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Enlight Renewable Energy .(ENLT) - 2023 Q4 - Annual Report
2024-03-28 10:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of March 2024 (Translation of registrant's name into English) 13 Amal St., Afek Industrial Park Rosh Ha'ayin, Israel + 972 (3) 900-8700 (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ F ...
Enlight Renewable Energy Reports Fourth Quarter 2023 Financial Results
Newsfilter· 2024-02-26 11:00
All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted TEL AVIV, Israel, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy Ltd. (NASDAQ:ENLT, TASE: ENLT))) today reported financial results for the fourth quarter and full year ended December 31, 2023. The Company's earnings webcast will be held today at 8:00 AM ET. A link to this webcast can be found at the end of this earnings release.  The entire suite of the Company's 4Q23 financial results can be found on o ...
Enlight to Report Fourth Quarter and Full Year 2023 Financial Results on Monday, February 26, 2024
Globenewswire· 2024-02-12 21:30
TEL AVIV, Israel, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (“Enlight”) (NASDAQ: ENLT, TASE: ENLT), a leading global renewable energy platform, today announced it will release its financial results for the fourth quarter and full year ended December 31, 2023, before market open on Monday, February 26, 2024. Conference Call Information Enlight will host a conference call to review its financial results and business outlook on Monday, February 26, 2024 at 8:00 a.m. ET. Management will deliver ...
Enlight to Report Fourth Quarter and Full Year 2023 Financial Results on Monday, February 26, 2024
Newsfilter· 2024-02-12 21:30
TEL AVIV, Israel, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy ("Enlight") (NASDAQ:ENLT, TASE: ENLT))), a leading global renewable energy platform, today announced it will release its financial results for the fourth quarter and full year ended December 31, 2023, before market open on Monday, February 26, 2024. Conference Call Information Enlight will host a conference call to review its financial results and business outlook on Monday, February 26, 2024 at 8:00 a.m. ET. Management will delive ...
Enlight Announces Participation at the Bank of America Power Utilities & Clean Energy Conference
Newsfilter· 2024-02-08 16:50
TEL AVIV, Israel, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy ("Enlight") (NASDAQ:ENLT, TASE: ENLT))), a leading global renewable energy platform, today announced its participation in the Bank of America Power Utilities & Clean Energy Conference in New York City on Monday, March 4, 2024. Management will be available for one-on-one and small group meetings with institutional investors during the conference. For more information about the conference or to request a meeting, please contact your ...
Enlight Renewable Energy .(ENLT) - 2023 Q3 - Quarterly Report
2023-11-19 16:00
Exhibit 99.1 Press Release ENLIGHT RENEWABLE ENERGY REPORTS THIRD QUARTER 2023 FINANCIAL RESULTS All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted TEL AVIV, ISRAEL, November 20, 2023 – Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the third quarter ended September 30, 2023. The Company's quarterly earnings materials and a link to the earnings webcast, which will be held today at 8:00 AM ET, may be found on the invest ...
Enlight Renewable Energy .(ENLT) - 2023 Q2 - Quarterly Report
2023-08-08 16:00
Exhibit 99.1 Press Release TEL AVIV, ISRAEL, August 09, 2023 – Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the second quarter ended June 30, 2023. The Company's quarterly earnings materials and a link to the earnings webcast, which will be held today at 8:00 AM ET, may be found on the investor relations section of Enlight's website at https://enlightenergy.co.il/data/financial-reports/ Second Quarter 2023: Financial Highlights First Half 2023: Financial High ...
