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Scatec ASA

Investor Presentation • Apr 22, 2016

3737_rns_2016-04-22_8b05de78-1b51-463f-9369-c839a9e9a03c.pdf

Investor Presentation

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First quarter 2016

1

Raymond Carlsen CEO Carlsen, Mikkel Tørud, CFO Oslo, April 22, 2016

Our values

PredictableDriving results Changemakers Working together

Disclaimer

The following presentation is being made only to, and is only lawfully be communicated ('relevant persons'). Any person w assessment on the basis of this presentation or anything inc y directed at, persons to whom such presentation may who is not a relevant person should not rely, act or make cluded therein.

The following presentation may include information related t including future returns. Such information cannot be relied u investments. The release, publication or distribution of this p and therefore persons in such jurisdictions into which this pr i f th l b t d b h inform themselves about, and observe, such rest i ti trictions. Th or otherwise constitute an invitation or inducement to any pe securities in Scatec Solar ASA or any company within the S regarding the future in connection with the Scatec Solar Gro objectives as well as forward looking statements and any su future and/or the Scatec Solar Group's expectations are sub can lead to actual profits and developments deviating subst statements.to investments made and key commercial terms thereof, upon as a guide to the future performance of such presentation in certain jurisdictions may be restricted by law, resentation is released, published or distributed should hi t ti d t tit t ff i f iti his presentation does not constitute an offering of securities erson to underwrite, subscribe for or otherwise acquire catec Solar Group. This presentation contains statements oup's growth initiatives, profit figures, outlook, strategies and uch information or forward-looking statements regarding the bject to inherent risks and uncertainties, and many factors antially from what has been expressed or implied in such

Operational review

Copyright: Scatec Solar ASA www.scatecsolar.com • [email protected]

Q1'16 Highlights

Strong growth in power production g g n

  • •Production up 20% quarter on quarter and 55% year on
  • • Utah plant in full production, but merchant pricing resulte a net loss. The higher 20-year PPA price effective from January 2017 ed in
  • • ZAR/NOK depreciation reduced revenues, but had limite impact on net profit and cash flow ed
  • • The 10 MW Oryx plant in Jordan mechanically complete expected COD in May 2016 e with
  • • Investments of NOK 422 million in new plants and furthe development of project backlog and pipeline er
  • • N i G t t b UN C tifi d b d Norwegian Government to buy Certified carbon cred from three solar power plants in West Africa dit s
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Financial highlights

Cash flow to Scatec Solar's equit y q

  • • Power Production cash flow reduced mainly due to season aally lower production in South Africa - Utah cash neutral
  • • Moderate D&C cash flow with Jordan construction pro gress only contributor
  • • Corporate cost includes interest expenses on NOK 500 milli on senior bond

Project development

A solid project funnel – supportin g g growth

426

MW

Copyright: Scatec Solar ASA www.scatecsolar.com • [email protected]

78 MW added to backlog since Q4'1 15 rep g ortin

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Project development

Ben Ban & Zafarana, Egypt

A renewable program similar to South Africa

  • •Current program includes 4,300 MW of solar and wind
  • • Great interest from developers, investors and developme ent banks

SSO development activities:

  • • Securing qy g debt and equity financing for a 650 MUSD inves lenders due diligence in progress stment –
  • • EPC – technical evaluations, engineering, equipment sele and construction planning well under way ection
  • • SSO t k l d t i ll di ti ti iti takes lead on certain overall coordination activities o itonsite

Government activities:

  • • Government and project finance lenders in final discussio terms for the common Power Purchase Agreement ons on
  • • Construction of the grid infrastructure – funded through t authorities by the developers/sponsors (cost sharing agre the eement)

1 of 4 220 kV substations under construction at Ben Ban site

Financial review

Copyright: Scatec Solar ASA www.scatecsolar.com • [email protected]

Consolidated financials

  • • Quarter on quarter revenue decline reflecting seaso ZAR, partially offset by revenues from the Utah plan nality in South African production and weaker t
  • • Net profit affected by loss on the Utah plant and non py p n-cash currency loss on intercompany loans y py

The 104 MW Utah plant in full prod p p duction

Quarter on quarter development: 200

  • • The new 104 MW Utah plant produced 43 GWh – the main driver of the quarter on quarter growth
  • • Production across the existing plants declined 8% as normal for the season

r production (GWh)

Power

A 20 year PPA with fixed power pri ice from 2017

  • • The 104 MW Utah Red Hills plant is entering into the 20-y p ear fixed PPA price from 2017 - selling power in merchant market in 2016
  • •Merchant price Q1'16: 16 USD/MWh
  • •PPA price from 2017: 59 USD/MWh
  • • Eligible for Renewable Energy Credits (REC's) and Production Tax Credits (PTC's) – representing additional revenue streams
  • •Low revenues and cash flow neutral through 2016

