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

TEL AVIV, Israel, Dec. 28, 2018 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO) ("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today reported its unaudited financial results for the three and nine months ended September 30, 2018.

Financial Highlights

  • Revenues were approximately €13.9 million for the nine months ended September 30, 2018, compared to approximately €10.8 million for the nine months ended September 30, 2017. The increase in revenues reflects the commencement of operations of the Company's two waste-to-energy projects in the Netherlands (one in November 2017 and the other in June 2018) and the results of the photovoltaic site in Talmei Yosef, Israel (the "Talmei Yosef Project"), acquired in October 2017, partially offset by lower revenues in Italy due to relatively lower radiation levels compared to 2017.
  • Operating expenses were approximately €4.6 million for the nine months ended September 30, 2018, compared to approximately €1.7 million for the nine months ended September 30, 2017. Depreciation expenses were approximately €4.4 million for the nine months ended September 30, 2018, compared to approximately €3.3 million for the nine months ended September 30, 2017. The increase in operating expenses and in depreciation expenses is mainly attributable to additional expenses resulting from the commencement of operations at the Company's two waste-to-energy projects in the Netherlands and in connection with the Talmei Yosef Project.
  • Project development costs were approximately €2.6 million for the nine months ended September 30, 2018, compared to approximately €1.7 million for the nine months ended September 30, 2017. The increase in project development costs is mainly attributable to consultancy expenses in connection with the development of the project to construct a photovoltaic plant with a peak capacity of 300 MW in the municipality of Talaván, Cáceres, Spain (the "Talasol Project").
  • General and administrative expenses were approximately €2.8 million for the nine months ended September 30, 2018, compared to approximately €1.9 million for the nine months ended September 30, 2017. The increase in general and administrative expenses resulted mainly from payment of approximately €0.4 million pursuant to a VAT assessment agreement from previous years in Israel and related expenses and from increased expenses in connection with the commencement of operations of the Company's two waste-to-energy projects in the Netherlands and with the Talmei Yosef Project. 
  • The Company's share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €2.2 million for the nine months ended September 30, 2018, compared to approximately €1.6 million in the nine months ended September 30, 2017. The increase in the Company's share of profit of equity accounted investee is mainly attributable to an increase in sales of electricity by Dorad Energy Ltd. ("Dorad") due to increased production and lower financing expenses incurred by Dorad for the nine months ended September 30, 2018 as a result of the CPI indexation of loans from banks and related parties.
  • Financing expenses, net was approximately €1.8 million for the nine months ended September 30, 2018, compared to approximately €6.9 million for the nine months ended September 30, 2017. The decrease in financing expenses was mainly due to: (i) a profit of approximately €0.3 million for the nine months ended September 30, 2018 in connection with the reevaluation of derivatives, compared to a loss of approximately €2.8 million for the nine months ended September 30, 2017, and (ii) income in connection with exchange rate differences amounting to approximately €0.4 million in the nine months ended September 30, 2018, compared to expenses in connection with the exchange rate differences amounting to approximately €2 million. The change from exchange rate differences was mainly in connection with the Company's NIS denominated Debentures and the loan to an equity accounted investee, as a result of fluctuations in the euro/NIS exchange rates.
  • Taxes on income was approximately €0.1 million for the nine months ended September 30, 2018, compared to approximately €1.1 million for the nine months ended September 30, 2017. The decrease resulted mainly from deferred tax income included in connection with the application of a tax incentive in the Netherlands claimable upon filing the relevant tax return by reducing the amount of taxable profit. 
  • Net loss was approximately €0.1 million for the nine months ended September 30, 2018, compared to approximately €4.2 million for the nine months ended September 30, 2017.
  • Total other comprehensive loss was approximately €0.8 million for the nine months ended September 30, 2018, compared to a profit of approximately €0.2 million for the nine months ended September 30, 2017. The change was mainly due to changes in fair value of cash flow hedges and from foreign currency translation differences on New Israeli Shekel denominated operations, as a result of fluctuations in the euro/NIS exchange rates.
  • Total comprehensive loss was approximately €0.9 million for the nine months ended September 30, 2018, compared to approximately €4 million for the nine months ended September 30, 2017.
  • BITDA was approximately €6.2 million for the nine months ended September 30, 2018, compared to approximately €7.1 million for the nine months ended September 30, 2017.
  • Net cash from operating activities was approximately €4.6 million for the nine months ended September 30, 2018, compared to approximately €3.5 million for the nine months ended September 30, 2017. The increase in net cash from operating activities is mainly due to an interest payment received during 2018 on a loan to an equity accounted investee and to an increase in cash flow resulting from the commencement of operations of a waste-to-energy projects in the Netherlands and from the Talmei Yosef Project.
  • As of December 1, 2018, the Company held approximately €46.7 million in cash and cash equivalents, approximately €2.2 million in marketable securities and approximately €5.2 million in restricted short-term and long-term cash.

