TEL-AVIV, Israel, Dec. 19, 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 nine month periods ended September 30, 2017.
Financial Highlights
- Revenues were approximately $12
million (approximately €10.8 million) for the nine months
ended September 30, 2017, compared to
approximately $10.6 million
(approximately €9.5 million) for the nine months ended September 30, 2016. The increase in revenues is
mainly a result of higher spot rates and higher radiation levels in
Italy and Spain during the nine months ended
September 30, 2017 compared to the
nine months ended September 30, 2016,
as 2016 was characterized by low levels of radiation.
- Operating expenses remained stable at approximately
$1.8 million (approximately €1.7
million) for the nine months ended September
30, 2017, compared to approximately $1.9 million (approximately €1.7 million) for the
nine months ended September 30, 2016.
Depreciation expenses were approximately $3.7 million (approximately €3.3 million) for the
nine months ended September 30, 2017
and 2016.
- Project development costs were approximately $1.9 million for the nine months ended
September 30, 2017, compared to
approximately $1.5 million for the
nine months ended September 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.
- General and administrative expenses were approximately
$2.1 million for the nine months
ended September 30, 2017, compared to
approximately $1.9 million for the
nine months ended September 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 income of equity accounted investee, after
elimination of intercompany transactions, was approximately
$1.9 million for the nine months
ended September 30, 2017, compared to
approximately $1.1 million in the
nine months ended September 30, 2016.
The increase in the Company's share of profit of equity accounted
investee is mainly attributable to an increase in sales of
electricity to Dorad's customers, resulting in an increase in
operating profit, and to lower financing expenses incurred by Dorad
for the period as a result of the CPI indexation of loans from
banks and related parties, partially offset by an increase in taxes
on income.
- Financing expenses, net was approximately $6.8 million for the nine months ended
September 30, 2017, compared to
approximately $4.5 million for the
nine months ended September 30, 2016.
The increase in financing expenses was mainly due to the
reevaluation of the Company's EUR/USD forward transactions,
interest rate swap transactions and marketable securities in the
aggregate amount of approximately $3.2
million loss compared to approximately $1.5 million loss during the nine months ended
September 30, 2017 and September 30, 2016, respectively, and increased
expenses resulting from exchange rate differences in the amount of
approximately $1.3 million compared
to approximately $0.6 million during
the nine months ended September 30,
2017 and 2016, respectively.
- Taxes on income were approximately $1.2
million for the nine months ended September 30, 2017, compared to approximately
$0.6 million for the nine months
ended September 30, 2016. This
increase in taxes on income compared to the corresponding period in
2016 resulted mainly from increased profit in 2017 and from
previous utilization of loss carry forwards for several of the
Company's Italian subsidiaries.
- Net loss was approximately $3.6
million for the nine months ended September 30, 2017, compared to net loss of
approximately $2.2 million for the
nine months ended September 30,
2016.
- Total other comprehensive income was approximately $9 million for the nine months ended September 30, 2017, compared to approximately
$2.5 million for the nine months
ended September 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 $5.4 million for the nine months ended
September 30, 2017, compared to
approximately $0.3 million for the
nine months ended September 30,
2016.
- Total equity was approximately $94.1
million as of September 30,
2017, compared to approximately $88.8
million of December 31, 2016.
The increase in total equity was mainly due to presentation
currency translation adjustments.
- EBITDA was approximately $8
million for the nine months ended September 30, 2017, compared to approximately
$6.5 million for the nine months
ended September 30, 2016. The
increase in EBITDA is mainly due to increased revenues and an
increase in the Company's share of profit of equity accounted
investee.
- Net cash from operating activities was approximately
$3.9 million for the nine months
ended September 30, 2017, compared to
approximately $7.5 million for the
nine months ended September 30, 2016.
The decrease in net cash from operating activities is mainly
attributable to payment of interest on a loan from an equity
accounted investee of approximately $0.5
million for the nine months ended September 30, 2017, compared to approximately
$5.1 million in the nine months ended
September 30, 2016, partially offset
by increased revenues during the period as a result of higher spot
rates and higher radiation levels in Italy and Spain.
- On October 18, 2017, the Company
completed the purchase of the Talmei Yosef Project. Therefore, the
results of the Talmei Yosef Project are not included in the
financial results for the nine months ended September 30, 2017.
- As of December 1, 2017, the
Company held approximately $36.8
million in cash and cash equivalents, approximately
$6.5 million in marketable securities
and approximately $4.4 million in
short-term and long-term restricted cash.
