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Opportunities in the energy market Eneco Groep N.V. Annual Report 2020 About this report In this integrated report, Eneco Group reports on its financial and non-financial performance in 2020 and its financial, social and ecological value creation. We opt for a compact transparent report that provides the information required by our stakeholders based on a stakeholder dialogue and materiality analysis. The financial statements have been prepared based on the International Financial Reporting Standards (IFRS) and the relevant provisions in the Dutch Civil Code. The report is compliant with the standards of the Global Reporting Initiative (GRI). We use the International Integrated Reporting framework to clarify the interrelationship between the core elements of our policy. We also report on the Sustainable Development Goals (SDGs) that are relevant for us. As a member of the UN Global Compact, in our report, we report on our progress with regard to the ten principles and each of the four focus areas: human rights, labour conditions, the environment and anti-corruption. The value creation model reflects our One Planet focus, Eneco’s essential purpose and its mission, strategy and business model. The realisation of Eneco’s strategy is explained based on strategic key performance indicators (KPIs) in the section Progress and sustainability and in the financial statements. We have given the assignment to Deloitte Accountants B.V. to audit the 2020 financial statements and to assess the strategic KPIs and the application of the GRI standards in this report. An auditor’s report was provided for the financial statements and an assurance report was provided for the strategic KPIs and the application of the GRI standards. Contents Report of the Management Board 2 Foreword by the Management Board 2 Profile 6 Overview of the main results 7 Important events 8 Value creation model 2020 16 Strategy 24 What is material? 30 Result: Customers 32 Result: Sustainable production 42 Result: Integration 50 Result: One Planet 56 Enthusiastic and knowledgeable employees 68 Safety, quality, security and ICT 74 Financial result 78 Governance 80 Corporate Governance 80 Risk management 82 Integrity and compliance 92 In-Control statement 96 Remuneration 98 Supervisory Board Report 100 Report of the Supervisory Board 100 Assurance report 104 Assurance report 104 Eneco Groep N.V. Financial Statements 2020 109 Other information 185 Annexes 191 Eneco Annual Report 2020 1 Foreword by the Management Board Events in 2020 were overshadowed by the Covid-19 pandemic. The whole year was dominated by public health concerns and the impact of the restrictions put in place to Sustainable recovery prevent the coronavirus from spreading. On behalf of the Besides the numerous challenges that this Management Board, I want to crisis has brought, it also presents a unique express my heartfelt gratitude opportunity to move the energy transition into and appreciation for the a much needed higher gear, in the form of tremendous mental resilience green investments in sustainable recovery, to and dedication that our help the Netherlands realise its climate goals employees have shown. Thanks and at the same time create numerous future- to their wonderful care for each proof jobs. This matches Europe’s Green Deal other and for our customers, we ambitions to pick up the pace of the managed to maintain a low sustainability efforts and target a 55% CO2 accident rate and a high reduction by 2030. customer satisfaction. 2 Eneco Annual Report 2020 Eneco’s sincere passion for sustainability makes it a wonderful company: it is what we all have in common, across all echelons of the ‘We want to realise our company, and from technicians to office workers, in the Netherlands, Belgium, mission of “Everyone's Germany and the United Kingdom. We want to realise our mission of “Everyone's sustainable energy”, for sustainable energy”, for ourselves but also, ourselves but also, and and more importantly, for our children and grandchildren. more importantly, for our Since I was appointed CEO on 1 July, I have children and grandchildren.’ become acquainted with most parts of the company, in the Netherlands and beyond. The partnership with our new shareholders Mitsubishi Corporation and Chubu Electric Power is perceived in a very positive light, both at the level of the company’s executive management and in developing our updated strategy and our plans for the five years ahead. In 2020, the Netherlands recorded the hottest year since records began. As a result, the demand for gas and heat fell, while the pandemic also caused the demand for electricity and gas to drop. Despite those external factors, the Management Board is environment so customers can now make all very pleased with the financial results. Eneco’s the necessary arrangements for maintenance results improved significantly in 2020: our to their devices. Our partnership with operating income (EBIT) was up 23% to participating interest Suniverse has been €163 million (2019: €132 