Exhibit 99.1.
|
Condensed Consolidated Interim Financial Statements as at June 30, 2015 (Unaudited).
|
Exhibit 99.2
|
Operating Results and Financial Review and Prospects for the six months ended June 30, 2015.
|
Ellomay Capital Ltd.
|
|||
By:
|
/s/ Kalia Rubenbach | ||
Kalia Rubenbach
|
|||
Chief Financial Officer
|
|||
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim
Financial Statements
As at June 30, 2015
(Unaudited)
|
F-2 | |
F-3 | |
F-4 | |
F-5 | |
F-7 |
June 30
|
December 31
|
||||||||||
2015
|
2014
|
||||||||||
Note
|
US$ in thousands
|
||||||||||
Assets
|
|||||||||||
Current assets
|
|||||||||||
Cash and cash equivalents
|
11,691 | 15,758 | |||||||||
Marketable securities
|
5,038 | 3,650 | |||||||||
Short-term deposits
|
- | 3,980 | |||||||||
Restricted cash
|
262 | 283 | |||||||||
Trade receivables
|
102 | 214 | |||||||||
Other receivables and prepaid expenses
|
7,027 | 5,929 | |||||||||
24,120 | 29,814 | ||||||||||
Non-current assets
|
|||||||||||
Investment in equity accounted investee
|
6 | 35,922 | 27,237 | ||||||||
Financial assets
|
5,972 | 1,912 | |||||||||
Property, plant and equipment, net
|
5 | 83,711 | 93,513 | ||||||||
Restricted cash and deposits
|
5,620 | 5,134 | |||||||||
Other assets
|
1,274 | 1,477 | |||||||||
132,499 | 129,273 | ||||||||||
Total assets
|
156,619 | 159,087 | |||||||||
Liabilities and Equity
|
|||||||||||
Current liabilities
|
|||||||||||
Loans and borrowings
|
1,462 | 677 | |||||||||
Debentures
|
5,044 | 4,884 | |||||||||
Accounts payable
|
1,097 | 1,229 | |||||||||
Accrued expenses and other payables
|
3,672 | 4,134 | |||||||||
11,275 | 10,924 | ||||||||||
Non-current liabilities
|
|||||||||||
Finance lease obligations
|
5,032 | 5,646 | |||||||||
Long-term loans
|
3,602 | 4,039 | |||||||||
Debentures
|
41,486 | 40,042 | |||||||||
Other long-term liabilities
|
3,193 | 4,310 | |||||||||
53,313 | 54,037 | ||||||||||
Total liabilities
|
64,588 | 64,961 | |||||||||
Equity
|
|||||||||||
Share capital
|
26,240 | 26,180 | |||||||||
Share premium
|
76,940 | 76,932 | |||||||||
Treasury shares
|
(522 | ) | (522 | ) | |||||||
Reserves
|
(12,887 | ) | (8,127 | ) | |||||||
Retained earnings (Accumulated deficit)
|
2,363 | (353 | ) | ||||||||
Total equity attributed to shareholders of the Company
|
92,134 | 94,110 | |||||||||
Non-Controlling Interest
|
(103 | ) | 16 | ||||||||
Total equity
|
92,031 | 94,126 | |||||||||
Total liabilities and equity
|
156,619 | 159,087 |
For the six months ended June 30
|
|||||||||||
2015
|
2014
|
||||||||||
Note
|
US$ in thousands (except per share data)
|
||||||||||
Revenues
|
7,228 | 7,531 | |||||||||
Operating expenses
|
1,362 | 1,529 | |||||||||
Depreciation expenses
|
2,456 | 2,615 | |||||||||
Impairment charges
|
5 | - | 574 | ||||||||
Gross profit
|
3,410 | 2,813 | |||||||||
General and administrative expenses
|
1,706 | 2,348 | |||||||||
Company’s share of gain (losses) of investee accounted for at equity
|
217 | (230 | ) | ||||||||
Other income, net
|
6 | 57 | 1,843 | ||||||||
Operating Profit
|
1,978 | 2,078 | |||||||||
Financing income
|
122 | 736 | |||||||||
Financing income (expenses) in connection with derivatives reevaluation , net
|
5,306 | (343 | ) | ||||||||
Financing expenses
|
(4,101 | ) | (2,915 | ) | |||||||
Financing income (expenses), net
|
1,327 | (2,522 | ) | ||||||||
