TEL-AVIV, Israel, June 30, 2014 /PRNewswire/ -- Ellomay
Capital Ltd. (NYSE MKT: ELLO; TASE: ELOM) ("Ellomay" or the
"Company") an emerging operator in the renewable energy and
energy infrastructure sector, today reported its unaudited
financial results for the three month period ended March 31, 2014.
Financial Highlights
- Revenues were approximately $2.9
million for the three months ended March 31, 2014, and represent seasonal revenues
for the winter months of January through March, with significantly
lower photovoltaic energy production.
- General and administrative expenses were approximately
$1.2 million for the three months
ended March 31, 2014, including
nonrecurring expenses in the amount of approximately $0.4 million, such as payment of bonuses to
employees.
- Adjusted EBITDA was approximately $0.8
million for the three months ended March 31, 2014.
- Financial expenses, net were approximately $1.4 million for the three months ended
March 31, 2014, including interest
accrued on the Company's Series A Debentures issued in January 2014.
- Share of losses of equity accounted investees was approximately
$0.3 million for the three months
ended March 31, 2014, 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").
- Total comprehensive loss was approximately $1.8 million in the three months ended
March 31, 2014.
- Net cash used in operating activities was approximately
$0.4 million for the three months
ended March 31, 2014, reflecting the
collection of revenues for the winter months of November 2013 – January
2014.
- During the three months ended March 31,
2014, the Company extended an additional aggregate amount of
approximately $3.9 million to Dori
Energy Ltd. in connection with Dorad's funding requirements from
Dori Energy pursuant to the agreement between Dorad and its
shareholders.
- In May 2014 Ellomay PV Two
S.r.l., a wholly-owned Italian subsidiary of the Company, provided
a notice to Unicredit S.p.A of its intention to voluntary repay its
loan amounting to approximately EUR 4.8
million (approximately $6.6
million) as of March 31, 2014.
The notice of early repayment was provided as this loan was under
terms less beneficial to the Company compared to alternative
financing resources.
- As of June 15, 2014, the Company
held approximately $22.7 million in
cash and cash equivalents and approximately $6.3 million in restricted cash.
- On June 22, 2014, the Company
completed the issuance of NIS
80,341,000 Series A Debentures to Israeli classified
investors in a private placement, in consideration for gross
proceeds of approximately NIS 81.1
million (approximately $23.5
million), reflecting a price of NIS
1.01 per NIS 1 principal
amount. The gross proceeds include an amount of approximately
NIS 1.7 million (approximately
US$0.5) that represents the first
interest payment due on these additional Series A Debentures on
June 30, 2014.
Ran Fridrich, CEO and a board member of Ellomay commented:
"Ellomay is providing its quarterly results for the first time. The
results are in line with the Company's expectations and present a
standard winter quarter. Ellomay continues to seek attractive
investment opportunities. In May 2014
we were able to execute a binding letter of intent for an
additional approximate 5.6 MWp transaction in the Spanish market.
We believe such efforts will enable Ellomay to continue and
maximize shareholder value."
Information for the Company's Series A Debenture
Holders
As of March 31, 2014 (prior to the
June 2014 expansion of the Series A
Debentures), the Company's Net Financial Debt (as such term is
defined in the Series A Debentures Deed of Trust) was approximately
$9.2 million (consisting of
approximately $22.8 million of
short-term and long-term debt from banks and other interest bearing
financial obligations and approximately $32.9 million in connection with January 2014 Series A Debentures issuance, net of
approximately $27 million of cash and
cash equivalents and net of approximately $19.5 million of project finance and related
hedging transactions of the Company's subsidiaries).
Use of NON-IFRS Financial Measures
Adjusted EBITDA is a non-IFRS measure and is defined as earnings
before financial expenses, net, gain on bargain purchase, financial
expenses, net, taxes, depreciation and amortization. The Company
presents this measure in order to enhance the understanding of the
Company's historical financial performance and to enable
comparability between periods. While the Company considers Adjusted
EBITDA to be an important measure of comparative operating
performance, Adjusted EBITDA should not be considered in isolation
or as a substitute for net income or other statement of operations
or cash flow data prepared in accordance with IFRS as a measure of
profitability or liquidity. Adjusted EBITDA does not take into
account the Company's commitments, including capital expenditures,
and restricted cash and, accordingly, is not necessarily indicative
of amounts that may be available for discretionary uses. Not all
companies calculate Adjusted EBITDA in the same manner, and the
measure as presented may not be comparable to similarly-titled
measures presented by other companies. The Company's Adjusted
EBITDA may not be indicative of the historic operating results of
the Company; nor is it meant to be predictive of potential future
results. The Company uses the term "Adjusted EBITDA" to highlight
the fact that for the year ended December
31, 2013 the Company deducted the gain on bargain purchase
from the net income. The Adjusted EBITDA is otherwise fully
comparable to EBITDA information which has been previously provided
for prior periods. See the reconciliation between the net income
(loss) and the Adjusted EBITDA presented at the end of this Press
Release.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered
with the NYSE MKT, under the trading symbol "ELLO" and with the Tel
Aviv Stock Exchange under the trading symbol "ELOM." Since
2009, Ellomay Capital focuses its business in the energy and
infrastructure sectors worldwide. Ellomay (formerly Nur
Macroprinters Ltd.) previously was a supplier of wide format and
super-wide format digital printing systems and related products
worldwide, and sold this business to Hewlett-Packard Company during
2008 for more than $100 million.
