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Note 1 Basis for preparation and corporate
information
Scatec ASA is incorporated and domiciled in Norway
.
The address of its
registered office is Askekroken 11, NO-0277 Oslo, Norway
. Scatec ASA
was established on 2 February 2007.
Scatec ASA (\u201cthe Company\u201d) and 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.
The
consolidated financial statements comprise the financial statements of
the parent company Scatec ASA and its subsidiaries as of 31 December
2024.
The Company is listed on the Oslo Stock Exchange under the ticker
symbol \u201cSCATC\u201d.
\u00a0
The consolidated financial statements for the full year 2024 were
authorised for issue in accordance with a resolution by the Board of
Directors on 1 April 2025.
Basis for preparation
The Scatec Group\u2019s consolidated financial statements have been
prepared in accordance with IFRS\u00ae Accounting Standards as adopted
by the EU (IFRS). In compliance with the Norwegian Accounting Act,
additional disclosure requirements are included in the notes to the
financial statements of Scatec ASA.
The statement of cash flows is prepared under the indirect method.
The segment financials are reported on a proportionate basis in line
with how the management team assesses the segments performance,
refer to Note 2 Operating segments.
The functional currency of the companies in the Group is determined
according to 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 entities with functional currencies other than NOK are
translated at the rate of exchange prevailing at the end of the reporting
period and their income statements are translated at average monthly
exchange rates.
Estimation 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 amounts 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 in future periods.
Assumptions about future developments may change due to market
conditions beyond the control of the Group and are reflected in the
financial statements when changes in assumptions occur. Information
about estimation uncertainty, judgements and assumptions that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year is largely
incorporated into the individual notes.
\u00a0
The Group\u2019s management believes the following critical accounting
items represent 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
The Group considers all relevant facts and circumstances in assessing
whether it has control 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 investee. The
assessment of whether Scatec controls the investee is performed
upon first time consolidation and is renewed annually or more often, if,
facts that could impact the conclusion change.
Scatec\u2019s value chain comprises all downstream activities such as
project development, financing, construction, and operations as well as
having an asset management role. Normally Scatec enters partnerships
for the shareholding of the power plant companies. To be able to fully
utilise the business model, Scatec normally seeks to obtain control of
the companies. Control is obtained through governing bodies,
shareholder agreements and other contractual arrangements. Other
contractual arrangements are usually protected by the shareholder
agreements and include Scatec\u2019s role as the developer of the project,
EPC provider (construction), operation and maintenance service
provider, and asset management service provider.
1.
As developer, it obtains project rights, land permits, off taker
agreements and other local approvals
2.
As EPC contractor, it is responsible for the construction of the
project
3.
As provider of operation and maintenance services to the projects,
it is responsible for the day to day operations of the plant
4.
As provider of management services to the power plant
companies, it provides these services
These
\u00a0
constitute the main relevant activities that affect the variable
return in the difference project phases. For the power plant companies
consolidated in the financial statement, Scatec has concluded that
through its involvement and ownership share it controls the entities.
\u00a0
Significant judgement is applied in determining if the exposure to
variable return is satisfied.
The relevant activities Scatec has power
over do, in its nature, have an impact on the return of the project.
Note 2 Operating segments
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 by the
differences in the nature of their operations, products and services.
Scatec manages its operations in three segments: Power Production
(PP), Development & Construction (D&C) and Corporate. The Group has
reorganised its segment structure and the Service segment is reported
as part of the Power Production segment, with effect from 1 January
2024. Comparable periods have been restated accordingly to conform
with the current year\u2019s presentation.
Power Production
\u00a0
The Power Production segment manages the Group\u2019s power-producing
assets and derives its revenue from the production and sale of solar,
wind, and hydro generated electricity mainly based on long-term Power
Purchase Agreements or feed-in-tariffs. In the Philippines,
\u00a0
electricity is
sold using bilateral contracts, in the spot market, and as ancillary
services. In Ukraine, with regard to the Progressovka plants, electricity
is sold in the spot market with the option to re-enter the long-term
PPA at a later stage. In Brazil, approximately 40% of the electricity from
the Mendubim solar power plant is sold in the merchant market, while
the rest is sold through the 20-year corporate PPA. The segment also
includes revenues from the Release concept.
\u00a0
The performance obligation for revenues from the power-producing
assets \u2013 the delivery of a series of distinct goods (power) \u2013 is satisfied
over time, which requires the recognition of revenue for each unit
delivered at the transaction price. Revenue is recognised upon the
transfer of electricity produced to the local operator of the electricity
grid, based on periodic meter readings.
\u00a0
The Group has continued to recognise revenue from power production
in Ukraine to the extent that Scatec believes collection of the
consideration is probable, which is being equal to the actual paid
amounts.
\u00a0
The segment also comprises Operations & Maintenance (O&M) and
Asset Management services provided to power production plants
where Scatec has an economic interest reflected as a cost in the
segment and external O&M services to the plants not owned. The
services are delivered to ensure the optimised operation of power-
producing assets through a complete and comprehensive range of
services for technical and operational management.
O&M revenues are
generated on the basis of fixed service fees with additional profit-
sharing arrangements. Asset management services typically include
financial reporting to sponsors and lenders, regulatory compliance, and
environmental and social management, as well as contract
management on behalf of the power plant companies.
Development & Construction
The Development & Construction segment derives its revenue from the
sale of development rights and construction deliverables and services
to project entities set up to operate the Group\u2019s power production
plants. Transactions in this segment are mainly between entities under
the Group\u2019s control and hence eliminated in the consolidated financial
statement. Construction 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.
\u00a0
Revenues from construction are recognised over time according to the
percentage of completion. A contract\u2019s percentage of completion is
determined by assessing actual progress on site compared to the total
estimated cost at completion. Progress is measured when control is
transferred to the customer. For equipment such as modules, Scatec
consider that control is transferred when the equipment is installed
and permanently attached or fitted to the power production systems
as required by the engineering designs.
\u00a0
The construction contracts are fixed-price contracts with variable
considerations related to performance- and delay liquidated damages.
Scatec periodically revise contract profit estimates and immediately
recognises any losses on contracts if applicable.
\u00a0
The 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.
\u00a0
Corporate
The Corporate segment consists of the corporate and management
service activities.
\u00a0
No segments have been aggregated to form these reporting segments.
\u00a0
Use of proportionate 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 has
introduced proportionate financials as the Group is of the opinion that
this method improves earnings visibility and improves transparency in
underlying value creation in Scatec\u2019s business activity.
\u00a0
Revenues from transactions between group companies, where Scatec
is deemed to hold a controlling interest, are presented as internal
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revenues in the segment reporting.
\u00a0
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. The
consolidated revenues and profits are mainly generated in the Power
Production segment.
\u00a0
The key differences between the proportionate and consolidated (IFRS)
financials are as follows:
\u25cf
In the consolidated financials fully consolidated companies are
presented on a 100% basis. In the proportionate financials the fully
consolidated companies are presented according to Scatec\u2019s
ownership percentage/economic interest. The residual ownership
interests in the table below represent the share of fully consolidated
subsidiaries that Scatec does not own.
\u00a0
\u25cf
In the consolidated financials, joint ventures and associated
companies are equity consolidated and 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 JVs and associate
companies are presented, like other subsidiaries, on a gross basis for
each line in the statement of profit or loss based on Scatec\u2019s
economic interest. In the table below, elimination of equity-
consolidated entities shows the elimination of proportionate
financials to arrive at Scatec\u2019s share of net income/(loss).
\u00a0
\u25cf
Internal gains from transactions between segments 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. Hence, the
consolidated financials have a lower book value of solar plants than
the proportionate financials and corresponding lower depreciation
charges.
\u00a0
\u25cf
Other eliminations are mainly related to other eliminations of
intercompany and internal margins in the consolidated financial
statements.
Geographical break down of consolidated revenues and PPE
Consolidated revenues by country
NOK million
2024
2023
South Africa
1,829
1,073
Egypt
653
657
Ukraine
539
440
Honduras
398
232
Malaysia
374
364
Jordan
181
171
Czech Republic
129
150
Vietnam
81
95
Pakistan
74
-
Other
109
216
Total
4,368
3,399
Property, plant and equipment by country
NOK million
2024
2023
South Africa
10,110
9,554
Egypt
3,998
3,453
Malaysia
2,825
2,570
Ukraine
2,108
2,063
Honduras
1,291
1,293
Pakistan
1,227
961
Jordan
894
866
Botswana
543
11
Norway
373
475
Czech Republic
290
314
Tunisia
205
-
Other
203
53
Vietnam
-
422
Total
24,068
22,035
Major customers
In South Africa, revenues from the Linde, Kalkbult and Dreunberg
plants which commenced operations in 2013 and 2014 are earned
under 20-year Power Purchase Agreements (PPAs) 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. During 2024
Scatec partially divested its equity share in the plants and the projects
are accounted for as investments in JVs and associate companies at
year-end. The Kenhardt plants started commercial operation in
December 2023 under a 20-year PPA that was awarded under the Risk
Mitigation Independent Power Producer Procurement Programme
(RMIPPPP). Eskom\u2019s financial commitments under the PPA are
guaranteed by the South African National Treasury under the
Implementation Agreement.
\u00a0
The Benban plants 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 is not guaranteed by the
government as TNB is a reputable AAA-rated listed company in
Malaysia.
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Bridge proportionate \u2013 to consolidated financials
2024
Proportionate financials
NOK million
Power Production
1)
Development &
Construction
Corporate
Total
Residual ownership for
fully consolidated entities
Elimination of equity
consolidated entities
Other eliminations
Consolidated
financials
External revenues
\u00a0
4,707
-
-
4,707
1,653
-1,991
-
4,368
Net gain/(loss) from sale of project assets
796
-
-
796
-
-33
728
1,491
Internal revenues
-
2,291
59
2,351
327
-21
-2,657
-
Net income/(loss) from JVs and associates
\u00a0
-
-
-
-
-
714
-
714
Total revenues and other income
5,503
2,291
59
7,853
1,980
-1,330
-1,929
6,574
Cost of sales
-
-1,850
-
-1,850
-386
40
2,196
-
Gross profit
5,503
441
59
6,003
1,594
-1,290
267
6,574
Personnel expenses
-314
-164
-110
-587
-12
104
-
-495
Other operating expenses
-553
-94
-75
-722
-222
272
14
-658
EBITDA
4,636
184
-125
4,694
1,360
-915
281
5,421
Depreciation and impairment
\u00a0
-1,424
-72
-40
-1,536
-396
542
96
-1,294
Operating profit (EBIT)
3,212
112
-165
3,158
964
-373
378
4,127
1) The segment reporting structure was changed effective
\u00a0
as of 1 January 2024 and comparable figures for
\u00a0
2023 have been restated
\u00a0
2023
Proportionate financials
NOK million
Power Production
Development &
Construction
Corporate
Total
Residual ownership for
fully consolidated entities
Elimination of equity
consolidated entities
Other eliminations
Consolidated
financials
External revenues
3,792
4
-
3,796
1,199
-1,601
4
3,399
Net gain/ loss from sale of project assets
348
-
-
348
-
-
928
1,276
Internal revenues
6
8,172
50
8,228
1,929
-521
-9,636
-
Net income/(loss) from JVs and associates
1)
-
-
-
-
-
46
-
46
Total revenues and other income
4,144
8,177
50
12,372
3,128
-2,076
-8,703
4,721
Cost of sales
5
-7,182
-
-7,179
-1,888
502
8,565
-
Gross profit
4,150
994
50
5,194
1,239
-1,575
-138
4,721
Personnel expenses
-278
-216
-139
-633
-12
94
-20
-570
Other operating expenses
-536
-107
-74
-716
-201
279
53
-584
EBITDA
3,334
672
-162
3,845
1,027
-1,201
-105
3,567
Depreciation and impairment
\u00a0
-1,591
-65
-36
-1,692
-323
939
135
-942
Operating profit (EBIT)
1,743
607
-198
2,152
704
-262
31
2,625
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Note 3 Employee benefits
Salaries and other personnel costs
NOK million
2024
2023
Salaries
\u00a0
491
571
Share-based payment
29
29
Payroll tax
45
58
Pension costs
39
41
Other personnel costs
37
35
Capitalised to PP&E (project assets)
-146
-164
Total
\u00a0
495
570
Salaries and personnel expenses for management
NOK million
2024
2023
Salary and bonus
47
51
Pension
2
2
Total
\u00a0
50
53
Number of employees in the financial year in consolidated entities
2024
2023
South Africa
295
281
Norway
110
144
Egypt
107
98
Ukraine
49
46
Malaysia
32
29
Brazil
16
-
Netherlands
26
31
Pakistan
23
28
Honduras
19
20
India
16
26
Philippines
14
15
Tunisia
13
3
Botswana
12
3
Other
\u00a0
22
27
Total
754
751
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 made to the separate Executive
Remuneration Report 2024
.
No severance package agreements have
been established with management. The Group\u2019s pension schemes are
classified as defined contribution plans.
Long term incentive programmes
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 satisfies
the definition of an equity-settled share-based payment transaction
(IFRS 2 app. A), the BlackScholes-Merton option-pricing model is
applied to each tranche. Share price (spot), exercise price, expected
option lifetime, expected volatility, expected dividend and risk-free
interest rate are the model\u2019s input parameters.
\u00a0
In line with the terms adopted by the Annual General Meeting of
Scatec ASA on 4 May 2016, and prolonged in the years that followed,
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 2024, there are options not fully vested from
the grants awarded in 2022 and onwards. Each share option gives a
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 during the ten trading days preceding the grant.
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For the options granted in 2024 the assumptions used to calculate the
fair value of the options are as follows: 2.99 years (2.99 years) for
expected lifetime, 51.19% (52.45%) for expected volatility and 0 (0) for
expected dividend. The calculations are based on average values. The
fair value of the options is expensed over the vesting period. In 2024
NOK 29 million (29) was expensed.
Outstanding number of options
\u00a0
Date granted
Number
Strike price
Lapse date
1/2/2020
180,233
110
1/1/2025
1/4/2021
126,552
311
1/1/2025
5/6/2021
107,409
242
1/1/2025
1/4/2022
569,123
148
1/1/2026
3/28/2022
10,000
132
1/1/2026
4/27/2022
14,353
124
1/1/2026
5/16/2022
16,711
96
1/1/2026
1/3/2023
1,052,918
80
1/1/2027
3/2/2023
67,516
80
1/1/2027
1/3/2024
1,376,866
79
1/1/2028
Sum
3,521,681
Movements in options
Opening
balance
\u00a0
Granted
\u00a0
Terminated
Closing
balance
Closing balance
vested options
Numbers of
instruments
2,411,222
1,487,788
-377,329
3,521,681
1,194,401
Weighted average
strike price
123.08
79.47
109.64
106.10
146.17
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NOK million
2024
2023
Facilities
329
210
Professional fees
188
166
IT and office costs
80
78
Travel costs
30
32
Social development contributions
32
21
O&M external fees
35
25
Other costs
\u00a0
44
52
Expected credit loss
-80
-
Total other operating expenses
658
584
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 a cost
reduction or as a deduction of the asset\u2019s carrying amount. In 2024
Scatec recognised NOK 20 million (10) in grants as deductions from the
development and construction asset\u2019s carrying amount.
\u00a0
In 2024, NOK 80 million of expected credit loss related to Ukraine was
reversed.
\u00a0
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\u00a0
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Remuneration to the auditors (PwC and other independent
auditors)
NOK million
2024
2023
Audit services
17
15
Other attestation services
2
2
Tax services
1
1
Total remuneration
20
18
VAT is not included in the numbers above.
Note 5 Tax
Estimation 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
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upon the likely timing and level of future taxable profits.
\u00a0
When assessing the probability of utilising these losses several factors
are considered, including whether the entity in question has a history
of losses, whether there is an expiration date for the entity\u2019s ability to
carry the losses forward and/or whether the losses can be used to
offset taxable income elsewhere in the Group. The majority of the
Group\u2019s tax losses relate to favourable tax rules for depreciation of
power plants and their reversal is merely a timing effect.
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Uncertain tax positions and potential tax exposures are analysed
individually and, the best estimate of the probable amount of 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 has not identified any significant exposure to Pillar Two
income taxes that require disclosure in the consolidated financial
statements.
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Effective tax rate
\u00a0
NOK million
2024
2023
Tax payable
-135
-230
Change in deferred tax
194
384
Withholding tax
-37
-42
Adjustments of tax concerning previous years
-
2
Income tax expense
22
114
Reconciliation of Norwegian nominal tax rate to
effective tax rate
Profit before income tax
1,464
1,008
Nominal tax rate (22%)
\u00a0
-322
-222
Tax effect of:
\u00a0
Permanent differences on divestments
328
270
Permanent differences on tax incentive in South Africa
-
457
Other permanent differences
-19
66
Tax rate different from Norwegian rate
-26
-29
Current tax on dividend received and withholding tax
-37
-42
Valuation allowance loss carried forward
-122
-322
Share of net income from associated companies
157
10
Use and capitalisation of previously unrecognised losses
carried forward
36
-1
Other items
8
10
Currency translation
\u00a0
18
-84
Calculated tax expense
22
114
Effective tax rate
-2%
-11%
The Group recognised an income tax benefit of NOK 22 million in 2024
compared to a tax benefit of NOK 114 million in the previous year. The
tax benefit recognised in the previous year is largely attributable to the
Kenhardt plants which qualified for the Enhanced renewable energy tax
incentive after achieving commercial operating dates in November and
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December 2023. This tax incentive granted a 25% additional tax
deduction from the plants\u2019 cost when the assets were put into use in
2023. The incentive will be settled as reduced tax payments over the
coming years.
\u00a0
The net gain from the partial divestment of the Linde, Dreunberg and
Kalkbult solar power plants (NOK 1,491 million) is a permanent
difference and does not give rise to any tax expense. The item is
presented as permanent differences on divestments in the table
above.
The remaining difference between the Group\u2019s actual tax expense and
the 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 and effects from unrecognised tax losses. Furthermore, the
profit/loss from JVs and associated companies is reported net after tax
which also impacts the effective tax rate.
\u00a0
The underlying tax rates in the companies in operation are in the range
of 0% to 30%. In some markets, Scatec receives special tax incentives
intended to promote investments in renewable energy.
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Significant components of deferred tax assets
NOK million
2024
2023
Tax losses carried forward
4,455
4,058
Valuation allowance of deferred tax assets
-797
-623
Financial instruments
29
58
Property, plant and equipment and intangible assets
152
120
Construction projects
81
92
Lease liabilities
40
56
Other items
66
5
Offsetting of tax balances
1)
-2,475
-2,540
Total deferred tax assets
1,551
1,226
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Significant components of deferred tax liabilities
NOK million
2024
2023
Property, plant and equipment, intangible assets,
including right-of-use assets
3,054
3,252
Financial instruments
80
74
Other items
11
63
Offsetting of tax balances
1)
-2,474
-2,540
Total deferred tax liabilities
671
849
1)
Deferred tax assets and liabilities are offset to the extent that the deferred taxes related to the
same fiscal authority and there is a legally enforceable right to offset current tax assets against
current tax liabilities
Scatec also holds NOK 17 million in deferred tax liabilities related to
disposal group held for sale which is not included in the table above.
For details refer to Note 8 Sale of project assets and disposal group
held for sale.
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Movement in net deferred tax asset
NOK million
2024
2023
Net deferred tax asset at 1 January
377
117
Recognised in the consolidated statement of profit or
\u00a0
loss
194
384
Deferred tax other comprehensive income
-5
69
Deferred tax transferred to assets classified as held for
sale
270
-193
Translation differences
44
-
Net deferred tax asset at 31 December
880
377
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Specification of tax loss carried forward
NOK million
2024
Country
Loss carried
forward
Deferred tax
asset
Net deferred tax on
other differences
South Africa
11,392
3,076
-1,858
Norway
3,205
67
-10
Ukraine
1,801
324
-305
Egypt
1,591
168
-600
Jordan
284
11
-56
Netherlands
435
-
-
Malaysia
187
-
17
Other
39
12
34
Total
18,934
3,658
-2,778
NOK million
2023
Country
Loss carried
forward
Deferred tax
asset
Net deferred tax on
other differences
South Africa
10,332
2,788
-2,187
Norway
2,910
75
-25
Ukraine
1,898
389
-421
Egypt
1,463
158
-499
Jordan
379
17
-55
Netherlands
303
8
-2
Malaysia
163
-
25
Other
11
-
105
Total
17,459
3,435
-3,058
Tax losses carried forward are offset against taxable temporary
differences within the same fiscal authority, mainly related to property,
plant and equipment.
For renewable energy companies, the tax losses carried forward are
mainly related to accelerated depreciation rates for power plant assets
compared to the accounting depreciations determined by the useful
life of the assets. Tax losses are recognised to ensure that the tax
losses were recorded to the extent that the Group expects sufficient
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future taxable profits to be available to utilise the losses. At year-end
2024 the Group has recorded a valuation allowance of NOK -797
million (-623) related to tax losses carried forward that are not
expected to be used to offset future taxable income. The valuation
allowance is recognised in Norway (NOK 463 million), Egypt (NOK 190
million), Malaysia (NOK 131 million) and other countries. In Norway the
Group has disallowed interest deduction carry forward of NOK 701
million (195) which can be carried forward 10 years. Tax losses in Egypt
and Jordan can be carried forward for 5 years while all other tax losses
in the Group can be carried forward indefinitely.
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Note 6 Financial income and expenses
NOK million
2024
2023
Interest income
152
162
Change in fair value of foreign exchange contracts
-
246
Other financial income
33
8
Interest and other financial income
185
415
Interest expenses
-2,564
-1,727
Change in fair value of foreign exchange contracts
-
-29
Other financial expenses
-109
-221
Interest and other financial expenses
-2,673
-1,977
Net foreign exchange gain/(loss)
-175
-56
Net financial expenses
-2,663
-1,617
See Note 19 Financial risk and capital management for interest rate
sensitivity. See Note 23 Non-recourse financing for details on project
financing and Note 22 for details on corporate financing
. During the
year the Group capitalised borrowing costs of NOK 158 million on
qualifying assets under construction,
\u00a0
see Note 9 Property, plant and
equipment.
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Note 7 Earnings per share and shareholder
information
NOK million
2024
2023
Profit/(loss) attributable to the equity holders of the
Company and for the purpose of diluted shares
1,309
628
Weighted average number of shares outstanding for the
purpose of calculating basic earnings per share (million)
158.9
158.9
Earnings per share for income attributable to the equity
holders of the Company - basic (NOK)
8.24
3.95
Effect of potential dilutive shares:
\u00a0
Weighted average number of shares outstanding for the
purpose of calculating diluted earnings per share (million)
158.9
158.9
Earnings per share for income attributable to the equity
holders of the Company - diluted (NOK)
8.24
3.95
Diluted earnings per share is affected by the option programme for
equity-settled share-based payment transactions.
Refer to Note 3 \u2013
Employee benefits for information on share options granted to the
management. No leading employees have exercised any share options
during the year.
There is no diluted effect on earnings per share in case
of loss.
At year-end 2024 the total number of shareholders in Scatec was
13.312 (14,846). The total number of outstanding shares was 158,917,275
(158,917,275) at par value NOK 0.025 per share as of 31 December 2024.
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 the Board of
Directors at 31 December 2024.
Note 8 Sale of project assets and disposal group
held for sale
Sale of project assets
8.5 MW solar power plant in Rwanda
On 19 December 2023, Scatec signed an agreement with Fortis Green
Fund I Rwanda Holdings Ltd and Axian Energy Green Ltd to sell its 54%
equity share in the solar power plant in Rwanda for a gross
consideration of NOK 14 million. Scatec has also exited the operations,
maintenance, and asset management agreements for the power plant.
The transaction closed on 1 August 2024 and did not generate any
material accounting effects.
\u00a0
Kalkbult, Linde and Dreunberg solar power plants in South Africa
On 30 September and 20 November 2024, Scatec closed the partial
sale of its ownership of 46% of in the Kalkbult and 44% of the Linde
and Dreunberg solar power plants to Greenstreet 1 Proprietary Limited,
a subsidiary of STANLIB Infrastructure Find II, for a gross consideration
of NOK 523 million for the sold ownership share. Following the
transactions, Scatec held an economic interest of approximately 13% in
Kalkbult and 12% in Linde and Dreunberg. Following the transactions,
Scatec lost control over the entities and the power plants have been
accounted for as investments in JVs and associated companies using
the equity method. The transaction generated a net gain from the sale
of project entities of NOK 1.491 million in net gain/(loss) from the sale
of project assets.
\u00a0
With effect from the closing date of the first phase, the consolidation
of the project companies ceased, decreasing total assets by NOK 1,434
million, decreasing total liabilities by NOK 2,393 million, and increasing
equity by NOK 959 million (Scatec\u2019s share). An accumulated foreign
currency translation reserve (gain) of NOK 14 million was recycled from
other comprehensive income to profit or loss as part of the
deconsolidation.
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Refer to Note 13 for details about the profit and loss and financial
position on a stand alone basis for the acquired investments, including
the bridge from Scatec\u2019s share of equity on a stand alone basis to the
carrying value of net investments in associated companies at Group
level.
Upington solar power plants in South Africa
On 2 February 2023, Scatec signed an agreement with a subsidiary of
STANLIB Infrastructure Fund II, managed by STANLIB Asset
Management Proprietary Limited, to sell its 42% equity share in the
Upington solar plants. The transaction was closed on 31 May 2023.
Total consideration, net after sales cost amounted to NOK 546 million.
The transaction generated a net accounting gain of NOK 744 million
presented in net gain/(loss) from sale of project assets in 2023.
Mocuba solar power plant in Mozambique
On 18 July 2023, Scatec signed an agreement with Globeleq to sell its
52.5% equity share in the Mocuba solar power plant in Mozambique for
a gross consideration of NOK 86 million. The transaction was closed on
29 December 2023. The transaction has generated a net accounting
gain of NOK 47 million presented in net gain/(loss) from the sale of
project assets in 2023.
\u00a0
Gua\u00f1izuil IIA solar power plant in Argentina
On 19 October 2023, Scatec ASA and Equinor ASA sold their shares in
the Gua\u00f1izuil IIA solar power plant in Argentina, as well as their shares
in the local operating services company to Central Puerto. In 2023 the
solar power plant was impaired in the amount of NOK 350 million, and
the sales transaction did not generate any material accounting impact.
Release
On 27 October 2023, Release closed NOK 1.1 billion transaction with
Climate Fund Managers (\u2018CFM\u201d). CFM contributed NOK 560 million in
equity for a 32% shareholding in Release. Scatec retained the majority
shareholding of 68%. As a result of the transaction and in line with the
shareholder agreement, Scatec lost control over Release and
recognised an investment in joint venture at fair value at the acquisition
date. The divestment of the 32% shareholding generated an accounting
gain of NOK 485 million in presented in net gain/(loss) from the sale of
project assets in 2023.
\u00a0
Disposal group held for sale
African hydropower joint venture
On 30 July 2024, Scatec signed an agreement with TotalEnergies to sell
its 51% equity share in the African hydropower joint venture with
Norfund and British International Investment. The sale covers Scatec\u2019s
indirect interest held through SN Power in the operating 255 MW
Bujagali hydropower plant in Uganda, and a development portfolio
consisting of the 361 MW Mpatamanga in Malawi, and the 206 MW
Ruzizi III. The transaction is subject to conditions and consents being
received from stakeholders including lenders and joint venture partners
and is schedule to close within the first half of 2025. The associated
balances of the investments in joint ventures and related holding
entities, including part of the goodwill deriving from the acquisition of
SN Power, are presented as held for sale as of 31 December 2024.
Dam Nai Wind farm in Vietnam
On 13 September 2024, Scatec signed an agreement to sell the 39 MW
Dam Nai Wind farm and the associated operating company in Vietnam
to Sustainable Asia Renewable Assets, a utility-scale renewable energy
platform of the SUSI Asia Energy Transition Fund. Scatec will receive an
upfront consideration of NOK 306 million (USD 27 million) for its 100%
equity share at completion, with the potential for additional earn-out
payments of up to NOK 147 million (USD 13 million) subject to certain
conditions being fulfilled prior to May 2026. The transaction is expected
to close within the first half of 2025, subject to customary regulatory
approvals. The associated assets and liabilities of the subsidiaries are
presented as held for sale as of 31 December 2024.
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As of 31 December 2023, associated assets and liabilities of the solar
power plant in Rwanda were presented as held for sale.
\u00a0
NOK million
2024
2023
Assets classified as held for sale
Property, plant and equipment
434
118
Goodwill and intangible assets
230
-
Investments in JVs and associated companies
1,501
-
Trade and other receivables
65
8
Cash and cash equivalents
33
12
Total assets of disposal group held for sale
2,264
138
Liabilities directly associated with assets classified as
\u00a0
held for sale
Deferred tax liabilities
17
-
Non-current non-recourse project financing
\u00a0
337
104
Current portion of non-recourse project financing
17
11
Other current liabilities
29
14
Total liabilities of disposal group held for sale
401
129
Note 9 Property, plant and equipment
Accounting principle
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 costs are recognised in the profit or loss in
the period in which they are incurred.
Depreciation of a power plant commences when the plant is ready for
use, normally at the date of grid connection and commissioning.
\u00a0
Asset retirement obligations
Asset retirement costs are recognised when the Group has a
constructive 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 2053.
\u00a0
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 12 Leases.
Estimation uncertainty
Estimated useful life of power plants
The estimated useful life of power plants is reviewed on an annual
basis and changes in the useful life are accounted for prospectively.
In most of these markets the sale of electricity depends on having a
PPA, hence, the length of the PPA is relevant to determining useful life.
The power plants currently in operation have 9 to 25 years off-take
agreements. The technical useful life of a power plants is subject to
several factors such as climatic conditions and the maintenance
programme but is generally expected to be 30 years. Technical useful
life of storage equipment, such as the BESS (batter energy storage
system) on the Kenhardt plant, is dependent on usage and number of
charging cycles, with the useful life is expected to be 20 years.
\u00a0
The assessment is made on a plant-by-plant basis, and the Group\u2019s
power plants are depreciated over the length of the PPA or up to 30
years based on expected usage.
\u00a0
Scatec\u2019s operational assets are protected from physical damage,
including damage from natural catastrophes and weather-related
events, by property damage & business interruption insurance. Similar
insurance has been designed for projects under construction and
covers
\u00a0
physical damage, loss of income and transportation risks. Thus,
potential physical damage to plants will be repaired and is not
expected to impact the useful life of the plants. Other climate related
risks have been considered and it has been concluded that they do noy
impact the useful life of the plants.
Capitalisation of development costs
\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. The assessment of project viability is
based on the completion of key development activities and includes
management judgement.
\u00a0
The carrying value of development projects that have not yet reached
the construction phase was NOK 380 million (332) at 31 December
2024. During the year the Group capitalised borrowing costs of NOK 158
(583) million on qualifying assets. Capitalisation rate of the borrowing
costs in the project companies under construction is close to 100%.
Asset retirement obligations
Scatec has obligations to dismantle and remove the power plants upon
cessation of production. Scatec\u2019s future asset retirement obligations
depend on several factors,
\u00a0
such as the possible existence of a power
market for the plants after the end of their useful life, the future
development of manhour and equipment costs, and interest and
currency exchange rates. The calculation of the asset retirement
obligation includes significant judgement and is conducted on a plant-
by-plant basis, taking into consideration relevant project specifics.
Impairments
Power plants and projects under development and construction are
tested for impairment to the extent that indicators of impairment exist,
please refer to Note
10 Impairment testing
for details.
\u00a0
During 2024, the Group impaired NOK 65 million (48) related to
discontinued development projects. The Group also impaired NOK 81
million related to plants in operations in Honduras.
Property, plant and equipment
NOK million
Power plants
\u00a0
Power plants under
development and construction
Other fixed assets
Total
Accumulated cost at 1 January 2024
25,896
1,233
461
27,590
Additions
36
3,227
16
3,277
Transfers
378
-378
-
-
Disposals
\u00a0
-2,505
-12
-
-2,517
Transfer of assets classified as held for sale
\u00a0
-539
-
-
-536
Effect of movements in foreign exchange rates
2,225
166
50
2,441
Accumulated cost at 31 December 2024
25,490
4,236
527
30,256
Accumulated depreciation and impairment losses at 1 January
\u00a0
2024
5,040
290
224
5,554
Depreciation for the year
1,077
-
51
1,128
Impairment losses
81
65
-
146
Accumulated depreciation and impairment losses disposed
\u00a0
assets
-1,050
-
-
-1,050
Accumulated depreciation transfer of assets classified
\u00a0
as held for sale
\u00a0
-110
-
-
-110
Effect of movements in foreign exchange rates
449
39
27
514
Accumulated depreciation and impairment losses at 31 December
\u00a0
2024
5,486
394
302
6,186
Carrying amount at 31 December 2024
20,002
3,842
226
24,070
Estimated useful life (years)
\u00a0
20-30
N/A
3-5
Accumulated cost at 1 January 2023
19,828
2,250
414
22,492
Additions
62
8,674
51
8,786
Transfers
9,564
-9,564
-
-
Disposals
-3,377
-309
-12
-3,696
Transfer of assets classified as held for sale
\u00a0
-214
-
-
-214
Effect of movements in foreign exchange rates
33
183
8
224
Accumulated cost at 31 December 2023
25,896
1,233
461
27,590
Accumulated depreciation and impairment losses at 1 January
\u00a0
2023
4,743
251
186
5,179
Depreciation for the year
804
-
49
853
Impairment losses
17
48
-
64
Accumulated depreciation and impairment losses disposed
\u00a0
assets
-511
-8
-12
-531
Accumulated depreciation transfer of assets classified
\u00a0
as held for sale
\u00a0
-100
-
-
-100
Effect of movements in foreign exchange rates
88
-2
1
87
Accumulated depreciation and impairment losses at 31 December
\u00a0
2023
5,040
290
224
5,554
Carrying amount at 31 December 2023
20,854
943
238
22,035
Estimated useful life (years)
\u00a0
20-30
N/A
3-5
\u00a0
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Note 10 Impairment testing
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Estimation uncertainty
\u00a0
An impairment loss is recognised when the carrying value of an asset
or cash generating unit (CGU) exceeds the recoverable amount.
\u00a0
Factors which trigger impairment testing include, but are not limited to,
political changes, macroeconomic fluctuations, changes in the Group\u2019s
strategy, project delays, underperformance, tariff changes and similar.
When an asset is constructed, certain assumptions are made about
climate-related factors such as irradiation and temperature. Deviations
from such assumptions may lead to the underperformance of assets,
which, if significant, may be an indicator of impairment. Furthermore,
climate-related changes are expected to have a pervasive effect on the
energy industry overall which may impact factors such as regulations
and the financial viability of our assets in the markets we operate in,
and are considered in our impairment testing. Climate-related changes
at specific locations, such as extreme weather events, may reduce
production and increase maintenance costs and, if pervasive, trigger
impairment testing.