- On December 4, 2017, the Israeli
Public Utilities Authority – Electricity (the "Israeli Electricity
Authority") announced the reduction of the conditional license
issued to Ellomay Pumped Storage (2014) Ltd., the Company's
75%-owned subsidiary engaged in promoting a pumped storage project
in the Manara Cliff in Israel (the
"Manara PSP") from 340 MW to 156 MW. The reduced capacity is based
on the remaining capacity in the hydro pumped storage quota
determined by the Israeli Electricity Authority after deducting the
capacity already allocated to two projects that are in more
advanced stages than the Manara PSP. The Israeli Electricity
Authority also announced the extension by four months of the
deadline for producing a connection survey in both conditional
licenses. In its decision, the Israeli Electricity Authority noted
that in the event one of the holders of the conditional licenses
reaches financial closing, the Israeli Electricity Authority will
commence the process of cancelling the other conditional licenses
for projects that have not yet reached financial closing.
- Estimated 2018 CF projection from projects are:
-
- Projects income of $26.1
million.
- Net expected CF from projects of $15.2
million.
- Total 2018 estimated CF from projects of $12.3 million.
For more information concerning the Company's cash flow projections
see the Company's Immediate Report on Form 6-K furnished to the
Securities and Exchange Commission on November 1, 2017.
Ran Fridrich, CEO and a board member of Ellomay commented:
"Ellomay continues its extensive development and investment
program, while constantly improving the performance of its existing
projects. The results for the period show an improvement in all the
parameters, including revenues and EBITDA, while maintaining
liquidity and increasing cash balances. Management expects that the
results of the investments made during 2017 in connection with the
Talmei Yosef project and the two bio-gas projects in the Netherlands will be reflected in the 2018
financial results."
Information for the Company's Series A and Series B Debenture
Holders
As of September 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
$24.7 million (consisting of
approximately $34.1 million of
short-term and long-term debt from banks and other interest bearing
financial obligations and approximately $73.3 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 $53.7 million of cash
and cash equivalents and marketable securities and net of
approximately $29 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, approximately 7.9MW of
photovoltaic power plants in Spain
and a photovoltaic power plant of approximately 9 MW in
Israel;
- 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 156 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 weather
conditions, regulatory changes, changes in the supply and prices of
resources required for the operation of our facilities (such as
waste and natural gas), changes in demand and technical and other
disruptions in the operations or construction of the power plants
owned by us. 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
|
Condensed
Consolidated Interim Statements of Financial
Position
|
|
|
|
September
30
|
December
31
|
|
|
2017
|
2016
|
|
|
Unaudited
|
Audited
|
|
|
US$ in
thousands
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
|
47,212
|
23,650
|
Marketable
securities
|
|
6,490
|
1,023
|
Restricted
cash
|
|
18
|
16
|
Trade and other
receivables
|
|
12,419
|
9,952
|
|
|
66,139
|
34,641
|
Non-current
assets
|
|
|
|
Investment in equity
accounted investee
|
|
