TEL AVIV, Israel, Dec. 28, 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 nine months ended
September 30, 2018.
Financial Highlights
- Revenues were approximately
€13.9 million for the nine months
ended September 30, 2018, compared to
approximately €10.8 million for the nine months ended
September 30, 2017. The increase in
revenues reflects the commencement of operations of the Company's
two waste-to-energy projects in the
Netherlands (one in November
2017 and the other in June
2018) and the results of the photovoltaic site in Talmei
Yosef, Israel (the "Talmei
Yosef Project"), acquired in October
2017, partially offset by lower revenues in Italy due to relatively lower radiation levels
compared to 2017.
- Operating expenses were approximately €4.6 million
for the nine months ended September 30,
2018, compared to approximately €1.7 million for the nine
months ended September 30, 2017.
Depreciation expenses were approximately €4.4 million for the nine
months ended September 30, 2018,
compared to approximately €3.3 million for the nine months ended
September 30, 2017. The increase in
operating expenses and in depreciation expenses is mainly
attributable to additional expenses resulting from the commencement
of operations at the Company's two waste-to-energy projects in
the Netherlands and in connection
with the Talmei Yosef Project.
- Project development costs were approximately €2.6 million for
the nine months ended September 30,
2018, compared to approximately €1.7 million for the nine
months ended September 30, 2017. The
increase in project development costs is mainly attributable to
consultancy expenses in connection with the development of the
project to construct a photovoltaic plant with a peak capacity of
300 MW in the municipality of Talaván, Cáceres, Spain (the "Talasol Project").
- General and administrative expenses were approximately €2.8
million for the nine months ended September
30, 2018, compared to approximately €1.9 million for the
nine months ended September 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 in connection with the commencement of operations of the
Company's two waste-to-energy projects in the Netherlands and with the Talmei Yosef
Project.
- The Company's share of profits of equity accounted investee,
after elimination of intercompany transactions, was approximately
€2.2 million for the nine months ended September 30, 2018, compared to approximately
€1.6 million in the nine months ended September 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 Energy Ltd.
("Dorad") due to increased production and lower financing
expenses incurred by Dorad for the nine months ended September 30, 2018 as a result of the CPI
indexation of loans from banks and related parties.
- Financing expenses, net was approximately
€1.8 million for the
nine months ended September 30,
2018, compared to approximately
€6.9 million for the nine months
ended September 30, 2017. The
decrease in financing expenses was mainly due to: (i) a profit of
approximately €0.3 million for the nine months ended September 30, 2018 in connection with the
reevaluation of derivatives, compared to a loss of approximately
€2.8 million for the nine months ended September 30, 2017, and (ii) income in connection
with exchange rate differences amounting to approximately €0.4
million in the nine months ended September
30, 2018, compared to expenses in connection with the
exchange rate differences amounting to approximately €2 million.
The change from exchange rate differences was mainly in connection
with the Company's NIS denominated Debentures and the loan to an
equity accounted investee, as a result of fluctuations in the
euro/NIS exchange rates.
- Taxes on income was approximately €0.1 million for the nine
months ended September 30, 2018,
compared to approximately €1.1 million for the nine months ended
September 30, 2017. The decrease
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 €0.1 million for the nine months
ended September 30, 2018, compared to
approximately €4.2 million for the nine months
ended September 30, 2017.
- Total other comprehensive loss was approximately €0.8 million
for the nine months ended September 30,
2018, compared to a profit of approximately
€0.2 million for the nine months ended
September 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 €0.9 million for the
nine months ended September 30, 2018,
compared to approximately €4 million for the nine months ended
September 30, 2017.
- BITDA was approximately €6.2 million for the nine months ended
September 30, 2018, compared to
approximately €7.1 million for the nine months ended September 30, 2017.