Recoverable amount calculations of value-in-use are based on a
discounted cash flow model. The future cash flows include a number
of estimates and assumptions, including future market conditions and
energy prices, discount rates, estimated useful life and others. Climate
risks such as more extreme weather and natural disasters, and
changes to environmental regulations are accounted for in the discount
rates. 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, and
demand and price forecasts for power assets with variable income.
The Group monitors changes in government legislation on a continual
basis. Legal changes may impact key assumptions in the value-in-use
calculations in future periods.
Impairment test \u2013 plants 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 amounts
\u00a0
for these units have been
determined by estimating the value-in-use of the assets and
comparing it against the carrying value of the CGUs.
\u00a0
In 2024, impairment indicators were identified for Scatec\u2019s solar power
plants in Honduras due to the signing of PPA amendment agreements
between Scatec\u2019s operating entities and the off taker ENEE. The
agreements
\u00a0
included a compensation for production in previous years,
a 5-year extended PPA period and lower tariff for future periods with
effect from 2024. The assets were tested for impairments.
\u00a0
Future cash flows:
In line with the PPA amendment agreement the
solar power plants in Honduras operate under 25-year reduced feed-
in-tariffs (tariff). The estimate includes a 30 year cash flow, and for 5
years after the PPA term, the estimates are based on the PPA tariffs.
Discount rate:
The discount rates are based on the weighted average
cost of capital (WACC) methodology. The discount rate used in the
impairment calculations represents 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 into the cash flow estimates. The after-tax discount rate
applied in the cash flows is 7.3%. This corresponds to the average pre-
tax discount rate of 8.6%.
Sensitivity:
The value-in-use calculation is sensitive to changes in the
discount rate. Sensitivity analysis shows that a 1% increase in the
discount rate would result in an increased impairment charge of NOK
37 million, assuming other factors remained unchanged. The sensitivity
analysis is for indicative purposes only.
Impairment:
A total impairment charge of NOK 81 million related to
solar power plants was recognised.
Since 2022, impairment indicators were identified for Scatec\u2019s five solar
plants in Ukraine triggered by Russia\u2019s invasion and the plants were
partially impaired in 2022. As of 31 December 2024 all the power plants
owned and operated by Scatec are intact and available in Ukraine. The
impairment test has been updated to reflect new information, and
three scenarios have been assessed and weighted to arrive at the
value-in-use for the solar power plants. No significant events have
triggered additional impairment in 2024.
\u00a0
Annual mandatory impairment test - goodwill
\u00a0
The goodwill of the Group mainly relates to the acquisition of SN
Power AS in 2021. The goodwill relates to the portfolio of identified
project development opportunities and the assembled workforce.
Consequently, the goodwill is allocated to and tested for impairment
on the global Development & Construction operating segment. During
the year, NOK 80 million was allocated to the development portfolio of
the Sub-Sahara African hydropower joint venture and is classified as
held for sale as of 31 December 2024. The goodwill has been tested for
impairment using the following key assumptions and estimates:
Discount rate:
Discount rates used in the value-in-use calculation is
based on the discount rate before tax. The pre-tax discount rate
applied in 2024 is 8.9%.
\u00a0
Future cash flows:
The recoverable amount has been determined on
the basis of value-in-use calculations. The estimated cash flows
correspond to the business plan for a five-year period, which is based
on the Group\u2019s project backlog and pipeline. The business plan has
been approved by the Board of Directors. Cash flows have been
calculated on the basis of estimated project volumes and an average
margin related to project execution. Cash outflows have been
calculated on the basis of 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 the WACC by 2 percentage point would not lead to an
impairment loss.
The Group did not recognise any impairments related to goodwill in
2024 or 2023 as the recoverable amounts exceeded the carrying
amount.
Impairment test \u2013 development projects
\u00a0
In 2024 Scatec impaired NOK 65
million mainly relates to discontinued
development projects, of which NOK 54 million relates to development
projects in Vietnam as Scatec is exiting all operations in the country.
Note 11 Goodwill and other intangible assets
Estimation uncertainty
There is considerable estimate uncertainty associated with the value of
intangible assets. Please refer to Note 10 Impairment testing for
assessment of recoverable amount.
Overview
The Group\u2019s goodwill is mainly associated with the acquisitions of SN
Power in 2021. The Group had no other intangible assets with an
indefinite useful life other than goodwill as of 31 December 2024 and
2023. During the year, NOK 80 million was allocated to the
development portfolio of the African hydropower joint venture and is
classified as held for sale as of 31 December 2024.
The Group\u2019s other intangible assets consist of renewable operating
licence, the right to transmit electricity and software. The estimated
useful life of intangible assets with a finite lifetime are reviewed on an
annual basis, and are amortised over 3 to 25 years.
No impairment charges related to intangible assets were recognised in
2024 and in 2023.
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Carrying value of goodwill and other intangible assets
\u00a0
NOK million
Goodwill
Other
intangible
assets
Total
Accumulated cost at 1 January 2024
367
489
857
Additions
\u00a0
-
28
28
Transfer of assets classified as held for sale
-80
-177
-256
Effect of movements in foreign exchange
34
32
66
Accumulated cost at 31 December 2024
321
373
694
Accumulated amortisation and impairment
losses at 1 January
\u00a0
2024
-
139
139
Amortisation for the year
-
18
18
Accumulated amortisation transfer of assets
classified as held for sale
-
-38
-38
Effect of movements in foreign exchange
-
16
16
Accumulated amortisation and impairment
losses at 31 December 2024
-
134
134
Carrying amount at 31 December 2024
321
239
560
Accumulated cost at 1 January 2023
357
525
882
Additions
-
35
35
Cost of disposed assets
-
-99
-99
Effect of movements in foreign exchange
10
28
38
Accumulated cost at 31 December 2023
367
489
857
Accumulated amortisation and impairment
losses at 1 January
\u00a0
2023
-
124
124
Amortisation for the year
-
24
24
Accumulated amortisation and impairment
losses disposed assets
-
-19
-19
Effect of movements in foreign exchange
-
10
10
Accumulated amortisation and impairment
losses at 31 December 2023
-
139
139
Carrying amount at 31 December 2023
367
350
717
Estimated useful life
N/A
3-25
Note 12 Lease
\u00a0
Accounting principle
The Group\u2019s leases accounted for in accordance with IFRS 16 primarily
relate to offices in countries which Scatec operates and land where
\u00a0
power production plants are located.
\u00a0
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 a lease term of less than 12
months. Future lease payments include fixed lease payments and
variable lease payments that depend on an index such as the
consumer price index or future events such as power generation. The
Group recognises land lease payments that vary with power generation
in profit or loss.
\u00a0
Estimation 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,
\u00a0
the interest rate on the non-
recourse loans has been central for 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 at the end of the PPA period, it is uncertain whether the
option will be exercised for land leases. The Group has evaluated all
these options, but it is not reasonably certain that the Group will
exercise the options, hence the period covered by these options has
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not been included in the lease liability. The Group reevaluates
\u00a0
the
options on a continuous basis.
Reconciliation of movement in right-of-use asset
\u00a0
NOK million
Land
Office &
cars
Total
Right-of-use asset at 1 January 2024
201
116
317
Additions
1
8
9
Depreciation for the year
-13
-25
-38
Sale of assets and transfer to held for sale
15
0
15
Effect of movement in foreign exchange and other
changes
19
11
30
Right-of-use asset at 31 December 2024
224
109
334
Reconciliation of movement in lease liabilities
NOK million
2024
2023
Lease liability at 1 January 2024
340
313
Lease agreements entered into during the year
9
66
Lease payments made during the year
-48
-48
Interest expense on lease liabilities
26
27
Effect of movement in foreign exchange and other
changes
19
-18
Lease liability at 31 December 2024
346
340
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Leases in the income statement
NOK million
2024
2023
Operating expenses
Short term-
\u00a0
low value and variable lease payment
expenses
-32
-35
Depreciation expenses
Depreciation of right-of-use assets (land lease)
-13
-13
Depreciation of right-of-use assets (office lease
and other)
-25
-25
Total depreciation
-38
-38
Financial expenses
Interest expense on lease liability
-26
-27
Total lease expense in the income statement
-96
-100
Leases in the statement of financial position
NOK million
2024
2023
Assets
Right-of-use assets - land lease
224
201
Right-of-use assets - office lease and other
\u00a0
109
116
Total right-of-use assets
334
317
Liabilities
Non-current liabilities
\u00a0
Lease liabilities (see Note 17 Other non-current
and current liabilities)
320
315
Current liabilities
Lease liabilities (see Note 17 Other non-current
and current liabilities)
26
25
Lease liabilities included in the balance sheet
346
340
The land lease portion of the right-of-use asset is presented under
\u2018power plants\u2019
\u00a0
and \u2018Power plants under development and construction\u2019
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in Note 9, while the office lease portion of the right-of-use asset is
presented under the line \u2018Other fixed assets\u2019.
Leases in the statement of cash flows
NOK million
2024
2023
Cash flow from operating activities
Short-term and variable lease payments
32
35
Cash flow from financing activities
Payments of principal portion on lease liabilities
22
21
Interest paid on lease liabilities
26
27
Maturity analysis \u2013 undiscounted contractual cash flows
NOK million
2024
2023
One year
46
47
One to two years
47
62
Two to three years
48
40
Three to four years
43
37
Four to five years
48
35
More than five years
256
278
Total undiscounted lease liabilities
489
499
Lease liabilities included in the balance sheet
346
340
Note 13 Investments in joint venture and
associated companies
Accounting principle and estimation uncertainty
\u00a0
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, an investment is initially recognised
at cost or at fair value when acquired through a transaction, and
subsequently adjusted for further investments, distributions, and the
Group\u2019s share of the net income from the associate or joint venture.
Refer to Note 1 for preparation, basis for consolidation and key sources
of estimation.
Other current assets in the table of \u201cFinancial positions for material
joint venture and associated companies\u201d include excess values for all
JVs excluding Brazil. Excess values mainly relate to water rights, and
infrastructure assets in the solar
\u00a0
power companies. The
estimated
useful life of the water rights is reviewed on an annual basis and
amortised over the remaining concession period. The excess values,
and related amortization, are grossed up on a 100% basis in the tables
below according to the values allocated to Scatec\u2019s share.
\u00a0
Carrying amounts of joint ventures and associated companies
\u00a0
In 2024 Alunorte
entered the Mendubim project in Brazil with a 10%
economic interest
and Scatec\u2019s ownership share fell from 33%
\u00a0
to
30%. The Mendubim project has
\u00a0
entered into a 20-year fixed price
PPA with Alunorte starting on
\u00a0
1 January 2025 for the sale
\u00a0
of
approximately 60% of the energy
\u00a0
from the solar power plant. In
2024, all energy was sold
\u00a0
in the merchant market at lower prices
compared to the PPA, and Scatec
\u00a0
experienced curtailment losses
due to grid constraints, which
\u00a0
affected the results for 2024.
\u00a0
Scatec
expects the project financials
\u00a0
to improve in 2025.
In 2024 Scatec signed an agreement
\u00a0
with TotalEnergies to sell its
51% equity share in the African
\u00a0
hydropower joint venture with
Norfund and British International Investment.
\u00a0
The associated
balances of the JV investments
\u00a0
are presented as held for sale
\u00a0
as
per 31 December 2024.
\u00a0
Scatec closed the partial sale of the
Kalkbult, Linde and Dreunberg solar
\u00a0
power plants in 2024, and all
assets and liabilities were deconsolidated
\u00a0
and Scatec\u2019s investment
in JVs and associates was recognised
\u00a0
at fair value at the transaction
date. Excess values of NOK 200
\u00a0
million are identified for
investments in JVs and associated
\u00a0
companies.
\u00a0
Dividends include refinancing of NOK
\u00a0
324 million of the assets in
the Philippines.
\u00a0
Material joint ventures and associated companies
Company
2024
2023
Brazil
Scatec Solar Brazil BV
50.00%
50.00%
Apodi I Energia SPE S.A
43.75%
43.75%
Apodi II Energia SPE S.A
43.75%
43.75%
Apodi III Energia SPE S.A
43.75%
43.75%
Apodi IV Energia SPE S.A
43.75%
43.75%
Mendubim Holding B.V.
1)
33.33%
33.33%
Mendubim Gera\u00e7\u00e3o de Energia Ltda.
1)
30.00%
33.33%
Mendubim (I-XIII) Energia
\u00a0
Ltda.
1)
30.00%
33.33%
Mendubim Solar EPC Ltda.
1)
33.33%
33.33%
Scatec Solar Solutions Brazil B.V.
50.00%
50.00%
Scatec Solar Brasil Servicos De Engenharia LTDA
50.00%
50.00%
Laos
Theun-Hinboun Power Company
\u00a0
20.00%
20.00%
Philippines
SN Aboitiz Power \u2013 Magat Inc
50.00%
50.00%
Manila-Oslo Reneweable Enterprise
16.70%
16.70%
SN Aboitiz Power \u2013 Benguet Inc
50.00%
50.00%
SN Aboitiz Power \u2013 RES Inc
50.00%
50.00%
SN Aboitiz Power \u2013 Generation Inc
50.00%
50.00%
Uganda
Bujagali Energy Ltd.
\u00a0
28.28%
28.28%
SN Power Uganda Ltd.
51.00%
51.00%
Rwanda
Ruzizi Energy Ltd.
20.40%
20.40%
Norway
Release Solar AS
2)
68.00%
68.00%
Netherlands
SN Power Invest Netherlands B.V.
51.00%
51.00%
SN Development B.V.
51.00%
51.00%
Release Management B.V.
2)
68.00%
68.00%
Malawi
Mpatamanga Hydro Power Ltd.
25.50%
25.50%
SN Malawi B.V.
51.00%
51.00%
South Africa
Scatec Solar SA 164 (Pty) Ltd.
21.00%
80.70%
Simacel 155 (RF) (Pty) Ltd.
11.55%
44.40%
Simacel 160 (RF) (Pty) Ltd.
11.55%
44.40%
Scatec Solar SA 165 (Pty) Ltd.
21.00%
76.60%
Scatec Solar SA 166 (Pty) Ltd.
12.60%
46.00%
1) Mendubim project structure includes 13 SPVs,
\u00a0
EPC and an operating company.2) Release project
\u00a0
structure includes 11 companies
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\n
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
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\u00a0
\n
Carrying amounts of investments in material joint ventures
\u00a0
and associated companies
Country
Carrying value
31 December
2023
Additions/
disposals
Net income from joint
venture and associated
companies
Dividends
Assets held
for sale
Foreign
currency
translations
Carrying value
31 December
2024
Philippines
6,770
6
472
-795
-
445
6,898
Laos
1,882
1
109
-160
-
217
2,048
Uganda
1,288
-
97
-203
-1,350
167
-
Brazil
1,093
-18
-8
-18
-
1
1,051
Release
1,217
-64
-28
-
-
128
1,254
South Africa
-
186
18
-
-
-4
200
Other
118
-34
55
-
-151
12
-
Total
12,368
77
714
-1,176
-1,501
967
11,451
100% figures of summarised profit and loss for material joint ventures
\u00a0
and associated companies
2024
NOK million
Philippines
Laos
Uganda
Brazil
Release
South Africa
Other
Revenues
2,204
1,519
1,294
487
120
823
-9
Operating expenses
-422
-207
-122
-187
-71
-125
-26
Depreciation, amortisation and impairment
-493
-679
-227
-181
-75
-158
-
Operating profit/(loss)
1,289
633
945
120
-27
540
-35
Net financial items
-203
3
-158
-217
-7
-203
376
Profit before income tax
1,087
636
788
-97
-34
336
342
Income tax
-137
-93
2
105
1
-95
-
Profit/(loss) after tax
950
543
790
8
-33
241
342
Scatec\u2019s share of profit/(loss) after tax
475
109
223
11
-22
87
173
Elimination of January - September figures for
South Africa
-
-
-
-
-
-68
-
Elimination of profit & loss for assets held for sale
-
-
-134
-
-
-
11
Elimination of internal transactions and foreign
currency translation
-3
-
7
-19
-6
-1
-128
Net profit/(loss)
472
109
97
-8
-28
18
55
2023
NOK million
Philippines
Laos
Uganda
Brazil
Release
Other
Revenues
1,605
1,258
1,349
352
112
103
Operating expenses
-521
-195
-88
-138
-37
-58
Depreciation, amortisation and impairment
-479
-666
-399
-106
-52
-735
Operating profit/(loss)
605
398
861
108
23
-689
Net financial items
-214
-33
-308
-136
22
171
Profit before income tax
391
365
553
-28
44
-519
Income tax
-87
-52
-34
-8
-20
76
Profit/(loss) after tax
304
313
520
-19
25
-443
Scatec\u2019s share of profit/(loss) after tax
152
63
147
-11
17
-220
Elimination of January - October figures for
\u00a0
Release
-
-
-
-
10
-
Elimination of profit & loss for assets held for sale
-
-
-
-
-
-
Elimination of internal transactions and foreign
currency translation
-
-
24
12
-17
-129
Net profit/(loss)
152
63
171
1
10
-350
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\n
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\n
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\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
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\n
\u00a0
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\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
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\n
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\n
100% figures of summarised financial positions for material joint venture and associated companies
(standalone basis)
2024
NOK million
Philippines
Laos
Uganda
Brazil
Release
South Africa
Other
Non-current assets
20,141
10,814
10,162
12,129
3,265
3,297
3,371
Current assets
745
305
311
401
939
187
22
Cash and cash equivalents
1,077
216
494
452
292
82
63
Total assets
21,963
11,335
10,966
12,981
4,495
3,566
3,456
Non-current liabilities
7,094
882
5,350
7,074
762
2,079
551
Current liabilities
1,069
218
362
544
945
252
66
Total liabilities
8,164
1,100
5,711
7,618
1,707
2,330
618
Total equity
13,799
10,236
5,255
5,363
2,788
1,235
2,838
Scatec share of equity
6,900
2,047
1,486
1,857
1,896
166
1,454
Loans to joint ventures as investment
10
-
-
194
4
51
88
Other / foreign currency translation
-12
1
-136
-20
-5
4
12
Assets held for sale
-
-
-1,350
-
-
-
-151
Elimination of equity investments
-
-
-
-980
-641
-22
-1,402
Net investment in joint ventures
6,898
2,048
-
1,051
1,254
200
-
2023
NOK million
Philippines
Laos
Uganda
Brazil
Release
Other
Non-current assets
\u00a0
19,241
10,198
9,277
11,200
2,222
2,754
Current assets
\u00a0
625
201
277
741
1,330
44
Cash and cash equivalents
\u00a0
915
696
447
513
533
178
Total assets
\u00a0
20,781
11,094
10,000
12,454
4,086
2,977
Non-current liabilities
\u00a0
6,543
852
5,155
6,072
210
388
Current liabilities
\u00a0
823
833
299
1,219
1,316
30
Total liabilities
7,365
1,685
5,453
7,292
1,525
418
Total Equity
13,416
9,409
4,547
5,163
2,561
2,559
Scatec share of equity
6,708
1,882
1,286
1,798
1,741
1,313
Loans to joint ventures as investment
73
-
-
258
66
61
Other / foreign currency translation
-10
-
2
14
-31
-
Assets held for sale
-
-
-
-
-
-
Elimination of equity investments
-
-
-
-975
-560
-1,255
Net investment in joint ventures
6,770
1,882
1,288
1,093
1,217
118
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 14 Trade receivables
Trade receivables are recognised for amounts owed by the customer.
Accrued income represents contract assets related to energy
production in the last month of the year, which is invoiced in January
the following year.
\u00a0
In accordance with the expected credit loss (ECL) model, lifetime
expected credit loss is recognised on the basis of historical and
forward-looking information. Expected credit loss is assessed on an
individual instrument basis.
\u00a0
In Honduras, Scatec has historically experienced delays in payments
from the state-owned off-taker. In 2024 overdue receivables have
decreased following the settlement agreement for the amended PPA
reached in the first quarter of 2024. Historically, no receivables have
been written off and remaining outstanding amounts are expected to
be settled; hence no expected credit loss provision has been
recognised.
In 2022 Scatec made an expected credit loss provision in Ukraine
reflecting the high uncertainty for future settlement of trade and other
receivables related to the period prior to the war. In 2024, all
outstanding trade receivables from before the war were settled and
the provision related to trade receivables was reversed.
\u00a0
For other jurisdictions in the Group, no expected credit provision has
been made.
\u00a0
NOK million
2024
2023
Trade receivables
322
328
Accrued income and other receivables
203
247
Impairment for expected credit loss
\u00a0
-38
-98
Total trade and other receivables
487
478
Ageing of trade receivables at year-end was as follows:
NOK million
Total
Not overdue
Overdue
2024
322
273
49
2023
328
242
86
Scatec also holds NOK 65 million in trade and other receivables related
to disposal group held for sale which is not included in the tables
above. For details refer to Note 8 Sale of project assets and disposal
group held for sale.
Note 15 Cash and cash equivalents
Cash and cash equivalents include bank deposits and monetary items.
Total
\u00a0
cash include cash in non-recourse and
in recourse entities, and
NOK 135 million of the cash is restricted relating to proceed accounts,
debt service reserve accounts, disbursements accounts, maintenance
and insurance reserve accounts and similar. Cash in assets held for
sale of NOK 33 million and cash held in JVs and associated companies
is not included. As of 31 December 2024, NOK 274 million is related to
companies in Ukraine (of which NOK 246 million is cash in power plant
companies).
Note 16 Other non-current and current assets
\u00a0
\n
\u00a0
\n
Other non-current assets
NOK million
2024
2023
Other non-current investments
\u00a0
59
154
Other non-current receivables
104
112
Total other non-current assets
\u00a0
163
265
\u00a0
\n
\u00a0
\n
\u00a0
\n
Other current assets
NOK million
2024
2023
Prepayments related to assets under construction
222
635
Receivables from public authorities, prepaid taxes &
VAT
\u00a0
353
252
Other receivables and prepaid expenses
332
263
Total other current assets
907
1,150
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 17 Other non-current and current liabilities
\u00a0
\n
\u00a0
\n
\u00a0
\n
Other non-current liabilities comprise the following:
NOK million
2024
2023
Shareholder loan from co-investors
469
428
Non-current lease liability (ref Note 12)
320
315
Asset retirement obligations (ref Note 9)
480
490
Other long-term liabilities and accruals
124
110
Total other non-current liabilities
1,393
1,343
Other current liabilities comprise the following:
NOK million
2024
2023
Accrued expenses related to assets under
development/construction
496
1,400
Public duties other than income taxes
205
89
Accrued payroll
84
74
Current lease liability (ref Note 12)
26
25
Deferred income
16
14
Other current liabilities and accruals
453
459
Total other current liabilities
1,281
2,060
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Movement in asset retirement obligations
NOK million
2024
2023
Asset retirement obligation at 1 January
490
475
Additional provision during the year
45
35
Provisions reversed in association with disposals
-109
-52
Unwinding of discount
23
25
Effect of movement in foreign exchange and other
changes
30
6
Asset retirement obligation at 31 December
480
490
Accrued expenses relate to accrual of project costs on the
construction projects in South Africa, Botswana and Tunisia.
Asset retirement obligations are provided for as the Group considers it
a constructive 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 capitalised 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.
Note 18 Legal disputes and contingencies
Estimation uncertainty
The Group is operating in various jurisdictions and is subject to legal
disputes and regulatory reviews. Management applies assumptions and
judgement to consider all information available when assessing if
unfavourable outcomes are probable and when estimating amounts
required to settle any obligation. Legal claims are assessed on an
individual basis and provisions are recognised if the specific claims give
rise to present, probable obligations and the costs can be reliably
measured.
\u00a0
Significant disputes and uncertain tax positions
\u00a0
The joint venture in Uganda is subject to a tax investigation by a local
tax authority and received tax claims totaling the equivalent of NOK
344 million (at 31 December 2024) on Scatec\u2019s proportionate share
during the third quarter of 2023. The matter is disputed, and the
amount is not included in net income from JVs and associated
companies for the year. If the claims materialise, the joint venture will
claim this through the tariff according to the Power Purchase
Agreement. Should this be challenged the JV has certain indemnities
under the Power Purchase Agreement with the off-taker. Furthermore,
Scatec has certain tax indemnities under the SN Power share purchase
agreement with Norfund.
Reference is made to Scatec\u2019s previous communication regarding
changes to the PPA in Honduras. In May 2022, a new energy law came
into force as introduced by the new government of Honduras. On 31
January 2024, a PPA amendment agreement was signed between
Scatec\u2019s operating entities in Honduras and the off taker ENEE. The
agreement included a compensation for production in previous years, a
5-year extended PPA period and a lower tariff for future periods with
effect from 2024. Following the settlement agreement, the overdue
receivables in Honduras were reduced, and as of 31 December 2024
the outstanding balance was NOK 52 million.
The Sukkur project in Pakistan was awarded a \u201ccosts plus tariff\u201d by the
National Electric Power Regulatory Authority (NEPRA) in 2020 and the
project reached commercial operation in January 2024. The project has
a 25-year PPA with the Central Power Purchasing Agency of Pakistan.
The revenue is recorded according to a lower reference tariff and is
subject to a \u201ctariff true up\u201d following approval by NEPRA. The tariff true
up is a routine process for NEPRA projects and is expected to take
approximately 18-24 months. Depending on the conclusion of the
process, any differential revenue will be recorded in the period in which
approval is granted by the regulator, while an unfavourable outcome
may negatively impact the project\u2019s economics. Refer to Note 30
Subsequent events for further information.
Scatec has a signed PPA for one of Scatec\u2019s pipeline projects in India,
and there is ongoing litigation that may impact the project timeline and
economics. Furthermore, there are certain milestone commitments for
the PPA and the project if backed by a bank guarantee from Scatec
ASA of USD 8 million. By the end of the financial year, the process was
yet to be concluded and no provision had been made.
Note 19 Financial risks and capital management
\u00a0
Through its business activities Scatec is exposed to the following
financial risks:
\u25cf
Liquidity risk
\u25cf
Market risk (currency risk and interest rate risk)
\u25cf
Credit risk
Liquidity risk and capital management
\u00a0
Liquidity risk is the risk that Scatec will not be able to meet its financial
obligations when due. The Group manages liquidity risk through the
regular review of future commitments, cash flows from operations, and
credit facilities. Scatec\u2019s liquidity risk depends on the financial
performance of operating assets in the portfolio and future growth
opportunities.
\u00a0
New regulations and shift in global financing towards green
investments may impact Scatec\u2019s ability, and terms, in obtaining
financing in future periods.
Scatec's capital management is designed to effectively manage
liquidity risk and ensure
\u00a0
reliable access to capital. Scatec\u2019s operations
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
are funded to generate shareholder value through profitable and
sustainable growth.
\u00a0
Non-recourse financing
\u00a0
Renewable energy companies are predominately financed by equity
from Scatec and co-investors and non-recourse loans from project
lenders.
The companies are ring-fenced and the security provided, and the
repayment of loans is only based on the project assets and revenue.
The Group\u2019s book value of the pledged power plants is NOK 22,004
million (20,710) as of 31 December 2024.The financing has a clearly
defined and limited risk profile and 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 the power plant
companies to Scatec, and to any other project equity investors in
accordance with the shareholding and the terms of the finance
documents. The aim is to distribute all excess cash in the SPVs to
maintain liquidity and manage capital at the corporate level. In some of
the countries where Scatec operates, the respective government has
imposed regulations on the repatriation of funds from the country. This
may halt or delay the flow of funds between Group companies under
certain circumstances. Scatec seeks to minimise such risk by assessing
the relevant jurisdictions and regulations and adapting accordingly.
Please refer to Note 23 Non-recourse financing for overview of such
financing in the Group, including covenants.
\u00a0
Corporate financing
\u00a0
External funding on the corporate level includes various funding
sources to reduce dependency on a single bank and to optimise the
capital structure and liquidity in the Group. This includes equity and
corporate financing such as:
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u25cf
Listed unsecured bonds and financing not pledged for collateral
\u00a0
\u25cf
Secured financing in the form of Term loans
\u00a0
\u25cf
Credit facilities used to maintain flexibility in funding by maintaining
availability under committed credit facilities. The Group has available
funding through the USD 180 million Revolving Credit Facility (RCF)
and the USD 5 million Overdraft Facility. As of 31 December 2024,
Scatec had not drawn on the facilities.
\u00a0
As disclosed in the Note 24 Trade payables and supplier finance, the
Group has financial arrangements in place with some of the corporate
banks that offer extended payment terms related to supply of
components of property, plant and equipment for the projects under
construction from selected suppliers. The suppliers receive payments
according to the payment terms of the invoices, and Scatec settles the
invoices with the issuing bank up to 150 days later.
Other interest-bearing liabilities
Other interest-bearing liabilities include liabilities where corporate
guarantees are provided from Scatec ASA as security backing our
obligations.
\u00a0
Maturity of principal payment and interest on financial liabilities
held by the Group as of balance sheet date
NOK million
2024
Within 1
year
\u00a0
1-2 years
\u00a0
3-5 years
\u00a0
More than
5 years
\u00a0
Corporate financing
\u00a0
2,716
890
7,286
-
Non-recourse financing
3,222
2,245
6,611
25,661
Other interest bearing liabilites
527
-
-
-
Shareholder loan from non-
controlling interests
-
-
188
555
Trade and supplier finance
481
-
-
-
Lease liabilities
\u00a0
46
47
139
256
Total
6,992
3,182
14,224
26,472
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
NOK million
2023
Within 1
year
\u00a0
1-2 years
\u00a0
3-5 years
\u00a0
More than
5 years
\u00a0
Corporate financing
\u00a0
1,564
4,600
5,612
-
Non-recourse financing
2,596
2,455
7,091
20,717
Other interest bearing liabilites
-
247
-
-
Shareholder loan from non-
controlling interests
30
12
168
370
Trade and supplier finance
294
-
-
-
Lease liabilities
\u00a0
47
62
112
278
Total
4,531
7,376
12,983
21,365
For information about the Group\u2019s financial liabilities including maturity,
refer to Note 22 Financing, Note 23 Non-recourse financing, Note 25
Guarantees, Note 12 Leases and Note 24 Trade payables and supplier
finance.
Market risk
Scatec is exposed to foreign currency risks and interest rate risks
arising from financial instruments.
\u00a0
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 operating entities, currency risk is managed on the
basis of the functional currency and expected cash flows. This is
achieved through the set-up of the SPVs with natural hedges where
non-recourse financing, revenue and other transactions are to a large
extent denominated in the same currency. Construction revenues, cost
of sales and gross profit may be denominated in different currencies.
Currency risk is reduced by using multi-currency construction
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
contracts as a natural hedge of cost of sales or foreign exchange
derivative contracts to hedge currency exposure.
\u00a0
The Group is exposed to currency fluctuations that impact dividend
distributions 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 distributions from
the operating companies.
The sensitivity analysis shows the profit and loss effect of revaluation
of balances in foreign currency due to changes in currencies that the
Group is exposed to. The sensitivities have been calculated on the
basis of what Scatec views as reasonably possible changes in the
foreign exchange rates for the coming year and net consolidated
balances in different currencies as of 31 December 2024.
\u00a0
Profit and loss impact of a 5% increase in the currency rate against
NOK
NOK million
2024
2023
EUR - Net gain/(loss) (5%)
-56
-63
ZAR - Net gain/(loss) (5%)
-14
-25
UAH - Net gain/(loss) (5%)
-10
-3
MYR - Net gain/(loss) (5%)
-7
-6
EGP - Net gain/(loss) (5%)
-7
-7
USD - Net gain/(loss) (5%)
21
18
Interest rate risk
Scatec is exposed to interest rate risks through funding and cash
management activities. The interest rate risk management objective is
to minimise borrowing costs and keep the volatility of future interest
\u00a0
\n
\u00a0
\n
\u00a0
\n
payments at an acceptable level. The Group manages its interest rate
risk either by using long-term financing at fixed rates or using floating
to fixed interest rate swaps subject to hedge accounting for either
parts or full exposure of external loans.
\u00a0
For details refer to Note 21
Derivative financial instruments for overview of derivatives entered into
in the Group.
Based on the Group\u2019s current interest-bearing debt portfolio, the
interest rate hedge ratio (weighted average) is approximately 69% (63%)
for the non-recourse project level debt.
\u00a0
For corporate debt, the hedge ratio has increased from 17% in 2023 to
36% in 2024 due to entering into the cross-currency fixed interest rate
swap for the bond issued during the year. For details refer to Note 22
Corporate financing.
\u00a0
Profit and loss impact before tax of one percentage point increase
in the interest rates on unhedged debt
\u00a0
NOK million
2024
2023
Percentage change
1%
1%
Net gain/(loss)
-74
-71
The impact on the profit and loss of an increase in the interest rate of
one percentage point would result in a gain or loss of NOK 74 million
(71).
\u00a0
Credit risk
Credit risk is the risk that Scatec\u2019s customers or counterparties will
cause financial loss by failing to meet their obligations. The Group is
exposed to third party credit risk in several instances, including off-take
partners who have committed to buying 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.
\u00a0
Most of the electric power generated in 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) or similar support mechanisms governed by law. The majority of
these projects 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 that have a minimum international credit rating from S&P of at
least A- or equivalent.
Theoretically, the Group\u2019s maximum credit exposure is the statement
of financial position carrying amounts of financial loans and receivables
as well as cash and cash equivalents as disclosed in note 20 Financial
instruments.
\u00a0
Refer to Note 14 Trade receivables for information on the expected
credit loss provision related to trade receivables.
Note 20 Financial instruments
Accounting principle
The classification of financial assets depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model
for managing them.
\u00a0
The Group\u2019s financial assets at amortised cost mainly include
receivables and cash and cash equivalents. Financial assets at
amortised cost are subsequently measured by using the effective
interest (EIR) method and are subject to impairment assessment. See
Note 14 for accounting policy and the ECL approach on trade
receivables.
\u00a0
All financial liabilities are initially recognised at fair value, in the case of
loans and payables, net of directly attributable transaction costs. The
Group\u2019s financial liabilities include trade and other payables, interest
bearing loans including bank overdrafts and derivative financial
instruments. A financial liability is derecognised when the obligation is
discharged, cancelled or expires After initial recognition, interest-
bearing loans are subsequently measured at amortised cost by way of
the EIR method. The EIR amortisation is included as finance costs in
the statement of profit or loss.
\u00a0
The Group\u2019s financial assets and liabilities at fair value through OCI
include effective cash flow hedges related to interest rate swaps on
external debt and foreign exchange forward contracts.
