427	9,685,829	0	-5,565,362	-627,590	91,364,411		-22,163,610	-33,490,911	-4,593,396	-910	0	34,645	3,474,213	158,126	-56,581,843	19,073,496	34,782,568

GROUP ANNEX

Accounting and valuation methods

• The consolidated financial statements were prepared in accordance with generally accepted accounting principles as well as, and in consideration of the general standard of presenting as true and fair view of the Group’s assets, financial and profit situation as possible (Section 222 (2) UGB [Commercial Code]).              
• In preparing the Consolidated Financial Statements, the principles of completeness and proper accounting were observed. The valuation was based on the assumption that the Group company was a going concern. The principle of individual valuation was applied to assets and debts. Consideration was given to the principle of prudence, in that only the profits realized on the date of the balance sheet, in particular, were reported. All identifiable risks and impending losses that arose in the 2023 financial year or in one of the previous financial years were taken into account.
• With regard to the Group company Wolftank DGM Srl, Rovereta Srl, Wolftank Hydrogen GmbH, Bozen Biogas GmbH, Mares S.r.l., Petroltecnica SPA and Ostellato Ambiente Srl, provisions for severance payments and pensions were calculated using methods that differ from those applied to the consolidated financial statements. Due to the insignificant effects on the net assets, financial position and results of operations of the Group, no adjustment is made (Section 189a no. 10 UGB).

Due to the first-time consolidation of the subsidiary Petroltecnica SPA, comparability with the previous year is limited.

Fixed assets

Intangible fixed assets

• Purchased intangible assets (including goodwill from consolidation of capital) are valued at their acquisition cost less scheduled depreciation, corresponding to their operating life. The scheduled depreciations are determined according to the straight-line method.
• The operating life is based on a period of 10 years.

Tangible fixed assets

The tangible assets have been valued at acquisition and production cost less depreciation accumulated to date and amortized according to schedule in the 2023 reporting year. The straight-line depreciation method is generally used to determine the depreciation rates.

The scope of the operating life for the groups of assets is:

• Buildings: 40 years
• Machinery: 5 years
• Other equipment, factory and office equipment: from 3 to 10 years
• Low-value assets within the meaning of Section 13 EStG (Austrian Income Tax Act) 1988 are fully depreciated in the year of acquisition in each case and are shown in the development of fixed assets as additions and disposals.

Financial assets

• The financial assets are reported as acquisition costs.
• No unscheduled depreciation was carried out.

Current assets

Receivables and other assets

In the valuation of receivables, identifiable risks were taken into account by means of individual devaluation.

Where necessary, the later maturity was accounted for by means of discounting.

Provisions

Other provisions

The provisions were valued at the best possible estimate of the settlement amount. Provisions from previous years are reversed via other operating income, insofar as they are not used and the reason for their creation no longer applies.

Liabilities

The liabilities are valued at the settlement amount, taking into account the principle of prudence.

Currency conversion

Receivables and liabilities are calculated using the exchange rate at the time they arise, taking into account exchange rate losses from changes in exchange rates on the balance sheet date. In the case of cover by forward transactions, the valuation is carried out taking into account the forward rate.

The modified current rate method is used for the currency conversion of the subsidiaries’ local individual accounts.

Changes in the assessment methods

There are no changes made in the assessment methods.

Consolidated companies

In addition to the parent company, Wolftank-Adisa Holding AG, the consolidated entities are as follows as of the annual reporting date:

