First quarter results - on track to reach 2018 growth targets
Oslo, May 5, 2017: Scatec Solar added 400 MW to the project backlog with the signing of 25-year PPAs for six projects in Egypt. With these additions, the total backlog reached 1,131 MW.
First quarter consolidated revenues reached NOK 276 million, up from 228 million in the same period last year. Consolidated EBITDA reached NOK 222 million, up from NOK 165 million last year. The year on year increase in revenues is mainly explained by additional revenues from the new plants in Jordan and a strengthening of ZAR/NOK of 17%.
To improve earnings visibility Scatec Solar will this quarter supplement consolidated financials with reporting on based on SSO's proportionate method without eliminations. SSO's proportionate revenues reached NOK 143 million, down from 375 million in the same period last year. Proportionate EBITDA reached NOK 87 million, up from NOK 83 million last year. More details on the financials can be found in the first quarter report and presentation.
Scatec Solar's proportionate share of cash flow to equity across all business activities reached NOK 7 million in the first quarter, compared to NOK 22 million in the same period last year.
Power production reached 156 GWh in the first quarter, up 12% from same quarter last year, excluding the sold Utah plant, and down 7% from previous quarter due to seasonally lower production South Africa.
"In the first quarter we have made further development progress, and with a project backlog of 1,131 MW we are on track to reach our growth targets for 2018. With NOK 380 million of equity and with a cash position of NOK 665 million we have funding for planned equity investments in our project backlog" says Scatec Solar's CEO, Raymond Carlsen.
For more details, please see attached the first quarter report and presentation.
A presentation of the results will be held today at 08.00 at Høyres Hus, Stortingsgata 20, 0161 Oslo. The presentation and Q&A session can also be followed through a live webcast from our website www.scatecsolar.com/investor.
For further information, please contact:
Mr. Raymond Carlsen, CEO, tel: +47 454 11 280 email@example.com
Mr. Mikkel Tørud, CFO, tel: +47 976 99 144 firstname.lastname@example.org
About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide. A long term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and already has an installation track record of 600 MW.
The company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan. With an established global presence, the company is growing briskly with a project backlog and pipeline of 1.8 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol 'SSO'.
To learn more, visit www.scatecsolar.com
Q1 2017 REPORT
Q1 2017 PRESENTATION