Profit (loss) before taxes on income
|
3,305 | (444 | ) | ||||||||
Taxes on income
|
708 | 78 | |||||||||
Net income (loss) for the period
|
2,597 | (522 | ) | ||||||||
Income (Loss) attributable to:
|
|||||||||||
Shareholders of the Company
|
2,716 | (516 | ) | ||||||||
Non-controlling interests
|
(119 | ) | (6 | ) | |||||||
Net income (loss) for the period
|
2,597 | (522 | ) | ||||||||
Other comprehensive income (loss)
|
|||||||||||
Items that are or may be reclassified to profit or loss:
|
|||||||||||
Foreign currency translation adjustments
|
699 | (303 | ) | ||||||||
Items that would not be reclassified to profit or loss:
|
|||||||||||
Presentation currency translation adjustments
|
(5,459 | ) | (769 | ) | |||||||
Total other comprehensive loss
|
(4,760 | ) | (1,072 | ) | |||||||
Total comprehensive loss
|
(2,163 | ) | (1,594 | ) | |||||||
Basic net earnings (loss) per share
|
0.26 | (0.05 | ) | ||||||||
Diluted net earnings (loss) per share
|
0.25 | (0.05 | ) |
Attributable to owners of the Company
|
Non- controlling
interests
|
Total
Equity
|
||||||||||||||||||||||||||||||||||
Translation
|
||||||||||||||||||||||||||||||||||||
Retained
|
reserve
|
Presentation
|
||||||||||||||||||||||||||||||||||
earnings
|
from
|
currency
|
||||||||||||||||||||||||||||||||||
Share
|
Share
|
(Accumulated
|
Treasury
|
foreign
|
translation
|
|||||||||||||||||||||||||||||||
capital
|
premium
|
Deficit)
|
shares
|
operations
|
reserve
|
Total
|
||||||||||||||||||||||||||||||
US$ in thousands | ||||||||||||||||||||||||||||||||||||
For the six months ended
|
||||||||||||||||||||||||||||||||||||
June 30, 2015
|
||||||||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||
January 1, 2015
|
26,180 | 76,932 | (353 | ) | (522 | ) | 955 | (9,082 | ) | 94,110 | 16 | 94,126 | ||||||||||||||||||||||||
Income for the period
|
- | - | 2,716 | - | - | - | 2,716 | (119 | ) | 2,597 | ||||||||||||||||||||||||||
Other comprehensive loss
|
- | - | - | - | 699 | (5,459 | ) | (4,760 | ) | - | (4,760 | ) | ||||||||||||||||||||||||
Total comprehensive loss
|
- | - | 2,716 | - | 699 | (5,459 | ) | (2,044 | ) | (119 | ) | (2,163 | ) | |||||||||||||||||||||||
Cost of share-based payments
|
- | 24 | - | - | - | - | 24 | - | 24 | |||||||||||||||||||||||||||
Warrants and options exercise
|
60 | (16 | ) | - | - | - | - | 44 | - | 44 | ||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||
June 30, 2015
|
26,240 | 76,940 | 2,363 | (522 | ) | 1,654 | (14,541 | ) | 92,134 | (103 | ) | 92,031 |
Attributable to owners of the Company |
Non- controlling
interests
|
Total
Equity
|
||||||||||||||||||||||||||||||||||
Translation
|
||||||||||||||||||||||||||||||||||||
reserve
|
Presentation
|
|||||||||||||||||||||||||||||||||||
from
|
currency
|
|||||||||||||||||||||||||||||||||||
Share
|
Share
|
Accumulated
|
Treasury
|
foreign
|
translation
|
|||||||||||||||||||||||||||||||
capital
|
premium
|
deficit
|
shares
|
operations
|
reserve
|
Total
|
||||||||||||||||||||||||||||||
US$ in thousands | ||||||||||||||||||||||||||||||||||||
For the six months ended
|
||||||||||||||||||||||||||||||||||||
June 30, 2014
|
||||||||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||
January 1, 2014
|
26,180 | 76,932 | (7,011 | ) | (522 | ) | 4,154 | - | 99,733 | 28 | 99,761 | |||||||||||||||||||||||||
Loss for the period
|
