29Combined Group Management Report Consolidated Financial Statements Corporate Governance Report Supervisory Board and Board of Management Tables and Explanations U.S. Midwest U.S. Midwest's ROCE increased slightly compared with the prior year. The main factor was a decline in capital employed resulting from a goodwill impairment charge recorded in 2008. Capital employed in the underlying business had been increasing due to ongoing growth in regulated assets but was not matched by growth on the earnings side due to lower prices and sales volumes. Energy Trading Due to the structural particularities of the trading business, Energy Trading's ROCE and value added have very limited information value and are not included here. New Markets The increase in capital employed in our New Markets segment is chiefly attributable to the inclusion of Enel/Acciona assets for the entire financial year and the addition of new capacity at Climate & Renewables. We expect these long-term invest- ments to generate earnings increases and create added value in the years ahead. U.K. U.K.'s ROCE declined to 7.3 percent in 2009, which is below its cost of capital. However, this performance is mainly attrib- utable to the transfer of activities (primarily gas contracts) to the Energy Trading market unit. Adjusted for this special effect, U.K.'s underlying operating business increased its ROCE year on year and earned its cost of capital. Operational improvements in the retail business constituted the key factor. Currency-translation effects were almost solely respon- sible for the significant decline in capital employed, which in local currency was only slightly below the prior-year level. Nordic Nordic's ROCE declined to 8.8 percent, slightly below its cost of capital. Nordic's ROCE performance primarily reflects earn- ings-side effects like the sale of hydro capacity in the Statkraft transaction and a reduction in power production due to out- ages at nuclear power stations.The decline in capital employed is mainly attributable to the sale of hydro capacity and to currency-translation effects. U.S. Midwest Energy Trading New Markets Corporate Center E.ON Group 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 384 395 949 645 862 90 -304 -295 9,646 9,878 6,260 6,537 527 868 19,067 15,596 1,751 -587 82,459 76,367 6.1% 6.0% n/a n/a 4.5% 0.6% ­ ­ 11.7% 12.9% 8.7% 8.7% n/a n/a 10.4% 10.4% ­ ­ 9.1% 9.1% -163 -176 n/a n/a -1,125 -1,528 ­ ­ 2,144 2,902