1 - KTG Energie AG

KTG Energie AG
Half-yearly report 2012
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CONSOLIDATED FIGURES
CONSOLIDATED FIGURES
KTG ENERGIE AG
CONSOLIDATED FIGURES
IN EUR MILLIONS
1st half year
2012
1st half year
2011
Change
in %
Earnings situation
Turnover 13,4 8,9 +50,6
EBITDA 3,9 2,7 +44,8
EBIT 2,6 1,8 +45,1
Result from ordinary activities 1,5 0,6 +145,8
Annual surplus 0,1 0,3
CONSOLIDATED FIGURES
IN EUR MILLIONS
30.06.2012 31.12.2011
Asset situation
Equity 20,5 6,6
Liabilities 86,4 87,9
Fixed assets 78,5 71,5
Current assets 28,8 22,9
Total assets 108,8 95,2
MEGAWATTS ON THE GRID 30.06.2012 31.12.2011
Total 30,6 22,4
KTG ENERGIE AG HALF-YEARLY REPORT 2012

CONTENTS
CONTENTS
1 ∙ COMPANY
03 ∙ Foreword by the Management Board
04 ∙ Company Locations
2 ∙ BUSINESS PERFORMANCE
07 ∙ Business activity
07 ∙ Economic circumstances
08 ∙ Business operations
09 ∙ Outlook
3 ∙ FINANCIAL DATA
12 ∙ Consolidated balance sheet
16 ∙ Profit and loss account
17 ∙ Consolidated cash flow statement
18 ∙ Statement of changes in equity
20 ∙ Statement of changes in consolidated fixed assets
4 ∙ COMMENTS
26 ∙ Overall statement regarding business development
29 ∙ Legal notice
1 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

COMPANy
1 ∙ COMPANy
2 ∙ KTG ENERGIE AG HALF-YEARLY hALF-yEARLy REPORT 2012 2012

COMPANY ∙ FOREWORD BY THE MANAGEMENT BOARD
LETTER FROm the
MANAGEMENT BOARD
29 June 2012 represented a milestone in the progress of
KTG Energie AG, being the first day on which our shares were
quoted on Frankfurt Stock Exchange. Our success in taking to the
trading floor, the very first German company to do so in 2012,
demonstrates that the investments of recent years have been
bearing fruit and that our great efforts have paid off. We would
like to take this opportunity to thank all those who have assisted
us along this road, and above all our employees and colleagues.
We are now providing 250,000 people with clean energy, as well as
growing profitably and putting in place the financial foundations
necessary to continue along this successful path.
Our flotation has given investors the opportunity to participate
in a company with a very clear and straightforward business
model: the production of environmentally and climate-friendly
energy from biogas generated using sustainable second crops.
Moreover, once the investment phase is over investors will
receive very attractive dividends.
HEALTHY NUTRITION AND CLEAN
ENERGY FROM THE SAME FIELD
During the roadshow which accompanied the flotation and also
over the past few weeks, we have frequently been asked one
question in particular: given the current failed harvests in the
USA and other countries, is it wise to use biomass for energy
production Our clear answer to this question is ‚yes‘. Obviously
the production of renewable energy must not be to the detriment
of food production. However, biogas has that potential, and we
exploit it to the full. KTG Energie AG currently covers over 60
per cent of its total biomass needs through second crops, and this
figure is rising all the time. Indeed, after many years of research
we have succeeded at three locations in boosting it to 100 per
cent, so that these facilities now run exclusively on second crops.
Millet and Sudan grass are particularly suitable for use as second
crops, and their use also opens a new source of potential agricultural
income. Fields are first used to grow cereals for food
production. Then, after these have been harvested in the summer,
a second crop is sown which is harvested in late autumn and used
for energy production. The outcome: healthy food and clean
energy from the same field.
SUCCESSFULLY RECONCILING
INVESTMENT AND PROFITABILITY
Accordingly, over the coming years we shall be further increasing
our production capacity while also boosting turnover
and income. We once again managed to pull off this balancing
act during the first half of 2012. By the end of June we had biogas
plants generating some 30 megawatts connected to the grid,
almost 50 per cent more than at the start of the year, and during
the same period we increased our turnover by 51 per cent to EUR
13.4 million, and our EBIT by 45 per cent to EUR 2.6 million.
We are convinced that the production of environmentally
friendly energy still has a great deal of potential, and we view the
future with optimism: thanks to the investments already made
in the grid, turnover and income are expected to rise faster in
the second half of 2012 than during the first half. Furthermore,
through the stock market flotation we have laid the basis for
expanding our capacity faster than previously planned, and by
the end of 2012 we should be feeding over 35 megawatts into the
grid. By 2015 the output from our biogas plants is scheduled to
hit the 60 megawatt mark.
Our philosophy of producing for both table and tank during the
same growing season means we shall continue in future to make a
major contribution to the success of the energy turnaround. Our
objective is environmentally and climate-friendly energy coupled
with attractive returns, and we welcome all those who choose to
accompany us down that path in future.
Hamburg, 14 September 2012
Dr. Thomas R. G. Berger
Management Board Chairman
Olaf Schwarz
CFO
3 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

