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1 Vattenfall Year-End Report 2012

2012

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1SPUGPSUIFZFBSBGUFSUBYSPTFUP4&,NJMMJPOPGXIJDIUIFSFEVDFEDPSQPSBUFJODPNFUBYSBUFJO4XFEFODPOUSJCVUFE4&,CJMMJPO

0QFSBUJOHQSPUGPSUIFGPVSUIRVBSUFSXBT4&,NJMMJPO5IFVOEFSMZJOHPQFSBUJOHQSPUGPSDPNQBSBCMFVOJUTXBTTUBCMFBOEBNPVOUFEUP4&,NJMMJPO

&MFDUSJDJUZHFOFSBUJ POJODSFBTFECZJOUP58IXBTBSFDPSEZFBSGPS7BUUFOGBMMTFMFDUSJDJUZHFOFSBUJPO

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0QFSBUJOHQSPUFYDMVEJOHJUFNTBFDUJOHDPNQBSBCJMJUZGPSBTQFDJDBUJPOPGJUFNTBFDUJOHDPNQBSBCJMJUZTFFQBHF'PSEFOJUJPOPGJUFNTBFDUJOHDPNQBSBCJMJUZTFFQBHF

0QFSBUJOHQSPUBDDPSEJOHUP*'34*OUFSOBUJPOBM'JOBODJBM3FQPSUJOH4UBOEBSET

CEOs comments2012 was a tough year for the entire European energy sector, and the industry is facing substan-

tial challenges. Demand is still low as a result of the economic recession. At the same time , new

capacity is being added, especially in renewable energy production, which has led to low electricity

prices. Previous market forecasts have been overturned, and what used to be considered normal

no longer applies. This is the new normal .I am therefore pleased to report an unde rlying operating prot for 2012 of SEK 27.7 billion for

comparable unit s, that is, excluding divested operations which is almost level with 2011.

During the year, we continued to work according to the strategy that we launched at the end of

2010. The target of reducing our annual costs by SEK 6 billion has been achieved a year ahead of

schedule . An extensive divestment programme has been executed with the sale of our Finnish and

Polish operations. Our liquidity has streng thened, and we have lowered our net debt. We have also

continued to scale back our investment programme. Record high production volumes in Sweden,

owing to high water supply and improved availability at our nuclear power plants along with suc-

cessful price hedging, have compensated for lower wholesale electricity prices.

We see continued dicult market conditions ahead, however, and are therefore continuing to

further improve the eciency of our operations and strengthen ournancial position so that we

can achieve the targets that our owner and we ourselves have set. In the cu rrent year we plan to

carry out further savings measures while embodying a culture of continuous improvement. Opera-

tional excellence is a part of our everyday activities.

We are keeping our focus on reducing Vattenfalls CO2 exposure, and work is ongoing to free upsucient capital to continue increasing the share of investments in renewable energy.

ZTUFJO-TFUI1SFTJEFOUBOE$&0

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$IBOHF

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Operating prot (EBIT) 5,179 10,159 -49.0 26,175 23,209 12.8Underlying operating prot 6,737 7,343 -8.3 27,747 30,793 -9.9

'JOBODJBMJUFNTOFU 1SPUCFGPSFUBY Prot for the period 6,443 5,103 26.3 17,224 10,416 65.4

Funds from operations (FFO) 11,583 10,120 14.5 34,419 38,256 -10.0

'SFFDBTIPX $BTIBOEDBTIFRVJWBMFOUTBOETIPSUUFSNJOWFTUNFOUT #BMBODFTIFFUUPUBM *OUFSFTUCFBSJOHMJBCJMJUJFT Net debt 111,907 141,089 -20.7 111,907 141,089 -20.7

Adjusted net debt 153,943 176,031 -12.5 153,943 176,031 -12.5

Return on capital employed, % 8.41 7.31 8.4 7.3

3FUVSOPOFRVJUZ Net debt/equity, % 72.1 101.6 72.1 101.6

Funds from operations (FFO)/adjusted net

debt, % 22.41 21.71 22.4 21.7

"EKVTUFEOFUEFCUPQFSBUJOHQSPUCFGPSFEFQSFDJBUJPOBOEBNPSUJTBUJPO*5%"UJNFT

Electricity generation, TWh 49.9 43.7 14.2 178.9 166.7 7.3

)ZESPQPXFS /VDMFBSQPXFS 'PTTJMCBTFEQPXFS 8JOEQPXFS #JPNBTTXBTUF

Sales of electricity, TWh2 56.4 58.3 -3.3 202.3 203.0 -0.3

Sales of heat, TWh 10.6 12.9 -17.8 30.3 41.0 -26.1

Sales of gas, TWh 17.1 16.8 1.8 52.4 53.8 -2.6

Number of employees, full-year equivalents 32,794 34,685 -5.5 32,794 34,685 -5.5

-BTUNPOUIWBMVFT

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Sale of operations in Finland5IFTBMFPG7BUUFOGBMMTFMFDUSJDJUZEJTUSJCVUJPOBOEIFBUCVTJOFTTJO'JOMBOEXBTDPNQMFUFEJO+BOVBSZ5IFCVZFSXBT-/*"DRVJTJUJPO0Z5IFTBMFHFOFSBUFEBDBQJUBMHBJOPG4&,CJMMJPO

Sale of biomass project7BUUFOGBMMSFBDIFEBOBHSFFNFOUUPTFMMJUTNJOPSJUZJOUFSFTUJOUIF-JCFSJBOCJPNBTTQSPKFDU#VDIBOBO3FOFXBCMFT'VFM5IFQSPKFDUEJEOPUEFWFMPQBTQMBOOFEBOEUIFWPMVNFPGCJPNBTTXBTMPXFSUIBOBOUJDJQBUFE*ODPOOFDUJPOXJUIUIFTBMF7BUUFOGBMMSFDPHOJTFEBOJNQBJSNFOUMPTTBOENBEFQSPWJTJPOTUPHFUIFSUPUBMMJOH4&,CJMMJPOEVSJOHUIFSTURVBSUFS

Sale of minority interests in Vattenfallselectricity and heating networks in Hamburg%VSJOHUIFZFBSUIF$JUZPG)BNCVSHBDRVJSFEPG7BUUFOGBMMTFMFDUSJDJUZBOEIFBUJOHOFUXPSLTGPS&63NJMMJPO5IFKPJOUMZPXOFEDPNQBOJFTBSFOPXDBMMFE7BUUFOGBMM4USPNOFU[)BNCVSH(NC)BOE7BUUFOGBMM8SNF

)BNCVSH(NC)7BUUFOGBMMSFDFJWFEQBZNFOUEVSJOHUIFTFDPOEBOEGPVSUIRVBSUFST

Hemweg 9 connected to electricity grid*OUIF/FUIFSMBOETUIFOFX)FNXFHDPNCJOFEDZDMFHBTUVSCJOFQPXFSQMBOU.8XBTDPOOFDUFEUPUIFFMFDUSJDJUZHSJEJO.BZSFQMBDJOHBOPMEFSQMBOUBUUIFTBNFMPDBUJPO

Request for arbitration*O.BZ7BUUFOGBMMTVCNJUUFEBSFRVFTUGPSUIFJOTUJUVUJPOPGBSCJUSBUJPOQSPDFFEJOHTXJUIUIF*OUFSOBUJPOBM$FOUFSGPS4FUUMFNFOUPG*OWFTUNFOU%JTQVUFT*$4*%JO8BTIJOHUPO%$JOSFTQPOTFUPUIF(FSNBOHPWFSONFOUTEFDJTJPOJOTVNNFS

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Analysis of replacement of nuclearpower reactors in Sweden0O+VMZ7BUUFOGBMMMFEBOBQQMJDBUJPOXJUIUIF4XFEJTI3BEJBUJPO4BGFUZ"VUIPSJUZ44.UPPCUBJODMBSJUZPOUIFDPOEJUJPOTUIBUBQQMZGPSOFXOVDMFBSQPXFSHFOFSBUJPO5IFBQQMJDBUJPOJTOFDFTTBSZGPS7BUUFOGBMMUPJOWFTUJHBUFUIFDPOEJUJPOTTFUCZ44.XIJDIJTOFFEFEUPDPNQMFUF7BUUFOGBMMTBOBMZTJTXPSL

First deliveries of electricity from Diemen 34*O"VHVTUUIFSTUEFMJWFSJFTPGFMFDUSJDJUZXFSFNBEFGSPNUIFHBTSFE%JFNFOQPXFSQMBOUJOUIF/FUIFSMBOET5IFQMBOUIBTJOTUBMMFEDBQBDJUZPG.8FMFDUSJDJUZBOE.8IFBU

Vattenfall Europe AG becomes Vattenfall GmbH0O4FQUFNCFS7BUUFOGBMMT(FSNBOTVCTJEJBSZ7BUUFOGBMM&VSPQF"(XBTNFSHFEXJUIJUTQBSFOUDPNQBOZ7BUUFOGBMM%FVUTDIMBOE(NC)XIJDIBUUIFTBNFUJNFDIBOHFEJUTOBNFUP7BUUFOGBMM(NC)7BUUFOGBMM(NC)JTPXOFECZ7BUUFOGBMM"#"TBSFTVMUPGUIFNFSHFSUIFEPNJOBUJPOBHSFFNFOU#FIFSSTDIVOHTWFSUSBHGSPNCFUXFFO7BUUFOGBMM&VSPQF"(BOE7BUUFOGBMM"#OPMPOHFSBQQMJFT

Inauguration of Ormonde wind farm0O4FQUFNCFS7BUUFOGBMMT0SNPOEFXJOEGBSN.8JOUIF*SJTI4FBXBTPDJBMMZJOBVHVSBUFE

Impairment of assets

7BUUFOGBMMEFDJEFEUPSFDPHOJTFBOJNQBJSNFOUMPTTGPSHPPEXJMMBOEQSPEVDUJPOBTTFUTJOUIF5IFSNBM1PXFSCVTJOFTTVOJUNBJOMZJOUIF/FUIFSMBOETGPSBUPUBMPG4&,CJMMJPOPGXIJDI4&,CJMMJPOJTBUUSJCVUBCMFUPHPPEXJMMBOE4&,CJMMJPOUPBTTFUTJODPBMBOEHBTSFEQPXFSQMBOUT

Change in pension funding7BUUFOGBMMEFDJEFEUPSFTVNFGVMMGVOEJOHPGJUTEFOFECFOFUPDDVQBUJPOBMQFOTJPOTJO4XFEFOPOUIFCBMBODFTIFFUVOEFSUIFJUFN1FOTJPOQSPWJTJPOTJFJOBDDPSEBODFXJUIUIFTUSVDUVSFUIBUBQQMJFECFGPSF7BUUFOGBMMT1FOTJPO'PVOEBUJPOXBTFTUBCMJTIFEJO"UPUBMPGBQQSPYJNBUFMZ4&,CJMMJPOXJMMHSBEVBMMZCFQBJEPVUGSPNUIFGPVOEBUJPOUP7BUUFOGBMM"#BOEJUTTVCTJEJBSJFT5IFDIBOHFJOGVOEJOHEPFTOPUBFDU7BUUFOGBMMTBEKVTUFEOFUEFCU/PSXJMMUIFDIBOHFBFDUUIF

DPNQBOZTPCMJHBUJPOUPQBZGVUVSFQFOTJPOTUPJUTFNQMPZFFT

Inauguration of new unit in Boxberg7BUUFOGBMMTOFX6OJU3.8BUUIF#PYCFSHMJHOJUFSFEQPXFSQMBOUJOFBTUFSO(FSNBOZXBTJOBVHVSBUFEJO0DUPCFS5IFJOWFTUNFOUEFDJTJPOXBTNBEFJO

5IFJOGPSNBUJPOIBTCFFOVQEBUFETJODFQVCMJDBUJPO'FCSVBSZ

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" NPV OU TJO4&, 2 2 $ IB OH F'VMMZFBS

'VMMZFBS

$IBOHF

Net sales 47,937 50,453 -5.0 167,313 181,040 -7.6

Comment: $POTPMJEBUFEOFUTBMFTJOEFDSFBTFECZ4&,CJMMJPODPNQBSFEXJUI5IF

EFDSFBTFJTNBJOMZBUUSJCVUBCMFUP7BUUFOGBMMTEJWFTUFEPQFSBUJPOTJO#FMHJVN'JOMBOEBOE1PMBOE&YDMVEJOHUIFTFEJWFTUNFOUTOFUTBMFTJODSFBTFECZ

" NPV OU TJO4&, 2 2 $I BO HF 'VMMZFBS

'VMMZFBS

$IBOHF

Operating prot (EBIT) 5,179 10,159 -49.0 26,175 23,209 12.8

*UFNTBFDUJOHDPNQBSBCJMJUZ

Underlying operating prot 6,737 7,343 -8.3 27,747 30,793 -9.9

&BSOJOHTDPOUSJCVUJPOGSPNEJWFTUFEPQFSBUJPOT

Underlying operating prot for

comparable units 6,737 6,450 4.4 27,693 28,148 -1.6

#FMHJVN'JOMBOEBOE1PMBOE

Comment 2012:5IFVOEFSMZJOHPQFSBUJOHQSPUGPSEFDSFBTFECZ4&,CJMMJPONBJOMZPOBDDPVOUPGUIFGPMMPXJOH

/FHBUJWFQSJDFFFDUTPGBWFSBHFMPXFSFMFDUSJDJUZQSJDFTBDIJFWFENBJOMZJOUIF/PSEJDNBSLFU4&,CJMMJPO

1PTJUJWFWPMVNFFFDUT4&,CJMMJPOPGHSFBUFSIZESPBOEOVDMFBSQPXFSQSPEVDUJPO

)JHIFSGVFMDPTUTBOEDPTUTGPS$0FNJTTJPOBMMPXBODFT4&,CJMMJPOOFU

-PXFSDPTUTGPSPQFSBUJPOTBOENBJOUFOBODFTBMFTBOEBENJOJTUSBUJPOBOESFTFBSDIBOEEFWFMPQNFOU4&,CJMMJPOOFU

)JHIFSDPTUTGPSDPNNJTTJPOJOHPGOFXQMBOUTJODMVEJOH#PYCFSH6OJU3BOE0SNPOEF4&,CJMMJPO

-PTUFBSOJOHTDPOUSJCVUJPOGSPNEJWFTUFEPQFSBUJPOTJO#FMHJVN'JOMBOEBOE1PMBOE4&,CJMMJPO

0UIFSJUFNT4&,CJMMJPOOFUDPOTJTUJOHPGTFWFSBMJUFNTDPNQFOTBUJPOJOJOUIF(FSNBOHFOFSBUJPOPQFSBUJPOT4&,CJMMJPOSFQBJSDPTUTGPSUIFUSBOTNJTTJPODBCMFCFUXFFOUIF