\u00a0
\u00a0
Estimation uncertainty
\u00a0
Fair value measurement
All assets and liabilities for which fair value is measured or disclosed in
the financial statements are categorised within the fair value hierarchy
on the basis of the lowest level input that is significant to the fair value
measurement.
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 foreign exchange derivative is calculated
\u00a0
as the present value of the difference between the fixed forward rate and the
spot rate at the balance sheet date (level 2). During the reporting period ending 31 December 2024, there were no transfers between the fair value
levels. Refer to Note 21 Derivative financial instruments for details.
\u00a0
There are no significant differences between the total carrying value and the fair value for financial instruments measured at amortised cost.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Financial instrument by measurement category
NOK million
Measurement category
2024
2023
Assets
Debt instruments
Trade receivables
Amortised cost
487
478
Other debt instruments and receivables
Amortised cost
233
312
Cash and cash equivalents
Amortised cost
3,890
3,101
Derivatives
Interest rate swap
Fair value through OCI
360
315
Foreign exchange forward contracts
Fair value through OCI
41
-
Total financial assets
5,011
4,206
Total current
4,536
3,728
Total non-current
475
478
Liabilities
Interest bearing loans and borrowings
Corporate financing
Amortised cost
8,878
9,079
Non-recourse financing loans
Amortised cost
18,829
16,957
Other interest bearing liabilities
\u00a0
Amortised cost
500
247
Trade payables and supplier finance
Amortised cost
481
294
Shareholder loan from non-controlling interests
Amortised cost
469
428
Lease liability
Amortised cost
346
340
Derivatives
Interest rate swap
Fair value through OCI
213
179
Foreign exchange forward contracts and cross-currency interest
\u00a0
rate swaps
Fair value through OCI
274
41
Total financial liabilities
29,989
27,564
Total current
5,120
3,670
Total non-current
24,870
23,894
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Changes in liabilities arising from financing activities
\u00a0
NOK million
2024
2023
2024
2023
2024
2023
2024
2023
Corporate financing
\u00a0
Non-recourse financing
Other interest-bearing liabilities
\u00a0
Shareholder loan
\u00a0
Opening balance at 1 January
\u00a0
9,079
7,987
16,957
15,260
247
462
428
708
Cash movements during the year
\u00a0
Proceeds
1,702
713
3,953
6,038
212
-
34
45
Repayment
\u00a0
-2,615
-110
-1,649
-1,818
-
-247
-51
-12
Interest paid
1)
-842
-630
-1,620
-1,388
-
-16
-35
-44
Non- cash movements during the year
Accrued interest expense1
)
924
796
1,746
1,588
18
19
37
50
Disposal and reclassified to held for sale
-
-
-337
-2,803
-
-
-
-22
Deconsolidated and classified as JV
-
-
-1,747
-
-
-
-
-
Reclassified to equity
-
-
-
-
-
-
-
-329
Foreign exchange movements
629
324
1,525
80
23
29
56
32
Closing balance at 31 December
\u00a0
8,877
9,079
18,829
16,957
500
247
469
428
1) Interest paid and accrued interest include capitalised borrowing cost
\u00a0
Refer to Note 12 Lease for movement in lease liabilities and note 24 Trade payables and supplier finance for information about supplier finance arrangements
Note 21 Derivative financial instruments
Note 22 Financing
Corporate financing
\u00a0
Bonds
On 31 January 2024, Scatec ASA announced the issuance of a NOK
1,750 million 4-year senior unsecured bond with a coupon of 3 months
NIBOR + 4.25% p.a. with quarterly interest payments. DNB Markets,
Nordea and SpareBank 1 Markets acted as Joint Lead Managers in
connection with the placement of the new bond issue. The bond has
maturity in Q1\u201928 and was listed on the Oslo Stock Exchange in Q2\u201924.
With the new bond, Scatec has entered into a cross-currency fixed
interest rate swap contract in which the principal of NOK 1,750 million
was swapped to USD 164 million, and the interest payments based on
NIBOR rates are swapped to fixed SOFR rates.
On 1 February 2024, Scatec ASA announced the buy-back of EUR 136
million of the outstanding EUR 250 million senior unsecured bond with
ticker \u201cSCATC03 ESG\u201d (ISIN NO0010931181). Following the transactions,
the total nominal outstanding amount is EUR 114 million as of 31
December 2024. The listed EUR Green Bond has a coupon rate of 3M
EURIBOR + 2.5 % margin. Refer to Note 30 Subsequent events for
refinancing details after year-end 2024.
\u00a0
On 10 February 2023, Scatec ASA issued NOK 1 billion of new senior
unsecured green bonds to refinance USD 93 million of the Bridge-to-
Bond facility Interests are paid on a quarterly basis, with no
repayments of principal before maturity. The bonds have maturity in
February 2027 with a coupon rate of 3m NIBOR + 660 bps. With the
bond, Scatec ASA entered into a cross-currency interest rate swap
contract in which the principal of NOK 1 billion was swapped to USD
97.5 million, and interest payments based on NIBOR rates were
swapped to SOFR-based rates.
Corporate financing facilities
On 25 January 2024, Scatec ASA agreed refinancing terms with DNB,
Nordea and Swedbank for its USD 150 million green term loan, with
USD 120 million outstanding as of 31 December 2024. Both green term
facilities are amortised through semi-annual repayments of USD 7.5
million (USD 150 million) and USD 5 million (USD 100 million) with final
maturity in the fourth quarter of 2027.
\u00a0
On 2 February 2023, Scatec refinanced USD 100 million of the USD 193
million Bridge-to-Bond facility with USD 100 million green term loan
with maturity in the fourth quarter 2027 provided by DNB, Nordea and
Swedbank. The term loan is amortised through semi-annual
repayments of USD 5 million starting from 2024.
Vendor financing facility
\u00a0
As of 31 December 2024, USD 200 million Vendor Financing provided by
Norfund with maturity in 2028 was outstanding. This related to the
acquisition of SN Power in the first quarter of 2021. USD 30 million of
the Vendor Financing facility falls due in June 2025 and is classified as
current liabilities as of 31 December 2024.
Green Revolving credit facility
\u00a0
The existing USD 180 million Revolving Credit Facility (RCF), provided by
Nordea Bank, DNB, Swedbank and BNP Paribas, was extended in 2024
with maturity in 2027. The facility is a Multi Currency Facility and can
be drawn in any currency agreed with the banks. Scatec had not drawn
on the facility as of 31 December 2024.
\u00a0
Overdraft facility
\u00a0
Scatec had not drawn on the USD 5 million overdraft facility with
Nordea as of 31 December 2024 and 31 December 2023.
\u00a0
Covenants
Bonds and corporate financing facilities are subject to the following
financial covenants:
\u25cf
Minimum liquidity ratio for the parent company and recourse group
calculated as the sum of free cash and available undrawn credit
facilities.
\u25cf
Maximum debt to capitalisation ratio for the recourse group,
calculated as gross debt, excluding Vendor financing and any
permitted EPC financing (PowerChina debt), divided by the total
capital of the recourse group, which includes gross debt and book
equity.
\u25cf
Interest coverage ratio is calculated as Cash Flow to Equity divided
by the net interest costs of the Recourse Group.
Covenants are tested at the end of each quarter. There is no indication
that the Group will have difficulty complying with these covenants
within 12 months of the reporting date. As of 31 December 2024 and as
of 31 December 2023, Scatec was in compliance with all financial
covenants for the above facilities.
\u00a0
Other interest-bearing liabilities
\u00a0
As of 31 December 2024, Scatec had NOK 500 million as current Other
interest-bearing liabilities. PowerChina Guizhou Engineering Co
(\u201cPowerChina\u201d) have provided a
construction loan
to Scatec for the
Progressovska power plant in Ukraine and Scatec has provided a
corporate and bank guarantee to PowerChina in support of this
obligation.
The last tranche, NOK 272 million (EUR 23 million, including
interest) will be paid in 2025.
\u00a0
In 2024 one of Scatec\u2019s operating entities in Egypt made a USD 20
million draw down (equivalent to NOK 227 million as of 31 December
2024) on an Equity Bridge loan provided by EBRD in relation to the
Egypt Green Hydrogen project. Scatec ASA has provided a corporate
guarantee for its share in support of the obligation and it is classified
as current other interest-bearing liabilities at year-end 2024. The
facility is due in 2025.
Scatec has no other recourse financing
arrangements. Refer to Note 25 Guarantees and commitments for
further details
Overview of Corporate Financing
Corporate financing
\u00a0
Currency
Denominated currency
value (million)
Maturity
Carrying value 31 December
2024 (NOK million)
Carrying value 31 December
2023 (NOK million)
Green Bond EUR (Ticker: SCATC03 NO0010931181)
EUR
114
Q3 2025
1,343
2,793
Green Bond NOK (Ticker: SCATC04 NO0012837030)
NOK
1,000
Q1 2027
992
989
Green bond NOK (Ticker: SCATC05 NO0013144964)
NOK
1,750
Q1 2028
1,727
-
Total unsecured bonds
\u00a0
4,062
3,782
USD 150 million Green Term Loan
USD
120
Q4 2027
1,352
1,374
USD 100 million Green Term Loan
USD
90
Q4 2027
1,013
1,008
Total secured financing
2,364
2,383
Vendor financing (Norfund)
USD
200
Q1 2028
2,270
2,038
Total unsecured financing
2,270
2,038
Revolving credit facility
\u00a0
USD
180
Q3 2027
-
713
Overdraft facility
USD
5
-
-
Total secured back-stop bank facilities
-
713
Total principal amount
8,696
8,915
Accrued interest
182
164
Total corporate financing
8,878
9,079
Of which non-current
\u00a0
6,729
7,947
Of which current
\u00a0
2,150
1,132
\u00a0
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\n
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\n
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\n
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\n
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\n
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\n
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\n
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\n
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\n
\u00a0
\n
\u00a0
\n
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\n
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\n
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\n
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\n
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\n
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Note 23 Non-recourse financing
See Note 20 Financial instruments for accounting principle for financial
liabilities recognised at amortised cost.
The table below specifies non-recourse financing as of 31 December
2024 and 2023. The rate of interest is a calculated average per
portfolio. Most of the loans are fixed or swapped to fixed rate interests,
see Note 19 Financial risk management.
NOK million
Interest
rate
Maturity
date
2024
2023
South Africa - Kenhardt
11.72%
2041
7,705
6,969
South Africa - Grootfontein
10.29%
2045
2,304
237
South Africa - Mogobe
9.27%
2036
446
-
Egypt - Benban
5.21%
2041
3,217
3,074
Malaysia - QSP (Semenanjung)
6.00%
2035
1,760
1,656
Malaysia - Red Sol
4.48%
2028
243
236
Ukraine
7.74%
2029
736
868
Pakistan
11.71%
2037
681
637
Jordan
\u00a0
6.47%
2032
644
639
Tunisia
4.03%
2043
447
-
Botswana
7.00%
2044
402
-
Czech Republic
4.90%
2029
245
284
South Africa - Kalkbult, Linde and
Dreunberg
-
-
-
1,711
Vietnam
-
-
-
345
Honduras - Agua Fria
-
-
-
302
Total non-recourse financial
liabilites
18,829
16,957
Of which non-current non-
recourse financial liabilities
16,929
15,026
Of which current non-recourse
financial liabilities
1,623
1,669
Of which accrued interest
expense
277
262
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Repayment structure
NOK million
Loan
repayment
Interest
payment
Total
2025
1,623
1,599
3,222
2026
617
1,628
2,245
2027
616
1,583
2,199
2028
858
1,543
2,401
2029
607
1,405
2,012
2030
640
1,362
2,002
2031
727
1,319
2,046
2032
791
1,270
2,060
2033
918
1,211
2,129
2034
1,154
1,128
2,282
2035
1,228
1,026
2,254
2036
1,178
913
2,091
2037
1,332
786
2,118
2038
1,304
658
1,962
2039
1,392
528
1,920
2040
1,194
394
1,588
2041
1,427
251
1,678
2042
388
139
527
2043
367
90
458
2044
268
51
319
2045
210
16
226
Total future loan repayment
18,839
18,901
37,740
Scatec also holds NOK 337 million in non-current and NOK 17 million in
current non-recourse project financing related to disposal group held
for sale which is not included in the tables above. For details refer to
Note 8 Sale of project assets and disposal group held for sale.
Covenants
Under the terms of the non-recourse financing agreements, Scatec is
required to comply with several financial and non-financial covenants
in different countries at the end of each annual and/or interim period.
The key financial covenants include:
\u00a0
- Historic and projected debt service coverage ratios (DSCR)
\u00a0
- Debt service reserve account (DSRA) levels that Scatec is required to
maintain equal to several months of revenues following the covenant
reporting period
- Debt service reserve account (DSRA) covering the next debt
repayment
- Equity ratio
\u00a0
- Debt to equity ratio
\u00a0
- Loan life cover ratio
\u00a0
- Current ratio
\u00a0
For four of the five companies operating in the Czech Republic, the
non-recourse financing agreements include a cross-default clause
within the Czech group.
\u00a0
The agreements also contain restrictions on, inter alia, hedging policies,
new activities and consents, amendments to the key agreements and
insurance policies, pledges and guarantees, financial indebtedness and
giving financial support, capital expenditures,
\u00a0
and changes of
shareholder structure and auditors, as well as several undertakings
related to budgets, and financial and operational reporting.
\u00a0
Ukraine
The current non-recourse debt as of 31 December 2024 includes NOK
736 million in non-recourse debt in Ukraine. All of Scatec\u2019s power plant
companies in Ukraine with non-recourse financing are in breach of
several covenants in the loan agreements as of 2024 and non-recourse
debt is presented as current non-recourse project financing. Scatec
has continuous and constructive dialogue with the lenders and the
parties have agreed on a non-formalised \u201cstand still\u201d. Loan repayments
are based on cash availability but classified as current with maturity
date of principal payments in 2025 in the repayment structure table. It
is expected that Scatec\u2019s power plant companies in Ukraine will be in
breach of several covenants in the foreseeable future.
\u00a0
Pakistan
The Sukhur project in Pakistan was awarded a \u201ccosts plus tariff\u201d by the
National Electric Power Regulatory Authority (NEPRA) in 2020. Revenue
is recorded on a basis of a lower reference tariff and is subject to a
\u201ctariff true up\u201d following approval by NEPRA. The process is expected to
take approximately 18-24 months. Due to lower revenues during the
tariff true up process, Scatec\u2019s power plant companies in Pakistan
faced a risk of non-compliance with applicable bank covenants. Scatec
has agreed on a waiver until the project completion date which will
occur after the tariff true up process is finalised. Non-recourse
financing in Pakistan is classified as non-current at year-end.
Except for the power plant companies mentioned above, there are no
indications that Scatec will have difficulties complying with the
covenants for its consolidated entities when they are be next tested.
\u00a0
However, unforeseen events impacting the financial performance of
the operating entities may occur as Scatec\u2019s financial performance to a
large degree relies on government adherence to contractual obligations
and various laws and regulations. Further, Scatec is subject to political
risk, including expropriation, changes in tax regulations, capital
restrictions, financial stability and civil unrest in the countries in which
it operates.
\u00a0
\n
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\n
Note 24 Trade payables and supplier finance
NOK million
2024
2023
Trade payables
114
95
Trade payables that are part of supplier finance
arrangements
367
199
Total trade and other payables
481
294
\u00a0
The Group has agreed financial arrangements with the corporate
banks, offering extended payment terms related to supply of
components for property, plant and equipment to projects under
construction, from selected suppliers.
\u00a0
Trade and other payables balance as of 31 December 2024 includes
documentary credits (supplier finance arrangements) that are issued to
the suppliers through Scatec ASA\u2019s banking group (Nordea and DNB) as
part of working capital management during construction. Suppliers
receive payments by drawing on the documentary credits in
accordance with the invoice payment terms (normally 60 days). Scatec
settles the invoices with the issuing banks 150 days later. The
documentary credits carry interest rates based on SOFR plus an agreed
margin. The total interest expense in 2024 was NOK 10 million. There
were non-cash transfers from supplier trade payables to payables to
banks of NOK 286 million in 2024.
NOK million
2024
Carrying amount of trade payables that are part of
\u00a0
a
supplier finance arrangement
367
Of which suppliers have received payment
262
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Note 25 Guarantees and commitments
Guarantee exposure
\u00a0
The amounts specified below are total exposure on guarantees issued
by Scatec ASA reflecting the maturity profile. The majority of the
guarantees are issued on behalf of consolidated entities, except as
specified in the table below. The fair value of the guarantees is
immaterial on a consolidated basis; hence no liability is recognised.
NOK million
31.12.2024
31.12.2025
31.12.2026
31.12.2027
Bid Bonds
244
233
233
233
SPV Performance / Commitments
664
427
301
273
Equity commitment
951
419
138
138
Performance Guarantees (EPC)
983
306
-
-
Warranty Guarantees (EPC)
529
429
23
-
Other Payment Guarantees
490
14
14
14
O&M Performance (3rd Party)
27
27
-
-
Total
3,888
1,855
709
658
Guarantees
\u00a0
For projects under development, Scatec is often required to issue Bid
Bonds to secure commitment during the submission of project bids.
\u00a0
SPV performance and commitment guarantees are issued to cover
certain obligations under PPAs and implementation agreements. These
obligations are connected to project performance where Scatec is in
control and hold the O&M and the asset management agreements.
\u00a0
Equity commitments includes security for equity commitments in
project companies during construction where project lenders disburse
debt before equity is injected. Equity commitments also include debt
service reserve guarantees replacing cash reserves in project
companies.
\u00a0
EPC performance guarantees cover contractual obligations under the
construction phase and typically represents 10%-15% of the contract
value. Warranty Gurantees typically represent 2.5%-5% of the contract
value and are issued to secure operational performance for the first
two years of operation.
Scatec provides other payment guarantees to support for the drawn
Equity Bride loan (EBL) in Egypt and construction loan in Ukraine, refer
to note 22 Financing.
Guarantee facilities
The guarantees issued by Scatec ASA are issued under the Guarantee
Facility Agreement (GFA) with Nordea Bank as agent, and Nordea Bank,
BNP Paribas, Swedbank and DNB as guarantee instrument lenders.
Export Finance Norway (Eksfin) normally covers the guarantees issued
under the GFA. Eksfin can issue counter indemnity of 50% in favor of
the issuing banks. Per 31 December 2024, Scatec was in compliance
with all covenants in the GFA.
\u00a0
In addition to the GFA, Scatec has guarantee facilities with Standard
Bank South Africa, Lombard Insurance Company in South Africa and
First Randbank in South Africa. These facilities are used mostly to
cover short-term bid bonds and some SPV performance obligations.
Scatec has also negotiated agreements with four European insurance
companies providing sureties. None of these are currently in use.
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Note 26 Consolidated subsidiaries
The consolidated financial statement of Scatec comprises more than
200 legal companies controlled by Scatec ASA. The following table
includes 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 are 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
Economic
interests 2024
Norway
SN Power AS
100.00%
Netherlands
Scatec Solar Netherlands BV
100.00%
Czech Republic
Scatec Solar s.r.o.
100.00%
Signo Solar PV1 s.r.o.
100.00%
Signo Solar PP01 s.r.o.
100.00%
Signo Solar PP02 s.r.o.
100.00%
Signo Solar PP04 s.r.o.
100.00%
FVE Sulkov 3, s.r.o.
100.00%
Poland
Scatec Solutions Poland SP. Z.o.o.
100.00%
PV Konin SP. Z.o.o.
100.00%
Ukraine
Scatec Solar Solutions Ukraine LLC
100.00%
Chysta Energhiaa 2011 LLC
60.00%
Boguslav Energy LLC
100.00%
Greenteco SES LLC
100.00%
Rengy Bioenergy LLC
51.00%
Company
Economic
interests 2024
PV Progressovka Alpha LLC
100.00%
PV Progressovka Beta LLC
100.00%
PV Progressovka Gamma LLC
100.00%
Jordan
Scatec Solar Jordan (EPC)
100.00%
Scatec Solar AS/ Jordan PSC
100.00%
Anwar Al Ardh For Solar Energy Generation PSC
50.10%
Ardh Al Amal For Solar Energy Generation PSC
50.10%
Tunisia
Scatec Solar Tunisia Management Services SARL
100.00%
Scatec Solar Tunisia Operations SARL
100.00%
Scatec Solar Tunisia Constructions SARL
100.00%
Scatec Tozeur PV Power Sarl
51.00%
Scatec Sidi Bouzid Mezzouna PV Power
51.00%
Egypt
Scatec Solar Solutions Egypt LLC
100.00%
Aswan PV Power SAE
51.00%
Daraw Solar Power SAE
51.00%
Kom Ombo Renewable Energy SAE
51.00%
Red Sea Solar Power SAE.
51.00%
Upper Egypt Solar Power
51.00%
Zafarana Power SAE
51.00%
Egypt Green Hydrogen SAE
46.20%
EGH for Renewable Energy SAE
56.30%
Egypt Green Ammonia SAE
100.00%
Damietta Green Ammonia SAE
75.00%
Obelisk Solar Power SAE
100.00%
South Africa
Scatec Solar Africa (Pty) Ltd
100.00%
Scatec Solar Management Services (Pty) Ltd
100.00%
Scatec Solar SA 163 (Pty) Ltd.
92.00%
Scatec Solar SA (pty) Ltd.
100.00%
Scatec Hybrid EPC (Pty) Ltd
75.00%
Company
Economic
interests 2024
Scatec Kenhardt 1 (Pty) Ltd
51.00%
Scatec Kenhardt 2 (Pty) Ltd
51.00%
Scatec Kenhardt 3
\u00a0
(Pty) Ltd
51.00%
Scatec R5 Construction (Pty.) Ltd.
75.00%
Scatec R5 Operations (Pty.) Ltd.
51.00%
Grootfontein PV1 (RF) (Pty) Ltd
51.00%
Grootfontein PV2 (RF) (Pty) Ltd
51.00%
Grootfontein PV3 (RF) (Pty) Ltd
51.00%
Mogobe BESS (Pty) Ltd
51.00%
Scatec Renewable EPC (Pty) Ltd
75.00%
Scatec Renewable Operations (Pty) Ltd
100.00%
Botswana
Scatec Operations Botswana (Pty) Ltd
100.00%
Selebi Phikwe Solar Proprietary Limited
100.00%
Mmadinare Solar Proprietary Limited
100.00%
Brazil
Scatec Brasil Renov\u00e1veis Ltda
100.00%
Aruna Energias Renov\u00e1veis Ltda.
100.00%
H\u00e9lios Energias Renov\u00e1veis Ltda.
100.00%
F\u00eanix Energias Renov\u00e1veis Ltda.
100.00%
Hinata Energias Renov\u00e1veis Ltda.
100.00%
Urucuia EPC Solar Ltda.
100.00%
Honduras
Scatec Solar Honduras SA
100.00%
Energias Solares S.A.
70.00%
Fotovoltaica Los Prados S.A.
70.00%
Fotovoltaica Surena S.A.
70.00%
Generaciones Energeticas S.A.
70.00%
Produccion de Energia Solar y Demas Renovables S.A DE
\u00a0
C.V
(Agua Fria)
40.00%
\u00a0
\n
Company
Economic
interests 2024
Malaysia
Scatec Solar Solutions Malaysia Sdn Bhd
100.00%
Quantum Solar Park (Kedah) Sdn Bhd
1)
100.00%
Quantum Solar Park (Melaka) Sdn Bhd
1)
100.00%
Quantum Solar Park (Terengganu) Sdn Bhd
1)
100.00%
Quantum Solar Park Semenanjung Sdn Bhd
1)
100.00%
Redsol Sdn Bhd
100.00%
Philippines
SN Power Philippines Inc.
100.00%
India
Scatec Renewables India Private Ltd
100.00%
Scatec India Renewables One Private Limited
100.00%
Scatec India Renewables Two Private Limited
100.00%
Pakistan
Helios Power Ltd
75.00%
HNDS Energy Ltd
75.00%
Meridian Energy Ltd
\u00a0
75.00%
Scatec Solar Pvt Ltd (Pakistan)
100.00%
Vietnam
Scatec Solar Solutions Vietnam Co. Ltd.
100.00%
Dam Nai Wind Power JSC
100.00%
1) The consolidated economic interest in the Malaysian
\u00a0
project companies represents
Scatec\u2019s share of the contributed equity and retained
\u00a0
earnings in the project companies as
of the reporting date. Scatec\u2019s average economic interest
\u00a0
through the PPA tenor is
estimated to be 95% based on the Group\u2019s right to
\u00a0
economic return obtained through
shareholdings and other contractual arrangements.
\u00a0
The average economic interest may be
subject to change.
Note 27 Non-controlling interests
Accounting principle non-controlling interests
Normally Scatec enters into partnerships for the shareholding of the
power plant company owning the power plants while maintaining
control, leading to a material non-controlling interest (NCI).
\u00a0
Non-
controlling interests are calculated on the respective subsidiaries\u2019
stand-alone reporting, before eliminations of intercompany
transactions. Furthermore, unrealised intercompany 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 a non-controlling interest in the Group financial
statements will differ from the non-controlling interests calculated on
the basis of the respective subsidiaries\u2019 stand-alone reporting.
The change in the NCI balance from year to year is driven by the NCIs
share of profit or loss and other comprehensive income, capital
injections from and dividends paid to NCIs, and foreign exchange
differences.
Note 26 Consolidated subsidiaries shows all material entities with a NCI
share.
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Total balances of material non-controlling interest
NOK million
2024
2023
South Africa
1,181
997
Egypt
430
394
Honduras
418
327
Jordan
118
191
Pakistan
7
28
Ukraine
-25
-60
Other
5
6
Total non-controlling interests
2,136
1,884
Profit/(loss) allocated to material non-controlling interest
NOK million
2024
2023
South Africa
29
449
Egypt
23
-7
Honduras
96
12
Jordan
15
15
Pakistan
-23
-9
Ukraine
38
28
Other
-2
8
Total non-controlling interests
177
494
Financial information of subsidiaries that have material non-controlling
interests is provided below. Profit and loss figures excludes gains from
the sale of project assets:
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Summarised statement of profit or loss for 2024 (before group eliminations)
NOK million
Revenues
Operating
expenses
Operating
profit
Net
financial
expenses
Profit
before
income tax
Profit/(loss)
for the
period
Profit/loss
attributable
to NCI
Dividends
paid to NCI
1)
#REF!
South Africa
3,823
(2,493)
1,330
(996)
335
282
29
241
Egypt
644
(311)
333
(258)
76
48
23
50
Honduras
397
(195)
202
(27)
175
175
96
-
Jordan
138
(71)
67
(34)
33
31
15
104
Pakistan
74
(62)
13
(105)
(92)
(93)
(23)
-
Ukraine
149
(17)
132
(60)
71
84
38
-
Other
16
(8)
7
(10)
(3)
(2)
(2)
-
1) Excluding repayments of shareholders loans
Summarised statement of profit or loss for 2023 (before group eliminations)
NOK million
Revenues
Operating
expenses
Operating
profit
Net
financial
expenses
Profit
before
income tax
Profit/(loss)
for the
period
Profit/loss
attributable
to NCI
Dividends
paid to NCI
1)
#REF!
South Africa
8,825
(7,968)
857
41
903
1,373
449
121
Egypt
646
(296)
350
(337)
13
(14)
(7)
-
Honduras
232
(104)
127
(88)
39
39
12
-
Jordan
130
(68)
62
(31)
31
30
15
-
Pakistan
1
(6)
(5)
(31)
(36)
(47)
(9)
-
Ukraine
153
(37)
116
(39)
77
57
28
-
Other
125
(62)
62
(43)
19
17
8
-
1) Excluding repayments of shareholders loans
Summarised statement of financial position as of 31 December 2024
Attributable to
NOK million
Property,
plant and
equipment
Other
non-
current
asstes
Cash and
cash
equivalent
Other
current
assets
Non-
recourse
financing
Other non-
current
liabilities
Current
liabilities
Total
equity
Non-
controlling
interests
Equity
holders of
the parent
#REF!
South Africa
10,348
1,255
934
2,096
(10,454)
(421)
(1,715)
2,044
1,181
861
Egypt
3,881
1,369
532
194
(3,217)
(1,383)
(521)
854
430
424
Honduras
1,196
9
32
72
-
(368)
(17)
925
418
507
Jordan
704
1
145
31
(494)
(71)
(44)
272
118
154
Pakistan
1,204
0
28
41
(681)
(432)
(81)
79
7
72
Ukraine
455
413
39
(0)
(292)
(753)
(20)
(158)
(25)
(133)
Other
226
0
111
261
(447)
(10)
(126)
15
5
10
Summarised statement of financial position as of 31 December 2023
Attributable to
NOK million
Property,
plant and
equipment
Other
non-
current
asstes
Cash and
cash
equivalent
Other
current
assets
Non-
recourse
financing
Other non-
current
liabilities
Current
liabilities
Total
equity
Non-
controlling
interests
Equity
holders of
the parent
#REF!
South Africa
9,593
1,094
652
1,260
(8,917)
(717)
(1,658)
1,308
997
309
Egypt
3,380
1,057
521
108
(3,074)
(1,008)
(181)
803
394
410
Honduras
1,217
10
179
130
(302)
(357)
(40)
837
327
510
Jordan
841
1
419
23
(639)
(82)
(97)
467
191
276
Pakistan
941
-
133
38
(637)
(231)
(166)
79
28
50
Ukraine
431
368
5
(1)
(348)
(662)
(21)
(228)
(60)
(167)
Other
-
(0)
(3)
138
-
(31)
(129)
(25)
6
(32)
Note 28 Transactions with related parties
Related parties include affiliates, associates, joint ventures, and other
companies where the Group has significant influence, as well as the
Executive Management and the Board of Directors. All related party
transactions have been carried out as part of the normal course of
business and at arm\u2019s length terms.
See Note 26 for information about consolidated subsidiaries. No
significant impairment is booked for expected credit loss on
intercompany receivables within the Group.
\u00a0
See Note 13 Investments in joint ventures and associated companies
for an overview of the companies included and further information
about the investments. Transactions with joint ventures and associates
consist primarily of financing provided to the companies and dividends
received from the companies. Transactions also include the sale of
development rights, asset management and OM services provided by
consolidated entities to equity consolidated entities.
See Note 16 Guarantees, contractual obligations and contingent
liabilities in the Parent company financial statements for an overview of
the guarantees provided by Scatec ASA to Group companies.
\u00a0
For remuneration to management including information about the
share purchase programme, see Note 3 Employee benefits and further
details in Note 4 Personnel expenses in the Parent company financial
statements. Scatec has made loans to Executive Management given in
relation to the long-term incentive programme which amount to NOK
0.3 million (0.2) as of 31 December 2024.
Note 29 Change in accounting policies
New standards and interpretations
The Group has applied the following standards and amendments for
the first time for its annual reporting period commencing 1 January
2024:
-
Classification of liabilities as current or non-current and as
non-current liabilities with covenants \u2013 Amendments to IAS 1;
-
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and
IFRS 7.
As a result of the adoption of the amendments, the Group has
provided new disclosures for liabilities under supplier finance
arrangements as well as the associated cash flows in Note 24 Trade
payables and supplier finance and new disclosures related to the
corporate debt and non-recourse project debt in Note 22 and Note 23.
\u00a0
The Group has not elected to early adopt Amendments to IAS 21
The
effects of changes in foreign exchange rates
\u00a0
effective from 1 January
2025. The amendments specify how an entity should assess whether a
currency is exchangeable and how it should determine a spot exchange
rate when exchangeability is lacking. The amendments are not
expected to have a material impact on the Group\u2019s consolidated
financial statements.
The Group has not elected to early adopt Amendments to IFRS 9 and
IFRS 7 related to the classification and measurement of financial
instruments effective from 1 January 2026. The amendments clarify
the date of recognition and derecognition of some financial assets and
liabilities, with a new exception for certain financial liabilities settled
through an electronic cash transfer system, add new disclosure for
certain instruments with contractual terms that can change cash flows
and update the disclosures for equity instruments designated at fair
value through other comprehensive income. The amendments are not
expected to have a material impact on the Group\u2019s operations or
financial statements.
The Group has not elected to early adopt IFRS 18 Presentation and
disclosure in financial statements effective from 1 January 2027. The
impact of IFRS 18 on presentation and disclosure is expected to be
pervasive, particularly in relation to the statement of financial
performance and providing management-defined performance
measures within the financial statements. Management will assess the
detailed implications of applying the new standard to the Group
consolidated financial statements. The Group does not expect a
significant change in the information currently disclosed in the notes
because the requirements for disclosing material information remains
unchanged; however, the way in which information is grouped may
change as a result of the aggregation/ disaggregation principles. In
addition, there will be significant new disclosures required for
management-defined performance measures, a break-down of the
nature of expenses for line items presented by function in the
operating category of the statement of profit or loss, and, for the first
annual period of application of IFRS 18 a reconciliation for each line
item in the statement of profit or loss between the restated amounts
presented by applying IFRS 18 and the amounts previously presented
by applying IAS 1.
Note 30 Subsequent events
Adjusting subsequent events
No adjusting events occurred after the balance sheet date.
Non-adjusting subsequent event
In January 2025, the Sukkur project in Pakistan was awarded an interim
relief tariff after approval by the National Electric Power Regulatory
Authority (NEPRA). The award includes a compensation amount and a
higher interim tariff, which will positively impact the projects financials.
The compensation amount will be recorded in the first quarter of 2025
with an impact of approximately NOK 52 million on a consolidated
basis and NOK 39 million on a proportionate basis. As described in the
Note 18, the tariff true-up is a routine process for NEPRA projects and
another approval for the final granted tariff is expected within 18 to 24
months.
On 5 February 2025, Scatec ASA successfully issued a NOK 1,250
million 4-year senior unsecured green bond with a coupon of 3 months
NIBOR + 3.15% p.a. Net proceeds from the bond and available liquidity
were used to repay the EUR 114 million bonds outstanding with ticker
\u201cSCATC03 ESG\u201d (ISIN NO0010931181). In conjunction with the bond
issue, on 6 February 2025, Scatec bought back EUR 9.1 million, and on
20 February 2025, remaining portion of the outstanding bond was
bought back.
On 10 February 2025, Alberto Gambacorta has begun his role as EVP
Sub-Saharan Africa. In accordance with the terms of the share-based
incentive programme for leading employees, Alberto Gambacorta, has
been granted an additional 12,707 share options. Each share option
gives the right to subscribe for and be allotted one share in Scatec
ASA.
Identical to the strike price of the options granted to leading
employees in Scatec\u2019s long term incentive programme in January 2025,
the strike price of the options is set to NOK 78.66 per share. The
options will lapse if not exercised by January 2030. The option grant is
divided into three tranches whereby 1/3 vests each year over three
years, with the first tranche vesting 1 January 2026.