- Net cash from operating activities was approximately €4.6
million for the nine months ended September
30, 2018, compared to approximately
€3.5 million for the nine months
ended September 30, 2017. The
increase in net cash from operating activities is mainly due to an
interest payment received during 2018 on a loan to an equity
accounted investee and to an increase in cash flow resulting from
the commencement of operations of a waste-to-energy projects in
the Netherlands and from the
Talmei Yosef Project.
- As of December 1, 2018, the
Company held approximately €46.7 million in cash and cash
equivalents, approximately €2.2 million in marketable securities
and approximately €5.2 million in restricted short-term and
long-term cash.
Ran Fridrich, CEO and a board member of Ellomay commented: "We
are concluding nine months that reflect the continued growth of the
company with a substantial increase in revenues, resulting mainly
from the commencement of operations of two waste-to-energy projects
in the Netherlands and the
revenues of the Talmei Yosef photovoltaic site. We are continuing
with the development of the Talasol project (a 300 MW photovoltaic
site in Spain) and the Manara
project (a 156 MW pumped storage site in the Manara Cliff,
Israel) and the aggregate
development costs were approximately euro
2.6 million during January-September
2018, an increase of approximately 53% compared to the same
period in 2017. These expenditures are expected to yield an
increase in the company's revenues and to strengthen its position
in the renewable energy market."
Information for the Company's Series A and Series B Debenture
Holders
As of September 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 €15.3
million (consisting of approximately €72.6 million of short-term
and long-term debt from banks and other interest bearing financial
obligations and approximately €56.9 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 €49.5 million of cash and cash equivalents and
marketable securities and net of approximately €64.7 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 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,
|
September
30,
|
September
30,
|
|
|
2017
|
2018
|
2018
|
|
|
Audited
|
Unaudited
|
Unaudited
|
|
|
€ in
thousands
|
Convenience
Translation
into US$ in thousands
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
23,962
|
47,386
|
55,076
|
Marketable
securities
|
|
2,162
|
2,143
|
2,491
|
Restricted cash and
marketable securities
|
|
3,265
|
3,410
|
3,963
|
Receivable from
concession project
|
|
1,286
|
1,314
|
1,527
|
Financial
assets
|
|
1,249
|
1,305
|
1,517
|
Trade and other
receivables
|
|
10,645
|
11,367
|
13,212
|
|
|
42,569
|
66,925
|
77,786
|
Non-current
assets
|
|
|
|
|
Investment in equity
accounted investee
|
|
27,655
|
28,581
|
33,219
|
Advances on account
of investments
|
|
8,825
|
8,813
|
10,243
|
Receivable from
concession project
|
|
27,725
|
26,497
|
30,797
|
Fixed
assets
|
|
78,837
|
77,850
|
90,484
|
Intangible
asset
|
|
5,505
|
5,053
|
5,873
|
Restricted cash and
deposits
|
|
3,660
|
2,021
|
2,349
|
Deferred
tax
|
|
1,777
|
2,386
|
2,773
|
Long term
receivables
|
|
1,535
|
1,376
|
1,599
|
|
|
155,519
|
152,577
|
177,337
|
Total
assets
|
|
198,088
|
219,502
|
255,123
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Current maturities of
long term loans
|
|
3,103
|
5,467
|
6,354
|
Debentures
|
|
4,644
|
8,905
|
10,350
|
Trade
payables
|
|
1,349
|
1,640
|
1,907
|
Other
payables
|
|
2,187
|
3,924
|
4,561
|
|
|
11,283
|
19,936
|
23,172
|
Non-current
liabilities
|
|
|
|
|
Finance lease
obligations
|
|
3,690
|
-
|
-
|
Long-term
loans
|
|
42,091
|
63,408
|
73,698
|
Debentures
|
|
52,987
|
48,043
|
55,840
|
Deferred
tax
|
|
5,982
|
6,225
|
7,235
|
Other long-term
liabilities
|
|
4,555
|
5,271
|
6,126
|
|
|
109,305
|
122,947
|
142,899
|
Total
liabilities
|
|
120,588
|
142,883
|
166,071
|
|
|
|
|
|
Equity
|
|
|
|
|
Share
capital
|
|
19,980
|
19,980
|
23,222
|
Share
premium
|
|
58,339
|
58,342
|
67,810
|
Treasury
shares
|
|
(1,736)
|
(1,736)
|
(2,018)
|
Reserves
|
|
2,357
|
1,580
|
1,836
|
Retained earnings
(accumulated deficit)
|
|
(299)
|
85
|
99
|
Total equity
attributed to shareholders of the Company
|
|
78,641
|
78,251
|
90,949
|
Non-Controlling
Interest
|
|
(1,141)
|
(1,632)
|
(1,897)
|
Total
equity
|
|
77,500
|
76,619
|
89,052
|
Total liabilities
and equity
|
|
198,088
|
219,502
|
255,123
|
* Convenience
translation into US$ (exchange rate as at September 30, 2018: euro
1 = US$ 1.162)
|
Ellomay Capital Ltd.
