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Vattenfall Annual Report 2010 1 CEO’S Message Strong Earnings – but Major Challenges Ahead for Vattenfall

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Vattenfall Annual Report 2010 1 CEO’S Message Strong Earnings – but Major Challenges Ahead for Vattenfall 2010 Annual Report Electricity generation 2010, % Contents Vattenfall today Hydro power 21 CEO’s message 2–3 Nuclear power 25 Strategic direction 4–17 – a European energy company The European Fossil-based power 52 energy market 18–23 1 Vattenfall is one of Europe’s largest generators of electricity and the largest Other 2 Competitive situation 24–25 1) Wind power, biomass and waste. Vattenfall’s customers 26–29 producer of heat. Consolidated sales in 2010 amounted to SEK 213,572 million. Vattenfall’s main products are electricity, heat and gas. In electricity and heat, Vattenfall’s six energy 30–43 Sales of heat, % sources Vattenfall works in all parts of the value chain: generation, distribution and sales. Administration report 44–63 In gas, Vattenfall is mainly active in sales. Vattenfall is also engaged in energy Business Group Benelux 4 Corporate governance trading and lignite mining. The Group has slightly more than 38,000 employees. Business Group Nordic 30 report 64–71 The Parent Company, Vattenfall AB, is 100%-owned by the Swedish state. The Board of Directors 72–73 core markets are Sweden, Germany and the Netherlands. In 2010 operations Business Group Executive Group Central Europe 66 Management 74–75 were also conducted in Belgium, Denmark, Finland, Poland and the UK. Risks and risk management 76–83 Consolidated income Profit for the year CO2 emissions per generated statements 84–88 Sales and operating profit and return on equity Net debt Net debt/EBITDA unit of electricity and heat Notes to the SEK million SEK million SEK million % SEK million % times g/kWh consolidated account 89–123 240,000 60,000 20,000 20 240,000 200 4 600 Parent Company financial statements 124–126 180,000 45,000 15,000 15 180,000 150 3 450 Notes to the Parent Company financial statements 126–134 120,000 30,000 10,000 10 120,000 100 2 300 Proposed distribution of profits and 60,000 15,000 5,000 5 60,000 50 1 150 Audit Report 135 Quarterly review 136–137 Several-year overview 138–139 0 0 0 0 0 0 0 0 90 95 00 05 10 Definitions and calcu- 06 07 08 09 10 06 07 08 09 10 08 09 10 06 07 08 09 10 lations of key ratios 140–141 ■ Sales (LHS) ■ Profit for the year attributable to ■ Net debt ■ 1 owners of the Parent Company Operating profit (RHS) ■ Total interest-bearing liabilities ■ Facts about 1) Excl. items affecting comparability Return on equity, % ■ Debt/equity ratio, % Vattenfall’s markets 142–144 ■ Debt/equity ratio, net, % Financial calendar 145 Important events 2010 12/3 12/4 27/4 16/6 17/6 Vattenfall announces plan to divest its Øystein Løseth takes office as new Alpha ventus, Germany’s first offshore Vattenfall acquires stake in Liberian Sweden’s parliament lifts ban on high-voltage transmission grid in Germany. President and CEO of Vattenfall AB. wind farm, is inaugurated. biomass company Buchanan Renewables construction of new nuclear reactors Fuel to secure long-term supply of in Sweden. biomass. 2010, 2009, 2010 2009 Change, % EUR m1 EUR m1 Vattenfall’s core markets Net sales, SEK million 213,572 205,407 4.0 23,725 22,818 EBITDA, SEK million 60,706 51,777 17.2 6,744 5,752 Electricity generation, TWh 76.6 Operating profi t, SEK million 29,853 27,938 6.9 3,316 3,104 Market position, electricity generation 1 Operating profi t excl. items Market position, electricity sales 1 affecting comparability, SEK million 39,952 31,294 27.7 4,438 3,476 Sweden Profi t before tax, SEK million 21,423 17,734 20.8 2,380 1,970 Sales of gas, TWh 0 Profi t for the year, SEK million 13,185 13,448 -2.0 1,465 1,494 Market position, gas sales – Return on equity, % 10.0 9.5 – Sales of heat, TWh 4.6 Return on net assets, % 9.1 10.0 – Total assets, SEK million 541,432 602,127 -10.1 60,146 66,888 Equity/total assets, % 24.7 23.7 – Electricity generation, TWh 13.6 Net debt , SEK million 144,109 154,987 -7.0 16,009 17,217 Market position, electricity generation 3 Funds from operations (FFO), SEK million 40,108 36,700 9.3 4,455 4,077 Market position, electricity sales 2 Free cash fl ow, SEK million 23,846 27,566 -13.5 2,649 3,062 Sales of gas, TWh 58.9 Netherlands Investments, SEK million 41,794 102,989 -59.4 4,643 11,441 Market position, gas sales 1 Electricity generation, TWh 172.5 158.9 8.6 Sales of heat, TWh 1.7 Electricity generation, TWh 69 Sales of gas, TWh 63.3 20.12 – Market position, electricity generation 3 Sales of heat, TWh 44.5 37.9 17.4 Market position, electricity sales 4 Number of employees, full-time Germany equivalents 38,179 40,026 -4.6 Sales of gas, TWh 0.1 Market position, gas sales – 1) Exchange rate SEK 9.002 = EUR 1. The EUR values are shown only to facilitate comparisons between SEK and EUR. Sales of heat, TWh 17.6 2) Pertains to quarters 3–4 2009. During the past decade Vattenfall has carried out a substantial expansion, Vattenfall’s other markets transforming itself from a Swedish nuclear and hydro power operator to a Denmark Finland Poland Belgium UK major player in the European energy sector. International diversifi cation has Electricity generation, TWh 8.4 0.6 3.6 – 0.7 provided Vattenfall with more stable cash fl ow and a stronger platform for Market position, electricity generation 2 >10 7 – –1 continued growth and value creation. However, Vattenfall is currently fac- Market position, electricity sales – 3 5 3 – ing a number of challenges, including a weaker market outlook, pressure on Sales of gas, TWh 0 0.2 0 4.1 – profi t margins and a need to reduce the company’s CO2 exposure. Vattenfall has therefore formulated a new vision and initiated a new strategic direction Market position, gas sales – – – 3 – (for more information see pages 4–15). Sales of heat, TWh 7.0 1.7 11.9 – – 1) Second largest in offshore wind power. 23/8 5/9 21/9 23/9 21/10 15/12 An Extraordinary General Meeting Agreement reached on lifetime Vattenfall announces new Vattenfall inaugurates Thanet, the Decision to build DanTysk, Vattenfall and E.ON agree on approves amendment to Vattenfall extensions of German nuclear strategic direction and new world’s largest offshore wind farm, a large offshore wind farm in joint optimisation process for the AB’s Articles of Association power plants and new tax on organisational structure. in the UK. the German North Sea, together Krümmel and Brunsbüttel nuclear clarifying Vattenfall’s assignment. nuclear fuel. with Stadtwerke München. power plants in Germany. VATTENFALL ANNUAL REPORT 2010 1 CEO’s message Strong earnings – but major challenges ahead for Vattenfall Vattenfall reported improved earnings for 2010 compared with a year earlier, despite a number of one-off negative items. However, the substan- tial challenges that lie ahead for Vattenfall and the energy sector as a whole remain, and there is a continued strong need for further efficiency Vattenfall increased its net sales by 4.0% in 2010, to SEK impairment loss related to goodwill of SEK 4.3 billion for 213,572 million (205,407), and operating profit by 6.9% to Business Group Benelux. This impairment charge was improvement and stronger SEK 29,853 million (27,938). Profit for the year fell 2.0% to recognised as a result of deteriorated market conditions in SEK 13,185 million (13,448). However, the changes over the wake of the global economic crisis. In all, items affecting competitiveness. the preceding year are not entirely comparable, since the comparability hurt Vattenfall’s operating profit by slightly conditions for both sales and earnings have changed com- more than SEK 10 billion. pared with 2009. For the first time, the figure for total sales Excluding items affecting comparability, operating profit includes full-year sales for N.V. Nuon Energy, which amounted rose 27.7% to SEK 39,952 million. It is gratifying to note that to SEK 45,089 million. Nuon joined the Group on 1 July 2009. this earnings improvement is grounded in higher generation The sale of the German high voltage transmission business, from all types of energy as well as in lower costs for opera- 50Hertz Transmission GmbH, brought a decrease in net sales tions and maintenance, administration and sales. It shows by SEK 17.9 billion, while the strengthening of the Swedish once again the strength of having a portfolio that is diversi- krona adversely affected sales by SEK 16.9 billion. fied across a variety of energy sources at the same time Profit for 2010 was hurt by one-off items. The sale of that operations are conducted in several regional markets. 50Hertz Transmission GmbH gave rise to an impairment This strength will play a central role in Vattenfall’s ability to charge of SEK 5.1 billion. In addition, Vattenfall booked an manage the major challenges that the Group – along with 2 VATTENFALL ANNUAL REPORT 2010 CEO’s message the energy industry as a whole – is facing. Continued weak The aim is in part to strengthen our balance sheet and in part increase the use of biomass. Vattenfall’s ambition is that by demand combined with an expansion of generation capacity to reduce the Group’s total carbon emissions. The third pillar 2020, biomass will account for half of the fuel in the power in Europe is expected to put pressure margins in the years involves Vattenfall’s continued work with three main prod- plants that are today fired by hard coal.
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