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Scatec ASA: First quarter impacted by Ukraine
Oslo, 6 May 2022: In the first quarter 2022, Scatec's proportionate revenues
reached NOK 1,014 million (954) with an EBITDA of NOK 398 million (636). Power
production reached 868 GWh (854).
"Our first-quarter results were impacted by Russia's war in Ukraine, the
broader geopolitical uncertainty and seasonality in the Philippines. Moving
forward, we expect to bring our backlog into construction during this year and
we will continue to grow our pipeline in core markets for our traditional
renewable energy solutions. In addition, we will have a strong focus on further
developing our green ammonia and green hydrogen business," says Terje Pilskog,
CEO of Scatec.
"We will execute our growth strategy by applying focus and discipline in
everything we do, and I look forward to continuing developing our strong
position as a leader in renewable energy solutions," adds Pilskog.
Proportionate Power production
Power Production revenues continued to be the main contributor in the quarter,
with revenues of NOK 933 million (868) driven by increased production in solar
and wind, and an EBITDA of NOK 490 million (704), impacted by loss provisions in
Ukraine and hydrology variations in the Philippines.
Financial optimisation, green ammonia, and battery storage investment
During the quarter, Scatec announced the refinancing of power plants in South
Africa, Vietnam, and Egypt at improved terms, demonstrating the company's
ability to find innovative financial solutions and new funding sources to
enhance project returns. Scatec also continued building a leading position
within green ammonia and hydrogen at attractive locations in Oman and Egypt,
with favourable conditions for renewable energy. The company made its first
stand-alone investment in a 20 MW battery energy storage system in the
Philippines, marking a key milestone of Scatec's growth strategy in the country.
On 24 February, Russia attacked Ukraine, a war that has now entered its third
month. We witness a country under siege and countless lives lost in defence of
their home. This situation has given rise to a major humanitarian and
geopolitical crisis. Our top priority is the safety and wellbeing of our
Ukrainian colleagues. Scatec's plants are 95 per cent operational; however, the
situation remains volatile, and we continue to monitor the situation closely.
Scatec made an impairment of NOK 770 million of non-current assets and a credit
loss provision on trade and other receivables of NOK 87 million on a
proportionate basis in Ukraine during the quarter.
The 2022 guidance has been adjusted based on the situation in Ukraine. We now
expect to produce between 3.9 to 4.2 TWh on a proportionate basis and generate
an EBITDA for 2022 of NOK 2.3 to 2.6 billion.
Backlog and projects
Scatec has a backlog of five projects totalling 1.7 GW of solar and 1.1 GWh of
battery storage capacity after discontinuing development of Mali and Bangladesh
in the quarter. Scatec made good progress on these projects during the quarter
and aims to reach financial close and start construction on all projects during
2022.? Despite challenges including cost inflation, Scatec expects these
projects to deliver returns and margins in line with the company's guidance?.
Scatec's first-quarter consolidated revenues were NOK 759 million (831), with an
EBITDA of NOK 433 million (631). The consolidated net loss was NOK 1,062 million
Changes to executive team
Scatec is also announcing some key changes to the executive management today.
Kate Bragg, who joined Scatec in August 2021 as Head of Strategy and M&A, will
join the team as EVP Corporate Development, while Ann-Mari Lillejord, who re-
joined Scatec in April 2022, will become EVP Project Development.
In addition, Power-to-X will be lifted to executive level and this area will be
managed by PÃ¥l Helsing in the interim, in addition to his current role as EVP
Solutions. Release, a flexible leasing agreement of pre-assembled and
containerised solar PV and battery equipment, will become an independent
A Factsheet with detailed information related to Scatec's projects in operation,
under construction and in backlog has today been published on Scatec's web page.
Link: scatec.com/investor (https://scatec.com/investor/events-presentations/)
Proportionate historical financial information on a country-by-country level is
attached to the stock exchange notice but has been removed from the report.
A presentation of the results, followed by a Q&A session will be held at
Scatec's headquarters at SkÃ¸yen Atrium III (1(st) floor), Askekroken 11, 0277
Oslo, today at 09:00 am CEST. You can also follow the presentation and Q&A
session from our website www.scatec.com
41r8xmAm_mY=), or this direct link: Scatec Webcast Q1 2022.
For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, tel: +47 974 38 86,
For media: Meera Bhatia, SVP Communications, tel:
+47 46 84 49 59, firstname.lastname@example.org (mailto:email@example.com)
Scatec is a leading renewable energy solutions provider, accelerating access to
reliable and affordable clean energy in high growth markets. As a long-term
player, we develop, build, own and operate renewable energy plants, with 3.5 GW
of installed capacity across four continents today. We are targeting 15 GW of
renewable capacity to be in operation or under construction by the end of 2025,
delivered by our 600 passionate employees who are driven by a common vision of
'Improving our Future'. Scatec is headquartered in Oslo, Norway and listed on
the Oslo Stock Exchange under the ticker symbol 'SCATC'. To learn more,
visit www.scatec.com (https://www.globenewswire.com/Tracker?data=vr-
NRsEg==) or connect with us on LinkedIn
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading A
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Pexip Q1 2022 - Key focus on accelerated return to profitability
Oslo, Norway, May 12, 2022 - The video communications provider, Pexip Holding ASA ("Pexip" or "The Company", Oslo BÃ¸rs Ticker: PEXIP), today presented its quarterly results for the first quarter of 2022, showing revenue of NOK 222.5 million, a growth of 24 percent year-on-year and EBITDA margin of -23%, affected by the company's significant investments in future growth.
