Annual Report • Mar 21, 2016
Annual Report
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| Income statement | 2 | (12) Investment properties | 36 |
|---|---|---|---|
| Statement of comprehensive income | 3 | (13) Entities accounted for using the equity method | 37 |
| Balance sheet | 4 | (14) Other financial assets | 39 |
| Cash flow statement | 5 | (15) Trade receivables | 40 |
| Statement of changes in equity | 6 | (16) Income tax refund claims | 41 |
| Notes to the 2015 financial statements of the | (17) Other assets | 41 | |
| EnBW Group | 7 | (18) Inventories | 43 |
| General principles | 7 | (19) Financial assets | 43 |
| Consolidation principles | 7 | (20) Cash and cash equivalents | 43 |
| Consolidated companies | 8 | (21) Equity | 43 |
| Changes in the consolidated companies | 8 | (22) Provisions | 48 |
| Changes in the shareholdings of fully consolidated | (23) Deferred taxes | 55 | |
| companies with loss of control in 2015 | 9 | (24) Liabilities and subsidies | 57 |
| Changes in the shareholdings of fully consolidated | (25) Assets held for sale and liabilities directly | ||
| companies with loss of control in 2014 | 9 | associated with assets classified as held for sale | 62 |
| Changes in the shareholdings of already | |||
| fully consolidated companies in 2015 | 9 | Other disclosures | 63 |
| Changes in the shareholdings of already | (26) Earnings per share | 63 | |
| fully consolidated companies in 2014 | 9 | (27) Accounting for financial instruments | 63 |
| Changes in accounting policies | 10 | (28) Contingent liabilities and other | |
| Effects of new accounting standards that are not yet | financial commitments | 78 | |
| mandatory | 10 | (29) Significant restrictions | 79 |
| Restatement of previous-year figures | 12 | (30) Audit fees | 79 |
| Significant accounting policies | 13 | (31) Exemptions pursuant to section 264 (3) and | |
| Exercise of judgement and estimates when | section 264b of the HGB | 79 | |
| applying accounting policies | 20 | (32) Declaration of compliance with the German | |
| Currency translation | 22 | Corporate Governance Code | 80 |
| and the balance sheet | 23 | (34) Notes to the cash flow statement | ||
|---|---|---|---|---|
| (1) Revenue | 23 | (35) Additional disclosures on capital management | 81 | |
| (2) Other operating income | 23 | (36) Segment reporting | 82 | |
| (3) Cost of materials | 24 | (37) Related parties (entities) | 86 | |
| (4) Personnel expenses | 24 | (38) Related parties (individuals) | 88 | |
| (5) Other operating expenses | 25 | (39) Additional disclosures | 89 | |
| (6) Amortisation and depreciation | 25 | (40) Disclosures concerning franchises | 100 | |
| (7) Investment result | 26 | (41) Subsequent events | 100 | |
| (8) Financial result | 27 | |||
| (9) Income tax | 28 | Audit opinion | 101 | |
| (10) Intangible assets | 30 | |||
| (11) Property, plant and equipment | 33 | Declaration of the legal representatives | 102 |
| Income statement | 2 | (12) Investment properties | 36 |
|---|---|---|---|
| Statement of comprehensive income | 3 | (13) Entities accounted for using the equity method | 37 |
| Balance sheet | 4 | (14) Other financial assets | 39 |
| Cash flow statement | 5 | (15) Trade receivables | 40 |
| Statement of changes in equity | 6 | (16) Income tax refund claims | 41 |
| Notes to the 2015 financial statements of the | (17) Other assets | 41 | |
| EnBW Group | 7 | (18) Inventories | 43 |
| General principles | 7 | (19) Financial assets | 43 |
| Consolidation principles | 7 | (20) Cash and cash equivalents | 43 |
| Consolidated companies | 8 | (21) Equity | 43 |
| Changes in the consolidated companies | 8 | (22) Provisions | 48 |
| Changes in the shareholdings of fully consolidated | (23) Deferred taxes | 55 | |
| companies with loss of control in 2015 | 9 | (24) Liabilities and subsidies | 57 |
| Changes in the shareholdings of fully consolidated | (25) Assets held for sale and liabilities directly | ||
| companies with loss of control in 2014 | 9 | associated with assets classified as held for sale | 62 |
| Changes in the shareholdings of already | |||
| Changes in the shareholdings of already | (26) Earnings per share | 63 | |
|---|---|---|---|
| fully consolidated companies in 2014 | 9 | (27) Accounting for financial instruments | 63 |
| Changes in accounting policies | 10 | (28) Contingent liabilities and other | |
| Effects of new accounting standards that are not yet | financial commitments | 78 | |
| mandatory | 10 | (29) Significant restrictions | 79 |
| Restatement of previous-year figures | 12 | (30) Audit fees | 79 |
| Significant accounting policies | 13 | (31) Exemptions pursuant to section 264 (3) and | |
| Exercise of judgement and estimates when | section 264b of the HGB | 79 | |
| applying accounting policies | 20 | (32) Declaration of compliance with the German | |
| Currency translation | 22 | Corporate Governance Code | 80 |
| (33) Share deals and shareholdings | |||
| Notes to the income statement | of key management personnel | 80 | |
| and the balance sheet | 23 | (34) Notes to the cash flow statement | 80 |
| (1) Revenue | 23 | (35) Additional disclosures on capital management | 81 |
| (2) Other operating income | 23 | (36) Segment reporting | 82 |
| (3) Cost of materials | 24 | (37) Related parties (entities) | 86 |
| (4) Personnel expenses | 24 | (38) Related parties (individuals) | 88 |
| (5) Other operating expenses | 25 | (39) Additional disclosures | 89 |
| (6) Amortisation and depreciation | 25 | (40) Disclosures concerning franchises | 100 |
| (7) Investment result | 26 | (41) Subsequent events | 100 |
| (8) Financial result | 27 | ||
| (9) Income tax | 28 | Audit opinion | 101 |
| (10) Intangible assets | 30 | ||
| in €million1 | Notes | 2015 | 2014 |
|---|---|---|---|
| Revenue including electricity and energy taxes | 21,944.1 | 21,760.1 | |
| Electricity and energy taxes | -777.6 | -757.6 | |
| Revenue | (1) | 21,166.5 | 21,002.5 |
| Changes in inventories | -3.0 | 15.5 | |
| Other own work capitalised | 93.4 | 78.0 | |
| Other operating income | (2) | 833.8 | 1,238.1 |
| Cost of materials | (3) | -17,364.7 | -17,511.7 |
| Personnel expenses | (4) | -1,641.3 | -1,620.2 |
| Other operating expenses | (5) | -1,166.5 | -1,064.9 |
| EBITDA | 1,918.2 | 2,137.3 | |
| Amortisation and depreciation | (6) | -1,641.2 | -2,137.2 |
| Earnings before interest and taxes (EBIT) | 277.0 | 0.1 | |
| Investment result | (7) | 21.2 | 25.6 |
| of which net profit/loss from entities accounted for using the equity method |
(26.3) | (-15.7) | |
| of which other profit/loss from investments | (-5.1) | (41.3) | |
| Financial result | (8) | -24.0 | -635.4 |
| of which finance income | (1,078.9) | (433.8) | |
| of which finance costs | (-1,102.9) | (-1,069.2) | |
| Earnings before tax (EBT) | 274.2 | -609.7 | |
| Income tax | (9) | -73.7 | 206.9 |
| Group net profit/loss | 200.5 | -402.8 | |
| of which profit/loss shares attributable to non-controlling interests | (75.6) | (63.1) | |
| of which profit/loss shares attributable to the shareholders of EnBW AG |
(124.9) | (-465.9) | |
| EnBW AG shares outstanding (million), weighted average | 270.855 | 270.855 | |
| Earnings per share from Group net profit/loss (€)2 | (26) | 0.46 | -1.72 |
1 The figures for the previous year have been restated. Further information is available in the notes under "Restatement of previous-year figures". 2 Diluted and basic; in relation to the profit/loss attributable to the shareholders of EnBW AG.
| in €million1 | 2015 | 2014 |
|---|---|---|
| Group net profit/loss | 200.5 | -402.8 |
| Revaluation of pensions and similar obligations | 200.7 | -1,193.5 |
| Entities accounted for using the equity method | -24.2 | -83.3 |
| Income taxes on other comprehensive income | -32.6 | 313.9 |
| Total of other comprehensive income and expenses without future reclassifications impacting earnings |
143.9 | -962.9 |
| Currency translation differences | 53.2 | 7.7 |
| Cash flow hedge | 104.9 | -36.1 |
| Available-for-sale financial assets | -406.4 | 240.2 |
| Entities accounted for using the equity method | 14.6 | 29.6 |
| Income taxes on other comprehensive income | -11.4 | -29.2 |
| Total of other comprehensive income and expenses with future reclassifications impacting earnings |
-245.1 | 212.2 |
| Total other comprehensive income | -101.2 | -750.7 |
| Total comprehensive income | 99.3 | -1,153.5 |
| of which profit/loss shares attributable to non-controlling interests | (88.1) | (38.0) |
| of which profit/loss shares attributable to the shareholders of EnBW AG | (11.2) | (-1,191.5) |
1 The figures for the previous year have been restated. Further information is available in the notes under "Restatement of previous-year figures".
| in € million1 | Notes | 31/12/2015 | 31/12/2014 | 01/01/2014 |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | ||||
| Intangible assets | (10) | 1,744.9 | 1,783.0 | 1,844.1 |
| Property, plant and equipment | (11) | 13,508.1 | 13,681.7 | 14,069.7 |
| Investment properties | (12) | 68.9 | 75.8 | 77.0 |
| Entities accounted for using the equity method | (13) | 826.1 | 1,941.0 | 1,927.4 |
| Other financial assets | (14) | 8,240.4 | 8,513.4 | 6,399.9 |
| Trade receivables | (15) | 760.3 | 678.6 | 641.9 |
| Income tax refund claims | (16) | 5.3 | 9.1 | 12.9 |
| Other non-current assets | (17) | 340.4 | 270.0 | 277.2 |
| Deferred taxes | (23) | 93.4 | 430.0 | 257.8 |
| 25,587.8 | 27,382.6 | 25,507.9 | ||
| Current assets | ||||
| Inventories | (18) | 877.5 | 1,135.4 | 1,353.9 |
| Financial assets | (19) | 1,353.9 | 780.1 | 750.3 |
| Trade receivables | (15) | 2,787.3 | 3,193.1 | 3,745.0 |
| Income tax refund claims | (16) | 469.9 | 451.6 | 343.1 |
| Other current assets | (17) | 2,564.8 | 2,085.6 | 1,542.9 |
| Cash and cash equivalents | (20) | 3,501.1 | 3,179.2 | 2,424.9 |
| 11,554.5 | 10,825.0 | 10,160.1 | ||
| Assets held for sale | (25) | 1,015.9 | 104.5 | 90.3 |
| 12,570.4 | 10,929.5 | 10,250.4 | ||
| 38,158.2 | 38,312.1 | 35,758.3 | ||
| Equity and liabilities | ||||
| Equity | (21) | |||
| Shares of the shareholders of EnBW AG | ||||
| Subscribed capital | 708.1 | 708.1 | 708.1 | |
| Capital reserve | 774.2 | 774.2 | 774.2 | |
| Revenue reserves | 3,601.5 | 3,692.4 | 4,317.2 | |
| Treasury shares | -204.1 | -204.1 | -204.1 | |
| Other comprehensive income | -1,644.2 | -1,530.5 | -791.8 | |
| 3,235.5 | 3,440.1 | 4,803.6 | ||
| Non-controlling interests | 1,854.0 | 1,105.5 | 1,217.4 | |
| 5,089.5 | 4,545.6 | 6,021.0 | ||
| Non-current liabilities | ||||
| Provisions | (22) | 14,478.1 | 14,302.2 | 12,450.7 |
| Deferred taxes | (23) | 670.7 | 648.9 | 1,017.4 |
| Financial liabilities | (24) | 6,810.0 | 7,187.1 | 5,547.4 |
| Income tax liabilities | (24) | 84.3 | 134.3 | 164.4 |
| Other liabilities and subsidies | (24) | 1,748.6 | 1,874.2 | 1,968.7 |
| 23,791.7 | 24,146.7 | 21,148.6 | ||
| Current liabilities | ||||
| Provisions | (22) | 1,342.8 | 1,151.6 | 1,391.6 |
| Financial liabilities | (24) | 758.2 | 1,078.5 | 224.7 |
| Trade payables | (24) | 3,523.5 | 3,829.6 | 3,611.0 |
| Income tax liabilities | (24) | 305.5 | 330.9 | 418.0 |
| Other liabilities and subsidies | (24) | 3,346.2 | 3,180.7 | 2,910.8 |
| 9,276.2 | 9,571.3 | 8,556.1 | ||
| Liabilities directly associated with assets classified as held for sale |
(25) | 0.8 | 48.5 | 32.6 |
| 9,277.0 | 9,619.8 | 8,588.7 | ||
| 38,158.2 | 38,312.1 | 35,758.3 |
1 The figures for the previous years have been restated. Further information is available in the notes under "Restatement of previous-year figures".
| in €million1 | 2015 | 2014 |
|---|---|---|
| 1. Operating activities | ||
| EBITDA | 1,918.2 | 2,137.3 |
| Changes in provisions | 145.6 | 73.2 |
| Result from disposals | -50.3 | -93.1 |
| Other non-cash expenses/income | -69.7 | -341.5 |
| Change in assets and liabilities from operating activities | -137.7 | 254.7 |
| Inventories | (70.2) | (-68.7) |
| Net balance of trade receivables and payables | (-60.5) | (669.4) |
| Net balance of other assets and liabilities | (-147.4) | (-346.0) |
| Income tax received/paid | 112.2 | -254.9 |
| Cash flow from operating activities | 1,918.3 | 1,775.7 |
| 2. Investing activities | ||
| Capital expenditures on intangible assets and property, plant and equipment | -1,416.4 | -1,704.4 |
| Disposals of intangible assets and property, plant and equipment | 140.2 | 194.1 |
| Cash received from construction cost and investment subsidies | 78.2 | 79.9 |
| Acquisition of subsidiaries, entities accounted for using the equity method and interests in joint operations |
-21.1 | -40.8 |
| Sale of subsidiaries, entities accounted for using the equity method and interests in joint operations |
25.0 | 108.9 |
| Cash paid for investments in other financial assets | -1,996.1 | -2,795.4 |
| Sale of other financial assets | 1,949.6 | 1,071.2 |
| Cash received/paid for investments in connection with short-term finance planning | 45.8 | -13.6 |
| Interest received | 242.9 | 211.2 |
| Dividends received | 137.7 | 112.3 |
| Cash flow from investing activities | -814.2 | -2,776.6 |
| 3. Financing activities | ||
| Interest paid for financing activities | -375.1 | -338.6 |
| Dividends paid | -269.7 | -261.8 |
| Cash received for changes in ownership interest without loss of control | 719.8 | 89.7 |
| Cash paid for changes in ownership interest without loss of control | 0.0 | -197.9 |
| Increase in financial liabilities | 244.6 | 2,661.5 |
| Repayment of financial liabilities | -1,112.0 | -192.0 |
| Payments from alterations of capital in non-controlling interests | -6.1 | 0.0 |
| Cash flow from financing activities | -798.5 | 1,760.9 |
| Net change in cash and cash equivalents | 305.6 | 760.0 |
| Net foreign exchange difference | 10.3 | 0.3 |
| Change in cash and cash equivalents | 315.9 | 760.3 |
| Cash and cash equivalents at the beginning of the period | 3,185.2 | 2,424.9 |
| Cash and cash equivalents at the end of the period | 3,501.1 | 3,185.2 |
| of which cash and cash equivalents in current assets | (3,501.1) | (3,179.2) |
| of which cash and cash equivalents in assets held for sale | (0.0) | (6.0) |
1 Further information is available in the notes under (34) "Notes to the cash flow statement".
| in €million1,2 | Other comprehensive income4 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sub scribed capital and capital reserve3 |
Revenue reserves |
Treasury shares |
Revaluation of pensions and similar obligations |
Difference from currency translation |
Cash flow hedge |
Available for-sale financial assets |
Entities accounted for using the equity method |
Shares of the share holders of EnBW AG |
Non-con trolling interests4 |
Total | |
| As of: 01/01/2014 | 1,482.3 | 4,378.9 | -204.1 | -783.1 | -100.1 | -311.1 | 402.5 | 0.0 | 4,865.3 | 1,217.4 | 6,082.7 |
| Changes due to error corrections |
-61.7 | -61.7 | -61.7 | ||||||||
| As of: 01/01/2014 after changes due to error corrections |
1,482.3 | 4,317.2 | -204.1 | -783.1 | -100.1 | -311.1 | 402.5 | 0.0 | 4,803.6 | 1,217.4 | 6,021.0 |
| Other comprehensive income |
-867.6 | 4.5 | -11.6 | 202.8 | -53.7 | -725.6 | -25.1 | -750.7 | |||
| Group net loss/profit |
-465.9 | -465.9 | 63.1 | -402.8 | |||||||
| Total comprehensive income |
0.0 | -465.9 | 0.0 | -867.6 | 4.5 | -11.6 | 202.8 | -53.7 | -1,191.5 | 38.0 | -1,153.5 |
| Dividends paid | -186.9 | -186.9 | -57.2 | -244.1 | |||||||
| Other changes5, 6 | 28.0 | -1.5 | -11.6 | 14.9 | -92.7 | -77.8 | |||||
| As of: 31/12/2014 | 1,482.3 | 3,692.4 | -204.1 | -1,652.2 | -95.6 | -334.3 | 605.3 | -53.7 | 3,440.1 | 1,105.5 | 4,545.6 |
| Other comprehensive income |
169.5 | 41.2 | 77.4 | -392.2 | -9.6 | -113.7 | 12.5 | -101.2 | |||
| Group net profit | 124.9 | 124.9 | 75.6 | 200.5 | |||||||
| Total comprehensive income |
0.0 | 124.9 | 0.0 | 169.5 | 41.2 | 77.4 | -392.2 | -9.6 | 11.2 | 88.1 | 99.3 |
| Dividends paid | -186.9 | -186.9 | -65.1 | -252.0 | |||||||
| Other changes5, 6 | -28.9 | -28.9 | 725.5 | 696.6 | |||||||
| As of: 31/12/2015 | 1,482.3 | 3,601.5 | -204.1 | -1,482.7 | -54.4 | -256.9 | 213.1 | -63.3 | 3,235.5 | 1,854.0 | 5,089.5 |
1 The figures for the previous year have been restated. Further information is available in the notes under "Restatement of previous-year figures". 2 Further information is available in the notes under (21) "Equity".
3 Of which subscribed capital €708.1 million (31 December 2014: €708.1 million, 1 January 2014: €708.1 million) and capital reserve €774.2 million (31 December 2014: €774.2 million, 1 January 2014: €774.2 million).
4 Of which other comprehensive income directly associated with the assets held for sale as of 31 December 2015 to the amount of €-45.4 million (31 December 2014: €0.0 million, 1 January 2014: €0.0 million). Of which attributable to the shareholders of EnBW AG: €-45.4 million, (31 December 2014: €0.0 million, 1 January 2014: €0.0 million). Of which attributable
to non-controlling interests: €0.0 million (31 December 2014: €0.0 million, 1 January 2014: €0.0 million). 5 Of which change in revenue reserves, revaluation of pensions and similar obligations and of the cash flow hedge due to changes in ownership interest in subsidiaries without loss of
control amounting to €-28.2 million, €0.0 million and €0.0 million, respectively (previous year: €26.6 million, €-1.5 million and €-11.6 million, respectively). Of which changes in noncontrolling interests due to changes in ownership interest of subsidiaries without loss of control amounting to €738.8 million (previous year: €-94.7 million). 6 Of which transaction costs that were accounted for as a deduction from equity amounting to €1.9 million (previous year: €1.8 million).
In accordance with section 315a (1) of the German Commercial Code (HGB), the consolidated financial statements of EnBW Energie Baden-Württemberg AG (EnBW) are prepared according to the International Financial Reporting Standards (IFRS), the adoption of which is mandatory in the European Union as of the reporting date. The interpretations promulgated by the IFRS Interpretations Committee (IFRS IC) are also taken into account. IFRS and interpretations whose application is not yet mandatory are not adopted. The consolidated financial statements therefore comply with those IFRS and interpretations issued by the International Accounting Standards Board (IASB) which have been endorsed by the EU.
The consolidated financial statements are presented in millions of euros (€ million). The income statement as well as the statement of comprehensive income, the balance sheet, the cash flow statement and the statement of changes in equity of the EnBW Group are presented separately.
In the interest of clarity, items have been combined in the income statement and in the balance sheet, and disclosed separately and explained in the notes.
The income statement has been prepared using the nature of expense method.
The consolidated financial statements are prepared as of the reporting date of the parent company's financial statements. The parent company's financial year is the calendar year.
The registered office of the company is in Karlsruhe, Germany. The address is EnBW Energie Baden-Württemberg AG, Durlacher Allee 93, 76131 Karlsruhe.
EnBW's principal activities are described in the segment reporting.
EnBW's Board of Management authorised the consolidated financial statements for issue on 17 March 2016.
The financial statements of the domestic and foreign companies included in the consolidation were prepared in a standardised manner in accordance with the accounting policies which are applicable at EnBW.
Business combinations are accounted for using the acquisition method. The cost of a business combination is measured based on the fair value of the assets acquired and liabilities assumed or entered into as of the acquisition date. Non-controlling interests are measured at the proportionate fair value of the identified assets and the liabilities assumed. Incidental acquisition costs are expensed as incurred. If the business combination is achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through profit or loss when the acquirer obtains control. Any excess of the cost of a business combination plus the amount of any non-controlling interest in the acquiree over the acquired identifiable assets, assumed liabilities and contingent liabilities is reported as goodwill if positive or, if negative, is reassessed and recognised as a gain through profit or loss.
A change in the ownership interest in an entity which continues to be fully consolidated is accounted for as an equity transaction. All remaining interests are remeasured at fair value upon loss of control.
Receivables, liabilities and provisions between the consolidated entities are netted. Intercompany income is set off against the corresponding expenses. Intercompany profits and losses are eliminated unless they are of minor importance.
In accordance with the full consolidation method, all subsidiaries under the control of the Group are included. The Group controls an associate if it is exposed to risks or has rights to variable returns as a result of its involvement in the associate, and the Group has the ability to use its power over the associate in a way that affects the amount of the returns from the associate. In the full consolidation process, the assets and liabilities of a subsidiary are included in the consolidated financial statements in their entirety.
The equity method is used when there is a joint arrangement in the form of a joint venture or a significant influence may be exercised over the business policy of the associate, but the entity does not qualify as a subsidiary. This means that when shareholdings are being measured, only the company's proportional equity, rather than its assets and liabilities, is shown in the consolidated financial statements. Any goodwill is included in the stated value of the shareholding in question. Any negative differences are recognised in profit or loss in the investment result.
Joint arrangements that are classified as joint operations are reported based on the proportion of the assets, liabilities, income and expenses which are attributable to the parent company in compliance with the respective applicable IFRS.
Interests in subsidiaries, joint ventures or associates which, in the Group's opinion, are of minor significance are reported in accordance with IAS 39. Indicators for determining the materiality of subsidiaries are the revenue, earnings and equity of these companies.
There are no reciprocal shareholdings in the EnBW Group as defined by section 19 (1) of the German Companies Act (AktG).
The consolidated companies are as follows:
Type of consolidation
| Number | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Full consolidation | 118 | 114 |
| Entities accounted for using the equity method | 17 | 18 |
| Joint operations | 3 | 2 |
Of the companies included in the consolidated financial statements by way of full consolidation, 8 (previous year: 7) domestic companies and 3 (previous year: 2) foreign companies were consolidated for the first time in the reporting year. 2 (previous year: 5) domestic companies were deconsolidated, in addition to which 5 domestic companies (previous year: 7) were merged.
The increase in the number of fully consolidated companies resulted largely from the addition of project companies for wind power plants to the consolidated companies.
Due to the ending of a contractual agreement, Rheinkraftwerk Iffezheim GmbH has no longer been accounted for using the equity method since June 2015, but instead classified as a joint operation.
Changes in the shareholdings of fully consolidated companies with loss of control in 2015
The EnBW Group sold 100% of the equity in EnBW Propower GmbH, Eisenhüttenstadt to Progroup AG, Landau on 31 December 2015. EnBW Propower GmbH owns a combined heat and power plant for thermal utilisation of substitute fuel in Eisenhüttenstadt. Income of €13.1 million was generated as a result of the sale and has been reported under other operating income. The proceeds of the sale were paid to EnBW in cash at the start of 2016.
Changes in the shareholdings of fully consolidated companies with loss of control in 2014
The EnBW Group sold 74.9% of the equity in Stuttgart Netze GmbH, Stuttgart (formerly SWS Netzinfrastruktur GmbH, Stuttgart) to Stadtwerke Stuttgart GmbH, Stuttgart on 31 October 2014. The sale was connected with the City of Stuttgart's franchise award process. Stuttgart Netze GmbH owns the electricity and gas distribution grid in the Stuttgart franchise area. Following the sale of the interest, Stuttgart Netze GmbH is now a joint venture in the EnBW Group and is consolidated using the equity method. Income of €37.2 million resulted from the transaction and has been reported under other operating income. It included an amount of €13.0 million that was due to the measurement of the remaining shareholding at fair value.
Changes in the shareholdings of already fully consolidated companies in 2015
The EnBW Group sold 49.89% of the equity in EnBW Baltic 2 S.C.S., Luxembourg to a subsidiary of the Australian financial investor Macquarie Corporate Holdings Pty Limited (formerly Macquarie Capital Group Limited) on 30 October 2015. As a result of the transaction, our interest in EnBW Baltic 2 S.C.S. falls to 50.11%. EnBW continues to fully consolidate EnBW Baltic 2 S.C.S. in its consolidated financial statements. Sale proceeds of €713.7 million were generated. As of the reporting date of 31 December 2015, this was paid to EnBW in cash in the amount of €721.7 million. The subsequent purchase price adjustment of €8.0 million was repaid at the start of 2016. Incidental costs of €1.9 million were incurred for the transaction. The amount attributable to non-controlling interests was €739.1 million. The difference between the sale proceeds and the amount attributable to noncontrolling interests in the amount of €-27.3 million was recognised under revenue reserves in equity.
The impact of the sale of the interest in EnBW Baltic 2 S.C.S. on the EnBW consolidated financial statements is shown below:
| in €million | 2015 |
|---|---|
| Consideration received after deduction of incidental costs | 711.8 |
| Amount attributable to non-controlling interests | 739.1 |
| Amount recognised under revenue reserves | -27.3 |
Changes in the shareholdings of already fully consolidated companies in 2014
On 5 August 2014, the EnBW Group purchased a further 50% of the equity in EnBW Gas Verwaltungsgesellschaft mbH, Karlsruhe (previously EnBW Eni Verwaltungsgesellschaft mbH, Karlsruhe), and thus indirectly acquired a further 50% of GasVersorgung Süddeutschland GmbH, Stuttgart, and of terranets bw GmbH, Stuttgart, from the Italian energy group Eni S.p.A. As a result of this transaction, our shareholding in EnBW Gas Verwaltungsgesellschaft mbH increased to 100%. EnBW had already previously held operative control over EnBW Gas Verwaltungsgesellschaft mbH through a contractual agreement. A purchase price of €197.9 million was paid, which EnBW paid in cash. The amount attributable to non-controlling interests was €193.1 million. The difference between the purchase price and the amount attributable to non-controlling interests in the amount of €4.8 million was recognised under revenue reserves and other comprehensive income in equity.
The impact of the purchase of this further interest in EnBW Gas Verwaltungsgesellschaft mbH on the EnBW consolidated financial statements is shown below:
| in €million | |
|---|---|
| Consideration paid | 197.9 |
| Amount attributable to non-controlling interests | -193.1 |
| Amount recognised under other comprehensive income | -13.1 |
| Amount recognised under revenue reserves | 8.3 |
The EnBW Group sold a total of 49.98% of the equity in EnBW Onshore Portfolio GmbH, Stuttgart, in equal shares to Onshore Bündelgesellschaft 1 GmbH, Stuttgart, Onshore Bündelgesellschaft 2 GmbH, Karlsruhe and Onshore Bündelgesellschaft 3 GmbH, Stuttgart in July and November 2014. As a result of the transaction, our interest in EnBW Onshore Portfolio GmbH fell to 50.02%. EnBW continues to fully consolidate EnBW Onshore Portfolio GmbH in its consolidated financial statements. Sale proceeds of €96.9 million were generated. EnBW was paid in cash. The amount attributable to non-controlling interests was €89.2 million. The difference between the sale proceeds and the amount attributable to non-controlling interests in the amount of €7.7 million was recognised under revenue reserves in equity.
The impact of the sale of the interest in EnBW Onshore Portfolio GmbH on the EnBW consolidated financial statements is shown below:
| in €million | 2014 |
|---|---|
| Consideration received | 96.9 |
| Amount attributable to non-controlling interests | 89.2 |
| Amount recognised under revenue reserves | 7.7 |
The International Accounting Standards Board (IASB) and the IFRS Interpretation Committee (IFRS IC) have adopted the following new standards, amendments to existing standards, and interpretations whose application is mandatory as from the 2015 financial year:
The IASB and IFRS IC have already published the following standards and interpretations whose adoption is not yet mandatory for the 2015 financial year. Their application in the future is subject to their endorsement by the EU into European law.
› IFRS 9 "Financial Instruments": The publication of IFRS 9 (2014) completed IASB's three-phase revision of the rules on accounting for financial instruments. IFRS 9, which will replace the existing IAS 39 "Financial Instruments: Recognition and Measurement", includes a new classification model for financial assets. The subsequent measurement of financial assets will, in future, be based on three categories: amortised cost, fair value through profit or loss and fair value through other comprehensive income. The instrument's contractual cash flows and the business model in which the asset is held are key to classification. In addition the new impairment model devised during phase 2 of the project has been finalised. The rules on hedge accounting for general hedges devised in phase 3 have been published already on 19 November 2013. The standard must be applied for financial years beginning on or after 1 January 2018. It has yet to be endorsed by the EU. Due to the change in requirements for the classification of financial instruments, it is expected that differences compared to the classification and measurement of financial assets previously required under IAS 39 will arise. Following initial assessments it is apparent that the at fair value through profit or loss measurement category will in future increase in significance. An improvement is expected as a result of the new rules on hedge accounting because certain restrictions in the current rules of IAS 39 have been removed and so a larger range of hedging instruments and hedged items is available. The effects on EnBW's consolidated financial statements are currently being assessed.
› Amendments to IFRS 10 and IAS 28 (2014) "Sale or Contribution of Assets between an Investor and its Associate or Joint Venture": The amendments clarify that in transactions with an associate or joint venture, the extent of the gain or loss recognition depends on whether the assets sold or contributed constitute a business (as defined in IFRS 3 "Business Combinations"). The date of first-time adoption of the changes was postponed by the IASB for an indefinite period. The effects on EnBW's consolidated financial statements are currently being assessed.
In 2015, in the context of updating an assessment of the tax situation of its special funds, EnBW determined that deferred tax liabilities to be recognised in profit or loss were reported too low in past consolidated financial statements. This error also has an impact on deferred tax assets impaired/recognised in the comparative period, which would need to be recognised with regard to the error. The error was corrected by restating each of the affected items in the consolidated financial statements of the comparative period (including the start of the comparative period) including the information on earnings per share. In addition, a full balance sheet for the start of the comparative period was prepared. The following tables summarise the effects on the comparative period in these consolidated financial statements:
Restatement of the income statement
| Earnings per share from Group net loss (€)1 | -0.06 |
|---|---|
| of which profit/loss shares attributable to the shareholders of EnBW AG | (-15.2) |
| Group net loss | -15.2 |
| Income tax | -15.2 |
| in €million | 2014 |
1 Diluted and basic; in relation to profit/loss attributable to the shareholders of EnBW AG.
| in €million | 2014 |
|---|---|
| Group net loss | -15.2 |
| Income taxes on other comprehensive income | 76.9 |
| Total of other comprehensive income and expenses without future reclassifications impacting earnings |
76.9 |
| Total other comprehensive income | 76.9 |
| Total comprehensive income | 61.7 |
| of which profit/loss attributable to the shareholders of EnBW AG | (61.7) |
Restatement of the balance sheet
| in €million | 31/12/2014 | 01/01/2014 |
|---|---|---|
| Equity and liabilities | ||
| Equity | ||
| Shares of the shareholders of EnBW AG | ||
| Revenue reserves | -76.9 | -61.7 |
| Other comprehensive income | 76.9 | 0.0 |
| 0.0 | -61.7 | |
| Non-current liabilities | ||
| Deferred taxes | 0.0 | 61.7 |
| 0.0 | 61.7 | |
| 0.0 | 0.0 |
Significant accounting policies
Intangible assets acquired for a consideration are carried at amortised cost and, except for goodwill, are amortised using the straight-line method over their useful life. The amortisation period of purchased software ranges from three to five years; the amortisation period of franchises for power plants is between 15 and 65 years. Customer relationships are amortised over their expected useful life of between 6 and 30 years, water rights and the underlying franchises are amortised over 30 years.
Internally generated intangible assets are recognised at cost if it is probable that a future economic benefit will flow to the company from the use of the asset and the cost of the asset can be reliably determined. If the recognition criteria are not satisfied, costs are expensed immediately through profit or loss in the year in which they were incurred. At the EnBW Group, these assets relate to software programmes that are amortised on a straight-line basis over a useful life of five years.
The useful lives and amortisation methods are reviewed annually.
In accordance with the provisions of the IFRS, goodwill from business combinations is not amortised, but tested for impairment at least once a year and whenever there is any indication that the recoverable amount may be lower than the carrying amount.
Items of property, plant and equipment are measured at cost. Items that are subject to wear and tear are depreciated using the straight-line method over the expected useful life of their individual components. Depreciation is recorded pro rata temporis in the year of addition.
Maintenance and repair costs are recorded as expenses. Renewal or maintenance expenses which lead to future economic benefits of an asset are capitalised.
Construction cost subsidies and investment grants or subsidies are not deducted from the cost of the asset concerned, but recognised on the liabilities side of the balance sheet.
The nuclear power plants also contain the present value, net of depreciation, of the estimated cost of decommissioning and dismantling the contaminated facilities.
Depreciation on our major items of property, plant and equipment is computed using the following uniform Group-wide useful lives:
Useful life
in years
| Power plants | 10–50 |
|---|---|
| Electricity distribution plants | 25–45 |
| Gas distribution plants | 10–55 |
| Water distribution plants | 15–40 |
| District heat distribution plants | 15–30 |
| Telecommunications distribution facilities | 4–20 |
| Other equipment, factory and office equipment | 4–14 |
The useful lives and depreciation methods are reviewed annually.
