Q4 2024 Grenergy Renovables SA Earnings Call Transcript
Key Points
- Grenergy Renovables SA (XMAD:GRE) reported strong financial results for 2024, with a 61% increase in revenues to EUR 643 million, a 53% increase in EBITDA to EUR 160 million, and a 17% increase in net income to EUR 60 million.
- The company successfully decreased its level of debt, with net debt reduced to EUR 566 million from EUR 975 million in September 2024.
- Grenergy achieved significant asset rotations, securing EUR 640 million in proceeds, reaching its asset rotation target two years ahead of schedule.
- The company has made substantial progress in its ESG initiatives, being recognized among the 15 most sustainable companies in the utility sector by MSCI and ranked in the top 16% by Standard & Poor's.
- Grenergy's solar platform expanded to 16.6 gigawatts, with a significant increase in hybrid projects, demonstrating strong operational execution and growth potential.
- The company's share price performance has been poor, not reflecting the strong financial results and execution, partly due to broader market influences.
- There was a 3% reduction in total installed capacity, attributed to asset rotations and the sale of wind assets, impacting production output.
- Realized prices decreased to EUR 50 per megawatt hour, influenced by market conditions and shifts in energy production timing.
- The company faced impairments totaling EUR 17.1 million, including EUR 5.5 million from development CapEx write-offs and EUR 11.6 million from asset deterioration in Colombia.
- Grenergy anticipates potential challenges in maintaining low procurement costs for solar panels, with market conditions suggesting possible price increases.
Good morning, and welcome to Grenergy's full year 2024 results presentation. I am Ruben Gomez, Head of Investor Relations. The presentation is going to be led by David Ruiz, our Executive Chairman and CEO; Daniel Lozano, our Chief of Strategy and Capital Markets Officer; and Maria Coimbra, Senior of the ESG team as Rocio is on maternity leave.
They are going to take you through our business, financial and ESG review. At the end of the presentation, there will be a Q&A session for sell-side analysts.
Please, David, the floor is yours.
Thank you very much, Ruben, and good morning, everyone. Good morning in Europe. We are -- Daniel and myself and other Grenergy Director is in China right now. So it's afternoon for us. We are doing this visit every year and mainly visiting our partners, BYD and CATL and also some other emerging based players, and learning about the very
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