exhibit_99-1.htm

Revenues were approximately $13.8 million for the year ended December 31, 2015, compared to approximately $15.8 million for year ended December 31, 2014. Excluding unfavorable currency effects, revenues were up approximately 5% to €12.5 million from €11.9 million in the corresponding period last year. The change in revenues is mainly a result of an increase in revenues due to the acquisition of three photovoltaic plants in Murcia, Spain (the “Murcia PV Plants”) on July 1, 2014. The decrease in the amount of reported revenues is due to the presentation of results in U.S. dollar and the devaluation of the Euro against the U.S. dollar during the period.

Operating expenses were approximately $2.9 million (€2.6 million) for the year ended December 31, 2015, compared to approximately $3.1 million (€2.3 million) for year ended December 31, 2014. Depreciation expenses were approximately $4.9 million (€4.4 million) for the year ended December 31, 2015, compared to approximately $5.5 million (€4.1 million) for the year ended December 31, 2014. These changes resulted from an increase in expenses due to addition of the Murcia PV Plants’ operations acquired on July 1, 2014, offset by the devaluation of the Euro against the U.S. dollar.

Other income, net was approximately $0.02 million in the year ended December 31, 2015, compared to approximately $1.4 million in the year ended December 31, 2014. Other income was primarily attributable to compensation to be received in connection with a pumped storage project in the Gilboa, Israel initially recognized in 2014. The revaluation of such financial asset is recognized as other income for the year ended December 31, 2015.

Financing income, net was approximately $0.6 million for the year ended December 31, 2015, compared to financing expenses, net of approximately $3.4 million for the year ended December 31, 2014. The change in financing income was mainly due to the reevaluation of the Company’s EUR/USD forward transactions, interest rate swap transactions and settlement of the Company’s currency interest rate swap transactions in the aggregate amount of approximately $5.6 million, partially offset by expenses resulting from exchange rate differences in the amount of approximately $1.8 million, approximately $0.8 million interest on loans and interest rate swap transactions and approximately $2.5 million interest and other costs in connection with The Company’s Series A Debentures.

Total other comprehensive loss was approximately $7.1 million for the year ended December 31, 2015, compared to approximately $12.3 million in the year ended December 31, 2014. The change was mainly due to presentation currency translation adjustments as a result of fluctuations in the Euro/USD exchange rates. Such loss is a result of the devaluation in the Euro against the U.S. Dollar of approximately 10.4% for the year ended December 31, 2015 and approximately 11.8% for the year ended December 31, 2014.

Total comprehensive income was approximately $0.2 million in the year ended December 31, 2015, compared to loss of approximately $5.6 million in the year ended December 31, 2014. The comprehensive income for the year ended December 31, 2015 was primarily due to the total other comprehensive loss of approximately $7.1 million for the period, which offset the Company’s net income of approximately $7.4 million for the period.

The Company further announced that, in accordance with its dividend distribution policy, the Company’s Board of Directors approved the distribution of a cash dividend in the amount of $0.225 per share, totaling approximately US$ 2.4 million. The dividend is payable on April 20, 2016 to all of the Company’s shareholders of record at the close of trading on the NYSE MKT (or the Tel-Aviv Stock Exchange, as applicable) on April 6, 2016.

Ran Fridrich, CEO and a board member of Ellomay commented: “The Company’s revenues for 2015 in Euro increased by approximately 5% compared to 2014. Despite the decrease in subsidies in Italy, where most of the Company’s PV plants are located, as a result of operational improvements the Company managed to maintain in 2015 a similar operating profit in Euro as in 2014. Unfavorable currency effects resulting from the weakening of the euro against the dollar were partially offset by the execution of forward contracts. The Company holds a quality and stable portfolio of assets, producing on-going operational cash flows. We continue to examine attractive investment opportunities in various fields of renewable energy.”

As of December 31, 2015, the Company’s Net Financial Debt (as such term is defined in the Series A Debentures Deed of Trust) was approximately $13.5 million (consisting of approximately $18 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately $40 million in connection with the Series A Debentures issuances (in January and September 2014), net of approximately $25.2 million of cash and cash equivalents and marketable securities and net of approximately $19.3 million of project finance and related hedging transactions of the Company’s subsidiaries).

