• Market Climate
• Earnings
• Investments and Financing
• Value-Based Management
• Risk Report
• Research and Development
• Employees
  • Internal job market up and running
  • Acquisition of Stadtwerke Kiel AG more than compensated for reduction in personnel
  • Personnel development bears fruit
  • Training-an important component of personnel management
  • Introduction of SAP HR in Offenbach
• Social Commitment
• Environmental Protection
• Outlook

Personnel Figures at the Reporting Date
	2003/2004		2002/2003		Vorjahr
MVV Energie AG1	1,769		1,821		- 52
Fully consolidated shareholdings	3,492		2,122		+ 1,370
MVV Energie AG plus fully consolidated shareholdings	5,261		3,9432		+ 1,318
Partially consolidated shareholdings	1,632		1,7116		- 79
MVV Energie Group2	6,893		5,654		+ 1,239
Non-MVV personnel at MHKW Mannheim	64		73		- 9
	6,957		5,727		+ 1,230
1 including 92 employees of MVV RHE AG (previous year: 94)
2 including 314 trainees (previous year: 215)

The strategic realignment, reorganisation and restructuring programme undertaken by the MVV Energie Group in the past financial year have placed it firmly on course to be competitive in its further development. Our well-qualified and committed employees played a decisive part in the successful implementation of necessary, if sometimes difficult, strategic measures undertaken in the year under report.