On 13 February 2025, Scatec ASA divests its 100 percent stake in the
39-megawatt (MW) Dam Nai wind farm and the associated operating
company in Vietnam to Sustainable Asia Renewable Assets, a utility-
scale renewable energy platform of the SUSI Asia Energy Transition
Fund. Scatec has received the initial payment of USD 27 million, with
potential for additional earn-out payments of up to USD 13 million that
are subject to certain conditions being fulfilled prior to May 2026. At
the Scatec Group level, the transaction generated an accounting gain of
approximately USD 8 million on a proportionate and consolidated
basis, including a fair value estimate of the contingent consideration,
which will be recognised in the first quarter 2025. Following the
transaction Scatec will exit all operations in Vietnam.
On 17 February 2025, Scatec announced that Morten Henriksen has
informed the company that he resigns from his position as a member
of the Board of Directors, effective 17 February 2025.
On 28 February 2025, Scatec divests its 51 percent stake in the African
hydropower joint venture with Norfund and British International
Investment (BII) in line with the company\u2019s strategy. The transaction
closed at an agreed sales price of USD 167 million, based on a valuation
date of 31 December 2023. The net proceeds from the transaction are
estimated at USD 161 million, adjusted for cash movements between
the valuation date and the closing date. The sales agreement includes
the operating 255 MW Bujagali hydropower plant in Uganda, and a
development portfolio consisting of the 361 MW Mpatamanga in Malawi
and the 206 MW Ruzizi III at the border of Rwanda, DRC, and Burundi.
As part of the transaction, the Hydro Africa team will be transferred to
TotalEnergies in an entity incorporated as SN Power AS. The
transaction has generated a total proportionate accounting effect of
approximately USD 30 million and consolidated accounting effect of
approximately USD 50 million, to a large extent driven by foreign
currency effects, which will be recognised in the first quarter of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_1": { "value": "Note 1 Basis for preparation and corporate information", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_2": { "value": "Scatec ASA is incorporated and domiciled in Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_3": { "value": "Scatec ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_4": { "value": "Scatec ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_5": { "value": "The address of its registered office is Askekroken 11, NO-0277 Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_6": { "value": "Askekroken 11, NO-0277 Oslo, Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_7": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_8": { "value": "
Scatec ASA (\u201cthe Company\u201d) and 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.
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Note 26 Consolidated subsidiaries
The consolidated financial statement of Scatec comprises more than
200 legal companies controlled by Scatec ASA. The following table
includes 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 are 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
Economic
interests 2024
Norway
SN Power AS
100.00%
Netherlands
Scatec Solar Netherlands BV
100.00%
Czech Republic
Scatec Solar s.r.o.
100.00%
Signo Solar PV1 s.r.o.
100.00%
Signo Solar PP01 s.r.o.
100.00%
Signo Solar PP02 s.r.o.
100.00%
Signo Solar PP04 s.r.o.
100.00%
FVE Sulkov 3, s.r.o.
100.00%
Poland
Scatec Solutions Poland SP. Z.o.o.
100.00%
PV Konin SP. Z.o.o.
100.00%
Ukraine
Scatec Solar Solutions Ukraine LLC
100.00%
Chysta Energhiaa 2011 LLC
60.00%
Boguslav Energy LLC
100.00%
Greenteco SES LLC
100.00%
Rengy Bioenergy LLC
51.00%
Company
Economic
interests 2024
PV Progressovka Alpha LLC
100.00%
PV Progressovka Beta LLC
100.00%
PV Progressovka Gamma LLC
100.00%
Jordan
Scatec Solar Jordan (EPC)
100.00%
Scatec Solar AS/ Jordan PSC
100.00%
Anwar Al Ardh For Solar Energy Generation PSC
50.10%
Ardh Al Amal For Solar Energy Generation PSC
50.10%
Tunisia
Scatec Solar Tunisia Management Services SARL
100.00%
Scatec Solar Tunisia Operations SARL
100.00%
Scatec Solar Tunisia Constructions SARL
100.00%
Scatec Tozeur PV Power Sarl
51.00%
Scatec Sidi Bouzid Mezzouna PV Power
51.00%
Egypt
Scatec Solar Solutions Egypt LLC
100.00%
Aswan PV Power SAE
51.00%
Daraw Solar Power SAE
51.00%
Kom Ombo Renewable Energy SAE
51.00%
Red Sea Solar Power SAE.
51.00%
Upper Egypt Solar Power
51.00%
Zafarana Power SAE
51.00%
Egypt Green Hydrogen SAE
46.20%
EGH for Renewable Energy SAE
56.30%
Egypt Green Ammonia SAE
100.00%
Damietta Green Ammonia SAE
75.00%
Obelisk Solar Power SAE
100.00%
South Africa
Scatec Solar Africa (Pty) Ltd
100.00%
Scatec Solar Management Services (Pty) Ltd
100.00%
Scatec Solar SA 163 (Pty) Ltd.
92.00%
Scatec Solar SA (pty) Ltd.
100.00%
Scatec Hybrid EPC (Pty) Ltd
75.00%
Company
Economic
interests 2024
Scatec Kenhardt 1 (Pty) Ltd
51.00%
Scatec Kenhardt 2 (Pty) Ltd
51.00%
Scatec Kenhardt 3
\u00a0
(Pty) Ltd
51.00%
Scatec R5 Construction (Pty.) Ltd.
75.00%
Scatec R5 Operations (Pty.) Ltd.
51.00%
Grootfontein PV1 (RF) (Pty) Ltd
51.00%
Grootfontein PV2 (RF) (Pty) Ltd
51.00%
Grootfontein PV3 (RF) (Pty) Ltd
51.00%
Mogobe BESS (Pty) Ltd
51.00%
Scatec Renewable EPC (Pty) Ltd
75.00%
Scatec Renewable Operations (Pty) Ltd
100.00%
Botswana
Scatec Operations Botswana (Pty) Ltd
100.00%
Selebi Phikwe Solar Proprietary Limited
100.00%
Mmadinare Solar Proprietary Limited
100.00%
Brazil
Scatec Brasil Renov\u00e1veis Ltda
100.00%
Aruna Energias Renov\u00e1veis Ltda.
100.00%
H\u00e9lios Energias Renov\u00e1veis Ltda.
100.00%
F\u00eanix Energias Renov\u00e1veis Ltda.
100.00%
Hinata Energias Renov\u00e1veis Ltda.
100.00%
Urucuia EPC Solar Ltda.
100.00%
Honduras
Scatec Solar Honduras SA
100.00%
Energias Solares S.A.
70.00%
Fotovoltaica Los Prados S.A.
70.00%
Fotovoltaica Surena S.A.
70.00%
Generaciones Energeticas S.A.
70.00%
Produccion de Energia Solar y Demas Renovables S.A DE
\u00a0
C.V
(Agua Fria)
40.00%
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Company
Economic
interests 2024
Malaysia
Scatec Solar Solutions Malaysia Sdn Bhd
100.00%
Quantum Solar Park (Kedah) Sdn Bhd
1)
100.00%
Quantum Solar Park (Melaka) Sdn Bhd
1)
100.00%
Quantum Solar Park (Terengganu) Sdn Bhd
1)
100.00%
Quantum Solar Park Semenanjung Sdn Bhd
1)
100.00%
Redsol Sdn Bhd
100.00%
Philippines
SN Power Philippines Inc.
100.00%
India
Scatec Renewables India Private Ltd
100.00%
Scatec India Renewables One Private Limited
100.00%
Scatec India Renewables Two Private Limited
100.00%
Pakistan
Helios Power Ltd
75.00%
HNDS Energy Ltd
75.00%
Meridian Energy Ltd
\u00a0
75.00%
Scatec Solar Pvt Ltd (Pakistan)
100.00%
Vietnam
Scatec Solar Solutions Vietnam Co. Ltd.
100.00%
Dam Nai Wind Power JSC
100.00%
1) The consolidated economic interest in the Malaysian
\u00a0
project companies represents
Scatec\u2019s share of the contributed equity and retained
\u00a0
earnings in the project companies as
of the reporting date. Scatec\u2019s average economic interest
\u00a0
through the PPA tenor is
estimated to be 95% based on the Group\u2019s right to
\u00a0
economic return obtained through
shareholdings and other contractual arrangements.
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The average economic interest may be
subject to change.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_9": { "value": "Scatec ASA (\u201cthe Company\u201d) and 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_10": { "value": "Scatec ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_11": { "value": "
The consolidated financial statements for the full year 2024 were
authorised for issue in accordance with a resolution by the Board of
Directors on 1 April 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_12": { "value": "
Basis for preparation
The Scatec Group\u2019s consolidated financial statements have been
prepared in accordance with IFRS\u00ae Accounting Standards as adopted
by the EU (IFRS). In compliance with the Norwegian Accounting Act,
additional disclosure requirements are included in the notes to the
financial statements of Scatec ASA.
The statement of cash flows is prepared under the indirect method.
The segment financials are reported on a proportionate basis in line
with how the management team assesses the segments performance,
refer to Note 2 Operating segments.
The functional currency of the companies in the Group is determined
according to 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 entities with functional currencies other than NOK are
translated at the rate of exchange prevailing at the end of the reporting
period and their income statements are translated at average monthly
exchange rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_13": { "value": "
The Scatec Group\u2019s consolidated financial statements have been
prepared in accordance with IFRS\u00ae Accounting Standards as adopted
by the EU (IFRS). In compliance with the Norwegian Accounting Act,
additional disclosure requirements are included in the notes to the
financial statements of Scatec ASA.
The statement of cash flows is prepared under the indirect method.
The segment financials are reported on a proportionate basis in line
with how the management team assesses the segments performance,
refer to Note 2 Operating segments.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_14": { "value": "
Estimation 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 amounts 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 in future periods.
Assumptions about future developments may change due to market
conditions beyond the control of the Group and are reflected in the
financial statements when changes in assumptions occur. Information
about estimation uncertainty, judgements and assumptions that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year is largely
incorporated into the individual notes.
\u00a0
The Group\u2019s management believes the following critical accounting
items represent significant judgements and estimates not naturally
belonging in the individual notes, but used in the preparation of the
consolidated financial statements:
Estimation 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
\u00a0
upon the likely timing and level of future taxable profits.
\u00a0
When assessing the probability of utilising these losses several factors
are considered, including whether the entity in question has a history
of losses, whether there is an expiration date for the entity\u2019s ability to
carry the losses forward and/or whether the losses can be used to
offset taxable income elsewhere in the Group. The majority of the
Group\u2019s tax losses relate to favourable tax rules for depreciation of
power plants and their reversal is merely a timing effect.
\u00a0
Uncertain tax positions and potential tax exposures are analysed
individually and, the best estimate of the probable amount of 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 has not identified any significant exposure to Pillar Two
income taxes that require disclosure in the consolidated financial
statements.
Estimation uncertainty
Estimated useful life of power plants
The estimated useful life of power plants is reviewed on an annual
basis and changes in the useful life are accounted for prospectively.
In most of these markets the sale of electricity depends on having a
PPA, hence, the length of the PPA is relevant to determining useful life.
The power plants currently in operation have 9 to 25 years off-take
agreements. The technical useful life of a power plants is subject to
several factors such as climatic conditions and the maintenance
programme but is generally expected to be 30 years. Technical useful
life of storage equipment, such as the BESS (batter energy storage
system) on the Kenhardt plant, is dependent on usage and number of
charging cycles, with the useful life is expected to be 20 years.
\u00a0
The assessment is made on a plant-by-plant basis, and the Group\u2019s
power plants are depreciated over the length of the PPA or up to 30
years based on expected usage.
\u00a0
Scatec\u2019s operational assets are protected from physical damage,
including damage from natural catastrophes and weather-related
events, by property damage & business interruption insurance. Similar
insurance has been designed for projects under construction and
covers
\u00a0
physical damage, loss of income and transportation risks. Thus,
potential physical damage to plants will be repaired and is not
expected to impact the useful life of the plants. Other climate related
risks have been considered and it has been concluded that they do noy
impact the useful life of the plants.
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Estimation uncertainty
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An impairment loss is recognised when the carrying value of an asset
or cash generating unit (CGU) exceeds the recoverable amount.
\u00a0
Factors which trigger impairment testing include, but are not limited to,
political changes, macroeconomic fluctuations, changes in the Group\u2019s
strategy, project delays, underperformance, tariff changes and similar.
When an asset is constructed, certain assumptions are made about
climate-related factors such as irradiation and temperature. Deviations
from such assumptions may lead to the underperformance of assets,
which, if significant, may be an indicator of impairment. Furthermore,
climate-related changes are expected to have a pervasive effect on the
energy industry overall which may impact factors such as regulations
and the financial viability of our assets in the markets we operate in,
and are considered in our impairment testing. Climate-related changes
at specific locations, such as extreme weather events, may reduce
production and increase maintenance costs and, if pervasive, trigger
impairment testing.
Recoverable amount calculations of value-in-use are based on a
discounted cash flow model. The future cash flows include a number
of estimates and assumptions, including future market conditions and
energy prices, discount rates, estimated useful life and others. Climate
risks such as more extreme weather and natural disasters, and
changes to environmental regulations are accounted for in the discount
rates. 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, and
demand and price forecasts for power assets with variable income.
The Group monitors changes in government legislation on a continual
basis. Legal changes may impact key assumptions in the value-in-use
calculations in future periods.
Estimation uncertainty
There is considerable estimate uncertainty associated with the value of
intangible assets. Please refer to Note 10 Impairment testing for
assessment of recoverable amount.
Estimation 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,
\u00a0
the interest rate on the non-
recourse loans has been central for 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 at the end of the PPA period, it is uncertain whether the
option will be exercised for land leases. The Group has evaluated all
these options, but it is not reasonably certain that the Group will
exercise the options, hence the period covered by these options has
not been included in the lease liability. The Group reevaluates
\u00a0
the
options on a continuous basis.
Accounting principle and estimation uncertainty
\u00a0
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, an investment is initially recognised
at cost or at fair value when acquired through a transaction, and
subsequently adjusted for further investments, distributions, and the
Group\u2019s share of the net income from the associate or joint venture.
Refer to Note 1 for preparation, basis for consolidation and key sources
of estimation.
Other current assets in the table of \u201cFinancial positions for material
joint venture and associated companies\u201d include excess values for all
JVs excluding Brazil. Excess values mainly relate to water rights, and
infrastructure assets in the solar
\u00a0
power companies. The
estimated
useful life of the water rights is reviewed on an annual basis and
amortised over the remaining concession period. The excess values,
and related amortization, are grossed up on a 100% basis in the tables
below according to the values allocated to Scatec\u2019s share.
Estimation uncertainty
The Group is operating in various jurisdictions and is subject to legal
disputes and regulatory reviews. Management applies assumptions and
judgement to consider all information available when assessing if
unfavourable outcomes are probable and when estimating amounts
required to settle any obligation. Legal claims are assessed on an
individual basis and provisions are recognised if the specific claims give
rise to present, probable obligations and the costs can be reliably
measured.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_15": { "value": "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 amounts 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 in future periods. Assumptions about future developments may change due to market conditions beyond the control of the Group and are reflected in the financial statements when changes in assumptions occur. Information about estimation uncertainty, judgements and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year is largely incorporated into the individual notes.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_16": { "value": "
Consolidation of power plant companies
The Group considers all relevant facts and circumstances in assessing
whether it has control 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 investee. The
assessment of whether Scatec controls the investee is performed
upon first time consolidation and is renewed annually or more often, if,
facts that could impact the conclusion change.
Scatec\u2019s value chain comprises all downstream activities such as
project development, financing, construction, and operations as well as
having an asset management role. Normally Scatec enters partnerships
for the shareholding of the power plant companies. To be able to fully
utilise the business model, Scatec normally seeks to obtain control of
the companies. Control is obtained through governing bodies,
shareholder agreements and other contractual arrangements. Other
contractual arrangements are usually protected by the shareholder
agreements and include Scatec\u2019s role as the developer of the project,
EPC provider (construction), operation and maintenance service
provider, and asset management service provider.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_383": { "value": "
Note 2 Operating segments
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 by the
differences in the nature of their operations, products and services.
Scatec manages its operations in three segments: Power Production
(PP), Development & Construction (D&C) and Corporate. The Group has
reorganised its segment structure and the Service segment is reported
as part of the Power Production segment, with effect from 1 January
2024. Comparable periods have been restated accordingly to conform
with the current year\u2019s presentation.
Power Production
\u00a0
The Power Production segment manages the Group\u2019s power-producing
assets and derives its revenue from the production and sale of solar,
wind, and hydro generated electricity mainly based on long-term Power
Purchase Agreements or feed-in-tariffs. In the Philippines,
\u00a0
electricity is
sold using bilateral contracts, in the spot market, and as ancillary
services. In Ukraine, with regard to the Progressovka plants, electricity
is sold in the spot market with the option to re-enter the long-term
PPA at a later stage. In Brazil, approximately 40% of the electricity from
the Mendubim solar power plant is sold in the merchant market, while
the rest is sold through the 20-year corporate PPA. The segment also
includes revenues from the Release concept.
\u00a0
The performance obligation for revenues from the power-producing
assets \u2013 the delivery of a series of distinct goods (power) \u2013 is satisfied
over time, which requires the recognition of revenue for each unit
delivered at the transaction price. Revenue is recognised upon the
transfer of electricity produced to the local operator of the electricity
grid, based on periodic meter readings.
\u00a0
The Group has continued to recognise revenue from power production
in Ukraine to the extent that Scatec believes collection of the
consideration is probable, which is being equal to the actual paid
amounts.
\u00a0
The segment also comprises Operations & Maintenance (O&M) and
Asset Management services provided to power production plants
where Scatec has an economic interest reflected as a cost in the
segment and external O&M services to the plants not owned. The
services are delivered to ensure the optimised operation of power-
producing assets through a complete and comprehensive range of
services for technical and operational management.
O&M revenues are
generated on the basis of fixed service fees with additional profit-
sharing arrangements. Asset management services typically include
financial reporting to sponsors and lenders, regulatory compliance, and
environmental and social management, as well as contract
management on behalf of the power plant companies.
Development & Construction
The Development & Construction segment derives its revenue from the
sale of development rights and construction deliverables and services
to project entities set up to operate the Group\u2019s power production
plants. Transactions in this segment are mainly between entities under
the Group\u2019s control and hence eliminated in the consolidated financial
statement. Construction 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.
\u00a0
Revenues from construction are recognised over time according to the
percentage of completion. A contract\u2019s percentage of completion is
determined by assessing actual progress on site compared to the total
estimated cost at completion. Progress is measured when control is
transferred to the customer. For equipment such as modules, Scatec
consider that control is transferred when the equipment is installed
and permanently attached or fitted to the power production systems
as required by the engineering designs.
\u00a0
The construction contracts are fixed-price contracts with variable
considerations related to performance- and delay liquidated damages.
Scatec periodically revise contract profit estimates and immediately
recognises any losses on contracts if applicable.
\u00a0
The 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.
\u00a0
Corporate
The Corporate segment consists of the corporate and management
service activities.
\u00a0
No segments have been aggregated to form these reporting segments.
\u00a0
Use of proportionate 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 has
introduced proportionate financials as the Group is of the opinion that
this method improves earnings visibility and improves transparency in
underlying value creation in Scatec\u2019s business activity.
\u00a0
Revenues from transactions between group companies, where Scatec
is deemed to hold a controlling interest, are presented as internal
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\n
revenues in the segment reporting.
\u00a0
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. The
consolidated revenues and profits are mainly generated in the Power
Production segment.
\u00a0
The key differences between the proportionate and consolidated (IFRS)
financials are as follows:
\u25cf
In the consolidated financials fully consolidated companies are
presented on a 100% basis. In the proportionate financials the fully
consolidated companies are presented according to Scatec\u2019s
ownership percentage/economic interest. The residual ownership
interests in the table below represent the share of fully consolidated
subsidiaries that Scatec does not own.
\u00a0
\u25cf
In the consolidated financials, joint ventures and associated
companies are equity consolidated and 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 JVs and associate
companies are presented, like other subsidiaries, on a gross basis for
each line in the statement of profit or loss based on Scatec\u2019s
economic interest. In the table below, elimination of equity-
consolidated entities shows the elimination of proportionate
financials to arrive at Scatec\u2019s share of net income/(loss).
\u00a0
\u25cf
Internal gains from transactions between segments 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. Hence, the
consolidated financials have a lower book value of solar plants than
the proportionate financials and corresponding lower depreciation
charges.
\u00a0
\u25cf
Other eliminations are mainly related to other eliminations of
intercompany and internal margins in the consolidated financial
statements.
Geographical break down of consolidated revenues and PPE
Consolidated revenues by country
NOK million
2024
2023
South Africa
1,829
1,073
Egypt
653
657
Ukraine
539
440
Honduras
398
232
Malaysia
374
364
Jordan
181
171
Czech Republic
129
150
Vietnam
81
95
Pakistan
74
-
Other
109
216
Total
4,368
3,399
Property, plant and equipment by country
NOK million
2024
2023
South Africa
10,110
9,554
Egypt
3,998
3,453
Malaysia
2,825
2,570
Ukraine
2,108
2,063
Honduras
1,291
1,293
Pakistan
1,227
961
Jordan
894
866
Botswana
543
11
Norway
373
475
Czech Republic
290
314
Tunisia
205
-
Other
203
53
Vietnam
-
422
Total
24,068
22,035
Major customers
In South Africa, revenues from the Linde, Kalkbult and Dreunberg
plants which commenced operations in 2013 and 2014 are earned
under 20-year Power Purchase Agreements (PPAs) 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. During 2024
Scatec partially divested its equity share in the plants and the projects
are accounted for as investments in JVs and associate companies at
year-end. The Kenhardt plants started commercial operation in
December 2023 under a 20-year PPA that was awarded under the Risk
Mitigation Independent Power Producer Procurement Programme
(RMIPPPP). Eskom\u2019s financial commitments under the PPA are
guaranteed by the South African National Treasury under the
Implementation Agreement.
\u00a0
The Benban plants 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 is not guaranteed by the
government as TNB is a reputable AAA-rated listed company in
Malaysia.
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Bridge proportionate \u2013 to consolidated financials
2024
Proportionate financials
NOK million
Power Production
1)
Development &
Construction
Corporate
Total
Residual ownership for
fully consolidated entities
Elimination of equity
consolidated entities
Other eliminations
Consolidated
financials
External revenues
\u00a0
4,707
-
-
4,707
1,653
-1,991
-
4,368
Net gain/(loss) from sale of project assets
796
-
-
796
-
-33
728
1,491
Internal revenues
-
2,291
59
2,351
327
-21
-2,657
-
Net income/(loss) from JVs and associates
\u00a0
-
-
-
-
-
714
-
714
Total revenues and other income
5,503
2,291
59
7,853
1,980
-1,330
-1,929
6,574
Cost of sales
-
-1,850
-
-1,850
-386
40
2,196
-
Gross profit
5,503
441
59
6,003
1,594
-1,290
267
6,574
Personnel expenses
-314
-164
-110
-587
-12
104
-
-495
Other operating expenses
-553
-94
-75
-722
-222
272
14
-658
EBITDA
4,636
184
-125
4,694
1,360
-915
281
5,421
Depreciation and impairment
\u00a0
-1,424
-72
-40
-1,536
-396
542
96
-1,294
Operating profit (EBIT)
3,212
112
-165
3,158
964
-373
378
4,127
1) The segment reporting structure was changed effective
\u00a0
as of 1 January 2024 and comparable figures for
\u00a0
2023 have been restated
\u00a0
2023
Proportionate financials
NOK million
Power Production
Development &
Construction
Corporate
Total
Residual ownership for
fully consolidated entities
Elimination of equity
consolidated entities
Other eliminations
Consolidated
financials
External revenues
3,792
4
-
3,796
1,199
-1,601
4
3,399
Net gain/ loss from sale of project assets
348
-
-
348
-
-
928
1,276
Internal revenues
6
8,172
50
8,228
1,929
-521
-9,636
-
Net income/(loss) from JVs and associates
1)
-
-
-
-
-
46
-
46
Total revenues and other income
4,144
8,177
50
12,372
3,128
-2,076
-8,703
4,721
Cost of sales
5
-7,182
-
-7,179
-1,888
502
8,565
-
Gross profit
4,150
994
50
5,194
1,239
-1,575
-138
4,721
Personnel expenses
-278
-216
-139
-633
-12
94
-20
-570
Other operating expenses
-536
-107
-74
-716
-201
279
53
-584
EBITDA
3,334
672
-162
3,845
1,027
-1,201
-105
3,567
Depreciation and impairment
\u00a0
-1,591
-65
-36
-1,692
-323
939
135
-942
Operating profit (EBIT)
1,743
607
-198
2,152
704
-262
31
2,625
", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_17": { "value": "
Use of proportionate 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 has
introduced proportionate financials as the Group is of the opinion that
this method improves earnings visibility and improves transparency in
underlying value creation in Scatec\u2019s business activity.
\u00a0
Revenues from transactions between group companies, where Scatec
is deemed to hold a controlling interest, are presented as internal
\u00a0
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\u00a0
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\n
revenues in the segment reporting.
\u00a0
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. The
consolidated revenues and profits are mainly generated in the Power
Production segment.
\u00a0
The key differences between the proportionate and consolidated (IFRS)
financials are as follows:
\u25cf
In the consolidated financials fully consolidated companies are
presented on a 100% basis. In the proportionate financials the fully
consolidated companies are presented according to Scatec\u2019s
ownership percentage/economic interest. The residual ownership
interests in the table below represent the share of fully consolidated
subsidiaries that Scatec does not own.
\u00a0
\u25cf
In the consolidated financials, joint ventures and associated
companies are equity consolidated and 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 JVs and associate
companies are presented, like other subsidiaries, on a gross basis for
each line in the statement of profit or loss based on Scatec\u2019s
economic interest. In the table below, elimination of equity-
consolidated entities shows the elimination of proportionate
financials to arrive at Scatec\u2019s share of net income/(loss).
\u00a0
\u25cf
Internal gains from transactions between segments 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. Hence, the
consolidated financials have a lower book value of solar plants than
the proportionate financials and corresponding lower depreciation
charges.
\u00a0
\u25cf
Other eliminations are mainly related to other eliminations of
intercompany and internal margins in the consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_18": { "value": "
Use of proportionate 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 has
introduced proportionate financials as the Group is of the opinion that
this method improves earnings visibility and improves transparency in
underlying value creation in Scatec\u2019s business activity.
\u00a0
Revenues from transactions between group companies, where Scatec
is deemed to hold a controlling interest, are presented as internal
\u00a0
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\u00a0
\n
revenues in the segment reporting.
\u00a0
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. The
consolidated revenues and profits are mainly generated in the Power
Production segment.
\u00a0
The key differences between the proportionate and consolidated (IFRS)
financials are as follows:
\u25cf
In the consolidated financials fully consolidated companies are
presented on a 100% basis. In the proportionate financials the fully
consolidated companies are presented according to Scatec\u2019s
ownership percentage/economic interest. The residual ownership
interests in the table below represent the share of fully consolidated
subsidiaries that Scatec does not own.
\u00a0
\u25cf
In the consolidated financials, joint ventures and associated
companies are equity consolidated and 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 JVs and associate
companies are presented, like other subsidiaries, on a gross basis for
each line in the statement of profit or loss based on Scatec\u2019s
economic interest. In the table below, elimination of equity-
consolidated entities shows the elimination of proportionate
financials to arrive at Scatec\u2019s share of net income/(loss).
\u00a0
\u25cf
Internal gains from transactions between segments 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. Hence, the
consolidated financials have a lower book value of solar plants than
the proportionate financials and corresponding lower depreciation
charges.
\u00a0
\u25cf
Other eliminations are mainly related to other eliminations of
intercompany and internal margins in the consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_384": { "value": "
Geographical break down of consolidated revenues and PPE
Consolidated revenues by country
NOK million
2024
2023
South Africa
1,829
1,073
Egypt
653
657
Ukraine
539
440
Honduras
398
232
Malaysia
374
364
Jordan
181
171
Czech Republic
129
150
Vietnam
81
95
Pakistan
74
-
Other
109
216
Total
4,368
3,399
Property, plant and equipment by country
NOK million
2024
2023
South Africa
10,110
9,554
Egypt
3,998
3,453
Malaysia
2,825
2,570
Ukraine
2,108
2,063
Honduras
1,291
1,293
Pakistan
1,227
961
Jordan
894
866
Botswana
543
11
Norway
373
475
Czech Republic
290
314
Tunisia
205
-
Other
203
53
Vietnam
-
422
Total
24,068
22,035
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_385": { "value": "
Major customers
In South Africa, revenues from the Linde, Kalkbult and Dreunberg
plants which commenced operations in 2013 and 2014 are earned
under 20-year Power Purchase Agreements (PPAs) 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. During 2024
Scatec partially divested its equity share in the plants and the projects
are accounted for as investments in JVs and associate companies at
year-end. The Kenhardt plants started commercial operation in
December 2023 under a 20-year PPA that was awarded under the Risk
Mitigation Independent Power Producer Procurement Programme
(RMIPPPP). Eskom\u2019s financial commitments under the PPA are
guaranteed by the South African National Treasury under the
Implementation Agreement.
\u00a0
The Benban plants 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 is not guaranteed by the
government as TNB is a reputable AAA-rated listed company in
Malaysia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_19": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 3 Employee benefits
Salaries and other personnel costs
NOK million
2024
2023
Salaries
\u00a0
491
571
Share-based payment
29
29
Payroll tax
45
58
Pension costs
39
41
Other personnel costs
37
35
Capitalised to PP&E (project assets)
-146
-164
Total
\u00a0
495
570
Salaries and personnel expenses for management
NOK million
2024
2023
Salary and bonus
47
51
Pension
2
2
Total
\u00a0
50
53
Number of employees in the financial year in consolidated entities
2024
2023
South Africa
295
281
Norway
110
144
Egypt
107
98
Ukraine
49
46
Malaysia
32
29
Brazil
16
-
Netherlands
26
31
Pakistan
23
28
Honduras
19
20
India
16
26
Philippines
14
15
Tunisia
13
3
Botswana
12
3
Other
\u00a0
22
27
Total
754
751
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 made to the separate Executive
Remuneration Report 2024
.
No severance package agreements have
been established with management. The Group\u2019s pension schemes are
classified as defined contribution plans.
Long term incentive programmes
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 satisfies
the definition of an equity-settled share-based payment transaction
(IFRS 2 app. A), the BlackScholes-Merton option-pricing model is
applied to each tranche. Share price (spot), exercise price, expected
option lifetime, expected volatility, expected dividend and risk-free
interest rate are the model\u2019s input parameters.
\u00a0
In line with the terms adopted by the Annual General Meeting of
Scatec ASA on 4 May 2016, and prolonged in the years that followed,
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 2024, there are options not fully vested from
the grants awarded in 2022 and onwards. Each share option gives a
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 during the ten trading days preceding the grant.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
For the options granted in 2024 the assumptions used to calculate the
fair value of the options are as follows: 2.99 years (2.99 years) for
expected lifetime, 51.19% (52.45%) for expected volatility and 0 (0) for
expected dividend. The calculations are based on average values. The
fair value of the options is expensed over the vesting period. In 2024
NOK 29 million (29) was expensed.
Outstanding number of options
\u00a0
Date granted
Number
Strike price
Lapse date
1/2/2020
180,233
110
1/1/2025
1/4/2021
126,552
311
1/1/2025
5/6/2021
107,409
242
1/1/2025
1/4/2022
569,123
148
1/1/2026
3/28/2022
10,000
132
1/1/2026
4/27/2022
14,353
124
1/1/2026
5/16/2022
16,711
96
1/1/2026
1/3/2023
1,052,918
80
1/1/2027
3/2/2023
67,516
80
1/1/2027
1/3/2024
1,376,866
79
1/1/2028
Sum
3,521,681
Movements in options
Opening
balance
\u00a0
Granted
\u00a0
Terminated
Closing
balance
Closing balance
vested options
Numbers of
instruments
2,411,222
1,487,788
-377,329
3,521,681
1,194,401
Weighted average
strike price
123.08
79.47
109.64
106.10
146.17
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_20": { "value": "
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 made to the separate Executive
Remuneration Report 2024
.
No severance package agreements have
been established with management. The Group\u2019s pension schemes are
classified as defined contribution plans.
Long term incentive programmes
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 satisfies
the definition of an equity-settled share-based payment transaction
(IFRS 2 app. A), the BlackScholes-Merton option-pricing model is
applied to each tranche. Share price (spot), exercise price, expected
option lifetime, expected volatility, expected dividend and risk-free
interest rate are the model\u2019s input parameters.
\u00a0
In line with the terms adopted by the Annual General Meeting of
Scatec ASA on 4 May 2016, and prolonged in the years that followed,
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 2024, there are options not fully vested from
the grants awarded in 2022 and onwards. Each share option gives a
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 during the ten trading days preceding the grant.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
For the options granted in 2024 the assumptions used to calculate the
fair value of the options are as follows: 2.99 years (2.99 years) for
expected lifetime, 51.19% (52.45%) for expected volatility and 0 (0) for
expected dividend. The calculations are based on average values. The
fair value of the options is expensed over the vesting period. In 2024
NOK 29 million (29) was expensed.
Outstanding number of options
\u00a0
Date granted
Number
Strike price
Lapse date
1/2/2020
180,233
110
1/1/2025
1/4/2021
126,552
311
1/1/2025
5/6/2021
107,409
242
1/1/2025
1/4/2022
569,123
148
1/1/2026
3/28/2022
10,000
132
1/1/2026
4/27/2022
14,353
124
1/1/2026
5/16/2022
16,711
96
1/1/2026
1/3/2023
1,052,918
80
1/1/2027
3/2/2023
67,516
80
1/1/2027
1/3/2024
1,376,866
79
1/1/2028
Sum
3,521,681
Movements in options
Opening
balance
\u00a0
Granted
\u00a0
Terminated
Closing
balance
Closing balance
vested options
Numbers of
instruments
2,411,222
1,487,788
-377,329
3,521,681
1,194,401
Weighted average
strike price
123.08
79.47
109.64
106.10
146.17
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_21": { "value": "
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 satisfies
the definition of an equity-settled share-based payment transaction
(IFRS 2 app. A), the BlackScholes-Merton option-pricing model is
applied to each tranche. Share price (spot), exercise price, expected
option lifetime, expected volatility, expected dividend and risk-free
interest rate are the model\u2019s input parameters.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_22": { "value": "
Note 4 Other operating expenses
\u00a0
\n
\u00a0
\n
\u00a0
\n
NOK million
2024
2023
Facilities
329
210
Professional fees
188
166
IT and office costs
80
78
Travel costs
30
32
Social development contributions
32
21
O&M external fees
35
25
Other costs
\u00a0
44
52
Expected credit loss
-80
-
Total other operating expenses
658
584
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 a cost
reduction or as a deduction of the asset\u2019s carrying amount. In 2024
Scatec recognised NOK 20 million (10) in grants as deductions from the
development and construction asset\u2019s carrying amount.
