1 - KTG Energie AG
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1 - KTG Energie AG
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<strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong><br />
Half-yearly report 2012<br />
SWITCHING ON<br />
NATURE
CONSOLIDATED FIGURES<br />
CONSOLIDATED FIGURES<br />
<strong>KTG</strong> ENERGIE <strong>AG</strong><br />
CONSOLIDATED FIGURES<br />
IN EUR MILLIONS<br />
1st half year<br />
2012<br />
1st half year<br />
2011<br />
Change<br />
in %<br />
Earnings situation<br />
Turnover 13,4 8,9 +50,6<br />
EBITDA 3,9 2,7 +44,8<br />
EBIT 2,6 1,8 +45,1<br />
Result from ordinary activities 1,5 0,6 +145,8<br />
Annual surplus 0,1 0,3<br />
CONSOLIDATED FIGURES<br />
IN EUR MILLIONS<br />
30.06.2012 31.12.2011<br />
Asset situation<br />
Equity 20,5 6,6<br />
Liabilities 86,4 87,9<br />
Fixed assets 78,5 71,5<br />
Current assets 28,8 22,9<br />
Total assets 108,8 95,2<br />
MEGAWATTS ON THE GRID 30.06.2012 31.12.2011<br />
Total 30,6 22,4<br />
<strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
CONTENTS<br />
CONTENTS<br />
1 ∙ COMPANY<br />
03 ∙ Foreword by the Management Board<br />
04 ∙ Company Locations<br />
2 ∙ BUSINESS PERFORMANCE<br />
07 ∙ Business activity<br />
07 ∙ Economic circumstances<br />
08 ∙ Business operations<br />
09 ∙ Outlook<br />
3 ∙ FINANCIAL DATA<br />
12 ∙ Consolidated balance sheet<br />
16 ∙ Profit and loss account<br />
17 ∙ Consolidated cash flow statement<br />
18 ∙ Statement of changes in equity<br />
20 ∙ Statement of changes in consolidated fixed assets<br />
4 ∙ COMMENTS<br />
26 ∙ Overall statement regarding business development<br />
29 ∙ Legal notice<br />
1 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
COMPANy<br />
1 ∙ COMPANy<br />
2 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY hALF-yEARLy REPORT 2012 2012
COMPANY ∙ FOREWORD BY THE MAN<strong>AG</strong>EMENT BOARD<br />
LETTER FROm the<br />
MAN<strong>AG</strong>EMENT BOARD<br />
29 June 2012 represented a milestone in the progress of<br />
<strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong>, being the first day on which our shares were<br />
quoted on Frankfurt Stock Exchange. Our success in taking to the<br />
trading floor, the very first German company to do so in 2012,<br />
demonstrates that the investments of recent years have been<br />
bearing fruit and that our great efforts have paid off. We would<br />
like to take this opportunity to thank all those who have assisted<br />
us along this road, and above all our employees and colleagues.<br />
We are now providing 250,000 people with clean energy, as well as<br />
growing profitably and putting in place the financial foundations<br />
necessary to continue along this successful path.<br />
Our flotation has given investors the opportunity to participate<br />
in a company with a very clear and straightforward business<br />
model: the production of environmentally and climate-friendly<br />
energy from biogas generated using sustainable second crops.<br />
Moreover, once the investment phase is over investors will<br />
receive very attractive dividends.<br />
HEALTHY NUTRITION AND CLEAN<br />
ENERGY FROM THE SAME FIELD<br />
During the roadshow which accompanied the flotation and also<br />
over the past few weeks, we have frequently been asked one<br />
question in particular: given the current failed harvests in the<br />
USA and other countries, is it wise to use biomass for energy<br />
production Our clear answer to this question is ‚yes‘. Obviously<br />
the production of renewable energy must not be to the detriment<br />
of food production. However, biogas has that potential, and we<br />
exploit it to the full. <strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong> currently covers over 60<br />
per cent of its total biomass needs through second crops, and this<br />
figure is rising all the time. Indeed, after many years of research<br />
we have succeeded at three locations in boosting it to 100 per<br />
cent, so that these facilities now run exclusively on second crops.<br />
Millet and Sudan grass are particularly suitable for use as second<br />
crops, and their use also opens a new source of potential agricultural<br />
income. Fields are first used to grow cereals for food<br />
production. Then, after these have been harvested in the summer,<br />
a second crop is sown which is harvested in late autumn and used<br />
for energy production. The outcome: healthy food and clean<br />
energy from the same field.<br />
SUCCESSFULLY RECONCILING<br />
INVESTMENT AND PROFITABILITY<br />
Accordingly, over the coming years we shall be further increasing<br />
our production capacity while also boosting turnover<br />
and income. We once again managed to pull off this balancing<br />
act during the first half of 2012. By the end of June we had biogas<br />
plants generating some 30 megawatts connected to the grid,<br />
