TEL AVIV,
Israel, March 29, 2018
/PRNewswire/ -- Ellomay Capital Ltd. (NYSE American: ELLO)
(TASE: ELLO) ("Ellomay" or the "Company"), a renewable
energy and power generator and developer of renewable energy and
power projects in Europe and
Israel, today reported its
unaudited financial results for the three and twelve month periods
ended December 31, 2017.
Change in Presentation Currency
Effective December 31, 2017,
the Company changed its presentation currency from the United States dollar to the euro. The
Company ceased using the U.S. dollar as its presentation currency
to assist investors to evaluate its financial results as the
Company's functional currency is the euro and a substantial portion
of its assets, revenues and liabilities is denominated in euro.
Furthermore, the change is expected to reduce the impact of the
volatility of the euro/USD exchange rate on the Company's operating
results. The consolidated financial results for all prior years
presented have been translated into euro.
Due to the change in presentation currency and the
cancellation of the translation adjustments reserve, the Company's
equity as of December 31, 2017
reflects a one-time decrease in the aggregate amount of
approximately €6.8 million. This decrease is comprised of amounts
that would have been included in the translation adjustments
reserve prior to the change in presentation currency as follows:
(i) finance expenses in the amount of approximately €3.2 million
recorded in connection with euro/ US$ forward contracts previously
executed by the Company in order to reduce the effect of the euro/
US$ exchange rate fluctuations on its results, a significant
portion of which were closed following the change in presentation
currency, and (ii) foreign currency euro/ US$ translation
adjustments in the amount of approximately €3.6 million recorded in
connection with the Company's cash reserves and marketable
securities, that were held in US$ and majority of which were
converted into euro following the change of presentation
currency.
Financial Highlights
- Revenues were approximately €13.6 million for the year
ended December 31, 2017, compared to
approximately €11.6 million for the year ended December 31, 2016, representing an increase of
17%. The increase in revenues is mainly a result of higher
electricity spot rates and higher radiation levels in Italy and Spain during the year ended December 31, 2017 compared to the year ended
December 31, 2016, as 2016 was
characterized by low levels of radiation. In addition, the revenues
for 2017 reflect the commencement of operations of a
waste-to-energy project in the
Netherlands and the results of the Talmei Yosef project
since the acquisition date (i.e., the beginning of the fourth
quarter of 2017).
- Operating expenses were approximately €2.5 million for
the year ended December 31, 2017,
compared to approximately €2.1 million for the year ended
December 31, 2016. The increase in
operating expenses is mainly attributable to an insurance
indemnification received in 2016 that partially offset operating
expenses for that year and to additional operating expenses
resulting from the commencement of operations of a waste-to-energy
project in the Netherlands and
from the acquisition of the Talmei Yosef project. Depreciation
expenses were approximately €4.5 million for the year ended
December 31, 2017, compared to
approximately €4.4 million for the year ended December 31, 2016.
- Project development costs were approximately €2.7 million
for the year ended December 31, 2017,
compared to approximately €2.2 million for the year ended
December 31, 2016. The increase in
project development expenses is mainly attributable to consultancy
expenses in connection with the acquisition of the Talmei Yosef
project in October 2017 and expenses
in connection with the Talasol project.
- General and administrative expenses were approximately
€2.4 million for the year ended December 31,
2017, compared to approximately €2 million for the year
ended December 31, 2016. The increase
in general and administrative expenses resulted mainly from
adjustments in 2016 made in connection with dissolutions of
non-operating subsidiaries that reduced 2016 general and
administrative expenses and from increased expenses in 2017
resulting from the commencement of operations of a waste-to-energy
project in the Netherlands and the
acquisition of the Talmei Yosef project.
- Share of profits of equity accounted investee, after
elimination of intercompany transactions, was approximately €1.5
million in the year ended December 31,
2017, compared to approximately €1.4 million in the year
ended December 31, 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,
partially offset by legal expenses incurred by U. Dori Energy
Infrastructures Ltd., in which the Company holds 50%, in connection
with legal proceedings in which Dorad's shareholders
are involved.
- Operating profit was approximately €3 million for the
year ended December 31, 2017,
compared to approximately €2.4 million for the year ended
December 31, 2016, representing an
increase of 25%.
