TEL AVIV, Israel, March 29,
2019 /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,
2018.
Financial Highlights
- Revenues were approximately €18.1 million for the year ended
December 31, 2018, compared to
approximately €13.6 million for the year ended December 31, 2017. The increase in revenues is
mainly a result of the commencement of operations of the
Company's two waste-to-energy projects (the "WtE
Projects") in the Netherlands
(one in November 2017 and the other
in June 2018) and the results for a
full year of the photovoltaic plant in Talmei Yosef (the "Talmei
Yosef PV Plant"), acquired in October 2017, partially offset by lower revenues
in Italy due to relatively lower
radiation levels in the year ended December
31, 2018 compared to the year ended December 31, 2017.
- Operating expenses were approximately
€6.3 million for the year ended
December 31, 2018, compared to
approximately €2.5 million for the year ended December 31, 2017. The increase in operating
expenses is mainly attributable to additional operating expenses
resulting from the commencement of operations of the WtE Projects
in the Netherlands, as WtE
operations are characterized by higher operating expenses compared
to PV operations, resulting from the components of raw materials
and the costs of waste removal, and from the acquisition of
the Talmei Yosef PV Plant. Depreciation expenses were approximately
€5.8 million for the year ended December 31,
2018, compared to approximately €4.5 million for the year
ended December 31, 2017.
- Project development costs were approximately €2.9 million for
the year ended December 31, 2018,
compared to approximately €2.7 million for the year ended
December 31, 2017. The increase in
project development costs is mainly attributable to consultancy
expenses in connection with the project to promote the construction
of a 300 MW photovoltaic plant in the municipality of Talaván,
Cáceres, Spain (the "Talasol
Project").
- General and administrative expenses were approximately
€3.6 million for the year ended December 31, 2018, compared to approximately €2.4
million for the year ended December 31,
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
WtE Projects in the Netherlands
and the acquisition of the Talmei Yosef PV Plant.
- Share of profits of equity accounted investee, after
elimination of intercompany transactions, was approximately €2.5
million in the year ended December 31,
2018, compared to approximately €1.5 million in the year
ended December 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 to lower financial expenses
incurred by Dorad as a result of the CPI indexation of loans from
banks and related parties.
- Financing expenses, net was approximately €2.1 million for the
year ended December 31, 2018,
compared to approximately €9.2 million for the year ended
December 31, 2017. The decrease in
financing expenses was mainly due to: (i) the reevaluation of the
Company's euro/US$ forward transactions and marketable securities
in the aggregate profit amount of approximately €0.5 million for
the year ended December 31, 2018,
compared to a loss of approximately €3.2 million for the year ended
December 31, 2017, and (ii) income in
connection with exchange rate differences amounting to
approximately €0.7 million in the year ended December 31, 2018, mainly in connection with the
NIS denominated Debentures, compared to expenses in the amount of
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. Following
the change of presentation currency in 2017, the
Company converted the majority of its cash and marketable
securities from US dollar to euro.
- Taxes on income were approximately €0.2 million in the year
ended December 31, 2018, compared to
approximately €0.4 million in the year ended December 31, 2017. This decrease resulted mainly
from the application of a tax incentive in the Netherlands applicable for companies that
invest in energy-efficient technology, claimable upon filing the
relevant tax return by reducing the amount of taxable
profit.
- Net profit was approximately €0.6 million in the year ended
December 31, 2018, compared to net
loss of approximately €6.6 million for the year ended December 31, 2017.
- Net profit per share was approximately €0.1 in the year ended
December 31, 2018, compared to net
loss per share of approximately €0.57 for the year ended
December 31, 2017.
- Total other comprehensive loss was approximately €1.2 million
for the year ended December 31, 2018,
compared to total other comprehensive loss of approximately €0.2
million in the year ended December 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 €0.5 million in the
year ended December 31, 2018,
compared to total comprehensive loss of approximately €6.9 million
in the year ended December 31,
2017.
