TEL AVIV, Israel, March 31, 2017 /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 financial
results for the year and fourth quarter ended December 31, 2016.
Financial Highlights
- Revenues were approximately $12.9
million (€11.6 million) for the year ended December 31, 2016, compared to approximately
$13.8 million (€12.5 million) for the
year ended December 31, 2015. The
decrease in revenues is mainly a result of relatively lower
electricity spot prices and radiation levels during the year ended
December 31, 2016 compared to the
year ended December 31, 2015, which
was characterized by relatively high levels of radiation.
- Operating expenses were approximately $2.3 million (€2.1 million) for the year ended
December 31, 2016, compared to
approximately $2.9 million (€2.6
million) for the year ended December 31,
2015. The decrease in operating expenses is mainly
attributable to the reduction of municipal taxes paid by the
Company's Italian subsidiaries as a result of legislation adopted
in 2016. Depreciation expenses were approximately $4.9 million (€4.4 million) for both the year
ended December 31, 2016 and the year
ended December 31, 2015.
- General and administrative expenses were approximately
$4.7 million for the year ended
December 31, 2016, compared to
approximately $3.7 million for the
year ended December 31, 2015. The
increase is mainly due to (i) expenses in connection with
consulting services with respect to potential acquisitions and (ii)
capital expenditures in the amount of $1.8
million in connection with the Manara Project, recorded in
the general and administrative expenses. These amounts were
partially offset by a decrease in salaries and related compensation
costs following the termination of employment of one of the
Company's senior employees in October
2015.
- Share of profits of equity accounted investee, after
elimination of intercompany transactions, was approximately
$1.5 million in the year ended
December 31, 2016, compared to
approximately $2.4 million in the
year ended December 31, 2015. The
decrease was mainly due to an update of the deferred taxes of Dorad
resulting from the change in the applicable tax rates, the decrease
in the electricity tariffs in February and September 2015, as well as the timing differences
between the reduction in the tariffs and the decrease in the price
of gas.
- Other income, net was approximately $0.1
million in the year ended December
31, 2016, compared to approximately $0.02 million in the year ended December 31, 2015. Other income was primarily
attributable to compensation to be received in connection with a
pumped storage project in the Gilboa, Israel initially recognized in 2014. The
revaluation of such financial asset is recognized as other income
for the years ended December 31, 2015
and 2016.
- Financing expenses, net was approximately $3.1 million for the year ended December 31, 2016, compared to financing income,
net of approximately $0.6 million for
the year ended December 31, 2015. The
change in financing expenses was mainly due to income derived from
the reevaluation of the Company's EUR/USD forward transactions, the
Company's currency interest rate swap transactions and the
Company's interest rate swap transactions in the aggregate amount
of approximately $3.5 million during
the year ended December 31, 2015,
compared to $0.7 million during the
year ended December 31, 2016.
- Taxes on income were approximately $0.6
million in the year ended December
31, 2016, compared to tax benefit of approximately
$1.9 million in the year ended
December 31, 2015. The tax benefit
for the year ended December 31, 2015
resulted mainly from deferred tax income included in connection
with the application of a tax incentive claimable upon filing the
relevant tax return by reducing the amount of taxable
profit.
- Loss for the year was approximately $1.1
million in the year ended December
31, 2016, compared to net income of approximately
$7.3 million for the year ended
December 31, 2015.
- Total other comprehensive loss was approximately $1.8 million for the year ended December 31, 2016, compared to approximately
$7.1 million in the year ended
December 31, 2015. The change was
mainly due to presentation currency translation adjustments as a
result of fluctuations in the Euro/USD exchange rates. Such loss is
a result of the devaluation in the Euro against the U.S. Dollar of
approximately 10.4% for the year ended December 31, 2015, compared to approximately 3.4%
for the year ended December 31,
2016.
- Total comprehensive loss was approximately $2.9 million in the year ended December 31, 2016, compared to income of
approximately $0.2 million in the
year ended December 31, 2015.
