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Ellomay Capital Reports Results for the Three and Six Months Ended June 30, 2018

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TEL AVIV, Israel, Sept. 25, 2018 /PRNewswire/ --  Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO) ("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today reported its unaudited financial results for the three and six months ended June 30, 2018.

Financial Highlights

  • Revenues were approximately €8.2 million for the six months ended June 30, 2018, compared to approximately €6.8 million for the six months ended June 30, 2017. The increase in revenues for the first half of 2018 reflects the commencement of operations at the Company's two waste-to-energy projects in the Netherlands and the results of the Talmei Yosef project, acquired in October 2017, partially offset by lower revenues in Italy due to relatively lower radiation levels compared to the first half of 2017.
  • Operating expenses were approximately €2.6 million for the six months ended June 30, 2018, compared to approximately €0.9 million for the six months ended June 30, 2017. The increase in operating expenses is mainly attributable to additional operating expenses resulting from the commencement of operations at the Company's two waste-to-energy projects in the Netherlands and from the Talmei Yosef project. Depreciation expenses were approximately €2.8 million for the six months ended June 30, 2018, compared to approximately €2.2 million for the six months ended June 30, 2017.
  • Project development costs were approximately €1.8 million for the six months ended June 30, 2018, compared to approximately €1.4 million for the six months ended June 30, 2017. The increase in project development costs is mainly attributable to consultancy expenses in connection with the Talasol Project.
  • General and administrative expenses were approximately €2 million for the six months ended June 30, 2018, compared to approximately €1.2 million for the six months ended June 30, 2017. The increase in general and administrative expenses resulted mainly from payment of approximately €0.4 million pursuant to a VAT assessment agreement from previous years in Israel and related expenses and from increased expenses resulting from the commencement of operations of the Company's two waste-to-energy projects in the Netherlands and from the Talmei Yosef project. 
  • The Company's share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €0.5 million for the six months ended June 30, 2018, compared to a loss of approximately €0.07 million in the six months ended June 30, 2017. The increase in the Company's share of profit of equity accounted investee is mainly attributable to an increase in sales of electricity by Dorad due to increased production and lower financing expenses incurred by Dorad for the six months ended June 30, 2018 as a result of the CPI indexation of loans from banks and related parties.
  • Financing expenses, net was approximately €0.9 million for the six months ended June 30, 2018, compared to approximately €5.8 million for the six months ended June 30, 2017. The decrease in financing expenses was mainly due to: (i) a profit of approximately €0.3 million for the six months ended June 30, 2018 in connection with the reevaluation of derivatives, compared to a loss of approximately €1.6 million for the six months ended June 30, 2017, and (ii) income in connection with exchange rate differences amounting to approximately €0.7 million in the six months ended June 30, 2018, mainly in connection with the Company's NIS denominated Debentures and the loan to an equity accounted investee, caused by the 2.5% revaluation of the euro against the NIS during this period, compared to expenses in connection with the exchange rate differences amounting to approximately €2.8 million caused by the 1.4% devaluation of the euro against the NIS during the six months ended June 30, 2017.
  • Tax benefit was approximately €0.2 million for the six months ended June 30, 2018, compared to taxes on income of approximately €0.6 million for the six months ended June 30, 2017. The tax benefit for the six months ended June 30, 2018 resulted mainly from deferred tax income included in connection with the application of a tax incentive in the Netherlands claimable upon filing the relevant tax return by reducing the amount of taxable profit. 
  • Net loss was approximately €1.1 million for the six months ended June 30, 2018, compared to approximately €5.4 million for the six months ended June 30, 2017.
  • Total other comprehensive loss was approximately €1 million for the six months ended June 30, 2018, compared to a profit of approximately €0.7 million for the six months ended June 30, 2017. The change was mainly due to changes in fair value of cash flow hedges and from foreign currency translation differences on New Israeli Shekel denominated operations, as a result of fluctuations in the euro/NIS exchange rates.
  • Total comprehensive loss was approximately €2.2 million for the six months ended June 30, 2018, compared to approximately €4.7 million for the six months ended June 30, 2017.
  • EBITDA was approximately €2.4 million for the six months ended June 30, 2018, compared to approximately €3.2 million for the six months ended June 30, 2017.
  • Net cash from operating activities was approximately €2.3 million for the six months ended June 30, 2018, compared to approximately €0.6 million for the six months ended June 30, 2017. The increase in net cash from operating activities is mainly from an interest payment received during 2018 on a loan to an equity accounted investee and from increased cash flow resulting from the commencement of operations of a waste-to-energy project in the Netherlands and Talmei Yosef project.
  • In May 2018, the Company entered into a €35.9 million project finance Facility Agreement (the "Facility Agreement"). The Facility Agreement was executed among several of the Company's Italian subsidiaries (the "Subsidiaries") and Mediocredito Italiano S.p.A and Intesa Sanpaolo S.p.A. (as account bank). The euro 35.9 million principal amount is divided into: (i) term loan facilities in the aggregate amount of euro 33.7 million with terms ending in May 2028, and (ii) revolving facilities, aimed to cover financial needs for the debt service coverage in case of liquidity shortfall, in the aggregate amount of euro 2.2 million with terms ending in November 2027. The loans provided under the Facility Agreement bear an annual interest rate equal to the Euribor 6 month rate plus a margin of 185 basis points. The Subsidiaries entered into the swap agreements on May 29, 2018 with respect to approximately Euro 25 million (with a decreasing notional principal amount based on the amortization table) until May 2028, replacing the Euribor 6 month rate with a fixed interest rate of 0.71%, resulting in a fixed interest rate of 2.56%. The Subsidiaries partially used the funds borrowed under the Facility Agreement to repay outstanding loans and leasing agreements in the aggregate amount of approximately €13.2 million.
  • As of September 1, 2018, the Company held approximately €47.5 million in cash and cash equivalents, approximately €2.2 million in marketable securities and approximately €5.4 million in restricted short-term and long-term cash and marketable securities.