To date, Ellomay has evaluated numerous opportunities and
invested significant funds in the renewable, clean energy and
natural resources industries in Israel, Italy
and Spain, including:
- Approx. 22.6MW of photovoltaic power plants in
Italy and 85% of 2.3MW of
photovoltaic power plant in Spain;
- 7.5% indirect interest, with an option to increase its holdings
to 9.375%, in Dorad Energy Ltd. Israel's largest private power plant, with
production capacity of approximately 800 MW, representing about 8%
of Israel's total current
electricity consumption;
Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi
Raphael and Mr. Ran Fridrich.
Mr. Nehama is one of Israel's
prominent businessmen and the former Chairman of Israel's leading bank, Bank Hapohalim, and
Messrs. Raphael and Fridrich both have vast experience in financial
and industrial businesses. These controlling shareholders, along
with Ellomay's dedicated professional management, accumulated
extensive experience in recognizing suitable business opportunities
worldwide. The expertise of Ellomay's controlling shareholders
and management enables the company to access the capital markets,
as well as assemble global institutional investors and other
potential partners. As a result, Ellomay is capable of
considering significant and complex transactions, beyond its
immediate financial resources.
For more information about Ellomay, visit
http://www.ellomay.com.
Information Relating to Forward-Looking
Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties, including statements
that are based on the current expectations and assumptions of the
Company's management. All statements, other than statements of
historical facts, included in this press release regarding the
Company's plans and objectives, expectations and assumptions 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 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
our forward-looking statements including changes in regulation,
seasonality of the PV business and market conditions. 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 its 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
Condensed
Consolidated Statements of Financial Position as at
|
|
|
|
|
March
31,
|
December
31,
|
|
2014
|
2013
|
|
(Unaudited)
|
(Audited)
|
|
US$ in
thousands
|
Assets
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
27,038
|
9,738
|
Short-term
deposits
|
-
|
2,653
|
Restricted
cash
|
1,852
|
5,653
|
Trade
receivables
|
184
|
134
|
Other receivables and
prepaid expenses
|
5,185
|
4,357
|
|
34,259
|
22,535
|
Non-current
assets
|
|
|
|
|
|
Investments in equity
accounted investees
|
28,074
|
24,601
|
Financial
asset
|
455
|
389
|
Property, plant and
equipment
|
92,520
|
93,671
|
Restricted
cash
|
4,320
|
4,315
|
Other
assets
|
1,637
|
1,419
|
|
127,006
|
124,395
|
|
|
|
Total
assets
|
161,265
|
146,930
|
|
|
|
Liabilities and
Equity
|
|
|
Current
liabilities
|
|
|
|
|
|
Loans and
borrowings
|
1,825
|
19,454
|
Current maturities of
debentures
|
3,327
|
-
|
Trade
payable
|
1,924
|
2,154
|
Accrued expenses and
other payables
|
5,915
|
5,311
|
|
12,991
|
26,919
|
Non-current
liabilities
|
|
|
|
|
|
Finance lease
obligations
|
6,724
|
6,814
|
Long-term bank
loans
|
10,941
|
11,050
|
Other long-term
liabilities
|
3,041
|
2,386
|
Debentures
|
29,598
|
-
|
|
50,304
|
20,250
|
|
|
|
Total
liabilities
|
63,295
|
47,169
|
Equity
|
|
|
Share
capital
|
26,180
|
26,180
|
Share
