TEL-AVIV, Israel, Dec. 31, 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 and nine month periods ended
September 30, 2014.
Financial Highlights
- Revenues were approximately $5.2
million and $12.7 million for
the three and nine months ended September
30, 2014, respectively. Following the approval by the
Italian parliament in August 2014 and
the conversion into law of the Italian decree, executed by the
Italian President in June 2014,
providing for a decrease in the Feed-in-Tariff ("FiT")
guaranteed to existing photovoltaic plants with installed capacity
of more than 200 kW, the Company decided to elect the option that
will entail an approximate 8% reduction in the incentive over the
remaining FiT period (originally 20 years starting the connection
to the grid) commencing January 1,
2015 with respect to all of its Italian photovoltaic plants.
The Company recognized impairment charges of approximately
$0.6 million in connection with this
new legislation.
- Gain on bargain purchase was approximately $3.7 million for the three and nine months ended
September 30, 2014. In July 2014, the Company consummated the
acquisition of three photovoltaic (solar) plants with an aggregate
capacity of approximately 5.6MWp (the "PV Plants"). The PV Plants
are ground mounted fixed technology plants located in Murcia,
Spain, are already constructed and
operating and were connected to the Spanish national grid in 2011.
The PV Plants were acquired from a Spanish company whose German
parent company has entered into insolvency proceedings. The PV
Plants and all associated assets and rights were purchased by the
Company for an aggregate purchase price of approximately
Euro 9.5 million (approximately
US$13 million).The Company's results
for the nine months ended September 30,
2014 do not include the results of the PV Plants for six
months ended June 30, 2014, as the
closing date of the acquisition of the PV Plants was July 17, 2014.
The Company performed a preliminary analysis of the fair value of
identifiable assets acquired and liabilities assumed and a
preliminary and provisional purchase price allocation and recorded
gain on bargain purchase (negative goodwill) in the amount of
approximately $3.7 million based upon
management's best estimate of the value as a result of such
preliminary analysis. Negative goodwill represents the excess of
the Company's share in the fair value of acquired identifiable
assets, liabilities and contingent liabilities over the cost of an
acquisition. The provisional amounts recognized may be adjusted
during the 12 month period following the acquisition in accordance
with IFRS 3 as more detailed analyses are completed and
additional information on the fair value of assets and liabilities
becomes available. Therefore, actual amounts recorded upon the
finalization of the valuation may differ materially from the
information presented in this release.
- General and administrative expenses were approximately
$1.1 million and $3.5 million for the three and nine months ended
September 30, 2014, respectively. The
general and administrative expenses for the nine months ended
September 30, 2014 included expenses
in the amount of approximately $0.6
million, such as payment of bonuses to employees, expenses
in connection with a pumped storage project and expenses in
connection with a pre-bid agreement executed with respect to a
joint offer to acquire participating interests in two exploration
and drilling licenses off-shore Israel.
- Financial expenses, net were approximately $1.2 million and $3.7
million for the three and nine months ended September 30, 2014, respectively, mainly due to
swap payments and interest payment and expenses due on and
connected to our Series A Debentures.
- Company's share of income of investee accounted for at equity
was approximately $1.9 million and
$1.7 million for the three and nine
months ended September 30, 2014,
respectively, as the power plant operated by Dorad Energy, Ltd.
("Dorad") successfully commenced commercial operation in
May 2014.
- Net income was approximately $5.4
million and $4.9 million for
the three and nine months ended September
30, 2014, respectively.
- Total other comprehensive loss was approximately $7.1 million and $8.1
million for the three and nine months ended September 30, 2014, respectively, mainly due to
presentation currency translation adjustments as a result of
fluctuations in the Euro/USD exchange rates.
- Total comprehensive loss was approximately $1.7 million and $3.3
million in the three and nine months ended September 30, 2014, respectively.
- Adjusted EBITDA was approximately $5.1
million and $10.4 million for
the three and nine months ended September
30, 2014, respectively.
- Net cash provided by operating activities was approximately
$1.5 million and $1.6 million for the three and nine months ended
September 30, 2014,
respectively.
- During the nine months ended September
30, 2014, the Company extended an additional aggregate
amount of approximately $4 million to
U. Dori Energy Infrastructures Ltd. ("Dori Energy") in connection
with Dorad's funding requirements from Dori Energy pursuant to the
agreement between Dorad and its shareholders.
- During the nine month period ended September 30, 2014, the Company repaid a loan
from Discount bank in the amount of Euro
13.5 million (approximately $18.6
million) and Ellomay PV Two S.r.l., a wholly-owned Italian
subsidiary of the Company, repaid a loan to an Italian bank
(Unicredit S.p.A.) in the amount of approximately Euro 4.6 million (approximately $6.3 million), as this loan was under terms less
beneficial to the Company compared to alternative financing
resources.
