Ellomay Capital returns to EUR 9.8m profit in 2019

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April 1 (Renewables Now) - Israel-based Ellomay Capital Ltd (TASE:ELLO) on Tuesday posted a net profit of EUR 9.8 million (USD 10.7m) for 2019 after losing EUR 600,000 a year before.

This translated into a net profit per share of EUR 1.09 for the past year. The renewable energy project developer and power producer that operates in Europe and Israel, registered EUR 24.1 million of earnings before interest, taxes, depreciation and amortisation (EBITDA), improving the result from EUR 8.7 million in 2018 thanks to an EUR-18.8 million capital gain from selling 10 Italian subsidiaries.

Revenues in 2019 climbed by 5% in annual terms to EUR 19 million after receiving a boost from the start of operations of the waste-to-energy plant in the Dutch town of Oude-Tonge and higher levels of solar radiation in Italy.

The company saw a slight increase in its operating costs to EUR 6.6 million from EUR 6.3 million after the commissioning of the waste-to-energy plant in the Netherlands and the growth of depreciation and amortisation expenses. Project development costs were also up, to EUR 4.2 million from EUR 2.9 million. This increase was attributed to consultancy expenses related to the construction of the 156-MW Manara pumped-storage hydropower plant in Israel, Ellomay said. It also noted that the construction of its majority-owned 300-MW Talasol solar photovoltaic (PV) project in Spain is proceeding as planned.

Regarding the COVID-19 situation, Ellomay's CEO and board member Ran Fridrich said that it is still too early to assess whether and how the coronavirus crisis will disrupt business activities.

The Israel-based firm had around EUR 59.4 million in cash and cash equivalents at the start of March 2020, as well as EUR 10.1 million in restricted long-term cash.

(EUR 1.0 = USD 1.093)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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