Proportionate financials - profit & loss in the Power Production segment and financial position
Q4 2022
Philippines
South Africa
Uganda
Malaysia
Egypt
Laos
Ukraine
Czech Republic
Honduras
Jordan
Brazil
Vietnam
Argentina
Other**
Total
NOK MILLION
Hydro
Solar
Hydro
Solar
Solar
Hydro
Solar
Solar
Solar
Solar
Solar
Wind
Solar
Revenues
591
148
92
79
70
43
63
14
25
19
28
33
21
33
1,262
Cost of sales
-230
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-230
Net revenues *
361
148
92
79
70
43
63
14
25
19
28
33
21
33
1,032
OPEX
-54
-26
-6
-5
-14
-12
-16
-4
-7
-4
-8
-7
-3
-46
(212)
EBITDA *
307
121
86
74
56
31
47
11
18
16
19
26
19
-11
821
EBITDA margin
52%
82%
93%
93%
80%
72%
74%
75%
72%
81%
68%
79%
89%
-33%
65%
Cash flow to equity *
216
43
51
11
19
3
-14
-1
5
2
14
18
4
-16
357
Scatec economic interest
50%
45%
28%
100%
51%
20%
89%
100%
51%
62%
44%
100%
50%
Net production (GWh)
281
130
105
73
104
83
42
3
17
11
38
39
43
12
979
Cash
447
84
121
399
241
149
123
52
135
205
22
23
22
170
2,193
Gross interest bearing debt *
2,817
3,210
888
2,049
1,600
256
1,279
315
155
422
310
356
354
309
14,319
Net working capital *
-35
707
-27
-347
-121
-121
-1,282
-39
-21
-82
-2
-2
-343
-650
-2,363
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
**Includes Rwanda, Mozambique, Release and Pakistan in addition to other costs allocated to the Power Production segment
Q3 2022
Philippines
South Africa
Uganda
Malaysia
Egypt
Laos
Ukraine
Czech Republic
Honduras
Jordan
Brazil
Vietnam
Argentina
Other**
Total
NOK MILLION
Hydro
Solar
Hydro
Solar
Solar
Hydro
Solar
Solar
Solar
Solar
Solar
Wind
Solar
Revenues
615
116
91
85
93
75
41
42
26
31
28
4
16
48
1,311
Cost of sales
-191
-1
-
-
- 0
- 0
-
-
-
-
-1
-
- 0
-17
-210
Net revenues *
424
115
91
85
93
75
41
42
26
31
27
4
16
31
1,101
OPEX
-50
-25
-8
-15
-16
-9
-13
-3
-4
-3
-6
-6
-3
-33
-194
EBITDA *
375
90
83
70
77
66
27
39
21
28
22
-2
13
-1
907
EBITDA margin
61%
77%
91%
83%
83%
88%
67%
93%
83%
89%
76%
-44%
80%
-1%
69%
Cash flow to equity *
272
20
48
15
35
34
5
21
8
13
18
-9
-
-10
469
Scatec economic interest
50%
45%
28%
100%
51%
20%
89%
100%
51%
62%
44%
100%
50%
Net production (GWh)
339
96
103
78
136
151
104
8
18
19
37
5
32
11
1,135
Cash
527
108
219
482
225
101
94
80
42
198
18
56
3
175
2,329
Gross interest bearing debt *
2,981
3,129
1,009
2,239
1,720
266
1,295
330
169
453
332
385
378
336
15,021
Net working capital *
48
676
50
-396
-76
-99
-1,030
-21
85
-72
-10
-41
-364
-435
-1,686
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
**Includes Rwanda, Mozambique, Release, India, Bangladesh
Q2 2022
Philippines
South Africa
Uganda
Malaysia
Egypt
Laos
Ukraine
Czech Republic
Honduras
Jordan
Brazil
Vietnam
Argentina
Other**
Total
NOK MILLION
Hydro
Solar
Hydro
Solar
Solar
Hydro
Solar
Solar
Solar
Solar
Solar
Wind
Solar
Revenues
376
109
85
89
90
78
19
47
25
28
23
12
12
20
1,015
Cost of sales
-198
-
-
-1
- 0
- 0
-
-
-
-
-1
-
- 0
-5
-204
Net revenues *
178
109
85
89
90
78
19
47
25
28
22
12
12
15
810
OPEX
-45
-28
-6
-15
-15
-9
-18
-3
-5
-3
-5
-6
-3
-33
-193
EBITDA *
133
81
79
74
75
69
1
44
20
25
17
6
9
-17
617
EBITDA margin
35%
74%
93%
83%
83%
89%
4%
93%
81%
89%
74%
53%
76%
-89%
61%
Cash flow to equity *
54
-2
47
13
39
35
-12
25
18
11
3
55
2
-19
269
Scatec economic interest
50%
45%
28%
100%
51%
20%
89%
100%
51%
62%
44%
100%
50%
Net production (GWh)
135
89
100
85
138
158
82
9
18
19
32
15
27
9
916
Cash
385
86
122
386
211
124
77
41
34
180
13
51
4
78
1,809
Gross interest bearing debt *
2,964
2,002
923
2,126
1,618
323
824
320
155
435
320
369
346
316
13,039
Net working capital *
-41
-87
62
-348
-41
-75
-1,438
-6
75
-69
-46
-29
-336
-287
-2,718
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
**Includes Rwanda, Mozambique, Release, India, Bangladesh
Q1 2022
Philippines
South Africa
Uganda
Malaysia
Egypt
Laos
Ukraine
Czech Republic
Honduras
Jordan
Brazil
Vietnam
Argentina
Other**
Total
NOK MILLION
Hydro
Solar
Hydro
Solar
Solar
Hydro
Solar
Solar
Solar
Solar
Solar
Wind
Solar
Revenues
316
131
80
91
70
58
28
25
28
19
20
34
17
16
933
Cost of sales
-205
-
-
1
-
0
-
-
-
-
-1
-
0
0
-207
Net revenues *
111
131
80
92
70
58
28
25
28
19
19
34
17
16
727
OPEX
-37
-17
-6
-15
-14
-8
-102
-3
-4
-3
-4
-5
-2
-17
-236
EBITDA *
73
114
74
77
57
50
-74
22
23
17
15
29
15
-2
490
EBITDA margin
23%
87%
93%
85%
81%
87%
-269%
88%
85%
85%
75%
85%
86%
-10%
53%
Cash flow to equity *
-2
335
41
17
20
18
-88
7
16
3
5
19
9
-8
391
Scatec economic interest
50%
45%
28%
100%
51%
20%
89%
100%
51%
62%
44%
100%
50%
Net production (GWh)
100
118
115
89
113
126
43
5
21
13
31
44
40
9
868
Cash
264
100
179
400
165
84
72
45
29
139
8
46
9
58
1,613
Gross interest bearing debt *
2,638
2,002
848
2,051
1,434
291
770
313
137
371
312
335
318
278
12,097
Net working capital *
-146
-69
42
-342
-53
-94
-1,250
-19
61
-59
-40
-19
-33
-119
-2,187
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
**Includes Rwanda, Mozambique, Release, India, Bangladesh
Q4 2021
Philippines**
South Africa 1)
Uganda
Malaysia
Egypt
Laos
Ukraine
Czech Republic
Honduras
Jordan
Brazil
Vietnam
Argentina***
Other
Total
NOK million
Hydro
Solar
