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Scatec ASA

Investor Presentation • May 6, 2015

3737_rns_2015-05-06_84cf5a66-c77c-4efd-9ad3-15936974c6f9.pdf

Investor Presentation

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First quarter 2015

Raymond Carlsen CEO Carlsen, Mikkel Tørud, CFO Oslo, May 6, 2015

Our values

  • •Predictable
  • •Driving results
  • •Change makers
  • •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

Agenda

  • •Ope at o a e e rational review
  • •Financial review
  • •Outlook

Operational review

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

Operational highlights

A solid basis for further growth

  • • The bi g winner in round 4 of REIPPP in South Afri c 258 MW added to the backlog ca
  • • Rewarding business development efforts
  • •Pipeline of 468 MW
  • •Project opportunities of 1.7 GW
  • • Stable production across all of our p p ower plants increased EBITDA - Scatec Solar share of cash floto equity was NOK 42 million w
  • • C t ti f l t Constructionof newplan ts well underway
  • •USA, Honduras and Jordan

Scatec Solar is the leading solar I PPP in Africa

Well positioned in the South African market:

  • • Scatec Solar won more than 50% of the REIPPP Round 4 allocation
  • • Scatec Solar has won more than 20% of all allocation to PV in South Africa since 2011

Great sites in the Upington area:

  • •Excellent yield– above 2,500 hours per year
  • • Capex and opex s ynergies across the plants
  • •Solid project financing package in place
  • •Economics within target IRR and D&C margins
  • •Construction start early 2017
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Renewables IPP program in SA - a success story

  • • Government plan launched in 2010: Target 17 GW of Renewables by 2030, of which 8.4 GW is solar
  • • South Africa has procured 1.9 GW solar PV under the Renewable Energy IPP Program since 2010
  • • Expansion of program announced in April 2015
  • • New round of bidding for 1.8 GW later this year i h d PV ll i f b 700 with expected allocation of about MW
  • • A new allocation of 6.3 GW for the REIPPP program h b d has been announced - i li mpyng annual allocations of 1-2 GW / year until 2020

Project development

A growing project pipeline

426

MW

Stable production across all powe p p er plants

  • • Production increased by 4% from Q4'14Q4 14
  • • High production during the summer months in South Africa
  • • All plants are operating well 99.9% average plant availability Czech portfolio

Operational highlights

Construction of new solar plants uunder way

Agua Fria, Honduras, 60 MW Utah Red Hi

Oryx, Jordan, 10 MW

lls, USA, 104 MW

Steady growth in cash flow from P y g PP and O&M

SSO

Q100,7 Development & Contruction 44 365,5 Operations & Maintenance Corporate Power production 44,329,6 41,7 Q1 14Q2 14 Q3 14 Q4 14 Q1 15

proportionate share of cash flow to equity*

Q1 cash flow to SSO equity:

  • • Power Production and O&M cash flow of NOK 35.3 million
  • • D&C cash flow impacted by start up of construction activities – will fluctuate quarter on quarter
  • • Corporate cost back to a normalised level after IPO 2H'14

Financial review

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

Growth in revenues, EBITDA and nnet profit

  • • Hi gher power prices, currenc y movements and lower o p pex improved EBITDA quarter on quarter
  • • Net profit impacted by currency movements
  • • Non-cash gains on intercompany balances partly offset b by higher interest cost

Increased power production and hhigher prices

  • • Q1'15 production up 4% from Q4'14 – better irradiation than expected
  • • Dreunberg plant earning full tariff after COD on January 1, 2015
  • • O&M contracts for ASYV and Dreunberg now effective - increasing opex somewhat

Consolidated revenues & EBITDA (NOKm)

New O&M contracts starting to ta kke full effect

  • • O&M contracts for ASYV and Dreunberg effective from January 1 and February 1, 2015
  • • O&M contracts now covering 236 MW, of which 17 MW for third parties
  • • Expected annual revenues of NOK 55-60 million
  • • Increased O&M overperformance revenues expected over the next six months

Consolidated revenues & EBITDA (NOKm)

Several projects in construction p j and p p re aration

  • • D&C revenues and margins reflect project development and power plant constructi i ii ionactivities
  • • Development revenues of NOK 23 million for the 10 MW Oryx plant in Jordan
  • • Construction revenues of NOK 219 million driven by the start of construction of Agua Fria, Oryx and close out of Dreunberg
  • • Gross margins in line with expectations for new constructions projects

Consolidated revenues & EBITDA (NOKm)

Continued increase in cash gener aation

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  • • Consolidated revenues and gross profit mainl y represe nnt value creation in the Power Production segment
  • • O&M D&C and Corporate gross profit are internal to th O&M, gross Copyright: Scatec Solar ASA e group and hence eliminated

Financial position

A growing asset base g g

  • • Cash position of NOK 1,294 million of which NOK 155 million free cash
  • • SSO equity investments of NOK 262 million in Q1'15
  • • All non-current interest bearing 4,000 liabilities represent non-recourse project financing
  • • Eliminated D&C margin reduces t l i th b l h t asset values in the balance sheet - 2,000 leads to;
  • •Lower book equity value
  • •Reduced depreciation over time

Financial

position (NOKm)

Non-current liabilitiesCurrent liabilities Equity Non-current assets Current assets

Outlook

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

On track to deliver on our targets

  • • Target to own gross 750 MW by end of 2016
  • • 219 ope at o MW in operatio n
  • •207 MW under construction
  • •266 MW in project backlog
  • •468 MW in project pipeline
  • •1,700 MW additional opportunities
  • • Annual cash flow to SSO equity of NOK 140-160 million from the 219 MW producing capacity (PP and O&M seg ) ments
  • • 15-20% gross margin from Development and Construction
  • • Target average equity IRR of 15% nominal after tax on l t i t t power plant investments.
  • •Q2'15 production target of 95,000 MWh

Thank you

Our values

  • •Predictable
  • • Driving results
  • •Change makers
  • •Working together

Consolidated profit & loss

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SSO's profit is impacted b y growt h g h investments

  • • Scatec Solar is investing early phase project development and construction as well as corporate functions that impacts SSO's share of net profit
  • • However - these investments pays off through access to attractive projects and significant cash generation
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D&C margins reduces consolidate ed PP&E

  • • 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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