Consolidated Financial Statements of the Stadtwerke Leipzig Group ...

Report of the Supervisory Board
Management report of Stadtwerke Leipzig GmbH
Business climate and general conditions
Income situation, financial position, net worth position
Risk report
Forecast report
Annual fi nancial statements
Notes to the fi nancial statements of Stadtwerke Leipzig GmbH
List of abbreviations
04
05
05
12
25
31
36
40
64
Turnover and income development: After
aggregating and offsetting certain items, the
profit and loss accounts of the last two financial
years can be combined to give the following
operational information on the development of
income:
Income situation
[€ m]
2009 2008 Change
Operating sales revenues 2,809 2,945 –136
Inventory changes –3 2 –5
Internally produced and capitalised assets 1 1 –
Operating income 59 57 2
Operating cost of materials –2,623 –2,803 180
Operating staff costs 1 –62 –59 –3
Operating expenses –83 –77 –6
Operating profit before depreciation/amortisation 98 66 32
Regular depreciation –23 –23 –
Operating profit 75 43 32
Financial result – –1 1
Non-operating result 1 –16 –6 –10
Profit or loss on ordinary activities 59 36 23
Extraordinary profit or loss 1 – 1
Net earnings before profit transfer 60 36 24
Transfer of profits –60 –36 –24
Net income – – –
1
Figure for 2008 adjusted – expenses relating to part-time employment schemes for older employees allocated to operating profit
Development of Operating profit: Stadtwerke
Leipzig GmbH’s operating profit amounted
to €75 million in the 2009 financial year (2008:
€43 million).
The main reason for the increase in Operating
profit was the development of business in the
Trading segment. This was primarily due to the
improved procurement terms for power station
gas and the gas purchases made in the market at
the lower price level. In the Energy Marketing
business unit, a weather-related increase in sales
and price adjustments caused by the development
of the heating oil price had a positive effect
on the Leipzig heating market. In the Networks
segment, the technical service and lease agree-
Annual Financial Statements of Stadtwerke Leipzig GmbH | 13