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2019 Annual Report ANNUAL REPORT 2019 ANNUAL REPORT 2019 - -, ... 2019 ANNUAL REPORT 2019 - -, ... 2019 GEN-I ANNUAL REPORT 2019 4 Table of Contents TABLE OF CONTENTS 1. OPERATING HIGHLIGHTS OF THE GEN-I GROUP IN 2019 7 2. MESSAGE FROM THE PRESIDENT OF THE MANAGEMENT BOARD 11 BUSINESS REPORT 12 3. BUSINESS REPORT 14 3.1. Presentation of the GEN-I Group 14 3.2. Corporate governance statement 16 3.3. Strategic policies 22 3.4. Overview of significant events 27 3.5. Analysis of operations 28 3.6. Events after the end of the reporting period 32 3.7. Business activities of the GEN-I Group 34 3.8. Risk management 47 4. SUSTAINABLE DEVELOPMENT 51 CONSOLIDATED FINANCIAL STATEMENTS OF THE GEN-I GROUP 58 5. INTRODUCTION 60 6. CONSOLIDATED FINANCIAL STATEMENTS OF THE GEN-I GROUP FOR 2019 61 6.1. Consolidated statement of financial position of the GEN-I Group at december 31 61 6.2. Consolidated income statement of the GEN-I Group for 2019 and 2018 62 6.3. Consolidated statement of other comprehensive income of the GEN-I Group for 2019 and 2018 62 6.4. Consolidated cash flow statement of the GEN-I Group for 2019 63 6.5. Consolidated statement of changes in equity of the GEN-I Group 64 7. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE GEN-I GROUP FOR 2019 66 7.1. Reporting entity 66 7.2. Basis for compilation 66 7.3. Significant accounting policies 68 7.4. Cash flow statement 79 7.5. Overview of all subsidiaries in the GEN-I Group 80 7.6. Notes to the financial statements 80 7.7. Financial instruments – fair value in risk management 99 8. EVENTS AFTER THE REPORTING PERIOD 108 9. STATEMENT BY THE MANAGEMENT BOARD 109 10. CERTIFIED AUDITOR’S REPORT 110 11. LIST OF DISCLOSURES 114 GEN-I ANNUAL REPORT 2019 5 Table of Contents CONSOLIDATED FINANCIAL STATEMENT OF GEN-I, D.O.O. 117 12. SEPARATE FINANCIAL STATEMENTS OF GEN-I, D.O.O. FOR 2019 118 12.1. Separate financial statements of GEN-I, d.o.o. for 2019 118 12.2. Separate income statement of GEN-I, d.o.o. for 2019 119 12.3. Separate statement of other comprehensive income of GEN-I, d.o.o. for 2019 119 12.4. Separate cash flow statement of GEN-I, d.o.o. for 2019 120 12.5. Separate statement of changes in equity of GEN-I, d.o.o. 121 13. NOTES TO THE SEPARATE FINANCIAL STATEMENTS OF GEN-I, D.O.O. FOR 2019 123 13.1. Reporting entity 123 13.2. Basis for compilation 123 13.3. Significant accounting policies 125 13.4. Cash flow statement 135 13.5. Notes to the financial statements 136 13.6. Financial instruments – fair value in risk management 156 14. EVENTS AFTER THE REPORTING PERIOD 166 15. STATEMENT BY THE MANAGEMENT BOARD 167 16. CERTIFIED AUDITOR’S REPORT 168 17. LIST OF DISCLOSURES 172 GEN-I ANNUAL REPORT 2019 7 Key Indicators for the Group 1. OPERATING HIGHLIGHTS OF THE GEN-I GROUP IN 2019 amounts in eur 2019 2018 index 2017 2016 2015 items 2019/2018 operating results Revenues 2,203,588,646 2,357,715,456 93.5 2,370,030,061 1,582,148,485 1,731,202,568 Change in value of inventories 105,496 337,458 31.3 183,770 0 0 Historical cost of goods sold –2,168,762,703 –2,292,741,493 94.6 –2,322,178,734 –1,562,830,947 –1,705,903,428 Other recurring operating 23,104,074 –10,663,114 - 11,367,755 0 0 revenues or expenses Gross operating profit1 58,035,514 54,648,307 106.2 59,402,851 19,317,538 25,299,140 Earnings before interest, taxes, 22,964,637 20,414,366 112.5 24,937,979 12,205,436 12,552,663 depreciation and amortization (EBITDA)2 Earnings before interest and taxes 19,800,655 16,279,578 121.6 19,753,825 10,299,118 10,960,799 (EBIT) Net operating profit 16,039,883 13,246,670 121.1 15,590,619 8,507,326 9,061,849 after tax (NOPAT) Net profit 15,282,822 12,908,860 118.4 13,463,405 7,313,188 7,028,423 financial position Total assets 261,401,237 279,084,911 93.7 277,727,818 254,066,360 253,365,959 Equity 94,830,214 83,192,918 114.0 75,316,700 65,885,154 62,629,412 Inventories 1,502,344 749,083 200.6 357,986 0 0 Current receivables 159,128,131 188,748,973 84.3 201,401,139 183,073,781 223,269,469 Current liabilities 91,656,144 119,216,914 76.9 135,398,050 132,683,489 163,278,875 Cash and cash equivalents 62,095,182 60,094,389 103.3 49,886,492 47,143,359 21,198,123 