Good morning, ladies and gentlemen. It's my pleasure to welcome you to the quarterly results conference of Photon Energy, where we'll be presenting to you the results for the second quarter and the first half of 2024. To my left is David Forth, CFO, and we will be providing you in the usual format with an update of what has happened in the second quarter of this year. We'll start with a business review. David will run you through the financial results and guidance for the full year 2024, and of course, we'll be available for your questions, which we'll try to answer as well as possible, so starting with the business review, the second quarter has been very positive in relation to our IPP portfolio.
After we commissioned the 3.8 MW of new power plants in January, that means in the first quarter, we added another 1.7 MW in the second quarter in April. All of these power plants are located in Romania, taking our total to 132.8 MW peak. We have two power plants with a total of 10.7 MW peak, where the commissioning has been delayed, but should now finally happen in the next two weeks or two to three weeks. That will take the total of our portfolio to 143.5 MW.
In terms of electricity generation in the second quarter, compared to the same period last year, we've seen an increase almost 37% to 56.6 GW hours. And for the entire first half of this year, we've seen a 31% increase to almost 87 GW hours. The weather conditions have been very good, and I think I can also add that July and August so far have also been very positive. The specific yield in the first half across our entire portfolio has also increased by 4.4%. And that is the case, despite the fact that we've had a technical issue in some of our power plants in Hungary, in Püspökladány.
The loss of revenue is covered by insurance just as a side note, and we have also been switching off power plants during periods of negative prices that have occurred, started occurring in Q1, but that has continued in Q2. Here, I think it's noteworthy to say that at least during weekdays in the last two months, we have seen very little of that, so with a general recovery in energy prices, and this takes us to the next slide, we've also seen the occurrence of negative prices, particularly during weekdays, almost disappear in the markets where we're selling electricity, and we still see them on weekends, but they are by far not as prevalent as they were between March and June this year.
Again, across the entire portfolio, we have seen an improvement of the average price, which of course is a combination of different types of assets. So in the Czech Republic and in Slovakia, the power plants are in feed-in tariffs, so here, the prices for us don't change. In Hungary, after the readjustment, where we moved the majority of our capacity in Hungary back into the feed-in tariff as of April first, we have also seen an improvement, but we've also seen an improvement in Australia. And a very positive development we've seen in Romania, where in the second quarter of the year, average price was on the EUR 69 .
However, and just as a reminder, we are being paid by Transelectrica, the Romanian TSO, the 90-day moving average of the Romanian baseload price. And that has been constantly going up since mid-April, where it hit the lowest level at EUR 63 . And yesterday, we reached EUR 116 . So we've seen a major improvement for us, and of course, this has coincided with the strong generation period. In our report, you may have noticed that there are some changes to this scheme, which is designed to support power plants between their commissioning and the time when they obtain the energy generation license, allowing the power plants to sell electricity in the Romanian market. The original draft indicated the starting date of September 1st.
However, and this is news we got today, this will not start before the 1st of November this year. May also happen later. Therefore, these high 90-day average prices will be available to us at least until the end of October, as things stand today. In the meantime, on those power plants that have been commissioned over the last year, we are in the process of obtaining the generation license, which means that either by the end of this year or in Q1 next year, we'll see the first power plant selling electricity into the market, either on a merchant basis or maybe also in some type of commercial PPA arrangement. Moving on to our pipeline, I will go country by country.
So in Romania, we have the 10.7 MW, which are under construction and very close to commissioning, literally on the last stretch. We have another 36.4 MW, technically ready to build, of which we intend to commence construction on nearly 18 MW still in the third quarter. And then there's more in our pipeline for construction next year. In Poland, we have 20.3 MW in advanced development. This is the project in Domanowo, which we have sold to Uniper earlier this year, where we're now working on getting it, getting the project to the ready-to-build stage, and we expect to finally close this transaction in the fourth quarter of this year.
