99.1
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Press Release: “Ellomay Capital Reports First Quarter 2014 Results,” dated June 30, 2014.
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Ellomay Capital Ltd.
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By:
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/s/ Kalia Weintraub | |
Kalia Weintraub
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Chief Financial Officer
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·
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Revenues were approximately $2.9 million for the three months ended March 31, 2014, and represent seasonal revenues for the winter months of January through March, with significantly lower photovoltaic energy production.
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·
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General and administrative expenses were approximately $1.2 million for the three months ended March 31, 2014, including nonrecurring expenses in the amount of approximately $0.4 million, such as payment of bonuses to employees.
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·
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Adjusted EBITDA was approximately $0.8 million for the three months ended March 31, 2014.
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·
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Financial expenses, net were approximately $1.4 million for the three months ended March 31, 2014, including interest accrued on the Company’s Series A Debentures issued in January 2014.
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·
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Share of losses of equity accounted investees was approximately $0.3 million for the three months ended March 31, 2014, primarily due to expenses in connection with the delay in the commencement of operations of the power plant operated by Dorad Energy Ltd., a Company investee (“Dorad”).
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Total comprehensive loss was approximately $1.8 million in the three months ended March 31, 2014.
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Net cash used in operating activities was approximately $0.4 million for the three months ended March 31, 2014, reflecting the collection of revenues for the winter months of November 2013 – January 2014.
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·
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During the three months ended March 31, 2014, the Company extended an additional aggregate amount of approximately $3.9 million to Dori Energy Ltd. in connection with Dorad’s funding requirements from Dori Energy pursuant to the agreement between Dorad and its shareholders.
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·
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In May 2014 Ellomay PV Two S.r.l., a wholly-owned Italian subsidiary of the Company, provided a notice to Unicredit S.p.A of its intention to voluntary repay its loan amounting to approximately EUR 4.8 million (approximately $6.6 million) as of March 31, 2014. The notice of early repayment was provided as this loan was under terms less beneficial to the Company compared to alternative financing resources.
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·
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As of June 15, 2014, the Company held approximately $22.7 million in cash and cash equivalents and approximately $6.3 million in restricted cash.
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On June 22, 2014, the Company completed the issuance of NIS 80,341,000 Series A Debentures to Israeli classified investors in a private placement, in consideration for gross proceeds of approximately NIS 81.1 million (approximately $23.5 million), reflecting a price of NIS 1.01 per NIS 1 principal amount. The gross proceeds include an amount of approximately NIS 1.7 million (approximately US$0.5) that represents the first interest payment due on these additional Series A Debentures on June 30, 2014.
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·
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Approx. 22.6MW of photovoltaic power plants in Italy and 85% of 2.3MW of photovoltaic power plant in Spain;
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·
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7.5% indirect interest, with an option to increase its holdings to 9.375%, in Dorad Energy Ltd. Israel's largest private power plant, with production capacity of approximately 800 MW, representing about 8% of Israel's total current electricity consumption;
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March 31,
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December 31,
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|||||||
2014
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2013
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(Unaudited)
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(Audited)
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US$ in thousands
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Assets
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Current assets
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Cash and cash equivalents
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27,038 | 9,738 | ||||||
Short-term deposits
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- | 2,653 | ||||||
Restricted cash
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1,852 | 5,653 | ||||||
Trade receivables
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184 | 134 | ||||||
Other receivables and prepaid expenses
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5,185 | 4,357 | ||||||
34,259 | 22,535 | |||||||
Non-current assets
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Investments in equity accounted investees
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28,074 | 24,601 | ||||||
Financial asset
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455 | 389 | ||||||
Property, plant and equipment
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92,520 | 93,671 | ||||||
Restricted cash
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4,320 | 4,315 | ||||||
Other assets
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1,637 | 1,419 | ||||||
127,006 | 124,395 | |||||||
Total assets
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161,265 | 146,930 | ||||||
Liabilities and Equity
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Current liabilities
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Loans and borrowings
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1,825 | 19,454 | ||||||
Current maturities of debentures
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3,327 | - | ||||||
Trade payable
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1,924 | 2,154 | ||||||
Accrued expenses and other payables
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5,915 | 5,311 | ||||||
12,991 | 26,919 | |||||||
Non-current liabilities
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Finance lease obligations
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6,724 | 6,814 | ||||||
Long-term bank loans
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10,941 | 11,050 | ||||||
