Annual and Sustainability Report 2019 Contents

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Annual and Sustainability Report 2019 Contents Annual and Sustainability Report 2019 Contents Overview This is Vattenfall 4 CEO’s message 6 The year in numbers 8 Vattenfall is driving Important events 10 Targets and target achievement 12 Our beliefs about the future 14 Business model the transition to Business model 16 Strategic direction Strategy 20 fossil-free living Investments Investment plan 24 Green bond investor report 25 Markets and regulations Markets and regulations 26 Operating segments At Vattenfall we are determined to enable fossil-free living Operating segment overview 30 within one generation. To succeed we must become fos- Operating segments 32 Our people sil free ourselves. But that's not enough. We are looking Our people 56 beyond our own industry to see where we can really Risks and risk management make a difference. Together with our partners, we are Risks and risk management 62 Corporate governance taking on the responsibility to find new and sustainable Corporate Governance Report 72 ways to electrify transportation, industries and heating. Board of Directors 82 Executive Group Management 84 AGM proposal 86 Financial information Financial performance 89 Consolidated accounts 96 Notes to the consolidated accounts 102 Parent Company accounts 136 Notes to the Parent Company accounts 139 Auditor’s Report 151 Non-financial information Materiality analysis 156 Stakeholders 157 Climate impact 158 Human rights 159 Sustainable supply chain 160 Taxes 162 Human resources 162 Environmental governance 164 Nature and biodiversity 164 Ensure sustainable use of resources 165 GRI Index and supplementary disclosures 168 Combined Assurance Report 172 Auditor’s review green bond 173 More on Vattenfall Five-year overview, sustainability data 174 Quarterly overview 175 Ten-year overview 177 Definitions and calculations of key ratios 178 Facts about Vattenfall’s markets 180 Glossary Glossary 183 Contacts and financial c alendar 185 Administration report and financial statements Statutory sustainability report About the report The 2019 Annual and Sustainability Report for Vattenfall AB (publ) is submitted by the Board Vattenfall uses the GRI framework as a basis for reporting and is inspired by the Integrated of Directors and describes the company’s overall targets and strategy as well as the year’s Reporting Framework with the ambition that the report will reflect how sustainability is results. The administration report and accounts are found on pages 4–5, 8–13, 62–150 and embedded in the overall strategy as well as in the daily work. Vattenfall uses the Annual and are assured by our auditors. Pages 13, 16–18, 58–59, 63–67, 77–79, and 156–167 include Sustainability Report as its Communication on Progress for the UN Global Compact (UNGC). Vattenfall’s statutory sustainability report according to the Swedish Annual Accounts Act. Vattenfall has been reporting in accordance with the Global Reporting Initiative’s (GRI) Guide- Further information about Vattenfall’s operations and sustainability work can be found at: lines annually since 2003 and for 2019 has applied the GRI Standards, “Core” option. vattenfall.com/sustainability. VATTENFALL ANNUAL AND SUSTAINABILITY REPORT 2019 This is how Vattenfall is driving the transition Fossil-free electricity generation To make fossil-free living a reality, we are transforming our production portfolio and helping our customers power their lives in climate smarter ways. We are phasing out fossil-based generation and growing in renewables. By bringing fossil-free electri- city to new sectors and contexts, we can contribute to economic growth and social progress while minimising climate impact. 100 Vattenfall's CO2 emissions Mtonnes, 1990–2050 (forecast) 80 The graph shows how 60 Vattenfall's CO2 emissions have changed over time, as well as our forecast for the future. 40 20 A – Deregulation of Europe's energy markets begins B – Vattenfall grows internationally. Acquisitions in Europe including the German lignite operations and Nuon in the 0 Netherlands C – Ongoing transition to enable fossil-free living within one 1990 1995 2000 2002 2005 2010 2012 2015 2020 2025 2030 2035 2040 2045 2050 generation A B C Our milestones towards fossil-free living within one generation Vattenfall is committed to continually accelerating These milestones are intended to show our contribu- and powering the transition to further electrification tion and commitment to fossil-free living within one and renewable energy. Our customer promise is that generation, and as our journey unfolds, more proof we will provide sustainable and fit-for-purpose energy points will be added along the way. solutions and that we ourselves are taking steps towards a fossil-free future. VATTENFALL ANNUAL AND SUSTAINABILITY REPORT 2019 1 Electrification of transport We believe that e-mobility will play a key role in realising a climate-smarter life. Easily accessible charging infrastructure is a prerequisite for the transition to electric vehicles. We develop and offer charging solutions for electric cars, buses and trucks. Together