The 104 MW Utah Red Hills solar power plant in the US

Power price Utah Red Hills plant

Utah and seasonality impact finan cials

  • • Quarter on quarter revenue reduction from existing plan nts of NOK 35 million
  • • 8% lower production as expected for the season p p and 9% weaker ZAR against NOK
  • • The new Utah Red Hills plant generated revenues of on nly NOK 8 million in the merchant market

The O&M business grows as asset

  • • The O&M contract for the 60 MW Agua Fria plant in Hon duras effective from January 2016
  • Re en es and EBITDA affected b a lo er performance •bon s accr albonus accrual

Construction of 43 MW in Jordan p pg g ro gressin

  • • The Oryx plant is now mechanically complete and expect ted to earn revenues from May
  • • Construction progresses well on the 33 MW EJRE/GLAE E plant
  • • Non-recurring opex of about NOK 4 million related to clo sse down in the US

Cash generation to Scatec Solar's equity

Cash flow to equity from D&C* (NOKm)

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Copyright: Scatec Solar ASA www.scatecsolar.com • [email protected] (*) Cash flow to equity is defined as EBITDA less normalised (i.e. av normalised income tax payments. The definition implies changes in n erage over each calendar year) loan and net interest repayments, less net working capital and investing activities are excluded from the figure.

Financial position

Investing for further growth g g

  • • Cash position of NOK 1,217 million of which NOK 277 million free cash available outside project companies
  • • Invested NOK 422 million in new plants and in maturing backlog and pipeline
  • T t l i t t b i li biliti * f NOK 5 4 • Total interest bearing liabilities* of 5.4 6,000 billion of which NOK 4.9 billion non-recourse project financing

liabilities

Current liabilities Equity Non-current assets Current assets

The 10 MW Ory pp x solar power pla nt in Jordan

Copyright: Scatec Solar ASA www.scatecsolar.com • [email protected]

Outlook

Copyright: Scatec Solar ASA www.scatecsolar.com • [email protected]

Outlook

  • •Emerging market growth in renewables
  • • Targeting 1,400 – 1,600 MW in operation and under construction by year end 2018
  • • 15% gross margin from Development and C t ti onstruction
  • • Target average equity IRR of 15% nominal after tax on power plant investments
  • • T t 2016 h fl t SSO it f NOK Target cash flow to equity of 180-200 million (PP and O&M)
  • •Q2'16 production target of 185,000 MWh

The 60 MW Agua Fria solar power plant in Honduras

Up g comin events

Launch of 2015 Sustainability report

  • •Time: May 3 07 30 3, 07.30 – 09 30 .
  • •Venue: Fram, Karenslyst Alle 2, Skøyen

Ann al General Meeting Annual

  • •Time: May 4, 10.00 – 12.00
  • •Venue: Høyres Hus, Oslo

Capital Markets day

  • •Time: June 1, 09.00 – 13.00
  • •Venue: Hotel Continental, Oslo

Thank you

Our valuesPredictableDriving results Change makers Working together

Consolidated profit & loss

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-		 0.
2
8		 0.
2
1		 0.
2
7		 0.
2
5
-

Consolidated cash flow statement

(
N
O
K
i
l
l
i
)
m
o
n		 Q
1
1
1
6		 Q
4
1
5		 Q
1
1
5		 F
Y
2
0
1
5		 F
Y
2
0
1
4
N
h
f
l
f
i
t
t
e
c
a
s
o
r
o
m
o
p
e
r
a
o
n
s
w		 9.
4		 9.
7
5
-		 4
6.
5
5		 0
4.
8
5		 9
6.
5
-
N
t
h
f
l
f
i
t
t
e
c
a
s
o
w
r
o
m
n
v
e
s
m
e
n
s		 4
0
0
9.
5
-		 3
8
7.
0
-		 6
8
5.
2
-		 2,
4
0
8.
8
-		 9
0
9.
8
-
N
h
f
l
f
f
i
i
t
e
c
a
s
o
w
r
o
m
n
a
n
c
n
g		 2
2
6.
7		 1,
1
8
3.
4		 4
3.
2
5		 2,
3
2
5
5.		 9
2.
0
7
N
i
/
(
d
)
i
h
d
h
i
i
l
l
t
t
t
e
n
c
r
e
a
s
e
e
c
r
e
a
s
e
n
c
a
s
a
n
c
a
s
e
e
q
q
u
v
a
a
e
e
n
n
s
s		 3
3
3.
7
7
-		 1
0.
7
7		 2
2
4
5.		 6
3
1
2.		 3
4
3.
-
E
f
f
f
h
h
h
d
h
i
l
t
t
t
e
c
o
e
c
a
n
g
e
r
a
e
c
a
n
g
e
s
o
n
c
a
s
a
n
c
a
s
e
q
a
e
n
s
x
u
v		 4
4
8.
5
-		 4
0.
9
-		 2
0.
5		 4
1.
3
-		 5
8.
0
C
h
d
h
i
l
b
i
i
f
h
i
d
t
t
t
a
s
a
n
c
a
s
e
q
u
v
a
e
n
s
a
e
g
n
n
n
g
o
e
p
e
r
o		 1,
6
3
3
9.
0		 9
6
3.
0		 1,
0
4
9.
1		 1,
0
4
9.
1		 1,
0
2
4
5.
C
h
d
h
i
l
t
t
d
f
t
h
i
d
a
s
a
n
c
a
s
e
q
u
v
a
e
n
s
a
e
n
o
e
p
e
r
o		 1,
2
1
1
7.
2		 1,
6
3
9.
0		 1,
2
9
4.
1		 1,
6
3
9.
0		 1,
0
4
9.
1