Those power plants that are in early development, we're also planning to sell. However, the market conditions have changed, so we've held back a little bit, but the intention is still to find the long-term buyers for these projects. In Hungary, we have in total 5.1 MW, which are four projects that are ready to build, another 2.7 MW in advanced development. Given the constraints in the grid, Hungary at the moment is no longer a focus of greenfield development for us, so we're completing what we have in our pipeline, and are focusing more on the behind-the-meter segment. In Australia, we have adjusted our pipeline downwards.
Advanced development contains the Yadnarie project, based on the RayGen technology and our hybrid project in Boggabri. We reviewed in detail the other early stage RayGen projects and decided to reduce the assessment for the purpose of presentation down to 90 MW, representing one of those four opportunities that we are pursuing. The one news today that we're presenting today is that we're introducing formally to the presentation of our pipeline a new geography, which is South Africa. This is a market we have been working in for nearly three years, to a large degree, remotely.
But we looked at various segments from the behind-the-meter space, developing, looking at the possible development to develop utility scale, but we also looked at South Africa from the point of view of a potential location for RayGen, as the radiation in South Africa is very strong. South Africa is a market that, and this is probably common knowledge, is plagued by rolling blackouts. That means there's not enough energy at different times of the day. So curtailment of both private but also commercial and industrial users of electricity is the norm.
It is also South Africa and its surrounding countries are also caught in a very interesting situation that will have to find a resolution in 2025, which is that Sorry, in the year 2000 , South Africa signed energy supply agreement with all its neighboring countries, which is upholding to a large degree, also to the detriment of its own economy, and those arrangements are coming to an end next year. So it is quite likely that there will be more electricity in South Africa. However, the whole southern part of Africa is from an infrastructure point of view, very well connected.
There will be more demand in the neighboring countries, which is possible to be satisfied even with assets in South Africa. It is a very, on one hand, the infrastructure is deteriorating, on the other hand, the transmission infrastructure is actually in a very good state. The demand for electricity is constantly increasing, and we have taken a, so far, a light approach to our activities in South Africa. We have been successful in developing some behind-the-meter projects, which we have actually in the process of selling on at the margin. We are, as a developer, making money in the country, and we are currently in a tender situation with the City of Cape Town for 20-year PPA, for a 12-megawatt power plant.
And we've also identified and are currently undergoing the grid study process for a RayGen site in South Africa. And here we should have news later this year. And what is very positive is that we have been able to apply the lessons learned from developing RayGen in Australia. And the advantage of South Africa is that these early steps, these development steps come at a fraction of the cost of project development that we have in Australia. So for us, it is a test case.
We believe that what RayGen, from a technology point of view, can offer would be highly beneficial to the energy system in South Africa, and this is also the feedback we are getting from the grid operator, but also other stakeholders in the South African market. So it is, for us, something that we have well prepared. We have gained a really good understanding. We've built a network of partners in the various segments of the South African market, and it is a market that is extremely hungry for power and reliable power. And this is why we believe that RayGen is a very interesting technology to address the shortages in the system.
And last but not least, it's also important to note that in South Africa, we have three operating CSP plants. So concentrated power, concentrated solar power, is not new to the South African market, but of course, RayGen is a superior technology, and this, it appears, is being more and more understood by the players in the South African market. Going through our various business segments, we have announced previously that we are going to be focusing more and more on external EPC across all the markets where we operate. And that is both utility scale and behind the meter for commercial industrial clients. So this activity is gathering steam.
We are progressing well with the implementation or the construction of the 21 MW power plant in New Zealand for an external customer, but we are also gaining very nice traction in the C&I market in the Czech Republic, now in Slovakia, and we have a relatively nicely filling pipelines for utility-scale power plants mainly in the Czech Republic and Romania. So this increase in external revenues that you can see for the second quarter of this year is a trend that we expect to be continuing in the coming quarters and years.
