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Annual Report Annual Report 2018 2 Our vision Improving our future Our mission To deliver competitive and sustainable solar energy globally, to protect our environment and to improve quality of life through innovative integration of reliable technology Our values Predictable Working together Driving results Changemakers Scatec Solar ASA - Annual Report 2018 3 Contents Scatec Solar in brief 4 Value chain 6 Market development 7 CEO letter 8 Our people 10 Sustainability highlights 12 Report from the Board of Directors 15 Executive Management 34 Board of Directors 36 Consolidated financial statements Group 40 Notes to the Consolidated financial statements Group 46 Parent company financial statements 112 Notes to the parent company financial statements 116 Other definitions 137 Responsibility statement 138 Alternative Performance Measures 139 Appendix 142 Auditor’s report 144 4 Scatec Solar in brief Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide. As a long-term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and has solid installation track record of more than 1 GW. The company has a total of 1.7 GW in operation and under construction in Argentina, Brazil, the Czech Republic, Egypt, Honduras, Jordan, Malaysia, Mozambique, Rwanda, South Africa and Ukraine. With an established global presence and a significant project pipeline, the company is targeting a capacity of 3.5 GW in operation and under construction by end of 2021. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SSO’. Scatec Solar ASA - Annual Report 2018 5 Key facts Employees In operation FY 2018 Project pipeline at year-end production & backlog 246 584 681 4.7 MW GWh GW Market capitalisation at year-end Proportionate Revenues & EBITDA NOK BILLION NOK MILLION 10 000 8 000 6 000 4 2000 2 1000 0 0 201 201 2018 201 201 2018 Revenue A Proportionate financials NOK MILLION FY 2018 FY 2017 FY 2016 PROPORTIONATE FINANCIALS 1) Revenues and other income 4,725 1,680 1,174 EBITDA 961 792 376 Operating profit (EBIT) 773 632 147 Profit/(loss) 398 326 -84 Net interest- bearing debt 4,214 2,013 1,918 Power production (GWh) 318 282 356 SSO proportionate share of cash flow to equity 2) 481 265 104 CONSOLIDATED FINANCIALS 3) Revenues and other income 1,213 1,492 1,085 EBITDA 902 1,241 833 Basic earnings per share (NOK) 1.29 3.36 0.04 Power production (GWh) 681 627 791 1) See Other definitions appendix for definition. 2) See Alternative Performance Measures appendix for definition. 3) Refer to Note 2 Operating Segments in the consolidated financial statement for a reconciliation between proportionate and consolidated financials. Value chain 6 Scatec Solar’s value chain Project development • Site development and permitting • System design • Business case development • PPA negotiation • Power purchase agreement Financing • Debt/Equity structuring • Due diligence Construction • Engineering and procurement • Construction management Operations • Maximise performance and availability • Maintenance and repair Ownership (IPP) • Asset management • Financial optimalisation Scatec Solar ASA - Annual Report 2018 7 Market development The solar market is growing strongly. With further technology improvements and cost reductions for solar components, industry analysts are expecting significant market growth in the years to come. PV Market Outlook GW 100 120 110 100 0 0 0 0 10 288 0 18 7.7 200 2010 2011 2012 201 201 201 201 201 2018 201 2020 2021 urope na ata apan na S Aa SA ena urey Ret o orl Source: Bloomberg New Energy Finance, Q1 2019 PV Market Outlook and New energy outlook 2018. Bloomberg New Energy Finance (BNEF) expects global power to realise a typical utility-scale solar plant is expected reach demand to grow by 57% from 2018 to 2050, representing 80 cents per Watt in 2019, a decline of 45 % from 2015. investments of about USD 11.5 trillion in new power generation. Of this, more than 70%, or USD 250 billion per As the cost of solar power continues to decline, policy makers year is forecasted to be invested in wind and solar. around the world are increasingly looking to solar to cover their power needs and create growth. In emerging economies, According to BNEF it was installed 107 GW of solar globally governments look at private/public partnerships as an attractive in 2018. This represents total investments of USD 131 billion. model where multilateral development banks and private players provide funding to realise new solar projects at a fast In the short term, the solar market volume is expected to pace. Several development banks have long-standing presence grow by 20% to 130 GW by 2021. The highest growth is and experience in emerging markets and are mandated to forecasted to come from new markets in Latin America, the provide non-recourse project financing. These markets continue Middle East