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Business Report2005 / 2006
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
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01. April 2005 - 31. March 2006
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Report on the Financial Year2005 / 2006
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
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2ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Table of Contents
Report of the Board of DirectorsIntroduction
Membership, Bodies, Committees
Stockpiling and warehouses
Cavern operations
Financing
Fees
Explanatory notes on the Annual Accounts
Outlook
Report of the Supervisory Board
AppendicesSupervisory Board / Board of Directors
Committees
Budget Account
Breakdown of Income and Expenditure in the Budget Account
into Loan and Fee Financing
Proof of Assets and Liabilities
Auditor’s certificate
Tables / Overviews / GraphicsMembership and allocation of voting rights
Development of Stockpiling Obligation and Coverage
Stockpiling Obligation and Coverage on 31.03.2006
Stockpiling Obligation and Coverage on 01.04.2006
Regional Distribution of EBV Stockpiling on 31.03.2006
Interest binding periods on 31.03.2006
Development of volumes requiring fees
Development of Fees
Development of Fee Surplus
Change in Loans compared to previous year
Composition of Surplus from
Proof of Assets and Liabilities
Page
4
4
6
8
13
14
16
18
25
26
Appendix
1
2
3
4
5
6
Page
6
9
10
10
11
14
16
17
21
22
24
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3ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
List of Abbreviations
AAA-Rating
ACOMES
BAFA
CFPP
DGMK
DIN
DK
EBV
ECB
EN
EQPS
ErdölBevG
EU
HEL
IEA
ISPG
NWKG
OK
Long-term issuer rating of the rating agency, Standard& Poor’s: ‘A debtor with the rating ‘AAA’ has anoutstanding ability to fulfil his financial obligations.‘AAA’ is the highest issuer rating allocated byStandard & Poor’s
Annual Coordination Meeting of Entities for Stock-holding
German Federal Authority for Economics andExport Control
Cold Filter Plugging Point
German Scientific Society for Mineral Oil, NaturalGas and Coal, e.V., Hamburg
German Industrial Norm
Diesel fuel
Erdölbevorratungsverband
European Central Bank
European Norm
EBV Quality Prediction System
Law on the stockpiling of Mineral Oil and MineralOil products (Erdölbevorratungsgesetz)
European Union
Extra light heating oil
International Energy Agency
International Sludge Prediction Group
Nord-West Kavernengesellschaft mbH, Wilhelmshaven(100 % subsidiary of the Mineral Oil Stockpiling Asso-ciation)
Motor gasoline
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Introduction
Report of the Board of Directors
4ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
After the completion of the exchange of its OK stockpiling on accountof the reduction of the maximum aromatic content, the issuesconcerning biogenous mixed fuels and the exchange of HEL stockpilingof about 4 million tons on account of the sulphur reduction in heatingoil were of top priority for the EBV. The financial year 2005 / 2006included intensive, frequent meetings on these issues as well aspreparatory work with regard to the exchange of heating oil. Inaddition to this, after the emptying of the motor gasoline caverns inSottorf, the return supply of the corresponding crude oil volumebegan. After the emptying of a gasoil cavern in Bremen-Lesum, thiswas refilled with DK.
During the entire year under review and at the end of the financialyear (31.03.2006), the stockpiling obligation was fulfilled in all productgroups. In product groups 1 and 2 the EBV fulfilled its stockpilingobligation at 31.03.2006 to approx. 103 % for each group. Thestockpiling for product group 3 exceeded the stockpiling obligationby approx. 151 %, caused by the allowable yield from heavy heatingoil from crude oil stocks.
As in previous years the warehouse and delegation contracts due fortermination as of 31.03.2006 were ended in the financial year 2005 /2006, and the tenders were invited for requirements calculated for01.04.2006. The terminated volume amounted to approx. 3.2 millionm3. New contracts were concluded for a volume of 2.6 million m3. Thedifference can mainly be explained by the reduction of delegationvolume in connection with the declining stockpiling obligation.
In the year under review EBV mostly financed itself by means of loansand loans against borrowers’ notes, which were exclusively appropriatedby the capital market. The instrument of registered debenture isespecially popular on account of the long term periods. In November2005 the Standard & Poor’s rating was updated with an AAA-ratingwith stable perspectives.
On 31.03.2006, outside funds amounted to 3.4 billion C. In the yearunder review, borrowing amounted to 220 million C, with 63 % ofthis being loans.
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5ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
The financing of stockpiling was again mostly agreed via long-terminterest binding. The average rate reduced from 5.45 % p.a. to5.22 % p.a..
The accumulated budget surplus (133.5 million C) was not utilizeddespite a planned withdrawal of 16.8 million C due to fee surplus inthe year under review of 35.4 million C.
Traditionally good contacts to stockpiling organisations in othercountries and the International Energy Agency, IEA, were continuedand developed. Several candidates for joining the EU as well ascountries in the Asian regions were informed of the German systemof mineral oil crisis provision.
The EBV would like to thank all members, warehousing companies,banks, insurances and all other companies and organisations for thegood cooperation which has contributed to the successful fulfilmentof tasks. Our thanks also go to staff who have made an immensecontribution on account of their commitment.
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Membership, Bodies, Committees
Personnel changesin Supervisory Board
Annual Members’Meeting, 22.11.2005
Membership and allocation of voting rights
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Voting right allocation
31.03.2005 31.03.2006
Number of memberseach with
more than
total memberswith votes
12 - 56 - 1010
93747
111397
85747
103390
votevotesvotesvotes
In the year under review 16 companies left the association, 8 becamenew members or rejoined the association.
At the 28. Members’ Meeting on 22.11.2005, 33 members (30 % ofthe membership) took part with 315 votes (79 % of the total votes).After accepting the annual accounts, the Board of Directors andSupervisory Board were unanimously approved.