- EBITDA was approximately €8.7 million for the year ended
December 31, 2018, compared to
approximately €7.5 million for the year ended December 31, 2017.
- Net cash from operating activities was approximately €6.6
million for the year ended December 31,
2018, compared to approximately €2.3 million for the year
ended December 31, 2017. The increase
in net cash from operating activities is mainly attributable to
interest payment received during 2018 on a loan to an equity
accounted investee.
- As of March 1, 2019, the Company
held approximately €29.8 million in cash and cash equivalents,
approximately €0.4 million in marketable securities and
approximately €6.9 million in restricted short-term and long-term
cash.
Ran Fridrich, CEO and a board member of Ellomay commented: "2018
met our target presenting increased revenues, net profit and a
strong cash flow from operations, while we continue promoting our
major development projects – Talasol and Manara PSP. We expect to
commence the construction of the Talasol project during the first
half of 2019 and are diligently promoting the Manara PSP project
towards financial closing."
Information for the Company's Series A and Series B Debenture
Holders
As of December 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 €20.2
million (consisting of approximately €69.8 million of short-term
and long-term debt from banks and other interest bearing financial
obligations and approximately €51.3 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 €39 million of cash and cash equivalents and
marketable securities and net of approximately €61.9 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.
- Talasol, which is involved in a project to construct a
photovoltaic plant with a peak capacity of 300 MW in the
municipality of Talaván, Cáceres, Spain.
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,
|
|
2018
|
2017
|
2018
|
|
Audited
|
|
€ in thousands
|
Convenience Translation
into US$ in
thousands*
|
Assets
|
|
|
|
Current assets:
|
|
|
|
Cash and cash
equivalents
|
36,882
|
23,962
|
42,231
|
Marketable
securities
|
2,132
|
2,162
|
2,441
|
Restricted cash and
marketable securities
|
4,653
|
3,265
|
5,328
|
Receivable from
concession project
|
1,292
|
1,286
|
1,479
|
Financial
assets
|
1,282
|
1,249
|
1,468
|
Trade and other
receivables
|
12,623
|
10,645
|
14,454
|
|
58,864
|
42,569
|
67,401
|
Non-current assets
|
|
|
|
Investment in equity
accounted investee
|
27,746
|
27,655
|
31,770
|
Advances on account
of investments
|
798
|
8,825
|
914
|
Receivable from
concession project
|
25,710
|
27,725
|
29,439
|
Fixed
assets
|
87,220
|
78,837
|
99,870
|
Intangible
asset
|
4,882
|
5,505
|
5,590
|
Restricted cash and
deposits
|
2,062
|
3,660
|
2,361
|
Deferred
tax
|
2,423
|
1,777
|
2,774
|
Long term
receivables