almost 50 per cent more than at the start of the year, and during<br />
the same period we increased our turnover by 51 per cent to EUR<br />
13.4 million, and our EBIT by 45 per cent to EUR 2.6 million.<br />
We are convinced that the production of environmentally<br />
friendly energy still has a great deal of potential, and we view the<br />
future with optimism: thanks to the investments already made<br />
in the grid, turnover and income are expected to rise faster in<br />
the second half of 2012 than during the first half. Furthermore,<br />
through the stock market flotation we have laid the basis for<br />
expanding our capacity faster than previously planned, and by<br />
the end of 2012 we should be feeding over 35 megawatts into the<br />
grid. By 2015 the output from our biogas plants is scheduled to<br />
hit the 60 megawatt mark.<br />
Our philosophy of producing for both table and tank during the<br />
same growing season means we shall continue in future to make a<br />
major contribution to the success of the energy turnaround. Our<br />
objective is environmentally and climate-friendly energy coupled<br />
with attractive returns, and we welcome all those who choose to<br />
accompany us down that path in future.<br />
Hamburg, 14 September 2012<br />
Dr. Thomas R. G. Berger<br />
Management Board Chairman<br />
Olaf Schwarz<br />
CFO<br />
3 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
COMPANY ∙ COMPANY LOCATIONS<br />
BUSINESS<br />
LOCATIONS OF<br />
<strong>KTG</strong> ENERGIE <strong>AG</strong><br />
LIThUANIA<br />
Vilnius<br />
SChLESWIG-hOLSTEIN<br />
hAMBURG<br />
Hamburg<br />
Schwerin<br />
Dersewitz<br />
MECKLENBURG-WEST POMERANIA<br />
Putlitz<br />
Putlitz PAL<br />
Schwedt<br />
(Oder)<br />
Vehlefanz<br />
Wuthenow<br />
Flechtingen<br />
Potsdam<br />
BERLIN<br />
Seelow<br />
SAxONy-ANhALT<br />
Magdeburg<br />
Lübs<br />
BRANDENBURG<br />
Nonnendorf<br />
Schöllnitz<br />
Hornow<br />
ThURINGIA<br />
Halle<br />
Leipzig<br />
Ringleben<br />
Erfurt<br />
Dresden<br />
SAxONy<br />
Trusetal<br />
Biogas production<br />
Company headquarters<br />
4 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
COMPANY ∙ COMPANY LOCATIONS<br />
· CULTIVATED AREA AND<br />
BIOGAS PRODUCTION<br />
Plants in operation<br />
01 · Putlitz<br />
02 · Flechtingen<br />
03 · Schöllnitz<br />
04 · Seelow<br />
05 · Hornow<br />
06 · Wuthenow<br />
07 · Dersewitz<br />
08 · Putlitz PAL<br />
09 · Lübs<br />
· COMPANY HEADQUARTERS<br />
10 · Hamburg<br />
5 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
BUSINESS PERFORMANCE<br />
2 ∙ BUSINESS PERFORMANCE<br />
6 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> hALF-yEARLy REPORT 2012
BUSINESS PERFORMANCE ∙ 1ST HALF YEAR 2012<br />
BUSINESS PERFORMANCE<br />
DURING FIRST HALF OF 2012<br />
1 ∙ BUSINESS ACTIVITIES<br />
<strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong>, formerly <strong>KTG</strong> Biogas <strong>AG</strong>, is a subsidiary<br />
of <strong>KTG</strong> Agrar <strong>AG</strong> (<strong>KTG</strong>). With over 35,000 hectares under<br />
management, the parent company is one of Europe’s leading producers<br />
of agricultural resources. Since 2006 <strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong> has<br />
specialised in the production of bioenergy. As of 30 June 2012 our<br />
biogas plants were contributing some 30 megawatts of electrical<br />
power to the grid, making <strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong> one of Germany‘s<br />
leading biogas producers. The biomethane we produce is either<br />
fed into the national grid or converted into electrical power on<br />
site. Some of the heat we produce is used in-house by the parent<br />
company, but it is also supplied to companies, public institutions<br />
and private households.<br />
The biogas production is done according to an integrated<br />
concept, with the plants located in the immediate vicinity of our<br />
parent company‘s farms. To generate energy we use both maize<br />
and by-products such as sugar beet, grasses and whole-crop<br />
silage. Second crops constitute our main input source, making<br />
up over 60 per cent of the total. Millet and clover, for instance,<br />
are sown after the summer grain harvest and are themselves<br />
harvested in late autumn. Thanks to this integrated business<br />
model we achieve a high level of biogas production efficiency,<br />
and this yields stable cash flow and healthy margins.<br />
2 ∙ ECONOMIC CIRCUMSTANCES<br />
2.1 ∙ Macroeconomic Situation<br />
Economic growth in Asia and Latin America is currently cooling<br />
off markedly, and the eurozone‘s economic performance remains<br />
extremely weak. The severe budget deficit in the United States,<br />
the chronic eurozone debt crisis, the marked cooling of Chinese<br />
economic growth and high commodity prices are the principle<br />
