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 
Financial Disclosures
 50
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 
in respect of the financial statements
134
Financial statements
Independent auditors’ report to the 
members of ContourGlobal plc
136
Consolidated statement of income  
and other comprehensive income
146
Consolidated statement of financial 
position
147
Consolidated statement of changes  
in equity
148
Consolidated statement of cash flows
149
Notes to the consolidated financial 
statements
170
Company balance sheet
218
Company statement of changes in 
equity
218
Notes to the Company financial 
statements
219
Shareholder information
224

1
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
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
4
6
8
Strategic Report
Governance
Financial Statements

2
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
2021 IN NUMBERS
Capacity split by source
RELIABILITY AND EFFICIENCY
Capacity split by energy type
Capacity split by geographic 
region
Breakdown
Capacity
Natural gas
37.1%
Coal
17.0%
Wind
13.6%
High Efficiency Cogen1
13.6%
Hydro
9.1%
Solar
6.1%
Liquid fuels
3.1%
Biogas
0.4%
Breakdown
Capacity
Thermal
57%
Renewable
29%
High Efficiency 
Cogen1
14%
Breakdown
Capacity
Europe
42%
Latin America
29%
Africa
4%
North America
25%
2021 HIGHLIGHTS
63
60
63
73
72
76.9k
42
42
42
41
41
69
42
49.7k
2020
2019
2018
2017
2016
2015
2021
Total Solutions portfolio efficiency
Total Thermal portfolio efficiency
1.	 High Efficiency Cogen is part of our Solutions business and included within our Thermal segment for financial  
reporting purposes. 
2.	 The net thermal efficiency of our assets is calculated using the following formula: 
Net efficiency = net energy produced / total fuel energy input 
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 at https://www.contourglobal.com/reports
0.073 
Against a benchmark of zero
94.4
Against a benchmark  
of 94.3%
Lost Time Incident Rate
93.9
Against a benchmark  
of 92.9%
95.9
Against a benchmark  
of 98.1%
2021
2020
2019
94.3
95
94.3
0
120
80
100
60
20
40
94.4
2021
2020
2019
92.8
94.4
92.9
0
120
80
100
60
20
40
93.9
2021
2020
2019
96.3
96.0
98.1
0
120
80
100
60
20
40
95.9
Total portfolio (%)
Thermal fleet  
availability factor (%)
Renewable fleet  
availability factor (%)
Net efficiency2

3
6,310.7
2021 change: +31%
*	 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 at https://www.contourglobal.com/reports
692.3
2021 change: +22%
439.8
2021 change: +16%
841.5
2021 change: +17%
FINANCIAL AND OPERATIONAL HIGHLIGHTS*
2021 Financial KPIs have been positively impacted by the acquisition of the Western Generation  
assets in February 2021
2021
2020
2019
292.1
307.9
370.1
0
400
200
300
100
2021
2020
2019
702.7
722.0
841.5
0
800
500
700
600
300
200
100
400
2021
2020
2019
561.6
568.7
692.3
0
600
500
300
200
100
400
2021
2020
2019
337.9
379.6
439.8
0
400
300
200
100
2021
2020
2019
4,846
4,8042
6,311
0
6,000
5,000
3,000
4,000
2,000
1,000
1,252.6
1,724.8
0
2,000
1,500
1,000
500
1,724.8
2021 change: +38%
Adjusted revenue1 ($m)
2,151.9
2021 change: +53%
Revenue ($m)
370.1
2021 change: +20%
Income from operations1 ($m)
Proportionate adjusted 
EBITDA1 ($m)
Adjusted EBITDA1 ($m)
Installed capacity (MW)
Funds from operations1 ($m)
In 2021 we continued to enhance 
our reporting and aligned it with 
the recommendations of the TCFD 
(see on pages 50 to 53).
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.
0.44
0.51
0.45k
0.30
0.00
0.44k
0
0.6
0.5
0.3
0.4
0.2
0.1
2019 2020 2021 2030 2050
CO2 intensityk 
Calculated as CO2 (metric tonnes)/total 
energy produced
2021
2020
2019
1,330
1,410.7
2,151.0
0
2,000
2,500
1,000
1,500
500
Strategic Report
Governance
Financial Statements

SUPPORTING 
THE ENERGY 
TRANSITION
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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC

5
The global population is growing, demand 
for electricity is increasing and transitioning 
to net zero is one of the key challenges of 
our time.
To meet this challenge, ContourGlobal is deploying 
its deep expertise and experience in power 
generation to ensure the security and affordability 
of power supply while gradually reducing CO2 
emissions intensity.
Guided by our purpose and our four sustainability 
principles, we are growing while maintaining 
operational excellence and increasingly deploying 
low-carbon technologies. Through all these 
initiatives we will deliver a reliable and flexible 
supply of electricity to our clients and the 
communities where we operate.
It is key for us to deliver attractive risk-adjusted 
returns for our shareholders whilst reducing the 
CO2 intensity of the portfolio of assets we own, and 
we continue to maintain a disciplined capital 
allocation process to achieve that objective.
ENSURING ENERGY SECURITY, 
AFFORDABILITY AND ORDERLY 
TRANSITION
During 2021, we have seen some of the side effects of the disruption 
caused by the energy transition: record gas and electricity prices, 
disruption of supply, among others.
Our Maritsa plant in Bulgaria has been running at a very high capacity 
factor using indigenous fuel sources (lignite). The electricity it 
generates keeps the lights on. In addition, our contracted prices are 
well below market prices, benefiting Bulgaria’s people and 
businesses, and avoiding the need to import expensive electricity 
from other countries. The plant’s reliable operation in 2021 accounted 
for 15% of domestic consumption, providing affordable power to the 
equivalent of 1.235 million households, quality employment for 450 
direct employees and several thousand indirect jobs in the supply 
chain. Being fully compliant with the latest environmental 
requirements, the plant is well positioned to serve consumers in 
Bulgaria as part of an orderly energy transition, by providing secure 
and affordable power and valuable electricity system services, while 
the newly required mix of low- and no-carbon flexible capacity in the 
country is developing.
Electricity  
for
1.235
million households
Quality  
employment
450
direct & thousands 
of indirect jobs
Local  
resources
100%
indigenous fuel 
(lignite)
Strategic Report
Governance
Financial Statements

COMMITTED TO 
DECARBONIZATION
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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC

7
The energy industry is going through a 
meaningful shift and its transition to net 
zero is vital to reach a 1.5°C pathway.
ContourGlobal plays its part in the transition to net 
zero by 2050, and has committed to make no new 
investments in coal. The timing of exiting coal 
completely will depend in large part on geopolitical 
events and pressures related to commodity pricing 
and availability and, in particular, the timing of the 
implementation of the energy transition in Bulgaria 
where we are working actively in cooperation with 
the new Bulgarian government. Additionally, 
exiting coal will take into consideration the need 
for a “just transition”, protecting the interests of our 
employees and the community, balanced by the 
impact on climate.
Our diverse portfolio combines renewable assets 
in diverse regions and flexible and low-carbon 
sources of energy production - such as efficient 
gas-fired and co-generation plants. The last ones 
provide reliable sources of electricity base-load 
and supply flexibility, thus contributing to balancing 
the generation of electricity for renewable energy.
In the medium term, we are focused on delivering 
a 40% decrease in CO2 intensity by 2030 from 
2019 levels.
This commitment is reflected in our sustainability 
business principles: “Operate safely and efficiently 
and minimize environmental impacts” and 
permeates our strategy and capital allocation.
DISRUPTION OF ENERGY  
MARKETS – AUSTRIA
The disruption in the energy market created a win-win opportunity for 
our wind assets in Austria, where the energy law allows renewable 
companies to temporarily suspend the Feed-in-Tariff (FiT). 
As market prices went dramatically above the average FiT of €92.4 /
MWh, ContourGlobal suspended the FiT starting from December 2021 
onwards and entered into a fixed price Power Purchase Agreement 
(PPA) based on forward prices. This benefited both parties: the Austrian 
Government and Austrian households, as the renewable levy on monthly 
electricity bills for 2022 was suspended temporarily, at a time when  
the household price of electricity has dramatically increased, and 
ContourGlobal, who sold power produced at market prices, earned an 
additional EBITDA of €650k for December 2021 compared to the FiT. 
Strategic Report
Governance
Financial Statements

DELIVERING  
RELIABLE 
ENERGY
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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC

9
Renewable capacity is increasing and 
managing its intermittency is a key 
challenge for the energy transition.
Sometimes renewable production exceeds 
demand but when the sun goes down or the  
wind does not blow, production is insufficient.
Hence flexible sources of power generation,  
such as gas, have an important role to play. The 
introduction of new technologies, such as carbon 
capture, makes gas a viable low-carbon option  
to support a smooth energy transition.
Building on our deep expertise and experience, 
ContourGlobal is well-placed to capitalize on this 
opportunity and generate attractive returns that 
support our dividend policy of 10% growth  
per annum.
This commitment is reflected in our sustainability 
business principles: “Grow well” and “Enhance  
our operating environment” and is embedded in 
our strategy and capital allocation.
ENSURING A RELIABLE SUPPLY
Following the expiry of the previous 10-year PPA, our gas-fired plant in 
Arrubal (Spain) sold generated energy directly on power markets from 
July 2021. During the last five months of the year, the plant operated in 
the ancillary services market, providing critical stability to the energy 
system in a challenging volatile market where electricity prices have 
been well above €200/MWh. Our gas-fired plant can rapidly dispatch 
electricity, generating a reliable supply of electricity. This flexible 
capacity is critical to address the intermittency of renewables and the 
current limitations of storage solutions.
In this context, the plant achieved 98% availability and delivered an 
outstanding financial performance in 2021. Arrubal will continue to play 
an important role in the stability of the energy system and is expected 
to run merchant in 2022.
89%
of the days from August to 
December 2021 dispatched  
in the power markets
98.7%
availability achieved despite the 
demanding operational regime 
with a higher number of start-ups 
and running the two units 
simultaneously (which had not 
happened since 2013)
Strategic Report
Governance
Financial Statements

10
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
AT A GLANCE
WHO WE ARE
ContourGlobal develops, acquires, and operates thermal 
and renewable power plants to generate electricity. 
ContourGlobal is a power generation 
company committed to growth with a 
focus on low-carbon technologies.  
Since our foundation in 2005, we have 
become an internationally recognized 
company with technologically and 
geographically diverse assets and 
best-in-class operations.
Our purpose is to create economic  
and social value through developing, 
acquiring, and operating electricity 
generation businesses worldwide. In this 
regard, our strategy is built on operational 
excellence, high growth and financial 
strength throughout our business.
We supply electricity principally in the 
wholesale market, selling it under 
contracts and regulated tariffs to those 
who then distribute it or sell it on to 
households, businesses, and others in 
the retail market. Our customers include 
national grids and utilities that supply 
these grids, as well as commercial and 
industrial customers that receive 
electricity, steam, water, or CO2 directly 
from on-site facilities.
Because the vast majority of our 
revenues are derived from long-term 
contracts or long-term regulated tariffs 
with creditworthy counterparties, cash 
flows are predictable, and risk is 
relatively low.
Our portfolio is diversified across 
different technologies, and geographies. 
At the end of 2021, we owned and 
operated 138 thermal and renewable 
power generation assets in Europe, 
Latin America, North America and Africa, 
with a total installed capacity of 6.3 GW.
We take innovative approaches to energy 
storage and fuel sources to ensure that 
we are able to offer reliable supply around 
the clock where solar, wind or hydro 
power are the source of base-load.
In all the regions we operate in, we aim 
to support the local communities.
The Company’s five values and four 
sustainability principles underpin 
everything we do.
What we do
Our thermal fleet uses conventional fossil fuels
Our renewable fleet uses sustainable resources:
wind
Wind turbines harness the kinetic energy of the  
wind and redirect it to a generator to convert it to 
electrical power.
natural gas (and biogas)
Natural gas consists mainly of methane and is  
created as a result of underground decomposition. 
The gas is used as fuel for different technologies  
to produce electricity.
solar
Photovoltaic solar power is generated using solar cells 
to convert energy from the sun into a flow of electrons. 
The cells produce a direct current which can be used to 
power equipment. Concentrated solar power generates 
power by concentrating sunlight onto a small area using 
mirrors or lenses. Electricity is generated when this is 
converted to heat, which produces steam for a 
turbo-generator.
high efficiency cogen1
Cogeneration is the simultaneous production of electricity 
and useful heat. Cogeneration uses the waste heat 
produced in the generation of electricity but lost in 
regular power plants to increase efficiency.
coal
Coal is burned in a furnace to produce heat. This 
produces steam which is then piped to a turbo-generator. 
While we have coal plants in our portfolio currently, we 
will not be adding new coal capacity in the future.
hydropower
Hydropower is produced by moving water spinning 
turbines at speed, which in turn are attached to 
electrical generators. 
liquid fuels
Liquid fuels are used in reciprocating engines to 
produce electricity.
1. High Efficiency Cogen is part of our Solutions business and included within our Thermal segment for financial reporting purposes.

11
Operational 
excellence
High 
growth
Financial 
strength
OUR PURPOSE
Our purpose is to create economic and social value through developing, acquiring  
and operating electricity generation businesses worldwide.
OUR SUSTAINABLE BUSINESS PRINCIPLES 2
OUR VALUES
OUR STRATEGY
Our overall strategy to achieve our purpose is built on three pillars1:
Four sustainability principles and five Company values underpin 
everything we do
Operate safely  
and efficiently  
and minimize 
environmental impacts
Grow well
Manage our business 
responsibly
Enhance our 
operating 
environment
1
2
3
4
5
We care about our 
people’s health, 
safety, well-being, 
and development 
We expect,  
embrace, and enable 
excellence and 
continuous learning 
through humility and 
the knowledge that 
we will fail – but when 
we do, we will learn
We act  
transparently  
and with moral 
integrity
We honor the 
commitments of 
those who have 
placed their  
trust in us
We work hard and 
without boundaries 
as a multinational, 
integrated team
By running our power plants 
efficiently, we maximize 
electricity output, minimize 
environmental impacts, and 
reduce costs. We seek to 
promote health, safety, and 
well-being throughout the 
organization: safety is our 
number one priority.
By growing well, we help 
meet energy needs through  
a clean energy model that 
reduces climate impacts.  
We promote energy and 
economic security and 
increase energy access, 
creating economic wealth for 
investors, our employees, 
and, indirectly, our 
communities.
We are committed to 
maintaining the highest 
ethical and legal standards 
wherever we operate. We 
seek to attract, develop, and 
retain a workforce that 
reflects the diversity of the 
communities in which  
we operate. 
We share our expertise and 
improve quality of life through 
long-term sustainable 
improvement of the electricity 
sector, civil society, and  
local communities. 
1.	 See pages 30 and 31 for further information on strategy.
2.	 See pages 40 and 41 for further information on our sustainable business principles.
Strategic Report
Governance
Financial Statements

WHERE WE OPERATE
Our business is international with a concentration in three 
primary regions: Europe, the Americas and sub-Saharan Africa.
15
24
25
Our seven largest assets
MARITSA, 
BULGARIA
908 MW
ARRUBAL, 
SPAIN
800 MW
MEXICO CHP, 
MEXICO
518 MW
VOROTAN, 
ARMENIA
404 MW
CSP, SPAIN
250 MW
CHAPADA I, II 
& III, BRAZIL
438 MW
138
Power generation assets
(including Brazil Hydro plants 
held for sale)
32
Thermal plants
(including 12 High Efficiency 
Cogen plants)
106
Renewable plants
AT A GLANCE (CONTINUED)
HOBBS,  
UNITED STATES
604 MW
1
3
2
24
25
26
27
33
24.
Vorotan complex, ARMENIA
hydro
404 MW
25.
CSP, SPAIN (5)*
solar
250 MW
26.
Chapada I, BRAZIL
wind
205 MW
27.
Chapada II, BRAZIL
wind
172 MW
28.
Hydro Brazil, BRAZIL (9)
hydro
168 MW1
29.
Asa Branca, BRAZIL
wind
160 MW
30.
Austria Wind, AUSTRIA (10)
wind
136 MW2
1.
Maritsa, BULGARIA
coal
908 MW
2.
Arrubal, SPAIN
natural gas
800 MW
3.
Hobbs, UNITED STATES
natural gas
604 MW
4.
TermoemCali, COLOMBIA
natural gas
240 MW
5.
Five Brothers, UNITED STATES (5)*
natural gas
230 MW
6.
Trinity, TRINIDAD & TOBAGO
natural gas
225 MW
7.
Sochagota, COLOMBIA
coal
165 MW
8.
Three Sisters, UNITED STATES (3)*
natural gas
141 MW
9.
Togo, TOGO 
natural gas
100 MW
10.
Cap des Biches I & II, SENEGAL
liquid fuels
86 MW
11.
Waterside, UNITED STATES
liquid fuels
72 MW
12.
Bonaire Engines, DUTCH ANTILLES 
liquid fuels
27 MW
13.
KivuWatt, RWANDA
biogas
26 MW
14.
Saint Martin, FRENCH TERRITORY
liquid fuels
14 MW
1. currently held for sale. 2. not including windfarms currently being repowered.
12
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC

Renewable  
plants
High Efficiency 
Cogen plants3
Thermal plants
Thermal: High Efficiency Cogen
Strategic Report
Governance
Financial Statements
31.
Inka, PERU
wind
114 MW
32.
Solar Italy, ITALY (71)*
solar
95 MW
33.
Chapada III, BRAZIL
wind
59 MW
34.
Solar Slovakia, SLOVAKIA (3)*
solar
35 MW
35.
Bonaire Wind, DUTCH ANTILLES
wind
11 MW
36.
Solar Romania, ROMANIA
solar
7 MW
*	 (x) indicates the number of individual plants constituting the asset
15.
Mexico CHP, MEXICO (2)*
natural gas
518 MW
16.
Borger, UNITED STATES
natural gas
230 MW
17.
Solutions Brazil, BRAZIL (3)*
natural gas
59 MW
18.
Knockmore Hill, NORTHERN IRELAND
natural gas
15 MW
19.
Solutions Benin, NIGERIA
natural gas
10 MW
20.
Solutions Nogara, ITALY
natural gas
9 MW
21.
Solutions Ikeja, NIGERIA
natural gas
7 MW
22.
Ploiesti, ROMANIA
natural gas
6 MW
23.
Solutions Oricola, ITALY
natural gas
3 MW
25
18
2
10
9
21
19
13
22
1
32
30
34
36
24
15
16
35
14
12
7
6
4
11
3
5
8
31
26
27
33
29
28
17
23
20
3.	 High Efficiency Cogen is part of our Solutions business and included within our Thermal segment for financial reporting purposes. 
13
4,494.3
Gross capacity (MW)
1,816.4
Gross capacity (MW)

14
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
FINDING NEW 
OPPORTUNITIES
CHAIRMAN’S STATEMENT
“	WE HAVE EXTENSIVE EXPERIENCE IN CARBON 
CAPTURE, WHICH WE BEGAN USING IN 2010, 
AND ARE INVESTING INCREASINGLY IN THIS 
TECHNOLOGY AROUND THE WORLD.”
Craig A. Huff,
Chairman
Although Contour’s financial performance 
in 2021 was very strong, overall it was a 
disappointing year given the fatality of a 
sub-contractor on our premises in Brazil. 
Our Health and Safety record is in the top 
decile of our peer group, but this is an 
unacceptable event (see page 42 for 
details and corrective action).
Our cash flow generation was particularly 
strong in 2021 as management did a 
superb job of managing the business 
through COVID-19 and optimizing our 
assets in a very volatile power market. 
Management is very focused on risk 
mitigation with respect to our current 
portfolio and has successfully integrated 
our most recent acquisitions. In addition, 
the continued uncertainty in Europe given 
the Russian invasion of Ukraine and the 
overall strain on the power markets should 
provide ContourGlobal with some 
interesting opportunities over the next 
several quarters. For example, as 
countries in Europe rethink the phasing 
out of thermal power plants, the 
opportunity for economic carbon capture 
projects becomes much more likely.
We remain frustrated with our share 
price and are actively trying to close the 
gap between our share price and the 
intrinsic value of ContourGlobal. The 
previously announced Brazil asset sales 
are a good first step.
Cutting carbon emissions
We have been cutting our carbon 
intensity for several years and are 
committed to further reducing it by 40% 
by 2030 against a 2019 base. We have 
committed not to develop or acquire 
coal power plants in the future. 
We have extensive experience in 
carbon capture, which we began using 
in 2010, and are investing increasingly  
in this technology around the world.  
Our thermal businesses are largely 
based on natural gas, and 43% of our 
net generation capacity comes from 
renewable or high efficiency co-
generation. We use batteries, as well as 
gas, to help balance the intermittency of 
solar and wind generation and continue 
to invest in storage technologies.
The energy transition is upon us. The world faces the dilemma  
of how to reduce carbon emissions while providing sufficient 
energy to keep everyone’s lights on at an affordable price. 
We welcome the reporting framework 
established by the Task Force on 
Climate-related Financial Disclosures 
(TCFD). It continues to enhance our 
reporting as we make further progress 
evaluating and managing climate-related 
risks and opportunities.
Financial success
2021 was a very strong financial year for 
ContourGlobal with record cash flow 
generation. In addition to our strong 
contracted cash flows across our 
portfolio, we benefited from high power 
prices in Europe through the small piece 
of our portfolio with merchant exposure,  
primarily from our natural gas-fired 
power plant in Arrubal, Spain. 
Operations
We suffered several major outages  
in 2021, but our systems proved 
effective to remedy them, and I thank 
the management for their hard work 
minimizing business interruption. 
Similarly, efficient handling of the 
implications of the COVID-19 pandemic

15
in 2021 kept the business running 
smoothly while ensuring the welfare of 
our people. Management also effectively 
executed several major construction 
projects, notably in Mexico, Austria  
and Armenia.
Health and Safety
In Health and Safety, however, 2021  
was a poor year. We bitterly regret 
experiencing one fatality and one Lost 
Time Injury, resulting in two Lost Time 
Incidents (LTI), failing to meet our Target 
Zero objectives. These events weigh 
heavily on us, and we have learned 
important lessons for the future about 
how to mitigate such risks inherent to 
our activities. Please see page 42 for 
more details.
Social investment
We continue to execute on our 
responsibilities to behave as good 
corporate citizens wherever we do 
business, helping to strengthen civil 
society. After having channeled our social 
investment into healthcare following the 
pandemic outbreak in 2020, we reverted 
to investing in a broader mix of health, 
education and other social projects in 
2021 for the benefit of the communities in 
which we operate. We have switched from 
one-year to three-year projects to ensure 
a more impactful and sustainable outcome 
for communities. 
Dividends
We have continued to grow ordinary 
dividends per share at 10% annually 
thanks to the strength of our earnings  
and predictable cash flows. Dividend 
cover is strong and stable. The total 
dividend payable for the full year of 2021 
is $117 million. The fourth quarter dividend  
of 4.465 cents per share, equivalent to  
$29.3 million, will be paid on 14th April 
2022. The dividend receivable in pounds 
sterling will be based on the exchange 
rate on the applicable announcement 
date. Further information on dividends  
can be found on page 61.
These past two years have been 
challenging for our world and for 
ContourGlobal. I am very proud of and 
grateful to the ContourGlobal team  
for the way they have conducted 
themselves throughout the challenges 
of COVID-19 and the more recent 
volatility in Europe. Their dedication and 
professionalism have been exemplary.
Craig A. Huff,
Chairman
UNLOCKING VALUE ON BRAZIL ASSETS 
In 2021, the Company announced that it had started the process of monetizing its 
renewable business in Brazil in order to unlock value for shareholders and close the 
gap between its share price and the intrinsic value of the Company's assets as 
valued by the private market. 
On 19th January 2022 we agreed the sale of our hydro assets in Brazil to Pátria 
Investments at a valuation of BRL 1.73bn ($313m1). This sale is consistent with our 
drive to realize value from undervalued assets in our portfolio and deliver further 
attractive risk-adjusted returns for our shareholders. This demonstrates the value 
differential between the public and private markets for our assets.
1	 Exchange rate 1 BRL = $0.181159; valuation including the assumption of net debt and other 
customary adjustments
Strategic Report
Governance
Financial Statements

16
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
BUSINESS MODEL
BUSINESS MODEL
How we create value
We supply electricity principally in the wholesale market, 
mainly selling it under long-term contracts to clients, or  
‘offtakers’, who transmit and sell it to retail customers. These 
contracts are typically : 
•	 Power Purchase Agreements (PPAs) by which the power 
plant gets remunerated to be available to generate 
electricity; and
WHERE 
CONTOURGLOBAL 
SITS IN THE VALUE 
CHAIN:
The skills and expertise, motivation and conduct of our 1,518 
employees and contractors are critical to our success. We hire, train, 
and develop a diverse workforce, offering equal opportunities for 
progression. We insist on the highest standards of health and safety 
and have a progressive policy of reward for performance.
We finance our projects with debt and equity, mostly debt, aiming to 
mitigate risks and optimize the cost of capital. We assess the economic 
return of our projects on a risk-adjusted basis and typically seek a 
minimum double digit internal rate of return for our equity investments.
We use natural resources to produce electricity such as coal, gas, sun, 
wind, or hydro. We seek to minimize environmental impacts arising 
from our activity, notably when using chemicals.
We invest in developing strong relationships with customers, 
contractors, suppliers, governments, regulators, and communities in 
every region we operate in.
We apply the deep expertise we have accumulated in running power 
plants safely and efficiently, using a wide range of technologies to 
produce and store electricity, while minimizing our carbon footprint.
Power plants and their equipment are the key fixed assets we use to 
convert all our inputs into a safe and reliable supply of electricity.
Inputs
Our business depends on a range of inputs:
Human
Financial
Natural Resources
Social
Intellectual 
Technological 
•	 Regulated tariffs or other regulated mechanisms, by which  
we agree a price per unit of electricity output.
These contracts give us good visibility of long-term, de-risked cash 
flows, which in turn underpin our progressive dividend policy.
Aside from operating renewable assets in 
diverse regions, through our use of flexible 
and low-carbon sources of energy production 
(such as efficient gas-fired and co-generation 
plants) we can provide reliable sources of 
base-load electricity and supply flexibility, 
contributing to balancing the generation of 
electricity for renewable energy.
Upstream
Retail and 
supply
Transmission 
and 
distribution
Generation

17
Stakeholders’ value distribution
We distribute the value we create to a wide variety of stakeholders:
A skilled, diverse workforce operating safely with 
opportunities to grow and develop.
Stable cash flows supporting 10% annual growth of our 
dividend. Our capital structure provides ample opportunities 
for further growth. 
A commitment to reduce our environmental impact – 
decarbonization by 2050 – and an active role in the energy 
transition.
We create a positive long-term impact on the communities in 
which we operate and strong relationships with other 
stakeholders, notably supporting our supply chain in applying 
our highest standards in terms of compliance. 
Increasing innovation and continuous learning improves the 
way we generate electricity. We notably provide innovative 
low-carbon solutions such as hybrid technology plants which 
work with an optimal mix of resources available.
A reliable supply of power produced safely and efficiently is 
at the core of the value we bring. As part of our High 
Efficiency Cogeneration activity, we also supply other 
products to our clients, such as heat, or CO2 for industrial 
purposes (carbon capture). 
Outputs
We create a range of outputs aligned with the UN 
Sustainable Development Goals (SDGs):
Human
Financial
Natural Resources
Social
Intellectual 
Technological 
SDGs alignment
Metrics
39% of senior leadership positions filled 
by women; one Lost Time Injury and one 
fatality, resulting in two Lost Time 
Incidents (LTIs) in 2021. 
10% annual dividend increase in FY 2021.
Reduction of CO2 intensity of energy 
production to 0.44 in 2021. 
86 social investment projects pursued in 
2021, including 47 projects completed.
Equivalent Availability Factor of 94.4%.
CO2 intensity of energy production of 
0.44 in 2021.
Governments/
regulators
We pay local, state and 
national taxes. In 2021, 
we paid $36.6 million 
income tax across  
the Group
Employees
We typically spend 
3.8% of our revenues 
on salaries and 
performance incentive 
plans; in 2021, we 
provided 39,867 hours 
of employee training 
Customers
We supply electricity 
reliably, safely, and 
efficiently, in both 
developed and 
underserved areas 
Community
We create jobs for a  
total of 1,518 people 
worldwide; and we 
invest in education, 
healthcare and other 
social projects, in an 
amount of $6.24 million 
for the three-year period
Equivalent Availability Factor of 94.4%.
CO2 intensity of energy production of 
0.44 in 2021.
Strategic Report
Governance
Financial Statements

18
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
CEO LETTER 
CEO REVIEW
“THE COMPANY NAVIGATED WELL THROUGH 
YEAR TWO OF THE PANDEMIC. ”
Joseph C. Brandt,
CEO
2021 was not a particularly good year for ContourGlobal. 
We failed to honor our commitment, to keep our people, contractors and 
visitors safe while on our sites. In August a contractor at one of our wind 
farms in Piaui Brazil died when he was electrocuted at our substation. 
This was our second fatality in 15 years 
and our first in Brazil. It profoundly shook 
the company and casts a pall over all of 
the year’s accomplishments. A detailed 
investigation revealed poor work 
practices by a long-standing 
maintenance provider and poor 
management by us of them. Learnings 
from this have been shared throughout 
the company but will not bring back this 
life. Elsewhere we experienced a Lost 
Time Incident in Spain, our third there in 
four years. We will improve in 2022. 
The Company navigated well through 
year two of the pandemic despite facing 
challenges travelling to sites and reliably 
receiving equipment and other supply for 
maintenance works. We largely kept our 
sites COVID free and expanded testing 
globally, encouraging our workforce to 
get vaccinated and boosted. Mandates in 
many of the countries where we operate 
created tension in the organization as 
many employees chose not to vaccinate, 
a situation that prompted us to debate 
whether to impose our own mandates. 
We chose not to do so, and instead 
decided to encourage vaccination, to 
offer free testing for employees and their 
families, all the while speaking regularly 
about the benefits of vaccination. By 
year-end, 71% of our workforce was fully 
vaccinated but with meaningful 
differences in uptake particularly in nearly 
all of the countries in Eastern Europe and 
several states in the US. Unfortunately, 
we continue to experience the impact of 
the disease primarily in those businesses 
where vaccine uptake has been low.
Our offices were mostly open throughout 
2021 and although we created a 
hybrid-working option enabling office 
based employees to work up to two days 
per week from home, we continue to 
emphasize the benefits of in office work 
for achieving business objectives and 
developing people. 
We performed well financially in 2021 
and this in turn was a result of good 
power plant operations. Equivalent 
Availability Factors (“EAF”) were 
generally on target across the entire 
thermal fleet and, among the large 
assets, particularly strong at Arrubal 
(Spain), Hobbs (New Mexico), the 
California peaking plants, Borger (Texas) 
and Maritsa (Bulgaria). As the above list 
indicates, performance of the newly 
acquired businesses in the United 
States and the Caribbean was good  
with only our Trinidadian business 
performing materially below plan as  
the result of an extended forced  
outage, albeit one which had a minor 
financial impact.
Total thermal division EAF was 93.9% and 
better than plan overall but the details 
show below plan performance for several 
key assets. EAF for our CCGT and coal 
plant clusters was better than last year. 
Our performance in the Engines and

19
CREATING VALUE BY IMPROVING THE 
PERFORMANCE OF OUR WIND ASSETS  
IN AUSTRIA
The approach we took to growth in the Austrian renewable sector is a 
good example of how we create value through expanding and improving 
platforms in those markets where we have a long-standing presence. We 
chose to invest in upgrading the wind turbines at our existing plants. This 
type of project enabled us to grow while taking advantage of synergies and 
operational expertise, yet minimizing development risk and uncertainties on 
local resource (wind). 
By leveraging relationships with existing offtakers, lenders, and contractors 
and utilizing our expertise at project level, we have been able to improve 
the efficiency and power generation of our wind turbines. We were able not 
only to limit construction risk but also to obtain favorable financing terms.
“Scharndorf 4+5” assets became fully operational during 2021 and sold 
electricity produced under the feed-in-tariff in place. Berg and 
Trautmannsdorf are progressing well and are expected to become 
operational over the next twelve months.
This organic growth initiative is likely to result in significant value creation, 
as similar assets in Europe trade at 13-15x EV/EBITDA.
Solutions cluster was mixed with EAF in 
Brazil and Mexico Solutions lower than 
plan, reflecting equipment failures in 
Brazil and a longer outage than planned 
at CGA. We also experienced a major 
unplanned outage in Togo related to an 
engine failure, despite which the plant 
still was able to achieve its guaranteed 
availability for the year thereby 
minimizing financial impact.
Cost control was again excellent in 2021 
and as planned which is a significant 
tribute to our operating organization 
given the supply chain cost pressures 
we experienced starting in Q1. Fleet 
wide capex was worse than plan by 
approximately 10% largely reflecting cost 
pressures related to unplanned outages 
in Mexico. Our 2022 budgeting and 
planning cycle has been focused on 
identifying the pinch points in our supply 
chains as well as sourcing new suppliers 
to replace ones vulnerable to economic 
sanctions and other trade restrictions 
(Maritsa), ESG concerns (solar panel 
replacement in Italy and Slovakia and 
new solar development in Bonaire) or 
significant shipping costs. 
Operating performance in the 
renewable fleet was mixed-- excellent 
hydroelectric and solar (ex- CSP) EAF 
was offset by suboptimal performance in 
the wind fleets. The Equivalent Forced 
Outage Rate (“EFOR”) was worse than 
planned reflecting an extended 
unplanned outage in Majadas and Palma 
II while within the wind fleets strong EAF 
at Peru & Austria was offset by 
continued weak performance in Brazil, 
mostly in our Chapada wind farms where 
a recovery plan was implemented and 
the assets have achieved budgeted 
levels in 1Q2022.
Renewable resource performance in 
2021 was generally in line, with a 4% 
negative variance to plan consisting  
of slight negative performance in all 
clusters with the exception of Brazil 
which was 2% better than plan due to 
superb wind resources during the year. 
Underscoring the balance and risk 
mitigation inherent in the portfolio, this 
4% variance in renewable output had 
less than a one percent impact on our 
consolidated EBITDA performance.
One outstanding accomplishment 
achieved in 2021 was our record 
performance distributing cash to the 
parent company — the entity that pays 
dividends, interest and provides capital 
for new investment — known in the 
covenants of our bonds as Cash Flow 
Available for Debt Service1 (CFADS). 
CFADS in 2021 was $367 million, 
approximately 34% higher than in 2020, 
reflecting not only strong operational 
performance but also our agile 
commercial and financial teams. In 2021 
we took advantage of market 
opportunities to sell power and ancillary 
services from businesses like Arrubal 
and the Italian solar portfolio, and 
aggressively tapped the project finance 
market for financing and refinancing 
several of our existing businesses. 
These financings not only locked in 
attractively low long-term interest rates 
but enabled us to bring forward future 
dividends. The interest rates and terms 
of these refinancings were the best in 
our history but then window closed 
quickly and by year end rates had 
moved meaningfully higher.
Growth, Capital and Market 
Outlook 
With the exception of the repowering  
of our Austrian windfarms, the 
acquisition of Western Generation and  
a bolt on solar acquisition in Italy, we  
did not expand the portfolio with new 
acquisitions in 2021 — unusual for us but 
reflecting our decision in the second half 
of the year to take a very cautious 
approach to our markets. 
1. See page 60 for definition 
Strategic Report
Governance
Financial Statements

20
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
We were concerned about a rapidly 
shifting financing and supply chain not yet 
reflected in sellers’ price expectations. 
For example, we spent the better part  
of eight months preparing a large 
acquisition of thermal and renewable 
assets in the Americas only to walk away 
in the third quarter when seller would not 
change its terms. To provide an example 
of how dynamic and downside oriented 
the market became, our underwriting 
rebaselined our financing assumptions 
three times in four months (and never for 
the better), while assumptions related to 
sellers’ solar and wind development 
assets proved nearly impossible to risk 
adjust and price, reflecting growing price, 
availability, and transport challenges 
within the renewable related supply 
chains. All of the proceeding factors 
served to eliminate any margin of safety 
and turned the investment decision into a 
bet that things would quickly recover. 
With the benefit of hindsight provided  
by the surreal events of early 2022, our 
caution provided the best investment 
returns of the year.
We continue to see excellent 
opportunity to grow our wind business in 
Austria through greenfield development 
and the repowering of our existing wind 
assets, an activity which we have been 
pursuing for over five years. A very 
strong development and operations 
team in Vienna have shown the ability to 
execute our wind repowering strategy 
despite unexpected challenges ranging 
from low water levels on the Danube, to 
financial distress in the wind turbine 
industry to a global pandemic.
We made excellent progress 
repowering our Trautmannsdorf and 
Berg wind farms in lower Austria 
executing well our long-standing 
repowering plan and achieving some 
unexpected upside along the way. The 
Berg project is a ~20 MW repowering 
with an expected entry into commercial 
operations in September of 2022. We 
are on plan and below budget and 
made very good progress constructing 
the on-site infrastructure. The project 
known as Trautmannsdorf is a 21 MW 
repowering, also located in lower 
Austria, and is expected to enter into 
commercial operations less than one 
year from now in January 2023. 
Trautmannsdorf is similarly on plan for 
both budget and schedule.
Like our other Austrian repowering 
projects, the wind generated output 
receives a 13 year feed-in-tariff leaving 
us with no price risk until late in the next 
decade. Unlike earlier projects, both 
Berg and Trautmannsdorf also 
benefitted from a COVID-19 investment 
bonus designed by the Austrian 
government to encourage further 
investment during the height of the 
pandemic and further enhancing the 
projects’ returns. These are exceptional 
projects and we expect continuous 
growth in Austria.
Finally, in the last months of 2021 we 
were able to successfully negotiate the 
sale of our hydro portfolio in Brazil which 
culminated in the signing of the 
transaction with Patria Investments in 
January of this year. This transactions 
unlocks significant value to our 
shareholders with the hydro portfolio 
being valued at 9.7 x LTM EBITDA and 
net proceeds to ContourGlobal of 
approximately $110m, that adds to an 
earlier distribution of approximately 
$26m coming from the refinancing  
of this portfolio in the Brazilian  
capital markets.
Going into 2022 and with Mergers & 
Acquisitions still an important part of  
our growth strategy we remain  
cautious despite seeing more realistic 
expectations from sellers about the 
pricing of risk/reward amidst much 
uncertainty. Supply chain and financing 
pressures are being acutely felt in the 
greenfield renewable segment which is 
starting, for the first time in seven years, 
to create opportunities for us as 
renewable developers with sizable 
pipelines become more selective about 
which projects they will move forward. 
Gone are the days when renewable 
developers boasted of enormous 
pipelines all of which were expected to 
be built. However, as I write this letter  
in March 2022 these bottom-up 
fundamentals are overshadowed by the 
impacts on the European power markets 
caused by Russia’s invasion of Ukraine. 
The dramatic increase in natural gas and 
electricity prices is leading to a 
fundamental rethinking of the very 
cornerstones of these power markets 
beginning with the principle of marginal 
cost pricing. We have been saying for 
four years that the future of the European 
power generation market looked to be 
increasingly a regulated one with the 
abandonment of marginal cost pricing 
and its replacement with some form of a 
guaranteed regulated rate of return 
applied to the entire generation sector. 
Such a prospect became visible several 
years ago with the progressive 
elimination of coal and nuclear in 
Europe’s base-load production thereby 
increasing the reliance upon natural 
gas-fired generation which, in the 
marginal price setting framework defining 
competitive power markets, meant that 
the entire uncontracted generation stack 
would earn revenues set by a gas-fired 
power plant.
Even prior to unprecedented volatility 
and price increases in natural gas that 
accompanied building tensions and then 
Russia’s invasion of Ukraine, Europe’s 
power markets were engaging in 
self-help to diversify away from natural 
gas whenever possible, as evidenced 
CEO REVIEW (CONTINUED)
“WE ARE IN THE MIDST OF A LENGTHIER 
TRANSITION WHICH WILL SEE A LARGER 
THAN PREVIOUSLY EXPECTED ROLE  
FOR POWER GENERATION BASED ON  
LIGNITE COAL, NUCLEAR AND LIQUIFIED 
NATURAL GAS.”

21
by the significant amount of “gas to coal” 
switching which characterized the 
central European power markets by mid 
2021 with German lignite leading the 
way and this despite a policy framework 
designed to engineer the opposite (coal 
to gas switching).
Now in March 2022, policy innovation 
abounds in Europe as a new set of 
market rules are floated including:
i.	 elimination of the marginal cost price 
setting system, 
ii.	price caps on natural gas and 
electricity, 
iii.	special taxes on certain generation 
profits, 
iv.	 reintroduction of coal plants, and
v.	possible extension of nuclear plants, 
and other measures meant to 
eliminate volatility in the price for 
power and, potentially limit the 
financial impact on business and 
residential consumers by adopting 
price caps and direct subsidy 
schemes
These measures create risk but also 
opportunity for our European operations 
and growth prospects. Dismantling the 
price setting mechanism which has 
characterized competitive power 
markets for nearly three decades will 
have multiple unintended and 
unpredictable consequences. At the 
same time, in the absence of a price 
signal, there will need to be incentive 
frameworks to enable base-load power 
plants to provide energy and ancillary 
services and this will require a 
remuneration regime that will likely look 
like some combination of:
 i. more predictable and longer capacity 
payments 
ii. a regulated rate of return which treats 
power generation like regulated 
distribution, wires and pipes (one 
model would be the regulatory 
framework adopted by Spain 
applicable to renewable energy 
technologies) 
iii. or a direct subsidy to generators to 
protect end use customers
This wave of policy intervention may be 
a Russia-Ukraine related set of 
measures that only temporarily transform 
the way electricity is bought and sold or 
a further step towards creating a 
regulated and policy directed 
environment which administratively 
prices electricity energy and capacity 
and admits to the reality, as noted in this 
letter last year, that “absent a 
technological breakthrough in the 
energy storage space, the energy 
transition will be a long one, and 
under-investment in reliable base load 
and mid-merit generation is a significant 
challenge for grid stability and the ability 
of power systems to incorporate 
increasing amounts of renewable 
generation” albeit. A new realism about 
the geo-politics of electricity supply 
emphasizing the need for diverse 
sources of base-load generation and 
decreased reliance on Russian gas 
supports our view that we are in the 
midst of a lengthier transition which will 
see a larger than previously expected 
role for power generation based on 
lignite coal, nuclear and Liquified  
Natural Gas.
As we did last year, we continue to view 
such an environment as mostly one of 
opportunity which will reward business 
models embracing diverse sources of 
power generations and market exposure.
Joseph C. Brandt
Chief Executive Officer
Strategic Report
Governance
Financial Statements

22
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
THE ENERGY  
TRANSITION 
MARKET REVIEW
How to meet the increasing demand for a reliable and 
affordable supply of electricity?
Record high gas and energy prices 
combined with demand recovery and 
extreme weather events in 2021 are a 
reminder that security of supply remains 
a key topic for energy markets. The 
2021 United Nations Climate Change 
Conference (COP26) in the UK in 
November brought to the fore questions 
about how the world could continue to 
balance energy supply and demand 
while cutting CO2 emissions.
Growth in power demand
Long-term power demand is expected to 
double from 2020 to 20501, driven 
by long-term growth in population and 
GDP. Over the same period, the share 
of electricity in the energy consumption 
mix is expected to grow by a third to 30%2, 
as a result of consumer trends and new 
technologies, such as electric cars.
Growth in renewable capacity 
brings new challenges
On the supply side, strong policy support 
will continue to channel huge amounts of 
investment into renewable energy 
generation. As a result, power generation 
from renewable could exceed 25% of total 
generation by 2030 and 50% by 20503. 
Managing the intermittency of renewable 
is therefore vital to ensure a reliable 
supply of electricity and a smooth energy 
transition. Long-term societal well-being 
and sustainable economic growth rely 
heavily on this.
Natural gas will therefore continue to play 
a key role in the energy mix4, together 
with the generation of electricity from 
natural resources such as the sun and 
the wind.
ContourGlobal plays a critical role here. 
Aside from operating renewable assets 
in diverse regions, through our use of 
flexible and low-carbon sources of 
energy production – such as efficient 
gas-fired and co-generation plants  
– we can provide reliable sources of 
base-load electricity and supply flexibility, 
contributing to balancing the generation 
of electricity from renewable energy.
In addition, investments in renewable 
assets have been under pressure over 
recent years, showing low levels of return 
often not in line with our expectations. 
ContourGlobal is highly disciplined in 
capital allocation and other technologies 
have been recently providing more 
attractive return opportunities.
Decarbonization
More countries are making public 
declarations of goals for reductions in 
emissions. President Biden took the US 
back into the Paris Agreement and set 
emissions goals of a 50-52% reduction 
from 2005 levels by 2030, and net zero 
by 2050. The EU, in its Green Economy 
Plan, agreed to reach net zero emissions 
by 2050, with an intermediate objective 
of a 55% reduction from 1990 levels  
by 2030.
ContourGlobal will play an important part 
in decarbonization efforts. In support of 
the UN Global Compact environmental 
principles and the Sustainable 
Development Goal on climate, we have 
been cutting our carbon intensity for 
several years and are committed to 
further reducing it by 40% by 2030 to 
our target established in 2019. We aim 
to be net carbon zero by 2050. 
We have committed not to develop or 
acquire coal power plants in the future 
and intend to exit coal as early as we  
can. This will depend on outcomes of 
geopolitical events and pressures related 
to commodity pricing and availability  
and, in particular, the timing of the 
implementation of the energy transition in 
Bulgaria where we are working actively in 
cooperation with the new Bulgarian 
government, as well as the interests of our 
employees and the community. We will 
continue to invest in improving the 
efficiency of our plants as well as in no- 
and low-carbon generation.
Battery storage
An important step forward in battery 
development was taken at COP26 in 
November. Some 25 companies joined 
forces to launch the Long Duration Energy 
Storage (LDES) Council. The Council’s 
mission is to replace the use of fossil fuels 
in meeting energy imbalances with 
zero-carbon alternatives and enable a net 
zero emissions electricity grid by 2040.
BloombergNEF’s 2021 Global Energy 
Storage Outlook estimates that 345 
gigawatts/999 gigawatt-hours of new 
energy storage capacity will be added 
globally between 2021 and 2030, which 
is more than Japan’s entire power 
generation capacity in 2020 
Batteries play an important part in the 
further development of hybrid plants, 
which combine different energy sources 
(such as wind, solar and thermal) and 
storage to produce an optimal mix of 
low- and no-carbon electricity. In our 
Bonaire plant, we currently employ three 
sets of batteries that can sustain up to 
6 MW for one hour. This allows us to 
switch smoothly from renewable to 
diesel when wind is intermittent, without 
any loss of power to the island’s grid. 
We are currently exploring further 
storage opportunities. 
Carbon capture
To prevent carbon emissions reaching 
the atmosphere, the gases can either be 
sequestered and stored permanently 
underground or can be used for 
industrial purposes, such as in the food 
and beverage industry. For the last 13 
years, ContourGlobal has developed,

23
constructed, and operated carbon 
capture technology, utilizing the carbon 
in carbonated beverages for our flagship 
client, the Coca-Cola Hellenic Bottling 
Company, putting fizz in fizzy drinks.
Carbon capture, utilization and storage 
(CCUS) technologies are gaining 
momentum across the globe, stimulated 
by tax incentives – such as the 45Q tax 
credit and California Low Carbon Fuel 
Standard in the US as well as carbon 
taxes in Europe. Over 40 CCUS power 
generation projects are currently under 
development, of which 15 involve 
gas-fired generation, primarily in the 
United States and the United Kingdom. 
The Net Zero Emissions by 2050 
Scenario envisions ~170 TWh of 
generation from CCUS-equipped gas 
plants by 20305.
ContourGlobal’s expertise in carbon 
capture at our Solutions plants in Europe 
and Africa will prove invaluable as we 
continue to explore further opportunities 
for this technology in Mexico, Africa and 
the United States. 
Hydrogen
In the longer term, so-called ‘green 
hydrogen’ – which is produced by 
splitting water using electricity 
generated from renewable sources, has 
enormous potential as a low-carbon 
energy source. However, infrastructure 
build takes between three and ten 
years, depending on project size and 
location, and it is estimated that it will 
take ten years before this form of clean 
energy can be produced as cost 
effectively as its less environmentally 
friendly counterparts, ‘blue’ and ‘grey’ 
hydrogen. It therefore remains a hope 
for the future. At ContourGlobal we are 
exploring hydrogen technology with our 
first green hydrogen pilot project in our 
Maritsa plant. Hydrogen is a storable gas 
with high energy density and zero CO2 
emissions at the point of use and this 
project will lay the groundwork for new 
opportunities with ‘green’ gas usage.
Market trend
What this means for CG
Link to risk (see page 62 for more details)
Growth in power demand
Growth opportunities
•	 R01. Strategy – Impact of governmental actions and regulations
•	 R02. Strategy – Geopolitical uncertainties and social instability 
(including environmental activism, sanctions and trade war)
•	 R04. Operation and execution – Pandemic virus
•	 R05. Operation and execution – Supply chain
•	 R12. People and organization – Key people (senior executive 
management) succession planning
Increasing demand for 
lower-carbon solutions
Continued investment in 
low- carbon generation and 
select renewable projects
•	 R01. Strategy – Impact of governmental actions and regulations
•	 R04. Operation and execution – Pandemic virus
•	 R05. Operation and execution – Supply chain
•	 R06. Operation and execution – Project execution (CAPEX)
•	 R07. Operation and execution – Asset integrity (OPEX)
•	 R08. Operation and execution – Resources/Climate change
Demand for reliable supply of 
electricity to support the 
energy transition
Continued investment in 
natural gas, co-generation, 
and in battery storage to 
balance intermittency
•	 R01. Strategy – Impact of governmental actions and regulations
•	 R04. Operation and execution – Pandemic virus
•	 R05. Operation and execution – Supply chain
•	 R06. Operation and execution – Project execution (CAPEX)
•	 R07. Operation and execution – Asset integrity (OPEX)
1.	 McKinsey Global Energy Perspective 2021
2.	 Idem
3.	 BP Energy Outlook 2020, share of electricity in total final consumption, Rapid scenario https://www.bp.com/content/dam/bp/business sites/en/global/corporate/
pdfs/energy-economics/energy-outlook/bp-energy-outlook-2020.pdf
4.	 IEA Global Report 2021
5.	 IEA (2021), Natural Gas-Fired Power, IEA, Paris https://www.iea.org/reports/natural-gas-fired-power 
Strategic Report
Governance
Financial Statements

24
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
WORKING IN  
PARTNERSHIP
OUR STAKEHOLDER ECOSYSTEM
As responsible leaders in power generation, and in accordance with our 
Section 172 obligations described below, we engage closely with our key 
stakeholders in line with our commitment to make a positive long-term impact 
around the world. In 2021, the Board continued to engage closely through our 
ongoing response to the pandemic.
Our principal stakeholders are:
•	 Shareholders, investors and lenders 
– critical partners in the long-term 
success of our business
•	 Customers and clients – these range 
from governments to industrial 
businesses and multinationals
•	 Employees – our outstanding people 
are at the heart of ContourGlobal
•	 Government and regulators – 
including energy, finance, and 
infrastructure ministries; environmental 
authorities; health and safety agencies; 
and governmental labor bodies
•	 Communities – we are deeply 
committed to making a positive 
long-term improvement wherever  
we operate
EXAMPLES OF PRINCIPAL DECISIONS FROM 2021
In January 2022, the Company approved the sale of the 
Brazil hydro-electric generation business, at a valuation of 
1.73bn BRL, to Patria Investments. 
Objective
To unlock value from undervalued assets within the 
Company’s portfolio, and to deliver further attractive  
risk-adjusted returns for shareholders. 
Strategic and stakeholder considerations 
The Board considered the long-term success of the 
Company in conjunction with the benefits to its key 
stakeholders including shareholders, employees, and our 
customers and clients. The Board concluded that the sale 
was consistent with its objective to unlock value from 
undervalued assets, would result in creating compelling 
value for shareholders, and would strengthen the 
Company’s balance sheet and enable more effective 
capital allocation. 
Key themes
•	 Economic performance
•	 Growth
•	 Value creation
In November 2021, the Company acquired Green Hunter 
Group S.p.A., a portfolio of Solar Photovoltaic assets 
totalling 18 MW located in Italy, for €45.6 million on a debt 
free, cash free basis. 
Objective
To increase our installed solar capacity in the Italian 
market. 
Strategic and stakeholder considerations 
The Board considered the long-term success of the 
Company in conjunction with the benefits to its key 
stakeholders including shareholders, employees, and our 
customers and clients. The Board concluded that the 
acquisition was consistent with its operationally led solar 
strategy in Italy, and would result in an increase in our 
installed solar capacity in the Italian market by 
approximately 24%.
Key themes
•	 Economic performance
•	 Growth
•	 Value Creation 
•	 Grow Well

25
OUR KEY STAKEHOLDERS
During the year, the Board considered 
the provisions of the UK Corporate 
Governance Code in respect of 
stakeholder engagement, and the duties 
of each Director to take the Company’s 
stakeholders and the long-term interest 
of the Company into account in 
accordance with section 172 of the 
Companies Act 2006 (“s172”). 
The role of the Board is to promote the 
long-term sustainable success of the 
Company, generating long-term value 
for shareholders and contributing to 
wider society. The Board recognizes the 
importance of ensuring that the interests 
of all parties that have a stake in our 
Company are factored into our decision-
making process, both as a general 
principle and as part of each Director’s 
s172 duty under the Companies Act 
2006. Our Board decisions can have a 
significant impact on one or a number of 
our stakeholder groups, and it is 
therefore essential that we engage with 
those groups in a way that helps and 
supports our understanding of the 
potential wider, long-term impact of 
those decisions.
We communicate with our stakeholders 
through a range of channels and we 
have a number of ways in which the 
Board is informed of these engagement 
activities and the key themes arising 
from such engagement. We set this out 
in more detail on the following pages. 
We are also keen to continue to develop 
ways of encouraging direct Board 
engagement with stakeholder groups – 
one example being that one or more 
Directors can often be involved directly 
with a shareholder, employee or 
investor networking forum. 
In each case, it is important for all 
members of the Board to gain sufficient 
understanding of the issues relating to 
each of our key stakeholder groups. 
Board members are invited to provide 
updates during Board meetings on any 
engagement that they have had with our 
stakeholders and Chairs of the 
Committees are given a standing 
agenda item to update the Board on the 
views and recommendations made by 
the relevant Committee.
We continue to develop our stakeholder 
engagement program to ensure that the 
Board has had regard to its duties under 
s172. As explained in the Governance 
Report on pages 81 and 95, the Board 
considered that it has complied with its 
duties under s172 of the Companies Act 
2006 through its active engagement 
with stakeholders. The following report 
sets out more information about our 
stakeholder engagement activities over 
the year, and the Board’s consideration 
toward our stakeholder groups 
throughout the year, including the ways 
in which we have factored each group 
into our ongoing response to the 
COVID-19 pandemic.
The Board works hard to ensure 
that the expectations and concerns 
of stakeholders are taken into 
consideration, and is of the view that 
their feedback is invaluable in helping 
the Board formulate the longer-term 
strategy, and the long-term success, of 
the Group. The Board also encourages 
management to consider s172 
matters when presenting to the Board, 
particularly where decisions are required. 
Examples of principal decisions taken 
by the Board during the year are set out 
on page 24 and in the pages below:
Long-term engagement to social 
investment which is aligned to 
societal needs
Input – investment in health, 
education and social projects
Output – shared value social 
investment in areas in which we 
operate
Engagement to attract, support and 
retain an engaged workforce
Input – career development, 
remuneration and health and safety
Output – diverse, high-performing 
workplace
Engagement to provide confidence 
to our shareholders and investors
Input – strategic direction and 
stewardship
Output – sustainable return on 
investment
Engagement to ensure delivery of our 
commitments and to support supplier needs
Input – customer expectations and 
requirements in a commercial environment
Output – operational flexibility and stable 
provision of services; highly valued 
relationships
Engagement & dialogue to support 
energy transition plans and 
sustainability pathways in the sector
Input – public policy and regulatory 
consultations
Output – informed investor 
frameworks based on shared 
societal expectations
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Strategic Report
Governance
Financial Statements

26
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
OUR STAKEHOLDER ECOSYSTEM (CONTINUED)
EMPLOYEES
How we engage
We engage closely with our 
employees around the world to 
ensure we have communication and 
clarity around their careers and 
aspirations, health and safety, 
diversity, learning and development, 
remuneration and rewards and other 
key issues. 
We have a number of ways of 
engaging with our employees, 
including structured career 
conversations, internal media 
platforms, employee forums and 
engagement with trade unions. 
Key engagement and activities in 2021:
•	 The Board regularly receives and 
discusses reports from the 
designated Non-Executive Director 
for workforce engagement, which 
outline the issues raised and 
outcomes from the engagement.
•	 The CEO and leadership team 
have visited many sites throughout 
the year to meet with employees. 
Specifically, the newly acquired 
sites previously owned by Western 
Generation Partners to ensure the 
smooth integration of both 
employees and operations.
•	 Site visits by the designated 
Non-Executive Director for 
workforce engagement to meet 
with Bulgarian management, 
employees and employee 
representatives.
•	 Post-COVID-19 return to work 
forum with the designated Non-
Executive Director for workforce 
engagement, with a cross-country 
group of management and 
employees.
Key themes
•	 Health and safety 
•	 Support during the pandemic 
•	 Grievance mechanisms 
•	 Labor and human rights 
•	 Training and education 
•	 Freedom of association and 
collective bargaining
•	 Career development
Outcomes of engagement
The Board agreed a workforce 
engagement plan for the designated 
Non-Executive Director for workforce 
engagement, which aims to ensure 
that employees, as well as unions 
and works councils, will be given the 
opportunity to directly feed back their 
views to the Board. More detail on 
the outcomes from this engagement 
can be found on page 87 of this 
report, which includes additional 
measures to ensure employee safety 
during the pandemic, and taking 
forward a number of practices 
implemented during this time such  
as hybrid working to support 
employee well-being. 
There were regular updates to 
employees on return to work following 
the ending or changing nature of 
COVID-19 restrictions and ongoing 
discussions on potential future ways 
of working to ensure employee 
well-being and safe working. 
The health and safety of employees 
remains a key priority and the 
Company has a regular, detailed 
communication process with all 
employees, including, in particular, 
our power plant-based employees. 
We continued to apply our detailed 
internal guidelines, and internal 
health and safety audits were  
carried out using remote technology 
where appropriate.
Following regular site visits from the 
management team, the integration of 
our Western Generation acquisition 
continues to advance in line with our 
expectations, and the acquired 
assets are performing well 
operationally and financially. Our 604 
MW Hobbs flagship CCGT in New 
Mexico achieved its best operational 
performance in 13 years, and we 
have also successfully onboarded all 
on-site employees in the United 
States and Trinidad and Tobago. The 
acquisition contributed to our robust 
financial performance in 2021.
Strategic pillars
OUR KEY 
STAKEHOLDERS

27
CUSTOMERS AND CLIENTS
How we engage
We constantly interact with our 
customers throughout the course of 
long-term contracts to ensure that we 
deliver energy in full accordance with 
our contractual commitments and 
adapt to needs that may evolve 
throughout the life of the contract. 
Key engagement activities include 
the following matters, all discussed in 
depth, reviewed and sanctioned by 
the Board:
•	 A number of site visits took place 
during the year, and a hybrid 
approach has been undertaken in 
2021 dependent on localized 
COVID-19 travel restrictions. 
Specifically, through meetings in 
Maritsa, Bulgaria, the senior 
management team has engaged 
significantly with the public 
supplier. 
•	 At each Board meeting performance 
of the operations is reviewed.
Key themes
•	 Top-tier availability of our power 
plants fully meeting our customers’ 
requirements 
•	 Competitive pricing
•	 Health and safety
•	 Compliance, anti-bribery and 
anti-corruption
•	 Procurement practices
Outcomes of engagement
A number of operational changes 
have been introduced to protect our 
customers at our plants during the 
COVID-19 outbreak. Health and 
safety of employees was considered 
daily by our task force and protective 
measures were put into place to 
protect the workforce and provide for 
minimum disruption to services. 
Employees have remained extremely 
vigilant and resilient during the 
ongoing pandemic, which has led to 
minimal disruption to operational 
delivery for our customers.
By holding considerable engagement 
with Natsionalna Elektricheska 
Kompania EAD, the national electric 
company in Bulgaria, we were able to 
ensure Maritsa provided operational 
flexibility to ensure the stability of 
supply in line with their needs. A 
number of visits were made to our 
sites in Senegal and Togo, where we 
met with customers, energy ministers 
and embassy representatives. In 
Mexico, we engaged on a wide 
range of commercial matters with 
customers, and our CEO held 
meetings with Alpex, a leading 
petrochemical manufacturing 
company.
Strategic pillars
Strategic Report
Governance
Financial Statements

28
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
OUR STAKEHOLDER ECOSYSTEM (CONTINUED)
SHAREHOLDERS, INVESTORS AND LENDERS
How we engage
During the course of 2021 the 
Company undertook its regular 
programme of engagement which 
included: the full reporting cycle and 
half-year financial results as well as 
two quarterly trading statements, and 
face to face meetings with investors, 
bondholders and lenders through 
many channels, including our AGM, 
roadshows, conferences and  
regular calls. 
The Board receives regular reports 
from our Investor Relations team and 
brokers. These reports provide clarity 
on the investor landscape and help 
to update Directors on our investors’ 
views.
Our corporate website provides a 
dedicated investor section which 
contains all London Stock Exchange 
regulatory announcements and a 
copy of all of our Annual Reports. 
Webcasts of our results and other 
investor presentations are also 
available to shareholders.
Key themes
•	 Economic performance
•	 Growth
•	 Value creation
•	 Environmental, social and 
governance (ESG) issues
Outcomes of engagement
Shareholder views consistently inform 
strategic decision-making and 
shareholder opinion was central to the 
Company’s decision to increase its 
installed solar capacity in the Italian 
market by c.24% by acquiring, in 
partnership, Green Hunter Group S.p.A, 
a portfolio of solar photovoltaic assets. 
Engagement with shareholders has 
resulted in the Board setting a 
dividend policy of 10% year-on-year 
growth as a key priority. This is an 
important factor for the Board when 
determining the strategy and 
resulting dividend policy and 
recommending each year the 
dividend to be paid. We have 
continued to grow dividends in line 
with our 10% year-on-year dividend 
growth policy, and in combination 
with our prior share buyback 
program, by August 2021 more than 
$411 million had been returned to our 
shareholders since IPO. Following 
meeting with investors and a 
presentation from external advisors, 
the Audit and Risk Committee and 
Board have reviewed our disclosures 
in line with the Task Force on 
Climate-related Financial Disclosures 
to ensure we have built climate risks 
and opportunities into our risk 
management processes and strategic 
planning. We also held calls on wider 
ESG matters with a number of 
investors throughout the year.
When approving the transaction to 
sell our Brazil hydro-electric 
generation business, the Board 
considered the long-term success of 
the Company in conjunction with the 
benefits to its key stakeholders. The 
Board concluded that the sale would 
result in compelling value for 
shareholders and would allow for 
more effective capital allocation. 
We communicated to the market the 
appointment of Liberum Capital Ltd 
as joint Corporate Broker, together 
with Investec Bank plc, to further 
enhance our coverage to 
shareholders and the market on the 
outlook for future growth and return 
of capital to shareholders.
We continue to communicate with 
shareholders and investors on the 
performance of our key assets.
In terms of lenders’ engagement,  
the Board reviewed and approved 
corporate debt refinancing 
transactions.
The Board reviewed the issuance  
of a bond, corporate debt and 
refinancing of transactions and 
concluded it was in the best interest 
of shareholders to explore these 
options further.
Strategic pillars
A friend in need
A friend in need is a friend indeed. The Galabovo 
Hospital, which is the only one fully operational within 
Maritsa East energy complex, copes with COVID-19 better 
equipped thanks to the support of ContourGlobal Maritsa 
East 3 TPP.
The municipal hospital in the energy city annually treats 
over 3,300 patients and like all medical facilities is faced 
with the serious challenges of the pandemic. It is the only 
medical institution with a specialized COVID-ward 
responsible for 30,000 people in 2 municipalities. Since 
the wake of the pandemic ContourGlobal Maritsa East 3 
has set aside more than BGN 500,000 to support the 
local medical institution. With the first virus wave, 
equipment and consumables for treatment were 
delivered, including multiparameter intensive care 
monitors, a central monitoring station and mobile X-ray  
for lung graphs for the COVID-ward, mobile wireless 
monitors, an ECG device and biphasic defibrillator for the 
ambulance, personal protective kits, disinfectants, and 
quick tests. The power plant has also undertaken to 
urgently repair the 60-year-old oxygen supply system of 
the hospital, investing BGN 70,000 so that the vital gas 
can reach the patients in need. In 2021 the local team 
again initiated timely discussions with the hospital 
management and was thus able to support the medics 
when the fifth wave of COVID-19 swept the country, 
providing additional equipment worth BGN 100,000, 
including emergency respirator apparatus, additional 
multi-parameter monitors a second central monitoring 
station, remote modules, an ECG, a defibrillator, intensive 
care hospital beds, perfusors, pulse oximeters and an 
X-ray digitalization system.

29
COMMUNITIES
How we engage
As a business we are deeply 
committed to making a positive 
long-term improvement wherever we 
operate and we engage closely with 
communities around the world. The 
following matters have been 
discussed in depth, reviewed and 
sanctioned by the Board:
The Board reviewed the Modern 
Slavery Statement to ensure it 
accurately reflected changes in our 
portfolio composition and 
geographical locations. 
As part of our commitment to moving 
towards decarbonizing the energy 
sector, the management team has 
worked with a number of universities 
and academic researchers in terms of 
ongoing research into reducing 
carbon emissions, as well as 
preventing the rise of carbon 
emissions, through initiatives 
involving carbon storage.
Key themes
•	 Health and safety 
•	 Emissions and biodiversity 
•	 Compliance and anti-bribery and 
anti-corruption 
•	 Grievance mechanisms 
•	 Labor and human rights 
•	 Water and waste
Outcomes of engagement
As a result of the management 
team’s engagement activities, we 
have put in place a Social Investment 
Strategy which provides guidance to 
our businesses on the successful 
implementation of health, education 
and social projects. Having focused 
our social investment into healthcare 
following the pandemic outbreak in 
2020, in 2021 we adopted a three-
year plan to help ensure that the 
desired outcomes of our projects can 
be achieved and are sustainable. 
The Board, having considered the 
impact of COVID-19 on the 
Company’s ability to undertake 
anti-slavery risk assessments, 
especially in high-risk locations, and 
ensured that on-site assessments 
were scheduled as soon as local 
travel restrictions allowed, approved 
the Modern Slavery Statement. 
Following engagement with local 
community leaders to understand 
their needs and what support we can 
best provide assistance with, we 
undertook to support a hospital local 
to our Maritsa plant, more details of 
which can be found on page 28.  
This support included BGN 97,000  
($58,000) invested in medical 
equipment for the hospital, where 
30,000 people in two local 
municipalities were under that 
hospital’s care. 
Strategic pillars
GOVERNMENTS AND REGULATORS
How we engage
We promote sector development and 
laudable business practices by 
interacting with governments and 
civil society. 
Our plant managers meet regularly 
with host government counterparts, 
including the ministries of finance, 
energy and infrastructure, and 
regular regulatory updates are 
provided and considered at Board 
meetings.
We invite government officials to 
plant inaugurations and other public 
events, and organize private working 
events for visiting officials.
Active participation in several 
industry associations (including 
ABEEólica, the Brazilian Association 
of Wind Power, the Bulgarian Energy 
Chamber and international 
organizations and the United Nations 
Development Program).
Key themes
•	 Health and safety 
•	 Capacity, reliability and efficiency 
•	 Emissions and biodiversity 
•	 Compliance and anti-bribery and 
anti-corruption 
•	 Labor and human rights 
•	 Water and waste 
•	 Training and education
Outcomes of engagement
Following regular dialogue with the EU 
and the Bulgarian government on the 
proposed market reforms and energy 
transition plans, the Company is 
working with the American Chamber 
of Commerce to support a transition 
to green energy, and will work to play 
a leading role in developing viable 
pathways. We have engaged with 
international consultants to produce 
studies on the substantiality of such 
pathways, and to see which 
outcomes could be achieved at the 
least cost to society. This has 
enabled us to ensure a meaningful 
contribution to the public debate  
on energy transition plans and to 
ensure that public opinion can be 
built into our investor framework.  
This in turn ensures we are able to 
support environmental goals, as  
well as security and affordability of 
supply as Bulgaria transitions to 
low-carbon policies. 
In Armenia, we successfully worked 
with the regulator on the post-project 
work for critical hydro infrastructure, 
providing support through periods  
of conflict in the region. In addition 
we successfully worked together 
through the disruption caused by 
COVID-19.
At our Bonaire asset in the Dutch 
Antilles, we have engaged with the 
government, local authorities and 
regulator in working towards a 
transition to renewable energy whilst 
securing the supply chain. 
Strategic pillars
Strategic Report
Governance
Financial Statements

Strategic aims
2021 progress
Forward-looking 
priorities
KPI 
(see pages 38-39  
for more details)
OPERATIONAL 
EXCELLENCE
•	 Achieved EAF of 94.4%, in line with our 
target, and EFOR of 1.8%, which was 
slightly above our target
•	 In 2021 we successfully integrated the 
assets acquired in the United States 
and the Caribbean
•	 Improved sustainability ratings (MSCI, 
CDP and Sustainalytics)
•	 Failure to achieve Target Zero KPI
•	 Strong focus on 
operational excellence 
and recommitment to our 
Target Zero LTI policy
•	 Continued improvement 
of sustainability 
performance
•	 Engaged with Bulgarian 
government and other 
stakeholders involved 
in the energy transition 
of the country
•	 Lost Time 
Incident (LTI)
•	 Equivalent 
Availability  
Factor (EAF)
•	 Equivalent Forced 
Outage  
Rate (EFOR)
•	 CO2 intensity ratio
HIGH  
GROWTH
•	 In 2021 we successfully integrated the 
portfolio of assets from Western 
Generation Group in the US and 
Trinidad and Tobago. We also closed 
the acquisition of the solar portfolio 
from Green Hunter Group S.p.A. in Italy
•	 Austria Wind repowering project 
remained on track and on budget
•	 Vorotan refurbishment completed  
on schedule and on budget
•	 Record Adjusted EBITDA of $841.5 
million, 17% above 2020
•	 Focus on gas-fired and 
cogeneration assets in 
Americas region with 
carbon capture optionality
•	 Austria Wind repowering
•	 Italy solar roll-up strategy
•	 Adjusted EBITDA 
growth
•	 Adjusted 
Revenue
FINANCIAL 
STRENGTH
•	 Funds From Operations of $440 million
•	 Robust cash conversion ratio of 52.3%
•	 10% annual dividend increase
•	 Net leverage ratio of 4.6x
•	 Sale of Brazil Hydro assets
•	 Disciplined capital 
allocation seeking 
mid-teens risk-adjusted 
returns
•	 Ongoing commitment to 
BB rating
•	 Commercial opportunity in 
certain contracted assets
•	 Continued focus on 
closing the valuation gap 
in renewable assets
•	 Funds From  
Operations (FFO)
•	 Net leverage ratio
30
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
A three-pronged business strategy
Our purpose is to develop, acquire and operate electricity 
generation businesses worldwide, creating economic and 
social value through better operations, and assisting the 
communities where we work. 
The four sustainable business principles permeate through 
our culture and strategy, ensuring value generation is shared 
with a wide range of stakeholders. 
Our strategy is aligned to our purpose, putting operational 
excellence, high growth and financial strength at the core of 
our objectives and decisions.
Our values support a culture of continuous improvement and 
learning alongside a commitment to transparency and sharing 
of information. We operate under a lean and flat organizational 
structure, investing in collaboration tools and technology to 
support future growth. 
OUR STRATEGY  
FOR GROWTH
STRATEGY FOR GROWTH
STRATEGY DASHBOARD

Link to risk
Link to 
remuneration
Sustainability principle
•	 R06. Operation and execution – Project execution (CAPEX)
•	 R07. Operation and execution – Asset integrity (OPEX)
•	 R08. Operation and execution – Resources/Climate change
•	 R09. Health, safety and environment (HSE) and food 
– Prevention and regulation
•	 R11. Information technology – Cyber security and system integrity
See more on pages 62 to 71
Annual bonus  
and LTIP  
(LTI and EAF)
See more on page 120
 
 
Operate safely  
and efficiently  
and minimize 
environmental 
impacts
Manage our 
business responsibly
Enhance  
our operating 
environment
•	 R01. Strategy – Impact of governmental actions and regulations
•	 R02. Strategy – Geopolitical uncertainties and social instability  
(including environmental activism, sanctions and trade war)
•	 R03. Strategy – Disruptive innovation in power generation and 
storage technologies
•	 R04. Operation and execution – Pandemic virus
•	 R05. Operation and execution – Supply chain
•	 R12. People and organization – Key people (senior executive 
management) succession planning
See more on pages 62 to 71
Annual bonus  
and LTIP 
(Refurbishments/ 
repowering and M&A)
See more on page 120
Grow well
•	 R01. Strategy – Impact of governmental actions and regulations
•	 R02. Strategy – Geopolitical uncertainties and social instability  
(including environmental activism, sanctions and trade war)
•	 R06. Operation and execution – Project execution (CAPEX)
•	 R07. Operation and execution – Asset integrity (OPEX)
•	 R10. Regulation and compliance – Fraud, bribery and corruption
See more on pages 62 to 71
Annual bonus 
(Adjusted EBITDA 
and Funds From 
Operations)
See more on page 120
Grow well
Operate safely  
and efficiently  
and minimize 
environmental 
impacts
31
Strategic Report
Governance
Financial Statements

32
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Metrics
•	 LTI (annual bonus and LTIP metric)
•	 Equivalent Availability Factor (annual bonus metric) 
•	 Equivalent Forced Outage Rate
•	 CO2 intensity reduction
STRATEGY FOR GROWTH (CONTINUED)
OPERATIONAL 
EXCELLENCE
Striving to achieve operational 
excellence, which includes health and 
safety, lies at the heart of all we do. 
We have a Target Zero commitment in respect of health and 
safety – that is, a target of zero Lost Time Incident (LTIs). 
Ensuring a safe working environment is also one of our core 
sustainable business principles.
We monitor key operational metrics across our plants every 
week, checking how these measure up against internal 
targets. We then undertake an analytical review, seeking to 
improve performance by learning from what has worked well 
and what has not gone according to plan.
Our deep expertise and experience allow us to improve our 
operational performance and create economic value. This 
operational approach is applied to all plants, developments 
and acquisitions.
For more information on our Remuneration Report,
see pages 112 to 129

Strategic Report
Governance
Financial Statements
33
CREATING VALUE BY IMPROVING THE PERFORMANCE OF OUR 
HYDRO ASSETS IN ARMENIA
A major 2021 milestone is the completion of the 
Electromechanical Refurbishment of our Vorotan 
hydro plants in Armenia -- a 4-year long project 
affected by pandemic and military conflict, 
fulfilling a key requirement of the assets purchase 
agreement with the Government of Armenia. 
As a result, we fully refurbished three turbine units 
in Tatev and two in Shamb Hydro Power Plants, 
modernized the switchyards of all three power 
stations and established a joint control room in 
our main office in Goris. More importantly, we 
achieved a prolongation of the useful life of the 
equipment for at least another 40 years, as 
well as an increase in operational efficiency  
and energy production. All these works were 
performed while keeping these critical plants in 
Armenia ‘s energy system running.
The project had a significant impact on the 
sustainability of operations and the environment. 
In particular, we removed 100% of the asbestos 
while replacing or repairing any piece of 
equipment, small and big.
We did a comprehensive study of the impact of 
operations on the aquatic life of the Vorotan river 
basin and identified specific measures to be 
taken in future to improve the environment.
We pursued our social investment projects to 
contribute to the welfare of local communities. A 
common project with the contractor companies 
on this refurbishment project, Voith Hydro and 
EFACEC, led us to establish a regional training 
center at the American University of Armenia in 
Goris and provide funds to help medical clinics in 
two nearby towns – Goris and Sissian – to 
upgrade their equipment and facilities.

Metrics
•	 Adjusted EBITDA growth (annual bonus and  
LTIP metric)
STRATEGY FOR GROWTH (CONTINUED)
HIGH  
GROWTH
To achieve high growth, we adopt four core investment 
approaches focused on contracted or regulated wholesale 
power generation, fostering low- and no-carbon technologies:
1.	 Greenfield development: when we can take advantage of 
cyclical under-supply of capital and create opportunities for 
higher returns
2.	Strategic acquisitions: when we can improve operations and 
have a clear competitive advantage based on, for example, 
complexity of process, geography or technology
3.	Development of customized projects in partnership: with 
governments, utilities and corporations in regions where 
there is a need for a reliable supply of power but insufficient 
expertise or capital
4.	Platform expansion: leveraging existing stakeholder 
relationships and replicating the same technology and 
structure. This approach tends to result in lower risk and 
high returns due to cost synergies
34
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
For more information on our Remuneration Report,
see pages 112 to 129

ACQUISITION OF WESTERN GENERATION PORTFOLIO
The acquisition closed in February 
2021, adding to our fleet contracted 
assets up to 12 years with high-
quality counterparties located in 
New Mexico, Texas, California and 
Connecticut in the United States and 
in Trinidad and Tobago. It increased 
adjusted EBITDA by approximately 
$85 million for FY 2021 and 
represented a meaningful increase 
in long-term contracted cash flows in 
US$. This, in turn, supports the 
current dividend policy of 10% 
dividend growth year-on-year and 
enhances the dividend coverage.
This acquisition is expected to 
generate a risk-adjusted return well 
in excess of ContourGlobal’s cost of 
capital.
In addition, it provides significant 
future potential for ContourGlobal to 
create value as a result of its 
operational platform and capabilities.
The Company expects to further 
invest in these assets and adjacent 
spaces for incremental commercial 
optimization, battery storage and 
hybrid deployment and repowering. 
35
Strategic Report
Governance
Financial Statements

36
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Metrics
•	 Net debt/ adjusted EBITDA 
•	 Funds from operations (annual bonus metric)
STRATEGY FOR GROWTH (CONTINUED)
FINANCIAL 
STRENGTH
Strong operational performance 
combined with an efficient capital 
structure have allowed us to deliver 
superior returns at asset level.
Our business model is based on contracted or regulated 
revenue streams combined with operational excellence, which 
results in stable and predictable cash flow generation. This in 
turn allows us both to fund new growth projects and support 
our progressive dividend policy.
We seek to maintain a highly efficient capital structure to 
support our business, using a two-tier financing structure:
•	 Majority non-recourse project level debt for power  
plants; and
•	 Attractive bond financing to maximize financial flexibility  
for the parent company. 
As of 31st December 2021, our cost of capital was 
approximately 4%.
For more information on our Remuneration Report,
see pages 112 to 129

37
OUTSTANDING FINANCIAL PERFORMANCE OF OUR 
PLANT IN ARRUBAL 
Our Arrubal power plant is an 800 
MW Combined-Cycle Gas-Turbine 
plant located in Spain’s La Rioja 
region. ContourGlobal acquired it  
in 2011. 
In addition to its base-load 
capability, Arrubal also helps 
balancing the highly variable output 
of the region’s solar and wind-
turbine installations. The plant can 
respond quickly to net-load 
fluctuations to provide needed 
stability.
In July 2021, the power purchase 
agreement expired and since then, 
the plant has been operating on a 
merchant basis. The performance of 
the plant in the second half of 2021 
was outstanding, driven by the level 
of dispatch and the conditions of 
the energy market in Spain. The 
plant operates in the ancillary 
services market providing critical 
stability to the energy system.
Strategic Report
Governance
Financial Statements

38
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
OUR KPIS
OUR KPIS
We measure our performance against 11 financial and non-financial key performance indicators (KPIs). A new financial metric has 
been added in 2021: Adjusted Revenue.
FINANCIAL KPIS
Income from Operations ($m)
Adjusted Revenue ($m)
Income from Operations (IFO) is derived from the 
IFRS consolidated statement of income and 
corresponds to the sum of the following line items: 
Revenue, Cost of sales, Selling, general and 
administrative expenses, Other operating income, 
Other operating expenses, Acquisition-related items.
This is a measure of profitability that includes 
depreciation and amortization expenses as well as 
development costs. IFO has increased by 19.2%, 
driven by strong performance at Arrubal post PPA 
and Mexico CHP, as well as the acquisition of 
Western Generation. 
Adjusted Revenue excludes CO2 emission cost 
recharges from IFRS revenue and is a key metric as 
it provides a more comparable basis for assessing 
revenue generating capabilities across the portfolio. 
The metric has been added due to the significant 
increase in carbon pricing which has resulted in CO2 
pass throughs distorting IFRS Revenue. Adjusted 
Revenue has increased by 38% during the year 
primarily due to completion of the Western 
Generation acquisition, higher generation at Maritsa 
and higher dispatch and pricing at Arrubal. 
Adjusted EBITDA ($m)
Adjusted EBITDA is defined as profit for the period 
from continuing operations before income taxes, net 
finance costs, depreciation and amortization, 
acquisition related expenses, plus, if applicable, net 
cash gain or loss on sell down transactions (in 
addition to the entire full period profit from 
continuing operations for the business the sell down 
transaction relates to) and specific items which have 
been identified and material items where the 
accounting diverges from the cash flow and 
therefore does not reflect the ability of the assets to 
generate stable and predictable cash flows in a 
given period, less the Group’s share of profit from 
non consolidated entities accounted for on the 
equity method, plus the Group’s pro rata portion of 
Adjusted EBITDA for such entities. 
Adjusted EBITDA grew by 17% compared to last year, 
primarily driven the acquisition of Western 
Generation and the strong operating performance in 
Arrubal in the post PPA period. 
Proportionate Adjusted EBITDA ($m)
Proportionate Adjusted EBITDA is presented using 
Adjusted EBITDA calculated on a proportionally 
consolidated basis based on ContourGlobal’s 
ownership percentage of assets. 
The Proportionate Adjusted EBITDA as well includes 
the net cash gain or loss on sell down transactions, if 
applicable, as well as the underlying profit from 
continuing operations for the business the minority 
interest sale relates to, reflecting applicable 
ownership percentage going forward from the date 
of completion of the sale of the minority interest. 
Proportionate Adjusted EBITDA grew by 22% as 
compared to 2020, for similar reasons as Adjusted 
EBITDA, primarily driven by the acquisition of 
Western Generation and the strong operating 
performance at Arrubal.
Funds from Operations ($m)
Funds from Operations is the cash flow from 
operating activities, excluding changes in working 
capital, less interest paid, maintenance capital 
expenditure1 and distribution to minorities.
This is the key measure of the Company’s cash flow.
Strong operational performance and highly 
contracted cash flows allowed us to maintain the 
Group’s high level of FFO. The growth of 16% 
compared to 2020 is mainly driven by the Adjusted 
EBITDA growth, as explained above.
Net Leverage ratio (x)
The Group net leverage ratio is measured as total 
net indebtedness (reported as the difference 
between Borrowings and Cash and Cash Equivalent 
under the IFRS statement of financial position) to 
Adjusted EBITDA. The leverage ratio also excludes 
IFRS16 liabilities.
This is the key credit measure of the Group. The net 
leverage ratio has decreased as compared to 2020, 
due to an increase in Adjusted EBITDA as explained 
above, partially offset by an increase in net debt 
during the year.
307.9
292.1
261.9
269.0
2021
2020
2019
2018
2017
370.1
1,252.6
2021
2020
1,724.4
2021
2020
2019
2018
2017
841.5
722.0
702.7
610.1
513.2
2021
2020
2019
2018
2017
692.3
568.7
561.6
536.1
434.2
2021
2020
2019
2018
2017
439.8
379.6
337.9
302.3
255.9
2021
2020
2019
2018
2017
4.6
4.8
4.4
4.4
4.1
1.	 Maintenance capital expenditure is defined on page 59.

