Ellomay Capital Reports Results for the Fourth Quarter and Full Year of 2024

Core Viewpoint - Ellomay Capital Ltd. reported a significant decline in annual revenues and a shift from profit to loss for the year ended December 31, 2024, primarily due to reduced electricity prices in Spain and operational challenges, while also highlighting advancements in project development across various regions [1]. Financial Overview for the Year Ended December 31, 2024 - Total assets increased to approximately €676.7 million from €612.9 million in 2023 [4]. - Revenues for the year were approximately €40.5 million, down from €48.8 million in 2023, attributed to lower electricity prices and operational disruptions [4]. - Loss from continuing operations was approximately €9.6 million, compared to a profit of €2.4 million in 2023 [4]. - EBITDA for the year was approximately €25.1 million, an increase from €18.8 million in 2023 [4]. - Operating expenses decreased to approximately €19.8 million from €22.9 million in 2023, mainly due to reduced direct taxes on electricity production [4]. - Financing expenses rose significantly to approximately €19.7 million from €3.6 million in 2023, largely due to exchange rate differences and increased interest expenses [4]. Project Development and Future Prospects - The company made significant progress in project development, with new projects in Italy, the USA, the Netherlands, and Israel expected to enhance future revenues [6][7]. - In Italy, financing agreements for projects with a total capacity of 198 MW were executed, with construction expected to commence in Q2 2025 [6][15]. - In the USA, construction of solar projects totaling approximately 49 MW began in early 2024, with additional projects planned for 2025 [14]. - In the Netherlands, licenses to expand biogas facilities by 50% were advanced, which is anticipated to increase income and EBITDA [19]. Operational Challenges and Adjustments - The company faced operational challenges, including a fire incident that resulted in a loss of approximately €1.7 million in revenues, which will be compensated by insurance [4][10]. - The decrease in revenues was also influenced by low electricity prices in Spain during the first half of 2024 [10]. - The company recorded a total comprehensive income of approximately €3.6 million for the year, down from €41.9 million in 2023, primarily due to foreign currency translation adjustments [12]. Shareholder and Equity Information - The company’s total equity attributed to shareholders was approximately €118.2 million as of December 31, 2024, compared to €115 million in 2023 [28]. - The share of profits from equity accounted investees increased to approximately €11.1 million from €4.3 million in 2023, driven by higher electricity production at Dorad Energy Ltd. [4][12].