|
1,455
|
1,535
|
1,666
|
|
152,296
|
155,519
|
174,384
|
|
|
|
|
Total assets
|
211,160
|
198,088
|
241,785
|
|
|
|
|
Liabilities and Equity
|
|
|
|
Current liabilities
|
|
|
|
Current maturities of
long term loans
|
5,864
|
3,103
|
6,714
|
Debentures
|
8,758
|
4,644
|
10,028
|
Trade
payables
|
2,126
|
1,349
|
2,434
|
Other
payables
|
3,103
|
2,187
|
3,553
|
|
19,851
|
11,283
|
22,729
|
Non-current liabilities
|
|
|
|
Finance lease
obligations
|
-
|
3,690
|
-
|
Long-term
loans
|
60,228
|
42,091
|
68,963
|
Debentures
|
42,585
|
52,987
|
48,761
|
Deferred
tax
|
6,219
|
5,982
|
7,121
|
Other long-term
liabilities
|
5,320
|
4,555
|
6,092
|
|
114,352
|
109,305
|
130,937
|
Total liabilities
|
134,203
|
120,588
|
153,666
|
Equity
|
|
|
|
Share
capital
|
19,980
|
19,980
|
22,878
|
Share
premium
|
58,344
|
58,339
|
66,806
|
Treasury
shares
|
(1,736)
|
(1,736)
|
(1,988)
|
Reserves
|
1,169
|
2,357
|
1,339
|
Retained earnings
(accumulated deficit)
|
758
|
(299)
|
868
|
Total equity
attributed to shareholders of
the
Company
|
78,515
|
78,641
|
89,903
|
Non-Controlling
Interest
|
(1,558)
|
(1,141)
|
(1,784)
|
Total equity
|
76,957
|
77,500
|
88,119
|
Total liabilities and equity
|
211,160
|
198,088
|
241,785
|
|
* Convenience
translation into US$ (exchange rate as at December 31, 2018: euro 1
= US$ 1.145)
|
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,
|
|
|
|
|
2017
|
2018
|
2017
|
2018
|
2018
|
2018
|
|
|
Unaudited
|
Audited
|
Unaudited
|
Audited
|
|
|
€ in
thousands
|
Convenience
Translation into
US$*
|
|
Revenues
|
2,867
|
4,246
|
13,636
|
18,117
|
4,862
|
20,745
|
|
Operating
expenses
|
(892)
|
(1,769)
|
(2,549)
|
(6,342)
|
(2,026)
|
(7,262)
|
|
Depreciation
expenses
|
(1,213)
|
(1,452)
|
(4.518)
|
(5,816)
|
(1,663)
|
(6,660)
|
|
Gross
profit
|
761
|
1,025
|
6,569
|
5,959
|
1,173
|
6,823
|
|
|
|
|
|
|
|
|
|
Project development
costs
|
(1,001)
|
(256)
|
(2,739)
|
(2,878)
|
(293)
|
(3,295)
|
|
General and
administrative expenses
|
(559)
|
(838)
|
(2,420)
|
(3,600)
|
(960)
|
(4,122)
|
|
Share of profits
(loss) of equity accounted investee
|
(55)
|
331
|
1,531
|
2,545
|
379
|
2,914
|
|
Other income,
net
|
4
|
811
|
18
|
884
|
929
|
1,012
|
|
Operating profit
(loss)
|
(849)
|
1,073
|
2,959
|
2,910
|
1,228
|
3,332
|
|
|
|
|
|
|
|
|
|
Financing
income
|
856
|
739
|
1,333
|
2,936
|
846
|
3,362
|
|
Financing income
(expenses) in connection with
derivatives, net
|
(308)
|
347
|
(3,156)
|
494
|
397
|
566
|
|
Financing
expenses
|
(2,856)
|
(1,342)
|
(7,405)
|
(5,521)
|
(1,537)
|
(6,322)
|
|
Financing income
(expenses), net
|
(2,308)
|
(256)
|
(9,228)
|
(2,091)
|
(294)
|
(2,394)
|
|
Profit (Loss)
before taxes on income
|
(3,157)
|
817
|
(6,269)
|
819
|
934
|
938
|
|
Tax benefit
(Taxes on income)
|
679
|
(95)
|
(372)
|
(215)
|
(107)
|
(246)
|
|
