TEL-AVIV, Israel, January 20, 2015 /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 provided details concerning forward transactions executed by
the Company.
The Company entered into several foreign exchange forward
transactions for conversion of Euro into U.S. dollars. These
transactions are in the aggregate principal amount of Euro 22.5 million, for a weighted average rate of
approximately 1.29 USD/EUR and with
an average remaining maturity of approximately 3 years. The Company
expects that these transactions will limit the impact of exchange
rate fluctuations on the Company's balance sheet and the amount
represents the majority of the Company's current exposure to
fluctuations in the USD/EUR exchange rate.
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 including
fluctuations in the USD/Euro exchange rate. 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
+972(3)797-1111
anatb@ellomay.com
SOURCE Ellomay Capital Ltd