Hydro
Solar
Solar
Hydro
Solar
Solar
Solar
Solar
Solar
Wind
Solar
Revenues
416
151
78
84
63
70
52
15
25
17
27
32
19
23
1,073
Cost of sales
-106
-
-
-
-
-
-
-
-
-
-
-
-
-
-106
Net revenues *
310
151
78
84
63
70
52
15
25
17
27
32
19
23
968
OPEX
-57
-30
-6
-16
-9
-10
-21
-4
-5
-3
-4
-6
-1
-33
-205
EBITDA *
254
121
72
68
53
60
31
12
21
13
22
27
17
-10
763
EBITDA margin
51%
80%
92%
81%
84%
85%
60%
83%
82%
79%
81%
83%
92%
-43%
66%
Cash flow to equity *
166
30
49
7
19
26
4
-
12
-
9
16
12
-20
330
Scatec economic interest
50%
45%
28%
100%
51%
20%
89%
100%
51%
62%
44%
100%
50%
Net production (GWh)
236
142
110
82
102
153
51
3
20
11
35
42
45
14
1,047
Cash
310
174
118
338
159
134
99
51
19
165
14
38
2
97
1,718
Gross interest bearing debt *
2,762
1,709
858
2,063
1,452
340
787
318
138
398
270
347
326
288
12,056
Net working capital *
-176
-76
48
-333
-45
-88
-814
-34
64
-68
-6
-29
-26
-115
-1,699
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
** Q1-Q4 2021 figures for Philippines have been adjusted due to change in accounting policy for bilateral contracts as disclosed in Note 10 to Q1 2022 condensed interm consolidated financial statements. Revenues and cost of sales are presented in net amounts. Adjustments are NOK 56 million in Q1 2021, NOK 94 million in Q2 2021, NOK 58 million in Q3 2021 and NOK 81 million in Q4 2021
***Argentina figures changed from Q4 2021 reporting. Part of the amount is reclassified to Other.
Q3 2021
Philippines**
South Africa
Uganda
Malaysia
Egypt
Laos
Ukraine
Czech Republic
Honduras
Jordan
Brazil
Vietnam
Argentina***
Other***
Total
NOK million
Hydro
Solar
Hydro
Solar
Solar
Hydro
Solar
Solar
Solar
Solar
Solar
Wind
Solar
Revenues
335
126
82
86
85
87
128
43
25
26
17
7
25
1,072
Cost of sales
-74
-
-
-
-
-
-
-
-
-
-
-
-
-74
Net revenues *
260
126
82
86
85
87
128
43
25
26
17
7
25
999
OPEX
-33
-26
-5
-16
-12
-10
-23
-3
-5
-3
-4
-5
-32
-176
EBITDA *
228
100
77
71
73
78
104
40
20
24
13
2
-7
823
EBITDA margin
58%
79%
94%
82%
86%
89%
82%
93%
81%
90%
76%
31%
-26%
73%
Cash flow to equity *
138
21
43
9
33
39
69
22
12
9
2
-8
-14
377
Scatec economic interest
50%
45%
28%
100%
51%
20%
89%
100%
51%
62%
44%
100%
Net production (GWh)
214
104
110
84
136
189
104
8
20
19
30
9
38
1,065
Cash
230
212
185
377
230
68
75
61
18
144
14
67
3
76
1,762
Gross interest bearing debt *
2,785
1,848
886
2,132
1,462
332
843
334
143
390
277
346
330
287
12,395
Net working capital *
-56
-100
39
-357
-53
-71
-514
-15
56
-56
-15
-50
-311
-50
-1,553
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
** Q1-Q4 2021 figures for Philippines have been adjusted due to change in accounting policy for bilateral contracts as disclosed in Note 10 to Q1 2022 condensed interm consolidated financial statements. Revenues and cost of sales are presented in net amounts. Adjustments are NOK 56 million in Q1 2021, NOK 94 million in Q2 2021, NOK 58 million in Q3 2021 and NOK 81 million in Q4 2021
*** Argentina included in Other for the non balance sheet items above as reported in the Q3 report
Q2 2021
Philippines**
South Africa
Uganda
Malaysia
Egypt
Laos
Ukraine
Czech Republic
Honduras
Jordan
Brazil
Vietnam
Argentina
Other
Total
NOK million
Hydro
Solar
Hydro
Solar
Solar
Hydro
Solar
Solar
Solar
Solar
Solar
Wind
Solar
Revenues
254
108
76
86
86
80
48
45
26
26
18
9
12
875
Cost of sales
-67
- 0
- 0
- 0
- 0
-0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-67
Net revenues *
187
108
76
86
86
80
48
45
26
26
18
9
12
808
OPEX
-39
-20
-5
-11
-9
-8
-9
-3
-4
-3
-4
-6
-29
-149
EBITDA *
149
88
71
75
77
72
39
42
22
23
14
4
-16
660
EBITDA margin
43%
81%
94%
87%
89%
90%
81%
94%
84%
90%
79%
40%
-131%
68%
Cash flow to equity *
65
13
40
18
38
37
7
24
14
10
4
-1
-19
252
Scatec economic interest
50%
45%
28%
100%
51%
20%
91%
100%
51%
62%
44%
100%
Net production (GWh)
111
91
111
86
139
182
34
8
22
20
33
13
9
860
Cash
309
175
110
298
215
122
54
31
28
150
12
70
1
88
1,664
Gross interest bearing debt *
2,902
1,887
867
2,074
1,438
398
859
333
146
400
297
328
319
289
12,538
Net working capital *
-193
-63
51
-315
-51
-56
-628
-5
50
-58
-17
-40
-311
-22
-1,658
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
** Q1-Q4 2021 figures for Philippines have been adjusted due to change in accounting policy for bilateral contracts as disclosed in Note 10 to Q1 2022 condensed interm consolidated financial statements. Revenues and cost of sales are presented in net amounts. Adjustments are NOK 56 million in Q1 2021, NOK 94 million in Q2 2021, NOK 58 million in Q3 2021 and NOK 81 million in Q4 2021
Q1 2021
Philippines**
South Africa
Uganda
Malaysia
Egypt
Laos
Ukraine
Czech Republic
Honduras
Jordan
Brazil
Vietnam
Argentina
Other
Total
NOK million
Hydro
Solar
Hydro
Solar
Solar
Hydro
Solar
Solar
Solar
Solar
Solar
Wind
Solar
Revenues
304
129
77
92
69
58
20
19
25
19
17
22
16
868
Cost of sales
-24
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-24
Net revenues *
280
129
77
92
69
58
20
19
25
19
17
22
16
844
OPEX
-37
-22
-5
-12
-12
-6
-4
-3
-4
-3
-4
-2
-27
-140
EBITDA *
243
107
72
81
57
52
16
16
21
16
13
20
-11
704
EBITDA margin
68%
