TEL AVIV, Israel, June 21, 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 month period
ended March 31, 2018.
Financial Highlights
- Revenues were approximately €3 million for the three months
ended March 31, 2018, compared to
approximately €2.5 million for the three months ended March 31, 2017, representing an increase of 20%.
The increase in revenues reflects the commencement of operations of
a waste-to-energy project in the
Netherlands and the results of the Talmei Yosef project,
acquired in October 2017, for the
first quarter of 2018. As a result of the accounting treatment of
the Talmei Yosef project as a financial asset, out of total
proceeds from the sale of electricity of approximately €0.8 million
for the first quarter of 2018, only revenues related to the ongoing
operation of the plant in the amount of approximately €0.2 million
are recognized as revenues.
- Operating expenses were approximately €0.9 million for the
three months ended March 31, 2018,
compared to approximately €0.5 million for the three months ended
March 31, 2017. The increase in
operating expenses is mainly attributable to additional operating
expenses resulting from the commencement of operations of a
waste-to-energy project in the
Netherlands and from the Talmei Yosef project. Depreciation
expenses were approximately €1.4 million for the three months ended
March 31, 2018, compared to
approximately €1.1 million for the three months ended March 31, 2017. The increase reflects the
commencement of operations of a waste-to-energy project in
the Netherlands and depreciation
expenses in connection with the Talmei Yosef project.
- Project development costs were approximately €0.8 million for
the three months ended March 31,
2018, compared to approximately €0.7 million for the three
months ended March 31, 2017. The
increase in project development expenses is mainly attributable to
consultancy expenses in connection with the Talasol project.
- General and administrative expenses were approximately €1.2
million for the three months ended March 31,
2018, compared to approximately €0.6 million for the three
months ended March 31, 2017. The
increase in general and administrative expenses resulted mainly
from payment of approximately €0.4 million pursuant to a VAT
assessment agreement in connection with previous years in
Israel and from increased expenses
resulting from the commencement of operations of a waste-to-energy
project in the Netherlands and
from the Talmei Yosef project.
- Share of profits of equity accounted investee, after
elimination of intercompany transactions, was approximately €1.2
million in the three months ended March 31,
2018, compared to approximately €0.8 million in the three
months ended March 31, 2017. The
increase in the Company's share of profit of equity accounted
investee is mainly attributable to an increase in sales of
electricity by Dorad due to increased production and lower
financing expenses incurred by Dorad for the three months ended
March 31, 2018 as a result of the CPI
indexation of loans from banks and related parties.
- Financing expenses, net was approximately €0.4 million for the
three months ended March 31, 2018,
compared to approximately €2 million for the three months ended
March 31, 2017. The decrease in
financing expenses was mainly due to income in connection with
exchange rate differences amounting to approximately €0.9 million
in the three months ended March 31,
2018, mainly in connection with the New Israeli Shekel
denominated Series A Debentures and Series B Debentures and the
loan to an equity accounted investee, caused by the 4% revaluation
of the euro against the NIS during the three months ended
March 31, 2018, compared to expenses
of approximately €1.3 million for the three months ended
March 31, 2017, caused by the 4%
devaluation of the euro against the NIS during the three months
ended March 31, 2017. This decrease
was partially offset by expenses in connection with the
reevaluation of the Company's euro/ US$ forward transactions of
approximately €0.6 million for the three months ended March 31, 2018, compared to expenses of 0 for the
three months ended March 31,
2017.
- Loss for the three months ended March
31, 2018 was approximately €0.4 million, compared to
approximately €1.7 million for the three months ended March 31, 2017.
- Total other comprehensive loss was approximately €1.5 million
for the three months ended March 31,
2018, compared to a profit of approximately €0.7 million in
the three months ended March 31,
2017. 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 €1.9 million in the
three months ended March 31, 2018,
compared to total comprehensive loss of approximately €1 million in
the three months ended March 31,
2017.
- EBITDA was approximately €1.3 million for the three months
ended March 31, 2018, compared to
approximately €1.5 million for the three months ended March 31, 2017.
- Net cash from operating activities was approximately €2.9
million for the three months ended March 31,
2018, compared to approximately €1.8 million for the three
months ended March 31, 2017. The
increase in net cash from operating activities is mainly due to
interest payment received during 2018 on a loan to an equity
accounted investee and from increased cash flow resulting from the
commencement of operations of a waste-to-energy project in
the Netherlands and Talmei Yosef
project.
