ewz (Deutschland) GmbH. Annual Report 2016.

Transcription

1 ewz (Deutschland) GmbH. Annual Report 2016.

2 ewz (Deutschland) GmbH. Annual Report ewz (Deutschland) GmbH is a wholly owned subsidiary of ewz (Zurich Municipal Electric Utility).

3 Table of Contents. ewz (Deutschland) GmbH. Annual Report Foreword by the Executive Board. 5 Activities of ewz (Deutschland) GmbH. 8 Portfolio. 10 Finances Financial Report. 18 Scope and principles of consolidation. 20 Wind farm Alered, wind farm portfolio Atlantic, southern Sweden.

4 Foreword by the Executive Board. Summary of The first full year of production for the offshore Butendiek wind farm ran according to plan in terms of the technology. However, the below-average wind conditions at sea ensured that the production output estimate of GWh was missed by 11.6%. In Spain, the solar thermal power plant Puerto Errado 2 was able to achieve the budgeted production figures thanks to good sunlight conditions. The technical optimization measures enabled better use of solar radiation was a year marked by various developments in those countries where ewz (Deutschland) GmbH is active. The addition of new renewable energies continued apace in A new record expansion in onshore wind energy capacity in Germany was already reported for the first half of In terms of offshore, expansion figures were slightly muted when compared with the record year of 2015; in Germany in 2016, new offshore wind farms contributed an output of 818 MW to the grid, which was down 64% from the previous year. In France, onshore plants with a total output of MW were built. The expansion in Sweden took wind energy capacity to around 493 MW. On September 2, 2016, the ground-breaking ceremony took place for the construction of the first submarine cable link between Germany and Norway, spanning more than 600 kilometers. The transmission capacity will be 1.4 GW. It is difficult to predict the impact that the new infrastructure will have on electricity prices in both countries. Commissioning is scheduled for At a few of the turbines in ewz s wind farm portfolio, studies were conducted into the behavior of the plants. The output of some of the wind turbines in the Swedish portfolio could be optimized by improving the parameters. In addition, the behavior of the turbines connected to the electricity grid at the Epinette wind farm in France was examined as part of a collaboration project involving industry and institutions of higher education. For the Høg-Jæren wind farm in Norway, a decision was made for the operators to handle turbine maintenance independently. Service technicians with local experience were hired. The management systems of ewz (Deutschland) GmbH and its five German wind farm companies were newly certified according to ISO 9001:2015. Following certification according to ISO 9001:2008 in 2015, this upgrade to certification according to the new ISO standard was achieved in December 2016 based on a surveillance audit. This new standard focuses more on the strategic direction of the organization and demands a more stringent customer focus and more prominent process and risk management. Over the next few years, further process optimizations will be targeted from a technical and economic viewpoint showed different production conditions. In Sweden and Norway, the planned production targets were achieved thanks to good wind conditions. In Germany and France, the last quarter in particular was very poor for wind; production achieved by the onshore wind farms, at 93 GWh and 32 GWh, respectively, fell short of the previous year s figures by 19.5 % and 12.6 %. Wind farm Alered, wind farm portfolio Atlantic, southern Sweden. Hanspeter Rahm Marcel Frei Nadeschda Hoidn Wiede Martin Roth 4 5