83%
94%
88%
83%
89%
80%
86%
85%
86%
78%
89%
-67%
76%
Cash flow to equity *
540
34
40
20
22
18
-11
3
13
3
2
7
-11
681
Scatec economic interest
50%
45%
28%
100%
51%
20%
91%
100%
51%
62%
44%
100%
-
-
Net production (GWh)
168
119
109
90
114
128
15
3
21
14
32
30
11
854
Cash
335
229
175
343
200
87
36
31
38
127
9
41
3
46
1,699
Gross interest bearing debt *
2,854
1,866
894
2,154
1,451
397
863
321
152
392
260
337
308
289
12,537
Net working capital *
-93
-111
40
-491
-93
-79
-1,383
-21
18
-62
-16
-6
-296
-10
-2,603
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
** Q1-Q4 2021 figures for Philippines have been adjusted due to change in accounting policy for bilateral contracts as disclosed in Note 10 to Q1 2022 condensed interm consolidated financial statements. Revenues and cost of sales are presented in net amounts. Adjustments are NOK 56 million in Q1 2021, NOK 94 million in Q2 2021, NOK 58 million in Q3 2021 and NOK 81 million in Q4 2021
Q4 2020
Philippines
South Africa
Uganda
Malaysia
Egypt
Laos
Ukraine
Czech Republic
Honduras
Jordan
Brazil
Vietnam
Argentina
Other
Total
NOK million
Hydro
Solar
Hydro
Solar
Solar
Hydro
Solar
Solar
Solar
Solar
Solar
Wind
Solar
Revenues
152
79
71
12
11
23
18
18
18
402
Cost of sales
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
OPEX
-22
-11
-15
-4
-3
-5
3
-5
-19
-81
EBITDA *
130
68
57
8
8
18
20
13
-1
320
EBITDA margin
86%
86%
79%
66%
72%
76%
114%
74%
-8%
80%
Cash flow to equity *
38
2
21
-13
-3
8
6
3
-9
53
Scatec economic interest
45%
100%
51%
91%
100%
51%
62%
44%
-
-
Net production (GWh)
142
75
105
12
2
17
12
32
10
407
Cash
209
278
229
34
42
58
137
13
12
52
1,065
Gross interest bearing debt *
1,889
2,146
1,451
919
334
158
415
295
304
296
8,205
Net working capital *
-59
-482
-146
-706
-37
24
-67
-14
-322
2
-1,808
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q3 2020
Philippines
South Africa
Uganda
Malaysia
Egypt
Laos
Ukraine
Czech Republic
Honduras
Jordan
Brazil
Vietnam
Argentina
Other
Total
NOK million
Hydro
Solar
Hydro
Solar
Solar
Hydro
Solar
Solar
Solar
Solar
Solar
Wind
Solar
Revenues
116
75
84
49
45
29
28
20
13
457
Cost of sales
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
OPEX
-21
-9
-14
-3
-3
-5
-3
-4
-16
-78
EBITDA *
95
66
71
45
42
24
25
16
-5
379
EBITDA margin
82%
88%
84%
93%
93%
84%
90%
81%
-39%
83%
Cash flow to equity *
31
9
30
17
24
15
9
10
-9
134
Scatec economic interest
45%
100%
51%
91%
100%
51%
62%
44%
-
-
Net production (GWh)
111
66
130
29
8
22
18
35
11
430
Cash
185
316
331
42
67
85
123
31
22
63
1,264
Gross interest bearing debt *
1,848
2,385
1,618
970
356
180
451
299
325
327
8,759
Net working capital *
-70
-485
-182
-1,099
-30
25
-62
-15
-340
7
-2,249
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q2 2020
Philippines
South Africa
Uganda
Malaysia
Egypt
Laos
Ukraine
Czech Republic
Honduras
Jordan
Brazil
Vietnam
Argentina
Other
Total
NOK million
Hydro
Solar
Hydro
Solar
Solar
Hydro
Solar
Solar
Solar
Solar
Solar
Wind
Solar
Revenues
100
86
91
38
48
29
31
20
15
458
Cost of sales
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
OPEX
-20
-12
-12
-3
-3
-4
-11
-4
-15
-84
EBITDA *
80
74
79
35
45
25
20
16
-
374
EBITDA margin
80%
87%
86%
91%
94%
85%
66%
82%
-2%
82%
Cash flow to equity *
19
16
34
16
27
15
4
13
-7
135
Scatec economic interest
45%
100%
51%
91%
100%
51%
62%
44%
-
-
Net production (GWh)
92
71
129
22
9
20
19
33
11
406
Cash
169
468
303
59
56
42
133
29
4
85
1,349
Gross interest bearing debt *
1,854
2,347
1,660
974
355
192
485
320
327
345
8,859
Net working capital *
-111
-649
-184
-807
-24
86
-74
-21
-314
-3
-2,102
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q1 2020
Philippines
South Africa
Uganda
Malaysia
Egypt
Laos
Ukraine
Czech Republic
Honduras
Jordan
Brazil
Vietnam
Argentina
Other
Total
NOK million
Hydro
Solar
Hydro
Solar
Solar
Hydro
Solar
Solar
Solar
Solar
Solar
Wind
Solar
Revenues
103
95
73
9
23
31
20
21
17
391
Cost of sales
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
OPEX
-14
-9
-10
-2
-3
-4
-3
-5
-11
-60
EBITDA *
88
86
62
7
20
27
17
16
6
331
EBITDA margin
86%
91%
86%
79%
89%
88%
86%
76%
37%
85%
Cash flow to equity *
29
28
20
-1
6
17
2
4
-1
104
Scatec economic interest
45%
100%
51%
91%
100%
51%
62%
44%
-
-
Net production (GWh)
73
81
109
6
4
23
13
30
10
349
Cash
171
530
306
98
44
51
160
21
2
87
1,471
Gross interest bearing debt *
2,004
2,616
1,806
1,030
385
214
517
366
346
374
9,658
Net working capital *
42
-650
-220
-604
-27
69
-106
-26
-322
11
-1,836
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Bridge Proportionate to IFRS
Bridge proportionate profit and loss to IFRS
Bridge from proportionate to consolidated financials
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Gross profit*
1,051
302
-236
-78
1,039
Personnel expenses
-132
-2
15
-
-118
Other operating expenses
-237
-65
70
86
-146
EBITDA*
683
235
-150
8
775
Depreciation and impairment
-283
-82
94
35
-236
Operating profit (EBIT)
399
153
-56
43
539
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