39
NON-FINANCIAL KPIS
Lost Time Incident Rate
Availability Factor (%)
Equivalent Forced Outage Rate (%)
CO2 emissions intensity (net CO2 emissions tonnes/MWh)
Gender diversity (total employees) 
The Lost Time Incident Rate (LTIR) shows the 
recordable lost time injuries per 200 000 labor hours 
so they can be compared across any industry. The 
chart presents our performance over recent years. 
This is the key measure for our health and safety 
performance.
Our LTI rate of 0.07 corresponds to two LTIs, of 
which there was one fatality. However, we remain 
fully committed to Target Zero in the future.
The Equivalent Availability Factor (EAF) represents 
the portion of the production capacity of a power 
plant that was available and ready to operate in a 
given period of time. It is widely used in the industry 
to track the technical performance of power plants 
and for benchmarking. We use it as a primary KPI for 
our assets.
The decrease in the EAF from 95% in 2020 to  
94.4% in 2021 is linked to a lower budgeted KPI  
due to our outage planning, which partially was 
shifted from 2020 to 2021 due to COVID  
restrictions in 2020.
The Equivalent Forced Outage Rate (EFOR) 
represents the production capacity that is lost, over a 
given period of time, due to equipment failure or 
operational mistake (error). Like the EAF, the EFOR is 
widely used in the industry to measure technical 
performance.
The increase of EFOR in 2021 is linked to  
some longer forced outages in Spain, Togo  
and Caribbean.
CO2 emissions intensity is our key climate 
measurement and we have historically reported our 
intensity using MWh from electricity production. In 
2019, we set our targets using MWh from total energy 
production to better reflect the impacts of our 
cogeneration power plants. 
The reporting for 2017 and 2018 reflects our historical 
CO2 intensity based on electricity production as 
variances to energy production are immaterial. 
For 2019 to 2020, CO2 emissions intensity for both 
electricity and energy production are reflected.  
CO2 emissions based on energy production is the 
relevant metric for our 2030 climate target and thus 
this is the only metric shown for 2021.
Our performance in 2021 reflects the improvement 
recognized in 2020 of the addition of our highly 
efficient Mexico cogeneration facilities with a slight 
improvement in 2021 resulting from the addition of 
the Western Generation portfolio1.
We are committed to building a diverse workforce 
ensuring equal opportunities for all in the long term. 
Aligned with our sustainability principles, gender 
diversity is a key metric.
Women represented 18% of our workforce in 2021 
and 50% of senior management.
  Male 
  Female
  Energy 
  Electricity
1	 In 2021, we recalculated our 2019 base year using our re-baselining policy as set out in our ContourGlobal Greenhouse Gas Emissions and Thermal Efficiency 
Calculation Methodology 2021, which is based on the GHG Protocol. The recalculated CO2 emissions intensity for energy production is 0.43k, including impacts of 
acquisitions and disposals. We have also recalculated our 2021 energy intensity figure to include a full year of data for the Western Generation portfolio to ensure 
like for like comparison. As acquired in February 2021, this results in no change from the 0.44 reported above. Our CO2 emissions intensity increased compared 
with the recalculated 2019 base year, mainly due to increased production of our Maritsa facility.
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 at https://www.contourglobal.com/reports
2021
2020
2019
2018
2017
0.07
0.07
0.03
0.03
0.03
2021
2020
2019
2018
2017
94.4
95.0
94.3
92.9
94.4
2021
2020
2019
2018
2017
1.8
1.5
1.7
3.6
1.9
2021
2020
2019
2018
2017
0.45k
0.51
0.57k
0.57k
0.44k
0.56
0.62
1,217
1,200
1,461
1,120 261
1,241 277
273
289
407
1,518
1,381
1,490
1,489
1,868
2021
2020
2019
2018
2017
Operate safely and  
efficiently and minimize  
environmental impacts
Grow well
Operational excellence
Manage our business  
responsibly
High growth
Financial strength
Enhance our operating 
environment
KPIs entering into executive  
remuneration’s determination – more 
details can be found on page 120
Strategic Report
Governance
Financial Statements

40
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Operate safely and efficiently and  
minimize environmental impacts
We seek to promote the health, safety, well-being, and development of 
everyone who works for us, as employees or contractors, as well as visitors. 
Safety is our number one priority. 
Although in the industrial space in which we operate there are significant risks 
to life and health, we believe that all injuries are preventable if we apply a 
24/7 approach to health and safety. We therefore have committed to "Target 
Zero", striving for zero harm and zero injuries. Further, we include this target 
in our performance and remuneration objectives.
By running a power plant efficiently, we maximize electricity output, minimize 
environmental impacts and reduce costs. We gauge our operational 
performance by benchmarking ourselves against the performance of 
comparable peers. Our reliability performance targets are based on two main 
metrics: Equivalent Availability Factor % (“EAF %”), which measures the 
percentage of time that a generation unit is available to produce electricity if 
called upon in the marketplace; and Equivalent Forced Outage Rate (“EFOR”), 
which allows us to measure our unplanned forced outages. 
We commit to minimizing environmental impacts – carbon, air, water, waste, 
and biodiversity – across all phases of business operations, while complying 
with environmental regulations and global best practices. Our environmental 
management is aligned with UN SDG 12 for responsible consumption and 
production.
KPIs
•	 LTIR of 0.07
•	 EAF of 94.4%
•	 EFOR of 1.8%
•	 CO2 intensity target 
of 0.3 by 2030; net 
carbon zero by 
2040
2021 progress
•	 Failed to achieve 
our LTIR targets
•	 Achieved EAF in 
line with our target 
and EFOR slightly 
better than our 
target
•	 On track to 
achieve our 2030 
CO2 intensity 
target
Our sustainability strategy is centered 
around our four business principles and 
advances the Sustainable Development 
Goals (SDGs) and the United Nations 
Global Compact commitments, to which 
we have been a proud signatory  
since 2010.
ContourGlobal’s Sustainability Strategy has been in place since 2010,  
driving its sustainable progress. 
CONTOURGLOBAL’S FOUR BUSINESS PRINCIPLES
OUR SUSTAINABLE 
BUSINESS PRINCIPLES
It focuses on the material impacts and 
sustainability risks. Such risks are 
embedded in our corporate risk register 
that is reviewed quarterly by the Audit 
and Risk Committee and the Board of 
Directors.
SUSTAINABILITY

41
Grow well
Growing well means meeting energy needs while reducing the impact on the 
climate, promoting energy and economic security, and increasing energy 
access. This creates economic wealth for investors, our employees, and, 
indirectly, our communities. 
Our strategy is to acquire and develop businesses utilizing low- or no-carbon 
technologies. We deploy innovative technologies to increase energy 
efficiency and continue to develop businesses that expand power 
infrastructure access in underserved parts of the world. 
Our investment process has yielded strong growth throughout the Company’s 
history.
KPIs
•	 Adjusted EBITDA 
growth of 17% over 
2020
•	 Funds From 
Operations $440 
million up 16% over 
2020
•	 Net leverage ratio  
of 4.6x
2021 progress
•	 Record adjusted 
EBITDA of $841.5 
million
•	 Successfully closed 
the acquisitions of 
Western 
Generation Group 
and Green Hunter 
S.p.A.
•	 Repowering of 
Austria Wind on 
track and on 
budget
Enhance our operating environment
We promote private sector and market-based solutions to address electricity 
sector challenges such as intermittency of renewable resources and  
low-carbon alternatives to maintain price stability. 
We also focus on strengthening capacity in the sector, and in the supply 
chain, by promoting transparent processes and developing sector expertise. 
We achieve this through community engagement and social investment.
KPIs
•	 Approved 3-year 
social investment 
plans with a value 
of $6.2 million
•	 29 social 
investment plans 
with 129 distinct 
projects were 
approved in 2021
2021 progress
•	 86 social 
investment 
projects were 
pursued in 2021, 
out of which 47 
were completed, 
with a total spent 
of $1.5 million
Manage our business responsibly
We are committed to maintaining the highest ethical and legal standards, 
including complying with both the letter and the spirit of all applicable local 
and national laws and regulations wherever we operate. This commitment to 
transparency and moral integrity is unwavering, and we apply it equally 
throughout our supply chain. We commit to communicating transparently, 
which helps to cultivate trust and encourages ownership and accountability.
We believe in attracting, developing, and retaining a workforce that reflects 
the diversity of the communities in which we operate. Not only does this 
provide opportunities to underrepresented groups – particularly females at 
power plants – but it also creates a more dynamic and understanding work 
environment, resulting in better business decisions.
KPIs
•	 Group gender 
diversity of 18% 
broadly in line with 
the previous year
•	 506 5 Whys 
analysis conducted
•	 1,041 third-parties 
undergoing due 
diligence and 
subject to our 
Supplier Code of 
Conduct
•	 1,299 employees 
receiving online 
anti-bribery and 
corruption training 
•	 1,636 employees 
acknowledging our 
Conflict of Interest 
policy
2021 progress
•	 Continued efforts 
to attract women 
in roles at our 
power plants
Strategic Report
Governance
Financial Statements

42
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
SUSTAINABILITY (CONTINUED)
HEALTH & SAFETY
Target Zero
Our global Target Zero program lies at 
the heart of our approach to health and 
safety. We want to ensure that 
‘everyone goes home safe, every day, 
everywhere’. 
Despite our strong performance against 
benchmarks and our intense 
commitment to health and safety 
excellence, we were not successful in 
achieving Target Zero in 2021. Most 
regrettably, we experienced a 
devastating fatality during the year and 
there was one Lost Time Injury, resulting 
in two Lost Time Incidents (LTI) for 2021. 
Immediately after any adverse safety 
event, we conduct a thorough 
investigation, communicate the lessons 
learned throughout the organization, 
and incorporate them into our health 
and safety procedures so that we 
continuously improve them. 
In response to the fatality at one of our 
wind farms in Brazil caused by 
electrocution, we commissioned a 
certified third party to conduct an 
in-depth investigation of the accident. 
We analyzed every step in our Lock-out 
Tag-out (LOTO) programs to understand 
whether actions were not correctly 
executed and implemented more 
rigorous safety permits for people 
involved in medium and high voltage 
activities. In relation to the LTI, where a 
hand fracture occurred when a 
contractor slipped on the slope of an 
evaporation pond, we stepped up our 
procedures to ensure more rigorous 
adherence to safety protocols. We put in 
place new safeguards for employees 
and contractors working around or near 
open water and upgraded these 
locations to “high risk” environments, 
which are audited annually.
Emergency response
Each of our sites has its own bespoke 
Emergency Response Plan, based on 
global guidance but considering the 
unique attributes of the site and 
surrounding community. The Plan covers 
all potential risks at each business, from 
hospital transportation in a health 
emergency to community evacuations in 
the case of a more devastating event. 
All employees receive training on 
emergency response, even if they do 
not work in a power plant. They also 
receive our Emergency Response and 
Reporting instructions, which provide 
information on how to handle an 
emergency and who to contact when an 
emergency arises. Emergency contact 
information is updated regularly.
Training
Our commitment to health and safety is 
reflected in our intensive training program. 
We target investing at least 2% of our total 
working hours in safety training. In 2021, 
we achieved a training hours rate of 
2.89% in our Thermal plants and 3.90% in 
our Renewable plants.
Audits and interventions
In 2021, one scheduled external audit, 
eight scheduled internal audits and two 
unannounced internal audits were carried 
out. Two safety interventions were 
performed through the year. These audits 
and interventions help us to identify gaps 
and improve our processes. They are a 
logical application of our value “We 
expect, embrace and enable excellence 
and continuous learning through humility, 
and the knowledge that we will fail but 
when we do, we will learn”.
LEARNING FROM FAILURE
In 2021 we had a hard lesson to learn with the fatality at our facility of Chapada. 
A deep investigation was carried out including involvement of third party experts to find all possible 
gaps that, if removed, would have prevented the occurrence and increase the health and safety 
maturity of the businesses.
The scope of the investigation was:
a) Determine the sequence of relevant events leading up to the incident
b) Identify the Immediate, Underlying and Root Causes
c) Make suitable recommendations (SMART actions) to prevent the same or similar events occurring 
again
d) The effectiveness of safety critical barriers
e) Any communication, automation and operational safety failures.
Based on these findings we started implementing a fleet wide health and safety improvement 
campaign on electrical safety, permits to work and change management. New set up working 
groups are updating the health and safety processes related to the above campaign and ensuring 
that the new process flows are timely implemented by milestones follow up and audited for quality 
focusing the 2022 site audits on electrical procedures and related process flow.
Level of Safety inspection 
per working hours (based 
on average headcount): 
84% 
(target 25% - O&M; 30% 
- Construction)
Lost Time Incident 
Rate: 
 
0.073
(target: 0)
Hazard Identification 
Rate:  
79% 
(target 40%)
Reported Corrective 
and Preventive 
Actions (CAPA) 
closed:
93.4% 
(target 85%)
Number of 
ContourGlobal 
employees Working 
hours dedicated to 
safety training: 
2.8% 
(target: 2%)

43
SAFETY AWARDS
As tribute to our value “We care about our people’s health, safety, well-being, and development”, ContourGlobal 
maintains an award system to recognize businesses that have the highest level of health and safety performance. The 
awards, Mont Blanc, Denali and Everest, recognize that ensuring a healthy and safe workplace is a climb, with each 
step requiring increasing and long-lasting performance. We are proud of seeing over the years more and more of our 
plants and teams receiving recognition through the awards program.
•	 3 years without LTI or RI
•	 40% headcount of safety 
inspections per month*
•	 3% of Training hours
•	 95% closure of CAPA*
•	 60% Hazard identification rate
•	 90% compliance against 
Power for HSE standards &  
0 High Non-Conformances**
•	 2 years without LTI or RI
•	 30% headcount of safety 
inspections per month*
•	 2.5% of Training hours
•	 90% closure of CAPA*
•	 50% Hazard identification rate
•	 85% compliance against 
Power for HSE standards &  
0 High Non-Conformances**
•	 1 year without LTI or RI
•	 25% headcount of safety 
inspections per month*
•	 2% of Training hours
•	 85% closure of CAPA*
•	 40% Hazard identification rate
•	 80% compliance against 
Power for HSE standards &  
0 High Non-Conformances**
2021
•	 Galheiros & SDII
•	 Cupisnique
•	 Knockmore Hill
•	 Maritsa
•	 Mogi Guaçu
•	 Rio PCH
•	 Talara
2021
•	 Austria Wind 
O&M
•	 Bahia PCH
•	 Balsa Nova
•	 Asa Branca
•	 Ploiesti 
•	 Orellana
2021
•	 Arrubal
•	 Benin
•	 Cap des 
Biches
•	 CGA Altamira
•	 Hobbs
•	 Ikeja
•	 Majadas
•	 Solar Slovakia
•	 Togo
•	 Vorotan
•	 Waterside
2020
Brahma Rio
Galheiros & SDII
Goias Sul
KivuWatt
Maritsa
TermoemCali
2019
Cap des Biches
KivuWatt
Saint Martin 
2020
Cupisnique
Italy Solar
Knockmore Hill
Mogi Guaçu
Rio PCH
Solar Slovakia
Talara
2019
Brahma Rio
Galheiros &  
SDII
Goias Sul
Maritsa
TermoemCali
2020
Arrubal
Asa Branca
Austria Wind
Bahia PCH
Balsa Nova
Benin and Ikeja
CELSA
Chapada
Nogara and  
Oricola
Orellana
Palma del Rio
Ploiesti
Romania Solar
2019
Alvarado
Cupisnique
Italy Solar
Knockmore Hill
Majadas
Mogi Guaçu
Rio PCH
Solar Slovakia
Talara
Togo
Everest – 8848m
Denali – 6194m
Mont Blanc – 4807m
 
 
 
 
* 	 Over the last 12 months. 
** 	Assessed within the last 12 months – exempt from this requirement are ISO 45001 certified plants. 
Definitions: LTI = Lost Time Incident; RI = Recordable Incident; CAPA = Corrective & Preventive Action.
Strategic Report
Governance
Financial Statements

44
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
SUSTAINABILITY (CONTINUED)
OUR PEOPLE
Our people-the heart of  
our business
We aim to recruit and retain the best 
people, ensuring we deliver our strategy 
and run our operations safely and 
productively. Around 1,518 employees 
and contractors work for us globally; 
they are the foundation of our business. 
We create and promote an inclusive and 
diverse environment where the safety 
and well-being of our people is the 
highest priority. To enable our people to 
perform at their best, we continue to 
invest in technology and innovative 
ways to manage risk, streamline 
processes, and improve productivity. We 
offer competitive remuneration that 
rewards expertise and we invest in the 
development of our people to build 
capability and improve performance. 
Developing our capabilities
The people we employ around the 
world are central to our success. To 
drive continuous improvement, we 
respect people’s differences and 
encourage self-accountability, a hunger 
to learn, and a commercial mindset. 
In 2021, we focused on building 
capability to position the organization for 
the next phase of growth, recruiting at 
all tiers of leadership below the most 
senior level. We also moved towards a 
regional operating model, creating an 
Africa region and planning similar 
structures for the Americas and Europe, 
in order to keep close to our customers 
and to our businesses. 
We put greater focus on objectives and 
key results within our performance 
management system, to encourage 
longer-term thinking and alignment to 
our business strategy. By building 
capability and improving performance in 
this way, we will be able to transform our 
business, deliver our strategy, and 
realize our vision.
Worker Exchange Program
ContourGlobal believes that sharing 
knowledge within the organization is 
critical to achieving our goal of 
operational excellence. We also believe 
that professional development must 
include a cultural component. It’s good 
for our people to appreciate the benefits 
of working in a global environment and 
they can learn this best by immersion 
into another business’s daily work life. 
With the easing of travel restrictions in 
the second half of 2021, we worked on 
revamping our Worker Exchange 
Program. Founded on the belief that our 
success depends upon creating a 
multinational workforce “from within”, 
the program emphasizes experiential 
learning for professionals and emerging 
leaders to prepare them to manage  
our assets.

45
Employee profile
At the end of 2021, we employed 1,518 
people (2020: 1,381), an increase of 10% 
on the prior year. Employee turnover in 
2021 (10.1%) was slightly higher than in 
2020 (8.0%), notably as a result of 
people reviewing their roles and moving 
in the post pandemic era. 
Approximately 79% of our workforce are 
employed in our operating plants with 
the largest concentration of employees 
by far in Bulgaria. None of the countries 
in which we operate feature on the UK 
Government’s Foreign, Commonwealth 
and Development Office list of priority 
countries for human rights concerns, 
published in November 2021. 
Information on our employee profile is 
illustrated in the graphs on page 47 
while our gender diversity is detailed on 
page 39. 
Pay and reward
To attract and retain the best talent, and 
reward our colleagues for their work,  
we regularly review pay and benefits  
in the context of competitiveness, 
sustainability, and fairness. For all 
ContourGlobal employees eligible for  
a bonus, we use a combination of a 
Group-wide and localized scorecard 
with a mix of financial and non-financial 
measures. In this way, our bonuses 
match our strategic priorities and 
stakeholder responsibilities. 
Employee rights
Aligned with our commitment to the UN 
Global Compact, our Code of Conduct 
and Business Ethics, together with other 
policies and procedures, ensures 
employee rights are respected. We 
support freedom of association and 
collective bargaining wherever it is 
permitted: 987 employees participated 
in collective bargaining agreements in 
2021. If employees have any labor 
concerns, we encourage the use of 
informal processes to resolve them, but 
we provide a formal grievance 
mechanism if these prove insufficient. 
We seek to ensure our suppliers follow 
the same high standards of labor 
relations as those we practice ourselves, 
and train our employees to identify any 
instances of non-compliance. If these 
arise, our human resources teams work 
actively with our contract managers to 
find suitable remedies.
Information systems
To enable our people to perform at their 
best, we continue to invest in 
technology and innovative ways to 
manage risk, streamline processes, and 
improve productivity. 
Over the course of the year, we 
simplified and automated our HR 
processes, bringing together information 
from disparate systems into a single 
platform – our Human Resources 
Information System (SuccessFactors). 
We now have one unified source of truth 
on all employee data and have the 
platform to enable all people-related 
processes through it.
We completed a full cycle of our annual 
performance management process in 
2021 using this system. Streamlined HR 
figures are now readily available to 
inform management decisions about 
human resources. An important priority 
for ContourGlobal in the year ahead will 
be to continue to leverage the system 
capabilities, so that we can quickly and 
cost-effectively start up and deliver HR 
services to smooth employee transitions 
in further acquisitions.
Our policies 
Our people policies are designed to 
provide equal opportunities and create 
an inclusive culture, in line with our 
values and in support of our long-term 
success. They also reflect relevant 
employment law, including the 
provisions of the Universal Declaration 
of Human Rights and ILO Declaration on 
Fundamental Principles and Rights at 
Work. We expect our people to treat 
each other with dignity and respect, and 
do not tolerate discrimination, bullying, 
harassment, or victimization on any 
grounds. 
We are committed to paying our people 
fairly and equitably relative to their role, 
skills, experience, and performance – in 
a way that balances the needs of all  
our stakeholders. That means our 
remuneration policies reward sustainable 
performance that is in line with our values 
as well as our risk expectations. We 
encourage our people to benefit from 
ContourGlobal’s performance. 
“	WE CREATE AND PROMOTE AN INCLUSIVE AND DIVERSE 
ENVIRONMENT WHERE THE SAFETY AND WELL-BEING OF OUR 
PEOPLE IS THE HIGHEST PRIORITY. TO ENABLE OUR PEOPLE TO 
PERFORM AT THEIR BEST, WE CONTINUE TO INVEST IN 
TECHNOLOGY AND INNOVATIVE WAYS TO MANAGE RISK, 
STREAMLINE PROCESSES, AND IMPROVE PRODUCTIVITY.”
Sean McGrath
Chief Human Resources Officer
Strategic Report
Governance
Financial Statements

46
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
SUSTAINABILITY (CONTINUED)
Our culture
Our Company culture and sustainable 
business principles embrace the 
well-being and development of our 
people and a commitment to continuous 
learning. They drive our passion to 
provide a safe and healthy work 
environment and to learn from our 
mistakes – we encourage employees to 
be curious, to experiment, and to share 
things they learn. 
As a learning organization, we 
conducted 506 “5 Whys” investigations 
this year, where employees work 
together to analyze why things do not 
always go according to plan and to 
propose how to make processes better. 
We publish these and disseminate them 
widely to achieve continuous 
improvement.
Our culture is encapsulated by the 
ContourGlobal Way – a system of 
leading and working that focuses on the 
safety of our people, value for our 
customers and a mindset of zero waste. 
This approach has helped us become 
more empathetic toward our colleagues 
and enabled us to work together as a 
team – particularly during the past year 
of disruption and transformation. And it 
underlies our approach to diversity  
and inclusion.
When we completed our Western 
Generation acquisition of assets in the 
United States and Trinidad and Tobago 
in 2021, we hired approximately 120 
people in key operational and support 
function roles and introduced our 
internal policies and practices, setting 
the foundation for the ContourGlobal 
Way of working. 
Equality, diversity and inclusion
We are committed to developing an 
inclusive and diverse workforce, and 
one that provides equal opportunities 
for all in the long term. This promotes 
safety, productivity, and well-being, and 
underpins our ability to attract new 
employees. The more representative we 
are of the communities where we live 
and work, the better we become at truly 
serving people and society. 
We were delighted in 2021 to be 
recognized for our efforts to increase 
the representation of women in senior 
leadership positions. In the independent 
Hampton-Alexander Review, supported 
by the UK Government, we ranked fifth 
out of the 350 largest companies listed 
on the London Stock Exchange for the 
proportion of women in roles on the 
Board or the two leadership layers 
below it. 
“	OUR CULTURE IS ENCAPSULATED BY THE 
CONTOURGLOBAL WAY – A SYSTEM OF 
LEADING AND WORKING THAT FOCUSES ON  
THE SAFETY OF OUR PEOPLE, VALUE FOR OUR 
CUSTOMERS AND A MINDSET OF ZERO WASTE.”
Sean McGrath
Chief Human Resources Officer
Failure  
event
5 Whys 
discussed and 
draft created
5 Whys 
published
Actions 
assigned
Actions 
completed
5 Whys shared 
internally

47
However, gender diversity is much more 
challenging at the power plants. We are 
committed to actively attracting women 
into these roles. We believe that hiring 
women in leadership positions in a 
largely male-dominated workplace is 
vital to drive innovation and inclusivity.
We celebrated International Women’s 
Day to promote the role of women in the 
workplace and we will continue to strive 
for increased gender diversity 
throughout the Company. 
Flexible working
After successfully working remotely due 
to the COVID-19 pandemic, most 
employees returned to the office in 
2021. However, we introduced a pilot 
hybrid working model for corporate 
office-based employees, allowing them 
to work from home for 40% of the week 
depending on the nature of their work. 
While many site-based employees are in 
roles that by their very nature cannot be 
performed remotely, we will continue to 
seek to provide flexible working through 
part-time and job-share arrangements, 
flexible rosters, and career breaks.
Looking ahead to 2022
We have all witnessed an at-scale shift  
to remote work, the dynamic reallocation 
of resources, and the acceleration of 
digitization and automation to meet 
changing individual and organizational 
needs. We have by and large met the 
challenges of this crisis moment. But as 
we move towards a post-pandemic era, 
we will continue to build a model that is 
more agile and responsive, built around 
interrelated trends of more connections, 
more automation, lower transaction costs, 
and continued demographic shifts. 
Organizations that can reallocate talent 
in step with their strategic and 
operational plans are more likely to 
outperform their peers. The best talent 
should be shifted into critical value-
driving roles. We will therefore build an 
analytics capability to mine data which 
will be used to influence decisions on 
hiring, developing, and retaining the 
best employees. 
A tidal wave of change positions the 
human resources organization to 
transform, lead the employee 
experience, and shape the workforce 
into the form that the business needs for 
its future growth. The HR function will 
position themselves as business 
partners, who consider themselves 
internal service providers who ensure 
high returns on human-capital 
investments. Over the course of 2022 
we will continue to make hiring better, 
faster, and more diverse, focusing on 
talent that can best drive value in our 
business, and build processes that will 
give us opportunities to better plan 
mission-critical capabilities for the future.
Senior leadership
During the year we welcomed Mr. Stuart 
Altman as our Chief Compliance Officer 
and Executive Vice President to further 
strengthen our compliance agenda and 
our senior management team. 
Board
Executive  
management* 
Executive management 
and their direct reports
Total Group
Male
89% (8)
Female
11% (1) 
Male
50% (5)
Female
50% (5)
Male
61% (25)
Female
39% (16) 
Male
82% (1,241)
Female
18% (277)
Gender diversity in numbers
	*
Executive management refers to the senior managers of the Group, employees who have responsibility for planning, directing or controlling  
the activities of the Group. This figure includes the Chief Executive Officer and the Chief Financial Officer, who are Executive Directors on the Board  
of Directors.
Strategic Report
Governance
Financial Statements

48
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
SUSTAINABILITY (CONTINUED)
ENVIRONMENT
Strategic framework
Our policy on environmental 
sustainability, which provides the 
framework under which we work, is 
aligned both with the targets in UN SDG 
12 and with the International Finance 
Corporation (IFC) performance 
standards. Our environmental impacts 
are intensively regulated in all our 
markets and reported publicly. 
For our European assets, we comply 
with EU environmental standards. These 
promote environmental stewardship, 
including pollution prevention and 
abatement, biodiversity conservation 
and responsible management of 
sustainable natural resources. 
Carbon emissions
The importance of growing well by 
investing in low- and no-carbon 
technologies drives our efforts to 
combat climate change and its impact. 
Our long-term target is to achieve net 
zero carbon by 2050 and, in the interim, 
to reduce the CO2 intensity of total 
energy production to 0.30 by 2030  
(a 40% reduction from the 2019 value of 
0.51). We have expanded assurance of 
our carbon emissions and have 
bolstered our reporting to CDP. On 
pages 50 to 53 we present the Group’s 
disclosures relating to the Task Force on 
Climate-related Financial Disclosures.
Our growth in low-carbon technologies, 
notably through our significant acquisition 
in the United States and Trinidad and 
Tobago of 1,502 MW of contracted, 
flexible gas-fired generation that 
completed in 2021, is part of our 
sustainability strategy and is critical to the 
climate transition. Investments in efficient, 
low-carbon technology ensures reliability 
and base-load power, supporting the new 
renewable loads on the grid. 
Over the last 12 years we have increased 
our renewable energy from zero to 1,816 
MW of installed capacity across wind, solar 
and hydro (including 168MW of hydro in 
Brazil currently held for sale and 596MW 
of wind in Brazil subject to an ongoing 
sale process). We use battery storage at 
our Bonaire business to smooth the 
intermittency of solar and wind power and 
are investigating further opportunities 
elsewhere to use battery storage as a 
no-carbon method of maintaining a 
reliable flow of electricity.
Additionally, continued growth in 
renewable technologies and further 
development of hybrid technologies is 
also core to our strategy. In 2021, we 
announced the expansion by c. 24% of 
our solar portfolio in Italy, with the 
acquisition, in partnership, of 18MW of 
photovoltaic assets. Additionally, at our 
Bonaire business, where we use batteries 
to smooth the intermittency of wind power, 
we are developing new solar capacity.
On 19th January 2022 we agreed to the 
sale of our hydro assets in Brazil, in 
accordance with our strategy to realize 
value from our undervalued renewable 
businesses, where appropriate 
opportunities are available to do so, in 
order to unlock value for shareholders.
Carbon capture technology also continues 
to play an integral role in our climate 
strategy. Our European Solutions plants 
continue to utilize carbon capture 
technology. 
The carbon emissions of our coal plant in 
Bulgaria are the most significant in our 
portfolio. Our regulatory and engineering 
teams are investigating ways to convert 
the plant to operate on low- and no-
carbon fuels, such as low-carbon gas or 
renewable biomass combined with carbon 
capture technology. The timing of exiting 
coal completely will depend in large part 
on geopolitical events and pressures 
related to commodity pricing and 
availability and, in particular, the timing of 
the implementation of the energy 
transition in Bulgaria. Additionally, exiting 
coal will take into consideration the need 
for a “just transition”, protecting the 
interests of our employees and the 
community, balanced by the impact  
on climate.
Our greenhouse gas (GHG) emissions 
are reported according to the GHG 
Protocol guidelines. The majority of 
these are generated from our thermal 
electricity and steam production, with 
CO2 emissions representing 99% of total 
emissions. In addition to carbon 
emissions, we carefully manage other 
atmospheric emissions, such as nitrogen 
oxide (NOx), sulfur oxide (SOx), and 
particulate matter (PM), to reduce health 
risks and environmental impacts.
Using water responsibly
Our businesses, most of which are 
intensively regulated, undertake 
extensive monitoring and risk mitigation 
activities related to water withdrawal, 
use, and discharge, as well as 
biodiversity impacts. 
In 2021, we have undertaken high level 
assessments of water stressed areas 
and of water impacts to the business as 
part of our environmental management 
process and water was a key physical 
risk assessed in our TCFD requirements.
Where water is a primary fuel source 
– in hydro-electric generation – we 
ensure we utilize it in the most efficient 
manner possible; we also manage other 
impacts, including sedimentation, 
drainage, vegetation, and biodiversity. 
At our Vototan business in Armenia,  
our hydroelectric complex utilizes dams 
to generate electricity. We undertook  
a large-scale refurbishment of the  
facility from 2018-2022 to increase its 
generating capacity while maintaining 
the size and impact of the dams  
and increasing the efficiency of  
water resources. 
“	THE IMPORTANCE OF 
GROWING WELL BY 
INVESTING IN LOW- 
AND NO-CARBON 
TECHNOLOGIES DRIVES 
OUR EFFORTS TO 
COMBAT CLIMATE 
CHANGE AND ITS 
IMPACT.” 
Sarah Flanigan
EVP Special Projects

49
Where water is required as an input in 
thermal operational processes, we 
access only the amount required to 
meet our needs so that it is available 
elsewhere. Where we discharge water, 
such as at our KivuWatt business in 
Rwanda, we replenish the sources from 
which it came with equivalent volumes, 
properly treated. Where we can, we 
recycle water – for example, as in other 
plants, at our Cap des Biches plant in 
Senegal, we now recover water used in 
plant operations to use for cleaning and 
sanitary purposes.
Limiting waste
We minimize waste as far as possible 
through planned reuse and recycling. 
However, some waste – including 
hazardous waste – is unavoidable during 
power plant operations. We ensure this is 
properly handled and treated. 
We have several hazardous waste 
initiatives at our plants. At our Maritsa 
plant, for example, we have a long-term 
project to replace all fluorescent lighting 
containing mercury with LED lights. 
Spills and grievances
While we never want to experience an 
incident or grievance, we keep 
ourselves fully prepared to deal with 
emergencies, unexpected 
environmental impacts, or complaints 
from our stakeholders. We therefore 
train our employees on how to 
recognize and avoid environmental risks 
and we report environmental incidents 
transparently. Each time a spillage 
occurs, we conduct a full root cause 
analysis to learn from our mistakes. 
Grievances are also reported in monthly 
management reports and action plans 
are developed to address them.
Biodiversity
To achieve sustainable resource 
management, we manage the use, 
development and protection of renewable 
natural resources in a way, or at a rate, 
which enables people and communities to 
provide for their present social, economic, 
and cultural well-being while also 
sustaining the potential of those resources 
to meet the reasonably foreseeable 
needs of future generations and 
safeguarding the life-supporting capacity 
of air, water, and soil ecosystems. 
We take a proactive and systematic 
approach to local threats to biodiversity 
beyond our business activities. We 
adopt biodiversity plans after 
consultation with impacted stakeholders, 
including governments, non-
governmental organizations, and 
communities. We seek to prevent and 
protect ecosystems from unwanted 
impacts, but where we cannot achieve 
that objective entirely, we seek to 
rehabilitate, restore, and offset, in line 
with best-practice mitigation hierarchy.
Vorotan, Armenia
While we endeavour to include as much information as possible on the methods 
we have used to calculate our GHG measures in the annual report, the 
ContourGlobal Greenhouse Gas Emissions and Thermal Efficiency calculation 
Methodology 2021 document offers a more comprehensive disclosure. It can be 
found on our website at:  
https://www.contourglobal.com/environmental-responsibility
2021
2020
Scope 1 CO2e tonnes *
12,396,842k
8,522,809k
Scope 2 CO2e tonnes - Location based
29,903k
19,957k
Scope 2 CO2e tonnes - Market based
22,968k
15,321k
Electricity production (MWh) 
21,357,862
14,966,706
Energy production (MWh)
27,889,630
18,810,716
Total Energy Input (MWh) **
46,225,154
29,133,980
Scope 1 CO2 emissions intensity –  
electricity produced (tCO2e/MWhe)
0.58k 
 
0.57k
Scope 1 CO2 emissions intensity –  
energy produced (tCO2e/MWhe)
 0.44k
0.45k
	*
0.1% of the Scope 1 CO2e tonnes is related to UK emissions
**	 0.2% of the total energy input is related to the UK proportion of energy 
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 at https://www.contourglobal.com/reports
Our track record on protecting and 
promoting biodiversity has generally 
been good. One area we continue to 
monitor is the effect on fish of the dams 
used at our Brazil hydro plants, where 
we are seeking to mitigate variations in 
river water levels. 
For further details on our environmental 
impact, please refer to our Sustainability 
Report, available on our website at: 
https://www.contourglobal.com/
our-principles-values.
Strategic Report
Governance
Financial Statements

50
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Included below are the Group’s 
disclosures relating to the Task Force on 
Climate-related Financial Disclosures 
(“TCFD”). The disclosures made are 
compliant with the TCFD requirements. 
Governance
The Board of Directors is ultimately 
responsible for the oversight of climate-
related risks and opportunities. 
ContourGlobal’s processes to identify, 
assess, and respond to climate-related 
risks and opportunities are critical for 
executing our sustainability strategy. At 
the highest level, our processes for 
identifying climate risks are embedded 
in our corporate risk register. The risk 
register is reviewed quarterly by the 
Audit and Risk Committee and the Board 
of Directors, and explicitly incorporates 
climate change as an operational and 
execution risk. Refer to page 76-78 and 
96-98 for the skills and experience of 
the Board and their responsibilities. 
The senior management team plays a 
key role in managing, reviewing and 
responding to climate-related risks and 
the day-to-day impact on the business. 
A focus group of key senior 
management members reviews and 
updates the risk register on an ongoing 
basis throughout the year, which 
includes consideration of climate-related 
risks. The impacts of identified climate 
risks and opportunities are monitored 
and reviewed by management on a 
monthly basis through integration into 
internal management reporting 
processes. The Board of Directors and 
the Audit and Risk Committee review 
management reporting which includes 
various climate-related operational risks 
on a quarterly basis and the complete 
risk register is reviewed and approved 
on an annual basis.
Refer to page 62 for further details on 
our approach to risk management. Refer 
also to the Corporate Governance 
report on page 85 regarding the Board’s 
oversight of sustainability matters. 
The senior management team is also 
responsible for the delivery of our aim to 
reduce Scope 1 GHG emissions intensity 
of energy production by 40% by 2030 
(against a 2019 baseline), and achieve 
net zero carbon emissions by 2050. 
Strategy
The three core elements to our strategy 
as set out on page 30 are: operational 
excellence, high growth and financial 
strength. All three of our strategic aims 
are impacted by the climate transition 
and the associated risks and 
opportunities. Given the typical life 
spans of the assets in our portfolio, we 
define time horizons as, short term 5 
years, medium term 6 – 15 years and 
long term 15+ years.
Our transition risks, those related to 
changes in climate policy and regulation 
during the transition to a low-carbon 
impact, are largely mitigated by the fact 
most of our power plants have long-term 
power purchase agreements (“PPAs”) or 
operate under regulated pricing 
mechanisms, limiting exposure to 
changes in power pricing. Critically, our 
PPAs generally ensure we have no 
obligation to provide replacement 
power and allow us to pass through 
climate-related costs as well as fixed 
costs. However, these same contractual 
protections also limit our ability to 
capture pricing and demand 
opportunities in a dynamic market and 
where we do have limited opportunities, 
regulatory authorities may cap potential 
upsides. Thus, managing our businesses 
SUSTAINABILITY (CONTINUED)
TASK FORCE ON CLIMATE- 
RELATED FINANCIAL 
DISCLOSURES
in accordance with PPA terms and 
ensuring new investments include 
protection against climate risks is an 
essential risk management strategy. 
In the post PPA periods (which is 
typically the medium or longer term) the 
business assesses exposure to climate 
risks, including but not limited to 
possible changes in market prices. Our 
Arrubal business, for example, is 
currently operating without a PPA and 
contributes 1.7% of total assets and 9.8% 
of Adjusted EBITDA. Here, as with other 
assets in the post-PPA periods, our 
strategy is to closely monitor merchant 
exposure to capture upsides and 
mitigate unplanned risks. 
Our physical risks, including impacts 
related to extreme weather or shifts in 
weather patterns such as droughts, 
floods, changes in wind speed and 
unplanned irradiation, largely impact our 
renewable portfolio. While our scenario 
analysis indicates these are low to 
medium risks, we manage these through 
carefully planning around resource 
assumptions. Geographical 
diversification also mitigates the risk of 
concentrated impacts to the global 
portfolio.

51
The climate-related risks and opportunities we have identified over the operational life of our asset portfolio and their link to our 
strategic aims are as follows:
Climate-related risks
Time horizon
Principal risk
Link to  
strategic aims
Transition impacts, including policy 
and regulatory changes related to 
the transition to a low-carbon 
economy:
•	 Change in fuel prices
•	 Carbon pricing
•	 Change in demand 
•	 Change in power pricing
•	 Change in labor costs
Our PPAs, which differ at each 
asset, typically protect against 
these transition impacts over the 
duration of the agreement, which 
is typically the short and medium 
term
These risks are inherent in our 
principal risks R01, R02 and R03 
on pages 65-66
•	 High growth
•	 Financial strength
Physical impact, including extreme 
weather or shifts in wind patterns:
•	 Extreme heat
•	 Drought
•	 Flood
Physical risks are more relevant 
over the medium and long term
These risks are inherent in our 
principal risk R08 on page 69
•	 Operational excellence
Opportunities
Link to strategic aims
•	 Growth in no- and low-carbon technologies
•	 Exiting coal as part of the Bulgarian energy transition
•	 Carbon capture
•	 Energy storage
•	 Repowering and refurbishment
•	 Green hydrogen
•	 Operational excellence
•	 High growth
•	 Financial strength
For more details of our strategic aims, progress and links to risk and sustainability principles, refer to pages 30-31.
Given transition risks are able to be largely mitigated during the PPA contracted period, our financial modeling and strategic 
planning is focused on potential impacts and sensitivities in the post PPA period, whether that be in the short, medium or long 
term for a particular asset. 
Impact of climate-related risks 
and opportunities
Scenario analysis
We performed scenario analysis on a 
selection of six assets to assess the 
impact of identified climate-related risks 
and opportunities under 4°C and 1.5°C 
scenarios. These six assets are across a 
broad range of both thermal and 
renewable assets (gas, coal, solar and 
hydro) and represent approximately 55% 
and 60% of Adjusted EBITDA and 
Revenue respectively. The Thermal 
assets selected cover the geographies 
which contribute most significantly to  
our results. Given the representative mix 
of fuels and geographies, we consider 
the assets included in the scenario 
analysis to be representative of our 
wider portfolio. The scenario analysis 
covers the remaining economic life of 
each of the assets modeled. 
We engaged a third party to provide 
climate scenario modeling expertise and 
assist us in performing the analysis. 
They utilized an Integrated Assessment 
Model and combined climate science, 
macroeconomics and financial 
information in generating scenarios. 
The scenario analysis separately 
considered both transition and physical 
risks and was developed using a scenario 
analysis model considering a number of 
factors from atmospheric changes and 
societal behavioral changes to assumed 
new government policies under the 
different temperature pathways. A 
summary of the results of our scenario 
analysis is presented below.
Transition risks
Two gas assets were assessed in North 
America and the extent of exposure 
between the 4°C and 1.5°C scenarios 
showed upside for one asset and 
insignificant downside for the other. 
These impacts were due to movements 
in energy and carbon prices in the post 
PPA periods. 
Our Bulgarian coal asset was assessed 
and noted to have insignificant 
downside risk from 2024 when the PPA 
ends due to energy and carbon pricing. 
However there are also opportunities in 
the post PPA period to participate in the 
Bulgarian energy transition.
We also modeled two solar and one 
hydro assets, all of which had limited 
impact from transition risks due to the 
PPA arrangements in place.
There are various mitigating actions 
available for consideration of risks in the 
post PPA period, including ongoing 
monitoring of price and demand forecasts 
and evaluation of opportunities such as 
carbon capture or hydrogen, which could 
extend the period over which thermal 
assets are able to remain competitive. 
Strategic Report
Governance
Financial Statements

52
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Physical risks
We performed physical risk scenario 
analysis on the same selection of six 
assets, taking into account extreme 
heat, drought and flood (riverine and 
surface water) under both 4°C and 1.5°C 
scenarios. These specific hazards were 
chosen for scenario analysis based on 
the location and resource dependencies 
of the assets within our portfolio. 
The analysis performed indicates that 
the physical climate risk is lower as 
compared to transition risks, with the 
greatest physical risk being potential 
impact from flooding given the proximity 
of our sites to sources of water which 
are used in operations. 
The result of the analysis was that there 
is insignificant exposure to riverine 
flood, surface water flood, extreme  
heat and drought under either 4°C or 
1.5°C scenarios.
Scenario analysis findings
The transition risks identified and the 
associated impacts highlight the 
importance of our long-term PPAs which 
protect against fuel, carbon pricing and 
elements of demand risk during the 
contracted period. 
As noted in the scenario analysis, there 
are risks and opportunities in our gas 
generation assets. We continue to see a 
key role for our gas assets as part of the 
energy transition beyond the next 
decade. Our Group sustainability 
strategy will also help to mitigate risks 
and provide opportunities in our thermal 
portfolio, particularly in relation to our 
commitments to: increase investment in 
carbon capture technology, reduce our 
CO2 emissions intensity of energy 
generated by 40% by 2030 compared 
with 2019 levels, and achieve carbon 
neutrality by 2050. We are also 
exploring opportunities to use hydrogen 
as an alternative fuel to gas. 
SUSTAINABILITY (CONTINUED)
Regarding our Bulgarian coal asset, there 
is downside risk in a 1.5°C scenario, 
however given the current status of the 
energy transition in Bulgaria and the high 
reliance on coal in the current energy 
mix, we do not consider a 1.5°C scenario 
to be likely over the remaining period of 
forecast production from plant. There are 
also opportunities in Bulgaria to 
proactively participate in the energy 
transition, with our commercial and 
engineering teams investigating ways to 
convert the plant to operate on low- and 
no-carbon fuels, such as low-carbon gas 
or renewable biomass combined with 
carbon capture technology. 
In terms of the renewable assets, there 
is limited exposure to risks based on our 
scenario analysis. Renewable assets are 
critical to the climate transition and will 
continue to play an important role in our 
strategy and our commitment to a future 
portfolio of low- and no-carbon assets. 
There are also opportunities present 
across our existing portfolio associated 
with repowering, refurbishment, battery 
storage and efficiency improvement.

53
Physical risks are and will continue to  
be monitored by the site operational 
management on an ongoing basis in 
order to mitigate relevant impacts 
wherever possible as part of our 
operational excellence strategy. 
These findings are not only relevant to 
those assets included within the 
scenario analysis. The risks and 
opportunities identified are evaluated 
across all of our assets on an ongoing 
basis. As part of our future scenario 
analysis under the TCFD framework, we 
intend to expand the number of assets 
over which we perform scenario 
analysis, both in terms of physical and 
transition risks and to also include a 
wind asset. 
Risk management
Most of our identified climate-related 
opportunities are associated with future 
acquisitions or capital investments on 
existing assets or projects and hence 
the importance of growing well and 
taking advantage of climate-related 
opportunities by investing in low- and 
no-carbon technologies drives our 
efforts to combat climate change and  
its impact. 
In terms of assessing opportunities and 
risks, we have embedded processes to 
assess carbon impacts for all new 
investments. Our Investment Committee, 
Executive Management, and Board of 
Directors ensure carbon impacts of new 
investments are aligned with our climate 
strategy. As part of this assessment, 
financial models project both financial 
and climate impacts by considering the 
sensitivity of key assumptions and 
impact on the businesses’ key metrics, 
including our CO2 intensity. 
Regarding the climate-related risks 
identified above, none of the impacts 
result in significant downside to the 
specific assets modeled within the 
scenario analysis. In terms of the risks 
on a stand-alone basis, whilst 
individually a risk may have a significant 
impact, the use of PPAs mitigates our 
exposure to many of the pricing risks. 
Also certain risks (such as increasing 
electricity prices) provide benefits to the 
organization and offset the impact of 
those from changes in the cost of inputs. 
As such we do not consider any of the 
risks above to be individually significant 
and our principal risks as identified in 
Our Approach to Risk Management 
remain appropriate. 
On a forward-looking basis, through our 
existing risk management framework  
we will continue to monitor, update and 
respond to the identified climate-related 
risks as circumstances change in  
the future. 
Metrics and targets
Our key climate reduction target is our 
commitment to achieve net carbon zero 
GHG emissions by 2050, with an interim 
target to reduce our CO2 intensity for 
energy produced by 40% by 2030 from 
a base year of 2019. Our CO2 intensity 
metric is the most meaningful metric for 
the short and medium term and most 
effectively demonstrates our climate 
impacts, given the nature of our 
business. We are a growth company 
and, as such, our carbon emissions will 
increase when we grow – even when 
we are investing in low-carbon 
technologies. Further, our power plants 
are generally contracted with long-term 
PPAs where we are responsible for 
being available, but we do not control 
when we are dispatched and thus 
cannot predict with any certainty our 
carbon emissions. The intensity metric 
reveals whether we have incrementally 
reduced our climate impacts while 
continuing to grow our portfolio  
without being distorted by years of 
varying dispatch.
Our path to achieving net zero assumes 
a reasonable period for climate 
transition. Absent an unforeseen 
technological breakthrough in energy 
storage, reliable base-load and  
mid-merit generation will remain critical 
in the long term. Given this, it is critical  
to focus on delivering the required 
generation in a responsible manner, 
focusing on operational excellence and 
efficiency. Further competition, slow- 
downs in permitting, and under-
appreciated risks in the renewable 
power sector (such as replacement 
power obligations and supply chain 
risks) may adversely impact returns on 
renewable investments to the point it is 
difficult to fulfill commitments to 
shareholders to generate returns.
Prior to making a new investment, in 
accordance with our strategy the 
investment case considers the CO2 
intensity of the target business and the 
impact that the target business would 
have on the Group’s overall CO2 intensity. 
Refer to Our KPIs for our CO2 intensity 
performance during 2021.
In 2021, we engaged KPMG LLP 
(“KPMG”) to undertake limited assurance 
using the assurance standards ISAE (UK) 
3000 and ISAE 3410 over selected 
information as listed below1: 
•	 Total Scope 1 emissions (tCO2e): 
12,396,842
•	 Total Scope 2 emissions – market 
based (tCO2e): 22,968
•	 Total Scope 2 emissions – location 
based (tCO2e): 29,903
•	 Emissions intensity – electricity 
produced (electricity produced 
(tCO2e/MWhe)): 0.58
•	 GHG emissions intensity – energy 
produced (energy produced (tCO2e/
MWhe)): 0.44
We are also aiming to assure our Scope 
3 emissions that will be reported in our 
2021 Sustainability Report.
1.	 KPMG’s full assurance statements for  
2021 can be found on our website at  
https://www.contourglobal.com/reports
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Financial Statements

54
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
COMMUNITIES
SUSTAINABILITY (CONTINUED)
A core part of ContourGlobal’s mission 
is to make the places where we work 
better because we are there. We 
achieve this by engaging with our 
communities to identify opportunities to 
make high-impact social investments in 
the areas of education, health and 
safety, the environment, human rights, 
and anti-corruption. Our investments 
align with United Nations Sustainable 
Development Goals, our Social 
Responsibility and Environmental 
CAP DES BICHES – TALIBOU DABO CENTER
At our Cap des Biches plant in Senegal, we are providing 
children with physical disabilities new opportunities to 
learn by providing learning tools and transportation. The 
Talibou Dabo Center benefits 200 children aged 6 to 16 
and is the only center in Senegal that rehabilitates and 
treats children with neurological conditions. Our three-
year plan includes donations of educational equipment, 
medical assessment devices, and an accessible van to 
transport students. Our total planned investment to the 
Center is $96k.
Sustainability Policy, our Anti-Corruption 
Policy and Guide and other 
ContourGlobal policies.
In 2021, we focused intensely on 
improving the long-term impact of our 
social investments with each business 
developing a new three-year social 
investment plan. The three-year plans are 
approved by our Sustainability Committee, 
a group of 5 senior executives, and 
include stakeholder assessment, 
expected outcomes, project KPIs, project 
implementation strategy, and budgets for 
each project. During the year, the 
Committee approved 29 social investment 
plans with 129 unique projects and a total 
budget over the three-year period of 
$6.24m. 
Examples of projects commenced in 
2021 are the following:

55
SOLAR SLOVAKIA – CYCLING PROJECT
Providing safe opportunities for 
cycling and walking benefits 
physical health and safety in an 
environmentally friendly way. Our 
solar business in Slovakia 
recognized that many local 
residents would benefit from a 
pedestrian and bicycle path to 
connect the villages in our 
community and has undertaken a 
three-year project to construct the 
path in Dolne Lefantovce. As part of 
the project, we will also install wind 
breakers in Rohov, further 
protecting the natural habitat.
CELCSA - RAFAEL HERNANDEZ OCHOA SCHOOL
Providing a safe and clean 
environment for children to learn is 
essential for youth. In Mexico, our 
CELCSA plant has committed over 
$50k to elementary schools in two 
local communities near our facility. 
Together the projects will benefit 111 
students directly with capital 
improvements to the schools. At the 
Rafael Hernandez Ochoa primary 
school, we will provide electricity to 
four classrooms and renovate the 
bathrooms and dining area. At the 
Mia Paria es Primero school, we will 
construct bathrooms and a dining 
area. At both schools, we will provide 
ongoing maintenance for the schools 
in the future.
OUR 
PERFORMANCE IN 
NUMBERS
$6.24m
Value of social investment  
over the three-year period 
2021-2023
$1.5m
Value of social investment 
spent in 2021
86
Number of social 
investment projects pursued 
(with 47 projects completed in 
2021)
709,000
Beneficiaries of social projects 
completed in 2021
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Financial Statements

56
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
FINANCIAL REVIEW
A STRONG FINANCIAL 
PERFORMANCE
Stefan Schellinger
Global Chief Financial Officer
Revenue ($m)
2,151.9
2020: 1,410.7
Adjusted Revenue ($m)
1,724.8
2020: 1,252.6
Income from Operations ($m)
370.1
2020: 307.9
Adjusted EBITDA ($m)
841.5 
2020: 722.0
Proportionate Adjusted 
EBITDA ($m)
692.3 
2020: 568.7
Cash flow from  
Operations ($m)
810.3
2020: 719.6
Funds from  
Operations ($m)
439.8
2020: 379.6
Leverage ratio
4.6x1
2020: 4.8x
ContourGlobal continued to deliver very 
strong financial results in 2021 and we 
met all of our financial commitments. In 
particular, we increased our full year 
adjusted EBITDA guidance in December 
from $780 - $810 million to $810 - 840 
million reflecting our strong financial 
performance. This is a testament of 
ContourGlobal’s robust and resilient 
business model generating stable and 
predictable cash flows from operations. 
We continued to meet the financial 
commitments made to shareholders by 
delivering our progressive dividend 
policy of 10% growth per annum. In 
addition, during H1 2021 ContourGlobal 
continued its share buyback program 
which started in early 2020 to support 
long-term shareholder value and was 
successfully executed with 2,624,774 
million shares bought back in 2021 in 
addition to the 12,374,731 million shares 
bought back in 2020.
Revenue
Revenue continued to grow in 2021 to 
reach $2,151.9 million (+$741.2 million or 
+52.5%) resulting from the impact of the 
acquisition of the Western Generation 
assets in the United States and Trinidad 
and Tobago (“Western Generation”) 
completed in February 2021 (+$206.9 
million), as well as increased revenue from 
our Maritsa plant (+$275.6 million) driven  
by higher generation and higher CO2 
emission cost recharges (+$252.9 million), 
from our natural gas-fired power plant in 
Arrubal (+$129.2 million) benefiting from 
high dispatch, higher power prices and an 
optimized commercial strategy in the post 
PPA period from August to December, new 
interconnected load points and higher  
gas pass through for Mexico CHP  
(+$84.6 million) and higher generation and 
pass-through revenue at Cap de Biches 
(+$22.3 million). These increases were 
partially offset by lower revenue in the 
French Caribbean (-$16.7 million) following 
the expiry of the Energy Antilles PPA in  
mid-2020 and at CSP Spain assets  
(-$13.9 million) due to movements in power 
price. In addition, Group revenue was 
positively impacted by year over year 
foreign exchange movements by  
$39.3 million primarily driven by a higher 
average level of Euros / USD. 
Adjusted Revenue 
Adjusted Revenue excludes CO2 
emission cost recharges from IFRS 
revenue and is a key metric as it 
provides a more comparable basis for 
assessing revenue generating 
capabilities across the portfolio. The 
metric has been added due to the 
significant increase in carbon pricing 
which has resulted in CO2 pass  
throughs distorting IFRS Revenue. 
During 2021 adjusted revenue was 
$1,724.8 million (+$1,252.6 million in 
2020 or an increase of +38%) primarily 
driven by the Western Generation 
acquisition, high dispatch and power 
prices at Arrubal and new load points 
and higher pass throughs in Mexico, as 
noted above. The three most significant 
contributors to Adjusted Revenue are 
Mexico CHP, Maritsa and Arrubal 
contributing 17.1%, 16.7% and 15.4% 
respectively in 2021 (16.9%, 20.4% and 
10.3% respectively in 2020). The 
reconciliation of Adjusted Revenue to 
statutory Revenue is as follows:
1.	 Including the net indebtedness in Brazil Hydro, which is classified in the balance sheet as held for sale at year end and pro forma adjustment to include a full year 
of Adjusted EBITDA for the Western Generation and Green Hunter acquisitions.

57
Adjusted Revenue
In $ million 
2021
2020
Revenue
2,151.9
1,410.7
CO2 passthrough revenue
427.1
158.1
Adjusted Revenue
1,724.8
1,252.6
Adjusted EBITDA
In $ million 
2021
2020
Var %
Var
Thermal 
541.3
420.9
29%
20.4
Renewable 
334.7
332.0
1%
2.7
Corporate & Other 
-34.5
-30.9
11%
(3.6)
Adjusted EBITDA
841.5
722.0
17% 119.5
Income from Operations (IFO)
IFO is a measure taken from the IFRS 
audited consolidated statement of 
income. IFO increased in 2021 by $62.2 
million or +20.2% to reach $370.1 million 
as compared to $307.9 million in 2020, 
mainly as a result of the following 
effects: 
•	 Increase in gross margin in 2021 by 
$44.2 million to reach $421.4 million as 
compared to $377.2 million in 2020, 
driven by the increase in Revenue of 
$741.2 million partially offset by the 
increase in Cost of sales of $697.0 
million. The gross margin decrease 
from 27% in 2020 to 20% in 2021 
following the acquisition of Western 
Generation reflect the proportionately 
higher costs of sales as a percentage 
of revenue compared to the average 
of the Group. 
•	 Other operating expenses, Selling, 
general and administration and 
acquisition related items decreased 
from $69.3 million in 2020 to $51.3 
million. The decrease was primarily 
due to exceptional restructuring costs 
incurred in 2020 of $5.2m (nil in 2021) 
and $6.6 million of cost incurred in 
relation to the Private Incentive Plan 
that ended in 2020. In addition, 
acquisition related items decreased 
by $6m, offset by Selling, general and 
administrative expenses increase of 
$3.7m as compared to 2020 driven 
mainly by higher professional fees 
(+$2.0 million) and employee costs 
(+$1.7 million).
The IFO has been driven by the same 
key contributors as the Adjusted EBITDA 
detailed thereafter, positively impacted 
by the acquisition of Western 
Generation (+$84.6 million), an 
optimized commercial strategy in the 
post PPA period at Arrubal (+$20.4 
million), and improved resource and 
commissioning of the refurbishment 
project improving availability at Vorotan 
(+$13.7 million), offset by movements in 
power price at CSP Spain (-$8.7 million). 
This is offset by the increase in 
depreciation during the year of $87.6 
million, primarily due to the acquisition of 
Western Generation. 
Adjusted EBITDA
In 2021, we saw another year of strong 
Adjusted EBITDA performance with an 
increase of 17% to $841.5 million.
Adjusted EBITDA benefited from the 
Western Generation acquisition which 
contributed $84.6 million of Adjusted 
EBITDA in addition to a strong 
performance of our existing power 
generation assets of $756.9 million (net 
of corporate and other costs) compared 
to $722.0 million in 2020, including a 
positive foreign exchange variance of 
$8.8 million primarily due to the Euro 
appreciation versus the US dollar. The 
Green Hunter acquisition of Solar assets 
Strategic Report
Governance
Financial Statements

58
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
FINANCIAL REVIEW (CONTINUED)
in Italy was also completed in November 
2021 and adds to the existing 
Renewable portfolio, contributing $0.4m 
to Adjusted EBITDA since acquisition. 
Thermal Adjusted EBITDA increased by 
$120.4 million, or 29%, to $541.3 million 
for the year ended 31st December 2021 
from $420.9 million for the previous year. 
The growth in Adjusted EBITDA is mainly 
driven by the Western Generation 
acquisition which contributed +$84.6 
million, a strong performance in the  
post PPA period at Arrubal driving year 
over year Adjusted EBITDA growth  
of +$20.4 million and a change in 
commercial strategy at Sochagota of 
+$13.3 million. This demonstrates not only 
the stability of the underlying earnings 
and cash flows of the portfolio, based on 
its contracted business model protecting 
the segment from fluctuations in demand, 
fuel prices, electricity prices and CO₂ 
prices but also demonstrates the 
Company can benefit from a strong 
market environment in certain countries 
including Spain. The Thermal fleet is also 
highly diversified in terms of geography 
and technology, which significantly limits 
its overall market exposure. The Thermal 
fleet reached an Equivalent Availability 
Factor of 94% in 2021 (94% in 2020) 
demonstrating a consistently strong 
operational performance during the year.
Renewable Adjusted EBITDA amounted 
to $334.7 million for the year ended 31st 
December 2021, as compared to $332.0 
million for the year ended 31st December 
2020. The most significant impacts in 
Adjusted EBITDA for the year are 
improved resource and commissioning 
of the refurbishment project improving 
availability at Vorotan (+$13.7 million), the 
impact of the concession extension and 
commercial strategy optimisation at our 
Brazil Hydro assets (+$9.4 million), offset 
by the movements in power price at 
CSP Spain (-$8.7 million), lower resource 
and lower realized power prices at Peru 
Wind (-$6.3 million), and one-off events 
impacting the availability of some of our 
plants as well as negative FX impact in 
Brazil Wind and Hydros (-$4.6 million). 
ContourGlobal’s business model 
generates stable and predictable 
earnings and cash flows, and benefits 
from the following factors that mitigate 
the risk of fluctuations in the results:
•	 Long-term contracts with strong and 
creditworthy counterparties: 
Approximately 89% of 2021 Adjusted 
EBITDA is generated under PPAs 
concluded with investment-grade 
offtakers or non-investment-grade 
offtakers under political risk insurance. 
During 2021 our cash collections from 
our offtakers continued to be 
unaffected by the COVID-19 pandemic 
and remained stable and in line with 
agreed payment terms. 
•	 Limited currency exposure: 86% of 
2021 Adjusted EBITDA is 
denominated in either Euros or US 
dollars. In addition, a portion of the 
small Brazilian reals exposure in 
regards to distributions is hedged. 
This exposure will be further reduced 
going forward with the completion of 
the sale of our Brazil Hydro assets 
expected to be completed in Q2 
2022.
•	 Geographical and technology 
diversification: No technology cluster 
represents more than 21% of 2021 
Adjusted EBITDA; in addition 
ContourGlobal is present on four 
continents.
•	 Ability within long-term contracts to 
pass through fuel and CO2 quotas: 
during the year there have been 
significant increases in the cost of  
CO2 quotas and certain assets have 
also experienced an increase in the 
cost of fuel. The ability to pass these 
costs through ensures that margins 
are not eroded and provides stability 
in earnings. 
In terms of financial metrics, we believe 
that the presentation of Adjusted 
EBITDA enhances the understanding of 
ContourGlobal’s financial performance, 
in regards to understanding our ability to 
generate stable and predictable cash 
flows from operations. ‘Adjusted 
EBITDA’ is defined as profit for the year 
from continuing operations before 
income taxes, net finance costs, 
depreciation and amortization, 
acquisition related expenses, plus, if 
applicable, net cash gain or loss on sell 
down transactions (in addition to the 
entire full period profit from continuing 
operations for the business the sell 
down transaction relates to) and specific 
items which have been identified and 
material items where the accounting 
diverges from the cash flow and 
therefore does not reflect the ability of 
the assets to generate stable and 
predictable cash flows in a given period, 
less the Group’s share of profit from non 
consolidated entities accounted for on 
the equity method, plus the Group’s 
prorata portion of Adjusted EBITDA for 
such entities.
In determining whether an event or 
transaction is adjusted, ContourGlobal’s 
management considers quantitative as 
well as qualitative factors such as the 
frequency or predictability of 
occurrence. Adjusted EBITDA is not a 
measurement of financial performance 
under IFRS.
Proportionate Adjusted EBITDA
Considering the decision to strategically 
sell down minority stakes of certain of 
our assets at a significant premium, we 
have included Proportionate Adjusted 
EBITDA as part of our core financial 
metrics since 2018. Proportionate 
Adjusted EBITDA is calculated using 
Adjusted EBITDA calculated on a 
proportionally consolidated basis based 
on applicable ownership percentage.
The Proportionate Adjusted EBITDA as 
well includes the net cash gain or loss 
on sell down transactions (of which there 
has been none during 2021 and 2020) 
as well as the underlying profit from 
continuing operations for the business in 
which the minority interest sale relates 
to reflecting applicable ownership 
percentage going forward from the date 
of completion of the sale of a minority 
interest.
Proportionate Adjusted EBITDA 
increased from $568.7 million in 2020 to 
$692.3 million in 2021 (+22%), broadly in 
line with the increase than Adjusted 
EBITDA, primarily driven by the 
acquisition of Western Generation 
during 2021 and for which there is no 
minority interest.

59
The following table reconciles Proportionate Adjusted EBITDA 
and Adjusted EBITDA to net profit before tax for each year 
presented:
In $ millions
2021
2020
Proportionate Adjusted EBITDA
692.3
568.7
Minority interest
149.2
153.3
Adjusted EBITDA
841.5
722.0
Reconciliation to profit before 
income tax
Depreciation, amortization and 
impairment
-399.2
-311.6
Share of Adjusted EBITDA in 
associates
-27.0
-19.9
Acquisition-related items
-14.2
-20.2
Restructuring costs
–
-5.2
Private incentive plan
–
-6.6
Mexico CHP fixed margin swap1
5.5
-15.6
Brazil Hydro concession extension3
5.5
–
Change in finance lease and 
financial concession assets2
-37.9
-31.7
Other
-4.1
-3.3
Income from Operations
370.1
307.9
Net finance costs, foreign 
exchange gains and losses, and 
changes in fair value of derivatives
-249.2
-247.8
Share of profit in associates
16.2
12.3
Other
5.8
–
Profit before income tax
142.9
72.3
1.	 Reflects an adjustment to align the recognized earnings with the cash flows 
generated during the year under the CHP Mexico fixed margin swap 
(derivative that locks in a fixed margin for certain contracts)
2.	 Adjustment of the revenue and expenses recognized under Service 
Concession Arrangement accounting in Togo, Senegal and Rwanda with the 
cashflows generated during the year.
3.	 Reflects the non-cash gain recognized due to Generating Scaling Factor 
(“GSF”) settlement in Brazil Hydro whereby a concession extension has been 
granted to compensate for historical GSF liability payments made prior to 
acquisition of the assets by ContourGlobal. 
In relation to the 2021 and 2020 financial years, these 
adjustments mainly include non-recurring and non cash items.
Cash flow from operations and Funds From 
Operations
Cash flow from operations is presented in the Consolidated 
statement of cashflows of the financial statements and 
increased from $719.6 million to $810.3 million, mainly driven 
by the increase in Adjusted EBITDA ($119.5 million).
Funds from Operations is a non-IFRS measure that is 
calculated as follows:
In $ millions
2021
2020
Cash flow from operations
810.3
719.6
Change in working capital
-45.9
-52.8
Acquisition-related items
14.2
–
Interest paid
-192.9
-175.8
Maintenance capital 
expenditure1
-62.8
-50.5
Other distribution from 
associates
7.9
13.0
Cash distribution to minorities2
-91.2
-74.0
Funds from Operations (FFO)
439.8
379.6
Cash conversion rate
52%
53%
1.	 Maintenance capital expenditure is defined as funds employed by the 
business to maintain the operating capacity, asset base and/or operating 
income of the existing power plants (including construction capital 
expenditure). It excludes growth and development capital expenditure, which 
are discretionary investments incurred to sustain our revenue growth.
2.	 Cash distributions to minorities as per consolidated cash flow statement 
(excluding $11m distribution to Energy Infrastructure Partners related to the 
refinancing proceeds of the Green Hunter portfolio acquired in November 
2021).
Funds from operations significantly improved in 2021 to 
$439.8 million, a 16% growth rate compared to 2020. This 
performance is the consequence of the continuous growth of 
Adjusted EBITDA explained above partially offset by higher 
interest paid primarily due to interest on debt acquired in 
Western Generation (reflecting a higher coupon rate on this 
debt compared to the average rate across the rest of the 
group), increased maintenance capex costs due to the 
Western Generation acquisition and cash distributions to 
minorities due to increased distributions during the year.
Funds from operations is a key measure and gives an 
indication of the strength and predictability of our cash 
generation and how much of our Adjusted EBITDA is 
converted into cash flow.
As a result the cash conversion rate, which compares FFO to 
Adjusted EBITDA, remained strong in 2021 at 52% (2020: 53%).
Strategic Report
Governance
Financial Statements

60
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
FINANCIAL REVIEW (CONTINUED)
Leverage ratio
The Group leverage ratio is measured as 
total net indebtedness (reported as the 
difference between ‘Borrowings’ and 
‘Cash and Cash Equivalents’ in 
accordance with IFRS statement of 
financial position) to Adjusted EBITDA. The 
leverage ratio does not include the IFRS 
16 liabilities ($30 million as Dec. 31, 2021 
and $33 million as Dec. 31, 2020). 
Whenever the impact would be significant, 
such a ratio is adjusted to reflect the full 
year impact of acquisitions or for financial 
debt of projects under construction which 
do not generate Adjusted EBITDA.
The leverage ratio as of 31st December 
2020 was 4.8x, and is 4.6x as of 31st 
December 2021 (including the net 
indebtedness in Brazil Hydro, which is 
classified in the balance sheet as held for 
sale and a pro forma adjustment for a full 
year of Adjusted EBITDA of Western 
Generation and Green Hunter 
acquisitions). 
•	 The Net parent company leverage is 
3.4x as of 31 December 2021 as 
compared to 3.0x as 31 December 
2020, reflecting the refinancing of the 
corporate bond in December 2020 and 
the impact of the Western generation 
acquisition in 2021. The Net parent 
company leverage is defined as:
•	 net debt at corporate level was $1,301 
million as of 31 December 2021, 
compared to $830 million as of 31 
December 2020. This comprises the 
net debt of the group corporate holding 
entities (excluding non-recourse 
financing), which includes Corporate 
Bonds, drawn bridge loans, less cash 
and cash equivalent in corporate 
holding entities; 
•	 divided by CFADS (cashflows available 
for debt service) as defined in the 
Corporate Bond Indenture ($367 million 
for 2021, $274 million for 2020).
CFADS as defined in the Bond indenture 
is the net Cash distributions from Group 
subsidiaries (notably including 
dividends, equity distributions, or 
intercompany loans) to the parent 
company (the entity that pays dividends, 
interest and provides capital for new 
investment), less corporate costs. 
CFADS is a key financial measure for the 
company as it reflects all of the cash 
received by the parent company which 
is then allocated according to our 
strategy (notably for M&A, construction 
and other development costs or return 
of capital to shareholders). CFADS is 
also used to calculate the Debt service 
coverage ratio which is the main 
covenant of the Group’s corporate 
bonds (CFADS over the Debt service of 
the corporate debts).
There is no reconciliation of the Net 
parent company leverage or CFADS to 
statutory measures because they do not 
derive from the statutory measures.
Finance costs – net
Finance costs – net increased from 
$247.8 million in 2020 to $249.2 million 
in 2021 (1%).
Interest expense increased in 2021 from 
$195.0 million in 2020 to $205.5 million, 
largely due to the impact of the Western 
Generation acquisition ($15.5m) and the 
corporate bonds ($7.9m) partially offset 
by the natural deleveraging of the 
project financing.
The Realized and unrealized foreign 
exchange gains and (losses) and change 
in fair value of derivatives increased by 
$31.8 million to a net gain of $42.5 
million primarily attributable to:
•	 a positive impact in the fair value of 
derivatives of $25.3 million in 2021, as 
compared to $70.5 million in 2020. 
The decrease is mainly due to the 
$13.6 million non-cash net change in 
the fair value of the Mexican CHP 
fixed margin swap compared to $56.1 
million in 2020 and
•	 A $18.4 million net realized and 
unrealized foreign exchange gain in 
2021 compared to a $59.8 million 
foreign exchange loss in 2020 driven 
by favourable exchange rate 
movements of the US dollar against 
the Euro and the Armenian dram.
Profit before tax
Profit before tax increased by $70.6 
million to $142.9 million in 2021 as a 
result of the factors previously 
explained.
Taxation
The Group recognized a tax charge of 
$63.2 million in 2021 as compared to 
$43.7 million in 2020 which represents a 
movement in effective tax rate from 60% 
in 2020 to 44% in 2021. The decrease in 
effective tax rate is due to the increase 
in profit before tax primarily attributable 
to Spain, Armenia and a reduction in 
pre-tax loss in Luxembourg. The 
effective tax rate was also impacted by 
unrecognized tax losses in Luxembourg 
and Brazil. The main jurisdictions 
contributing to the income tax expense 
in 2020 are Mexico, Bulgaria, Spain  
and Brazil.
Net income, EPS and Adjusted 
Net Income
Net income increased from $28.6 million in 
2020 to $79.7 million in 2021. Considering 
the average number of shares outstanding 
in 2021 of 656.3 million (666.6 million in 
2020), and a profit attributable to 
shareholders of $73.8 million in 2021 ($16 
million in 2020) the Earnings per share 
(basic) increased from $0.02 to $0.12.
Adjusted net income is defined as net 
income excluding specific items which in 
2021 included such items as unrealised 
FX, acquisition related expenses, the fair 
value impact of the Mexico fixed margin 
swap, Brazil Hydro concession 
extension and refinancing costs which 
are non recurring in nature and are not 
reflective of the ability to generate 
profits by the Group. A reconciliation of 
Net income to Adjusted Net Income is 
as follows:
In $ millions
2021
2020
Net income
79.7
28.6
Change in fair value of the 
CHP Mexico fixed margin 
swap1
(13.3)
(28.4)
Acquisition-related items2
14.2
20.2
FX unrealized (losses)/
gains3
(23.7)
26.5
Brazil Hydro concession 
extension
(13.4)
-
Restructuring costs4
-
5.2
Private Incentive Plan5
-
6.6
Refinancing costs6
12.8
8.9
Adjusted Net Income
56.3
67.4
Adjusted Net Income 
attributable to 
shareholders
54.9
54.8
1.	 Change in fair value of the Mexican CHP fixed 
margin swap of -$13.6m net of $5.5m impact in Adj. 
EBITDA and net of 30% income tax impact -$5.7m.

