Press release | 2010-02-10 | 09:00 AM

Vattenfall: Good underlying result

• Net sales rose 24.8% to SEK 205,407 million (164,549).
• Operating profit decreased by SEK 6.5% to SEK 27,938 million (29,895). Excluding items affecting comparability, operating profit rose 6.3% to SEK 32,111 million (30,220).
• Profit for the year (after tax) decreased by 24.3% to SEK 13,448 million (17,763). Excluding items affecting comparability, profit for the year decreased by 7.4% to SEK 16,630 million (17,968).
• Operating profit for the fourth quarter decreased by 13.5% to SEK 5,673 million (6,562). Excluding items affecting comparability, operating profit for the fourth quarter rose 42.6% to SEK 9,934 million (6,964)

“Despite difficult market conditions, with lower industrial demand for electricity and substantially lower wholesale electricity prices, Vattenfall reported a good underlying operating profit for 2009. Positive earn-ings effects from price hedges contracted in previous years more than compensated for the negative ef-fect of lower production volumes. Impairment losses and other items affecting comparability affected op-erating profit negatively by approximately SEK 4.2 billion,” Lars G. Josefsson, President and CEO, com-ments Vattenfall’s 2009 result.

Excluding items affecting comparability, operating profit rose 6.3% to SEK 32,111 million (30,220).

Items affecting comparability (capital gains, capital losses, impairment losses and impairment losses re-versed) amounted to SEK –4,713 million (-325).

Price hedges contracted in previous years had a favourable effect on operating profit by approximately SEK 10 billion, while lower production volumes and higher costs for operations and maintenance had a negative impact of approximately SEK 10.4 billion. Currency movements had a positive effect on operating profit of approximately SEK 0.9 billion ( approx. 0.8).

Vattenfall’s electricity generation decreased by 2.0% in 2009 to 158.9 TWh (162.1). Of total generation, the acquisition of N.V. Nuon Energy accounted for 8.0 TWh.

Sales of heat increased by 6.5% to 37.9 TWh (35.6).

Important events during 2009

 The Report includes comments on the following major events during 2009:

· Investments in wave power
· Experts appointed for Vattenfall’s nuclear safety council
· Bond issues
· Disruptions in nuclear power generation
· Forsmark named as final repository for spent nuclear fuel
· Collaboration with auto industry
· Review of asset portfolio
· Continued investment in wind power
· New electricity contracts with industrial customers
· Base industries in co-operation with Vattenfall
· Changes in Executive Group Management
· Vattenfall receives EU support for CCS plant


Consolidated profit attributable to shareholders in the Parent Company amounted to SEK 12,896 million (17,095) or SEK 97.92 per share (129.80). The Board of Directors proposes a dividend of SEK 5,240 million, corresponding to SEK 39.79 per share.

The entire report is available at (select “Investors” -> “Financial Reports”).

Vattenfall discloses the information provided herein pursuant to the Swedish Securities Market Act.

Conference Call

Commencing at 10:00 (CET) Lars G. Josefsson, CEO, and Dag Andresen, CFO, will host a conference call presenting the results, followed by a question & answer session. The conference call will be webcast.

To participate in the conference call, please dial one of the following numbers 5-10 minutes before 10:00 CET.
+44 (0) 20 7107 0611 (UK)
+46 (0)8 5069 2105 (Sweden)
+33 (0)1 7070 0543 (France)
+49 (0) 69 2 2222 0593 (Germany)
0800 949 4517 (Netherlands, local number)


A recorded version of the conference call will be available one hour after the conference call for a further 72 hours. To request the replay please dial +44 207 108 6233, and enter the code 12235#.

Presentation slides

To download the presentation slides please go to


To follow Vattenfall’s presentation on the Internet (audio and slides), please click on the link “webcast” which will be displayed on Please note that you will need “Real Player” or “Windows Media Player” to follow the presentations.

For further information, please contact:
Maria Parent, Media Relations, telephone +46 (0) 76 807 65 50.
Klaus Aurich, Head of Investor Relations, phone +46 (0)8 739 65 14, mobile +46 (0)70 539 65 14.

From Vattenfall's Press Office, telephone: +46 (0)8-739 50 10.

Download the press release in pdf format
Vattenfall: Good underlying result (PDF 56 kB)