Property, plant and equipment are derecognised upon disposal or when no further economic benefits are expected from their continued use or sale. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement in the period the asset is derecognised.
If a qualifying asset necessarily takes a substantial period of time (more than twelve months) to get ready for its intended use, the borrowing costs incurred until it is ready for its intended use that are directly attributable to its acquisition or production are capitalised as part of the respective asset. Where there are specific debt financing arrangements, the respective borrowing costs incurred are used. Where the debt financing arrangements are not specific, borrowing costs are capitalised using a uniform rate within the Group of 3.5% (previous year: 4.0%). Borrowing costs totalling €21.9 million were capitalised in the financial year (previous year: €38.0 million).
A lease is an agreement whereby the lessor conveys to the lessee, in return for a payment or series of payments, the right to use an asset for an agreed period of time. This also applies for agreements that do not explicitly describe the conveyance of such a right. Leases are classified either as finance leases or as operating leases.
Leases where the EnBW Group as lessee retains substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. The leased asset is recognised at the lower of fair value and the present value of the minimum lease payments. A liability of the same amount is recognised.
The recognised leased asset is depreciated over the shorter of its useful life and the lease term. The liability is repaid and carried forward in subsequent periods using the effective interest method. All other leases where the EnBW Group is the lessee are classified as operating leases. Lease payments and instalments from operating leases are recognised directly as an expense in the income statement.
Leases where the EnBW Group as lessor transfers substantially all the risks and rewards of ownership of the leased asset to the lessee are recognised as finance leases at the lessor. A receivable is recognised for the amount of the net investment in the lease. The payments made by the lessee are recognised as repayments on the principal or interest income using the effective interest method. All other leases where the EnBW Group is the lessor are classified as operating leases. The leased asset remains in the consolidated balance sheet and is depreciated. The payments made by the lessee are recognised as income on a straight-line basis over the term of the lease.
Investment properties include land and buildings held to earn rentals or for capital appreciation and not used by EnBW itself. Investment properties are measured at cost less depreciation and, if they have a limited life, are depreciated over a term of 25 to 50 years using the straight-line method. The market value is determined using internationally recognised methods such as the discounted cash flow or mark-to-market methods and disclosed in the notes to the financial statements.
The carrying amounts of intangible assets, property, plant and equipment, and investment properties are tested for impairment at each reporting date. If there is any indication that the asset may be impaired, the recoverable amount of the asset concerned is determined in impairment testing. The recoverable amount is the higher of the fair value less costs to sell and the value in use.
The fair value is determined on the basis of a business valuation model and reflects the best estimate of the amount at which a third party would acquire the asset. The value in use corresponds to the present value of the future cash flows expected to be derived from an asset or cash-generating unit. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
If it is not possible to determine the recoverable amount for an individual asset, the recoverable amount is determined for the cash-generating unit to which the asset can be allocated.
Goodwill arising from business combinations is allocated to the cash-generating units or groups of cashgenerating units that are expected to achieve synergies from the business combination.
The recoverable amount of these cash-generating units or groups of cash-generating units is tested for impairment at least once a year. An additional test is performed whenever there is any indication that the carrying amount may not be recoverable. For more information, please refer to note (10) "Intangible assets".
If the recoverable amount of an asset falls short of its carrying amount, an impairment loss is recognised in profit or loss immediately. In the event of impairment losses on cash-generating units to which goodwill has been allocated, the goodwill is reduced first. If the impairment loss exceeds the carrying amount of the goodwill, the difference is allocated proportionally to the remaining non-current assets of the cash-generating unit.
If the reason for a previously recognised impairment loss no longer exists at a later date, the impairment loss is reversed. The increased carrying amount of the asset attributable to a reversal may not exceed the carrying amount that would have been determined had no impairment loss been recognised in previous years (amortised cost).
An impairment loss recognised for goodwill may not be reversed in a subsequent period. Accordingly, impairment losses on goodwill are not reversed.
Interests in joint ventures and investments in associates accounted for using the equity method are initially recognised at cost and subsequently recognised according to the amortised prorated net assets. The carrying amounts are increased or reduced each year by the prorated profit or loss, dividends paid or other changes in equity. Any goodwill is included in the stated value of the shareholding in question.
Investments in non-consolidated affiliated entities, in associates not accounted for using the equity method and in other investments, as well as some of the securities, are allocated to the "available for sale" measurement category. This measurement category includes all financial assets that are not "held for trading", "held to maturity" or "loans and receivables". They are measured at fair value if it can be determined reliably; unrealised gains and losses are recognised directly in equity. If the fair value cannot be determined reliably because there is no active market, these financial assets are measured at amortised cost. Most of these assets are other investments, which are not traded on an active market.
If there is any permanent or significant impairment as of the reporting date, the adjustments to the negative market value are recognised in profit or loss. The unrealised gains or losses previously recognised directly in equity are recognised in profit or loss upon sale. Impairment losses are reflected in an allowance account.
Securities classified as "held-to-maturity investments" are measured at amortised cost. These are securities listed on the stock exchange.
Loans are accounted for at amortised cost. Loans subject to market interest rates are recognised at nominal value, and low-interest or interest-free loans at present value. Some bad debt allowances are recognised via an allowance account. The decision whether the bad debt allowance reduces the carrying amount directly, or does so indirectly via an allowance account, depends on the probability of the anticipated default.
The securities recognised as current financial assets and allocated to the "held for trading" category are measured at fair value through profit or loss. The fair value equals the quoted price or repurchase price as of the reporting date. Changes in fair value are recognised immediately in profit or loss.
To date, EnBW has not made use of the option to measure financial assets or financial liabilities at fair value through profit or loss (fair value option).
Inventories are recorded at cost. As a rule, they are measured at average prices. Pursuant to IAS 2, costs of conversion contain the direct costs and an appropriate portion of the necessary materials and production overheads including depreciation. Costs of conversion are determined on the basis of normal capacity utilisation. Borrowing costs are not capitalised as a component of costs of conversion. Appropriate allowance is made for risks relating to slow-moving goods. Where necessary, the lower net realisable value compared to the carrying amount is recognised. Reversals of impairment losses on inventories are deducted from the cost of materials.
The nuclear fuel rods disclosed in the inventories are measured at amortised cost. Write-downs are determined in accordance with consumption.
Inventories acquired for trading purposes are recognised at fair value less costs to sell.
Emission allowances acquired for production purposes are recognised at cost as inventories. Emission allowances acquired for trading purposes are recognised as other assets at fair value through profit or loss, and any fluctuation in fair value is recognised directly in profit or loss.
The obligation to return CO2 allowances is accounted for under other provisions. The carrying amount of the provision is determined based on the carrying amount of the existing emission allowances. If further emission allowances are needed, they are accounted for at their fair value as of the reporting date.
Trade receivables and other assets are accounted for at cost less any bad debt allowances required based on the actual bad debt risk. Trade receivables usually have short terms to maturity. Consequently, their carrying amounts as of the reporting date approximate their fair value. Receivables that bear off-market interest with remaining terms to maturity of more than one year are reported in the balance sheet at present value.
For other current assets, it is assumed that the fair value approximates the carrying amount. For other noncurrent assets, the market value is determined by discounting the expected future cash flows. Some bad debt allowances are recognised by means of an allowance account. The decision whether the bad debt allowance reduces the carrying amount directly or does so indirectly via an allowance account depends on the probability of the anticipated default.
Cash and cash equivalents have short terms to maturity. Consequently, their carrying amounts as of the reporting date approximate their fair value.
Own equity instruments which are repurchased (treasury shares) are deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group's own equity instruments.
For defined benefit plans, provisions for pensions and similar obligations are determined using the projected unit credit method in accordance with IAS 19. This method considers current and future pension benefits known at the reporting date as well as future anticipated salary and pension increases. Actuarial gains and losses are recorded in their entirety in the financial year in which they arise. They are reported outside of the income statement in the statement of comprehensive income as part of the cumulative changes not impacting income and recorded directly in equity. In the subsequent periods, too, they are no longer recorded as impacting income. Plan assets of funds established to cover the pension obligations are deducted from the provision. The service cost is disclosed in personnel expenses, while the net interest portion of additions to the provision and the return on plan assets are recorded in the financial result. Payments for defined contribution plans are expensed as incurred and presented under personnel expenses.
Other provisions take account of all legal or constructive obligations towards third parties resulting from past events that are identifiable at the reporting date, to the extent that it is probable that they will lead to an outflow of resources in future and their amount can be reliably estimated. The provisions are recognised at their settlement amount. They are measured at the estimated future amount or the amount most likely to be incurred.
The non-current provisions are stated at the future amount needed to settle the obligation discounted to the reporting date. This does not apply to provisions for pensions and similar obligations. They are subject to special rules in accordance with IAS 19.
Deferred taxes are recorded in accordance with the temporary concept (IAS 12) on all timing differences between the tax accounts and the IFRS balance sheet of the individual entities. Deferred taxes from consolidation entries are recognised separately. Deferred tax assets are recognised on deductible temporary difference and unused tax losses if it is reasonably certain that they will be recovered.
Deferred taxes are calculated on the basis of the tax rates that apply or that are expected to apply in the individual countries at the time of utilisation. As in the previous year, a tax rate of 29.0% is applied for German Group companies. Tax assets and tax liabilities are netted with each other by consolidated tax group or entity if the conditions to do so have been satisfied.
Financial liabilities are recorded at fair value upon initial recognition. After initial recognition, they are measured at amortised cost. Liabilities from finance leases are measured at the lower of fair value and present value of the minimum lease payments at the date when the leased asset is recognised.
The fair value of bonds listed on the capital market is the nominal value multiplied by the quoted price as of the reporting date. For current financial liabilities, it is assumed that the fair value corresponds to the carrying amount. For non-current financial liabilities, the market value is determined by discounting the expected future cash outflows. If these financial liabilities are subject to floating interest rates, the carrying amount corresponds to the fair value.
Trade payables and other liabilities are recognised at the amount repayable. Trade payables primarily have short terms to maturity. Consequently, their carrying amounts as of the reporting date approximate their fair value. For other current liabilities, it is assumed that the fair value corresponds to the carrying amount. For other noncurrent liabilities, the market value is determined by discounting the expected future cash outflows. The construction cost subsidies carried as liabilities are released to revenue in accordance with the use of the subsidised item of property, plant and equipment. As a rule, the period of release for construction cost subsidies is between 40 and 45 years. Investment cost subsidies and grants are released over the depreciation period of the subsidised assets. The release is offset openly against the amortisations.
Assets held for sale are individual non-current assets and groups of assets which can be sold in their present condition, whose sale is highly probable and which satisfy all the criteria defined in IFRS 5. The item "liabilities directly associated with assets classified as held for sale" includes liabilities that are part of a group of assets held for sale.
Assets that meet the criteria to be classified as assets held for sale for the first time are measured at the lower of carrying amount and fair value less costs to sell, and depreciation on such assets ceases.
Gains or losses from measuring individual assets and groups of assets held for sale are disclosed as profit or loss from continuing operations until they are finally sold.
Derivatives are measured at fair value in accordance with IAS 39. Both the counterparty's credit default risk and that of the company itself are taken into account in the calculation of fair value. Default risk with respect to an individual counterparty is calculated on the basis of the net risk position. In the case of derivatives for which net recording is not permitted, the credit default risk calculated on the basis of the net position is recorded in proportion to the fair value before the value adjustment. In accordance with the "net approach", this involves allocating the value adjustment solely to the derivatives' asset or liability surplus that arises. The derivatives are recognised under other assets and other liabilities and subsidies.
Derivatives are measured using quoted prices in active markets such as stock market prices. Where such prices are not available, the fair values are determined by reference to generally accepted valuation techniques. Quoted prices in active markets are used as inputs wherever possible. If they are not available either, entity-specific planning assumptions are considered in the valuation.
If they are contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item, in accordance with the entity's expected purchase, sale or usage requirements (own use), they are not recognised as derivatives under IAS 39, but as executory contracts in accordance with IAS 37.
Derivatives are classified as "held for trading" unless hedge accounting is used. Changes in fair value are recognised in profit or loss.
For derivatives used in a hedge, the accounting treatment of changes in fair value depends on the nature of the hedge.
In the case of changes in the fair value of cash flow hedges which are used to offset future cash flow risks arising from existing hedged items or highly probable forecast transactions, the unrealised gains and losses are initially recognised directly in equity (other comprehensive income) in the amount of the hedged item covered. Amounts are reclassified to the income statement when the hedged item impacts profit or loss.
In the case of a fair value hedge used to hedge the fair value of reported assets or liabilities, the gains or losses from the measurement of derivatives and the associated hedged items are recognised in profit or loss.
Foreign currency risks from investments with a foreign functional currency are secured by hedges of a net investment in a foreign operation. Unrealised exchange differences are initially recognised in equity and reclassified to profit or loss when the foreign operation is sold.
Contingent liabilities are possible obligations to third parties or present obligations where the probability of an outflow of resources is remote or the amount cannot be determined reliably. Contingent liabilities are not recognised.
Financial guarantees are contracts where EnBW is required to make specified payments to reimburse the holder for a loss incurred because a debtor fails to meet its payment obligations under the financial guarantee. Financial guarantees are measured at fair value upon initial recognition. After initial recognition, the financial guarantees are measured at the higher of amortised cost and the best estimate of the present obligation as of the reporting date.
Revenue is generally recognised when the risk has been transferred to the customer. Substantially all the risks and rewards are transferred to the customer upon the transfer of title or ownership. Revenue is measured at the fair value of the consideration received or receivable for goods or services. Revenue is recognised net of any sales deductions such as price discounts and rebates and VAT, as well as after elimination of intercompany sales. Most of the revenue is generated from the sale of electricity and gas, the distribution of electricity and gas, as well as waste disposal, energy-related services and water supply.
Interest income is recognised using the effective interest method. Dividend income is recognised when the right to receive payment is established.
The preparation of the consolidated financial statements requires judgements and estimates to be made in applying the accounting policies that affect the reported amounts of assets and liabilities, revenue and expenses, and the disclosure of contingent liabilities.
The following judgements in particular have to be made in the process of applying the accounting policies:
These estimates are based on assumptions and forecasts which, by their very nature, are uncertain and may be subject to change. The key future-oriented assumptions and other sources of uncertainty as of the reporting date, concerning estimates which have given rise to a considerable risk that material adjustments of carrying amounts of assets and liabilities may be required in the next financial year, are explained below:
Goodwill: Goodwill is tested for impairment at least once a year. The impairment test involves estimates above all concerning future cash inflows. To determine the recoverable amount, an appropriate discount rate must be chosen. Future changes in the overall economic, industry or company situation may reduce cash inflows or the discount rate, and thus potentially lead to an impairment of goodwill.
Property, plant and equipment: Property, plant and equipment are tested for impairment when circumstances or events indicate that there could be an impairment or increase in value. For our power plants in particular, in addition to technical progress and damage, expectations that have changed for the worse regarding short, medium and long-term electricity prices may lead to impairment losses or reversals of impairment losses. A suitable interest rate is to be used when performing the impairment tests. If this interest rate changes, for example due to a change in the macroeconomic or industry situation, recognition of impairment losses or reversals of impairment losses may also be necessary.
Impairment of available-for-sale financial assets: Changes in the value of financial assets in the "available for sale" measurement category are recognised directly in equity. Permanent impairment is recognised in the profit or loss for the period. A significant (20% or more) or prolonged (over the last nine months) decline in the fair value of an investment in an equity instrument below its amortised cost is objective evidence of permanent impairment.
Determining the fair value of financial assets and financial liabilities: The fair value of financial assets and financial liabilities is determined by reference to quoted market prices or by using valuation techniques such as the discounted cash flow method. Where the parameters used in the valuation techniques are not supported by observable market data, assumptions need to be made which can affect the fair value of financial assets and financial liabilities.
Trade receivables and other assets: To take account of the credit risk, allowances for doubtful accounts are set up. The amount of the allowance includes estimates and judgements concerning individual receivables, based on the age structure of the receivables, the customers' credit rating, past experience relating to the derecognition of receivables and changes in payment terms.
Pension provisions: When calculating pension provisions, differences compared to the actual obligations incurred over time may arise from the selection of underlying assumptions, such as the imputed interest rate or trends, use of demographic probabilities based on the 2005G Heubeck mortality tables and accepted approximation methods for future pension increases from the statutory pension insurance fund.
Nuclear provisions: The provisions for decommissioning and dismantling in relation to nuclear power are based mainly on external appraisals that are updated annually. These appraisals are based on cost estimates of the settlement value for each obligation. The uncertainty inherent in the estimates is primarily due to changes in the scope of the obligation, departures from the assumed cost development and changes in payment dates. Changes in the discount rate could also lead to an adjustment of the nuclear provisions.
Provisions for onerous contracts: Provisions for onerous contracts are generally set up for onerous procurement and sales agreements. Future changes in market prices on the procurement or sales side or in the discount rates may lead to an adjustment of the provisions for onerous contracts.
Acquisition accounting: For acquisition accounting purposes, all identifiable assets, liabilities and contingent liabilities acquired in a share purchase are recognised at fair value as of the date of acquisition for first-time consolidation purposes. Estimates are used to calculate the fair value of these assets and liabilities as of the date of acquisition. Land and buildings as well as other equipment, factory and office equipment are generally measured by independent appraisers. Marketable securities are recognised at market price. If the purchase price agreement includes contingent consideration, accounting for those purchase price components also requires estimates.
The measurement of intangible assets is based on the nature of the intangible asset as well as the complexity of determining fair value. Fair value is therefore determined on the basis of an independent external valuation appraisal.
Income tax: Estimates are also needed to capitalise tax refund claims, to set up tax provisions and to assess the temporary differences arising from differences in the accounting treatment of certain items in the financial statements between the consolidated balance sheet in accordance with IFRS and the tax accounts. Capitalisation of tax refund claims and the setting up of tax provisions are fundamentally only recognised if the relevant payments are likely. Deferred tax assets are, in principle, only recognised when the future tax advantages will probably be realised. Deferred tax assets or liabilities are recognised on temporary differences. Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.
Entities accounted for using the equity method: IFRS financial statements were not available to us for all entities. Therefore, these entities were accounted for using the equity method based on an estimate of the HGB-IFRS differences. An impairment test is performed on investments accounted for applying the equity method, which also requires the use of estimates.
Potential effects due to changes in estimates in other areas are explained in the respective sections. For more information, please refer to note (22) "Provisions".
In the separate financial statements of the entities, business transactions in foreign currency are translated at the rate of the transaction date. Non-monetary items are measured at the rate prevailing when they were first recorded. Monetary items are translated at the closing rate as of the reporting date. Exchange differences from monetary items that are allocable to the operating activities are recognised in other operating income or other operating expenses with effect on profit or loss. Translation differences from financing activities are disclosed in the interest result.
The reporting currency of EnBW, which is also the functional currency, is the euro (€). The financial statements of the Group entities are translated to euros. Currency translation is performed in accordance with IAS 21 "The Effects of Changes in Foreign Exchange Rates" using the modified closing rate method. Under this method, the assets and liabilities of entities that do not report in euros are translated at the mean rate prevailing on the reporting date, while expenses and income are translated at the average annual rate. The companies concerned are foreign entities. Differences from the currency translation of assets and liabilities compared to the translation of the previous year, as well as exchange differences between the income statement and the balance sheet, are recognised directly in equity under other comprehensive income. The same procedure is applied by analogy for foreign entities accounted for using the equity method.
The entities of the EnBW Group mainly operate in the euro area. No major Group entities are domiciled in a hyperinflationary economy. As in the previous year, the provisions of IAS 29 on financial reporting in hyperinflationary economies were not relevant in the financial year.
Currency translation was based on the following exchange rates, among others:
| €1 | Closing rate | Average rate | ||
|---|---|---|---|---|
| 31/12/2015 | 31/12/2014 | 2015 | 2014 | |
| Swiss franc | 1.08 | 1.20 | 1.07 | 1.21 |
| Pound sterling | 0.73 | 0.78 | 0.73 | 0.81 |
| US dollar | 1.09 | 1.21 | 1.11 | 1.33 |
| Hungarian forint | 315.98 | 315.54 | 309.87 | 308.71 |
| Czech koruna | 27.02 | 27.74 | 27.29 | 27.54 |
| Japanese yen | 131.07 | 145.23 | 134.32 | 140.38 |
Revenue is recognised when the risk has been transferred to the customer. The electricity and energy tax paid by the entities is deducted from revenue in the income statement.
Most of the revenue is generated from the sale of electricity and gas to industry customers, businesses and consumers. In addition, this item includes revenue from the distribution of electricity and gas, of steam, heat and water as well as own-account trading and from the German Renewable Energies Act (EEG).
In the interest of a more accurate presentation of the business development, income and expenses from energy trading businesses are disclosed net. The net disclosure means that revenue from energy trading businesses is reported net of the related cost of materials. For the 2015 financial year, the net energy trading revenue amounted to €9,950.1 million (previous year: €13,311.6 million).
The segment reporting contains a breakdown of revenue by business segment, geographical segment and product.
| in €million | 2015 | 2014 |
|---|---|---|
| Income from the reversal of provisions | 172.4 | 147.1 |
| Income from derivatives | 125.7 | 294.8 |
| Income from divestments | 65.7 | 107.5 |
| Income from reversals of impairment losses | 59.5 | 350.3 |
| Rent and lease income | 28.3 | 29.9 |
| Income from the release and reduction of specific bad debt allowances | 11.0 | 30.4 |
| Sundry | 371.2 | 278.1 |
| Total | 833.8 | 1,238.1 |
The income from derivatives amounting to €125.7 million (previous year: €294.8 million) results from the change in market value and realisation of hedges classified in the "held for trading" category in accordance with IAS 39. In 2015 the effect on profit and loss resulted mainly from derivatives based on gas and emission allowances. In the previous year, there were also derivatives based on electricity.
Capital gains on disposals largely comprise income from the disposal of distribution facilities. In the previous year, income from the sale of 74.9% of the equity in Stuttgart Netze GmbH (formerly SWS Netzinfrastruktur GmbH) was also included.
The reversals of impairment losses for the current financial year amount to €59.5 million (previous year: €350.3 million). They firstly concern reversals of impairment losses on the fair value in connection with the sale of EnBW Group Propower GmbH. These are allocated to the Sales segment in the segment reporting. The fair value corresponds to Level 1 of the IFRS 13 fair value hierarchy. In addition, it includes reversals of impairment losses on unscheduled impairment write-downs of gas distribution grids in previous years. They are allocated to the Grids segment in the segment reporting. The recoverable amount was calculated on the basis of the fair value less selling costs and corresponds to Level 3 of the IFRS 13 fair value hierarchy. Using a business valuation model, the fair value was derived from the cash flow planning, based on, among other things, the mid-term planning approved by the Board of Management and valid as of the date of the impairment test as well as longterm market expectations beyond the detailed planning horizon. The planning was based on past experience and on long-term market expectations beyond the detailed planning horizon. The discount rates used in the valuation are 3.4% and 3.7%, respectively. In the previous year, they mainly consisted of reversals of impairment losses on the unscheduled write-downs of power plants as of 30 June 2014.
In the reporting year, income from currency exchange rate gains amounted to €54.3 million (previous year: €32.1 million).
Sundry other operating income includes income from the reversal of accruals and income from insurance claims.
| in €million | 2015 | 2014 |
|---|---|---|
| Cost of materials and supplies and of purchased merchandise | 14,984.0 | 15,271.4 |
| Cost of purchased services | 2,380.7 | 2,240.3 |
| Total | 17,364.7 | 17,511.7 |
Cost of materials and supplies and of purchased merchandise comprises in particular electricity and gas procurement costs including increases in provisions for onerous contracts for electricity procurement agreements. In addition, it includes the necessary increase – other than due to the passage of time – in provisions for the decommissioning of nuclear power plants, unless these are required to be recognised as part of the cost of the asset. Expenses relating to nuclear power also include costs for the disposal of irradiated fuel rods and radioactive waste, as well as the consumption of nuclear fuel rods and nuclear fuels. These also include expenses for the nuclear fuel rod tax which must be paid for new fuel rods used. Fuel costs for conventional power plants, as well as costs for the procurement of CO2 allowances, are also recorded under that position.
Cost of purchased services mainly contains expenses for network use, services purchased for the operation and maintenance of the plants as well as franchise fees. In addition, other expenses directly attributable to services rendered are shown under this heading.
| in €million | 2015 | 2014 |
|---|---|---|
| Wages and salaries | 1,240.2 | 1,246.4 |
| Social security, pension and other benefit costs | 401.1 | 373.8 |
| of which for post-employment benefits | (186.7) | (161.9) |
| Total | 1,641.3 | 1,620.2 |
Employees
| annual average | 2015 | 2014 |
|---|---|---|
| Sales | 3,294 | 3,317 |
| Grids | 7,909 | 7,648 |
| Renewable Energies | 727 | 508 |
| Generation and Trading | 5,205 | 5,444 |
| Other | 3,015 | 3,049 |
| Employees | 20,150 | 19,966 |
| Apprentices and trainees in the Group | 836 | 917 |
The expenses for the post-employment benefits from the addition to the pension obligations amount to €118.0 million (previous year: €102.4 million). The other expenses for post-employment benefits mainly contain other social benefits that can be recognised as a provision and contributions to the pension guarantee association.
The total number includes employees of joint operations at 5 employees (previous year: 5) based on the proportion attributable to EnBW.
| in €million | 2015 | 2014 |
|---|---|---|
| Administrative and selling costs and other overheads | 308.1 | 283.9 |
| Expenses from derivatives | 254.4 | 261.3 |
| Audit, legal and consulting fees | 86.9 | 92.2 |
| Advertising expenses | 64.7 | 58.5 |
| Other personnel expenses | 59.4 | 87.5 |
| Rent and lease expenses | 56.2 | 43.9 |
| Expense from specific bad debt allowances | 51.1 | 43.3 |
| Insurance | 42.3 | 42.2 |
| Other taxes | 21.8 | 27.5 |
| Costs from disposals | 13.6 | 11.2 |
| Dues and levies | 13.4 | 12.9 |
| Sundry | 194.6 | 100.5 |
| Total | 1,166.5 | 1,064.9 |
Marking hedging transactions classified as "held for trading" in accordance with IAS 39 to market and realising such transactions gave rise to expenses of €254.4 million (previous year: €261.3 million). As in the previous year, in the financial year under review, the expenses were attributable mainly to derivatives relating to coal and gas.
Sundry other operating expenses contain non-operating expenses of €104.5 million (previous year: €9.8 million). In the reporting year these mainly relate to a planned acquisition of a company and expenses from currency exchange rate losses amounting to €16.1 million (previous year: €3.5 million). In addition, this item comprises commissions and research and development expenses.
| Total | 1,641.2 | 2,137.2 |
|---|---|---|
| Release of investment cost subsidies | -1.9 | -1.9 |
| Depreciation of investment properties | 3.2 | 1.8 |
| Depreciation of property, plant and equipment | 1,512.9 | 1,980.2 |
| Amortisation of intangible assets | 127.0 | 157.1 |
| in €million | 2015 | 2014 |
In the reporting year, impairment losses of goodwill of €2.7 million were recognised (previous year: €0.0 million).
The impairment losses of other intangible assets, property, plant and equipment and investment property amounted to €710.8 million (previous year: €1,260.3 million). In the current financial year, the impairments mainly comprised impairment losses of power plants and are primarily allocated to the Generation and Trading segment in the segment reporting. The recoverable amount was calculated on the basis of the fair value less selling costs and corresponds to Level 3 of the IFRS 13 fair value hierarchy. Using a business valuation model, the fair value was derived from the cash flow planning, based on, among other things, the mid-term planning approved by the Board of Management and valid as of the date of the impairment test as well as long-term market expectations beyond the detailed planning horizon. The plans were based on past experience and on estimates concerning the future market development. The discount rate used in the valuation is 5.9% (previous year, 30 June 2014: 6.9%). The reason for the impairment losses was in particular worsened expectations regarding short and medium-term electricity prices, and significantly worsened expectations regarding longterm electricity prices based on comprehensive market analyses. The fair value calculated for the power plants of around €3.7 billion is therefore significantly below their respective carrying amounts. The impairment losses in the previous year also relate mainly to power plants. With regard to the impact on possible future changes to key estimation parameters, please refer to the "Exercise of judgement and estimates when applying accounting policies" section.
| in €million | 2015 | 2014 |
|---|---|---|
| Share of profit/loss of entities accounted for using the equity method | 46.1 | 17.3 |
| Write-downs of entities accounted for using the equity method | -257.2 | -36.2 |
| Write-ups of entities accounted for using the equity method | 237.4 | 3.2 |
| Net profit/loss from entities accounted for using the equity method | 26.3 | -15.7 |
| Investment income | 73.5 | 47.2 |
| of which non-consolidated affiliated entities | (4.9) | (1.3) |
| Write-downs of investments | -84.9 | -12.9 |
| Result from the sale of equity investments | 6.3 | 7.0 |
| Other profit/loss from investments1 | -5.1 | 41.3 |
| Investment result (+income/-expense) | 21.2 | 25.6 |
1 Of which €52.3 million (previous year: €23.2 million) income from investments held as financial assets.
As part of the planned restructuring of shareholdings agreed between EnBW, EWE Aktiengesellschaft (EWE) and Ems-Weser-Elbe Versorgungs- und Entsorgungsverband (EWE-Verband), the carrying amount of the investment in EWE was written down to the recoverable amount (€1,265.0 million). This was calculated on the basis of the fair value less selling costs and corresponds to Level 3 of the IFRS 13 fair value hierarchy. It was based on a market transaction carried out for VNG-Verbundnetz Gas Aktiengesellschaft (VNG) in the previous year less a valuation adjustment and has been derived from the value of the shares in VNG to be acquired by EnBW. The valuation adjustment particularly reflects the medium and long-term market assumptions, which had worsened between the date of this market transaction and signature of the contract or the reporting date.
In the current financial year, the write-ups and write-downs of companies accounted for using the equity method include the interest-induced reversal of the impairment for the carrying amount of the investment in EWE from the first half and the impairment recognised for EWE from the second half of the year. €194.2 million of the write-downs of companies accounted for using the equity method and €76.9 million of the write-downs of investments are accounted for by the 20% shareholding in EWE that was reclassified as assets held for sale in the third quarter. In the prior period, the investment carrying amount of our Turkish investment was adjusted as part of an impairment of its recoverable amount (€132.7million).
The write-downs on investments also include impairment losses of €8.0 million (previous year: €12.9 million), which are largely accounted for by other investments (previous year: by investments held as financial assets).
| in €million | 2015 | 2014 |
|---|---|---|
| Interest and similar income | 310.6 | 243.7 |
| of which non-consolidated affiliated entities | (0.1) | (0.1) |
| Other finance income | 768.3 | 190.1 |
| Finance income | 1,078.9 | 433.8 |
| Borrowing costs | -304.2 | -268.5 |
| Other interest and similar expenses | -193.9 | -197.2 |
| Interest portion of increases in liabilities | -526.0 | -577.1 |
| Personnel provisions | (-128.1) | (-174.8) |
| Provisions relating to nuclear power | (-387.0) | (-390.7) |
| Other non-current provisions | (-3.9) | (-5.0) |
| Other liabilities | (-7.0) | (-6.6) |
| Other finance costs | -78.8 | -26.4 |
| Finance costs | -1,102.9 | -1,069.2 |
| Financial result (+income/-costs) | -24.0 | -635.4 |
Interest and similar income contains interest income from interest-bearing securities and loans, dividends, other shares in the profits and non-operating interest income on tax arrears. In the 2015 financial year, interest income of €22.6 million (previous year: €37.1 million) was offset against these economically related interest expenses. Other financial income primarily contains gains on the sale of securities.
Borrowing costs are composed as follows:
| in €million | 2015 | 2014 |
|---|---|---|
| Expenses incurred for bank interest and bonds | 277.1 | 226.8 |
| Interest component incurred for the costs of finance lease agreements | 4.8 | 11.4 |
| Other borrowing costs | 22.3 | 30.3 |
| Borrowing costs | 304.2 | 268.5 |
Other interest and similar expenses contains non-operating interest expenses as a result of reducing the discount rate for nuclear provisions from 4.8% to 4.7% (previous year: reduction from 5.0% to 4.8%) and nonoperating interest expenses from tax arrears. The interest portion from the increase in liabilities relates mainly to the annual increase of the non-current provisions due to the passage of time.
In the reporting period, other financial expenses mainly comprises market price losses on sales of securities amounting to €29.4 million (previous year: €9.8 million). Expenses from valuation allowances on our financial investments amounting to €35.2 million (previous year: €1.2 million) are mainly allocated to the "available for sale" measurement category. Other finance revenue contains, among other items, realised market price gains on the sale of securities amounting to €724.0 million (previous year: €181.7 million). Impairment losses on loans of €0.1 million (previous year: €3.2 million) were recognised in the reporting period.
The total interest income and expenses for financial assets and financial liabilities presented in the financial result breaks down as follows:
Total interest income and expenses
| in €million | 2015 | 2014 |
|---|---|---|
| Total interest income | 222.0 | 206.4 |
| Total interest expenses | -298.9 | -269.4 |
The total interest income and expenses arose from financial instruments that are not measured at fair value through profit or loss. The main items here are interest received from loans and bank balances as well as interest and dividends received from financial assets classified as "available for sale". The interest expenses were incurred in particular on bonds, bank liabilities and finance lease liabilities.
As in the previous year, total interest income does not include material interest income from impaired financial assets.
| in €million1 | 2015 | 2014 |
|---|---|---|
| Actual income tax | ||
| Domestic corporate income tax | -243.7 | 52.9 |
| Domestic trade tax | -13.0 | -44.3 |
| Foreign income taxes | 42.0 | 41.7 |
| Total (-income/+expense) | -214.7 | 50.3 |
| Deferred taxes | ||
| Germany | 284.1 | -245.7 |
| Abroad | 4.3 | -11.5 |
| Total (-income/+expense) | 288.4 | -257.2 |
| Income tax (-income/+expense) | 73.7 | -206.9 |
The figures for the previous year have been restated.
The actual income taxes amounting to €-214.7 million (previous year: €50.3 million) concern income taxes from the current financial year amounting to €98.4 million (previous year: €124.3 million) and income taxes for past periods amounting to €313.1 million (previous year: €74.0 million). This tax income results primarily from the resolution of tax audit risks.