and Southeast Asia. The investments required to represent interesting opportunities for Scatec Solar and forms a strong fundament for growth in the years to come. Annual solar installations are expected to reach 130 GW by 2021 CEO letter 8 Scatec Solar ASA - Annual Report 2018 9 A year of sustainable growth 2018 enters history as a year of growth and several record achievements for Scatec Solar. It was also the start of another highly ambitious period of growth with new targets of 3.5 GW in operation or under construction by the end of 2021. Growth is not an objective, but an enabler to meet what we Moreover, when operating in emerging markets, sustainability set out to achieve. To continuously keep Scatec Solar on track, efforts are integral to achieve business success and financial I frequently remind myself of what Scatec Solar’s mission is: growth. In 2018, we almost tripled our revenues from 2017, To deliver competitive and sustainable solar energy globally, reaching proportionate revenues of NOK 4,725 million in 2018. to protect our environment and to improve quality of life EBITDA grew to NOK 961 million, up from 792 million in 2017. through innovative integration of reliable technology. The key asset to delivering such growth is our people. In 2018, I firmly believe that we continued delivering in line with our we expanded our global team by 68 highly skilled employees mission in 2018. to 246. However, numbers alone do not create success. Empowered employees from diverse backgrounds are key Firstly, we grew our asset portfolio in operation by 262 MW to innovation and growth. Their creativity and agility enable to 584 MW in 2018, driven by new solar plants in commercial us to stay one step ahead of the competition. I was therefore operation in Brazil, Honduras and Malaysia. The dedication highly encouraged by the results from the employee survey and efforts of our teams to reach these important milestones conducted in the autumn of 2018, where 87 percent of our were impressive. As was the continued support from our employees believe Scatec Solar is a great place to work and multitude of partners, including suppliers, investment 93 percent are proud to tell others they work here. partners, development financing institutions and – at the core of everything we do – our customers. Our partnerships are Such results make me proud to be CEO of Scatec Solar. essential to Scatec Solar’s business model and progress. They also give me reassurance that we are equipped to meet the highly ambitious future growth targets we defined in From an environmental perspective, our operating solar mid-2018. From today’s 1,700 MW in operation and under power plants avoided about 650,000 tons of greenhouse gas construction, we have set a target to reach 3,500 MW by the emissions in 2018, underlining the positive climate impact of end of 2021. With a solid pipeline and backlog of 4,700 MW our company. at year-end 2018, we are on track to reach this target. Secondly, we secured strong conversion of new projects from Our record achievements in 2018 within several areas give pipeline and backlog into construction. At year-end, 1,071 MW us a solid basis to further develop our business and continue of new projects were under construction in eight countries. growing sustainably in 2019 and beyond. The solar market Starting construction of new projects greatly benefits the local is the fastest growing renewable energy source and we see communities we operate within, not only through local job and significant opportunities to utilise our track record, business value creation, but also through implementation of sustainability model and new technologies to realise new projects. As set out programmes that improve standards in local communities in the beginning of this letter, Scatec Solar’s mission is clear, close to our project sites. It is important to us that each local and we will constantly strive to improve our performance and community benefits from the solar power plant beyond the simultaneously create positive spin-off effects to the building and operations of the plant. I encourage you to read communities we operate within and the planet we live on. more about how we work with sustainability as an integrated part of our business in the 2018 Sustainability report. Raymond Carlsen (CEO) Our people 10 We expanded our global team by 68 highly skilled employees in 2018 to 246, representing 32 different nationalities. Age groups By functions nance 1 evelopent 1 18 - 2 Soluton 20 0 - Poer roucton 2 0 - 0 Leal People 8 ranaton Sutanale une SSE Scatec Solar ASA - Annual Report 2018 11 Our people The key to our success is our people 2018 has been a year of strong growth delivered by our Performance management in Scatec Solar is a continuous dedicated people and teams.
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