• Market Climate
• Earnings
• Earnings Performance of Major Shareholdings
  • Growing importance of municipal utility company shareholdings
    • Energieversorgung Offenbach AG (48.88% shareholding)
    • Stadtwerke Kiel AG (51.0% shareholding)
    • Stadtwerke Solingen GmbH (49.9% shareholding)
    • Stadtwerke Ingolstadt Beteiligungen GmbH (48.4% shareholding)
    • Köthen Energie GmbH (100.0% shareholding)
    • Stadtwerke Buchen GmbH & Co. KG (25.1% shareholding)
  • Foreign shareholdings
• Investments and Financing
• Value-Based Management
• Risk Report
• Research and Development
• Outlook

Growing importance of municipal utility company shareholdings

Including the MVV Energie AG parent company, the network of municipal utility companies of the MVV Energie Group consists of seven municipal utility companies in Germany and ten district heating providers in Poland and the Czech Republic. The growth of our group of companies is driven by the development and strengthening of the links between our partner companies, as well as by the further tapping of synergy and efficiency potential within the Group.

Our shareholding in Stadtwerke Kiel has further increased our stability and raised our earnings power. During the year under report, our domestic portfolio of fully and proportionately consolidated municipal utility company shareholdings in Offenbach, Kiel, Ingolstadt, Solingen and Köthen generated sales amounting to Euro 823 million prior to consolidation (previous year: Euro 544 million). The economic significance of these shareholdings is even more apparent from their operating earnings (EBIT) contributions of Euro 88 million (previous year: Euro 49 million).