TEL AVIV, Israel, Sept. 18, 2016 /PRNewswire/ -- Ellomay Capital
Ltd. (NYSE MKT: ELLO; TASE: ELLO) ("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 six month periods ended
June 30, 2016.
Financial Highlights
- Revenues were approximately $6.5
million (approximately €5.8 million) for the six months
ended June 30, 2016, compared to
approximately $7.2 million
(approximately €6.5 million) for the six months ended June 30, 2015. The decrease in revenues is mainly
a result of relatively lower radiation levels during the six months
ended June 30, 2016 compared to the
six month period ended June 30, 2015,
as 2015 was characterized by high levels of radiation.
- Operating expenses were approximately $1.2 million (approximately €1 million) for the
six months ended June 30, 2016,
compared to approximately $1.5
million (approximately €1.3 million) for the six months
ended June 30, 2015. The decrease in
operating expenses is mainly attributable to lower expenses under
O&M agreements and reduction of the municipal tax paid by the
Company's Italian subsidiaries. Depreciation expenses were
approximately $2.5 million
(approximately €2.2 million) for each of the six months ended
June 30, 2016 and June 30, 2015.
- General and administrative expenses were approximately
$1.8 million for the six months ended
June 30, 2016, compared to
approximately $1.7 million for the
six months ended June 30, 2015.
During the six months ended June 30,
2016 the Company invested approximately $0.6 million in the Pumped Storage project in the
Manara Cliff in Israel (the
"Manara PSP"), an amount that was recorded in the general and
administrative expenses. The increase in general and administrative
expenses in connection with the Manara PSP was partially offset by
a decrease in other consulting expenses and reduced labor costs
following the termination of employment of one of the Company's
senior employees.
- Company's share of profits of investee accounted for at equity,
after elimination of intercompany transactions, was approximately
$0.3 million for the six months ended
June 30, 2016, compared to
approximately $0.2 million in the six
months ended June 30, 2015.
- Financing expenses, net was approximately $2.8 million for the six months ended
June 30, 2016, compared to financing
income, net of approximately $1.3
million for the six months ended June
30, 2015. The change in financing expenses was mainly due to
the reevaluation of the Company's EUR/USD forward transactions and
interest rate swap transactions in the aggregate amount of
approximately $5.3 million income
during the six months ended June 30,
2015 compared to an approximately $1
million loss during the six months ended June 30, 2016, partially offset by income
resulting from exchange rate differences in the amount of
approximately $2.3 million.
- Taxes on income were approximately $0.3
million for the six months ended June
30, 2016, compared to approximately $0.6 million for the six months ended
June 30, 2015. This decrease in taxes
on income compared to the corresponding period in 2015 resulted
mainly from utilization of loss carried forwards due to tax
benefits initially recognized as at the end of 2015.
- Net loss was approximately $1.7
million for the six months ended June
30, 2016, compared to net income of approximately
$2.6 million for the six months ended
June 30, 2015.
- Total other comprehensive income was approximately $1.7 million for the six months ended
June 30, 2016, compared to other
comprehensive losses of approximately $4.8
million for the six months ended June
30, 2015. The change was mainly due to presentation currency
translation adjustments as a result of fluctuations in the Euro/USD
exchange rates.
- Total comprehensive income was approximately $0.1 million for the six months ended
June 30, 2016, compared to a loss of
approximately $2.2 million for the
six months ended June 30, 2015.
- EBITDA was approximately $3.9
million for the six months ended June
30, 2016 compared to approximately $4.3 million for the six months ended
June 30, 2015, respectively. The
decrease in EBITDA is mainly due to the decrease in revenues
resulting from relatively lower radiation levels, partially offset
by decreased operational costs due to operational
streamlining.
- Net cash provided by operating activities was approximately
$0.6 million for the six months ended
June 30, 2016 compared to
approximately $1.7 million for the
six months ended June 30, 2015,
respectively. The decrease in net cash provided by operating
activities is mainly attributable to proceeds from settlement of
derivatives in the amount of approximately $0.5 million and a VAT refund received by one of
the Company's Spanish subsidiaries during the six month period
ended June 30, 2015 amounting to
approximately $0.6 million, and
increased expenditure in connection with the Company's pumped
storage plant in the Manara Cliff during the six month period ended
June 30, 2016.
