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Grupo Ecoener S.A.
Investor Presentation • Feb 27, 2025
1836_rns_2025-02-27_1dc25703-19be-4770-b36e-060e4f91bf21.pdf
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2024 Results Presentation FEBRUARY 2025
Index
The power plants seen in the photos of this presentation belong to Ecoener's portfolio.
03
Power plants in Guatemala and the Canary Islands with 86 MW hit COD
06
Entrance into the Canadian market with 140 MW of wind energy under a 30-year PPA
2 power plants in the Dominican Republic with 122 MW are ready for connection
New financing facilities with local and multilateral banks for \$242 million
Highlights
Milestones
APRIL
JULY
JUNE
SEPTEMBER
DECEMBER
MARCH
JANUARY
OCTOBER
Greece: Investment of €300 million for building 350 MW of wind farm and photovoltaic solar plants.
1st dividend distribution since listing, back in May 2021: €0.0878 per share.
Increase on the MARF green notes program from 50 to €75 million.
Guatemala: \$64 million green loan to finance the Yolanda photovoltaic power plant.
2023 Sustainability Report verified by Tüv Süd.
S&P grants Ecoener its top Dark Green rating for the second year for its commitment to sustainability and governance.
Recognition to Foreign Direct Investment in the Dominican Republic, granted by ProDominicana.
General Shareholders Meeting.
Panama: Construction of 48 MW solar photovoltaic plants kicks off in Panama.
Spain: 12 MW Canary Islands wind and solar plants hit COD.
Canada: 140 MW wind farm awarded. 1st Ecoener project in the country. 30-year PPA: \$900 million, expected total revenue.
Guatemala: 74 MW Yolanda solar park hit COD.
Signed a €50 million sustainable loan with a consortium of 7 banks.
Ecoener Footprint
FY 2024 Results Presentation
01. Financials
Generation Output MW deployment leads to increase in generation
Revenue Breakdown Sales grow by 28% to over €82 million
REVENUE BY TECHNOLOGY
(€m)
(€m)
Revenue by Geography Latam accounts for 51% of total revenue
Latam Spain Other & Co. Services
Ebitda Breakdown Double-digit increase in Ebitda
EBITDA (€m) EBITDA BREAKDOWN (€m)
Hydro Wind Solar-PV Supply Co. Overhead & Co. Services Ebitda 2024
Detailed Ebitda Solar PV Ebitda fuels growth
ADJUSTED EBITDA (€m) GENERATION ADJ. EBITDA (€m)
Net Profit Net income stands at double-digit
NET PROFIT (€m)
NET PROFIT BREAKDOWN (€m)
Secured revenue by word-class PPAs Over \$3 billion of total secured revenue
MW EVOLUTION OF MW UNDER PPAS
19 Years: Compound average PPA term
High quality of our assets New financing facilities with local and multilateral banks
Capex vs Cash Capex increases by 54%
FY 2024 Results Presentation
02. Operations
2023 341 In operation Ready to grid connection
FY 2024 INDEX FINANCIALS OPERATIONS ESG ANNEX Results Presentation New MW deployment 427 MW in operation, 25% increase 2024 ANNUAL GROWTH (MW) 427 (+25%) 122 OPERATION 427 MW + CONSTRUCTION 360 MW READY TO GRID CONNECTION 122 MW UNDER CONTRUCTION 238 MW 549 MW
LATAM SPAIN New assets hit COD New assets in operation in Guatemala and the Canary Islands
NEW DELIVERY IN OPERATION
Assets ready to grid connection Assets under construction completed in the Dominican Republic LATAM
LATAM LATAM
UNDER CONSTRUCTION
LATAM LATAM Other assets under construction Solar PV plants in the Dominican Republic and Panama