factors which have exerted a drag on the economy during 2012.<br />
In light of the high level of uncertainty, in their latest forecast for<br />
the world economy the economic experts at the International<br />
Monetary Fund (IMF) are now predicting 2012 global growth<br />
of just 3.5 per cent, a 0.1 per cent drop on previous forecasts for<br />
the year. For Germany, the IMF has reaffirmed the 1.0 per cent<br />
growth forecast contained in the earlier country-by-country<br />
report.<br />
2.2 ∙ Energy<br />
The amendment of the German Renewable Energy Sources<br />
Act (EEG) was adopted in the summer of 2011, and the new<br />
legal framework came into force on 1 January 2012. On-site<br />
power generation plants are still subsidised relative to their<br />
size. On top of that, there is an input material subsidy, which is<br />
divided into two subsidy classes. Input material subsidy class<br />
1 comprises plants cultivated specifically for the production of<br />
biogas, like maize, sugar beet and whole crop silage, while input<br />
material class II comprises liquid manure and catch crops.<br />
Furthermore, there is a gas treatment premium as additional<br />
compensation for biogas feed-in. Thermal power stations drawing<br />
biogas from the grid and converting it into power receive additional<br />
support of between EUR 0.01 and 0.03 per kilowatt-hour<br />
(kWh), depending on the size of the processing plant.<br />
<strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong> focused right from the start on the extensive<br />
utilisation of catch crops as well as the sustainable use of heat.<br />
The amended EEG has vindicated this philosophy and increases<br />
the flexibility with which biogas plants can be operated. Since the<br />
new legislative framework supports our existing business model,<br />
it provides a sound and secure foundation for our ongoing<br />
business activities.<br />
7 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
BUSINESS PERFORMANCE ∙ 1ST HALF YEAR 2012<br />
3 ∙ BUSINESS OPERATIONS<br />
During the first half of 2012 <strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong> continued growing<br />
vigorously. We have significantly expanded our production<br />
capacity while simultaneously boosting turnover and improving<br />
our operating result. During the first half of the year plants in<br />
Putlitz PAL, Schöllnitz II und Wuthenow began running at full<br />
capacity. As a result, on 30 June 2012, <strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong> had<br />
plants generating a total of 30.6 MW connected to the power<br />
grid, as compared with 22.4 MW on 31 December 2011. Furthermore,<br />
as of the balance sheet date plants set to generate over<br />
9 MW were under construction, with others at the planning<br />
stage. During the first half of 2012 we produced 70.2 million<br />
kilowatt hours of environmentally friendly energy. Thanks to<br />
the stock market flotation at the end of June we have laid the<br />
financial foundations for further growth, and can view the<br />
future with optimism.<br />
3.1 ∙ Overall Performance Trends and Turnover<br />
Over recent years <strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong> has invested heavily in<br />
expanding its biogas production capacity. Our turnover and<br />
income performance during the first half of 2012 was very<br />
encouraging. Thanks to our numerous new biogas plants, sales of<br />
renewable energy soared by 50.6 per cent, from EUR 8.9 million<br />
to EUR 13.4 million, while total operating income increased from<br />
EUR 11.4 million to EUR 13.7 million. A positive point to note<br />
in connection with this performance is that the bulk of the plants<br />
were not commissioned until either the end of 2011 or the first<br />
half of 2012, and for biological reasons they take several months<br />
to reach full capacity. This factor will have a positive impact on<br />
our turnover and income from the second half of 2012 onwards.<br />
3.2 ∙ Cost Developments<br />
As the company has grown our costs have increased correspondingly.<br />
Material costs chiefly comprise expenditure on<br />
raw materials and supplies and also input materials for biogas<br />
production. These rose from EUR 4.8 million to EUR 5.4 million,<br />
representing an increase of 12.5 per cent. The material costs as a<br />
ratio of total output stood at 39.4 per cent (H1 2011: 42 per cent).<br />
Due to the rise in the number of employees, our personnel costs<br />
rose by 39.0 per cent, from EUR 0.7 million to EUR 0.9 million.<br />
Depreciation, amortisation and impairment rose by 44.3 per cent<br />
during the first six months of 2012, from EUR 0.9 million to<br />
EUR 1.3 million. This can chiefly be ascribed to the commissioning<br />
of the new biogas plants. As a result of the increased<br />
