(1) Revenue (including natural gas tax/ electricity tax)

Revenue is recorded when the risk stemming from a delivery or service has been transferred to the customer.

To improve the presentation of business development, RWE reports revenue generated by energy trading operations as net figures, reflecting realized gross margins. By contrast, electricity, gas, coal and oil transactions that are subject to physical settlement are stated as gross figures. Energy trading revenue is generated by RWE Supply & Trading. In fiscal 2008, gross revenue (including energy trading) amounted to €85,043 million (previous year: €65,097 million).

The segment reporting contains a breakdown of revenue (including natural gas tax/electricity tax) by division and geographical region. Deconsolidations and first-time consolidations increased revenue by a net €358 million.

The item natural gas tax/electricity tax comprises the taxes paid directly by Group companies.