- In May 2018, several of the
Company's Italian subsidiaries (the "Subsidiaries") entered into a
€35.9 million project finance Facility Agreement (the "Facility
Agreement") with Mediocredito Italiano S.p.A and Intesa Sanpaolo
S.p.A. (as account bank). The €35.9 million principal amount is
divided into: (i) term loan facilities in the aggregate amount of
€33.7 million with terms ending in May
2028, and (ii) revolving facilities, aimed to cover
financial needs for the debt service coverage in case of liquidity
shortfall, in the aggregate amount of € 2.2 million with terms
ending in November 2027. The loans
provided under the Facility Agreement bear an annual interest rate
equal to the Euribor 6 month rate plus a margin of 185 basis
points. The Subsidiaries entered into the swap agreements on
May 29, 2018 with respect to
approximately €25 million (with a decreasing notional principal
amount based on the amortization table) until May 2028 , replacing the Euribor 6 month rate
with a fixed 6 month rate of 0.71%, resulting in a
fixed annual interest rate of 2.56%.The Subsidiaries partially
used the funds borrowed under the Facility Agreement to repay
outstanding loans and leasing agreements in the aggregate amount of
approximately €13.2 million.
- As of June 1, 2018, the Company
held approximately €49 million in cash and cash equivalents,
approximately €2.2 million in marketable securities and
approximately €5.6 million in restricted short-term and long-term
cash and marketable securities.
Ran Fridrich, CEO and a board member of Ellomay commented: "The
first quarter results were consistent with our forecasts for 2018.
The results reflect an improvement in our profitability and a
strong cash flow from operations of approximately € 3 million. We
continue promoting our development activities, which include: (i)
the 300 MW Talasol project in Spain, that is advancing towards financial
closing; (ii) the Manara 156 MW pumped storage plant; and (iii) the
Biogas projects in the Netherlands
including a potential expansion of the first two biogas projects
and possible additional projects."
Information for the Company's Series A and Series B Debenture
Holders
As of March 31, 2018, the
Company's Net Financial Debt (as such term is defined in the Deeds
of Trust of the Company's Debentures) was approximately €36.5
million (consisting of approximately €53.2 million of short-term
and long-term debt from banks and other interest bearing financial
obligations and approximately €55.3 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 €28 million of cash and cash equivalents and
marketable securities and net of approximately €44 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
|
|
March
31,
|
December
31,
|
March
31,
|
|
2018
|
2017
|
2018
|
|
Unaudited
|
Audited
|
Unaudited
|
|
|
Convenience
Translation
into US$ in thousands*
|
€ in
thousands
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
25,969
|
23,962
|
31,990
|
Marketable
securities
|
2,062
|
2,162
|
2,540
|
Restricted cash and
marketable securities
|
3,162
|
3,265
|
3,895
|
Receivable from
concession project
|
1,207
|
1,286
|
1,487
|
Financial
assets
|
1,203
|
1,249
|
1,482
|
Trade and other
receivables
|
10,058
|
10,645
|
12,390
|
|
43,661
|
42,569
|
53,784
|
Non-current
assets:
|
|
|
|
Investment in equity
accounted investee
|
26,934
|
27,655
|
33,179
|
Advances on account
of investments
|
8,791
|
8,825
|
10,829
|
Receivable from
concession project
|
26,382
|
27,725
|
32,499
|
Fixed
assets
|
79,225
|
78,837
|
97,595
|
Intangible
asset
|
5,077
|
5,505
|
6,254
|
Restricted cash and
deposits
|
3,495
|
3,660
|
4,305
|
Deferred
tax
|
1,779
|
1,777
|
2,192
|
Long term
receivables
|
1,337
|
1,535
|
1,647
|
|
153,020
|
155,519
|
188,500
|
Total
assets
|
196,681
|
198,088
|
242,284
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Current maturities of
long term loans
|
3,172
|
3,103
|
3,907
|
Debentures
|
4,460
|
4,644
|
5,494
|
Trade
payables
|
2,244
|
1,349
|
2,763
|
Other
payables
|
3,117
|
2,187
|
3,840
|
|
12,993
|
11,283
|
16,004
|
Non-current
liabilities:
|
|
|
|
Finance lease
obligations
|
3,605
|
3,690
|
4,441
|
Long-term
loans
|
41,138
|
42,091
|
50,667
|
Debentures
|
50,873
|
52,987
|
62,669
|
Deferred
tax
|
5,782
|
5,982
|
7,123
|
Other long-term
liabilities
|
6,667
|
4,555
|
8,213
|
|
108,065
|
109,305
|
133,123
|
Total
liabilities
|
121,058
|
120,588
|
149,127
|
Equity:
|
|
|
|
Share
capital
|
19,980
|
19,980
|
24,613
|
Share
premium
|
58,340
|
58,339
|
71,867
|
Treasury
shares
|
(1,736)
|
(1,736)
|
(2,139)
|
Reserves
|
844
|
2,357
|
1,040
|
Retained
earnings
|
(555)
|
(299)
|
(684)
|
Total equity
attributed to shareholders of the
Company
|
76,873
|
78,641
|
94,697
|
Non-Controlling
Interest
|
(1,250)
|
(1,141)
|
(1,540)
|
Total
equity
|
75,623
|
77,500
|
93,157
|
Total liabilities
and equity
|
196,681
|
198,088
|
242,284
|
|
* Convenience
translation into US$ (exchange rate as at March 31, 2018: euro 1 =
US$ 1.232)
|
Ellomay Capital Ltd.
