TEL-AVIV, Israel, March 31, 2024 /PRNewswire/ — Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO) (“Ellomay” or the “Firm”), a renewable power and energy generator and developer of renewable power and energy initiatives in Europe, Israel and the USA, as we speak reported its unaudited monetary outcomes for the fourth quarter and yr ended December 31, 2023.
Monetary Highlights
• Whole belongings as of December 31, 2023 amounted to roughly €611.7 million, in comparison with complete belongings as of December 31, 2022 of roughly €576.2 million.
• Revenues1 for the three months ended December 31, 2023 and 2022 have been roughly €8.4 million. Revenues for the yr ended December 31, 2023, have been roughly €48.8 million, in comparison with roughly €52.2 million for the yr ended December 31, 2022.
• Loss for the three months ended December 31, 2023 was roughly €9.8 million, in comparison with a revenue of roughly €2.5 million for the three months ended December 31, 2022. Revenue for the yr ended December 31, 2023, was roughly €0.6 million, in contrast with roughly €0.1 million for the yr ended December 31, 2022.
• EBITDA loss for the three months ended December 31, 2023 was roughly €2.5 million, in comparison with EBITDA of roughly €1.7 million for the three months ended December 31, 2022. EBITDA for the yr ended December 31, 2023 was roughly €18.8 million, in comparison with roughly €20.8 million for the yr ended December 31, 2022. See under beneath “Use of Non-IFRS Monetary Measures” for added disclosure regarding EBITDA.
• On December 31, 2023, the Firm executed an settlement to promote its holdings within the 9 MW PV plant situated in Talmei Yosef, Israel in consideration for NIS 44.75 million (roughly €11.2 million), with an extra potential cost of as much as NIS 4 million within the occasion the Talmei Yosef PV Plant produces greater than 18 million Kwh throughout 2024. In reference to the anticipated sale, the Firm presents the outcomes of this PV plant as discontinued operations and the outcomes for the yr and for the three months ended December 31, 2022 are adjusted accordingly. See under for added data.
Monetary Overview for the Yr Ended December 31, 2023
• Revenues have been roughly €48.8 million for the yr ended December 31, 2023, in comparison with roughly €52.2 million for the yr ended December 31, 2022. The lower in revenues primarily outcomes from the lower in electrical energy costs in Spain and from a curtailment of the electrical energy provide from the Firm’s services in Spain to the grid throughout June 2023 as a result of upkeep and improve work on the principle transmission line between Spain and Portugal, which triggered a lower in revenues of roughly €1 million. The Firm subsequently applied an answer geared toward minimizing the influence of future related curtailments as a result of upkeep and upgrades to the nationwide grid. The lower in revenues was partially offset by a rise in revenues from the Firm’s biogas vegetation in the Netherlands, ensuing primarily from elevated manufacturing and a rise within the 2023 gasoline value, and from the connection to the grid of Ellomay Photo voltaic (a 28 MW photovoltaic plant in Spain) throughout June 2022, upon which the Firm commenced recognition of revenues.
• Working bills have been roughly €22.9 million for the yr ended December 31, 2023, in comparison with roughly €23.7 million for the yr ended December 31, 2022. The lower in working bills primarily outcomes from a lower in funds beneath the Spanish RDL 17/2022, attributable to a discount within the electrical energy market value. RDL 17/2022 established the discount of returns on the electrical energy producing exercise of Spanish manufacturing services that don’t emit greenhouse gases, achieved by funds of a portion of the revenues by the manufacturing services to the Spanish authorities. On account of the lower within the electrical energy market value in Spain through the yr ended December 31, 2023, the funds beneath RDL 17/2022 have been decrease in comparison with final yr. This lower in working bills was partially offset by elevated working bills in reference to the Firm’s biogas operations in the Netherlands attributable to increased manufacturing and the usage of increased high quality uncooked supplies, and from the connection to the grid of Ellomay Photo voltaic throughout June 2022, upon which the Firm commenced recognition of bills. Depreciation and amortization bills have been roughly €16 million for the yr ended December 31, 2023, in comparison with roughly €15.6 million for the yr ended December 31, 2022. The rise in depreciation and amortization bills is especially attributable to the graduation of recognition of outcomes of Ellomay Photo voltaic upon connection to the Spanish grid in June 2022.
• Challenge improvement prices have been roughly €4.5 million for the yr ended December 31, 2023, in comparison with roughly €3.8 million for the yr ended December 31, 2022. The rise in challenge improvement prices is especially as a result of improvement bills in reference to photovoltaic initiatives within the USA, Italy, and Israel.
• Normal and administrative bills have been roughly €5.3 million for the yr ended December 31, 2023, in comparison with roughly €5.9 million for the yr ended December 31, 2022. The lower on the whole and administrative bills is usually as a result of a lower in D&O legal responsibility insurance coverage prices and to bonuses paid to workers in 2022.
• The Firm’s share of income of fairness accounted investee, after elimination of intercompany transactions, was roughly €4.3 million for the yr ended December 31, 2023, in comparison with roughly €1.2 million for the yr ended December 31, 2022. The rise in share of income of fairness accounted investee was primarily because of the improve in revenues of Dorad Vitality Ltd. (“Dorad“) as a result of increased portions produced and a better electrical energy tariff, partially offset by a rise in working bills in reference to the elevated manufacturing and better tariff.
• Financing bills, web, have been roughly €3.6 million for the yr ended December 31, 2023, in comparison with roughly €3.5 million for the yr ended December 31, 2022. The rise in financing bills, web, was primarily attributable to increased curiosity bills in reference to the Firm’s loans (web of any associated SWAP funds) and debentures amounting to an combination quantity of roughly €11.6 million within the yr ended December 31, 2023, in comparison with roughly €9.2 million for the yr ended December 31, 2022. The rise in curiosity bills primarily resulted from the issuance of the Firm’s Sequence E debentures in February 2023 and from increased rates of interest utilized to variable rate of interest bearing loans. This improve was partially offset by increased curiosity revenue as a result of elevated rates of interest amounting to roughly €2 million within the yr ended December 31, 2023, in comparison with an quantity of roughly €0.3 million for the yr ended December 31, 2022, and to increased revenue ensuing from alternate price variations, of roughly €6.7 million within the yr ended December 31, 2023, primarily in reference to the New Israeli Shekel (“NIS“) money and money equivalents and the Firm’s NIS denominated debentures, in comparison with roughly €6 million for the yr ended December 31, 2022, attributable to the 6.9% devaluation of the NIS in opposition to the euro through the yr ended December 31, 2023, in comparison with a 6.6% appreciation of the NIS in opposition to the euro through the yr ended December 31, 2022.
• Tax profit was roughly €1.4 million within the yr ended December 31, 2023, in comparison with taxes on revenue of roughly €1.7 million within the yr ended December 31, 2022. The change in tax is especially because of the substantial lower in electrical energy costs in Spain, leading to decrease taxable revenue of the Firm’s Spanish subsidiaries.
• Loss from discontinued operations (web of tax) was roughly €1.8 million within the yr ended December 31, 2023, in comparison with a revenue from discontinued operations of roughly €0.7 million within the yr ended December 31, 2022.
On December 31, 2023, the Firm executed an settlement to promote its holdings within the 9 MW PV plant situated in Talmei Yosef, Israel (the “Settlement” and the “Talmei Yosef PV Plant,” respectively). The Settlement gives for the sale of the Firm’s holdings within the Talmei Yosef PV Plant to Greenlight Fund Restricted Partnership and Doral Group Renewable Vitality Sources Ltd., in equal elements, in consideration for NIS 44.75 million (roughly €11.2 million), with an extra potential cost of as much as NIS 4 million within the occasion the Talmei Yosef PV Plant produces greater than 18 million Kwh throughout 2024. The Settlement additional gives for a cutoff date of June 30, 2023, and at closing the events will decide whether or not an adjustment to the acquisition value is required replicate the Firm’s entitlement to revenues (web of bills) as much as such date, making an allowance for the outcomes and the money held by the challenge firm. The Firm doesn’t anticipate a fabric adjustment to the acquisition value.
In reference to the anticipated sale of the Talmei Yosef PV Plant, the Firm presents the outcomes of the Talmei Yosef PV Plant as discontinued operations and the outcomes for the yr and for the three months ended December 31, 2022 are adjusted accordingly. The Talmei Yosef PV Plant is offered within the Firm’s monetary outcomes as a monetary asset, in accordance with IFRIC 12 beneath IFRS, and since its acquisition of the plant, the Firm acknowledged comparatively excessive income by its possession. Accordingly, though the consideration anticipated to be obtained for the Talmei Yosef PV Plant displays a market worth that’s increased than the value invested by the Firm in its acquisition, because of the accounting remedy beneath IFRIC 12, the Firm acknowledged a web lack of roughly €1.8 million in reference to the anticipated sale.
