Scatec Solar delivered solid operational performance and strong financial results in fourth quarter 2018 with proportionate revenues of NOK 1,666 million (444), and EBITDA of NOK 329 million (106). Power production reached 108GWh on proportionate basis, an increase of more than 50% from the same period last year.
The revenues more than tripled compared to the same quarter last year, reflecting continued high activities in the Development & Construction segment with revenues of NOK 1,466 million (294), EBITDA of NOK 202 million (10) and a gross margin of 16%. For the Power Production segment, new plants in operation contributed to increase in volume and results.
"The fourth quarter has been one of the most eventful quarters ever for Scatec Solar. We have grid connected new projects in Brazil and Malaysia, increasing our total installed capacity to 584MW. We have also reached major milestones with financial close and start of construction for new solar plants in Argentina, Malaysia and Ukraine, as well as continued high construction activity across six countries as we realise 1.1GW of new capacity. Our record achievements in 2018 within several areas give us a solid basis to develop our business further in 2019 and beyond", says Raymond Carlsen, CEO of Scatec Solar.
Scatec Solar's fourth quarter consolidated revenues reached NOK 344 million (282), and EBITDA reached NOK 257 million (207).
For the full year 2018, Scatec Solar's proportionate revenues reached NOK 4.7 billion, up from NOK 1.7 billion in 2017. EBITDA reached NOK 961 million, up from 792 million in 2017. Cash flow to Scatec Solar's equity across all business segments reached NOK 481 million in 2018, compared to NOK 265 million in 2017.
The Board of Directors has proposed 2018 dividends of NOK 0.95 per share – to be approved by the Annual General Meeting to be held on 30 April 2019.