REGIONAL MIX
STARTING CONSTRUCTION IN 2025
1 GW target includes assets "in operation" and "under construction".
A world of storage Linked to our power facilities
CURTAILMENT AVOIDANCE
Asset development: driver of our growth
- 3 technologies background
- Scouting market niches
A WORLD OF OPPORTUNITIES
- Auctions
- Greenfield
- Buy outs
-
Global auctions: Success flows on
AUCTIONS AWARDS (MW)
AWARDS BY MARKET (MW)
Canada, a new geography in America Raising opportunities in developed countries NORTH AMERICA
1ST NATIONS PARTNERSHIP
Pipeline overview High conversion rate
CAPACITY
100% SUCCESS RATE
TOTAL
EARLY STAGE 445 MW -517 MW vs 2023
ADVANCED DEVELOPMENT 386 MW +202 MW vs 2023
BACKLOG 545 MW +182 MW vs 2023
CONSTRUCTION OPERATION 360 MW -39 MW vs 2023
427 MW +86 MW vs 2023
2,163 MW -86 MW vs 2023
FY 2024 Results Presentation
Top recognition for business sustainability
S&P Global Ratings Shades of Green assessment for the second consecutive year
Activities aligned with the long-term vision of a resilient, low-carbon climate future.
Assessment
Committed to the highest sustainability standards
Anne Gautier, Director of Energy and Digital for Asia and Latin America at Proparco, and Fernando Rodríguez, Executive Vice President of Ecoener.
Backed by public development bank Proparco.
Compliance with the highest sustainability performance standards of the International Finance Corporation (IFC).
Guarantees of Origin (GO)
- Spanish facilities are accredited under the Guarantees of Origin scheme.
- Guatemala and Honduras facilities are registered via I-REC.
Carbon credits
- Dominican Republic: two projects certified under Gold Standard and two others in the certification process.
- Colombia: registration in the COLCX Program.
- Guatemala: registration process in Cercarbono.
Committed to the highest sustainability standards
ESG PERFORMANCE
A sustainable and responsible business model
Sustainable actions to create a positive impact
Sustainable actions to create a positive impact
FY 2024 Results Presentation
04. Annex I
Profit & Loss (1/3) €mn
| 31.12.2024 | 31.12.2023 | Chg. (%) | Chg. (€) | |
|---|---|---|---|---|
| REVENUES | 81.725 | 64.010 | 28% | 17.715 |
| Procurements | (21.124) | (12.491) | 69% | (8.633) |
| Capitalized personnel costs | 7.360 | 4.663 | 58% | 2.698 |
| Other operating income | 1.641 | 1.318 | 24% | 322 |
| Personnel expenses | (11.610) | (8.654) | 34% | (2.956) |
| Other operating expenses | (22.740) | (14.693) | 55% | (8.047) |
| ADJUSTED EBITDA | 35.252 | 34.153 | 3% | 1.099 |
| Impairment of fixed assets | 1.944 | (1.455) | -234% | 3.399 |
| Changes in trade provisions | - | (186) | -100% | 186 |
| Other income | 4.866 | (148) | -3388% | 5.014 |
| EBITDA | 42.062 | 32.364 | 30% | 9.697 |
| Amortisations | (17.898) | (13.710) | 31% | (4.188) |
| EBIT/ OPERATING PROFIT | 24.164 | 18.654 | 30% | 5.510 |
| Finance income | 646 | 490 | 32% | 156 |
| Finance costs | (14.962) | (11.267) | 33% | (3.695) |
