Befreiender Konzernabschluss Zum Geschäftsjahr Vom 01.01.2021 Bis Zum 31.12.2021 - Statkraft Markets GmbHDüsseldorf

Statkraft Markets GmbH

Düsseldorf

Befreiender Konzernabschluss zum Geschäftsjahr vom 01.01.2021 bis zum 31.12.2021

Statkraft AS

Oslo/Norwegen

Statkraft AS

Oslo/Norway

Annual Report 2021

The Board of Directors

Thorhild Widvey

Born 1956, Norwegian

Chair of the board, member since 2016.

Chair of the Compensation Committee

Current board positions: Chair: Antidoping Norway,

Concert Hall Stavanger, Bergen International Festival.

Board member: Aker Solutions ASA, Solstad ASA.

Experience: Minister of Culture.

Minister of Petroleum and Energy.

The Ministry of Foreign Affairs: State Secretary.

The Minister of Fisheries: State Secretary.

Peter Mellbye

Born 1949, Norwegian

Vice Chair of the board, member since 2016.

Member of the Compensation Committee

Current board positions: Chair: Wellesley petroleum,

Otovo, Westgass. Board member: TechnipFMC,

Competentia, GLS AS, Resoptima.

Experience: Statoil: EVP. Norwegian Export Council,

Norwegian Ministry of Trade and Commerce: various

positions.

Marit Salte

Born 1970, Norwegian

Board member, member since 2020.

Member of the Audit Committee

Current board positions: Board member: Cercare

Medical, Your.MD, Nordic Edge, Advisory Board

Sparebankstiftelsen and various subsidiaries in the

Smedvig Family Office.

Experience: CFO the Smedvig Family Office (present).

KPMG auditing and management consulting.

Mikael Lundin

Born 1966, Swedish

Board member, member since 2018.

Member of the Audit Committee

Current board positions: Board member: Telia Carrier

Experience: CEO Polhem Infra. Nord Pool: CEO.

Vattenfall Power Consultant: CEO. Vattenfall Poland:

CFO. Vattenfall Europe Trading: CFO. Birka Kraft:

Director.

Bengt Ekenstierna

Born 1953, Swedish

Board member, member since 2016.

Experience: Beken Management Consulting AB:

Senior advisor in infrastructure business/project

(present). Several CEO positions within Sydkraft and

E.ON Group. Withing the power industry since 1977.

Ingelise Arntsen

Born 1966, Danish

Board member, member since 2017.

Chair of the Audit Committee

Current board positions: Chair of the board: Asplan Viak.

Board member: Export Finance Norway, Beerenberg. SBM

Offshore, Corvus Energy.

Experience: Aibel: EVP. Sway Turbine: CEO. Statkraft:

EVP. Arthur Andersen Business Consulting/ Bearing Point:

Director: Sogn og Fjordane Energiverk: CEO. Kværner

Fjellstrand: CFO.

Vilde Eriksen Bjerknes

Born 1975, Norwegian

Employee-elected board member, member since 2014.

Employee in Statkraft since: 2001

Current work position: Statkraft: Head Advisor -

Improvement projects.

Experience: Statkraft: Vendor Manager IT.

Thorbjørn Holøs

Born 1957, Norwegian

Employee-elected board member, member since 2002.

Member of the Audit Committee

Employee since: 1976, Skagerak Energi

Current board positions: Chair: EL og IT Forbundet

Vestfold/Telemark.

Current work position: Skagerak Energi: Head union

representative.

Asbjørn Sevlejordet

Born 1960, Norwegian

Employee-elected board member, member since 2014.

Member of the Compensation Committee

Employee in Statkraft since: 1978

Current work position: Statkraft: Head union

representative, Mechanical maintenance worker.

The Corporate Management

Christian Rynning-Tønnesen

Born 1959, Norwegian

Group management since 2010

Position: CEO

With Statkraft in 1992-2005 and since 2010

Education: MSc NTH, Trondheim

Norwegian Army officer education

Former positions: Norske Skog: CEO and CFO.

Statkraft: CFO and other executive positions.

McKinsey: Consultant.

Esso Norge: Refinery commercial coordinator.

Current board positions: Board member:

Klaveness. Chair: VCOM, LØRN.

Anne Harris

Born 1960, Norwegian

Group management since 2019

Position: CFO

Education: MSc Finance BI, Oslo.

Former positions: Multiconsult AS: CFO. Entra Eiendom

AS: Acting CEO and CFO. Norsk Hydro: EVP HR and

Organization, SVP Corporate Financial Reporting and

Performance.

Current board positions: Board member: COWI, Aker

BioMarine.

Hallvard Granheim

Born 1976, Norwegian

Group management since 2014

Position: EVP Markets and IT

With Statkraft since 2012

Education: MSc Finance NHH, Bergen

Former positions: Statkraft: EVP & CFO,

SVP Financial Reporting, Accounting and Tax.

