Ellomay Capital Reports Financial Results for Q1 2024

Ellomay Capital Ltd., a renewable energy and power generator, has released its unaudited financial results for the three-month period ending March 31, 2024. The company’s total assets as of March 31, 2024, amounted to approximately €666.8 million, compared to €612.9 million as of December 31, 2023. Revenues for the quarter were approximately €8.2 million, down from €11.7 million in the same period last year. The loss from continuing operations was approximately €4.6 million, compared to a net profit of €3 million in Q1 2023. The company’s EBITDA for the quarter was approximately €1.6 million, down from €4.2 million in Q1 2023.

During the quarter, Ellomay Capital executed an agreement to sell its holdings in a 9 MW solar plant located in Talmei Yosef. The sale was completed on June 3, 2024, with a net consideration of approximately NIS 42.6 million (approximately €10.6 million). As a result, the company presents the results of this solar plant as a discontinued operation.

The decrease in revenues for the quarter was mainly attributed to the decline in electricity prices in Spain. Operating expenses decreased due to a decrease in direct taxes on turnover paid by the company’s Spanish subsidiaries. Project development costs increased, primarily due to expenses related to solar projects in the USA, Italy, and Israel. General and administrative expenses also increased, mainly due to higher consultancy expenses.

Ellomay Capital’s share of profits of equity accounted investee increased, while financing expenses, net, also increased primarily due to exchange rate differences. The company recorded a tax benefit for the quarter, compared to taxes on income in the same period last year. The loss for the quarter was approximately €4.9 million, compared to a net profit of €3.3 million in Q1 2023.

Total other comprehensive income for the quarter was approximately €12 million, compared to a total other comprehensive loss of approximately €26.6 million in Q1 2023. The change in total other comprehensive income was mainly due to changes in the fair value of cash flow hedges.

Ellomay Capital’s CEO highlighted the decrease in electricity prices in Spain, which impacted revenues, but noted that most of the electricity sold in Spain is under long-term power purchase agreements. The company’s Dorad power plant recorded an increase in profit, and solar projects in the USA and Italy are progressing as planned.

More Posts

SWEP, a world-leading supplier of brazed plate heat exchangers (BPHEs), has unveiled its latest innovation …

Village Super Market, Inc. (NASDAQ: VLGEA) is deeply saddened to announce the passing of William …

Vicinity Motor Corp., a leading North American supplier of commercial electric vehicles, has announced the …