Consolidated Financial Statements of the Stadtwerke Leipzig Group ...

ments between Stadtwerke Leipzig Netz and
Stadtwerke Leipzig GmbH were adjusted. As
a result, Stadtwerke Leipzig’s network service
posted a higher income and thus a higher
operating profit. However, this adjustment led,
in turn, to higher expenses at Stadtwerke Leipzig
Netz and thus to an increase in expenses relating
to the transfer of losses for Stadtwerke Leipzig
GmbH. The effect was balanced out under Stadtwerke
Leipzig’s item Profit on ordinary activities.
Development of the main positions on the income situation
Operating sales revenues: Operating sales revenues
(operating turnover) were about 5% down
in the financial year. This development was essentially
due to the decline in Wholesale Energy
Trading caused by much lower prices. During
the financial year the operating turnover was made
up of sales of energy amounting to €2,716 million
(2008: €2,864 million) and Other income
totalling €93 million (2008: €81 million).
Operating income: Operating income in the
financial year was primarily made up of income
from network lease agreements, other rental
income, income from ancillary business and
capital investment bonuses.
Operating cost of materials: The operating cost
of materials fell by approx. 6% to €180 million in
the financial year. This reduction was mainly a
result of the lower turnover in Wholesale Energy
Trading and lower procurement costs. The gross
margin (turnover minus cost of materials) improved
by €44 million.
Operating staff costs: In the financial year, the
operating staff costs rose by about 5% or €3 million;
the number of people employed fell slightly.
This was essentially the result of higher wages
and salaries, as well as other personnel-related
expenses such as arrangements on part-time
employment for older employees.
Operating expenses: Operating expenses during
the financial year consisted mainly of franchise
fees, expenditure on invoicing services, data
processing, leasing instalments, customer care
and marketing costs and expenses of operating
activities.
Regular depreciation: The write-down of intangible
assets and tangible fixed assets remained
unchanged compared to the previous year
(€23 million).
Financial result: The improvement in the financial
result over the previous year was mainly a
result of the increase in net interest income (€8
million). This positive trend was due to €3 million
higher interest income, €5 million less interest
paid and a lower write-down of financial assets
(€2 million). A contrary effect was generated
in particular by a higher transfer of losses from
Stadtwerke Leipzig Netz (€4 million) and lower
income from profit/loss transfer agreements
(€4 million).The latter was essentially caused by
the merger of AVV and KVV with Stadtwerke
Leipzig, with which profit/loss transfer agreements
also existed.
Non-operating result: The non-operating result
contains the Result of fiscal measures, Unscheduled
depreciation and Non-operating expenditures
and income. The Result of fiscal measures
14 | Annual Financial Statements of Stadtwerke Leipzig GmbH