The Settlement contains customary representations and indemnification undertakings in reference to breaches of representations, which, apart from with respect to customary exceptions, are topic to a cap of NIS 9 million and restricted to a interval of 18 months from the time limit. The consummation of the sale is topic to varied customary circumstances to closing, together with receipt of regulatory approvals and the consent of the financing entity of the Talmei Yosef PV Plant. All circumstances to closing are required to be fulfilled inside an preliminary interval of 90 days from execution of the Talmei Yosef Sale Settlement, which will be prolonged to as much as 150 days beneath sure circumstances. The Talmei Yosef PV Plant is situated in southern Israel. One of many circumstances to closing is the top of the “struggle” standing in southern Israel for a pre-determined interval (based mostly on the official definitions revealed by the Israeli Authorities) and that the Talmei Yosef PV Plant is bodily accessible. Based mostly on the circumstances as of the date hereof, this situation is at present fulfilled however there will be no assurance that it’ll proceed to be fulfilled on the anticipated time limit. The closing of the sale is at present anticipated through the second quarter of 2024. The Talmei Yosef Sale Settlement additional gives that within the occasion that because of the present struggle and hostilities in Israel the power shall be broken or its output will lower, the consumers could have the suitable to not consummate the acquisition of the plant. The consummation of the transactions contemplated by the Settlement is topic to the fulfilment of the circumstances to closing as of the date of the closing. These circumstances to closing are largely not inside the Firm’s management or the consumers’ management. There will be no assurance as as to if or when the circumstances to closing shall be glad and as to the influence of the struggle and hostilities in Israel on the power to consummate the sale and on the ultimate buy value.
• Internet revenue was roughly €0.6 million within the yr ended December 31, 2023, in comparison with roughly €0.1 million within the yr ended December 31, 2022.
• Whole different complete revenue was roughly €41.3 million for the yr ended December 31, 2023, in comparison with complete different complete lack of roughly €35.3 million within the yr ended December 31, 2022. The change in complete different complete loss primarily outcomes from modifications in truthful worth of money circulation hedges, together with a fabric improve within the truthful worth of the legal responsibility ensuing from the monetary energy swap that covers roughly 80% of the output of the Talasol PV Plant (the “Talasol PPA“).
The Talasol PPA skilled a excessive volatility because of the substantial change in electrical energy costs in Europe. In accordance with hedge accounting requirements, the modifications within the Talasol PPA’s truthful worth are recorded within the Firm’s shareholders’ fairness by a hedging reserve and never by the collected deficit/retained earnings. The modifications don’t influence the Firm’s consolidated web revenue/loss or the Firm’s consolidated money flows.
• Whole complete revenue was roughly €41.9 million within the yr ended December 31, 2023, in comparison with complete complete lack of roughly €35.2 million within the yr ended December 31, 2022.
• EBITDA was roughly €18.8 million for the yr ended December 31, 2023, in comparison with roughly €20.8 million for the yr ended December 31, 2022.
• Internet money from working actions was roughly €9.7 million for the yr ended December 31, 2023, in comparison with roughly €11.3 million for the yr ended December 31, 2022.
CEO Evaluation Fourth Quarter and Full Yr 2023
2023 was characterised by a decline within the electrical energy costs in Europe in comparison with the costs in 2022. The lower is especially evident in Spain, whereas in Italy the costs remained comparatively secure. Regardless of the numerous lower in electrical energy costs in Spain, the revenues for 2023 didn’t lower in the identical price and have been roughly €48.8 million, in comparison with revenues of roughly €52.2 million in 2022. The primary purpose that the numerous lower in electrical energy costs in Spain has a comparatively small influence on the Firm’s revenues is that almost all of the electrical energy the Firm sells in Spain is beneath a long-term PPA. Internet revenue for 2023 was roughly €0.6 million, in comparison with roughly €0.1 million for 2022. The EBITDA for 2023 was roughly €18.8 million, in comparison with EBITDA of roughly €20.8 million in 2022. The lower within the EBIDTA for 2023 was primarily as a result of a loss from discontinued operations within the quantity of roughly €1.8 million that was recorded in reference to the anticipated sale of the Talmei Yosef facility. Though the consideration anticipated to be obtained for the Talmei Yosef challenge displays a market worth that’s increased than the value invested by the Firm in its acquisition, as a result of the Talmei Yosef facility is handled as monetary asset beneath IFRIC 12, the Firm recorded a loss in reference to the anticipated sale.
The Dorad energy station offered a rise in revenues and web revenue throughout 2023, and the web revenue of Dorad for 2023 was roughly €53 million.
The event and development actions of photo voltaic initiatives within the USA are advancing quickly and the development of the primary two initiatives, with an combination capability of roughly 27.5 MW, commenced in early 2024. Two further initiatives with an combination capability of roughly 22 MW are anticipated to begin development in Could 2024 and extra initiatives scheduled for development in 2025 are beneath improvement.
In Italy, the development of a photo voltaic challenge with a capability of 18 MW (ELLO 10) commenced, along with photo voltaic initiatives with a capability of roughly 20 MW who’ve completed development. Of the 20 MW which have completed development, 5 MW have been linked to the grid through the first quarter of 2024 and an extra 15 MW are anticipated to connect with the grid shortly. Subsequently, the extra revenue from gross sales of electrical energy in Italy will solely be mirrored in 2024.
On the finish of 2023 an settlement for the sale of the Talmei Yosef PV challenge was executed, the cutoff date for the transaction was set at June 30, 2023. The Firm maintained the rights to a portion of the land in Talmei Yosef, which shall be used to assemble initiatives beneath improvement (the Talmei Yosef Challenge and the Talmei Yosef Storage Challenge in Batteries famous under) which might be at present not recorded as fastened belongings within the Firm’s monetary statements. Because of the anticipated sale, the monetary outcomes of the Talmei Yosef PV plant are offered as discontinued operations within the Firm’s monetary outcomes for 2023.
The Firm’s operations think about three essential fields:
– Development of New Tasks: photo voltaic initiatives within the USA, photo voltaic initiatives in Italy, and a pumped hydro storage challenge within the Manara Cliff in Israel.
– Initiating and Growing of New Tasks: photo voltaic initiatives in Italy, Spain, USA and Israel.
– Administration, Operation and Enchancment of Producing Tasks: in Israel (photo voltaic), Spain (photo voltaic) and the Netherlands (bio-gas).
Exercise in Spain:
Throughout 2023, the Talasol photo voltaic challenge (300 MW, Firm’s share is 51%) produced revenues from the sale of electrical energy and inexperienced certificates of roughly €25 million, barely under the anticipated revenues as a result of a upkeep occasion in the principle distribution line that triggered a lack of revenues of roughly €1 million. On account of the occasion a system was put in that considerably limits the chance that such an occasion will recur sooner or later. Talasol is a celebration to a monetary hedge of its electrical energy seize value (PPA). Roughly 80% of its manufacturing (75% based mostly on P-50) are bought beneath this settlement for a set value. The remaining electrical energy produced by Talasol is bought on to the grid, at spot costs.
Throughout 2023, the Ellomay Photo voltaic challenge (28 MW) produced revenues from the sale of electrical energy and inexperienced certificates of roughly €4 million.
Exercise in Italy:
The Firm has roughly 505 photo voltaic MW initiatives beneath superior improvement phases, of which licenses have been obtained for roughly 203 MW. Tasks with an combination capability of roughly 20 MW have completed development, of which 5 MW was linked through the first quarter of 2024 and an extra 15 MW shall be linked inside just a few weeks. The development works of ELLO 10 (18 MW) commenced and the completion of the development is predicted within the third quarter of 2024.
Exercise in Israel:
The Manara Pumped Storage Challenge (Firm’s share is 83.34%): The Manara Cliff pumped storage challenge, with a capability of 156 MW, is in superior development phases. The Iron Swords Conflict, which commenced on October 7, 2023, stopped the development work on the challenge. The challenge has safety from the state for damages and losses because of the struggle inside the framework of the tariff regulation (covenants that help financing). The challenge was anticipated to achieve industrial operation through the first half of 2027 and the continuation of the Iron Swords struggle will case a delay within the date of operations. The Israeli Electrical energy Authority at present authorized a postponement of eight months of the dates for the challenge. The Firm and its companion within the challenge, Ampa, invested the fairness required for the challenge (apart from linkage variations), and the rest of the funding is from a consortium of lenders led by Mizrahi Financial institution, at a scope of roughly NIS 1.18 billion.
Improvement of Photo voltaic licenses mixed with storage:
1. The Komemiyut Challenge: meant for 21 photo voltaic MW and 50 MW / hour batteries. The sale of electrical energy shall be performed by a personal provider. Graduation of development is deliberate for the third quarter of 2024.
