TEL AVIV, Israel,
Sept. 25, 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 six months ended June 30,
2018.
Financial Highlights
- Revenues were approximately €8.2 million for the six
months ended June 30, 2018, compared
to approximately €6.8 million for the six months ended June 30, 2017. The increase in revenues for the
first half of 2018 reflects the commencement of operations at the
Company's two waste-to-energy projects in the Netherlands and the results of the Talmei
Yosef project, acquired in October
2017, partially offset by lower revenues in Italy due to relatively lower radiation levels
compared to the first half of 2017.
- Operating expenses were approximately €2.6 million for
the six months ended June 30, 2018,
compared to approximately €0.9 million for the six months ended
June 30, 2017. The increase in
operating expenses is mainly attributable to additional operating
expenses resulting from the commencement of operations at the
Company's two waste-to-energy projects in the Netherlands and from the Talmei Yosef
project. Depreciation expenses were approximately €2.8 million for
the six months ended June 30, 2018,
compared to approximately €2.2 million for the six months ended
June 30, 2017.
- Project development costs were approximately €1.8 million
for the six months ended June 30,
2018, compared to approximately €1.4 million for the six
months ended June 30, 2017. The
increase in project development costs is mainly attributable to
consultancy expenses in connection with the Talasol
Project.
- General and administrative expenses were approximately €2
million for the six months ended June 30,
2018, compared to approximately €1.2 million for the six
months ended June 30, 2017. The
increase in general and administrative expenses resulted mainly
from payment of approximately €0.4 million pursuant to a VAT
assessment agreement from previous years in
Israel and related expenses and
from increased expenses resulting from the commencement of
operations of the Company's two waste-to-energy projects in
the Netherlands and from the
Talmei Yosef project.
- The Company's share of profits of equity accounted
investee, after elimination of intercompany transactions, was
approximately €0.5 million for the six months ended June 30, 2018, compared to a loss of
approximately €0.07 million in the six months ended June 30, 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
six months ended June 30, 2018 as a
result of the CPI indexation of loans from banks and related
parties.
- Financing expenses, net was approximately €0.9 million
for the six months ended June 30,
2018, compared to approximately €5.8 million for the six
months ended June 30, 2017. The
decrease in financing expenses was mainly due to: (i) a profit of
approximately €0.3 million for the six months ended June 30, 2018 in connection with the reevaluation
of derivatives, compared to a loss of approximately €1.6 million
for the six months ended June 30,
2017, and (ii) income in connection with exchange rate
differences amounting to approximately €0.7
million in the six months ended June
30, 2018, mainly in connection with the Company's NIS
denominated Debentures and the loan to an equity accounted
investee, caused by the 2.5% revaluation of the euro against the
NIS during this period, compared to expenses in connection with the
exchange rate differences amounting to approximately €2.8 million
caused by the 1.4% devaluation of the euro against the NIS during
the six months ended June 30,
2017.
- Tax benefit was approximately €0.2 million for the six
months ended June 30, 2018, compared
to taxes on income of approximately €0.6 million for the six months
ended June 30, 2017. The tax benefit
for the six months ended June 30,
2018 resulted mainly from deferred tax income included in
connection with the application of a tax incentive in the Netherlands claimable upon filing the
relevant tax return by reducing the amount of taxable
profit.
- Net loss was approximately €1.1 million for the six
months ended June 30, 2018, compared
to approximately €5.4 million for the six months ended June 30, 2017.
- Total other comprehensive loss was approximately €1
million for the six months ended June 30,
2018, compared to a profit of approximately €0.7 million for
the six months ended June 30, 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 €2.2 million
for the six months ended June 30,
2018, compared to approximately €4.7 million for the six
months ended June 30,
2017.
- EBITDA was approximately €2.4 million for the six months
ended June 30, 2018, compared to
approximately €3.2 million for the six months ended June 30, 2017.