- Financing expenses, net was approximately
€9.2 million
for the year ended December 31, 2017,
compared to approximately €2.4 million for the year ended
December 31, 2016. The increase in
financing expenses was mainly due to: (i) the reevaluation of the
Company's euro/ US$ forward transactions and
marketable securities in the aggregate loss amount of approximately
€3.2 million for the year ended December 31,
2017, compared to a profit of approximately €0.6 million for
the year ended December 31, 2016, and
(ii) expenses in connection with exchange rate differences
amounting to approximately
€3.6 million in
the year ended December 31, 2017,
mainly in connection with US dollar denominated cash and marketable
securities, resulting from exchange rate differences caused by the
14% revaluation of the euro against the US$ during 2017, compared
to approximately €0.1 million for the year ended December 31, 2016. Following the change of
presentation currency, the Company converted the majority of its
cash and marketable securities from US dollar to euro.
- Taxes on income were approximately €0.4 million in the
year ended December 31, 2017,
compared to approximately €0.6 million in the year ended
December 31, 2016. This decrease in
taxes on income compared to the corresponding period in 2016
resulted mainly from the adjustment of a provision in connection
with estimated tax liabilities, partially offset by
expenses resulting from the decrease of loss carry
forwards for several of the Company's Italian subsidiaries
following a tax inspection.
- Loss for the year was approximately €6.6 million in the
year ended December 31, 2017,
compared to approximately €0.6 million for the year ended
December 31,
2016.
- Total other comprehensive loss was approximately
€0.2 million for the year ended
December 31, 2017, compared to a
profit of approximately €0.7 million in the year ended December 31, 2016. The change was mainly due to
changes in fair value of cash flow hedges and from foreign currency
translation differences on New Israeli Shekel denominated
operations, as a result of fluctuations in the euro/NIS exchange
rates.
- Total comprehensive loss was approximately €6.9 million
in the year ended December 31, 2017,
compared to total comprehensive loss of approximately €0.06 million
in the year ended December 31,
2016.
- Total equity was approximately €77.5 million as of
December 31, 2017, compared to
approximately €84.4 million as of December
31, 2016. The decrease in total equity was mainly due to
increased financing expenses as a result of the reevaluation of the
Company's euro/ US$ forward transactions and increased
expenses resulting from exchange rate differences.
- EBITDA was approximately €7.5 million for the year ended
December 31, 2017, compared to
approximately €6.8 million for the year ended December 31, 2016. The increase in EBITDA is
mainly due to increased revenues and an increase in gross and
operating margin.
- Net cash from operating activities was approximately €2.3
million for the year ended December 31,
2017, compared to approximately €7.3 million for the year
ended December 31, 2016. The decrease
in net cash from operating activities is mainly attributable to
interest payment received during 2016 on a loan to an equity
accounted investee.
- On October 18, 2017, the
Company completed the purchase of the Talmei Yosef project.
Therefore, the results of the Talmei Yosef project are only
partially included in the results for the twelve month periods
ended December 31, 2017.
- As of March 1, 2018, the
Company held approximately €25.3 million in cash and cash
equivalents, approximately €2.2 million in marketable securities
and approximately €6.8 million in restricted short-term and
long-term cash and marketable securities.
- Estimated 2018 CF projection from projects
are:
-
- Consideration for sale of electricity and gas
of €21.9 million.
- Total 2018 estimated net cash flow from projects
(including Dorad) of €11.8
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 improving the performance of its portfolio of
operating projects, presenting a 17% increase in revenues, a 25%
increase in operating profit compared to 2016 and a strong cash
flow from operations. 2017 was characterized by intensive project
development activities, including the Talasol project in
Spain, the bio-gas projects in
the Netherlands, the successful
acquisition of the Talmei Yosef photovoltaic project in
Israel and the continuing
development of the Manara pumped storage project in its new 156 MW
configuration." Mr. Fridrich continued: "The Company decided to
change its presentation currency from the US$ to euro as the
majority of the Company's projects are in Europe and the remainder is in Israel, this change will assist in simplifying
the understanding of the Company's financial situation."