Deferred tax expense amounting to €288.4 million (previous year restated: income of €257.2 million) consists of deferred tax expense from the current year amounting to €1.5 million (previous year restated: income of €309.3 million) and deferred tax expenses for past periods of €286.9 million (previous year restated: €52.1 million). The balance of the deferred taxes contains income totalling €0.8 million (previous year: expense of €0.2 million) from the change in tax rates.
The corporate income tax rate came to 15.0% in the financial year plus a solidarity surcharge amounting to 5.5% of the corporate income tax. The trade tax rate was 13.2%. This represents a tax rate on income of 29.0%. For the foreign entities, the tax rate applicable in their country of residence of 19.0% to 24.0% is used to calculate income taxes. Deferred tax assets and liabilities are measured at the tax rates expected to apply when the asset is realised or the liability is settled.
Deferred tax relates to the following:
| Deferred taxes (-income/+expense) | 288.4 | -257.2 |
|---|---|---|
| Write-down of unused tax losses | 101.6 | 42.6 |
| Utilisation of unused tax losses | 1.2 | 0.3 |
| Origination of unused tax losses | -4.7 | -29.7 |
| Origination or reversal of temporary differences | 190.3 | -270.4 |
| in €million1 | 2015 | 2014 |
1 The figures for the previous year have been restated.
| in €million1 | 2015 | in % | 2014 | in % |
|---|---|---|---|---|
| Earnings before tax | 274.2 | -609.7 | ||
| Effective tax rate | 29.0 | 29.0 | ||
| Expected income tax (-income/+expense) | 79.5 | -176.8 | ||
| Tax effects | ||||
| Differences in foreign tax rates and tax rate differences |
-20.2 | -7.3 | -15.3 | 2.5 |
| Tax-free income | -194.6 | -71.0 | -50.2 | 8.2 |
| Non-deductible expenses | 43.3 | 15.8 | 28.9 | -4.7 |
| Amortisation of goodwill | 0.8 | 0.3 | 0.0 | 0.0 |
| Add-backs and reductions for trade tax purposes | 13.8 | 5.0 | 16.1 | -2.6 |
| Accounting for joint ventures and associates using the equity method |
-6.2 | -2.3 | 5.5 | -0.9 |
| Adjustment/valuation of losses carried forward | 101.6 | 37.1 | 21.2 | -3.5 |
| Zero-rated disposals of investments | -5.9 | -2.2 | -12.4 | 2.0 |
| Taxes relating to other periods | -26.2 | -9.5 | -21.9 | 3.6 |
| Non-recognition of deferred tax assets on losses carried forward |
90.0 | 32.8 | 0.0 | 0.0 |
| Other | -2.2 | -0.8 | -2.0 | 0.3 |
| Current income tax (-income/+expense) | 73.7 | -206.9 | ||
| Effective tax rate | 26.9 | 33.9 |
The reconciliation from the expected income tax expense to the current income tax expense is presented below:
1 The figures for the previous year have been restated.
| in €million | Franchises, industrial rights and similar rights and assets |
Internally generated intangible assets |
Goodwill | Other | Total |
|---|---|---|---|---|---|
| Cost | |||||
| As of: 01/01/2015 | 2,177.2 | 88.5 | 775.9 | 20.0 | 3,061.6 |
| Increase/decrease due to changes in the consolidated companies |
2.3 | 0.0 | 2.6 | 0.0 | 4.9 |
| Additions | 53.7 | 2.9 | 0.0 | 6.9 | 63.5 |
| Reclassifications | 5.0 | 2.0 | 0.0 | -4.7 | 2.3 |
| Reclassification to assets held for sale | -12.7 | 0.0 | 0.0 | 0.0 | -12.7 |
| Currency adjustments | 34.1 | 0.0 | 6.5 | 0.0 | 40.6 |
| Disposals | -19.9 | 0.0 | 0.0 | -11.9 | -31.8 |
| As of: 31/12/2015 | 2,239.7 | 93.4 | 785.0 | 10.3 | 3,128.4 |
| Accumulated amortisation | |||||
| As of: 01/01/2015 | 1,170.9 | 82.9 | 24.8 | 0.0 | 1,278.6 |
| Additions | 93.7 | 2.7 | 0.0 | 0.0 | 96.4 |
| Reclassifications | 0.9 | 0.0 | 0.0 | 0.0 | 0.9 |
| Reclassification to assets held for sale | -12.6 | 0.0 | 0.0 | 0.0 | -12.6 |
| Currency adjustments | 9.5 | 0.0 | 0.0 | 0.0 | 9.5 |
| Disposals | -19.9 | 0.0 | 0.0 | 0.0 | -19.9 |
| Impairment | 27.9 | 0.0 | 2.7 | 0.0 | 30.6 |
| As of: 31/12/2015 | 1,270.4 | 85.6 | 27.5 | 0.0 | 1,383.5 |
| Carrying amounts | |||||
| As of: 31/12/2015 | 969.3 | 7.8 | 757.5 | 10.3 | 1,744.9 |
| Cost | |||||
| As of: 01/01/2014 | 2,125.5 | 88.0 | 792.8 | 13.6 | 3,019.9 |
| Increase/decrease due to changes in the consolidated companies |
-4.1 | 0.0 | -14.2 | 0.2 | -18.1 |
| Additions | 80.7 | 0.4 | 0.0 | 15.5 | 96.6 |
| Reclassifications | 7.6 | 0.2 | 0.0 | -9.1 | -1.3 |
| Reclassification to assets held for sale | -7.4 | 0.0 | 0.0 | 0.0 | -7.4 |
| Currency adjustments | 3.3 | 0.0 | -2.7 | 0.0 | 0.6 |
| Disposals | -28.4 | -0.1 | 0.0 | -0.2 | -28.7 |
| As of: 31/12/2014 | 2,177.2 | 88.5 | 775.9 | 20.0 | 3,061.6 |
| Accumulated amortisation | |||||
| As of: 01/01/2014 | 1,072.3 | 78.7 | 24.8 | 0.0 | 1,175.8 |
| Decrease due to changes in the consolidated companies |
-1.1 | 0.0 | 0.0 | 0.0 | -1.1 |
| Additions | 99.5 | 4.3 | 0.0 | 0.0 | 103.8 |
| Reclassifications | -2.8 | 0.0 | 0.0 | 0.0 | -2.8 |
| Reclassification to assets held for sale | -7.4 | 0.0 | 0.0 | 0.0 | -7.4 |
| Currency adjustments | 0.8 | 0.0 | 0.0 | 0.0 | 0.8 |
| Disposals | -28.1 | -0.1 | 0.0 | 0.0 | -28.2 |
| Impairment | 53.3 | 0.0 | 0.0 | 0.0 | 53.3 |
| Reversal of impairment losses | -15.6 | 0.0 | 0.0 | 0.0 | -15.6 |
| As of: 31/12/2014 | 1,170.9 | 82.9 | 24.8 | 0.0 | 1,278.6 |
| Carrying amounts | |||||
| As of: 31/12/2014 | 1,006.3 | 5.6 | 751.1 | 20.0 | 1,783.0 |
The carrying amount of the intangible assets included €24.4 million in the previous year accounted for by a finance lease agreement that only concerned an electricity procurement allowance. This contract expired in 2015. The carrying amount of the intangible assets also includes franchises to operate power plants amounting to €650.1 million (previous year: €666.1 million) and customer relationships amounting to €148.5 million (previous year: €163.5 million). The remaining terms of power plant franchises are between 15 and 60 years. For customer relationships, the remaining terms are between 4 and 20 years.
In 2015, a total of €29.9 million (previous year: €27.9 million) was spent on research and development. This sum contains public subsidies totalling €3.6 million (previous year: €3.1 million). The criteria for their recognition required under IFRS were not satisfied.
Goodwill was allocated to the cash-generating units or groups of cash-generating units for impairment test purposes. In 2015, impairment losses of goodwill of €2.7 million (previous year: €0.0 million) were recognised.
As of 31 December 2015, goodwill totalled €757.5 million (previous year: €751.1 million). Of this figure, 85.7% (previous year: 85.4%) is attributable to the cash-generating units or groups of cash-generating units presented in the table below:
| Discount rates after tax (%) | Goodwill in € million | |||
|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | |
| PRE subgroup | 4.6–6.8 | 6.2–8.2 | 248.0 | 245.2 |
| Electricity sales and distribution | 3.4–5.6 | 4.6–6.9 | 131.7 | 132.9 |
| Stadtwerke Düsseldorf AG subgroup | 3.4–5.9 | 4.6–6.9 | 127.4 | 127.4 |
| Energiedienst Holding AG subgroup | 3.4–5.6 | 4.6–6.9 | 142.0 | 135.6 |
Cash-generating units/Group of cash-generating units
The goodwill allocated to the other cash-generating units or groups of cash-generating units accounted for less than 14.3% of total goodwill in each case. Its aggregate total amounted to €108.4 million (previous year: €110.0 million).
The recoverable amount of the cash-generating units is basically calculated on the basis of the fair value less selling costs and corresponds to Level 3 of the IFRS 13 valuation hierarchy. Using a business valuation model, the fair value is derived from the cash flow planning, based on the mid-term planning approved by the Board of Management for a period of three years and valid as of the date of the impairment test. The planning is based on past experience and on estimates concerning the future market development. In justified exceptional cases it is based on a longer detailed planning period, provided that this is necessitated by commercial or regulatory requirements.
Key assumptions underlying the determination of fair value less costs to sell include projections of future electricity and gas prices, materials prices, company-specific investing activities, the regulatory framework as well as growth and discount rates.
The interest rates used for discounting the cash flows are calculated on the basis of market data and are between 3.4% and 6.8% after tax, or between 4.8% and 8.4% before tax (previous year: 4.6% to 8.2% after tax, and 6.5% to 10.1% before tax).
Constant growth rates of 0.0% and 1.5% are used to extrapolate the cash flows beyond the detailed planning period in order to take into account the expected price and volume-related growth (previous year: 0.0% and 1.5%).
| in €million | Sales | Grids | Renewable Energies |
Generation and Trading |
Other/ Consolidation |
Total |
|---|---|---|---|---|---|---|
| Carrying amounts as of: 01/01/2015 |
86.5 | 524.2 | 20.5 | 118.6 | 1.3 | 751.1 |
| Increase/decrease due to changes in the consolidated |
||||||
| companies | 6.3 | -5.3 | 1.6 | 0.0 | 0.0 | 2.6 |
| Other changes | -1.4 | 6.5 | 0.0 | 0.0 | -1.3 | 3.8 |
| Carrying amounts as of: 31/12/2015 |
91.4 | 525.4 | 22.1 | 118.6 | 0.0 | 757.5 |
| Carrying amounts as of: 01/01/2014 |
86.5 | 541.1 | 20.5 | 118.6 | 1.3 | 768.0 |
| Decrease due to changes in the consolidated |
||||||
| companies | 0.0 | -14.2 | 0.0 | 0.0 | 0.0 | -14.2 |
| Other changes | 0.0 | -2.7 | 0.0 | 0.0 | 0.0 | -2.7 |
| Carrying amounts as of: 31/12/2014 |
86.5 | 524.2 | 20.5 | 118.6 | 1.3 | 751.1 |
| in €million | Land and buildings |
Power plants |
Distribution plants |
Other equipment |
Fixed assets under construction |
Total |
|---|---|---|---|---|---|---|
| Cost | ||||||
| As of: 01/01/2015 | 3,948.2 | 15,562.8 | 13,706.2 | 1,563.7 | 1,888.6 | 36,669.5 |
| Increase/decrease due to changes in the consolidated companies |
0.7 | 66.7 | 0.0 | -0.1 | 2.8 | 70.1 |
| Additions | 22.4 | 410.7 | 395.5 | 57.5 | 571.0 | 1,457.1 |
| Reclassifications | 11.1 | 1,340.2 | 54.3 | -2.5 | -1,417.5 | -14.4 |
| Reclassification to assets held for sale | -79.9 | -214.1 | -17.6 | -1.3 | 0.0 | -312.9 |
| Currency adjustments | 3.9 | 27.9 | 35.2 | 0.9 | 1.1 | 69.0 |
| Disposals | -11.8 | -33.2 | -218.1 | -53.9 | -1.8 | -318.8 |
| As of: 31/12/2015 | 3,894.6 | 17,161.0 | 13,955.5 | 1,564.3 | 1,044.2 | 37,619.6 |
| Accumulated depreciation | ||||||
| As of: 01/01/2015 | 1,856.4 | 11,707.5 | 8,287.9 | 1,132.6 | 3.4 | 22,987.8 |
| Decrease due to changes in the consolidated companies |
0.0 | 0.0 | 0.0 | -0.3 | 0.0 | -0.3 |
| Additions | 66.0 | 390.4 | 296.9 | 78.1 | 0.0 | 831.4 |
| Reclassifications | 0.0 | -3.1 | 1.6 | -2.5 | 0.0 | -4.0 |
| Reclassification to assets held for sale | -42.5 | -70.5 | -12.3 | -1.1 | 0.0 | -126.4 |
| Currency adjustments | 1.7 | 18.0 | 14.8 | 0.5 | 0.0 | 35.0 |
| Disposals | -2.0 | -16.8 | -163.5 | -51.8 | 0.0 | -234.1 |
| Impairment | 114.1 | 508.8 | 49.1 | 9.5 | 0.0 | 681.5 |
| Reversal of impairment losses | 0.0 | -35.0 | -24.4 | 0.0 | 0.0 | -59.4 |
| As of: 31/12/2015 | 1,993.7 | 12,499.3 | 8,450.1 | 1,165.0 | 3.4 | 24,111.5 |
| Carrying amounts | ||||||
| As of: 31/12/2015 | 1,900.9 | 4,661.7 | 5,505.4 | 399.3 | 1,040.8 | 13,508.1 |
| in €million | Land and buildings |
Power plants |
Distribution plants |
Other equipment |
Fixed assets under construction |
Total |
|---|---|---|---|---|---|---|
| Cost | ||||||
| As of: 01/01/2014 | 3,905.5 | 14,842.6 | 14,401.5 | 1,563.8 | 2,197.7 | 36,911.1 |
| Increase/decrease due to changes in the consolidated companies |
-2.0 | -57.4 | -9.1 | 0.0 | 0.5 | -68.0 |
| Additions | 22.0 | 273.1 | 338.4 | 63.4 | 1,020.3 | 1,717.2 |
| Reclassifications | 163.7 | 1,067.3 | 70.4 | 10.5 | -1,325.3 | -13.4 |
| Reclassification to assets held for sale | -118.4 | -554.8 | -842.2 | -1.2 | -2.4 | -1,519.0 |
| Currency adjustments | -1.1 | 5.2 | -13.8 | 0.2 | -0.2 | -9.7 |
| Disposals | -21.5 | -13.2 | -239.0 | -73.0 | -2.0 | -348.7 |
| As of: 31/12/2014 | 3,948.2 | 15,562.8 | 13,706.2 | 1,563.7 | 1,888.6 | 36,669.5 |
| Accumulated depreciation | ||||||
| As of: 01/01/2014 | 1,738.0 | 11,299.1 | 8,700.2 | 1,101.9 | 2.2 | 22,841.4 |
| Decrease due to changes in the consolidated companies |
-0.2 | -19.6 | -3.1 | 0.0 | 0.0 | -22.9 |
| Additions | 67.3 | 325.9 | 299.0 | 81.0 | 0.0 | 773.2 |
| Reclassifications | -2.2 | 0.7 | 1.5 | -1.4 | -0.1 | -1.5 |
| Reclassification to assets held for sale | -100.9 | -542.1 | -587.8 | -1.2 | 0.0 | -1,232.0 |
| Currency adjustments | -0.5 | 3.3 | -5.5 | 0.1 | 0.0 | -2.6 |
| Disposals | -8.9 | -4.0 | -160.1 | -69.4 | 0.0 | -242.4 |
| Impairment | 219.6 | 909.3 | 50.2 | 26.6 | 1.3 | 1,207.0 |
| Reversal of impairment losses | -55.8 | -265.1 | -6.5 | -5.0 | 0.0 | -332.4 |
| As of: 31/12/2014 | 1,856.4 | 11,707.5 | 8,287.9 | 1,132.6 | 3.4 | 22,987.8 |
| Carrying amounts | ||||||
| As of: 31/12/2014 | 2,091.8 | 3,855.3 | 5,418.3 | 431.1 | 1,885.2 | 13,681.7 |
Items of property, plant and equipment amounting to €94.7 million (previous year: €124.9 million) serve as collateral for liabilities to banks. Of which, real estate liens accounted for €0.0 million (previous year: €19.4 million).
The land and buildings also include, among other things, similar rights and buildings on leasehold land. Other plant and equipment includes waste disposal facilities, other technical facilities as well as factory and office equipment.
The carrying amounts of the property, plant and equipment include €16.1 million (previous year: €57.2 million) accounted for by finance lease agreements. These relate mainly to two natural gas caverns whose contractual term covers most of their useful life.
The carrying amounts of the finance leases recognised as non-current assets are summarised below:
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Franchises, industrial rights and similar rights and assets | 0.0 | 24.4 |
| Technical equipment and machines | 16.1 | 57.2 |
| Total | 16.1 | 81.6 |
The Group's capital expenditure on intangible assets and property, plant and equipment totalling €1,416.4 million (previous year: €1,704.4 million) can be seen below in the statement of changes in non-current assets:
| in €million | 2015 | 2014 |
|---|---|---|
| Additions to intangible assets and property, plant and equipment according to the statement of changes in non-current assets |
1,520.6 | 1,813.8 |
| less additions to assets recognised under finance leases | -0.5 | -2.6 |
| less additions to the provision recognised for the decommissioning and dismantling of property, plant and equipment |
-103.8 | -118.6 |
| plus additions to intangible assets and property, plant and equipment of assets held for sale |
0.1 | 11.8 |
| Capital expenditure on intangible assets and property, plant and equipment | 1,416.4 | 1,704.4 |
in €million
| Cost | |
|---|---|
| As of: 01/01/2015 | 163.2 |
| Reclassifications | 0.7 |
| Reclassification to assets held for sale | -13.3 |
| Disposals | -7.1 |
| As of: 31/12/2015 | 143.5 |
| Accumulated depreciation | |
| As of: 01/01/2015 | 87.4 |
| Additions | 1.8 |
| Reclassifications | 0.3 |
| Reclassification to assets held for sale | -10.9 |
| Disposals | -5.3 |
| Impairment | 1.4 |
| Reversal of impairment losses | -0.1 |
| As of: 31/12/2015 | 74.6 |
| Carrying amount | |
| As of: 31/12/2015 | 68.9 |
| Cost | |
| As of: 01/01/2014 | 162.9 |
| Reclassifications | 6.3 |
| Reclassification to assets held for sale | -1.8 |
| Disposals | -4.2 |
| As of: 31/12/2014 | 163.2 |
| Accumulated depreciation | |
| As of: 01/01/2014 | 85.9 |
| Additions | 1.8 |
| Reclassifications | 3.2 |
| Disposals | -1.2 |
| Reversal of impairment losses | -2.3 |
| As of: 31/12/2014 | 87.4 |
| Carrying amount | |
| As of: 31/12/2014 | 75.8 |
As of the reporting date, the market value of the real estate that is classified as investment property was €86.3 million (previous year: €93.3 million). The market value was determined either by means of the comparable value method or by means of the net income value method. Based on the input factors, the fair value that was determined on the basis of the comparable value method must be allocated to Level 2 of the hierarchy (the individual levels of the fair value hierarchy are explained in note (27) "Accounting for financial instruments"). As input factors, the method uses market comparison values that reflect the latest sale prices from transactions with comparable properties. The net income value method derives the value of the property on the basis of the recoverable income and is allocated to Level 3 of the hierarchy on the basis of the input factors. As input factors, the method essentially uses future rental income, the discount rate and the vacancy rate. As in the previous year, almost all of the investment property was valued by external assessors. Rent income amounted to €6.2 million (previous year: €7.7 million). The directly allocable operating expenses amounted to €0.6 million (previous year: €0.6 million). Operating expenses that were not offset by rent income totalled €0.6 million (previous year: €0.7 million).
As in the previous year, there are no obligations to purchase investment property.
In the 2015 financial year, gains of €4.0 million (previous year: €6.2 million) were generated from the sale of investment property.
The receivables from irredeemable operating leases of the EnBW Group amounting to €139.9 million (previous year: €123.0 million) originate primarily from the renting out of commercial and residential property. As in the previous year, no contingent rent was recognised in the reporting period.
The minimum lease payments receivable are as follows:
| in €million | 2015 | 2014 |
|---|---|---|
| Due within 1 year | 35.7 | 38.2 |
| Due in 1 to 5 years | 22.4 | 39.5 |
| Due in more than 5 years | 81.8 | 45.3 |
| Total | 139.9 | 123.0 |
(13) Entities accounted for using the equity method
Both joint ventures and associates are accounted for using the equity method.
EWE Aktiengesellschaft (EWE), an energy supply company with registered offices in Oldenburg, is an associate of material significance to the EnBW consolidated financial statements due to the carrying amount of the investment. Due to the planned restructuring of shareholdings agreed between EnBW Group, EWE and EWE-Verband, 20% of the shares in our 26% shareholding in EWE were reclassified as assets held for sale as of 30 September 2015.
The following tables show a summary of the financial information for EWE Aktiengesellschaft:
Earnings data1, 2
| in €million | 2015 | 2014 |
|---|---|---|
| Revenue | 7,910.1 | 8,134.2 |
| Net loss/profit for the year from continuing operations | -40.0 | 146.3 |
| Other income | 111.8 | -174.6 |
| Total comprehensive income | 71.8 | -28.3 |
| Dividends received | 22.9 | 22.9 |
1 Preliminary figures for the current reporting year.
2 The figures for the previous year have been restated.
Balance sheet data1, 2
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Non-current assets | 7,887.2 | 7,781.0 |
| Current assets | 1,808.8 | 2,019.8 |
| Non-current liabilities | 5,494.4 | 5,528.3 |
| Current liabilities | 1,949.3 | 2,002.5 |
| Net assets | 2,252.3 | 2,270.0 |
| Adjustment to EnBW's interest | -1,960.4 | -910.2 |
| Carrying amount of entities accounted for using the equity method | 291.9 | 1,359.8 |
1 Preliminary figures for the current reporting year. 2 The figures for the previous year have been restated.
The following table shows a summary of the financial information for the remaining entities accounted for using the equity method:
Financial data for the remaining entities accounted for using the equity method (EnBW's interest)
| in €million | 2015 | 2014 | ||
|---|---|---|---|---|
| Remaining associates |
Joint ventures | Remaining associates |
Joint ventures | |
| Carrying amount of entities accounted for using the equity method |
328.6 | 205.6 | 336.1 | 245.1 |
| Net profit/loss for the year from continuing operations |
31.8 | -20.2 | 23.7 | -10.4 |
| Other income | 3.0 | 16.9 | 0.7 | 15.3 |
| Total comprehensive income | 34.8 | -3.3 | 24.4 | 4.9 |
Elektrizitätswerk Rheinau AG and Fernwärme Ulm GmbH have a different reporting date and are consolidated with the figures from their financial statements for the year ended 30 September 2015.
| in €million | Shares in affiliated entities |
Other investments1, 2 |
Long-term securities3 |
Loans | Total |
|---|---|---|---|---|---|
| Cost | |||||
| As of: 01/01/2015 | 95.3 | 1,091.6 | 7,591.9 | 57.7 | 8,836.5 |
| Decrease due to changes in the | |||||
| consolidated companies | -0.2 | 0.0 | 0.0 | 0.0 | -0.2 |
| Additions | 22.4 | 348.1 | 6,104.8 | 5.7 | 6,481.0 |
| Reclassifications | -0.7 | -11.9 | -481.9 | -1.5 | -496.0 |
| Reclassification to assets held for sale |
-6.4 | 0.0 | 0.0 | 0.0 | -6.4 |
| Currency adjustments | 0.0 | 4.7 | 0.0 | 2.3 | 7.0 |
| Disposals | -2.9 | -139.6 | -6,177.2 | -8.0 | -6,327.7 |
| As of: 31/12/2015 | 107.5 | 1,292.9 | 7,037.6 | 56.2 | 8,494.2 |
| Accumulated amortisation | |||||
| As of: 01/01/2015 | 32.4 | 167.1 | 119.3 | 4.3 | 323.1 |
| Impairment | 0.0 | 8.0 | 35.2 | 0.1 | 43.3 |
| Reclassifications | 0.0 | -12.5 | 0.0 | 0.2 | -12.3 |
| Currency adjustments | 0.0 | 1.0 | 0.0 | 0.5 | 1.5 |
| Disposals | 0.0 | -59.8 | -38.3 | -3.7 | -101.8 |
| As of: 31/12/2015 | 32.4 | 103.8 | 116.2 | 1.4 | 253.8 |
| Carrying amounts | |||||
| As of: 31/12/2015 | 75.1 | 1,189.1 | 6,921.4 | 54.8 | 8,240.4 |
| Cost | |||||
| As of: 01/01/2014 | 49.4 | 921.4 | 5,693.0 | 55.1 | 6,718.9 |
| Increase/decrease due to changes in the consolidated companies |
38.9 | -8.5 | 0.0 | -7.0 | 23.4 |
| Additions | 11.8 | 256.0 | 5,798.4 | 17.2 | 6,083.4 |
| Reclassifications | -0.3 | 1.6 | -585.5 | 2.5 | -581.7 |
| Currency adjustments | 0.0 | 0.7 | 0.0 | 0.4 | 1.1 |
| Disposals | -4.5 | -79.6 | -3,314.0 | -10.5 | -3,408.6 |
| As of: 31/12/2014 | 95.3 | 1,091.6 | 7,591.9 | 57.7 | 8,836.5 |
| Accumulated amortisation | |||||
| As of: 01/01/2014 | 25.6 | 168.4 | 123.9 | 1.1 | 319.0 |
| Decrease due to changes in the consolidated companies |
6.8 | 0.0 | 0.0 | 0.0 | 6.8 |
| Impairment | 0.0 | 12.9 | 1.2 | 3.2 | 17.3 |
| Reclassifications | 0.0 | 0.0 | 0.2 | 0.1 | 0.3 |
| Currency adjustments | 0.0 | 0.1 | 0.0 | 0.0 | 0.1 |
| Disposals | 0.0 | -14.3 | -6.0 | 0.0 | -20.3 |
| Reversal of impairment losses | 0.0 | 0.0 | 0.0 | -0.1 | -0.1 |
| As of: 31/12/2014 | 32.4 | 167.1 | 119.3 | 4.3 | 323.1 |
| Carrying amounts | |||||
| As of: 31/12/2014 | 62.9 | 924.5 | 7,472.6 | 53.4 | 8,513.4 |
1 €104.4 million (previous year: €0.0 million) of the additions to acquisition costs and €4.0 million (previous year: €0.0 million) of the derecognition of acquisition costs originate from the market valuation.
2 The carrying amounts include €1,058.8 million (previous year: €794.5 million) accounted for by investments held as financial assets. 3 €453.7 million (previous year: €454.5 million) of the additions to acquisition costs and €299.8 million (previous year: €51.7 million) of the derecognition
of acquisition costs originate from the market valuation.
The investments in affiliated entities disclosed in the financial assets are entities that are not included in the consolidated financial statements due to immateriality.
The non-current securities are mainly fixed-interest securities as well as listed shares. To a large extent, the noncurrent securities are held in special funds. For consolidation purposes, the individual securities in the special funds are shown separately in the consolidated balance sheet by type of investment.
The loans consist of loans to affiliated entities amounting to €3.6 million (previous year: €4.6 million), loans to entities in which participating interests are held amounting to €37.2 million (previous year: €34.6 million) and other loans amounting to €14.0 million (previous year: €14.2 million).
Impairment losses of financial assets are recorded on a separate allowance account and presented in the statement of changes in non-current assets.
| in €million | 31/12/2015 | 31/12/2014 | ||||
|---|---|---|---|---|---|---|
| Current | Non-current | Total | Current | Non-current | Total | |
| Trade receivables | 2,787.3 | 760.3 | 3,547.6 | 3,193.1 | 678.6 | 3,871.7 |
| of which receivables from affiliated entities |
(14.8) | (0.0) | (14.8) | (24.9) | (0.0) | (24.9) |
| of which receivables from other investees and investors |
(35.1) | (0.0) | (35.1) | (27.7) | (0.0) | (27.7) |
| of which receivables from entities accounted for using the equity method |
(26.7) | (0.0) | (26.7) | (30.9) | (0.0) | (30.9) |
Non-current trade receivables principally include receivables relating to electricity supplies, whose term to maturity does not match the customary business cycle.
The movements in the provision for impairment of trade receivables break down as follows:
| As of 31/12 | 33.1 | 29.0 |
|---|---|---|
| Net additions | 37.1 | 6.5 |
| Utilisation | -33.0 | -24.0 |
| As of 01/01 | 29.0 | 46.5 |
| in €million | 2015 | 2014 |
The credit risks inherent in trade receivables are presented below:
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Not past due and not impaired | 3,466.1 | 3,761.8 |
| Past due, but not impaired | ||
| Due within 3 months | 29.2 | 34.7 |
| Due in between 3 and 6 months | 2.1 | 4.6 |
| Due in between 6 months and 1 year | 3.2 | 7.2 |
| Due in more than 1 year | 19.6 | 12.3 |
| Impaired | 27.4 | 51.1 |
| Total | 3,547.6 | 3,871.7 |
There was no indication as of the reporting date that any impairment losses needed to be recognised on the trade receivables recorded as not impaired.
Current and non-current income tax refund claims mainly include deductible tax on investment income from previous years and the current year, as well as income tax receivables from concluded audits at numerous Group companies. Also included is the corporate income tax credit according to the law on tax measures related to the introduction of European companies and the amendment of other tax regulations (SEStEG) from 7 December 2006.
| in €million | 31/12/2015 | 31/12/2014 | ||||
|---|---|---|---|---|---|---|
| Current | Non-current | Total | Current | Non-current | Total | |
| Other tax refund claims | 54.8 | 0.0 | 54.8 | 75.5 | 0.0 | 75.5 |
| Derivatives1 | 1,787.5 | 209.3 | 1,996.8 | 1,407.6 | 151.8 | 1,559.4 |
| of which without hedges | (1,687.7) | (103.0) | (1,790.7) | (1,297.0) | (47.3) | (1,344.3) |
| of which cash flow hedge | (99.8) | (0.0) | (99.8) | (76.4) | (0.0) | (76.4) |
| of which fair value hedge | (0.0) | (106.3) | (106.3) | (34.2) | (104.5) | (138.7) |
| Finance lease receivables | 5.4 | 30.0 | 35.4 | 7.6 | 25.6 | 33.2 |
| Payments on account | 81.6 | 49.2 | 130.8 | 75.3 | 34.8 | 110.1 |
| Active prepaid expenses | 29.0 | 26.3 | 55.3 | 18.5 | 38.3 | 56.8 |
| Sundry assets | 606.5 | 25.6 | 632.1 | 501.1 | 19.5 | 520.6 |
| Total | 2,564.8 | 340.4 | 2,905.2 | 2,085.6 | 270.0 | 2,355.6 |
1 To improve the presentation of the financial position and cash flows, from the 2015 six-monthly financial statement, accrued interest from interest rate swaps is now reported together with the market value under other non-current assets (€6.8 million).
The finance lease receivables arose from supply contracts for various forms of energy such as electricity, heat, cooling and compressed air, under which the economic ownership of the leased technical equipment and machinery is allocable to the lessee. The leases contain escalation clauses, as well as renewal and purchase price options.
The agreements are based on the following parameters and terms to maturity:
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Total lease instalments | 45.4 | 38.6 |
| Interest portion of outstanding lease instalments | 10.0 | 5.4 |
| Present value of outstanding lease instalments | 35.4 | 33.2 |
The outstanding lease instalments are due as follows:
| in €million | 31/12/2015 | 31/12/2014 | |||
|---|---|---|---|---|---|
| Nominal value | Present value Nominal value | Present value | |||
| Due within 1 year | 7.0 | 5.8 | 8.9 | 7.6 | |
| Due in 1 to 5 years | 22.6 | 19.2 | 19.0 | 16.5 | |
| Due in more than 5 years | 15.8 | 10.4 | 10.7 | 9.1 | |
| Total | 45.4 | 35.4 | 38.6 | 33.2 |
As in the previous year, no impairment losses or reversals of impairment losses had to be recognised on outstanding finance lease receivables.
Payments on account contain prepayments for electricity procurement agreements amounting to €49.6 million (previous year: €46.2 million). Prepaid expenses do not include any deferred lease instalments this year (previous year: €3.8 million).
Other assets contain collateral for over-the-counter trading businesses amounting to €122.9 million (previous year: €282.6 million), as well as variation margins of €38.6 million (previous year: €22.7 million).
Bad debt allowances on other assets measured at amortised cost developed as follows:
| in €million | 2015 | 2014 |
|---|---|---|
| As of 01/01 | 33.9 | 34.2 |
| Utilisation | -7.1 | -0.1 |
| Net additions | 1.8 | -0.2 |
| As of 31/12 | 28.6 | 33.9 |
The credit risks of financial instruments disclosed under other assets break down as follows:
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Not past due and not impaired | 2,578.1 | 2,108.1 |
| Past due, but not impaired | ||
| Due within 3 months | 0.0 | 0.2 |
| Due in between 3 and 6 months | 0.0 | 0.4 |
| Due in between 6 months and 1 year | 0.0 | 0.1 |
| Due in more than 1 year | 0.1 | 0.1 |
| Impaired | 1.2 | 0.9 |
| Total | 2,579.4 | 2,109.8 |
There was no indication as of the reporting date that any impairment losses needed to be recognised on the other assets recorded as not impaired.
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Materials and supplies | 422.7 | 590.7 |
| Nuclear fuel rods (including payments on account) | 282.8 | 311.7 |
| Work in progress | 82.5 | 73.3 |
| Finished goods and merchandise | 88.4 | 158.9 |
| Payments on account | 1.1 | 0.8 |
| Total | 877.5 | 1,135.4 |
No inventories have been assigned as collateral.
In the reporting year, write-downs of €32.7 million were recorded on the inventories (previous year: €19.3 million).
Of the inventories, €88.0 million (previous year: €103.0 million) were recognised at fair value.
Current financial assets mainly consist of fixed-interest securities. Other current financial assets essentially include loans. Due to the measurement at market value, there were write-ups amounting to €0.7 million in the financial year (previous year: €4.7 million), as well as write-downs of €1.7 million (previous year: €1.6 million).
As in the previous year, there were no impairment losses on other financial assets.
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Profit participation rights, funds and shares | 1,335.8 | 760.3 |
| Other current financial assets | 18.1 | 19.8 |
| Total | 1,353.9 | 780.1 |
Current financial assets totalling €153.7 million (previous year: €169.9 million) were provided as collateral. The collateral was mainly provided for stock exchange transactions and changed in line with the development of the trading volume. Market interest rates applied to the collateral provided. This collateral will be used by the stock exchanges in the event that the obligations resulting from stock market transactions are not met.
