TEL-AVIV, Israel, Sept. 17, 2017 /PRNewswire/ -- Ellomay
Capital Ltd. (NYSE American: 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, 2017.
Financial Highlights
- Revenues were approximately $7.3
million (approximately €6.8 million) for the six months
ended June 30, 2017, compared to
approximately $6.5 million
(approximately €5.8 million) for the six months ended June 30, 2016. The increase in revenues is mainly
a result of higher spot rates and higher radiation levels in
Italy and Spain during the six months ended June 30, 2017 compared to the six month period
ended June 30, 2016, as 2016 was
characterized by low levels of radiation.
- Operating expenses were approximately $0.9 million (approximately €0.9 million) for the
six months ended June 30, 2017,
compared to approximately $1.2
million (approximately €1 million) for the six months ended
June 30, 2016. The decrease in
operating expenses is mainly attributable to income recorded during
the six months ended June 30, 2017 in
connection with insurance indemnification due to earthquake damages
to one of the Company's PV Plants. A portion of the expenses in
connection with the repair of such damages was recorded in
operating expenses during the six months ended June 30, 2016. Depreciation expenses were
approximately $2.4 million
(approximately €2.2 million) for the six months ended June 30, 2017, compared to approximately
$2.5 million (approximately €2.3
million) for the six months ended June 30,
2016.
- Project development costs were approximately $1.6 million for the six months ended
June 30, 2017, compared to
approximately $0.7 million for the
six months ended June 30, 2016. The
increase in project development costs is mainly attributable to
consultancy expenses in connection with the execution of an
agreement to acquire a photovoltaic site in Talmei Yosef,
Israel (the "Talmei Yosef
Project"), in June 2017 and the
execution in April 2017 of an
agreement to acquire the shares of Talasol Solar S.L., which is
promoting the construction of a photovoltaic plant with a peak
capacity of 300 MW in Spain (the
"Talasol Project").
- General and administrative expenses were approximately
$1.3 million for the six months ended
June 30, 2017, compared to
approximately $1.1 million for the
six months ended June 30, 2016. There
was no material change in the substance and composition of the
expenses included in general and administrative expenses between
the two periods.
- Company's share of loss of equity accounted investee, after
elimination of intercompany transactions, was approximately
$0.1 million for the six months ended
June 30, 2017, compared to a profit
of approximately $0.3 million in the
six months ended June 30, 2016. The
change in the Company's share of profit (loss) of equity accounted
investee is mainly attributable to financing expenses incurred by
Dorad for the six months ended June 30,
2017 as a result of the CPI indexation of loans from banks
and related parties.
- Financing expenses, net was approximately $5.5 million for the six months ended
June 30, 2017, compared to
approximately $2.8 million for the
six months ended June 30, 2016. The
increase 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
$1.6 million loss during the six
months ended June 30, 2017, compared
to an approximately $1 million loss
during the six months ended June 30,
2016, and increased expenses resulting from exchange rate
differences in the amount of approximately $2.3 million during the six months ended
June 30, 2017, compared to
approximately $0.2 million during the
six months ended June 30, 2016.
- Taxes on income were approximately $0.7
million for the six months ended June
30, 2017, compared to approximately $0.3 million for the six months ended
June 30, 2016. This increase in taxes
on income compared to the corresponding period in 2016 resulted
mainly from previous utilization of loss carry forwards for several
of the Company's Italian subsidiaries.
- Net loss was approximately $5.2
million for the six months ended June
30, 2017, compared to net loss of approximately $1.7 million for the six months ended
June 30, 2016.
- Total other comprehensive income was approximately $6.8 million for the six months ended
June 30, 2017, compared to other
comprehensive income of approximately $1.8
million for the six months ended June
30, 2016. 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 $1.6 million for the six months ended
June 30, 2017, compared to
comprehensive income of approximately $0.1
million for the six months ended June
30, 2016.