- EBITDA was approximately $7.5
million for the year ended December
31, 2016, compared to approximately $9.7 million for the year ended December 31, 2015.
- Net cash from operating activities was approximately
$8.2 million for the year ended
December 31, 2016, compared to
$4.9 million for the year ended
December 31, 2015. The increase in
net cash from operating activities is mainly attributable to
interest payment received on a loan to an equity accounted investee
amounting to approximately $5
million.
- As of March 1, 2017, we held
approximately $27.9 million in cash
and cash equivalents, approximately $0.2
million in short-term restricted cash, approximately
$1 million in marketable securities
and approximately $1.9 million in
long-term restricted cash.
Ran Fridrich, CEO and a board member of Ellomay commented: "2016
was characterized by intensive project development activities,
including the Manara pumped storage project, waste-to-energy
projects in the Netherlands and
other projects in the photovoltaic field in Israel and Europe. I expect that we will start to see the
fruits of these efforts in 2017. We also continued the operational
improvements in our PV assets in Italy and Spain and creating a strong cash flow, which
services all of our needs with excess cash flow of approximately
$3 million. We raised capital under
convenient terms and have the means required to implement the
investment plan for the coming year."
Information for the Company's Debenture
Holders
As of December 31, 2016, the
Company's Net Financial Debt (as such term is defined in the Deeds
of Trust of the Company's Debentures) was approximately
$11.7 million (consisting of
approximately $22.6 million of
short-term and long-term debt from banks and other interest bearing
financial obligations and approximately $35.5 million in connection with the Series A
Debentures issuances (in January and September 2014), net of approximately
$24.7 million of cash and cash
equivalents and marketable securities and net of approximately
$21.8 million of project finance and
related hedging transactions of the Company's subsidiaries). As the
Company's Series B Debentures were issued after December 31, 2016, the Net Financial Debt
information provided herein does not include the obligations in
connection with the Series B Debentures.
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. A reconciliation between
results on an IFRS and non-IFRS basis is provided in the last table
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 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;
- 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;
- 51% of Groen Gas Goor B.V., a project company developing an
anaerobic digestion plant, with a green gas production capacity of
approximately 375 Nm3/h, in Goor, the
Netherlands.
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: miria@ellomay.com
Ellomay Capital
Ltd. and its Subsidiaries
|
Consolidated
Statements of Financial Position
|
|
|
|
|
|
|
December
31
|
December
31
|
|
|
2016
|
2015
|
|
|
US$ in
thousands
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
