Second quarter and first half 2022: Stable operations and ramping up for construction
Oslo, 26 July 2022: In the second quarter 2022, Scatec’s proportionate revenues increased to NOK 1,130 million (1,007) with an EBITDA of NOK 517 million (601). Power production rose to 916 GWh (860). Scatec is starting construction of two 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.
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.
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.
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 (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 , or this direct link: Scatec Webcast Q2 2022.
For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, tel: +47 974 38 686, email@example.com
For media: Stian Karlsen, Communications Manager, tel: +47 920 67 460, firstname.lastname@example.org
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 or connect with us on LinkedIn.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
- Scatec - second quarter and first half report 2022
- Scatec - second quarter presentation 2022
- Scatec - Q2 historical financial information 2022
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
One Liberty Plaza - 165 Broadway
NY 10006 New York
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
A Step Forward in Human-Robot Collaboration: Han's Robot Opens A New Era of Intelligent Collaborative Robots13.8.2022 02:39:12 CEST | Press release
SHENZHEN, China, Aug. 12, 2022 (GLOBE NEWSWIRE) -- Wang Guangneng, general manager of Han's Robot, said that repetitive, mechanical, and dull work had left us no time to take care of our family and real life. Collaborative robots came into being to solve this issue, allowing robots and workers to work together to improve efficiency. However, this is only the first step. Han’s Robot is developing intelligent collaborative robots that do not require secondary development which users can buy and use according to their needs and costs. Han's Robot is invested and established by Han's Laser, the world's leading industrial laser processing and automation solution provider. It has attracted over 500 top global talents from 25 countries and regions. The core technology R&D team has accumulated more than ten years of industrial experience and mastered the core key technologies of intelligent robots. The product has the advantages of intelligent perception, zero-code programming, zero-sliding wh
Volta Finance Limited: Net Asset Value as at 31 July 202212.8.2022 18:15:00 CEST | Press release
Volta Finance Limited (VTA / VTAS) –July2022 monthly report NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES ***** Guernsey, 12August2022 AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for June. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com). PERFORMANCE and PORTFOLIO ACTIVITY July saw a recovery from the losses faced the previous two months. The fund gained +4.5%, mainly driven by EUR CLO equity holdings (+2,7% contribution in NAV performance). Through asset classes, the monthly performances** were: -2.8% for Bank Balance Sheet transactions, +5% for CLO equity tranches; +2.3% for CLO debt; -5% for Cash Corporate Credit and ABS (together representing 2.3% of NAV). In the footsteps of most markets (July was one of the best months for the High Yield bonds market since years), the loan markets rallied and therefore C
CONDITIONS FOR RIKSBANK BID PROCEDURE KOMMUNINVEST BONDS12.8.2022 16:20:00 CEST | Press release
Bid procedure, 2022-08-16BondsKOMMUNINVEST I SVERIGE: 2410. SE0010469205. 2024-10-02 KOMMUNINVEST I SVERIGE: 2706, SE0016829048, 2027-06-15 BidsBids on interest and volume are entered via Bloomberg Bond Auction SystemBid date2022-08-16Bid times10.00-11.00Requested volume (corresponding nominal amount)2410: 200 mln SEK +/-100 mln SEK 2706: 200 mln SEK +/-100 mln SEK Highest permitted bid volume (corresponding nominal amount)2410: 200 mln SEK per bid 2706: 200 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 11.15 (CET/CEST) on the Bid dateDelivery and payment date2022-08-18Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383General Terms and ConditionsGeneral Terms and Conditions General Terms and Conditions för the Riksbank’s Purchases of Bonds via Bid Procedure 2020:3. dated 20 November 2020 (see the Riksbank´s web). Stockholm, 2022-08-12 This i
CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK GOVERNMENT BONDS12.8.2022 16:20:00 CEST | Press release
Bid procedure, 2022-08-19BondsSWEDISH GOVERNMENT: 1065. SE0017830730. 2033-11-11 Bid date2022-08-19Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)1065: 500 mln SEK +/-250 mln SEK Highest permitted bid volume (corresponding nominal amount)1065: 500 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 10.15 (CET/CEST) on the Bid dateDelivery and payment date2022-08-23Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2022-08-12 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions can be retrieved at www.riksbank.se.
Mandalay Resources Corporation tillkännager resultatrapporten för andra kvartalet 202212.8.2022 15:44:02 CEST | Pressemelding
TORONTO, Aug. 12, 2022 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation (”Mandalay” eller ”bolaget”) (TSX: MND, OTCQB: MNDJF) tillkännager resultatrapporten för kvartalet som slutade den 30 juni 2022. Bolagets sammanfattade och konsoliderade delårsrapporter för kvartalet som slutade den 30 juni 2022, tillsammans med ledningens diskussion och analys (”MD&A”) för motsvarande period, finns tillgängliga under bolagets profil på www.sedar.com och på bolagets webbplats på www.mandalayresources.com. Alla valutor i detta pressmeddelande avser USD om inget annat anges. Höjdpunkter under andra kvartalet 2022: Stärkt balansräkning – en förbättrad nettokassa med 47,9 miljoner USD i likvida medel och 41,5 miljoner USD i totala räntebärande utestående skulder;Konsoliderade kvartalsintäkter på 50,1 miljoner USD;Nettokassaflöde från den löpande verksamheten på 16,1 miljoner USD och fritt kassaflöde på 7,5 miljoner USD1;Konsoliderad kvartalsvis justerad EBITDA1 på 20,3 miljoner USD;Justerat nettoresu