Wiener Stadtwerke Annual Report 2012

profitability, growth and innovation
The long-term success of the Group can only be guaranteed
by profitable growth. Due to the difficult economic environment
prevailing at present, safeguarding profitability in the
coming years will be a particular challenge for the
Wiener Stadtwerke Group. Besides the programmes to
increase cost efficiency in all Group segments, strategic
decisions are also at the heart of our actions. These relate to
the expansion of renewable energy production, such as wind
power and photovoltaic, increasing the density of the district
heating network, the further expansion of the public transport
offering and the development of innovative products and
business models.
Treading new paths is the order of the day, both in terms of the
expansion of infrastructure in the public sector as well as the
development of structures within the Group. The city is
growing, the demographics of the population are changing
and, according to all available forecasts, we will soon be at the
centre of a metropolitan region which extends far beyond the
city boundaries.
We therefore think in terms of Vienna‘s future and see ourselves
as a central player in the development of Vienna to
become a 'smart city', particularly with energy and transportation,
as two key elements of the smart city concept, belonging
to the core competencies of the Group. Although at multiple
levels and inter-disciplinary, our focus on future-oriented issues
is centrally coordinated and encouraged.
5. Turnover and earnings position
As has been mentioned above, the figures reported for the
energy segment in 2012 contain the results of five quarters
due to the change in this segment‘s balance sheet date. The
comparability of the figures with those of the prior year is
therefore limited.
ABRIDGED PROFIT AND LOSS ACCOUNT
12 Annual Report 2012 | Consolidated Management Report
Development of results
The majority of the increase in turnover is accounted for by
the inclusion of the fifth quarter for the energy segment.
A restatement of results to exclude the fifth quarter reveals
increases in turnover primarily in the energy and transport
segments. Turnover in the energy segment was higher than in
the prior year, whereby lower electricity sales revenues were
overcompensated for by higher gas and district heating
income. Due to the marked increase in passenger numbers,
the transport segment reported higher revenues in nearly all
ticket categories.
TURNOVER By SEGMENT
in EUR million
0.4% Car parks
1.8% Funerals and cemeteries
14.9% Transport
82.9% Energy
22.7% Heat
17.6% Gas
59.7% Electricity
For more information on the revenue structure, please refer to
the section entitled 'Segment reporting'.
Restated to exclude the fifth quarter, productivity improved
marginally compared to the prior year from 191.7 to 192.1.
Financial results in EUR million 2012 2011 ± ±%
Turnover 3,775.8 3,058.7 717.1 23.4
Change in inventory and own work capitalised 76.5 63.6 12.9 20.3
Other operating income 682.6 602.3 80.3 13.3
Operating performance 4,534.9 3,724.6 810.3 21.8
Cost of materials - 2,080.3 -1,627.1 -453.2 27.9
Personnel expenses -2,005.0 -1,065.4 -939.6 88.2
Depreciation and amortisation -655.1 -514.8 -140.3 27.3
Other operating expenses -673.4 -591.1 -82.3 13.9
Consolidated EBIT -879.0 -73.8 -805.2 n.a.
Consolidated financial result -32.1 89.1 -121.2 -136.0
Consolidated EBT -911.1 15.3 -926.4 n.a.
Consolidated profit/loss for the year after minority interests -911.1 17.1 -928.2 n.a.
Consolidated profit / loss for the year -788.6 103.8 -892.4 n.a.
Due to the change in the balance sheet date, the 2012 figures for the energy segment relate
to five quarters
Differences as a result of rounding figures have not been eliminated