Vattenfall - 2002

Annual Report 2002

Summary

In 2002, Vattenfall continued to restructure and streamline its core electricity and heat business in Sweden, Finland, Germany and Poland. In Germany, which now accounts for 60 per cent of the Group’s net sales, work focused on integrating and merging the four acquired companies,Hamburgische Electricitäts-Werke AG (HEW), Bewag, Vereinigte Energiewerke AG (VEAG) and Lausitzer Braunkohle AG (LAUBAG) into Vattenfall Europe AG. Vattenfall Europe AG has its headquarters in Berlin and is the third largest electricity company in Germany. The merger was completed early in 2003 when the general meetings of the shareholders of Bewag and Vattenfall Europe AG approved the integration of Bewag with Vattenfall Europe. Ongoing restructuring programmes have already reduced cost levels in the German operations by about EUR 150 million. The target is to achieve EUR 400–500 million in annual savings by 2005.

Downloads

Annual Report, 2002 (PDF 1993 kb)

Vattenfall 2002:

• Net sales: SEK 101 billion (69) and net profit SEK 7.6 billion (4.2)
• Operating profit: SEK 12.9 billion (8.8)
• Return on net assets, 10.5 per cent (9.9) and return on equity, 19.1 per cent (11.8)