Q2 2024 Scatec ASA Earnings Call Transcript
Key Points
- Scatec ASA (STU:66T) reported strong financial results with NOK1.5 billion in proportional revenue and an EBITDA of NOK951 million.
- The company reached financial close in Tunisia and secured offtake agreements for its Egypt Green Hydrogen project.
- Scatec ASA (STU:66T) signed a 10-year PPA with Statkraft for a 142-megawatt project in Brazil and a 20-year ammonia offtake agreement with Fertiglobe for the Egypt Green Hydrogen project.
- The company refinanced two hydropower projects in the Philippines, resulting in proceeds of NOK170 million.
- Scatec ASA (STU:66T) was ranked as the second most sustainable company by TIME magazine in Norway and among the 100 Most Sustainable Companies globally.
- Power production in the Philippines decreased to 71 gigawatt hours due to higher capacity allocated to ancillary services and lower water inflows related to El Nino.
- The company reported a net profit of minus NOK33 million, with minus NOK55 million attributed to Scatec ASA (STU:66T).
- The net interest-bearing debt stood at NOK22 billion, with significant repayments and refinancing activities during the quarter.
- Scatec ASA (STU:66T) incurred NOK25 million in OpEx related to transaction costs for divestments, impacting overall financial performance.
- The company continues to face challenges in Ukraine, including capital and currency controls, despite repatriating significant cash from the region.
Good morning, and welcome to our second-quarter presentation. I am happy to take you through and present to you another strong quarter for Scatec. We've had high activity level during the quarter and also during the summer, and we made a number of significant achievements during this period. We are presenting, first of all, strong financial results. We are progressing well on our growth.
We have reached financial close in Tunisia, and we have also secured offtake for our Egypt Green Hydrogen project in Egypt. And we are also progressing well on optimizing our portfolio. We have made and we have signed a number of important divestment agreements during the quarter, and this is enabling us to continue to optimize and to focus our activities. All in all, this is continuing to enable us to deliver on the growth plan that we have set out on.
So I will, as usual, take you through the highlights for the quarter and then Hans Jakob will come and take you through the financials.
So in the quarter, we have had strong financials. On
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