Consolidated Financial Statements of the Stadtwerke Leipzig Group ...
Consolidated Financial Statements of the Stadtwerke Leipzig Group ...
Consolidated Financial Statements of the Stadtwerke Leipzig Group ...
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Report <strong>of</strong> <strong>the</strong> Supervisory Board<br />
Management report <strong>of</strong> <strong>Stadtwerke</strong> <strong>Leipzig</strong> GmbH<br />
Annual fi nancial statements<br />
Notes to <strong>the</strong> financial statements <strong>of</strong> <strong>Stadtwerke</strong> <strong>Leipzig</strong> GmbH<br />
General remarks<br />
Accounting and valuation methods<br />
Notes to <strong>the</strong> balance sheet<br />
Notes to <strong>the</strong> pr<strong>of</strong>i t and loss account<br />
O<strong>the</strong>r information<br />
Movements in fi xed assets<br />
Audit certifi cate<br />
List <strong>of</strong> abbreviations<br />
04<br />
05<br />
36<br />
40<br />
40<br />
40<br />
44<br />
53<br />
56<br />
60<br />
62<br />
64<br />
Eutritzscher Strasse GmbH & Co. KG (EuKG),<br />
<strong>Stadtwerke</strong> <strong>Leipzig</strong> GmbH provides investment<br />
services and sells <strong>the</strong>m to <strong>the</strong> three companies.<br />
<strong>Stadtwerke</strong> <strong>Leipzig</strong> GmbH grants <strong>the</strong> companies<br />
long-term loans to finance <strong>the</strong>se investment<br />
services. Up until <strong>the</strong> merger, <strong>the</strong>se loans were<br />
extended via AVV.<br />
Current assets<br />
[2] Inventories<br />
Inventories on <strong>the</strong> balance sheet date include<br />
returnable emission certificates worth a total <strong>of</strong><br />
359,432 tonnes <strong>of</strong> CO 2 that were allocated free<br />
<strong>of</strong> charge for <strong>the</strong> second trading period (2008-<br />
2012) with a market value on 31 December 2009<br />
<strong>of</strong> €4,547k. Inventories also contain emission<br />
certificates worth 306,372 tonnes <strong>of</strong> CO 2 with a<br />
market value <strong>of</strong> €3,836k that were purchased at<br />
acquisition cost.<br />
[3] Receivables and o<strong>the</strong>r assets<br />
The Trade debtors essentially contain invoices<br />
for sales <strong>of</strong> electricity, gas and district heating.<br />
€115,190k (in 2008: €163,582k) <strong>of</strong> <strong>the</strong>se are<br />
receivables relating to energy consumption between<br />
<strong>the</strong> date <strong>of</strong> <strong>the</strong> last meter reading and <strong>the</strong><br />
balance sheet date, which is charged to subsequent<br />
periods; <strong>the</strong>se receivables were netted <strong>of</strong>f<br />
against payments received on account amounting<br />
to €98,971 (in 2008: €128,349k).<br />
The Receivables from affiliated companies<br />
essentially consist <strong>of</strong> short-term receivables<br />
relating to trade debtors, turnover tax and cash<br />
pooling from affiliated companies (€23,481k),<br />
receivables from pr<strong>of</strong>it/loss transfer agreements<br />
(€16,068k), and receivables from <strong>the</strong> shareholder<br />
LVV amounting to €5,775k (<strong>of</strong> which from cash<br />
pooling: €5,475k).<br />
Receivables from associated undertakings<br />
consist mainly <strong>of</strong> Trade debtors from EuKG<br />
(€5,140k).<br />
Receivables and o<strong>the</strong>r assets include (among<br />
o<strong>the</strong>r items) receivables relating to not-yetdeductible<br />
tax prepayments amounting to<br />
€21,893k, a portfolio <strong>of</strong> receivables consisting<br />
<strong>of</strong> a large number <strong>of</strong> individual loans to limited<br />
partners <strong>of</strong> FWNL amounting to €14,750k, and<br />
<strong>the</strong> variation margin from EEX transactions<br />
totalling €7,147k.<br />
The O<strong>the</strong>r assets include receivables with a remaining<br />
time to maturity <strong>of</strong> more than one year<br />
amounting to €2,068k (2008: €2,248k); <strong>the</strong>se are<br />
essentially for insolvency-insurance credit balances<br />
relating to part-time employment schemes<br />
for older employees.<br />
Annual <strong>Financial</strong> <strong>Statements</strong> <strong>of</strong> <strong>Stadtwerke</strong> <strong>Leipzig</strong> GmbH | 47
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