5IBOFUXJOEGBSNBOEUIF6,NBJOMBOE4&,CJMMJPOMPXFSFBSOJOHTDPOUSJCVUJPOGSPNUIFBTTPDJBUFEDPNQBOZ("4"(4&,CJMMJPOIJHIFSOVDMFBSQPXFSUBY4&,CJMMJPOBOEBOVNCFSPGPUIFSQSPKFDUSFMBUFEDPTUTGPSOVDMFBSQPXFSTBGFUZ*5BOEDVTUPNFSTFSWJDFBNPOHPUIFSUIJOHT

Comment Q4: 5IFVOEFSMZJOHPQFSBUJOHQSPUGPSUIFGPVSUIRVBSUFSPGEFDSFBTFECZ4&,CJMMJPONBJOMZPOBDDPVOUPGUIFGPMMPXJOH

/FHBUJWFQSJDFFFDUTPGBWFSBHFMPXFSFMFDUSJDJUZQSJDFTBDIJFWFENBJOMZJOUIF/PSEJDNBSLFU4&,CJMMJPO

1PTJUJWFWPMVNFFFDUT4&,CJMMJPOPGHSFBUFSIZESPBOEOVDMFBSQPXFSQSPEVDUJPO

)JHIFSGVFMDPTUTBOEDPTUTGPS$0FNJTTJPOBMMPXBODFT4&,CJMMJPOOFU5IFIJHIFSBNPVOUDPNQBSFEXJUIUIFGVMMZFBSJTNBJOMZBUUSJCVUBCMFUPBDIBOHFJOUIFNFUIPEPGSFQPSUJOH$0FNJTTJPOBMMPXBODFT

-PXFSDPTUTGPSPQFSBUJPOTBOENBJOUFOBODFTBMFTBOEBENJOJTUSBUJPOBOESFTFBSDIBOEEFWFMPQNFOU4&,CJMMJPOOFU

-PTUFBSOJOHTDPOUSJCVUJPOGSPNEJWFTUFEPQFSBUJPOTJO#FMHJVN'JOMBOEBOE1PMBOE4&,CJMMJPO

7BUUFOGBMMBDIJFWFEUIFUBSHFUPGJUT4&,CJMMJPODPTUDVUUJOHQSPHSBNNFCZZFBSFOEXIJDIJTPOFZFBSGBTUFSUIBOPSJHJOBMMZQMBOOFE"UUIFTBNFUJNFGVUVSFPSJFOUFECVTJOFTTFTHBWFSJTFUPOFXDPTUTPG4&,CJMMJPO7BUUFOGBMMIBTTFUBOFXUBSHFUUPSFEVDFDPTUTCZBGVSUIFS4&,CJMMJPOCZ+BOVBSZ

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"NPVOUTJO4&, 2 2'VMMZFBS

'VMMZFBS

Items aecting comparability aecting operating

prot (EBIT):

$BQJUBMHBJOT

$BQJUBMMPTTFT *NQBJSNFOUMPTTFT 3FWFSTFEJNQBJSNFOUMPTTFT 6OSFBMJTFEDIBOHFTJOUIFGBJSWBMVFPGFOFSHZEFSJWBUJWFT 6OSFBMJTFEDIBOHFTJOUIFGBJSWBMVFPGJOWFOUPSJFT 3FTUSVDUVSJOHDPTUT 0UIFSJUFNTBFDUJOHDPNQBSBCJMJUZ Total -1,558 2,816 -1,572 -7,584

'JHVSFTGPSJODMVEFPUIFSDMPTFEPXODPTUTUIBOJNQBJSNFOUMPTTFTQFSUBJOJOHUPOVDMFBSQPXFSQMBOUTJO(FSNBOZ

Comment:*UFNTBFDUJOHDPNQBSBCJMJUZJOBNPVOUFEUP4&,CJMMJPOOFU5IFTFDPOTJTUNBJOMZPGBDBQJUBMHBJOPOUIFTBMFPG7BUUFOGBMMTFMFDUSJDJUZEJTUSJCVUJPOBOEIFBUCVTJOFTTJO

'JOMBOE4&,CJMMJPOJNQBJSNFOUPGHPPEXJMMBOEQSPEVDUJPOBTTFUTJOUIF5IFSNBM1PXFSCVTJOFTTVOJU4&,CJMMJPOBOESFTUSVDUVSJOHDPTUT4&,CJMMJPO*UFNTBFDUJOHDPNQBSBCJMJUZJOQFSUBJOFENBJOMZUPJNQBJSNFOUPGCPPLWBMVFBOEIJHIFSQSPWJTJPOTGPSIBOEMJOHOVDMFBSXBTUFBOEEJTNBOUMJOHPGUIF(FSNBOOVDMFBSQPXFSQMBOUT4&,CJMMJPODBQJUBMHBJOTPOEJWFTUNFOUTJO4&,CJMMJPOBOEVOSFBMJTFEDIBOHFTJOUIFGBJSWBMVFPGFOFSHZEFSJWBUJWFTBOEJOWFOUPSJFT4&,CJMMJPO

" NPV OU TJO4&, 2 2 $I BOH F'VMMZFBS

'VMMZFBS

$IBOHF

Prot for the period 6,443 5,103 26.3 17,224 10,416 65.4

Comment: 1SPUGPSUIFZFBSBGUFSUBYJNQSPWFECZ4&,CJMMJPOUP4&,CJMMJPODPNQBSFEXJUI4&,CJMMJPOJO5IJTJTNBJOMZEVFUPUIFGBDUUIBUQSPUJOXBTDIBSHFEXJUIJNQBJSNFOUMPTTFTBOEIJHIFSQSPWJTJPOTBTBSFTVMUPG(FSNBOZTEFDJTJPOUPQIBTFPVUUIFDPVOUSZTOVDMFBSQPXFSBOJNQSPWFNFOUJOOFUOBODJBMJUFNTBOEBMPXFSUBYFYQFOTF"TBSFTVMUPGUIF4XFEJTI1BSMJBNFOUTEFDJTJPOJO%FDFNCFSUPMPXFSUIFDPSQPSBUFJODPNFUBYSBUFJO4XFEFOGSPNUPEFGFSSFEUBYMJBCJMJUJFTXFSFSFDBMDVMBUFESFTVMUJOHJOBQPTJUJWFFBSOJOHTJNQBDUPG4&,CJMMJPO

" NPV OU TJ O4 &, 2 2 $I BOH F'VMMZFBS

'VMMZFBS

$IBOHF

Net nancial items -1,381 -2,628 47.5 -7,874 -8,911 11.6

PGXIJDIJOUFSFTUJODPNF PGXIJDIJOUFSFTU

FYQFOTFT PGXIJDIJNQBJSNFOUBOE

QSPWJTJPOT PGXIJDIPUIFS *OUFSFTUSFDFJWFE *OUFSFTUQBJE 1FSUBJOTUPDBTIPXT

Comment: 'JOBODJBMJUFNTJOJODMVEFEJNQBJSNFOUMPTTFTBOEQSPWJTJPOTSFMBUFEUPUIF-JCFSJBOCJPNBTTQSPKFDU#VDIBOBO3FOFXBCMFT'VFMUPUBMMJOH4&,CJMMJPO5IFJNQSPWFNFOUJOOBODJBMJUFNTEVSJOHUIFGPVSUIRVBSUFSPGJTNBJOMZFYQMBJOFECZUIFGBDUUIBUOBODJBMJUFNTJOUIFGPVSUIRVBSUFSPGXFSFDIBSHFEXJUIJNQBJSNFOUPG7BUUFOGBMMTTIBSFIPMEJOHJOUIFFOFSHZDPNQBOZ&OFB4"UPUBMMJOH4&,CJMMJPO"OBEEJUJPOBMJNQBJSNFOUMPTTPG4&,CJMMJPOXBTSFDPHOJTFEGPSUIFTIBSFIPMEJOHJO&OFB4"JOUIFTFDPOERVBSUFSPG

" NPV OU TJ O4 &, 2 2 $IB OHF 'VMMZFBS 'VMMZFBS $IBOHF

Funds from operations

(FFO) 11,583 10,120 14.5 34,419 38,256 -10.0

Cash ow from changesin operating assetsand operating liabilities(working capital) -6,320 -6,841 -7.6 -5 934 -4,788 23.9

Cash ow from operating

activities 5 263 3,279 60.5 28 485 33,468 -14.9

Comment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

$BTIPXGSPNDIBOHFTJOXPSLJOHDBQJUBMBNPVOUFEUP4&,CJMMJPO5IJTJTNBJOMZFYQMBJOFECZIJHIFSPQFSBUJOHSFDFJWBCMFTBOEPQFSBUJOHMJBCJMJUJFTUPUBMMJOH4&,CJMMJPOOFUNBJOMZBUUSJCVUBCMFUP$0FNJTTJPOBMMPXBODFTBOEJODSFBTFEJOWFOUPSZUPUBMMJOH4&,CJMMJPO0UIFSJUFNTBFDUFEXPSLJOHDBQJUBMOFHBUJWFMZCZ4&,CJMMJPO

Sales, prot and cash ow, cont.

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"NPVOUTJO4&, 2 2 $IBOHF'VMMZFBS

'VMMZFBS

$IBOHF

.BJOUFOBODFSFQMBDFNFOUJOWFTUNFOUT (SPXUIJOWFTUNFOUT

PGXIJDITIBSFT Total investments , , -. , , -.

Divestments PGXIJDITIBSFT

Comment:*OQBZNFOUXBTSFDFJWFEGPSUIFTBMFPG7BUUFOGBMMTIFBUBOEFMFDUSJDJUZEJTUSJCVUJPOCVTJOFTTJO'JOMBOE7BUUFOGBMMTIFBUPQFSBUJPOJO1PMBOE7BUUFOGBMMTPQFSBUJPOTJO#FMHJVNBOENJOPSJUZJOUFSFTUTJO7BUUFOGBMMTIFBUBOEFMFDUSJDJUZEJTUSJCVUJPOPQFSBUJPOTJO)BNCVSHUIFTBMFTPGPQFSBUJPOTJO#FMHJVNBOE1PMBOEXFSFCPPLFEJOUIFGPVSUIRVBSUFSJO7BUUFOGBMMJTDVSSFOUMZMPPLJOHJOUPPQQPSUVOJUJFTUPEJWFTUBEEJUJPOBMQPXFSBOEDPNCJOFEIFBUBOEQPXFSBTTFUTCVUOPEFDJTJPOTIBWFCFFONBEF

Specication of investments

"NPVOUTJO4&, 2 2 $IBOHF

'VMMZFBS

'VMMZFBS

$IBOHFElectricity generation

)ZESPQPXFS /VDMFBSQPXFS $PBMQPXFS (BT 8JOEQPXFS #JPNBTTXBTUF 0UIFS Total electricity generation , , -. , , -.

CHP/heat

'PTTJMCBTFEQPXFS #JPNBTTXBTUF 0UIFS Total CHP/heat , , -. , , -.

Electricity networks&MFDUSJDJUZOFUXPSLT Total electricity networks , , . , , -.

1VSDIBTFTPGTIBSFT 0UIFSFYDMQVSDIBTFTPGTIBSF T Total , , -. , , -.