| Changes in fair value of financial instruments | - | 66 | -100% | (66) |
| Translation differences | (1.596) | 1.934 | -183% | (3.529) |
| Impairment of financial instruments | (476) | (39) | 11 | (437) |
| NET FINANCIAL INCOME/COST | (16.388) | (8.817) | 86% | (7.571) |
| RESULTS OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD | (1) | (12) | (1) | 11 |
| PROFIT/(LOSS) BEFORE TAX | 7.775 | 9.825 | -21% | (2.050) |
| Corporate tax | 4.340 | 2.185 | 99% | 2.155 |
| NET PROFIT | 12.114 | 12.010 | 1% | 104 |
Profit & Loss (2/3)
| PL SEGMENTS BREAKDOWN 31.12.2023 |
HYDRO | WIND | SOLAR PV | SUPPLY CO. | HEADQUARTERS & CO. SERVICES |
TOTAL |
|---|---|---|---|---|---|---|
| REVENUES | 15.111 | 22.148 | 28.441 | 12.355 | 3.669 | 81.725 |
| Procurements | (3.168) | - | (3.178) | (11.416) | (3.362) | (21.124) |
| Capitalized personnel costs | - | - | - | - | 7.360 | 7.360 |
| Other operating income | 481 | 671 | 158 | - | 331 | 1.641 |
| Personnel expense | - | - | - | (141) | (11.469) | (11.610) |
| Other operating expense | (2.438) | (4.698) | (5.854) | (8) | (9.742) | (22.740) |
| ADJUSTED EBITDA | 9.986 | 18.121 | 19.567 | 790 | (13.212) | 35.252 |
| Impairment of fixed assets | 3.484 | - | (130) | - | (1.410) | 1.944 |
| Other income | (0) | 143 | 21 | - | 4.702 | 4.866 |
| EBITDA | 13.470 | 18.264 | 19.458 | 790 | (9.920) | 42.062 |
| Amortisation | (3.062) | (8.177) | (6.350) | (9) | (300) | (17.898) |
| EBIT / OPERATING PROFIT | 10.408 | 10.086 | 13.108 | 782 | (10.221) | 24.164 |
| Finance income | 39 | 86 | 168 | 0 | 353 | 646 |
| Finance costs | (474) | (688) | (9.698) | (31) | (4.071) | (14.962) |
| Change in fair value of financial instruments | 562 | - | 74 | (55) | (2.177) | (1.596) |
| Translation differences | - | - | - | - | (476) | (476) |
| NET FINANCIAL INCOME / COST | 127 | (601) | (9.456) | (86) | (6.372) | (16.388) |
| RESULTS OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD | - | - | - | - | (1) | (1) |
| PROFIT / (LOSS) BEFORE TAX | 10.536 | 9.485 | 3.652 | 696 | (16.594) | 7.775 |
| Corporate tax | (868) | 2.490 | 481 | (34) | 2.270 | 4.340 |
| NET PROFIT | 9.668 | 11.975 | 4.132 | 662 | (14.323) | 12.114 |
31.12.2024 - €mn
Profit & Loss (3/3)
| PL GEOGRAPHIES BREAKDOWN 31.12.2023 |
SPAIN | GUATEMALA | HONDURAS | DOMINICAN REP. | COLOMBIA | OTHER | TOTAL |
|---|---|---|---|---|---|---|---|
| REVENUES | 38.825 | 17.253 | 3.321 | 14.930 | 6.576 | 820 | 81.725 |
| Procurements | (2.589) | (14.584) | - | (114) | (3.064) | (773) | (21.124) |
| Capitalized personnel costs | 5.070 | 414 | - | 166 | 352 | 1.358 | 7.360 |
| Other operating income | 1.412 | 1 | 7 | 208 | 10 | 3 | 1.641 |
| Personnel expense | (8.513) | (791) | (58) | (326) | (519) | (1.402) | (11.610) |
| Other operating expense | (13.709) | (1.138) | (706) | (4.726) | (1.520) | (941) | (22.740) |
| ADJUSTED EBITDA | 20.496 | 1.156 | 2.563 | 10.137 | 1.836 | (936) | 35.252 |
| Impairment of fixed assets | (1.545) | 3.484 | - | 9 | - | (5) | 1.944 |
| Other income | 5.000 | (0) | (0) | (119) | (16) | 2 | 4.866 |