And what is also worth mentioning is that we are a few days away from commissioning our first on-site PPA project in Hungary for an automotive company, yeah, that is based on a 20-year power purchase agreement. So, EPC, we expect to become a more and more important contributor to our revenue growth, but also, of course, profitability. And what is very important for us is, as a follow-up, that has a positive impact on our own energy business. In many cases, we also hope to be involved as an energy off-taker and as a provider of ancillary services for these power plants, particularly where we also install batteries.
And we see a growing number of projects, both in utility scale, but also for C&I clients, where batteries will be installed and ancillary services will be an important part of the revenue model of these solar assets. So while EPC is a one-off, looking at it from the point of view of each individual project, we are today set up in a way where we can even in a situation where we are not an investor in the solar assets, generate revenues for the long term. Moving on to New Energy. Here you can see that the revenues from the capacity market, well, from New Energy have declined in the second quarter compared to the first quarter.
This, however, is nothing unexpected, as the prices for demand-side response to the contract with the Polish TSO were different for all four quarters. So we have had high prices in the first quarter, lower prices in the second and the third, and the fourth quarter again should be in terms of revenues very similar to what we've seen in the second quarter. So the main profitability from the capacity market, which drives also the profitability of New Energy at this point in time, is skewed towards the first and the fourth quarter. That's something we have already announced in the past, and it actually sits very well as it counterbalances the seasonality of our electricity revenue generation.
In terms of energy trading, here the revenues declined by more than half in the second quarter compared to the first. And this is almost entirely attributable to the fact that we moved 40 MW of our solar assets in Hungary from the merchant model, where New Energy was selling electricity into the day-ahead market in Hungary back to the feed-in tariff. So it's not being sold anymore by New Energy. Now, with the contracting season for next year starting, we expect that to recover going into 2025.
What is worth mentioning at this point is that we are currently very strongly focused on getting access to the ancillary services market in Poland, the Czech Republic, and Hungary, which we expect to be completed in the first quarter of next year. This will allow us to become an aggregator of a more comprehensive aggregator of flexibility in the Polish market. Here, being able to offer owners of flexible assets two revenue streams, which is the capacity market on one end, and on one hand, and the ancillary services revenue on the other, we expect to be a significant competitive advantage. In Hungary and the Czech Republic, these markets are also growing very fast, and of course, we want to be a key player in this.
Over the medium term, we are also planning to enter these markets and provide these services to the respective TSOs in Romania and Slovakia. It means the entire region in this Central Eastern Europe, where we operate. Operations and maintenance, here we've seen quarter on quarter significant growth. As you can see, the revenues are almost evenly split between external revenues from third-party-owned assets and our own portfolio. Going forward, we would expect, or we do expect that the share of external revenues to increase.
The seasonality here is explained to a significant degree to a certain degree by the fact that some of the compensation we are getting in the O&M division is linked to the production and revenues of some specific power plants. But secondly, these revenues in the second quarter also include repair revenues. That means, you know, after winter, there's a lot of investment activity by our customers to replace certain parts of the power plants. And this is mainly concentrated in the second and the third quarter. And looking back one year, in the second quarter of 2023, this was a time when this activity was actually very strong.
These 2.4 million for the second quarter included a lot of revenues. Of course, these are an integral part of the business. We charge ongoing fees, but of course, also a lot of activities which can then be seen or are reflected in the certain seasonality of our O&M revenues. Moving on to our component trading business here, and I think this is something we alluded to already in the previous call. The market has become very difficult on the basis of the overcapacity among the module, inverter, and battery manufacturers, and declining demand, particularly compared to the year 2022.
However, we can see a certain recovery in the second quarter. We also see signs that this will continue in the following quarters, but of course, at a much lower level, but what is important is that we have, to a very large degree, avoided significant stock in modules and inverters, which over the last year have lost or the prices declined by over 50%, so we have, and a lot of many other component distribution companies have had to write off significant amounts, so this is something we've been able to avoid, and we are also in the process of selling off the excess stock of batteries that we accumulated towards the end of 2022, early 2023.
