Consolidated Financial Statements of the Stadtwerke Leipzig Group ...

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Report of the Supervisory Board of Stadtwerke Leipzig GmbH In the 2009 financial year, up until 30 September 2009 the company Stadtwerke Leipzig GmbH had a 20-member Supervisory Board, of which all 20 places were filled; it was composed of an equal number of employee and management representatives. The Supervisory Board consisted of ten shareholder representatives from the City of Leipzig/Leipziger Versorgungs- und Verkehrsgesellschaft mbH and ten employee representatives from Stadtwerke Leipzig GmbH. Following a resignation, after 1 October 2009 the Supervisory Board was made up of only nine company representatives and ten employee representatives. Four ordinary meetings of the Supervisory Board were held during the 2009 financial year on the following dates: 16 April, 25 June, 5 No vember and 10 December. The Supervisory Board also met for five extraordinary meetings on 27 April, 25 June, 30 July and 27 August (2 meetings). The Supervisory Board formed a staff committee. This committee is composed of an equal number of employee and management representatives and met on 13 February, 27 February, 6 March, 27 March, 15 April, 8 May, 13 May, 22 May, 25 May, 8 June and 30 July 2009. At its meetings, the Supervisory Board was comprehensively informed by the management in oral and written reports about the course of business, the company’s position and development, and fundamental business policy issues, and in this way supervised management. Significant business transactions were the subject of thorough discussions. The annual financial statements of the GmbH, including the management report, for the 2009 financial year prepared by the management were audited and given an unqualified audit certificate by the Leipzig branch office of KPMG AG Wirtschaftsprüfungsgesellschaft, which had been appointed as auditor by the Shareholders’ Meeting. The Supervisory Board took note of, and approved, the result of the audit. The Supervisory Board inspected the annual financial statements and the management report. No objections were raised. The Supervisory Board approved the annual financial statements and recommended that they be adopted by the Shareholders’ Meeting. The Supervisory Board also approved the balance sheet and the profit and loss account from the consolidated financial statements. Leipzig, 22 April 2010 Mr. Josef Rahmen Chairman of the Supervisory Board 04 | Annual Financial Statements of Stadtwerke Leipzig GmbH
Report of the Supervisory Board Management report of Stadtwerke Leipzig GmbH Business climate and general conditions Income situation, fi nancial position, net worth position Risk report Forecast report Annual fi nancial statements Notes to the fi nancial statements of Stadtwerke Leipzig GmbH List of abbreviations 04 05 05 12 25 31 36 40 64 1 Business climate and general conditions 1.1 Business fields, products and services Stadtwerke Leipzig GmbH (Stadtwerke Leipzig) is one of the largest municipal energy service providers of electricity, natural gas and district heating in eastern Germany. The company’s business activities focus on providing the energy infrastructure for the city of Leipzig, supplying customers all over Germany with energy and services, efficiently generating power, and supplying heating to the Pomerania region of Poland. As one of the few independent German utilities, Stadtwerke Leipzig actively trades in power and natural gas. The company’s range of products and services targets in particular small and mediumsized enterprises (SMEs) nationwide, supplemented by further energy-related services and extensive activities in wholesale energy trading. Stadtwerke Leipzig GmbH has a number of subsidiaries and holdings. Its corporate activities are grouped into three segments: Trading, Networks and Services. The Trading segment is by far the largest. It includes Energy Marketing (former known as Retail Energy Trading), Wholesale Energy Trading and Generation. The Networks segment includes the Network Service business unit. The Services segment includes the business units Energy-Related Services, Holdings, and Energy Supplies Pomerania/Poland. Segment reporting is a management defined control view of Stadtwerke Leipzig GmbH. 1.2 Sales markets and competitive position Stadtwerke Leipzig is the market leader in electricity and heating in Leipzig. Stadtwerke Leipzig faces aggressive price competition as a service-oriented company. The company operates all over Germany as a partner for SMEs on all energy issues. The basis for its success is laid by its existing generation portfolio, which is supplemented by professional procurement on the major energy markets. In its wholesale energy trading, which it has been engaged in for ten years, Stadtwerke Leipzig is recognised by its business partners as an innovative and successful energy service provider. Stadtwerke Leipzig’s energy networks for electricity and gas offer both customers and competitors an efficient infrastructure in a regulated market environment. Moreover, its subsidiary HL komm Telekommunikations GmbH, Leipzig (HL komm), among others, is active in the telecommunications market as an innovative infrastructure developer and provider. As part of the company’s operations in Poland, the subsidiary Gdańskie Przedsiębiorstwo Energetyki Cieplnej Sp. z o.o., Gdańsk, Poland (GPEC), is the market leader in the regulated supply of heating in the city of Gdańsk. Annual Financial Statements of Stadtwerke Leipzig GmbH | 05
Page 1 and 2: Consolidated Financial Statements o
Page 3: 2009 Consolidated Financial Stateme
Page 8 and 9: 1.3 Main legal and economic factors
Page 10 and 11: mid-year. Thereafter, the price of
Page 12 and 13: unit, dividend payments were made b
Page 14 and 15: Electronic verification of hazardou
Page 16 and 17: ments between Stadtwerke Leipzig Ne
Page 18 and 19: 2.2 Financial position Cash flow st
Page 20 and 21: Analysis of finance: Long-term asse
Page 22 and 23: Control ratios 2009 2008 Veränderu
Page 24 and 25: 2.5.1 Trading Most of the segment
Page 26 and 27: sums invested in the gas and distri
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Page 30 and 31: As from October 2008, the EEX has b
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
Page 40 and 41: Profit and loss acount [€ k] Numb
Page 42 and 43: 1 General remarks The regulations o
Page 44 and 45: alance sheet. See the information p
Page 46 and 47: 3 Notes to the balance sheet As a r
Page 48 and 49: [1] Financial assets On the balance
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Other turnover includes turnover un
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[15] Expenses associated with trans
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5.5 Members of the Supervisory Boar
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Movements in fixed assets: GmbH - 1
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Audit certificate “We have carrie
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List of abbreviations AG Aktiengese
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Credits Published by Stadtwerke Lei
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