Ellomay Capital Reports Results for the Three and Nine Months Ended September 30, 2024
Ellomay Capital reported financial results for Q3 2024, showing mixed performance. Total assets increased to €640M from €612.9M in December 2023. However, revenues declined to €31.8M for the nine months ended September 30, 2024, compared to €40.4M in the same period of 2023, mainly due to reduced electricity prices in Spain and fire damage near facilities.
The company's profit decreased to €3.3M for the nine months ended September 30, 2024, down from €10.4M in 2023. EBITDA also declined to €17.6M from €21.3M year-over-year. Notable developments include the sale of a 9MW solar plant in Talmei Yosef for €10.6M, progress in US solar projects totaling 49MW, and advancement in Italian operations with 20MW currently operating and 18MW awaiting grid connection.
Ellomay Capital ha riportato risultati finanziari per il terzo trimestre del 2024, evidenziando una performance mista. Gli attivi totali sono aumentati a €640M rispetto a €612.9M di dicembre 2023. Tuttavia, i ricavi sono diminuiti a €31.8M per i nove mesi terminati il 30 settembre 2024, rispetto a €40.4M nello stesso periodo del 2023, principalmente a causa della riduzione dei prezzi dell'elettricità in Spagna e dei danni da incendio vicino agli impianti.
Il profitto dell'azienda è diminuito a €3.3M per i nove mesi terminati il 30 settembre 2024, in calo rispetto a €10.4M nel 2023. Anche l'EBITDA è calato a €17.6M da €21.3M anno su anno. Sviluppi significativi includono la vendita di un impianto solare da 9MW a Talmei Yosef per €10.6M, progressi nei progetti solari negli Stati Uniti per un totale di 49MW e avanzamenti nelle operazioni italiane con 20MW attualmente in funzione e 18MW in attesa di connessione alla rete.
Ellomay Capital informó sobre los resultados financieros del tercer trimestre de 2024, mostrando un desempeño mixto. Los activos totales aumentaron a €640M desde €612.9M en diciembre de 2023. Sin embargo, los ingresos disminuyeron a €31.8M para los nueve meses que terminaron el 30 de septiembre de 2024, en comparación con €40.4M en el mismo período de 2023, principalmente debido a la reducción de los precios de la electricidad en España y los daños por incendios cerca de las instalaciones.
Las ganancias de la empresa disminuyeron a €3.3M para los nueve meses que terminaron el 30 de septiembre de 2024, en comparación con €10.4M en 2023. El EBITDA también cayó a €17.6M desde €21.3M año tras año. Los desarrollos notables incluyen la venta de una planta solar de 9MW en Talmei Yosef por €10.6M, avances en proyectos solares en EE. UU. que totalizan 49MW y el progreso en las operaciones italianas con 20MW actualmente en funcionamiento y 18MW esperando la conexión a la red.
Ellomay Capital는 2024년 3분기 재무 결과를 발표하며 혼합 성과를 보였습니다. 총 자산은 2023년 12월의 €612.9M에서 €640M으로 증가했습니다. 그러나 2024년 9월 30일로 끝난 아홉 달 동안의 수익은 2023년 같은 기간의 €40.4M에 비해 €31.8M으로 감소했습니다. 이는 주로 스페인의 전기 가격 하락과 시설 근처의 화재 피해 때문입니다.
회사의 이익은 2024년 9월 30일로 끝난 아홉 달 동안 €3.3M으로 감소했으며, 2023년의 €10.4M에서 감소한 수치입니다. EBITDA도 연간 €21.3M에서 €17.6M으로 줄어들었습니다. 주목할 만한 발전 사항으로는 Talmei Yosef에 있는 9MW 태양광 발전소를 €10.6M에 판매한 것, 총 49MW 규모의 미국 태양광 프로젝트의 진전, 그리고 현재 20MW가 가동 중이고 18MW가 전력망 연결을 기다리는 이탈리아 운영의 발전이 포함됩니다.
Ellomay Capital a publié des résultats financiers pour le troisième trimestre 2024, montrant des performances variées. Les actifs totaux sont passés de €612.9M en décembre 2023 à €640M. Cependant, les revenus ont chuté à €31.8M pour les neuf mois se terminant le 30 septembre 2024, contre €40.4M au cours de la même période de 2023, en raison principalement de la baisse des prix de l'électricité en Espagne et des dommages causés par un incendie près des installations.
Le bénéfice de l'entreprise a diminué à €3.3M pour les neuf mois se terminant le 30 septembre 2024, en baisse par rapport à €10.4M en 2023. L'EBITDA a également baissé, passant de €21.3M à €17.6M d'une année sur l'autre. Parmi les évolutions notables, on compte la vente d'une centrale solaire de 9MW à Talmei Yosef pour €10.6M, des progrès dans des projets solaires aux États-Unis totalisant 49MW, et des avancées dans les opérations italiennes, avec 20MW actuellement en service et 18MW en attente de connexion au réseau.
Ellomay Capital hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, die eine gemischte Leistung zeigen. Die Gesamtvermögen stiegen von €612.9M im Dezember 2023 auf €640M. Die Einnahmen fielen jedoch auf €31.8M für die neun Monate bis zum 30. September 2024, verglichen mit €40.4M im gleichen Zeitraum 2023, hauptsächlich aufgrund gesunkener Strompreise in Spanien und Brandschäden in der Nähe der Einrichtungen.
Der Gewinn des Unternehmens ging auf €3.3M für die neun Monate bis zum 30. September 2024 zurück, im Vergleich zu €10.4M im Jahr 2023. Auch das EBITDA sank von €21.3M auf €17.6M im Jahresvergleich. Zu den bemerkenswerten Entwicklungen gehört der Verkauf eines 9MW-Solarkraftwerks in Talmei Yosef für €10.6M, Fortschritte bei US-Solarprojekten mit insgesamt 49MW und Fortschritte in den italienischen Betrieben mit derzeit 20MW in Betrieb und 18MW, die auf die Netzanbindung warten.
- Total assets increased to €640M from €612.9M
- Q3 2024 profit increased to €6.6M from €5.9M YoY
- Sale of Talmei Yosef solar plant completed for €10.6M
- Dorad power plant profit increased by NIS 40M YoY
- US portfolio expanding with 49MW under construction
- Italian operations growing with 462MW total portfolio
- Nine-month revenues declined 21.3% to €31.8M from €40.4M YoY
- Nine-month profit decreased 68.3% to €3.3M from €10.4M YoY
- EBITDA declined to €17.6M from €21.3M YoY
- Operating cash flow decreased to €5.5M from €16.8M YoY
- Fire damage impacted Spanish operations causing €1.2M revenue loss
- Project development costs increased to €3.3M from €2.4M YoY
Insights
The Q3 2024 results reveal significant challenges and opportunities for Ellomay Capital. Revenues declined to €31.8 million for the nine months, down from €40.4 million in 2023, primarily due to Spanish electricity price volatility and fire-related disruptions. Despite this, profit from continuing operations reached €6.6 million in Q3, showing resilience. The company's strategic expansion in Italy and USA demonstrates portfolio diversification, with 20 MW operating in Italy and 49 MW under construction in the USA.