Enlight Renewable Energy .(ENLT) - 2022 Q4 - Annual Report
2023-03-29 16:00
Part I [Item 3. Key Information](index=9&type=section&id=Item%203.%20Key%20Information) The company's business is affected by principal risks including project development, offtake agreements, operations, financing, and regulatory changes [Risk Factors](index=9&type=section&id=D.%20Risk%20Factors) The company faces numerous operational risks, including project development, supply chain disruptions, competition, regulatory changes, and geopolitical instability - Key business risks include the ability to successfully develop and convert renewable energy projects, dependency on obtaining governmental permits, and managing construction delays and supply chain disruptions[28](index=28&type=chunk) - The company faces competition from both traditional and renewable energy companies, potential for reduced demand, and the risk of offtakers terminating contracts if performance benchmarks are not met[28](index=28&type=chunk)[29](index=29&type=chunk) - Operational challenges include technical issues leading to outages, dependence on weather conditions, electricity price volatility, and reliance on a few key projects for a substantial portion of cash flows[29](index=29&type=chunk) - Financial and regulatory risks include managing cost inflation and interest rate fluctuations, changes to renewable energy policies, and complying with international trade and anti-corruption laws[29](index=29&type=chunk)[30](index=30&type=chunk) - The company is exposed to geopolitical risks from its incorporation and location in Israel, including political and military instability, which could adversely affect operations[30](index=30&type=chunk)[247](index=247&type=chunk) [Item 4. Information on the Company](index=51&type=section&id=Item%204.%20Information%20on%20the%20Company) The company operates a global renewable energy platform with a diverse project portfolio, controlling the entire project lifecycle across multiple technologies [History and Development of the Company](index=51&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) Founded in 2008 in Israel, the company's shares are dual-listed on the Tel Aviv Stock Exchange and the Nasdaq Global Select Market - The company was founded on August 6, 2008, and its shares are dual-listed on the **Nasdaq Global Select Market** (since February 2023) and the **Tel Aviv Stock Exchange** (since February 2010)[260](index=260&type=chunk) [Business Overview](index=52&type=section&id=B.%20Business%20Overview) The company develops, finances, constructs, and operates utility-scale renewable energy projects globally, with a significant presence in the U.S Consolidated Project Portfolio Overview (as of March 15, 2023) | | Mature Projects | Advanced Development Projects | Development Projects | Total Portfolio | | :--- | :--- | :--- | :--- | :--- | | **Generation capacity (GW)** | 4.5 | 4.2 | 10.3 | 19.0 | | **Storage capacity (GWh)** | 2.7 | 10.0 | 7.9 | 20.6 | - The company operates an integrated business model, controlling the entire project life cycle from development and engineering to procurement, construction, asset management, and finance[272](index=272&type=chunk) - Enlight entered the U.S. market in August 2021 through the acquisition of a **90.1% equity interest in Clēnera**, a developer of utility-scale solar and energy storage projects[266](index=266&type=chunk)[270](index=270&type=chunk) - As of March 15, 2023, approximately **63% of the capacity of Mature Projects was contracted** with an average remaining PPA term of 16 years, while 18% is exposed to Merchant Risk[280](index=280&type=chunk) - The company's growth strategy focuses on converting its development pipeline, expanding organically in existing markets, and growing laterally through energy storage and entry into new geographies[307](index=307&type=chunk)[310](index=310&type=chunk)[311](index=311&type=chunk) [Organizational Structure](index=78&type=section&id=C.%20Organizational%20Structure) The company operates through a complex structure of wholly or partially owned subsidiaries for co-investments and project-specific purposes - The company is organized under the laws of the State of Israel and operates through a network of subsidiaries, including co-invest entities for partnerships and project-specific subsidiaries[416](index=416&type=chunk)[420](index=420&type=chunk) [Property, Plants and Equipment](index=78&type=section&id=D.