EiDF Solar has agreed to the appointment of four new directors, as part of the company’s commitment, which has been suspended from listing on the BME Growth since mid-April, to improve its corporate governance.
In a board of directors held last Friday, the renewable energy group thus approved the incorporation as directors of Laura Bravo Ramasco, Guillermo Poch Sala, Laura Zendrera Roig and Tiago Moreira da Silva Trinidade Salgado, who will be ratified at the general meeting of shareholders called next September 21, to “provide their experience and knowledge in the new stage of growth of the company”, which in this way increases from six to ten, and up to a maximum of 11, its number of members of the governing body, the company said in a statement.
Together with the appointment of these directors, the examination and approval of the 2022 accounts presented last week by the company will be submitted to the shareholders. However, the CNMV does not consider them sufficient to lift the suspension of listing.
EiDF indicated that with these appointments “it advances in one of the main levers of its Reinforcement Plan, that of improving corporate governance”, which is added to the strengthening of the management team, for which it has hired a professional search firm for positions of greater responsibility.
These new directors have in common “extensive professional experience, developed in leading companies, and will bring all their knowledge and added value to the company in its new stage of growth,” added the group.
Last week, EiDF, which has been suspended from trading by the National Securities Market Commission (CNMV) since April 14 and which has not yet seen how its return to the stock market has been accepted, presented its restated accounts for the year 2022.
The group, due to discrepancies with its auditor PwC, was unable to present its accounts for the past year within the legal term, which expired at the end of that month of April, and subsequently hired the services of Deloitte to carry out “an investigation tending to analyze and gather evidence related to incidents and/or discrepancies” maintained with PwC in the audit process of its accounts last year.
EiDF Solar completed four months of reviewing its accounts that implies, “at most, an adjustment of about two million euros”, in income, “an amount that does not even reach 1% of the global volume of the company’s turnover in 2022, so its impact on the company accounts is practically nil”, as stated in the report of the audited annual accounts.
The firm closed 2022 with an aggregate turnover of 369.6 million euros, 23.6% above the forecast in its business plan, published in June 2022. The aggregate operating result amounted to 33.76 million euros, 1,237 percent above the 2.53 million pro forma in 2021 and the adjusted aggregate Ebitda was almost 43 million euros, compared to 4.9 in 2021, representing an increase of 776%.
Likewise, EiDF Solar stressed that it has taken the necessary financial measures to turn around the negative working capital that the auditor, PwC, revealed in its report, and now has a positive working capital of 12.5 million euros . This has been possible thanks to the obtaining of a waiver, by the Iberian Direct Lending Fund, for a value of 19.5 million euros that specifies the long-term debt as it was transferred in the very nature of the debt in its formalization.
In addition, the company highlighted that it has increased its accounting standards by incorporating the new criteria of its auditor, PwC, which guarantees its adherence to the best accounting practices of the continuous stock market.
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