Consolidated Financial Statements of the Stadtwerke Leipzig Group ...

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1 General remarks The regulations of the German Commercial Code (HGB) and the relevant regulations of the German Limited Liability Company Act (GmbHG) and the DM Balance Sheet Act (DMBilG) were used in the preparation of the annual financial statements of Stadtwerke Leipzig GmbH (abbreviated here to “the GmbH”). The items in the balance sheet and the profit and loss account have been summarised to make the presentation clearer. These items are broken down and explained in the following. The “total cost” type of short-term results accounting was chosen as the format for the profit and loss account. The annual financial statements of the GmbH are incorporated into the consolidated financial statements of its parent company – LVV Leipziger Versorgungs- und Verkehrsgesellschaft mbH, Leipzig (LVV) – which are published in the Electronic Federal Gazette. The financing companies SWL Anlagenvermögensverwaltungs GmbH (AVV) and SWL Kapitalvermögensverwaltungs GmbH (KVV) were merged with Stadtwerke Leipzig GmbH with retroactive effect from 1 January 2009. As a result, Stadtwerke Leipzig GmbH is the legal successor of AVV and KVV in all existing contracts. In contrast to previous years, the voluntary posting of notional taxes on corporate income and business profits has been discontinued in the present annual financial statements. The previous year’s statement was adjusted in this point. 2 Accounting and valuation methods 2.1 Assets Fixed assets Purchased intangible assets and tangible fixed assets are valued at acquisition or production cost minus regular and unscheduled depreciation. The production costs of assets constructed by the company for its own use include not only direct costs, but also appropriate overhead (without interest paid on borrowings). Real estate additions within the meaning of the Assets Allocation Act (Vermögenszuordnungsgesetz) are shown on the balance sheet at a flat rate land value. Fixed assets taken over free of charge were reported in previous years at their fair market value on the date of transfer. Most regular depreciation is carried out on a straight-line basis over the asset’s useful life and using the highest rates permissible under tax law. Assets purchased in the course of the year are written off pro rata temporis. Low-value assets in the fiscal sense are included in a collective item at acquisition or production costs of 40 | Annual Financial Statements of Stadtwerke Leipzig GmbH
Report of the Supervisory Board Management report of Stadtwerke Leipzig GmbH Annual fi nancial statements Notes to the financial statements of Stadtwerke Leipzig GmbH General remarks Accounting and valuation methods Notes to the balance sheet Notes to the profi t and loss account Other information Movements in fi xed assets Audit certifi cate List of abbreviations 04 05 36 40 40 40 44 53 56 60 62 64 between €150 und €1,000 per asset. One fifth of the collective item is released, reducing profit, in the financial year in which it was formed and the following four financial years respectively (pursuant to section 6 subsection 2a of the Income Tax Act [EStG]). €2,741k of the unscheduled depreciation in the 2009 financial year related to non-necessary real estate and buildings belonging to the company. Depreciation requirements were mostly determined on the basis of expert opinions. A further €5,959k of unscheduled depreciation related to buildings of the biomass power station at Bischofferode. The depreciation volume was determined with the help of a net present value model, which took account of all expected future cash flows relating to the project in Bischofferode. A further €7,474k of unscheduled depreciation related to buildings and outside facilities of the biomass cogeneration power station at Piesteritz. A net present value model was used here, too, as in the case of the project in Bischofferode. Financial assets are stated at acquisition cost. Shares in foreign companies are translated at the current exchange rate that applied on the date of the transaction. Interest-free loans are shown on the balance sheet at their present value. Where necessary, items were written down to lower fair value on the balance sheet date. Current assets All raw materials and supplies are reported at average cost prices, applying the principle of the lower of cost or market. Emission certificates allocated free of charge are posted under Inventories at the memo value. Purchased emission certificates are shown on the balance sheet under Inventories at acquisition cost. Where necessary, items were written down to the lower fair value on the balance sheet date. Work in progress is valued loss-free at production cost. Receivables and other assets are valued at their nominal value. Recognisable risks are taken into account by making appropriate write-downs. Itemised general bad debt provisions were made according to the age structure of the receivables to cover general non-payment risks. Furthermore, a general bad debt provision of 1% was made to cover general credit risks. Under receivables from gas, electricity and district heating supplied, received payments on account were set off against our customers’ deferred consumption that has not yet been read. Taking section 246 subsection 2 of the HGB into consideration, receivables and liabilities were netted out where netting contracts had been agreed with wholesale trading partners. The Other assets include, among other items, financial derivatives that must be shown on the Annual Financial Statements of Stadtwerke Leipzig GmbH | 41
Page 1 and 2: Consolidated Financial Statements o
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Page 6 and 7: Report of the Supervisory Board of
Page 8 and 9: 1.3 Main legal and economic factors
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Page 22 and 23: Control ratios 2009 2008 Veränderu
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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
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Page 48 and 49: [1] Financial assets On the balance
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Page 66 and 67: List of abbreviations AG Aktiengese
Page 68: Credits Published by Stadtwerke Lei

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