Key financial metrics show mixed performance: EBITDA decreased to €17.6 million from €21.3 million, while total assets grew to €640 million from €612.9 million. The
The operational landscape shows strategic positioning across multiple markets. In Spain, electricity price stabilization in Q3 indicates market normalization after a volatile first half. The Dutch biogas operations demonstrate strong potential with planned
The Manara Cliff project delay in Israel, while concerning, benefits from state protection against war-related losses. This diversified geographical presence across Europe, USA and Israel, combined with multiple energy sources (solar, biogas, pumped storage), creates a robust hedge against regional market fluctuations.
The risk profile shows both challenges and mitigating factors. Insurance coverage for the Spanish fire incident, resulting in €1.2 million compensation, demonstrates effective risk management. The transition of Dutch biogas plants back to the subsidy regime affects short-term cash flow but provides longer-term stability. The project development pipeline, particularly in Italy and USA, offers growth potential but requires careful capital allocation.
The hedging strategy through the Talasol PPA shows effectiveness in managing market volatility, though the fair value changes impact comprehensive income. The geographical diversification and mixed energy sources provide natural hedging against regional market risks and regulatory changes.
TEL-AVIV, Israel, Dec. 30, 2024 (GLOBE NEWSWIRE) -- Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today reported its unaudited consolidated financial results for the three and nine month periods ended September 30, 2024.
Financial Highlights
- Total assets as of September 30, 2024 amounted to approximately
€640 million , compared to total assets as of December 31, 2023 of approximately€612.9 million . - Revenues1 for the three months ended September 30, 2024 were approximately
€12.3 million , compared to revenues of approximately€15.4 million for the three months ended September 30, 2023. Revenues for the nine months ended September 30, 2024 were approximately€31.8 million , compared to revenues of approximately€40.4 million for the nine months ended September 30, 2023. - Profit from continuing operations for the three months ended September 30, 2024 was approximately
€6.6 million , compared to profit from continuing operations of approximately€5.8 million for the three months ended September 30, 2023. Profit from continuing operations for the nine months ended September 30, 2024 was approximately€3.2 million , compared to profit from continuing operations of approximately€10.4 million for the nine months ended September 30, 2023. - Profit for the three months ended September 30, 2024 was approximately
€6.6 million , compared to profit of approximately€5.9 million for the three months ended September 30, 2023. Profit for the nine months ended September 30, 2024 was approximately€3.3 million , compared to profit of approximately€10.4 million for the nine months ended September 30, 2023. - EBITDA for the three months ended September 30, 2024 was approximately
€11 million , compared to EBITDA of approximately€11.6 million for the three months ended September 30, 2023. EBITDA for the nine months ended September 30, 2024 was approximately€17.6 million , compared to EBITDA of approximately€21.3 million for the nine months ended September 30, 2023. See below under “Use of Non-IFRS Financial Measures” for additional disclosure concerning EBITDA. - On December 31, 2023, the Company executed an agreement to sell its holdings in the 9 MW solar plant located in Talmei Yosef. The sale was consummated on June 3, 2024, and the net consideration received at closing was approximately NIS 42.6 million (approximately
€10.6 million ). In connection with the sale, the Company presents the results of this solar plant as a discontinued operation and the results for the three and nine months ended September 30, 2023 were adjusted accordingly.
Financial Overview for the Nine Months Ended September 30, 2024
- Revenues1 were approximately
€31.8 million for the nine months ended September 30, 2024, compared to approximately€40.4 million for the nine months ended September 30, 2023. This decrease mainly results from a reduction in electricity prices in Spain between February and May 2024, partially offset by income generated by our 20 MW solar power plants in Italy which were connected to the grid during 2024. The decrease is also due to loss of revenues in connection with the fire near the Talasol Solar S.L. (300 MV solar) (“Talasol”) and Ellomay Solar S.L. (28 MV solar) (“Ellomay Solar”) facilities in Spain in July 2024. In connection with such loss of revenues, the Company recorded an amount of approximately€1.2 million as ‘other income’ for the nine months ended September 30, 2024, based on compensation expected to be received from the insurance for loss of income. - Operating expenses were approximately
€14.5 million for the nine months ended September 30, 2024, compared to approximately€17.4 million for the nine months ended September 30, 2023. This decrease mainly results from a decrease in direct taxes on electricity production paid by the Company’s Spanish subsidiaries as a result of reduced electricity prices. The operating expenses of the Company’s Spanish subsidiaries for the nine months ended September 30, 2023 were impacted by the Spanish RDL 17/2022, which established the reduction of returns on the electricity generating activity of Spanish production facilities that do not emit greenhouse gases, accomplished through payments of a portion of the revenues by the production facilities to the Spanish government. The increased expenses during the nine months ended September 30, 2023 resulting from this impact, were partially offset by lower costs in connection with the acquisition of feedstock by our Dutch biogas plants. Depreciation and amortization expenses were approximately€12.3 million for the nine months ended September 30, 2024, compared to approximately€11.7 million for the nine months ended September 30, 2023. - Project development costs were approximately
€3.3 million for the nine months ended September 30, 2024, compared to approximately€2.4 million for the nine months ended September 30, 2023. The increase in project development costs results mainly from increased consultancy expenses in connection with business development efforts. - General and administrative expenses were approximately
€4.7 million for the nine months ended September 30, 2024, compared to approximately€4 million for the nine months ended September 30, 2023. The increase in general and administrative expenses is mostly due to higher consultancy expenses. - Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately
€5.3 million for the nine months ended September 30, 2024, compared to approximately€4.6 million for the nine months ended September 30, 2023. The increase in share of profits of equity accounted investee was mainly due to the increase in revenues of Dorad Energy Ltd. due to higher quantities produced, partially offset by an increase in operating expenses in connection with the increased production. - Other income, net was approximately
€2.9 million for the nine months ended September 30, 2024, compared to€0 for the nine months ended September 30, 2023. The income was recognized based on compensation expected to be received from insurance in connection with the fire near the Talasol and Ellomay Solar facilities in Spain in July 2024, net of impairment expenses related to the damaged fixed assets. The amount to be received due to loss of income is approximately€1.2 million . - Financing expense, net was approximately
€2 million for the nine months ended September 30, 2024, compared to financing income, net of approximately€0.3 million for the nine months ended September 30, 2023. The increase in financing expenses, net, was mainly attributable to lower income resulting from exchange rate differences that amounted to approximately€5.2 million for the nine months ended September 30, 2024, compared to approximately€8 million for the nine months ended September 30, 2023, an aggregate change of approximately€2.8 million . The exchange rate differences were mainly recorded in connection with the New Israeli Shekel (“NIS”) cash and cash equivalents and the Company’s NIS denominated debentures and were caused by the3.5% devaluation of the NIS against the euro during the nine months ended September 30, 2024, compared to a devaluation of8% during the nine months ended September 30, 2023. The increase in financing expenses for the nine months ended September 30, 2024 was also due to increased interest expenses mainly resulting from the issuance of the Company’s Series F Debentures in January, April and August 2024. These increases in financing expenses were partially offset by an increase in financing income of approximately€2.6 million in connection with derivatives and warrants in the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. - Tax benefit was approximately