Company	Registered office		Share	Stakeholder	Consolidation
Wolftank Adisa GmbH	Innsbruck	AUT	100.00%	Wolftank-Adisa Holding AG	full
OnO Environmental Holding GmbH	Innsbruck	AUT	100.00%	Wolftank-Adisa Holding AG	full
Wolftank Adisa Env. Techn. GmbH	Innsbruck	AUT	100.00%	Wolftank-Adisa Holding AG	full
Wolftank – France SAS	Marseille	FRA	100.00%	Wolftank-Adisa Holding AG	full
Wolftank DGM Srl	Bolzano	ITA	95.71%	OnO Environmental Holding GmbH	full
Wolftank Deutschland GmbH	Illertissen	DEU	95.00%	Wolftank-Adisa Holding AG	full
Wolftank Adisa (Shanghai) Environmental Technology Co. Ltd.	Shanghai	CHN	90.00%	Wolftank-Adisa Holding AG	full
Alternativas Ecologicas Ingenieria Energetica S.L.	Alcalá de Henares	ESP	100.00%	Wolftank-Adisa Holding AG	full
Wolftank Latinoamerica Ltda.	Sao Paulo	BRA	84.00%	Wolftank-Adisa Holding AG	full
Rovereta S.r.l.	Coriano	ITA	100.00%	OnO Environmental Holding GmbH	full
Wolftank Hydrogen GmbH	Bolzano	ITA	51.00%	Wolftank Adisa Env. Techn. GmbH	full
O2M Obras Mant Y Mejoras SL	Madrid	ESP	100.00%	Alternativas Ecologicas Ingenieria Energetica S.L.	full
Bozen Biogas GmbH	Bolzano	ITA	90.00%	Wolftank Adisa Env. Techn. GmbH	full
Mares S.r.l.	Napoli	ITA	50.00%	Wolftank Adisa Env. Techn. GmbH	full
Wolftank Iberia SL	Madrid	ESP	100.00%	Wolftank-Adisa Holding AG	full
HGenerationSrl	Bolzano	ITA	66.70%	Wolftank DGM Srl	full
Wolftank Immobiliare Srl	Merano	ITA	100.00%	Wolftank Adisa Env. Techn. GmbH	full
Wolftank USA Inc.	Los Angeles	USA	100.00%	Wolftank Adisa Env. Techn. GmbH	full
Petroltecnica SPA	Coriano	ITA	50,00% (+ 1 Share)	OnO Environmental Holding GmbH	full
Ostellato Ambiente Srl	Ostellato	ITA	70,00%	Petroltecnica SPA	full
Penta Progetti Srl	Moncalieri	ITA	20.00%	OnO Environmental Holding GmbH	at Equity
EDC-Anlagentechnik GmbH	Tulln an der Donau	AUT	33.33%	Wolftank-Adisa Holding AG	at Equity

EDC-Anlagentechnik GmbH will be consolidated using the equity method from 2023 (previously fully consolidated).

In 2023, a part of Petroltecnica SPA’s business was transferred to the subsidiary Ostellato Ambiente Srl.

Wolftank-Adisa Holding AG indirectly holds 100.00% of Sirigenera Srl through its investment in Petroltecnica SPA. This subsidiary was not included in the consolidated financial statements as at 31 December 2023 due to immateriality.

Capital consolidation

Capital offset dates

The capital offset dates from the initial consolidation are as follows:

Company		Time of capital offset
Wolftank Adisa GmbH	10.03.2008		Date of acquisition of subsidiary
OnO Environmental Holding GmbH	08.11.2013		Date of acquisition of subsidiary
Wolftank Adisa Env.  Techn. GmbH	01.01.2018		First-time consolidation at initial inclusion of the subsidiary
Wolftank – France SAS	01.01.2018		First-time consolidation at initial inclusion of the subsidiary
Wolftank DGM Srl	08.01.2014		Date of acquisition of subsidiary
Wolftank Deutschland GmbH	01.01.2018		Date of acquisition of subsidiary
Wolftank Adisa (Shanghai) Environmental Technology Co. Ltd.	30.05.2018		Date of establishment of the subsidiary
Alternativas Ecologicas Ingenieria Energetica S.L.	31.12.2018		First-time consolidation at initial inclusion of the subsidiary
Wolftank Latinoamerica Ltda.	06.02.2020		Date of establishment of the subsidiary
Rovereta S.r.l.	01.08.2020		Date of acquisition of subsidiary
O2M Obras Mant Y Mejoras SL	20.05.2020		Date of establishment of the subsidiary
Wolftank Hydrogen GmbH	11.11.2020		Date of establishment of the subsidiary
Bozen Biogas GmbH	12.02.2021		Date of establishment of the subsidiary
Mares S.r.l.	29.12.2021		Date of acquisition of subsidiary
Wolftank Iberia SL	29.04.2022		Date of establishment of the subsidiary
HGeneration Srl	11.08.2022		Date of establishment of the subsidiary
Wolftank USA Inc.	30.01.2023		Date of establishment of the subsidiary
Wolftank Immobiliare Srl	22.06.2023		Date of establishment of the subsidiary
Petroltecnica SPA	01.07.2023		Date of acquisition of subsidiary
Ostellato Ambiente Srl	01.07.2023		Date of acquisition of subsidiary