Ran Fridrich, CEO and a board member of Ellomay commented: "We are concluding nine months that reflect the continued growth of the company with a substantial increase in revenues, resulting mainly from the commencement of operations of two waste-to-energy projects in the Netherlands and the revenues of the Talmei Yosef photovoltaic site. We are continuing with the development of the Talasol project (a 300 MW photovoltaic site in Spain) and the Manara project (a 156 MW pumped storage site in the Manara Cliff, Israel) and the aggregate development costs were approximately euro 2.6 million during January-September 2018, an increase of approximately 53% compared to the same period in 2017. These expenditures are expected to yield an increase in the company's revenues and to strengthen its position in the renewable energy market."

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

As of September 30, 2018, the Company's Net Financial Debt (as such term is defined in the Deeds of Trust of the Company's Debentures) was approximately €15.3 million (consisting of approximately €72.6 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately €56.9 million in connection with the Series A Debentures issuances (in January and September 2014) and the Series B Debentures issuance (in March 2017), net of approximately €49.5 million of cash and cash equivalents and marketable securities and net of approximately €64.7 million of project finance and related hedging transactions of the Company's subsidiaries).

Use of NON-IFRS Financial Measures

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

About Ellomay Capital Ltd.

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

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

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

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

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

Information Relating to Forward-Looking Statements

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

 

 

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Statements of Financial Position



December 31,

September 30,

September 30,



2017

2018

2018



Audited

Unaudited

Unaudited



 

€ in thousands

Convenience Translation
into US$ in thousands

Assets





Current assets





Cash and cash equivalents


23,962

47,386

55,076

Marketable securities


2,162

2,143

2,491

Restricted cash and marketable securities


3,265

3,410

3,963

Receivable from concession project


1,286

1,314

1,527

Financial assets


1,249

1,305

1,517

Trade and other receivables


10,645

11,367

13,212



42,569

66,925

77,786

Non-current assets





Investment in equity accounted investee


27,655

28,581

33,219

Advances on account of investments


8,825

8,813

10,243

Receivable from concession project


27,725

26,497

30,797

Fixed assets


78,837

77,850

90,484

Intangible asset


5,505

5,053

5,873

Restricted cash and deposits


3,660

2,021

2,349

Deferred tax


1,777

2,386

2,773

Long term receivables


1,535

1,376

1,599



155,519

152,577

177,337

Total assets


198,088

219,502

255,123






Liabilities and Equity





Current liabilities





Current maturities of long term loans


3,103

5,467

6,354

Debentures


4,644

8,905

10,350

Trade payables


1,349

1,640

1,907

Other payables


2,187

3,924

4,561



11,283

19,936

23,172

Non-current liabilities





Finance lease obligations


3,690

-

-

Long-term loans


42,091

63,408

73,698

Debentures


52,987

48,043

55,840

Deferred tax


5,982

6,225

7,235

Other long-term liabilities


4,555

5,271

6,126



109,305

122,947

142,899

Total liabilities


120,588

142,883

166,071






Equity





Share capital


19,980

19,980

23,222

Share premium


58,339

58,342

67,810

Treasury shares


(1,736)