COMPANY ∙ COMPANY LOCATIONS
BUSINESS
LOCATIONS OF
KTG ENERGIE AG
LIThUANIA
Vilnius
SChLESWIG-hOLSTEIN
hAMBURG
Hamburg
Schwerin
Dersewitz
MECKLENBURG-WEST POMERANIA
Putlitz
Putlitz PAL
Schwedt
(Oder)
Vehlefanz
Wuthenow
Flechtingen
Potsdam
BERLIN
Seelow
SAxONy-ANhALT
Magdeburg
Lübs
BRANDENBURG
Nonnendorf
Schöllnitz
Hornow
ThURINGIA
Halle
Leipzig
Ringleben
Erfurt
Dresden
SAxONy
Trusetal
Biogas production
Company headquarters
4 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

COMPANY ∙ COMPANY LOCATIONS
· CULTIVATED AREA AND
BIOGAS PRODUCTION
Plants in operation
01 · Putlitz
02 · Flechtingen
03 · Schöllnitz
04 · Seelow
05 · Hornow
06 · Wuthenow
07 · Dersewitz
08 · Putlitz PAL
09 · Lübs
· COMPANY HEADQUARTERS
10 · Hamburg
5 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

BUSINESS PERFORMANCE
2 ∙ BUSINESS PERFORMANCE
6 ∙ KTG ENERGIE AG hALF-yEARLy REPORT 2012

BUSINESS PERFORMANCE ∙ 1ST HALF YEAR 2012
BUSINESS PERFORMANCE
DURING FIRST HALF OF 2012
1 ∙ BUSINESS ACTIVITIES
KTG Energie AG, formerly KTG Biogas AG, is a subsidiary
of KTG Agrar AG (KTG). With over 35,000 hectares under
management, the parent company is one of Europe’s leading producers
of agricultural resources. Since 2006 KTG Energie AG has
specialised in the production of bioenergy. As of 30 June 2012 our
biogas plants were contributing some 30 megawatts of electrical
power to the grid, making KTG Energie AG one of Germany‘s
leading biogas producers. The biomethane we produce is either
fed into the national grid or converted into electrical power on
site. Some of the heat we produce is used in-house by the parent
company, but it is also supplied to companies, public institutions
and private households.
The biogas production is done according to an integrated
concept, with the plants located in the immediate vicinity of our
parent company‘s farms. To generate energy we use both maize
and by-products such as sugar beet, grasses and whole-crop
silage. Second crops constitute our main input source, making
up over 60 per cent of the total. Millet and clover, for instance,
are sown after the summer grain harvest and are themselves
harvested in late autumn. Thanks to this integrated business
model we achieve a high level of biogas production efficiency,
and this yields stable cash flow and healthy margins.
2 ∙ ECONOMIC CIRCUMSTANCES
2.1 ∙ Macroeconomic Situation
Economic growth in Asia and Latin America is currently cooling
off markedly, and the eurozone‘s economic performance remains
extremely weak. The severe budget deficit in the United States,
the chronic eurozone debt crisis, the marked cooling of Chinese
economic growth and high commodity prices are the principle
factors which have exerted a drag on the economy during 2012.
In light of the high level of uncertainty, in their latest forecast for
the world economy the economic experts at the International
Monetary Fund (IMF) are now predicting 2012 global growth
of just 3.5 per cent, a 0.1 per cent drop on previous forecasts for
the year. For Germany, the IMF has reaffirmed the 1.0 per cent
growth forecast contained in the earlier country-by-country
report.
2.2 ∙ Energy
The amendment of the German Renewable Energy Sources
Act (EEG) was adopted in the summer of 2011, and the new
legal framework came into force on 1 January 2012. On-site
power generation plants are still subsidised relative to their
size. On top of that, there is an input material subsidy, which is
divided into two subsidy classes. Input material subsidy class
1 comprises plants cultivated specifically for the production of
biogas, like maize, sugar beet and whole crop silage, while input
material class II comprises liquid manure and catch crops.
Furthermore, there is a gas treatment premium as additional
compensation for biogas feed-in. Thermal power stations drawing
biogas from the grid and converting it into power receive additional
support of between EUR 0.01 and 0.03 per kilowatt-hour
(kWh), depending on the size of the processing plant.
KTG Energie AG focused right from the start on the extensive
utilisation of catch crops as well as the sustainable use of heat.
The amended EEG has vindicated this philosophy and increases
the flexibility with which biogas plants can be operated. Since the
new legislative framework supports our existing business model,
it provides a sound and secure foundation for our ongoing
business activities.
7 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