Information for the Company's Series A and Series B
Debenture Holders
As of December 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 €39.8 million (consisting of approximately €53.3
million of short-term and long-term debt from banks and other
interest bearing financial obligations and approximately €57.6
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 €26.1 million of cash and cash
equivalents and marketable securities and net of approximately €45
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 renewable energy and
power sectors in Europe and
Israel.
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.
Ellomay Capital Ltd.
and its Subsidiaries
|
Condensed
Consolidated Statements of Financial Position
|
|
|
|
December 31,
|
|
*2015
|
*2016
|
2017
|
2017
|
|
|
€ in thousands
|
Convenience
Translation into
US$ in
thousands
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash
equivalents
|
17,194
|
22,486
|
23,962
|
28,700
|
Marketable
securities
|
5,971
|
972
|
2,162
|
2,590
|
Restricted cash and
marketable securities
|
73
|
15
|
3,265
|
3,911
|
Receivable from
concession project
|
-
|
-
|
1,286
|
1,540
|
Financial
assets
|
-
|
-
|
1,249
|
1,496
|
Trade and other
receivables
|
7,552
|
9,487
|
10,645
|
12,750
|
|
30,790
|
32,960
|
42,569
|
50,987
|
Non-current assets
|
|
|
|
|
Investment in equity
accounted investee
|
31,216
|
29,273
|
27,655
|
33,124
|
Advances on account
of investments
|
-
|
812
|
8,825
|
10,570
|
Financial
assets
|
4,470
|
1,265
|
-
|
-
|
Receivable from
concession project
|
-
|
-
|
27,725
|
33,208
|
Fixed
assets
|
72,564
|
73,274
|
78,837
|
94,427
|
Intangible
asset
|
-
|
-
|
5,505
|
6,594
|
Restricted cash and
deposits
|
4,886
|
5,134
|
3,660
|
4,384
|
Deferred
tax
|
2,610
|
2,485
|
1,777
|
2,128
|
Long term
receivables
|
778
|
3,261
|
1,535
|
1,839
|
|
116,524
|
115,504
|
155,519
|
186,274
|
Total assets
|
147,314
|
148,464
|
198,088
|
237,261
|
Liabilities and Equity
|
|
|
|
|
Current liabilities
|
|
|
|
|
Current maturities of
long term loans
|
1,040
|
1,094
|
3,103
|
3,717
|
Debentures
|
4,482
|
4,744
|
4,644
|
5,562
|
Trade
payables
|
799
|
1,601
|
1,349
|
1,616
|
Other
payables
|
2,954
|
3,119
|
2,187
|
2,619
|
|
9,275
|
10,558
|
11,283
|
13,514
|
Non-current liabilities
|
|
|
|
|
Finance lease
obligations
|
4,340
|
4,020
|
3,690
|
4,420
|
Long-term
loans
|
11,984
|
16,961
|
42,091
|
50,415
|
Debentures
|
32,226
|
29,046
|
52,987
|
63,465
|
Deferred
tax
|
756
|
881
|
5,982
|
7,165
|
Other long-term
liabilities
|
2,291
|
2,627
|
4,555
|
5,456
|
|
51,597
|
53,535
|
109,305
|
130,921
|
Total liabilities
|
60,872
|
64,093
|
120,588
|
144,435
|
Equity
|
|
|
|
|
Share
capital
|
19,980
|
19,980
|
19,980
|
23,931
|
Share
premium
|
58,331
|
58,334
|
58,339
|
69,876
|
Treasury
shares
|
(1,711)
|
(1,722)
|
(1,736)
|
(2,079)
|
Reserves
|
1,938
|
2,664
|
2,357
|
2,823
|
Retained earnings
(accumulated deficit)
|
8,148
|
5,816
|
(299)
|
(358)
|
Total equity
attributed to shareholders of the Company
|
86,686
|
85,072
|
78,641
|
94,193
|
Non-Controlling
Interest
|
(244)
|
(701)
|
(1,141)
|
(1,367)
|
Total equity
|
86,442
|
84,371
|
77,500
|
92,826
|
Total liabilities and equity
|
147,314
|
148,464
|
198,088
|
237,261
|
|
* Convenience
translation into US$ (exchange rate as at December 31, 2017: euro 1
= US$ 1.198)
|
Ellomay Capital Ltd.
