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Renewingcreating Value in a Sustainable RENEWING CREATING VALUE VALUE CREATING IN A SUSTAINABLE WAY A SUSTAINABLE IN SSE plc Annual Report 2018 CREATING VALUE IN A SUSTAINABLE WAY SSE plc Annual Report 2018 CREATING VALUE Important note: planned SSE Energy Services transaction IN A SUSTAINABLE WAY On 8 November 2017, the Board of Directors of SSE plc announced it had entered into an agreement with innogy SE in respect of a proposed demerger of SSE’s household energy and services business in Great Britain (now named SSE Energy Services) and immediate combination of that business with innogy SE’s subsidiary npower to form a new independent UK-based group – to be held by SSE shareholders (following the demerger) and (following the combination) with minority shareholding participation by innogy SE (approximately 65.6% and 34.4% respectively). Following the combination, the new independent business will be separately listed on the London Stock Exchange. SSE shareholders will retain their existing SSE shares and will also hold one share in the newly-listed business for every existing SSE plc share they hold at the demerger record date. In this Annual Report this demerger of SSE Energy Services, combination with npower and listing on the London Stock Exchange is described as ‘the planned SSE Energy Services transaction’. Resolutions relating to the planned SSE Energy Services transaction will be proposed at a General Meeting at 2pm on 19 July 2018 at the Perth Concert Hall. A Shareholder Circular in relation to this is being issued on 27 June 2018 and details will also be available at sse.com. The transaction is also subject to regulatory approval. On 8 May 2018, the Competition and Markets Authority referred the proposed combination of SSE Energy Services and npower for a so-called ‘Phase 2’ investigation, by a group of independent panel members. The deadline for the final report from that investigation is 22 October 2018. Strategic Report Directors’ Report Financial Statements Highlights of 2017-18 2 Chairman’s Corporate Alternative Performance Measures 141 Governance Statement 88 Our story 4 Consolidated income statement 146 Board of Directors 90 Market overview 10 Consolidated statement Leadership 90 of comprehensive income 147 Our strategy 12 Effectiveness 102 Consolidated balance sheet 148 Our business explained 16 Accountability 109 Consolidated statement Chairman’s statement 22 of changes in equity 149 Stakeholder engagement and Chief Executive’s review 24 responsible stewardship 116 Consolidated cash flow statement 150 Delivering our strategy 26 Remuneration 120 Notes to the consolidated Risk report 28 financial statements 151 Other statutory information 138 Financial overview 34 Accompanying information 200 Statement of Directors’ Wholesale 46 responsibilities 140 Company balance sheet 228 Networks 52 Company statement of changes in equity 229 Retail 60 Notes to the Company Enterprise 65 financial statements 230 SSE’s non-financial impacts Independent Auditor’s Report 240 summary 2017/18 70 Consolidated segmental Environment and climate 72 statement 244 Social contribution 76 Shareholder information IBC People 80 Culture 83 SSE is rEnewing 4 for a low-carbon future creating 12 value for shareholders AND society delivering 34 on its financial objective contributing 68 to the world around it in a sustainable way leading 86 through responsible governance SSE provides the energy and related services needed now and in the future, and it does so in a responsible way that benefits shareholders and society more widely. This Annual Report is a detailed summary of the value created by SSE for all of its stakeholders in 2017/18, and the steps it is taking – in the best long-term interests of energy customers – to adapt to a fast-changing sector. Chairman Richard Gillingwater CBE SSE plc Annual Report 2018 1 Strategic Report – About SSE HIGHLIGHTS OF 2017-18 SSE is a public listed company that seeks to work in the public interest It does this by being transparent in the way it does business, responsible in the way it works with stakeholders and sustainable in the way it makes decisions. OUR PURPOSE OUR STRATEGY To responsibly provide the energy To create value for shareholders and society and related services needed now from developing, owning and operating energy and in the future. and related infrastructure and services in a sustainable way. Delivery of this strategy is dependent on the shared talent, skills and values of people throughout SSE. The financial objective of this strategy is to remunerate shareholders’ investment through the payment of dividends. For 2017/18, the Board is recommending a final dividend of 66.3 pence per share. This will make a full-year OUR VISION dividend of 94.7 pence per share. SSE has also To be a leading provider of set out a plan for the dividend for the five years energy and related services to 2023, described in the Financial Overview in a low-carbon world. on page 44. Read more on page 14. 