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"ID_1": {
"value": "Scatec ASA",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"ID_2": {
"value": "Norway",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXIARK36",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"ID_8": {
"value": "Askekroken 11, NO-0277 Oslo, Norway.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXIARK36",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"ID_3": {
"value": "Askekroken 11, NO-0277 Oslo, Norway",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXIARK36",
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}
},
"ID_6": {
"value": "Norway",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXIARK36",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"ID_5": {
"value": "ASA",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXIARK36",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"ID_7": {
"value": "Scatec ASA (\u201cthe Company\u201d), its subsidiaries and investments in associated companies and joint ventures (\u201cthe Group\u201d or \u201cScatec\u201d) is a leading renewable energy solution provider, accelerating access to reliable and affordable clean energy in high growth markets. As a long-term player, we develop, build, own and operate renewable energy plants, with 4.6 GW in operation and under construction across four continents today",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXIARK36",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"ID_4": {
"value": "Scatec ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXIARK36",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"ID_301": {
"value": "Information on the Group\u2019s structure is provided in Note 26 \u2013
Consolidated subsidiaries.
Note 26 Consolidated subsidiaries
The consolidated financial statement of Scatec comprises more
than 200 legal companies that are controlled by Scatec
.
The
following table include material consolidated subsidiaries,
including material holding companies. Consolidated economic
interests correspond to the voting interests if not otherwise
stated. For subsidiaries of the ultimate Parent\u2019s subsidiaries, the
economic interests stated is the mathematically indirect
consolidated economic interests. For information on
associated companies and joint venture companies, refer to
Note 13 Investments in JV and associated companies
Company
Registered office
Consolidated
economic
interests 2022
SN Power AS
Oslo, Norway
100.00%
Scatec Solar Netherlands BV
Amsterdam, Netherlands
100.00%
Release Management B.V.
\u00a0
Amsterdam, Netherlands
100.00%
Release
\u00a0
Africa B.V.
\u00a0
Amsterdam, Netherlands
100.00%
Release
\u00a0
South Africa Pty (Ltd)
\u00a0
Cape Town, South Africa
100.00%
Release Cameroon SARL
Douala, Cameroon
100.00%
Signo Solar PP01 s.r.o.
Prague, Czech
100.00%
Scatec Solar s.r.o.
Prague, Czech
100.00%
Signo Solar PP01 s.r.o.
Prague, Czech
100.00%
Signo Solar PP02 s.r.o.
Prague, Czech
100.00%
Signo Solar PP03 s.r.o.
Prague, Czech
100.00%
Signo Solar PP04 s.r.o.
Prague, Czech
100.00%
Signo Solar PV1 s.r.o.
Prague, Czech
100.00%
Scatec Solar Solutions Ukraine LLC
Kyiv, Ukraine
100.00%
Chysta Energhiaa 2011 LLC
Kyiv, Ukraine
60.00%
Boguslav Energy LLC
Bohuslav, Ukraine
100.00%
Greenteco SES LLC
Kyiv, Ukraine
100.00%
Rengy Bioenergy LLC
Kyiv, Ukraine
51.00%
PV Progressovka Gamma LLC
Berezanka, Ukraine
100.00%
PV Progressovka ALpha LLC
Berezanka, Ukraine
100.00%
PV Progressovka Beta LLC
Berezanka, Ukraine
100.00%
Scatec Solar Jordan (EPC)
Amman, Jordan
100.00%
Scatec Solar AS/ Jordan PSC
Amman, Jordan
100.00%
Anwar Al Ardh For Solar Energy Generation PSC
Amman, Jordan
50.10%
Ardh Al Amal For Solar Energy Generation PSC
Amman, Jordan
50.10%
Scatec Solar Africa (Pty) Ltd
Cape Town, South Africa
100.00%
Scatec Solar Management Services (Pty) Ltd
Sandton, South Africa
100.00%
Scatec Solar SA 163 (Pty) Ltd.
Sandton, South Africa
92.00%
Scatec Solar SA (pty) Ltd.
Sandton, South Africa
100.00%
Scatec Solar SA 165 (Pty) Ltd.
Sandton, South Africa
76.60%
Scatec Solar SA 166 (Pty) Ltd.
Sandton, South Africa
46.00%
Scatec Solar SA 164 (Pty) Ltd.
Sandton, South Africa
80.70%
Simacel 155 (Pty) Ltd.
Sandton, South Africa
44.40%
Simacel 160 (Pty) Ltd.
Sandton, South Africa
44.40%
Dyason's Klip 1 (Pty) Ltd
Cape Town, South Africa
45.50%
Dyason's Klip 2 (Pty) Ltd
Cape Town, South Africa
45.50%
Scatec Solar Construction R4
Cape Town, South Africa
51.00%
Scatec Solar Operations R4
Cape Town, South Africa
51.00%
Sirius Solar PV Project One (RF) (Pty) Ltd
Cape Town, South Africa
45.50%
Scatec Hybrid EPC (Pty) Ltd
Cape Town, South Africa
100.00%
Scatec Kenhardt 1 (Pty) Ltd
Cape Town, South Africa
100.00%
Scatec Kenhardt 2 (Pty) Ltd
Cape Town, South Africa
100.00%
Scatec Kenhardt 3
\u00a0
(Pty) Ltd
Cape Town, South Africa
100.00%
Continues on following page
Company
Registered office
Consolidated
economic
interests 2022
Scatec Solar Honduras SA
Tegucigalpa, Honduras
100.00%
Energias Solares S.A.
Tegucigalpa, Honduras
70.00%
Fotovoltaica Los Prados S.A.
Tegucigalpa, Honduras
70.00%
Fotovoltaica Surena S.A.
Tegucigalpa, Honduras
70.00%
Generaciones Energeticas S.A.
Tegucigalpa, Honduras
70.00%
Produccion de Energia Solar Demas Renovables S.A
Tegucigalpa, Honduras
40.00%
Central Solar de Mocuba S.A.
Maputo, Mozambique
52.50%
Scatec Solar Mozambique Limitada
Maputo, Mozambique
100.00%
Scatec Solar Solutions Egypt LLC
Cairo, Egypt
100.00%
Aswan Solar Power SAE
Cairo, Egypt
51.00%
Daraw Solar Power SAE
Cairo, Egypt
51.00%
Kom Ombo Renewable Energy SAE
Cairo, Egypt
51.00%
Red Sea Solar Power SAE.
Cairo, Egypt
51.00%
Upper Egypt Solar Power
Cairo, Egypt
51.00%
Zafarana Power SAE
Cairo, Egypt
51.00%
Scatec Solar Solutions Malaysia Sdn Bhd
Kuala Lumpur, Malaysia
100.00%
Quantum Solar Park (Kedah) Sdn Bhd \u00b9\u207e
Kuala Lumpur, Malaysia
100.00%
Quantum Solar Park (Melaka) Sdn Bhd \u00b9\u207e
Kuala Lumpur, Malaysia
100.00%
Quantum Solar Park (Terengganu) Sdn Bhd \u00b9\u207e
Kuala Lumpur, Malaysia
100.00%
Quantum Solar Park Semenanjung Sdn Bhd \u00b9\u207e
Kuala Lumpur, Malaysia
100.00%
Red Sol
Kuala Lumpur, Malaysia
100.00%
Helios Power Ltd
Clifton Karachi, Pakistan
100.00%
HNDS Energy Ltd
Clifton Karachi, Pakistan
100.00%
Meridian Energy Ltd
\u00a0
Clifton Karachi, Pakistan
100.00%
Scatec Solar Pvt Ltd (Pakistan)
Clifton Karachi, Pakistan
100.00%
Scatec Solar Solutions Vietnam Co. Ltd.
Ho Chi Minh City, Vietnam
100.00%
Dam Nai Wind Power JSC
Ninh Thuan, Vietnam
100.00%
1) The consolidated economic interest in the Malaysian project
\u00a0
companies represents Scatec\u2019s share of the contributed equity and retained earnings in the project companies
\u00a0
as of the reporting date. Scatec\u2019s average economic
interest through the PPA tenor is estimated to be 95% based on the Group\u2019s right to economic return obtained through shareholdings and
\u00a0
other contractual arrangements. The average economic interest may
\u00a0
be subject to change.
The consolidated financial statements for the full year 2022
were authorised for issue in accordance with a resolution by
the Board of Directors on 21 March 2023.
Basis
\u00a0
for preparation
The Scatec Group\u2019s consolidated financial statements have
been prepared in accordance with International Financial
Reporting Standards (IFRSs) and interpretations issued by the
International Accounting Standards Board (IASB) and as
adopted by the European Union (EU). In compliance with the
Norwegian Accounting Act, additional disclosure requirements
are included in the notes to the financial statements of Scatec
ASA.
The consolidated financial statements have been prepared on
a historical cost basis, except for financial instruments
measured at fair value.
The statement of cash flows is prepared under the indirect
The segment financials are reported on a proportionate basis
in line with how the management team assesses the segments
performance. For further description of the proportionate
financials as well as a reconciliation between proportionate
financials and the consolidated financials please refer to Note
3 - Operating segments and the section on Alternative
Performance Measures (APM).
\u00a0
The functional currency of the companies in the Group is
determined based on the nature of the primary economic
environment in which each company operates.
The
consolidated financial statements are presented in Norwegian
kroner (NOK) and on consolidation, the assets and liabilities of
foreign entities with functional currencies are translated into
NOK at the rate of exchange prevailing at the end of reporting
period and their income statements are translated at average
monthly exchange rates.
All values are rounded to the nearest million (NOK 1,000,000)
except when otherwise indicated. Because of these rounding
adjustments, the figures in some columns may not add up to
the total of that column.
Note 2 Basis for preparation, basis of
\u00a0
consolidation and key sources of estimation
uncertainty
Estimation
\u00a0
uncertainty
\u00a0
In preparation of the Group\u2019s consolidated financial
statements, management has made assumptions and
estimates about future events and applied judgements that
affect the reported values of assets, liabilities, revenues,
expenses and related disclosures. Uncertainty about these
assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of assets
or liabilities affected in future periods. The assumptions and
estimates are based on historical experience, current trends
and other relevant factors available when the consolidated
financial statements are prepared. The key assumptions
concerning the future and other key sources of estimation
uncertainty at the reporting date, that have
\u00a0
a significant risk of
causing a material adjustment to the carrying amounts
\u00a0
of
assets and liabilities within the next financial year, are
described below and in individual notes. Existing circumstances
and assumptions about future developments, however, may
change due to market changes or circumstances arising
beyond the control of the Group. Such changes are reflected
in the financial statements when the changes in assumptions
occur.
Information about estimation uncertainty, judgements and
assumptions in the annual report are largely incorporated into
the individual notes.
\u00a0
The Company\u2019s management believes the following critical
accounting items represent the more significant judgements
and estimates not naturally belonging in the individual notes,
but used in the preparation of the consolidated financial
statements:
Consolidation of power plant companies
Scatec\u2019s value chain comprises all downstream activities such
as project development, financing, construction, operations as
well as having an asset management role through ownership
of the power plants. Normally Scatec enter partnerships for the
shareholding of the power plant companies. To be able to fully
utilise the business model, Scatec normally seeks to obtain
operational and financial control of the power plant
companies. Operational control is obtained through governing
bodies, shareholder agreements and other contractual
arrangements. Other contractual arrangements may include
Scatec\u2019s role as the developer of the project, EPC provider
(construction), operation and maintenance service provider
and asset management service provider.
Scatec would normally seek to undertake the following distinct
roles in its projects:
\u00a0
1.
As the largest shareholder providing equity financing to
the project
2.
As (joint) developer, including obtaining project rights,
land permits, off taker agreements and other local
approvals
3.
As EPC contractor, responsible for the construction of the
project
4.
As provider of operation & maintenance services to the
projects, responsible for the day to day operations of the
plant
5.
As provider of management services to the power plant
companies
Even though none of the projects Scatec is involved with are
identically structured, the five roles/activities described above
constitute the main and relevant activities which affect the
variable return. When assessing whether Scatec controls a
power plant company, all facts and circumstances, including
the above agreements are analysed. For the power plant
companies consolidated in the financial statement, Scatec has
concluded that it through its involvement controls the entities.
Scatec has considered that it has the current ability to direct
the relevant activities of the entities and has the ability to affect
the variable returns through its power over the companies.
The assessment of whether Scatec controls the investee is
performed upon first time consolidation and is renewed
annually or more often, if and when facts that could impact
the conclusion change.
Please see individual notes and sections \u201cEstimation
uncertainty\u201d for further
\u00a0
details around other estimations,
judgements and assumptions.
Basis
\u00a0
of consolidation
\u00a0
The consolidated financial statements comprise the financial
statements of the Parent and its subsidiaries as of 31
December 2022. When the Group has less than a majority of
the voting or similar rights of an investee, the Group considers
all relevant facts and circumstances in assessing whether it has
power over an investee. Control is achieved when the Group
has power over the investee, is exposed, or has rights, to
variable returns from its involvement with the investee and has
the ability to affect those returns through its power over the
When necessary, adjustments are made to the financial
statements of subsidiaries to bring their accounting policies in
line with the Group\u2019s accounting policies.
\u00a0
All intra-group assets and liabilities, equity, income, expenses
and cash flows relating to transactions between members of
the Group are eliminated in full on consolidation.
Note 2 Basis for preparation, basis of
\u00a0
consolidation and key sources of estimation
uncertainty
Operating segments align with internal management reporting
to the Group\u2019s chief operating decision makers, defined as the
Executive Management team. The operating segments are
determined based on differences in the nature of their
operations, products and services. Scatec manages its
operations in four segments: Power Production (PP), Services,
Development & Construction (D&C) and Corporate.
\u00a0
The Power Production segment manages the Group\u2019s power
producing assets and derives its revenue from the production
and sale of solar,
\u00a0
winds and hydro generated electricity based
on long-term Power Purchase Agreements or Feed-in-tariffs.
In addition, the segment includes revenues from the Release
concept, and energy trading activities.
\u00a0
The electricity is
primarily sold on long-term Power Purchase Agreements or
feed-in-tariffs except for in the Philippines where the electricity
is sold on bilateral contracts, in the spot market and as
ancillary services.
Revenue is recognised upon delivery of electricity produced to
the local operator of the electricity grid. The performance
obligation is to deliver a series of distinct goods (power) and
the performance obligation is satisfied over time which entails
that revenue should be recognised for each unit delivered at
the transaction price. Revenue is recognised upon transfer of
electricity produced to the local operator of the electricity grid,
based on periodic meter readings. The Group applies a
practical expedient under IFRS 15 whereby the revenue from
power for most of the contracts is recognised at the amount of
which the entity has a right to invoice. The right to invoice
power arises when power is produced and delivered on to the
electricity grid. The right to invoice the consideration will
normally correspond directly with the value delivered to the
Delivery is deemed complete when all the risks and rewards
associated with ownership have been transferred to the buyer
as contractually agreed, compensation has been contractually
established and collection of the resulting receivable is
probable. For all sales contracts the Group had per the end of
year, indexation of tariffs is recognised when they come into
Finance and operation of the plants is mainly ring-fenced in
power plant companies with a non-recourse finance structure.
This implies that the project debt is only secured and serviced
by project assets and the cash flows generated by the project,
and that there is no obligation for project equity investors to
contribute additional funding in the event of a default. Free
cash flows after debt service are distributed from these power
plant companies to Scatec, and any other project equity
investors in accordance with the shareholding and the terms of
the finance documents.
\u00a0
Services
The Services segment comprises Operations & Maintenance
(O&M) and Asset Management services provided to power
production plants where Scatec has economic interest. The
services are delivered to ensure optimised operations of power
producing assets through a complete and comprehensive
range of services for technical and operational management.
\u00a0
O&M revenues are generated based on fixed service fees with
additional profit-sharing arrangements. Asset Management
services typically include financial reporting to sponsors and
lenders, regulatory compliance, environmental and social
management, as well as contract management on behalf of
the power plant companies.
Revenues are based on service agreements with a periodic
base fee as well as a potential performance bonus. These
revenues are recognised as the service is provided. The
potential performance revenues from the profit-sharing
agreements are considered as variable consideration under
IFRS 15 and are recognised when it is highly probable that the
recognition will not be reversed in future periods.
Development
\u00a0
& Construction
The Development & Construction segment derives its revenue
from the sale of development rights and construction services
to project entities set up to operate the Group\u2019s power
production plants. These transactions are primarily made with
entities that are under the control of the Group and hence
eliminated when consolidated.
\u00a0
Construction services include operations where Scatec is
responsible for the total scope of a turnkey installation of a
power plant through a contract covering Engineering,
Procurement and Construction. Revenues from construction
services are based on fixed price contracts and are accounted
for using the percentage of completion method. The
percentage of completion of a contract is determined by
actual cost incurred over total estimated costs to complete.
Scatec periodically revise contract profit estimates and
immediately recognises any losses on contracts. Incurred costs
include all direct materials, costs for modules, labor,
subcontractor costs, and other direct costs related to contract
performance. Scatec recognises direct material costs as
incurred costs when the main direct materials have been
installed. Scatec considers direct materials to be installed when
they are permanently attached or fitted to the power
production systems as required by engineering designs.
Some construction contracts include product warranties. The
expected warranty amounts are recognised as an expense at
the time of sale and are adjusted for subsequent changes in
estimates or actual outcomes. The group has currently
ongoing construction projects in Pakistan, Brazil and South
Africa, as well as projects related to Release in Cameroon and
Corporate
Corporate consists of the activities of corporate and
management services.