Other long-term liabilities
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3,041 | 2,386 | ||||||
Debentures
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29,598 | - | ||||||
50,304 | 20,250 | |||||||
Total liabilities
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63,295 | 47,169 | ||||||
Equity
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Share capital
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26,180 | 26,180 | ||||||
Share premium
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76,932 | 76,932 | ||||||
Treasury shares
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(522 | ) | (522 | ) | ||||
Reserves
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4,264 | 4,154 | ||||||
Accumulated deficit
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(8,918 | ) | (7,011 | ) | ||||
Total equity attributed to shareholders of the Company
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97,936 | 99,733 | ||||||
Non-Controlling Interest
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34 | 28 | ||||||
Total equity
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97,970 | 99,761 | ||||||
Total liabilities and equity
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161,265 | 146,930 |
For the three
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For the
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Months ended
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Year ended
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March 31,
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December 31,
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2014
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2013
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(Unaudited)
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(Audited)
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|||||||
US$ thousands (except per share amounts)
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Revenues
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2,894 | 12,982 | ||||||
Operating expenses
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647 | 2,381 | ||||||
Depreciation expenses
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1,303 | 4,021 | ||||||
Gross profit
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944 | 6,580 | ||||||
General and administrative expenses
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1,172 | 3,449 | ||||||
Gain on bargain purchase
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- | 10,237 | ||||||
Operating (loss) profit
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(228 | ) | 13,368 | |||||
Financing income
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158 | 204 | ||||||
Financial income (expenses) in connection with derivatives, net
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(673 | ) | 1,501 | |||||
Financing expenses
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(921 | ) | (4,201 | ) | ||||
Financing income (expenses), net
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(1,436 | ) | (2,496 | ) | ||||
Company’s share of losses of investees accounted for at equity
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(281 | ) | (540 | ) | ||||
Profit (loss) before taxes on income
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(1,945 | ) | 10,332 | |||||
Tax benefit (taxes on income)
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44 | (245 | ) | |||||
Net income (loss) for the period
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(1,901 | ) | 10,087 | |||||
Income (loss) attributable to:
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Shareholders of the Company
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(1,907 | ) | 10,068 | |||||
Non-controlling interests
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6 | 19 | ||||||
Net income (loss) for the period
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(1,901 | ) | 10,087 | |||||
Other comprehensive income :
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Foreign currency translation adjustments
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110 | 6,038 | ||||||
Total other comprehensive income
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110 | 6,038 | ||||||
Total comprehensive income (loss) for the period
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(1,791 | ) | 16,125 | |||||
Income (Loss) per share
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Basic Income (Loss) per share
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(0.18 | ) | 0.94 | |||||
Diluted Income (Loss) per share
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(0.18 | ) | 0.94 |
Attributable to shareholders of the Company | ||||||||||||||||||||||||||||||||
Translation
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reserve
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from
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Non- | |||||||||||||||||||||||||||||||
Share
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Share
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Accumulated
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Treasury
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Foreign
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controlling | Total | ||||||||||||||||||||||||||
capital
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premium
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deficit
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shares
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Operations
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Total
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interests
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Equity
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US$ in thousands
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Balance as at
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January 1, 2013
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26,180 | 76,410 | (17,079 | ) | (522 | ) | (1,884 | ) | 83,105 | 9 | 83,114 | |||||||||||||||||||||
Profit for the year
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- | - | 10,068 | - | - | 10,068 | 19 | 10,087 | ||||||||||||||||||||||||
Other comprehensive income
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- | - | - | - | 6,038 | 6,038 | * | 6,038 | ||||||||||||||||||||||||
Total comprehensive income
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- | - | 10,068 | - | 6,038 | 16,106 | 19 | 16,125 | ||||||||||||||||||||||||
Transactions with owners
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of the Company, recognized
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directly in equity:
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Cost of share-based
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payments
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- | 522 | - | - | - | 522 | - | 522 | ||||||||||||||||||||||||
Balance as at
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December 31, 2013
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26,180 | 76,932 | (7,011 | ) | (522 | ) | 4,154 | 99,733 | 28 | 99,761 |
Attributable to owners of the Company
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Translation
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reserve