2. The Qelahim Challenge: meant for 21 photo voltaic MW and 50 MW / hour batteries. The sale of electrical energy shall be performed by a personal provider. Graduation of development is deliberate for the fourth quarter of 2024.
With respect to initiatives 1 and a pair of, the Firm waived the rights it gained within the tender course of no. 1 for battery storage and elected to transition to the regulation that allows direct sale to finish prospects.
3. The Talmei Yosef Challenge: meant for 10 photo voltaic MW and 22 MW / hour batteries. The request for zoning approval was authorized within the fourth quarter of 2023.
4. The Talmei Yosef Storage Challenge in Batteries: there’s a zoning approval for roughly 400 MW / hour. The challenge is designed for the regulation of excessive voltage storage.
5. The Firm additionally has roughly 46 photo voltaic MW beneath preliminary planning phases.
Dorad Energy Station (Firm’s share is roughly 9.4%): the gasoline circulation from the Karish reservoir that started in November 2022 diminished the gasoline prices of Dorad. Dorad benefited from the rise within the TAOZ and the manufacturing part in comparison with the identical interval final yr. As well as, the Israeli Electrical energy Authority’s decision in reference to the modifications of the hourly tariffs, which entered into power in January 2023, means an extension of the “summer time” interval (a month was added to the “summer time” season by which the tariffs are increased), the elimination of the “GEVA” (common consumption) hours and the change within the “PISGA” (peak) hours within the intermediate seasons to the afternoon and night. Because of this, Dorad gives availability to the system supervisor for the “SHEFEL” (low) interval, which is longer and the demand of the system supervisor is increased. On account of the continual operations of the ability plant, the upkeep bills decreased and the hours of operation elevated, growing manufacturing and the revenues and revenue. Furthermore, the Israeli authorities determined to extend the ability station by an extra 650 MW and the Nationwide Infrastructure Committee authorized the TTL/11/B plan – growth of the Dorad energy station.
In June 2023, an arbitration award was on condition that, amongst different points, obligated Zorlu and Edeltech to refund roughly $130 million to Dorad and to pay the spinoff plaintiffs NIS 20 million as reimbursement of authorized bills. Appeals on the arbitration award have been submitted by each events and the attraction course of was agreed upfront and is predicted to finish within the second quarter of 2024.
Exercise in the Netherlands:
In reference to the army battle in Ukraine and the stoppage of Russian gasoline provide to Europe, there are substantial modifications within the subject of biogas in the Netherlands and Europe. Europe on the whole and the Netherlands particularly have set formidable targets for growing gasoline manufacturing from waste. Varied incentives are being thought of, the principle one is growing the value of the inexperienced certificates. The worth of those certificates has elevated from roughly 13–15 euro cents per cubic meter to round 45 euro cents per cubic meter. The costs of inexperienced certificates proceed to rise and the expectation is that the value will attain roughly 60 euro cents per cubic meter in 2024.
The Firm estimates that with the growing significance of the biogas subject, this subject entered into a brand new period. In the Netherlands, new laws was adopted that obliges the gasoline suppliers to include inexperienced gasoline in a scope of as much as 20% of the quantity provided by them, legitimate commencing January 1, 2025. This laws and the rising demand for inexperienced certificates derived from the biogas trade, is predicted so as to add and considerably enhance the outcomes of the biogas section of the Firm.
Exercise in Texas, USA:
Throughout the first quarter of 2024, the development of the preliminary two initiatives, with an combination put in capability of roughly 27.5 MW DC commenced, anticipated completion date is in September 2024. Two further initiatives with an combination put in capability of roughly 22 MW DC are anticipated to begin development in Could 2024. The estimated capital value for the primary two initiatives is roughly $30–$32 million, of which the Firm’s share is predicted to be roughly $19–$21 million. The estimated capital value for the 2 further initiatives is roughly $24–$26 million, of which the Firm’s share is predicted to be $15–$17 million. The remaining capital prices are anticipated to be coated by tax fairness companions. The Firm is growing further initiatives scheduled for development in 2025.
Use of Non-IFRS Monetary Measures
EBITDA is a non-IFRS measure and is outlined as earnings earlier than monetary bills, web, taxes, depreciation and amortization. The Firm presents this measure so as to improve the understanding of the Firm’s working efficiency and to allow comparability between intervals. Whereas the Firm considers EBITDA to be an vital measure of comparative working efficiency, EBITDA shouldn’t be thought of in isolation or as an alternative to web revenue or different assertion of operations or money circulation knowledge ready in accordance with IFRS as a measure of profitability or liquidity. EBITDA doesn’t keep in mind the Firm’s commitments, together with capital expenditures and restricted money and, accordingly, isn’t essentially indicative of quantities that could be obtainable for discretionary makes use of. Not all firms calculate EBITDA in the identical method, and the measure as offered will not be similar to similarly-titled measure offered by different firms. The Firm’s EBITDA will not be indicative of the Firm’s historic working outcomes; neither is it meant to be predictive of potential future outcomes. The Firm makes use of this measure internally as efficiency measure and believes that when this measure is mixed with IFRS measure it add helpful data in regards to the Firm’s working efficiency. A reconciliation between outcomes on an IFRS and non-IFRS foundation is offered on web page 19 of this press launch.
About Ellomay Capital Ltd.
Ellomay is an Israeli based mostly firm whose shares are registered with the NYSE American and with the Tel Aviv Inventory Alternate beneath the buying and selling image “ELLO”. Since 2009, Ellomay Capital focuses its enterprise within the renewable power and energy sectors in Europe, the USA and Israel.
To this point, Ellomay has evaluated quite a few alternatives and invested vital funds within the renewable, clear power and pure assets industries in Israel, Italy, Spain, the Netherlands and Texas, USA, together with:
• Roughly 35.9 MW of photovoltaic energy vegetation in Spain and a photovoltaic energy plant of roughly 9 MW in Israel;
• 9.375% oblique curiosity in Dorad Vitality Ltd., which owns and operates one in all Israel’s largest non-public energy vegetation with manufacturing capability of roughly 850MW;
• 51% of Talasol, which owns a photovoltaic plant with a peak capability of 300MW within the municipality of Talaván, Cáceres, Spain;
• Groen Fuel Goor B.V., Groen Fuel Oude-Tonge B.V. and Groen Fuel Gelderland B.V., challenge firms working anaerobic digestion vegetation in the Netherlands, with a inexperienced gasoline manufacturing capability of roughly 3 million, 3.8 million and 9.5 million Nm3 per yr, respectively;
• 83.333% of Ellomay Pumped Storage (2014) Ltd., which is concerned in a challenge to assemble a 156 MW pumped storage hydro energy plant within the Manara Cliff, Israel;
• Ellomay Photo voltaic Italy One SRL and Ellomay Photo voltaic Italy Two SRL which might be developing photovoltaic vegetation with put in capability of 14.8 MW and 4.95 MW, respectively, within the Lazio Area, Italy;
• Ellomay Photo voltaic Italy 4 SRL, Ellomay Photo voltaic Italy 5 SRL, Ellomay Photo voltaic Italy Seven SRL, Ellomay Photo voltaic Italy 9 SRL and Ellomay Photo voltaic Italy Ten SRL which might be growing photovoltaic initiatives with put in capability of 15.06 MW, 87.2 MW, 54.77 MW, 8 MW and 18 MW, respectively, in Italy which have reached “able to construct” standing; and
• Fairfield Photo voltaic Challenge, LLC, Malakoff Photo voltaic I, LLC, Malakoff Photo voltaic II, LLC, Mexia Photo voltaic I, LLC, Mexia Photo voltaic II, LLC, and Talco Photo voltaic, LLC, which might be growing photovoltaic initiatives with put in capability of 13.44 MW, 6.96 MW, 6.96 MW, 5.2 MW, 5.2 MW and 9.7 MW respectively, within the Dallas Metropolitan space, Texas, and have reached “able to construct” standing.
For extra details about Ellomay, go to http://www.ellomay.com.
