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Scatec's proportionate revenues more than triple in Q4

Scatec and Equinor PV plant in Brazil

January 25 (Renewables Now) - Norwegian independent power producer (IPP) Scatec Solar ASA (OSL:SSO) has seen its fourth-quarter (Q4) proportionate revenues and earnings more than triple thanks to continued high activities in its Development & Construction (D&C) segment.

On a proportionate basis, earnings before interest, tax, depreciation and amortisation (EBITDA) surged to NOK 329 million (USD 38.5m/EUR 33.9m) in October-December 2018 from NOK 106 million a year back, as revenues jumped to NOK 1.67 billion from NOK 444 million. The contribution of the company’s D&C segment to its top line amounts to NOK 1.47 billion, compared to NOK 294 million a year earlier.

Scatec Solar has 584 MW of power generating capacity in operation, 1,071 MW under construction and 225 MW in backlog as of the date of the announcement. The assets currently under construction represent awarded D&C contracts with a total value of some NOK 8.4 billion. The remaining contract value at the end of 2018, that is not booked, was around NOK 4.8 billion, according to the financial report.

The company’s solar parks generated over 50% more electricity in Q4 2018 compared to the same period of 2017, reaching 108 GWh on proportionate basis versus 71 GWh.

The table below gives more details about the company’s financial performance in both the fourth quarter and full year.

Figures in NOK million Q4 2018 Q4 2017 Full-year 2018 Full-year 2017
Proportionate revenues 1,666 444 4,725 1,680
Proportionate EBITDA 329 106 961 792
Proportionate profit (loss) 204 (35) 398 326
Consolidated revenue 344 282 1,213 1,492
Consolidated EBITDA 257 207 902 1,241
Consolidated profit 76 (1) 226 438
Consolidated profit to Scatec 45 (35) 140 339

Also on Friday, the board of directors proposed to distribute 2018 dividends of NOK 0.95 per share. If approved at the general meeting scheduled for April 30, the payments will be made on May 15, 2019.

(NOK 1.0 = USD 0.117/EUR 0.103)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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