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We are confident that we will exceed the earnings goals we have set ourselves so far. Therefore, we have raised the benchmark even higher:
- We intend to increase the operating result by an average of 5 to 10 % (instead of 5 %) per year through 2012. This does not take into account the planned acquisition of Essent. Given the strong fluctuation in commodity Glossary prices, this target depends on our expectation that the average realized price for German electricity forwards will be at least €60 per MWh in this period.
- On this basis, we want to see an increase in recurrent net income, the parameter for determining the dividend payment in the order of an average 10 % per year to 2012 (instead of 5 to 10 %).
- In August 2008, we significantly expanded our efficiency-enhancement programme, which was originally scheduled to run until the end of 2010. We are planning steps to reduce costs and increase revenue that will gradually improve our annual earnings by a total of €1.2 billion by 2012 (instead of €600 million by 2010) compared with 2006 levels.
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Mid-term targets 2009 to 2012 |
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Operating result |
5 to 10 % average annual growth |
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Recurrent net income |
10 % average annual growth |
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Efficiency enhancements |
€1.2 billion improvement in annual earnings vs. 2006 |
