Elia Group 1Q24 Results: No change to FY24 outlook or financing plans
In its 1Q24 update, the FY24 outlook is reiterated with the same outlook for the 3 divisions as given at the CMD. BnetzA confirmed the final German NDP 2037/45. German total capex over next 10yr is estimated at 200bn for the 4 transmission companies. At the December CMD Elia detailed the ambitious 30.1bn 5-year Capex plan, financed in part by a 4bn capital injection (Elia share). However, the first transaction will not happen in FY24 and Elia will finance Capex from its balance sheet. The 1Q24 statement focuses on the progress made on structuring debt financing with interest rates varying between 3.50% and 3.92% for maturities from 5 to 12 years and many different debt instruments. We believe that more information on the structure of the equity/hybrid/convertible mix will emerge 2H24. The share price has been volatile on speculation about the timing and mix of the necessary capital increase. At this point Elia seems to keep all options open.Elia System Operator develops, operates and maintains very-high-voltage (380 kV, 220 kV and 150 kV) and high-voltage (70 kV, 36 kV and 30 kV) networks, providing its customers with consultancy and engineering services. Whether in Belgium, Germany or elsewhere in Europe or the U.S., Co. ensures that electricity flows reliably from energy producers to distributors and large corporate customers. Co.'s main activities include transmission operator, system operator and market facilitator, developing and maintaining grid infrastructure, connecting electrical installations to grids, providing transparent access to grids, while taking initiatives to improve electricity market operations.
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