Magnora ASA: Third quarter 2022

08 Nov 2022 07:00 CET

8.11.2022 07:00:01 CET | Magnora ASA | Additional regulated information required
to be disclosed under the laws of a member state

8 November 2022: Magnora, a Norwegian renewable energy development company,
releases its financial report for the third quarter 2022.

Highlights:

* The third quarter continued the positive momentum across our portfolio
companies, with new investments identified, new funding, and important
milestones reached.
* We see stronger interest of doing business with our portfolio companies
compared to previous quarters, and our portfolio companies continued
origination of more land and grid connections, instrumental for our value
creation.
* We received our first dividend from our Swedish solar project development
company Helios in August, and it is a significant milestone for our company
less than 18 months from first investment into Helios.
* In September we successfully closed a seven times oversubscribed private
placement raising a total of NOK 200 million at a price of NOK 22.35 per
share, of which NOK 100 million was pre-allocated to Hafslund. Hafslund is
now the single largest investor in Magnora at 6.7 percent.
* Magnora, Hafslund and Helios agreed to establish a solar PV development
company for the Norwegian market. In addition, Hafslund signed an MOU with
Magnora for further cooperation in renewable development.
* We started to provide financial targets in our Q2 report and expect our net
share of asset sales in the portfolio companies to be 150-250 MW for the full
year 2022. The price range per MW is expected to be NOK 0.5-1.5 million
depending on the risk profile and unit economics in the projects sold. In
certain segments and private platform transactions we have seen prices both
higher and lower than this range.
* Magnora is still considering solar PV opportunities in other markets in
Northern Europe and beyond.
* Evolar has secured first- and second-line vendors for its solutions and
experiences increased interest in its solutions. The company continues to
reach its cell efficiency and productivity milestones. Evolar has received
interest from external investors. Evolar is considering various financial
alternatives.
* Helios has grown its portfolio to a total of more than 2,000 MW and is
engaged in multiple sales discussions. Potential new sales can be expected in
the near term.
* Magnora South Africa was granted its first environmental authorisation for
the development of a solar PV project of 260 MW. The plant will have an
estimated production of over 600 GWh per year.
* Magnora South Africa continues to explore new expansion opportunities within
the country and has already engaged in several commercial discussions.
* Magnora Offshore Wind is progressing through consenting phase for Scotwind N3
area (495 MW), according to plan and preparing for the leasing rounds for the
Celtic Sea, and for Utsira Nord in Norway.
* Magnora, Prime Capital and Troms Kraft have established Neptun Tromsø AS to
develop a large-scale production facility for the production of green ammonia
to serve the maritime and chemical industries in Tromsø, Norway.
* Magnora entered the fast-growing UK Solar PV and battery storage market
through a partnership with an experienced local developer. with an initial
capacity under development of 60 MW solar PV and 70 MWh of battery storage.
After the close of the quarter, the partnership established a 80MW/160MWh
Battery Energy Storage System(BESS) project. The partnership continues to
search for new opportunities while maturing existing projects to be ready for
sale in 2023.
* Adjusted EBITDA* for third quarter 2022 was negative NOK 1.6 million. EBITDA
continues to be impacted by development costs mainly consolidated in from
Evolar, Magnora Offshore Wind, and Magnora South Africa.
* Magnora has targeted net sale in Magnora or Magnora portfolio companies for
2023 to be in the range of 200-325MW
* As of 30 September 2022, cash and cash equivalents amounted to NOK 196.4
million. Available cash and loan facilities totals NOK 271.8 million at the
end of the quarter.

The third quarter report and presentation are attached to this announcement.

The report 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://channel.royalcast.com/landingpage/hegnarmedia/20221108_10/ -
https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fchannel.royalc
ast.com%2Flandingpage%2Fhegnarmedia%2F20221108_10%2F&data=05%7C01%7Cmss%40crux.n
o%7C03333ee7fdbb4fe614de08dabe51c53f%7C387e2ad2bbbe44a182b07c03b277902e%7C0%7C0%
7C638031555651596980%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzI
iLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=pLZE0r23YCxab69KugeiEUvPbl
poOf62ox8qvVNQynY%3D&reserved=0

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,
Hafslund Magnora Sol AS, Neptun Tromsø AS, 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/17847805/1873/2535/Download%20announcement
%20as%20PDF.pdf

Magnora ASA Q3 2022 Report.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/1873/2533/Magnora%20ASA%20Q3%2020
22%20Report.pdf

Magnora ASA Q3 2022 Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/1873/2534/Magnora%20ASA%20Q3%2020
22%20Presentation.pdf

More information:
Access the news on Oslo Bors NewsWeb site

574969_en_Magnora ASA Q3 2022 Presentation.pdf
574969_en_Download announcement as PDF.pdf
574969_en_Magnora ASA Q3 2022 Report.pdf