23,650
|
18,717
|
Marketable
securities
|
|
1,023
|
6,499
|
Restricted
cash
|
|
16
|
79
|
Trade and other
receivables
|
|
9,952
|
8,218
|
|
|
34,641
|
33,513
|
Non-current
assets
|
|
|
|
|
|
|
|
Investment in equity
accounted investee
|
|
30,788
|
33,970
|
Advances on account
of investments
|
|
905
|
-
|
Financial
assets
|
|
1,330
|
4,865
|
Fixed
assets
|
|
77,066
|
78,975
|
Restricted cash and
deposits
|
|
5,399
|
5,317
|
Deferred
tax
|
|
2,614
|
2,840
|
Long term
receivables
|
|
3,431
|
847
|
|
|
121,533
|
126,814
|
Total
assets
|
|
156,174
|
160,327
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Current maturities of
long term loans
|
|
1,150
|
1,133
|
Debentures
|
|
4,989
|
4,878
|
Trade
payables
|
|
1,684
|
869
|
Other
payables
|
|
3,279
|
3,223
|
|
|
11,102
|
10,103
|
Non-current
liabilities
|
|
|
|
|
|
|
|
Finance lease
obligations
|
|
4,228
|
4,724
|
Long-term
loans
|
|
17,837
|
13,043
|
Debentures
|
|
30,548
|
35,074
|
Deferred
tax
|
|
925
|
823
|
Other long-term
liabilities
|
|
2,764
|
2,495
|
|
|
56,302
|
56,159
|
Total
liabilities
|
|
67,404
|
66,262
|
|
|
|
|
Equity
|
|
|
|
Share
capital
|
|
26,597
|
26,597
|
Share
premium
|
|
77,727
|
77,723
|
Treasury
shares
|
|
(1,985)
|
(1,972)
|
Reserves
|
|
(17,024)
|
(15,215)
|
Retained
earnings
|
|
4,191
|
7,200
|
Total equity
attributed to shareholders of the Company
|
|
89,506
|
94,333
|
Non-Controlling
Interest
|
|
(736)
|
(268)
|
|
|
|
|
Total
equity
|
|
88,770
|
94,065
|
|
|
|
|
Total liabilities
and equity
|
|
156,174
|
160,327
|
Ellomay Capital
Ltd. and its Subsidiaries
|
Consolidated
Interim Statements of Comprehensive Income (loss)
|
|
|
|
|
|
|
For the
year
ended
December 31 2016
|
For the
three
month ended
December 31
2016
|
For the
year
ended
December 31 2015
|
For the
three
month ended
December 31 2015
|
|
|
US$ in thousands
(except per share data)
|
|
|
|
|
|
Revenues
|
12,872
|
2,298
|
13,817
|
2,204
|
Operating
expenses
|
(2,305)
|
(447)
|
(2,854)
|
(924)
|
Depreciation
expenses
|
(4,884)
|
(1,230)
|
(4,912)
|
(1,218)
|
Gross
profit
|
5,683
|
621
|
6,051
|
62
|
|
|
|
|
|
General and
administrative expenses
|
(4,679)
|
(1,320)
|
(3,745)
|
(1,010)
|
Share of profits
(losses) of equity accounted investee
|
1,505
|
408
|
2,446
|
1,334
|
Other income,
net
|
99
|
14
|
21
|
(39)
|
Operating
Profit
|
2,608
|
(277)
|
4,773
|
347
|
|
|
|
|
|
Financing
income
|
290
|
301
|
2,347
|
1,977
|
Financing income
(expenses) in connection with derivatives, net
|
704
|
2,162
|
3,485
|
(1,011)
|
Financing
expenses
|
(4,050)
|
(997)
|
(5,240)
|
(1,314)
|
Financing income
(expenses), net
|
(3,056)
|
1,466
|
592
|
(348)
|
|
|
|
|
|
Profit before
taxes on income
|
(448)
|
1,189
|
5,365
|
(1)
|
Tax benefit (taxes on
income)
|
(625)
|
(57)
|
1,933
|
(189)
|
|
|
|
|
|
Profit (loss) for
the year
|
(1,073)
|
1,132
|
7,298
|
(190)
|
|
|
|
|
|
Profit (Loss)
attributable to:
|
|
|
|
|
Owners of the
Company
|
(605)
|
1,305
|
7,553
|
(119)
|
Non-controlling
interests
|
(468)
|
(173)
|
(255)
|
(71)
|
|
|
|
|
|
Profit for the
period
|
(1,073)
|
1,132
|
7,298
|
(190)
|
Other
comprehensive income (loss) items
