Ellomay(ELLO)2024-09-30 20:34Financial 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]