2024-01-26 13:34:04 ET
Scatec ASA (STECF)
Q4 2023 Results Conference Call
January 26, 2024 3:00 AM ET
Company Participants
Terje Pilskog - CEO
Hans Jakob Hegge - CFO
Presentation
Terje Pilskog
And a warm welcome to all of you attending our Fourth Quarter Presentation. Q4 was another strong quarter for Scatec, and I'm as excited as these guys to take you through the results. In Q4, we have continued to make good progress on our strategy. We have reached a number of important milestones and the financial results, as I've said, are very strong. As usual, I will start by going through these highlights before Hans Jakob will take you through the financials. And then towards the end, we will also open up for questions.
But firstly, let me take you through a summary of 2023.It has been a year of significant progress in implementing our strategy, and I'm proud of the achievements of our teams globally. In the Power Production segment, our operating assets generated 3.6 terawatt-hours of clean energy and delivered an EBITDA of NOK 3.2 billion. This is including gains on sale of assets. This represents avoidance of 3.9 million tonnes of greenhouse gas emissions on a 100% basis.
In the D&C segment, we generated all-time high D&C revenues of NOK 8.2 billion with a very strong average gross margin of 12% across the year. We crossed the finish line for Kenhardt and are close to completing Mendubim and Sukkur in Brazil and Pakistan.
And once fully operational, these 3 projects will generate NOK 750 million EBITDA to Scatec in our Power Production segment. We also secured NOK 2.7 billion of new growth funding through selling noncore assets, capital recycling and platform funding based on new partnerships. We divested 4 solar plants in South Africa, Mozambique, Argentina and in Rwanda. And they have also established Release as a robust platform and raised in total NOK 202 million in debt and equity funding in 2 separate transactions, including IOC and Climate Fund Managers. ...
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Scatec ASA (STECF) Q4 2023 Earnings Call Transcript