- As of December 15, 2014, the
Company held approximately $20.3
million in cash and cash equivalents, approximately
$4 million in short-term deposits,
approximately $3.6 million marketable
securities and approximately $5.4
million in restricted cash.
Ran Fridrich, CEO and a board member of Ellomay commented: "The
Company's results for the three and nine months ended September 30, 2014 reflect the increase in the
Company's revenues despite the devaluation of the Euro against the
US dollar. The Company enjoyed income from Dorad's operations for
the first time as well as the revenues from the three newly
acquired PV projects in Spain
commencing July 2014. The Company is
engaged in the development stage of a pumped-storage project in
Manara Cliff in Israel and
continues to seek suitable business opportunities in order to
increase its operations."
Information for the Company's Series A Debenture
Holders
As of September 30, 2014, the
Company's Net Financial Debt (as such term is defined in the Series
A Debentures Deed of Trust) was approximately $26.3 million (consisting of approximately
$14 million of short-term and
long-term debt from banks and other interest bearing financial
obligations and approximately $52.6
million in connection with the Series A Debentures issuances
(in January and June 2014), net of
approximately $30 million of cash and
cash equivalents and net of approximately $10.3 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 nine months ended September 30, 2014 the Company deducted
Impairment charges in connection with the new legislation
Italy and that for the year ended
December 31, 2013 and for the three
and nine months ended September 30,
2014 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, approx. 5.6MW of photovoltaic power
plants in Spain 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 840 MW, representing about
6%-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
(Unaudited)
|
|
|
September
31,
|
December
31,
|
|
2014
|
2013
|
|
US$ in
thousands
|
Assets
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
30,007
|
7,238
|
Short-term
deposits
|
-
|
5,153
|
Restricted
cash
|
294
|
5,653
|
Trade
receivables
|
428
|
134
|
Other receivables and
prepaid expenses
|
7,326
|
4,357
|
|
38,055
|
22,535
|
Non-current
assets
|
|
|
|
|
|
Investments in equity
accounted investees
|
28,524
|
24,601
|
Financial
asset
|
1,476
|
389
|
Property, plant and
equipment
|
97,315
|
93,671
|
Restricted
cash
|
4,233
|
4,315
|
Other
assets
|
1,978
|
1,419
|
|
133,526
|
124,395
|
|
|
|
Total
assets
|
171,581
|
146,930
|
|
|
|
Liabilities and
Equity
|
|
|
Current
liabilities
|
|
|
|
|
|
Loans and
borrowings
|
581
|
19,454
|
Debentures
|
5,133
|
-
|
Accounts
payable
|
1,892
|
2,154
|
Accrued expenses and
other payables
|
5,554
|
5,311
|
|
13,160
|
26,919
|
Non-current
liabilities
|
|
|
|
|
|
Finance lease
obligations
|
5,940
|
6,814
|
Long-term bank
loans
|
4,284
|
11,050
|
Debentures
|
47,449
|
-
|
Other long-term
liabilities
|
4,250
|
2,386
|
|
|
|
|
61,923
|
20,250
|
|
|
|
Total
liabilities
|
75,083
|
47,169
|
Equity
|
|
|
Share
capital
|
26,180
|
26,180
|
Share
premium
|
76,932
|
76,932
|
Treasury
shares
|
(522)
|
(522)
|
Reserves
|
(3,976)
|
4,154
|
Accumulated
deficit
|
(2,138)
|
(7,011)
|
Total equity
attributed to shareholders of the Company
|
96,476
|
99,733
|
Non-Controlling
Interest
|
22
|
28
|
|
|
|
Total
equity
|
96,498
|
99,761
|
|
|
|
Total liabilities
and equity
|
171,581
|
146,930
|
Condensed
Consolidated Interim Statements of Comprehensive Income (loss)
(Unaudited)
|
|
|
For the
nine
|
For the
three
|
For
the
|
|
Months
ended
|
Months
ended
|
Year
ended
|
|
September
30,
|
September
30,
|
December
31,
|
|
2014
|
2014
|
2013
|
|
US$ thousands
(except per share amounts)
|
Revenues
|
12,729
|
5,198
|
12,982
|
Operating
expenses
|
2,183
|
654
|
2,381
|
Depreciation
expenses
|
4,070
|
1,449
|
4,021
|
Impairment
charges
|
568
|
-
|
-
|
Gross
profit
|
5,908
|
3,095
|
6,580
|
|
|
|
|
General and
administrative expenses
|
3,460
|
1,112
