Clearvise : Annual Report 2022
ABO.DE
Annual Report
2022
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clearvise AG
Annual Report 2022
The business year at a glance
Installed power (MW)
Production (GWh)
303
199
2021
2022
493
367
2021
2022
Sales (TEUR)
Operating EBITDA (TEUR)
64.032
32.881
2021
2022
50.041
22.574
2021
2022
5-year review of key indicators
In TEUR
2018
2019
2020
2021
2022
∆ compared with
previous year
Installed power (in MW) Electricity production (in GWh)
Sales
Operating EBITDA Operating EBITDA margin Group result for the year Earnings per share Balance sheet total Shareholders' equity Equity ratio
Market capitalisation
151 151
367.8 385.2
31,670 33,081
23,373 24,899
74% 75%
-1,250-401
-0.03-0.01222,250 203,074
38,261 37,370
17% 18%
78,890 91,630
151
426.3
36,447
27,295
75%
2,366
0.05
187,909
38,756
21%
111,720
199
366.5
32,881
22,574
69% -3,277-0.06230,91356,198 24% 124,558
303
493.3
64,032
50,041
78%
11,619
0.15
358,272
104,933
29%
182,360
+52%
+35%
+95%
+122%
+14%
n.a.
n.a.
+55%
+87%
+21%
+46%
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clearvise AG
Annual Report 2022
Table of contents
p. 4 Foreword of the Management Board p. 7 Financial Calendar
p. 8 Report of the Supervisory Board p. 11 Combined Management Report p. 46 Consolidated Financial Statements
p. 54 Notes to the Consolidated Financial Statements
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clearvise AG
Annual Report 2022
Interview:
Petra Leue-Bahns
Manuel Sieth
CEO
CFO
THE GEOPOLITICAL CRISES HAVE PLACED THE FOCUS ON ENERGY SUPPLY IN EUROPE. WHAT IS THE IMPORTANCE OF RENEWABLE ENERGY AND HOW IS CLEARVISE IS POSITIONING ITSELF?
Petra Leue-Bahns: The renewable energy sector is an important mainstay for an environmentally sustainable and secure energy supply in Europe. It may actually be essential for the future of Europe and our country. In Germany, as in other European countries, the sector therefore requires additional political initiatives in order to create the necessary enablers for a successful energy transition and indeed to accelerate that process. This relates to issues such as the expansion of storage and production capacities and strengthening decentrally organised electricity grids. As an independent electricity producer, clearvise has been successfully operating wind farms and solar parks for some twelve years in selected European countries. As a result of the long-term operation of renewable energy generation plants, we make an important contribution to an economically and environmentally effective energy transition - and therefore also to security of supply in Europe. Our experience derived from a large number of projects demonstrates that above all, action at regional level is absolutely crucial. As clearvise, we get involved in order to achieve a joined-up solution with the local players on the ground. We seek to identify a solution that benefits community authorities, promotes local economic development, and is in tune with environmental requirements. Our commitment to the Lausitz energy park project is an outstanding example of this kind of venture.
HOW HAS BUSINESS DEVELOPED OVER THE YEAR 2022?
Manuel Sieth: In the business year 2022, we successfully continued our growth strategy and strategically developed the portfolio as part of active asset management. We succeeded in outperforming our original expectations with Group sales of EUR 64.0 million and adjusted Group EBITDA of EUR 50.0 million in 2022. This resulted in a strong operating EBITDA margin of 78% for 2022. Alongside our targeted measures for improvement of the portfolio, the significantly increased electricity prices last year and improved weather conditions compared with 2021 made a significant contribution to positive business development. Furthermore, we have meanwhile been able to expand operating output from around 199 MW to more than 300 MW.
Petra Leue-Bahns: clearvise is most definitely on the right track - and we can therefore be extremely satisfied with developments in this undoubtedly exceptional business year. We can see that the success of the company is being rewarded in the capital market and we have experienced significant support on the part of investors. In the context of two capital increases, we were able to achieve gross issuance proceeds totalling some EUR 36.5 million in 2022. This gives us additional scope for
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Annual Report 2022
action with respect to further expansion of the portfolio as part of our clearSCALE 2025 growth initiative.
WHAT MEASURES ARE PLANNED TO ENSURE THAT THE PUBLISHED GROWTH TARGETS ARE ACTUALLY ACHIEVED?
Petra Leue-Bahns: Our clearSCALE 2025 growth initiative is based on several building blocks that we are vigorously driving forward. One key building block is our Site Optimisation Programme. This is being used to systematically review our existing projects for expansion and optimisation options in order then to develop them further. The programme currently involves developing some 70 MW of additional generation capacity. In January 2023, we already successfully brought the Lohne III solar park onstream as an initial development project. Another mainstay for future growth is our innovative co-development and Co-IPP model (clearPARTNERS), which concentrates on fair cooperation with smaller regional developers. We are delighted that we were able to agree a cooperation with a regional French developer in April 2023 relating to solar PV projects with total output of some 125 MWp. Construction work on the first project with some 33 MW is planned for the third quarter of 2023, with commissioning scheduled to be carried out incrementally up to 2025.