Ran Fridrich, CEO and a board member of Ellomay commented: "The results for the first half of 2018 meet our expectations and reflect a strong cash flow from operating activities and an increase in revenues. We expect that the commencement of operations of the projects that are currently in the development stage – Talasol in Spain and the pumped storage project in the Manara Cliff, as well as other projects – will in the future bring about substantial increase in the Ellomay's revenues and profit."

Information for the Company's Series A and Series B Debenture Holders

As of June 30, 2018, the Company's Net Financial Debt (as such term is defined in the Deeds of Trust of the Company's Debentures) was approximately €17.1 million (consisting of approximately €73.4 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately €56.4 million in connection with the Series A Debentures issuances (in January and September 2014) and the Series B Debentures issuance (in March 2017), net of approximately €47.8 million of cash and cash equivalents and marketable securities and net of approximately €64.9 million of projectfinance and related hedging transactions of the Company's subsidiaries).

Use of NON-IFRS Financial Measures

EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company's historical financial performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company's commitments, including capital expenditures, and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measures presented by other companies. The Company's EBITDA may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. A reconciliation between results on an IFRS and non-IFRS basis is provided in the last table of this press release.

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol "ELLO". Since 2009, Ellomay Capital focuses its business in the renewable energy and power sectors in Europe and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including:

  • Approximately 22.6MW of photovoltaic power plants in Italy, approximately 7.9MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in Israel;
  • 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel's largest private power plants with production capacity of approximately 850 MW, representing about 6%-8% of Israel's total current electricity consumption;
  • 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and Ellomay Pumped Storage (2014) Ltd., all of which are involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
  • 51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively.

Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel's prominent businessmen and the former Chairman of Israel's leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay's dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide. Ellomay believes the expertise of Ellomay's controlling shareholders and management enables the Company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.

For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company's management. All statements, other than statements of historical facts, included in this press release regarding the Company's plans and objectives, expectations and assumptions of management are forward-looking statements.  The use of certain words, including the words "estimate," "project," "intend," "expect," "believe" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company's forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company's forward-looking statements, including weather conditions, regulatory changes, changes in the supply and prices of resources required for the operation of the Company's facilities (such as waste and natural gas), changes in demand and technical and other disruptions in the operations or construction of the power plants owned by the Company. These and other risks and uncertainties associated with the Company's business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

 

 

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Statements of Financial Position