premium
|
76,932
|
76,932
|
Treasury
shares
|
(522)
|
(522)
|
Reserves
|
4,264
|
4,154
|
Accumulated
deficit
|
(8,918)
|
(7,011)
|
Total equity
attributed to shareholders of the Company
|
97,936
|
99,733
|
Non-Controlling
Interest
|
34
|
28
|
|
|
|
Total
equity
|
97,970
|
99,761
|
|
|
|
Total liabilities
and equity
|
161,265
|
146,930
|
Condensed
Consolidated Interim Statements of Comprehensive Income
(loss)
|
|
|
|
|
|
|
For the
three
|
For
the
|
|
|
Months
ended
|
Year
ended
|
|
|
March
31,
|
December
31,
|
|
|
2014
|
2013
|
|
|
(Unaudited)
|
(Audited)
|
|
|
US$ thousands
(except per share amounts)
|
Revenues
|
|
2,894
|
12,982
|
Operating
expenses
|
|
647
|
2,381
|
Depreciation
expenses
|
|
1,303
|
4,021
|
Gross
profit
|
|
944
|
6,580
|
|
|
|
|
General and
administrative expenses
|
|
1,172
|
3,449
|
Gain on bargain
purchase
|
|
-
|
10,237
|
Operating (loss)
profit
|
|
(228)
|
13,368
|
|
|
|
|
Financing
income
|
|
158
|
204
|
Financial income
(expenses) in connection with derivatives, net
|
|
(673)
|
1,501
|
Financing
expenses
|
|
(921)
|
(4,201)
|
Financing income
(expenses), net
|
|
(1,436)
|
(2,496)
|
Company's share of
losses of investees accounted for at equity
|
|
(281)
|
(540)
|
|
|
|
|
|
|
|
|
Profit (loss)
before taxes on income
|
|
(1,945)
|
10,332
|
|
|
|
|
Tax benefit (taxes on
income)
|
|
44
|
(245)
|
|
|
|
|
Net income (loss)
for the period
|
|
(1,901)
|
10,087
|
|
|
|
|
Income (loss)
attributable to:
|
|
|
|
Shareholders of the
Company
|
|
(1,907)
|
10,068
|
Non-controlling
interests
|
|
6
|
19
|
Net income (loss)
for the period
|
|
(1,901)
|
10,087
|
|
|
|
|
|
|
|
|
Other
comprehensive income :
|
|
|
|
Foreign currency
translation adjustments
|
|
110
|
6,038
|
Total other
comprehensive income
|
|
110
|
6,038
|
|
|
|
|
Total
comprehensive income (loss) for the period
|
|
(1,791)
|
16,125
|
|
|
|
|
Income (Loss) per
share
|
|
|
|
Basic Income (Loss)
per share
|
|
(0.18)
|
0.94
|
Diluted Income (Loss)
per share
|
|
(0.18)
|
0.94
|
|
|
|
|
Condensed
Consolidated Interim Statements of Changes in Equity
|
|
|
|
|
|
Attributable to
shareholders of the Company
|
Non-
controlling
|
Total
|
|
|
interests
|
Equity
|
|
|
|
|
|
Translation
|
|
|
|
|
|
|
|
|
reserve
|
|
|
|
|
|
|
|
|
from
|
|
|
|
|
Share
|
Share
|
Accumulated
|
Treasury
|
Foreign
|
|
|
|
|
capital
|
premium
|
deficit
|
shares
|
Operations
|
Total
|
|
|
|
US$ in
thousands
|
Balance as
at
|
|
|
|
|
|
|
|
|
January 1,
2013
|
26,180
|
76,410
|
(17,079)
|
(522)
|
(1,884)
|
83,105
|
9
|
83,114
|
Profit for the
year
|
-
|
-
|
10,068
|
-
|
-
|
10,068
|
19
|
10,087
|
Other comprehensive
income
|
-
|
-
|
-
|
-
|
6,038
|
6,038
|
*
|
6,038
|
Total comprehensive
income
|
-
|
-
|
10,068
|
-
|
6,038
|
16,106
|
19
|
16,125
|
Transactions with
owners
|
|
|
|
|
|
|
|
|
of the Company,
recognized
|
|
|
|
|
|
|
|
|
directly in
equity:
|
|
|
|
|
|
|
|
|
Cost of
share-based
|
|
|
|
|
|
|
|
|
payments
|
-
|
522
|
-
|
-
|
-
|
522
|
-
|
522
|
Balance as
at
|
|
|
|
|
|
|
|
|
December 31,
2013
|
26,180
|
76,932
|
(7,011)
|
(522)
|
4,154
|
99,733
|
28
|
99,761
|
|
|
|
|
|
|
|
|
|
|
Attributable to
owners of the Company
|
Non-
controlling
|
Total
|
|
|
interests
|
Equity
|
|
|
|
|
|
Translation
|
|
|
|
|
|
|
|
|
reserve
|
|
|
|
|
|
|
|
|
from
|
|
|
|
|
Share
|
Share
|
Accumulated
|
Treasury
|
Foreign
|
|
|
|
|
capital
|
premium
|
deficit
|
shares
|
Operations
|
Total
|
|
|
|
US$ in
thousands
|
For the three
months ended
|
|
|
