Core Viewpoint - Ellomay Capital Ltd. is holding an extraordinary general meeting on January 30, 2025, to approve the terms of service and compensation for its Chairman, Mr. Ben Sheizaf, requiring a majority vote from shareholders [1][3]. Group 1: Meeting Details - The extraordinary general meeting will take place at the company's offices in Tel Aviv at 3:00 p.m. Israel time on January 30, 2025 [3]. - Shareholders must submit their proxy cards by 11:00 a.m. Israel time on January 30, 2025, or vote electronically until six hours prior to the meeting [2]. - Shareholders of record as of December 30, 2024, are entitled to vote at the meeting [4]. Group 2: Company Overview - Ellomay Capital Ltd. focuses on renewable energy and power generation, with investments in Israel, Italy, Spain, the Netherlands, and Texas, USA [3][6]. - The company operates approximately 335.9 MW of photovoltaic power plants in Spain and 20 MW in Italy, along with a 9.375% indirect interest in Dorad Energy Ltd., which has a production capacity of about 850 MW [7]. - Ellomay is involved in various renewable energy projects, including anaerobic digestion plants in the Netherlands and solar projects in Italy and Texas [7].

Core Viewpoint - Ellomay Capital Ltd. reported the financial results of Dorad Energy Ltd. for the three and nine months ended September 30, 2024, highlighting its indirect ownership and the impact of seasonal electricity demand on revenues [1][3][4]. Financial Performance - Dorad's unaudited revenues for the three months ended September 30, 2024, were approximately NIS 1,096 million, with an operating profit of approximately NIS 270 million [4][13]. - For the nine months ended September 30, 2024, Dorad reported revenues of NIS 2,366,358 thousand, compared to NIS 2,185,309 thousand for the same period in 2023, indicating a year-over-year increase [13]. - The operating profit for the nine months ended September 30, 2024, was NIS 458,018 thousand, up from NIS 400,914 thousand in the previous year [13]. Seasonal Demand Impact - The demand for electricity is seasonal, with higher consumption during winter and summer months, which affects Dorad's revenues and operating results [5][6]. - The results for the quarter ended September 30, 2024, are not indicative of full-year performance due to the seasonal nature of electricity consumption and varying tariffs [5]. Financial Position - As of September 30, 2024, Dorad's total assets were NIS 4,648,100 thousand, an increase from NIS 4,467,406 thousand a year earlier [12]. - Current assets increased to NIS 1,073,814 thousand from NIS 688,585 thousand in the previous year, driven by higher cash and trade receivables [12]. - Total equity as of September 30, 2024, was NIS 1,495,711 thousand, up from NIS 1,364,311 thousand a year prior [14]. War Impact Note - Dorad's financial statements include a note regarding the ongoing war situation in Israel, indicating that while there is an impact on results, it is expected to be immaterial in the short term [6]. Company Overview - Ellomay Capital Ltd. focuses on renewable energy and power generation projects in Europe, Israel, and the USA, 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].

Core Points - Shlomo Nehama has resigned as Chairman of the Board of Ellomay Capital Ltd. after 16 years of service [1][4] - Ben Sheizaf has been appointed as the new Chairman of the Board and will serve until the 2025 annual general meeting [2][5] - Sheizaf brings extensive experience from the finance and insurance sectors, including senior roles at Phoenix Financial Ltd. and Isracard Ltd. [3] Company Overview - Ellomay Capital Ltd. is focused on renewable energy and power generation projects in Europe, Israel, and the USA [6] - The company has invested in various renewable energy projects, including approximately 335.9 MW of photovoltaic power plants in Spain and 20 MW in Italy [6] - Ellomay holds a 9.375% indirect interest in Dorad Energy Ltd., which operates one of Israel's largest private power plants with a capacity of approximately 850 MW [6] - The company is involved in anaerobic digestion projects in the Netherlands with a combined green gas production capacity of approximately 16.3 million Nm3 per year [6] - Ellomay is also constructing a 156 MW pumped storage hydro power plant in Israel and has solar projects in Italy and Texas with a total capacity of 195 MW and 49 MW, respectively [6][7]

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 ...