and its Subsidiaries
|
Condensed
Consolidated Statements of Comprehensive Income (in thousands,
except per share data)
|
|
|
For the three
months
ended December
31,
|
For the
year
ended December
31,
|
For the
three
months
ended
December 31,
|
For the
year
ended
December 31,
|
|
|
|
|
2016
|
2017
|
2016
|
2017
|
2017
|
2017
|
|
|
Unaudited
|
Audited
|
Unaudited
|
Audited
|
|
|
€ in
thousands
|
Convenience
Translation into US$*
|
|
Revenues
|
2,156
|
2,867
|
11,632
|
13,636
|
3,434
|
16,333
|
|
Operating
expenses
|
(415)
|
(893)
|
(2,082)
|
(2,549)
|
(1,070)
|
(3,053)
|
|
Depreciation
expenses
|
1,137
|
(1,213)
|
(4,411)
|
(4.518)
|
(1,453)
|
(5,411)
|
|
Gross
profit
|
604
|
761
|
5,139
|
6,569
|
911
|
7,869
|
|
|
|
|
|
|
|
|
|
Project development
costs
|
**(947)
|
**(1,001)
|
**(2,201)
|
**(2,739)
|
**(1,199)
|
**(3,281)
|
|
General and
administrative expenses
|
**(275)
|
**(559)
|
**(2,032)
|
**(2,420)
|
**(670)
|
**(2,899)
|
|
Share of profits
(loss) of equity accounted investee
|
385
|
(54)
|
1,375
|
1,531
|
(65)
|
1,834
|
|
Other income,
net
|
14
|
4
|
90
|
18
|
5
|
22
|
|
Operating profit
(loss)
|
219
|
(849)
|
2,371
|
2,959
|
(1,018)
|
3,545
|
|
|
|
|
|
|
|
|
|
Financing
income
|
87
|
856
|
263
|
1,333
|
1,025
|
1,597
|
|
Financing income
(expenses) in connection with derivatives, net
|
1,942
|
(308)
|
636
|
(3,156)
|
(369)
|
(3,780)
|
|
Financing
expenses
|
(42)
|
(2,272)
|
(3,333)
|
(7,405)
|
(2,721)
|
(8,869)
|
|
Financing income
(expenses), net
|
1,987
|
(1,724)
|
(2,434)
|
(9,228)
|
(2,065)
|
(11,052)
|
|
Profit (Loss)
before taxes on income
|
1,768
|
(2,573)
|
(63)
|
(6,269)
|
(3,083)
|
(7,507)
|
|
Tax benefit
(Taxes on income)
|
(61)
|
679
|
(569)
|
(372)
|
813
|
(447)
|
|
Profit (Loss) for
the period
|
1,707
|
(1,894)
|
(632)
|
(6,641)
|
(2,270)
|
(7,954)
|
|
Profit (Loss)
attributable to:
|
|
|
|
|
|
|
|
Owners of the
Company
|
1,865
|
(1,634)
|
(209)
|
(6,115)
|
(1,958)
|
(7,324)
|
|
Non-controlling
interests
|
(158)
|
(260)
|
(423)
|
(526)
|
(312)
|
(630)
|
|
Profit (loss) for
the year
|
1,707
|
(1,894)
|
(632)
|
(6,641)
|
(2,270)
|
(7,954)
|
|
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
|
486
|
(498)
|
692
|
(359)
|
(598)
|
(430)
|
|
Other
comprehensive income items that will not be transferred to profit
or loss:
|
|
|
|
|
|
|
|
Effective portion
of change in fair value of cash flow hedges
|
-
|
(1,036)
|
-
|
(1,244)
|
(1,242)
|
(1,490)
|
|
Net change in fair
value of cash flow hedges transferred to profit or
loss
|
-
|
546
|
-
|
1,382
|
653
|
1,655
|
|
Total other
comprehensive income (loss)
|
486
|
(988)
|
692
|
(221)
|
(1,187)
|
(265)
|
|
Total
