Ellomay Capital's (NYSE:ELLO) renewable assets portfolio delivered significant growth at the operating level over the course of 2017, with revenue, EBITDA and EBIT up 17%, 10% and 25% respectively (versus 2016). For 2018, we expect the company to reap the benefits of investments made in 2017, with the recently acquired Israeli solar PV assets and the commissioning of two new Dutch waste-to-energy (WTE) plants driving 91% y-o-y EBITDA growth and a positive net income contribution after two years of losses. Several new projects under development could generate additional medium-term growth, in particular the financial close of Talasol, a large solar PV plant project in Spain (potentially by Q318).
Strong growth in operating results in FY17
Ellomay Capital posted +10%/+25% y-o-y EBITDA/EBIT growth, driven by higher power prices and output in Italian and Spanish solar PV activities, an initial contribution of a waste-to-energy project in the Netherlands, and the acquisition of solar PV activities in Israel (Q417). At the bottom line, the net loss of €6.6m (pre-minority) was mainly the result of one-offs (the effect of €/$ movements on derivatives and marketable securities, and expenses resulting from exchange rate differences).
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