€0.1 million for the nine months ended September 30, 2024, compared to a tax benefit of approximately€0.6 million for the nine months ended September 30, 2023. - Profit from continuing operations for the nine months ended September 30, 2024 was approximately
€3.2 million , compared to profit from continuing operations of approximately€10.4 million for the nine months ended September 30, 2023. - Profit from discontinued operation (net of tax) for the nine months ended September 30, 2024 was approximately
€80 thousand , compared to profit from discontinued operation of approximately€70 thousand for the nine months ended September 30, 2023. - Profit for the nine months ended September 30, 2024 was approximately
€3.3 million , compared to a profit of approximately€10.4 million for the nine months ended September 30, 2023. - Total other comprehensive income was approximately
€2.6 million for the nine months ended September 30, 2024, compared to total other comprehensive income of approximately€31.6 million for the nine months ended September 30, 2023. The change in total other comprehensive income mainly results from changes in fair value of cash flow hedges, including a material decrease in the fair value of the liability resulting from the financial power swap that covers approximately80% of the output of the Talasol solar plant (the “Talasol PPA”). The Talasol PPA experienced a high volatility due to the substantial change in electricity prices in Europe. In accordance with hedge accounting standards, the changes in the Talasol PPA’s fair value are recorded in the Company’s shareholders’ equity through a hedging reserve and not through the accumulated deficit/retained earnings. The changes do not impact the Company’s consolidated net profit/loss or the Company’s consolidated cash flows. - Total comprehensive income was approximately
€5.9 million for the nine months ended September 30, 2024, compared to total comprehensive income of approximately€42 million for the nine months ended September 30, 2023. - Net cash provided by operating activities was approximately
€5.5 million for the nine months ended September 30, 2024, compared to approximately€16.8 million for the nine months ended September 30, 2023. The decrease in net cash provided by operating activities for the nine months ended September 30, 2024, is mainly due to the decrease in electricity prices in Spain. In addition, during the year ended December 31, 2023, the Company’s Dutch biogas plants elected to temporarily exit the subsidy regime and sell the gas at market prices and during the year ended December 31, 2024 these plants returned to the subsidy regime. Under the subsidy regime, plants are entitled to monthly advances on subsidies based on the production during the previous year. As no subsidies were paid to the Company’s Dutch biogas plants for 2023, these plants entitled to low advance payments for 2024 and the payment for gas produced by the plants during 2024 is expected to be received until July 2025 and reflected accordingly in the Company’s cash flow from operations.
________________________
1 The revenues presented in the Company’s financial results included in this press release are based on IFRS and do not take into account the adjustments included in the Company’s investor presentation.
CEO Review Third Quarter 2024
Revenues in the first nine months of 2024 were approximately
Operating expenses in the first nine months of 2024 decreased by approximately
Activity in Spain:
The electricity prices in the third quarter of 2024 increased and stabilized on the projected seasonal price. The revenues from the sale of electricity in the first nine months of 2024 were approximately
Activity of Dorad:
In the first nine months of 2024, the Dorad power plant recorded an increase in profit, with net profit of approximately NIS 256 million, an increase of approximately NIS 40 million compared to the corresponding period last year. The Dorad power station received the approval of the National Infrastructures Committee and a positive connection survey to increase the capacity by an additional 650 MW.
Activity in the USA:
In the USA, the development and construction activities of solar projects are progressing at a rapid pace and the construction of the first four projects, with a total capacity of approximately 49 MW, began in early 2024. The construction of two projects (in an aggregate capacity of approximately 27 MW) is nearing completion and their connection to the electricity grid is expected in the near future. The additional two projects (in an aggregate capacity of approximately 22 MW) are under construction and are expected to connect by April 2025. Additional projects with an aggregate capacity of approximately 50 MW are under development and are intended for construction in 2025. The Company executed an agreement to sell the tax credits of the first four projects for approximately
Activity in Italy:
The Company has a portfolio of 462 MW solar projects in Italy of which 20 MW are operating and 18 MW finished construction and are awaiting connection to the grid. 195 MW of additional projects are ready to build and 229 MW are under advanced development. Revenues from sale of electricity in Italy in the third quarter of 2024 were approximately
New legislation in Italy prohibits the establishment of new projects on agricultural land. This prohibition increases the value of the Company’s portfolio, which is not subject to the prohibition or located on agricultural land. The Company estimates that new possibilities are emerging for obtaining a PPA in Italy, therefore it expects that project financing will be possible more easily and at lower costs.
Activity in Israel:
The Manara Cliff Pumped Storage Project (Company’s share is
Development of Solar licenses combined with storage:
- The Komemiyut and Qelahim Projects: each intended for 21 solar MW and 50 MW / hour batteries. The sale of electricity will be conducted through a private supplier. Commencement of construction is planned for the first quarter of 2025.
The Company waived the rights it won in a solar / battery tender process in connection with these projects and therefore paid a forfeiture of guarantee in the amount of NIS 1.8 million and is in advanced negotiations with a local supplier for the execution of a long-term PPA. - The Talmei Yosef Project: intended for 10 solar MW and 22 MW / hour batteries. The request for zoning approval was approved in the fourth quarter of 2023.
- The Talmei Yosef Storage Project in Batteries: there is a zoning approval for approximately 400 MW / hour. The project is designed for the regulation of high voltage storage.
The Company also has approximately 46 solar MW under preliminary planning stages.
Activity in the Netherlands:
During the first nine months of 2024, high production levels were maintained in the Company’s three biogas plants. In addition, significant progress was made in the process of obtaining the licenses to increase production by about
Use of Non-IFRS Financial Measures
EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s operating performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company’s commitments, including capital expenditures and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measure presented by other companies. The Company’s EBITDA may not be indicative of the Company’s historic operating results; nor is it meant to be predictive of potential future results. The Company uses this measure internally as performance measure and believes that when this measure is combined with IFRS measure it add useful information concerning the Company’s operating performance. A reconciliation between results on an IFRS and non-IFRS basis is provided on page 14 of this press release.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay Capital focuses its business in the renewable energy and power sectors in Europe, USA and Israel.
To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:
- Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is
51% owned by the Company) and approximately 20 MW of operating solar power plants in Italy; 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about6% -8% of Israel’s total current electricity consumption;- Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;- A solar plant (18 MW) under construction in Italy;
- Solar projects in Italy with an aggregate capacity of 195 MW that have reached “ready to build” status; and
- Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of 49 MW that are under construction.
For more information about Ellomay, visit http://www.ellomay.com.
