RWE Supply & Trading earned an operating result of €429 million. As expected, the division remained significantly (19 %) below the unusually high level achieved in the previous year, although our underlying business performance was essentially as successful as it was in 2007. Under IFRS, some of our trading transactions are recognized in the operating result with a delay. This applies to the external marketing of electricity produced by RWE Power and RWE npower. Income from these trading transactions can only be accounted for as profit or loss under IFRS on realization of the underlying transactions, i.e., at the time of delivery of the electricity. As a result, a significant portion of the contracts entered into in 2008 will not be recognized until 2009 or thereafter. In addition, the business suffered from substantially lower margins on contracts concluded in previous years which were realized in 2008. Higher margins and the first-time inclusion of the gas procurement activities of RWE Transgas made a substantial contribution to the operating result of the gas midstream business.