| EBITDA | 23.952 | 4.640 | 2.563 | 10.026 | 1.820 | (939) | 42.062 |
| Amortisation | (10.923) | (1.356) | (1.089) | (3.296) | (1.181) | (53) | (17.898) |
| EBIT / OPERATING PROFIT | 13.029 | 3.284 | 1.474 | 6.730 | 638 | (992) | 24.164 |
| Finance income | 207 | 48 | 35 | 15 | 131 | 211 | 646 |
| Finance costs | (4.124) | (497) | (887) | (6.456) | (2.088) | (910) | (14.962) |
| Change in fair value of financial instruments | (694) | 833 | (98) | (870) | (700) | (68) | (1.596) |
| Translation differences | (476) | - | - | - | - | - | (476) |
| NET FINANCIAL INCOME / COST | (5.088) | 385 | (950) | (7.311) | (2.658) | (766) | (16.388) |
| RESULTS OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD |
(1) | - | - | - | - | - | (1) |
| PROFIT / (LOSS) BEFORE TAX | 7.941 | 3.669 | 523 | (580) | (2.019) | (1.759) | 7.775 |
| Corporate tax | 2.849 | 43 | - | (484) | 1.931 | 1 | 4.340 |
| NET PROFIT | 10.789 | 3.712 | 523 | (1.064) | (88) | (1.758) | 12.114 |
31.12.2024 - €mn
Balance Sheet
| €mn | €mn | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 31.12.2024 | 31.12.2023 | Chg. (%) | Chg. (€) | 31.12.2024 | 31.12.2023 | Chg. (%) | Chg. (€) | ||
| INTANGIBLE ASSETS | 9.306 | 7.876 | 18% | 1.430 | Non-current liabilities | ||||
| RIGHT OF USE ASSETS | 13.000 | 9.935 | 31% | 3.065 | Long-term provisions | 3.929 | 3.712 | 6% | 217 |
| PROPERTY, PLANT AND EQUIPMENT | 635.207 | 426.910 | 49% | 208.297 | Long-term debts | 531.776 | 334.980 | 59% | 196.796 |
| Long-term investments in group companies | 4.347 | 2.443 | 78% | 1.904 | Deferred tax liabilities Grants |
4.652 10.683 |
2.792 12.178 |
67% -12% |
1.860 (1.495) |
| and associates Long-term financial investments |
485 | 1.628 | -70% | (1.143) | Non-current accounts payable | 1.037 | 9.047 | -89% | (8.010) |
| Other long-term payable accruals | 3.742 | 3.415 | 10% | 327 | |||||
| Deferred tax assets OTHER NON-CURRENT ASSETS |
40.559 2.707 |
28.944 1.089 |
40% 149% |
11.615 1.618 |
TOTAL NON-CURRENT LIABILITIES | 555.818 | 366.124 | 52% | 189.694 |
| TOTAL NON-CURRENT ASSETS | 705.611 | 478.825 | Current liabilities | ||||||
| Short-term debts | 82.804 | 56.429 | 47% | 26.375 | |||||
| Current assets | Trade and other accounts payable | 29.049 | 19.196 | 51% | 9.853 | ||||
| Inventorys | 0 | 1.146 | -100% | (1.146) | Current tax liabilities | 2.832 | 525 | 440% | 2307,44423 |
| Trade and other receivables | 32.492 | 16.296 | 99% | 16.196 | Short-term accruals | 246 | 214 | 15% | 31,91375 |
| Current tax assets | 382 | 110 | 247% | 272 | TOTAL CURRENT LIABILITIES | 114.931 | 76.364 | 51% | 38.567 |
| Investments in related parties | 591 | 1 | 98473% | 591 | Net equity | ||||
| Current investments | 3.554 | 2.370 | 50% | 1.184 | Share capital | 18.224 | 18.224 | 0% | 0 |
| OTHER CURRENT ASSETS | 7.631 | 5.954 | 28% | 1.677 | Issue premium | 99.326 | 99.326 | 0% | (0) |
| CASH AND CASH EQUIVALENTS | 71.356 | 75.524 | -6% | (4.168) | Other reserves | 12.630 | 1.623 | 678% | 11.007 |