- Net cash from operating activities was approximately €2.3
million for the six months ended June 30,
2018, compared to approximately €0.6 million for the six
months ended June 30, 2017. The
increase in net cash from operating activities is mainly from an
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, the Company
entered into a €35.9 million project finance Facility Agreement
(the "Facility Agreement"). The Facility Agreement was
executed among several of the Company's Italian subsidiaries (the
"Subsidiaries") and Mediocredito Italiano S.p.A and Intesa
Sanpaolo S.p.A. (as account bank). The euro
35.9 million principal amount is divided into: (i) term loan
facilities in the aggregate amount of euro
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 euro
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
Euro 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 interest rate of 0.71%, resulting in a
fixed 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 September 1, 2018,
the Company held approximately €47.5 million in cash and cash
equivalents, approximately €2.2 million in marketable securities
and approximately €5.4 million in restricted short-term and
long-term cash and marketable securities.
Ran Fridrich, CEO and a board member of Ellomay commented:
"The results for the first half of 2018 meet our expectations and
reflect a strong cash flow from operating activities and an
increase in revenues. We expect that the commencement of operations
of the projects that are currently in the development stage –
Talasol in Spain and the pumped
storage project in the Manara Cliff, as well as other projects –
will in the future bring about substantial increase in the
Ellomay's revenues and profit."
Information for the Company's Series A and Series B
Debenture Holders
As of June 30, 2018, the
Company's Net Financial Debt (as such term is
defined in the Deeds of Trust of the Company's Debentures) was
approximately €17.1 million (consisting of approximately €73.4
million of short-term and long-term debt from banks and other
interest bearing financial obligations and approximately €56.4
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 €47.8 million of cash and cash
equivalents and marketable securities and net of approximately
€64.9 million of projectfinance 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 the Company's 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 the Company. 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,
|
June 30,
|
June 30,
|
|
|
2017
|
2018
|
2018
|
|
|
Audited
|
Unaudited
|
Unaudited
|
|
Note
|
€ in thousands
|
Convenience Translation
into US$ in thousands
|
Assets
|
|
|
|
|
Current assets
|
|
|
|
|
Cash and cash
equivalents
|
|
23,962
|
45,610
|
53,171
|
Marketable
securities
|
|
2,162
|
2,238
|
2,609
|
Restricted cash and
marketable securities
|
|
3,265
|
3,346
|
3,901
|
Receivable from
concession project
|
|
1,286
|
1,263
|
1,472
|
Financial
assets
|
|
1,249
|
1,293
|
1,507
|
Trade and other
receivables
|
5
|
10,645
|
10,653
|
12,419
|
|
|
42,569
|
64,403
|
75,079
|
Non-current assets
|
|
|
|
|
Investment in equity
accounted investee
|
6
|
27,655
|
26,780
|
31,220
|
Advances on account
of investments
|
6
|
8,825
|
8,805
|
10,265
|
Receivable from
concession project
|
|
27,725
|
26,685
|
31,109
|
Fixed
assets
|
|
78,837
|
79,374
|
92,533
|
Intangible
asset
|
|
5,505
|
5,077
|
5,919
|
Restricted cash and
deposits
|
|
3,660
|
2,005
|
2,337
|
Deferred
tax
|
|
1,777
|
2,314
|
2,698
|
Long term
receivables
|
5
|
1,535
|
1,305
|
1,521
|
|
|
155,519
|
152,345
|
177,602
|
Total assets
|
|
198,088
|
216,748
|
252,681
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
Current liabilities
|
|
|
|
|
Current
maturities of long term loans
|
|
3,103
|
5,196
|
6,057
|
Debentures
|
|
4,644
|
4,541
|
5,294
|
Trade
payables
|
|
1,349
|
1,677
|
1,955
|
Other
payables
|
|
2,187
|
2,964
|
3,455
|
|
|
11,283
|
14,378
|
16,761
|
Non-current liabilities
|
|
|
|
|
Finance lease
obligations
|
|
3,690
|
-
|
-
|
Long-term
loans
|
|
42,091
|
63,676
|
74,232
|
Debentures
|
|
52,987
|
51,814
|
60,404
|
Deferred
tax
|
|
5,982
|
6,022
|
7,020
|
Other long-term
liabilities
|
|
4,555
|
5,535
|
6,453
|
|
|
109,305
|
127,047
|
148,109
|
Total liabilities
|
|
120,588
|
141,425
|
164,870
|
|
|
|
|
|
Equity
|
|
|
|
|
Share
capital
|
|
19,980
|
19,980
|
23,292
|
Share
premium
|
|
58,339
|
58,341
|
68,013
|
Treasury
shares
|
|
(1,736)
|
(1,736)
|
(2,024)
|
Reserves
|
|
2,357
|
1,289
|
1,503
|
Accumulated
deficit
|
|
(299)
|
(1,197)
|
(1,395)
|
Total equity
attributed to shareholders of the Company
|
|
78,641
|
76,677
|
89,389
|
Non-Controlling
Interest
|
|
(1,141)
|
(1,354)
|
(1,578)
|
Total equity
|
|
77,500
|
75,323
|
87,811
|
Total liabilities and equity
|
|
198,088
|
216,748
|
252,681
|
|
* Convenience
translation into US$ (exchange rate as at June 30, 2018: euro 1 =
US$ 1.166)
|
Ellomay Capital Ltd.
