Rethinking Energy
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Contact Contents KEY FIGURES CONTENTS FINANCIAL CALENDAR / IMPRINT MVV ENERGIE • • ENERGISING THE FUTURE Published by Contact MVV Energie AG Investor Relations Luisenring 49 Marcus Jentsch D-68159 Mannheim Head of Department Finance and Investor Relations 3 . Rethinking Energy 106 . Consolidated Financial Statements Postal address Tel: +49 (0)621 290-2292 D-68142 Mannheim [email protected] 20 . To Our Shareholders 108 . Income Statement Tel.: +49 (0)621 290-0 Fax: +49 (0)621 290-2324 RETHINKING 108 . Statement of Income and Expenses • 22 . Letter from CEO Recognised in Equity www.mvv-energie.de Contact 24 . Executive Board of MVV Energie AG [email protected] Investor Relations ENERGY 109 . Balance Sheet Tel: +49 (0)621 290-3708 26 . Supervisory Board Report 110 . Statement of Changes in Equity Fax: +49 (0)621 290-3075 32 . Share of MVV Energie AG • www.mvv-investor.de 111 . Cash Flow Statement Contact [email protected] 113 . Notes to Consolidated Financial Statements Annual Report 36 . Combined Management Report Wilfried Schwannecke 164 . Responsibility Statement Tel: +49 (0)621 290-2392 ANNUAL REPORT 2011/12 40 . Business Framework [email protected] 165 . Directors & Officers ANNUAL REPORT 2011/12 46 . Corporate Strategy Frank Nagel 173 . Audit Opinion Tel: +49 (0)621 290-2692 52 . Business Performance [email protected] 70 . Sustainability 174 . Other Disclosures 87 . Opportunity and Risk Report 176 . Ten-Year Overview 91 . Events After Balance Sheet Date 182 . Glossary MVV ENERGIE 92 . Outlook Major Events in 2011/12 Financial Year 96 . Corporate Governance Financial Calendar, Imprint 98 . Corporate Governance Report Contact 98 . Report of Executive and Supervisory Boards 99 . Corporate Governance Declaration with Declaration of Conformity 103 . Compensation Report This Annual Report was published on the internet on 18 December 2012. All financial reports of the MVV Energie Group can be downloaded from our internet sites. The German and English editions of this Annual Report can also be accessed in Flash format. www.mvv-investor.de Detailed lists of contents can be found at the beginning of each chapter. Contact Contents KEY FIGURES CONTENTS FINANCIAL CALENDAR / IMPRINT MVV ENERGIE • • ENERGISING THE FUTURE Published by Contact MVV Energie AG Investor Relations Luisenring 49 Marcus Jentsch D-68159 Mannheim Head of Department Finance and Investor Relations 3 . Rethinking Energy 106 . Consolidated Financial Statements Postal address Tel: +49 (0)621 290-2292 D-68142 Mannheim [email protected] 20 . To Our Shareholders 108 . Income Statement Tel.: +49 (0)621 290-0 Fax: +49 (0)621 290-2324 RETHINKING 108 . Statement of Income and Expenses • 22 . Letter from CEO Recognised in Equity www.mvv-energie.de Contact 24 . Executive Board of MVV Energie AG [email protected] Investor Relations ENERGY 109 . Balance Sheet Tel: +49 (0)621 290-3708 26 . Supervisory Board Report 110 . Statement of Changes in Equity Fax: +49 (0)621 290-3075 32 . Share of MVV Energie AG • www.mvv-investor.de 111 . Cash Flow Statement Contact [email protected] 113 . Notes to Consolidated Financial Statements Annual Report 36 . Combined Management Report Wilfried Schwannecke 164 . Responsibility Statement Tel: +49 (0)621 290-2392 ANNUAL REPORT 2011/12 40 . Business Framework [email protected] 165 . Directors & Officers ANNUAL REPORT 2011/12 46 . Corporate Strategy Frank Nagel 173 . Audit Opinion Tel: +49 (0)621 290-2692 52 . Business Performance [email protected] 70 . Sustainability 174 . Other Disclosures 87 . Opportunity and Risk Report 176 . Ten-Year Overview 91 . Events After Balance Sheet Date 182 . Glossary MVV ENERGIE 92 . Outlook Major Events in 2011/12 Financial Year 96 . Corporate Governance Financial Calendar, Imprint 98 . Corporate Governance Report Contact 98 . Report of Executive and Supervisory Boards 99 . Corporate Governance Declaration with Declaration of Conformity 103 . Compensation Report This Annual Report was published on the internet on 18 December 2012. All financial reports of the MVV Energie Group can be downloaded from our internet sites. The German and English editions of this Annual Report can also be accessed in Flash format. www.mvv-investor.de Detailed lists of contents can be found at the beginning of each chapter. MVV Energie at a Glance Key Figures Major Events in 2011/12 Financial Year Financial Calendar / Imprint MVVENERGIEATAGLANCE KEY FIGURES MAJOREVENTSIN2011/12FINANCIALYEAR FINANCIAL CALENDAR 1 5 • • 4 Key figures of the MVV Energie Group 18.12.2012 11.3.2013 Euro million 2011/12 2010/11 % change 1 previous year‘s figure adjusted. Details in Business Performance chapter Annual Financial Report 2011/12 (Annual Report) Dividend Payment 1 External sales excluding electricity and natural gas taxes 3 895 3 600 + 8 2 excluding non-operating IAS 39 Adjusted EBITDA 1, 2 399 404 – 1 derivative measurement items, before 4 restructuring expenses in previous year • • Adjusted EBITA 1 223 242 – 8 and including interest income from 18.12.2012 