number of plants and higher turnover, other operating costs<br />
during the first half of 2012 came to EUR 3.4 million (H1 2011:<br />
EUR 3.2 million).<br />
3.3 ∙ Earnings<br />
<strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong> once again increased its operating profit during<br />
the first six months of 2012. EBITDA rose by 44.8 per cent, from<br />
EUR 2.7 million to EUR 3.9 million, while EBIT soared from<br />
EUR 1.8 million to EUR 2.6 million, an increase of 45.1 per cent.<br />
Meanwhile, the EBIT margin in relation to total output for the<br />
period from January to June 2012 stood at 19.1 per cent, a significant<br />
3.2 per cent up on the 2011 figure of 15.9 per cent.<br />
The financial result for the first half of 2012 came to -1.1 million,<br />
much the same level as the year before. It should be noted here<br />
that the construction time interest on assets not yet running at<br />
full capacity has been recognised. The result from ordinary<br />
activities rose by 145.8 per cent during the first half of 2012,<br />
from EUR 0.6 million to EUR 1.5 million.<br />
The extraordinary expenses totalling EUR 1.3 million are attributable<br />
to the costs of the stock market flotation in June 2012.<br />
Due to this one-off effect the net profit for the half year came to<br />
just EUR 0,1 million (H1 2011: EUR 0,3 million).<br />
3.4 ∙ Financial and Assets Position<br />
<strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong>‘s financial and assets position during the first<br />
six months of 2012 was dominated by the effect of investments in<br />
the expansion of biogas capacity and the stock market flotation.<br />
Thanks to the feed-in tariff guaranteed under the EEG, operating<br />
biogas plants is conducive to secure long-term planning, and<br />
thus offers a sound foundation for the sustained development of<br />
<strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong>.<br />
The balance sheet total increased from EUR 95.2 million on<br />
31 December 2011 to EUR 108.8 million, and thanks to the stock<br />
market flotation our equity received a EUR 13.8 million boost.<br />
As of the balance sheet date on 30 June 2012, <strong>KTG</strong> <strong>Energie</strong><br />
<strong>AG</strong> held equity totalling EUR 21.1 million and the equity ratio<br />
stood at 19.4 per cent. Total balance sheet date liabilities on<br />
30 June 2012 came to EUR 86.4 million (31 December 2011:<br />
EUR 87.9 million). This rise is chiefly attributable to the financing<br />
of the new biogas plants, as a result of which liabilities to banks<br />
increased from EUR 42.5 million to EUR 47.7 million.<br />
Due to our investment activities, property, plant and equipment<br />
rose in value during the first six months of 2012 from EUR<br />
8 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
BUSINESS PERFORMANCE ∙ 1ST HALF YEAR 2012<br />
71.3 million to 78.3 million, while plant, equipment and machinery<br />
fell slightly from EUR 29.1 million to EUR 28.1 million.<br />
The significant increase in assets under construction, from EUR<br />
33,3 million to EUR 41.4 million, is a testament to our continuing<br />
expansion.<br />
Hamburg, 14 September 2012 <strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong><br />
<strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong><br />
Inventories increased from EUR 5.3 million at the end of 2011<br />
to EUR 7.0 million by 30 June 2012. This is due to an increase in<br />
work in progress by EUR 0,5 million to EUR 0,8 million, as well<br />
as a slight increase in payments on account to EUR 0,6 million.<br />
Receivables and other assets decreased from EUR 15.1 million<br />
to EUR 13.8 million.<br />
4 ∙ OUTLOOK<br />
In its August 2012 forecast the International Monetary Fund<br />
(IMF) predicts global growth for 2012 as a whole of some 3.5 per<br />
cent. However, economists‘ assessment of the German economy is<br />
significantly more optimistic than previously, as a result of which<br />
their growth forecasts have been revised upwards. They are now<br />
expecting 2012 German growth to come in at one per cent, 0.4<br />
percentage points more than expected back in the spring.<br />
Dr. Thomas R. G. Berger<br />
Management Board Chairman<br />
Olaf Schwarz<br />
CFO<br />
Due to the amended EEG, the German biogas sector is currently<br />
undergoing transformation, with the German Biogas Association<br />
(Fachverband Biogas e.V.) anticipating the construction of 300<br />
new plants in Germany during 2012, considerably fewer than the<br />
year before. The amended EEG has vindicated the business model<br />
adopted by <strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong>. Since 2006 we have pursued a policy<br />
of using second crops, as well as incorporating systems for the use<br />
of the heat generated when planning our facilities. Accordingly,<br />