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from
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Non- | |||||||||||||||||||||||||||||||
Share
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Share
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Accumulated
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Treasury
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Foreign
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controlling | Total | ||||||||||||||||||||||||||
capital
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premium
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deficit
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shares
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Operations
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Total
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interests
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Equity
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US$ in thousands
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For the three months ended
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March 31, 2014 (unaudited)
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Balance as at
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January 1, 2014
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26,180 | 76,932 | (7,011 | ) | (522 | ) | 4,154 | 99,733 | 28 | 99,761 | ||||||||||||||||||||||
Loss for the Period
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- | - | (1,907 | ) | - | - | (1,907 | ) | 6 | (1,901 | ) | |||||||||||||||||||||
Other comprehensive income
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- | - | - | - | 110 | 110 | - | 110 | ||||||||||||||||||||||||
Total comprehensive income(loss)
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- | - | (1,907 | ) | - | 110 | (1,797 | ) | 6 | (1,791 | ) | |||||||||||||||||||||
Balance as at
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March 31, 2014
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26,180 | 76,932 | (8,918 | ) | (522 | ) | 4,264 | 97,936 | 34 | 97,970 |
For the three Months ended March 31, 2014
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For the year ended December 31, 2013
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(Unaudited)
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(Audited)
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US$ in thousands
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Cash flows from operating activities
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Net income (loss)
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(1,901 | ) | 10,087 | |||||
Adjustments for:
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Financing expenses, net
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1,436 | 2,496 | ||||||
Gain on bargain purchase
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- | (10,237 | ) | |||||
Depreciation
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1,303 | 4,021 | ||||||
Cost of share-based payment
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- | 522 | ||||||
Company’s share of losses of investee accounted for at equity
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281 | 540 | ||||||
Decrease (increase) in trade receivables
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(49 | ) | 218 | |||||
Decrease (increase) in other receivables and prepaid expenses
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(962 | ) | 1,783 | |||||
Decrease in other assets
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1 | 12 | ||||||
Increase (decrease) in accrued severance pay, net
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(28 | ) | 22 | |||||
Increase (decrease) in accounts payable
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(155 | ) | 376 | |||||
Increase (decrease) in other payables and accrued expenses
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233 | (1,450 | ) | |||||
Taxes on income (Tax benefit)
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(159 | ) | 245 | |||||
Taxes on income paid
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- | (458 | ) | |||||
Interest received
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16 | 137 | ||||||
Interest paid
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(409 | ) | (1,925 | ) | ||||
1,508 | (3,698 | ) | ||||||
Net cash provided by (used in) operating activities
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(393 | ) | 6,389 |
For the three Months ended March 31, 2014
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For the year ended December 31, 2013
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(Unaudited)
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(Audited)
|
|||||||
US$ in thousands
|
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Cash flows from investing activities:
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Purchase of property and equipment
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(92 | ) | (9,152 | ) | ||||
Acquisition of subsidiary, net of cash acquired
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- | (30,742 | ) | |||||
Investment in equity accounted investees
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(3,861 | ) | (4,372 | ) | ||||
Proceeds from deposits, net
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2,652 | 137 | ||||||
Settlement of forward contract
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- | (169 | ) | |||||
Deposit from restricted cash, net
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3,801 | 1,519 | ||||||
Net cash provided by (used in) investing activities
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2,500 | (42,779 | ) | |||||
Cash flows from financing activities:
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Repayment of long-term loans and financial lease obligation
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(17,835 | ) | (7,818 | ) | ||||
Proceeds from debentures and loans, net
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32,762 | 17,692 | ||||||
Net cash provided by financing activities
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14,927 | 9,874 | ||||||
Exchange differences on balances of cash and
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||||||||
cash equivalents
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266 | 462 | ||||||
Increase (decrease) in cash and cash equivalents
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17,300 | (26,054 | ) | |||||
Cash and cash equivalents at the beginning of period
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9,738 | 33,292 | ||||||
Cash and cash equivalents at the end of the period
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27,038 | 7,238 |
For the three Months ended March 31,
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For the year ended December 31,
|
|||||||
2014
|
2013
|
|||||||
Unaudited
|
Unaudited
|
|||||||
Net income (loss) for the period
|
(1,907 | ) | 10,068 | |||||
Financing expenses (income), net
|
1,436 | 2,496 | ||||||
Gain on bargain purchase
|
- | (10,237 | ) | |||||
Taxes on income (benefit)
|
(44 | ) | 245 | |||||
Depreciation
|
1,303 | 4,021 | ||||||
Adjusted EBITDA
|
788 | 6,593 |
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