“We take pride in the progress we have achieved since our capital markets update and in recent months. Our dedicated team is committed to driving transformative change through world-class renewable energy initiatives spanning from
“Crossing key milestones during the quarter, we have showcased operational excellence and business model resilience amid current challenging economic conditions. In addition, we have focused our activities to ensure our readiness for profitable growth. The pipeline has been streamlined; we have reduced operational costs levels and sold assets, both to recycle capital and reduce complexity in our portfolio,” adds Pilskog.
Strategy and way forward
Scatec’s strategy remains firm – to develop, build, own, and operate renewable energy, with a focus on growing renewables and optimising the portfolio.
However, the current macro-economic landscape, marked by record high interest rates is putting pressure on the cost of capital and project profitability.
The cash flow from Scatec’s operating plants is robust and will increase significantly over the next months with the new plants coming into operations. Growth and debt repayments will be funded by internal capacity coming from a strong and growing cash flow from operating assets, enhanced capital recycling activities, alternative ownership structures with reduced equity stake and no dividend payments.
“We continue to be committed to disciplined growth with attractive margins funded by internal capacity, while focusing on optimising our portfolio. The long-term fundamentals for renewables remain strong, and we’re adjusting in the short-term to navigate the current macro-economic and capital market situation, putting firm mitigating actions in place. We’re also accelerating our efforts on capital recycling and will also consider additional debt repayments,” adds Pilskog.
Outlook
The full year 2023 EBITDA estimate for Power Production is updated from
Dividend policy
Given the current macro-economic and capital market situation the Board of Directors have approved to change the dividend policy to no dividend. The dividend policy will be assessed annually by the board based on Scatec’s capital situation.
Additional information
Proportionate historical financial information on a country-by-country level is attached to the stock exchange notice.
A presentation of the results, followed by a Q&A session will be held at Scatec’s headquarters at Skøyen Atrium III (1st floor), Askekroken 11, 0277 Oslo, today at
For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38 686, andreas.austrell@scatec.com
For media:
About Scatec
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachments
Scatec third quarter report 2023Scatec third quarter presentation 2023Scatec Q3 historical financial information 2023
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