Due to the expiry of the official period of service, re-elections wereheld for the six electable Supervisory Board Members and theirrepresentatives. Mr. Hanns, Mr. Schäfer, Dr. Seifried and Mr. Weissserwere re-elected as ordinary Supervisory Board Members and Ms.Breitkreutz, Messrs. Dikty, Karstedt, Kollmann, Roth and Dr. Viragwere re-elected as representative Supervisory Board Members. Newordinary members were also elected, namely Dr. Abbenseth and Mr.Deisenhofer, in place of Dr. Kalkoffen and Mr. Beckmann who left theSupervisory Board.
With effect of 01. July 2005 the German Federal Ministry for Economicsand Technology appointed Mr. Bonaldo (government director) in placeof Mr. Johanssen (ministerial councillor) as representative member tothe Supervisory Board. With effect of 01.11.2005 the Federal Ministryof Finance appointed Mr. Schwarzer (ministerial director) to theSupervisory Board in place of Dr. Plachetka (ministerial director). Asof 01.01.2006, Mr. Schwarzer was replaced by Dr. Kühne (ministerialdirector).
The Federal Council (Upper House) appointed Mr. Wolf (ministerialcouncillor) as an ordinary member (up to now representative member)after an Upper Council resolution from 25.11.2005. He replaced Mr.Dehlinger (mini-sterial councillor) who left after expiry of service. Mr.Glatz (government director) was appointed as his representative.
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Supervisory Boardconvened threetimes
7ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Messrs. Beckmann, Dehlinger, Johanssen, Dr. Kalkoffen, Dr. Plachetkaand Mr. Schwarzer, all of whom left the Supervisory Board in the yearunder review, were thanked by the Mineral Oil Stockpiling Associationfor their many years of service.Special thanks were expressed to Mr. Johanssen who played a significantrole in the setting up and development of mineral oil stockpilingunder public law.
The Supervisory Board convened three times in the year under review.It discussed the financial and fee issues, the auditors report, issues ofstock-keeping (i.a. stockpiling obligation and coverage, conversion ofOK to 35 % aromatic content and HEL to 1000 ppm sulphur, theexchange of products stored in caverns for crude oil, the storage offuels with biogenous share, the increase of the JET A-1 stocks of EBV,offers to tender), the improvement of the release process existing forprovision crises, and financial and insurance issues (i.a. replacing theexisting insurance of goods with self-insurance).
On 23.09.2005 the Supervisory Board decided to extend the period ofoffice of Mr. Pott as Board Director of EBV by 5 years.
Resolutions of the Supervisory Board were normally prepared byrecommendations from the respective committees.
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8ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Stockpiling and Warehouses
Maintenance ofStockpile
Development ofStockpiling Obligation
The stockpiling obligation for the financial year 2005 / 2006 whichapplied as of 01.04.2005 amounted to 21.2 million t and was therefor0.9 million t below the previous year’s level. The change in stockpilingobligation is split across the product groups 1, 2 and 3 with minus297,000 t, minus 558,000 t and minus 32,000 t respectively.
The calculation of stockpiling obligation on 01.04.2006 (90 days) wasmade pursuant to § 3 Par. 1 of ErdölBevG. The volumes to be stockedagreed with the BAFA result from fee reports from members. Pursuantto the legal regulation, the averages from the years 2003 - 2005formed the basis for the product groups 1, 2 and 3.
The level of allowable stockpiling amounted to 22.7 million t at thebeginning of the financial year under consideration of the crude oilyield code valid as of 01.04.2005. As a result, in the change of thefinancial year 2004 / 2005 to 2005 / 2006 the stockpiling obligationwas over-fulfilled by 7.4 %.
Specifications for OK in effect as of 01.01.2005 provided for a maximumaromatic content of 35 vol. %. In accordance with the respectiveregulations, and after consultation with the Stockpiling Committeeand the resolutions of the Supervisory Board, the Mineral Oil StockpilingAssociation ended its exchange of OK stockpiling in the year underreview.
In accordance with the Study 2010 advised by the Stockpiling Committeeand passed by the Supervisory Board, it is intended to improve thestatutory 60 / 40 % ratio of crude oil to product stockpiling by reducingsurplus stockpiling of underground stored product volumes of individualproduct groups, and to replace these with corresponding volumes ofcrude oil. In the financial year 2005 / 2006 the remaining gasoil andheating oil heavy stockpiling at the cavern warehouse in Rüstringenwere exchanged for crude oil. A physical exchange was not possiblesince these product stocks are located together with crude oil inindividual caverns. Now only crude oil is stored in the cavern plantsat Rüstringen. The discharging of the benzine ‘RON 90’ stored in theunderground cavern plant at Sottorf was completed in the year underreview. Since the caverns have to be completely emptied before re-filling with crude oil, the return deliveries of crude oil will be completedin the financial year 2006 / 2007. The exchange of gasoil of a firstcavern for the return of DK at the Lesum plant was completed in theyear under review, and discharging of a second gasoil cavern wasstarted.
In total approx. 248,000 t benzine ‘RON 90’ and approx. 350,000 tgasoil were exchanged for crude oil and 95,000 t gasoil for DK in thefinancial year 2005 / 2006.
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Pan-EU offer totender of tank spaceand delegation
Stockpiling Obligation and Coverage
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
2003
2004
2005
Year
0
50
1.000
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
10.000
11.000
12.000
13.000
14.000
15.000
16.000
17.000
1.000 t
Stockpiling Obligation
Coverage
Product group 2
Product group 1
Product group 3
2006
As a result of a Supervisory Board resolution to terminate all time-limited warehouse and delegation contracts to the end of the respectivefinancial year and to conduct a competitive tender to offer, thecontracts limited to 31.03.2006 were terminated in 2005, and a newtender to offer was issued.
The terminated volume totalled 3.2 million m3 warehouse space anddelegations; 3.4 million m3 warehouse space and delegations wereoffered. A total of 2.6 million m3 warehouse space was re-contracted.
The development of the stockpiling obligation and coverage sincethe setting up of the Mineral Oil Stockpiling Association is displayedin the following graph:
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Stockpiling Obligation and CoverageStatus: 31.03.2006
Stockpiling Obligation and CoverageStatus: 01.04.2006
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
The following changes in stockpiling obligation and coverageresulted in the transition from the financial year 2005 / 2006 to thefinancial year 2006 / 2007.
