Vattenfall's Annual General Meeting: European expansion benefits both owners and customers

Vattenfall's Annual General Meeting: European expansion benefits both owners and customers Vattenfall has now become fully established in Europe. At the same time, the company has been able to present a dramatic improvement in profits. Vattenfall's strategy was highlighted at the Annual General Meeting on Thursday. "Vattenfall has established a strong market position in northern Europe. We have been able to combine dramatic growth with a major increase in profits. Such profitable growth makes Vattenfall stronger, which is to the benefit of both the owner, that is the State, and the customers," said Vattenfall's President and CEO, Lars G Josefsson, when he presented the Group's operations at the Annual General Meeting held today. The Chairman of the Board of Vattenfall, Dag Klackenberg, pointed out that the preconditions governing the electricity market and the electricity industry changed radically in the 1990s. Electricity companies now compete on an increasingly open international market. Vattenfall is the only remaining large, independent, Swedish power company, the rest have been acquired by foreign interests. "It is now ten years since Vattenfall became a limited company, and I note with pride that Vattenfall has lived up to and fulfilled the expectations of its owner," he said. The annual accounts for 2001 show that sales increased from SEK 32 billion to SEK 69 billion. In 2002, all of the Group's operations in Germany will be consolidated for the entire year. This will provide additional growth, and sales are expected to reach around SEK 100 billion. Operating profit in 2001 increased to SEK 10.0 billion from a figure of SEK 6.7 billion in 2000. In a European perspective, Vattenfall is now the fifth largest generator and easily the largest district heating company. On the German market, Vattenfall is the third largest electricity company. Five new Board members were appointed at the AGM. Dag Klackenberg, Annette Brodin Rampe, Peter Fallenius, Göran Johansson and Lars G Josefsson were re-elected to the Board. New members are Elisabet Salander Björklund, Peter Lindell and Christer Bådholm. Jan Grönlund and Kent Ögren, who were previously deputy members, were appointed as full members of the Board. From Vattenfall's Press Office, telephone: +46 8 739 50 10. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/04/25/20040817BIT21370/wkr0001.pdf