Comparison of selected European energy utilities

(Data as per 30 September 2008, unless indicated otherwise)

	CEZ	Dong	EDF	Enel	E.ON
Country	Czech Republic	Denmark	France	Italy	Germany
Listing info	Listed (66%-owned by Czech state)	Unlisted (73%-owned by Danish state)	Listed in 2005 (approx. 85%-owned by French state)	Listed (31.2%-owned by Italian state)	Listed (Free float: 91%)
Electricity sales 2007, TWh	81	11 (to end customers) 20 (generation)	652	196 (of which, Europe 189)	471 (of which, Europe 435)
Number of customers, millions	Electricity: 6.8	Electricity: 1.1 Gas: 0.1	Electricity: 41 (of which, Europe 38). Gas: 2.2	Electricity: 49 Gas: 3.3	Electricity: 25 (of which, Europe 24) Gas: 8
Primary products	Electricity, heat	Gas, oil, electricity	Electricity, gas	Electricity, gas	Electricity, gas
Primary markets	Czech Republic, Bulgaria, Romania, Poland	Denmark, (Sweden, Germany, Netherlands)	France, UK, Germany, Italy, Central and Eastern Europe (Asia, USA and Africa)	Italy, Spain, France, Russia, Portugal, Central and Eastern Europe, North and South America	Germany, Central and Eastern Europe, UK, Benelux, Nordic countries, Italy, Spain, Russia, USA
Strategies	• To become a leading energy company in central and south-eastern Europe • Take advantage of synergies through vertical integration of activities • Upgrade existing generation assets and build new plants • Reduce CO2 and NOX emissions	• Integrate and consolidate newly acquired units • Secure gas supply • Expand electricity operations • Integrate gas and electricity • International growth (Sweden, Germany, Netherlands)	• Strengthen position in Western and Central Europe • Take advantage of global nuclear revival • Invest in gas in order to be able to offer customers both electricity and gas	• Create value in newly acquired companies (Endesa, companies in Russia) • Seek out targeted growth opportunities in existing geographic markets and operating areas • More focus on South America • Continued growth in renewables and nuclear generation	• Strengthen position in Europe • Strengthen gas supply position through own gas production and LNG • Integrate assets in Spain, Italy and France • USA a long-term growth opportunity
	Fortum	GDF Suez	Iberdrola	RWE	Vattenfall
Country	Finland	France	Spain	Germany	Sweden
Listing info	Listed (50.8%-owned by Finnish state)	Listed (French state owns 35.7%. Free float: 59%)	Listed (Free float: 84%)	Listed (Free float: 78%)	Unlisted 100%-owned by Swedish state
Electricity sales 2007, TWh	60	314 (of which, Europe 168)	159 (of which, Europe 130)	306	189 (206 incl. deliveries to minority owners)
Number of customers, millions	Electricity: 1.6	Electricity: 5 (Europe) Gas: 17 (Europe)	Electricity: 23 (of which, Europe 14) Gas: 3 (of which, Europe 2)	Electricity: 14 Gas: 6	Electricity: 4.8 5.6 network customers
Primary products	Electricity, heat	Electricity, gas, LNG, Energy services	Electricity, gas, engineering and construction	Electricity, gas	Electricity, heat, gas (starting in 2009)
Primary markets	Nordic countries, Baltic countries, Russia, Poland	France, Benelux, Germany, Italy, Spain, Portugal, Central and Eastern Europe, North and South America. Gas business worldwide	Spain, Portugal, UK, South America, USA	Germany, UK, Benelux, Central and Eastern Europe	Nordic countries, Germany, Poland, UK, Benelux (starting in 2009)
Strategies	• Be a leading power and heat company in the Nordic region through profitable growth • Proceed with integration of Russian TGC-10 • Expand in Nordic countries, Baltic countries, Poland and Russia	• Consolidate leadership positions and leverage complementary aspects between GDF and Suez • Growth in upstream gas • Growth in upstream electricity with special emphasis on nuclear and renewables	• Maintain world-leading position in renewable energy • Growth in North and South America • Repowering and environmental investments in traditional generation • Divest non-core businesses	• Grow current business in gas and electricity, with focus on Germany and the UK • Assess privatisation opportunities within the EU as well as in Russia and south-eastern Europe, incl. Turkey • Expand the renewable energy business. Substantially reduce CO2 emissions • Expansion in midstream gas and strengthen upstream gas position	• Making electricity clean -Vattenfall’s operations shall be climate-neutral by 2050 Five strategic ambitions: • Number One for the Customer • Number One for the Environment • Profitable Growth • Benchmark for the Industry • Employer of Choice

Exchange rates: EUR 1/SEK 9.76 (Vattenfall), EUR 1/CZK 24.78 (CEZ), EUR 1/DKK 7.46 (Dong).

Sources :
Graph values: Barclay’s Capital. Last 12-month values as per 30 September 2008 for all companies except EDF and GDF Suez, which are reported as per 30 June 2008.
Electricity sales, number of customers, main products, main markets, strategies: Vattenfall research, various analyst reports, and the companies’ annual reports, interim reports and websites.

Definitions:
Capital employed = Interest-bearing liabilities + equity including minority interests. Operating cash flow = FFO +/- change in working capital.

Net debt/EBITDA pertains to reported net debt.

Free float = The proportion of a company’s shares that are freely available for trading.