Annual Report 2020 of ABO Wind AG
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Annual report 2020 25 years of Legal notice Publisher: ABO Wind AG, Unter den Eichen 7, 65195 Wiesbaden, www.abo-wind.com Contact: Alexander Koffka, Press and Public Relations Phone: +49 (0) 611 267 65-515, Fax: +49 (0) 611 267 65-599, [email protected] Layout: Claudia Tollkühn Photos: Gabriele Röhle, Leon Tollkühn, Hervé Morand Printing: PRINT POOL GmbH, Taunusstein, printed on recycled paper with mineral oil-free organic printing inks 2 Table of contents Facts & figures 4 Managing Board’s letter to the shareholders 6 The Supervisory Board’s perspective 8 25 years of ABO Wind The early years 11 | Specialisation 16 | Milestones 18 | Internationalisation 20 | 11 Technologies 22 | Transparency 24 | Partnerships 26 | Employees 28 | Successes 30 | ABO Wind AG group management report 32 Consolidated balance sheet 44 Consolidated profit and loss statement 46 Consolidated statement of changes in equity 47 Consolidated cash flow statement 48 Notes to the consolidated financial statements 49 Material shareholdings 58 ABO Wind AG balance sheet 60 ABO Wind AG profit and loss statement 62 Rödl & Partner completed its audit of the 2020 consolidated financial statements of ABO Wind AG on 15 February 2021 with the issue of an unqualified audit opinion. The complete audit opinion can be found on page 58f. of the German version of the Annual Report. 3 Sale of wind and solar energy projects 1,000 MW Turnkey delivery Sale of rights 800 MW 600 MW 400 MW 200 MW 1996-2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 until March Earnings over time 176,3 169,4 Total output Turnover 150,0 150,0 149,3 149,2 144,6 146,8 EBIT Net profit 126,3 in m€ 122,3 107,6 101,1 97,8 80,2 Ø EBIT growth 15% 25,0 23,9 23,1 22,2 17,0 19,7 14,2 16,5 12,7 11,4 13,1 10,2 7,8 5,3 2014 2015 2016 2017 2018 2019 2020 10,4% 17,7% 19,5% 17,0% 15,4% 15,5% 14,9% EBIT margin (to revenues) 4 Financial figures per share 1,000 MW (in EUR) 2015 2016 2017 2018 2019 2020** 800 MW EBITDA 2.63 4.50 4.94 4.24 3.58 3.77 Net profit 1.02 2.16 2.22 1.67 1.48 1.42 600 MW 0.30 Dividend 0.25 0.40 0.42 0.42 0.45 0.20* 400 MW Book value (as of 31.12.) 6.8 8.7 10.4 11.64 12.83 15.20 Share price (as of 31.12.) 6.9 7.4 12.0 13.80 17.30 46.40 200 MW Price-earnings ratio 6.8 3.4 5.4 8.3 11.7 32.7 *Additional anniversary dividend ** Due to capital increases, the number of shares has increased by 1.15 million (around 14%) in 2020, which has had an impact on the key figures. Key statistics Shareholder structure Class of shares no-par bearer shares Capital stock 9.220.893 Euro Bockholt Family Ahn Family Shares outstanding 9.220.893 Stück WKN / ISIN 576002 / DE0005760029 26% 26% Xetra, free trade Munich Stock exchange (m:access) and other German 10% stock exchanges 38% Mainova Industry Renewable Energy German Commercial Code Free Float Accounting regime (HGB) Fiscal year-end December 31st Bloomberg-code AB9:GR Reuters-code AB9.D 5 25 years of ABO Wind – out of the economic niche into the centre of attention 2021 marks the 25th anniversary of the countries from renewable sources seemed founding of ABO Wind. The anniversary is an audacious. It is still a long way to go to achieve occasion to take a moment to look back, and to this goal. But after all, renewable energies have provide a glance into the future. The purpose already contributed 46 per cent to the German of this brochure is – in addition to the usual electricity supply in 2020. 25 years ago, we were elements of the annual report – to provide some laughed at as dreamers for lesser goals. And last anecdotes and insights into the history of the December, the German Parliament adopted a company. roadmap to increase the share of renewables to 65 per cent by 2030. In many other countries, In the 25 years since is foundation, ABO Wind the expansion of wind and solar energy is Dr. Jochen Ahn has grown rapidly. In 1996, the founders progressing even faster than in Germany. Matthias Bockholt and Jochen Ahn started “Renewable planning wind turbines for clients in Hesse Traditional energy companies that have built their energies are coded and Rhineland-Palatinate. In 1997, Matthias businesses on fossil fuels and nuclear energy Hollmann joined the company as its first are adapting their business models to the age in the DNA of employee. Today, he leads the division for wind of wind and solar energy. The foundation of our ABO Wind.” farm construction and technology. More than company, however, has been based on renewable 700 colleagues have joined the company energies since the very beginning. They are, so to since then. speak, encoded in our DNA. The small German planning office has grown We have remained true to ourselves. And yet, into a globally operating company that develops we have also had to change. ABO Wind‘s core and constructs wind and solar farms as well business has shifted from the economic niche as storage projects from offices in 16 countries to the centre of attention. 