Comment: *OWFTUNFOUTJOGPTTJMCBTFEFMFDUSJDJUZHFOFSBUJPODPBMSFEQPXFSBOEHBTQFSUBJOUPQSPKFDUTJO(FSNBOZBOEUIF/FUIFSMBOETXIFSFUIFDPTUTGPSUIFSFNBJOJOHJOWFTUNFOUTBNPVOUUPBUPUBMPG4&,CJMMJPOPGXIJDI4&,CJMMJPOQFSUBJOTUPDPBMSFEQPXFS

5P UB M / PO Q SP EV DU JP O *O WF TU NF OU T J OW FT UN FO UT S FM BU FE C ZU ZQ FP GG VF M JOWFTUNFOUT

*OWFTUNFOUQMBO4&,CJMMJPO

&MFDUSJDJUZOFUXPSLT

)FBUJOHOFUXPSLT

(BTJOWFOUPSZ

*5

8JOE

/VDMFBS

)ZESP#JPNBTT

(BT

$PBM

(SPXUIJOWFTUNFOUT

3FQMBDFNFOUJOWFTUNFOUT

.BJOUFOBODFJOWFTUNFOUT

QFSUBJOTUPHSPXUIJOWFTU

NFOUT

8JOEQPXFS0UIFSFHIFBUJOHOFUXPSLT

-JHOJUFBOEIBSEDPBM#JPNBTT(BT/VDMFBSQPXFS

8JOEQPXFSBDDPVOUTGPSUIFMBSHFTUTIBSFPGHSPXUIJOWFTUNFOUT

Vattenfalls investment plan 201320177BUUFOGBMMTJOWFTUNFOUQMBOGPSUIFDPNJOHWFZFBSTBNPVOUTUP4&,CJMMJPOSFQSFTFOUJOHBEFDSFBTFPG4&,CJMMJPODPNQBSFEXJUIUIFQSFDFEJOHWFZFBSQFSJPE

0GUIFUPUBMJOWFTUNFOUBNPVOU4&,CJMMJPOJTFBSNBSLFEGPSQSPEVDUJPOPGFMFDUSJDJUZ

BOEIFBU5IFSFNBJOJOHBNPVOUXJMMCFBMMPDBUFEUPJOWFTUNFOUTJOFMFDUSJDJUZBOEIFBUJOHOFUXPSLTBOE*5*OWFTUNFOUTJOOFXQSPEVDUJPODBQBDJUZTPDBMMFEHSPXUIJOWFTUNFOUTBDDPVOUGPS4&,CJMMJPOPGUPUBMJOWFTUNFOUT5IFSFNBJOJOHBNPVOUXJMMHPUPXBSETNBJOUFOBODFBOESFQMBDFNFOUJOWFTUNFOUT

0GHSPXUIJOWFTUNFOUT4&,CJMMJPOQFSUBJOTUPJOWFTUNFOUTJOMPX$0 FNJUUJOHUFDIOPMPHJFTXJOEIZESPBOEOVDMFBSQPXFSBOECJPNBTT8JOEQPXFSJTUIFMBSHFTUTJOHMFDBUFHPSZPGHSPXUIJOWFTUNFOUT%VSJOHUIFOFYUWFZFBST7BUUFOGBMMJOUFOETUPJOWFTU4&,CJMMJPOJOOFXDBQBDJUZSPVHIMZFRVBMMZEJTUSJCVUFEBNPOHPOTIPSFBOEPTIPSFXJOEQPXFS*OWFTUNFOUTJOGPTTJMCBTFEQPXFSNBLFVQ4&,CJMMJPOPGHSPXUIJOWFTUNFOUT5IFTFDPOTJTUNBJOMZPGJOWFTUNFOUTJOUIF.PPSCVSHIBSEDPBMBOE.BHOVNOBUVSBMHBTQPXFSQMBOUT5IFTFJOWFTUNFOUTXFSFEFDJEFEPOJOBOESFTQFDUJWFMZBOEXJMMCFDPNQMFUFECZBUUIFMBUFTU0UIFSHSPXUIJOWFTUNFOUT4&,CJMMJPOIBWFCFFOBMMPDBUFEUPFYQBOTJPOPGEJTUSJDUIFBUJOHMJOFT

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%VFUPBXFBLFOJOHPGUIFIZESPMPHJDBMCBMBODFEVSJOHUIFGPVSUIRVBSUFSBWFSBHFFMFDUSJDJUZTQPUQSJDFTJOUIF/PSEJDDPVOUSJFTSPTFTIBSQMZUP&63.8IXIJDIJTBQQSPYJNBUFMZIJHIFSUIBOEVSJOHUIFUIJSERVBSUFSPG)PXFWFSBTUSPOHIZESPMPHJDBMCBMBODFGPSUIFZFBSBTBXIPMF

SFTVMUFEJOBWFSBHFTQPUQSJDFTJOUIF/PSEJDDPVOUSJFTUIBUXFSFMPXFSUIBOJO4QPUQSJDFTJO(FSNBOZXFSFBQQSPYJNBUFMZMPXFSPWFSBMM

JODPNQBSFEXJUI1SJDFTSPTFTMJHIUMZJO/PWFNCFSCVUUIFOGFMMBHBJOJO%FDFNCFSBTBSFTVMUPGIJHIXJOEQPXFSHFOFSBUJPO.8UPHFUIFSXJUIXBSNXFBUIFSBOEMPXFSEFNBOEEVSJOHUIFMBUUFSQBSUPG%FDFNCFSPOBDDPVOUPGUIFMBSHFOVNCFSPGWBDBUJPOEBZT

4QPUQSJDFTJOUIF/FUIFSMBOETSPTFEVSJOHUIFGPVSUIRVBSUFSPG&63.8IXIJDIJTIJHIFSUIBOEVSJOHUIFUIJSERVBSUFSPG'PSUIFGVMMZFBSTQPUQSJDFTJOUIF/FUIFSMBOETXFSFMPXFSUIBOJO

5JNFQFSJPE&63.8I

/PSE1PPM4QPU/PSEJDDPVOUSJFT

&1&9(FSNBOZ

"19/FUIFSMBOET

'VMMZFBS 'VMMZFBS $IBOHF

&MFDUSJDJUZGVUVSFTQSJDFTGFMMJOBMMPG7BUUFOGBMMTNBSLFUTJODPNQBSFEXJUI/PSEJDGVUVSFTQSJDFTPGFMFDUSJDJUZGPSEFMJWFSZJOBOEXFSFBOEMPXFSUIBOJO*O(FSNBOZGVUVSFTQSJDFTGFMMBOEJOUIF/FUIFSMBOETQSJDFTGFMMBOESFTQFDUJWFMZ

/PS EJ DD PVOUSJ FT (FS NBOZ /FUIFSMBOET

5JNFQFSJPE&63.8I

2 2

$IBOHF 'VMMZFBS 'VMMZFBS $I BO HF

&63.8I

&MFDUSJDJUZTQPUQSJDFTJOUIF/PSEJDDPVOUSJFT(FSNBOZBOEUIF/FUIFSMBOETNPOUIMZBWFSBHFT

/PS E1PP M & 1& 9 "19

&63.8I

&MFDUSJDJUZGVUVSFTQSJDFTJOUIF/PSEJDDPVOUSJFT(FSNBOZBOEUIF/FUIFSMBOET

/PSEJDDPVOUSJFT /PSEJDDPVOUSJFT( FS NB OZ ( FS NB OZ /FUIFSMBOET /FUIFSMBOET

4PVSDFT/"4%"20.9$PNNPEJUJFT&VSPQFBO&OFSHZ&YDIBOHF&&9BOE"19

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160

140

120

100

80

60

40

20

0

80

70

60

50

40

30

20

10

0

64% &63

1SJDFUSFOEGPSPJMDPBMHBTBOE$0FNJTTJPOBMMPXBODFT

$PBM64%U"1*'SPOU:FBS

0JM64%CCM#SFOU'SPOU.POUI

(BT&63.8I/#1'SPOU:FBS&NJTTJPOBMMPXBODFT$0&63U

7BUUFOGBMMTIFEHFSBUJPTBTQFS%FDFNCFS

75

100

51

77

42

50

/PSEJDDPVOUSJFT$POUJOFOUBM&VSPQF

Wholesale price trend, cont.

"MUIPVHIQSJDFTPGNPTUDPNNPEJUJFTGFMMEVSJOHUIFGPVSUIRVBSUFSPGTMJHIUMZIJHIFSPSTUBCMFQSJDFTXFSFOPUFEPOBWFSBHFDPNQBSFEXJUIUIFQSFDFEJOHRVBSUFS0JMQSJDFTDPOUJOVFEUPCFWPMBUJMFEVSJOHUIFGPVSUIRVBSUFSIPXFWFSPOBWFSBHFPJMQSJDFTXFSFBUUIFTBNFMFWFMBTJOUIFQSFDFEJOHRVBSUFS

$PBMQSJDFTUSBEFEBSPVOEUIF64%NBSLEVSJOHUIFFOUJSFRVBSUFS5IFGVUVSFTDPOUSBDUGPSDPBMUSBEFEBUBMFWFMUIBUXBTIJHIFSUIBOJOUIFQSFDFEJOHRVBSUFSCVUMPXFSUIBOJO

(BTQSJDFTSPTFJOJUJBMMZEVSJOHUIFGPVSUIRVBSUFSCVUGFMMBUUIFFOEPG%FDFNCFSEVFUPVOVTVBMMZXBSNXFBUIFS(BTQSJDFTGPSEFMJWFSZOFYUZFBSSFNBJOFEBUUIFTBNFMFWFMBTJOUIFQSFDFEJOHRVBSUFSBU&63.8I

1SJDFTPG$0FNJTTJPOBMMPXBODFTBWFSBHFE&63UPOOFXIJDIJTSPVHIMZUIFTBNFMFWFMBTJOUIFQSFDFEJOHRVBSUFS'PSBTBXIPMFUIFBWFSBHFQSJDFXBT&63UPOOFXIJDIJTMPXFSUIBOJO1SJDFTSPTFJOJUJBMMZEVSJOHUIFRVBSUFSGPMMPXJOHBO&6QSPQPTBMUPXJUIIPMEFNJTTJPOBMMPXBODFTDPSSFTQPOEJOHUPNJMMJPOUPOOFT)PXFWFSUIFZGFMMCBDLBHBJOBUUIFFOEPGUIFRVBSUFSXIFOOPBDUJPOXBTUBLFOPOUIF&6QSPQPTBM

Vattenfalls price hedging

4JODF7BUUFOGBMMDPOUJOVPVTMZIFEHFTJUTGVUVSFFMFDUSJDJUZHFOFSBUJPOUISPVHITBMFTJOUIFGPSXBSEBOEGVUVSFTNBSLFUTTQPUQSJDFTIBWFPOMZBMJNJUFEJNQBDUPO7BUUFOGBMMTFBSOJOHTJOUIFOFBSUFSN

5IFDIBSUTIPXTUIFTIBSFPGQMBOOFEFMFDUSJDJUZHFOFSBUJPOUIBU7BUUFOGBMMIBTIFEHFEJOUIF/PSEJDDPVOUSJFTBOE$POUJOFOUBM&VSPQF(FSNBOZBOEUIF/FUIFSMBOET

Average price hedges as per 31 December 2012

&63.8I

/PSEJDDPVOUSJFT $POUJOFOUBM&VSPQF

$PNQBSFEXJUIBU4FQUFNCFS7BUUFOGBMMTQSJDFIFEHJOHSBUJPTIBWFJODSFBTFEGPSCPUINBSLFUTGPSUIFQFSJPE1SJDFIFEHFTJO&63SFNBJOFEWJSUVBMMZVODIBOHFE

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Underlying operating prot 2012

5IFVOEFSMZJOHPQFSBUJOHQSPUEFDSFBTFECZ4&,CJMMJPO5IJTJTNBJOMZBUUSJCVUBCMFUPBWFSBHFMPXFSFMFDUSJDJUZQSJDFTBDIJFWFENBJOMZJOUIF/PSEJDNBSLFU'VFMDPTUTXFSFIJHIFSNBJOMZGPSHBTXIJDIIBEBOFHBUJWFJNQBDUPOQSPU4UBSUJOHJODPTUTGPS4UB'VODUJPOTFYDFQUGPSUIF5SFBTVSZBDUJWJUJFTIBWFCFFOBMMPDBUFEUPUIFPQFSBUJOHTFHNFOUT(SFBUFSIZESPBOEOVDMFBSQPXFSHFOFSBUJPOIBEBQPTJUJWFJNQBDUPOPQFSBUJOHQSPU

Underlying operating prot Q4

5IFVOEFSMZJOHPQFSBUJOHQSPUEFDSFBTFECZ4&,CJMMJPO

Electricity generation and sales of heat 2012

XBTBSFDPSEZFBSGPS7BUUFOGBMMTIZESPBOEOVDMFBSQPXFSHFOFSBUJPOJO4XFEFO

)ZESPQPXFSHFOFSBUJPOJODSFBTFEEVSJOHUIFZFBSCZUP

58IPXJOHUPIJHIPQFOJOHSFTFSWPJSTUPSBHFMFWFMTHPPEXBUFSTVQQMZBOEIJHIBWBJMBCJMJUZ4UPSBHFMFWFMTJO/PSEJD

SFTFSWPJSTXBTBUZFBSFOEDPNQBSFEXJUIBU

UIFTUBSUPGUIFZFBS/VDMFBSQPXFSHFOFSBUJPOJODSFBTFEEVSJOHUIFZFBSCZUP58I$PNCJOFEBWBJMBCJMJUZGPS7BUUFOGBMMTOVDMFBSQPXFSQMBOUTJOXBT'PSTNBSLIBEBWBJMBCJMJUZPGBOEHFOFSBUJPOPG58IXBTUIFUIJSECFTUHFOFSBUJPOZFBSTJODF"WBJMBCJMJUZGPS3JOHIBMTJNQSPWFEUPBOEHFOFSBUJPOBNPVOUFEUP58IUIFIJHIFTUMFWFMTJODF

'PTTJMCBTFEQPXFSHFOFSBUJPOJODSFBTFECZUP58I(FOFSBUJPOJO(FSNBOZJODSFBTFEUP58IPXJOHUPIJHIBWBJMBCJMJUZBUUIFMJHOJUFSFEQPXFSQMBOUTBOEUIFDPNNJTTJPOJOHPG#PYCFSH6OJU3(FOFSBUJPOJOUIF/FUIFSMBOETJODSFBTFETMJHIUMZUP58I*O%FONBSLGPTTJMCBTFEQPXFSHFOFSBUJPOEFDSFBTFECZ58IUP58I

8JOEQPXFSHFOFSBUJPOJODSFBTFECZ58IUP58I

NBJOMZEVFUPUIFDPNNJTTJPOJOHPGUIF0SNPOEFPTIPSFXJOEGBSNJOUIF6,

Important events Q4

*O0DUPCFS(SFFOQFBDFBDUJWJTUTXFSFUBLFOJOUPDVTUPEZBGUFSUIFZCSFBDIFEUIFQFSJNFUFSGFODFTBUUIF'PSTNBSLBOE3JOHIBMTOVDMFBSQPXFSQMBOUT3FBDUPSTBGFUZXBTOFWFSBUSJTLBUBOZQPJOU*OSFTQPOTFUPUIJTFWFOUBOVNCFSPGJNNFEJBUFBOEMPOHUFSNNFBTVSFTGPSTUSFOHUIFOJOHQIZTJDBMTFDVSJUZBUUIFQMBOUTXFSFQSFTFOUFEBUBNFFUJOHXJUIUIF4XFEJTI3BEJBUJPO4BGFUZ"VUIPSJUZ44.