- EBITDA was approximately $3.4
million for the six months ended June
30, 2017, compared to approximately $3.9 million for the six months ended
June 30, 2016. The decrease in EBITDA
is mainly due to increased project development costs and a decrease
in the Company's share of profit of equity accounted investee,
partially offset by increased revenues resulting from relatively
higher spot rates and higher radiation levels in Italy.
- Net cash from operating activities was approximately
$0.7 million for the six months ended
June 30, 2017 and 2017,
respectively.
As of September 1, 2017, the
Company held approximately $45.7
million in cash and cash equivalents, approximately
$6.5 million in marketable securities
and approximately $2.2 million in
short-term and long-term restricted cash.
Ran Fridrich, CEO and a board member of Ellomay commented:
"Ellomay continues improving its operational parameters and
maintains an operating profit and stable cash flows from operating
activities, while continuing with its intensive project development
activities, including the waste-to-energy projects in the Netherlands, the Talmei Yosef Project in
Israel, the Manara pumped storage
project and the Talsaol project in Spain. Ellomay's financial expenses were
strongly impacted by non-cash parameters totaling to $4 million that are a result of currency
fluctuation and reevaluation of derivatives. This negative effect
was offset by appreciation of our Euro based assets and resulted in
an increase of total equity by approximately $1.6 million during the period."
Information for the Company's Series A and Series B Debenture
Holders
As of June 30, 2017, the Company's
Net Financial Debt (as such term is defined in the Deeds of Trust
of the Company's Debentures) was approximately $27.7 million (consisting of approximately
$33.4 million of short-term and
long-term debt from banks and other interest bearing financial
obligations and approximately $74
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 $51.5
million of cash and cash equivalents and marketable
securities and net of approximately $28.2
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 American 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.
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
the Company's 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
|
|
|
June
30
|
December
31
|
|
|
2017
|
2016
|
|
|
Unaudited
|
Audited
|
|
|
US$ in
thousands
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
|
43,490
|
23,650
|
Marketable
securities
|
|
8,007
|
1,023
|
Restricted
cash
|
|
17
|
16
|
Trade and other
receivables
|
|
13,425
|
9,952
|
|
|
64,939
|
34,641
|
Non-current
assets
|
|
|
|
Investment in equity
accounted investee
|
|
33,325
|
30,788
|
Advances on account
of investments
|
|
11,133
|
905
|
Financial
assets
|
|
1,473
|
1,330
|
Fixed
assets
|
|
87,855
|
77,066
|
Restricted cash and
deposits
|
|
2,144
|
5,399
|
Deferred
tax
|
|
2,546
|
2,614
|
Long term
receivables
|
|
2,377
|
3,431
|
|
|
140,853
|
121,533
|
Total
assets
|
|
205,792
|
156,174
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities
|
|
|
|
Current maturities of
long term loans
|
|
1,268
|
1,150
|
Debentures
|
|
5,500
|
4,989
|
Trade
payables
|
|
1,574
|
1,684
|
Other
payables
|
|
3,253
|
3,279