- | - | (516 | ) | - | - | (516 | ) | (6 | ) | (522 | ) | ||||||||||||||||||||||||
Other comprehensive loss
|
- | - | - | - | (303 | ) | (769 | ) | (1,072 | ) | - | (1,072 | ) | |||||||||||||||||||||||
Total comprehensive loss
|
- | - | (516 | ) | - | (303 | ) | (769 | ) | (1,588 | ) | (6 | ) | (1,594 | ) | |||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||
June 30, 2014
|
26,180 | 76,932 | (7,527 | ) | (522 | ) | 3,851 | (769 | ) | 98,145 | 22 | 98,167 |
Six months ended June 30
|
||||||||
2015
|
2014
|
|||||||
US$ thousands
|
||||||||
Cash flows from operating activities
|
||||||||
Income (loss) for the period
|
2,597 | (522 | ) | |||||
Adjustments for:
|
||||||||
Financing (income) expenses, net
|
(1,327 | ) | 2,522 | |||||
Impairment charges
|
- | 574 | ||||||
Depreciation
|
2,456 | 2,615 | ||||||
Share-based payment
|
24 | - | ||||||
Company’s share of losses (income) of investees accounted for at equity
|
(217 | ) | 230 | |||||
Decrease (increase) in trade receivables
|
95 | (74 | ) | |||||
Increase in other receivables and prepaid expenses
|
(2,306 | ) | (2,259 | ) | ||||
Increase in other assets
|
(4,370 | ) | (1,478 | ) | ||||
Decrease in accrued severance pay, net
|
- | (27 | ) | |||||
(Decrease) increase in trade payables
|
(49 | ) | 177 | |||||
Increase in accrued expenses and other payables
|
5,536 | 541 | ||||||
Tax expenses
|
708 | 78 | ||||||
Tax (paid) received
|
(95 | ) | 181 | |||||
Interest received
|
93 | 58 | ||||||
Interest paid
|
(1,449 | ) | (2,525 | ) | ||||
Net cash provided by operating activities
|
1,696 | 91 | ||||||
Cash flows from investing activities
|
||||||||
Purchase of property and equipment
|
- | (92 | ) | |||||
Advance payment on account of investment
|
- | (408 | ) | |||||
Investment in equity accounted investees
|
(7,456 | ) | (4,058 | ) | ||||
(Investment in) proceeds from restricted cash
|
(550 | ) | 5,321 | |||||
Investment in Marketable Securities
|
(1,350 | ) | - | |||||
Proceeds from deposits
|
3,980 | 5,153 | ||||||
Net cash (used in) provided by investing activities
|
(5,376 | ) | 5,916 | |||||
Cash flows from financing activities
|
||||||||
Repayment of loans
|
(424 | ) | (25,506 | ) | ||||
Short-term loans, net
|
910 | - | ||||||
Proceeds from options and warrants exercised
|
44 | - | ||||||
Proceeds from loans and Debentures, net
|
- | 55,791 | ||||||
Net cash provided by financing activities
|
530 | 30,285 |
Six months ended June 30
|
||||||||
2015
|
2014
|
|||||||
US$ thousands
|
||||||||
Exchange differences on balance of cash and cash equivalents
|
(917 | ) | (637 | ) | ||||
Increase (decrease) in cash and cash equivalents
|
(4,067 | ) | 35,655 | |||||
Cash and cash equivalents at the beginning of the period
|
15,758 | 7,238 | ||||||
Cash and cash equivalents at the end of the period
|
11,691 | 42,893 |
June 30, 2015
|
|||||||||||||||||||
Fair value
|
|||||||||||||||||||
Carrying
|
Valuation techniques for
|
Inputs used to
|
|||||||||||||||||
amount
|
Level 1
|
Level 2
|
Level 3
|
determining fair value
|
determine fair value
|
||||||||||||||
US$ in thousands
|
|||||||||||||||||||
Non-current liabilities:
|
|||||||||||||||||||
Debentures
|
46,530 | 48,643 | - | - | |||||||||||||||
Loans from banks and others (including current maturities)
|
4,726 | - | 4,580 | - |
Future cash flows by the market interest rate on the date of measurement.