2 SSE plc Annual Report 2018 #APM * Adjusted figures used in this report refer to measures used for internal performance management. As such, they are not defined or specified under International Financial Reporting Standards (IFRS) and are considered to be Alternative Performance Measures (APMs). DIVIDEND PROFIT BEFORE TAX ECONOMIC CONTRIBUTION Recommended full-year dividend Adjusted* PBT Contribution to UK GDP £1,453.2m £8.6bn Reported PBT Contribution to Irish GDP 94.7pence £1,086.2m €806m INVESTMENT EARNINGS PER SHARE TAX Adjusted* capital and investment expenditure Adjusted* EPS Tax paid in the UK £1,503.0m 121.1 £484.1 Reported capital and p m investment expenditure Reported EPS Tax paid in Ireland £2,248.2m 81.3p €22.6m SSE plc Annual Report 2018 3 Strategic Report – About SSE OUR STORY Preparing SSE for the challenges of the future SSE has a rich heritage to draw on as it plays its part in reshaping the energy sector for a low-carbon future. Over the course of a history spanning more than 70 years, change has been the one constant for SSE, and a proven ability to adapt stands it in good stead as it enters its next chapter. 4 SSE plc Annual Report 2018 SSE plc Annual Report 2018 5 Strategic Report – About SSE OUR STORY CONTINUED SSE has a proud past and is focused on a strong future A proud past A strong future This year, 2018, marks the 75th anniversary Each of the anniversaries occurring in 2018 of the Hydro Electric Development (Scotland) is the result of past decisions to embrace Act, which paved the way for the North of change and to adapt to the economic, Scotland Hydro Electric Board to construct social and technological requirements of hydro electric schemes across the north of energy customers and of society as a whole. Scotland and to connect homes, crofts and The extent of change now taking place in farms to the electricity network for the first the energy sector is unprecedented; and time. This Board later became Scottish the needs of customers and society are Hydro Electric. evolving rapidly. It also marks the 70th anniversary of the It was SSE’s continuing commitment to formation of the Southern Electricity Board, embrace change and adapt to the needs which combined almost 50 companies of customers that led to its decision in and local authority undertakings to create November 2017 to enter into an agreement a regional electricity distribution and supply with innogy SE in respect of a proposed company, providing electricity (sometimes demerger of SSE’s household energy and for the first time) to people across central services business in Great Britain (now southern England. This Board later became named SSE Energy Services) and immediate Southern Electric. combination of that business with innogy SE’s subsidiary npower to form a new In addition, 2018 marks the 20th anniversary independent UK-based group. of Scottish Hydro Electric and Southern Electric coming together to create SSE This transaction is subject to necessary (previously Scottish and Southern Energy), shareholder and regulatory approvals, but it is which became and remains one of the designed to renew SSE in a way that will bring leading energy companies in the UK. benefits to SSE and to energy customers, enabling SSE to draw on its past and build And it marks the 10th anniversary of Airtricity, for the future. the Irish electricity generator and supplier, becoming part of the SSE Group, since when SSE has operated throughout the UK and Ireland. SSE is proud of what it has achieved over many years and has always sought to draw on experience to build a strong future. This means it has been, and remains committed to, taking the right decisions in each of its businesses to secure the right outcomes for energy customers and other stakeholders who have an interest in SSE and in the wider energy sector. 6 SSE plc Annual Report 2018 This is what embracing change and adapting to the requirements of energy customers and society as a whole means. SSE is helping to create a new market model The planned SSE Energy Services transaction This is what embracing change and adapting will create an efficient new independent to the requirements of energy customers and energy supply and services business and help society as a whole means. create a new market model by combining the resources and experience of two established A Shareholder Circular in respect of the players with the focus and agility of an proposed demerger of SSE Energy Services independent supplier. and its combination with npower, plus Notice of General Meeting, will be published on A standalone retail business will be able to 27 June 2018. benefit from its own dedicated board of directors and specialist management team, supported by skilled employees.
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