With our adjusted annual net surplus and adjusted annual net surplus after minority interests we have reported our two key net income figures following adjustment for the fair value measurement of commodity derivatives as of the balance sheet required by IFRS and for one-off restructuring expenses. We have also eliminated the IAS 39 item when determining adjusted taxes on income. The one-off restructuring expenses are largely not deductible for tax purposes.

Our adjusted EBT decreased by Euro 16 million (– 9 %) from Euro 181 million in the previous year to Euro 165 million in the 2008/09 financial year. The tax rate for the 2008/09 financial year based on adjusted EBT amounts to 32.4 % (previous year:
31.2 %).

Based on the EBT of Euro – 96 million reported in the income statement (previous year: Euro 269 million), the tax rate amounts to 22.2 % (previous year: 31.2 %). The low tax rate in the year under report was primarily due to deferred tax income from the IAS 39 valuation item. The income tax expenses of Euro – 21 million stated for the year under report consist of current taxes of Euro 37 million and deferred taxes of Euro – 58 million (tax income). The previous year’s income tax expenses of Euro 84 million included current taxes of Euro 56 million and deferred taxes of Euro 28 million (tax expenses). Deferred taxes were affected by IAS 39 valuation items both in the year under report and in the previous year.

Net of restructuring expenses and having deducted taxes on income adjusted for the commodity derivatives measurement item, the adjusted net surplus for the 2008/09 financial year amounted to Euro 112 million (previous year: Euro 123 million).

Having accounted for the share of earnings attributable to minority shareholders, the MVV Energie Group reported an adjusted net surplus after minority interests of Euro
98 million for the year under report, compared with a figure of Euro 110 million in the previous year.

Calculated on this basis, adjusted earnings per share for the 2008/09 financial year amounted to Euro 1.48, as against Euro 1.69 in the previous year. As a result of the capital increase in October 2007, the weighted annual average number of shares rose from 65.3 million to 65.9 million in the 2008/09 financial year. This factor reduced adjusted earnings per share by one cent.