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ePaper created 2012-04-27, 18:43:33 | version 1.23.1
Positive FFO trend Funds from operations (FFO) amounted to € 1.61 per share in the year under review. We expect this figure to be between € 1.64 and € 1.68 in 2012 (+3%) and between € 1.70 and € 1.74 in 2013 (+4%). Dividend policy We intend to maintain our long-term dividend policy geared towards continuity. We therefore aim to distribute a dividend of € 1.10 per share to our shareholders again in 2012 and 2013. Forward-looking statements This Management Report contains forward-looking statements based on esti- mates of future developments by the Executive Board. The statements and fore- casts represent estimates based on all of the information available at the current time. If the assumptions on which these statements and forecasts are based do not materialise, the actual results may differ from those currently being forecast. EBt excl. measurement gains / losses € million 50 60 70 target 94–97target 90–93 result 86.6 2012 20132011 FFo per share € million 1,2000 1,3375 1,4750 1,6125 1,7500 target 1.70–1.74 target 1.64–1.68 result 1.61 2012 20132011 24 DES Annual Report 2011 GRoup MAnAGeMent RepoRt outlook