GlobeNewswire by notified

Scatec ASA: First quarter impacted by Ukraine

Share

Oslo, 6 May 2022: In the first quarter 2022, Scatec’s proportionate revenues reached NOK 1,014 million (954) with an EBITDA of NOK 398 million (636). Power production reached 868 GWh (854).

“Our first-quarter results were impacted by Russia’s war in Ukraine, the broader geopolitical uncertainty and seasonality in the Philippines. Moving forward, we expect to bring our backlog into construction during this year and we will continue to grow our pipeline in core markets for our traditional renewable energy solutions. In addition, we will have a strong focus on further developing our green ammonia and green hydrogen business,” says Terje Pilskog, CEO of Scatec.

“We will execute our growth strategy by applying focus and discipline in everything we do, and I look forward to continuing developing our strong position as a leader in renewable energy solutions,” adds Pilskog.

Proportionate Power production

Power Production revenues continued to be the main contributor in the quarter, with revenues of NOK 933 million (868) driven by increased production in solar and wind, and an EBITDA of NOK 490 million (704), impacted by loss provisions in Ukraine and hydrology variations in the Philippines.

Financial optimisation, green ammonia, and battery storage investment

During the quarter, Scatec announced the refinancing of power plants in South Africa, Vietnam, and Egypt at improved terms, demonstrating the company’s ability to find innovative financial solutions and new funding sources to enhance project returns. Scatec also continued building a leading position within green ammonia and hydrogen at attractive locations in Oman and Egypt, with favourable conditions for renewable energy. The company made its first stand-alone investment in a 20 MW battery energy storage system in the Philippines, marking a key milestone of Scatec’s growth strategy in the country.

Ukraine

On 24 February, Russia attacked Ukraine, a war that has now entered its third month. We witness a country under siege and countless lives lost in defence of their home. This situation has given rise to a major humanitarian and geopolitical crisis. Our top priority is the safety and wellbeing of our Ukrainian colleagues. Scatec’s plants are 95 per cent operational; however, the situation remains volatile, and we continue to monitor the situation closely. Scatec made an impairment of NOK 770 million of non-current assets and a credit loss provision on trade and other receivables of NOK 87 million on a proportionate basis in Ukraine during the quarter.

Guidance

The 2022 guidance has been adjusted based on the situation in Ukraine. We now expect to produce between 3.9 to 4.2 TWh on a proportionate basis and generate an EBITDA for 2022 of NOK 2.3 to 2.6 billion.

Backlog and projects

Scatec has a backlog of five projects totalling 1.7 GW of solar and 1.1 GWh of battery storage capacity after discontinuing development of Mali and Bangladesh in the quarter. Scatec made good progress on these projects during the quarter and aims to reach financial close and start construction on all projects during 2022.​ Despite challenges including cost inflation, Scatec expects these projects to deliver returns and margins in line with the company’s guidance​.

Scatec’s first-quarter consolidated revenues were NOK 759 million (831), with an EBITDA of NOK 433 million (631). The consolidated net loss was NOK 1,062 million (profit 42).


Changes to executive team

Scatec is also announcing some key changes to the executive management today. Kate Bragg, who joined Scatec in August 2021 as Head of Strategy and M&A, will join the team as EVP Corporate Development, while Ann-Mari Lillejord, who re-joined Scatec in April 2022, will become EVP Project Development.

In addition, Power-to-X will be lifted to executive level and this area will be managed by Pål Helsing in the interim, in addition to his current role as EVP Solutions. Release, a flexible leasing agreement of pre-assembled and containerised solar PV and battery equipment, will become an independent business unit.

Additional information

A Factsheet with detailed information related to Scatec’s projects in operation, under construction and in backlog has today been published on Scatec’s web page. Link: scatec.com/investor
Proportionate historical financial information on a country-by-country level is attached to the stock exchange notice but has been removed from the report.

A presentation of the results, followed by a Q&A session will be held at Scatec’s headquarters at Skøyen Atrium III (1st floor), Askekroken 11, 0277 Oslo, today at 09:00 am CEST. You can also follow the presentation and Q&A session from our website www.scatec.com, or this direct link: Scatec Webcast Q1 2022.


For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, tel: +47 974 38 86,  andreas.austrell@scatec.com

For media: Meera Bhatia, SVP Communications, tel: +47 46 84 49 59, meera.bhatia@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 of installed capacity across four continents today. We are targeting 15 GW of renewable capacity to be in operation or under construction by the end of 2025, delivered by our 600 passionate employees 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 or connect with us on LinkedIn.