(1,736)

(2,018)

Reserves


2,357

1,580

1,836

Retained earnings (accumulated deficit)


(299)

85

99

Total equity attributed to shareholders of the Company


78,641

78,251

90,949

Non-Controlling Interest


(1,141)

(1,632)

(1,897)

Total equity


77,500

76,619

89,052

Total liabilities and equity


198,088

219,502

255,123

* Convenience translation into US$ (exchange rate as at September 30, 2018: euro 1 = US$ 1.162)

 

 


Ellomay Capital Ltd. and its Subsidiaries

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


For the year ended
December 31,

For the three months 
ended  September 30,

For the nine months
ended  September 30

For the nine months
ended September 30,


2017

2017

2018

2017

2018

2018


Audited

Unaudited

Unaudited

Unaudited


 

in thousands

 

in thousands

 

in thousands

Convenience
Translation into US$*

Revenues

13,636

4,001

5,720

10,769

13,871

16,122

Operating expenses

(2,549)

(793)

(1,963)

(1,656)

(4,573)

(5,315)

Depreciation expenses

(4.518)

(1,107)

(1,597)

(3,305)

(4,364)

(5,072)

Gross profit

6,569

2,101

2,160

5,808

4,934

5,735








Project development costs

(2,739)

(307)

(851)

(1,738)

(2,622)

(3,048)

General and administrative expenses

(2,420)

(651)

(785)

(1,861)

(2,762)

(3,210)

Share of profits of equity accounted investee

1,531

1,658

1,713

1,585

2,214

2,573

Other income, net

18

5

-

14

73

85

Operating profit

2,959

2,806

2,237

3,808

1,837

2,135








Financing income

1,333

186

518

477

1,857

2,158

Financing income (expenses) in connection with derivatives and other assets, net

(3,156)

(1,258)

31

(2,848)

316

367

Financing expenses

(7,405)

(86)

(1,468)

(4,549)

(4,008)

(4,658)

Financing expenses, net

(9,228)

(1,158)

(919)

(6,920)

(1,835)

(2,133)








Profit (loss) before taxes on income

(6,269)

1,648

1,318

(3,112)

2

2








Taxes on income

(372)

(402)

(302)

(1,051)

(120)

(139)








Profit (loss) for the period

(6,641)

1,246

1,016

(4,163)

(118)

(137)

Profit (loss) attributable to:







Owners of the Company

(6,115)

1,269

1,282

(3,897)

384

446

Non-controlling interests

(526)

(23)

(266)

(266)

(502)

(583)

Profit (loss) for the period

(6,641)

1,246

1,016

(4,163)

(118)

(137)

Other comprehensive income (loss) items that after







initial recognition in comprehensive income (loss)







were or will be transferred to profit or loss:







Foreign currency translation differences for foreign operations

(359)

(660)

270

446

(529)

(615)








Effective portion of change in fair value of cash flow hedges

(1,244)

(82)

192

(208)

(532)

(618)

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

 

1,382

 

218

 

(183)

 

836

 

295

 

343

Total other comprehensive income (loss)

(221)

 

(524)

 

279

182

(766)

(890)

Total comprehensive income (loss) for the period 

(6,862)

722

1,295

(3,981)

(884)

(1,027)








Basic net income (loss) per share

(0.57)

0.12

0.12

(0.36)

0.04

0.04

Diluted net income (loss) per share

(0.57)

0.12

0.12

(0.36)

0.04

0.04

* Convenience translation into US$ (exchange rate as at September 30, 2018: euro 1 = US$ 1.162)

 

 

 

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Statements of Changes in Equity (in thousands)



Attributable to shareholders of the Company

Non- controlling

Total



Interests

Equity












 