61
2.	 Includes pre-acquisition costs and other incremental 
costs incurred as part of completed or contemplated 
acquisitions. ContourGlobal incurred exceptional 
amounts of such costs in 2021 and 2020 while 
signing and/or closing acquisitions in the US and Italy 
in particular.
3.	 Includes FX unrealized losses as reported in the 
consolidated financial statements, and represent 
non-cash unrealized losses recognized during the 
year. 2021 was notably impacted by the 
strengthening of the local currency in Armenia 
(AMD), generating unrealized FX gains for the USD 
denominated project financing debt totalling $21.7m.
4.	 Costs incurred as part of the reorganization of our 
corporate offices in 2020.
5.	 Non-cash impact of the Private Incentive Plan in 
2020.
6.	 Relates to costs incurred in refinancing debt 
throughout the business.
Non-current assets
Non-current assets mainly comprise 
property, plant and equipment (”PP&E”), 
financial and contract assets, and 
intangible assets and goodwill. The 
increase in non-current assets by $373.8 
million to $4,749.5 million as of 31 
December 2021 was mainly due to the 
increase of PPE by $408.3 million 
relating to Western Generation 
acquisition (+$900.1 million including 
purchase price allocation) and the Green 
Hunter acquisition (+$56.5m including 
preliminary purchase price allocation), 
capex additions (+$95.6m) during the 
period mainly in Austria Wind (+$25.3 
million), Vorotan ($13.5 million), Maritsa 
($9.4 million) and Mexico CHP ($17.6 
million), partially offset by depreciation 
(-$360.1 million), Brazil Hydro assets 
reclassified in asset held for sale 
(-$124.0 million) and CTA FX impact 
(-$149.9m).
Working capital
Inventory increased by $238.3 million 
during 2021, primarily due to the 
increase in value of emission allowances 
held in inventory at Maritsa (+$235.6 
million) and Arrubal (+$23.9 million), 
partially offset by the impact of foreign 
exchange (-$25.2 million). Trade and 
other payables increased by $263.3 
million to $597.0 million, also primarily 
due to the increase the increase in 
emission allowance payables in Maritsa 
by $240.9 million.
The increase in Trade and other 
receivables of $35.1 million to $299.1 
million is primarily attributed to the 
acquisitions of Western Generation 
(+$24.5 million) and Green Hunter (+$5.0 
million). 
Borrowings
Current and non-current borrowings 
decreased by $654.2 million to $4,176.1 
million as of 31 December 2021, mainly 
as a result of scheduled repayments 
(-$287.1 million), repayment of the 2023 
bond in January 2021 (-$532.5 million), 
Arrubal debt repayments (-$73.7m) and 
the CTA FX impact due to increase of 
the Euro against the USD for our Euro 
denominated debt (-$234.1m). This was 
partially offset by the debt acquired in 
Western Generation (+$263.3m), new 
borrowings represented primarily by 
Alvarado net refinancing (+$25.5m), 
Western Generation bridge loan net of 
repayments (+$40.0m), Green Hunter 
debt acquired and subsequently 
refinanced (+$36.0m), Asa Branca net 
refinancing (+$3.8m), Caribbean 
refinancing (+$120.0m) and RCF 
drawdown (+$47.3m). The Brazil Hydro 
debt was also refinanced (+$51.9m) and 
subsequent was reclassified to held for 
sale at year end (-$136.5m).
Equity and non-controlling 
interests
Equity and non-controlling interests 
increased by $32.8 million to $370.5 
million as of 31st December 2021 mainly 
due to the following factors: net income 
of the year (+$79.7 million), change in 
hedging reserves (+$41.0 million) and 
currency translation adjustment (+$33.2 
million), partially offset by dividends paid 
to shareholders (-$114.5 million) and 
dividends paid to non-controlling 
interests (-$3.6 million).
Dividend
The Board recognizes the importance of 
paying a regular dividend to 
shareholders. The underlying business 
generates secure, highly stable, 
long-term cash flows, and it is the 
Board’s intention that dividends will be 
paid on a quarterly basis. Reflecting the 
growth potential of the business, since 
listing in 2017 the Board has targeted a 
high single-digit annual dividend 
increase, which was raised to a 10% 
annual target in 2019. At times the Board 
may approve additional returns of 
capital, arising from surplus generation 
of cash or corporate transactions.
The Board periodically reviews the 
dividend policy, considering overall 
prospects, conditions and capital 
requirements of the Group. The 
Company paid a dividend of $26.6 
million in April 2021 corresponding to 
the final dividend for the year ended 31st 
December 2020 and three interim 
dividends for the year ended 31 
December 2021 in total of $87.9 million 
in June, September and November 
2021.
The Directors expect to pay a total 
dividend of approximately $117.2 million 
for the year ended 31 December 2021, 
including a quarterly dividend of 4.465 
USD cents per share (around $29.3 
million) to be paid in April 2022.
Our dividend cover remains strong at 
2.8x (2020: 2.2x). Dividend cover is 
measured as “Parent Company free 
cash flow” of $318 million in total ($367 
million CFADS as defined in the 
Corporate Bond indenture, less $49 
million Corporate Bond interest costs), 
relative to the total dividends paid for 
the year ended 31 December 2021. In 
2020 the Parent Company free cashflow 
was $234 million ($274 million CFADS 
less $40 million Corporate Bond 
interest).There is no reconciliation of the 
Dividend cover to statutory measures 
because it does not derive from 
statutory measures.
Outlook
We remain focused on generating 
strong and predictable cash flows as a 
result of our business model of 
development and operationally led 
acquisitions of power generation assets 
under long-term contracts providing 
significant protection from the risks 
associated with volumes, commodity 
prices or merchant energy prices. Our 
ability to successfully execute and 
integrate such acquisitions was 
demonstrated during the year with our 
Western Generation acquisition and we 
will look to the same for Green Hunter 
acquisition during 2022. Where it is 
financially attractive to do so we will also 
seek to monetize assets, such as the 
sale of our Brazil Hydro business, which 
we expect to complete in 2022 in order 
to create shareholder value and returns.
Stefan Schellinger
Global Chief Financial Officer
Strategic Report
Governance
Financial Statements

62
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
MANAGING OUR PRINCIPAL RISKS
OUR APPROACH  
TO RISK MANAGEMENT
The Board of Directors has overall 
responsibility for the Company’s risk 
appetite, risk management and ensuring 
that there is an effective risk 
management strategy and framework. 
The Audit & Risk Committee assists the 
Board with monitoring the Company’s 
risk management framework, identifying 
areas of risk, challenging control 
weaknesses and providing independent 
assessment and opinion on the 
effectiveness and efficiency of the 
Company’s internal controls and risk 
management systems. This also includes 
reviewing the risk register and providing 
regular updates to the Board on actions 
taken to mitigate the risks faced by the 
Group. Details of the Audit & Risk 
Committee’s composition, 
responsibilities and activities can be 
found in the Audit & Risk Committee 
report on pages 101 to 111.
Risk review
We follow a robust process to review 
current risks and to identify emerging 
risks. In 2021, as part of this process, we 
held a webinar hosted by Control Risks, 
a global risk consultancy provider, in 
early January followed by a risk update 
survey of key stakeholders in June. 
While no new risks were identified, it 
was decided to raise the cyber security 
risk assessment from medium to high. 
This was due to the recent increased 
frequency of attacks on critical 
infrastructure assets and the 
concomitant increase in potential 
impact. Hackers were becoming more 
sophisticated, and some malware and 
ransomware attacks had resulted in 
business interruptions in utilities around 
the world. According to IBM’s Cost of 
Data Breach report, the average cost of 
a data breach in the energy sector had 
risen between 2020 and 2021 by about 
one-third to $6.39 million. We have 
launched a number of initiatives to 
We manage our risks rigorously across all businesses and corporate functions. 
This is a disciplined and dynamic process led from the top and applied day by 
day throughout the Company.
strengthen controls and risk mitigation to 
control the risk at an acceptable level.
Working with consultants, we also 
reviewed our internal risk control 
framework. Relevant documentation was 
checked, a series of interviews were held 
with senior stakeholders, and dedicated 
workshops were conducted to identify the 
controls associated with each risk. This led 
to a series of recommendations, including 
(but not limited to):
•	 Reinforcing controls concerned with 
payment, inventory and financial 
closings
•	 Increasing the frequency of risk 
review workshops to improve risk 
assessment at a business and asset 
level
•	 Using the newly implemented 
HighBond Governance Risk and 
Compliance (GRC) platform to improve 
reporting and monitoring
Robust risk management
The Company’s risk management 
framework consists of a register of all key 
risks, a risk map and qualitative analysis of 
the likely causes and impacts of each risk. 
The register details the management 
action plans in place to mitigate the effects 
of any risk materializing.
Our risk management approach is based 
on the three lines of defense model, 
with a set of controls, procedures, and 
responsibilities designed to provide 
reasonable assurance.
Operational management in our 
businesses is the first line of defense. 
This ensures that day-to-day risk 
management controls are implemented 
and monitored and that relevant systems 
are in place to identify, evaluate and 
mitigate the Company’s business risks.
The second line of defense comprises 
Group functions such as compliance, 
internal control, legal, IT and quality. 
These focus on monitoring and 
compliance with risk control systems 
and processes implemented by the 
business.
Our internal audit function together with 
external assurance providers serve as 
the third line of defense, providing 
independent assurance of risk 
management, internal controls and 
governance.
Senior management plays a key role in 
monitoring the risk management 
governance framework and policy. A 
focus group of key senior management 
members reviews and updates the risks 
listed on the risk register.
COVID-19 pandemic
The risk related to COVID-19 remains one 
of the top risks in the risk register 
‘Pandemic virus’ risk (R04), and is 
monitored through our new Governance 
Risk and Compliance platform 
implemented from the fourth quarter of 
2021. However, this year we re-classified 
Pandemic virus and Supply chain risks 
from strategy to operation and execution.
The COVID Committee continues to be 
responsible for taking key decisions and 
coordination of implementation of 
measures across the Group.
Geopolitical risk
As part of the ongoing emerging risks 
identification process, we are closely 
monitoring the situation related to 
military actions launched by Russia in 
Ukraine on 24th February and the 
potential impact on the Group. 
Despite having no assets in these two 
countries, we are conducting reviews of 
our banking relationships and supply

63
chain to identify supplier risk and to 
minimize potential impact on the 
company’s operations notably 
considering the introduced sanctions 
targeting Russia. Therefore, risk R2 - 
Geopolitical uncertainties and social 
instability (including environmental 
activism, sanctions and trade war) has 
been increased to High. During 2022, 
the risk register will be constantly 
reviewed and the relevant risks re-
assessed following additional 
developments.
Controlling risks
The Company faces a broad range of risks 
related to operating, maintaining and 
refurbishing power generation facilities. 
These include operational, health, safety 
and environmental (HSE) as well as cyber 
security and systems integrity risk. In line 
with our culture of operational excellence 
and safety, we make sure all the resources 
are available to control these risks at the 
right level.
The Internal Audit function conducted eight 
audits in 2021, including inventory 
management (Spanish CSP and Maritsa), 
cyber and operational technology (OT) 
security follow-up, review of outage 
management (Spanish CSP and Brazilian 
businesses), deep dive on a specific piece of 
operational software (Togo and Mexican 
CHP), anti-bribery and corruption (Brazilian 
businesses), supply chain risk deep dive, 
overall asset review (Vorotan), CG Italy 231 
compliance model implementation and core 
labor controls.
These audits are directly or indirectly 
related to ContourGlobal’s major risks and 
allow us to detect areas for improvement. 
The findings from the audit allowed us to 
strengthen controls around how the 
Company enters into major commitments 
and contracts, and compliance with the 
Company’s processes and procedures at 
asset level.
In December 2020, the Audit & Risk 
Committee approved the 2021 Internal 
Audit risk-based plan.
Further information can be found in the 
Audit & Risk Committee report on pages 
101 to 111.
Reducing uncertainties
The Company’s diversified geographical 
and technological approach to contracted 
and regulated power generation, as well 
as political risk insurance coverage of 
higher-risk assets, reduces uncertainties 
relating to medium-term operational 
results. We closely monitor residual risks 
related to governmental regulations, 
macroeconomic uncertainties and 
changes in market conditions through the 
risk management framework.
Focusing on the major risks
This section of the strategic report 
provides an overview of our approach to 
managing risk, focusing on the major 
risk factors related to implementing  
the Company’s strategy and business 
model. It is not an exhaustive list of all 
possible risks. Additional uncertainties 
exist, some of which may not be known 
to the Company and could have a 
negative effect on the Company’s 
financial position and performance.  
The principal risks and uncertainties 
were considered in assessing the 
long-term viability of the Company.
The viability statement can be found on 
page 72.
Our framework for managing risk
Roles and responsibilities
Overall responsibility for risk management:
Risk appetite, strategy, policy and systems, approval of the risk register 
Assisting the Board
with developing and 
monitoring the risk 
management 
framework, identifying 
and monitoring areas 
of risk and reducing 
control weaknesses
Assessing
the effectiveness and 
efficiency of the 
internal control and 
risk management 
systems
Risk ownership and control
ensuring day-to-day risk 
management controls are 
implemented and monitored, 
and that systems are in place 
to identify, evaluate and 
mitigate the Company’s 
business risks
Monitoring and compliance
regarding risk control systems 
and processes implemented 
by the business
Independent assurance of risk 
management, internal controls 
and governance
Monitoring
the risk management 
governance framework  
and policy
Reviewing
the Company’s 
internal control, risk 
management 
systems and risk 
register
Business operations
Policies, organization, 
risk assessment 
procedures
Internal Audit
Compliance, Legal, IT, 
Internal Control, Quality
Board
Audit and 
Risk 
Committee
Senior 
management 
team
Third line of 
defense
First line of  
defense
Second line of 
defense
Reviewing and 
updating
the Company’s risk 
register in a working 
group of key senior 
management 
members
Strategic Report
Governance
Financial Statements

64
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
MANAGING OUR PRINCIPAL RISKS (CONTINUED)
The order of these risks does not reflect 
their relative significance – they are all 
major risks.
Our risk radar maps the top 12 risks 
ContourGlobal is facing. The risk radar 
has three levels of residual risk: high, 
moderate and low.
Each level is a combination of the 
inherent risk significance (potential 
impact and likelihood) and the risk 
response in place. Inherent risk is the 
risk to an entity in the absence of any 
direct or focused actions by 
management to alter its severity/
significance. Residual risk is the risk 
remaining after management has taken 
action to alter its severity/significance.
High: residual risk remaining likely to 
have a strong impact on the 
achievement of strategic objectives 
even if risk management measures are 
in place. Additional actions should be 
taken to alter risk severity further.
Moderate: risk that could strongly affect 
the achievement of the objectives for 
which level of control is high enough to 
result in a moderate residual risk. 
Additional actions could be taken to 
reduce risk significance further.
Low: risk that may have limited impact 
on the business given that control 
mechanisms are in place together with 
relevant monitoring and assessment 
measures.
The closer the positioning of the risk to 
the center of the radar, the higher the 
residual severity of the risk.
R01
Impact of governmental actions and 
regulations
R02
Geopolitical uncertainties and social 
instability (including environmental activism, 
sanctions and trade war)
R03
Disruptive innovation in power generation 
and storage technologies
R04
Pandemic virus 
R05
Supply chain
R06
Project execution (CAPEX)
R07
Asset integrity (OPEX)
R08
Resources/Climate change
R09
Health, Safety and Environment (HSE)  
and food: prevention and regulation
R10
Fraud, bribery and corruption
R11
Cyber security and systems integrity
R12
Key people (senior executive management) 
succession planning
Regulation and compliance
Information technology
OSHA and environment
Operational and execution
Strategy
Finance and commercial
People and organization
Risk level
Risk map
Moderate
High
8
7
5
4
3
6
1
2
10
12
9
11

65
Risk factor
Main impact
Risk response (management and mitigation)
R01. Strategy – Impact of governmental actions and regulations
The risk that governmental 
actions or changes in (1) taxes 
or (2) regulations of our 
non-PPA long-term fixed rate 
arrangements (i.e. Feed-in-
Tariffs) and PPAs including new 
adverse policymaking and 
investigations by regulatory or 
competition law authorities, as 
well as (3) restrictive regulation 
of thermal generation as the 
result of climate change 
initiatives and transition to 
low-carbon economy, without 
regulatory risk pass-through 
mechanisms will have a 
negative impact on our results 
of operation and growth 
prospects.
 Risk unchanged
Included in the sensitivity 
analysis on principal risks for 
viability and going concern 
assessment.
Deterioration of financial performance including loss of 
revenue and an increase in expenses (including fossil  
fuel cost).
Loss of business/growth opportunities:
Termination of agreements:
•	 Inability to obtain, maintain or renew required 
governmental permits/licenses
•	 Inability to receive permits for extension of existing 
capacities
Financing impact:
•	 Limited access to capital for thermal power generation 
projects
Major asset impact:
•	 Maritsa anticipates that it will engage in discussions with 
the newly formed government of Bulgaria to find a 
mutually agreeable resolution related to the Bulgarian 
energy regulator’s complaint to the European Commission 
(EC) that the Maritsa PPA contains elements of state aid 
and the EC services’ related review of the PPA. We cannot 
predict the outcome of such discussions, or of any 
resolution by the EC services of its review should those 
discussions not result in an agreement. Maritsa believes 
early termination of the PPA without adequate 
compensation for ContourGlobal would not be justified 
and will take all required actions to protect its rights and 
interests. Resolution of the matter could nonetheless 
contain terms that adversely affect the Maritsa PPA and 
have a material adverse impact on Maritsa’s and 
ContourGlobal’s business.
Impact on other key assets:
•	 The Group is subject to changes in laws or regulations 
or changes in the application or interpretation of laws or 
regulations in jurisdictions where we operate 
(particularly utilities where electricity tariffs are subject 
to regulatory review or approval) which could adversely 
affect our business. This is the case for instance in 
Mexico where the current government has engaged in 
several attempts to change the regulatory regime under 
which the Company’s plants are operating, and related 
to Rwanda and Kosovo, where the Company is 
engaged in arbitrations related to the interpretation of 
its and counterparties’ contractual obligations. 
PPAs are held with state-owned, regulated or 
other offtakers, the majority of which are rated by 
Standard & Poor’s, with a weighted average credit 
rating (after Political Risk Insurance – PRI) of BBB+ 
(weighted by EBITDA).
PRI policies (from commercial insurers) are in 
place for several projects in case of events that 
could affect our assets, in particular the loss of 
invested capital. In some cases, these cover a 
return on our capital. These include:
Maritsa, Vorotan, KivuWatt, Togo, Cap des Biches, 
TermoemCali, and Kosovo.
Close relationships are maintained with energy 
lawyers and associations to anticipate any 
potential changes in regulation and express our 
interests.
Partnerships are fostered with multilateral 
development banks for both equity and debt 
which makes governments reticent to renegotiate.
Investment is placed in local communities and 
hiring locally.
The business has a sovereign credit rating of 
BBB+ post-PRI impact (based on the individual 
sovereign ratings determined by Standard & 
Poor’s).
Close monitoring of global climate change 
initiatives and taking them into account in our 
medium- and long-term operations and growth 
strategy.
Proactive engagement and communication.
R02. Strategy – Geopolitical uncertainties and social instability  
(including environmental activism, sanctions and trade war)
The risk that geopolitical 
instability, increased social 
pressure on politics and 
increasing activism will create 
additional uncertainty for our 
multinational business 
operation and will affect our 
business model or specific 
assets. 
Deterioration of financial performance:
•	 Increase in operational costs (including additional 
costs associated with supply chain disruptions)
•	 Higher financing transaction costs
•	 Disruption of operation of one or more of our assets
•	 Increase in OPEX and CAPEX
•	 Loss of invested capital
•	 Adverse effect on results of operation
PRI policies (from commercial insurers) are in 
place for several projects in case of events that 
could affect our assets, in particular in Africa and 
Eastern Europe.
In some cases we can recover a return on 
our capital:
•	 Maritsa, Vorotan, KivuWatt, Togo, Cap des 
Biches, TermoemCali, and Kosovo
•	 Our diversified operations limit the downside as 
the impact of a localized geopolitical effect is 
unlikely to have a significant effect on the full 
portfolio
•	 Diversification of jurisdictions and technologies 
minimizes the risk
Operational excellence
High growth
Financial strength
Strategic Report
Governance
Financial Statements

66
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
MANAGING OUR PRINCIPAL RISKS (CONTINUED)
Risk factor
Main impact
Risk response (management and mitigation)
R02. Strategy – Geopolitical uncertainties and social instability 
(including environmental activism, sanctions and trade war) (continued)
The risk that sanctions affect 
our counterparties or 
stakeholders along our supply 
chain will have a negative 
impact on our cost structure 
and our ability to acquire the 
required equipment.
The risk that excessive cross 
border tariffs or negative 
regulation on foreign capital 
flow will have an impact on our 
supply chain and limit our 
flexibility in cross border 
investments.
 Risk increased
Included in the sensitivity 
analysis on principal risks for 
viability statement and going 
concern assessment.
•	 Unforeseen additional recurring costs 
vs. financial model projections (project 
Internal Rate of Return (IRR) and cash 
flow)
•	 Charges and penalties due to non-
compliance with external requirements
Loss of business/growth 
opportunities:
•	 Inability to operate effectively
•	 Termination of agreements
•	 Fewer opportunities for growth
Business disruption:
•	 Inability to procure required equipment
•	 Impact on EAF and EFOR
•	 Access to several financial markets allows the business to 
choose the most opportune sources of transactional financing
•	 Investment in local communities and hiring locally creates 
goodwill with local governments and populations
•	 Reduced risk mitigation in place through diversified business
•	 Regular analysis of suppliers and supply chain
•	 Continuous monitoring of the geopolitical situation in relation 
with conflict between Ukraine and Russia to assess potential 
impact on our businesses
R03. Strategy – Disruptive innovation in power generation and storage technologies
The risk that technological 
breakthrough in renewable 
generation, storage 
technologies and/or energy 
trading and financial markets 
(i.e. blockchain) will reduce our 
ability to be competitive in the 
new investments or could 
result in stranded assets. 
Note: this risk is regarded as 
an emerging risk but one 
unlikely to impact in the next 
three years.
 Risk unchanged
Deterioration of financial 
performance:
•	 Loss of revenue
•	 Decrease in operating cash flow
Loss of business/growth 
opportunities:
•	 Renegotiation/termination of existing 
contracts
•	 Inability to expand in strategically 
important regions
•	 Strong PPAs drafted to protect ContourGlobal from non-
payments
•	 PRI policies, several of which provide protection against 
non-honoring of arbitration award
•	 Diversification of ContourGlobal’s portfolio (Thermal and 
Renewable) and installing the most modern technologies 
(where possible) in order to remain as competitive as possible
•	 Innovation monitoring and using internal capabilities to 
capitalize on emerging technologies and innovative solutions 
already implemented within the Group

67
Risk factor
Main impact
Risk response (management and mitigation)
R04. Operation and execution – Pandemic virus
The risk that global 
pandemic(s) will cause (1) 
health issues for our 
employees, (2) business 
disruptions at operational as 
well as at corporate level, (3) 
disruption of our supply chain, 
(4) delays in power plants’ 
major overhauls, (5) increase in 
counterparty risk given 
deterioration of our offtakers’ 
credit strength, as well as (6) 
slowdown of economic growth 
and thus disruption of global 
commodity markets which will 
result in adverse financial 
impact on results of our 
operation as well as growth 
targets and long-term 
impact on sustainability of 
regulated returns/FIT.
Risk reclassified from 
strategy to operation
 Risk unchanged
Included in the sensitivity 
analysis on principal risks for 
viability statement and going 
concern assessment.
Direct financial impact:
•	 Adverse impact on revenue due to 
force majeure claims, decreasing power 
demand caused by slowdown of 
economic growth
•	 Slow payment of certain of our 
offtakers/the country system, potential 
financial distress post-crisis of certain 
clients, regulatory measures to slow 
down payments 
•	 Adverse effect on results of operation 
due to an increase of Operations and 
Maintenance (O&M) costs and CAPEX 
expenditures due to supply chain 
disruption
Business interruption:
•	 Disruption to business-as-usual activities 
caused by restrictions imposed on 
travel and movement of goods
•	 Business leaders’ distraction from core 
business activities due to focus on risk 
prevention and mitigation measures
•	 Disruption due to employees’ illness at 
plant and corporate level
•	 Disruption and delays to plants’ planned 
maintenance due to travel restriction of 
O&M contractors (impact on EAF and 
EFOR)
•	 Potential supply chain disruption 
resulting in inability to procure important 
equipment, consumables or spare parts
Information and communication
•	 Emergency communication online site on the intranet that 
contains the most recent communication regarding 
Coronavirus to Company’s employees in different languages
•	 COVID Committee managing key decisions and coordinating 
relevant measures across the Group. Regular calls by senior 
management with business leaders and global webinars for 
all employees
Mobility restriction, remote work and social distancing
•	 Employee training (Okta, VPN, Zoom) and necessary IT 
set-ups in place and tested to ensure seamless remote 
operation for corporate functions
•	 Remote power plant operations in some locations
•	 Temporary travel business ban during quarantine and strict 
monitoring of travel situation going forward
•	 Strict third-party visitors’ control (contractors, service 
providers) screening and authorization process including 
online questionnaire
•	 Issuance of “Temporary home-based employee guidance” 
and “Emerging respiratory viruses prevention response 
guidance”
•	 Regular check-ins with managers
•	 Procurement of masks and PPE equipment and shipment to 
sites for front-line workers
•	 Assets operating in isolation mode 
Supply chain analysis and contract management
•	 Global supply chain actions tracker per plant with regular 
update in case of potential risks. Calls with sites to review the 
status
•	 Force majeure and termination clauses analysis for key 
contracts (PPA, facility agreements, supply chain) with regular 
communication on potential delivery delays 
•	 Local assets were advised to avoid or to require protection 
for advance payments
Indirect financial impact (country/
counterparty):
•	 Adverse financial impact on the result of 
Company’s operation through the 
adverse effect of economic growth 
slowdown on our counterparties, i.e. 
PPA offtakers and governments’ 
Feed-in Tariffs
•	 FX rate exposure due to disruption in 
countries with weak currencies
Financing and growth impact:
•	 Inability to get access to financing for 
new or existing projects due to potential 
liquidity crunch caused by global 
economy slowdown
O&M optimization and inventory management
•	 Review of annual maintenance program to reschedule any 
maintenance activities that would require third-party 
interventions on site
•	 Inventory requirement in place for spares and consumables 
for the next 6-12 months 
Health, insurance and testing
•	 PRC testing of front-line workers
•	 COVID insurance policy for infected employees (in addition to 
existing health benefits)
•	 Strict protocols for maintaining physical distance, disinfection 
of premises, use of masks and gloves when required physical 
distance cannot be kept. In addition, screenings for 
temperature are conducted
Strategic Report
Governance
Financial Statements

68
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
MANAGING OUR PRINCIPAL RISKS (CONTINUED)
Risk factor
Main impact
Risk response (management and mitigation)
R05. Operation and execution – Supply chain 
Increased supply chain risk, 
with the identification and 
management of supply 
requiring greater efforts to 
maintain resilience. This may 
be due to a more competitive 
landscape among the 
Company’s peers increasing 
costs; or due to a shrinking of 
available supply due to 
suppliers going out of business 
during economic downturn; or 
politically motivated restrictions 
(such as trade restrictions e.g. 
quotas, tariffs, additional 
screening or sanctions) 
following heightened 
geopolitical tensions.
Risk reclassified from 
strategy to operation 
 Risk unchanged
Included in the sensitivity 
analysis on principal risks for 
viability statement and going 
concern assessment.
Business disruption:
•	 Inability to procure required equipment 
or parts
•	 Impact on EAF and EFOR
Deterioration of financial 
performance:
•	 Increase in OPEX and CAPEX
Potential breach of loan agreements
•	 Supply chain analysis and contract management: global 
supply chain actions tracker per plant with regular updates in 
case of risks, regular reviews
•	 Monitoring of force majeure and termination clauses and 
communication of potential termination
•	 Regular vendor risk assessment, particularly of strategic and 
bottleneck vendors
R06. Operation and execution – Project execution (CAPEX)
The risk that inefficient 
contractors’ selection, 
contracting, project 
management and execution of 
greenfield construction or 
refurbishment investment 
projects will result in delays or 
unanticipated cost overruns.
 Risk unchanged
Included in the sensitivity 
analysis on principal risks for 
viability and going concern 
assessment.
Financial impact e.g.:
•	 Overrun of project costs (including 
financing fees) vs. investment case 
impacting projected cash flows and IRR
•	 Liquidated damages/penalties/litigation
•	 Reduced revenue due to construction 
delays
•	 Potential defaults on financing and debt 
repayment before Commercial 
Operations Date (COD)
•	 Image and reputation impact resulting 
from a loss of credibility with 
counterparties, lenders and other 
stakeholders
•	 Controlling methodology: specific internal resource is 
dedicated to provide guidance and best practice to ensure 
strict and real-time project cost control, enabling cost 
overruns to be identified early and mitigation actions put in 
place
•	 Minimizing the risk of exceeding construction budgets by 
entering into fixed price contracts with engineering, 
procurement and construction (EPC) contractors with proven 
track records
•	 EPC contracts contain back-to-back liquidated damages 
provisions which protect ContourGlobal against construction 
delays and other breaches by EPC contractors
•	 Contract monitoring and management with legal support
•	 External support to obtain permits
•	 Project Review Procedure: monthly review of the projects 
organized by the Project Management Team (including the 
Group COO) and presented to the Project Steering 
Committee
•	 Regular analysis of suppliers and supply chain

69
Risk factor
Main impact
Risk response (management and mitigation)
R07. Operation and execution – Asset integrity (OPEX)
The risk that asset 
maintenance processes are 
not managed in line with the 
O&M plan and quality 
standards will prevent the 
power plants from delivering 
electricity and ensuring 
availability at the levels defined 
in the long-term PPAs.
 Risk unchanged
Deterioration of operational 
performance:
•	 Business interruption and power 
outages
•	 Performance below expected efficiency 
and output levels
•	 Inability to deliver electricity or ensure 
availability defined in long-term PPAs
Reduced profitability and cash flows:
•	 Increase of expenses (OPEX and 
CAPEX)
•	 Unplanned O&M and capital 
expenditures
•	 Loss of revenue and PPA penalties
•	 Liquidated damages
•	 Reduction in distribution and inability to 
service debt
•	 Reputational impact
•	 Business interruption insurance
•	 O&M strategy focusing on HSE, O&M organization, O&M 
performance management, benchmarks and KPIs
•	 Maintenance strategy including hydro and civil structures. 
O&M IT systems (including remote monitoring control room)
•	 Maintenance activities with regular KPIs for control, and timely 
corrective actions
•	 Daily KPIs and improvement meetings between local plant 
managers and operators
•	 Regular analysis of suppliers and supply chain
R08. Operation and execution – Resources/Climate change
The risk that climate change 
(e.g. changes in temperature, 
wind patterns and hydrological 
conditions) will affect the 
certainty of our forecasts, will 
impact our operations and 
adversely affect our financial 
performance.
 Risk unchanged
Included in the sensitivity 
analysis on principal risks for 
viability and going concern 
assessment.
•	 Deterioration of financial performance 
including a loss of revenue and/or an 
increase in expenses (O&M costs)
•	 Impact on the operational performance 
with a strong deviation of actual 
renewable generation vs. projections in 
the investment case specifically for wind 
and hydro
•	 Diversified geographical and technological portfolio of assets
•	 Extensive weather phenomena studies and due diligence 
before acquisitions
•	 Sign-off on all investment case assumptions by a reputable 
advisory firm
•	 Scenario analysis carried out across the portfolio
•	 Retina Performance Management platform for Renewable 
businesses to improve data analytics and forecasting, 
enabling predictive analysis for medium- to long-range 
maintenance planning and downtime reduction in Brazil
•	 Review of weatherization planning for extreme temperatures
Strategic Report
Governance
Financial Statements

70
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
MANAGING OUR PRINCIPAL RISKS (CONTINUED)
Risk factor
Main impact
Risk response (management and mitigation)
R09. Health, safety and environment (HSE) and food – Prevention and regulation
The risk that failure to prevent 
major health, safety, 
environmental and food (CO2 
production for human 
consumption) incidents and/or 
comply with relevant 
regulations due to inherent 
risks related to our activities 
(fuel types, technology, 
equipment in more than 20 
countries) will have a material 
adverse impact on our 
operations, financing 
conditions and reputation.
 Risk unchanged
Human and environmental impact:
•	 LTIs (Lost Time Incidents) and fatalities 
of ContourGlobal employees, 
contractors or people in local 
communities around the facilities due to 
incidents at the power plants
•	 Environmental accidents on site and in 
local communities
•	 Contamination of food supply
•	 Reputational impact
Financial and operational impact:
•	 Increase in liabilities and 
compliance costs
•	 Business interruption
•	 Loss of efficiency/productivity
•	 Breach of loan covenants
•	 Non-compliance with applicable HSE 
legal requirements and potential 
sanctions
•	 Health and Safety Policy reviewed annually and 
communicated Company-wide
•	 Health and Safety and Environmental management system is 
aligned with H&S 18001, ISO 14001 standards, and also with 
World Bank guidelines, namely the IFC Performance 
Standards
•	 Monitoring of reactive indicators (such as responses to 
accidents) and proactive indicators (including known hazards, 
inspection quality and number of training hours)
•	 Intense regular training
•	 Continuous improvement and failure analysis (such as 5 Whys 
and lessons learned) to prevent incident recurrence
•	 Strong environmental policies and procedures
•	 Each business’s compliance with applicable policies, local 
laws and permit requirements is managed directly by the 
business
•	 Oversight and audit through operations, environmental, 
health and safety departments
•	 Third-party contractors’ environmental audits, including Coca 
Cola audits of food grade CO2
•	 Arrubal, Togo and Knockmore Hill have achieved ISO 14001 
certification
•	 Adherence to a Company-wide environmental policy, 
reflecting the business commitment to the United Nations 
Global Compact
R10. Regulation and compliance – Fraud, bribery and corruption
The risk that lack of 
transparency, threat of fraud, 
public sector corruption, 
money laundering and other 
forms of criminal activity 
involving government officials 
or suppliers will result in a 
failure to comply with 
anti-corruption legislation, 
including the UK Bribery Act 
2010 and other international 
anti-bribery laws.
 Risk unchanged
Included in the sensitivity 
analysis on principal risks for 
viability and going concern 
assessment.
Financial impact:
•	 Financial losses as a result of fraudulent 
activities
•	 Violations of anti-corruption or other 
laws
•	 Criminal and/or civil sanctions against 
individuals and/or the Company
•	 Loss of trust by key stakeholders
•	 Debarment by multilateral development 
banks and international financial 
institutions
•	 Reputation impact and loss of trust
•	 Exclusion from government funding 
programs
•	 A strong anti-bribery compliance program that reflects the 
components of an ‘effective ethics and compliance program’ 
as set forth by various international conventions and 
enforcement authorities, which is reviewed at least quarterly
•	 Policies and procedures include:
•	 Code of Conduct and Business Ethics
•	 Anti-Corruption Policy
•	 Anti-Corruption Compliance Guide
•	 Policy for Engaging Suppliers and Third-Party Service 
Providers
•	 Gifts & Hospitality Policy
•	 Conflict of Interest Policy
•	 Compliance Transactional Due Diligence Protocol
•	 Business Development Consultant Compliance Protocol
•	 Regular certification by employees
•	 Risk-based due diligence, including for third parties and 
transactions
•	 Pre-approval by Compliance of gifts and hospitality offered to 
governmental officials
•	 Online portals:
•	 EthicsLine
•	 Regular checks and audits:
•	 Bi-annual combined Compliance and Finance Audits, 
•	 Internal audits conducted by external providers led by the 
internal audit team
•	 Internal spot checks
•	 Tailored, risk-based training according to a yearly training 
plan
•	 Anti-Corruption e-learning course for new joiners and regular 
refresh course for existing employees

71
Risk factor
Main impact
Risk response (management and mitigation)
R11. Information technology – Cyber security and system integrity 
The risk that insufficient IT 
security or maintenance of 
systems will expose the 
Company to data corruption. 
This could have a negative 
impact on information systems 
as well as electronic control 
systems used at the 
generating plants, and could 
disrupt business operations, 
resulting in loss of service to 
customers, expense to repair 
security breaches and/or 
system damage.
 Risk increased
Included in the sensitivity 
analysis on principal risks for 
viability statement and going 
concern assessment.
Organizational and operational 
impact:
•	 Disruptions to business operations
•	 Compromise of data integrity in 
core systems
Financial impact:
•	 Potential for fraudulent activity due to 
segregation of duties conflicts
•	 Penalties related to non-compliance 
with data-related laws and regulations
•	 Loss of revenue due to disruptions to 
operations
•	 Impact on reputation due to breach of 
confidentiality
•	 Dedicated IT security function established for corporate and 
operations
•	 Project Musket, aiming at strengthening cyber security 
controls
Plants
•	 Physical access controls
•	 Dedicated plant IT functions established to consolidate IT 
management approach in the plants under a global 
framework of IT/OT security policies and procedures. This 
local, segregated approach to the management of plants 
minimizes risk
Corporate
•	 Security governance controls in place (including security 
policies, security training, security reviews)
•	 Security systems implemented (e.g. anti-virus, web filtering, 
firewalls, multifactor authentication, encryption)
•	 Security information and event management system (SIEM)
•	 Infrastructure hosting security in place (ISO-27001 compliant 
data centers)
•	 User provisioning process for key financial accounting and 
reporting systems, and segregation of duties where 
applicable
•	 Governance processes in place (e.g. change management, 
incident management)
•	 Restricted USB access
•	 Centralized administrative access restricting any changes 
introduced by individual users
•	 Annual external audits of financial systems and IT security
R12. People and organization – Key people (senior executive management)  
succession planning 
The risk that a combination of 
key people’s (senior executive 
management) departure at 
short notice may affect the 
Company’s ability to deliver its 
strategic objectives and the 
overall Company performance 
and the availability of talent to 
support long-term growth 
plans.
 Risk unchanged
The risk assessment was 
re-evaluated due to a set of 
measures implemented in 
2020 related to succession 
planning.
•	 Removal or departure of key individuals 
could result in operational disruption, 
while competition for employees could 
lead to higher than expected increases 
in the cost of recruitment, training and 
employee costs
•	 Loss of key management members 
could have a reputational impact
•	 Focused action to attract, retain and develop high-caliber 
employees
•	 Managing organizational capability and capacity to meet our 
customers’ needs
•	 Effective remuneration arrangements to promote effective 
employee behaviors
•	 Clear succession plans in place
Strategic Report
Governance
Financial Statements

72
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
VIABILITY STATEMENT 
AND GOING CONCERN DISCLOSURES
Viability statement
In accordance with paragraph 31 of the 
UK Corporate Governance Code 2018 
(”the Code”), the Board has assessed 
the viability of the Company over a 
period of three years. The Board 
believes that an assessment period of 
three years is appropriate based on the 
period over which management has a 
reasonable expectation of the position 
and performance of the Group and 
taking account of its short-term and 
longer-range plans.
The Directors’ assessment has been 
performed using a two-stage approach:
i.	 the assessment of the prospects of 
the Group through the review of the 
Group’s current position, strategy and 
business model, financial projections 
and principal risks. There are a 
number of key factors inherent in our 
portfolio and our growth strategy that 
provide a natural hedge to principal 
risks over the longer term:
•	 73% of revenue and 84% of Adj. 
EBITDA are fully contracted or 
regulated over the next 3 years;
•	 the geographical spread of the 
Group, present in 20 countries with 
138 operating plants, and the 
significant portion of non-recourse 
financing arrangements at the asset 
level; and
•	 technological spread of our assets 
with 62% of total Ad. EBITDA 
generated across thermal assets 
(coal, natural gas, liquid fuels) and 
38% from renewable assets (solar, 
wind, hydro).
ii.	the assessment of the viability of the 
Company through the preparation of 
the severe but plausible scenarios 
applied to relevant principal risks, the 
analysis of their financial impact (on 
revenue, profitability, cash generation, 
cash distribution, and covenants), and 
the review of the mitigation factors 
that management reasonably believes 
would be available to the Company 
over this period.
Each of the risks presented on pages 65 
to 71 has been considered in terms of 
their significance and relevance for 
inclusion in scenario analysis. Out of 
those, the severe but plausible 
scenarios (individual or combination) are 
presented in the table below. 
The results of the risk scenarios 
modeled showed that neither an 
individual risk nor a combination of the 
plausible risk events would have a 
significant enough financial impact to 
endanger the viability of the Company 
over the period assessed. 
After reviewing all of these 
considerations, the Board has a 
reasonable expectation that the 
Company will be able to continue in 
operation and meet its liabilities as they 
fall due over the three-year viability 
assessment period.
In assessing the prospects of the 
Company, the Directors noted that such 
assessment is subject to a degree of 
uncertainty that can be expected to 
increase looking out over time and, 
accordingly, that future outcomes cannot 
be guaranteed or predicted with 
certainty.
Going concern statement
The Directors have formed a judgment, 
at the time of approving the financial 
statements, that there is a reasonable 
expectation that the Group and the 
Company have adequate resources to 
continue in operational existence for a 
period of at least 12 months from the 
date of this report. For this reason, the 
Directors continue to adopt the going 
concern basis in preparing the Group 
and Company financial statements.
In reaching this conclusion, the Directors 
have considered: 
•	 The financial position of the Group as 
set out in the Annual Report and 
additional information provided in the 
financial statements including note 
4.13 (Management of financial risk), 
notes 4.21 and 4.24 (Cash and cash 
equivalents and Borrowings) and note 
4.14 (Derivative financial instruments). 
•	 The resources available to the Group 
taking account of its financial 
projections and existing headroom 
against committed debt facilities and 
covenants. 
•	 The principal risks and uncertainties to 
which the Group is exposed, as set 
out on pages 65 to 71, the likelihood 
of them arising and the mitigating 
actions available.
Risk scenario tested
Link to the principal risk
Changes in governmental regulations, and commercial market conditions 
Financial impact of no post-PPA business for two material assets ($178m cash impact). 
R01 Impact of governmental actions 
and regulations
R02 Geopolitical uncertainties and 
social instability
Construction and refurbishment activities
Financial impact of significant delay in refurbishment activities due to supply chain 
($15m cash impact). 
R04 Pandemic virus
R05 Supply chain 
R06 Project execution (CAPEX)
Reduction of solar/wind/hydro resource due to climate change
Financial impact resulting from the loss of revenue of the selected renewable assets 
($55m cash impact)
R08 Resource/climate change
Significant compliance breach
Financial impact in the form of hypothetical fines and associated reputational damage 
($40m cash impact)
R10 Fraud, bribery and corruption
Cyber-attack stopping a major asset for two weeks 
Financial impact of Adj EBITDA loss from a major asset in that period ($9m cash impact) 
R11 Cyber security and system 
integrity
VIABILITY STATEMENT

73
NON-FINANCIAL INFORMATION STATEMENT
Non-Financial Information Statement
We create value for all our stakeholders and track our performance against key financial and non-financial indicators. The table 
below sets out where more information on non-financial matters can be found in this Annual Report together with an overview of 
our relevant policies and standards.
Reporting 
requirement
Relevant information
Policies, Standards and Commitments
Business Model
Page 10-11 Who we are
Page 16-17 Business Model
Our values:
•	 To care about our people’s health, safety, well-being and development.
•	 To expect, embrace and enable excellence and continuous learning through 
humility, and knowledge that we will fail but when we do, we will learn.
•	 To act transparently and with moral integrity. 
•	 To honor the commitments of those who have placed their trust in us.
•	 To work hard and without boundaries as a multinational, integrated team.
Principal risk 
and impact 
of business 
activity
Page 62-71 Our approach 
to Risk Management
Page 72 Viability 
statement
•	 Risk Management Framework
Environmental 
Matters
Page 48-49 Environment 
Our environmental commitments include:
•	 Complying with all environmental regulations and world-class best practices.
•	 Striving towards reducing our environmental footprint. 
•	 Training and developing our workforce to understand our environmental and 
social responsibilities. 
•	 Executing targeted social investments aligned with our core business.
We are also a signatory of the United Nations Global Compact
•	 Code of Conduct and Business Ethics*
•	 Supplier Code of Conduct*
•	 Social Responsibility & Environmental Sustainability policy
Employees
Page 44-47 Our People 
•	 Signatory of the United Nations Global Compact
•	 Code of Conduct and Business Ethics*
Social Matters
Page 54-55 Communities 
•	 Signatory of the United Nations Global Compact
•	 Code of Conduct and Business Ethics*
•	 Social Responsibility Environmental Sustainability policy
•	 Social Investments Framework
•	 United Nations Global Compact signatory
Human Rights
Page 44-47 Our People 
Page 54-55 Communities 
•	 Signatory of the United Nations Global Compact
•	 Code of Conduct and Business Ethics*
•	 Supplier Code of Conduct*
•	 ContourGlobal Modern Slavery Statement 2020*
•	 Human Rights Policy Statement
Anti-Corruption 
and anti‑bribery
Page 110 Whistleblowing 
mechanism
Page 111 Bribery and anti-
corruption policy
Page 70 Risk Factor 
– Regulation and 
Compliance – Fraud, 
bribery and corruption
•	 Code of Conduct and Business Ethics*
•	 Anti-Corruption Policy*
•	 Anti-Corruption Compliance Guide*
•	 Supplier Code of Conduct*
•	 Policy for Engaging Supplier and Third-Party Service Providers
•	 Gifts & Hospitality Policy 
•	 Compliance Transactional Due Diligence Protocol
•	 ContourGlobal Modern Slavery Statement 2020*
	*
Available at https://www.contourglobal.com/compliance-ethics
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Governance
Financial Statements

74
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
CONTOURGLOBAL 
IN OUR PEOPLE’S EYES
Every year, we organize a photography contest, encouraging our employees 
around the world to share their own ContourGlobal story. This selection is a 
tribute to the value and commitment they bring everyday on the ground.
Angeghakot reservoir, Vorotan, Armenia
Cupisnique, Inka, Peru
Shamb Spandaryan, Vorotan, Armenia
Borger, United States
Palma Del Rio, CSP Spain
Austria Wind
Kivuwatt, Rwanda

75
Aaron Reynolds
Ana Paula Fernandez
Ana Quiroga
Andres Gonzales 
Martin
Anna Sendal
Antonio Chagas
Aram Arekhtsyan
Cesar Chujutalli 
Marcelo
Christian Diaz Vargas
Daniel Fernandez
David Wafula
Eulogio Arias Castro
Fred Milburn
Ian Farias
Jaime Rodriguez 
Paez
Javiez Diaz
Kajal Seevaparsaid
Laurent Hullo
Leandro Costa
Lee Goshorn
Leslie Wills
Lester Kirby
Lisa Tonis
Mark Holt
Matthew Isaac
Michael Schaeffer
Miguel Perez 
Cerqueda
Nigel Chevillair
Olivier Mahire
Rasheed Moonah
Rocky Lovato
Sonia Maria Romero 
Escolar
Tadeu Fayad
Tatiana Ciganikova
Yazmin Rodriguez
Participants
Waterside, United States
Scharndorf, Austria
Scharndorf, Austria
Talara, Inka, Peru
Hobbs, United States
Redwood, United States
Alvarado, CSP Spain
Majadas, CSP Spain
Strategic Report
Governance
Financial Statements

76
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
BOARD OF DIRECTORS
EXPERIENCED LEADERSHIP
Craig A. Huff
Chairman
Alejandro Santo Domingo
Non-Executive Director
Ronald Trächsel
Independent Non-Executive Director
Joseph C. Brandt
President and  
Chief Executive Officer
Mariana Gheorghe
Independent Non‑Executive Director
Daniel Camus
Independent Non-Executive Director
Stefan Schellinger
Chief Financial Officer 
and Executive Director
Dr. Alan Gillespie
Senior Independent Director
Gregg M. Zeitlin
Non-Executive Director
N
N
R
R
R
N
N
N
A
A
A
Chair
Remuneration
Nomination
Audit & Risk
Committee 
membership:
N
A
R

77
Strategic Report
Governance
Financial Statements
Craig A. Huff
Mr. Huff co-founded ContourGlobal in 2005 
and has served as the Chairman of the Board 
of Directors since 2017. 
Mr. Huff co-founded Reservoir Capital in  
1998 and is a member of all fund Investment 
Committees. He currently serves on the 
boards of many of Reservoir Capital’s 
portfolio companies in industries such as 
energy, power, aircraft leasing, and 
insurance. He has also been instrumental in 
the formation and development of a variety  
of hedge funds and private investment firms.
Mr. Huff is the President of the Board of 
Trustees of St. Bernard’s School and is active 
in several non-profits.
Prior to founding Reservoir Capital, Mr. Huff 
was a Partner at Ziff Brothers Investments 
and, prior to business school, served in the 
U.S. Navy as a nuclear submarine officer and 
nuclear engineer. Mr. Huff graduated magna 
cum laude from Abilene Christian University 
with a B.S. in Engineering Physics. He 
completed his M.B.A. at Harvard Business 
School, where he graduated with high 
distinction as a Baker Scholar.
Contributions to the Company: Mr. Huff has 
over 25 years of management and leadership 
experience, and his background and broad 
experience provides a valuable perspective 
to the Board. Mr. Huff provides a valuable 
role in supporting the Company’s relationship 
with its major shareholder, and, through his 
private equity and hedge fund experience is 
invaluable in meeting the challenges facing 
the Company and the wider sector.
Alejandro Santo Domingo
Mr. Santo Domingo has served on 
ContourGlobal’s Board of Directors since 
October 2017. He is a Senior Managing 
Director at Quadrant Capital Advisors, Inc. in 
New York City.
Mr. Santo Domingo is a member of the  
board of Anheuser-Busch Inbev (ABI). He  
was a member of the Board of Directors of 
SABMiller Plc, where he was also Vice-
Chairman of SABMiller Plc. for Latin America. 
Mr. Santo Domingo is Chairman of the Board 
of Bavaria S.A. in Colombia. He is Chairman 
of the Board of Valorem, a company which 
manages a diverse portfolio of industrial and 
media assets in Latin America. He is also a 
director of JDE (Jacobs Douwe Egberts), 
Florida Crystals, the world’s largest sugar 
refiner, Caracol TV, Colombia’s leading 
broadcaster, El Espectador, a leading 
Colombian daily, and Cine Colombia’s 
leading film distribution and movie  
theater company. 
In the non-profit sector, he is Chairman of the 
Wildlife Conservation Society and Fundación 
Mario Santo Domingo. He is also a Member 
of the Board of Trustees of the Metropolitan 
Museum of Art, a Member of the Board of 
Channel Thirteen/WNET (PBS), a Member of 
the Board of DKMS, a foundation dedicated 
to finding donors for leukemia patients, and 
he is a Member of the Board of Fundacion 
Pies Descalzos. Mr. Santo Domingo is a 
Member of the Board of Trustees of the 
Mount Sinai Health System.
Mr. Santo Domingo is a graduate of Harvard 
College.
Contributions to the Company: Mr Santo 
Domingo has extensive knowledge in the 
investment sector, and his broad board 
experience enables him to contribute to the 
Board’s continuing focus on performance  
and business strategy. 
Joseph C. Brandt
Mr. Brandt co-founded ContourGlobal and 
has served as ContourGlobal’s President and 
Chief Executive Officer since 2005 and is a 
member of its Board of Directors.
He has led development and operations in the 
global electric utility industry in Europe, the 
Americas and Africa for over two decades.
Prior to co-founding ContourGlobal in 2005, 
Mr. Brandt worked at The AES Corporation, 
an international power company, from 1999  
to 2005, serving as Executive Vice President, 
Chief Operating Officer and Chief 
Restructuring Officer. At AES, Mr. Brandt’s 
responsibilities included management of the 
company’s global utility operations. He 
served on the board of directors of many of 
AES’s key subsidiaries, including AES Gener 
in Chile where he was Chairman of the Board.
Mr. Brandt received a B.A. from George 
Mason University, an M.A. from the University 
of Virginia and a J.D. from Georgetown 
University Law Center. Mr. Brandt also 
attended graduate school at the University  
of California, Berkeley and was a Fulbright 
Fellow at Helsinki University in Finland.
Contributions to the Company: Mr. Brandt  
has broad and extensive experience in 
leadership and management with the energy 
sector globally and has been instrumental in 
the development of the Group’s strategy and 
successful performance.
Mariana Gheorghe
Ms. Gheorghe has served as Non-Executive 
Director on ContourGlobal’s Board of 
Directors since 30th June 2019.
From 2006 to 2018, Ms. Gheorghe was  
Chief Executive Officer and President of the 
Romanian oil and gas company OMV Petrom 
which is part of the Austrian-listed OMV 
Group. Ms. Gheorghe led OMV Petrom’s 
transformation following privatization and 
oversaw its entry into electricity generation.
Prior to this, Ms. Gheorghe held several 
senior finance roles, including working as an 
international banker for the European Bank 
for Reconstruction and Development based 
in London and as Deputy General Director  
for the Romanian Ministry of Finance.
She is currently a member of the Supervisory 
Board of ING Group and ING Bank, based in 
the Netherlands, a position she has held 
since 2015.
In respect of not-for-profit sector involvement, 
Ms. Gheorghe has served, amongst other 
appointments, as a board member of the 
Aspen Institute, Foreign Investor Council, 
United Way and UN Global Compact Romania.
Ms. Gheorghe graduated from both the 
Academy for Economic Studies and 
University of Bucharest Law School.
Contributions to the Company: Ms. 
Gheorghe’s experience as a CEO and her 
previous work, both in the energy and 
not-for-profit sector, provides valuable insight 
for Board discussions. As the designated 
Non-Executive Director for workforce 
engagement, Ms. Gheorghe provides the 
Board with a comprehensive understanding 
of the views of employees and the wider 
culture of the Company.
Stefan Schellinger
Mr. Schellinger joined ContourGlobal in April 
2019 and serves as Executive Vice President, 
Global Chief Financial Officer and is a 
member of the Board of Directors of 
ContourGlobal plc.
Prior to joining, Mr. Schellinger was Group 
Finance Director and Executive Director of 
Essentra plc from 2015 until 2018, having joined 
the company as Corporate Development 
Director and Group Management Committee 
member in 2013. Prior to this, Mr. Schellinger 
spent eight years with Danaher Corporation,  
as Corporate Development Director and as 
Finance Director – Emerging Markets at 
Gilbarco Veeder Root. Mr. Schellinger has 
previously worked as Vice President in 
investment banking at J.P. Morgan in London 
with a focus on strategic advisory and M&A. He 
started his career in accountancy in Germany 
at Arthur Andersen.
Mr. Schellinger received his MBA from the 
University of Chicago, Graduate School of 
Business and holds a degree in Finance and 
Accounting from the University of St. Gallen, 
Switzerland.
Contributions to the Company: Mr. Schellinger 
has broad financial and accounting experience 
obtained over his career, with significant 
experience in listed companies. Mr. Schellinger 
has contributed to the financial performance of 
the Group, and his appointment strengthens 
the Board’s financial expertise.

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Dr. Alan Gillespie
Dr. Gillespie has served on ContourGlobal’s 
Board of Directors since 2017.
Dr. Gillespie previously served as a Non-
Executive Director of Elan Corporation plc from 
1996 to 2007, as Chairman of Ulster Bank Group 
from 2001 to 2008, as Senior Independent 
Director of United Business Media plc from 
2008 to 2017 and as Senior Independent 
Director of Old Mutual plc 2009 to 2018.
In the public sector, Dr. Gillespie served as 
Chairman of The Northern Ireland Industrial 
Development Board from 1996 to 2002,  
Chief Executive of the United Kingdom’s 
Commonwealth Development Corporation 
(CDC Capital Partners) from 2000 to 2003, 
where he was responsible for the creation  
of Globeleq, an electricity generation and 
transmission business across the emerging 
markets, and Chairman of The International 
Finance Facility for Immunisation (IFFIm) from 
2005 to 2012 and as Chairman of the United 
Kingdom’s Economic and Social Research 
Council (ESRC) from 2009 to 2018.
Dr. Gillespie’s investment banking career 
spanned 10 years at Citigroup, Inc. in London 
and Geneva, and 15 years at Goldman Sachs 
& Co. in London, where he was a Partner for 
10 years.
Dr. Gillespie received an M.A. and Ph.D. from the 
University of Cambridge and is an Honorary 
Fellow at Clare College, University of Cambridge.
Contributions to the Company: Dr. Gillespie 
wide-ranging experience of working in different 
corporate cultures affords him a strong 
understanding of many of the challenges facing 
the Board. His sector and geographical 
experience, being in electricity generation 
transmission in emerging markets, enables him 
to contribute to, and challenge, the business 
strategy. In his role as senior independent 
director, Dr. Gillespie brings his valuable and 
considerable listed company and governance 
board experience to the Board.
Ronald Trächsel
Mr. Trächsel has served on ContourGlobal’s 
Board of Directors since May 2015.
He currently serves as the Chief Financial 
Officer of the BKW Group and has been in 
that position since 2014. From 2007 to 2014, 
Mr. Trächsel served as the Chief Financial 
Officer of Sika Group, and from 1999 to 2007, 
he held several positions at Vitra Group, 
including Chief Financial Officer and Chief 
Executive Officer.
Prior to joining Vitra Group, Mr. Trächsel also 
worked at Ringier Group, Ciba-Geigy 
Corporation and BDO/Visura.
Mr. Trächsel also serves on various boards of 
directors, including the board of Swissgrid 
AG, and KWO AG.
Mr. Trächsel received an MBA from the 
University of Bern.
Contributions to the Company: As a serving 
CFO, Mr. Trächsel brings strong financial 
understanding and experience to the Board, 
and his accounting experience makes him 
ideally suited to chair the Group’s Audit and 
Risk Committee.
Daniel Camus
Mr. Camus has served on ContourGlobal’s 
Board of Directors since April 2016.
He most recently served as Chief Financial 
Officer of the humanitarian finance 
organization The Global Fund to Fight AIDS, 
Tuberculosis and Malaria, based in Geneva,  
a position he held from 2012 to 2017.  
Mr. Camus also serves on the Board of 
Directors of Cameco Corp (Canada) and is  
a member of the Board of Directors of FIND 
Diagnostics in Geneva (Switzerland) and 
MediAccess Guarantee (London).
From 2002 to 2011, Mr. Camus served as 
Group CFO and head of Strategy and 
International Activities of Electricité de France 
SA (EDF), an integrated energy operator with 
an international presence, active in the 
generation, distribution, transmission, supply 
and trading of electrical energy.
Prior to joining EDF, Mr. Camus held various 
roles in the chemical and pharmaceutical 
industry in Germany, France, the United 
States and Canada. He held several senior 
responsibilities with the Hoechst and Aventis 
Groups.
Mr. Camus received his PhD in Economics 
from the Sorbonne University and is a 
Laureate of the Institute d’Études Politiques 
de Paris, with specialization in finance.
Contributions to the Company: Mr. Camus 
brings a wealth of experience globally of the 
energy supply and generation sectors, and 
his experience of working across different 
national cultures affords him an 
understanding of many of the regions within 
which the Company operates. In his role of 
Remuneration Committee Chair, he brings his 
valuable and considerable listed company 
and governance board experience to the 
Board.
Gregg M. Zeitlin
Mr. Zeitlin has served on ContourGlobal’s 
Board of Directors since 2008.
Mr. Zeitlin co-founded Reservoir Capital in 
1998, serves as a Senior Managing Director, 
and is a member of all fund Investment 
Committees. He serves on the boards of 
several Reservoir Capital portfolio companies 
and has been instrumental in the formation 
and development of several investment firms 
seeded by Reservoir Capital.
Prior to founding Reservoir Capital, Mr. Zeitlin 
was a partner at Ziff Brothers Investments. 
Before joining Ziff Brothers Investments, Mr. 
Zeitlin was Vice President, Financial Strategy 
for Ziff Communications Company, where he 
focused on strategic partnerships and 
acquisitions, and ultimately, the sale of the  
Ziff family’s operating businesses. Previously,  
Mr. Zeitlin worked at Sunrise Capital Partners 
and Wasserstein Perella & Co.
Mr. Zeitlin graduated with Highest Honors 
from the University of Texas at Austin with a 
BBA in Finance.
Contributions to the Company: Mr Zeitlin 
brings strong experience in the investment 
sector, and his extensive knowledge and 
experience allows him to support and 
contribute to the Company in the development 
and promotion of its business strategy. 
BOARD OF DIRECTORS (CONTINUED)

79
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Governance
Financial Statements
SENIOR MANAGEMENT 
SENIOR MANAGEMENT
Amanda Schreiber 
Executive Vice President, General Counsel 
Amanda joined ContourGlobal in April 2012 
and serves as the Company’s General 
Counsel. Ms. Schreiber leads the global  
legal organization and is responsible for  
all Company legal matters, including 
transactional, M&A, development, capital 
markets, corporate finance, governance, 
litigation, and regulatory matters, including 
international trade, sanctions, and 
competition laws. 
Before joining ContourGlobal, Ms. Schreiber 
served as Chief Compliance Counsel at 
Colgate-Palmolive Company and practiced at 
the law firms of Covington & Burling LLP and 
Sullivan & Cromwell LLP in New York. She 
began her career as a law clerk to the 
Honorable Barrington D. Parker of the United 
States Court of Appeals for the Second 
Circuit. Ms. Schreiber received her A.B. from 
Brown University and her J.D. from Columbia 
Law School, where she was a Harlan Fiske 
Stone Scholar.
Karl Schnadt
Executive Vice President and Chief Operating 
Officer
Karl was hired as the Executive Vice President 
and Chief Operating Officer in December of 
2011 and is located in Vienna, Austria.
He is responsible for all technical functions  
at ContourGlobal including power plant 
operations, engineering and construction  
and health, environment and safety. He is a 
member of our Senior Executive Committee, 
Information Technology Committee, Health 
and Safety Committee and Sustainability 
Committee. 
Prior to joining ContourGlobal he worked at 
Steag GmbH (“STEAG”), one of Germany’s 
largest power generation companies. Mr. 
Schnadt worked with Steag for 24 years, 
holding a variety of positions at the company, 
including serving as a project manager and 
plant manager. From 2000 to 2006, he 
served as the Chief Executive Officer for 
Iskenderun Enerji Üretim ve Tic. A.S. (Isken), 
Ankara, in Turkey, which is a 51% subsidiary 
of Steag. Isken is the project company of a 
$1.5 billion coal-fired power plant investment 
where he was responsible for construction 
and later operation. As a Member of the 
Board of Executive Officers at Steag, he was 
responsible for all operation assets. Mr. 
Schnadt received his degree in Mechanical 
Engineering and Energy technology from 
RuhrUniversitat Bochum in Germany.
Alessandra Marinheiro
Executive Vice President for Business 
Development Latin America
Alessandra joined ContourGlobal in August 
2009 and serves as Executive Vice-President 
and CEO for Brazil.
Ms. Marinheiro leads our Brazilian business 
and is responsible for implementing several 
operational improvement initiatives, 
refinancing our assets in the local capital 
market and recently lead the sale of our 
hydro portfolio in Brazil. Before 2020,  
Ms Marinheiro was responsible for 
implementing our growth strategies for  
the Latin America region where she leads 
several greenfield project developments, 
acquisitions, project finance and corporate 
finance transactions.
Before joining ContourGlobal, she worked  
for 12 years at The AES Corporation in Brazil 
as Business Development Director and 
Commercial Director at AES’s generation 
business. Ms. Marinheiro has a Bachelor in 
Business Administration from the Pontífica 
Universidade de São Paulo (PUC-SP) with  
an Executive MBA from COPPEAD-UFRJ.
Sarah Flanigan 
Executive Vice President, Sustainability and 
Special Projects 
Sarah joined ContourGlobal in 2007 and 
serves as an Executive Vice-President of 
Sustainability and Special Projects. 
She leads the sustainability function and 
integration activities of large acquisitions, 
chairs the Sustainability Committee and is a 
member of our Senior Executive Committee, 
Information Technology Committee, Health 
and Safety Committee and Project Steering 
Committees. 
Before joining ContourGlobal, Ms. Flanigan 
worked for 14 years at The AES Corporation 
in the U.S., U.K. and Cameroon in finance and 
taxation leadership roles and prior to that at 
PWC and Deloitte. Ms. Flanigan has a 
Bachelor's degree in accounting and finance, 
a Juris Doctorate, and a Masters in Laws  
in Taxation. She is a CPA and admitted to the  
Illinois bar.

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Stuart Altman 
Executive Vice President & Chief Compliance 
Officer
Stuart joined ContourGlobal in April 2021 and 
currently serves as Executive Vice President, 
Chief Compliance Officer. In this role, he is 
responsible for the Company’s global 
compliance program. 
Before joining ContourGlobal, Stuart served 
as Senior Vice President and Global Chief 
Compliance Officer for Las Vegas Sands 
Corp. and was the first director of corporate 
legal investigations at Intel Corp. He was 
previously a partner in the Washington, D.C. 
office of Hogan Lovells and served as an 
Assistant United States’ Attorney in the 
Eastern District of New York. He started his 
career as a law clerk to the Honorable Carol 
B. Amon. Stuart received his BA from Case 
Western Reserve University and his JD from 
Columbia Law School, where he was a James 
Kent Scholar.
Nadia Dosio
Executive Vice President, Head of Assurance 
and Internal Audit
Nadia joined ContourGlobal in December 
2018 and serves as Executive Vice President, 
Head of Assurance and Internal Audit.
She is a member of the Executive 
Management Board, reporting to the Audit & 
Risk Committee and administratively to the 
CEO. Ms. Dosio leads the global audit 
organization and is responsible for all internal 
audit matters, including the internal audit 
strategy and plan. 
Before joining ContourGlobal, Ms. Dosio led 
anti-fraud globally from 2015 until 2018 at 
Maersk, based in Copenhagen. Prior to this, 
Nadia gained extensive international 
experience of audit, compliance and 
corporate governance in technology and 
manufacturing industries, including senior 
leadership roles at Oracle Inc., Fiat and Sun 
Chemical Inc. She started her career in 
external auditing in Italy at KPMG. Nadia 
received her executive MBA from the London 
Business School, holds a degree in 
Economics from the University of Bologna, 
Italy and multiple professional qualifications 
(CIA, CISA, CFE and CCEP).
SENIOR MANAGEMENT (CONTINUED)

81
Strategic Report
Governance
Financial Statements
CORPORATE GOVERNANCE REPORT
CHAIRMAN’S 
INTRODUCTION
The Board is responsible for the 
long-term success of the Company 
and our governance framework 
helps to ensure that success.
Governance highlights for 2021
Total announced dividend of $117m 
million for the year 2021 – in line 
with our progressive dividend policy 
of 10% growth p.a.;
During 2020, a task force was 
created during the outbreak of 
COVID-19 to manage all aspects of 
our response to the global pandemic, 
such as mitigating risks to employees 
and preventing disruption to our 
operations and contractual 
arrangements with our customers 
and suppliers and the Board was 
actively engaged on the task force’s 
activities. During 2021 there has been 
continuous monitoring and 
engagement with key stakeholders 
both internally and externally as the 
pandemic has continued;
Appointed a designated Non-
Executive Director for workforce 
engagement; and
A detailed externally facilitated 
Board evaluation review was 
undertaken, which included a 
number of recommendations on 
how to continue to improve our 
governance arrangements in 2021.
Meeting attendance shown on page 92. 
Dear Shareholders,
On behalf of the Board, I am pleased to introduce  
the Group’s corporate governance statement for 2021.
Corporate strategy setting and 
monitoring
The Board has overseen significant 
developments in our strategic delivery 
over the course of 2021. At the forefront 
of these has been the continued 
development of unlocking value in the 
portfolio through exploring transactions 
that unlock intrinsic value for 
shareholders including our acquisition of 
solar power plants in Italy, the sale of 
our Brazil hydro business announced on 
20th January 2022, and our commitment 
to achieve net zero carbon emissions by 
2050. In addition, the successful 
integration of our newly acquired 
Western Generation business in the US 
and Trinidad and Tobago has 
contributed to our growth development.
As we reflect throughout this report, this 
has all been against the challenging 
backdrop of the ongoing COVID-19 
pandemic.
Stakeholder engagement
A key area of focus has been growth, 
divestiture and new business 
integration.
The Board approved the sale of its Brazil 
hydro-electric business as part of its 
long-term plan to monetize its 
renewable business in Brazil, and to 
create compelling value for 
shareholders. The integration of our 
Western Generation acquisition 
continues to advance in line with our 
expectations, and the acquired assets 
are performing well operationally and 
financially. We continue to progress with 
our multi-year projects including Austria 
repowering, Solar Italy and the 
refurbishment of Vorotan. In 2021 the 
Board approved the appointment of 
Mariana Gheorghe as the designated 
Non-Executive Director for workforce 
engagement and she commenced the 
role in the second half of the year. The 
engagement undertaken to date is set 
out on pages 24 to 29 and page 87.  
The Board also received presentations 
on workforce issues from executive 
management, including a people, 
organisation and culture review. 
Throughout the pandemic, there has 
been a concerted effort to communicate 
with employees across the Company, 
through either a communication channel 
or meetings in person. The health and 
safety of our employees remains a key 
priority, and more details on the ways in 
which we engaged with employees, and 
our wider stakeholders, and factored 
such engagement into our decision-
making over the year are set out in the 
“Our key stakeholders” (pages 26 to 29) 
and “s172 statement” (page 88) sections 
of this report.

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Succession planning
Although there were no changes to the 
Board throughout 2021, succession 
planning at both the Board and senior 
management level remains a key area of 
focus in order to ensure that we have 
the resources and capabilities at both 
levels to develop and execute our 
long-term strategy. In 2020 the Board 
adopted a diversity policy, and during 
2021 has spent time focusing on the 
desired skills and diversity mix that are 
needed for the Board to develop the 
Company’s long-term strategic goals.
We have previously reported that we 
are in the process of recruiting another 
independent Non-Executive Director, 
and the recruitment for this vacancy is 
ongoing. Diversity is an important 
strategic area for the Group and our 
approach is informed also by our 
presence in numerous geographical 
regions.
Board effectiveness
This year we conducted an externally 
facilitated evaluation of the Board. This 
evaluation was led by the Chair with the 
assistance of Lintstock, a board advisory 
firm providing objective and 
independent counsel to companies. We 
have welcomed both the evaluation 
process and its findings, which we 
believe have identified a significant 
number of strengths in our current 
governance processes alongside a 
number of areas in which we can 
continue to improve. This is set out in 
more detail below on page 95.
Annual General Meeting
I would encourage all shareholders to 
vote on the resolutions to be put to the 
Company’s Annual General Meeting 
(AGM) on 12th May 2022, all of which  
Corporate Governance Code compliance statement
This corporate governance statement, together with the 
Nomination Committee report on pages 96 to 100, the 
Audit & Risk Committee report on pages 101 to 111, and the 
Directors’ Remuneration report on pages 112 to 129, 
provide a description of how the main principles of the UK 
Corporate Governance Code 2018 (“the Code”) have 
been applied by the Company during 2021. The Code is 
published by the Financial Reporting Council and is 
available on its website at www.frc.org.uk. It is the Board’s 
view that, throughout the year ended 31st December 2021, 
the Company fully complied with the relevant provisions 
set out in the Code, with the following exceptions:
Provision 9 of the Code: “The Chair should be 
independent on appointment.” Craig A. Huff was a 
co-founder of ContourGlobal in 2005, and appointed as 
Chairman of the Board in October 2017 when the 
Company was admitted to trading. We consulted with the 
major shareholders of the Company to clearly explain the 
reasons behind this decision ahead of the Company’s IPO 
in 2017. The Board recognises that the UK Corporate 
Governance Code states that, ordinarily, the chair should 
be independent on appointment, however given his 
in-depth knowledge of the Company, the Board 
considered it in the best interests of the Company that he 
serves as Chair. The Board confirms its view that the 
Chairman's continued service is in the best interests of 
the Company and its stakeholders. We were pleased to 
see that 91.7% of our shareholders were in agreement 
with this view, as shown in the 2021 AGM results. We set 
out the safeguards in place to ensure independence in 
Board discussions and decision-making in the Board 
Independence section of this Corporate Governance 
Statement on page on page 92.
This statement complies with sub-sections 2.1, 2.2(1), 2.3(1), 
2.5, 2.7, 2.8A and 2.10 of Rule 7 of the Disclosure 
Guidance and Transparency Rules of the Financial 
Conduct Authority. The information required to be 
disclosed in accordance with sub-section 2.6 of Rule 7 is 
shown on pages 130 to 134.
Details on the Board’s approach to s172 of the Companies 
Act 2006 are shown on pages 88 to 89 of this report. As 
a Board, we always want to improve engagement with all 
our stakeholders and will continue to consider ways of 
deepening our engagement over the next 12 months to 
complement existing stakeholder relationships.
CORPORATE GOVERNANCE REPORT (CONTINUED)
are supported by the Board. Further 
details on the AGM are set out in the 
Notice of AGM, which has been 
circulated to shareholders separately.
Craig A. Huff
Chairman

83
Strategic Report
Governance
Financial Statements
BOARD LEADERSHIP 
AND COMPANY PURPOSE
An effective Board
Our Board is composed of highly skilled 
professionals who bring a range of skills, 
perspectives and corporate experience 
to our Boardroom (Directors’ 
biographies are on pages 76 to 78). It is 
through this diversity, and its deep 
understanding of our business, culture 
and stakeholders, that the Board 
generates sustainable long-term value.
Information sharing
We recognize that a prerequisite of an 
effective Board is the flow of high-quality 
information to the Board. Directors use 
an electronic Board paper system which 
provides immediate and secure access 
to documents. The Chairman of the 
Board and the Chairs of the Committees 
set the agendas for upcoming meetings 
with support from the Company 
Secretary. Through our formal evaluation 
process, we regularly review the quality 
of information provided to the Board  
and promote improvements in this area, 
with the support of the executive 
management team and Company 
Secretary, as and when required.
Management aims to ensure that 
information shared with our Board is 
detailed enough to facilitate debate and 
to enable a complete understanding of 
the content without becoming unwieldy 
and unproductive. Further information 
on the evaluation of the Board is set out 
on pages 93 to 95.
Matters reserved for the Board
The Board is responsible for the 
long-term sustainable success of the 
Company by setting its strategy and 
purpose, promoting the desired culture, 
and ensuring that an appropriate risk 
management framework is in place. The 
Board has the following principal roles:
Role
Description
Strategic objective
Key stakeholders
Purpose, 
values and 
culture
We help management to shape the core values and culture that 
will best enable the Group to 1) deliver our mission to develop, 
acquire and operate electricity generation businesses 
worldwide, creating economic and social value through better 
operations, and assisting the communities where we work, and 
2) adhere to the highest standard of ethical, transparent conduct 
in our dealings with employees, customers, regulators, suppliers 
and investors.
Further details of our purpose, values and culture are set out on 
pages 10 and 11.
Shareholders, investors 
and lenders
Customers and suppliers
Employees
Governments and 
regulators
Communities
Corporate 
strategy 
setting and 
monitoring
We approve the strategic plan and objectives and consider 
changes, and recommendations of changes, to the Group’s 
capital structure. We set and review performance indicators to 
assess progress on the agreed strategy.
Further details on our strategic objectives are set out on pages 
30 and 31. Our key performance indicators are set out on pages 
38 and 39.
Shareholders, investors 
and lenders
Customers and suppliers
Employees
Governments and 
regulators
Communities
Organization 
and 
leadership 
effectiveness
We ensure that the organization leadership, design, capabilities 
and supporting systems match the requirements of the Group 
and the diverse strategies of our current and future businesses.
Further details of our leadership team are set out on pages 79 
and 80. Further details on our risk management and internal 
control systems and processes are set out on pages 62 to 71.
Shareholders, investors 
and lenders
Customers and suppliers
Employees
Operational 
and financial 
performance
We review the performance of the Group in the light of strategic 
aims, business plans and budgets. With the support of the Audit 
and Risk Committee, we approve the Group’s annual and interim 
financial statements.
Further details of our financial performance are set out on pages 
56 to 61.
Shareholders, investors 
and lenders
Customers and suppliers
Employees
Shareholder 
and 
stakeholder 
engagement
We put the balance of stakeholder interests and the long-term 
interests of the Group at the heart of all of our decision-making.
Further details of how we have engaged with stakeholders over 
2021 and how we have taken stakeholders into account in our 
decision-making process are set out on pages 24 to 29. 
Shareholders, investors 
and lenders
Customers and suppliers
Employees
Governments and 
regulators
Communities
High growth
Financial strength
Operational excellence

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
The Board maintains a formal schedule of matters which are reserved solely for its approval, which sets out the Board’s 
responsibilities in full. This was last reviewed in May 2021 and is available on our website at:  
https://www.contourglobal.com/corporate-governance.
Board activities
Areas of focus 
Strategic goals 
Principal risks 
Strategy
•	 Strategic updates on the acquisition of solar power plants Italy
•	 Strategic updates on the sale of our Brazil hydro-electric business
•	 Growth pipeline
•	 Approval of the Company’s revised refinancing arrangements
 
Strategy 
Operations
•	 Update on the implementation of the acquisition of US and Trinidad and Tobago Portfolio
 
Operational and 
execution 
Leadership and Employees
•	 Externally facilitated Board evaluation 
•	 Workforce engagement feedback 
•	 People, organisation and culture review 
•	 Performance and compensation process update
 
People and 
organization 
Health and Safety
•	 Review and update of Modern Slavery statement 
•	 Regular HSE reviews and updates
 
People and 
organization
OSHA and 
environment
Stakeholders
•	 Approval of an extension to the share buyback programme
•	 Investor Relations updates
 
Strategy 
Governance
•	 Legal and Regulatory updates 
•	 Review of terms of reference
 
Regulation and 
compliance 
Risk
•	 Review of principal risks
 
All Risks
Financial
•	 Preliminary results
•	 Approval of the Annual Report
•	 Q1 update and FY outlook
•	 Q2 update and FY outlook 
•	 Approval of Interim Results
•	 Q3 update and FY outlook 
•	 Review of 2022 budget
Finance and 
commercial 
CORPORATE GOVERNANCE REPORT (CONTINUED)
High growth
Financial strength
Operational excellence

85
Strategic Report
Governance
Financial Statements
Purpose, values and culture
The importance of purpose, 
values and culture
Purpose
Why we do what we do
Values
The qualities we embody
Culture
How we work together
Purpose and values
The Board has established the Group’s 
purpose and values which are set out in 
detail on page 11. The Group’s purpose 
was last reviewed by the Board during 
its strategy day in August 2021. Further 
details of that session are set out 
subsequently on pages 85 and 86.
Culture
Our culture is a key strength of our 
business, the benefits of which are 
evident in our employees’ engagement, 
risk management, internal control and 
our health and safety and compliance 
performance. Our culture is described 
on page 46 in the strategic report.
The Board monitors and assesses the 
culture of the Group by regularly 
meeting with management and 
reviewing the outcomes of employee 
compliance, audit and health and  
safety surveys. The Board also  
assesses cultural indicators such as 
management’s attitude to risk, behaviors 
and compliance with the Group’s 
policies and procedures. The Executive 
Management Board has delegated 
responsibility for ensuring that policies 
and behaviors set at Board level are 
effectively communicated and 
implemented across the business.
Our intranet is used as a platform for 
employees to access our policies and 
be kept fully informed of the latest 
Group news, and to receive updates 
and share information on all aspects of 
the business.
If the Board is concerned or dissatisfied 
with any behaviors or actions, it seeks 
assurance from the Executive 
Management Board that corrective 
action is being taken. The Board did not 
have to seek corrective action during 
the course of 2021.
Sustainability
Sustainability and ESG considerations 
continued to be a key area of discussion 
for the Board over 2021. Sustainability is 
at the very core of our corporate 
strategy, and we report our work in this 
area further throughout this Annual 
Report, through our website and in our 
Sustainability Report.
In respect of ESG, the Board recognizes 
and is supportive of ESG factors and 
their importance to investors. ESG will 
increasingly impact upon companies’ 
ability to access capital, capital 
allocation and portfolio composition. The 
Board therefore dedicated time in 2021 
both to building our understanding of 
investor expectations around ESG 
strategies and disclosures, and to 
embedding the Company’s ESG 
strategy. Our ESG strategy commits to 
clear and meaningful targets but leaves 
strategic flexibility with regards to the 
portfolio composition and generation 
mix moving forward.
We recognize shareholder, investor 
body and government expectations in 
terms of corporate disclosure on climate 
change and welcome the change in 
listing requirements in the UK that 
mandate certain disclosures against the 
Task Force on Climate-related Financial 
Disclosures (TCFD) recommendations. 
Details of our reporting against the 
TCFD recommendations can be found 
on pages 50 to 53 of this Annual Report.
For further information on our 
sustainability activities, please see our 
Company Sustainability Report available 
on our website, www.contourglobal.com.
Corporate strategy setting and 
monitoring
The Board holds dedicated strategy 
sessions to undertake a careful review 
of our strategic positioning, with the last 
such session being held in August 2021. 
Further details of that session are set out 
below.
As set out in the strategic report on 
page 30, we have delivered excellent 
progress on our growth strategy. The 
acquisition of solar power plants in Italy 
and the sale of our Brazil hydro business 
were key areas of discussion for the 
Board in 2021, as well as the integration 
of our acquired Western Generation 
business in the US and Trinidad and 
Tobago.
The Board remains confident that our 
acquisitions and divestiture strategy will 
continue to provide demonstrable 
long-term value to our shareholders. 
Through our continuing regular review 
of the business development pipeline, 
which remains healthy, and supported 
by our continued strong financial and 
liquidity position, we will continue to 
remain alert to attractive acquisitive 
opportunities that further our purpose 
and support long-term shareholder 
value. The Board also continues to 
receive regular updates on the 
implementation of our organic growth 
strategy.
The strategic activity of 2021 was 
undertaken against the ongoing 
backdrop of the COVID-19 pandemic 
and this has remained a focal area of 
Board discussions over the course of 
the year, not just in respect of potential 
financial, operational, reputational and 
stakeholder impacts but also  
on long-term structural changes that 
may impact on the Company’s business 
model. As a Board, we are pleased to 
note that the pandemic has not, to date, 
had the same financial or indeed 
operational impact upon us as it has on 
other businesses and sectors. Our 
assessment of the impact of the 
pandemic upon our stakeholders, and 
further details of the decisions we took 
in response to the pandemic, are set out 
in the stakeholder engagement section 
on pages 24 to 29 and in our s172 
statement (page 88).