BUSINESS PERFORMANCE ∙ 1ST HALF YEAR 2012
3 ∙ BUSINESS OPERATIONS
During the first half of 2012 KTG Energie AG continued growing
vigorously. We have significantly expanded our production
capacity while simultaneously boosting turnover and improving
our operating result. During the first half of the year plants in
Putlitz PAL, Schöllnitz II und Wuthenow began running at full
capacity. As a result, on 30 June 2012, KTG Energie AG had
plants generating a total of 30.6 MW connected to the power
grid, as compared with 22.4 MW on 31 December 2011. Furthermore,
as of the balance sheet date plants set to generate over
9 MW were under construction, with others at the planning
stage. During the first half of 2012 we produced 70.2 million
kilowatt hours of environmentally friendly energy. Thanks to
the stock market flotation at the end of June we have laid the
financial foundations for further growth, and can view the
future with optimism.
3.1 ∙ Overall Performance Trends and Turnover
Over recent years KTG Energie AG has invested heavily in
expanding its biogas production capacity. Our turnover and
income performance during the first half of 2012 was very
encouraging. Thanks to our numerous new biogas plants, sales of
renewable energy soared by 50.6 per cent, from EUR 8.9 million
to EUR 13.4 million, while total operating income increased from
EUR 11.4 million to EUR 13.7 million. A positive point to note
in connection with this performance is that the bulk of the plants
were not commissioned until either the end of 2011 or the first
half of 2012, and for biological reasons they take several months
to reach full capacity. This factor will have a positive impact on
our turnover and income from the second half of 2012 onwards.
3.2 ∙ Cost Developments
As the company has grown our costs have increased correspondingly.
Material costs chiefly comprise expenditure on
raw materials and supplies and also input materials for biogas
production. These rose from EUR 4.8 million to EUR 5.4 million,
representing an increase of 12.5 per cent. The material costs as a
ratio of total output stood at 39.4 per cent (H1 2011: 42 per cent).
Due to the rise in the number of employees, our personnel costs
rose by 39.0 per cent, from EUR 0.7 million to EUR 0.9 million.
Depreciation, amortisation and impairment rose by 44.3 per cent
during the first six months of 2012, from EUR 0.9 million to
EUR 1.3 million. This can chiefly be ascribed to the commissioning
of the new biogas plants. As a result of the increased
number of plants and higher turnover, other operating costs
during the first half of 2012 came to EUR 3.4 million (H1 2011:
EUR 3.2 million).
3.3 ∙ Earnings
KTG Energie AG once again increased its operating profit during
the first six months of 2012. EBITDA rose by 44.8 per cent, from
EUR 2.7 million to EUR 3.9 million, while EBIT soared from
EUR 1.8 million to EUR 2.6 million, an increase of 45.1 per cent.
Meanwhile, the EBIT margin in relation to total output for the
period from January to June 2012 stood at 19.1 per cent, a significant
3.2 per cent up on the 2011 figure of 15.9 per cent.
The financial result for the first half of 2012 came to -1.1 million,
much the same level as the year before. It should be noted here
that the construction time interest on assets not yet running at
full capacity has been recognised. The result from ordinary
activities rose by 145.8 per cent during the first half of 2012,
from EUR 0.6 million to EUR 1.5 million.
The extraordinary expenses totalling EUR 1.3 million are attributable
to the costs of the stock market flotation in June 2012.
Due to this one-off effect the net profit for the half year came to
just EUR 0,1 million (H1 2011: EUR 0,3 million).
3.4 ∙ Financial and Assets Position
KTG Energie AG‘s financial and assets position during the first
six months of 2012 was dominated by the effect of investments in
the expansion of biogas capacity and the stock market flotation.
Thanks to the feed-in tariff guaranteed under the EEG, operating
biogas plants is conducive to secure long-term planning, and
thus offers a sound foundation for the sustained development of
KTG Energie AG.
The balance sheet total increased from EUR 95.2 million on
31 December 2011 to EUR 108.8 million, and thanks to the stock
market flotation our equity received a EUR 13.8 million boost.
As of the balance sheet date on 30 June 2012, KTG Energie
AG held equity totalling EUR 21.1 million and the equity ratio
stood at 19.4 per cent. Total balance sheet date liabilities on
30 June 2012 came to EUR 86.4 million (31 December 2011:
EUR 87.9 million). This rise is chiefly attributable to the financing
of the new biogas plants, as a result of which liabilities to banks
increased from EUR 42.5 million to EUR 47.7 million.
Due to our investment activities, property, plant and equipment
rose in value during the first six months of 2012 from EUR
8 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