million), while our expanded, with a view to easy and affordable EBITDA rose to €484 million (2019: energy-efficient home solutions, and in €428 million). Our net profit surged 48% to Germany we have successfully taken over and €118 million (2019: €80 million). One factor integrated 260,000 customers from E.On that contributed to this increase was that new Heizstrom. wind assets were operational all year, while the participating interests also outperformed Besides signing a number of exciting contracts previous results. Our gross margin improved in the business market, such as with RET and to €1,094 million (2019: €1,071 million). Bol.com, and with Borealis in Belgium, we have also introduced our ZonnigLaden solution, which involves installing solar roofs Customer services to convert parking spaces into green charging stations, and in 2020 Eneco eMobility also Our clients’ interests are paramount in started offering charging stations in everything that we do, now and in the future. partnership with ANWB. To help us provide With this in mind, Eneco wishes to lead the our customers with new and innovative way in digitalised services, and last year we solutions, we have initiated a digital continued to improve our online customer transformation, and we are making services. The new online Eneco Omschakelaar investments to modernise our technology and transition service advises customers on what IT infrastructure. their next step should be when they are improving their home's sustainability. Eneco’s technicians now use Eneco Home to help customers to make the switch to sustainable energy solutions such as solar panels and smart central heating applications. We have also updated the MijnEneco personal Eneco Annual Report 2020 Report of the Management Board 3 deal of focus to updating our business strategy. Although our mission is essentially ‘Our ambition is to double still the same, we have made some clear choices and we will focus on three pillars: our installed sustainable customers and assets, and integrating the two. capacity to 3,200 MW by 2025.’ We will provide our customers with even better assistance through smart, affordable and clean energy solutions, including electric vehicles, heat pumps and heat grids. To achieve the integration, we will focus on using smart flex solutions to balance supply and demand, for example by converting surplus wind energy into heat, controlled remotely from our trading room. Of course we will also continue to invest in sustainable generation. Our ambition is to almost double our installed capacity to 3200 MW by 2025. In everything that we do, we choose to be a responsible enterprise. We take our role in society very seriously, and we endeavour to have a positive impact on the wellbeing of people and nature. In 2020, Hiroshi Sakuma (Chief Cooperation and International Officer) and Hans Peters (Chief Customer Officer) joined the In 2020, we adopted Hollandse Wind&Zon as Management Board. Guido Dubbeld (Chief our default solution for consumers and SME Financial Officer) announced his intention to customers. This helped Eneco to become the step down last autumn. He has been first major energy supplier to score an 8.1 out succeeded by Jeanine Tijhaar. I would like to of 10 on the ranking that Wise, Natuur & thank Guido for everything that he has Milieu and the Dutch Consumers’ Association contributed towards Eneco’s development publish of sustainable electricity suppliers. over the past 19 years, and I wish him all the best for the future. Eneco also recorded some amazing performances in terms of sustainable The climate crisis is casting an ever-growing generation, which will help us to further shadow over the future, in the form of more consolidate our position. Key highlights are and more extreme weather effects. Eneco the now operational offshore wind farm expressly wants to be part of the solution, by Borssele III&IV, and winning the contracts for offering our customers attractive and the Hollandse Kust Noord offshore wind farm affordable sustainable propositions. Thanks and the Maasvlakte 2 wind farm. In total, we to our knowhow and our expertise, our added 202 MW in sustainable capacity, motivated employees and our financial installed capacity and sustainability capabilities, we are in an excellent position to improvements to our heat sources. Of course do this, and 2021 will be another year in which we are also very happy to be chosen to we can continue to make a difference, with construct the heat grids in Schiedam’s challenges to overcome and exciting Groenoord district and Rotterdam’s opportunities to seize. With a justifiable sense Bospolder-Tussendijken district, as part of the of optimism and pride, Team Eneco is looking transition to gas-free homes. forward to further shared successes. As Tempelman Business strategy CEO The environment in which Eneco operates is a dynamic one. To continue to lead the way in the energy transition, we also devoted a great 4 Eneco Annual Report 2020 Report of the Management Board .

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