TEL-AVIV, Israel, June 23, 2020 /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, 2020.
Financial Highlights
- Revenues were approximately €1.9 million for the three months
ended March 31, 2020, compared to
approximately €4.7 million for the three months ended March 31, 2019. The decrease in revenues is
mainly due to the sale of ten Italian indirectly
wholly-owned subsidiaries of the Company, which held twelve
photovoltaic plants in Italy with
an aggregate installed capacity of approximately 22.6 MWp, during
December 2019 (the "Italian PV
Portfolio").
- Operating expenses were approximately €1.1 million for the
three months ended March 31, 2020,
compared to approximately €1.7 million for the three months ended
March 31, 2019. The decrease in
operating expenses is mainly attributable to the sale of the
Italian PV Portfolio and to increased operational efficiency of the
Company's Waste-to-Energy projects in the
Netherlands. Depreciation expenses were approximately €0.7
million for the three months ended March 31,
2020, compared to approximately €1.6 million for the three
months ended March 31, 2019. The
decrease reflects the sale of the Italian PV Portfolio.
- Project development costs were approximately €1.8 million for
the three months ended March 31,
2020, compared to approximately €0.9 million for the three
months ended March 31, 2019. The
increase in project development expenses is mainly attributable to
the development of photovoltaic projects in Italy.
- General and administrative expenses were approximately €1.1
million for the three months ended March 31,
2020, compared to approximately €0.9 million for the three
months ended March 31, 2019. There
was no material change in the substance and composition of the
expenses included in general and administrative expenses between
the two periods.
- Share of profits of equity accounted investee, after
elimination of intercompany transactions, was approximately €1.3
million for the three months ended March 31,
2020, compared to approximately €1.2 million for the three
months ended March 31, 2019. The
increase in the Company's share of profit of equity accounted
investee is mainly attributable to lower financing expenses
incurred by Dorad Energy Ltd. for the period as a result of the CPI
indexation of loans from banks.
- Financing expenses, net were approximately €0.4 million for the
three months ended March 31, 2020,
compared to approximately €1.7 million for the three months ended
March 31, 2019. The decrease in
financing expenses, net, was mainly due to: (i) income recorded in
connection with the reevaluation of the Company's euro/US$ forward
transactions and revaluation of Dori Energy loan in the aggregate
amount of approximately €1 million during the three months ended
March 31, 2020, compared to
approximately €0.4 million during the three months ended
March 31, 2019, (ii) decreased
expenses resulting from exchange rate differences amounting to
approximately €0.7 million in the three months ended March 31, 2020, compared to approximately €1.2
million for the three months ended March 31,
2019, mainly in connection with the New Israeli Shekel cash
and cash equivalents and with the New Israeli Shekel denominated
Debentures, caused by the 0.6% appreciation of the euro against the
NIS during the three months ended March 31,
2020, compared to the 5% devaluation of the euro against the
NIS during the three months ended March 31,
2019 and (iii) a decrease in financing expenses of
approximately €0.3 million compared to financing
expenses in the three months ended March 31,
2019 resulting from the early repayment of the Company's
Series A Debentures and the sale of the Italian PV Portfolio,
including all related project finance.
- Taxes on income were approximately €0.1 million for the three
months ended March 31, 2020, compared
to approximately €0.2 million for the three months ended
March 31, 2019.
- Loss for the three months ended March
31, 2020 was approximately €1.9 million, compared to a loss
of approximately €1 million for the three months ended March 31, 2019.
- Total other comprehensive income was approximately €14 million
for the three months ended March 31,
2020, compared to approximately €0.6 million for the three
months ended March 31, 2019. The
increase in total other comprehensive income mainly resulted from
changes in fair value of cash flow hedges.
- Total comprehensive income was approximately €12.2 million for
the three months ended March 31,
2020, compared to total comprehensive loss of approximately
€0.4 million for the three months ended March 31, 2019.
- EBITDA was approximately €(0.6) million for the three months
ended March 31, 2020, compared to
approximately €2.5 million for the three months ended March 31, 2019.
- Net cash used in operating activities was approximately
€0.5 million for the three months ended
March 31, 2020, compared to net cash
provided by operating activities of approximately €0.2 million for
the three months ended March 31,
2019. The decrease in net cash from operating activities is
mainly attributable to the sale of Italian PV Portfolio.
