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Annual Report 2008

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Annual Report 2008 ANNUAL REPORT 2008 M A K I N G E L E C T R I C I T Y C L E A N V ATTEN F ALL AT A GLANCE Vattenfall is Europe’s fifth largest generator of electricity and the largest producer of heat. Consolidated sales in 2008 amounted to SEK 164,549 million. Vattenfall’s vision is to be a leading European energy company, and its main products are electricity and heat. Vattenfall works in all parts of the electricity value chain: generation, transmission, distribution and sales, and generates, distributes and sells heat. Vattenfall also conducts energy trading and lignite mining. The Group has approximately 33,000 employees. The Parent Company, Vattenfall AB, is 100%-owned by the Swedish state. Operations in 2008 were conducted in Sweden, Denmark, Finland, Germany, Poland and the UK. Through the planned acquisition1 of the Dutch energy company Nuon, starting in 2009 Vattenfall will also have operations in the Netherlands and Belgium. 1) Read more on page 70. Sales and operating profit Profitability Investments Free cash flow1, quarterly Sales, Operating profit, SEK million SEK million % SEK million SEK million 200,000 40,000 25 50,000 7,500 160,000 32,000 20 40,000 6,000 120,000 24,000 15 30,000 4,500 80,000 16,000 10 20,000 3,000 40,000 8,000 5 10,000 1,500 0 0 0 0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2005 2006 2007 2008 2006 2007 2008 ■ Sales ■ Return on equity (IFRS)1 ■ Maintenance investments 1) Cash flow from operating activities ■ Operating profit 1 ■ Return on net assets1 ■ Growth investments less maintenance investments. 1) Excl. items affecting comparability. 1) Excl. items affecting comparability. Key data 2008 2007 Change, % 2008, EUR m1 2007, EUR m1 Net sales, SEK million 164,549 143,639 14.6 15,041 13,130 Operating profit before depreciation/amortisation (EBITDA), SEK million 45,960 45,821 0.3 4,201 4,188 Operating profit, SEK million 29,895 28,583 4.6 2,733 2,613 Operating profit excl. items affecting comparability, SEK million 29,797 28,497 4.6 2,724 2,605 Profit before tax, SEK million 23,498 23,933 –1.8 2,148 2,188 Profit for the year, SEK million 17,763 20,686 –14.1 1,624 1,891 Earnings per share, SEK 129.80 150.11 –13.5 11.86 13.72 Return on equity, % 13.6 17.6 Return on net assets, % 15.1 16.6 Total assets, SEK million 445,827 338,236 31.8 40,752 30,917 Equity/total assets, % 31.6 36.7 Funds from operations (FFO), SEK million 30,735 34,049 –9.7 2,809 3,112 Free cash flow, SEK million 18,963 19,650 –3.5 1,733 1,796 Investments, SEK million 42,296 18,964 123.0 3,866 1,733 Electricity generation, TWh 163.1 167.6 –2.7 Heat sales, TWh 35.6 36.2 –1.7 Average number employees, full time equivalents 32,801 32,396 1.3 1) Exchange rate SEK 10.94=EUR 1. Vattenfall’s markets Finland Sweden UK Denmark Netherlands1 Germany Poland Belgium1 1) As a result of the planned acquisition of the Dutch energy company Nuon, starting in 2009 Vattenfall will also have operations in the Netherlands and Belgium (read more on page 70) . CO2 emissions per Debt/equity ratio Net debt, quarterly Total electricity generation1 generated unit SEK million % SEK million TWh gCO2/kWh 125,000 100 75,000 100 750 100,000 80 60,000 80 600 46% 75,000 60 45,000 60 46% 450 40 300 50,000 30,000 40 31% 28% 24% 25,000 20 15,000 20 22% 150 0 0 0 0 0 2006 2007 2008 2006 2007 2008 2007 2008 1990 2008 ■ Net debt ■ Fossil-based power ■ Heat production ■ Total interest-bearing liabilities ■ Nuclear power ■ Electricity generation ■ Gross debt/equity ratio, % ■ Hydro power Specific CO2 emissions from Vatten- ■ Net debt/equity ratio, % 1) Wind power, biomass and waste fall’s total electricity and heat pro- amounted to 2.4 TWh for 2008 and duction, incl. acquired companies. 1.9 TWh in 2007, corresponding to ap- Approximate values for 1991–2002. proximately 1–2% of Vattenfall’s total electricity generation. Business Group Nordic Business Group Central Europe Vattenfall is the leading energy group in the Nordic region, with a mar- Business Group Central Europe comprises operations in Germany and ket share of approximately 20% in electricity generation. Operations Poland. In Germany Vattenfall produces, distributes and sells electric- cover Sweden, Finland and Denmark as well as Vattenfall’s wind power ity and heat and is currently the country’s third-largest producer of investments in the UK. Vattenfall produces, distributes and sells both electricity and the largest supplier of district heat. Production is based electricity and heat. Hydro and nuclear power are the base of electric- mainly on lignite. Operations include open-cast lignite mines in Lausitz, ity generation, while wind power, biomass, waste and fossil fuels are power plants in eastern and