** Q1-Q4 2021 figures for Philippines have been adjusted due to change in accounting policy for bilateral contracts as disclosed in Note 10 to Q1 2022 condensed interm consolidated financial statements. Revenues and cost of sales are presented in net amounts. Adjustments are NOK 56 million in Q1 2021, NOK 94 million in Q2 2021, NOK 58 million in Q3 2021 and NOK 81 million in Q4 2021
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Gross profit*
1,084
311
-252
-85
1,059
Personnel expenses
-106
-2
10
-
-98
Other operating expenses
-211
-49
48
78
-134
EBITDA*
767
261
-194
-7
827
Depreciation and impairment
-331
-85
111
36
-268
Operating profit (EBIT)
436
176
-83
29
558
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
** Q1-Q4 2021 figures for Philippines have been adjusted due to change in accounting policy for bilateral contracts as disclosed in Note 10 to Q1 2022 condensed interm consolidated financial statements. Revenues and cost of sales are presented in net amounts. Adjustments are NOK 56 million in Q1 2021, NOK 94 million in Q2 2021, NOK 58 million in Q3 2021 and NOK 81 million in Q4 2021
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Gross profit*
897
289
-226
-86
874
Personnel expenses
-112
-2
11
3
-100
Other operating expenses
-184
-45
47
78
-104
EBITDA*
601
242
-168
-5
670
Depreciation and impairment
-236
-85
86
35
-200
Operating profit (EBIT)
364
157
-82
30
470
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
** Q1-Q4 2021 figures for Philippines have been adjusted due to change in accounting policy for bilateral contracts as disclosed in Note 10 to Q1 2022 condensed interm consolidated financial statements. Revenues and cost of sales are presented in net amounts. Adjustments are NOK 56 million in Q1 2021, NOK 94 million in Q2 2021, NOK 58 million in Q3 2021 and NOK 81 million in Q4 2021
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Gross profit*
907
284
-295
-64
831
Personnel expenses
-99
-2
12
7
-82
Other operating expenses
-172
-50
43
60
-118
EBITDA*
636
232
-240
3
631
Depreciation and impairment
-230
-78
77
44
-187
Operating profit (EBIT)
406
153
-162
47
444
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
** Q1-Q4 2021 figures for Philippines have been adjusted due to change in accounting policy for bilateral contracts as disclosed in Note 10 to Q1 2022 condensed interm consolidated financial statements. Revenues and cost of sales are presented in net amounts. Adjustments are NOK 56 million in Q1 2021, NOK 94 million in Q2 2021, NOK 58 million in Q3 2021 and NOK 81 million in Q4 2021
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Gross profit*
497
271
-29
-114
625
Personnel expenses
-56
-
1
1
-54
Other operating expenses
-95
-36
6
56
-69
EBITDA*
346
235
-22
-57
503
Depreciation and impairment
-140
-70
8
26
-175
Operating profit (EBIT)
206
165
-13
-30
328
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Tables from 2016 to 2019 on old format (elimination of equity consolidated entities included in eliminations column)
Q4 2019
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
365
237
-36
565
Internal revenues
1,278
271
-1,549
- 0
Net income/(loss) from JV and associates
- 0
- 0
3
3
Total revenues and other income
1,642
508
-1,582
568
Cost of sales
-1,056
-138
1,194
- 0
Gross profit *
586
369
-388
568
Personnel expenses
-52
9
-6
-49
Other operating expenses
-100
-74
93
-82
EBITDA *
434
304
-301
436
Depreciation and impairment
-171
-98
104
-165
Operating profit (EBIT)
263
206
-197
271
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q3 2019
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
343
222
-34
532
Internal revenues
1,179
18
-1,197
- 0
Net gain/(loss) from sale of project assets
- 0
- 0
-
- 0
Net income/(loss) from JV and associates
- 0
- 0
-20
-20
Total revenues and other income
1,522
240
-1,251
512
Cost of sales
-958
-36
994
- 0
Gross profit *
565
204
-257
512
Personnel expenses
-44
- 0
2
-42
Other operating expenses
-87
-23
57
-52
EBITDA *
433
182
-197
418
Depreciation and impairment
-116
-79
47
-148
Operating profit (EBIT)
317
103
-150
270
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q2 2019
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
260
161
-38
382
Internal revenues
1,388
69
-1,457
- 0
Net gain/(loss) from sale of project assets
- 0
- 0
-
- 0
Net income/(loss) from JV and associates
- 0
- 0
-7
-7
Total revenues and other income
1,648
230
-1,502
376
Cost of sales
-1,149
-50
1,198
- 0
Gross profit *
500
180
-305
376
Personnel expenses
-38
- 0
3
-35
Other operating expenses
-73
-26
48
-51
EBITDA *
388
154
-253
290
Depreciation and impairment
-90
-76
64
-101
Operating profit (EBIT)
298
79
-190
188
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q1 2019
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
197
172
-38
331
Internal revenues
1,331
6
-1,337
- 0
Net gain/(loss) from sale of project assets
- 0
- 0
- 0
- 0
Net income/(loss) from JV and associates
- 0
- 0
-4
-4
Total revenues and other income
1,528
178
-1,379
327
Cost of sales
-1,112
-7
1,119
- 0
Gross profit *
417
170
-261
327
Personnel expenses
-39
5
-2
-36
Other operating expenses
-62