- As of June 1, 2020, the Company
held approximately €56.7 million in cash and cash
equivalents, approximately €6.4 million in
short-term deposits, approximately €2.3 million in
marketable securities and approximately
€10.3 million in restricted short-term and
long-term cash.
First Quarter 2020 CEO Review
Ran Fridrich, CEO and a board member of the Company, provided
the following CEO review:
- Impact of COVID - 19 on the Company's activities
The immediate impact of the pandemic on the Company's
activities has been minor thus far.
Out of concern for its employees, the Company was prepared
to enable its employees to work full-time from home. All
employees currently have remote access and if additional quarantine
is required, the Company's work will not be affected.
The effect is mainly reflected in the decrease of electricity
prices in Spain, which impacts the
revenues of the Company's 4 currently active Spanish photovoltaic
facilities. Approximately 20% of the revenues of these facilities
is derived from the sale of electricity to the grid at current
electricity prices. As a result of the decrease in electricity
prices, the revenues from these facilities in the first quarter of
2020 decreased by approximately €0.1 million compared to the
revenues in the same period in 2019.
The pandemic caused a cumulative delay of approximately
30 days in the completion of works in the Talasol project (300 MW
photovoltaic plant) located in Spain. Despite this delay, we currently expect
that the EPC contractor will meet the original delivery dates of
the project.
As for the long-term effects, the main influencing
factor is the amount of time it will take for electricity prices to
return to the pre-crisis price environment. In our opinion, based
on the assessment of experts in the field, the process is expected
to take approximately two years.
The impact of electricity prices on the Talasol project
is minimal, as we have a fixed rate agreement (PPA) for a period of
10 years from the date of commercial operation in connection with
approximately 80% of the project output.
- As for projects under development in Italy and Spain (an aggregate of up to 650 MW), we
currently estimate that when these projects reach financial
closing, the prevailing electricity prices will enable the signing
of PPA transactions at prices that are in line with our financial
model. In parallel, the panel prices and construction costs are
expected to continue to decline and support the economic viability
of the projects. We currently estimate that the return spreads to
us will be around an 11%-13% leveraged return, with 60% financing
coverage.
- The majority of the Company's efforts today are focused on the
successful completion of the Talasol project, the development of
photovoltaic plants in Spain and
Italy, and in bringing the pumped
storage project in the Manara Cliff, Israel, to financial
closing.
- The first quarter of 2020 was characterized by a decrease
in revenues, mainly as a result of the sale of our Italian PV
portfolio. Financing expenses in the quarter decreased by
approximately €1.3 million as a result of exchange rate
differences, revaluation of a loan to an equity accounted investee
and due to a significant reduction in the Company's
debt.
- Project development expenses increased by more than €1 million
in the quarter, as a result of increased volume of projects that
are currently in the development pipeline.
- The Company continues its attempts to reduce costs and increase
operational efficiency of its operating photovoltaic facilities in
Spain and Israel.
- Biogas operations in the
Netherlands reached a stable operating position and are
fully in line with the planned budget. In February 2020, a very strong storm hit one of the
facilities (GGOT), causing the facility to be partially
deactivated. The damage repair and return of the facility to full
activity took about 8 weeks, as the process of returning to full
biological facility output is gradual. In May 2020, the facility returned to full operation
and current production exceeds 100% of the originally planned
output. Facility insurance and profit loss insurance are expected
cover the majority of the damage.
- The Company's total equity increased by approximately 24%
during the first quarter to approximately €133 million.
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 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
860MW, representing about 6%-8% of Israel's total current electricity
consumption;
- 51% of Talasol, which is involved in a project to
construct a photovoltaic plant with a peak capacity of 300MW in the
municipality of Talaván, Cáceres, Spain;
- 100% 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;
- 75% of Ellomay Pumped Storage (2014) Ltd. (including 6.67% that
are held by a trustee in trust for us and other parties), which is
involved in a project to construct a 156 MW pumped storage hydro
power plant in the Manara Cliff, Israel.
