Half-year report EiDF Solar Group
January to June 2024
EiDF Solar
"This version of the condensed consolidated interim financial statements is a free translation from the original, which was prepared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of the condensed consolidated interim financial statements takes precedence over this translation."
INDEX
01
02
03
04
05
Exe c utiv e Sum mary | 04 |
Strategy & Significant figures | 05 |
Financial figures | 13 |
Business Plan update | 16 |
Good governance and Organisational structure | 19 |
EiDF Solar | Executive summary
In the first half of 2024, the EiDF Solar Group consolidated all the efforts it announced at the end of the 2023 financial year, including the following:
- Strengthening its equity position.
- The maintenance of a clearly positive working capital.
- Significant reduction in debt levels.
- Managing to generate positive EBITDA in an adverse environment in the energy market.
- The implementation of important changes in its governance and internal control systems, ensuring the quality of
financial information.
It has achieved all this with the great help of:
The challenges for the second half of the year are:
- Consolidate all improvements achieved
- Continue to reduce its debt
- To focus on a determined growth in the area of industrial self-consumption, in line with its Business Plan..
5
Strategy & Significant figures
EiDF Solar | Strategy
The EIF Group has focused its efforts on establishing a solid and solvent financial structure which allows it to grow its
business in an organized manner, in line with the development of its project portfolio.
The Group's future is guaranteed by three fundamental factors:
the strong support of its main shareholders, the value of the assets that make up its fixed assets and the strengthening of its
balance sheet structure as a result of the strategic decisions taken in recent months.
The Strategic Plan approved by the Board of Directors focuses on 2 aspects:
Financial drivers | 02 Business focus |
01 |
7
EiDF Solar | Significant figures
01FINANCIAL DRIVERS
To provide the Group with a financial structure at the equity level that allows it to
grow in an organized manner while guaranteeing its profitability.
This is materialized through 3 financial drivers:
WORKING CAPIAL | NET EQUITY | DEBT REDUCTION |
Establishment of a POSITIVE working | Improved guarantee ratios. | Improvement of solvency |
capital which guarantees the Group's | ratios. | |
day-to-day activities with the | ||
necessary cash flow. |
8
EiDF Solar | Significant figures
Key financial items
01WORKING CAPITAL OF EiDF GROUP
It amounts to more than
€20m
Increased cash flow in order to meet short term commitments
Working Capital
25,000,000
20,441,791
20,000,000
15,000,000
10,000,0009,633,590
5,000,000
0
12/31/2023 | 06/30/2024 | ||
9
*Working Capital is calculated by subtracting current assets from the Group's current liabilitie.
EiDF Solar | Significant figures
Key financial items
02 EiDF GROUP NET EQUITY
It has risen to more than €35m
The Group is patrimonialised, increasing its equity by more than
€42millions.
Net Equity | |||||||||||||||||||
40,000,000 | 34,934,215 | ||||||||||||||||||
30,000,000 | |||||||||||||||||||
20,000,000 | |||||||||||||||||||
10,000,000 | |||||||||||||||||||
-7,301,420 | |||||||||||||||||||
0 | |||||||||||||||||||
-10,000,000 | |||||||||||||||||||
06/30/2024 | |||||||||||||||||||
12/31/2023 | |||||||||||||||||||
10
EiDF Solar | Significant figures
Key financial items
03 REDUCTION OF DEBT
From december 2022…
Reduction of debt with credit entities and
other financial liabilities by
65%
.
Debt with credit entities and other financial liabilities
Debt with credit entities
160,000,000
140,000,000 135.7 M€
120,000,000
100,000,000
80,000,000
Reduction of debt with credit entities by
78%
60,000,000
61.3 M€
47.7 M€
40,000,000
20,000,000
13.2 M€
0
Dec.2022 | Jun 2023 | Dec 2023 | June 2024 | ||
11
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