Data Regarding Ahead-Trying Statements
This press launch incorporates forward-looking statements that contain substantial dangers and uncertainties, together with statements which might be based mostly on the present expectations and assumptions of the Firm’s administration. All statements, apart from statements of historic information, included on this press launch relating to the Firm’s plans and targets, expectations and assumptions of administration are forward-looking statements. The usage of sure phrases, together with the phrases “will,” “estimate,” “challenge,” “intend,” “anticipate,” “imagine” and related expressions are meant to determine forward-looking statements inside the which means of the Non-public Securities Litigation Reform Act of 1995. The Firm might not truly obtain the plans, intentions or expectations disclosed within the forward-looking statements and you shouldn’t place undue reliance on the Firm’s forward-looking statements. Varied vital components might trigger precise outcomes or occasions to vary materially from these that could be expressed or implied by the Firm’s forward-looking statements, together with modifications in electrical energy costs and demand, regulatory modifications, the influence of the struggle and hostilities in Israel and Gaza, will increase in rates of interest and inflation, modifications within the provide and costs of assets required for the operation of the Firm’s services (similar to waste and pure gasoline) and within the value of oil, the influence of the continued army battle between Russia and Ukraine, technical and different disruptions within the operations or development of the ability vegetation owned by the Firm and common market, political and financial circumstances within the nations by which the Firm operates, together with Israel, Spain, Italy and america. These and different dangers and uncertainties related to the Firm’s enterprise are described in better element within the filings the Firm makes infrequently with Securities and Alternate Fee, together with its Annual Report on Kind 20-F. The forward-looking statements are made as of this date and the Firm doesn’t undertake any obligation to replace any forward-looking statements, whether or not on account of new data, future occasions or in any other case.
Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Electronic mail: [email protected]
Ellomay Capital Ltd. and Its Subsidiaries |
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Condensed Consolidated Statements of Monetary Place |
|||
December 31, |
|||
2023 |
2022 |
2023 |
|
Unaudited |
Audited |
Unaudited |
|
€ in hundreds |
Comfort Translation |
||
Property |
|||
Present belongings: |
|||
Money and money equivalents |
51,127 |
46,458 |
56,548 |
Marketable securities |
– |
2,836 |
– |
Brief time period deposits |
997 |
– |
1,103 |
Restricted money |
810 |
900 |
896 |
Receivable from concession challenge |
– |
1,799 |
– |
Intangible asset from inexperienced certificates |
553 |
585 |
612 |
Commerce and different receivables |
11,992 |
12,097 |
13,264 |
Property of disposal teams categorised as held on the market |
28,297 |
– |
31,298 |
93,776 |
64,675 |
103,721 |
|
Non-current belongings |
|||
Funding in fairness accounted investee |
31,772 |
30,029 |
35,141 |
Advances on account of investments |
898 |
2,328 |
993 |
Receivable from concession challenge |
– |
24,795 |
– |
Fastened belongings |
407,982 |
365,756 |
451,244 |
Proper-of-use asset |
30,967 |
30,020 |
34,251 |
Intangible asset |
– |
4,094 |
– |
Restricted money and deposits |
17,386 |
20,192 |
19,230 |
Deferred tax |
8,677 |
23,510 |
9,597 |
Long run receivables |
10,446 |
9,270 |
11,554 |
Derivatives |
10,948 |
1,488 |
12,109 |
519,076 |
511,482 |
574,119 |
|
Whole belongings |
612,852 |
576,157 |
677,840 |
Liabilities and Fairness |
|||
Present liabilities |
|||
Present maturities of long-term financial institution loans |
9,784 |
12,815 |
10,821 |
Present maturities of long-term loans |
5,000 |
10,000 |
5,530 |
Present maturities of debentures |
35,200 |
18,714 |
38,933 |
Commerce payables |
5,249 |
4,504 |
5,808 |
Different payables |
10,859 |
11,207 |
12,010 |
Present maturities of derivatives |
4,643 |
33,183 |
5,135 |
Present maturities of lease liabilities |
700 |
745 |
774 |
Liabilities of disposal teams categorised as held on the market |
17,142 |
– |
18,960 |
88,577 |
91,168 |
97,971 |
|
Non-current liabilities |
|||
Lengthy-term lease liabilities |
23,680 |
22,005 |
26,191 |
Lengthy-term loans |
237,781 |
229,466 |
262,995 |
Different long-term financial institution loans |
29,373 |
21,582 |
32,488 |
Debentures |
104,887 |
91,714 |
116,009 |
Deferred tax |
2,516 |
6,770 |
2,783 |
Different long-term liabilities |
939 |
2,021 |
1,039 |
Derivatives |
– |
28,354 |
– |
399,176 |
401,912 |
441,505 |
|
Whole liabilities |
487,753 |
493,080 |
539,476 |
Fairness |
|||
Share capital |
25,613 |
25,613 |
28,329 |
Share premium |
86,159 |
86,038 |
95,295 |
Treasury shares |
(1,736) |
(1,736) |
(1,920) |
Transaction reserve with non-controlling Pursuits |
5,697 |
5,697 |
6,301 |
Reserves |
4,299 |
(12,632) |
4,755 |
Amassed deficit |
(5,037) |
(7,256) |
(5,571) |
Whole fairness attributed to shareholders of the Firm |
114,995 |
95,724 |
127,189 |
Non-Controlling Curiosity |
10,104 |
(12,647) |
11,175 |
Whole fairness |
125,099 |
83,077 |
138,364 |
Whole liabilities and fairness |
612,852 |
576,157 |
677,840 |
* Comfort translation into US$ (alternate price as at December 31, 2023: euro 1 = US$ 1.106) |
Ellomay Capital Ltd. and its Subsidiaries |
||||||
Condensed Consolidated Interim Statements of Revenue or Loss and Different Complete Revenue (Loss) |
||||||
For the three months |
For the yr ended December 31, |
For the three months |
For the yr |
|||
2023 |
2022 |
2023 |
2022 |
2023 |
2023 |
|
Unaudited |
Unaudited |
Audited |
Unaudited |
|||
€ in hundreds (besides per share knowledge) |
Comfort Translation into US$* |
|||||
Revenues |
8,424 |
**8,398 |
48,834 |
**52,241 |
9,317 |
54,012 |
Working bills |
(5,460) |
**(5,568) |
(22,861) |
**(23,671) |
(6,039) |
(25,285) |
Depreciation and amortization bills |
(4,265) |
**(4,115) |
(16,012) |
**(15,580) |
(4,717) |
(17,710) |
Gross revenue (loss) |
(1,301) |
(1,285) |
9,961 |
12,990 |
(1,439) |
11,017 |
Challenge improvement prices |
(2,025) |
(1,104) |
(4,465) |
(3,784) |
(2,240) |
(4,938) |
Normal and administrative bills |
(1,202) |
**(916) |
(5,283) |
**(5,855) |
(1,329) |
(5,843) |
Share of income of fairness accounted investee |
(279) |
650 |
4,320 |
1,206 |
(309) |
4,778 |
Working revenue (loss) |
(4,807) |
(2,655) |
4,533 |
4,557 |
(5,317) |
5,014 |
Financing revenue |
345 |
**8,295 |
8,747 |
**6,443 |
382 |
9,675 |
Financing revenue (bills) in reference to derivatives and warrants, web |
336 |
(410) |
251 |
605 |
372 |
278 |
Financing bills in reference to initiatives finance |
(1,465) |
**(1,579) |
(6,077) |
**(6,008) |
(1,620) |
(6,721) |
Financing bills in reference to debentures |
(1,008) |
(799) |
(3,876) |
(2,130) |
(1,115) |
(4,287) |
Curiosity bills on minority shareholder mortgage |
(541) |
(306) |
(2,014) |
(1,529) |
(598) |
(2,228) |
Different financing bills |
(1,499) |
**(203) |
(588) |
**(857) |
(1,658) |
(650) |
Financing revenue (bills), web |
(3,832) |
4,998 |
(3,557) |
(3,476) |
(4,237) |
(3,933) |
Revenue (loss) earlier than taxes on revenue |
(8,639) |
2,343 |
976 |
1,081 |
(9,554) |
1,081 |
Tax profit (taxes on revenue) |
799 |
**(95) |
1,436 |
**(1,652) |
884 |
1,588 |
Revenue (loss) from persevering with operations |
(7,840) |
2,248 |
