99.1
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Press Release: “Ellomay Capital Reports Publication of Financial Results of Dorad Energy Ltd.; Ellomay Capital Indirectly Holds 7.5% of Dorad Energy Ltd.,” dated November 26, 2014.
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Ellomay Capital Ltd.
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By:
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/s/ Ran Fridrich | |
Ran Fridrich
Chief Executive Officer and Director
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·
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Dorad’s unaudited revenues for the quarter ended September 30, 2014 - approximately NIS 693 million (or approximately USD 188 million, based on the exchange rate on September 30, 2014).
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Dorad’s unaudited operating profit for the quarter ended September 30, 2014 - approximately NIS 160 million (or approximately USD 43 million, based on the exchange rate on September 30, 2014).
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Approx. 22.6MW of photovoltaic power plants in Italy and approximately 5.6MW and 85% of 2.3MW of photovoltaic power plants 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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September 30
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September 30
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December 31
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||||||||||
2014
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2013
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2013
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||||||||||
(Unaudited)
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(Unaudited)
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(Audited)
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||||||||||
NIS thousands
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NIS thousands
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NIS thousands
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||||||||||
Current assets
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||||||||||||
Cash and cash equivalents
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371,641 | 665 | 4,199 | |||||||||
Accounts receivable
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247,663 | - | - | |||||||||
Other accounts receivables
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20,496 | 23,566 | 36,529 | |||||||||
Pledged deposit
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68,124 | 94,399 | 78,637 | |||||||||
Firm commitment
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- | 19,339 | 5,101 | |||||||||
Financial derivatives
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4,179 | - | - | |||||||||
Total current assets
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712,103 | 137,969 | 124,466 | |||||||||
Non-current assets
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Prepaid expenses
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49,426 | 50,166 | 50,165 | |||||||||
Fixed assets
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4,471,253 | 3,706,889 | 3,939,647 | |||||||||
Advances to suppliers
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- | 109,519 | 56,978 | |||||||||
Intangible assets
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8,677 | 6,325 | 7,657 | |||||||||
Total non-current assets
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4,529,356 | 3,872,899 | 4,054,447 | |||||||||
Total assets
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5,241,459 | 4,010,868 | 4,178,913 | |||||||||
Current liabilities
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Current maturities of loans from banks
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311,300 | 133,461 | 145,926 | |||||||||
Trade payables and other accounts payable
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675,598 | 149,173 | 123,313 | |||||||||
Financial derivatives
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- | 25,613 | 7,894 | |||||||||
Total current liabilities
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986,898 | 308,247 | 277,133 | |||||||||
Non-current liabilities
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Loans from banks
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3,063,207 | 2,745,783 | 2,918,579 | |||||||||
Loans from related parties and others
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454,644 | 404,559 | 369,212 | |||||||||
Provision for dismantling and restoration
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28,341 | - | - | |||||||||
Deferred tax liabilities
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17,815 | - | - | |||||||||
Liabilities for employee benefits
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62 | 79 | 57 | |||||||||
Total non-current liabilities
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3,564,069 | 3,150,421 | 3,287,848 | |||||||||
Equity
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||||||||||||
Share capital
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11 | 10 | 11 | |||||||||
Share premium
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642,199 | 573,633 | 642,199 | |||||||||
Capital reserve from activities with controlling shareholders
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3,748 | 3,748 | 3,748 | |||||||||
Retained loss
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44,536 | (25,191 | ) | (32,026 | ) | |||||||
Total equity
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690,494 | 552,200 | 613,932 | |||||||||
Total liabilities and equity
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5,241,459 | 4,010,868 | 4,178,913 |
For the nine months ended
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For the three months ended
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Year ended
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September 30
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September 30
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December 31
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2014
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2013
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2014
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2013
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2013
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||||||||||||||||
(Unaudited)
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(Unaudited)
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(Unaudited)
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(Unaudited)
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(Audited)
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||||||||||||||||
NIS thousands
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NIS thousands
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NIS thousands
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NIS thousands