No segments have been aggregated to form these reporting
segments. Revenues from transactions between the D&C,
Services and PP segments, where Scatec is deemed to hold a
controlling interest, are presented as internal revenues in the
segment reporting, and eliminated in the consolidated
statement of profit or loss.
Geographical
\u00a0
break
\u00a0
down of
\u00a0
consolidated
\u00a0
revenues
\u00a0
and PPE
In presenting information based on geographical areas, revenues from external customers are attributed to the country of the legal
entity recording the sales. The allocation of property, plant and equipment is based on the geographical location of the assets. Projects
that have not yet reached construction are allocated to the parent company being the main developer. The tables and information
below include consolidated subsidiaries.
In 2022 the Group has recognised an impairment charge of
NOK 770 million in the Power Production segment in the
proportionate financials related to the solar power plants and
intangible assets in Ukraine. In the consolidated financials the
impairment charge amounts to NOK 816 million as disclosed in
the Note 12 Impairment testing.
\u00a0
The Group has also recognised an impairment charge (in both
consolidated and proportionate financials in the D&C
segment) of NOK 132 million related to discontinued
development projects in Lesotho, Bangladesh, Mali and India.
From March the Group has recognised revenue from power
production in Ukraine to the extent that Scatec believe it is
\u00a0
probable to collect consideration. The recognised amount is
NOK 129 million in proportionate financials (NOK 146 million in
the consolidated financials) in the period from March to
December, which is in line with the paid amounts for the
period. Total revenue from power production in Ukraine in the
proportionate financials for 2022 is NOK 153 million (NOK 175
million in the consolidated financials).
Scatec has further recognised an expected credit loss provision
in 2022 with respect to trade and other receivables related to
Ukraine which amount to NOK 87 million in the proportionate
financials (NOK 98 million in the consolidated financials), which
is included in other operating expenses.
Note 3 Operating segments
2022
Proportionate financials
NOK million
Power
Production
Services
Development
&
Construction
Corporate
Total
Residual
ownership
for fully
consolidated
entities
Elimination
of equity
consolidated
entities
Other
eliminations
Consolidated
financials
4,513
18
5
7
4,542
1,120
-2,661
-
3,002
Internal revenues
8
294
1,064
49
1,415
188
-138
-1,465
-
Net income from JV and associates
1)
-
-
-
-
-
-
749
-
749
Total revenues and other income
4,521
312
1,069
56
5,957
1,309
-2,050
-1,465
3,751
Cost of sales
-852
1
-962
1
-1,813
-145
914
1,044
-
Gross profit
2)
3,669
312
106
57
4,144
1,163
-1,136
-421
3,751
Personnel expenses
-125
-120
-215
-113
-574
-9
68
-12
-528
Other operating expenses
-709
-118
-112
-81
-1,020
-221
253
320
-668
EBITDA
2,835
74
-221
-138
2,550
933
-815
-113
2,555
D&A and impairment
-1,918
-6
-137
-29
-2,090
-414
510
162
-1,832
Operating profit (EBIT)
917
68
-358
-167
460
519
-306
49
723
1) Refer to Note 13 Investments in joint venture and associated companies for details on Net income from JV and associates
\u00a0
2) Equivalent to Net revenues
External revenue
NOK million
2022
2021
South Africa
1,106
1,135
Egypt
644
596
Malaysia
346
348
Ukraine
175
303
Honduras
200
197
Jordan
158
143
Czech Republic
128
122
Mozambique
93
83
Vietnam
83
70
Rwanda
23
20
Netherlands
29
5
Other
16
16
Total
3,002
3,038
Property, plant and equipment
NOK million
2022
2021
South Africa
4,155
3,245
Egypt
3,411
3,074
Malaysia
2,728
2,683
Ukraine
1,922
2,616
Honduras
1,302
1,359
Jordan
905
820
Mozambique
558
456
Vietnam
454
444
Norway
428
348
Cameroon
427
98
Pakistan
375
108
Czech Republic
336
330
Netherlands
160
158
Rwanda
141
136
Other
8
12
Total
17,310
15,885
In South Africa, revenues (3 plants which commenced
operations in 2013 and 2014 and 3 plants which commenced
operations in 2020) are earned under 20-year Power Purchase
Agreements (PPA)
\u00a0
with Eskom Holdings (South African
incumbent utility), which was awarded under the Renewable
Independent Power Producer Procurement Programme
(REIPPPP) administrated by the Department of Energy. Eskom\u2019s
financial commitments under the PPA are guaranteed by the
South African National Treasury under the Implementation
Agreement.
The Benban plant in Egypt commenced operation in 2019. The
electricity is sold under a 25-year Power Purchase Agreement
with Egyptian Electricity Transmission Company, S.A.E. The
financial commitments of Egyptian Electricity Transmission
Company, S.A.E under the PPA are guaranteed by the
sovereign guarantee from The Ministry of Finance under the
Egyptian Law.
The Gurun plant in Malaysia commenced operation in 2018,
the Merchang and Jasin plant commenced operation in 2019,
and RedSol commenced operations in 2020. The electricity is
sold under 21-year Power Purchase Agreements with the
country\u2019s largest electricity utility, Tenaga Nasional Berhad
(TNB). The PPA
\u00a0
is not guaranteed by the Government as TNB
is a reputable AAA rated listed company in Malaysia.
The Rengy plant in Ukraine commenced operation in 2019,
Boguslav and Kamianka commenced operations in 2020 and
Chigrin and Progressovka commenced operations in 2021. The
electricity is sold under Power Purchase Agreement\u2019s all
ending 31 December 2029 with the state-owned company
Guaranteed Buyer. The financial commitments of Guaranteed
Buyer under the PPA are guaranteed by the State under the
law on Alternative Energy Sources and the
Law on Electric
Energy Market.
The Agua Fria power plants in Honduras commenced
operations in 2015, whereas the Los Prados plants in Honduras
commenced operation in 2018. The electricity from the plants
is sold under a 20-year Power Purchase Agreement with the
utility Empresa Nacional de Energia Electricia (ENEE). The
financial commitments of ENEE under the PPA are guaranteed
by the sovereign guarantee executed by the Honduran
attorney general and the secretary of finance, approved by the
National Congress of Honduras.
The Oryx, GLAE and EJRE power plants in Jordan commenced
operations in 2016. The electricity is sold under a 20-year
Power Purchase Agreement with National Electric Power
Company (NEPCO). NEPCO\u2019s financial commitments under the
PPA
\u00a0
are guaranteed by the Government of Jordan
represented by its Ministry of Finance under the Government
Guarantee Agreement.
\u00a0
The Czech power plants commenced operations in 2009 (1
plant) and 2010 (3 plants) and have entered into power
purchase agreements with utilities CEZ Distribuce and EON
Distribuce, based on the terms of the Czech Energy Act and
Czech Renewable Energy Act. This legislation requires the
utilities to purchase the power produced from renewable
energy sources for a period of 20 years at the Feed-in-Tariff
(FiT) prescribed by law and applicable regulation, adjusted
annually.
The Mocuba plant in Mozambique commenced operation in
2019. The electricity is sold under a 25-year Power Purchase
Agreement with Electricidade de Mo\u00e7ambique (EDM). The
financial commitments of EDM under the PPA are guaranteed
by The Mozabican government under the concession
agreement approved under law 88/2016 of 5 December 2016
for 30 years.
The Dam Nai wind farm in Vietnam was acquired by SN Power
on 27 January 2021 and has a capacity of 39.4 MW. The wind
farm was constructed in two phases and Phase I started
operations in October 2017 (7.9 MW) and Phase II in
December 2018 (31.5 MW). The electricity is sold under a 20-
year Power Purchase Agreement with Vietnam Electricity; a
state-owned company established by the government in
The ASYV power plant in Rwanda commenced operations in
2014. The power is sold under a 25-year Power Purchase
Agreement with the state-owned utility EWSA, with an annual
price adjustment of 100% of Rwandan CPI. EWSA\u2019s financial
commitments under the PPA are guaranteed by the
Government of Rwanda represented by its Ministry of Finance
and Economic Planning under the Government Guarantee
Agreement.
Use of
\u00a0
proportionate
\u00a0
financials
The segment financials are reported on proportionate basis.
With proportionate financials Scatec reports its share of
revenues, expenses, profits and cash flows from its subsidiaries
without eliminations based on Scatec\u2019s economic interest in
the subsidiaries. The Group introduced Proportionate
Financials as the Group is of the opinion that this method
improves earnings visibility and to improve transparency on
underlying value creation across Scatec\u2019s business activity.
\u00a0
Revenues from transactions between group companies, where
Scatec is deemed to hold a controlling interest, are presented
as internal revenues in the segment reporting. These
transactions are based on international contract standards and
terms negotiated at arm\u2019s length with lenders and co-investors
in each power plant company. No operating segments have
been aggregated to form these reporting segments.
The consolidated revenues and profits are mainly generated in
the Power Production segment. Activities in the Services and
Development & Construction segment mainly reflect deliveries
to other companies controlled by Scatec, or which revenues
and profits are eliminated in the consolidated financial
statements. The key differences between the proportionate
and the consolidated (IFRS) financials are that:
\u25cf
In the consolidated financials fully consolidated companies
are presented on a 100% basis. In the proportionate
financials the fully consolidated companies are presented
based on Scatec\u2019s ownership percentage/economic interest.
The residual ownerships interests in the table below
represent the share of the proportionate financials in fully
consolidated subsidiaries where Scatec do not have 100%
\u25cf
In the consolidated financials joint venture and associate
companies are equity consolidated and are presented with
Scatec\u2019s share of the net profit on a single line in the
statement of profit or loss. In the proportionate financials
the joint venture and associate companies are presented in
the same way as other subsidiaries on a gross basis in each
account in the statement of profit or loss. In the table below
is the column elimination of equity consolidated entities the
elimination of proportionate financials from equity
consolidated entities adjusted for Scatec\u2019s share of net
\u25cf
Internal gains are eliminated in the consolidated financials
but are retained in the proportionate financials. These
internal gains primarily relate to gross profit on D&C goods
and services delivered to project companies.
\u00a0
Hence, the
consolidated financials have lower book value of solar plants
and corresponding lower depreciation charges because
internal gain is eliminated. Internal gain eliminations also
include profit on Operations and Maintenance - and Asset
Management services delivered to project companies.
\u25cf
The management team assesses the performance of the
operating segments based on a measure of gross profit and
operating profit; hence interest income/expense is not
disclosed on proportionate basis.
2021
Proportionate financials
NOK million
Power
Production
Services
Development
&
Construction
Corporate
Total
Residual
ownership
for fully
consolidated
entities
Elimination
of equity
consolidated
entities
Other
eliminations
Consolidated
financials
External revenues
3)
3,889
5
3
6
3,903
1,162
-2,025
-1
3,038
Internal revenues
1
256
134
36
426
34
-22
-438
-
Net income from JV and associates
1)
-
-
-
-
-
-
765
-
765
Total revenues and other income
3,890
260
137
42
4,329
1,196
-1,282
-439
3,803
Cost of sales
3)
-270
1
-120
-
-389
-10
274
126
-
Gross profit
2)
3,620
261
16
42
3,939
1,186
-1,009
-313
3,803
Personnel expenses
-99
-97
-162
-92
-449
-7
49
10
-397
Other operating expenses
-572
-90
-78
-65
-804
-208
208
302
-503
EBITDA
2,949
75
-223
-114
2,686
970
-752
-1
2,903
D&A and impairment
-972
-5
-78
-26
-1,081
-330
369
151
-892
Operating profit (EBIT)
1,977
70
-301
-140
1,606
640
-383
149
2,012
3) Refer to Note 29 for details of the change in presentation of revenue and cost of sales for the electricity
\u00a0
sold on bilateral contracts in the Philippines
NOK million
2022
2021
463
363
Share-based payment
39
27
Payroll tax
43
31
Pension costs
38
24
Other personnel costs
31
21
Capitalised to PP&E (project assets)
-87
-68
528
397
Salaries and personnel expenses for the management
NOK million
2022
2021
Salary and bonus
45
35
Pension
2
1
47
36
For further details on employee benefits and management remuneration, refer to Note 4 Personnel expenses, number of employees
and auditor\u2019s fee in the separate financial statements for the Parent Company
.
Reference is also given to the separate remuneration
report issued by the parent company
.
No severance package agreements have been established with management.
The Group has established pension schemes that are classified as defined contribution plans. Contributions to defined contribution
schemes are recognised in the consolidated statement of profit and loss in the period in which the contribution amounts are earned by
the employees.
Wages, salaries, bonuses, pension and social security
contributions, paid annual leave and sick leave are accrued in
the period in which the associated services are rendered by
employees of the Company.
\u00a0
The cost of equity-settled transactions is recognised in
personnel expenses, together with a corresponding increase in
equity over the vesting period. To calculate the fair value of
the options that meets the definition of an equity-settled
share-based payment transaction (IFRS 2 app. A), the
BlackScholes-Merton option-pricing model is applied on each
tranche. Share price (spot), exercise price, expected option
lifetime, expected volatility, expected dividend and risk-free
interest rate are the input parameters in the model.
2022
2021
South Africa
219
179
Norway
146
116
Egypt
72
48
Ukraine
45
37
Malaysia
33
34
Netherlands
28
17
Honduras
20
18
India
11
5
Vietnam
9
8
France
9
4
Mozambique
7
7
Pakistan
6
4
Other
26
25
Total
631
502
Note 5 Other operating expenses
NOK million
2022
2021
Facilities
210
182
Professional fees
175
138
Other office costs
74
56
Travel costs
32
14
Social development contributions
18
54
O&M external fees
23
20
Impairment of expected credit loss
98
-
38
39
Total other operating expenses
668
503
NOK million
2022
2021
Audit services
9
9
Other attestation services
1
-
Tax services
1
3
Other services
1
1
Total remuneration
11
13
The impairment of expected credit loss is related to receivables
in Ukraine, refer to note 15 Trade receivables for further
Government grants are recognised when it is reasonably
certain that the company will meet the conditions stipulated
for the grants and that the grants will be received. Grants are
recognised either as cost reduction or as a deduction of the
asset\u2019s carrying amount. Scatec has in 2022 recognised
government grants of NOK
\u00a0
27 million (4) in cost reductions
and NOK
\u00a0
29 million (58) as deductions of the development
and construction asset\u2019s carrying amount.
The impairment of expected credit loss is related to receivables
in Ukraine, refer to note 15 Trade receivables for further
Government grants are recognised when it is reasonably
certain that the company will meet the conditions stipulated
for the grants and that the grants will be received. Grants are
recognised either as cost reduction or as a deduction of the
asset\u2019s carrying amount. Scatec has in 2022 recognised
government grants of NOK
\u00a0
27 million (4) in cost reductions
and NOK
\u00a0
29 million (58) as deductions of the development
and construction asset\u2019s carrying amount.
VAT is not included in the numbers above. The Scatec Group changed group auditor from EY to PwC as of 2022.
NOK million
2022
2021
Audit services
9
9
Other attestation services
1
-
Tax services
1
3
Other services
1
1
Total remuneration
11
13
Note 6 Financial income and expenses
NOK million
2022
2021
Interest income
92
43
Other financial income
23
4
Interest and other financial income
115
47
Interest expenses
1,424
1,303
Change in fair value of forward exchange contracts
89
-2
Other financial expenses
154
67
Interest and other financial expenses
1,666
1,368
Net foreign exchange gain/(loss)
-268
69
Net fiancial expenses
1,818
1,253
Note 6 Financial income and expenses
NOK million
2022
2021
Interest income
92
43
Other financial income
23
4
Interest and other financial income
115
47
Interest expenses
1,424
1,303
Change in fair value of forward exchange contracts
89
-2
Other financial expenses
154
67
Interest and other financial expenses
1,666
1,368
Net foreign exchange gain/(loss)
-268
69
Net fiancial expenses
1,818
1,253
Note 6 Financial income and expenses
NOK million
2022
2021
Interest income
92
43
Other financial income
23
4
Interest and other financial income
115
47
Interest expenses
1,424
1,303
Change in fair value of forward exchange contracts
89
-2
Other financial expenses
154
67
Interest and other financial expenses
1,666
1,368
Net foreign exchange gain/(loss)
-268
69
Net fiancial expenses
1,818
1,253
The increase in other financial expenses is mainly explained by non-recurring fees recognised for the refinancing of the power plants in
Egypt, South Africa and Vietnam.
See Note 18 Financial risk management for interest rate sensitivity. See Note 22 Non-recourse
financing for details on project financing and Note 21 for details on corporate financing.
NOK million
2022
2021
Tax losses carried forward
1,997
1,724
Valuation allowance of deferred tax assets
-458
-530
Financial instruments
48
87
Property, plant and equipment and intangible
assets
60
100
Construction projects
124
-
Lease liabilities
61
51
Other items
40
14
Offsetting of tax balances
1)
-1,012
-699
Total deferred tax assets
860
748
NOK million
2022
2021
Country
Loss carried
forward
Deferred
tax asset
Loss carried
forward
Deferred
tax asset
Norway
2,890
251
2,054
260
South Africa
2,690
753
2,444
675
Ukraine
2,048
369
899
162
Egypt
1,371
143
1,050
78
Jordan
453
23
480
18
Netherlands
214
-
339
-
Malaysia
168
-
231
-
Other
11
-
18
-
Total
9,845
1,540
7,514
1,195
NOK million
2022
2021
Net deferred tax asset at 1 January
159
517
Recognised in the consolidated statement of profit or loss
108
-232
Deferred tax other comprehensive income
-150
-108
Deferred tax on excess values from acquisition of SN Power
-
-19
Translation differences
-
2
Net deferred tax asset at 31 December
117
159
The Group has NOK 9,845 million (7,514) of tax losses carried
forward. The balances are offset against taxable temporary
differences within the same fiscal authority.