BUSINESS PERFORMANCE ∙ 1ST HALF YEAR 2012
71.3 million to 78.3 million, while plant, equipment and machinery
fell slightly from EUR 29.1 million to EUR 28.1 million.
The significant increase in assets under construction, from EUR
33,3 million to EUR 41.4 million, is a testament to our continuing
expansion.
Hamburg, 14 September 2012 KTG Energie AG
KTG Energie AG
Inventories increased from EUR 5.3 million at the end of 2011
to EUR 7.0 million by 30 June 2012. This is due to an increase in
work in progress by EUR 0,5 million to EUR 0,8 million, as well
as a slight increase in payments on account to EUR 0,6 million.
Receivables and other assets decreased from EUR 15.1 million
to EUR 13.8 million.
4 ∙ OUTLOOK
In its August 2012 forecast the International Monetary Fund
(IMF) predicts global growth for 2012 as a whole of some 3.5 per
cent. However, economists‘ assessment of the German economy is
significantly more optimistic than previously, as a result of which
their growth forecasts have been revised upwards. They are now
expecting 2012 German growth to come in at one per cent, 0.4
percentage points more than expected back in the spring.
Dr. Thomas R. G. Berger
Management Board Chairman
Olaf Schwarz
CFO
Due to the amended EEG, the German biogas sector is currently
undergoing transformation, with the German Biogas Association
(Fachverband Biogas e.V.) anticipating the construction of 300
new plants in Germany during 2012, considerably fewer than the
year before. The amended EEG has vindicated the business model
adopted by KTG Energie AG. Since 2006 we have pursued a policy
of using second crops, as well as incorporating systems for the use
of the heat generated when planning our facilities. Accordingly,
the EEG and the German Gas Grid Access Ordinance (Gasnetzzugangsverordnung
- GasNZV) between them provide a stable
and attractive legal framework for our growth strategy.
Given the great potential offered by the environmentally
friendly energy sector, KTG Energie AG views the future with
optimism. Thanks to the investments we have already made
in the grid, we expect turnover and income to rise faster in the
second half of 2012 than during the first half, and the stock
market flotation has laid the foundations for us to expand our
capacities [more rapidly], and by the end of 2012 we should be
feeding over 35 megawatts into the grid. By 2015 the output from
our biogas plants is scheduled to hit the 60 megawatt mark.
9 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

FINANCIAL DATA
3 · FINANCIAL DATA
10 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

FINANCIAL DATA
11 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

FINANCIAL DATA ∙ CONSOLIDATED BALANCE SHEET
CONSOLIDATED
BALANCE ShEET
ASSETS
FINANCIAL YEAR
IN EUR
PREVIOUS YEAR
IN EUR
A ∙ Fixed assets
I. Intangible assets
1. Concessions, industrial property rights and similar rights and assets and
licenses in such rights and assets 39.902,06 36.302,06
2. Goodwill 145.590,86 145.590,86
185.492,92 181.892,92
II. Tangible assets
1. Land, rights equivalent to real property and buildings 8.386.775,36 8.520.719,34
2. Technical plant and machinery 28.065.854,13 29.125.605,63
3. Permanent crops
4. Other equipment, factory and office equipment 395.617,41 395.211,47
5. Payments on account and assets under construction 41.428.965,27 33.272.750,49
78.277.212,17 71.314.286,93
III. Financial assets
1. Shares in affiliated companies 0 0
2. Other interests in companies 2.250,00 2.250,00
3. Loans to affiliated companies 0 0
2.250,00 2.250,00
78.464.955,09 71.498.429,85
12 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

