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Annual Report 2004 INVESTMENTS FOR THE FUTURE ANNUAL REPORT 2004 CONTENTS Financial calendar 2005 INVESTMENTS 2—4 Foreword by the Chief Executive Officer 18 February Year-end Report VATTENFALL VATTENFALL 5—7 The year in brief End of March Annual Report 26 April Three-month Report 26 April Annual General Meeting FOR THE FUTURE Vattenfall’s strategies 28 July Six-month Report 10—11 The challenges of 2004 27 October Nine-month Report ANNUAL REPORT 2004 REPORT ANNUAL 12—13 Long-term challenges Investor Relations Vattenfall’s world Klaus Aurich, [email protected] 16—18 The European energy market Monica Edblad, [email protected] 20—23 The competition Susanna Hjertonsson, [email protected] Telephone +46 8 739 50 00 25—29 Pricing 30—32 Trust and responsibility 33—35 Renewable energy sources Other publications September Corporate Social Responsibility Report December Electricity Market Report Vattenfall’s markets All reports can be ordered from 38—40 Nordic countries Vattenfall AB, SE-162 87 Stockholm, Sweden 42—44 Germany Telephone +46 8 739 50 00, e-mail [email protected] 46—47 Poland See also www.vattenfall.com 48 Facts about Vattenfall’s markets 49 Vattenfall Trading Services Vattenfall’s organisation 52—55 Employees and competence 55—61 Corporate governance 62—63 The Board of Directors and management Financial information 64—65 Administration report 66—72 Consolidated accounts 73—77 Risk management 78—97 Notes to the consolidated accounts 98—104 Parent company’s accounts including notes 105 Proposed distribution of profits 105 Audit report 106 Key figures 107 Seven-year review Vattenfall AB (publ) SE-162 87 Stockholm, Sweden 108 Glossary Telephone +46 8 739 50 00 109 Energy terms Corp. id. no. 556036-2138 www.vattenfall.com INVESTMENTS FOR THE FUTURE ANNUAL REPORT 2004 CONTENTS Financial calendar 2005 INVESTMENTS 2—4 Foreword by the Chief Executive Officer 18 February Year-end Report VATTENFALL VATTENFALL 5—7 The year in brief End of March Annual Report 26 April Three-month Report 26 April Annual General Meeting FOR THE FUTURE Vattenfall’s strategies 28 July Six-month Report 10—11 The challenges of 2004 27 October Nine-month Report ANNUAL REPORT 2004 REPORT ANNUAL 12—13 Long-term challenges Investor Relations Vattenfall’s world Klaus Aurich, [email protected] 16—18 The European energy market Monica Edblad, [email protected] 20—23 The competition Susanna Hjertonsson, [email protected] Telephone +46 8 739 50 00 25—29 Pricing 30—32 Trust and responsibility 33—35 Renewable energy sources Other publications September Corporate Social Responsibility Report December Electricity Market Report Vattenfall’s markets All reports can be ordered from 38—40 Nordic countries Vattenfall AB, SE-162 87 Stockholm, Sweden 42—44 Germany Telephone +46 8 739 50 00, e-mail [email protected] 46—47 Poland See also www.vattenfall.com 48 Facts about Vattenfall’s markets 49 Vattenfall Trading Services Vattenfall’s organisation 52—55 Employees and competence 55—61 Corporate governance 62—63 The Board of Directors and management Financial information 64—65 Administration report 66—72 Consolidated accounts 73—77 Risk management 78—97 Notes to the consolidated accounts 98—104 Parent company’s accounts including notes 105 Proposed distribution of profits 105 Audit report 106 Key figures 107 Seven-year review Vattenfall AB (publ) SE-162 87 Stockholm, Sweden 108 Glossary Telephone +46 8 739 50 0 0 109 Energy terms Corp. id. no. 556036-2138 www.vattenfall.com ABOUT ENERGY Energy terms Units of power Power is energy per unit of time THIS IS VATTENFALL Power is expressed in Watts (W) 1 kW (kilowatt) = 1,000 W 1 MW (megawatt) = 1,000 kW 1 GW (gigawatt) = 1,000,000 kW Vattenfall is Europe’s fifth largest generator of electricity and the largest generator of Sales and operating profit Returns Total electricity generation1 Net sales, EBIT, Units of energy heat. The Group’s sales amount to SEK 113,366 million. Vattenfall’s vision is to be a SEK million SEK million % TWh Energy is power multiplied by time 125,000 20,000 25 75 1 kWh (kilowatt—hour) = 1 kW expended over an hour leading European energy company. The Group currently has operations in Sweden, 1 MWh (megawatt—hour) = 1,000 kWh 46% 100,000 16,000 20 60 43% 1 GWh (gigawatt—hour) = 1,000,000 kWh Finland, Germany and Poland. Vattenfall acts in all parts of the electricity value chain 1 TWh (terawatt—hour) = 1,000,000,000 kWh 37% — generation, transmission, distribution and sales. Vattenfall is also active in electricity 75,000 12,000 15 45 36% Voltage 1 kV (kilovolt) = 1,000 volt (V) trading and generates, distributes and sells heat. The Group has about 33,000 employ- 50,000 8,000 10 30 ees and the parent company, Vattenfall AB, is wholly owned by the Swedish State. 