\u00a0
In 2024, NOK 80 million of expected credit loss related to Ukraine was
reversed.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
Remuneration to the auditors (PwC and other independent
auditors)
NOK million
2024
2023
Audit services
17
15
Other attestation services
2
2
Tax services
1
1
Total remuneration
20
18
VAT is not included in the numbers above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_23": { "value": "
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 a cost
reduction or as a deduction of the asset\u2019s carrying amount. In 2024
Scatec recognised NOK 20 million (10) in grants as deductions from the
development and construction asset\u2019s carrying amount.
\u00a0
In 2024, NOK 80 million of expected credit loss related to Ukraine was
reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_305": { "value": "
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 a cost
reduction or as a deduction of the asset\u2019s carrying amount. In 2024
Scatec recognised NOK 20 million (10) in grants as deductions from the
development and construction asset\u2019s carrying amount.
\u00a0
In 2024, NOK 80 million of expected credit loss related to Ukraine was
reversed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_306": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
Remuneration to the auditors (PwC and other independent
auditors)
NOK million
2024
2023
Audit services
17
15
Other attestation services
2
2
Tax services
1
1
Total remuneration
20
18
VAT is not included in the numbers above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_24": { "value": "
Note 5 Tax
Estimation 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
\u00a0
upon the likely timing and level of future taxable profits.
\u00a0
When assessing the probability of utilising these losses several factors
are considered, including whether the entity in question has a history
of losses, whether there is an expiration date for the entity\u2019s ability to
carry the losses forward and/or whether the losses can be used to
offset taxable income elsewhere in the Group. The majority of the
Group\u2019s tax losses relate to favourable tax rules for depreciation of
power plants and their reversal is merely a timing effect.
\u00a0
Uncertain tax positions and potential tax exposures are analysed
individually and, the best estimate of the probable amount of 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 has not identified any significant exposure to Pillar Two
income taxes that require disclosure in the consolidated financial
statements.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Effective tax rate
\u00a0
NOK million
2024
2023
Tax payable
-135
-230
Change in deferred tax
194
384
Withholding tax
-37
-42
Adjustments of tax concerning previous years
-
2
Income tax expense
22
114
Reconciliation of Norwegian nominal tax rate to
effective tax rate
Profit before income tax
1,464
1,008
Nominal tax rate (22%)
\u00a0
-322
-222
Tax effect of:
\u00a0
Permanent differences on divestments
328
270
Permanent differences on tax incentive in South Africa
-
457
Other permanent differences
-19
66
Tax rate different from Norwegian rate
-26
-29
Current tax on dividend received and withholding tax
-37
-42
Valuation allowance loss carried forward
-122
-322
Share of net income from associated companies
157
10
Use and capitalisation of previously unrecognised losses
carried forward
36
-1
Other items
8
10
Currency translation
\u00a0
18
-84
Calculated tax expense
22
114
Effective tax rate
-2%
-11%
The Group recognised an income tax benefit of NOK 22 million in 2024
compared to a tax benefit of NOK 114 million in the previous year. The
tax benefit recognised in the previous year is largely attributable to the
Kenhardt plants which qualified for the Enhanced renewable energy tax
incentive after achieving commercial operating dates in November and
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
December 2023. This tax incentive granted a 25% additional tax
deduction from the plants\u2019 cost when the assets were put into use in
2023. The incentive will be settled as reduced tax payments over the
coming years.
\u00a0
The net gain from the partial divestment of the Linde, Dreunberg and
Kalkbult solar power plants (NOK 1,491 million) is a permanent
difference and does not give rise to any tax expense. The item is
presented as permanent differences on divestments in the table
above.
The remaining difference between the Group\u2019s actual tax expense and
the 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 and effects from unrecognised tax losses. Furthermore, the
profit/loss from JVs and associated companies is reported net after tax
which also impacts the effective tax rate.
\u00a0
The underlying tax rates in the companies in operation are in the range
of 0% to 30%. In some markets, Scatec receives special tax incentives
intended to promote investments in renewable energy.
\u00a0
Significant components of deferred tax assets
NOK million
2024
2023
Tax losses carried forward
4,455
4,058
Valuation allowance of deferred tax assets
-797
-623
Financial instruments
29
58
Property, plant and equipment and intangible assets
152
120
Construction projects
81
92
Lease liabilities
40
56
Other items
66
5
Offsetting of tax balances
1)
-2,475
-2,540
Total deferred tax assets
1,551
1,226
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Significant components of deferred tax liabilities
NOK million
2024
2023
Property, plant and equipment, intangible assets,
including right-of-use assets
3,054
3,252
Financial instruments
80
74
Other items
11
63
Offsetting of tax balances
1)
-2,474
-2,540
Total deferred tax liabilities
671
849
1)
Deferred tax assets and liabilities are offset to the extent that the deferred taxes related to the
same fiscal authority and there is a legally enforceable right to offset current tax assets against
current tax liabilities
Scatec also holds NOK 17 million in deferred tax liabilities related to
disposal group held for sale which is not included in the table above.
For details refer to Note 8 Sale of project assets and disposal group
held for sale.
\u00a0
\n
\u00a0
\n
Movement in net deferred tax asset
NOK million
2024
2023
Net deferred tax asset at 1 January
377
117
Recognised in the consolidated statement of profit or
\u00a0
loss
194
384
Deferred tax other comprehensive income
-5
69
Deferred tax transferred to assets classified as held for
sale
270
-193
Translation differences
44
-
Net deferred tax asset at 31 December
880
377
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Specification of tax loss carried forward
NOK million
2024
Country
Loss carried
forward
Deferred tax
asset
Net deferred tax on
other differences
South Africa
11,392
3,076
-1,858
Norway
3,205
67
-10
Ukraine
1,801
324
-305
Egypt
1,591
168
-600
Jordan
284
11
-56
Netherlands
435
-
-
Malaysia
187
-
17
Other
39
12
34
Total
18,934
3,658
-2,778
NOK million
2023
Country
Loss carried
forward
Deferred tax
asset
Net deferred tax on
other differences
South Africa
10,332
2,788
-2,187
Norway
2,910
75
-25
Ukraine
1,898
389
-421
Egypt
1,463
158
-499
Jordan
379
17
-55
Netherlands
303
8
-2
Malaysia
163
-
25
Other
11
-
105
Total
17,459
3,435
-3,058
Tax losses carried forward are offset against taxable temporary
differences within the same fiscal authority, mainly related to property,
plant and equipment.
For renewable energy companies, the tax losses carried forward are
mainly related to accelerated depreciation rates for power plant assets
compared to the accounting depreciations determined by the useful
life of the assets. Tax losses are recognised to ensure that the tax
losses were recorded to the extent that the Group expects sufficient
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future taxable profits to be available to utilise the losses. At year-end
2024 the Group has recorded a valuation allowance of NOK -797
million (-623) related to tax losses carried forward that are not
expected to be used to offset future taxable income. The valuation
allowance is recognised in Norway (NOK 463 million), Egypt (NOK 190
million), Malaysia (NOK 131 million) and other countries. In Norway the
Group has disallowed interest deduction carry forward of NOK 701
million (195) which can be carried forward 10 years. Tax losses in Egypt
and Jordan can be carried forward for 5 years while all other tax losses
in the Group can be carried forward indefinitely.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_25": { "value": "
\u00a0
\n
\u00a0
\n
Movement in net deferred tax asset
NOK million
2024
2023
Net deferred tax asset at 1 January
377
117
Recognised in the consolidated statement of profit or
\u00a0
loss
194
384
Deferred tax other comprehensive income
-5
69
Deferred tax transferred to assets classified as held for
sale
270
-193
Translation differences
44
-
Net deferred tax asset at 31 December
880
377
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
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Specification of tax loss carried forward
NOK million
2024
Country
Loss carried
forward
Deferred tax
asset
Net deferred tax on
other differences
South Africa
11,392
3,076
-1,858
Norway
3,205
67
-10
Ukraine
1,801
324
-305
Egypt
1,591
168
-600
Jordan
284
11
-56
Netherlands
435
-
-
Malaysia
187
-
17
Other
39
12
34
Total
18,934
3,658
-2,778
NOK million
2023
Country
Loss carried
forward
Deferred tax
asset
Net deferred tax on
other differences
South Africa
10,332
2,788
-2,187
Norway
2,910
75
-25
Ukraine
1,898
389
-421
Egypt
1,463
158
-499
Jordan
379
17
-55
Netherlands
303
8
-2
Malaysia
163
-
25
Other
11
-
105
Total
17,459
3,435
-3,058
Tax losses carried forward are offset against taxable temporary
differences within the same fiscal authority, mainly related to property,
plant and equipment.
For renewable energy companies, the tax losses carried forward are
mainly related to accelerated depreciation rates for power plant assets
compared to the accounting depreciations determined by the useful
life of the assets. Tax losses are recognised to ensure that the tax
losses were recorded to the extent that the Group expects sufficient
\u00a0
\n
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
future taxable profits to be available to utilise the losses. At year-end
2024 the Group has recorded a valuation allowance of NOK -797
million (-623) related to tax losses carried forward that are not
expected to be used to offset future taxable income. The valuation
allowance is recognised in Norway (NOK 463 million), Egypt (NOK 190
million), Malaysia (NOK 131 million) and other countries. In Norway the
Group has disallowed interest deduction carry forward of NOK 701
million (195) which can be carried forward 10 years. Tax losses in Egypt
and Jordan can be carried forward for 5 years while all other tax losses
in the Group can be carried forward indefinitely.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_26": { "value": "
\u00a0
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 6 Financial income and expenses
NOK million
2024
2023
Interest income
152
162
Change in fair value of foreign exchange contracts
-
246
Other financial income
33
8
Interest and other financial income
185
415
Interest expenses
-2,564
-1,727
Change in fair value of foreign exchange contracts
-
-29
Other financial expenses
-109
-221
Interest and other financial expenses
-2,673
-1,977
Net foreign exchange gain/(loss)
-175
-56
Net financial expenses
-2,663
-1,617
See Note 19 Financial risk and capital management for interest rate
sensitivity. See Note 23 Non-recourse financing for details on project
financing and Note 22 for details on corporate financing
. During the
year the Group capitalised borrowing costs of NOK 158 million on
qualifying assets under construction,
\u00a0
see Note 9 Property, plant and
equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_27": { "value": "
\u00a0
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\u00a0
\n
\u00a0
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 6 Financial income and expenses
NOK million
2024
2023
Interest income
152
162
Change in fair value of foreign exchange contracts
-
246
Other financial income
33
8
Interest and other financial income
185
415
Interest expenses
-2,564
-1,727
Change in fair value of foreign exchange contracts
-
-29
Other financial expenses
-109
-221
Interest and other financial expenses
-2,673
-1,977
Net foreign exchange gain/(loss)
-175
-56
Net financial expenses
-2,663
-1,617
See Note 19 Financial risk and capital management for interest rate
sensitivity. See Note 23 Non-recourse financing for details on project
financing and Note 22 for details on corporate financing
. During the
year the Group capitalised borrowing costs of NOK 158 million on
qualifying assets under construction,
\u00a0
see Note 9 Property, plant and
equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_28": { "value": "
\u00a0
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\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 6 Financial income and expenses
NOK million
2024
2023
Interest income
152
162
Change in fair value of foreign exchange contracts
-
246
Other financial income
33
8
Interest and other financial income
185
415
Interest expenses
-2,564
-1,727
Change in fair value of foreign exchange contracts
-
-29
Other financial expenses
-109
-221
Interest and other financial expenses
-2,673
-1,977
Net foreign exchange gain/(loss)
-175
-56
Net financial expenses
-2,663
-1,617
See Note 19 Financial risk and capital management for interest rate
sensitivity. See Note 23 Non-recourse financing for details on project
financing and Note 22 for details on corporate financing
. During the
year the Group capitalised borrowing costs of NOK 158 million on
qualifying assets under construction,
\u00a0
see Note 9 Property, plant and
equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_307": { "value": "
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\n
\u00a0
\n
\u00a0
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\n
\u00a0
\n
\u00a0
\n
Note 6 Financial income and expenses
NOK million
2024
2023
Interest income
152
162
Change in fair value of foreign exchange contracts
-
246
Other financial income
33
8
Interest and other financial income
185
415
Interest expenses
-2,564
-1,727
Change in fair value of foreign exchange contracts
-
-29
Other financial expenses
-109
-221
Interest and other financial expenses
-2,673
-1,977
Net foreign exchange gain/(loss)
-175
-56
Net financial expenses
-2,663
-1,617
See Note 19 Financial risk and capital management for interest rate
sensitivity. See Note 23 Non-recourse financing for details on project
financing and Note 22 for details on corporate financing
. During the
year the Group capitalised borrowing costs of NOK 158 million on
qualifying assets under construction,
\u00a0
see Note 9 Property, plant and
equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_308": { "value": "
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\n
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\n
\u00a0
\n
Note 6 Financial income and expenses
NOK million
2024
2023
Interest income
152
162
Change in fair value of foreign exchange contracts
-
246
Other financial income
33
8
Interest and other financial income
185
415
Interest expenses
-2,564
-1,727
Change in fair value of foreign exchange contracts
-
-29
Other financial expenses
-109
-221
Interest and other financial expenses
-2,673
-1,977
Net foreign exchange gain/(loss)
-175
-56
Net financial expenses
-2,663
-1,617
See Note 19 Financial risk and capital management for interest rate
sensitivity. See Note 23 Non-recourse financing for details on project
financing and Note 22 for details on corporate financing
. During the
year the Group capitalised borrowing costs of NOK 158 million on
qualifying assets under construction,
\u00a0
see Note 9 Property, plant and
equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_29": { "value": "
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Note 7 Earnings per share and shareholder
information
NOK million
2024
2023
Profit/(loss) attributable to the equity holders of the
Company and for the purpose of diluted shares
1,309
628
Weighted average number of shares outstanding for the
purpose of calculating basic earnings per share (million)
158.9
158.9
Earnings per share for income attributable to the equity
holders of the Company - basic (NOK)
8.24
3.95
Effect of potential dilutive shares:
\u00a0
Weighted average number of shares outstanding for the
purpose of calculating diluted earnings per share (million)
158.9
158.9
Earnings per share for income attributable to the equity
holders of the Company - diluted (NOK)
8.24
3.95
Diluted earnings per share is affected by the option programme for
equity-settled share-based payment transactions.
Refer to Note 3 \u2013
Employee benefits for information on share options granted to the
management. No leading employees have exercised any share options
during the year.
There is no diluted effect on earnings per share in case
of loss.
At year-end 2024 the total number of shareholders in Scatec was
13.312 (14,846). The total number of outstanding shares was 158,917,275
(158,917,275) at par value NOK 0.025 per share as of 31 December 2024.
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 the Board of
Directors at 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_30": { "value": "
Note 8 Sale of project assets and disposal group
held for sale
Sale of project assets
8.5 MW solar power plant in Rwanda
On 19 December 2023, Scatec signed an agreement with Fortis Green
Fund I Rwanda Holdings Ltd and Axian Energy Green Ltd to sell its 54%
equity share in the solar power plant in Rwanda for a gross
consideration of NOK 14 million. Scatec has also exited the operations,
maintenance, and asset management agreements for the power plant.
The transaction closed on 1 August 2024 and did not generate any
material accounting effects.
\u00a0
Kalkbult, Linde and Dreunberg solar power plants in South Africa
On 30 September and 20 November 2024, Scatec closed the partial
sale of its ownership of 46% of in the Kalkbult and 44% of the Linde
and Dreunberg solar power plants to Greenstreet 1 Proprietary Limited,
a subsidiary of STANLIB Infrastructure Find II, for a gross consideration
of NOK 523 million for the sold ownership share. Following the
transactions, Scatec held an economic interest of approximately 13% in
Kalkbult and 12% in Linde and Dreunberg. Following the transactions,
Scatec lost control over the entities and the power plants have been
accounted for as investments in JVs and associated companies using
the equity method. The transaction generated a net gain from the sale
of project entities of NOK 1.491 million in net gain/(loss) from the sale
of project assets.
\u00a0
With effect from the closing date of the first phase, the consolidation
of the project companies ceased, decreasing total assets by NOK 1,434
million, decreasing total liabilities by NOK 2,393 million, and increasing
equity by NOK 959 million (Scatec\u2019s share). An accumulated foreign
currency translation reserve (gain) of NOK 14 million was recycled from
other comprehensive income to profit or loss as part of the
deconsolidation.
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Refer to Note 13 for details about the profit and loss and financial
position on a stand alone basis for the acquired investments, including
the bridge from Scatec\u2019s share of equity on a stand alone basis to the
carrying value of net investments in associated companies at Group
level.
Upington solar power plants in South Africa
On 2 February 2023, Scatec signed an agreement with a subsidiary of
STANLIB Infrastructure Fund II, managed by STANLIB Asset
Management Proprietary Limited, to sell its 42% equity share in the
Upington solar plants. The transaction was closed on 31 May 2023.
Total consideration, net after sales cost amounted to NOK 546 million.
The transaction generated a net accounting gain of NOK 744 million
presented in net gain/(loss) from sale of project assets in 2023.
Mocuba solar power plant in Mozambique
On 18 July 2023, Scatec signed an agreement with Globeleq to sell its
52.5% equity share in the Mocuba solar power plant in Mozambique for
a gross consideration of NOK 86 million. The transaction was closed on
29 December 2023. The transaction has generated a net accounting
gain of NOK 47 million presented in net gain/(loss) from the sale of
project assets in 2023.
\u00a0
Gua\u00f1izuil IIA solar power plant in Argentina
On 19 October 2023, Scatec ASA and Equinor ASA sold their shares in
the Gua\u00f1izuil IIA solar power plant in Argentina, as well as their shares
in the local operating services company to Central Puerto. In 2023 the
solar power plant was impaired in the amount of NOK 350 million, and
the sales transaction did not generate any material accounting impact.
Release
On 27 October 2023, Release closed NOK 1.1 billion transaction with
Climate Fund Managers (\u2018CFM\u201d). CFM contributed NOK 560 million in
equity for a 32% shareholding in Release. Scatec retained the majority
shareholding of 68%. As a result of the transaction and in line with the
shareholder agreement, Scatec lost control over Release and
recognised an investment in joint venture at fair value at the acquisition
date. The divestment of the 32% shareholding generated an accounting
gain of NOK 485 million in presented in net gain/(loss) from the sale of
project assets in 2023.
\u00a0
Disposal group held for sale
African hydropower joint venture
On 30 July 2024, Scatec signed an agreement with TotalEnergies to sell
its 51% equity share in the African hydropower joint venture with
Norfund and British International Investment. The sale covers Scatec\u2019s
indirect interest held through SN Power in the operating 255 MW
Bujagali hydropower plant in Uganda, and a development portfolio
consisting of the 361 MW Mpatamanga in Malawi, and the 206 MW
Ruzizi III. The transaction is subject to conditions and consents being
received from stakeholders including lenders and joint venture partners
and is schedule to close within the first half of 2025. The associated
balances of the investments in joint ventures and related holding
entities, including part of the goodwill deriving from the acquisition of
SN Power, are presented as held for sale as of 31 December 2024.
Dam Nai Wind farm in Vietnam
On 13 September 2024, Scatec signed an agreement to sell the 39 MW
Dam Nai Wind farm and the associated operating company in Vietnam
to Sustainable Asia Renewable Assets, a utility-scale renewable energy
platform of the SUSI Asia Energy Transition Fund. Scatec will receive an
upfront consideration of NOK 306 million (USD 27 million) for its 100%
equity share at completion, with the potential for additional earn-out
payments of up to NOK 147 million (USD 13 million) subject to certain
conditions being fulfilled prior to May 2026. The transaction is expected
to close within the first half of 2025, subject to customary regulatory
approvals. The associated assets and liabilities of the subsidiaries are
presented as held for sale as of 31 December 2024.
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\n
As of 31 December 2023, associated assets and liabilities of the solar
power plant in Rwanda were presented as held for sale.
\u00a0
NOK million
2024
2023
Assets classified as held for sale
Property, plant and equipment
434
118
Goodwill and intangible assets
230
-
Investments in JVs and associated companies
1,501
-
Trade and other receivables
65
8
Cash and cash equivalents
33
12
Total assets of disposal group held for sale
2,264
138
Liabilities directly associated with assets classified as
\u00a0
held for sale
Deferred tax liabilities
17
-
Non-current non-recourse project financing
\u00a0
337
104
Current portion of non-recourse project financing
17
11
Other current liabilities
29
14
Total liabilities of disposal group held for sale
401
129
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_31": { "value": "
Note 9 Property, plant and equipment
Accounting principle
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 costs are recognised in the profit or loss in
the period in which they are incurred.
Depreciation of a power plant commences when the plant is ready for
use, normally at the date of grid connection and commissioning.
\u00a0
Asset retirement obligations
Asset retirement costs are recognised when the Group has a
constructive 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 2053.
\u00a0
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 12 Leases.
Estimation uncertainty
Estimated useful life of power plants
The estimated useful life of power plants is reviewed on an annual
basis and changes in the useful life are accounted for prospectively.
In most of these markets the sale of electricity depends on having a
PPA, hence, the length of the PPA is relevant to determining useful life.
The power plants currently in operation have 9 to 25 years off-take
agreements. The technical useful life of a power plants is subject to
several factors such as climatic conditions and the maintenance
programme but is generally expected to be 30 years. Technical useful
life of storage equipment, such as the BESS (batter energy storage
system) on the Kenhardt plant, is dependent on usage and number of
charging cycles, with the useful life is expected to be 20 years.
\u00a0
The assessment is made on a plant-by-plant basis, and the Group\u2019s
power plants are depreciated over the length of the PPA or up to 30
years based on expected usage.
\u00a0
Scatec\u2019s operational assets are protected from physical damage,
including damage from natural catastrophes and weather-related
events, by property damage & business interruption insurance. Similar
insurance has been designed for projects under construction and
covers
\u00a0
physical damage, loss of income and transportation risks. Thus,
potential physical damage to plants will be repaired and is not
expected to impact the useful life of the plants. Other climate related
risks have been considered and it has been concluded that they do noy
impact the useful life of the plants.
Capitalisation of development costs
\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. The assessment of project viability is
based on the completion of key development activities and includes
management judgement.
\u00a0
The carrying value of development projects that have not yet reached
the construction phase was NOK 380 million (332) at 31 December
2024. During the year the Group capitalised borrowing costs of NOK 158
(583) million on qualifying assets. Capitalisation rate of the borrowing
costs in the project companies under construction is close to 100%.
Asset retirement obligations
Scatec has obligations to dismantle and remove the power plants upon
cessation of production. Scatec\u2019s future asset retirement obligations
depend on several factors,
\u00a0
such as the possible existence of a power
market for the plants after the end of their useful life, the future
development of manhour and equipment costs, and interest and
currency exchange rates. The calculation of the asset retirement
obligation includes significant judgement and is conducted on a plant-
by-plant basis, taking into consideration relevant project specifics.
Impairments
Power plants and projects under development and construction are
tested for impairment to the extent that indicators of impairment exist,
please refer to Note
10 Impairment testing
for details.
\u00a0
During 2024, the Group impaired NOK 65 million (48) related to
discontinued development projects. The Group also impaired NOK 81
million related to plants in operations in Honduras.
Property, plant and equipment
NOK million
Power plants
\u00a0
Power plants under
development and construction
Other fixed assets
Total
Accumulated cost at 1 January 2024
25,896
1,233
461
27,590
Additions
36
3,227
16
3,277
Transfers
378
-378
-
-
Disposals
\u00a0
-2,505
-12
-
-2,517
Transfer of assets classified as held for sale
\u00a0
-539
-
-
-536
Effect of movements in foreign exchange rates
2,225
166
50
2,441
Accumulated cost at 31 December 2024
25,490
4,236
527
30,256
Accumulated depreciation and impairment losses at 1 January
\u00a0
2024
5,040
290
224
5,554
Depreciation for the year
1,077
-
51
1,128
Impairment losses
81
65
-
146
Accumulated depreciation and impairment losses disposed
\u00a0
assets
-1,050
-
-
-1,050
Accumulated depreciation transfer of assets classified
\u00a0
as held for sale
\u00a0
-110
-
-
-110
Effect of movements in foreign exchange rates
449
39
27
514
Accumulated depreciation and impairment losses at 31 December
\u00a0
2024
5,486
394
302
6,186
Carrying amount at 31 December 2024
20,002
3,842
226
24,070
Estimated useful life (years)
\u00a0
20-30
N/A
3-5
Accumulated cost at 1 January 2023
19,828
2,250
414
22,492
Additions
62
8,674
51
8,786
Transfers
9,564
-9,564
-
-
Disposals
-3,377
-309
-12
-3,696
Transfer of assets classified as held for sale
\u00a0
-214
-
-
-214
Effect of movements in foreign exchange rates
33
183
8
224
Accumulated cost at 31 December 2023
25,896
1,233
461
27,590
Accumulated depreciation and impairment losses at 1 January
\u00a0
2023
4,743
251
186
5,179
Depreciation for the year
804
-
49
853
Impairment losses
17
48
-
64
Accumulated depreciation and impairment losses disposed
\u00a0
assets
-511
-8
-12
-531
Accumulated depreciation transfer of assets classified
\u00a0
as held for sale
\u00a0
-100
-
-
-100
Effect of movements in foreign exchange rates
88
-2
1
87
Accumulated depreciation and impairment losses at 31 December
\u00a0
2023
5,040
290
224
5,554
Carrying amount at 31 December 2023
20,854
943
238
22,035
Estimated useful life (years)
\u00a0
20-30
N/A
3-5
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_32": { "value": "
Accounting principle
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 costs are recognised in the profit or loss in
the period in which they are incurred.
Depreciation of a power plant commences when the plant is ready for
use, normally at the date of grid connection and commissioning.
\u00a0
Asset retirement obligations
Asset retirement costs are recognised when the Group has a
constructive 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 2053.
\u00a0
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 12 Leases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_33": { "value": "
Capitalisation of development costs
\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. The assessment of project viability is
based on the completion of key development activities and includes
management judgement.
\u00a0
The carrying value of development projects that have not yet reached
the construction phase was NOK 380 million (332) at 31 December
2024. During the year the Group capitalised borrowing costs of NOK 158
(583) million on qualifying assets. Capitalisation rate of the borrowing
costs in the project companies under construction is close to 100%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_34": { "value": "
Capitalisation of development costs
\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. The assessment of project viability is
based on the completion of key development activities and includes
management judgement.
\u00a0
The carrying value of development projects that have not yet reached
the construction phase was NOK 380 million (332) at 31 December
2024. During the year the Group capitalised borrowing costs of NOK 158
(583) million on qualifying assets. Capitalisation rate of the borrowing
costs in the project companies under construction is close to 100%.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_35": { "value": "
Impairments
Power plants and projects under development and construction are
tested for impairment to the extent that indicators of impairment exist,
please refer to Note
10 Impairment testing
for details.
\u00a0
During 2024, the Group impaired NOK 65 million (48) related to
discontinued development projects. The Group also impaired NOK 81
million related to plants in operations in Honduras.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 10 Impairment testing
\u00a0
\n
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\n
Estimation uncertainty
\u00a0
An impairment loss is recognised when the carrying value of an asset
or cash generating unit (CGU) exceeds the recoverable amount.
\u00a0
Factors which trigger impairment testing include, but are not limited to,
political changes, macroeconomic fluctuations, changes in the Group\u2019s
strategy, project delays, underperformance, tariff changes and similar.
When an asset is constructed, certain assumptions are made about
climate-related factors such as irradiation and temperature. Deviations
from such assumptions may lead to the underperformance of assets,
which, if significant, may be an indicator of impairment. Furthermore,
climate-related changes are expected to have a pervasive effect on the
energy industry overall which may impact factors such as regulations
and the financial viability of our assets in the markets we operate in,
and are considered in our impairment testing. Climate-related changes
at specific locations, such as extreme weather events, may reduce
production and increase maintenance costs and, if pervasive, trigger
impairment testing.
Recoverable amount calculations of value-in-use are based on a
discounted cash flow model. The future cash flows include a number
of estimates and assumptions, including future market conditions and
energy prices, discount rates, estimated useful life and others. Climate
risks such as more extreme weather and natural disasters, and
changes to environmental regulations are accounted for in the discount
rates. 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, and
demand and price forecasts for power assets with variable income.
The Group monitors changes in government legislation on a continual
basis. Legal changes may impact key assumptions in the value-in-use
calculations in future periods.
Impairment test \u2013 plants 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 amounts
\u00a0
for these units have been
determined by estimating the value-in-use of the assets and
comparing it against the carrying value of the CGUs.
\u00a0
In 2024, impairment indicators were identified for Scatec\u2019s solar power
plants in Honduras due to the signing of PPA amendment agreements
between Scatec\u2019s operating entities and the off taker ENEE. The
agreements
\u00a0
included a compensation for production in previous years,
a 5-year extended PPA period and lower tariff for future periods with
effect from 2024. The assets were tested for impairments.
\u00a0
Future cash flows:
In line with the PPA amendment agreement the
solar power plants in Honduras operate under 25-year reduced feed-
in-tariffs (tariff). The estimate includes a 30 year cash flow, and for 5
years after the PPA term, the estimates are based on the PPA tariffs.
Discount rate:
The discount rates are based on the weighted average
cost of capital (WACC) methodology. The discount rate used in the
impairment calculations represents 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 into the cash flow estimates. The after-tax discount rate
applied in the cash flows is 7.3%. This corresponds to the average pre-
tax discount rate of 8.6%.
Sensitivity:
The value-in-use calculation is sensitive to changes in the
discount rate. Sensitivity analysis shows that a 1% increase in the
discount rate would result in an increased impairment charge of NOK
37 million, assuming other factors remained unchanged. The sensitivity
analysis is for indicative purposes only.
Impairment:
A total impairment charge of NOK 81 million related to
solar power plants was recognised.
Since 2022, impairment indicators were identified for Scatec\u2019s five solar
plants in Ukraine triggered by Russia\u2019s invasion and the plants were
partially impaired in 2022. As of 31 December 2024 all the power plants
owned and operated by Scatec are intact and available in Ukraine. The
impairment test has been updated to reflect new information, and
three scenarios have been assessed and weighted to arrive at the
value-in-use for the solar power plants. No significant events have
triggered additional impairment in 2024.
\u00a0
Annual mandatory impairment test - goodwill
\u00a0
The goodwill of the Group mainly relates to the acquisition of SN
Power AS in 2021. The goodwill relates to the portfolio of identified
project development opportunities and the assembled workforce.
Consequently, the goodwill is allocated to and tested for impairment
on the global Development & Construction operating segment. During
the year, NOK 80 million was allocated to the development portfolio of
the Sub-Sahara African hydropower joint venture and is classified as
held for sale as of 31 December 2024. The goodwill has been tested for
impairment using the following key assumptions and estimates:
Discount rate:
Discount rates used in the value-in-use calculation is
based on the discount rate before tax. The pre-tax discount rate
applied in 2024 is 8.9%.
\u00a0
Future cash flows:
The recoverable amount has been determined on
the basis of value-in-use calculations. The estimated cash flows
correspond to the business plan for a five-year period, which is based
on the Group\u2019s project backlog and pipeline. The business plan has
been approved by the Board of Directors. Cash flows have been
calculated on the basis of estimated project volumes and an average
margin related to project execution. Cash outflows have been
calculated on the basis of 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 the WACC by 2 percentage point would not lead to an
impairment loss.
The Group did not recognise any impairments related to goodwill in
2024 or 2023 as the recoverable amounts exceeded the carrying
amount.
Impairment test \u2013 development projects
\u00a0
In 2024 Scatec impaired NOK 65
million mainly relates to discontinued
development projects, of which NOK 54 million relates to development
projects in Vietnam as Scatec is exiting all operations in the country.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_36": { "value": "
Note 11 Goodwill and other intangible assets
Estimation uncertainty
There is considerable estimate uncertainty associated with the value of
intangible assets. Please refer to Note 10 Impairment testing for
assessment of recoverable amount.
Overview
The Group\u2019s goodwill is mainly associated with the acquisitions of SN
Power in 2021. The Group had no other intangible assets with an
indefinite useful life other than goodwill as of 31 December 2024 and
2023. During the year, NOK 80 million was allocated to the
development portfolio of the African hydropower joint venture and is
classified as held for sale as of 31 December 2024.
The Group\u2019s other intangible assets consist of renewable operating
licence, the right to transmit electricity and software. The estimated
useful life of intangible assets with a finite lifetime are reviewed on an
annual basis, and are amortised over 3 to 25 years.
No impairment charges related to intangible assets were recognised in
2024 and in 2023.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
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\u00a0
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\u00a0
\n
\u00a0
\n
Carrying value of goodwill and other intangible assets
\u00a0
NOK million
Goodwill
Other
intangible
assets
Total
Accumulated cost at 1 January 2024
367
489
857
Additions
\u00a0
-
28
28
Transfer of assets classified as held for sale
-80
-177
-256
Effect of movements in foreign exchange
34
32
66
Accumulated cost at 31 December 2024
321
373
694
Accumulated amortisation and impairment
losses at 1 January
\u00a0
2024
-
139
139
Amortisation for the year
-
18
18
Accumulated amortisation transfer of assets
classified as held for sale
-
-38
-38
Effect of movements in foreign exchange
-
16
16
Accumulated amortisation and impairment
losses at 31 December 2024
-
134
134
Carrying amount at 31 December 2024
321
239
560
Accumulated cost at 1 January 2023
357
525
882
Additions
-
35
35
Cost of disposed assets
-
-99
-99
Effect of movements in foreign exchange
10
28
38
Accumulated cost at 31 December 2023
367
489
857
Accumulated amortisation and impairment
losses at 1 January
\u00a0
2023
-
124
124
Amortisation for the year
-
24
24
Accumulated amortisation and impairment
losses disposed assets
-
-19
-19
Effect of movements in foreign exchange
-
10
10
Accumulated amortisation and impairment
losses at 31 December 2023
-
139
139
Carrying amount at 31 December 2023
367
350
717
Estimated useful life
N/A
3-25
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_309": { "value": "
Note 12 Lease
\u00a0
Accounting principle
The Group\u2019s leases accounted for in accordance with IFRS 16 primarily
relate to offices in countries which Scatec operates and land where
\u00a0
power production plants are located.
\u00a0
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 a lease term of less than 12
months. Future lease payments include fixed lease payments and
variable lease payments that depend on an index such as the
consumer price index or future events such as power generation. The
Group recognises land lease payments that vary with power generation
in profit or loss.