FINANCIAL DATA ∙ CONSOLIDATED BALANCE SHEET
C ∙ Current assets
I. Inventories
1. Raw materials and supplies 5.418.669,46 4.278.079,21
2. Work in progress and seed crops 838.662,64 361.339,10
3. Finished products and goods, feedstuffs 110.858,59 110.858,58
4. Payments on account 617.535,14 561.460,37
6.985.725,83 5.311.737,26
II. Accounts receivable and other assets
1. Trade receivables 8.138.767,39 7.349.220,02
2. Receivables from affiliated companies 1.515.660,43 1.093.570,55
3. Receivables from companies in which a participating interest is held 56.437,43 56.437,43
4. Other assets 4.079.919,68 6.570.286,81
13.790.784,93 15.069.514,81
III. Securities 201.309,25 125.437,50
IV. Cheques, cash in hand and bank balances 7.797.684,98 2.391.959,45
28.775.504,99 22.898.649,02
D ∙ Prepayments and accrued income 1.605.441,08 770.077,44
Total assets 108.845.901,16 95.167.156,31
13 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

FINANCIAL DATA ∙ CONSOLIDATED BALANCE SHEET
EQUITY AND LIABILITIES
FINANCIAL YEAR
IN EUR
PREVIOUS YEAR
IN EUR
A ∙ Equity
I. Subscribed capital 50.000,00 50.000,00
II. Capital reserves 18.733.420,50 5.082.219,50
III. Revenue reserve 5.000,00 5.000,00
IV. Minority interests 901.613,48 94.300,12
V. Net income 1.409.023,01 1.360.651,93
21.099.056,99 6.592.171,56
B ∙ Provisions
1. Provisions for taxes 342.278,04 486.374,27
2. Other provisions 813.183,89 172.813,68
1.155.461,93 659.187,95
14 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

FINANCIAL DATA ∙ CONSOLIDATED BALANCE SHEET
C ∙ Liabilities
1. Liabilities to banks 47.722.965,32 42.463.988,23
2. Accounts payable from supplies and services 8.910.618,67 8.777.561,48
3. Payments received on account of orders 10.280,37 0
4. Liabilities to affiliated companies 29.103.987,49 36.529.947,68
5. Liabilities to companies in which a participating interest is held 0 750,28
6. Other liabilities 649.744,11 98.561,85
86.397.595,96 87.870.809,52
E ∙ Deferred tax liabilities 193.786,28 44.987,28
Total liabilities 108.845.901,16 95.167.156,31
15 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

FINANCIAL DATA ∙ GROUP PROFIT-AND-LOSS ACCOUNT
PROFIT AND
LOSS ACCOUNT
PROFIT AND LOSS ACCOUNT (HGB) 01.01. – 30.06.2012
IN EUR
01.01. – 30.06.2011
IN EUR
1. Sales revenue 13.373.984,09 8.880.412,52
2. Increase in inventories of finished goods and work in progress 177.323,54 1.284.818,17
3. Other own work capitalised 60.282,82 138.528,75
4. Other operating income 124.964,10 1.113.542,72
5. Total output 13.736.554,55 11.417.302,16
6. Material costs −5.408.790,89 −4.793.518,64
7. Personnel costs −936.776,88 −673.986,12
a) Wages and salaries
b) Social security and pension and benefit expenses
−785.972,95
−150.803,93
−570.472,84
−103.513,28
8. Depreciation, amortisation and impairment
of intangible fixed assets and property
plant and equipment −1.330.254,20 −922.352,53
9. Other operating costs −3.432.137,48 −3.215.357,54
10. Operating result (EBIT) 2.628.595,10 1.812.087,33
11. Other interest and similar income 159.305,87 23.164,56
12. Other interest and similar expenses −1.277.126,74 −1.220.680,68
13. Result from ordinary activities 1.510.774,23 614.571,21
14. Extraordinary costs −1.341.941,56
15. Taxes on income −40.285,82 −136.294,00
16. Other taxes −5.362,42 −134.673,25
17. Net profit for the year 123.184,43 343.603,96
16 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

