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Relatorio ENG 2011.Indd Grupo ’Consolidated Annual Report11 & Accounts www.iberwind.pt Contents 02 Report of the Board of Directors 05 Chairman’s Statement 06 General Background 06 Macroeconomic 08 Regulatory 09 Sector and Market 16 Activity Background 16 Changes to Shareholder Structure 17 Branch Offices 17 Business Between the Companies and their Managers or Directors 17 Organisational Chart 18 Consolidation Perimeter 19 Business Units 23 Human Resources 24 Analysis of Business Activity 24 Performance Indicators 26 Main Actions 28 Operational and Financial Analysis 34 Relevant Events After the End of the Financial Year and Future Prospects 34 Application of Annual Results 36 Financial Statements and Notes 86 Audit Report Report of the Board of Directors 04 Report of the Board of Directors Chairman’s Statement General Background Activity Background Analysis of Business Activity 05 Chairman’s Statement In 2011 Iberwind developed its activity of producing electricity from wind sources maintaining a high performance level. Iberwind’s team of 64 professionals (operations, maintenance management and administration of operations) and portfolio of 31 wind farms totalling 684 MW, geographically distributed over the country’s best locations, produced 1.55 TWh, with an average wind generator availability of 97.4%. This production was generated from 2,281 equivalent hours of wind, calculated on the installed capacity, which represents a decline of 8.7% of the average resource availability in the previous two years. In fact, wind availability was below normal, especially in the last quarter, thus jeopardising production in the year. It should also be noted that Iberwind developed and completed the reconstruction of the Lagoa Funda Wind Farm in August 2011, as planned, carrying out its repowering and overpowering in accordance with Decree Law No. 51/2010, of May 20. Thus, 20 old generators of 500 kW power were removed and replaced by 6 modern wind generators of 2 MW, increasing the wind farm’s power by 20% and its production by 50%. It was the first operation of this type in Portugal and Iberwind is currently selecting and licensing a series of repowering and/or overpowering operations that will allow it to increase the productivity of its operations and investment. We believe we are a company that the country can be proud of in the worldwide renewable energy sector. João Talone 06 Report of the Board of Directors Dear Shareholders, Pursuant to Article 65 of the Portuguese Companies’ Code and the Articles of Association, we hereby submit for your appraisal the Management Report, Consolidated Balance Sheet and Accounts for the 2011 financial year. General Background Macroeconomic 2011 was marked by the widespread tendency of worsening economic conditions in the world’s major economies. Although world economic growth may have been close to 3.5%, this growth was relatively asymmetrical. The Gross Domestic Product (GDP) of the USA grew 1.7%, in frank deceleration compared with growth of 3% in 2010. Economic activity in Japan was heavily affected by the devastating consequences of the massive earthquake of March 2011. In Europe, 2011 was dominated by the worsening sovereign debt crisis of the Euro Area. In addition to all the concerns regarding the problems in Greece, the contagion to not only other peripheral economies but also extending to economies of central Europe, was evident. Financial instability took hold of the Euro Area. Economic growth was weak, standing at around 1.5%, slowing down from the 1.9% growth rate of the previous year. This figure was built on 3% growth recorded in Germany, much more moderate growth in most states of the Euro Area and even negative variations, such as the rates in Greece and Portugal. The slowdown of economic growth in the Euro Area in 2011 was essentially due to the heavy fiscal consolidation in several of its Member States and also a sharp drop in private consumption, mainly due to an alarming rise in unemployment, which increased to 10.4% of the active population of the Euro Area. Exports also slowed down reflecting the slowdown in external demand. Chairman’s Statement General Background Activity Background Analysis of Business Activity 07 Emerging economies such as China, India and Brazil, continued to record quite attractive rates of growth, although they too underwent a slight deceleration in economic activity in the second half of 2011. Nonetheless, we are still referring to growth rates of around 9% for China, 8% in India and 3% in Brazil. These are countries that decisively contribute to world economic growth remaining at around 3.5%. In Portugal, 2011 was marked by the spread of the sovereign debt crisis in Europe and the implementation of a very demanding financial adjustment programme. This