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 the impact of
the COVID-19 pandemic on the Company's operations and projects,
including in connection with steps taken by authorities in
countries in which the Company operates, 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) and in the price of oil, 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 Interim Statements of Financial Position
|
|
|
March
31
|
December
31,
|
March
31,
|
|
2020
|
2019
|
2020
|
|
Unaudited
|
Audited
|
Unaudited
|
|
€ in
thousands
|
Convenience
Translation into
US$ in thousands**
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
57,765
|
44,509
|
63,198
|
Marketable
securities
|
2,254
|
2,242
|
2,466
|
Short term
deposits
|
6,410
|
6,446
|
7,013
|
Restricted
cash
|
276
|
22,162
|
302
|
Receivable from
concession project
|
1,486
|
1,463
|
1,626
|
Financial
assets
|
1,410
|
1,418
|
1,543
|
Trade and other
receivables
|
4,328
|
4,882
|
4,735
|
|
73,929
|
83,122
|
80,883
|
Non-current
assets
|
|
|
|
Investment in equity
accounted investee
|
32,518
|
33,561
|
35,576
|
Advances on account
of investments
|
878
|
883
|
961
|
Receivable from
concession project
|
26,603
|
27,122
|
29,105
|
Fixed
assets
|
175,424
|
114,389
|
191,923
|
Right-of-use
asset
|
15,344
|
15,401
|
16,787
|
Intangible
asset
|
4,924
|
5,042
|
5,387
|
Restricted cash and
deposits
|
10,288
|
10,956
|
11,256
|
Deferred
tax
|
839
|
2,285
|
918
|
Long term
receivables
|
8,909
|
12,249
|
9,747
|
Derivatives
|
26,486
|
5,162
|
28,977
|
|
302,213
|
227,050
|
330,637
|
|
|
|
|
Total
assets
|
376,142
|
310,172
|
411,520
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities
|
|
|
|
Current maturities of
long term loans
|
3,980
|
4,138
|
4,354
|
Debentures
|
4,592
|
26,773
|
5,024
|
Trade
payables
|
22,278
|
1,765
|
24,376
|
Other
payables
|
6,023
|
5,010
|
6,589
|
|
36,873
|
37,686
|
40,343
|
Non-current
liabilities
|
|
|
|
Lease
liability
|
15,419
|
15,402
|
16,869
|
Long-term
loans
|
126,021
|
89,182
|
137,874
|
Debentures
|
44,586
|
44,811
|
48,779
|
Deferred
tax
|
9,786
|
6,467
|
10,706
|
Other long-term
liabilities
|
1,840
|
1,795
|
2,013
|
Derivatives
|
8,698
|
7,263
|
9,516
|
|
206,350
|
164,920
|
225,757
|
Total
liabilities
|
243,223
|
202,606
|
266,100
|
Equity
|
|
|
|
Share
capital
|
23,933
|
21,998
|
26,184
|
Share
premium
|
75,427
|
64,160
|
82,521
|
Treasury
shares
|
(1,736)
|
(1,736)
|
(1,899)
|
Transaction reserve
with non-controlling Interests
|
6,106
|
6,106
|
6,680
|
Reserves
|
10,184
|
3,283
|
11,142
|
Retained
earnings
|
11,401
|
12,818
|
12,473
|
Total equity
attributed to shareholders of the Company
|
125,315
|
106,629
|
137,101
|
Non-Controlling
Interest
|
7,604
|
937
|
8,319
|
Total
equity
|
132,919
|
107,566
|
145,420
|
Total liabilities
and equity
|
376,142
|
310,172
|
411,520
|
|
* Convenience
translation into US$ (exchange rate as at March 31, 2020: euro 1 =
US$ 1.094)
|
Ellomay Capital Ltd.
