Vattenfall - 2003

Annual Report 2003

Summary

2003 was characterised by the consolidation of completed acquisitions and the streamlining of operations to the core areas of electricity and heat within the main markets of the Nordic Countries, Germany and Poland. During January, transactions were completed in which Vattenfall transferred the IT company Arrowhead AB to Song Networks Holding AB. In October, the holding in Song Networks AB was sold to some twenty Swedish and foreign institutions. The shareholding in the Polish distribution and sales company GZE was increased from 32 per cent to 53.7 per cent. The company was consolidated into the Group as of January 2003. Ownership of Vattenfall Europe AG was increased through the purchase of German EnBWs share of some 2 per cent, together with purchases in the market. As a result, Vattenfall directly and indirectly owns some 94 per cent of the shares in Vattenfall Europe AG