1st Semester 2024 Financial Report
2 3 r d J U L Y 2 0 2 4
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2 0 2 4 H 1 R E S U L T S
2024 H1 Results and comparative evolution_
(Millons of €) | H1 2023 | % | H1 2024 | |||||
Turnover(1) | 570.9 | 0% | 571.4 | |||||
EBITDA (2) | 71.2 | 0% | 71.3 | |||||
% EBITDA on Turnover | 12.5% | 12.5% | ||||||
EBIT (2) | 40.1 | 1% | 40.6 | |||||
% EBIT on Turnover | 7.0% | 7.1% | ||||||
Comparable Net Income (3) | 23.8 | -14% | 20.5 | |||||
% Result on Turnover | 4.2% | 3.6% | ||||||
Attributable Net Income | 23.3 | -30% | 16.3 | |||||
- Positive organic growth (+5%), offset by lower sales following the divestment of part of the retail business distribution network.
- Sustained improvement in the operational profitability of the business.
- The net result continues to be affected by higher financial expenses.
3) | Comparable Net Income: refers to the attributable net income before discontinued operations. | 3 |
2 0 2 4 H 1 R E S U L T S
2024 H1 Results_
Sales
Organic sales growth +4.7% at constant currency vs. H1 2023.
Inorganic growth (9) subtracts -3.3% and the FOREX effect is negative by -1.2%.
MarginsResults
We continue with excellent | |
profitability: | The net result is impacted by a |
Contribution Margin and EBITDA to | significant increase in financial |
expenses. | |
sales levels above average in the | |
second quarter of the year. |
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2 0 2 4 H 1 R E S U L T S
Sustainable Services and 360º Projects Detail_
Sustainable | H1 2023 | H1 2024 | 360º | |||
Services | ||||||
Projects | ||||||
Turnover_ | 393.2€ | +2.1% | 401.4M€ | |||
29% | ||||||
CM (4) _ | 46.1€ | +7.9% | 49.7 M€ | |||
38% | ||||||
Sustainable | ||||||
360º | 62% | |||||
Services | ||||||
Projects | 71% | |||||
Turnover _ | 171.0€ | -4.6% | 163.2M€ | |||
CM (4) _ | 34.1€ | -9.9% | 30.8M€ | |||
*Percentage of turnover and contribution margin of 'Services and Projects' (€564.6m and €80.5m). Not including the sales and margin of the 'Participation in Infrastructures' segment (€6.8M and €4.5M).
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2 0 2 4 H 1 R E S U L T S
Sustainable Services and 360º Projects Detail_
Sustainable Services
12.4%
CM on Turnover
- It should be noted that the total sales growth (+2%) contains:
- Organic growth (+8%). This organic growth accelerated and reached levels of almost +10% in a single quarter (Q2), showing the strength and opportunities of the segment, and amply surpassing the targets set in the guidance. Margins improved, thanks to the focus on activities with higher margin profiles.
- Negative inorganic growth (-5%), present during the first half of the year due to the restructuring of the retail business during 2023.
- Negative Forex (-1%)
- Increased operating margins as a result of growth in environmental services activities and the elimination of lower margin activities.
360º Projects
18.8%
CM on Turnover
- 3 dynamics that slow down the implementation of renewable projects:
- Shifting the geographical weight of enforcement to Europe.
- Elections Mexico and Dominican Republic in Q2
- Decision to postpone the start of executions in Europe to coincide with the formalization of the divestment agreements.
- Other industrial and social projects in execution business as usual, with margins remaining above the target set in the strategic plan.
- Completion of the definition phase of the hydro project in Latam and significant progress for the next project chartering of electricity distribution lines.