|
|
|
|
|
that after initial
recognition in comprehensive income (loss) were or will be
transferred to profit or loss:
|
|
|
|
|
Foreign currency
translation differences for foreign operations
|
(267)
|
432
|
(141)
|
78
|
Other
comprehensive income items that will not be transferred to profit
or loss:
|
|
|
|
|
Presentation currency
translation adjustments
|
(1,542)
|
(4,706)
|
(6,947)
|
(1,979)
|
|
|
|
|
|
Total other
comprehensive income (loss)
|
(1,809)
|
(4,274)
|
(7,088)
|
1,901
|
|
|
|
|
|
Total
comprehensive income (loss) for the year
|
(2,882)
|
(3,142)
|
210
|
(2,091)
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
Basic earnings per
share
|
(0.06)
|
0.12
|
0.7
|
(0.02)
|
Diluted earnings
per share
|
(0.06)
|
0.12
|
0.7
|
(0.02)
|
Ellomay Capital
Ltd. and its Subsidiaries
|
Consolidated
Statements of Changes in Equity
|
|
|
Attributable to
shareholders of the Company
|
Non-
controlling
|
Total
|
|
|
Interests
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation
|
|
|
|
|
|
Share
|
Share
|
Retained earnings
(accumulated
|
Treasury
|
reserve
from
foreign
|
Presentation
Currency
Translation
|
|
|
|
|
capital
|
premium
|
deficit)
|
shares
|
Operations
|
Reserve
|
Total
|
|
|
|
US$ in
thousands
|
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
year
|
-
|
-
|
(605)
|
-
|
-
|
-
|
(605)
|
(468)
|
(1,073)
|
Other
comprehensive loss for the year
|
-
|
-
|
-
|
-
|
(267)
|
(1,542)
|
(1,809)
|
-
|
(1,809)
|
Total
comprehensive loss for the year
|
-
|
-
|
(605)
|
-
|
(267)
|
(1,542)
|
(2,414)
|
(468)
|
(2,882)
|
Transactions with
owners of the Company, recognized directly in
equity:
|
|
|
|
|
|
|
|
|
|
Dividends to
owners
|
-
|
-
|
(2,404)
|
-
|
-
|
-
|
(2,404)
|
-
|
(2,404)
|
Own shares
acquired
|
-
|
-
|
-
|
(13)
|
-
|
-
|
(13)
|
-
|
(13)
|
Share-based
payments
|
-
|
4
|
-
|
-
|
-
|
-
|
4
|
-
|
4
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
December 31,
2016
|
26,597
|
77,727
|
4,191
|
(1,985)
|
547
|
(17,571)
|
89,506
|
(736)
|
88,770
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
September 30,
2016
|
26,597
|
77,724
|
2,886
|
(1,983)
|
115
|
(12,865)
|
92,474
|
(563)
|
91,911
|
Net loss for
the year
|
-
|
-
|
1,305
|
-
|
-
|
-
|
1,305
|
(173)
|
1,132
|
Other
comprehensive loss
|
-
|
-
|
-
|
-
|
432
|
(4,706)
|
(4,274)
|
-
|
(4,274)
|
Total
comprehensive income
|
-
|
-
|
1,305
|
-
|
432
|
(4,706)
|
(2,969)
|
(173)
|
(3,142)
|
Transactions with
owners of the Company, recognized directly
in equity:
|
|
|
|
|
|
|
|
|
|
Own shares
acquired
|
-
|
-
|
-
|
(2)
|
-
|
-
|
(2)
|
-
|
(2)
|
Cost of
share-based payments
|
-
|
3
|
-
|
-
|
-
|
-
|
3
|
-
|
3
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
December 31,
2016
|
26,597
|
77,727
|
4,191
|
(1,985)
|
547
|
(17,571)
|
89,506
|
(736)
|
88,770
|
Ellomay Capital
Ltd. and its Subsidiaries
|
Consolidated
Statements of Changes in Equity (cont'd)
|
|
|
|
|
|
Attributable to
shareholders of the Company
|
Non-
|
|
|
|
controlling
|
Total
|
|
|
|
|
|
Translation
|
|
|
Interests
|
Equity
|
|
Share
|
Share
|
Retained
earnings
(accumulated
|
Treasury
|
reserve
from
