Despite low electricity market prices, aventron was able to maintain margins and achieve a profit at the previous year's level.
aventron produced 1,054 gigawatt hours of renewable electricity in 2020, generating net revenue of CHF 103.7 (previous year 102.5) million. The reduction in demand resulting from the COVID 19 pandemic and exceptional weather conditions in Norway put pressure on market prices and thus on the Group's revenue. At the same time, aventron commissioned new power plants. For example, the 50 megawatt solar power Bargas in Spain, which was connected to the grid in June 2020, contributed CHF 2 million to sales for the first time.
The EBIT margin over net sales reached around 30 percent, resulting in EBIT of CHF 31.5 (32.4) million. Profit was CHF 12.7 (13.0) million.
The portfolio comprised a consolidated total output of 604 (545) megawatts of installed capacity in power plants in operation or under construction at the end of 2020. The Wind Power segment provides 57 percent of the net revenue. 30 percent comes from the photovoltaic segment and 13 percent from the hydropower segment.
The Board of Directors proposes to the Annual General Meeting (AGM) a dividend at the previous year's level of CHF 0.26 per share. The Annual General Meeting of aventron AG will take place on 15 April 2021. Due to the ongoing COVID-19 pandemic and the associated restrictions and uncertainties, the Board of Directors has decided to hold it without the physical presence of shareholders. All shareholders can only exercise their rights in writing. The aventron AG annual report can be viewed on the website.
In 2020, investments of CHF 37.1 million were made in the acquisition of existing power plants and in the construction of own production facilities. Total assets amounted to CHF 758.1 (743.8) million as at the balance sheet date. As at the end of 2020, the aventron Group had cash and cash equivalents of CHF 75.8 (69.1) million.