and its Subsidiaries
|
Condensed
Consolidated Interim Statements of Comprehensive Profit
(Loss)
|
|
|
For the
three months ended
March 31,
|
For the year
ended
December 31,
|
For the three
months ended
March 31,
|
|
|
2019
|
2020
|
2019
|
2020
|
|
Unaudited
|
Audited
|
Unaudited
|
|
|
|
Convenience
Translation into
US$** in
thousands*
|
|
|
€ in
thousands*
|
€ in
thousands*
|
Revenues
|
4,733
|
1,943
|
18,988
|
2,126
|
Operating
expenses
|
(1,664)
|
(1,061)
|
(6,638)
|
(1,161)
|
Depreciation and
amortization
|
(1,578)
|
(726)
|
(6,416)
|
(794)
|
Gross
profit
|
1,491
|
156
|
5,934
|
171
|
|
|
|
|
|
Project development
costs
|
(874)
|
(1,754)
|
(4,213)
|
(1,919)
|
General and
administrative expenses
|
(897)
|
(1,081)
|
(3,827)
|
(1,183)
|
Share of profits of
equity accounted investee
|
1,164
|
1,331
|
3,086
|
1,456
|
Other expenses,
net
|
-
|
-
|
(2,100)
|
-
|
Capital
gain
|
-
|
-
|
18,770
|
-
|
Operating profit
(loss)
|
884
|
(1,348)
|
17,650
|
(1,475)
|
|
|
|
|
|
Financing
income
|
390
|
425
|
1,827
|
465
|
Financing income in
connection with derivatives, net
|
431
|
954
|
897
|
1,044
|
Financing
expenses
|
(2,485)
|
(1,792)
|
(10,877)
|
(1,961)
|
Financing expenses,
net
|
(1,664)
|
(413)
|
(8,153)
|
(452)
|
Profit (loss)
before taxes on income
|
(780)
|
(1,761)
|
9,497
|
(1,927)
|
Tax benefit (Taxes on
income)
|
(189)
|
(104)
|
287
|
(114)
|
Profit (loss) for
the period
|
(969)
|
(1,865)
|
9,784
|
(2,041)
|
Profit (loss)
attributable to:
|
|
|
|
|
Owners of the
Company
|
(711)
|
(1,417)
|
12,060
|
(1,550)
|
Non-controlling
interests
|
(258)
|
(448)
|
(2,276)
|
(491)
|
Profit (loss) for
the period
|
(969)
|
(1,865)
|
9,784
|
(2,041)
|
|
|
|
|
|
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
|
1,232
|
(199)
|
2,103
|
(218)
|
Effective portion of
change in fair value of cash flow hedges
|
350
|
14,112
|
1,076
|
15,439
|
Net change in fair
value of cash flow hedges transferred to profit or loss
|
(1,010)
|
103
|
(1,922)
|
113
|
Total other
comprehensive income
|
572
|
14,016
|
1,257
|
15,334
|
Total
comprehensive income(loss) for the
period
|
(397)
|
12,151
|
11,041
|
13,293
|
|
|
|
|
|
Total other
comprehensive income (loss) attributable to:
|
|
|
|
|
Owners of the
Company
|
654
|
6,901
|
2,114
|
7,550
|
Non-controlling
interests
|
(82)
|
7,115
|
(857)
|
7,784
|
Total other
comprehensive income (loss) for the period
|
572
|
14,016
|
1,257
|
15,334
|
|
|
|
|
|
Basic net profit
(loss) per share
|
(0.07)
|
(0.12)
|
1.09
|
(0.13)
|
Diluted net profit
(loss) per share
|
(0.07)
|
(0.12)
|
1.09
|
(0.13)
|
|
* Except per share
data
|
** Convenience
translation into US$ (exchange rate as at March 31, 2020: euro 1 =
US$ 1.094)
|
Ellomay Capital Ltd.
and its Subsidiaries
|
Condensed
Consolidated Interim Statements of Changes in Equity
|
|
|
|
|
Attributable to
shareholders of the Company
|
Non-
controlling
|
Total
|
|
|
|
Interests
|
Equity
|
|
Share
capital
|
Share
premium
|
Retained
earnings
|
Treasury
shares
|
Translation
reserve from foreign
operations
|
Hedging
Reserve
|
Interests
Transaction
reserve with non-controlling
Interests
|
Total
|
|
|
|
€ in
thousands
|
For the three
month ended March 31, 2020 (unaudited):
|
|
|
|
|
|
|
|
|
|
|
Balance as at
January 1, 2020
|
21,998
|
64,160
|
12,818
|
(1,736)
|
4,356
|
(1,073)
|
6,106
|
106,629
|
937
|
107,566
|
Loss for the
period
|
-
|
-
|
(1,417)