- 0
14
-49
EBITDA *
315
175
-249
242
Depreciation and impairment
-82
-79
64
-97
Operating profit (EBIT)
233
97
-185
145
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q4 2018
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
170
142
- 0
311
Internal revenues
1,497
111
-1,608
- 0
Net gain/(loss) from sale of project assets
- 0
- 0
- 0
- 0
Net income/(loss) from JV and associates
-0
- 0
33
33
Total revenues and other income
1,666
253
-1,575
344
Cost of sales
-1,233
-13
1,246
- 0
Gross profit *
432
240
-329
344
Personnel expenses
-39
-0
1
-38
Other operating expenses
-64
-4
19
-49
EBITDA *
329
236
-309
257
Depreciation and impairment
-54
-34
17
-71
Operating profit (EBIT)
276
203
-292
187
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q3 2018
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
146
138
-
283
Internal revenues
1,113
78
-1,191
- 0
Net gain/(loss) from sale of project assets
- 0
-
-
- 0
Net income/(loss) from JV and associates
- 0
-
11
11
Total revenues and other income
1,259
216
-1,181
294
Cost of sales
-917
1
916
- 0
Gross profit *
342
217
-265
294
Personnel expenses
-31
-
-
-32
Other operating expenses
-54
-17
29
-42
EBITDA *
257
200
-236
221
Depreciation and impairment
-57
-37
15
-78
Operating profit (EBIT)
200
163
-220
143
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q2 2018
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
142
131
- 0
273
Internal revenues
1,086
56
-1,142
- 0
Net gain/(loss) from sale of project assets
- 0
- 0
- 0
- 0
Net income/(loss) from JV and associates
- 0
- 0
13
13
Total revenues and other income
1,229
186
-1,129
286
Cost of sales
-878
4
874
- 0
Gross profit *
351
190
-254
286
Personnel expenses
-33
-0
0
-33
Other operating expenses
-51
-23
34
-41
EBITDA *
266
167
-221
212
Depreciation and impairment
-40
-38
17
-62
Operating profit (EBIT)
226
129
-204
150
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q1 2018
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
126
157
- 0
283
Internal revenues
446
37
-483
- 0
Net gain/(loss) from sale of project assets
- 0
- 0
- 0
- 0
Net income/(loss) from JV and associates
- 0
- 0
6
6
Total revenues and other income
572
194
-477
289
Cost of sales
-376
3
373
- 0
Gross profit *
196
197
-104
289
Personnel expenses
-31
-0
0
-31
Other operating expenses
-56
-8
18
-45
EBITDA *
109
189
-86
212
Depreciation and impairment
-38
-39
14
-63
Operating profit (EBIT)
71
150
-72
150
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q4 2017
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
126
160
286
Internal revenues
321
27
-348
- 0
Net gain/(loss) from sale of project assets
3
- 0
- 0
3
Net income/(loss) from JV and associates
-5
2
-4
-7
Total revenues and other income
444
189
-352
281
Cost of sales
-256
22
234
- 0
Gross profit *
188
211
-118
281
Personnel expenses
-30
- 0
2
-29
Other operating expenses
-53
-15
23
-45
EBITDA *
106
196
-93
207
Depreciation and impairment
-39
-37
16
-60
Operating profit (EBIT)
66
159
-77
148
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q3 2017
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
139
141
- 0
280
Internal revenues
411
- 0
-411
- 0
Net gain/(loss) from sale of project assets
375
- 0
- 0
375
Net income/(loss) from JV and associates
-0
0
- 0
- 0
Total revenues and other income
924
141
-411
655
Cost of sales
-356
- 0
356
- 0
Gross profit *
569
141
-55
655
Personnel expenses
-27
- 0
0
-27
Other operating expenses
-41
-18
25
-34
EBITDA *
500
124
-29
595
Depreciation and impairment
-39
-37
16
-60
Operating profit (EBIT)
461
86
-13
534
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q2 2017
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
143
136
- 0
279
Internal revenues
24
- 0
-24
- 0
Net gain/(loss) from sale of project assets
- 0
- 0
- 0
- 0
Net income/(loss) from JV and associates
-0
- 0
- 0
-0
Total revenues and other income
167
136
-24
279
Cost of sales
- 0
- 0
- 0
- 0
Gross profit *
167
136
-24
279
Personnel expenses
-27
-0
0
-27
Other operating expenses
-40
-19
24
-35
EBITDA *
100
117
0
217
Depreciation and impairment
-42
-42
18
-66
Operating profit (EBIT)
57
76
18
151
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q1 2017
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
125
151
- 0
277
Internal revenues
19
- 0
-19
- 0
Net gain/(loss) from sale of project assets
- 0
- 0
- 0
- 0
Net income/(loss) from JV and associates
-0
- 0
- 0
-0
Total revenues and other income
144
151
-19
276
Cost of sales
- 0
- 0
- 0
- 0
Gross profit *
144
151
-19
276
Personnel expenses
-24
-0
0
-24
Other operating expenses
-33
-16
20
-30
EBITDA *
87
135
- 0
222
Depreciation and impairment
-40
-39
17
-62
Operating profit (EBIT)
47
97
17
160
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q4 2016
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
130
160
- 0
290
Internal revenues
17
- 0
-17
- 0
Net gain/(loss) from sale of project assets
7
- 0
67
74
Net income/(loss) from JV and associates
-0
- 0
- 0
-0
Total revenues and other income
153
160
51
363
Cost of sales
-0
- 0
0
- 0
Gross profit *
152
160
