Oslo, 2 February 2021: In fourth quarter 2020, Scatec Solar's proportionate
revenues was NOK 497 million (1,643) with EBITDA of NOK 223 million (434) and
associated EBITDA margin of 45%. Power production reached 407 GWh, an increase
of 37% from the same quarter last year.
Power Production delivers an EBITDA growth of 44% for the full year 2020
compared to 2019 as the portfolio of power plants in operations continue to grow
with two new plants grid connected during fourth quarter. All main activities
related to the current construction portfolio was completed earlier in 2020,
resulting in limited Development & Construction revenues in the fourth quarter.
A consequence of this changed segment mix, is an EBITDA margin of 46% for the
Group compared to 25% in 2019.
"We continue to deliver stable power production and are further growing our
pipeline of interesting projects. In 2020, we made the greatest expansion since
our establishment by broadening our growth strategy and acquiring SN Power. With
SN Power, we are adding solid hydropower assets, our first wind farm and an
attractive project pipeline as well as significantly increasing scale and cash
flow from operating plants", says Raymond Carlsen, CEO of Scatec.
The project pipeline increased by another 800 MW, with new project additions in
large growth markets such as South Africa and Vietnam. In addition, 2.5 GW of
pipeline was added from SN Power after transaction close. A new project was
also included in the backlog, the 150 MW Sukkur project in Pakistan. Total
project backlog and pipeline reached a record high 10.5 GW, reflecting increased
efforts in pursuing project opportunities across several markets and renewable
technologies.
Scatec's fourth quarter consolidated revenues was NOK 679 million (568), with
EBITDA at NOK 448 million (436). The consolidated net profit was negative NOK
561 million.
For the full year 2020, Scatec's proportionate revenues and EBITDA reached NOK
2,844 million (6,341) and NOK 1,306 million (1,571) respectively. Cash flow to
Scatec's equity across all business segments was NOK 324 million in 2020,
compared to NOK 794 million in 2019.
The Board of Directors has proposed 2020 dividends of NOK 1.09 per share - to be
approved by the Annual General Meeting to be held 20 April 2021.
Further relevant information about the hydropower assets and an updated guidance
reflecting Scatec's broadened growth strategy will be published at the Capital
Markets Update 23 March 2021.
For further details, please see the attached fourth quarter report and
presentation.
A presentation of the results followed by a Q&A session will be held through a
live webcast today at 08:00 am CET. You can follow the webcast from our website:
www.scatec.com (http://www.scatec.com), or this direct link: sdk 2.0 player
(companywebcast.com)
(https://sdk.companywebcast.com/sdk/player/?id=hegnarmedia_20210202_1&customBtnC
olor=da7038,674429). You may ask questions through the webcast solution or email
your question in advance to ir@scatecsolar.com (mailto:ir@scatecsolar.com).
EBITDA and other alternative performance measures (APMs) are defined and
reconciled as a part of the APM section of the attached quarterly report on
pages 35-38.
For further information, please contact:
Mikkel Tørud, CFO, tel: +47 976 99 144, ir@scatec.com (mailto:ir@scatec.com)
Ingrid Aarsnes, VP Communication & IR, tel: +47 950 38 364,
ingrid.aarsnes@scatec.com (mailto:ingrid.aarsnes@scatec.com)
About Scatec ASA:
Scatec is a leading renewable power producer, delivering affordable and clean
energy worldwide. As a long- term player, Scatec develops, builds, owns and
operates solar, wind and hydro power plants and storage solutions. The company
recently acquired SN Power, a leading hydro power developer and IPP. In first
half of 2021, Scatec will have a total of 3.3 GW in operation on four continents
and 485 employees. Scatec is headquartered in Oslo, Norway and listed on the
Oslo Stock Exchange under the ticker symbol 'SCATC'. To learn more,
visit www.scatec.com (http://www.scatec.com), or connect with us on Linkedin
(https://www.linkedin.com/company/scatec/).
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[TA1]Update
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act