TEL-AVIV, Israel, March 18, 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 reported its unaudited
financial results for the year and fourth quarter ended
December 31, 2014.
Fiscal Year
2014 Results (ending December
31st)
|
|
|
FY 2014
|
|
FY 2013
|
|
CHANGE
|
Revenues
|
|
$15.8 million
|
|
$13.0 million
|
|
+21.5%
|
Gross Profit
|
|
$7.2 million
|
|
$6.6 million
|
|
+9.1%
|
Gross Margin
|
|
45.6%
|
|
50.8%
|
|
-5.2%
|
Operating
profit
|
|
$10.2 million
|
|
$12.8 million
|
|
-20.3%
|
Adjusted EBITDA(1)
|
|
$11.7 million
|
|
$6.6
million
|
|
+77.3%
|
Net Income
|
|
$6.6 million
|
|
$10.1 million
|
|
-34.7%
|
|
|
|
|
|
|
|
(1) A
reconciliation table of the Adjusted EBITDA is provided
below
|
Financial Highlights
- Revenues were approximately $15.8
million for the year ended December
31, 2014, compared to approximately $13 million for the year ended December 31, 2013. Operating expenses were
approximately $3.1 million for the
year ended December 31, 2014,
compared to approximately $2.4
million for the year ended December
31, 2013. Depreciation expenses were approximately
$5.5 million for the year ended
December 31, 2014, compared to
approximately $4 million for the year
ended December 31, 2013. These
increases resulted from the operations of our Spanish PV plants
acquired on July 1, 2014 and the
Italian PV plants acquired on June 26,
2013, all of which were not included in our results prior to
their acquisition, slightly offset by relatively low radiation
levels during the year ended December 31,
2014, the implementation of a new remuneration scheme in
Spain adopted in 2014 effective
from July 1, 2013 and a decrease in
market prices of electricity in Italy.
- 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 elected 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. During the
fourth quarter of 2014, the Company reexamined the impairment
charges of approximately $0.6 million
recorded in connection with this new legislation, and determined to
reverse the impairment charges due to changes in market terms that
resulted in a decreased discount rate.
- Gain on bargain purchase was approximately $4 million for the year ended December 31, 2014. In July
2014, the Company consummated the acquisition of three
photovoltaic (solar) plants with an aggregate capacity of
approximately 5.6MWp (the "Murcia PV Plants"). The Murcia 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 Murcia PV Plants were acquired from a Spanish company whose
German parent company has entered into insolvency proceedings. The
Murcia PV Plants and all associated assets and rights were
purchased by the Company for an aggregate purchase price of
approximately Euro 9.7 million
(approximately $13.3 million).The
Company's results for the year ended December 31, 2014 do not include the results of
the Murcia PV Plants for the six months ended June 30, 2014, as the closing date of the
acquisition of the Murcia 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 $4 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
$4.3 million for the year ended
December 31, 2014, compared to
approximately $3.5 million for the
year ended December 31, 2013. The
general and administrative expenses for the year
ended December 31, 2014 included expenses in the amount of
approximately $0.2 million in
connection with the payment of bonuses to employees and
aggregate expenses in the amount of approximately $0.7 million in connection with a pumped storage
project in the Manara Cliff in Israel, a pre-bid agreement executed with
respect to a joint offer to acquire participating interests in two
exploration and drilling licenses off-shore Israel (Karish
Tanin) and other due diligence and transaction expenses. The
general and administrative expenses for the year ended December 31, 2013 included consultancy fees in
connection with the transactions negotiated during 2013 of
approximately $0.6 million, including
the acquisition of the Veneto PV Plants and the loan agreement with
Israel Discount Bank Ltd, offset by proceeds received in
connection with the enforcement of a bond received from a
contractor of four of our photovoltaic plants that has entered into
insolvency proceedings, in the amount of approximately $0.6 million.