2,412 |
(571) |
(8,670) |
2,669 |
Revenue (loss) from discontinued operations (web of tax) |
(1,975) |
**228 |
(1,787) |
**711 |
(2,184) |
(1,976) |
Revenue (loss) for the interval |
(9,815) |
2,476 |
625 |
140 |
(10,854) |
693 |
Revenue (loss) attributable to: |
||||||
Homeowners of the Firm |
(8,490) |
3,429 |
2,219 |
(357) |
(9,390) |
2,456 |
Non-controlling pursuits |
(1,325) |
(953) |
(1,594) |
497 |
(1,464) |
(1,763) |
Revenue (loss) for the interval |
(9,815) |
2,476 |
625 |
140 |
(10,854) |
693 |
* Comfort translation into US$ (alternate price as at December 31, 2023: euro 1 = US$ 1.106) |
||||||
** The outcomes of the Talmei Yosef PV Plant have been reclassified as discontinued operations and the outcomes for these intervals have been adjusted accordingly. |
Ellomay Capital Ltd. and its Subsidiaries |
||||||
Condensed Consolidated Interim Statements of Revenue or Loss and Different Complete Revenue (Loss) (con’t) |
||||||
For the three months |
For the yr ended December 31, |
For the three months |
For the yr ended |
|||
2023 |
2022 |
2023 |
2022 |
2023 |
2023 |
|
Unaudited |
Unaudited |
Audited |
Unaudited |
|||
€ in hundreds (besides per share knowledge) |
Comfort Translation |
|||||
Different complete revenue (loss) objects |
||||||
That after preliminary recognition in complete revenue |
||||||
International foreign money translation variations for overseas operations |
1,234 |
(9,035) |
(7,949) |
(7,829) |
1,365 |
(8,792) |
Efficient portion of change in truthful worth of money circulation hedges |
9,409 |
38,656 |
59,558 |
8,976 |
10,407 |
65,873 |
Internet change in truthful worth of money circulation hedges transferred to revenue or loss |
(944) |
(3,118) |
(10,333) |
(36,438) |
(1,044) |
(11,429) |
Whole different complete revenue (loss) |
9,699 |
26,503 |
41,276 |
(35,291) |
10,728 |
45,652 |
Whole different complete revenue (loss) attributable to: |
||||||
Homeowners of the Firm |
5,172 |
9,582 |
16,931 |
(19,920) |
5,721 |
18,726 |
Non-controlling pursuits |
4,527 |
16,921 |
24,345 |
(15,371) |
5,007 |
26,926 |
Whole different complete revenue (loss) |
9,699 |
26,503 |
41,276 |
(35,291) |
10,728 |
45,652 |
Whole complete revenue (loss) for the interval |
(116) |
28,979 |
41,901 |
(35,151) |
(126) |
46,345 |
Whole complete revenue (loss) for the interval attributable to: |
||||||
Homeowners of the Firm |
(3,318) |
13,011 |
19,150 |
(20,277) |
(3,669) |
21,182 |
Non-controlling pursuits |
3,202 |
15,968 |
22,751 |
(14,874) |
3,543 |
25,163 |
Whole complete revenue (loss) for the interval |
(116) |
28,979 |
41,901 |
(35,151) |
(126) |
46,345 |
Fundamental revenue (loss) per share |
(0.66) |
0.27 |
0.17 |
(0.03) |
(0.73) |
0.19 |
Diluted revenue (loss) per share |
(0.66) |
0.27 |
0.17 |
(0.03) |
(0.73) |
0.19 |
Fundamental revenue (loss) per share persevering with operations |
(0.51) |
0.25 |
0.31 |
(0.08) |
(0.56) |
0.34 |
Diluted revenue (loss) per share persevering with operations |
(0.51) |
0.25 |
0.31 |
(0.08) |
(0.56) |
0.34 |
Fundamental revenue (loss) per share discontinued operations |
(0.15) |
0.02 |
(0.14) |
0.06 |
(0.17) |
(0.15) |
Diluted revenue (loss) per share discontinued operations |
(0.15) |
0.02 |
(0.14) |
0.06 |
(0.17) |
(0.15) |
* Comfort translation into US$ (alternate price as at December 31, 2023: euro 1 = US$ 1.106) |
||||||
** The outcomes of the Talmei Yosef PV Plant have been reclassified as discontinued operations and the outcomes for these intervals have been adjusted accordingly. |
Ellomay Capital Ltd. and its Subsidiaries |
||||||||||
Condensed Consolidated Interim Statements of Modifications in Fairness |
||||||||||
Attributable to shareholders of the Firm |
Non- controlling |
Whole |
||||||||
Pursuits |
Fairness |
|||||||||
Share capital |
Share premium |
Amassed Deficit |
Treasury shares |
Translation reserve from overseas operations |
Hedging Reserve |
Pursuits Transaction reserve with non-controlling Pursuits |
Whole |
|||
€ in hundreds |
||||||||||
For the yr ended |
||||||||||
December 31, 2023 (unaudited): |
||||||||||
Steadiness 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 |
Revenue (loss) for the yr |
– |
– |
2,219 |
– |
– |
– |
– |
2,219 |
(1,594) |
625 |
Different complete loss for the yr |
– |
– |
– |
– |
(7,585) |
– |
– |
(7,585) |
(364) |
(7,949) |
Whole complete loss for the yr |
– |
– |
2,219 |
– |
(7,585) |
– |
– |
(5,366) |
(1,958) |
(7,324) |
Internet change in truthful worth of money circulation hedges |
– |
– |
– |
– |
– |
24,516 |
– |
24,516 |
24,709 |
49,225 |
Transactions with homeowners of the Firm, |
||||||||||
Share-based funds |
– |
121 |
– |
– |
– |
– |
– |
121 |
– |
121 |
Steadiness as at December 31, 2023 |
25,613 |
86,159 |
(5,037) |
(1,736) |
385 |
3,914 |
5,697 |
114,995 |
10,104 |
125,099 |
For the three months |
||||||||||
ended December 31, 2023 (unaudited): |
||||||||||
Steadiness as at September 30, 2023 |
25,613 |
86,131 |
3,453 |
(1,736) |
(801) |
(72) |
5,697 |
118,285 |
6,902 |
125,187 |
Revenue (loss) for the interval |
– |
– |
(8,490) |
– |
– |
– |
– |
(8,490) |
(1,325) |
(9,815) |
Different complete revenue (loss) for the interval |
– |
– |
– |
– |
1,186 |
– |
– |
1,186 |
48 |
1,234 |
Whole complete revenue (loss) for the interval |
– |
– |
(8,490) |
– |
1,186 |
– |
– |
(7,304) |
(1,277) |
(8,581) |
Internet change in truthful worth of money circulation hedges |
– |
– |
– |
– |
– |
3,986 |
– |
3,986 |
4,479 |
8,465 |
Transactions with homeowners of the Firm, |
||||||||||
Share-based funds |
– |
28 |
– |
– |
– |
– |
– |
28 |
– |
28 |
Steadiness 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 |
||||||||||
Condensed Consolidated Interim Statements of Modifications in Fairness (cont’d) |
||||||||||
Attributable to shareholders of the Firm |
Non- controlling |
Whole |
||||||||
Pursuits |
Fairness |
|||||||||
Share capital |
Share premium |
Amassed |
Treasury shares |
Translation reserve from overseas operations |
Hedging Reserve |
Pursuits Transaction reserve with non-controlling Pursuits |
Whole |
|||
€ in hundreds |
||||||||||
For the yr ended |
||||||||||
December 31, 2022 (unaudited): |
||||||||||
Steadiness as at January 1, 2022 |
25,605 |
85,883 |
(6,899) |
(1,736) |
15,365 |
(8,077) |
5,697 |
115,838 |
(1,731) |
114,107 |
Revenue (loss) for the yr |
– |
– |
(357) |
– |
– |
– |
– |
(357) |
497 |
140 |
Different complete loss for the yr |
– |
– |
– |
– |
(7,395) |
– |
– |
(7,395) |
(434) |
(7,829) |
Whole complete loss for the yr |
– |
– |
(357) |
– |
(7,395) |
– |
– |
(7,752) |
63 |
(7,689) |
Internet change in truthful worth of money circulation hedges |
– |
– |
– |
– |
– |
(12,525) |
– |
(12,525) |
(14,937) |
(27,462) |
Transactions with homeowners of the Firm, |
||||||||||
Issuance of Capital be aware to non-controlling curiosity |
– |
– |
– |
– |
– |
– |
– |
– |
3,958 |
3,958 |
Choices train |
8 |
28 |
– |
– |
– |
– |
– |
36 |
– |
36 |
Share-based funds |
– |
127 |
– |
– |
– |
– |
– |
127 |
– |
127 |
Steadiness as at December 31, 2022 |
25,613 |
86,038 |
(7,256) |
(1,736) |
7,970 |
(20,602) |
5,697 |
95,724 |
(12,647) |
83,077 |
For the three months |
||||||||||
ended December 31, 2022 (unaudited): |
||||||||||
Steadiness as at September 30, 2022 |
25,605 |
85,973 |
(10,685) |
(1,736) |
16,517 |
(38,731) |
5,697 |
82,640 |
(28,615) |
54,025 |
Revenue (loss) for the interval |
– |
– |
3,429 |
– |
– |
– |
– |
3,429 |
(953) |
2,476 |
Different complete revenue (loss) for the interval |
– |
– |
– |
– |
(8,547) |
– |
– |
(8,547) |
(488) |
(9,035) |
Whole complete revenue (loss) for the interval |
– |
– |
3,429 |
– |
(8,547) |
– |
(5,118) |
(1,441) |