|
|
|
11,595
|
11,102
|
Non-current
liabilities
|
|
|
|
Finance lease
obligations
|
|
4,396
|
4,228
|
Long-term
loans
|
|
27,065
|
17,837
|
Debentures
|
|
68,451
|
30,548
|
Deferred
tax
|
|
1,137
|
925
|
Other long-term
liabilities
|
|
2,800
|
2,764
|
|
|
103,849
|
56,302
|
Total
liabilities
|
|
115,444
|
67,404
|
|
|
|
|
Equity
|
|
|
|
Share
capital
|
|
26,597
|
26,597
|
Share
premium
|
|
77,729
|
77,727
|
Treasury
shares
|
|
(1,999)
|
(1,985)
|
Reserves
|
|
(10,251)
|
(17,024)
|
Retained
earnings
|
|
(643)
|
4,191
|
Total equity
attributed to shareholders of the Company
|
|
91,433
|
89,506
|
Non-Controlling
Interest
|
|
(1,085)
|
(736)
|
|
|
|
|
Total
equity
|
|
90,348
|
88,770
|
Total liabilities
and equity
|
|
205,792
|
156,174
|
Ellomay Capital Ltd. and its
Subsidiaries
Condensed
Consolidated Interim Statements of Comprehensive
Loss
|
|
For the
three
|
For the
six
|
For the
six
|
|
months
ended
|
months
ended
|
months
ended
|
|
June 30,
2017
|
June 30,
2017
|
June 30,
2016
|
|
Unaudited
|
|
US$ in thousands
(except per share amounts)
|
Revenues
|
4,643
|
7,331
|
6,513
|
Operating
expenses
|
(398)
|
(935)
|
(1,159)
|
Depreciation
expenses
|
(1,209)
|
(2,378)
|
(2,518)
|
Gross
profit
|
3,036
|
4,018
|
2,836
|
|
|
|
|
Project development
costs
|
(847)
|
(1,580)
|
*(713)
|
General and
administrative expenses
|
(685)
|
(1,313)
|
*
(1,127)
|
Share of profits
(loss) of equity accounted investee
|
(902)
|
(67)
|
312
|
Other income,
net
|
5
|
10
|
85
|
Operating
Profit
|
607
|
1,068
|
1,393
|
|
|
|
|
Financing
income
|
223
|
316
|
164
|
Financing expenses in
connection with derivatives, net
|
(1,717)
|
(1,722)
|
(1,024)
|
Financing
expenses
|
(1,904)
|
(4,120)
|
(1,895)
|
Financing expenses,
net
|
(3,398)
|
(5,526)
|
(2,755)
|
|
|
|
|
Loss before taxes
on income
|
(2,791)
|
(4,458)
|
(1,362)
|
|
|
|
|
Taxes on
income
|
(600)
|
(725)
|
(309)
|
|
|
|
|
Loss for the
period
|
(3,391)
|
(5,183)
|
(1,671)
|
Loss attributable
to:
|
|
|
|
Shareholders of the
Company
|
(3,226)
|
(4,834)
|
(1,476)
|
Non-controlling
interests
|
(165)
|
(349)
|
(195)
|
|
|
|
|
Loss for the
period
|
(3,391)
|
(5,183)
|
(1,671)
|
Other
comprehensive income (loss)
|
|
|
|
Items that are or
may be reclassified to profit or loss:
|
|
|
|
Effective portion of
change in fair value of cash flow hedges
|
(126)
|
(126)
|
-
|
Net change in fair
value of cash flow hedges transferred to profit or loss
|
618
|
618
|
-
|
Foreign currency
translation adjustments
|
708
|
1,819
|
(267)
|
Items that would
not be reclassified to profit or loss:
|
|
|
|
Presentation currency
translation adjustments
|
3,547
|
4,462
|
2,018
|
|
|
|
|
Total other
comprehensive income
|
4,747
|
6,773
|
1,751
|
|
|
|
|
Total
comprehensive income
|
1,356
|
1,590
|
80
|
|
|
|
|
Basic net loss per
share
|
(0.3)
|
(0.46)
|
(0.14)
|
Diluted net loss
per share
|
(0.3)
|
(0.46)
|
(0.14)
|
* During the six and three month periods ended June 30, 2017, the Company changed the income
statement classification of expenses related to project development
from general and administrative expenses to project development
costs to reflect more appropriately their nature and the way in
which economic benefits are expected to be derived from the use of
such costs. Comparative amounts were reclassified for
consistency.
