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Ellomay Capital's Strategic Asset Moves Yield Robust 2023 Financials


Robert Tavares

March 31, 2024 - 21:21 pm


Ellomay Capital Ltd. Announces 2023 Financial Results Highlighting Strategic Asset Movements

TEL-AVIV, Israel, March 31, 2024 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO) ("Ellomay" or the "Company"), an accomplished player in the renewable energy and power generator sector and developer of renewable energy and power projects across Europe, Israel, and the USA, has unveiled its unaudited financial results for the fourth quarter and the completed year of December 31, 2023.

Financial Highlights

The total assets as of December 31, 2023, amount to approximately €611.7 million, showcasing a noticeable climb from the previous year’s total assets of approximately €576.2 million. Over the three months ending on December 31, 2023, the revenues remained stable at approximately €8.4 million. However, the annual revenues experienced a slight dip from approximately €52.2 million in 2022 to €48.8 million in 2023. The company witnessed a surprising turn from a profit of roughly €2.5 million in the last quarter of 2022 to a loss of nearly €9.8 million in the same period of 2023. Nonetheless, the fiscal year of 2023 closed with a profit of around €0.6 million, marginally higher than 2022's €0.1 million.

The EBITDA figures reflected a loss of €2.5 million for the closing quarter of 2023, a pivot from an EBITDA gain of €1.7 million in the equivalent span of 2022. Throughout 2023, the EBITDA stood at roughly €18.8 million, compared to €20.8 million in the prior year—an overview reflecting the company's calculated risks and investments in enhancement projects.

A key strategic move by the company on December 31, 2023, involved the execution of an agreement sanctioning the sale of the company's holdings in a 9 MW PV plant situated in Talmei Yosef, Israel. This sale could potentially accrue an impressive €11.2 million (NIS 44.75 million), with a supplementary contingent payment of up to €1 million (NIS 4 million) depending on the plant's production outcomes during 2024.

Operational Highlights of the Year Ended December 31, 2023

From an operational standpoint, the decrease in revenues could be chiefly attributed to the downtrend in electricity prices in Spain and a certain curtailment of electricity supply due to grid maintenance, which led to revenue losses estimated at €1 million. However, the company swiftly implemented measures aimed at minimizing future impacts from similar grid maintenance and upgrades. Positively, revenue increases from the company’s biogas plants in the Netherlands and from the recent connection of the Ellomay Solar plant in Spain offset the revenue decline to an extent.

Operating expenses incurred by the company showed a marginal decrease from €23.7 million to €22.9 million, primarily resulting from lower payments under the Spanish RDL 17/2022, a decree that saw reductions in electricity market prices. However, enhanced operating costs due to escalating production and utilization of higher-grade raw materials partially offset this decline.

Project development costs rose to approximately €4.5 million primarily catalyzed by growth measures in the photovoltaic sector across the USA, Italy, and Israel. Yet, general and administrative expenses witnessed a reduction, coming in at about €5.3 million thanks to decreased insurance costs and lower employee bonus payouts compared to the previous year.

The company saw a noteworthy increase in profits from equity-accounted investees mainly because of heightened revenues from Dorad Energy Ltd due to augmented production and improved tariffs. Nevertheless, net financing expenses spiked to €3.6 million because of raised interest expenses on loans and debentures.

Tax benefits for the company manifested at €1.4 million in 2023 in stark contrast to income taxes of €1.7 million in the preceding year, largely influenced by the significant drop in electricity prices in Spain. Discontinued operations marked a shift from profit to loss, amounting to a loss of €1.8 million.

Disposal of Talmei Yosef PV Plant and Future Outlook

With an eye to the future, Ellomay sold its Talmei Yosef PV Plant holdings in a deal set for closure in the second quarter of 2024, with a consideration that surpasses the initial investment value. This divestment forms part of a broader strategy to concentrate on three main fields: construction of new projects, initiation and development of new ventures, and management and improvement of generating projects.

Activities in Spain, Italy, Israel, the Netherlands, and the USA, showcase the company’s dynamic engagement in solar projects, biogas operations, and power stations, leading to advancements and expansions that promise an increase in revenues and structuring of next-gen energy solutions.

A Pathway to Sustainable Growth

Ellomay’s strategic moves, robust project development, and financial maneuvering through 2023 paint a picture of a resilient company navigating the dynamic energy sector. Despite facing industry headwinds such as fluctuating electricity prices and grid maintenance challenges, the company has capitalized on its diverse portfolio to leverage growth opportunities for the coming years. With a focus on long-term sustainability and continued investment in renewable energy, Ellomay stands as a testament to the potential of strategic resilience in the face of market volatility.

For detailed information about Ellomay Capital Ltd., please visit Ellomay's official website.

Forward-Looking Statements

This news article contains forward-looking statements that are subject to risks and uncertainties. These statements are based on current expectations and assumptions, and actual results could differ materially due to several factors, including changes in electricity demand and prices, regulatory developments, the impact of hostilities in Israel and Gaza, and the broader market and economic conditions. The continuing military struggle between Russia and Ukraine, along with other geopolitical tensions, could further affect the company's operations.

Contact Information:

For more inquiries, please get in touch with Kalia Rubenbach (Weintraub), CFO, via email: [email protected]

Additional Financial Details:

*Further financial statements and segment information tables are available in the extended text version of this article.


  1. Revenues based on IFRS, not accounting for adjustments in the investor presentation.
  2. Short-term and long-term debt amounts included capitalized costs reducing the balance sheet record.
  3. Debentures value included capitalized associated costs decreasing the balance sheet record.


The material contained in this article is for informational purposes only and should not be viewed as financial advice. It is the reader's responsibility to verify the accuracy of the information provided.

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