- Financing expenses, net were approximately $3.4 million for the year ended December 31, 2014, compared to approximately
$2.5 million in the year ended
December 31, 2013.The increase in
financial expenses, net was mainly due to approximately
$1 million of expenses in
connection with the repayment of a loan by a wholly-owned Italian
subsidiary of the Company and termination of related swap contract
and interest payment and expenses due on and in connection with our
Series A Debentures.
- Company's share of income of investee accounted for at equity
was approximately $1.8 million for
the year ended December 31, 2014 as
the power plant operated by Dorad Energy, Ltd. ("Dorad")
successfully commenced commercial operations in May 2014.
- Net income was approximately $6.6
million for the year ended December
31, 2014, compared to approximately $10.1 million for the year ended December 31, 2013, respectively.
- Total other comprehensive loss was approximately $12.3 million for the year ended December 31, 2014, compared to other
comprehensive income of approximately $6
million for the year ended December
31, 2013, mainly due to presentation currency translation
adjustments as a result of fluctuations in the Euro/USD exchange
rates.
- Adjusted EBITDA was approximately $11.7
million for the year ended December
31, 2014, compared to approximately $6.6 million for the year ended December 31, 2013.
- Net cash provided by operating activities was approximately
$3.3 million for the year ended
December 31, 2014.
- As of February 28, 2015, the
Company held approximately $13.9
million in cash and cash equivalents, approximately
$5 million in short-term deposits,
approximately $5 million
in marketable securities and approximately $4 million in restricted cash.
Dividend Distribution Policy
The Company's Board of Directors adopted a dividend distribution
policy (the "Policy") pursuant to which the Company intends to
distribute a dividend of up to 33% of our annual distributable
profits each year, either by way of a cash dividend, a share
buyback program or a combination of both. Dividend payments
pursuant to the Policy are not guaranteed and are subject to the
specific approval of our Board of Directors, based on various
factors they deem appropriate including, among others, our
financial position, our outstanding liabilities and contractual
obligations, prospective acquisitions, our business plan and the
market conditions. Our Board of Directors may, subject to the
circumstances and conditions stated above, declare additional
dividend distributions, change the rate of a specific distribution
or cancel a distribution (either as a revision to the Policy or on
a more temporary basis). In addition, our Board of Directors may,
in its absolute discretion and at any time, revise, update or
terminate the Policy.
Ran Fridrich, CEO and a board member of Ellomay commented: "The
Company today reports a new dividend distribution policy approved
by the Company's Board of Directors. The Company will act to
distribute dividends in a manner that will preserve its ability to
invest in new projects and repay its liabilities and subject to the
provisions of applicable law, relevant contractual undertakings and
the approval of the Company's Board for the distributions. During
the fourth quarter we invested substantial efforts in the continued
development of the pumped-hydro storage project in the Manara
Cliff, Israel and entered into
forward transactions in order to limit the impact of exchange rate
fluctuations on the Company's balance sheet. In addition, the
Company is examining a wide variety of projects, in various energy
field and in a number of geographic areas."