34,484
|
30,788
|
Advances on account
of investments
|
|
11,546
|
905
|
Financial
assets
|
|
1,465
|
1,330
|
Fixed
assets
|
|
92,107
|
77,066
|
Restricted cash and
deposits
|
|
2,200
|
5,399
|
Deferred
tax
|
|
2,549
|
2,614
|
Long term
receivables
|
|
2,198
|
3,431
|
|
|
146,549
|
121,533
|
Total
assets
|
|
212,688
|
156,174
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities
|
|
|
|
Current maturities of
long term loans
|
|
1,323
|
1,150
|
Debentures
|
|
5,456
|
4,989
|
Trade
payables
|
|
1,813
|
1,684
|
Other
payables
|
|
4,547
|
3,279
|
|
|
13,139
|
11,102
|
Non-current
liabilities
|
|
|
|
Finance lease
obligations
|
|
4,446
|
4,228
|
Long-term
loans
|
|
27,538
|
17,837
|
Debentures
|
|
67,891
|
30,548
|
Deferred
tax
|
|
1,241
|
925
|
Other long-term
liabilities
|
|
4,311
|
2,764
|
|
|
105,427
|
56,302
|
Total
liabilities
|
|
118,566
|
67,404
|
|
|
|
|
Equity
|
|
|
|
Share
capital
|
|
26,597
|
26,597
|
Share
premium
|
|
77,731
|
77,727
|
Treasury
shares
|
|
(1,999)
|
(1,985)
|
Reserves
|
|
(7,948)
|
(17,024)
|
Retained
earnings
|
|
848
|
4,191
|
Total equity
attributed to shareholders of the Company
|
|
95,229
|
89,506
|
Non-Controlling
Interest
|
|
(1,107)
|
(736)
|
|
|
|
|
Total
equity
|
|
94,122
|
88,770
|
Total liabilities
and equity
|
|
212,688
|
156,174
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Interim Statements of Comprehensive
income
|
|
|
|
|
|
|
|
|
|
|
|
For the nine
months
|
For the three
months
|
|
ended September
30,
|
ended September
30
|
|
2017
|
2016
|
2017
|
2016
|
|
Unaudited
|
|
US$ in thousands
(except per share amounts)
|
Revenues
|
11,990
|
10,574
|
4,659
|
4,061
|
Operating
expenses
|
(1,843)
|
(1,858)
|
(908)
|
(699)
|
Depreciation
expenses
|
(3,677)
|
(3,654)
|
(1,299)
|
(1,136)
|
Gross
profit
|
6,470
|
5,062
|
2,452
|
2,226
|
|
|
|
|
|
Project development
costs
|
(1,935)
|
*(1,497)
|
(355)
|
*(784)
|
General and
administrative expenses
|
(2,076)
|
*(1,862)
|
(763)
|
*(735)
|
Share of profits of
equity accounted investee
|
1,878
|
1,097
|
1,945
|
785
|
Other income,
net
|
15
|
85
|
5
|
-
|
Operating
Profit
|
4,352
|
2,885
|
3,284
|
1,492
|
|
|
|
|
|
Financing
income
|
531
|
196
|
1,241
|
32
|
Financing expenses in
connection with derivatives, net
|
(3,170)
|
(1,458)
|
(1,448)
|
(434)
|
Financing
expenses
|
(4,181)
|
(3,260)
|
(1,087)
|
(1,365)
|
Financing expenses,
net
|
(6,820)
|
(4,522)
|
(1,294)
|
(1,767)
|
|
|
|
|
|
Profit (Loss)
before taxes on income
|
(2,468)
|
(1,637)
|
1,990
|
(275)
|
|
|
|
|
|
Taxes on
income
|
(1,171)
|
(568)
|
(446)
|
(259)
|
|
|
|
|
|
Profit (Loss) for
the period
|
(3,639)
|
(2,205)
|
1,544
|
(534)
|
Profit (Loss)
attributable to:
|
|
|
|
|
Shareholders of the
Company
|
(3,343)
|
(1,910)
|
1,491
|
(434)
|
Non-controlling
interests
|
(296)
|
(295)
|
53
|
(100)
|
|
|
|
|
|
Profit (Loss) for
the period
|
(3,639)
|
(2,205)
|
1,544
|
(534)
|
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
|
(372)
|
-
|
(246)
|
-
|
Net change in fair
value of cash flow hedges transferred to profit or loss
|
1,602
|
-
|
984
|
-
|
Foreign currency
translation adjustments
|
1,651
|
(699)
|
(168)
|
(432)
|
Items that would
not be reclassified to profit or loss:
|
|
|
|
|
Presentation currency
translation adjustments
|
6,195
|
3,164
|
1,733
|
1,146
|
Presentation currency
translation adjustments attributable to
Non-controlling interests
|
|
|
|
|
(75)
|
-
|
(75)
|
-
|
|
|
|
|
|
Total other
comprehensive income for the period
|
9,001
|
2,465
|
2,228
|
714
|
Total
comprehensive income
|
5,362
|
260
|
3,772
|
180
|
|
|
|
|
|
Basic net profit
(loss) per share
|
(0.31)
|
(0.18)
|
0.14