%20Property%2C%20Plants%20and%20Equipment) The company leases all its corporate facilities, with main headquarters in Israel and the U.S., and believes its current facilities are sufficient - The company's corporate headquarters are located in Rosh Ha'ayin, Israel, and its U.S. headquarters are in Boise, Idaho; all corporate facilities are leased[417](index=417&type=chunk) [Operating and Financial Review and Prospects](index=79&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) The company's financial performance shows significant revenue and profit growth in 2022, driven by new projects and managed through a robust capital structure Key Financial Performance (2021 vs. 2022) | Metric | 2022 (in millions) | 2021 (in millions) | Year-over-Year Growth | | :--- | :--- | :--- | :--- | | **Revenue** | $192.2 | $102.5 | 88% | | **Operating Profit** | $90.6 | $34.4 | 163% | | **Net Profit** | $38.1 | $21.7 | 76% | - The company's business model primarily generates revenue from long-term PPAs, which comprised **68% of total revenue in 2022**[425](index=425&type=chunk) - Key factors influencing performance include rising power prices, which have led to favorable PPA amendments, and supply chain disruptions, which are mitigated by a global supplier network[428](index=428&type=chunk)[430](index=430&type=chunk)[434](index=434&type=chunk) [Operating Results](index=86&type=section&id=A.%20Operating%20Results) Revenue and profits surged in 2022, driven by newly operational projects and a gain related to the Clēnera acquisition earn-out liability Revenue Breakdown (2021 vs. 2022) | Revenue Source | 2022 (in thousands) | 2021 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Electricity and operation of facilities | $181,058 | $94,309 | 92% | | Construction and management services | $11,114 | $8,152 | 36% | | **Total revenue** | **$192,172** | **$102,461** | **88%** | - The **92% increase in electricity revenue** was primarily driven by new projects contributing an additional $86 million and the reclassification of the Halutziot project contributing $12 million[468](index=468&type=chunk) - Operating costs increased in line with growth, with cost of sales rising 86% to $40.4 million and G&A expenses increasing 85% to $28.7 million[470](index=470&type=chunk)[475](index=475&type=chunk) - Other income of **$13.8 million** was recognized in 2022, primarily from a reduction in the estimated earn-out liability related to the Clēnera acquisition[479](index=479&type=chunk) Adjusted EBITDA Reconciliation Summary (in thousands) | | For the Year Ended December 31, | | :--- | :--- | :--- | | | **2022** | **2021** | | **Net Income** | **$38,113** | **$21,675** | | Depreciation and amortization | $42,267 | $20,500 | | Share based compensation | $8,673 | $3,980 | | U.S. acquisition expense | $0 | $7,331 | | Other income | ($11,617) | $0 | | Finance expenses, net | $39,250 | $6,842 | | Share of losses of equity accounted investees | $306 | $189 | | Taxes on income | $12,943 | $5,694 | | **Adjusted EBITDA** | **$129,935** | **$66,211** | [Liquidity and Capital Resources](index=92&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) The company manages capital through project finance, corporate debt, and equity, successfully raising funds from its U.S. IPO in early 2023 - In February 2023, the company completed its U.S. IPO, receiving **net proceeds of approximately $270.7 million**[486](index=486&type=chunk) - As of December 31, 2022, the company had approximately **$1.6 billion of project finance debt** outstanding with a weighted average interest rate of 2.5%, of which 94% is fixed-rate[492](index=492&type=chunk) Holding Company Debentures Overview (as of Dec 31, 2022) | Series | Debt Outstanding (USD millions) | Effective Interest Rate | Duration (Years) | | :--- | :--- | :--- | :--- | | C (Convertible) | $151 | 3.2% | 5.5 | | D | $110 | 3.2% | 5.4 | | E | $28 | 4.4% | 1.9 | | F | $125 | 3.1% | 2.9 | Summary of Cash Flows (in millions) | | Year ended December 31, | | :--- | :--- | :--- | | | **2022** | **2021** | | Net cash provided by operating activities | $90.4 | $52.0 | | Net cash used in investing activities | ($820.0) | ($644.6) | | Net cash from financing activities | $684.7 | $752.3 | [Item 6. Directors, Senior Management and Employees](index=103&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) The company is led by an experienced management team and board, with a compensation structure governed by Israeli law and Nasdaq rules [Directors and Senior Management](index=103&type=section&id=A.%20Directors%20and%20Senior%20Management) The company is led by co-founder Gilad Yavetz as CEO and a board of eight members chaired by Yair Seroussi - The executive team is led by Co-founder and CEO Gilad Yavetz, CFO Nir Yehuda, and Co-founder and SVP Amit Paz[537](index=537&type=chunk)[539](index=539&type=chunk)[540](index=540&type=chunk)[541](index=541&type=chunk) - The Board of Directors is chaired by Yair Seroussi and comprises eight members in total[537](index=537&type=chunk)[544](index=544&type=chunk) [Compensation](index=106&type=section&id=B.