\u00a0
In Norway a net deferred tax asset balance of NOK 226 million
is recognised which is primarily related to tax losses carried
forward (NOK 251 million) and partly offset by other temporary
differences.
In South Africa a net deferred tax asset of NOK 73 million is
recognised. The difference between net position and deferred
tax asset related to tax losses carried forward (NOK 753
million) is mainly due to offsetting temporary differences on
property, plant and equipment.
\u00a0
Net deferred tax asset balance in Ukraine is NOK 58 million
and is related to tax losses carry forward (NOK 369 million)
offset by the increased deferred tax liability on property, plant
Net deferred tax liability in Egypt of NOK 309 million is
primarily related to temporary differences on property, plant
and equipment as well as on the financial instruments.
The losses carried forward in countries with power plant assets
are mainly related to accelerated depreciation rates for power
plant assets compared to the accounting depreciations which
are determined by the useful life of the assets. The increase in
losses carried forward for the Group in 2022 mainly derives
from losses in Ukraine entities and in Scatec ASA.
\u00a0
We
assessed the probability of utilising the tax losses in all
countries where tax losses were recognised to ensure that tax
losses are recorded to the extent that the Group expects there
will be sufficient future taxable profits available to utilise the
losses. At year-end 2022 the Group has recorded a valuation
allowance of NOK -458 million (-530) related to tax losses
carried forward which are not expected to be used to offset
future taxable income. The valuation allowance is recognised
in Norway (NOK 203 million), Egypt (NOK 166 million),
Malaysia (NOK 40 million) and in other countries.
The tax losses in Egypt and Jordan can be carried forward for
5 years while losses in Netherlands can be carried forward
indefinitely. The Group had at the end of 2022 capitalised
approximately NOK 6 million (6) in deferred tax asset related
to deferred interest expenses, which can be carried forward for
10 years until 2027 in Norway. All other tax losses in the group
can be carried forward indefinitely.
NOK million
2022
2021
Property, plant and equipment and intangible
assets
1,658
1,282
Construction projects
-
1
Financial instruments
88
4
Other items
6
1
Offsetting of tax balances
1)
-1,012
-699
Total deferred tax liabilities
743
589
1)
Deferred tax assets and liabilities are offset to the extent that the deferred taxes related to
\u00a0
the same fiscal authority and there is a legally enforceable right to offset
current tax assets against current tax liabilities
Accounting
\u00a0
principle
Income tax expense comprises current tax and change in net
deferred tax. The amount of net deferred tax provided is
based on the expected manner of realisation or settlement of
the carrying amount of assets and liabilities, using tax rates
enacted or substantially enacted at the consolidated statement
of financial position date. Deferred tax assets and liabilities are
offset if a legally enforceable right exists to set off current tax
assets against current income tax liabilities and the deferred
taxes relate to the same taxable entity and the same taxation
authority.
Accounting
\u00a0
principle
Income tax expense comprises current tax and change in net
deferred tax. The amount of net deferred tax provided is
based on the expected manner of realisation or settlement of
the carrying amount of assets and liabilities, using tax rates
enacted or substantially enacted at the consolidated statement
of financial position date. Deferred tax assets and liabilities are
offset if a legally enforceable right exists to set off current tax
assets against current income tax liabilities and the deferred
taxes relate to the same taxable entity and the same taxation
authority.
Estimation
\u00a0
uncertainty
Deferred tax assets are recognised for unused tax losses to the
extent that it is probable that taxable profit will be available
against which the losses can be utilised. Significant
management judgement is required to determine the amount
of deferred tax assets that can be recognised based upon the
likely timing and the level of future taxable profits.
\u00a0
When assessing the probability of utilising these losses several
factors are considered, including if the entity in question has a
history of losses, if there is an expiration date on the entity\u2019s
ability to carry the losses forward and/or if the losses may be
used to offset taxable income elsewhere in the Group. The
majority of the Group\u2019s tax losses are related to favorable tax
rules for depreciation of power plants and its reversal is merely
a timing effect. Refer to paragraph below under specification
of tax losses carried forward for further description.
Uncertain tax positions and potential tax exposures are
analysed individually and, the best estimate of the probable
amount for liabilities to be paid (unpaid potential tax exposure
amounts, including penalties) and assets to be received
(disputed tax positions for which payment has already been
made), are recognised within current tax or net deferred tax as
appropriate.
The Group recognised an income tax expense of NOK -132
million (-303) in 2022. The difference between the Group\u2019s
actual tax expense and a calculated tax expense based on the
Norwegian tax rate of 22% is mainly due to different tax rates
in the jurisdictions in which the companies operates,
withholding taxes paid on dividends, currency effects, effects
from non-recognised tax losses and revised assessment of
deferred tax assets. Further, the profit/loss from JVs and
associates are reported net after tax which also impacts the
effective tax rate. The effective tax rate is also impacted by
non-recognised deferred tax asset related to the impairment
of the assets in Ukraine.
The underlying tax rates in the companies in operation are in
the range of 0% to 33%. In some markets, Scatec receives
special tax incentives intended to promote investments in
renewable energy. The effective tax rate has been and will be
impacted by the volume of construction activities as the tax
rate in the construction companies normally is higher than in
the power plant companies. This means that the full tax
expense on the internal profit will not be eliminated and hence
increases the effective tax rate during construction. The
opposite effect will occur when the eliminated internal profit is
reversed through lower depreciation at the tax rate of the
power plant company.
NOK million
2022
2021
Tax payable
-197
-84
Change in deferred tax
108
-232
Withholding tax
-45
-49
Adjustments of tax concerning previous years
1
63
Income tax expense
-132
-303
Reconciliation of Norwegian nominal tax rate to effective tax
\u00a0
rate
Profit before income tax
-1,095
759
Nominal tax rate (22%)
\u00a0
241
-167
Permanent differences
\u00a0
-28
-25
Tax rate different from Norwegian rate
-39
-5
Current tax on dividend received and withholding tax
-45
-49
Valuation allowance loss carried forward
-248
-177
Adjustments of tax concerning previous years
-
-
Share of net income from associated companies
165
168
Non-recognised tax effects from impairment in Ukraine
-175
-
Use and capitalisation of previously unrecognised losses carried forward
14
9
Other items
-27
-11
Currency translation
\u00a0
11
-46
Calculated tax expense
-132
-303
Effective tax rate
NA
40%
The Group has NOK 9,845 million (7,514) of tax losses carried
forward. The balances are offset against taxable temporary
differences within the same fiscal authority.
\u00a0
In Norway a net deferred tax asset balance of NOK 226 million
is recognised which is primarily related to tax losses carried
forward (NOK 251 million) and partly offset by other temporary
differences.
In South Africa a net deferred tax asset of NOK 73 million is
recognised. The difference between net position and deferred
tax asset related to tax losses carried forward (NOK 753
million) is mainly due to offsetting temporary differences on
property, plant and equipment.
\u00a0
Net deferred tax asset balance in Ukraine is NOK 58 million
and is related to tax losses carry forward (NOK 369 million)
offset by the increased deferred tax liability on property, plant
Net deferred tax liability in Egypt of NOK 309 million is
primarily related to temporary differences on property, plant
and equipment as well as on the financial instruments.
The losses carried forward in countries with power plant assets
are mainly related to accelerated depreciation rates for power
plant assets compared to the accounting depreciations which
are determined by the useful life of the assets. The increase in
losses carried forward for the Group in 2022 mainly derives
from losses in Ukraine entities and in Scatec ASA.
\u00a0
We
assessed the probability of utilising the tax losses in all
countries where tax losses were recognised to ensure that tax
losses are recorded to the extent that the Group expects there
will be sufficient future taxable profits available to utilise the
losses. At year-end 2022 the Group has recorded a valuation
allowance of NOK -458 million (-530) related to tax losses
carried forward which are not expected to be used to offset
future taxable income. The valuation allowance is recognised
in Norway (NOK 203 million), Egypt (NOK 166 million),
Malaysia (NOK 40 million) and in other countries.
The tax losses in Egypt and Jordan can be carried forward for
5 years while losses in Netherlands can be carried forward
indefinitely. The Group had at the end of 2022 capitalised
approximately NOK 6 million (6) in deferred tax asset related
to deferred interest expenses, which can be carried forward for
10 years until 2027 in Norway. All other tax losses in the group
can be carried forward indefinitely.
Diluted earnings per share is affected by the option programme for equity-settled share-based payment transactions, refer to Note 4
Employee benefits. There is no diluted effect on earnings per share in case of loss.
Note 8 Earnings per share
NOK million
2022
2021
Profit/(loss) attributable to the equity holders of the company and for the purpose of diluted shares
-1,334
388
Weighted average number of shares outstanding for the purpose of calculating basic earnings
\u00a0
per share
158.9
158.8
Earnings per share for income attributable to the equity holders of the company - basic
\u00a0
(NOK)
-8.40
2.45
Effect of potential dilutive shares:
\u00a0
Weighted average number of shares outstanding for the purpose of calculating diluted
\u00a0
earnings per share
158.9
159.7
Earnings per share for income attributable to the equity holders of the company - diluted
\u00a0
(NOK)
-8.40
2.43
Power plants in operation
\u00a0
The initial cost of an asset comprises its purchase price or
construction cost, any costs directly attributable to bringing the
asset into operation, the initial estimate of an asset retirement
obligation and, for qualifying assets, borrowing costs incurred in
the construction period. All other borrowing cosats are
recognised in the profit or loss in the period in which they incur.
Maintenance expenses are recognised in the statement of profit
or loss as incurred. Replacement of damaged components is
accounted for as an impairment with capitalisation of the
replacement cost as a new item of PPE.
Depreciation of a power plant commences when the plant is
ready for management\u2019s intended use, normally at the date of
grid connection and commissioning.
Power plants under development
\u00a0
Expenses relating to research activities (project opportunities) are
recognised in the statement of profit or loss as they incur.
Expenses relating to development activities (project pipeline and
backlog) are capitalised to the extent that the project is technically
and commercially viable and the Group has sufficient resources to
complete the development work.
Expenses that are capitalised include the costs of materials, direct
wage costs and other directly attributable expenses.
Other fixed assets
Other fixed assets mainly include office lease, fixtures and
equipment. For accounting principles related to right to use lease
assets, details are provided in Note 11 Leases.
Asset retirement obligations
Asset retirement costs is recognised when the Group has an
obligation to dismantle and remove a power plant and to restore
the site on which it is located. Expenditures related to asset
retirement obligations are expected to be paid in the period
between 2030 and 2046.
Estimated useful life of power plants
The estimated useful lives of power plants are reviewed on an
annual basis and changes in useful lives are accounted for
prospectively.
In most of these markets the sale of electricity depends on having
a PPA,
\u00a0
hence, the length of the PPA is deemed to be the critical
factor for determine useful life. The power plants currently in
operation have 15 to 25 years off-take agreements. Whether or
not these agreements will be extended is not currently known.
Technical useful life for the power plants is deemed to be at least
30 years, a factor also considered when assessing depreciation
\u00a0
period. The assessment is made on a plant by plant basis, and
most of the Group\u2019s power plants are depreciated over the length
of the PPA.
\u00a0
Existing Ukrainian regulation allow to choose to sell
electricity under a PPA agreement or directly in the electricity
spot market, thus the solar plants in Ukraine are not dependent
on an PPA agreement
\u00a0
and will be able to sell produced electricity
in the existing electricity spot market in the country during
\u00a0
and/or
after expiry of the current PPA contracts. There are no limitations
on the terms and validity of the market energy sales agreements.
Consequently, the Group has revised the estimated useful life of
its five solar plants in Ukraine from 25 to 30 years per 31
December 2022. This change in estimate will be applied
prospectively from 1 January 2023 and will not result in any
restatement to the current or prior year consolidated financial
statements.
Capitalisation of development costs
\u00a0
Expenses relating to development activities (project pipeline and
backlog) are capitalised to the extent that the project is technically
and commercially viable and the Group has sufficient resources to
complete the development work. The assessment of project
viability is based on completion of key development activities and
includes management judgment.
\u00a0
The carrying value of development projects that have not yet
reached the construction phase was NOK 232 million (364) at 31
December 2022.
NOK million
Power plants
under
development
and construction
Other fixed assets
Total
Accumulated cost at 1 January 2022
18,026
698
316
19,040
Additions
141
1,783
62
1,986
Transfers
233
-233
-
-
Disposals
-
-45
-
-45
Effect of movements in foreign exchange rates
1,427
48
36
1,511
Accumulated cost at 31 December 2022
19,828
2,250
414
22,492
Accumulated depreciation and impairment losses at 1 January
\u00a0
2022
2,918
116
118
3,152
Depreciation for the year
818
-
46
864
Impairment losses
742
113
19
872
Effect of movements in foreign exchange rates
264
22
4
291
Accumulated depreciation and impairment losses at 31 December 2022
4,743
251
186
5,179
Carrying amount at 31 December 2022
15,083
1,997
229
17,310
Estimated useful life (years)
\u00a0
20-25
N/A
3-5
Accumulated cost at 1 January 2021
15,938
2,142
290
18,370
Additions
620
435
10
1,065
Transfers
1)
1,572
-1,856
18
-266
Disposals
-
-2
-10
-12
Effect of movements in foreign exchange rates
-103
-21
8
-116
Accumulated cost at 31 December 2021
18,026
698
316
19,040
Accumulated depreciation and impairment losses at 1 January
\u00a0
2021
2,173
46
82
2,301
Depreciation for the year
766
-
37
803
Impairment losses
6
70
-
76
Accumulated depreciation and impairment losses disposals
-
-
-3
-3
Effect of movements in foreign exchange rates
-26
-1
3
-24
Accumulated depreciation and impairment losses at 31 December 2021
2,918
116
118
3,152
Carrying amount at 31 December 2021
15,106
580
198
15,885
Estimated useful life (years)
\u00a0
20-30
N/A
3-5
1) NOK 266 million of Transfer of assets relates to reclassification of concept assets for Release and right to transmit
\u00a0
electricity from PPE to intangible assets in 2021. Of the NOK 266 million, approximately NOK 90 million are
additions in 2021. Refer to note 10.
Asset retirement obligations
Scatec\u2019s future asset retirement obligation depends on several
factors such as the possible existence of a power market for the
plants after the end of the PPA, future recycling arrangements
and/or their second-hand value, future value of steel and copper
as well as future development of interest and currency exchange
rates. The calculation of the asset retirement obligation includes
significant judgment and is done on a plant-by-plant basis, taking
into consideration relevant project specifics.
Note 10 Goodwill and other intangible
assets
The Group\u2019s goodwill is associated with the acquisitions of
Solar competence GmbH in 2007 and SN Power in 2021.
\u00a0
The Group had no other intangible assets with an indefinite
useful life than goodwill as of 31 December 2022 and 2021.
The Group\u2019s Other intangible assets consist of renewable
operating license, right to transmit electricity, software and
internally developed asset related to the Release concept with
a finite useful life. The estimated useful life of intangible assets
with a finite lifetime are reviewed on an annual basis, and are
amortised over 3-25 years.
In 2022, the Group impaired NOK 74 million of other
intangible assets in Ukraine related to
the right to transmit
electricity for the power solar plants.
\u00a0
No impairment charges
were recognised in 2021 related to intangible assets. Please
refer to Note 12 Impairment testing.
NOK million
Goodwill
intangible assets
Total
Accumulated cost at 1 January 2022
321
492
813
Effect of movements in foreign exchange
35
33
68
Accumulated cost at 31 December 2022
357
525
889
Accumulated depreciation and impairment losses at 1 January
\u00a0
2022
-
16
16
Depreciation for the year
-
26
26
Impairment losses
-
74
74
Effect of movements in foreign exchange
-
8
8
Accumulated depreciation and impairment losses at 31 December 2022
-
124
124
Carrying amount at 31 December 2022
357
401
758
Accumulated cost at 1 January 2021
25
20
45
Additions
290
198
488
Transfer
1)
-
266
266
Effect of movements in foreign exchange
6
8
14
Accumulated cost at 31 December 2021
321
492
813
Accumulated depreciation and impairment losses at 1 January
\u00a0
2021
-
5
5
Depreciation for the year
-
11
11
Accumulated depreciation and impairment losses at 31 December 2021
-
16
16
Carrying amount at 31 December 2021
321
476
797
Estimated useful life
N/A
3-25
1) NOK 266 million relates to reclassification of assets related to the Release concept and
\u00a0
right to transmit electricity from Property, plant and equipment to Intangible assets
There is considerable estimate uncertainty associated to the
value of intangible assets. Please refer to Note 12 Impairment
testing for assessment of recoverable amount.
