29.2.2024 07:00:00 CET |Magnora ASA | Annual financial and audit reports On 29 February,Magnora published its annual report for 2023. The company also published sales guiding of 500-625MW for 2024 (up from 200-325 MW in 2023) and raised its portfolio guiding for the second time in 9 months, now indicating an 11 GW landbank in 2025.Magnora's board emphasized how the company's 2023 results would shape the outlook for 2024. * Strong results and strong cashflow from old and new business allowMagnora to split the legacy business from the renewable business and streamline the businesses. * More ofMagnora's portfolio companies are shifting from origination to sales, or from sales to delivery. Milestone payments are expected from multiple sources, alongside dividends and share buyback with more sales being recognized as revenues. * Organic growth looks set to continue across geographies and products, while farm-downs, and alliances remain a very real prospect in 2024 (cf. our stock exchange notice ofAugust 2023 , "Evaluation of Corporate Structure"). * Net cash generated from disposals and other investment activities wasNOK 304.9 million (negativeNOK 125.3 million in 2022). * Net cash at year end:NOK 347.6 million * Sold 420MW (net toMagnora ), beating our 200-325MW guiding in 2023 * Grew the portfolio (land bank) to 7.7 GW by the end of 2023 * Net profit wasNOK 178.9 million (versusNOK 3.9 million in 2022). The increase was mainly driven by the disposal of Evolar and two SPVs inSouth Africa , coupled with positive results from associated companies in the Group. Below are the highlights for the year: * On12 May 2023 ,Magnora sold all its holdings in Evolar toFirst Solar, Inc. for approximatelyUSD 29 million (NOK 314 million ) and additional milestone payments of up toUSD 24 million (NOK 256 million with10.65 USD /NOK rate). * On21 June 2023 , the annual general meeting of Helios approvedSEK 60 million (NOK 59.9 million ) in dividends to the shareholders.Magnora holds 40 percent of the shares in Helios and received approximatelyNOK 24 million . * On12 July 2023 ,Magnora sold its first project inSouth Africa to Globeleq, one of the leading IPPs inAfrica owned byNorfund andBritish International Investment . The agreement provided for an upfront payment and additional payments subject to the project reaching certain commercial and technical milestones. The project is a 153 MW battery storage project with the potential to add solar PV to make it a hybrid project. * On26 July 2023 , Helios divested seven projects with combined capacity of 252 MW to Hafslund. This transaction is Helios's seventh and largest in terms of size and value to date, and the price per MW for the projects sold is in the high end ofMagnora's price guiding. Hafslund is a leading European utility producing 21 TWh annually. Hafslund is also an owner inMagnora ASA . *Magnora continued buying back its own shares and held 1,070,854 treasury shares at the balance sheet date. The maximum consideration set for shares acquired under the buyback program isNOK 45 per share andNOK 50 million in aggregate. * On 23 August and 2 November,Magnora made a capital distribution ofNOK 0.187 per share. Technically,Magnora repays paid-in capital in excess of the share's par value, which can offer a tax advantage for some shareholders in certain jurisdictions. * On 28 August,Magnora issued a press release regarding evaluation of corporate structure and the hiring ofPareto Securities to assist in the process of enhancing shareholder value. The restructuring process has progressed and is expected to be implemented during the first half of 2024. * On 20 October,Magnora sold its second project inSouth Africa to Globeleq. The project is a solar PV project in an area with several potential industrial customers that have expressed an interest in private power purchase agreements (PPAs). The project was on 4 December expanded from 90 to 125 MW, releasing additional payment toMagnora . * On 31 October,Magnora sold all its shares in the Neptun Tromsø project to a project partner. The agreement provided for a cash payment, yielding a profit on invested capital forMagnora . * On 16 November,Magnora reached an agreement with NEO Energy and Dana Petroleum for redeployment of the Western Isles FPSO to the GreaterBuchan Area ("GBA") where start-up is expected in 2026. Please find attached the Annual Report 2023 forMagnora ASA . The report is also available at www.magnoraasa.com - https://www.magnoraasa.com. DISCLOSURE REGULATION This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. CONTACTS *Erik Sneve , CEO, email: es at magnoraasa.com *Torstein Sanness , Executive chairman, email: sanness at sf-nett.no ABOUTMAGNORA ASA Magnora ASA (OSE: MGN) has a legacy royalty business that is re-invested in renewable energy development projects and companies.Magnora's portfolio of renewable companies consists ofEvolar AB ,Helios Nordic Energy AB ,Kustvind AB , Magnora Offshore Wind AS, Magnora Solar PVUK , Hafslund Magnora Sol AS,Magnora South Africa , and AGV. The company is listed on the main list onOslo Stock Exchange under the ticker MGN. ATTACHMENTS Download announcement as PDF.pdf - https://kommunikasjon.ntb.no/ir-files/17847805/2941/4136/Download%20announcement %20as%20PDF.pdf Magnoraasa_2023_12_31_en.zip - https://kommunikasjon.ntb.no/ir-files/17847805/2941/4133/Magnoraasa_2023_12_31_e n.zipMagnora ASA 2023 Annual Report_en.pdf - https://kommunikasjon.ntb.no/ir-files/17847805/2941/4134/Magnora%20ASA%202023%20 Annual%20Report_en.pdf
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