5 Windpark Dörmte, Lower Saxony, Germany. 6 7

6 Activities of ewz (Deutschland) GmbH. Overview. Key figures (as per December 2016). Equity interests 10 (share of ewz) MW GWh Equity interests of ewz (Deutschland) GmbH in Europe. 1 Høg-Jæren; Wind onshore NO 2 Mungseröd; Wind onshore SE 3 Ramsnäs; Wind onshore SE 4 Skalleberg; Wind onshore SE 5 Alered; Wind onshore SE 6 Butendiek; Wind offshore DE 7 Dörmte; Wind onshore DE 8 Schermen; Wind onshore DE 9 Crussow; Wind onshore DE 10 Vogelsberg; Wind onshore DE 11 Kleinbrembach; Wind onshore DE 12 Epinette; Wind onshore FR 13 Puerto Errado 2; Solar thermal ES Chronological overview. A summary. ewz (Deutschland) GmbH. Founding of the holding company for the acquisition of equity interests in foreign renewable energy production facilities. Crussow onshore wind farm, Germany. Acquisition of three wind turbines. Dörmte, Kleinbrembach, Schermen and Vogelsberg onshore wind farms, Germany. Acquisition of a total of 27 wind turbines. Høg-Jæren onshore wind farm, Norway. Acquisition of a 20% share. Høg-Jæren onshore wind farm, Norway. Commissioning of 26 wind turbines. Puerto Errado 2 solar thermal power plant, Spain. Acquisition of a 10% share. Høg-Jæren onshore wind farm, Norway. Commissioning of the last six of a total of 32 wind turbines. Puerto Errado 2 solar thermal power plant, Spain. Commissioning of the solar field with a reflecting surface of around m 2. Epinette onshore wind farm, France. Acquisition of of the construction-ready wind farm project. Realization of the first wind farm to be developed and owned by ewz. Butendiek offshore wind farm, Germany. Acquisition of a 49% equity interest in wpd Butendiek Beteiligungs GmbH, which in turn owns ten percent of the wind farm company. Epinette onshore wind farm, France. Commissioning of the six wind turbines. Offshore wind farm Butendiek, North Sea, Germany. Constructing of the first wind turbines. Onshore Atlantic wind park portfolio, Sweden. Acquisition of a 51% equity interest in the Atlantic wind park portfolio, consisting of the four wind farms Alered, Mungseröd, Ramsnäs and Skalleberg. Butendiek offshore wind farm, North Sea, Germany. Commissioning of a total of 80 wind turbines

7 Portfolio. Brief description. Crussow wind farm, Brandenburg, Germany. Høg-Jæren wind farm, Stavanger, Norway. The wind farm is located 90 kilometers to the north-east of Berlin, close to Angermünde, in the Federal State of Brandenburg. The immediate surroundings consist of agricultural land with arable farming and meadows. ewz (Deutschland) GmbH acquired three of a total of eight turbines in the year MW Wind turbines 3 Vestas V-80; 2 MW Share of ewz Commissioning GWh Since mid-2011, 26 wind turbines have been in operation at the Høg-Jæren wind farm; six more were added at the end of The site to the south of the port of Stavanger is one of the most productive inland sites for wind energy. The Høg-Jæren wind farm received the award of «Wind Warrior of the Year» in 2013 and Wind turbines 73.6 MW 32 Siemens SWT ; 2.3 MW Share of ewz 20% Commissioning 2011 (26) 2012 (6) 222 GWh Dörmte wind farm, Lower Saxony, Germany. Puerto Errado 2, Calasparra, Spain. The Dörmte wind farm is located in the district of Uelzen, Lower Saxony, 70 kilometers to the south east of Hamburg. The wind farm is surrounded by extensive arable land. Wind turbines 16.5 MW 11 REpower MD-77; 1.5 MW Share of ewz Commissioning GWh Puerto Errado 2, a solar power plant based on Fresnel technology, reached completion in the sun-drenched Spanish region of Murcia in It was built under Swiss management. Alongside two conventional power plant blocks, the facility comprises a solar field of around m 2 of reflecting surface. Technology 30 MW Lineare Fresnel collectors Share of ewz 10% Commissioning GWh Kleinbrembach wind farm, Thuringia, Germany. Epinette wind farm, Nord Pas-de-Calais, France. The Kleinbrembach wind farm is located in the district of Sömmerda, Thuringia, 75 kilometers to the south-west of Leipzig. The wind farm is built on a hill in the middle of arable farmland and cannot be seen from the village and borders directly on the Vogelsberg wind farm. 10 MW Wind turbines 5 Vestas V-90; 2 MW Share of ewz Commissioning GWh The site is close to the coast, around 30 kilometers from the English Channel, and benefits from especially high wind potential. ewz (Deutschland) GmbH took a stake in the wind farm project in It is the first wind farm to be developed and owned by ewz, realized after only one year of construction. It is also the first to enable ewz to gather experience with direct drive technology. 12 MW Wind turbines 6 Enercon E82; 2 MW Share of ewz Commissioning GWh Schermen wind farm, Saxony-Anhalt, Germany. Butendiek offshore wind farm, North Sea, Germany. The Schermen wind farm is located in the district of Jerichower Land, Saxony-Anhalt, 15 kilometers to the north-east of Magdeburg. It benefits from different wind strengths at different heights, as there are altitude differences of up to 20 meters between the individual turbines. 16 MW Wind turbines 8 Vestas V-90; 2 MW Share of ewz Commissioning 2007 (6) und 2009 (2) 31 GWh The Butendiek offshore wind farm lies in the German North Sea, around 32 kilometers from the island of Sylt. The first turbines began feeding electricity into the public grid in February 2015, only eleven months after construction started in March The fastest construction of an offshore wind farm in the North Sea to date was completed in August Wind turbines 288 MW 80 Siemens SWT ; 3.6 MW Share of ewz 4.9% Commissioning GWh Vogelsberg wind farm, Thuringia, Germany. The Vogelsberg wind farm is also located in the district of Sömmerda, Thuringia, 75 kilometers to the south west of Leipzig. The wind farm is surrounded by extensive corn fields and is situated on a slight rise. Only a high-voltage power line and the municipal boundary separate the Vogelsberg and Kleinbrembach wind farms. 6 MW Wind turbines 3 Vestas V-90; 2 MW Share of ewz Commissioning GWh 10 11

