Nordic Financials ASA — Earnings Release 2020

Nov 30, 2020

Aega ASA: Financial results for the third quarter 2020

Aega ASA: Financial results for the third quarter 2020

30 November 2020 – Aega ASA (Aega) reported revenues of EUR 278,000 in the third quarter, up from EUR 77,000 in the same quarter last year. The EBITDA-result in the third quarter was EUR 72,900, an improvement from EUR -302,065 last year. Several key investments have been made in both the third and fourth quarter.

“Our power production continues to grow and we acquired one more solar park in the third quarter. Subsequent to the quarter, we have invested in Norsk Solar AS and signed binding agreements to acquire two further solar parks. Aega has gained momentum through this year’s third and fourth quarter and we expect this to contribute to higher revenues going forward,” says Nils Petter Skaset, CEO of Aega.

Aega reported revenues of EUR 278,000 in the third quarter (Q3 2019: EUR 77,000). The EBITDA-result in the third quarter was EUR 72,900 (EUR -302,065), with a net profit of EUR -82,123 (EUR -314,391). Total power generation in this year’s third quarter was 643,290 kWH (0 kWh).

Important events in this third quarter was the acquisition of the solar park Villapiana on Sardinia with financial effect from 30 July 2020. After closing, Aega spent time and resources to get the park up to Aega-standard. This work was completed in September.

“Our revenues will continue to grow in parallel with our increased power production. Having divested all our solar parks last year, we are focusing on re-building our portfolio, with the aim of returning to black numbers,” adds Skaset.

Aega has therefore worked intensively with its pipeline of acquisition targets in Italy and put a lot of effort into expanding its investments in the solar value chain. This is done to create and develop Aega as a platform for solar investments, and to secure a strategy that will be beneficial for Aega going forward.

Subsequent to the third quarter, Aega signed a mutually binding offer to acquire two solar parks in Italy with a total capacity of 2 MW (1+1 MW). Aega has also acquired an ownership share of 6 percent in fast-growing international integrated solar energy producer, Norsk Solar, for a cash consideration of NOK 20 million.

“From an acquisition perspective, 2020 represents one of the most active years in Aega’s history. Our aim is clearly to develop and grow the portfolio further. Near term goals are to keep a high momentum on our M&A activity in Italy,” adds Skaset.

ENDS

For further information, please contact:

Nils Petter Skaset, CEO of Aega ASA, tel: +47 951 88 154, e-mail: ceo@aega.no