OTRA INFORMACIÓN RELEVANTE
Barcelona, 28 de octubre de 2024
ENERSIDE ENERGY, S.A. (en adelante “Enerside”, la “Sociedad” o la “Compañía”), en virtud de lo previsto en el artículo 17 del Reglamento (UE) nº 596/2014 sobre abuso xx xxxxxxx y en el artículo 227 de la Ley 6/2023, de 17 xx xxxxx, de los Mercados de Valores y de los Servicios de Inversión, y disposiciones concordantes, así como en la Circular 3/2020 de BME MFT Equity sobre información a suministrar por empresas incorporadas a negociación en el segmento
BME Growth de BME MTF Equity, (en adelante “BME Growth”) pone en su conocimiento la siguiente:
OTRA INFORMACIÓN RELEVANTE
Enerside Energy, S.A. adjunta la presentación de resultados correspondiente al primer semestre del ejercicio 2024.
De conformidad con lo dispuesto en la Circular 3/2020, se hace constar que la información comunicada por la presente ha sido elaborada bajo la exclusiva responsabilidad de la Sociedad y de sus administradores.
Quedamos a su disposición para cuantas aclaraciones precisen al respecto.
ENERSIDE ENERGY S.A
ENERGY
SUSTAINABLE
WORLD
1H24 RESULTS PRESENTATION | October 2024
This document may contain forward-looking statements and information (hereinafter, the “Information”) relating to Enerside Energy, S.A or Enerside Group (hereinafter “Enerside”,
the “Company” or the “Enerside Group”).
The Information reflects the current view of Enerside with respect to future events, and as such, do not represent any guarantee of future certain fulfilment, and are subject to risks and uncertainties that could cause the final developments and results to materially differ from those expressed or implied by such Information.
Except as required by applicable law, Enerside does not assume any obligation to publicly update the Information to adapt it to events or circumstances taking place after the date of this presentation, including changes in the Company´s strategy or any other circumstance.
This document does not constitute an offer to purchase, sale or exchange any shares, a solicitation of any offer to purchase, sale or exchange of any shares, or a recommendation or advice regarding any shares.
2
1. ABOUT ENERSIDE
2. OPERATIONAL RESULTS
3. FINANCIAL RESULTS
4. TAKEAWAYS
5. APPENDICES
ABOUT ENERSIDE – EXECUTIVE SUMMARY
1H24 Results | > Landmark transaction in Italy with 400MW of asset rotation > Positive Operating Cash Flow1 of €2.5m (+€7.3m vs 1H23) and EBITDA2 of +€2.9m (+€16.5m vs 1H23) > ProForma Equity3 of €21m (+€14m vs 2H23) > Positive Limited Review from EY > New Equity Research coverage from JB Capital with Equity value of 5.5 €/sh. (+55% vs last closing price) |
Plan Impulsa | > Successfully adapted its positioning to navigate deep changes in the market (i.e. end of ultra-low-interest rate era, energy price instability, etc) > Anticipation to a tough cycle for Renewables, with key adopted measures in the last 18 months: • Focus on own projects and consequent reduction of construction for 3rd parties • Acceleration of Asset Rotation: Target of more than €70m in 2024-26 • Cost Optimization on path to profitability: +50% reduction of annualized Operating Expenses • Expected Positive Operational Cash Flows for 2024 > Strengthen capital structure, with key transactions already executed: • Refinancing of short-term debt with xxxxx and financial institutions (€25m) • Adding Xxxxxxx Group as new reference shareholder & >€4m capital increase • New bank financing of €25m |
1. Movement in operating cash flows during the period, including cash received from sale of Palmadula minus the operating costs | 2. (€7.2) Includes €7.2m of cash received from the sale of a