7BUUFOGBMMJOUFOETUPDMPTFUIF8JMMFN"MFYBOEFSQPXFSQMBOU.8JO#VHHFOVNUIF/FUIFSMBOET5IFQMBOUXBTDPNNJTTJPOFEJOBTB$$4QJMPUQMBOUCBTFEPOQSFDPNCVTUJPOUFDIOPMPHZ%VFUPUIFSBQJEMZEFUFSJPSBUFENBSLFUDPOEJUJPOTPQFSBUJPOPGUIFQMBOUJTOPMPOHFSQSPUBCMF"QSPWJTJPOPG4&,CJMMJPOGPSSFTUSVDUVSJOHDPTUTXBTNBEFEVSJOHUIFGPVSUIRVBSUFS

"NPVOUTJO4&, 2 2 $IBOHF 'VMMZFBS 'VMMZFBS $IBOHF

/FUTBMFT &YUFSOBMOFUTBMFT 6OEFSMZJOHPQFSBUJOHQSPU 4BMFTPGIFBU58I

&MFDUSJDJUZHFOFSBUJPO58I PGXIJDIIZESPQPXFS PGXIJDIOVDMFBSQPXFS PGXIJDIGPTTJMCBTFEQPXFS PGXIJDIXJOEQPXFS PGXIJDICJPNBTTXBTUF &YUFSOBMTBMFTPGFMFDUSJDJUZ58I / VN CF SPGF NQ MPZF FTG VMM ZF BSF RV JW BM FO UT &YDMVEJOHJOUSB(SPVQUSBOTBDUJPOT

0GFMFDUSJDJUZHFOFSBUJPOJO7BUUFOGBMMEJTQPTFEPWFS58I58IXIJMFUIFSFTUXFOUUPUIFNJOPSJUZQBSUPXOFSTPSXBTEFEVDUFEBTSFQMBDFNFOUQPXFS

5IF(FOFSBUJPOPQFSBUJOHTFHNFOUJT7BUUFOGBMMTJOUFSGBDFUPXBSETUIFXIPMFTBMFNBSLFUBOEJODMVEFT#%1SPEVDUJPO#%"TTFU0QUJNJTBUJPOBOE5SBEJOH#%4VTUBJOBCMF&OFSHZ1SPKFDUTBOE#%/VDMFBS1PXFS0QFSBUJPOTJOXFSF

DPOEVDUFEJO4XFEFO%FONBSL(FSNBOZUIF/FUIFSMBOETBOEUIF6,

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5IFVOEFSMZJOHPQFSBUJOHQSPUEFDSFBTFECZ4&,CJMMJPONBJOMZEVFUPUIFMPTUFBSOJOHTDPOUSJCVUJPOGSPNEJWFTUFEPQFSBUJPOTJO#FMHJVN1PMBOEBOE'JOMBOE1SPUJNQSPWFEGPSUIF#$#VTJOFTTUP$POTVNFSTVOJUBTBSFTVMUPGCFUUFSNBSHJOT5IF)FBUCVTJOFTTVOJUTIPXFEBEFDMJOFNBJOMZBTBSFTVMUPGBWFSBHFMPXFSFMFDUSJDJUZQSJDFT4UBSUJOHJODPTUTGPS4UB'VODUJPOTFYDFQUGPS5SFBTVSZBDUJWJUJFTIBWFCFFOBMMPDBUFEUPUIFPQFSBUJOHTFHNFOUT

Underlying operating prot Q4

5IFVOEFSMZJOHPQFSBUJOHQSPUEFDSFBTFECZ4&,CJMMJPO&YDMVEJOHUIFFFDUPGEJWFTUFEPQFSBUJPOTQSPUJNQSPWFECZ4&,CJMMJPO

Sales of gas and heat, and electricity generation 2012

4BMFTPGHBTUPFOEDVTUPNFSTJODSFBTFEUP58I5IFJODSFBTFJTNBJOMZEVFUPDPMEFSXFBUIFS5IFEJWFTUFE#FMHJBOPQFSBUJPODPOUSJCVUFE58IJO

4BMFTPGIFBUEFDSFBTFECZ58IUP58I5IF

EFDSFBTFJTBUUSJCVUBCMFUPUIFEJWFTUFE1PMJTIBOE'JOOJTIPQFSBUJPOTXIJDIDPOUSJCVUFE58IJO&MFDUSJDJUZHFOFSBUJPOEFDSFBTFECZ58IUP58IXIJDIJTNBJOMZBUUSJCVUBCMFUIFEJWFTUNFOUPGUIF1PMJTIPQFSBUJPO58I

4BMFTPGFMFDUSJDJUZUPQSJWBUFDVTUPNFSTEFDSFBTFECZ58IUP58IXIJDIJTNBJOMZBUUSJCVUBCMFUPUIFEJWFTUNFOUPGUIF1PMJTIBOE#FMHJBOPQFSBUJPOT58I4BMFTUPSFTFMMFSTEFDSFBTFECZ58IUP58IPGXIJDI58IXBTBUUSJCVUBCMFUP(FSNBOZBOE58IUPUIF/PSEJDDPVOUSJFT4BMFTUPCVTJOFTTDVTUPNFSTEFDSFBTFECZ58IUP58I5IF1PMJTIBOE#FMHJBOPQFSBUJPOTDPOUSJCVUFE

58IJO4BMFTUPDVTUPNFSTJO'SBODFJODSFBTFEUP58I

Important events Q4

0O0DUPCFSJUCFDBNFQPTTJCMFGPSBMMFMFDUSJDJUZDVTUPNFSTJO4XFEFOXIPIBWFDIPTFOIPVSMZCBTFEWBSJBCMFFMFDUSJDJUZQSJDFTUPPCUBJOIPVSMZNFUFSJOH

"MM4XFEJTITVCTJEJBSJFTJOUIFFMFDUSJDJUZHSJE7BUUFOGBMM&MEJT

USJCVUJPO"#(PUMBOE&OFSHJ"#BOE7TUFSCFSHTMBHFOT&MOU"#QBTTFEUIF*40FOWJSPONFOUBMNBOBHFNFOUBVEJUBOEUIF0)4"4*40PDDVQBUJPOBMIFBMUIBOETBGFUZBVEJU7BUUFOGBMMTFMFDUSJDJUZEJTUSJCVUJPODPNQBOJFTJO#FSMJOBOE)BNCVSHBSFOPXDFSUJFEBDDPSEJOHUP*40BOE0)4"4*40

7BUUFOGBMMTJHOFEUXPBHSFFNFOUTXJUI4UFBH&7/JO(FSNBOZGPSSFTFSWFQPXFSJODPOOFDUJPOXJUIUIFDPNNJTTJPOJOHBOEPQFSBUJPOPGUIF8BMTVNDPBMSFEQPXFSQMBOU.8JO%VJTCFSH

5IF$JUZPG"NTUFSEBNTJHOFEBOFXZFBSDPODFTTJPOBHSFFNFOUXJUI8FTUQPPSU8BSNUFBKPJOUWFOUVSFDPNQBOZXJUI/VPO7BUUFOGBMMBOEUIF$JUZPG"NTUFSEBNBTQBSUPXOFSTUPDPOOFDUUIF)PVUIBWFOOFJHICPVSIPPEUPUIFEJTUSJDUIFBUJOHBOEDPNGPSUDPPMJOHOFUXPSL)PVUIBWFOJTBOPMEIBSCPVSBSFBJO"NTUFSEBNXJUIBQQSPYJNBUFMZIPVTFIPMETUIBUJTCFJOHUSBOTGPSNFEJOUPBDMJNBUFOFVUSBMDJUZEJTUSJDU*UJTUIFSTUQSPKFDUUPUFTUUIFDPNCJOBUJPOPGTVTUBJOBCMFEJTUSJDUIFBUJOHBOEDPPMJOHVTJOHTVSGBDFXBUFS

"NPVOUTJO4&, 2 2 $IBOHF 'VMMZFBS 'VMMZFBS $IBOHF

/FUTBMFT &YUFSOBMOFUTBMFT PGXIJDI%JTUSJCVUJPO PGXIJDI)FBU

6OEFSMZJOHPQFSBUJOHQSPU PGXIJDI%JTUSJCVUJPO PGXIJDI)FBU 4BMFTPGHBT58I 4BMFTPGIFBU58I &MFDUSJDJUZHFOFSBUJPO58I PGXIJDIGPTTJMCBTFEQPXFS PGXIJDICJPNBTTXBTUF &YUFSOBMTBMFTPGFMFDUSJDJUZ58I PGXIJDIQSJWBUFDVTUPNFST PGXIJDISFTFMMFST PGXIJDICVTJOFTTDVTUPNFST 5SBOTJUFEWPMVNFFYDMQSPEVDUJPOUSBOTJUJOH / VN CF SPGF NQ MPZF FTG VMM ZF BSF RV JW BM FO UT &YDMVEJOHJOUSB(SPVQUSBOTBDUJPOT

0GFMFDUSJDJUZHFOFSBUJPOJO7BUUFOGBMMEJTQPTFEPWFS58I58IXIJMFUIFSFTUXFOUUPUIFNJOPSJUZQBSU PXOFSTPSXBTEFEVDUFEBTSFQMBDFNFOUQPXFS

5IF%JTUSJCVUJPOBOE4BMFTPQFSBUJOHTFHNFOUBOE#VTJOFTT%JWJTJPOJTSFTQPOTJCMFGPS7BUUFOGBMMTFMFDUSJDJUZTBMFTBOEIFBUCVTJOFTTFTFMFDUSJDJUZEJTUSJCVUJPOBOEPUIFSEPXOTUSFBNCVTJOFTTFT5IF%JWJTJPOJTSFTQPOTJCMFGPSBMM

SFMBUJPOTIJQTXJUI7BUUFOGBMMTFOEDVTUPNFST0QFSBUJPOTJOXFSFDPOEVDUFEJO4XFEFO%FONBSL'JOMBOE/PSXBZ(FSNBOZ'SBODFBOEUIF/FUIFSMBOET

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"NPVOUTJO4&, 2 2 $IBOHF'VMMZFBS

'VMMZFBS

$IBOHF

/FUTBMFT &YUFSOBMOFUTBMFT 0QFSBUJOHQSPU*5

*UFNTBFDUJOHDPNQBSBCJMJUZ 6OEFSMZJOHPQFSBUJOHQSPU /VNCFSPGFNQMPZFFTG VMMZFBSFRVJWBMFOUT &YDMVEJOHJOUSB(SPVQUSBOTBDUJPOT


5IFVOEFSMZJOHPQFSBUJOHQSPUJNQSPWFECZ4&,CJMMJPO5IFJNQSPWFNFOUJTBUUSJCVUBCMFUPUIFGBDUUIBUTUBSUJOHJODPTUTGPS4UB'VODUJPOTFYDFQUGPS5SFBTVSZBDUJWJUJFTIBWFCFFOBMMPDBUFEUPUIF(FOFSBUJPOBOE%JTUSJCVUJPOBOE4BMFTPQFSBUJOHTFHNFOUT

Underlying operating prot Q45IFVOEFSMZJOHPQFSBUJOHQSPUJNQSPWFECZ4&,CJMMJPO

0UIFSDPNQSJTFTBMM4UB'VODUJPOTJODMVEJOH5SFBTVSZBDUJWJUJFTBOE4IBSFE4FSWJDF$FOUSFT

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"NPVOUTJO4&, 2 2 'VMMZFBS 'VMMZFBS

/FUTBMFT $PTUPGQSPEVDUTTPME Gross prot , , , ,

4FMMJOHFYQFOTFTBENJOJTUSBUJWFFYQFOTFTBOESFTFBSDIBOEEFWFMPQNFOUDPTUT 0UIFSPQFSBUJOHJODPNFBOEFYQFOTFTOFU 1BSUJDJQBUJPOTJOUIFSFTVMUTPGBTTPDJBUFEDPNQBOJFT Operating prot (EBIT) , , , ,

'JOBODJBMJODPNF 'JOBODJBMFYQFOTFT Prot before tax , , , ,

*ODPNFUBYFYQFOTF Prot for the period , , , ,

1SPUGPSUIFQFSJPEBUUSJCVUBCMFUP0XOFSTPGUIF1BSFOU$PNQBOZ /PODPOUSPMMJOHJOUFSFTUTNJOPSJUZJOUFSFTUT

Total , , , ,

Earnings per share

/VNCFSPGTIBSFTJO7BUUFOGBMM"#UIPVTBOET &BSOJOHTQFSTIBSFCBTJDBOEEJMVUFE4&,

Supplementary information

0QFSBUJOHQSPUCFGPSFEFQSFDJBUJPOBOEBNPSUJTBUJPO*5%" 'JOBODJBMJUFNTOFUFYDMEJTDPVOUJOHFFDUTBUUSJCVUBCMFUPQSPWJTJPOTBOESFUVSOGSPNUIF4XFEJTI/VDMFBS8BTUF'VOE 6OEFSMZJOHPQFSBUJOHQSPUTFFEFOJUJPOQBHF

0GXIJDIEFQSFDJBUJPOBNPSUJTBUJPOBOEJNQBJSNFOUMPTTFTSFMBUFEUPJOUBOHJCMFBTTFUTOPODVSSFOUBOEQSPQFSUZQMBOUBOEFRVJQNFOU

0GXIJDIEFQSFDJBUJPOBNPSUJTBUJPOBOEJNQBJSNFOUMPTTFTSFMBUFEUPJOUBOHJCMFBTTFUTOPODVSSFOUBOEQSPQFSUZQMBOUBOEFRVJQNFOU

*ODMVEJOHJUFNTBFDUJOHDPNQBSBC JMJUZBUUSJCV UBCMFUP $BQJUBMHBJOTMPTTFTOFU *NQBJSNFO UMPTTFTBOEDMPTFEPXODPTUTQFSUBJOJOHUP(FSNBOOVDMFBSQPXFSQMBOUT 0UIFSJNQBJSNFOUMPTTFTBOEJNQBJSNFOUMPTTFTSFWFSTFEOFUQFSUBJOJOHJOUBOHJCMFBTTFUTOPODVSSFOUBOEQSPQFSUZ

