TEL-AVIV, Israel, June 21, 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 unaudited
financial results for the three month period ended March 31, 2017.
Financial Highlights
- Revenues were approximately $2.7
million (approximately €2.5 million) for the three months
ended March 31, 2017, compared to
approximately $2.5 million
(approximately €2.3 million) for the three months ended
March 31, 2016. The increase in
revenues is mainly due to higher levels of radiation and relatively
higher electricity spot prices in Italy as a result of the replacement of the
electricity broker.
- Operating expenses were approximately $0.5 million (approximately €0.5 million) for the
three months ended March 31, 2017,
compared to approximately $0.6
million (approximately €0.5 million) for the three months
ended March 31, 2016. The decrease in
operating expenses is mainly attributable to the reduction of
municipal taxes in Italy as a
result of legislation adopted during the second quarter of 2016.
Depreciation expenses were approximately $1.2 million (approximately €1.1 million) for the
three month periods ended March 31,
2017 and 2016.
- General and administrative expenses were approximately
$1.4 million for the three months
ended March 31, 2017, compared to
approximately $1.1 million for the
three months ended March 31, 2016.
During the first quarter of 2017 the Company invested approximately
$0.6 million in the Pumped Storage
Project in the Manara Cliff in Israel, compared to an expenditure of
approximately $0.4 million in the
first quarter of 2016, which is recorded in the general and
administrative expenses. The increase in general and administrative
expenses was primarily related to these expenses, in addition to
increased consulting expenses in connection with the development of
Waste to Energy projects in the
Netherlands.
- Share of profits of equity accounted investee, after
elimination of intercompany transactions, was approximately
$0.8 million for the three month
periods ended March 31, 2017 and
2016.
- Financing expenses, net were approximately $2.1 million for the three months ended
March 31, 2017, compared to
approximately $2.7 million for the
three months ended March 31, 2016.
The change in financing expenses was mainly due to approximately
$1.7 million expenses in connection
with derivatives, partially offset by the change resulting from
exchange rate differences in the amount of approximately
$1.2 million.
- Taxes on income were approximately $0.1
million for the three months ended March 31, 2017, compared to tax benefit of
approximately $0.1 million for the
three months ended March 31,
2016.
- Net loss was approximately $1.8
million for the three months ended March 31, 2017, compared to net loss of
approximately $2.1 million for the
three months ended March 31,
2016.
- Total other comprehensive income was approximately $2 million for the three months ended
March 31, 2017, compared to
approximately $3.3 million for the
three months ended March 31, 2016.
The change was mainly due to presentation currency translation
adjustments as a result of fluctuations in the Euro/USD exchange
rates. Such income is a result of the revaluation in the Euro
against the U.S. Dollar of approximately 2% for the three months
ended March 31, 2017, compared to
approximately 5% for the three months ended March 31, 2016.
- Total comprehensive income was approximately $0.2 million for the three months ended
March 31, 2017, compared to total
comprehensive income of approximately $1.2
million for the three months ended March 31, 2016.
- EBITDA was approximately $1.6
million for the three months ended March 31, 2017, compared to approximately
$1.7 million for the three months
ended March 31, 2016.
- Net cash provided by operating activities was approximately
$1.6 million for the three months
ended March 31, 2017, compared to
approximately $0.03 million for the
three months ended March 31, 2016.
The increase in net cash from operating activities is mainly
attributable to higher collection of revenues during the three
months ended March 31, 2017, as
October 2016 revenues from
electricity produced in Italy were
collected in January 2017 while
October 2015 revenues were collected
in December 2015.
- On March 14, 2017, the Company
issued Series B Nonconvertible Debentures due June 30, 2024 in a public offering in
Israel in the aggregate principal
amount of NIS 123,232,000
(approximately $33.7 million based on
the U.S. Dollar/NIS exchange rate at that time). The Series B
Debentures bear fixed interest at the rate of 3.44% per year and
are not linked to the Israeli CPI or otherwise. The gross proceeds
of the offering were NIS 123,232,000
and the net proceeds of the offering, net of related expenses such
as consultancy fee and commissions (partially paid in 2016), were
approximately NIS 121.4 million
(approximately $33.6 million).