and its Subsidiaries
|
Condensed
Consolidated Statements of Comprehensive Income (in thousands,
except per share data)
|
|
For the year
ended
|
For the three
months
|
For the six
months
|
For the six
months
|
|
December
31,
|
ended
June 30,
|
ended June
30
|
ended June
30,
|
|
2017
|
2017
|
2018
|
2017
|
2018
|
2018
|
|
Audited
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
Convenience
|
|
€ in
thousands
|
€ in
thousands
|
€ in
thousands
|
Translation into
US$*
|
Revenues
|
13,636
|
4,245
|
5,119
|
6,768
|
8,151
|
9,502
|
Operating
expenses
|
(2,549)
|
(359)
|
(1,710)
|
(863)
|
(2,610)
|
(3,043)
|
Depreciation
expenses
|
(4.518)
|
(1,101)
|
(1,409)
|
(2,198)
|
(2,767)
|
(3,226)
|
Gross
profit
|
6,569
|
2,785
|
2,000
|
3,707
|
2,774
|
3,233
|
|
|
|
|
|
|
|
Project development
costs
|
**(2,739)
|
**(762)
|
(975)
|
**(1,431)
|
(1,771)
|
(2,065)
|
General and
administrative expenses
|
**(2,420)
|
**(620)
|
(792)
|
**(1,210)
|
(1,977)
|
(2,305)
|
Share of profits of
equity accounted investee
|
1,531
|
(857)
|
(662)
|
(73)
|
501
|
584
|
Other income,
net
|
18
|
4
|
69
|
9
|
73
|
85
|
Operating profit
(loss)
|
2,959
|
550
|
(360)
|
1,002
|
(400)
|
(468)
|
|
|
|
|
|
|
|
Financing
income
|
1,333
|
203
|
475
|
291
|
1,588
|
1,851
|
Financing expenses in
connection with derivatives and other assets, net
|
(3,156)
|
(1,590)
|
737
|
(1,590)
|
285
|
332
|
Financing
expenses
|
(7,405)
|
(2,360)
|
(1,769)
|
(4,463)
|
(2,789)
|
(3,251)
|
Financing expenses,
net
|
(9,228)
|
(3,747)
|
(557)
|
(5,762)
|
(916)
|
(1,068)
|
Loss before taxes
on income
|
(6,269)
|
(3,197)
|
(917)
|
(4,760)
|
(1,316)
|
(1,536)
|
Taxes on
income
|
(372)
|
(533)
|
193
|
(649)
|
182
|
212
|
Loss for the
period
|
(6,641)
|
(3,730)
|
(724)
|
(5,409)
|
(1,134)
|
(1,324)
|
Loss attributable
to:
|
|
|
|
|
|
|
Owners of the
Company
|
(6,115)
|
(3,615)
|
(642)
|
(5,166)
|
(898)
|
(1,048)
|
Non-controlling
interests
|
(526)
|
(115)
|
(82)
|
(243)
|
(236)
|
(276)
|
Loss for the
period
|
(6,641)
|
(3,730)
|
(724)
|
(5,409)
|
(1,134)
|
(1,324)
|
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
|
(359)
|
(456)
|
499
|
214
|
(799)
|
(931)
|
|
|
|
|
|
|
|
Effective portion of
change in fair value of cash flow hedges
|
(1,244)
|
(126)
|
202
|
(126)
|
(724)
|
(844)
|
Net change in fair
value of cash flow hedges transferred to
profit or loss
|
1,382
|
618
|
(277)
|
618
|
478
|
557
|
Total other
comprehensive income (loss)
|
(221)
|
36
|
424
|
706
|
(1,045)
|
(1,218)
|
Total
comprehensive loss for the period
|
(6,862)
|
(3,694)
|
(301)
|
(4,703)
|
(2,179)
|
(2,542)
|
|
|
|
|
|
|
|
Basic net loss per
share
|
(0.57)
|
(0.31)
|
(0.06)
|
(0.49)
|
(0.08)
|
(0.1)
|
Diluted net loss
per share
|
(0.57)
|
(0.31)
|
(0.06)
|
(0.49)
|
(0.08)
|
(0.1)
|
|