Differences arising from the offsetting of capital

Company	Difference (amount) (active / passive)	Difference (Amount)	Differencial amount (Explanation)		Changes against previous year
Wolftank Adisa Env. Techn. GmbH	active	680	Goodwill from consolidation		–
Wolftank – France SAS	active	943,369	Goodwill from consolidation		–
Wolftank DGM Srl	active	4,418,797	Goodwill from consolidation		–
Wolftank Deutschland GmbH	passive	3,742	Retained profits		–
Alternativas Ecologicas Ingenieria Energetica S.L.	passive	87,937	Creation provision		–
Wolftank Latinoamerica Ltda.	active	49,665	Goodwill from consolidation		–
Rovereta S.r.l.	active	1,905,216	Goodwill from consolidation		1,385,050
O2M Obras Mant Y Mejoras SL	passive	25,405	Formation of reserves		–
Bozen Biogas GmbH	passive	1,100	Formation of reserves		–
Mares S.r.l.	active	2,456,020	Goodwill from consolidation		–
Wolftank Iberia SL	active	5,010	Goodwill from consolidation		–
Wolftank USA Inc.	active	3,703	Goodwill from consolidation		3,703
Petroltecnica SPA	active	3,978,335	Goodwill from consolidation		3,978,335

Consolidation of equity

Difference from the first time application

Company	Book value	Pro rata	Difference
	Initial Setting	Equity ass. Comp.	(amount)
Penta Progetti Srl	100,000	-130,777	-30,777
EDC-Anlagentechnik GmbH	500,000	-77,066	422,934

Notes to the Balance Sheet

Fixed assets

The development of the individual items of the fixed assets and the breakdown of the annual depreciation into individual items are presented in the consolidated statement of changes in fixed assets.

Intangible fixed assets

Permits, industrial and similar rights and benefits as well as licenses derived from these, such as patents and goodwill from capital consolidation, are reported as intangible assets.

Scheduled depreciation of EUR 1,934,763 (previous year EUR 1,637,822) was applied to intangible assets.

Non-scheduled depreciation of EUR 0 (previous year EUR 0) was applied to intangible assets.

The book value of the goodwill from the consolidation of capital of Wolftank DGM Srl as at 31.12.2023 is EUR 634,824 (previous year EUR 1,050,961). To review the intrinsic value of the goodwill, the valuation of the investment was made as at 31.12.2023 by way of a DCF-method according to the APC-concept (2-phase model with detailed planning phase until 2025 as per business plan). The capitalization interest rate was applied rounded off at 11.56 %. This was done on the basis of the business plan adopted by the management of Wolftank DGM Srl in March 2024. In the business plan, the Management of Wolftank DGM Srl makes the following assumptions, among others:

• Increase in operating performance by approx. 37.3 % by the end of 2025
• Stabilisation of the margin (trade margin) by end of 2025 to approx. 33.0 %
• Synergy effects from the Italian Group companies (Petroltecnica SPA, Rovereta Srl, Mares Srl)

The book value of the goodwill from the consolidation of capital of Rovereta Srl as at 31.12.2023 is EUR 1,668,741 (previous year EUR 416,133). To review the intrinsic value of the goodwill, the valuation of the investment was made as at 31.12.2023 by way of a DCF-method according to the APV-concept (2-phase model with detailed planning phase until 2025 as per business plan). The capitalization interest rate was applied rounded off at 11.75 %. This was done on the basis of the business plan adopted by Rovereta’s Management in March 2024. In the business plan, the Management of Rovereta Srl makes the following assumptions, among others:

• Operating performance at the level of 2022 until the end of 2025
• Stabilization of the margin (gross margin) at approx. 37.0 % by the end of 2025.