ProductGroup 2t
ProductGroup 1t
ProductGroup 3t
Total
tEBV own volumes––– products––– crude oil (13,709,995 t)
delegated volumes––– products––– crude oil (0 t)
Totallegal stockpiling obligation(basis 100 %)
Surplus/DeficitCoverage in %
3,167,1172,865,3896,032,506
318,5810
318,581
6,351,087
6,160,000
191,0873.10
8,157,8206,398,454
14,556,274
367,3750
367,375
14,923,649
14,490,000
433,6492.99
58,1941,253,0941,311,288
000
1,311,288
523,000
788,288150.72
11,383,13110,516,93721,900,068
685,9560
685,956
22,586,024
21,173,000
1,413,0246.67
ProductGroup 2t
ProductGroup 1t
ProductGroup 3t
Total
tEBV own volumes––– products––– crude oil (13,709,995 t)
delegated volumes––– products––– crude oil (0 t)
Totallegal stockpiling obligation(basis 100 %)
Surplus/DeficitCoverage in %
3,160,6962,864,0186,024,714
110,6660
110,666
6,135,380
5,950,000
185,3803.12
8,132,0596,528,699
14,660,758
216,4090
216,409
14,877,167
14,723,000
154,1671.05
58,1941,161,2371,219,431
000
1,219,431
473,000
746,431157.81
11,350,94910,553,95421,904,903
327,0750
327,075
22,231,978
21,146,000
1,085,9785.14
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Regional Distribution of EBV Stockpilingon 31.03.2006
The association continues to place emphasis on a regionally balancedstorage of the stocks.
Quality Assurance
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
ProductGroup 21,000 t
ProductGroup 11,000 t
ProductGroup 31,000 t
Crude oil
1,000 t
Lower SaxonyNorth Rhine-WestfaliaBavariaBaden-WuerttembergSchleswig-HolsteinBremenHamburgRhineland-PalatinateBerlinHesseBrandenburgThuringiaMecklenburg-Western PomeraniaSaxonySaxony-AnhaltSaarland
Foreign stockpilingTotal
Stockpiling total: 25,799,000 t
(The stockpiling allocated to the actual warehouse locations, without considering logistic connections)
91370852234811724
1251941064487
1791490150
3.4860
3.486
8481.3531.1151.034
4241.061
69852954834487
19286
11124
8.43689
8.525
11.657989
98185678
00000
10300000
13.7100
13.710
58000000000000000
580
58
Changes in product specifications continue to be introduced at evershorter intervals due to environmental protection requirements. Assuch, the forecast for the development of specifications is influencedby uncertainties.
- Standardization work for the requirement of DIN 51603-1 for HEL, EN 228 for OK and EN 590 for DK- The issue of biofuels (further tests 2005 / 2006 to ensure long-term storage)- The Additivation of HEL (CFPP improvement)- Exchange of product stockpiling in caverns for crude oil- The development and management of software for evaluation of crude oil stockpiling storage in EBV caverns- The development of a new test in microbiology (colony figure in mineral oil products)- The development of a ‘Technical Instruction’ for discharging of crude oil from caverns- Discussion of experience gained in long-term storage in international organisations such as ACOMES and IEA
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Control of Fulfilmentof Contract
Inventory as per31.12.2005
Tank WarehouseInquiry
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
provide new tasks for the EBV to ensure quality.
Ever greater significance is being attached to quality assurance,supported by our Quality Prediction System (EQPS). By using EQPS theassociation was able to extend the storage times. The EBV participatesin DGMK specialist committees for fuels in the development of a newtest process to improve the forecasting of thermal stability andwarehouse consistency.
In addition, EBV participates in the prediction and minimizing of crudeoil sludge in overground tanks and salt caverns in an internationalstudy group, ISPG (International Sludge Prediction Group), to researchmechanisms which lead to the generating of sludge.
In the year under review the associations inspected all 166 contractualtank warehouses with regard to the fulfilment of contractualobligations. In the course of this work, 827 current and expiredwarehouse and delegation contracts were inspected. Complaints wereraised in 11 cases, which led to warnings and, in some cases, to thecall for a contractual penalty.
The processing of the inventory including evaluation and preparationof invoices and credit notes was completed without complication. Wewere able to clarify any differences in figures with our contractualpartners.
The EBV conducted an updating inquiry of all tank warehouses,refineries and cavern capacities for BAFA as per 31.12.2005. A veryslight reduction in tank volume was established.
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Cavern Operations
Handling Activities
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
The cavern plants owned by EBV in Bremen-Lesum, Heide, Sottorfnear Hamburg and Wilhelmshaven-Rüstringen, in which approx. 10million m3 stocks are stored are operated by NWKG in accordancewith an operations contract. In the period under review priority wasto ensure the readiness for service of the four plants and to improvethem, and to carry out measures for the protection of the environment,where useful and necessary.
In the period under review, extensive volumes of crude oil and productvolumes in the cavern warehouses were handled on account of qualityadjustments or conversions of storage to crude oil. In the warehouseof Rüstringen, approx. 248,000 t of crude oil were stored, in Sottorfapprox. 248,000 t of OK was discharged and in Bremen-Lesum approx.94,800 t high-sulphur heating oil light was discharged and approx.242,400 t DK stored.
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Financing
Interest binding periods
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Year
50
100
150
200
250
300
350
400
450
Mio C
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2021
2024
2028
2029
2030
2032
2034
2020
2022
2023
2031
2033
2035
2036
2025
2026
2027
The long-term debt of the association resulting from the financing ofstockpiling, warehouses and caverns was reduced in the year underreview by 220 million C, from 3.48 billion to approx. 3.26 billion C.Further details are included in the Explanatory Notes on Proof ofAssets and Liabilities.
This year, again, new loans have been taken out almost solely in long-term periods. The favourable interest situation led to a furtherreduction of average interest burden at the end of the year underreview from 5.45 % p.a. to 5.22 % p.a..
The following graph shows the interest binding periods of the EBVat the end of the year under review:
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AAA-Ratingconfirmed
FinancingInstruments
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
The credit portfolio of the association has a mainly long-term interestbinding structure on account of long-term assets. Essentially thefinancing of the association was made via the instruments of loansagainst borrowers’ notes, and loans.
