Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31, 2024 2023 2024 2023 2024 2024 Unaudited Unaudited Audited Unaudited € in thousands (except per share data) Convenience Translation into US$* Revenues 8,678 8,424 40,467 48,834 9,033 42,125 Operating expenses (5,298) (5,460) (19,803) (22,861) (5,515) (20,614) Depreciation and amortization expenses (4,126) (4,265) (16,468) (16,012) (4,295) (17,143) Gross profit (loss) (746) (1,301) 4,196 9,961 (777) 4,368 Project development costs (790) (2,025) (4,101) (4,465) (822) (4,269) General and administrative expenses (1,384) (1,320) (6,063) (5,283) (1,441) (6,311) Share of profit (loss) of equity accounted investee 5,767 (279) 11,062 4,320 6,003 11,515 Other income, net 524 - 3,409 - 545 3,549 Operating profit (loss) 3,371 (4,925) 8,503 4,533 3,508 8,852 Financing income 710 345 2,495 8,747 739 2,597 Financing income (expenses) in connection with derivatives and warrants, net (664) 336 1,140 251 (691) 1,187 Financing expenses in connection with projects finance (1,544) (1,465) (6,190) (6,077) (1,607) (6,444) Financing expenses in connection with debentures (1,762) (1,008) (6,641) (3,876) (1,834) (6,913) Interest expenses on minority shareholder loan (528) (541) (2,144) (2,014) (550) (2,232) Other financing expenses (13,099) (1,499) (8,311) (588) (13,636) (8,651) Financing expenses, net (16,887) (3,832) (19,651) (3,557) (17,579) (20,456) Profit (loss) before taxes on income (13,516) (8,757) (11,148) 976 (14,071) (11,604) Tax benefit 1,475 799 1,547 1,436 1,535 1,610 Profit (loss) for the period from continuing operations (12,041) (7,958) (9,601) 2,412 (12,536) (9,994) Profit (loss) from discontinued operation (net of tax) 58 (1,857) 137 (1,787) 60 143 Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851) Profit (loss) attributable to: Owners of the Company (10,887) (8,490) (6,982) 2,219 (11,333) (7,268) Non-controlling interests (1,096) (1,325) (2,482) (1,594) (1,143) (2,583) Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851) Other comprehensive income (loss) item that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss: Foreign currency translation differences for foreign operations 13,159 1,234 8,007 (7,949) 13,698 8,335 Foreign currency translation differences for foreign operations that were recognized in profit or loss - - 255 - - 265 Effective portion of change in fair value of cash flow hedges (3,781) (10,718) 5,631 39,431 (3,937) 5,861 Net change in fair value of cash flow hedges transferred to profit or loss 1,108 19,183 (813) 9,794 1,154 (846) Total other comprehensive income 10,486 9,699 13,080 41,276 10,915 13,615 Total other comprehensive income (loss) attributable to: Owners of the Company 11,354 5,172 10,039 16,931 11,818 10,450 Non-controlling interests (868) 4,527 3,041 24,345 (903) 3,165 Total other comprehensive income (loss) for the period 10,486 9,699 13,080 41,276 10,915 13,615 Total comprehensive income (loss) for the period (1,497) (116) 3,616 41,901 (1,561) 3,764 Total comprehensive income (loss) attributable to: Owners of the Company 467 (3,318) 3,057 19,150 485 3,182 Non-controlling interests (1,964) 3,202 559 22,751 (2,046) 582 Total comprehensive income (loss) for the period (1,497) (116) 3,616 41,901 (1,561) 3,764 For the three months ended December 31, For the year ended December 31, For the three months ended December 31, 2024 For year ended December 31, 2024 2024 2023 2024 2023 Unaudited Unaudited Audited Unaudited € in thousands Convenience Translation into US$* Cash flows from operating activities Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851) Adjustments for : Financing expenses, net 16,887 3,632 19,247 3,034 17,579 20,035 Loss from settlement of derivatives contract 266 - 316 - 277 329 Impairment losses on assets of disposal groups classified as held-for-sale - 2,565 405 2,565 - 422 Depreciation and amortization 4,126 4,378 16,516 16,473 4,295 17,193 Share-based payment transactions 21 28 112 121 22 117 Share of profits of equity accounted investees (5,767) 279 (11,062) (4,320) (6,003) (11,515) Payment of interest on loan from an equity accounted investee - 33 - 1,501 - - Change in trade receivables and other receivables (5,606) (1,317) (8,824) (302) (5,836) (9,185) Change in other assets 2,894 69 3,770 (681) 3,013 3,924 Change in receivables from concessions project - 259 793 1,778 - 825 Change in trade payables 48 (332) (31) (45) 50 (32) Change in other payables 4,747 (2,492) 4,454 (2,235) 4,941 4,636 Tax benefit (1,475) (1,391) (1,552) (1,852) (1,535) (1,615) Income taxes refund (paid) 277 (473) 623 (912) 288 649 Interest received 605 524 2,537 2,936 630 2,641 Interest paid (2,618) (4,132) (9,873) (10,082) (2,725) (10,277) 14,405 1,630 17,431 7,979 14,996 18,147 Net cash provided by (used in) operating activities 2,422 (8,185) 7,967 8,604 2,520 8,296 Cash flows from investing activities Acquisition of fixed assets (22,894) (7,365) (72,922) (58,848) (23,832) (75,909) Interest paid capitalized to fixed assets (887) (2,283) (2,515) (2,283) (923) (2,618) Proceeds from sale of investments - - 9,267 - - 9,647 Repayment of loan by an equity accounted investee - 1,221 - 1,324 - - Loan to an equity accounted investee - (60) - (128) - - Advances on account of investments - - (163) (421) - (170) Proceeds from advances on account of investments 514 297 514 2,218 535 535 Proceeds in marketable securities - - - 2,837 - - Investment in settlement of derivatives, net (540) - (316) - (562) (329) Proceeds from (investment in) restricted cash, net 532 (53) 689 840 554 717 Proceeds from (investment in) short term deposit 2,408 - 1,004 (1,092) 2,507 1,045 Net cash used in investing activities (20,867) (8,243) (64,442) (55,553) (21,721) (67,082) Cash flows from financing activities Issuance of warrants - - 2,666 - - 2,775 Cost associated with long-term loans (556) (690) (2,567) (1,877) (579) (2,672) Payment of principal of lease liabilities (2,276) (190) (2,941) (1,156) (2,369) (3,061) Proceeds from long-term loans 175 10,787 19,482 32,157 182 20,280 Repayment of long-term loans (4,668) (5,746) (11,776) (12,736) (4,859) (12,258) Repayment of Debentures - - (35,845) (17,763) - (37,313) Proceeds from issuance of Debentures, net 15,118 - 73,943 55,808 15,737 76,972 Net cash provided by (used in) financing activities 7,793 4,161 42,962 54,433 8,112 44,723 Effect of exchange rate fluctuations on cash and cash equivalents 3,330 1,723 3,092 (2,387) 3,467 3,215 Increase (decrease) in cash and cash equivalents (7,322) (10,544) (10,421) 5,097 (7,622) (10,848) Cash and cash equivalents at the beginning of the period 48,456 62,099 51,127 46,458 50,441 53,221 Cash from (used in) disposal groups classified as held-for-sale - (428) 428 (428) - 446 Cash and cash equivalents at the end of the period 41,134 51,127 41,134 51,127 42,819 42,819
Author: Ellomay Capital Ltd
Published at: 2025-03-31 21:12:00
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