The book value of the goodwill from the consolidation of capital of Petroltecnica SPA as at 31.12.2023 is EUR 3,978,335 (previous year EUR 0). To review the intrinsic value of the goodwill, the valuation of the investment was made as at 31.12.2023 by way of a DCF-method according to the APV-concept (2-phase model with detailed planning phase until 2025 as per business plan). The capitalization interest rate was applied rounded off at 11.56 %. This was done on the basis of the business plan adopted by Petroltecnica’s Management in February 2024. In the business plan, the Management of Petroltecnica SPA makes the following assumptions, among others:

• Stabilization of the margin (gross margin) at approx. 38.0 % by the end of the financial year 2025

The book value of the goodwill from the consolidation of capital of Mares Srl as at 31.12.2023 is EUR 1,982,011 (previous year EUR 2,210,418). To review the intrinsic value of the goodwill, the valuation of the investment was made as at 31.12.2023 by way of a DCF-method according to the APV-concept (2-phase model with detailed planning phase until 2026 as per business plan). The capitalization interest rate was applied rounded off at 11.56 %. This was done on the basis of the business plan adopted by Mares’s Management in November 2023. In the business plan, the Management of Mares Srl makes the following assumptions, among others:

• Increase in operating performance by approx. 22.4 % by the end of the financial year 2026
• Stabilization of the margin (gross margin) at approx. 36.0 % by the end of the financial year 2026
• Intra-Group synergies

Tangible assets

In the area of the tangible fixed assets, use-related depreciation in the amount of EUR 2,658,633 (previous year EUR 1,885,175) was applied.

Obligations from the use of tangible assets not shown in the balance sheet are as follows:

Leasing obligations	hereinafter financial year	in the subsequent 5 financial years
Total (31.12.2023)	430,939	1,730,603
Total (31.12.2022)	115,445	198,653

Shares in associated companies

The shares in associated companies amount to EUR 681,238 (previous year EUR 168,830) and are made up as follows:

Associated company	Share	Book value 31.12.2023	Book value 31.12.2022
Penta Progetti Srl	20.00 %	143,402	135,825
EDC-Anlagentechnik GmbH	33.33 %	537,835	–

Other receivables and assets

Other receivables and assets include, among other things, significant income in the amount of EUR 1,461,916 (previous year EUR 203,414), which will only become due after the balance sheet date.

	31.12.2023	31.12.023
Income tax	528,950	1,461,916
Deferred tax assets from the consolidation (elimination of interim results)	194,793	183,683

Deferred tax assets

The deferred tax assets are shown as EUR 723,744 (previous year EUR 865,033). These relate to temporally or materially different recording of results in the respective company law and tax law. The disclosure serves the principles of period purity and balance sheet accuracy.

The calculation of deferred tax assets is essentially based on the following income tax rates (corporate income tax):

	31.12.2023	31.12.2022
Deferred tax assets from book value differences in the respective individual accounts	528,950	681,350
Deferred tax assets from the consolidation (elimination of interim results)	194,793	183,683

• Austria                    24.00 %
• Italy                         24.00 % (IRES)
• China                      25.00 %
• Germany                 26.68 %

The deferred tax assets are made up as follows:

	31.12.2023	31.12.2022
Deferred tax assets from book value differences in the respective individual financial statements	528,950	681,350
Deferred tax assets from the consolidation (elimination of interim results)	194,793	183,683

At the following Group companies the option to recognize deferred taxes from accumulated losses brought forward was exercised as follows:

		31.12.2023
Wolftank DGM Srl	EUR	68,989
Rovereta Srl	EUR	46,580
Wolftank Deutschland GmbH	EUR	90,731

With regard to Wolftank DGM Srl and Rovereta Srl, referring to the business plans in point 5.1.1, there is substantial evidence that a sufficient taxable result will be available in the future.

Also with regard to Wolftank Deutschland GmbH, there is substantial evidence in the form of a business plan.

Share capital

The share capital increased by EUR 645,377 compared to the previous year and now amounts to EUR 5,026,311.

Capital reserves

Tied-up capital reserves

The tied-up capital reserves consist entirely of the amount paid when shares are issued in excess of the nominal value (premium). During the year under review, the tied-up capital reserves increased for this reason by EUR 2,675,203 (previous year: EUR 5,471,616).