|
Discount rate of Euribor+ 2.85%
|
|||||||||||||
Finance lease obligations (including current maturities)
|
5,370 | - | 5,236 | - |
Future cash flows by the market interest rate on the date of measurement.
|
Discount rate of Euribor+ 2.85%
|
|||||||||||||
|
56,626 | 48,643 | 9,816 | - |
December 31, 2014
|
|||||||||||||||||||
Fair value
|
|||||||||||||||||||
Carrying
|
Valuation techniques for
|
Inputs used to
|
|||||||||||||||||
amount
|
Level 1
|
Level 2
|
Level 3
|
determining fair value
|
determine fair value
|
||||||||||||||
US$ in thousands
|
|||||||||||||||||||
Non-current liabilities:
|
|||||||||||||||||||
Debentures
|
44,926 | 45,468 | |||||||||||||||||
Loans from banks and others (including current maturities)
|
4,354 | - | 4,297 | - |
Future cash flows by the market interest rate on the date of measurement.
|
Discount rate of Euribor+ 2.85%
|
|||||||||||||
Finance lease obligations (including current maturities)
|
6,008 | - | 5,850 | - |
Future cash flows by the market interest rate on the date of measurement.
|
Discount rate of Euribor+ 2.85%
|
|||||||||||||
|
55,288 | 45,468 | 10,147 | - |
|
—
|
Level 1: quoted prices (unadjusted) in active markets for identical instruments.
|
|
—
|
Level 2: inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly.
|
|
—
|
Level 3: inputs that are not based on observable market data (unobservable inputs).
|
June 30, 2015
|
|||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||
US$ in thousands
|
|||||||||||||
Income receivable in connection with the Erez electricity pumped storage project
|
1,326 | 1,326 | |||||||||||
Marketable securities
|
5,038 | 5,038 | |||||||||||
Forward contracts
|
2,602 | 2,602 | |||||||||||
Swap contracts
|
-
|
(148 | ) | (148 | ) |
December 31, 2014
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
US$ in thousands
|
||||||||||||||||
Option to acquire additional shares in investee
|
- | - | 17 | 17 | ||||||||||||
Income receivable in connection with the Erez electricity pumped storage project
|
1,238 | 1,238 | ||||||||||||||
Marketable securities
|
- | 3,650 | - | 3,650 | ||||||||||||
Forward contracts
|
- | 657 | - | 657 | ||||||||||||
Swap contracts
|
- | (3,807 | ) | - | (3,807 | ) |
Financial assets
|
||||||||
Option to purchase
Additional shares in
investee
|
Income receivable
in connection with
PSP Gilboa
|
|||||||
US$ in thousands
|
||||||||
Balance as at December 31, 2013
|
389 | - | ||||||
Total income recognized in profit or loss
|
(372 | ) | 1,704 | |||||
Paid
|
- | (349 | ) | |||||
Foreign Currency translation adjustments
|
(* | ) | (117 | ) | ||||
Balance as at December 31, 2014
|
17 | 1,238 | ||||||
Exercise
|
(17 | ) | - | |||||
Total income recognized in profit or loss
|
- | 185 | ||||||
Foreign Currency translation adjustments
|
- | (97 | ) | |||||
Balance as at June 30, 2015
|
- | 1,326 |
PV Plant Title
|
Installed
Capacity1
|
Location
|
Technology
of Panels
|
Connection
to Grid
|
FiT
(€/kWh) 2
|
Revenue in the six months ended June 30, 2014 (in thousands)3
|
Revenue in the six months ended June 30, 2015 (in thousands)3
|
“Troia 8”
|
995.67 kWp
|
Province of Foggia, Municipality of Troia, Puglia region, Italy
|
Fix
|
January 14, 2011
|
0.318
|
$369
(€ 269)
|
$292
(€ 261)
|
“Troia 9”
|
995.67 kWp
