The RWE Group spent €5,693 million in capital in the year under review. American Water is no longer included in this figure. The €4,227 million recorded in the previous year, which still included the US water utility, was exceeded by 35 %. The increase is predominantly the result of capital expenditure on financial assets, which at €1,239 million was far above 2007’s level (€162 million). Our capital spending on property, plant and equipment totalled €4,454 million, up 10 % year on year. Excluding American Water, it was 30 % higher. Nevertheless, capital expenditure on property, plant and equipment lagged our expectations, in part because power plant projects experienced delays. In February 2008, we had forecast capital expenditure on property, plant and equipment in the order of €6 billion.