Profit (Loss) for
the period
|
(2,478)
|
722
|
(6,641)
|
604
|
827
|
692
|
|
Profit (Loss)
attributable to:
|
|
|
|
|
|
|
|
Owners of the
Company
|
(2,218)
|
673
|
(6,115)
|
1,057
|
771
|
1,211
|
|
Non-controlling
interests
|
(260)
|
49
|
(526)
|
(453)
|
56
|
(519)
|
|
Profit (loss) for
the year
|
(2,478)
|
722
|
(6,641)
|
604
|
827
|
692
|
|
|
|
|
|
|
|
|
|
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
|
87
|
(258)
|
(359)
|
(787)
|
(295)
|
(901)
|
|
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)
|
(476)
|
(1,244)
|
(1,008)
|
(545)
|
(1,154)
|
|
Net change in fair
value of cash flow hedges
transferred to profit or loss
|
546
|
348
|
1,382
|
643
|
398
|
736
|
|
Total other
comprehensive loss
|
(403)
|
(386)
|
(221)
|
(1,152)
|
(442)
|
(1,319)
|
|
Total
comprehensive profit (loss) for the
year
|
(2,881)
|
336
|
(6,862)
|
(548)
|
385
|
(627)
|
|
|
|
|
|
|
|
|
|
Basic net profit
(loss) per share
|
(0.15)
|
0.00
|
(0.57)
|
0.10
|
0.00
|
0.11
|
|
Diluted net profit
(loss) per share
|
(0.15)
|
0.00
|
(0.57)
|
0.10
|
0.00
|
0.11
|
|
|
|
*
Convenience translation into US$ (exchange rate as at December 31,
2018: euro 1 = US$ 1.145)
|
|
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,
2018:
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
January 1,
2018
|
19,980
|
58,339
|
(299)
|
(1,736)
|
2,219
|
138
|
78,641
|
(1,141)
|
77,500
|
Profit for the
year
|
-
|
-
|
1,057
|
-
|
-
|
-
|
1,057
|
(453)
|
604
|
Other
comprehensive
loss for the year
|
-
|
-
|
-
|
-
|
(823)
|
(365)
|
(1,188)
|
36
|
(1,152)
|
Total
comprehensive
loss for the year
|
-
|
-
|
1,057
|
-
|
(823)
|
(365)
|
(131)
|
(417)
|
(548)
|
Transactions
with
owners of the Company,
recognized directly in
equity:
|
|
|
|
|
|
|
|
|
|
Share-based
payments
|
-
|
5
|
-
|
-
|
-
|
-
|
5
|
-
|
5
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
December 31,
2018
|
19,980
|
58,344
|
758
|
(1,736)
|
1,396
|
(227)
|
78,515
|
(1,558)
|
76,957
|
|
|
|
|
|
|
|
|
|
|
For the three
months
|
|
|
|
|
|
|
|
|
|
ended December
31,
2018 (Unaudited):
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
September 30,
2018
|
19,980
|
58,342
|
85
|
(1,736)
|
1,679
|
(99)
|
78,251
|
(1,632)
|
76,619
|
Profit for the
period
|
-
|
-
|
673
|
-
|
-
|
-
|
673
|
49
|
722
|
Other
comprehensive
loss for the period
|
-
|
-
|
-
|
-
|
(283)
|
(128)
|
(411)
|
25
|
(386)
|
Total
comprehensive
income for the period
|
-
|
-
|
673
|
-
|
(283)
|
(128)
|
262
|
74
|
336
|
Transactions
with
owners of the
Company, recognized
directly in equity:
|
|
|
|
|
|
|
|
|
|
Share-based
payments
|
-
|
2
|
-
|
-
|
-
|
-
|
2
|
-
|
2
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
December 31,
2018
|
19,980
|
58,344
|
758
|
(1,736)
|
1,396
|
(227)
|
78,515
|
(1,558)
|
76,957
|
|
|
|
|
|
|
|
|
|
|
Ellomay Capital Ltd.