51
363
Personnel expenses
-19
- 0
- 0
-19
Other operating expenses
-51
-16
17
-51
EBITDA *
83
144
67
294
Depreciation and impairment
-94
-39
49
-84
Operating profit (EBIT)
-11
105
116
210
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q3 2016
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
150
130
1
281
Internal revenues
59
- 0
-59
- 0
Net gain/(loss) from sale of project assets
- 0
- 0
- 0
- 0
Net income/(loss) from JV and associates
-0
- 0
- 0
-0
Total revenues and other income
209
130
-58
281
Cost of sales
-37
- 0
37
- 0
Gross profit *
172
130
-21
281
Personnel expenses
-21
0
- 0
-21
Other operating expenses
-41
-19
21
-38
EBITDA *
111
111
0
222
Depreciation and impairment
-48
-36
16
-68
Operating profit (EBIT)
63
75
16
154
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q2 2016
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
116
98
0
214
Internal revenues
322
- 0
-322
- 0
Net gain/(loss) from sale of project assets
1
- 0
- 0
1
Net income/(loss) from JV and associates
-2
- 0
- 0
-2
Total revenues and other income
437
98
-322
213
Cost of sales
-275
- 0
275
- 0
Gross profit *
162
98
-47
213
Personnel expenses
-24
-0
- 0
-24
Other operating expenses
-39
-16
17
-37
EBITDA *
100
82
-29
153
Depreciation and impairment
-44
-30
15
-60
Operating profit (EBIT)
55
51
-14
93
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Q1 2016
PROPORTIONATE FINANCIALS GROUP
RESIDUAL OWNERSHIP INTERESTS
ELIMINATIONS
IFRS FINANCIALS
NOK MILLION
External revenues
103
125
1
228
Internal revenues
273
- 0
-273
- 0
Net gain/(loss) from sale of project assets
0
- 0
0
0
Net income/(loss) from JV and associates
-1
- 0
0
-1
Total revenues and other income
375
125
-272
228
Cost of sales
-228
- 0
228
- 0
Gross profit *
148
125
-45
228
Personnel expenses
-23
-0
0
-23
Other operating expenses
-41
-13
15
-39
EBITDA *
83
112
-30
165
Depreciation and impairment
-44
-31
16
-59
Operating profit (EBIT)
40
82
-14
107
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
IFRS Financials
IFRS financials
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
NOK MILLION
External revenues
228.2
214.4
280.7
289.6
276.5
279.0
279.7
285.8
283
273
283
311
331
382
532
565
630
722
731
688
693
736
846
762
724
720
784
773
Net gain/(loss) from sale of project assets
0.2
1.4
- 0
73.8
- 0
- 0
375.2
2.6
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-
-
- 0
-
- 0
- 0
-
-
-
- 0
- 0
-
- 0
Net income/(loss) from associated companies
-0.6
-2.4
-0.1
-0.2
-0.3
-0.1
0.0
-7.0
6
13
11
33
-4
-7
-20
3
-5
3
-7
-8
138
138
212
276
35
116
379
220
Total revenues and other income
227.9
213.4
280.6
363.1
276.3
278.9
654.9
281.5
289
286
294
344
327
376
512
568
625
725
724
679
831
874
1,059
1,039
759
836
1,163
993
Cost of sales
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-
-
- 0
-
- 0
- 0
-
-
-
- 0
- 0
-
- 0
Gross profit *
227.9
213.4
280.6
363.1
276.3
278.9
654.9
281.5
289
286
294
344
327
376
512
568
625
725
724
679
831
874
1,059
1,039
759
836
1,163
993
Personnel expenses
-23.3
-23.7
-20.5
-18.7
-24.3
-27.2
-26.8
-28.7
-32
-35
-32
-38
-36
-35
-42
-49
-54
-59
-71
-78
-82
-100
-98
-118
-117
-139
-135
-136
Other operating expenses
-39.4
-37.1
-38.4
-50.8
-29.7
-34.6
-33.6
-45.4
-44
-39
-42
-49
-49
-51
-52
-82
-69
-86
-116
-153
-118
-104
-134
-146
-208
-150
-142
-168
EBITDA*
165.2
152.6
221.7
293.6
222.3
217.0
594.5
207.4
212
212
221
257
242
290
418
436
503
580
538
448
631
670
827
775
433
547
886
689
Depreciation, amortisation and impairment
-58.6
-59.6
-68.1
-83.7
-62.0
-66.0
-60.3
-59.8
-63
-62
-78
-71
-97
-101
-148
-165
-175
-203
-195
-204
-187
-200
-268
-236
-1,149
-211
-241
-231
Operating profit (EBIT)
106.6
93.0
153.6
209.9
160.3
151.1
534.3
147.6
150
150
143
187
145
188
270
271
328
377
343
244
444
470
558
539
-716
336
645
458
Net financial expenses
-141.1
-87.0
-141.5
-94.4
-122.5
-151.7
-122.5
-135.6
-133
2
-83
-92
-120
-162
-183
-226
82
-454
-333
-825
-344
-279
-328
-301
-295
-380
-268
-875
Profit before income tax
-34.6
6.0
12.1
115.5
37.8
-0.7
411.8
12.0
16
152
60
95
25
27
87
45
410
-77
10
-581
100
191
230
238
-1,011
-44
377
-417
Income tax (expense)/benefit
11.6
-0.5
-0.9
-38.7
-6.7
2.2
-5.0
-13.4
-4
-50
-24
-19
-13
-6
-20
10
-111
-4
-34
19
-59
-81
-61
-102
-50
-24
-42
-16
Profit/(loss) for the period
-23.0
5.5
11.2
76.8
31.0
1.5
406.8
-1.4
12
102
36
76
12
21
66
56
299
-81
-24
-561
42
110
169
136
-1,062
-68
335
-433
Profit/(loss) attributable to:
Equity holders of the parent
-46.2
4.6
-1.1
46.2
3.63
-12.7
383.0
-34.9
-18
98
14
45
-33
-25
31
-12
235
-98
-57
-558
18
93
131
146
-1,133
-97
255
-359
Non-controlling interests
23.2
0.9
12.3
30.5
27.41
14.1
23.8
33.5
30
4
22
31
45
45
36
68
64
17
33
-3
24
17
38
-11
71
29
80
-74
-23.0
5.5
11.2
76.8
31.04
1.5
406.8
-1.4
12
102
36
76
12
21
66
56
299
-81
-24
-561
42
110
169
136
-1,062
-68
335
-433
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
Proportinate per segment
Proportinate Financials per segment
HISTORICAL PRPORTIONATE FINANCIALS WITH 2016-2019 SEGMENT STRUCTURE
PROPORTIONATE FINANCIALS WITH NEW SEGMENT STRUCTURE