Pre-RTB project in Italy. According to accounting norm NIIF15, the sale of Pre-RTB projects will not be recognized until RtB date | 3. More detail in slide 17 5
ABOUT ENERSIDE – PLAN IMPULSA KPIs
Strong positive Impact of Plan Impulsa in all relevant KPIs
Revenue1 (€m)
9.2
6.9
Plan Impulsa
0.9
4.3
2.1
9.5
7.2
Other
Asset Rotation2
EPC
Services IPP
The necessary steps for a successful turnaround
• Acceleration of Asset Rotation leading to +€13m proceeds in 12 months
• Strong Reduction of Recurring Opex of +50% annualized
• Positive EBITDA2 and Operating Cash Flow reached in 1H24
EBITDA Management / Cash2 (€m)
Plan Impulsa
5,8
(2,9)
(5,3)
(5,5)
(6,5)
1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24
8,0 Recurring Opex & Headcounts (€m)
7,0
6,0
5,0
4,0
3,0
2,0
1,0
213
HC
3,5
1,1
2,4
210
3,2
1,6
1,5
Plan Impulsa
171 151 111 94
2,3 2,1 2,0 1,9
1,2
1,2 1,0 0,8 0,5 Other Opex
Notes:
1Q'23
(8,3)
2Q'23
3Q'23
4Q'23
1Q'24
2Q'24
0,9
-
1,1
1,1
Personnel
1. Excludes Devex capitalization
2. According to accounting norm NIIF15, the sale of Pre-RTB projects (€7.2m), will not be
1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24
recognized until RtB date (est. 2025) although the company has received a payment in cash for
€7.2m 6
ABOUT ENERSIDE – 1H24 CONSOLIDATED RESULTS
Strong growth under challenging circumstances
Pipeline PV
6.6 GW
+40% CAGR2017-24
Pipeline XXXX
2.8GWh
XXXX Stand Alone
IPP
17 MW
In Operation
Assets Sold
503 MW1
3 MW at COD
GAV2
Net Debt Loan to Value3
Equity Value
JB Capital
€241m
€194m attributable
€48m
7.8% all-in cost
25%
2.7 years debt maturity
€5,5/share
+54.5% vs last closing price
1. Includes future proceeds of 100MW transacted in Italy, which were closed by AGE before the constitution of the new JV | 2. Based on independent valuation by external appraisers as of December 2023 | 3. Net
Debt/Attr. GAV 7
OPERATIONAL RESULTS – ENHANCED FLEXIBILITY
Proven & flexible Business Model focused on Value Creation
Origination
Project Development & Construction
Flexible Strategy to crystallize Value
Asset Rotation (Develop-to Sell & Build-to Sell)
Originated +5 GW from scratch and with own teams
Organic
Inorganic (M&A)
Sizable and Diversified Pipeline
7.3 GW
Partnerships
(Partial Sale at RTB or COD)
1 1H2022 – 0,9 MW
2 1H2023 – 1.7 GW
3 1H 2024 – 40 MW
Operation
(Build to Own)
9
OPERATIONAL RESULTS – 7.3GW DIVERSIFIED AND MATURE PIPELINE
International presence with unique exposure to Italy and BESS
61% of Assets under Management in Europe & close to 75% to reach RTB by 2026/27 Pipeline Overview (Assets under Management in €m)
Present in 4 markets across Europe & Latam
Brazil 31%
Chile 8%
€241m
AuM2
Spain 3%
Italy 58%
Early Stage 27%
Advanced 23%
COD
7% Secured
4%
€241m
AuM2
High Visibility 39%
BESS 17%
PV + BESS 44%
€241m
AuM2
PV 39%
Diversified Portfolio with unique exposure to Italy
2021 | 2022 | 2023 | |
BRAZIL | 3.278 | 4.154 | 3.957 |
ITALY | 880 | 1.100 | 2.655 |
SPAIN | 49 | 140 | 527 |
CHILE | 000 | 000 | 000 |
OTHERS | 170 | - | - |
TOTAL | 4,573 | 5,543 | 7,339 |
Pipeline Overview (in MWp)1
+2.8 GW
vs IPO (03/2022)
x8
vs 2017’s Pipeline
+40% CAGR
Last 6 years
1. As of FY2023 | 2. Based on independent valuation by external appraisers as of December 2023 10
KEY INVESTMENT HIGHLIGHTS – ACCELERATED ASSET ROTATION
Asset Rotation embedded into our strategy
Divestments key to create value and finance our growth strategy
• 789 MW transacted in the past 3 years (Utility Scale & Distributed Generation)
• Tier 1 counterparties: Brookfield, Chint Solar, Echoenergia, Suno Capital & Tier1-Utility
• Target to sell c.2 GW of pipeline fully developed internally by Enerside
• More than €70m expected proceeds in 2024-26
