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Annual and Sustainability Report 2018

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Annual and Sustainability Report 2018 Annual and Sustainability Report 2018 Fossil-free living within one generation The future is fossil free At Vattenfall we exist to help our customers power their lives in ever climate smarter ways. The goal is to be free from fossil fuels within one generation. Contents Overview Our people Non-financial information 2 This is Vattenfall 58 Our people 153 Materiality analysis 4 The year in numbers 154 Stakeholders Risks and risk management 6 CEO’s message 155 Social information 62 Risks and risk management 8 Important events 160 Environmental information 10 Targets and target Corporate governance 164 GRI Index achievement 70 Corporate Governance Report 168 Combined Assurance Report 12 Market trends 80 Board of Directors 168 Auditor’s statement 82 Executive Group Management Business model More on Vattenfall 84 AGM proposal 14 Business model 170 Five-year overview, sustainability data Strategic direction Financial information 171 Quarterly overview 18 Strategy 86 Financial performance 173 Ten-year overview 22 Investment plan 93 Consolidated accounts 99 Notes to the consolidated 174 Definitions and calculations Markets and regulations accounts of key ratios 24 Markets and regulations 133 Parent Company accounts 176 Facts about Vattenfall’s 136 Notes to the Parent Company markets Operating segments accounts Glossary 30 Operating segment overview 148 Audit Report 32 Operating segments 179 Glossary 54 Research & Development 181 Contacts and financial calendar About the report The 2018 Annual and Sustainability Report for Vattenfall AB (publ) is submitted by the by the Integrated Reporting Framework with the ambition that the report will reflect how Board of Directors and describes the company’s overall targets and strategy as well as sustainability is embedded in the overall strategy as well as in the daily work. Vattenfall the year’s results. The administration report and accounts are found on pages 2–5, 8–11, uses the Annual and Sustainability Report as its Communication on Progress for the UN 62–147 and are assured by our auditors. Pages 10–11, 14–17, 58–79, and 152–163 include Global Compact (UNGC). Vattenfall’s statutory sustainability report according to the Swedish Annual Accounts Further information about Vattenfall’s operations and sustainability work can be found Act. Vattenfall has been reporting in accordance with the Global Reporting Initiative’s at: vattenfall.com/sustainability. (GRI) Guidelines annually since 2003 and for 2018 has applied the GRI Standards, “Core” option. Vattenfall uses the GRI framework as a basis for reporting and is inspired Administration report and financial statements Statutory sustainability report Market trends Sustainability More decentralised Electrification and customer focus energy solutions Changing demands on High cost efficiency Digitalisation competences and capabilities requirements Vattenfall is passionate about driving the transformation of the digitalisation, enabling companies to work smarter, faster, and energy sector. Falling technology costs and greater focus on more efficiently. Cost efficiency is a prerequisite for value creation climate change are accelerating the development of renewable and growth in an increasingly competitive market, and to that energy and incentivising electrification as a means of reducing end companies need new competences, speed in learning and CO2 emissions. This entire development is underpinned by inclusive teams. What this means for Vattenfall Wind power continues to grow Electrification of roads and Electrification of industries New competences, speed in all of Vattenfall’s markets, transportation will contribute like steel, cement, chemicals, in learning and diverse and both offshore and onshore. to significant reductions and refineries has the potential inclusive teams are critical for in CO2 emissions and noise to dramatically reduce CO2 serving our customers in the Hydro power will continue to in cities. emissions from industrial energy transition. play a key role as a large-scale, processes. on-demand and renewable The city of the future is an Customer centricity and energy source. emissions-free environment Fossil fuels will be phased out sustainability are key for us in with sustainable heating solu- within one generation, and attracting customers, talent Energy storage systems tions, solar panels on rooftops, we are continuing on our path and investors. Customers such as batteries and pumped a secure and flexible electricity towards a complete phase-out are increasingly considering storage power