2019 ANNUAL REPORT Aaventronventron an 2019NUA ANNUALL REPORT REPORT2019
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2019 ANNUAL REPORT aaventronventron AN 2019NUA ANNUALL REPORT REPORT2019 aventron ANNUAL REPORT 2019 201 9 FIGURES 2019 FIGURES Wind power plants Solar power plants Hydro power plants Number of Number of Number of Wind power plants Solar power plants Hydro power plants Number of 2019 Number of 2019 Number of 2019 2019 2019 2019 21 114 41 221018 1120418 421018 2018 2018 2018 20 109 38 20 109 38 Net revenue EBIT Profit in CHF million in CHF million in CHF million Net revenue EBIT Profit in CHF million 2019 in CHF million 2019 in CHF million 2019 2019 2019 2019 102,5 32,4 13,0 102,25018 32,24018 13,2018 2018 2018 2018 91,8 28,2 10,2 91,8 28,2 10,2 Balance sheet Equity ratio Electricity production total in CHF million in % of total capital in kWh million Balance sheet Equity ratio Electricity production total in CHF million 2019 in % of total capital 2019 in kWh million 2019 2019 2019 2019 744 30 903,6 7424018 32018 903,26018 2018 2018 2018 749 31 785,8 749 31 785,8 Cash flow from investment Number of Number of fully consolidated activities in CHF million employees companies Cash flow from investment Number of Number of fully consolidated activities in CHF million 2019 employees 2019 companies 2019 2019 2019 2019 -50,2 27 88 2018 2018 2018 27 88 -50,2 2018 2018 2018 -14,7 24 85 -14,7 24 85 Titel image: 1-MW hydro power plant, Laskbekken, Norway Titel image: 1-MW hydro power plant, Laskbekken, Norway 2 2 2 FROM THE POLAR CIRCLE TO SICILY INSTALLED CAPACITY (As at 31 December 2019, 100% basis) SWITZERLAND 4.0 MW 36.8 MW GERMANY 75.8 MW ITALY 1.7 MW 36.3 MW 18.0 MW NORWAY 63.4 MW 6.4 MW FRANCE 46.5 MW 27.9 MW 60.3 MW SPAIN 56.8 MW 112.0 MW Total 545.9 MW Hydro power plants Solar power plants Wind power stations 3 aventron 2019 2019 ANNUAL ANNUAL REPORT REPORT aventron 2019 ANNUAL REPORT ABOUT AVENTRON aventron AG, based in Basel-Münchenstein, Switzerland, is a and balanced portfolio of renewable energies with a total producer of electricity from renewable energy sources. It owns installed capacity of 600 MW (as at 31 December 2019: hydro, wind and solar power plants in six European countries. 546 MW). aventron offers an attractive opportunity for The company acquires majority interests in power plants that investment in the European energy infrastructure for investors are ready for development or construction, or which are already with a long-term orientation. aventron shareholders participate in place, and operates these. Extensive industry experience and in the growth in enterprise value through annual dividend a network of strategic partners guarantee the project pipeline. payments (2011: CHF 0.05 to 2019: CHF 0.25 per share) Typical acquisition projects involve power plants with a capacity which are largely secured by cash flows from feed-in tariffs. of 200 kW to 50 MW. The company plans to develop a diversified Investor relations contact Antoine Millioud, CEO Email: [email protected] Tel.: +41 61 415 40 10 www.aventron.com Head office aventron AG, Weidenstrasse 27, CH-4142 Münchenstein 1, Switzerland Tel.: +41 61 415 40 10, Fax +41 61 415 46 46 Email: [email protected] Basic share information Type of share: Registered share with a nominal value of CHF 1 ISIN CH0023777235 Share capital (CHF): 43‘728‘575,00 Number of shares: 43‘728‘575 Financial calendar 25 Mar. 2020 Publication of the 2019 annual results 16 Apr. 2020 General meeting for the 2019 financial year German version prevails. Engish translation provided for convenience. 4 4 CONTENTS 2019 figures 2 2019 figures 2 From the polar circle to Sicily 3 From the polar circle to Sicily 3 About aventron 4 About aventron 4 Management report Management report Foreword by the Chairman of the Board an the CEO 6 Foreword by the Chairman of the Board an the CEO 6 Vision, mission, strategy 7 Vision, mission, strategy 7 Key events in 2019 8 Key events in 2019 8 Business trends/production 2019 9 Business trends/production 2019 9 Financial overview 10 Financial overview 10 Asset management 2019 11 Asset management 2019 11 National organisations and key subsidiaries 12 National organisations and key subsidiaries 12 Sustainability 13 Sustainability 13 Foundation and shareholder base 14 Foundation and shareholder base 14 Corporate governance and compensation reports Corporate governance and compensation reports Corporate governance 15-18 Corporate governance 15-18 Compensation report 19-20 Compensation report 19-20 Auditor’s report on the compensation report 21 Auditor’s report on the compensation report 21 Financial report Financial report Financial review 22 Financial review 22 Consolidated annual financial statements of aventron Consolidated annual financial statements of aventron Consolidated income statement 23 Consolidated income statement 23 Consolidated balance sheet 24 