|
-
|
-
|
-
|
-
|
(1,417)
|
(448)
|
(1,865)
|
Other
comprehensive income (loss) for the period
|
-
|
-
|
-
|
-
|
(223)
|
7,124
|
-
|
6,901
|
7,115
|
14,016
|
Total
comprehensive income (loss) for the period
|
-
|
-
|
(1,417)
|
-
|
(223)
|
7,124
|
-
|
5,484
|
6,667
|
12,151
|
Transactions with
owners of the Company, recognized
directly in equity:
|
|
|
|
|
|
|
|
|
|
|
Issuance of ordinary shares
|
1,935
|
11,253
|
-
|
-
|
-
|
-
|
-
|
13,188
|
-
|
13,188
|
Share-based payments
|
-
|
14
|
-
|
-
|
-
|
-
|
-
|
14
|
-
|
14
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
|
March 31,
2020
|
23,933
|
75,427
|
11,401
|
(1,736)
|
4,133
|
6,051
|
6,106
|
125,315
|
7,604
|
132,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
€ in
thousands
|
For the three
month ended March 31, 2019 (unaudited):
|
|
|
|
|
|
|
|
|
|
Balance as at
January 1, 2019
|
19,980
|
58,334
|
758
|
(1,736)
|
1,396
|
(227)
|
78,515
|
(1,558)
|
76,957
|
Loss for the
period
|
-
|
-
|
(711)
|
-
|
-
|
-
|
(711)
|
(258)
|
(969)
|
Other
comprehensive income (loss) for the period
|
-
|
-
|
-
|
-
|
1,314
|
(660)
|
654
|
(82)
|
572
|
Total
comprehensive income (loss) for the
period
|
-
|
-
|
(711)
|
-
|
1,314
|
(660)
|
(57)
|
(340)
|
(397)
|
Transactions with
owners of the Company, recognized
directly in equity:
|
|
|
|
|
|
|
|
|
|
Options
exercise
|
8
|
11
|
-
|
-
|
-
|
-
|
19
|
-
|
19
|
Share-based
payments
|
-
|
1
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
19,988
|
58,356
|
47
|
(1,736)
|
2,710
|
(887)
|
78,478
|
(1,898)
|
76,580
|
Ellomay Capital Ltd.
and its Subsidiaries
|
Condensed
Consolidated Interim Statements of Changes in Equity
(cont'd)
|
|
|
|
Attributable to
shareholders of the Company
|
Non-
controlling
|
Total
|
|
|
|
Interests
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
capital
|
Share
premium
|
Retained
earnings
|
Treasury
shares
|
Translation
reserve from foreign
operations
|
Hedging
Reserve
|
Interests
Transaction
reserve with non-controlling
Interests
|
Total
|
|
|
|
€ in
thousands
|
For the year
ended
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019
(Audited):
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
|
January 1,
2019
|
19,980
|
58,344
|
758
|
(1,736)
|
1,396
|
(227)
|
-
|
78,515
|
(1,558)
|
76,957
|
Profit (loss) for
the year
|
-
|
-
|
12,060
|
-
|
-
|
-
|
-
|
12,060
|
(2,276)
|
9,784
|
Other
comprehensive income (loss) for the year
|
-
|
-
|
-
|
-
|
2,960
|
(846)
|
-
|
2,114
|
(857)
|
1,257
|
Total
comprehensive income (loss) for the year
|
-
|
-
|
12,060
|
-
|
2,960
|
(846)
|
-
|
14,174
|
(3,133)
|
11,041
|
Transactions with
owners of the Company, recognized
directly in equity:
|
|
|
|
|
|
|
|
|
|
|
Sale of shares in subsidiaries
to
|
|
|
|
|
|
|
|
|
|
|
non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
5,439
|
5,439
|
5,374
|
10,813
|
Purchase of
shares in subsidiaries from
|
|
|
|
|
|
|
|
|
|
|
non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
667
|
667
|
254
|
921
|
Issuance of ordinary shares
|
2,010
|
5,797
|
-
|
-
|
-
|
-
|
-
|
7,807
|
-
|
7,807
|
Options exercise
|
8
|
11
|
-
|
-
|
-
|
-
|
-
|
19
|
-
|
19
|
Share-based payments
|
-
|
8
|
-
|
-
|
-
|
-
|
-
|
8
|
-
|
8
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
|
December 31,
2019
|
21,998
|
64,160
|
12,818
|
(1,736)
|
4,356
|
(1,073)
|
6,106
|
106,629
|
937
|
107,566
|
Ellomay Capital Ltd.
