Oslo, 30 April 2021: Scatec delivered proportionate revenues of NOK 1,010
million (866) with EBITDA of NOK 636 million (346) and associated EBITDA margin
of 63% in first quarter 2021. Power production is more than doubled from the
same quarter last year and reached 854 GWh with strong contributions from
hydropower, especially in the Philippines.
With a larger portfolio of power plants in operation after the acquisition of SN
Power earlier this year, both revenues and EBITDA increased significantly in the
Power Production segment to NOK 924 million (391) and NOK 704 million (331)
respectively. Cash flow to equity for the Group also increased substantially to
NOK 571 million (107), which included a refinancing gain related to the
hydropower plant on the Philippines.
"In our first quarter as a broader renewable company, we are pleased to report
stable operations as well as strong growth in power production and cash flow. We
recently started construction of our 150 MW solar project in Pakistan and
several large projects in our backlog and pipeline are expected to start
construction this year", says Raymond Carlsen, CEO of Scatec.
In March, Scatec announced its 2025 growth target of 15 GW capacity and
investments of NOK 100 billion. The target is supported by our track record of
strong growth and a solid project pipeline across several renewable
technologies.
Scatec's first quarter consolidated revenues were NOK 831 million (625), with
EBITDA of NOK 631 million (503). The consolidated net profit was NOK 42 million.
For further details, please see the attached first 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 CEST. You can follow the webcast from our
website: www.scatec.com (http://www.scatec.com), or this direct link: Scatec
Webcast Q1 2021 (royalcast.com)
(https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20210430_1). You may
ask questions through the webcast solution or email your question in advance to
ir@scatec.com (mailto:ir@scatec.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 37-40.
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. Scatec has
more than 3.5 GW in operation and under construction on four continents and more
than 500 employees. The company is targeting 15 GW capacity in operation or
under construction by the end of 2025. 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/).
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act