and its Subsidiaries
|
Condensed
Consolidated Statements of Comprehensive Income (in thousands,
except per share data)
|
|
For the year
ended
December 31,
|
For the three
months
ended September 30,
|
For the nine
months
ended September 30
|
For the nine
months
ended September 30,
|
|
2017
|
2017
|
2018
|
2017
|
2018
|
2018
|
|
Audited
|
Unaudited
|
Unaudited
|
Unaudited
|
|
€ in
thousands
|
€ in
thousands
|
€ in
thousands
|
Convenience
Translation into US$*
|
Revenues
|
13,636
|
4,001
|
5,720
|
10,769
|
13,871
|
16,122
|
Operating
expenses
|
(2,549)
|
(793)
|
(1,963)
|
(1,656)
|
(4,573)
|
(5,315)
|
Depreciation
expenses
|
(4.518)
|
(1,107)
|
(1,597)
|
(3,305)
|
(4,364)
|
(5,072)
|
Gross
profit
|
6,569
|
2,101
|
2,160
|
5,808
|
4,934
|
5,735
|
|
|
|
|
|
|
|
Project development
costs
|
(2,739)
|
(307)
|
(851)
|
(1,738)
|
(2,622)
|
(3,048)
|
General and
administrative expenses
|
(2,420)
|
(651)
|
(785)
|
(1,861)
|
(2,762)
|
(3,210)
|
Share of profits of
equity accounted investee
|
1,531
|
1,658
|
1,713
|
1,585
|
2,214
|
2,573
|
Other income,
net
|
18
|
5
|
-
|
14
|
73
|
85
|
Operating
profit
|
2,959
|
2,806
|
2,237
|
3,808
|
1,837
|
2,135
|
|
|
|
|
|
|
|
Financing
income
|
1,333
|
186
|
518
|
477
|
1,857
|
2,158
|
Financing income
(expenses) in connection with derivatives and other assets,
net
|
(3,156)
|
(1,258)
|
31
|
(2,848)
|
316
|
367
|
Financing
expenses
|
(7,405)
|
(86)
|
(1,468)
|
(4,549)
|
(4,008)
|
(4,658)
|
Financing expenses,
net
|
(9,228)
|
(1,158)
|
(919)
|
(6,920)
|
(1,835)
|
(2,133)
|
|
|
|
|
|
|
|
Profit (loss)
before taxes on income
|
(6,269)
|
1,648
|
1,318
|
(3,112)
|
2
|
2
|
|
|
|
|
|
|
|
Taxes on
income
|
(372)
|
(402)
|
(302)
|
(1,051)
|
(120)
|
(139)
|
|
|
|
|
|
|
|
Profit (loss) for
the period
|
(6,641)
|
1,246
|
1,016
|
(4,163)
|
(118)
|
(137)
|
Profit (loss)
attributable to:
|
|
|
|
|
|
|
Owners of the
Company
|
(6,115)
|
1,269
|
1,282
|
(3,897)
|
384
|
446
|
Non-controlling
interests
|
(526)
|
(23)
|
(266)
|
(266)
|
(502)
|
(583)
|
Profit (loss) for
the period
|
(6,641)
|
1,246
|
1,016
|
(4,163)
|
(118)
|
(137)
|
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)
|
(660)
|
270
|
446
|
(529)
|
(615)
|
|
|
|
|
|
|
|
Effective portion of
change in fair value of cash flow hedges
|
(1,244)
|
(82)
|
192
|
(208)
|
(532)
|
(618)
|
Net change in fair
value of cash flow hedges transferred to
profit or loss
|
1,382
|
218
|
(183)
|
836
|
295
|
343
|
Total other
comprehensive income (loss)
|
(221)
|
(524)
|
279
|
182
|
(766)
|
(890)
|
Total
comprehensive income (loss) for the period
|
(6,862)
|
722
|
1,295
|
(3,981)
|
(884)
|
(1,027)
|
|
|
|
|
|
|
|
Basic net income
(loss) per share
|