Cash and cash equivalents relate primarily to bank balances, largely in the form of time and call deposits.
Cash was not subject to any significant restrictions on disposal.
The development of equity and total comprehensive income is presented separately in the statement of changes in equity. The components of total comprehensive income are presented in the statement of comprehensive income.
The share capital of EnBW AG amounts to €708,108,042.24 as of 31 December 2015 (previous year: €708,108,042.24 million) and is divided into 276,604,704 (previous year: 276,604,704) no-par-value bearer shares, all of which have been fully paid-in. The no-par-value shares each represent an imputed share of €2.56 per share (previous year: €2.56 per share) of the subscribed capital.
NECKARPRI-Beteiligungsgesellschaft mbH and OEW Energie-Beteiligungs GmbH each directly hold 46.75% of the share capital of EnBW AG as of 31 December 2015 (previous year: 46.75% each).
The capital reserve contains the amounts received from the issue of shares of EnBW AG which exceed the imputed value of the shares.
The revenue reserves primarily contain the pro rata revenue reserves of the parent company and the other companies included in the consolidation after the date of acquisition accounting.
Taking account of the profit carried forward amounting to €662.6 million (previous year: €0.1 million), retained earnings amounted to €317,4 million (previous year: €849.5 million). In the previous year there was also a transfer to other revenue reserves amounting to €400.0 million. We will propose to the Annual General Meeting that a dividend of €0.55 (previous year: €0.69) per share be distributed from the retained earnings of EnBW AG. As of 31 December 2015, a total of 270,855,027 shares (previous year: 270,855,027 shares) were entitled to dividends. If the Annual General Meeting approves this proposal, the amount distributed by EnBW AG for the 2015 financial year will total €149.0 million (previous year: €186.9 million).
The retained earnings of EnBW AG are disclosed under revenue reserves.
As of 31 December 2015, EnBW AG holds 5,749,677 (previous year: 5,749,677) treasury shares. The acquisition cost of the treasury shares amounting to €204.1 million was deducted from the carrying amount of the equity. The amount of share capital attributable to them is €14,719,173.12. This corresponds to 2.1% (previous year: 2.1%) of the subscribed capital.
The company has no rights or dividend entitlements from the directly or indirectly held treasury shares; they are not entitled to dividends. In accordance with the rulings of IFRS, the treasury shares are not recognised as securities, but are offset in one sum against equity in the balance sheet.
Other comprehensive income comprises changes in the market value of available-for-sale financial assets, changes in the market value of cash flow hedges, amounts recognised directly in equity for accounting for entities using the equity method, currency translation differences from the translation of financial statements of foreign entities, and the revaluation of pensions and similar obligations.
For details on the changes recognised directly in equity on available-for-sale financial assets and of cash flow hedges, please refer to note (27) "Accounting for financial instruments".
| 2015 in €million | Revaluation of pensions and similar obligations |
Difference from currency translation |
Cash flow hedge |
Available for-sale financial assets |
Entities accounted for using the equity method |
Shares of the share holders of EnBW AG |
Non controlling interests |
Total |
|---|---|---|---|---|---|---|---|---|
| Unrealised changes in market value in the current period |
202.5 | 37.8 | -120.2 | 252.9 | -9.6 | 363.4 | 11.7 | 375.1 |
| Reclassification adjustments included in the income statement |
0.0 | 0.0 | 65.8 | -659.4 | 0.0 | -593.6 | -0.2 | -593.8 |
| Reclassification to cost of hedged items |
0.0 | 0.0 | 161.5 | 0.0 | 0.0 | 161.5 | 0.0 | 161.5 |
| Other comprehensive income before tax |
202.5 | 37.8 | 107.1 | -406.5 | -9.6 | -68.7 | 11.5 | -57.2 |
| Income tax | -33.0 | 3.4 | -29.7 | 14.3 | 0.0 | -45.0 | 1.0 | -44.0 |
| Other comprehensive income |
169.5 | 41.2 | 77.4 | -392.2 | -9.6 | -113.7 | 12.5 | -101.2 |
| 2014 in €million1 | Revaluation of pensions and similar obligations |
Difference from currency translation |
Cash flow hedge |
Available for-sale financial assets |
Entities accounted for using the equity method |
Shares of the share holders of EnBW AG |
Non controlling interests |
Total |
| Unrealised changes in market value in the current period |
-1,178.7 | 3.9 | -268.7 | 401.3 | -53.7 | -1,095.9 | -33.9 | -1,129.8 |
| Reclassification adjustments included in the income statement |
0.0 | 0.0 | 86.5 | -161.2 | 0.0 | -74.7 | -0.3 | -75.0 |
| Reclassification to cost of hedged items |
0.0 | 0.0 | 169.4 | 0.0 | 0.0 | 169.4 | 0.0 | 169.4 |
| Other comprehensive income before tax |
-1,178.7 | 3.9 | -12.8 | 240.1 | -53.7 | -1,001.2 | -34.2 | -1,035.4 |
| Income tax | 311.1 | 0.6 | 1.2 | -37.3 | 0.0 | 275.6 | 9.1 | 284.7 |
| Other comprehensive income |
-867.6 | 4.5 | -11.6 | 202.8 | -53.7 | -725.6 | -25.1 | -750.7 |
The figures for the previous year have been restated.
| in €million1 | 2015 | 2014 | ||||
|---|---|---|---|---|---|---|
| Before tax | Tax expenses/ income |
After tax | Before tax | Tax expenses/ income |
After tax | |
| Revaluation of pensions and similar obligations |
200.7 | -32.6 | 168.1 | -1,193.5 | 313.8 | -879.7 |
| Difference from currency translation |
53.2 | 3.4 | 56.6 | 7.7 | 0.6 | 8.3 |
| Cash flow hedge | -122.2 | 16.6 | -105.6 | -292.0 | 58.5 | -233.5 |
| Available-for-sale financial assets |
253.0 | -17.5 | 235.5 | 401.7 | -54.3 | 347.4 |
| Entities accounted for using the equity method |
-9.6 | 0.0 | -9.6 | -53.7 | 0.0 | -53.7 |
| Other comprehensive income | 375.1 | -30.1 | 345.0 | -1,129.8 | 318.6 | -811.2 |
1 The figures for the previous year have been restated.
Presentation of the tax effects of reclassification adjustments included in the income statement and the cost of hedged items:
| in €million | 2015 | 2014 | ||||
|---|---|---|---|---|---|---|
| Before tax | Tax expenses/ income |
After tax | Before tax | Tax expenses/ income |
After tax | |
| Cash flow hedge | 227.1 | -45.7 | 181.4 | 255.9 | -50.9 | 205.0 |
| Available-for-sale financial assets |
-659.4 | 31.8 | -627.6 | -161.5 | 17.0 | -144.5 |
| Other comprehensive income | -432.3 | -13.9 | -446.2 | 94.4 | -33.9 | 60.5 |
Non-controlling interests are shares in Group companies held by third parties. They relate, in particular, to the Energiedienst group, Stadtwerke Düsseldorf AG and Pražská energetika a.s., with their relevant subsidiaries and EnBW Group Baltic 2 S.C.S.
The financial information on the subsidiaries of EnBW AG where there is a significant interest without a controlling influence is as follows:
| in €million | 2015 | 2014 | |||||
|---|---|---|---|---|---|---|---|
| Energie dienst Holding AG |
Stadtwerke Düsseldorf AG |
Pražská energetika a.s. |
EnBW Baltic 2 S.C.S. |
Energie dienst Holding AG |
Stadtwerke Düsseldorf AG |
Pražská energetika a.s. |
|
| Capital share in % | 33.33 | 45.05 | 30.16 | 49.89 | 33.33 | 45.05 | 30.16 |
| Annual net profit from non-controlling interests |
11.2 | 16.6 | 22.4 | 17.8 | 12.4 | 20.3 | 20.8 |
| Dividends paid | 16.1 | 22.8 | 18.9 | 0.0 | 14.0 | 16.8 | 18.8 |
| Carrying amount of non-controlling interests |
397.9 | 331.9 | 230.6 | 756.9 | 395.0 | 339.3 | 221.7 |
| Balance sheet data for subsidiaries where there is a significant interest without a controlling influence |
|||||||
| Non-current assets | 1,519.5 | 1,423.9 | 1,055.3 | 1,602.6 | 1,482.9 | 1,361.4 | 1,019.5 |
| Current assets | 376.4 | 503.5 | 94.4 | 210.0 | 404.2 | 443.6 | 84.6 |
| Non-current liabilities | 540.8 | 809.0 | 244.7 | 119.4 | 509.1 | 716.8 | 230.0 |
| Current liabilities | 153.4 | 382.1 | 136.2 | 101.5 | 177.7 | 373.6 | 135.2 |
| Earnings data for subsidiaries where there is a significant interest without a controlling influence |
|||||||
| Adjusted EBITDA | 107.5 | 153.7 | 159.0 | 124.9 | 112.6 | 146.7 | 149.1 |
The provisions disclosed separately according to maturity in the balance sheet are combined for the purposes of disclosures in the notes to the financial statements.
| in €million | 31/12/2015 | 31/12/2014 | ||||
|---|---|---|---|---|---|---|
| Current | Non current |
Total | Current | Non current |
Total | |
| Provisions for pensions and similar obligations |
144.1 | 5,480.9 | 5,625.0 | 137.5 | 5,648.5 | 5,786.0 |
| Provisions relating to nuclear power |
478.5 | 7,852.4 | 8,330.9 | 402.2 | 7,669.2 | 8,071.4 |
| Provisions for non contractual nuclear obligations |
(288.2) | (4,749.2) | (5,037.4) | (249.5) | (5,182.1) | (5,431.6) |
| Provisions for contractual nuclear obligations |
(190.3) | (3,103.2) | (3,293.5) | (152.7) | (2,487.1) | (2,639.8) |
| Other provisions | 720.2 | 1,144.8 | 1,865.0 | 611.9 | 984.5 | 1,596.4 |
| Other electricity provisions | (225.6) | (112.7) | (338.3) | (195.5) | (42.2) | (237.7) |
| Personnel provisions | (76.7) | (116.6) | (193.3) | (104.8) | (112.3) | (217.1) |
| Provisions for onerous contracts |
(155.4) | (740.0) | (895.4) | (63.6) | (633.9) | (697.5) |
| Sundry provisions | (262.5) | (175.5) | (438.0) | (248.0) | (196.1) | (444.1) |
| Total | 1,342.8 | 14,478.1 | 15,820.9 | 1,151.6 | 14,302.2 | 15,453.8 |
The provisions for pensions and similar obligations are recorded on the basis of the existing commitments for future and current post-employment benefits to current and former employees with a pension entitlement, as well as their surviving dependants. A substantial majority of the employees of the EnBW Group are entitled to pension payments from defined benefit pension plans. There are different post-employment provision schemes, which reflect how long the respective employees have served the company. In the case of employees who have already retired, the schemes in question are mainly final salary-based systems, in which the pension paid is calculated on the basis of the length of service, the rate of increase and the last pensionable income. As of 1 January 2005, this system was decoupled from the adjustments to the statutory pension insurance system as part of a reorganisation. The amount of provisions for pensions and similar obligations as of 31 December 2015 was €5,243.2 million (previous year: €5,438.9 million). The bulk of the active employees are covered by ongoing salary-based schemes and/or a pension component system in the form of an average salary plan in which the pension paid consists of annual pension components. The related provisions amounted to €381.8 million (previous year: €347.1 million). For employees who joined the company from 1998 onwards, the pension commitment is based solely on a pension component system. In addition, the employees are granted energyprice reductions during the period in which they receive their pensions.
The pensioners and those with prospective pension entitlements are distributed as follows among the different post-employment provision schemes:
| Number of employees | 31/12/2015 | 31/12/2014 | ||
|---|---|---|---|---|
| Staff with prospective pension entitlements |
Pensioners | Staff with prospective pension entitlements |
Pensioners | |
| Closed systems dependent on final salary | 8,835 | 13,535 | 9,120 | 13,668 |
| Pension component systems | 7,714 | 273 | 7,263 | 231 |
The commitments are measured above all on the basis of the length of service and remuneration of the employees. In addition, the company pension scheme includes defined benefit obligations under a multiemployer plan using the same measurement basis. The contributions payable to the supplemental pension plans are made as a certain percentage of the respective employee's remuneration that is subject to the supplemental pension plan.
The amount of provisions earmarked for the defined benefit obligations corresponds to the present value of the expected future obligations. The provisions are calculated using actuarial methods. Plan assets were created in accordance with IAS 19.8 and will be used exclusively to cover pension obligations. They are deducted from the pension obligations. These exist in the form of contractual trust arrangements (CTA) in the EnBW Group. A CTA is a legally-structured trustee arrangement for the capital cover of direct pension commitments with separated and spun-off assets.
The objective of asset management in this area is to cover the non-current provisions for pensions and similar obligations, as well as the Group's nuclear provisions, within an economically sensible period by means of appropriate financial investments. The investment goals indicated can be achieved with a minimum of risk. The investment volume as of 31 December 2015 totalled approximately €9.1 billion (previous year: €9.0 billion) and was allocated to a total of nine (previous year: nine) asset classes. In addition to the direct investments, the financial investments were bundled within four master funds.
The following premises are taken into account when investments are made:
The anticipated development of the cash flow of the post-employment provision scheme is as follows:
| in €million | 2015 | 2016– 20201 |
2021– 20251 |
2026– 20301 |
2031– 20351 |
2036– 20401 |
2041– 20451 |
2046– 20501 |
|---|---|---|---|---|---|---|---|---|
| Closed systems dependent on final salary |
140.6 | 152.4 | 185.9 | 217.6 | 238.3 | 233.3 | 211.7 | 178.1 |
| Pension component systems |
0.5 | 1.4 | 3.3 | 7.5 | 16.0 | 26.6 | 37.7 | 52.2 |
| Total | 141.1 | 153.8 | 189.2 | 225.1 | 254.3 | 259.9 | 249.4 | 230.3 |
1 Average values for five years.
Changes in the underlying parameters for calculating the provisions for pensions and similar obligations would have the following impact on their amounts:
| in €million | 31/12/2015 | 31/12/2014 | ||
|---|---|---|---|---|
| Pension component systems |
Closed post retirement systems dependent on final salary |
Pension component systems |
Closed post retirement systems dependent on final salary |
|
| Discount rate +/-0.5% | -61.5/57.0 | -466.7/525.7 | -58.6/53.5 | -502.5/571.2 |
| Salary trend +/-0.5% | 11.2/-10.7 | 107.2/-94.5 | 8.8/-12.1 | 165.0/-144.2 |
| Pension trend +/-0,5% | 6.4/-6.1 | 381.1/-350.6 | 6.8/-3.1 | 413.3/-377.9 |
| Life expectancy +/-1 year | 16.6/-17.1 | 339.6/-344.1 | 13.0/-15.3 | 364.6/-367.8 |
The parameters for the sensitivity analysis were chosen from the point of view of materiality. Their impact on the defined benefit obligation (DBO) was determined separately in each case to prevent interactions. The parameter variation is based on past experience and the long-term planning premises applied within the Group.
The material parameters (average values) for calculating the defined-benefit pension commitments at the Group's domestic companies are shown below:
| in % | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Discount rate | 2.30 | 2.20 |
| Future expected wage and salary increases1 | 2.60 | 2.70 |
| Future expected pension increase | 1.85 | 1.90 |
| Employee turnover | 2.00 | 2.00 |
| Expected return on plan assets | 2.30 | 2.20 |
Taking stock in 2014.
The expenses for pensions and similar obligations is comprised as follows:
| Total | 43.3 | 1,467.4 |
|---|---|---|
| Recording in the statement of comprehensive income | -200.7 | 1,193.5 |
| Actuarial gains (-)/losses (+) from experience-based restatements | -4.7 | 31.2 |
| Actuarial gains (-)/losses (+) from changes in financial assumptions | -173.1 | 1,164.8 |
| Income from plan assets excluding interest income | -22.9 | -2.5 |
| Recording in the income statement | 244.0 | 273.9 |
| Interest costs | 148.6 | 208.6 |
| Interest income from plan assets | -22.6 | -37.1 |
| Past service cost | -0.1 | -0.5 |
| Current service cost | 118.1 | 102.9 |
| in €million | 2015 | 2014 |
in €million 31/12/2015 31/12/2014 Defined benefit obligation at the beginning of the financial year 6,888.4 5,643.7 Current service cost 118.1 102.9 Interest costs 148.6 208.6 Benefits paid -251.4 -254.4 Actuarial gains (+)/losses (-) -177.8 1,196.0 Actuarial gains (-)/losses (+) from changes in financial assumptions (-173.1) (1,164.8) Actuarial gains (-)/losses (+) from experience-based restatements (-4.7) (31.2) Past service cost -0.1 -0.5 Changes in the consolidated companies and currency adjustments 11.5 1.8 Reclassifications 1.5 -9.7 Present value of the defined benefit obligation at the end of the financial year 6,738.8 6,888.4 Fair market value of plan assets at the beginning of the financial year 1,102.4 1,068.6 Interest income 22.6 37.1 Appropriations to the plan assets1 66.8 107.7 Benefits paid -110.3 -115.2 Income from plan assets excluding interest income 22.9 2.5 Currency adjustments and reclassifications 9.4 1.7 Fair market value of plan assets at the end of the financial year 1,113.8 1,102.4 Provisions for pensions and similar obligations 5,625.0 5,786.0
The development of the pension provisions, categorised by the present value of the defined benefit commitment and the market value of the plan assets, is as follows:
1 Applies almost exclusively to the employer's contributions.
The actual development of plan assets amounted to €45.5 million (previous year: €39.6 million). Payments into the plan assets in the amount of €4.9 million (previous year: €3.5 million) are planned in the subsequent period.
The present value of the defined benefit obligation breaks down as follows by asset-funded and non-assetfunded status:
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Funded benefits | 1,189.4 | 1,255.5 |
| Full funding | (1,161.8) | (1,226.7) |
| Partial funding | (27.6) | (28.8) |
| Pension entitlements without asset funding | 5,549.4 | 5,632.9 |
The present value of the benefit obligations, the fair market value of plan assets and the plan surplus or deficit have developed as follows:
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Present value of benefit obligations | 6,738.8 | 6,888.4 |
| Fair market value of plan assets | 1,113.8 | 1,102.4 |
| Plan surplus or deficit | 5,625.0 | 5,786.0 |
The plan assets consist of the following asset classes:
| in % | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Shares | 86.3 | 86.3 |
| Share-based investment funds | 0.0 | 0.4 |
| Pension funds | 0.9 | 1.1 |
| Fixed-interest securities | 8.5 | 9.2 |
| Land and buildings | 1.8 | 1.2 |
| Other assets | 1.7 | 1.1 |
| Current financial assets | 0.8 | 0.7 |
| 100.0 | 100.0 |
The investment objective for the external plan assets is to cover benefit obligations with a similar term. The plan assets are invested almost entirely within the EU and mainly in energy supply companies. Their performance is subject to country-specific and energy-industry risks. They do not include any shares of EnBW Group companies or any owner-occupied property. The investment strategy takes into consideration the maturity structure and volume of benefit obligations.
The plan assets mainly have market price listings on active markets. The shares contain €296.7 million (previous year: €296.3 million) whose fair value was determined with the help of the discounted cash flow method in the absence of an active market.
Multi-employer plans, which are defined benefit plans, are accounted for as defined contribution plans because the information required to allocate the obligations and plan assets to the respective participating employer and the corresponding expenses is not provided by the supplemental pension plans. The expenses from defined benefit obligations via multi-employer plans amounted to €16.6 million (previous year: €16.4 million). Appropriations of a similar magnitude are anticipated for the subsequent year. Potential future increases in contributions from obligations that are not fully funded will not have a significant effect on the EnBW Group.
The employer's contributions to statutory pension insurance in 2015 amounted to €90.3 million (previous year: €89.7 million).
The provisions relating to nuclear power have been recorded for the disposal of irradiated fuel rods and radioactive waste, as well as for the decommissioning and restoration of contaminated facilities.
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Decommissioning and restoration | 4,657.8 | 4,641.7 |
| Fuel rod disposal | 3,212.7 | 3,049.1 |
| Waste | 460.4 | 380.6 |
| Total | 8,330.9 | 8,071.4 |
Taking account of the breakdown pursuant to the expert opinion on reviewing the provisions in the nuclear power sector ("stress test") commissioned by the Federal Ministry for Economic Affairs and Energy (BMWi) in 2015, the breakdown is as follows:
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Decommissioning and restoration | 4,057.1 | 4,065.2 |
| Containers, transportation, waste | 1,650.6 | 1,553.8 |
| Intermediate storage | 756.5 | 681.5 |
| Konrad mine final storage facility | 615.3 | 592.1 |
| Final storage facility for highly radioactive waste | 1,107.8 | 1,042.1 |
| Other obligations | 143.6 | 136.7 |
| Total | 8,330.9 | 8,071.4 |
The provisions are all based on public law obligations and requirements in the operating licences.
In those instances where contracts had not been concluded under civil law by the reporting date for performance of these public law obligations, the provisions were measured based on external appraisals and cost estimates (non-contractual nuclear obligations). This mainly concerns the anticipated costs relating to decommissioning and post-operation of the plants, dismantling and disposal of parts of nuclear power plants, and also the actual costs of final storage. With regard to the disposal of fuel rods, the non-contractual share of costs mostly relates to costs for conditioning in preparation for final storage, transportation costs, costs for the procurement of containers for final storage purposes, as well as the costs of final storage.
In addition, part of the carrying amount of the provisions is substantiated by civil law contracts (contractual nuclear obligations). On the one hand, these are personnel costs for the company's own staff who are expected to deal with the decommissioning. On the other hand, the disposal of fuel rods mainly comprises costs yet to be incurred for reprocessing spent fuel rods, costs of local intermediate storage in the vicinity of the plants, central intermediate storage at the Gorleben and Ahaus intermediate storage facilities, as well as costs for transportation and the procurement of containers.
The provisions for the decommissioning and restoration of contaminated plants, as well as for fuel rods, are recognised at the discounted settlement amount at the time of commissioning. This is disclosed accordingly under the generating facilities and depreciated. It amounts to €513.1 million (previous year: €706.5 million). Changes in estimates due to changes in assumptions concerning the future development of costs were generally recognised without effect on profit or loss by adjusting the appropriate balance sheet items by €33.7 million (previous year: €104.8 million). These changes in estimates related to decommissioned power plants and were recognised as profit or loss. Decommissioning costs are calculated on the basis of the scenario that assumes that the plants will be removed immediately. The provisions are partially offset by receivables amounting to €759.2 million (previous year: €675.4 million) which relate to dismantling obligations for nuclear power plants assumed by a contractual partner in connection with electricity supplies.
The provisions relating to nuclear power are calculated to an amount equivalent to the present value of the expected future obligations and increased annually to reflect the passage of time. The discount rate for calculating the provisions is 4.7% (previous year: 4.8%). The discount rate calculated is fundamentally based on the mean of the average yields of listed German government securities with a maximum term of 15 to 30 years. This approach takes account of the fact that no term-appropriate interest rates for the long terms of the situation represented in the nuclear provision can be found on the market. Based on the information currently available, the provisions are expected to be utilised mostly in the period from 2020 to 2070.
The selection of the discount rate and inflation parameters can be justified economically on the basis of the real interest rate. The spread of 1.2% (previous year: 1.3%) arising from the difference between the discount rate of 4.7% (previous year: 4.8%) and inflation of 3.5% (previous year: 3.5%) fundamentally corresponds to the real interest rate.
A reduction or increase of 0.1 percentage points in the real interest rate would increase the present value of the nuclear provisions by €147.0 million (previous year: €143.4 million) or reduce it by €141.8 million (previous year: €138.2 million), respectively.
The payments on account made to reprocessing firms and the German Federal Office for Radiation Protection, which are taken into account in the provisions relating to nuclear power, amount to €615.7 million (previous year: €592.4 million). The payments to the German Federal Office for Radiation Protection relate to the construction of the Gorleben and Konrad final storage facilities and are based on the German Final Storage Advance Payments Ordinance (EndlagerVlV).
Other electricity provisions primarily relate to obligations from CO2 emission allowances, the restoration obligations for wind and hydroelectric power plants, the procurement of conventional electricity and fuels, and the Renewable Energies Act (EEG).
Personnel provisions primarily concern obligations from phased retirement arrangements, long-service awards and restructuring measures.
The provisions for onerous contracts concern future obligations from onerous procurement and sales agreements. The obligations mainly relate to the procurement of electricity.
Other provisions are discounted using an interest rate of 0.00% to 1.50% on average (previous year: 0.00% to 2.00%). The majority of other non-current provisions have a term of between one and five years.
The provisions developed as follows in the reporting year:
Provisions
| in €million | As of 01/01/2015 |
Increases Reversals | Increase due to the passage of time |
Changes recognised in equity |
Changes in consolidated companies, currency adjustments, reclassifications |
Reclassifications to liabilities associated with assets held for sale |
Utilisation | As of 31/12/2015 |
|
|---|---|---|---|---|---|---|---|---|---|
| Provisions for pensions and similar obligations |
5,786.0 | 118.0 | 0.0 | 126.0 | -200.7 | -63.2 | 0.0 | 141.1 | 5,625.0 |
| Provisions relating to nuclear power1 |
8,071.4 | 199.5 | 63.3 | 387.0 | 33.7 | -1.5 | 0.0 | 295.9 | 8,330.9 |
| Other provisions | 1,596.4 | 899.7 | 138.9 | 6.0 | 69.9 | -87.7 | -2.8 | 477.6 | 1,865.0 |
| Other electricity provisions |
(237.7) | (204.6) | (2.9) | (0.7) | (69.9) | (0.0) | (0.0) | (171.7) | (338.3) |
| Personnel provisions |
(217.1) | (68.5) | (7.4) | (2.1) | (0.0) | (-1.2) | (0.0) | (85.8) | (193.3) |
| Provisions for onerous contracts |
(697.5) | (341.8) | (47.9) | (1.1) | (0.0) | (-2.5) | (0.0) | (94.6) | (895.4) |
| Sundry provisions | (444.1) | (284.8) | (80.7) | (2.1) | (0.0) | (-84.0) | (-2.8) | (125.5) | (438.0) |
| Total | 15,453.8 | 1,217.2 | 202.2 | 519.0 | -97.1 | -152.4 | -2.8 | 914.6 | 15,820.9 |
1 Utilisation breaks down into decommissioning and dismantling totalling €223.8 million, disposal of spent fuel rods totalling €62.5 million and waste totalling €9.6 million.
The deferred taxes on measurement differences compared to the tax accounts break down as follows:
| in €million1 | 31/12/2015 | 31/12/2014 | ||
|---|---|---|---|---|
| Deferred tax assets2 |
Deferred tax liabilities2 |
Deferred tax assets2 |
Deferred tax liabilities2 |
|
| Intangible assets | 26.7 | 67.7 | 24.1 | 35.8 |
| Property, plant and equipment | 194.9 | 1,618.9 | 238.7 | 1,969.7 |
| Financial assets | 51.0 | 110.9 | 43.3 | 148.0 |
| Other assets | 25.4 | 23.3 | 3.1 | 16.0 |
| Derivative financial instruments | 0.0 | 60.3 | 0.0 | 45.1 |
| Non-current assets | 298.0 | 1,881.1 | 309.2 | 2,214.6 |
| Inventories | 36.5 | 22.8 | 9.6 | 2.9 |
| Financial assets | 0.7 | 17.7 | 0.4 | 21.1 |
| Other assets | 26.2 | 617.2 | 79.0 | 484.2 |
| Current assets | 63.4 | 657.7 | 89.0 | 508.2 |
| Provisions | 1,297.5 | 660.0 | 1,376.9 | 208.2 |
| Liabilities and subsidies | 262.9 | 86.5 | 232.5 | 56.6 |
| Non-current liabilities | 1,560.4 | 746.5 | 1,609.4 | 264.8 |
| Provisions | 275.4 | 31.8 | 279.7 | 3.6 |
| Liabilities and subsidies | 788.2 | 277.5 | 685.7 | 333.1 |
| Current liabilities | 1,063.6 | 309.3 | 965.4 | 336.7 |
| Unused tax losses | 31.9 | 0.0 | 130.0 | 0.0 |
| Interest carried forward | 0.0 | 0.0 | 2.4 | 0.0 |
| Deferred taxes before netting | 3,017.3 | 3,594.6 | 3,105.4 | 3,324.3 |
| Netting | -2,923.9 | -2,923.9 | -2,675.4 | -2,675.4 |
| Deferred taxes after netting | 93.4 | 670.7 | 430.0 | 648.9 |
1 The figures for the previous year have been restated. After netting, deferred tax assets amounted to €257.8 million as of 1 January 2014. They do not include any retroactive restatements. After netting, deferred tax liabilities amounted to €1,017.4 million as of 1 January 2014. They include retroactive restatements as of 1 January 2014 totalling €61.7 million (as of 31 December 2014: €0.0 million). The deferred tax assets prior to netting contain retroactive restatements in the amount of €81.4 million (as of 1 January 2014: €0.0 million). The deferred tax liabilities prior to netting contain retroactive restatements in the amount of €81.4 million (as of 1 January 2014: €61.7 million).
2 Deferred tax assets and liabilities prior to netting.
In the 2015 financial year, €2,923.9 million (previous year restated: €2,675.4 million) in deferred tax assets was netted against deferred tax liabilities. Deferred taxes are netted with each other per consolidated tax group or entity if the conditions to do so have been satisfied. The negative balance from deferred taxes resulting from consolidation amounts to €57.1 million (previous year restated: €46.1 million).
The deferred tax assets on measurement differences compared to the tax accounts contain €7.1 million (previous year: €0.9 million) in non-current financial assets, €609.8 million (previous year: €642.1 million) in non-current provisions and €115.4 million (previous year: €131.3 million) in current liabilities and subsidies that were offset against equity.
The deferred tax liabilities on measurement differences compared to the tax accounts contain deferred tax liabilities of €51.2 million (previous year: €59.0 million) in non-current financial assets and €4.7 million (previous year: deferred tax assets of €5.1 million) in current financial assets that were offset against equity.
In order to evaluate the deferred tax assets from deductible temporary differences in assets and unused tax losses, a tax planning forecast is derived based on the company's multi-year plans and corporate strategy. In this process, the deferred tax assets are only recognised in so far as deductible temporary differences and unused tax losses can be used with sufficient probability and sufficient taxable income within the scope of the limited planning horizon. Unused tax losses reduced the actual tax burden in the reporting period by €1.2 million (previous year: €0.3 million).
| in €million | 31/12/2015 | 31/12/2014 | ||
|---|---|---|---|---|
| Corporate income tax |
Trade tax | Corporate income tax |
Trade tax | |
| Unlimited ability to carry forward the previously unused tax losses for which no deferred tax assets have been recognised in the balance sheet |
89.3 | 143.8 | 53.2 | 107.1 |
| Deferred taxes on the non-valued unused tax losses that would theoretically have to be formed |
14.1 | 19.0 | 8.4 | 14.1 |
| Unlimited ability to carry forward the existing unused tax losses for which deferred tax assets were formed1 |
114.3 | 105.0 | 568.4 | 268.5 |
Almost exclusively concern German companies.
According to the Tax Privilege Reduction Act, from 2004 onwards only 60% of current taxable income exceeding €1 million can be offset against unused tax losses.
| in €million1 | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Corporate income tax (or comparable foreign tax) | 18.1 | 92.5 |
| Trade tax | 13.8 | 37.5 |
| Total | 31.9 | 130.0 |
The figures for the previous year have been restated. The deferred taxes on unused tax losses were €143.2 million as of 1 January 2014. They include retroactive restatements as of 1 January 2014 totalling €0.0 million (as of 31 December 2014: €4.5 million).
| Closing balance | 31.9 | 130.0 |
|---|---|---|
| Write-downs | -101.6 | -42.6 |
| Origination of tax losses (addition) | 4.7 | 29.7 |
| Utilisation of tax losses | -1.2 | -0.3 |
| Opening balance | 130.0 | 143.2 |
| in €million1 | 31/12/2015 | 31/12/2014 |
1 The figures for the previous year have been restated. The write-down of unused tax losses contains retroactive restatements of €4.5 million as of 31 December 2014.
As of 31 December 2015, the deferred tax assets were adjusted and not recognised on unused tax losses to the amount of €191.6 million (previous year restated: €16.4 million) due to the limited planning horizon and the resulting insufficient probability of their use.
| in €million1 | 2015 | 2014 | ||||||
|---|---|---|---|---|---|---|---|---|
| Residual term < 1 year |
Residual term 1–5 years |
Residual term > 5 years |
Total | Residual term < 1 year |
Residual term 1–5 years |
Residual term > 5 years |
Total | |
| Corporate income tax | 4.6 | 13.5 | 0.0 | 18.1 | 2.9 | 28.4 | 61.2 | 92.5 |
| Trade tax | 2.8 | 11.0 | 0.0 | 13.8 | 0.6 | 23.6 | 13.3 | 37.5 |
| Total | 7.4 | 24.5 | 0.0 | 31.9 | 3.5 | 52.0 | 74.5 | 130.0 |
The figures for the previous year have been restated: The deferred taxes on unused tax losses from corporate income tax were €92.6 million as of 1 January 2014. They include retroactive restatements as of 1 January 2014 totalling €0.0 million (as of 31 December 2014: €2.5 million). The deferred taxes on unused tax losses from trade tax were €50.6 million as of 1 January 2014. They include retroactive restatements as of 1 January 2014 totalling €0.0 million (as of 31 December 2014: €2.0 million). The previous year restatements concern only the > 5 years term range.
In the reporting period, there are no deferred taxes on interest amounts carried forward (previous year: €2.4 million).
No deferred tax liabilities were recognised on temporary differences of €7.9 million (previous year: €5.4 million) in connection with shares in subsidiaries because it is not likely that these temporary differences will reverse in the foreseeable future.
Deferred tax assets totalling €676.4 million (previous year restated: €720.4 million in deferred tax assets) were offset directly against equity under other comprehensive income as of 31 December 2015.
As of 31 December 2015, deferred tax assets not affecting net income were not recognised against deductible temporary differences in assets of €0.0 million (previous year restated: €26.1 million). This non-recognition in the previous year resulted from the limited planning horizon in which insufficient taxable income is expected.