|
(0.04)
|
Diluted net profit
(loss) per share
|
(0.31)
|
(0.18)
|
0.14
|
(0.04)
|
____________________________
|
* During the nine and
three month periods ended September 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 nine
months ended
|
|
|
|
|
|
|
|
|
|
|
September 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
|
-
|
-
|
(3,343)
|
-
|
-
|
-
|
-
|
(3,343)
|
(296)
|
(3,639)
|
Other comprehensive
income
|
|
|
|
|
|
|
|
|
|
|
-
|
-
|
-
|
-
|
1,651
|
1,230
|
6,195
|
9,076
|
(75)
|
9,001
|
Total comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
|
|
-
|
-
|
(3,343)
|
-
|
1,651
|
1,230
|
6,195
|
5,733
|
(371)
|
5,362
|
Transactions with
owners of the Company, recognized directly in
equity:
|
|
|
|
|
|
|
|
|
|
|
Share-based
payments
|
|
|
|
|
|
|
|
|
|
|
-
|
4
|
-
|
-
|
-
|
-
|
-
|
4
|
-
|
4
|
Own shares
acquired
|
-
|
-
|
-
|
(14)
|
-
|
-
|
-
|
(14)
|
-
|
(14)
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
|
September 30,
2017
|
26,597
|
77,731
|
848
|
(1,999)
|
2,198
|
1,230
|
(11,376)
|
95,229
|
(1,107)
|
94,122
|
|
|
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
|
|
|
|
|
|
|
|
|
|
September 30,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
|
June 30,
2017
|
26,597
|
77,729
|
(643)
|
(1,999)
|
2,366
|
492
|
(13,109)
|
91,433
|
(1,085)
|
90,348
|
Loss for the
period
|
-
|
-
|
1,491
|
-
|
-
|
-
|
-
|
1,491
|
53
|
1,544
|
Other comprehensive
income (loss)
|
-
|
-
|
-
|
-
|
(168)
|
738
|
1,733
|
2,303
|
(75)
|
2,228
|
Total comprehensive
income (loss)
|
-
|
-
|
1,491
|
-
|
(168)
|
738
|
1,733
|
3,794
|
(22)
|
3,772
|
Transactions with
owners of the Company,
recognized directly in equity:
|
|
|
|
|
|
|
|
|
|
|
Share-based
payments
|
-
|
2
|
-
|
-
|
-
|
-
|
-
|
2
|
-
|
2
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
|
September 30,
2017
|
26,597
|
77,731
|
848
|
(1,999)
|
2,198
|
1,230
|
11,376))
|
95,229
|
(1,107)
|
94,122
|
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
|
|
|
|
|
|
|
|
|
|
Reserve
|
Presentation
|
|
|
|
|
|
|
|
|
From
|
currency
|
|
|
|
|
Share
|
Share
|
Retained
|
Treasury
|
Foreign
|
translation
|
|
|
|
|
capital
|
premium
|
earnings
|
shares
|
operations
|
reserve
|
Total
|
|
|
|
Unaudited
|
|
US$ in
thousands
|
For the nine
months ended
|
|
|
|
|
|
|
|
|
|
September 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
|
-
|
-
|
(1,910)
|
-
|
-
|
-
|
(1,910)
|
(295)
|
(2,205)
|
Other comprehensive
income
|
-
|
-
|
-
|
-
|
(699)
|
3,164
|
2,465
|
-
|
2,465
|
Total comprehensive
income
|
-
|
-
|
(1,910)
|
-
|
(699)
|
3,164
|
555
|
(295)
|
260
|
Own shares
acquired
|
-
|
-
|
-
|
(11)
|
-
|
-
|
(11)
|
-
|
(11)
|
Cost of share-based
payments
|
-
|
1
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
Dividend
distribution
|
-
|
-
|
(2,404)
|
-
|
-
|
-
|
(2,404)
|
-
|
(2.404)
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
September
30, 2016
|
26,597
|
77,724
|
2,886
|
(1,983)
|
115
|
(12,865)
|
92,474
|
(563)
|
91,911
|
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
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
September 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
June 30,
2016
|
26,597
|
77,724
|
3,320
|
(1,980)
|
547
|
(14,011)
|
92,197
|
(463)
|
91,734
|
Loss for the
period
|
-
|
-
|
(434)
|
-
|
-
|
-
|
(434)
|
(100)
|
(534)
|
Other
comprehensive income
|
-
|
-
|
-
|
-
|
(432)
|
1,146
|
714
|
-
|
714
|
Total
comprehensive income
|
-
|
-
|
(434)
|
-
|
(432)
|
1,146
|
280
|
(100)
|
180
|
Own shares
acquired
|
-
|
-
|
-
|
(3)
|
-
|
-
|
(3)
|
-
|
(3)
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
September
30, 2016
|
26,597
|