Ellomay Capital
Ltd. and its Subsidiaries
Condensed
Consolidated Interim Statements of Changes in Equity
|
|
|
Attributable to
owners of the Company
|
|
|
|
|
|
|
|
Translation
|
|
|
|
|
|
|
|
|
|
|
reserve
|
|
Presentation
|
|
|
|
|
|
|
|
|
from
|
|
currency
|
|
Non-
|
|
|
Share
|
Share
|
Retained
|
Treasury
|
foreign
|
Hedging
|
translation
|
|
controlling
|
Total
|
|
capital
|
premium
|
earnings
|
shares
|
operations
|
Reserve
|
reserve
|
Total
|
interests
|
Equity
|
|
Unaudited
|
|
US$ in
thousands
|
For the six months
ended
|
|
|
|
|
|
|
|
|
|
|
June 30,
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
|
-
|
-
|
(4,834)
|
-
|
-
|
|
-
|
(4,834)
|
(349)
|
(5,183)
|
Other comprehensive
income (loss)
|
-
|
-
|
-
|
-
|
1,819
|
492
|
4,462
|
6,773
|
-
|
6,773
|
Total comprehensive
income (loss)
|
-
|
-
|
(4,834)
|
-
|
1,819
|
492
|
4,462
|
1,939
|
(349)
|
1,590
|
Transactions with
owners of the Company, recognized directly in
equity:
|
|
|
|
|
|
|
|
|
|
|
Share-based
payments
|
-
|
2
|
-
|
-
|
-
|
|
-
|
2
|
-
|
2
|
Own shares
acquired
|
-
|
-
|
-
|
(14)
|
-
|
|
-
|
(14)
|
-
|
(14)
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
|
June 30,
2017
|
26,597
|
77,729
|
(643)
|
(1,999)
|
2,366
|
492
|
(13,109)
|
91,433
|
(1,085)
|
90,348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to
owners of the Company
|
|
|
|
|
|
|
|
Translation
|
|
|
|
|
|
|
|
|
|
|
reserve
|
|
Presentation
|
|
|
|
|
|
|
|
|
from
|
|
currency
|
|
Non-
|
|
|
Share
|
Share
|
Retained
|
Treasury
|
foreign
|
Hedging
|
translation
|
|
controlling
|
Total
|
|
capital
|
premium
|
earnings
|
shares
|
operations
|
Reserve
|
reserve
|
Total
|
interests
|
Equity
|
|
Unaudited
|
|
US$ in
thousands
|
For the three
months ended
|
|
|
|
|
|
|
|
|
|
|
June 30,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
|
March 31,
2017
|
26,597
|
77,727
|
2,583
|
(1,999)
|
1,658
|
-
|
(16,656)
|
89,910
|
(920)
|
88,990
|
Loss for the
period
|
-
|
-
|
(3,226)
|
-
|
-
|
-
|
-
|
(3,226)
|
(165)
|
(3,391)
|
Other comprehensive
income (loss)
|
-
|
-
|
-
|
-
|
708
|
492
|
3,547
|
4,747
|
-
|
4,747
|
Total comprehensive
income (loss)
|
-
|
-
|
(3,226)
|
-
|
708
|
492
|
3,547
|
1,521
|
(165)
|
1,356
|
Transactions with
owners of the Company, recognized directly in
equity:
|
|
|
|
|
|
|
|
|
|
|
Share-based
payments
|
-
|
2
|
-
|
-
|
-
|
-
|
-
|
2
|
-
|
2
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
|
June 30,
2017
|
26,597
|
77,729
|
(643)
|
(1,999)
|
2,366
|
492
|
(13,109)
|
91,433
|
(1,085)
|
90,348
|
|
|
|
|
|
|
|
|
|
|
|
Ellomay Capital
Ltd. and its Subsidiaries
|
Condensed
Consolidated Interim Statements of Changes in Equity
|
|
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
|
|
Unaudited
|
|
US$ in
thousands
|
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
|
Ellomay Capital
Ltd. and its Subsidiaries
Condensed
Consolidated Interim Statements of Cash Flow
|
|
For the
three
Months ended
June 30, 2017
|
For the
Six
Months ended
June 30, 2017
|
For the
Six
Months ended
June 30, 2016
|
|
Unaudited
|
|
US$ in
thousands
|
Cash flows from
operating activities