• Projects developed and constructed inhouse maximizing returns
783 MW 6 MW
Sold at RTB Sold at COD
>€70m
Exp. Proceeds
2024-26
12/2021
12/2023
01/2024
06/2024
10/2024
2025+
Xxxxxxx Xxxxxxxxx
Itabira
Palmadula
Confidential
Rota do Sol I & II
Multiple Projects
280 MW
RTB
3 MW
COD
400 MW
Pre-RTB
100 MW
Pre-RTB1
3 MW | 3 MW
COD | RTB
Ongoing sale processes
1. Includes future proceeds of 100MW transacted in Italy, which were closed by AGE before the constitution of the new JV 11
OPERATIONAL RESULTS – ACCELERATED ASSET ROTATION
Project Palmadula: a Landmark Transaction
One of the largest Agrivoltaic Projects in Italy
A signature project showing Enerside’s skills
• Agrivoltaics project located in Sardinia, Italy
• 360 MW PV Solar & 40 MW XXXX project
• Asset sold to Chint in April 2024
• Expected to reach RTB by FY 2025
360 MW
40 MW
1,960 MWh/Mwp
880 ha signed
Origination in 2021
• Acquired from AGE in M&A Deal involving 800MW Xxxxxxxxxx Portfolio
Land scouting & securing
• +800Ha
• +70 independent owners
Interconnection
• STMG
• Obtained ‘Benestare’ from TERNA
• 17km to substation
Initiation of VIA & AU Procedures
• Presented to MASE & Regional
Authority for environmental permits
Sale to Chint Solar Europe
• Successful sale to a leading buyer after extensive Due Diligence period
• Closed in April 2024
RtB (VIA + AU) expected by 2025
• Finalization of all contractual milestones
and payments
12
KEY INVESTMENT HIGHLIGHTS – M&A AND STRATEGIC PARTNERSHIPS
Strengthened position in Chile’s PMGDs1 & XXXX via M&A
An attractive transaction to strengthen our position in a proven, successful market
• Acquisition of 37 MWp in 5 PMGD1 projects in late development stages (Thereof 25MWp at RTB)
• Projects located in the South Santiago region, allowing synergies in EPCM and O&M
Santiago
• Deal Structure: €0.5M in Cash & 0.5% of New Shares of Enerside in a capital increase at €4.5/Sh
Critical Mass of +200MW of PV & XXXX
• 13MW IPP (in Operation)
• 66MW PMGDs at/close to RTB
• 120MW Utility Scale
Strategic Rationale
PMGD1 pipeline increases to c. 70 MW
Competitive acquisition cost at $35k/MW with limited Cash Component
Hybrid projects with PV & XXXX
EPCM & O&M synergies in Bío Bío Region
IPP Dev.
New Portfolio
x2 Increased exposure to PMGDs
10-15 Years of Cash Flow Visibility
Simplified Licensing with low environmental risk
This is the 3rd inorganic transaction successfully closed by Enerside
Fast Execution | 7 months construction period Lower Construction Risk
2021
2023
2024
920 MW in four Utility-Scale projects Creation of a 2.6 GW development platform Acquisition of PMGD portfolio
Long Project Life Cycle 25 years
High profitability | Enhanced Project IRR
1. Definition: Mechanism introduced in 2014 to support the development of distributed energy projects with capacity <9MW, using a stabilized price fixed by CNE 13
20 MW fully developed, constructed and operated internally
Renaico
PMGDs (DS 244) MWp COD Status
Renaico
7.5 2Q 2023
• Public purchase agreement with the Chilean grid
• Bridge financing through the
issuance of xxxxx bonds €4M
Xxxxxxx
Xxxxxxx
5.8 2Q 2024
• Public purchase agreement with the Chilean grid
• Project Finance with Infrastructure
Bank
Distributed Generation MWp COD Status
Rota do Sol
Itabira
Rota do Sol
Itabira
3.2 4Q 2023
3.1 4Q 2023
• Sold to IVI Partners (Brookfield) in
October 2024
• Portfolio sold with Rota do Sol II at RTB
• PPA with Raizen
• Project Finance with BNB
• Sold to Suno Asset in December
2023
• PPA with Top Tier Trading Company
14
1H’24 results reflect that Enerside has entered a new phase of of its Plan Impulsa after successfully completing the adjustment and stabilization phases.
