Energiekontor : Annual Report (15.1 MB)

ANNUAL REPORT 2020

ANNUAL REPORT 2020

1

BRIEF PORTRAIT

of Energiekontor AG

Asolid business policy and a lot of experience in renewable energies: That's what Energiekontor has stood for for more than 30 years. Founded in Bremerhaven in 1990, the Company is one of the pioneers in the industry and is today one of Germany's

leading project developers. Its core business ranges from the planning and construction to the operational management of wind farms in Germany and abroad and was expanded in 2010 to include solar energy. In addition, Energiekontor operates wind and solar farms with a nominal output of almost 280 megawatts in its own portfolio. Energiekontor also aims to play a pioneering role in economic terms and to realise the first wind and solar parks in all target markets at market prices as quickly as possible, independently of state subsidies.

In addition to its headquarters in Bremen, Energiekontor has offices in Bremerhaven, Hagen im Bremischen, Aachen, Augsburg, Bernau bei Berlin and Potsdam. The Company also has offices in England (Leeds), Scotland (Edinburgh, Glasgow), Portugal (Lisbon), USA (Austin/Texas and Rapid City/South Dakota) and France (Toulouse, Rouen).

The proud balance sheet since the Company was founded: 127 realised wind farms and 12 solar parks with a total output of over 1 gigawatt (GW). This corresponds to an investment volume of almost EUR 1.8 billion.

The Company went public on 25 May 2000. The Energiekontor AG share (WKN 531350/ ISIN DE0005313506) is listed in the General Standard of the German Stock Exchange in Frankfurt and can be traded on all German stock exchanges.

Investor Information as at 31.12.2020

Stock exchange listing	German Stock Exchange, Frankfurt
Market segment	General Standard
Class of shares	Bearer shares
Industry	Renewable Energies
Initial public offering (IPO)	25 May 2000
WKN	531350
ISIN	DE0005313506
Reuters	EKT
Shareholding structure	52.43 % Founders; 46.66 % Free float; 0.91 % Energiekontor AG
Research	Jan Bauer, Warburg Research
	Dr Karsten von Blumenthal, First Berlin
	Guido Hoymann, Metzler Capital Markets
	Alina Köhler, Hauck & Aufhäuser
Designated Sponsor	ODDO BHF
Financial calendar	31	March 2021: Publication of the Annual Report 2020
	14	May 2021: Publication of the report on Q1 2021
	20	May 2021: Annual General Meeting of Energiekontor AG
	13	August 2021: Publication of half-year report 2021
	15	November 2021: Publication of the report on Q3 2021
	22−24 November 2021: German Equity Forum, Frankfurt a.M.
Investor Relations	Peter Alex, Tel: [phone]
	Email: [e-mail]
	Internet: www.energiekontor.com/investor-relations

ANNUAL REPORT 2020

2

CONSOLIDATED KEY FIGURES

of Energiekontor AG

Income statement

in EUR m	2020		2019
Sales	146.6		63.7
Total output	165.1		96.4
EBITDA (EBIT plus depreciation and amortisation)	65.4		38.9
EBIT (EBT plus financial result)	46.0		16.3
EBT (Earnings before tax)	31.2		0.8
Consolidated net income	20.4		0.2

Balance sheet

in EUR m	2020	2019
Technical plants (wind/solar parks)	166.9	192.4
Equity	65.6	56.2
Total assets	449.0	389.9
Equity ratio	14.6 %		14.4 %
Notional equity ratio (cf. comments in the management report on page 62)	19.5 %		18.7 %

Cashflow

in EUR m	2020	2019
Cash flow from operating activities (operating cash flow)	17.9	13.3
Cash and cash equivalents at the end of the period	79.5	67.0

For the pro forma key figures, see note on page 164.

ANNUAL REPORT 2020

3

WIND FARMS AND SOLAR PARKS

of Energiekontor AG

Osterende			Frischborn-Küste	Germany
Spieka-Neufeld
		Nordleda
Flögeln. Krempel I & II
		Niederelbe
Oxstedt
		Ostemünde/Balje-Hörne
Odisheim
		Holßel I
Wremen-Grauwallkanal
		Oederquart
Misselwarden
		Wechtern
Wremen II
			Kajedeich
Debstedt Wind-. Solarpark
		Breitendeich
Stotel			Friedland
			Wittgeeste
Zetel				Ramin (Solarpark)
			Prenzlau	Nadrensee (Solarpark)
Hammelwarder Moor			Sievern II
		Hohengüstow	Luckow-Petershagen I & II
Uthlede			AppelnZapeln
		Briest I. II & III
		Klein Woltersdorf
Schwanewede-Loge			Lunestedt
			Altlüdersdorf
Thüle		Brauel II
Hemelingen		Hanstedt-Wriedel
	Groß Hehlen	Garzau-Garzin (Solarpark)
	Sottrum
	Brauel	Beerfelde
	Wietze
Geldern		Detmold
Mauritz
Wachtendonk-WankumStraelen II	Beckum II
Mühlenberg	Giersleben
Wegberg
Linnich	BeckumI
Elsdorf	Rurich
Waldfeucht	Keyenberg
Heinsberg	Bergheim		Lengers
Hürth
Heinsberg-Waldenrath		Dirlammen
Hürth-Barbarahof
	Engelrod
Grevenbroich	Blatzheim
Titz-Rödingen	Kerpen
Jülich I & II	Niederzier-Steinstraß
Würselen
Halde Nierchen I & II
Kall
Kreuzau-Steinkaul
Zülpich

Great Britain

	Withernwick
Hyndburn	Burton Pidsea
Moel Maelogen	Gayton le Marsh
	Lilbourne

Forest Moor	New Rides

Portugal

Mafomedes	Trandeiras

Marão

Penedo Ruivo

Montemuro

Sobrado

Höttingen (Solarpark)

Group owned

Sold

both Group-owned and third-party-owned

ANNUAL REPORT 2020

CONTENT

5	CORPORATE DEVELOPMENT	5	Energiekontor - A success story since 1990
		8	Letter to the shareholders
		11	Report of the Supervisory Board
		14	Corporate Governance Report
		19	ESG - More than just a fashionable term for us
		34	The Energiekontor share
40	MANAGEMENT REPORT AND
	GROUP MANAGEMENT REPORT	41	Fundamentals of the Group
		47	Economic Report
		70	Opportunity and risk report
		79	Other disclosures
		80	Forecast report
		85	Responsibility statement
86	CONSOLIDATED FINANCIAL
	STATEMENTS (IFRS)	87	Consolidated income statement
		87	Consolidated statement of comprehensive income
		88	Consolidated balance sheet
		89	Consolidated statement of changes in equity
		90	Consolidated cash flow statement
		91	Annex
		134	Independent Auditors' Report
139	SEPERATE FINANCIAL STATEMENTS
	OF THE AG (GERMAN GAAP: HGB)	140	Balance sheet
		141	Profit and loss statement
		141	Annex
		159	Independent Auditors' Report
		164	Imprint