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Annual Report 2019 About OX2

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Annual Report 2019 About OX2 Our energy never ends Annual Report 2019 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 2.3 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 and France. Its head office is located in Stockholm, Sweden. Sales revenue in 2019 amounted to SEK 4,906 million. Photo: Thomas Stray The Åmot-Lingbo and Tönsen wind farms (Valhalla) in Sweden totalling 366 MW being constructed in 2019. Contents The year in brief 02 The CEO’s view 04 OX2 – Europe’s leading developer 06 Market 18 Sustainability 30 Board of Directors and auditors 41 Directors’ report 43 OX2’s accounts 46 Notes 56 Auditor’s report 77 Glossary 80 OX2 Annual Report 2019 01 The year in brief – continued high activity in the Nordic region 2019 was a record-breaking year in many ways. In the third and fourth quarters of 2019, OX2 constructed 14 wind farms in the Nordic region, with more than 1 GW in capacity and an investment volume amounting to around SEK 12 billion. 490 MW* 1 GW* secured sale of wind power wind power projects under construction 02 OX2 Annual Report 2019 The year in brief The Stigshöjden wind farm (21.6 MW) in Sweden was handed over to Fontavis in 2019. Photo: Joachim Lagercrantz 109 MW* of wind power trans- ferred to purchasers Financial result – the strongest year to date Net sales MSEK Net sales SEK 4,906 4,000 SEK 4,906 (4,135) million million 3,000 Operating profit SEK 371 2,000 SEK 371 (363) million million 1,000 Earnings after 0 financial items SEK 373 373 (384) SEK million million 2016 2017 2018 2019 Operating profit MSEK 320 240 160 80 0 2016 2017 2018 2019 * Rounded figures as at 31 December 2019 Variations between different years depend on the rate at which wind power projects are completed and handed over to the customer. OX2 Annual Report 2019 03 The CEO’s view: “By constantly increasing access to renewable energy, we are leading the transition towards a sustainable planet” Paul Stormoen, CEO of OX2 Photo: Christian Gustavsson 04 OX2 Annual Report 2019 The CEO’s view At a time when the climate crisis is the focus of attention at both global and regional levels, it is becoming increasingly apparent that companies like OX2 are play- ing an important part in facilitat- ing the necessary transition of the energy system. OX2 is pursu- ing the development of renew- able power that benefit the environment in socio-economi- cally effective ways as they are now being constructed without the aid of state subsidies in the majority of markets. 2019 was a record year for OX2, and in the latter part of the year we were working on the construction of 14 wind farms in the Nordic region, offering capac- ity of over 1 GW. This is equivalent to investments worth around SEK 12 billion. Besides our record initiatives in the Nordic region, our business expanded still further in Poland, where we established a project portfolio for years to come. We also began construction of our first wind farm in Poland in January 2020. Construction of the Åmot-Lingbo and Tönsen wind farms (366 MW) in Sweden. Photo: Joachim Lagercrantz We have brought in new human resources in order to maintain our Construction of the Åndberg wind thanks to all colleagues, part- ongoing growth in existing and farm with its 53 wind turbines ners, customers and suppliers for new markets and reinforce our also began during the year. This their cooperation and commit- project portfolio. We appointed is our second biggest project to ment. 61 new employees throughout the date and evidence of OX2’s One of the highlights for me year, thereby almost doubling our leading position when it comes to was the internal values and workforce. application of the latest techno- culture project that was initiated One milestone that we passed logy for optimisation of produc- during the year. This resulted in during the year was the commis- tion costs. well-founded values as most sioning of Valhalla, one of the The operating organisation has employees took part in the largest onshore wind farm had a successful year, which has formulation of these which are projects in northern Europe, with been made possible by offering based on the culture and core of 85 wind turbines producing effective ownership focusing on OX2. enough electricity to run around proactive processes for Despite concern in the market 230,000 households. increased profitability. OX2 had on account of the coronavirus Metsälamminkangas, one of 492 wind turbines under pandemic, OX2 is maintaining a the biggest wind farms in Finland, management contracts, equiva- positive view of the future. I look is another significant project. This