1. Asset rotation: sale of Palmadula in April 2024
2. Focus on own projects and discontinuation of Construction / EPC Business for third-parties
3. HoldCo expenses optimization (-42% versus 1H’23)
Positive EBITDA2 / Operating Cash Flow reached in 1H 2024
Profit & Loss Statement 1H24 – Management Accounts1
P&L Management Accounts - €m | 1H24 | 1H23 | Variation |
Asset Sales1 | 7,2 | - | 7,2 |
Construction - EPC / BOS | 1,2 | 16,0 | (14,7) |
IPP / O&M | 1,2 | 0,1 | 1,1 |
Net Sales | 9,6 | 16,1 | (6,5) |
Capitalized Expenses (Capex & Devex) | 3,6 | 11,6 | (8,0) |
Total Revenue | 13,2 | 27,7 | (14,5) |
COGS | (6,5) | (34,7) | 28,1 |
Gross Margin | 6,7 | (7,0) | 13,7 |
Overheads | (2,2) | (3,9) | 1,6 |
Operating expenses | (1,3) | (2,7) | 1,4 |
Other non-recurring expenses | (0,3) | (0,1) | (0,2) |
EBITDA2 | 2,9 | (13,6) | 16,5 |
Depreciation | (0,4) | (0,1) | (0,3) |
Provisions and EPC adjustments | (1,6) | (2,6) | 1,0 |
EBIT | 0,9 | (16,4) | 17,2 |
Financial expenses | (4,6) | (1,5) | (3,0) |
Taxes | 0,0 | 2,2 | (2,2) |
Net Income | (3,7) | (15,7) | 12,0 |
1. Unaudited information. More detail of management accounts adjustments in slide 28 (appendix) | 2. According to accounting norm NIIF15, the sale of Pre-RTB projects (€7.2m), will not be recognized
until RtB date (est. 2025) although the company has received a payment in cash for €7.2m 16
FINANCIAL RESULTS 1H24 – BALANCE SHEET
Strengthening of its Capital Structure reflected in the Balance Sheet, demonstrating a more solid financial position.
1. Refinancing of Corporate short-term debts related to the EPC for third-parties Business Unit
2. Entry of a new reference shareholder
3. Capital Increase
4. Assets contribution to the Italian platform
Balance Sheet 1H24 and Proforma including post closing events
Consolidated Balance Sheet - €m | Proforma 1H241 | 1H24 | 2023 |
Non-current assets | 44,9 | 27,2 | 30,9 |
Long-term financial investments | 0,1 | 0,1 | 1,2 |
Non-current assets | 45,0 | 27,4 | 32,1 |
Inventories | 35,8 | 35,8 | 30,8 |
Receivables | 9,3 | 9,3 | 10,0 |
Cash & other current assets | 3,5 | 2,9 | 3,5 |
Current assets | 48,7 | 48,1 | 44,3 |
Total Assets | 93,7 | 75,4 | 76,3 |
Capital | 70,1 | 65,8 | 64,9 |
Reserves | (65,0) | (67,9) | (58,7) |
Fx Differences | 1,5 | 1,5 | 1,1 |
Treasury Stock | (0,6) | (0,6) | (0,8) |
Minority Interests | 14,7 | (0,1) | (0,0) |
Equity | 20,8 | (1,2) | 6,4 |
Long-term debts | 17,6 | 17,6 | 26,1 |
Long-term provisions | 0,2 | 0,2 | 0,2 |
Deferred tax liabilities | 0,0 | 0,0 | 0,0 |
Non-current liabilities | 17,8 | 17,8 | 26,3 |
Short-term provisions | 3,3 | 3,3 | 2,5 |
Short-term debts | 28,6 | 32,4 | 22,6 |
Suppliers | 10,6 | 10,6 | 11,5 |
Accruals and other current liabilities | 12,6 | 12,6 | 5,7 |
Current liabilities | 55,1 | 58,9 | 42,4 |
Total Equity + Liabilities | 93,7 | 75,4 | 75,1 |
1H’24 Balance Sheet Proforma considers post closing events:
1. Capitalization of Shareholder loans +€3,7m
2. Cash Capital increase +€0.6m
3. Accounting impact of the contribution of assets by AGE in the Italian Midco were Enerside will own 56%: +€2,9m in Equity & +€14.7m in minority stake
1. Unaudited information 17
Gross Asset Value based on independent valuation (Big-4)
GAV – assets under Management (€m)1
61%
Italy
Spain
Brazil
Chile
147
94
19 241
74
Valuation Methodology & Assumptions
Dividend Discount Model Method
• Equity value at RTB based on NPV of all future dividends
• Key DDM Assumptions
Cost of Equity
139 8
39% Latam
16,0%
14,0%
12,0%
10,0%
8,0%
6,0%
10,1%
9,20%
13,7%
10,6%
4,0%
2,0%
Europe
0,0%
Operating Assumptions in line with most recent projects & validated by appraiser
• Subsequently, the value at RTB is adjusted by the
development stage of the project (20% - 100%)
• No Residual Value considered
• No refinancing / re-leverage considered