comprehensive profit (loss) for the
year
|
2,193
|
(2,882)
|
60
|
(6,862)
|
(3,457)
|
(8,219)
|
|
|
|
|
|
|
|
|
|
Basic net profit
(loss) per share
|
0.17
|
(0.15)
|
(0.02)
|
(0.57)
|
(0.18)
|
(0.69)
|
|
Diluted net profit
(loss) per share
|
0.17
|
(0.15)
|
(0.02)
|
(0.57)
|
(0.18)
|
(0.69)
|
|
|
* Convenience
translation into US$ (exchange rate as at December 31, 2017: (euro
1 = US$ 1.198)
|
** During the twelve
and three month periods ended December 31, 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 Statements of Changes in Equity (in
thousands)
|
|
|
|
Attributable to
shareholders of the Company
|
Non-
controlling
|
Total
|
|
|
Interests
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation
|
|
|
|
|
|
Share
|
Share
|
Retained
earnings
(accumulated
|
Treasury
|
reserve
from
foreign
|
Hedging
|
|
|
|
|
capital
|
premium
|
deficit)
|
shares
|
operations
|
Reserve
|
Total
|
|
|
|
€ in
thousands
|
For the year ended
|
|
|
|
|
|
|
|
|
|
December 31, 2017:
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
|
|
January 1, 2017
|
19,980
|
58,334
|
5,816
|
(1,722)
|
2,664
|
-
|
85,072
|
(701)
|
84,371
|
Loss for the year
|
-
|
-
|
(6,115)
|
-
|
-
|
-
|
(6,115)
|
(526)
|
(6,641)
|
Other comprehensive loss for the
year
|
-
|
-
|
-
|
-
|
(445)
|
138
|
(307)
|
86
|
(221)
|
Total comprehensive loss for the
year
|
-
|
-
|
(6,115)
|
-
|
(445)
|
138
|
(6,422)
|
(440)
|
(6,862)
|
Transactions with owners of the Company,
recognized directly in equity:
|
|
|
|
|
|
|
|
|
|
Own shares acquired
|
-
|
-
|
-
|
(14)
|
-
|
-
|
(14)
|
-
|
(14)
|
Share-based payments
|
-
|
5
|
-
|
-
|
-
|
-
|
5
|
-
|
5
|
Balance as at
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
19,980
|
58,339
|
(299)
|
(1,736)
|
2,219
|
138
|
78,641
|
(1,141)
|
77,500
|
|
|
|
|
|
|
|
|
|
|
For the three months
|
|
|
|
|
|
|
|
|
|
ended December 31, 2017
(Unaudited):
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
19,980
|
58,337
|
1,335
|
(1,736)
|
2,776
|
628
|
81,320
|
(940)
|
80,380
|
Loss for the period
|
-
|
-
|
(1,634)
|
-
|
-
|
-
|
(1,634)
|
(260)
|
(1,894)
|
Other comprehensive loss for the
period
|
-
|
-
|
-
|
-
|
(557)
|
(490)
|
(1,047)
|
59
|
(988)
|
Total comprehensive loss for the
period
|
-
|
-
|
(1,634)
|
-
|
(557)
|
(490)
|
(2,681)
|
(201)
|
(2,882)
|
Transactions with owners of the Company,
recognized directly in equity:
|
|
|
|
|
|
|
|
|
|
Share-based payments
|
-
|
2
|
-
|
-
|
-
|
-
|
2
|
-
|
2
|
Balance as at
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
19,980
|
58,339
|
(299)
|
(1,736)
|
2,219
|
138
|
78,641
|
(1,141)
|
77,500
|
|
|
|
|
|
|
|
|
|
|
Ellomay Capital Ltd.