Segment results – Q1'16

N
O
K
i
l
l
i		 P
o
e
r
w
P
d
i
t		 O
&
t
i
p
p
e
r
a
o
n
M
i
i
t		 &
D
l
t
e
e
o
p
m
e
n
v
C
i
t
t		 C
t		 E
l
i
i
i
t		 T
t
l
o
a
(
)
m
o
n
E
l
t		 r
o
u
c
o
n
2
2
7.
3		 a
n
e
n
a
n
c
e
0.
9		 o
n
s
r
u
c
o
n		 o
r
p
o
r
a
e		 m
n
a
o
n
s		 2
2
8.
2
x
e
r
n
a
r
e
v
e
n
u
e
s		 - - -
I
t
l
n
e
r
n
a
r
e
v
e
n
u
e
s		 - 1
2
2.		 2
8.
5
7		 2
4.		 2
2
3.
7
-		 -
N
i
/
(
l
)
f
l
f
j
t
t
t
e
g
a
n
o
s
s
r
o
m
s
a
e
o
p
r
o
e
c
a
s
s
e
s		 - - 0.
2		 - - 0.
2
N
t
i
/
(
l
)
f
i
t
e
n
c
o
m
e
o
s
s
r
o
m
a
s
s
o
c
a
e
s		 - - 0.
6
-		 - - 0.
6
-
T
l
d
h
i
t
t
o
a
r
e
v
e
n
u
e
s
a
n
o
e
r
n
c
o
m
e		 2
2
7.
3		 1
3.
1		 2
5
7.
4		 2.
4		 2
7
2.
3
-		 2
2
7.
9
C
t
f
l
o
s
o
s
a
e
s		 - - 2
2
6
7.
-		 - 2
2
6
7.		 -
G
f
i
t
r
o
s
s
p
r
o		 2
2
3
7.		 1
3.
1		 2
9.
8		 2.
4		 4
4.
7
-		 2
2
9
7.
O
t
i
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 3
3.
6
-		 3
7.
-		 2
2.
3
-		 1
4.
0
-		 1
4.
5		 6
2.
7
-
E
B
I
T
D
A		 1
9
3.
7		 5.
7		 7.
5		 1
1.
6
-		 3
0.
2
-		 1
6
5.
2
D
i
t
i
t
i
t
i
d
i
i
t
e
p
r
e
c
a
o
n,
a
m
o
r
s
a
o
n
a
n
m
p
a
r
m
e
n		 7
1.
2
-		 0.
5
-		 2.
4
-		 0.
2
-		 1
5.
7		 8.
6
5
-
O
i
f
i
(
E
B
I
T
)
t
t
p
e
r
a
n
g
p
r
o		 1
2
2.
6		 5.
2		 5.
1		 1
1.
8
-		 1
4.
5
-		 1
0
6.
6