FINANCIAL DATA ∙ CONSOLIDATED CASH FLOW STATEMENT
CONSOLIDATED
CASh FLOW STATEMENT
CASH FLOW STATEMENT FOR 2012
CONSOLIDATED FINANCIAL STATEMENTS
01.01. – 30.06.2012
IN THOUSANDS OF EUROS
01.01. – 31.12.2011
IN THOUSANDS OF EUROS
1. Cash flow from operating activities
Net profit for year 123 809
Depreciation, amortisation and impairment of fixed assets 1.330 2.248
Changes to provisions 496 355
Result from disposals of assets −26 −138
Changes in inventories, trade receivables and other assets 580 −5.749
Changes in trade payables and other liabilities −39 5.439
Other non-cash transactions 0 12
Cash flow from operating activities 2.465 2.976
2. Cash flow from investment activities
Proceeds from disposals of fixed assets 0 734
Payment for investments in fixed assets −8.271 −28.252
Cash flow from investment activities −8.271 −27.518
3. Cash flow from financing activities
Changes in receivables from affiliated companies −7.848 2.905
Allocation to capital reserves 13.800 5.082
Changes in medium- and long-term loans 5.259 17.362
Cash flow from financing activities 11.211 25.349
4. Cash funds at end of the period
Net change in cash funds (total of 1, 2 & 3 above) 5.405 807
Cash funds at beginning of period 2.392 1.585
Cash funds at end of year 7.797 2.392
5. Breakdown of cash funds
Liquid assets 7.798 2.392
Short-term liabilities to banks 0 0
Cash funds at end of year 7.798 2.392
17 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

FINANCIAL DATA ∙ 2012 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
STATEMENT OF
CHANGES IN EQUITY
STATEMENT OF
CHANGES IN EQUITY
IN THOUSANDS OF EUROS
SUBSCRIBED
CAPITAL
CAPITAL
RESERVE
REVENUE
RESERVE
CONSOLIDATED
EQUITY GENERATED
01 January 2009 50 0 0 340
Dividend for the previous year 0 0 0 0
Annual surplus 0 0 0 154
Other 0 0 0 0
31 December 2009 50 0 0 494
01 January 2010 50 0 0 494
Capital increase 0 0 0 0
Dividend for the previous year 0 0 0 0
Annual surplus 0 0 5 97
Other 0 0 0 0
31 December 2010 50 0 5 591
01 January 2011 50 0 5 591
Capital increase 0 0 0 0
Annual surplus 0 0 0 789
Addition due to initial
consolidation 0 0 0 0
Allocation to capital reserves 0 5.082 0 0
31 December 2011 50 5.082 5 1.380
01 January 2012 50 5.082 5 1.380
Capital increase 0 13.651 0 0
Annual surplus 0 0 0 29
Addition due to initial consolidation 0 0 0 0
Allocation to capital reserves 0 0 0 0
30 June 2012 50 18.733 5 1.409
18 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

FINANzDATEN ∙ 2012 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
OWN HOLDINGS
CONSOLIDATED
BALANCING ITEM
EQUITY LESS HOLDINGS
UNDER THIRD-PARTY
OWNERSHIP
UNDER
THIRD-PARTY
OWNERSHIP
EQUITY UNDER
THIRD-PARTY
OWNERSHIP
0 0 390 0 390
0 0 0 0 0
0 0 154 0 154
0 0 0 0 0
0 0 544 0 544
0 0 544 0 544
0 0 0 0 0
0 0 0 0 0
0 0 102 0 102
0 0 0 0 0
0 0 646 0 646
0 0 646 0 646
0 0 0 0 0
0 0 789 0 789
0 0 0 75 75
0 0 5.082 0 5.082
0 0 6.517 75 6.592
0 0 6.517 75 6.592
0 0 13.651 0 13.651
0 0 29 94 123
0 0 0 733 733
0 0 0 0 0
0 0 20.197 902 21.099
19 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

FINANCIAL DATA ∙ CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS
CONSOLIDATED STATEMENT OF
ChANGES IN FIxED ASSETS
ACQUISITION OR MANU
IN EUR
01.01.2012 INDIVIDUAL
FIXED ASSETS
01.01.2012
HB II
CHANGES
Fixed assets
I. Intangible assets
1 · Concessions, industrial property rights and
similar rights and assets and licenses in such
rights and assets 36.302,06 36.302,06 0
2 · Goodwill 169.128,25 169.128,25 0
205.430,31 205.430,31 0
II. Tangible assets
1 · Land, rights equivalent to real property and buildings,
including buildings on third-party land 9.393.639,63 9.393.639,63 0
2 · Technical plant and machinery 35.152.762,24 35.052.762,24 100.000,00
3 · Other equipment, factory and office equipment 542.683,87 542.683,87 0
4 · Permanent crops 0 0 0
5 · Payments on account and assets under construction 33.272.750,49 33.272.750,49 0
78.361.836,23 78.261.836,23 100.000,00
III. Financial assets
1 · Interests in non-consolidated affiliated
companies 0 0 0
2 · Interests in associated companies 0 0 0
3 · Participating interests 0 0 0
4 · Securities held as fixed assets 0 0 0
5 · Other loans 2.250,00 2.250,00 0
6 · Shares in cooperatives 0 0 0
7 · Reinsurance claims arising from life insurance policies 0 0 0
2.250,00 2.250,00 0
78.569.516,54 78.469.516,54 100.000,00
20 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