(0.57)
|
0.12
|
0.12
|
(0.36)
|
0.04
|
0.04
|
Diluted net income
(loss) per share
|
(0.57)
|
0.12
|
0.12
|
(0.36)
|
0.04
|
0.04
|
* Convenience
translation into US$ (exchange rate as at September 30, 2018: euro
1 = US$ 1.162)
|
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
|
|
|
|
|
|
|
|
|
|
|
|
Share
|
Share
|
Retained
earnings (accumulated
|
Treasury
|
Translation reserve
from foreign
|
Hedging
|
|
|
|
|
capital
|
premium
|
deficit)
|
shares
|
Operations
|
Reserve
|
Total
|
|
|
For the nine month ended
September 30,
|
€ in
thousands
|
2018 (unaudited):
|
|
|
|
|
|
|
|
|
|
January 1, 2018
|
19,980
|
58,339
|
(299)
|
(1,736)
|
2,219
|
138
|
78,641
|
(1,141)
|
77,500
|
Profit (loss) for the period
|
-
|
-
|
384
|
-
|
-
|
-
|
384
|
(502)
|
(118)
|
Other comprehensive profit
(loss) for the period
|
-
|
-
|
-
|
-
|
(540)
|
(237)
|
(777)
|
11
|
(766)
|
Total comprehensive profit
(loss)for the period
|
-
|
-
|
384
|
-
|
(540)
|
(237)
|
(393)
|
(491)
|
(884)
|
Transactions with owners of
the Company, recognized
directly in equity:
|
|
|
|
|
|
|
|
|
|
Share-based payments
|
-
|
3
|
-
|
-
|
-
|
-
|
3
|
-
|
3
|
Balance as at
|
|
|
|
|
|
|
|
|
|
September 30, 2018
|
19,980
|
58,342
|
85
|
(1,736)
|
1,679
|
(99)
|
78,251
|
(1,632)
|
76,619
|
|
|
Attributable to
shareholders of the Company
|
Non-
controlling
|
Total
|
|
|
Interests
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Share
|
Share
|
Retained
earnings (accumulated
|
Treasury
|
Translation
reserve
from foreign
|
Hedging
|
|
|
|
|
capital
|
premium
|
deficit)
|
shares
|
Operations
|
Reserve
|
Total
|
|
|
For the nine month ended
September 30,
|
US$ in
thousands*
|
2018 (unaudited):
|
|
|
|
|
|
|
|
|
|
January 1, 2018
|
23,222
|
67,806
|
(347)
|
(2,018)
|
2,579
|
160
|
91,402
|
(1,327)
|
90,075
|
Profit (loss) for the period
|
-
|
-
|
446
|
-
|
-
|
-
|
446
|
(583)
|
(137)
|
Other comprehensive profit
(loss) for the period
|
-
|
-
|
-
|
-
|
(628)
|
(275)
|
(903)
|
13
|
(890)
|
Total comprehensive profit
(loss) for the period
|
-
|
-
|
446
|
-
|
(628)
|
(275)
|
(457)
|
(570)
|
(1,027)
|
Transactions with owners of
the Company, recognized
directly in equity:
|
|
|
|
|
|
|
|
|
|
Share-based payments
|
-
|
4
|
-
|
-
|
-
|
-
|
4
|
-
|
4
|
Balance as at
|
|
|
|
|
|
|
|
|
|
September 30, 2018
|
23,222
|
67,810
|
99
|
(2,018)
|
1,951
|
(115)
|
90,949
|
(1,897)
|
89,052
|
* Convenience
translation into US$ (exchange rate as at September 30, 2018: euro
1 = US$ 1.162)
|
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
|
|
|
For the three month ended
September 30,
|
€ in
thousands
|
2018 (unaudited):
|
|
|
|
|
|
|
|
|
|
June 30, 2018
|
19,980
|
58,341