The Medium Term Note Program, under which public loans (Eurobonds)and private placements could be concluded, has not been updateddue to the simple structure of the financing of the EBV (only EUROfixed rate business). This saves annual updating costs, and dependencyon legal changes for fields which do not affect the instruments of theEBV is reduced.
In future the issuing of loans will be made at our own documentations.
The internationally recognized AAA-rating from Standard & Poor’shas again been confirmed with a stable forecast. Loans issued by EBVstill have the opportunity in future of being given an explicit rating.
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Fees
Fee rates unchanged
Developement of volumes requiring fees
The fee rates for the financial year 2005 / 2006 have remainedunchanged:
Product group 1 C 6.13 / tProduct group 2 C 4.62 / tProduct group 3 C 4.10 / t
Income from fees amounted to 437 million C. As such, these wereabout 8 million C (2 %) below the budget plan.
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Year
1.000
2.000
3.000
4.000
5.000
6.000
0
Product group 2
Product group 1
Product group 3
2004
2005
2006
1996
1997
1998
1999
2000
2001
2002
2003
1.000 t
7.000
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Development of Fees
(not including VAT and considering reimbursement to non-members – the mean monthly fee perquarter is given)
Member companies mostly fulfilled their reporting and feeobligations. However, inspection of import volumes led to subsequentsubmissions in 52 cases totalling approx. 0.6 million E and reimburse-ments of approx. 0.5 million E. Inspections of manufacturing and re-duction figures resulted in 106 cases to fees totalling approx.4.4 million E (balance from 5.1 million E contribution subsequentpayments and 0.7 million E fee reimbursements).
For the reimbursement of non-members totalling approx. 8 million Ethere were 75 inspections, as a result of which on balance 14 TE havehad to be paid back to the EBV.
For late payments the association took in interest totalling 292 TE.There were no failures of fee in the year under review.
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Year
1996
1997
1998
2003
2004
2005
1999
2000
2001
2002
2006
Mio C
20
25
30
35
40
45
50
55
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Income
Budget Account
Explanatory Notes on the Annual Accounts
Explanatory Notes on the Loan Section (Appendix 4)
Expenditure
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
The financial plan for the financial year 2005 / 2006 established bythe Supervisory Board and approved by the Federal Ministry forEconomics and Technology together with the Federal Ministry forFinance, provided income and expenditure respectively totalling476,071,000 E.
The Mineral Oil Stockpiling Association finances all acquisition ofstockpiling and warehouse facilities as well as business equipment bytaking out loans, in accordance with legal and statutory regulations.All other expenditure including interest for such loans is covered bymembership fees. All income and expenditure flow into the budgetaccount (appendix 3). Since this accounting schedule does not displaywhich amounts can be allocated to which type of financing, we haveenclosed a detailed schedule of the budget account displaying loanand fee financing with this report (appendix 4), as in previous years.The following pages contain explanations of each of the two budgetsections. Finally, the development of fee surplus is shown in an overview.
Other income results mainly from the volume change in stockpilingfrom the incomplete change and rolling processes on the balancesheet date, which on the key date record an income surplus of 72.1million E.
Income from loans (1.3 million E) includes expenditure to be financedfor the procurement of compulsory stocks amounting to 0.5 millionE, and additions to assets of 0.8 million E.
Income from surplus of the previous year (6.5 million E) is explainedat the end of the summarized display of fee surplus.
Expenditure for the procurement of compulsory stocks (0.5 million E)result from additions to stockpiling in the course of the inventory. Inaccordance with the regulations of the Mineral Oil Stockpiling Act,this expenditure was financed via loans.
In addition to the amount of 72.1 million E explained under Otherincome, repayments for loans for the financing of stockpiling (88.7million E) were used from fee surplus (total: 160.8 million E).
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Income
Expenditure
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Administration income (4.2 million E) essentially includes income fromcontractual penalties (2.6 million E) and the discharge of change androlling partners from their contractual duty to maintain spare provisions(1.3 million E). The EBV charged its partners with the cessation oftheir delegation obligations, and covered the fulfilling of legalstockpiling obligation from its own stockpiling. In addition, defermentand default interest is also included.
The other income (3.9 million E) includes interest income from theinvestment of cash bonds (2.4 million E) and income from rent (1.5million E).
With regard to income from membership fees we refer to the expla-natory notes in the section ‘Fees’ (p. 16).
Expenditure for administration (4.3 million E) is made up of personnelcosts totalling 3.0 million E, administration expenditure of 1.0 millionE and expenditure for investments (mainly data processing units) of0.3 million E.
In addition to the two board members, on 31.03.2006 25 staff wereemployed (partly part-time staff) at the offices of the Mineral OilStockpiling Association.
The expenditure for insurances for stockpiling of goods (0.9 millionE) includes premium payments for fire and goods transport insuranceof the mineral oil not stored in caverns, and the fire insurance of ourown tank warehouses and caverns. Insurance protection also coverstheft and damage to property resulting from intentional damage(sabotage), domestic unrest, strikes and blockades.
Expenditure for tank warehouses and caverns and for delegationpayments for mineral oil products (203.1 million E) mainly comprised151.8 million E for warehouse keeping payments, 24.2 million E forcosts for re-storing and discharging and the quality maintenance ofstockpiling, 10.5 million E for management of our own tank warehousesand caverns by NWKG, 9.7 million E for the maintenance of rentedand own property with buildings, and 6.6 million E for delegationpayments.
Explanatory Notes on the Loan Section (Appendix 4)
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20
Fee surplus andtheir application
Summarized Report of Fee Surplus
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Interest and similar expenses amounted to 196.5 million E. Of this,189.7 million E were for loans and loans against borrowers’ noteswith fixed periods. 6.8 million E were spent on interest on call moneyand current accounts and for cash bonds with interest. The interestexpenditure from investments made with cash bonds received (1.7million E) is balanced by the same amount of interest income. Thisexpenditure also includes interest swap transactions (balanced withincome) and the maintenance of the rating.