- In June 2017, the financial
closing of the project to construct an anaerobic digestion plan in
Oude Tonge, The Netherlands (the
"Oude Tonge Project"), occurred, whereby Coöperatieve
Rabobank U.A. agreed to provide the following financing tranches:
(i) two loans with principal amounts of Euro
3.15 million and Euro 1.7
million, each with a fixed annual interest rate of 3.1% for
the first five years, for a period of 12.25 years, repayable in
equal monthly installments commencing three months following the
connection of the Goor Project's facility to the grid and (ii) an
on-call credit facility of Euro
100,000 with variable interest. The Oude Tonge Project
executed an engineering, procurement and construction agreement
with an affiliate of the entity that holds the remaining 49% of the
project company (Ludan Energy Overseas B.V. ("Ludan")) and
is expected to enter into an operation and maintenance agreement
with an affiliate of Ludan, both based on terms already agreed to
by us and Ludan. It is estimated that the duration of the
construction of the Oude Tonge Project shall be approximately one
year and the expected overall capital expenditure in connection
with the Oude Tonge Project are approximately Euro 8.5 million (approximately $9.3 million).
- In May 2017, the Israeli High
Court dismissed the petition filed by Ellomay Pumped Storage (2014)
Ltd. ("Ellomay PS") in March 2017
against the Israeli Minister of National Infrastructures, Energy
and Water Resources, the Israeli Electricity Authority and the
owner of the Kochav Hayarden pumped storage project ("KH"). In
June 2017, the Court accepted an
application filed by KH requesting that the Court maintain the
NIS 2 million guarantee that was
provided by Ellomay PS, due to costs and alleged damages caused to
KH and the costs caused of the governmental authorities and ruled
that the guarantee will be maintained by the Court for a period of
three months pending a filing of a claim for damages by KH.
According to the ruling, in case a claim will not filed by KH
within the said three months, the guarantee will be returned to
Ellomay PS. The dismissal of the petition does not change the
Company's intention to continue promoting the Manara Project and
the Company is examining various methods of action in that
respect.
- As of June 1, 2017, the Company
held approximately $42 million in
cash and cash equivalents, approximately $8 in marketable securities and approximately
$2.1 million in short-term and
long-term restricted cash.
Ran Fridrich, CEO and a board member of Ellomay commented: "The
quarterly results reflect an increase of approximately 40% in gross
profit. The increase in general and administrative expenses is due
to costs associated with an increase in the number of projects
under advanced development (Talasol – 300MW PV project in
Spain, Oude Tonge Waste to Energy
project in the Netherlands, Manara
pumped Storage project). Financing expenses decreased and
include significant exchange rate differentials, in the amount of
$1.4, which do not constitute a cash
flow expense. Cash flow from operating activities for the quarter
was strong, at $1.6 million. The
Company continues to develop future projects in Israel and abroad, while increasing its
portfolio of yielding assets, which are expected to increase the
Company's revenues and profits."
Information for the Company's Series A and Series B Debenture
Holders
As of March 31, 2017, 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 $26.4 million of
short-term and long-term debt from banks and other interest bearing
financial obligations and approximately $71.1 million in connection with the Series A
Debentures issuances (in January and September 2014) and the Series B Debentures
issuance (in March 2017), net of
approximately $62 million of cash and
cash equivalents and marketable securities and net of approximately
$23.8 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. 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 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;
- 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. and of Groen Gas Oude-Tonge B.V.,
project companies developing anaerobic digestion plants with a
green gas production capacity of approximately 375 Nm3/h, in Goor,
the Netherlands and 475 Nm3/h, in
Oude Tonge, the Netherlands,
respectively.
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.
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.