Financial liabilities break down as of 31 December 2015 compared to the previous year as follows:
| in €million1 | 31/12/2015 | 31/12/2014 | ||||
|---|---|---|---|---|---|---|
| Current | Non-current | Total | Current | Non-current | Total | |
| Hybrid bonds | 0.0 | 1,987.9 | 1,987.9 | 0.0 | 1,985.5 | 1,985.5 |
| Bonds | 499.4 | 3,004.9 | 3,504.3 | 760.3 | 3,479.8 | 4,240.1 |
| Liabilities to banks | 137.8 | 1,450.7 | 1,588.5 | 225.4 | 1,587.7 | 1,813.1 |
| Other financial liabilities | 121.0 | 366.5 | 487.5 | 92.8 | 134.1 | 226.9 |
| Financial liabilities | 758.2 | 6,810.0 | 7,568.2 | 1,078.5 | 7,187.1 | 8,265.6 |
1 Please refer to note (27) "Accounting for financial instruments" for more details on the credit and liquidity risk, fair values and undiscounted cash flows by year.
Of the non-current financial liabilities, €2,582.9 million (previous year: €3,046.1 million) have a term of between one year and five years, and €4,227.1 million (previous year: €4,141.0 million) have a term of more than five years.
In the 2015 financial year, financial liabilities decreased by €697.4 million (previous year: increased by €2,493.5 million).
| Issuer | Issue volume | Carrying amounts | Coupon | Maturity |
|---|---|---|---|---|
| EnBW AG1 | €1,000 million | €998.9 million | 7.375% | 02/04/2072 |
| EnBW AG2 | €1,000 million | €989.0 million | 3.625% | 02/04/2076 |
| €1,987.9 million |
1 Repayment option for EnBW every five years after the first interest payment date; the earliest possible date is 2 April 2017. Repayment option for EnBW every five years after the first interest payment date; the earliest possible date is 2 April 2021.
The hybrid bonds, which are subordinate to all other financial liabilities, have a term to maturity of 60 (due 2072) and 62 (due 2076) years and include early repayment rights for EnBW. Both bonds have equal ranking. EnBW has the option of suspending interest payments. However, these interest payments must be subsequently paid if EnBW pays dividends or services the other hybrid bond. Based on their terms and conditions, half of the amount of the hybrid bonds is recognised as equity by rating agencies. This supports the good credit standing of EnBW.
| Issuer | Issue volume | Carrying amounts | Coupon | Maturity |
|---|---|---|---|---|
| Public bonds | ||||
| EnBW International Finance B.V. | €500 million | €499.4 million | 4.250% | 19/10/2016 |
| EnBW International Finance B.V. | CHF 100 million | €95.3 million1 | 1.250% | 12/07/2018 |
| EnBW International Finance B.V. | €750 million | €748.3 million | 6.875% | 20/11/2018 |
| EnBW International Finance B.V. | CHF 100 million | €91.9 million | 2.250% | 12/07/2023 |
| EnBW International Finance B.V. | €500 million | €582.9 million1 | 4.875% | 16/01/2025 |
| EnBW International Finance B.V. | €500 million | €498.1 million | 2.500% | 04/06/2026 |
| EnBW International Finance B.V. | €600 million | €589.0 million | 6.125% | 07/07/2039 |
| Private placements | ||||
| EnBW International Finance B.V. | €100 million | €98.2 million | 2.875% | 13/06/2034 |
| EnBW International Finance B.V. | JPY 20 billion | €152.6 million | 3.880% | 16/12/2038 |
| EnBW International Finance B.V. | €100 million | €99.1 million | 3.080% | 16/06/2039 |
| EnBW International Finance B.V. | €50 million | €49.5 million | 2.900% | 01/08/2044 |
| €3,504.3 million |
1 Adjusted for valuation effects from interest-induced hedging transactions.
On 7 July 2015, a €750 million bond with a coupon of 4.125% issued in July 2009 became due for repayment and was repaid from the existing liquidity position.
As of the reporting date, no funds had been drawn under the commercial paper programme in place at EnBW International Finance B.V. for short-term financing purposes as in the previous year.
Liabilities to banks decreased compared to the previous year by €224.6 million (previous year: increase of €810.8 million). The previous year's increase was primarily caused by EnBW AG taking out a long-term investment loan for the offshore wind farm EnBW Group Baltic 2, which has been put into operation, and taking out a short-term loan on the money market over the reporting date. At a subsidiary, existing funding was refinanced through two new bilateral amortising loans of €25 million each and through new syndicated financing currently valued at €198 million in the 2015 financial year. In addition, a new bank loan of €115 million was taken out by a further subsidiary. This was partly used to refinance bank loans due. In contrast, scheduled repayments were made by EnBW and its subsidiaries. The majority of the outstanding liabilities to banks are bilateral loan agreements.
The existing syndicated credit line for €1.5 billion (previous year: €1.5 billion) originally had a term until July 2019. The extension of the term by one year until July 2020 became effective on 21 July 2015; there is a new extension option for an additional year, until July 2021 at the latest, in 2016. The credit line remained unused as of 31 December 2015.
In addition, a further €472 million (previous year: €352 million) in bilateral free credit lines was available within the Group. These credit lines are not subject to any restrictions as regards their utilisation.
The liabilities to banks (previous year: €19.4 million) are not collateralised with real estate lien. Liabilities to banks to the amount of €137.7 million are collateralised with other types of security (previous year: €106.1 million).
The item "other financial liabilities" includes long-term promissory notes in the amount of €200 million that a subsidiary placed with institutional investors in 2015. In addition, it also includes long-term finance leases. In comparison to the previous year, other financial liabilities increased by a total of €260.6 million in the reporting period (previous year: decrease of €76.2 million).
The minimum payments from finance leases included in other financial liabilities have the following maturities:
| in €million | 31/12/2015 | 31/12/2014 | ||
|---|---|---|---|---|
| Nominal value | Present value Nominal value | Present value | ||
| Due within 1 year | 2.3 | 0.6 | 77.1 | 72.3 |
| Due in 1 to 5 years | 10.3 | 3.6 | 9.8 | 3.2 |
| Due in more than 5 years | 51.3 | 27.8 | 53.4 | 28.4 |
| Total | 63.9 | 32.0 | 140.3 | 103.9 |
The maturity structure of our financial liabilities is as follows:
| in €million | Residual term < 1 year |
Residual term 1–5 years | Residual term > 5 years |
Total | |||
|---|---|---|---|---|---|---|---|
| Due in 2016 | Due in 2017 | Due in 2018 | Due in 2019 | Due in 2020 | Due after 2020 |
||
| Hybrid bonds | 0.0 | 998.9 | 0.0 | 0.0 | 0.0 | 989.0 | 1,987.9 |
| Bonds | 499.4 | 0.0 | 843.6 | 0.0 | 0.0 | 2,161.3 | 3,504.3 |
| Liabilities to banks | 137.8 | 111.2 | 121.7 | 92.9 | 328.9 | 796.0 | 1,588.5 |
| Other financial liabilities |
121.0 | 9.4 | 12.6 | 42.2 | 21.5 | 280.8 | 487.5 |
| Financial liabilities | 758.2 | 1,119.5 | 977.9 | 135.1 | 350.4 | 4,227.1 | 7,568.2 |
| Total financial liabilities | 3.8 | 3.7 |
|---|---|---|
| Other financial liabilities | 2.0 | 2.8 |
| Liabilities to banks | 1.2 | 1.5 |
| Bonds | 4.3 | 3.8 |
| Hybrid bonds | 5.5 | 5.5 |
| in % | 31/12/2015 | 31/12/2014 |
The weighted average interest rate for the financial liabilities increased slightly as of 31 December 2015 compared with the previous year due to a bond due that was hedged with interest rate swaps. The vast majority of financial liabilities are still subject to long-term fixed interest agreements.
Other liabilities and subsidies disclosed separately according to maturity in the balance sheet are combined in the notes to the financial statements.
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Non-current liabilities | 499.9 | 714.3 |
| Current liabilities | 7,108.4 | 7,273.7 |
| Liabilities | 7,608.3 | 7,988.0 |
| Non-current subsidies | 1,333.0 | 1,294.2 |
| Current subsidies | 66.8 | 67.5 |
| Subsidies | 1,399.8 | 1,361.7 |
| Non-current liabilities and subsidies | 1,832.9 | 2,008.5 |
| Current liabilities and subsidies | 7,175.2 | 7,341.2 |
| Liabilities and subsidies | 9,008.1 | 9,349.7 |
| in €million1 | 31/12/2015 | 31/12/2014 | ||||
|---|---|---|---|---|---|---|
| Current | Non current |
Total | Current | Non current |
Total | |
| Payments received on account | 99.9 | 36.0 | 135.9 | 111.7 | 38.2 | 149.9 |
| Trade payables | 3,523.5 | 0.3 | 3,523.8 | 3,829.6 | 0.4 | 3,830.0 |
| of which liabilities to affiliated entities |
(9.7) | (0.0) | (9.7) | (8.4) | (0.1) | (8.5) |
| of which liabilities to other investees and investors |
(50.6) | (0.0) | (50.6) | (49.1) | (0.0) | (49.1) |
| of which liabilities to entities accounted for using the equity method |
(41.7) | (0.0) | (41.7) | (44.0) | (0.0) | (44.0) |
| Other deferred income | 23.0 | 168.0 | 191.0 | 17.6 | 184.8 | 202.4 |
| Liabilities from derivatives2 | 1,958.7 | 98.1 | 2,056.8 | 1,700.2 | 118.7 | 1,818.9 |
| of which without hedges | (1,812.9) | (39.7) | (1,852.6) | (1,484.6) | (29.4) | (1,514.0) |
| of which cash flow hedge | (145.8) | (58.4) | (204.2) | (215.6) | (89.3) | (304.9) |
| Income tax liabilities | 305.5 | 84.3 | 389.8 | 330.9 | 134.3 | 465.2 |
| Miscellaneous liabilities | 1,197.8 | 113.2 | 1,311.0 | 1,283.7 | 237.9 | 1,521.6 |
| of which interest from back taxes |
(0.2) | (0.0) | (0.2) | (0.0) | (0.7) | (0.7) |
| of which from other taxes | (116.6) | (0.0) | (116.6) | (126.0) | (0.0) | (126.0) |
| of which relating to social security |
(21.9) | (5.9) | (27.8) | (17.5) | (7.0) | (24.5) |
| Other liabilities | 7,108.4 | 499.9 | 7,608.3 | 7,273.7 | 714.3 | 7,988.0 |
1 Please refer to note (27) "Accounting for financial instruments" for more details on the credit and liquidity risk, fair values and undiscounted cash flows by year.
2 To improve the presentation of the financial position and cash flows, from the 2015 six-monthly financial statement, accrued interest from interest rate swaps is now reported together with the market value under other non-current liabilities and subsidies (€4.8 million).
Of the other non-current liabilities, €354.2 million (previous year: €398.1 million) have a term of between one year and five years and €145.7 million (previous year: €316.2 million) have a term of more than five years.
Liabilities relating to trade payables principally include obligations for outstanding invoices amounting to €1,382.8 million (previous year: €1,568.1 million).
Other liabilities mainly concern collateral for over-the-counter trading businesses (margin calls received) amounting to €368.4 million (previous year: €420.0 million), as well as exchange-based trading businesses (variation margins) of €91.2 million (previous year: €129.2 million), interest obligations from bonds amounting to €144.1 million (previous year: €160.4 million) and non-controlling interests in fully consolidated partnerships recorded as liabilities to the amount of €76.7 million (previous year: €74.7 million).
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Investment grants | 0.3 | 0.7 |
| Investment cost subsidies | 12.3 | 13.2 |
| Other subsidies from public authorities | 17.2 | 23.9 |
| Construction cost subsidies | 1,370.0 | 1,323.9 |
| Total | 1,399.8 | 1,361.7 |
Subsidies include investment grants, as well as construction cost subsidies and investment cost subsidies.
The investment grants were awarded in accordance with section 4a of the German Investment Grant Act (InvZulG).
The construction cost subsidies which have not yet been recognised in profit or loss were largely granted for capital expenditures in the electricity and gas sectors; title to the subsidised assets is retained by the EnBW Group companies.
The subsidies are released over the estimated useful life of the subsidised assets. Of the total amount of subsidies, €1,333.0 million (previous year: €1,294.2 million) will probably start to impact income after more than one year.
(25) Assets held for sale and liabilities directly associated with assets classified as held for sale
Assets held for sale
| 0.0 | 6.9 |
|---|---|
| 979.5 | 0.0 |
| 2.6 | 1.8 |
| 33.8 | 95.8 |
| 31/12/2015 | 31/12/2014 |
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Deferred taxes | 0.0 | 4.4 |
| Provisions | 0.0 | 23.4 |
| Other liabilities and subsidies | 0.8 | 20.7 |
| Total | 0.8 | 48.5 |
Other financial assets held for sale mainly refer to a 20% shareholding in EWE, which is part of our overall 26% shareholding in EWE. As a result of the planned restructuring of shareholdings agreed between EnBW AG, EWE and EWE-Verband, in the course of which we will divest our shareholdings in EWE over a period of time, these shareholdings have been reclassified as assets held for sale. As part of the planned transaction, EWE will initially acquire 10% of its own shares from EnBW in 2016 and EWE-Verband will acquire a further 10% of the EWE shares in 2016. This is allocated in the segment reporting to Other/Consolidation.
The property, plant and equipment held for sale in the reporting year refers mainly to a piece of land and building held for sale as part of our divestiture strategy. This is allocated in the segment reporting under Other/Consolidation.
In the previous year, the property, plant and equipment held for sale referred primarily to distribution facilities and is mainly allocated to the Grids segment in the segment reporting. As a result of concession losses, these distribution facilities were reclassified as assets held for sale.
The other liabilities and subsidies in connection with the assets held for sale in the previous year referred mainly to construction cost subsidies.
Earnings per share is determined by dividing the profit or loss attributable to the shareholders of EnBW AG by the average number of shares outstanding. This indicator may be diluted by potential shares on account of share options or convertible bonds. As EnBW does not have any potential shares, the basic earnings per share is identical to the diluted earnings per share.
| 2015 | 2014 | |
|---|---|---|
| in € million | 200.5 | -402.8 |
| in € million | (124.9) | (-465.9) |
| in € million | 200.5 | -402.8 |
| in € million | (124.9) | (-465.9) |
| Thousands | 270,855 | 270,855 |
| in € | 0.46 | -1.72 |
| in € | 0.46 | -1.72 |
| in € | – | 0.69 |
| in € | 0.55 | – |
1 In relation to shares in profit/loss attributable to the shareholders of EnBW AG.
Financial instruments include primary financial instruments and derivatives. On the assets, side, primary financial instruments mainly consist of financial assets, trade receivables, other assets and cash and cash equivalents. On the liabilities side, they consist of financial liabilities, trade payables and other liabilities.
The table below shows the fair values and carrying amounts of the financial assets and financial liabilities contained in the individual balance sheet items: If it is not indicated separately, the fair value is measured recurrently.
| 31/12/2015 | Hierarchy of input data | ||||||
|---|---|---|---|---|---|---|---|
| in €million | Fair value | Level 1 | Level 2 | Level 3 | Measured at amortised cost |
Not in IFRS 7's field of application |
Carrying amount |
| Financial assets | 9,654.6 | 4,563.8 | 2,580.3 | 506.4 | 1,943.8 | 9,594.3 | |
| Held for trading | (223.0) | (223.0) | (223.0) | ||||
| Available for sale | (8,186.8) | (4,340.8) | (2,580.3) | (506.4) | (759.3) | (8,186.8) | |
| Held to maturity | (1,171.9) | (1,111.6) | (1,111.6) | ||||
| Loans and receivables | (72.9) | (72.9) | (72.9) | ||||
| Trade receivables | 3,547.6 | 3,547.6 | 3,547.6 | ||||
| Loans and receivables | (3,547.6) | (3,547.6) | (3,547.6) | ||||
| Other assets | 2,579.4 | 22.4 | 1,974.4 | 582.6 | 325.8 | 2,905.2 | |
| Held for trading | (1,790.7) | (18.1) | (1,772.6) | (1,790.7) | |||
| Loans and receivables | (547.2) | (547.2) | (547.2) | ||||
| Derivatives in hedge accounting |
(206.1) | (4.3) | (201.8) | (206.1) | |||
| Carrying amount in accordance with IAS 17 |
(35.4) | (35.4) | (35.4) | ||||
| Cash and cash equivalents |
3,501.1 | 3,501.1 | 3,501.1 | ||||
| Loans and receivables | (3,501.1) | (3,501.1) | (3,501.1) | ||||
| Total assets | 19,282.7 | 4,586.2 | 4,554.7 | 506.4 | 9,575.1 | 325.8 | 19,548.2 |
| Assets held for sale1 | 979.5 | 973.1 | 6.4 | 36.4 | 1,015.9 | ||
| Financial liabilities | 8,194.6 | 7,568.2 | 7,568.2 | ||||
| Measured at amortised cost2 |
(8,162.6) | (7,536.2) | (7,536.2) | ||||
| Carrying amount in accordance with IAS 17 |
(32.0) | (32.0) | (32.0) | ||||
| Trade payables | 437.3 | 437.3 | 3,086.2 | 3,523.5 | |||
| Measured at amortised cost |
(437.3) | (437.3) | (437.3) | ||||
| Other liabilities and subsidies |
2,931.9 | 23.6 | 2,033.2 | 875.1 | 2,162.9 | 5,094.8 | |
| Held for trading | (1,852.6) | (18.2) | (1,834.4) | (1,852.6) | |||
| Measured at amortised cost |
(875.1) | (875.1) | (875.1) | ||||
| Derivatives in hedge accounting |
(204.2) | (5.4) | (198.8) | (204.2) | |||
| Total liabilities | 11,563.8 | 23.6 | 2,033.2 | 0.0 | 8,880.6 | 5,249.1 | 16,186.5 |
| Liabilities directly associated with assets classified as held for sale |
0.8 | 0.8 |
1 This refers to a non-recurring measurement of the fair value due to the application of IFRS 5.
2 Of the financial liabilities measured at amortised cost, an amount of €481.6 million is part of fair value hedges.
| 31/12/2014 | Hierarchy of input data | |||||
|---|---|---|---|---|---|---|
| in €million | Fair value | Level 1 | Level 2 | Measured at amortised cost |
Not in IFRS 7's field of application |
Carrying amount |
| Financial assets | 9,369.8 | 4,813.0 | 2,317.1 | 2,163.4 | 9,293.5 | |
| Held for trading | (221.9) | (221.9) | (221.9) | |||
| Available for sale | (7,895.6) | (4,591.1) | (2,317.1) | (987.4) | (7,895.6) | |
| Held to maturity | (1,179.1) | (1,102.8) | (1,102.8) | |||
| Loans and receivables | (73.2) | (73.2) | (73.2) | |||
| Trade receivables | 3,871.7 | 3,871.7 | 3,871.7 | |||
| Loans and receivables | (3,871.7) | (3,871.7) | (3,871.7) | |||
| Other assets | 2,109.8 | 45.7 | 1,513.7 | 550.4 | 245.8 | 2,355.6 |
| Held for trading | (1,344.3) | (43.0) | (1,301.3) | (1,344.3) | ||
| Loans and receivables | (517.2) | (517.2) | (517.2) | |||
| Derivatives designated as hedging instruments |
(215.1) | (2.7) | (212.4) | (215.1) | ||
| Carrying amount in accordance with IAS 17 |
(33.2) | (33.2) | (33.2) | |||
| Cash and cash equivalents | 3,179.2 | 3,179.2 | 3,179.2 | |||
| Loans and receivables | (3,179.2) | (3,179.2) | (3,179.2) | |||
| Total assets | 18,530.5 | 4,858.7 | 3,830.8 | 9,764.7 | 245.8 | 18,700.0 |
| Assets held for sale | 6.0 | 98.5 | 104.5 | |||
| Financial liabilities | 9,289.2 | 8,265.6 | 8,265.6 | |||
| Measured at amortised cost1 | (9,185.3) | (8,161.7) | (8,161.7) | |||
| Carrying amount in accordance with IAS 17 |
(103.9) | (103.9) | (103.9) | |||
| Trade payables | 463.8 | 463.8 | 3,365.8 | 3,829.6 | ||
| Measured at amortised cost | (463.8) | (463.8) | (463.8) | |||
| Other liabilities and subsidies | 2,849.2 | 12.7 | 1,806.2 | 1,030.3 | 2,205.7 | 5,054.9 |
| Held for trading | (1,514.0) | (8.1) | (1,505.9) | (1,514.0) | ||
| Measured at amortised cost | (1,030.3) | (1,030.3) | (1,030.3) | |||
| Derivatives designated as hedging instruments |
(304.9) | (4.6) | (300.3) | (304.9) | ||
| Total liabilities | 12,602.2 | 12.7 | 1,806.2 | 9,759.7 | 5,571.5 | 17,150.1 |
| Liabilities directly associated with assets classified as held for sale |
48.5 | 48.5 |
1 Of the financial liabilities measured at amortised cost, an amount of €1,243.6 million is part of fair value hedges.
Calculation of the fair values is explained in the section entitled accounting policies. The individual levels of the input hierarchy are as follows:
At the end of each reporting period it is examined whether there is any reason to reclassify between the levels of the valuation hierarchy. A reclassification is carried out if the valuation procedure for measuring fair value is being changed and the input factors with significance for the valuation lead to different allocations to the respective levels.
The fair value of the assets in the "held for trading" measurement category amounts to €2,013.7 million (previous year: €1,566.2million), of which €241.1 million is accounted for by the first hierarchical level (previous year: €264.9 million), and €1,772.6 million by the second hierarchical level (previous year:€1,301.3 million). The assets of the "available for sale" measurement category have a fair value totalling €9,166.3 million (previous year: €7,895.6 million), of which €4,340.8 million is accounted for by the first hierarchical level (previous year: €4,591.1 million), €2,580.3 million by the second hierarchical level (previous year: €2,317.1 million), €1,479.5 million by the third hierarchical level (previous year: €0.0 million) and €765.7 million by "measured at amortised cost" (previous year: €987.4 million). Securities classified as "held-to-maturity investments" have a fair value totalling €1,171.9 million (previous year: €1,179.1 million) that must be allocated to hierarchical level 1. Assets classified as "loans and receivables" are measured at amortised cost and amount to €7,668.8 million (previous year: €7,647.3 million). Equity instruments measured at cost had a carrying amount of €759.3 million as of the reporting date (previous year: €987.4 million).
In the financial year, equity instruments of the "available for sale" category previously measured at amortised cost were measured at fair value for the first time because the measurement factors that previously precluded the fair value to be reliably determined no longer exist. In order to determine the fair value, a Level 3 measurement method is used because no prices listed in active markets are available. The measurement is made on the basis of the net asset value. The difference between the carrying amount and the fair value was recognised directly in other comprehensive income. The equity instruments allocated to Level 3 are investments in private equity companies.
The fair values of investments in private equity companies are provided by the respective investment companies. The fair value depends on the changes in market value of the respective asset. The most up-to-date fair value available is taken as the basis in each case.
The following table shows the development of the financial instruments to be accounted for at fair value in accordance with Level 3:
| in €million | As of 01/01/2015 |
Changes in consolidated companies, currency adjustments, other |
Changes recognised in equity |
Additions | Disposals | As of 31/12/2015 |
|---|---|---|---|---|---|---|
| Financial assets | 316.9 | 8.2 | 92.4 | 105.8 | -16.9 | 506.4 |
In the financial year, gains from Level 3 financial instruments were recognised in the investment result in the amount of €18.8 million. Of which, €18.8 million is accounted for by financial instruments still held on the reporting date.
The disclosures on assets held for sale assigned to Level 3 can be found in note (7) "Investment result".
Financial liabilities as at 31 December 2015 include bonds with a fair value of €6,101.0 million (previous year: €7,234.1 million) and liabilities to banks with a fair value of €1,606.1 million (previous year: €1,828.2 million). The fair value of the bonds and of the liabilities to banks must be allocated to hierarchical level 1 and 2, respectively.
The following table contains the financial instruments netted in the balance sheet and those which, irrespective of that, are subject to a legally enforceable netting agreement. These financial instruments are contained in the non-netted amounts. In addition, the non-netted amounts also include cash collateral received and paid for offexchange transactions, as well as collateral to be furnished in advance for on-exchange transactions that can also be furnished in the form of securities assigned as security.
| 31/12/2015 | Non-netted amounts | |||||
|---|---|---|---|---|---|---|
| in €million | Gross amounts |
Netting | Net amounts accounted for |
Master netting agreement |
Financial collateral received/paid |
Net amount |
| Other assets | 1,969.0 | -22.0 | 1,947.0 | -1,545.0 | -330.0 | 72.0 |
| Held for trading | (1,869.0) | (-18.0) | (1,851.0) | (-1,521.0) | (-330.0) | (0.0) |
| Derivatives in hedge accounting |
(100.0) | (-4.0) | (96.0) | (-24.0) | (0.0) | (72.0) |
| Other liabilities and subsidies |
2,261.0 | -296.0 | 1,965.0 | -1,546.0 | -303.8 | 115.2 |
| Held for trading | (1,904.0) | (-57.0) | (1,847.0) | (-1,521.8) | (-210.0) | (115.2) |
| Derivatives in hedge accounting |
(357.0) | (-239.0) | (118.0) | (-24.2) | (-93.8) | (0.0) |
| 31/12/2014 | Non-netted amounts | |||||
|---|---|---|---|---|---|---|
| in €million | Gross amounts |
Netting | Net amounts accounted for |
Master netting agreement |
Financial collateral received/paid |
Net amount |
| Other assets | 1,878.3 | -392.3 | 1,486.0 | -1,103.1 | -200.3 | 182.6 |
| Held for trading | (1,625.8) | (-349.9) | (1,275.9) | (-1,079.4) | (-196.5) | (0.0) |
| Derivatives in hedge accounting |
(252.5) | (-42.4) | (210.1) | (-23.7) | (-3.8) | (182.6) |
| Other liabilities and subsidies |
2,350.5 | -638.5 | 1,712.0 | -1,103.1 | -341.7 | 267.2 |
| Held for trading | (1,865.0) | (-403.4) | (1,461.6) | (-1,079.4) | (-315.8) | (66.4) |
| Derivatives in hedge accounting |
(485.5) | (-235.1) | (250.4) | (-23.7) | (-25.9) | (200.8) |
Net gains or losses by measurement category
| in €million | 2015 | 2014 |
|---|---|---|
| Financial assets and liabilities held for trading | -99.4 | 19.4 |
| Available-for-sale financial assets | 574.0 | 165.0 |
| Loans and receivables | -12.1 | 12.0 |
| Financial liabilities measured at amortised cost | -0.2 | -0.3 |
The presentation of net gains and losses does not include derivatives that are used as hedging instruments. Stand-alone derivatives are included in the "financial assets and liabilities held for trading" measurement category.
The net loss posted in the "financial assets and liabilities held for trading" measurement category includes gains from marking to market and gains on sale, as well as interest and currency effects.
As in the previous year, the net gain recorded in the "available-for-sale financial assets" measurement category includes realised losses on disposal as well as impairment losses.
The net loss recorded in the "loans and receivables" measurement category arises from the impairment losses, which are higher than the positive currency effects and write-ups. In the previous year, a net gain arose from the overall positive currency effects and write-ups, which exceeded impairment losses.
As in the previous year, the net loss on financial liabilities measured at amortised cost is attributable primarily to credit fees.
Earnings from changes in the market value of available-for-sale financial assets were recognised directly in equity in the amount of €253.0 million in the 2015 financial year (previous year: €401.4 million). Of the changes in market values posted with no impact on income, €659.4 million was transferred with a positive earnings impact (previous year: €161.2 million with a positive earnings impact) to the income statement.
The valuation allowances on financial assets in the "available for sale" and "loans and receivables" measurement categories amount to €43.2 million (previous year: €14.1 million) and €0.1 million (previous year: €3.2 million), respectively. In the 2015 financial year, impairment losses were carried out on trade receivables amounting to €27.0 million (previous year: €32.2 million) and on other assets totalling €1.9 million (previous year: €0.4 million), which were measured at amortised cost. As of 31 December 2015, bad debt allowances on financial assets, trade receivables and other assets totalled €63.1 million (previous year: €66.1 million).
Derivatives: Both physical and financial options and forward transactions are entered into to hedge risks in the commodity area, while forward transactions are used almost exclusively in the foreign exchange area. In the area of financing, swap transactions were concluded to minimise risks.
All derivatives held for trading are accounted for as assets or liabilities. They are measured at fair value.
Changes in the fair value of derivatives which are neither intended for own use nor qualify as cash flow hedges are recorded in the income statement.
Hedge accounting in accordance with IAS 39 is applied in the finance area mainly for currency hedges for investments with a foreign functional currency and for interest rate hedges for non-current liabilities. In the commodity area, fluctuations of future cash flows from forecast procurement and sales transactions are hedged.
Cash flow hedges have been entered into particularly in the commodity area to cover price risks from future sales and procurement transactions, to limit the currency risk from liabilities denominated in foreign currency and to limit the risk of interest rate fluctuation of floating-rate liabilities.
The change in the fair value of the hedges used, particularly forward contracts and futures, is, insofar as they are effective, recorded directly in other comprehensive income (measurement of financial instruments at market value) until termination of the hedge. The ineffective portion of the gain or loss on the hedging instrument is immediately recognised in profit or loss.
Date of the reclassification of the result that was directly recognised in equity to the 2015 income statement
| in €million | Fair value | 2016 | 2017–2020 | >2020 |
|---|---|---|---|---|
| Currency-related cash flow hedges | 44.7 | 66.9 | 27.3 | -49.5 |
| Commodity cash flow hedges | -346.7 | -226.6 | -120.1 | 0.0 |
| Interest-related cash flow hedges | -0.2 | 0.0 | 0.0 | -0.2 |
| Other derivative cash flow hedges | -36.1 | -36.1 | 0.0 | 0.0 |
Date of the reclassification of the result that was directly recognised in equity to the 2014 income statement
| in €million | Fair value | 2015 | 2016–2019 | >2019 |
|---|---|---|---|---|
| Currency-related cash flow hedges | -17.2 | 27.5 | 38.4 | -83.1 |
| Commodity cash flow hedges | -363.1 | -216.0 | -147.1 | 0.0 |
| Interest-related cash flow hedges | -2.2 | 0.0 | -0.9 | -1.3 |
| Other derivative cash flow hedges | -35.5 | -35.5 | 0.0 | 0.0 |
As of 31 December 2015, unrealised gains from derivatives amounted to €359.0 million (previous year: €463.9 million). The effective portion of the cash flow hedges amounting to €122.4 million (previous year: €292.0 million) was recognised directly in equity in the reporting period. From the ineffective portion of the cash flow hedges in 2015, there arose income of €4.3 million (previous year: expense in the amount of €7.0 million) and expenses from reclassifications from the other comprehensive income in the amount of €65.8 million (previous year: €86.5 million) to the income statement. The reclassification will be made to revenue (increase of €18.1 million, previous year: €80.8million), cost of materials (increase of €87.8 million, previous year: €166.7 million) and the financial result (increase of €14.2 million, previous year: decrease of €0.6 million). Moreover, the amounts reclassified also included expenses as a result of the de-designation of cash flow hedges amounting to €10.3 million (previous year: €0.0 million). An amount of €161.5 million (previous year: €169.4 million) was reclassified from other comprehensive income to inventories. This led to an increase in acquisition costs.
As of 31 December 2015, existing hedged transactions are covered by cash flow hedges for foreign currencies with terms of up to 23 years (previous year: up to 24 years). In the commodity area, the terms of planned underlying transactions are generally up to four years (previous year: up to four years).
For optimisation purposes, hedging relationships are redesignated and de-designated as is customary in the industry.
Fair value hedges are entered into above all to hedge fixed-interest liabilities against market price risks. Interest rate swaps are used as hedging instruments. With a fair value hedge, both the hedged transaction and the hedging instrument for an exposure are measured at fair value through profit or loss. The change of €21.8 million in the fair value of hedging instruments was recognised in the income statement with a negative impact on earnings in the reporting period (previous year: €22.5 million with positive impact on earnings). For hedged liabilities, the fluctuation in market values arising from the hedged risk was also recognised in profit or loss. In the reporting year, the fluctuations in market values totalling €21.1 million that resulted from the underlying transactions were measured through profit or loss with a positive impact on earnings (previous year: €21.8 million with a negative impact on earnings).
Hedges of net investments in foreign operations: Primary foreign currency bonds are used to hedge against foreign exchange risks from investments with a foreign functional currency. As of 31 December 2015, €45.4 million (previous year: €33.6 million) arising from the hedges' exchange rate changes was reported within equity as unrealised losses under "Currency translation". The hedges of net investments in foreign operations are 100% effective.
Contracts that have been concluded to meet the company's expected usage requirements are not recorded in the balance sheet pursuant to the provisions of IAS 39.
Regular way purchases or sales (spot purchases/sales) of primary financial instruments are generally recognised as of the settlement date. Derivative financial assets are recognised as of the trading date. Derivative and primary financial instruments are recognised in the balance sheet when EnBW becomes party to the contract.
Purchases and sales of fuels are made in euros, US dollars or pounds sterling.
Counterparty risks are assessed taking into account the period for which the current replacement and selling risk has been calculated. Moreover, these risks are analysed with reference to the current rating by the rating agencies Moody's and Standard & Poor's. An internal rating procedure is used for trading partners that do not have such an external rating.
The counterparty risk is based on replacement and selling risks resulting from the market value of the item in question with the individual trading partner as of the reporting date. Netting options agreed in master agreements concluded with the trading partner are also taken into account when determining the counterparty risk.