|
|
|
|
|
|
March 31, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
January 1,
2014
|
26,180
|
76,932
|
(7,011)
|
(522)
|
4,154
|
99,733
|
28
|
99,761
|
Loss for the
Period
|
-
|
-
|
(1,907)
|
-
|
-
|
(1,907)
|
6
|
(1,901)
|
Other comprehensive
income
|
-
|
-
|
-
|
-
|
110
|
110
|
-
|
110
|
Total comprehensive
income(loss)
|
-
|
-
|
(1,907)
|
-
|
110
|
(1,797)
|
6
|
(1,791)
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
March 31,
2014
|
26,180
|
76,932
|
(8,918)
|
(522)
|
4,264
|
97,936
|
34
|
97,970
|
Condensed
Consolidated Interim Statements of Cash Flows
|
|
|
|
|
For the
three Months
ended March 31,
2014
|
For the year
ended December 31,
2013
|
|
(Unaudited)
|
(Audited)
|
|
US$ in
thousands
|
Cash flows from
operating activities
|
|
|
|
|
|
Net income
(loss)
|
(1,901)
|
10,087
|
|
|
|
Adjustments
for:
|
|
|
|
|
|
Financing expenses,
net
|
1,436
|
2,496
|
Gain on bargain
purchase
|
-
|
(10,237)
|
Depreciation
|
1,303
|
4,021
|
Cost of share-based
payment
|
-
|
522
|
Company's share of
losses of investee accounted for at equity
|
281
|
540
|
Decrease (increase)
in trade receivables
|
(49)
|
218
|
Decrease (increase)
in other receivables and prepaid expenses
|
(962)
|
1,783
|
Decrease in other
assets
|
1
|
12
|
Increase (decrease)
in accrued severance pay, net
|
(28)
|
22
|
Increase (decrease)
in accounts payable
|
(155)
|
376
|
Increase (decrease)
in other payables and accrued expenses
|
233
|
(1,450)
|
Taxes on income (Tax
benefit)
|
(159)
|
245
|
Taxes on income
paid
|
-
|
(458)
|
Interest
received
|
16
|
137
|
Interest
paid
|
(409)
|
(1,925)
|
|
1,508
|
(3,698)
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities
|
(393)
|
6,389
|
Condensed
Consolidated Interim Statements of Cash Flows
(cont'd)
|
|
|
|
|
For the
three Months
ended March 31,
2014
|
For the year
ended December 31,
2013
|
|
(Unaudited)
|
(Audited)
|
|
US$ in
thousands
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Purchase of property
and equipment
|
(92)
|
(9,152)
|
Acquisition of
subsidiary, net of cash acquired
|
-
|
(30,742)
|
Investment in equity
accounted investees
|
(3,861)
|
(4,372)
|
Proceeds from
deposits, net
|
2,652
|
137
|
Settlement of forward
contract
|
-
|
(169)
|
Deposit from
restricted cash, net
|
3,801
|
1,519
|
|
|
|
|
|
|
Net cash provided by
(used in) investing activities
|
2,500
|
(42,779)
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Repayment of
long-term loans and financial lease obligation
|
(17,835)
|
(7,818)
|
Proceeds from
debentures and loans, net
|
32,762
|
17,692
|
|
|
|
|
|
|
Net cash provided by
financing activities
|
14,927
|
9,874
|
|
|
|
Exchange differences
on balances of cash and
|
|
|
cash
equivalents
|
266
|
462
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
17,300
|
(26,054)
|
Cash and cash
equivalents at the beginning of period
|
9,738
|
33,292
|
|
|
|
Cash and cash
equivalents at the end of the period
|
27,038
|
7,238
|
|
|
|
Reconciliation of
Net income (loss) to Adjusted EBITDA (in US$
thousands)
|
|
|
For the three
Months ended March
31,
|
|
For the year
ended December
31,
|
|
2014
|
|
2013
|
|
Unaudited
|
|
Unaudited
|
Net income (loss) for
the period
|
(1,907)
|
|
10,068
|
Financing expenses
(income),
net
|
1,436
|
|
2,496
|
Gain on bargain
purchase
|
-
|
|
(10,237)
|
Taxes on income
(benefit)
|
(44)
|
|
245
|
Depreciation
|
1,303
|
|
4,021
|
Adjusted
EBITDA
|
788
|
|
6,593
|
|
|
|
|
|
SOURCE Ellomay Capital Ltd.