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SSE PLC ANNUAL REPORT 2020

SSE PLC. ANNUAL REPORT . 2020. ABOUT THIS REPORT . SSE plc is a UK-listed energy company and this ANNUAL REPORT 2020 comprises a Strategic REPORT , a Directors' REPORT and Financial Statements for the year ended 31 March 2020. In so far as possible, it also seeks to address trends and factors that could affect the future development, performance and position of SSE's businesses. This includes taking account of events between 31 March 2020 and 16 June 2020, the date on which the Board of Directors approved this REPORT . That period was dominated by the coronavirus emergency and the Board recognised on 16 June that it was difficult to forecast with accuracy the full extent of the pandemic's human, social, economic and business impact.

Annual Report 2020 comprises a Strategic Report, a Directors’ Report and Financial Statements for the year ended 31 March 2020. In so far as possible, ... Ireland €650m Alternative Performance Measures SSE assesses the performance of the Group using a variety of performance measures. These measures are

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Transcription of SSE PLC ANNUAL REPORT 2020

1 SSE PLC. ANNUAL REPORT . 2020. ABOUT THIS REPORT . SSE plc is a UK-listed energy company and this ANNUAL REPORT 2020 comprises a Strategic REPORT , a Directors' REPORT and Financial Statements for the year ended 31 March 2020. In so far as possible, it also seeks to address trends and factors that could affect the future development, performance and position of SSE's businesses. This includes taking account of events between 31 March 2020 and 16 June 2020, the date on which the Board of Directors approved this REPORT . That period was dominated by the coronavirus emergency and the Board recognised on 16 June that it was difficult to forecast with accuracy the full extent of the pandemic's human, social, economic and business impact.

2 AT A G L A N C E. Operating profit Earnings per share Sale of SSE Energy Adjusted Adjusted Services page 17. SSE completed the sale of its GB. household energy supply business. 1, Reported Reported Progress in offshore wind page 19. SSE was successful in UK auctions for offshore wind capacity contracts. Dividend EBITDA. Recommended full-year dividend Adjusted A commitment to decarbonisation page 21 80p 2, SSE adopted a new target to cut carbon intensity of electricity by 60% by 2030. Alternative Performance Measures Economic contribution SSE assesses the performance of the Group using a UK variety of performance measures. These measures are not all defined under IFRS and are therefore termed non-GAAP measures.

3 A reconciliation from these non-GAAP measures to the nearest prepared measure ireland in accordance with IFRS is presented on pages 164. to 169 . The alternative performance measures SSE. 650m uses might not be directly comparable with similarly titled measures used by other companies. The SSE plc ANNUAL REPORT 2020 is complemented by SSE's Sustainability REPORT 2020 and Risk REPORT 2020, which can be found online at . online at in other SSE publications within another section of this REPORT Strategic REPORT Chair's introduction and s172 statement 4. Our business explained 6. Chief Executive's view 10. Our stakeholders 12. Strategy in action 16. Sector review 24.

4 Risk-informed decision making 28. Principal risks and uncertainties 31. Meteorological impact 37. Key Performance Indicators 38. Financial review 40. Operating review 56. Core businesses 58. Complementary businesses 68. A sustainable approach 74. Directors' REPORT Chair's introduction to the Directors' REPORT 88. Compliance with the UK Corporate Governance Code 2018 89. Board of Directors 90. Corporate governance 94. Nomination Committee REPORT 114. Audit Committee REPORT 120. Energy Markets Risk Committee REPORT 130. Safety, Health and Environment Advisory Committee REPORT 132. Remuneration Committee Chair's statement 136. Remuneration at a glance 138.

5 Non-Financial Information statement ANNUAL REPORT on remuneration . Directors' Remuneration Policy summary . 140. 154. SSE welcomes focus from regulators, shareholders and other stakeholders on its non- Other statutory information 158. financial performance and recognises that the non-financial reporting requirements of the Companies Act 2006 necessitates transparent disclosure of non-financial information. Statement of Directors' responsibilities 161. SSE seeks to disclose information in an open and accessible manner. The table below signals where detailed disclosure on non-financial information can be found within SSE's ANNUAL REPORT 2020, in addition to the non-financial information embedded throughout Financial Statements the document.

6 Further disclosure can also be found in SSE's Sustainability REPORT 2020 . Alternative Performance Measures 164. Consolidated income statement 171. Reporting requirement and Relevant Group Relevant Group Policy embedding, due Consolidated statement of SSE's material areas of impact Principal Risks, Policies on diligence, outcomes and comprehensive income 172. pages 28 to 36 key performance indicators Consolidated balance sheet 173. Environmental matters Climate Change Group Climate Aligning business and social Managing climate- Change Policy objectives, pages 74 and 75 Consolidated statement of changes in equity 174. Safety and the related issues Environment Group Taking climate action, Consolidated cash flow statement 175.

7 Delivering net zero Environment pages 82 to 85 . Wider environmental Notes to the consolidated Policy Safety, Health and Environment performance financial statements 176. Advisory Committee REPORT , pages 132 to 135 Accompanying information 240. Company balance sheet 272. Employees People and Group Aligning business and social Company statement of changes in equity 273. Health and Safety Culture Employment objectives, pages 74 and 75 . Training and learning Safety and the Policy Committing to decent work, Notes to the Company financial statements 274. Inclusion and diversity Environment Group Safety and pages 78 to 81 . Reward Independent Auditor's REPORT 285.

8 Health Policy Employee voice Consolidated segmental statement 300. Culture and ethics Support during the Shareholder information 308. coronavirus crisis Social matters People and Group Aligning business and social Contributing to Culture Sustainability objectives, pages 74 and 75 . the economy Speed of Change Policy Fulfilling SSE's social contract, Responsible Group Taxation pages 76 and 77 . approach to tax Energy Affordability Policy Sharing value with communities Group Advocating for a Procurement just transition in Policy the green recovery Human rights, anti-corruption People and Group Human Aligning business and social and anti-bribery Culture Rights Policy objectives, pages 74 and 75.

9 Reinforcing an ethical Large Capital Group Culture and ethics, page 81 Front Cover SSE PLC ANNUAL REPORT 2020 For a better world of energy business culture Projects Quality Corruption and SSE PLC. ANNUAL REPORT Completion of Beatrice wind Prevention of financial crime Financial Crime 2020. farm, off the Caithness coast, and corruption Prevention Policy Approach to human rights in May 2019 confirmed SSE's and modern slavery Group capability as a developer Whistleblowing and operator of world-class Policy renewables assets. SSE plc ANNUAL REPORT 2020 1. STRATEGIC REPORT . FOR A BETTER. WORLD OF. ENERGY. SSE is an energy company that operates and invests across the UK and ireland .

10 Its purpose is to provide energy needed today while building a better world of energy for tomorrow;. its vision is to be a leading energy company in a net-zero world;. and its strategy is to create value for shareholders and society in a sustainable way through the successful development, efficient operation and responsible ownership of energy infrastructure and businesses. The following Strategic REPORT sets this out in more detail. Strategic REPORT Chair's introduction and s172 statement 4. Our business explained 6. Chief Executive's view 10. Our stakeholders 12. Strategy in action 16. Sector review 24. Risk-informed decision making 28. Principal risks and uncertainties 31.


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