1 Net sales from goods and services

Revenue from the delivery of electricity and other goods is recognised as net sales from goods and services as soon as the delivery has been made and the benefits, risks and powers of disposal have been transferred to the purchaser. Revenue from services is recognised in the period in which the services are rendered.

Net sales from goods and services are stated exclusive of sales tax based on the amounts invoiced for these goods and services.

Net revenue from energy business includes both realised and unrealised revenue from held-for-trading positions. Energy derivatives used for hedging purposes or for proprietary trading remain off-balance sheet and are only recognised in the income statement upon delivery or settlement (see Note 26 and Note 35).

Declining energy prices have a curbing effect on net sales and energy procurement costs (see Note 6).

Revenues from services and other usual business activities include CHF 13,070 thousand from the disposal of photovoltaic projects of the newly-acquired Erreci companies.