Repayment expenditure for loans for the financing of warehousefacilities (0.6 million E): On account of the regulations of § 20 par. 5ErdölBevG the Mineral Oil Stockpiling Association has financed theacquisition of warehouses by taking out loans. The financing conceptstipulates that credit repayments made on depreciations on assetsand retirement of fixed assets are made at the expense of fees.
Repayment expenditure for loans for the financing of stockpiling(4.1 million E) are mainly based on stock losses in product groups 1and 2.
In so far as fee income in previous years was not required to coverappropriate expenditure, its budget inclusion to accumulated budgetsurplus was provided. The footnote to appendix 4 specifies in whichfinancial year respective fees were added or with-drawn. Additionalresultant income surplus were carried forward to the followingyear as ‘income from surplus of the previous year’.
The surplus was used to replace loans or settle due loans in accordancewith the financial plan. This led to off-setting between the fee sectionand the loan section of the entire budget. In the case of an increasein surplus – as in the year under review – loans were repaid to anappropriate amount.
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21
Assets
Development of Fee Surplus
Proof of Assets and Liabilities (Appendix 5)
Surplus of budget accounton 31.03.2005Accumulated budget surpluson 31.03.2005
Status on 31.03.2005
Changes in year under review
Withdrawl from accumulated budget surplus
Increase in fee surplus
Change in surplus of total budget account
Status on 31.03.2006
Recorded as
Accumulated budget surplus
Amount c/f to 2006 / 2007
-
133.5
133.5
-
35.4
168.9
133.5
35.4
168.9
6.5
-133.5
-127.0
-
-88.7
-215,7
-133.5
-82.2
-215.7
6.5
-
6.5
-
-53.3
-46.8
-
-46.8
-46.8
used forFee surplus
(Fee section)
Million €
StockpilingFinancing
(Loan section)Million €
Turnover taxFinancing/Liquid assets(Total budget)Million €
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
The following schedule shows the development of fee surplus includingthe amounts placed into accumulated budget surplus and theirapplication in the year under review.
The value of fixed assets and intangible assets did not changesignificantly in the year under review. Additions of 1.2 million E wererecorded, and depreciations of 1.0 million E. Fixed assets and intangibleassets record 6.2 million E on 31.03.2006. This essentially comprisesthe value of our own properties.
Compulsory stocks of mineral oil and mineral oil products remain atacquisition costs in the proof of assets and liabilities. The value ofstockpiling increased compared to the previous year, especially dueto early returns of crude oil volume and conversion of gasoil andheavy heating oil to crude oil, by 103.9 million E to approx. 3.8 billionE. The market value of stockpiling on 31.03.2006 at 11.2 billion Ewas approx. 7.4 billion E above acquisition costs.
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22
Liabilities
Change in Loans
Borrowing
for acquisition of compulsory stocks
for investments
Repayments
due to depreciation of products
due to volume loss
due to depreciation on fixed assets
of credits paid from fee surplus
Reduction in loans
0.5
0.8
72.1
4.2
0.6
88.7
1.3
165.6
164.3
Million €Million €
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Liquid assets consist essentially of time deposit balances of cash bondsreceived (16.7 million E) which were made available within the scopeof rolling agreements.
Receivables from membership fees of 82.3 million E mostly involvefees at the end of the year under review not yet due, for the monthsof February and March 2006.
Trade accounts receivable of 233.6 million E involve receivables fromaccounts of counter-delivery agreements.
Loans and loans from banks, insurances and assignment creditorsinclude loans for financing stockpiling and non-depreciated sectionsof our own warehouses (properties), since these are not subject tovalue reduction.
The reduction of loans in the financial year 2005 / 2006 by 164.3million E is made up as follows:
Liabilities from interest to be paid on loans reduced by 10.3 million E.At the end of the year under review this figure was 88.2 million E.
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23ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Liabilities from cash bonds (16.7 million C) relate to securities madein connection with rolling agreements, which are balanced to the sameamount by time deposit balances at banks.
Liabilities to NWKG (8.9 million C) result from operating managementof the cavern plants.
Liabilities for turnover tax account (21.0 million C) result from turnovertax burden figures for the months of February and March 2006.
Liabilities from membership fees to be repaid (3.3 million C) are feereimbursement obligations due to reduction facts pursuant to § 3 par.4 numbers 1-4 ErdölBevG, mostly for the months of February andMarch 2006.
Adjustment items from open exchange and rolling contracts Returndelivery claims and counter-delivery obligations from exchange androlling agreements not yet completed on 31.03.2006 amounted to208.8 million C.
ReservesThe EBV records obligations for pension commitments of 4.0 millionC in newly created Reserves for old-age provision. This involvesfour current pensions, two expectancies of board members officiatingon 31.03.2006, and an expectancy of a board member who retired in2001.
Reserves for closure of caverns (8.5 million C) involve the annual riskprovision considered necessary by the EBV in order to be able to fulfilexisting obligations from the closure of caverns pursuant to federallaw, after an operating period of 30 years.
Reserves for equivalent payments pursuant to § 23 VBLS involveessentially future redevelopment fees to the VBL, which amountedto 4.7 million C.
Reserves for insurance of compulsory stocks of mineral oil and mineraloil products was allocated at the level which corresponds to thepossible risk of a loss in value in a medium size tank terminal (190,0million C).
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Transition of Surplus
24
Composition of Surplus from Proof of Assets andLiabilities
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Deficit from budget account
Plus
Fee surplus used for temporary stockpiling financingincluding accumulated budget surplus
Proceeds which have not yet led to income (mostlymembership fees receivable)
Less
Expenses which have not yet led to expenditure(mostly interst payables)
Surplus from proof of assets and liabilities
215.7
67.7
101.3
-46.8
182.1
135.3
Million € Million €
Reserves due to sales of stocks and sales of warehouse facilities weremainly contributed to in the year under review, pursuant to § 7ErdölBevG, on account of the sale of diesel and motor fuels withinthe scope of release, and the sale of premium fuel from a warehousein Belgium totalling 47.1 million C. In accordance with a SupervisoryBoard resolution, an amount of 203.2 million C was withdrawn forthe aforementioned reserves, and 4 million C from the hithertopension reserves were converted to reserves for old-age provisions.On the key date this amounted to 42.1 million C.