Information Relating to Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com
Ellomay Capital Ltd. and its Subsidiaries
| Unaudited Condensed Consolidated Interim Statements of Financial Position | ||||||||
| September 30, | December 31, | September 30, | ||||||
| 2024 | 2023 | 2024 | ||||||
| € in thousands | Convenience Translation into US$ in thousands* | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 48,456 | 51,127 | 54,234 | |||||
| Short term deposits | 2,408 | 997 | 2,695 | |||||
| Restricted cash | 729 | 810 | 816 | |||||
| Intangible asset from green certificates | 337 | 553 | 377 | |||||
| Trade and other receivables | 17,796 | 11,717 | 19,918 | |||||
| Derivatives asset short-term | 332 | 275 | 372 | |||||
| Assets of disposal groups classified as held for sale | - | 28,297 | - | |||||
| 70,058 | 93,776 | 78,412 | ||||||
| Non-current assets | ||||||||
| Investment in equity accounted investee | 34,990 | 31,772 | 39,162 | |||||
| Advances on account of investments | 1,061 | 898 | 1,188 | |||||
| Fixed assets | 448,381 | 407,982 | 501,848 | |||||
| Right-of-use asset | 31,900 | 30,967 | 35,704 | |||||
| Restricted cash and deposits | 17,189 | 17,386 | 19,239 | |||||
| Deferred tax | 6,921 | 8,677 | 7,746 | |||||
| Long term receivables | 11,826 | 10,446 | 13,236 | |||||
| Derivatives | 17,683 | 10,948 | 19,792 | |||||
| 569,951 | 519,076 | 637,915 | ||||||
| Total assets | 640,009 | 612,852 | 716,327 | |||||
| Liabilities and Equity | ||||||||
| Current liabilities | ||||||||
| Current maturities of long-term bank loans | 20,060 | 9,784 | 22,452 | |||||
| Current maturities of other long-term loans | 5,000 | 5,000 | 5,596 | |||||
| Current maturities of debentures | 32,756 | 35,200 | 36,662 | |||||
| Trade payables | 8,953 | 5,249 | 10,021 | |||||
| Other payables | 11,842 | 10,859 | 13,254 | |||||
| Current maturities of derivatives | 341 | 4,643 | 382 | |||||
| Current maturities of lease liabilities | 756 | 700 | 846 | |||||
| Liabilities of disposal groups classified as held for sale | - | 17,142 | - | |||||
| Warrants | 1,146 | 84 | 1,283 | |||||
| 80,854 | 88,661 | 90,496 | ||||||
| Non-current liabilities | ||||||||
| Long-term lease liabilities | 25,330 | 23,680 | 28,350 | |||||
| Long-term bank loans | 243,330 | 237,781 | 272,346 | |||||
| Other long-term loans | 29,775 | 29,373 | 33,326 | |||||
| Debentures | 125,958 | 104,887 | 140,978 | |||||
| Deferred tax | 2,502 | 2,516 | 2,800 | |||||
| Other long-term liabilities | 851 | 855 | 952 | |||||
| Derivatives | 341 | - | 382 | |||||
| 428,087 | 399,092 | 479,134 | ||||||
| Total liabilities | 508,941 | 487,753 | 569,630 | |||||
| Equity | ||||||||
| Share capital | 25,613 | 25,613 | 28,667 | |||||
| Share premium | 86,250 | 86,159 | 96,535 | |||||
| Treasury shares | (1,736 | ) | (1,736 | ) | (1,943 | ) | ||
| Transaction reserve with non-controlling Interests | 5,697 | 5,697 | 6,376 | |||||
| Reserves | 2,984 | 4,299 | 3,340 | |||||
| Accumulated deficit | (367 | ) | (5,037 | ) | (411 | ) | ||
| Total equity attributed to shareholders of the Company | 118,441 | 114,995 | 132,564 | |||||
| Non-Controlling Interest | 12,627 | 10,104 | 14,133 | |||||
| Total equity | 131,068 | 125,099 | 146,697 | |||||
| Total liabilities and equity | 640,009 | 612,852 | 716,327 | |||||
* Convenience translation into US$ (exchange rate as at September 30, 2024:
Ellomay Capital Ltd. and its Subsidiaries
| Unaudited Condensed Consolidated Interim Statements of Comprehensive Income | ||||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | For the year ended December 31, | For the nine months ended September 30, | |||||||||
| 2024 | 2023* | 2024 | 2023* | 2023 | 2024 | |||||||
| Unaudited | Audited | Unaudited Convenience Translation into US$** | ||||||||||
| € in thousands (except per share data) | ||||||||||||
| Revenues | 12,333 | 15,411 | 31,789 | 40,410 | 48,834 | 35,580 | ||||||
| Operating expenses | (4,982 | ) | (5,556 | ) | (14,505 | ) | (17,401 | ) | (22,861 | ) | (16,235 | ) |
| Depreciation and amortization expenses | (4,111 | ) | (3,921 | ) | (12,342 | ) | (11,747 | ) | (16,012 | ) | (13,814 | ) |
| Gross profit | 3,240 | 5,934 | 4,942 | 11,262 | 9,961 | 5,531 | ||||||
| Project development costs | (1,030 | ) | (248 | ) | (3,311 | ) | (2,440 | ) | (4,465 | ) | (3,706 | ) |
| General and administrative expenses | (1,645 | ) | (1,147 | ) | (4,679 | ) | (3,963 | ) | (5,283 | ) | (5,237 | ) |
| Share of profits of equity accounted investee | 3,486 | 3,058 | 5,295 | 4,599 | 4,320 | 5,926 | ||||||
| Other income, net | 2,885 | - | 2,885 | - | - | 3,229 | ||||||
| Operating profit | 6,936 | 7,597 | 5,132 | 9,458 | 4,533 | 5,743 | ||||||
| Financing income | 4,553 | 1,529 | 6,977 | 9,694 | 8,747 | 7,809 | ||||||
| Financing income (expenses) in connection with derivatives and warrants, net | (90 | ) | 391 | 2,762 | (85 | ) | 251 | 3,091 | ||||
| Financing expenses in connection with projects finance | (1,693 | ) | (1,554 | ) | (4,646 | ) | (4,612 | ) | (6,077 | ) | (5,200 | ) |
| Financing expenses in connection with debentures | (1,486 | ) | (1,028 | ) | (5,048 | ) | (2,868 | ) | (3,876 | ) | (5,650 | ) |
| Interest expenses on minority shareholder loan | (528 | ) | (540 | ) | (1,616 | ) | (1,473 | ) | (2,014 | ) | (1,809 | ) |
| Other financing expenses | (145 | ) | (12 | ) | (428 | ) | (381 | ) | (588 | ) | (479 | ) |
| Financing income (expenses), net | 611 | (1,214 | ) | (1,999 | ) | 275 | (3,557 | ) | (2,238 | ) | ||
| Profit before taxes on income | 7,547 | 6,383 | 3,133 | 9,733 | 976 | 3,505 | ||||||
| Tax benefit (taxes on income) | (916 | ) | (579 | ) | 72 | 637 | 1,436 | 81 | ||||
| Profit for the period from continuing operations | 6,631 | 5,804 | 3,205 | 10,370 | 2,412 | 3,586 | ||||||
| Profit (loss) from discontinued operation (net of tax) | - | 73 | 79 | 70 | (1,787 | ) | 88 | |||||
