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RWE AG, headquartered at Opernplatz 1, 45128 Essen, Germany, is the parent company of the RWE Group (“RWE” or “Group”).
The consolidated financial statements for the period ended December 31, 2008 were approved for publication on February 13, 2009 by the Executive Board of RWE AG. The statements were prepared in accordance with the International Financial Reporting Standards (IFRSs) applicable in the EU, as well as in accordance with the supplementary accounting regulations applicable pursuant to Sec. 315a, Para. 1 of the German Commercial Code (HGB). The previous year’s figures were calculated according to the same principles. As in the previous year, RWE is voluntarily applying IFRS 8 “Operating Segments”.
A statement of recognized income and expenses has been disclosed in addition to the income statement, the balance sheet and the cash flow statement. The notes to the financial statements also include a statement of changes in equity and segment reporting.
Several balance sheet and income statement items have been combined in order to improve clarity. These items are stated and explained separately in the notes to the financial statements. The income statement is structured according to the nature of expense method.
The consolidated financial statements have been prepared in euros. Unless specified otherwise, all amounts are stated in millions of euros (€ million).
These consolidated financial statements were prepared for the 2008 fiscal year (January 1 to December 31).
The Executive Board of RWE AG is responsible for the completeness and accuracy of the consolidated financial statements and the review of operations of the Group, which is combined with the review of operations of RWE AG.
Internal control systems, the use of uniform directives throughout the Group, and our programmes for basic and advanced staff training ensure that the consolidated financial statements and combined review of operations are adequately prepared. Compliance with legal regulations and the internal guidelines as well as the reliability and viability of the control systems are continuously monitored throughout the Group.
In line with the requirements of the German Corporate Control and Transparency Act (KonTraG), the Group’s risk management system enables the Executive Board to identify risks at an early stage and initiate countermeasures, if necessary.
The consolidated financial statements, the combined review of operations and the report of the independent auditors are discussed in detail by the Audit Committee and at the Supervisory Board’s meeting on financial statements with the independent auditors present. The results of the Supervisory Board’s examination are presented in the report of the Supervisory Board.