with our partners we have built one of Europe's largest charging networks – InCharge – which is currently available in Sweden, Germany, the Netherlands, the UK and Norway. Partnerships to reduce carbon emissions from industry Vattenfall is making large investments in renewable energy and phasing out fossil energy sources, but we are also looking beyond our own production to see how we can enable fossil freedom in other sectors. Together with our industrial partners in industries like steel, cement and refining, we are taking electricity from a power source to a source of innovation, paving the way for a new generation of industries and materials, free from the constraints of a carbon-heavy past. 2020 2023 2025 Fossil-free energy solutions We provide electric charging for We generate fossil-free electricity available for all our customers half a million cars to power 30 million homes Our operations in the 10 GW of third-party renewables We pilot 100 MW of green hydrogen gas Netherlands are coal-free capacity under management production from fossil-free electricity 600 MW of additional, flexible The Nordic production fleet is free from fossil fuels hydro capacity enables more renewable generation 2 VATTENFALL ANNUAL AND SUSTAINABILITY REPORT 2019 Smart decentralised energy solutions We offer a variety of decentralised energy solutions in most of our markets, Read more including electric vehicle charging, local about the path to power generation such as rooftop solar panels, and heating solutions including fossil-free living heat pumps and storage solutions. at vattenfall.com Vattenfall also offers customised and integrated energy solutions to property owners. 2030 2035 Read more Coal is phased out from all We are not done, more about our strategy our heat operations to come… on page 20 Our emissions are reduced by ~40%, in line with required level to limit global warming to below 2˚C VATTENFALL ANNUAL AND SUSTAINABILITY REPORT 2019 3 This is Vattenfall We are one of Europe’s largest producers and retailers of electricity and heat. Vattenfall’s main markets are Sweden, Germany, the Netherlands, Denmark, and the UK. The Group has approximately 20,000 employees. The Parent Company, Vattenfall AB, is 100%-owned by the Swedish state, and its headquarters are in Solna, Sweden. 6,930,000 2,180,000 Electricity customers Heat customers 3,330,000 2,470,000 Electricity network customers Gas customers 20,000 Employees Operating segments – percentage share of underlying operating profit1 2019 5% 58% 16% 2% 19% Customers & Solutions Power Generation Wind Heat Distribution SEK 25,095 million 1 Operating profit excluding items affecting comparability. 4 VATTENFALL ANNUAL AND SUSTAINABILITY REPORT 2019 Overview of Vattenfall’s assets and production plants Harsprånget Stornorrfors Forsmark Uppsala Ringhals Horns Rev 3 Sandbank DanTysk Amsterdam Berlin Moorburg Thanet Wind Nuclear Biomass Coal Hydro Solar Gas District heating Largest facilities are marked with a circle Largest plants Other operations Wind farms Hydro power Distribution Horns Rev 3 offshore wind farm, 407 MW Harsprånget, 871 MW Operations in Sweden and Germany Thanet offshore wind farm, 300 MW Stornorrfors, 599 MW Sales DanTysk offshore wind farm, 288 MW B2B and/or B2C customers in Sandbank offshore wind farm, 288 MW District heating Sweden, Germany, the Netherlands, Vattenfall’s largest district heating Denmark, the UK, France, Finland Power plants networks are in Amsterdam, and Norway Ringhals nuclear power plant, 3,952 MW Berlin and Uppsala E-mobility Forsmark nuclear power plant, 3,271 MW Vattenfall operates 14,900 charging Moorburg CHP plant: electricity capacity Offices points throughout Sweden, Germany, 1,654 MW, heat capacity 30 MW Vattenfall also has offices in Belgium, the UK, Norway and the Netherlands Finland, France, Norway and Poland VATTENFALL ANNUAL AND SUSTAINABILITY REPORT 2019 5 CEO's message CEO’s message Dear readers, I want to begin by saying that Vattenfall 2019 was a year that validated our strat- first green bond, which was issued last is taking the COVID-19 outbreak with the egy in several ways. The downward trend summer, met great interest among our utmost seriousness. We are closely follow- in costs for both solar energy and wind investors, and we are funding ourselves ing the authorities’ recommendations and power led to decisions on investments at a very competitive cost. have taken steps to lower the risk for con- without subsidy support. We received con- tagion among our employees and make firmation in the form of a higher customer Major investments in renewable energy sure that the impact on our operations will inflow, greater employee engagement and In 2019 the Horns Rev 3 offshore wind be as small as possible. a steadily rising number of industrial part- farm (407 MW) off the Danish west coast As for developments in the electricity ners seeking collaborations with us. of Jutland was commissioned. We also and heat markets in Europe, we find our- started construction of Kriegers Flak selves in a dynamic time. Driven by the Earnings improved over 2018 (605 MW) in the Baltic Sea.
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