%20Compensation) Executive compensation totaled approximately $7.89 million in 2022 and is overseen by the compensation committee and board - The aggregate compensation paid to directors and executive officers for the year ended December 31, 2022, was **approximately $7.89 million**[561](index=561&type=chunk) Compensation for Five Most Highly Compensated Executive Officers (2022) | Executive Officer | Position | Salary Expenses | Social Benefits Costs | Cash Bonus/Commissions | Share-Based Compensation Expense | | :--- | :--- | :--- | :--- | :--- | :--- | | Gilad Yavetz | CEO | $0.39M | $0.05M | $0.22M | $2.10M | | Amit Paz | SVP | $0.25M | $0.05M | $0.08M | $0.93M | | Nir Yehuda | CFO | $0.25M | $0.04M | $0.08M | $0.92M | | Ilan Goren | VP | $0.21M | $0.04M | $0.09M | $1.00M | | Perach Lerner | VP | $0.20M | $0.04M | $0.05M | $0.28M | - The company utilizes a 2010 Share Option Plan, with a maximum of **15,000,000 options** authorized for issuance to employees, officers, and directors[576](index=576&type=chunk)[577](index=577&type=chunk) [Board Practices](index=112&type=section&id=C.%20Board%20Practices) As a foreign private issuer, the company follows Israeli governance practices while adhering to Nasdaq independence rules for its board committees - The company has opted out of Israeli Companies Law requirements for external directors and instead complies with **Nasdaq director independence rules** applicable to U.S. domestic issuers[596](index=596&type=chunk) - The Board of Directors has established four committees: **Audit, Compensation, Nominating, and Environmental, Social and Governance (ESG)**[605](index=605&type=chunk) - The company follows home country (Israeli) practice in lieu of Nasdaq rules for shareholder meeting quorums and certain shareholder voting requirements[783](index=783&type=chunk) [Employees](index=124&type=section&id=D.%20Employees) The company employed 217 full-time, non-unionized employees as of March 2023, split between the U.S. and Israel - The company had **217 full-time employees** as of March 15, 2023, split roughly evenly between the U.S. and Israel[658](index=658&type=chunk) - None of the company's employees are represented by a labor union, and employee relations are considered good[658](index=658&type=chunk) [Item 7. Major Shareholders and Related Party Transactions](index=125&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) The company's ownership is concentrated among several major institutional shareholders, and it maintains formal policies for related party transactions Principal Shareholders (as of March 15, 2023) | Shareholder | % of Outstanding Ordinary Shares | | :--- | :--- | | Migdal Insurance and Financial Holdings Ltd | 9.64% | | The Phoenix Holdings Ltd. | 7.60% | | Harel Insurance Investments & Financial Services Ltd | 6.85% | | Meitav Dash Investments Ltd. | 6.03% | | Altshuler Shaham Ltd. | 5.59% | | All executive officers and directors as a group (12 persons) | 3.42% | - The company has entered into standard employment, exculpation, and indemnification agreements with its directors and executive officers[674](index=674&type=chunk) - A formal policy is in place for the review, approval, or ratification of related party transactions, consistent with the requirements of the Israeli Companies Law[675](index=675&type=chunk) [Item 8. Financial Information](index=127&type=section&id=Item%208.%20Financial%20Information) The company has no material litigation and does not anticipate paying dividends, retaining earnings for business expansion - The company has never declared or paid dividends and does not anticipate doing so in the foreseeable future, intending to retain earnings for operations and expansion[679](index=679&type=chunk) - The company is not a party to any litigation or proceeding that is expected to have a material adverse impact on its financial position[678](index=678&type=chunk) [Item 10. Additional Information](index=128&type=section&id=Item%2010.%20Additional%20Information) This section covers Israeli exchange controls, corporate taxation policies, and U.S. federal income tax considerations for shareholders - There are currently no Israeli currency control restrictions on remittances of dividends or proceeds from share sales to non-residents, with certain exceptions[692](index=692&type=chunk) - The standard corporate income tax rate in Israel is **23%**, and dividends paid to non-Israeli residents are generally subject to a 25% withholding tax[695](index=695&type=chunk)[709](index=709&type=chunk) - For U.S. federal income tax purposes, the company believes it was **not a Passive Foreign Investment Company (PFIC)** for the year ended December 31, 2022[242](index=242&type=chunk)[730](index=730&type=chunk) [Item 11. Quantitative and Qualitative Disclosures about Market Risk](index=137&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to interest rate, foreign currency, and credit risks, which it manages through hedging policies and counterparty diversification - The company manages interest rate risk through interest rate swaps and by maintaining a significant portion of its debt at fixed rates[748](index=748&type=chunk) - Foreign currency exchange risk is present due to revenues and expenses in multiple currencies and is managed through an internal hedge and a formal hedging policy[750](index=750&type=chunk)[751](index=751&type=chunk) - Credit risk from counterparties is mitigated by contracting with investment-grade entities and diversifying the counterparty portfolio[754](index=754&type=chunk) Part II [Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds](index=138&type=section&id=Item%2014.