Segment results – Full year 2015

(
N
O
K
i
l
l
i
)
m
o
n		 P
o
e
r
w
P
d
i
t
r
o
u
c
o
n		 O
&
t
i
p
e
r
a
o
n
M
i
t
a
n
e
n
a
n
c
e		 &
D
l
t
e
e
o
p
m
e
n
v
C
i
t
t
o
n
s
r
u
c
o
n		 C
t
o
r
p
o
r
a
e		 E
l
i
i
i
t
m
n
a
o
n
s		 T
t
l
o
a
E
t
l
e
r
n
a
r
e
e
n
e
s
x
v
u		 8
6
3.
0		 4
1		 0.
7		 - - 8
6
7.
7
I
t
l
n
e
r
n
a
r
e
e
n
e
s
v
u		 - 1
4
5		 1,
1
4
6.
6		 7.
5		 1,
2
0
5.
5
-		 -
/
(
)
f
f
N
t
i
l
l
j
t
t
e
g
a
n
o
s
s
r
o
m
s
a
e
o
p
r
o
e
c
a
s
s
e
s		 - - 1
1
4.		 - - 1
4.
1
N
t
i
/
(
l
)
f
i
t
e
n
c
o
m
e
o
s
s
r
o
m
a
s
s
o
c
a
e
s		 - - 0.
9
-		 - - 0.
9
-
T
t
l
d
t
h
i
o
a
r
e
v
e
n
u
e
s
a
n
o
e
r
n
c
o
m
e		 8
6
3.
0		 5
5
4		 1,
1
6
0.
5		 7.
5		 1,
2
0
5.
5
-		 8
8
1.
0
C
t
f
l
o
s
o
s
a
e
s		 - - 9
8
9.
7
-		 - 9
8
9.
7		 -
G
f
i
t
r
o
s
s
p
r
o		 8
6
3.
0		 5
5
4		 1
7
0.
8		 7.
5		 2
1
5.
8
-		 8
8
1.
0
O
i
t
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 1
0
2.
9
-		 2
4
0
-		 6
9.
7
-		 4
4.
8
-		 5
8.
8		 1
8
2.
6
-
E
B
I
T
D
A		 7
6
0.
1		 3
1
4		 1
0
1.
2		 3
7.
3
-		 1
5
6.
9
-		 6
9
8.
4
D
i
i
i
i
d
i
i
t
t
t
t
e
p
r
e
c
a
o
n,
a
m
o
r
s
a
o
n
a
n
m
p
a
r
m
e
n		 2
2
7.
6
-		 2
6
-		 6.
5
-		 0.
5
-		 6
1.
6		 1
7
5.
6
-
O
i
f
i
(
E
B
I
T
)
t
t
p
e
r
a
n
g
p
r
o		 5
3
2.
5		 2
8
8		 9
4.
6		 3
7.
8
-		 9
5.
4
-		 5
2
2.
8

SSO's profit normally impacted by y y growth investments

  • • Scatec Solar is investing early phase project development First quarter (N and construction as well as corporate functions that impacts SSO's share of net profit
  • • These investments pays off through access to attractive projects and significant cash generation Net financials & t
N
O
K
)
m		 C
l
i
d
d
t
o
n
s
o
a
e		 S
S
O
h
p
p
r
r
o
o
p
p.
s
a
r
e		 %
T
t
l
o
a
r
e
e
n
e
s
v
u		 2
2
7.
9		 1
1
1.
8		 %
4
9
C
f
&
t
l
o
s
o
s
a
e
s
o
o
p
e
x		 6
2.
7
-		 2
5
5.
-		 8
8
%
E
B
I
T
D
A		 1
6
2
5.		 6.
6
5		 3
4
%
D
&
A
&
I
i
t
m
p
a
r
m
e
n
s		 5
8.
6
-		 3
1.
2
-		 5
3
%
E
B
I
T		 1
0
6.
6		 2
5.
4		 2
4
%
t
a
x		 1
2
9.
6
-		 7
0.
6
-		 %
6
5
f
N
t
i
t
e
p
r
o		 2
3.
0
-		 4
5.
2
-		 %
1
9
7
(NOK million) Czech
Republic		 Kalkbult Linde Dreunberg ASYV Agua Fria Utah Red
Hills		 Segment
overhead		 Total
segment		 SSO prop.
share
SSO shareholding 100% 39% 39% 39% 43% 40% 100%
Revenues 13.5 64.1 36.5 65.4 7.6 32.1 8.0 0.1 227.3 102.5
OPEX $-1.8$ $-7.4$ $-3.2$ $-4.9$ $-1.1$ $-4.3$ $-7.2$ $-3.8$ $-33.6$ $-21.0$
EBITDA 11.7 56.7 33.3 60.5 6.5 27.8 0.9 $-3.7$ 193.7 81.5
Net interest expenses $-5.4$ $-24.8$ $-11.8$ $-24.1$ $-3.5$ $-10.6$ $-10.5$ 0.7 $-90.0$ $-44.7$
Normalised loan
repayments		 $-5.3$ $-4.6$ $-6.4$ $-8.8$ $-3.0$ $-3.6$ $-31.7$ $-15.6$
Cash flow to equity* 1.6 22.4 11.2 21.4 $-0.2$ 13.7 $-2.0$ 68.1 26.4
* Cash flow to equity: is EBITDA less normalised (i.e. average over the calendar year) loan and interest repayments, less normalised income tax payments.
Copyright: Scatec Solar ASA

D&C margins reduce consolidated d PP&E

Build up o

of PP&E as per 31.03.2016 NOKm

  • • Margins created through D&C of power plants are eliminated in consolidated financial statement
  • • Elimination booked against PP&E in consolidated financial statements

Leads to:

  • • A negative effect on consolidated equity short term as corresponding non-recourse finance is included at full value
  • • Improves consolidated net profit over time through reduced depreciation

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