December 31,

June 30,

June 30,



2017

2018

2018



Audited

Unaudited

Unaudited


Note

€ in thousands

Convenience Translation
into US$ in thousands

Assets





Current assets





Cash and cash equivalents


23,962

45,610

53,171

Marketable securities


2,162

2,238

2,609

Restricted cash and marketable securities


3,265

3,346

3,901

Receivable from concession project


1,286

1,263

1,472

Financial assets


1,249

1,293

1,507

Trade and other receivables

5

10,645

10,653

12,419



42,569

64,403

75,079

Non-current assets





Investment in equity accounted investee

6

27,655

26,780

31,220

Advances on account of investments

6

8,825

8,805

10,265

Receivable from concession project


27,725

26,685

31,109

Fixed assets


78,837

79,374

92,533

Intangible asset


5,505

5,077

5,919

Restricted cash and deposits


3,660

2,005

2,337

Deferred tax


1,777

2,314

2,698

Long term receivables

5

1,535

1,305

1,521



155,519

152,345

177,602

Total assets


198,088

216,748

252,681






Liabilities and Equity





Current liabilities





Current maturities of long term loans


3,103

5,196

6,057

Debentures


4,644

4,541

5,294

Trade payables


1,349

1,677

1,955

Other payables


2,187

2,964

3,455



11,283

14,378

16,761

Non-current liabilities





Finance lease obligations


3,690

-

-

Long-term loans


42,091

63,676

74,232

Debentures


52,987

51,814

60,404

Deferred tax


5,982

6,022

7,020

Other long-term liabilities


4,555

5,535

6,453



109,305

127,047

148,109

Total liabilities


120,588

141,425

164,870






Equity





Share capital


19,980

19,980

23,292

Share premium


58,339

58,341

68,013

Treasury shares


(1,736)

(1,736)

(2,024)

Reserves


2,357

1,289

1,503

Accumulated deficit


(299)

(1,197)

(1,395)

Total equity attributed to shareholders of the Company


78,641

76,677

89,389

Non-Controlling Interest


(1,141)

(1,354)

(1,578)

Total equity


77,500

75,323

87,811

Total liabilities and equity


198,088

216,748

252,681


* Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166)

 

 

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data)


For the year ended

For the three months

For the six months

For the six months


December 31,

 ended  June 30,

ended June 30

 ended June 30,


2017

2017

2018

2017

2018

2018


Audited

Unaudited

Unaudited

Unaudited





Convenience


€ in thousands

€ in thousands

€ in thousands

Translation into US$*

Revenues

13,636

4,245

5,119

6,768

8,151

9,502

Operating expenses

(2,549)

(359)

(1,710)

(863)

(2,610)

(3,043)

Depreciation expenses

(4.518)

(1,101)

(1,409)

(2,198)

(2,767)

(3,226)

Gross profit

6,569

2,785

2,000

3,707

2,774

3,233








Project development costs

**(2,739)

**(762)

(975)

**(1,431)

(1,771)

(2,065)

General and administrative expenses

**(2,420)

**(620)

(792)

**(1,210)

(1,977)

(2,305)

Share of profits of equity accounted investee

1,531

(857)

(662)

(73)

501

584

Other income, net

18

4

69

9

73

85

Operating profit (loss)

2,959

550

(360)

1,002

(400)

(468)








Financing income

1,333

203

475

291

1,588

1,851

Financing expenses in connection with derivatives and other assets, net

(3,156)

(1,590)

737

(1,590)

285

332

Financing expenses

(7,405)

(2,360)

(1,769)

(4,463)

(2,789)

(3,251)

Financing expenses, net

(9,228)

(3,747)

(557)

(5,762)

(916)

(1,068)

Loss before taxes on income

(6,269)

(3,197)

(917)

(4,760)

(1,316)

(1,536)

Taxes on income

(372)

(533)

193

(649)

182

212

Loss for the period

(6,641)

(3,730)

(724)

(5,409)

(1,134)

(1,324)

Loss attributable to:







Owners of the Company

(6,115)

(3,615)

(642)

(5,166)

(898)

(1,048)

Non-controlling interests

(526)

(115)

(82)

(243)

(236)

(276)

Loss for the period

(6,641)

(3,730)

(724)

(5,409)

(1,134)

(1,324)

Other comprehensive income (loss) items that after







initial recognition in comprehensive income (loss)







were or will be transferred to profit or loss:







Foreign currency translation differences for foreign operations

(359)

(456)

499

214

(799)

(931)








Effective portion of change in fair value of cash flow hedges

(1,244)

(126)

202

(126)

(724)

(844)

Net change in fair value of cash flow hedges transferred to
profit or loss

 

1,382

 

618

 

(277)

 

618

 

478

 

557

Total other comprehensive income (loss)

(221)

 

36

 

424

706

(1,045)

(1,218)

Total comprehensive loss for the period

(6,862)

(3,694)

(301)

(4,703)

(2,179)

(2,542)








Basic net loss per share

(0.57)

(0.31)

(0.06)

(0.49)

(0.08)

(0.1)

Diluted net loss per share

(0.57)

(0.31)

(0.06)

(0.49)

(0.08)

(0.1)








* Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166)

** The Company changed the income statement classification of expenses related to project development from general and administrative expenses to project development costs to reflect more appropriately their nature and the way in which economic benefits are expected to be derived from the use of such costs. Comparative amounts were reclassified for consistency.