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.

Ellomay is an Israeli based company whose shares are registered under the trading symbol “ELLO” with the NYSE MKT, and with the Tel Aviv Stock Exchange. Since 2009, Ellomay Capital focuses its business in the energy and infrastructure sectors worldwide. Ellomay (formerly Nur Macroprinters Ltd.) previously was a supplier of wide format and super-wide format digital printing systems and related products worldwide, and sold this business to Hewlett-Packard Company during 2008 for more than $100 million.

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. The expertise of Ellomay’s controlling shareholders and management enables the company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.

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 our forward-looking statements including changes in regulation, seasonality of the PV business and market conditions. 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.

	December 31			December 31
	2015			2014
	US$ in thousands
Assets

Current assets:

Cash and cash equivalents		18,717			15,758
Marketable securities		6,499			3,650
Short-term deposits		-			3,980
Restricted cash		79			283
Trade receivables		69			214
Other receivables		8,149			5,929
		33,513			29,814
Non-current assets

Investment in equity accounted investee		33,970			27,237
Financial assets		4,865			1,912
Fixed assets		78,975			93,513
Restricted cash and deposits		5,317			5,134
Deferred tax		2,840			1,425
Other assets		847			52
		126,814			129,273

Total assets		160,327			159,087

Liabilities and Equity

Current liabilities

Loans and borrowings		1,133			677
Debentures		4,878			4,884
Trade payables		869			1,229
Other payables		3,223			4,134
		10,103			10,924
Non-current liabilities

Finance lease obligations		4,724			5,646
Long-term loans		13,043			4,039
Debentures		35,074			40,042
Deferred tax		823			1,008
Other long-term liabilities		2,495			3,302
		56,159			54,037

Total liabilities		66,262			64,961

Equity
Share capital		26,597			26,180
Share premium		77,723			76,932
Treasury shares		(1,972	)		(522	)
Reserves		(15,215	)		(8,127	)
Retained earnings (Accumulated deficit)		7,200			(353	)
Total equity attributed to shareholders of the Company		94,333			94,110
Non-Controlling Interest		(268	)		16

Total equity		94,065			94,126

Total liabilities and equity		160,327			159,087

	For the year ended December 31			For the three month ended December 31			For the year ended December 31			For the three month ended December 31
	Audited			Unaudited			Audited			Unaudited
	2015			2015			2014			2014
	US$ in thousands (except per share data)

Revenues		13,817			2,204			15,782			3,053
Operating expenses		(2,854	)		(924	)		(3,087	)		(904	)
Depreciation expenses		(4,912	)		(1,218	)		(5,452	)		(1,382	)
Impairment losses		-			-			-			568
Gross profit		6,051			62			7,243			1,335

General and administrative expenses		(3,745	)		(1,010	)		(4,253	)		(793	)
Share of profits (losses) of equity accounted investee		2,446			1,334			1,819			152
Other income (expense), net		21			(39	)		1,438			(199	)
Gain on bargain purchase		-			-			3,995			307
Operating Profit		4,773			347			10,242			802

Financing income		2,347			1,977			2,245			1,776
Financing income (expenses) in connection with derivatives, net		3,485			(1,011	)		(1,048	)		(725	)
Financing expenses		(5,240	)		(1,314	)		(4,592	)		(708	)
Financing income (expenses), net		592			(348	)		(3,395	)		343

Profit before taxes on income		5,365			1			6,847			1,145
Tax benefit (taxes on income)		1,933			(189	)		(201	)		634

Profit (loss) for the period		7,298			(190	)		6,646			1,779

Profit (Loss) attributable to:
Owners of the Company		7,553			(119	)		6,658			1,785
Non-controlling interests		(255	)		(71	)		(12	)		(6	)

Profit for the period		7,298			(190	)		6,646			1,779
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		(141	)		78			(3,199	)		(2,762	)
Other comprehensive income items that will not be transferred to profit or loss:
Presentation currency translation adjustments		(6,947	)		(1,979	)		(9,082	)		(1,389	)

