CONTOURGL ENERGY SOLUTIONS FOR A CHANGING WORLD
Annual Report 2021
Overview
2021 in numbers 2
Strategic report
Supporting the energy transition 4
Committed to decarbonization 6
Delivering reliable energy 8
Who we are 10
Where we operate 12
Chairman's statement 14
Business model 16
CEO review 18
Market review 22
Our stakeholder ecosystem 24
Strategy for growth 30
Our KPIs 38
Sustainability 40
Our sustainable business principles 40
Health & safety 42
Our people 44
Environment 48
Task Force on Climate-related 50 Financial Disclosures
Communities 54
Financial review 56
Managing our principal risks 62
Viability statement 72
Non-Financial Information Statement 73
Governance
Board of Directors 76
Senior Management 79
Corporate governance report 81
Report of the Nomination Committee 96
Report of the Audit and Risk Committee 101
Report of the Remuneration Committee 112
Remuneration at a glance 114
Annual Report on Remuneration 118
Directors' report 130
Statement of Directors' responsibilities 134 in respect of the financial statements
Financial statements
Independent auditors' report to the 136 members of ContourGlobal plc
Consolidated statement of income 146 and other comprehensive income
Consolidated statement of financial 147 position
Consolidated statement of changes 148 in equity
Consolidated statement of cash flows 149
Notes to the consolidated financial 170 statements
Company balance sheet 218
Company statement of changes in 218 equity
Notes to the Company financial 219 statements
Shareholder information 224
ENERGY FOR LIFE
ContourGlobal develops, acquires, owns and operates power generation assets around the world, producing reliable energy responsibly.
ContourGlobal operates 138 thermal and renewable power generation assets in 20 countries across Europe, Latin America, North America and Africa, with a total installed capacity of over 6.3 GW.
We add value through best-in-class operations both in our existing portfolio and in the new assets we develop or acquire.
Wherever we operate, we are committed to the highest standards of health and safety, environmental and social responsibility. The reliable electricity our plants generate has a positive impact - powering towns and cities, providing heat and light, and enabling modern life to take place around the clock.
As we grow, we invest in improving the lives of the communities and countries in which we operate and we are proud of the difference we make.
2021
138
Conventional & innovative power plants
2021
6,310.7
Megawatts capacity
Strategic Report
GovernanceFinancial Statements
SUPPORTING THE ENERGY TRANSITION
Find out more on page 4 about how our Maritsa plant supported Bulgaria with affordable power
COMMITTED TO DECARBONIZATION
Find out more on page 6 about win-win opportunity for our Austria Wind plants
DELIVERING RELIABLE ENERGY
Find out more on page 8 about how our Arrubal plant provided critical stability to the grid
1
2021 HIGHLIGHTS
2021 IN NUMBERS
Capacity split by source
Capacity split by energy typeCapacity split by geographic region
Breakdown
CapacityBreakdown
Capacity
Breakdown
Capacity
Natural gas 37.1%
Thermal
Coal 17.0%
Renewable
Wind 13.6%
High Efficiency
57% 29% 14%
Europe 42%
Latin America 29%
Africa 4%
High Efficiency Cogen1 13.6%
Cogen1
North America 25%
Hydro 9.1%
Solar 6.1%
Liquid fuels 3.1%
Biogas 0.4%
RELIABILITY AND EFFICIENCY
Total portfolio (%)Thermal fleet availability factor (%)Renewable fleet availability factor (%)Lost Time Incident Rate
94.4
93.9
95.9
0.073
Against a benchmark of 94.3%
Against a benchmark of 92.9%
Against a benchmark of 98.1%
Against a benchmark of zero
Net efficiency2
120
120
120
2021
76.9k
100
94.3
95
94.4
100
92.8
94.4
93.9
100
96.3
96.0
95.9
2020
80
60
40
20
0
2020
80
80
2019
49.7k 69 72
60
60
40
40
2018
41 63
20
20
2017
0
0
2016
2019
2021
2019
2020
2021
2019
2020
2021
60 63
2015
1. High Efficiency Cogen is part of our Solutions business and included within our Thermal segment for financial reporting purposes.
42
2.
The net thermal efficiency of our assets is calculated using the following formula: Net efficiency = net energy produced / total fuel energy input
Total Solutions portfolio efficiencyTotal Thermal portfolio efficiency
Full details on ContourGlobal Greenhouse Gas Emissions and Thermal Efficiency Calculation Methodology 2021 can be found on our website at:https://www.contourglobal.com/environmental-responsibility
K ContourGlobal plc engaged KPMG LLP ("KPMG") to undertake limited assurance under the assurance standard ISAE
(UK) 3000 over selected information. KPMG's full assurance statements for 2019, 2020 and 2021 can be found on our website athttps://www.contourglobal.com/reports
2
ANNUAL REPORT 2021 | CONTOURGLOBAL PLC
FINANCIAL AND OPERATIONAL HIGHLIGHTS*
2021 Financial KPIs have been positively impacted by the acquisition of the Western Generation assets in February 2021
Strategic Report
2,000
Revenue ($m) | Adjusted revenue1 ($m) | Income from operations1 ($m) |
2,151.9 | 1,724.8 | 370.1 |
2021 change: +53% | 2021 change: +38% | 2021 change: +20% |
2,500 |
370.1
Governance
2,151.0
2,000 400 1,724.8
1,500
1,000
500
0
1,500 300 292.1
1,000 200
500 100
0 0
2019
2020
2021
2019
2020
2021
Financial Statements
Adjusted EBITDA1 ($m)
Proportionate adjusted EBITDA1 ($m)
841.5
692.3
In 2021 we continued to enhance our reporting and aligned it with the recommendations of the TCFD (see on pages 50 to 53).
2021 change: +17%
2021 change: +22%
692.3
841.5
800
700
600
500
400
300
200
100
0
2019
600
500
400
300
200
100
0
2020
2021
2019
2020
2021
ContourGlobal's sustainability strategy is built upon our four sustainable business principles (see on pages 40 and 41) and our activities are aligned with the Sustainable Development Goals and the United Nations Global Compact commitments. Reducing the CO2 intensity of the total energy production is a vital component of our environmental strategy, alongside water usage, waste and biodiversity.
Funds from operations1 ($m)Installed capacity (MW)
439.8
6,310.7
CO2 intensityk
2021 change: +16%
2021 change: +31%
0.44
400 300 200 100
0
6,311
439.8
0.6
0.51
0.5
0.4
0.3
0.2
0.1
2019
2020
2021
2019
2020
2021
0
0.00 2019 2020 2021 2030 2050
0.30
0.45k 0.44k
Calculated as CO2 (metric tonnes)/total energy produced
* For non-financial highlights see page 39
1. See pages 38 for definitions.
2. Capuava plant transferred to customer and Guadeloupe plant dismantled further to Power Purchase Agreement expiry in 2020.
K ContourGlobal plc engaged KPMG LLP ("KPMG") to undertake limited assurance under the assurance standard ISAE (UK) 3000 over selected information.
KPMG's full assurance statements for 2019, 2020 and 2021 can be found on our website athttps://www.contourglobal.com/reports
3
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ContourGlobal plc published this content on 11 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 April 2022 14:30:08 UTC.