|
3,449
|
Company's share of
income (losses) of investee accounted for at equity
|
1,667
|
1,897
|
*(540)
|
Other income,
net
|
1,637
|
(206)
|
*(42)
|
Gain on bargain
purchase
|
3,688
|
3,688
|
10,237
|
Operating
profit
|
9,440
|
7,362
|
12,786
|
|
|
|
|
Financing
income
|
469
|
267
|
204
|
Financial income
(expenses) in connection with derivatives, net
|
(323)
|
(20)
|
*1,543
|
Financing
expenses
|
(3,884)
|
(969)
|
(4,201)
|
Financing expenses,
net
|
3,738
|
1,216
|
2,454
|
|
|
|
|
Profit before
taxes on income
|
5,702
|
6,146
|
10,332
|
|
|
|
|
Taxes on
income
|
835
|
757
|
245
|
|
|
|
|
Net income for the
period
|
4,867
|
5,389
|
10,087
|
|
|
|
|
Income
attributable to:
|
|
|
|
Shareholders of the
Company
|
4,873
|
5,389
|
10,068
|
Non-controlling
interests
|
(6)
|
-**
|
19
|
Net income for the
period
|
4,867
|
5,389
|
10,087
|
|
|
|
|
Other
comprehensive income (loss)
|
|
|
|
Items that are or
may be reclassified to profit or loss:
|
|
|
|
Foreign currency
translation adjustments
|
(437)
|
(134)
|
6,038
|
|
|
|
|
Items that would
not be reclassified to profit or loss:
|
|
|
|
Presentation currency
translation adjustments
|
(7,693)
|
(6,924)
|
-
|
|
|
|
|
Total other
comprehensive income (loss)
|
(8,130)
|
(7,058)
|
6,038
|
|
|
|
|
Total
comprehensive income (loss) for the period
|
(3,263)
|
(1,669)
|
16,125
|
Net earnings per
share
|
|
|
|
Basic earnings per
share
|
0.46
|
0.50
|
0.94
|
Diluted earnings per
share
|
0.45
|
0.50
|
0.94
|
* During the current period the Company changed the
comprehensive income statement classification of Company's
investments results in energy projects. The results of such
investments have recorded within the operating results.
Accordingly, the share of losses of investee accounted for under
the equity method and re-evaluation of option to acquire additional
shares in the investee to Operating Profit to reflect more
appropriately the Company's operations as a holding company
operating in the business of energy and infrastructure. Comparative
amounts were reclassified for consistency.
** Less than 1 US$ thousand.
Condensed
Consolidated Interim Statements of Changes in Equity
(Unaudited)
|
|
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
|
Presentation
|
|
|
|
|
|
|
|
|
from
|
currency
|
|
|
|
|
Share
|
Share
|
Accumulated
|
Treasury
|
foreign
|
translation
|
|
|
|
|
capital
|
premium
|
deficit
|
shares
|
operations
|
reserve
|
Total
|
|
|
|
|
US$ in
thousands
|
For the nine
months ended
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
January 1,
2014
|
26,180
|
76,932
|
(7,011)
|
(522)
|
4,154
|
-
|
99,733
|
28
|
99,761
|
Net income for the
period
|
-
|
-
|
4,873
|
-
|
-
|
|
4,873
|
(6)
|
4,867
|
Other
comprehensive
loss
|
-
|
-
|
-
|
-
|
(437)
|
(7,693)
|
(8,130)
|
-
|
(8,130)
|
Total comprehensive
loss
|
-
|
-
|
4,873
|
-
|
(437)
|
(7,693)
|
(3,257)
|
(6)
|
(3,263)
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
September
30, 2014
|
26,180
|
76,932
|
(2,138)
|
(522)
|
3,717
|
(7,693)
|
96,476
|
22
|
96,498
|
Condensed
Consolidated Interim Statements of Changes in Equity (Unaudited)
(cont'd)
|
|
|
Attributable to
owners of the Company
|
Non-
controlling
|
Total
|
|
|
interests
|
Equity
|
|
|
|
|
|
Translation
|
|
|
|
|
|
|
|
|
|
reserve
|
Presentation
|
|
|
|
|
|
|
|
|
from
|
currency
|
|
|
|
|
Share
|
Share
|
Accumulated
|
Treasury
|
foreign
|
translation
|
|
|
|
|
capital
|
premium
|
deficit
|
shares
|
operations
|
reserve
|
Total
|
|
|
|
|
US$ in
thousands
|
For the three
months ended
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
26,180
|
76,932
|
(7,527)
|
(522)
|
3,851
|
(769)
|
98,145
|
22
|
98,167
|
Net income for the
period
|
-
|
-
|
5,389
|
-
|
-
|
|
5,389
|
-
|
5,389
|
Other comprehensive
loss
|
-
|
-
|
-
|
-
|
(134)
|
(6,924)
|
(7,058)
|
-
|
(7,058)
|
Total comprehensive
loss
|
-
|
-
|
5,389
|
-
|
(134)
|
(6,924)
|
(1,669)
|
-
|
(1,669)
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
September
30, 2014
|
26,180
|
76,932
|
(2,138)
|
(522)
|
3,717
|
(7,693)
|
96,476
|
22
|
96,498
