Enlight Renewable Energy .(ENLT) - 2024 Q4 - Annual Report

Financial Performance - Full year 2024 revenues and income reached $399 million, a 53% increase year over year[4] - Adjusted EBITDA for 2024 was $289 million, up 49% year over year[4] - Net income for 2024 was $67 million, down 32% year over year[4] - Cash flow from operations for 2024 was $193 million, a 29% increase year over year[4] - Revenues for the year ended December 31, 2024, increased to $377,935 thousand, up from $255,702 thousand in 2023, representing a growth of approximately 47.8%[40] - Total revenues and income reached $398,795 thousand in 2024, compared to $261,140 thousand in 2023, marking an increase of about 52.8%[40] - Operating profit for 2024 was $175,535 thousand, compared to $158,143 thousand in 2023, reflecting a rise of approximately 11%[40] - Profit for the year attributed to owners of the Company decreased to $44,209 thousand in 2024 from $70,924 thousand in 2023, a decline of about 37.7%[40] - Basic earnings per share for 2024 was $0.37, down from $0.61 in 2023, indicating a decrease of approximately 39%[40] - Profit for the period decreased to $66,505 thousand in 2024 from $98,041 thousand in 2023, representing a decline of approximately 32.2%[44] - The company achieved a profit before income taxes of $84,780 thousand in 2024, compared to $126,469 thousand in 2023, reflecting a decrease of about 33%[50] Future Projections - The company expects 2025 revenues and income to range between $490 million and $510 million, a 25% increase from 2024[24] - Adjusted EBITDA for 2025 is projected to be between $360 million and $380 million, a 28% increase from 2024[24] - The company plans to reach an operating capacity of 8.6 FGW by the end of 2027, aiming for annual revenues exceeding $1 billion by 2028[10] Operational Capacity and Projects - The total portfolio includes 20 GW of generation capacity and 35.8 GWh of storage, equating to 30.2 FGW[14] - Newly operational projects contributed $18 million to revenues from the sale of electricity in Q4 2024[26] - The total installed capacity for operational projects reached 2,492 MW by the end of 2024, up from 1,866 MW in 2023, marking an increase of approximately 33.5%[55] - Total consolidated projects capacity is 1,056 MW for generation and 2,434 MWh for energy storage, with estimated total project costs ranging from $1,915 million to $2,012 million[57] - The company has several projects under construction with expected commercial operation dates (COD) ranging from H2 2025 to H1 2026[57] Financial Position - Total assets amounted to $5,546,885,463,392[42] - Current assets were reported at $720,496,664,645[42] - Cash and cash equivalents totaled $387,427,740,380[42] - Trade receivables reached $506,924,310[42] - Non-current assets were valued at $4,826,388,993,776[42] - Total current liabilities were $1,000,000,000[42] - Total non-current liabilities stood at $2,000,000,000[42] - Total liabilities amounted to $3,000,000,000[42] - Total equity was reported at $2,546,885,463,392[42] - The company holds restricted cash of $100,000,901,426[42] - Total current liabilities amounted to $592.04 million, a decrease of 4.05% compared to the previous period[43] - Total non-current liabilities were reported at $351.39 million, reflecting a 12.61% increase[43] - Total liabilities reached $410.59 million, indicating a growth of 7.96%[43] - Current liabilities of loans from banks and other financial institutions stood at $199.61 million, a rise of 7.02%[43] - Total equity was recorded at $330.83 million, showing a decrease of 3.29%[43] - The company reported employee benefits liabilities of $121.54 million, which is a 4.78% increase[43] - Deferred income related to tax equity was $403.38 million, marking a 6.08% increase[43] - The capital reserves were noted at $257.73 million, reflecting a 3.00% increase[43] - The company has a total of $1.02 billion in share premium, which is stable compared to the previous period[43] Cash Flow and Financing Activities - Net cash from operating activities increased to $193,072 thousand in 2024, up from $149,620 thousand in 2023, reflecting a growth of about 29%[44] - Total cash used in investing activities increased to $941,367 thousand in 2024 from $798,065 thousand in 2023, indicating a rise of about 17.9%[44] - The company reported cash flows from financing activities of $939.6 million, a decrease from $1,027.6 million in the previous year[45] - Loan repayments from banks and other financial institutions totaled $699.5 million, compared to $203.4 million last year[45] - The issuance of debentures amounted to $177.9 million, while repayments of debentures were $26.0 million[45] - The net cash from financing activities was $745.9 million, reflecting a decrease from $878.5 million[45] - The balance of cash and cash equivalents at the beginning of the period was $403.8 million[45] - The company experienced a change in cash of $5.7 million from the disposal groups classified as held for sale[45] - The effect of exchange rate fluctuations on cash and cash equivalents was $8.3 million[45] - The company reported proceeds from investments by tax-equity investors of $410.8 million, compared to $389.0 million last year[45] - The repayment of tax equity investments was $83.9 million, down from $82.7 million[45] Market Presence and Strategy - The company operates across the United States, Israel, and 9 European countries, focusing on solar, wind, and energy storage projects[39] - The company completed its U.S. IPO in 2023, trading on Nasdaq under the ticker ENLT[39] - The company is focusing on expanding its market presence and enhancing product development strategies[43] Changes in Financial Reporting - The company has made structural changes to its income statement presentation to better reflect financial performance, applying the change retrospectively[63]