Subsidies and grants

The grants result from the investment premium and break down as follows:

Fixed asset item	31.12.2023	31.12.2022
Intangible assets (Permits, industrial and and similar rights and benefits as well as licences derived from these)	395	456
Tangible assets (investments in operating buildings)	0	18
Tangible assets (other equipment, factory and office equipment)	2,495	3,829
Total	2,890	4,303

The subsidy from the investment premium is released proportionately according to the useful life of the respective assets. In the current financial year the release amounts to EUR 1,431.

Provisions

Provisions for severance payments and pensions

The method applied by the Group companies Wolftank DGM Srl, Rovereta Srl, Wolftank Hydrogen GmbH, Bozen Biogas GmbH, Mares S.r.l, Petroltecnica SPA and Ostellato Ambiente Srl for the determination of the provisions differs insignificantly from the accounting principles according to the Group guidelines. The calculation was based on financial mathematics.

Deferred tax liabilities

The deferred tax liabilities are shown as EUR 45,427 (previous year EUR 0).
The deferred tax liabilities are made up as follows:

	31.12.2023	31.12.2022
Deferred tax assets from book value differences in the respective individual accounts	45,427	0
Deferred tax liabilities from consolidation (capital consolidation)	0	0

Liabilites

The breakdown of liabilities pursuant to Section 225 (6) and Section 237 (1), line 5 UGB is presented as follows:

			Residual term
		Total	up to 1 year	betw. 1 and 5 yr.	more than 5 years
		EUR	EUR	EUR	EUR
Bonds	2023	2,076,500	76,500	2,000,000	0
	2022	2,076,500	76,500	2,000,000	0
Liabilities to banks	2023	25,239,445	14,929,631	8,238,154	2,071,660
	2022	10,377,977	6,375,415	3,599,023	403,540
Prepayments received on	2023	3,184,606	3,184,606	0	0
account of orders	2022	1,653,573	1,653,573	0	0
Trade payables	2023	31,160,306	30,731,093	429,213	0
	2022	13,894,648	13,894,648	0	0
Liabilites from bills of exchange	2023	0	0	0	0
accepted and drawn	2022	0	0	0	0
Other liabilities	2023	17,622,199	17,547,699	74,499	0
	2022	11,158,402	5,158,222	4,949,775	1,050,404
Total	2023	79,283,056	66,469,529	10,741,866	2,071,660
Total	2022	39,161,100	27,158,358	10,548,798	1,453,944

Of the total amount of liabilities, EUR 663,414 (previous year EUR 632,979) is materially secured by collateral.
The property in Rovigo (Italy) is mortgaged.

Other liabilites

Other liabilities include, among other things, significant expenses in the amount of EUR 4,027,913 (previous year EUR 2,189,342), which will only become due after the balance sheet date.

	31.12.2023
Supervisory Board expenses	36,000
Tax expenses	797,669
Statutory social security expenses	1,191,711
Employees expenses	2,002,534

The item other liabilities shows long-term loans and bonds in the amount of EUR 3,428,450 that are not traded on an organized capital market on the balance sheet date and which were subscribed by individual private investors.

Explanations for the Profit and Loss Account

Sales revenues

Breakdown of sales by area of activity in accordance with Section 240 UGB:

	mEUR
Environmental Services	51.7
Industrial Coatings and Maintenance	14.5
Hydrogen & Renewable Energies	20.6

Pursuant to Section 240 UGB, the breakdown of the sales revenues according to geographically determined markets is not provided. This is due to the fact that the breakdown can put the Group at a substantial disadvantage.

Other own work capitalized

The other own work capitalized amounts to EUR 698,575 (previous year EUR 1,021,431) and mainly relates to the manufacture of new plant and machinery used in the Group’s operating environment after completion.

Depreciation of intangible and tangible assets

Scheduled depreciations

The scheduled depreciations in the financial year amount to EUR 4,593,396 (previous year EUR 3,522,998).
The breakdown of annual depreciation by individual items is shown in the assets analysis.
Depreciation includes goodwill amortization of EUR 1,267,697 (previous year EUR 1,077,964).

Depreciation of current assets

Depreciation of current assets in the financial year amount to EUR 106,714 (previous year EUR 25,300).

