Consolidated Financial Statements of the Stadtwerke Leipzig Group ...

fall in profits. The introduction of a quality element
in incentive-based regulation planned by
the BNetzA in the electricity field (probably on
1 January 2011) will exert an additional influence
on the revenue ceiling and thus on the profits of
Stadtwerke Leipzig Netz. Nevertheless, a stable
profit contribution from the Networks segment
is expected in 2010.
FWNL holds a right to offer the district heating
network (which it owns) for sale to Stadtwerke
Leipzig. Under this right, FWNL is entitled to
sell the district heating network to Stadtwerke
Leipzig GmbH on 30 June 2010. At present it can
be assumed that FWNL will exercise its option
to sell. Stadtwerke Leipzig GmbH is currently
analysing the various possibilities for financing
the purchase of the district heating network.
4.2.3 Services segment
Energy-Related Services: Innovative technologies
in the field of multiple media contracting
(heating, refrigeration, compressed air, light)
have tapped into a market that will in future support
profitable investments in concrete projects.
In the market for renewable energies, a profitable
biogas plant erected in a joint venture has
formed the basis for the construction of further
biogas plants. An additional growth opportunity
for the Energy-Related Services business unit lies
in combining contracting projects with the use
of renewable energies. We expect projects relating
to the biogas programme to be developed
and prepared in 2010.
Holdings: Telecommunications, information
technology and accounting are at the focus of
our Holdings business unit. These fields have
the advantage of being closely linked to Stadtwerke
Leipzig GmbH’s business units; they
therefore meaningfully complement the value
chain of a multi-utility energy service provider.
The development in the individual subsidiaries
will lead in 2010 to a temporary decline in the
income from the holdings in the business unit.
This development will be largely determined by
the planned development of the FTTx network
by HL komm.
Pomerania: In the Pomerania business unit,
Stadtwerke Leipzig GmbH has been consistently
implementing measures aimed at successfully
seeking access to the Polish district heating and
services market, as well as the strategic core
measures derived from them. In this way we
have taken a decisive step towards stabilising
our portfolio of holdings in the dynamic growth
market of Pomerania and laid the foundations
for improving profitability, raising market share
and securing the long-term heating supply
infrastructure. Rising investment earnings are
expected in 2010, essentially as a result of the
process of growth and consolidation of the company
GPEC in Gdańsk.
34 | Annual Financial Statements of Stadtwerke Leipzig GmbH