Q1 2024
Delivering on self- funded growth plan
CEO, Terje Pilskog & CFO, Hans Jakob Hegge
Disclaimer
The following presentation is being made only to, and is only directed at, persons to whom such presentation
may lawfully be communicated ('relevant persons'). Any person who is not a relevant person should not rely, act or make assessment on the basis of this presentation or anything included therein.
The following presentation may include information related to investments made and key commercial terms thereof, including future returns. Such information cannot be relied upon as a guide to the future performance of such investments. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Scatec ASA or any company within the Scatec Group. This presentation contains statements regarding the future in connection with the Scatec Group's growth initiatives, profit figures, outlook, strategies and objectives as well as forward looking statements and any such information or forward-looking statements regarding the future and/or the Scatec Group's expectations are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements.
Alternative performance measures (APM) used in this presentation are described and presented in the first quarter 2024 report for the group.
2
Q1 2024
Key highlights
Solid Power Production EBITDA - increased to NOK 870 million (707)
Key figures - proportionate
Finalised large construction programme - 681 MW solar in Brazil and Pakistan
Started new construction - 333 MW solar in South Africa and Botswana
Extended debt maturity profile - bond issue and bank refinancing
Strengthened position in South Africa - launched Lyra Energy platform
Power production
901
GWh
Q1 2023: 887
Total EBITDA
848
NOK million
Q1 2023: 765
Total revenues and other income
1,226
NOK million
Q1 2023: 2,626
Total EBIT
429
NOK million
Q1 2023: 405
3
Strong EBITDA growth driven by new projects in operation
- Positive contribution from Ukraine and settlement in Honduras
Power Production, GWh
+20% | |||||
887 | 45 | 901 | |||
135 | 194 | ||||
752 | |||||
Kenhardt, | |||||
Mendubim, | |||||
Sukkur | |||||
Q1'23 | Divestments | Q1'23 | Growth | Philippines | Q1'24 |
adjusted |
EBITDA NOKm
+37% | ||||||||
22 | 33 | 38 | 870 | |||||
85 | ||||||||
707 | 135 | |||||||
74 | 633 | |||||||
Kenhardt, | ||||||||
Mendubim, | ||||||||
Sukkur | ||||||||
Q1'23 | Divestments | Q1'23 | Growth | Honduras | Ukraine | Brazil | Philippines | Q1'24 |
adjusted | gain | |||||||
on sale |
4
Philippines
Volumes impacted by El Niño, partly offset by low spot prices as a net buyer
Net Revenue, NOK million
Ancillary Services
Power Production, GWh
Production volumes
161
Spot & Contract
196
Contract volumes
• Net revenues down 28% due to |
lower production volumes |
80116
86
81
30
120
151
77
• Ancillary Services revenues in line |
with last year |
Q1'23Q1'24
EBITDA, NOK million
Q1'23Q1'24
Prices, PHP/kWh
• EBITDA of NOK 75 million above |
estimate due to lower prices |
113
6.8
Average spot price*
75
Average contract price
4.7 | 4.5 | 4.6 |
5 | Q1'23 | Q1'24 | Q1'23 | Q1'24 |
Continuing to grow our renewable energy capacity
- Started construction of 333 MW in South Africa & Botswana
Grootfontein, South Africa, 273 MW solar | Q1'24 financial performance |
NOK 152m
D&C revenues Q1'24
49% / 9%*
Gross D&C margin
Mmadinare ph1, Botswana, 60 MW solar
NOK 2.3bn
EPC contract value
NOK 350m
Equity investment
6
*49% gross margin includes release of NOK 65 million of contingencies related to Kenhardt. The gross margin for Grootfontein and Mmadinare Ph 1 was 9%, in line with the 8-10% guidance.
Reaching 4.6 GW with projects under construction
- Additional 0.7 GW maturing in backlog
5,249 | |||||||
+35% | 685 | ||||||
4,564 | |||||||
4,230 | 9 | 342 | South Africa, | ||||
South Africa, | Brazil, Egypt, | ||||||
Rwanda | Botswana & | ||||||
Botswana & | |||||||
Tunisia | |||||||
1,263 | Release | ||||||
3,382 | |||||||
415 | |||||||
South Africa, | South Africa, | ||||||
Argentina & | Brazil, Pakistan | ||||||
Mozambique | & Philippines | ||||||
In operation | Divestments | Additions | In operation Q1'24 | Divestment - | Under construction Total in operation | Backlog | Grand total |
Q1'23* | held for sale | & under | |||||
7 | construction |
*In operation Q1'23 includes the upgrade of the Ambuklao hydropower plant **Including equity loan of EUR 15 million for 142 MW project in Brazil
Maturing pipeline fuelling attractive growth
13.2 GW
2% | |
9% | 10.8 GW |
11% | |||
7% | 3% | ||
6% | |||
45% | 21% | ||
63% | |||||||
32% | |||||||
Q1'23 | Q1'24 | ||||||
Release | Hydro | Solar | |||||
Green hydrogen | Wind | ||||||
8
7%
10.8 GW
93%
Focus markets Other
- Converted 142 MW solar in Brazil into backlog
- Added attractive growth prospects within solar
- Conversion of projects into value accretive growth top priority
Strengthening position in South Africa through Lyra Energy platform
- Leverage strong partnership with Standard Bank and Stanlib
South Africa | Smart, flexible, private power supply solution for industry |
730 MW
in operation
273 MW
under construction
103 MW
in backlog
5 GW
in pipeline
12
43
- Electricity generation via high-quality renewable energy assets
- Wheeling energy utilising the national grid
- Standardised PPA terms and contracts, ensuring a hassle-free process for clients
- Renewable energy credits for each MWh of purchased energy
9
Financial review
Hans Jakob Hegge, CFO
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Scatec ASA published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 05:16:09 UTC.