And we imagine to do so without a loss or even at a small profit. So, at the moment, this is a really difficult time for components distribution. What we expect is a significant consolidation and a lot of the other distribution companies disappearing, not least because they got caught wrong-footed on their inventory. And probably with a certain delay, maybe one and a half to two years into the future, we're also expecting consolidation on the side of the equipment manufacturers, whether that's modules and inverters and batteries, which should lead to a certain stabilization.
We do already see some signs of increasing prices for certain types of components, the most popular components in the markets, whether that's batteries or inverters. With modules, we still see a small downward trend, but we believe that in the next 12 to 18 months, there will be a turnaround. But of course, on the other hand, for us, as investors and EPC providers, low component prices are positive as they create for us room for interesting margins when we build for external customers, but it also helps the ROI of our own power plants. So to sum up the highlights, the IPP portfolio has grown and continues growing.
Energy generation has grown very healthily in the first two quarters. Despite the delay of the two power plants, we have suffered, because if we had been able to connect them three months ago or four months ago, these numbers would be even better. Revenues have recovered, and looking at the futures market in Europe, we can see that the expectation for next year is growing and has been growing since April, when basically what we mainly watch is the, as a benchmark, the future for the German base load. So in April, we were at EUR 67 , now we are at EUR 100 for 2025.
At the moment, we believe that level to be relatively stable, that even the long term futures five, six, seven years out indicate the price of EUR 70 for German base load. In the markets where we operate, prices tend to be somewhat higher. We have been working very hard to make our business model more resilient. One step occurred already. It was the end of last year and Q1 this year, which is moving the Czech and most of the Hungarian assets back into the feed-in tariff to be less exposed to the market price volatilities. The demand-side response revenues are also very predictable and reasonably stable.
And with ancillary services going forward, we also expect to introduce another stable pillar of revenue and profit margins. And by adding more EPC revenues, which will be well diversified between relatively small installation and a relatively significant number of those, and some larger projects of the size as we're doing them, as we're doing it now in New Zealand, but potentially in terms of megawatts, even larger, should also balance out our revenue and profitability. As mentioned before, in May, we concluded the sale of our project in Domanowo to Uniper of Germany. And this project is now in its final stages of development to the ready-to-build stage, and the final conclusion of this transaction should occur in the fourth quarter.
In May, we've also signed an agreement for a financing facility with the EBRD to the tune of EUR 15 million , of which we have so far drawn EUR 5 million and expect further drawdowns before the end of this year. And last but not least, we've also gained traction in the South African market, getting us to the point to add it to the official list of countries where we are developing a pipeline of projects. Before I hand over to David, I would also like to say a few things about our PFAS activities, to which we have not devoted any slide. That is not that there would be nothing going on.
We have actually presented, and this is also in the report, the results of our Australian trial, at the Battelle conference in Denver, Colorado, in June. Those results were extremely encouraging. But at this point in time, we are bound by certain types of confidentialities, also in relation to essentially all our commercial activities. So we are at this point where we are gaining commercial traction with various customers. We have now been shortlisted in a tender to provide services on the basis of our proprietary technology, but unfortunately, at this point, we cannot be more specific. So, of course, the moment we can be more specific, we will be informing the market about those.
So we have not left out this important part of our business because there's nothing to report. But at this point in time, at this exact point in time, all the things we'd like to tell you, we cannot. But I believe that very soon we will be able to give you some positive news. And with that, I hand over to David.
Thank you, Georg. So if we have the next slide, which I do, we'll press the button here. Yes, so financial results are very pleased to show an improvement, a substantial improvement in the EBITDA, and with that, of course, comes an improved EBITDA margin, particularly strong in the second quarter, where we achieved 22%. For the first half, we achieved 14.7%. This compares with 4.5% in the first quarter, and last year, 12% for that second quarter. So really we're looking at an EBITDA improvement, which is very helpful and of course, in line with our guidance. The other good news really is that we've managed to shift the focus of our revenues into the more higher margin areas of investment.