- In August 2016, Ellomay Pumped
Storage (2014) Ltd., a 75% owned subsidiary of the Company,
received a conditional license for the Manara PSP from the Israeli
Minister of National Infrastructures, Energy and Water Resources
(the "Conditional License"). The Conditional License regulates the
construction of a pumped storage plant in the Manara Cliff with a
capacity of 340 MW. The Conditional License includes several
conditions precedent to the entitlement of the holder of the
Conditional License to receive an electricity production
license.
- In August 2016, the Company
entered into a strategic agreement (the "Agreement") with Ludan
Energy Overseas B.V. ("Ludan"), a wholly-owned subsidiary of Ludan
Engineering Co. Ltd. (TASE: LUDN), in connection with
Waste-to-Energy (specifically Gasification and Bio-Gas (anaerobic
digestion) projects in the
Netherlands. Pursuant to the Agreement, subject to the
fulfillment of certain conditions (including the financial closing
of each project and receipt of a valid Sustainable Energy
Production Incentive subsidy from the Dutch authorities and
applicable licenses), the Company will acquire at least 51% of each
project company and Ludan will own the remaining 49%. The expected
overall cost of the projects is approximately EUR 200 million (including project financing).
The Agreement may be terminated, inter alia, in the event the
parties will not reach an understanding as to the contents of the
EPC and O&M contracts within sixty days following the financial
closing of the first project.
As of September 1, 2016, the
Company held approximately $24.8
million in cash and cash equivalents, approximately
$5.6 in marketable securities and
approximately $6 million in
short-term and long-term restricted cash.
Ran Fridrich, CEO and a board member of Ellomay commented:
"Ellomay continues to maintain a stable operating profit and keeps
improving its operational parameters. We recently executed the
agreement with Ludan, which is expected to provide us with an entry
point into the Netherlands Waste-to-Energy market and received a
conditional license for the Manara Cliff pumped-storage project,
both positive events that are expected to expand our operations in
the renewable and clean energy market."
Information for the Company's Series A Debenture
Holders
As of June 30, 2016, the Company's
Net Financial Debt (as such term is defined in the Series A
Debentures Deed of Trust) was approximately $18.2 million (consisting of approximately
$19.3 million of short-term and
long-term debt from banks and other interest bearing financial
obligations and approximately $40.6
million in connection with the Series A Debentures issuances
(in January and June 2014), net of
approximately $22.2 million of cash
and cash equivalents and marketable securities 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
EBITDA is a non-IFRS measure and is defined as earnings before
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 EBITDA
to be an important measure of comparative operating performance,
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. 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
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 EBITDA may not be indicative of the
historic operating results of the Company; nor is it meant to be
predictive of potential future results. See the reconciliation of
Net Income (Loss) to EBITDA below.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered
with the NYSE MKT and with the Tel Aviv Stock Exchange under the
trading symbol "ELLO". 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 and approximately 7.9MW
of photovoltaic power plants in Spain;
- 9.375% indirect interest in Dorad Energy Ltd., which owns and
operates one of Israel's largest
private power plants with production capacity of approximately 850
MW, representing about 6%-8% of Israel's total current electricity
consumption; and
- 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and
Ellomay Pumped Storage (2014) Ltd., all of which are involved in a
project to construct a 340 MW pumped storage hydro power plant in
the Manara Cliff, Israel.