|
|
|
|
|
|
* Convenience
translation into US$ (exchange rate as at June 30, 2018: euro 1 =
US$ 1.166)
** 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
|
|
|
|
|
|
capital
|
premium
|
deficit)
|
shares
|
Operations
|
Hedging
|
Total
|
|
|
|
|
|
|
|
|
Reserve
|
|
|
|
For the six month ended
|
€ in
thousands
|
June
30,
|
|
2018 (unaudited):
|
|
|
|
|
|
|
|
|
|
January 1, 2018
|
19,980
|
58,339
|
(299)
|
(1,736)
|
2,219
|
138
|
78,641
|
(1,141)
|
77,500
|
Loss for the year
|
-
|
-
|
(898)
|
-
|
-
|
-
|
(898)
|
(236)
|
(1,134)
|
Other comprehensive loss
for the year
|
-
|
-
|
-
|
-
|
(822)
|
(246)
|
(1,068)
|
23
|
(1,045)
|
Total comprehensive loss for the
year
|
-
|
-
|
(898)
|
-
|
(822)
|
(246)
|
(1,966)
|
(213)
|
(2,179)
|
Transactions with owners of
the Company, recognized
directly in equity:
|
|
|
|
|
|
|
|
|
|
Share-based payments
|
-
|
2
|
-
|
-
|
-
|
-
|
2
|
-
|
2
|
Balance as at
|
|
|
|
|
|
|
|
|
|
June 30, 2018
|
19,980
|
58,341
|
(1,197)
|
(1,736)
|
1,397
|
(108)
|
76,677
|
(1,354)
|
75,323
|
|
|
|
|
|
|
|
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
|
Hedging
|
Total
|
|
|
|
|
|
|
|
|
Reserve
|
|
|
|
|
US$ in
thousands*
|
For the six month ended
June 30,
|
|
2018 (unaudited):
|
|
|
|
|
|
|
|
|
|
January 1, 2018
|
23,292
|
68,010
|
(347)
|
(2,024)
|
2,587
|
161
|
91,679
|
(1,329)
|
90,350
|
Loss for the year
|
-
|
-
|
(1,048)
|
-
|
-
|
-
|
(1,048)
|
(276)
|
(1,324)
|
Other comprehensive loss
for the year
|
-
|
-
|
-
|
-
|
(958)
|
(287)
|
(1,245)
|
27
|
(1,218)
|
Total comprehensive loss for the
year
|
-
|
-
|
(1,048)
|
-
|
(958)
|
(287)
|
(2,293)
|
(249)
|
(2,542)
|
Transactions with owners of
the Company, recognized
directly in equity:
|
|
|
|
|
|
|
|
|
|
Share-based payments
|
-
|
3
|
-
|
-
|
-
|
-
|
3
|
-
|
3
|
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
|
|
June 30, 2018
|
23,292
|
68,013
|
(1,395)
|
(2,024)
|
1,629
|
(126)
|
89,389
|
(1,578)
|
87,811
|
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
|
|
|
€ in
thousands
|
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)
|
84,371
|
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
|
|
|
|
|
|
|
|
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 six month ended
June 30,
|
|
|
|
|
|
|
|
|
|
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
|
-
|
-
|
(5,166)
|
-
|
-
|
-
|
(5,166)
|
(243)
|
(5,409)
|
Other comprehensive loss
for the period
|
-
|
-
|
-
|
-
|
222
|
492
|
714
|
(8)
|
706
|
Total comprehensive loss for the
period
|
-
|
-
|
(5,166)
|
-
|
222
|
492
|
(4,452)
|
(251)
|
(4,703)
|
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
|
19,980
|
58,336
|
650
|
(1,736)
|
2,886
|
492
|
80,608
|
(952)
|
79,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ellomay Capital Ltd.
