November 23, 2014 11:05 AM ET

Electric Utilities

Company Overview of Vattenfall AB

Company Overview

Vattenfall AB is engaged in the production, distribution, and sale of electricity and heat in Sweden, Germany, the Netherlands, and internationally. It operates in two segments, Generation, and Distribution and Sales. The company generates electricity primarily through lignite, hard coal, biomass, natural gas, nuclear, hydro, and wind resources. It is also involved in the sale of gas and energy trading. The company was founded in 1909 and is headquartered in Solna, Sweden.

Evenemangsgatan 13C

Solna,  169 56

Sweden

Founded in 1909

30,332 Employees

Phone:

46 87 39 50 00

Fax:

46 8 17 85 06

Key Executives for Vattenfall AB

Deputy Chief Executive Officer
Age: 55
Country Manager of Netherlands and Chief Executive Officer of N V Nuon Energy
Age: 50
Treasurer and Chief Executive Officer of Vattenfall Treasury AB
Senior Vice President
Age: 57
Head of Human Resources and Senior Vice President of Human Resources
Age: 51
Compensation as of Fiscal Year 2014.

Vattenfall AB Key Developments

Mibrag Eyeing Vattenfall’s Assets

Mitteldeutsche Braunkohlengesellschaft mbH is interested in taking over German brown-coal assets owned by Vattenfall AB.

Vattenfall Mulls Strategic Options

Vattenfall AB is considering strategic options for its German lignite mining and generation activities. Magnus Hall, Chief Executive Officer and President of Vattenfall said, “The Board of Directors has decided that Vattenfall will explore options for creating a sustainable, new ownership structure for the lignite operations.”

Vattenfall AB Announces Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2014 and Parent Company Earnings Results for the Nine Months Ended September 30, 2014; Reports Impairment Losses for the Third Quarter of 2014

Vattenfall AB announced consolidated and parent company earnings and operating results for the third quarter and nine months ended September 30, 2014. For the quarter, on consolidated basis, the company reported net sales of SEK 34,734 million against SEK 37,057 million a year ago. Operating loss (LBIT) was SEK 19,436 million against operating profit of SEK 4,893 million a year ago. Loss before tax was SEK 20,798 million against profit before tax of SEK 3,131 million a year ago. Loss for the period attributable to owner of the parent company was SEK 18,122 million against profit attributable to owner of the parent company of SEK 1,570 million a year ago. Loss per share, basic and diluted was SEK 137.60 against earnings per share, basic and diluted of SEK 11.92 a year ago. Operating profit before depreciation, amortization and impairment losses (EBITDA) was SEK 8,438 million against SEK 9,609 million a year ago. Underlying operating profit (EBIT) was SEK 2,750 million against SEK 4,074 million a year ago. Underlying operating profit before depreciation, amortization and impairment losses (EBITDA) was SEK 7,544 million against SEK 8,635 million a year ago. Net debt as on September 30, 2014 was SEK 83,403 million against SEK 99,033 million a year ago. Adjusted net debt as on September 30, 2014 was SEK 151,464 million against SEK 157,996 million a year ago. Funds from operations (FFO) were SEK 5,008 million against SEK 6,743 million a year ago. Cash flow from operating activities was SEK 9,992 million against SEK 13,695 million a year ago. Negative return on equity was 8.0% against 7.6% a year ago. Consolidated net sales for the third quarter of 2014 decreased by SEK 2.4 billion compared with the corresponding period in 2013. This is mainly attributable to the divested electricity distribution operation in Hamburg (SEK 1.2 billion), average lower electricity prices achieved and lower volumes. For the nine months period, on consolidated basis, the company reported net sales of SEK 117,220 million against SEK 125,097 million a year ago. Operating loss (LBIT) was SEK 9,239 million against operating loss of SEK 10,112 million a year ago. Loss before tax was SEK 13,724 million against SEK 17,010 million a year ago. Loss for the period attributable to owner of the parent company was SEK 11,841 million against SEK 15,896 million a year ago. Loss per share, basic and diluted was SEK 89.91 against SEK 120.70 a year ago. Operating profit before depreciation, amortization and impairment losses (EBITDA) was SEK 28,918 million against SEK 34,128 million a year ago. Underlying operating profit (EBIT) was SEK 15,911 million against SEK 21,129 million a year ago. This is mainly due to lower production margins and lower production volumes. Successful cost-cutting has only partly compensated for these negative factors. Underlying operating profit before depreciation, amortization and impairment losses (EBITDA) was SEK 30,315 million against SEK 35,517 million a year ago. Funds from operations (FFO) were SEK 19,656 million against SEK 25,340 million a year ago. Cash flow from operating activities was SEK 25,814 million against SEK 29,929 million a year ago. Consolidated net sales for the nine months of 2014 decreased by SEK 7.9 billion, this is mainly attributable to the divested electricity distribution operation in Hamburg (SEK 3.7 billion), average lower electricity prices achieved and lower volumes. For the quarter, on consolidated basis, the company’s electricity generation decreased by 8.0% to 36.8 TWh against 40.0 TWh, mainly as a result of lower hydro power generation and lower fossil-based generation. For the nine months period, on consolidated basis, the company’s electricity generation decreased by 5.4% to 126.6 TWh against 133.8 TWh, mainly as a result of lower fossil-based generation. For the nine months period, on parent company basis, the company reported net sales of SEK 23,065 million against SEK 27,005 million a year ago. Operating profit (EBIT) was SEK 3,408 million against SKE 5,880 million a year ago. Loss before appropriations and tax was 13,554 million against SEK 6,565 million a year ago. Loss before tax was SEK 12,100 million against SEK 5,244 million a year ago. Loss for the period was SEK 11,331 million against SEK 7,836 million a year ago. For the third quarter, the company announced that impairment losses of SEK 23.1 billion were charged against its operating profit for the third quarter 2014.

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