The surplus from proof of assets and liabilities is made up as follows:
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25
Outlook
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Stockpiling obligation reduced slightly on 01.04.2006 by 27,000 t to21.1 million t. This is a reduction of 0.13 % compared to the previousyear.
In the financial year 2006 / 2007 the EBV will begin with the exchangeof heating oil extra light stocks due to sulphur reduction, and continuethe exchange of gasoil stored in the cavern plant Sottorf, for crudeoil. The exchange of higher sulphated gasoil for diesel fuel in thecavern plant at Lesum will be continued.
The reduction of stockpiling obligation and the resultant necessity ofstockpiling adjustment will be further monitored and maintained bythe EBV. Existing surplus stockpiling will be decreased and the objectiveof 60 % share of crude oil in total stockpiling for reasons of increasedflexibility will be further improved.
Fee rates will remain unchanged in the year 2006.
Hamburg, 22. September 2006
Stephan Bockmühl Eberhard Pott
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26
and statement of the Supervisory Board on the audited accounts ofthe Mineral Oil Stockpiling Association – corporation under publiclaw – Hamburg, for the financial year 2005 / 2006 (01.04.2005 to31.03.2006)
During the year under review the Supervisory Board has been regularlyinformed orally and in writing on the activities of the Mineral OilStockpiling Association and has monitored activities of the Board ofDirectors. In addition to this, the Chairman of the Supervisory Boardwas informed of essential business issues in between meetings.
The auditors appointed by the Annual Members’ Meeting on22. November 2005,
Pricewaterhouse CoopersAktiengesellschaft
Wirtschaftsprüfungsgesellschaft
have audited the annual accounts of the financial year 2005 / 2006 ofthe Mineral Oil Stockpiling Association. According to the prescribedaudit, the budget account and the proof of assets and liabilities complywith § 21 par. 1 of the Law on Stockpiling of Mineral Oil and MineralOil Products, § 109 of the Federal Budget regulations and supplementaryregulations of the statutes.
The Board of Directors presented the accounts to the SupervisoryBoard for comment. After inspection, the Supervisory Board approvesthe results established by the auditors.
The Supervisory Board would like to thank the Board of Directors andall staff for their work and commitment, and proposes to the AnnualMembers’ Meeting that the Board of Directors be approved.
Hamburg, 22. September 2006
The Supervisory Board
Dr. Peter Seifried- Chairman -
Report of the Supervisory Board
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
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Dr. Peter Seifried, Hamburg, ChairmanDr. Alois Virag, Burghausen, representative
Hellmuth Weisser, Hamburg, deputy ChairmanBernd Karstedt, Bremen, representative
Uwe Beckmann, Osnabrück (up to 22.11.2005)Gerd Deisenhofer, Kempten (as of 22.11.2005)Dieter Roth, Gießen, representative
Rüdiger Hanss, Zug (CH)Jürgen Kollmann, Hamburg, representative
Heinerich Schäfer, HamburgPetra Breitkreuz, Berlin, representative
Dr. Gernot Kalkoffen, Hamburg (up to 22.11.2005)Dr. Rainer Abbenseth, Hamburg (as of 22.11.2205)Rüdiger Dikty, Hamburg, representative
- by the Federal Ministry of Economics and Technology
Ministerial governor, Hartmut Schneider, BerlinMinisterial councillor, Klaus Johansen, Berlin, representative(up to 30.06.2005)Government director, Frank Bonaldo, Berlin, representative(as of 01.07.2005)
- by the Federal Ministry of Finance
Ministerial director, Dr. Uwe Plachetka, Berlin (up to 31.10.2005)Ministerial director, Joachim Schwarzer, Berlin (as of 01.11.2005 to 31.12.2005)Ministerial director, Dr. Gabriel Kühne, Berlin (as of 01.01.2006)Ministerial councillor, Hans-Borchard Kahmann, Berlin, representative
- by the Federal Council (Upper House)
Ministerial councillor, Johannes Dehlinger, Dresden (up to 25.11.2005)Ministerial councillor, Albert Wolf, Munich (as of 25.11.2005,hitherto representative)Government director, Uwe Glatz, Hamburg, representative(as of 25.11.2005)
Stephan Bockmühl, HamburgEberhard Pott, Hamburg
Appendix 1
Supervisory Board
elected
appointed
Board of Directors
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
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Sven Thiessen (Chairman)Rotterdam
Hans Sperling (deputy Chairman)Hamburg
Andreas BodenmüllerMünchen
Gerhard FischerIngolstadt
Jörg KnaakHamburg
Karl-Heinz KopischkeBerlin
Hans-Bernhard KruseGelsenkirchen
Peter WallnyBremen
Norbert Krupp (Chairman)Hamburg
Gerd Hamer (deputy Chairman)Hamburg
Sven BürknerOsnabrück
Peter GarrnHamburg
Christine HeinBerlin
Norbert MikullaBremen
Michael TielBochum
Committees
StockpilingCommittee
Budget andFee Committee
Appendix 2, page 1ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
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Dr. Claus-Georg Nette (Chairman)Hamburg
Christian von Steinkeller (deputy Chairman)Hamburg
Gudrun BackhausBerlin
Gerd HamerHenstedt-Ulzburg
Michael RadeloffBochum
Reiner SütterlinBremen
Dr. Dagmar Müller-Collin (Chairwoman)Hamburg
Reinke Aukamp (deputy Chairman)Hamburg
Kurt AndingHamburg
Dr. Christoph BuchholzHamburg
Dr. Annette Flormann-PfaffHamburg
Werner HollsteinBerlin
Hanno KrauseBurghausen
Nicole LauteHamburg
Loan Committee
Legal Committee
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Appendix 2, page 2
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Budget Accountfor the period from01. April 2005 to 31. March 2006
Appendix 3