|
(1,197)
|
(1,736)
|
1,397
|
(108)
|
76,677
|
(1,354)
|
75,323
|
Profit (loss) for the period
|
-
|
-
|
1,282
|
-
|
-
|
-
|
1,282
|
(266)
|
1,016
|
Other comprehensive profit
(loss) for the period
|
-
|
-
|
-
|
-
|
282
|
9
|
291
|
(12)
|
279
|
Total comprehensive profit
(loss)for the period
|
-
|
-
|
1,282
|
-
|
282
|
9
|
1,573
|
(278)
|
1,295
|
Transactions with owners of
the Company, recognized
directly in equity:
|
|
|
|
|
|
|
|
|
|
Share-based payments
|
-
|
1
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
Balance as at
|
|
|
|
|
|
|
|
|
|
September 30, 2018
|
19,980
|
58,342
|
85
|
(1,736)
|
1,679
|
(99)
|
78,251
|
(1,632)
|
76,619
|
|
|
Attributable to
shareholders of the Company
|
Non-
controlling
|
Total
|
|
|
Interests
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation
|
|
|
|
|
|
Share
|
Share
|
Retained
|
Treasury
|
reserve
from foreign
|
Hedging
|
|
|
|
|
capital
|
premium
|
earnings
|
shares
|
Operations
|
Reserve
|
Total
|
|
|
For the nine month ended
September 30,
|
€ in
thousands
|
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
|
-
|
-
|
(3,897)
|
-
|
-
|
-
|
(3,897)
|
(266)
|
(4,163)
|
Other comprehensive
profit (loss) for the period
|
-
|
-
|
-
|
-
|
(473)
|
628
|
155
|
27
|
182
|
Total comprehensive profit
(loss) for the period
|
-
|
-
|
(3,897)
|
-
|
(473)
|
628
|
(3,742)
|
(239)
|
(3,981)
|
Transactions with owners of
the Company, recognized
directly in equity:
|
|
|
|
|
|
|
|
|
|
Share-based payments
|
-
|
3
|
-
|
-
|
-
|
-
|
3
|
-
|
3
|
Own shares acquired
|
-
|
-
|
-
|
(14)
|
-
|
-
|
(14)
|
-
|
(14)
|
Balance as at
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
19,980
|
58,337
|
1,919
|
(1,736)
|
2,191
|
628
|
81,319
|
(940)
|
80,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
Treasury
|
reserve
from foreign
|
Hedging
|
|
|
|
|
capital
|
premium
|
earnings
|
shares
|
Operations
|
Reserve
|
Total
|
|
|
For the three month ended
September 30,
|
€ in
thousands
|
2017 (unaudited):
|
|
|
|
|
|
|
|
|
|
Balance as at
|
|
|
|
|
|
|
|
|
|
June 30, 2017
|
19,980
|
58,336
|
650
|
(1,736)
|
2,886
|
492
|
80,608
|
(952)
|
79,656
|
Profit (loss) for the period
|
-
|
-
|
1,269
|
-
|
-
|
-
|
1,269
|
(23)
|
1,246
|
Other comprehensive profit
(loss) for the period
|
-
|
-
|
-
|
-
|
(695)
|
136
|
(559)
|
35
|
(524)
|
Total comprehensive profit
(loss) for the period
|
-
|
-
|
1,269
|
-
|
(695)
|
136
|
710
|
12
|
722
|
Transactions with owners of
the Company, recognized
directly in equity:
|
|
|
|
|
|
|
|
|
|
Share-based payments
|
-
|
1
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
Balance as at
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
19,980