As previously communicated, Pexip is accelerating its return to positive financial results, and targets a return to positive EBITDA in Q4 2022 and for the full year 2023. Pexip's new CEO, Trond K. Johannessen, took the reins on April 20.
"The Covid 19 pandemic has changed the videoconferencing market landscape. Organizations across the globe have started to see the full potential of a video -enabled world, not just for internal company communication but also for mission -critical applications and high-security meetings. Video has become an integral part of many organizations' operations, strategies, and workflows. Pexip has created a focused strategy built on its core technology strengths to take advantage of these opportunities, and we are uniquely positioned to succeed. In order to do this in the most effective way, the Company needs to adapt its organizational structure to be able to better execute on the defined strategy and capitalize on the identified growth opportunities. At the same time, Pexip needs to reduce its overall cost level to accelerate the Company's return to profitable growth. Doing so will ensure a return to positive EBITDA in Q4 2022 and for the whole year of 2023. I am excited to have taken over as Pexip's CEO on April 20, and I am truly impressed with the capabilities of Pexip's technology and people as well as the high-caliber customers we serve. I look forward to working with the team to fully implement the planned changes that will fuel Pexip's return to profitability and future growth," said Trond K. Johannessen, Pexip CEO.
Q1 2022 - Key Figures
Pexip's subscription base measured in Annual Recurring Revenue (ARR) reached USD 105.6 million in Q1 2022, up from USD 87.2 million in Q1 2021, representing an increase of 21%, driven by higher sales from both product areas, Pexip self -hosted software and Pexip as-a-Service.
Key highlights for the quarter include:
Â· Pexip's ARR reached USD 105.6 million, reflecting a 21% growth year-on-year
Â· ARR was reduced quarter-on-quarter by USD 0.8 million. Underlying ARR growth
was USD 1.2 million, adjusted for a change in pricing model with a strategic
partner. This change is expected to drive more than USD 4 million ARR growth
Â· Revenues were at NOK 222.5 million, 24% growth year-on-year, driven by both
Â· EBITDA was at negative NOK 51.8 million, representing a negative 23% EBITDA
margin compared to a negative 30% EBITDA margin in Q1 2021
Â· Non-recurring cash outflows of total NOK 147 million for share buyback and
portfolio purchases drove extraordinary negative cash flow in the quarter.
Current cash reserves considered sufficient to drive growth and return to
Â· Net revenue retention rate, reflecting the percent of retained revenue from
existing customers, was 95% year-on-year, including churn of 9.2% year-on-year.
The reduction in net revenue retention rate was driven by a decline in net
upsell, which was at USD 3.4 million in Q1 2022
Â· Pexip closed its first customers through Microsoft Azure marketplace and had
a strong momentum within Secure Spaces and in public sector sales in the quarter
Q1 2022 - key deals included:
Â· VÃ¤stra GÃ¶taland Regional Council - Public sector organization in Sweden
Â· Central European Ministry of Justice
Â· DLA Piper - Leading multinational law firm
Â· Significant upsell to US Department of Veterans Affairs - Executive branch
department of the federal government
Analyst consensus estimates
Every quarter ahead of the earnings announcement, Pexip collects earnings estimates from the equity analysts currently covering the Company. The consensus estimates and the methodology used in preparation of the consensus estimates are published on the Company's IR webpages here: https://investor.pexip.com/consensus.
Q1 results presentation
The first quarter results for 2022 will be presented by video webcast on Thursday, May 12, at 17:00 CEST. The presentation will be held in English by Trond K. Johannessen (CEO), Ã˜ystein Dahl Hem (CFO), and Ã…smund Fodstad (Chief Revenue Officer). Please register using this form: https://www.pexip.com/q1-2022 -results-presentation-registration. Questions can be submitted to IR@pexip.com. The presentation will be streamed via investor.pexip.com.
This information is subject to the disclosure requirements pursuant to Section 5 -12 the Norwegian Securities Trading Act.
Investors: Mirza Koristovic, Director Investor Relations, IR@pexip.com, +47 93 87 05 25
Media: Lars-Einar Petterson, Communication Manager Norway, Lars.firstname.lastname@example.org, +47 93 44 88 27 or Gillian Dalslaaen, VP Corporate Communications, email@example.com, +47 40 46 10 25
About Pexip | pexip.com
Pexip simplifies complex videoconferencing to empower organizations with face-to -face collaboration, no matter the location or technology. Our scalable platform enables high-quality video meetings, with enterprise-grade security, and is easily adapted to fit customers' IT requirements and existing infrastructure. This makes Pexip the leading provider for large enterprises and public sector organizations. The solution is sold through 300 channel partners in 75 countries and used in more than 190 countries. Pexip was listed on the Oslo BÃ¸rs in May 2020.
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