1. Income (chapter 01) a. Administration income b. Other income c. Membership fees Product group 1 Product group 2 Product group 3
d. Income from loans e. Income from surplus of previous year
2. Expenditure a. Expenditure for administration (chapter 02) Personnel expenditure Real administrative costs Investment expenditure
b. Expenditure for mineral oil stockpiling (chapter 03) Procurement of compulsory stocks Insurance of stocks of goods Expenditure for tank warehouses and caverns, and delegation payments for mineral oil products Interests and similar expenditure Repayments for loans for financing warehouse facilities Repayments for loans for financing stocks Expenditure for investments for oil stockpiling
3. Surplus / Deficit (-) Surplus / Deficit (-) of financial year 2005 / 2006 (2004 / 2005)
Hamburg, 24. May 2006
Title Actual vs. estimateMore (+) Less (-)
Financial year2004 / 2005
Actual comparison
113 01 - 121 01124 01 - 162 02
218 01218 02218 03
325 01360 01
425 01 - 452 01511 01 - 539 99811 01 - 812 02
551 01556 01
557 01 - 558 71572 01 - 577 01
591 01591 04820 01
Estimate Actual
C C C C
S. Bockmühl E. Pott
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
+4,202,624.87+73,514,021.59
-8,553,289.92+538,243.73-379,759.47
-8,394,814.66-26,979,150.17+6,495,047.50
+48,837,729.13
-113,572.39-243,183.94-200,023.57-556,779.90
-8,445,827.47+120,819.63
-55,252,791.48+3,474,633.95-1,860,353.01
+159,939,667.88+1,733,322.70
+96,242,826.80+95,686,046.90
+46,848,317.77
3,116,048.49101,565,449.89
149,231,407.24275,106,824.38
9,222,071.82433,560,303.4430,500,479.574,977,429.06
573,719,710.45
2,919,828.86992,225.0617,520.10
3,929,574.02
0.00314,433.89
235,329,689.53211,207,605.23
827,455.36114,334,280.75
1,281,624.17563,295,088.93567,224,662.95
6,495,047.50
33,000.002,512,000.00
152,024,000.00284,592,000.00
8,610,000.00445,226,000.0028,300,000.00
0.00476,071,000.00
3,104,000.001,247,000.00
530,000.004,881,000.00
9,000,000.00800,000.00
258,390,000.00193,000,000.00
2,500,000.005,000,000.002,500,000.00
471,190,000.00476,071,000.00
0.00
4,235,624.8776,026,021.59
143,470,701.08285,130,243.73
8,230,240.53436,831,185.34
1,320,849.836,495,047.50
524,908,729.13
2,990,427.611,003,816.06
329,976.434,324,220.10
554,172.53920,819.63
203,137,208.52196,474,633.95
639,646.99164,939,667.88
766,677.30567,432,826.80571,757,046.90
-46,848,317.77
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Brakedown of Income and Expenditurein the Budget Account 2005 / 2006into Loan and Fee Financing
Appendix 4
I. Income (chapter 01) a. Administration income b. Other income c. Membership fees d. Income from loans e. Income from accumulated budget surplus f. Income from surplus of previous year
II. Expenditure a. Expenditure for administration (chapter 02) Personnel expenditure Real administration costs Investment expenditure
b. Expenditure for mineral oil stockpiling (chapter 03) Procurement of compulsory stocks Insurance of stocks of goods Expenditure for tank warehouses and caverns, and delegation payments for mineral oil products Interests and similar expenditure Repayments for loans for financing warehouse facilities Repayments for loans for financing stocks Expenditure for investments for oil stockpiling
c. Payment to accumulated budget surplus (chapter 04)
III. Surplus / Deficit (-)IV. Accumulated budget surplus1)
V. Surplus / Deficit (-) including accumulated budget surplus
113 01 - 121 01124 01 - 162 02218 01 - 218 03
325 01351 01360 01
425 01 - 452 01511 01 - 539 99811 01 - 812 02
551 01556 01
557 01 - 558 71572 01 - 577 01
591 01591 04820 01
911 01
Title
Estimate Actual Estimate Actual Actual
Fee sectionLoan section Total
1)Development of accumulated budget surplus
Accumulated budget surplus allocated in 1985 / 86 Accumulated budget surplus allocated in 1991 / 92 Accumulated budget surplus allocated in 1992 / 93 Accumulated budget surplus allocated in 1993 / 94 Accumulated budget surplus allocated in 1997 / 98 Accumulated budget surplus allocated in 1998 / 99 Total additions Withdrawals 1994 / 95 Withdrawals 1995 / 96 Withdrawals 2003 / 04 Withdrawals 2004 / 05 Status on 31.03.2006
C C C C C
C
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
0.001,000,000.00
0.0028,300,000.00
-16,800,000.000.00
12,500,000.00
0.000.000.000.00
9,000,000.000.000.000.000.00
1,000,000.002,500,000.00
12,500,000.000.00
12,500,000.000.000.000.00
0.0072,071,875.63
0.001,320,849.83
0.006,495,047.50
79,887,772.96
0.000.000.000.00
554,172.530.000.000.000.00
160,792,212.71766,677.30
162,113,062,.540.00
162,113,062.54-82,225,289.58
-133,477,365.39-215,702,654.97
33,000.001,512,000.00
445,226,000.000.00
16,800,000.000.00
463,571,000.00
3,104,000.001,247,000.00
530,000.004,881,000.00
0.00800,000.00
258,390,000.00193,000,000.00
2,500,000.004,000,000.00
0.00458,690,000.00
0.00463,571,000.00
0.000.000.00
4,235,624.873,954,145.96
436,831,185.340.000.000.00
445,020,956.17
2,990,427.611,003,816.06
329,976.434,324,220.10
0.00920,819.63
203,137,208.52196,474,633.95
639,646.994,147,455.17
0.00405,319,764.26
0.00409,643,984.3635,376,971.81
133,477,365.39168,854,337.20
4,235,624.8776,026,021.59
436,831,185.341,320,849.83
0.006,495,047.50
524,908,729.13
2,990,427.611,003,816.06
329,976.434,324,220.10
554,172.53920,819.63
203,137,208.52196,474,633.95
639,646.99164,939,667.88
766,677.30567,432,826.80
0.00571,757,046.90-46,848,317.77
0.00-46,848,317.77
39,587,285.1961,137,215.4028,778,063.5323,125,220.4944,404,677.3068,502,886.24
265,535,348.1518,662,153.6672,603,447.1328,917,672.0311,874,709.94
133,477,365.39
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Proof of Assets and Liabilitieson 31. March 2006
Appendix 5
Assets Liabilities