86
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
CORPORATE GOVERNANCE REPORT (CONTINUED)
Annual strategic discussion
On an annual basis, the Board conducts 
a review of its strategy to ensure it 
remains relevant, flexible and capable  
of adapting to our changing 
environment.
Through its review, the Board can 
assess and identify changing or 
emerging risks which could impact the 
Group in the short and medium term 
(further information on our principal risks 
is on pages 62 to 71).
The Board met in August 2021 to review, 
discuss and challenge the strategy. The 
discussion included:
•	 The impact of key industry trends and 
drivers on the Company’s strategy 
and the risks and opportunities of its 
strategic positioning;
•	 The political environment in the 
markets in which the Company 
operates;
•	 How new technologies may impact on 
our business;
•	 Review of current financial framework 
and capital allocation and the financial 
implications of the various strategic 
alternatives;
•	 The impact and implications of ESG 
perspectives on the Group’s strategy 
and portfolio composition; and
•	 Key markets and opportunities for 
growth.
Organization and leadership 
effectiveness
We have taken a number of important 
steps to improve organizational and 
leadership effectiveness over the course 
of 2021. A number of those steps are 
detailed below:
Continued review of improvement data 
on the Group’s “5 Whys” – these are 
significant accomplishments that speak 
to the growth of a continuous 
improvement culture at ContourGlobal;
Undertaken an external evaluation of 
the performance of the Board, its 
Committees and all Directors to ensure 
that the composition of the Board and 
Committees remains appropriate and 
that the procedures and processes 
underpinning the Board and Committees 
continue to be effective. Further detail 
on the evaluation is set out on pages 93 
to 95;
Review of succession planning 
arrangements at both the Board and 
senior management level, through both 
the Board and the Nomination 
Committee. Our approach to Board and 
senior management succession 
planning is set out in more detail on 
pages 82 and 93 and in the Nomination 
Committee report on pages 96 to 100; 
and
Implementation of a diversity policy for 
the Board and a refresh of the 
Company’s Modern Slavery Statement.
Operational and financial 
performance
The diversity of our businesses 
demands highly tailored operating and 
financial performance management.
A significant decision made by the 
Board over the course of 2020 was to 
pursue a share buyback program. The 
Board agreed to pursue this program in 
view of the share price not being 
considered reflective of the fundamental 
value and resilience of the underlying 
business. The Board decided to 
subsequently extend this program in 
June 2020, September 2020 and 
January 2021, and it concluded on 30th 
March 2021.
Following our adoption in 2019 of a 
progressive dividend policy intended to 
grow the dividend each year, comprising 
a move to quarterly dividend payouts 
and an increased dividend growth 
guidance to 10% per annum, we were 
pleased to confirm a total dividend to 
shareholders of $117m for the year 2021, 
in line with our revised and progressive 
dividend policy. In 2021, the Board 
rigorously challenged a number of 
scenarios underpinning this dividend 
policy and remains confident that the 
policy remains appropriate and in the 
long-term interest of the Company and 
its shareholders.
During 2021, we made progress on 
further developing our risk management 
and internal control systems and 
processes, working in collaboration with 
our internal auditors. The Board and 
Audit and Risk Committee have spent 
significant time considering the 
Company’s principal risks and 
uncertainties, alongside potential 
emerging risks and their impact on the 
business should they materialize. The 
Board has reviewed the Company’s 
principal risks and uncertainties, which 
are set out on pages 62 to 71. The 
Group’s governance structure for risk 
management is illustrated on page 63.
Health and safety matters continue to be 
a focal area for the business, and the 
Board receives periodic reports on 
health and safety practices across 
different sites within the Group. As 
previously reported on in this Annual 
Report, we bitterly regret experiencing 
one fatality and one Lost Time Injury, 
resulting in two Lost Time Incidents, 
failing to meet our Target Zero 
objectives. We have learned important 
lessons for the future about how to 
avoid such accidents.
We also review the Company’s Annual 
Report to check it is fair, balanced and 
understandable, and approve the going 
concern and viability statements, 
alongside the statement of Directors’ 
responsibilities, for inclusion in the 
Annual Report. The process that the 
Board, with the support of the Audit and 
Risk Committee, undertakes to ensure 
that the Annual Report is fair, balanced 
and understandable is set out in the 
Audit and Risk Committee report on 
pages 101 to 111. Further information on 
the going concern and viability 
statements can be found on page 72.

87
Strategic Report
Governance
Financial Statements
WORKFORCE ENGAGEMENT
In H2 2021, Mariana Gheorghe began her role as the 
designated Non-Executive Director for workforce 
engagement. Ms. Gheorghe works closely with the Chief 
Human Resources Officer and Company Secretary on an 
activity portfolio designed to support her in fulfilling her 
role, and to ensure that best practice in the area of 
workforce engagement is considered regularly. 
Following each activity, Ms. Gheorghe reports back to 
the Board directly, to discuss and consider culture across 
the business, and to consider any themes arising from 
the various engagements, and for these to be factored 
into the decision-making process.
Ms. Gheorghe has considered employee surveys and 
themes ahead of meeting with employees. In addition, 
throughout the pandemic, there has been a concerted 
effort to communicate with employees across the 
Company, and employee well-being and safety has been 
of utmost importance to our COVID-19 response. During 
the pandemic, we have held town halls with the CEO on 
matters relating to COVID-19 and introduced COVID-19 
specific health and safety measures. Ms. Gheorghe’s 
programme of engagement with employees is designed 
to provide the Board with a balanced picture of 
workforce views, obtained from a variety of sources. This 
programme includes: site visits and plant tours; town hall 
meetings; meeting with union and works council 
members; gathering feedback from HR managers; 
participating in panel discussions; holding focus groups 
across different levels of employment; attending 
employee events; participating in health and well-being 
workshops; and responding to employee’s questions.
During 2021, Ms. Gheorghe undertook a site visit to our 
Bulgaria operations, where she met with the 
management team and employee groups, including 
women in leadership roles, women in operations, and 
young engineers. She further held talks with the union 
representatives at Maritsa. During this visit, employees 
were encouraged ask questions, and subsequently 
discussed operational conditions, remuneration matters, 
the macro-environment, and future strategies. Later in 
the year Ms. Gheorghe hosted a post-COVID-19/back to 
work round table discussion, attended by a cross-
representation of managers and employees from across 
our global operations. The topics discussed covered 
global experiences of keeping the work environment 
safe, hybrid working policies, growth and development, 
and workforce remuneration. In addition, to mark 
International Women’s Day, Ms. Gheorghe hosted a 
round table discussion, attended by women across 
various positions and geographic locations within the 
Company, and where various topics were discussed 
including the opportunities for growth and development 
at the Company.
The main themes emerging from the workforce 
engagement carried out by Ms. Gheorghe in 2021 
included employees’ pride in how they, and the 
Company, had managed the pandemic. The Board noted 
that the additional measures implemented to ensure 
employee safety had helped maintain employee’s 
personal well-being during the challenging period. The 
Board will continue to ensure that lessons learned and 
practices implemented during the pandemic, such as 
hybrid working, will be taken forward to ensure ongoing 
employee well-being. Diversity and Inclusion has been 
discussed, with many employees expressing the view 
that ContourGlobal actively demonstrated its commitment 
to these matters, which had not always been employees’ 
experiences at other companies.
Workforce engagement 
mechanisms
We are mindful of the provisions in the 
Code around workforce engagement, 
and in 2021, the Board decided to 
appoint Mariana Gheorghe as the 
designated workforce representative 
Director, with effect from H2 2021; more 
information on her activities can be 
found below. During 2021, the Board 
received presentations at regular 
intervals from executive management on 
workforce issues and regularly 
considers other data sources, including 
employee surveys and themes 
emerging from exit interviews, to help to 
inform our discussions. We set out the 
views of our workforce, and how we 
have responded to those views in 2021, 
in our stakeholder engagement section 
on page 26.
We believe that the current 
arrangements allow for us to have a 
balanced picture of workforce views, 
obtained from a variety of different data 
sources, and are therefore effective. The 
Board is mindful of the need to remain in 
line with developing good practice in 
this area and will continue to review the 
effectiveness of our engagement 
mechanisms on an annual basis.

88
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Shareholder engagement
How do we engage with our 
shareholders?
Shareholders play a valuable role in 
safeguarding the Group’s corporate 
governance through, for example, the 
annual re-election of Directors, 
monitoring and rewarding their 
performance, and their engagement and 
constructive dialogue with the Board.
Shareholder consultation
We will always seek to engage with 
shareholders when considering material 
changes to our Board, strategy or 
remuneration policies. Further 
information is set out in our stakeholder 
engagement section on pages 24 to 29 
on how we have engaged with 
shareholders over 2021, the themes 
emerging from that engagement, and 
the ways in which we have responded 
to those themes.
Investor meetings, presentations 
and asset tours
Investor meetings are predominantly 
attended by our CEO, Chief Financial 
Officer and at least one other senior 
executive. Views that were expressed, 
either during or following the meetings, 
are recorded and circulated to all 
Directors on a regular basis.
Annual General Meeting (AGM)
Our 2021 AGM was held on 12th May 
2021 and we were delighted to receive 
in excess of 90% of votes in favor of all 
our resolutions. We were pleased that 
engagement from shareholders 
remained strong, and in total, 93.81% of 
our shareholders (voting capital) voted at 
the 2021 AGM.
The 2022 AGM is to be held on 12th May 
2022. The Board is keen to ensure that 
the AGM continues to provide a key 
opportunity for shareholders to engage 
with the Directors and the chairs of each 
of the Board Committees.
Annual Report
Our Annual Report is available to all 
shareholders. Through our electronic 
communication initiatives, we aim to 
make our Annual Report as accessible 
as possible. Shareholders can opt to 
receive a hard copy in the post, or PDF 
copies via email or from our website. 
Additionally, if a shareholder holds their 
ContourGlobal ordinary shares in a 
nominee account and encounters 
difficulty receiving our Annual Report via 
their nominee provider, they are 
welcome to contact the Company 
Secretary to request a copy.
Corporate website
Our website, www.contourglobal.com, 
has a dedicated investor section which 
includes our Annual Reports, results 
presentations (which are made available 
to analysts and investors at the time of 
the half and full-year results) and our 
financial and dividend calendar for the 
upcoming year.
Senior Independent Director
If shareholders have any concerns, 
which the normal channels of 
communication to the CEO, CFO or 
Chairman have failed to resolve, or for 
which contact is inappropriate, then our 
Senior Independent Director, Alan 
Gillespie, is available to address them.
Other contacts
Contact details for our Investor Relations 
team, Company Secretary and our 
Registrars are available on page 224.
Issues, factors and stakeholders
The Board has direct engagement 
principally with our employees and 
shareholders but is also kept fully 
apprised of the material issues of other 
stakeholders through the executive 
Directors, reports from senior 
management and external advisors. On 
pages 24 to 29, we outline the ways in 
which the Board and management have 
engaged with key stakeholders and the 
material issues that they have raised 
with us.
Stakeholder engagement not only 
allows the Board to understand the 
impact of its decisions on key 
stakeholders, but also ensures it is kept 
aware of any significant changes in the 
market, including the identification of 
emerging trends and risks, which in turn 
can be factored into its strategy 
discussions.
Section 172 – compliance statement
The Board of Directors confirms that during the year under review, it has acted to promote the long-term success of the 
Company for the benefit of shareholders, whilst having due regard to the matters set out in Section 172(1)(a) to (f) of the 
Companies Act 2006, being:
a.		the likely consequences of any decision in the long term;
b.		the interests of the Company’s employees;
c.		the need to foster the Company’s business relationships with suppliers, customers and others;
d.		the impact of the Company’s operations on the community and the environment;
e.		the desirability of the Company maintaining a reputation for high standards of business conduct; and
f.	 the need to act fairly between members of the Company.
CORPORATE GOVERNANCE REPORT (CONTINUED)

89
Strategic Report
Governance
Financial Statements
The table below sets out where relevant disclosure against each s172 factor can be found.
The likely consequences of any decision in the long term 
Business model (pages 16 and 17)
Strategy for growth (pages 30 to 37)
The interests of the Company’s employees
Our people (pages 44 to 47)
Health and safety (pages 42 to 43)
The need to foster the Company’s business relationships
KPIs (pages 38 and 39
Business review (pages 40 to 55)
The impact of the Company’s operations on the community and the 
environment
Our sustainability principles (pages 40 and 41)
Environment (pages 48 and 49)
Communities (pages 54 and 55)
Managing our principal risks (pages 62 to 71)
Maintaining a reputation for high standards of business conduct
Business review (pages 40 to 55)
Engaging with our stakeholders (pages 24 to 29)
Acting fairly between members of the Company
Engaging with our stakeholders (pages 24 to 29)
Methods used by the Board to 
fulfill its s172 duties
The main methods used by the Directors 
to perform their duties include:
•	 An annual strategy review which 
assesses the long-term sustainable 
success of the Group and our impact 
on key stakeholders (see page 30);
•	 The Board’s procedures have been 
updated to encourage further 
consideration and analysis 
underpinning all material decisions 
requiring Board approval on potential 
or actual impact on one or more of our 
stakeholder groups. Such analysis will 
assist the Directors in performing their 
duties under s172 and provide the 
Board with assurance that the 
potential impacts on our stakeholders 
are being carefully considered by 
management when developing plans 
for Board approval;
•	 The Board’s risk management 
procedures identify the potential 
consequences of decisions in the 
short, medium and long term so that 
mitigation plans can be put in place to 
prevent, reduce or eliminate risks to 
our business and wider stakeholders 
(see pages 62 to 71);
•	 The Board sets the Group’s purpose, 
values and strategy and ensures it is 
aligned with our culture (see page 11);
•	 Direct and indirect stakeholder 
engagement, alongside details of the 
themes emerging from such 
engagement (see pages 24 to 29);
•	 External assurance is received 
through audits, stakeholder surveys 
and reports from brokers and 
advisors; and
•	 Specific training for our Directors and 
senior managers, including tailored 
induction processes for new Directors 
and ongoing training on strategic, 
legal and regulatory developments 
(see page 94).
Major Board decisions during 2021
The Board factored the needs and concerns of our stakeholders into its decisions in accordance with s172 of the Companies 
Act 2006.
The major decisions taken by the Board and its Committees during 2021 include:
•	 The Company’s ongoing response to the COVID-19 pandemic, its impact upon our investors, our employees, our customers 
and suppliers, the communities we work in, and on governments and the regulatory environment in which we operate, and 
the potential impact of the pandemic on our purpose and long-term value generation. This is discussed throughout the  
Annual Report (see pages 14, 18, 25 to 29, 47, 58, 62, 81, 85, 87, 93, 102, 106, 110 and 112);
•	 Review of sustainability strategy (see pages 40, 48 and 50);
•	 Approval of the Company’s revised refinancing arrangements (see pages 28 and 84);
•	 Acquisition of solar power plants in Italy (see pages 24, 28, 30, 40 and 57); and
•	 Sale of our Brazil hydro business (see pages 14, 15, 20, 24, 28, 48 and 58).
The impact on stakeholders was part of these decisions, and the way in which stakeholder engagement is considered more 
broadly is set out above and in our stakeholder engagement section of the Annual Report (see pages 24 to 29).

90
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
CORPORATE GOVERNANCE REPORT (CONTINUED)
DIVISION OF 
RESPONSIBILITIES
Board roles
There is a clear division between executive and non-executive responsibilities which ensures accountability and oversight. The 
roles of Chairman and Chief Executive Officer are separately held, and their responsibilities are well defined, set out in writing 
and regularly reviewed by the Board. The role and remits of each of the Board Committees, alongside details of how each 
Committee has fulfilled that role and remit over 2021, are set out in the Committee reports. 
Key: 
Operational excellence
High growth
Financial strength
Board of Directors
 
Chairman: Craig A. Huff
Chief Executive Officer
Senior Management Team
Remuneration Committee
 
•	 Daniel Camus (Chairman)
•	 Mariana Gheorghe
•	 Dr. Alan Gillespie
Audit and Risk Committee
 
•	 Ronald Trächsel (Chairman)
•	 Daniel Camus
•	 Dr. Alan Gillespie
Nomination Committee
 
•	 Craig A. Huff (Chairman)
•	 Mariana Gheorghe
•	 Dr. Alan Gillespie
•	 Alejandro Santo Domingo
•	 Daniel Camus

91
Strategic Report
Governance
Financial Statements
Chairman
Mr. Craig A. Huff currently serves as 
Chairman of the Board. The role of the 
Chairman includes:
•	 Responsibility for the effective running 
of the Board and ensuring it is 
appropriately balanced to deliver the 
Group’s strategic objectives
•	 Promoting a Boardroom culture that is 
rooted in the principles of good 
governance and enables 
transparency, debate and challenge
•	 Ensuring that the Board as a whole 
plays a full and constructive part in the 
development of strategy and that 
there is sufficient time for Boardroom 
discussion
•	 Effective engagement between the 
Board and its shareholders
Senior Independent Director
Dr. Alan Gillespie currently serves as the 
Senior Independent Director (SID). The 
role of the SID includes:
•	 Providing a ‘sounding board’ for the 
Chairman in matters of governance or 
the performance of the Board
•	 Being available to shareholders if they 
have concerns which have not been 
resolved through the normal channels 
of communication with the Company
•	 Leading a meeting of the Non-
Executive Directors without the 
Chairman present to appraise the 
performance of the Chairman at least 
once a year
•	 Acting as an intermediary for Non-
Executive Directors when necessary
•	 Acting as an independent point of 
contact in the Group’s whistleblowing 
procedures
Non-Executive Directors
•	 Providing constructive challenge to 
our executives, helping to develop 
proposals on strategy and monitoring 
performance against our KPIs
•	 Ensuring that no individual or group 
dominates the Board’s decision-
making
•	 Promotion of the highest standards of 
integrity and corporate governance 
throughout the Company and 
particularly at Board level
•	 Determining appropriate levels of 
remuneration for the senior 
executives
•	 Reviewing the integrity of financial 
reporting and ensuring that financial 
controls and systems of risk 
management are robust
Chief Executive Officer
•	 Executing the Group’s strategy and 
commercial objectives together with 
implementing the decisions of the 
Board and its Committees
•	 Keeping the Chairman and Board 
apprised of important and strategic 
issues facing the Group
•	 Ensuring that the Group’s business is 
conducted with the highest standards 
of integrity, in keeping with our culture
•	 Managing the Group’s risk profile, 
including the maintenance of 
appropriate health, safety and 
environmental policies
Company Secretary
LDC Nominee Secretary Limited was 
appointed as the Company Secretary in 
August 2021. The responsibilities of the 
Company Secretary include:
•	 Responsibility for compliance with 
Board procedures and supporting the 
Chairman
•	 Ensuring the Board has high-quality 
information, adequate time and 
appropriate resources to function 
effectively
•	 Advising and keeping the Board 
updated on corporate governance 
developments
•	 Considering Board effectiveness in 
conjunction with the Chairman
•	 Facilitating induction programs and 
assisting with professional 
development
•	 Providing advice, services and 
support to all Directors, as required
The appointment and removal of the 
Company Secretary are at the discretion 
of the Board, as set out in the Matters 
Reserved for the Board.
Executive Management Board
Delivering the Board’s strategy is the 
collective responsibility of the Executive 
Management Board (EMB) and it is 
composed of two Executive Directors 
and circa seven Executive Vice 
Presidents. To assist the EMB, a number 
of supporting committees have been 
established, to provide additional 
oversight of key business activities and 
risks. The EMB usually meets several 
times per quarter and can also meet on 
an ad hoc basis enabling the team to 
handle complex transactions and make 
quick decisions, with the overall aim of 
creating value and driving development 
and value growth.

92
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
CORPORATE GOVERNANCE REPORT (CONTINUED)
Board independence
Chairman
As a representative of the Company’s 
largest shareholder, our Chairman,  
Craig A. Huff, is not considered to be 
independent under the Code, as he  
was not considered independent on 
appointment to the Board upon the 
Company’s listing in 2017. Further details 
regarding the independence criteria of 
the Chair can be found on page 82 of 
this Report.
Non-Executive Directors
Together with the Chairman, two other 
Non-Executive Directors (Alejandro 
Santo Domingo and Gregg M. Zeitlin) 
are not considered as independent 
under the Code. Notwithstanding this, 
the Board considers that the Non-
Executive Directors as a unit play an 
important role in ensuring that no 
individual or group dominates the 
Board’s decision-making. It is therefore 
of paramount importance that their 
independence of mind and operation is 
maintained. At each Board meeting, the 
Chairman meets with the Non-Executive 
Directors without executive 
management being present. These 
meetings are useful to safeguard the 
independence of our Non-Executive 
Directors by providing them with time to 
discuss their views in a private context.
Any Director who has concerns about 
the running of the Group or a proposed 
course of action is encouraged to 
express those concerns for further 
discussion and minuting if consensus is 
not reached. No such concerns were 
raised during 2021. All Directors have 
confirmed (as they are required to do 
annually) that they have been able to 
allocate sufficient time to discharge their 
responsibilities effectively.
The Board considers that, except as 
disclosed in respect of Craig A. Huff, 
Alejandro Santo Domingo and Gregg M. 
Zeitlin, our Non-Executive Directors 
remain independent from executive 
management and free from any business 
or other relationship which could 
materially interfere with the exercise of 
their judgment. Any Director is recused 
from any discussion involving any 
perceived or actual conflict of interest.
Conflict of interests
Directors are required to notify the 
Company as soon as they become 
aware of a situation that could give rise 
to a conflict or potential conflict of 
interest. The register of potential 
conflicts of interest is regularly reviewed 
by the Nomination Committee on behalf 
of the Board to ensure it remains up to 
date. The Board is satisfied that potential 
conflicts have been effectively managed 
throughout the year.
As a Non-Executive Director’s 
independence could be impacted 
where a Director has a conflict of 
interest, the Board operates a policy that 
restricts a Director from voting on any 
matter in which they might have a 
personal interest unless the Board 
unanimously decides otherwise. At the 
start of every meeting and before all 
major Board decisions, the Chairman 
requires the Directors to confirm that 
they do not have a potential personal 
conflict with the matter being discussed. 
If a conflict does arise, the Director is 
recused from the relevant discussions.
Other external appointments
Our Directors are required to notify the 
Chairman of any alterations to their 
external commitments that arise during 
the year with an indication of the time 
commitment involved, and to notify our 
Chairman in advance of any additional 
external appointments. In 2021, the 
Nomination Committee, on behalf of the 
Board, reviewed the Directors’ current 
list of external appointments and 
confirmed that it does not believe any 
current directorships will affect our 
Non-Executive Directors’ commitment 
to, or involvement with, the 
ContourGlobal Board, nor will they give 
rise to a potential conflict of interest 
which cannot be effectively managed  
by recusal.
Executive Directors
Executive Directors may accept a 
non-executive role at another company 
with the approval of the Board. Currently, 
none of our Executive Directors is a 
director of another listed company.
Board members and attendance
Board
Audit and Risk 
Committee
Nomination 
Committee
Remuneration 
Committee
Total number of meetings
7
5
4
7
Craig A. Huff
7
–
4
–
Joseph C. Brandt
7
–
–
–
Stefan Schellinger
7
–
–
–
Alejandro Santo Domingo
6*
–
4
–
Mariana Gheorghe
7
–
4
7
Dr. Alan Gillespie
7
5
4
7
Ronald Trächsel
7
5
–
–
Daniel Camus
7
5
4
7
Gregg M. Zeitlin
7
–
–
–
In addition to the scheduled Board meetings, there was 1 written resolution.
	*
Mr. Santo Domingo was unable to attend one Board meeting, however, he provided full comments on the materials discussed at the Board ahead of the meeting.

93
Strategic Report
Governance
Financial Statements
Composition
The Nomination Committee facilitates 
and the Board ensures that 
appointments to the Committee are 
made solely on merit with the overriding 
objective of ensuring that the Board 
maintains the correct balance of skills, 
experience, diversity, length of service 
and knowledge of the Group to 
successfully determine the Group’s 
strategy. The benefits of diversity are 
considered in the widest sense, 
including gender, social and ethnic 
backgrounds.
The Code recommends that at least half 
of the Board, excluding the Chairman, 
should be composed of independent 
Non-Executive Directors. Our Board is 
composed of 50% independent 
Non-Executive Directors (excluding the 
Chairman) as at 31st December 2021.
Succession
We have used this year to focus upon 
the desired skills and diversity mix that 
we need, both on the Board and for 
senior management, to develop our 
long-term strategic goals. The 
implementation and embedding of our 
Board diversity policy (further details of 
which are below) is an important step in 
ensuring diversity considerations are 
appropriately taken into account in our 
succession planning activity. 
The Committee reported in the 2019 
Annual Report that we were in the 
process of recruiting an additional 
independent Non-Executive Director, 
with a view in particular to having further 
independent Director representation on 
the Board. Further details on the skills 
and competencies sought for this 
representation can be found on page  
97 of the Nomination Committee report. 
No appointments to the Board were 
made in 2020-2021, due to the 
unprecedented events that took place 
over the course of the year arising from 
the COVID-19 pandemic. It remains the 
Board’s intention to appoint a further 
independent Non-Executive Director, 
and we expect to be able to report 
progress in this area in 2022.
COMPOSITION, 
SUCCESSION  
AND EVALUATION
Board diversity policy
The Board approved a Board diversity policy in December 
2020. The policy is available to view via: www.
contourglobal.com
The Board recognizes the importance and value of 
diversity in all its forms, and the Board’s role in driving 
diversity and inclusion across the organization. We are 
committed to creating a culture which reflects the diverse 
communities we serve, and which provides equal 
opportunity and support for all to utilize their experiences 
and skills to contribute to the business.
We are pleased that, as at 31st December 2021, we have 
50% female representation on the Executive Management 
Board, and we remain mindful of the targets set by the 
Hampton-Alexander Review, and the ongoing work of the 
FTSE Women Leaders Review.
We believe a key driver in delivering our organizational 
diversity commitments is through a Board which is diverse 
in gender, social and ethnic background, cognitive and 
personal strengths. The Board diversity policy sets out the 
importance of recent diversity reviews, most notably the 
Hampton-Alexander Review and the Parker Review, and 
sets out the Board’s aims in respect of achieving the 
diversity targets set out in both of those Reviews.
We have not currently set timeframes in which we might 
achieve those targets. Nonetheless, we recognize that 
both Board diversity in respect of gender and ethnic 
diversity, and senior management diversity in respect of 
ethnic diversity, are not yet at the stage we want them to 
be, and a priority area for the Board, supported by the 
Nomination Committee, in 2022 and beyond will be on 
driving initiatives that will allow us to continue to improve 
diversity at all levels of the Company.
We will continue to report in future Annual Reports on 
how our Board diversity policy has been implemented 
and to set out our achievements against the policy. 
Further details of our diversity and inclusion initiatives 
throughout the Company are set out on pages 46 and 47. 
Gender diversity across our business is set out on page 
39.

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
CORPORATE GOVERNANCE REPORT (CONTINUED)
The Board has also, primarily through its 
Nomination Committee, dedicated 
significant time to reviewing and 
developing the senior management 
pipeline. The Board is pleased with the 
range and efficacy of the various 
initiatives in place across the Company 
to develop internal talent, as mentioned 
in this report. Further details on the 
Nomination Committee’s activities, and 
on the Board appointment process, are 
set out in the Nomination Committee 
report on pages 96 to 100.
Further information on the Board 
appointment process is set out in the 
Nomination Committee report.
Induction
On appointment, each Director takes 
part in a tailored induction program, 
during which they meet members of 
senior management and receive 
information about the role of the Board 
and individual Directors, each Board 
Committee and the powers delegated to 
those Committees. They are also 
advised by the General Counsel and 
Company Secretary of the legal and 
regulatory obligations of a director of a 
company listed on the London Stock 
Exchange. Induction sessions are 
designed to be interactive and are 
tailored to suit the individual’s needs 
considering their previous experience 
and knowledge.
Training and development
With the ever-changing environment in 
which the Group operates, it is important 
for our Executive and Non-Executive 
Directors to remain aware of recent, and 
upcoming, developments. We require all 
Directors to keep their knowledge and 
skills up to date and include training 
discussions with the Chairman in their 
annual performance reviews.
We invite professional advisors to 
provide in-depth updates and training 
on legislative developments and a range 
of issues including, but not limited to, 
market trends, the economic and 
political environment, environmental, 
technological and social considerations, 
and cyber security. Our Company 
Secretary provides regular updates to 
the Board and its Committees on 
regulatory and corporate governance 
matters.
All Directors have access to the services 
of the Company Secretary and any 
Director may instigate an agreed 
procedure whereby independent 
professional advice may be sought at 
the Company’s expense.
Directors’ skills and experiences
An effective Board requires the right mix 
of skills and experience. Our Board 
possesses a diverse range of skills, 
competencies and experience, and 
works collectively as an effective team 
focused on promoting the long-term 
success of the Group. An overview of 
the skills and experience of our 
Directors as at 31st December 2021 is set 
out in the Nomination Committee report 
on page 96. As part of the Board’s 
annual effectiveness review, described 
on page 82, the Nomination Committee 
considers the composition of the Board 
and its Committees in terms of its 
balance of skills, experience, length of 
service, knowledge of the Group and 
wider diversity considerations. The 
Nomination Committee has confirmed 
that the membership of each of the 
Committees continues to be appropriate 
and in accordance with best practice 
and the Code.
Board performance review
On an annual basis, an evaluation 
process is undertaken which considers 
the performance of the Board, its 
Committees and individual Directors. 
This review identifies areas of strength 
and areas for improvement, informs 
training plans for our Directors and 
identifies areas of knowledge, expertise 
or diversity which should be considered 
in our succession plans.

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Financial Statements
2020 Board evaluation
The 2020 Board evaluation was conducted by the Chairman and the Company Secretary, with support from Independent Audit 
Limited, a board evaluation specialist with no other connections to the Company. The recommendations arising from the 2020 
internal Board evaluation together with the actions implemented in response were:
Recommendations
Action taken and outcome
Continued focus on the Company’s people strategy and succession planning
The Nomination Committee has considered the Group’s 
people and its strategy, and will continue to focus on 
this, as well as succession planning, in 2022. 
Educational sessions on cyber and data security in respect of the Company and 
its industry
The Board received a number of educational updates on 
cyber and data security, both from internal and external 
expert advisors. 
2021 Board evaluation
The Board recognizes the provisions in the UK Corporate Governance Code 2018 around FTSE 350 companies completing an 
externally facilitated review at least once every three years. In 2021 the Board engaged Lintstock, an externally facilitated 
performance review specialist, to conduct a comprehensive review of its expertise, dynamics, management, focus of meetings, 
culture, and oversight. Lintstock do not have any other connections with either the Company or individual Directors of the Board.
Process steps for the 2021 Board evaluation
Step 1
Step 2 
Step 3
Step 4
Step 5
The Chairman and 
Company Secretary 
worked with Lintstock 
and undertook initial 
scoping and 
consultation on the 
process to be 
undertaken. 
Lintstock designed a 
survey appropriate to the 
Company’s needs and 
tailored to its specific 
circumstances, and the 
Chairman reviewed and 
agreed all the questions 
to be asked. 
Lintstock liaised with 
Directors to complete 
the Board and 
Committee reviews. 
Lintstock subsequently 
finalized the 
questionnaires as 
agreed with the 
Chairman to cover the 
review of Board, Chair 
and individual 
performances.
The anonymity of all 
respondents was 
ensured throughout the 
process to encourage 
open feedback.
Lintstock agreed a report 
of the evaluation with the 
Chairman and Company 
Secretary for discussion 
at the Board and each of 
the Committees.
Additionally, pertinent 
information was provided 
to the Chairman only.
Outcomes from the 2021 Board 
evaluation
Feedback on the performance of the 
Board was positive overall, and 
Directors felt that the Board is 
discharging its responsibilities 
effectively. The Board was seen to 
include an appropriate mix of skills and 
experience, and the relationships on the 
Board - and between the Board and 
management - were positively rated. 
The information that the Board receives 
was felt to be high-quality, and Board 
meetings are well-managed, including in 
terms of agenda coverage and Director 
participation.
Focus areas in 2022
The review also identified a number of 
areas for continued focus and 
development in 2022. The reports were 
considered by each Committee and the 
Board, and as a result of these reviews, 
the Board agreed to: 
Continue its focus on the Company’s 
people strategy and succession 
planning; 
Build on and develop the programme of 
work undertaken by the Non-Executive 
Director for workforce engagement; and
Continue to engage with, and unlock 
value for, shareholders.

96
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
REPORT OF THE NOMINATION COMMITTEE
REPORT OF THE 
NOMINATION COMMITTEE
Members of the Committee
•	 Craig A. Huff  
(Chairman of the Committee)
•	 Daniel Camus*
•	 Mariana Gheorghe*
•	 Dr. Alan Gillespie*
•	 Alejandro Santo Domingo
Meeting attendance shown  
on page 92
	*
Independent Director.
Dear Shareholders,
In 2021, the Committee’s main focus was on Board and 
senior management succession planning and the 
review of the composition of the Board and its 
Committees in respect of skills and diversity. During 
the year the Committee undertook a full review and 
refresh of its skills matrix to ensure that the right skills, 
experience and knowledge were captured. We also 
maintained focus on our Board diversity policy, 
ensuring we further embed diversity and inclusion in 
succession planning discussions. In 2021, we planned 
to recruit an additional female independent Non-
Executive Director, and interviews were ongoing with 
potential candidates. As part of our workforce 
engagement arrangements, Mariana Gheorghe, our 
designated Director for workforce engagement, has 
begun a programme of engagement, more details on 
which are outlined on page 87. 
Roles and responsibilities 
The role of the Committee is set out  
in its terms of reference which are 
available on the Company’s website  
at www.contourglobal.com/corporate-
governance. The Committee plays  
an important role in making 
recommendations of appropriate 
candidates for appointment to the 
Board. It also keeps under review  
the composition of the Board and its 
Committees; the balance of skills, 
knowledge and experience on the 
Board; and the size, structure and 
composition of the Board. 
The Committee is also responsible  
for making recommendations to the 
Board concerning succession planning. 
Meetings
The Committee will normally meet at 
least twice per year and otherwise as 
required in order to discharge its duties. 
It met four times in 2021. 
Craig A. Huff is the Chair of the 
Committee. He is a representative of 
ContourGlobal LP, the Company’s major 
shareholder. The Committee’s 
composition meets the requirements of 
the Code with the majority of members 
being independent. The Company 
Secretary is Secretary to the Committee 
and attends all meetings.
Other attendees at meetings are at the 
invitation of the Committee and include 
the CEO or advisors. Neither the 
Chairman nor the CEO would participate 
in the recruitment of their own successor.

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The Committee is authorized to seek 
outside legal or other independent 
professional advice as required.
Board and Committee 
composition, skills and 
competencies mix 
Over the course of 2021, the Committee 
continued to review the current structure 
and composition of the Board and its 
Committees to ensure a good balance 
of skills, expertise, industry knowledge 
and independence. Our considerations 
around the composition of the Board are 
set out subsequently in this report. 
During the year, the Committee 
considered the composition of the 
Committees of the Board, taking into 
account the roles and responsibilities of 
those Committees and the outcomes of 
the most recent Committee effectiveness 
reviews. The Committee frequently 
considers a skills matrix for the Board, 
and during 2021 refreshed its skills 
matrix, set out later in this report, which 
identifies the core competencies, skills, 
diversity and experience required for the 
Board to deliver its strategic goals. The 
Committee reviews the skills matrix when 
considering a potential new appointment 
to the Board, as well as reviewing the 
current and expected Board and Board 
Committee composition. 
Any gaps in the Board’s needs, 
identified either as part of a current 
Director’s retirement, or in view of the 
changing strategic priorities, are used to 
inform the search for a new Director or 
Directors and the specific skills that are 
required will be identified, for example, 
an individual with international 
experience, or recent history serving on 
a particular board committee. 
The Board also takes into account the 
results of the annual Board evaluation 
process to determine any necessary 
changes to the Board membership or 
structure. Recent evaluation results have 
supported the view that the structure 
and composition of the Board and its 
Committees supports the overall 
effectiveness of the Board. This is an 
area that will remain under review at 
least annually.
On the basis of these reviews, the 
Committee continued to support the 
appointment of a Non-Executive Director 
with the following specific skills and 
competencies: knowledge and 
Main responsibilities of the Committee include:
•	 Regularly review the structure, size and composition 
(including the skills, knowledge, experience and 
diversity) of the Board and its Committees and making 
recommendations to the Board 
•	 Lead the process for appropriate executive and 
non-executive Board appointments and make 
recommendations for Board approval, including 
recommendations to the Board on refreshing the 
membership of the Board’s principal Committees
•	 Implement plans for the orderly succession of Board 
members and senior management
•	 Review Directors’ conflicts of interest authorization and 
the time required from Non-Executive Directors
•	 Consider requests from Directors for appointment to 
the boards of other companies (delegated to the 
Chairman, except in his own regard)
•	 Annually review the terms of reference
experience of working in one of the 
Group’s key growth regions; global 
power sector knowledge; and 
experience in mergers and acquisitions. 
Further to this, the Committee did not 
recommend any changes to the 
membership of the Board Committees  
in 2021. The Committee will continue to 
review this at least annually.
The Committee’s current assessment of 
the current skills and competencies on 
the Board is set out in this report on 
page 98.

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Board skills matrix 2021
Name
Gender 
Nationality  
(as filed at Companies House)
Executive  
and M&A 
experience
Financial 
and banking 
experience
Risk  
oversight
Knowledge of 
power and 
energy sectors
FTSE UK 
governance
International 
expertise
Environmental 
knowledge
Craig A. Huff (Chairman)
M
American
Joseph C. Brandt (CEO)
M
American
Daniel Camus
M
French, Canadian
Mariana Gheorghe
F
Romanian, British
Dr. Alan Gillespie
M
British
Alejandro Santo Domingo
M
Colombian, Spanish and American
Stefan Schellinger (CFO)
M
British
Ronald Trächsel
M
Swiss
Gregg M. Zeitlin
M
American
	*
The skills and competencies included in this matrix are a non-exhaustive overview of the range of skills and competencies that the Board had prior to joining 
ContourGlobal plc, and provides our stakeholders with an overview of the competencies that the Company considers to be the most relevant to its stakeholders.
Board and Committee 
appointment process
The Board has formal, thorough and 
transparent procedures in place for 
Board recruitment and appointment. As 
mentioned above, the Company’s goal 
is to ensure that the Board is well 
balanced and appropriate for the needs 
of the business. The Committee has 
regard to the Board’s balance of skills, 
knowledge, experience and diversity, 
including gender and ethnic diversity.
How do we identify candidates? 
In identifying suitable candidates, the 
Board will typically seek to use either 
open advertising or external search 
services to facilitate the recruitment. 
Egon Zehnder have been appointed as 
external search consultants to assist the 
Board with recent Board appointment 
exercises. We carefully assess each 
candidate against our objectives and the 
diversity policy, and take care that 
appointees have enough time available 
to devote to the position. 
The Committee is cognizant of Board 
diversity targets, including those 
recommended from the Parker Review 
and Hampton-Alexander Review. Our 
approach to diversity is set out in more 
detail below and in the corporate 
governance statement on pages 93.
What is the appointment process 
employed? 
Shortlisted candidates are generally 
seen first by the Chairman of the Board, 
the Senior Independent Non-Executive 
Director and the CEO. If the selection 
process progresses further, each 
potential candidate is invited to meet 
other members of the Committee as well 
as members of senior management. 
The Committee will agree whether to 
recommend that the candidate be 
appointed to the Board. The Board will 
ultimately resolve whether to make the 
suggested appointment.
Diversity and inclusion
Having a diverse, highly talented and 
skilled group of people at all levels at 
ContourGlobal is fundamental to our 
business success and a key part of the 
business model. Diversity and inclusion 
bring new ideas and fresh perspectives 
which fuel creativity and innovation. 
Therefore, the Company works to attract, 
retain and develop employees to 
improve the talent pipeline. As a 
multinational company with operations in 
more than 20 countries across the globe, 
diversity of thought and background is 
essential and will remain one of the key 
criteria by which candidates are selected 
for the Board and the pipeline for senior 
leadership positions.
The Company’s position is that no 
individual should be discriminated 
against on the grounds of race, color, 
ethnicity, religious belief, political 
affiliation, gender orientation, sexual 
orientation, national origin, ancestry, 
age, medical condition, physical or 
mental disability, marital status, worker’s 
compensation status, veteran status, 
citizenship status, or any other legally 
protected status and this extends to 
Board appointments.
The Committee and the Board ensure 
that, together, the Directors possess the 
appropriate diversity of skills, 
experience, knowledge and 
perspectives to support the long-term 
success of the Company. 
In 2020 the Board adopted a diversity 
policy as recommended by the 
Committee. During 2021 the Committee 
has worked to fully implement and embed 
this policy, and a review of progress 
against the policy’s objectives can be 
found below. The Committee is of the 
view that this will help to further integrate 
diversity and inclusion considerations into 
the Company, including in Board and 
senior management recruitment and 
retention processes.
REPORT OF THE NOMINATION COMMITTEE (CONTINUED)
Process for Board appointments
Sufficient relevant knowledge/experience in the area
 
Was accountable and (had) executed over several years

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Strategic Report
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Financial Statements
Review of progress against diversity policy
Objectives
Progress
Place emphasis on development of diversity within the 
Group and commit to further pursuing diversity, as 
appropriate and on merit, within the Group senior 
management roles.
We continue to strengthen the pipeline of senior female 
executives within the business, and our initiatives to support 
senior management diversity are outlined on pages 82, 93 
and 96 to 98. 
Aspire to achieve a level of at least 33% female Directors  
on the ContourGlobal plc Board.
The Board is committed to its target for female representation 
and is mindful of the target set out in the Hampton-Alexander 
Review of a minimum of 33% female representation at Board 
level. The Committee will continue to make recommendations 
for new appointments to the Board based on merit, with 
candidates measured against objective criteria and with 
regard to the skills and experience they would bring to the 
Board. As at 31st December 2021, female representation on 
the Board represents 11% of the membership.
Aspire to achieve the recommendations of the Parker 
Review by having at least one Director on the Board from  
an ethnic minority background.
The Committee has adopted this in its policy and the Board 
continues to consider candidates from a wide range of 
backgrounds. As a multinational Group with operations in more 
than 20 countries, diversity of thought and background is 
essential and will remain one of the key criteria by which 
candidates are selected for the Board and the pipeline for senior 
leadership positions. Our current Board composition is mindful  
of the need to be representative of our multinational position. 
In its search for candidates, to engage with executive 
search firms which are signatories to the Voluntary Code  
of Conduct for Executive Search Firms.
The Board supports the provisions of the Voluntary Code of 
Conduct for Executive Search Firms and will only engage 
those who have signed up to this Code. The Board’s current 
executive search firm is a signatory to the Code.
As required by the UK Corporate Governance Code, report 
annually against these objectives and other initiatives taking 
place within the Company to promote gender and other 
forms of diversity. 
The Board recognizes the importance of diversity and that it 
is a wider issue than gender. Our diversity initiatives are 
outlined on pages 41, 46, 93 and 96 to 98. 
Report annually on the outcome of the Board evaluation, 
and the composition and structure of the Board.
The Board continues to commit to reporting annually on the 
outcome of the Board evaluation, and the composition and 
structure of the Board.

100
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Directors’ independence and 
re-appointment 
The Board keeps the independence of 
the Non-Executive Directors under 
continuous review. In March 2021, the 
Committee assessed the performance 
and independence of each of the 
Non-Executive Directors and concluded 
that each of them contributed effectively 
to the operation of the Board.
Each year Directors are subject to 
appointment or re-appointment by 
shareholders at our AGM. Non-Executive 
Directors are appointed for a specified 
term of three years, subject to annual 
re-election at the AGM. Re-appointment 
for a second three-year term is not 
automatic, and any term for a Non-
Executive Director beyond six years is 
subject to a review.
Conflicts of interest and time 
requirements for Non-Executive 
Directors
The Company’s Articles of Association 
contain provisions which permit 
unconflicted Directors to authorize 
conflict situations. Each Director is 
required to notify the Chairman of any 
potential conflict or potential new 
appointment or directorship. This year, 
the Committee reviewed the list of 
Directors’ external appointments and 
decided that there were no apparent 
conflicts of interest that could not be 
adequately managed by recusal and, 
consequently, recommended the same 
for approval by the Board.
The Board does not specify the exact 
time commitment required from its 
Non-Executive Directors as they are 
expected to fulfill the role and manage 
their commitments accordingly. The 
Board is satisfied that none of its 
Directors is overcommitted and unable 
to fulfill their responsibilities as a 
Director of the Company. Should a 
Director be unable to attend meetings 
on a regular basis, not be preparing for 
or contributing appropriately to Board 
discussions, the Chairman would be 
responsible for discussing the matter 
with them and agreeing a course  
of action.
Committee evaluation
As described in more detail on page 95, 
an externally facilitated evaluation of the 
Committee’s effectiveness was 
undertaken during 2021 as part of the 
wider Board evaluation. The findings  
of the review were considered by the 
Board as a whole, and the results 
demonstrated that members of the 
Committee ensured that core skills were 
covered and there was good discussion 
and debate. The Committee remains 
mindful of the need to ensure continued 
focus is given to the talent management 
and executive succession process, as 
well as continuing the review of the 
composition of the Board.
Priorities for 2022
For the coming financial year, the 
Committee will, among other matters, 
focus on the following: 
•	 The continued development of 
succession plans, the talent pipeline 
and diversity strategy.
•	 The continuous review of the 
composition of the Board and its 
Committees in respect of skills and 
diversity, and a focus on adding a 
further member to the Board to 
address the additional skills identified 
as being of benefit to the Board as  
a whole.
•	 An enhanced focus on people 
matters, and supporting management 
in strategy and how it relates to 
employees more widely.
Craig A. Huff
Chairman of the Committee
17th March 2022
REPORT OF THE NOMINATION COMMITTEE (CONTINUED)
Appointment of a Non-
Executive Director update
The Committee reported in the 2019 
Annual Report and Accounts that the 
Committee had, following a review of 
the current and desired future skills 
and competencies mix amongst 
Directors, and the structure, diversity 
and independence of the current 
Board, determined that an additional 
independent Non-Executive Director 
would add value. No appointments 
to the Board were made in 2020-
2021, due to the unprecedented 
events that took place over the 
course of the year arising from the 
COVID-19 pandemic. 
A key activity for the Committee 
during the reporting period was to 
lead the search for an independent 
Non-Executive Director, making sure 
that the provisions and aims set out 
within the Board diversity policy 
agreed in 2020 informed the 
process and future appointments. 
The Committee and the Board fully 
understand and appreciate the 
benefits of diversity in all its forms in 
promoting balanced and considered 
decision-making which aligns with 
ContourGlobal’s purpose, values  
and strategy.

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Financial Statements
REPORT OF THE AUDIT & RISK COMMITTEE
REPORT OF THE  
AUDIT & RISK COMMITTEE
Members of the Committee
•	 Ronald Trächsel  
(Chairman of the Committee)
•	 Daniel Camus
•	 Dr. Alan Gillespie
Meeting attendance shown  
on page 92
Dear Shareholders,
My report seeks to provide you with an understanding 
of the Committee’s work during the year and with 
assurance of the integrity of the 2021 Annual Report 
and Financial Statements.
During the year the Committee focused on the 
Company’s financial performance and integrity of the 
annual and interim financial statements. This included  
a thorough review of the Company’s going concern, 
viability statement and principal and emerging risks 
and uncertainties. 
The Committee also reviewed the key 
accounting areas of judgment, the 
adequacy and effectiveness of the 
Group’s system of internal controls, 
including whistleblowing, and the 
effectiveness, performance and 
objectivity of the internal and external 
audit functions. The Committee also 
took steps to ensure that, when taken as 
a whole, the Annual Report is fair, 
balanced and understandable. Further 
to a recommendation from the 
outsourced internal auditor, we 
reviewed the principal risks and 
uncertainties and agreed that ‘Pandemic 
virus’ and ‘Supply chain’ risks should be 
moved from a strategic domain to an 
operational and execution domain. 
The Committee, along with management 
and the external auditor, considered the 
recommendations issued from the 
consultation from the UK Government's 
department for Business, Energy and 
Industrial Strategy on corporate 
governance, reporting, regulation, and 
potential audit reform, as well as the 
new accounting and reporting 
requirements introduced by International 
Financial Reporting Standards (IFRS). 
The Committee, with the support of the 
external auditor, considered the 
consultation to reform the corporate 
governance, reporting and audit system 
in the UK, and the potential impact of 
these on audit and governance quality 
for the Company. Together, the 
Committee provided a collective 
response to BEIS on this consultation. 
As part of the FRC’s regular oversight 
role on company reporting in November 
2020, the Company received a letter 
from the FRC which raised a limited 
number of queries in connection with 
disclosures contained in the 2019 
Annual Report. These queries related to 
the recoverability of certain 
development costs, purchase price 
allocation in relation to acquisitions, 
clarification of the accounting for the 
change in borrowings, accounting for 
emissions quotas, non-controlling 
interest disclosures, and the Company’s 
approach to alternative performance 
measures. The Company’s response 
was overseen by the Audit and Risk 
Committee and discussed with the 
Company’s external auditor. We took 
the FRC’s feedback into consideration 
and, following engagement with the FRC 
to ensure all points were satisfactorily 
covered, enhanced disclosures in the 
2020 Annual Report and Financial

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Statements. This reflected most notably 
in purchase price allocation, non-
controlling interests and alternative 
performance measures. 
During the year, the Committee 
considered the findings of a stakeholder 
engagement exercise, facilitated by 
KPMG, to improve the impact of the 
Internal Audit function. As part of this 
work, the Committee oversaw the 
transition to a new, integrated 
Governance, Risk Management and 
Compliance system during the year, and 
this platform is designed to support 
Internal Control, Risk, Debt Compliance, 
and Internal Audit activities. In 2022 the 
Committee will continue to address the 
recommendations from the exercise, 
including increasing understanding of 
why controls matter across the 
organization.
During 2021, Stuart Altman was 
appointed as the new Chief Compliance 
Officer. Under his guidance, the 
Committee undertook to refresh the 
Code of Conduct to ensure that it is 
user-friendly and enhances alignment to 
the Company’s values and principles. 
Our aim is to further promote a culture of 
compliance reporting and problem 
solving across the Company. 
We also undertook a thorough review of 
our Modern Slavery Statement and 
revised this to ensure it accurately 
reflected changes in our portfolio 
composition and geographical locations. 
We further considered the impact of 
COVID-19 on our ability to undertake 
anti-human slavery risk assessments, 
especially in high-risk locations, and 
ensured on-site assessments were 
scheduled as soon as local travel 
restrictions allowed. 
On behalf of the Board, the Committee 
has also continued to focus on the 
impact of climate change and reporting 
against the Task Force on Climate-
related Financial Disclosures (TCFD) to 
support our work in that regard. The 
Committee has discussed the TCFD 
reporting framework with management 
and the external auditor, in order to 
develop our disclosures to align with the 
recommendations. 
Committee evaluation
Following the evaluation of the 
Committee’s performance, undertaken 
in 2019 by Independent Audit, the 
Committee agreed to focus on 
increasing the number of deep dives 
into the business to further build upon 
its knowledge of risks within the 
business. The Committee has received a 
number of such updates, including a 
deep dive on cyber security risk, and 
further deep dives are scheduled into its 
program of work for 2022.
The Committee’s performance was 
evaluated by Lintstock and the key 
priorities for 2021-22 are as referred to 
on page 95. Further details on the 
activities of the Committee during the 
year and how it has discharged its 
responsibilities are provided in the 
report below.
As Chair of the Committee, I ensure that 
the Committee’s agenda is kept under 
review and reflects relevant 
developments, and that this report 
provides clear and meaningful 
disclosure on the Committee’s activities.
Ronald Trächsel
Chairman of the Audit and Risk 
Committee
17th March 2022
REPORT OF THE AUDIT & RISK COMMITTEE (CONTINUED)
“THE COMMITTEE CONTINUES TO PROVIDE 
OVERSIGHT OF THE GROUP’S RISK ASSESSMENT 
AND MANAGEMENT, INTERNAL CONTROL, EXTERNAL 
AUDIT, INTERNAL AUDIT, COMPLIANCE, FINANCIAL 
MANAGEMENT, AND REPORTING FRAMEWORKS, 
PROCESSES AND ACTIVITIES.”

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Principal duties of the Committee
The principal duties of the Committee are to:
•	 Monitor the financial reporting process to ensure the integrity of the Group’s financial statements and announcements 
relating to financial performance and make any necessary recommendations for improvements.
•	 Assess and challenge significant accounting estimates and judgments.
•	 Monitor the statutory audit of the Annual Report and Financial Statements.
•	 Manage the relationship with the external auditor and oversee the external audit process including assessment of the 
quality of the audit.
•	 Review and monitor the external auditor’s independence and the provision of additional services.
•	 Review the Group’s strategic risk register, principal risks and the going concern and viability statements.
•	 Monitor the effectiveness of internal controls (including financial, operational and compliance controls) and the risk 
management framework used to identify and manage principal and emerging risks.
•	 Oversee the internal audit function and process including the findings of internal audit reports.
•	 Monitor the effectiveness of financial controls and the process for identifying and managing risk.
Ronald Trächsel has chaired the 
Committee since the IPO in November 
2017. He is currently the Chief Financial 
Officer of a Swiss publicly listed power 
generation grid and infrastructure 
company and is considered by the 
Board to have recent and relevant 
financial experience.
All members of the Committee are 
independent Non-Executive Directors, 
and the Board is satisfied that the 
Committee as a unit has the 
competence relevant to the sector and 
its members have an appropriate level 
of experience of corporate financial 
matters. The Company Secretary is 
Secretary to the Committee and attends 
all meetings.
The representatives from PwC and the 
Head of Internal Audit are each afforded 
time with the Committee and the 
Company Secretary to raise any 
concerns they may have without 
management being present.
The Committee is authorized to seek 
outside legal or other independent 
professional advice though this was not 
required during the year.
The Committee’s terms of reference can 
be found at: www.contourglobal.com/
investor-relations.
The Directors’ responsibilities statement 
in respect of the Annual Report and 
Financial Statements can be found on 
page 134.
The key role of the Committee is to 
ensure that the interests of shareholders 
are properly protected in relation to the 
Company’s financial reporting, internal 
control and risk management 
arrangements, and to provide challenge 
to management’s approach and 
decisions in relation to the content, 
significant accounting estimates, 
judgments and disclosures within the 
Company’s financial reports. The 
Committee’s role is also to ensure that 
management’s disclosures reflect the 
necessary supporting detail to challenge 
management to explain and justify their 
judgments. The Committee reports on 
its findings to the Board and makes 
recommendations accordingly. This 
includes confirming to the Board 
whether, in accordance with the 
requirements of the UK Corporate 
Governance Code 2018 (“the Code”), 
the Annual Report and Financial 
Statements, taken as a whole, are fair, 
balanced and understandable and 
provide the information necessary for 
shareholders to assess the Company’s 
position and performance, business 
model and strategy.
The Committee is supported in this role 
by the Company’s internal audit function 
and the external auditor, who in the 
course of the statutory audit reviews the 
accounting records kept by the 
Company to test whether information is 
being recorded in line with agreed 
accounting practices. The external 
auditor’s report is set out on pages 136 
to 145.
The Committee is responsible for 
ensuring that the three-way relationship 
between the Committee, the auditor and 
the Company’s management is 
appropriate, and that the external 
auditor remains independent of the 
Company. Independence is a key focus 
for the external auditor, whose staff must 
comply with their firm’s own ethics and 
independence criteria which must be 
consistent with the FRC’s Revised 
Ethical Standard 2019. Information on 
how the Committee assesses the 
independence of the external auditor is 
set out on page 107. All members of the 
Committee continue to contribute to the 
work of the Committee and have the 
necessary skills and financial and 
accounting experience to do so 
effectively. The Committee members 
seek clarification and a full explanation 
from management or the external 
auditor on any matter we feel necessary.

104
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Structure and operations
The Audit and Risk Committee’s 
structure and operations, including its 
delegated responsibilities and authority, 
are governed by its Terms of Reference 
which are reviewed annually and 
approved by the Board.
All members of the Committee are 
independent Non-Executive Directors 
with a wide range of skills and 
experience that enable them to provide 
effective oversight of both financial and 
risk matters, and to advise the Board 
accordingly. In the Board’s view, the 
Committee has competence relevant to 
ContourGlobal’s sector; Ronald Trächsel 
and Daniel Camus have extensive 
experience of international energy 
companies; and Dr. Alan Gillespie has 
significant experience in industrial 
development and development finance. 
Ronald Trächsel is determined by the 
Board as having recent and relevant 
financial experience for the purposes of 
the Code. Details of the experience of 
all members of the Committee can be 
found on pages 76 to 78.
To maintain effective communication 
between all relevant parties, and in 
support of the Committee’s activities, the 
CEO, CFO, General Counsel, Chief 
Compliance Officer, Head of Internal 
Audit, senior members of the finance 
team and representatives from 
PricewaterhouseCoopers LLP (PwC), the 
external auditor, are invited to attend all 
Committee meetings. Other members of 
the Board also attend as guests on an 
ad hoc basis. Additionally, the 
Committee has private sessions with the 
internal and external audit teams.
The Committee works to a structured 
program of activities and meetings to 
coincide with key events around our 
financial calendar. Following each 
meeting, the Committee Chairman 
reports on the main discussion points 
and findings to the Board. The 
Committee will normally meet no fewer 
than three times a year. It met five times 
during 2021 and attendance at those 
meetings can be found on page 92. All 
meetings were held remotely and were 
effective.
Outside of the formal meeting program, 
the Committee Chairman maintains a 
dialogue with key individuals involved in 
the Company’s governance, including 
the Chairman, CEO, CFO, Company 
Secretary, the external audit lead 
partner, and the Head of Internal Audit, 
together with KPMG LLC, our co-
sourcing partner who provide additional 
support on internal audit matters.
REPORT OF THE AUDIT & RISK COMMITTEE (CONTINUED)

105
Strategic Report
Governance
Financial Statements
Audit and Risk Committee activity
Financial 
reporting
Reviewing the draft full and interim results including key areas of judgment, the Group’s viability, and going 
concern for approval by the Board.
Reviewing the quality, appropriateness and integrity of the interim and full-year financial statements.
Monitoring the information, underlying assumptions and stress test analysis presented in support of going 
concern and the viability statements taking into account the impact of the ongoing COVID-19 pandemic on 
the global economy.
Ensuring the consistency and appropriateness of the financial control and reporting environment.
Reviewing the dividend policy.
Reviewing the alternative performance measures and the related disclosures.
Reviewing the draft Annual Report and Financial Statements as a whole, and approval of this Committee 
report.
Reviewing the comments included in the letter from the FRC on their review of the Annual Report 2019, 
discuss the answers provided and how the key points have been addressed in the 2020 Annual Report, 
and address and satisfactorily close the points of the FRC review. 
Considered and responded on the consultation to reform the corporate governance, reporting and audit 
system in the UK, and the potential impact of these on audit and governance quality for the Company.
Reviewing the TFCD disclosures. 
Reviewing the fair, balanced and understandable assessment of the Annual Report (and any other financial 
statements such as the half-yearly statement).
Conducting an annual review of the effectiveness of the external audit process.
Financial 
Accounting 
Matters
Review of potential impairment triggering events during 2021.
Update on Kosovo recoverability of development costs incurred in association with the discontinued 
development project for a new power generation plant.
Update on Maritsa NOx receivable recoverability assessment and Maritsa EC Directorate General 
Competition matter discussions.
Update on Mexico energy sector regulatory developments. 
KivuWatt arbitration with Energy Utility Corporation Limited.
Other matters related to litigation and claims.
Finalization of the US and Trinidad and Tobago acquisition purchase price allocation and fair value of 
assets and liabilities acquired. 
Consideration of the announced disposal of the Brazilian Hydro assets on financial reporting in 2021 
financial statements.
Significant 
Accounting 
Judgments
Reviewing the appropriateness of significant accounting judgments and estimates made in connection with 
the financial statements as set out on pages 108 and 109.

106
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Audit and Risk Committee activity (continued)
Risk 
Management 
and internal 
control
Monitoring the outbreak impacts of COVID-19 and assessing the impact on the Group particularly in 
relation to the year-end financial position. There has been focus on developing and implementing 
mitigating actions and processes to ensure that the Group can continue to operate in an effective control 
environment, including an internal audit in the reporting year on the Group’s control environment.
Transition to a new integrated Governance, Risk Management and Compliance system, Galvanize, to 
support Internal Control, Risk, Debt Compliance, and Internal Audit activities. 
Reviewing and monitoring the principal and emerging risk profile of the Group.
The scope of the internal control and risk management program and the internal control roadmap for 2021 
which included a mid-year review, an internal self-assessment and any recommendations arising from the 
PwC external audit.
The results of internal audit reviews and the progress made against agreed management action.
Quarterly reports on investigated internal control issues significant to the Group.
Quarterly reports on the Group’s risk register, including significant and emerging risks.
The adequacy and effectiveness of the Group’s internal control and risk management processes.
The review of principal risks and uncertainties and the risk register top risks.
Internal  
audit
The internal audit methodology, processes and report template, KPIs and targets and tracking tools.
The scope of the internal audit plan and resourcing requirements, including the selection of KPMG LLP as 
a co-sourcing partner.
The independence, appropriateness, and effectiveness of internal audit, including the co-sourcing partner.
Undertook 8 internal audits, including an anti-bribery and anti-corruption audit in Brazil.
Monitor the resolution of internal audit findings.
Risk-based internal audits of specific Group companies, business units and processes.
A stakeholder engagement exercise to improve the impact of Internal Audit, and recommendations from 
this exercise taken forward appropriately.
External 
audit
The external audit plan.
The independence and objectivity of PwC.
The level of fees paid to PwC in accordance with the policy for the provision of non-audit services.
PwC’s reappointment to office as external auditor and oversight of the transition of a new audit partner for 
2022 following the required rotation of the existing audit partner after 2021.
Reviewing and approving the non-audit services and related fees provided by the external auditor.
Consideration of the findings of the external audit and any implications for the financial reporting of the 
group, or the effectiveness of internal control.
Compliance 
and other 
matters 
compliance 
and other 
matters
Quarterly compliance reports from the compliance function including updates on investigations for the 
quarter as well as the status of the compliance objectives and KPIs.
The Committee’s Terms of Reference and performance effectiveness.
Compliance with the Code and the Group’s regulatory and legislative environment.
Monitoring and reviewing incidents of whistleblowing.
Refresh of the Code of Ethics.
Refresh of the onboarding anti-bribery eLearning. 
Refresh and approval of the Modern Slavery Statement.
Compliance planning for 2022. 
Financial 
management
Reviewing reports to the Committee on exposure, counterparty and credit risks. 
Cash and debt balances, debt covenants and headroom, and the liquidity available to the Group.
Taxation
Review of the Tax Strategy and policy.
REPORT OF THE AUDIT & RISK COMMITTEE (CONTINUED)

107
Strategic Report
Governance
Financial Statements
Committee performance
External auditor, tenure and audit plan
PwC is engaged to conduct a statutory 
audit and express an opinion on the 
Company and the Group’s financial 
statements. Their audit includes an 
assessment of the systems of internal 
control that produce the information 
contained in the financial statements to 
the extent necessary to express an audit 
opinion.
PwC presented their proposed audit 
plan (reviewed by senior management) 
to the Committee for discussion. The 
objective was to ensure that the focus of 
their work considered the Group’s 
structure and strategy as well as the risk 
profile. The audit plan was again risk 
and materiality focused, challenge-
based and designed to provide a 
high-quality audit and other valuable 
insights.
Objectivity and independence
The Committee is responsible for 
monitoring and reviewing the objectivity 
and independence of the external 
auditor. In undertaking its annual 
assessment, the Committee has 
reviewed:
•	 The confirmation from PwC that they 
maintain appropriate internal 
safeguards in line with applicable 
professional standards;
•	 The mitigating actions taken to 
safeguard PwC’s independent status, 
including the operation of policies 
designed to safeguard threats arising 
from the non-audit services provided 
by PwC and the employment of former 
PwC employees;
•	 The tenure of the audit partner and 
quality review partner (such tenure not 
being greater than five and seven 
years respectively); and
•	 The internal performance and 
effectiveness review of PwC referred 
to above.
Taking the above review into account, 
the Committee concluded that PwC 
remained objective and independent in 
their role as external auditor.
Effectiveness of the external audit
It is the responsibility of the Audit and 
Risk Committee to assess the 
effectiveness of the external audit 
process. Following the issue of our 
Annual Report and Financial Statements, 
the Chairman of the Committee leads 
the conduct of a performance evaluation 
and effectiveness review of the external 
audit which covered aspects including: 
•	 The quality of reports provided to the 
Committee and the Board and the 
quality of advice given;
•	 The level of understanding 
demonstrated by the audit team of the 
Group’s businesses and the energy 
sector; and
•	 The objectivity of the external 
auditor’s views on the controls around 
the Group and the robustness of 
challenge and findings on areas which 
required management judgment. 
•	 The application of professional 
scepticism by the auditor.
The Committee believe that PwC have 
performed their audit services effectively 
and to a high standard. Areas identified 
for development will be shared with 
them for inclusion in their audit and 
service delivery plans going forward.

108
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Significant accounting judgments
The Committee reviewed the significant financial matters in connection with the financial statements, having regard to matters 
communicated to the Committee by the auditor. The significant matters considered are set out in the table below.
Significant financial matters considered
How the Committee addressed the matters
Accounting for business combinations
In February 2021 the Group completed the Western Generation 
acquisition of a portfolio of six power plants located in the United States 
and Trinidad and Tobago. In November 2021 the Group completed the 
Green Hunter acquisition of a portfolio of solar assets in Italy. 
For both the Western Generation and Green Hunter 
acquisitions the Committee considered the 
appropriateness of the items to which the purchase 
price has been allocated, in addition to the main 
assumptions primarily relating to discount rates and 
future cash flows.
Impairment of property, plant and equipment, and financial 
and contract assets
As at 31st December 2021, the Group had $3,923.2 million of 
property, plant and equipment, the majority of which related to 
power plant assets, and $387.3 million of financial and contract 
assets, the majority of which related to concession arrangements. 
The assessment of indicators of impairment requires judgment. 
The Committee has reviewed the assessment 
indicators of impairment and concur with the 
conclusion that there are no indicators in the  
current year.
Provisions for claims and contingent liabilities
As at 31st December 2021, the Group had $18.3 million of legal and 
other provisions. Legal and other provisions include amounts arising 
from claims, litigation and regulatory risks which will be utilized as 
the obligations are settled and include sales tax and interest or 
penalties associated with taxes. Legal and other provisions have 
some uncertainty over the timing of cash outflows.
The Committee has reviewed the main legal or 
contractual claims. As part of its review, the 
Committee has considered the judgments from 
external or internal counsels made as to the potential 
likelihood of any claim succeeding when making a 
provision or disclosing a contingent liability.
Brazil held for sale assessment
During 2021 a sale process was initiated for the Brazil renewable 
assets (Hydro and Wind). Judgment is required in determining 
whether or not the Hydro and Wind portfolios were classified as 
held for sale at year end and whether they should be reported as 
discontinued operations.
The Committee reviewed the held for sale 
classification of the Hydro portfolio and were in 
agreement that the conditions were met at year end. 
Regarding Wind, given the planned sale was not 
highly probable at year end, the Committee agreed 
that the Wind portfolio should not be presented as 
held for sale. The committee agreed that neither the 
Hydro or Wind portfolios should be reported as 
discontinued operations.
Kosovo development costs
On 24th May 2020, CG Kosovo delivered a Notice of Termination to the 
Government of Kosovo (“GoK”) in relation of the power plant construction 
project and a request that GoK pays a total of €20.1m, including €19.7m 
for the development costs incurred up to the development cost cap. CG 
subsequently issued a notice of arbitration to GoK in November 2020.  
€19.7 million ($24.1 million) is recognized as a non-current asset on the 
balance sheet, the recovery of which is dependent on the ability of CG to 
enforce the reimbursement of costs under the terms of the project 
agreements with GoK in the arbitration process. 
The Committee assessed the judgments around the 
recovery of this asset which is likely to depend on the 
outcome of the arbitration proceedings and so is subject 
to some degree of judgment. The Group believes it will 
be able to demonstrate that the project failed to close 
for reasons attributable to the GoK and/or the relevant 
publicly owned companies, which is the key judgment 
that supports the recognition of the asset.
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109
Strategic Report
Governance
Financial Statements
These items were considered significant 
considering the level of materiality and 
the degree of judgment exercised by 
management. The Committee discussed 
these with management and PwC, to 
understand any areas where there had 
been or continued to be differences of 
opinion, and to satisfy itself that the 
conclusions drawn were reasonable and 
supportable based on the information 
available at the time, and that the 
corresponding disclosures were 
appropriate. As a result of this 
discussion, the Committee was satisfied 
that all issues had been fully and 
adequately addressed and that the 
judgments made were reasonable, 
appropriate, and disclosed accordingly 
in the financial statements, and had 
been reviewed and challenged by the 
external auditor, who concurred with the 
approach taken by management.
In addition, the Committee considered, 
acted and made onward 
recommendations to the Board, as 
appropriate, in respect of other key 
matters including the viability statement, 
the going concern basis on which the 
financial statements are prepared and 
other specific areas of audit focus.
Non-audit services
In 2020, the Committee adopted a 
revised non-audit services policy to 
reflect independence rules within the 
FRC’s Revised Ethical Standard 2019. 
PwC UK continues to provide certain 
services to the Company in accordance 
with the independence rules set out in 
the revised policy. 
The non-audit fees paid to PwC for 2021 
were $1.7 million ($1.0 million in 2020), 
including $0.4 million for the half-yearly 
review ($0.3 million in 2020). 
Audit tendering
The French firm of PwC was first 
appointed as the external auditors of the 
Group in 2013. The UK firm was first 
appointed at the time of the IPO in 2017, 
and hence the UK firm was the first 
appointee to the audit of ContourGlobal 
plc. Matthew Hall is the current lead 
audit partner, having taken over this 
position in 2017. Under current 
regulations, we will be required to 
retender the audit by no later than the 
2027 financial year. Matthew Hall is 
required to be rotated off as audit 
partner by 2022 and the Committee  
has worked with PwC to address this 
requirement during the 2021 financial 
year. Matthew Mullins will be taking over 
as lead audit partner following the 
completion of audit for the year ended 
31 December 2021. Having regard to the 
quality, stability and continuity of the 
relationship with PwC as the current 
auditor, the Board believes that it is in 
the best interests of the Company and 
shareholders to tender the audit 
contract by a date no later than that 
stipulated by the current regulations.  
On the recommendation of the Audit 
and Risk Committee, the Board is 
proposing a resolution at this year’s 
Annual General Meeting that PwC is 
reappointed as auditor for a further year. 
The Company confirms that it has 
complied with the provisions of the 
Competition and Markets Authority’s 
Statutory Audit Services for Large 
Companies Market Investigation 
(Mandatory Use of Competitive  
Tender Processes and Committee 
Responsibilities) Order 2014 for the  
2021 financial year. 
Audit fee
The fees payable to PwC for the 2021 
audit are $3.1 million ($2.3 million in 
2020).
Risk management framework 
and internal control
The Board is responsible for 
determining the Group’s risk 
management framework and the nature 
and extent of the risk appetite that is 
acceptable in seeking to achieve its 
strategic objectives, for overseeing the 
Group’s risk management processes 
and internal controls, reviewing their 
effectiveness and reporting on the 
outcome of their review in the Annual 
Report and Financial Statements, 
assisted by the Committee.
An overview of the risk management 
process explaining the key elements of 
the approach to risk, any changes to the 
process over the course of the current 
year and the key risk management 
priorities for 2022 is described on 
pages 62 to 71.
Primary responsibility for operation of 
the Company’s internal control and risk 
management systems, which include 
financial, operational and compliance 
controls (and accord with the FRC’s 2014 
‘Guidance on Risk Management, Internal 
Control and Related Financial and 
Business Reporting’), has been 
delegated to management. These 
systems, which have been in place for 
the whole of 2021 and continue to be 
operative as at the date of this report, 
have been designed to manage, rather 
than eliminate, the risk of failure to 
achieve the Group’s business goals and 
can provide only reasonable, not 
absolute, assurance against material 
misstatement or loss. During the year, 
the internal control framework was 
reviewed and revised to incorporate a 
more risk-based and streamlined 
approach and allow for increasing the 
application of automation. Management 
also strengthened the internal controls 
documentation in certain areas.

110
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
The Committee, in consultation with 
management, agrees the annual work 
plan (including any assistance that may 
be required from external specialists) of 
the internal audit function to ensure 
alignment with the needs of the 
business and compliance with its 
governance charter. On a quarterly 
basis, the Committee receives and 
discusses the Group’s risk register, 
including significant and emerging risks, 
and how exposures have changed 
during the period; summary reports of 
findings and recommendations from 
completion of the internal audit plan; 
and progress against completion of 
agreed actions from internal audit on 
their review of the effectiveness of 
various elements of the internal control 
system maintained by the Group. The 
Board is satisfied that the system of risk 
and internal control management 
accords with the Code and satisfies the 
requirements for internal controls over 
financial reporting. The management 
team has continued to further enhance 
risk awareness across the Group during 
the year.
Effectiveness
In line with the provisions of the Code, 
the Board has responsibility for carrying 
out a robust analysis of the Group’s 
emerging and principal risks. The Board 
has undertaken a careful assessment of 
the principal and emerging risks faced 
by the Group, including those that could 
threaten the business model, and its 
future performance, solvency and 
liquidity, as well as monitoring 
compliance to ensure that any mitigating 
actions are properly managed and 
completed. Assisted by the Committee, 
the Board also reviewed the 
effectiveness of internal control systems 
and risk management processes in 
place throughout the year and up to the 
date of this report, which, in 2021, has 
also included consideration of the 
ongoing impact of COVID-19. 
The Board’s review also covers the work 
undertaken by the internal audit 
function, which includes a Head of 
Internal Audit as well as a co-sourcing 
partner (with direct access to the 
Committee Chairman), and the relevant 
process, controls and testing work 
undertaken by PwC as part of their 
half-yearly review and full-year audit. 
The Committee has not identified, nor 
been advised of, any failings or 
weaknesses that it has determined to be 
significant despite the present limitations 
and challenges imposed by the ongoing 
pandemic. As part of its review, the 
Committee noted that no significant 
internal control matters had been raised 
by PwC in the context of their annual 
external audit. Where areas for 
improvement were identified, new 
procedures have been introduced to 
strengthen the controls and will 
themselves be subject to regular review 
as part of the ongoing assurance 
process.
Fair, balanced and 
understandable
The Committee applied the same due 
diligence approach adopted in previous 
years in order to assess whether the 
Annual Report and Financial Statements 
taken as a whole is fair, balanced and 
understandable. The Committee 
received assurance from the verification 
process carried out on the content of 
the Annual Report and Financial 
Statements by the Executive Directors to 
ensure consistent reporting and the 
existence of appropriate links between 
key messages and relevant sections of 
the Annual Report and this was 
supported by a robust schedule of 
review and verification by senior 
management and external advisors to 
ensure disclosures are accurate. The 
Committee itself reviewed a full draft of 
the document and considered whether 
all key events reported to the Board and 
its Committees during the year, both 
positive and negative, were adequately 
reflected, as well as the consistency 
between the narrative sections and the 
financial statements. The Committee 
also considered the use of adjusted 
measures by the Group and confirmed 
that these were appropriate for aiding 
users of the Group’s financial statements 
to better understand its performance 
year on year.
Taking the above into account, together 
with the views expressed by PwC, the 
Committee recommended, and in turn 
the Board confirmed, that the 2021 
Annual Report, taken as a whole, is fair, 
balanced and understandable and 
provides the necessary information for 
shareholders to assess the Company’s 
position, performance, business model 
and strategy.
Whistleblowing mechanism
On behalf of the Board, the Committee 
reviews the Group’s whistleblowing 
mechanism which allows employees 
and third parties to report concerns 
about suspected impropriety or 
wrongdoing (whether financial or 
otherwise) on a confidential basis, and 
anonymously if preferred. This includes 
an independent third-party reporting 
facility comprising a telephone hotline 
and an online process. Any matters 
reported are investigated in line with our 
internal procedures and escalated to the 
Board, via the Committee, as 
appropriate. The Committee and the 
Board have access through regular 
compliance reports to details on matters 
raised through the whistleblowing 
procedure, a description of the way 
issues have been addressed and 
recommended remediation. The 
Committee is also provided with 
quarterly and full year trend data on 
whistleblower complaints and provides 
assurance to the Board through regular 
reporting that appropriate arrangements 
are in place for the proportionate and 
independent investigation of matters 
raised and for appropriate follow-up. 
The Company provides regular training 
to existing employees reminding them 
about the available reporting 
mechanisms within the Company, 
including EthicsLine, and the obligations 
to report the violations of the Company’s 
policies. The arrangements also form 
part of the induction program for new 
employees.
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111
Strategic Report
Governance
Financial Statements
Bribery and anti-corruption 
policy
The Board has a zero-tolerance policy 
for bribery and corruption of any sort. 
We give regular training to employees 
on the procedures, highlighting areas of 
vulnerability. Our third-party providers 
are required to comply with our policies 
or evidence that they have similar 
policies and practices in place within 
their own businesses on a risk-adjusted 
basis. 
Annual evaluation progress on 
2021 and actions for 2022
The Committee has continued to focus 
on and has enhanced its reporting in 
respect of its activities and increasing 
the number of deep dives into the 
business. The Committee agreed that 
the focus for 2022 should be: to work 
with management to improve the detail 
and focus of reporting; to continue to 
challenge management to ensure the 
Committee promotes continuous 
improvements towards excellence; and 
to increase the monitoring of operating 
performance. 
Shareholder engagement
As Chairman of the Committee, I am 
ready to engage with shareholders on 
significant audit and risk matters. No 
such requests were received during 
2021.
Ronald Trächsel
Chairman of the Committee
17th March 2022
Internal control
The key elements of the Group’s internal control are as follows:
•	 The Company has developed and implemented a detailed internal control 
management system and has a dedicated internal control function within the 
Group Finance function.
•	 Specific controls over financial reporting with clear allocation of 
responsibilities to ensure reporting is effective and accurate. 
•	 An established organization structure with clear lines of responsibility, 
approval levels and delegated authorities.
•	 A disciplined management and Committee structure which facilitates regular 
performance review and decision-making.
•	 A comprehensive strategic review and annual planning process.
•	 A robust budgeting, forecasting and financial reporting process.
•	 Various policies, procedures and guidelines underpinning the development, 
asset management, financing and main operations of the business, together 
with professional services support including legal, human resources, 
information services, tax, company secretarial and health, safety and security 
including cyber security.
•	 A compliance certification process from management conducted in relation to 
the half-yearly and full-year results, and business activities generally.
•	 A quarterly self-certification by management confirming that key internal 
controls within their respective areas of responsibility have been operating 
effectively.
•	 An internal audit function whose work spans the whole Group with assurance 
support from KPMG LLP who provide the team with additional resource and 
skills.
•	 A focused post-acquisition review and integration program to ensure the 
Group’s governance, procedures, standards and control environment are 
implemented effectively and on time.
•	 A financial and property information management system.

112
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Key areas of focus in the year 
Incentive arrangements 
•	 Reviewed and approved annual bonus pay-outs and targets
•	 Approved the grant of performance share, restricted share, and deferred 
bonus awards under the long-term incentive plan
•	 Review of LTIP performance measures
Compliance and governance
•	 Reviewed practices and changes to corporate governance environment 
with regards to remuneration arrangements and the Committee’s remit
REPORT OF THE REMUNERATION COMMITTEE
REPORT OF THE 
REMUNERATION COMMITTEE
Members of the Committee
•	 Daniel Camus  
(Chairman of the Committee)
•	 Mariana Gheorghe
•	 Dr. Alan Gillespie
Meeting attendance shown  
on page 92
Dear Shareholders,
It is my pleasure to present the Directors’ Remuneration Report for 2021.
In a year when COVID continued to challenge us all the company has continued to 
deliver and our employees have continued to meet the challenge and provide 
electricity to our customers with minimal disruption. During the year we acquired a 
portfolio of assets from Western Generation Partners in the United States and 
Trinidad and Tobago and we welcome the employees at those sites to the company 
as we integrate them into our team. The health and safety of our employees remains 
our absolute priority. We have continued to support them with appropriate measures 
such as flexible shift patterns to allow employees to work in less densely populated 
spaces and using remote control technology.
Performance in 2021
Throughout 2021, our performance 
across the business was strong. Our 
robust financial performance in the 
second half of the year meant that for FY 
2021, we achieved a record Adjusted 
EBITDA of $841.5 million while 
maintaining our 10% year-on-year 
dividend growth policy and a solid cash 
conversion ratio of 52.3%. We also 
delivered record CFADS of $367 million 
up 34% over the previous year. This 
performance is borne out in the maximum 
achievement on the proportion of annual 
bonus that relates to Adjusted EBITDA 
and Funds from Operations. 
The financial performance of the 
business was overshadowed by the 
death of a contractor at one of our 
Brazilian sites, an event which featured 
strongly in the conversations of the 
Committee. I would like to recognize the 
leadership of the President and Chief 
Executive in volunteering to waive his 
annual bonus for 2021. More broadly, in 
terms of the annual scorecard for 
leaders and managers across the 
business, the Committee exercised 
discretion to zero the amount in relation 
to the Health and Safety measure. The 
Committee also determined to reduce 
the amount of shares vesting from the 
2019-2021 Long Term Incentive Plan 
where they relate to the Health and 
Safety metric, along with targeted 
downward discretion in the 
management hierarchy relating to  
the incident.