Ellomay Capital
Ltd. and its Subsidiaries
|
Condensed
Consolidated Interim Statements of Financial
Position
|
|
|
|
|
March
31,
|
December
31,
|
|
2017
|
2016
|
|
Unaudited
|
Audited
|
|
US$ in
thousands
|
Assets
|
|
|
Current
assets
|
|
|
Cash and cash
equivalents
|
58,897
|
23,650
|
Marketable
securities
|
3,082
|
1,023
|
Restricted
cash
|
16
|
16
|
Trade and other
receivables
|
9,444
|
9,952
|
|
71,439
|
34,641
|
Non-current
assets
|
|
|
Investment in equity
accounted investee
|
33,016
|
30,788
|
Advances on account
of investments
|
944
|
905
|
Financial
assets
|
1,413
|
1,330
|
Fixed
assets
|
78,609
|
77,066
|
Restricted cash and
deposits
|
1,922
|
5,399
|
Deferred
tax
|
2,670
|
2,614
|
Long term
receivables
|
3,491
|
3,431
|
|
122,065
|
121,533
|
|
|
|
Total
assets
|
193,504
|
156,174
|
|
|
|
Liabilities and
Equity
|
|
|
Current
liabilities
|
|
|
Current maturities of
long term loans
|
1,181
|
1,150
|
Debentures
|
5,380
|
4,989
|
Trade
payables
|
2,058
|
1,684
|
Other
payables
|
3,769
|
3,279
|
|
12,388
|
11,102
|
Non-current
liabilities
|
|
|
Finance lease
obligations
|
4,210
|
4,228
|
Long-term
loans
|
20,277
|
17,837
|
Debentures
|
65,720
|
30,548
|
Deferred
tax
|
1,008
|
925
|
Other long-term
liabilities
|
911
|
2,764
|
|
92,126
|
56,302
|
Total
liabilities
|
104,514
|
67,404
|
|
|
|
Equity
|
|
|
Share
capital
|
26,597
|
26,597
|
Share
premium
|
77,727
|
77,727
|
Treasury
shares
|
(1,999)
|
(1,985)
|
Reserves
|
(14,998)
|
(17,024)
|
Retained
earnings
|
2,583
|
4,191
|
Total equity
attributed to shareholders of the Company
|
89,910
|
89,506
|
Non-Controlling
Interest
|
(920)
|
(736)
|
|
|
|
Total
equity
|
88,990
|
88,770
|
Total liabilities
and equity
|
193,504
|
156,174
|
|
|
|
Ellomay Capital
Ltd. and its Subsidiaries
|
Condensed
Consolidated Interim Statements of Profit or Loss and Other
Comprehensive Income (Loss)
|
|
|
|
|
|
|
For the
three
|
For the
three
|
For
the
|
|
months
ended
|
months
ended
|
year
ended
|
|
March
31,
|
March
31,
|
December
31,
|
|
2017
|
2016
|
2016
|
|
Unaudited
|
Unaudited
|
Audited
|
|
US$ thousands
(except per share amounts)
|
Revenues
|
2,688
|
2,546
|
12,872
|
Operating
expenses
|
(537)
|
(608)
|
(2,305)
|
Depreciation
expenses
|
(1,169)
|
(1,221)
|
(4,884)
|
Gross
profit
|
982
|
717
|
5,683
|
|
|
|
|
General and
administrative expenses
|
(1,361)
*
|
(1,084) *
|
(4,679)
|
Share of profits of
equity accounted investee
|
835
|
845
|
1,505
|
Other income,
net
|
5
|
44
|
99
|
Operating
Profit
|
461
|
522
|
2,608
|
|
|
|
|
Financing
income
|
93
|
54
|
290
|
Financing income
(expenses) in connection with derivatives, net
|
(5)
|
(1,743)
|
704
|
Financing
expenses
|
(2,216)
|
(993)
|
(4,050)
|
Financing expenses,
net
|
(2,128)
|
(2,682)
|
(3,056)
|
|
|
|
|
Loss before taxes
on income
|
(1,667)
|
(2,160)
|
(448)
|
|
|
|
|
Tax benefit (taxes on
income)
|
125
|
53
|
(625)
|
|
|
|
|
Net loss for the
period
|
(1,792)
|
(2,107)
|
(1,073)
|
Loss attributable
to:
|
|
|
|
Owners of the
Company
|
(1,608)
|
(1,988)
|
(605)
|
Non-controlling
interests
|
(184)
|
(119)
|
(468)
|
|
|
|
|
Net loss for the
period
|
(1,792)
|
(2,107)
|
(1,073)
|
Other
comprehensive income (loss)
|
|
|
|
Items that are or
may be reclassified to profit or loss:
|
|
|
|
Foreign currency
translation adjustments
|
(1,111)
|
(671)
|
(267)
|
Items that would
not be reclassified to profit or loss:
|
|
|
|
Presentation currency
translation adjustments
|
3,137
|
3,971
|
(1,542)
|
|
|
|
|
Total other
comprehensive income (loss)
|
2,026
|
3,300
|
(1,809)
|
|
|
|
|
Total
comprehensive income (loss)
|
234
|
1,193
|
(2,882)
|
|
|
|
|
Basic net loss per
share
|
(0.15)
|
(0.19)
|
(0.06)
|
Diluted net loss
per share
|
(0.15)
|
(0.19)
|
(0.06)
|
* Expenses in the amount of approximately $0.6 million in connection with "Manara PSP" were
recorded in the general and administrative expenses for the three
months ended March 31, 2017, compared
to approximately $0.4 million for the
three months ended March 31,
2016.