QMBOUBOEFRVJQNFOU 6OSFBMJTFEDIBOHFTJOUIFGBJSWBMVFPGFOFSHZEFSJWBUJWFT 6OSFBMJTFEDIBOHFTJOUIFGBJSWBMVFPGJOWFOUPSJFT 3FTUSVDUVSJOHDPTUT 0UIFSJUFNTBFDUJOHDPNQBSBCJMJUZ Total of items aecting comparability in Operating prot which also constitute the dierence between

Operating prot and Underlying operating prot -, , -, -,

*ODMVEJOHSFUVSOGSPNUIF4XFEJTI/VDMFBS8BTUF'VOE *ODMVEJOHJOUFSFTUDPNQPOFOUTSFMBUFEUPQFOTJPODPTUT *ODMVEJOHEJTDPVOUJOHFFDUTBUUSJCVUBCMFUPQSPWJTJPOT

*UFNTBFDUJOHDPNQBSBCJMJUZSFDPHOJTFEBTOBODJBMJODPNFBOEFYQFOTFTOFU

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Prot for the period 6,443 5,103 17,224 10,416

Other comprehensive income:

$BTIPXIFEHFT

$IBOHFTJOGBJSWBMVF %JTTPMWFEBHBJOTUUIFJODPNFTUBUFNFOU 5SBOTGFSSFEUPDPTUPGIFEHFEJUFN 5BYBUUSJCVUBCMFUPDBTIPXIFEHFT Total cash ow hedges , , , ,

)FEHJOHPGOFUJOWFTUNFOUTJOGPSFJHOPQFSBUJPOT 5BYBUUSJCVUBCMFUPIFEHJOHPGOFUJOWFTUNFOUTJOGPSFJHOPQFSBUJPOT Total hedging of net investments in foreign operations -, , ,

5SBOTMBUJPOEJFSFODFT 5SBOTMBUJPOEJFSFODFTBOEFYDIBOHFSBUFFFDUTOFUEJWFTUFEDPNQBOJFT 3FWBMVBUJPOPGBWBJMBCMFGPSTBMFOBODJBMBTTFUT 5SBOTGFSSFEUPUIFJODPNFTUBUFNFOUBWBJMBCMFGPSTBMFOBODJBMBTTFUT Total other comprehensive income, net after tax , -

Total comprehensive income for the period 9,095 5,539 16,315 11,320

5PUBMDPNQSFIFOTJWFJODPNFGPSUIFQFSJPEBUUSJCVUBCMFUP0XOFSTPGUIF1BSFOU$PNQBOZ /PODPOUSPMMJOHJOUFSFTUTNJOPSJUZJOUFSFTUT Total , , , ,

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&YUFSOBMOFUTBMFT *OUFSOBMOFUTBMFT 5PUBMOFUTBMFT

" NP VO UT J O4 &, 2 2 'VMMZFBS

'VMMZFBS

2 2 'VMMZFBS

'VMMZFBS

2 2 'VMMZFBS

'VMMZFBS

(FOFSBUJPO 34,623 35,239 118,956 124,840% JT US JC VU JP OB OE 4 BM FT 37,007 42,703 130,671 155,2990UIFS 1,437 1,670 5,445 7,303&MJNJOBUJPOT -25,130 -29,159 - 87,759 -106,402Summa , , , 181,040 , , , 181,040

1SPU 6OEFSMZJOHPQFSBUJOHQSPU

" NP VO UTJ O4 &, 2 2 'VMMZFBS

'VMMZFBS

2 2 'VMMZFBS

'VMMZFBS

(FOFSBUJPO % JT US JCV UJ POBO E4B MF T 0UIFS Operating prot (EBIT) , , 26,175 23,209 , , 27,747 30,793

'JOBODJBMJODPNFBOEFYQFOTFT

Prot before tax , , 18,301 14,298

'PSNBJOMZJODMVEFTBMM4UB'VODUJPOTJODMVEJOHUIF5SFBTVSZBDUJWJUJFTBOE4IBSFE4FSWJDF$FOUSFT0QFSBUJOHQSPUGPS0UIFSJODMVEFTMBSHFDBQJUBMHBJOT4UBSUJOHJODPTUTGPS4UB'VODUJPOTFYDFQUGPS5SFBTVSZBDUJWJUJFTBSFBMMPDBUFEUPUIF(FOFSBUJPOBOE%JTUSJCVUJPOBOE4BMFTPQFSBUJOHTFHNFOUT

'PSFYUFSOBMOFUTBMFTUIFFMJNJOBUJPOQFSUBJOTUPTBMFTUPUIF/PSEJDFMFDUSJDJUZFYDIBOHF

4FFEFOJUJPOQBHF

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&YUFSOBMOFUTBMFT *OUFSOBMOFUTBMFT 5PUBMOFUTBMFT


'VMMZFBS

2 2 'VMMZFBS

'VMMZFBS

2 2 'VMMZFBS

'VMMZFBS

4XFEFO 16,583 12,508 56,423 47,809(FSNBOZ 38,625 31,872 115,266 104,063/FUIFSMBOET 27,107 17,707 68,860 58,0200UIFSDPVOUSJFT 4,116 9,099 12,849 34,157&MJNJOBUJPOT -38,494 -20,733 -86,085 -63,009Total , , , 181,040 , , , 181,040

0QF SBU JO HQSP U *5 6O EF SM ZJ OHPQF SBU JO HQS PU


'VMMZFBS

2 2 'VMMZFBS

'VMMZFBS

4XFEFO (FSNBOZ /FUIFSMBOET 0UIFSDPVOUSJFT Total , , , 23,209 6,737 7,343 , 30,793

1FSUBJOTUPDPOTPMJEBUFEOBODJBMJOGPSNBUJPOBMMPDBUFEUPHFPHSBQIJDBMBSFBT

4FFEFOJUJPOQBHF

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"NPVOUTJO4&, %FD %FD

Assets

Non-current assets

*OUBOHJCMFBTTFUTOPODVSSFOU 1SPQFSUZQMBOUBOEFRVJQNFOU *OWFTUNFOUQSPQFSUZ #JPMPHJDBMBTTFUT 1BSUJDJQBUJPOTJOBTTPDJBUFEDPNQBOJFTBOEKPJOUWFOUVSFT 0UIFSTIBSFTBOEQBSUJDJQBUJPOT 4 IB SFJOU IF4 XFEJTI/ VD MFBS8B TU F' VOE %FSJWBUJWFBTTFUT $VSSFOUUBYBTTUFTOPODVSSFOU 1SFQBJEFYQFOTFT %FGFSSFEUBYBTTFUT 0UIFSOPODVSSFOUSFDFJWBCMFT Total non-current assets , ,

Current assets

*OWFOUPSJFT #JPMPHJDBMBTTFUT *OUBOHJCMFBTTFUTDVSSFOU 5S BEF SF DF JWB CM FTB OEPU IF SSF DF JW BC MF T "EWBODFQBZNFOUTQBJE %FSJWBUJWFBTTFUT 1SFQBJEFYQFOTFTBO EBDDSVFEJODPNF $VSSFOUUBYBTTFUT 4IPSUUFSNJOWFTUNFOUT $BTIBOEDBTIFRVJWBMFOUT "TTFUTIFMEGPSTBMF Total current assets , ,

Total assets ,


Equity and liabilities

Equity

"UUSJCVUBCMFUPPXOFSTPGUIF1BSFOU$PNQBOZ "UUSJCVUBCMFUPOPODPOUSPMMJOHJOUFSFTUTNJOPSJUZJOUFSFTUT Total equity ,

Non-current liabilities

)ZCSJEDBQJUBM 0UIFSJOUFSFTU CFBSJOHMJBCJMJUJFT 1FOTJPOQSPWJTJPOT 0UIFSJOUFSFTUCFBSJOHQSPWJTJPOT %FSJWBUJWFMJBCJMJUJFT %FGFSSFEUBYMJBCJMJUJFT 0UIFSOPOJOUFSFTUCFBSJOHMJBCJMJUJFT Total non-current liabilities , ,

Current liabilities5SBEFQBZBCMFTBO EPUIFSMJBCJMJUJFT "EWBODFQBZNFOUTSFDFJWFE %FSJWBUJWFMJBCJMJUJFT "D DS VF EF YQF OT FTB OEE FG FS SF EJ OD PN F $VSSFOUUBYMJBCJMJUJFT

*OUFSFTUCFBSJOHMJBCJMJUJFT *OUFSFTUCFBSJOHQSPWJTJPOT -JBCJMJUJFTBTTPDJBUFEXJUIBTTFUTIFMEGPSTBMF Total current liabilities , ,

Total equity and liabilities ,

$PMMBUFSBM $POUJOHFOUMJBCJMJUJFT

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Consolidated balance sheet, cont.



$BQJUBMFNQMPZFE

$BQJUBMFNQMPZFEBWFSBHF /FUBTTFUT /FUBTTFUTXFJHIUFEBWFSBHF

Net debt

)ZCSJEDBQJUBM #POEJTTVFTDPNNFSDJBMQBQFSTBOEMJBCJMJUJFTUPDSFEJUJOTUJUVUJPOT 1SFTFOUWBMVFPGMJBCJMJUJFTQFSUBJOJOHUPBDRVJTJUJPOTPG(SPVQDPNQBOJFT -JBCJMJUJF TUPBTTPDJBUFEDPNQBOJFT -JBCJMJUJFTUPPXOFSTPGOPODPOUSPMMJOHJOUFSFTUTNJOPSJUZPXOFST 0UIFSMJBCJMJUJFT Total interest-bearing liabilities -, -,

$BTIBOEDBTIFRVJWBMFOUT 4IPSUUFSNJOWFTUNFOUT 3FDFJWBCMFGSPN7BUUFOGBMM T1FOTJPO'PVOEBUJPO -PBOTUPPXOFSTPGOPODPOUSPMMJOHJOUFSFTUTNJOPSJUZPXOFSTJOGPSFJHO(SPVQDPNQBOJFT Net debt -, -,


Adjusted gross debt and net debt

5PUBMJOUFSFTU CFBSJOHMJBCJMJUJFT PG)ZCSJEDBQJUBM 1SF TF OUWB MV FPGQ FO TJ POP CMJ HBU JPO T 1SPWJTJPOTGPSNJOJOHHBTBOEXJOEPQFSBUJPOTBOEPUIFSFOWJSPONFOUSFMBUFEQSPWJTJPOT 1SPWJTJPOTGPSOVDMFBSQPXFSOFU $VSSFODZEFSJWBUJWFTGPSIFEHJOHPGEFCUJOGPSFJHODVSSFODZ .BSHJODBMMTSFDFJWFE -JBCJMJUJFTUPPXOFSTPGOPODPOUSPMMJOHJOUFSFTUTNJOPSJUZPXOF STEV FUPDPOTPS UJV NBHSFFN FOUT Adjusted gross debt -, -,

3FQPSUFEDBTIBOEDBTIFRVJWBMFOUTBOETIPSUUFSNJOWFTUNFOUT 3FDFJWBCMFGSPN7BUUFOGBMMT1FOTJPO'PVOEBUJPO 6OBWBJMBCMFMJRVJEJUZ Adjusted cash and cash equivalents and short-term

investments

,

,

Adjusted net debt -, -,

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Operating activities

1SPUCFGPSFUBY 3FWFSTBMPGEFQSFDJBUJPOBNPSUJTBUJPOBOEJNQBJSNFOUMPTTFT 5BYQBJE

$BQJUBMHBJOTMPTTFTOFU 0UIFSJODMOPODBTIPXJUFNT Funds from operations (FFO) 11,583 , 34,419 ,

$IBOHFTJOJOWFOUPSJFT $IBOHFTJOPQFSBUJOHSFDFJWBCMFT $IBOHFTJOPQFSBUJOHMJBCJMJUJFT 0UIFSDIBOHFT Cash ow from changes in operating assets and operating liabilities -, -, -, -,

Cash ow from operating activities , , , ,

Investing activities

"DRVJTJUJPOTJO(SPVQDPNQBOJFT *OWFTUNFOUTJOBTTPDJBUFEDPNQBOJFTBOEPUIFSTIBSFTBOEQBSUJDJQBUJPOT 0UIFSJOWFTUNFOUTJOOPODVSSFOUBTTFUT Total investments -, -, -, -,

%JWFTUNFOUT $BTIBOEDBTIFRVJWBMFOUTJOEJWFTUFEDPNQBOJFT Cash ow from investing activities -, -, -, -,

Cash ow before nancing activities -4,650 -894 21,595 12,666

Financing activities

$IBOHFTJOTIPSUUFSNJOWFTUNFOUT $IBOHFTJOMPBOTUPPXOFSTPGOPODPOUSPM MJOHJOUFSFTUTNJOPSJUZPXOFSTJOGPSFJHO(SPVQDPNQBOJFT -PBOTSBJTFE "NPSUJTBUJPOPGEFCUTQFSUBJOJOHUPBDRVJTJUJPOTPG(SPVQDPNQBOJFT "NPSUJTBUJPOPGPUIFSEFCUT %JWFTUNFOUPGTIBSFTJO(SPVQDPNQBOJFTUPPXOFSTPGOPODPOUSPMMJOHJOUFSFTUTNJOPSJUZPXOFST

1BZNFOUGSPN7BUUFOGBMMT1FOTJPO'PVOEBUJPO

%JWJEFOETQBJEUPPXOFST $POUSJCVUJPOGSPNPXOFSTPGOPODPOUSPMMJOHJOUFSFTUTNJOPSJUZJOUFSFTUT Cash ow from nancing activities , - -, -,

Cash ow for the period 3,087 -1,556 6,849 -1,176

4IPSUUFSNCPSSPXJOHTJOXIJDIUIFEVSBUJPOJTUISFFNPOUITPSTIPSUFSBSFSFQPSUFEOFU

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Consolidated statement of cash ows, cont.