northern Germany, the transmission grid also used. Vatten fall sells district heating and has a substantial volume in eastern Germany, and local distribution networks in Berlin, Hamburg of heat production, largely based on biomass, and is the fourth-largest and Mecklenburg Vorpommern. supplier of heat in the Nordic countries. Vattenfall also conducts con- In Poland, heat production and heat sales are the largest part of sulting and contracting activities, mainly in the energy sector. operations, where Vattenfall has a market share of approximately 12%. Electricity and heat production are based primarily on coal. Vattenfall also owns and operates electricity networks, and distributes and sells electricity, mainly in south-west Poland. Share of Group’s Share of Group Share of Group’s Share of Group external net operating profit1, Production mix, external net operating profit1, Production mix, sales1, 33% 56% generated electricity, % sales1, 60% 51% generated electricity, %2 Hydro power 40 Hydro power 4 Nuclear power 51 Fossil-based power 95 Fossil-based power 7 Wind power, biomass and Wind power waste 1 and biomass 2 1) The segment Other reported external net sales of SEK 10,635 million (7%) and 2) In the German operations, Vattenfall normally generates electricity also from an operating loss of SEK –2,005 million (–7%). nuclear power. However, in 2008 two of the German nuclear power plants were off-line (see page 2). CONTENTS Events during the year 2–3 Financial calendar 2009 CEO’s message 4–5 12 February Year-end report 31 March Annual Report 2008 Making electricity clean 6–7 29 April Interim report January–March Strategic ambitions 8–11 29 April Annual General Meeting Renewable energy 12–15 30 July Interim report January–June CCS 16–19 27 October Interim report January–September Nuclear power 20–23 Investor Relations CSR reporting 24 Contact persons Improving energy effi ciency 25 Klaus Aurich, [email protected] Europe’s energy markets 26–27 Monica Edblad, Wholesale prices 28–29 [email protected] Competitive situation 30–33 Other publications Employees and competence 34–35 CORPORATE SOCIAL RESPONSIBILITY REPORT 2008 Vattenfall AB (publ) SE-162 87 Stockholm, Sweden Corporate Identity Number 556036-2138 Tel. +46 8 739 50 00 www.vattenfall.com Chairman’s statement www.vattenfall.se 36 Corporate Governance Report, incl. Board of Directors and Executive Group Management 37–49 WHAT WE WANT > WHAT WE DO > WHAT WE HAVE ACHIEVED Financial targets and outcomes 50–51 Administration report, incl. Risk management 52–75 Vattenfall’s CSR report describes Vattenfall’s operations from a sustainability perspective. Consolidated accounts 76–79 Reports can be ordered from Notes to the consolidated accounts 80–109 Vattenfall AB, SE-162 87 Stockholm Parent Company accounts, incl. notes 110–119 Tel. +46 8 739 50 00, e-mail [email protected] Proposed distribution of profi t 120 Additional information can be Audit Report 120 found on Vattenfall’s websites Quarterly review 121 www.vattenfall.com (English) www.vattenfall.se (Swedish) Ten–year review 122–123 Cover photo Facts about Vattenfall’s markets 124–125 The carbon dioxide that is captured at Vat- tenfall’s Schwarze Pumpe pilot plant is stored Defi nitions and calculations of key ratios 126–127 in two large tanks while waiting for transport Glossary and abbreviations 128 to a permanent storage site. Vattenfall’s history 129 The English version of Vattenfall’s Annual Report is a translation of the Swedish original, which is the binding version and shall prevail in case of discrepancies. MAKING ELECTRICITY CLEAN “Making electricity clean” – three words that summarise Vattenfall’s strategy, climate vision and promise to its customers and society. By 2050, Vattenfall’s operations shall be climate- neutral, and the work on achieving that goal is already in full swing. Powerful investments in renewable energy, nuclear power and the new Carbon Capture and Storage (CCS) technology are Vattenfall’s most important contributions in the battle against global warming. Achieving this climate vision requires profitable growth, both through expansion of own generation and through acquisitions. vattenfall annual report 2008 1 Important events IMPORT A N T E V E N T S 2 0 0 8 Vattenfall’s climate vision: climate-neutral by 2050 During the year Vattenfall laid out its strategic direction, which is sum- marised in three words: Making elec- tricity clean. Vattenfall’s climate vision is to be climate-neutral by 2050 (read more on pages 6–7). Redemption of minority shares Starting shot for world’s first CCS pilot plant in Vattenfall’s German subsidiary On 9 September Vattenfall inaugurated the world’s first coal-fired CCS power In April the redemption of the outstand- plant based on oxyfuel technology.
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