the EEG and the German Gas Grid Access Ordinance (Gasnetzzugangsverordnung<br />
- GasNZV) between them provide a stable<br />
and attractive legal framework for our growth strategy.<br />
Given the great potential offered by the environmentally<br />
friendly energy sector, <strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong> views the future with<br />
optimism. Thanks to the investments we have already made<br />
in the grid, we expect turnover and income to rise faster in the<br />
second half of 2012 than during the first half, and the stock<br />
market flotation has laid the foundations for us to expand our<br />
capacities [more rapidly], and by the end of 2012 we should be<br />
feeding over 35 megawatts into the grid. By 2015 the output from<br />
our biogas plants is scheduled to hit the 60 megawatt mark.<br />
9 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
FINANCIAL DATA<br />
3 · FINANCIAL DATA<br />
10 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
FINANCIAL DATA<br />
11 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
FINANCIAL DATA ∙ CONSOLIDATED BALANCE SHEET<br />
CONSOLIDATED<br />
BALANCE ShEET<br />
ASSETS<br />
FINANCIAL YEAR<br />
IN EUR<br />
PREVIOUS YEAR<br />
IN EUR<br />
A ∙ Fixed assets<br />
I. Intangible assets<br />
1. Concessions, industrial property rights and similar rights and assets and<br />
licenses in such rights and assets 39.902,06 36.302,06<br />
2. Goodwill 145.590,86 145.590,86<br />
185.492,92 181.892,92<br />
II. Tangible assets<br />
1. Land, rights equivalent to real property and buildings 8.386.775,36 8.520.719,34<br />
2. Technical plant and machinery 28.065.854,13 29.125.605,63<br />
3. Permanent crops<br />
4. Other equipment, factory and office equipment 395.617,41 395.211,47<br />
5. Payments on account and assets under construction 41.428.965,27 33.272.750,49<br />
78.277.212,17 71.314.286,93<br />
III. Financial assets<br />
1. Shares in affiliated companies 0 0<br />
2. Other interests in companies 2.250,00 2.250,00<br />
3. Loans to affiliated companies 0 0<br />
2.250,00 2.250,00<br />
78.464.955,09 71.498.429,85<br />
12 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
FINANCIAL DATA ∙ CONSOLIDATED BALANCE SHEET<br />
C ∙ Current assets<br />
I. Inventories<br />
1. Raw materials and supplies 5.418.669,46 4.278.079,21<br />
2. Work in progress and seed crops 838.662,64 361.339,10<br />
3. Finished products and goods, feedstuffs 110.858,59 110.858,58<br />
4. Payments on account 617.535,14 561.460,37<br />
6.985.725,83 5.311.737,26<br />
II. Accounts receivable and other assets<br />
1. Trade receivables 8.138.767,39 7.349.220,02<br />
2. Receivables from affiliated companies 1.515.660,43 1.093.570,55<br />
3. Receivables from companies in which a participating interest is held 56.437,43 56.437,43<br />
4. Other assets 4.079.919,68 6.570.286,81<br />
13.790.784,93 15.069.514,81<br />
III. Securities 201.309,25 125.437,50<br />
IV. Cheques, cash in hand and bank balances 7.797.684,98 2.391.959,45<br />
28.775.504,99 22.898.649,02<br />
D ∙ Prepayments and accrued income 1.605.441,08 770.077,44<br />
Total assets 108.845.901,16 95.167.156,31<br />
13 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
FINANCIAL DATA ∙ CONSOLIDATED BALANCE SHEET<br />
EQUITY AND LIABILITIES<br />
FINANCIAL YEAR<br />
IN EUR<br />
PREVIOUS YEAR<br />
IN EUR<br />
A ∙ Equity<br />
I. Subscribed capital 50.000,00 50.000,00<br />
II. Capital reserves 18.733.420,50 5.082.219,50<br />
III. Revenue reserve 5.000,00 5.000,00<br />
IV. Minority interests 901.613,48 94.300,12<br />
V. Net income 1.409.023,01 1.360.651,93<br />
21.099.056,99 6.592.171,56<br />
B ∙ Provisions<br />
1. Provisions for taxes 342.278,04 486.374,27<br />
2. Other provisions 813.183,89 172.813,68<br />
1.155.461,93 659.187,95<br />
14 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
FINANCIAL DATA ∙ CONSOLIDATED BALANCE SHEET<br />
C ∙ Liabilities<br />
1. Liabilities to banks 47.722.965,32 42.463.988,23<br />
2. Accounts payable from supplies and services 8.910.618,67 8.777.561,48<br />
3. Payments received on account of orders 10.280,37 0<br />
4. Liabilities to affiliated companies 29.103.987,49 36.529.947,68<br />
5. Liabilities to companies in which a participating interest is held 0 750,28<br />
6. Other liabilities 649.744,11 98.561,85<br />
86.397.595,96 87.870.809,52<br />
E ∙ Deferred tax liabilities 193.786,28 44.987,28<br />
Total liabilities 108.845.901,16 95.167.156,31<br />
15 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
FINANCIAL DATA ∙ GROUP PROFIT-AND-LOSS ACCOUNT<br />
PROFIT AND<br />
LOSS ACCOUNT<br />
PROFIT AND LOSS ACCOUNT (HGB) 01.01. – 30.06.2012<br />
IN EUR<br />
01.01. – 30.06.2011<br />
IN EUR<br />
1. Sales revenue 13.373.984,09 8.880.412,52<br />
2. Increase in inventories of finished goods and work in progress 177.323,54 1.284.818,17<br />
3. Other own work capitalised 60.282,82 138.528,75<br />