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. Ellomay believes 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 Interim Statements of Financial Position
|
|
|
|
|
|
June 30,
2016
|
|
December 31,
2015
|
|
Unaudited
|
|
Audited
|
|
US$ in
thousands
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
16,715
|
|
18,717
|
Marketable
securities
|
5,515
|
|
6,499
|
Restricted
cash
|
80
|
|
79
|
Trade
receivables
|
314
|
|
69
|
Other receivables and
prepaid expenses
|
14,471
|
|
8,149
|
|
37,095
|
|
33,513
|
Non-current
assets
|
|
|
|
Investment in equity
accounted investee
|
30,241
|
|
33,970
|
Financial
assets
|
4,813
|
|
4,865
|
Fixed
assets
|
78,321
|
|
78,975
|
Restricted cash and
deposits
|
5,380
|
|
5,317
|
Deferred
tax
|
2,852
|
|
2,840
|
Other
assets
|
985
|
|
847
|
|
122,592
|
|
126,814
|
Total
assets
|
159,687
|
|
160,327
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities
|
|
|
|
Loans and
borrowings
|
1,208
|
|
1,133
|
Debentures
|
4,973
|
|
4,878
|
Trade
payables
|
1,013
|
|
869
|
Other
payables
|
3,348
|
|
3,223
|
|
10,542
|
|
10,103
|
Non-current
liabilities
|
|
|
|
Finance lease
obligations
|
4,658
|
|
4,724
|
Long-term
loans
|
12,946
|
|
13,043
|
Debentures
|
35,629
|
|
35,074
|
Deferred
tax
|
903
|
|
823
|
Other long-term
liabilities
|
3,275
|
|
2,495
|
|
57,411
|
|
56,159
|
Total
liabilities
|
67,953
|
|
66,262
|
|
|
|
|
Equity
|
|
|
|
Share
capital
|
26,597
|
|
26,597
|
Share
premium
|
77,724
|
|
77,723
|
Treasury
shares
|
(1,980)
|
|
(1,972)
|
Reserves
|
(13,464)
|
|
(15,215)
|
Retained
earnings
|
3,320
|
|
7,200
|
Total equity
attributed to shareholders of the Company
|
92,197
|
|
94,333
|
Non-Controlling
Interest
|
(463)
|
|
(268)
|
|
|
|
|
Total
equity
|
91,734
|
|
94,065
|
Total liabilities
and equity
|
159,687
|
|
160,327
|
Condensed
Consolidated Interim Statements of Comprehensive Income
(Loss)
|
|
|
|
|
|
|
|
For the Three
Months ended
June 30, 2016
|
|
For the Six
Months ended
June 30, 2016
|
|
For the Six
Months ended
June 30, 2015
|
|
Unaudited
|
|
US$ thousands
(except per share amounts)
|
Revenues
|
3,967
|
|
6,513
|
|
7,228
|
Operating
expenses
|
(551)
|
|
(1,159)
|
|
(1,472)
|
Depreciation
expenses
|
(1,297)
|
|
(2,518)
|
|
(2,456)
|
Gross
profit
|
2,119
|
|
2,836
|
|
3,300
|
|
|
|
|
|
|
General and
administrative expenses
|
(756)
|
|
(1,840)
|
|
(1,706)
|
Share of profits
(losses) of equity accounted investee
|
(533)
|
|
312
|
|
217
|
Other income,
net
|
41
|
|
85
|
|
57
|
Operating
Profit
|
871
|
|
1,393
|
|
1,868
|
|
|
|
|
|
|
Financing
income
|
110
|
|
164
|
|
122
|
Financing income
(expenses) in connection with derivatives reevaluation,
net
|
719
|
|
(1,024)
|
|
5,306
|
Financing
expenses
|
(902)
|
|
(1,895)
|
|
(4,101)
|
Financing income
(expenses), net
|
73
|
|
(2,755)
|
|
1,327
|
|
|
|
|
|
|
Profit (loss)
before taxes on income
|
798
|
|
(1,362)
|
|
3,195
|
|
|
|
|
|
|
Taxes on
income
|
(362)
|
|
(309)
|
|
(598)
|
|
|
|
|
|
|
Net income (loss)
for the period
|
436
|
|
(1,671)
|
|
2,597
|
Income (loss)
attributable to:
|
|
|
|
|
|
Shareholders of the
Company
|
512
|
|
(1,476)
|
|
2,716
|
Non-controlling
interests
|
(76)
|
|
(195)
|
|
(119)
|
|
|
|
|
|
|
Net income (loss)
for the period
|
436
|
|
(1,671)
|
|
2,597
|
Other
comprehensive income (loss)
|
|
|
|
|
|
Items that are or
may be reclassified to profit or loss:
|
|
|
|
|
|
Foreign currency
translation adjustments