NOK million
Land
Office & cars
Total
Right-of-use asset at 1 January 2022
138
90
228
Additions
67
21
88
Depreciation for the year
-10
-25
-36
Effect of movement in foreign exchange and other changes
8
14
21
Right-of-use asset at 31 December 2022
202
98
301
NOK million
2022
2021
Lease liability at 1 January
246
262
Lease agreements entered into during the year
65
18
Lease payments made during the year
-46
-41
Interest expense on lease liabilities
18
15
Effect of movement in foreign exchange and other changes
30
-8
Lease liability at 31 December
313
246
NOK million
2022
2021
Operating expenses
Short term- low value and variable
\u00a0
lease payment expenses
-41
-39
Depreciation expenses
Depreciation of right-of-use assets (land lease)
-10
-8
Depreciation of right-of-use assets (office lease and other)
-25
-23
Total depreciation
-36
-31
Financial expenses
Interest expense on lease liability
-18
-15
Total lease expense in the income statement
-94
-85
NOK million
2022
2021
Assets
Right-of-use assets - land lease
202
138
Right-of-use assets - office lease and other
\u00a0
98
90
Total right-of-use assets
301
228
Liabilities
Non-current liabilities
\u00a0
Lease liabilities (see Note 17 Other non-current and current liabilities)
270
206
Current liabilities
Lease liabilities (see Note 17 Other non-current and current liabilities)
43
39
Lease liabilities included in the balance sheet
313
246
NOK million
2022
2021
Cash flow from operating activities
Short-term and variable lease payments
41
39
Cash flow from financing activities
Payments of principal portion on lease liabilities
26
26
Interest paid on lease liabilities
20
15
NOK million
2022
2021
One year
38
38
One to two years
42
31
Two to three years
37
28
Three to four years
36
28
Four to five years
34
27
More than five years
315
206
Total undiscounted lease liabilities
501
358
Lease liabilities included in the balance sheet
313
246
The land lease portion of the Right-of-use asset is presented under \u201cpower plants\u201d and \u201cPower plants under development and
construction\u201c in note 9, while the office lease portion of the Right-of-use asset is presented under the line \u201cOther fixed assets\u201d.
Accounting
\u00a0
principle
\u00a0
The group primarily leases office and land where the power
production plants are located, accounted for in accordance
with IFRS 16.
\u00a0
IFRS 16 requires a lessee to account for lease
contracts by recognising a liability representing the future
lease payments, and an asset representing the right to use the
The Group applies the recognition exemptions and recognises
the lease payments as other operating expenses in the
statement of profit or loss for leases of low value and leases
with lease term less than 12 months.
\u00a0
The future lease payments includes fixed lease payments and
variable lease payments that depends on an index or a rate.
The Group does not include variable lease payments
dependent on future events in the lease
liability. Instead, the
Group recognises these costs in profit or loss in the period in
which the event that triggers those payments occurs. Land
leases where the lease payment is based on power production
have been excluded from the liability measure.
Estimation
\u00a0
uncertainty
\u00a0
When calculating the lease liability and the right-of-use asset,
the discount factor is a significant estimate. In the absence of
an identifiable discount rate, implicit in the lease agreement,
the discount rate used is the Group\u2019s incremental borrowing
rate. The incremental borrowing rate has been estimated by
each subsidiary on an individual basis. For power producing
entities, the interest rate on the non-recourse loans has been
central when estimating the incremental borrowing rate. For
other subsidiaries, non-secured debt has been used as a
benchmark for the discount rate.
\u00a0
Several of the Group\u2019s lease agreements contain options to
extend the lease agreement beyond the contractual lease
term. As the extension period is 20-25 years ahead for land
leases it is uncertain whether the option will be exercised. The
Group has evaluated all these options, but it\u2019s not deemed
reasonably certain that the Group will exercise the options,
and hence, the period covered by these options has not been
included in the lease liability. The Group reevaluate the options
on a continuously basis.
The Group assesses property, plant and equipment for
impairment whenever events or changes in circumstances
indicate that the carrying value of an asset may not be
recoverable.
\u00a0
Goodwill and intangible assets with an indefinite
useful life are tested for impairment annually or more
frequently if there are circumstances indicating that the
carrying amount may be impaired. The recoverable amount is
the higher of the assets fair value less costs to sell and its value
An impairment loss is recognised when an asset or cash
generating units carrying value exceeds the recoverable
amount.
Per 31 December 2022 and 2021, the Group had no intangible
assets with indefinite useful life other than goodwill.
Estimation
\u00a0
uncertainty
\u00a0
Factors which trigger impairment testing include, but is not
limited to, political changes, macroeconomic fluctuations,
changes to the Group\u2019s strategy, project delays,
underperforming, changes to tariffs and similar. Value in use
calculation is based on a discounted cash flow model. The
future cash flows include a number of estimates and
assumptions, including future market conditions, discount rates
and estimated useful life and others. Climate risks such as
more extreme weather and changes to the market for
renewable energy may impact the future cash flows. The
estimates are based on the Group\u2019s budgets and long-term
outlooks approved by management. The recoverable amount
is sensitive to changes in discount rate, expected production
rates, demand and price forecasts
\u00a0
for power assets with
variable income.
The Group monitors changes in government legislation related
to climate matters on a continuous basis. Legal changes may
impact key assumptions in the value in use calculations in
future periods.
Impairment
\u00a0
test
\u00a0
\u2013 plants
\u00a0
in operation
\u00a0
Tests for impairment have been performed for CGUs with
mandatory annual tests and the CGUs where impairment
indicators have been identified. The recoverable amount for
these units have been determined estimating the value in use
of the assets
\u00a0
and comparing against the carrying value of the
Impairment indicators were identified during 2022 for Scatec\u2019s
five solar plants in Ukraine triggered by Russia\u2019s invasion on 24
February 2022. The situation in Ukraine at the end of
December 2022 is still very challenging and highly uncertain,
and Scatec's top priority is the safety of our Ukrainian
employees. The outcome of the situation and the impact of
Scatec\u2019s assets are highly uncertain.
Per 31 December 2022, approximately 95 percent of the power
plants are intact and available, but power demand is down,
and production is being curtailed by the grid operator on an
ad hoc basis. For the months after the invasion the Ukrainian
off-taker has approximately paid 42% of the revenues
generated on the defined Feed-in-Tariff for Scatec\u2019s assets.
The payments levels have increased during the year and the
payment level in November and December were 83% and
In the fourth quarter
\u00a0
2022, the impairment tests from the first
quarter 2022 were updated with new information on cash flow
assumptions and WACC. Three scenarios have been assessed
and weighted to arrive at the value in use for the solar power
plants. The main assumptions used in the impairment test
were:
Future cash flows:
The solar power plants in Ukraine operate
under 10-years Feed-in-Tariffs (tariff) which all end in 2029. For
the cash flow periods after 2029, the estimates are based on
available power market data and Scatec\u2019s long-term power
In a best-case scenario, we assume a continued reduction in
government payment for the power produced with a 65%
payment level in 2023 before the situation stabilises and return
to normal level from the beginning of 2024. The revenues not
paid for 2022 and 2023 are assumed to be deferred and paid
in 2024 and 2025. In a mid-case scenario, it is assumed cash
flow to be reduced also in 2024-2026 with a 65% payment
level before we return to normal level of cash flows from the
beginning of 2027. In a worst-case scenario, no future
revenues are assumed. The three scenarios have been equally
weighted to reflect the high uncertainty on the impact of
Scatec\u2019s assets in Ukraine.
\u00a0
Discount rate:
\u00a0
The value in use calculations include significant
estimate uncertainty, which has been reflected in the future
cash flow assumptions and estimates and not in the discount
The after-tax discount rate applied in on the cash flows was
8.7%. This corresponds to the average pre-tax discount rate of
9.4%.
The result of the analysis above equals an impairment
assessment including pre-war cash flows discounted at a
WACC approximately at 18.4%.
\u00a0
Sensitivity:
\u00a0
The value in use calculation is sensitive to changes
in discount rate. Sensitivity analysis shows that an increase in
the discount rate of 1% would results in an increased
impairment charge of NOK 170 million, assuming all other
factors remain unchanged. The sensitivity analysis is for
indicative purposes only.
Impairment:
\u00a0
A total impairment charge of NOK 816 million was
recognised in the first quarter, whereof NOK 742 million
related to solar power plants and NOK 74 million related to
intangible assets. Intangible assets in Ukraine relate to right to
transmit electricity for the solar power plants. The recoverable
amount for the solar power plants and intangible assets in
Ukraine were NOK 2,107 million as per 31 December 2022.
\u00a0
NOK million
Power plants
Intangible
assets in
Total
31 December 2022
2,681
242
2,923
-742
-74
-816
Recoverable amount at
\u00a0
31 December 2022
1,939
168
2,107
Scatec has secured Political Violence Insurance (PVI) in Ukraine
which covers physical damage of the power plants up to a
predetermined amount. The insurance covers the replacement
value for rebuilding the power plants as well as for business
interruptions for 12 months for Rengy and Progressovka. As
communicated in the first quarter 2022 report,
\u00a0
the Political
Violence Insurance for Boguslav, Kamianka and Chigirin
expired on 31 May 2022. Given the uncertainty in Ukraine,
(international) insurance markets are no longer able to provide
this cover going forward, hence Scatec has not been able to
renew the Political Violence Insurance for these assets. This
means that if Scatec suffered war related damages at these
sites, this would no longer be covered by (PV) insurance.
For information related to revenues and receivables refer to
Note 3 Operating segments, Note 22 Non-recourse financing
for financing commitments, covenants and guarantees and
Note 14 for cash in this report.
\u00a0
Impairment
\u00a0
test
\u00a0
\u2013 development
\u00a0
projects
\u00a0
In 2022 Scatec impaired NOK 132 million related to
discontinued development projects
\u00a0
in Lesotho, Mali,
Bangladesh and India.
\u00a0
Annual
\u00a0
mandatory
\u00a0
impairment
\u00a0
test -
\u00a0
goodwill
\u00a0
The goodwill of the Group mainly relates to the acquisition of
SN Power AS in 2021 (NOK 331 million). The goodwill relates to
the portfolio of identified project development opportunities
and assembled workforce. Consequently, the goodwill is
allocated to and tested for impairment on the global
Development & Construction operating
\u00a0
segment. The goodwill
has been tested for impairment with the following key
assumptions and estimates:
Discount rate:
The discount rates are based on the Weighted
Average Cost of Capital (WACC) methodology. The discount
rate used in the impairment calculations represent the current
market assessment of the risks specific to a group of CGUs,
taking into consideration any individual risks of the underlying
assets that have not been incorporated in the cash flow
estimates. Discount rates used in the value in use calculation is
based on a discount rate after tax
The pre-tax discount rate applied in 2022 is 7.4%.
\u00a0
Future cash flows:
The recoverable amount has been
determined based on the value in use calculations. The
estimated cash flows correspond to the business plan a five-
year period, which is based on the Group\u2019s project backlog
and pipeline. The business plan is approved by the Board of
Directors. Cash revenues have been calculated based on
estimated project volumes and an average margin related to
project execution. Cash expenses have been calculated based
on budgeted operating expenses attributable to project
execution activities. To the best of management\u2019s judgement,
capital expenditure and changes in working capital are
insignificant in relation to this calculation and are therefore
excluded. The discounted free cash flows exceed the carrying
amount and the asset is not impaired.
Sensitivity:
The Group is of the view that no reasonably likely
change in the key assumptions listed above would cause the
carrying value to materially exceed the recoverable amount for
any of the CGUs. An increase in WACC
\u00a0
by 2 percentage point
would not lead to impairment loss.
The Group has not recognised any impairments related to
goodwill in 2022 or 2021 as the recoverable amounts exceed
the carrying amount.
Note 12 Impairment testing
Impairments
Power plants and projects under development/ construction are
tested for impairment to the extent that indicators of impairment
exist, please refer to Note
12 Impairment testing
During 2022, the Group impaired NOK 742 million related to
solar power plants in Ukraine and NOK 132 million (76) related to
discontinued development projects.
Note 13 Investments in joint venture and associated companies
2022
NOK million
Philippines
Uganda
Laos
Other
Revenues
4,010
1,234
1,257
681
Operating expenses
-407
-93
-169
-156
Operating profit/(loss)
1,576
877
842
109
Net financial items
\u00a0
-224
45
-16
126
Profit before income tax
1,352
923
826
236
Income tax
-197
-6
-123
95
Profit/(loss) after tax
1,155
917
703
331
Scatec\u2019s share of profit/(loss) after tax
579
259
141
179
Amortisaton of excess values (net of tax) - Scatec`s
\u00a0
share
\u00a0
-105
-22
-61
-
Elimination of internal transacitions and internal profit
-2
-82
-1
-136
Net profit/(loss)
472
155
79
42
2022
NOK million
Philippines
Uganda
Laos
Other
7,764
7,825
4,193
6,839
837
269
188
516
Cash and cash equivalents
\u00a0
901
427
744
319
9,501
8,521
5,125
7,674
Non-current liabilities
\u00a0
5,351
5,197
729
1,785
Current liabilities
\u00a0
893
362
792
1,209
Total liabilities
6,243
5,559
1,521
2,994
Total Equity
3,258
2,962
3,604
4,680
Scatec share of equity
1,614
841
722
2,133
Excess value at acquistion date of SN Power
\u00a0
3,319
127
239
-
Excess values from previous acquisitions
1,674
304
979
-
Amortisation of excess values
-182
-44
-146
-
Loan to joint venture as investment
69
-
1
410
Other / foreign currency translation
41
65
26
-14
Elimination of equity investments
-
-
-
-1,504
Net investment in joint venture
6,535
1,292
1,822
1,026
2021
NOK million
Philippines
Uganda
Laos
Other
7,766
7,104
3,973
2,911
497
235
265
125
Cash and cash equivalents
\u00a0
633
419
678
57
8,895
7,758
4,915
3,093
Non-current liabilities
\u00a0
5,528
5,313
1,238
1,918
Current liabilities
\u00a0
829
64
707
445
Total liabilities
6,086
5,377
1,945
2,363
Total Equity
2,808
2,381
2,970
730
Scatec share of equity
1,392
674
594
346
Excess value at acquistion date of SN Power
\u00a0
3,319
127
239
-
Excess values from previous acquisitions
1,674
304
979
-
Amortisation of excess values
-65
-19
-64
-
Loan to joint venture as investment
137
2
-
-
Other / foreign currency translation
-91
14
-115
300
Net investment in joint venture
6,366
1,101
1,632
646
2021
NOK million
Philippines
Uganda
Laos
Other
Revenues
3,582
1,103
1,486
280
Operating expenses
-355
-70
-178
-91
Operating profit/(loss)
1,556
822
1,090
137
Net financial items
\u00a0
-302
-113
28
-130
Profit before income tax
1,254
709
1,118
7
Income tax
-145
-20
-168
18
Profit/(loss) after tax
1,109
689
950
25
Scatec\u2019s share of profit/(loss) after tax
545
195
195
14
-
-
-
SN Power January figures not included in consolidated figures
\u00a0
-86
-47
-17
-
Amortisaton of excess values (net of tax) - Scatec`s
\u00a0
share
\u00a0
-58
-44
-53
-
Elimination of internal transacitions and internal profit
50
34
9
30
Net profit/(loss)
451
138
133
44
The joint ventures in the Philippines are subject to tax reviews by the local tax authorities on a regular basis, and one entity received a
final assessment notice related to the year 2019 of NOK 178 million equivalent (at 31 December 2022) in March 2022. The matter is
disputed, and the amount is not included in net income from JV and associated companies for the year. Under the Share Purchase
Agreement with Norfund, Scatec has secured full indemnity against historical tax claims in the Philippines up until the SN Power
acquisition closing.
\u00a0
Scatec has in Argentina a non-recourse construction financing from Equinor of NOK 614 million (at 31 December 2022) that has been
extended after COD and is due in May 2023. The financing from Equinor is pledged in the shares of the project company. The sponsors
are currently working on different alternatives for the project and expect to find a solution before due date of the financing.
Company
Registered office
2022
2021
Kube Energy AS
Oslo, Norway
25.00%
25.00%
Scatec Solar Brazil BV
Amsterdam, Netherlands
50.00%
50.00%
\u00a0
Apodi I Energia SPE S.A
Quixer\u00e9, Brazil
43.75%
43.75%
\u00a0
Apodi II Energia SPE S.A
Quixer\u00e9, Brazil
43.75%
43.75%
\u00a0
Apodi III Energia SPE S.A
Quixer\u00e9, Brazil
43.75%
43.75%
\u00a0
Apodi IV Energia SPE S.A
Quixer\u00e9, Brazil
43.75%
43.75%
Mendubim Holding B.V.
1)
Amsterdam, Netherlands
33.33%
51.00%
\u00a0
Mendubim Gera\u00e7\u00e3o de Energia Ltda.
1)
Assu, Brazil
33.33%
50.00%
\u00a0
Mendubim (I-XIII) Energia
\u00a0
Ltda.
1)
Assu, Brazil
33.33%
-
Mendubim Solar EPC Ltda.
1)
Assu, Brazil
33.33%
-
Scatec Solar Solutions Brazil B.V.
Amsterdam, Netherlands
50.00%
50.00%
\u00a0
Scatec Solar Brasil Servicos De Engenharia LTDA
Recife, Brazil
50.00%
50.00%
Scatec Equinor Solutions Argentina S.A
Buenos Aires, Argentina
50.00%
50.00%
Cordilleras Solar VIII S.A
Buenos Aires, Argentina
50.00%
50.00%
Theun-Hinboun Power Company
\u00a0
Vientiane, Laos
20.00%
20.00%
SN Aboitiz Power \u2013 Magat Inc
Manila, Phillippines
50.00%
50.00%
Manila-Oslo Reneweable Enterprise
Manila, Phillippines
16.70%
16.70%
SN Aboitiz Power \u2013 Benguet Inc
Manila, Phillippines
50.00%
50.00%
SN Aboitiz Power \u2013 RES Inc
Manila, Phillippines
50.00%
50.00%
SN Aboitiz Power \u2013 Generation Inc
Manila, Phillippines
50.00%
50.00%
SN Power Uganda Ltd.