15.5.2013 finance leases Adjusted EBIT 3 223 242 – 8 2 3 excluding non-operating IAS 39 Annual Results Press Conference and Half-Year Financial Report 2012/13 Adjusted EBT 3 151 179 – 16 derivative measurement items, Analysts’ Conference External Adjusted excluding restructuring expenses in 3 153 sales EBIT Adjusted annual net surplus 98 125 – 22 previous year and including interest • income from finance leases Adjusted annual net surplus after minority interests 3 80 108 – 26 Operations were officially launched at Our first BIOMETHANE PLANT in Klein Having acquired a COGENERATION • 15.5.2013 4 excluding non-operating IAS 39 Adjusted earnings per share 3 in Euro 1.21 1.63 – 26 derivative measurement items Kirchberg WIND FARM in May 2012. Its Wanzleben was connected to the grid in PLANT WITH AN ENERGY FROM WASTE 14.2.2013 Press Conference and Analysts’ Conference 3 st st 1 5 adjusted equity plus financial debt plus 23 wind turbines have been on the grid September 2012. By acquiring shares in FACILITY in the city of Liberec, our MVV FinancialReportfor1 Quarterof2012/13 1 Half of 2012/13 Cash flow before working capital and taxes 418 415 + 1 provisions for pensions and similar obli- since February 2012. With a total installed a plant in Kroppenstedt, we have taken Energie CZ subsidiary has successfully 1 Cash flow before working capital and taxes per share 1 in Euro 6.35 6.29 + 1 gations less cash and cash equivalents (calculated as annual average; previous capacity of 53 MW and planned annual initial steps to build a second plant - also established itself in the still new Czech 3 Free cash flow 23 163 – 86 year‘s figure adjusted) • • 2 6 return on capital employed (adjusted electricity production of 125 million kWh, in Sachsen-Anhalt. waste market. 8.3.2013 15.8.2013 EBIT as percentage of capital employed) this is the wind farm with the highest Annual General Meeting FinancialReportfor3rd Quarterof2012/13 Adjusted total assets (at 30.9.) 1, 4 3854 3658 +5 capacity in south-western Germany. Adjusted equity (at 30.9.) 4 1396 1378 +1 Adjusted equity ratio (at 30.9.) 1, 4 36.2% 37.7% – 4 Capital employed 5 2485 2489 0 Share of reporting segments in 2011/12 financial year ROCE 6 9.0 % 9.7 % – 7 in External sales in External sales in Adjusted EBIT in Adjusted EBIT IMPRINT Euro million in % Euro million in % WACC 8.6% 8.5% + 1 1 Generation and Infrastructure 354 9 141 63 Value spread 0.4 % 1.2 % – 67 4 2 Trading and Portfolio Management 976 25 3 1 • • 3 Sales and Services 2 162 56 21 10 Investments 287 247 + 16 We invested Euro 18 million in optimising Editorial responsibility Conception, design 4 Strategic Investments 398 10 38 17 Number of employees (at 30.9.) 5 541 5 923 – 6 the energy from waste plant in Mannheim MVV Energie AG and project management 5 Other Activities 5 < 1 20 9 along energy-efficient lines in the year Scheufele Hesse Eigler Total 3 895 100 223 100 under report – PROJECT OPTIMA.Two Wilfried Schwannecke Kommunikationsagentur GmbH new turbines in the cogeneration plant Tel: +49 (0)621 290-2392 FrankfurtamMain have enhanced the efficiency of the [email protected] cogeneration process used to generate electricity and extract district steam. • • Translation Editing and project coordination External sales1 in Euro billion Adjusted EBIT in Euro million Investments1 in Euro million Cash flow1 in Euro million Daniel Clark 2 Bettina von Rebenstock 4.0 3.9 400 450 450 440 Business Communication Services, Berlin 3.6 414 415 418 Tel: +49 (0)621 290-3614 3.5 3.4 350 400 400 386 3.2 The construction and operation of [email protected] 3.0 300 350 350 6 • 2.6 a cogeneration-based ENERGY FROM 2.5 250 249 239 243 242 300 287 300 Petra Wandernoth Photography 223 255 WASTE PLANT in Plymouth/UK is our 2.0 200 250 241 240 247 250 Tel: +49 (0)621 290-3417 Alexander Grüber, Ludwigshafen largest investment project. In the year 1.5 150 200 200 [email protected] (Pages:11,22,24,25,26) under report, we successfully agreed the Our MVV ENERGIEMONITOR application 1.0 100 150 150 overall financing with a volume of Euro received a special prize for outstanding Editorial assistance 0.5 50 100 100 250 million and secured this on a long- innovation at the Stadtwerke Award Sabine Eigenbrod, Mannheim • 0.0 0 50 50 term basis. 2012. Print 2007/08 2008/09 2009/10 2010/11 2011/12 2007/08 2008/09 2009/10 2010/11 2011/12 0 0 ColorDruck Leimen GmbH, Leimen 2007/08 2008/09 2009/10 2010/11 2011/12 2007/08 2008/09 2009/10 2010/11 2011/12 1 excluding electricity and natural gas taxes 1 investments in intangible assets, property, plant and equipment and investment property and 1 before working capital and taxes in acquisition of fully and proportionately consolidated companies and other financial assets MVV Energie at a Glance Key Figures Major Events in 2011/12 Financial Year Financial Calendar / Imprint MVVENERGIEATAGLANCE KEY FIGURES MAJOREVENTSIN2011/12FINANCIALYEAR FINANCIAL CALENDAR 1 5 • • 4 Key figures of the MVV Energie Group 18.12.2012 11.3.2013 Euro million 2011/12 2010/11 % change 1 previous year‘s figure adjusted.