Consolidated Financial Statements of the Stadtwerke Leipzig Group ...

More documents

Recommendations

Info

Control ratios 2009 2008 Veränderung Sales revenues (turnover) [€ m] 2,812 2,946 –134 EBIT [€ m] 70 52 18 Special tax-allowable reserves [€ m] 2 4 –2 Adjusted EBIT [€ m] 68 48 20 Operational assets [€ m] 537 663 –126 Margin as % (adjusted EBIT/sales revenues) 2.4 1.6 0.8 Capital turnover as sales revenues/year (sales revenues/operational assets) 5.2 4.4 0.8 ROCE as % (adjusted EBIT/operational assets) 12.6 7.3 5.3 Operational assets Net working capital EBIT = Fixed assets plus Net working capital = Short-term current assets minus short-term liabilities and provisions (except short-term borrowings and short-term provisions caused by reclassifications) = Profit on ordinary activities minus interest income plus interest paid The ROCE (Return on Capital Employed) shows how effectively a company uses its capital and/ or operational assets. The 5.4 percentage-point improvement in the ROCE was the result of a €20-million-higher adjusted EBIT and €125-million-lower operational assets. This lower figure was essentially caused by a €65 million fall in Receivables and other assets and a €47 million reduction in fixed assets. In 2009, the control ratio EBITDA (profit on ordinary activities without financial result and depreciation) rose from €60 million in 2008 to €99 million in 2009. This positive development is explained in the notes on the Operating profit. Further explanations are given under Income situation. The return on equity also developed positively, rising from 14% last year to 24% in 2009. 20 | Annual Financial Statements of Stadtwerke Leipzig GmbH
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 2.5 Segments Segments [€ m] Turnover Income from/ expenditure on holdings and profit-and-losstransfer agreements Investment in fixed assets 2009 2008 2009 2008 2009 2008 Trading 1 2,742 2,888 – – 15 12 Networks 61 50 –4 –7 7 8 Service 2 3 3 10 11 5 2 All segments 2,806 2,941 6 4 27 22 Others 6 5 – 10 4 10 Total 2,812 2,946 6 14 31 32 1 The credit entry for avoided network costs was reallocated to the Trading segment (2008: Others) according to the proper allocation. Figures for 2008 were adjusted accordingly to ensure comparability. 2 Deviating from the previous year, in 2009 only energy-related services for contracting are shown in the Services segment. Figures for 2008 were adjusted accordingly to ensure comparability. Stadtwerke Leipzig runs thermal power stations to produce electricity and heat using conventional and regenerative energy sources. In the Trading segment, we have access to approx. 214 MW of electricity and 665 MW of thermal power output. In 2009, our own heat generation amounted to 835 GWh (2008: 840 GWh); our gross electricity generation totalled 1,055 GWh (2008: 918 GWh). Energy Marketing in the Trading segment supplied about 279,316 (2008: 289,334) points of consumption with power, 31,276 (2008: 33,772) with natural gas and 5,279 (2008: 5,334) with district heating. The Network segment operates Leipzig’s electricity, natural gas and district heating networks with a total length of approx. 4,964 kilometres. They supply power to 39,921 housing units, gas to 22,915 housing units, and district heating to 5,279 points of consumption. The networks again guaranteed a highly stable supply in 2009. The number of supply outages in the three networks was reduced by 17% from 464 to 383. In the Services segment, the Energy-Related Services business unit operates local heating systems, heating stations and heating plants with a thermal capacity of approx. 53 MW. Annual Financial Statements of Stadtwerke Leipzig GmbH | 21
Page 1 and 2: Consolidated Financial Statements o
Page 3: 2009 Consolidated Financial Stateme
Page 6 and 7: Report of the Supervisory Board of
Page 8 and 9: 1.3 Main legal and economic factors
Page 10 and 11: mid-year. Thereafter, the price of
Page 12 and 13: unit, dividend payments were made b
Page 14 and 15: Electronic verification of hazardou
Page 16 and 17: ments between Stadtwerke Leipzig Ne
Page 18 and 19: 2.2 Financial position Cash flow st
Page 20 and 21: Analysis of finance: Long-term asse
Page 24 and 25: 2.5.1 Trading Most of the segment
Page 26 and 27: sums invested in the gas and distri
Page 28 and 29: operations, and for investment comp
Page 30 and 31: As from October 2008, the EEX has b
Page 32 and 33: 3.2.5 Personnel risks Personnel ris
Page 34 and 35: allocation for 2010 has been set at
Page 36 and 37: fall in profits. The introduction o
Page 38 and 39: Balance sheet - assets [€ k] Numb
Page 40 and 41: Profit and loss acount [€ k] Numb
Page 42 and 43: 1 General remarks The regulations o
Page 44 and 45: alance sheet. See the information p
Page 46 and 47: 3 Notes to the balance sheet As a r
Page 48 and 49: [1] Financial assets On the balance
Page 50 and 51: [4] Prepaid expenses Prepaid expens
Page 52 and 53: Charges on associated undertakings
Page 54 and 55: as per the balance sheet on the bas
Page 56 and 57: Other turnover includes turnover un
Page 58 and 59: [15] Expenses associated with trans
Page 60 and 61: 5.5 Members of the Supervisory Boar
Page 62 and 63: Movements in fixed assets: GmbH - 1
Page 64 and 65: Audit certificate “We have carrie
Page 66 and 67: List of abbreviations AG Aktiengese
Page 68: Credits Published by Stadtwerke Lei

Consolidated Financial Statements of the Stadtwerke Leipzig Group ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?