• Market Climate
• Earnings
  • Further increase in sales
  • Earnings performance affected by one-off factors
  • Quarterly overview of sales and earnings
  • EBIT adjusted
  • Segment earnings performance
• Investments and Financing
• Value-Based Management
• Risk Report
• Research and Development
• Employees
• Social Commitment
• Environmental Protection
• Outlook

Further increase in sales

Sales of the MVV Energie Group by Segment
Euro million	2003/2004		2002/2003		% change
Electricity 1,2	828		680		+22
District heating2	252		246		+2
Gas 2,3	263		240		+10
Water2	86		73		+18
Value-added services	117		103		+14
Energy from waste plants	90		93		-3
Renewable energy	7		2		+250
Other	9		1		+800
	1,652		1,438		+15
1 energy trading sales reported net, i.e. only with the gross margin generated (previous year adjusted)    and including energy tax of Euro 84 million (previous year: Euro 80 million)
2 reallocation of release of income subsidies from sales to depreciation (previous year adjusted)
3 including gas tax of Euro 49 million (previous year: 41 million)

The sales of our Group increased by 15% on the previous year to Euro 1.7 billion in spite of the ongoing difficulties in the market and the weakness of the economy. This increase is the result of sales growth in virtually all segments. Stadtwerke Kiel (SWK), which was fully consolidated for the first time in the final five months of the year (May to September), contributed sales of Euro 92 million to the total sales of the Group in the 2003/04 financial year. Sales growth amounted to 8% following adjustment for the effects of the initial consolidation of Kiel.

Of the total sales of the Group, Euro 1.1 billion were generated by the parent company, MVV Energie AG (previous year: Euro 0.9 billion). This figure includes the electricity trading activities incorporated as part of the portfolio optimisation at the MVV Energie Group.

Our shareholdings in German municipal utility companies in Offenbach, Ingolstadt, Solingen, Köthen and Kiel generated sales totalling Euro 544 million, compared with Euro 431 million in the previous year (excluding Kiel). Our foreign sales, including those of our international consulting business, amounted to Euro 137 million during the year under report (previous year: Euro 144 million) and thus made up 8% of the total sales of the Group (previous year: 10%).

Sales volumes rose across all segments. This was again largely attributable to the initial inclusion of the sales of Stadtwerke Kiel.