Exhibit 99.1
 

Ellomay Capital Reports Results for the Three and Nine Months Ended September 30, 2018

Tel-Aviv, Israel, December 28, 2018 – Ellomay Capital Ltd. (NYSE American; 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.
 
·
EBITDA 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.

Contact:
Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com

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,
2017
   
For the three months ended
September 30,
   
For the nine months ended
September 30
   
For the nine months ended September 30,
2018
 
       
2017
   
2018
   
2017
   
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)

               
Non- controlling
   
Total
Equity
 
         
Attributable to shareholders of the Company
   
Interests
     
                                                       
               
Retained
earnings (accumulated
deficit)
         
Translation
reserve
from foreign
Operations
                         
   
Share
capital
   
Share
premium
       
Treasury
shares
       
Hedging
Reserve
                   
                           
Total
             
 
in thousands
 
For the nine month ended September 30, 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
 
 
               
Non- controlling
   
Total
Equity
 
         
Attributable to shareholders of the Company
   
Interests
     
                                                       
               
Retained
earnings (accumulated
deficit)
         
Translation
reserve
from foreign
Operations
                         
   
Share
capital
   
Share
premium
       
Treasury
shares
       
Hedging
Reserve
                   
                           
Total
             
 
US$ in thousands*
 
For the nine month ended September 30, 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)

               
Non- controlling
   
Total
Equity
 
         
Attributable to shareholders of the Company
   
Interests
     
                                                       
               
Retained
earnings (accumulated
deficit)
         
Translation
reserve
from foreign
Operations
                         
   
Share
capital
   
Share
premium
       
Treasury
shares
       
Hedging
Reserve
                   
                           
Total
             
 
in thousands
 
For the three month ended September 30, 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
 
 
               
Non- controlling
   
Total
Equity
 
         
Attributable to shareholders of the Company
   
Interests
     
                                                       
                           
Translation
                         
   
Share
   
Share
   
Retained
   
Treasury
   
reserve
from foreign
   
Hedging
                   
   
capital
   
premium
   
earnings
   
shares
   
Operations
   
Reserve
   
Total
             
 
in thousands
 
For the nine month ended September 30, 2017 (unaudited):
                                                     
Balance as at
                                                     
January 1, 2017
   
19,980
     
58,334
     
5,816
     
(1,722
)
   
2,664
     
-
     
85,072
     
(701
)
   
84,371
 
Loss for the period
   
-
     
-
     
(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)
 
               
Non- controlling
   
Total
Equity
 
         
Attributable to shareholders of the Company
   
Interests
     
                                                       
                           
Translation
                         
   
Share
   
Share
   
Retained
   
Treasury
   
reserve
from foreign
   
Hedging
                   
   
capital
   
premium
   
earnings
   
shares
   
Operations
   
Reserve
   
Total
             
 
in thousands
 
For the three month ended September 30, 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
 
 
               
Non- controlling
   
Total
Equity
 
         
Attributable to shareholders of the Company
   
Interests
     
                                                       
               
Retained
         
Translation
                         
   
Share
   
Share
   
earnings (accumulated
   
Treasury
   
reserve
from foreign
   
Hedging
                   
   
capital
   
premium
   
deficit)
   
shares
   
Operations
   
Reserve
   
Total
             
 
in thousands
 
For the year ended December 31, 2017 (audited):
                                                     
                                                     
Balance as at
                                                     
January 1, 2017
   
19,980
     
58,334
     
5,816
     
(1,722
)
   
2,664
     
-
     
85,072
     
(701
)
   
84,371
 
Loss for the year
   
-
     
-
     
(6,115
)
   
-
     
-
     
-
     
(6,115
)
   
(526
)
   
(6,641
)
Other comprehensive 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)