|
404
|
|
(267)
|
|
699
|
Items that would
not be reclassified to profit or loss:
|
|
|
|
|
|
Presentation currency
translation adjustments
|
(1,953)
|
|
2,018
|
|
(5,459)
|
|
|
|
|
|
|
Total other
comprehensive income (loss)
|
(1,549)
|
|
1,751
|
|
(4,760)
|
|
|
|
|
|
|
Total
comprehensive income (loss)
|
(1,113)
|
|
80
|
|
(2,163)
|
|
|
|
|
|
|
Basic net earnings
(loss) per share
|
0.05
|
|
(0.14)
|
|
0.26
|
Diluted net
earnings (loss) per share
|
0.05
|
|
(0.14)
|
|
0.25
|
Condensed
Consolidated Interim Statements of Changes in Equity
|
|
|
|
|
|
Attributable to
owners of the Company
|
|
|
|
Share
capital
|
Share
premium
|
Retained
Earnings
(Accumulated
Deficit)
|
Treasury
shares
|
Translation
reserve
from
foreign
operations
|
Presentation
currency
translation
reserve
|
Total
|
Non-
controlling
interests
|
Total
Equity
|
|
|
|
US$ in
thousands
|
|
|
|
Unaudited
|
For the six months
ended
|
|
|
|
|
|
|
|
|
|
June 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
January 1,
2016
|
26,597
|
77,723
|
7,200
|
(1,972)
|
814
|
(16,029)
|
94,333
|
(268)
|
94,065
|
Loss for the
period
|
-
|
-
|
(1,476)
|
-
|
-
|
-
|
(1,476)
|
(195)
|
(1,671)
|
Other comprehensive
income
|
-
|
-
|
-
|
-
|
(267)
|
2,018
|
1,751
|
-
|
1,751
|
Total comprehensive
loss
|
-
|
-
|
(1,476)
|
-
|
(267)
|
2,018
|
275
|
(195)
|
80
|
Dividend
distribution
|
-
|
-
|
(2,404)
|
-
|
-
|
-
|
(2,404)
|
-
|
(2,404)
|
Share-based
payments
|
-
|
1
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
Own shares
acquired
|
-
|
-
|
-
|
(8)
|
-
|
-
|
(8)
|
-
|
(8)
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
June 30,
2016
|
26,597
|
77,724
|
3,320
|
(1,980)
|
547
|
(14,011)
|
92,197
|
(463)
|
91,734
|
|
|
|
|
Attributable to
owners of the Company
|
|
|
|
Share
capital
|
Share
premium
|
Retained
earnings
|
Treasury
shares
|
Translation
reserve from operations
|
Presentation
currency translation
reserve
|
Total
|
Non-controlling
interests
|
Total
Equity
|
|
US$ in
thousands
|
|
Unaudited
|
For the three
months ended
|
|
|
|
|
|
|
|
|
|
June 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
March 31,
2016
|
26,597
|
77,723
|
2,809
|
(1,980)
|
143
|
(12,058)
|
93,234
|
(387)
|
92,847
|
Income for the
period
|
-
|
-
|
512
|
-
|
-
|
-
|
512
|
(76)
|
436
|
Other comprehensive
loss
|
-
|
-
|
-
|
-
|
404
|
(1,953)
|
(1,549)
|
-
|
(1,549)
|
Total comprehensive
loss
|
-
|
-
|
512
|
-
|
404
|
(1,953)
|
(1,037)
|
(76)
|
(1,113)
|
Dividend
distribution
|
-
|
-
|
(1)
|
-
|
-
|
-
|
(1)
|
-
|
(1)
|
Share-based
payments
|
-
|
1
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
Own shares
acquired
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
June 30,
2016
|
26,597
|
77,724
|
3,320
|
(1,980)
|
547
|
(14,011)
|
92,197
|
(463)
|
91,734
|
|
Attributable to
owners of the Company
|
|
|
|
|
|
|
|
Translation
|
|
|
|
|
|
|
|
Retained
|
|
reserve
|
Presentation
|
|
|
|
|
|
|
earnings
|
|
from
|
currency
|
|
Non-
|
|
|
Share
|
Share
|
(Accumulated
|
Treasury
|
foreign
|
translation
|
|
controlling
|
Total
|
|
capital
|
premium
|
Deficit)
|
shares
|
operations
|
reserve
|
Total
|
interests
|
Equity
|
|
US$ in
thousands
|
|
Unaudited
|
For the six months
ended
|
|
|
|
|
|
|
|
|
|
June 30,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
January 1,
2015
|
26,180
|
76,932
|
(353)
|
(522)
|
955
|
(9,082)
|
94,110
|
16
|
94,126
|
Income for the
period
|
-
|
-
|
2,716
|
-
|
