(Alliance News) - Altea Green Power Spa announced Wednesday that shareholders have appointed a new board of directors, identifying Giovanni Di Pascale as chairman of the board.

Joining him on the board are Fabio Lenzini, Luca De Zen, Laura Guazzoni, Francesco Bavagnoli, Donatella De Lieto Vollaro and Anna Chiara Invernizzi.

The board then reviewed some figures from the first half of the year, a period in which the company recorded a value of production between EUR13.5 million and EUR14.0 million, up 33 percent from EUR10.1 million in the first six months of 2023.

Ebitda is between EUR7.5 million and EUR8.0 million, an increase of more than 44% from EUR5.2 million as of June 30, 2023, and making a margin of more than 55% from 51.4% as of June 30, 2023.

The adjusted Ebitda margin, adjusted for the extra costs booked in the half-year, in accordance with international accounting standards, and referring to target-based remuneration plans for staff, is above 60%.

"The positive performance in the half year and the increase in all values are mainly determined by the significant progress in the authorization process of both BESS and wind and photovoltaic projects. In addition, an important contribution can be attributed to the new BESS projects contracted last March. Finally, important advances are reported on new photovoltaic projects, for which the company is in commercial negotiations for their sale," explained the company, whose results are in line with the 2024-2028 plan presented in January.

Net financial debt was EUR1.3 million, of which EUR700,000 related to IFRS 16 accounting effects, compared to EUR4.4 million as of Dec. 31, 2023. Cash and cash equivalents amounted to EUR4.2 million, up significantly from EUR500,000 as of December 31, 2023. This positive change is a function of significant cash received by the company, the result of both the price received for the sale of the subsidiaries Green and Blue BESS Srl and important milestones achieved on projects under development.

Altea Green Power's stock closed Wednesday down 2.2 percent at EUR7.69 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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