Funds have turned their backs on Holaluz and the energy company is opening a pre-competition route

Holaluz loses the confidence of the Axon Capital e Inversiones and Geroa Pentsioak funds, the main shareholders and administrators of the electricity distribution company. Both companies refused to sign the consolidated accounts for the 2023 financial year, resulting in the company’s losses exceeding 26 million euros.

Holaluz had sales of €614.6 million last year, down 33% year-on-year. In addition, it reduced its commercial profit by 25%. Although the company reflects positive normalized EBITDA of €4.3 million (the result of several accounting adjustments aimed at eliminating certain extraordinary expenses, according to the group), the consolidated net result shows losses 26.2 million compared to five million in the red in 2022.

“These figures are significantly lower than the previous year due to the bearish environment in energy prices,” admits the marketer. As of December 31, 2023 duty net consolidated the adjusted amount was 58.8 million euros. This increase in debt is explained, according to the company, by investments in scaling its solar business. At the end of 2023, the energy company introduced negative working capital in the amount of 44.3 million euros.

Share distribution

This difficult financial situation could have influenced Axon and Geroa’s decision not to initial last year’s accounts. According to information available in BME HeightSME Exchange on which Holaluz is listed, Axon Capital owns 16.80% of the share capital and Geroa Pentsioak 6.68%.

Among the remaining shareholders are the three founders of the group: Charlotte Pi, Ferran Legs And Oriole Villaeach with a share of about 15%, and the fund Media video B.V. (5.14%), who is not a member of the council.

It should be noted that the reports were presented yesterday morning by the listed company in an unusual gesture. Although its presentation was scheduled before the market opened, the company delayed distribution until later in the day and delayed a press conference to detail its numbers until next Friday, May 3.

The route is open for pre-competition preparation

On the other hand, Holaluz failed to close its institutional and private loans announced last week. The company announced that it was going to secure financing of 21 million euros (now the amount in the accounts has been reduced to 20 million) with the Catalan Institute of Finance (ICF), an organization that acts as the state bank of the Generalitat, Avançsa and several others. family offices.

However, these financing alternatives are “currently under negotiation,” the company admits. If this capital injection does not materialize, the board of directors has approved as a subsidiary the representation of before bankruptcy. If this were to happen, Holaluz would be in the same situation as other electricity traders such as Catalan Solarprofit.

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