Ellomay Capital
Ltd. and its Subsidiaries
|
Condensed
Consolidated Interim Statements of Changes in Equity
|
|
|
Attributable to
owners of the Company
|
Non-
controlling
|
Total
|
|
|
interests
|
Equity
|
|
|
|
|
|
Translation
|
|
|
|
|
|
|
|
|
|
reserve
|
Presentation
|
|
|
|
|
|
|
|
|
from
|
currency
|
|
|
|
|
Share
|
Share
|
Retained
|
Treasury
|
foreign
|
translation
|
|
|
|
|
capital
|
premium
|
earnings
|
shares
|
operations
|
reserve
|
Total
|
|
|
|
Unaudited
|
|
US$ in
thousands
|
For the three
months ended
|
|
|
|
|
|
|
|
|
|
March 31,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
January 1,
2017
|
26,597
|
77,727
|
4,191
|
(1,985)
|
547
|
(17,571)
|
89,506
|
(736)
|
88,770
|
Loss for the
period
|
-
|
-
|
(1,608)
|
-
|
-
|
-
|
(1,608)
|
(184)
|
(1,792)
|
Other comprehensive
income
|
-
|
-
|
-
|
-
|
(1,111)
|
3,137
|
2,026
|
-
|
2,026
|
Total comprehensive
income
|
-
|
-
|
(1,608)
|
-
|
(1,111)
|
3,137
|
418
|
(184)
|
234
|
Own shares
acquired
|
-
|
-
|
-
|
(14)
|
-
|
-
|
(14)
|
-
|
(14)
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
March 31,
2017
|
26,597
|
77,727
|
2,583
|
(1,999)
|
(564)
|
(14,434)
|
89,910
|
(920)
|
88,990
|
|
|
Attributable to
owners of the Company
|
Non-
controlling
|
Total
|
|
|
interests
|
Equity
|
|
|
|
|
|
Translation
|
|
|
|
|
|
|
|
|
|
reserve
|
Presentation
|
|
|
|
|
|
|
|
|
from
|
currency
|
|
|
|
|
Share
|
Share
|
Retained
|
Treasury
|
foreign
|
translation
|
|
|
|
|
capital
|
premium
|
earnings
|
shares
|
operations
|
reserve
|
Total
|
|
|
|
Unaudited
|
|
US$ in
thousands
|
For the three
months ended
|
|
|
|
|
|
|
|
|
|
March 31,
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
|
-
|
-
|
(1,988)
|
-
|
-
|
-
|
(1,988)
|
(119)
|
(2,107)
|
Other comprehensive
income
|
-
|
-
|
-
|
-
|
(671)
|
3,971
|
3,300
|
-
|
3,300
|
Total comprehensive
income
|
-
|
-
|
(1,988)
|
-
|
(671)
|
3,971
|
1,312
|
(119)
|
1,193
|
Own shares
acquired
|
-
|
-
|
-
|
(8)
|
-
|
-
|
(8)
|
-
|
(8)
|
Dividend
distribution
|
-
|
-
|
(2,403)
|
-
|
-
|
-
|
(2,403)
|
-
|
(2,403)
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
March 31,
2016
|
26,597
|
77,723
|
2,809
|
(1,980)
|
143
|
(12,058)
|
93,234
|
(387)
|
92,847
|
Ellomay Capital
Ltd. and its Subsidiaries
|
Condensed
Consolidated Interim Statements of Changes in Equity
(cont'd)
|
|
|
Attributable to
owners of the Company
|
Non-
controlling
|
Total
|
|
|
interests
|
Equity
|
|
|
|
|
|
Translation
|
|
|
|
|
|
|
|
Retained
|
|
reserve
|
Presentation
|
|
|
|
|
|
|
earnings
|
|
from
|
currency
|
|
|
|
|
Share
|
Share
|
(accumulated
|
Treasury
|
foreign
|
translation
|
|
|
|
|
capital
|
premium
|
Deficit)
|
shares
|
operations
|
reserve
|
Total
|
|
|
|
Audited
|
|
US$ in
thousands
|
For the year
ended
|
|
|
|
|
|
|
|
|
|
December 31,
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
year
|
-
|
-
|
(605)
|
-
|
-
|
-
|
(605)
|
(468)
|
(1,073)
|
Other comprehensive
loss
|
-
|
-
|
-
|
-
|
(267)
|
(1,542)
|
(1,809)
|
-
|
(1,809)
|
Total comprehensive
income
|
-
|
-
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
Ellomay Capital
Ltd. and its Subsidiaries
|
Condensed
Consolidated Interim Statements of Cash Flows
|
|
For the three
months ended
March 31, 2017
|
