Financial Performance - Total revenues for the six months ended June 30, 2024, were €19,456 thousand, a decrease of 22% compared to €24,999 thousand for the same period in 2023[11] - Operating profit (loss) for the six months ended June 30, 2024, was a loss of €1,804 thousand, compared to a profit of €1,861 thousand for the same period in 2023[11] - The company reported a net loss of €3,347 thousand for the six months ended June 30, 2024, compared to a profit of €4,563 thousand for the same period in 2023[11] - Basic loss per share for the six months ended June 30, 2024, was €(0.10), compared to a profit of €0.43 for the same period in 2023[11] - The company reported financing income of €2,424 thousand for the six months ended June 30, 2024, down from €8,188 thousand for the same period in 2023[11] - The effective portion of change in fair value of cash flow hedges was €9,126 thousand for the six months ended June 30, 2024, compared to €44,200 thousand for the same period in 2023[11] - For the six months ended June 30, 2024, the company reported a loss of €1,434,000, compared to a profit of €5,476,000 for the same period in 2023, indicating a significant decline in performance[20] - The total comprehensive income for the period ended June 30, 2024, was €1,271,000, a decrease from €17,531,000 in the previous year, reflecting a drop of approximately 92.7%[20] Assets and Liabilities - Total assets decreased to €634,782 thousand as of June 30, 2024, from €678,892 thousand as of June 30, 2023[8] - Total liabilities increased to €507,305 thousand as of June 30, 2024, compared to €487,753 thousand as of December 31, 2023[8] - The company’s total equity attributed to shareholders increased to €116,327 thousand as of June 30, 2024, from €114,995 thousand as of December 31, 2023[7] - The accumulated deficit as of June 30, 2024, was €6,471,000, an improvement from €7,256,000 at the beginning of the year, showing a reduction of approximately 10.8%[20] - The total non-current liabilities amount to €441,186 thousand, with €289,801 thousand classified as loans from banks and others[110] Cash Flow and Investments - Cash and cash equivalents increased to €56,044 thousand as of June 30, 2024, from €51,127 thousand as of December 31, 2023[7] - Cash flows from operating activities generated €468,000, a significant decrease from €5,271,000 in the previous year[35] - The company invested €19,593,000 in fixed assets during the six months ended June 30, 2024, compared to €26,225,000 in the same period of 2023[35] - The net cash provided by financing activities was €15,539,000, a decrease from €51,459,000 in the previous year[35] Projects and Developments - As of June 30, 2024, the company owned approximately 335.9 MW of solar power plants in Spain and 20 MW in Italy, with additional projects under development[39] - The company has solar projects under construction in the Dallas Metropolitan area, Texas, with a total capacity of approximately 48.5 MW[39] - Dorad Power Plant expansion ("Dorad 2") is being promoted for an additional capacity of approximately 650 MW following the rejection of NIP 20/B by the Israeli government[76] - The aggregate cost for the development and construction of solar projects in Texas is expected to be approximately €63 million, with a tax credit sale covering about 32% of the expenses[85] - Four solar projects under construction in Texas have an aggregate capacity of approximately 48.5 MW, with two expected to connect to the grid in 2024 and the other two in 2025[84] Financing and Debt - The company issued Series F Debentures with a principal amount of NIS 170 million in January 2024, with net proceeds of approximately NIS 165 million (about €40 million)[41] - The Series F Debentures bear a fixed interest rate of 5.5% per year, payable semi-annually, with repayments scheduled from 2027 to 2030[44] - The Series F Adjusted Balance Sheet Equity must not be less than €77 million for two consecutive quarters and €82 million for annual interest updates[49] - The Series F Ratio of Net Financial Debt to Series F CAP, Net must not exceed 65% for three consecutive quarters and 60% for annual interest updates[49] - The Series F Ratio of Net Financial Debt to Series F Adjusted EBITDA must not be higher than 12 for three consecutive quarters and 11 for annual interest updates[49] - As of June 30, 2024, all financial covenants were met[52] Other Financial Metrics - The total comprehensive income for the year ended December 31, 2023, was €41,901,000, compared to €35,701,000 for the previous year, marking an increase of approximately 17.5%[25] - The profit for the year ended December 31, 2023, was €2,219,000, a decrease from €5,476,000 in the previous year, indicating a decline of about 59.6%[25] - The company's treasury shares remained constant at €1,736,000 as of June 30, 2024, consistent with the previous reporting period[20] - The foreign operations reserve increased to €6,789,000 as of June 30, 2024, from €7,970,000 at the beginning of the year, reflecting a decrease of approximately 14.8%[20] Regulatory and Compliance - The company is examining the effects of new IFRS standards on its financial statements with no plans for early adoption[64] - The company entered into fifteen lease agreements for land in Italy, with an annual rent of approximately €73 thousand, linked to the Italian CPI[138] - The company's lease liabilities total €26,376,000, with €757,000 due within one year, €3,267,000 due in one to five years, and €22,352,000 due beyond five years[140] Impairments and Losses - The Company recognized an impairment loss of €2,565 thousand on the re-measurement of the Talmei Yosef disposal group[97] - Following a fire incident at the Talasol and Ellomay Solar facilities, the company anticipates that insurance will cover substantially all losses and damages[147]

TEL-AVIV, Israel, Sept. 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, Israel and the USA, today reported unaudited financial results for the three and six month periods ended June 30, 2024. Financial Highlights Total assets as of June 30, 2024 amounted to approximately €634.8 million, compared to total assets as of December 31, 2023 of approxima ...