|
Province of Foggia, Municipality of Troia, Puglia region, Italy
|
Fix
|
January 14, 2011
|
0.318
|
$377
(€ 275)
|
$299
(€ 267)
|
PV Plant Title
|
Installed
Capacity1
|
Location
|
Technology
of Panels
|
Connection
to Grid
|
FiT
(€/kWh) 2
|
Revenue in the six months ended June 30, 2014 (in thousands)3
|
Revenue in the six months ended June 30, 2015 (in thousands)3
|
“Del Bianco”
|
734.40 kWp
|
Province of Macerata, Municipality of Cingoli, Marche region, Italy
|
Fix
|
April 1, 2011
|
0.322
|
$259
(€189)
|
$200
(€179)
|
“Giaché”
|
730.01 kWp
|
Province of Ancona, Municipality of Filotrano, Marche region, Italy
|
Duel Axes Tracker
|
April 14, 2011
|
0.322
|
$306
(€223)
|
$223
(€199)
|
“Costantini”
|
734.40 kWp
|
Province of Ancona, Municipality of Senigallia, Marche region, Italy
|
Fix
|
April 27, 2011
|
0.322
|
$275
(€201)
|
$215
(€193)
|
“Massaccesi”
|
749.7 kWp
|
Province of Ancona, Municipality of Arcevia, Marche region, Italy
|
Duel Axes Tracker
|
April 29, 2011
|
0.322
|
$323
(€236)
|
$230
(€205)
|
“Galatina”
|
994.43 kWp
|
Province of Lecce, Municipality of Galatina, Puglia region, Italy
|
Fix
|
May 25, 2011
|
0.318
|
$344
(€251)
|
$287
(€257)
|
“Pedale (Corato)”
|
2,993 kWp
|
Province of Bari, Municipality of Corato, Puglia region, Italy
|
Single Axes Tracker
|
May 31, 2011
|
0.266
|
$1,173
(€856)
|
$921
(€824)
|
“Acquafresca”
|
947.6 kWp
|
Province of Barletta-Andria-Trani, Municipality of Minervino Murge, Puglia region, Italy
|
Fix
|
June 2011
|
0.268
|
$295
(€215)
|
$229
(€205)
|
PV Plant Title
|
Installed
Capacity1
|
Location
|
Technology
of Panels
|
Connection
to Grid
|
FiT
(€/kWh) 2
|
Revenue in the six months ended June 30, 2014 (in thousands)3
|
Revenue in the six months ended June 30, 2015 (in thousands)3
|
“D‘Angella”
|
930.5 kWp
|
Province of Barletta-Andria-Trani, Municipality of Minervino Murge, Puglia region, Italy
|
Fix
|
June 2011
|
0.268
|
$292
(€213)
|
$228
(€204)
|
“Soleco”
|
5,923.5 kWp
|
Province of Rovigo, Municipality of Canaro, Veneto region, Italy
|
Fix
|
August 2011
|
0.219
|
$1,570
(€1,146)
|
$1,301
(€1,164)
|
“Tecnoenergy”
|
5,899.5 kWp
|
Province of Rovigo, Municipality of Canaro, Veneto region, Italy
|
Fix
|
August 2011
|
0.219
|
$1,508
(€1,101)
|
$1,216
(€1,088)
|
“Rinconada II”4
|
2,275 kWp
|
Municipality of Córdoba, Andalusia, Spain
|
Fix
|
July 2010
|
N/A
|
$4404
(€321)
|
$449
(€402)
|
“Rodríguez I”
|
1,675 kWp
|
Province of Murcia, Spain
|
Fix
|
November 2011
|
N/A
|
$-5
|
$331
(€296)
|
“Rodríguez II”
|
2,691 kWp
|
Province of Murcia, Spain
|
Fix
|
November 2011
|
N/A
|
$-5
|
$543
(€486)
|
“Fuente Librilla”
|
1,248 kWp
|
Province of Murcia, Spain
|
Fix
|
June 2011
|
N/A
|
$-5
|
$264
(€236)
|
Year ended December 31,
|
Six months ended June 30,
|
|||||||||||||||
2014
|
2013
|
2015
|
2014
|
|||||||||||||
Appreciation (Depreciation) of the NIS against the Euro
|
(1.2 | )% | (2.9 | )% | (10.7 | )% | (1.8 | )% | ||||||||
Appreciation (Depreciation) of the Euro against the U.S. Dollar
|
(11.8 | )% | 4.5 | % | (7.8 | )% | (0.9 | )% |
Six months ended June 30,
|
||||||||
2015
|
2014
|
|||||||
(U.S. dollars in thousands)
|
||||||||
Net cash provided by operating activities
|
1,696 | 91 | ||||||
Net cash (used in) provided by investing activities
|
(5,376 | ) | 5,916 | |||||