 

 

Ellomay Capital Ltd. and its Subsidiaries


Condensed Consolidated Statements of Changes in Equity (in thousands)








Attributable to shareholders of the Company

Non-
controlling

Total



Interests

Equity
















Translation






Share

Share

Retained
earnings
(accumulated

Treasury

reserve

from

foreign






capital

premium

deficit)

shares

Operations

Hedging

Total









Reserve




For the six month ended

in thousands

June 30,


2018 (unaudited):










January 1, 2018

19,980

58,339

(299)

(1,736)

2,219

138

78,641

(1,141)

77,500

Loss for the year

-

-

(898)

-

-

-

(898)

(236)

(1,134)

Other comprehensive loss
for the year

-

-

-

-

(822)

(246)

(1,068)

23

(1,045)

Total comprehensive loss
for the year

-

-

(898)

-

(822)

(246)

(1,966)

(213)

(2,179)

Transactions with owners of
the Company,  recognized
directly in equity:










Share-based payments

-

2

-

-

-

-

2

-

2

Balance as at










 June 30, 2018

19,980

58,341

(1,197)

(1,736)

1,397

(108)

76,677

(1,354)

75,323








Attributable to shareholders of the Company

Non-
controlling

Total



Interests

Equity
















Translation






Share

Share

Retained
earnings
(accumulated

Treasury

reserve

from

foreign






capital

premium

deficit)

shares

Operations

Hedging

Total









Reserve





US$ in thousands*

For the six month ended
June 30,


2018 (unaudited):










January 1, 2018

23,292

68,010

(347)

(2,024)

2,587

161

91,679

(1,329)

90,350

Loss for the year

-

-

(1,048)

-

-

-

(1,048)

(276)

(1,324)

Other comprehensive loss
for the year

-

-

-

-

(958)

(287)

(1,245)

27

(1,218)

Total comprehensive loss
for the year

-

-

(1,048)

-

(958)

(287)

(2,293)

(249)

(2,542)

Transactions with owners of
the Company,  recognized
directly in equity:










Share-based payments

-

3

-

-

-

-

3

-

3











Balance as at










 June 30, 2018

23,292

68,013

(1,395)

(2,024)

1,629

(126)

89,389

(1,578)

87,811

 

 

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd)




Attributable to shareholders of the Company

Non-
controlling

Total



Interests

Equity
















Translation






Share

Share

Retained
earnings
(accumulated

Treasury

reserve

from

foreign

Hedging





capital

premium

deficit)

shares

Operations

Reserve

Total



in thousands

For the year ended










December 31, 2017
(audited):










Balance as at










January 1, 2017

19,980

58,334

5,816

(1,722)

2,664

-

85,072

(701)

84,371

Loss for the year

-

-

(6,115)

-

-

-

(6,115)

(526)

(6,641)

Other comprehensive loss
for the year

-

-

-

-

(445)

138

(307)

86

(221)

Total comprehensive loss
for the year

-

-

(6,115)

-

(445)

138

(6,422)

(440)

(6,862)

Transactions with owners of
the Company,  recognized
directly in equity:










Own shares acquired

-

-

-

(14)

-

-

(14)

-

(14)

Share-based payments

-

5

-

-

-

-

5

-

5

Balance as at










 December 31, 2017

19,980

58,339

(299)

(1,736)

2,219

138

78,641

(1,141)

77,500








Attributable to shareholders of the Company

Non-
controlling

Total



Interests

Equity
















Translation






Share

Share

Retained
earnings
(accumulated

Treasury

reserve

from

foreign

Hedging





capital

premium

deficit)

shares

Operations

Reserve

Total



in thousands

For the six month ended
June 30,










2017 (unaudited):










Balance as at










January 1, 2017

19,980

58,334

5,816

(1,722)

2,664

-

85,072

(701)

84,371

Loss for the period

-

-

(5,166)

-

-

-

(5,166)

(243)

(5,409)

Other comprehensive loss
for the period

-

-

-

-

222

492

714

(8)

706

Total comprehensive loss
for the period

-

-

(5,166)

-

222

492

(4,452)

(251)

(4,703)

Transactions with owners of
the Company,  recognized
directly in equity:










Share-based payments

-

2

-

-

-

-

2

-

2

Own shares acquired

-

-

-

(14)

-

-

(14)

-

(14)

Balance as at










 June 30, 2017

19,980

58,336

650

(1,736)

2,886

492

80,608

(952)

79,656
















 

 

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flow (in thousands)