Share

 

Share

Retained
earnings (accumulated

 

Treasury

Translation reserve

from foreign

 

Hedging





capital

premium

deficit)

shares

Operations

Reserve

Total



For the nine month ended
September 30,

in thousands

2018 (unaudited):










January 1, 2018

19,980

58,339

(299)

(1,736)

2,219

138

78,641

(1,141)

77,500

Profit (loss) for the period

-

-

384

-

-

-

384

(502)

(118)

Other comprehensive profit
(loss) for the period

 

-

 

-

 

-

 

-

 

(540)

 

(237)

 

(777)

 

11

 

(766)

Total comprehensive profit
(loss)
for the period

 

-

 

-

 

384

 

-

 

(540)

 

(237)

 

(393)

 

(491)

 

(884)

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










Share-based payments

-

3

-

-

-

-

3

-

3

Balance as at










 September 30, 2018

19,980

58,342

85

(1,736)

1,679

(99)

78,251

(1,632)

76,619

 



Attributable to shareholders of the Company

Non- controlling

Total



Interests

Equity












 

Share

 

Share

Retained
earnings (accumulated

 

Treasury

Translation
reserve

from foreign

 

Hedging





capital

premium

deficit)

shares

Operations

Reserve

Total



For the nine month ended
September 30,

US$ in thousands*

2018 (unaudited):










January 1, 2018

23,222

67,806

(347)

(2,018)

2,579

160

91,402

(1,327)

90,075

Profit (loss) for the period

-

-

446

-

-

-

446

(583)

(137)

Other comprehensive profit
(loss) for the period

 

-

 

-

 

-

 

-

 

(628)

 

(275)

 

(903)

 

13

 

(890)

Total comprehensive profit
(loss) for the period

 

-

 

-

 

446

 

-

 

(628)

 

(275)

 

(457)

 

(570)

 

(1,027)

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










Share-based payments

-

4

-

-

-

-

4

-

4

Balance as at










 September 30, 2018

23,222

67,810

99

(2,018)

1,951

(115)

90,949

(1,897)

89,052

* Convenience translation into US$ (exchange rate as at September 30, 2018: euro 1 = US$ 1.162)

 

 

Ellomay Capital Ltd. and its Subsidiaries

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



Attributable to shareholders of the Company

Non- controlling

Total



Interests

Equity
















Translation






 

Share

 

Share

Retained
earnings (accumulated

 

Treasury

reserve

from foreign

 

Hedging





capital

premium

deficit)

shares

Operations

Reserve

Total



For the three month ended
September 30,

in thousands

2018 (unaudited):










June 30, 2018

19,980

58,341

(1,197)

(1,736)

1,397

(108)

76,677

(1,354)

75,323

Profit (loss) for the period

-

-

1,282

-

-

-

1,282

(266)

1,016

Other comprehensive profit
(loss) for the period

 

-

 

-

 

-

 

-

 

282

 

9

 

291

 

(12)

 

279

Total comprehensive profit
(loss)
for the period

 

-

 

-

 

1,282

 

-

 

282

 

9

 

1,573

 

(278)

 

1,295

Transactions with owners of

the Company,  recognized
directly in equity:










Share-based payments

-

1

-

-

-

-

1

-

1

Balance as at










 September 30, 2018

19,980

58,342

85

(1,736)

1,679

(99)

78,251

(1,632)

76,619

 



Attributable to shareholders of the Company

Non- controlling

Total



Interests

Equity
















Translation






 

Share

 

Share

 

Retained

 

Treasury

reserve

from foreign

 

Hedging





capital

premium

earnings

shares

Operations

Reserve

Total



For the nine month ended
September 30,

in thousands

2017 (unaudited):










Balance as at










January 1, 2017

19,980

58,334

5,816

(1,722)

2,664

-

85,072

(701)

84,371

Loss for the period

-

-

(3,897)

-

-

-

(3,897)

(266)

(4,163)