programme, agreed with the International Monetary Fund (IMF), European Commission (EC) and European Central Bank (ECB), began implementation in May 2011. It comprises the funding of seventy-eight billion euros for the Portuguese economy, and two positive evaluations have already been undertaken by the funding entities. As a result of this programme, the general government deficit, taking into account some extraordinary measures, decreased from 9.8% of GDP in 2010 to around 4%. Major structural reforms in the labour market, the property rental market and the transport sector were undertaken and an ambitious privatization plan is also envisaged, which began in 2011. The fiscal consolidation measures have significantly contributed to the decline of domestic demand, with public and private consumption decreasing by approximately 3%, and investment by about 11%. Unemployment was also affected in 2011, ended the year at above 12% of the active population. Exports, on the contrary, continued to grow at a very interesting rate, in the region of 7%, despite all the global difficulties, with an increasing share of exports to non-European countries. This increase in exports eased the negative GDP growth, which stood at 1.6% in 2011. 08 Report of the Board of Directors Regulatory The public accounts adjustment program initiated by the new PSD-CDS coalition government provides for the review and reassessment of a large part of the investment trajectories that were being forecast in the recent past, with special emphasis on major public works and public-private partnerships. National electricity consumption in 2011 decreased by 3.2%, as domestic consumption shrank owing to the austerity measures that were being implemented since 2010 by the previous and the current government. This trend is expected to continue for the foreseeable future. In parallel, electricity generation from renewable sources in Portugal, since 2010, has achieved a steady rate above 50% of consumption. Around 55% of electricity generation Sra. da Vitória by renewable means is from hydropower, 35% from wind energy and 10% from remaining sources (mainly biomass and photovoltaic). The Government Programme, given this framework and in line with the memorandum of understanding signed in May 2011, indicated the need to consider and review the legal framework for new special regime electricity generation projects, particularly those using renewable endogenous resources and combined heat and electricity technology. Accordingly, in February 2012 the Government decided to temporarily suspend the award of new licences for such projects. This situation is expected to remain unchanged for the duration of the adjustment program currently undergoing implementation. Chairman’s Statement General Background Activity Background Analysis of Business Activity 09 Sector and Market In 2011, over 45 GW of power were installed in electricity generating units in the countries of the European Union (EU), 9.6 GW of which refer to wind power. The new installed capacity in wind energy in 2011 was similar to that of 2010 and represents 21% of power plants built in the year concerned. It should also be noted that in the EU countries in 2011, the nuclear and fuel and oil segments recorded a negative balance when the new installed power and decommissioned power are considered. The following chart shows the new installed capacity and decommissioned capacity by generation technology. Installed and Decommissioned Capacity (MW) in EU in 2011 Source: EWEA New Installed Capacity Decommissioned Capacity 21,000 9,718 9,616 2,147 690 700 606 472 331 234 32 9 5 0 0 0 0 0 0 -216 -22 -60 -934 -840 -1,147 -6,253 Photovoltaic Natural Gas Wind Coal Fuel and Oil Hydro Solar Energy Nuclear Biomass Waste Geothermal Small Hydro Waves 10 Report of the Board of Directors Renewable energy accounted for the installation of 32 GW in the EU in 2011, approximately 71.3% of new installed capacity. In absolute terms the increase was the largest ever, and it was 37.7% higher than 2010. Breakdown of Technology used in new Installed Capacity in EU in 2011 Source: EWEA Fuel and Oil 1.6% Waves 0.0% Natural Gas 21.6% Wind 21.4% Coal 4.8% Small Hydro 0.0% Nuclear 0.7% Geothermal 0.1% Solar Energy 1.1% Hydro 1.3% Waste 0.2% Biomass 0.5% Photovoltaic 46.7% The annual installation of wind power in the European Community has steadily grown over the last seventeen years. Average annual growth over this period has been 15.6%, taking as references the 0.8 GW installed in 1995 and 9.6 GW in 2011. Germany was the country that grew most in terms of installed wind power in 2011, followed by Spain, France, Italy and the UK. Chairman’s Statement General Background Activity Background Analysis of Business Activity 11 Wind Power in GW Annually Installed
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