31 May 2023
Aega ASA had revenues of EUR 722 thousand in the first quarter of 2023 (Q1 2022
EUR 457 thousand). EBITDA was positive with EUR 303 thousand (210).
"We are pleased to report increasing production in line with our own
expectations. Our focus on efficient operations and cost control remains, and
even though there are some seasonal effects in Q1 I am satisfied to see this
reflected in a strong cash flow from operations and positive EBITDA. We have
proved our business model, and with a cost effective, dedicated, and persistent
team the question is now about finding partners or investors to execute on the
many business scaling opportunities we see in one of Europe's best regions for
solar power", says CEO Nils P. Skaset.
The European energy situation:
"The energy markets are still volatile and even though Italian (gas) inventories
are high, as the winter was mild, we still see disturbances that leads to large,
if no longer extreme, price fluctuations in the electricity markets. We prepare
for several outcomes when it comes to second half of 2023 and have done some
hedging for this period" Skaset adds.
Attached is the company's first quarter report.
For more information contact
Nils P. Skaset, CEO
+47 951 88 154
ceo@aega.no
About Agea
Aega ASA is an energy company listed on Euronext Expand in Oslo. Aega's main
focus is the solar power market. The company acquires and operates smaller
existing Italian solar power plants. In addition to being an industrial energy
producer we also consider investments in the solar and renewable energy sector.
The company's head offices are in Oslo (NO) and Trento (IT).
For more information, see www.aega.no