Consolidated Financial Statements of the Stadtwerke Leipzig Group ...

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
There are also obligations towards affiliated
companies to pay uncalled capital contributions
relating to GmbH shares amounting to
€98k (2008: €1,109k), and commitments to pay
limited-partner capital contributions amounting
to €9,252k (2008: €1,485k).
Furthermore, there are possible obligations visà-vis
subsidiaries based on existing profit/loss
transfer agreements amounting to €20,760k.
Financial derivatives
Interest rate and foreign-exchange derivative
transactions are made to limit interest rate
and foreign-exchange risks. We hedge against
energy-price risks with commodity derivatives
in the form of options, forwards and futures.
On the balance sheet date the nominal volumes,
fair values and book values of the existing financial
derivatives were as follows:
Financial derivatives
[€k]
Nominal volume Fair value Book value
Assets Liabilities
31 Dec. 2009 31 Dec. 2008 31 Dec. 2009 31 Dec. 2008 31 Dec. 2009 31 Dec. 2008
Interest rate derivatives 471,777 646,893 –11,049 –15,019 829 7,289
Interest rate swaps 310,777 530,893 –11,878 –16,342 – 6,215
of which: receiver swaps 75,777 295,893 2,518 –6,020 – –
of which: payer swaps 1 2
235,000 235,000 –14,396 –10,322 – 6,215
Interest rate options 161,000 116,000 829 1,323 829 1,074
Foreign-exchange derivatives 121,183 98,151 –17,750 –11,212 – –
Foreign-exchange futures – 6,101 – 285 – –
Cross-currency swaps 1 121,183 92,050 –17,750 –11,497 – –
Commodity derivatives 5,596,518 4,977,934 511 488 321 –
1
These derivatives serve as hedging instruments in valuation units
2
Ineffective part of the hedging relationship
The nominal volume is the sum of all the
amounts of capital on which the derivative financial
transactions are based.
The fair value of the receiver swap was determined
on the basis of a present-value model
using the interest-structure curve calculated
Annual Financial Statements of Stadtwerke Leipzig GmbH | 51