and its Subsidiaries
|
|
Condensed
Consolidated 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:
|
|
|
|
|
|
|
|
|
|
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
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, 2018: (euro 1 = US$ 1.145)
|
|
|
|
|
|
|
|
|
|
|
For the year
ended
|
|
|
|
|
|
|
|
|
|
December 31,
2018:
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
January 1,
2018
|
22,878
|
66,800
|
(343)
|
(1,988)
|
2,541
|
158
|
90,046
|
(1,306)
|
88,740
|
Profit for the
year
|
|
|
1,211
|
|
|
|
1,211
|
(519)
|
692
|
Other
comprehensive
loss for the year
|
-
|
-
|
-
|
-
|
(942)
|
(418)
|
(1,360)
|
41
|
(1,319)
|
Total
comprehensive
loss for the year
|
-
|
-
|
1,211
|
-
|
(942)
|
(418)
|
(149)
|
(478)
|
(627)
|
Transactions
with
owners of the Company,
recognized directly in
equity:
|
|
|
|
|
|
|
|
|
|
Share-based
payments
|
-
|
6
|
-
|
-
|
-
|
-
|
6
|
-
|
6
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
December 31,
2018
|
22,878
|
66,806
|
868
|
(1,988)
|
1,599
|
(260)
|
89,903
|
(1,784)
|
88,119
|
|
|
|
|
|
|
|
|
|
|
For the three
months
|
|
|
|
|
|
|
|
|
|
ended December
31,
2018 (Unaudited):
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
September 30,
2018
|
22,878
|
66,804
|
97
|
(1,988)
|
1,923
|
(113)
|
89,601
|
(1,869)
|
87,732
|
Profit for the
period
|
|
|
771
|
|
|
|
771
|
56
|
827
|
Other
comprehensive
loss for the period
|
-
|
-
|
-
|
-
|
(324)
|
(147)
|
(471)
|
29
|
(442)
|
Total
comprehensive
income for the period
|
-
|
-
|
771
|
-
|
(324)
|
(147)
|
300
|
85
|
385
|
Transactions
with
owners of the
Company, recognized
directly in equity:
|
|
|
|
|
|
|
|
|
|
Share-based
payments
|
-
|
2
|
-
|
-
|
-
|
-
|
2
|
-
|
2
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
December 31,
2018
|
22,878
|
66,806
|
868
|
(1,988)
|
1,599
|
(260)
|
89,903
|
(1,784)
|
88,119
|
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,
|
|
2017
|
2018
|
2017
|
2018
|
2018
|
2018
|
|
Unaudited
|
Audited
|
Unaudited
|
Audited
|
|
€ in
thousands
|
Convenience Translation into
US$*
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Profit (loss) for the
period
|
(2,478)
|
722
|
(6,641)
|
604
|
827
|
692
|
Adjustments
for:
|
|
|
|
|
|
|
Financing expenses,
net
|
2,308
|
256
|
9,228
|
2,091
|
294
|
2,394
|
Depreciation
|
1,213
|
1,452
|
4,518
|
5,816
|
1,663
|
6,660
|
Share-based payment
transactions
|
2
|
2
|
5
|
5
|
2
|
6
|
Share of (profits)
loss of equity accounted investees
|
54
|
(331)
|
(1,531)
|
(2,545)
|
(379)
|
(2,914)
|
Payment of interest
on loan from an equity accounted
investee
|
-
|
1,860
|
407
|
3,036
|
2,130
|
3,476
|
Change in trade
receivables and other receivables
|
2,559
|
183
|
2,012
|
(17)
|
210
|
(19)
|
Change in other
assets
|
(382)
|
257
|
126
|
37
|
294
|
42
|
Change in receivables
from concessions project
|
(84)
|
355
|
(84)
|
1,431
|
406
|
1,639
|
Change in accrued
severance pay, net
|
-
|
-
|
2
|
15
|
-
|
17
|
Change in trade
payables
|
(468)
|
342
|
(258)
|
633
|
392
|
725
|
Change in other
payables
|
(1,403)
|
(1,527)
|
(2,655)
|
(1,565)
|
(1,748)
|
(1,792)
|
Income tax expense
(tax benefit)
|
(679)
|
95
|
372
|
215
|
107
|
246
|
Income taxes
paid