and its Subsidiaries
|
|
Condensed
Consolidated Interim Statements of Changes in Equity (in thousands)
(cont'd)
|
|
|
|
|
|
Attributable to owners of the
Company
|
Non- controlling
|
Total
|
|
|
|
interests
|
Equity
|
|
|
|
|
|
|
Translation
|
|
|
|
|
|
|
|
|
|
Reserve
|
|
|
|
|
|
|
|
|
|
From
|
|
|
|
|
|
Share
|
Share
|
Retained
|
Treasury
|
Foreign
|
|
|
|
|
|
capital
|
premium
|
earnings
|
shares
|
Operations
|
Total
|
|
|
|
|
€ in
thousands
|
|
For the year ended
|
|
|
|
|
|
|
|
|
|
December 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
|
|
January 1, 2016
|
19,980
|
58,331
|
8,148
|
(1,711)
|
1,938
|
86,686
|
(244)
|
86,442
|
|
Loss for the
year
|
-
|
-
|
(209)
|
-
|
-
|
(209)
|
(423)
|
(632)
|
|
Other comprehensive
loss for the year
|
-
|
-
|
-
|
-
|
726
|
726
|
(34)
|
692
|
|
Total comprehensive
loss for the year
|
-
|
-
|
(209)
|
-
|
726
|
517
|
(457)
|
60
|
|
Transactions with
owners of the Company, recognized directly in
equity:
|
|
|
|
|
|
|
|
|
|
Dividends to
owners
|
-
|
-
|
(2,123)
|
-
|
-
|
(2,123)
|
-
|
(2,123)
|
|
Own shares
acquired
|
-
|
-
|
-
|
(11)
|
-
|
(11)
|
-
|
(11)
|
|
Share-based
payments
|
-
|
3
|
-
|
-
|
-
|
3
|
-
|
3
|
|
Balance as at
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
19,980
|
58,334
|
5,816
|
(1,722)
|
2,664
|
85,072
|
(701)
|
84,371
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
|
|
|
|
|
|
|
|
|
|
ended December 31, 2016
(Unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
|
|
September 30, 2016
|
19,980
|
58,332
|
3,951
|
(1,721)
|
2,152
|
82,694
|
(517)
|
82,177
|
|
Loss for the
period
|
-
|
-
|
1,865
|
-
|
-
|
1,865
|
(158)
|
1,707
|
|
Other comprehensive
income
|
-
|
-
|
-
|
-
|
512
|
512
|
(26)
|
486
|
|
Total comprehensive
income
|
-
|
-
|
1,865
|
-
|
512
|
2,377
|
(184)
|
2,193
|
|
Transactions with
owners of the Company, recognized directly in
equity:
|
|
|
|
|
|
|
|
|
|
Own shares
acquired
|
-
|
-
|
-
|
(1)
|
-
|
(1)
|
-
|
(1)
|
|
Share-based
payments
|
-
|
2
|
-
|
-
|
-
|
2
|
-
|
2
|
|
Balance as at
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
19,980
|
58,334
|
5,816
|
(1,722)
|
2,664
|
85,072
|
(701)
|
84,371
|
|
Ellomay Capital Ltd.
and its Subsidiaries
|
Condensed
Consolidated Interim Statements of Changes in Equity (in thousands)
(cont'd)
|
|
|
|
Attributable to
shareholders of the Company
|
Non-
controlling
|
Total
|
|
|
Interests
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation
|
|
|
|
|
|
Share
|
Share
|
Retained
earnings
(accumulated
|
Treasury
|
reserve
from
foreign
|
Hedging
|
|
|
|
|
capital
|
premium
|
deficit)
|
shares
|
operations
|
Reserve
|
Total
|
|
|
Convenience translation into US$ (exchange rate as at
December 31, 2017: (euro 1 = US$ 1.198)
|
For the year ended
|
|
|
|
|
|
|
|
|
|
December 31, 2017:
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
|
|
January 1, 2017
|
23,931
|
69,870
|
6,966
|
(2,063)
|
3,191
|
-
|
101,895
|
(840)
|
101,055
|
Loss for the year
|
-
|
-
|
(7,324)
|
-
|
-
|
-
|
(7,324)
|
(630)
|
(7,954)
|
Other comprehensive loss for the
year
|
-
|
-
|
-
|
-
|
(533)
|
165
|
(368)
|
103
|
(265)
|
Total comprehensive loss for the
year
|
-
|
-
|
(7,324)
|
-
|
(533)
|
165
|
(7,692)
|
(527)
|
(8,219)
|
Transactions with owners of the Company,
recognized directly in equity:
|
|
|
|
|
|
|
|
|
|
Own shares acquired
|
-
|
-
|
-
|
(16)
|
-
|
-
|
(16)
|
-
|
(16)
|
Share-based payments
|
-
|
6
|
-
|
-
|
-
|
-
|
6
|
-
|
6
|
Balance as at
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
23,931
|
69,876
|
(358)
|
(2,079)
|
2,658
|
165
|
94,193
|
(1,367)
|
92,826
|
For the three months
|
|
|
|
|
|
|
|
|
|
ended December 31, 2017
(Unaudited):
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
23,931
|
69,873
|
1,600
|
(2,079)
|
3,326
|
754
|
97,405
|
1,125
|
96,280
|
Loss for the year
|
-
|
-
|
(1,958)
|
-
|
-
|
-
|
(1,958)
|
(312)
|
(2,270)
|
Other comprehensive loss for the
year
|
-
|
-
|
-
|
-
|
(668)
|
(589)
|
(1,257)
|
70
|
(1,187)
|
Total comprehensive loss for the
year
|
-
|
-
|
(1,958)
|
-
|
(668)
|
(589)
|
(3,215)
|
(242)
|
(3,457)
|
Transactions with owners of the Company,
recognized directly in equity:
|
|
|
|
|
|
|
|
|
|
Own shares acquired
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Share-based payments
|
-
|
3
|
-
|
-
|
-
|
-
|
3
|
-
|
3
|
Balance as at
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
23,931
|
69,876
|
(358)
|
(2,079)
|
2,658
|
165
|
94,193
|
(1,367)
|
92,826
|
Ellomay Capital Ltd.
