Vattenfall AB Result of Meeting (1350Z)
13 December 2017 - 3:11AM
UK Regulatory
TIDM96DV
RNS Number : 1350Z
Vattenfall AB
12 December 2017
New financial targets reflect renewables increase strategy and
lower risk
An extraordinary general meeting on Tuesday decided on new
financial targets for Vattenfall, including a change in
Vattenfall's profitability target.
The review is a result of a change in market conditions as the
renewable energy market has matured considerably. This has resulted
in lower risks and in turn a lower and more stable financial
return.
"The new targets are an adjustment reflecting the reality we
live in. Looking at new assets in which we will invest in the
future, mostly renewables, returns are lower than in the past. As
such, the goals reflect our strategy of continuously delivering
energy solutions that are better for the climate. The ambition is
of course for returns to be higher than our owner's requirements",
says Magnus Hall, Vattenfall's CEO.
The proposal for new financial targets was announced 20 November
by Vattenfall's owner, the Swedish state. The new financial targets
will replace the old targets set in November 2012.
The new financial targets (old targets within brackets):
Capital structure:
FFO/adjusted net debt of 22-27 per cent (22-30).
Net debt/equity ratio is removed (50-90 per cent).
Profitability target:
Return on capital employed of 8 per cent (9).
Dividend policy:
The dividend should amount to 40-70 per cent of profit after tax
(40-60).
Information about extraordinary general meeting
For further information, please contact:
From Vattenfall's Press Office
Telephone: +46 8 739 50 10
e-mail: press@vattenfall.com
This information is provided by RNS
The company news service from the London Stock Exchange
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