Other comprehensive profit 
(loss) for the period

 

-

 

-

 

-

 

-

 

(473)

 

628

 

155

 

27

 

182

Total comprehensive profit
(loss) for the period

 

-

 

-

 

(3,897)

 

-

 

(473)

 

628

 

(3,742)

 

(239)

 

(3,981)

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










Share-based payments

-

3

-

-

-

-

3

-

3

Own shares acquired

-

-

-

(14)

-

-

(14)

-

(14)

Balance as at










 September 30, 2017

19,980

58,337

1,919

(1,736)

2,191

628

81,319

(940)

80,379















 

 

Ellomay Capital Ltd. and its Subsidiaries

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



Attributable to shareholders of the Company

Non- controlling

Total



Interests

Equity
















Translation






 

Share

 

Share

 

Retained

 

Treasury

reserve

from foreign

 

Hedging





capital

premium

earnings

shares

Operations

Reserve

Total



For the three month ended
September 30,

in thousands

2017 (unaudited):










Balance as at










June 30, 2017

19,980

58,336

650

(1,736)

2,886

492

80,608

(952)

79,656

Profit (loss) for the period

-

-

1,269

-

-

-

1,269

(23)

1,246

Other comprehensive profit
(loss) for the period

 

-

 

-

 

-

 

-

 

(695)

 

136

 

(559)

 

35

 

(524)

Total comprehensive profit
(loss) for the period

 

-

 

-

 

1,269

 

-

 

(695)

 

136

 

710

 

12

 

722

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










Share-based payments

-

1

-

-

-

-

1

-

1

Balance as at










 September 30, 2017

19,980

58,337

1,919

(1,736)

2,191

628

81,319

(940)

80,379















 



Attributable to shareholders of the Company

Non- controlling

Total



Interests

Equity
















Translation






 

Share

 

Share

Retained
earnings (accumulated

 

Treasury

reserve

from foreign

 

Hedging





capital

premium

deficit)

shares

Operations

Reserve

Total



For the year ended

in thousands

December 31, 2017 (audited):










Balance as at










January 1, 2017

19,980

58,334

5,816

(1,722)

2,664

-

85,072

(701)

84,371

Loss for the year

-

-

(6,115)

-

-

-

(6,115)

(526)

(6,641)

Other comprehensive profit
(loss) for the year

 

-

 

-

 

-

 

-

 

(445)

 

138

 

(307)

 

86

 

(221)

Total comprehensive profit
(loss) for the year

 

-

 

-

 

(6,115)

 

-

 

(445)

 

138

 

(6,422)

 

(440)

 

(6,862)

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










Own shares acquired

-

-

-

(14)

-

-

(14)

-

(14)

Share-based payments

-

5

-

-

-

-

5

-

5

Balance as at










 December 31, 2017

19,980

58,339

(299)

(1,736)

2,219

138

78,641

(1,141)

77,500

 

 

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flow (in thousands)


For the year ended
December 31, 2017

For the three 
months ended
September 30, 2017

For the three
months ended
September 30, 2018

For the nine
months ended
September 30, 2017

For the nine
months ended
September 30, 2018

For the nine
months ended
September 30,
2018


Audited

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited


 

 

in thousands

Convenience Translation
into US$*

Cash flows from operating activities







Profit (loss) for the period

(6,641)

1,246

1,016

(4,163)

(118)

(137)

Adjustments for:







Financing expenses, net

9,228

1,158

919

6,920

1,835

2,133

Depreciation

4,518

1,107

1,597

3,305

4,364

5,072

Share-based payment transactions

5

1

1

3

3

4

Share of profits of equity accounted investees 

(1,531)

(1,658)

(1,713)

(1,585)

(2,214)

(2,573)

Payment of interest on loan from an equity accounted investee

 

407

 

407

 

-

 

407

 

1,176

 

1,367

Change in trade receivables and other receivables

2,012

209

(356)

508

(200)

(232)