4. Other operating income 124.964,10 1.113.542,72<br />
5. Total output 13.736.554,55 11.417.302,16<br />
6. Material costs −5.408.790,89 −4.793.518,64<br />
7. Personnel costs −936.776,88 −673.986,12<br />
a) Wages and salaries<br />
b) Social security and pension and benefit expenses<br />
−785.972,95<br />
−150.803,93<br />
−570.472,84<br />
−103.513,28<br />
8. Depreciation, amortisation and impairment<br />
of intangible fixed assets and property<br />
plant and equipment −1.330.254,20 −922.352,53<br />
9. Other operating costs −3.432.137,48 −3.215.357,54<br />
10. Operating result (EBIT) 2.628.595,10 1.812.087,33<br />
11. Other interest and similar income 159.305,87 23.164,56<br />
12. Other interest and similar expenses −1.277.126,74 −1.220.680,68<br />
13. Result from ordinary activities 1.510.774,23 614.571,21<br />
14. Extraordinary costs −1.341.941,56<br />
15. Taxes on income −40.285,82 −136.294,00<br />
16. Other taxes −5.362,42 −134.673,25<br />
17. Net profit for the year 123.184,43 343.603,96<br />
16 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
FINANCIAL DATA ∙ CONSOLIDATED CASH FLOW STATEMENT<br />
CONSOLIDATED<br />
CASh FLOW STATEMENT<br />
CASH FLOW STATEMENT FOR 2012<br />
CONSOLIDATED FINANCIAL STATEMENTS<br />
01.01. – 30.06.2012<br />
IN THOUSANDS OF EUROS<br />
01.01. – 31.12.2011<br />
IN THOUSANDS OF EUROS<br />
1. Cash flow from operating activities<br />
Net profit for year 123 809<br />
Depreciation, amortisation and impairment of fixed assets 1.330 2.248<br />
Changes to provisions 496 355<br />
Result from disposals of assets −26 −138<br />
Changes in inventories, trade receivables and other assets 580 −5.749<br />
Changes in trade payables and other liabilities −39 5.439<br />
Other non-cash transactions 0 12<br />
Cash flow from operating activities 2.465 2.976<br />
2. Cash flow from investment activities<br />
Proceeds from disposals of fixed assets 0 734<br />
Payment for investments in fixed assets −8.271 −28.252<br />
Cash flow from investment activities −8.271 −27.518<br />
3. Cash flow from financing activities<br />
Changes in receivables from affiliated companies −7.848 2.905<br />
Allocation to capital reserves 13.800 5.082<br />
Changes in medium- and long-term loans 5.259 17.362<br />
Cash flow from financing activities 11.211 25.349<br />
4. Cash funds at end of the period<br />
Net change in cash funds (total of 1, 2 & 3 above) 5.405 807<br />
Cash funds at beginning of period 2.392 1.585<br />
Cash funds at end of year 7.797 2.392<br />
5. Breakdown of cash funds<br />
Liquid assets 7.798 2.392<br />
Short-term liabilities to banks 0 0<br />
Cash funds at end of year 7.798 2.392<br />
17 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
FINANCIAL DATA ∙ 2012 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY<br />
STATEMENT OF<br />
CHANGES IN EQUITY<br />
STATEMENT OF<br />
CHANGES IN EQUITY<br />
IN THOUSANDS OF EUROS<br />
SUBSCRIBED<br />
CAPITAL<br />
CAPITAL<br />
RESERVE<br />
REVENUE<br />
RESERVE<br />
CONSOLIDATED<br />
EQUITY GENERATED<br />
01 January 2009 50 0 0 340<br />
Dividend for the previous year 0 0 0 0<br />
Annual surplus 0 0 0 154<br />
Other 0 0 0 0<br />
31 December 2009 50 0 0 494<br />
01 January 2010 50 0 0 494<br />
Capital increase 0 0 0 0<br />
Dividend for the previous year 0 0 0 0<br />
Annual surplus 0 0 5 97<br />
Other 0 0 0 0<br />
31 December 2010 50 0 5 591<br />
01 January 2011 50 0 5 591<br />
Capital increase 0 0 0 0<br />
Annual surplus 0 0 0 789<br />
Addition due to initial<br />
consolidation 0 0 0 0<br />
Allocation to capital reserves 0 5.082 0 0<br />
31 December 2011 50 5.082 5 1.380<br />
01 January 2012 50 5.082 5 1.380<br />
Capital increase 0 13.651 0 0<br />
Annual surplus 0 0 0 29<br />
Addition due to initial consolidation 0 0 0 0<br />
Allocation to capital reserves 0 0 0 0<br />
30 June 2012 50 18.733 5 1.409<br />
18 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
FINANzDATEN ∙ 2012 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY<br />
OWN HOLDINGS<br />
CONSOLIDATED<br />
BALANCING ITEM<br />
EQUITY LESS HOLDINGS<br />
UNDER THIRD-PARTY<br />
OWNERSHIP<br />
UNDER<br />
THIRD-PARTY<br />
OWNERSHIP<br />
EQUITY UNDER<br />
THIRD-PARTY<br />
OWNERSHIP<br />
0 0 390 0 390<br />
0 0 0 0 0<br />
0 0 154 0 154<br />
0 0 0 0 0<br />
0 0 544 0 544<br />
0 0 544 0 544<br />
0 0 0 0 0<br />
0 0 0 0 0<br />
0 0 102 0 102<br />
0 0 0 0 0<br />
0 0 646 0 646<br />
0 0 646 0 646<br />
0 0 0 0 0<br />
0 0 789 0 789<br />
0 0 0 75 75<br />
0 0 5.082 0 5.082<br />
0 0 6.517 75 6.592<br />
0 0 6.517 75 6.592<br />
0 0 13.651 0 13.651<br />
0 0 29 94 123<br />
0 0 0 733 733<br />
0 0 0 0 0<br />
0 0 20.197 902 21.099<br />
19 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
FINANCIAL DATA ∙ CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS<br />
CONSOLIDATED STATEMENT OF<br />
ChANGES IN FIxED ASSETS<br />