plants are hel- grid, and electric vehicles on of coal in our heat production climate impact, social and ping to manage the challenges the streets. by 2030. environmental performance, presented by renewable and and energy efficiency when weather-dependent energy like Nuclear power will continue Digitalisation is enabling choosing energy solutions and wind and solar power. to play an important role in de velopment of better suppliers. Sweden until it is decom- customer offerings along Solar power will play an ever- missioned in the 2040s as a with more efficient operations Innovative energy sharing greater role in the future energy climate-neutral, cost-effective and management of assets. platforms will enable custo- system, in small customer source of base load electricity. mers to sell and purchase installations as well as large- renewable electricity. scale installations. VATTENFALL ANNUAL AND SUSTAINABILITY REPORT 2018 1 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. 6,550,000 2,140,000 Electricity customers Heat customers 3,310,000 2,350,000 Electricity network customers Gas customers 20,000 Employees Operating segments – percentage share of underlying operating profit1 2018 6% 44% 18% 4% 29% Customers & Solutions Power Generation Wind Heat Distribution SEK 19,883 million 1 Operating profit excluding items affecting comparability. 2 VATTENFALL ANNUAL AND SUSTAINABILITY REPORT 2018 Overview of Vattenfall’s assets and production plants Harsprånget Stornorrfors Forsmark Uppsala Ringhals DanTysk Sandbank Hamburg1 Amsterdam Berlin Pen y Cymoedd Moorburg Thanet Wind Nuclear Biomass Coal Hydro Solar Gas District Country heating head office Largest facilities are marked with a circle Additional operations Largest operations and plants Distribution Wind farms Hydro power Operations in Sweden and Germany Thanet offshore wind farm, 300 MW Harsprånget, 871 MW Sales DanTysk offshore wind farm, 288 MW Stornorrfors, 599 MW B2B and/or B2C customers in Sandbank offshore wind farm, 288 MW Sweden, Germany, the Netherlands, Pen y Cymoedd onshore wind farm, 228 MW District heating Denmark, the UK, France, Finland and Vattenfall’s largest district heating Norway Power plants networks are in Amsterdam, E-mobility Ringhals nuclear power plant, 3,952 MW Berlin, Hamburg 1 and Uppsala Vattenfall operates 10,500 charging Forsmark nuclear power plant, 3,271 MW Moorburg CHP plant: electricity capacity points throughout Sweden, 1 Operations to be sold to the City of Hamburg. Germany, and the Netherlands 1,654 MW, heat capacity 30 MW Closing of the transaction is expected in 2019. VATTENFALL ANNUAL AND SUSTAINABILITY REPORT 2018 3 The year in numbers Financial Social Environmental SEK million 156,824 (135,114) 64% (64) 22.0 Mtonnes Net sales Employee Engagement (22.6) Index CO2 emissions 19,883 (23,203) 1.9 (1.5) 694 GWh (511) Underlying operating LTIF (Lost Time Injury Energy efficiency profit1 Frequency) improvements1 17,619 (18,524) 24% (23) 101 MW (354) Operating profit Share of female managers Added renewables capacity 12,007 (9,484) +1 (+2) 75% (75) Profit for the year Net Promoter Share of fossil-free Score (NPS)1 electricity generation 1 Operating profit excluding items affecting comparability. 1 NPS is a tool for measuring customer loyalty. 1 Cumulative energy efficiency improvements since 2016. 4 VATTENFALL ANNUAL AND SUSTAINABILITY REPORT 2018 “A stable Vattenfall continues to drive the transition to a fossil-free life.” Magnus Hall, President and CEO Performance trends Net sales and underlying operating profit Earnings and return Adjusted net debt and funds from operations SEK million SEK million SEK million % SEK million % , , , , , , , , , , , , , –, – , –, – 14 15 16 17 18 14 15 16 17 18 Net sales Profit for the year 1 Adjusted net debt Underlying operating profit Return on capital employed, % Funds from operations (FFO)/Adjusted net debt, % Return on capital employed, excluding 1 The value for 2015 has been recalculated compared with items affecting comparability, % information published in Vattenfall’s 2015 Annual and Sustainability Report. This is because the lignite operations have been divested 1 Profit for the year attributable to owners of the Parent Company. and are reported as a discontinued operation in accordance with IFRS 5. 2 The value pertains to continuing operations. 3 Operating profit excluding items affecting comparability. Employee engagement index1 Net Promoter Score relative to peers1 CO2 exposure and installed renewable capacity % million tonnes MW , , , , , 16 17 18 16 17 18 14 15 16 17 18 1 1 Documentation for measurement of target achievement is derived NPS is a tool for measuring customer loyalty
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