Change in other assets

126

(1,351)

(355)

(547)

(220)

(256)

Change in receivables from concessions project

(84)

-

454

-

1,076

1,251

Change in accrued severance pay, net

2

1

(2)

2

15

17

Change in trade payables

(258)

425

(37)

210

291

338

Change in other payables

(2,655)

1,029

271

(1,253)

(39)

(45)

Taxes on income

372

402

302

1,051

120

139

Income taxes paid

(42)

-

(28)

-

(44)

(51)

Interest received

505

135

518

360

1,406

1,634

Interest paid

(3,659)

(206)

(206)

(1,720)

(2,803)

(3,258)

Net cash provided by (used in) operating activities

2,305

2,905

2,381

3,498

4,648

5,403








Cash flows from investing activities







Acquisition of fixed assets

(7,576)

(2,240)

(455)

(6,356)

(3,061)

(3,558)

Acquisition of subsidiary, net of cash acquired

(9,851)

-

-

-

-

-

Advances on account of investments

(8,000)

-

-

(8,978)

-

-

Repayment of loan to an equity accounted investee

-

-

-

-

490

570

Acquisition of marketable securities

(6,677)

-

-

(6,677)

-

-

Proceeds from marketable securities

1,277

1,277

3,316

1,277

3,316

3,854

Proceeds (Investment) in restricted cash, net

3,225

38

(3,393)

3,264

(1,789)

(2,079)

Proceeds of Forward contract

-

1,788

187

1,788

594

690

Settlement of derivatives, net

620

-

-

(2,027)

(184)

(214)

Loans to others

(361)

-

-

(361)

-

-

Net cash provided by (used in) investing activities

(27,343)

863

(345)

(18,070)

(634)

(737)








Cash flows from financing activities







Repayment of long-term loans and finance lease obligations

(2,224)

(459)

(201)

(1,205)

(14,928)

(17,351)

Proceeds from issuance of debentures, net

31,175

-

-

31,175

-

-

Repayment of Debentures

(4,842)

-

-

-

-

-

Proceeds from long-term loans

5,575

-

14

5,419

34,515

40,116

Repurchase of own shares

(14)

-

-

(14)

-

-

Net cash provided by (used in) financing activities

29,670

(459)

(187)

35,375

19,587

22,765








Effect of exchange rate fluctuations on cash and cash equivalents

(3,156)

(1,371)

(73)

(3,207)

(177)

(206)

Increase in cash and cash equivalents

1,476

1,938

1,776

17,596

23,424

27,225

Cash and cash equivalents at the beginning of the period

22,486

38,144

45,610

22,486

23,962

27,851

Cash and cash equivalents at the end of the period

23,962

40,082

47,386

40,082

47,386

55,076

* Convenience translation into US$ (exchange rate as at September 30, 2018: euro 1 = US$ 1.162)

 

 

Ellomay Capital Ltd. and its Subsidiaries

Reconciliation of Loss to EBITDA (in thousands)


For the year
ended
December 31,

For the three months
ended September 30,

For the nine months
ended September 30,

For the nine
months ended
September 30,


2017

2017

2018

2017

2018

2018


Unaudited


 

 

in thousands

Convenience
Translation
into US$*

Net Profit (loss) for the period

(6,641)

1,246

1,016

(4,163)

(118)

(137)

Financing expenses, net

9,228

1,158

919

6,920

1,835

2,133

Taxes on income

372

402

302

1,051

120

139

Depreciation

4,518

1,107

1,597

3,305

4,364

5,072

EBITDA

7,477

3,913

3,834

7,113

6,201

7,207

* Convenience translation into US$ (exchange rate as at September 30, 2018: euro 1 = US$ 1.162)

 

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

Cision View original content:http://www.prnewswire.com/news-releases/ellomay-capital-reports-results-for-the-three-and-nine-months-ended-september-30-2018-300771226.html

SOURCE Ellomay Capital Ltd