| Profit for the period | 6,631 | 5,877 | 3,284 | 10,440 | 625 | 3,674 | ||||||
| Profit attributable to: | ||||||||||||
| Owners of the Company | 6,104 | 5,233 | 4,670 | 10,709 | 2,219 | 5,227 | ||||||
| Non-controlling interests | 527 | 644 | (1,386 | ) | (269 | ) | (1,594 | ) | (1,553 | ) | ||
| Profit for the period | 6,631 | 5,877 | 3,284 | 10,440 | 625 | 3,674 | ||||||
| Other comprehensive income (loss) item | ||||||||||||
| that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss: | ||||||||||||
| Foreign currency translation differences for foreign operations | (4,719 | ) | (930 | ) | (5,152 | ) | (9,183 | ) | (7,949 | ) | (5,766 | ) |
| Foreign currency translation differences for foreign operations that were recognized in profit or loss | - | - | 255 | - | - | 285 | ||||||
| Effective portion of change in fair value of cash flow hedges | 286 | 5,949 | 9,412 | 50,149 | 39,431 | 10,534 | ||||||
| Net change in fair value of cash flow hedges transferred to profit or loss | 1,363 | (4,580 | ) | (1,921 | ) | (9,389 | ) | 9,794 | (2,150 | ) | ||
| Total other comprehensive income (loss) | (3,070 | ) | 439 | 2,594 | 31,577 | 41,276 | 2,903 | |||||
| Total other comprehensive income (loss) attributable to: | ||||||||||||
| Owners of the Company | (4,020 | ) | (296 | ) | (1,315 | ) | 11,759 | 16,931 | (1,472 | ) | ||
| Non-controlling interests | 950 | 735 | 3,909 | 19,818 | 24,345 | 4,375 | ||||||
| Total other comprehensive income (loss) for the period | (3,070 | ) | 439 | 2,594 | 31,577 | 41,276 | 2,903 | |||||
| Total comprehensive income for the period | 3,561 | 6,316 | 5,878 | 42,017 | 41,901 | 6,577 | ||||||
| Total comprehensive income attributable to: | ||||||||||||
| Owners of the Company | 2,084 | 4,937 | 3,355 | 22,468 | 19,150 | 3,755 | ||||||
| Non-controlling interests | 1,477 | 1,379 | 2,523 | 19,549 | 22,751 | 2,822 | ||||||
| Total comprehensive income for the period | 3,561 | 6,316 | 5,878 | 42,017 | 41,901 | 6,577 | ||||||
* The results of the Talmei Yosef solar plant have been reclassified as a discontinued operation and the results for these periods have been adjusted accordingly
** Convenience translation into US$ (exchange rate as at September 30, 2024:
Ellomay Capital Ltd. and its Subsidiaries
| Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (cont’d) | ||||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | For the year ended December 31, | For the nine months ended September 30, | |||||||||
| 2024 | 2023 | 2024 | 2023 | 2023 | 2024 | |||||||
| Unaudited | Audited | Unaudited | ||||||||||
| € in thousands (except per share data) | Convenience Translation into US$* | |||||||||||
| Basic profit per share | 0.47 | 0.41 | 0.36 | 0.83 | 0.17 | 0.40 | ||||||
| Diluted profit per share | 0.47 | 0.41 | 0.36 | 0.83 | 0.17 | 0.40 | ||||||
| Basic profit per share continuing operations | 0.47 | 0.41 | 0.35 | 0.84 | 0.31 | 0.39 | ||||||
| Diluted profit per share continuing operations | 0.47 | 0.41 | 0.35 | 0.84 | 0.31 | 0.39 | ||||||
| Basic profit per share discontinued operation | - | 0.01 | 0.01 | 0.01 | (0.14) | 0.01 | ||||||
| Diluted profit per share discontinued operation | - | 0.01 | 0.01 | 0.01 | (0.14) | 0.01 | ||||||
* Convenience translation into US$ (exchange rate as at September 30, 2024:
Ellomay Capital Ltd. and its Subsidiaries
| Unaudited Condensed Consolidated Interim Statements of Changes in Equity | ||||||||||||||||||||
| Attributable to shareholders of the Company | Non-controlling Interests | Total Equity | ||||||||||||||||||
| Share capital | Share premium | Retained earnings (accumulated Deficit) | Treasury shares | Translation reserve from foreign operations | Hedging Reserve | Interests Transaction reserve with non-controlling Interests | Total | |||||||||||||
| € in thousands | ||||||||||||||||||||
| For the nine months ended | ||||||||||||||||||||
| September 30, 2024 (unaudited): | ||||||||||||||||||||
| Balance as at January 1, 2024 | 25,613 | 86,159 | (5,037 | ) | (1,736 | ) | 385 | 3,914 | 5,697 | 114,995 | 10,104 | 125,099 | ||||||||
| Profit (loss) for the period | - | - | 4,670 | - | - | - | - | 4,670 | (1,386 | ) | 3,284 | |||||||||
| Other comprehensive profit (loss) for the period | - | - | - | - | (4,762 | ) | 3,447 | - | (1,315 | ) | 3,909 | 2,594 | ||||||||
| Total comprehensive profit (loss) for the period | - | - | 4,670 | - | (4,762 | ) | 3,447 | - | 3,355 | 2,523 | 5,878 | |||||||||
| Transactions with owners of the Company, recognized directly in equity: | ||||||||||||||||||||
| Share-based payments | - | 91 | - | - | - | - | - | 91 | - | 91 | ||||||||||
| Balance as at September 30, 2024 | 25,613 | 86,250 | (367 | ) | (1,736 | ) | (4,377 | ) | 7,361 | 5,697 | 118,441 | 12,627 | 131,068 | |||||||
| For the nine months ended | ||||||||||||||||||||
| September 30, 2023 (unaudited): | ||||||||||||||||||||
| Balance as at January 1, 2023 | 25,613 | 86,038 | (7,256 | ) | (1,736 | ) | 7,970 | (20,602 | ) | 5,697 | 95,724 | (12,647 | ) | 83,077 | ||||||
| Profit (loss) for the period | - | - | 10,709 | - | - | - | - | 10,709 | (269 | ) | 10,440 | |||||||||
| Other comprehensive income (loss) for the period | - | - | - | - | (8,771 | ) | 20,530 | - | 11,759 | 19,818 | 31,577 | |||||||||
| Total comprehensive income (loss) for the period | - | - | 10,709 | - | (8,771 | ) | 20,530 | - | 22,468 | 19,549 | 42,017 | |||||||||
| Transactions with owners of the Company, recognized directly in equity: | ||||||||||||||||||||
| Share-based payments | - | 93 | - | - | - | - | - | 93 | - | 93 | ||||||||||
| Balance as at September 30, 2023 | 25,613 | 86,131 | 3,453 | (1,736 | ) | (801 | ) | (72 | ) | 5,697 | 118,285 | 6,902 | 125,187 | |||||||
Ellomay Capital Ltd. and its Subsidiaries
Unaudited Condensed Consolidated Interim Statements of Changes in Equity (cont’d)
