Magnora ASA: First quarter 2022

Magnora ASA: First quarter 2022

10 May 2022 07:00 CEST

10.5.2022 07:00:00 CEST | Magnora ASA | Additional regulated information
required to be disclosed under the laws of a member state

10 May 2022: Magnora, a Norwegian renewable energy development company, releases
its financial report for the first quarter 2022.

Highlights:

* Magnora has experienced strong interest from banks, investors and partners
for its platform with projects and companies during the quarter with a
significant solar, wind projects and technologies across several countries
and areas.
* Evolar is experiencing strong interest for its unique and disruptive products
and services from smaller and larger Tier 1 industry players. The business is
developing according to plan. The company continues to mature its solar PV
enhancing perovskite technology. Several global solar players have announced
initiatives to focus on perovskite technology going forward.
* Our Nordic solar development company, Helios', project portfolio has reached
over 1.6 GW over 35 solar PV projects in the Nordics. Disposal processes for
the projects in Helios' portfolio confirm the projects are attractive to
operators and investors. Helios is in discussion to sell over another 200 MW
currently beyond the deals with OX2 and Commerz Real.
* Magnora acquired 92 percent of African Green Venture (AGV), a renewable
project development company in South Africa. The local AGV team will continue
developing Magnora's wind and solar PV projects in South Africa, as well as
searching for new project sites. The first projects will be in the
ready-to-build and/or sales phase later this year.
* Magnora has spent considerable time on business development and battery
storage in new markets as energy security and green energy supply is key for
the European economy.
* Magnora Offshore Wind (Magnora owns 80% and TechnipFMC owns 20%) was offered
the opportunity to enter into an Option Agreement for area N3 by the Crown
Estate Scotland in the ScotWind leasing round. The planned development will
have a total capacity of approximately 500 MW.
* Magnora Offshore Wind entered into a cooperation agreement with Hiraeth
Energy (Heads of Terms) for the development of two floating offshore wind
projects in the Celtic Sea with a total capacity of approximately 700 MW.
Magnora Offshore Wind is also considering other opportunities in the floating
wind market.
* The Penguins FPSO is, according to media articles, scheduled for sail-away in
the third quarter which will release the three remaining license payments
from Shell.
* Adjusted EBITDA* for first quarter 2022 was negative NOK 3.2 million. EBITDA
was impacted by slightly higher costs and less offloading during the quarter.
* Operating expenses high largely due to high activity level, one-off bonus
payments, audit fees, and option expenses (IFRS). Business development
activities were also slightly higher due to due diligence associated with a
few potential transactions in the first quarter of 2022.
* Ending cash balance as of 31 March was NOK 61.2 million.
* The NOK 50 million credit facility secured in the third quarter 2021 was
increased to NOK 100 million in March 2022 and remained undrawn at the end of
the first quarter 2022.

The first quarter report and presentation are attached to this announcement and
can also be found on: https://magnoraasa.com/investors

The company will host a webcast presentation at 10:00 CET this morning, which
can be accessed with the following link:
https://streams.eventcdn.net/magnoraasa/2022-q1/

The presentation will be followed by a Q&A session with the management.
Questions may be asked in writing during and after the presentation.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Erik Sneve, CEO, email: es at magnoraasa.com
* Torstein Sanness, Executive chairman, email: sanness at sf-nett.no

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) has a legacy royalty business that is re-invested in
renewable energy development projects and companies. Magnora's portfolio of
renewable companies consists of Evolar AB, Helios Nordic Energy AB, Kustvind AB,
Magnora Offshore Wind AS, Magnora South Africa, and AGV. The company is listed
on the main list on Oslo Stock Exchange under the ticker MGN.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/1432/1956/Download%20announcement
%20as%20PDF.pdf

Magnora Q1 2022 Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/1432/1953/Magnora%20Q1%202022%20P
resentation.pdf

Magnora ASA Q1 2022 Report.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/1432/1954/Magnora%20ASA%20Q1%2020
22%20Report.pdf

More information:
Access the news on Oslo Bors NewsWeb site

561619_en_Magnora ASA Q1 2022 Report.pdf
561619_en_Download announcement as PDF.pdf
561619_en_Magnora Q1 2022 Presentation.pdf

Source

Magnora ASA

Provider

Oslo Børs Newspoint