\u00a0
Kampala, Uganda
51.00%
51.00%
Bujagali Energy Ltd.
\u00a0
Jinja, Uganda
28.28%
28.28%
Compagnie G\u00e9n\u00e9rale D`Hydroelectricit\u00e9 de Volob\u00e9 SA
\u00a0
Antananarivo, Madagascar
12.75%
12.75%
Kigali, Rwanda
20.40%
20.40%
SN Power Africa Ltd
\u00a0
Nairobi, Kenya
51.00%
51.00%
SN Power Invest Netherlands B.V.
Amsterdam, Netherlands
51.00%
100.00%
SN Development B.V.
Amsterdam, Netherlands
51.00%
-
1) Mendubim project structure includes 13 SPVs, EPC and an operating company.
The tables below show the material joint ventures and
associated companies recognised in the Group and the
reconciliation of the carrying amount.
Country
Carrying value 31
December 2021
Additions/
disposals
Net income from
joint venture and
associated
companies
Dividends
Net movement of
cash flow hedges
recognized in OCI
Foreign currency
translations
Carrying value 31
December 2022
Philippines
6,366
-46
472
-402
-
144
6,535
Laos
1,632
1
79
-86
-
195
1,822
Uganda
1,101
-1
155
-182
85
134
1,292
Other
2
\u207e
646
251
42
-
-
87
1,026
Total
9,745
204
749
-669
85
560
10,674
2) Other includes Brazil, Argentina, Rwanda, Madagascar, Kenya, Norway and the Netherlands.
A joint venture or associate is an entity over which the Group
has joint control or significant influence. The Group\u2019s
investments in its associates and joint ventures are accounted
for using the equity method. Under the equity method, the
investment is initially recognised at cost and subsequently
adjusted for further investments, distributions, and the Group\u2019s
share of the net income from the associate or joint venture.
The considerations made in determining significant influence
or joint control are similar to those necessary to determine
control over subsidiaries. Refer to Note
\u00a0
2 Key sources of estimation uncertainty for significant
judgements related to the assessment of whether Scatec
controls an entity. There is also considerable estimate
uncertainty associated with the estimation of the excess values
included in the net investment in joint venture and associated
companies. The excess values mainly relate to water rights,
and the estimated useful life of the water rights are reviewed
on an annual basis and amortised over the remaining
concession period.
Note 14 Cash and cash equivalents
NOK million
2022
2021
Distributions received by Scatec ASA from the power plant companies
1,231
1,603
Cash flow to equity D&C
1)
-149
-164
Cash flow to equity Services
1)
58
60
Cash flow to equity Corporate
1)
-347
-252
Working capital/other
16
-556
Cash flow from operations
809
691
Capitalised expenditures and Scatec\u2019s share of equity investments in projects under development
-454
-307
Scatec's share of equity investments in projects under construction
\u00a0
-543
-564
Net cash considerations from purchase of SNP
-
-3,262
Cash flow from investments
-996
-4,132
Dividend distribution to Scatec ASA shareholders
-404
-173
Cash flow from financing
-404
-173
Change in cash and cash equivalents
-592
-3,615
Free cash at beginning of period
2,335
5,949
Free cash at end of period
1,743
2,335
Available undrawn credit facilities
1,827
1,632
Total free cash and undrawn credit facilities at the end of period
3,570
3,967
1) Proportionate share of cash flow to equity is defined in Alternative Performance Measures Appendix
Cash and cash equivalents
\u00a0
NOK million
2022
2021
Cash in power plant companies in operation
\u00a0
2,057
1,711
Cash in power plant companies under development
\u00a0
/ construction
109
34
Other restricted cash
223
91
Free cash
1,743
2,335
Total cash and cash equivalents
4,132
4,171
Cash in power plant companies in operation includes free
cash, restricted cash in proceeds accounts, debt service
reserve accounts, disbursements accounts, maintenance and
insurance reserve accounts and similar. These cash and cash
equivalents are only available to the Group through
distributions as determined by shareholder and non-recourse
financing agreements.
\u00a0
Cash in power plant companies under development
construction
comprise shareholder financing and draw down
on loan facilities to settle outstanding external EPC invoices.
Other restricted cash comprises restricted deposits for
withholding tax, guarantees, VAT and rent, NCI\u2019s share of free
cash as well as collateralised shareholder financing of power
plant companies not yet distributed to the power plant
companies.
Accounting
\u00a0
principle
Cash includes cash in hand and at bank. Cash equivalents are
short-term liquid investments that can be immediately
converted into a known amount of cash and have a maximum
term to maturity of three months. Restricted cash is cash
reserved for a specific purpose and therefore not available for
immediate and general use by the Group. Refer to Note 21
Financial instruments by category for the accounting principles
for financial instruments.
Cash and cash equivalents
\u00a0
NOK million
2022
2021
Cash in power plant companies in operation
\u00a0
2,057
1,711
Cash in power plant companies under development
\u00a0
/ construction
109
34
Other restricted cash
223
91
Free cash
1,743
2,335
Total cash and cash equivalents
4,132
4,171
Cash in power plant companies in operation includes free
cash, restricted cash in proceeds accounts, debt service
reserve accounts, disbursements accounts, maintenance and
insurance reserve accounts and similar. These cash and cash
equivalents are only available to the Group through
distributions as determined by shareholder and non-recourse
financing agreements.
\u00a0
Cash in power plant companies under development
construction
comprise shareholder financing and draw down
on loan facilities to settle outstanding external EPC invoices.
Other restricted cash comprises restricted deposits for
withholding tax, guarantees, VAT and rent, NCI\u2019s share of free
cash as well as collateralised shareholder financing of power
plant companies not yet distributed to the power plant
companies.
Refer to Note 21 Corporate Financing for further information on credit facilities.
Currency
Denominated
currency value
(million)
Maturity
Carrying value 31
(NOK million)
Carrying value 31
(NOK million)
Green Bond (Ticker: SCATC03 NO0010931181)
EUR
250
Q3 2025
3M EURIBOR + 2,50%
2,625
2,475
Total unsecured bonds
\u00a0
2,625
2,475
Green Term Loan
USD
150
Q1 2025
1,481
1,323
Bridge to Bond
USD
193
Q1 2024
1,906
1,702
Total secured acquisition financing
3,387
3,025
Vendor Financing (Norfund)
USD
200
Q1 2028
1,975
1,764
Total unsecured acquisition financing
1,975
1,764
Revolving credit facility
\u00a0
USD
180
Q1 2024
-
-
Overdraft facility
USD
5
-
-
Total secured back-stop bank facilities
-
-
7,987
7,264
7,987
7,264
-
-
Trade receivables are recognised for unconditional amounts due from the customer. Accrued income represents contract assets related
to energy production in the last month of the year, which is invoiced in January the
\u00a0
following year. Trade receivables are measured at
the transaction price determined under IFRS 15.
The assessment of whether there is objective evidence that trade receivables is impaired is conducted based on the expected credit loss
(ECL) approach. Under the approach, lifeatime expected credit loss is recognised based on forward-looking information about possible
default events. Information on credit risk and foreign exchange risk regarding trade receivables used in the ECL assessment is provided
in Note 18 - Financial risk management.
Note 15 Trade
\u00a0
receivables
NOK million
2022
2021
Trade receivables
384
557
Accrued income and other receivables
210
183
Impariment for expected credit loss
\u00a0
(98)
-
Total trade and other receivables
497
740
NOK million
Total
Not due
Overdue
2022
384
278
105
2021
557
306
251
Overdue
NOK million
Less than 30 days
30 - 60 days
60 - 90 days
More than 90 days
Total
2022
14
10
11
71
105
2021
10
26
18
198
251
Expected credit loss is assessed on an individual instrument basis. There is no evidence of change in credit risk for the performing trade
receivables which cover all the outstanding amounts, except for the trade receivables in Ukraine and Honduras. The overdue receivables
are mainly related to sale of electricity from power plants in Ukraine and Honduras. In all other countries, there are no indications that
the off-takers will not be able to meet their payment obligations, and hence no expected credit loss impairment have been recognised.
Ukraine
On 28 March 2022 the Ministry of Energy of Ukraine issued an Order to reduce the amounts paid to the renewable power producers to
15% of the agreed tariff to cover for operating expenses for the duration of the martial law. On 29 June 2022 the Ministry
\u00a0
of Energy
issued a new
order which increased the payment level from a minimum of 15% to a minimum of 18% after 2 July 2022. The unpaid
amounts are postponed to a later period. Due to the uncertainty related to future settlement, Scatec has from 24 February
\u00a0
2022 only
recognised revenues in accordance with actual paid amounts and expect to do so until the new regulation is lifted. The payments levels
have increased during the year and reached 66% in the fourth quarter
\u00a0
2022. From 24 February 2022 until end of 2022, the average
payment level from the off-taker has been 42%.
Due to the high uncertainty related to future settlement of trade receivables and other receivables related to the period prior to the
war, Scatec has made an expected loss impairment of NOK 98 million as of 31 December 2022.
The impairment is included in other
operating expenses in the 2022 figures. Total outstanding receivables in Ukraine has during 2022 decreased from NOK 390 million to
NOK 167 million in the consolidated financials, due to payments of trade receivables from the period before the war and changes in
other receivables.
Honduras
Scatec has also experienced increased delays in payments from the state-owned off-takers of power in Honduras. Overdue payments
have accumulated in Honduras to a varying degree since the second quarter
\u00a0
of 2020. At the end of 2022, the total accumulated
overdue receivables amounted to NOK 66 million (NOK 153 million) after settlement of NOK 214 million in outstanding amounts in
In May 2022, a new Energy law came into force as introduced by the new Government of Honduras. In accordance with the new law,
the state owned off-taker has proposed certain changes to the existing PPAs and settlement of outstanding receivables. Part of the
outstanding receivables was settled in 2022, and the remaining amount is, based on the ongoing negotiations,
\u00a0
expected to be settled
and risk related to remaining amount is therefore deemed limited
.
Payments are secured by sovereign guarantees and no expected
credit loss impairment has hence been recognised
NOK million
2022
2021
Loan to non-controlling interest
-
1
Other non-current investments
\u00a0
125
32
Non-current derivative financial assets (ref Note 20)
375
26
Other non-current receivables
116
151
Total other non-current assets
\u00a0
616
210
Note 16 Other non-current and current assets
NOK million
2022
2021
Prepayments related to assets under development/construction
1336
22
Receivables from public authorities/prepaid taxes, VAT etc
235
393
Current derivative financial assets (ref Note 20)
21
0
Other receivables and prepaid expenses
292
320
Total other current assets
1883
734
Prepayments related to assets under development and construction
The prepayments
\u00a0
relates to
\u00a0
the ongoing
\u00a0
construction projects
\u00a0
in South
\u00a0
Africa and
\u00a0
Brazil. The
\u00a0
balance comprises
\u00a0
upfront payments
\u00a0
of
project costs under the EPC-contracts.
Note 17 Other non-current and current liabilities
NOK million
2022
2021
Shareholder loan from co-investors (ref Note 23)
708
610
Non-current lease liability (ref Note 11)
270
206
Asset retirement obligations (ref Note 9)
475
270
Other long-term provisions and accruals
165
301
Total other non-current liabilities
1,618
1,387
Note 17 Other non-current and current liabilities
NOK million
2022
2021
Accrued expenses related to assets under development/construction
237
237
Public dues other than income taxes
76
44
Accrued interest expenses
\u00a0
112
65
Accrued payroll
75
57
Current lease liability (ref Note 11)
43
39
Deferred income
106
103
Other current liabilities and accruals
457
296
Total other current liabilities
1,106
841
Liabilities related to power production plants reflects both working capital requirements for
\u00a0
development/construction contracts
and cost accruals on completed projects. Accrued interest expenses are related to corporate financing in the parent company.
\u00a0
Asset retirement obligations are provided for in the case where the Group
\u00a0
has a legal obligation to dismantle and remove a
power plant and restore the site on which it is located at a future date. The estimate for the asset retirement cost is capitalized
as part of the carrying value of the power plant and depreciated over the useful life. The estimate is reassessed annually for each
power plant, based on updates in assumptions and key input data. The 2022 reassessment has resulted in an increase from NOK
270 million in 2021 to NOK 475 million in 2022, primarily driven by increases in estimated dismantling costs.
\u00a0
Other interest-bearing liabilities include current and non-current portions of the liability to PowerChina of
\u00a0
NOK 462 million in
total (NOK 231 million in non-current and current other interest-bearing liabilities).
\u00a0
Scatec and PowerChina have signed a revised
payment plan for the construction loan where part of the loan was paid in August 2022 and of the remaining EUR 44 million, EUR 22
million will be paid at the end of 2023 and EUR 22 million by mid-2025. Scatec ASA has provided a corporate and bank guarantee to
PowerChina in support of this obligation. In the third quarter 2022 the construction loan was reclassified from trade payables to other
non-current interest-bearing liabilities. In the fourth quarter, EUR 22
\u00a0
million related to the instalment due in 2023 has been reclassified
from
\u00a0
non-current to current interest-bearing liabilities. Refer to Note 24 Guarantees and commitments for further details.
Note 18 Financial risk management
Through its business activities Scatec is exposed to the
following financial risks:
\u25cf
Market risk (including commodity price risk, currency risk
and interest rate risk)
\u25cf
Liquidity risk
\u25cf
Credit risk
Guidelines for risk management have been approved by the
Board of Directors and are carried out by Scatec\u2019s group
finance department in cooperation with the individual
operational units. The Group\u2019s overall risk management
program focuses on the unpredictability of financial markets
and seeks to minimise potential adverse effects on the Group\u2019s
financial performance. The Group uses derivative financial
instruments to hedge certain risk exposures.
NOK million
Profit (loss)
before taxes
At 31 December 2022
EUR - Net gain/(loss) (5%)
-45
USD - Net gain/(loss) (5%)
3
BRL - Net gain/(loss) (5%)
-4
ZAR - Net gain/(loss) (5%)
-13
MYR - Net gain/(loss) (5%)
-6
EGP - Net gain/(loss) (5%)
-21
UAH - Net gain/(loss) (5%)
-21
Scatec is exposed to various market risks, including fluctuations
in commodity prices, foreign currency rates and interest rates
that can affect the revenues and costs of operating, investing
and financing activities.
Commodity price risk
Scatec\u2019s sales of electricity constitute a material share of its
revenues. As a result, the Group\u2019s business, financial position,
results of operation and cash flow are affected by changes in
electricity prices. The Group seeks to reduce the effect of price
fluctuation by entering into long term, fixed price contracts.
The power plants produce electricity primarily sold under long
term bilateral power purchase agreements (PPAs), with state
owned utilities or corporate off-takers, or under government-
based feed-in tariff schemes. The weighted average remaining
PPA
\u00a0
duration for power plants in operation is 15 years. The
electricity produced from the power plants in the Philippines is
sold on bilateral contracts in the spot market under a
renewable operating license, and as ancillary services.
Some of the off-take agreements entered into do not contain
inflation-based price increase provisions or provisions that only
partially allows for inflation-based increases. Some of the
countries in which the Company operates, or into which the
Company may expand in the future, have in the past
experienced high inflation. The fixed price contracts are
classified as \u201cown use\u201d contracts (with reference to IFRS 9.2.4),
and hence not considered to be in scope of IFRS 9.
\u00a0
The price of electricity is influenced by government support
schemes, the development of the renewable power
production industry and development in prices on other
sources of electricity. Transitional climate risk related to new
technology and change in power markets is expected to affect
power prices. This includes development in cost and efficiency
of renewable energy technologies.
\u00a0
A decline in the costs of other sources of electricity and
primary energy sources, such as fossil fuel or nuclear power,
could reduce the wholesale price of electricity. A significant
amount of new electricity generation capacity becoming
available could also reduce the wholesale price of electricity.
Broader regulatory changes to the electricity market, such as
climate related regulations, changes to energy trading,
allocation of transmission cost and grid capacity
, could have
an impact on electricity prices. A decline in the market price of
electricity could materially adversely affect the financial
attractiveness of new projects.
Currency risk
Scatec operates internationally and is subject to currency
exposure when transactions and monetary balances are
denominated in currencies other than the functional currency.
\u00a0
For the Group\u2019s power plant entities, currency risk is managed
based on functional currency and expected cash flows. This is
done through the setup of the SPVs with natural hedges
where non-recourse financing, revenue and other transactions
to a large extent is denominated in the same currency.
Construction revenues, cost of sales and gross profit may be
subject to significant currency fluctuations. However, multi-
currency construction contracts contribute to a natural hedge
of cost of sales. To the extent that the Group hedges foreign
currency exposure, it is based on cash flow considerations and
not with regards to foreign currency translation effects in the
financial statements.
The Group is also exposed to currency fluctuations with
regards to dividend payment from the operating companies
and dividend payment to the shareholders of the parent
company. The general policy of the Group is not to hedge
foreign currency exposure on long term cash flows from the
companies operating the power plants.
As the Group reports its consolidated results in NOK, any
change in exchange rates between NOK and functional
currencies for the reporting entities, which mainly are USD,
ZAR, EUR, MYR, BRL, CZK, PHP and VND, affects the
consolidated statements when the results of those reporting
entities are translated into NOK.
The sensitivity analysis shows the profit and loss effect of
reevaluation of monetary items due to changes in currencies
the Group is exposed to. The sensitivities have been calculated
based on what Scatec views to be reasonably possible changes
in the foreign exchange rates for the coming year and net
balances in different currencies as of 31 December 2022.
