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Annual Report 2018 About OX2

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Annual Report 2018 About OX2 Annual Report 2018 About OX2 OX2 develops, builds and manages renewable power generation. OX2 has taken a leading position in large-scale onshore wind power over the past 15 years, having generated more than 2 GW of wind power in the Nordic region. By constantly increasing access to renewable energy, OX2 is promoting the transition towards a more sustainable future. OX2 has operations in Sweden, Norway, Finland, Poland, Lithuania, France and Germany. Its head office is located in Stockholm, Sweden. Sales revenue in 2018 amounted to SEK 4,136 million. Photo: Joakim Lagercrantz Raskiftet wind farm (112 MW) in Norway was built in 2018. Contents The year in brief 02 The CEO's view 04 OX2 – Europe’s leading developer 06 Market 14 Sustainability 26 Board of Directors and auditors 43 Director’s report 44 OX2's accounts 53 Notes 63 Auditor’s report 76 Glossary 79 OX2 Annual Report 2018 01 The year in brief – record high activity in the Nordic region 2018 was characterised by growth and high activity in all parts of OX2. The project portfolio was strengthened and expansion continued in Europe. New record figures were recorded in sales and construction projects in the Nordic region. 500 MW* 950 MW* secured sale of wind wind power under power projects construction 02 OX2 Annual Report 2018 Significant events • The largest subsidy-free wind power project in the Nordic countries to date of just over 107 MW was sold to IKEA Finland. • A purchase agreement was signed with Marguerite for Brännliden wind farm (approx. 42 MW) in Sweden. • The sale of the Åndberg wind farm (approx. 280 MW) in Sweden was secured before the end of the year. • The Lehtirova (148 MW) and Högkölen (65 MW) wind Lehtirova wind farm (148 MW) in Sweden farms in Sweden were handed over as turnkey was handed over to Aquila Capital in 2018. projects to purchaser Aquila Capital. Photo: Joakim Lagercrantz • Construction of the 112 MW Raskiftet wind farm in Norway was completed and it was handed over to the purchasers Stadtwerke München, Eidsiva and Gudbrandsdal Energi. • A decision was made to change the name OX2 Wind 340 MW* to OX2. The former OX2 Group (OX2 Group AB) has of wind power trans- changed its name to Peas Industries. Both name ferred to purchasers changes were registered after the end of the year. Financial result – the strongest year to date Net sales MSEK Net sales 4,136 SEK 4,000 4,136 (2,153) SEK million million 3,000 Operating profit 363 SEK 2,000 363 (240) SEK million million 1,000 Earnings after financial items 384 SEK 0 384 (251) SEK million million 2015 2016 2017 2018 Operating profit MSEK 320 240 160 80 0 2015 2016 2017 2018 * Figures rounded up Variations between different years depend on the rate at which wind power projects are completed and handed over to the customer. OX2 Annual Report 2018 03 The CEO's view: “2018 was a year when activity levels broke new records in all parts of the company” Paul Stormoen, CEO of OX2 Photo: Christian Gustavsson 04 OX2 Annual Report 2018 2018 was a fun and rewarding year at OX2. I would like to start by thanking all our employees, part- ners, customers and suppliers for their hard work and commitment. This annual report summarises a large part of all the fantastic achievements that we shared in 2018 and I hope reading it will bring you joy. By the time you read it, we will have changed our name from OX2 Wind AB to OX2 AB. This is the first printed annual report focusing solely on our business, which deals with the development, financing, construction and operational services for large-scale power plants, even though we are already in our 15th year of operation. 2018 was a year when the activity level broke new records in all parts of the company. We have achieved great success in the further strengthening of our portfolio in Sweden and Finland and we have begun developing projects Construction of Högkölen wind farm (65 MW) in Sweden. Photo: Joakim Lagercrantz in Germany. In Poland in 2018, we won the public auction with one project and were consequently both OX2 and the industry. Govern- incidents. This would not have been awarded a tariff which makes the ment subsidies have been neces- possible without an organisation project economically attractive to sary to encourage a new industry made up of dedicated employees achieve. around wind power, but they have who always strive for the highest The project portfolio is growing now played their part. The industry possible quality and a safe working because we have a strong package needs to focus on other challenges environment. to offer developers, even when new and opportunities. 