lent to 5.9 TWh, at the end of the forward to the coming year with was acquired by OX2 during the year. Management agreements confidence, when we will be year, and the decision to invest were also concluded during the leading the transition towards a was made in January 2020 year for a wind farm that we did sustainable planet by constantly together with Lundin Petroleum. not develop ourselves, compris- increasing the availability of It is pleasing to drive develop- ing 33 wind turbines. This is renewable energy. ment of the industry forward by further evidence of the operating creating attractive and renew- organisation’s ability to add value able investment opportunities for for our customers. energy companies wishing to 2019 was an enjoyable and meet the market’s more stringent informative year at OX2, and I demands for sustainability. would like to extend my warmest Paul Stormoen, CEO of OX2. OX2 Annual Report 2019 05 OX2 – Europe’s leading developer within large-scale onshore wind power By developing, building and managing renewable power generation, OX2 is promoting the transition towards a more sustainable future. 2019 was a year of strong growth which further reinforced the company’s position in the market. Within large-scale onshore wind construction, to technical and The majority of OX2’s customers power, OX2 has, over the years, commercial management. are financial investors but also generated more than 2 GW wind In the course of this journey, include energy companies and power. The company has today the company has built up other industries. We have a a strong project portfolio, estab- substantial experience in the history of repeat business, such lishing OX2 as one of the leading industry and a network of as Ingka Group and Aquila stake holders in renewable power partners, along with an in-depth Capital, with most customers generation in Europe. OX2’s knowledge of financing from continuing to use OX2 during the investment in wind power goes institutional and industrial capital. operational phase. Trust and back 15 years, when the cmpany These factors, together with an satisfied customers along with began building up expertise ability to be at the forefront with constant adaptation to the within the entire value chain of new technological and financial prevailing market conditions are wind power – from initial project solutions, have been vital to the a guarantee of continued growth. development, through sales and company’s success in recent years. OX2, generation of wind power 2006-2019, cumulative nameplate capacity MW aggregerat 2 000 1 500 1 000 500 0 –06 –07 –08 –09 –10 –11 –12 –13 –14 –15 –16 -17 -18 -19 06 OX2 Annual Report 2019 OX2 – Europe’s leading developer 1 GW under construction OX2 had a total of 14 wind farms under construction in 2019, corresponding to approximately 770 MW in Sweden, 192 MW in Finland and 56 MW in Norway. Four wind farms totalling approxi- mately 109 MW were completed and handed over to the purchas- ers on schedule. The sale and financing of 490 MW across six wind farms was secured during the year. Commercial and technical management of wind power plants OX2 offers a complete range of operational and management services, including production analysis, operational optimisa- tion, monitoring, administration, finance and various specialist assignments. These services Assembly of wind turbines at the Åmot-Lingbo and Tönsen wind farms (366 MW). Photo: Joachim Lagercrantz ensure that owners are able to enjoy maximum profitability and problem-free ownership. Project planning of wind power Working in parallel with projects OX2 has the Nordic Region’s and acquisition of project rights at various phases allows us to largest management portfolio, OX2 has a strong project portfolio create a business model that is along with considerable experi- that is developed continuously in sustainable in the long term. ence of managing wind turbines accordance with the market’s of different sizes and ages, as needs and conditions. The wind Sale and construction of wind well as working closely with power projects are of varying power plants different suppliers. It enables OX2 size, spread geographically over OX2 builds wind power on the to provide a high level of availabil- a wide area and focusing particu- basis of EPC contracts, with most ity and production which allows larly on Sweden and Finland. The of our investors coming from the an efficient ownership. business has been extended in financial sector. In connection 2019 to include more employees with the financing of individual 5.9 TWh under management and potential projects in Poland projects, OX2 can also assist the agreements and France.
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