Scatec is exposed to interest rate risks through funding and
cash management activities. The interest rate risk management
objective is to keep the borrowing costs at a minimum and to
keep the volatility of future interest payments within
acceptable limits. The Group manages its interest rate risk by
either using long-term financing at fixed rates or using floating
to fixed interest rate swaps for either parts or full exposure of
external loans.
Based on the current Group interest bearing debt portfolio,
the interest rate hedge ratio (weighted average) is 62% for the
period 2022-2041. This includes corporate debt of NOK 8.0
billion of which approximately 19% is swapped to fixed rate.
Including the JVs, the interest rate hedge ratio (weighted
average) is 69%.
The interest rate risk on the debt at the power plant level is
predominantly hedged by way of interest rate swaps subject to
hedge accounting, fixed rate loans or inflation rate adjusted
interest following the indexed PPAs. For more information on
the Group\u2019s financial liabilities, refer to Note 21 \u2013 Corporate
Financing and Note 22 \u2013 Non-recourse financing.
The sensitivity analysis shows how profit and loss would have
been affected by changes in unhedged interest rates.
NOK million
At 31
December
2022
At 31
December
2021
At 31 December 2022
1%
1%
Net gain/(loss)
-65
-27
The impact on the profit and loss including the JVs with a
decrease or increase in interest rate of 1% would result in a
gain or loss of NOK 65 million.
Interest rate benchmark reform
\u00a0
Scatec is exposed to the effects of the interest rate benchmark
reform, in which Interbank offered rates (IBORs) will be phased
out and replaced by new reference rates. The Groups
subsidiaries and the parent company currently have several
contracts which reference IBOR rates. Scatec has identified and
implemented necessary changes to contracts that is required
to transition to new reference rates. The 3-month USD Libor
will cease on 30 June 2023 and is to be replace by Secured
Overnight Financing Rate (SOFR). There is no indication that 6-
month KLIBOR and 3-month JIBAR will cease in the near
future.
NOK million
Profit (loss)
before taxes
At 31 December 2021
EUR - Net gain/(loss) (5%)
154
USD - Net gain/(loss) (5%)
24
BRL - Net gain/(loss) (5%)
-
ZAR - Net gain/(loss) (5%)
-2
MYR - Net gain/(loss) (5%)
-6
Liquidity risk is the risk that Scatec will not be able to meet
financial obligations when due. The Group manages liquidity
risk through a regular review of future commitments, cash
flows from operations and credit facilities. Due to the dynamic
nature of the underlying business, the Group maintains
flexibility in funding by maintaining availability under
committed credit facilities. In addition, the Group has available
funding through the USD 180 million Revolving Credit Facility
(RCF) and the USD 5 million Overdraft Facility. Scatec has per
31 December 2022 not drawn on the revolving credit facility or
the overdraft facility.
For information about the Group\u2019s financial liabilities including
maturity, refer to Note 21 \u2013 Corporate Financing, Note 22 \u2013
Non-recourse financing and Note 11 Leases.
In some of the countries where Scatec operates, governments
have imposed regulations on repatriation of funds out of the
country. This may halt or delay flow of funds between group
companies under certain circumstances. Scatec seek to
minimise such risk through assessments of the relevant
jurisdictions and regulations and adapt accordingly.
Scatec\u2019s ability to seek liquidity and comply with financial
obligations is related to the capability to comply with extended
ESG targets and reporting requirements. Transitional climate
risk including new regulations and shifting in global financing
may affect Scatec\u2019s liquidity.
\u00a0
A break-down of free and restricted cash is provided in Note
14 \u2013 Cash and cash equivalents.
Credit risk is the risk that Scatec\u2019s customers or counterparties
will cause financial loss by failing to honour their obligations.
The Group is exposed to third party credit risk in several
instances, including off-take partners who have committed to
buy electricity produced by or on behalf of the Group,
suppliers and/or contractors who are engaged to construct or
operate assets held by the Group, property owners who are
leasing land to the Group, banks providing financing and
guarantees of the obligations of other parties, insurance
companies providing coverage against various risks applicable
to the Group\u2019s assets, and other third parties who may have
obligations towards the Group. Except for the energy sold to
the whole sale market in the Philippines, most of the electric
power generated by the Group\u2019s current portfolio of projects
in operation or under construction is, or will be, sold under
long-term off-take agreements with public utilities or other
partners, or under Feed-in Tariff (\u201cFiT\u201d) arrangements, Power
Purchase Agreements (PPAs)
\u00a0
or similar support mechanisms
governed by law. If, for any reason, any of the counterparties
to these contracts are unable or unwilling to fulfil their
contractual obligations, refuse to accept delivery of power
delivered thereunder or if they otherwise terminate such
agreements prior to the expiration thereof, our assets,
liabilities, business, financial condition, results of operations
and cash flows could be materially and adversely affected. For
the Group\u2019s current projects in operation, the majority of these
are supported by government guarantees or have obligations
regulated by law. However, there is still a risk of legislative or
other political action that may impair their contractual
performance.
The Group\u2019s main credit risks arise from credit exposures with
accounts receivables and deposits with financial institutions.
\u00a0
All major deposits and investments with financial institutions
are kept with entities carrying a minimum international credit
rating from Moodys/ S&P of at least A-.
Theoretically, the Group\u2019s maximum credit exposure for
financial assets is the aggregated statement of financial
position carrying amounts of financial loans and receivables
before expected credit loss provision, as well as cash and cash
equivalents, equaling NOK
\u00a0
6,709 million at 31 December 2022.
Refer to Note 15 \u2013 Trade receivables for information on the
expected credit loss provision related to trade receivables.
Note 19 Financial instruments
NOK million
Measurement category
2022
2021
Assets
Derivatives
Interest rate swap
Fair value \u2013 hedging instruments through OCI
396
26
Debt instruments
Cash and cash equivalents
Amortised cost
4,132
4,171
Trade receivables
Amortised cost
286
557
Other debt instruments and receivables
Amortised cost
451
759
Total financial assets
5,264
5,513
Total current
4,774
5,303
Total non-current
490
210
Liabilities
Interest bearing loans and borrowings
Corporate financing
Amortised cost
7,987
7,264
Non-recourse financing loans
Amortised cost
15,260
11,855
Derivatives
Interest rate swap
Fair value \u2013 hedging instruments through OCI
28
339
Foreign exchange forward contracts
Fair value \u2013 hedging instruments through PL
92
-
Other financial liabilities
Shareholder loan from non-controlling interests
Amortised cost
708
610
Trade and other financial liabilities
Amortised cost
1,285
1,148
Total financial liabilities
25,360
21,217
Total current
3,008
2,114
Total non-current
22,351
19,103
2022
Non-cash changes
NOK million
2021
Cashflows
Foreign
exchange
movement
Fair value
changes
Accrued interest
expense/
Reclassifications
2022
Corporate financing
7,264
(298)
903
-
118
7,987
Non-recourse financing
11,855
1,483
1,049
-
872
15,260
Total liabilities arising from financing activities
19,120
1,185
1,952
-
990
23,247
The table below provides a reconciliation of the movement of liabilities arising from financing activities, disaggregated by cash and non-
cash movements. Please refer to Note 11 Leases for a reconciliation of lease liabilities.
There are no significant differences between total carrying value and fair value for financial instruments measured at amortised
\u00a0
cost.
Note 23 Project financing provided by co-investors
In relation to the structuring and financing of the power plant companies in the Group, financial instruments are issued to both the
controlling and non-controlling interests. Such financing can be both paid-in equity and shareholder loans. Issued capital and
shareholder loans are considered equity instruments if repayment is on the discretion of the power plant company.
At 31 December 2022, the following financing have been granted by co-investors to consolidated power plant companies:
Shareholder loan recognized
NOK million
Country of
incorporation
financing
equity
in equity
as financial
liability
Scatec Solar SA 166 (Pty) Ltd (Kalkbult)
South Africa
54
54
0
0
Simacel 155 (Pty) Ltd (Linde)
South Africa
21
21
0
0
Simacel 160 (Pty) Ltd (Dreunberg)
South Africa
41
41
0
0
Gigawatt Global Rwanda (ASYV)
Rwanda
20
5
15
0
Anwar Al Ardh for Solar Energy Generation PSC (EJRE)
Jordan
91
1
90
0
Ardh Al Amal for Solar Energy Generation PSC (GLAE)
Jordan
43
1
42
0
Producci\u00f3n de Energ\u00eda Solar y Dem\u00e1s Renovables, S.A.
(Agua Fria)
Honduras
265
111
0
155
Los Prados
Honduras
207
207
0
0
Aswan Solar Power SAE (BB1)
Egypt
33
33
0
0
Zafarana Solar Power SAE (ZAF1)
Egypt
89
37
0
52
Red Sea Solar Power SAE (ZAF2)
Egypt
167
33
0
134
Upper Egypt Solar Power (BB2)
Egypt
100
36
0
64
Kom Ombo Renewable Energy SAE (BB3)
Egypt
97
43
0
54
Daraw Solar Power SAE (BB4)
Egypt
79
40
0
40
Egypt Green Hydrogen
Egypt
44
0
0
44
Kamianka / Chysta Energiya
Ukraine
59
1
0
58
Rengy Bioenergy
Ukraine
83
1
0
82
Central Solar de Mocuba, Mozambique
Mozambique
49
29
0
20
Dyason's Klip 1
South Africa
111
111
0
0
Dyason's Klip 2
South Africa
112
112
0
0
Sirius Solar PV Project One
South Africa
110
110
0
0
Helios Power (Private) Limited
Pakistan
14
14
0
1
Meridian Energy (Private) Limited
Pakistan
14
14
0
1
HNDS Energy (Private) Limited
Pakistan
14
14
0
1
Total project financing from co-investors
1,921
1,070
147
708
At 31 December 2021, the following financing have been granted by co-investors to consolidated power plant companies:
Shareholder loan recognized
NOK million
Country of
incorporation
financing
equity
in equity
as financial
liability
Scatec Solar SA 166 (Pty) Ltd (Kalkbult)
South Africa
52
52
0
0
Simacel 155 (Pty) Ltd (Linde)
South Africa
20
20
0
0
Simacel 160 (Pty) Ltd (Dreunberg)
South Africa
40
40
0
0
Gigawatt Global Rwanda (ASYV)
Rwanda
17
5
12
0
Anwar Al Ardh for Solar Energy Generation PSC (EJRE)
Jordan
81
1
80
0
Ardh Al Amal for Solar Energy Generation PSC (GLAE)
Jordan
38
1
37
0
Producci\u00f3n de Energ\u00eda Solar y Dem\u00e1s Renovables, S.A.
(Agua Fria)
Honduras
226
99
0
127
Los Prados
Honduras
192
192
0
0
Aswan Solar Power SAE (BB1)
Egypt
29
29
0
0
Zafarana Solar Power SAE (ZAF1)
Egypt
119
33
0
86
Red Sea Solar Power SAE (ZAF2)
Egypt
98
29
0
68
Upper Egypt Solar Power (BB2)
Egypt
83
33
0
50
Kom Ombo Renewable Energy SAE (BB3)
Egypt
124
38
0
86
Daraw Solar Power SAE (BB4)
Egypt
65
35
0
29
Kamianka / Chysta Energiya
Ukraine
52
1
0
51
Rengy Bioenergy
Ukraine
85
1
0
84
Central Solar de Mocuba, Mozambique
Mozambique
43
26
0
17
Dyason's Klip 1
South Africa
107
107
0
0
Dyason's Klip 2
South Africa
108
108
0
0
Sirius Solar PV Project One
South Africa
106
106
0
0
Helios Power (Private) Limited
Pakistan
9
6
0
3
Meridian Energy (Private) Limited
Pakistan
9
6
0
3
HNDS Energy (Private) Limited
Pakistan
9
6
0
3
Total project financing from co-investors
1,711
973
130
610
For the year 2022,
interest expenses on financing from co-investors of NOK 45 million have been expensed (NOK 38 million for 2021),
of which NOK 2 million is recognised directly in equity (NOK 1 million for 2021).
The equity and loan financing provided by the co-investors is repaid according to a pre-determined waterfall structure, meaning that
the financing presented above will
be settled after external non-recourse financing, and only when distributable cash as defined by the
financing agreements is available. Normally this would occur twice a year.
For some of the project companies in the above table the co-investor funding has been provided indirectly through jointly owned
holding companies.
Accounting
\u00a0
principle
Financial assets
The Group initially measures financial assets at amortised cost,
its fair value plus, in the case of a financial asset at fair value
through OCI, transaction costs. The classification of financial
assets depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing
The Group\u2019s financial assets at amortised cost mainly include
trade receivables and cash and cash equivalents. Financial
assets at amortised cost are subsequently measured using the
effective interest (EIR) method and are subject to impairment
assessment. See note 15 for accounting policy and ECL
approach on trade receivables.
Financial assets at fair value through profit or loss include
derivatives, including separated embedded derivatives, unless
they are designated as effective hedging instruments.
\u00a0
The Group\u2019s financial assets at fair value through OCI include
effective cash flow hedges.
Financial liabilities
All financial liabilities are initially recognised at fair value, in the
case of loans, borrowings and payables, net of directly
attributable transaction costs. The Group\u2019s financial liabilities
include trade and other payables, loans and borrowings
including bank overdrafts and derivative financial instruments.
After initial recognition, interest-bearing loans and borrowings
are subsequently measured at amortised cost using the EIR
method. Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees or costs that
are an integral part of the EIR. The EIR amortisation is included
as finance costs in the statement of profit or loss.
\u00a0
The Group\u2019s financial liabilities at fair value through OCI
include effective cash flow hedges.
\u00a0
A financial liability is derecognised when the obligation under
the liability is discharged, cancelled or expires. When an
existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an
existing liability are substantially modified, the exchange or
modification is treated as de-recognition of the original liability
and recognition of a new liability. The difference in the
respective carrying amounts is recognised in the statement of
profit or loss.
All assets and liabilities for which fair value is measured or
disclosed in the financial statements are categorised within the
fair value hierarchy from IFRS 13 based on the lowest level
input that is significant to the fair value measurement as a
whole:
\u25cf
Level 1
\u00a0
\u2014 Quoted (unadjusted) market prices in active
markets for identical assets or
\u25cf
Level 2
\u00a0
\u2014 Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
directly or indirectly observable
\u25cf
Level 3
\u00a0
\u2014 Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
unobservable
For assets and liabilities that are recognised in the financial
statements on a recurring basis, the Group determines
whether transfers have occurred between levels in the
hierarchy by re-assessing categorisation (based on the lowest
level input that is significant to the fair value measurement as a
whole) at the end of each reporting period. During the
reporting period ending 31 December 2022, there have been
no transfers between the fair value levels.
The fair value of interest rate swaps is calculated as the present
value of the estimated future cash flows based on the
observable yield curves (level 2). The fair value of a foreign
exchange embedded derivative is calculated as the present
value of the difference between the forward rate and the spot
rate at the balance sheet date (level 2). This imply to take into
account input from external parties and compare the terms
agreed under each derivative contract to the market terms for
a similar contract on the valuation date. Changes in the fair
value relate to daily changes in market prices of the derivative
contracts and the volume of contracts. Refer to Note 20
Derivative financial instruments for details.
2021
Non-cash changes
NOK million
2020
Cashflows
Foreign
exchange
movement
Fair value
changes
Accrued interest
expense/
Reclassifications
2021
Corporate financing
748
4,448
-
-
2,068
7,264
Non-recourse financing
12,263
(1,637)
(103)
-
1,332
11,855
Total liabilities arising from financing activities
13,011
2,811
(103)
-
3,400
19,120
Note 20 Derivative financial instruments
NOK million
2022
2021
Interest rate swap contracts financial liabilities measured at level 2 in the fair value
\u00a0
hierarchy
Current portion
16
90
Non-current portion
12
249
Total Interest rate swap contracts derivative financial liabilities
28
339
Foreign exchange contracts financial liabilities measured at level 2 in the fair value hierarchy
Current portion
92
-
Non-current portion
-
-
Total Foreign exchange contracts financial liabilities
92
-
Total derivative financial liabilities
120
339
NOK million
2022
2021
Interest rate swap contracts financial assets measured at level 2 in the fair value
\u00a0
hierarchy
Current portion
21
-
Non-current portion
375
26
Total derivative financial assets
396
26
Country
Notional amount (NOK million)
Fixed rate(s)
Floating rate reference rate(s)
Maturity
Norway
1,457
0.40%
3-month USD LIBOR
2025
South Africa
2,197
8.40% - 8.70%
3-month JIBAR
2024-2028
Egypt
2,471
2.15%
USD-SOFR-COMPOUND
2041
Mozambique
364
3.30%
6-month USD LIBOR
2035
Malaysia
212
4.30%
6-month KLIBOR
2028
NOK million
2022
2021
Opening balance
-242
-522
Recycling during the year to profit or loss, gross
348
203
Recycling during the year to profit or loss, tax effect
-85
-61
Unrealised gain/(loss) during the year
353
193
Unrealised gain/(loss) during the year, tax effect OCI
-83
-56
Closing balance
291
-242
Of which equity holders of the parent company
199
-111
F
oreign exchange derivatives consist of
USD/ZAR currency forward contracts related to the
power plants under construction in
Kenhardt, South Africa,
\u00a0
to mitigate currency exposure on equipment purchases denominated in USD. The foreign exchange derivatives
are recognized in the statement of financial position at fair value, with the change in value recognized in the statement of profit and
loss as financial income/expense.