Information for the Company's Series A Debenture
Holders
As of December 31, 2014, the
Company's Net Financial Debt (as such term is defined in the Series
A Debentures Deed of Trust) was approximately $21.5 million (consisting of approximately
$14.2 million of short-term and
long-term debt from banks and other interest bearing financial
obligations and approximately $44.9
million in connection with the Series A Debentures issuances
(in January and June 2014), net of
approximately $27.7 million of cash
and cash equivalents, short term deposits and marketable securities
and net of approximately $9.9 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 for the years ended December 31, 2014 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:
- Approximately 22.6MW of photovoltaic power plants in
Italy, approximately 5.6MW of
photovoltaic power plants in Spain
and 85% of approximately 2.3MW of photovoltaic power plant in
Spain; and
- 7.5% indirect interest, with an option to increase its holdings
to 9.375%, in Dorad Energy Ltd., which owns and operates
Israel's largest private power
plant with production capacity of approximately 850 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, we believe 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
|
|
|
|
|
December
31,
|
December
31,
|
|
2014
|
2013
|
|
Unaudited
|
Audited
|
|
US$ in
thousands
|
Assets
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
15,758
|
7,238
|
Marketable
Securities
|
3,650
|
-
|
Short-term
deposits
|
4,944
|
5,153
|
Restricted
cash
|
283
|
5,653
|
Trade
receivables
|
214
|
134
|
Other receivables and
prepaid expenses
|
5,929
|
4,357
|
|
30,778
|
22,535
|
Non-current
assets
|
|
|
|
|
|
Investments in equity
accounted investees
|
27,237
|
24,601
|
Financial
asset
|
1,912
|
389
|
Property, plant and
equipment
|
93,513
|
93,671
|
Restricted
cash
|
4,170
|
4,315
|
Other
assets
|
1,477
|
1,419
|
|
128,309
|
124,395
|
|
|
|
Total
assets
|
159,087
|
146,930
|
|
|
|
Liabilities and
Equity
|
|
|
Current
liabilities
|
|
|
|
|
|
Loans and
borrowings
|
677
|
19,454
|
Debentures
|
4,884
|
-
|
Accounts
payable
|
1,229
|
2,154
|
Accrued expenses and
other payables
|
4,134
|
5,311
|
|
10,924
|
26,919
|
Non-current
liabilities
|
|
|
|
|
|
Finance lease
obligations
|
5,646
|
6,814
|
Long-term bank
loans
|
4,039
|
11,050
|
Debentures
|
40,042
|
-
|
Other long-term
liabilities
|
4,310
|
2,386
|
|
54,037
|
20,250
|
|
|
|
Total
liabilities
|
64,961
|
47,169
|
Equity
|
|
|
Share
capital
|
26,180
|
26,180
|
Share
premium
|
76,932
|
76,932
|
Treasury
shares
|
(522)
|
(522)
|
Reserves
|
(8,127)
|
4,154
|
Accumulated
deficit
|
(353)
|
(7,011)
|
Total equity
attributed to shareholders of the Company
|
94,110
|
99,733
|
Non-Controlling
Interest
|
16
|
28
|
|
|
|
Total
equity
|
94,126
|
99,761
|
|
|
|
Total liabilities
and equity
|
159,087
|
146,930
|
Condensed
Consolidated Interim Statements of Comprehensive Income
(loss)
|
|
|
|
|
|
For the
three
|
For
the
|
For
the
|
|
months
ended
|
year
ended
|
year
ended
|
|
December
31,
|
December
31,
|
December
31,
|
|
2014
|
2014
|
2013
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
|
|
Revenues
|
3,053
|
15,782
|
12,982
|
Operating
expenses
|
(904)
|
(3,087)
|
(2,381)
|
Depreciation
expenses
|
(1,382)
|
(5,452)
|
(4,021)
|
Impairment charges
reversal
|
568
|
-
|
-
|
Gross
profit
|
1,335
|
7,243
|
6,580
|
|
|
|
|
General and
administrative expenses
|
(793)
|
(4,253)
|
(3,449)
|
Company's share of
income (losses) of investee accounted for at equity
|
152
|
1,819
|
*(540)
|
Other income
(expense), net
|
(199)
|
1,438
|
*(42)
|
Gain on bargain
purchase
|
307
|
3,995
|
10,237
|
Operating