Cash and cash equivalents

$BTIBOEDBTIFRVJWBMFOUTBUTUBSUPGQFSJPE $BTIBOEDBTIFRVJWBMFOUTJODMVEFEJOBTTFUTIFMEGPSTBMF $BTIPXGPSUIFQFSJPE

5SBOTMBUJPOEJFSFODFT Cash and cash equivalents at end of period , , , 11,268


Cash ow before nancing activities -4,650 -894 21,595 12,666

Financing activities

%JWJEFOETQBJEUPPXOFST 1BZNFOUGSPN7BUUFOGBMMT1FOTJPO'PVOEBUJPO %JWFTUNFOUPGTIBSFTJO(SPVQDPNQBOJFTUPPXOFSTPGOPODPOUSPMMJOHJOUFSFTUTNJOPSJUZPXOFST $POUSJCVUJPOGSPNPXOFSTPGOPODPOUSPMMJOHJOUFSFTUTNJOPSJUZJOUFSFTUT Cash ow after dividend , - , 6,534

Analysis of change in net debt

/FUEFCUBUTUBSUPGQFSJPE $BTIPXBGUFSEJWJEFOE $IBOHFTBTBSFTVMUPGWBMVBUJPOBUGBJSWBMVF $IBOHFTJOJOUFSFTUCFBSJOHMJBCJMJUJFTGPSMFBTJOH *OUFSFTUCFBSJOHMJBCJMJUJFTTIPSUUFSNJOWFTUNFOUTBDRVJSFEEJWFTUFE $ IB OH FT JOM JB CJ MJ UJFT Q FS UB JO JOHU PB DR VJTJ UJPOTP G( SP VQ D PNQB OJFT E JT DP VOUJOHFFDU T $BTIBOEDBTIFRVJWBMFOUTJODMVEFEJOBTTFUTIFMEGPSTBMF 3FDFJWBCMFGSPN7BUUFOGBMMT1FOTJPO'PVOEBUJPO *OUFUSFTUCFBSJOHMJBCJMJUJZGPSGVUVSFEJWJEFOE *OUFUSFTUCFBSJOHMJBCJMJUJFTBTTPDJBUFEXJUIBTTFUTIFMEGPSTBMF 5SBOTMBUJPOEJFSFODFTPOOFUEFCU Net debt at end of period -, -, -, -141,089

'SFFDBTIPX

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%FD %FD

"NPVOUTJO4&,

"UUSJCVUBCMFUPPXOFSTPG

UIF1BSFOU$PNQBOZ

"UUSJCVUBCMFUPOPODPOUSPMMJOH

JOUFSFTUTNJOPSJUZ

JOUFSFTUT 5PUBMFRVJUZ

"UUSJCVUBCMFUPPXOFSTPG

UIF1BSFOU$PNQBOZ

"UUSJCVUBCMFUPOPODPOUSPMMJOH

JOUFSFTUTNJOPSJUZ

JOUFSFTUT 5PUBMFRVJUZ

#BMBODFCSPVHIUGPSXBSE 138,931 133,621

%JWJEFOEQBJEUPUIFPXOFS -4,500 -6,701(SPVQDPOUSJCVUJPOTGSPNUPPXOFSTPGOPODPOUSPMMJOHJOUFSFTUTNJOPSJUZJOUFSFTUTOFUBGUFSUBY 358$IBOHFTJOPXOFSTIJQJO(SPVQDPNQBOJFTPOEJWFTUNFOUPGTIBSFTUPPXOFSTPGOPODPOUSPM MJOHJOUFSFTUTNJOPSJUZPXOFST 3,214 0UIFSDIBOHFTJOPXOFSTIJQ 726 333

$BTIPXIFEHFT $IBOHFTJOGBJSWBMVF 7,025 -4,675 %JTTPMWFEBHBJOTUJODPNFTUBUFNFOU -2,476 6,668 5SBOTGFSSFEUPDPTUPGIFEHFEJUFN 70 224 5BYBUUSJCVUBCMFUPDBTIPXIFEHFT -1,381 -638

Total cashow hedges 3,233 5 3,238 1,560 19 1,579) FE HJOH P GOFU JOW FT UNFOUTJOG PS FJHOP QFSB UJPOT 4,035 960

5BYBUUSJCVUBCMFUPIFEHJOHPGOFUJOWFTUNFOUTJOGPSFJHOPQFSBUJPOT -1,049 -242Total hedging of net investments in foreign operations 2,986 2,986 718 718

5SBOTMBUJPOEJFSFODFT -7,242 -2,0145SBOTMBUJPOEJFSFODFTBOEFYDIBOHFSBUFFFDUTOFUEJWFTUFEDPNQBOJFT 79 6213F WBM VBUJ POPGBW BJ MBC MF GP S TB MF OB ODJ BMB TTF UT 30 -1,5915SBOTGFSSFEUPUIFJODPNFTUBUFNFOUBWBJMBCMFGPSTBMFOBODJBMBTTFUT 1,591Total other comprehensive income for the period - - - -

1SPUGPSUIFQFSJPE 17,224 10,416Total comprehensive income for the period , , , - ,

Balance carried forward , , , , , ,

0GXIJDI3FTFSWFGPSDBTIPXIFEHFT 192

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"NPVOUTJO4&, 2 2 2 2 2 2 2 2

Income statement

/FUTBMFT $PTUPGQSPEVDUTTPME 0UIFSPQFSBUJOHJODPN FBOEFYQFOTFTOFU

1 BS UJ DJ QBUJ PO TJ OU IFSF TV MU TPGB TT PDJ BUF EDP NQ BO JF T 0QFSBUJOHQSPUCFGPSFEFQSFDJBUJPOBOEBNPSUJTBUJPO*5%" 0QFSBUJOHQSPU*5 6OEFSMZJOHPQFSBUJOHQSPU 'JOBODJBMJUFNTOFU 'JOBODJBMJUFNTOFU 1SPUCFGPSFUBY Prot for the period 6,443 -3,951 877 13,855 5,103 1,345 -3,235 7,203

P GXIJDI B UU SJCVUB CM FU PP XOFS TP GU IF1 BS FOU$ PNQB OZ PGXIJDIBUUSJCVUBCMFUPOPODPOUSPMMJOHJOUFSFTUTNJOPSJUZJOUFSFTUT

Balance sheet

/PODVSSFOUBTTFUT 4IPSUUFSNJOWFTUNFOUT

$BTIBOEDBTIFRVJWBMFOUT 0UIFSDVSSFOUBTTFUT Total assets 528,364 499,536 513,633 526,503 524,558 524,488 523,190 537,748

&RVJUZ PGXIJDIBUUSJCVUBCMFUPPXOFSTPGUIF1BSFOU$PNQBOZ PGXIJDIBUUSJCVUBCMFUPOPODPOUSPMMJOHJOUFSFTUTNJOPSJUZJOUFSFTUT )ZCSJEDBQJUBM 0 UI FSJ OUF SF TU CF BSJ OHMJ BCJ MJ UJ FT 1FOTJPOQSPWJTJPOT 0UIFSJOUFSFTUCFBSJOHQSPWJTJPOT %FGFSSFEUBYMJBCJMJUJFT 0UIFSOPOJOUFSFTUCFBSJOHMJBCJMJUJFT Total equity and liabilities 528,364 499,536 513,633 526,503 524,558 524,488 523,190 537,748

$BQJUBMFNQMPZFE /FUBTTFUT /FUEFCU

&YDMEJTDPVOUJOHFFDUTBUUSJCVUBCMFUPQSPWJTJPOTBOESFUVSOGSPNUIF4XFEJTI/VDMFBS8BTUF'VOE

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Quarterly information, Vattenfall Group (cont.)

"NPVOUTJO4&, 2 2 2 2 2 2 2 2

Cash ow

'VOETGSPNPQFSBUJPOT''0 $BTIPXGSPNDIBOHFTJOPQFSBUJOHBTTFUTBOEPQFSBUJOHMJBCJMJUJFT

$BTIPXGSPNPQFSBUJOHBDUJWJUJFT $BTIPXGSPNJOWFTUJOHBDUJWJUJFT $BTIPXCFGPSFOBODJOHBDUJWJUJFT $IBOHFTJOTIPSUUFSNJOWFTUNFOUT -PBOTSBJTFE" NPSUJTBUJPOPGEFCUOFUFUD %JWJEFOETQBJEUPPXOFST $BTIPXGSPNOBODJOHBDUJWJUJFT Cash ow for the period , -,

'SFFDBTIPX

Key ratios (denitions and calculationsof key ratios on pages 29-31)

*OVOMFTTPUIFSXJTFTUBUFEYNFBOTUJNFT

3FUVSOPOFRVJUZ 3FUVSOPODBQJUBMFNQMPZFE 3FUVSOPODBQJUBMFNQMPZFE 3FUVSOPOOFUBTTFUT 3FUVSOPOOFUBTTFUT *5JOUFSFTUDPWFSY *5JOUFSFTUDPWFSY ''0HSPTTEFCU ''0OFUEFCU ''0BEKVTUFEOFUEFCU &RVJUZBTTFUTSBUJP (SPTTEFCUFRVJUZ /FUEFCUFRVJUZ /FUEFCUOFUEFCUQMVTFRVJUZ

/FUEFCU*5%"Y

"EKVTUFEOFUEFCU*5%"Y

-BTUNPOUIWBMVFT

#BTFEPO6OEFSMZJOHPQFSBUJOHQSPUJF0QFSBUJOHQSPUFYDMJUFNBFDUJOHDPNQBSBCJMJUZ

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"NPVOUTJO4&, 'VMMZFBS 'VMMZFBS

/FUTBMFT $PTUPGQSPEVDUTTPME Gross prot , ,

4FMMJOHFYQFOTFTBENJOJTUSBUJWFFYQFOTFTBOESFTFBSDIBOEEFWFMPQNFOUDPTUT 0 UI FSP QF SBU JO HJ OD PN FB OEF YQ FO TF TO FU Operating prot (EBIT) , ,

3F TV MUG SP NQ BS UJ DJ QBU JP OTJ OTV CTJ EJ BS JF T 3F TV MU G SP NQB SU JDJ QBU JP OTJ OBT TP DJ BUF ED PN QB OJ FT 3F TV MU G SP NPU IF STI BSF TBO EQBS UJ DJ QBU JPO T 0UIFSOBODJBMJODPNF 0UIFSOBODJBMFYQFOTFT Prot before appropriations and tax , ,

"QQSPQSJBUJPOT ,Prot before tax - ,

*ODPNFUBYFYQFOTF Prot for the period -, ,

"NPVOUTJO4&, 'VMMZFBS 'VMMZFBS

1SPUGPSUIFQFSJPE 5PUBMPUIFSDPNQSFIFOTJWFJODPNF Total comprehensive income for the period -, ,


AssetsNon-current assets

*OUBOHJCMFBTTFUTOPODVSSFOU 1SPQFSUZQMBOUBOEFRVJQNFOU 4IBSFTBOEQBSUJDJQBUJPOT 0UIFSOPODVSSFOUBTTFUT Total non-current assets , ,

Current assets

*OWFOUPSJFT *OUBOHJCMFBTTFUTDVSSFOU $VSSFOUSFDFJWBCMFT $VSSFOUUBYBTTFUT 4IPSUUFSNJOWFTUNFOUT $BTIBOEDBTIFRVJWBMFOUT Total current assets , ,

Total assets , ,

Equity and liabilitiesEquity

3FTUSJDUFEFRVJUZ4IBSFDBQJUBM 4UBUVUPSZSFTFSWF /POSFTUSJDUFEFRVJUZ3FUBJOFEFBSOJOHT 1SPUGPSUIFQFSJPE Total equity , ,

Untaxed reserves 15,185 10,355

Provisions 2,832 191

Non-current liabilities

)ZCSJEDBQJUBM 0UIFSJOUFSFTUCFBSJOHMJBCJMJUJFT %FGFSSFEUBYMJBCJMJUJFT 0UIFSOPOJOUFSFTUCFBSJOHMJBCJMJUJFT Total non-current liabilities , ,

Current liabilities

*OUFSFTUCFBSJOHMJBCJMJUJFT 0UIFSOPOJOUFSFTUCFBSJOHMJBCJMJUJF T Total current liabilities , ,

Total equity and liabilities , ,

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GroupAccounting policies

5IFDPOTPMJEBUFEBDDPVOUTGPSIBWFCFFOQSFQBSFEBTGPS

UIFZFBSFOEBDDPVOUTJOBDDPSEBODFXJUI*OUFSOBUJPOBM'JOBODJBM3FQPSUJOH4UBOEBSET*'34BTFOEPSTFECZUIF&VSPQFBO$PNNJTTJPOGPSBQQMJDBUJPOXJUIJOUIF&6BOEUIF4XFEJTI"OOVBM"DDPVOUT"DU

5IJTZFBSFOESFQPSUGPSUIF(SPVQIBTCFFOQSFQBSFEJOBDDPSEBODFXJUI*"4Interim Financial Reporting,BOEUIF4XFEJTI"OOVBM"DDPVOUT"DU

5IFBDDPVOUJOHQPMJDJFTBOEDBMDVMBUJPONFUIPETBQQMJFEJOUIJTZFBSFOESFQPSUBSFUIFTBNFBTUIPTFEFTDSJCFEJO7BUUFOGBMMT"OOVBM3FQPSU/PUFUPUIFDPOTPMJEBUFEBDDPVOUTFYDFQUGPSUIFBNFOEFE*'34TFOEPSTFECZUIF&6BOEEFTDSJCFECFMPXXIJDIBSFFFDUJWFBTPGUIFOBODJBMZFBS

