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The Climate Crisis Won't Wait

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The Climate Crisis Won't Wait The climate crisis won’t wait Integrated Sustainability 2020 Integrated Sustain- and Annual Report 2020 WEB Windenergie AG ability and Annual Report W.E.B Group KPIs Financial KPIs 2016 2017 2018 2019 2020 EUR million Revenue 66.3 88.4 85.5 104.2 106.2 Operating profit 16.8 27.5 24.0 32.2 28.6 Financial result −7.3 −8.4 −10.1 −10.4 −8.6 Profit before tax 9.5 19.1 13.8 21.8 20.0 Profit after tax 6.6 15.9 10.6 16.5 15.5 Earnings per share (EUR) 17.1 48.0 27.5 45.9 41.5 Total assets 519.9 510.4 550.2 627.5 610.3 Equity 129.3 124.3 140.7 150.3 150.0 Equity ratio (%) 24.9 24.4 25.6 24.0 24.6 Net cash provided by operating activities 38.6 56.4 50.5 64.1 68.5 Investments 117.9 22.3 70.0 78.5 44.1 Return on equity (%) 5.6 12.5 8.0 11.4 10.3 Electricity generation 2016 2017 2018 2019 2020 MWh Wind power 704,523 991,599 949,253 1,186,684 1,272,488 Solar power 12,534 13,642 19,046 21,833 22,450 Hydropower 7,389 6,177 6,138 6,739 7,196 Total electricity generation 724,446 1,011,418 974,437 1,215,256 1,302,135 Front cover Front Installed capacity 2016 2017 2018 2019 2020 MW as of 12/31 Austria 205.4 207.5 228.4 230.1 230.9 France 63.2 63.2 84.8 84.8 102.8 Germany 96.9 97.7 96.3 99.7 99.7 Canada 21.8 21.8 21.8 39.8 39.8 Italy 6.4 6.4 12.3 32.1 32.1 Czech Republic 9.1 9.1 9.1 9.1 9.1 USA 9.1 9.1 9.1 9.1 9.1 Total generation capacity 411.9 414.9 461.8 504.6 523.5 Power plants 2016 2017 2018 2019 2020 Number as of 12/31 Austria 124 130 137 138 142 Germany 52 53 53 48 48 France 33 33 39 39 44 Canada 20 20 20 25 25 Italy 2 2 4 10 10 Czech Republic 8 8 8 8 8 USA 5 5 5 5 5 Total power plants 244 251 266 273 282 523.5 106.2 504.6 104.2 461.8 88.4 411.9 414.9 85.5 66.3 Installed capacity Revenue MW EUR million 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 16.5 48.0 15.9 15.5 45.9 41.5 10.6 27.5 6.6 17.1 Earnings Profit after tax per share EUR million EUR 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 150.3 150.0 12.5 140.7 129.3 11.4 124.3 10.3 8.0 5.6 Return Equity on equity EUR million % 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 The climate crisis won’t wait 2020 was a good year commercially for W.E.B. Nonetheless, we venture to include the word “crisis” in the title of our Annual Report, because 2020 was also the year a natural event—a virus—fundamentally changed all our lives, just like that, from one day to the next. The fact that, after about a year, we are starting to glimpse an end to the COVID crisis, is thanks to the efforts of many people: everyone doing their part to prevent the spread of infection; the researchers who are developing vaccines and treatments at lightning speed; all those who care for the sick; the politicians who put measures in place even when they’re unpopular, because they make finding solutions to the crisis their top priority; and, last but not least, companies providing products and services to help overcome the crisis. W.E.B implements solutions for phasing out fossil energy sources, providing one essen- tial factor for overcoming the climate crisis. Therefore, in this Annual Report, we invite you to think about ways we can escape the threat of global warming. Interview with the W.E.B Management Board: The COVID crisis is an opportunity to phase out fossil fuels 06 Interview with Marcus Wadsak, ORF: Renewable energies are the big solution 12 Interview with Angela Köppl, WIFO: Focus on climate policy measures 16 2020 Key performance indicators » EDITORIAL A solid year despite the pandemic, and many opportunities for the future The past year has clearly demonstrated humanity’s capacity to quickly adapt to unforeseen challenges and meet them effectively. After a brief moment of shock at the beginning of the COVID-19 pandemic, safety restrictions and countermea- sures on an unprecedented scale were put into place very quickly, accompanied by a huge scientific effort to research the new virus and develop tests, treatment options, and vaccines. Such a degree of international coordination and cooperation has seldom been seen before. And what applies to the world on a grand scale also applies to W.E.B on a small scale: thanks to the combined efforts of our global team, we have done a good job so far of responding to