Net cash provided by financing activities
|
530 | 30,285 | ||||||
Exchange differences on balances of cash and cash equivalents
|
(917 | ) | (637 | ) | ||||
Increase (decrease) in cash and cash equivalents
|
(4,067 | ) | 35,655 | |||||
Cash and cash equivalents at beginning of period
|
15,758 | 7,238 | ||||||
Cash and cash equivalents at end of period
|
11,691 | 42,893 |
June 30
|
December 31
|
||||||||||
2015
|
2014
|
||||||||||
Note
|
US$ in thousands
|
||||||||||
Assets
|
|||||||||||
Current assets
|
|||||||||||
Cash and cash equivalents
|
11,691 | 15,758 | |||||||||
Marketable securities
|
5,038 | 3,650 | |||||||||
Short-term deposits
|
- | 3,980 | |||||||||
Restricted cash
|
262 | 283 | |||||||||
Trade receivables
|
102 | 214 | |||||||||
Other receivables and prepaid expenses
|
7,027 | 5,929 | |||||||||
24,120 | 29,814 | ||||||||||
Non-current assets
|
|||||||||||
Investment in equity accounted investee
|
6 | 35,922 | 27,237 | ||||||||
Financial assets
|
5,972 | 1,912 | |||||||||
Property, plant and equipment, net
|
5 | 83,711 | 93,513 | ||||||||
Restricted cash and deposits
|
5,620 | 5,134 | |||||||||
Other assets
|
1,274 | 1,477 | |||||||||
132,499 | 129,273 | ||||||||||
Total assets
|
156,619 | 159,087 | |||||||||
Liabilities and Equity
|
|||||||||||
Current liabilities
|
|||||||||||
Loans and borrowings
|
1,462 | 677 | |||||||||
Debentures
|
5,044 | 4,884 | |||||||||
Accounts payable
|
1,097 | 1,229 | |||||||||
Accrued expenses and other payables
|
3,672 | 4,134 | |||||||||
11,275 | 10,924 | ||||||||||
Non-current liabilities
|
|||||||||||
Finance lease obligations
|
5,032 | 5,646 | |||||||||
Long-term loans
|
3,602 | 4,039 | |||||||||
Debentures
|
41,486 | 40,042 | |||||||||
Other long-term liabilities
|
3,193 | 4,310 | |||||||||
53,313 | 54,037 | ||||||||||
Total liabilities
|
64,588 | 64,961 | |||||||||
Equity
|
|||||||||||
Share capital
|
26,240 | 26,180 | |||||||||
Share premium
|
76,940 | 76,932 | |||||||||
Treasury shares
|
(522 | ) | (522 | ) | |||||||
Reserves
|
(12,887 | ) | (8,127 | ) | |||||||
Retained earnings (Accumulated deficit)
|
2,363 | (353 | ) | ||||||||
Total equity attributed to shareholders of the Company
|
92,134 | 94,110 | |||||||||
Non-Controlling Interest
|
(103 | ) | 16 | ||||||||
Total equity
|
92,031 | 94,126 | |||||||||
Total liabilities and equity
|
156,619 | 159,087 |
For the six months ended June 30
|
|||||||||||
2015
|
2014
|
||||||||||
Note
|
US$ in thousands (except per share data)
|
||||||||||
Revenues
|
7,228 | 7,531 | |||||||||
Operating expenses
|
1,362 | 1,529 | |||||||||
Depreciation expenses
|
2,456 | 2,615 | |||||||||
Impairment charges
|
5 | - | 574 | ||||||||
Gross profit
|
3,410 | 2,813 | |||||||||
General and administrative expenses
|
1,706 | 2,348 | |||||||||
Company’s share of gain (losses) of investee accounted for at equity
|
217 | (230 | ) | ||||||||
Other income, net
|
6 | 57 | 1,843 | ||||||||
Operating Profit
|
1,978 | 2,078 | |||||||||
Financing income
|
122 | 736 | |||||||||
Financing income (expenses) in connection with derivatives reevaluation , net
|
5,306 | (343 | ) | ||||||||
Financing expenses
|
(4,101 | ) | (2,915 | ) | |||||||
Financing income (expenses), net
|
1,327 | (2,522 | ) | ||||||||