(6,559) |
|
Internet change in truthful worth of money circulation hedges |
– |
– |
– |
– |
– |
18,129 |
– |
18,129 |
17,409 |
35,538 |
Transactions with homeowners of the Firm, |
||||||||||
Choices train |
8 |
28 |
– |
– |
– |
– |
– |
36 |
– |
36 |
Share-based funds |
– |
37 |
– |
– |
– |
– |
– |
37 |
– |
37 |
Steadiness as at December 31, 2022 |
25,613 |
86,038 |
(7,256) |
(1,736) |
7,970 |
(20,602) |
5,697 |
95,724 |
(12,647) |
83,077 |
Ellomay Capital Ltd. and its Subsidiaries |
||||||||||
Condensed Consolidated Interim Statements of Modifications in Fairness (cont’d) |
||||||||||
Attributable to shareholders of the Firm |
Non- controlling |
Whole |
||||||||
Pursuits |
Fairness |
|||||||||
Share capital |
Share premium |
Amassed Deficit |
Treasury shares |
Translation reserve from overseas operations |
Hedging Reserve |
Pursuits Transaction reserve with non-controlling Pursuits |
Whole |
|||
Comfort translation into US$ (alternate price as at December 31, 2023: euro 1 = US$ 1.106) |
||||||||||
For the yr ended |
||||||||||
December 31, 2023 (unaudited): |
||||||||||
Steadiness as at January 1, 2023 |
28,329 |
95,161 |
(8,027) |
(1,920) |
8,816 |
(22,787) |
6,301 |
105,873 |
(13,988) |
91,885 |
Revenue (loss) for the yr |
– |
– |
2,456 |
– |
– |
– |
– |
2,456 |
(1,763) |
693 |
Different complete loss for the yr |
– |
– |
– |
– |
(8,389) |
– |
– |
(8,389) |
(403) |
(8,792) |
Whole complete loss for the yr |
– |
– |
2,456 |
– |
(8,389) |
– |
– |
(5,933) |
(2,166) |
(8,099) |
Internet change in truthful worth of money circulation hedges |
– |
– |
– |
– |
– |
27,115 |
– |
27,115 |
27,329 |
54,444 |
Transactions with homeowners of the Firm, |
||||||||||
Share-based funds |
– |
134 |
– |
– |
– |
– |
– |
134 |
– |
134 |
Steadiness as at December 31, 2023 |
28,329 |
95,295 |
(5,571) |
(1,920) |
427 |
4,328 |
6,301 |
127,189 |
11,175 |
138,364 |
For the three months |
||||||||||
ended December 31, 2023 (unaudited): |
||||||||||
Steadiness as at September 30, 2023 |
28,329 |
95,264 |
3,819 |
(1,920) |
(885) |
(81) |
6,301 |
130,827 |
7,632 |
138,459 |
Revenue (loss) for the interval |
– |
– |
(9,390) |
– |
– |
– |
– |
(9,390) |
(1,464) |
(10,854) |
Different complete revenue (loss) for the interval |
– |
– |
– |
– |
1,312 |
– |
– |
1,312 |
53 |
1,365 |
Whole complete revenue (loss) for the interval |
– |
– |
(9,390) |
– |
1,312 |
– |
– |
(8,078) |
(1,411) |
(9,489) |
Internet change in truthful worth of money circulation hedges |
– |
– |
– |
– |
– |
4,409 |
– |
4,409 |
4,954 |
9,363 |
Transactions with homeowners of the Firm, |
||||||||||
Share-based funds |
– |
31 |
– |
– |
– |
– |
– |
31 |
– |
31 |
Steadiness as at December 31, 2023 |
28,329 |
95,295 |
(5,571) |
(1,920) |
427 |
4,328 |
6,301 |
127,189 |
11,175 |
138,364 |
Ellomay Capital Ltd. and its Subsidiaries |
||||||
Condensed Consolidated Interim Statements of Money Move |
||||||
For the three months ended December 31, |
For the yr ended |
For the three months ended December 31, |
For the yr ended December 31, |
|||
2023 |
2022 |
2023 |
2022 |
2023 |
2023 |
|
Unaudited |
Unaudited |
Audited |
Unaudited |
|||
€ in hundreds |
Comfort Translation into US$* |
|||||
Money flows from working actions |
||||||
Revenue (loss) for the interval |
(9,815) |
2,476 |
625 |
140 |
(10,854) |
693 |
Changes for: |
||||||
Financing bills (revenue), web |
3,632 |
(5,275) |
3,034 |
2,466 |
4,016 |
3,355 |
Impairment losses on belongings of disposal |
2,565 |
– |
2,565 |
– |
2,837 |
2,837 |
Depreciation and amortization |
4,378 |
4,241 |
16,473 |
16,092 |
4,842 |
18,220 |
Share-based cost transactions |
28 |
37 |
121 |
127 |
31 |
134 |
Share of revenue (loss) of fairness accounted investees |
279 |
(650) |
(4,320) |
(1,206) |
309 |
(4,778) |
Fee of curiosity on mortgage from an fairness accounted investee |
33 |
– |
1,501 |
– |
36 |
1,660 |
Change in commerce receivables and different receivables |
133 |
441 |
1,148 |
724 |
147 |
1,270 |
Change in different belongings |
69 |
(99) |
(681) |
(209) |
76 |
(753) |
Change in receivables from concessions challenge |
259 |
(48) |
1,778 |
(521) |
286 |
1,967 |
Change in commerce payables |
(332) |
2,451 |
(45) |
1,697 |
(367) |
(50) |
Change in different payables |
(2,820) |
(591) |
(2,563) |
3,807 |
(3,119) |
(2,835) |
Revenue tax expense (tax profit) |
(1,391) |
153 |
(1,852) |
2,103 |
(1,538) |
(2,048) |
Revenue taxes paid |
(473) |
(1,938) |
(912) |
(6,337) |
(523) |
(1,009) |
Curiosity obtained |
524 |
493 |
2,936 |
1,896 |
580 |
3,247 |
Curiosity paid |
(4,132) |
(4,275) |
(10,082) |
(9,459) |
(4,570) |
(11,151) |
2,752 |
(5,060) |
9,101 |
11,180 |
3,043 |
10,066 |
|
Internet money from (utilized in) working actions |
(7,063) |
(2,584) |
9,726 |
11,320 |
(7,811) |
10,759 |
Money flows from investing actions |
||||||
Acquisition of fastened belongings |
(9,648) |
(9,543) |
(61,131) |
(48,610) |
(10,671) |
(67,613) |
Compensation of mortgage to an fairness accounted investee |
1,221 |
– |
1,324 |
149 |
1,350 |
1,464 |
Mortgage to an fairness accounted investee |
(60) |
(68) |
(128) |
(128) |
(66) |
(142) |
Advances on account of investments |
– |
(774) |
(421) |
(774) |
– |
(466) |
Proceeds from advances on account of investments |
297 |
– |
2,218 |
– |
328 |
2,453 |
Proceeds (funding) in marketable securities |
– |
(1,062) |
2,837 |
(1,062) |
– |
3,138 |
Funding in settlement of derivatives, web |
– |
– |
– |
(528) |
– |
– |
Proceed from (funding in) restricted money, web |
(53) |
4,007 |
840 |
(4,873) |
(59) |
929 |
Proceeds from (funding in) quick time period deposit |
– |
– |
(1,092) |
27,645 |
– |
(1,208) |
Internet money utilized in investing actions |
(8,243) |
(7,440) |
(55,553) |
(28,181) |
(9,118) |
(61,445) |
Money flows from financing actions |
||||||
Proceeds from choices |
– |
36 |
– |
36 |
– |
– |
Price related to long run loans |
(690) |
– |
(1,877) |
(9,988) |
(763) |
(2,076) |
Fee of principal of lease liabilities |
(190) |
(155) |
(1,156) |
(5,703) |
(210) |
(1,279) |
Proceeds from long-term loans |
10,787 |
19,011 |
32,157 |
215,170 |
11,931 |
35,567 |
Compensation of long-term loans |
(5,746) |
(5,308) |
(12,736) |
(153,751) |
(6,355) |
(14,087) |
Compensation of debentures |
– |
– |
(17,763) |
(19,764) |
– |
(19,647) |
Compensation of SWAP instrument related to long run loans |
– |
– |
– |
(3,290) |
– |
– |
Proceed from settlement of derivatives, web |
– |
– |
– |
3,800 |
– |
– |
Proceeds from issuance of debentures, web |
– |
– |
55,808 |
– |
– |
61,726 |
Internet money from financing actions |
4,161 |
13,584 |
54,433 |
26,510 |
4,603 |
60,204 |
Impact of alternate price fluctuations on money and money equivalents |
601 |
(5,589) |
(3,509) |
(4,420) |
663 |
(3,881) |
Enhance (lower) in money and money equivalents |
(10,544) |
(2,029) |
5,097 |
5,229 |
(11,663) |
5,637 |
Money and money equivalents at the start of yr |
62,099 |
48,487 |
46,458 |
41,229 |
68,684 |
51,384 |
Money from disposal teams categorised as held-for-sale |
(428) |
– |
(428) |
– |
(473) |
(473) |
Money and money equivalents on the finish of the interval |
51,127 |
46,458 |
51,127 |
46,458 |
56,548 |
56,548 |
* Comfort translation into US$ (alternate price as at December 31, 2023: euro 1 = US$ 1.106) |
Ellomay Capital Ltd. and its Subsidiaries |
||||||||||||
Working Segments |
||||||||||||
PV |
Whole |
|||||||||||
Ellomay |
Bio |
reportable |
Whole |
|||||||||
Italy |
Spain |
Photo voltaic |
Talasol |
USA |
Israel |
Fuel |
Dorad |
Manara |
segments |
Reconciliations |
consolidated |
|
For the yr ended December 31, 2023 |
||||||||||||
€ in hundreds |
||||||||||||
Revenues |
– |
2,791 |
4,051 |
24,971 |