and its Subsidiaries
|
|
Condensed
Consolidated Statements of Comprehensive Income (in thousands,
except per share data)
|
|
For the three
months ended
March 31,
|
For the year
ended
December 31,
|
For the three
months ended
March 31,
|
|
2017
|
2018
|
2017
|
2018
|
|
Unaudited
|
Audited
|
Unaudited
|
|
|
|
Convenience
Translation into
US$*
|
|
|
€ in
thousands
|
€ in
thousands
|
Revenues
|
2,523
|
3,032
|
13,636
|
3,375
|
Operating
expenses
|
(504)
|
(900)
|
(2,549)
|
(1,109)
|
Depreciation
expenses
|
(1,097)
|
(1,358)
|
(4.518)
|
(1,673)
|
Gross
profit
|
922
|
774
|
6,569
|
953
|
|
|
|
|
|
Project development
costs
|
**(669)
|
(796)
|
**(2,739)
|
(981)
|
General and
administrative expenses
|
**(590)
|
(1,185)
|
**(2,420)
|
(1,460)
|
Share of profits of
equity accounted investee
|
784
|
1,163
|
1,531
|
1,433
|
Other income,
net
|
5
|
4
|
18
|
5
|
Operating profit
(loss)
|
452
|
(40)
|
2,959
|
50
|
Financing
income
|
88
|
1,331
|
1,333
|
1,640
|
Financing expenses in
connection with derivatives and other assets, net
|
-
|
(452)
|
(3,156)
|
(557)
|
Financing
expenses
|
(2,103)
|
(1,237)
|
(7,405)
|
(1,524)
|
Financing expenses,
net
|
(2,015)
|
(358)
|
(9,228)
|
(441)
|
Loss before taxes
on income
|
(1,563)
|
(398)
|
(6,269)
|
(491)
|
Taxes on
income
|
(116)
|
(11)
|
(372)
|
(14)
|
Loss for the
period
|
(1,679)
|
(409)
|
(6,641)
|
(505)
|
Loss attributable
to:
|
|
|
|
|
Owners of the
Company
|
(1,551)
|
(256)
|
(6,115)
|
(316)
|
Non-controlling
interests
|
(128)
|
(153)
|
(526)
|
(189)
|
Loss for the
period
|
(1,679)
|
(409)
|
(6,641)
|
(505)
|
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
|
(670)
|
(1,298)
|
(359)
|
|
(1,599)
|
|
|
|
|
|
Effective portion of
change in fair value of cash flow hedges
|
-
|
(926)
|
(1,244)
|
(1,141)
|
Net change in fair
value of cash flow hedges transferred to
|
-
|
755
|
1,382
|
930
|
profit or
loss
|
Total other
comprehensive loss
|
(670)
|
(1,469)
|
(221)
|
(1,810)
|
Total
comprehensive loss for the period
|
(1,009)
|
(1,878)
|
(6,862)
|
(2,315)
|
Basic net loss per
share
|
(0.15)
|
(0.02)
|
(0.57)
|
(0.03)
|
Diluted net loss
per share
|
(0.15)
|
(0.02)
|
(0.57)
|
(0.03)
|
|
* Convenience
translation into US$ (exchange rate as at March 31, 2018: euro 1 =
US$ 1.232)
|
** 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 three
month
ended March 31,
|
|
|
|
|
|
|
|
|
|
2018
(unaudited):
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
January 1,
2018
|
19,980
|
58,339
|
(299)
|
(1,736)
|
2,219
|
138
|
78,641
|
(1,141)
|
77,500
|
Loss for the
period
|
-
|
-
|
(256)
|
-
|
-
|
-
|
(256)
|
(153)