77,724
|
2,886
|
(1,983)
|
115
|
(12,865)
|
92,474
|
(563)
|
91,911
|
|
|
|
|
|
|
|
|
|
|
Ellomay Capital
Ltd. and its Subsidiaries
|
Condensed
Consolidated Interim Statements of Cash Flow
|
|
|
|
|
For the nine
months ended September 30,
|
For the
three months ended September 30,
|
|
2017
|
2016
|
2017
|
2016
|
|
Unaudited
|
|
US$ in
thousands
|
Cash flows from
operating activities
|
|
|
|
|
Loss for the
period
|
(3,639)
|
(2,205)
|
1,544
|
(534)
|
Adjustments
for:
|
|
|
|
|
Financing expenses,
net
|
6,820
|
4,522
|
1,294
|
1,767
|
Depreciation
|
3,677
|
3,654
|
1,299
|
1,136
|
Share-based
payment
|
4
|
1
|
2
|
-
|
Share of loss
(profits) of equity accounted investees
|
(1,878)
|
(1,097)
|
(1,945)
|
(785)
|
Payment of interest
on loan from an equity accounted investee
|
489
|
5,134
|
489
|
5,134
|
Change in trade
receivables and other receivables
|
2,521
|
(976)
|
2,555
|
112
|
Change in other
assets
|
(1,986)
|
(537)
|
(1,965)
|
(424)
|
Change in accrued
severance pay, net
|
3
|
-
|
2
|
-
|
Change in trade
payables
|
104
|
122
|
(27)
|
(2)
|
Change in accrued
expenses and other payables
|
(1,890)
|
66
|
(360)
|
581
|
Income tax
expense
|
1,171
|
568
|
446
|
259
|
Interest
received
|
400
|
176
|
156
|
32
|
Interest
paid
|
(1,916)
|
(1,921)
|
(276)
|
(326)
|
Net cash from
operating activities
|
3,880
|
7,507
|
3,214
|
6,950
|
Cash flows from
investing activities
|
|
|
|
|
Acquisition of fixed
assets
|
(7,124)
|
-
|
(2,673)
|
-
|
Advances on account
of investments
|
(9,815)
|
(2,039)
|
-
|
(1,893)
|
Investment in equity
accounted investee
|
-
|
(803)
|
-
|
-
|
Repayment of loan
from an equity accounted investee
|
-
|
2,638
|
-
|
2,638
|
Decrease (increase)
in restricted cash, net
|
3,387
|
(812)
|
-
|
(812)
|
Proceeds from
marketable securities
|
1,468
|
2,011
|
1,468
|
1,003
|
Acquisition of
marketable securities
|
(7,017)
|
(1,022)
|
-
|
(1,022)
|
Settlement of
derivatives, net
|
(2,180)
|
-
|
-
|
-
|
Proceeds of Forward
contract
|
2,128
|
-
|
2,128
|
-
|
Loans to
others
|
(390)
|
-
|
-
|
-
|
Net cash from (used
in) investing activities
|
(19,543)
|
(27)
|
923
|
(86)
|
Cash flows from
financing activities
|
|
|
|
|
Dividend
paid
|
-
|
(2,404)
|
-
|
-
|
Repayment of
long-term loans and finance lease obligations
|
(1,343)
|
(736)
|
(516)
|
(91)
|
Proceeds from
issuance of Debentures
|
33,707
|
-
|
-
|
-
|
Proceeds from
long-term and short term borrowings
|
5,927
|
182
|
-
|
92
|
Repurchase of own
shares
|
(14)
|
(11)
|
-
|
(3)
|
Net cash from (used
in) financing activities
|
38,277
|
(2,969)
|
(516)
|
(2)
|
|
|
|
|
|
Exchange differences
on balance of cash and cash equivalents
|
948
|
456
|
101
|
107
|
Increase in cash and
cash equivalents
|
23,562
|
4,967
|
3,722
|
6,969
|
Cash and cash
equivalents at the beginning of the period
|
23,650
|
18,717
|
43,490
|
16,715
|
Cash and cash
equivalents at the end of the period
|
47,212
|
23,684
|
47,212
|
23,684
|
Ellomay Capital
Ltd. and its Subsidiaries
|
Reconciliation of
Net Profit to EBITDA
|
|
|
|
|
For the
nine months ended September 30,
|
For the
three months ended September 30,
|
|
2017
|
2016
|
2017
|
2016
|
|
Unaudited
|
|
US$ in
thousands
|
Net income (loss)
for the period
|
(3,639)
|
(2,205)
|
1,544
|
(534)
|
Financing expenses,
net
|
6,820
|
4,522
|
1,294
|
1,767
|
Taxes on
income
|
1,171
|
568
|
446
|
259
|
Depreciation
|
3,677
|
3,654
|
1,299
|
1,136
|
EBITDA
|
8,029
|
6,539
|
4,583
|
2,628
|
View original
content:http://www.prnewswire.com/news-releases/ellomay-capital-reports-results-for-the-three-and-nine-months-ended-september-30-2017-300573506.html
SOURCE Ellomay Capital Ltd