| Interim dividend | (4.998) | (4.998) | |||||||
| TOTAL CURRENT ASSETS | 116.007 | 101.401 | Other Shareholder's contributions | 6.573 | 6.573 | 0% | 0 | ||
| TOTAL ASSETS | 821.617 | 580.225 | Own shares | (66) | (75) | -12% | 9 | ||
| Income for the year attributable to the Parent Company | 9.711 | 11.009 | -12% | (1.298) | |||||
| Exchange differences | (3.690) | (9.475) | -61% | 5.785 | |||||
| Equity attributed to Parent Company equity holders | 137.710 | 127.205 | 8% | 10.505 | |||||
| Non-controlling interest | 13.158 | 10.532 | 25% | 2.626 | |||||
| TOTAL NET EQUITY | 150.868 | 137.737 | 10% | 13.130 |
TOTAL NET EQUITY AND LIABILITIES 821.617 580.225 42% 241.392
FY 2024 Results Presentation
05. Annex II
Assets In operation
| COUNTRY | TECHNOLOGY | PROJECT | CAPACITY (MW) |
FINANCING | COD | COUNTRY | TECHNOLOGY | PROJECT | CAPACITY (MW) |
FINANCING | COD |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GALICIA | Hydro | San Bartolomé | 1.2 | Green Bond | 1997 | CANARY ISLANDS | Wind | Arcos del Coronadero | 4 | Project Finance | 2021 |
| GALICIA | Hydro | Cierves | 5 | Green Bond | 2000 | CANARY ISLANDS | Solar PV | Llanos de la Aldea I, II, III |
7.2 | Project Finance | 2021 |
| GALICIA | Hydro | Peneda | 10 | Green Bond | 2003 | CANARY ISLANDS | Solar PV | El Matorral | 11.5 | Project Finance | 2021 |
| GALICIA | Hydro | Arnoya | 10 | Green Bond | 2003 | CANARY ISLANDS | Solar PV | Aldea Blanca I, II, III, IV |
9.2 | Project Finance | 2021 |
| GALICIA | Wind | Ourol | 18 | Green Bond | 2007 | CANARY ISLANDS | Wind | La Florida III | 19.2 | Project Finance | 2022 |
| GALICIA | Hydro | Landro | 9.2 | Green Bond | 2008 | CANARY ISLANDS | Wind | La Gomera | 11.8 | Sicav | 2022 |
| GALICIA | Hydro | Xestosa | 2.9 | Green Bond | 2008 | DOMINICAN REP. | Solar PV | Cumayasa 1 | 60 | Project Finance | 2023 |
| GALICIA | Wind | Lalín | 3 | Green Bond | 2008 | DOMINICAN REP. | Solar PV | Cumayasa 2 | 36 | Project Finance | 2023 |
| HONDURAS | Solar PV | Llanos del Sur | 16.2 | Project Finance | 2015 | COLOMBIA | Solar PV | Sunnorte | 41 | Project Finance | 2023 |
| GUATEMALA | Hydro | Las Fuentes II | 14.2 | Project Finance | 2016 | GALICIA | Hydro | Cierves Ampliación | 3 | Own funds | 2023 |
| CANARY ISLANDS | Wind | Llanos de la Aldea | 20 | Green Bond | 2017 | CANARY ISLANDS | Solar PV | Llanos de la Aldea I Ext. |
1.6 | Project Finance | 2024 |
| CANARY ISLANDS | Wind | San Bartolomé | 9.2 | Green Bond | 2017 | CANARY ISLANDS | Wind | Las Casillas | 3.3 | Sicav | 2024 |
| CANARY ISLANDS | Wind | La Caleta | 5.6 | Sicav | 2020 | CANARY ISLANDS | Solar PV | Orone | 4.7 | Sicav | 2024 |
| CANARY ISLANDS | Wind | El Rodeo | 4.8 | Green Bond | 2020 | CANARY ISLANDS | Solar PV | La Rosa | 2.7 | Sicav | 2024 |
| CANARY ISLANDS | Wind | Las Casillas 1 | 4 | Sicav | 2021 | GUATEMALA | Solar PV | Yolanda | 73.7 | Project Finance | 2024 |
| CANARY ISLANDS | Wind | Lomo del Moral | 4 | Project Finance | 2021 | 427 |
| 1 | |
|---|---|