– |
– |
17,021 |
63,973 |
– |
112,807 |
(63,973) |
48,834 |
Working bills |
– |
(517) |
(1,825) |
(5,786) |
– |
– |
(14,733) |
(47,322) |
– |
(70,183) |
47,322 |
(22,861) |
Depreciation bills |
(1) |
(912) |
(946) |
(11,459) |
– |
– |
(2,670) |
(5,689) |
– |
(21,677) |
5,665 |
(16,012) |
Gross revenue (loss) |
(1) |
1,362 |
1,280 |
7,726 |
– |
– |
(382) |
10,962 |
– |
20,947 |
(10,986) |
9,961 |
Challenge improvement prices |
(4,465) |
|||||||||||
Normal and administrative bills |
(5,283) |
|||||||||||
Share of lack of fairness accounted investee |
4,320 |
|||||||||||
Working revenue |
4,533 |
|||||||||||
Financing revenue |
8,747 |
|||||||||||
Financing bills in connection |
||||||||||||
with derivatives and warrants, web |
251 |
|||||||||||
Financing bills in reference to initiatives finance |
(6,077) |
|||||||||||
Financing bills in reference to debentures |
(3,876) |
|||||||||||
Curiosity bills on minority shareholder mortgage |
(2,014) |
|||||||||||
Different financing bills |
(588) |
|||||||||||
Financing bills, web |
(3,557) |
|||||||||||
Loss earlier than taxes on revenue |
976 |
|||||||||||
Section belongings as at December 31, 2023 |
40,054 |
12,807 |
18,666 |
231,142 |
6,267 |
28,297 |
31,164 |
97,339 |
169,783 |
635,519 |
(22,667) |
612,852 |
Ellomay Capital Ltd. and its Subsidiaries |
||||||
Reconciliation of Revenue (Loss) to EBITDA (Loss) |
||||||
For the three months ended December 31, |
For the yr ended |
For the three months |
For the yr ended December 31, |
|||
2023 |
2022 |
2023 |
2022 |
2023 |
2023 |
|
€ in hundreds |
Comfort Translation into US$* |
|||||
Internet revenue (loss) for the interval |
(9,815) |
2,476 |
625 |
140 |
(10,854) |
2,669 |
Financing bills, web |
3,832 |
**(4,998) |
3,557 |
**3,476 |
4,237 |
3,933 |
Taxes on revenue (tax profit) |
(799) |
**95 |
(1,436) |
**1,652 |
(884) |
(1,588) |
Depreciation and amortization bills |
4,265 |
**4,115 |
16,012 |
**15,580 |
4,717 |
17,710 |
EBITDA (loss) |
(2,517) |
1,688 |
18,758 |
20,848 |
(2,784) |
22,724 |
* Comfort translation into US$ (alternate price as at December 31, 2023: euro 1 = US$ 1.106) |
||||||
** The outcomes of the Talmei Yosef PV Plant have been reclassified as discontinued operations and the outcomes for these intervals have been adjusted accordingly. |
Ellomay Capital Ltd. and its Subsidiaries
Data for the Firm’s Debenture Holder
Monetary Covenants
Pursuant to the Deeds of Belief governing the Firm’s Sequence C, Sequence D, Sequence E and Sequence F Debentures (collectively, the “Debentures“), the Firm is required to keep up sure monetary covenants. For extra data, see Gadgets 4.A and 5.B of the Firm’s Annual Report on Kind 20-F submitted to the Securities and Alternate Fee on April 7, 2023, and under.
Internet Monetary Debt
As of December 31, 2023, the Firm’s Internet Monetary Debt, (as such time period is outlined within the Deeds of Belief of the Firm’s Debentures), was roughly €89.6 million (consisting of roughly €299.82 million of short-term and long-term debt from banks and different curiosity bearing monetary obligations, roughly €141.73 million in reference to the Sequence C Debentures issuances (in July 2019, October 2020, February 2021 and October 2021), the Sequence D Convertible Debentures issuance (in February 2021) and the Sequence E Secured Debentures issuance (in February 2023), web of roughly €52.1 million of money and money equivalents, short-term deposits and marketable securities and web of roughly €299.84 million of challenge finance and associated hedging transactions of the Firm’s subsidiaries). The Sequence F Debentures have been issued in January 2024, due to this fact the outcomes of their issuance are usually not included within the calculation of the monetary covenants as of December 31, 2023.
Data for the Firm’s Sequence C Debenture Holders.
The Deed of Belief governing the Firm’s Sequence C Debentures (as amended on June 6, 2022, the “Sequence C Deed of Belief“), contains an endeavor by the Firm to keep up sure monetary covenants, whereby a breach of such monetary covenants for 2 consecutive quarters is a trigger for fast compensation. As of December 31, 2023, the Firm was in compliance with the monetary covenants set forth within the Sequence C Deed of Belief as follows: (i) the Firm’s Adjusted Shareholders’ Fairness (as outlined within the Sequence C Deed of Belief) was roughly €120.8 million, (ii) the ratio of the Firm’s Internet Monetary Debt (as set forth above) to the Firm’s CAP, Internet (outlined because the Firm’s Adjusted Shareholders’ Fairness plus the Internet Monetary Debt) was 42.6%, and (iii) the ratio of the Firm’s Internet Monetary Debt to the Firm’s Adjusted EBITDA5, was 4.2.
The next is a reconciliation between the Firm’s revenue and the Adjusted EBITDA (as outlined within the Sequence C Deed of Belief) for the four-quarter interval ended December 31, 2023:
For the four-quarter interval ended December 31, 2023 |
|
Unaudited |
|
€ in hundreds |
|
Revenue for the interval |
625 |
Financing bills, web |
3,557 |
Tax profit |
(1,436) |
Depreciation and amortization bills |
16,012 |
Share-based funds |
121 |
Adjustment to revenues of the Talmei Yosef PV Plant |
2,463 |
Adjusted EBITDA as outlined the Sequence C Deed of Belief |
21,342 |
Data for the Firm’s Sequence D Debenture Holders
The Deed of Belief governing the Firm’s Sequence D Debentures contains an endeavor by the Firm to keep up sure monetary covenants, whereby a breach of such monetary covenants for the intervals set forth within the Sequence D Deed of Belief is a trigger for fast compensation. As of December 31, 2023, the Firm was in compliance with the monetary covenants set forth within the Sequence D Deed of Belief as follows: (i) the Firm’s Adjusted Shareholders’ Fairness (as outlined within the Sequence D Deed of Belief) was roughly €120.8 million, (ii) the ratio of the Firm’s Internet Monetary Debt (as set forth above) to the Firm’s CAP, Internet (outlined because the Firm’s Adjusted Shareholders’ Fairness plus the Internet Monetary Debt) was 42.6%, and (iii) the ratio of the Firm’s Internet Monetary Debt to the Firm’s Adjusted EBITDA6 was 4.2.
The next is a reconciliation between the Firm’s revenue and the Adjusted EBITDA (as outlined within the Sequence D Deed of Belief) for the four-quarter interval ended December 31, 2023:
For the four-quarter interval |
|
Unaudited |
|
€ in hundreds |
|
Revenue for the interval |
625 |
Financing bills, web |
3,557 |
Tax profit |
(1,436) |
Depreciation and amortization bills |
16,012 |
Share-based funds |
121 |
Adjustment to revenues of the Talmei Yosef PV Plant |
2,463 |
Adjusted EBITDA as outlined the Sequence D Deed of Belief |
21,342 |
Data for the Firm’s Sequence E Debenture Holders
The Deed of Belief governing the Firm’s Sequence E Debentures contains an endeavor by the Firm to keep up sure monetary covenants, whereby a breach of such monetary covenants for the intervals set forth within the Sequence E Deed of Belief is a trigger for fast compensation. As of December 31, 2023, the Firm was in compliance with the monetary covenants set forth within the Sequence E Deed of Belief as follows: (i) the Firm’s Adjusted Shareholders’ Fairness (as outlined within the Sequence E Deed of Belief) was roughly €120.8 million, (ii) the ratio of the Firm’s Internet Monetary Debt (as set forth above) to the Firm’s CAP, Internet (outlined because the Firm’s Adjusted Shareholders’ Fairness plus the Internet Monetary Debt) was 42.6%, and (iii) the ratio of the Firm’s Internet Monetary Debt to the Firm’s Adjusted EBITDA7 was 4.2.