|
58,337
|
1,919
|
(1,736)
|
2,191
|
628
|
81,319
|
(940)
|
80,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
For the year ended
|
€ in
thousands
|
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 profit
(loss) for the year
|
-
|
-
|
-
|
-
|
(445)
|
138
|
(307)
|
86
|
(221)
|
Total comprehensive profit
(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 Cash Flow (in
thousands)
|
|
For the year
ended
December 31, 2017
|
For the
three
months ended
September 30, 2017
|
For the three
months ended
September 30, 2018
|
For the nine
months ended
September 30, 2017
|
For the nine
months ended
September 30, 2018
|
For the nine
months ended
September 30,
2018
|
|
Audited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|
€ in
thousands
|
Convenience Translation
into US$*
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Profit (loss) for the
period
|
(6,641)
|
1,246
|
1,016
|
(4,163)
|
(118)
|
(137)
|
Adjustments for:
|
|
|
|
|
|
|
Financing expenses,
net
|
9,228
|
1,158
|
919
|
6,920
|
1,835
|
2,133
|
Depreciation
|
4,518
|
1,107
|
1,597
|
3,305
|
4,364
|
5,072
|
Share-based payment
transactions
|
5
|
1
|
1
|
3
|
3
|
4
|
Share of profits of
equity accounted investees
|
(1,531)
|
(1,658)
|
(1,713)
|
(1,585)
|
(2,214)
|
(2,573)
|
Payment of interest
on loan from an equity accounted investee
|
407
|
407
|
-
|
407
|
1,176
|
1,367
|
Change in trade
receivables and other receivables
|
2,012
|
209
|
(356)
|
508
|
(200)
|
(232)
|
Change in other
assets
|
126
|
(1,351)
|
(355)
|
(547)
|
(220)
|
(256)
|
Change in receivables
from concessions project
|
(84)
|
-
|
454
|
-
|
1,076
|
1,251
|
Change in accrued
severance pay, net
|
2
|
1
|
(2)
|
2
|
15
|
17
|
Change in trade
payables
|
(258)
|
425
|
(37)
|
210
|
291
|
338
|
Change in other
payables
|
(2,655)
|
1,029
|
271
|
(1,253)
|
(39)
|
(45)
|
Taxes on
income
|
372
|
402
|
302
|
1,051
|
120
|
139
|
Income taxes
paid
|
(42)
|
-
|
(28)
|
-
|
(44)
|
(51)
|
Interest
received
|
505
|
135
|
518
|
360
|
1,406
|
1,634
|
Interest
paid
|
(3,659)
|
(206)
|
(206)
|
(1,720)
|
(2,803)
|
(3,258)
|
Net cash provided by
(used in) operating activities
|
2,305
|
2,905
|
2,381
|
3,498
|
4,648
|
5,403
|
|
|
|
|
|
|
|
Cash flows from investing
activities
|
|
|
|
|
|
|
Acquisition of fixed
assets
|
(7,576)
|
(2,240)
|
(455)
|
(6,356)
|
(3,061)
|
(3,558)
|
Acquisition of
subsidiary, net of cash acquired
|
(9,851)
|
-
|
-
|
-
|
-
|
-
|
Advances on account
of investments
|
(8,000)
|
-
|
-
|
(8,978)
|
-
|
-
|
Repayment of loan to
an equity accounted investee
|
-
|
-
|
-
|
-
|
490
|
570
|
Acquisition of
marketable securities
|
(6,677)
|
-
|
-
|
(6,677)
|
-
|
-
|
Proceeds from
