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major renewable power plants in South Africa and Brazil, ramping up site
activities in Pakistan and moving its first green hydrogen project in Egypt into
backlog.
“We reported solid operating results from our diversified portfolio of power
plants during the second quarter and power production increased seven per cent
compared to last year. We continue to see good availability and performance
across the asset portfolio,” says Scatec CEO Terje Pilskog.
Power Production
Proportionate revenues in the Power Production segment increased by 16% from
last year to NOK 1,015 million (875) driven by higher power sales in the
Philippines, added capacity in Argentina, and foreign currency effects, which
were partly offset by lower revenue from Ukraine.
Power production in the Philippines ended 20% above the 5-year average, but
below the contracted sales volumes, as expected, and power was therefore
purchased in the market resulting in cost of sales of NOK 198 million and a
segment gross profit of NOK 810 million.
With a gross profit broadly in line with last year, EBITDA ended at 617 million
(660) due to increased operating expenses compared to last year, driven by added
capacity in Ukraine and Argentina, non-recurring costs, and foreign currency
effects.
Development and Construction
Scatec is starting construction activities of the company’s hybrid solar and
battery storage plant in the Northern Cape Province of South Africa, which is
Scatec’s largest investment to date. In addition, the team is kicking off
construction activities at the Mendubim solar site in the state of Rio Grande do
Norte in Brazil, which will strengthen our position in a major renewables’
growth market with our partners Equinor and Hydro Rein.
At the same time, Scatec is ramping up construction activities at the Sukkur
solar project in southeast Pakistan.
The projects under construction represent a total capex of NOK 15.3 billion. The
projects will generate NOK 8.9 billion in revenues for Scatec as EPC-provider
during the construction phase with an average gross margin of 10-12%. All major
equipment orders and construction contracts are now being placed.
Development activities continued at a high level in the quarter. The green
hydrogen project of 100 MW electrolyser capacity powered by 260 MW of solar &
wind in Egypt and the 20 MW Magat BESS project in the Philippines were added to
backlog. Further, Scatec has signed a binding term sheet with Yara Clean Ammonia
for offtake of green ammonia from the first phase of the project in Oman, under
development with Acme.
The project pipeline increased to 14.8 GW in Q2 from 14.6 GW in Q1 2022.
“In July, we reached two major milestones in our key markets South Africa and
Brazil, and Scatec is now accelerating activities on three projects. Going
forward, our top priority is to ramp up construction activities, optimise
returns of our backlog projects and continue to mature our pipeline.
Furthermore, we continue to develop our strategy to ensure we are in the best
possible position to both grow in the short term and capture longer term
opportunities,” concludes Pilskog.
The company will host a Capital Markets Update on 29 September 2022.
Guidance
The proportionate Power Production full year 2022 EBITDA guidance is increased
to NOK 2.5 to 2.7 billion from NOK 2.3 to 2.6 billion, reflecting currency
exchange rates as per the end of the second quarter.
Scatec’s second-quarter consolidated revenues were NOK 836 million (874), with
an EBITDA of NOK 547 million (670) mainly explained by lower net income from JVs
and associated companies, lower revenues from Ukraine, and increased operating
expenses. The consolidated net loss was NOK 68 million (profit 110) mainly due
to increased financial expenses explained by currency effects, interest rate
increases on corporate funding, and non-recurring fees from refinancing in Egypt
and Vietnam.
Additional information
Proportionate historical financial information on a country-by-country level is
attached to the stock exchange notice.
A presentation of the results, followed by a Q&A session will be held at
Scatec’s headquarters at Skøyen Atrium III (1(st) floor), Askekroken 11, 0277
Oslo, today at 09:00 am CEST. You can also follow the presentation and Q&A
session from our website , or this direct link: Scatec Webcast Q2 2022
(https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220726_1).
For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, tel: +47 974 38 686,
andreas.austrell@scatec.com (mailto:andreas.austrell@scatec.com)
For media: Stian Karlsen, Communications Manager, tel: +47 920 67 460,
stian.karlsen@scatec.com (mailto:stian.karlsen@scatec.com)
About Scatec
Scatec is a leading renewable energy solutions provider, accelerating access to
reliable and affordable clean energy in high growth markets. As a long-term
player, we develop, build, own and operate renewable energy plants, with 3.5 GW
installed capacity across four continents today. We are committed to grow our
renewable energy capacity, delivered by our 700 passionate employees and
partners who are driven by a common vision of ‘Improving our Future’. 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
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