Réconciliation avec le résultat net (document en anglais)

Reconciliation to net income: significant one-off burdens

due to impairments. The reconciliation from the operating

result to net income is characterised by negative special

items, in particular the high impairment recognised for our

Dutch electricity generation business. Higher interest

expenses and interest-driven additions to provisions imposed

further burdens. These were contrasted by the positive

effects on earnings of commodity derivatives.

The non-operating result deteriorated further,

by €937 million to − 2,094 million. Its components €

developed as follows.

• Capital gains amounted to €487 million, exceeding the

high year-earlier level (€393 million). They partly stemmed

from the sale of the UK nuclear energy joint venture

Horizon and our stakes in the Koblenz-based regional

distributor KEVAG and in the concession for the Norwegian

‘Edvard Grieg’ upstream project. We have provided

information on these transactions on page 48 et seq. We

realised further income from the sale of our 25.3 % stake in

Netherlands-based KEMA, a leading company in the fields

of consulting, testing and certification in the energy

sector.

• The accounting treatment of certain derivatives with which

we hedge the prices of commodity forward transactions

resulted in a gain of €470 million after having led to a loss

of €176 million in the previous year. Pursuant to

International Financial Reporting Standards (IFRS), these

derivatives are accounted for at fair value at the

corresponding balance sheet date, whereas the underlying

transactions (which display the opposite development) are

only recognised as a profit or loss when they are realised.

These timing differences result in short-term effects on

earnings, which are neutralised over time.

• The burdens stated under ‘restructuring, other’ were

unusually high. Therefore, the corresponding result of

− 3,051 million was much weaker than in the prior year €

(− 1,374 million). The 2012 financial statements include €

impairment losses totalling €2.3 billion. Of this, €1.7 billion

is attributable to our Dutch power plants, the earnings

prospects of which deteriorated considerably due to

market conditions. Among other things, the significant

expansion of German solar power capacity came to bear,

which is also forcing conventional power stations out of the

market in the Netherlands. Furthermore, we recognised a

€139 million write-down on our long-term electricity

procurement agreement with the Dutch nuclear power

plant operator EPZ. We had acquired the contract together

with a 30 % stake in EPZ in 2011. We receive the electricity

at cost. Due to the drop in wholesale electricity prices, the

margins realisable when re-selling it are lower than we had

assumed when the EPZ transaction was completed.

Impairments also had to be recognised at RWE Innogy,

which amounted to €215 million and related, to a

considerable extent, to biomass projects. Further one-off

burdens of about €430 million resulted from the accrual of

provisions for old-age part-time arrangements and

severance packages, which primarily related to

RWE Deutschland, RWE Power and RWE Service.

Amortisation on RWE npower’s customer base amounted

to €113 million compared to €256 million in the previous

year. It ended in May 2012.

Reconciliation to net income: significant one-off burdens

due to impairments. The reconciliation from the operating

result to net income is characterised by negative special

items, in particular the high impairment recognised for our

Dutch electricity generation business. Higher interest

expenses and interest-driven additions to provisions imposed

further burdens. These were contrasted by the positive

effects on earnings of commodity derivatives.

The non-operating result deteriorated further,

by €937 million to − 2,094 million. Its components €

developed as follows.

• Capital gains amounted to €487 million, exceeding the

high year-earlier level (€393 million). They partly stemmed

from the sale of the UK nuclear energy joint venture

...