360 Projects Backlog: €601 Millions
155 | 288 | 169 | |||
Industrial | Renewable | Social | |||
Infrastructures | Infrastructures | Infrastructures |
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2 0 2 4 H 1 R E S U L T S
Stakes in Infrastructures Detail_
Status | Project | Location | Technology | MWp | Ownership | ||||
Santa Rosa | Argentina | Biomass | 18 | 100% (Global C.) | |||||
Santa Rosa | Ecuador | Photovoltaic | 4 | 100% (Global C.) | |||||
In generation | |||||||||
Valdorros | España | Photovoltaic | 4 | 100% (Global C.) | |||||
El Soco | Dominican | Photovoltaic | 79 | 50% (Equity Method) | |||||
Republic | |||||||||
Held for sale | Cerritos | México | Wind | 66 | 100% (C. Global) | ||||
In | LATAM | Photovoltaic | 281 | Equity Method | |||||
construction | EUROPE | Photovoltaic | 83 | Global C. | |||||
In the | EUROPE y LATAM | Photovoltaic | 2, 841 | Global C. | |||||
pipeline | |||||||||
Status | Project | Location | Typology | Ownership | |||||
In operation | Antofagasta | Chile | Hospital | 15% (Equity Method) | |||||
In | Buin Paine | Chile | Hospital | 10% (Equity Method) | |||||
construction | |||||||||
(Millons of €) | H1 | H1 |
2023 | 2024 | |
Turnover(1) | 6.7 | 6.9 |
EBITDA (2) | 4.5 | 4.6 |
% EBITDA on Turnover | 67.2% | 66.4% |
EBIT (2) | 2.6 | 2.7 |
% EBIT on Turnover | 38.8% | 38.6% |
Financial Expenses | (3.3) | (2.1) |
Equity Method | 0.2 | 0.1 |
Discontinued | 0 | (3.2) |
Taxes | 0 | 0 |
Net Result | (0.5) | (2.6) |
Net Profit | 1.3 | 2.5 |
Global C. : Global Consolidation | ||
Equity Method: Equity Method |
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2 0 2 4 H 1 R E S U L T S
Balance Sheet_
(Millons of €) | DECEMBER | JUNE | |||||
2023 | 2024 | ||||||
Fixed Assets | 516.1 | 513.9 | |||||
Infrastructure Assets | 138.4 | 147.9 | |||||
IFRS16 | 38.3 | 44.2 | |||||
Net Working Capital (8) | (205.0) | (164.4) | |||||
Total Net Assets | 487.8 | 541.7 | |||||
Net Equity | 316.0 | 312.3 | |||||
NFD total | |||||||
Net Financial Debt (5) Ex-Infra | |||||||
(45.4) | 72.6 | ||||||
Net Financial Debt (5) Infrastructures | 120.3 | €198 M | |||||
125.5 | |||||||
IFR16 Debt | 33.4 | 37.7 | |||||
Others | 63.5 | (6.5) | |||||
Total Net Equity and Liabilities | 487.8 | 541.7 | |||||
Change of FND:
Corporate transactions (including takeover of renewables)
Strategic transformation
Investment in WC Investment in greenfields
Shares buy back
Operating free cash flow
-76M€
-40M€-20M€
-12M€
+25M€
2024 is a year of investment in the strategic transformation of the company, mainly in the area of renewable projects andin following the simplification of the retail business.
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2 0 2 4 H 1 R E S U L T S
Extension and improvement of financing conditions_
A new syndicated loan has been signed, replacing the previous ones, integrating them under the same clauses and extending them in terms of amount and maturity. It provides greater comfort for the execution of the strategic plan.
- Cancellationof previous syndicated loans (2016 and 2023)
Loan (EUR y USD) | 103 |
Revolving Line | 75 |
TOTAL | 178 |
+117 M€ of financing available, with better price and maturity conditions.
- Newsyndicated loan
- Price: EUR: Euribor 6 months + 1.40%* / USD: SOFR + 1.85%*.
- Maturity: 5-year loans and 3+2 years revolving lines.
Loan (EUR y USD)
Revolving Line
TOTAL
155
140
295
* Spread of the applicable price grid | 9 |
Appendix_
- Consolidated turnover: Consolidated turnover according to financial statements.
- EBITDA: Net Operating Income + Depreciation / EBIT: Net Operating Income
- Comparable Net Income: Refers to the Attributable Net Profit, prior to discontinued operations
- Contribution Margin: EBITDA before corporate structure and central administration costs.
- Net Financial Debt: Long-term and short-term financial debt +/- Derivative financial instruments - cash and other short-term liquid assets.
- Free Operating Cash Flow: : EBITDA - difference between CAPEX and Amortization - NWC variation - Net Financial Income - Tax payment; (acquisitions excluded)
- WC: Working capital
- The scope of consolidation varies from 1S 2023 due to: the incorporation of 2 months of Gesthidro and Recinovel (Acquisition March 2023) and inorganic decline in device sales following the restructuring of the retail business.
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