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2019 restated
Q2 2019 restated
Q3 2019 restated
Q4 2019 restated
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021**
Q2 2021**
Q3 2021**
Q4 2021**
Q1 2022
Q2 2022
Q3 2022
Q4 2022
GROUP PROPORTIONATE FINANCIALS
No change in total group proportionate in restated segment financials for 2019
NOK MILLION
External revenues **
103
116
150
130
125
143
139
126
126
142
146
169
197
260
343
365
197
260
343
365
391
467
463
406
868
884
1,075
1,073
937
1,021
1,316
1,268
Internal revenues
273
322
59
17
19
24
411
321
446
1,086
1,113
1,497
1,331
1,388
1,179
1,278
1,331
1,388
1,179
1,278
475
458
93
92
85
123
121
97
77
109
502
727
Net income from JV and associated companies
-1
-2
-0
-0
-0
-0
-0
-5
- 0
- 0
- 0
-0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-
-
- 0
- 0
-
-
-
- 0
- 0
-
- 0
Total revenues and other income
375
437
209
153
144
167
924
444
572
1,229
1,259
1,666
1,528
1,648
1,522
1,642
1,528
1,648
1,522
1,642
866
925
556
497
953
1,007
1,196
1,169
1,014
1,130
1,818
1,995
Cost of sales **
-228
-275
-37
-0
- 0
- 0
-356
-256
-376
-878
-917
-1,233
-1,112
-1,149
-958
-1,056
-1,112
-1,149
-958
-1,056
-368
-330
-25
-40
-47
-110
-112
-118
-213
-226
-580
-795
Gross profit *
148
162
172
152
144
167
569
188
196
351
342
432
417
500
565
586
417
500
565
586
497
596
530
457
906
897
1,084
1,051
-801
904
1,237
1,199
Personnel expenses
-23
-24
-21
-19
-24
-27
-27
-30
-32
-35
-31
-39
-39
-38
-44
-52
-39
-38
-44
-52
-56
-61
-71
-71
-99
-112
-106
-132
-128
-155
-143
-149
Other operating expenses
-41
-39
-41
-51
-33
-40
-41
-52
-55
-50
-54
-64
-62
-73
-87
-100
-62
-73
-87
-100
-95
-119
-140
-163
-172
-184
-211
-237
-278
-232
-245
-265
EBITDA*
83
100
111
83
87
100
500
106
109
266
257
329
315
388
433
434
315
388
433
434
346
417
319
223
636
601
767
683
396
517
850
786
Depreciation, amortisation and impairment
-44
-44
-48
-94
-40
-42
-39
-39
-38
-40
-57
-53
-82
-90
-116
-171
-82
-90
-116
-171
-140
-155
-161
-160
-230
-236
-331
-283
-1,170
-287
-316
-317
Operating profit (EBIT)
40
55
63
-11
47
57
461
66
71
226
200
276
233
298
317
263
233
298
317
263
206
262
159
63
406
364
436
399
-774
230
534
469
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
** Q1-Q4 2021 figures for Philippines have been adjusted due to change in accounting policy for bilateral contracts as disclosed in Note 10 to Q3 2022 condensed interm consolidated financial statements. Revenues and cost of sales are presented in net amounts. Adjustments are NOK 56 million in Q1 2021, NOK 94 million in Q2 2021, NOK 58 million in Q3 2021 and NOK 81 million in Q4 2021
POWER PRODUCTION PROPORTIONATE FINANCIALS
Q1 2019 restated
Q2 2019 restated
Q3 2019 restated
Q4 2019 restated
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021**
Q2 2021**
Q3 2021**
Q4 2021**
Q1 2022
Q2 2022
Q3 2022
Q4 2022
NOK MILLION
External revenues **
103
116
150
130
125
143
139
126
126
142
146
169
197
258
343
365
197
258
343
365
391
458
457
402
868
875
1,072
1,073
933
1,010
1,311
1,258
Internal revenues
2
2
2
6
11
7
9
11
12
14
14
14
- 0
- 0
- 0
- 0
-
-
-
- 0
- 0
- 0
-
-
-0
5
- 0
4
Net income from JV and associated companies
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-
- 0
- 0
- 0
- 0
-
-
-
- 0
- 0
- 0
-
-
-
-
-
- 0
Total revenues and other income
103
116
150
130
127
145
141
131
137
150
155
180
208
272
357
379
197
258
343
365
391
458
457
402
868
875
1,072
1,073
933
1,015
1,311
1,262
Cost of sales **
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-
-
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-
- 0
-23
-67
-74
-104
-208
-204
-210
-230
Gross profit *
103
116
150
130
127
145
141
131
137
150
155
180
208
271
357
379
197
258
343
365
391
458
457
402
844
808
999
968
725
810
1,101
1,032
Personnel expenses
-3
-3
-3
-3
-4
-4
-4
-4
-4
-4
-3
-6
-7
-8
-9
-9
-5
-5
-5
-6
-5
-5
-9
-8
-24
-23
-23
-29
-23
-33
-30
-39
Other operating expenses
-18
-19
-22
-23
-16
-20
-18
-21
-27
-25
-26
-35
-33
-43
-52
-61
-28
-37
-47
-55
-55
-78
-69
-74
-116
-126
-153
-176
-213
-160
-164
-172
EBITDA*
82
94
125
104
108
121
119
107
106
121
127
139
168
221
296
309
164
216
291
304
331
374
379
320
704
660
823
763
489
617
907
821
Depreciation, amortisation and impairment
-41
-39
-46
-91
-39
-41
-38
-39
-36
-39
-38
-52
-67
-83
-107
-155
-67
-83
-107
-155
-125
-144
-149
-149
-221
-227
-272
-252
-1,044
-277
-291
-306
Operating profit (EBIT)
41
55
79
13
69
80
81
68
70
82
89
88
101
138
190
154
97
133
184
149
206
230
230
171
483
432
551
511
-555
340
616
515
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
** Q1-Q4 2021 figures for Philippines have been adjusted due to change in accounting policy for bilateral contracts as disclosed in Note 10 to Q1 2022 condensed interm consolidated financial statements. Revenues and cost of sales are presented in net amounts. Adjustments are NOK 56 million in Q1 2021, NOK 94 million in Q2 2021, NOK 58 million in Q3 2021 and NOK 81 million in Q4 2021
OPERATION & MAINTENANCE *
From 2020 Operations & Maintenance is reported in the new segment "Services". Restatement of 2019 is not applicable.