and its Subsidiaries
|
Condensed
Consolidated Interim Statements of Changes in Equity
(cont'd)
|
|
|
|
|
Attributable to
shareholders of the Company
|
Non-
controlling
|
Total
|
|
|
|
Interests
|
Equity
|
|
Share
capital
|
Share
premium
|
Retained
earnings
|
Treasury
shares
|
Translation
reserve from foreign
operations
|
Hedging
Reserve
|
Interests
Transaction
reserve with non-controlling
Interests
|
Total
|
|
|
|
Convenience
translation into US$ (exchange rate as at March
31, 2020: euro 1 =
US$ 1.094)
|
For the three
month ended March 31, 2020 (unaudited):
|
|
|
|
|
|
|
|
|
|
|
Balance as at
January 1, 2020
|
24,067
|
70,195
|
14,023
|
(1,899)
|
4,766
|
(1,174)
|
6,680
|
116,658
|
1,026
|
117,684
|
Loss for the
period
|
-
|
-
|
(1,550)
|
-
|
-
|
-
|
-
|
(1,550)
|
(491)
|
(2,041)
|
Other
comprehensive income (loss) for the period
|
-
|
-
|
-
|
-
|
(244)
|
7,794
|
-
|
7,550
|
7,784
|
15,334
|
Total
comprehensive income (loss) for the period
|
-
|
-
|
(1,550)
|
-
|
(244)
|
7,794
|
-
|
6,000
|
7,293
|
13,293
|
Transactions with
owners of the Company, recognized
directly in equity:
|
|
|
|
|
|
|
|
|
|
|
Issuance of ordinary shares
|
2,117
|
12,311
|
-
|
-
|
-
|
-
|
-
|
14,428
|
-
|
14,428
|
Share-based payments
|
-
|
15
|
-
|
-
|
-
|
-
|
-
|
15
|
-
|
15
|
Balance as
at
|
|
|
|
|
|
|
|
|
|
|
March 31,
2020
|
26,184
|
82,521
|
12,473
|
(1,899)
|
4,522
|
6,620
|
6,680
|
137,101
|
8,319
|
145,420
|
Ellomay Capital Ltd.
and its Subsidiaries
|
Condensed
Consolidated Interim Statements of Cash Flows
|
|
|
For the three months
ended March 31,
|
For the year ended
December 31,
|
For the three months
ended March 31,
|
|
2019
|
2020
|
2019
|
2020
|
|
Unaudited
|
Audited
|
Unaudited
|
|
€ in
thousands
|
Convenience Translation
into US$*
|
Cash flows from
operating activities
|
|
|
|
|
Profit (loss) for the
period
|
(969)
|
(1,865)
|
9,784
|
(2,041)
|
Adjustments
for:
|
|
|
|
|
Financing expenses,
net
|
1,664
|
413
|
8,153
|
452
|
Capital
gain
|
-
|
-
|
(18,770)
|
-
|
Depreciation and
amortization
|
1,578
|
726
|
6,416
|
794
|
Share-based payment
transactions
|
1
|
14
|
8
|
15
|
Share of profits of
equity accounted investees
|
(1,164)
|
(1,331)
|
(3,086)
|
(1,456)
|
Payment of interest
on loan from an equity accounted investee
|
-
|
582
|
370
|
637
|
Change in trade
receivables and other receivables
|
(1,696)
|
588
|
403
|
643
|
Change in other
assets
|
(708)
|
(215)
|
(1,950)
|
(235)
|
Change in receivables
from concessions project
|
171
|
201
|
1,329
|
220
|
Change in accrued
severance pay, net
|
4
|
-
|
9
|
-
|
Change in trade
payables
|
509
|
315
|
461
|
345
|
Change in other
payables
|
416
|
(274)
|
5,336
|
(300)
|
Income tax expense
(tax benefit)
|
189
|
104
|
(287)
|
114
|
Income taxes
paid
|
-
|
-
|
(100)
|
-
|
Interest
received
|
415
|
441
|
1,719
|
482
|
Interest
paid
|
(205)
|
(168)
|
(6,083)
|
(184)
|
|
1,174
|
1,396
|
(6,072)
|
1,527
|
Net cash from (used
in) operating activities
|
205
|
(469)
|
3,712
|
(514)
|
Cash flows from
investing activities
|
|
|
|
|
Acquisition of fixed
assets
|
(7,289)
|
(41,414)
|
(74,587)
|
(45,309)
|
Acquisition of
subsidiary, net of cash acquired
|
(1,000)
|
-
|
(1,000)
|
-
|
Repayment of loan
from an equity accounted investee
|
-
|
1,923
|
-
|
2,104
|
Proceeds from sale of
investments
|
-
|
-
|
34,586
|
-
|
Proceed from
settlement of derivatives, net
|
532
|
-
|
532
|
-
|
Proceed (investment)
in restricted cash, net
|
87
|
22,585
|
(26,003)
|
24,709
|
Investment in short
term deposit
|
-
|
-
|
(6,302)
|
-
|
Repayment loan to
others
|
-
|
-
|
3,912
|
-
|
Net cash used in
investing activities
|
(7,670)
|
(16,906)
|
(68,862)
