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N.V. Eneco Beheer Annual Report 2018 N Contents C Strategy O Progress Q Financial Statements S Annexes Eneco Beheer | Annual Report 2018 3 Table of Contents

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N.V. Eneco Beheer Annual Report 2018 N Contents C Strategy O Progress Q Financial Statements S Annexes Eneco Beheer | Annual Report 2018 3 Table of Contents N.V. Eneco Beheer Annual Report 2018 N Contents C Strategy O Progress Q Financial Statements S Annexes Eneco Beheer | Annual Report 2018 3 Table of Contents Report of the Board of Management 65 N.V. Eneco Beheer Financial Statements 2018 4 Introduction 67 Consolidated financial statements 2018 4 Foreword Board of Management 72 Notes to the consolidated financial statements 6 Profile 93 Notes to the consolidated 7 Financial key figures income statement 8 Value for customers 99 Notes to the consolidated balance sheet 10 Value for shareholders 133 Notes to the consolidated cash flow statement 12 Value for society 134 List of principle subsidiaries, 14 Value for employees joint operations, joint ventures and 16 Important events associates 137 Company financial statements 20 Strategy 139 Notes to the company financial statements 25 Stakeholders and materiality matrix 136 Other information 137 Profit appropriation pursuant to the articles 27 Progress and sustainability of association 27 Renewable sources 138 Independent auditor’s report 31 Delivery of energy 34 Innovative services 146 Annexes 38 One Planet 147 Workforce data 148 Safety data 45 Employee engagement 149 Reporting policy 152 Stakeholders and materiality 48 Financial result 154 Memberships and codes 155 GRI content index 50 Risk management 161 Management approach 165 Suppliers Code of Conduct 57 Governance 62 Assurance report 4 Eneco Beheer | Annual Report 2018 Foreword Board of Management Eneco looks back on a With our internal organisation, we ensure that this focus on turbulent year, both internally execution actually leads to results. and externally. In the first A large-scale change process was launched within the Dutch organisation, which is aimed at improving the customer half of the year, the various experience, for instance, through digitalisation and an stakeholders in and around integrated customer approach. This will lead to an improvement of the result by € 100 million as of the company did not succeed January 2020. At the beginning of 2019, we are well on track in resolving the unrest with this programme thanks to the efforts and flexibility of our employees, of which many were assigned to new jobs and surrounding the privatisation some even lost their jobs. We aim to achieve this goal through a combination of natural staff turnover, not extending of Eneco and other issues. temporary contracts or reducing external hires. Consequently, this demanded Due to the acquisition of about 200,000 retail and business a lot of time and energy from customers from the Dutch sales and delivery activities of E.ON, everyone involved and Eneco was the only large energy company that was able to increase its market share on the consumer market. The option resulted in negative publicity was also exercised to purchase the remaining half of the for Eneco. The Board of shares in the German sustainable electricity company LichtBlick. On the other hand, the French solar energy activities Management regrets this. were sold. Eneco wishes to transform from an internally-directed After the summer of 2018, the Board of Management, the company to a customer-oriented company that excels in Supervisory Board and the shareholders, in close consultation commerce. Only then will we be able to deliver on our with the Work’s Council, began working together constructively customer promise: transition to sustainable energy in the to restore the fractious relationship. With success. Netherlands, Belgium and Germany. Eneco intends to ensure that everyone can participate in this transition effortlessly. We At the end of 2018, the company and its shareholders jointly wish to unburden our customers and enable them, through our announced that Eneco would be sold via a controlled auction in products and services, to participate in the energy transition. the course of 2019. The Board of Management is pleased that We regard this as our biggest challenge in the coming years. is was able to play an important role in regaining the confidence of all those involved. With this, this issue has been The transition must be made easier and feasible for more addressed in a transparent manner and we can now leave this people. Not everyone is already transitioning, whereas people behind us. do want to do this. The first products and services in a large social transition, such as the energy transition, are Eneco’s Strategic Board sought to arrive at a sharper focus on mostly aimed at a limited group of frontrunners. But this stage the execution of the strategy in 2018. In this manner, we lies behind us. Businesses and consumers do want to increase create value for customers, our shareholders and society. their sustainability, but find it still too difficult to incorporate We terminate projects sooner when it is clear that they do not sustainability in their living and working environment. Or they have sufficient added value for