marketable securities
|
1,277
|
1,277
|
3,316
|
1,277
|
3,316
|
3,854
|
Proceeds (Investment)
in restricted cash, net
|
3,225
|
38
|
(3,393)
|
3,264
|
(1,789)
|
(2,079)
|
Proceeds of Forward
contract
|
-
|
1,788
|
187
|
1,788
|
594
|
690
|
Settlement of
derivatives, net
|
620
|
-
|
-
|
(2,027)
|
(184)
|
(214)
|
Loans to
others
|
(361)
|
-
|
-
|
(361)
|
-
|
-
|
Net cash provided by
(used in) investing activities
|
(27,343)
|
863
|
(345)
|
(18,070)
|
(634)
|
(737)
|
|
|
|
|
|
|
|
Cash flows from financing
activities
|
|
|
|
|
|
|
Repayment of
long-term loans and finance lease obligations
|
(2,224)
|
(459)
|
(201)
|
(1,205)
|
(14,928)
|
(17,351)
|
Proceeds from
issuance of debentures, net
|
31,175
|
-
|
-
|
31,175
|
-
|
-
|
Repayment of
Debentures
|
(4,842)
|
-
|
-
|
-
|
-
|
-
|
Proceeds from
long-term loans
|
5,575
|
-
|
14
|
5,419
|
34,515
|
40,116
|
Repurchase of own
shares
|
(14)
|
-
|
-
|
(14)
|
-
|
-
|
Net cash provided by
(used in) financing activities
|
29,670
|
(459)
|
(187)
|
35,375
|
19,587
|
22,765
|
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations on cash and cash equivalents
|
(3,156)
|
(1,371)
|
(73)
|
(3,207)
|
(177)
|
(206)
|
Increase in cash and
cash equivalents
|
1,476
|
1,938
|
1,776
|
17,596
|
23,424
|
27,225
|
Cash and cash
equivalents at the beginning of the period
|
22,486
|
38,144
|
45,610
|
22,486
|
23,962
|
27,851
|
Cash and cash equivalents at the end of the
period
|
23,962
|
40,082
|
47,386
|
40,082
|
47,386
|
55,076
|
* Convenience
translation into US$ (exchange rate as at September 30, 2018: euro
1 = US$ 1.162)
|
Ellomay Capital Ltd.
and its Subsidiaries
|
Reconciliation of
Loss to EBITDA (in thousands)
|
|
For the year
ended
December 31,
|
For the three
months
ended September 30,
|
For the nine
months
ended September 30,
|
For the nine
months ended
September 30,
|
|
2017
|
2017
|
2018
|
2017
|
2018
|
2018
|
|
Unaudited
|
|
€ in
thousands
|
Convenience
Translation
into US$*
|
Net Profit (loss) for
the period
|
(6,641)
|
1,246
|
1,016
|
(4,163)
|
(118)
|
(137)
|
Financing expenses,
net
|
9,228
|
1,158
|
919
|
6,920
|
1,835
|
2,133
|
Taxes on
income
|
372
|
402
|
302
|
1,051
|
120
|
139
|
Depreciation
|
4,518
|
1,107
|
1,597
|
3,305
|
4,364
|
5,072
|
EBITDA
|
7,477
|
3,913
|
3,834
|
7,113
|
6,201
|
7,207
|
* Convenience
translation into US$ (exchange rate as at September 30, 2018: euro
1 = US$ 1.162)
|
Contact:
Kalia Weintraub
CFO
Tel: +972(3)797-1111
Email: mailto:hilai@ellomay.com
View original
content:http://www.prnewswire.com/news-releases/ellomay-capital-reports-results-for-the-three-and-nine-months-ended-september-30-2018-300771226.html
SOURCE Ellomay Capital Ltd