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SWM GROUP IN FIGURES
2

CONTENTS
3

LETTER FROM THE MANAGEMENT BOARD
4

OUR STRATEGY
7

Change is necessary to preserve what is good
7

SWM22: future-oriented, integrated, income-boosting
8

Provide: ensure ecologically benign provision of basic services
8

Steer: design the Munich of tomorrow
11

Connect: enhance the development of innovative customer services
13

Envisage: design an integrated system for the city of the future
13

Social responsibility – strong constant in eventful times
14

FINANCIAL REPORT
16

GROUP MANAGEMENT REPORT
17

1. Business Model
17

2. Business Report
18

3. Forecast, risk and opportunity report
28

CONSOLIDATED FINANCIAL STATEMENTS
32

Consolidated balance sheet
32

Consolidated income statement
33

Consolidated cash flow statement
34

Schedule of consolidated shareholders' equity
35

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
36

General information
36

Consolidation group
36

Consolidation principles
37

Accounting policies
39

Notes to the consolidated balance sheet
43

Notes to the income statement
48

Other information
51

The executive bodies of Stadtwerke München GmbH
56

Movements in non-current assets 2016
58

Affiliated companies and major equity participations
60

Independent Auditor’s Report
63

Report of the Supervisory Board
64