2018 was a year with a very project planning has gathered Deep relationships on both the strong financial result. This gives us pace. Well-functioning collabora- investor and supplier side are the opportunity to continue invest- tions with landowners, for example, becoming increasingly important. ing in the development of the organ- are made possible by the fact that The business models around the isation, our products and business. we are local in our markets and projects require continued optimi- The potential for OX2's continued have the necessary resources. sation in order to be able to supply growth in the market is enormous. In Finland, we were able to start electricity at the lowest possible We are in the midst of an accelerat- construction on the Nordic region's price. In the future, projects must ing global transition in the energy largest subsidy-free wind power be able to deliver a good and stable systems where renewable is replac- project, which is a historic step for return over a long period, as well as ing fossil. This is absolutely neces- remaining environmentally and sary based on the threat of ongoing socially sustainable. climate change, but also because “Our strong results OX2 continues to be a company forms of renewable energy, with mean that we can demonstrating strong growth while wind power in the front line, can be also managing to deliver in accord- expanded faster and more cheaply continue investing ance with the high expectations of than all other forms of electricity our customers and suppliers. In production. in organisation, 2018, we completed construction I look forward to our continued on and handed over record shared journey towards a 100% products and volumes of approximately 340 MW, sustainable society! business” while starting construction on a further 750 MW. I am proud that we have been able to manage so many Paul Stormoen, projects in parallel, on time and CEO of OX2 budget and without any serious Paul Stormoen, CEO of OX2. OX2 Annual Report 2018 05 OX2 – Europe’s leading developer within large- scale onshore wind power OX2 has accepted one of the greatest challenges of our time. By developing, building and managing renewable power generation, the company is promoting the transition towards a more sustainable future. 2018 was an important year for OX2 with strong growth and a more powerful market position. Within large-scale onshore wind In the course of this journey, the OX2's customers are for the most power, OX2 has, over the years, company has built up substantial part financial investors, but also generated more than 2 GW wind experience in the industry and a energy companies and other power and today has a strong network of partners, along with an industries. Many customers, such project portfolio, establishing OX2 in-depth knowledge of financing as IKEA, Allianz, Google and Aquila as one of the leading stakeholders from institutional and industrial Capital, provide repeat business in renewable power generation in capital. These factors, together with and most customers continue to Europe. The investment in wind an ability to be at the cutting edge work with OX2 even during the power goes back 14 years to the with new technological and finan- operational phase. Confidence and time when OX2 began building up cial solutions, have been vital to the satisfied customers along with cutting-edge expertise within the company’s success in recent constant adaptation to the prevail- entire value chain of wind power – years. ing market conditions are a guaran- from initial project development, tee of continued growth. through sales and construction, to technical and commercial management. OX2, generation of wind power 2006–2019, cumulative nameplate capacity MW aggregated 2,000 1,500 1,000 500 0 –06 –07 –08 –09 –10 –11 –12 –13 –14 –15 –16 -17 -18 Q1 2019 06 OX2 Annual Report 2018 Lehtirova wind farm (148 MW) in Sweden. Photo: Joakim Lagercrantz Project planning of wind power / project was secured before the end over to the purchasers on sched- acquisition of project rights of the year. ule. The sale and financing of eight OX2 has a strong project portfolio wind farms for 500 MW were that is developed continuously in Sale and construction of wind power secured during the year. accordance with the market's plants needs and conditions. The wind OX2 builds wind farms as EPC Commercial and technical power projects are of varying size, contracts and offers the market management of wind power plants spread geographically across opportunities to invest in turnkey Through its sister company OX2 Sweden, Norway, Finland, Poland, projects. The investors come TCM, OX2 offers a complete range Germany and France. The ambition primarily from the financial sector, of operational and management in every country in which OX2 oper- but OX2 also delivers projects and services, including production ates is to realise the projects with services to power companies and analysis, operational optimisation, the greatest potential based on low other industries.
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