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 here. 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 35-38.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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