113
Strategic Report
Governance
Financial Statements
Vesting of 2019-2021 LTIP
The second of our long term incentive 
plans to vest delivered 51.8% of the 
maximum potential vesting. The plan 
was again based on adjusted EBITDA, 
Health and Safety and growth (as 
measured by the IRR of growth projects 
and key project milestones). 
Looking forward
There will be no salary increases for 
Executive Directors in 2022.
Incentive opportunity levels remain 
unchanged. The annual bonus 
framework will remain broadly consistent 
with prior years, with 70% based on 
corporate objectives and 30% on 
individual performance. In respect of the 
2022 Long Term Incentive Plan, the 
Committee is still reviewing its approach 
in order to best align with corporate 
objectives and strategy. The current 
intention is to make a website disclosure 
in relation to the proposed approach 
prior to the 2022 Annual General 
Meeting.
Legacy arrangements
On 20th January 2022 we announced 
the sale of the Brazilian Hydro assets 
which is expected to complete during 
the second quarter of 2022. This may 
trigger a payment under the legacy 
carried interest arrangement for the 
President & Chief Executive, subject to 
the requirements of the relevant 
contractual arrangements. Disclosure of 
the value of any payment will be made 
in the 2022 Annual Report when the 
amounts are known. The Company is 
not party to the carried interest and has 
no financial obligation in relation to the 
interest. 
CEO service contract
Following a review undertaken during 
the year of existing terms agreed and 
implemented on Admission, we wish to 
outline the fact that while the CEO’s 
letter of appointment as a Director 
provides for 6 months’ notice by either 
side, his service contract provides for 30 
days’ notice rather than 6 months as 
previously reported. The Directors’ 
Remuneration Report has therefore 
been updated to reflect this. Our policy 
for new appointments is for a six month 
notice period to apply to both parties. 
Conclusion 
Our report will be subject to an advisory 
vote at the upcoming Annual General 
Meeting, and I hope that I can rely on 
your continued support. We believe that 
remuneration outcomes continue to 
align with business performance and the 
values of the company and to drive the 
right behaviours for all of our 
stakeholders.
Yours sincerely 
Daniel Camus
Chairman of the Committee
Index to the Remuneration 
Report 
Part 1: Remuneration at a 
glance
Summary of Remuneration 
Policy and implementation 
for 2022
114
Alignment of remuneration 
strategy with our core 
principles
116
Part 2: Annual Report on 
Remuneration
Governance
118
Total remuneration
119
Annual bonus for 2021
120
Long-term incentive awards 
vesting in respect of 2021
122
Long-term incentive awards 
granted in 2021
123
Deferred bonus awards 
granted in 2021
123
Implementation of Non-
Executive Director 
Remuneration Policy
124
Directors’ shareholdings and 
share interests
124
Director service contracts
125
Payments for loss of office
125
Policy on external 
appointments
125
Percentage change in 
remuneration
126
Broader executive team and 
workforce remuneration
126
Comparison of overall 
performance and pay
126
Relative importance of spend 
on pay
127
External advisors to the 
Committee
127
Statement of voting on the 
Remuneration Report
127
Legacy equity arrangements
128
Statement of compliance and 
approval
129

114
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
REPORT OF THE REMUNERATION COMMITTEE (CONTINUED)
REMUNERATION  
AT A GLANCE
Summary of Remuneration Policy and implementation for 2022
Our Remuneration Policy for Executive and Non-Executive Directors was presented and approved by shareholders at our 2021 
AGM. The below summarizes the key elements of the Remuneration Policy and how it will be implemented for 2022. The full 
Remuneration Policy can be found in the 2020 Annual Report available on our website at www.contourglobal.com.
Remuneration 
component
Summary of Remuneration Policy
Remuneration for Executive Directors for 2022 
Salary
•	 Normally reviewed annually, with any changes 
taking effect from 1st January.
•	 Set taking into account a number of factors 
including but not limited to individual and Company 
performance, an individual’s skills and experience, 
the responsibilities of the role.
•	 In considering any increase, the Committee is 
guided by the general increase for the broader 
employee population.
Base salary 
effective  
1st January 2022
Increase  
from 2021
President & CEO
$1,200,000
0%
Chief Financial Officer
£375,000
0%
Pension and 
benefits
•	 The Company may make contributions, or payment 
in lieu of contributions, to a pension scheme. 
Pension is set in line with the wider workforce.
•	 Benefits may include, but are not limited to, private 
medical insurance, dental insurance, company car 
or allowance, life assurance and income protection. 
Benefits in relation to relocation or expatriation may 
be provided.
•	 No changes for 2022.
•	 The current President & CEO does not receive any pension 
contributions or retirement benefits.
•	 The Chief Financial Officer receives a pension allowance of 11% 
of salary, which is in line with other UK employees (excluding 
Northern Ireland).
•	 Executive Directors receive benefits in line with the 
Remuneration Policy.
Annual 
performance 
bonus
•	 Maximum opportunity is:
•	 100% of base salary for the current President & 
CEO.
•	 150% of base salary for any other Executive 
Director (including any future CEO)
•	 Subject to stretching performance conditions, 
normally set by the Committee at the start of each 
financial year.
•	 At least 70% of the bonus will be subject to 
corporate objectives with the balance based on 
individual objectives.
•	 The Committee may adjust the bonus outcome 
taking into account any relevant factors, including 
the Company’s underlying performance.
•	 Any bonus earned in excess of 50% of maximum is 
deferred into shares for a period of two years.
•	 Malus and clawback provisions apply.
•	 The overall annual bonus framework for 2022 remains 
consistent with 2021.
•	 The maximum opportunity will be 100% of salary for the 
President & CEO and 115% of salary for the Chief Financial 
Officer.
•	 Bonus will be based on achievement of corporate objectives 
(70%) and individual objectives (30%). Performance measures 
for 2022 are: 
Performance metrics
% of opportunity
Adjusted EBITDA
17.5%
FFO
17.5%
Operational metrics
17.5%
Growth metrics
17.5%
Individual objectives
30%
•	 Targets and performance against these will be disclosed 
retrospectively.

115
Strategic Report
Governance
Financial Statements
Remuneration 
component
Summary of Remuneration Policy
Remuneration for Executive Directors for 2022 
Long-Term 
Incentive Plan 
(LTIP)
•	 Maximum opportunity is:
•	 100% of base salary for the current President  
& CEO.
•	 200% of base salary for any other Executive 
Director (including any future CEO)
•	 Performance measured over three years. 
•	 The Committee has the flexibility to vary the 
performance measures and weightings for each 
award taking into account the business priorities  
at the time of grant.
•	 The Committee may adjust the vesting outcome if  
it considers that it is not consistent with the 
Company’s overall performance.
•	 An additional two-year holding period applies 
post-vesting.
•	 Malus and clawback provisions apply.
•	 In respect of the 2022 Long Term Incentive Plan, the Committee 
is still reviewing its approach in order to best align with 
corporate objectives and strategy. The maximum opportunity will 
be 100% of salary for the President & CEO and 200% of salary 
for the Chief Financial Officer.
Share 
ownership 
guidelines
•	 Executive Directors are required to build and retain 
a shareholding in the Company equivalent to at 
least 250% of salary.
•	 A post-employment shareholding guideline will 
apply for one year following cessation of 
employment.
•	 No changes for 2022.
•	 The President & CEO has met the guideline in full. 
•	 The Chief Financial Officer has yet to meet the guideline. However, 
he will be required to retain at least half of any share awards 
vesting (net of tax) under the Company’s discretionary share-based 
employee incentive schemes until the guideline is met. 
•	 Any new Executive Director, including the Chief Financial Officer, 
is expected to meet their share ownership guideline within five 
years of appointment.
Legacy 
arrangements
•	 The President & CEO has interests in a ‘Private 
Incentive Plan’ (PIP). These relate to legacy 
commitments prior to ContourGlobal’s listing, 
reflecting that the President & CEO co-founded the 
Company in 2005.
•	 The Company is not a party to the PIP and has no 
financial obligation in connection with it.
•	 The President & CEO also has a carried interest 
arrangement which was established in 2008 and 
which is funded by a minority co-owner of certain 
assets of the Company. The Company has no 
financial obligation in relation to these interests.
•	 These arrangements do not form part of ContourGlobal plc’s 
ongoing policy.

116
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
REPORT OF THE REMUNERATION COMMITTEE (CONTINUED)
Remuneration strategy and alignment with our core principles 
ContourGlobal’s core business principles guide our day-to-day operations and our sustainable business strategy, driving 
positive, long-term and measurable business impacts. 
The Committee is cognizant of these principles when designing and implementing the Remuneration Policy and considers that 
the current executive remuneration framework appropriately addresses the following factors, as set out in the UK Corporate 
Governance Code.
Remuneration component
Summary of Remuneration Policy
Clarity
•	 The Committee is committed to providing open and transparent disclosures with regards to executive 
remuneration arrangements.
Simplicity
•	 Our ongoing executive remuneration arrangements are in line with typical practice for a UK-listed company and are 
well understood by both participants and shareholders.
Risk
•	 The Committee has discretion to adjust annual bonus and LTIP outcomes if it considers these to be inconsistent 
with overall Company performance, taking into account any relevant factors.
•	 Malus and clawback provisions apply for both the annual bonus and LTIP.
•	 Post-employment shareholding requirements support a focus on long-term stewardship of the Company.
Predictability
•	 The Remuneration Policy contains details of maximum opportunity levels for each component of pay, with actual 
incentive outcomes varying depending on the level of performance achieved against specific measures.
•	 As part of our transparent approach, we provide full details of legacy arrangements including illustrative potential 
values.
Proportionality
•	 Our Remuneration Policy has been designed to provide an appropriate balance between short- and long-term 
performance targets linked to the delivery of the Company’s strategic plan and aligned with the Company’s risk 
appetite.
•	 ContourGlobal operates across 20 countries. When determining remuneration arrangements for Executive 
Directors the Committee considers broader workforce remuneration and related policies across the global 
business. The Group has 16 permanent employees in the UK and therefore falls below the threshold required to 
disclose pay ratios. 
•	 The Committee considers that remuneration arrangements for Executive Directors are appropriate taking into 
account the principles, policy and practice for workforce remuneration and the locality of the relevant Executive 
Director.
Alignment to culture
•	 The metrics used within our incentive arrangements for Executive Directors are aligned to ContourGlobal’s core 
principles, with the aim of driving behaviours consistent with the Company’s purpose, values and strategy.
•	 One of our key values relates to our employees’ health and safety, and this is reflected in our incentive framework.
•	 Fostering a culture of share ownership within the business is a key part of our remuneration approach.

117
Strategic Report
Governance
Financial Statements
Alignment of performance measures with core principles
Our core principles are aligned with the metrics used under our remuneration approach for Executive Directors, as illustrated below. 
ContourGlobal – our core business principles
Measures used in incentive schemes
Operate safely 
and efficiently 
and minimize 
environmental 
impact
Grow well
Manage our 
business 
responsibly
Enhance our 
operating 
environment
Adjusted EBITDA growth
XX
Adjusted Funds From Operations (FFO)
X
X
Lost Time Incidents
XX
XX
XX
Fleet availability
X
Refurbishment milestones
X
X
X
CO2 capture
X
X
X
X
Non-fuel operations and maintenance cost
X
X
M&A milestones
(project completion; incremental EBITDA)
X
Project Internal Rate of Return and milestones
X
Strategic personal objectives
X
X
X
X
X	 Annual bonus metric
X	 LTIP metric

118
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
REPORT OF THE REMUNERATION COMMITTEE (CONTINUED)
ANNUAL REPORT  
ON REMUNERATION
Governance
Membership of the Committee during the year is shown below. The Board considers each of the Committee members to be 
independent in accordance with the Code.
Members:
Daniel Camus (Chairman)
Dr. Alan Gillespie
Mariana Gheorghe
Company Secretary: 
Link Company Matters Limited (until 6th August 2021), and LawDeb Corporate Secretarial Services (from 7th August 
2021).
External advisors:
Deloitte, appointed by the Committee following a competitive tender, has been advisor to the Committee from 
November 2018.
Internal advisors:
Joseph C. Brandt (President & CEO), Sean McGrath (Executive Vice President, Chief Human Resources Officer) and, 
from his appointment in November 2021, Richard Windmill (SVP Compensation & Benefits) were consulted and invited 
to attend meetings as necessary. 
Care was taken to ensure there were no conflicts of interest when consulting with senior management and no 
Director or member of management was present when matters relating to their own remuneration were discussed.
Meetings held:
The Committee held seven meetings during 2021. See page 92 for attendance at Committee meetings.
Role:
The Board has delegated responsibility to the Committee for:
•	 Setting, approving and implementing the Remuneration Policy, including pension arrangements and any 
compensation payments, for the Executive Directors, the Company Chairman, Executive Managers and Company 
Secretary; 
•	 Within the terms of the agreed Remuneration Policy and in consultation with the Chairman of the Board and/or 
President & CEO, as appropriate, determining the total individual remuneration package of each Executive 
Director, the Company Chairman, Executive Managers and Company Secretary including base salary, bonuses, 
incentive payments, share options or other share awards, pension arrangements and other benefits; 
•	 Approving the design of, and determining targets for, any performance-related pay schemes operated by the 
Company; 
•	 Monitoring the operation of performance-related pay schemes and approving the total annual payments made 
under such schemes; and 
•	 Ensuring that contractual terms on termination, and any payments made, are fair for the individual and the 
Company, that failure is not rewarded and that the duty to mitigate loss is fully recognized.
The Committee’s terms of reference are available on our website at www.contourglobal.com.
Introduction
This section sets out details of the remuneration of the Executive Directors and Non-Executive Directors (including the 
Chairman) earned between 1st January 2021 and 31st December 2021 and also describes the operation of the Committee.
This Annual Report on Remuneration will be proposed for an advisory vote by shareholders at the 2022 AGM. Where required, 
data has been audited and this is indicated where appropriate.

119
Strategic Report
Governance
Financial Statements
Total remuneration (audited information) 
The table below sets out total remuneration received by the Executive Directors and Non-Executive Directors for the year 1st 
January to 31st December 2021. 
Base salary 
and fees1 
$000
Taxable
benefits2,3 
$000
Annual  
bonus  
$000
Long-term
incentives4,5 
$000
Pension  
plan  
$000
Total fixed  
pay  
$000
Total variable 
pay  
$000
Total (excluding 
legacy awards)  
$000
Legacy 
awards – PIP6 
$000
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
Executive 
Directors
Joseph C. Brandt
1,200
1,200
28
30
– 1,024
658 635
 –
– 1,228
1,230
658 1,659
1,886 2,889
– 19,866
Stefan Schellinger
516
479
18
11
363
471
521
–
57
52
591
542
885
471
1,476
1,013
–
–
Total
1,716
1,679
46
41
363 1,495 1,179 635
57
52
1,819
1,772 1,543 2,130
3,362 3,902
– 19,866
Non-Executive 
Directors
Craig A. Huff
344
319
–
–
–
–
–
–
–
–
344
319
–
–
344
319
–
–
Daniel Camus
92
86
–
1
–
–
–
–
–
–
92
87
–
–
92
87
–
–
Mariana Gheorghe
76
70
–
–
–
–
–
–
–
–
76
70
–
–
76
70
–
–
Dr. Alan Gillespie
103
96
–
10
–
–
–
–
–
–
103
106
–
–
103
106
–
–
Ronald Trächsel
92
86
–
9
–
–
–
–
–
–
92
95
–
–
92
95
–
–
Alejandro Santo 
Domingo
76
70
–
–
–
–
–
–
–
–
76
70
–
–
76
70
–
–
Gregg M. Zeitlin
76
70
–
10
–
–
–
–
–
–
76
80
–
–
76
80
–
–
Total
859
797
–
30
–
–
–
–
–
–
859
827
–
–
859
827
–
–
Grand Total
2,575
2,476
46
71
363 1,495 1,179 635
57
52 2,678 2,599 1,543 2,130
4,221 4,729
– 19,866
1.	 The Chief Financial Officer and Non-Executive Directors are paid in GBP. The numbers in the table have been converted to USD using the average exchange rate 
for 2021 of $1.375854:£1. The average exchange rate used for 2020 was $1.276733:£1. There was no change in the base salary or fees of the Chief Financial 
Officer or Non-Executive Directors in local currency, any movement is solely due to the movement in exchanges rates.
2.	 Benefits for Executive Directors include medical insurance, dental insurance, income protection, life assurance, and disability cover. 
3.	 Benefits for Non-Executive Directors comprise travel and other expenses incurred in the discharge of their duties including attendance at Board meetings which 
are deemed taxable by the relevant authority. In accordance with the Remuneration Policy, the Company will reimburse Non-Executive Directors for any tax 
thereon.
4.	 The 2019 LTIP award will vest in 2022 based on performance to 31st December 2021. The award will vest at 51.8% of maximum as described on page 122. The 
award value for the Executive Directors included in the table above is based on a share price of 191.6p, being the three-month average share price to 31st 
December 2021. The Executive Directors will also receive additional shares in relation to dividends accrued on the shares vesting during the vesting period, the 
value of which are included in the figures above. Given the fall in share price since grant, none of the value is attributable to share price growth. 
5.	 The 2018 LTIP award vested in 2021 based on performance to 31st December 2020. The award value for the President & CEO included in the 2020 figure above 
has been restated based on a share price of 195.4p, being the share price at the date of vesting and using an exchange rate of US$1,3789:£1. None of the value is 
attributable to share price growth. The amount also includes 44,650 additional shares in lieu of dividends payable during the vesting period.
6.	 This relates to the vesting of an award made by Reservoir Capital Group under the Private Incentive Plan (PIP). The PIP is a legacy arrangement established by 
Reservoir Capital Group in connection with its original investment in the business. The Company is not party to the PIP and has no financial obligation to pay cash 
or issue shares to settle the PIP. The amount relates to the value of the ordinary shares (GLO) now held in Contour Management Holdings LLC following the 
conversion of Mr. Brandt’s Class S units into ordinary shares of the Company following the testing of the financial condition on 27th December 2020. The total PIP 
amount shown of $19,866k is based on 7,403,453 shares using the share price of 207p on 24th December 2020, and a dividend of $300k paid into Contour 
Management Holdings LLC in December 2020. Further information on the PIP is provided on page 128.
The Committee considers that the Remuneration Policy operated as intended during the year and that remuneration outcomes 
were consistent with overall Company performance and the shareholder experience.

120
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Annual bonus for 2021 (audited information)
In 2021, the bonus opportunity depended on achievement of corporate objectives (70%) and individual objectives (30%). 
Maximum opportunity for the President & CEO was 100% of salary and for the Chief Financial Officer 115% of salary. Full 
disclosure of the specific Group performance metrics, targets and achievement against these is provided. 
Targets for Total Fleet Availability Factor (EAF), Equivalent Forced Outage Rate (EFOR), and NFOM/MW (NonFuel O&M Cost per 
MW installed capacity) were set individually for each of the relevant sectors rather than on an aggregate Group basis. The 
Committee considers this to be a more robust approach to measurement as maximum vesting requires strong performance 
against all relevant sectors within the Group. It also better reflects how performance is measured and reported within the 
business. Although, under this more granular approach, we do not provide the specific target for each sector, we provide the 
indicative weighted average Group target. 
In recognition of the fatality in the year, the Committee determined that there would be no pay-out under the Health and Safety 
element (10% weighting) of the scorecard.
Group scoreboard (70% of bonus opportunity)
Performance target
Weighting
0% of element
25% of element
50% of element
75% of element
100% of element
Performance
achieved1
Bonus award
Financial metrics (50%)
Adjusted EBITDA
25%
Less than 
$751m
$763.5m
$776m
$788.5m
$801m
$842m
25% 
Funds From Operations
25%
Less than 
$384m
$391.5m
$399m
$406.5m
$414m
$440m
25%
Operations metrics (30%)
Health and safety – Lost 
Time Incident Rate
10%
0.09
0.06
0.03
0.00
– 2
0%
Total Fleet Availability 
Factor
2.5%
Less than 
target 
Based on the average achievement against individual 
EAF targets for each of the sectors. The weighted 
average target is 94.9%
See below
1.25%
Equivalent Forced Outage 
Rate
2.5%
Less than 
target 
Based on the average achievement against individual 
EFOR targets for each of the sectors. The weighted 
average target is 1.4%
See below
1.25%
Vorotan refurbishment 
schedule
2.5%
Milestone  
not met
100% awarded if completed on schedule
2.5%
2.5%
Vorotan refurbishment 
budget
2.5%
Milestone  
not met
100% awarded if completed on budget
2.5%
2.5%
Austria Wind
2.5%
Milestone  
not met
 100% awarded if Scharndorf (4&5) and Berg  
delivered on schedule and on budget
2.5%
2.5%
Mexico CO2 capture
2.5%
Milestone  
not met
100% awarded if EPC contract signed and  
construction started
0%
0%
NFOM/MW
5%
Less than 
target 
Based on the average achievement against                
individual NFOM/MW targets for each of the sectors.  
The weighted average target is 60.8 
See below
4.4%
Growth metrics (20%)
M&A related milestones
15%
Milestones 
not met
100% awarded if relevant milestones met:  
Close acquisition contributing in excess of  
$150 million of EBITDA run rate
0%
0%
Financing activities
5%
0
100% awarded if relevant milestones met:  
Refinance Caribbean and African portfolios  
and the 2025 Corporate Bond
1.7%
1.7%
Total
66.1% of 
Group 
element
1.	 Performance achieved against the financial metrics is stated at 2021 budget exchange rates to align with the performance targets set and to negate the impact of 
exchange rate movements in determining the outcome of the annual bonus for the year.
2.	 The committee exercised discretion to determine no bonus would be payable in respect of the LTIR element for 2021. 
REPORT OF THE REMUNERATION COMMITTEE (CONTINUED)

121
Strategic Report
Governance
Financial Statements
Sector performance – Total Fleet Availability, Equivalent Forced Outage Rate and NFOM/MW
Based on the achievement (100% of element) or not (0% of element) of individual EAF, EFOR and NFOM/MW targets for each sector.
EAF achievement by sector 
(% of element)
EFOR achievement by 
sector (% of element)
NFOM/MW achievement by sector  
(% of element)
Turbines
100%
100% 
CCGT
100%
Engines
0% 
0% 
Coal-fired
100% 
Solutions
0% 
100% 
Engines
100% 
Hydro
100% 
100% 
Solutions
100% 
Wind
0% 
0% 
Hydro
100% 
Solar 
100% 
0%
Wind
0% 
Overall outcome
50%
50%
CSP
100%
Solar PV
100% 
Overall outcome
87.5%
Personal performance (30% of bonus opportunity)
The remaining 30% of the bonus is based on the delivery of key individual objectives. Achievement for the year was assessed 
by the Committee based on the following performance.
President & CEO
Performance areas
Key achievements
Newly acquired United 
States and Trinidad & 
Tobago portfolio 
•	 Successful integration with acquired assets performing well operationally and financially, in particular the 604 MW 
Hobbs flagship CCGT in New Mexico achieved its best operational performance in 13 years in 2021.
•	 Refinancing of the Caribbean portfolio, including assets in Trinidad & Tobago, completed on attractive terms, 
leading to a cash distribution to the parent company of $110 million.
Strategic and 
operational excellence
•	 Strong focus on positioning the organization for the next phase of growth through recruiting at all tiers of leadership 
below the most senior level and progressing towards a regional operating model, including creating an Africa 
region and planning similar structures for the Americas and Europe. 
•	 Following expiration of its contract, the Arrubal (Spain) plant operated on a merchant basis in the ancillary services 
market providing critical stability to the energy system in a challenging volatile market. Overall, the plant achieved 
98% availability and delivered an outstanding financial performance in 2021. 
•	 Immediate response to the fatality in the year, including the commissioning of a third-party in-depth investigation.  
In response to incidents in the year, safety protocols were stepped up and new safeguards were put in place.
Long-term shareholder 
value
•	 Agreed the sale of the Brazil hydro-electric generation business in line with long-term plan to monetize the 
renewable business in Brazil and create compelling value for shareholders. 
•	 Completion of the Green Hunter Group S.p.A. acquisition –a portfolio of solar assets in Italy.
•	 Continuation of growth in ordinary dividend per share at 10% annually a result of strength of earnings and 
predictable cash flows.
ESG
•	 Introduction of Social Investment Strategy to ensure successful implementation of health, education, and social 
projects. Approval of 29 social investment plans and 129 unique projects in 2021 with a total approved social 
investment of $6.2 million over a three-year period.
•	 Meaningful improvement in ESG ratings (MSCI, CDP and Sustainalytics).
Chief Financial Officer
Performance areas
Key achievements
Strategy, operational 
excellence and 
long-term value 
•	 Created value from the successful re-financing of the Caribbean portfolio and completed refinancing of several 
other assets resulting in a $62m distribution to the parent company.
•	 Completion of the Green Hunter Group S.p.A. acquisition – a portfolio of solar assets in Italy.
•	 Further identified a range of other refinancing opportunities.
•	 Managed successful annual credit rating agency process.
Finance function
•	 Over the year continued to position the financial function for the next phase of growth by implementing a new 
treasury management system including a new payment approval system as well as an integrated and enhanced 
internal controls, risk management, debt compliance system.
•	 Member of the steering committee for the successful roll out of a new integrated contract management and 
procurement platform.
•	 Aligned succession planning with development and hiring plans for key roles in the Finance function.
•	 Integration of our newly acquired United States and Trinidad & Tobago portfolios. 
•	 Steering committee member for review and improvement of our Cyber security program.
Shareholder relations
•	 Managed all aspects of our equity and debt investor engagement program.
•	 Led process for the selection of a new corporate broker.
Taking into account the above performance the Committee determined that 50% of this element of the annual bonus was 
achieved for the Chief Financial Officer.

122
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
REPORT OF THE REMUNERATION COMMITTEE (CONTINUED)
Overall bonus award 
The President & CEO waived his annual bonus for 2021 in light of the fatality in the year.
Executive Director
Group  
scorecard element  
(70% of maximum)
Personal  
objectives element  
(30% of maximum)
Total bonus 
earned (% of 
maximum)
Total bonus 
earned
Joseph C. Brandt, President & CEO
Waived bonus for 2021
$0
Stefan Schellinger, Chief Financial Officer
66.1%
50%
61.3%
£264,226
The Committee considered the Company’s underlying performance prior to finalization of the annual bonus and was satisfied 
that it reflected the overall performance of the Company.
The Remuneration Policy requires any bonus in excess of 50% of maximum to be deferred into shares for a period of two years. 
For 2021, this means that £48,601 of the total bonus earned will be deferred for the Chief Financial Officer. Deferred awards, 
which will be subject to continued employment, will be made under the Long-Term Incentive Plan and set out in the Annual 
Report on the Remuneration for 2022. 
Long-term incentive awards with performance periods ending in 2021 (audited information)
On 17th June 2019, the President & CEO was granted an LTIP award equal to 100% of base salary and the Chief Financial Officer 
was granted an LTIP award equal to 200% of base salary. 
These awards will vest in 2022 following completion of the three-year performance period to 31st December 2021. Achievement 
against performance targets is as set out below. The Committee reviewed the performance against the targets and in light of 
the fatality in the year made a downwards adjustment to the score for Health and Safety by adjusting the Lost Time Incident 
Rate for 2021 to be below threshold.
Performance target
Weighting
0% of element
25% of element
100% of element
Performance 
achieved
LTIP award
Compound annual growth  
rate in Adjusted EBITDA / share
50%
Below 10% p.a.
10% p.a.
25% p.a. and 
above
12.1% p.a.
17.8% 
Health and safety performance  
– Lost Time Incident Rate (average  
over three-year performance period)
25%
Above 0.09
0.09
Zero
0.06
11.7% 
Growth – IRR1
12.5%
IRR for qualifying 
projects below 90% 
IRR for qualifying 
projects at 90%
IRR for qualifying 
projects met
100.0%2
12.5% 
Growth – Milestones1
12.5%
Less than 90% of 
milestones for  
qualifying projects met
90% of milestones 
for qualifying 
projects met
All milestones  
for qualifying 
projects met
78.6%3
9.8%
Overall vesting
51.8% of maximum
1.	 Qualifying projects means such projects approved by the Board during the performance period and in respect of which the Board has specified (a) a target IRR for 
the performance period and/or (b) milestones for the performance period. 
2.	 Weighted average IRR across relevant qualifying projects.
3.	 Average vesting across relevant qualifying projects with specified milestones.
The Committee also considered the Company’s underlying performance over the performance period and was satisfied that the 
vesting outcome reflected the overall performance of the Company.
In line with the Remuneration Policy, a two-year additional holding period will apply.

123
Strategic Report
Governance
Financial Statements
Long-term incentive awards granted in 2021 (audited information)
In line with the Remuneration Policy, the President & CEO and Chief Financial Officer were granted performance share awards 
under the Long-Term Incentive Plan of 100% and 200% of base salary respectively in 2021.
Executive Director
Date of award
Form of award
Number of LTIP 
shares awarded 
Value of awards 
at date of grant1
Value %
 of salary1
 Performance period
Joseph C. Brandt, President & CEO
17th May 2021
Conditional 
award
442,186
$1,200,000 
100%
1st Jan 2021 –  
31st Dec 2023
Stefan Schellinger, Chief Financial Officer
17th May 2021
Nil-cost 
option
389,408
£750,000
200%
1st Jan 2021 –  
31st Dec 2023
1.	 The award value and number of shares was calculated by reference to the closing price of ContourGlobal shares of 192.6p on 17th May 2021 and base salary 
converted where appropriate to GBP using the exchange rate on that date of $1.4090:£1.
LTIP awards granted during 2021 were subject to the following performance conditions.
Adjusted EBITDA per 
share growth % p.a. 
Health and safety Lost 
Time Incident Rate
Growth Internal Rate of
Return (IRR)1
Weighting
50%
25%
25%
100% vesting
25% and above
Zero 
IRR for qualifying 
projects met
25% vesting
10%
0.09
IRR for qualifying 
projects at 90%
0% vesting
Below 10%
 Above 0.09
IRR for qualifying 
projects below 90%
1.	 Qualifying projects means such projects approved by the Board during the performance period and in respect of which the Board has specified a target IRR for 
the performance period. 
Awards vest on a straight-line basis between 25% and 100% achievement.
In line with the Remuneration Policy, a two-year additional holding period will apply to any shares vesting for Executive Directors.
Deferred bonus awards granted in 2021 (audited information)
During the year, the Company also granted deferred bonus awards to the Executive Directors in respect of the 2020 bonus. 
These awards are not subject to performance conditions and are only forfeited in the event that the individual is dismissed for 
serious misconduct.
Executive Director
Date of award
Form of award
Number of 
shares awarded1
Value of awards
at date of grant1
Vesting date
Joseph C. Brandt, President & CEO
17th May 2021
Deferred 
bonus award
156,091
$423,600
10th March 2023
Stefan L. Schellinger, Chief Financial Officer
17th May 2021
Deferred 
bonus award
79,040
£152,231
10th March 2023
1.	 The award value and number of shares was calculated by reference to the closing price of ContourGlobal shares of 192.6p on 17th May 2021 and base salary 
converted where appropriate to GBP using the exchange rate on that date of $1.4090:£1.
Pension and benefits (audited information)
The President & CEO does not currently receive any pension contributions or retirement benefits. The Chief Financial Officer 
receives a pension allowance of 11% of salary, which is in line with other UK employees (excluding Northern Ireland).
Other benefits received include medical insurance, dental insurance, income protection, life assurance, and disability cover.

124
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Implementation of Non-Executive Director Remuneration Policy in 2022
The annual fees for serving as the Chairman or a Non-Executive Director were last reviewed by the Board on 4th April 2019. 
They remain unchanged for 2022.
Fees effective 
from 1st January 
2021
Fees effective 
from 1st January 
2022
Chairman
£250,000
£250,000
Non-Executive Director
£55,000
£55,000
Additional fees
Senior Independent Director
£20,000
£20,000
Audit & Risk Committee Chairman
£12,000
£12,000
Committee Chairman
£12,000
£12,000
Each Non-Executive Director will also be entitled to reimbursement of reasonable business-related expenses, including any  
tax thereon.
Statement of Directors’ shareholdings and share interests (audited information)
Executive Directors are required to accumulate and maintain a holding in ordinary shares in the Company equivalent to no less 
than 250% of salary. At least 50% of any vested share awards (net of tax) must be retained until the guideline is achieved. 
A post-employment shareholding guideline applies such that Executive Directors are required to retain 100% of their 
shareholding guideline, or 100% of their actual shareholding of relevant shares if lower, for a period of six months post-cessation 
of employment, reducing to 50% for a further six months. The guidelines apply to shares delivered via deferred bonus and 
performance share awards from 2020 onwards. 
The share interests of the Executive Directors and their connected persons as at 31st December 2021 are as follows: 
Executive Director
Total number of 
beneficially owned 
shares at  
31st December 2021
Shares held in  
Contour Management
Holdings LLC¹
Unvested interests in 
share schemes 
awarded without 
performance  
conditions as at  
31st December 2021
Unvested interests in 
share incentive 
schemes awarded 
subject to performance 
conditions as at 
31st December 20212
Shareholding 
requirement 
 (% of base salary)
Current shareholding
(% of base salary)3
Joseph C. Brandt,  
President & CEO
1,995,425
7,403,453
210,757
1,383,933
250%
2,039%
Stefan Schellinger,  
Chief Financial Officer
–
–
96,619
1,146,670
250%
0%4
1.	 Mr Brandt holds 7,403,453 shares through Contour Management Holdings LLC following the vesting of the Class S units under the Private Incentive Plan, a legacy 
equity arrangement established by Reservoir Capital Group in connection with its original investment in the business. Further shares may be delivered through the 
Class B and Class C units. Further details of the plan can be read on page 128.
2.	 Unvested interests in share incentive schemes awarded subject to performance conditions comprise performance share awards under the ContourGlobal 
Long-Term Incentive Plan and are structured as Conditional Awards (President & CEO) or Nil-Cost Options (Chief Financial Officer). 
3.	 The value of the Executive Directors’ shareholdings was calculated by reference to the closing price of ContourGlobal shares of 192.4p on 31st December 2021 
and base salary converted where appropriate to GBP using the exchange rate on that date of $1.35381:£1. This includes the value of those shares in Contour 
Management Holdings LLC.
4.	 Stefan Schellinger has five years from the date of his appointment as an Executive Director to reach the shareholding guideline. In accordance with the 
Remuneration Policy, he is required to retain at least half of any share awards vesting (net of tax) under the Company’s discretionary share-based employee 
incentive schemes until the guideline is met.
There were no changes to the Executive Directors’ interests in the Company’s shares during the period between 31st December 
2021 and 17th March 2022.
REPORT OF THE REMUNERATION COMMITTEE (CONTINUED)

125
Strategic Report
Governance
Financial Statements
Non-Executive Directors’ shareholdings (audited information) 
The share interests of the Non-Executive Directors and their connected persons as at 31st December 2021 are as follows: 
Non-Executive Director
Shareholding as at  
31st December 2021
Craig A. Huff1
–
Daniel Camus
 35,000
Mariana Gheorghe
–
Dr. Alan Gillespie
200,0003
Alejandro Santo Domingo2
–
Ronald Trächsel
24,0003
Gregg M. Zeitlin1
–
1.	 Craig A. Huff and Gregg M. Zeitlin each has an indirect interest in ordinary shares as a result of their interests in entities controlled by Reservoir Capital that in turn 
have indirect interests in the Company.
2.	 Alejandro Santo Domingo has an indirect interest in ordinary shares as a result of having a discretionary share interest in certain entities which have indirect 
interests in the Company. Alejandro Santo Domingo disclaims all beneficial interests and control in respect to such ordinary shares.
Service contracts
Executive Directors have a service contract as follows:
Executive Director
Date of service contract
Notice period
Joseph C. Brandt, President & CEO
9th November 2017
6 months from the 
Company, 30 days 
from the Executive
Stefan Schellinger, Chief Financial Officer
15th April 2019
12 months either party
Joseph C. Brandt’s letter of appointment as a Director, dated 8th November 2017, provides for 6 months’ notice by either party.
All Non-Executive Directors have letters of appointment with the Company for a three-year term. Each appointment is terminable 
by either party on one month’s written notice. All Non-Executive Directors are subject to annual re-election at each AGM.
The dates of appointment of each of the Non-Executive Directors serving at 31st December 2021 are summarized in the table below.
Non-Executive Director
Term of appointment
Date of appointment
Date of expiry
Craig A. Huff (Chairman)
3 years
23rd October 2017
23rd October 2023
Daniel Camus
3 years
23rd October 2017
3rd October 2023
Mariana Gheorghe
3 years 
30th June 2019
30th June 2022
Dr. Alan Gillespie
3 years
23rd October 2017
23rd October 2023
Ronald Trächsel
3 years
23rd October 2017
23rd October 2023
Alejandro Santo Domingo
3 years
23rd October 2017
23rd October 2023
Gregg M. Zeitlin
3 years
23rd October 2017
23rd October 2023
Executive Director service contracts and the Non-Executive Directors’ letters of appointment are available for inspection at the 
Company’s registered office during normal business hours and will be available for inspection at the AGM. 
Payments to past Directors and payments for loss of office (audited information)
During the year, the Company has not made any payments to past Directors; neither has it made any payments to Directors for 
loss of office.
Policy on external appointments
The Board believes that it may be beneficial to the Group for the Executive Directors to hold Non-Executive Directorships 
outside the Group. Any such appointments are subject to approval by the Board, and will be determined based on the impact 
on their role within the Company. The Board will determine on a case-by-case basis whether the Directors will be permitted to 
retain any fees arising from such appointments. Neither Executive Director currently holds any external directorships.

126
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
REPORT OF THE REMUNERATION COMMITTEE (CONTINUED)
Percentage change in remuneration 
The following table shows the movement in the salary / fees, benefits and annual bonus of each Director of the Company from 
2020 to 2021, compared with that of the average employee. 
While the Committee reviews base salary for the President & CEO and Chief Financial Officer relative to the broader employee 
population and all employees are eligible for an annual performance bonus, benefits are driven by local practices and eligibility 
for annual bonus and benefits is determined by level and individual circumstances which do not lend themselves to comparison. 
Percentage change in remuneration from 2019 to 2020
Percentage change in remuneration from 2020 to 2021
Percentage 
change in  
salary / fees
Percentage 
changes  
in benefits
Percentage 
change in  
annual bonus
Percentage 
change in  
salary / fees
Percentage 
changes  
in benefits
Percentage 
change in  
annual bonus
Executive Directors
Joseph C. Brandt, President & CEO
0%
0%
43% 
0% 
-7% 
-100% 
Stefan Schellinger, Chief Financial Officer
0% 
22% 
40% 
0% 
64% 
-23% 
Non-Executive Directors
Craig A. Huff (Chairman)
0%
-100% 
–
0% 
0% 
–
Daniel Camus
0%
0% 
–
0% 
-100% 
–
Mariana Gheorghe
0%
0% 
–
0% 
0% 
–
Alan Gillespie
0%
400% 
–
0% 
-100% 
–
Ronald Trächsel
0%
800% 
–
0% 
-100% 
–
Alejandro Santo Domingo
0%
0% 
–
0% 
0% 
–
Gregg M. Zeitlin
0%
100% 
–
0% 
-100% 
–
Average parent company employee
0%
0% 
40% 
0% 
64% 
-23% 
1.	 The figures shown for average parent company employee are the average percentage increase/decrease for employees employed for the whole of 2020 and 
2021 calculated by reference to base salary, benefits and annual bonus received in respect of those years. The sample size is small and bonus payouts across 
the wider organization are considered to be reflective of overall business performance. 
2.	 Where figures in the remuneration table are part-year figures, these have been annualized to enable year-on-year comparison.
Broader executive team and workforce remuneration
In line with the UK Corporate Governance Code, the Committee has responsibility for determining remuneration arrangements 
for the broader executive team. In order to ensure all members of the global executive team are focused on the delivery of 
ContourGlobal’s strategic priorities, all participate in the annual bonus scheme and long-term incentive on a similar basis to the 
Executive Directors. 
The Committee has taken steps to strengthen the information provided to the Committee regarding broader workforce 
remuneration and related policies to ensure that these are fully considered when determining the remuneration arrangements 
for Executive Directors and that the principles, policy and practice for executive and workforce remuneration are aligned. 
The Committee continues to develop its approach to engagement with the workforce in the area of executive remuneration, 
recognizing the global reach of the Company and its employee population.
As ContourGlobal only has 16 permanent employees in the UK, the number of employees in the UK falls below the threshold for 
the requirement to disclose the CEO pay ratio.
Comparison of overall performance and pay 
The chart opposite shows the Company’s total shareholder return performance compared with that of the FTSE 250 over the 
period from the date of the Company’s Admission onto the London Stock Exchange to 31st December 2021. The FTSE 250 
Index has been chosen as an appropriate comparator as it is the index of which the Company is a constituent. TSR is defined as 
the return on investment obtained from holding a company’s shares over a period. It includes dividends paid, the change in 
capital value of the shares and any other payments made to or by shareholders within the period.

127
Strategic Report
Governance
Financial Statements
The total remuneration of the President & CEO along with the value of bonuses paid and LTIP vesting, as a percentage of the 
maximum opportunity, is provided for the same period.
20
40
60
80
100
120
140
This graph shows the value, by 31st December 2020, of £100 invested in ContourGlobal on 
14th November 2017, compared with the value of £100 invested in the FTSE 250 on the same date.
CountourGlobal plc
FTSE 250
Source: Datastream (Thomson Reuters)
14 Nov 2017
31 Dec 2021
Joseph C. Brandt, President & CEO 
20171
2018
2019
2020
2021
Total remuneration (000)
$443
$1,854
$1,944
$2,8894
$1,886
Actual bonus (% of maximum)
75%2
52%
59.5%
85%
0%5
LTIP vesting (% of maximum)
N/A3
N/A3
N/A3
54.4%
51.8%
1.	 The figure for 2017 represents the remuneration earned in the period from 14th November 2017, being the date of listing, to 31st December 2017. 
2.	 The President & CEO voluntarily agreed to a cap of 100% on his annual bonus for 2017.
3.	 There were no LTIP awards vesting based on a performance period ending in 2017, 2018 or 2019.
4.	 The total remuneration figure for 2020 excludes legacy payments.
5.	 The President & CEO waived his annual bonus for 2021.
Relative importance of the spend on pay 
The following table shows the Company’s total spend on pay for all employees compared to Group performance and dividend 
distribution in 2020 and 2021.
2020
2021
% change
Employee costs ($m)
88.7
107.9
20.6%
Average number of employees
1,435
1,491
3.9%
Adjusted EBITDA ($m)1 
722
842
16.6%
Share buyback ($m)
30.4
7.4
-75.7%
Dividend distributions ($m)
105.7
114.5
8.3%
1.	 Adjusted EBITDA is the principal profit measure used by the Group.
External advisors to the Committee
Deloitte LLP were appointed as advisors to the Committee in November 2018 following a competitive tender process. Details of 
the advice and services provided by Deloitte LLP are set out in the table below.
Advisor
Area of advice/services provided 
Deloitte LLP
As independent advisor, advice included consideration of corporate governance developments, best practice in remuneration 
arrangements, increased transparency relating to legacy arrangements, remuneration disclosures and shareholder 
communications. Deloitte LLP received fees of £125,500 in respect of this advice, charged on a time and material basis. 
Deloitte LLP also provided tax advisory services and internal audit co-sourcing support to ContourGlobal in 2021. The lead 
Committee engagement partner has no other connection with ContourGlobal or its Directors. Deloitte LLP is a member of the 
Remuneration Consultants Group and is a signatory to its voluntary Code of Conduct, which requires their advice to be 
objective and independent. The Committee is satisfied that this is the case and that the provision of other services in no way 
compromised their independence.
Statement of voting on the Remuneration Report at the AGM
The table below provides details on the 2021 AGM voting result for our Remuneration Policy and Annual Report on Remuneration. 
% of votes  
cast in favor 
% of votes  
cast against 
Number of  
votes withheld
Remuneration Policy (2021 AGM)
99.34%
0.66%
2,286,295
Annual Report on Remuneration (2021 AGM)
99.82%
0.18%
1,252,426

128
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
REPORT OF THE REMUNERATION COMMITTEE (CONTINUED)
Legacy equity arrangements – the Private Incentive Plan (PIP) 
The President & CEO, along with certain members of the ContourGlobal plc management team, have interests in a ‘Private 
Incentive Plan’ (PIP). As disclosed at the time of IPO and in subsequent Directors’ Remuneration Reports, the PIP is a 
legacy equity arrangement established by Reservoir Capital Group (the major shareholder in the Company) in connection 
with its original investment in the business.
The Company is not a party to the PIP and has no financial obligation to pay cash or issue shares to settle the PIP. All 
shares delivered to the President & CEO under the award are funded by Reservoir Capital Group. Consequently, the 
Committee has no authority over the plan, or the allocation and release of awards.
The PIP is not an ongoing element of the executive Remuneration Policy at ContourGlobal plc, and no new allocations will 
be made under the plan.
History
Joseph C. Brandt, the current President & CEO, founded the Company together with Reservoir Capital Group in 2005. 
Around that time, incentive arrangements were established which enabled the President & CEO, along with other senior 
management, to participate in the return on invested capital above a required return hurdle. 
The PIP therefore relates to legacy commitments connected with the founding of ContourGlobal and the growth of the 
Company in the years prior to its listing on the London Stock Exchange, and modified in anticipation of the listing.
As disclosed in the 2017 DRR, the allocation and terms of the award remained subject to finalization. The allocations and 
terms of the President & CEO’s award were substantially agreed prior to listing. Reservoir Capital finalized the 
implementation of his allocation on 27th December 2018.
Overview of the PIP
The award is in the form of partnership units in Contour Management Holdings LLC which is a partner in ContourGlobal L.P. 
(the limited partnership through which Reservoir Capital Group owns shares in the Company). The award comprised Class S 
units, Class C units and Class B units. The class S units vested in 2020 and only Class C and B units remain outstanding.
Under the terms of the PIP, these units entitle the award-holder to receive from Contour Management Holdings LLC cash 
or shares in the Company if certain financial performance conditions are achieved.
Additional information on Class S unit vesting
In 2020 7,403,453 ordinary shares were transferred to Contour Management Holdings LLC for the benefit of the President 
and Chief Executive, Mr Brandt as a result of the Class S units meeting the associated performance conditions. These 
shares are subject to a sale restriction until the one-year anniversary of the date on which Reservoir Capital (through 
ContourGlobal L.P.) disposes of its interests in ContourGlobal plc, unless waived by ContourGlobal L.P.
Additional information on Class C and Class B unit vesting
Class C units and Class B units are structured as a value share between management and Reservoir Capital Group, and 
deliver an award of ContourGlobal plc shares subject to certain thresholds after deducting the value arising from the Class 
S units. Distributions from Class C units and Class B units are subject to Reservoir Capital Group realizing value from its 
investment in ContourGlobal plc, and the scheme stays in effect until Reservoir Capital Group has disposed of all its 
ordinary shares in ContourGlobal plc. Class C and Class B units are fully vested and are not forfeitable.

129
Strategic Report
Governance
Financial Statements
Illustration of value receivable under the PIP for Joseph C. Brandt
Following the testing of the financial performance condition on 27th December 2020 the Class S units have now vested. 
The value of Class C and Class B units will be dependent on the timing of the disposal of Reservoir Capital Group’s 
holding in ContourGlobal plc, the share price at that time as well as any dividends received in the interim. The table below 
is an illustration of the value to Joseph C. Brandt under various sale price scenarios, assuming Reservoir Capital Group 
disposed of its shareholdings within three years following Admission.
Average sale price
Shares related to 
Class C units and 
Class B units  
(m)1
Total value  
(£m)2
£3.00
Nil
Nil
£3.50
0.4
1.4
£4.00
3.2
12.8
£5.00
6.0
30.0
£5.50
12.77
70.2
1.	 Assumes USD/GBP rate of $1.275, no dividends on ContourGlobal plc shares and that ContourGlobal’s shares were sold or valued on 1st November 2020.
2.	 Total value has been calculated using the average sale price in each scenario.
3.	 The number of shares delivered under the Class C units and Class B units increases above 12.8m in higher sale price scenarios.
Carried interest in Brazilian assets
On 30th June 2008, Joseph C. Brandt was awarded a carried interest, to be funded by any distribution realized via Aguila 
Ltd, a minority shareholder in Kani LP, which is an entity formed to develop and acquire hydro-electric and associated 
cogeneration assets in Brazil. The Company is not party to the carried interest and has no financial obligation in relation  
to the interest. Under the arrangement, to be funded by any distribution realized via Aguila Ltd, management receive in 
aggregate 18% of the value created above an IRR hurdle of 9%. Payments would be made on the occurrence of a final 
liquidity event in respect of the assets. 
The President & CEO’s carried interest amounts to 46% of the 18% total carried interest. No service conditions apply. 
These interests are not considered to relate to director ‘qualifying services’ in the period prior to IPO.
On 20th January 2022 the sale of these assets was announced. The value to the President & CEO will depend on a 
number of factors, including the timing of completion, the sale price achieved and the extent to which the IRR 9% hurdle 
has been met. This value will be computed and finalized upon completion of the transaction. Full disclosure of the final 
amounts will be made in the 2022 Annual Report. 
Statement of compliance
This report has been prepared in accordance with the provisions of the Companies Act 2006 and The Large and Medium-sized 
Companies and Groups (Accounts and Reports) Regulations 2008 (as amended). It also meets the requirements of the UK 
Listing Authority’s Rules and the Disclosure and Transparency Rules and has been prepared considering the recommendations 
of the UK Corporate Governance Code and the voting guidelines of major UK institutional investor bodies.
Approval
This report was approved by the Board of Directors, on the recommendation of the Committee, on 17th March 2022, and signed 
on its behalf by:
Daniel Camus
Chairman of the Committee
17th March 2022

130
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
DIRECTORS’ REPORT
In accordance with section 415 of the 
Companies Act 2006, the Directors of 
ContourGlobal plc present their report  
to shareholders on the audited 
consolidated financial statements for  
the year ended 31st December 2021.
Strategic report
As permitted by section 414C of the 
Companies Act 2006, certain 
information required to be included in 
the Directors’ report has been included 
in the Strategic report, or as set out 
below.
Dividends
The Company announced in March 2021 
that it expected to maintain its annual 
dividend increase at 10% per year, in line 
with the Company’s operational scale. 
With the 10% annual increase, the total 
dividend for the year ended 31st 
December 2021 was $117 million 
equating to four quarterly payments of 
4.465 cents per share. Quarterly 
dividends for 2021 were paid/shall be 
paid (as applicable) on 21st May 2021, 10th 
September 2021, 19th November 2021 
and 14th April 2022.
The declaration and payment by the 
Company of any future dividends and 
the amounts of any such dividends 
depend on the Company’s ability to 
maintain its credit rating, its investments, 
results, financial condition, future 
prospects, profits being available for 
distribution, consideration of certain 
covenants under the terms of 
outstanding indebtedness, and any 
other factors deemed by the Directors 
to be relevant at the time, subject always 
to the requirements of applicable laws.
Relations with other capital 
providers
The Board recognizes the contribution 
made by other providers of capital to the 
Group and welcomes the views of such 
providers in relation to the Group’s 
approach to corporate governance.
Share capital and voting rights
Details of the Company’s share capital 
are set out in Note 4.22 to the 
consolidated financial statements, 
including details on the movements in 
the Company’s issued share capital 
during the year.
As at 31st December 2021, the 
Company’s issued share capital 
consisted of 670,712,920 ordinary 
shares of £0.01 each of which 
14,572,065 shares are held in treasury. 
Therefore, the total number of voting 
rights in the Company is 656,140,855. 
The Company’s issued ordinary share 
capital ranks equally in all respects and 
carries the right to receive all dividends 
and distributions declared, made or paid 
on or in respect of the ordinary shares.
Ordinary shareholders are entitled to 
receive notice of, and to attend and 
speak at, any general meeting of the 
Company. On a show of hands every 
shareholder present in person or by 
proxy (or being a corporation 
represented by a duly authorized 
representative) shall have one vote, and 
on a poll every shareholder who is 
present in person or by proxy shall have 
one vote for every share of which he is 
the holder. The Notice of Annual 
General Meeting specifies deadlines for 
exercising voting rights and appointing a 
proxy or proxies.
Other than the general provisions of the 
Articles of Association (and prevailing 
legislation), there are no specific 
restrictions on the size of a holding or 
on the transfer of the ordinary shares.
The Directors are not aware of any 
agreements between holders of the 
Company’s shares that may result in the 
restriction of the transfer of securities or 
on voting rights. No shareholder holds 
securities carrying any special rights or 
control over the Company’s share 
capital.
Authority to purchase own 
shares
Subject to authorization by shareholder 
resolution, the Company may purchase 
its own shares in accordance with the 
Companies Act 2006. Any shares which 
have been bought back may be held as 
treasury shares or cancelled 
immediately upon completion of the 
purchase.
Authority was given at a General 
Meeting of the Company on 12th May 
2021 for the Company to make market 
purchases (as defined in section 693(4) 
of the Companies Act 2006) of up to 
65,571,342 shares. This authority will 
expire at the conclusion of the 
Company’s AGM in 2022 (scheduled for 
12th May 2022) or, if earlier, the close of 
business on 11th August 2022.
As part of its investment policy, in April 
2020, the Board approved and 
announced the commencement of a 
share buyback program of up to £30 
million in accordance with the terms of 
the general authority granted by 
shareholders at the 2019 General 
Meeting. The Board has subsequently 
approved three extensions to the share 
buyback program, in accordance with 
the terms of the general authority 
granted by shareholders at the 2021 
General Meeting, with the first such 
extension being on 30th June 2020, the 
second being on 22nd September 2020, 
and the third being on 11th January 2021, 
with this extending the program to 31st 
March 2021.
As at 31st December 2021, the Company 
has repurchased 14,999,505 shares 
under the share buyback program, at an 
average price of 191.95 pence and total 
cost of £28.9 million, with all such shares 
being held in treasury. 656,140,855 
shares remained in issue.
A renewal of the authority to make 
market purchases will be sought from 
shareholders at each AGM of the 
Company. Purchases of ordinary shares 
will be made within guidelines 
established from time to time by the 
Board. Any purchase of ordinary shares 
would be made only out of the available 
cash resources of the Company. 
Ordinary shares purchased by the 
Company may be held in treasury or 
cancelled. 
Directors’ report

131
Strategic Report
Governance
Financial Statements
Articles of Association
The Company’s Articles of Association 
were adopted pursuant to a resolution 
passed at a general meeting of the 
Company held on 8th November 2017. 
The Articles of Association may only be 
amended by special resolution at a 
general meeting of the shareholders. 
The Company’s current articles are 
available on our website at  
www.contourglobal.com.
Directors’ re-appointment and 
appointment
The Board has the power at any time to 
elect any person to be a Director.
Under the Relationship Agreement, 
ContourGlobal LP is entitled to appoint 
two Non-Executive Directors to the 
Board while it continues to control 25% 
or more of the Company’s shares. 
Further details of the Relationship 
Agreement can be found on page 132. 
The appointees by Reservoir Capital are 
Craig A. Huff and Gregg M. Zeitlin.
In accordance with the Company’s 
Articles of Association, the Directors are 
subject to annual re-appointment by 
shareholders and all the Directors will 
stand for re-appointment at the Annual 
General Meeting to be held on 12th May 
2022.
Powers of Directors
Subject to the Company’s Articles of 
Association, the Companies Act 2006 
and to any authorities provided by 
special resolution, the business of the 
Company is managed by the Board, 
which may exercise all the powers of the 
Company.
Directors’ interests
Information on share ownership by 
Directors can be found in the 
Remuneration Report on pages 124  
and 125.
Directors’ and officers’ liability 
insurance
Directors and officers of the Company 
and its subsidiaries have been and 
continue to be covered by director and 
officer liability insurance.
Research and development
ContourGlobal plc is constantly engaged 
in process and product innovation. For 
examples of the Company’s R&D 
activities, please refer to the Business 
review.
Stakeholder and workforce 
engagement
We set out further details of our 
stakeholder engagement activity over 
2021, and the outcomes of such activity, 
on pages 24 to 29. Our workforce 
engagement is set out on page 87.
Sustainable development
The Business review section of this 
report, on pages 40 to 55, focuses on 
the Company’s health and safety, 
environmental compliance and 
employment performance and outlines 
the Company’s core values and 
commitment to the principles of 
sustainable development and the 
development of community relations 
programs.
Financial instruments
Details of the Group’s use of financial 
instruments can be found in Notes 4.13, 
4.14 and 4.16 to the financial statements.
Political donations
It is the Company’s policy not to make 
political donations. No political donations 
were made in 2021 (2020: £nil).
Charitable donations
Please refer to pages 54 and 55.
Overseas branches
ContourGlobal plc does not have any 
branches. A full list of the Group’s 
controlled subsidiaries is disclosed in 
Note 4.30 of the Consolidated Financial 
Statements.
Major shareholding
The table below shows the interests in ordinary shares notified to the Company 
in accordance with the Disclosure Guidance and Transparency Rules as at 31st 
December 2021 and 17th March 2022.
Shareholder 
Date of notification
No. of ordinary shares 
% of voting  
ordinary share capital
RCGM, LLC1
13th December 2017
478,932,408
71
FIL Limited
3rd July 2019
36,594,082
5.45
Note 1 - The Reservoir Funds own approximately 99.6% of ContourGlobal LP 
and are themselves ultimately managed and controlled by Reservoir Capital. 
The managing member of Reservoir Capital is RCGM, LLC.

132
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
DIRECTORS’ REPORT (CONTINUED)
Significant contractual 
arrangements 
Relationship Agreement
In November 2017, the Company, 
ContourGlobal LP, the Reservoir Funds, 
Reservoir Capital and the Company 
President and Chief Executive Officer, 
Joseph C. Brandt entered into a 
Relationship Agreement. The principal 
purpose of the Relationship Agreement 
is to ensure that the Company can carry 
on an independent business as its main 
activity. The Relationship Agreement 
contains, among others, undertakings 
from ContourGlobal LP (the ‘Major 
Shareholder’), the Reservoir Funds and 
Reservoir Capital that: (i) transactions 
and agreements with it (and/or any of its 
controlled affiliates) will be conducted at 
arm’s length and on normal commercial 
terms; (ii) neither it nor any of its 
controlled affiliates will take any action 
that would have the effect of preventing 
the Company from complying with its 
obligations under the Listing Rules; and 
(iii) neither it nor any of its controlled 
affiliates will propose or procure the 
proposal of a shareholder resolution 
which is intended or appears to be 
intended to circumvent the proper 
application of the Listing Rules (the 
‘Independence Provisions’). 
Furthermore, Reservoir Capital has 
agreed to procure the compliance of its 
associates with the Independence 
Provisions. The Company’s President 
and Chief Executive Officer, Joseph C. 
Brandt, has given similar undertakings.
The Relationship Agreement will 
continue for so long as: (i) the shares are 
listed on the premium listing segment of 
the Official List and traded on the 
London Stock Exchange’s Main Market 
for listed securities; and (ii) the Reservoir 
Funds and the Major Shareholder and 
their controlled affiliates hold an interest 
in 10% or more of the issued ordinary 
share capital of the Company (or which 
carries 10% or more of the aggregate 
voting rights in the Company from time 
to time). The Directors believe that the 
terms of the Relationship Agreement will 
enable the Group to carry on its 
business independently of Reservoir 
Capital, the Reservoir Funds and the 
Major Shareholder. The Company has 
complied with the undertakings of the 
Relationship Agreement throughout the 
period under review and, so far as it is 
aware, the Major Shareholder and its 
associates have also complied with the 
provisions including any procurement 
obligation.
Revolving credit facility and Euro 
Bonds 
On 26th July 2018, CG Power Holdings 
issued the Euro Bonds in a private 
offering exempt from the registration 
requirements of the Securities Act 1933, 
as amended. The Euro Bonds had an 
aggregate principal amount of €750 
million split between two tranches: €450 
million of 3.375% Senior Secured Notes 
due in 2023 and €300 million of 4.125% 
Senior Secured Notes due in 2025. On 
30th July 2019, CG Power Holdings 
completed an add-on offering of €100 
million of 4.125% Senior Secured Notes 
due in 2025. 
On 17th December 2020, a new Euro 
Bond composed of two tranches was 
issued for €410 million aggregate 
principal amount of 2.75% Senior 
Secured Notes due in 2026 and €300 
million aggregate principal amount of 
3.125% Senior Secured Notes due in 
2028. On 6th January 2021, the Group 
redeemed the €450 million ($549.7 
million) aggregate principal amount of its 
3.375% Senior Secured Notes due in 
2023.
The Euro Bonds have an aggregate 
principal amount of €1,010 million split 
between three tranches: €400 million of 
4.125% Senior Secured Notes due 2025, 
€410 million of 2.75% Senior Secured 
Notes due 2026 and €300 million of 
3.125% Senior Secured Notes due in 
2028. 
The Euro Bond Indentures provide 
redemption conditions depending on 
the date of the redemption. 
If ContourGlobal sells certain of its 
assets or experiences specific kinds of 
changes in control (as defined in the 
Euro Bond Indenture), ContourGlobal 
must offer to purchase the Euro Bonds 
at a purchase price equal to 100% and 
101% respectively of the principal amount 
thereof, plus accrued and unpaid 
interest thereon to, but excluding, the 
date of purchase.
On 12th December 2020, the Group also 
entered into a €120 million revolving 
credit facility available for general 
corporate purposes, maturing in 
November 2023, and out of which €80 
million remains undrawn as of 31st 
December 2021.
Annual General Meeting (AGM)
The 2022 AGM will be held on 12th May 
2022. At the AGM, shareholders will 
have the opportunity to ask questions of 
the Board, including the Chairmen of the 
Board Committees. Full details of the 
AGM, including explanatory notes, are 
contained in the Notice of the AGM. The 
Notice sets out the resolutions to be 
proposed at the AGM and an 
explanation of each resolution. All 
documents relating to the AGM are 
available on the Company’s website at 
www.contourglobal.com.

133
Strategic Report
Governance
Financial Statements
Additional information incorporated by reference into this 
Directors’ report, including information required in accordance 
with the Companies Act 2006, can be found as follows:
Disclosure
Location
Employee information
Page 44 to 47
Financial risk management 
objectives and policies 
(including hedging policy and 
use of financial instruments)
Notes 4.13, 4.14 and 4.16 to the 
consolidated financial statements
Future business developments 
Strategic report pages 25, 32,  
50, and 53
Going concern
Strategic report page 72
Greenhouse gas emissions
Strategic report page 49
Corporate Governance Code 
Compliance Statement
Corporate governance report 
page 82
Directors’ responsibilities
page 134
Events since the reporting date
Note 4.35 to the consolidated 
financial statements
Streamlined Energy and Carbon 
Reporting (SECR) 
page 49
Diversity policy
Nomination Committee report
For the purposes of LR 9.8.4CR, the information required to be 
disclosed by LR 9.8.4R can be found in the following locations:
Disclosure 
Location
Interests capitalized
Note 4.10 to the consolidated 
financial statements
Detail of long-term incentive 
schemes
Directors’ Remuneration Report  
on pages 115 and 122 and Note 
4.27 to the consolidated financial 
statements
Contracts of significance with a 
controlling shareholder
Relationship Agreement  
on page 143
Agreements with controlling 
shareholder 
Relationship Agreement  
on page 143
Need to foster business 
relationships and impact on 
principal decisions
Strategic report on pages 24 to 29
Directors
The Directors of the Company who held office during the year 
and up to the date of this report, unless otherwise stated, are:
Service in the year ended 31st December 2021
Craig A. Huff 
Served throughout the year
Joseph C. Brandt 
Served throughout the year
Daniel Camus 
Served throughout the year
Mariana Gheorghe
Served throughout the year
Dr. Alan Gillespie 
Served throughout the year
Alejandro Santo Domingo
Served throughout the year
Stefan Schellinger
Served throughout the year
Ronald Trächsel 
Served throughout the year
Gregg M. Zeitlin 
Served throughout the year
Biographies of the Directors are provided in the Governance 
section on pages 76 to 78.
The strategic report, comprising the inside front cover and 
pages 1 to 75, and the Directors’ report, comprising pages 76 
to 133, which together form the management report as 
required under the Disclosure Guidance and Transparency 
Rules 4.1.8R, have been approved and are signed on behalf of 
the Board by:
Joseph C. Brandt
President, Chief Executive Officer and Executive Director 
ContourGlobal plc
17th March 2022

134
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Statement of directors’ responsibilities in respect of the financial statements
The directors are responsible for 
preparing the Annual Report and the 
financial statements in accordance with 
applicable law and regulation.
Company law requires the directors to 
prepare financial statements for each 
financial year. Under that law the 
directors have prepared the group 
financial statements in accordance with 
UK-adopted international accounting 
standards and the company financial 
statements in accordance with United 
Kingdom Generally Accepted 
Accounting Practice (United Kingdom 
Accounting Standards, comprising FRS 
102 “The Financial Reporting Standard 
applicable in the UK and Republic of 
Ireland”, and applicable law).
Under company law, directors must not 
approve the financial statements unless 
they are satisfied that they give a true 
and fair view of the state of affairs of the 
group and company and of the profit or 
loss of the group for that period. In 
preparing the financial statements, the 
directors are required to:
•	 select suitable accounting policies 
and then apply them consistently;
•	 state whether applicable UK-adopted 
international accounting standards 
have been followed for the group 
financial statements and United 
Kingdom Accounting Standards, 
comprising FRS 102 have been 
followed for the company financial 
statements, subject to any material 
departures disclosed and explained  
in the financial statements;
•	 make judgments and accounting 
estimates that are reasonable and 
prudent; and
•	 prepare the financial statements on 
the going concern basis unless it is 
inappropriate to presume that the 
group and company will continue  
in business.
The directors are responsible for 
safeguarding the assets of the group 
and company and hence for taking 
reasonable steps for the prevention  
and detection of fraud and other 
irregularities.
The directors are also responsible for 
keeping adequate accounting records 
that are sufficient to show and explain 
the group’s and company’s transactions 
and disclose with reasonable accuracy 
at any time the financial position of the 
group and company and enable them to 
ensure that the financial statements and 
the Directors’ Remuneration Report 
comply with the Companies Act 2006.
The directors are responsible for the 
maintenance and integrity of the 
company’s website. Legislation in the 
United Kingdom governing the 
preparation and dissemination of 
financial statements may differ from 
legislation in other jurisdictions.
Directors’ confirmations
The directors consider that the Annual 
Report and accounts, taken as a whole, 
is fair, balanced and understandable and 
provides the information necessary for 
shareholders to assess the group’s and 
company’s position and performance, 
business model and strategy.
Each of the directors, whose names and 
functions are listed in Directors’ Report 
confirm that, to the best of their 
knowledge:
•	 the group financial statements, which 
have been prepared in accordance 
with UK-adopted international 
accounting standards, give a true  
and fair view of the assets, liabilities, 
financial position and profit of  
the group;
•	 the company financial statements, 
which have been prepared in 
accordance with United Kingdom 
Accounting Standards, comprising 
FRS 102, give a true and fair view of 
the assets, liabilities and financial 
position of the company; and
•	 the Strategic Report includes a fair 
review of the development and 
performance of the business and the 
position of the group and company, 
together with a description of the 
principal risks and uncertainties that  
it faces.
In the case of each director in office at 
the date the directors’ report is approved:
•	 so far as the director is aware, there is 
no relevant audit information of which 
the group’s and company’s auditors 
are unaware; and
•	 they have taken all the steps that they 
ought to have taken as a director in 
order to make themselves aware of 
any relevant audit information and to 
establish that the group’s and 
company’s auditors are aware of that 
information.
This responsibility statement has been 
approved and is signed on behalf of the 
Board by:
Joseph C. Brandt
President, Chief Executive Officer  
and Executive Director  
ContourGlobal plc
17th March 2022
DIRECTORS’ REPORT (CONTINUED)

135
Strategic Report
Governance
Financial Statements
CONTOURGLOBAL PLC AND SUBSIDIARIES
Year ended December 31, 2021
Independent auditors' report to the members of ContourGlobal plc 
 136
Consolidated statement of income and other comprehensive income
 146
Consolidated statement of financial position
 147
Consolidated statement of changes in equity
 148
Consolidated statement of cash flows
 149
1.
General information 
 150
2.
Summary of significant accounting policies
 151
2.1.
Application of new and revised International Financial Reporting Standards (IFRS)
 151
2.2.
New standards and interpretations not yet mandatorily applicable
 151
2.3.
Summary of significant accounting policies
 151
2.4.
Critical accounting estimates and judgments
 163
3.
Significant changes in the reporting period
 168
3.1.
2021 Transactions
 168
4.
Notes to the consolidated financial statements
 170
4.1.
Segment reporting
 170
4.2.
Revenue
 173
4.3.
Expenses by nature
 174
4.4.
Employee costs and numbers
 174
4.5.
Acquisition related items
 175
4.6.
Net finance costs, foreign exchange gains and losses, and changes in fair value of derivatives
 175
4.7.
Income tax expense and deferred income tax
 176
4.8.
Earnings per share
 178
4.9.
Intangible assets and goodwill
 179
4.10.
Property, plant and equipment
 180
4.11.
Financial and contract assets
 182
4.12.
Investments in associates
 183
4.13.
Management of financial risk
 184
4.14.
Derivative financial instruments
 190
4.15.
Fair value measurements
 191
4.16.
Financial instruments by category
 192
4.17.
Other non-current assets
 193
4.18.
Inventories
 193
4.19.
Trade and other receivables
 193
4.20.
Other current assets
 193
4.21.
Cash and cash equivalents
 194
4.22.
Equity
 194
4.23.
Non-controlling interests
 195
4.24.
Borrowings
 198
4.25.
Other non-current liabilities
202
4.26.
Provisions
203
4.27.
Share-based compensation plans
204
4.28.
Trade and other payables
205
4.29.
Other current liabilities
205
4.30.
Group undertakings
206
4.31.
Related party disclosure
 213
4.32.
Financial commitments and contingent liabilities
 213
4.33.
Guarantees and letters of credit
 216
4.34.
Statutory auditors’ fees
 217
4.35.
Subsequent events
 217
The accompanying notes are an integral part of these consolidated financial statements.

136
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF CONTOURGLOBAL PLC
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
In our opinion:
•	 ContourGlobal plc’s group financial statements and company financial statements (the “financial statements”) give a true and 
fair view of the state of the group’s and of the company’s affairs as at 31 December 2021 and of the group’s profit and the 
group’s cash flows for the year then ended;
•	 the group financial statements have been properly prepared in accordance with UK-adopted international accounting standards;
•	 the company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted 
Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard 
applicable in the UK and Republic of Ireland”, and applicable law); and
•	 the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report, which comprise: the consolidated statement of 
financial position and the company balance sheet as at 31 December 2021; the consolidated statement of income and other 
comprehensive income, the consolidated statement of cash flows, and the consolidated statement of changes in equity and the 
company statement of changes in equity for the year then ended; and the notes to the financial statements, which include a 
description of the significant accounting policies.
Our opinion is consistent with our reporting to the Audit and Risk Committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our 
responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section 
of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial 
statements in the UK, which includes the FRC’s Ethical Standard, as applicable to listed public interest entities, and we have 
fulfilled our other ethical responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical Standard were not provided.
Other than those disclosed in 4.34, we have provided no non-audit services to the company or its controlled undertakings in the 
period under audit.
Our audit approach
Overview
Audit scope
•	 We conducted our audit work over 11 components in 10 countries
•	 8 components were subject to an audit of their complete financial information due to their size
•	 3 components were subject to audit of specified financial statement line items reflecting either the financial significance of 
the balances or audit risk
•	 Specific audit procedures were performed on certain material balances within cash and cash equivalents, and borrowings 
in out of scope components
•	 In addition, centrally managed functions, including the group consolidation, were audited at the head office by the group 
engagement team
Key audit matters
•	 Accounting for business combinations (group)
•	 Assessment of significant judgements relating to litigation and claims (group)
•	 Impairment of property, plant and equipment and intangible assets (group)
•	 Impairment of investment in subsidiary companies (company)
Materiality
•	 Overall group materiality: US$21,000,000 (2020: US$18,000,000) based on approximately 2.5% of Adjusted EBITDA.
•	 Overall company materiality: US$21,500,000 (2020: US$16,500,000) based on 1% of total assets.
•	 Performance materiality: US$15,750,000 (2020: US$13,500,000) (group) and US$16,125,000 (2020: US$12,400,000) (company).

137
Strategic Report
Governance
Financial Statements
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements.
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the 
financial statements of the current period and include the most significant assessed risks of material misstatement (whether or 
not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the 
allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any comments we 
make on the results of our procedures thereon, were addressed in the context of our audit of the financial statements as a 
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
Accounting for business combinations is a new key audit matter this year. Impact of Covid-19, which was a key audit matter last 
year, is no longer included because of the limited impact from the pandemic on the operations and financial results of the group 
and company. Otherwise, the key audit matters below are consistent with last year.
Key audit matter
How our audit addressed the key audit matter
Accounting for business combinations (group)
(note 2.4 Critical accounting estimates and judgments 
and 3.1 2021 transactions)
During the year, the group acquired shares and assets in 
a portfolio of 6 operating power plants in USA and 
Trinidad for consideration of $646.1 million, and a 
portfolio of assets in Italy for consideration of $33.9 
million. Accounting for acquisitions can be complex, with 
judgement required in both the identification of assets 
acquired (including any intangible assets), and the 
valuation of those assets and liabilities assumed, in 
accordance with IFRS 3 ‘Business Combinations’.
The calculation of fair value is subjective due to the 
inherent uncertainty involved in the valuation of assets 
and liabilities, and this requires the application of 
judgement by management and technical expertise. In 
particular the method of valuation, future forecasts 
(including cash-flow forecasts) and underlying 
assumptions may all have a material impact on the 
valuation of assets and liabilities, notably on the valuation 
of property, plant and equipment and intangible assets, 
which typically represents the most significant assets 
acquired.
Following acquisition, the group’s power plants typically 
sell their output under Power Purchase Agreements 
(‘PPAs’) and/or other long-term arrangements. Accounting 
for PPAs can be complex, with a number of judgements 
required to assess the accounting standards applicable 
to each agreement. These include whether the 
arrangement contains a lease under IFRS 16 ‘Leases’ or 
constitutes a service concession to be accounted for 
under IFRIC 12 ‘Service concession arrangements or 
contains derivatives under IFRS 9 ‘Financial instruments’. 
These judgements impact the measurement and 
classification of assets, the basis for revenue recognition 
under the PPA, and the related disclosures in the financial 
statements. Once the basis of accounting has been 
initially determined, this does not change over time.
We read the sale and purchase agreements (“SPAs”) associated 
with the acquisitions in USA, Trinidad and Italy and performed audit 
procedures over both the identification of assets acquired 
(including any potential intangible assets) and the valuation of 
assets acquired and liabilities assumed. We have agreed the 
consideration paid to bank statements and reconciled to the sale 
and purchase agreements.
We considered the completeness of the intangible assets identified 
by management with reference to the specific legal and contractual 
rights associated with the SPAs. From our review and assessment 
of the SPAs, and audit procedures performed over the valuation 
and classification of assets acquired and liabilities assumed, we 
found that the judgements made surrounding the identification and 
final classification of assets and liabilities acquired were 
appropriate.
We involved our specialists in our audit of the valuation of assets 
acquired and liabilities assumed. Our work included assessment of 
the appropriateness of the valuation models used, assessment of 
the discount rate used in the models by reference to comparable 
assets, and the evaluation of future cash flow forecasts for each of 
the power plants acquired. We found that the valuation models 
used, and the judgements and estimates made surrounding the 
valuation of assets and liabilities acquired to be reasonable.
We assessed the completeness of disclosures for each acquisition 
against the requirements of the relevant accounting standards and 
found that there were no omissions of disclosures.
We challenged management’s assessment of the PPAs/ tariff 
arrangements in USA, Trinidad and Italy and agreed key terms to 
the contractual arrangements. In particular, management noted that 
certain of the US asset PPAs and the Trinidad PPA contained 
operating leases based on the contractual terms.
From our audit procedures over the PPAs we found that the 
judgements made in determining the appropriate accounting 
framework for the PPAs were reasonable, and the associated 
measurement and final classification of related balances and 
disclosures in the financial statements were consistent with the 
requirements of the relevant accounting standards.