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

Attachments

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Nextensa NV/SA : Shares repurchase26.5.2022 17:40:00 CEST | Press release

PRESS RELEASE REGULATED INFORMATION Brussels, 26 May 2022 – 5.40 PM CEST Nextensa NV/SA : Shares repurchase In accordance with article 8:4 of the Royal Decree of 29 April 2019 in execution of the Belgian Code of Companies and Associations, Nextensa announces that in the period between May 19, 2022 and May 25, 2022 included it has repurchased 1,889 treasury shares on Euronext Brussels as part of its announced share buy-back program1. The shares were repurchased at an average price (rounded) of € 68.00 per share. This share repurchase transaction was carried out to cover the purchase plans for the benefit of the executive management of Nextensa, and this within the limits set down in the (renewed) share repurchase authorization as granted by the extraordinary general meeting of shareholders on 19 July 2021. Detailed operations per day DateNumber of sharesAverage price (€)Minimum price (€)Maximum price (€)Total price (€)19/05/202245067.8667.7067.9030,535.0020/05/202245068.4868.4068.9030,8

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons26.5.2022 15:00:33 CEST | Press release

26 May 2022 VOLTA FINANCE LIMITED (VTA / VTAS) Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons On 24 May 2022, Mr Paul Meader, Director and Chairman of the Board of the Company, transferred 3,130 shares in the Company to his wife, Sarah Kingwell. Following this transaction the total interests in the Company of Mr Meader (and his Closely Associated Persons) remain unchanged at 48,175 shares, representing 0.13% of the issued shares in the Company. The below notification, made in accordance with the requirements of article 19.3 of the EU Market Abuse Regulation, gives further details: 1 Details of the person discharging managerial responsibilities / person closely associated a) Name 1) Paul Meader 2) Sarah Kingwell 2 Reason for the notification a) Position/status 1) Director and Chairman 2) PCA b) Initial notification /Amendment Initial Notification 3 Details of the issuer, emission allowance market participant, auction platfor

Mandalay Resources Corporation tillkännager resultatet av årsstämman26.5.2022 14:41:34 CEST | Pressemelding

TORONTO, May 26, 2022 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation (”Mandalay” eller ”bolaget”) (TSX: MND, OTCQB: MNDJF) har nöjet att tillkännage resultaten från årsstämman (”mötet”) som hölls virtuellt idag. Alla resolutioner som presenterades vid mötet godkändes av aktieägarna och röstningen som skedde genom fullmakt motsvarade 67,63 % av de totalt utestående aktierna på avstämningsdagen. Val av styrelseledamöter Antalet styrelseledamöter var oförändrat med sju ledamöter och var och en av de sju nominerade som fanns listade i bolagsledningens informationsutskick från den 14 april 2022 återvaldes till bolagsstyrelsen. Abraham Jonker fortsätter som oberoende samordnande ledamot och Bradford Mills fortsätter som ordförande. Resultaten av rösterna genom ombud anges nedan. ResolutionVotes Cast by Proxy For% ForVotes Cast by Proxy Withheld% WithheldBradford A. Mills61,552,12099.95329,1930.047Abraham Jonker61,551,31399.95130,0000.049Amy Freedman61,547,53899.94533,7750.055Dominic Duff

Interim results for the period ended March 31, 202226.5.2022 13:30:47 CEST | Press release

Golar LNG Limited ("Golar" or "the Company") reports Q1 2022 ("Q1") Net income of $345.2 million.Adjusted EBITDA1 of $93.4 million for the quarter inclusive of FLNG Hilli, Golar Arctic and Golar Tundra but excluding the 8 TFDE vessels and management companies sold to Cool Company Ltd. ("CoolCo"). Sold 6.2 million New Fortress Energy Inc. ("NFE") shares in Q2 2022 ("Q2") realizing net cash proceeds of $253 million. Golar now owns 12.4 millionNFE shares following the sale.Q1 Total Golar Cash and Listed Securities1 position increased by $0.4 billion to $1.3 billion. Golar's share of Contractual Debt1 decreased by $0.5 billion to $1.7 billion in Q1 and a further $0.5 billion in Q2 after sale of remaining carriers to CoolCo in April.Agreed to sell the steam turbine carrier Golar Arctic as a converted FSRU to Italy's Snam for 269 million Euros ($288 million). Strong progress made on opportunities for FSRU Golar Tundra and on pipeline of FLNG projects. Shipping spin-off: A key focus for Q1 wa

Dante Labs highlights advancements to its drug discovery development program, demonstrating the value of genomic data to drug discovery26.5.2022 13:30:00 CEST | Press release

– Company announces rebranding to Dante Genomics to reflect its broader global efforts – NEW YORK, May 26, 2022 (GLOBE NEWSWIRE) -- Dante Genomics, a global leader in genomics and precision medicine, highlights significant progress made in its drug discovery development program with six drug candidates currently in the Company’s pipeline, applying Dante’s internal siRNA and mRNA technology to rare and common diseases. Since the company’s foundation, Dante has invested in a robust R&D program with the goal to create end-to-end solutions from diagnosis to therapy. Dante’s program began with a focus on rare disease, in response to a diagnosis of a patient with a rare disease for which there were no treatment therapies. Dante’s pipeline has evolved across multiple disease areas with four drug programs in full internal development and two in co-development to achieve validation and partner externally on clinical trials and commercialization. “Personalized medicine needs personalized data, a