Deloitte: Director, Advisory & Auditor.

Norske Skog: VP Energy Sourcing & Trading

Hilde Bakken

Born 1966, Norwegian

Group management since 2010

Position: EVP Production & Industrial Ownership

With Statkraft since 2000

Education: MSc NTH, Trondheim and TU Delft,

Netherlands

Former positions: Statkraft: EVP Corporate Staff

and various positions within the Generation and

Market business. Norsk Hydro: various mgmt. and

engineering positions

Current board positions: Board member: Agder

Energi. Chair: Skagerak Energi.

Henrik Sætness

Born 1972, Norwegian

Group management since 2020

Position: EVP Corporate Staff

With Statkraft since 2009

Education: MSc Industrial economics, NTNU Trondheim.

Former positions: Statkraft: SVP Corporate Strategy &

Analysis, SVP Strategy & Development Markets. Navita

Systems: EVP Products & Consulting. Norsk Hydro:

various positions within energy Trading & Origination.

Current board positions: Chair: FME NTRANS. Board

Member: Eviny, Energi Norge, Oslo Energy Forum.

Jürgen Tzschoppe

Born 1968, German

Group management since 2015

Position: EVP International Power

With Statkraft since 2002

Education: Ph.D. Electrical engineering, RWTH Aachen

Former positions: Statkraft: EVP Market Operations

and IT, SVP Continental Energy. MD Statkraft Markets

GmbH and Knapsack Power GmbH & Co. KG.

Enron: Power Trading Europe Associate.

IAEW Aachen: Chief engineer.

Birgitte Ringstad Vartdal

Born 1977, Norwegian

Group management since 2020

Position: EVP European Wind and Solar

With Statkraft since 2020

Education: MSc Physics and Mathematics NTNU

Trondheim, MSc Financial Mathematics Heriot-Watt,

Scotland.

Former positions: Golden Ocean CEO and CFO,

various positions in the Torvald Klaveness Group and

Norsk Hydro.

Current board positions: Board member: Yara

International ASA. Chair: Mer, Silva Green Fuel, Fosen

Vind.

Report from the Board of Directors

Caring for people is at the core of Statkraft’s company culture and everyone should return home safely from work for the company. The target is no serious injuries, so Statkraft is not satisfied with seven serious injuries in 2021. Strengthening the safety culture and the performance - across the organisation and among subcontractors - is top priority and has high attention throughout the organisation.

The second half of 2021 was challenging for many households and businesses. Severe strains on coal and gas supply chains, combined with an increased global demand for electricity, have led to a significant increase in the electricity prices. This is a reminder that energy markets have become more closely integrated.

The extraordinary high power prices, combined with Statkraft ability to meet the increased demand with a high Norwegian hydropower generation, led to a significant increase in Statkraft’s profit. The underlying EBIT for 2021 was NOK 26.8 billion, while profit before tax ended at NOK 32.7 billion and net profit at NOK 16.1 billion.

Statkraft has a solid financial position to deliver on the growth strategy and invested close to NOK 12 billion in 2021. More than NOK 2 billion of the investments were in Nordic hydropower - the core of Statkraft’s business.

The company’s commitment to sustainability and responsible business practices continues to be a foundation for all activities.

VALUES

The values that shall govern Statkraft’s actions and provide guidance for the employees are:

• Competent. Use knowledge and experience to achieve ambitious goals and to be recognised as a leading player.

• Responsible. Create values, whilst showing respect and care for employees, customers, the environment and society.

• Innovative. Creative thinking, identify opportunities and develop effective solutions.

These core values apply to all employees and others who represent Statkraft.

COVID-19

The main priority throughout the Covid-19 pandemic, and going forward, has been the safety and well-being of Statkraft’s employees and contractors and the Group has taken actions to reduce the spread of the virus in line with advice from national health authorities. Delivering reliable supply of power and heat to society has been the other main priority, and all Statkraft’s facilities have been operating satisfactorily.

The effect of the pandemic has so far been limited on Statkraft’s financial statements and it is not expected that the pandemic will have a significant effect on the groups' operations in the long term. Statkraft’s management is closely monitoring the development of the pandemic and are continuously evaluating the consequences for the Group.

On the non-financial side, the main effect for Statkraft has been extensive use of remote working arrangements and taking measures to ensure the health and safety of those that need to be on-site or at offices around the world.

Additional information about the non-financial implications of the pandemic is presented in the sustainability chapter later in the report.

SUSTAINABILITY

Statkraft aims to be a leading renewables company by 2025. A clear business strategy has been developed to achieve this. One of the enablers of the strategy is the way in which Statkraft operates as a company. This is reflected in the company’s commitment to sustainability and responsible business practices. Through its activities, Statkraft aims to create value for society, the environment and the company.

In 2021, Statkraft has further...