|
|
|
|
Loss for the
period
|
(3,391)
|
(5,183)
|
(1,671)
|
Adjustments
for:
|
|
|
|
Financing expenses,
net
|
3,398
|
5,526
|
2,755
|
Depreciation
|
1,209
|
2,378
|
2,518
|
Share-based
payment
|
2
|
2
|
1
|
Share of loss
(profits) of equity accounted investees
|
902
|
67
|
(312)
|
Change in trade
receivables and other receivables
|
-
|
(34)
|
(1,088)
|
Change in other
assets
|
54
|
(21)
|
(113)
|
Change in accrued
severance pay, net
|
-
|
1
|
-
|
Change in trade
payables
|
(218)
|
131
|
124
|
Change in accrued
expenses and other payables
|
(2,194)
|
(1,530)
|
(515)
|
Income tax
expense
|
600
|
725
|
309
|
Income taxes
paid
|
-
|
-
|
-
|
Interest
received
|
151
|
244
|
144
|
Interest
paid
|
(1,480)
|
(1,640)
|
(1,595)
|
Net cash from
operating activities
|
(967)
|
666
|
557
|
Cash flows from
investing activities
|
|
|
|
Acquisition of fixed
assets
|
(2,993)
|
(4,451)
|
-
|
Advances on account
of investments
|
(9,776)
|
(9,815)
|
(146)
|
Investment in equity
accounted investee
|
-
|
-
|
(803)
|
Repayment of loan
from an equity accounted investee
|
-
|
-
|
-
|
Decrease (increase)
in restricted cash, net
|
(114)
|
3,387
|
-
|
Proceeds from
marketable securities
|
-
|
-
|
1,008
|
Acquisition of
marketable securities
|
(4,932)
|
(7,017)
|
-
|
Settlement of
derivatives, net
|
-
|
(2,180)
|
-
|
Loans to
others
|
(390)
|
(390)
|
-
|
Net cash from (used
in) investing activities
|
(18,205)
|
(20,466)
|
59
|
Cash flows from
financing activities
|
|
|
|
Dividend
paid
|
-
|
-
|
(2,404)
|
Repayment of
long-term loans and finance lease obligations
|
(739)
|
(827)
|
(645)
|
Proceeds from
issuance of Debentures
|
-
|
33,707
|
-
|
Repayment of
Debentures
|
-
|
-
|
-
|
Proceeds from long
term loans
|
3,846
|
5,927
|
90
|
Repurchase of own
shares
|
-
|
(14)
|
(8)
|
Net cash from (used
in) financing activities
|
3,107
|
38,793
|
(2,967)
|
|
|
|
|
Exchange differences
on balance of cash and cash equivalents
|
658
|
847
|
349
|
Increase (decrease)
in cash and cash equivalents
|
(15,407)
|
19,840
|
(2,002)
|
Cash and cash
equivalents at the beginning of the period
|
58,897
|
23,650
|
18,717
|
Cash and cash
equivalents at the end of the period
Supplemental
non-cash investing and financing activities -
|
43,490
|
43,490
|
16,715
|
Increase in loans
from others related to fixed assets
acquisition
|
2,030
|
2,030
|
-
|
|
|
|
|
Ellomay Capital
Ltd. and its Subsidiaries
Reconciliation of
Net Loss to EBITDA
|
|
For the
Three
Months ended
June 30,
|
For the
Six
Months ended
June 30,
|
For the
Six
Months ended
June 30,
|
|
2017
|
2017
|
2016
|
|
Unaudited
|
|
US$ in
thousands
|
Net income (loss) for
the period
|
(3,391)
|
(5,183)
|
(1,671)
|
Financing expenses
(income), net
|
3,398
|
5,526
|
2,755
|
Taxes on
income
|
600
|
725
|
309
|
Depreciation
|
1,209
|
2,378
|
2,518
|
EBITDA
|
1,816
|
3,446
|
3,911
|
Contact:
Kalia Weintraub
CFO
Tel: +972(3)797-1111
Email: miria@ellomay.com
View original
content:http://www.prnewswire.com/news-releases/ellomay-capital-reports-results-for-the-three-and-six-months-ended-june-30-2017-300520862.html
SOURCE Ellomay Capital Ltd