foreign
|
Presentation
Currency
Translation
|
|
|
|
|
capital
|
premium
|
deficit)
|
shares
|
Operations
|
Reserve
|
Total
|
|
|
|
US$ in
thousands
|
Balance as
at
January 1,
2015
|
26,180
|
76,932
|
(353)
|
(522)
|
955
|
(9,082)
|
94,110
|
16
|
94,126
|
Net income for the
year
|
-
|
-
|
7,553
|
-
|
-
|
-
|
7,553
|
(255)
|
7,298
|
Acquisition of
subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(29)
|
(29)
|
Other
comprehensive loss
|
-
|
-
|
-
|
-
|
(141)
|
(6,947)
|
(7,088)
|
-
|
(7,088)
|
Total comprehensive
loss for the year
|
-
|
-
|
7,553
|
-
|
(141)
|
(6,947)
|
465
|
(284)
|
181
|
Transactions with
owners of the Company, recognized directly in
equity:
|
|
|
|
|
|
|
|
|
|
Exercise of share
options and warrants
|
417
|
784
|
-
|
-
|
-
|
-
|
1,201
|
-
|
1,201
|
Own shares
acquired
|
-
|
-
|
-
|
(1,450)
|
-
|
-
|
(1,450)
|
-
|
(1,450)
|
Share-based
payments
|
-
|
7
|
-
|
-
|
-
|
-
|
7
|
-
|
7
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
December 31,
2015
|
26,597
|
77,723
|
7,200
|
(1,972)
|
814
|
(16,029)
|
94,333
|
(268)
|
94,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
September 30,
2015
|
26,597
|
77,795
|
(7,319)
|
(1,086)
|
(736)
|
14,050
|
97,311
|
197
|
97,143
|
Net loss for
the period
|
-
|
-
|
119
|
-
|
-
|
-
|
119
|
71
|
190
|
Other
comprehensive income
|
-
|
-
|
-
|
-
|
(78)
|
1,979
|
1,901
|
-
|
1,901
|
Total
comprehensive income
|
-
|
-
|
119
|
-
|
(78)
|
1,979
|
2,020
|
71
|
2,091
|
Transactions with
owners of the Company, recognized directly in
equity:
|
|
|
|
|
|
|
|
|
|
Own shares
acquired
|
-
|
-
|
-
|
886
|
-
|
-
|
886
|
-
|
886
|
Cost of
share-based payments
|
-
|
72
|
-
|
-
|
-
|
-
|
72
|
-
|
72
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
December 31,
2015
|
26,597
|
77,723
|
7,200
|
(1,972)
|
814
|
(16,029)
|
94,333
|
(268)
|
94,065
|
Ellomay Capital
Ltd. and its Subsidiaries
|
Consolidated
Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
For the
year ended
December 31
2016
|
For the
three
month ended
December 31
2016
|
For the
year ended
December 31
2015
|
For the
three
month ended
December 31
2015
|
|
|
|
|
US$ in
thousands
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the
period
|
(1,073)
|
1,132
|
7,298
|
(190)
|
|
|
|
|
|
Adjustments
for:
|
|
|
|
|
|
|
|
|
|
Net Financing
expenses (income)
|
3,056
|
(1,466)
|
(592)
|
348
|
Forward
gain
|
-
|
-
|
-
|
(223)
|
Depreciation
|
4,884
|
1,230
|
4,912
|
1,218
|
Share-based payment
transactions
|
4
|
3
|
7
|
(72)
|
Share of profits of
equity accounted investees
|
(1,505)
|
(408)
|
(2,446)
|
(1,334)
|
Payment of interest
on loan from an equity accounted investee
|
5,134
|
-
|
-
|
-
|
Change in trade
receivables and other receivables
|
(1,798)
|
(822)
|
458
|
412
|
Change in other
assets
|
(805)
|
(268)
|
(1,706)
|
478
|
Change in accrued
severance pay, net
|
(18)
|
(18)
|
(1)
|
-
|
Change in trade
payables
|
850
|
728
|
(252)
|
(181)
|
Change in other
payables
|
1,955
|
1,889
|
2,311
|
1,058
|
Income tax expense
(tax benefit)
|
625
|
57
|
(1,933)
|
189
|
Income taxes
paid
|
(54)
|
(54)
|
(241)
|
(53)
|
Interest
received
|
251
|
75
|