and its Subsidiaries
|
Condensed
Consolidated Interim Statements of Cash Flow (in
thousands)
|
|
|
For the three
months ended
December 31,
|
For the year
ended
December 31,
|
For the three
months ended
December 31,
|
For the year
ended
December 31,
|
|
2016
|
2017
|
2016
|
2017
|
2017
|
2017
|
|
Unaudited
|
Audited
|
Unaudited
|
Audited
|
|
€ in
thousands
|
Convenience Translation into
US$*
|
Cash flows from operating
activities
|
|
|
|
|
|
|
Profit (loss) for the
period
|
1,707
|
(1,894)
|
(632)
|
(6,641)
|
(2,270)
|
(7,954)
|
Adjustments for:
|
|
|
|
|
|
|
Financing expenses
(income), net
|
(1,987)
|
1,724
|
2,434
|
9,228
|
2,065
|
11,052
|
Depreciation
|
1,137
|
1,213
|
4,411
|
4,518
|
1,453
|
5,411
|
Share-based payment
transactions
|
2
|
2
|
3
|
5
|
2
|
6
|
Share of (profits)
loss of equity accounted investees
|
(385)
|
54
|
(1,375)
|
(1,531)
|
65
|
(1,834)
|
Payment of interest
on loan from an equity accounted investee
|
-
|
-
|
4,646
|
407
|
-
|
487
|
Change in trade
receivables and other receivables
|
(921)
|
3,114
|
(1,771)
|
2,012
|
3,730
|
2,410
|
Change in other
assets
|
(822)
|
2,421
|
(1,087)
|
126
|
2,900
|
151
|
Change in receivables
from concessions project
|
-
|
(84)
|
-
|
(84)
|
(101)
|
(101)
|
Change in accrued
severance pay, net
|
(16)
|
-
|
(16)
|
2
|
-
|
2
|
Change in trade
payables
|
695
|
(467)
|
802
|
(258)
|
(559)
|
(309)
|
Change in other
payables
|
2,543
|
(1,402)
|
2,148
|
(2,655)
|
(1,679)
|
(3,180)
|
Income tax expense
(tax benefit)
|
61
|
(679)
|
569
|
372
|
(813)
|
447
|
|
|
|
|
|
|
|
Income taxes
paid
|
(54)
|
(42)
|
(54)
|
(42)
|
(50)
|
(50)
|
Interest
received
|
68
|
145
|
224
|
505
|
174
|
605
|
Interest
paid
|
(1,265)
|
(1,939)
|
(2,985)
|
(3,659)
|
(2,322)
|
(4,383)
|
|
(944)
|
4,060
|
7,949
|
8,946
|
4,865
|
10,714
|
Net cash from
operating activities
|
763
|
2,166
|
7,317
|
2,305
|
2,595
|
2,760
|
Cash flows from investing
activities
|
|
|
|
|
|
|
Acquisition of fixed
assets
|
(5,122)
|
(1,220)
|
(5,122)
|
(7,576)
|
(1,461)
|
(9,074)
|
Acquisition of
subsidiary, net of cash acquired
|
-
|
(9,851)
|
-
|
(9,851)
|
(11,799)
|
(11,799)
|
Investment in equity
accounted investee
|
1,011
|
-
|
(812)
|
-
|
-
|
-
|
Advances on account
of investments
|
-
|
978
|
(710)
|
(8,000)
|
1,171
|
(9,582)
|
Repayment of loan
from an equity accounted investee
|
-
|
-
|
2,388
|
-
|
-
|
-
|
Acquisition of
marketable securities
|
-
|
-
|
(923)
|
(6,677)
|
-
|
(7,997)
|
Proceeds from
marketable securities
|
4,023
|
-
|
5,814
|
1,277
|
-
|
1,530
|
Proceed from
settlement of derivatives, net
