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MEETING the CHALLENGE Annual Report 2020 HOW WE MET the CHALLENGE in 2020

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MEETING the CHALLENGE Annual Report 2020 HOW WE MET the CHALLENGE in 2020 MEETING THE CHALLENGE Annual Report 2020 HOW WE MET THE CHALLENGE IN 2020 19 22 Armenia – Demonstrating resilience Rwanda – Providing vital support 40 49 54 Togo – Focusing on the Peru – Performing in a Senegal – Working with our health of our teams challenging lockdown communities 61 73 Brazil – Focusing on the people around us Spain – Embracing continuous improvement Strategic Report HOW WE MET THE ENERGY FOR LIFE ContourGlobal develops, acquires, owns and operates power generation CHALLENGE IN 2020 assets around the world, producing reliable energy responsibly. Governance ContourGlobal operates 105 thermal and renewable power generation assets in 18 countries across Europe, Latin America and Africa, with a total installed capacity of over 4.8 GW. A recent North American acquisition in early 2021 expanded our operations to 117 power plants, over 20 countries, totalling 6.3 GW installed capacity. Financial Statements We create additional value through best-in-class operations both in our existing portfolio and in the new assets we develop or acquire. Highest health and safety, environmental and social standards are implemented wherever we 19 22 operate. The reliable energy our plants generate has a positive impact – powering towns and cities, Armenia – Demonstrating resilience Rwanda – Providing vital support providing heat and light, and enabling modern life to take place around the clock. As we grow, we invest in improving the places where we live and work. We are proud of the difference we make in the communities and countries in which we operate. 2020 2021 (Q1) 2020 2021 (Q1) 105 117 4,804 6,306 Conventional & innovative Plants further to Megawatts capacity Megawatts capacity further power plants Western Generation to Western Generation Portfolio acquisition Portfolio acquisition Overview 40 Togo: Focusing on the health of our teams 110 Report of the Remuneration Committee 40 49 54 1 Financial and operational highlights Togo – Focusing on the Peru – Performing in a Senegal – Working with our 41 COVID-19 response 113 Remuneration at a glance Strategic report 42 Health and safety 128 Annual Report on Remuneration health of our teams challenging lockdown communities 2 An introduction from our Chairman and CEO 46 Our people 141 Directors’ report 4 2020 Highlights 49 Peru: Performing in a challenging lockdown 145 Statement of Directors’ responsibilities 6 At a glance in respect of the financial statements 50 Environment 8 Where we operate 52 Communities Financial statements 10 Chairman’s statement 146 Independent auditors’ report to 54 Senegal: Working with our communities the members of ContourGlobal plc 12 Business model 55 CFO review 157 Consolidated statement of income 14 CEO review 61 Brazil: Focusing on the people around us and other comprehensive income 19 Armenia: Demonstrating resilience 62 Managing our principal risks 158 Consolidated statement of financial position 20 Market review 73 Spain: Embracing continuous improvement 159 Consolidated statement of changes in equity 22 Rwanda: Providing vital support 160 Consolidated statement of cash flows Governance 23 Engaging with our stakeholders 74 Non-Financial Information Statement 179 Notes to the consolidated financial statements 30 Our KPIs 76 Board of Directors 222 Company balance sheet 32 Our strategy in action 80 Corporate governance report 222 Company statement of changes in equity 34 Business review 61 73 96 Report of the Nomination Committee 223 Notes to the Company financial statements 38 Sustainability Brazil – Focusing on the people around us Spain – Embracing continuous improvement 101 Report of the Audit & Risk Committee 228 Shareholder information 1 An introduction from our Chairman and CEO Joseph C. Brandt, President and Chief Executive Officer ThisThis report tells ContourGlobal’s story off an extraordinary year through the eyes of our people around the world, who faced unprecedented challenges to meet the world’s electricity needs. In this Q&A, we share the perspectives of our Chairman, Craig Huff, and Chief Executive Officer, Joseph Brandt. MEETING THE CHALLENGE OF 2020 the pandemic from early on and the regular reports they Q: WHAT WERE THE BIGGEST CHALLENGES produced kept the Board fully informed throughout. IN 2020 AND HOW DID THE BUSINESS A more recent, specific concern was about whether OVERCOME THEM? management would be able to conduct due diligence on JB: We entered the year with meticulous plans but, of course, our acquisition closed in February 2021 in the United States many of those changed once the pandemic struck. We had and Trinidad & Tobago, with all the limits on travel. However, essential assets to run but, with some economies in total combining video calls with some well-timed plant visits lockdown, being able to continue generating electricity