Consolidated Financial Statements of the Stadtwerke Leipzig Group ...

Analysis of finance: Long-term assets are
financed by equity and borrowed capital. Bank
loans and overdrafts rose from €248 million in
the previous year to €263 million.
Off-balance sheet financial instruments:
Operational leasing agreements were concluded
to finance the Piesteritz and Bischofferode
biomass power stations. Using this form of
financing helped maintain long-term financial
flexibility and enabled liquidity to be used for the
implementation of other investment projects.
2.3 Net worth position
Analysis of assets and liabilities structure:
After aggregating certain items, each financial
year’s balance sheet can be combined to give the
following overview. Liabilities and provisions
with a remaining time to maturity of more than
one year are treated as long-term.
Net worth position
31 Dec. 2009 31 Dec. 2008
€ m % € m %
Fixed assets 581 64.1 628 69.2
Inventories 14 1.5 17 1.9
Receivables and other assets 182 20.1 247 27.2
of which: cash pool 8 0.9 12 1.3
Securities – – – –
Cash in hand 127 14.0 13 1.4
Prepaid expenses 3 0.3 2 0.2
Total assets 907 100.0 907 100.0
Equity capital 250 27.6 250 27.6
Special items 68 7.5 74 8.2
Provisions 160 17.6 186 20.5
of which long-term provisions 45 5.0 104 11.5
of which short-term provisions 115 12.7 82 9.0
Liabilities 429 47.3 397 43.8
of which long-term liabilities 254 28.0 241 26.6
of which short-term liabilities 175 19.3 156 17.2
of which: cash pool 16 1.8 36 4.0
Deferred income – – – –
Total liabilities 907 100.0 907 100.0
18 | Annual Financial Statements of Stadtwerke Leipzig GmbH