The tables above show the market value of the derivatives for the year ending 2022 and 2021, carried as financial assets when the fair
value is positive and as financial liabilities when the fair value is negative. The derivative financial instruments are presented on a gross
basis in the consolidated statement of financial position, since the Group did not have the legal right to offset these cash flows.
The Egyptian power plant companies refinanced non-recourse debt by the issuance of USD 334.5 million bond in Q2 2022, of which a
USD 250 million tranche is subject to floating interest rates. As part of the refinancing, the power plant companies entered new interest
rate swaps matching the interest rate terms on the USD 250 million floating rate tranche.
The interest rate swap contracts described in this note are exposed to the effects of the Interest Rate Benchmark Reform, as the fair
values of
\u00a0
interest rate swaps today are based on the following reference rates; 6-month KLIBOR, 3-month USD Libor, 6-month USD
Libor and 3-month JIBAR, and a change from these reference rates to the new reference rates described in the Interest Rate Benchmark
Reform could affect the fair value of the financial instruments. The Group pays attention to the development of the IBOR transition, and
will work with the contractual counterparts on the transition to new reference rates.
The Group uses derivative financial instruments, such as
interest rate swaps, to hedge its interest rate risks related to
financing of renewable power production plants. Such
derivative financial instruments are initially recognised at fair
value on the date of which a derivative contract is entered and
are subsequently re-measured at fair value. The effective
portion of cash flow hedges is recognised in OCI and later
reclassified to profit or loss when the underlaying hedge item
affects profit or loss.
The Group only applies hedge accounting for cash flow
hedges that meet the criteria in IFRS 9. At the inception of
each hedge relationship, the Group designates and
documents the hedge accounting relationship, the risk
management objective and strategy for undertaking the
hedge. The documentation includes identification of the
hedging instrument, the hedged item or transaction, the
nature of the risk being hedged and how the entity will assess
the hedging instrument\u2019s effectiveness in offsetting the
exposure to changes in expected cash flows from the hedged
item. Such hedges are expected to be highly effective in
achieving offsetting changes in the expected cash flows and
are assessed on an ongoing basis to determine that they
actually have been highly effective throughout the financial
reporting periods for which they were designated. If a hedge
of a forecasted transaction subsequently results in the
recognition of a non-financial asset or liability, the gain or loss
on the hedge instrument that was recognised in other
comprehensive income is reclassified to the income statement
in the same period or periods during which the asset acquired
or liability assumed affects the statement of profit or loss. If the
forecast transaction is no longer expected to occur, amounts
previously recognised in other comprehensive income are
reclassified to the statement of profit or loss. If the hedging
instrument expires or is sold, terminated or exercised without
replacement or rollover, or if its designation as a hedge is
revoked, amounts previously recognised in other
comprehensive income remain in other comprehensive
income until the forecasted transaction occurs.
The Group uses derivative financial instruments, such as
interest rate swaps, to hedge its interest rate risks related to
financing of renewable power production plants. Such
derivative financial instruments are initially recognised at fair
value on the date of which a derivative contract is entered and
are subsequently re-measured at fair value. The effective
portion of cash flow hedges is recognised in OCI and later
reclassified to profit or loss when the underlaying hedge item
affects profit or loss.
The Group only applies hedge accounting for cash flow
hedges that meet the criteria in IFRS 9. At the inception of
each hedge relationship, the Group designates and
documents the hedge accounting relationship, the risk
management objective and strategy for undertaking the
hedge. The documentation includes identification of the
hedging instrument, the hedged item or transaction, the
nature of the risk being hedged and how the entity will assess
the hedging instrument\u2019s effectiveness in offsetting the
exposure to changes in expected cash flows from the hedged
item. Such hedges are expected to be highly effective in
achieving offsetting changes in the expected cash flows and
are assessed on an ongoing basis to determine that they
actually have been highly effective throughout the financial
reporting periods for which they were designated. If a hedge
of a forecasted transaction subsequently results in the
recognition of a non-financial asset or liability, the gain or loss
on the hedge instrument that was recognised in other
comprehensive income is reclassified to the income statement
in the same period or periods during which the asset acquired
or liability assumed affects the statement of profit or loss. If the
forecast transaction is no longer expected to occur, amounts
previously recognised in other comprehensive income are
reclassified to the statement of profit or loss. If the hedging
instrument expires or is sold, terminated or exercised without
replacement or rollover, or if its designation as a hedge is
revoked, amounts previously recognised in other
comprehensive income remain in other comprehensive
income until the forecasted transaction occurs.
Country
Notional amount (NOK million)
Fixed rate(s)
Floating rate reference rate(s)
Maturity
Norway
1,323
0.40%
3-month USD LIBOR
2025
South Africa
2,082
8.40% - 8.70%
3-month JIBAR
2024-2028
Egypt
2,811
5.40% - 8.00%
6-month USD LIBOR
2035
Mozambique
346
3.30%
6-month USD LIBOR
2035
Malaysia
216
4.30%
6-month KLIBOR
2028
Note 21 Corporate financing
Currency
Denominated
currency value
(million)
Maturity
Carrying value 31
(NOK million)
Carrying value 31
(NOK million)
Green Bond (Ticker: SCATC03 NO0010931181)
EUR
250
Q3 2025
3M EURIBOR + 2,50%
2,625
2,475
Total unsecured bonds
\u00a0
2,625
2,475
Green Term Loan
USD
150
Q1 2025
1,481
1,323
Bridge to Bond
USD
193
Q1 2024
1,906
1,702
Total secured acquisition financing
3,387
3,025
Vendor Financing (Norfund)
USD
200
Q1 2028
1,975
1,764
Total unsecured acquisition financing
1,975
1,764
Revolving credit facility
\u00a0
USD
180
Q1 2024
-
-
Overdraft facility
USD
5
-
-
Total secured back-stop bank facilities
-
-
7,987
7,264
7,987
7,264
-
-
In the first quarter of 2021 Scatec issued a EUR 250 million
senior unsecured green bond with maturity in August 2025.
The bond carries a coupon of 3-months EURIBOR (with no
floor) + 2.50%, margin to be settled on a quarterly basis. The
bond was listed on the Oslo Stock Exchange 23 June 2021 with
ticker SCATC03 ESG. The proceeds from the bond issue were
\u25cf
Redeem in whole the NOK 750 million senior unsecured
green bond issued in 2017, with ticker SSO02 ESG,
including any call premium and accrued interest.
\u00a0
\u25cf
To partially refinance the bridge to bond facility that was
committed in 2020 in relation to the acquisition of SN
\u25cf
Cover for other eligible activities as set out in Scatec\u2019s
Green Financing Framework.
During the term of the bond, Scatec shall comply with the
following financial covenants at all times:
\u00a0
\u25cf
Minimum liquidity: free cash of minimum NOK 150
\u25cf
Maximum debt to capitalisation ratio: 50%
\u00a0
\u25cf
Minimum interest coverage ratio: 3.0x.
Refer to the loan agreement available on
www.scatec.com/investor-overview for further information and
Outstanding
\u00a0
acquisition
\u00a0
finance
\u00a0
As of 31 December 2022, the following facilities and amounts
are outstanding of the initial USD 1,030 million financing
package related to the acquisition of SN Power in the first
\u25cf
USD 150 million Green Term Loan provided by Nordea,
Swedbank and DNB with maturity in the first quarter of
\u25cf
USD 193 million outstanding of the USD 400 million
bridge to bond facility provided by Nordea, Swedbank
and DNB. The maturity date for the facility was extended
to January 2024 in the third quarter
\u00a0
of 2022.
\u25cf
USD 200 million Vendor Financing provided by Norfund
with maturity in the first quarter of 2028.
Refer to note 30 Subsequent events for information about
refinancing of the bridge to bond facility.
Revolving
\u00a0
credit
\u00a0
facility
In the first quarter of 2021 Scatec increased the existing
revolving credit facility (RCF) from USD 90 million to USD 180
million, with Nordea Bank as agent and Nordea Bank, DNB,
Swedbank and BNP Paribas as equal Lenders. The facility can
be drawn in USD, NOK, EUR or an optional currency agreed
with the banks. The facility is ESG (Environmental, Social and
Governance) linked and has a three-year tenor. The facility
margin is linked to the following ESG KPIs:
\u25cf
A targeted level for LTIFR (Lost time incident frequency
rate) for the Group
\u25cf
Anti-Corruption training for all employees
\u25cf
Environmental and social baseline studies and risk
assessment on all power plants by external experts
Scatec has not drawn on the revolving credit facility per 31
December 2022.
In the second quarter of 2018 Scatec entered into a USD 5
million overdraft facility with Nordea Bank. Scatec has not
drawn on the overdraft facility
\u00a0
per 31 December 2022.
Per 31 December 2022, Scatec was in compliance with all
financial covenants for the above facilities. The book equity of
the recourse group, as defined in the facility agreements, was
NOK 10,598 million per year end
.
During 2022, interest
expense net of gains/(loss) on interest rate swaps amounting
to NOK
\u00a0
344 million ( 250 ) was expensed for the bond,
acquisition finance, overdraft- and revolving credit facility.
Guarantee
\u00a0
facilities
The guarantee facility (GFA) has Nordea Bank as agent and
issuer, with Nordea Bank, Swedbank, DNB and BNP Paribas as
guarantee instrument lenders. The guarantee facility is mainly
used to provide advance payment-, performance and
warranty bonds under construction agreements, as well as
trade letter of credits. In addition to the GFA, Scatec has
guarantee facilities with Standard Bank South Africa, Lombard
insurance company in South Africa and MBank in Malaysia.
These facilities are mostly used to cover short term bid bonds.
Refer to note 24 Guarantees for further information
See Note 19 Financial instruments for accounting principle for
financial liabilities recognised to amortised cost.
\u00a0
The table below specifies non-recourse financing at 31
December 2022 and 2021. The rate of interest is a calculated
average per portfolio. All loans are fixed or swapped to fixed
rate interests, except for the loans in South Africa Upington
where the interest rates are inflation-linked to match the
profile of the PPA
\u00a0
indexations.
NOK million
Interest rate
Maturity date
2022
2021
Loan facilities (ZAR) - South Africa portfolio
\u00a0
Kalkbult. Linde,
Dreunberg
10.05%
12/31/2032
1,910
1,616
Loan facilities (ZAR) - South Africa portfolio
\u00a0
Upington 1)
8.23%
3/31/2037
2,267
2,157
Loan facilities (ZAR) - South Africa portfolio
\u00a0
Kenhardt
10.14%
10/31/2041
2,582
-
Loan facilities (CZK) \u2013 Czech portfolio
4.90%
5/11/2029
315
318
Loan facilities (USD) - Gigawatt Global Rwanda Ltd
\u00a0
(ASYV)
8.23%
1/11/2030
116
108
Loan facilities (USD) \u2013 Jordan portfolio
6.39%
1/10/2032
685
644
Loan facilities (USD) \u2013 Produccion De Energia S.A (Aqua Fria)
7.21%
10/31/2026
387
346
Loan facilities (MYR) \u2013 Quantum Solar
\u00a0
Park (Semenanjung) SDN.
6.02%
4/30/2035
1,784
1,796
Loan facilities (MYR) \u2013 Red Sol
4.22%
12/23/2028
264
267
Loan facilities (USD) - Aswan portfolio
\u00a0
Egypt
5.21%
3/31/2041
3,138
2,847
Loan facilities (USD) - Central Solar de Mocuba, Mozambique
6.45%
1/31/2035
468
438
Loan facilities (EUR) - Ukraine
6.86%
12/31/2029
987
969
Loan facilities (VND) - Vietnam
6.00%
1/31/2035
356
347
Total non-recourse financial liabilites
15,260
11,854
Of which non-current non-recourse financial liabilities
13,297
10,708
Of which current non-recourse financial liabilities
1,963
1,147
1) Parts of the loans in South Africa Upington are structured as CPI-linked loans where the principal loan amount is uplifted based on the yearly
\u00a0
observed CPI factor. Hence, the
effective interest including the CPI factor is higher than the nominal interest rate of the loan. For 2021 the CPI factor applied to the loans
\u00a0
was 1.17%
.
Scatec mainly uses non-recourse financing for constructing
and/or acquiring assets, exclusively using as guarantee the
assets and cash flows of the special purpose vehicle carrying
out the activities financed. Compared to corporate financing,
non-recourse financing has certain key advantages, including a
clearly defined and limited risk profile. In this respect, the
banks recover the financing solely through the cash flows
generated by the projects financed. For four of the five
companies operating in the Czech Republic, the non-recourse
agreements include a cross default clause within the Czech
group. Please refer to Note 24 Guarantees and commitments
for information on the use of parent company guarantees in
favor of power plant companies.
The project entities\u2019 assets are pledged as security for the non-
recourse financing. The Group\u2019s book value of the pledged
power plants is
NOK 15,676 million (14,508)
at 31 December
NOK million
Loan repayment
Interest payment
Total
2023
1066
1088
2,154
2024
951
1111
2,062
2025
1010
1031
2,041
2026
1085
966
2,051
2027
1017
892
1,909
2028
1173
821
1,994
2029
996
702
1,698
2030
1010
636
1,646
2031
1111
563
1,674
2032
849
489
1,338
2033
787
435
1,222
2034
908
377
1,285
2035
852
312
1,164
2036
738
256
994
2037
713
196
909
2038
503
148
651
2039
519
106
625
2040
405
64
468
2041
469
23
492
Total future loan repayment
16,161
10,217
26,378
Covenants
Scatec has financial covenants related to the non-recourse
financing in the different countries, for example different
\u00a0
Debt Service Coverage Ratios (DSCR) and Equity ratios.
\u00a0
The
Agreements also contain further restrictions on, inter alia,
hedging policies, subsidiaries and new activities, amendments
to the key agreements and insurance policies, new consents,
pledges and guarantees, financial indebtedness and giving
financial support, capital expenditures and changes of
shareholder structure and auditors, as well as several
undertakings related to e.g., budgets, financial and operational
reporting and information.
Except for Ukraine, Scatec was in compliance with financial
covenants for the non-recourse debt on 31 December 2022.
Ukraine
Scatec\u2019s power plant companies in Ukraine are not in
compliance with covenants in the loan agreements for the
non-recourse project debt at year-end. The situation is
unchanged from the first quarter 2022, when NOK 603 million
of the non-recourse financing was reclassified from non-
current to current. As of 31 December 2022, all
on-recourse
financing (including accrued interest) in Ukraine, amounting to
NOK 987 million, continues to be classified as current in the
consolidated financials. Scatec has continuous and constructive
dialogue with the lenders and the parties have agreed on a
non-formalised \u201cstand still\u201d
Note 24 Guarantees and commitments
NOK million
31.12.2022
31.12.2023
31.12.2024
31.12.2025
Bid Bonds
401
170
170
0
SPV Performance / Commitments
256
202
202
156
O&M Performance (3rd party)
16
-
-
-
Other Payment Guarantees
\u00a0
1,800
1,620
46
46
Total
2,474
1,992
418
202
The amounts specified below are total exposure on guarantees issued by Scatec ASA at each balance sheet date based on when the
guarantees expire. The guarantees expire haphazardly during the year. The fair value of the guarantees is immaterial on a consolidated
basis; hence no liability is recognised.
For projects under development, Scatec is often required to
issue bid bonds to secure commitment during submission of
project bids. The bid bonds are mainly related to projects
under development in Tunisia, South Africa, India, Brazil and
Guarantees are issued to secure power plant company
performance for plants in operations.
\u00a0
This includes SPV
performance and commitment guarantees to cover the
obligations under PPAs and Implementation Agreements.
These obligations are connected to project performance
where Scatec is in
control and hold the O&M and asset
management agreements. SPV performance gurantee mainly
relate to the project in Botswana and RMIPPP in South Africa.
In addition, Scatec provides payment guarantees. This includes
for equity injection in project companies where project lenders
disburse debt before equity is paid in and Debt Service
Reserve to replace cash reserves in the project companies. The
main outstanding payment guarantees are related to the
RMIPPP project in South Africa, as well as to Power China and
Sukkur. The payment guarantee of NOK 264 million to Power
China is related to the construction loan on the Progressovska
solar plant in Ukraine.
For four of the power plants in Ukraine, Scatec has provided
additional corporate guarantees of NOK 58 million related to
establishment of debt service reserve accounts and contingent
equity.
Note 24 Guarantees and commitments
Guarantee
\u00a0
facility
\u00a0
The guarantees issued by Scatec ASA and other recourse
group entities are issued under the guarantee facility with
Nordea Bank as agent, and Nordea Bank, BNP Paribas,
Swedbank and DNB as guarantee instrument lenders.
In addition to this facility, Scatec have guarantee facilities with
other financial institutions in countries where Scatec operates.
These facilities are mostly used to cover short term bid bonds.
The Norwegian Export Credit Guarantee Agency (Eksfin)
normally counter guarantee for the guarantees issued by the
banks. Eksfin can issue counter indemnity of 50% in favor of
the issuing banks. The financial covenants in the Guarantee
Facility Agreement are:
\u2022
\u00a0
Free cash of no less than NOK 150,000,000
\u2022
\u00a0
Debt to capitalization ratio 50%
\u2022
\u00a0
Minimum interest coverage ratio 3.0x
Per 31 December 2022, Scatec was in compliance with all
covenants in the Guarantee Facility Agreement.
Share
\u00a0
capital
\u00a0
and shareholder
\u00a0
information
\u00a0
At year-end 2022 the total number of shareholders in Scatec
was
\u00a0
16,463 (16,487). The total number of outstanding shares
was 158,917,275 (158,864,018) at par value NOK 0.025 per
share as of 31 December 2022.
