Swedish utility Vattenfall Group Wednesday said it has
set new financial and sustainability targets.
MAIN FACTS:
-The
company now aims for a return on capital employed of 9%, a debt to equity ratio
of 50-90% and funds from operation to adjusted net debt of 22-30%.
-Its previous targets was for a 11% before-tax return on net assets and a cash
flow interest coverage ratio of 3.5 to 4.5 times.
-The dividend should amount to 40-60% of the year's profit after tax. Vattenfall
will retain its current dividend policy.
-Vattenfall also said it aims to reduce its carbon dioxide emissions to 65
million tons of absolute emissions by 2020
-Growth rates in renewable energy should be higher than the average growth
rates for those markets within Northern Europe that the company is working in.
-The new targets are based on guidelines from Vattenfall's owner, the Swedish
state.
-"To achieve the sustainability targets we will increase the growth rate
within renewable energy. An increased capacity for power transmission between
markets is also necessary," Chief Executive Oeystein Loeseth said in a
statement.