Scatec FY & Q4 financial results: A year of delivering on strategy, record construction activity at attractive margins in 2023
January 26 2024 - 1:00AM
Scatec FY & Q4 financial results: A year of delivering on
strategy, record construction activity at attractive margins in
2023
Oslo, 26 January 2024: In the fourth
quarter, Scatec reported proportionate revenues of NOK 1.7 billion
(1.8), with an EBITDA of NOK 808 million (786). In the development
and construction segment, we delivered revenues of NOK 532 million
(627) with a gross margin of 15 percent.
For the year we reported all-time high proportionate revenues of
NOK 12.7 billion (5.1) and EBITDA of NOK 3.8 billion (2.6), driven
by high construction activity.
“Throughout 2023 we delivered on our strategy, and I am proud of
the achievements by our global team. EBITDA from our operating
assets reached NOK 3.2 billion and we generated 3.6 TWh of clean
energy with no lost time incidents, while our power plants helped
to avoid 3.9 million tonnes of greenhouse gas emissions,”
says Scatec CEO Terje Pilskog.
In the fourth quarter 2023 Scatec generated proportionate Power
Production of 811 GWh (979) with revenues of NOK 1,034 million
(1,032) and EBITDA of NOK 793 million (821).
“The year was also characterised by the largest construction
programme in Scatec’s history. We crossed the finish line for
Kenhardt in South Africa, one of the world’s largest hybrid solar
and battery storage plants and are close to completing our
construction projects in Brazil and Pakistan. In total these
projects have generated all-time high D&C revenues of 8.2
billion in 2023, with a solid average gross margin of 12
percent,” he adds.
During the year, Scatec has focused its efforts on optimising
the company’s portfolio through consolidation of assets and capital
recycling and secured NOK 2.7 billion of growth funding from
strategic transactions. Scatec has divested four solar power plants
across South Africa, Mozambique, Argentina, and Rwanda, and raised
USD 202 million in debt and equity funding for Release to
accelerate growth.
In January 2024, Scatec agreed refinancing terms with DNB,
Nordea and Swedbank for its USD 150 million Green Term Loan, with
new maturity in the fourth quarter 2027.
Furthermore, Scatec has laid the foundation for further growth
in 2024. The company has started initial construction works for a
273 MW solar project (Grootfontein) in South Africa and a 60 MW
solar plant (first phase) in Botswana. Scatec was also awarded a
battery storage project of 103 MW in the first ever battery storage
tender in South Africa.
Scatec’s strategy remains firm – to develop, build, own, and
operate renewable energy, with a focus on growing renewables and
optimising the portfolio. Scatec continues to see strong long-term
demand for renewables and particularly attractive opportunities
within solar as component prices are decreasing. Scatec continues
to be committed to disciplined growth with attractive margins
funded by internal capacity, while focusing on optimising the
company’s portfolio.
“The outlook for renewables has continued to strengthen with
significant price drops of both solar modules and batteries last
year. The reductions are driven by significant scaling up of
capacity, technology development and innovation. Renewables are
more competitive than ever, which is especially the case in our
focus markets,” concludes Pilskog.
Outlook The full year 2024 proportionate power
production estimate is 4.2 – 4.6 TWh with a proportionate EBITDA
estimate of NOK 3.4 – 3.7 billion.
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 House of
Oslo (the auditorium), Ruseløkkveien 34, 0251
Oslo, today at 09:00 am CET. You can
also follow the presentation and Q&A session from our website,
or this direct link: Scatec webcast Q4 2023.
For further information, please contact: For
analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38
686, andreas.austrell@scatec.com For media: Meera Bhatia, SVP
Communications & Government Affairs, phone: +47 468
44 959, meera.bhatia@scatec.com
About Scatec Scatec is a leading
renewable energy solutions provider, accelerating access to
reliable and affordable clean energy emerging markets. As a
long-term player, we develop, build, own, and operate renewable
energy plants, with 4.2 GW in operation and under construction
across four continents today. We are committed to grow our
renewable energy capacity, delivered by our 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 fourth quarter report 2023
- Scatec fourth quarter presentation 2023
- Scatec - Q4 historical financial information 2023
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