|
-
|
859
|
-
|
620
|
1,029
|
742
|
Decrease (increase)
in restricted cash
|
620
|
(39)
|
(56)
|
3,225
|
(47)
|
3,863
|
Loans to
others
|
-
|
-
|
-
|
(361)
|
-
|
(432)
|
Net cash from (used
in) investing activities
|
532
|
(9,273)
|
579
|
(27,343)
|
(11,107)
|
(32,749)
|
Cash flows from financing
activities
|
|
|
|
|
|
|
Dividend
paid
|
-
|
-
|
(2,123)
|
-
|
-
|
-
|
Repayment of
long-term loans and finance lease obligations
|
(430)
|
(1,019)
|
(1,089)
|
(2,224)
|
(1,221)
|
(2,664)
|
Repayment of
Debentures
|
(4,954)
|
(4,842)
|
(4,954)
|
(4,842)
|
(5,800)
|
(5,800)
|
Repurchase of own
shares
|
(1)
|
-
|
(11)
|
(14)
|
-
|
(17)
|
Proceeds from long
term loans
|
5,565
|
156
|
5,726
|
5,575
|
187
|
6,677
|
Proceeds from
issuance of Debentures, net
|
-
|
-
|
-
|
31,175
|
-
|
37,340
|
Net cash from (used
in) financing activities
|
180
|
(5,705)
|
(2,451)
|
29,670
|
(6,834)
|
35,536
|
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations on cash and cash equivalents
|
(166)
|
(3,308)
|
(153)
|
(3,156)
|
(3,962)
|
(3,780)
|
Increase (decrease)
in cash and cash equivalents
|
1,309
|
(16,120)
|
5,292
|
1,476
|
(19,308)
|
1,767
|
Cash and cash
equivalents at the beginning of the period
|
21,177
|
40,082
|
17,194
|
22,486
|
48,008
|
26,933
|
Cash and cash equivalents at the end of the
period
|
22,486
|
23,962
|
22,486
|
23,962
|
28,700
|
28,700
|
|
* Convenience
translation into US$ (exchange rate as at December 31, 2017: (euro
1 = US$ 1.198)
|
Ellomay Capital Ltd.
and its Subsidiaries
|
Reconciliation of
Loss to EBITDA (in thousands)
|
|
|
For the
three
months
ended
December
31,
|
For the
year
ended
December
31,
|
For the
three
months
ended
December
31,
|
For the
year
ended
December
31,
|
|
2016
|
2017
|
2016
|
2017
|
2017
|
2017
|
|
Unaudited
|
|
€ in
thousands
|
Convenience Translation into
US$*
|
Net profit (loss) for
the period
|
1,707
|
(1,894)
|
(632)
|
(6,641)
|
(2,270)
|
(7,954)
|
Financing expenses,
net
|
(1,987)
|
1,724
|
2,434
|
9,228
|
2,065
|
11,052
|
Taxes on income (tax
benefit)
|
61
|
(679)
|
569
|
372
|
(813)
|
447
|
Depreciation
|
1,137
|
1,213
|
4,411
|
4,518
|
1,453
|
5,411
|
EBITDA
|
918
|
364
|
6,782
|
7,477
|
435
|
8,956
|
|
* Convenience
translation into US$ (exchange rate as at December 31, 2017: (euro
1 = US$ 1.198)
|
Contact:
Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: limors@ellomay.com
View original
content:http://www.prnewswire.com/news-releases/ellomay-capital-reports-results-for-the-fourth-quarter-and-full-year-of-2017-300622039.html
SOURCE Ellomay Capital Ltd