profit
|
802
|
10,242
|
12,786
|
|
|
|
|
Financing
income
|
1,776
|
2,245
|
204
|
Financial income
(expenses) in connection with derivatives, net
|
(725)
|
1,048))
|
*1,543
|
Financing
expenses
|
(708)
|
(4,592)
|
(4,201)
|
Financing income
(expenses) , net
|
343
|
(3,395)
|
(2,454)
|
|
|
|
|
Profit before
taxes on income
|
1,145
|
6,847
|
10,332
|
|
|
|
|
Tax benefit (Taxes on
income)
|
634
|
(201)
|
(245)
|
|
|
|
|
Net income for the
period
|
1,779
|
6,646
|
10,087
|
|
|
|
|
Income (loss)
attributable to:
|
|
|
|
Shareholders of the
Company
|
1,785
|
6,658
|
10,068
|
Non-controlling
interests
|
(6)
|
(12)
|
19
|
Net income for the
period
|
1,779
|
6,646
|
10,087
|
|
|
|
|
Other
comprehensive income (loss)
|
|
|
|
Items that are or
may be reclassified to profit or loss:
|
|
|
|
Foreign currency
translation adjustments
|
(2,762)
|
(3,199)
|
6,038
|
|
|
|
|
Items that would
not be reclassified to profit or loss:
|
|
|
|
Presentation currency
translation adjustments
|
(1,389)
|
(9,082)
|
-
|
|
|
|
|
Total other
comprehensive income (loss)
|
(4,151)
|
(12,281)
|
6,038
|
|
|
|
|
Total
comprehensive income (loss) for the period
|
(2,372)
|
(5,635)
|
16,125
|
Net earnings per
share
|
|
|
|
Basic earnings per
share
|
0.17
|
0.62
|
0.94
|
Diluted earnings per
share
|
0.17
|
0.62
|
0.94
|
|
|
|
|
* During the current
period the Company changed the comprehensive income statement
classification of the results of the Company's
investments in energy projects. The results of such investments are
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 are recorded in the operating profit to more
appropriately reflect 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 Changes in Equity
|
|
|
|
|
|
|
|
|
|
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;
Unaudited
|
For the year
ended
|
|
|
|
|
|
|
|
|
|
December 31,
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
year
|
-
|
-
|
6,658
|
-
|
-
|
|
6,658
|
(12)
|
6,646
|
Other
comprehensive
loss
|
-
|
-
|
-
|
-
|
(3,199)
|
(9,082)
|
(12,281)
|
-
|
(12,281)
|
Total comprehensive
loss
|
-
|
-
|
6,658
|
-
|
(3,199)
|
(9,082)
|
(5,623)
|
(12)
|
(5,635)
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
December 31,
2014
|
26,180
|
76,932
|
(353)
|
(522)
|
955
|
(9,082)
|
94,110
|
16
|
94,126
|
|
|
Non-
controlling
|
Total
|
|
Attributable to
shareholders of the Company
|
interests
|
Equity
|
|
|
|
|
|
Translation
|
|
|
|
|
|
|
|
|
Reserve
|
|
|
|
|
|
|
|
|
From
|
|
|
|
|
Share
|
Share
|
Accumulated
|
Treasury
|
Foreign
|
|
|
|
|
capital
|
Premium
|
deficit
|
shares
|
Operations
|
Total
|
|
|
|
US$ in thousands;
Audited
|
For the year
ended
|
|
|
|
|
|
|
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
January 1,
2013
|
26,180
|
76,410
|
(17,079)
|
(522)
|
(1,884)
|
83,105
|
9
|
83,114
|
Net income 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
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Interim Statements of Cash Flows
|
|
|
|
|
|
For the three
months ended December 31, 2014
|
For the year ended
December 31,
2014
|
For the year ended
December 31,
2013
|
|
Unaudited
|
Unaudited
|
Audited
|
|
US$ in
thousands
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Income for the
period
|
1,779
|
6,646
|
10,087
|
|
|
|
|
Adjustments
for:
|
|
|
|
|
|
|
|
Financing expenses
(income), net
|
(343)
|
3,395
|
*2,454
|
Gain on bargain
purchase
|
(307)
|
(3,995)
|
(10,237)
|
Impairment charges
reversal
|
(568)
|
-
|
-
|
Depreciation
|
1,382
|
5,452
|
4,021
|
Cost of share-based
payment
|
-
|
-
|
522
|
Company's share of
losses (income) of investee accounted for at equity
|
(152)
|
(1,819)
|
540
|
Decrease in
trade receivables
|