Manuel Sieth: Signature of the cooperation agreement means that we have successfully driven forward technological diversification of our portfolio in France, another important core market for clearvise. In addition, we are continuously reviewing the acquisition of wind farms and solar parks (clearVALUE) that have been developed on a turnkey basis. With respect to further growth financing, we anticipate that the significantly increased size of the portfolio over the medium term will enable us to create an even better launchpad and expand the spectrum of finance available to clearvise. For example, the successful expansion of the portfolio may open up better access to alternative financing instruments such as green bonds.
THE ACQUISITION OF NEW ENERGY PARKS IS ONE ASPECT, FUTURE-ORIENTED MANAGEMENT OF INVENTORY FACILITIES IS ANOTHER. WHAT POTENTIAL DO YOU PERCEIVE IN REPOWERING?
Manuel Sieth: As an initial step, we review whether further operation of the plants could possibly be more profitable, but repowering is generally speaking the more attractive option. Repowering of wind farms takes longer than, for example, development of solar parks on greenfield sites. In 2020, we therefore already started to work with the original project developers to review our wind farms and assess their suitability for potential repowering. It's worth noting that the applicable planning regulations entail that not every wind farm can be repowered without having to take further action. A striking example from current practice is provided by the separation rules. These might not have been a problem for the old "small" wind turbines, but under certain circumstances these regulations prevent repowering with wind turbines of the current generation with a significantly higher hub height.
Petra Leue-Bahns: From the perspective of clearvise, repowering firstly provides expansion of capacity because repowering inevitably goes hand in hand with increased total output of the new wind farm by comparison with the old facility. Secondly, new projects are generally attractive from an economic perspective because parts of the infrastructure from the existing facility can continue to be used. We are delighted that we have already signed repowering cooperation agreements for one French and one German wind farm from our portfolio. As far as possible, our objective is always to be able to bring the modernised farms onstream after the old feed-in tariffs have expired.
WHAT CAN INVESTORS IN CLEARVISE EXPECT IN THE BUSINESS YEAR 2023?
Petra Leue-Bahns: We will continue to focus on implementation of our clearSCALE 2025 growth initiative. In view of our active project pipeline currently encompassing nearly 450 MW, we believe that we have a good launchpad for achieving our stated expansion target of 1 GW by 2025 - of this 750 MW are operating generation capacity and 250 MW are secured pipeline. In 2023, we have already made further progress in expanding our portfolio. Apart from the additional solar park at the Lohne location and the associated expansion of the generation capacities there to around 8.5 MW,
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Annual Report 2022
clearvise has cooperated with ABO Wind AG to secure the acquisition option on the Weilrod 2 turnkey wind farm. Our intention is to acquire the wind farm with a future nominal output of 18.6 MW after the building licence has been granted. Commissioning is planned for 2025.
Manuel Sieth: The steadily progressing expansion of the portfolio will also be positively reflected in the figures. For the business year 2023, we expect sales of between EUR 42 million and EUR 45 million and an adjusted operating EBITDA in the corridor between EUR 26 million and EUR 29 million. Electricity production is projected to be in the corridor from 513 to 555 GWh. Overall, we perceive clearvise to be on course to become a leading Tier 1 IPP listed on the regulated market. Furthermore, we have also expanded our reporting further and published our first Sustainability Report for the business year 2022. The objective is to provide transparent information about our commitment in the areas of Environmental (E), Social (S) and Governance (G) and to highlight progress on our defined sustainability goals. This empowers us to strengthen our positioning as an attractive investment in the area of ESG.
Petra Leue-Bahns: Our shareholders can look forward to a great deal from our 3-C Acquisition Strategy, which will enable us to serve the varied range of market needs extremely effectively. This has now developed into another future-oriented topic for clearvise and it will be a focus in 2023. In France, we have already identified a competent partner for implementing our clearPARTNERS concept. We are concentrating here on expansion of a jointly managed IPP to which both partners contribute their individual strengths. The aim is to operate solar parks with installed power of initially some 125 MW in France. We are also discussing cooperations with further regional developers. So overall, we still have great plans for the remainder of the current year. This dynamic development of clearvise would not be possible without the massive commitment demonstrated by our employees. A big vote of thanks is due to them. We would also like to extend a big Thank You to our shareholders, some of whom have already shown their trust and confidence in us over many years. They are powering the clearvise journey into a green future.