challenges posed by COVID-19 with steadiness. Last but not least, the many local jobs at W.E.B have proven reliable and dependable, even during the pandemic. All of this strengthens our optimism about the climate crisis. Politicians in many parts of the world have long since committed to the energy transition. Now it is a matter of actually implementing this commitment and following up these words with action. The economic reconstruction after the COVID crisis offers the perfect opportunity to set a course for sustainability in the economy and the energy supply. If we can approach the decarbonization of our society with as much dynamism and resoluteness as we have the fight against COVID, then the solution is already within reach. In any case, W.E.B will do its part and maintain its active commitment to expand- ing renewable power generation and developing innovative models for the energy system of the future. In 2020, we made greater use of project development, both in Austria and in our international markets, expanding our project pipeline to almost 2,000 MW of capacity. We are supported in this by the confidence of our shareholders, and we welcomed more than 250 new people to our circle of owners. This is evidence of a global trend towards sustainable investment that will continue to provide a strong impetus for the path to a sustainable future. Frank Dumeier Michael Trcka Chairman of the Management Board Chief Financial Officer Contents 2020 OVERVIEW PROJECTS & IN REVIEW OF W.E.B ACHIEVEMENTS 04 20 28 2020 in review Overview of W.E.B Projects & achievements 2020 at a glance 04 W.E.B at a glance 20 Project development 28 Interview with the W.E.B’s strategy 22 Power plant operations 32 Management Board 06 Profile of W.E.B 24 Electricity marketing 36 Interview with Community participation 40 Marcus Wadsak 12 Interview with Angela Köppl 16 WEB Windenergie AG Annual Report 2020 Annual Report AG WEB Windenergie 2 STAKEHOLDERS & GROUP CONSOLIDATED GOVERNANCE MANAGEMENT FINANCIAL REPORT STATEMENTS 44 70 96 Stakeholders & governance Group management Consolidated financial report for the fiscal year statements Sustainability 44 2020 Employees 46 Consolidated income statement 96 Investor relations 50 Consolidated statement of comprehensive income 97 Governing bodies of the Company 56 Consolidated statement of financial position 98 Corporate governance 58 Consolidated statement of Report of the cash flows 100 Supervisory Board 62 Consolidated statement of changes in equity 102 Notes to the consolidated financial statements 104 Auditor’s report 160 Separate financial statements WEB Windenergie AG income statement 166 WEB Windenergie AG balance sheet 168 3 2020 at a glance REVENUE INCREASE IN CAPACITY over EUR106 million 20 MW newly installed capacity CONSOLIDATED PROFIT EUR15.5 million 1 wind farm 5 solar projects ELECTRICITY GENERATION years Michelbach TWh 25 1.3 The first W.E.B turbine highest ever in W.E.B’s history celebrated its anniversary and continues to turn In 2020 ... ... we demonstrated stability in challenging times. 2020 turned out very different from what we had all expected. But despite novel circumstances and many challenges, some things stayed the same: W.E.B supplied wind and solar power and continued on its sustainable course even in 2020. In France, the completion of the Tortefontaine wind farm coincided with the early days of the COVID-19 pandemic; despite a brief construction freeze, the five turbines began operating after less than a year of construction. In Austria, five solar projects were connected to the grid. We have taken this year as an opportunity for intensive preparation for 2021, since it will definitely be one of construction: we have both national and international projects, with capacity totaling more than 150 MW, ready to go. WEB Windenergie AG Annual Report 2020 Annual Report AG WEB Windenergie 4 2020 in review Overview of W.E.B Projects & achievements Stakeholders & governance W.E.B office in Graz +19 % increase in the FOR THE 4TH TIME IN A ROW annual average price Driver of the of the share Electricity Future Over in the Austrian Green Energy Ranking 250 new shareholders Over 750,000 kilometers first virtual driven in electrical vehicles Annual General Meeting In 2020 ... ... together we took a big step towards a sustainable future.
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