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Corre Energy (CORRE) investor relations material
Corre Energy H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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