The next is a reconciliation between the Firm’s revenue and the Adjusted EBITDA (as outlined within the Sequence E Deed of Belief) for the four-quarter interval ended December 31, 2023:
For the four-quarter interval |
|
Unaudited |
|
€ in hundreds |
|
Revenue for the interval |
625 |
Financing bills, web |
3,557 |
Tax profit |
(1,436) |
Depreciation and amortization bills |
16,012 |
Share-based funds |
121 |
Adjustment to revenues of the Talmei Yosef PV Plant |
2,463 |
Adjusted EBITDA as outlined the Sequence E Deed of Belief |
21,342 |
In reference to the endeavor included in Part 3.17.2 of Annex 6 of the Sequence E Deed of Belief, no circumstances occurred through the reporting interval beneath which the rights to loans offered to Ellomay Luzon Vitality Infrastructures Ltd. (previously U. Dori Vitality Infrastructures Ltd. (“Ellomay Luzon Vitality“)), which have been pledged to the holders of the Firm’s Sequence E Debentures, will change into subordinate to the quantities owed by Ellomay Luzon Vitality to Israel Low cost Financial institution Ltd.
As of December 31, 2023, the worth of the belongings pledged to the holders of the Sequence E Debentures within the Firm’s books (unaudited) is roughly €31.7 million (roughly NIS127.2 million based mostly on the alternate price as of such date)
Data for the Firm’s Sequence F Debenture Holders
The Deed of Belief governing the Firm’s Sequence F Debentures contains an endeavor by the Firm to keep up sure monetary covenants, whereby a breach of such monetary covenants for the intervals set forth within the Sequence F Deed of Belief is a trigger for fast compensation. As of December 31, 2023, the Firm was in compliance with the monetary covenants set forth within the Sequence F Deed of Belief as follows: (i) the Firm’s Adjusted Shareholders’ Fairness (as outlined within the Sequence F Deed of Belief) was roughly €120.2 million, (ii) the ratio of the Firm’s Internet Monetary Debt (as set forth above) to the Firm’s CAP, Internet (outlined because the Firm’s Adjusted Shareholders’ Fairness plus the Internet Monetary Debt) was 42.7%, and (iii) the ratio of the Firm’s Internet Monetary Debt to the Firm’s Adjusted EBITDA8 was 4.2.
The next is a reconciliation between the Firm’s revenue and the Adjusted EBITDA (as outlined within the Sequence F Deed of Belief) for the four-quarter interval ended December 31, 2023:
For the four-quarter interval |
|
Unaudited |
|
€ in hundreds |
|
Revenue for the interval |
625 |
Financing bills, web |
3,557 |
Tax profit |
(1,436) |
Depreciation and amortization bills |
16,012 |
Share-based funds |
121 |
Adjustment to revenues of the Talmei Yosef PV Plant |
2,463 |
Adjusted EBITDA as outlined the Sequence F Deed of Belief |
21,342 |
- The revenues offered within the Firm’s monetary outcomes included on this press launch are based mostly on IFRS and don’t keep in mind the changes included within the Firm’s investor presentation.
- The quantity of short-term and long-term debt from banks and different interest-bearing monetary obligations offered above, contains an quantity of roughly €4.7 million prices related to such debt, which was capitalized and due to this fact offset from the debt quantity that’s recorded within the Firm’s stability sheet.
- The quantity of the debentures offered above contains an quantity of roughly €1.6 million related prices, which was capitalized and due to this fact offset from the debentures quantity that’s recorded within the Firm’s stability sheet. The challenge finance quantity deducted from the calculation of Internet Monetary Debt contains challenge finance obtained from numerous sources, together with financing entities and the minority shareholders in challenge firms held by the Firm (offered within the type of shareholders’ loans to the challenge firms).
- The time period “Adjusted EBITDA” is outlined within the Sequence C Deed of Belief as earnings earlier than monetary bills, web, taxes, depreciation and amortization, the place the revenues from the Firm’s operations, such because the Talmei Yosef PV Plant, are calculated based mostly on the fastened asset mannequin and never based mostly on the monetary asset mannequin (IFRIC 12), and earlier than share-based funds. The Sequence C Deed of Belief gives that for functions of the monetary covenant, the Adjusted EBITDA shall be calculated based mostly on the 4 previous quarters, within the combination. The Adjusted EBITDA is offered on this press launch as a part of the Firm’s undertakings in the direction of the holders of its Sequence C Debentures. For a common dialogue of the usage of non-IFRS measures, similar to EBITDA and Adjusted EBITDA see above beneath “Use of Non-IFRS Monetary Measures.”
- The time period “Adjusted EBITDA” is outlined within the Sequence D Deed of Belief as earnings earlier than monetary bills, web, taxes, depreciation and amortization, the place the revenues from the Firm’s operations, such because the Talmei Yosef PV Plant, are calculated based mostly on the fastened asset mannequin and never based mostly on the monetary asset mannequin (IFRIC 12), and earlier than share-based funds, when the info of belongings or initiatives whose Business Operation Date (as such time period is outlined within the Sequence D Deed of Belief) occurred within the 4 quarters that preceded the related date shall be calculated based mostly on Annual Gross Up (as such time period is outlined within the Sequence D Deed of Belief). The Sequence D Deed of Belief gives that for functions of the monetary covenant, the Adjusted EBITDA shall be calculated based mostly on the 4 previous quarters, within the combination. The Adjusted EBITDA is offered on this press launch as a part of the Firm’s undertakings in the direction of the holders of its Sequence D Debentures. For a common dialogue of the usage of non-IFRS measures, similar to EBITDA and Adjusted EBITDA see above beneath “Use of Non-IFRS Monetary Measures.”
- The time period “Adjusted EBITDA” is outlined within the Sequence E Deed of Belief as earnings earlier than monetary bills, web, taxes, depreciation and amortization, the place the revenues from the Firm’s operations, such because the Talmei Yosef PV Plant, are calculated based mostly on the fastened asset mannequin and never based mostly on the monetary asset mannequin (IFRIC 12), and earlier than share-based funds, when the info of belongings or initiatives whose Business Operation Date (as such time period is outlined within the Sequence E Deed of Belief) occurred within the 4 quarters that preceded the related date shall be calculated based mostly on Annual Gross Up (as such time period is outlined within the Sequence E Deed of Belief). The Sequence E Deed of Belief gives that for functions of the monetary covenant, the Adjusted EBITDA shall be calculated based mostly on the 4 previous quarters, within the combination. The Adjusted EBITDA is offered on this press launch as a part of the Firm’s undertakings in the direction of the holders of its Sequence E Debentures. For a common dialogue of the usage of non-IFRS measures, similar to EBITDA and Adjusted EBITDA see above beneath “Use of Non-IFRS Monetary Measures.”
- The time period “Adjusted EBITDA” is outlined within the Sequence F Deed of Belief as earnings earlier than monetary bills, web, taxes, depreciation and amortization, the place the revenues from the Firm’s operations, such because the Talmei Yosef PV Plant, are calculated based mostly on the fastened asset mannequin and never based mostly on the monetary asset mannequin (IFRIC 12), and earlier than share-based funds, when the info of belongings or initiatives whose Business Operation Date (as such time period is outlined within the Sequence F Deed of Belief) occurred within the 4 quarters that preceded the related date shall be calculated based mostly on Annual Gross Up (as such time period is outlined within the Sequence F Deed of Belief). The Sequence F Deed of Belief gives that for functions of the monetary covenant, the Adjusted EBITDA shall be calculated based mostly on the 4 previous quarters, within the combination. The Adjusted EBITDA is offered on this press launch as a part of the Firm’s undertakings in the direction of the holders of its Sequence F Debentures. For a common dialogue of the usage of non-IFRS measures, similar to EBITDA and Adjusted EBITDA see above beneath “Use of Non-IFRS Monetary Measures.”
View authentic content material:https://www.prnewswire.com/news-releases/ellomay-capital-reports-results-for-the-fourth-quarter-and-full-year-of-2023-302104096.html
SOURCE Ellomay Capital Ltd.
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