8 Atlantic wind park portfolio, southern Sweden. The four wind farms Alered, Mungseröd, Ramsnäs and Skalleberg lie in wooded areas on hills around 200 kilometers apart and benefit from different wind regimes. ewz (Deutschland) GmbH acquired a 51 percent share in three of the four wind farms in January 2015 and in the fourth, Skalleberg, in March 2015 on a turnkey basis. Windpark Alered MW Wind turbines 4 Vestas V-112; 3.3 MW Share of ewz 51% Commissioning GWh Windpark Mungseröd. 15 MW Wind turbines 4 Vestas V-100; 1.8 MW 4 Vestas V-100; 2.0 MW Share of ewz 51% Commissioning GWh Windpark Ramsnäs MW Wind turbines 3 Vestas V-100; 1.8 MW 4 Vestas V-100; 2.0 MW Share of ewz 51% Commissioning GWh Windpark Skalleberg. Wind turbines 19.4 MW 2 Vestas V-90; 2.0 MW 3 Vestas V-100; 1.8 MW 5 Vestas V-100; 2.0 MW Share of ewz 51% Commissioning GWh Wind farm Schermen, Saxony-Anhalt, Germany

9 Wind farm Schermen, Saxony-Anhalt, Germany

10 Finances Consolidated profit and loss statement. Finances Consolidated balance sheet. Consolidated profit and loss statement EUR EUR Revenue Other revenues Total revenues Operating expenses Operating income before depreciation and amortization Depreciation and amortization Operating income Financial income Financial income from minority participations Other financial income Financial expenses Interest costs affiliates Interest costs third parties Various financial expenses Income before taxes Taxes Net income after taxes Attributable to: - Shareholders of ewz (Deutschland) GmbH Non-controlling interests Consolidated balance sheet EUR EUR Long-term assets % % Intangible assets / goodwill / company value Property / plant / equipment Participations / loans to minority participations Short-term assets % % Trade receivables Receivables from minority participations Other receivables Accrued income Cash at banks ASSETS Equity capital % % Subscribed capital Capital reserve Shareholder loan Retained earnings Group profit Non-controlling interests Long-term liabilities % % Financial liabilities Provisions Short-term liabilities % % Financial liabilities Other liabilities Deferred income LIABILITIES

