back 
|
Non-operating result |
2008 |
2007 |
+/- |
|
Capital gains |
89 |
339 |
-250 |
|
Impairment losses |
– |
– |
– |
|
Restructuring, other |
-574 |
-488 |
-86 |
|
Non-operating result |
-485 |
-149 |
-336 |
In the year under review, the non-operating result decreased by €336 million to –€485 million. Its components developed as follows:
- Capital gains totalled €89 million and were thus markedly down on the figure achieved a year earlier (€339 million). The latter included the book gain on the sale of our Dutch gas grids. Furthermore, we had transferred a 25 % stake in rhenag Rheinische Energie AG to RheinEnergie AG in 2007. In 2008, we divested another 8.23 % in rhenag, which resulted in a capital gain.
- The result stated under “Restructuring, other” decreased although there were substantial negative effects in 2007. It dropped by €86 million to –€574 million. This was in part due to a special item relating to the accounting treatment of derivative transactions, which are concluded to hedge the prices of forward contracts (underlying transactions). Pursuant to IFRS, these derivatives are accounted for at fair value at the corresponding balance sheet date, whereas the underlying transactions (which show the exact opposite reaction) are only recognized with an effect on profit or loss later on, when they are realized. This results in short-term effects on earnings, which are neutralized over time. Since the one-sided disclosure of changes in the fair value of derivatives does not reflect economic reality, we have been recognizing the changes in the non-operating result since the interim financial statements for the first half of 2008. These derivatives caused us to incur a charge of €404 million as of December 31, 2008. In addition to the effect of derivatives described above, the “Restructuring, other” item also includes the amortization of RWE npower’s customer base. It amounted to €279 million, and was therefore lower than 2007’s comparable figure (€325 million) for currency-related reasons. Changes made to nuclear provisions resulted in €143 million in income (2007: €178 million).