Tel-Aviv, Israel, Sept. 23, 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, Israel and the USA, today announced a key achievement in its U.S. strategic growth plan. The Company has successfully entered into an agreement for the sale and transfer of Investment Tax Credits (ITCs) linked to its Fairfield (13.4 MW), Malakoff (13.92 MW), Mexia (11.1 MW), a ...

Tel-Aviv, Israel, Sept. 09, 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, Israel and the USA, today reported that its wholly-owned subsidiary, Ellomay Holdings Luxembourg Sarl ("Ellomay Luxembourg"), which among other assets owns a portfolio of 198 MW solar in Italy that includes operating, under construction and "ready to build" projects (the "Ital ...

TEL-AVIV, Israel, Aug. 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, Israel and USA, today reported the publication in Israel of financial statements for the three and six months ended June 30, 2024 of Dorad Energy Ltd. ("Dorad"), in which Ellomay currently indirectly holds approximately 9.4% through its indirect 50% ownership of Ellomay Luzon E ...

Tel-Aviv, Israel, July 25, 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 announced that at the annual general meeting of the Company's shareholders, held on July 25, 2024 (the "AGM"), the following proposals were adopted and approved by the required majority (including the special majority required in connection with proposals ...

| --- | --- | |--------------------------------------------------------------------------------------------------------|-----------------------------------------------------| | | For the four-quarter period ended March 31, 2024 | | | Unaudited | | | € in thousands | | Loss for the period | (7,569) | | Financing expenses, net | 8,892 | | Tax benefit | (1,008) | | Depreciation and amortization expenses | 15,952 | | Share-based payments | 120 | | Adjustment to revenues of the Talmei Yosef PV Plant due to calcu ...

1. Reelection of Shlomo Nehama, Ran Fridrich, Anita Leviant and Ehud Gil as directors; 4. Approval of grant and extension of an exemption to office holders who are deemed to be controlling shareholders; Shareholders of record as of the close of business on June 20, 2024 will be entitled to vote at the Meeting or any adjournments or postponements thereof. The Company plans to mail a proxy statement that describes the proposals to be considered at the Meeting and a proxy card on or about June 21, 2024. A prox ...

Core Viewpoint - Ellomay Capital Ltd. has successfully executed a project finance facility for its solar PV plant in Spain and completed the sale of its Talmei Yosef PV plant in Israel, enhancing its cash reserves for future renewable energy projects [1][8]. Project Finance for Ellomay Solar PV Plant - Ellomay Solar, a wholly-owned subsidiary, secured a project finance arrangement with Bankinter, S.A. for its 28 MW PV plant in Talaván, Spain, which was connected to the grid in June 2022 [2]. - The project finance consists of a €10 million senior term loan and a €500,000 revolving facility, with a term of 16 years and semi-annual repayments [3]. - The financing includes a cash sweep mechanism, potentially reducing the term to approximately 13 years [3]. - The interest rate on the term loan and revolving facility is Euribor 6-month plus 2.5%, with a fixed annual interest rate of approximately 5.5% after a swap agreement [4]. - Mandatory prepayment conditions and covenants are included, such as maintaining a debt service coverage ratio (DSCR) of at least 1.05:1 [5]. - Upon financial closing, Ellomay Solar withdrew €9.7 million from the term loan [6]. Sale of Talmei Yosef PV Plant - The company completed the sale of its 9 MW Talmei Yosef PV plant in Israel to Greenlight Fund Limited Partnership and Doral Group Renewable Energy Resources Ltd., with a net consideration of approximately NIS 42.6 million (about €10.6 million) [7]. Future Plans and Developments - The CEO stated that the financial closing and sale will increase cash reserves, which will be allocated to accelerate the construction of PV projects in the USA and Italy [8]. - Currently, the company is constructing approximately 50 MW of PV in Texas and 40 MW in the Lazio Region, Italy, without external financing [8]. Company Overview - Ellomay Capital Ltd. is an Israeli company focused on renewable energy and power sectors in Europe and Israel, with shares listed on NYSE American and the Tel Aviv Stock Exchange [9]. - The company has invested significantly in renewable energy projects, including approximately 35.9 MW of photovoltaic power plants in Spain and a 4.95 MW plant in Italy [9].

Core Viewpoint - Ellomay Capital Ltd. reported its indirect share of Dorad Energy Ltd.'s financial results for the quarter ended March 31, 2024, highlighting the company's involvement in renewable energy projects and its financial performance through its stake in Dorad [1][3]. Financial Performance - Dorad's unaudited revenues for the three months ended March 31, 2024, were approximately NIS 610.9 million [4]. - The operating profit for the same period was approximately NIS 118.6 million [4]. - Dorad's revenues are influenced by seasonal electricity demand, with higher consumption during winter and summer months compared to intermediate seasons [5]. Impact of External Factors - The financial statements note the ongoing war situation in Israel, which may have an impact on Dorad's results, although the short-term effect is estimated to be immaterial [6]. - The results for the first quarter of 2024 may not be indicative of future performance due to various factors, including seasonal demand and economic conditions [5][6]. Company Overview - Ellomay Capital focuses on renewable energy and power sectors in Europe and Israel, with significant investments in photovoltaic power plants and other renewable energy projects [8]. - The company holds a 9.375% indirect interest in Dorad Energy Ltd., which operates one of Israel's largest private power plants with a production capacity of approximately 850 MW [8].