High LeverageA debt-to-equity ratio of 2.73 and a low equity ratio leave the company structurally highly leveraged. This elevates financing costs, reduces balance-sheet flexibility for new developments, and increases vulnerability to higher interest rates or any downturn in cash generation.
No Operating Cash FlowZero operating and free cash flow in 2024 (after negative free cash flow in 2023) indicates core operations are not self-funding. This structural liquidity gap forces reliance on external financing or asset disposals, raising refinancing and execution risk for ongoing projects.
Negative ProfitabilityDespite revenue gains, negative EBIT and net margins show the business remains unprofitable. Persistent losses erode equity, limit retained earnings for reinvestment, and make deleveraging difficult without sustained operational improvement or structural cost reductions.