That's power production of new energy and engineering. And as a result, we're less dependent as we were in previous periods to for the technology result. So this means that in the second half, we've actually got 86% of our revenue coming from these higher margin activities, compared with 58% in the comparable half year last year. So this is really helping us. Now, unfortunately, the low EBITDA in the other comprehensive income, we've had some difficult differences in translation of our assets. Now, this happens because the strengthening of the euro and a lot of our assets are of course denominated in local currency units. So the impact of this means that despite our strong EBITDA, our net profit loss becomes EUR -2.8 million.
Now, this translation difference obviously is something that I've been focusing on, and what I've seen is over the last six quarters, this has fluctuated. Sometimes it's positive, sometimes it's a negative. It's a non-cash item, because it does affect net profit. As reported, this could potentially be a challenge in our adjusted equity margin. However, I've looked at this. First of all, we're seeing a relative weakening of the euro since 30th of June, which means that trend is now going in our favor. And if we had not had this translation difference, our adjusted equity margin would have been one percentage higher at 26.6% instead of the 25.1% that we've achieved.
Now, when we look forward, because we continue to see strength in these higher margin activities, we continue to be confident in our full-year guidance, which means that we will see higher profitability in the second half of the year. Also, as Georg mentioned, we're commissioning some new capacity in Romania. When we commission capacity, we value the assets, because before we commission, the thing is recorded at its cost, so then we value it, taking account of its future income. So the combination of these higher revenues and higher profitability in the second half and the commissioning of this new power plant make us confident that we can stay in the right place with that margin and that we can achieve our revenue and EBITDA guidance.
So if I move on. In the balance sheet, the fixed asset amounts have remained stable and the positive developments from connecting new assets in Romania. Of course, there's some depreciation goes against that. And then again, this point about the appreciation of the euro against our currencies. In our current assets, we have seen improvement due to higher trade and receivables and importantly, an improved cash position. This is partly offset in current assets by a lower level of inventories, but of course, in our case, that's good news because we've been running down technology inventories, which were higher than they should have been. Our equity comes down by EUR 6 million, and that is, as I say, heavily impacted by this translation difference.
The adjusted equity ratio of 25.6% remains above the bond covenant. Long-term liabilities have increased to EUR 181 million. This is mostly because of the additional drawing we've made from the EBRD of EUR 5 million. We also refinance some of our Australian assets. Against that, of course, we've made the regular repayments of borrowings under our loan contracts. Current liabilities are up by EUR 5 million, mostly due to an increase in trade payables that reflects the expansion in our engineering business and also better working capital management. At the end of it, a stronger balance sheet, and we're taking further steps to further strengthen that balance sheet.
On the cash flow side, some very positive messages in that our improved operations have improved our operating cash flow. In terms of investments, there's been further investment in terms of our work in progress in Romania. Financial cash flow is a net position of the extra loans that we've drawn and the scheduled repayment of short-term financing. But the net change in cash is EUR 3 million for the half year, taking us to a stronger cash and liquid assets figure of EUR 15 million, and of course, an improvement in our cash balances. That actually takes me to the guidance.
Now, we've reviewed our guidance carefully, but because in particular of the improved profitability in those higher margin activities, which was expected, and are having already achieved nearly half of our lower guided threshold, we do expect with the higher revenues in the second half, that we will produce full year result in line with guidance. The half year came in again at the lower end of the guided EBITDA margin. Once again, those improvements in our business during half year, which we unexpected, we're expecting to improve in the second half, and that will again keep us within guidance. So, we're going forward with some confidence that we're on the right track, and we're building from this strong first half.
I think that would complete that part of our presentation, which moves to the exciting part of questions and answers.
Thank you, David. So I can see we have two questions so far. Where the first one.