ACQUISITION OR MANU<br />
IN EUR<br />
01.01.2012 INDIVIDUAL<br />
FIXED ASSETS<br />
01.01.2012<br />
HB II<br />
CHANGES<br />
Fixed assets<br />
I. Intangible assets<br />
1 · Concessions, industrial property rights and<br />
similar rights and assets and licenses in such<br />
rights and assets 36.302,06 36.302,06 0<br />
2 · Goodwill 169.128,25 169.128,25 0<br />
205.430,31 205.430,31 0<br />
II. Tangible assets<br />
1 · Land, rights equivalent to real property and buildings,<br />
including buildings on third-party land 9.393.639,63 9.393.639,63 0<br />
2 · Technical plant and machinery 35.152.762,24 35.052.762,24 100.000,00<br />
3 · Other equipment, factory and office equipment 542.683,87 542.683,87 0<br />
4 · Permanent crops 0 0 0<br />
5 · Payments on account and assets under construction 33.272.750,49 33.272.750,49 0<br />
78.361.836,23 78.261.836,23 100.000,00<br />
III. Financial assets<br />
1 · Interests in non-consolidated affiliated<br />
companies 0 0 0<br />
2 · Interests in associated companies 0 0 0<br />
3 · Participating interests 0 0 0<br />
4 · Securities held as fixed assets 0 0 0<br />
5 · Other loans 2.250,00 2.250,00 0<br />
6 · Shares in cooperatives 0 0 0<br />
7 · Reinsurance claims arising from life insurance policies 0 0 0<br />
2.250,00 2.250,00 0<br />
78.569.516,54 78.469.516,54 100.000,00<br />
20 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
FINANCIAL DATA ∙ CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS<br />
FACTURING COSTS<br />
CHANGES IN<br />
ENTITIES INCLUDED IN<br />
CONSOLIDATION<br />
ADDITIONS<br />
RECLASSIFICATIONS<br />
AND TRANSFERS<br />
DISPOSALS 30.06.2012<br />
0 3.600,00 0 0 39.902,06<br />
0 0 0 0 169.128,25<br />
0 3.600,00 0 0 209.030,31<br />
0 71.859,45 0 0 9.465.499,08<br />
0 31.286,14 0 25.884,27 35.158.164,11<br />
0 33.819,07 0 0 576.502,94<br />
0 0 0 0 0<br />
0 8.156.214,78 0 0 41.428.965,27<br />
0 8.293.179,44 0 25.884,27 86.629.131,40<br />
0 0 0 0 0<br />
0 0 0 0 0<br />
0 0 0 0 0<br />
0 0 0 0 0<br />
0 0 0 0 2.250,00<br />
0 0 0 0 0<br />
0 0 0 0 0<br />
0 0 0 0 2.250,00<br />
0 8.296.779,44 0 25.884,27 86.840.411,71<br />
21 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
FINANCIAL DATA ∙ CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS<br />
CONSOLIDATED STATEMENT OF<br />
ChANGES IN FIxED ASSETS<br />
CUMULATIVE<br />
DEPRECIATION, AMORTISATION & IMPAIRMENT<br />
01.01.2012 INDIVIDUAL<br />
FIXED ASSETS<br />
01.01.2012<br />
HB II<br />
CHANGES<br />
CHANGES IN<br />
ENTITIES INCLUDED IN<br />
CONSOLIDATION<br />
Fixed assets<br />
I. Intangible assets<br />
1 · Concessions, industrial property rights and<br />
similar rights and assets and licenses in<br />
such rights and assets<br />
0 0 0 0<br />
2 · Goodwill 23.537,39 23.537,39 0 0<br />
23.537,39 23.537,39 0 0<br />
II. Tangible assets<br />
1 · Land, rights equivalent to real property and<br />
buildings, including buildings on<br />
third-party land<br />
872.920,29 872.920,29 0 0<br />
2 · Technical plant and machinery 6.012.404,36 6.012.404,36 0 0<br />
3 · Other equipment, factory and<br />
office equipment<br />
147.472,40 147.472,40 0 0<br />
4 · Permanent crops 0 0 0 0<br />
5 · Payments on account and assets under construction 0 0 0 0<br />
7.032.797,05 7.032.797,05 0 0<br />
III. Financial assets<br />
1 · Interests in non-consolidated affiliated<br />
companies<br />
0 0 0 0<br />
2 · Interests in associated companies 0 0 0 0<br />
3 · Participating interests 0 0 0 0<br />
4 · Securities held as fixed assets 0 0 0 0<br />
5 · Other loans 0 0 0 0<br />
6 · Shares in cooperatives 0 0 0 0<br />
7 · Reinsurance claims arising from<br />
life insurance policies<br />
0 0 0 0<br />
0 0 0 0<br />
7.056.334,44 7.056.334,44 0 0<br />
22 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
FINANCIAL DATA ∙ CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS<br />
SCHEDULED<br />
DEPRECIATION<br />
INDIVIDUAL<br />
FIXED ASSETS<br />
AMORTISATION<br />
HB II<br />
WRITE-UPS DISPOSALS 30.06.2012<br />
0 0 0 0 0 0<br />
0 0 0 0 0 23.537,39<br />
0 0 0 0 0 23.537,39<br />
205.803,43 205.803,43 0 0 0 1.078.723,72<br />
1.079.905,62 1.079.905,62 0 0 0 7.092.309,98<br />
33.413,13 33.413,13 0 0 0 180.885,53<br />
0 0 0 0 0 0<br />
0 0 0 0 0 0<br />
1.319.122,18 1.319.122,18 0 0 0 8.351.919,23<br />
0 0 0 0 0 0<br />
0 0 0 0 0 0<br />
0 0 0 0 0 0<br />
0 0 0 0 0 0<br />
0 0 0 0 0 0<br />
0 0 0 0 0 0<br />
0 0 0 0 0 0<br />
0 0 0 0 0 0<br />
1.319.122,18 1.319.122,18 0 0 0 8.375.456,62<br />
23 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
FINANCIAL DATA ∙ CONSOLIDATED STATEMENT OF CHANGES IN FIXED ASSETS<br />
BOOK VALUES<br />
IN EUR<br />
01.01.2012 30.06.2012<br />
Fixed assets<br />
I. Intangible assets<br />
1 · Concessions, industrial property rights and<br />
similar rights and assets and licenses in<br />
such rights and assets 36.302,06 39.902,06<br />
2 · Goodwill 145.590,86 145.590,86<br />