90 per cent of new on four continents. The investment volume of power plants built worldwide in recent years our annually implemented projects amounts use solar or wind energy to generate electricity. to around 500 million euros. At first glance, the Fossil fuels are now the niche business. And this small company of 1996 does not have much in is unlikely to change. Firstly, renewable energies common with the ABO Wind AG of today. But are better for the climate and the environment, at second glance it does. Our vision remains the and secondly, wind and solar energy are now the same: we want to promote the energy transition cheapest options for new power plant capacities and to contribute to climate protection. due to ever lower levelised costs. Matthias Bockholt When ABO Wind first started in 1996, the idea But to avoid being left behind in an ever-growing “What seemed like of meeting the energy needs of industrialised industry, it is necessary for ABO Wind to grow as an unattainable dream 25 years ago is now a reality.” 6 well. Otherwise, we would no longer get good some difficult financial years. But especially in conditions from our suppliers and would lose recent years, ABO Wind has continuously been competitiveness. highly profitable. 2020 was already the fifth year in a row with a net profit of more than To us, size is not a goal in itself; it is a means to ten million euros. Compared to 2019, we have an end. We are growing in order to continue to slightly increased the result. For 2021, we expect make our contribution to the energy transition another increase. and climate protection. For the same reason, we have been intensifying our engagement in the We are pleased that ABO Wind continues capital market for several years. The ABO Wind to develop positively despite considerable share is now traded on Xetra. We have attracted restrictions and delays associated with the Andreas Höllinger new shareholders, including several fund COVID-19 pandemic. And we have created companies. We have increased our equity. And the conditions to significantly strengthen this “Size is not an end the company share has significantly increased trend in the years to come. Capital increases in itself. We grow in value. Until 2018, the company‘s market and a bond issue have further strengthened capitalisation fluctuated around one hundred the company‘s financial resources. This creates in order to remain million euros; in February 2021, ABO Wind is the basis for constructing a larger part of the successful as a worth more than 400 million euros to the many wind and solar projects we are currently stock market. developing on a turnkey basis in the future. company.” On the one hand, the increased financial The improved access to the capital market requirements result from the larger number and the increased share value do not serve of projects that are fortunately moving closer their own sake, either, but as tools to meet our to construction-readiness. On the other hand, overall goal. To this end, ABO Wind shall remain they result from the pure size of the large owner-managed: in the long term, the families individual projects with more than one hundred of the two founders plan to retain a majority megawatts of capacity that we are working on stake in the company. This contributes to our in our long-term markets such as Finland or strength and reliability. We are convinced that Spain. this structure is the best way to develop the company in the long run – in the best interests We look forward to writing the next chapter of of our employees and shareholders. our company’s history. And we hope to continue to have you, dear shareholders, and you, dear Since the company was founded, it has turned a colleagues, by our side. profit each year – although there have also been Dr. Karsten Schlageter “Independently and owner- managed, that‘ s how we best achieve our goals.” 7 The Supervisory Board’s perspective Jörg Lukowsky (Chairman) Dr.