Yeah, that was about-
So there's a-
[audio distortion]
Yes, there's a what is the current cost of investment per megawatt peak of a PV installation in Europe, and what is it in South Africa? Well, it's a straightforward question with multiple ways to answer. So, when we talk about utility scale, that means building a greenfield installation. The cost per megawatt we need to differentiate is what we call inside the fence. That means the generation equipment on site, and then grid connection costs. And the cost is also a function of the size of the installation. So I will try to be as realistic as I can at this point. At the moment, module prices are about EUR 100,000 per megawatt peak.
An installation that would be in the single digit number of megawatts, so let's say a 5 MW installation inside the fence, I think today can be built somewhere between EUR 400,000 and EUR 450,000, maybe EUR 500,000, depending on the topography. I'd say EUR 450,000 is probably a good medium number per megawatt peak. Once we move into large scale, let's say a 50 MW or 100 MW, of course, there are economies of scale in deployment, but also in infrastructure. There we are probably already pushing below EUR 400,000. I can imagine that in a really large power plant, we can move towards even EUR 350,000 per megawatt peak, and then comes the grid connection.
First of all, if the grid connection point is further away, it's necessary to build a cable. The grid connection costs for a medium voltage line is typically somewhere between EUR 100,000 and EUR 200,000 . The moment you connect into high voltage, you're getting into the single digit millions. Building a substation for, let's say, 50 MW is approximately EUR 4 million ticket. Maybe up to EUR 5 million even. And then the question is, over how many megawatts of installed capacity you spread that. If you're spreading it over, let's say, and by the way, 30 MW substation is not much cheaper than the EUR 4 million.
If you spread it over 30 MW, this will add well over EUR 100,000 per megawatt of grid connection costs. If you manage to spread it over a 100 MW, you are probably somewhere in the range of EUR 50,000-EUR 60,000. All in all, I would say total investment costs, and we're talking only about the construction, so then the value of the... or the cost of the development and the land are separate. You're probably looking at around EUR 500,000 per megawatt peak in most of these constellations. When we move to behind the meter or commercial industrial, and you're building on roofs, the projects tend to be smaller.
Depending on the situation and also the norms in the various countries, the cost of installation is easily 40%-60% higher than the number I mentioned before. So you are probably looking at EUR 700-EUR 800 for a properly done, compliant C&I installation. Again, if it is a very large installation and it is a sloped roof, you may be able to get to a lower number, but then we also have relatively complicated cases where the cost is getting above EUR 800, in some cases, even closer to EUR 900 of cost per megawatt peak. But so definitely there is a much wider spread between the minimum and maximum that we are observing.
In South Africa, well, we haven't built yet, but from the discussions we are having with both EPCs for rooftops, but also for utility scale, we don't observe a significant difference in prices. The component prices in South Africa, across modules, inverters, but also batteries, are more or less at the same level as in Europe, in some cases, even slightly lower. We've seen a particular difference with batteries, where it appears that the manufacturers, here we're talking about Chinese manufacturers, are implementing a slightly different pricing policy in South Africa than in Europe. On the modules and inverters, we believe that the differences can be mainly explained by differences in transportation costs, as shipping these components to South Africa is cheaper than bringing them to Europe.
Overall, the costs are very, very similar. Next question is whether there'll be a problem servicing the green bond loan? Our green bond matures at the end of November 2027 , so three and a quarter years away from now. What we are paying until then is the quarterly coupon, the ex-coupon payment coming up this Friday. I believe we will be, and we're confident we'll continue servicing our green bond, as we have been doing with our bonds for now more than a decade. This is our third bond that we have outstanding in the market, our first green bond, and we've always paid our coupon, and this is our intention going forward.
Clearly, at some point towards the end of the year, first half of 2026, we will definitely have to develop a strategy to refinance the bond, as maturity comes within 18 months. That is something that we are also very confident we will be working on, under an improved set of circumstances. That means higher profitability of our business. The next question is: What are the potential revenues and profits from the sale of project assets in the second quarter or the second half? Sorry. So here we do expect a positive contribution in the second half, at least on par with what we've seen in the first half.