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NIS thousands
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||||||||||||||||
Revenues
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901,178 | - | 692,705 | - | - | |||||||||||||||
Operating costs of the power
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plant
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Energy costs
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196,258 | - | 140,269 | - | - | |||||||||||||||
Electricity purchase and
infrastructure services
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394,909 | - | 300,213 | - | - | |||||||||||||||
Depreciation and amortization
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73,618 | - | 50,029 | - | - | |||||||||||||||
Other operating costs
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49,264 | - | 35,732 | - | - | |||||||||||||||
Total cost of power plant
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714,049 | - | 526,243 | - | - | |||||||||||||||
Profit from operating the
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power plant
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187,129 | - | 166,462 | - | - | |||||||||||||||
General & Administrative
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expenses
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(8,057 | ) | - | 6,334 | - | - | ||||||||||||||
Other expenses
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(5,771 | ) | (5,000 | ) | - | (3,750 | ) | (7,813 | ) | |||||||||||
(13,828
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) |
(5,000
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) |
6,334
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(3,750
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) |
(7,813
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) | ||||||||||||
Operating profit (loss) for
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the period
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173,301 | (5,000 | ) | 160,128 | (3,750 | ) | (7,813 | ) | ||||||||||||
Financing income
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22,415 | - | 21,062 | - | - | |||||||||||||||
Financing expenses
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(101,338 | ) | 11,858 | (68,799 | ) | 2,843 | (15,880 | ) | ||||||||||||
Financing expenses, net
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(78,924 | ) | (11,858 | ) | (47,737 | ) | (2,843 | ) | (15,880 | ) | ||||||||||
Profit (loss) before taxes on income
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94,377 | (16,858 | ) | 112,637 | (6,593 | ) | (23,693 | ) | ||||||||||||
Taxes on income
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17,815 | - | (28,637 | ) | - | - | ||||||||||||||
Profit (loss) for the period
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76,562 | (16,858 | ) | 83,752 | (6,593 | ) | (23,693 | ) |
Capital reserve
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for activities
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Share
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Share
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with controlling
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Retained
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capital
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premium
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shareholders
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earnings (losses)
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Total Equity
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NIS thousands
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NIS thousands
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NIS thousands
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NIS thousands
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NIS thousands
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For the nine months ended
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September 30, 2014 (Unaudited)
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Balance as at
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January 1, 2014 (Audited)
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11 | 642,199 | 3,748 | (32,026 | ) | 613,932 | ||||||||||||||
Profit for the period
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- | - | - | 76,562 | 76,562 | |||||||||||||||
Balance as at September 30,
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2014 (Unaudited)
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11 | 642,199 | 3,748 | 44,536 | 690,494 | |||||||||||||||
For the nine months ended
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September 30, 2013 (Unaudited)
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Balance as at
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January 1, 2013 (Audited)
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6 | 373,731 | 3,748 | (8,333 | ) | 369,152 | ||||||||||||||
Loss for the period
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- | - | - | (16,858 | ) | (16,858 | ) | |||||||||||||
Issuance of ordinary shares
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4 | 199,902 | - | - | 199,906 | |||||||||||||||
Balance as at September 30,
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2013 (Unaudited)
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10 | 573,633 | 3,748 | (25,191 | ) | 552,200 | ||||||||||||||
For the three months ended
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September 30, 2014 (Unaudited)
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Balance as at
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July 1, 2014 (Unaudited)
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11 | 642,199 | 3,748 | (39,216 | ) | 752 | ||||||||||||||
Profit for the period
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- | - | - | 83,752 | 83,769 | |||||||||||||||
Balance as at September 30,
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2014 (Unaudited)
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11 | 642,199 | 3,748 | 44,536 | 690,494 | |||||||||||||||
For the three months ended
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September 30, 2013 (Unaudited)
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Balance as at
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July 1, 2013 (Unaudited)
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8 | 503,137 | 3,748 | (18,598 | ) | 488,295 | ||||||||||||||
Loss for the period
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- | - | - | (6,593 | ) | (6,593 | ) | |||||||||||||
Issuance of shares
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2 | 70,496 | - | - | 70,498 | |||||||||||||||
Balance as at September 30,
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2013 (Unaudited)
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10 | 573,633 | 3,748 | (25,191 | ) | 552,200 | ||||||||||||||
For the year ended