If there is a netting agreement, positive and negative market values are netted for each trading partner. Otherwise, only positive market values are taken into consideration.
| in €million | 31/12/2015 | 31/12/2014 | ||
|---|---|---|---|---|
| < 1 year | 1–5 years | < 1 year | 1–5 years | |
| up to A1 | 33.5 | 9.0 | 35.0 | 13.2 |
| up to A3 | 94.1 | 68.1 | 46.5 | 35.9 |
| Baa1 | 47.8 | 13.9 | 40.7 | 22.2 |
| up to Baa3 | 34.4 | 14.3 | 28.8 | 16.2 |
| below Baa3 | 8.0 | 0.1 | 0.1 | 0.0 |
| Total | 217.8 | 105.4 | 151.1 | 87.5 |
Counterparty risk Moody's, S&P and/or internal rating
The nominal volume of the derivatives presented below has not been netted. It represents the sum of all purchase and sale amounts underlying the transactions. The amount of the nominal volume allows conclusions to be drawn about the extent to which derivatives have been used. However, it does not reflect the risk of the Group as the derivative transactions are counterbalanced by hedged items with risks that run counter to that of the derivative. Collateral is provided or obtained for derivatives that are traded on the stock exchange.
| in €million1 | Nominal volume | |||
|---|---|---|---|---|
| 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | |
| Forward exchange transactions | 2,282.1 | 2,510.0 | 38.3 | -6.6 |
| Electricity options and futures | 1,194.9 | 1,943.9 | -3.9 | -7.1 |
| Forward electricity transactions | 7,382.4 | 9,191.9 | -42.9 | -167.6 |
| Forward gas transactions and swaps | 8,222.0 | 11,758.9 | -31.6 | -17.1 |
| Forward coal transactions and swaps | 3,420.2 | 3,515.0 | -337.6 | -400.1 |
| Derivatives for emission rights | 1,099.3 | 806.7 | 18.6 | 38.5 |
| Fixed interest paying | 304.6 | 325.2 | -1.6 | -2.0 |
| Fixed interest bearing | 604.6 | 1,251.7 | 98.8 | 131.1 |
| Other futures and derivatives | 3,108.9 | 1,538.3 | -67.9 | -71.6 |
| Total | 27,619.0 | 32,841.6 | -329.8 | -502.5 |
1 Before offsetting financial assets and financial liabilities according to IAS 32.
Derivatives used for hedging purposes can be reconciled to other comprehensive income (cash flow hedge) as follows:
| in €million1 | 31/12/2015 | 31/12/2014 | Variance |
|---|---|---|---|
| Derivatives used in cash flow hedges with a positive fair value | 99.8 | 76.4 | 23.4 |
| Derivatives used in cash flow hedges with a negative fair value | 438.1 | 494.4 | -56.3 |
| -338.3 | -418.0 | 79.7 | |
| Deferred tax on changes recognised directly in equity in derivatives used in cash flow hedges |
97.5 | 126.7 | -29.2 |
| Hedge ineffectiveness | 3.5 | 7.8 | -4.3 |
| Cascading effects | -13.1 | -21.3 | 8.2 |
| Effects realised from hedged transactions2 | -11.1 | -32.4 | 21.3 |
| Non-controlling interests | 4.6 | 2.9 | 1.7 |
| Cash flow hedge (recognised in equity) | -256.9 | -334.3 | 77.4 |
1 Before offsetting financial assets and financial liabilities according to IAS 32.
Of which €-20.3 million (previous year: €-56.7 million) which will be reclassified to the income statement in the period 2016 to 2018 (previous year: 2015 to 2018).
The cascading effects concern the changes in market value of the futures that are part of hedges accumulated until the time of cascading.
In cascading, annual and quarterly futures are settled by other futures instead of in cash.
Changes in carrying amounts of stand-alone derivatives can be reconciled to the income statement as follows:
| in €million1 | 31/12/2015 | 31/12/2014 | Variance |
|---|---|---|---|
| Derivatives with a positive fair market value | 1,793.4 | 1,348.0 | 445.4 |
| Derivatives with a negative fair market value | 1,891.2 | 1,571.2 | 320.0 |
| Carrying amounts of stand-alone derivatives | -97.8 | -223.2 | 125.4 |
1 Before offsetting financial assets and financial liabilities according to IAS 32.
| Change in fair value of the derivatives | 139.9 | 172.9 |
|---|---|---|
| Option premium paid | 14.5 | -3.8 |
| Changes in the carrying amounts of stand-alone derivatives | 125.4 | 176.7 |
| in €million | 2015 | 2014 |
The gain/loss from derivatives disclosed in the income statement breaks down as follows:
| in €million | 2015 | 2014 |
|---|---|---|
| Fair value adjustment | 139.9 | 172.9 |
| Gain/loss recognised | -239.4 | -157.6 |
| Hedge ineffectiveness | 4.3 | -7.0 |
| Gain/loss from derivatives | -95.2 | 8.3 |
| of which other operating income | (125.7) | (294.8) |
| of which other operating expenses | (254.4) | (261.3) |
| of which finance revenue | (37.4) | (7.4) |
| of which finance costs | (3.9) | (32.6) |
When the derivatives are sold, the gain/loss recognised reverses the previous market valuation of economically secured stand-alone derivatives. As a result of previously marking the derivatives to market, the hedged transactions are not carried out at the price hedged by the derivative, but at the current spot price.
In the interest of transparency, we have disclosed the effects from marking to market as well as the gain/loss recognised.
As an energy supply company, EnBW is exposed to financial price risks in the currency, interest and commodity areas in the course of its operating activities, investments and financing transactions. In addition, there are credit and liquidity risks. It is company policy to eliminate or limit these risks by systematic risk management.
Exchange rate fluctuations between the euro and other currencies, fluctuation in interest rates on international money and capital markets, as well as fluctuating prices on the markets for electricity, coal, gas and emission allowances are the main price risks for EnBW. The hedging policy used to limit these risks is set forth by the Board of Management and is documented in intercompany guidelines. It also provides for the use of derivatives.
The derivatives used to hedge against financial risks are subject to the assessment criteria defined in the risk management guidelines. These include value-at-risk ratios and position limit and loss limits. The segregation of duties between trading and back-office processing and control is a further key element of our risk management.
The corresponding financial transactions are only concluded with counterparties with excellent credit ratings. Using suitable hedging instruments, it is possible to make use of market opportunities while hedging the risk position.
The risks arising from financial instruments as well as the methods used to assess and manage them have not been changed significantly since the previous year.
For further details on EnBW's risk management system, we refer to our explanations given in the risk report contained in the management report.
Credit risk: EnBW is exposed to credit risks that result from the counterparties not fulfilling contractual agreements. EnBW manages its credit risks by generally demanding a high credit rating of its counterparties and limiting the credit risk with counterparties. The credit ratings of counterparties are continually monitored by EnBW's system for managing credit ratings. Commodity and energy transactions are generally made under master agreements such as EFET, ISDA or IETA.
These master agreements are generally only entered into following careful scrutiny of the counterparty's creditworthiness. Exceptions to this business policy can be made only if it is in the justified interest of the company, e.g. in order to penetrate new markets. In terms of the customer structure, the receivables from individual counterparties are not large enough to give rise to a significant concentration of risks.
Financial investments are only made with the investment limits and counterparties defined in the treasury guidelines. Compliance with these guidelines is constantly monitored by the internal control system (ICS).
The maximum credit risk from financial assets (including derivatives with positive market value) is equivalent to the carrying amounts recognised in the balance sheet. As of 31 December 2015, the maximum credit risk amounts to €20,201.9 million (previous year: €18,460.2 million).
Liquidity risk: Liquidity risks arise for EnBW from the obligation to repay liabilities fully and punctually. The objective of EnBW's cash and liquidity management is to secure the company's solvency at all times.
Cash management determines any cash requirements and surpluses on a central basis. By offsetting cash requirements and excess cash, the number of banking transactions is reduced to a minimum. The offsetting is carried out by cash pooling. Cash management has implemented standardised processes and systems to manage bank accounts and internal clearing accounts and perform automated payment transactions.
For liquidity management purposes, a finance plan based on cash flows is prepared centrally. As they arise, finance needs are covered by suitable liquidity management instruments. In addition to ensuring that liquidity is available on a daily basis, EnBW maintains further liquidity reserves of €2.0 billion (previous year: €1.9 billion) which are available at short notice. The amount of liquidity reserves is based on strategic liquidity planning, taking into account defined worst-case parameters. The liquidity reserve is made up of contractually agreed, syndicated and free credit lines with various terms to maturity. In view of the liquidity available and existing credit lines, EnBW does not consider there to be any concentration of risk.
For further details on financial liabilities refer to note (24) "Liabilities and subsidies".
The tables below show future undiscounted cash flows from financial liabilities and derivative financial instruments that affect the future liquidity situation of the EnBW Group.
The analysis includes all contractual obligations as of the reporting date 31 December 2015 that are disclosed in the balance sheet.
Interest and redemption payments are taken into consideration for debt instruments issued and liabilities to banks.
The interest payments on fixed-interest financial instruments are based on the contractually agreed interest rates. For financial instruments subject to floating interest, the interest rates last fixed prior to 31 December 2015 were used.
Foreign currency financial instruments are translated at the respective spot price as of 31 December 2015.
Where derivatives are concerned, positive or negative market values are generally included, provided they give rise to a net outflow of resources. Undiscounted cash flows are based on the following terms and conditions:
| Undiscounted cash flows as of 31/12/2015 | ||||
|---|---|---|---|---|
| in €million | Total | 2016 | 2017 | 2018 | 2019 | Cash flows > 2019 |
|---|---|---|---|---|---|---|
| Non-derivative financial liabilities |
||||||
| Debt instruments issued | 7,568.4 | 773.1 | 1,251.7 | 1,020.3 | 125.3 | 4,398.0 |
| Liabilities to banks | 1,672.5 | 151.5 | 154.1 | 130.9 | 281.3 | 954.7 |
| Finance lease liabilities | 63.9 | 2.3 | 2.8 | 3.2 | 2.3 | 53.3 |
| Other financial liabilities | 506.2 | 123.7 | 12.9 | 15.8 | 52.2 | 301.6 |
| Trade payables | 437.3 | 437.3 | ||||
| Other financial obligations |
875.1 | 779.3 | 7.2 | 1.3 | 7.9 | 79.4 |
| Derivative financial assets1 | 221.8 | 155.0 | 43.2 | 22.6 | 1.0 | |
| Derivative financial liabilities1 |
8,488.5 | 6,093.7 | 1,727.3 | 604.5 | 23.6 | 39.4 |
| Financial guarantees | 247.6 | 247.6 | ||||
| Total | 20,081.3 | 8,763.5 | 3,199.2 | 1,798.6 | 493.6 | 5,826.4 |
1 Before netting according to IAS 32.
| in €million | Total | 2015 | 2016 | 2017 | 2018 | Cash flows > 2018 |
|---|---|---|---|---|---|---|
| Non-derivative financial liabilities |
||||||
| Debt instruments issued | 8,574.6 | 1,054.5 | 773.2 | 1,250.8 | 1,009.3 | 4,486.8 |
| Liabilities to banks | 1,977.8 | 256.3 | 159.7 | 283.9 | 185.7 | 1,092.2 |
| Finance lease liabilities | 140.3 | 77.1 | 2.2 | 2.5 | 3.0 | 55.5 |
| Other financial liabilities | 137.0 | 20.8 | 9.8 | 8.8 | 8.4 | 89.2 |
| Trade payables | 463.8 | 463.8 | ||||
| Other financial obligations | 1,030.3 | 811.2 | 6.7 | 0.6 | 0.3 | 211.5 |
| Derivative financial assets1 | 138.6 | 76.0 | 23.1 | 36.7 | 2.8 | |
| Derivative financial liabilities1 |
11,522.9 | 8,335.7 | 2,272.3 | 778.6 | 61.3 | 75.0 |
| Financial guarantees | 210.4 | 210.4 | ||||
| Total | 24,195.7 | 11,305.8 | 3,247.0 | 2,361.9 | 1,270.8 | 6,010.2 |
1 Before netting according to IAS 32.
Due to still falling market prices, liabilities outweigh assets. The lower volume of forward purchases in the electricity and gas segments, however, led to a decrease in liabilities compared to the previous year. Because only the derivatives that cause a cash outflow are presented and the netting agreements concluded with numerous trading partners as part of our risk management activities are also left out here, EnBW Group's actual liquidity risk from derivatives is not directly revealed.
Market price risks can arise from foreign exchange and interest rate risks as well as from commodity and other price risks for shares, share-based investment funds and interest-bearing securities. The price risks are reduced through the implementation of a comprehensive hedging concept and the associated conclusion of risk positions.
EnBW has exposure to foreign currency risk from procurement and hedging of prices for the fuel needed, as well as gas and oil trading business. In addition, EnBW has currency risks arising from liabilities denominated in foreign currency. The currency risk is hedged with the help of appropriate standardised financial instruments – in the reporting period, forward exchange contracts in particular – on the basis of continuously monitored exchange rate forecasts. Foreign exchange risks are hedged centrally. EnBW principally has exposure to currency risks from US dollars and Swiss francs.
The net assets tied up at foreign Group entities outside the eurozone, and their related translation risks, are hedged against exchange rate fluctuation only in exceptional cases.
The effects of changes in exchange rates on the profit for the year and on equity are analysed below. The analysis was made assuming that all other parameters, such as interest rates, remain unchanged. The analysis includes financial instruments whose exchange rate exposure might affect equity or the profit for the year.
These mainly are hedging instruments from cash flow hedges and from hedges of net investments in foreign operations, stand-alone derivatives and receivables and liabilities denominated in foreign currency.
A 10% appreciation (depreciation) of the euro (previous year: 10%) against all currencies as of the reporting date 31 December 2015 would worsen (improve) the net profit/loss for the year by €13.2 million. In the previous year, an appreciation (depreciation) would have improved (worsened) the net profit/loss for the year by €2.1 million. The hypothetical change in net profit/loss results from the currency sensitivity between the euro and the US dollar (worsening of €19.7 million; previous year: €3.7 million) and between the euro and the Swiss franc (improvement of €6.5 million; previous year: €5.8 million).
In the event of an appreciation (depreciation) of 10% (previous year: 10%), the equity would increase (decrease) by €52.5 million (previous year: decrease by €57.9million) as of the 31 December 2015 reporting date. The hypothetical change in equity results from the currency sensitivity between the euro and the US dollar (increase of €40.5 million; previous year: decrease of €68.7 million) and between the euro and the Swiss franc (increase of €12.0 million; previous year: €10.8 million).
EnBW uses a multitude of interest-sensitive financial instruments in order to meet the requirements of operational and strategic liquidity management. Interest rate risks only stem from floating-rate instruments.
Interest-induced changes in the market value of interest-bearing securities in the "available for sale" measurement category are presented under other price risks for shares, share-based investment funds and interest-bearing securities.
On the assets side, there is interest exposure from bank balances and on the liabilities side from floating-rate liabilities to banks. In addition, there are interest rate risks from derivatives in the form of swap transactions. EnBW mainly has interest rate risks in the euro area.
The effects of changes in interest rates on the profit for the year and on equity are analysed below. The analysis was made assuming that all other parameters, such as exchange rates, remain unchanged. The analysis includes only financial instruments whose interest rate exposure might affect equity or the profit for the year. For analysis purposes, the average change in yield over the last ten years was used.
An increase (decrease) of 65 basis points (previous year: 70 basis points) in the interest rate in the eurozone as of the reporting date 31 December 2015 in relation to the nominal volume would improve (worsen) the net profit/loss for the year by a total of €1.1 million (previous year: worsening of €8.0 million). The hypothetical change in net profit/loss consists of potential effects from worsening interest rate derivatives amounting to €3.1 million (previous year: €8.7 million), an increase of €11.7 million (previous year: €9.8 million) in cash at banks with a floating interest rate and an increase of €7.5 million (previous year: €9.1 million) in primary financial liabilities with a floating interest rate.
In the context of our energy trading activities, EnBW enters into energy trading contracts for the purpose of price risk management, optimisation of power stations, load equalisation and optimisation of margins. Trading for own account is only permitted within narrow, clearly defined boundaries.
The price risks mostly arise from the procurement and sale of electricity, the procurement of coal, gas and oil as fuels, and the procurement of emission allowances. Furthermore, EnBW is exposed to price risks from speculative items entered into in own-account trading. The price risks are hedged using appropriate financial instruments on the basis of continuously monitored forecasts of market prices. The hedging instruments used in the reporting period were forwards, futures, swaps and options.
The sensitivity of the measurement of derivatives to the price of electricity, coal, oil, gas and emission allowances is analysed below. The analysis was made assuming that all other parameters remain unchanged. It includes only derivatives whose changes in market value affect equity or the profit for the year. These are derivatives that are accounted for as stand-alone derivatives as well as derivatives used as hedging instruments in cash flow hedges. For all commodities, typical volatilities were determined and rounded on the basis of the front year.
The analysis does not include any derivatives that are intended for the purpose of receipt or delivery of a nonfinancial item in accordance with the entity's expected purchase, sale or usage requirements (own use), and are not required to be accounted for in accordance with IAS 39. Our generation and distribution positions are not included in the analysis either.
The sensitivities presented below therefore do not represent the actual economic risks that the EnBW Group is exposed to and serve solely to satisfy the disclosure requirements of IFRS 7.
An increase (decrease) of 10% in the market price of electricity (previous year: 10%) as of the reporting date 31 December 2015 would worsen (improve) the net profit/loss for the year by €21.0 million (previous year: €31.0 million). In the event of an increase (reduction) of 10% in the market price (previous year: 10%) as of the reporting date 31 December 2015, the equity would decrease (increase) by €5.3 million (previous year: €28.0 million).
An increase (decrease) of 20% in the market price of coal (previous year: 10%) as of the reporting date 31 December 2015 would worsen (improve) the net profit/loss for the year by €6.1 million (previous year: €16.6 million). In the event of an increase (reduction) of 20% in the market price (previous year: 10%) as of the reporting date 31 December 2015, the equity would decrease (increase) by €69.0 million (previous year: €58.4 million).
An increase (decrease) of 35% in the market price of oil (previous year: 15%) as of the reporting date 31 December 2015 would worsen (improve) the net profit/loss for the year by €16.2 million (previous year: €10.0 million). In the event of an increase (reduction) of 35% in the market price (previous year: 15%) as of the reporting date 31 December 2015, the equity would decrease (increase) by €22.3 million (previous year: €14.6 million).
An increase (decrease) of 15% in the market price of gas (previous year: 15%) as of the reporting date 31 December 2015 would worsen (improve) the net profit/loss for the year by €5.5 million (previous year: €2.0 million).
An increase (decrease) of 30% in the market price of emission allowances (previous year: 50%) as of the reporting date 31 December 2015 would worsen (improve) the net profit/loss for the year by €95.9 million (previous year: €71.2 million). In the event of an increase (reduction) of 30% in the market price (previous year: 50%) as of the reporting date 31 December 2015, the equity would decrease (increase) by €5.2 million (previous year: €12.9 million).
EnBW has investments in shares and share-based investment funds and fixed-interest securities which pose price risks for the company. When selecting securities, the company always attaches particular importance to high marketability and good credit rating. As of the reporting date 31 December 2015, shares, share-based investment funds and fixed-interest securities totalling €7,144.1 million (previous year: €7,130.1 million) were exposed to the market risk.
The effects of price risks from shares and share-based investment funds as well as interest-bearing securities on the profit for the year and on equity are analysed below. The analysis was made assuming that all other parameters, such as currency, remain unchanged. The analysis includes financial instruments whose price risks might affect equity or the profit for the year. The analysis of the market price risk of shares and share-based investment funds was carried out based on historical volatility. A standard deviation was assumed as a realistic scenario. The market risk of fixed-interest securities was analysed by modified duration. Taking into account the changes in interest rates assumed (see interest rate risk) in relation to the fair value of fixed-interest securities, earnings are determined in absolute figures. The premises on which the sensitivity analysis is based are 16% for shares and share-based investment funds (previous year: 15%) and 2% for interest-bearing securities (previous year: 4%).
In the risk scenario in question, the net profit/loss for the year would improve (worsen) by €4.5 million (previous year: €8.9 million). The hypothetical change in profit/loss for the year is due to fixed-interest securities. In the risk scenario in question, the equity would increase (decrease) by €493.2 million (previous year: €564.4 million). Of the hypothetical change in equity, €405.5 million (previous year: €392.8 million) is accounted for by shares and share-based investment funds and €87.7 million (previous year: €171.6 million) by fixed-interest securities.
The disclosures on contingent liabilities and other financial commitments relate to the nominal values.
After the amended German Atomic Power Act (AtG) and the amended Directive on the Coverage Provisions in the Nuclear Power Industry (AtDeckV) came into force on 27 April 2002, German nuclear power plant operators are now required to provide evidence of coverage provision up to a maximum amount of €2.5 billion per case of damage for risks related to nuclear power. Of this provision, €255.6 million is covered by uniform third-party liability insurance. Nuklear Haftpflicht GbR now only provides solidarity coverage in respect of claims relating to officially prescribed evacuation measures ranging from €0.5 million to €15 million. In proportion to their shares in the nuclear power plants, Group companies have undertaken to provide the operating companies responsible for the nuclear power plants with sufficient liquidity to enable them to meet their obligations arising from their membership of Nuklear Haftpflicht GbR at any time.
In order to fulfil the subsequent coverage provision amounting to €2,244.4 million per case of damage, EnBW Energie Baden-Württemberg AG and the other parent companies of the German nuclear power station operators reached a solidarity agreement on 11 July, 27 July, 21 August and 28 August 2001, which was extended with agreements on 25 March, 18 April, 28 April and 1 June 2011, to provide a liable nuclear power station operator with sufficient funding – after exhausting its own possibilities and those of its parent companies – to meet its payment obligations in the event of a claim for damages. According to the agreement, EnBW Energie Baden-Württemberg AG has to bear a 24.921% share of the liability coverage as of 31 December 2015, and the same share of 24.921% as of 1 January 2016, plus 5% for costs to settle any claims for damages. Sufficient provisions have been made to ensure this liquidity and are taken into account in the liquidity plan.
In addition, the EnBW Group has the following other contingent liabilities:
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Guarantees | 4.1 | 76.0 |
| Contingent liabilities from pending litigation | 884.4 | 1,620.3 |
| Total | 888.5 | 1,696.3 |
No provisions were made for pending litigation because the counterparty is unlikely to win the case. More detailed explanations on important legal risks, for which contingent liabilities are reported, can be found in the risk report. In addition, various court cases, investigations by authorities or proceedings and other claims are pending against EnBW. The chances of these being successful are, however, remote and they are therefore not reported under contingent liabilities.
The EnBW Group has long-term purchase commitments for natural gas, coal and other fossil fuels, as well as for electricity. In addition, there are commitments from long-term agreements for the purchase, conversion, enrichment, production and disposal of uranium. The total volume of these commitments amounts to €19.0 billion (previous year: €21.4 million), of which €3.9 billion (previous year: €4.8 billion) is due within one year.
This reduction was primarily the result of shorter terms to maturity, as well as amended assumptions about long-term supply agreements in the electricity and gas sectors.
In addition, there are provisions for long-term procurement agreements amounting to €773.5 million (previous year: €578.6 million).
| in €million | 31/12/2015 | Of which due in | 31/12/2014 | ||
|---|---|---|---|---|---|
| < 1 year | 1–5 years | > 5 years | |||
| Financial commitments from rent and lease agreements |
448.0 | 83.6 | 215.6 | 148.8 | 406.9 |
| Purchase commitments | 643.4 | 381.4 | 201.9 | 60.1 | 633.5 |
| Capital commitments for intangible assets and property, plant and equipment |
501.9 | 232.6 | 269.2 | 0.1 | 984.9 |
| Financial commitments from corporate acquisitions1 |
660.5 | 207.3 | 421.1 | 32.1 | 549.4 |
| Other financial commitments | 515.0 | 221.3 | 107.3 | 186.4 | 497.4 |
| Total | 2,768.8 | 1,126.2 | 1,215.1 | 427.5 | 3,072.1 |
1 Financial commitments from corporate acquisitions < 1 year include investments held as financial assets amounting to €198.9 million (previous year: €257.8 million).
As a result of regulatory and legal requirements, the ability of the Group to transfer assets within the Group is limited to some extent.
In accordance with the Energy Industry Act (EnWG), independent transmission operators must posses the financial, technical, material and human resources required to operate the transmission grid. For this purpose, the independent transmission operators must be the owner, either directly or through shareholdings, of all of the assets required to operate the transmission grid.
As of 31 December 2015, the EnBW Group held a total of €916.5 million (previous year: €791.4 million) in assets restricted due to these legal regulations.
The fees of the Group auditor KPMG AG Wirtschaftsprüfungsgesellschaft, which are recorded as an expense, break down as follows:
| in €million | 2015 | 2014 |
|---|---|---|
| Statutory audit | 2.3 | 2.3 |
| Other attestation services | 0.6 | 0.6 |
| Tax advisory services | 0.1 | 0.3 |
| Other services | 1.1 | 1.1 |
| Total | 4.1 | 4.3 |
(31) Exemptions pursuant to section 264 (3) and section 264b of the HGB
The following German subsidiaries made use of some or all of the exemption provisions of section 264 (3) of the German Commercial Code (HGB) or section 264b of the HGB in the 2015 financial year:
› EnBW Wind Onshore 2 GmbH, Stuttgart
› MSE Mobile Schlammentwässerungs GmbH, Karlsbad-Ittersbach
The Board of Management and Supervisory Board of EnBW Energie Baden-Württemberg AG issued the declaration of compliance with the German Corporate Governance Code required by section 161 of the German Stock Corporations Act (AktG) on 17 December 2015 and made it permanently available to shareholders on the Internet at www.enbw.com/declarationofcompliance.
The declaration of compliance of the listed subsidiary ZEAG Energie AG is available on the Internet at www.zeagenergie.de.
The company did not receive any notices in the 2015 financial year about transactions involving EnBW shares or related financial instruments concerning persons in managerial positions or those persons closely related to them in accordance with section 15a of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG). The EnBW shares held by all members of the Board of Management and the Supervisory Board total less than 1% of all shares issued by the company.
The cash flow statement is split up into cash flows from operating, investing and financing activities. The balance of the cash flow statement represents the change in cash and cash equivalents during the 2015 financial year amounting to €305.6 million (previous year: €760.0 million).
Cash and cash equivalents relate almost exclusively to bank balances, largely in the form of time and call deposits. In the 2015 financial year, cash flow from operating activities amounted to €1,918.3 million (previous year: €1,775.7 million).
in €million 2015 2014 Income from the reversal of construction cost subsidies -67.5 -70.4 Income and expenses from changes in specific bad debt allowances 44.0 31.2 Reversal of impairment losses on property, plant and equipment and intangible assets -59.5 -350.3 Write-down of inventories 32.7 19.3 Other -19.4 28.7 Total -69.7 -341.5
Other non-cash expenses and income break down as follows:
In the 2015 financial year, €82.8 million (previous year: €74.9 million) was distributed to third-party equity holders of Group companies.
The purchase prices paid in cash for the acquisition of subsidiaries and entities accounted for using the equity method, as well as for shares in joint operations, totalled €21.1 million (previous year: €40.8 million). In the reporting year and the previous year, no cash and cash equivalents were acquired in the course of share purchases. The cash payments in the reporting period primarily concerned capital increases at entities accounted for using the equity method. In the previous year, the cash payments were accounted for by capital increases at entities accounted for using the equity method and a retroactive purchase price payment as part of the acquisition of 26% of EWE.
The sale prices from the disposal of subsidiaries and entities accounted for using the equity method as well as for shares in joint operations totalled €31.5 million (previous year: €108.9 million). There was an outflow of cash and cash equivalents of €6.5 million (previous year: €0.0 million) in the reporting year as a result of the sale of shares. In the reporting period, the cash receipts largely result from a partial sale of shares in entities accounted for using the equity method. In addition, the sale of Kraftwerk Bexbach Verwaltungsgesellschaft mbH is included. The disposal resulted in the derecognition of property, plant and equipment of €31.7 million and other assets of €6.9 million and provisions of €23.4 million and other liabilities and subsidies of €1.5 million. The purchase price payment for the disposal of EnBW Propower GmbH was not made until the start of 2016. On the sale of the EnBW Propower GmbH, property, plant and equipment of €162.3 million and other assets of €10.2 million and other liabilities and subsidies of €0.7 million were derecognised. In the same period of the previous year, the cash payments resulted from the sale of 74.9% of the equity in Stuttgart Netze GmbH (formerly SWS Netzinfrastruktur GmbH). The sale of these shares resulted in the derecognition of distribution facilities totalling €197.9 million and construction cost subsidies totalling €104.1 million.
For further explanations on the cash flow statement, please refer to the explanations given in the management report about the financial position of the EnBW Group.
Capital management at EnBW covers the management of liabilities, as well as of financial assets. Financial assets include non-current securities and loans, as well as current financial assets and cash and cash equivalents. On the liabilities side, capital management covers financial liabilities, as well as provisions for pensions and those relating to nuclear power.
All deliberations on long-term capital management at EnBW are based on a theoretical analysis of the capital market in order to determine the best-possible capital structure. Both debt capital and equity are included in these deliberations. An optimum capital structure aims to minimise the total cost of capital, taking into consideration a premium for retaining financial flexibility. For EnBW, an optimum capital structure implies a rating target of category A. The analysis is performed on an ongoing basis.
Based on the mid-term planning, EnBW analyses the financial headroom for a given rating target. This determines the scope for strategic leverage. The Board of Management addresses this topic at least once a year.
Acquisitions and divestitures are the key influence on the company's financial headroom. The acquisitions and divestitures planned and performed are reviewed regularly and compared with the headroom determined.
EnBW uses a rolling planning horizon of three months for the short-term management of liquidity. EnBW also uses tools which allow forecasts to be made about liquidity requirements beyond the medium-term period.
Capital management at EnBW also extends to the active management of financial assets based on appraisals of the pension provisions, as well as appraisals of the nuclear provisions. EnBW uses a cash flow-based model to determine the anticipated effects over the next 30 years. This model forms the basis for the management of the financial assets. It allows simulations of various alternative return and provision scenarios.
| 01/01–31/12/2015 in €million |
Sales | Grids | Renewable Energies |
Generation and Trading |
Other/ Consolidation |
Total |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| External revenue | 9,061.2 | 6,350.6 | 447.0 | 5,300.4 | 7.3 | 21,166.5 |
| Internal revenue | 319.1 | 2,592.0 | 318.3 | 2,705.4 | -5,934.8 | 0.0 |
| Total revenue | 9,380.3 | 8,942.6 | 765.3 | 8,005.8 | -5,927.5 | 21,166.5 |
| Earnings indicators | ||||||
| Adjusted EBITDA | 255.3 | 747.4 | 287.4 | 777.3 | 42.2 | 2,109.6 |
| EBITDA | 329.5 | 818.9 | 274.3 | 579.9 | -84.4 | 1,918.2 |
| Adjusted EBIT | 199.2 | 402.4 | 176.5 | 392.7 | 11.1 | 1,181.9 |
| EBIT | 266.7 | 469.7 | 150.3 | -481.7 | -128.0 | 277.0 |
| Earnings from write-ups | 35.0 | 24.5 | 0.0 | 0.0 | 0.0 | 59.5 |
| Scheduled amortisation and depreciation |
-56.1 | -345.0 | -110.9 | -384.6 | -31.1 | -927.7 |
| Impairment losses | -6.7 | -4.2 | -13.1 | -677.0 | -12.5 | -713.5 |
| Adjusted net profit/loss from entities accounted for using the equity method |
0.0 | 22.2 | -12.6 | 5.7 | 46.4 | 61.7 |
| Net profit/loss from entities accounted for using the equity method |
0.0 | 22.2 | -16.2 | 5.7 | 14.6 | 26.3 |
| Significant non-cash items |
-60.4 | 9.8 | 3.7 | -40.6 | -18.0 | -105.5 |
| Assets and liabilities | ||||||
| Capital employed | 578.7 | 4,936.9 | 2,960.3 | 2,055.9 | 2,369.9 | 12,901.7 |
| of which carrying amount of entities accounted for using the equity method |
(0.0) | (304.4) | (193.2) | (56.3) | (272.2) | (826.1) |
| Capital expenditure on intangible assets and property, plant and equipment |
67.9 | 710.8 | 439.4 | 170.5 | 27.8 | 1,416.4 |
| 01/01/–31/12/2014 in €million1 |
Sales | Grids | Renewable Energies |
Generation and Trading |
Other/ Consolidation |
Total |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| External revenue | 9,066.8 | 6,230.5 | 407.4 | 5,290.1 | 7.7 | 21,002.5 |
| Internal revenue | 357.3 | 2,593.0 | 374.2 | 2,875.5 | -6,200.0 | 0.0 |
| Total revenue | 9,424.1 | 8,823.5 | 781.6 | 8,165.6 | -6,192.3 | 21,002.5 |
| Earnings indicators | ||||||
| Adjusted EBITDA | 230.6 | 886.3 | 191.4 | 899.5 | -40.4 | 2,167.4 |
| EBITDA | 240.4 | 975.7 | 186.1 | 812.7 | -77.6 | 2,137.3 |
| Adjusted EBIT | 169.4 | 538.5 | 132.9 | 520.3 | -70.6 | 1,290.5 |
| EBIT | 177.4 | 611.1 | 97.0 | -777.6 | -107.8 | 0.1 |
| Earnings from write-ups | 0.0 | 3.3 | 1.7 | 345.3 | 0.0 | 350.3 |
| Scheduled amortisation and depreciation |
-61.2 | -347.8 | -58.5 | -379.2 | -30.2 | -876.9 |
| Impairment losses | -1.8 | -16.8 | -30.6 | -1,211.1 | 0.0 | -1,260.3 |
| Adjusted net profit/loss from entities accounted for using the equity method |
0.0 | 17.5 | -6.6 | 2.7 | 12.6 | 26.2 |
| Net profit/loss from entities accounted for using the equity method |
0.0 | 20.7 | -42.8 | 2.7 | 3.7 | -15.7 |
| Significant non-cash items |
-30.5 | 30.3 | 2.4 | -52.7 | -10.4 | -60.9 |
| Assets and liabilities | ||||||
| Capital employed | 663.3 | 4,709.1 | 2,596.6 | 2,704.5 | 2,929.4 | 13,602.9 |
| of which carrying amount of entities accounted for using the equity method |
(0.0) | (314.9) | (231.9) | (54.1) | (1,340.1) | (1,941.0) |
| Capital expenditure on intangible assets and property, plant and equipment |
76.4 | 521.6 | 610.8 | 476.5 | 19.1 | 1,704.4 |
1 The figures for the previous year have been restated. The capital employed amounted to €13,846.9 million as at 1 January 2014. It includes retroactive restatements as of 1 January 2014 totalling €-61.7 million (as of 31 December 2014: €0.0 million) and concerns the Other/Consolidation column.
Adjusted EBITDA is one of the key internal performance indicators. Adjusted EBITDA is an earnings ratio before interest, tax, depreciation and amortisation and adjusted for extraordinary items, which accurately reflects the development of results of operations. In the management report, the development of the segments is explained with the aid of adjusted EBITDA.