138
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF CONTOURGLOBAL PLC (CONTINUED)
Key audit matter
How our audit addressed the key audit matter
Assessment of significant judgements relating 
to litigation and claims (group)
(note 2.4 Critical accounting estimates and 
judgements and 4.32 Financial commitments and 
contingent liabilities)
In the ordinary course of business, the group is 
subject to actual or potential liabilities arising from 
litigations and claims, including contractual disputes 
brought by government bodies (including regulators 
and tax authorities), offtakers and suppliers. Power 
Purchase Agreements (PPAs) are held with state 
owned, regulated bodies and other offtakers. Where 
disputes arise in connection with such agreements, 
there is usually a process of dialogue between the 
counterparties which can take place over an 
extended period of time.
Management review such litigation and claims on a 
case-by-case basis to determine the likely outcome 
and to estimate the possible magnitude and timing  
of any resultant payments from adverse outcomes. 
Matters of this nature are inherently uncertain and as 
such management apply significant judgement in 
determining the likely outcome of such matters as  
well as the potential effect on future operations and 
the financial statements.
We met with Executive Vice President - General Counsel and other 
members of senior management to discuss ongoing and potential 
litigation and claims. We evaluated the significant judgements 
associated with each of these matters on a case-by-case basis 
including the likelihood of economic outflow to settle the obligation 
and whether a reliable estimate can be determined based on the facts 
of the case. Audit procedures performed to support our conclusions 
have included review and assessment of contracts, review of 
correspondence with counterparties and internal and external legal 
counsel, assessment of the local political climate (where relevant to 
the specific matter), and obtaining representation from management’s 
external legal counsel on matters of significant judgement to evaluate 
management’s views against those of external legal counsel. In certain 
cases, we have also discussed matters directly with external legal 
counsel in evaluating the likely outcome of the cases.
We have considered the completeness of litigation and claims 
identified to us by management by reference to other audit information 
obtained during the course of work, and specific procedures 
performed to identify matters, including review of board minutes. We 
did not identify any further litigation or claims that had not already 
been disclosed to us.
Based on the evidence obtained we have evaluated the accounting 
for litigation and claims, including the determination of whether a 
provision should be recorded, or a contingent liability should be 
disclosed. We found that all items had been accounted for 
appropriately.
We also assessed the disclosure for litigation and claims against the 
requirements of the relevant accounting standards and concluded that 
the disclosures were appropriate. Where significant judgements have 
been applied by management, we also found that these judgements 
are appropriately disclosed within the financial statements.
Impairment of property, plant and equipment 
and intangible assets (group)
(note 2.4 Critical accounting estimates and judgments, 
4.9 Intangible assets and goodwill and 4.10 Property, 
plant and equipment)
The group has $3.9 billion of property, plant and 
equipment, the majority of which relates to power 
plant assets, and $0.3 billion of intangible assets, the 
majority of which relates to legado rights in Mexico.
The group is required to assess whether or not there 
are any indicators of impairment over these assets. In 
the event that an impairment trigger is identified, the 
recoverable value of property, plant and equipment 
and intangible assets are assessed by a calculation  
of the higher of value in use (which is based on future 
discounted cash flow forecasts) and fair value less 
costs to sell.
We have evaluated management’s assessment of impairment triggers 
by reviewing performance data by power plant, considering significant 
variances in performance against forecasts, and from meetings we 
held with divisional finance directors to discuss individual plant 
performance. We have also considered other information gathered 
during the course of our audits of components and assessed whether 
there are any other indicators of impairment, as well as considering 
other factors that could indicate increased impairment risk such as 
regulatory changes and the potential impact of emerging risks such as 
climate change. 
In concluding on the audit risk that there could be further unidentified 
impairment triggers, we specifically evaluated the Mexico plants where 
the government in Mexico has proposed certain changes to the 
legado regime (which would result in significant increases to wheeling 
charges) and energy sector reforms. Management have filed a lawsuit 
and received an injunction suspending the application of these higher 
fees, and obtained legal advice from external legal counsel which 
supports their view that the changes are unconstitutional and therefore 
unlikely to be sustained. In relation to the wider energy sector reforms, 
management has obtained an injunction against these where they 
could adversely impact the group, which is in turn subject to legal 
challenge from the authorities. In evaluating these matters:

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Key audit matter
How our audit addressed the key audit matter
Impairment assessments of this nature require 
significant judgement and there is the risk that 
potential impairment triggers are not identified by 
management and, in the event that there is an 
impairment trigger, there is a risk that the 
calculation of the recoverable amount of the asset 
is incorrect and therefore the value of the assets 
may be misstated. Forecasts and assumptions 
used in both value in use calculations and the 
estimation of fair value less costs to sell are 
inherently judgemental and therefore may give 
rise to increased risk of misstatement.
No impairment indicators were identified in the 
current year.
In addition, whilst the expiry of PPAs is not 
considered an impairment trigger, management 
also performed an assessment of the forecast 
cash flows for the Bulgaria Maritsa plant given that 
the existing power purchase agreement for this 
plant is due to expire in early 2024. This 
assessment took account of expected cash flows 
through to the expiry of the current PPA in 2024, 
as well as the most likely scenarios after the 
expiry of the PPA. The PPA period to February 
2024 covers the significant majority of the year 
end balance sheet value. The period after the 
expiry of the current PPA involves greater 
judgement in estimating future cash flows, and 
could be adversely impacted by a number of 
factors, including climate related risks (for 
example the risk of increased future costs of CO2 
quotas that may not be reflected in market prices).
This supports the assessment that there is no 
impairment trigger. 
•	 We reviewed the external legal opinion obtained by management which 
confirms management’s view that the proposed changes are considered 
unconstitutional under Mexican laws and sets out details of injunctions 
received by the group; and
•	 We consulted with our own local energy sector specialists regarding 
their opinion on whether or not the changes in wheeling charges and 
energy reform proposals are likely to be sustained.
We therefore consider that management’s conclusion that there is no 
impairment trigger to be reasonable. We also read the disclosures 
included in the financial statements in relation to this judgement and found 
these to be appropriate.
In relation to the Bulgaria Maritsa plant, we have evaluated management’s 
assessment which considers the contracted future cash flows up until 2024 
and the likely scenarios after the expiry of the PPA in 2024. Our assessment 
over the post PPA period has taken account of the increased climate related 
risks for this lignite plant, including the potential impact of the gradual shift to 
cleaner sources of energy in the EU, expected costs of CO2 emissions, and 
the alternative energy options available in the local market.
We have tested the forecast cash flows prepared by management. A 
significant proportion of the year end carrying value of the Bulgaria Maritsa 
plant is supported by cash flows under the contracted PPA, limiting the 
estimation uncertainty to the post PPA period. We used industry specialists to 
evaluate the market studies prepared by management’s experts, which were 
used to determine likely future scenarios beyond the expiry of these PPAs 
and therefore the associated future cash inflows of the plant. We used 
valuations specialists to independently calculate the discount rate using 
independent sources of evidence. Based on our audit procedures performed 
we found the methodology and assumptions used in the assessment and the 
conclusion that there is no impairment to be reasonable. 
We also assessed the critical accounting judgements and estimates 
associated with impairment of property, plant equipment and intangible 
assets and have found these to be appropriate.

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Key audit matter
How our audit addressed the key audit matter
Impairment of investment in subsidiary companies 
(parent)
(note 6 Investments in Subsidiaries)
The company has an investment of $2,148.0 million in 
subsidiaries. Annually, the Directors consider whether any 
events or circumstances have occurred that could indicate that 
the carrying amount of the investment in subsidiaries may not 
be recoverable. If such circumstances are identified an 
impairment review is undertaken to establish whether the 
carrying amount of the investment exceeds its recoverable 
amount, being the higher of net realisable value or value in 
use.
Impairment assessments of this nature requires significant 
judgement and there is the risk that a potential impairment 
trigger may not be identified by management and, in the event 
that there is an impairment trigger, there is a risk that the 
calculation of the recoverable amount of the investment is 
incorrect and therefore the value of the investment may be 
misstated.
In assessing whether or not there were any impairment triggers 
management considered a number of factors including the 
underlying financial performance of the group, the market 
capitalisation of the group and other available evidence to 
support the fair value of the group.
The market capitalisation of the group at 31 December 2021 
was approximately $1.7 billion. This was significantly lower than 
the carrying value of investments. Based on this, management 
concluded that there was an impairment trigger.
The carrying value of investments was assessed by calculating 
the recoverable amount of the investments in subsidiary 
undertakings. The recoverable amount was estimated by 
reference to fair value less cost to sell, and based on this 
assessment the directors concluded that there was no 
impairment in value.
We have evaluated management’s consideration of 
impairment triggers through performing our own independent 
assessment, which has included:
•	 Assessing the overall financial performance of the group, 
as well as larger and financially more significant assets 
within the group, to identify any indicators of impairment as 
a result of poor financial performance;
•	 Considering other information gathered during the course 
of our audits of components and assessing whether there 
are any other indicators of impairment, as well as 
considering other factors that could indicate increased 
impairment risk such as regulatory changes and potential 
impacts of climate change on the group; and
•	 Comparing the market capitalisation of the group at year 
end, adjusted for the other net assets of the company, and 
comparing this to the carrying value of investments.
We agreed with management’s conclusion that the market 
capitalisation compared to the carrying value of investments 
constitutes an impairment trigger.
We assessed the audit evidence supporting the recoverable 
value of the group based on fair value less costs to sell, and 
agreed with management’s conclusion that no impairment 
was required.
We also assessed the disclosures surrounding critical 
accounting judgements and estimates associated with 
impairment of investments and have found these to be 
appropriate.
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How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial 
statements as a whole, taking into account the structure of the group and the company, the accounting processes and controls, 
and the industry in which they operate.
The group financial statements are a consolidation of multiple reporting components, comprising the group's operating locations 
(including operating entities and their related financing entities) and other centralised functions.
The group's reporting components vary significantly in size and we identified eight components that, in our view, required an 
audit of their complete financial information due to their size and contribution to the group and/or specific risk criteria, including 
emerging risks such as from climate change. A further three reporting components were identified that required audit 
procedures over specified financial statement line items based on specific risks and/or the contribution of each to those 
financial statement line items. Specific audit procedures were also performed on certain material balances in out of scope 
components to ensure we have obtained sufficient coverage over all material financial statement line items. Given the size and 
risk, the parent company reporting component is an out of scope component for the purpose of the group audit.
Where the work was performed by component auditors, we determined the level of involvement we needed to have in their 
audit work at those entities to conclude whether sufficient appropriate audit evidence has been obtained as a basis for our 
opinion on the group financial statements as a whole. The group engagement team performed one physical visit to our 
component team in the USA and virtual "site visits" for the remaining full scope components. These virtual "site visits" involved 
conducting a series of video conference calls to discuss the audit approach and any issues arising from the audit work. For all 
components, we received detailed reports on the findings of their audit work and held a number of calls with the component 
teams before, during and after the completion of their work. We also attended clearance calls with all component teams, at 
which we discussed the audit findings with the local component audit team, local management and group management. We 
remotely reviewed certain working papers from the audit files of all component teams at the conclusion of their audit work.
The group consolidation, including the consolidated financial statement disclosures and certain centrally managed functions and 
balances were audited at the head office by the group audit engagement team.
The company is principally a holding company and there are no branches or other locations to be considered when scoping the 
audit. There are no financial statement line items in scope for the group audit. The company is audited on a stand-alone basis, 
and hence, testing has been performed on all material financial statement line items.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. 
These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent 
of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of 
misstatements, both individually and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
 
Financial statements - group
Financial statements - company
Overall 
materiality
US$21,000,000 (2020: US$18,000,000).
US$21,500,000  
(2020: US$16,500,000).
How we 
determined it
Approximately 2.5% of Adjusted EBITDA
1% of total assets
Rationale for 
benchmark 
applied
We applied Adjusted EBITDA as the benchmark for materiality. We 
consider that this is the key profit-based measure used by 
management in both assessing the performance of the business, and 
in reporting performance of the business to stakeholders. 
Management uses this measure as it allows the underlying profitability 
of the group's core business activities, including the contribution from 
associates, to be assessed year on year. It eliminates transactions 
related to the initial acquisition of assets (which are not directly related 
to ongoing performance of the assets) and certain other items which 
give rise to fluctuations in results which are not directly linked to the 
performance of the assets. Further details of the use of Adjusted 
EBITDA are set out in note 4.1 Segment reporting.
We believe that total assets is an 
appropriate benchmark for the 
company as the entity is principally 
a holding company.

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For each component in the scope of our group audit, we allocated a materiality that was less than our overall group materiality. 
The range of materiality allocated across components was between $1 million and $13 million. Certain components were audited 
to a local statutory audit materiality that was also less than our overall group materiality.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and 
undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of 
our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in 
determining sample sizes. Our performance materiality was 75% (2020: 75%) of overall materiality, amounting to US$15,750,000 
(2020: US$13,500,000) for the group financial statements and US$16,125,000 (2020: US$12,400,000) for the company financial 
statements.
In determining the performance materiality, we considered a number of factors - the history of misstatements, risk assessment 
and aggregation risk and the effectiveness of controls - and concluded that an amount at the upper end of our normal range 
was appropriate.
We agreed with the Audit and Risk Committee that we would report to them misstatements identified during our audit above 
$1.0 million (group audit) (2020: $1.0 million) and $1.0 million (company audit) (2020: $0.8 million) as well as misstatements below 
those amounts that, in our view, warranted reporting for qualitative reasons.
Conclusions relating to going concern
Our evaluation of the directors’ assessment of the group's and the company’s ability to continue to adopt the going concern 
basis of accounting included:
•	 Obtaining management's cash flow forecast performed at the group level, which sets out the expected distributions from 
subsidiaries to the holding companies, net of repayments of corporate debt and other cash outflows at the group level
•	 Performing audit procedures over the group cash flow forecast, including inquiries with management over the preparation of 
the distribution forecast, agreeing cash flow distributions from subsidiaries to the underlying trading company cash flow 
forecasts for full scope components, agreeing existing cash balances in the holding companies to underlying financial 
records, assessing reasonableness of forecast cash outflows, testing the mathematical accuracy of the forecast model, 
assessing the adequacy of sensitivities applied based on expected significant outflows (e.g for acquisitions) and assessing 
whether the stress testing performed by management appropriately considers other risks such as covenant breaches and 
refinancing due within the next 12 months
•	 Performing audit procedures at all full scope components to assess the ability of trading subsidiaries to make future 
distributions to the group in line with the group cash flow forecast
•	 Evaluating the debt covenants including the assessment of any breaches or potential breaches within the next 12 months and 
the impact this may have on management's cash flow forecast
•	 Reviewing the debt agreements to confirm the terms and conditions and amounts available from committed facilities
•	 Where debt finance is held at the component level, we have corroborated management's assessment of debt held as being 
"non recourse" to the parent entity to third party evidence, where applicable
•	 Local component audit teams performing full scope audits evaluated the going concern basis at the component level and where 
any risks were identified these have been considered through sensitivities performed over the group cash flow forecast
•	 We reviewed the board meeting minutes confirming that the going concern assumption was evaluated and confirmed as 
appropriate by the Board
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, 
individually or collectively, may cast significant doubt on the group's and the company’s ability to continue as a going concern 
for a period of at least twelve months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the 
preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the group's and 
the company's ability to continue as a going concern.
In relation to the directors’ reporting on how they have applied the UK Corporate Governance Code, we have nothing material 
to add or draw attention to in relation to the directors’ statement in the financial statements about whether the directors 
considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections 
of this report.
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Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ 
report thereon. The directors are responsible for the other information, which includes reporting based on the Task Force on 
Climate-related Financial Disclosures (TCFD) recommendations. Our opinion on the financial statements does not cover the 
other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this 
report, any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, 
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 
audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material 
misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial 
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that 
there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based 
on these responsibilities.
With respect to the Strategic report and Directors' Report, we also considered whether the disclosures required by the UK 
Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions 
and matters as described below.
Strategic report and Directors' Report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and 
Directors' Report for the year ended 31 December 2021 is consistent with the financial statements and has been prepared in 
accordance with applicable legal requirements.
In light of the knowledge and understanding of the group and company and their environment obtained in the course of the 
audit, we did not identify any material misstatements in the Strategic report and Directors' Report.
Directors’ Remuneration
In our opinion, the part of the Directors' Remuneration Report to be audited has been properly prepared in accordance with the 
Companies Act 2006.
Corporate governance statement
The Listing Rules require us to review the directors’ statements in relation to going concern, longer-term viability and that part of 
the corporate governance statement relating to the company’s compliance with the provisions of the UK Corporate Governance 
Code specified for our review. Our additional responsibilities with respect to the corporate governance statement as other 
information are described in the Reporting on other information section of this report.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate 
governance statement, included within the Corporate Governance Report is materially consistent with the financial statements 
and our knowledge obtained during the audit, and we have nothing material to add or draw attention to in relation to:
•	 The directors’ confirmation that they have carried out a robust assessment of the emerging and principal risks;
•	 The disclosures in the Annual Report that describe those principal risks, what procedures are in place to identify emerging 
risks and an explanation of how these are being managed or mitigated;
•	 The directors’ statement in the financial statements about whether they considered it appropriate to adopt the going concern 
basis of accounting in preparing them, and their identification of any material uncertainties to the group’s and company’s 
ability to continue to do so over a period of at least twelve months from the date of approval of the financial statements;
•	 The directors’ explanation as to their assessment of the group's and company’s prospects, the period this assessment covers 
and why the period is appropriate; and
•	 The directors’ statement as to whether they have a reasonable expectation that the company will be able to continue in 
operation and meet its liabilities as they fall due over the period of its assessment, including any related disclosures drawing 
attention to any necessary qualifications or assumptions.
Our review of the directors’ statement regarding the longer-term viability of the group was substantially less in scope than an 
audit and only consisted of making inquiries and considering the directors’ process supporting their statement; checking that 
the statement is in alignment with the relevant provisions of the UK Corporate Governance Code; and considering whether the 
statement is consistent with the financial statements and our knowledge and understanding of the group and company and their 
environment obtained in the course of the audit.

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In addition, based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate 
governance statement is materially consistent with the financial statements and our knowledge obtained during the audit:
•	 The directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and understandable, and 
provides the information necessary for the members to assess the group’s and company's position, performance, business 
model and strategy;
•	 The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems; and
•	 The section of the Annual Report describing the work of the Audit and Risk Committee.
We have nothing to report in respect of our responsibility to report when the directors’ statement relating to the company’s 
compliance with the Code does not properly disclose a departure from a relevant provision of the Code specified under the 
Listing Rules for review by the auditors.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of Directors' responsibilities in respect of the Annual Report and the financial 
statements, the directors are responsible for the preparation of the financial statements in accordance with the applicable 
framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control 
as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, 
whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the company’s ability to 
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of 
accounting unless the directors either intend to liquidate the group or the company or to cease operations, or have no realistic 
alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material 
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a 
high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, 
they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our 
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which 
our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and 
regulations related to breaches of health and safety regulations, environmental regulations and unethical and prohibited 
business practises, and we considered the extent to which non-compliance might have a material effect on the financial 
statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the 
Companies Act 2006 and relevant tax legislation. We evaluated management’s incentives and opportunities for fraudulent 
manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were 
related to inappropriate journal entries and/or management exercising bias in accounting estimates that would result in the 
overstatement of Adjusted EBITDA. The group engagement team shared this risk assessment with the component auditors so 
that they could include appropriate audit procedures in response to such risks in their work. Audit procedures performed by the 
group engagement team and/or component auditors included:
•	 Assessment of compliance with local laws and regulations and relevant tax legislation by each component audit team and the 
group audit team, as applicable
•	 Review of board minutes, internal audit reports, compliance review reports and attendance at Audit and Risk Committee 
meetings where the heads of the compliance and internal audit functions present findings from their activities, which include 
any known or suspected instances of non-compliance with laws and regulations and fraud
•	 Meeting with internal legal counsel and internal audit to confirm any known instances of non-compliance with laws and regulations
•	 Meeting with group head of tax to confirm any known instances of non-compliance with tax legislation
•	 Identifying and testing journal entries that increased Adjusted EBITDA, in particular journal entries posted with unusual 
account combinations, or posted by members of senior management with a financial reporting oversight role
•	 Challenging assumptions and judgements made by management in significant accounting estimates, including the disclosure 
of such matters in the financial statements
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•	 Incorporating elements of unpredictability into the audit procedures performed
•	 Reviewing the presentation of Adjusted EBITDA in the Annual Report, including the disclosure of the reconciliation of Adjusted 
EBITDA to statutory profit, and ensuring that sufficient prominence was given to statutory profit measures in the Annual Report
•	 Reviewing the disclosures in the Annual Report and financial statements against the specific legal requirements, and involving 
technical experts to help us assess compliance of the disclosures against relevant legislation, for example within the Directors' 
Remuneration Report and the Corporate Governance Report
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of 
non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial 
statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one 
resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, 
or through collusion.
Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing 
techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete 
populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, 
we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website  
at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with 
Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or 
assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may 
come save where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
•	 we have not obtained all the information and explanations we require for our audit; or
•	 adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received 
from branches not visited by us; or
•	 certain disclosures of directors’ remuneration specified by law are not made; or
•	 the company financial statements and the part of the Directors' Remuneration Report to be audited are not in agreement 
with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Appointment
Following the recommendation of the Audit and Risk Committee, we were appointed by the members on 13 December 2017 
to audit the financial statements for the year ended 31 December 2017 and subsequent financial periods. The period of total 
uninterrupted engagement is five years, covering the years ended 31 December 2017 to 31 December 2021.
Other matter
As required by the Financial Conduct Authority Disclosure Guidance and Transparency Rule 4.1.14R, these financial statements 
form part of the ESEF-prepared annual financial report filed on the National Storage Mechanism of the Financial Conduct 
Authority in accordance with the ESEF Regulatory Technical Standard (‘ESEF RTS’). This auditors’ report provides no assurance 
over whether the annual financial report has been prepared using the single electronic format specified in the ESEF RTS.
Matthew Hall (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP 
Chartered Accountants and Statutory Auditors 
London
18th March 2022

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CONTOURGLOBAL PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME  
AND OTHER COMPREHENSIVE INCOME
Year ended December 31, 2021
Years ended December 31
In $ millions
Note
2021
2020
Revenue
4.2
2,151.9
1,410.7
Cost of sales
4.3
(1,730.5)
(1,033.5)
Gross profit
421.4
377.2
Selling, general and administrative expenses
4.3
(40.5)
(36.8)
Other operating income
6.8
7.4
Other operating expenses
4.3
(3.4)
(19.7)
Acquisition related items
4.5
(14.2)
(20.2)
Income from Operations
370.1
307.9
Other income
5.8
–
Share of profit in associates
4.12
16.2
12.3
Finance income
4.6
3.9
4.4
Finance costs
4.6
(296.8)
(262.9)
Net foreign exchange gains and (losses) and change in fair value of derivatives
4.6
43.7
10.7
Profit before income tax
142.9
72.3
Income tax expenses
4.7
(63.2)
(43.7)
Net profit for the period
79.7
28.6
Profit for the period attributable to 
•	 Equity shareholders of the Company
78.3
16.0
•	 Non-controlling interests
1.4
12.6
Earnings per share (in $)
•	 Basic
0.12
0.02
•	 Diluted
0.12
0.02
Years ended December 31
In $ millions
2021
2020
Net profit for the period
79.7
28.6
Changes in actuarial gains and losses on retirement benefit, before tax
(0.3)
0.2
Deferred taxes on changes in actuarial gains and losses on retirement benefit
–
–
Items that will not be reclassified subsequently to income statement
(0.3)
0.2
Gain / (Loss) on hedging transactions
55.0
(40.0)
Cost of hedging reserve
(0.2)
(1.5)
Deferred taxes on gain / (loss) on hedging transactions
(14.4)
27.9
Share of other comprehensive income of investments accounted for using the equity method
–
–
Currency translation differences
28.9
(97.1)
Items that may be reclassified subsequently to income statement
69.3
(110.7)
Other comprehensive profit/(loss) for the period net of tax
69.0
(110.5)
Total comprehensive profit/(loss) for the period
148.7
(81.9)
Attributable to
•	 Equity shareholders of the Company
146.9
(74.8)
•	 Non-controlling interests
1.8
(7.1)
The accompanying notes are an integral part of these consolidated financial statements.

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Governance
Financial Statements
CONSOLIDATED STATEMENT  
OF FINANCIAL POSITION
Year ended December 31, 2021
In $ millions
Note
December 31, 
2021
December 31, 
2020
Non-current assets
4,749.5
4,375.7
Intangible assets and goodwill
4.9
305.4
319.7
Property, plant and equipment
4.10
3,925.4
3,517.1
Financial and contract assets
4.11
370.5
408.3
Investments in associates
4.12
33.5
29.5
Derivative financial instruments
4.14
9.9
1.1
Other non-current assets
4.17
55.1
42.5
Deferred tax assets
4.7
49.7
57.5
Current assets
1,267.7
1,995.1
Inventories
4.18
485.7
247.4
Financial and contract assets
4.11
32.3
30.0
Trade and other receivables
4.19
299.1
264.0
Current income tax assets
15.0
21.3
Derivative financial instruments
4.14
6.1
0.4
Other current assets
4.20
60.4
35.1
Cash and cash equivalents
4.21
369.1
1,396.9
Assets held for sale
3.1
175.2
–
Total assets
6,192.4
6,370.8
In $ millions
December 31, 
2021
December 31, 
2020
Total equity and non-controlling interests
370.5
337.7
Issued capital
4.22
8.9
8.9
Share premium
380.8
380.8
Treasury shares
4.22
(37.8)
(30.4)
Retained earnings and other reserves
(142.9)
(176.9)
Non-controlling interests
4.23
161.5
155.3
Non-current liabilities
4,451.5
4,492.2
Borrowings
4.24
3,809.1
3,895.5
Derivative financial instruments
4.14
71.5
151.0
Deferred tax liabilities
4.7
325.2
269.0
Provisions
4.26
77.7
51.8
Other non-current liabilities
4.25
168.0
124.9
Current liabilities
1,217.3
1540.9
Trade and other payables
4.28
597.0
333.7
Borrowings
4.24
367.0
934.8
Derivative financial instruments
4.14
26.3
41.0
Current income tax liabilities
29.1
24.3
Provisions
4.26
12.9
12.3
Other current liabilities
4.29
185.0
194.8
Liabilities held for sale
3.1
153.1
–
Total liabilities
5,821.8
6,033.1
Total equity and non-controlling interests and liabilities
6,192.4
6,370.8
The financial statements on pages 146 to 217 were approved by the Board of Directors and authorized for issue on 17 March 
2022 and signed on its behalf by Joseph C. Brandt, President & CEO
The accompanying notes are an integral part of these consolidated financial statements.

148
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
CONTOURGLOBAL PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENT  
OF CHANGES IN EQUITY
Year ended December 31, 2021
In $ millions
Share 
capital
Share 
premium
Treasury 
shares
Currency 
translation 
reserve
Hedging 
reserve 
Cost of 
hedging 
reserve
Actuarial 
reserve 
Retained 
earnings 
Total equity 
attributable to 
shareholders 
of the 
Company
Non-
controlling 
interests
Total 
equity
Balance as of December 31, 2019
8.9
380.8
–
(101.2)
(81.5)
–
(2.3)
180.1
384.8
165.3
550.1
Balance as of January 1, 2020
8.9
380.8
–
(101.2)
(81.5)
–
(2.3)
180.1
384.8
165.3
550.1
Profit for the period
–
–
–
–
–
–
–
16.0
16.0
12.6
28.6
Other comprehensive loss
–
–
–
(78.0)
(11.5)
(1.5)
0.2
–
(90.8)
(19.7)
(110.5)
Total comprehensive loss  
for the period
–
–
–
(78.0)
(11.5)
(1.5)
0.2
16.0
(74.8)
(7.1)
(81.9)
Purchase of treasury shares
–
–
(30.4)
–
–
–
–
–
(30.4)
–
(30.4)
Employee share schemes
–
–
–
–
–
–
–
8.5
8.5
–
8.5
Contribution received from non-
controlling interests
–
–
–
–
–
–
–
–
–
3.4
3.4
Transaction with non-controlling 
interests
–
–
–
–
–
–
–
–
–
(1.0)
(1.0)
Dividends
–
–
–
–
–
–
–
(105.7)
(105.7)
(5.4)
(111.1)
Balance as of December 31, 2020
8.9
380.8
(30.4)
(179.2)
(93.0)
(1.5)
(2.1)
98.9
182.4
155.3
337.7
Balance as of January 1, 2021
8.9
380.8
(30.4)
(179.2)
(93.0)
(1.5)
(2.1)
98.9
182.4
155.3
337.7
Profit for the period
–
–
–
–
–
–
–
78.3
78.3
1.4
79.7
Other comprehensive profit
–
–
–
29.2
38.7
(0.2)
(0.3)
1.2
68.6
0.4
69.0
Total comprehensive income / 
(loss) for the period
–
–
–
29.2
38.7
(0.2)
(0.3)
79.5
146.9
1.8
148.7
Purchase of treasury shares
–
–
(7.4)
–
–
–
–
–
(7.4)
–
(7.4)
Employee share schemes
–
–
–
–
–
–
–
1.9
1.9
–
1.9
Acquisition and contribution of 
non-controlling interest not resulting  
in a change of control
–
–
–
–
–
–
–
(2.7)
(2.7)
1.1
(1.6)
Dividends
–
–
–
–
–
–
–
(114.5)
(114.5)
(3.6)
(118.1)
Transaction with non-controlling interest
–
–
–
–
–
–
–
–
–
9.5
9.5
Other
–
–
–
–
–
–
–
2.4
2.4
(2.6)
(0.2)
Balance as of December 31, 2021
8.9
380.8
(37.8)
(150.0)
(54.3)
(1.7)
(2.4)
65.5
209.0
161.5
370.5
The accompanying notes are an integral part of these consolidated financial statements.

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Strategic Report
Governance
Financial Statements
CONSOLIDATED STATEMENT  
OF CASH FLOWS
Year ended December 31, 2021
Years ended December 31
In $ millions
2021
2020
CASH FLOW FROM OPERATING ACTIVITIES
Net profit 
79.7
28.6
Adjustment for:
Amortization, depreciation and impairment expense
399.2
311.6
Change in provisions
(1.6)
(2.7)
Share of profit in associates
(16.2)
(12.3)
Net foreign exchange gains and losses and change in fair value of derivatives
(43.7)
(10.7)
Interest expenses - net
201.6
190.6
Other financial items
91.3
68.0
Income tax expense
63.2
43.7
Mexico CHP fixed margin swap
(5.5)
15.6
Change in finance lease and financial concession assets
37.9
31.7
Acquisition related items
–
20.2
Other items
(5.7)
12.2
Change in working capital
45.9
52.8
Income tax paid
(36.6)
(37.5)
Contribution received from associates
0.8
7.8
Net cash generated from operating activities
810.3
719.6
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
(104.4)
(77.0)
Purchase of intangibles
(16.1)
(3.8)
Acquisition of subsidiaries, net of cash received
(654.6)
–
Other investing activities
(2.6)
(24.5)
Net cash used in investing activities
(777.7)
(105.3)
CASH FLOW FROM FINANCING ACTIVITIES
Dividends paid
(114.5)
(105.7)
Purchase of treasury shares
(7.4)
(30.4)
Proceeds from borrowings
790.7
938.9
Repayment of borrowings
(1,304.2)
(323.4)
Debt issuance costs - net
(26.7)
(13.1)
Interest paid
(192.9)
(175.8)
Cash distribution to non-controlling interests
(19.3)
(18.5)
Dividends paid to non-controlling interest holders
(3.5)
(5.4)
Transactions with non-controlling interest holders, cash received
17.5
3.4
Transactions with non-controlling interest holders, cash paid
(79.2)
(57.5)
Other financing activities and derivatives
(51.0)
(9.6)
Net cash generated from financing activities
(990.5)
202.9
Exchange (losses) / gains on cash and cash equivalents
(57.6)
21.2
Net change in cash and cash equivalents
(1,015.4)
838.4
Cash & cash equivalents at beginning of the period
1,396.9
558.5
Cash & cash equivalents at end of the period
381.5
1,396.9
Included in cash and cash equivalents in the balance sheet
369.1
1,396.9
Included in the assets held for sale
12.4
–
The accompanying notes are an integral part of these consolidated financial statements.

150
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
CONTOURGLOBAL PLC AND SUBSIDIARIES
GENERAL INFORMATION
Year ended December 31, 2021
1. General information
ContourGlobal plc (the “Company”) is a public listed company, limited by shares, domiciled in the United Kingdom and 
incorporated in England and Wales. It is the holding company for the Group whose principal activities during the period were 
the operation of wholesale power generation businesses with thermal and renewable assets in Europe, Latin America, United 
States of America and Africa, and its registered office is:
55 Baker Street  
London 
W1U 8EW 
United Kingdom
Registered number: 10982736
ContourGlobal plc is listed on the London Stock Exchange.
Basis of preparation
On 31 December 2020, IFRS as adopted by the European Union at that date was brought into UK law and became UK-adopted 
International Accounting Standards, with future changes being subject to endorsement by the UK Endorsement Board. 
ContourGlobal plc transitioned to UK-adopted International Accounting Standards in its consolidated financial statements on 1 
January 2021. This change constitutes a change in accounting framework. However, there is no impact on recognition, 
measurement or disclosure in the period reported as a result of the change in framework.
The consolidated financial statements have been prepared in accordance with international accounting standards in conformity 
with the requirements of the Companies Act 2006 and UK-adopted International Accounting Standards. The consolidated 
financial statements have been prepared on the going concern basis under the historical cost convention, as modified by the 
revaluation of financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss.
The financial information is presented in millions of US dollars, with one decimal. Thus numbers may not sum precisely due to 
rounding.
The principal accounting policies applied in the preparation of the consolidated financial statements are set out in note 2.3. 
These policies have been consistently applied to the periods presented, unless otherwise stated. 
The financial information presented is at and for the financial years ended 31 December 2021 and 31 December 2020. Financial 
year ends have been referred to as 31 December throughout the consolidated financial statements as this is the accounting 
reference date of ContourGlobal plc. Financial years are referred to as 2021 and 2020 in these consolidated financial 
statements.
The preparation of the IFRS financial statements requires the use of estimates and assumptions that affect the reported amounts 
of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses 
during the year. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual 
results may differ from those estimates, as noted in the critical accounting estimates and judgements in note 2.4.

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Governance
Financial Statements
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Year ended December 31, 2021
2. Summary of significant accounting policies
2.1. Application of new and revised International Financial Reporting Standards (IFRS)
The Group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2021. 
There was no material impact from the application of these amendments.
•	 COVID-19-Related Rent Concessions – amendments to IFRS 16; and
•	 Interest Rate Benchmark Reform – Phase 2 – amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16.
2.2. New standards and interpretations not yet mandatorily applicable
A number of additional new standards and amendments and revisions to existing standards have been published which will 
apply to the Group’s future accounting periods. None of these are expected to have a significant impact on the consolidated 
results, financial position or cash flows of the Group when they are adopted.
2.3. Summary of significant accounting policies
Principles of consolidation
The consolidated financial statements include both the assets and liabilities, and the results and cash flows, of the Group and its 
subsidiaries and the Group’s share of the results and the Group’s investments in associates.
Inter-company transactions and balances between Group companies are eliminated.
(a) Subsidiaries
Entities over which the Group has the power to direct the relevant activities so as to affect the returns to the Group, generally 
through control over the financial and operating policies, are accounted for as subsidiaries. Interests acquired in subsidiaries are 
consolidated from the date the Group acquires control.
(b) Associates
Where the Group has the ability to exercise significant influence over entities, generally from a shareholding of between 20% 
and 50% of the voting rights, they are accounted for as associates. The results and assets and liabilities of associates are 
incorporated into the consolidated financial statements using the equity method of accounting. The Group’s investment in 
associates includes goodwill identified on acquisition. 
The Group determines at each reporting date whether there is objective evidence that the investment in the associate is 
impaired. If there is evidence, the Group calculates the amount of impairment as the difference between the recoverable 
amount of the investment in the associate and its carrying value and recognizes this amount in the consolidated statement of 
income.
Business combinations
The acquisition consideration is measured at fair value which is the aggregate of the fair values of the assets transferred, the 
liabilities incurred or assumed and the equity interests issued in exchange for control. The consideration transferred includes 
the fair value of any asset or liability resulting from a contingent consideration arrangement. Any contingent consideration to be 
transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the 
contingent consideration are recognized in the consolidated statement of income. Where the consideration transferred, 
together with the non-controlling interest, exceeds the fair value of the net assets, liabilities and contingent liabilities acquired, 
the excess is recorded as goodwill. Acquisition related costs are expensed as incurred and classified as “Acquisition related 
items” in the consolidated statement of income.
Goodwill is capitalized as a separate item in the case of subsidiaries and as part of the cost of investment in the case of 
associates. Goodwill is denominated in the functional currency of the operation acquired.

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Changes in ownership interests in subsidiaries without change of control
In line with IFRS 10 ‘Consolidated financial statements’, transactions with non-controlling interests that do not result in a gain or 
loss of control are accounted for as equity transactions – that is, as transactions with the owners in their capacity as owners. 
In the case of an acquisition of non-controlling interest that does not result in a gain of control, the difference between fair value 
of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in 
equity.
In the case of a sale of non-controlling interests that do not result in a loss of control (“sell-down”), the net cash gain on sale of 
these assets are recorded as an increase in the equity attributable to owners of the parent and corresponds to the difference 
between the consideration received for the sale of shares and of the carrying amount of non-controlling interest sold. Consistent 
with this approach, subsequent true-ups to earn-outs in the context of sell-down transactions are also recorded in equity. The 
net cash gain or loss on sell-down is presented in Adjusted EBITDA, as disclosed in note 4.1.
Non-current assets and disposal groups held for sale and discontinued operations 
Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally 
through a sale transaction rather than through continuing use and a sale is considered highly probable. An impairment loss is 
recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. Assets and 
liabilities of a disposal group classified as held for sale are presented separately on the balance sheet. 
A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that 
represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose 
of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of 
discontinued operations are presented separately in the statement of profit or loss.
Functional and presentation currency and currency translation 
The assets and liabilities of foreign undertakings are translated into US dollars, the Group’s presentation currency, at the 
year-end exchange rates. The results of foreign undertakings are translated into US dollars at the relevant average rates of 
exchange for the year. Foreign exchange differences arising on retranslation of opening net assets, and the difference between 
average exchange rates and year end exchange rates on the result for the year are recognized directly in the currency 
translation reserve.
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the 
transactions. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of 
monetary assets and liabilities denominated in foreign currencies are recognized at year end exchange rates in the 
consolidated statement of income line which most appropriately reflects the nature of the item or transaction. 
The following table summarizes the main exchange rates used for the preparation of the consolidated financial statements of 
ContourGlobal:
CLOSING RATES
AVERAGE RATES
Year ended 31st December
Year ended 31st December
Currency
2021
2020
2021
2020
EUR / USD
1.1373
1.2216
1.1833
1.1413
BRL / USD
0.1792
0.1925
0.1857
0.1960
BGN / USD
0.5815
0.6246
0.6049
0.5835
MXN / USD
0.0486
0.0501
0.0493
0.0469
When a foreign undertaking is sold, the associated exchange differences are reclassified to profit or loss, as part of the gain or 
loss on sale.
CONTOURGLOBAL PLC AND SUBSIDIARIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED

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Strategic Report
Governance
Financial Statements
Operating and reportable segments
The Group’s reporting segments reflect the operating segments which are based on the organizational structure and financial 
information provided to the Chief Executive Officer, who represents the chief operating decision-maker (“CODM”). The Group’s 
organizational structure reflects the different electricity generation methods, being Thermal and Renewable. A third category, 
Corporate & Other, primarily reflects costs for certain centralized functions including executive oversight, corporate treasury and 
accounting, legal, compliance, human resources, IT and facilities management and certain technical support costs that are not 
allocated to the segments for internal management reporting purposes. 
The principal profit measure used by the CODM is “Adjusted EBITDA” as defined in note 4.1. A segmented analysis of “Adjusted 
EBITDA” is provided in note 4.1 to the consolidated financial statements.
Revenue recognition
The Group revenue is mainly generated from the following:
(i) revenue from power sales; 
(ii) revenue from operating leases; 
(iii) revenue from financial assets (concession and finance lease assets); and 
(iv) other revenue such as environmental, operational and maintenance services rendered to offtakers. 
Revenue from operating leases is recognized under IFRS 16, revenue from financial assets is recognized under IFRS 16 and 
IFRIC 12, and Revenue from power sales and other revenue are recognized under IFRS 15.
Revenue recognition in accordance with IFRS 15, ‘Revenues from contracts with customers’, is based on the transfer of control, 
i.e. the notion of control is used to determine when a good or service is transferred to the customer. In accordance with this, the 
Group has adopted a single comprehensive model for the accounting for revenues from contracts with customers, using a 
five-step approach for revenue recognition: (1) identifying the contract; (2) identifying the performance obligations in the contract; 
(3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) 
recognizing revenue when the Group satisfies a performance obligation.
Based on this recognition model, sales are recognized when goods are delivered to the customer and have been accepted by 
the customer, even if they have not been invoiced, or when services are rendered, and it is probable that the economic benefits 
associated with the transaction will flow to the entity. Revenue for the year includes the estimate of the energy supplied that has 
not yet been invoiced.
When determining the transaction price, the Group considers the effects of the variable consideration, the constraining 
estimates of variable consideration, the existence of a significant financing component in the contract, the non-cash 
consideration and the consideration payable to a customer.
If the consideration promised in a contract includes a variable amount, the Group estimates the amount of consideration to 
which it will be entitled in exchange for transferring the promised goods or services to a customer. An amount of consideration 
can vary because of discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties or other 
similar items.
Certain of the Group’s power plants sell their output under Power Purchase Agreements (“PPAs”) and other long-term 
arrangements. Under such arrangements it is usual for the Group to receive payment for the provision of electrical capacity or 
availability whether or not the offtaker requests the electrical output (capacity payments) and for the variable costs of production 
(energy payments). In such situations, revenue is recognized in respect of capacity payments as:
a.	Service income in accordance with the contractual terms, to the extent that the capacity has been made available to the 
contracted offtaker during the period and / or energy produced and delivered in the period. This income is recognized as 
part of revenue from power sales; 
b.	Financial return on the operating financial asset where the PPA is considered to be or to contain a finance lease or where 
the contract is considered to be a financial asset under interpretation IFRIC 12: “Service concession arrangements”. 
c.	Service income related to environmental, operational and maintenance services rendered to offtakers are presented as 
part of Other revenue.

154
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Under finance lease arrangements, those payments which are not included within minimum lease payments are accounted for 
as service income (outlined in (a) above). 
Energy payments under PPAs are recognized in revenue in all cases as the contracted output is delivered.
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, 
which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that 
asset’s net carrying amount on initial recognition.
Concession arrangements
The interpretation IFRIC 12 governs accounting for concession arrangements. An arrangement within the scope of IFRIC 12 is 
one which involves a private sector entity (known as “an operator”) constructing infrastructure used to provide a public service, 
or upgrading it (for example, by increasing its capacity) and operating and maintaining that infrastructure for a specified period of 
time. 
IFRIC 12 applies to public-to-private service concession arrangements if:
a.	The “grantor” (i.e. the public sector entity – the offtaker) controls or regulates what services the operator must provide with 
the infrastructure, to whom it must provide them, and at what price; and
b.	The grantor controls through ownership, beneficial entitlement or otherwise any significant residual interest in the 
infrastructure at the end of the term of the arrangement. Infrastructure used in a public-to-private service concession 
arrangement for its entire useful life (a whole of life asset) is within the scope of IFRIC 12 if the conditions in a) are met.
Under concession arrangements within the scope of IFRIC 12, which comply with the “financial asset” model requirements, the 
operator recognizes a contract asset, attracting revenue in consideration for the services it provides (design, construction, etc.), 
to the extent that it has an unconditional contractual right to receive cash or another financial asset from or at the direction of the 
grantor for the construction services; the grantor has little, if any, discretion to avoid payment, usually because the agreement is 
enforceable by law. The Group has an unconditional right to receive cash if the grantor contractually guarantees to pay the 
Group (a) specified or determinable amounts or (b) the shortfall, if any, between amounts received from users of the public 
service and specified or determinable amounts, even if payment is contingent on the Group ensuring that the infrastructure 
meets specified quality or efficiency requirements. This model is based on input assumptions such as budgets and cash flow 
forecasts. Any change in these assumptions may have a material impact on the measurement of the recoverable amount and 
could result in reducing the value of the asset. Such contract assets are recognized in the consolidated statement of financial 
position in an amount corresponding to the fair value of the infrastructure on first recognition and subsequently at amortized 
cost less impairment losses. The receivable is settled by means of the grantor’s payments being received. The financial income 
calculated on the basis of the effective interest rate, equivalent to the project’s internal rate of return, is reflected within the 
“Revenue from concession and finance lease assets” line in note 4.2. Cash outflows relating to the acquisition of contract assets 
under concession agreements are presented as part of cash flow from investing activities. Net cash inflows generated by the 
contract assets’ operations are presented as part of cash flow from operating activities.
For purchase power arrangements, revenue for service income is generally recognized as billed after excluding the portion of 
the payment that is allocated to cover the return on financial assets arising from service concession arrangements as described 
above. We have therefore not disclosed the transaction price allocated to unsatisfied contracts based as permitted by 
paragraph 121 of IFRS 15.
Share-based compensation plans
The share-based payment charge arises from the Long Term Incentive Plan (LTIP) and the Private Incentive Plan (PIP). The PIP 
scheme is applicable to senior executives whilst the LTIP scheme is applicable to senior executives and senior and middle 
management. Shares issued under the schemes vest subject to continued employment within the Group and satisfaction of the 
non-market performance conditions. Employees leaving prior to the vesting date will normally forfeit their rights to unvested 
share awards. The fair value of the awards is measured using the market value at the date of grant. The fair value determined at 
the grant date is expensed on a straight-line basis together with a corresponding increase in equity over the vesting period, 
based on the Group’s estimate of the number of awards that will vest, and adjusted for the effect of non-market-based vesting 
conditions.
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Acquisition related items
Acquisition related items include pre-acquisition costs such as various professional fees and due diligence costs, earn-outs and 
other related incremental costs incurred as part of completed or contemplated acquisitions.
Finance income and finance costs
Finance income primarily consists of interest income on funds invested. Finance costs primarily comprise interest expense on 
borrowings, unwinding of the discount/step up on financial and contract assets and provisions, interests and penalties that arise 
from late payments of suppliers or taxes, bank charges, differences between the historically estimated and actual dividends of 
the debt payable to non-controlling interests in our Bulgarian power plant, changes in the fair value of derivatives not qualifying 
for hedge accounting and net foreign exchange gains and losses.
Intangible assets and goodwill
Goodwill
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating 
units (“CGUs”), or groups of CGUs that is expected to benefit from the synergies of the combination. Each unit or group of units 
represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. A CGU is 
determined as a group of assets at a country level using shared technology which is typically the case for solar and wind assets.
The reporting units (which generally correspond to power plants) or group of reporting units have been identified as its cash-
generating units.
Goodwill impairment reviews are undertaken at least annually.
Intangible assets
Intangible assets include licenses, permits, contracts, project development rights when specific rights are acquired and software. 
Intangible assets separately acquired in the normal course of business are recorded at historical cost, and intangible assets 
acquired in a business combination are recognized at fair value at the acquisition date. When the power plant achieves its 
commercial operations date, the related intangible assets are amortized using the straight-line method generally over the life of 
the PPA or over the duration of the permits, licenses and contracts granted, generally over 15 to 20 years (excluding software). 
Software is amortized over 1 to 3 years.
Property, plant and equipment
Initial recognition and subsequent measurement
Property, plant and equipment are stated at historical cost, less depreciation and impairment, or at fair value at the acquisition 
date if acquired in the context of a business combination. Historical cost includes an initial estimate of the costs of dismantling 
and removing the item and restoring the site on which it is located, when the entity has a present legal or constructive obligation 
to do so. In the context of a business combination the fair value valuation is usually based on an income-approach based 
method.
Property, plant and equipment recognized as right-of-use assets under IFRS 16 are measured at cost less depreciation, 
impairment and adjustments to certain remeasurements of the lease liability. 
Costs relating to major inspections and overhauls are capitalized and any remaining carrying amount of the cost of the previous 
overhaul is derecognized when new expenditure is capitalized. Minor replacements, repairs and maintenance, including 
planned outages to our power plants that do not improve the efficiency or extend the life of the respective asset, are expensed 
as incurred. 
The Group capitalizes certain direct pre-construction costs associated with its power plant project development activities when 
it has been determined that it is more likely than not that the opportunity will result in an operating asset. Factors considered in 
this determination include (i) the availability of adequate funding, (ii) the likelihood that the Group will be awarded the project or 
the barriers are not likely to prohibit closing the project, and (iii) there is an available market and the regulatory, environmental 
and infrastructure requirements are likely to be met. Capitalized pre-construction costs include initial engineering, environmental 
and technical feasibility studies, legal costs, permitting and licensing and direct internal staff salary and travel costs, among 
others. Pre-construction costs are expensed if a project is abandoned or if the conditions stated above are not met.

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Construction work in progress (“CWIP”) assets are transferred out of CWIP when construction is substantially completed and the 
power plant achieves its commercial operations date (“COD”), at which point depreciation commences. 
Borrowing costs directly attributable to construction of a qualifying assets are capitalized during the period of time that is 
required to complete and prepare the asset for its intended use.
Depreciation
Property, plant and equipment are depreciated to their estimated residual value using the straight-line method over the 
following estimated useful lives:
Useful lives as of December 31, 2020 and 2021
Power plant assets
Lignite, coal, gas, oil, biomass power plants
3 to 32 years
Hydro plants and equipment
24 to 40 years
Wind farms
16 to 25 years
Tri and quad-generation combined heat power plants
15 to 23 years
Solar plants
11 to 20 years
Other
3 to 10 years
Useful economic lives have been updated to reflect the lives of plants from the date of acquisition by the Group. 
“Generation plants and equipment” and ”Other property, plant and equipment” categories are presented respectively under 
“Power plant assets” and “Other” in note 4.10.
See below for the Group’s depreciation policy on right-of-use assets.
The range of useful lives is due to the diversity of the assets in each category, which is partly due to acquired assets and from 
assets groupings. 
The residual values and useful lives are reviewed at least annually taking into account a number of factors such as operational 
and technical risks, and risks linked to climate change (for example from emerging government policies) and if expectations 
differ from previous estimates, the remaining useful lives are reassessed and adjustments are made. In the case of assets 
acquired as part of a business combination, the remaining useful lives are assessed at the acquisition dates by performing 
technical due diligence procedures. 
Where a power purchase agreement (“PPA”) acquired as part of business combination is deemed to contain an operating lease, 
the company depreciates separately the amounts reflected in the acquired fair value of that Property Plant & Equipment that are 
attributable to favorable or unfavorable lease terms relative to market terms. Such amounts are depreciated over the term of the 
related PPA (2 to 12 years).
Leases
The Group applies IFRS 16 ‘Leases’ and leases are recognized as a right-of-use asset and a corresponding liability at the date at 
which the leased asset is available for use by the Group. 
Accounting for a lease as a lessee – Assets and liabilities arising from a lease are initially measured on a present value basis. 
Lease liabilities include the net present value of the following lease payments:
•	 fixed payments (including in-substance fixed payments), less any lease incentives receivable; 
•	 variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the 
commencement date; 
•	 amounts expected to be payable by the Group under residual value guarantees; 
•	 the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and 
•	 payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
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Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. 
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which 
is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual 
lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar 
economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group applied a single discount rate to a portfolio of leases with reasonably 
similar characteristics. 
The Group is exposed to potential future increases in variable lease payments which are linked to gross revenues or based on 
an index or rate. No right of use assets or corresponding lease liability is recognized in respect of variable consideration leases 
which are linked to gross revenues. Variable lease payments that depend on gross revenues are recognized in the statement of 
income in the period in which the related revenue is generated.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease 
period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. 
Right-of-use assets are measured at cost comprising the following: 
•	 the amount of the initial measurement of lease liability;
•	 any lease payments made at or before the commencement date less any lease incentives received; 
•	 any initial direct costs; and 
•	 restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line 
basis. If the group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying 
asset’s useful life. 
Payments associated with short-term leases (less than 12 months) of equipment and vehicles and all leases of low-value assets 
are recognized on a straight-line basis as an expense in the statement of income. 
Accounting for arrangements that contain a lease as lessor – PPA’s and other long-term contracts may contain, or may be 
considered to contain, leases where the fulfilment of the arrangement is dependent on the use of a specific asset such as a 
power plant and the arrangement conveys to the customer the right to use that asset. Such contracts may be identified as either 
operating leases or finance leases.
(i) Accounting for finance leases as lessor
Where the Group determines that the contractual provisions of a long-term PPA contain, or are, a lease and result in the offtaker 
assuming the principal risks and rewards of ownership of the power plant, the arrangement is a finance lease. Accordingly the 
assets are not reflected as property, plant and equipment and the net investment in the lease, represented by the present value 
of the amounts due from the lessee is recorded within financial assets as a finance lease receivable. 
The capacity payments as part of the leasing arrangement are apportioned between minimum lease payments (comprising 
capital repayments relating to the plant and finance income) and service income. The finance income element is recognized as 
revenue, using a rate of return specific to the plant to give a constant rate of return on the net investment in each period. 
Finance income and service income are recognized in each accounting period at the fair value of the Group’s performance 
under the contract.
(ii) Accounting for operating leases as lessor
Where the Group determines that the contractual provisions of the long-term PPA contain, or are, a lease, and result in the 
Group retaining the principal risks and rewards of ownership of the power plant, the arrangement is an operating lease. For 
operating leases, the power plant is, or continues to be, capitalized as property, plant and equipment and depreciated over its 
useful economic life. Rental income from operating leases is recognized on an output basis over the term of the arrangement.

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Impairment of non-financial assets
Assets that are subject to depreciation or amortization are reviewed annually for indicators of impairment where events or 
changes in circumstances indicate that carrying values may not be recoverable. An impairment loss is recognized for the 
amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an 
asset’s fair value less costs of disposal (market value) and value in use determined using estimates of discounted future net cash 
flows of the asset or group of assets to which it belongs. For the purposes of assessing impairment, assets are grouped at the 
lowest levels for which there are largely independent cash inflows (cash-generating units). 
Financial assets
Classification of financial assets
The Group classifies its financial assets in the following categories: at fair value through statement of income and at amortized 
cost.
a) Financial assets at fair value through statement of income
Financial assets have been acquired principally for the purpose of selling, or being settled, in the short term. Financial assets at 
fair value through statement of income are “Cash and cash equivalents” when held in money market funds and derivatives held 
for trading unless they are designated as hedges. 
b) Financial assets held at amortized cost
These financial assets are held for collection of contractual cash flows, where those cash flows represent solely payments of 
principal and interest, and are measured at amortized cost. They are included in current assets, except those that mature 
greater than 12 months after the end of the reporting period, which are classified in non-current assets. The Group’s financial 
assets and amortized costs comprise “Trade and other receivables”, “Financial and contract assets” and “Cash and cash 
equivalents” that are not required to be carried at fair value through statement of income in the consolidated statement of 
financial position.
The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the 
cash flows. 
Recognition and measurement
Purchases and sales of financial assets are recognized on trade date (that is, the date on which the Group commits to purchase 
or sell the asset). 
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value 
through statement of income, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction 
costs of financial assets carried at fair value through the statement of income are expensed in the consolidated statement of 
income and other comprehensive income. Financial assets are derecognized when the rights to receive cash flows from the 
financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of 
ownership.
a) Financial assets at fair value through statement of income
Gains or losses on financial assets at fair value through statement of income are recognized in the consolidated statement 
income and other comprehensive income. These are presented within finance income and finance costs respectively.
b) Financial assets held at amortized cost
These financial assets are held for collection of contractual cash flows, where those cash flows represent solely payments of 
principal and interest, and are measured at amortized cost. Interest income from these financial assets is included in finance 
income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss 
and presented in finance income or finance costs.
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Impairment
The Group assesses, on a forward-looking basis, the expected credit losses associated with its financial assets carried at 
amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
Allowances for expected credit losses are made based on the risk of non-payment taking into account ageing, previous 
experience, economic conditions, existing insurance policies and forward looking data. Political risk insurance (PRI) policies are 
factored into this assessment due to being closely related insurance policies for which cash flows have been factored into the 
expected credit loss calculations (including risk of default on insurance provider) and presented on a net basis. Such allowances 
are measured as either 12-months expected credit losses or lifetime expected credit losses depending on changes in the credit 
quality of‑the counterparty.
While the financial assets of the Group are subject to the impairment requirements of IFRS 9, the identified impairment loss was 
immaterial.
The Group has three types of financial assets that are subject to the expected credit loss model:
(1) Trade and other receivables 
(2) Financial and contract assets
(3) Other financial assets
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, no impairment loss has been 
identified.
Derivative financial instruments and hedging activities
Derivative instruments are measured at fair value upon initial recognition in the consolidated statement of financial position and 
subsequently are re-measured to their fair value at the end of each reporting period. The accounting for subsequent changes in 
fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being 
hedged.
Derivative instruments are presented according to their maturity date, regardless of whether they qualify for hedge accounting 
under IFRS 9 (hedging instruments versus trading instruments). Derivatives are classified as a separate line item in the 
consolidated statement of financial position.
As part of its overall foreign exchange and interest rate risk management policy, the Group enters into various hedging 
transactions involving derivative instruments. 
The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the 
hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item 
is less than 12 months.
In connection with the Group’s hedging policy, the Group uses forward exchange contracts for currency risk management as 
well as foreign exchange options.
The Group also hedges particular risks associated with the cash flows of recognized assets and liabilities and highly probable 
forecast transactions (cash flow hedges). Notably, the Group uses interest rate swap contracts for interest rate risk management 
in order to hedge certain forecasted transactions and to manage its anticipated cash payments under its variable rate financing 
by converting a portion of its variable rate financing to a fixed rate basis through the use of interest rate swap agreements, and 
a cross currency swap contract for both currency and interest rate risk management.
The Group can also hedge specific risks identified such as exposure to energy spot price for example, in the case of the CHP 
Mexico fixed margin swap which protects certain power purchase agreements against variations in the CFE tariffs.

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Items qualifying as hedges
The Group formally documents all relationships between hedging instruments and hedged items, as well as its risk management 
objectives and strategies for undertaking hedge transactions and the method used to assess hedge effectiveness. Hedging 
transactions are expected to be highly effective in achieving offsetting changes in cash flows and are regularly assessed to 
determine that they actually have been highly effective throughout the financial reporting periods for which they are 
implemented.
When derivative instruments qualify as hedges for accounting purposes, as defined in IFRS 9 ‘Financial instruments’, they are 
accounted for as follows:
a) Cash flow hedges that qualify for hedge accounting
•	 The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is 
recognized in the cash flow hedge reserve within equity and through the consolidated statement of other comprehensive 
income (“OCI”). The gain or loss relating to the ineffective portion is recognized immediately within the consolidated statement 
of income. Amounts recognized directly in OCI are reclassified to the consolidated statement of income when the hedged 
transaction affects the consolidated statement of income.
•	 If a forecast transaction or firm commitment is no longer expected to occur, amounts previously recognized in OCI are 
reclassified to the consolidated statement of income as finance income or finance costs.
If a hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a 
hedge is revoked, amounts previously recognized in OCI remain in accumulated OCI until the forecast transaction or firm 
commitment occurs, at which point they are reclassified to the consolidated statement of income.
b) Derivatives that do not qualify for hedge accounting
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that 
does not qualify for hedge accounting are recognized immediately in profit or loss and are included in net foreign exchange 
(losses) and gains and change in fair value of derivatives. 
In connection with the Group’s hedging policy, the Group uses forward exchange contracts for currency risk management as 
well as foreign exchange options, interest rate swap contracts for interest rate risk management in order to hedge certain 
forecasted transactions and to manage its anticipated cash payments under its variable rate financing by converting a portion of 
its variable rate financing to a fixed rate basis through the use of interest rate swap agreements, and a cross currency swap 
contract for both currency and interest rate risk management.
Inventories 
Inventories consist primarily of power generating plant fuel, non-critical spare parts that are held by the Group for its own use 
and emission quotas (see below). Inventories are stated at the lower of cost, using a first-in, first-out method, and net realizable 
value, which is the estimated selling price in the ordinary course of business, less applicable selling expenses.
Emission quotas
Some companies of the Group emit CO2 and have as a result obligations to buy emission quotas on the basis of local legislation. 
The emissions made by the companies emitting CO2 which are in excess of any allocated quotas are purchased at free market 
price and shown as inventory before their effective use. If emissions are higher than allocated quotas, the companies 
recognizes an expense and respective liability for those emissions at prevailing market value. At the end of each reporting 
period, CO2 quotas that remain available to the companies are revalued at the lower of costs or prevailing market value.
The Group presents the quotas in Inventory which reflects the fact that the cost to purchase the quotas is part of the production 
cost and linked to the production output rather than the plant itself. The quotas directly contribute to revenue as the cost of 
quotas is billed on to the customer as a pass-through cost. The Group expects to realize the asset within 12 months after the 
year end.
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Trade receivables
Trade receivables are recognized initially at transaction cost, which is usually the invoiced amount, and subsequently carried at 
amortized cost using the effective interest method, less provision for impairment. Details about the Group’s impairment policies 
for financial assets and the calculation of the provision for impairment are provided in note 4.13.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and current balances with banks and similar institutions and short-term 
investments, all of which are readily convertible to cash and are subject to insignificant risk of changes in value and have an 
original maturity of three months or less. Bank overdrafts are included within current borrowings. Cash and cash equivalents also 
includes cash deposited on accounts to cover for short-term debt service of certain project financings and which can be drawn 
for short term related needs. Money market funds comprise investments in funds that are subject to an insignificant risk of 
changes in fair value.
Maintenance reserves held for the purpose of covering long-term major maintenance and long-term deposits kept as collateral 
to cover decommissioning obligations are excluded from cash and cash equivalents and included in non-current assets.
Share capital and share premium
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown 
in equity as a deduction from the proceeds.
The premium received on the issue of shares in excess of the nominal value of shares is credited to the share premium account 
and included within shareholders’ equity.
Treasury shares 
At year end, the Group’s treasury shares are included under “Treasury shares” in the consolidated statement of financial 
position and are measured at acquisition cost. 
The gains and losses obtained on disposal of treasury shares are recognized in “Other reserves” in the consolidated statement 
of financial position.
The Group buys and sells treasury shares in accordance with the prevailing law and the resolutions of the General 
Shareholders’ Meeting. Such transactions include sale and purchase of company shares.
Financial liabilities
a) Borrowings
Borrowings are recognized initially at fair value of amounts received, net of transaction costs. Borrowings are subsequently 
measured at amortized cost using the effective interest method; any difference between the proceeds (net of transaction costs) 
and the redemption value is recognized in the consolidated statement of income over the period of the borrowings using the 
effective interest method.
Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, canceled or 
expires.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at 
least 12 months after the reporting period.
b) Trade and other payables 
Financial liabilities within trade and other payables are initially recognized at fair value, which is usually the invoiced amount, and 
subsequently carried at amortized cost using the effective interest method.
Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting 
period.
Unless otherwise stated, carrying value approximates to fair value for all financial liabilities.

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Provisions
Provisions principally relate to decommissioning, maintenance, environmental, tax and legal obligations and which are 
recognized when there is a present obligation as a result of past events; it is probable that an outflow of resources will be 
required to settle the obligation; and the amount can be reliably estimated.
Provisions are re-measured at each statement of financial position date and adjusted to reflect the current best estimate. Any 
change in present value of the estimated expenditure attributable to changes in the estimates of the cash flow or the current 
estimate of the discount rate used are reflected as an adjustment to the provision. Any increase in the provisions due to 
passage of time are recognized as finance costs in the consolidated statement of income.
Current and deferred income tax
The tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated statement of income, 
except to the extent that it relates to items recognized in other comprehensive income. In this case, the tax is also recognized in 
other comprehensive income.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the statement of 
financial position date in the countries where the Group and its subsidiaries operate and generate taxable income. Management 
periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to 
interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group 
measures its tax balances either based on the most likely amount or the expected value, depending on which method provides 
a better prediction of the resolution of the uncertainty.
Deferred income tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their 
carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from 
the initial recognition of goodwill; deferred income tax is not recognized if it arises from initial recognition of an asset or liability 
in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit 
or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the 
statement of financial position date and are expected to apply when the related deferred income tax asset is realized or the 
deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable profits will be available 
against which the temporary differences can be utilized.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against 
current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same 
taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances 
on a net basis.
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2.4. Critical accounting estimates and judgments
The preparation of the consolidated financial statements in line with the Group’s accounting policies set out in note 2.3 involves 
the use of judgment and/or estimation. These judgments and estimates are based on management’s best knowledge of the 
relevant facts and circumstances, giving consideration to previous experience, and are regularly reviewed and revised as 
necessary. Actual results may differ from the amounts included in the consolidated financial statements. The estimates and 
judgments that have the most significant effect on the carrying amounts of assets and liabilities are presented below. 
Critical accounting judgments 
Accounting for long-term power purchase agreements and related revenue recognition 
When power plants sell their output under long-term power purchase agreements (“PPA”), it is usual for the operator of the 
power plant to receive payment (known as a capacity payment) for the provision of electrical capacity whether or not the 
offtaker requests electrical output. In assessing the accounting for the PPA, there may be a degree of judgement as to whether 
a long-term contract to sell electrical capacity constitutes a service concession arrangement, a form of lease, or a service 
contract. This determination is made at the inception of the PPA, and is not required to be revisited in subsequent periods under 
IFRS, unless the agreement is renegotiated. 
Given that the fulfilment of the PPAs is dependent on the use of a specified asset, the key judgement in determining if the PPA 
contains a lease is the assessment of whether the PPA conveys a right for the offtaker to obtain substantially all the economic 
benefit from the asset and whether the offtaker has the right to direct the use of the asset throughout the period of use.
In assessing whether the PPA contains a service concession, the Group considers whether the arrangement (i) bears a public 
service obligation; (ii) has prices that are regulated by the offtaker; and (iii) the residual interest is transferred to the offtaker at an 
agreed value. 
All other PPAs are determined to be service contracts. 
Concession arrangements – For those agreements which are determined to be a concession arrangement, there are 
judgements as to whether the infrastructure should be accounted for as an intangible asset or a financial asset depending on 
the nature of the payment entitlements established in the agreement. 
Concession arrangements determined to be a financial asset – The Group recognizes a financial asset when demand risk is 
assumed by the grantor, to the extent that the contracted concession holder has an unconditional right to receive payments for 
the asset. The asset is recognized at the fair value of the construction services provided. The fair value is based on input 
assumptions such as budgets and cash flow forecasts, future costs include maintenance costs which impact the overall 
calculation of the estimated margin of the project. The inputs include in particular the budget for fixed and variable costs. Any 
change in these assumptions may have a material impact on the measurement of the recoverable amount and could result in 
reducing the value of the asset. The financial asset is subsequently recorded at amortized cost calculated according to the 
effective interest rate method. Revenue for operating and managing the asset is recorded as revenue in each period. 
Leases – For those arrangements determined to be or to contain leases, further judgement is required to determine whether 
the arrangement is finance or operating lease. This assessment requires an evaluation of where the substantial risks and 
rewards of ownership reside, for example due to the existence of a bargain purchase option that would allow the offtaker to buy 
the asset at the end of the arrangement for a minimal price. Judgement has been applied based on the significance of the life of 
the asset remaining and the remaining net book value of the asset at the end of the lease term.
The accounting for long-term power purchase agreements was considered during the year for the acquisition of the Western 
Generation portfolio. Three assets PPA’s were identified as containing operating leases and have been accounted for 
accordingly.

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Assessing property, plant and equipment and intangible assets for impairment triggers
The Group’s property, plant and equipment and intangible assets are reviewed for indications of impairment (an impairment 
“trigger”). Judgement is applied in determining whether an impairment trigger has occurred, based on both internal and external 
sources. External sources may include: market value declines, negative changes in technology, markets, economy, impact of 
climate changes or laws. Internal sources may include: obsolescence or physical damage, or worse economic performance than 
expected, including from adverse weather conditions for renewable plants. 
The Group also considers the end date of the PPAs as part of the impairment indicator analysis and assesses if the market 
conditions are significantly adverse such that the expiry of the PPA indicates an impairment trigger. The Group has notably 
considered the ending date of the PPAs in Arrubal and Maritsa ending in July 2021 and February 2024 respectively and 
concluded that these do not constitute an impairment indicator considering the current economic conditions in their respective 
market. This conclusion was reached on Maritsa taking into consideration the forecast cash flow during the remaining PPA 
period to February 2024 which covers the significant majority of the year end balance sheet value. As such only an immaterial 
amount of net cash inflows are needed in the post PPA period for the carrying value of PP&E to be supported, resulting in no 
impairment indicators identified. For Arrubal, the performance of the business in the post PPA period has been such that no 
impairment indicators are noted.
In the current year the Group performed climate change scenario analysis as part of the TCFD disclosures on a selection of 
assets across the portfolio, covering 55% and 60% of the Group’s Adjusted EBITDA and Revenue respectively. A detailed risk 
assessment was performed, after which scenarios were modelled to consider the potential impact of climate related risks over 
the life of the assets. We considered whether any of the results of the TCFD scenario analysis could result in an indicator of 
impairment, including whether factors driven by climate change could result in a change in the useful life. Whilst there are a 
number of assumptions inherent in long term economic forecasting that underpins the scenario analysis, the Group’s PPA 
arrangements typically provide mechanisms to protect against movements in market prices for energy and carbon over the 
duration of the PPA. Beyond the PPA period, the scenario analysis indicated that there was also not a material impact to any of 
the assets modelled. As such, no indicators of impairment were identified. 
Provisions for claims
The Group receives legal or contractual claims against it from time to time, in the normal course of business. The Group 
considers external and internal legal counsel opinions in order to assess the likelihood of loss and to define the defense 
strategy. Judgments are made as to the potential likelihood of any claim succeeding when making a provision or disclosing a 
contingent liability. The timeframe for resolving legal or contractual claims may be judgmental, as is the amount of possible 
outflow of economic benefits.
The main judgments are related to the litigations disclosed in the note 4.32, such as the Kivuwatt arbitration, and the Togo claim, 
and as disclosed below related to Mexico.
Functional currency of the assets 
The Group operates in various countries and performs an analysis of the functional currency of each operating asset 
considering the IAS 21 standard requirements. In some countries, the functional currency of the operating asset may differ from 
the local currency when the primary indicators (such as sales and cash inflows and expenses and cash outflows) are influenced 
by a currency which is not the local currency.
Cash generating units (“CGUs”) 
A CGU is defined as the asset or smallest identifiable group of assets that generates cash inflows that are largely independent 
of the cash inflows from other assets or groups of assets. In the case of Solar and Wind assets, typically a group of assets at a 
country level using shared technology is identified as a CGU.
Judgments are made in allocating each reporting unit (which generally correspond to power plants) or group of reporting units 
to CGUs. The Group notably considers that the assessment of the independence of cash flows involves consideration of the 
business transactions or financing relationship between the reporting units and how management makes decisions about 
continuing or disposing of the entity’s assets and operations. 
The definition of the CGU is critical for the purpose of assessing impairment indicators and performing impairment testing.
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Regulatory changes in Mexico 
Change in wheeling charges
During June 2020 the Mexican government announced certain changes to the Legado regime which would result in significant 
increases to wheeling fees. The Company filed an Amparo lawsuit against these changes, claiming the increases to be 
unconstitutional, which was upheld in May 2021. An appeal has been filed which is subject to review of the higher court. If the 
final judgement approves these changes to Legado rights, then under the majority of the current PPAs in place, these increased 
charges would be passed through to offtakers, resulting in limited impact to the cashflows of the Company during the PPA 
period. However, such increases in charges would impact the cash flows generated in Mexico during the post PPA period or 
from renewal of PPAs. The Company has analyzed these potential changes to the Legado rights, and, based on the successful 
granting of Amparo in May 2021 and on an external legal opinion that confirmed the changes as unconstitutional and therefore 
unlikely to be sustained, concluded that those changes do not constitute an indication of impairment (impairment “trigger”) as 
per IAS 36 as of December 31, 2021. The Group will continue to monitor future changes in regulation in Mexico and the potential 
impact on its operations.
Amendment to permit modification 
In October 2020, CRE (Energy Regulatory Commission) issued a new resolution amending the general administrative rules to 
modify and transfer the “Legado” permits. This amendment included additional restrictions on including new offtakers in the 
“Legado” permits. The Resolution 1094 is expected to be used by CRE to reject the permit modifications required for expanding 
the offtakers and the load points in the “Legado” permits. The Company filed an Amparo against these changes, claiming them 
to be unconstitutional which was successfully granted in June 2021. Given the Amparo remains in place and having taken legal 
advice the Company has concluded that those changes do not constitute an indication of impairment as at December 31, 2021. 
Power industry law (Ley de la Industria Eléctrica – LIE) 
On 10 March 2021, the Mexican Government enacted reform of the Electricity Sector Act (Ley de la Industria Eléctrica the “LIE 
reform”). One of the proposed changes under the LIE reform is to modify the order in which electricity produced by power plants 
such as our assets in Mexico (“CGA” and “CELCSA”) is dispatched to the National Electricity System (“Dispatch Order”), which 
would favor the state-owned or operated power plants and may have an adverse impact on future revenues and profits of 
ContourGlobal’s Mexican assets. CGA and CELCSA both filed an Amparo lawsuit against this LIE reform. The Mexican First 
District Court has granted CGA and CELCSA an injunction against the LIE. This injunction prevents the application and 
implementation of the challenged provisions by the relevant authorities. As of the Latest Practicable Date, the appeals file by the 
Mexican authorities against the admission of the Amparo claim and injunction of CGA are pending decision of the court. For 
CELCSA the appeal against admission of the Amparo claim is pending, but the Mexican Second Specialized Circuit Court 
revoked the definitive injunction on 15 July 2021 on the grounds that there was no immediate harm to it as a result of the LIE 
reform; any harm would be by subsequent acts of CRE to try to revoke the cogeneration self-supply permit, and/or by the 
relevant authorities to change the dispatch order; both of which are uncertain and have not occurred yet. 
Given there has been no direct impact of the LIE reform to date and that there are a number of legal matters that are still to be 
resolved, management has concluded that these potential changes do not constitute an indication of impairment (impairment 
“trigger”) as per IAS 36 as of December 31, 2021.
Kosovo e Re project arbitration
On 24 May 2020, ContourGlobal Kosovo LLC (“CG Kosovo”), a wholly-owned subsidiary within the ContourGlobal Group, sent a 
notice of termination to the Government of Kosovo (represented by the Ministry of Economy and Environment of the 
Government of Kosovo) (the “GoK”) and other publicly owned entities, namely Kosovo Energy Corporation, J.S.C., New Kosovo 
Electric Company J.S.C., HPE Ibër-Lepenc, J.S.C. and Operator Sistemi, Transmission Dhe Tregu – KOSTT, SH.A., under various 
project documents entered into with each of those entities in respect of a project whereby CG was to build a coal-fired power 
plant in Kosovo. The notice of termination was sent as a result of the failure of the above-mentioned entities to meet certain 
obligations and conditions precedent under such project documents, which prevented the project from meeting certain required 
milestones by its scheduled closing date and therefore meant the project could not go forward. 
On 25 September 2020, CG Kosovo sent a formal written notice of dispute under the project documents seeking recovery of 
costs incurred to date, as anticipated and set out in the project contract document and capped at €19.7 million ($22.1 million) 
plus interest for late payment, to which CG Kosovo is entitled where the termination of the project is attributable to failures by 
GoK and/or the relevant publicly owned entities. On 19 November 2020, CG Kosovo filed a request for arbitration with ICSID. 
The arbitration proceedings are ongoing.

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As of 31 December 2021, €19.7 million ($22.4 million) of recoverable development costs are presented in Other non-current 
assets. The recovery of this asset is likely to depend on the outcome of the arbitration proceedings and so is subject to some 
degree of judgement. The Group believes it will be able to demonstrate that the project failed to close for reasons attributable to 
the GoK and/or the relevant publicly owned companies, which is the key judgement that supports the recognition of the asset.
Assets held for sale and discontinued operations
Where a disposal group is undergoing a sale process, we consider whether or not the disposal group meets the definition of 
assets held for sale and discontinued operations. During the second half of 2021 a sale process was initiated for the Brazil Hydro 
and Brazil Wind asset portfolios. At year end we assessed whether these asset portfolios should be classified as held for sale. 
At year end the Brazil Hydro portfolio sale had progressed to a stage where it was considered to be available for sale in its 
present condition and the sale is highly probable and as such was classified as held for sale. The Brazil Hydro portfolio however 
does not represent a major line of business or geographical area of operations and as such is not a discontinued operation. 
Refer to note 4.35 for further developments subsequent to year end.
The Brazil Wind portfolio was not classified as held for sale at year end. This was due to the uncertainties associated with the 
structure of the transaction resulting in the highly probable criteria not being met.
Critical accounting estimates
Estimation of useful lives of property, plant and equipment 
Property, plant and equipment represents a significant proportion of the asset base of the Group, primarily due to power plants 
owned, being 63.2% (2020: 55.3%) of the Group’s total assets. Estimates and assumptions made to determine their carrying value 
and related depreciation are significant to the Group’s financial position and performance. The annual depreciation charge is 
determined after estimating an asset’s expected useful life and its residual value at the end of its life. The useful lives and residual 
values of the Group’s assets are determined by management at the time the asset is acquired and reviewed annually for 
appropriateness. The Group derives useful economic lives based on experience of similar assets, including use of third party experts 
at the time of acquisition of assets, and these lives may exceed the period covered by contracted power purchase agreements. 
Emerging governmental policies are also considered when reviewing the appropriateness of useful economic lives, including 
whether asset life assessments could be impacted by factors arising from climate transition or other regulatory and market 
factors. This includes consideration of government energy transition policies, and how our thermal assets are expected to be 
used, in particular to provide a secure supply during a medium to long-term transition to renewable. During the year, the useful 
life of two assets was revised, one increased and one decreased as a result of consideration of the expected economic life.
A decrease in the average useful life by one year in power plant assets would result in a decrease in the net book value of  
$21.1 million (2020: $13.8 million).
Recoverable amount of property, plant and equipment and intangible assets 
Where an impairment trigger has been identified (see critical accounting judgements section), the Group makes significant 
estimates in its impairment evaluations of property, plant and equipment and intangible assets. The determination of the 
recoverable amount is typically the most judgmental part of an impairment evaluation. The recoverable amount is the higher of 
(i) an asset’s fair value less costs of disposal (market value), and (ii) value in use determined using estimates of discounted future 
net cash flows (“DCF”) of the asset or group of assets to which it belongs. 
Management applies considerable judgment in selecting several input assumptions in its DCF models, including discount rates 
and capacity / availability factors. These assumptions are consistent with the Group’s internal budgets and forecasts for such 
valuations. Examples of the input assumptions that budgets and cash-flow forecasts are sensitive to include macroeconomic 
factors such as growth rates, inflation, exchange rates, and, in the case of renewable plants, environmental factors such as wind, 
solar and water resource forecast. Any changes in these assumptions may have a material impact on the measurement of the 
recoverable amount and could result in impairing the tested assets. 
Emerging governmental policies are also considered when determining the recoverable amount of property, plant and 
equipment and intangible assets including the impact on DCF models arising from climate transition or other regulatory and 
CONTOURGLOBAL PLC AND SUBSIDIARIES
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market factors. We consider future forecasts of the key inputs to the cashflow models, such as energy, fuel and carbon pricing 
and whether these result in a change in useful life. Typically, during the PPA period our assets are insulated from these market 
risks through fixed energy pricing and the ability to pass through variations in fuel and carbon costs, hence where relevant we 
consider the impact on cash flows in the post PPA period
In 2021 no indicators of impairment have been identified and as such no impairment evaluation has been performed. 
Fair value of assets acquired and liabilities assumed in a business combination
Business combinations are recorded in accordance with IFRS 3 using the acquisition method. The Group estimates the excess 
purchase price in accordance with IFRS3 as the difference of the consideration paid for the acquisition (including potential 
contingent consideration) and the net asset of the target company at the acquisition date.
Under this method, the identifiable assets acquired and the liabilities assumed are recognized at their fair value at the 
acquisition date. In the current year fair valuation assessments for business combination purposes have been performed in 
relation to the Western Generation and Green Hunter acquisitions in Note 3.1.
Therefore, through a number of different approaches and with the assistance of independent external valuation experts for 
acquisitions as considered appropriate by management, the Group identifies what it believes is the fair value of the assets 
acquired and liabilities assumed at the acquisition date. These valuations involve the use of judgement and include a number of 
estimates. Judgement is exercised in identifying the most appropriate valuation approach which is then used to determine the 
allocation of fair value. Depending on which is most appropriate for the transaction, the Group typically uses one of the cost 
approach, the income approach and the market approach.
Judgement is exercised in identifying intangible assets, separately from property plant and equipment taking into consideration 
the intangible asset recognition criteria within IAS 38. Such an intangible was identified in the Western Generation acquisition, 
related to a purchase price agreement in place which met the definition of an intangible asset. Refer to note 3.1 for further 
details.
Each of these valuation approaches involve the use of estimates in a number of areas, including the determination of cash flow 
projections and related discount rates, industry indices, market prices regarding replacement cost and comparable market 
transactions. While the Group believes that the estimates and assumptions underlying the valuation methodologies are 
reasonable, different assumptions could result in different fair values. For the Western Generation acquisition, such estimates 
were made for each of the assets acquired which also impacted on how much of the acquisition value was allocated to each 
asset.
Fixed margin swap 
Certain estimates are made in relation to the valuation of the fixed margin swap agreements held by CHP Mexico which protect 
certain power purchase agreements against variations in the CFE tariffs. The valuation of this derivative is based on a number of 
data points, which includes both factual inputs and estimates. Refer to note 4.15 for sensitivity analysis of this instrument.

