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Eneco Annual Report 2019 1 Foreword Management Board Transitioning together Eneco Groep N.V. Annual Report 2019 About this report In this integrated report, Eneco Group reports on its financial and non-financial performance in 2019 and its financial, social and ecological value creation. We opt for a compact and 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. We became a member of the UN Global Compact in 2019 and, 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. This Communication on Progress (CoP) is an integral part of our integrated annual report. The Communication on Progress annex contains references to the separate CoP themes in the annual report. 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 2019 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 Management Board 2 Profile 4 Overview of the main results 5 Important events 6 Value creation 10 Strategy 20 What is material? 24 Result: growth in the delivery of energy 26 Result: growth in innovative services 30 Result: growth in sustainable energy 36 Result: One Planet 42 Enthusiastic and knowledgeable employees 54 Safety, security and ICT 56 Financial result 60 Governance 62 Corporate Governance 62 Risk management 64 Integrity and compliance 72 In-Control statement 74 Remuneration 75 Supervisory Board Report 76 Report of the Supervisory Board 76 Assurance report 79 Assurance report 79 Eneco Group N.V. Financial Statements 2019 83 Other information 162 Annexes 171 Eneco Annual Report 2019 1 Foreword Management Board This past year was undoubtedly one of the most hectic years in Eneco's recent history. This was the last year in which Eneco's shares were held by public shareholders: we are now Sale making a fresh start with new shareholders. During the sales Of course, I must start with sale of the shares process, Eneco continued to in Eneco. In December 2018, we announced operate as usual, perform that we planned to do this via a ‘controlled financially and put its auction'. The sales process was officially customers’ interests first. To launched on 22 February 2019. In this end, we use ‘transition’ as advertisements in the Financial Times and Het a verb: we help consumers, Financieele Dagblad, we invited interested companies and organisations to parties to contact us. These parties were transition in the energy assessed on various pre-qualification criteria, transition. This is also reflected such as their experience with transactions of in the title of our annual report: this size and, of course, also their financial ‘Transitioning together’ position. After the selection round, we entered the phase of non-binding bids. Participants received more information about the company, based upon which they could submit a non-binding bid. In this non-binding bid, they also set out what their plans were with regard to Eneco. In the subsequent phase of the 2 Eneco Annual Report 2019 binding bids, the remaining parties received electric charging and in heating systems, more detailed information about the which are very important in the ‘gas-free’ company, including presentations by the discussion. management and company visits. We were finally able to jointly announce the winning In the commercial field, we also have many consortium on 25 November 2019. good results to report, which you can read about in this report. I would like to highlight A consortium of Mitsubishi Corporation (80%) a few. Together with Mitsubishi Corporation and Chubu Electric Power (20%) was chosen. and a number of other parties, we developed This was probably surprising for many the wind farm Norther off the Belgian coast, observers and news followers, but not for the which began producing electricity for the first people who were involved in the deal. This time in 2019. As a result of our agreement consortium offers the best guarantees on the with transport company RET for the purchase various criteria that were formulated at the of green electricity, the residents of beginning of the auction, including regarding Rotterdam and the surrounding area are able the position of employees, maintaining an to make use of increasingly sustainable public independent strategy and deal certainty. In transport. We introduced an innovative addition, they offered the highest price. This concept in Utrecht together with the bid is the best option for the company, the corporation Bo-Ex: a guaranteed warm home employees and the selling shareholders. for a fixed amount per month. We installed our Eneco is making a strong new start with the first electrode boiler in The Hague city district new shareholders. Ypenburg, which has increased the sustainability of the local heating network. The sales process was very enervating for This also applies for residents of Utrecht and everyone involved, including a large number of Nieuwegein, by means of the BioHeat employees. I am very pleased that we were Installation at the Lage Weide power plant. In able to complete this process in good addition, Microsoft's data centres in the cooperation with the selling shareholders and Netherlands run largely on Eneco's green all advisers. Of course, I also congratulate electricity. Mitsubishi Corporation and Chubu Electric Power! Stepping down Good results I would like to conclude with a personal note. At the presentation of the new shareholders, Not only did Eneco continue to operate as I announced that I have decided to step down usual during this process, the company even as CEO when the deal has been finalised. This accelerated its efforts to make our customers' is expected to take place before the summer transition even easier. The execution of our of 2020. I will, however, remain attached to strategy was and is our main aim, with good this special company for a number of years as results. a senior advisor of the Management Board. I have enjoyed working at Eneco very much and Transitioning also means that we have to I would like to thank the customers, ensure that we are ready for this as well. This shareholders, advisers and all others who have means working together throughout the chain crossed my path during the past two years. and further digitalisation. This is the only way But above all, I would like to thank the that we will be able to meet customers’ needs employees. I have learnt an awful lot from and ensure that Eneco will remain a top them, I have worked hard with them and company commercially. We are increasingly laughed a lot together with them. They make successful in this aim, but this is an area that Eneco the great company that it is. demands our constant attention. Ruud Sondag Financially, we performed well in 2019. This CEO was not only due to good commercial and positive trading results, we also had a strong focus on cost savings. As a result, we can continue to invest, for example in our own renewable sources, in crucial innovations for Eneco Annual Report 2019 Report of the Management Board 3 Profile One of the biggest changes today is the energy transition: Associates we are switching to clean energy. Eneco is making the transition to sustainable energy possible. As a group and Eneco has interests in various together with our customers and partners, we are working companies and start-ups: on realising our mission: ‘Everyone’s sustainable energy’. Eneco is producing and delivering more and more sustainable Enyway enables consumers to energy. In addition, we develop products and services with purchase their electricity directly which consumers and businesses can produce, store, consume from a green source of their choice. and share sustainable energy themselves. Greenchoice is a supplier of Thanks to our consistent strategy, we are frontrunners in sustainable energy to companies the energy transition. We are active in the Netherlands, and households. Belgium, Germany, and the United Kingdom. GreenFlux offers a software platform to manage charging stations remotely, process transactions and balance the charging process with the grid capacity. Eneco is producing and delivering more and more Luminext makes public lighting smart sustainable energy. Together with customers and partners, and controllable. Eneco develops affordable energy services that save energy Next Kraftwerke is the operator of and enable others to generate energy. In this manner, a large ‘virtual power plant’, which Eneco is helping everyone in the Netherlands and Belgium combines and manages a network switch to sustainable energy. of sustainable sources smartly. By providing flexibility, it helps Oxxio is the energy supplier specialising in online services. balance supply and demand on It offers customers the best price for 100% European energy markets. wind-generated electricity and gas.
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