1. Based on independent valuation by external appraisers as of December 2023 18
FINANCIAL RESULTS 1H24 – REFINANCING AND RECAPITALIZATION
Refinancing of debt & new key investor opening way for ambitious growth
11,7
1,2 2,8 0,3 0,3
2025 2026 2027 2028 2029
24,4
13,5
12,2
6,5
5,7
5,8
0,3
20241
2024
2025
Debt w/ xxxxx
2026 2027 2028 2029
Xxxxxx SME Convertible Bonds Enerfip Others
Amortization schedule after refinancing process
Entry of new key investor
Current Shareholder structure (before capital increase)
Xxxxxxx
Xxxxxxx Xxxxxx
1. €241m in Gross Asset Value (AuM) of the pipeline, with a unique exposure to Italy
2. Recapitalized balance sheet with:
• Entry of a new key investor
• Capital increase
3. Financial structure strengthened through:
• Refinancing of ST debt with Caixa and Santander
• New facility debt of €25m
Free Float 29%
Xxxxxx Inv.
6%
AGE
Grange 19%
Xxxxxx Xxxxx 19%
Free Float
32%
Xxxxxx Inv.
5%
13%
Xxxxxxx Financial Enterprises
13%
Xxxxxx Xxxxx 13%
Stronger BS with new capital to finance the business plan 194
48
8% Open Learning Mass Inv.
9% 10%
AGE Open LearningMass Inv.
6% 9% 9%
Atrb. GAV
Debt
25% LTV
1. Prior the refinancing process, €24m in debt was due in FY24. This €24m will now be due between 2024-28. 19
FINANCIAL RESULTS 1H24 – SUPPORT FROM MARKETS
Sector improving with lower interest rates despite turbulent start
Enerside share among the best performing in the industry Share Price Performance YTD
Peer 1; 29%
Enerside; 7%
Peer 2; 3%
Peer 3; 2%
Peer 4; (23%)
Peer 5; (40%)
Peer 6; (53%)
Xxx-24 Mar-24 May-24 Jul-24 Sep-24
New Equity Research by JB Capital Markets with Buy recommendation and Equity Value at 5,5€/share (+54,5% vs last closing price)
20
On track to a sustainable & profitable future
1
2023 and 2024 have been a difficult year for renewables, impacting Enerside’s financial KPIs
• Geopolitical Tensions, volatile Energy Prices and higher interest rates have been a huge challenge for the industry as a whole
• Enerside has been no exception, taking a hit on its financial results, driven by EPC services for 3rd parties
• Growth has been preserved and important operational milestones have been reached
2
Enerside has responded rapidly and effectively launching its Plan Impulsa…
• Focus on own projects and consequent termination of construction for 3rd parties
• Acceleration of Asset Rotation: Target of more than €70m in 2024-26
• Cost Optimization on path to profitability: +50% reduction of annualized Operating Expenses
3
… that positions the company for a bright future supporting the Energy Transition
• Positive Operating Cash flow already in 1H 2024 with recapitalized Balance Sheet
• Strengthened core: High value creation through the development of our 7.3 GW pipeline of PV & XXXX valued at €194m
• A stronger, more flexible, and leaner company, focused on development to maximize value creation
1. Based on independent valuation by external appraisers as of December 2023
2. According to accounting norm NIIF15, the 2nd milestone of Palmadula (€6.2m), cashed in in April 2024, will not be recognized until RtB date (est. 2025) 22
STRATEGIC PLAN 2024-26 – PLAN IMPULSA ON TRACK
Plan Impulsa
Principal Objectives
Phase 1: Readjustment 2H 23 – 1H 24
Phase 3: Profitable Growth 2025 – 2026
• Investment in
development c. €20m
• Additional efficiencies
1,500 MW
>€60m
Phase 2: Stabilization 2H 24
PV Solar & XXXX
Main Milestones
• EPC discontinuation
• Fixed cost reduction above 50%
• Asset Sales
• Refinancing with xxxxx
• New Equity Investor
• New Credit Facility
7 GW
Pipeline
Sold MW
500 MW in pre-RTB 6 MW in COD
Presence in 4 geographies
Cash Generation
>€13m
23
APPENDICES – PROVEN TRACK RECORD
A Solar PV specialist since 2007
Reaching key Targets since 2007 Key Company Milestones
2007-2012.