| IEX | |
Assets Under construction
| COUNTRY | TECHNOLOGY | PROJECT | CAPACITY (MW) |
LOAD FACTOR |
COD |
|---|---|---|---|---|---|
| DOMINICAN REP. | Solar PV | Cumayasa 4 | 61,7 | 23% | 2025 |
| DOMINICAN REP. | Solar PV | Payita 1 | 60,0 | 27% | 2025 |
| GUATEMALA | Solar PV | El Carrizo | 74,7 | 24% | 2025 |
| COLOMBIA | Solar PV | Ardobela 1 | 11,2 | 22% | 2025 |
| COLOMBIA | Solar PV | Ardobela 2 | 11,5 | 22% | 2025 |
| COLOMBIA | Solar PV | Tamarindo 1 | 11,9 | 24% | 2025 |
| COLOMBIA | Solar PV | Tamarindo 2 | 11,9 | 24% | 2025 |
| PANAMA | Solar PV | San Bartolo / Aguaviva / Santiago / La Mesa |
47,8 | 23% | 2026 |
| DOMINICAN REP. | Solar PV | Payita 2 | 60,0 | 27% | 2025 |
| CANARY ISLANDS | Solar PV | Marfú | 2,4 | 27% | 2025 |
| CANARY ISLANDS | Solar PV | Mejias | 2,4 | 27% | 2025 |
| CANARY ISLANDS | Solar PV | Sequero | 2,4 | 27% | 2025 |
| CANARY ISLANDS | Solar PV | Carrizal | 2,4 | 27% | 2025 |
| 360 |
Assets
Backlog Advanced development
| COUNTRY | TECHNOLOGY | PROJECT | CAPACITY (MW) |
LOAD FACTOR |
EST. COD |
|---|---|---|---|---|---|
| COLOMBIA | Solar PV | Puerto Wilches | 23,2 | 24% | 2026 |
| DOMINICAN REP. | Wind | Dominican 1 | 50,0 | 39% | 2026 |
| DOMINICAN REP. | Solar PV | Dominican 2 | 46,7 | 19% | 2026 |
| DOMINICAN REP. | Solar PV | Dominican 3 | 46,7 | 19% | 2026 |
| DOMINICAN REP. | Solar PV | Dominican 4 | 46,7 | 19% | 2026 |
| GUATEMALA | Solar PV | Guatemala 1 | 65,0 | 24% | 2026 |
| COLOMBIA | Solar PV | Cordoba 1 | 12,9 | 24% | 2026 |
| COLOMBIA | Solar PV | Cordoba 2 | 12,9 | 24% | 2026 |
| COLOMBIA | Solar PV | Cordoba 3 | 12,9 | 24% | 2026 |
| CANARY ISLANDS | Solar PV | Hibridaciones | 41,9 | 20% | 2026 |
| ROMANIA | Solar PV | Lucieni | 63,0 | 20% | 2026 |
| ROMANIA | Solar PV | Tibanesti | 16 | 17% | 2026 |
| POLAND | Solar PV | Ujazd | 8,0 | 21% | 2026 |
| ECUADOR | Hydro | El Rosario | 49,5 | 70% | 2027 |
| ECUADOR | Hydro | Santa Rosa | 49,5 | 70% | 2028 |
| 545 |
| COUNTRY | TECHNOLOGY | PROJECT | CAPACITY (MW) |
LOAD FACTOR |
COD EST. |
|---|---|---|---|---|---|
| GREECE | Solar PV | Golines | 34 | 18% | 2027 |
| GREECE | Solar PV | Mavropouli | 60 | 17% | 2027 |
| GREECE | Solar PV | Prozimi | 50 | 18% | 2028 |
| GREECE | Wind | Vaptistis | 42 | 32% | 2027 |
| GREECE | Wind | Megali Petra | 3 | 29% | 2026 |
| GREECE | Wind | Vergiatoudi | 3 | 29% | 2026 |
| ITALY | Solar PV | Alfina | 29 | 20% | 2027 |
| ITALY | Solar PV | Alfina 2 | 12 | 21% | 2027 |
| ITALY | Solar PV | Piancastagnaio | 33 | 19% | 2027 |
| POLAND | Solar-Wind Hyb. | Lipsko | 44 | 31-35% | 2027 |
| POLAND | Solar-Wind Hyb. | Ożarów | 28 | 31-35% | 2027 |
| POLAND | Solar-Wind Hyb. | Płońsk | 18 | 31-35% | 2027 |
| ROMANIA | Solar PV | Frasinet | 29,9 | 18% | 2027 |
| 386 |
This document and the information contained herein does not constitute an offer to sell, exchange or buy, or the solicitation of an offer to buy, or any recommendation or advice regarding, any securities issued by Ecoener, S.A. ("Ecoener" or the "Company").
