TEL-AVIV, Israel, July 3, 2013 /PRNewswire/ --
Completes the
Purchase of PV Sites with Aggregate Capacity of 12MWp
Increases its PV
capacity to 25 MWp
Ellomay Capital Ltd. (NYSE MKT: ELLO)
("Ellomay" or the
"Company") announced the successful closing of
the purchase of two photovoltaic (solar) sites (the "PV
Sites") in Veneto Region, north Italy. The final purchase price of the PV
Sites was adjusted to 23.5 million
Euros to reflect payments made to the seller from the
companies that own the PV Sites (the "SPVs") since the
transaction cut-off date (September 30,
2012). The PV Sites were purchased on a full equity basis,
with no external loans at the SPVs level.
Immediately prior to the transaction, Ellomay received bank
financing of 13.5 million Euros.
The two PV Sites are connected to the grid since August 2011 and are entitled to a Feed in Tariff
of 23.8 Euro cents per KWh, in
addition to the selling price of the electricity, until
August 2031. The PV Sites are
expected to generate annual revenues, on average, of approximately
4.7 million Euros, and annual
unlevered free cash flow, on average, in excess of 3 million Euros.
The acquisition of the PV Sites has nearly doubled the
production capacity of Ellomay's existing photovoltaic sites in
Europe to approximately 25MWp.
Use of Non-IFRS Financial Measures
Unlevered Free Cash Flow is a non-IFRS financial measure that
the Company defines as net revenues less operating expenses
(excluding depreciation) and taxes. The Company believes that
Unlevered Free Cash Flow provides management and investors with a
more complete understanding of expected cash flow before financing
generated from the PV Sites. While the Company considers Unlevered
Free Cash Flow to be an important measure of its cash generation,
Unlevered Free Cash Flow should not be considered in isolation or
as a substitute for operating profit or other statement of
operations or cash flow data prepared in accordance with IFRS as a
measure of profitability or liquidity. Unlevered Free Cash Flow is
not necessarily indicative of amounts that may be available for
discretionary uses. Not all companies calculate Unlevered Free Cash
Flow in the same manner, and the measure as presented may not be
comparable to similarly-titled measures presented by other
companies.
The expected average annual Unlevered Free Cash Flow is
calculated based on expected average annual revenues of
4.7 million Euros, less expected
average annual operating expenses (excluding depreciation) of
approximately 0.7 million Euros and
expected average annual tax expenses of 1
million Euros.
About Ellomay Capital
Ellomay is an Israeli public company whose shares are listed on
the NYSE MKT 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.
Ellomay's main assets include twelve photovoltaic plants in
Italy with an aggregate capacity
of approximately 22.8 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
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, which is currently under construction and is expected to
have an aggregate capacity of approximately 800MW (representing
approximately 8% of Israel's
current electricity consumption).
Information Relating to Forward-Looking
Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties. All statements, other
than statements of historical facts, included in this press release
regarding the Company's plans and objectives of management are
forward-looking statements. The use of certain words,
including the words "estimate," "project," "intend," "expect,"
"believe" and similar expressions are intended to identify
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The Company may not
actually achieve the plans, intentions or expectations disclosed in
the Company's forward-looking statements and you should not place
undue reliance on the Company's forward-looking statements. 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 the
applicable Feed in Tariff, changes in regulation and taxation and
climate changes. These and other risks and uncertainties associated
with the Company's business are described in greater detail in the
filings the Company makes from time to time with Securities and
Exchange Commission, including the Company's Annual Report on Form
20-F. The forward-looking statements are made as of this date and
the Company does not undertake any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
Kalia Weintraub
CFO
Tel: +972(3)797-1111
Email: anatb@ellomay.com
SOURCE Ellomay Capital Ltd