• Business Framework
• Earnings, Net Asset and Financial Position
  • Earnings Position
    • Strong sales growth
    • Our strategic measures are bearing fruit
    • Development in key items in the income statement
    • Development of expenses affected by one-off items
    • Quarterly performance
    • Value-based company management
  • Earnings Position of Major German Shareholdings
  • Earnings Position of Major Foreign shareholdings
  • Net Asset and Financial Position
  • Overall Summary of Business Performance and Financial Position
• Events After the Balance Sheet Date
• Risk Report
• Outlook

Earnings Position

The MVV Energie Group increased its sales by 16% compared with the previous year to Euro 2.28 billion. Operating earnings before interest and taxes (EBIT) even rose by 27% to Euro 201 million. These figures mean that we have exceeded the increased forecasts for sales (Euro 2.25 billion) and EBIT (Euro 195 million) for the 2005/06 financial year issued in January 2006. Our performance shows that the measures we have introduced are taking effect.

Our operating business faced increasingly tough competition in the year under report, as well as massive increases in electricity and gas procurement prices, which we were unable to pass on in full. In addition to the downturn in margins, we were also faced in the year under report with extraordinary depreciation, write-downs resulting from annual impairment tests and charges due to the statement of personnel provisions. Overall, we nevertheless succeeded in absorbing these items and compensating for them on an operational level.

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