|
(409)
|
Other
comprehensive
loss for the period
|
-
|
-
|
-
|
-
|
(1,342)
|
(171)
|
(1,513)
|
44
|
(1,469)
|
Total
comprehensive
loss for the period
|
-
|
-
|
(256)
|
-
|
(1,342)
|
(171)
|
(1,769)
|
(109)
|
(1,878)
|
Transactions
with
owners of the Company,
recognized directly in
equity:
|
|
|
|
|
|
|
|
|
|
Share-based
payments
|
-
|
1
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
March 31,
2018
|
19,980
|
58,340
|
(555)
|
(1,736)
|
877
|
(33)
|
76,873
|
(1,250)
|
75,623
|
|
|
|
|
|
|
|
|
|
|
For the year
ended
|
|
|
|
|
|
|
|
|
|
December 31,
2017
(audited):
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
January 1,
2017
|
19,980
|
58,334
|
5,816
|
(1,722)
|
2,664
|
-
|
85,072
|
(701)
|
84,37
1
|
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
|
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
|
|
|
|
|
capital
|
premium
|
deficit)
|
shares
|
operations
|
Total
|
|
|
€ in
thousands
|
|
|
|
|
|
|
|
|
|
For the three
month
ended March 31,
|
|
|
|
|
|
|
|
|
2017
(unaudited):
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
January 1,
2017
|
19,980
|
58,334
|
5,816
|
(1,722)
|
2,664
|
85,072
|
(701)
|
84,371
|
Loss for the
period
|
-
|
-
|
(1,551)
|
-
|
-
|
(1,551)
|
(128)
|
(1,679)
|
Other
comprehensive
loss for the period
|
-
|
-
|
-
|
-
|
701
|
701
|
(31)
|
670
|
Total
comprehensive
loss for the period
|
-
|
-
|
(1,551)
|
-
|
701
|
(850)
|
(159)
|
(1,009)
|
Transactions
with
owners of the Company,
recognized directly in
equity:
|
|
|
|
|
|
|
|
|
Own shares
acquired
|
-
|
-
|
-
|
(13)
|
-
|
(13)
|
-
|
(13)
|
Balance as
at
|
|
|
|
|
|
|
|
|
March 31,
2017
|
19,980
|
58,334
|
4,265
|
(1,735)
|
3,365
|
84,209
|
(860)
|
83,349
|
|
|
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 March 31, 2018: (euro 1 =
US$ 1.232)
|
|
For the three
month
ended March 31,
|
|
|
|
|
|
|
|
|
|
2018
(unaudited):
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
January 1,
2018
|
24,613
|
71,866
|
(368)
|
(2,139)
|
2,734
|
170
|
96,876
|
(1,405)
|
95,471
|
Loss for the
period
|
-
|
-
|
(316)
|
-
|
-
|
-
|
(316)
|
(189)
|
(505)
|
Other
comprehensive
loss for the period
|
-
|
-
|
-
|
-
|
(1,653)
|
(211)
|
(1,864)
|
54
|
(1,810)
|
Total
comprehensive
loss for the period
|
-
|
-
|
(316)
|
-
|
(1,653)
|
(211)
|
(2,180)
|
(135)
|
(2,315)
|
Transactions
with
owners of the Company,
recognized directly in
equity:
|
|
|
|
|
|
|
|
|
|
Share-based
payments
|
-
|
1
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
March 31,
2018
|
24,613
|
71,867
|
(684)
|
(2,139)
|
1,081
|
(41)
|
94,697
|
(1,540)
|
93,157
|
Ellomay Capital Ltd.