|
(18,496)
|
Cash flows from
financing activities
|
|
|
|
|
Repayment of
long-term loans
|
(506)
|
(810)
|
(5,844)
|
(886)
|
Repayment of
Debentures
|
-
|
(22,162)
|
(9,836)
|
(24,246)
|
Issue of
warrants
|
-
|
320
|
-
|
350
|
Cost associated with
long term loans
|
-
|
-
|
(12,218)
|
-
|
Proceeds from
options
|
19
|
-
|
19
|
-
|
Sale of shares in
subsidiaries to non-controlling interests
|
-
|
-
|
13,936
|
-
|
Acquisition of shares
in subsidiaries from non-controlling interests
|
-
|
-
|
(2,961)
|
-
|
Issuance of ordinary
shares
|
-
|
13,188
|
7,807
|
14,428
|
Proceeds from long
term loans
|
17,424
|
40,923
|
59,298
|
44,772
|
Proceeds from
issuance of Debentures, net
|
-
|
-
|
22,317
|
-
|
Net cash from
financing activities
|
16,937
|
31,459
|
72,518
|
34,418
|
|
|
|
|
|
Effect of exchange
rate fluctuations on cash and cash equivalents
|
(1)
|
(828)
|
259
|
(905)
|
Increase in cash and
cash equivalents
|
9,471
|
13,256
|
7,627
|
14,503
|
Cash and cash
equivalents at the beginning of the period
|
36,882
|
44,509
|
36,882
|
48,695
|
Cash and cash
equivalents at the end of the period
|
46,353
|
57,765
|
44,509
|
63,198
|
|
* Convenience
translation into US$ (exchange rate as at March 31, 2020: euro 1 =
US$ 1.094)
|
Ellomay Capital Ltd.
and its Subsidiaries
|
Reconciliation of
Profit (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,
|
|
2019
|
2020
|
2019
|
2020
|
|
Unaudited
|
|
€ in
thousands
|
Convenience
Translation into
US$*
|
Net profit (loss) for
the period
|
(969)
|
(1,865)
|
9,784
|
(2,041)
|
Financing expenses,
net
|
1,664
|
413
|
8,153
|
452
|
Taxes on
income
|
189
|
104
|
(287)
|
114
|
Depreciation
|
1,578
|
726
|
6,416
|
794
|
EBITDA
|
2,462
|
(622)
|
24,066
|
(681)
|
|
* Convenience
translation into US$ (exchange rate as at March 31, 2020: euro 1 =
US$ 1.094)
|
Information for the Company's Debenture Holders
Pursuant to the Deeds of Trust governing the Company's Series B
and C Debentures (together, the "Debentures"), the Company
is required to maintain certain financial covenants. For more
information, see Item 5.B of the Company's Annual Report on Form
20-F submitted to the Securities and Exchange Commission on
April 7, 2020.
Net Financial Debt
As of March 31, 2020, the
Company's Net Financial Debt (as such term is defined in the Deeds
of Trust of the Company's Debentures) was approximately €31.3
million (consisting of approximately €139.4 million of short-term
and long-term debt from banks and other interest bearing financial
obligations and approximately €49.2 million in connection with the
Series B Debentures issuance (in March
2017) and the Series C Debentures issuance (in July 2019), net of approximately €66.4 million of
cash and cash equivalents, short-term deposits and marketable
securities and net of approximately €90.9 million of project
finance and related hedging transactions of the Company's
subsidiaries).
Information for the Company's Series B Debenture
Holders
The following is an internal pro forma consolidated statement of
financial position of the Company as at March 31, 2020. This information is required
under the Series B Deed of Trust in connection with the adoption of
IFRS 16 "Leases" by the Company and provides the consolidated
statement of financial position of the Company as of the date set
forth below after elimination of the effects of adoption of IFRS
16. Based on the pro forma statement of financial position, the
ratio of the Company's equity (which the Company calculated in line
with the definition of Balance Sheet Equity in the Series B Deed of
Trust) to balance sheet as at March 31,
2020 was 36.8%.