"NFOENFOUTJO*'34Financial Instruments: Disclosures.5IFBNFOENFOUTSFRVJSFBEEJUJPOBMRVBOUJUBUJWFBOERVBMJUBUJWFEJTDMPTVSFTXIFOEFSFDPHOJTJOHOBODJBMJOTUSVNFOUTGSPNUIFCBMBODFTIFFU*GUSBOTGFSSFEBTTFUTBSFOPUEFSFDPHOJTFEJOUIFJSFOUJSFUZUIJTGBDUTIBMMCFEJTDMPTFE*OUIFTBNFXBZJGUIFFOUJUZIBTBDPOUJOVJOHJOWPMWFNFOUJOUIFEFSFDPHOJTFEBTTFUUIJTTIBMMBMTPCFEJTDMPTFE

"NFOENFOUTJO*"4Income Taxes pertaining to DeferredTax: Recovery of Underlying Assets.%FGFSSFEUBYFTPOQSPQFSUZUIBUJTNFBTVSFEBUGBJSWBMVFBSFUPCFDBMDVMBUFECBTFEPOUIFQSPQFSUZTTBMFTWBMVFJGUIFSFBSFOPJOEJDBUJPOTUIBUUIFQSPQFSUZXJMMCFSFDPWFSFEJOBOPUIFSNBOOFS7BUUFOGBMMJTOPUBFDUFECZUIJTBNFOENFOUBTJUTQSPQFSUJFTBSFOPUNFBTVSFEBUGBJSWBMVF

New accounting rules that apply s tarting in 2013

"OVNCFSPGOFXBDDPVOUJOHTUBOEBSETFOEPSTFECZUIF&6BTQFS%FDFNCFSXJMMBQQMZXJUIFFDUGSPNUIF

OBODJBMZFBSBOEIBWFOPUCFFOBQQMJFEQSPTQFDUJWFMZ5IFTFOFXTUBOEBSETXJMMCFEFTDSJCFEJO7BUUFOGBMMT"OOVBM3FQPSU

0OFTUBOEBSEUIBUXJMMTJHOJDBOUMZBFDU7BUUFOGBMMJTUIFBNFOEFE*"4Employee BenetsXIJDIJOWPMWFTDIBOHFTQSJNBSJMZJOUIFSFQPSUJOHPGEFOFECFOFUQFOTJPOQMBOT5IJTBNFOENFOUFOUBJMTBNPOHPUIFSUIJOHTUIBUUIFPQQPSUVOJUZUPEFGFSSFDPHOJUJPOPGBDUVBSJBMHBJOTBOEMPTTFTBTQBSUPGUIFDPSSJEPSSVMFXJMMOPUCFQFSNJTTJCMFJOTUFBEUIFTFBSFUPCFSFQPSUFEJNNFEJBUFMZJO0UIFSDPNQSFIFOTJWFJODPNF5IF

ZFBSTWFTUJOHPGEFOFECFOFUQFOTJPOTHBJOTBOEMPTTFTUIBUBSJTFVQPOTFUUMFNFOUPGBQFOTJPOMJBCJMJUZBOEOBODJBMJUFNTQFSUBJOJOHUPUIFEFOFECFOFUQMBOBSFUPCFSFQPSUFEUISPVHI

QSPUPSMPTT5IFSFQPSUFEFFDUPGFMJNJOBUJPOPGUIFDPSSJEPSSVMFXJMMCFBOJODSFBTFJOUIFQSPWJTJPOGPSQFOTJPOTPOUIFCBMBODFTIFFUPGBQQSPYJNBUFMZ4&,CJMMJPOTUBSUJOHJO

New denition of Items aecting comparability

7BUUFOGBMMIBTQSFWJPVTMZEFOFE*UFNTBFDUJOHDPNQBSBCJMJUZBT$BQJUBMHBJOTBOEDBQJUBMMPTTFTGSPNTIBSFTBOEPUIFSOPODVSSFOUBTTFUTJNQBJSNFOUMPTTFTBOESFWFSTFEJNQBJSNFOUMPTTFTQFSUBJOJOHUPOPODVSSFOUBTTFUTBOEPUIFSOPOSFDVSSJOHJUFNT4UBSUJOHXJUIUIFSTURVBSUFSPGUIJTEFOJUJPOIBTCFFOFYQBOEFEUPBMTPJODMVEFVOSFBMJTFEDIBOHFTJOUIFGBJSWBMVFPGFOFSHZEFSJWBUJWFTXIJDIBDDPSEJOHUP*"4DBOOPUCFSFDPHOJTFEVTJOHIFEHFBDDPVOUJOHBOEVOSFBMJTFEDIBOHFTJOUIFGBJSWBMVFPGJOWFOUPSJFT

*OUIFUIJSERVBSUFSPG7BUUFOGBMMJOUSPEVDFEUIFQSPU

NFBTVSF6OEFSMZJOHPQFSBUJOHQSPU4UBSUJOHXJUIUIFSTURVBSUFSPGUIJTQSPUNFBTVSFJTEFOFEBT0QFSBUJOHQSPU*5FYDMVEJOHJUFNTBFDUJOHDPNQBSBCJMJUZ

$PNQBSJTPOHVSFTBOELFZSBUJPTDPOUBJOJOHJUFNTBFDUJOHDPNQBSBCJMJUZGPSQSJPSQFSJPETIBWFCFFOSFDBMDVMBUFEUPSFFDUUIFTFOFXEFOJUJPOT

Other changes in the nancial statements

*OGPSNBUJPOBCPVUHFPHSBQIJDBMBSFBTIBTCFFODIBOHFEDPNQBSFEUPXIBUQSFWJPVTMZIBTCFFOQVCMJTIFE4UBSUJOHXJUIUIFSTURVBSUFSPGJOGPSNBUJPOJTQSPWJEFEGPSUIFDPSFNBSLFUT4XFEFO(FSNBOZBOEUIF/FUIFSMBOET*OBEEJUJPOBDUJWJUJFTJOPUIFSDPVOUSJFTBSFSFQPSUFEBTBUPUBM$PNQBSJTPOHVSFTIBWFCFFOSFDBMDVMBUFE

0O/PWFNCFS7BUUFOGBMMTPSHBOJTBUJPOXBTDIBOHFE

5IFOFXPSHBOJTBUJPOGPDVTFTPOUIFIJHIFTUPQFSBUJPOBMTUBOEBSEBOETBGFUZJOUIFOVDMFBSQPXFSPQFSBUJPOTUISPVHIGPSNBUJPOPGUIFOFX#VTJOFTT%JWJTJPO/VDMFBS1PXFS5PNBLFUIFPSHBOJTBUJPOBMTUSVDUVSFDMFBSFSBOEBWPJEVOOFDFTTBSZPWFSMBQQSPKFDUTBOEOFXCVJMEBDUJWJUJFTJOUIFGPSNFS#VTJOFTT%JWJTJPO3FOFXBCMFTBOE#VTJOFTT%JWJTJPO"TTFU%FWFMPQNFOUIBWFCFFOJOUFHSBUFEUPGPSNBOFX#VTJOFTT%JWJTJPO4VTUBJOBCMF&OFSHZ1SPKFDUT7BUUFOGBMMUIVTOPXIBTUXPPQFSBUJOHTFHNFOUT(FOFSBUJPOBOE%JTUSJCVUJPOBOE4BMFT$PNQBSJTPOHVSFTIBWFCFFOSFDBMDVMBUFE

0OUIFCBMBODFTIFFUTUBSUJOHXJUIUIFSTURVBSUFSPGBTQMJUIBTCFFONBEFGPS%FSJWBUJWFBTTFUTTPUIBUUIFTFPOUIFBTTFUTTJEFPGUIFCBMBODFTIFFUIBWFCFFOTQMJUJOUPDVSSFOU

BTTFUTBOEOPODVSSFOUBTTFUTSFTQFDUJWFMZ1SFWJPVTMZTVDIEFSJWBUJWFTXFSFSFDPHOJTFEPOMZBTDVSSFOUBTTFUT4JNJMBSMZUIFJUFN%FSJWBUJWFMJBCJMJUJFTIBTCFFOTQMJUJOUPDVSSFOUMJBCJMJUJFTBOEOPODVSSFOUMJBCJMJUJFTSFTQFDUJWFMZDPNQBSFEXJUIQSFWJPVTMZXIFOUIFTFXFSFSFDPHOJTFEBTDVSSFOUMJBCJMJUJFTJOUIFJSFOUJSFUZ$PNQBSJTPOHVSFTIBWFCFFOSFDBMDVMBUFE

"UBOFYUSBPSEJOBSZHFOFSBMNFFUJOHPO/PWFNCFS7BUUFOGBMMTPXOFSUIF4XFEJTITUBUFBEPQUFEOFXOBODJBMUBSHFUTGPS7BUUFOGBMM5IFQSPUBCJMJUZUBSHFU3FUVSOPODBQJUBMFNQMPZFEXBTJOUSPEVDFEXIJDIJTBOFXLFZSBUJPUIBU7BUUFOGBMMQSFTFOUTBOEXIJDIIBTCFFODBMDVMBUFEBTGSPNUIFSTURVBSUFSPG4FFQBHFGPSBEFOJUJPOPGDBQJUBMFNQMPZFE"TBSFTVMUPGUIJTOFXLFZSBUJP7BUUFOGBMMTJOUFSOBMMZEFOFELFZSBUJP3FUVSOPOOFUBTTFUTXJMMOPUCFDBMDVMBUFEBTGSPN

Risks and uncertainties'PSBEFTDSJQUJPOPGSJTLTVODFSUBJOUJFTBOESJTLNBOBHFNFOUQMFBTFSFGFSUP7BUUFOGBMMT"OOVBM3FQPSUQBHFT/PPUIFSNBUFSJBMDIBOHFTIBWFUBLFOQMBDFTJODFQVCMJDBUJPOPGUIF"OOVBM3FQPSU

Other

4JHOJDBOUSFMBUFEQBSUZUSBOTBDUJPOTBSFEFTDSJCFEJO/PUFUPUIFDPOTPMJEBUFEBDDPVOUTJO7BUUFOGBMMT"OOVBM3FQPSU/PNBUFSJBMDIBOHFTIBWFUBLFOQMBDFJOSFMBUJPOTPSUSBOTBDUJPOTXJUISFMBUFEQBSUJFTDPNQBSFEXJUIUIFEFTDSJQUJPOJOUIF"OOVBM3FQPSU

Parent Company Vattenfall ABAccounting policies

5IF1BSFOU$PNQBOZ7BUUFOGBMM"#TBDDPVOUTBSFQSFQBSFEJOBDDPSEBODFXJUIUIF4XFEJTI"OOVBM"DDPVOUT"DUBOESFDPNNFOEBUJPO3'3Accounting for Legal Entities,JTTVFECZUIF4XFEJTI'JOBODJBM3FQPSUJOH#PBSE

5IFBDDPVOUJOHQPMJDJFTVTFEJOUIJTSFQPSUBSFUIFTBNFBTUIPTFEFTDSJCFEJO7BUUFOGBMMT"OOVBM3FQPSU/PUFUPUIF1BSFOU$PNQBOZBDDPVOUTFYDFQUUIBUHSPVQDPOUSJCVUJPOTBSFSFDPHOJTFEBTBQQSPQSJBUJPOTJOBDDPSEBODFXJUIBOBMUFSOBUJWFSVMFJO3'3$PNQBSBUJWFHVSFTGPSQSFWJPVTZFBSTIBWFCFFOSFDBMDVMBUFE

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Full year 2012

"DPOEFOTFEJODPNFTUBUFNFOUBOECBMBODFTIFFUGPSUIF1BSFOU$PNQBOZBSFQSFTFOUFEPOQBHFPGUIJTSFQPSU

4BMFTBNPVOUFEUP4&,NJMMJPO1SPUCFGPSFBQQSPQSJBUJPOTBOEUBYXBT4&,NJMMJPO

7BUUFOGBMM"#TPQFSBUJOHQSPUXBTBQQSPYJNBUFMZ

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

7BUUFOGBMMIBTEFDJEFEUPSFTVNFUIFQSBDUJDFPGGVMMZGVOEJOH

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

QFOTJPOT

"TBSFTVMUPG4XFEJTI1BSMJBNFOUTEFDJTJPOJO%FDFNCFSUPMPXFSUIFDPSQPSBUFJODPNFUBYSBUFJO4XFEFOGSPNUP7BUUFOGBMM"#TEFGFSSFEUBYMJBCJMJUJFTIBWFCFFOSFDBMDVMBUFE5IJTMFEUPBQPTJUJWFFBSOJOHTJNQBDUPG4&,NJMMJPO

5IFCBMBODFTIFFUUPUBMXBT4&,NJMMJPO*OWFTUNFOUTEVSJOHUIFZFBSBNPVOUFEUP4&,NJMMJPO

%VSJOHUIFZFBSBOFXTIBSFJTTVFPG4&,NJMMJPOXBT

DBSSJFEPVUJOUIFTVCTJEJBSZ7BUUFOGBMM7JOELSBGU"#*OBEEJUJPOBTIBSFIPMEFSDPOUSJCVUJPOPG4&,NJMMJPOXBTSFQBJEGSPNUIF'JOOJTIPQFSBUJPOT

*O.BZBTIBSFEJWJEFOEPG4&,NJMMJPOXBTQBJEUPUIF4XFEJTITUBUF

*O%FDFNCFSSFQBZNFOUPGBQSFWJPVTDBQJUBMDPOUSJCVUJPOJOUIFBNPVOUPG4&,NJMMJPOXBTSFDFJWFEGSPN7BUUFOGBMM"4XIJDISFEVDFEUIFCPPLWBMVFPGUIFTIBSFTJOUIFDPNQBOZ