\u00a0
Estimation 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,
\u00a0
the interest rate on the non-
recourse loans has been central for 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 at the end of the PPA period, it is uncertain whether the
option will be exercised for land leases. The Group has evaluated all
these options, but it is not reasonably certain that the Group will
exercise the options, hence the period covered by these options has
\u00a0
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\u00a0
\n
\u00a0
\n
\u00a0
\n
not been included in the lease liability. The Group reevaluates
\u00a0
the
options on a continuous basis.
Reconciliation of movement in right-of-use asset
\u00a0
NOK million
Land
Office &
cars
Total
Right-of-use asset at 1 January 2024
201
116
317
Additions
1
8
9
Depreciation for the year
-13
-25
-38
Sale of assets and transfer to held for sale
15
0
15
Effect of movement in foreign exchange and other
changes
19
11
30
Right-of-use asset at 31 December 2024
224
109
334
Reconciliation of movement in lease liabilities
NOK million
2024
2023
Lease liability at 1 January 2024
340
313
Lease agreements entered into during the year
9
66
Lease payments made during the year
-48
-48
Interest expense on lease liabilities
26
27
Effect of movement in foreign exchange and other
changes
19
-18
Lease liability at 31 December 2024
346
340
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Leases in the income statement
NOK million
2024
2023
Operating expenses
Short term-
\u00a0
low value and variable lease payment
expenses
-32
-35
Depreciation expenses
Depreciation of right-of-use assets (land lease)
-13
-13
Depreciation of right-of-use assets (office lease
and other)
-25
-25
Total depreciation
-38
-38
Financial expenses
Interest expense on lease liability
-26
-27
Total lease expense in the income statement
-96
-100
Leases in the statement of financial position
NOK million
2024
2023
Assets
Right-of-use assets - land lease
224
201
Right-of-use assets - office lease and other
\u00a0
109
116
Total right-of-use assets
334
317
Liabilities
Non-current liabilities
\u00a0
Lease liabilities (see Note 17 Other non-current
and current liabilities)
320
315
Current liabilities
Lease liabilities (see Note 17 Other non-current
and current liabilities)
26
25
Lease liabilities included in the balance sheet
346
340
The land lease portion of the right-of-use asset is presented under
\u2018power plants\u2019
\u00a0
and \u2018Power plants under development and construction\u2019
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
in Note 9, while the office lease portion of the right-of-use asset is
presented under the line \u2018Other fixed assets\u2019.
Leases in the statement of cash flows
NOK million
2024
2023
Cash flow from operating activities
Short-term and variable lease payments
32
35
Cash flow from financing activities
Payments of principal portion on lease liabilities
22
21
Interest paid on lease liabilities
26
27
Maturity analysis \u2013 undiscounted contractual cash flows
NOK million
2024
2023
One year
46
47
One to two years
47
62
Two to three years
48
40
Three to four years
43
37
Four to five years
48
35
More than five years
256
278
Total undiscounted lease liabilities
489
499
Lease liabilities included in the balance sheet
346
340
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_37": { "value": "
Accounting principle
The Group\u2019s leases accounted for in accordance with IFRS 16 primarily
relate to offices in countries which Scatec operates and land where
\u00a0
power production plants are located.
\u00a0
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 a lease term of less than 12
months. Future lease payments include fixed lease payments and
variable lease payments that depend on an index such as the
consumer price index or future events such as power generation. The
Group recognises land lease payments that vary with power generation
in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_38": { "value": "
Note 13 Investments in joint venture and
associated companies
Accounting principle and estimation uncertainty
\u00a0
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, an investment is initially recognised
at cost or at fair value when acquired through a transaction, and
subsequently adjusted for further investments, distributions, and the
Group\u2019s share of the net income from the associate or joint venture.
Refer to Note 1 for preparation, basis for consolidation and key sources
of estimation.
Other current assets in the table of \u201cFinancial positions for material
joint venture and associated companies\u201d include excess values for all
JVs excluding Brazil. Excess values mainly relate to water rights, and
infrastructure assets in the solar
\u00a0
power companies. The
estimated
useful life of the water rights is reviewed on an annual basis and
amortised over the remaining concession period. The excess values,
and related amortization, are grossed up on a 100% basis in the tables
below according to the values allocated to Scatec\u2019s share.
\u00a0
Carrying amounts of joint ventures and associated companies
\u00a0
In 2024 Alunorte
entered the Mendubim project in Brazil with a 10%
economic interest
and Scatec\u2019s ownership share fell from 33%
\u00a0
to
30%. The Mendubim project has
\u00a0
entered into a 20-year fixed price
PPA with Alunorte starting on
\u00a0
1 January 2025 for the sale
\u00a0
of
approximately 60% of the energy
\u00a0
from the solar power plant. In
2024, all energy was sold
\u00a0
in the merchant market at lower prices
compared to the PPA, and Scatec
\u00a0
experienced curtailment losses
due to grid constraints, which
\u00a0
affected the results for 2024.
\u00a0
Scatec
expects the project financials
\u00a0
to improve in 2025.
In 2024 Scatec signed an agreement
\u00a0
with TotalEnergies to sell its
51% equity share in the African
\u00a0
hydropower joint venture with
Norfund and British International Investment.
\u00a0
The associated
balances of the JV investments
\u00a0
are presented as held for sale
\u00a0
as
per 31 December 2024.
\u00a0
Scatec closed the partial sale of the
Kalkbult, Linde and Dreunberg solar
\u00a0
power plants in 2024, and all
assets and liabilities were deconsolidated
\u00a0
and Scatec\u2019s investment
in JVs and associates was recognised
\u00a0
at fair value at the transaction
date. Excess values of NOK 200
\u00a0
million are identified for
investments in JVs and associated
\u00a0
companies.
\u00a0
Dividends include refinancing of NOK
\u00a0
324 million of the assets in
the Philippines.
\u00a0
Material joint ventures and associated companies
Company
2024
2023
Brazil
Scatec Solar Brazil BV
50.00%
50.00%
Apodi I Energia SPE S.A
43.75%
43.75%
Apodi II Energia SPE S.A
43.75%
43.75%
Apodi III Energia SPE S.A
43.75%
43.75%
Apodi IV Energia SPE S.A
43.75%
43.75%
Mendubim Holding B.V.
1)
33.33%
33.33%
Mendubim Gera\u00e7\u00e3o de Energia Ltda.
1)
30.00%
33.33%
Mendubim (I-XIII) Energia
\u00a0
Ltda.
1)
30.00%
33.33%
Mendubim Solar EPC Ltda.
1)
33.33%
33.33%
Scatec Solar Solutions Brazil B.V.
50.00%
50.00%
Scatec Solar Brasil Servicos De Engenharia LTDA
50.00%
50.00%
Laos
Theun-Hinboun Power Company
\u00a0
20.00%
20.00%
Philippines
SN Aboitiz Power \u2013 Magat Inc
50.00%
50.00%
Manila-Oslo Reneweable Enterprise
16.70%
16.70%
SN Aboitiz Power \u2013 Benguet Inc
50.00%
50.00%
SN Aboitiz Power \u2013 RES Inc
50.00%
50.00%
SN Aboitiz Power \u2013 Generation Inc
50.00%
50.00%
Uganda
Bujagali Energy Ltd.
\u00a0
28.28%
28.28%
SN Power Uganda Ltd.
51.00%
51.00%
Rwanda
Ruzizi Energy Ltd.
20.40%
20.40%
Norway
Release Solar AS
2)
68.00%
68.00%
Netherlands
SN Power Invest Netherlands B.V.
51.00%
51.00%
SN Development B.V.
51.00%
51.00%
Release Management B.V.
2)
68.00%
68.00%
Malawi
Mpatamanga Hydro Power Ltd.
25.50%
25.50%
SN Malawi B.V.
51.00%
51.00%
South Africa
Scatec Solar SA 164 (Pty) Ltd.
21.00%
80.70%
Simacel 155 (RF) (Pty) Ltd.
11.55%
44.40%
Simacel 160 (RF) (Pty) Ltd.
11.55%
44.40%
Scatec Solar SA 165 (Pty) Ltd.
21.00%
76.60%
Scatec Solar SA 166 (Pty) Ltd.
12.60%
46.00%
1) Mendubim project structure includes 13 SPVs,
\u00a0
EPC and an operating company.2) Release project
\u00a0
structure includes 11 companies
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Carrying amounts of investments in material joint ventures
\u00a0
and associated companies
Country
Carrying value
31 December
2023
Additions/
disposals
Net income from joint
venture and associated
companies
Dividends
Assets held
for sale
Foreign
currency
translations
Carrying value
31 December
2024
Philippines
6,770
6
472
-795
-
445
6,898
Laos
1,882
1
109
-160
-
217
2,048
Uganda
1,288
-
97
-203
-1,350
167
-
Brazil
1,093
-18
-8
-18
-
1
1,051
Release
1,217
-64
-28
-
-
128
1,254
South Africa
-
186
18
-
-
-4
200
Other
118
-34
55
-
-151
12
-
Total
12,368
77
714
-1,176
-1,501
967
11,451
100% figures of summarised profit and loss for material joint ventures
\u00a0
and associated companies
2024
NOK million
Philippines
Laos
Uganda
Brazil
Release
South Africa
Other
Revenues
2,204
1,519
1,294
487
120
823
-9
Operating expenses
-422
-207
-122
-187
-71
-125
-26
Depreciation, amortisation and impairment
-493
-679
-227
-181
-75
-158
-
Operating profit/(loss)
1,289
633
945
120
-27
540
-35
Net financial items
-203
3
-158
-217
-7
-203
376
Profit before income tax
1,087
636
788
-97
-34
336
342
Income tax
-137
-93
2
105
1
-95
-
Profit/(loss) after tax
950
543
790
8
-33
241
342
Scatec\u2019s share of profit/(loss) after tax
475
109
223
11
-22
87
173
Elimination of January - September figures for
South Africa
-
-
-
-
-
-68
-
Elimination of profit & loss for assets held for sale
-
-
-134
-
-
-
11
Elimination of internal transactions and foreign
currency translation
-3
-
7
-19
-6
-1
-128
Net profit/(loss)
472
109
97
-8
-28
18
55
2023
NOK million
Philippines
Laos
Uganda
Brazil
Release
Other
Revenues
1,605
1,258
1,349
352
112
103
Operating expenses
-521
-195
-88
-138
-37
-58
Depreciation, amortisation and impairment
-479
-666
-399
-106
-52
-735
Operating profit/(loss)
605
398
861
108
23
-689
Net financial items
-214
-33
-308
-136
22
171
Profit before income tax
391
365
553
-28
44
-519
Income tax
-87
-52
-34
-8
-20
76
Profit/(loss) after tax
304
313
520
-19
25
-443
Scatec\u2019s share of profit/(loss) after tax
152
63
147
-11
17
-220
Elimination of January - October figures for
\u00a0
Release
-
-
-
-
10
-
Elimination of profit & loss for assets held for sale
-
-
-
-
-
-
Elimination of internal transactions and foreign
currency translation
-
-
24
12
-17
-129
Net profit/(loss)
152
63
171
1
10
-350
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
100% figures of summarised financial positions for material joint venture and associated companies
(standalone basis)
2024
NOK million
Philippines
Laos
Uganda
Brazil
Release
South Africa
Other
Non-current assets
20,141
10,814
10,162
12,129
3,265
3,297
3,371
Current assets
745
305
311
401
939
187
22
Cash and cash equivalents
1,077
216
494
452
292
82
63
Total assets
21,963
11,335
10,966
12,981
4,495
3,566
3,456
Non-current liabilities
7,094
882
5,350
7,074
762
2,079
551
Current liabilities
1,069
218
362
544
945
252
66
Total liabilities
8,164
1,100
5,711
7,618
1,707
2,330
618
Total equity
13,799
10,236
5,255
5,363
2,788
1,235
2,838
Scatec share of equity
6,900
2,047
1,486
1,857
1,896
166
1,454
Loans to joint ventures as investment
10
-
-
194
4
51
88
Other / foreign currency translation
-12
1
-136
-20
-5
4
12
Assets held for sale
-
-
-1,350
-
-
-
-151
Elimination of equity investments
-
-
-
-980
-641
-22
-1,402
Net investment in joint ventures
6,898
2,048
-
1,051
1,254
200
-
2023
NOK million
Philippines
Laos
Uganda
Brazil
Release
Other
Non-current assets
\u00a0
19,241
10,198
9,277
11,200
2,222
2,754
Current assets
\u00a0
625
201
277
741
1,330
44
Cash and cash equivalents
\u00a0
915
696
447
513
533
178
Total assets
\u00a0
20,781
11,094
10,000
12,454
4,086
2,977
Non-current liabilities
\u00a0
6,543
852
5,155
6,072
210
388
Current liabilities
\u00a0
823
833
299
1,219
1,316
30
Total liabilities
7,365
1,685
5,453
7,292
1,525
418
Total Equity
13,416
9,409
4,547
5,163
2,561
2,559
Scatec share of equity
6,708
1,882
1,286
1,798
1,741
1,313
Loans to joint ventures as investment
73
-
-
258
66
61
Other / foreign currency translation
-10
-
2
14
-31
-
Assets held for sale
-
-
-
-
-
-
Elimination of equity investments
-
-
-
-975
-560
-1,255
Net investment in joint ventures
6,770
1,882
1,288
1,093
1,217
118
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_39": { "value": "
Note 13 Investments in joint venture and
associated companies
Accounting principle and estimation uncertainty
\u00a0
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, an investment is initially recognised
at cost or at fair value when acquired through a transaction, and
subsequently adjusted for further investments, distributions, and the
Group\u2019s share of the net income from the associate or joint venture.
Refer to Note 1 for preparation, basis for consolidation and key sources
of estimation.
Other current assets in the table of \u201cFinancial positions for material
joint venture and associated companies\u201d include excess values for all
JVs excluding Brazil. Excess values mainly relate to water rights, and
infrastructure assets in the solar
\u00a0
power companies. The
estimated
useful life of the water rights is reviewed on an annual basis and
amortised over the remaining concession period. The excess values,
and related amortization, are grossed up on a 100% basis in the tables
below according to the values allocated to Scatec\u2019s share.
\u00a0
Carrying amounts of joint ventures and associated companies
\u00a0
In 2024 Alunorte
entered the Mendubim project in Brazil with a 10%
economic interest
and Scatec\u2019s ownership share fell from 33%
\u00a0
to
30%. The Mendubim project has
\u00a0
entered into a 20-year fixed price
PPA with Alunorte starting on
\u00a0
1 January 2025 for the sale
\u00a0
of
approximately 60% of the energy
\u00a0
from the solar power plant. In
2024, all energy was sold
\u00a0
in the merchant market at lower prices
compared to the PPA, and Scatec
\u00a0
experienced curtailment losses
due to grid constraints, which
\u00a0
affected the results for 2024.
\u00a0
Scatec
expects the project financials
\u00a0
to improve in 2025.
In 2024 Scatec signed an agreement
\u00a0
with TotalEnergies to sell its
51% equity share in the African
\u00a0
hydropower joint venture with
Norfund and British International Investment.
\u00a0
The associated
balances of the JV investments
\u00a0
are presented as held for sale
\u00a0
as
per 31 December 2024.
\u00a0
Scatec closed the partial sale of the
Kalkbult, Linde and Dreunberg solar
\u00a0
power plants in 2024, and all
assets and liabilities were deconsolidated
\u00a0
and Scatec\u2019s investment
in JVs and associates was recognised
\u00a0
at fair value at the transaction
date. Excess values of NOK 200
\u00a0
million are identified for
investments in JVs and associated
\u00a0
companies.
\u00a0
Dividends include refinancing of NOK
\u00a0
324 million of the assets in
the Philippines.
\u00a0
Material joint ventures and associated companies
Company
2024
2023
Brazil
Scatec Solar Brazil BV
50.00%
50.00%
Apodi I Energia SPE S.A
43.75%
43.75%
Apodi II Energia SPE S.A
43.75%
43.75%
Apodi III Energia SPE S.A
43.75%
43.75%
Apodi IV Energia SPE S.A
43.75%
43.75%
Mendubim Holding B.V.
1)
33.33%
33.33%
Mendubim Gera\u00e7\u00e3o de Energia Ltda.
1)
30.00%
33.33%
Mendubim (I-XIII) Energia
\u00a0
Ltda.
1)
30.00%
33.33%
Mendubim Solar EPC Ltda.
1)
33.33%
33.33%
Scatec Solar Solutions Brazil B.V.
50.00%
50.00%
Scatec Solar Brasil Servicos De Engenharia LTDA
50.00%
50.00%
Laos
Theun-Hinboun Power Company
\u00a0
20.00%
20.00%
Philippines
SN Aboitiz Power \u2013 Magat Inc
50.00%
50.00%
Manila-Oslo Reneweable Enterprise
16.70%
16.70%
SN Aboitiz Power \u2013 Benguet Inc
50.00%
50.00%
SN Aboitiz Power \u2013 RES Inc
50.00%
50.00%
SN Aboitiz Power \u2013 Generation Inc
50.00%
50.00%
Uganda
Bujagali Energy Ltd.
\u00a0
28.28%
28.28%
SN Power Uganda Ltd.
51.00%
51.00%
Rwanda
Ruzizi Energy Ltd.
20.40%
20.40%
Norway
Release Solar AS
2)
68.00%
68.00%
Netherlands
SN Power Invest Netherlands B.V.
51.00%
51.00%
SN Development B.V.
51.00%
51.00%
Release Management B.V.
2)
68.00%
68.00%
Malawi
Mpatamanga Hydro Power Ltd.
25.50%
25.50%
SN Malawi B.V.
51.00%
51.00%
South Africa
Scatec Solar SA 164 (Pty) Ltd.
21.00%
80.70%
Simacel 155 (RF) (Pty) Ltd.
11.55%
44.40%
Simacel 160 (RF) (Pty) Ltd.
11.55%
44.40%
Scatec Solar SA 165 (Pty) Ltd.
21.00%
76.60%
Scatec Solar SA 166 (Pty) Ltd.
12.60%
46.00%
1) Mendubim project structure includes 13 SPVs,
\u00a0
EPC and an operating company.2) Release project
\u00a0
structure includes 11 companies
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\u00a0
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\u00a0
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\u00a0
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\n
\u00a0
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\u00a0
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Carrying amounts of investments in material joint ventures
\u00a0
and associated companies
Country
Carrying value
31 December
2023
Additions/
disposals
Net income from joint
venture and associated
companies
Dividends
Assets held
for sale
Foreign
currency
translations
Carrying value
31 December
2024
Philippines
6,770
6
472
-795
-
445
6,898
Laos
1,882
1
109
-160
-
217
2,048
Uganda
1,288
-
97
-203
-1,350
167
-
Brazil
1,093
-18
-8
-18
-
1
1,051
Release
1,217
-64
-28
-
-
128
1,254
South Africa
-
186
18
-
-
-4
200
Other
118
-34
55
-
-151
12
-
Total
12,368
77
714
-1,176
-1,501
967
11,451
100% figures of summarised profit and loss for material joint ventures
\u00a0
and associated companies
2024
NOK million
Philippines
Laos
Uganda
Brazil
Release
South Africa
Other
Revenues
2,204
1,519
1,294
487
120
823
-9
Operating expenses
-422
-207
-122
-187
-71
-125
-26
Depreciation, amortisation and impairment
-493
-679
-227
-181
-75
-158
-
Operating profit/(loss)
1,289
633
945
120
-27
540
-35
Net financial items
-203
3
-158
-217
-7
-203
376
Profit before income tax
1,087
636
788
-97
-34
336
342
Income tax
-137
-93
2
105
1
-95
-
Profit/(loss) after tax
950
543
790
8
-33
241
342
Scatec\u2019s share of profit/(loss) after tax
475
109
223
11
-22
87
173
Elimination of January - September figures for
South Africa
-
-
-
-
-
-68
-
Elimination of profit & loss for assets held for sale
-
-
-134
-
-
-
11
Elimination of internal transactions and foreign
currency translation
-3
-
7
-19
-6
-1
-128
Net profit/(loss)
472
109
97
-8
-28
18
55
2023
NOK million
Philippines
Laos
Uganda
Brazil
Release
Other
Revenues
1,605
1,258
1,349
352
112
103
Operating expenses
-521
-195
-88
-138
-37
-58
Depreciation, amortisation and impairment
-479
-666
-399
-106
-52
-735
Operating profit/(loss)
605
398
861
108
23
-689
Net financial items
-214
-33
-308
-136
22
171
Profit before income tax
391
365
553
-28
44
-519
Income tax
-87
-52
-34
-8
-20
76
Profit/(loss) after tax
304
313
520
-19
25
-443
Scatec\u2019s share of profit/(loss) after tax
152
63
147
-11
17
-220
Elimination of January - October figures for
\u00a0
Release
-
-
-
-
10
-
Elimination of profit & loss for assets held for sale
-
-
-
-
-
-
Elimination of internal transactions and foreign
currency translation
-
-
24
12
-17
-129
Net profit/(loss)
152
63
171
1
10
-350
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100% figures of summarised financial positions for material joint venture and associated companies
(standalone basis)
2024
NOK million
Philippines
Laos
Uganda
Brazil
Release
South Africa
Other
Non-current assets
20,141
10,814
10,162
12,129
3,265
3,297
3,371
Current assets
745
305
311
401
939
187
22
Cash and cash equivalents
1,077
216
494
452
292
82
63
Total assets
21,963
11,335
10,966
12,981
4,495
3,566
3,456
Non-current liabilities
7,094
882
5,350
7,074
762
2,079
551
Current liabilities
1,069
218
362
544
945
252
66
Total liabilities
8,164
1,100
5,711
7,618
1,707
2,330
618
Total equity
13,799
10,236
5,255
5,363
2,788
1,235
2,838
Scatec share of equity
6,900
2,047
1,486
1,857
1,896
166
1,454
Loans to joint ventures as investment
10
-
-
194
4
51
88
Other / foreign currency translation
-12
1
-136
-20
-5
4
12
Assets held for sale
-
-
-1,350
-
-
-
-151
Elimination of equity investments
-
-
-
-980
-641
-22
-1,402
Net investment in joint ventures
6,898
2,048
-
1,051
1,254
200
-
2023
NOK million
Philippines
Laos
Uganda
Brazil
Release
Other
Non-current assets
\u00a0
19,241
10,198
9,277
11,200
2,222
2,754
Current assets
\u00a0
625
201
277
741
1,330
44
Cash and cash equivalents
\u00a0
915
696
447
513
533
178
Total assets
\u00a0
20,781
11,094
10,000
12,454
4,086
2,977
Non-current liabilities
\u00a0
6,543
852
5,155
6,072
210
388
Current liabilities
\u00a0
823
833
299
1,219
1,316
30
Total liabilities
7,365
1,685
5,453
7,292
1,525
418
Total Equity
13,416
9,409
4,547
5,163
2,561
2,559
Scatec share of equity
6,708
1,882
1,286
1,798
1,741
1,313
Loans to joint ventures as investment
73
-
-
258
66
61
Other / foreign currency translation
-10
-
2
14
-31
-
Assets held for sale
-
-
-
-
-
-
Elimination of equity investments
-
-
-
-975
-560
-1,255
Net investment in joint ventures
6,770
1,882
1,288
1,093
1,217
118
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_40": { "value": "
Accounting principle and estimation uncertainty
\u00a0
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, an investment is initially recognised
at cost or at fair value when acquired through a transaction, and
subsequently adjusted for further investments, distributions, and the
Group\u2019s share of the net income from the associate or joint venture.
Refer to Note 1 for preparation, basis for consolidation and key sources
of estimation.
Other current assets in the table of \u201cFinancial positions for material
joint venture and associated companies\u201d include excess values for all
JVs excluding Brazil. Excess values mainly relate to water rights, and
infrastructure assets in the solar
\u00a0
power companies. The
estimated
useful life of the water rights is reviewed on an annual basis and
amortised over the remaining concession period. The excess values,
and related amortization, are grossed up on a 100% basis in the tables
below according to the values allocated to Scatec\u2019s share.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_41": { "value": "
Accounting principle and estimation uncertainty
\u00a0
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, an investment is initially recognised
at cost or at fair value when acquired through a transaction, and
subsequently adjusted for further investments, distributions, and the
Group\u2019s share of the net income from the associate or joint venture.
Refer to Note 1 for preparation, basis for consolidation and key sources
of estimation.
Other current assets in the table of \u201cFinancial positions for material
joint venture and associated companies\u201d include excess values for all
JVs excluding Brazil. Excess values mainly relate to water rights, and
infrastructure assets in the solar
\u00a0
power companies. The
estimated
useful life of the water rights is reviewed on an annual basis and
amortised over the remaining concession period. The excess values,
and related amortization, are grossed up on a 100% basis in the tables
below according to the values allocated to Scatec\u2019s share.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_42": { "value": "
Accounting principle and estimation uncertainty
\u00a0
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, an investment is initially recognised
at cost or at fair value when acquired through a transaction, and
subsequently adjusted for further investments, distributions, and the
Group\u2019s share of the net income from the associate or joint venture.
Refer to Note 1 for preparation, basis for consolidation and key sources
of estimation.
Other current assets in the table of \u201cFinancial positions for material
joint venture and associated companies\u201d include excess values for all
JVs excluding Brazil. Excess values mainly relate to water rights, and
infrastructure assets in the solar
\u00a0
power companies. The
estimated
useful life of the water rights is reviewed on an annual basis and
amortised over the remaining concession period. The excess values,
and related amortization, are grossed up on a 100% basis in the tables
below according to the values allocated to Scatec\u2019s share.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_43": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 14 Trade receivables
Trade receivables are recognised for amounts owed by the customer.
Accrued income represents contract assets related to energy
production in the last month of the year, which is invoiced in January
the following year.
\u00a0
In accordance with the expected credit loss (ECL) model, lifetime
expected credit loss is recognised on the basis of historical and
forward-looking information. Expected credit loss is assessed on an
individual instrument basis.
\u00a0
In Honduras, Scatec has historically experienced delays in payments
from the state-owned off-taker. In 2024 overdue receivables have
decreased following the settlement agreement for the amended PPA
reached in the first quarter of 2024. Historically, no receivables have
been written off and remaining outstanding amounts are expected to
be settled; hence no expected credit loss provision has been
recognised.
In 2022 Scatec made an expected credit loss provision in Ukraine
reflecting the high uncertainty for future settlement of trade and other
receivables related to the period prior to the war. In 2024, all
outstanding trade receivables from before the war were settled and
the provision related to trade receivables was reversed.
\u00a0
For other jurisdictions in the Group, no expected credit provision has
been made.
\u00a0
NOK million
2024
2023
Trade receivables
322
328
Accrued income and other receivables
203
247
Impairment for expected credit loss
\u00a0
-38
-98
Total trade and other receivables
487
478
Ageing of trade receivables at year-end was as follows:
NOK million
Total
Not overdue
Overdue
2024
322
273
49
2023
328
242
86
Scatec also holds NOK 65 million in trade and other receivables related
to disposal group held for sale which is not included in the tables
above. For details refer to Note 8 Sale of project assets and disposal
group held for sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_44": { "value": "
In accordance with the expected credit loss (ECL) model, lifetime
expected credit loss is recognised on the basis of historical and
forward-looking information. Expected credit loss is assessed on an
individual instrument basis.
\u00a0
In Honduras, Scatec has historically experienced delays in payments
from the state-owned off-taker. In 2024 overdue receivables have
decreased following the settlement agreement for the amended PPA
reached in the first quarter of 2024. Historically, no receivables have
been written off and remaining outstanding amounts are expected to
be settled; hence no expected credit loss provision has been
recognised.
In 2022 Scatec made an expected credit loss provision in Ukraine
reflecting the high uncertainty for future settlement of trade and other
receivables related to the period prior to the war. In 2024, all
outstanding trade receivables from before the war were settled and
the provision related to trade receivables was reversed.
\u00a0
For other jurisdictions in the Group, no expected credit provision has
been made.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_45": { "value": "
Note 15 Cash and cash equivalents
Cash and cash equivalents include bank deposits and monetary items.
Total
\u00a0
cash include cash in non-recourse and
in recourse entities, and
NOK 135 million of the cash is restricted relating to proceed accounts,
debt service reserve accounts, disbursements accounts, maintenance
and insurance reserve accounts and similar. Cash in assets held for
sale of NOK 33 million and cash held in JVs and associated companies
is not included. As of 31 December 2024, NOK 274 million is related to
companies in Ukraine (of which NOK 246 million is cash in power plant
companies).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_46": { "value": "
Note 15 Cash and cash equivalents
Cash and cash equivalents include bank deposits and monetary items.
Total
\u00a0
cash include cash in non-recourse and
in recourse entities, and
NOK 135 million of the cash is restricted relating to proceed accounts,
debt service reserve accounts, disbursements accounts, maintenance
and insurance reserve accounts and similar. Cash in assets held for
sale of NOK 33 million and cash held in JVs and associated companies
is not included. As of 31 December 2024, NOK 274 million is related to
companies in Ukraine (of which NOK 246 million is cash in power plant
companies).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_47": { "value": "
Note 16 Other non-current and current assets
\u00a0
\n
\u00a0
\n
Other non-current assets
NOK million
2024
2023
Other non-current investments
\u00a0
59
154
Other non-current receivables
104
112
Total other non-current assets
\u00a0
163
265
\u00a0
\n
\u00a0
\n
\u00a0
\n
Other current assets
NOK million
2024
2023
Prepayments related to assets under construction
222
635
Receivables from public authorities, prepaid taxes &
VAT
\u00a0
353
252
Other receivables and prepaid expenses
332
263
Total other current assets
907
1,150
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_48": { "value": "
\u00a0
\n
\u00a0
\n
Other non-current assets
NOK million
2024
2023
Other non-current investments
\u00a0
59
154
Other non-current receivables
104
112
Total other non-current assets
\u00a0
163
265
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_49": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
Other current assets
NOK million
2024
2023
Prepayments related to assets under construction
222
635
Receivables from public authorities, prepaid taxes &
VAT
\u00a0
353
252
Other receivables and prepaid expenses
332
263
Total other current assets
907
1,150
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_50": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 17 Other non-current and current liabilities
\u00a0
\n
\u00a0
\n
\u00a0
\n
Other non-current liabilities comprise the following:
NOK million
2024
2023
Shareholder loan from co-investors
469
428
Non-current lease liability (ref Note 12)
320
315
Asset retirement obligations (ref Note 9)
480
490
Other long-term liabilities and accruals
124
110
Total other non-current liabilities
1,393
1,343
Other current liabilities comprise the following:
NOK million
2024
2023
Accrued expenses related to assets under
development/construction
496
1,400
Public duties other than income taxes
205
89
Accrued payroll
84
74
Current lease liability (ref Note 12)
26
25
Deferred income
16
14
Other current liabilities and accruals
453
459
Total other current liabilities
1,281
2,060
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Movement in asset retirement obligations
NOK million
2024
2023
Asset retirement obligation at 1 January
490
475
Additional provision during the year
45
35
Provisions reversed in association with disposals
-109
-52
Unwinding of discount
23
25
Effect of movement in foreign exchange and other
changes
30
6
Asset retirement obligation at 31 December
480
490
Accrued expenses relate to accrual of project costs on the
construction projects in South Africa, Botswana and Tunisia.
Asset retirement obligations are provided for as the Group considers it
a constructive 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 capitalised 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_51": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
Other non-current liabilities comprise the following:
NOK million
2024
2023
Shareholder loan from co-investors
469
428
Non-current lease liability (ref Note 12)
320
315
Asset retirement obligations (ref Note 9)
480
490
Other long-term liabilities and accruals
124
110
Total other non-current liabilities
1,393
1,343
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_52": { "value": "
Other current liabilities comprise the following:
NOK million
2024
2023
Accrued expenses related to assets under
development/construction
496
1,400
Public duties other than income taxes
205
89
Accrued payroll
84
74
Current lease liability (ref Note 12)
26
25
Deferred income
16
14
Other current liabilities and accruals
453
459
Total other current liabilities
1,281
2,060
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_53": { "value": "
Note 18 Legal disputes and contingencies
Estimation uncertainty
The Group is operating in various jurisdictions and is subject to legal
disputes and regulatory reviews. Management applies assumptions and
judgement to consider all information available when assessing if
unfavourable outcomes are probable and when estimating amounts
required to settle any obligation. Legal claims are assessed on an
individual basis and provisions are recognised if the specific claims give
rise to present, probable obligations and the costs can be reliably
measured.
\u00a0
Significant disputes and uncertain tax positions
\u00a0
The joint venture in Uganda is subject to a tax investigation by a local
tax authority and received tax claims totaling the equivalent of NOK
344 million (at 31 December 2024) on Scatec\u2019s proportionate share
during the third quarter of 2023. The matter is disputed, and the
amount is not included in net income from JVs and associated
companies for the year. If the claims materialise, the joint venture will
claim this through the tariff according to the Power Purchase
Agreement. Should this be challenged the JV has certain indemnities
under the Power Purchase Agreement with the off-taker. Furthermore,
Scatec has certain tax indemnities under the SN Power share purchase
agreement with Norfund.
Reference is made to Scatec\u2019s previous communication regarding
changes to the PPA in Honduras. In May 2022, a new energy law came
into force as introduced by the new government of Honduras. On 31
January 2024, a PPA amendment agreement was signed between
Scatec\u2019s operating entities in Honduras and the off taker ENEE. The
agreement included a compensation for production in previous years, a
5-year extended PPA period and a lower tariff for future periods with
effect from 2024. Following the settlement agreement, the overdue
receivables in Honduras were reduced, and as of 31 December 2024
the outstanding balance was NOK 52 million.
The Sukkur project in Pakistan was awarded a \u201ccosts plus tariff\u201d by the
National Electric Power Regulatory Authority (NEPRA) in 2020 and the
project reached commercial operation in January 2024. The project has
a 25-year PPA with the Central Power Purchasing Agency of Pakistan.
The revenue is recorded according to a lower reference tariff and is
subject to a \u201ctariff true up\u201d following approval by NEPRA. The tariff true
up is a routine process for NEPRA projects and is expected to take
approximately 18-24 months. Depending on the conclusion of the
process, any differential revenue will be recorded in the period in which
approval is granted by the regulator, while an unfavourable outcome
may negatively impact the project\u2019s economics. Refer to Note 30
Subsequent events for further information.
