Ellomay Capital Ltd. reports developments as a renewable energy and power generator and developer with activities in Europe, the United States and Israel. The company’s updates cover consolidated operating results, annual Form 20-F reporting, project development costs, and portfolio activity involving solar power assets and other power-sector investments.
Recurring news also includes material transactions and governance changes. Ellomay has reported the completed sale of its indirect holdings in Ellomay Luzon Energy Infrastructures Ltd., whose main asset was an interest in Dorad Energy Ltd., as well as changes in principal shareholders and board composition. Its ordinary shares trade on the NYSE American and the Tel Aviv Stock Exchange under ELLO.
Ellomay Capital Ltd. (NYSE American: ELLO) reported its unaudited financial results for 2022, showing a revenue increase to approximately €53.4 million, up from €45.7 million in 2021, driven by higher electricity prices in Spain and the start of operations at Ellomay Solar. However, operating expenses rose to €24.1 million from €17.6 million, primarily due to the Spanish government's regulatory impact on returns and higher costs associated with the military conflict in Ukraine. Net profit increased to €0.1 million from a loss of €19.6 million in 2021, but total comprehensive loss expanded to €35.2 million, largely due to foreign currency fluctuations and the Talasol PPA's fair value changes.
Ellomay Capital Ltd. (NYSE American: ELLO) reported on March 29, 2023, its indirect 9.4% ownership in Dorad Energy Ltd., following the publication of Dorad's financial statements for 2022. Dorad's revenues were approximately NIS 2,369.2 million, with an operating profit of around NIS 316.6 million. The report noted impacts from COVID-19, including supply chain disruptions and declining economic activity. Seasonal demand for electricity affects Dorad's revenues, particularly during winter and summer months. The report also emphasizes that future results may not reflect past performance due to various economic factors.
On March 21, 2023, Ellomay Capital Ltd. (NYSE: ELLO) announced its entry into a Joint Development Agreement (JDA) for solar photovoltaic projects in Texas. The JDA, executed with an experienced project developer, includes the development of two solar PV projects with a total projected capacity of 23 MW, requiring capital costs of approximately $25-$27 million. Ellomay's estimated share is around $18-$20 million, with funding discussions ongoing for tax equity. One project is expected to reach Ready to Build status in six months. The JDA also covers three additional projects with a capacity of 30 MW, targeting the ERCOT North market.
Ellomay Capital Ltd. (NYSE: ELLO) reported strong financial results for the nine months ended September 30, 2022, with revenues of approximately €44.7 million, up 33% from €33.7 million in 2021. This growth stemmed from increased electricity prices in Spain and the activation of its 28 MW solar facility. Operating expenses rose to €18.4 million, influenced by regulatory changes in Spain and rising costs in biogas operations due to the Ukraine war. The company recorded a loss of €2.3 million, improved from a €5.8 million loss in 2021. EBITDA increased to €19.2 million, up 16.4% year-on-year.
On December 29, 2022, Ellomay Capital Ltd. (NYSE American: ELLO) held its annual general meeting (AGM) where shareholders approved key proposals. The meeting confirmed the reelection of four directors, the approval of liability insurance for directors and officers, and the employment terms for Asaf Nehama. Additionally, the independent auditors for the fiscal year ending December 31, 2022, were reappointed. Ellomay focuses on renewable energy projects across Europe and Israel, with investments in photovoltaic plants and energy production facilities.
Ellomay Capital Ltd. (ELLO) reported the financial results of its 9.4% indirect stake in Dorad Energy Ltd. for Q3 2022. Dorad's revenues reached approximately NIS 766.2 million, with an operating profit of NIS 135.9 million. The company began receiving natural gas from Energean Israel in November 2022, which may enhance operational performance. However, Dorad's report noted that the ongoing effects of COVID-19 have disrupted economic activity and may impact future results. Seasonal demand for electricity varies, influencing revenue and indicating that Q3 results are not fully indicative of annual performance.
Ellomay Capital Ltd. (NYSE American: ELLO), headquartered in Tel Aviv, announced its annual general meeting (AGM) scheduled for December 29, 2022. Key agenda items include the reelection of directors, approval of a directors' and officers' liability insurance policy, and the reappointment of KPMG as independent auditors. Shareholders of record by November 28, 2022, can vote. The company plans to mail a proxy statement by November 30, 2022. The meeting will address financial statements and require majority approval for certain proposals.
Ellomay Capital Ltd. (NYSE: ELLO) announced its financial results for H1 2022, reporting revenues of approximately €29.2 million, a 43% increase compared to €20.4 million in H1 2021, driven by rising electricity prices in Spain. Operating expenses rose to €13.1 million, attributed to legislative changes in Spain and increased costs due to the Ukraine war. The company reported a loss of €0.6 million compared to €5.2 million in the previous year. EBITDA improved to €10.6 million from €8.4 million. The company anticipates continued revenue growth from its expanding photovoltaic (PV) projects in Europe.
Ellomay Capital Ltd. (NYSE American: ELLO) reported Dorad Energy Ltd.'s financial results for Q2 2022, in which it holds a 9.4% indirect stake via Dori Energy. Dorad's revenues reached approximately NIS 465.5 million, with an operating profit of NIS 24.8 million. The report noted challenges due to COVID-19, impacting global economic activity and supply chains. Additionally, a 24.3% increase in average production components announced by the Israeli Electricity Authority effective August 1, 2022, may influence future revenues.
Ellomay Capital Ltd. (NYSE: ELLO) reported a significant revenue increase to approximately €11.8 million in Q1 2022, up from €7.2 million in Q1 2021, attributed to rising electricity prices and full revenue recognition from the Talasol photovoltaic facility. Operating expenses rose to €6 million, driven by regulatory changes in Spain. The company experienced a net loss of €3.4 million, compared to €2.7 million a year earlier. Notably, a €40.9 million comprehensive loss resulted from changes in the fair value of cash flow hedges. Future projections indicate Q2 revenues around €16 million.