Consolidated Financial Statements of the Stadtwerke Leipzig Group ...

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as per the balance sheet on the basis of market parameters. In line with the realisation principle, the positive market value was not posted on the balance sheet. The payer swaps are parts of a macro hedge that has been formed to hedge against interest rate risks. The designated underlying transactions were variable-interest leasing agreements, currently contracted variable-interest loans, and highly probable future follow-up financing arrangements that will also include a variable interest component. The market value of the underlying transactions, which was calculated using the hypothetical derivative method, amounted to €8,180k on the balance sheet date. The ineffective part of the hedging relationship (€6,215k), which was calculated by contrasting the market values of the underlying and hedging transactions, was taken into account in the form of a provision as per 31 December 2009. The fair values of the payer swaps and the underlying transactions were determined on the basis of a present-value model using the interest-structure curve calculated as per the balance sheet date on the basis of market parameters. The swaptions posted under interest rate options are capitalised at the time of acquisition as Other assets at acquisition cost (= option premium to be paid) and written off to the positive fair value on the balance sheet date 31 December 2009. Because their market value is zero, the caps are capitalised with a pro memoria item. If the premiums for the interest rate options are paid pro rata temporis, the outstanding payments are shown on the balance sheet separately under Other liabilities and have not affected the fair value. The fair values on the balance sheet date are determined on the basis of a generally recognised option-price model. The fair values of the foreign-exchange futures transactions and the cross-currency swaps were determined on the basis of the exchange rates on the balance sheet date, taking into account forward premiums/discounts using a present-value model. Each of the cross-currency swaps is part of micro hedges whose underlying and hedging transactions match in terms of the value-determining components, volumes and terms (criticalterm match). Accordingly, the cross-currency swaps were not posted on the balance sheet. The nominal volume of the commodity derivatives corresponds to the additive value of all agreed purchase (€2,796 million; 2008: €2,488 million) and selling agreements (€2,800 million; 2008: €2,490 million) for future delivery periods in the commodities electricity, gas and emission certificates. In the case of non-contingent commodity derivatives (forwards and futures) purchased for the purpose of own-account trading, balance sheet treatment follows the principles of portfolio hedging. The purchase and sale contracts are pooled separately by media and terms into sub-portfolios and the market values of the contracts added up. If this calculation leads to a negative market value, this is posted as a provision as per the balance sheet date. Positive market values are ignored on the basis of the realisation principle. No provisions were carried as liabilities on 31 December 2009. The fair values were determined at market prices on the balance sheet date based on externally recognised sources, e.g. the official closing prices on the European Energy Exchange AG, Leipzig (EEX). 52 | 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 profit 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 4 Notes to the profit and loss account [9] Turnover Turnover [€k] 2009 2008 Retail electricity business (gross) 298,170 285,082 Electricity tax –32,595 –33,181 Retail electricity business (net) 265,575 251,901 Gas retail business 98,014 99,223 Natural gas tax –8,118 –8,745 Retail gas business (net) 89,896 90,478 District heating retail business 129,134 110,272 Wholesale electricity trading (gross) 2,041,118 2,193,735 Electricity tax –141 –237 Wholesale electricity trading (net) 2,040,977 2,193,498 Wholesale gas trading (gross) 143,267 164,405 Natural gas tax –12,104 –12,185 Wholesale gas trading (net) 131,163 152,220 Income from power stations 59,551 65,998 Service charges to EuKG 15,291 15,750 Credit entry for avoided network costs 1 10,308 8,116 Subtotal: Trading segment 2,741,895 2,888,233 Charges for services 54,790 44,532 Income from building cost subsidies 5,937 5,605 Income from heating stations –11 27 Subtotal: Networks segment 60,716 50,164 Energy-related services for contracting 2 3,415 2,687 Subtotal: Services segment 3,415 2,687 Other turnover 6,349 5,335 Subtotal: Other turnover 6,349 5,335 Turnover 2,812,375 2,946,419 1 The credit entry for avoided network costs was reallocated to the Trading segment (2008: Other turnover) according 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. Other energy services are allocated to Other turnover. Figures for 2008 were adjusted accordingly to ensure comparability. The service charges in the Services segment include income from technical services rendered to Stadtwerke Leipzig Netz GmbH and plant management and maintenance services provided to the companies GNL und FWNL. Annual Financial Statements of Stadtwerke Leipzig GmbH | 53
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Consolidated Financial Statements o
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Consolidated Financial Statements of the Stadtwerke Leipzig Group ...

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