ANNUAL REPORT - HSE

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Table
of contents
1 INTRODUCTION 10
1.1 OPERATING HIGHLIGHTS OF THE COMPANY AND THE HSE GROUP IN 2008 15
1.2 LETTER FROM THE MANAGEMENT 20
1.3 REPORT OF THE SUPERVISORY BOARD 22
1.4 CHRONOLOGY OF MAJOR EVENTS IN THE HSE GROUP IN 2008 25
ANNUAL REPORT HSE | TABLE OF CONTENTS
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2 BUSINESS REPORT 30
2.1 THE CONTROLLING COMPANY 30
2.1.1 Profile of the controlling company 30
2.1.2 Organisational structure of the controlling company 32
2.1.3 Management of the controlling company 33
2.1.4 Corporate governance statement 34
2.2 PROFILE OF THE HSE GROUP 36
2.2.1 Management of the HSE Group 41
2.3 BUSINESS POLICY OF THE HSE GROUP 44
2.4 STRATEGIC ORIENTATIONS OF THE HSE GROUP 45
2.5 QUALITY MANAGEMENT SYSTEM POLICY 45
2.5.1 Achieving objectives regarding quality 46
2.5.2 Achieving environment management objectives 46
2.5.3 Achieving occupational health and safety objectives 46
2.5.4 Achieving information security objectives 46
2.5.5 Certificates obtained by HSE Group production companies 47
2.6 MARKET POSITION 48
2.6.1 Characteristics of the economic environment in 2008 48
2.6.2 Market environment of the electricity industry 49
2.6.3 Situation on electricity markets in 2008 50
2.7 SALES AND CUSTOMERS 53
2.7.1 Electricity 53
2.7.2 Other activities 54
2.8 PURCHASING AND SUPPLIERS 55
2.8.1 Electricity 55
2.9 INVESTMENTS 58
2.10 INFORMATICS 64
2.11 FINANCIAL OPERATIONS 64
2.11.1 The controlling company’s ratios 70
2.11.2 The HSE Group’s ratios 73
2.12 RISK MANAGEMENT 77
2.13 EXTERNAL COMMUNICATION 81
2.14 RESEARCH AND DEVELOPMENT 81
2.15 PLANS FOR THE FUTURE 83
2.16 IMPORTANT EVENTS AFTER THE END OF THE PERIOD 85