In February 2022, Scatec increased the share capital by issuing
53,257 new shares as part of the share option programme. In
May 2022,, Scatec bought back 89,200 shares at an average
volume weighted price per share of NOK 93.78 related to the
employee share purchase programme.
\u00a0
Refer to Note 12 \u2013 Equity and shareholder information in the
Parent financial statement for an overview of the largest
shareholders of Scatec ASA and shares held by Management
and Board of Directors at 31 December 2022.
Refer to Note 4 \u2013 Employee benefits for information on share
options granted to the management.
Summary of movements in options
Exercised
Forfeited
Closing balance
Closing balance
vested options
Numbers of instruments
997,258
1,090,607
-50,818
-269,782
1,767,265
429,604
Weighted average strike price
186.84
147.07
89.26
183.04
165.68
158.19
Long
\u00a0
term incentive
\u00a0
programmes
In line with the terms adopted by the Annual General Meeting
of Scatec ASA on 4 May 2016, and prolonged in the following
years, the Board of Directors have established an option
programme for leading employees of the company. Options
are vested in tranches over a three-year period, with the first
tranche vesting one year from award
.
As of 31 December
2022, there are options not fully vested from the grants
awarded in 2020 and onwards. Each share option gives the
right to subscribe for and be allotted one share in Scatec ASA.
The strike prices are equivalent to the volume weighted
average price of the shares the ten preceding trading days of
Date granted
Amount
Strike price
02/01/2019
494,510
72.03
02/01/2020
595,140
114.83
04/01/2021
251,242
314.91
24/02/2021
32,999
314.91
06/05/2021
219,566
244.28
04/01/2022
1,049,596
150.79
28/03/2022
10,000
134.53
The options awarded in 2019 are fully vested.
A total of 26 employees were awarded options in 2019 of
which 3 has subsequently left the Company. A total of 39
employees were awarded options in 2020 of which 5 have
subsequently left the company. A total of 82 employees were
awarded options in 2021 of which 10 have subsequently left
the company. A total of 98 employees were awarded options
in 2022 of which 13 have subsequently left the company.
\u00a0
For the options granted in 2022 the assumptions used in
calculating the fair value of the options are as follows: 2.98
years (2.84 years)
\u00a0
for expected lifetime, 49.02% (44.87%) for
the expected volatility and 0 (0) for expected dividend. The
calculations are based on average values.
\u00a0
During 2022 the employees exercised 51 thousand options
(515 thousand) at the weighted average strike and share price
of NOK 89.26 and NOK 130.30 (NOK 80.10 and NOK 279.18)
respectively. Total number of outstanding options under the
long-term incentive programme is 1,767 thousand (978
thousand) as of 31 December 2022, whereas 430 thousand are
vested at the weighted average strike price of NOK 158.19. The
fair value of the options is expensed over the vesting period,
and in 2022 NOK 39 million (27) have been expensed.
Share
\u00a0
capital
\u00a0
and shareholder
\u00a0
information
\u00a0
At year-end 2022 the total number of shareholders in Scatec
was
\u00a0
16,463 (16,487). The total number of outstanding shares
was 158,917,275 (158,864,018) at par value NOK 0.025 per
share as of 31 December 2022.
In February 2022, Scatec increased the share capital by issuing
53,257 new shares as part of the share option programme. In
May 2022,, Scatec bought back 89,200 shares at an average
volume weighted price per share of NOK 93.78 related to the
employee share purchase programme.
\u00a0
Refer to Note 12 \u2013 Equity and shareholder information in the
Parent financial statement for an overview of the largest
shareholders of Scatec ASA and shares held by Management
and Board of Directors at 31 December 2022.
Refer to Note 4 \u2013 Employee benefits for information on share
options granted to the management.
Note 25 Share capital, shareholder information and dividend
The Company recognises a liability to make cash or non-cash
distributions to equity holders of the parent when the
distribution is authorised, and the distribution is no longer at
the discretion of the Company. As per the corporate laws in
Norway, a distribution is authorised when it is approved by the
General Meeting.
The Group\u2019s objective is to pay shareholders consistent and
growing cash dividends. On 2 February 2023, the Board of
Directors announced its intention to propose to the Annual
General Meeting to change the payment ratio from 25% to
15% of free cash distributed from producing power plants, this
to support Scatec\u2019s growth ambitions while retaining
the Group\u2019s objective to pay shareholder dividends.
On 2 February 2022, the Board of Directors announced its
intention to propose a dividend of NOK 2.54 per share to the
Annual General Meeting, totaling NOK 404 million. The
amount was paid out in May 2022.
Note 27 Non-controlling interests
NOK million
2022
2021
Egypt
99
-24
Honduras
323
318
183
149
Mozambique
56
-5
Pakistan
30
11
Rwanda
5
7
South Africa
-48
178
Ukraine
-108
14
Total non-controlling interests
540
649
NOK million
2022
2021
Egypt
-6
-41
Honduras
4
8
13
10
Mozambique
12
-1
Pakistan
-4
-6
Rwanda
-2
-3
South Africa
188
82
Ukraine
-97
18
Total non-controlling interests
106
68
Non-controlling
\u00a0
interests
\u00a0
Scatec\u2019s value chain comprises all downstream activities such
as project development, financing, construction, operations as
well as having an asset management role trough ownership of
the solar power plants. Normally Scatec enter into partnerships
for the shareholding of the power plant company owning the
power plants while maintaining control, leading to material
non-controlling interest.
\u00a0
Consolidation of power plant companies are identified as a
significant judgement for the consolidated financial
statements, please refer to Note 2 for further information.
Note 26 Consolidated subsidiaries include all material entities
with an NCI share. The NCI share is the share of interest not
Accumulated balances of non-controlling interest and the
allocation of profit and loss are presented below by sub-
group. The change in NCI balance from year to year is driven
by the NCIs share of profit or loss and other comprehensive
income, capital injections from-
\u00a0
and dividends paid to NCIs, as
well as foreign exchange differences.
NOK million
Revenues
Operating
expenses
Operating
profit
Net financial
expenses
Profit before
income tax
Profit/(loss) for
the period
Profit/loss
attributable to
non-controlling
interest
Dividends paid
to non-
controlling
interest 1)
#REF!
Egypt
637
(281)
356
(353)
3
(13)
(6)
-
Honduras
200
(132)
68
(52)
16
16
4
-
121
(62)
59
(33)
27
25
13
-
Mozambique
91
(43)
48
(3)
46
26
12
-
Pakistan
-
(4)
(4)
(11)
(15)
(15)
(4)
-
Rwanda
23
(13)
10
(15)
(5)
(5)
(2)
-
South Africa
1,842
(1,154)
688
(84)
602
584
188
526
Ukraine
47
(176)
(129)
(89)
(217)
(221)
(97)
-
1) Excluding repayments of shareholders loans
NOK million
Revenues
Operating
expenses
Operating
profit
Net financial
expenses
Profit before
income tax
Profit/(loss) for
the period
Profit/loss
attributable to
non-controlling
interest
Dividends paid
to non-
controlling
interest 1)
#REF!
Egypt
596
(250)
345
(215)
130
(85)
(42)
-
Honduras
196
(128)
68
(44)
24
24
8
-
109
(56)
54
(32)
22
20
10
-
Mozambique
82
(40)
42
(41)
1
(2)
(1)
-
Pakistan
-
(34)
(34)
(1)
(34)
(25)
(6)
-
Rwanda
20
(12)
8
(14)
(5)
(5)
(3)
-
South Africa
1,245
(628)
617
(369)
248
217
83
209
Ukraine
119
(47)
73
(22)
50
38
18
-
1) Excluding repayments of shareholders loans
Attributable to
NOK million
Property,
plant and
equipment
Other non-
current asstes
Cash and
cash
equivalent
Other current
assets
Non-resource
financing
Other non-
current
liabilities
Current
liabilities
Total equity
Non-
controlling
interests
Equity
holders of
the parent
#REF!
Egypt
3,360
1,712
485
114
(3,138)
(2,078)
(160)
296
99
197
Honduras
1,287
9
268
103
(387)
(325)
(27)
929
323
605
888
(0)
373
22
(685)
(78)
(93)
427
183
244
Mozambique
555
8
135
17
(468)
(80)
(68)
100
56
44
Pakistan
363
11
97
18
-
(161)
(209)
120
30
90
Rwanda
139
1
11
4
(116)
(55)
(3)
(20)
5
(25)
South Africa
4,048
1,143
762
3,257
(6,759)
(731)
(2,297)
(577)
(48)
(531)
Ukraine
414
387
17
(11)
(377)
(937)
242
(265)
(108)
(157)
Attributable to
NOK million
Property,
plant and
equipment
Other non-
current asstes
Cash and
cash
equivalent
Other current
assets
Non-resource
financing
Other non-
current
liabilities
Current
liabilities
Total equity
Non-
controlling
interests
Equity
holders of
the parent
#REF!
Egypt
3,035
1,226
316
94
(2,847)
(1,854)
(84)
(113)
(24)
(89)
Honduras
1,194
3
40
186
(346)
(271)
(15)
791
318
473
792
-
298
21
(658)
(49)
(79)
325
149
176
Mozambique
478
4
99
11
(438)
(84)
(105)
(35)
(5)
(29)
Rwanda
137
-
5
4
(108)
(56)
(1)
(19)
7
(26)
South Africa
3,819
774
466
503
(3,773)
(807)
(325)
657
178
479
Ukraine
578
361
63
77
(404)
(639)
(22)
14
14
(0)
Non-controlling interests are calculated on the respective
subsidiaries\u2019 stand-alone reporting, before eliminations of
intercompany transactions. Furthermore, unrealised intercom-
pany profits relating to depreciable assets (power plants) are
viewed as being realised gradually over the remaining
economic life of the asset. Consequently, the specification of
non-controlling interest in the group financial statements will
differ from the non-controlling interests calculated based on
the respective subsidiaries\u2019 stand-alone reporting.
When recognising a non-controlling interest through an
acquisition, the difference between the cost of the non-
controlling interest and the non-controlling interest\u2019s share of
the assets and liabilities is reflected in the consolidated
statement of financial position at the date of acquisition as an
equity transaction.
Related parties include affiliates, associates, joint ventures, and other companies where the Group have significant influence, as well as
the Executive Management and the Board of Directors. All related party transactions have been carried out as part
\u00a0
of the normal course
of business and at arm\u2019s length terms.
See Note 26 for information about consolidated subsidiaries. Intercompany balances and transactions between consolidated companies
are eliminated in the consolidated accounts.
\u00a0
See Note 13 Investments in JV and associated companies for overview of the companies included and further information about the
investments. Transactions with joint ventures and associates are primarily financing provided to the companies and dividends received
from the companies. Transactions also include sale of development rights, asset management and OM services from consolidated
entities to equity consolidated entities.
For remuneration to Management, see Note 4 Employee benefits and further
\u00a0
details in Note 4 - Personnel expenses in the Parent
financial statement. The Note also includes remuneration to Board of Directors. The company has no significant agreements with
companies in which a board member has a material interest. Scatec has loans to Executive Management given in relation to the long-
term incentive programme amounting to NOK 0.2 million (0.2) as of 31 December 2022.
Related parties include affiliates, associates, joint ventures, and other companies where the Group have significant influence, as well as
the Executive Management and the Board of Directors. All related party transactions have been carried out as part
\u00a0
of the normal course
of business and at arm\u2019s length terms.
See Note 26 for information about consolidated subsidiaries. Intercompany balances and transactions between consolidated companies
are eliminated in the consolidated accounts.
\u00a0
See Note 13 Investments in JV and associated companies for overview of the companies included and further information about the
investments. Transactions with joint ventures and associates are primarily financing provided to the companies and dividends received
from the companies. Transactions also include sale of development rights, asset management and OM services from consolidated
entities to equity consolidated entities.
For remuneration to Management, see Note 4 Employee benefits and further
\u00a0
details in Note 4 - Personnel expenses in the Parent
financial statement. The Note also includes remuneration to Board of Directors. The company has no significant agreements with
companies in which a board member has a material interest. Scatec has loans to Executive Management given in relation to the long-
term incentive programme amounting to NOK 0.2 million (0.2) as of 31 December 2022.
Note 28 Transactions
\u00a0
with related parties
Presentation
\u00a0
of external
\u00a0
revenues
\u00a0
and cost
\u00a0
of sales
\u00a0
in the
\u00a0
proportionate
\u00a0
segment
\u00a0
financials
\u00a0
The hydropower companies in the Philippines are presented in
the condensed interim consolidated financial statements as
investments in JVs and associated companies which are
accounted for using the equity method. The companies were
acquired as part of the business combination of 100% of the
shares of SN Power AS, which effectively took place on 29
January 2021.
The Group has re-assessed its accounting policy for the
presentation of external revenues and cost of sales in the
proportionate financials. The power market settlement
mechanism for bilateral contracts in the Philippines applies net
settlement within the settlement period although all volumes
are reported gross.
\u00a0
On 1 January 2022, the Group elected to voluntarily change
the method of accounting for external revenues and cost of
sales related to electricity sold on bilateral contracts in the
proportionate financials.
\u00a0
The Group had previously accounted for such external
revenues and cost of sales on a gross basis in accordance with
the reported volumes. Going forward the Group will present
the figures net in accordance with the financial settlement
mechanism. The change has no impact on net revenues or
The Group believes that the net presentation provides more
relevant information to the users of the proportionate
financials as it will reduce the fluctuation in external revenues
from the business in the Philippines and is more aligned to the
practices adopted by its peers.
\u00a0
The Group applied the change retrospectively to the
proportionate financials. The change is not applicable to the
consolidated financials as the investment in JVs are accounted
for using the equity method.
Note 29 Change in accounting policies
Proportionate financials - NOK million
FY 2021
Adjustment
External revenues - Power Production
4,176
-287
3,890
Cost of sales - Power Production
-556
287
-269
EBITDA - Power Production
2,949
-
2,949
New standards
\u00a0
and interpretations
The Group have elected early adoption of the amendments to IAS 1 and IFRS Practice Statement 2 compromising accounting policy
information. The material accounting principles in the Annual Report
\u00a0
are largely incorporated into the individual notes.
The Group have not elected to early adopt Amendments to IAS 1
Presentation of Financial Statements
\u00a0
effective from 1 January 2024.
Requirements related to classification and disclosed of non-current and current liabilities with covenants is not expected to have
material effect on the Group in 2022.
\u00a0
There are no other new standards, not yet adopted, expected to have material effect for the Group in 2022.
Note 30 Subsequent events
Accounting
\u00a0
principle
Subsequent events are viewed as new information on the Groups financial position that becomes known after the reporting period. In
evaluating such, the Group distinguishes between
adjusting
and
non-adjusting
events after the reporting period. Adjusting events refer
to those that provide evidence of conditions that existed at the end of the reporting period, whereas non-adjusting events refer to
those that are indicative of conditions that arose after the reporting period. Events after the reporting
\u00a0
period that do not affect the
Groups financial position at the end of the reporting period, but which will affect the Groups financial position in the future, are
disclosed if significant.
\u00a0
Adjusting
\u00a0
subsequent
\u00a0
events
No adjusting events have occurred after the balance sheet date.
Non-adjusting
\u00a0
subsequent
\u00a0
event
Refinancing of Bridge-to-Bond USD 193 million
On 2 February 2023, Scatec refinanced USD 100 million of the USD 193 million Bridge-to-Bond facility with a
\u00a0
new USD 100 million term
loan with maturity in the fourth quarter
\u00a0
2027 provided by DNB, Nordea and Swedbank. The new term loan is amortised through
semiannual repayments of USD 5 million starting from 2024.
The existing USD 180 million Revolving Credit Facility, provided by the
same banks and BNP Paribas, is further extended by 1.5 years with maturity in the third quarter
\u00a0
of 2025.
On 10 February 2023, Scatec placed
\u00a0
NOK 1,000 million in new unsecured green bonds to refinance the remaining USD 93 million of the
Bridge-to-Bond facility established when Scatec acquired SN Power in 2021. The new bonds have maturity in February 2027 and carries
a coupon rate of 3-month NIBOR plus 6.60%.
\u00a0
Sale of Upington in South Africa
On 2 February 2023, Scatec signed
\u00a0
an agreement with a subsidiary of STANLIB Infrastructure Fund II, managed by STANLIB Asset
Management Proprietary Limited (\u201cStanlib\u201d), to sell its 42% equity share in the 258 MW Upington
\u00a0
solar power plant for a gross
consideration of ZAR 979 million (NOK 569 million). The transaction is in line with Scatec\u2019s strategy to optimise the portfolio as
presented at the Capital Markets Update in September 2022 and will release capital for new investments in renewable energy.
The solar plant in Upington reached COD in 2020 and were awarded in the fourth bidding round under the Renewable Energy
Independent Power Producer Programme. The plant generates approximately one third of the proportionate power production EBITDA
in South Africa for Scatec. Scatec will continue to provide Operations & Maintenance and Asset Management services to the Upington
power plant. South Africa remains a focus market for Scatec, and the Company continues to build scale by investing into new projects,
including the Kenhardt and Grootfontein projects.
The transaction is expected to generate a net accounting gain of approximately NOK 760 million on a consolidated basis and NOK 310
million on a proportionate basis. The difference is primarily explained by the D&C margin related to the projects which has been
eliminated in the consolidated statement of financial positions. The final accounting effects will be determined on closing of the
transaction. Norfund is also selling its 18% equity share to Stanlib as part
\u00a0
of the same transaction. The transaction is subject to the
customary consents and is expected to close in the first
\u00a0
half of 2023.