This document may contain statements regarding intentions, expectations or forecasts. All statements other than statements of historical facts included herein, including, without limitation, those regarding our financial position, business strategy, management plans and objectives for future operations, are forward-looking statements. These statements represent the Company's best estimate on the basis of the information available as at the date hereof, but do not constitute a guarantee of future performance. Any such forward-looking statements may be subject to risks, uncertainties and other relevant factors which could cause them to differ materially from actual results. Accordingly, readers are cautioned not to place undue reliance on such forward-looking statements.
Some of these risks include, amongst others, ongoing competitive pressure in the sector, macro-economic, political, regulatory and trade conditions, foreign exchange risks, technological risks, restrictions to free trade and political volatility in the markets where the Company is present or in the countries where the Group's projects are present. The risks and uncertainties that could affect the forward-looking statements are difficult to predict. Except where the prevailing regulations require otherwise, the Company assumes no obligation to publicly revise or update its forward-looking statements in the case of unexpected changes, events or circumstances that could affect them.
For a discussion of these and other factors that may affect forward looking statements and Ecoener's business, financial conditions and results of operations, see the documents and information filed by the company with the Comisión Nacional del Mercado de Valores (the Spanish Securities Market Commission). Readers are invited to review the contents of any such documents.
This presentation contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") and derived from our financial statements, alternative performance measures ("APMs") as defined in the Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures ("Non-IFRS Measures"). These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from Ecoener; however, those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by our auditors. These APMs and Non-IFRS Measures should be considered supplemental information to, and are not meant to substitute IFRS measures. Please refer to the audited consolidated financial statements of the Group for fiscal year 2021 for the definition of APMs and Non-IFRS Measures included herein.
For the purposes of this presentation, "MW under construction" refers to MW to be produced by projects which meet the following requirements: the management of the works necessary for the execution of construction and development activities associated with such facility 'construction, consisting, among others, in the organization and verification of the appropriate tasks that will lead to the successful completion of the material execution of projects, such as the rethinking of construction projects, the negotiation, preparation, contracting and monitoring (always on behalf of the company that owns the project) of the contracts with suppliers, as well as tools, instruments, and equipment necessary for the construction of the project, the interaction with administrations to ensure compliance with the requirements established in different resolutions (environmental, licenses and authorizations) prior to the start of construction, the communication with land owners to ensure compliance with the formal requirements established in the leasing contracts prior to the start of the works, the formalization and structuring of the necessary financing, including the review processes or the tasks related to compliance, as far as it is concerned, by the entity owning the project, of the current provisions relating to labour, social security, prevention of occupational risks and occupational health and safety. For the purposes of this presentation "MW in operation" means MW produced by assets that are in operation, functioning and producing electricity.
This presentation contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") and derived from our financial statements, alternative performance measures ("APMs") as defined in the Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures ("Non-IFRS Measures"). These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from Ecoener; however, those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by our auditors. These APMs and Non-IFRS Measures should be considered supplemental information to, and are not meant to substitute IFRS measures. Please refer to the audited consolidated financial statements of the Group for fiscal year 2021 for the definition of APMs and Non-IFRS Measures included herein.
Source: Consolidated audited Financial for 2024 Statements and Consolidated audited Director's Report as of the period ended 31 December 2024 of Ecoener, S.A. and its subsidiaries, which have been prepared in accordance with international Financial Reporting Standards as adopted by the European Union ("IFRS-EU"). Figures for ordinary income Adjusted along the presentation are shown in accordance with the standard established at the 31/12/2024 closing date.
Disclaimer
