Corre Energy
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Corre Energy (CORRE) investor relations material

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Corre Energy H1 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2024 earnings summary30 Sep, 2024

Executive summary

  • Achieved €2m pre-tax profit for H1 2024, mainly from a €5.8m option revaluation gain on the IEEF II equity-linked funding agreement.

  • Net cash at period end was €0.3m, with €1.1m added in July from an equity raise and a €5m shareholder loan facility secured in August.

  • Operational review underway to reduce costs, prioritize high-return projects, and enhance governance with a new board.

  • Strategic focus on multi-duration energy storage, integrating BESS and CAES technologies.

  • JV with Semper Power to develop a 320MW BESS at Zuidwending, Netherlands, and continued progress on key German and Danish projects.

Financial highlights

  • Profit after tax for H1 2024 was €2m, compared to a €9.9m loss in H1 2023, driven by a €5.8m option revaluation gain and €2m tax credit.

  • Operating loss (excluding one-offs) was €5.9m, a slight improvement from €6.4m loss in H1 2023.

  • Net cash at 30 June 2024 was €0.3m, up to €1.4m post-period after equity raise; trade creditors increased to €4.1m.

  • Share capital increased to €349k and share premium to €36.7m after new share issues.

  • Basic EPS for H1 2024 was 16.1 cents, compared to (4.2) cents in H1 2023.

Outlook and guidance

  • Capital allocation will focus on German AH1 and AH2 CAES projects and the ZW1 BESS project in the Netherlands.

  • ZW1 CAES project in the Netherlands delayed by permitting, with FID now expected post-Q4 2027.

  • GHH project in Denmark remains a priority but faces cavern capacity constraints; FID targeted for H1 2027.

  • Ongoing strategic review to optimize project portfolio and funding, with potential new investment expected in late 2024 or 2025.

What criteria define ZW1 CAES/GHH funding levels?
IEEF II conversion rate change: impact on equity raises?
German LDES tenders start 2025. How to participate
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