-
|
-
|
2,716
|
(119)
|
2,597
|
Other comprehensive
loss
|
-
|
-
|
-
|
-
|
699
|
(5,459)
|
(4,760)
|
-
|
(4,760)
|
Total comprehensive
loss
|
-
|
-
|
2,716
|
-
|
699
|
(5,459)
|
(2,044)
|
(119)
|
(2,163)
|
Cost of share-based
payments
|
-
|
24
|
-
|
-
|
-
|
-
|
24
|
-
|
24
|
Warrants and options
exercise
|
60
|
(16)
|
-
|
-
|
-
|
-
|
44
|
-
|
44
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
June 30,
2015
|
26,240
|
76,940
|
2,363
|
(522)
|
1,654
|
(14,541)
|
92,134
|
(103)
|
92,031
|
Condensed
Consolidated Interim Statements of Cash Flows
|
|
|
For the
three
Months ended
June 30, 2016
|
For the
Six
Months ended
June 30, 2016
|
For the
Six
Months ended
June 30, 2015
|
|
US$ in
thousands
|
|
|
Unaudited
|
|
Cash flows from
operating activities
|
|
|
|
Income (loss) for the
period
|
436
|
(1,671)
|
2,597
|
Adjustments
for:
|
|
|
|
Financing (income)
expenses, net
|
73
|
2,755
|
(1,327)
|
Depreciation
|
1,297
|
2,518
|
2,456
|
Share-based
payment
|
1
|
1
|
24
|
Share of losses
(profits) of equity accounted investees for
|
533
|
(312)
|
(217)
|
Change in trade
receivables
|
(295)
|
(244)
|
95
|
Change in other
receivables and prepaid expenses
|
(844)
|
(844)
|
(2,196)
|
Change in other
assets
|
436
|
(113)
|
(4,370)
|
Change in trade
payables
|
(141)
|
124
|
(49)
|
Change in accrued
expenses and other payables
|
(52)
|
(515)
|
5,536
|
Income tax expense
(tax benefit)
|
362
|
309
|
598
|
Income taxes
paid
|
-
|
-
|
(95)
|
Interest
received
|
107
|
144
|
93
|
Interest
paid
|
(1,388)
|
(1,595)
|
(1,449)
|
Net cash provided by
operating activities
|
525
|
557
|
1,696
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Advances on account
of Manara Pumped Storage Project
|
(146)
|
(146)
|
-
|
Investment in equity
accounted investee
|
(767)
|
(803)
|
(7,456)
|
investment in
restricted cash
|
-
|
-
|
(550)
|
Proceeds from
(investment in) Marketable Securities
|
1,008
|
1,008
|
(1,350)
|
Proceeds from
deposits
|
-
|
-
|
3,980
|
Net cash provided by
(used in) investing activities
|
95
|
59
|
(5,376)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Dividend
distribution
|
(2,404)
|
(2,404)
|
-
|
Repayment of
long-term loans and finance lease obligations
|
(557)
|
(645)
|
(424)
|
Long term loans
received
|
90
|
90
|
910
|
Proceeds from options
and warrants exercised
|
-
|
-
|
44
|
Repurchase of own
shares
|
-
|
(8)
|
-
|
Net cash provided by
(used in) financing activities
|
(2,871)
|
(2,967)
|
530
|
|
|
|
|
Exchange differences
on balance of cash and cash equivalents
|
(460)
|
349
|
(917)
|
Increase (decrease)
in cash and cash equivalents
|
(2,711)
|
(2,002)
|
(4,067)
|
Cash and cash
equivalents at the beginning of the period
|
19,426
|
18,717
|
15,758
|
Cash and cash
equivalents at the end of the period
|
16,715
|
16,715
|
11,691
|
Reconciliation of Net
Income (Loss) to EBITDA
|
|
|
For the
Three
Months ended
June 30,
2016
|
For the
Six
Months ended
June 30,
2016
|
For the
Six
Months ended
June 30,
2016
|
|
US$ in
thousands
|
|
Unaudited
|
Net income (loss) for
the period
|
436
|
(1,671)
|
2,597
|
Financing expenses
(income), net
|
73
|
2,755
|
(1,327)
|
Taxes on
income
|
362
|
309
|
598
|
Depreciation
|
1,297
|
2,518
|
2,456
|
EBITDA
|
2,168
|
3,911
|
4,324
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ellomay-capital-reports-results-for-the-three-and-six-months-ended-june-30-2016-300329798.html
SOURCE Ellomay Capital Ltd