Ellomay Capital Ltd. an emerging operator in the renewable energy and energy infrastructure sector, reported its unaudited financial results for the six month period ended June 30, 2014.
Ellomay is an Israeli public company whose shares are listed on the NYSE MKT stock exchange and on the Tel Aviv Stock Exchange, which focuses its business in the energy and infrastructure sectors worldwide and is chaired by Mr. Shlomo Nehama, former Chairman of Bank Hapoalim, and controlled by Mr. Nehama and Kanir Joint Investments (2005) Limited Partnership, which is controlled by Mr. Ran Fridrich and Mr. Hemi Raphael.
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Its main assets include twelve photovoltaic plants in Italy with an aggregate nominal capacity of approximately 22.6 MWp (six in the Puglia Region, four in the Marche Region and two in the Veneto Region), 85% ownership of a photovoltaic plant in Spain with a nominal capacity of approximately 2.3 MWp, and 7.5% indirect holdings in Dorad (with an option to increase such holdings to 9.375%), Israel’s largest private power plant to date, which is operational and connected to the grid with capacity of approximately 800MW (representing approximately 6% of Israel’s current electricity capacity).
It revenues for the first half of 2014 were approximately $7.5 million, operating expenses were approximately $1.5 million and depreciation expenses were approximately $2.6 million.
These results include the results of two photovoltaic plants in the Veneto Region, Italy acquired on June 26, 2013 (the “Veneto PV Plants”).
Gross profit was approximately $2.8 million for the six months ended June 30, 2014 and included impairment charges of approximately $0.6 million due to the approval by the Italian parliament in August 2014 and the conversion into law of the Italian decree, issued by the Italian President in June 2014, providing for a decrease in the Feed-in-Tariff guaranteed to existing Italian photovoltaic plants.
Share of losses of equity accounted investees was approximately $0.2 million, primarily due to expenses in connection with the delay in the commencement of operations of the power plant operated by Dorad Energy Ltd., a Company investee (“Dorad”).
Other Income was approximately $1.8 million and was primarily attributable to compensation to be received in connection with a pumped storage project in the Gilboa, Israel.
EBITDA was approximately $4.7 million.