But there's definitely the potential for a higher outcome and a higher contribution to our financial results in the second half of the year. So without being able to be specific for the sale of the about the exact amount, but on the Domanowo project, we received half at signing and half of the consideration will be paid on closing, which we expect in the fourth quarter. And there may be some transactions on top of that. The next question is whether there's a risk that the revaluation reserve for three power plants has to be decreased due to changing assumptions regarding the future profitability of these plants for example in Romania?
Well, into the valuation model, which is based on the discounted cash flow analysis. Every time we basically review these models every quarter, and, of course, the inputs change. I mean, the main inputs are, of course, energy prices or the projection of energy prices. It's the operating costs, of course, the expectation of the generation of these power plants, and, of course, also the interest rate environment and the resulting discount rate. So these things change over time. I would say that what we've been observing in the last...
First of all, we always are trying to be conservative in our assumptions, and what we, I think what we have been observing since April, that is an increase in forward-looking energy price expectations, is rather supporting the case. Specifically in Romania, where at this point in time, our entire portfolio is merchant. In principle, merchant, however, for up to the first 24 months since commissioning, can sell electricity in this arrangement with the Romanian TSO. We are essentially in a PPA arrangement, but it is linked to the market price.
If we look at the energy markets, price development over the last three months in Romania and Hungary, specifically, energy prices have been quite high, also in comparison to other markets, which was driven by multiple factors, from reduced capacities for cross-border energy flows due to maintenance and extension in the maintenance time for the nuclear power plant in Romania, and so on. We have seen high prices, and in some of the evening hours, even extremely high prices. So we've seen prices at 9:00 P.M. and 10:00 P.M. in the evening in July that were coming close to EUR 1,000. Of course, these are times when we are... our power plants are not producing, but also during the day, we have seen elevated prices.
So, I would say, compared to where we were three months ago, during the last call, the outlook today is definitely a lot more sanguine. And this, of course, will also be reflected in our valuation of the power plants in our portfolio. The next question is: What is your authorized capital, and could you make use of it in the second half, if necessary? So we have, as the Board, authorization to issue up to 10 million shares, if required. The authorized share capital in total is 100 million shares, but anything beyond an additional 10 million would have to be authorized by the General Meeting. Without it, but we have the General Meeting approval for another 10 million.
If a situation occurred, we would be able to move quickly, as we would not have to go through the convocation of a General Meeting. These are the facts, yeah, so there are no immediate plans for that, is what we can say. The next question is: In your geographical split, revenues from the Czech Republic declined from EUR 21.6 million in the first half of 2023 to EUR 11.5 million in the first half of 2024, while capacity and prices remained roughly equal. What explains this?
That's it.
What explains this? Yeah. Well, to be honest, I think on this one, we need to probably, you know, go back. Because I believe one contributing factor is that last year we were selling. Our Czech portfolio was selling electricity in the market. But that, no, I think that's a small one. No, I think the big one is actually technology trading. Sorry, it's very strongly linked to the decline in revenues from our components distribution business, because here, the majority of our revenues is generated in the Czech Republic, as we're selling to Czech installers.
And that decline between the first quarter of last year, sorry, the first half of last year and the first half of this year is. I think when we do the math, we'll see that my hunch would be 70%-80% is linked to that to that decline in components distribution revenues.
Yeah, 'cause the revenues were still high [crosstalk] In the first quarter. Indeed. First half, they were starting to decline.
Yes. Okay. Are there any additional questions? Because I think we have answered all those that have been-
Posted so far.
... Posted so far. Okay, well, I hope this is a sign that we have been comprehensive in our presentation and also the answers to your questions. So if there are no further questions, I would like to thank you very much for your attention and for your attendance today. And we will be looking forward to welcoming you again at the presentation of our Q3 results in three months. And thank you, David, and I wish you a nice rest of today. Thank you very much.