11 Financial report. Group result positive for the first time. Consolidated income statement. For the first time, the ewz (Deutschland) GmbH Group closed the financial year with a positive result after taxes of EUR 1.4 million, which is EUR 3.0 million higher than the previous year. The minority interests in the earnings amounted to around EUR 0.5 million. Compared with the previous year, the operating income (EBITDA) was some EUR 2.5 million lower. Poor wind levels led to lower revenues in Germany (-20%) and France (-12%). In Sweden, the revenue was around 5% lower than in the previous year. Total costs fell by 8.8% compared with In the year under review, depreciation and amortization amounted to EUR 11.6 million, some EUR 5.2 million lower than the previous year in which a special write-down had to be made. At the end of 2016, the operating income (EBIT) was EUR 2.7 million above the previous year. The financial result changed by some EUR 0.5 million compared with Consolidated balance sheet. The balance sheet total amounted to EUR million as at December 31, 2016, down around EUR 4.4 million from the previous year. The repayment of loans granted and depreciation reduced non-current assets to EUR 172 million as at the end of Cash and cash equivalents increased by EUR 12 million. This item was positively impacted largely by cash inflow from operating activities and by the repayment of loans granted; it was reduced by the repayment of debt due in the amount of EUR 5.9 million. The equity ratio as at December 31, 2016, was up 2% to a new level of 43%. Offshore wind farm Butendiek, North Sea, Germany

12 Scope and principles of consolidation. The ewz (Deutschland) GmbH Group. ewz ewz (Deutschland) GmbH ewz Windpark Crussow GmbH Germany The consolidated annual financial statements of ewz (Deutschland) GmbH Group include the financial statements of ewz (Deutschland) GmbH, its subsidiaries and majority shareholdings. Subsidiaries are companies which are controlled directly by ewz (Deutschland) GmbH and wholly owned by it. Majority shareholdings are companies in which ewz (Deutschland) GmbH holds at least 51% of the equity. Non-controlling interests in affiliated companies (share 50%) are recognized in the consolidated financial statements at the cost of acquisition. All Group-internal relationships are eliminated. The consolidated financial statements are not subject to an audit requirement. ewz Windpark Dörmte GmbH Germany For the year under review, the scope of consolidation of the ewz (Deutschland) GmbH Group remained unchanged from the previous year. ewz Windpark Kleinbrembach GmbH Germany ewz Windpark Schermen GmbH Germany 51% ewz Windpark Vogelsberg GmbH Germany ewz parc éolien Epinette S.A.R.L. France ewz Atlantic Sverige AB Sweden Impressum. Publisher Issue May 2017 ewz (Deutschland) GmbH Lohnerhofstraße Constance Phone info@ewz-energie.de 49% wpd Butendiek Beteiligungs GmbH Germany 1) Cover picture Edition Windpark Dörmte, Lower Saxony, Germany. 35 copies, printed on Cyclus FSCR FSC recycling (climate-neutral & with green energy printing). 20% Jæren Energi AS Norway Duplication Permitted with indication of source. 10% Tubo Sol Puerto Errado 2 S.L. Spain 1) ewz (Deutschland) GmbH holds a 49% share of the wpd Butendiek Beteiligungs GmbH, which in turn holds a 10% share of the Offshore wind farm Butendiek. Units of measurement. GWh = Gigawatt hour (1 billion watt hours) MW = Megawatt (1 million watts) 20

13 MM 1 st edition Climate-neutral printing on 100 % recycling paper out of responsibility for our environment ewz (Deutschland) GmbH Lohnerhofstraße Constance Phone info@ewz-energie.de