Adjusted EBITDA can be reconciled to earnings before taxes (EBT) as follows:
| in €million | 2015 | 2014 |
|---|---|---|
| Adjusted EBITDA | 2,109.6 | 2,167.4 |
| Non-operating EBITDA | -191.4 | -30.1 |
| EBITDA | 1,918.2 | 2,137.3 |
| Amortisation and depreciation | -1,641.2 | -2,137.2 |
| Earnings before interest and taxes (EBIT) | 277.0 | 0.1 |
| Investment result | 21.2 | 25.6 |
| Financial result | -24.0 | -635.4 |
| Earnings before tax (EBT) | 274.2 | -609.7 |
Sales of electricity and gas, as well as the provision of energy-related services such as billing services or energy supply and energy-saving contracting, are summarised in the Sales segment. The Grids segment encompasses the value-added stages of transmission and distribution of electricity and gas. In addition, the provision of gridrelated services and the supply of water is reported in the Grids segment. Activities in the area of power generation using renewable energies are presented in their own segment. In addition to the generation and trading of electricity, the Generation and Trading segment also contains gas midstream operations, environmental services and the area dealing with the dismantling of power plants. Our shareholding in EWE and other activities which cannot be attributed to the segments presented separately are disclosed together with eliminations between the segments under Other/Consolidation.
The segment figures have been determined in accordance with the accounting policies used in the consolidated financial statements. Internal revenue shows the level of sales between Group companies. Sales between the segments were made at market prices.
The significant non-cash items principally comprise expenses from allocations to provisions and income from the reversal of construction cost subsidies.
Capital employed, which we record as segment assets, comprises all assets from the operating business. Noninterest-bearing liabilities – such as trade payables – are deducted.
| in €million1 | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Intangible assets | 1,744.9 | 1,783.0 |
| Property, plant and equipment | 13,508.1 | 13,681.7 |
| Investment properties | 68.9 | 75.8 |
| Investments2 | 1,031.5 | 2,133.9 |
| Inventories | 877.5 | 1,135.4 |
| Current trade receivables3 | 2,772.5 | 3,168.2 |
| Other assets4 | 4,255.0 | 2,745.5 |
| of which income tax refund claims | (475.2) | (460.7) |
| of which assets held for sale | (1,015.9) | (104.5) |
| of which other tax refund claims | (54.8) | (75.5) |
| of which derivatives | (1,996.8) | (1,559.4) |
| of which payments on account made | (130.8) | (110.1) |
| of which prepaid expenses | (55.3) | (56.8) |
| of which sundry assets | (632.1) | (520.6) |
| of which non-current trade receivables | (760.3) | (678.6) |
| of which assets attributable to net debt | (-866.2) | (-820.7) |
| Other provisions | -1,865.0 | -1,596.4 |
| Trade payables and other liabilities5 | -7,514.6 | -7,943.6 |
| of which payments received on account | (-135.9) | (-149.9) |
| of which trade payables | (-3,514.1) | (-3,821.5) |
| of which other deferred income | (-191.0) | (-202.4) |
| of which derivatives | (-2,056.8) | (-1,818.9) |
| of which income tax liabilities | (-389.8) | (-465.2) |
| of which other liabilities | (-1,234.3) | (-1,446.9) |
| of which liabilities directly associated with the assets classified as held for sale | (-0.8) | (-48.5) |
| of which liabilities attributable to net debt | (8.1) | (9.7) |
| Subsidies | -1,399.8 | -1,361.7 |
| Deferred taxes6 | -577.3 | -218.9 |
| Capital employed | 12,901.7 | 13,602.9 |
1 The figures for the previous year have been restated. The capital employed amounted to €13,846.9 million as at 1 January 2014. It includes retroactive restatements of deferred taxes as of 1 January 2014 totalling €-61.7 million (as of 31 December 2014: €0.0 million).
2 Including entities accounted for using the equity method, shares in affiliated entities and other investments allocable to operating activities. 3 Excluding affiliated entities.
4 Excluding affiliated entities, excluding non-current receivables associated with nuclear provisions.
5 Excluding affiliated entities, excluding non-controlling interests in fully consolidated partnerships recognised as liabilities. 6 Deferred tax assets and liabilities netted.
External revenue by region is determined based on the place supplied. The EnBW Group does not generate 10% or more of its external revenue with any one external customer.
External revenue by region
| in €million | 2015 | 2014 |
|---|---|---|
| Germany | 19,386.0 | 19,509.4 |
| European currency zone excluding Germany | 390.8 | 386.7 |
| Rest of Europe | 1,389.4 | 1,106.4 |
| Rest of world | 0.3 | 0.0 |
| 21,166.5 | 21,002.5 |
| in €million | 2015 | 2014 |
|---|---|---|
| Electricity | 16,162.4 | 16,554.8 |
| Gas | 3,860.5 | 3,479.1 |
| Energy and environmental services | 1,143.6 | 968.6 |
| 21,166.5 | 21,002.5 |
Intangible assets, property, plant and equipment and investment property by region
| in €million | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Germany | 14,021.1 | 13,985.9 |
| Rest of Europe | 1,300.8 | 1,554.6 |
| 15,321.9 | 15,540.5 |
Related parties include, above all, the federal state of Baden-Württemberg and Zweckverband Oberschwäbische Elektrizitätswerke as indirect major shareholders of EnBW AG. As of 31 December 2015, the federal state of Baden-Württemberg and its wholly owned subsidiary NECKARPRI GmbH indirectly held 46.75% (unchanged) of the shares in EnBW AG, and NECKARPRI-Beteiligungsgesellschaft mbH held the same amount directly. NECKAPRI-Beteiligungsgesellschaft mbH is a wholly owned subsidiary of NECKARPRI GmbH. Zweckverband Oberschwäbische Elektrizitätswerke indirectly held 46.75% (unchanged) of the shares in EnBW AG, and its wholly owned subsidiary OEW Energie-Beteiligungs GmbH (OEW GmbH) held the same amount directly. This means that related parties include, in particular, the federal state, NECKARPRI GmbH, OEW, OEW GmbH and entities controlled or jointly controlled by them or over which they have a significant influence.
The transactions concluded with the federal state and entities controlled or jointly controlled by it, or over which it has significant influence, essentially relate to supplying public entities such as universities, government authorities, zoos and clinics with electricity, gas and district heating. The revenue from these transactions was immaterial in the reporting period; most of the receivables had been settled as of 31 December 2015. All business transactions with the federal state were based on customary market terms and conditions. There are no contingent liabilities or financial commitments to the federal state.
There are no business relations with OEW and NECKARPRI-Beteiligungsgesellschaft mbH apart from dividends paid.
| in €million | 2015 | 2014 | ||||
|---|---|---|---|---|---|---|
| Joint ventures accounted for using the equity method |
Associated companies accounted for using the equity method |
Joint operations, recognised on a proportional basis |
Joint ventures accounted for using the equity method |
Associated companies accounted for using the equity method |
||
| Income | 44.2 | 309.1 | 1.1 | 35.2 | 328.9 | 1.6 |
| Expenses | -23.1 | -435.5 | -5.0 | -7.5 | -453.8 | -6.3 |
| Assets | 3.9 | 51.0 | 1.5 | 4.4 | 47.6 | 0.0 |
| Liabilities | 4.4 | 469.3 | 1.4 | 7.2 | 341.0 | 0.2 |
| Other obligations | 257.2 | 91.7 | 143.1 | 306.8 | 130.7 | 151.0 |
Business relations with related parties, which among others result from supply and procurement agreements in the electricity and gas sectors and took place at customary market terms and conditions, are as follows:
In business relations with joint ventures accounted for using the equity method, the receivables are due within one year, the liabilities mainly have longer terms. Other obligations to these entities largely concern guarantees and in the previous year concerned contingent liabilities (guarantees of €73.8 million) and future purchase price obligations of €24.1 million (previous year: €24.1 million). In addition, there are obligations from lease agreements with Stuttgart Netze GmbH.
The business relations with associated companies accounted for using the equity method, including with municipal entities (particularly municipal utilities) mainly exist in the course of ordinary business activity. The receivables and liabilities for the reporting period are almost exclusively due within one year. There are also provisions for long-term procurement agreements that are regularly adjusted to current market assessments. In addition to ordinary business activity, an obligation was newly recognised in the 2015 financial year in connection with a planned acquisition of a company. Other obligations to these entities result primarily from long-term purchase obligations in the electricity sector.
In business relations with joint operations whose assets, liabilities, income and expenses are recognised on a proportional basis, the receivables and liabilities are due within one year. Other obligations to these entities solely concern the gas sector.
Related parties also include the EnBW Trust e.V., which manages the plan assets for securing pension obligations.
The EnBW Group has not entered into any significant transactions with individuals that are related parties.
The basic principles of the remuneration system and amount of remuneration for the Board of Management, the Supervisory Board and former members of the Board of Management are presented in the remuneration report, which is part of the combined management report.
Total remuneration paid to the Board of Management for the 2015 financial year amounted to €8.4 million (previous year: €7.5 million). Short-term benefits amount to €5.2 million (previous year: €5.0 million) and longterm benefits to €3.2 million (previous year: €2.5 million). The addition to the pension obligations for this group of people was €1.4 million in the 2015 financial year (previous year: €1.1 million) and includes service and interest costs. There are defined benefit obligations in accordance with IFRS of €14.6 million for the current members of the Board of Management (previous year: €14.5 million).
Former members of the Board of Management and their surviving dependants received €7.1 million (previous year: €8.0 million), of which formerly independent companies €1.2 million (previous year: €2.1 million). There are defined benefit obligations to former members of the Board of Management and their surviving dependants in accordance with IFRS of €94.4 million (previous year: €98.5 million), of which formerly independent companies €24.4 million (previous year: €24.6 million).
As in the previous year, no loans or advances to members of the Board of Management existed at the end of the financial year.
The remuneration system of the Supervisory Board is also presented in the remuneration report, which is part of the combined management report.
The members of the Supervisory Board will receive total remuneration of €1.2 million for the 2015 financial year (previous year: €1.0 million). In addition to fixed components, the remuneration includes attendance fees and board remuneration from subsidiaries.
As in the previous year, there were no loans or advances to members of the Supervisory Board in the 2015 financial year.
| Footnote | Capital share1 (in %) |
Equity2 (in T€) |
Earnings2 (in T€) |
||
|---|---|---|---|---|---|
| Sales segment | |||||
| Fully consolidated companies | |||||
| 1 | ED GrünSelect GmbH, Rheinfelden | 6 | 100.00 | 494 | 7 |
| 2 | EnBW Mainfrankenpark GmbH, Dettelbach | 100.00 | 3,769 | 269 | |
| 3 | EnBW Vertriebsbeteiligungen GmbH, Stuttgart | 100.00 | 13,744 | 985 | |
| 4 | energieNRW GmbH, Düsseldorf | 5 | 100.00 | 1,137 | 461 |
| 5 | ESD Energie Service Deutschland AG, Offenburg | 100.00 | -610 | 16,080 | |
| 6 | eYello CZ k.s., Prague/Czech Republic (formerly eYello CZ a.s.) | 5 | 100.00 | 247 | -187 |
| 7 | GasVersorgung Süddeutschland GmbH, Stuttgart | 3 | 100.00 | 65,000 | - |
| 8 | Gasversorgung Unterland GmbH, Heilbronn | 100.00 | 8,225 | 0 | |
| 9 | NaturEnergie AG, Grenzach-Whylen | 6 | 100.00 | 9,630 | 2,092 |
| 10 | NaturEnergie+ Deutschland GmbH, Mühlacker (formerly NaturEnergie+ Deutschland GmbH, Rheinfelden) |
100.00 | 6,292 | 2,472 | |
| 11 | Sales & Solutions GmbH, Frankfurt am Main | 3 | 100.00 | 75,618 | - |
| 12 | Thermogas Gas- und Gerätevertriebs-GmbH, Stuttgart | 3 | 100.00 | 259 | - |
| 13 | Watt Synergia GmbH, Frankfurt am Main | 3 | 100.00 | 250 | - |
| 14 | Yello Strom GmbH, Cologne | 3 | 100.00 | 1,100 | - |
| 15 | ZEAG Immobilien GmbH & Co. KG, Heilbronn | 100.00 | 4,153 | 1,125 | |
| 16 | TRITEC AG, Aarberg/Switzerland | 6 | 60.00 | 164 | -209 |
| 17 | grünES GmbH, Esslingen am Neckar | 51.00 | 112 | 6 | |
| 18 | Energiedienstleistungen Rhein-Neckar GmbH, Ludwigshafen | 9 | 50.00 | 1,720 | 107 |
| 19 | Energie- und Medienversorgung Sandhofer Straße GmbH & Co. KG, Mannheim |
9 | 49.91 | 3,500 | 2,859 |
| 20 | Pražská energetika a.s., Prague/Czech Republic | 15 | 41.40 | 373,116 | 73,528 |
| Non-consolidated affiliated entities | |||||
| 21 | EZG Operations GmbH, Wismar | 5 | 100.00 | 133 | 15 |
| 22 | NatürlichEnergie Swiss NES GmbH, Laufenburg/Switzerland | 13 | 100.00 | - | - |
| 23 | WECO Flüssiggas Verwaltungsgesellschaft mbH, Stuttgart | 5 | 100.00 | 24 | 1 |
| 24 | ZEAG Immobilien Verwaltungsgesellschaft mbH, Heilbronn | 5 | 100.00 | 27 | 2 |
| 25 | WECO Flüssiggas GmbH & Co. KG, Stuttgart | 5 | 90.00 | 1,334 | -111 |
| 26 | Stromvertrieb Backnang Verwaltungs GmbH, Backnang | 13 | 51.00 | - | - |
| 27 | Energie- und Medienversorgung Sandhofer Straße Verwaltungs GmbH, Mannheim |
5 | 50.00 | 45 | 2 |
| Investments16 | |||||
| 28 | KEA-Beteiligungs-GbR "Energie", Karlsruhe | 8 | 62.74 | - | - |
| 29 | Stromvertrieb Backnang GmbH & Co. KG, Backnang | 13 | 51.00 | - | - |
| 30 | AQUANTO GmbH, Unterföhring | 5 | 50.00 | 471 | -1,028 |
| 31 | my-e-car GmbH, Lörrach | 5 | 50.00 | 20 | -5 |
| 32 | NatürlichEnergie EMH GmbH, Monzelfeld | 13 | 50.00 | - | - |
| 33 | Einhorn Energie GmbH & Co. KG, Giengen an der Brenz | 5 | 49.90 | 642 | 290 |
| 34 | Einhorn Energie Verwaltungsgesellschaft mbH, Giengen an der Brenz |
5 | 49.90 | 28 | 1 |
| 35 | Stadtwerke Freiberg a.N. Vertriebs-GmbH, Freiberg am Neckar | 5 | 49.90 | 33 | -17 |
| 36 | Gasversorgung Pforzheim Land GmbH, Pforzheim | 5 | 49.00 | 15,636 | 1,713 |
| 37 | espot GmbH, Stuttgart | 5 | 25.10 | 459 | 128 |
| Footnote | Capital share1 (in %) |
Equity2 (in T€) |
Earnings2 (in T€) |
||
|---|---|---|---|---|---|
| 38 | EDSR Energiedienste Staldenried AG, Staldenried/Switzerland | 5 | 20.00 | 183 | 9 |
| Grids segment | |||||
| Fully consolidated companies | |||||
| 39 | ED Netze GmbH, Rheinfelden | 3, 6 | 100.00 | 30,165 | - |
| 40 | EnBW Kommunale Beteiligungen GmbH, Stuttgart | 3 | 100.00 | 976,985 | - |
| 41 | EnBW REG Beteiligungsgesellschaft mbH, Stuttgart | 3 | 100.00 | 405,649 | - |
| 42 | EVGA Grundstücks- und Gebäudemanagement GmbH & Co. KG, Obrigheim |
100.00 | 91,621 | 15,125 | |
| 43 | NeckarCom Telekommunikation GmbH, Stuttgart | 3 | 100.00 | 511 | - |
| 44 | Netze BW GmbH, Stuttgart | 3 | 100.00 | 1,130,861 | - |
| 45 | Netze BW Wasser GmbH, Stuttgart (formerly EnBW Stuttgart Wasser GmbH, Stuttgart) |
13 | 100.00 | - | - |
| 46 | Netze-Gesellschaft Südwest mbH, Karlsruhe | 3 | 100.00 | 68,639 | - |
| 47 | Netzgesellschaft Düsseldorf mbH, Düsseldorf | 3, 5 | 100.00 | 1,000 | - |
| 48 | Netzgesellschaft Ostwürttemberg DonauRies GmbH, Ellwangen Jagst |
3 | 100.00 | 135 | - |
| 49 | NHF Netzgesellschaft Heilbronn-Franken mbH, Heilbronn | 3 | 100.00 | 4,000 | - |
| 50 | NWS Grundstücksmanagement GmbH & Co. KG, Obrigheim | 100.00 | 320,933 | 35,014 | |
| 51 | NWS REG Beteiligungsgesellschaft mbH, Stuttgart | 3 | 100.00 | 79,963 | - |
| 52 | PREdistribuce a.s., Prague/Czech Republic | 5 | 100.00 | 697,063 | 39,682 |
| 53 | PREmereni a.s., Prague/Czech Republic | 5 | 100.00 | 15,361 | 1,336 |
| 54 | RBS wave GmbH, Stuttgart | 3 | 100.00 | 564 | - |
| 55 | terranets bw GmbH, Stuttgart | 3 | 100.00 | 90,000 | - |
| 56 | TransnetBW GmbH, Stuttgart | 3 | 100.00 | 178,141 | - |
| 57 | EnBW Ostwürttemberg DonauRies AG, Ellwangen | 3 | 99.73 | 115,439 | - |
| 58 | ZEAG Energie AG, Heilbronn | 98.64 | 170,686 | 4,906 | |
| 59 | Erdgas Südwest GmbH, Karlsruhe | 79.00 | 50,297 | 8,844 | |
| 60 | NetCom BW GmbH, Ellwangen | 74.90 | 47,179 | -4,137 | |
| 61 | Stadtwerke Düsseldorf AG, Düsseldorf | 5 | 54.95 | 413,271 | 30,269 |
| 62 | Stromnetzgesellschaft Heilbronn GmbH & Co. KG, Heilbronn | 9 | 49.90 | 24,473 | -2,396 |
| 63 | Neckar Netze GmbH & Co. KG, Esslingen am Neckar | 9 | 49.00 | 26,161 | 6,055 |
| Non-consolidated affiliated entities | |||||
| 64 | Elektrizitätswerk Aach GmbH, Aach | 5 | 100.00 | 1,894 | 1,171 |
| 65 | Energieversorgung Gaildorf OHG der EnBW Kommunale Beteiligungen GmbH und NWS REG Beteiligungsgesellschaft mbH, Gaildorf |
5 | 100.00 | 2,603 | 976 |
| 66 | Energieversorgung Raum Friedrichshafen GmbH & Co. KG, Stuttgart |
5 | 100.00 | 1,304 | 914 |
| 67 | Energieversorgung Raum Friedrichshafen Verwaltungsgesellschaft mbH, Stuttgart |
5 | 100.00 | 25 | 1 |
| 68 | HEV Hohenloher Energie Versorgung GmbH, Ilshofen Obersteinach |
3, 5 | 100.00 | 1,319 | - |
| 69 | Konverter Ultranet GmbH & Co. KG, Stuttgart | 13 | 100.00 | - | - |
| 70 | Konverter Ultranet Verwaltungsgesellschaft mbH, Stuttgart | 13 | 100.00 | - | - |
| 71 | Neckar Netze Verwaltungsgesellschaft mbH, Esslingen am Neckar |
5 | 100.00 | 104 | 4 |
| 72 | Netze Pforzheim-Region Verwaltungs GmbH, Pforzheim (formerly EnBW Omega Neunundfünfzigste Verwaltungsgesellschaft mbH, Karlsruhe) |
13 | 100.00 | - | - |
| 73 | Taubernetze GmbH & Co. KG, Tauberbischofsheim | 13 | 100.00 | - | - |
| Footnote | Capital share1 (in %) |
Equity2 (in T€) |
Earnings2 (in T€) |
||
|---|---|---|---|---|---|
| 74 | Taubernetze Verwaltungs-GmbH, Tauberbischofsheim (formerly EnBW Omega Zweiundsechzigste Verwaltungsgesellschaft mbH, Karlsruhe) |
13 | 100.00 | - | - |
| 75 | Stuttgart Netze Betrieb GmbH, Stuttgart (formerly SWS Netzbetreiber GmbH, Stuttgart) |
3, 5 | 74.90 | 25 | - |
| 76 | Rieger GmbH & Co. KG, Lichtenstein, Kreis Reutlingen | 5 | 74.28 | 269 | 553 |
| 77 | Rieger Beteiligungs-GmbH, Lichtenstein, Kreis Reutlingen | 5 | 74.24 | 61 | 2 |
| 78 | Elektrizitätswerk Weißenhorn AG, Weißenhorn | 5 | 63.24 | 3,315 | 519 |
| 79 | Gasnetzgesellschaft Laupheim GmbH & Co. KG, Laupheim | 5 | 50.10 | 3,567 | 77 |
| 80 | Gasnetzgesellschaft Laupheim Verwaltungs GmbH, Laupheim | 5 | 50.10 | 22 | -1 |
| 81 | Netzgesellschaft Elz-Neckar GmbH & Co. KG, Obrigheim | 5 | 50.10 | 1,174 | -44 |
| 82 | Netzgesellschaft Elz-Neckar Verwaltungs GmbH, Obrigheim | 5 | 50.10 | 28 | 1 |
| 83 | Stromnetzgesellschaft Albershausen GmbH & Co. KG, Albershausen |
5 | 50.10 | 825 | 37 |
| 84 | Stromnetzgesellschaft Albershausen Verwaltungs GmbH, Albershausen |
5 | 50.10 | 26 | 1 |
| 85 | Stromnetzgesellschaft Heilbronn Verwaltungs-GmbH, Heilbronn |
5 | 50.10 | 23 | -1 |
| 86 | Stromnetzgesellschaft Laupheim GmbH & Co. KG, Laupheim | 5 | 50.10 | 2,217 | -215 |
| 87 | Stromnetzgesellschaft Laupheim Verwaltungs GmbH, Laupheim |
5 | 50.10 | 13 | -1 |
| Entities accounted for using the equity method | |||||
| 88 | Stadtwerke Esslingen am Neckar GmbH & Co. KG, Esslingen am Neckar |
5 | 49.98 | 55,474 | 2,951 |
| 89 | Pražská energetika Holding a.s., Prague/Czech Republic | 5, 10 | 49.00 | 218,924 | 35,765 |
| 90 | Zweckverband Landeswasserversorgung, Stuttgart | 5 | 27.20 | 121,158 | 296 |
| 91 | Heilbronner Versorgungs GmbH, Heilbronn | 4, 5 | 25.10 | 38,850 | - |
| 92 | Stuttgart Netze GmbH, Stuttgart (formerly SWS Netzinfrastruktur GmbH, Stuttgart) |
4, 5, 10 | 25.10 | 179,057 | - |
| 93 | FairEnergie GmbH, Reutlingen | 4, 5 | 24.90 | 97,766 | - |
| 94 | Stadtwerke Hilden GmbH, Hilden | 5 | 24.90 | 18,481 | 3,330 |
| 95 | Zweckverband Bodensee-Wasserversorgung, Stuttgart | 5 | 22.13 | 149,374 | 0 |
| 96 | Stadtwerke Karlsruhe GmbH, Karlsruhe | 4, 5 | 20.00 | 165,710 | - |
| Investments16 | |||||
| 97 | Netzgesellschaft Sontheim GmbH & Co. KG, Sontheim an der Brenz |
5 | 74.90 | 1,505 | 272 |
| 98 | Netzgesellschaft Sontheim Verwaltungsgesellschaft mbH, Sontheim an der Brenz |
5 | 74.90 | 25 | 0 |
| 99 | Netzgesellschaft Steinheim GmbH & Co. KG, Steinheim am Albuch |
5 | 74.90 | 227 | 91 |
| 100 | Netzgesellschaft Steinheim Verwaltungsgesellschaft mbH, Steinheim am Albuch |
5 | 74.90 | 25 | 0 |
| 101 | Stromnetz Herrenberg Verwaltungsgesellschaft mbH, Herrenberg |
5 | 74.90 | 28 | 1 |
| 102 | Stromnetzgesellschaft Hechingen GmbH & Co. KG, Hechingen | 5 | 74.90 | 1,624 | 500 |
| 103 | Stromnetzgesellschaft Hechingen Verwaltungs GmbH, Hechingen |
5 | 74.90 | 25 | 0 |
| 104 | Stromnetzgesellschaft Herrenberg mbH & Co. KG, Herrenberg | 5 | 74.90 | 3,865 | 131 |
| 105 | Stadtwerke Sinsheim Versorgungs GmbH & Co. KG, Sinsheim | 5 | 60.00 | 11,965 | 1,290 |
| 106 | Stadtwerke Sinsheim Verwaltungs GmbH, Sinsheim | 5 | 60.00 | 26 | 2 |
| 107 | Stromnetz Langenau GmbH & Co. KG, Langenau | 5 | 50.10 | 2,657 | 152 |
| Footnote | Capital share1 (in %) |
Equity2 (in T€) |
Earnings2 (in T€) |
||
|---|---|---|---|---|---|
| 108 | Stromnetz Langenau Verwaltungs-GmbH, Langenau | 5 | 50.10 | 29 | 1 |
| 109 | CESOC AG, Laufenburg/Switzerland | 5 | 50.00 | 195 | 0 |
| 110 | e.wa riss GmbH & Co. KG, Biberach | 5 | 50.00 | 19,132 | -2,645 |
| 111 | e.wa riss Verwaltungsgesellschaft mbH, Biberach | 5 | 50.00 | 66 | 0 |
| 112 | Energieversorgung Südbaar GmbH, Blumberg | 5 | 50.00 | 3,649 | 397 |
| 113 | Fränkische Wasser Service GmbH, Crailsheim | 5 | 50.00 | 34 | 2 |
| 114 | HDRegioNet GmbH, Düsseldorf | 5 | 50.00 | 37 | -5 |
| 115 | Niederrheinisch-Bergisches Gemeinschaftswasserwerk GmbH, Düsseldorf |
5 | 50.00 | 2,650 | 454 |
| 116 | Ostalbwasser Ost GmbH, Ellwangen | 5 | 50.00 | 32 | 2 |
| 117 | Ostalbwasser Service GmbH, Aalen | 5 | 50.00 | 86 | 10 |
| 118 | Ostalbwasser West GmbH, Schwäbisch Gmünd | 5 | 50.00 | 47 | 2 |
| 119 | regioaqua Gesellschaft für Wasser und Abwasser mbH, Rheinfelden |
5 | 50.00 | 77 | 14 |
| 120 | Stadtwerke Schramberg GmbH & Co. KG, Schramberg | 5 | 50.00 | 13,164 | 2,268 |
| 121 | Stadtwerke Schramberg Verwaltungsgesellschaft mbH, Schramberg |
5 | 50.00 | 61 | 2 |
| 122 | Wasserübernahme Neuss-Wahlscheid GmbH, Neuss | 5 | 50.00 | 354 | 22 |
| 123 | Stadtwerke Emmendingen GmbH, Emmendingen | 5 | 49.90 | 18,366 | 2,334 |
| 124 | Stromnetz Blaubeuren GmbH, Blaubeuren | 5 | 49.90 | 908 | -146 |
| 125 | Stadtwerke Esslingen-Verwaltungsgesellschaft mbH, Esslingen am Neckar |
5 | 49.80 | 39 | 1 |
| 126 | Energie Sachsenheim GmbH & Co. KG, Sachsenheim | 5 | 49.00 | 4,705 | 201 |
| 127 | Energie Sachsenheim Verwaltungs-GmbH, Sachsenheim | 5 | 49.00 | 27 | 2 |
| 128 | Energieversorgung Strohgäu GmbH & Co. KG, Gerlingen | 13 | 49.00 | - | - |
| 129 | Energieversorgung Strohgäu Verwaltungs GmbH, Gerlingen (formerly EnBW Omega Neununddreißigste Verwaltungsgesellschaft mbH, Stuttgart) |
13 | 49.00 | - | - |
| 130 | Gemeindewerke Bodanrück GmbH & Co. KG, Allensbach | 5 | 49.00 | 2,568 | 67 |
| 131 | Gemeindewerke Bodanrück Verwaltungs-GmbH, Allensbach | 5 | 49.00 | 25 | 0 |
| 132 | LEO Energie GmbH & Co. KG, Leonberg | 4, 5 | 49.00 | 7,776 | - |
| 133 | Netzgesellschaft Marbach GmbH & Co. KG, | ||||
| Marbach am Neckar | 5 | 49.00 | 1,740 | 63 | |
| 134 | Stadtwerke Backnang GmbH, Backnang | 4, 5 | 49.00 | 8,725 | - |
| 135 | Stadtwerke Bad Wildbad GmbH & Co. KG, Bad Wildbad | 5, 6 | 49.00 | 6,628 | 692 |
| 136 | Stadtwerke Bad Wildbad Verwaltungs-GmbH, Bad Wildbad | 5, 6 | 49.00 | 31 | 1 |
| 137 | Stadtwerke Eppingen GmbH & Co. KG, Eppingen | 5 | 48.96 | 7,716 | -147 |
| 138 | Energie Calw GmbH, Calw | 4, 5 | 48.82 | 11,633 | - |
| 139 | Stadtwerke Münsingen GmbH, Münsingen | 5 | 45.00 | 6,192 | 755 |
| 140 | Stadtwerke Böblingen GmbH & Co. KG, Böblingen | 5 | 41.10 | 29,890 | 1,999 |
| 141 | Stadtwerke Böblingen Verwaltungs GmbH, Böblingen | 5 | 41.10 | 19 | -7 |
| 142 | SUEnergie GmbH & Co. KG, Süßen | 5 | 40.00 | 2,204 | 71 |
| 143 | SUEnergie Verwaltungs GmbH, Süßen | 5 | 40.00 | 28 | 1 |
| 144 | Stadtwerke Weinheim GmbH, Weinheim | 5 | 39.32 | 27,392 | 2,443 |
| 145 | Energieversorgung Rottenburg am Neckar GmbH, Rottenburg am Neckar |
4, 5 | 38.00 | 7,160 | - |
| 146 | EVG Grächen AG, Grächen/Switzerland | 5 | 35.00 | 4,319 | 109 |
| 147 | EVN Energieversorgung Nikolai AG, St. Niklaus/Switzerland | 5, 7 | 35.00 | 1,008 | 63 |
| 148 | EVR Energieversorgung Raron AG, Raron/Switzerland | 5, 7 | 35.00 | 733 | 73 |
| Footnote | Capital share1 (in %) |
Equity2 (in T€) |
Earnings2 (in T€) |
||
|---|---|---|---|---|---|
| 149 | EVWR Energiedienste Visp - Westlich Raron AG, Visp/Switzerland |
5 | 35.00 | 1,756 | 195 |
| 150 | Valgrid SA, Sion/Switzerland | 5 | 35.00 | 17,528 | 722 |
| 151 | VED Visp Energie Dienste AG, Visp/Switzerland | 5, 7 | 35.00 | 2,596 | 226 |
| 152 | ErmstalEnergie Dettingen an der Erms GmbH & Co. KG, Dettingen an der Erms |
5 | 32.60 | 2,993 | 391 |
| 153 | Versorgungsbetriebe Dettingen an der Erms Verwaltungs GmbH, Dettingen an der Erms |
5 | 32.60 | 26 | 1 |
| 154 | eneREGIO GmbH, Muggensturm | 5 | 32.00 | 8,766 | 520 |
| 155 | Regionalnetze Linzgau GmbH, Pfullendorf | 3, 5 | 31.64 | 6,462 | - |
| 156 | Elektrizitätswerk Mittelbaden AG & Co. KG, Lahr | 5 | 31.00 | 60,699 | 14,519 |
| 157 | Elektrizitätswerk Mittelbaden Verwaltungsaktiengesellschaft, Lahr |
5 | 31.00 | 110 | 14,287 |
| 158 | Stadtwerke Bad Herrenalb GmbH, Bad Herrenalb | 5 | 30.00 | 10,801 | -799 |
| 159 | Energie- und Wasserversorgung Bruchsal GmbH, Bruchsal | 4. 5 | 27.41 | 23,002 | - |
| 160 | Stadtwerke Bad Säckingen GmbH, Bad Säckingen | 3, 5 | 26.30 | 8,673 | - |
| 161 | Albwerk GmbH & Co. KG, Geislingen an der Steige | 5 | 25.10 | 17,994 | 4,677 |
| 162 | Albwerk Verwaltungsgesellschaft mbH, Geislingen an der Steige |
5 | 25.10 | 68 | 2 |
| 163 | Energie Kirchheim unter Teck GmbH & Co. KG, Kirchheim unter Teck |
5 | 25.10 | 9,122 | 482 |
| 164 | Energie Kirchheim unter Teck Verwaltungs-GmbH, Kirchheim unter Teck |
5 | 25.10 | 25 | 0 |
| 165 | Energieversorgung Immenstaad GmbH & Co. KG, Immenstaad am Bodensee |
5 | 25.10 | 851 | 11 |
| 166 | Gasnetzgesellschaft Schorndorf GmbH & Co. KG, Schorndorf | 5 | 25.10 | 3,605 | 251 |
| 167 | Gasnetzgesellschaft Winnenden mbH, Winnenden | 4, 5 | 25.10 | 2,275 | - |
| 168 | Gasnetzverwaltungsgesellschaft Schorndorf GmbH, Schorndorf | 5 | 25.10 | 24 | -1 |