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December 31, 2013 (Audited)
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Balance as at
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January 1, 2013 (Audited)
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6 | 373,731 | 3,748 | (8,333 | ) | 369,152 | ||||||||||||||
Loss for the year
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- | - | - | (23,693 | ) | (23,693 | ) | |||||||||||||
Issuance of ordinary shares
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5 | 268,468 | - | - | 268,473 | |||||||||||||||
Balance as at December 31,
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2013 (Audited)
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11 | 642,199 | 3,748 | (32,026 | ) | 613,932 |
For the nine months ended
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For the three months ended
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Year ended
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September 30
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September 30
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December 31
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2014
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2013
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2014
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2013
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2013
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(Unaudited)
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(Unaudited)
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(Unaudited)
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(Unaudited)
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(Audited)
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NIS thousands
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NIS thousands
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NIS thousands
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NIS thousands
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NIS thousands
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Cash flows from operating activities:
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Profit (loss) for the period
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76,562 | (16,858 | ) | 83,752 | (6,593 | ) | (23,693 | ) | ||||||||||||
Adjustments:
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Depreciation and amortization
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73,871 | - | 50,201 | - | - | |||||||||||||||
Taxes on income
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171,815 | - | 28,637 | - | - | |||||||||||||||
Compensation for customers
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5,771 | 5,000 | - | 3,750 | 7,813 | |||||||||||||||
Financing expenses, net
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78,924 | 11,858 | 47,737 | 2,843 | 15,880 | |||||||||||||||
176,381 | 16,858 | 126,576 | 6,593 | 23,693 | ||||||||||||||||
Change in trade receivables
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(247,610 | ) | - | (80,297 | ) | - | - | |||||||||||||
Change in other receivables
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(20,265 | ) | - | (51,380 | ) | - | - | |||||||||||||
Change in trade payables and
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335,273 | 224,146 | ||||||||||||||||||
other accounts payable
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- | - | - | |||||||||||||||||
Change in employee benefits, net
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5 | - | - | - | - | |||||||||||||||
67,403 | - | 92,469 | - | - | ||||||||||||||||
Net cash flows used in
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operating activities
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320,346 | - | 302,797 | - | - | |||||||||||||||
Net cash flows used in
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investing activities
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Payments of settlement of
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financial derivatives
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10,134 | (57,440 | ) | 21,801 | (15,807 | ) | (83,496 | ) | ||||||||||||
Repayment of pledged deposit
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44,627 | 72,554 | 14,345 | 29,527 | 89,263 | |||||||||||||||
Investment in pledged deposit
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(33,716 | ) | - | - | - | - | ||||||||||||||
Long-term prepaid expenses
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- | (11,690 | ) | - | (11,690 | ) | (11,690 | ) | ||||||||||||
Investment in fixed assets
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(207,469 | ) | (623,094 | ) | (64,700 | ) | (245,533 | ) | (782,557 | ) | ||||||||||
Investment in intangible assets
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(1,705 | ) | (2,686 | ) | (189 | ) | (487 | ) | (4,018 | ) | ||||||||||
Interest received
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155 | - | 100 | - | - | |||||||||||||||
Net Cash flows used in
|
||||||||||||||||||||
investing activities
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(187,974 | ) | (622,356 | ) | (28,643 | ) | (243,990 | ) | (792,498 | ) | ||||||||||
Cash flows from financing
|
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activities:
|
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Receipt of long-term loans
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from related parties
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60,491 | 84,953 | 8,606 | 33,593 | 110,806 | |||||||||||||||
Receipt of loans from banks
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174,764 | 529,059 | 57,547 | 199,848 | 676,882 | |||||||||||||||
Interest paid
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(922 | ) | - | (500 | ) | - | - | |||||||||||||
Net cash flows provided by
|
||||||||||||||||||||
financing activities
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234,334 | 614,012 | 62,654 | 233,441 | 787,688 | |||||||||||||||
Effect of exchange rate
|
||||||||||||||||||||
fluctuations on cash and cash
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equivalents
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736 | - | 690 | - | - | |||||||||||||||
Net increase (decrease) in
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cash and cash equivalents for
|
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the period
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366,706 | (8,344 | ) | 339,807 | (10,549 | ) | (4,810 | ) | ||||||||||||
Cash and cash equivalents at
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beginning of period
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4,199 | 9,009 | 31,144 | 11,214 | 9,009 | |||||||||||||||
Cash and cash equivalents at
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end of period
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371,641 | 665 | 371,641 | 665 | 4,199 |