Profit (loss) before taxes on income
|
3,305 | (444 | ) | ||||||||
Taxes on income
|
708 | 78 | |||||||||
Net income (loss) for the period
|
2,597 | (522 | ) | ||||||||
Income (Loss) attributable to:
|
|||||||||||
Shareholders of the Company
|
2,716 | (516 | ) | ||||||||
Non-controlling interests
|
(119 | ) | (6 | ) | |||||||
Net income (loss) for the period
|
2,597 | (522 | ) | ||||||||
Other comprehensive income (loss)
|
|||||||||||
Items that are or may be reclassified to profit or loss:
|
|||||||||||
Foreign currency translation adjustments
|
699 | (303 | ) | ||||||||
Items that would not be reclassified to profit or loss:
|
|||||||||||
Presentation currency translation adjustments
|
(5,459 | ) | (769 | ) | |||||||
Total other comprehensive loss
|
(4,760 | ) | (1,072 | ) | |||||||
Total comprehensive loss
|
(2,163 | ) | (1,594 | ) | |||||||
Basic net earnings (loss) per share
|
0.26 | (0.05 | ) | ||||||||
Diluted net earnings (loss) per share
|
0.25 | (0.05 | ) |
Attributable to owners of the Company
|
Non- controlling
interests
|
Total
Equity
|
||||||||||||||||||||||||||||||||||
Translation
|
||||||||||||||||||||||||||||||||||||
Retained
|
reserve
|
Presentation
|
||||||||||||||||||||||||||||||||||
earnings
|
from
|
currency
|
||||||||||||||||||||||||||||||||||
Share
|
Share
|
(Accumulated
|
Treasury
|
foreign
|
translation
|
|||||||||||||||||||||||||||||||
capital
|
premium
|
Deficit)
|
shares
|
operations
|
reserve
|
Total
|
||||||||||||||||||||||||||||||
US$ in thousands | ||||||||||||||||||||||||||||||||||||
For the six months ended
|
||||||||||||||||||||||||||||||||||||
June 30, 2015
|
||||||||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||
January 1, 2015
|
26,180 | 76,932 | (353 | ) | (522 | ) | 955 | (9,082 | ) | 94,110 | 16 | 94,126 | ||||||||||||||||||||||||
Income for the period
|
- | - | 2,716 | - | - | - | 2,716 | (119 | ) | 2,597 | ||||||||||||||||||||||||||
Other comprehensive loss
|
- | - | - | - | 699 | (5,459 | ) | (4,760 | ) | - | (4,760 | ) | ||||||||||||||||||||||||
Total comprehensive loss
|
- | - | 2,716 | - | 699 | (5,459 | ) | (2,044 | ) | (119 | ) | (2,163 | ) | |||||||||||||||||||||||
Cost of share-based payments
|
- | 24 | - | - | - | - | 24 | - | 24 | |||||||||||||||||||||||||||
Warrants and options exercise
|
60 | (16 | ) | - | - | - | - | 44 | - | 44 | ||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||
June 30, 2015
|
26,240 | 76,940 | 2,363 | (522 | ) | 1,654 | (14,541 | ) | 92,134 | (103 | ) | 92,031 |
Attributable to owners of the Company |
Non- controlling
interests
|
Total
Equity
|
||||||||||||||||||||||||||||||||||
Translation
|
||||||||||||||||||||||||||||||||||||
reserve
|
Presentation
|
|||||||||||||||||||||||||||||||||||
from
|
currency
|
|||||||||||||||||||||||||||||||||||
Share
|
Share
|
Accumulated
|
Treasury
|
foreign
|
translation
|
|||||||||||||||||||||||||||||||
capital
|
premium
|
deficit
|
shares
|
operations
|
reserve
|
Total
|
||||||||||||||||||||||||||||||
US$ in thousands | ||||||||||||||||||||||||||||||||||||
For the six months ended
|
||||||||||||||||||||||||||||||||||||
June 30, 2014
|
||||||||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||
January 1, 2014
|
26,180 | 76,932 | (7,011 | ) | (522 | ) | 4,154 | - | 99,733 | 28 | 99,761 | |||||||||||||||||||||||||