Working capital (inventories 68,974,331 70,281,142 98.1 66,361,075 50,390,292 59,990,594 + current receivables - current liabilities) Non-current financial liabilities 41,998,033 45,115,248 93.1 32,662,782 24,410,558 5,798,740 Current financial liabilities 31,701,568 30,717,892 103.2 33,653,321 30,224,044 21,324,575 Financial debt 73,699,600 75,833,140 97.2 66,316,103 54,634,602 27,123,315 Net financial debt 11,604,419 15,738,750 73.7 16,429,612 7,491,243 5,925,192 debt, leverage and coverage ratios Equity/(financial debt + equity) 56.3% 52.3% 107.6 53.2% 54.7% 69.8% Equity/total assets 36.3% 29.8% 121.7 27.1% 25.9% 24.7% EBITDA/interest expense 11.9 12.8 92.9 15.0 14.3 10.1 Net financial debt/EBITDA3 0.5 0.8 65.5 0.7 0.6 0.5 profitability indicators Gross margin4 2.63% 2.32% 113.6 2.51% 1.22% 1.46% EBITDA margin 1.04% 0.87% 120.4 1.05% 0.77% 0.73% EBIT margin 0.90% 0.69% 130.1 0.83% 0.65% 0.63% ROA (net profit/average 5.66% 4.64% 122.0 5.06% 2.88% 2.78% total assets) ROE (net profit/average equity) 17.17% 16.29% 105.4 19.07% 11.38% 11.57% 1 Gross operating profit = difference between revenues and costs of sales. 2 EBITDA = earnings before interest, taxes, depreciation and amortization + impairments and write-offs. 3 Net financial debt/EBITDA = (non-current and current financial liabilities – cash and cash equivalents)/EBITDA 4 Difference between revenues and costs of sales/sales revenue. GEN-I ANNUAL REPORT 2019 8 Key Indicators for the Group 0.5x 2019 17.17% 2019 0.8x 15.28 94.83 2018 16.29% +18.4% +14.0% 2018 A record net profit shows that Capital adequacy and thus the the GEN-I Group enjoyed one security of operations have of its most commercially reached their highest levels to successful years ever. date. We expect total equity to exceed EUR 100 million in 2020. 83.4 TWh 2019 94,830,214 € 2019 78.1 TWh 2018 83,192,918 € 2018 15,282,822 € 2019 17.17% 83.4 TWh 0.5x 12,908,860 € 2018 +5.4% +6.7% –34.5% Despite significant growth in A record year in terms of quanti- Expansion and growth in equity, return-on-equity remains ties of electricity and natural gas operations, without additional above 16% for the third year in a sold on the basis of concluded borrowing. Extremely high row on account of a moderate forward contracts and contracts potential for investments. dividend policy. with physical delivery. GEN-I ANNUAL REPORT 2019 9 Key Indicators for the Group 0.5x 2019 17.17% 2019 0.8x 15.28 94.83 2018 16.29% +18.4% +14.0% 2018 A record net profit shows that Capital adequacy and thus the the GEN-I Group enjoyed one security of operations have of its most commercially reached their highest levels to successful years ever. date. We expect total equity to exceed EUR 100 million in 2020. 83.4 TWh 2019 94,830,214 € 2019 78.1 TWh 2018 83,192,918 € 2018 15,282,822 € 2019 17.17% 83.4 TWh 0.5x 12,908,860 € 2018 +5.4% +6.7% –34.5% Despite significant growth in A record year in terms of quanti- Expansion and growth in equity, return-on-equity remains ties of electricity and natural gas operations, without additional above 16% for the third year in a sold on the basis of concluded borrowing. Extremely high row on account of a moderate forward contracts and contracts potential for investments. dividend policy. with physical delivery. GEN-I ANNUAL REPORT 2019 10 Business Report GEN-I ANNUAL REPORT 2019 11 Message from the President of the Management Board 2. MESSAGE FROM THE PRESIDENT OF THE MANAGEMENT BOARD Dear Business Partners, Owners and Employees, to be competitive on the international energy market over the Another successful year is behind us. For the third consecutive long term. Our aim is to create a green energy multinational year, the GEN-I Group generated more than EUR 2.2 billion in based in Slovenia. revenues, while its net profit exceeded EUR 15 million for the first time in its history. We sold a record 83.4 terawatt hours To that end, the GEN-I Group will completely transform of electricity and further improved our financial position in the itself commercially, capitally and financially, and in terms of context of growth in the scope of operations, cash flow and ownership.
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