Half Year 2024 Neoen SA Earnings Call Transcript
Key Points
- Neoen SA (NOSPF) added almost 1 gigawatt to its secure portfolio in H1 2024, with significant projects in Australia, Canada, and France.
- The company's secured portfolio reached 10 gigawatts by the end of June 2024, making them confident about their 2025 target of 10 gigawatts in operation or under construction.
- Neoen SA (NOSPF) generated 4 terawatt hours of electricity in H1 2024, a 7% increase year-on-year.
- The company signed a landmark 25-year corporate PPA with SNCF Energie for the Le Couret solar farm in France.
- Neoen SA (NOSPF) confirmed its adjusted EBITDA target between EUR530 million and EUR560 million for 2024, with an adjusted EBITDA margin above 85%.
- Revenue and adjusted EBITDA both decreased by 8% year-on-year, standing at EUR256 million and EUR232 million respectively.
- The average load factor of wind assets decreased from 27.6% in H1 2023 to 26.3% in H1 2024 due to less favorable wind conditions in France.
- The average solar availability rate slightly decreased in H1 2024, reflecting lower availability of some Australian assets.
- The company's net debt to adjusted EBITDA ratio increased to 8.1x as of June 30, 2024, from 6.1x at year-end 2023.
- Neoen SA (NOSPF) experienced an increase in maintenance costs for some wind assets in France and Australia, impacting adjusted EBITDA.
Hello, and welcome to the Neoen half-year results 2024 conference call. Please note this conference is being recorded. (Operator Instructions)
I will now hand you over to your host, Mr. Xavier Barbaro, CEO, to begin today's conference. Thank you.
Thank you very much, and good evening. I'm Xavier Barbaro, I'm the CEO of Neoen. So welcome to our H1 2024 results conference call. I'm here tonight with Yves-Eric Francois, our CFO; and Francois Repolt, our IR Officer.
We will first comment on the key points of our publication and our comments will be following the slide presentation, which is accessible through our website. And as usual, we will then open the floor to questions.
Before presenting the operational and financial performance, let's start on slide number 4 to discuss the contemplated transaction with Brookfield, which is, of course, the major event of this first semester. And first of all, I want to remind you of the initial terms and conditions of the
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