• Business Framework
• Earnings, Net Asset and Financial Position
• Events After the Balance Sheet Date
• Risk Report
• Outlook
  • Macroeconomic developments
  • Sector developments
  • Strategic alignment
  • Synergy potential from task pooling and process optimisation
  • Expected earnings position
  • Expected financial position
  • Future investments in electricity generation capacity
  • Growth opportunities due to market consolidation
  • Opportunities in the environmental energy and value-added services segments
  • Securing the future by means of sustainable action
  • Overall summary of expected developments

In the coming years we expect to see a further intensification in the competition in our sector and the increasing pressure on costs resulting from the regulation of grid utilisation fees. We prepared for the new challenges facing the energy market at an early stage. The measures we have initiated will take full effect in the 2006/07 financial year and the subsequent 2007/08 financial year. We therefore expect to achieve further improvements in our sales and earnings figures in the coming years as well.

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