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, or this direct link: Scatec Webcast Q1 2021 (royalcast.com). You may ask questions through the webcast solution or email your question in advance to 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
Ingrid Aarsnes, VP Communication & IR, tel: +47 950 38 364, 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, or connect with us on Linkedin.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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Source: https://www.globenewswire.com/news-release/2021/04/30/2220340/0/en/Scatec-ASA-first-quarter-2021-Strong-growth-and-solid-cash-flow-generation.html
