EnergyVision Annual Report 2021

In January 2021, EnergyVision got off to a flying start with plenty of eagerness, passion and ambition. The blueprints for our strategic growth plans for the coming years were ready in 2020; we had mapped out various scenarios, with a focus on our core activities and new projects (the first charging plazas were built in 2021), and, above all, great attention to flexibility in this uncertain world and rapid implementation to exploit new opportunities. Everyone, on every continent, continued to be affected by the pandemic, however. The increasing prices of raw materials and inflation were also a key issue, coupled with the expectations of how central banks and governments would weigh on the global economy. All these elements were factored into our financial and operational models in China, Morocco and Belgium. At sectoral level, the distrust of renewable energy was very high (in Belgium) and willingness to embark on new projects was very tentative (in China and Morocco). It was a difficult year, in which almost the entire sector was put to the test. However, EnergyVision continued to grow. It was an uphill struggle into a headwind. We increased our market share in Belgium (market leader in B2C in Brussels, 80% of the market), built 70 MW in China (+ 17% year- on-year) and grew (+ 2% revenue year-on-year) in Morocco. At group level, our consolidated revenue rose by + 16% year-on-year. I would like to thank everyone at EnergyVision (the board of directors, management committee and all the staff) for their contribution in 2021. And of course I would also like to thank our strategic partners and customers for their trust. Without them, none of this would have been possible. We sprinted towards the finish line in December 2021 with a unique strategic move: we raised external capital for the first time (through Alychlo). This and an internal merger of two companies added 39.5 million EUR of extra assets to our equity capital. This strategic move has motivated us to start 2022 the same way that we started 2021, but with even more eagerness, passion and ambition. Maqsud Bilal Chair of the Board of Directors EnergyVision I N T R O D U C T I O N INTRODUCTION HEAVY WEATHER “EnergyVision continued to grow. We walked uphill and braved the headwind.” 2020 and the pandemic caused a real crisis in many industries. Unlike others, however, our company chalked up the highest growth since it was founded. The crisis for renewable energy only came in 2021. It began as early as January on our domestic market, with the net metering crisis. At that point, shipping prices had already sky-rocketed (from 2,000 to 8,000 EUR, even hitting 14,000 EUR later in the year, with every single solar panel coming from abroad). Raw materials also became increasingly expensive: glass, aluminium and cables are all essential components of an installation. There was a shortage of chips, which impacted the supply of transformers. The price of green energy certificates in Brussels plummeted, whereas new installations became more expensive and consumers were suspicious after the net metering debacle. To cap it all, the sector literally saw black clouds gathering: as well as the floods in July, there was very little sunshine between May and August, and little solar radiation, which had a serious impact on the yield from our installations. It was a perfect storm. The Flemish market plummeted by a good 85%. In Brussels, the B2B segment was simply obliterated, and the B2C market also plunged downwards by more than 60%. In China, everyone was waiting for prices to recover – which is expected to happen in the summer of 2022. Projects were postponed. We felt the pinch. And yet. Despite all this, we experienced growth again last year. It had never been so difficult to persuade customers, to get materials delivered on time, to secure contracts. But while the entire industry was suffering, we worked on more projects than ever. While revenue across the entire industry was cut to less than half, we kept our figures up and even continued to grow. Above all: we took very structural steps. At operational level: the complete integration of our ERP system. At business level: the first charging plazas and preparation for an energy community. At financial level: another profitable year. At structural level: a capital increase at the end of the year. 2022 has got off to a very good start. We believe more than ever in the potential of green, independent and cheap energy. Bring it on! Maarten Michielssens Group CEO EnergyVision GROWING WITH A HEADWIND "While the whole sector was going down, we were doing more projects than ever." 01 6 7 E N E R G Y V I S I O N - A N N U A L R E P O R T 2 0 2 1