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3. Significant changes in the reporting period
3.1. 2021 transactions
Acquisition of a portfolio located in the United States and Trinidad and Tobago
On December 7th, 2020, the Group entered into an agreement to acquire a 1,502 MW portfolio of six contracted operating 
power plants located in the United States and Trinidad and Tobago from Western Generation Partners, LLC. The transaction 
closed on 18 February 2021.
The total consideration paid amounted to $646.1 million. 
On a consolidated basis, had this acquisition taken place as of 1 January 2021, the Group would have recognized consolidated 
revenue of $2,181.5 million, Adjusted EBITDA of $849 million and consolidated net profit of $81.2 million for the year ended 31 
December 2021. From the acquisition date on 18 February 2021 to December 31, 2021, this acquisition contributed to 
consolidated revenue, Adjusted EBITDA and net profit of $206.9 million, $84.5 million and $10.3 million respectively.
The determination of fair value of assets acquired and liabilities assumed at acquisition date are:
In $ millions
Acquired book 
values
Fair value 
adjustments
Fair value of 
assets and 
liabilities acquired
Property, plant and equipment
284.4
615.7
900.1
Intangible assets
214.0
(182.6)
31.4
Goodwill
27.8
(24.3)
3.5
Other assets
95.4
(4.4)
91.0
Cash and cash equivalents
19.4
–
19.4
Total assets
641.0
404.4
1,045.4
Borrowings
222.5
40.8
263.3
Deferred tax liabilities
19.5
9.2
28.7
Other liabilities
85.2
22.0
107.2
Total liabilities
327.2
72.0
399.2
Total net identifiable assets
646.1
Net purchase consideration
646.1
The Group has determined the fair value of assets acquired and liabilities assumed at acquisition date with the support of an 
external independent valuation expert leading to the following recognition:
•	 A decrease in the book value of intangible assets of $182.6 million due to the fair value of the power purchase agreements 
and tolling agreements under operating leases being classified as property, plant and equipment. The valuation of the power 
purchase agreements and tolling agreements recognized as intangible assets of $31.4 million at one US asset is based on a 
with or without method which reflects the benefit of having the agreements in place. For the asset in Trinidad and Tobago, the 
power purchase agreement is not separately identifiable from the tangible asset and therefore does not qualify as a separate 
identifiable intangible asset.
•	 An increase in the book value of PP&E of $615.7 million to reflect the fair value of these assets at acquisition based on an 
income approach method. This includes $235.8 million relating to the incremental fair value of power purchase agreements 
classified as operating leases.
•	 An increase in the book value of the Senior Secured Notes in Lea Power of $40.8 million to reflect the fair value of this liability 
at acquisition based on an income approach method.
•	 An increase in the asset retirement obligation of $22.0 million and a net increase in deferred tax liability of $9.2 million.
Acquisition of a Solar portfolio in Italy
On June 4, 2021 the Group entered into an agreement with a group of private shareholders to acquire a 100% of shares of 
Green Hunter Group Sarl, the parent entity of a portfolio of solar photovoltaic assets totaling 18 MW located in Italy. The 
transaction completed on November 23 2021. The Group’s effective shareholding of the Green Hunter Group is 51%.
The total consideration paid amounted to €30.1 million ($33.9 million).
CONTOURGLOBAL PLC AND SUBSIDIARIES
SIGNIFICANT CHANGES IN THE REPORTING PERIOD
Year ended December 31, 2021

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On a consolidated basis, had this acquisition taken place as of 1 January 2021, the Group would have recognized consolidated 
revenue of $2,161.6 million, Adjusted EBITDA of $850.7 million and consolidated net profit of $81.6 million for the year ended 31 
December 2021. From the acquisition date on 23 November 2021 to 31 December 2021, this acquisition contributed to 
consolidated revenue, Adjusted EBITDA and net profit of $0.7 million, $0.3 million and $nil million respectively.
The preliminary determination of the fair value of assets acquired and liabilities assumed at acquisition date are:
In $ millions
Intangible assets
0.3
Property, plant and equipment
56.5
Other assets
5.3
Cash and cash equivalents
6.1
Total assets
68.2
Borrowings
14.1
Deferred tax liabilities
5.2
Other liabilities
15.0
Total liabilities
34.3
Total net identifiable assets
33.9
Net purchase consideration
33.9
Goodwill
–
The Group has performed a preliminary determination of fair value of assets acquired and liabilities assumed at acquisition date 
leading to the following recognition:
•	 An increase in the book value of PP&E of €19.0 million ($21.4 million) to reflect the fair value of these assets at acquisition 
based on an income approach method.
•	 A net increase in deferred tax liability of €4.6 million ($5.2 million).
Brazil Hydro portfolio held for sale
As at 31 December 2021, given the advanced state of the sale negotiations the Brazil Hydro business, which is part of our 
Renewable segment, was classified as held for sale. The major classes of assets and liabilities within the disposal group are:
In $ millions
Intangible assets
23.0
Property, plant and equipment
123.9
Cash and cash equivalents
12.4
Trade and other receivables
15.9
Total assets
175.2
Borrowings non current
121.8
Borrowings current
14.7
Provisions non current
5.1
Other current liabilities
11.5
Total liabilities
153.1
On 20 January 2022 a definitive agreement was signed with Infraestutura Brasil Holding XVII S.A for the sale of the Group’s 
Brazilian Hydro power plants for a total enterprise value of BRL 1.73 billion ($313 million). The Group expects to generate a gain 
from the disposal of these assets. The transaction is expected to complete during the second quarter of 2022, subject to 
completion of certain conditions under the sale agreement.
The entities relating to the Group’s Brazilian Hydro disposal group are: 
•	 ContourGlobal do Brasil Participacoes SA
•	 Galheiros Geração De Energia S.A.
•	 Santa Cruz Power Corporation Usinas Hidroelétricas S.A
•	 Goias Sul Geração De Energia S.A.
•	 Rio PCG I S.A.
•	 Bahia PCH I S.A.
•	 Afluente Geração de Energia Eletrica S.A.

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4. Notes to the consolidated financial statements
4.1. Segment reporting
The Group’s reporting segments reflect the operating segments which are based on the organizational structure and financial 
information provided to the Chief Executive Officer, who represents the chief operating decision-maker (“CODM”). 
Thermal Energy for power generating plants operating from coal, lignite, natural gas, fuel oil and diesel. Thermal plants include 
Maritsa, Arrubal, Togo, Cap des Biches, KivuWatt, Energies Antilles, Energies Saint-Martin, Bonaire, Mexican CHP, US and 
Trinidad & Tobago assets and our equity investees (primarily Termoemcali and Sochagota). Our thermal segment also includes 
plants which provide electricity and certain other services to beverage bottling companies and other industries.
Renewable Energy for power generating plants operating from renewable resources such as wind, solar and hydro in Europe 
and Latin America. Renewable plants include Asa Branca, Chapada I, II, III, Inka, Vorotan, Austria Portfolio 1 & 2, Spanish 
Concentrated Solar Power and our other European and Brazilian plants.
The Corporate & Other category primarily reflects costs for certain centralized functions including executive oversight, 
corporate treasury and accounting, legal, compliance, human resources, IT and facilities management and certain technical 
support costs that are not allocated to the segments for internal management reporting purposes.
The CODM assesses the performance of the operating segments based on Adjusted EBITDA which is defined as profit for the 
period from continuing operations before income taxes, net finance costs, depreciation and amortization, acquisition related 
expenses, plus, if applicable, net cash gain or loss on sell down transactions (in addition to the entire full period profit from 
continuing operations for the business the sell down transaction relates to) and specific items which have been identified and 
material items where the accounting diverges from the cash flow and therefore does not reflect the ability of the assets to 
generate stable and predictable cash flows in a given period, less the Group’s share of profit from non consolidated entities 
accounted under the equity method, plus the Group’s pro rata portion of Adjusted EBITDA for such entities. In determining 
whether an event or transaction is adjusted, management considers quantitative as well as qualitative factors such as the 
frequency or predictability of occurrence.
The Group also presents the Proportionate Adjusted EBITDA which is the Adjusted EBITDA calculated on a proportionally 
consolidated basis based on applicable ownership percentage. The Proportionate Adjusted EBITDA includes the net cash gain 
or loss on sell down transactions as well as the underlying profit from continuing operations for the business in which the 
minority interest sale relates to reflecting applicable ownership percentage going forward from the date of completion of the 
sale of a minority interest.
The Group considers that the presentation of Adjusted EBITDA and Proportionate Adjusted EBITDA enhances the 
understanding of ContourGlobal’s financial performance, in regards to understanding its ability to generate stable and 
predictable cash flows from operations. Where applicable, the cash gain on sell down is also included to demonstrate the ability 
of the Group to sell down assets at a significant premium, which is a distinct activity from operational performance of the power 
plants. The Group also believes Adjusted EBITDA is useful to investors because it is frequently used by security analysts, 
investors, ratings agencies and other interested parties to evaluate other companies in our industry and to measure the ability of 
companies to service their debt. 
The CODM does not review nor is presented a segment measure of total assets and total liabilities.
All revenue is derived from external customers.
Geographical information
The Group also presents revenue in each of the geographical areas in which it operates as follows: 
•	 Europe (including our operations in Austria, Armenia, Northern Ireland, Italy, Romania, Poland, Bulgaria, Slovakia and Spain)
•	 Latin America which includes South America (including Brazil, Peru, Colombia), Mexico and Caribbean Islands (including Dutch 
Antilles, French Territory and Trinidad and Tobago)
•	 United States of America
•	 Africa (including Nigeria, Togo, Senegal and Rwanda)
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS
Year ended December 31, 2021

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Years ended December 31
In $ millions
2021
2020
Revenue
Thermal Energy
1,708.3
963.3
Renewable Energy
443.7
447.4
Total revenue
2,151.9
1,410.7
Adjusted EBITDA
Thermal Energy
541.3
420.9
Renewable Energy
334.7
332.0
Corporate & Other1
(34.5)
(30.9)
Total Adjusted EBITDA
841.5
722.0
Proportionate Adjusted EBITDA
692.3
568.7
Non controlling interests 
149.2
153.3
Total Adjusted EBITDA
841.5
722.0
Reconciliation to profit before income tax
Depreciation, amortization and impairment (note 4.3.)
(399.2)
(311.6)
Net finance costs, foreign exchange gains and losses, and changes in fair value of derivatives (note 4.6)
(249.2)
(247.8)
Share of adjusted EBITDA in associates2
(27.0)
(19.9)
Share of profit in associates (note 4.12.)
16.2
12.3
Acquisition related items (note 4.5.)
(14.2)
(20.2)
Restructuring costs (note 4.3.)3
–
(5.2)
Private incentive plan4
–
(6.6)
Mexico CHP fixed margin swap5
5.5
(15.6)
Change in finance lease and financial concession assets6
(37.9)
(31.7)
Brazil Hydro concession extension7
5.5
–
Other 
1.7
(3.4)
Profit before income tax
142.9
72.3
1.	 Corporate costs correspond to selling, general and administrative expenses before depreciation and amortization of $6.1 million (December 31, 2020: $5.3 
million). 
2.	 Corresponds to our share of Adjusted EBITDA of plants accounted for under the equity method (Sochagota and Termoemcali) which are reviewed by our CODM 
as part of our Thermal Energy segment.
3.	 Represents redundancy and staff-related restructuring costs.
4.	 Represents the private incentive plan as described in note 4.27. The private incentive plan ended 31 December 2020.
5.	 Reflects an adjustment to align the recognized earnings with the cash flows generated under the CHP Mexico fixed margin swap during the period as presented 
in the consolidated statement of cash flow as “Mexico CHP fixed margin swap”.
6.	 Reflects an adjustment to align the recognized earnings with the cash flows generated under finance lease and financial concession arrangements which is 
presented in the consolidated statement of cash flow as “Change in finance lease and financial concession assets”.
7.	 Reflects the non-cash gain recognized due to Generating Scaling Factor (“GSF”) settlement in Brazil Hydro whereby a concession extension has been granted to 
compensate for historical GSF liability payments made prior to acquisition of the assets by ContourGlobal.

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Cash outflows on capital expenditure
Years ended December 31
In $ millions
2021
2020
Thermal Energy
43.2
27.2
Renewable Energy
57.8
47.4
Corporate & Other
3.4
2.4
Total capital expenditure
104.4
77.0
Geographical information
The geographical analysis of revenue, based on the country of origin in which the Group’s operations are located, and Adjusted 
EBITDA is as follows: 
Years ended December 31
In $ millions
2021
2020
Europe1
1,302.5
840.9
Latin America2
530.5
444.5
United States
183.0
–
Africa
136.0
125.3
Total revenue
2,151.9
1,410.7
1.	  Revenue generated in 2021 in Bulgaria and Spain amounted to $706.9 million and $426.9 million respectively (December 31, 2020: $406.3 million and $296.9 
million respectively).
2.	 Revenue generated in 2021 in Brazil and Mexico amounted to $140.2 million and $296.1 million respectively (December 31, 2020: $142.0 million and $211.5 million 
respectively).
Years ended December 31
In $ millions
2021
2020
Europe1
438.1
402.5
Latin America2
273.0
273.2
United States
84.6
–
Africa
80.3
77.2
Corporate & Other
(34.5)
(30.9)
Total Adjusted EBITDA
841.5
722.0
1.	 Adjusted EBITDA generated in 2021 in Bulgaria and Spain amounted to $127.8 million and $200.5 million respectively (December 31, 2020: $121.6 million and 
$189.0 million respectively). 
2.	 Adjusted EBITDA generated in 2021 in Brazil and Mexico amounted to $93.8 million and $110.5 million respectively (December 31, 2020: $94.7 million and $104.9 
million respectively).
The geographic analysis of non-current assets, excluding derivative financial instruments and deferred tax assets, based on the 
location of the assets, which are not presented to the CODM, is as follows:
December 31
In $ millions
2021
2020
Europe
1,941.3
2,151.1
Latin America
1,614.0
1,761.6
United States
773.8
–
Africa
370.3
405.4
Total non-current assets
4,699.6
4,318.1
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

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4.2. Revenue
Years ended 31st December
In $ millions
2021
2020
Revenue from power sales1
1,801.3
1,191.4
Revenue from operating leases2
184.9
85.6
Revenue from concession and finance lease assets3
33.9
34.6
Other revenue4
131.8
99.1
Total revenue
2,151.9
1,410.7
Revenue from power sales and Other revenue are recognized under IFRS 15 and total $1,933.1 million in the year to December 31, 2021 (December 31, 2020: 
$1,290.5 million). Revenue from operating leases and revenue from concession and finance lease assets are recognized under IFRS 16 and IFRIC 12 respectively. 
1.	 The increase in Revenue from power sales from $1,191.4 million to $1,801.3 million is mainly due to the February 2021 acquisition of the US and Trinidad and 
Tobago assets contributing $101.8 million, higher CO2 emissions revenue in our Maritsa plant for $300.6 million, revenue increase in Arrubal for $138.9 million 
mainly due to trading optimization and positive spreads for burning additional gas and higher production and higher gas pass throughs at Mexico CHP 
contributing $84.6 million.
2.	 Revenue from operating leases mainly includes $55.1 million relating to our Solutions plants, $31.7 million relating to our Bonaire plant, $98.1 million relating to the 
acquisition of the US and Trinidad and Tobago assets and $nil million relating to our Energie Antilles plant in the year to December 31, 2021 (December 31, 2020: 
$43.2 million, $25.9 million, $nil and $16.6 million respectively).
3.	 Some of our main plants are operating under specific arrangements for which certain other accounting principles are applied as follows:
•	 Our Togo, Rwanda (Kivuwatt) and Senegal (Cap des Biches) plants are operating pursuant to concession agreements that are under the scope of IFRIC 12.
•	 Our Energies Saint Martin plant is operating pursuant to power purchase agreements that are considered to contain a finance lease.
4.	 Other revenue primarily relates to environmental, operational and maintenance services rendered to offtakers in our power plants in Bulgaria, Togo, Rwanda and 
Senegal. 
The Group has one customer contributing more than 10% of Group’s revenue (2020: one customer).
Years ended December 31
2021
2020
Customer A
32.8%
28.8%

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
4.3. Expenses by nature
Years ended December 31
In $ millions
2021
2020
Fuel costs
541.3
270.2
Depreciation, amortization and impairment
399.2
311.6
Operation and maintenance costs
95.5
77.7
Employee costs
107.9
88.7
Emission allowance utilized1
449.5
153.7
Professional fees
22.0
19.1
Purchased power
30.6
29.6
Transmission charges
34.7
33.2
Operating consumables and supplies
21.2
24.4
Insurance costs
33.1
23.7
Other expenses2
36.0
38.4
Total cost of sales and selling, general and administrative expenses
1,771.0
1,070.3
1.	 Emission allowances utilized corresponds mainly to the costs of CO2 quotas in Maritsa which are passed through to its offtaker and purchases of CO2 allowances 
in Arrubal, and includes the write-down of CO2 quotas held in inventory at year end to their net realizable value.
2.	 Other expenses include facility costs of $15.2 million at December 31, 2021 (December 31, 2020: $12.7 million). 
Years ended December 31
In $ millions
2021
2020
Private Incentive Plan1
–
6.6
Restructuring costs2
–
5.2
Other
3.4
7.9
Total other operating expenses
3.4
19.7
1.	 Represents the private incentive plan as described in note 4.27 share-based compensation plan of the annual accounts. The private incentive plan ended at the 
end of December 2020.
2.	 Represents redundancy and staff-related restructuring costs.
4.4. Employee costs and numbers
Years ended December 31
In $ millions
2021
2020
Wages and salaries
(85.0)
(67.8)
Social security costs
(14.4)
(14.1)
Share-based payments1
(1.9)
(1.9)
Pension and other post-retirement benefit costs
(0.8)
(0.9)
Other
(5.8)
(4.0)
Total employee costs before private incentive plan
(107.9)
(88.7)
Private incentive plan1
–
(6.6)
Total employee costs
(107.9)
(95.3)
Monthly average number of full-time equivalent employees 
1,491
1,435
•	 Thermal
868
822
•	 Renewable
413
425
•	 Corporate
210
188
1.	 See note 4.27 for a description of the private incentive plan and long term incentive plan.
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

175
Strategic Report
Governance
Financial Statements
4.5. Acquisition related items
Years ended December 31
In $ millions
2021
2020
Acquisition costs1
(14.2)
(20.2)
Acquisition related items
(14.2)
(20.2)
1.	 Acquisition costs include notably pre-acquisition costs such as due diligence costs and professional fees and other related incremental costs incurred as part of 
completed acquisitions or contemplated acquisitions. In 2021, costs incurred primarily related to completed acquisitions in the United States and Italy. In 2020 
costs incurred primarily related to a contemplated acquisition in the United States (subsequently completed on February 18, 2021).
4.6. Net finance costs, foreign exchange gains and losses, and changes in fair value of derivatives
Years ended December 31
In $ millions
2021
2020
Finance income
3.9
4.4
Net change in fair value of fixed margin derivative1
13.6
56.1
Net change in fair value of other derivatives2
11.7
14.4
Net foreign exchange differences3
18.4
(59.8)
Net foreign exchange gains and (losses) and change in fair value of derivatives
43.7
10.7
Interest expenses on borrowings
(205.5)
(195.0)
Amortization of deferred financing costs
(20.8)
(13.2)
Unwinding of discounting4
(26.0)
(15.9)
Other5
(44.5)
(38.8)
Finance costs
(296.8)
(262.9)
Net finance costs, foreign exchange gains and losses, and changes in fair value of derivatives
(249.2)
(247.8)
1.	 Net change in fair value of derivative related to the CHP Mexico fixed margin liability.
2.	 The Group recognized a profit of $8.1 million in the 12 months ended 31 December 2021 in relation to its interest rate, cross currency, financial swaps, options, 
foreign exchange options and forward contracts (December 31, 2020: profit of $5.6 million) which relates to fair value changes on derivatives not hedge 
accounted and amounts reclassified from the cash flow hedge reserve.
3.	 Net foreign exchange differences include foreign exchange gains and losses related to conversion of foreign currency denominated cash balances and foreign 
exchange differences primarily relate to subsidiaries and loans in subsidiaries that have a functional currency different to the currency in which the loans are 
denominated. 
4.	 Unwinding of discounting mainly relates to Maritsa debt to non-controlling interests and other long-term liabilities in the 12 months ended 31 December 2021 and 
2020.
5.	 Other mainly includes costs associated with other financing, finance costs of leases, income and expenses related to interest and penalties for late payments.

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4.7. Income tax expense and deferred income tax
Income tax expense
Years ended December 31,
In $ millions
2021
2020
Current tax
•	 current tax expense of the year
(45.1)
(33.7)
•	 prior year adjustment
(2.0)
0.9
Total current tax expense
(47.1)
(32.8)
Deferred tax
•	 deferred tax expense of the year
(19.5)
(17.9)
•	 prior year adjustment
3.4
7.0
Total deferred tax expense
(16.1)
(10.9)
Income tax expense
(63.2)
(43.7)
The main jurisdictions contributing to the income tax expense for the year ending December 31, 2021 are i) Mexico, ii) Spain and 
iii) Bulgaria. 
The tax on the Group’s profit before income tax differs from the theoretical amount that would arise from applying the statutory 
tax rate of the parent company (2021: 19%, 2020: 19%) to the results of the consolidated entities as follows:
Effective tax rate reconciliation
Years ended December 31,
In $ millions
2021
2020
Profit before income tax
142.9
72.3
Profit before income tax at UK statutory tax rate 
(27.2)
(13.7)
Tax effects of:
Differences between statutory tax rate and foreign statutory tax rates1
(1.8)
(0.4)
Changes in unrecognized deferred tax assets2
(18.6)
(19.5)
Reduced rate and specific taxation regime3
3.2
6.2
Foreign exchange movement4
4.7
(3.7)
Prior year adjustment - current tax
(2.0)
0.9
Prior year adjustment - deferred tax
3.4
7.0
Permanent differences and other items5
(25.0)
(20.4)
Income tax expense
(63.2)
(43.7)
Effective rate of income tax
44.2%
60.4%
1.	 Includes the effect of recognizing net income of investments in associates in the profit before income tax.
2.	 Mainly relates to tax losses in Luxembourg and Brazil where deferred tax assets are not recognized.
3.	 Relates to specific tax regimes and some of the Brazilian entities being taxed by reference to revenue rather than accounting profits.
4.	 Mainly driven by difference between functional currency of statutory entities and currency used for local tax reporting and non-deductibility of foreign exchange 
movements in certain jurisdictions.
5.	 This category is composed of tax impacts of inflationary adjustments (2021: $13.0 million, 2020: $6.4 million) and a number of individually immaterial items such as 
non-deductible Group costs or withholding taxes.
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

177
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Governance
Financial Statements
Net deferred tax movement
The gross movements of net deferred income tax assets (liabilities) were as follows:
December 31,
In $ millions
2021
2020
Net deferred tax assets (liabilities) as of January, 1
(211.4)
(218.5)
Statement of income
(16.1)
(10.9)
Deferred tax recognized directly in other comprehensive income
(14.4)
27.9
Acquisitions
(35.7)
–
Currency translation differences and other
2.1
(9.9)
Net deferred tax assets (liabilities) as of December, 31
(275.5)
(211.4)
Including net deferred tax assets balance of:
49.7
57.5
Deferred tax liabilities balance of:
(325.2)
(268.9)
Analysis of the net deferred tax position recognized in the consolidated statement of financial position
The net deferred tax positions and their movement can be broken down as follows:
In $ millions
Tax losses
Property, plant 
and equipment
Intangible  
assets1
Derivative 
financial 
instruments2
Other3
Total
As of January 1, 2020 (restated)
28.1
(240.8)
(59.9)
7.7
46.3
(218.5)
Statement of income
88.7
(95.1)
9.6
(1.4)
(12.6)
(10.9)
Other comprehensive income
–
–
(0.1)
28.0
–
27.9
Acquisitions
–
–
–
–
–
–
Currency translations and other
0.8
(13.5)
0.8
0.8
1.1
(10.0)
As of December 31, 2020
117.6
(349.4)
(49.5)
35.1
34.7
(211.4)
Statement of income
20.5
(40.3)
4.3
(2.9)
2.3
(16.1)
Other comprehensive income
–
–
–
(14.4)
–
(14.4)
Acquisitions / disposals4
1.3
(117.0)
64.7
(2.7)
18.0
(35.7)
Currency translations and other5
(0.6)
8.9
(0.9)
(0.1)
(5.2)
2.1
As of December 31, 2021
138.8
(497.8)
18.6
14.9
50.0
(275.5)
1.	 Mainly relates to assets acquired through business combinations.
2.	 $(9.9) million of the current year movement through other comprehensive income represents the movement in the year of hedging expenses in Mexico. $25.8 
million of the movement in the prior year related to the recognition of deferred tax assets on these hedging expenses incurred in both 2019 and 2020 following 
conclusion that such derivative costs should be deductible under Mexican tax rules. 
3.	 This category is made up of various items, the largest being deferred financing costs of $26.8 million (2020: $20.0 million), with $8.6 million being acquired in the 
period and currency translations of $1.8 million. Other significant items include finance lease capitalization of $(13.7) million (2020: $(16.0) million) and Mexico fixed 
margin swap provision of $7.3 million (2020: $13.0 million).
4.	 Mainly includes opening balance sheet deferred tax assets and liabilities relating to the US and Trinidad assets acquired in February 2021.
5.	 The Other movement relates to a reclassification of a deferred tax liability in Rwanda of $5.4 million which was previously netted against other receivables. An 
equal and opposite asset is contained in other receivables as the tax liability in Rwanda is passed through to the local offtaker.
Deferred tax assets recognized in the consolidated statement of financial position
The Group recognizes deferred tax assets to the extent that it is probable that sufficient future taxable profits will arise against 
which these deductible temporary differences can be utilized. The Group has performed an assessment of the recovery of 
deferred tax assets which has involved the use of budgets and forecasts.
There is a deferred tax asset in Spain of $20.9 million (2020: $24.6 million) which relates predominately to intangible assets. 
The relevant tax group is profitable, and the reversal of the deferred tax asset is scheduled to be within four years. In the US, 
there was an operating loss in the current year due to acquisition costs and the amortization of intangible assets. There is an 
amount of deferred tax assets on tax losses that are dependent on future taxable profits not arising from the reversal of existing 
deferred tax liabilities of $16.2 million ($3.5 million in 2020), which is scheduled to be reversed within 13 to 15 years. This 
utilization horizon takes into account management's best estimate of risks to which the operations may be exposed and is 
considered appropriate given the long term nature of the acquired assets.

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Analysis of the deferred tax position unrecognized in the consolidated statement of financial position
Unrecognized deferred tax assets amount to $300.2 million as of December 31, 2021 (December 31, 2020: $268.2 million) and 
can be broken down as follows: 
December 31,
In $ millions
2021
2020
Unrecognized deferred tax assets on tax losses1
276.0
245.9
Unrecognized deferred tax assets on deductible temporary differences
24.2
22.3
Total unrecognized deferred tax assets
300.2
268.2
The total amount of deductible temporary differences and unused tax losses for which no deferred tax asset is recognized 
amounts to $1,179.6 million (2020: $1,067.0 million) and is broken down as follows:
December 31,
2021
2020
Tax losses - no deferred tax asset recognized 
1,060.3
969.7
Deductible temporary differences - no deferred tax asset recognized
119.3
97.3
Total
1,179.6
1,067.0
Deferred tax assets that have not been recognized mainly relate to tax losses in Luxembourg and Brazil where it is not probable 
that future taxable profit will be available against which the tax losses can be utilized. The amounts unrecognized for deferred 
tax purposes generally do not expire with the exception of Luxembourg.
With respect to Luxembourg, tax losses of $279.9 million arising prior to 31 December 2016 can be carried forward without time 
limit. As from January 1, 2017, new tax losses expire after 17 years and therefore tax losses of $51.2 million, $95.9 million, $147.5 
million, $168.3 million and $64.7 million expire on December 31, 2034, 2035, 2036, 2037 and 2038, respectively.
The Group accrues deferred tax liabilities for the withholding tax that will arise on the future repatriation of undistributed 
earnings. There are no temporary differences on undistributed earnings with material unrecognized deferred tax liabilities.
4.8. Earnings per share
Years ended December 31,
2021
2020
Basic
Diluted
Basic
Diluted
Profit attributable to CG plc shareholders (in $ millions)
78.3
78.3
16.0
16.0
Number of shares (in millions)
Weighted average number of shares outstanding
656.3
656.3
666.6
666.6
Potential dilutive effects related to share-based compensation
3.0
2.3
Adjusted weighted average number of shares
659.3
668.9
Profit attributable to CG plc shareholders per share (in $)
0.12
0.12
0.02
0.02
There was no dilutive impact from the Private Incentive Plan (PIP) on the earnings per share for the year ended 31 December 
2020 as the shares were settled in full by existing shares held by Reservoir Capital Group.
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

179
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Governance
Financial Statements
4.9. Intangible assets and goodwill
In $ millions
Goodwill
Work in 
progress Legado rights
Contracts
Permits, licenses 
and other project 
development 
rights
Software  
and Other
Total
Cost
0.5
–
233.3
–
145.8
34.6
414.2
Accumulated amortization and impairment
–
–
(1.1)
–
(44.3)
(16.1)
(61.6)
Carrying amount as of January 1, 2020
0.5
–
232.2
–
101.5
18.4
352.6
Additions
–
–
–
–
2.2
3.5
5.7
Disposals
–
–
–
–
–
–
–
Currency translation differences
0.1
–
–
–
(16.6)
–
(16.5)
Reclassification
–
1.5
–
–
(1.1)
3.8
4.2
Amortization charge
–
–
(13.7)
–
(6.4)
(6.0)
(26.2)
Closing net book amount
0.6
1.5
218.4
–
79.4
19.7
319.7
Cost
0.6
1.5
233.3
–
122.8
40.9
399.1
Accumulated amortization and impairment
–
–
(14.9)
–
(43.4)
(21.1)
(79.4)
Carrying amount as of December 31, 2020
0.6
1.5
218.4
–
79.4
19.7
319.7
Additions
–
1.4
–
–
14.5
1.6
17.5
Disposals
–
–
–
–
–
–
–
Acquired through business combination1
3.5
–
–
31.4
0.3
–
35.2
Assets recognized as held for sale2
–
–
–
–
(22.7)
(0.2)
(22.9)
Currency translation differences
–
–
–
–
(4.8)
(0.2)
(5.0)
Reclassification
–
(2.8)
–
–
1.4
1.4
–
Amortization charge
–
–
(13.7)
(8.1)
(13.6)
(3.6)
(39.0)
Closing net book amount
4.1
0.1
204.7
23.3
54.5
18.7
305.4
Cost
4.1
0.1
233.3
31.4
89.0
50.3
408.2
Accumulated amortization and impairment
–
–
(28.6)
(8.1)
(34.5)
(31.6)
(102.8)
Carrying amount as of December 31, 2021
4.1
0.1
204.7
23.3
54.5
18.7
305.4
1.	 Assets acquired through business combination relate to our United States of America and Trinidad and Tobago portfolio, detailed in note 3.1.
2.	 Assets recognized as held for sale relate to our Brazil Hydro portfolio, detailed in note 3.1.
Contracts relate to the fair valuation on acquisition of power purchase agreements in the United States of America, detailed in 
note 3.1. Contracts are subsequently measured at amortized cost.
Permits, licenses and other project development rights relate to licenses acquired from the initial developers for our wind parks 
in Peru and Brazil. Legado rights were recognized on acquisition of Mexico CHP.
Amortization included in “cost of sales” in the consolidated statement of income amounted to $35.6 million in the year ended 
December 31, 2021 (December 31, 2020: $24.2 million) and amortization included in “selling, general and administrative 
expenses” amount to $3.4 million in the year ended December 31, 2021 (December 31, 2020: $2.0 million).

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
4.10. Property, plant and equipment
The power plant assets predominantly relate to wind farms, natural gas plants, fuel oil or diesel plants, coal plants, hydro plants, 
solar plants, asset retirement obligations and other buildings.
Other assets mainly include IT equipment, furniture and fixtures, facility equipment and vehicles, and project development costs.
Assets acquired through business combinations are explained in note 3.1.
Assets held for use in operating leases as a lessor included within Property, Plant and Equipment below are set out in note 4.32.
In $ millions
Land
Power plant 
assets
Construction work 
in progress
Right of use of 
assets
Other
Total
Cost
72.2
5,172.5
76.8
47.6
285.2
5,654.4
Accumulated depreciation and impairment
(0.6)
(1,988.5)
–
(13.1)
(135.0)
(2,137.3)
Carrying amount as of January 1, 2021
71.6
3,184.0
76.8
34.5
150.2
3,517.1
Additions 
–
33.7
48.6
3.2
9.2
94.7
Disposals
–
(5.2)
(0.1)
(0.5)
(2.0)
(7.8)
Reclassification
–
114.6
(97.2)
–
(19.4)
(2.0)
Acquired through business combination1
14.4
918.3
–
2.8
21.0
956.5
Assets recognized as held for sale2
(5.2)
(79.5)
–
(0.1)
(39.1)
(123.9)
Currency translation differences
(4.8)
(135.7)
2.2
(1.8)
(8.9)
(149.0)
Depreciation charge
(0.1)
(339.7)
–
(5.7)
(14.7)
(360.1)
Closing net book amount
75.9
3,690.5
30.3
32.4
96.3
3,925.4
Cost
76.7
5,842.0
30.3
50.1
198.8
6,197.9
Accumulated depreciation and impairment
(0.8)
(2,151.5)
–
(17.7)
(102.5)
(2,272.5)
Carrying amount as of December 31, 2021
75.9
3,690.5
30.3
32.4
96.3
3,925.4
1.	 Assets acquired through business combination relate to our United States of America and Trinidad and Tobago and Solar Italy portfolios detailed in note 3.1.
2.	 Assets recognized as held for sale relate to our Brazil Hydro portfolio, detailed in note 3.1.
Construction work in progress as of December 31, 2021 predominantly relates to our ongoing Austria Wind repowering project, 
Vorotan refurbishment project, and projects at Maritsa. Reclassification from Construction work in progress to Power plant assets 
primarily relates to completed phases of the Vorotan refurbishment project ($56.9 million), Austria Wind repowering project 
($13.8 million) and projects at Maritsa ($12.1 million).
As of December 31, 2021, the Other category mainly related to $53.6 million of instruments and tools, $22.2 million of critical 
spare parts.
Depreciation included in “cost of sales” in the consolidated statement of income amounted to $357.5 million in the year ended 
December 31, 2021 (December 31, 2020: $282.0 million) and depreciation included in “selling, general and administrative 
expenses” amount to $2.7 million in the year ended December 31, 2021 (December 31, 2020: $3.3 million).
In the year ended December 31, 2021, the Group capitalized $2.8 million of borrowing costs in relation to project financing.
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

181
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Governance
Financial Statements
In $ millions
Land
Power  
plant assets
Construction  
work in progress
Right of use  
of assets
Other
Total
Cost
68.6
5,187.1
61.5
43.7
325.8
5,686.7
Accumulated depreciation and impairment
(0.5)
(1,736.7)
–
(8.3)
(131.4)
(1,876.9)
Carrying amount as of January 1, 2020
68.1
3,450.5
61.5
35.4
194.4
3,809.8
Restatement for finalization of fair values on 
acquisition1
–
(37.5)
–
–
–
(37.5)
Carrying amount as of January 1, 2020 (restated)
68.1
3,413.0
61.5
35.4
194.4
3,772.3
Additions 
–
17.4
59.3
4.2
9.8
90.6
Disposals
–
(5.8)
(4.6)
(1.1)
–
(11.5)
Reclassification2,3
–
42.7
(36.9)
–
(30.7)
(24.9)
Currency translation differences
3.6
(20.1)
(2.4)
2.0
(7.2)
(24.1)
Depreciation charge
(0.1)
(263.1)
–
(6.0)
(16.1)
(285.3)
Closing net book amount
71.6
3,184.1
76.8
34.5
150.2
3,517.1
Cost
72.2
5,172.5
76.8
47.6
285.2
5,654.4
Accumulated depreciation and impairment
(0.6)
(1,988.5)
–
(13.1)
(135.0)
(2,137.3)
Carrying amount as of December 31, 2020
71.6
3,184.0
76.8
34.5
150.2
3,517.1
1.	 IFRS 3 remeasurement adjustment on assets acquired through business combination relate to our Mexican CHP portfolio.
2.	 Mainly relates to project development costs in Kosovo of €19.7 million ($22.5 million). Given the termination of the Kosovo project agreements in May 2020, the 
recoverable costs have been de-recognized from Property, plant and equipment and recognized as a contract asset arising from a revenue arrangement 
presented in line with IFRS 15 in Other non current assets.
3.	 Reclassification includes previous year’s non-material reallocations between asset categories to reflect current positions. 
Construction work in progress as of December 31, 2020 predominantly related to our Vorotan refurbishment project, our Austria 
Wind project repowering, our Mexico CHP and our Maritsa plants. 
As of December 31, 2020, the Other category mainly related to $62.1 million of instruments and tools, $48.7 million of facility 
equipment, $29.7 million of assets retirement obligations.
Depreciation included in “cost of sales” in the consolidated statement of income amounted to $282.0 million in the year ended 
December 31, 2020 and depreciation included in “selling, general and administrative expenses” amounted to $3.3 million in the 
year ended December 31, 2020.
In the year ended December 31, 2020, the Group capitalized $1.1 million of borrowing costs in relation to project financing.

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
4.11. Financial and contract assets
December 31
In $ millions
2021
2020
Contract assets - Concession arrangements1
378.0
416.5
Finance lease receivables2
9.9
15.2
Other
14.9
6.6
Total financial and contract assets
402.8
438.3
Total financial and contract assets non-current portion
370.5
408.3
Total financial and contract assets current portion
32.3
30.0
1.	 The Group operates plants in Togo, Rwanda and Senegal which are in the scope of the financial model of IFRIC 12 ‘Service Concession Arrangements’.
Our Rwanda power plant consists of the development, construction and operation of Gas Extraction Facilities (“GEF”) and an associated power plant. The GEF is 
used to extract methane and biogas from the depths of Lake Kivu in Rwanda and deliver the gas via submerged gas transport pipelines to shore-based power 
production facilities totaling 26 MW of gross capacity. The PPA runs for 25 years starting on the commercial operation date and ending in 2040, date when the GEF 
along with all equipment necessary for the operation of the plant, will be transferred to the Republic of Rwanda.
Our Togo power plant was commissioned in 2010 and is operated under a power purchase agreement with a unique offtaker, Compagnie Energie Electrique du 
Togo (“CEET”) which has an average remaining contract life of approximately 13.8 years as of December 31, 2021 (December 31, 2020: 14.8 years). At expiration, the 
Togo plant, along with all equipment necessary for the operation of the plant, will be transferred to the Republic of Togo. This arrangement is accounted for as a 
concession arrangement and the value of the asset is recorded as a financial asset. The all-in base capacity tariff under the Togo power purchase agreement is 
adjusted annually for a combination of US$, Euro and local consumer price index related to the cost structure. 
Our Cap des Biches power plant in Senegal consists of the development, construction and operation of five engines with a flexi-cycle system technology based on 
waste heat recovery totaling about 86MW. A PPA integrating all the Cap des Biches requirements and agreements on price was signed for 20 years starting on the 
commercial operation date of the project and ending in 2036, the date when the power plant along with all equipment necessary for the operation of the plant, will 
be transferred to the Republic of Senegal.
2.	 Relates to finance leases where the Group acts as a lessor, and includes our Saint Martin plant in the French Territory. Saint Martin has an average remaining 
contract life of approximately 1.3 years as of December 31, 2021 (December 31, 2020: 2.3 years).
No losses from impairment of contracted concessional assets and finance lease receivables in the above projects were 
recorded during the years ended December 31, 2021 and 2020.
Net cash inflows generated by the financial assets under concession agreements amounted to $66.8 million as of December 31, 
2021 (December 31, 2020: $70.6 million).
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

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4.12. Investments in associates
Set out below are the associates of the Group as of December 31, 2021: 
Ownership interests
Operational plant
Country of 
incorporation
2021
2020
Date of 
acquisition
Sochagota
Associate
Colombia
49.0%
49.0%
2006 and 
2010
Termoemcali
Associate
Colombia
37.4%
37.4%
2010
Evacuacion Villanueva del Rey, S.L.
Associate
Spain
39.9%
39.9%
2018
Set out below is the summarized financial information for the investments which are accounted for using the equity method 
(presented at 100%):
In $ millions
Current assets
Non-current 
assets
Current liabilities
Non-current 
liabilities
Revenue
Net income
Year ended December 31, 2020
Sochagota
79.1
33.8
22.9
35.8
93.7
16.4
Termoemcali
24.4
48.4
17.0
35.9
27.8
11.5
Evacuacion Villanueva del Rey, S.L.
0.1
3.0
0.2
2.9
0.3
–
Year ended December 31, 2021
Sochagota
76.1
28.6
27.2
21.0
101.9
25.4
Termoemcali
21.2
49.3
16.2
26.7
29.9
10.1
Evacuacion Villanueva del Rey, S.L.
0.1
2.6
0.2
2.5
0.3
-
The reconciliation of the investments in associates for each year is as follows: 
In $ millions
2021
2020
Balance as of January 1,
29.5
26.6
Share of profit
16.2
12.3
Dividends
(8.3)
(7.8)
Other 
(3.9)
(1.6)
Balance as of December 31,
33.5
29.5

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4.13. Management of financial risk
The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize 
potential adverse effects on the Group’s financial performance. The Group uses derivative financial instruments to hedge certain 
risk exposures.
Interest rate risk
Interest rate risk arises primarily from our long-term borrowings. Interest cash flow risk arises from borrowings issued at variable 
rates, partially offset by cash held at variable rates. Typically, for any new investments the Group hedges variable interest risk on 
newly issued debt in a range of 75% to 100% of the nominal debt value. Interest rate risk is managed on an asset by asset basis 
through entering into interest rate swap agreements, entered into with commercial banks and other institutions. The interest rate 
swaps qualify as cash flow hedges. Their duration usually matches the duration of the debt instruments. Approximately 10.2% of 
the Group’s existing external debt obligations (excluding Brazil Hydro debt reclassified as held for sale) carry variable interest 
rates in 2021 (2020: 11.5%) (after taking into account the effect of interest rate swaps).
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness 
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. To hedge 
interest rate exposures, the Group enters into interest rate swaps and cross currency swaps that have similar critical terms to the 
hedged items, such as the notional amounts, payment dates, reference rate and maturities. The group does not hedge 100% of 
its loans, therefore the hedged item is identified as a proportion of outstanding loans up to the notional amount of the swaps. As 
all critical terms match, there is an economic relationship and the hedge ratio is established as 1:1. The Group therefore performs 
a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical 
terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative 
method to assess effectiveness.
The main sources of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group’s own 
credit risk on the fair value of the interest rate swap and cross currency swap contracts, which are not reflected in the fair value 
of the hedged item attributable to changes in underlying rates, and the risk of over-hedging where the hedge relationship 
requires re-balancing. No other material sources of ineffectiveness emerged from these hedging relationships. Any hedge 
ineffectiveness is recognized immediately in the income statement in the period that it occurs.
The following table presents a reconciliation by risk category of the cash-flow hedge reserve and analysis of other 
comprehensive income in relation to hedge accounting:
Years ended December 31
In $ millions
2021
2020
Brought forward cash-flow hedge reserve
(127.5)
(86.0)
Interest rate and cross currency swap contracts:
Net fair value gain/(loss) on effective hedges
62.0
(40.8)
Amounts reclassified to Net finance cost
(7.2)
(0.7)
Carried forward cash-flow hedge reserve1
(72.7)
(127.5)
1.	 The above table show pre-tax cash flow hedge positions, including non-controlling interest. The amounts on the balance sheet include $17.0 million deferred tax 
(2020: $31.4 million).
The debit value adjustment on the interest rate swaps and cross currency swaps in the interest rate hedge amounts to $1.9 
million (2020: $3.7 million). These amounts are recognized on the financial statements against the fair value of derivative (note 
4.14). Aside from the IFRS 13 credit/debit risk adjustment, cash-flow hedges generated immaterial ineffectiveness in 2021 which 
was recognized in the income statement through finance costs.
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

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The following tables set out information regarding the cumulative change in value of the hedged item used in calculating hedge 
ineffectiveness as well as the impacts on the cash-flow hedge reserve:
In $ millions
Hedged item
Hedged exposure
Hedging instrument
Change in value of hedged 
item for calculating 
ineffectiveness
Change in value of hedging 
instrument for calculating 
ineffectiveness
As of December 31, 2020
Cash flows payable on a proportion of borrowings
Interest rate risk
Interest rate swaps
113.0
(113.0)
Cash flows payable on a proportion of borrowings
Interest rate risk and 
foreign currency risk
Cross currency 
swaps
14.5
(14.5)
As of December 31, 2021
Cash flows payable on a proportion of borrowings
Interest rate risk
Interest rate swaps
65.6
(65.6)
Cash flows payable on a proportion of borrowings
Interest rate risk and 
foreign currency risk
Cross currency 
swaps
7.1
(7.1)
Hedged cash flows are contractual such that the maturity dates on the interest rate swaps are aligned to the hedged item, 
except for hedged cash flows on $475.4 million principal, with a swap maturing in 2031, in relation to CHP assets in Mexico that 
are subject to refinancing after 2026. Refinancing for an additional five years to match the term of the swap is considered highly 
probable since the Group will continue to maintain significant levels of US$ debt in relation to the CHP assets in Mexico through 
to 2031.
These agreements involve the receipt of variable payments in exchange for fixed payments over the term of the agreements 
without the exchange of the underlying principal amounts. The main interest rate exposure for the Group relates to the floating 
rates with the TJLP, EURIBOR and LIBOR which are not hedged through interest rate swaps (refer to note 4.24). A change of 
0.5% of those floating rates would result in an increase in interest expenses by $2.1 million in the year ended December 31, 2021 
(2020: $2.8 million).
The replacement of benchmark interest rates such as LIBOR and other interbank offered rates (IBORs) is ongoing globally. At 
the end of 2021, the polled publication of JPY, CHF and GBP LIBORs ceased, while certain USD LIBORs (overnight, 1-, 3-, 6- and 
12-month tenors) polled publication will likely continue until June 2023 (if current regulatory plans do not change). Issuance of 
new floating-rate loans referencing USD LIBOR are no longer permitted after the end of 2021, and new LIBOR-based swaps 
traded after 2021 are only permitted if they demonstrably reduce an entity’s LIBOR-based risk. The European Central Bank 
(“ECB”) has disclosed no plans for the elimination of EURIBORs, and they will remain in existence (unless the ECB decides 
otherwise) alongside the ECB’s new overnight index ESTR (Euro short-term rate).
The Group has borrowings and IFRS 9 designated hedge relationships that are impacted by IBOR reform including interest rate 
swap contracts and a cross currency swap that qualify as cash-flow hedges, used to hedge a proportion of our external 
borrowings. These swaps reference six-month EURIBOR, three-month USD LIBOR and six-month USD LIBOR. None of these 
borrowings or derivatives have transitioned to alternative rates to date.
In $ millions
Measurement basis
Assets carrying value 
31 December 2021
Liabilities carrying value 
31 December 2021
Notional
Borrowings nominal outstanding - EURIBOR
Amortized cost
–
593.6
Borrowings nominal outstanding - USD LIBOR
Amortized cost
–
885.5
Derivatives – EURIBOR
Cash flow hedge
2.3
2.8
452.3
Derivatives – USD LIBOR
Cash flow hedge
1.4
71.6
778.9

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The risk for the Group regarding this transition is ensuring that the alternative rates are consistent between borrowings and 
derivatives so that the hedging relationships remain effective in managing interest rate exposure. The Group is managing this 
risk by ongoing engagement with the counterparties to our borrowings and derivatives regarding the proposed transition.
Foreign currency risk
Foreign exchange risk arises from various currency exposures, primarily with respect to the Euro, Brazilian Real and Bulgarian 
Lev (which is pegged to the Euro). Currency risk comprises (i) transaction risk arising in the ordinary course of business, including 
certain financial debt denominated in a currency other than the currency of the operations; (ii) transaction risk linked to 
investments or mergers and acquisitions; and (iii) translation risk arising on the consolidation in US dollars of the consolidated 
financial statements of subsidiaries with a functional currency other than the US dollar. 
To mitigate foreign exchange risk, (i) most revenues and operating costs incurred in the countries where the Group operates are 
denominated in the functional currency of the project company, (ii) the external financial debt is mostly denominated in the 
currency that matches the currency of the revenue expected to be generated from the benefiting project, thereby reducing 
currency risk, and (iii) the Group enters into various foreign currency sale / forward and / or option transactions at a corporate 
level to hedge against the risk of lower distribution. Typically, the Group hedges its future distributions in Brazil through a 
combination of forwards and options for any new investment in the country. The analysis of financial debt by currency is 
presented in note 4.24. 
Potential sensitivity on the post-tax profit result for the year linked to financial instruments is as follows:
•	 if the US dollar had weakened/strengthened by 10% against the Euro, post-tax profit for the year ended December 31, 2021 
would have been $0.5 million higher/lower (2020: $4.7 million higher/lower); and
•	 if the US dollar had weakened/strengthened by 10% against the Brazilian Real, post-tax profit for the year ended December 31, 
2021 would have been $0.1 million higher/lower (2020: $0.5 million higher/lower). 
The Bulgarian Lev is pegged to the Euro, therefore the Group’s exposure to the LEV is consistent with the Euro. The exposure 
to the Mexican Peso is limited due to the fixed margin swap derivative which fixes the underlying gas price in USD, refer to 
sensitivity as disclosed in note 4.15. The Group’s hedge policy states that the exposure between US Dollar and Euros will not be 
hedged, as both currencies are considered as more stable currencies.
Commodity and electricity pricing risk
Apart from the Arrubal plant, the Group’s current and future cash flows are generally not impacted by changes in the prices of 
electricity, gas, oil and other fuel prices as most of the Group’s non-renewable plants operate under long-term power purchase 
agreements and fuel purchase agreements and other commercial agreements such as the fixed margin swap arrangement. 
These agreements generally mitigate against significant fluctuations in cash flows as a result in changes in commodity prices by 
passing through changes in fuel prices to the offtaker. 
In the particular case of the Brazilian hydro power plants, the Group hedges most of its exposure against the change in local 
electricity price in case of low generation. In such a case, Brazilian hydro power plants may be required to buy electricity on the 
market.
Credit risk
Credit risk relates to risk arising from customers, suppliers, partners, intermediaries and banks on its operating and financing 
activities, when such parties are unable to honour their contractual obligations. Credit risk results from a combination of payment 
risk, delivery risk (failure to deliver services or products) and the risk of replacing contracts in default (known as mark to market 
exposure – i.e. the cost of replacing the contract in conditions other than those initially agreed). Financial assets are generally 
considered to be credit impaired when they are past their contractual due date, or in some jurisdictions outside of historical 
payment timeframes.
The Group analyzes the credit risk for each new client prior to entering into an agreement. In addition, in order to minimize risk, 
the Group contracts political risk insurance policies from multilateral organizations or commercial insurers which usually provide 
insurance against government defaults. Such policies cover project companies in Armenia, Bulgaria, Colombia, Rwanda, Togo, 
Senegal and Kosovo.
CONTOURGLOBAL PLC AND SUBSIDIARIES
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Where possible, the Group restricts exposure to any one counterparty by setting credit limits based on the credit quality as 
defined by Moody’s and S&P and by defining the types of financial instruments which may be entered into. The minimum credit 
ratings the Group generally accepts from banks or financial institutions are BBB- (S&P) and Baa3 (Moody’s). For offtakers, where 
credit ratings are CCC+ or below, the Group generally hedges its counterparty risk by contracting political risk insurance. 
If there is no independent rating, the Group assesses the credit quality of the customer, taking into account its financial position, 
past experience and other factors. 
For trade receivables, financial and contract assets, the Group applies the IFRS 9 simplified approach to measuring expected 
credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. 
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk 
characteristics and the days past due. The contract assets have substantially the same risk characteristics as the trade 
receivables for the same types of contracts. The Group has therefore concluded that the expected loss rates for trade 
receivables are a reasonable approximation of the loss rates for the contract assets. The expected loss rates are based on the 
payment profiles of sales over a period of 36 months before 31 December 2021 or 31 December 2020 respectively and the 
corresponding historical credit losses experienced within this period. In this context, the Group has taken into account available 
information on past events (such as customer payment behavior), current conditions and forward-looking factors that might 
impact the credit risk of the Group’s debtors. 
Trade receivables can be due from a single customer or a few customers who will purchase all or a significant portion of a 
power plant’s output under long-term power purchase agreements. This customer concentration may impact the Group’s overall 
exposure to credit risk, either positively or negatively, in that the customers may be affected by changes in economic, industry 
or other conditions. 
Ageing of trade receivables – net are analyzed below:
December 31
In $ millions
2021
2020
Trade receivables not overdue
65.7
68.9
Past due up to 90 days
19.0
17.3
Past due between 90 - 180 days
0.3
2.1
Past due over 180 days
18.4
19.7
Total trade receivables 
103.4
108.0
As of December 31, 2021, $30.8 million (December 31, 2020: $31.1 million) of trade receivables were outstanding in connection 
with our Bulgarian power plant, Maritsa East 3. The trade receivables include around €17.3 million ($19.6 million) as of December 
31, 2021 to be received from NEK that the Group considers recoverable under the terms of the PPA-signed contract 
amendments and the tribunal award in an ad hoc arbitration under the arbitration rules of the United Nations Commission on 
International Trade Law (UNCITRAL) between Maritsa and its offtaker NEK in relation to environmental capex reimbursement in 
February 2022. 
The trade receivables include an expected credit loss of $3.3 million (December 31, 2020: $3.1 million) on the Past due over 180 
days category with an increase in allowance recognized in profit and loss of $2.6 million in 2021, (December 31, 2020: $0.4 
million).
There were immaterial credit losses and no overdue balances identified on financial and contract assets. 
The Group deems the associated credit risk of the trade receivables not overdue to be suitably low.

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Liquidity risk
Liquidity risk arises from the possibility of the Group not being able to meet its obligations. The Group mainly relies on long-term 
debt obligations to fund its acquisitions and construction activities with Corporate bonds issued in the corporate Luxembourg 
holdcos and project financing arrangements at the assets level. All significant asset level long-term financing arrangements are 
supported locally and covered by the cash flows expected from the power plants when operational. The Group has, to the 
extent available at acceptable terms, utilized non-recourse debt to fund a significant portion of the capital expenditures and 
investments required to construct and acquire its electric power plants and related assets. 
A rolling cash flow forecast of the Group’s liquidity requirements is prepared to confirm sufficient cash is available to meet 
operational needs and to comply with borrowing limits or covenants. Such forecasting takes into consideration the future debt 
financing strategy, covenant compliance, compliance with internal statement of financial position ratio targets and, if applicable 
external regulatory or legal requirements – for example, cash restrictions.
The subsidiaries are separate and distinct legal entities and, unless they have expressly guaranteed any of the holding company 
indebtedness, have no obligation, contingent or otherwise, to pay any amounts due pursuant to such debt or to make any funds 
available whether by dividends, fees, loans or other payments.
Some of the Group’s subsidiaries have given guarantees on the credit facilities and outstanding debt securities of certain 
holding companies in the Group.
The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period to the 
contractual maturity date: 
In $ millions
Less than 1 year
Between  
1 and 5 years
Over 5 years
Total
Year ended December 31, 2020
1,429.0
1,576.9
2,667.2
5,673.1
Borrowings1
899.7
1,379.6
2,592.5
4,871.8
Trade and other payables 
333.7
–
–
333.7
Derivative financial instruments
41.0
106.2
44.8
192.0
IFRS 16 lease liabilities
4.3
17.2
11.4
32.9
Other current liabilities3
150.3
–
–
150.3
Other non current liabilities3
–
73.9
18.5
92.4
Year ended December 31, 2021
1,107.2
2,303.1
1,776.2
5,186.5
Borrowings2
349.1
2,132.8
1,710.3
4,192.2
Trade and other payables 
597.0
–
–
597.0
Derivative financial instruments
26.3
43.7
27.8
97.8
IFRS 16 lease liabilities
3.9
15.8
10.4
30.2
Other current liabilities3
130.8
–
–
130.8
Other non current liabilities3
–
110.8
27.7
138.5
1.	 Borrowings represent the outstanding nominal amount (note 4.24). Short-term debt of $899.7 million as of December 31, 2020 related to the short-term portion of 
long-term financing that matured within the next 12 months, that was repaid using cash on hand and cash received from operations.
2.	 Borrowings represent the outstanding nominal amount (note 4.24). Short-term debt of $349.1 million as of December 31, 2021 relates to the short-term portion of 
long-term financing that matures within the next 12 months, that we expect to repay using cash on hand and cash received from operations.
3.	 Other current liabilities and Other non current liabilities as presented in notes 4.29 and 4.25 respectively excludes IFRS 16 lease liabilities and has been updated 
to exclude taxes payable and deferred revenue.
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

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The table below analyzes the Group’s forecasted interest to be paid into relevant maturity groupings based on the interest’s 
maturity date:
Year ended December 31, 2020
In $ millions
Less than 1 year
Between  
1 and 5 years
Over 5 years
Total
Forecast interest expense to be paid
196.0
634.3
444.6
1,274.9
Year ended December 31, 2021
In $ millions
Less than 1 year
Between  
1 and 5 years
Over 5 years
Total
Forecast interest expense to be paid
176.0
533.6
339.6
1,049.2
The Group’s forecasts and projections, taking into account reasonably possible changes in operating performance, indicate that 
the Group has sufficient financial resources, together with assets that are expected to generate free cash flow to the Group. As 
a consequence, the Group has a reasonable expectation to be well placed to manage its business risks and to continue in 
operational existence for the foreseeable future (at least for the 12 month period from the approval date of these financial 
statements). Accordingly, the Group continues to adopt the going concern basis in preparing the consolidated financial 
statements.
Capital risk management 
The Company considers its capital and reserves attributable to equity shareholders to be the Company’s capital.
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern while 
providing adequate returns for shareholders and benefits for other stakeholders and to maintain a capital structure to optimize 
the cost of capital. 
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return 
capital to shareholders, issue new shares, sell assets to reduce debt or implement a share buyback program (note 4.22). It may 
also increase debt provided that the funded venture provides adequate returns so that the overall capital structure remains 
supportable.

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4.14. Derivative financial instruments
The Group uses interest rate swaps to manage its exposure to interest rate movements on borrowings, foreign exchange 
forward contracts and option contracts to mitigate currency risk, a financial swap in our Mexican CHP business to protect power 
purchase agreements and cross currency swap contracts in the Cap des Biches project in Senegal to manage both currency 
and interest rate risks. The fair value of derivative financial instruments are as follows:
December 31,
December 31,
2021
2020
In $ millions
Assets
Liabilities
Assets
Liabilities
Interest rate swaps – Cash flow hedge1
3.7
63.3
–
120.9
Cross currency swaps – Cash flow hedge2
–
11.1
–
26.2
Foreign exchange forward contracts – Trading3
0.8
–
–
0.6
Option contracts – not in hedge relationships4
-
–
1.5
1.6
Financial swap on commodity5
0.6
–
–
0.1
Fixed margin swap6
–
23.4
–
42.6
Other7
10.8
–
–
–
Total
16.0
97.8
1.5
192.0
Less non-current portion:
Interest rate swaps – Cash flow hedge
3.7
45.5
–
92.7
Cross currency swaps – Cash flow hedge
–
10.1
–
24.2
Foreign exchange forward contracts – Trading
0.1
–
–
0.1
Option contracts – not in hedge relationships
–
–
1.1
–
Financial swap on commodity
0.3
–
–
0.1
Fixed margin swap
–
15.8
–
33.9
Other 
5.8
–
–
Total non-current portion
9.9
71.5
1.1
151.0
Current portion
6.1
26.3
0.4
41.0
1.	 Interest rate swaps are used to hedge floating rate borrowings such that in effect the Group will be paying interest at a fixed rate. The fair value of the interest rate 
swaps mostly relate to contracts in Mexico for $51.2 million (December 31, 2020: $83.4 million) maturing in November 2031 and in Armenia for $10.2 million 
(December 31, 2020: $16.8 million) maturing in November 2034. Interest rate swaps are hedge accounted and as a result changes in fair value are recognized in 
other comprehensive income.
2.	 In 2015, the Group entered into cross currency swaps in our Cap des Biches project in Senegal. The fair value of the instruments as of December 31, 2021 
amounts to $11.6 million (December 31, 2020: $27.4 million) maturing in July 2033. Credit value adjustment amounts to $0.5 million as of December 31, 2021 
(December 31, 2020: $1.2 million). Currency swaps are hedge accounted and as a result changes in fair value are recognized in other comprehensive income.
3.	 The Group has executed a series of offsets to protect the value, in USD terms, of the BRL-denominated expected distributions from the Brazilian portfolio. The 
BRL-denominated distributions have been hedged using forward exchange contracts with a fair value of asset $0.8 million and maturity between March 2022 and 
January 2024 (December 31, 2020: liability $0.1 million). The COP-denominated distributions were economically hedged in 2020 using a forward which was 
closed in January 2021 (December 31, 2020: liability $0.5 million). Hedge accounting is not applied to BRL/USD and COP/USD foreign exchange forward 
contracts, as a result changes in fair value are recognized in the consolidated statement of income.
4.	 The Group executed a series of offsets to protect the value, in USD terms, of the BRL-denominated expected distributions from the Brazilian portfolio and the 
MXN-denominated expected distributions from the Mexican portfolio. The distributions were protected in 2020 against material depreciation of the BRL using 
option contracts in place (December 31, 2020: $1.6 million). The MXN-denominated distributions were protected in 2020 against material depreciation of the MXN 
using an option contract in place (December 31, 2020: asset $0.4 million maturing in November 2021). The Group entered in 2020 into an option to protect the 
Group against changes in interest rates for our financing projects. This contract was terminated in 2021 (December 31, 2020: asset $1.1 million). 
5.	 The Group entered into a financial swap related to our Mexican CHP business to protect one purchase power agreement against the variations of the natural gas 
price maturing in April 2024.
6.	 CHP Mexico entered into fixed margin swap agreements with the seller’s affiliates in order to protect certain power purchase agreements against variations in the 
CFE tariffs (electricity prices). The cash flows hedged amount to around $40 million of annual revenue over the next 8 years.
7.	 Contract derivative recognized on acquisition of Western Generation in 2021. 
The notional principal amount of derivative financial instruments:
•	 the outstanding interest rate swap contracts and cross currency swap qualified as cash-flow hedge amounted to $1,231.2 
million as of December 31, 2021 (December 31, 2020: $1,213.4 million), bearing interest ranging between 0.15% and 4.58% as 
of December 31, 2021 (December 31, 2020: 0.16% and 5.07%); 
•	 the outstanding foreign exchange forward and option contracts amounted to $16.5 million as of December 31, 2021 
(December 31, 2020: $161.8 million). In 2020, the outstanding option allowing the possibility to enter into an underlying swap 
CONTOURGLOBAL PLC AND SUBSIDIARIES
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with the objective to protect the Group against changes in interest rates on our financing projects amounted to $200.0 
million. This contract was cancelled in 2021 (December 31, 2020: asset $1.1 million); and
•	 the commodity swap (gas) relates to one PPA in our Mexican CHP amounted to $2.1 million as of December 31, 2021 
(December 31, 2020: $3.0 million).
The Group recognized in Net Finance costs a gain in respect of changes in fair value of derivatives listed above of $21.7 million 
in the 12 months ended December 31, 2021 (December 31, 2020: profit $61.7 million) and a gain of $2.4 million in the 12 months 
ended December 31, 2021 in relation to settled positions (December 31, 2020: profit of $8.8 million).
4.15. Fair value measurements
Fair value measurements of financial instruments are presented through the use of a three-level fair value hierarchy that 
prioritizes the valuation techniques used in fair value calculations. The Group’s policy is to recognize transfers into and out of fair 
value hierarchy levels as at the end of the reporting period.
The levels in the fair value hierarchy are as follows:
•	 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group has the ability to 
access at the measurement date.
•	 Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the asset or liability, either 
directly or indirectly.
•	 Level 3 inputs are unobservable inputs for the asset or liability.
There were no transfers between fair value measurement levels between December 31, 2021 and 2020.
When measuring our interest rate, cross currency swaps and foreign exchange forward and option contracts at fair value on a 
recurring basis at both December 31, 2021 and December 31, 2020, we have measured these at level 2 in the fair value 
hierarchy with the exception of the fixed margin swap and contract derivative which are level 3. The fair value of those financial 
instruments is determined by using valuation techniques. These valuations techniques maximize the use of observable data 
where it is available and rely as little as possible on entity specific estimates.
The Group uses a market approach as part of it’s available valuation techniques to determine the fair value of derivatives. The 
market approach uses prices and other relevant information generated from market transactions.
The Group’s finance department performs valuation of financial assets and liabilities required for financial reporting purposes as 
categorized at levels 2 and 3. The Group’s only derivatives are interest rate swaps, foreign exchange forward contracts, option 
contracts, commodity swap contract, fixed margin swap in our Mexican CHP business, contract derivative recognized on 
acquisition of Western Generation and cross currency swap contracts in our Cap des Biches project in Senegal.
The change in the fair value of the fixed margin swap since December 31, 2020 of $19.2 million is driven by the movement of 
market inputs, in particular the natural gas price, accounting for $20.2 million of the total variance.
The sensitivity calculations on the CHP Mexico fixed margin swap liability show that (i) for an increase/decrease of 5% in the 
USD/MXN exchange rate, the fixed margin swap liability would decrease/increase by $7.1 million (December 31, 2020: increase/
decrease by $10.9 million), (ii) for an increase/decrease of 5% in the natural gas cost, the fixed margin swap liability will 
decrease/increase by $4.1 million (December 31, 2020: decrease/increase by $5.7 million), (iii) for an increase/decrease of 25% 
in discount rates, the fixed margin swap liability will decrease/increase by $0.9 million (December 31, 2020: decrease/increase 
by $1.3 million), and (iv) and for an increase/decrease of 5% in the CFE tariff, the fixed margin swap liability will increase/decrease 
by $8.8 million (December 31, 2020: increase/decrease by $13.7 million). For the other level 3 derivative, the contract derivative 
recognized on acquisition of Western Generation, there are no reasonably possible sensitivities that could have a material 
impact.
Money market funds (see note 4.16) comprise investment in funds that are subject to an insignificant risk of changes in fair value. 
The fair value of money market funds is calculated by multiplying the net asset value per share by the investment held at the 
balance sheet date, we have measured these at level 2 in the fair value hierarchy.

192
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
4.16. Financial instruments by category
In $ millions
Financial asset category
As at December 31, 2020
Financial assets 
at amortized costs
Assets at fair 
value through 
profit and loss
Derivative used 
for hedging
Total net book 
value per balance 
sheet
Derivative financial instruments
–
1.5
–
1.5
Financial and contract assets
438.3
–
–
438.3
Trade and other receivables1
228.0
–
–
228.0
Other non-current assets1
41.1
–
–
41.1
Cash and cash equivalents2
385.0
1,011.9
–
1,396.9
Total
1,092.4
1,013.4
–
2,105.8
In $ millions
Financial asset category
As at December 31, 2021
Financial assets 
at amortized costs
Assets at fair 
value through 
profit and loss
Derivative used 
for hedging
Total net book 
value per balance 
sheet
Derivative financial instruments
–
0.8
15.2
16.0
Financial and contract assets
402.7
–
–
402.7
Trade and other receivables1
264.2
–
–
264.2
Other current assets
30.9
–
–
30.9
Other non-current assets1
52.6
–
–
52.6
Cash and cash equivalents
369.1
–
–
369.1
Total
1,119.5
0.8
15.2
1,135.5
In $ millions
Financial liability category
As at December 31, 2020
Liabilities at fair 
value through 
profit and loss
Other financial 
liabilities at 
amortized cost
Derivative used 
for hedging
Total net book 
value per balance 
sheet
Borrowings
–
4,830.3
–
4,830.3
Derivative financial instruments
44.8
–
147.2
192.0
Trade and other payables
–
333.7
–
333.7
Other current liabilities1
–
154.6
–
154.6
Other non current liabilities 
–
124.9
–
124.9
Total
44.8
5,443.5
147.2
5,635.5
In $ millions
Financial liability category
As at December 31, 2021
Liabilities at fair 
value through 
profit and loss
Other financial 
liabilities at 
amortized cost
Derivative used 
for hedging
Total net book 
value per balance 
sheet
Borrowings
–
4,176.1
–
4,176.1
Derivative financial instruments
23.4
–
74.4
97.8
Trade and other payables
–
597.0
–
597.0
Other current liabilities1
–
134.8
–
134.8
Other non current liabilities
–
164.7
–
164.7
Total
23.4
5,072.6
74.4
5,170.4
1.	 These balances exclude receivables and payables balances in relation to taxes and deferred revenue balance. Refer to note 4.19 for further details regarding 
Trade and other receivables. Other non-current assets is disclosed in note 4.17 and excludes Vorotan VAT receivable amounting to $2.6 million. Refer to note 
4.28 for further detailed of Trade and other payables. Other current liabilities is disclosed in note 4.29 and excludes deferred revenue amounting $6.4 million. 
Other non-current liabilities is disclosed in note 4.25 and excludes deferred revenue amounting to $3.3 million.
2.	 These balances include money market funds, which comprise investment in funds that are subject to an insignificant risk of changes in fair value. The comparative 
figure has been adjusted to include in the fair value through profit and loss cash balances that were held in money market funds and reclassify the remaining cash 
balances of $385 million to amortized cost.
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

193
Strategic Report
Governance
Financial Statements
4.17. Other non-current assets
December 31
In $ millions
2021
2020
Kosovo receivables1
22.4
24.1
Advance to supplier2
–
1.4
Other
32.7
17.0
Total other non-current assets
55.1
42.5
1.	 Mainly relates to project development costs in Kosovo. The recoverability of the contract asset has been assessed under IFRS 9 and in the context of the 
arbitration disclosed in note 2.4.
2.	 Advance payment to supplier related to Vorotan EPC (engineering, procurement and construction) contract as part of the refurbishment program. This program 
ended in 2021.
4.18. Inventories
December 31
In $ millions
2021
2020
Emission allowance
404.8
165.8
Spare parts
55.5
54.6
Fuel 
14.2
14.8
Other 
15.7
17.0
Total
490.2
252.2
Provision
(4.5)
(4.8)
Total inventories
485.7
247.4
Increase in inventories mainly relates to our Maritsa plant and the increase in emission allowances during the year.
4.19. Trade and other receivables
December 31
In $ millions
2021
2020
Trade receivables - gross
106.8
111.0
Accrued revenue (unbilled)
152.6
113.1
Provision for impairment of trade receivables
(3.4)
(3.1)
Trade receivables - net
256.0
221.0
Other tax receivable
34.9
36.0
Other receivables
8.1
7.0
Trade and other receivables
299.1
264.0
All trade and other receivables are short term and the net carrying value of trade receivables is considered a reasonable 
approximation of the fair value. The ageing of trade receivables – net is presented in note 4.13. 
All trade and other receivables are pledged as security in relation with the Group’s project financing. 
4.20. Other current assets
December 31
In $ millions
2021
2020
Prepaid expenses
19.7
17.4
Advances to suppliers
4.2
7.9
Other1
36.5
9.8
Other current assets
60.4
35.1
1.	 Primarily corresponds to deposits in our Arrubal and Mexico CHP plants.

194
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
4.21. Cash and cash equivalents
Certain restrictions on our cash and cash equivalents have been primarily imposed by financing agreements or long term 
obligations. They mainly include short-term security deposits kept as collateral and debt service reserves that cover short-term 
repayments and which meet the definition of cash and cash equivalents. Money market funds comprise investments in funds 
that are subject to an insignificant risk of changes in fair value. 77.1% of our cash and cash equivalents as of December 31, 2021 
is pledged as security in relation with the Group’s project financings (December 31, 2020: 22.0%); cash and cash equivalents 
includes $81.8 million as of December 31, 2021 (December 31, 2020: $117.3 million) of cash balances relating to debt service 
reserves required by project finance agreements and $nil in money market funds (December 31, 2020: $1,011.9 million).
4.22. Equity
Issued capital
Issued capital of the Company amounted to $8.9 million as at 31 December 2021, with no changes since the year ended 31 
December 2020.
Allotted, authorized, called up and fully paid
Number
Nominal value
£ million
$ million
As at 31 December 2020
670,712,920
0.01
6.7
8.9
As at 31 December 2021
670,712,920
0.01
6.7
8.9
During the year the Company paid dividends of $114.5 million (2020: $105.7 million).
Years ended December 31
In $ millions
2021
2020
Declared during the financial year:
Final dividend for the year ended 31 December 2019: 3.6901 US cents per share
24.8
Interim dividends for the year ended 31 December 2020: 12.1773 US cents per share
80.9
Final dividend for the year ended 31 December 2020: 4.0591 US cents per share
26.6
Interim dividends for the year ended 31 December 2021: 13.3950 US cents per share
87.9
Total dividends provided for or paid
114.5
105.7
Share repurchases
On 1 April 2020 ContourGlobal announced a buyback program of up to £30 million of ContourGlobal plc ordinary shares of 
£0.01 each ("Shares"), to initially run from 1 April 2020 to 30 June 2020, subsequently extended to 30 September 2020, then 
further extended to December 31, 2020 and to March 31, 2021.
During the year ended December 31, 2021, the Company repurchased 2,624,774 treasury shares at an average price of 208.4 
pence per share for an aggregate amount of £5.5 million ($7.4 million), representing 0.40% of its share capital and used 427,440 
shares in respect with the 2018 Long Term Incentive Plan. Since the beginning of the buyback program, the Company 
repurchased a net amount of 14,572,065 treasury shares, representing 2.17% of its share capital and a cumulative consideration 
paid of $37.8 million.
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

195
Strategic Report
Governance
Financial Statements
4.23. Non-controlling interests
The tables below provide summarized financial information for each subsidiary that has non-controlling interests that are 
material to the Group. 
The amounts disclosed for each subsidiary are before inter-company eliminations.
In $ millions
Year ended December 31, 2020
Non-controlling interest
CG assets
Acc. NCI
(Loss)/Profit 
allocated 
 to NCI
Dividends 
paid to NCI
Distribution 
paid to NCI
Contribution 
received 
from NCI
Proportionate 
adjusted 
EBITDA NCI1
Electrobras (49%)
Chapadas I (Wind Brazil)
21.5
(2.7)
–
–
3.4
6.6
Electrobras (49%)
Chapadas II (Wind Brazil)
37.3
(1.1)
–
–
–
8.7
NEK (27%)
Maritsa (Bulgaria)
53.3
–
–
18.52
–
32.8
CG Aguila Holdings (20%)
Brazil Hydro and Brazil Solution 
13.7
4.5
–
2.6
–
11.5
EIP Energy Infrastructure Holding (49%)
Italy Solar
(4.5)
2.6
–
8.4
–
17.0
EIP Energy Infrastructure Holding (49%) 
CSP Spain
20.0
4.1
–
46.2
–
61.9
Energie Burgenland and DH Energie (38%)
Deutsch Haslau (Austria Wind) 
6.8
0.1
0.2
0.3
–
1.5
Other
7.2
5.1
5.2
–
–
13.3
Total
155.3
12.6
5.4
76.0
3.4
153.3
1.	 Represents the non-controlling interest portion included in the Adjusted EBITDA, i.e., the difference between the Adjusted EBITDA and Proportionate adjusted 
EBITDA.
2.	 Only reflects the payments of the Debt to NCI in our Maritsa asset disclosed in note 4.25.
In $ millions
Year ended December 31, 2021
Non-controlling interest
CG assets
Acc. NCI
(Loss)/Profit 
allocated to 
NCI
Dividends 
paid to NCI
Distribution 
paid to NCI
Contribution 
received 
from NCI
Proportionate 
adjusted 
EBITDA NCI1
Electrobras (49%)
Chapadas I (Wind Brazil)
15.0
(5.2)
–
–
–
5.2
Electrobras (49%)
Chapadas II (Wind Brazil)
32.0
(2.8)
–
–
–
6.9
NEK (27%)
Maritsa (Bulgaria)
53.3
–
–
19.32
–
34.5
CG Aguila Holdings (20%)
Brazil Hydro and Brazil Solution 
10.5
6.6
1.0
–
–
12.3
EIP Energy Infrastructure Holding (49%)
Italy Solar
18.1
–
–
15.0
17.5
17.1
EIP Energy Infrastructure Holding (49%)
CSP Spain
17.0
(2.0)
–
55.8
–
57.6
Energie Burgenland and DH Energie (38%)
Deutsch Haslau (Austria Wind) 
6.9
0.3
0.1
0.4
–
1.7
Other
8.7
4.5
2.4
8.0
–
13.9
Total
161.5
1.4
3.5
98.5
17.5
149.2
1.	 Represents the non-controlling interest portion included in the Adjusted EBITDA, i.e., the difference between the Adjusted EBITDA and Proportionate adjusted 
EBITDA.
2.	 Only reflects the payments of the Debt to NCI in our Maritsa asset disclosed in the note 4.25.

196
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Set out below is summarized financial information for each subsidiary that has non-controlling interests that are material to the 
Group. The amounts disclosed for each subsidiary are before inter-company eliminations.
In $ millions
Year ended December 31, 2020
Non-controlling interest
CG assets
Non-current 
assets
Current 
assets
Non-current 
liabilities
Current 
liabilities
Revenue
Profit or 
(Loss)
Electrobras (49%)
Chapadas I (Wind Brazil)
151.6
25.8
97.4
37.5
20.1
(5.6)
Electrobras (49%)
Chapadas II (Wind Brazil)
165.1
22.3
80.5
30.4
27.0
(2.3)
NEK (27%)
Maritsa (Bulgaria)
333.1
330.8
99.6
264.4
406.3
58.5
CG Aguila Holdings (20%)
Brazil Hydro and Brazil Solution 
212.9
27.7
126.7
55.1
64.2
18.1
EIP Energy Infrastructure Holding (49%)
Italy Solar
225.6
39.4
237.8
30.5
40.7
5.5
EIP Energy Infrastructure Holding (49%)
CSP Spain
1,120.5
77.6
1,087.1
65.9
161.8
8.4
Energie Burgenland and DH Energie (38%)
Deutsch Haslau (Austria Wind) 
24.8
3.2
21.1
3.5
4.6
0.3
In $ millions
Year ended December 31, 2021
Non-controlling interest
CG assets
Non-current 
assets
Current 
assets
Non-current 
liabilities
Current 
liabilities
Revenue
Profit or 
(Loss)
Electrobras (49%)
Chapadas I (Wind Brazil)
137.0
21.0
86.5
42.2
18.5
(10.5)
Electrobras (49%)
Chapadas II (Wind Brazil)
148.9
20.0
71.6
31.5
23.2
(5.7)
NEK (27%)
Maritsa (Bulgaria)
253.1
509.2
55.7
481.7
706.9
49.6
CG Aguila Holdings (20%)
Brazil Hydro and Brazil Solution
165.8
22.3
131.1
22.1
67.1
24.9
EIP Energy Infrastructure Holding (49%)
Italy Solar
268.6
47.5
246.5
36.8
41.2
0.1
EIP Energy Infrastructure Holding (49%)
CSP Spain
981.0
88.3
997.2
33.1
152.9
(4.1)
Energie Burgenland and DH Energie (38%)
Deutsch Haslau (Austria Wind) 
20.8
3.3
17.1
3.4
5.1
0.8
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

197
Strategic Report
Governance
Financial Statements
In $ millions
Year ended December 31, 2020
Non-controlling interest
CG assets
Net cash generated by 
operating activities
Net cash generated by 
investing activities
Net cash generated by 
financing activities
Electrobras (49%)
Chapadas I (Wind Brazil)
16.5
(3.6)
(9.5)
Electrobras (49%)
Chapadas II (Wind Brazil)
17.6
(1.9)
(16.1)
NEK (27%)
Maritsa (Bulgaria)
80.2
(11.3)
(79.4)
CG Aguila Holdings (20%)
Brazil Hydro and Brazil Solution 
43.6
(4.5)
(38.3)
EIP Energy Infrastructure Holding (49%)
Italy Solar
30.2
(0.4)
(39.7)
EIP Energy Infrastructure Holding (49%)
CSP Spain
115.4
(6.9)
(113.6)
Energie Burgenland and DH Energie (38%)
Deutsch Haslau (Austria Wind) 
3.9
–
(4.2)
In $ millions
Year ended December 31, 2021
Non-controlling interest
CG assets
Net cash generated by 
operating activities
Net cash generated by 
investing activities
Net cash generated by 
financing activities
Electrobras (49%)
Chapadas I (Wind Brazil)
16.6
(3.2)
(15.5)
Electrobras (49%)
Chapadas II (Wind Brazil)
16.5
(2.8)
(14.3)
NEK (27%)
Maritsa (Bulgaria)
97.4
(11.3)
(90.9)
CG Aguila Holdings (20%)
Brazil Hydro and Brazil Solution
14.1
(17.9)
1.4
EIP Energy Infrastructure Holding (49%)
Italy Solar
35.8
(23.0)
(6.1)
EIP Energy Infrastructure Holding (49%)
CSP Spain
140.5
(4.6)
(111.0)
Energie Burgenland and DH Energie (38%)
Deutsch Haslau (Austria Wind) 
4.0
–
(4.1)
Considering the different nature of cash transactions with Non controlling interests (“NCI”), different categories are presented in 
the Consolidated statement of cash flows: 
•	 Cash distribution to non-controlling interests: only reflects the payments done as payment of the Debt to NCI in our Maritsa 
asset disclosed in the Note 4.25. 
•	 Dividends paid to NCI: reflects the payments to NCI in the form of dividends payments. 
•	 Transactions with NCI (cash received): reflects the cash received from NCI usually in the form of capital contributions and 
proceeds from sell down transactions.
•	 Transactions with NCI (cash paid): reflects the payments/distributions to NCI in a form other than dividends (principally as 
capital reduction or shareholders’ loans principal and interests repayments). 
Transactions with NCI are presented as financing activities in accordance with IAS 7.