Other operating expenses

Other expenses include, among other things, the following items which were reserved:

		2023		2022
Audit (Wolftank-Adisa Holding AG)	EUR	11,000	EUR	10,000
Group Audit	EUR	41,500	EUR	35,000

Results for associated companies

The result for associated companies is EUR 7,577 (previous year EUR 5,663) and results from updating of the investment valuations of the associated companies as follows:

Penta Progetti Srl

EUR

7,577

previous year (EUR 5,663)

Taxes on income and profits

The taxes on income and profits are broken down as follows:

	2023	2022
Taxes on income and profits	735,363	503,308
Taxes on income and profits (latent)	844,843	400,650
Total	1,580,207	903,959

Other disclosures

Number of employees

The average number of employees during the financial year was:

in total:	434	(previous year 276)
of which wage-earners:	164	(previous year 87)
of which salary-earners:	270	(previous year 189)

Required explanatory notes on the Group taxation

By decision of 19 March 2014, Wolftank Adisa Holding AG was recognized as the group parent. The group of companies is in force from the assessment as of 31.12.2013. The tax allocation was contractually agreed and is based on the “stand-alone” method. If a positive tax result cannot be offset with losses within the company group, the tax allocation is 24% of the forwarded result. If the positive result can be offset with losses, the tax allocation is 19% of the forwarded result. Losses that cannot be offset with positive results will be carried forward to the subsequent year.

Wolftank-Adisa Holding AG	(Group parent)
OnO Environmental Holding GmbH	(Group member)
Wolftank Adisa GmbH	(Group member)
Wolftank Adisa Environmental Technology GmbH	(Group member)

Members of the Management Board and the Supervisory Board

The Management Board consists of the following person:

• Dipl.-Ing. Dr. Peter Werth, born on 21.03.1973
• Simon Reckla, M.A., born on 08.06.1988

In 2023, the Supervisory Board consists of the following persons:

Markus Wenner, born on 19.11.1967	Chairman	01.01.2023 – 31.12.2023
Dr. Andreas Aufschnaiter, born on 23.12.1962	Deputy	01.01.2023 – 31.12.2023
Dr. Christian Amorin, born on 06.01.1968	Member	01.01.2023 – 05.09.2023
Dr. Herbert Hofer, born on 28.09.1962	Member	01.01.2023 – 31.12.2023
Michael Funke, born on 13.10.1965	Member	01.01.2023 – 31.12.2023
Raphaela Lindlbauer, born on 26.07.1991	Member	05.09.2023 – 31.12.2023

The total remuneration for the members of the Supervisory Board amounted to EUR 32,000 (previous year EUR 34,000). With regard to the information on the members of the Management Board, reference is made to Section 242 (4) UGB.

Mandatory disclosures pursuant to Section 239 (1) Z5 UGB

Mandatory information according to Section gemäß § 239 (1) Z5 UGB	Employees	Executive	Board Member
		Employees	Simon Reckla
Number of rights	–	2	1
Number of shares that can be acquired	–	16.676	8.338
Exercise price (in EURO)	–	17,99	17,99
Term	–	02.06.2029	02.06.2029
Exercise Periods	–	The “Exercise Periods” shall each last two weeks and shall beginn at 12:00 noon on the Monday following the day of publication of the annual financials report or the half-yearly financial report of the Company and end at 12:00 noon on the Monday of the week after next.
Transferability of the rights	–	none	none
Retention period for the shares	–	none	none
Type of rights	–	Subscription of a share or cash settlement
Richts exercised in 2023
Number	none	none	none
Strike Price	–	–	–

Information on the total nominal amounts of the shares of each class in accordance with Section 241 UGB

• Section 241, number 1 UGB: The share capital in the amount of EUR 5,026,311 consists of 5,026,311 bearer shares with a nominal value of EUR 1 per share from the share capital.
• Section 241, number 3 UGB: In the financial year, bearer shares were subscribed from the authorized capital in the amount of EUR 224,807.
• Section 241, number 4 UGB: The Executive Board is authorized to increase the share capital by up to EUR 2,400,752 until 01.06.2028.
• Section 241, number 5 UGB: None.

Appropriation of profits

The Management Board proposes to propose to carry forward the balance sheet profit of EUR 590,906 from the individual accounts of Wolftank Adisa Holding AG in its entirety to a new account.