|
Condensed
Consolidated Interim Statements of Cash Flows
(Unaudited)
|
|
For the
nine
Months ended
September 30,
2014
|
For the
three
Months ended
September 30,
2014
|
For the year
ended December
31, 2013
|
|
US$ in
thousands
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Income for the
period
|
4,867
|
5,389
|
10,087
|
|
|
|
|
Adjustments
for:
|
|
|
|
|
|
|
|
Financing expenses,
net
|
3,738
|
1,216
|
*2,454
|
Gain on bargain
purchase
|
(3,688)
|
(3,688)
|
(10,237)
|
Impairment
charges
|
568
|
-
|
-
|
Depreciation
|
4,070
|
1,449
|
4,021
|
Cost of share-based
payment
|
-
|
-
|
522
|
Company's share of
income (losses) of investee accounted for at equity
|
(1,667)
|
(1,897)
|
540
|
Decrease (increase)
in trade receivables
|
(125)
|
(51)
|
218
|
Decrease
(increase) in other receivables and prepaid expenses
|
(4,304)
|
(2,045)
|
1,783
|
Decrease (increase)
in other assets
|
(675)
|
803
|
*54
|
Increase (decrease)
in accrued severance pay, net
|
(29)
|
(2)
|
22
|
Increase (decrease)
in accounts payable
|
(63)
|
(240)
|
376
|
Increase
(decrease) in other payables and accrued expenses
|
878
|
337
|
(1,450)
|
Taxes on
income
|
835
|
757
|
245
|
Taxes paid
|
(180)
|
-
|
(458)
|
Interest
received
|
127
|
69
|
137
|
Interest
paid
|
(2,779)
|
(254)
|
(1,925)
|
|
(3,294)
|
(3,908)
|
(3,698)
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
1,573
|
1,481
|
6,389
|
* During the current period the Company changed the
comprehensive income statement classification of Company's
investments results in energy projects. The results of such
investments have recorded within the operating results.
Accordingly, the share of losses of investee accounted for under
the equity method and re-evaluation of option to acquire additional
shares in the investee to Operating Profit to reflect more
appropriately the Company's operations as a holding company
operating in the business of energy and infrastructure. Comparative
amounts were reclassified for consistency.
Condensed
Consolidated Interim Statements of Cash Flows (Unaudited)
(cont'd)
|
|
|
|
|
|
For the
nine Months ended
September 30,
2014
|
For the
three
Months ended
September 30,
2014
|
For the year
ended December
31, 2013
|
|
US$ in
thousands
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
(92)
|
-
|
(9,152)
|
Acquisition of
subsidiary, net of cash acquired
|
(13,066)
|
(13,066)
|
(30,742)
|
Advance on account of
investment
|
-
|
408
|
-
|
Investment in equity
accounted investees
|
(4,058)
|
-
|
(4,372)
|
Proceeds from
deposits, net
|
5,153
|
-
|
137
|
Settlement of forward
contract
|
-
|
-
|
(169)
|
Proceeds from
restricted cash, net
|
5,301
|
-
|
1,519
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
(6,762)
|
(12,658)
|
(42,779)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Repayment of
loans
|
(25,608)
|
-
|
(7,818)
|
Proceeds from loans
and Debentures, net
|
55,791
|
-
|
17,692
|
|
|
|
|
|
|
|
|
Net cash provided by
financing activities
|
30,183
|
-
|
9,874
|
|
|
|
|
|
|
|
|
Exchange
differences on balances of cash and cash equivalents
|
(2,225)
|
(1,709)
|
462
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
22,769
|
(12,886)
|
(26,054)
|
Cash and cash
equivalents at the beginning of period
|
7,238
|
42,893
|
33,292
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
30,007
|
30,007
|
7,238
|
|
|
|
|
Reconciliation of
Net income to Adjusted EBITDA (in US$ thousands)
(Unaudited)
|
|
|
|
|
|
For the
nine Months
ended September
30,
|
For the
three Months
ended September
30,
|
For the year
ended
December
31,
|
|
2014
|
2014
|
2013
|
Net income for the
period
|
4,867
|
5,389
|
10,087
|
Financing expenses,
net
|
3,738
|
1,216
|
2,496
|
Taxes on
income
|
835
|
757
|
245
|
Depreciation
|
4,070
|
1,449
|
4,021
|
Impairment
charges
|
568
|
-
|
-
|
Gain on bargain
purchase
|
(3,688)
|
(3,688)
|
(10,237)
|
Adjusted
EBITDA
|
10,390
|
5,123
|
6,621
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ellomay-capital-reports-results-for-the-third-quarter-of-2014-300014720.html
SOURCE Ellomay Capital Ltd.