FINANCIAL DATA ∙ CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS
FACTURING COSTS
CHANGES IN
ENTITIES INCLUDED IN
CONSOLIDATION
ADDITIONS
RECLASSIFICATIONS
AND TRANSFERS
DISPOSALS 30.06.2012
0 3.600,00 0 0 39.902,06
0 0 0 0 169.128,25
0 3.600,00 0 0 209.030,31
0 71.859,45 0 0 9.465.499,08
0 31.286,14 0 25.884,27 35.158.164,11
0 33.819,07 0 0 576.502,94
0 0 0 0 0
0 8.156.214,78 0 0 41.428.965,27
0 8.293.179,44 0 25.884,27 86.629.131,40
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 2.250,00
0 0 0 0 0
0 0 0 0 0
0 0 0 0 2.250,00
0 8.296.779,44 0 25.884,27 86.840.411,71
21 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

FINANCIAL DATA ∙ CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS
CONSOLIDATED STATEMENT OF
ChANGES IN FIxED ASSETS
CUMULATIVE
DEPRECIATION, AMORTISATION & IMPAIRMENT
01.01.2012 INDIVIDUAL
FIXED ASSETS
01.01.2012
HB II
CHANGES
CHANGES IN
ENTITIES INCLUDED IN
CONSOLIDATION
Fixed assets
I. Intangible assets
1 · Concessions, industrial property rights and
similar rights and assets and licenses in
such rights and assets
0 0 0 0
2 · Goodwill 23.537,39 23.537,39 0 0
23.537,39 23.537,39 0 0
II. Tangible assets
1 · Land, rights equivalent to real property and
buildings, including buildings on
third-party land
872.920,29 872.920,29 0 0
2 · Technical plant and machinery 6.012.404,36 6.012.404,36 0 0
3 · Other equipment, factory and
office equipment
147.472,40 147.472,40 0 0
4 · Permanent crops 0 0 0 0
5 · Payments on account and assets under construction 0 0 0 0
7.032.797,05 7.032.797,05 0 0
III. Financial assets
1 · Interests in non-consolidated affiliated
companies
0 0 0 0
2 · Interests in associated companies 0 0 0 0
3 · Participating interests 0 0 0 0
4 · Securities held as fixed assets 0 0 0 0
5 · Other loans 0 0 0 0
6 · Shares in cooperatives 0 0 0 0
7 · Reinsurance claims arising from
life insurance policies
0 0 0 0
0 0 0 0
7.056.334,44 7.056.334,44 0 0
22 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

FINANCIAL DATA ∙ CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS
SCHEDULED
DEPRECIATION
INDIVIDUAL
FIXED ASSETS
AMORTISATION
HB II
WRITE-UPS DISPOSALS 30.06.2012
0 0 0 0 0 0
0 0 0 0 0 23.537,39
0 0 0 0 0 23.537,39
205.803,43 205.803,43 0 0 0 1.078.723,72
1.079.905,62 1.079.905,62 0 0 0 7.092.309,98
33.413,13 33.413,13 0 0 0 180.885,53
0 0 0 0 0 0
0 0 0 0 0 0
1.319.122,18 1.319.122,18 0 0 0 8.351.919,23
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
1.319.122,18 1.319.122,18 0 0 0 8.375.456,62
23 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

