EiDF has just presented his half-yearly accounts -until June– and this with a significant reduction in debt and an increase in Ebitda of more than 200%. Beyond the June figures, which already point towards a reduction in the debt, sources consulted by OKDIARIO assure that this debt has been considerably reduced by more than 15 million today, and that it will do so in another 30 years. before ending the year. A significant financial recovery, which would involve a reduction of this debt by more than 50%. The company led by Fernando Romero also believes that the auditor will note all ‘warnings” that he held on the company. To this day, October 14, he still maintains the reserve of internal controlbut the sources of Board of Directors The company expects it to also be retired by the end of this year.
The EiDF presents a negative net result of 9.3 million and a debt, at the end of June, which exceeds 70 million. Of course, the renewable company has reduces this debt by 15 million concerning these accounts thanks, above all, to the various sales made to Brookfield. These were sales which specifically involved the cancelation debt of these expired assets, which resulted in a oxygen balloon for the company renewable.
The idea of the council EiDF is, now, to reduce this debt by another 30 million before it ends 2024. This is part of what Fernando Romero was obsessed with when he entered Laurion Group and its president, Jordi Beriniwho as vice-president of the EiDF. Since then, they have been trying to stabilize the energy company’s figures. If it achieves its objective, this debt of business It will close 2024 at around 30 million euros.
EiDF figures
The company’s net income continues to be negative, since it had to transfer to the balance sheet a good part of the convertible loans that the company had. The net result remains, as they say, negative at 9.3 million.
For his part, the Ebitda managed to move it into positive territory, overcoming the 3 million euros, and the net value, thanks to the various competitions and constructions, is also moving into positive territory. Additionally, the company maintains a cash flow greater than 5 million euros. Of course, a loan from the president himself, Fernando Romero, took a significant percentage of this money.
Controversy over the EiDF and reservations from the auditor
The renewable company does not, however, escape the controversy that has arisen around the brother of the president who, according to various media a few days ago, will have to be judged in Bilbao charged with multiple counts with sentences of prison. From the EiDF, the company and Fernando Romero himself have expressed their independence in the face of these cases, which continue the energy as we also said in this newspaper.
Part of all this controversy arose after the listener was detected, PWCproblems in the internal accounting of EiDFas well as in the valuation of assets. From now on, the auditor maintains internal control and will remain so, at least, until the end of this year, but it is true that he lifts the rest of the reservations that operated on the company. The current audit is therefore not completely flawless. Many numbers are improving.
The idea they have within the company is to move away from self-consumption sales and, to comply with the new ‘business plan“, we build the parks that already belong to the company and deliver them “turnkey”. These types of projects are those that would allow EiDF would have the necessary financing to undertake the work and, in return, would guarantee subsequent sales. A sort of virtuous circle that they want to achieve and that, until now, the company was far from achieving it.
THE businessoperationally, insists it is “much more than viable”, but the reputational crisis and internal conflicts between the old management and the new board members are weighing on the energy company. On the one hand, the majority stake goes to Fernando Romeroand on the other hand, he needs his vice-president to obtain the regular financing which EiDF needs, and they are not ready to put it at any price. Indeed, the sources consulted by OKDIARIO They assure that this support is not guaranteed, but depends on “why” and “how the company’s operations are to be carried out”.
In any case, the company emerges from this first market study with the support of the aforementioned new management team, or of advisors such as Édouard Romeukeys for strategic agreements achieved with Brookfield, Atitlanor from the bank in order to have refinanced part of the debt. In this way, she approaches the second half of the year with the intention of realizing her business plan.