| Attributable to shareholders of the Company | Non-controlling Interests | Total Equity | |||||||||||||||||
| Share capital | Share premium | Accumulated deficit | Treasury shares | Translation reserve from foreign operations | Hedging Reserve | Interests Transaction reserve with non-controlling Interests | Total | ||||||||||||
| € in thousands | |||||||||||||||||||
| For the year ended December 31, 2023 (audited): | |||||||||||||||||||
| Balance as at January 1, 2023 | 25,613 | 86,038 | (7,256 | ) | (1,736 | ) | 7,970 | (20,602 | ) | 5,697 | 95,724 | (12,647 | ) | 83,077 | |||||
| Profit (loss) for the year | - | - | 2,219 | - | - | - | - | 2,219 | (1,594 | ) | 625 | ||||||||
| Other comprehensive loss for the year | - | - | - | - | (7,585 | ) | 24,516 | - | 16,931 | 24,345 | 41,276 | ||||||||
| Total comprehensive loss for the year | - | - | 2,219 | - | (7,585 | ) | 24,516 | - | 19,150 | 22,751 | 41,901 | ||||||||
| Transactions with owners of the Company, recognized directly in equity: | |||||||||||||||||||
| Share-based payments | - | 121 | - | - | - | - | - | 121 | - | 121 | |||||||||
| Balance as at December 31, 2023 | 25,613 | 86,159 | (5,037 | ) | (1,736 | ) | 385 | 3,914 | 5,697 | 114,995 | 10,104 | 125,099 | |||||||
Ellomay Capital Ltd. and its Subsidiaries
| Unaudited Condensed Consolidated Interim Statements of Changes in Equity (cont’d) | ||||||||||||||||||||||
| Attributable to shareholders of the Company | Non-controlling Interests | Total Equity | ||||||||||||||||||||
| Share capital | Share premium | Accumulated deficit | Treasury shares | Translation reserve from foreign operations | Hedging Reserve | Interests Transaction reserve with non-controlling Interests | Total | |||||||||||||||
| Convenience translation into US$ (exchange rate as at September 30, 2024: | ||||||||||||||||||||||
| For the nine months ended September 30, 2024 (unaudited): | ||||||||||||||||||||||
| Balance as at January 1, 2024 | 28,667 | 96,433 | (5,638 | ) | (1,943 | ) | 431 | 4,381 | 6,376 | 128,707 | 11,311 | 140,018 | ||||||||||
| Profit (loss) for the period | - | - | 5,227 | - | - | - | - | 5,227 | (1,553 | ) | 3,674 | |||||||||||
| Other comprehensive loss for the period | - | - | - | - | (5,330 | ) | 3,858 | - | (1,472 | ) | 4,375 | 2,903 | ||||||||||
| Total comprehensive loss for the period | - | - | 5,227 | - | (5,330 | ) | 3,858 | - | 3,755 | 2,822 | 6,577 | |||||||||||
| Transactions with owners of the Company, recognized directly in equity: | ||||||||||||||||||||||
| Share-based payments | - | 102 | - | - | - | - | - | 102 | - | 102 | ||||||||||||
| Balance as at September 30, 2024 | 28,667 | 96,535 | (411 | ) | (1,943 | ) | (4,899 | ) | 8,239 | 6,376 | 132,564 | 14,133 | 146,697 | |||||||||
Ellomay Capital Ltd. and its Subsidiaries
| Unaudited Condensed Consolidated Interim Statements of Cash Flow | ||||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | For the year ended December 31, | For the nine months ended September 30, | |||||||||
| 2024 | 2023 | 2024 | 2023 | 2023 | 2024 | |||||||
| € in thousands | Convenience Translation into US$* | |||||||||||
| Cash flows from operating activities | ||||||||||||
| Profit for the period | 6,631 | 5,877 | 3,284 | 10,440 | 625 | 3,674 | ||||||
| Adjustments for: | ||||||||||||
| Financing income (expenses), net | (611 | ) | 958 | 1,595 | (598 | ) | 3,034 | 1,786 | ||||
| Profit (loss) from settlement of derivatives contract | (149 | ) | - | 50 | - | - | 56 | |||||
| Impairment losses on assets of disposal groups classified as held-for-sale | - | - | 405 | - | 2,565 | 453 | ||||||
| Depreciation and amortization | 4,111 | 4,031 | 12,390 | 12,095 | 16,473 | 13,868 | ||||||
| Share-based payment transactions | 30 | 31 | 91 | 93 | 121 | 102 | ||||||
| Share of profits of equity accounted investees | (3,486 | ) | (3,058 | ) | (5,295 | ) | (4,599 | ) | (4,320 | ) | (5,926 | ) |
| Payment of interest on loan from an equity accounted investee | - | 1,468 | - | 1,468 | 1,501 | - | ||||||
| Change in trade receivables and other receivables | (4 | ) | 457 | (3,218 | ) | 1,015 | (302 | ) | (3,602 | ) | ||
| Change in other assets | 871 | (595 | ) | 876 | (750 | ) | (681 | ) | 980 | |||
| Change in receivables from concessions project | - | 683 | 793 | 1,519 | 1,778 | 888 | ||||||
| Change in trade payables | 554 | 1,696 | (79 | ) | 287 | (45 | ) | (88 | ) | |||
| Change in other payables | (2,052 | ) | (126 | ) | (293 | ) | 257 | (2,235 | ) | (328 | ) | |
| Income tax expense (tax benefit) | 916 | 742 | (77 | ) | (461 | ) | (1,852 | ) | (87 | ) | ||
| Income taxes refund (paid) | (133 | ) | (419 | ) | 346 | (439 | ) | (912 | ) | 387 | ||
| Interest received | 226 | 1,059 | 1,932 | 2,412 | 2,936 | 2,162 | ||||||
| Interest paid | (1,827 | ) | (1,286 | ) | (7,255 | ) | (5,950 | ) | (10,082 | ) | (8,120 | ) |
| (1,554 | ) | 5,641 | 2,261 | 6,349 | 7,979 | 2,531 | ||||||
| Net cash provided by operating activities | 5,077 | 11,518 | 5,545 | 16,789 | 8,604 | 6,205 | ||||||
| Cash flows from investing activities | ||||||||||||
| Acquisition of fixed assets | (30,453 | ) | (24,015 | ) | (50,046 | ) | (51,483 | ) | (58,848 | ) | (56,014 | ) |
| Interest paid capitalized to fixed assets | (507 | ) | - | (1,628 | ) | - | (2,283 | ) | (1,822 | ) | ||
| Proceeds from sale of investments | - | - | 9,267 | - | - | 10,372 | ||||||
| Repayment of loan by an equity accounted investee | - | 103 | - | 103 | 1,324 | - | ||||||
| Loan to an equity accounted investee | - | - | - | (68 | ) | (128 | ) | - | ||||
| Advances on account of investments | (109 | ) | - | (163 | ) | (421 | ) | (421 | ) | (182 | ) | |
| Proceeds from advances on account of investments | - | 2,277 | - | 1,921 | 2,218 | - | ||||||
| Proceeds in marketable securities | - | - | - | 2,837 | 2,837 | - | ||||||
| Investment in settlement of derivatives, net | 65 | - | 224 | - | - | 251 | ||||||
