29.2.2024 07:00:00 CET | Magnora ASA | Annual financial and audit reports

On 29 February, Magnora published its annual report for 2023. The company also
published sales guiding of 500-625MW for 2024 (up from 200-325 MW in 2023) and
raised its portfolio guiding for the second time in 9 months, now indicating an
11 GW landbank in 2025.

Magnora's board emphasized how the company's 2023 results would shape the
outlook for 2024.

 * Strong results and strong cashflow from old and new business allow Magnora to
   split the legacy business from the renewable business and streamline the
   businesses.
 * More of Magnora's portfolio companies are shifting from origination to sales,
   or from sales to delivery. Milestone payments are expected from multiple
   sources, alongside dividends and share buyback with more sales being
   recognized as revenues.
 * Organic growth looks set to continue across geographies and products, while
   farm-downs, and alliances remain a very real prospect in 2024 (cf. our stock
   exchange notice of August 2023, "Evaluation of Corporate Structure").
 * Net cash generated from disposals and other investment activities was NOK
   304.9 million (negative NOK 125.3 million in 2022).
 * Net cash at year end: NOK 347.6 million
 * Sold 420MW (net to Magnora), beating our 200-325MW guiding in 2023
 * Grew the portfolio (land bank) to 7.7 GW by the end of 2023
 * Net profit was NOK 178.9 million (versus NOK 3.9 million in 2022). The
   increase was mainly driven by the disposal of Evolar and two SPVs in South
   Africa, coupled with positive results from associated companies in the Group.


Below are the highlights for the year:

 * On 12 May 2023, Magnora sold all its holdings in Evolar to First Solar, Inc.
   for approximately USD 29 million (NOK 314 million) and additional milestone
   payments of up to USD 24 million (NOK 256 million with 10.65 USD/NOK rate).
 * On 21 June 2023, the annual general meeting of Helios approved SEK 60 million
   (NOK 59.9 million) in dividends to the shareholders. Magnora holds 40 percent
   of the shares in Helios and received approximately NOK 24 million.
 * On 12 July 2023, Magnora sold its first project in South Africa to Globeleq,
   one of the leading IPPs in Africa owned by Norfund and British International
   Investment. The agreement provided for an upfront payment and additional
   payments subject to the project reaching certain commercial and technical
   milestones. The project is a 153 MW battery storage project with the
   potential to add solar PV to make it a hybrid project.
 * On 26 July 2023, Helios divested seven projects with combined capacity of 252
   MW to Hafslund. This transaction is Helios's seventh and largest in terms of
   size and value to date, and the price per MW for the projects sold is in the
   high end of Magnora's price guiding. Hafslund is a leading European utility
   producing 21 TWh annually. Hafslund is also an owner in Magnora ASA.
 *  Magnora continued buying back its own shares and held 1,070,854 treasury
   shares at the balance sheet date. The maximum consideration set for shares
   acquired under the buyback program is NOK 45 per share and NOK 50 million in
   aggregate.
 *  On 23 August and 2 November, Magnora made a capital distribution of NOK
   0.187 per share. Technically, Magnora repays paid-in capital in excess of the
   share's par value, which can offer a tax advantage for some shareholders in
   certain jurisdictions.
 *  On 28 August, Magnora issued a press release regarding evaluation of
   corporate structure and the hiring of Pareto Securities to assist in the
   process of enhancing shareholder value. The restructuring process has
   progressed and is expected to be implemented during the first half of 2024.
 *  On 20 October, Magnora sold its second project in South Africa to Globeleq.
   The project is a solar PV project in an area with several potential
   industrial customers that have expressed an interest in private power
   purchase agreements (PPAs). The project was on 4 December expanded from 90 to
   125 MW, releasing additional payment to Magnora.
 * On 31 October, Magnora sold all its shares in the Neptun Tromsø project to a
   project partner. The agreement provided for a cash payment, yielding a profit
   on invested capital for Magnora. 
 * On 16 November, Magnora reached an agreement with NEO Energy and Dana
   Petroleum for redeployment of the Western Isles FPSO to the Greater Buchan
   Area ("GBA") where start-up is expected in 2026.

Please find attached the Annual Report 2023 for Magnora ASA.

The report is also available at www.magnoraasa.com - https://www.magnoraasa.com.

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 Solar PV UK, Hafslund Magnora Sol 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/17847805/2941/4136/Download%20announcement
%20as%20PDF.pdf

Magnoraasa_2023_12_31_en.zip -
https://kommunikasjon.ntb.no/ir-files/17847805/2941/4133/Magnoraasa_2023_12_31_e
n.zip

Magnora ASA 2023 Annual Report_en.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/2941/4134/Magnora%20ASA%202023%20
Annual%20Report_en.pdf

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