FINANCIAL DATA ∙ CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS
BOOK VALUES
IN EUR
01.01.2012 30.06.2012
Fixed assets
I. Intangible assets
1 · Concessions, industrial property rights and
similar rights and assets and licenses in
such rights and assets 36.302,06 39.902,06
2 · Goodwill 145.590,86 145.590,86
181.892,92 185.492,92
II. Tangible assets
1 · Land, rights equivalent to real property and buildings,
including buildings on third-party land 8.520.719,34 8.386.775,36
2 · Technical plant and machinery 29.140.357,88 28.065.854,13
3 · Other equipment, factory and office equipment 395.211,47 395.617,41
4 · Permanent crops 0 0
5 · Payments on account and assets under construction 33.272.750,49 41.428.965,27
71.329.039,18 78.177.212,17
III. Financial assets
1 · Interests in non-consolidated affiliated
companies
0 0
2 · Interests in associated companies 0 0
3 · Participating interests 0 0
4 · Securities held as fixed assets 0 0
5 · Other loans 2.250,00 2.250,00
6 · Shares in cooperatives 0 0
7 · Reinsurance claims arising from life insurance policies 0 0
2.250,00 2.250,00
71.513.182,10 78.464.955,09
24 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

CONSOLIDATED NOTES
4 · COMMENTS
25 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

CONSOLIDATED NOTES ∙ NOTES TO THE GROUP FINANCIAL STATEMENTS
COMMENTS
CONCERNING THE FIRST HALF OF 2012
1 ∙ GENERAL INFORMATION
The details given here should not be regarded as notes in the sense of annual financial statements. The following comments relate to items
which have changed since the audited annual financial statements to 31 December 2011.
The layouts of the consolidated balance sheet and consolidated income statement comply with the provisions of Sections 266 and 275
of the German Commercial Code (Handelsgesetzbuch - HGB). The layout of the consolidated income statement is in accordance with
the nature of expense method.
2 ∙ ENTITIES IN CONSOLIDATION
No new companies have been added to the group of consolidated entities.
3 ∙ VALUATION OF INVENTORIES
Inventories are valued at their costs of acquisition or manufacture.
4 ∙ FIXED ASSETS
Movements in individual fixed asset items are set out in the consolidated statement of changes in fixed assets.
5 ∙ SALES REVENUES
The sales revenues chiefly comprise revenues for feeding electricity and methane [into the grid] and for selling heat.
26 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

CONSOLIDATED NOTES ∙ NOTES TO THE GROUP FINANCIAL STATEMENTS
6 ∙ OTHER OPERATING INCOME
Other operating income breaks down as follows:
OTHER OPERATING INCOME 01.01. – 30.06.2012
IN EUR
01.01. – 30.06.2011
IN EUR
Allowances and subsidies 96.691,57 165.470,79
Revenue from charges [for services] 18.284,18 686.758,33
Lease and rental income 0 86.831,34
Other income 9.988,35 174.482,26
Total 124.964,10 1.113.542,72
7 ∙ OTHER OPERATING COSTS
Other operating costs break down as follows:
OTHER OPERATING COSTS 01.01. – 30.06.2012
IN EUR
01.01. – 30.06.2011
IN EUR
Repairing machinery and plant including ET 845.067,58 918.010,65
Leases and rents 266.228,28 246.592,46
Administration, legal and consultancy costs 57.847,35 26.237,40
Leasing and motor vehicle costs 1.329.760,94 1.439.858,33
Insurance policies 145.520,26 60.251,52
Transport costs 317.645,47 182.063,49
Other costs 470.067,60 342.343,69
Total 3.432.137,48 3.215.357,54
8 ∙ EXTRAORDINARY EXPENDITURE
The costs of the stock market flotation in June 2012 have been recognised as extraordinary costs totalling EUR 1.342.000.
Hamburg, 14 September 2012
Dr. Thomas R. G. Berger
Management Board Chairman
Olaf Schwarz
CFO
27 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

CONSOLIDATED NOTES
28 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

LEGAL NOTICE
LEGAL NOTICE
PUBLISHER
KTG Energie AG
Ferdinandstraße 12
20095 Hamburg
Germany
PRINTING AND PRODUCTION
MSDD
Medienservice Digitaldruck GmbH
Telefon +49 40 303764 - 7
Telefax +49 40 303764 - 99
E-Mail info@ktg-energie.de
Internet www.ktg-energie.de
An den Eichen 1
16515 Oranienburg
Germany
Telefon +49 3301 575 - 0
Telefax +49 3301 575 - 200
CONCEPT AND DESIGN
KTG Energie AG
CAMAO AG
TEXT
KTG Energie AG
IR.on AG
IMAGE CREDITS
KTG Energie AG
29 ∙ KTG ENERGIE AG HALF-YEARLY REPORT 2012

KTG Energie AG
Ferdinandstraße 12
20095 Hamburg
Germany