222
|
113
|
Interest
paid
|
(3,300)
|
(1.379)
|
(3,126)
|
(1,438)
|
|
9,279
|
(433)
|
(2,387)
|
515
|
|
|
|
|
|
Net cash from
operating activities
|
8,206
|
699
|
4,911
|
325
|
Ellomay Capital
Ltd. and its Subsidiaries
|
Consolidated
Statements of Cash Flows (cont'd)
|
|
|
|
|
|
|
|
|
For the
year ended
December 31
2016
|
For the
three
month ended
December 31
2016
|
For the
year
ended
December 31
2015
|
For the
three
month ended
December 31
2015
|
|
|
|
|
US$ in
thousands
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Acquisition of fixed
assets
|
(5,388)
|
(4,254)
|
-
|
-
|
Investment in of
equity accounted investee
|
(803)
|
-
|
(7,582)
|
(39)
|
Advances on account
of investments
|
(905)
|
-
|
-
|
-
|
Repayment of loan
from an equity accounted investee
|
2,638
|
-
|
-
|
-
|
Proceeds from
(investment in) deposits, net
|
-
|
-
|
3,980
|
-
|
Acquisition of
marketable securities
|
(1,022)
|
-
|
(2,869)
|
(1,519)
|
Proceeds from
marketable securities
|
6,511
|
4,500
|
-
|
-
|
Payment/proceeds from
settlement of derivatives, net
|
-
|
-
|
2,087
|
2,087
|
Decrease (increase)
in restricted cash, net
|
(31)
|
781
|
(101)
|
605
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
1,000
|
1,027
|
(4,485)
|
1,134
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Acquisition of
non-controlling interests
|
-
|
-
|
(868)
|
(868)
|
Dividends
paid
|
(2,404)
|
-
|
-
|
-
|
Repayment of
long-term loans and finance lease obligations
|
(1,169)
|
(433)
|
(1,020)
|
(126)
|
Repayment of
Debentures
|
(5,210)
|
(5,210)
|
(5,134)
|
(5,134)
|
Proceeds from
exercise of share options and warrants
|
-
|
-
|
1,201
|
-
|
Repurchase of own
shares
|
(13)
|
(2)
|
(1,450)
|
(886)
|
Long term loans
received
|
6,001
|
5,819
|
11,715
|
651
|
Proceeds from
issuance of debentures, net
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
Net cash from
financing activities
|
(2,795)
|
174
|
4,444
|
(6,363)
|
|
|
|
|
|
Effect of exchange
rate fluctuations on cash and
|
|
|
|
|
cash
equivalents
|
(1,478)
|
(1,934)
|
(1,911)
|
(951)
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
4,933
|
(34)
|
2,959
|
(5,855)
|
Cash and cash
equivalents at the beginning of period
|
18,717
|
23,684
|
15,758
|
24,572
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
23,650
|
23,650
|
18,717
|
18,717
|
|
|
|
|
|
|
|
|
|
|
|
|
Ellomay Capital
Ltd. and its Subsidiaries
|
Reconciliation of
Net income (loss) to EBITDA (in US$ thousands)
|
|
|
|
|
|
|
For the year
ended December 31
2016
|
For the three
months ended
December 31 2016
|
For the year
ended December
31 2015
|
For the three
months ended December 31 2015
|
|
|
US$ in
thousands
|
Net income (loss) for
the period
|
(1,073)
|
1,132
|
7,298
|
(190)
|
Financing expenses
(income), net
|
3,056
|
(1,466)
|
(592)
|
348
|
Taxes on income (Tax
benefit)
|
625
|
57
|
(1,933)
|
189
|
Depreciation and
amortization
|
4,884
|
1,230
|
4,912
|
1,218
|
EBITDA
|
7,492
|
953
|
9,685
|
1,565
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ellomay-capital-reports-results-for-the-fourth-quarter-and-full-year-of-2016-300432493.html
SOURCE Ellomay Capital Ltd