Scatec has a signed PPA for one of Scatec\u2019s pipeline projects in India,
and there is ongoing litigation that may impact the project timeline and
economics. Furthermore, there are certain milestone commitments for
the PPA and the project if backed by a bank guarantee from Scatec
ASA of USD 8 million. By the end of the financial year, the process was
yet to be concluded and no provision had been made.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_310": { "value": "
Note 19 Financial risks and capital management
\u00a0
Through its business activities Scatec is exposed to the following
financial risks:
\u25cf
Liquidity risk
\u25cf
Market risk (currency risk and interest rate risk)
\u25cf
Credit risk
Liquidity risk and capital management
\u00a0
Liquidity risk is the risk that Scatec will not be able to meet its financial
obligations when due. The Group manages liquidity risk through the
regular review of future commitments, cash flows from operations, and
credit facilities. Scatec\u2019s liquidity risk depends on the financial
performance of operating assets in the portfolio and future growth
opportunities.
\u00a0
New regulations and shift in global financing towards green
investments may impact Scatec\u2019s ability, and terms, in obtaining
financing in future periods.
Scatec's capital management is designed to effectively manage
liquidity risk and ensure
\u00a0
reliable access to capital. Scatec\u2019s operations
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
are funded to generate shareholder value through profitable and
sustainable growth.
\u00a0
Non-recourse financing
\u00a0
Renewable energy companies are predominately financed by equity
from Scatec and co-investors and non-recourse loans from project
lenders.
The companies are ring-fenced and the security provided, and the
repayment of loans is only based on the project assets and revenue.
The Group\u2019s book value of the pledged power plants is NOK 22,004
million (20,710) as of 31 December 2024.The financing has a clearly
defined and limited risk profile and 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 the power plant
companies to Scatec, and to any other project equity investors in
accordance with the shareholding and the terms of the finance
documents. The aim is to distribute all excess cash in the SPVs to
maintain liquidity and manage capital at the corporate level. In some of
the countries where Scatec operates, the respective government has
imposed regulations on the repatriation of funds from the country. This
may halt or delay the flow of funds between Group companies under
certain circumstances. Scatec seeks to minimise such risk by assessing
the relevant jurisdictions and regulations and adapting accordingly.
Please refer to Note 23 Non-recourse financing for overview of such
financing in the Group, including covenants.
\u00a0
Corporate financing
\u00a0
External funding on the corporate level includes various funding
sources to reduce dependency on a single bank and to optimise the
capital structure and liquidity in the Group. This includes equity and
corporate financing such as:
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u25cf
Listed unsecured bonds and financing not pledged for collateral
\u00a0
\u25cf
Secured financing in the form of Term loans
\u00a0
\u25cf
Credit facilities used to maintain flexibility in funding by maintaining
availability under committed credit facilities. The Group has available
funding through the USD 180 million Revolving Credit Facility (RCF)
and the USD 5 million Overdraft Facility. As of 31 December 2024,
Scatec had not drawn on the facilities.
\u00a0
As disclosed in the Note 24 Trade payables and supplier finance, the
Group has financial arrangements in place with some of the corporate
banks that offer extended payment terms related to supply of
components of property, plant and equipment for the projects under
construction from selected suppliers. The suppliers receive payments
according to the payment terms of the invoices, and Scatec settles the
invoices with the issuing bank up to 150 days later.
Other interest-bearing liabilities
Other interest-bearing liabilities include liabilities where corporate
guarantees are provided from Scatec ASA as security backing our
obligations.
\u00a0
Maturity of principal payment and interest on financial liabilities
held by the Group as of balance sheet date
NOK million
2024
Within 1
year
\u00a0
1-2 years
\u00a0
3-5 years
\u00a0
More than
5 years
\u00a0
Corporate financing
\u00a0
2,716
890
7,286
-
Non-recourse financing
3,222
2,245
6,611
25,661
Other interest bearing liabilites
527
-
-
-
Shareholder loan from non-
controlling interests
-
-
188
555
Trade and supplier finance
481
-
-
-
Lease liabilities
\u00a0
46
47
139
256
Total
6,992
3,182
14,224
26,472
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
NOK million
2023
Within 1
year
\u00a0
1-2 years
\u00a0
3-5 years
\u00a0
More than
5 years
\u00a0
Corporate financing
\u00a0
1,564
4,600
5,612
-
Non-recourse financing
2,596
2,455
7,091
20,717
Other interest bearing liabilites
-
247
-
-
Shareholder loan from non-
controlling interests
30
12
168
370
Trade and supplier finance
294
-
-
-
Lease liabilities
\u00a0
47
62
112
278
Total
4,531
7,376
12,983
21,365
For information about the Group\u2019s financial liabilities including maturity,
refer to Note 22 Financing, Note 23 Non-recourse financing, Note 25
Guarantees, Note 12 Leases and Note 24 Trade payables and supplier
finance.
Market risk
Scatec is exposed to foreign currency risks and interest rate risks
arising from financial instruments.
\u00a0
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 operating entities, currency risk is managed on the
basis of the functional currency and expected cash flows. This is
achieved through the set-up of the SPVs with natural hedges where
non-recourse financing, revenue and other transactions are to a large
extent denominated in the same currency. Construction revenues, cost
of sales and gross profit may be denominated in different currencies.
Currency risk is reduced by using multi-currency construction
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
contracts as a natural hedge of cost of sales or foreign exchange
derivative contracts to hedge currency exposure.
\u00a0
The Group is exposed to currency fluctuations that impact dividend
distributions 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 distributions from
the operating companies.
The sensitivity analysis shows the profit and loss effect of revaluation
of balances in foreign currency due to changes in currencies that the
Group is exposed to. The sensitivities have been calculated on the
basis of what Scatec views as reasonably possible changes in the
foreign exchange rates for the coming year and net consolidated
balances in different currencies as of 31 December 2024.
\u00a0
Profit and loss impact of a 5% increase in the currency rate against
NOK
NOK million
2024
2023
EUR - Net gain/(loss) (5%)
-56
-63
ZAR - Net gain/(loss) (5%)
-14
-25
UAH - Net gain/(loss) (5%)
-10
-3
MYR - Net gain/(loss) (5%)
-7
-6
EGP - Net gain/(loss) (5%)
-7
-7
USD - Net gain/(loss) (5%)
21
18
Interest rate risk
Scatec is exposed to interest rate risks through funding and cash
management activities. The interest rate risk management objective is
to minimise borrowing costs and keep the volatility of future interest
\u00a0
\n
\u00a0
\n
\u00a0
\n
payments at an acceptable level. The Group manages its interest rate
risk either by using long-term financing at fixed rates or using floating
to fixed interest rate swaps subject to hedge accounting for either
parts or full exposure of external loans.
\u00a0
For details refer to Note 21
Derivative financial instruments for overview of derivatives entered into
in the Group.
Based on the Group\u2019s current interest-bearing debt portfolio, the
interest rate hedge ratio (weighted average) is approximately 69% (63%)
for the non-recourse project level debt.
\u00a0
For corporate debt, the hedge ratio has increased from 17% in 2023 to
36% in 2024 due to entering into the cross-currency fixed interest rate
swap for the bond issued during the year. For details refer to Note 22
Corporate financing.
\u00a0
Profit and loss impact before tax of one percentage point increase
in the interest rates on unhedged debt
\u00a0
NOK million
2024
2023
Percentage change
1%
1%
Net gain/(loss)
-74
-71
The impact on the profit and loss of an increase in the interest rate of
one percentage point would result in a gain or loss of NOK 74 million
(71).
\u00a0
Credit risk
Credit risk is the risk that Scatec\u2019s customers or counterparties will
cause financial loss by failing to meet their obligations. The Group is
exposed to third party credit risk in several instances, including off-take
partners who have committed to buying 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.
\u00a0
Most of the electric power generated in 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) or similar support mechanisms governed by law. The majority of
these projects 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 that have a minimum international credit rating from S&P of at
least A- or equivalent.
Theoretically, the Group\u2019s maximum credit exposure is the statement
of financial position carrying amounts of financial loans and receivables
as well as cash and cash equivalents as disclosed in note 20 Financial
instruments.
\u00a0
Refer to Note 14 Trade receivables for information on the expected
credit loss provision related to trade receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_54": { "value": "
Liquidity risk and capital management
\u00a0
Liquidity risk is the risk that Scatec will not be able to meet its financial
obligations when due. The Group manages liquidity risk through the
regular review of future commitments, cash flows from operations, and
credit facilities. Scatec\u2019s liquidity risk depends on the financial
performance of operating assets in the portfolio and future growth
opportunities.
\u00a0
New regulations and shift in global financing towards green
investments may impact Scatec\u2019s ability, and terms, in obtaining
financing in future periods.
Scatec's capital management is designed to effectively manage
liquidity risk and ensure
\u00a0
reliable access to capital. Scatec\u2019s operations
are funded to generate shareholder value through profitable and
sustainable growth.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_311": { "value": "
Market risk
Scatec is exposed to foreign currency risks and interest rate risks
arising from financial instruments.
\u00a0
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 operating entities, currency risk is managed on the
basis of the functional currency and expected cash flows. This is
achieved through the set-up of the SPVs with natural hedges where
non-recourse financing, revenue and other transactions are to a large
extent denominated in the same currency. Construction revenues, cost
of sales and gross profit may be denominated in different currencies.
Currency risk is reduced by using multi-currency construction
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
contracts as a natural hedge of cost of sales or foreign exchange
derivative contracts to hedge currency exposure.
\u00a0
The Group is exposed to currency fluctuations that impact dividend
distributions 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 distributions from
the operating companies.
The sensitivity analysis shows the profit and loss effect of revaluation
of balances in foreign currency due to changes in currencies that the
Group is exposed to. The sensitivities have been calculated on the
basis of what Scatec views as reasonably possible changes in the
foreign exchange rates for the coming year and net consolidated
balances in different currencies as of 31 December 2024.
\u00a0
Profit and loss impact of a 5% increase in the currency rate against
NOK
NOK million
2024
2023
EUR - Net gain/(loss) (5%)
-56
-63
ZAR - Net gain/(loss) (5%)
-14
-25
UAH - Net gain/(loss) (5%)
-10
-3
MYR - Net gain/(loss) (5%)
-7
-6
EGP - Net gain/(loss) (5%)
-7
-7
USD - Net gain/(loss) (5%)
21
18
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_312": { "value": "
Credit risk
Credit risk is the risk that Scatec\u2019s customers or counterparties will
cause financial loss by failing to meet their obligations. The Group is
exposed to third party credit risk in several instances, including off-take
partners who have committed to buying 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.
\u00a0
Most of the electric power generated in 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) or similar support mechanisms governed by law. The majority of
these projects 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 that have a minimum international credit rating from S&P of at
least A- or equivalent.
Theoretically, the Group\u2019s maximum credit exposure is the statement
of financial position carrying amounts of financial loans and receivables
as well as cash and cash equivalents as disclosed in note 20 Financial
instruments.
\u00a0
Refer to Note 14 Trade receivables for information on the expected
credit loss provision related to trade receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_55": { "value": "
Note 20 Financial instruments
Accounting principle
The classification of financial assets depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model
for managing them.
\u00a0
The Group\u2019s financial assets at amortised cost mainly include
receivables and cash and cash equivalents. Financial assets at
amortised cost are subsequently measured by using the effective
interest (EIR) method and are subject to impairment assessment. See
Note 14 for accounting policy and the ECL approach on trade
receivables.
\u00a0
All financial liabilities are initially recognised at fair value, in the case of
loans and payables, net of directly attributable transaction costs. The
Group\u2019s financial liabilities include trade and other payables, interest
bearing loans including bank overdrafts and derivative financial
instruments. A financial liability is derecognised when the obligation is
discharged, cancelled or expires After initial recognition, interest-
bearing loans are subsequently measured at amortised cost by way of
the EIR method. The EIR amortisation is included as finance costs in
the statement of profit or loss.
\u00a0
The Group\u2019s financial assets and liabilities at fair value through OCI
include effective cash flow hedges related to interest rate swaps on
external debt and foreign exchange forward contracts.
\u00a0
\u00a0
Estimation uncertainty
\u00a0
Fair value measurement
All assets and liabilities for which fair value is measured or disclosed in
the financial statements are categorised within the fair value hierarchy
on the basis of the lowest level input that is significant to the fair value
measurement.
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 foreign exchange derivative is calculated
\u00a0
as the present value of the difference between the fixed forward rate and the
spot rate at the balance sheet date (level 2). During the reporting period ending 31 December 2024, there were no transfers between the fair value
levels. Refer to Note 21 Derivative financial instruments for details.
\u00a0
There are no significant differences between the total carrying value and the fair value for financial instruments measured at amortised cost.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Financial instrument by measurement category
NOK million
Measurement category
2024
2023
Assets
Debt instruments
Trade receivables
Amortised cost
487
478
Other debt instruments and receivables
Amortised cost
233
312
Cash and cash equivalents
Amortised cost
3,890
3,101
Derivatives
Interest rate swap
Fair value through OCI
360
315
Foreign exchange forward contracts
Fair value through OCI
41
-
Total financial assets
5,011
4,206
Total current
4,536
3,728
Total non-current
475
478
Liabilities
Interest bearing loans and borrowings
Corporate financing
Amortised cost
8,878
9,079
Non-recourse financing loans
Amortised cost
18,829
16,957
Other interest bearing liabilities
\u00a0
Amortised cost
500
247
Trade payables and supplier finance
Amortised cost
481
294
Shareholder loan from non-controlling interests
Amortised cost
469
428
Lease liability
Amortised cost
346
340
Derivatives
Interest rate swap
Fair value through OCI
213
179
Foreign exchange forward contracts and cross-currency interest
\u00a0
rate swaps
Fair value through OCI
274
41
Total financial liabilities
29,989
27,564
Total current
5,120
3,670
Total non-current
24,870
23,894
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Changes in liabilities arising from financing activities
\u00a0
NOK million
2024
2023
2024
2023
2024
2023
2024
2023
Corporate financing
\u00a0
Non-recourse financing
Other interest-bearing liabilities
\u00a0
Shareholder loan
\u00a0
Opening balance at 1 January
\u00a0
9,079
7,987
16,957
15,260
247
462
428
708
Cash movements during the year
\u00a0
Proceeds
1,702
713
3,953
6,038
212
-
34
45
Repayment
\u00a0
-2,615
-110
-1,649
-1,818
-
-247
-51
-12
Interest paid
1)
-842
-630
-1,620
-1,388
-
-16
-35
-44
Non- cash movements during the year
Accrued interest expense1
)
924
796
1,746
1,588
18
19
37
50
Disposal and reclassified to held for sale
-
-
-337
-2,803
-
-
-
-22
Deconsolidated and classified as JV
-
-
-1,747
-
-
-
-
-
Reclassified to equity
-
-
-
-
-
-
-
-329
Foreign exchange movements
629
324
1,525
80
23
29
56
32
Closing balance at 31 December
\u00a0
8,877
9,079
18,829
16,957
500
247
469
428
1) Interest paid and accrued interest include capitalised borrowing cost
\u00a0
Refer to Note 12 Lease for movement in lease liabilities and note 24 Trade payables and supplier finance for information about supplier finance arrangements
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_56": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Financial instrument by measurement category
NOK million
Measurement category
2024
2023
Assets
Debt instruments
Trade receivables
Amortised cost
487
478
Other debt instruments and receivables
Amortised cost
233
312
Cash and cash equivalents
Amortised cost
3,890
3,101
Derivatives
Interest rate swap
Fair value through OCI
360
315
Foreign exchange forward contracts
Fair value through OCI
41
-
Total financial assets
5,011
4,206
Total current
4,536
3,728
Total non-current
475
478
Liabilities
Interest bearing loans and borrowings
Corporate financing
Amortised cost
8,878
9,079
Non-recourse financing loans
Amortised cost
18,829
16,957
Other interest bearing liabilities
\u00a0
Amortised cost
500
247
Trade payables and supplier finance
Amortised cost
481
294
Shareholder loan from non-controlling interests
Amortised cost
469
428
Lease liability
Amortised cost
346
340
Derivatives
Interest rate swap
Fair value through OCI
213
179
Foreign exchange forward contracts and cross-currency interest
\u00a0
rate swaps
Fair value through OCI
274
41
Total financial liabilities
29,989
27,564
Total current
5,120
3,670
Total non-current
24,870
23,894
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Changes in liabilities arising from financing activities
\u00a0
NOK million
2024
2023
2024
2023
2024
2023
2024
2023
Corporate financing
\u00a0
Non-recourse financing
Other interest-bearing liabilities
\u00a0
Shareholder loan
\u00a0
Opening balance at 1 January
\u00a0
9,079
7,987
16,957
15,260
247
462
428
708
Cash movements during the year
\u00a0
Proceeds
1,702
713
3,953
6,038
212
-
34
45
Repayment
\u00a0
-2,615
-110
-1,649
-1,818
-
-247
-51
-12
Interest paid
1)
-842
-630
-1,620
-1,388
-
-16
-35
-44
Non- cash movements during the year
Accrued interest expense1
)
924
796
1,746
1,588
18
19
37
50
Disposal and reclassified to held for sale
-
-
-337
-2,803
-
-
-
-22
Deconsolidated and classified as JV
-
-
-1,747
-
-
-
-
-
Reclassified to equity
-
-
-
-
-
-
-
-329
Foreign exchange movements
629
324
1,525
80
23
29
56
32
Closing balance at 31 December
\u00a0
8,877
9,079
18,829
16,957
500
247
469
428
1) Interest paid and accrued interest include capitalised borrowing cost
\u00a0
Refer to Note 12 Lease for movement in lease liabilities and note 24 Trade payables and supplier finance for information about supplier finance arrangements
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_57": { "value": "
Note 21 Derivative financial instruments
Derivatives
\u00a0
The Group uses derivative financial instruments to hedge certain risk
exposures. Derivative financial instruments entered into include:
\u00a0
\u25cf
receive fixed, pay variable interest rate swaps to hedge the interest
rate risks related to non-recourse financing of renewable power
production plants and for parts of the corporate debt
\u25cf
cross-currency interest rate swap to hedge corporate debt
denominated in NOK where the principal amount in NOK is
swapped to USD and reference rate is swapped from NIBOR to
SOFR to hedge the risk of fluctuations in the USD/NOK exchange
rate and the underlying interest rates
\u25cf
cross-currency interest rate swap to hedge corporate debt
denominated in NOK where the principal amount in NOK is
swapped to USD and variable interest rate is swapped to fixed to
hedge the interest rate risks
\u25cf
foreign exchange derivative contracts to hedge the risk related to
financing and CAPEX denominated in foreign currencies for projects
under construction
Hedge accounting
\u00a0
Interest rate swaps and cross-currency interest rate swaps
Derivative financial instruments are initially recognised at fair value on
the date on which a derivative contract is entered into 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 underlying hedged item affects profit or loss.
The Group applies hedge accounting only for cash flow hedges that
meet the criteria in IFRS 9. This includes the interest rate swaps and
the cross-currency interest rate swaps. 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 whether they
have actually been highly effective throughout the financial reporting
periods for which they were designated.
\u00a0
Foreign exchange derivatives
Foreign exchange derivatives consist of USD/ZAR currency forward
contracts related to the power plants under construction in South
Africa, to mitigate currency exposure on equipment purchases
denominated in USD. The foreign exchange derivatives are initially
recognised in the statement of financial position at fair value. The
forecast transaction subsequently results in the recognition of a non-
financial item (property, plant and equipment), as such the carrying
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
value of that item is adjusted for the gains or losses on the hedging
instrument accumulated in the cash flow hedge reserve in equity. This
adjustment is made through a direct transfer from the cash flow hedge
reserve in equity to that hedged item once it is recognised in the
statement of financial position.
Derivative financial assets and liabilities
The tables show the market value of the derivatives for the year ending
2024 and 2023, 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.
NOK million
2024
2023
Interest rate swap contracts
\u00a0
Current portion
24
16
Non-current portion
336
299
Total interest rate swap contracts - financial assets
360
315
Foreign exchange contracts
Current portion
12
-
Non-current portion
29
-
Total Foreign exchange contracts - financial assets
41
-
Total derivative financial assets
401
315
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
NOK million
2024
2023
Interest rate swap contracts
\u00a0
Current portion
60
7
Non-current portion
153
172
Total Interest rate swap contracts - financial liabilities
213
179
Foreign exchange contracts
Current portion
4
34
Non-current portion
270
7
Total Foreign exchange contracts - financial liabilities
274
41
Total derivative financial liabilities
488
219
Interest rate swaps by country
NOK million
2024
Country
Notional
amount (NOK
million)
Fixed rate
Floating reference rate
Maturity
Norway
1,352
0.40%
USD SOFR
Compounded
2025
Norway
1,750
3.87%
3-months USD SOFR
2028
South Africa
5,429
7.42%-9.78%
3-month JIBAR
2025-2029
Egypt
2,485
2.15%
USD SOFR
Compounded
2041
Malaysia
204
2.95%
6-month KLIBOR
2028
Botswana
379
3.78%-4.27%
USD SOFR
Compounded
2044-2045
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
NOK million
2023
Country
Notional
amount (NOK
million)
Fixed rate
Floating reference rate
Maturity
Norway
1,374
0.40%
3-month USD LIBOR
2025
South Africa
3,308
8.40%-9.78%
3-month JIBAR, 1-
month JIBAR
2025-2041
Egypt
2,369
2.15%
USD SOFR
Compounded
2041
Malaysia
191
2.95%
6-month KLIBOR
2028
In 2024, Scatec entered into a cross-currency fixed interest rate swap
contract for the unsecured NOK 1,750 million bond in which the
principal was swapped to USD 164 million, and the interest payments
based on NIBOR rates were swapped to fixed
\u00a0
SOFR rates.
In 2023, Scatec entered into a
cross-currency swap for the NOK 1
billion
senior unsecured Green Bond which was swapped to USD 97.5
million and the interest reference rate was swapped from NIBOR to
SOFR
to hedge the
risk of fluctuations in the USD/NOK. The swap
matures in 2027.
Reconciliation of hedging reserve
\u00a0
NOK million
2024
2023
Opening balance
98
291
Amount reclassified from OCI to profit or loss, gross
97
-125
Amount reclassified from OCI to profit or loss, tax effect
-23
28
Unrealised gain/(loss) during the year
-68
-125
Unrealised gain/(loss) during the year, tax effect OCI
14
37
Hedge reserves in disposed entities and currency effects
\u00a0
-2
-8
Closing balance
116
98
Of which equity holders of the parent company
30
34
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_58": { "value": "
Derivatives
\u00a0
The Group uses derivative financial instruments to hedge certain risk
exposures. Derivative financial instruments entered into include:
\u00a0
\u25cf
receive fixed, pay variable interest rate swaps to hedge the interest
rate risks related to non-recourse financing of renewable power
production plants and for parts of the corporate debt
\u25cf
cross-currency interest rate swap to hedge corporate debt
denominated in NOK where the principal amount in NOK is
swapped to USD and reference rate is swapped from NIBOR to
SOFR to hedge the risk of fluctuations in the USD/NOK exchange
rate and the underlying interest rates
\u25cf
cross-currency interest rate swap to hedge corporate debt
denominated in NOK where the principal amount in NOK is
swapped to USD and variable interest rate is swapped to fixed to
hedge the interest rate risks
\u25cf
foreign exchange derivative contracts to hedge the risk related to
financing and CAPEX denominated in foreign currencies for projects
under construction
Hedge accounting
\u00a0
Interest rate swaps and cross-currency interest rate swaps
Derivative financial instruments are initially recognised at fair value on
the date on which a derivative contract is entered into 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 underlying hedged item affects profit or loss.
The Group applies hedge accounting only for cash flow hedges that
meet the criteria in IFRS 9. This includes the interest rate swaps and
the cross-currency interest rate swaps. 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 whether they
have actually been highly effective throughout the financial reporting
periods for which they were designated.
\u00a0
Foreign exchange derivatives
Foreign exchange derivatives consist of USD/ZAR currency forward
contracts related to the power plants under construction in South
Africa, to mitigate currency exposure on equipment purchases
denominated in USD. The foreign exchange derivatives are initially
recognised in the statement of financial position at fair value. The
forecast transaction subsequently results in the recognition of a non-
financial item (property, plant and equipment), as such the carrying
\u00a0
\n
\u00a0
\n
\u00a0
\n
value of that item is adjusted for the gains or losses on the hedging
instrument accumulated in the cash flow hedge reserve in equity. This
adjustment is made through a direct transfer from the cash flow hedge
reserve in equity to that hedged item once it is recognised in the
statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_59": { "value": "
Derivatives
\u00a0
The Group uses derivative financial instruments to hedge certain risk
exposures. Derivative financial instruments entered into include:
\u00a0
\u25cf
receive fixed, pay variable interest rate swaps to hedge the interest
rate risks related to non-recourse financing of renewable power
production plants and for parts of the corporate debt
\u25cf
cross-currency interest rate swap to hedge corporate debt
denominated in NOK where the principal amount in NOK is
swapped to USD and reference rate is swapped from NIBOR to
SOFR to hedge the risk of fluctuations in the USD/NOK exchange
rate and the underlying interest rates
\u25cf
cross-currency interest rate swap to hedge corporate debt
denominated in NOK where the principal amount in NOK is
swapped to USD and variable interest rate is swapped to fixed to
hedge the interest rate risks
\u25cf
foreign exchange derivative contracts to hedge the risk related to
financing and CAPEX denominated in foreign currencies for projects
under construction
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_60": { "value": "
Hedge accounting
\u00a0
Interest rate swaps and cross-currency interest rate swaps
Derivative financial instruments are initially recognised at fair value on
the date on which a derivative contract is entered into 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 underlying hedged item affects profit or loss.
The Group applies hedge accounting only for cash flow hedges that
meet the criteria in IFRS 9. This includes the interest rate swaps and
the cross-currency interest rate swaps. 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 whether they
have actually been highly effective throughout the financial reporting
periods for which they were designated.
\u00a0
Foreign exchange derivatives
Foreign exchange derivatives consist of USD/ZAR currency forward
contracts related to the power plants under construction in South
Africa, to mitigate currency exposure on equipment purchases
denominated in USD. The foreign exchange derivatives are initially
recognised in the statement of financial position at fair value. The
forecast transaction subsequently results in the recognition of a non-
financial item (property, plant and equipment), as such the carrying
\u00a0
\n
\u00a0
\n
\u00a0
\n
value of that item is adjusted for the gains or losses on the hedging
instrument accumulated in the cash flow hedge reserve in equity. This
adjustment is made through a direct transfer from the cash flow hedge
reserve in equity to that hedged item once it is recognised in the
statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_382": { "value": "
Hedge accounting
\u00a0
Interest rate swaps and cross-currency interest rate swaps
Derivative financial instruments are initially recognised at fair value on
the date on which a derivative contract is entered into 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 underlying hedged item affects profit or loss.
The Group applies hedge accounting only for cash flow hedges that
meet the criteria in IFRS 9. This includes the interest rate swaps and
the cross-currency interest rate swaps. 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 whether they
have actually been highly effective throughout the financial reporting
periods for which they were designated.
\u00a0
Foreign exchange derivatives
Foreign exchange derivatives consist of USD/ZAR currency forward
contracts related to the power plants under construction in South
Africa, to mitigate currency exposure on equipment purchases
denominated in USD. The foreign exchange derivatives are initially
recognised in the statement of financial position at fair value. The
forecast transaction subsequently results in the recognition of a non-
financial item (property, plant and equipment), as such the carrying
\u00a0
\n
\u00a0
\n
\u00a0
\n
value of that item is adjusted for the gains or losses on the hedging
instrument accumulated in the cash flow hedge reserve in equity. This
adjustment is made through a direct transfer from the cash flow hedge
reserve in equity to that hedged item once it is recognised in the
statement of financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_61": { "value": "
Note 22 Financing
Corporate financing
\u00a0
Bonds
On 31 January 2024, Scatec ASA announced the issuance of a NOK
1,750 million 4-year senior unsecured bond with a coupon of 3 months
NIBOR + 4.25% p.a. with quarterly interest payments. DNB Markets,
Nordea and SpareBank 1 Markets acted as Joint Lead Managers in
connection with the placement of the new bond issue. The bond has
maturity in Q1\u201928 and was listed on the Oslo Stock Exchange in Q2\u201924.
With the new bond, Scatec has entered into a cross-currency fixed
interest rate swap contract in which the principal of NOK 1,750 million
was swapped to USD 164 million, and the interest payments based on
NIBOR rates are swapped to fixed SOFR rates.
On 1 February 2024, Scatec ASA announced the buy-back of EUR 136
million of the outstanding EUR 250 million senior unsecured bond with
ticker \u201cSCATC03 ESG\u201d (ISIN NO0010931181). Following the transactions,
the total nominal outstanding amount is EUR 114 million as of 31
December 2024. The listed EUR Green Bond has a coupon rate of 3M
EURIBOR + 2.5 % margin. Refer to Note 30 Subsequent events for
refinancing details after year-end 2024.
\u00a0
On 10 February 2023, Scatec ASA issued NOK 1 billion of new senior
unsecured green bonds to refinance USD 93 million of the Bridge-to-
Bond facility Interests are paid on a quarterly basis, with no
repayments of principal before maturity. The bonds have maturity in
February 2027 with a coupon rate of 3m NIBOR + 660 bps. With the
bond, Scatec ASA entered into a cross-currency interest rate swap
contract in which the principal of NOK 1 billion was swapped to USD
97.5 million, and interest payments based on NIBOR rates were
swapped to SOFR-based rates.
Corporate financing facilities
On 25 January 2024, Scatec ASA agreed refinancing terms with DNB,
Nordea and Swedbank for its USD 150 million green term loan, with
USD 120 million outstanding as of 31 December 2024. Both green term
facilities are amortised through semi-annual repayments of USD 7.5
million (USD 150 million) and USD 5 million (USD 100 million) with final
maturity in the fourth quarter of 2027.
\u00a0
On 2 February 2023, Scatec refinanced USD 100 million of the USD 193
million Bridge-to-Bond facility with USD 100 million green term loan
with maturity in the fourth quarter 2027 provided by DNB, Nordea and
Swedbank. The term loan is amortised through semi-annual
repayments of USD 5 million starting from 2024.
Vendor financing facility
\u00a0
As of 31 December 2024, USD 200 million Vendor Financing provided by
Norfund with maturity in 2028 was outstanding. This related to the
acquisition of SN Power in the first quarter of 2021. USD 30 million of
the Vendor Financing facility falls due in June 2025 and is classified as
current liabilities as of 31 December 2024.
Green Revolving credit facility
\u00a0
The existing USD 180 million Revolving Credit Facility (RCF), provided by
Nordea Bank, DNB, Swedbank and BNP Paribas, was extended in 2024
with maturity in 2027. The facility is a Multi Currency Facility and can
be drawn in any currency agreed with the banks. Scatec had not drawn
on the facility as of 31 December 2024.
\u00a0
Overdraft facility
\u00a0
Scatec had not drawn on the USD 5 million overdraft facility with
Nordea as of 31 December 2024 and 31 December 2023.
\u00a0
Covenants
Bonds and corporate financing facilities are subject to the following
financial covenants:
\u25cf
Minimum liquidity ratio for the parent company and recourse group
calculated as the sum of free cash and available undrawn credit
facilities.
\u25cf
Maximum debt to capitalisation ratio for the recourse group,
calculated as gross debt, excluding Vendor financing and any
permitted EPC financing (PowerChina debt), divided by the total
capital of the recourse group, which includes gross debt and book
equity.
\u25cf
Interest coverage ratio is calculated as Cash Flow to Equity divided
by the net interest costs of the Recourse Group.
Covenants are tested at the end of each quarter. There is no indication
that the Group will have difficulty complying with these covenants
within 12 months of the reporting date. As of 31 December 2024 and as
of 31 December 2023, Scatec was in compliance with all financial
covenants for the above facilities.
\u00a0
Other interest-bearing liabilities
\u00a0
As of 31 December 2024, Scatec had NOK 500 million as current Other
interest-bearing liabilities. PowerChina Guizhou Engineering Co
(\u201cPowerChina\u201d) have provided a
construction loan
to Scatec for the
Progressovska power plant in Ukraine and Scatec has provided a
corporate and bank guarantee to PowerChina in support of this
obligation.
The last tranche, NOK 272 million (EUR 23 million, including
interest) will be paid in 2025.
\u00a0
In 2024 one of Scatec\u2019s operating entities in Egypt made a USD 20
million draw down (equivalent to NOK 227 million as of 31 December
2024) on an Equity Bridge loan provided by EBRD in relation to the
Egypt Green Hydrogen project. Scatec ASA has provided a corporate
guarantee for its share in support of the obligation and it is classified
as current other interest-bearing liabilities at year-end 2024. The
facility is due in 2025.
Scatec has no other recourse financing
arrangements. Refer to Note 25 Guarantees and commitments for
further details
Overview of Corporate Financing
Corporate financing
\u00a0
Currency
Denominated currency
value (million)
Maturity
Carrying value 31 December
2024 (NOK million)
Carrying value 31 December
2023 (NOK million)
Green Bond EUR (Ticker: SCATC03 NO0010931181)
EUR
114
Q3 2025
1,343
2,793
Green Bond NOK (Ticker: SCATC04 NO0012837030)
NOK
1,000
Q1 2027
992
989
Green bond NOK (Ticker: SCATC05 NO0013144964)
NOK
1,750
Q1 2028
1,727
-
Total unsecured bonds
\u00a0
4,062
3,782
USD 150 million Green Term Loan
USD
120
Q4 2027
1,352
1,374
USD 100 million Green Term Loan
USD
90
Q4 2027
1,013
1,008
Total secured financing
2,364
2,383
Vendor financing (Norfund)
USD
200
Q1 2028
2,270
2,038
Total unsecured financing
2,270
2,038
Revolving credit facility
\u00a0
USD
180
Q3 2027
-
713
Overdraft facility
USD
5
-
-
Total secured back-stop bank facilities
-
713
Total principal amount
8,696
8,915
Accrued interest
182
164
Total corporate financing
8,878
9,079
Of which non-current
\u00a0
6,729
7,947
Of which current
\u00a0
2,150
1,132
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_313": { "value": "
Note 22 Financing
Corporate financing
\u00a0
Bonds
On 31 January 2024, Scatec ASA announced the issuance of a NOK
1,750 million 4-year senior unsecured bond with a coupon of 3 months
NIBOR + 4.25% p.a. with quarterly interest payments. DNB Markets,
Nordea and SpareBank 1 Markets acted as Joint Lead Managers in
connection with the placement of the new bond issue. The bond has
maturity in Q1\u201928 and was listed on the Oslo Stock Exchange in Q2\u201924.
With the new bond, Scatec has entered into a cross-currency fixed
interest rate swap contract in which the principal of NOK 1,750 million
was swapped to USD 164 million, and the interest payments based on
NIBOR rates are swapped to fixed SOFR rates.