For the three
months ended
March 31, 2016
|
For the year
ended
December 31, 2016
|
|
Unaudited
|
Unaudited
|
Audited
|
|
US$ in
thousands
|
Cash flows from
operating activities
|
|
|
|
Income (loss) for the
period
|
(1,792)
|
(2,107)
|
(1,073)
|
Adjustments
for:
|
|
|
|
Financing expenses,
net
|
2,128
|
2,682
|
3,056
|
Depreciation
|
1,169
|
1,221
|
4,884
|
Share-based payment
transactions
|
-
|
-
|
4
|
Share of profits of
equity accounted investees
|
(835)
|
(845)
|
(1,505)
|
Payment of interest
on loan from an equity accounted investee
|
-
|
-
|
5,134
|
Change in trade
receivables and other receivables
|
(34)
|
51
|
(1,798)
|
Change in other
assets
|
(75)
|
(549)
|
(805)
|
Change in accrued
severance pay, net
|
1
|
-
|
(18)
|
Change in trade
payables
|
349
|
265
|
850
|
Change in other
payables
|
664
|
(463)
|
1,955
|
Income tax expense
(tax benefit)
|
125
|
(53)
|
625
|
Income taxes
paid
|
-
|
-
|
(54)
|
Interest
received
|
93
|
37
|
251
|
Interest
paid
|
(160)
|
(207)
|
(3,300)
|
Net cash provided by
operating activities
|
1,633
|
32
|
8,206
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Acquisition of fixed
assets
|
(1,458)
|
-
|
(5,388)
|
Investment in equity
accounted investee
|
-
|
(36)
|
(803)
|
Settlement of SWAP
contract
|
(2,180)
|
-
|
-
|
Advances on account
of investments
|
(39)
|
-
|
(905)
|
Repayment of loan
from an equity accounted investee
|
-
|
-
|
2,638
|
Decrease (increase)
in restricted cash, net
|
3,501
|
-
|
(31)
|
Acquisition of
marketable securities
|
(2,085)
|
-
|
(1,022)
|
Proceeds from
marketable securities
|
-
|
-
|
6,511
|
Net cash provided by
(used in) investing activities
|
(2,261)
|
(36)
|
1,000
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Dividends
paid
|
|
-
|
(2,404)
|
Repayment of
long-term loans and finance lease obligations
|
(88)
|
(88)
|
(1,169)
|
Repayment of
Debentures
|
-
|
-
|
(5,210)
|
Proceeds from
long-term loans
|
2,081
|
-
|
6,001
|
Repurchase of own
shares
|
(14)
|
(8)
|
(13)
|
Proceeds from
issuance of debentures, net
|
33,707
|
-
|
-
|
Net cash provided by
(used in) financing activities
|
35,686
|
(96)
|
(2,795)
|
|
|
|
|
Effect of exchange
rate fluctuations on cash and cash equivalents
|
189
|
809
|
(1,478)
|
Increase in cash and
cash equivalents
|
35,247
|
709
|
4,933
|
Cash and cash
equivalents at the beginning of the period
|
23,650
|
18,717
|
18,717
|
Cash and cash
equivalents at the end of the period
|
58,897
|
19,426
|
23,650
|
|
|
|
|
|
Ellomay Capital
Ltd. and its Subsidiaries
|
Reconciliation of
Net Loss to EBITDA
|
|
|
For the three
months ended
March 31, 2017
|
For the three
months ended
March 31, 2016
|
For the year
ended
December 31, 2016
|
|
Unaudited
|
|
US$ in
thousands
|
|
|
|
|
Net loss for the
period
|
(1,792)
|
(2,107)
|
(1,073)
|
Financing expenses,
net
|
2,128
|
2,682
|
3,056
|
Taxes on income (tax
benefit)
|
125
|
(53)
|
625
|
Depreciation and
amortization
|
1,169
|
1,221
|
4,884
|
EBITDA
|
1,630
|
1,743
|
7,492
|
Contact:
Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: miria@ellomay.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ellomay-capital-reports-results-for-the-three-months-ended-march-31-2017-300477288.html
SOURCE Ellomay Capital Ltd