Hamburg, 24. May 2006
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
Fixed assetsand intangible assets
Real property and equivalent rights with business, operating and other buildings Business equipment Plants in fee
Financial assets Participations
Compulsory stocks of mineral oil and mineral oil products(assessment at acquisition costs) Product group 1 Product group 2 Product group 3 Crude oil
Liquid assets Cash in hand Bank balances
Receivables From membership fees Trade receivables From turnover tax account Others
S. Bockmühl E. Pott
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
1) Statutes of the Versorgungsanstalt des Bundes und der Länder (Pensions office of the federal and local governments)
6,008,473.701.00
209,704.756,218,179.45
25,564.596,243,744.04
772,538,918.701.397,425,819.46
5,746,230.351,650,181,243.063,825,892,211.57
3,133.2017,349,760.7817,352,893.98
82,245,898.29233,605,652.47
0.0012,191.29
315,863,742.05
4,165,352,591.64
Status on31.03.2005
Status on31.03 2006
Change
6,008(C 1.00)
296,037
266,063
807,2711,345,728
12,8741,556,1353,722,008
3160,600160,603
88,015387,84225,979
696502,532
4,391,206
00
181181
0181
-34,73251,698-7,12894,046
103,884
0-143,250-143,250
-5,769-154,236-25,979
-684-186,668
-225,853
C TC TC
Loans Bearer debentures Registered debentures
Loan obligations to banks, insurance companiesand assignment creditors
Other liabilities From interest to be paid From cash bonds To the Nord-West Kavernengesellschaft mbH Trade accounts payable From turnover tax account From fees payable to members
Pension reserves
Adjustment items from incomplete changeand rolling contracts
Reserves For old-age provision For closure of caverns For counter-value payments purs. to § 23 VBLS1)
For insurance of compulsory stocks of mineral oil and mineral oil products Due to inventory sales and sales of warehouse facilities
Net assets of the association
Surplus from proof of assets andliabilities Deficit from budget account for period from 01. April 2005 to 31. March 2006 Adjustment items from adjustment of budget account to proof of assets and liabilities
Status on31.03.2006
Status on31.03.2005
Change
635,000,000.00190,000,000.00
2,607,878,995.523,432,878,995.52
88,176,842.7716,700,000.00
8,946,539.33924,775.00
21,000,666.683,288,781.37
139,037,605.15
0.00
208,836,910.06
3,963,419.008,500,000.004,733,700.00
190,000,000.00
42,148,731.84249,345,850.84
1.00
-46,848,317.77
182,101,546.84135,253,229.07
4,165,352,591.64
685,00050,000
2,862,1383,597,138
98,448160,600
8,957210
03,095
271,310
3,877
226,867
000
0
198,321198,321
(C 1.00)
6,495
87,19993,694
4,391,206
-50,000140,000
-254,259-164,259
-10,271-143,900
-10715
21,001194
-132,271
-3,877
-18,030
3,9638,5004,734
190,000
-156,17251,025
0
-53,343
94,90341,560
-225,853
C TC TC
S. Bockmühl E. Pott
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS Note
Liabilities from a release from liability to theNord-West Kavernengesellschaft mbH
1.00 1.00
C C
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Appendix 6
Certification
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS
of the auditors, PricewaterhouseCoopers Aktiengesellschaft Wirt-schaftsprüfungsgesellschaft on the audit of the accounting for thefinancial year 2005 / 2006
We have audited the budget account and the proof of assets andliabilities including respective accounting of the Mineral Oil StockpilingAssociation, corporation under public law, Hamburg for the financialyear from 1. April 2005 to 31. March 2006. Accounting and schedulingof the budget account as well as the proof of assets and liabilitiespursuant to § 21 par. 1 of the Law on Stockpiling of Mineral Oil andMineral Oil products, § 109 of the Federal Budget regulations andsupplementary regulations is the responsibility of the Board of Directorsof the Mineral Oil Stockpiling Association. It is our task to provide anassessment of the budget account and the proof of assets and liabilitiesbased on our audit.
We have conducted our audit of the budget account in accordancewith the German principles of accounting established by the Instituteof Accountants and Auditors (IDW). According to such principles, theaudit is to be planned and executed so that inaccuracies and violationscan be recognized with substantial security, which affect the displayof the budget account and the proof of assets and liabilities inaccordance with the German Principles of Accounting. On definingauditing practice, knowledge on the business activities and theeconomic and legal environment of the Mineral Oil StockpilingAssociation and the expectation of possible errors is considered. Withinthe scope of the audit, the effectiveness of the internal control systemrelated to invoices and evidence of bookkeeping, budget account andproof of assets and liabilities is mostly assessed on the basis of randomsamples. The audit comprises the assessment of the balance sheetprinciples applied and the essential estimates of the Board of Directors,and appreciation of the overall standard of the budget account andproof of assets and liabilities. We are of the opinion that our auditprovides a secure basis for our assessment.
Our audit did not result in any objections.
Hamburg, 22. June 2006
PricewaterCoopersAktiengesellschaftWirtschaftsprüfungsgesellschaft
Business Report EBV 05/06 neu 30.10.2006 14:13 Uhr Seite 35
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Addresses
ErdölbevorratungsverbandKörperschaft des öffentlichen Rechts
Jungfernstieg 38D-20354 Hamburg
Phone: +49 (0)40 / 35 00 12 - 0Fax: +49 (0)40 / 35 00 12 - 149
Email: [email protected]
ERDÖLBEVORRATUNGSVERBANDKÖRPERSCHAFT DES ÖFFENTLICHEN RECHTS