181.892,92 185.492,92<br />
II. Tangible assets<br />
1 · Land, rights equivalent to real property and buildings,<br />
including buildings on third-party land 8.520.719,34 8.386.775,36<br />
2 · Technical plant and machinery 29.140.357,88 28.065.854,13<br />
3 · Other equipment, factory and office equipment 395.211,47 395.617,41<br />
4 · Permanent crops 0 0<br />
5 · Payments on account and assets under construction 33.272.750,49 41.428.965,27<br />
71.329.039,18 78.177.212,17<br />
III. Financial assets<br />
1 · Interests in non-consolidated affiliated<br />
companies<br />
0 0<br />
2 · Interests in associated companies 0 0<br />
3 · Participating interests 0 0<br />
4 · Securities held as fixed assets 0 0<br />
5 · Other loans 2.250,00 2.250,00<br />
6 · Shares in cooperatives 0 0<br />
7 · Reinsurance claims arising from life insurance policies 0 0<br />
2.250,00 2.250,00<br />
71.513.182,10 78.464.955,09<br />
24 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
CONSOLIDATED NOTES<br />
4 · COMMENTS<br />
25 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
CONSOLIDATED NOTES ∙ NOTES TO THE GROUP FINANCIAL STATEMENTS<br />
COMMENTS<br />
CONCERNING THE FIRST HALF OF 2012<br />
1 ∙ GENERAL INFORMATION<br />
The details given here should not be regarded as notes in the sense of annual financial statements. The following comments relate to items<br />
which have changed since the audited annual financial statements to 31 December 2011.<br />
The layouts of the consolidated balance sheet and consolidated income statement comply with the provisions of Sections 266 and 275<br />
of the German Commercial Code (Handelsgesetzbuch - HGB). The layout of the consolidated income statement is in accordance with<br />
the nature of expense method.<br />
2 ∙ ENTITIES IN CONSOLIDATION<br />
No new companies have been added to the group of consolidated entities.<br />
3 ∙ VALUATION OF INVENTORIES<br />
Inventories are valued at their costs of acquisition or manufacture.<br />
4 ∙ FIXED ASSETS<br />
Movements in individual fixed asset items are set out in the consolidated statement of changes in fixed assets.<br />
5 ∙ SALES REVENUES<br />
The sales revenues chiefly comprise revenues for feeding electricity and methane [into the grid] and for selling heat.<br />
26 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
CONSOLIDATED NOTES ∙ NOTES TO THE GROUP FINANCIAL STATEMENTS<br />
6 ∙ OTHER OPERATING INCOME<br />
Other operating income breaks down as follows:<br />
OTHER OPERATING INCOME 01.01. – 30.06.2012<br />
IN EUR<br />
01.01. – 30.06.2011<br />
IN EUR<br />
Allowances and subsidies 96.691,57 165.470,79<br />
Revenue from charges [for services] 18.284,18 686.758,33<br />
Lease and rental income 0 86.831,34<br />
Other income 9.988,35 174.482,26<br />
Total 124.964,10 1.113.542,72<br />
7 ∙ OTHER OPERATING COSTS<br />
Other operating costs break down as follows:<br />
OTHER OPERATING COSTS 01.01. – 30.06.2012<br />
IN EUR<br />
01.01. – 30.06.2011<br />
IN EUR<br />
Repairing machinery and plant including ET 845.067,58 918.010,65<br />
Leases and rents 266.228,28 246.592,46<br />
Administration, legal and consultancy costs 57.847,35 26.237,40<br />
Leasing and motor vehicle costs 1.329.760,94 1.439.858,33<br />
Insurance policies 145.520,26 60.251,52<br />
Transport costs 317.645,47 182.063,49<br />
Other costs 470.067,60 342.343,69<br />
Total 3.432.137,48 3.215.357,54<br />
8 ∙ EXTRAORDINARY EXPENDITURE<br />
The costs of the stock market flotation in June 2012 have been recognised as extraordinary costs totalling EUR 1.342.000.<br />
Hamburg, 14 September 2012<br />
Dr. Thomas R. G. Berger<br />
Management Board Chairman<br />
Olaf Schwarz<br />
CFO<br />
27 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
CONSOLIDATED NOTES<br />
28 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
LEGAL NOTICE<br />
LEGAL NOTICE<br />
PUBLISHER<br />
<strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong><br />
Ferdinandstraße 12<br />
20095 Hamburg<br />
Germany<br />
PRINTING AND PRODUCTION<br />
MSDD<br />
Medienservice Digitaldruck GmbH<br />
Telefon +49 40 303764 - 7<br />
Telefax +49 40 303764 - 99<br />
E-Mail info@ktg-energie.de<br />
Internet www.ktg-energie.de<br />
An den Eichen 1<br />
16515 Oranienburg<br />
Germany<br />
Telefon +49 3301 575 - 0<br />
Telefax +49 3301 575 - 200<br />
CONCEPT AND DESIGN<br />
<strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong><br />
CAMAO <strong>AG</strong><br />
TEXT<br />
<strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong><br />
IR.on <strong>AG</strong><br />
IM<strong>AG</strong>E CREDITS<br />
<strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong><br />
29 ∙ <strong>KTG</strong> ENERGIE <strong>AG</strong> HALF-YEARLY REPORT 2012
<strong>KTG</strong> <strong>Energie</strong> <strong>AG</strong><br />
Ferdinandstraße 12<br />
20095 Hamburg<br />
Germany