%20Material%20Modifications%20to%20the%20Rights%20of%20Security%20Holders%20and%20Use%20of%20Proceeds) The company discloses the use of net proceeds from its February 2023 U.S. IPO, confirming no material change from its prospectus - The company completed its U.S. IPO on February 14, 2023, generating gross proceeds of $288.8 million and **net proceeds of approximately $270.7 million** after costs[759](index=759&type=chunk)[760](index=760&type=chunk) [Item 15. Controls and Procedures](index=138&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of year-end 2022, with internal control reporting deferred per SEC rules - Management concluded that as of December 31, 2022, the company's disclosure controls and procedures were **effective**[765](index=765&type=chunk) - Due to its status as a newly public company, this report does not include management's assessment of internal control over financial reporting or an auditor's attestation report[766](index=766&type=chunk)[767](index=767&type=chunk) [Item 16. Corporate Governance and Other Disclosures](index=139&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Disclosures) This section covers governance topics including the audit committee financial expert, code of ethics, accountant fees, and reliance on home country practices - The Board of Directors has determined that Liat Benyamini is an **audit committee financial expert**[769](index=769&type=chunk) - A Code of Ethics and Conduct has been adopted, and it is available on the company's website[771](index=771&type=chunk)[772](index=772&type=chunk) Principal Accountant Fees (in thousands) | Fee Type | 2022 | 2021 | | :--- | :--- | :--- | | Audit Fees | $615 | $709 | | Tax Fees | $29 | $30 | | **Total** | **$644** | **$739** | - As a foreign private issuer, the company relies on home country practices for certain Nasdaq corporate governance rules, including shareholder meeting quorum requirements[783](index=783&type=chunk) Part III [Item 18. Financial Statements](index=142&type=section&id=Item%2018.%20Financial%20Statements) This section contains the company's audited consolidated financial statements for the three years ended December 31, 2022, prepared under IFRS Consolidated Statement of Financial Position (in thousands) | | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$3,533,367** | **$2,835,340** | | Total Current Assets | $423,704 | $413,311 | | Total Non-Current Assets | $3,109,663 | $2,422,029 | | **Total Liabilities and Equity** | **$3,533,367** | **$2,835,340** | | Total Liabilities | $2,483,333 | $2,077,959 | | Total Equity | $1,050,034 | $757,381 | Consolidated Statement of Income (in thousands) | | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Revenues** | **$192,172** | **$102,461** | **$70,324** | | Gross profit | $111,171 | $61,238 | $40,368 | | Operating profit | $90,612 | $34,400 | $28,374 | | **Profit (loss) for the year** | **$38,113** | **$21,675** | **($41,035)** | Consolidated Statement of Cash Flows (in thousands) | | 2022 | 2021 | | :--- | :--- | :--- | | Net cash from operating activities | $90,376 | $52,023 | | Net cash used in investing activities | ($820,000) | ($644,638) | | Net cash from financing activities | $684,741 | $752,314 |
Enlight Renewable Energy .(ENLT) - 2022 Q4 - Earnings Call Transcript
2023-03-17 19:19
Enlight Renewable Energy Ltd. (NASDAQ:ENLT) Q4 2022 Earnings Conference Call March 15, 2023 8:00 AM ET Company Participants Yosef Lefkovitz - VP of Corporate Finance and M&A Gilad Yavetz - CEO and Co-Founder Nir Yehuda - CFO Jason Ellsworth - CEO and Co-Founder of Clenera Conference Call Participants Mark Strouse - JP Morgan Julien Dumoulin-Smith - Bank of America Maheep Mandloi - Credit Suisse David Paz - Wolfe Research Justin Clare - MKM Partners Yosef Lefkovitz Good morning, everyone, and thank you for ...
Enlight Renewable Energy .(ENLT) - 2023 Q1 - Quarterly Report
2023-03-14 16:00
Exhibit 99.1 Press Release ENLIGHT RENEWABLE ENERGY REPORTS YEAR-END 2022 FINANCIAL RESULTS All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted TEL AVIV, ISRAEL, March 15, 2023 – Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the full year ended December 31, 2022. The Company's annually earnings materials and a link to the earnings webcast, which begins today at 8:00 AM ET, may be found on the investor relations section ...