| Proceeds from restricted cash, net | 38 | - | 157 | 893 | 840 | 176 | ||||||
| Proceeds from (investment in) short term deposit | 79 | 165 | (1,404 | ) | (1,092 | ) | (1,092 | ) | (1,571 | ) | ||
| Net cash used in investing activities | (30,887 | ) | (21,470 | ) | (43,593 | ) | (47,310 | ) | (55,553 | ) | (48,790 | ) |
| Cash flows from financing activities | ||||||||||||
| Issuance of warrants | - | - | 3,735 | - | - | 4,180 | ||||||
| Cost associated with long-term loans | (545 | ) | (481 | ) | (2,011 | ) | (1,187 | ) | (1,877 | ) | (2,251 | ) |
| Payment of principal of lease liabilities | (179 | ) | (189 | ) | (665 | ) | (966 | ) | (1,156 | ) | (744 | ) |
| Proceeds from long-term loans | 8,829 | - | 19,307 | 21,370 | 32,157 | 21,609 | ||||||
| Repayment of long-term loans | (441 | ) | (517 | ) | (7,108 | ) | (6,990 | ) | (12,736 | ) | (7,956 | ) |
| Repayment of Debentures | - | - | (35,845 | ) | (17,763 | ) | (17,763 | ) | (40,119 | ) | ||
| Proceeds from issuance of Debentures, net | 11,966 | - | 57,756 | 55,808 | 55,808 | 64,643 | ||||||
| Net cash provided by (used in) financing activities | 19,630 | (1,187 | ) | 35,169 | 50,272 | 54,433 | 39,362 | |||||
| Effect of exchange rate fluctuations on cash and cash equivalents | (1,408 | ) | (632 | ) | (220 | ) | (4,110 | ) | (2,387 | ) | (246 | ) |
| Increase (decrease) in cash and cash equivalents | (7,588 | ) | (11,771 | ) | (3,099 | ) | 15,641 | 5,097 | (3,469 | ) | ||
| Cash and cash equivalents at the beginning of the period | 56,044 | 73,870 | 51,127 | 46,458 | 46,458 | 57,224 | ||||||
| Cash from (used in) disposal groups classified as held-for-sale | - | (430 | ) | 428 | (430 | ) | (428 | ) | 479 | |||
| Cash and cash equivalents at the end of the period | 48,456 | 61,669 | 48,456 | 61,669 | 51,127 | 54,234 | ||||||
* Convenience translation into US$ (exchange rate as at September 30, 2024:
Ellomay Capital Ltd. and its Subsidiaries
| Operating Segments (Unaudited) | ||||||||||||||||||||||||
| Italy | Spain | USA | Netherlands | Israel | ||||||||||||||||||||
| Solar | Subsidized Solar Plants | 28 MW Solar | Talasol Solar | Solar | Biogas | Dorad | Manara Pumped Storage | Solar* | Total reportable segments | Reconciliations | Total consolidated | |||||||||||||
| For the nine months ended September 30, 2024 | ||||||||||||||||||||||||
| € in thousands | ||||||||||||||||||||||||
| Revenues | 1,727 | 2,118 | 1,294 | 15,249 | - | 11,401 | 55,123 | - | 278 | 87,190 | (55,401 | ) | 31,789 | |||||||||||
| Operating expenses | (19 | ) | (415 | ) | (473 | ) | (3,648 | ) | - | (9,950 | ) | (39,585 | ) | - | (142 | ) | (54,232 | ) | 39,727 | (14,505 | ) | |||
| Depreciation and amortization expenses | (1 | ) | (689 | ) | (838 | ) | (8,613 | ) | - | (2,184 | ) | (4,280 | ) | - | (48 | ) | (16,653 | ) | 4,311 | (12,342 | ) | |||
| Gross profit (loss) | 1,707 | 1,014 | (17 | ) | 2,988 | - | (733 | ) | 11,258 | - | 88 | 16,305 | (11,363 | ) | 4,942 | |||||||||
| Adjusted gross profit (loss) | 1,707 | 1,014 | (17 | ) | 2,988 | - | (733 | ) | 11,258 | - | 3172 | 16,534 | (11,592 | ) | 4,942 | |||||||||
| Project development costs | (3,311 | ) | ||||||||||||||||||||||
| General and administrative expenses | (4,679 | ) | ||||||||||||||||||||||
| Share of income of equity accounted investee | 5,295 | |||||||||||||||||||||||
| Other income, net | 2,885 | |||||||||||||||||||||||
| Operating profit | 5,132 | |||||||||||||||||||||||
| Financing income | 6,977 | |||||||||||||||||||||||
| Financing income in connection with derivatives and warrants, net | 2,762 | |||||||||||||||||||||||
| Financing expenses in connection with projects finance | (4,646 | ) | ||||||||||||||||||||||
| Financing expenses in connection with debentures | (5,048 | ) | ||||||||||||||||||||||
| Interest expenses on minority shareholder loan | (1,616 | ) | ||||||||||||||||||||||
| Other financing expenses | (428 | ) | ||||||||||||||||||||||
| Financing expenses, net | (1,999 | ) | ||||||||||||||||||||||
| Profit before taxes on income | 3,133 | |||||||||||||||||||||||
| Segment assets as at September 30, 2024 | 61,622 | 12,874 | 19,953 | 231,779 | 46,915 | 31,066 | 104,942 | 172,774 | - | 681,925 | (41,916 | ) | 640,009 | |||||||||||
________________________
2 The gross profit of the Talmei Yosef solar plant located in Israel is adjusted to include income from the sale of electricity (approximately
* The results of the Talmei Yosef solar plant are presented as a discontinued operation.
Ellomay Capital Ltd. and its Subsidiaries
| Reconciliation of Profit to EBITDA (Unaudited) | ||||||||||||
| For the three months ended September 30, | For the nine months ended September 30 | For the year ended December 31, | For the nine months ended September 30, | |||||||||
| 2024 | 2023 | 2024 | 2023 | 2023 | 2024 | |||||||
€ in thousands | Convenience Translation into US$ in thousands* | |||||||||||
| Net profit for the period | 6,631 | 5,877 | 3,284 | 10,440 | 625 | 3,674 | ||||||
| Financing (income) expenses, net | (611 | ) | 1,214 | 1,999 | (275 | ) | 3,557 | 2,238 | ||||
| Taxes on income (Tax benefit) | 916 | 579 | (72 | ) | (637 | ) | (1,436 | ) | (81 | ) | ||
| Depreciation and amortization | 4,111 | 3,921 | 12,342 | 11,747 | 16,012 | 13,814 | ||||||
| EBITDA | 11,047 | 11,591 | 17,553 | 21,275 | 18,758 | 19,645 | ||||||
* Convenience translation into US$ (exchange rate as at September 30, 2024:
Ellomay Capital Ltd.
| Information for the Company’s Debenture Holders |
Financial Covenants
Pursuant to the Deeds of Trust governing the Company’s Series C, Series D, Series E and Series F Debentures (together, the “Debentures”), the Company is required to maintain certain financial covenants. For more information, see Items 4.A and 5.B of the Company’s Annual Report on Form 20-F submitted to the Securities and Exchange Commission on April 18, 2024, and below.