On 1 February 2024, Scatec ASA announced the buy-back of EUR 136
million of the outstanding EUR 250 million senior unsecured bond with
ticker \u201cSCATC03 ESG\u201d (ISIN NO0010931181). Following the transactions,
the total nominal outstanding amount is EUR 114 million as of 31
December 2024. The listed EUR Green Bond has a coupon rate of 3M
EURIBOR + 2.5 % margin. Refer to Note 30 Subsequent events for
refinancing details after year-end 2024.
\u00a0
On 10 February 2023, Scatec ASA issued NOK 1 billion of new senior
unsecured green bonds to refinance USD 93 million of the Bridge-to-
Bond facility Interests are paid on a quarterly basis, with no
repayments of principal before maturity. The bonds have maturity in
February 2027 with a coupon rate of 3m NIBOR + 660 bps. With the
bond, Scatec ASA entered into a cross-currency interest rate swap
contract in which the principal of NOK 1 billion was swapped to USD
97.5 million, and interest payments based on NIBOR rates were
swapped to SOFR-based rates.
Corporate financing facilities
On 25 January 2024, Scatec ASA agreed refinancing terms with DNB,
Nordea and Swedbank for its USD 150 million green term loan, with
USD 120 million outstanding as of 31 December 2024. Both green term
facilities are amortised through semi-annual repayments of USD 7.5
million (USD 150 million) and USD 5 million (USD 100 million) with final
maturity in the fourth quarter of 2027.
\u00a0
On 2 February 2023, Scatec refinanced USD 100 million of the USD 193
million Bridge-to-Bond facility with USD 100 million green term loan
with maturity in the fourth quarter 2027 provided by DNB, Nordea and
Swedbank. The term loan is amortised through semi-annual
repayments of USD 5 million starting from 2024.
Vendor financing facility
\u00a0
As of 31 December 2024, USD 200 million Vendor Financing provided by
Norfund with maturity in 2028 was outstanding. This related to the
acquisition of SN Power in the first quarter of 2021. USD 30 million of
the Vendor Financing facility falls due in June 2025 and is classified as
current liabilities as of 31 December 2024.
Green Revolving credit facility
\u00a0
The existing USD 180 million Revolving Credit Facility (RCF), provided by
Nordea Bank, DNB, Swedbank and BNP Paribas, was extended in 2024
with maturity in 2027. The facility is a Multi Currency Facility and can
be drawn in any currency agreed with the banks. Scatec had not drawn
on the facility as of 31 December 2024.
\u00a0
Overdraft facility
\u00a0
Scatec had not drawn on the USD 5 million overdraft facility with
Nordea as of 31 December 2024 and 31 December 2023.
\u00a0
Covenants
Bonds and corporate financing facilities are subject to the following
financial covenants:
\u25cf
Minimum liquidity ratio for the parent company and recourse group
calculated as the sum of free cash and available undrawn credit
facilities.
\u25cf
Maximum debt to capitalisation ratio for the recourse group,
calculated as gross debt, excluding Vendor financing and any
permitted EPC financing (PowerChina debt), divided by the total
capital of the recourse group, which includes gross debt and book
equity.
\u25cf
Interest coverage ratio is calculated as Cash Flow to Equity divided
by the net interest costs of the Recourse Group.
Covenants are tested at the end of each quarter. There is no indication
that the Group will have difficulty complying with these covenants
within 12 months of the reporting date. As of 31 December 2024 and as
of 31 December 2023, Scatec was in compliance with all financial
covenants for the above facilities.
\u00a0
Other interest-bearing liabilities
\u00a0
As of 31 December 2024, Scatec had NOK 500 million as current Other
interest-bearing liabilities. PowerChina Guizhou Engineering Co
(\u201cPowerChina\u201d) have provided a
construction loan
to Scatec for the
Progressovska power plant in Ukraine and Scatec has provided a
corporate and bank guarantee to PowerChina in support of this
obligation.
The last tranche, NOK 272 million (EUR 23 million, including
interest) will be paid in 2025.
\u00a0
In 2024 one of Scatec\u2019s operating entities in Egypt made a USD 20
million draw down (equivalent to NOK 227 million as of 31 December
2024) on an Equity Bridge loan provided by EBRD in relation to the
Egypt Green Hydrogen project. Scatec ASA has provided a corporate
guarantee for its share in support of the obligation and it is classified
as current other interest-bearing liabilities at year-end 2024. The
facility is due in 2025.
Scatec has no other recourse financing
arrangements. Refer to Note 25 Guarantees and commitments for
further details
Overview of Corporate Financing
Corporate financing
\u00a0
Currency
Denominated currency
value (million)
Maturity
Carrying value 31 December
2024 (NOK million)
Carrying value 31 December
2023 (NOK million)
Green Bond EUR (Ticker: SCATC03 NO0010931181)
EUR
114
Q3 2025
1,343
2,793
Green Bond NOK (Ticker: SCATC04 NO0012837030)
NOK
1,000
Q1 2027
992
989
Green bond NOK (Ticker: SCATC05 NO0013144964)
NOK
1,750
Q1 2028
1,727
-
Total unsecured bonds
\u00a0
4,062
3,782
USD 150 million Green Term Loan
USD
120
Q4 2027
1,352
1,374
USD 100 million Green Term Loan
USD
90
Q4 2027
1,013
1,008
Total secured financing
2,364
2,383
Vendor financing (Norfund)
USD
200
Q1 2028
2,270
2,038
Total unsecured financing
2,270
2,038
Revolving credit facility
\u00a0
USD
180
Q3 2027
-
713
Overdraft facility
USD
5
-
-
Total secured back-stop bank facilities
-
713
Total principal amount
8,696
8,915
Accrued interest
182
164
Total corporate financing
8,878
9,079
Of which non-current
\u00a0
6,729
7,947
Of which current
\u00a0
2,150
1,132
\u00a0
\n
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\u00a0
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\u00a0
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\u00a0
\n
\u00a0
\n
\u00a0
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\u00a0
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\u00a0
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\u00a0
\n
\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
\n
Note 23 Non-recourse financing
See Note 20 Financial instruments for accounting principle for financial
liabilities recognised at amortised cost.
The table below specifies non-recourse financing as of 31 December
2024 and 2023. The rate of interest is a calculated average per
portfolio. Most of the loans are fixed or swapped to fixed rate interests,
see Note 19 Financial risk management.
NOK million
Interest
rate
Maturity
date
2024
2023
South Africa - Kenhardt
11.72%
2041
7,705
6,969
South Africa - Grootfontein
10.29%
2045
2,304
237
South Africa - Mogobe
9.27%
2036
446
-
Egypt - Benban
5.21%
2041
3,217
3,074
Malaysia - QSP (Semenanjung)
6.00%
2035
1,760
1,656
Malaysia - Red Sol
4.48%
2028
243
236
Ukraine
7.74%
2029
736
868
Pakistan
11.71%
2037
681
637
Jordan
\u00a0
6.47%
2032
644
639
Tunisia
4.03%
2043
447
-
Botswana
7.00%
2044
402
-
Czech Republic
4.90%
2029
245
284
South Africa - Kalkbult, Linde and
Dreunberg
-
-
-
1,711
Vietnam
-
-
-
345
Honduras - Agua Fria
-
-
-
302
Total non-recourse financial
liabilites
18,829
16,957
Of which non-current non-
recourse financial liabilities
16,929
15,026
Of which current non-recourse
financial liabilities
1,623
1,669
Of which accrued interest
expense
277
262
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Repayment structure
NOK million
Loan
repayment
Interest
payment
Total
2025
1,623
1,599
3,222
2026
617
1,628
2,245
2027
616
1,583
2,199
2028
858
1,543
2,401
2029
607
1,405
2,012
2030
640
1,362
2,002
2031
727
1,319
2,046
2032
791
1,270
2,060
2033
918
1,211
2,129
2034
1,154
1,128
2,282
2035
1,228
1,026
2,254
2036
1,178
913
2,091
2037
1,332
786
2,118
2038
1,304
658
1,962
2039
1,392
528
1,920
2040
1,194
394
1,588
2041
1,427
251
1,678
2042
388
139
527
2043
367
90
458
2044
268
51
319
2045
210
16
226
Total future loan repayment
18,839
18,901
37,740
Scatec also holds NOK 337 million in non-current and NOK 17 million in
current non-recourse project financing related to disposal group held
for sale which is not included in the tables above. For details refer to
Note 8 Sale of project assets and disposal group held for sale.
Covenants
Under the terms of the non-recourse financing agreements, Scatec is
required to comply with several financial and non-financial covenants
in different countries at the end of each annual and/or interim period.
The key financial covenants include:
\u00a0
- Historic and projected debt service coverage ratios (DSCR)
\u00a0
- Debt service reserve account (DSRA) levels that Scatec is required to
maintain equal to several months of revenues following the covenant
reporting period
- Debt service reserve account (DSRA) covering the next debt
repayment
- Equity ratio
\u00a0
- Debt to equity ratio
\u00a0
- Loan life cover ratio
\u00a0
- Current ratio
\u00a0
For four of the five companies operating in the Czech Republic, the
non-recourse financing agreements include a cross-default clause
within the Czech group.
\u00a0
The agreements also contain restrictions on, inter alia, hedging policies,
new activities and consents, amendments to the key agreements and
insurance policies, pledges and guarantees, financial indebtedness and
giving financial support, capital expenditures,
\u00a0
and changes of
shareholder structure and auditors, as well as several undertakings
related to budgets, and financial and operational reporting.
\u00a0
Ukraine
The current non-recourse debt as of 31 December 2024 includes NOK
736 million in non-recourse debt in Ukraine. All of Scatec\u2019s power plant
companies in Ukraine with non-recourse financing are in breach of
several covenants in the loan agreements as of 2024 and non-recourse
debt is presented as current non-recourse project financing. Scatec
has continuous and constructive dialogue with the lenders and the
parties have agreed on a non-formalised \u201cstand still\u201d. Loan repayments
are based on cash availability but classified as current with maturity
date of principal payments in 2025 in the repayment structure table. It
is expected that Scatec\u2019s power plant companies in Ukraine will be in
breach of several covenants in the foreseeable future.
\u00a0
Pakistan
The Sukhur project in Pakistan was awarded a \u201ccosts plus tariff\u201d by the
National Electric Power Regulatory Authority (NEPRA) in 2020. Revenue
is recorded on a basis of a lower reference tariff and is subject to a
\u201ctariff true up\u201d following approval by NEPRA. The process is expected to
take approximately 18-24 months. Due to lower revenues during the
tariff true up process, Scatec\u2019s power plant companies in Pakistan
faced a risk of non-compliance with applicable bank covenants. Scatec
has agreed on a waiver until the project completion date which will
occur after the tariff true up process is finalised. Non-recourse
financing in Pakistan is classified as non-current at year-end.
Except for the power plant companies mentioned above, there are no
indications that Scatec will have difficulties complying with the
covenants for its consolidated entities when they are be next tested.
\u00a0
However, unforeseen events impacting the financial performance of
the operating entities may occur as Scatec\u2019s financial performance to a
large degree relies on government adherence to contractual obligations
and various laws and regulations. Further, Scatec is subject to political
risk, including expropriation, changes in tax regulations, capital
restrictions, financial stability and civil unrest in the countries in which
it operates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_62": { "value": "
Corporate financing facilities
On 25 January 2024, Scatec ASA agreed refinancing terms with DNB,
Nordea and Swedbank for its USD 150 million green term loan, with
USD 120 million outstanding as of 31 December 2024. Both green term
facilities are amortised through semi-annual repayments of USD 7.5
million (USD 150 million) and USD 5 million (USD 100 million) with final
maturity in the fourth quarter of 2027.
\u00a0
On 2 February 2023, Scatec refinanced USD 100 million of the USD 193
million Bridge-to-Bond facility with USD 100 million green term loan
with maturity in the fourth quarter 2027 provided by DNB, Nordea and
Swedbank. The term loan is amortised through semi-annual
repayments of USD 5 million starting from 2024.
Vendor financing facility
\u00a0
As of 31 December 2024, USD 200 million Vendor Financing provided by
Norfund with maturity in 2028 was outstanding. This related to the
acquisition of SN Power in the first quarter of 2021. USD 30 million of
the Vendor Financing facility falls due in June 2025 and is classified as
current liabilities as of 31 December 2024.
Green Revolving credit facility
\u00a0
The existing USD 180 million Revolving Credit Facility (RCF), provided by
Nordea Bank, DNB, Swedbank and BNP Paribas, was extended in 2024
with maturity in 2027. The facility is a Multi Currency Facility and can
be drawn in any currency agreed with the banks. Scatec had not drawn
on the facility as of 31 December 2024.
\u00a0
Overdraft facility
\u00a0
Scatec had not drawn on the USD 5 million overdraft facility with
Nordea as of 31 December 2024 and 31 December 2023.
\u00a0
\n
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\n
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\n
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\n
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\n
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\n
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\n
\u00a0
\n
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\n
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\u00a0
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\u00a0
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\n
\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
\n
Note 23 Non-recourse financing
See Note 20 Financial instruments for accounting principle for financial
liabilities recognised at amortised cost.
The table below specifies non-recourse financing as of 31 December
2024 and 2023. The rate of interest is a calculated average per
portfolio. Most of the loans are fixed or swapped to fixed rate interests,
see Note 19 Financial risk management.
NOK million
Interest
rate
Maturity
date
2024
2023
South Africa - Kenhardt
11.72%
2041
7,705
6,969
South Africa - Grootfontein
10.29%
2045
2,304
237
South Africa - Mogobe
9.27%
2036
446
-
Egypt - Benban
5.21%
2041
3,217
3,074
Malaysia - QSP (Semenanjung)
6.00%
2035
1,760
1,656
Malaysia - Red Sol
4.48%
2028
243
236
Ukraine
7.74%
2029
736
868
Pakistan
11.71%
2037
681
637
Jordan
\u00a0
6.47%
2032
644
639
Tunisia
4.03%
2043
447
-
Botswana
7.00%
2044
402
-
Czech Republic
4.90%
2029
245
284
South Africa - Kalkbult, Linde and
Dreunberg
-
-
-
1,711
Vietnam
-
-
-
345
Honduras - Agua Fria
-
-
-
302
Total non-recourse financial
liabilites
18,829
16,957
Of which non-current non-
recourse financial liabilities
16,929
15,026
Of which current non-recourse
financial liabilities
1,623
1,669
Of which accrued interest
expense
277
262
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Repayment structure
NOK million
Loan
repayment
Interest
payment
Total
2025
1,623
1,599
3,222
2026
617
1,628
2,245
2027
616
1,583
2,199
2028
858
1,543
2,401
2029
607
1,405
2,012
2030
640
1,362
2,002
2031
727
1,319
2,046
2032
791
1,270
2,060
2033
918
1,211
2,129
2034
1,154
1,128
2,282
2035
1,228
1,026
2,254
2036
1,178
913
2,091
2037
1,332
786
2,118
2038
1,304
658
1,962
2039
1,392
528
1,920
2040
1,194
394
1,588
2041
1,427
251
1,678
2042
388
139
527
2043
367
90
458
2044
268
51
319
2045
210
16
226
Total future loan repayment
18,839
18,901
37,740
Scatec also holds NOK 337 million in non-current and NOK 17 million in
current non-recourse project financing related to disposal group held
for sale which is not included in the tables above. For details refer to
Note 8 Sale of project assets and disposal group held for sale.
Covenants
Under the terms of the non-recourse financing agreements, Scatec is
required to comply with several financial and non-financial covenants
in different countries at the end of each annual and/or interim period.
The key financial covenants include:
\u00a0
- Historic and projected debt service coverage ratios (DSCR)
\u00a0
- Debt service reserve account (DSRA) levels that Scatec is required to
maintain equal to several months of revenues following the covenant
reporting period
- Debt service reserve account (DSRA) covering the next debt
repayment
- Equity ratio
\u00a0
- Debt to equity ratio
\u00a0
- Loan life cover ratio
\u00a0
- Current ratio
\u00a0
For four of the five companies operating in the Czech Republic, the
non-recourse financing agreements include a cross-default clause
within the Czech group.
\u00a0
The agreements also contain restrictions on, inter alia, hedging policies,
new activities and consents, amendments to the key agreements and
insurance policies, pledges and guarantees, financial indebtedness and
giving financial support, capital expenditures,
\u00a0
and changes of
shareholder structure and auditors, as well as several undertakings
related to budgets, and financial and operational reporting.
\u00a0
Ukraine
The current non-recourse debt as of 31 December 2024 includes NOK
736 million in non-recourse debt in Ukraine. All of Scatec\u2019s power plant
companies in Ukraine with non-recourse financing are in breach of
several covenants in the loan agreements as of 2024 and non-recourse
debt is presented as current non-recourse project financing. Scatec
has continuous and constructive dialogue with the lenders and the
parties have agreed on a non-formalised \u201cstand still\u201d. Loan repayments
are based on cash availability but classified as current with maturity
date of principal payments in 2025 in the repayment structure table. It
is expected that Scatec\u2019s power plant companies in Ukraine will be in
breach of several covenants in the foreseeable future.
\u00a0
Pakistan
The Sukhur project in Pakistan was awarded a \u201ccosts plus tariff\u201d by the
National Electric Power Regulatory Authority (NEPRA) in 2020. Revenue
is recorded on a basis of a lower reference tariff and is subject to a
\u201ctariff true up\u201d following approval by NEPRA. The process is expected to
take approximately 18-24 months. Due to lower revenues during the
tariff true up process, Scatec\u2019s power plant companies in Pakistan
faced a risk of non-compliance with applicable bank covenants. Scatec
has agreed on a waiver until the project completion date which will
occur after the tariff true up process is finalised. Non-recourse
financing in Pakistan is classified as non-current at year-end.
Except for the power plant companies mentioned above, there are no
indications that Scatec will have difficulties complying with the
covenants for its consolidated entities when they are be next tested.
\u00a0
However, unforeseen events impacting the financial performance of
the operating entities may occur as Scatec\u2019s financial performance to a
large degree relies on government adherence to contractual obligations
and various laws and regulations. Further, Scatec is subject to political
risk, including expropriation, changes in tax regulations, capital
restrictions, financial stability and civil unrest in the countries in which
it operates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_63": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 24 Trade payables and supplier finance
NOK million
2024
2023
Trade payables
114
95
Trade payables that are part of supplier finance
arrangements
367
199
Total trade and other payables
481
294
\u00a0
The Group has agreed financial arrangements with the corporate
banks, offering extended payment terms related to supply of
components for property, plant and equipment to projects under
construction, from selected suppliers.
\u00a0
Trade and other payables balance as of 31 December 2024 includes
documentary credits (supplier finance arrangements) that are issued to
the suppliers through Scatec ASA\u2019s banking group (Nordea and DNB) as
part of working capital management during construction. Suppliers
receive payments by drawing on the documentary credits in
accordance with the invoice payment terms (normally 60 days). Scatec
settles the invoices with the issuing banks 150 days later. The
documentary credits carry interest rates based on SOFR plus an agreed
margin. The total interest expense in 2024 was NOK 10 million. There
were non-cash transfers from supplier trade payables to payables to
banks of NOK 286 million in 2024.
NOK million
2024
Carrying amount of trade payables that are part of
\u00a0
a
supplier finance arrangement
367
Of which suppliers have received payment
262
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_64": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 25 Guarantees and commitments
Guarantee exposure
\u00a0
The amounts specified below are total exposure on guarantees issued
by Scatec ASA reflecting the maturity profile. The majority of the
guarantees are issued on behalf of consolidated entities, except as
specified in the table below. The fair value of the guarantees is
immaterial on a consolidated basis; hence no liability is recognised.
NOK million
31.12.2024
31.12.2025
31.12.2026
31.12.2027
Bid Bonds
244
233
233
233
SPV Performance / Commitments
664
427
301
273
Equity commitment
951
419
138
138
Performance Guarantees (EPC)
983
306
-
-
Warranty Guarantees (EPC)
529
429
23
-
Other Payment Guarantees
490
14
14
14
O&M Performance (3rd Party)
27
27
-
-
Total
3,888
1,855
709
658
Guarantees
\u00a0
For projects under development, Scatec is often required to issue Bid
Bonds to secure commitment during the submission of project bids.
\u00a0
SPV performance and commitment guarantees are issued to cover
certain obligations under PPAs and implementation agreements. These
obligations are connected to project performance where Scatec is in
control and hold the O&M and the asset management agreements.
\u00a0
Equity commitments includes security for equity commitments in
project companies during construction where project lenders disburse
debt before equity is injected. Equity commitments also include debt
service reserve guarantees replacing cash reserves in project
companies.
\u00a0
EPC performance guarantees cover contractual obligations under the
construction phase and typically represents 10%-15% of the contract
value. Warranty Gurantees typically represent 2.5%-5% of the contract
value and are issued to secure operational performance for the first
two years of operation.
Scatec provides other payment guarantees to support for the drawn
Equity Bride loan (EBL) in Egypt and construction loan in Ukraine, refer
to note 22 Financing.
Guarantee facilities
The guarantees issued by Scatec ASA are issued under the Guarantee
Facility Agreement (GFA) with Nordea Bank as agent, and Nordea Bank,
BNP Paribas, Swedbank and DNB as guarantee instrument lenders.
Export Finance Norway (Eksfin) normally covers the guarantees issued
under the GFA. Eksfin can issue counter indemnity of 50% in favor of
the issuing banks. Per 31 December 2024, Scatec was in compliance
with all covenants in the GFA.
\u00a0
In addition to the GFA, Scatec has guarantee facilities with Standard
Bank South Africa, Lombard Insurance Company in South Africa and
First Randbank in South Africa. These facilities are used mostly to
cover short-term bid bonds and some SPV performance obligations.
Scatec has also negotiated agreements with four European insurance
companies providing sureties. None of these are currently in use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_65": { "value": "
Note 27 Non-controlling interests
Accounting principle non-controlling interests
Normally Scatec enters into partnerships for the shareholding of the
power plant company owning the power plants while maintaining
control, leading to a material non-controlling interest (NCI).
\u00a0
Non-
controlling interests are calculated on the respective subsidiaries\u2019
stand-alone reporting, before eliminations of intercompany
transactions. Furthermore, unrealised intercompany 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 a non-controlling interest in the Group financial
statements will differ from the non-controlling interests calculated on
the basis of the respective subsidiaries\u2019 stand-alone reporting.
The change in the NCI balance from year to year is driven by the NCIs
share of profit or loss and other comprehensive income, capital
injections from and dividends paid to NCIs, and foreign exchange
differences.
Note 26 Consolidated subsidiaries shows all material entities with a NCI
share.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Total balances of material non-controlling interest
NOK million
2024
2023
South Africa
1,181
997
Egypt
430
394
Honduras
418
327
Jordan
118
191
Pakistan
7
28
Ukraine
-25
-60
Other
5
6
Total non-controlling interests
2,136
1,884
Profit/(loss) allocated to material non-controlling interest
NOK million
2024
2023
South Africa
29
449
Egypt
23
-7
Honduras
96
12
Jordan
15
15
Pakistan
-23
-9
Ukraine
38
28
Other
-2
8
Total non-controlling interests
177
494
Financial information of subsidiaries that have material non-controlling
interests is provided below. Profit and loss figures excludes gains from
the sale of project assets:
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Summarised statement of profit or loss for 2024 (before group eliminations)
NOK million
Revenues
Operating
expenses
Operating
profit
Net
financial
expenses
Profit
before
income tax
Profit/(loss)
for the
period
Profit/loss
attributable
to NCI
Dividends
paid to NCI
1)
#REF!
South Africa
3,823
(2,493)
1,330
(996)
335
282
29
241
Egypt
644
(311)
333
(258)
76
48
23
50
Honduras
397
(195)
202
(27)
175
175
96
-
Jordan
138
(71)
67
(34)
33
31
15
104
Pakistan
74
(62)
13
(105)
(92)
(93)
(23)
-
Ukraine
149
(17)
132
(60)
71
84
38
-
Other
16
(8)
7
(10)
(3)
(2)
(2)
-
1) Excluding repayments of shareholders loans
Summarised statement of profit or loss for 2023 (before group eliminations)
NOK million
Revenues
Operating
expenses
Operating
profit
Net
financial
expenses
Profit
before
income tax
Profit/(loss)
for the
period
Profit/loss
attributable
to NCI
Dividends
paid to NCI
1)
#REF!
South Africa
8,825
(7,968)
857
41
903
1,373
449
121
Egypt
646
(296)
350
(337)
13
(14)
(7)
-
Honduras
232
(104)
127
(88)
39
39
12
-
Jordan
130
(68)
62
(31)
31
30
15
-
Pakistan
1
(6)
(5)
(31)
(36)
(47)
(9)
-
Ukraine
153
(37)
116
(39)
77
57
28
-
Other
125
(62)
62
(43)
19
17
8
-
1) Excluding repayments of shareholders loans
Summarised statement of financial position as of 31 December 2024
Attributable to
NOK million
Property,
plant and
equipment
Other
non-
current
asstes
Cash and
cash
equivalent
Other
current
assets
Non-
recourse
financing
Other non-
current
liabilities
Current
liabilities
Total
equity
Non-
controlling
interests
Equity
holders of
the parent
#REF!
South Africa
10,348
1,255
934
2,096
(10,454)
(421)
(1,715)
2,044
1,181
861
Egypt
3,881
1,369
532
194
(3,217)
(1,383)
(521)
854
430
424
Honduras
1,196
9
32
72
-
(368)
(17)
925
418
507
Jordan
704
1
145
31
(494)
(71)
(44)
272
118
154
Pakistan
1,204
0
28
41
(681)
(432)
(81)
79
7
72
Ukraine
455
413
39
(0)
(292)
(753)
(20)
(158)
(25)
(133)
Other
226
0
111
261
(447)
(10)
(126)
15
5
10
Summarised statement of financial position as of 31 December 2023
Attributable to
NOK million
Property,
plant and
equipment
Other
non-
current
asstes
Cash and
cash
equivalent
Other
current
assets
Non-
recourse
financing
Other non-
current
liabilities
Current
liabilities
Total
equity
Non-
controlling
interests
Equity
holders of
the parent
#REF!
South Africa
9,593
1,094
652
1,260
(8,917)
(717)
(1,658)
1,308
997
309
Egypt
3,380
1,057
521
108
(3,074)
(1,008)
(181)
803
394
410
Honduras
1,217
10
179
130
(302)
(357)
(40)
837
327
510
Jordan
841
1
419
23
(639)
(82)
(97)
467
191
276
Pakistan
941
-
133
38
(637)
(231)
(166)
79
28
50
Ukraine
431
368
5
(1)
(348)
(662)
(21)
(228)
(60)
(167)
Other
-
(0)
(3)
138
-
(31)
(129)
(25)
6
(32)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_314": { "value": "
Note 28 Transactions with related parties
Related parties include affiliates, associates, joint ventures, and other
companies where the Group has significant influence, as well as the
Executive Management and the Board of Directors. All related party
transactions have been carried out as part of the normal course of
business and at arm\u2019s length terms.
See Note 26 for information about consolidated subsidiaries. No
significant impairment is booked for expected credit loss on
intercompany receivables within the Group.
\u00a0
See Note 13 Investments in joint ventures and associated companies
for an overview of the companies included and further information
about the investments. Transactions with joint ventures and associates
consist primarily of financing provided to the companies and dividends
received from the companies. Transactions also include the sale of
development rights, asset management and OM services provided by
consolidated entities to equity consolidated entities.
See Note 16 Guarantees, contractual obligations and contingent
liabilities in the Parent company financial statements for an overview of
the guarantees provided by Scatec ASA to Group companies.
\u00a0
For remuneration to management including information about the
share purchase programme, see Note 3 Employee benefits and further
details in Note 4 Personnel expenses in the Parent company financial
statements. Scatec has made loans to Executive Management given in
relation to the long-term incentive programme which amount to NOK
0.3 million (0.2) as of 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_315": { "value": "
Related parties include affiliates, associates, joint ventures, and other
companies where the Group has significant influence, as well as the
Executive Management and the Board of Directors. All related party
transactions have been carried out as part of the normal course of
business and at arm\u2019s length terms.
See Note 26 for information about consolidated subsidiaries. No
significant impairment is booked for expected credit loss on
intercompany receivables within the Group.
\u00a0
See Note 13 Investments in joint ventures and associated companies
for an overview of the companies included and further information
about the investments. Transactions with joint ventures and associates
consist primarily of financing provided to the companies and dividends
received from the companies. Transactions also include the sale of
development rights, asset management and OM services provided by
consolidated entities to equity consolidated entities.
See Note 16 Guarantees, contractual obligations and contingent
liabilities in the Parent company financial statements for an overview of
the guarantees provided by Scatec ASA to Group companies.
\u00a0
For remuneration to management including information about the
share purchase programme, see Note 3 Employee benefits and further
details in Note 4 Personnel expenses in the Parent company financial
statements. Scatec has made loans to Executive Management given in
relation to the long-term incentive programme which amount to NOK
0.3 million (0.2) as of 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_66": { "value": "
Note 29 Change in accounting policies
New standards and interpretations
The Group has applied the following standards and amendments for
the first time for its annual reporting period commencing 1 January
2024:
-
Classification of liabilities as current or non-current and as
non-current liabilities with covenants \u2013 Amendments to IAS 1;
-
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and
IFRS 7.
As a result of the adoption of the amendments, the Group has
provided new disclosures for liabilities under supplier finance
arrangements as well as the associated cash flows in Note 24 Trade
payables and supplier finance and new disclosures related to the
corporate debt and non-recourse project debt in Note 22 and Note 23.
\u00a0
The Group has not elected to early adopt Amendments to IAS 21
The
effects of changes in foreign exchange rates
\u00a0
effective from 1 January
2025. The amendments specify how an entity should assess whether a
currency is exchangeable and how it should determine a spot exchange
rate when exchangeability is lacking. The amendments are not
expected to have a material impact on the Group\u2019s consolidated
financial statements.
The Group has not elected to early adopt Amendments to IFRS 9 and
IFRS 7 related to the classification and measurement of financial
instruments effective from 1 January 2026. The amendments clarify
the date of recognition and derecognition of some financial assets and
liabilities, with a new exception for certain financial liabilities settled
through an electronic cash transfer system, add new disclosure for
certain instruments with contractual terms that can change cash flows
and update the disclosures for equity instruments designated at fair
value through other comprehensive income. The amendments are not
expected to have a material impact on the Group\u2019s operations or
financial statements.
The Group has not elected to early adopt IFRS 18 Presentation and
disclosure in financial statements effective from 1 January 2027. The
impact of IFRS 18 on presentation and disclosure is expected to be
pervasive, particularly in relation to the statement of financial
performance and providing management-defined performance
measures within the financial statements. Management will assess the
detailed implications of applying the new standard to the Group
consolidated financial statements. The Group does not expect a
significant change in the information currently disclosed in the notes
because the requirements for disclosing material information remains
unchanged; however, the way in which information is grouped may
change as a result of the aggregation/ disaggregation principles. In
addition, there will be significant new disclosures required for
management-defined performance measures, a break-down of the
nature of expenses for line items presented by function in the
operating category of the statement of profit or loss, and, for the first
annual period of application of IFRS 18 a reconciliation for each line
item in the statement of profit or loss between the restated amounts
presented by applying IFRS 18 and the amounts previously presented
by applying IAS 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_67": { "value": "
Note 30 Subsequent events
Adjusting subsequent events
No adjusting events occurred after the balance sheet date.
Non-adjusting subsequent event
In January 2025, the Sukkur project in Pakistan was awarded an interim
relief tariff after approval by the National Electric Power Regulatory
Authority (NEPRA). The award includes a compensation amount and a
higher interim tariff, which will positively impact the projects financials.
The compensation amount will be recorded in the first quarter of 2025
with an impact of approximately NOK 52 million on a consolidated
basis and NOK 39 million on a proportionate basis. As described in the
Note 18, the tariff true-up is a routine process for NEPRA projects and
another approval for the final granted tariff is expected within 18 to 24
months.
On 5 February 2025, Scatec ASA successfully issued a NOK 1,250
million 4-year senior unsecured green bond with a coupon of 3 months
NIBOR + 3.15% p.a. Net proceeds from the bond and available liquidity
were used to repay the EUR 114 million bonds outstanding with ticker
\u201cSCATC03 ESG\u201d (ISIN NO0010931181). In conjunction with the bond
issue, on 6 February 2025, Scatec bought back EUR 9.1 million, and on
20 February 2025, remaining portion of the outstanding bond was
bought back.
On 10 February 2025, Alberto Gambacorta has begun his role as EVP
Sub-Saharan Africa. In accordance with the terms of the share-based
incentive programme for leading employees, Alberto Gambacorta, has
been granted an additional 12,707 share options. Each share option
gives the right to subscribe for and be allotted one share in Scatec
ASA.
Identical to the strike price of the options granted to leading
employees in Scatec\u2019s long term incentive programme in January 2025,
the strike price of the options is set to NOK 78.66 per share. The
options will lapse if not exercised by January 2030. The option grant is
divided into three tranches whereby 1/3 vests each year over three
years, with the first tranche vesting 1 January 2026.
On 13 February 2025, Scatec ASA divests its 100 percent stake in the
39-megawatt (MW) Dam Nai wind farm and the associated operating
company in Vietnam to Sustainable Asia Renewable Assets, a utility-
scale renewable energy platform of the SUSI Asia Energy Transition
Fund. Scatec has received the initial payment of USD 27 million, with
potential for additional earn-out payments of up to USD 13 million that
are subject to certain conditions being fulfilled prior to May 2026. At
the Scatec Group level, the transaction generated an accounting gain of
approximately USD 8 million on a proportionate and consolidated
basis, including a fair value estimate of the contingent consideration,
which will be recognised in the first quarter 2025. Following the
transaction Scatec will exit all operations in Vietnam.
On 17 February 2025, Scatec announced that Morten Henriksen has
informed the company that he resigns from his position as a member
of the Board of Directors, effective 17 February 2025.
On 28 February 2025, Scatec divests its 51 percent stake in the African
hydropower joint venture with Norfund and British International
Investment (BII) in line with the company\u2019s strategy. The transaction
closed at an agreed sales price of USD 167 million, based on a valuation
date of 31 December 2023. The net proceeds from the transaction are
estimated at USD 161 million, adjusted for cash movements between
the valuation date and the closing date. The sales agreement includes
the operating 255 MW Bujagali hydropower plant in Uganda, and a
development portfolio consisting of the 361 MW Mpatamanga in Malawi
and the 206 MW Ruzizi III at the border of Rwanda, DRC, and Burundi.
As part of the transaction, the Hydro Africa team will be transferred to
TotalEnergies in an entity incorporated as SN Power AS. The
transaction has generated a total proportionate accounting effect of
approximately USD 30 million and consolidated accounting effect of
approximately USD 50 million, to a large extent driven by foreign
currency effects, which will be recognised in the first quarter of 2025.
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