|
(42)
|
(33)
|
(42)
|
(77)
|
(38)
|
(88)
|
Interest
received
|
145
|
429
|
505
|
1,835
|
491
|
2,101
|
Interest
paid
|
(1,939)
|
(2,121)
|
(3,659)
|
(4,924)
|
(2,429)
|
(5,638)
|
|
1,284
|
1,219
|
8,946
|
5,986
|
1,395
|
6,855
|
Net cash from
operating activities
|
(1,194)
|
1,941
|
2,305
|
6,590
|
2,222
|
7,547
|
Cash flows from
investing activities
|
|
|
|
|
|
|
Acquisition of fixed
assets
|
(1,220)
|
(647)
|
(7,576)
|
(3,708)
|
(741)
|
(4,246)
|
Acquisition of
subsidiary, net of cash acquired
|
(9,851)
|
(1,000)
|
(9,851)
|
(1,000)
|
(1,145)
|
(1,145)
|
Advances on account
of investments
|
978
|
-
|
(8,000)
|
-
|
-
|
-
|
Repayment of loan
from an equity accounted investee
|
-
|
1,050
|
-
|
1,540
|
1,202
|
1,763
|
Acquisition of
marketable securities
|
-
|
-
|
(6,677)
|
-
|
-
|
-
|
Proceeds from
marketable securities
|
-
|
-
|
1,277
|
3,316
|
-
|
3,797
|
Proceed from
settlement of derivatives, net
|
859
|
254
|
620
|
664
|
291
|
760
|
Decrease (increase)
in restricted cash
|
(39)
|
(1,318)
|
3,225
|
(3,107)
|
(1,509)
|
(3,558)
|
Loans to
others
|
-
|
(3,500)
|
(361)
|
(3,500)
|
(4,008)
|
(4,008)
|
Net cash from (used
in) investing activities
|
(9,273)
|
(5,161)
|
(27,343)
|
(5,795)
|
(5,910)
|
(6,637)
|
Cash flows from
financing activities
|
|
|
|
|
|
|
Dividend
paid
|
-
|
-
|
-
|
-
|
-
|
-
|
Repayment of
long-term loans and finance lease
obligations
|
(1,019)
|
(2,891)
|
(2,224)
|
(17,819)
|
(3,310)
|
(20,403)
|
Repayment of
Debentures
|
(4,842)
|
(4,668)
|
(4,842)
|
(4,668)
|
(5,345)
|
(5,345)
|
Repurchase of own
shares
|
-
|
-
|
(14)
|
-
|
-
|
-
|
Proceeds from long
term loans
|
156
|
230
|
5,575
|
34,745
|
263
|
39,784
|
Proceeds from
issuance of Debentures, net
|
-
|
-
|
31,175
|
-
|
-
|
-
|
Net cash from (used
in) financing activities
|
(5,705)
|
(7,329)
|
29,670
|
12,258
|
(8,392)
|
14,036
|
|
|
|
|
|
|
|
Effect of exchange
rate fluctuations on cash and cash
equivalents
|
52
|
44
|
(3,156)
|
(133)
|
51
|
(152)
|
Increase (decrease)
in cash and cash equivalents
|
(16,120)
|
(10,505)
|
1,476
|
12,920
|
(12,029)
|
14,794
|
Cash and cash
equivalents at the beginning of the
period
|
40,082
|
47,387
|
22,486
|
23,962
|
54,260
|
27,437
|
Cash and cash
equivalents at the end of the period
|
23,962
|
36,882
|
23,962
|
36,882
|
42,231
|
42,231
|
|
* Convenience
translation into US$ (exchange rate as at December 31, 2018: euro 1
= US$ 1.145)
|
Ellomay Capital Ltd.
and its Subsidiaries
|
|
Reconciliation of
Profit (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,
|
|
2017
|
2018
|
2017
|
2018
|
2018
|
2018
|
|
Unaudited
|
|
€ in
thousands
|
Convenience Translation into
US$*
|
Net profit (loss) for
the period
|
(2,478)
|
722
|
(6,641)
|
604
|
827
|
692
|
Financing expenses,
net
|
2,308
|
256
|
9,228
|
2,091
|
294
|
2,394
|
Taxes on income (tax
benefit)
|
(679)
|
95
|
372
|
215
|
107
|
246
|
Depreciation
|
1,213
|
1,452
|
4,518
|
5,816
|
1,663
|
6,660
|
EBITDA
|
364
|
2,525
|
7,477
|
8,726
|
2,891
|
9,992
|
|
* Convenience
translation into US$ (exchange rate as at December 31, 2018: euro 1
= US$ 1.145)
|
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-2018-300820926.html
SOURCE Ellomay Capital Ltd