and its Subsidiaries
|
Condensed
Consolidated Interim Statements of Cash Flow (in
thousands)
|
|
For the year
ended December
31, 2017
|
For the
three
months ended
June 30, 2017
|
For the
three
months ended
June 30, 2018
|
For the
six
months ended
June 30, 2017
|
For the
six
months ended
June 30, 2018
|
For the
six
months ended
June 30, 2018
|
|
Audited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|
€ in
thousands
|
Convenience
Translation
into US$*
|
Cash flows from operating
activities
|
|
|
|
|
|
|
Loss for the
period
|
(6,641)
|
(3,730)
|
(725)
|
(5,409)
|
(1,134)
|
(1,324)
|
Adjustments for:
|
|
|
|
|
|
|
Financing expenses,
net
|
9,228
|
3,747
|
557
|
5,762
|
916
|
1,068
|
Depreciation
|
4,518
|
1,101
|
1,409
|
2,198
|
2,767
|
3,226
|
Share-based payment
transactions
|
5
|
2
|
1
|
2
|
2
|
3
|
Share of profits of
equity accounted investees
|
(1,531)
|
857
|
662
|
73
|
(501)
|
(584)
|
Payment of interest
on loan from an equity accounted investee
|
407
|
-
|
-
|
-
|
1,176
|
1,371
|
Change in trade
receivables and other receivables
|
2,012
|
377
|
(525)
|
299
|
156
|
182
|
Change in other
assets
|
126
|
440
|
(536)
|
804
|
135
|
157
|
Change in receivables
from concessions project
|
(84)
|
-
|
372
|
-
|
622
|
725
|
Change in accrued
severance pay, net
|
2
|
-
|
17
|
1
|
17
|
20
|
Change in trade
payables
|
(258)
|
(542)
|
(21)
|
(215)
|
328
|
382
|
Change in other
payables
|
(2,655)
|
(2,748)
|
113
|
(2,282)
|
(310)
|
(361)
|
Taxes on
income
|
372
|
533
|
(193)
|
649
|
(182)
|
(212)
|
Income taxes
paid
|
(42)
|
-
|
(15)
|
-
|
(16)
|
(19)
|
Interest
received
|
505
|
137
|
493
|
225
|
888
|
1,035
|
Interest
paid
|
(3,659)
|
(1,359)
|
(2,215)
|
(1,514)
|
(2,597)
|
(3,028)
|
Net cash provided by
operating activities
|
2,305
|
(1,185)
|
606
|
593
|
2,267
|
2,641
|
|
|
|
|
|
|
|
Cash flows from investing
activities
|
|
|
|
|
|
|
Acquisition of fixed
assets
|
(7,576)
|
(2,752)
|
(1,494)
|
(4,116)
|
(2,606)
|
(3,038)
|
Acquisition of
subsidiary, net of cash acquired
|
(9,851)
|
-
|
-
|
-
|
-
|
-
|
Advances on account
of investments
|
(8,000)
|
(8,942)
|
-
|
(8,978)
|
-
|
-
|
Repayment of loan to
an equity accounted investee
|
-
|
-
|
-
|
-
|
490
|
571
|
Acquisition of
marketable securities
|
(6,677)
|
(4,711)
|
-
|
(6,677)
|
-
|
-
|
Proceeds from
marketable securities
|
1,277
|
-
|
-
|
-
|
-
|
-
|
Decrease in
restricted cash, net
|
3,225
|
(103)
|
1,525
|
3,226
|
1,604
|
1,870
|
Proceeds of Forward