enabled the whole process to run pretty seamlessly. looked pretty challenging in some parts of the world. However, looking back, it feels as though ContourGlobal Finally, it was hard to interact with our stakeholders, investors was designed to cope during a pandemic. We had a and the market in the way we normally would. I am looking culture of working from anywhere; we were technologically forward to doing a lot more of that next year, as soon as sophisticated and connected; we had reliable business conditions permit. continuity plans at all our plants; and we had invested in great people. As a result, we were totally resilient, we met Q: HOW DID THE PANDEMIC CHANGE THE WAY the main objectives we had set for ourselves at the start of YOU MANAGED THE BUSINESS? the year – and we kept the lights on wherever we operated around the globe. JB: We had to close our offices, but the technology we had in place made it easy to switch to remote working. As an CH: Like every Board on the planet, we had to switch to essential service, our plants were able to continue operating, ‘governance by Zoom’. That would have been much harder but with massive changes to our operational and health and had it not been for the social capital we had built up in the safety procedures. To give us a good understanding of the Board – working with the same group of people over the impact of coronavirus on our operations, myself and a small last two years, we all knew each other, making for excellent group of senior management held calls with every single shift group dynamics. On top of that, management got ahead of in every single plant. Through video calls, we were able to see and talk to people at all levels of our business even more 2 ANNUAL REPORT 2020 | CONTOURGLOBAL PLC An introduction from our Chairman and CEO Joseph C. Brandt, Craig A. Huff, President and Chief Executive Officer Chairman Strategic Report than we usually would and, because we had visited plants ThisThis report tells ContourGlobal’s story on many occasions in the past and built good relationships, off an extraordinary year through the it made it easy to have candid conversations about what was going on. In Peru, for example, where the lockdown eyes of our people around the world, was particularly stringent, we were able to get a good insight who faced unprecedented challenges from our Health and Safety Manager, who we knew well, to find out how people were being affected. We then put in Governance to meet the world’s electricity needs. place psychological support to help them cope with the In this Q&A, we share the perspectives isolation and lack of communication they were experiencing. CH: At a macro level, the market was uncertain about our of our Chairman, Craig Huff, and Chief prospects at the beginning of the crisis, but as soon as we Executive Officer, Joseph Brandt. showed we were able to continue operating and paying quarterly dividends, confidence was restored. Financial Statements Q: HOW HAS THE PAST YEAR AFFECTED CONTOURGLOBAL’S VIEWS ON ENVIRONMENTAL SUSTAINABILITY? JB: The increasing emphasis on this around the world vindicates the stance we took before the pandemic, when we committed not to invest in any new coal-fired plants. MEETING THE We see our future in renewable energy and low-carbon thermal production. CH: Our commitment to ESG principles is the same as ever, it is vitally important to the way we do business. In 2020, our CHALLENGE membership in the FTSE4Good Index was renewed and our rating was upgraded, which I feel is a strong endorsement to our approach. OF 2020 Q: HOW HAS 2020 CHANGED YOUR GOALS AND PLANS FOR 2021 AND BEYOND? JB: It has reinforced how important it is to focus on the the pandemic from early on and the regular reports they few things that matter and to be technologically fluent and Q: WHAT WERE THE BIGGEST CHALLENGES produced kept the Board fully informed throughout. IN 2020 AND HOW DID THE BUSINESS agile. So, we’ll concentrate on a relatively small number of A more recent, specific concern was about whether key issues and accelerate our investment in technology to 1,381 OVERCOME THEM? management would be able to conduct due diligence on remain nimble. Employees engaged and motivated JB: We entered the year with meticulous plans but, of course, our acquisition closed in February 2021 in the United States to reach their full potential CH: We will use hybrid methods for future engagement, travel many of those changed once the pandemic struck. We had and Trinidad & Tobago, with all the limits on travel. However, less and be more efficient. We’ve learned that more routine essential assets to run but, with some economies in total combining video calls with some well-timed plant visits matters can be executed by video, just as well as in person. lockdown, being able to continue generating electricity enabled the whole process to run pretty seamlessly. But getting closer to our employees, meeting our local teams looked pretty challenging in some parts of the world.
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