$BTIBOEDBTIFRVJWBMFOUTBOETIPSUUFSNJOWFTUNFOUTBNPVOUFEUP4&,NJMMJPO

Risks and uncertainties

'PSBEFTDSJQUJPOPGSJTLTVODFSUBJOUJFTBOESJTLNBOBHFNFOU

QMFBTFSFGFSUP7BUUFOGBMMT"OOVBM3FQPSUQBHFT/PNBUFSJBMDIBOHFTIBWFUBLFOQMBDFTJODFQVCMJDBUJPOPGUIF"OOVBM3FQPSU

Other

4JHOJDBOUSFMBUFEQBSUZUSBOTBDUJPOTBSFEFTDSJCFEJO/PUFUPUIF1BSFOU$PNQBOZBDDPVOUTJO7BUUFOGBMMT"OOVBM3FQPSU/PNBUFSJBMDIBOHFTIBWFUBLFOQMBDFJOSFMBUJPOTPSUSBOTBDUJPOTXJUISFMBUFEQBSUJFTDPNQBSFEXJUIUIFEFTDSJQUJPOJOUIF"OOVBM3FQPSU

Dividend

$POTPMJEBUFEQSPUBUUSJCVUBCMFUPTIBSFIPMEFSTPGUIF1BSFOU$PNQBOZBNPVOUFEUP4&,NJMMJPOPS4&,QFSTIBSF5IF#PBSEPG%JSFDUPSTQSPQPTFTBEJWJEFOEPG4&,NJMMJPODPSSFTQPOEJOHUP4&,QFSTIBSF

Annual General Meeting

5IF"OOVBM(FOFSBM.FFUJOHXJMMCFIFMEPO"QSJMJO4UPDLIPMN5IF"OOVBM(FOFSBM.FFUJOHJTPQFOUPUIFHFOFSBMQVCMJD5IF"OOVBM3FQPSUJOCPUI4XFEJTIBOE&OHMJTIJTFYQFDUFEUPCFQVCMJTIFEPOXXXWBUUFOGBMMTFBOEXXXWBUUFOGBMMDPNSFTQFDUJWFMZPO.BSDI

4UPDLIPMN'FCSVBSZ

7BUUFOGBMM"#QVCM5IF#PBSEPG%JSFDUPST

5IJTZFBSFOESFQPSUIBTOPUCFFOSFWJFXFECZUIFDPNQBOZTBVEJUPS

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'JHVSFTGPSUIF(SPVQJO"NPVOUTJO4&,NJMMJPOVOMFTTJOEJDBUFEPUIFSXJTF

EBIT = &BSOJOHT#FGPSF*OUFSFTUBOE5BY

EBITDA = &BSOJOHT#FGPSF*OUFSFTU5BY%FQSFDJBUJPOBOE"NPSUJTBUJPO"MTPPUIFSDMPTFEPXODPTUTUIBOJNQBJSNFOUMPTTFTQFSUBJOJOHUPUIFDMPTFEPXOPG(FSNBOOVDMFBSQPXFSQMBOUTEVSJOHBSFIFSFUSFBUFEBT"NPSUJTBUJPO

Items aecting comparability=

$BQJUBMHBJOTBOEDBQJUBMMPTTFTGSPNTIBSFTBOEPUIFSOPODVSSFOUBTTFUTJNQBJSNFOUMPTTFTBOEJNQBJSNFOUMPTTFTSFWFSTFEQFSUBJOJOHUPOPODVSSFOUBTTFUTBOEPUIFSOPOSFDVSSJOHJUFNT"MTPJODMVEFEIFSFBSFVOSFBMJTFEDIBOHFTJOUIFGBJSWBMVFPGFOFSHZEFSJWBUJWFTXIJDIBDDPSEJOHUP*"4DBOOPUCFSFDPHOJTFEVTJOHIFEHFBDDPVOUJOHBOEVOSFBMJTFEDIBOHFTJOUIFGBJSWBMVFPGJOWFOUPSJFT

Underlying operating prot = 0QFSBUJOHQSPU*5FYDMVEJOHJUFNTBFDUJOHDPNQBSBCJMJUZ

FFO = 'VOET'SPN0QFSBUJPOT

Free cash ow = $BTIPXGSPNPQFSBUJOHBDUJWJUJFTMFTTNBJOUFOBODFJOWFTUNFOUT

Hybrid Capital = 1FSQFUVBMTVCPSEJOBUFETFDVSJUJFTKVOJPSUPBMM7BUUFOGBMMTVOTVCPSEJOBUFEEFCUJOTUSVNFOUT3FQPSUFEBTJOUFSFTUCFBSJOHOPODVSSFOUMJBCJMJUJFT

Capital employed = #BMBODFTIFFUUPUBMMFTTOBODJBMBTTFUTBOEOPOJOUFSFTUCFBSJOHMJBCJMJUJFT

Net assets = #BMBODFTIFFUUPUBMMFTTOPOJOUFSFTUCFBSJOHMJBCJMJUJFTQSPWJTJPOTJOUFSFTUCFBSJOHSFDFJWBCMFTGVOETJOUIF4XFEJTI/VDMFBS8BTUF'VOEDBTIBOEDBTIFRVJWBMFOUTTIPSUUFSNJOWFTUNFOUT

Net debt = *OUFSFTUCFBSJOHMJBCJMJUJFTMFTTMPBOTUPPXOFSTPGOPODPOUSPMMJOHJOUFSFTUTNJOPSJUZPXOFSTJOGPSFJHOTVCTJEJBSJFTDBTIBOEDBTIFRVJWBMFOUTTIPSUUFSNJOWFTUNFOUT

Adjusted net debt = 'PSDBMDVMBUJPOTFFQBHF

5IFLFZSBUJPTBSFQSFTFOUFEBTQSFDFOUBHFTPSUJNFTY

Key ratios based on full year amounts 2012:

Operating margin, % Y0QFSBUJOHQSPU*5

= 15.6/FUTBMFT

Operating margin excl. items

aecting comparability, %Y

6OEFSMZJOHPQFSBUJOHQSPU = 16.6

/FUTBMFT

Pre-tax prot margin, % Y1SPUCFGPSFUBY

= 10.9/FUTBMFT

Pre-tax prot margin excl. items

aecting comparability, %

Y1SPUCFGPSFUBYFYDMJUFNTBFDUJOHDPNQBSBCJMJUZ

= 12.5

/FUTBMFT

Return on equity, % Y1SPUGPSUIFQFSJPEBUUSJCVUBCMFUPPXOFSTPGUIF1BSFOU$PNQBOZ

= 12.1"WFSBHFFRVJUZGPSUIFQFSJPEBUUSJCVUBCMFUPPXOFSTPGUIF1BSFOU$PNQBOZFYDMUIF3FTFSWFGPSDBTIPXIFEHFT

Return on capital employed, % Y0QFSBUJOHQSPU*5

= 8.4$BQJUBMFNQMPZFEBWFSBHF

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Return on capital employed excl.

items aecting comparability, %Y

6OEFSMZJOHPQFSBUJOHQSPU = 8.9$BQJUBMFNQMPZFEBWFSBHF

Return on net assets, % Y0QFSBUJOHQSPU*5EJTDPVOUJOHFFDUTBUUSJCVUBCMFUPQSPWJTJPOT

= 8.58FJHIUFEBWFSBHFPGOFUBTTFUTGPSUIFQFSJPE

Return on net assets excl. items

aecting comparability, %Y

6OEFSMZJOHPQFSBUJOHQSPUEJTDPVOUJOHFFDUTBUUSJCVUBCMFUPQSPWJTJPOT = 9.0

8FJHIUFEBWFSBHFPGOFUBTTFUTGPSUIFQFSJPE

EBIT interest cover, (x) Y0QFSBUJOHQSPU*5 OBODJBMJODPNFFYDMEJTDPVOUJOHFFDU TBUUSJCVUBCMFUPQSPWJTJPOTBOESFUVSOGSPNUIF4XFEJT I/VDMFBS8BTUF'VOE

= 3.7'JOBODJBMFYQFOTFTFYDMEJTDPVOUJOHFFDUTBUUSJCVUBCMFUPQSPWJTJPOT

EBIT interest cover excl. items

aecting comparability, (x)=

6OEFSMZJOHPQFSBUJOHQSPUOBODJBMJODPNFFYDMEJTDPVOUJOHFFDUTBUUSJCVUBCMFUPQSPWJTJPOTBOESFUVSOGSPNUIF4XFEJTI/VDMFBS8BTUF'VOE


FFO interest cover, (x) ='VOETGSPNPQFSBUJPOT''0OBODJB MFYQFOTFTFYDM E JTDPVOUJOHFFDUTBUUSJCVUBCMFUPQSPWJTJPOT


FFO interest cover, net, (x) =

'VOETGSPNPQFSBUJPOT''0OBODJBMJUFNTFYDMEJTDPVOUJOHFFDUTBUUSJCVUBCMFUPQSPWJTJPOTBOESFUVSOGSPNUIF4XFEJTI/VDMFBS8BTUF'VOE

= 6.6

'JOBODJBMJUFNTFYDMEJTDPVOUJOHFFDUTBUUSJCVUBCMFUPQSPWJTJPOTBOESFUVSOGSPNUIF4XFEJTI/VDMFBS8BTUF'VOE

Cash ow interest cover

after maintenance investments, (x)=

$BTIPXGSPNPQFSBUJOHBDUJWJUJFTMFTTNBJOUFOBODFJOWFTUNFOUTOBODJBMFYQFOTFTFYDMEJTDPVOUJOHFFDUTBUUSJCVUBCMFUPQSPWJTJPOTBOEJOUFSFTUDPNQPOFOUTSFMBUFEUPQFOTJPODPTUT

= 3.0'JOBODJBMFYQFOTFTFYDMEJTDPVOUJOHFFDUTBUUSJCVUBCMFUPQSPWJTJPOTBOEJOUFSFTUDPNQPOFOUTSFMBUFEUPQFOTJPODPTUT

FFO/gross debt, % Y'VOETGSPNPQFSBUJPOT''0

= 21.5*OUFSFTUCFBSJOHMJBCJMJUJFT

FFO/net debt, % Y'VOETGSPNPQFSBUJPOT''0

= 30.8/FUEFCU

FFO/adjusted net debt, % Y'VOETGSPNPQFSBUJPOT''0

= 22.4"EKVTUFEOFUEFCU

EBITDA/net nancial items, (x) =0QFSBUJOHQSPUCFGPSFEFQSFDJBUJPOBOEBNPSUJTBUJPO*5%"

= 8.8'JOBODJBMJUFNTFYDMEJTDPVOUJOHFFDUTBUUSJCVUBCMFUPQSPWJTJPOTBOESFUVSOGSPNUIF4XFEJTI/VDMFBS8BTUF'VOE

EBITDA excl. items aecting

comparability/net nancial items, (x)=

0 QFSBU JOHQ SP U C FG PS FE FQ SFDJBU JP OB OE B NP SU JT BU JP O*5 %"FYD MJ UFNT B FDU JOHD PNQB SB CJ MJ UZ = 9.1'JOBODJBMJUFNTFYDMEJTDPVOUJOHFFDUTBUUSJCVUBCMFUPQSPWJTJPOTBOESFUVSOGSPNUIF4XFEJTI/VDMFBS8BTUF'VOE

Key ratios based on the balance sheet per 31 December 2012:

Equity/total assets, % Y&RVJUZ

= 29.4#BMBODFTIFFUUPUBM

Denitions and calculations of key ratios, cont.

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Gross debt/equity, % Y*OUFSFTUCFBSJOHMJBCJMJUJFT

= 103.2&RVJUZ

Net debt/equity, % Y/FUEFCU

= 72.1&RVJUZ

Gross debt/gross debt plus equity, % Y*OUFSFTUCFBSJOHMJBCJMJUJFT

= 50.8*OUFSFTUCFBSJOHMJBCJMJUJFTFRVJUZ

Net debt/net debt plus equity, % Y/FUEFCU

= 41.9/FUEFCUFRVJUZ

Net debt/EBITDA, (x) =/FUEFCU

= 2.10QFSBUJOHQSPUCFGPSFEFQSFDJBUJPOBOEBNPSUJTBUJPO*5%"

Adjusted net debt/EBITDA, (x) ="EKVTUFEOFUEFCU

= 2.80QFSBUJOHQSPUCFGPSFEFQSFDJBUJPOBOEBNPSUJTBUJPO*5%"

Denitions and calculations of key ratios, cont.

Key exchange rates applied in theaccounts of the Vattenfall Group:

2 2'VMMZFBS

'VMMZFBS

Average rate

&63 %,, /0, 1-/ (#1 64%

%FD %FD

Balance sheet date rate

&63 %,, /0, 1-/ (#1 64%

7/29/2019 Q4-2012-Report_25755096

32/32


:FBSFOESFQPSU'FCSVBSZ

"OOVBM3FQPSU.BSDI

*OUFSJNSFQPSU+BOVBSZ.BSDI.BZ

"OOVBM(FOFSBM.FFUJOH"QSJM

*OUFSJNSFQPSU+BOVBSZ+VOF+VMZ*OUFSJNSFQPSU+BOVBSZ4FQUFNCFS0DUPCFS

7BUUFOGBMM"#QVCM4&4UPDLIPMN$PSQPSBUFJEFOUJUZOVNCFSUFMXXXWBUUFOGBMMDPNXXXWBUUFOGBMMTF

ZTUFJO-TFUI1SFTJEFOUBOE$&0UFM

*OHSJE#POEF$'0UFM

,MBVT"VSJDI)FBEPG*OWFTUPS3FMBUJPOTUFMPS

This is a translation of the Swedish original. In the eventof any discrepancy, the Swedish version shall govern.%BUFIBTCFFOVQEBUFETJODFQVCMJDBUJPO'FCSVBSZ

q4-2012-report_25755096

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