and its Subsidiaries
|
|
Condensed
Consolidated Interim Statements of Cash Flow (in
thousands)
|
|
For the three
months ended
March 31,
2017
|
For the three
months ended
March 31,
2018
|
For the year
ended
December 31,
2017
|
For the three
months ended
March 31,
2017
|
|
Unaudited
|
Unaudited
|
Audited
|
Unaudited
|
|
€ in
thousands
|
Convenience
Translation
into US$*
|
Cash flows from
operating activities
|
|
|
|
|
Loss for the
period
|
(1,679)
|
(409)
|
(6,641)
|
(505)
|
Adjustments
for:
|
|
|
|
|
Financing expenses,
net
|
2,015
|
358
|
9,228
|
441
|
Depreciation
|
1,097
|
1,358
|
4,518
|
1,673
|
Share-based payment
transactions
|
-
|
1
|
5
|
1
|
Share of profits of
equity accounted investees
|
(784)
|
(1,163)
|
(1,531)
|
(1,433)
|
Payment of interest
on loan from an equity accounted investee
|
-
|
1,176
|
407
|
1,449
|
Change in trade
receivables and other receivables
|
(78)
|
681
|
2,012
|
839
|
Change in other
assets
|
364
|
671
|
126
|
827
|
Change in receivables
from concessions project
|
-
|
250
|
(84)
|
308
|
Change in accrued
severance pay, net
|
1
|
-
|
2
|
-
|
Change in trade
payables
|
327
|
349
|
(258)
|
430
|
Change in other
payables
|
466
|
(423)
|
(2,655)
|
(521)
|
Taxes on
income
|
116
|
11
|
372
|
14
|
Income taxes
paid
|
-
|
(1)
|
(42)
|
(1)
|
Interest
received
|
88
|
395
|
505
|
487
|
Interest
paid
|
(155)
|
(382)
|
(3,659)
|
(471)
|
Net cash provided by
operating activities
|
3,457
|
2,872
|
2,305
|
3,538
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
Acquisition of fixed
assets
|
(1,364)
|
(1,112)
|
(7,576)
|
(1,370)
|
Acquisition of
subsidiary, net of cash acquired
|
-
|
-
|
(9,851)
|
-
|
Repayment of loan to
an equity accounted investee
|
-
|
490
|
-
|
604
|
Advances on account
of investments
|
(36)
|
-
|
(8,000)
|
-
|
Acquisition of
marketable securities
|
(1,966)
|
-
|
(6,677)
|
-
|
Proceeds from
marketable securities
|
-
|
-
|
1,277
|
-
|
Proceed from (invest
in) settlement of derivatives, net
|
(2,027)
|
15
|
620
|
18
|
Decrease in
restricted cash, net
|
3,329
|
79
|
3,225
|
97
|
Loans to
others
|
-
|
-
|
(361)
|
-
|
Net cash used in
investing activities
|
(2,064)
|
(528)
|
(27,343)
|
(651)
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
Repayment of
long-term loans and finance lease obligations
|
(82)
|
(177)
|
(2,224)
|
(218)
|
Repayment of
Debentures
|
-
|
-
|
(4,842)
|
-
|
Repurchase of own
shares
|
(13)
|
-
|
(14)
|
-
|
Proceeds from
long-term loans
|
1,969
|
40
|
5,575
|
49
|
Proceeds from
issuance of debentures, net
|
31,175
|
-
|
31,175
|
-
|
Net cash provided by
(used in) financing activities
|
35,049
|
(137)
|
29,670
|
(169)
|
|
|
|
|
|
Effect of exchange
rate fluctuations on cash and cash
equivalents
|
(149)
|
(200)
|
(3,156)
|
572
|
Increase in cash and
cash equivalents
|
32,616
|
2,007
|
1,476
|
3,290
|
Cash and cash
equivalents at the beginning of the period
|
22,486
|
23,962
|
22,486
|
28,700
|
Cash and cash
equivalents at the end of the period
|
55,102
|
25,969
|
23,962
|
31,990
|
* Convenience
translation into US$ (exchange rate as at March 31, 2018: euro 1 =
US$ 1.232)
|
Ellomay Capital Ltd.
and its Subsidiaries
|
|
Reconciliation of
Loss to EBITDA (in thousands)
|
|
|
For the three
months
ended March 31,
|
For the year
ended
December 31,
|
For the three
months ended
March 31,
|
|
2017
|
2018
|
2017
|
2018
|
|
Unaudited
|
|
€ in
thousands
|
Convenience
Translation into US$*
|
Net loss for the
period
|
(1,679)
|
(409)
|
(6,641)
|
(505)
|
Financing expenses,
net
|
2,015
|
358
|
9,228
|
441
|
Taxes on
income
|
116
|
11
|
372
|
14
|
Depreciation
|
1,097
|
1,358
|
4,518
|
1,673
|
EBITDA
|
1,549
|
1,318
|
7,477
|
1,623
|
* Convenience
translation into US$ (exchange rate as at March 31, 2018: euro 1 =
US$ 1.232)
|
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-three-months-ended-march-31-2018-300670505.html
SOURCE Ellomay Capital Ltd