Inception
2012-2017
Internationalization
2018-2020
Integrated Platform
2021-2023
IPO
2024-26
Profitable Growth
PURE DEVELOPER
INCEPTION
INTERNATIONALIZATION
Successful entry in Chile
Successful entry in Brazil
INTEGRATED PLATFORM
EPC player in Brazil & Chile
Development of >3GW in house
TRANSFORMATION TO IPP
IPO
>200 MW Built for 3rd parties Entry in Italy through M&A 20MW of IPP
• Asset Rotation
• Cost efficiency
• Strengthen capital structure
• >7GW of Pipeline with PV Solar & XXXX
25
Creation of Enerside in Spain Delivery of first EPC projects
APPENDICES – BUSINESS MODEL & STRATEGIC POSITIONING
• Asset management
• Just in time plant control
• PPA management &
trading
• Operations & Maintenance
RTB
COD
Integrated Platform capturing value across the projects’ lifecycle
1
Development
2
Construction
3
Operating
Development of PV Solar projects until
reaching RTB status
EPCM provider from RTB to COD
O&M
IPP
• Market research for new opportunities
• Prospecting & site sourcing
• Obtaining grid connection offer
• Development engineering studies
• Permitting
• Licensing
• Power Purchase Agreement negotiations
• Project Finance
• Site Preparation
• Engineering
• Procurement & Logistics
• Construction & Commission
• Owner’s engineering
High returns with strong competitive advantage across different markets
Asset Rotation
Key to fully capture project value through construction de-risking
Asset Rotation
Build-to-own strategy to act as an independent power producer (IPP)
Strong cash-flow generation and predictability, lowering cost of capital
Ability to develop projects from scratch allows to fully capture value across the entire Lifecycle
26
APPENDICES – BUSINESS MODEL & STRATEGIC POSITIONING
Value creation and Cash flow through the life cycle of PV plant
Overview of a Generic Solar PV Project (Illustrative)
Development
Construction
Operation
1 - 5 years
Returns: +3x invested capital
< 1 year
Project IRR +10%
25-30 years
Enerside’s Positioning in Develoment phase
• Steep Value Creation
• Strong investment
• Strong Cash flows once Projects enter into operation
Yield compression of +250bp, as project fully de-risked
Enerside’s Pipeline transtioning into IPP
RTB
COD
Economic Value - $
PPA &
Financing
Followed by strong Long-term Cash Flow generation with high visibility
$
$
Negative Cash Flows during
Development…
Key windows for asset rotation
Time
… & strong Capex
Needs at Construction
27
Profit & Loss Statement 1H24 vs Management Accounts
P&L - €m | 1H24 | pre-RTB Sale | 1H24 (Management)1 |
Asset Sales2 | - | 7,2 | 7,2 |
Construction - EPC / BOS | 1,2 | - | 1,2 |
IPP / O&M | 1,2 | - | 1,2 |
Net Sales | 2,4 | - | 9,6 |
Capitalized Expenses (Capex & Devex) | 3,6 | - | 3,6 |
Total Revenue | 6,0 | 7,2 | 13,2 |
COGS | (5,0) | (1,5) | (6,5) |
Gross Margin | 1,0 | 5,7 | 6,7 |
Overheads | (2,2) | - | (2,2) |
Operating expenses | (1,3) | - | (1,3) |
Other non-recurring expenses | (0,3) | - | (0,3) |
EBITDA2 | (2,9) | 5,7 | 2,9 |
Depreciation | (0,4) | - | (0,4) |
Provisions and EPC adjustments | (1,6) | - | (1,6) |
EBIT | (4,9) | 5,7 | 0,9 |
Financial expenses | (4,6) | - | (4,6) |
Taxes | 0,0 | - | 0,0 |
Net Income | (9,4) | 5,7 | (3,7) |
1. Unaudited information | 2. According to accounting norm NIIF15, the sale of Pre-RTB projects (€7.2m), will not be recognized until RtB date (est. 2025) although the company has received a payment in
cash for €7.2m 28