Consolidated balance sheet 24 Cash flow statement 25 Cash flow statement 25 Statement of changes in equity 26 Statement of changes in equity 26 Notes to the consolidated annual financial statements Notes to the consolidated annual financial statements Consolidation and measurement principles 27-29 Consolidation and measurement principles 27-29 Consolidated income statement 30-33 Consolidated income statement 30-33 Consolidated balance sheet 34-40 Consolidated balance sheet 34-40 Additional information 41-42 Additional information 41-42 Equity interests 43-45 Equity interests 43-45 Auditor’s report on the consolidated financial statements 46-50 Auditor’s report on the consolidated financial statements 46-50 Annual financial statements of aventron Annual financial statements of aventron Income statement 51 Income statement 51 Balance sheet 52 Balance sheet 52 Notes and additional information 53-54 Notes and additional information 53-54 Appropriation of profits 55 Appropriation of profits 55 Auditor’s report on the annual financial statements 56-60 Auditor’s report on the annual financial statements 56-60 5 5 aventron 2019 2019 ANNUAL ANNUAL REPORT REPORT Management report FOREWORD BY THE CHAIRMAN OF THE BOARD AND THE CEO Dear shareholders, valued employees, business partners and friends of aventron, aventron has achieved many milestones in the past year. For To improve the attractiveness of aventron AG for institutional the first time, the Group has realised net revenue from the sale investors, aventron has decided to delist shares. From mid- of energy of over CHF 100 million and this is also with a higher February 2020, the aventron shares will be retraded on the small operating EBIT margin of 31.6 percent. The earnings per share cap platform OTC-X of the Berner Kantonalbank. increased to 29.9 centimes per share, a record high. The portfolio of power plants in operation or in construction achieved the The market is in transition. Large energy suppliers and marker of 500 MW one year earlier than planned. With the infrastructure funds secure rapid development projects and Bargas solar power plant near Toledo, which has a capacity of future power plant sites. aventron is also adjusting to this change 50 MW and is currently under construction, aventron is adding a and is working intensively to develop its own solar and hydro power plant to its portfolio which can be operated competitively power projects. Our team is being increased continuously to without any government subsidies. With these milestones, adequately monitor our growing portfolio. At the start of 2020, aventron reinforces its position as an established, profitable and, 27 people worked directly for aventron AG, all designated experts at the same time, dynamic player in the fast-growing segment in our industry. of renewable electricity production in Europe. In the name of the Executive Board and the Board of Directors, In the past year, our portfolio produced 904 million kilowatt we would like to thank you for your loyalty. We are particularly hours (GWh) of renewable electricity. With an average CO2 proud of our employees. They are the ones who contribute to intensity of 300 tonnes per GWh for the existing Western these good results through the high level of commitment that European power plant park, this means a saving of 270,000 they demonstrate every day. We would therefore like to sincerely tonnes of CO2. This is an important contribution to the thank you all for your valuable work during 2019. decarbonisation of electricity production in Europe. By the end of 2020, aventron will further expand its portfolio of renewable energies to achieve a capacity of 600 MW. It will continue to have a balanced diversification between the three resources of wind, solar, and hydropower in the Dr. Conrad Ammann Antoine Millioud Chairman of the Board of Directors CEO six target countries. aventron would like to continue to grow and envisages an interim goal of 750 MW by 2023. To achieve this, additional financial resources will be invested. 6 Management report Management report VISION, MISSION, STRATEGY aventron AG is a European green power producer with hydro, It is our express objective to generate no more than 40 percent windaventron and AGsolar is apower European plants green in six pow Europeaner producer countries. with Ahydro, targeted ofIt isthe our revenue express in objective any individual to generate country, no whilemore stillthan achieving 40 percent focussedwind and andsolar balanced power plants growth in six strategy European is the countries. foundation A targeted for theof the necessary revenue critical in any sizeindividual overall. country, We aim while to generate still achieving around thefocussed company’s and balanced solid financial growth figu strategyres. The is concrete the foundation milestone for of 10the percent necessary of thecritical revenue size overall.