| 169 | Gemeindewerke Brühl GmbH & Co. KG, Brühl | 5 | 25.10 | 1,286 | 62 |
| 170 | Gemeindewerke Brühl Verwaltungs-GmbH, Brühl | 5 | 25.10 | 27 | 1 |
| 171 | Gemeindewerke Plüderhausen GmbH, Plüderhausen | 4, 5 | 25.10 | 1,598 | - |
| 172 | Infrastrukturgesellschaft Plochingen GmbH & Co. KG, Plochingen |
5, 6 | 25.10 | 2,775 | 105 |
| 173 | Netzgesellschaft Besigheim GmbH & Co. KG, Besigheim | 5 | 25.10 | 4,686 | 204 |
| 174 | Netzgesellschaft Besigheim Verwaltungs GmbH, Besigheim | 5 | 25.10 | 27 | 1 |
| 175 | Netzgesellschaft Leinfelden-Echterdingen GmbH, Leinfelden-Echterdingen |
5 | 25.10 | 4,321 | 44 |
| 176 | Netzgesellschaft Salach GmbH & Co. KG, Salach | 5 | 25.10 | 1,334 | 78 |
| 177 | Netzgesellschaft Salach Verwaltungs GmbH, Salach | 5 | 25.10 | 26 | 1 |
| 178 | Netzgesellschaft Schwetzingen GmbH & Co. KG, Schwetzingen | 13 | 25.10 | - | - |
| 179 | Netzgesellschaft Schwetzingen Verwaltungs GmbH, Schwetzingen (formerly EnBW Omega Dreiundsechzigste Verwaltungsgesellschaft mbH, Karlsruhe) |
13 | 25.10 | - | - |
| 180 | Netzgesellschaft Vaihingen GmbH & Co. KG, Vaihingen an der Enz |
5 | 25.10 | 6,658 | 329 |
| 181 | Netzgesellschaft Vaihingen Verwaltungs-GmbH, Vaihingen an der Enz |
5 | 25.10 | 26 | 1 |
| 182 | Stadtwerke Ellwangen GmbH, Ellwangen | 4, 5 | 25.10 | 7,802 | - |
| 183 | Stadtwerke Giengen GmbH, Giengen | 5 | 25.10 | 11,752 | 931 |
| 184 | Stadtwerke Schwäbisch Gmünd GmbH, Schwäbisch Gmünd | 4, 5 | 25.10 | 27,151 | - |
| 185 | Stadtwerke Stockach GmbH, Stockach | 5 | 25.10 | 9,238 | 858 |
| Footnote | Capital share1 (in %) |
Equity2 (in T€) |
Earnings2 (in T€) |
||
|---|---|---|---|---|---|
| 186 | Stadtwerke Weinstadt Energieversorgung GmbH, Weinstadt | 4, 5 | 25.10 | 3,704 | - |
| 187 | Stadtwerke Wiesloch - Strom - GmbH & Co. KG, Wiesloch | 13 | 25.10 | - | - |
| 188 | Stromgesellschaft March GmbH & Co. KG, March | 13 | 25.10 | - | - |
| 189 | Stromnetzgesellschaft Ebersbach GmbH & Co. KG, Ebersbach an der Fils |
5 | 25.10 | 3,402 | 156 |
| 190 | Stromnetzgesellschaft Ebersbach Verwaltungs GmbH, Ebersbach an der Fils |
5 | 25.10 | 27 | 1 |
| 191 | Stromnetzgesellschaft Östlicher Schurwald GmbH & Co. KG, Rechberghausen |
5 | 25.10 | 2,957 | 132 |
| 192 | Stromnetzgesellschaft Östlicher Schurwald Verwaltungs GmbH, Rechberghausen |
5 | 25.10 | 26 | 1 |
| 193 | Technische Werke Schussental GmbH & Co. KG, Ravensburg | 5 | 25.10 | 33,691 | 3,799 |
| 194 | Technische Werke Schussental Verwaltungsgesellschaft mbH, Ravensburg |
5 | 25.10 | 23 | -3 |
| 195 | Stadtwerke Nürtingen GmbH, Nürtingen | 5 | 25.00 | 19,653 | 2,475 |
| 196 | Stromversorgung Sulz am Neckar GmbH, Sulz am Neckar | 5 | 24.90 | 3,516 | 104 |
| 197 | Netzeigentumsgesellschaft Rheinstetten GmbH & Co. KG, Rheinstetten |
5 | 24.50 | 4,364 | 152 |
| 198 | Stadtwerke Wehr GmbH & Co. KG, Wehr | 3, 5 | 24.50 | 1,896 | - |
| 199 | Stadtwerke Wehr Verwaltungs-GmbH, Wehr | 3, 5 | 24.50 | 20 | - |
| 200 | Energieversorgung Oberes Wiesental GmbH, Todtnau | 5 | 24.00 | 3,732 | 12 |
| 201 | Netzgesellschaft Edingen-Neckarhausen GmbH & Co. KG, Edingen-Neckarhausen |
5 | 24.00 | 844 | 58 |
| 202 | ENRW Energieversorgung Rottweil GmbH & Co. KG, Rottweil | 5 | 20.00 | 23,351 | 1,520 |
| 203 | ENRW Verwaltungs-GmbH, Rottweil | 5 | 20.00 | 15 | 0 |
| 204 | Stadtwerke Sindelfingen GmbH, Sindelfingen | 5 | 20.00 | 31,695 | 2,346 |
| Renewable Energies segment | |||||
| Fully consolidated companies | |||||
| 205 | Aletsch AG, Mörel/Switzerland | 6 | 100.00 | 23,093 | 562 |
| 206 | EnAlpin AG, Visp/Switzerland | 6 | 100.00 | 179,249 | 3,362 |
| 207 | EnBW Biogas GmbH, Stuttgart | 3 | 100.00 | 52 | - |
| 208 | EnBW He Dreiht GmbH, Varel | 3 | 100.00 | 891 | - |
| 209 | EnBW Hohe See GmbH, Stuttgart | 3 | 100.00 | 1,025 | - |
| 210 | EnBW NAG-Beteiligungsgesellschaft mbH, Stuttgart (formerly EnBW Omega Siebenundvierzigste Verwaltungsgesellschaft mbH, Stuttgart) |
13 | 100.00 | - | - |
| 211 | EnBW Offshore 1 GmbH, Stuttgart | 3 | 100.00 | 28,711 | - |
| 212 | EnBW Offshore 2 GmbH, Stuttgart | 3 | 100.00 | 1,589,424 | - |
| 213 | EnBW Offshore Service GmbH, Klausdorf-Barhöft | 3 | 100.00 | 25 | - |
| 214 | EnBW Solar GmbH, Stuttgart | 3 | 100.00 | 25 | - |
| 215 | EnBW Wind Onshore 1 GmbH, Stuttgart | 3 | 100.00 | 25 | - |
| 216 | EnBW Wind Onshore 2 GmbH, Stuttgart | 3 | 100.00 | 2,556 | - |
| 217 | EnBW Windkraftprojekte GmbH, Stuttgart | 100.00 | 128 | -327 | |
| 218 | EnBW Windpark Eisenach II GmbH, Stuttgart | 100.00 | 32,423 | -50 | |
| 219 | Energiedienst AG, Rheinfelden | 6 | 100.00 | 190,763 | 30,666 |
| 220 | Grünwerke GmbH, Düsseldorf | 3, 5 | 100.00 | 31,736 | - |
| 221 | Northern Energy OWP Albatros GmbH, Aurich | 100.00 | 2,364 | -506 | |
| 222 | PRE FVE Dacice, s.r.o., Prague/Czech Republic | 5 | 100.00 | 3,038 | 694 |
| 223 | PRE FVE Mikulov, s.r.o., Prague/Czech Republic | 5 | 100.00 | 662 | 146 |
| Footnote | Capital share1 (in %) |
Equity2 (in T€) |
Earnings2 (in T€) |
||
|---|---|---|---|---|---|
| 224 | PRE FVE Pozorice, s.r.o., Prague/Czech Republic | 13 | 100.00 | - | - |
| 225 | Windkraft FiT GmbH, Hamburg | 100.00 | 0 | -5 | |
| 226 | Windpark Niederlinxweiler GmbH & Co. KG, Leinfelden-Echterdingen |
100.00 | 214 | 13 | |
| 227 | EnBW Holding A.S., Gümüssuyu-Istanbul/Turkey | 99.99 | 192,431 | 433 | |
| 228 | Bürgerenergie Widdern GmbH & Co. KG, Widdern | 99.00 | 27 | 1 | |
| 229 | EE BürgerEnergie Forchtenberg GmbH & Co. KG, Forchtenberg | 99.00 | 85 | 23 | |
| 230 | EE BürgerEnergie Jagsthausen GmbH & Co. KG, Jagsthausen | 99.00 | 71 | 46 | |
| 231 | EE BürgerEnergie Möckmühl GmbH & Co. KG, Möckmühl | 99.00 | 77 | 25 | |
| 232 | EE Bürgerenergie Hardthausen GmbH & Co. KG, Hardthausen am Kocher |
98.00 | -50 | -80 | |
| 233 | Neckar Aktiengesellschaft, Stuttgart | 82.20 | 10,179 | 0 | |
| 234 | Geothermie-Gesellschaft Bruchsal GmbH, Bruchsal | 6 | 74.90 | 1,901 | 2,481 |
| 235 | JatroSolutions GmbH, Stuttgart | 70.49 | 1,468 | -1,272 | |
| 236 | Energiedienst Holding AG, Laufenburg/Switzerland | 6, 11 | 66.67 | 915,237 | 61,838 |
| 237 | Rheinkraftwerk Neuhausen AG, Neuhausen/Switzerland | 6 | 56.00 | 1,129 | 49 |
| 238 | EnBW Baltic 1 GmbH & Co. KG, Stuttgart | 50.32 | 42,294 | 0 | |
| 239 | EnBW Baltic 2 S.C.S., Luxembourg/Luxembourg | 50.09 | 1,512,250 | 0 | |
| 240 | EnBW Onshore Portfolio GmbH, Stuttgart | 50.02 | 140,678 | 2,964 | |
| 241 | Kraftwerk Lötschen AG, Steg/Switzerland | 6, 12 | 50.00 | 27,318 | 739 |
| Joint operations | |||||
| 242 | Rheinkraftwerk Iffezheim GmbH, Iffezheim | 10 | 50.00 | 113,373 | 3,745 |
| 243 | Rhonewerke AG, Ernen/Switzerland | 5, 10 | 30.00 | 23,952 | 0 |
| Non-consolidated affiliated entities | |||||
| 244 | Baltic 2 Windpark Beteiligungen GmbH & Co. KG, Stuttgart | 5 | 100.00 | 42 | -16 |
| 245 | BürgerEnergie Beteiligung Berghülen/ Schopfloch GmbH & Co. KG, Stuttgart |
8 | 100.00 | - | - |
| 246 | CarbonBW (Thailand) Ltd., Bangkok/Thailand | 5 | 100.00 | 6,779 | -74 |
| 247 | dge wind Brenz eins GmbH & Co. KG, Stuttgart | 13 | 100.00 | - | - |
| 248 | EnBW Baltic 1 Verwaltungsgesellschaft mbH, Stuttgart | 5 | 100.00 | 22 | -5 |
| 249 | EnBW Baltic 2 Management S.a r.l., Luxembourg/Luxembourg | 13 | 100.00 | - | - |
| 250 | EnBW Baltic 2 Windpark Verwaltungsgesellschaft mbH, Stuttgart |
5 | 100.00 | 28 | 1 |
| 251 | EnBW Baltic Windpark Verwaltungsgesellschaft mbH, Stuttgart | 5 | 100.00 | 29 | 1 |
| 252 | EnBW Wind Onshore Verwaltungsgesellschaft mbH, Stuttgart | 5 | 100.00 | 25 | -1 |
| 253 | EnBW Windkraft Beteiligungsgesellschaft mbH, Karlsruhe (formerly EnBW Omega Dreiundfünfzigste Verwaltungsgesellschaft mbH, Karlsruhe) |
13 | 100.00 | - | - |
| 254 | Grünwerke Verwaltungs GmbH, Düsseldorf | 5 | 100.00 | 25 | 1 |
| 255 | Kemberg Windpark Management GmbH & Co. | ||||
| Betriebsgesellschaft KG, Düsseldorf | 5 | 100.00 | 0 | -10 | |
| 256 | Kriegers Flak ApS, Copenhagen/Denmark | 13 | 100.00 | - | - |
| 257 | ZEAG Erneuerbare Energien GmbH, Heilbronn | 5 | 100.00 | 40 | 15 |
| 258 | JATROSELECT-Paraguay Sociedad de Responsabilidad Limitada, Volendam/Paraguay |
8 | 99.98 | - | - |
| 259 | BürgerEnergie Königheim GmbH & Co. KG, Königheim | 5 | 99.00 | 43 | -21 |
| 260 | EE BürgerEnergie Boxberg GmbH & Co. KG, Boxberg | 5 | 99.00 | 59 | -33 |
| 261 | EE Bürgerenergie Braunsbach GmbH & Co. KG, Braunsbach | 5 | 99.00 | 38 | -29 |
| 262 | EE Bürgerenergie Bühlerzell GmbH & Co. KG, Bühlerzell | 5 | 99.00 | 93 | -3 |
| Footnote | Capital share1 (in %) |
Equity2 (in T€) |
Earnings2 (in T€) |
||
|---|---|---|---|---|---|
| 263 | EE Bürgerenergie Frankenhardt GmbH & Co. KG, Frankenhardt | 5 | 99.00 | 91 | -3 |
| 264 | EE Bürgerenergie Hardheim GmbH & Co. KG, Hardheim | 13 | 99.00 | - | - |
| 265 | EE Bürgerenergie Höpfingen GmbH & Co. KG, Höpfingen | 13 | 99.00 | - | - |
| 266 | EE Bürgerenergie Ilshofen GmbH & Co. KG, Ilshofen | 13 | 99.00 | - | - |
| 267 | EE BürgerEnergie Krautheim GmbH & Co. KG, Krautheim | 5 | 99.00 | 68 | -20 |
| 268 | EE BürgerEnergie Neudenau GmbH & Co. KG, Neudenau | 5 | 99.00 | 88 | -5 |
| 269 | EE Bürgerenergie Sulzbach-Laufen GmbH & Co. KG, Sulzbach-Laufen |
5 | 99.00 | 92 | -3 |
| 270 | Holzkraft Plus GmbH, Düsseldorf | 5 | 90.00 | 203 | -8 |
| 271 | JatroGreen S.A.R.L., Antananarivo/Madagascar | 5 | 70.00 | -523 | -36 |
| 272 | Alb-Windkraft Verwaltungs GmbH, Geislingen an der Steige | 5 | 51.00 | 25 | 7 |
| 273 | Solarpark Leutkirch GmbH & Co. KG, Leutkirch im Allgäu | 5 | 51.00 | 11,466 | 566 |
| 274 | Solarpark Leutkirch Verwaltungsgesellschaft mbH, Leutkirch im Allgäu |
5 | 51.00 | 22 | 1 |
| Entities accounted for using the equity method | |||||
| 275 | Borusan EnBW Enerji yatırımları ve Üretim Anonim Şirketi, Istanbul/Turkey |
5, 10 | 50.00 | 282,083 | -6,627 |
| 276 | Elektrizitätswerk Rheinau AG, Rheinau/Switzerland | 5, 7 | 50.00 | 19,469 | 696 |
| 277 | Bayerische-Schwäbische Wasserkraftwerke Beteiligungsgesellschaft mbH, Gundremmingen |
5 | 37.80 | 63,572 | 9,198 |
| 278 | KW Ackersand I AG, Stalden/Switzerland | 5 | 25.00 | 1,789 | 52 |
| Investments16 | |||||
| 279 | biogasNRW GmbH, Düsseldorf | 8 | 50.00 | - | - |
| 280 | Centrale Electrique Rhénane de Gambsheim SA, Gambsheim/France |
5 | 50.00 | 10,293 | 0 |
| 281 | Havelland-Fläming Wind GmbH, Berlin | 13 | 50.00 | - | - |
| 282 | Kraftwerk Reckingen AG, Reckingen | 5 | 50.00 | 3,204 | 72 |
| 283 | Rheinkraftwerk Säckingen AG, Bad Säckingen | 5 | 50.00 | 7,204 | 300 |
| 284 | SwissAlpin SolarTech AG, Visp/Switzerland | 5 | 50.00 | 59 | -12 |
| 285 | Wasserkraftwerk Hausen GbR, Hausen im Wiesental | 5 | 50.00 | 756 | -58 |
| 286 | Windpark Schurwald GmbH, Esslingen am Neckar | 5 | 50.00 | 23 | -1 |
| 287 | WKM Wasserkraftwerke Maulburg GmbH, Maulburg | 5 | 50.00 | 434 | 13 |
| 288 | KW Jungbach AG, St. Niklaus/Switzerland | 5 | 49.00 | 3,242 | -42 |
| 289 | Obere Donau Kraftwerke AG, Munich | 5 | 40.00 | 3,180 | 0 |
| 290 | TWKW Trinkwasserkraftwerke Niedergesteln AG, Niedergesteln/Switzerland |
5 | 40.00 | 1,524 | 137 |
| 291 | Kraftwerk Ryburg-Schwörstadt AG, Rheinfelden/Switzerland | 5, 7 | 38.00 | 32,335 | 1,507 |
| 292 | EE Bürgerenergie Heilbronn GmbH & Co. KG, Heilbronn | 5 | 37.00 | 1,000 | 61 |
| 293 | Onshore Bündelgesellschaft 1 GmbH, Stuttgart | 5 | 33.33 | 32,229 | -7 |
| 294 | Windpark Prützke II GmbH & Co. KG, Düsseldorf | 8 | 33.33 | - | - |
| 295 | KWT Kraftwerke Törbel-Moosalp AG, Törbel/Switzerland | 5 | 30.00 | 838 | 35 |
| 296 | Baltic Windpark Beteiligungen GmbH & Co. KG, Stuttgart | 5 | 29.17 | 29,000 | 3,000 |
| 297 | Alb-Windkraft GmbH & Co. KG, Geislingen an der Steige | 5 | 25.50 | 210 | 7 |
| 298 | ANOG Anergienetz Obergoms AG, Obergoms/Switzerland | 7, 13 | 24.50 | - | - |
| 299 | KWOG Kraftwerke Obergoms AG, Obergoms/Switzerland | 5 | 24.50 | 2,136 | 101 |
| 300 | ClimatePartner Deutschland GmbH, Munich | 5 | 20.00 | -911 | 1 |
| 301 | Erneuerbare Energien Zollern Alb GmbH, Balingen | 5 | 20.00 | 89 | -6 |
| Footnote | Capital share1 (in %) |
Equity2 (in T€) |
Earnings2 (in T€) |
||
|---|---|---|---|---|---|
| 302 | Kooperation Erneuerbare Energien im Landkreis Rottweil GmbH, Schramberg |
5 | 20.00 | 99 | -1 |
| 303 | Wasserkraftwerk Pfinztal GmbH & Co. KG, Pfinztal | 5 | 20.00 | 277 | -1 |
| Generation and Trading segment | |||||
| Fully consolidated companies | |||||
| 304 | AWISTA Logistik GmbH, Düsseldorf | 3, 5 | 100.00 | 3,025 | - |
| 305 | EnBW Biomasse GmbH, Karlsruhe | 100.00 | 953 | 2,681 | |
| 306 | EnBW Etzel Speicher GmbH, Karlsruhe | 3 | 100.00 | 725 | - |
| 307 | EnBW Grundstücksverwaltung Rheinhafen GmbH, Karlsruhe | 100.00 | 1,873 | 111 | |
| 308 | EnBW Kraftwerk Lippendorf Beteiligungsgesellschaft mbH, Stuttgart |
3 | 100.00 | 297,640 | - |
| 309 | EnBW Rückbauservice GmbH, Stuttgart | 100.00 | 25 | 0 | |
| 310 | EnBW Speicher GmbH, Stuttgart | 3 | 100.00 | 100 | - |
| 311 | Gemeinschaftsheizkraftwerk Fortuna GmbH, Düsseldorf | 100.00 | 25 | -1,438 | |
| 312 | Gesellschaft für nukleares Reststoffrecycling mbH, Neckarwestheim |
100.00 | 550 | -35 | |
| 313 | Heizkraftwerk Stuttgart GmbH, Stuttgart | 100.00 | 5,142 | -4 | |
| 314 | Kernkraftwerk Obrigheim GmbH, Obrigheim | 3 | 100.00 | 51,130 | - |
| 315 | KMS Kraftwerke Grundbesitzmanagement und -service GmbH & Co. KG, Karlsruhe |
100.00 | 234,048 | 0 | |
| 316 | MSE Mobile Schlammentwässerungs GmbH, Karlsbad Ittersbach |
3 | 100.00 | 1,171 | - |
| 317 | NWS Energiehandel GmbH, Stuttgart | 3 | 100.00 | 50 | - |
| 318 | TAE Thermische Abfallentsorgung Ansbach GmbH, Ansbach | 100.00 | 57,731 | 779 | |
| 319 | TPLUS GmbH, Karlsruhe | 3 | 100.00 | 18,162 | - |
| 320 | TWS Kernkraft GmbH, Gemmrigheim | 3 | 100.00 | 149,297 | - |
| 321 | U-plus Umweltservice AG, Karlsruhe | 3 | 100.00 | 126,807 | - |
| 322 | EnBW Kernkraft GmbH, Obrigheim | 3 | 99.80 | 10,000 | - |
| 323 | AWISTA Gesellschaft für Abfallwirtschaft und Stadtreinigung mbH, Düsseldorf |
5 | 51.00 | 48,447 | 17,920 |
| 324 | KNG Kraftwerks- und Netzgesellschaft mbH, Rostock | 50.40 | 499 | 8 | |
| 325 | Joint operations Friedeburger Speicherbetriebsgesellschaft mbH "Crystal", Friedeburg |
10 | 50.00 | 125,090 | 1,114 |
| Non-consolidated affiliated entities | |||||
| 326 | Südwestdeutsche Nuklear-Entsorgungsgesellschaft mbH, Stuttgart |
5 | 86.49 | 10,389 | 2,993 |
| 327 | Zentraldeponie Hubbelrath GmbH, Düsseldorf | 5, 6 | 76.00 | 18,715 | 0 |
| 328 | Nahwärme Düsseldorf GmbH, Düsseldorf | 5 | 66.00 | 2,495 | 337 |
| Entities accounted for using the equity method | |||||
| 329 | Fernwärme Ulm GmbH, Ulm | 5, 7, 10 | 50.00 | 29,988 | 16 |
| 330 | Schluchseewerk Aktiengesellschaft, Laufenburg/Baden | 5 | 50.00 | 59,339 | 2,809 |
| 331 | Grosskraftwerk Mannheim AG, Mannheim | 5 | 32.00 | 114,142 | 6,647 |
| Investments16 | |||||
| 332 | Fernwärme Rhein-Neckar GmbH, Mannheim | 5 | 50.00 | 2,621 | 831 |
| 333 | KDM Kompostierungs- und Vermarktungsgesellschaft für Stadt Düsseldorf/Kreis Mettmann mbH, Ratingen |
5 | 50.00 | 3,906 | 707 |
| 334 | Powerment GmbH, Ettlingen | 5 | 50.00 | 4,278 | 2,294 |
| 335 | RheinWerke GmbH, Düsseldorf | 5 | 50.00 | 103 | -100 |
| Footnote | Capital share1 (in %) |
Equity2 (in T€) |
Earnings2 (in T€) |
||
|---|---|---|---|---|---|
| 336 | MOWA Mobile Waschanlagen GmbH, Neunkirchen-Seelscheid | 5 | 49.00 | 254 | 125 |
| 337 | REMONDIS Rhein-Wupper GmbH & Co. KG, Düsseldorf | 5 | 49.00 | 10,415 | 3,938 |
| 338 | REMONDIS Rhein-Wupper Verwaltungs GmbH, Düsseldorf | 5 | 49.00 | 36 | 1 |
| 339 | Fernwärme Zürich AG, Zurich/Switzerland | 5 | 40.00 | 2,884 | 1,028 |
| 340 | HWM Holzwärme Müllheim GmbH, Müllheim | 5 | 33.33 | 406 | 16 |
| 341 | Heizkraftwerk Pforzheim GmbH, Pforzheim | 5 | 30.00 | 6,571 | 745 |
| 342 | Contiplan AG, Vaduz/Liechtenstein | 8 | 25.10 | - | - |
| 343 | Rheticus AG, Vaduz/Liechtenstein | 8 | 25.10 | - | - |
| 344 | Beteiligungsgesellschaft der EVU an der Kerntechnischen Hilfsdienst GmbH - GbR, Karlsruhe |
8 | 21.59 | - | - |
| Others | |||||
| Fully consolidated companies | |||||
| 345 | ED Immobilien GmbH & Co. KG, Rheinfelden | 6 | 100.00 | 0 | 128 |
| 346 | ED Immobilien Verwaltungsgesellschaft mbH, Rheinfelden | 6 | 100.00 | 31 | 0 |
| 347 | EnBW City GmbH & Co. KG, Obrigheim | 100.00 | 8,885 | 6,172 | |
| 348 | EnBW Immobilienbeteiligungen GmbH, Stuttgart | 100.00 | 458,784 | 10,200 | |
| 349 | EnBW International Finance B.V., Rotterdam/Netherlands | 100.00 | 1,166,975 | 35,261 | |
| 350 | EnBW New Ventures GmbH, Stuttgart (formerly EnBW Omega Sechsundfünfzigste Verwaltungsgesellschaft mbH, Stuttgart) |
13 | 100.00 | - | - |
| 351 | EnBW Perspektiven GmbH, Karlsruhe | 3 | 100.00 | 1,500 | - |
| 352 | Energiedienst Support GmbH, Rheinfelden | 6 | 100.00 | 380 | 35 |
| 353 | Facilma Grundbesitzmanagement und -service GmbH & Co. Besitz KG, Obrigheim |
100.00 | 199,595 | 6,398 | |
| 354 | Neckarwerke Stuttgart GmbH, Stuttgart | 100.00 | 1,756,275 | 42,455 | |
| 355 | NWS Finanzierung GmbH, Karlsruhe | 3 | 100.00 | 1,237,605 | - |
| 356 | SBZ Beteiligungen GmbH, Karlsruhe | 100.00 | 25 | 0 | |
| 357 | symbiotic services GmbH, Karlsruhe | 3 | 100.00 | 25 | - |
| 358 | MURVA Grundstücks-Verwaltungsgesellschaft mbH & Co. KG, Grünwald |
5 | 95.00 | -10,841 | 156 |
| 359 | EnBW VersicherungsVermittlung GmbH, Stuttgart | 51.00 | 3,215 | 3,135 | |
| Non-consolidated affiliated entities | |||||
| 360 | EBAG Omega Dritte Verwaltungsgesellschaft mbH, Stuttgart | 5 | 100.00 | 25 | - |
| 361 | EnBW CZ spol. s.r.o., Prague/Czech Republic | 5 | 100.00 | 1,331 | 70 |
| 362 | EnBW Omega Achtundsechzigste Verwaltungsgesellschaft mbH, Karlsruhe |
13 | 100.00 | - | - |
| 363 | EnBW Omega Dreiundsiebzigste Verwaltungsgesellschaft mbH, Karlsruhe |
13 | 100.00 | - | - |
| 364 | EnBW Omega Einundsiebzigste Verwaltungsgesellschaft mbH, Stuttgart |
13 | 100.00 | - | - |
| 365 | EnBW Omega Fünfundfünfzigste Verwaltungsgesellschaft mbH, Stuttgart |
5 | 100.00 | 25 | - |
| 366 | EnBW Omega Fünfundsechzigste Verwaltungsgesellschaft mbH, Stuttgart |
5 | 100.00 | 25 | - |
| 367 | EnBW Omega Fünfundsiebzigste Verwaltungsgesellschaft mbH, Stuttgart |
13 | 100.00 | - | - |
| 368 | EnBW Omega Neunundsechzigste Verwaltungsgesellschaft mbH, Stuttgart |
13 | 100.00 | - | - |
| 369 | EnBW Omega Sechsundsechzigste Verwaltungsgesellschaft mbH, Karlsruhe |
13 | 100.00 | - | - |
| Footnote | Capital share1 (in %) |
Equity2 (in T€) |
Earnings2 (in T€) |
||
|---|---|---|---|---|---|
| 370 | EnBW Omega Siebenundsechzigste Verwaltungsgesellschaft mbH, Karlsruhe |
13 | 100.00 | - | - |
| 371 | EnBW Omega Siebzigste Verwaltungsgesellschaft mbH, Stuttgart |
13 | 100.00 | - | - |
| 372 | EnBW Omega Vierundfünfzigste Verwaltungsgesellschaft mbH, Stuttgart |
5 | 100.00 | 25 | - |
| 373 | EnBW Omega Vierundsechzigste Verwaltungsgesellschaft mbH, Stuttgart |
5 | 100.00 | 25 | - |
| 374 | EnBW Omega Vierundsiebzigste Verwaltungsgesellschaft mbH, Stuttgart |
13 | 100.00 | - | - |
| 375 | EnBW Omega Zweiundfünfzigste Verwaltungsgesellschaft mbH, Karlsruhe |
5 | 100.00 | 25 | - |
| 376 | EnBW Omega Zweiundsiebzigste Verwaltungsgesellschaft mbH, Karlsruhe |
13 | 100.00 | - | - |
| 377 | EnBW Real Estate GmbH, Obrigheim | 5 | 100.00 | 78 | 8 |
| 378 | EnBW Senergi Immobilien GmbH, Karlsruhe | 5 | 100.00 | 75 | 0 |
| 379 | KMS Verwaltungsgesellschaft mbH, Stuttgart | 5 | 100.00 | 42 | 2 |
| 380 | SSG Verwaltungsgesellschaft mbH i.L., Kornwestheim | 100.00 | - | - | |
| Entities accounted for using the equity method | |||||
| 381 | EWE Aktiengesellschaft, Oldenburg | 5, 17 | 26.00 | 2,167,900 | 159,700 |
| Investments16 | |||||
| 382 | GRADUS Investitionsgüter-Vermietungsgesellschaft mbH & Co. Objekt Badenwerk KG, Karlsruhe |
5, 6 | 100.00 | 0 | -118 |
| 383 | Wp Global Germany Private Equity L.P., Wilmington, Delaware/USA |
8 | 100.00 | - | - |
| 384 | Impulse L.P., Edinburgh/UK | 8 | 99.87 | - | - |
| 385 | Continuum Capital Limited Partnership, Edinburgh/UK | 8 | 98.00 | - | - |
| 386 | Sirius EcoTech Fonds Düsseldorf GmbH & Co. KG., Düsseldorf | 8 | 78.15 | - | - |
| 387 | regiodata GmbH, Lörrach | 5 | 35.00 | 680 | 130 |
| 388 | RWE - EnBW Magyaroszág Kft., Budapest/Hungary | 5 | 30.00 | 353 | 2 |
| 389 | E & G Bridge Equity Fonds GmbH & Co. KG, Munich | 7, 8 | 29.97 | - | - |
| 390 | EFR Europäische Funk-Rundsteuerung GmbH, Munich | 5 | 25.10 | 2,789 | 2,317 |
| 391 | Ökotec Energiemanagement GmbH, Berlin | 5 | 25.10 | 399 | 37 |
| 392 | KIC InnoEnergy Germany GmbH, Karlsruhe | 5 | 25.00 | 25 | 80 |
| 393 | MVV Energie AG, Mannheim | 7, 14 | 22.48 | 1,018,690 | 79,920 |
1 Shares of the respective parent company calculated in accordance with section 313 (2) of the HGB (as of: 31 December 2015). 2 In the case of separate entities, the figures stem from financial statements prepared pursuant to local principles and do not show the contributions
of each entity to the consolidated financial statements. For financial statements in foreign currencies, the equity is translated at the mean rate on the reporting date, while earnings are translated at average annual rates. 3 Profit and loss transfer agreement and/or domination agreement. 4 Profit and loss transfer agreement with third parties. 5 Previous year figures. 6 Preliminary figures. 7 Divergent financial year. 8 Exemption clause section 313 (2) Item 4 sentence 3 and 4 of the HGB. 9 Control due to contractual agreement. 10 Joint control pursuant to IFRS 11. 11 Before taking treasury shares of the company into account. 12 Majority of the voting rights. 13 New company, annual financial statements not yet available. 14 There is no significant influence due to lack of representation in the Supervisory Board. 15 Other shareholdings included due to contractual control arrangements. 16 Includes investments that are not accounted for using the equity method because of their minor importance. They are recognised instead at their
acquisition costs. 17 Until 30 September 2015, 26% of the shares accounted for using the equity method; due to restructuring of shareholdings only 6% accounted for
using the equity method since 30 September 2015, 20% accounted for as held for sale in accordance with IFRS.
Franchise agreements in the areas of electricity, gas, district heating and water are in place between the individual entities in the EnBW Group and the municipalities. The majority of the franchise agreements have a term of 20 years. There are obligations governed by law to connect to the supply networks. Under the franchise agreements, the EnBW Group is obliged to provide and maintain the facilities required to satisfy the general supply needs. In addition, it is required to pay a franchise fee to the municipalities. Upon expiry of a franchise agreement, the facilities must be returned or transferred to the municipalities or the successor network operator, respectively, in return for reasonable compensation, unless the franchise agreement is extended.
No events which would be significant for assessing the net assets, financial position and results of operations of EnBW occurred after 31 December 2015.
Karlsruhe, 17 March 2016 EnBW Energie Baden-Württemberg AG
Dr. Mastiaux Dr. Beck
Kusterer Dr. Zimmer
We have audited the consolidated financial statements prepared by EnBW Energie Baden-Württemberg AG, Karlsruhe, comprising the income statement, the statement of comprehensive income, the balance sheet, the cash flow statement, the statement of changes in equity as well as the notes to the financial statements, together with the combined management report of the company and the Group, for the financial year from 1 January to 31 December 2015. The preparation of the consolidated financial statements and the combined management report in accordance with IFRS as adopted by the EU, and the additional requirements of German commercial law pursuant to section 315a (1) of the HGB ["Handelsgesetzbuch": German Commercial Code] is the responsibility of the company's Board of Management. Our responsibility is to express an opinion on the consolidated financial statements and on the combined management report based on our audit.
We conducted our audit of the consolidated financial statements in accordance with section 317 of the HGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with the applicable financial reporting framework and in the combined management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consolidated financial statements and the combined management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the annual financial statements of those entities included in consolidation, the determination of entities to be included in consolidation, the accounting and consolidation principles used and significant estimates made by the Board of Management, as well as evaluating the overall presentation of the consolidated financial statements and the combined management report. We believe that our audit provides a reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the consolidated financial statements comply with IFRS, as adopted by the EU, the additional requirements of German commercial law pursuant to section 315a (1) of the HGB and give a true and fair view of the net assets, financial position and results of operations of the Group in accordance with these requirements. The combined management report is consistent with the consolidated financial statements and as a whole provides an appropriate view of the Group's position and appropriately presents the opportunities and risks of future development.
Frankfurt am Main, 24 February 2016/17 March 2016 KPMG AG Wirtschaftsprüfungsgesellschaft
Janz Stratmann German Public Auditor German Public Auditor
We assure to the best of our knowledge that, in accordance with the applicable accounting principles, the consolidated financial statements give a true and fair view of the net assets, financial position and results of operations of the Group and that the Group management report, which has been combined with the management report of the company, gives a true and fair view of the business development including the result and situation of the Group and also describes the significant opportunities and risks relating to the anticipated development of the Group.
Karlsruhe, 17 March 2016 EnBW Energie Baden-Württemberg AG
Dr. Mastiaux Dr. Beck
Kusterer Dr. Zimmer
Published by EnBW Energie Baden-Württemberg AG Durlacher Allee 93 76131 Karlsruhe www.enbw.com
Shareholder Hotline/ Investor Relations Phone: 0800 1020030 or 0800 AKTIEENBW (only within Germany) Fax: 0800 3629111 (only within Germany) E-mail: [email protected] Internet: www.enbw.com
EnBW Energie Baden-Württemberg AG Durlacher Allee 93 76131 Karlsruhe www.enbw.com
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