198
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
4.24. Borrowings
Certain power plants have financed their electric power generating projects by entering into external financing arrangements 
which require the pledging of collateral and may include financial covenants as described below. The financing arrangements 
are generally non-recourse (subject to certain guarantees) and the legal obligation for repayment is limited to the borrowing 
entity. 
The Group’s principal borrowings with a nominal outstanding amount of $4,192.2 million in total as of December 31, 2021 
(December 31, 2020: $4,871.8 million) primarily relate to the following:
Type of borrowing
Currency
Project Financing
Issue 
Maturity
Outstanding 
nominal amount 
December 31, 
2021 ($ million)
Outstanding 
nominal amount 
December 31, 
2020 ($ million)
Rate
Corporate bond1
EUR
Corporate 
Indenture
2020
2026  
2028
807.5
867.3
2.75%, 3.125%
Corporate bond1
EUR
Corporate 
Indenture
2018
2025
454.9
1,038.4
4.125%
Loan Agreement
USD
Mexican CHP
2019
2026
475.4
508.5
LIBOR +2.5%
Loan Agreement 
EUR
Spanish CSP
2018
2026  
2038
338.8
392.5
Fixed 5.8% and 6.7%
Loan Agreement 
EUR
Spanish CSP
2018
2036
305.2
348.4
3.438%
Loan Agreement2
USD
US and Trinidad 
and Tobago
2007
2033
186.5
–
Fixed 6.6%
Loan agreement
EUR
Solar Italy
2019
2030
181.7
215.5
EURIBOR 6M +1.7%
Project bond
USD
Inka
2014
2034
165.8
173.2
6.0%
Loan Agreement3
EUR
Spanish CSP
2021
2028  
2034
159.1
152.2
EURIBOR +1.8%  
Fixed +2.5%
Loan Agreement
USD
Vorotan
2016
2034
116.2
121.5
LIBOR +4.625%
Loan Agreement4
USD
French Caribbean
2021
2026
115.3
–
LIBOR + 3.5%
Loan Agreement / 
Debentures5
BRL
Chapada I
2015
2032  
2029
103.7
115.5
TJLP + 2.18% /  
IPCA +8%
Loan Agreement
EUR
Austria Wind
2013  
2020
2027  
2033
109.6
105.2
EURIBOR 6M + 2.45% 
and 4.305% / EURIBOR 
3M +1.95% and 4.0% / 
EURIBOR 6M +1.55%
Loan Agreement 
USD
Cap des Biches
2015
2033
91.0
96.3
USD-LIBOR BBA (ICE) 
+3.20%
Loan Agreement 
EUR
Maritsa
2006
2023
69.2
109.1
EURIBOR +0.125%
Loan Agreement
USD
Togo
2008
2028
72.3
80.8
7.16% (Weighted 
average)
Loan Agreement5
BRL
Chapada II
2016
2032
72.1
84.8
TJLP +2.18%
Loan Agreement5 6
BRL
Asa Branca
2021
2032
58.9
58.5
TJLP +6.25%
Loan Agreement
EUR
Vorotan
2016
2034
51.4
46.1
0.75% -4.12%
Loan Agreement
USD
KivuWatt
2011
2026
47.6
57.2
LIBOR plus 5.50% and 
mix of fixed rates
Loan Agreement
EUR
Arrubal
2011
2021
–
98.9
4.9%
Other Credit facilities 
(individually < $50 million)
Various
Various
2012 
– 2019
2021 
 – 2034
210.0
201.9
Mix of fix and  
variable rates
Total
4,192.2
4,871.8
1.	 Corporate bond issued by ContourGlobal Power Holdings S.A. in July 2018 for €750 million dual-tranche, includes €450 million bearing a fixed interest rate of 
3.375% maturing in 2023 and €300 million bearing a fixed interest rate of 4.125% maturing in 2025. In July 2019, a new €100 million corporate bond tab was 
added to the €300 million tranche bearing the same fixed interest rate of 4.125% maturing also in 2025. On December 17, 2020 two new Corporate bonds were 
issued by ContourGlobal Power Holdings S.A. for €410 million aggregate principal amount of 2.75% senior secured notes due in 2026 and €300 million 
aggregate principal amount of 3.125% senior secured notes due in 2028. On January 6, 2021 the Group redeemed the €450 million ($549.7 million) aggregate 
principal amount of its 3.375% senior secured notes due 2023.
2.	 On February 18, 2021, the Group acquired a Thermal portfolio in the United States of America and Trinidad and Tobago representing a total of 1,502 MW. The 
legal entity Lea Power acquired as per this transaction issued 6.595% Senior Secured Notes under an indenture dated July 24, 2007 which are due to mature in 
June 2033.
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

199
Strategic Report
Governance
Financial Statements
3.	 On May 14, 2021, Termosolar Alvarado entered into a €161.6 million ($195.2 million) facilities agreement with Unicredit Bank AG, Banco De Crédito Social 
Cooperativo, S.A., Rivage Euro Debt Infrastructure 3, Rivage Richelieu 1 Fcp, L7 Investment Holdings LP, refinancing the Alvarado facility. The Facility bears interest 
at EURIBOR plus 1.8% and fixed 2.5% per year and matures in 2028 and 2034.
4.	 On September 29, 2021, ContourGlobal Luxembourg Sarl entered into a $120.0 million loan agreement with the Bank of Nova Scotia refinancing the Caribbean 
assets. The agreement bears interest at LIBOR plus 3.5% and matures in 2026.
5.	 Taxa de Juros de Longo Prazo (“TJLP”) represents the Brazil Long Term Interest Rate, which was approximately 5.32% at December 31, 2021 (December 31, 2020: 
4.55%). 
6.	 On July 12, 2021, Asa Branca Holding S.A. entered into a R$315.0 million ($59.9 million) debentures agreement refinancing the Asa Branca loan agreement. The 
loan agreement bears interest at TJLP plus 6.25% and matures in 2032.
With the exception of our corporate bond and revolving credit facility, all external borrowings relate to project financing. Such 
project financing are generally non-recourse (subject to certain guarantees). 
The carrying amounts of the Group’s borrowings are denominated in the following currencies:
Years ended December 31
In $ millions
2021
2020
US Dollars
1,295.9
1,056.1
Euros1
2,625.3
3,382.2
Brazilian Reals
254.9
392.0
Total
4,176.1
4,830.3
Non-current borrowings
3,809.1
3,895.5
Current borrowings
367.0
934.8
Total
4,176.1
4,830.3
1.	 €450 million corporate bond maturing in 2023 ($549.7 million) was shown as current in the prior period as a result of the refinancing in December 2020 which 
resulted in a commitment to repay these bonds in January 2021. The amounts were repaid on January 6, 2021.
The carrying amounts and fair value of the current and non-current borrowings are as follows:
Carrying amount
Fair value
Years ended December 31,
Years ended December 31,
In $ millions
2021
2020
2021
2020
Credit facilities
2,750.6
2,720.2
2,876.6
2,817.9
Bonds
1,425.5
2,110.1
1,456.8
2,191.3
Total
4,176.1
4,830.3
4,333.4
5,009.2
Net debt as of December 31, 2021 and 2020 is as follows:
Years ended December 31
In $ millions
2021
2020
Cash and cash equivalents
369.1
1,396.9
Borrowings - repayable within one year
(349.0)
(899.7)
Borrowings - repayable after one year
(3,843.2)
(3,972.1)
Interest payable, deferred financing costs and other
16.1
41.5
IFRS 16 liabilities
(30.2)
(32.9)
Net debt
(3,837.2)
(3,466.3)
Cash and cash equivalents
369.1
1,396.9
Borrowings - fixed interest rates1
(3,762.6)
(4,306.6)
Borrowings - variable interest rates
(429.6)
(565.2)
Interest payable, deferred financing costs and other
16.1
41.5
IFRS 16 liabilities
(30.2)
(32.9)
Net debt
(3,837.2)
(3,466.3)
1.	 Borrowings with fixed interest rates taking into account the effect of interest rate swaps.

200
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
In $ millions
Cash and cash 
equivalents
Borrowings
IFRS 16 liabilities
Total net debt
As of January 1, 2020
558.5
(4,090.5)
(33.3)
(3,565.3)
Cash-flows
810.6
–
–
810.6
Acquisitions / disposals
–
–
–
–
Proceeds of borrowings
–
(938.9)
–
(938.9)
Repayments of borrowings
–
323.4
–
323.4
Repayments of borrowings and interests to NCI1
–
49.5
–
49.5
Currency translations differences and other
27.8
(173.8)
–
(146.0)
IFRS 16 liabilities net movement2
–
–
0.4
0.4
As of December 31, 2020
1,396.9
(4,830.3)
(32.9)
(3,466.3)
Cash-flows
(995.7)
–
–
(995.7)
Acquisitions / disposals
25.5
(277.4)
–
(251.9)
Proceeds of borrowings
–
(790.7)
–
(790.7)
Repayments of borrowings
–
1,304.2
–
1,304.2
Repayments of borrowings and interests to NCI1
–
60.4
–
60.4
Liabilities held for sale
–
136.5
–
136.5
Currency translations differences and other
(57.6)
221.2
–
163.6
IFRS 16 liabilities net movement2
–
–
2.7
2.7
As of December 31, 2021
369.1
(4,176.1)
(30.2)
(3,837.2)
1.	 Refers to repayment of shareholders loans principal and interests with NCI included in the consolidated statement of cash flows on the line “Transactions with 
non-controlling interest holders, cash paid” related to CSP Spain (note 4.23).
2.	 IFRS 16 liabilities net movement includes -$1.4 million for assets acquired through business combinations (note 3.1), -$1.4 million lease additions (2020: -$3.6 
million), $6.0 million lease payments (2020: $6.8 million), -$0.3 million for assets recognized as held for sale (note 3.1) and -$0.2 million currency translation 
adjustment (2020: -$2.8 million).
Debt covenants and restrictions
The Group’s borrowing facilities are subject to a variety of financial and non financial covenants. The most significant financial 
covenants include debt service coverage ratio; leverage ratio; debt to equity ratio; equity to assets ratio; loan life coverage ratio 
and decreasing senior debt to total debt ratio.
Non-financial covenants include the requirement to maintain proper insurance coverage, enter into hedging agreements, 
maintain certain cash reserves, restrictions on dispositions, scope of the business, and mergers and acquisitions. 
These covenants are monitored appropriately to ensure that the contractual conditions are met. 
A technical breach in a minor condition regarding the number of authorized offshore bank accounts has been identified in 
relation to the financing of our Cap des Biches asset. The Company has performed a technical analysis and concluded that it 
has an unconditional right to defer payment for at least 12 months and hence $85.5 million of debt is presented as non current 
in line with the contracted repayment schedule. 
Securities given
The Corporate bond, Revolving Credit Facility, HSBC LC facility and UniCredit LC facility at CG Power Holdings level are secured 
by pledges of shares of certain subsidiaries (ContourGlobal LLC, ContourGlobal Spain Holding Sàrl, ContourGlobal Bulgaria 
Holding Sàrl, ContourGlobal Latam Holding Sàrl, ContourGlobal Hummingbird UK Holdco I Limited, ContourGlobal Hummingbird 
US Holdco Inc., ContourGlobal Terra Holdings Sàrl and ContourGlobal Worldwide Holdings Sàrl), and guarantees from 
ContourGlobal plc, and the above subsidiaries.
Guarantees are also given to Goldman Sachs, Credit Suisse International, Citibank Europe plc, HSBC Bank USA National 
Association, JP Morgan Securities plc, and Mizuho Capital Markets LLC in relation to the hedging instruments existing at 
ContourGlobal Power Holdings S.A.
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

201
Strategic Report
Governance
Financial Statements
Project financing
Facility
Maturity
Security / Guarantee given
CSP Spain 
(excluding Alvarado)
Long Term 
Facility
2036
First ranking security interest in the shares of all the entities in the borrower group plus pledge 
of receivables and project accounts. Assignment of insurances.
Alvarado 2021
Long Term 
Facility
2034
Pledge over all the shares of the Borrower, Pledge over the Borrower's Accounts, Pledge over 
all credit rights of the Borrower under Major Project Documents and the Hedging Agreements 
to which it is a party, Promissory mortgage over the Project assets.
ContourGlobal plc guarantee in case of Tax Group Exit.
Asa Branca 2021
Debentures
2033
Chattel mortgage of shares of the Issuer and the SPE, fiduciary assignment of all dividends as a 
result of Issuer's and the SPE's shares.
Austria Wind 
Refinancing 2020
Long Term 
Facility
2033
Share pledge on the Borrower and each Obligor, pledge of receivables, pledge over accounts, 
step in rights agreements in Project Contracts.
Berg 2021
Long Term 
Facility
2035
First ranking security over the shares held in the Borrower, Assignment over the Borrower's 
rights under Project Documents, pledge over project accounts, pledge over the windfarm 
superstructures (Superädifikate).
Borger
Long Term 
Facility
2022
Pledge of shares of the issuer, Pledge of governmental approvals, Pledge of all accounts and 
Letters of Credit, Pledge of assets and project contracts, Pledge of insurance policies, Pledge of 
all tangible and intangible property of the Partnership, Pledge of rights to withdraw from the 
Steam Escrow Account.
Brazil Hydro 2021
Debentures
2029
Fiduciary sale of all shares issued by the Issuer and the Suretors, Fiduciary assignment of all 
dividends.
Caribbean 2021
Long Term 
Facility
2026
Pledge of shares, Pledge over project accounts, Pledge of Receivables
ContourGlobal Plc guarantee on Debt service reserve facility and Working Capital facility.
Inka
Senior 
secured notes 2034
Pledge of shares of Energia Eolica SA, EESA assets, accounts, assignment of receivables of the 
project contracts and insurances.
Chapada I
Long Term 
Facility
2032
Pledge of shares of Chapada I SPVs and Holding, SPVs assets, accounts, assignment of 
receivables of the project contracts and insurances.
ContourGlobal plc guarantee to LC providers in case Chapada I cannot serve debt.
Maritsa
Credit Facility
2023
Pledge of the shares, any dividends on the pledged shares and the entire commercial 
enterprise of ME-3, including the receivables from the ME-3 PPA.
Vorotan
Long Term 
Facility
2034
Pledge of shares of ContourGlobal HydroCascade CSJC assets and project accounts, 
assignment of receivables arising from the project contracts and insurances.
Chapada II
Long Term 
Facility
2032
Pledge of shares of Chapada II SPVs and Holding, SPVs assets, accounts, assignment of 
receivables of the project contracts and insurances.
Cap des Biches
Credit Facility
2033
Pledge over CG Senegal and CG Cap des Biches Sénégal shares, pledge over the project 
accounts, charge over the assets of CG Cap des Biches Sénégal, assignment of receivables of 
CG Cap des Biches Sénégal and the insurance policies, direct agreement on the project 
contracts.
Togo
Loan 
agreement
2028
ContourGlobal Plc guarantee on cash shortfall for Debt service, and (i) a pledge of CG Togo LLC 
and CG Togo SA capital stock, (ii) a charge on equipment, material and assets of CG Togo SA, 
(iii) the assignment of receivables of CG Togo SA, (iv) the assignment of insurance policies, and 
(v) a pledge on the project accounts. 
Kivuwatt
Financing 
Arrangement
2026
•	 Secured by, among others, (i) KivuWatt Holdings’ pledge of all of the shares of KivuWatt held 
by KivuWatt Holdings, (ii) certain of KivuWatt’s bank accounts and (iii) KivuWatt’s movable and 
immovable assets.
•	 ContourGlobal Plc $1.2 million guarantee for the benefit of KivuWatt under the PPA and Gas
•	 Concession to the Government of Rwanda and to Electrogaz (outside of the loan guarantee).
•	 $8.5 million UK Plc guarantee to cover Debt Service Reserve Account as of 31 December 
2019.
Chapada III
Long Term 
Facility
2032
Pledge of shares of Chapada III SPVs and Holding, SPVs assets, accounts, assignment of 
receivables of the project contracts and insurances.
Corporate guarantee from ContourGlobal do Brazil Holding Ltda until Financial Completion.
Hobbs
Long Term 
Facility
2033
Pledge over shares of the borrower, pledge over the project accounts, charge over the assets, 
assignment of receivables and the insurance policies, direct agreement on the project 
contracts. Pledge of right to terminate the Operating Agreement. 
Mexican CHP
Long Term 
Facility
2026
Pledge of the CGA I and CELCSA shares, assets and accounts, assignment of receivables and 
insurance policies. $32.4 million ContourGlobal plc guarantee for the Debt Service Reserve 
Account.
Raiffeisen Windparks
Long Term 
Facility
2026
Pledge of Project Accounts. Pledge of shares. Pledge of rights under Project Contracts.

202
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Project financing
Facility
Maturity
Security / Guarantee given
Sao Domingos II
Debentures
2027
Trust assignment of credit rights. Chattel mortgage of shares. Chattel mortgage of machines and 
equipment.
Solar Italy
Long Term 
Facility
2030
Pledge over Project Accounts. Pledge over shares. Assignment of Receivables of Borrower and 
CG Energetica.
Solar Slovakia
Long Term 
Facility
2025
Pledge over receivables. Pledge over movables. Pledge of ownership interest. Mortgage over 
real estate property.
Waterside
Long Term 
Facility
2024
Assignment of membership interests. Assignment of rights under the Operating Agreement. 
Assignment of Additional membership interests. Assignment of rights appurtenant to property. 
Assignment of proceeds from collateral.
WGP
Long Term 
Facility
2023
Pledge of stock. Pledge of Debt Securities. Pledge of receivables. Pledge of shares. Mortgage 
of property.
Zistersdorf
Long Term 
Facility
2027
Pledge of shares. Pledge of Project property or Trumpet Area. Pledge of DSRA. Assignment of 
the retention of title to the privileged portions of the Wind Turbine Systems. Assignment of 
rights under Project Agreements.
4.25. Other non-current liabilities
December 31
In $ millions
2021
2020
Debt to non-controlling interest1
21.8
28.6
Deferred payments on acquisitions2
47.9
33.5
IFRS 16 lease liabilities 
26.2
28.6
Other3
72.1
34.2
Total other non-current liabilities
168.0
124.9
1.	 Debt to non-controlling interests: in 2011, the Group purchased a 73% interest in the Maritsa power plant. NEK owns the remaining 27% of the Maritsa power plant. 
The shareholders’ agreement states that all distributable results available should be distributed to shareholders, with no unconditional right to avoid dividends. 
Consequently and in accordance with IAS 32 ‘Financial Instruments: presentation’, shares held by NEK do not qualify as equity instruments and are recorded as a 
liability to non-controlling interests in the Group’s consolidated statement of financial position. The debt to non-controlling interests was recorded at fair value at 
the date of acquisition (in accordance with IFRS 3) using a discounted cash flow method based on management’s best estimate at that date of the future 
distributable profits to the minority shareholder NEK over the period of the PPA. This debt is discounted using a European risk free rate adjusted for the credit 
default swap (CDS) spread for Bulgaria. The debt is subsequently held at amortized cost. 
2.	 As of 31 December 2021, deferred payments and earn-outs on acquired entities relate to deferred payments to be made to initial developers of certain Brazil 
Wind assets for $14.7 million (31 December 2020: $15.2 million) and Spain CSP previous owner for $17.1 million (31 December 2020: $18.3 million). For the Brazil 
Wind assets, the liability is reviewed at each reporting date and is based on a percentage of the projected revenue generated under the current power purchase 
agreements and for CSP Spain the liability is based on a pre-defined amount.
3.	 Mainly relates to $33.5 million at 31 December 2021 (31 December 2020: $0.8 million) in relation to CSP Spain, which represents the excess cash received based 
on the net market price compared to the pre-established prices for the current regulatory period, which will be settled over future regulatory periods. Also 
includes contractual obligations in Brazil, including shortfall and penalties when wind asset generation falls below contracted PPA for $14.7 million at 31 December 
2021 (31 December 2020: $15.4 million).
The change in the debt to Maritsa non-controlling interest is presented below:
December 31
In $ millions
2021
2020
Beginning of the year
46.3
58.1
Dividends 
(19.3)
(18.9)
Unwinding of discount
0.9
0.1
Additional dividend paid
7.4
3.0
Currency translation adjustments
(2.7)
4.0
End of the year
32.6
46.3
Current liabilities
10.8
17.7
Non-current liabilities
21.8
28.6
As of December 31, 2021
32.6
46.3
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

203
Strategic Report
Governance
Financial Statements
4.26. Provisions
In $ millions
Decommissioning 
/ Environmental / 
Maintenance 
provision
Legal and other
Total
As of January 1, 2020
43.9
17.1
61.0
Acquired through business combination
–
–
–
Additions
2.1
3.7
5.8
Unused amounts reversed
(3.1)
(1.4)
(4.5)
Amounts used during the period
–
(1.3)
(1.3)
Currency translation differences and other
2.9
0.2
3.1
As of December 31, 2020
45.8
18.3
64.1
Acquired through business combination
32.8
3.1
35.9
Additions
0.7
3.3
4.0
Unused amounts reversed
(2.7)
(1.9)
(4.6)
Amounts used during the period
(1.1)
(0.7)
(1.8)
Assets held for sale
(2.6)
(2.6)
(5.2)
Currency translation differences and other
(0.6)
(1.3)
(1.9)
As of December 31, 2021
72.3
18.3
90.6
Provisions have been analyzed between current and non-current as follows:
In $ millions
Decommissioning 
/ Environmental / 
Maintenance 
provision
Legal and other
Total
Current liabilities
1.9
10.4
12.3
Non-current liabilities
43.9
7.9
51.8
As of December 31, 2020
45.8
18.3
64.1
Current liabilities
1.2
11.7
12.9
Non-current liabilities
71.1
6.6
77.7
As of December 31, 2021
72.3
18.3
90.6
Site decommissioning provisions are recognized based on assessment of future decommissioning costs which would need to 
be incurred in accordance with existing legislation to restore the sites and expected to occur between 1 and 32 years. 
Legal and other provisions include amounts arising from claims, litigation and regulatory risks which will be utilized as the 
obligations are settled and includes sales tax and interest or penalties associated with taxes.
Legal and other provisions have some uncertainty over the timing of cash outflows.

204
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
4.27. Share-based compensation plans
ContourGlobal long-term incentive plan
On 17 May 2021, a fourth grant of performance shares was made under the long term incentive plan (“LTIP”) with awards over a 
total of 2,606,267 ordinary shares of 1 pence in ContourGlobal plc granted to eligible employees (the “participants”). These 
shares will vest on 17 May 2024 subject to the participants’ continued service and to the extent to which the performance 
conditions set for the awards are satisfied over the period of three years commencing on 1 January 2021 and, ordinarily, ending 
on 31 December 2023 (the “Performance Period”): 
i.	 EBITDA condition: 50.0 % of award to the compounded annual growth rate of the Company’s EBITDA over the Performance 
Period.
ii.	IRR condition: 25.0 % of award to the internal rate of return on qualifying Company projects over the Performance Period.
iii.	LTIR condition: 25.0 % of award to the lost time incident rate of the Company over the Performance Period.
The LTIPs are considered to be equity-settled share-based incentives, presented within Selling, general and administrative 
expenses in the consolidated statement of income.
The likelihood of these conditions has been valued using the Monte Carlo model and the resulting share-based payments 
charge is being spread evenly over the period between the grant date and the vesting date (36 months). The likelihood will be 
reassessed each year. 
Awards granted during the period included dividend equivalents and hence their fair value was estimated as being equal to the 
share price ($2.72) on grant date with no other assumptions being incorporated into the valuation
Including this grant, restricted shares were granted under the LTIP with awards over a total of 129,735 ordinary shares of 1 pence 
in ContourGlobal plc to eligible employees (the “participants”). These shares will vest on 17 May 2024 subject to the participants’ 
continued service.
The Group’s total charge for equity-settled share-based incentives for the year of $1.9 million (2020: $1.9 million) has been 
included within Selling, general and administrative expenses in the consolidated statement of income.
The movements on awards made under the LTIP are as follows:
Number of 
shares 
Outstanding as of December 31, 2019
3,624,452
Granted during the year
2,137,665
Forfeited
(334,551)
Vested
–
Outstanding as of December 31, 2020
5,427,566
Granted during the year
2,606,267
Forfeited
(1,293,090)
Vested
(302,712)
Outstanding as of December 31, 2021
6,438,031
Deferred bonus
Certain employees of the Group are eligible to receive deferred bonus awards as determined by the Remuneration Committee, 
representing 20% of the individual's total bonus based on performance in the previous year. These awards have a normal 
vesting period of two to three years with the recipient required to remain with the company over the vesting period otherwise 
leading to forfeiture of the award in the event of termination of employment. On 17 May 2021, a total of 331,627 deferred bonus 
shares were awarded to employees with a vesting date of 10 March 2023.
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

205
Strategic Report
Governance
Financial Statements
4.28. Trade and other payables
December 31
In $ millions
2021
2020
Trade payables
92.8
67.6
Accrued expenses
504.2
266.1
Trade and other payables
597.0
333.7
The increase mainly comes from Maritsa CO2 liabilities. 
4.29. Other current liabilities
December 31
In $ millions
2021
2020
Deferred revenue
6.4
5.6
Deferred payment on acquisition1
–
1.2
Other taxes payable
43.9
34.6
IFRS 16 lease liabilities
3.9
4.3
Other2
130.8
149.1
Other current liabilities
185.0
194.8
1.	 Relates to the deferred payment of the renewable portfolio in Brazil as of December 31, 2020.
2.	 Mainly relates to contractual obligations in Brazil, including shortfall and penalties when wind asset generation falls below contracted PPA for $69.4 million at 31 
December 2021 (31 December 2020: $47.1 million), other regulatory obligations for hydro assets related to the Generation scaling factor (GSF) for $nil million at 31 
December 2021 (31 December 2020: $18.2 million), Maritsa current portion of the non-controlling interest debt for $10.8 million at 31 December 2021 (31 December 
2020: $17.7 million); Maritsa CO2 quota for $8.6 million at 31 December 2021 (31 December 2020: $28.0 million) and Arrubal CO2 quota for $22.5 million at 31 
December 2021 (31 December 2020: $8.2 million).
In the case of the shortfall and penalties for the Brazilian Wind assets, there is limited estimation uncertainty as the shortfall and 
penalties are calculated based on factual information, the actual power generated.

206
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
4.30. Group undertakings
ContourGlobal PLC owns (directly or indirectly) only ordinary shares of its subsidiaries. There are no preferred shares scheme in 
place in the Group.
ContourGlobal plc
United 
Kingdom
55 Baker Street. London, United Kingdom, W1U 8EW
Consolidated subsidiaries
Ownership
Country of 
incorporation
Registered address
ContourGlobal Hydro Cascade CJSC
100%
Armenia
AGBU building; 2/2 Meliq-Adamyan str.,0010 Yerevan, 
Armenia
ContourGlobal erneuerbare Energie Europa GmbH
100%
Austria
Fleischmarkt 1, Top 01, Vienna 1010, Austria 
Windpark HAGN GmbH 
95%
Austria
Fleischmarkt 1, Top 01, Vienna 1010, Austria 
Windpark HAGN GmbH & Co KG
95%
Austria
Fleischmarkt 1, Top 01, Vienna 1010, Austria 
Windpark Deutsch Haslau GmbH
62%
Austria
Fleischmarkt 1, Top 01, Vienna 1010, Austria 
ContourGlobal Windpark Zistersdorf Ost GmbH
100%
Austria
Fleischmarkt 1, Top 01, Vienna 1010, Austria 
ContourGlobal Windpark Berg GmbH
100%
Austria
Fleischmarkt 1, Top 01, Vienna 1010, Austria 
ContourGlobal Windpark Scharndorf GmbH
100%
Austria
Fleischmarkt 1, Top 01, Vienna 1010, Austria 
ContourGlobal Windpark Trautmannsdorf GmbH
100%
Austria
Fleischmarkt 1, Top 01, Vienna 1010, Austria 
ContourGlobal Windpark Velm GmbH
100%
Austria
Fleischmarkt 1, Top 01, Vienna 1010, Austria 
ContourGlobal Management Europa GmbH
100%
Austria
Fleischmarkt 1, Top 01, Vienna 1010, Austria 
ContourGlobal Wind Holding GmbH
100%
Austria
Fleischmarkt 1, Top 01, Vienna 1010, Austria 
ContourGlobal Development GmbH
100%
Austria
Fleischmarkt 1, Top 01, Vienna 1010, Austria 
ContourGlobal Beteiligung GmbH
100%
Austria
Fleischmarkt 1, Top 01, Vienna 1010, Austria 
ContourGlobal Maritsa East 3 AD
73%
Bulgaria
48 Sitnyakovo Blvd; 9-th fl., Sofia 1505, Bulgaria 
ContourGlobal Operations Bulgaria AD
73%
Bulgaria
TPP ContourGlobal Maritsa East 3, Mednikarovo village 
6294, Galabovo District, Stara Zagora Region, Bulgaria
ContourGlobal Management Sofia EOOD 
100%
Bulgaria
48 Sitnyakovo Blvd; 9-th fl., Sofia 1505, Bulgaria 
Galheiros Geração de Energia Elétrica S.A.
80%
Brazil
Rua Leopoldo Couto Magalhães Junior, 758, 3º andar, 
São Paulo 04542-000, Brazil 
Santa Cruz Power Corporation Usinas Hidroelétricas 
S.A.
80%
Brazil
Rua Leopoldo Couto Magalhães Junior, 758, 3º andar, 
Itaim Bibi , São Paulo 04542-000, Brazil 
Contour Global Do Brasil Holding Ltda
100%
Brazil
Rua Leopoldo Couto Magalhães Júnior, 758, 3º andar, 
Sao Paulo 04542-000, Brazil 
Contour Global Do Brasil Participações Ltda
80%
Brazil
Rua Leopoldo Couto Magalhães Júnior, 758, 3º andar, 
Sao Paulo 04542-000, Brazil 
Abas Geração de Energia Ltda.
100%
Brazil
Rua Leopoldo Couto Magalhães Junior, 758, 3º andar, 
São Paulo 04542-000, Brazil 
Ventos de Santa Joana IX Energias Renováveis S.A.
51%
Brazil
Rodovia Dr. Mendel Steinbruch, S/N - Km, 08 Sala 182 - 
Distrito Industrial - Maracanaú - CE
Calcedônia Geração de Energia Ltda.
100%
Brazil
Rua Leopoldo Couto Magalhães Junior, 758, 3º andar, 
São Paulo 04542-000, Brazil 
Ventos de Santa Joana X Energias Renováveis S.A.
51%
Brazil
Rua Leopoldo Couto de Magalhães Jr., 758 – cj. 31, São 
Paulo 04542-000 ,Brazil
Ventos de Santa Joana XI Energias Renováveis S.A
51%
Brazil
Rua Leopoldo Couto de Magalhães Jr., 758 – cj. 31, São 
Paulo 04542-000 
Ventos de Santa Joana XII Energias Renováveis S.A.
51%
Brazil
Rua Leopoldo Couto de Magalhães Jr., 758 – cj. 31, São 
Paulo 04542-000 ,Brazil
Ventos de Santa Joana XIII Energias Renováveis S.A.
51%
Brazil
Rua Leopoldo Couto de Magalhães Jr., 758 – cj. 31, São 
Paulo 04542-000 ,Brazil
Ventos de Santa Joana XV Energias Renováveis S.A.
51%
Brazil
Rua Leopoldo Couto de Magalhães Jr., 758 – cj. 31, São 
Paulo 04542-000 ,Brazil
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

207
Strategic Report
Governance
Financial Statements
Consolidated subsidiaries
Ownership
Country of 
incorporation
Registered address
Ventos de Santa Joana XVI Energias Renováveis S.A.
51%
Brazil
Rua Leopoldo Couto de Magalhães Jr., 758 – cj. 31, São 
Paulo 04542-000 ,Brazil
Asa Branca Holding S.A.
100%
Brazil
Rua Leopoldo Couto de Magalhães Jr., 758 – cj. 31, São 
Paulo 04542-000, Brazil 
Tespias Geração de Energia Ltda.
100%
Brazil
Rua Leopoldo Couto de Magalhães Jr., 758 – cj. 31, São 
Paulo 04542-000, Brazil 
Asa Branca IV Energias Renováveis SA
100%
Brazil
Rua Leopoldo Couto de Magalhães Jr., 758 – cj. 31, São 
Paulo 04542-000, Brazil 
Asa Branca V Energias Renováveis SA
100%
Brazil
Rua Leopoldo Couto de Magalhães Jr., 758 – cj. 31, São 
Paulo 04542-000, Brazil 
Asa Branca VI Energias Renováveis SA
100%
Brazil
Rua Leopoldo Couto Magalhães Júnior, 758, 3º andar, 
Sao Paulo 04542-000, Brazil 
Asa Branca VII Energias Renováveis SA
100%
Brazil
Rua Leopoldo Couto Magalhães Júnior, 758, 3º andar, 
Sao Paulo 04542-000, Brazil 
Asa Branca VIII Energias Renováveis SA
100%
Brazil
Rua Leopoldo Couto Magalhães Júnior, 758, 3º andar, 
Sao Paulo 04542-000, Brazil 
Ventos de Santa Joana I Energias Renováveis S.A.
51%
Brazil
Rodovia Dr. Mendel Steinbruch, S/N - Km, 08 Sala 182 - 
Distrito Industrial - Maracanaú - CE
Ventos de Santa Joana III Energias Renováveis S.A.
51%
Brazil
Rodovia Dr. Mendel Steinbruch, S/N - Km, 08 Sala 182 - 
Distrito Industrial - Maracanaú - CE
Ventos de Santa Joana IV Energias Renováveis S.A.
51%
Brazil
Rodovia Dr. Mendel Steinbruch, S/N - Km 08 ,Sala 182 , 
Distrito Industrial - Maracanaú - CE
Ventos de Santa Joana V Energias Renováveis S.A.
51%
Brazil
Rodovia Dr. Mendel Steinbruch, S/N - Km, 08 Sala 182 - 
Distrito Industrial - Maracanaú - CE
Ventos de Santa Joana VII Energias Renováveis S.A.
51%
Brazil
Rodovia Dr. Mendel Steinbruch, S/N - Km, 08 Sala 182 - 
Distrito Industrial - Maracanaú - CE
Ventos de Santo Augusto IV Energias Renováveis S.A.
51%
Brazil
Rodovia Dr. Mendel Steinbruch, S/N - Km, 08 Sala 182 - 
Distrito Industrial - Maracanaú - CE
Chapada do Piauí I Holdings S.A.
51%
Brazil
Rua Leopoldo Couto de Magalhães Jr., 758 – cj. 31, São 
Paulo 04542-000 
Ventos de Santo Augusto III Energias Renováveis S.A.
100%
Brazil
Rodovia Dr. Mendel Steinbruch, S/N - Km, 08 Sala 182 - 
Distrito Industrial - Maracanaú - CE
Ventos de Santo Augusto V Energias Renováveis S.A.
100%
Brazil
Rua Leopoldo Couto de Magalhães Jr., 758 – cj. 31, São 
Paulo 04542-000 ,Brazil
ContourGlobal Desenvolvimento S.A.
100%
Brazil
Rua Leopoldo Couto de Magalhães Jr., 758 – cj. 31 São 
Paulo 04542-000, Brazil 
Chapada do Piauí II Holding S.A.
51%
Brazil
Rua Leopoldo Couto de Magalhães Jr., 758 – cj. 31, São 
Paulo 04542-000 
Chapada do Piauí III Holding S.A.
100%
Brazil
Rua Leopoldo Couto de Magalhães Jr., 758 – cj. 31, São 
Paulo 04542-000, Brazil 
Afluente Geração de Energia Eletrica S.A.
80%
Brazil
Praia do Flamengo, 70 - 1º andar Rio de Janeiro - RJ, 
Brazil
Goias Sul Geração De Energia S.A.
80%
Brazil
Praia do Flamengo, 70 - 2º andar, parte. Rio de Janeiro 
- RJ, Brazil
RIO PCH I S.A.
56%
Brazil
Praia do Flamengo, 70 - 4º andar Rio de Janeiro - RJ, 
Brazil
Bahia PCH I S.A.
80%
Brazil
Praia do Flamengo, 70 - 6º andar, parte. Rio de Janeiro 
- RJ, Brazil
ContourGlobal LATAM S.A.
100%
Colombia
Carrera 7 No. 74-09, Bogota, Colombia 
ContourGlobal Solutions Holdings Ltd
100%
Cyprus
Capital Center, 2-4 Arch, Makarios III Avenue, 9th Floor, 
Nicosia 1065, Cyprus 
ContourGlobal Solutions Ltd
100%
Cyprus
Capital Center, 2-4 Arch, Makarios III Avenue, 9th Floor, 
Nicosia 1065, Cyprus

208
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Consolidated subsidiaries
Ownership
Country of 
incorporation
Registered address
Selenium Holdings Ltd
100%
Cyprus
Capital Center, 2-4 Arch, Makarios III Avenue, 9th Floor, 
Nicosia 1065, Cyprus 
ContourGlobal La Rioja, S.L
100%
Spain
Arrúbal Power Plant, Polígono Industrial El Sequero, 
26150 Arrúbal, La Rioja, Spain.
Contourglobal Termosolar Operator S.L. 
100%
Spain
Calle Orense, número 34, 7° piso - 28020 Madrid, Spain
ContourGlobal Termosolar, S.L. 
51%
Spain
Calle Orense, número 34, 7° piso - 28020 Madrid, Spain
Rústicas Vegas Altas, S.L. 
51%
Spain
Calle Orense, número 34, 7° piso - 28020 Madrid, Spain
Termosolar Majadas, S.L. 
51%
Spain
Calle Orense, número 34, 7° piso - 28020 Madrid, Spain
Termosolar Palma Saetilla, S.L. 
51%
Spain
Calle Orense, número 34, 7° piso - 28020 Madrid, Spain
Termosolar Alvarado, S.L. 
51%
Spain
Calle Orense, número 34, 7° piso - 28020 Madrid, Spain
Crasodel Spain SL 
100%
Spain
Calle Orense, número 34, 7° piso - 28020 Madrid, Spain
Energies Antilles
100%
France
8, Avenue Hoche 75008 Paris, France
Energies Saint-Martin
100%
France
8, Avenue Hoche 75008 Paris, France
ContourGlobal Saint-Martin SAS
100%
France
5 Rue du Gal de Gaulle, 8 Immeuble le Colibri Marigot, 
97150 Saint-Martin, France
ContourGlobal Management France SAS
100%
France
Immeuble Imagine 20-26 boulevard du Parc 92200 
Neuilly-sur-Seine, France
ContourGlobal Worldwide Holdings Limited
100%
Gibraltar
Hassans, Line Holdings Limited, 57/63 Line Wall Road, Gibraltar 
ContourGlobal Helios S.r.l. 
51%
Italy
Via Cusani 5, Milan 20121, Italy 
ContourGlobal Solar Holdings (Italy) S.r.l.
51%
Italy
Via Cusani 5, Milan 20121, Italy 
ContourGlobal Oricola S.r.l.
100%
Italy
Via Cusani 5, Milan 20121, Italy 
ContourGlobal Solutions (Italy) S.R.L.
100%
Italy
Via Cusani 5, Milan 20121, Italy 
Portoenergy S.r.l.
51%
Italy
Via Cusani 5, Milan 20121, Italy 
Officine Solari Barone S.r.l.
51%
Italy
Via Cusani 5, Milan 20121, Italy 
Officine Solari Camporeale S.r.l.
51%
Italy
Via Cusani 5, Milan 20121, Italy 
Contourglobal Mediterraneo S.r.l
51%
Italy
Via Cusani 5, Milan 20121, Italy 
Officine Solari Aquila S.r.l.
51%
Italy
Contrada Piana del Signore s.n.c. 93012 Gela (CL), Italy
ContourGlobal Energetica S.R.L.
51%
Italy
Via Cusani 5, Milan 20121, Italy 
ContourGlobal Eight Srl
51%
Italy
Via Cusani 5, Milan 20121, Italy 
ContourGlobal Green Srl
51%
Italy
Via Cusani 5, Milan 20121, Italy 
ContourGlobal Industrial Srl
51%
Italy
Via Cusani 5, Milan 20121, Italy 
ContourGlobal Light Srl
51%
Italy
Via Cusani 5, Milan 20121, Italy 
ContourGlobal One Srl
51%
Italy
Via Cusani 5, Milan 20121, Italy 
ContourGlobal Sole Srl
51%
Italy
Via Cusani 5, Milan 20121, Italy 
Solar 6 S.R.L. 
51%
Italy
Via Cusani 5, Milan 20121, Italy 
BS Energia New S.R.L. 
51%
Italy
Via Cusani 5, Milan 20121, Italy 
ContourGlobal Management Italy S.R.L. 
100%
Italy
Via Cusani 5, Milan 20121, Italy 
ContourGlobal Horus srl
51%
Italy
Via T. Grossi 2, Milan 20121, Italy
Green Hunter Group Spa
51%
Italy
Via T. Grossi 2, Milan 20121, Italy
Green Hunter Spa
51%
Italy
Via T. Grossi 2, Milan 20121, Italy
Actasol 5 S.R.L.
51%
Italy
Via T. Grossi 2, Milan 20121, Italy
Actasol 6 S.R.L.
51%
Italy
Via T. Grossi 2, Milan 20121, Italy
Cinque S.R.L.
51%
Italy
Via T. Grossi 2, Milan 20121, Italy
Marche Solare 1 Srl
51%
Italy
Via T. Grossi 2, Milan 20121, Italy
Spf Energy Uno Srl
51%
Italy
Via T. Grossi 2, Milan 20121, Italy
Spf Energy Due Srl
51%
Italy
Via T. Grossi 2, Milan 20121, Italy
Spf Energy Tre Srl
51%
Italy
Via T. Grossi 2, Milan 20121, Italy
ContourGlobal Kosovo L.L.C. 
100%
Kosovo
Anton çeta 5a 1000 Pristina Republic of Kosovo
ContourGlobal Luxembourg S.àr.l. 
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

209
Strategic Report
Governance
Financial Statements
Consolidated subsidiaries
Ownership
Country of 
incorporation
Registered address
Kani Lux Holdings S.à r.l.
80%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Africa Holdings S.à r.l.
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Bulgaria Holding S.à r.l.
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Spain Holding S.à r.l.
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Latam Holding S.à r.l.
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
Vorotan Holding S.à r.l.
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Terra 2 S.à r.l.
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Terra 3 S.à r.l.
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Development Holdings S.à r.l
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Terra 5 S.à r.l.
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Terra 6 S.à r.l.
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Solutions Holdings S.a.r.l.
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Senegal Holdings S.à r.l. 
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Terra Holdings S.à r.l 
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Power Holdings S.A.
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Worldwide Holdings S.à r.l.
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Mirror 1 S.à.r.l
51%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Mirror 2 S.à.r.l
51%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Mirror 3 S.à.r.l
51%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Spain O&M HoldCo S.à r.l. 
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Intermediate O&M S.à r.l. 
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Ursaria 3 S.à r.l. 
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Mirror 7 S.à.r.l
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Mirror 4 S.à.r.l
100%
Luxembourg
35-37 Avenue de la Liberté L-1931 Luxembourg, Grand 
Duchy of Luxembourg
ContourGlobal Africa Topoco S.à.r.l
100%
Luxembourg
5 Rue de Strasbourg, L-2561 Luxembourg, Grand Duchy 
of Luxembourg
ContourGlobal Africa Energy S.à.r.l
100%
Luxembourg
5 Rue de Strasbourg, L-2561 Luxembourg, Grand Duchy 
of Luxembourg
Aero Flash Wind, S.A.P.I. DE C.V. 
75%
Mexico
Mexico City, Mexico / Tax Address : Ciudad de Tecate, 
Baja California

210
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Consolidated subsidiaries
Ownership
Country of 
incorporation
Registered address
ContourGlobal holding de generación de energía de 
México 
100%
Mexico
Monterrey, Estado de Nuevo Leon, Mexico 
ContourGlobal Servicios Administrativos de generación 100%
Mexico
Monterrey, Estado de Nuevo Leon, Mexico 
ContourGlobal Servicios Operacionales de México 
100%
Mexico
Monterrey, Estado de Nuevo Leon, Mexico 
Cogeneración de Altamira, S.A. DE C.V. 
100%
Mexico
 San Pedro Garza Garcia, Nuevo Leon, Mexico
Cogeneración de Energía Limpia De Cosoleacaque S.A 
De C.V. 
100%
Mexico
 San Pedro Garza Garcia, Nuevo Leon, Mexico
KivuWatt Holdings
100%
Mauritius 
4th Floor, Tower A, 1CyberCity, c/o Citco (Mauritius) 
Limited, Ebene, Mauritius 
ContourGlobal Solutions (Nigeria) Ltd
100%
Nigeria
St. Nicholas House, 10th Floor, Catholic Mission Street, 
Lagos, Nigeria 
Contourglobal Bonaire B.V.
100%
Netherlands
Kaya Carlos A. Nicolaas 3 , Bonaire, Netherlands 
Energía Eólica S.A.
100%
Peru
Av. Ricardo Palma 341, Office 306, Miraflores, Lima 18, 
Peru 
ContourGlobal Peru SAC
100%
Peru
Av. Ricardo Palma 341, Office 306, Miraflores, Lima 18, 
Peru 
Energía Renovable Peruana S.A.
100%
Peru
Av. Ricardo Palma 341, Office 306, Miraflores, Lima 18, 
Peru 
Energía Renovable del Norte S.A. 
100%
Peru
Av. Ricardo Palma 341, Office 306, Miraflores, Lima 18, 
Peru 
ContourGlobal Solutions (Poland) Sp. Z o.o. 
100%
Poland
ul. Przemyslowa 2A, Radzymin 05-250 - Poland
ContourGlobal Solutions (Ploiesti) S.R.L.
100%
Romania
Ploeisti, 285 Gheorge Grigore, Cantacuzino street, 
Prahova County, Ploeisti, Romania 
Petosolar S.R.L. 
100%
Romania
7 Ghiocei street, ap. 1, Panciu locality, Panciu city, 
Vrancea county, Romania 
Kivu Watt Ltd
100%
Rwanda
Plot 9714, Nyarutarama, P. O. Box 6679, Kigali, Rwanda 
RENERGIE Solarny Park Holding SK I a.s.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
PV Lucenec S.R.O.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Rimavské Jánovce s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Dulovo s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Gemer s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Hodejov s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Jesenské s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Nižná Pokoradz s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Riečka s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Rohov s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Starňa s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Včelince 2 s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Hurbanovo s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
AlfaPark s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

211
Strategic Report
Governance
Financial Statements
Consolidated subsidiaries
Ownership
Country of 
incorporation
Registered address
RENERGIE Druhá slnečná s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
SL03 s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Bánovce nad Ondavou s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Bory s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Budulov s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Kalinovo s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
ZetaPark Lefantovce s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny Lefantovce s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Michalovce s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Nižný Skálnik s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Otročok s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Paňovce s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Gomboš s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Rimavská Sobota s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Horné Turovce s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Uzovská Panica s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
RENERGIE Solárny park Zemplínsky Branč s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
ZetaPark s.r.o.
51%
Slovak 
Republic
Pribinova 25, 811 09 Bratislava, Slovakia
ContourGlobal Cap des Biches Senegal S.à r.l.
100%
Senegal 
2, Place de L'Indépendance, Dakar, BP 23607, Senegal 
ContourGlobal Togo S.A.
80%
Togo
Route D'Aného, Baguida, BP 3662 , Lomé - Togo 
ContourGlobal Trinity Power Ltd
100%
Trinidad and 
Tobago
P.O. BAG 498, Railway Road, Dow Village, Couva, 
Trinidad and Tobago, W.I.
ContourGlobal Solutions Ukraine LLC
100%
Ukraine
32, Konstantiniska street, 04071 Kiev, Ukraine
ContourGlobal Solutions (Northern Ireland) Limited
100%
United 
Kingdom
6th Floor Lesley Tower, 42-26 Fountain Street, Belfast 
BT1 5EF, Ireland 
ContourGlobal Europe Limited
100%
United 
Kingdom
55 Baker Street, London, W1U 8EW, United Kingdom
Contour Global Hummingbird UK Holdco I Ltd
100%
United 
Kingdom
55 Baker Street, London, W1U 8EW, United Kingdom
Contour Global Hummingbird UK Holdco II Ltd
100%
United 
Kingdom
55 Baker Street, London, W1U 8EW, United Kingdom
Contour Global LLC
100%
US
1209 Orange Street, Corporation Trust Center, 
Wilmington, Delaware 19801, USA
Contour Global Management Inc
100%
US
1209 Orange Street, Corporation Trust Center, 
Wilmington, Delaware 19801, USA
ContourGlobal Services Brazil LLC
100%
US
650 Fifth Ave - 17th Fl., New York, New York 10019, USA

212
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Consolidated subsidiaries
Ownership
Country of 
incorporation
Registered address
ContourGlobal Togo LLC
100%
US
2711 Centerville Road, Suite 400, Wilmington, Delaware 
19808, USA
ContourGlobal Senegal Holdings LLC
100%
US
2711 Centerville Road, Suite 400, Wilmington, Delaware 
19808, USA
ContourGlobal Senegal LLC
100%
US
1209 Orange Street, Corporation Trust Center, 
Wilmington, Delaware 19801, USA
CG Solutions Global Holding Company LLC
100%
US
1209 Orange Street, Corporation Trust Center, 
Wilmington, Delaware 19801, USA
Lea Power Partners, LLC
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
Borger Energy Associates, LP
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
Waterside Power, LLC
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
Badger Creek Limited
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
Bear Mountain Limited
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
Chalk Cliff Limited
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
Live Oak Limited
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
McKittrick Limited
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
Kern Front Limited
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
Double C Generation Limited
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
High Sierra Limited
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
WCAC Operating Company California, LLC
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
Carib Holdings, LLC
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
WGP Holdings II, LLC
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
WG Partners Holdings, LLC
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
WG Partners Acquisition, LLC
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
ContourGlobal Hummingbird US HoldCo Inc.
100%
US
12 Timber Creek Lane, Universal Registered Agents, 
County of New Castle, Newark, Delaware 19711, USA
Investments in associates accounted under the equity method: 
Ownership
Country of 
incorporation
Registered address
TermoemCali I S.A. E.S.P.
37%
Colombia
Carrera 5A Nº 71-45, Bogotá, Colombia
Compañía Eléctrica de Sochagota S.A. E.S.P.
49%
Colombia
Carrera 14 No. 20-21 Local 205A, Plaza Real, Tunja, 
Colombia 
Evacuacion Villanueva des Rey, S.L.
18%
Spain
Calle Orense 34, 7ª planta, 28020 Madrid, Spain
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

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Strategic Report
Governance
Financial Statements
4.31. Related party disclosure
ContourGlobal L.P. and Reservoir Capital Group
As of December 31, 2021 ContourGlobal plc and its subsidiaries have no significant trading relationship with the Group’s main 
shareholder, ContourGlobal L.P., and Reservoir Capital Group which ultimately controls ContourGlobal L.P.
Key management personnel 
Compensation paid to key management (executive and non-executive committee members) amounted to $9.6 million in 
December 31, 2021 (December 31, 2020: $15.2 million).
Years ended December 31
In $ millions
2021
2020
Salaries and short term employee benefits
5.1
4.6
Termination benefits
–
–
Post employment benefits
0.2
0.1
Profit-sharing and bonus schemes
2.0
2.0
Private incentive plan1
–
6.6
Non-Executive Directors' emoluments
0.9
0.8
Other share based payments
1.4
1.1
Total
9.6
15.2
1.	 The private incentive plan ended 31 December 2020. 
4.32. Financial commitments and contingent liabilities
a) Commitments
The Group has contractual commitments with, among others, equipment suppliers, professional service organizations and EPC 
contractors in connection with its power projects under construction that require payment upon reaching certain milestones.
As of December 31, 2021, the Group has completed its Maritsa construction projects and had $0.2 million of firm purchase 
commitments of property plant and equipment outstanding in connection with its facilities. The Group also has contractual 
arrangements with Operating and Maintenance (O&M) providers and transmission operators in relation to certain of its operating 
assets. Maritsa has a long-term Lignite Supply Agreement (LSA) with Maritsa Iztok Mines (MMI) for the purchase of lignite. 
According to the agreement, Maritsa has to purchase minimum monthly quantities, amounting to 6,187 thousand standard tons 
per calendar year. The total commitment through the remaining term of the LSA (February 2024) is 12,890 thousand standard 
tons, equal to $123.7 million at December 2021 prices ($9.59 per standard ton), as compared to 19,077 thousand standard tons 
equal to $196.6 million at the end of 2020 ($10.31 per standard ton). In the event of a failure on the part of CG Maritsa East 3 AD 
(ME-3) to take a minimum monthly quantity in any month, ME-3 shall, except in cases caused by Force Majeure and certain 
actions of Bulgarian authorities as described in the contract, pay to MMI an amount equal to the difference between (i) the 
aggregate amount paid or payable in respect of lignite delivered during such month and (ii) the aggregate amount that would 
have been payable had the minimum monthly quantity been taken during such month.
The Group also has agreements related to our Austria Wind project repowering started in 2017. As of December 31, 2021 we are 
committed to purchase €48.3 million ($54.9 million) worth of equipment and installation during 2022.
b) Contingent liabilities 
The Group has contingent liabilities in respect of legal and tax claims arising in the ordinary course of business. The Group 
reviews these matters in consultation with internal and external legal counsel to make a determination on a case-by-case basis 
whether a loss from each of these matters is probable, possible or remote. These claims involve different parties and are 
subject to substantial uncertainties.

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Kivuwatt arbitration (KivuWatt Ltd)
REG, which replaced its subsidiary Energy Utility Corporation as the claimant in an ad hoc arbitration under the arbitration rules 
of the United Nations Commission on International Trade Law (“UNCITRAL”), claims damages provisionally quantified at 
approximately $80 million allegedly arising from KivuWatt’s alleged delay in entering into commercial service.
KivuWatt contests REG’s right to any damages over and above the $1.2 million cap in liquidated damages provided for in the 
Power Purchase Agreement and already paid by KivuWatt.
No provision has been recorded as of 31 December 2021 in relation to the above claims as the Group considers that it is less 
than probable that liabilities will arise from these claims.
Mexico CHP wheeling charges
The injunction granted in the context of the Amparo lawsuit in Mexico described in note 2.4 was conditional upon submission of 
monthly guarantees (bonds) to the court to cover the difference between the former wheeling fees and the new ones. These 
guarantees amount to $56.6 million as of December 31, 2021. 
As an unfavorable outcome is considered unlikely, a contingent liability has been disclosed in relation to the guarantees as 
opposed to a provision. Further, in the unlikely event that the wheeling fees increase is confirmed in the final judgment, the 
Company will recharge most of the increased fees to the related offtakers and will incur additional wheeling fees below $12 
million in relation to the years ended 31 December 2020 and 2021.
Togo 
ContourGlobal Togo received in late December 2020 a notification from CEET (offtaker of the power purchase agreement) and 
the Republic of Togo regarding certain alleged breaches of the power purchase agreement and concession agreement, 
respectively, questioning the performance of the Togo plant and alleging overpayment of $58 million under “take or pay” 
provisions. The risk of a liability to CEET is assessed as possible and no provision has been recognized as of 31 December 
2021. 
Taxes 
Judgement is sometimes required in determining how to account for indirect or direct tax positions where the ultimate tax 
determination is uncertain. These positions include areas such as the tax deductibility or treatment of certain costs (in particular, 
of one-off items that might arise on an acquisition, disposal or internal restructuring), the pricing of goods or services provided 
between Group companies and the application of local tax law within each territory in which the Group operates. Liabilities are 
recognized in accordance with relevant accounting standards based on management's best estimate of the outcome, having 
taken advice where it is considered appropriate to do so. However, if the Group is challenged by local tax authorities, it is 
possible that the final outcome of these matters may be different from the amounts recorded and additional expenses may be 
recognized in later periods. The Group is not currently subject to any tax audit where it is considered there is a more than 
remote probability of a material tax adjustment where we have not provisioned and the risk of a material adjustment to tax 
provisions within the next 12 months is not considered to be significant.
c) Leasing activities
Operating lease as a lessor
The Group is lessor under non-cancelable operating leases. The future aggregate minimum lease payments receivable under 
non-cancellable operating leases are as follows:
Years ended December 31
In $ millions
2021
20201
Minimum lease payments receivable
No later than 1 year
166.5
76.6
Later than 1 year and no later than 5 years
537.6
253.7
Later than 5 years
513.8
27.7
Total
1,217.9
358.0
1. 	 The comparative has been updated to include $110.2 million aggregate minimum lease payments receivable under non-cancellable operating lease relating to 
Bonaire and to use forecasted future revenue as a basis of minimum lease payments receivable. 
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

215
Strategic Report
Governance
Financial Statements
The property, plant and equipment related to the assets as the operating lease as a lessor relates to Solutions plants, Energie 
Antilles, Bonaire, Hobbs, Five Brothers and Trinity for the year ended December 31, 2021 as follows.
In $ millions
Land
Power plant 
assets
Construction 
work in progress
Right of use 
assets
Other
Total
Cost
0.1
263.5
1.6
0.9
9.3
275.4
Accumulated depreciation and impairment
–
(169.2)
–
(0.5)
(8.0)
(177.7)
Carrying amount as of January 1, 2021
0.1
94.3
1.6
0.4
1.3
97.7
Additions 
–
2.1
2.3
–
2.0
6.4
Disposals
–
(1.0)
–
–
–
(1.0)
Reclassification
–
1.2
(1.4)
0.1
0.1
–
Acquired through business combination1
5.5
240.8
–
0.9
1.2
248.4
Currency translation differences
–
(2.7)
(0.1)
–
0.1
(2.7)
Depreciation charge
–
(28.7)
–
(0.3)
(1.6)
(30.6)
Closing net book amount
5.6
306.0
2.4
1.1
3.1
318.2
Cost
5.6
502.4
2.4
1.8
5.2
517.4
Accumulated depreciation and impairment
–
(196.4)
–
(0.7)
(2.1)
(199.2)
Carrying amount as of December 31, 2021
5.6
306.0
2.4
1.1
3.1
318.2
1.	 Assets acquired through business combination relate to the operating leases of our United States of America and Trinidad and Tobago portfolios, detailed in  
note 3.1 and 4.2.
The property, plant and equipment related to the assets as the operating lease as a lessor relates to Solutions plants, Energie 
Antilles and Bonaire on the year ended December 31, 2020 as follows.
In $ millions
Land
Power plant 
assets
Construction  
work in progress
Right of use 
assets
Other
Total
Cost
0.1
270.6
2.6
0.8
8.3
282.4
Accumulated depreciation and impairment
–
(159.3)
–
(0.2)
(5.4)
(164.9)
Carrying amount as of January 1, 2020
0.1
111.3
2.6
0.6
2.9
117.5
Additions 
–
1.5
2.0
–
0.6
4.1
Disposals
–
(1.1)
–
–
–
(1.1)
Reclassification
–
2.6
(3.0)
0.1
0.5
0.2
Currency translation differences
–
(6.0)
–
–
(0.2)
(6.2)
Depreciation charge
–
(14.0)
–
(0.3)
(2.5)
(16.8)
Closing net book amount
0.1
94.3
1.6
0.4
1.3
97.7
Cost
0.1
263.5
1.6
0.9
9.3
275.4
Accumulated depreciation and impairment
–
(169.2)
–
(0.5)
(8.0)
(177.7)
Carrying amount as of December 31, 20201
0.1
94.3
1.6
0.4
1.3
97.7
1. 	 Property, plant and equipment related to the assets as the operating lease as a lessor have been updated to include $57.2 million relating to Bonaire,  
$16.5 million relating to Solutions Brazil and to exclude $94.0 million relating to Brazil Hydro for the year ended December 31, 2020.

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Finance lease as a lessor
The future aggregate minimum lease payments under non-cancellable finance leases (relating to our operation of Energies 
Saint Martin) are as follows:
Years ended December 31
In $ millions
2021
2020
Minimum lease payments receivable
No later than 1 year
5.6
6.0
Later than 1 year and no later than 5 years
5.6
12.1
Later than 5 years
–
–
Gross investment in the lease
11.2
18.1
Less: unearned finance income
(1.3)
(2.9)
Total
9.9
15.2
Years ended December 31
In $ millions
2021
2020
Analyzed as:
Present value of minimum lease payments receivable:
No later than 1 year
5.2
5.6
Later than 1 year and no later than 5 years
4.7
9.6
Later than 5 years
–
–
Total
9.9
15.2
4.33. Guarantees and letters of credit
The Group and its subsidiaries enter into various contracts that include indemnification and guarantee provisions as a routine 
part of the Group’s business activities. Such contracts generally indemnify the counterparty for tax, environmental liability, 
litigation, and other matters, as well as breaches of representations, warranties, and covenants set forth in the agreements. In 
many cases, the Group’s maximum potential liability cannot be estimated, since some of the underlying agreements contain no 
limits on potential liability. The Group considers outflow relating to these guarantees to be remote and therefore no fair value 
liability has been recognized.
The Group also acts as guarantor to certain of its subsidiaries and obligor with respect to some long-term arrangements 
contracted at project level. 
For the financial guarantees and letters of credit, refer to note 4.24.
CONTOURGLOBAL PLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

217
Strategic Report
Governance
Financial Statements
4.34. Statutory Auditors’ fees
Years ended December 31
In $ millions
2021
2020
Fees payable to the Group's auditors for the audit of the Group's annual accounts  
and consolidated financial statements
1.7
1.3
Fees payable to the Group's auditors and its associates for other services:
•	 The audit of the Group's subsidiaries
1.5
1.0
•	 Audit- related assurance services
0.4
0.4
•	 Other assurance services
1.3
0.6
•	 Tax compliance services
–
–
•	 Tax advisory services
–
–
•	 Other non-audit services
–
–
Total (net of out of pocket expenses)
4.9
3.3
4.35. Subsequent events
In January 2022, Kani Lux Holdings S.à r.l., a majority-owned subsidiary of ContourGlobal plc signed a definitive agreement with 
Infraestrutura Brasil Holding XVII S.A to sell the Brazil Hydro portfolio. Refer to note 3.1.

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
Company balance sheet
At 31st December 2021
In $ millions
Note
2021
2020
Fixed assets
Investments
6
2,148.0
1,642.1 
Current assets
Debtors
7
4.2
3.9
Cash at bank and in hand
0.7
5.0
4.9
8.9
Creditors: amounts falling due within one year
8
(2.9)
(3.7)
Net current assets
2.0
5.2
Net assets
 
2,150.0
1,647.3
Capital and reserves
Called-up share capital
9
8.9
8.9
Share premium account
380.8
380.8
Treasury shares
10
(37.8)
(30.4)
Retained earnings and other reserves
1,798.1
1,288.0
Total shareholders' funds
 
2,150.0
1,647.3
The Company’s profit for the year ended 31 December 2021 was $622.7 million (2020: $124.2 million).
The financial statements on pages 218 to 223 were approved and authorized for issue by the Board and were signed on its 
behalf by:
Joseph C. Brandt
Director
17th March 2022
Registered Number: 10982736 
Company statement of changes in equity
For the year ended 31 December 2021
In $ millions
Called-up 
share capital
Share premium 
account
Treasury  
shares 
Retained  
earnings and 
other reserves
Total
At January 1, 2020
8.9 
380.8
–
1,267.6
1,657.3
Share based payments(1)
– 
– 
–
1.9
1.9
Dividends distribution(2)
– 
– 
–
(105.7)
(105.7)
Treasury shares(3)
–
–
(30.4)
–
(30.4)
Profit for the year
– 
– 
–
124.2
124.2
At December 31, 2020
8.9 
380.8
(30.4)
1,288.0
1,647.3
Share based payments(1)
– 
– 
–
1.9
1.9
Dividends distribution(2)
– 
– 
–
(114.5)
(114.5)
Treasury shares(3)
–
–
(7.4)
–
(7.4)
Profit for the year
– 
– 
–
622.7
622.7
At December 31, 2021
8.9 
380.8 
(37.8)
1,798.1
2,150.0
1.	 Includes CEO deferred bonus award and Long Term Incentive Plan impact on equity.
2.	 During the year ended 31 December 2021 the Group paid dividends of $26.6 million on 19 April 2021, $29.3 million on 11 June 2021, $29.3 million on 10 
September 2021 and $29.3 million on 19 November 2021. During the year ended 31 December 2020 the Group paid dividends of $24.8 million on 9 April 2020, 
$27.1 million on 26 June 2020, $27.0 million on 25 September 2020 and $26.8 million on 29 December 2020. For further details on dividends paid, refer to page 
194 of the Group’s financial statements.
3.	 See note 10.
NOTES TO THE COMPANY FINANCIAL STATEMENTS
NOTES TO THE COMPANY FINANCIAL STATEMENTS
Year ended December 31, 2021

219
Strategic Report
Governance
Financial Statements
Notes to the Company financial statements
1. General information
ContourGlobal plc is a public limited company which is listed on the London Stock Exchange and is domiciled in the United 
Kingdom and incorporated in England and Wales under the Companies Act 2006. The Company was incorporated on 26 
September 2017 and adopted FRS 102 from that date.
2. Statement of compliance 
The financial statements of ContourGlobal plc have been prepared in compliance with United Kingdom Accounting Standards, 
including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the United Kingdom and the 
Republic of Ireland’ (‘FRS 102’) and the Companies Act 2006. 
3. Summary of Significant Accounting Policies
The principal accounting policies applied in the preparation of these financial statements are set out below. The policies have 
been consistently applied throughout the period presented. 
3.1. Basis of preparation
The Company financial statements have been prepared under the historical cost convention. The current year financial 
information presented is for the year ended 31 December 2021, and the comparative year financial information presented is for 
the year ended 31 December 2020. 
The preparation of the financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It 
also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas 
involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial 
statements are set out below. The financial statements have been prepared on the going concern basis under the historical cost 
convention.
As permitted by Section 408 of the Companies Act 2006, an entity profit and loss account is not included as it is part of the 
published consolidated financial statements of ContourGlobal plc.
3.2. Exemptions for qualifying entities under FRS 102
The Company has taken advantage of the following FRS 102 disclosure exemptions available to qualifying entities:
•	 The requirements of Section 4 Statement of Financial Position 4.12 (a) (iv);
•	 The requirements of Section 7 Statements of Cash Flows;
•	 The requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); and
•	 The requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41 (f), 11.42, 11.44, 11.47, 11.48(a)(iii), 
11.48(a)(iv), 11.48(b) and 11.48(c).
3.3. Foreign currency
(i) Functional and presentation currency
The Company’s functional and presentation currency is the US Dollar.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rate at the dates of the 
transactions.
At each period end foreign currency non-monetary items measured at historical cost are translated using the exchange rate on 
the date of the transaction.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets 
and liabilities denominated in foreign currencies at period end exchange rates are recognized in profit or loss.

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
3.4. Investments in subsidiaries
Investments in subsidiaries are held at cost, less any provision for impairment. Annually, the Directors consider whether any 
events or circumstances have occurred that could indicate that the carrying amount of fixed asset investments may not be 
recoverable. If such circumstances do exist, a full impairment review is undertaken to establish whether the carrying amount 
exceeds the higher of fair value less costs of disposals or value in use. If this is the case, an impairment charge is recorded to 
reduce the carrying value of the related investment. 
3.5. Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as 
a deduction from the proceeds.
The premium received on the issue of shares in excess of the nominal value of shares is credited to the share premium account 
and included within equity.
Treasury shares 
The Company buys and sells treasury shares in accordance with the prevailing law and the resolutions of the General 
Shareholders’ Meeting. Such transactions include the sale and purchase of Company shares.
At year end, treasury shares are included under “Treasury shares” in the statement of financial position and are measured at cost. 
The gains and losses obtained on disposal of treasury shares are recognized in “Retained earnings and other reserves” in the 
statement of financial position. There has been no disposal of treasury shares during the years ended 31 December 2021 and 2020. 
3.6. Taxation
UK corporation tax is provided at amounts expected to be paid or recovered using the tax rates and laws that have been 
enacted or substantively enacted by the balance sheet date.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying 
amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. A deferred tax 
asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can 
be utilized. Unrecognized deferred tax assets as at 31 December 2021 were $6.2 million ($3.6 million in 2020).
3.7. Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
a) Financial assets
Financial assets including amounts owed by Group undertakings and other receivables and cash at bank and in hand are 
initially recognized at transaction price and are subsequently carried at amortized cost using the effective interest method.
At the end of each reporting period financial assets measured at amortized cost are assessed for objective evidence of impairment. If 
an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash 
flows discounted at the asset’s original effective interest rate. The impairment loss is recognized in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognized, the 
impairment is reversed.
The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the 
impairment not previously been recognized. The impairment reversal is recognized in profit or loss.
Financial assets are derecognized when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) 
substantially all the risks and rewards of ownership of the asset are transferred to another party; or (c) despite having retained 
some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical 
ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
NOTES TO THE COMPANY FINANCIAL STATEMENTS
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED

221
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Financial Statements
b) Financial liabilities
Financial liabilities include trade and other payables (including from intercompany Group companies).
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Trade payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current 
liabilities. Trade payables are recognized initially at transaction price and subsequently measured at amortized cost using the effective 
interest method.
3.8. Dividend distribution
Dividends to the Company’s shareholders are recognized as a liability in the Company’s financial statements in the period in 
which the dividends are approved by the Company’s shareholders in the case of final dividends. Interim dividends are 
recognized in the period in which they are paid.
3.9. Critical accounting judgments and estimation uncertainty
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also 
requires management to exercise their judgment in the process of applying the Company’s accounting policies. The area involving a 
higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements is:
•	 Carrying value of investments.
The Company considers annually whether there is any indication of impairment in the carrying value of investments in 
accordance with the accounting policy stated.
In the event that there is an indicator of impairment, the Company performs an impairment assessment to determine if the 
carrying value of the investment is supported by its recoverable amount. The determination of the recoverable amount requires 
estimation to be applied. The recoverable amount is the higher of (i) an investment’s fair value less costs of disposal (market 
value), and (ii) value in use determined using estimates of discounted future net cash flows (“DCF”) of the investment.
The Company uses a fair value less costs of disposal model, being the higher of the previously mentioned metrics, in estimating the 
recoverable value, with the key assumption being the EBITDA multiple applied to the actual cash flows for the year. These EBITDA 
multiples are highly variable by nature and are determined based on external market transactions in comparable entities.
As at December 31, 2021 the market capitalization was $1.7 billion, which is below the carrying value of investments of $2.1 billion and as 
such was identified as an indicator of impairment. An impairment assessment was performed on a fair value less costs of disposal basis 
by taking into account certain market information, including Adjusted EBITDA multiples of market transactions from comparable entities 
within the energy sector. The implied multiple for the Company, based on the year end market capitalization, was significantly less than 
the Adjusted EBITDA multiples for comparable market transactions, indicating that the carrying value of investments is recoverable. This 
judgement was also confirmed by other information and support seen by the directors. 
4. Directors’ Emoluments and employees
The Company had nine Directors and an average of two employees in the year to 31 December 2021 (the Company had nine Directors 
and an average of four employees in the year to 31 December 2020). In each period, of the nine Directors, one was remunerated by the 
Company. The other eight Directors were remunerated by another company in the Group. The amount of employee charges, including 
Directors, recognized in the Company’s profit and loss statement in 2021 amounted to $3.4 million (2020: $3.7 million).
In $ millions
2021
2020
Wages and salaries
1.3
1.4
Social security costs
0.2
0.3 
Other pension costs
-
0.1
Share-based payments
1.9
1.9
Total employee costs
3.4
3.7
Full details of the Directors’ remuneration and interests are set out in the Directors’ remuneration report on page 112 to 129.

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ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
5. Auditors’ fees
The amount payable to the Company’s auditors in respect of the statutory audit were $24,000 (2020: $24,000).
6. Investments in subsidiaries
In $ millions
2021
2020
At 1 January
1,642.1
1,642.1 
Creation of CG Hummingbird UK Holdco I limited
505.9
-
At 31 December
2,148.0
1,642.1
In 2021 the Company received $628.4 million of dividends from ContourGlobal Worldwide Holdings SARL (2020: $137.9 million).
The Company’s directly wholly owned subsidiaries are ContourGlobal Worldwide Holdings S.à.r.l and ContourGlobal 
Hummingbird UK Holdco I limited that was created in 2021 for the acquisition of the Western Generation portfolio in February 
2021. A full list of indirect subsidiaries and other undertakings as required by Section 409 of the Companies’ Act 2006 is shown 
on pages 206 to 212 of the Group’s financial statements.
7. Debtors
In $ millions
2021
2020
Amounts owed by Group undertakings
3.2
2.9
VAT recoverable
0.4
0.5 
Prepayments and accrued income
0.6
0.5 
4.2
3.9 
Amounts owed by Group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
8. Creditors: amounts falling due within one year
In $ millions
2021
2020
Trade payables 
0.4
0.7 
Accrued expenses 
1.9
2.4 
Amounts owed to Group undertakings
0.4
0.4
Other 
0.2
0.2 
 
2.9
3.7 
Amounts owed to Group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on 
demand.
9. Called-up share capital
Issued capital of the Company amounted to $8.9 million as at 31 December 2021 and 31 December 2020.
As of 31 December 2021 and 2020, the Company has issued 670,712,920 shares of £0.01 each, corresponding to an allotted, called up 
and fully paid capital of £6.7 million, or $8.9 million. There has been no change in the called-up share capital in either year.
10. Treasury shares
On 1 April 2020 ContourGlobal Plc announced a buyback program of up to £30 million of ContourGlobal plc ordinary shares of 
£0.01 each ("Shares"), to initially run from 1 April 2020 to 30 June 2020, subsequently extended to 30 September 2020 then 
further extended to December 31, 2020 and then to March 31, 2021.
During the year ended December 31, 2021, the Company repurchased 2,624,774 treasury shares at an average price of 208.4 pence 
per share for an aggregate amount of £5.5 million ($7.4 million), representing 0.40% of its share capital and used 427,440 shares in 
respect of the 2018 Long Term Incentive Plan. Since the beginning of the buyback program, the Company repurchased a net amount of 
14,572,065 treasury shares, representing 2.17% of its share capital and a cumulative consideration paid of $37.8 million.
NOTES TO THE COMPANY FINANCIAL STATEMENTS
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED

223
Strategic Report
Governance
Financial Statements
11. Contingent liabilities
The Company acts as a guarantor to certain of its subsidiaries with respect to various financial obligations and project financing 
agreements entered into by its subsidiaries. The Company considers outflow relating to these guarantees to be remote and 
therefore no fair value liability has been recognized. The main financial obligations are listed below:
•	 $8.5 million guarantee to cover Kivuwatt debt service reserve account; 
•	 Guarantee on cash shortfall for debt service in ContourGlobal Togo; the loan balance as at 31 December 2021 is $72.3 million; 
•	 Guarantee to Goldman Sachs, Credit Suisse International, Citibank Europe plc, HSBC Bank USA National Association, JP 
Morgan Securities plc, and Mizuho Capital Markets LLC in relation with the hedging instruments existing at ContourGlobal 
Power Holdings S.A. As at 31 December 2021 this related to instruments with a nominal value of $16.5 million and a fair value 
as at year-end of $0.8 million;
•	 Parent guarantor (as defined in the indenture) under the €850 million bond indenture dated 19 July 2018 (out of which €400 
million is outstanding) and under the €710 million bond indenture dated 17 December 2020; 
•	 Guarantor under the $40 million Western Generation portfolio acquisition in North America bridge facility dated 10 December 
2020;
•	 Guarantor under the corporate level revolving credit facility of €120 million dated 10 December 2020 (€40 million was drawn 
against this credit facility as of 31 December 2021);
•	 Guarantor under the corporate level letter of credit facility of €75.75 million dated 29 March 2019; 
•	 Guarantor under the corporate level letter of credit facility of €50 million dated 10 March 2020; 
•	 BRL 74.5 million guarantee to Chapada I letters of credit providers corresponding to 25% of the debt; 
•	 Mexican CHP. $35 million letter of credit signed on February 5, 2021 which replaced the letter of credit previously issued 
under the UniCredit facility released for $32 million on May 5, 2021 at the corporate level. Maturity is in February 2023; and
•	 $12.0 million guarantee to cover Caribbean refinancing debt service reserve letter of credit.
12. Related parties
In 2020 and 2021 none of the Company or its subsidiaries have contracted with related parties. As of 31 December 2021 and 31 
December 2020, the Company has no balance due to or receivables from related parties other than amounts due to and from 
subsidiary undertakings.
The directors’ emoluments are disclosed on page 118 to 127 within the Annual Report on Remuneration for the years ended 31 
December 2021 and 2020.
13. Controlling party
The Company is majority owned by ContourGlobal L.P. The ultimate controlling party of ContourGlobal L.P. is Reservoir Capital 
funds.
The Relationship Agreement is disclosed on page 132 within the Annual Report on Directors’ report for the year ended 31 
December 2021.

224
ANNUAL REPORT 2021  |  CONTOURGLOBAL PLC
CONTOURGLOBAL PLC AND SUBSIDIARIES
SHAREHOLDER  
INFORMATION
Year ended 31st December 2021
Warning about unsolicited 
approaches to shareholders and 
“boiler room” scams
In recent years, many companies have 
become aware that their shareholders 
have received unsolicited phone calls or 
correspondence concerning investment 
matters. These are typically from 
overseas-based “brokers” who target 
UK shareholders, offering to sell them 
what often turn out to be worthless or 
high-risk shares in UK investments. 
These operations are commonly known 
as “boiler rooms”.
These “brokers” can be very persistent 
and persuasive. ContourGlobal plc 
shareholders are advised to be 
extremely wary of such approaches and 
advised to only deal with firms authorized 
by the FCA. You can check whether an 
organisation is properly authorized and 
report scam approaches by contacting 
the FCA on www.fca.org.uk/scams 
(where you may also review the latest 
scams) or by calling the FCA Consumer 
Helpline: 0800 111 6768.
If you have already paid money to  
share fraudsters then contact Action 
Fraud on 0300 123 2040.
Registrar
The Company’s register of shareholders 
is maintained by our Registrar, Equiniti 
Limited. All enquiries regarding 
shareholder administration including lost 
share certificates or changes of address 
should be communicated to the 
Registrar in writing or by calling 0371 
384 2030 for callers from the UK1, or +44 
(0)121 415 7047 for callers from outside 
the UK.
Shareholders can also view and manage 
their shareholdings online by registering 
at www.shareview.co.uk/myportfolio.
Forward-looking statements
This Annual Report has been prepared 
for, and only for, the members of 
ContourGlobal plc (the “Company”) as a 
body, and for no other persons. The 
Company, its Directors, employees, 
agents and advisors do not accept or 
assume responsibility to any other 
person who receives or sees this 
document and any such responsibility or 
liability is expressly disclaimed. By their 
nature, the statements concerning the 
risks and uncertainties facing the Group 
in this Annual Report involve uncertainty 
because future events and 
circumstances can cause results and 
developments to differ materially from 
those anticipated. Forward-looking 
statements in this Annual Report reflect 
knowledge and information available at 
the date of preparation of this Annual 
Report and the Company undertakes no 
obligation to update these forward-
looking statements after publication. 
Nothing in this Annual Report should be 
construed as a profit forecast.
Directors
Craig A. Huff 
Joseph C. Brandt 
Stefan Schellinger 
Daniel Camus 
Mariana Gheorghe 
Dr. Alan Gillespie 
Alejandro Santo Domingo 
Ronald Trächsel 
Gregg M. Zeitlin
Company secretary
LDC Nominee Secretary Limited
contourglobalcosec@lawdebenture.com
Investor relations contact
Jose Cano
jose.cano@contourglobal.com
Registered office
5th Floor 
55 Baker Street 
London 
W1U 8EW 
United Kingdom
Company number
10982736
Auditor 
PricewaterhouseCoopers LLP 
1 Embankment Place  
London 
WC2N 6RH 
United Kingdom
Registrar
Equiniti Limited 
Aspect House 
Spencer Road 
Lancing 
West Sussex 
BN99 6DA 
United Kingdom
1.	 Lines are open 8.30am to 5.30pm Mondays to Fridays, excluding Bank Holidays in England and Wales.

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ContourGlobal plc
55 Baker Street 
5th Floor 
London 
W1U 8EW 
United Kingdom
www.contourglobal.com