Net Financial Debt
As of September 30, 2024, the Company’s Net Financial Debt, (as such term is defined in the Deeds of Trust of the Company’s Debentures), was approximately
Discussion concerning Warning Signs
Upon the issuance of the Company’s Debentures, the Company undertook to comply with the “hybrid model disclosure requirements” as determined by the Israeli Securities Authority and as described in the Israeli prospectuses published in connection with the public offering of the company’s Debentures. This model provides that in the event certain financial “warning signs” exist in the Company’s consolidated financial results or statements, and for as long as they exist, the Company will be subject to certain disclosure obligations towards the holders of the Company’s Debentures.
One possible “warning sign” is the existence of a working capital deficiency if the Company’s Board of Directors does not determine that the working capital deficiency is not an indication of a liquidity problem. In examining the existence of warning signs as of September 30, 2024, the Company’s Board of Directors noted the working capital deficiency as of September 30, 2024, in the amount of approximately
________________________
3 The amount of short-term and long-term debt from banks and other interest-bearing financial obligations provided above, includes an amount of approximately
4 The amount of the debentures provided above includes an amount of approximately
5 The project finance amount deducted from the calculation of Net Financial Debt includes project finance obtained from various sources, including financing entities and the minority shareholders in project companies held by the Company (provided in the form of shareholders’ loans to the project companies).
Ellomay Capital Ltd.
| Information for the Company’s Debenture Holders (cont’d) |
Information for the Company’s Series C Debenture Holders
The Deed of Trust governing the Company’s Series C Debentures (as amended on June 6, 2022, the “Series C Deed of Trust”), includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for two consecutive quarters is a cause for immediate repayment. As of September 30, 2024, the Company was in compliance with the financial covenants set forth in the Series C Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series C Deed of Trust) was approximately
The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series C Deed of Trust) for the four-quarter period ended September 30, 2024:
| For the four-quarter period ended September 30, 20247 | |||
| Unaudited | |||
| € in thousands | |||
| Loss for the period | (8,239 | ) | |
| Financing expenses, net | 5,831 | ||
| Taxes on income | (871 | ) | |
| Depreciation and amortization expenses | 16,607 | ||
| Share-based payments | 119 | ||
| Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model | 875 | ||
| Adjusted EBITDA as defined the Series C Deed of Trust | 14,322 |
________________________
6 The term “Adjusted EBITDA” is defined in the Series C Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef solar plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments. The Series C Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series C Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”
7 The Deed of Trust governing our Series C Debentures provides that in the event the original accounting standards (i.e., the accounting standards applicable to the Company’s financial results for March 31, 2019), undergo a “material revision” (defined as a change of at least
Ellomay Capital Ltd.
| Information for the Company’s Debenture Holders (cont’d) |
Information for the Company’s Series D Debenture Holders
The Deed of Trust governing the Company’s Series D Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series D Deed of Trust is a cause for immediate repayment. As of September 30, 2024, the Company was in compliance with the financial covenants set forth in the Series D Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series D Deed of Trust) was approximately
The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series D Deed of Trust) for the four-quarter period ended September 30, 2024:
| For the four-quarter period ended September 30, 20249 | |||
| Unaudited | |||
| € in thousands | |||
| Loss for the period | (8,239 | ) | |
| Financing expenses, net | 5,831 | ||
| Taxes on income | (871 | ) | |
| Depreciation and amortization expenses | 16,607 | ||
| Share-based payments | 119 | ||
| Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model | 875 | ||
| Adjusted EBITDA as defined the Series D Deed of Trust | 14,322 |
________________________
8 The term “Adjusted EBITDA” is defined in the Series D Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series D Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series D Deed of Trust). The Series D Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series D Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”
9 The Deed of Trust governing our Series D Debentures provides that in the event the original accounting standards (i.e., the accounting standards applicable to the Company’s financial results for September 30, 2020), undergo a “material revision” (defined as a change of at least
Ellomay Capital Ltd.
| Information for the Company’s Debenture Holders (cont’d) |
Information for the Company’s Series E Debenture Holders
The Deed of Trust governing the Company’s Series E Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series E Deed of Trust is a cause for immediate repayment. As of September 30, 2024, the Company was in compliance with the financial covenants set forth in the Series E Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series E Deed of Trust) was approximately
The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series E Deed of Trust) for the four-quarter period ended September 30, 2024:
| For the four-quarter period ended September 30, 2024 | |||
| Unaudited | |||
| € in thousands | |||
| Loss for the period | (6,531 | ) | |
| Financing expenses, net | 5,831 | ||
| Taxes on income | (871 | ) | |
| Depreciation and amortization expenses | 16,607 | ||
| Share-based payments | 119 | ||
| Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model | 875 | ||
| Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters11 | 1,428 | ||
| Adjusted EBITDA as defined the Series E Deed of Trust | 17,458 | ||
In connection with the undertaking included in Section 3.17.2 of Annex 6 of the Series E Deed of Trust, no circumstances occurred during the reporting period under which the rights to loans provided to Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd. (“Ellomay Luzon Energy”)), which were pledged to the holders of the Company’s Series E Debentures, will become subordinate to the amounts owed by Ellomay Luzon Energy to Israel Discount Bank Ltd.
________________________
10 The term “Adjusted EBITDA” is defined in the Series E Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series E Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series E Deed of Trust). The Series E Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series E Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”
11 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the nine months ended September 30, 2024. As these solar plants have not reached PAC (Preliminary Acceptance Certificate) as of September 30, 2024, the Company recorded revenues and only direct expenses in connection with these solar plants. However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.
As of September 30, 2024, the value of the assets pledged to the holders of the Series E Debentures in the Company’s books (unaudited) is approximately
Ellomay Capital Ltd. and its Subsidiaries
| Information for the Company’s Debenture Holders (cont’d) |
Information for the Company’s Series F Debenture Holders
The Deed of Trust governing the Company’s Series F Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series F Deed of Trust is a cause for immediate repayment. As of September 30, 2024, the Company was in compliance with the financial covenants set forth in the Series F Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series F Deed of Trust) was approximately
The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series F Deed of Trust) for the four-quarter period ended September 30, 2024:
| For the four-quarter period ended September 30, 2024 | |||
| Unaudited | |||
| € in thousands | |||
| Loss for the period | (6,531 | ) | |
| Financing expenses, net | 5,831 | ||
| Taxes on income | (871 | ) | |
| Depreciation and amortization expenses | 16,607 | ||
| Share-based payments | 119 | ||
| Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model | 875 | ||
| Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters13 | 1,428 | ||
| Adjusted EBITDA as defined the Series F Deed of Trust | 17,458 |
________________________
12 The term “Adjusted EBITDA” is defined in the Series F Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series F Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series F Deed of Trust). The Series F Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series F Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”
13 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the nine months ended September 30, 2024. As these solar plants have not reached PAC (Preliminary Acceptance Certificate) as of September 30, 2024, the Company recorded revenues and only direct expenses in connection with these solar plants. However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.
FAQ
What caused ELLO's revenue decline in the first nine months of 2024?
How much did ELLO receive from the Talmei Yosef solar plant sale in 2024?
What is the status of ELLO's US solar projects as of Q3 2024?
What is the current size of ELLO's Italian solar portfolio in 2024?
How did ELLO's operating cash flow change in the first nine months of 2024?