Wiesbaden, 28 April 2023
Petra Leue-Bahns
Manuel Sieth
Chief Executive Officer (CEO)
Chief Financial Officer (CFO)
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clearvise AG
Annual Report 2022
Finance calendar
Date
Event
12 May 2023
Consolidated Financial Statements 2022
12 May 2023
Sustainability Report 2022
15-17 May 2023
Equity Forum: Spring Conference
7 July 2023
Ordinary Annual General Meeting 2023
12 September
Interim Report Q2/6M 2023
22 September 2023
Baader Small Cap Day
27-29 November 2023
German Equity Forum 2023
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clearvise AG
Annual Report 2022
Report of the Supervisory Board
During the business year 2022, the Supervisory Board continuously monitored the Management Board in the leadership of the company and in relation to the appropriateness of its management of the business and provided advice as appropriate.
In addition, the Supervisory Board dealt with all legal transactions and measures where involvement was required on the basis of statutory legislation, the Articles of Association or the Rules of Procedure. The Supervisory Board was directly involved in all the entrepreneurial decisions of fundamental importance in a timely manner. Documents necessary for the decision-making process were promptly forwarded to the Supervisory Board. The Management Board regularly kept the Supervisory Board informed through comprehensive reports on a continuous basis about the company planning, the position of the company and the important business transactions. Furthermore, it provided explanations for any deviations in the business performance from the plans drawn up.
On the balance sheet date, the company held wind farms and PV parks, and a biogas plant in the countries Germany, France, Ireland and Finland with nominal output totalling around 303 MW. The increase in the operating portfolio by 103.9 MW in 2022 (+52%) was achieved through the acquisition of an existing wind farm and eight PV parks in Germany. The year 2023 started off in a gratifying way with the first commissioning of a solar park resulting from our Site Optimisation Initiative. The expansion of our Lohne inventory park by a further 0.9 MWp came onstream on 20 January 2023. Furthermore, we achieved an additional milestone in our clearSCALE 2025 initiative through conclusion of the cooperation agreement with a regional French developer within the framework of our innovative clearPARTNERS model.
The Supervisory Board convened for a total of 14 meetings in the business year 2022. Some of the meetings were held as videoconferences with some members present in-person. The Supervisory Board received comprehensive information about the current business development along with the asset situation and the results of operations of clearvise AG and discussed these topics with the Management Board. For this purpose, the Management Board provided detailed and informative reports about various subjects including electricity production, the liquidity situation, and about investment and profitability calculations for planned projects.
On 6 December 2022, the Supervisory Board appointed the audit firm Rödl & Partner GmbH Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Cologne, approved by the ordinary Annual General Meeting 2022, to carry out the audit of the Annual Financial Statements and the Consolidated Financial Statements in accordance with commercial regulations. The Annual Financial Statements and the Consolidated Financial Statements of clearvise AG were in each case prepared as at 31 December 2022 along with the Combined Management Report and the Audit Reports by the independent auditor of the financial statements submitted to the Supervisory Board on 28 April 2022. From the point of view of the Supervisory Board, there was therefore sufficient opportunity to examine these documents in detail. Rödl & Partner GmbH Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft granted the Annual Financial Statements, the Consolidated Financial Statements and the Combined Management Report an unqualified audit opinion. At the meeting held on 11 May 2022 (balance sheet meeting), the auditors of the financial statements reported on the scope,
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Annual Report 2022
the focuses and the key results of their examinations and audit, and were available to answer questions from the Members of the Supervisory Board. On the basis of the final result of its audit review, the Supervisory Board noted and approved the result of the audit carried out by the audit firm commissioned and did not raise any objections. After carrying out its own audit examination, the Supervisory Board approved the Annual Financial Statements and the Consolidated Financial Statements drawn up by the Management Board for the business year 2022 (including the Combined Management Report) and thereby adopted the Annual Financial Statements of clearvise AG. Primarily as a result of the high electricity prices and improved weather conditions compared with 2021, the earnings of the Group increased by TEUR 14,896 to TEUR 11,619 (2021: TEUR -3,277). In the reporting year 2022, the earnings of clearvise AG amount to TEUR 3,701 (2021: TEUR -1,169). The increase is particularly due to receipt of the balance sheet profit of clearHOLD 1 GmbH & Co. KG, which operates the large Klettwitz-Nord PV park.
Personnel changes on the Supervisory Board
In the business year 2022, there were no personnel changes on the Supervisory Board.
Personnel changes on the Management Board
With effect from 1 July 2022, Manuel Sieth was appointed to the Management Board as the Chief Financial Officer.
The Supervisory Board would like to express its thanks to the Management Board and the members of staff of clearvise AG for the dedicated work they have carried out and for their commitment during the year 2022.
Wiesbaden, 28 April 2023
Martin Rey
Chair of the Supervisory Board of clearvise AG
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clearvise AG
Annual Report 2022
Martin Rey
Astrid Zielke
Chair of the Supervisory Board
Deputy Chair of the Supervisory Board
Christian Guhl
Oliver Kirfel
Member of the Supervisory Board
Member of the Supervisory Board
Dr Hartmuth Schüning
Member of the Supervisory Board
Disclaimer
clearvise AG published this content on October 10, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on October 10, 2024 at 16:32:01.183.