Brief: Scatec Adjusts 2023 EBITDA Estimate For Power Production To NOK 3.05-3.25 Bln

Scatec ASA

02/11/2023 06:13

Nov 2 (Reuters) - Scatec ASA  SCATC.OL :
    * OUTLOOK 2023: FULL YEAR 2023 EBITDA ESTIMATE FOR POWER PRODUCTION IS UPDATED FROM NOK 3.1
- 3.4
BILLION TO NOK 3.05 - 3.25 BILLION
    * OUTLOOK 2023: UPGRADE IS DRIVEN BY A REVISED PRODUCTION ESTIMATE FOR PHILIPPINES, SALE OF
SOLAR
PLANT IN ARGENTINA AND FOREIGN CURRENCY EFFECTS
    * GIVEN CURRENT MACRO-ECONOMIC AND CAPITAL MARKET SITUATION BOARD OF DIRECTORS HAVE APPROVED
TO
CHANGE DIVIDEND POLICY TO NO DIVIDEND
    * DIVIDEND POLICY WILL BE ASSESSED ANNUALLY BY BOARD BASED ON SCATEC'S CAPITAL SITUATION
    * CURRENT MACRO-ECONOMIC LANDSCAPE, MARKED BY RECORD HIGH INTEREST RATES IS PUTTING PRESSURE
ON
COST OF CAPITAL AND PROJECT PROFITABILITY
    * IS ALIGNING ITS GROWTH RATE TO INTERNAL FUNDING CAPACITY, TARGETING NOK 500 - 750 MILLION
OF
GROSS EQUITY INVESTMENTS ANNUALLY, IN LINE WITH COMPANY'S HISTORICAL GROWTH PACE
    * WILL UTILISE ITS INTEGRATED BUSINESS MODEL AND STAY COMMITTED TO DELIVERING RETURNS OF 1.2
TIMES
COST OF EQUITY, D&C GROSS MARGINS OF 8-10% AND O&M MARGINS OF 25-30%
    * 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

Source text for Eikon:  ID:nGNE3xv8LN 
Further company coverage:  SCATC.OL 

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