contract
|
-
|
-
|
407
|
-
|
407
|
474
|
Settlement of
derivatives, net
|
620
|
-
|
(199)
|
(2,027)
|
(184)
|
(215)
|
Loans to
others
|
(361)
|
(361)
|
-
|
(361)
|
-
|
-
|
Net cash used in
investing activities
|
(27,343)
|
(16,869)
|
239
|
(18,933)
|
(289)
|
(338)
|
|
|
|
|
|
|
|
Cash flows from financing
activities
|
|
|
|
|
|
|
Repayment of
long-term loans and finance lease obligations
|
(2,224)
|
(664)
|
(14,550)
|
(746)
|
(14,727)
|
(17,168)
|
Proceeds from
issuance of debentures, net
|
31,175
|
-
|
-
|
31,175
|
-
|
-
|
Repayment of
Debentures
|
(4,842)
|
-
|
-
|
-
|
-
|
-
|
Proceeds from
long-term loans
|
5,575
|
3,450
|
34,461
|
5,419
|
34,501
|
40,221
|
Repurchase of own
shares
|
(14)
|
(1)
|
-
|
(14)
|
-
|
-
|
Net cash provided by
(used in) financing activities
|
29,670
|
2,785
|
19,911
|
35,834
|
19,774
|
23,053
|
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations on cash and cash equivalents
|
(3,156)
|
(1,689)
|
97
|
(1,836)
|
(104)
|
(119)
|
Increase in cash and
cash equivalents
|
1,476
|
(16,958)
|
19,641
|
15,658
|
21,648
|
25,237
|
Cash and cash
equivalents at the beginning of the period
|
22,486
|
55,102
|
25,969
|
22,486
|
23,962
|
27,934
|
Cash and cash equivalents at the end of the
period
|
23,962
|
38,144
|
45,610
|
38,144
|
45,610
|
53,171
|
|
* Convenience
translation into US$ (exchange rate as at June 30, 2018: euro 1 =
US$ 1.166)
|
Ellomay Capital Ltd.
and its Subsidiaries
|
Reconciliation of
Loss to EBITDA (in thousands)
|
|
|
|
|
|
|
For the year
ended
December 31,
|
For the three
months
ended June 30,
|
For the six
months
ended June 30,
|
For the six
months ended
June 30,
|
|
2017
|
2017
|
2018
|
2017
|
2018
|
2018
|
|
Unaudited
|
|
€ in
thousands
|
Convenience
Translation into
US$*
|
Net loss for the
period
|
(6,641)
|
(3,730)
|
(725)
|
(5,409)
|
(1,134)
|
(1,324)
|
Financing expenses,
net
|
9,228
|
3,747
|
557
|
5,762
|
916
|
1,068
|
Taxes on
income
|
372
|
533
|
(193)
|
649
|
(182)
|
(212)
|
Depreciation
|
4,518
|
1,101
|
1,409
|
2,198
|
2,767
|
3,226
|
EBITDA
|
7,477
|
1,651
|
1,048
|
(3,200)
|
2,367
|
2,758
|
|
* Convenience
translation into US$ (exchange rate as at June 30, 2018: euro 1 =
US$ 1.166)
|
Contact:
Kalia
Weintraub
CFO
Tel:
+972-(3)-797-1111
Email:
kaliaw@ellomay.com
View original
content:http://www.prnewswire.com/news-releases/ellomay-capital-reports-results-for-the-three-and-six-months-ended-june-30-2018-300718842.html
SOURCE Ellomay Capital Ltd.