For the year
ended December
31, 2017

For the three 
months ended
June 30, 2017

For the three 
months ended
June 30, 2018

For the six 
months ended
June 30, 2017

For the six 
months ended
June 30, 2018

For the six 
months ended
June 30, 2018


Audited

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited


in thousands

Convenience Translation
into US$*

Cash flows from operating activities







Loss for the period

(6,641)

(3,730)

(725)

(5,409)

(1,134)

(1,324)

Adjustments for:







Financing expenses, net

9,228

3,747

557

5,762

916

1,068

Depreciation

4,518

1,101

1,409

2,198

2,767

3,226

Share-based payment transactions

5

2

1

2

2

3

Share of profits of equity accounted investees 

(1,531)

857

662

73

(501)

(584)

Payment of interest on loan from an equity accounted investee

407

-

-

-

1,176

1,371

Change in trade receivables and other receivables

2,012

377

(525)

299

156

182

Change in other assets

126

440

(536)

804

135

157

Change in receivables from concessions project

(84)

-

372

-

622

725

Change in accrued severance pay, net

2

-

17

1

17

20

Change in trade payables

(258)

(542)

(21)

(215)

328

382

Change in other payables

(2,655)

(2,748)

113

(2,282)

(310)

(361)

Taxes on income

372

533

(193)

649

(182)

(212)

Income taxes paid

(42)

-

(15)

-

(16)

(19)

Interest received

505

137

493

225

888

1,035

Interest paid

(3,659)

(1,359)

(2,215)

(1,514)

(2,597)

(3,028)

Net cash provided by operating activities

2,305

(1,185)

606

593

2,267

2,641








Cash flows from investing activities







Acquisition of fixed assets

(7,576)

(2,752)

(1,494)

(4,116)

(2,606)

(3,038)

Acquisition of subsidiary, net of cash acquired

(9,851)

-

-

-

-

-

Advances on account of investments

(8,000)

(8,942)

-

(8,978)

-

-

Repayment of loan to an equity accounted investee

-

-

-

-

490

571

Acquisition of marketable securities

(6,677)

(4,711)

-

(6,677)

-

-

Proceeds from marketable securities

1,277

-

-

-

-

-

Decrease in restricted cash, net

3,225

(103)

1,525

3,226

1,604

1,870

Proceeds of Forward contract

-

-

407

-

407

474

Settlement of derivatives, net

620

-

(199)

(2,027)

(184)

(215)

Loans to others

(361)

(361)

-

(361)

-

-

Net cash used in investing activities

(27,343)

(16,869)

239

(18,933)

(289)

(338)








Cash flows from financing activities







Repayment of long-term loans and finance lease obligations

(2,224)

(664)

(14,550)

(746)

(14,727)

(17,168)

Proceeds from issuance of debentures, net

31,175

-

-

31,175

-

-

Repayment of Debentures

(4,842)

-

-

-

-

-

Proceeds from long-term loans

5,575

3,450

34,461

5,419

34,501

40,221

Repurchase of own shares

(14)

(1)

-

(14)

-

-

Net cash provided by (used in) financing activities

29,670

2,785

19,911

35,834

19,774

23,053








Effect of exchange rate fluctuations on cash and cash equivalents

(3,156)

(1,689)

97

(1,836)

(104)

(119)

Increase in cash and cash equivalents

1,476

(16,958)

19,641

15,658

21,648

25,237

Cash and cash equivalents at the beginning of the period

22,486

55,102

25,969

22,486

23,962

27,934

Cash and cash equivalents at the end of the period

23,962

38,144

45,610

38,144

45,610

53,171


* Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166)

 

 

Ellomay Capital Ltd. and its Subsidiaries

Reconciliation of Loss to EBITDA (in thousands)







For the year
ended
December 31,

For the three months
ended June 30,

For the six months
ended June 30,

For the six
months ended 
June 30,


2017

2017

2018

2017

2018

2018


Unaudited


in thousands

Convenience
Translation into
US$*

Net loss for the period

(6,641)

(3,730)

(725)

(5,409)

(1,134)

(1,324)

Financing expenses, net

9,228

3,747

557

5,762

916

1,068

Taxes on income

372

533

(193)

649

(182)

(212)

Depreciation

4,518

1,101

1,409

2,198

2,767

3,226

EBITDA

7,477

1,651

1,048

(3,200)

2,367

2,758


* Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166)

 

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

 

Cision View original content:http://www.prnewswire.com/news-releases/ellomay-capital-reports-results-for-the-three-and-six-months-ended-june-30-2018-300718842.html

SOURCE Ellomay Capital Ltd.