Unaudited Internal
Pro Forma Statement of Financial Position
|
|
|
|
March
31,
|
|
|
2020
|
|
|
Unaudited
|
|
|
Pro
Forma
€ in
thousands
|
Assets
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
|
57,765
|
Marketable
securities
|
|
2,254
|
Short term
deposits
|
|
6,410
|
Restricted cash and
marketable securities
|
|
276
|
Receivable from
concession project
|
|
1,486
|
Financial
assets
|
|
1,410
|
Trade and other
receivables
|
|
4,328
|
|
|
73,929
|
Non-current
assets
|
|
|
Investment in equity
accounted investee
|
|
32,518
|
Advances on account
of investments
|
|
878
|
Receivable from
concession project
|
|
26,603
|
Fixed
assets
|
|
175,424
|
Right-of-use
asset
|
|
-
|
Intangible
asset
|
|
4,924
|
Restricted cash and
deposits
|
|
10,288
|
Deferred
tax
|
|
839
|
Long term
receivables
|
|
8,909
|
Derivatives
|
|
26,486
|
|
|
286,869
|
|
|
|
Total
assets
|
|
360,798
|
|
|
|
Liabilities and
Equity
|
|
|
Current
liabilities
|
|
|
Current maturities of
long term loans
|
|
3,980
|
Debentures
|
|
4,592
|
Trade
payables
|
|
22,278
|
Other
payables
|
|
5,769
|
|
|
36,619
|
Non-current
liabilities
|
|
|
Lease
liability
|
|
-
|
Long-term
loans
|
|
126,021
|
Debentures
|
|
44,586
|
Deferred
tax
|
|
9,868
|
Other long-term
liabilities
|
|
1,840
|
Derivatives
|
|
8,698
|
|
|
191,013
|
Total
liabilities
|
|
227,632
|
Equity
|
|
|
Share
capital
|
|
23,933
|
Share
premium
|
|
75,427
|
Treasury
shares
|
|
(1,736)
|
Transaction reserve
with non-controlling Interests
|
|
6,106
|
Reserves
|
|
10,184
|
Retained earnings
(accumulated deficit)
|
|
11,648
|
Total equity
attributed to shareholders of the Company
|
|
125,562
|
Non-Controlling
Interest
|
|
7,604
|
Total
equity
|
|
133,166
|
Total liabilities
and equity
|
|
360,798
|
Information for the Company's Series C Debenture
Holders
The Deed of Trust governing the Company's Series C Debentures
includes an undertaking by the Company to maintain certain
financial covenants, whereby a breach of such financial covenants
for two consecutive quarters is a cause for immediate repayment. As
of March 31, 2020, the Company was in
compliance with the financial covenants set forth in the Series C
Deed of Trust as follows: (i) the Company's shareholders' equity
was €132.9 million, (ii) the ratio
of the Company's Net Financial Debt (as set forth above) to the
Company's CAP, Net (defined as the Company's consolidated
shareholders' equity plus the Net Financial Debt was
19.1% and (iii) the ratio of the
Company's Net Financial Debt to the Company's Adjusted
EBITDA(1) was 1.3.
_____________________________
(1) The term "Adjusted EBITDA" is defined in the
Series C Deed of Trust as earnings before financial expenses, net,
taxes, depreciation and amortization, where the revenues from the
Company's operations, such as the Talmei Yosef project, are
calculated based on the fixed asset model and not based on the
financial asset model (IFRIC 12), and before share-based payments.
The Series C Deed of Trust provides that for purposes of the
financial covenant, the Adjusted EBITDA will be calculated based on
the four preceding quarters, in the aggregate. The Adjusted EBITDA
is presented in this press release as part of the Company's
undertakings towards the holders of its Series C Debentures. For a
general discussion of the use of non-IFRS measures, such as EBITDA
and Adjusted EBITDA see above under "Use of NON-IFRS Financial
Measures."
The following is a reconciliation between the Company's net
profit (loss) and the Adjusted EBITDA for the four-quarter period
ended March 31, 2020:
|
For the
four quarter
period ended
March 31, 2020
|
|
Unaudited
|
|
€ in
thousands
|
Net profit for the
period
|
8,888
|
Financing expenses,
net
|
6,902
|
Taxes on
income
|
(372)
|
Depreciation and
amortization
|
5,564
|
Adjustment to
revenues of the Talmei Yosef project due to calculation
based on the fixed asset model
|
3,058
|
Share-based
payments
|
20
|
Adjusted EBITDA as
defined in the Series C Deed of Trust
|
24,060
|
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-months-ended-march-31-2020-301081400.html
SOURCE Ellomay Capital Ltd