Financial targets
Vattenfall’s vision to be a leading European energy company is conditional upon economic value creation and profitable growth.
These are the starting points for the Group’s financial targets, which in turn are the platform for business planning process at the business unit level. The financial targets are long–term, which means that they are to be evaluated as averages over a business cycle (approx. 5—7 years).
|
Key Ratio
|
Target
|
Q1 2009
|
Q1 2008
|
|---|---|---|---|
| Return on Equity (RoE) | 15% on average equity | 13,9%* | 17.0%* |
| Return on Net Assets (RoNA, excl. IAC) | 11% before tax (= 15% RoE recalculated into the Groups RoNA requirement) | 14.9%* | 16.1%* |
| Cash flow interest coverage after maintenance investments | 3.5 - 4.5 times | 4.5* | 5.2* |
| Credit Rating | Single A category rating | A2/A- Stable outlook |
A2/A- Stable outlook |
| Dividend pay-out | 40-60% | 40.4%** | 40.5% |
* Q1 figures = LTM
** Proposed dividend
Read more about Vattenfall’s financial targets (Annual report 2008, web-version)
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