NOK MILLION
External revenues
1
- 0
1
-
-
-
-
-
-
-
-
- 0
-
-
-
1
-
-
-
-
Internal revenues
12
15
19
14
15
20
20
15
14
30
22
15
17
29
35
33
-
-
-
-
Net gain/(loss) from sale of project assets
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net income/(loss) from JV and associates
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total revenues and other income
13
16
20
14
15
20
20
15
14
30
22
15
17
29
35
34
-
-
-
-
Cost of sales
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Gross profit
13
16
20
14
15
20
20
15
14
30
22
15
17
29
35
34
-
-
-
-
Personnel expenses
-3
-3
-3
-2
-3
-3
-4
-4
-5
-5
-6
-7
-7
-7
-9
-10
-
-
-
-
Other operating expenses
-5
-4
-4
-7
-6
-6
-7
-7
-7
-6
-5
-6
-8
-8
-8
-13
-
-
-
-
EBITDA
6
9
12
5
5
10
9
4
2
19
11
2
3
14
18
11
-
-
-
-
Depreciation, amortisation and impairment
-1
-1
-1
-1
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-1
-1
-1
-1
-
-
-
-
Operating profit (EBIT)
5
8
12
4
5
10
9
4
2
19
11
2
2
13
17
10
-
-
-
-
* from 2020 Operations & Maintenance is reported in the new segment "Services"
SERVICES
Q1 2019 restated
Q2 2019 restated
Q3 2019 restated
Q4 2019 restated
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
NOK MILLION
External revenues
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
1
- 0
0
-
1
1
1
1
1
2
5
4
8
Internal revenues
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
29
42
49
47
52
73
60
44
55
67
69
65
63
75
78
77
Net income from JV and associated companies
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-
0
-
- 0
- 0
- 0
-
-
- 0
- 0
-
- 0
Total revenues and other income
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
29
42
49
48
52
73
60
45
56
68
69
66
66
79
82
85
Cost of sales
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
0
-
- 0
- 0
- 0
-
-
-0
1
- 0
-0
Gross profit *
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
29
42
49
48
52
73
60
45
56
68
70
66
65
81
82
84
Personnel expenses
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-9
-10
-12
-14
-17
-21
-18
-19
-22
-23
-25
-26
-26
-31
-32
-31
Other operating expenses
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-13
-14
-14
-18
-19
-18
-21
-17
-17
-21
-23
-29
-23
-29
-28
-38
EBITDA *
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
7
19
23
16
16
34
22
10
17
24
22
11
16
20
22
16
Depreciation, amortisation and impairment
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-2
-1
-2
Operating profit (EBIT)
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
6
18
22
15
15
33
21
9
16
23
21
10
15
18
21
14
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
DEVELOPMENT & CONSTRUCTION
No change for Development and Constuction in restated proportionate financials for 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
NOK MILLION
External revenues
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
2
- 0
- 0
- 0
2
- 0
- 0
- 0
6
5
1
- 0
2
1
-
-
5
-1
1
Internal revenues
258
304
37
0
0
385
296
417
1,045
1,077
1,466
1,297
1,337
1,121
1,222
1,297
1,337
1,121
1,222
414
377
25
45
24
49
43
18
5
20
412
627
Net income from JV and associated companies
-1
-2
-0
-0
-0
-0
-0
-5
- 0
- 0
- 0
-1
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
0
-
- 0
- 0
-
-
-
-
- 0
-
- 0
Total revenues and other income
257
304
37
6
-0
-0
760
294
417
1,045
1,077
1,466
1,297
1,339
1,121
1,222
1,297
1,339
1,121
1,222
414
383
30
46
24
51
43
18
5
25
412
628
Cost of sales
-228
-275
-37
-0
- 0
- 0
-356
-256
-376
-878
-917
-1,233
-1,112
-1,149
-958
-1,056
-1,112
-1,149
-958
-1,056
-369
-329
-26
-40
-24
-43
-39
-14
-4
-23
-370
-565
Gross profit *
30
28
-0
6
-0
-0
405
38
42
167
160
232
185
190
163
166
185
190
163
166
46
53
4
6
- 0
7
4
4
-
3
41
62
Personnel expenses
-10
-10
-7
-8
-8
-11
-10
-13
-13
-15
-13
-13
-14
-13
-13
-20
-14
-13
-13
-20
-19
-20
-21
-25
-36
-40
-36
-50
-53
-57
-56
-50
Other operating expenses
-12
-7
-7
-16
-7
-7
-11
-15
-13
-11
-17
-17
-13
-12
-18
-15
-13
-12
-18
-15
-11
-13
-10
-18
-24
-21
-21
-11
-23
-26
-31
-32
EBITDA *
8
12
-14
-18
-15
-18
384
10
15
140
130
202
159
165
133
132
159
165
133
132
15
22
-27
-38
-60
-54
-53
-57
-75
-81
-45
-20
Depreciation, amortisation and impairment
-2
-5
-2
-2
-1
-1
-1
-1
-1
-1
-18
-1
-13
-5
-7
-13
-13
-5
-7
-13
-10
-4
-7
-5
-2
-2
-52
-22
-118
-0
-17
-1
Operating profit (EBIT)
5
7
-16
-20
-16
-18
383
9
15
139
113
201
146
160
125
119
146
160
125
119
5
17
-33
-43
-62
-56
-105
-79
-193
-81
-63
-22
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
CORPORATE
* no change for Corporate in restated proportionate financials for 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
NOK MILLION
External revenues
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
2
2
1
- 0
6
2
-2
1
2
2
2
Internal revenues
2
2
2
3
3
3
3
4
4
4
4
5
6
9
9
7
6
9
9
7
8
9
7
4
6
7
9
14
9
10
12
19
Net income from JV and associated companies
- 0
- 0
- 0
- 0
- 0
- 0
- 0
0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
0
-
-
- 0
- 0
-
-
-
- 0
-
- 0
Total revenues and other income
2
2
2
3
3
3
3
4
4
4
4
5
6
9
9
7
6
9
9
7
8
11
9
5
6
13
11
11
10
12
13
21
Cost of sales
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-
-
- 0
- 0
-
-
- 0
-
0
-
- 0
- 0
- 0
-
-
-
0
- 0
1
Gross profit *
2
2
2
3
3
3
3
4
4
4
4
5
6
9
9
7
6
9
9
7
8
11
9
5
6
13
11
11
10
12
13
21
Personnel expenses
-7
-8
-8
-6
-9
-9
-9
-8
-10
-10
-10
-13
-11
-10
-14
-13
-11
-10
-14
-13
-14
-14
-24
-20
-17
-26
-22
-26
-27
-33
-25
-28
Other operating expenses
-7
-9
-7
-6
-4
-7
-5
-11
-8
-8
-6
-6
-9
-10
-9
-12
-9
-10
-9
-12
-10
-10
-40
-53
-14
-16
-14
-20
-18
-18
-22
-23
EBITDA *
-12
-15
-13
-8
-11
-14
-11
-15
-14
-14
-11
-14
-14
-11
-14
-18
-14
-11
-14
-18
-16
-13
-54
-69
-25
-28
-25
-35
-34
-39
-34
-30
Depreciation, amortisation and impairment
-0
-0
-0
-0
-0
-0
-0
-0
-0
-0
-1
-1
-1
-2
-1
-2
-1
-2
-1
-2
-5
-5
-5
-5
-6
-6
-6
-8
-7
-7
-6
-9
Operating profit (EBIT)
-12
-15
-13
-9
-11
-14
-11
-15
-14
-14
-12
-15
-16
-13
-16
-20
-16
-13
-16
-20
-21
-18
-59
-74
-31
-35
-31
-42
-40
-47
-40
-39
*Reference is given to the quarterly report for a definition of Alternative Performance Measures (APM)
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Scatec ASA published this content on 03 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 February 2023 08:07:05 UTC.
Scatec ASA is a Norway-based renewable energy solutions provider. The Company develops, builds, owes and operates solar, wind and hydro power plants and storage solutions across four continents. Scatec reports on four operating business segments: Power Production (PP), Services, Development & Construction (D&C) and Corporate. The Power Production segment manages the Groupâs power producing assets and derives its revenue from the production and sale of solar, winds and hydro generated electricity based on long-term Power Purchase Agreements or Feed-inTariffs. The Services segment comprises Operations & Maintenance (O&M) and Asset Management services provided to solar and hydro power plants where Scatec has economic interest. The Development & Construction segment derives its revenue from the sale of development rights and construction services to project entities. Corporate consists of the activities of corporate and management services.