Loss for the period
|
- | - | (516 | ) | - | - | (516 | ) | (6 | ) | (522 | ) | ||||||||||||||||||||||||
Other comprehensive loss
|
- | - | - | - | (303 | ) | (769 | ) | (1,072 | ) | - | (1,072 | ) | |||||||||||||||||||||||
Total comprehensive loss
|
- | - | (516 | ) | - | (303 | ) | (769 | ) | (1,588 | ) | (6 | ) | (1,594 | ) | |||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||
June 30, 2014
|
26,180 | 76,932 | (7,527 | ) | (522 | ) | 3,851 | (769 | ) | 98,145 | 22 | 98,167 |
Six months ended June 30
|
||||||||
2015
|
2014
|
|||||||
US$ thousands
|
||||||||
Cash flows from operating activities
|
||||||||
Income (loss) for the period
|
2,597 | (522 | ) | |||||
Adjustments for:
|
||||||||
Financing (income) expenses, net
|
(1,327 | ) | 2,522 | |||||
Impairment charges
|
- | 574 | ||||||
Depreciation
|
2,456 | 2,615 | ||||||
Share-based payment
|
24 | - | ||||||
Company’s share of losses (income) of investees accounted for at equity
|
(217 | ) | 230 | |||||
Decrease (increase) in trade receivables
|
95 | (74 | ) | |||||
Increase in other receivables and prepaid expenses
|
(2,306 | ) | (2,259 | ) | ||||
Increase in other assets
|
(4,370 | ) | (1,478 | ) | ||||
Decrease in accrued severance pay, net
|
- | (27 | ) | |||||
(Decrease) increase in trade payables
|
(49 | ) | 177 | |||||
Increase in accrued expenses and other payables
|
5,536 | 541 | ||||||
Tax expenses
|
708 | 78 | ||||||
Tax (paid) received
|
(95 | ) | 181 | |||||
Interest received
|
93 | 58 | ||||||
Interest paid
|
(1,449 | ) | (2,525 | ) | ||||
Net cash provided by operating activities
|
1,696 | 91 | ||||||
Cash flows from investing activities
|
||||||||
Purchase of property and equipment
|
- | (92 | ) | |||||
Advance payment on account of investment
|
- | (408 | ) | |||||
Investment in equity accounted investees
|
(7,456 | ) | (4,058 | ) | ||||
(Investment in) proceeds from restricted cash
|
(550 | ) | 5,321 | |||||
Investment in Marketable Securities
|
(1,350 | ) | - | |||||
Proceeds from deposits
|
3,980 | 5,153 | ||||||
Net cash (used in) provided by investing activities
|
(5,376 | ) | 5,916 | |||||
Cash flows from financing activities
|
||||||||
Repayment of loans
|
(424 | ) | (25,506 | ) | ||||
Short-term loans, net
|
910 | - | ||||||
Proceeds from options and warrants exercised
|
44 | - | ||||||
Proceeds from loans and Debentures, net
|
- | 55,791 | ||||||
Net cash provided by financing activities
|
530 | 30,285 |
Six months ended June 30
|
||||||||
2015
|
2014
|
|||||||
US$ thousands
|
||||||||
Exchange differences on balance of cash and cash equivalents
|
(917 | ) | (637 | ) | ||||
Increase (decrease) in cash and cash equivalents
|
(4,067 | ) | 35,655 | |||||
Cash and cash equivalents at the beginning of the period
|
15,758 | 7,238 | ||||||
Cash and cash equivalents at the end of the period
|
11,691 | 42,893 |
For the Six Months ended June 30,
|
For the Six Months ended June 30, | |||||||
2015
|
2014
|
|||||||
Unaudited
|
Unaudited
|
|||||||
Net income (loss) for the period
|
2,597 | (522 | ) | |||||
Financing expenses, net
|
(1,327 | ) | 2,522 | |||||
Taxes on income (benefit)
|
708 | 78 | ||||||
Depreciation
|
2,456 | 2,615 | ||||||
EBITDA from continuing operations
|
4,434 | 4,693 |