220
|
95
|
218
|
Decrease (increase)
in other receivables and prepaid expenses
|
2,673
|
(1,631)
|
1,783
|
Decrease (increase)
in other assets
|
(122)
|
(797)
|
*54
|
Increase (decrease)
in accrued severance pay, net
|
-
|
29))
|
22
|
Increase (decrease)
in accounts payable
|
(435)
|
(498)
|
376
|
Increase (decrease)
in other payables and accrued expenses
|
(380)
|
498
|
(1,450)
|
Taxes on income (tax
benefit)
|
(634)
|
201
|
245
|
Taxes paid
|
(281)
|
(461)
|
(458)
|
Interest
received
|
85
|
212
|
137
|
Interest
paid
|
(1,154)
|
(3,933)
|
(1,925)
|
|
(16)
|
(3,310)
|
(3,698)
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
1,763
|
3,336
|
6,389
|
|
|
|
|
* During the current
period the Company changed the comprehensive income statement
classification of the results of the Company's investments in
energy projects. The results of such investments are 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 are
recorded in the operating profit to more appropriately
reflect 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
(cont'd)
|
|
|
|
|
|
For the three
months ended December 31, 2014
|
For the year ended
December 31,
2014
|
For the year ended
December 31,
2013
|
|
Unaudited
|
Unaudited
|
Audited
|
|
US$ in
thousands
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
(617)
|
(709)
|
(9,152)
|
Acquisition of
subsidiary, net of cash acquired
|
(60)
|
(13,126)
|
(30,742)
|
Investment in equity
accounted investees
|
-
|
(4,058)
|
(4,372)
|
Proceeds from
(investment in) deposits, net
|
(4,944)
|
209
|
137
|
Investment in
marketable securities
|
(3,687)
|
(3,687)
|
-
|
Settlement of forward
contract
|
-
|
-
|
(169)
|
Proceeds from
restricted cash, net
|
5
|
5,306
|
1,519
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
(9,303)
|
(16,065)
|
(42,779)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Repayment of
loans
|
(94)
|
(25,702)
|
(7,818)
|
Repayment of
debentures
|
(5,151)
|
(5,151)
|
-
|
Proceeds from loans
and Debentures, net
|
-
|
55,791
|
17,692
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
(5,245)
|
24,938
|
9,874
|
|
|
|
|
|
|
|
|
Exchange
differences on balances of cash and cash equivalents
|
(1,464)
|
(3,689)
|
462
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
(14,249)
|
8,520
|
(26,054)
|
Cash and cash
equivalents at the beginning of period
|
30,007
|
7,238
|
33,292
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
15,758
|
15,758
|
7,238
|
|
|
|
|
Reconciliation of
Net income to Adjusted EBITDA (in US$ thousands)
(Unaudited)
|
|
|
|
|
|
For the three
months ended December 31,
|
For the year ended
December 31,
|
For the year ended
December 31,
|
|
2014
|
2014
|
2013
|
Net income for the
period
|
1,779
|
6,646
|
10,087
|
Financing expenses
(income), net
|
(343)
|
3,395
|
*2,454
|
Taxes on income (Tax
benefit)
|
(634)
|
201
|
245
|
Depreciation
|
1,382
|
5,452
|
4,021
|
Impairment charges
reversal
|
(568)
|
-
|
-
|
Gain on bargain
purchase
|
(307)
|
(3,995)
|
(10,237)
|
Adjusted
EBITDA
|
1,309
|
11,669
|
6,570
|
|
|
|
|
* During the current
period the Company changed the comprehensive income statement
classification of the results of the Company's investments in
energy projects. The results of such investments are 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 are
recorded in the operating profit to more
appropriately reflect the Company's operations as a
holding company operating in the business of energy and
infrastructure. Comparative amounts were reclassified for
consistency.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ellomay-capital-reports-results-for-the-fourth-quarter-of-2014-300052376.html
SOURCE Ellomay Capital Ltd.