20% 18% Energy units in practice 25,000 4,000 5 15 1 kWh is enough to run a standard Swedish car heater for about an Operations in the electricity is sold at market price, hour or an 11 W low energy light bulb for almost four days. Vattenfall’s generation per market, TWh 2004 0 0 0 0 Nordic countries either to Vattenfall’s sales units or 2000 2001 2 200300220042003002 2004 2000 2001 2002 2003 2004 2003 2004 1 MWh is enough to heat a small house for a couple of weeks and is Generation. Generates roughly marketplaces such as EEX through Vattenfall Trading Services. generated in about 20 minutes by Vattenfall’s largest wind power 20 per cent of the electricity con- I Net sales I Return on equity I Fossil fuel-based power park in windy conditions. sumed in the Nordic countries. Transmission. Owns and operates I EBIT I Return on net assets I Nuclear power I Most generation takes place in the transmission grids in eastern Hydro power 1 GWh is enough to meet the energy needs of an average Swedish 1) These volumes include windpower, 88 eight nuclear reactors and in Germany and Hamburg. town with a population of 100,000 for eight hours and can be gener- biofuel and waste totalling 0,2 TWh approximately 100 hydro power Distribution. Distributes electrici- for 2003 and 0,6 TWh for 2004. ated in one hour by the Harsprånget hydro plant or in 20 minutes by stations. Generated electricity is ty to 3.4 million customers, prima- the Forsmark nuclear power plant. sold at market price, either to rily in Berlin and Hamburg. Vattenfall’s sales units or market- 1 TWh is enough to run two large news print machines for a year. It’s Sales. Sells electricity and energy- Key figures places such as Nord Pool through also enough to power all of Sweden’s railways, underground railways related services to domestic cus- Vattenfall Trading Services. 1 and trams for five months. Ringhals nuclear power plant can generate tomers, resellers, the industrial 2004 2003 2004 this power in twelve days. 8 Distribution. Distributes electrici- sector and other companies. Net sales, MSEK 113,366 111,935 12,586 MEUR ty to 1.3 million customers in Swe- Heat. Produces and sells heat. Operating profit (EBIT), MSEK 19,607 15,296 2,177 MEUR Nordic countries den and Finland. Operates district heating systems, Profit before tax and minority interests, MSEK 17,359 12,360 1,927 MEUR 76 Sales. Sells electricity and energy- two of the largest systems in West- Net profit, MSEK 11,776 9,123 1,307 MEUR related services to domestic cus- ern Europe, in Berlin and Ham- Earnings per share, SEK 89.42 69.27 10 EUR tomers, energy companies, the burg. Return on equity, % 22.4 20.2 industrial sector and other compa- Return on net assets excl. items affecting comparability, % 15.2 12.1 nies. Total assets, MSEK 256,915 264,965 28,524 MEUR 11 Operations in Poland Heat. Owns and operates heating Equity/assets ratio, % 27.8 23.4 16 3 Distribution and Sales. Vattenfall installations in the Nordic coun- Funds from operations (FFO), MSEK 24,159 18,804 2,682 MEUR owns 75 per cent of Poland’s Poland tries and in the Baltic States and is Investments, MSEK 12,601 11,356 1,399 MEUR largest privately-owned network Germany responsible for sales of district Electricity generation, TWh2 167.1 155.8 company, GZE, which has 1.1 mil- heating and so-called thermal Heat production, TWh 34.5 35.6 lion customers, primarily in the heat. Average employees in the Group 33,017 35,296 southern part of the country. Services. Conducts consulting, 1) Exchange rate 9.007 SEK/EUR. Hydro power Nuclear power Heat. Vattenfall owns 75 per cent contracting and R&D activities 2) Of electricity generation, Vattenfall has 70 TWh (61) of its disposal, and the remainder goes to minority owners. of EW, a company that also gener- Fossil fuel-based power Heat generation within the energy, infrastructure ates electricity. The company has External net sales per market, MSEK EBIT per market, MSEK Net assets per market, MSEK and industrial sectors. 2004 2003 2004 2003 2004 2003 about 27 per cent of the Polish heat market. Nordic Countries 39,899 41,520 Nordic Countries 11,543 8,535 Nordic Countries 57,415 56,367 Operations in Germany Germany 66,046 62,570 Germany 7,487 6,318 Germany 58,350 62,171 Mining & Generation. Generates 2004 REPORT ANNUAL VATTENFALL Joint Group operations Poland 7,421 7,845 Poland 589 443 Poland 7,187 6,270 roughly 17 per cent of the electrici- Vattenfall Trading Services, Total 113,366 111,935 Total 19,6073 15,296 Total 122,952 124,808 ty consumed in Germany.
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