customers, or of which the consider insulation or the purchase of a heat pump to be too return is insufficient for the company. Innovations are mainly expensive. marketed when large numbers of customers can be reached. N Contents C Strategy O Progress Q Financial Statements S Annexes Eneco Beheer | Annual Report 2018 | Foreword Board of Management 5 Foreword Board of Management 7 MWp in solar panels on the roofs of Volvo Cars in Ghent. A unique aspect of this project was that the employees of Volvo were able to participate in this project via Eneco through crowd lending. In this project, the participants lend a limited amount to Eneco for a period of six years at a guaranteed gross return. At the end of this period, their loan is repaid. Of course, you will find many more examples in this annual report. Our sustainable strategy remains the point of departure. We aim to double our available sustainable capacity from 1100 MW to 2200 MW in 2022. And Eneco is also investing more in digitalisation to improve our services to our customers. The energy transition demands everyone make the transition. Therefore, Eneco’s mission is more relevant than ever: We aim to change this in the coming years, for instance by everyone’s sustainable energy. working together with Energie in Huis [Energy at Home], a company that makes existing homes more sustainable. In Finally, a special word of thanks to our employees who addition, we will continue to invest substantially in renewable achieved an excellent result despite the internal and external sources such as wind and solar energy, with which we can unrest and changes. supply green electricity to business customers and consumers. Eneco plans to offer even more low-threshold products and services with which customers can generate, consume, save, store and share energy themselves. Alternatives for gas as a Ruud Sondag source of heating, such as district heating, also have a Chief Executive Officer prominent place in our plans. In this manner, we ensure that everyone can participate in the energy transition effortlessly. Eneco is the largest of the green energy companies. That was ‘More people have to confirmed once again at the end of 2018 in the annual NGO make the transition and ranking of Dutch electricity suppliers. In Belgium, we ended high in the Greenpeace ranking, which takes both the origin of Eneco is going to make electricity and the investment policy into account. And in this possible with a larger Germany, our subsidiary LichtBlick has already been a leading sustainable energy supplier for years. This demonstrates the range of products and success of Eneco’s sustainable strategy. services for small and We also made good progress in other areas in 2018. In medium-sized enterprises, Utrecht, the construction of a Bio Heating Installation in the power plant for district heating was completed which thus consumers, housing increased the sustainability of this heating system. In corporations and our Rotterdam, we will be supplying various services and products to increase the sustainability of the Ahoy arena and convention large business customers’ centre and the surrounding area. In Belgium, we installed up to 6 Eneco Beheer | Annual Report 2018 | Introduction Associates Eneco has interests in various Profile companies and start-ups: Peeeks1 detects and connects flexibility in devices such as boilers, and also in district heating grids, so that energy systems can perform optimally. W Eneco Groep Greenchoice is a supplier of sustainable energy to companies and households. One of the biggest changes today is the energy transition: we are switching to Next Kraftwerke is the operator and clean energy. Eneco is making the transition to sustainable energy possible. As a supplier of a large ‘virtual power plant’, group and together with our customers and partners, we are working on realising that combines and coordinates a our mission: ‘Everyone’s sustainable energy’. Eneco makes more and more network of sustainable sources in a sustainable energy available by producing and supplying it. In addition, we smart manner. The flexibility that is develop products and services with which consumers and businesses can produce, thus created helps to balance demand store, consume and share energy themselves. Thanks to our consistent strategy, and supply on energy markets. we are frontrunners in the energy transition. We are active in the Netherlands, ONZO is a data analytics software Belgium, Germany, and the United Kingdom. company that has developed a platform that recognises and analyses the energy consumption of household appliances based on data generated by smart meters and connected devices such as smart thermostats. Roamler Eneco increasingly generates and AgroEnergy focuses primarily on Tech is changing the way of working in supplies sustainable energy and horticulturists in the greenhouse the installation world. heating. Together with customers and horticulture sector. It supports Simaxx has developed a platform that partners, Eneco develops affordable customers in the agriculture sector so gives the owners of buildings insight energy services that save energy and that they can purchase sustainable into the energy performance of their enable others to generate energy.
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