Scatec Solar increased revenue in 2018
Post date: 01/04/2019 - 20:34
Norwegian independent solar power producer Scatec Solar ASA nearly tripled revenues in 2018 reaching NOK 4.7 billion ($0.5 billion) in terms of »proportionate financials« compared to 2017 (NOK 1,6 billion), and raised it three years in a row (2016: NOK 1.1 billion), according to the company’s annual report published at the end of March. With proportionate financials, Scatec Solar reports its share of revenues, expenses, profits and cash flows from its subsidiaries without eliminations, based on the company’s economic interest in the subsidiaries. Profit was NOK 398 million (2017: NOK 326 million).
Consolidated revenues in accordance with International Financial Reporting Standards (IFRS) decreased to NOK 1.2 billion ($0.14 billion) in 2018 compared to NOK 1.4 billion in 2017. Financial income was NOK 197 million for 2018 (2017: NOK 51 million). The consolidated revenues and profits are mainly generated in the Power Production segment. Activities in Operation & Maintenance and Development & Construction segment mainly reflect deliveries to other companies controlled by Scatec Solar, for which revenues and profits are eliminated in the Consolidated Financial Statements.
The company’s asset portfolio in operation grew by 262 MW to 584 MW in 2018, »driven by new solar plants in commercial operation in Brazil, Honduras and Malaysia.« At the end of the year, 1,071 MW of new projects were under construction in eight countries. »From today’s 1,700 MW in operation and under construction, we have set a target to reach 3,500 MW by the end of 2021«, says Scatec CEO Raymond Carlsen. »With a solid pipeline and backlog of 4,700 MW at year-end 2018, we are on track to reach this target.«
For 2019, power production is expected to reach 1,050 to 1,150 GWh from plants in operation at year end 2018, compared to 681 GWh in 2018. The Board of Directors has proposed dividends of NOK 0.95 ($0.11 Dollar) per share.