Total other comprehensive income (loss)		(7,088	)		(1,901	)		(12,281	)		(4,151	)

Total comprehensive income (loss) for the period		210			(2,091	)		(5,635	)		(2,372	)

Earnings per share
Basic earnings per share		0.7			(0.02	)		0.62			0.17
Diluted earnings per share		0.7			(0.02	)		0.62			0.17

			Attributable to shareholders of the Company
											Translation
	Share		Share		Retained earnings (accumulated			Treasury			reserve from foreign			Presentation Currency Translation						Non- controlling			Total
	capital		premium		deficit)			shares			Operations			Reserve			Total			Interests			Equity
	Audited
	US$ in thousands
Balance as at
January 1, 2015		26,180		76,932		(353	)		(522	)		955			(9,082	)		94,110			16			94,126
Net income for the year		-		-		7,553			-			-			-			7,553			(255	)		7,298
Acquisition of subsidiary		-		-		-			-			-			-			-			(29	)		(29	)
Other comprehensive loss		-		-		-			-			(141	)		(6,947	)		(7,088	)		-			(7,088	)
Total comprehensive income		-		-		7,553			-			(141	)		(6,947	)		465			(284	)		181
Transactions with owners of the Company, recognized directly in equity:
Exercise of share options and warrants		417		784		-			-			-			-			1,201			-			1,201
Own shares acquired		-		-		-			(1,450	)		-			-			(1,450	)		-			(1,450	)
Share-based payments		-		7		-			-			-			-			7			-			7
Balance as at
December 31, 2015		26,597		77,723		7,200			(1,972	)		814			(16,029	)		94,333			(268	)		94,065

	Unaudited
Balance as at September 30, 2015		26,597		77,795		(7,319	)		(1,086	)		(736	)		14,050			97,311			197			97,143
Net loss for the period		-		-		119			-			-			-			119			71			190
Other comprehensive income		-		-		-			-			(78	)		1,979			1,901			-			1,901
Total comprehensive income		-		-		119			-			(78	)		1,979			2,020			71			2,091
Transactions with owners of the Company, recognized directly in equity:
Own shares acquired		-		-		-			886			-			-			886			-			886
Cost of share-based payments		-		72		-			-			-			-			72			-			72
Balance as at
December 31, 2015		26,597		77,723		7,200			(1,972	)		814			(16,029	)		94,333			(268	)		94,065

			Attributable to shareholders of the Company

											Translation
	Share		Share		Retained earnings (accumulated			Treasury			reserve from foreign			Presentation Currency Translation						Non- Interests			Total
	capital		premium		deficit)			shares			Operations			Reserve			Total			controlling			Equity
	Audited
	US$ in thousands
Balance as at January 1, 2014		26,180		76,932		(7,011	)		(522	)		4,154			-			99,733			28			99,761
Net income for the year		-		-		6,658			-			-			-			6,658			(12	)		6,646
Other comprehensive loss		-		-		-			-			(3,199	)		(9,082	)		(12,281	)		-			(12,281	)
Total comprehensive loss		-		-		6,658			-			(3,199	)		(9,082	)		(5,623	)		(12	)		(5,635	)
Balance as at
December 31, 2014		26,180		76,932		(353	)		(522	)		955			(9,082	)		94,110			16			94,126

	For the year ended December 31			For the three month ended December 31			For the year ended December 31			For the three month ended December 31
	Audited			Unaudited			Audited			Unaudited
	2015			2015			2014			2014
	US$ in thousands
Cash flows from operating activities

Profit (loss) for the period		7,298			(190	)		6,646			1,779

Adjustments for:

Net Financing expenses (income)		(592	)		348			3,395			(343	)
Gain on bargain purchase		-			-			(3,995	)		(307	)
Impairment charges reversal		-			-			-			(568	)
Forward gain		-			(223	)		-			-
Depreciation		4,912			1,218			5,452			1,382
Share-based payment transactions		7			(72	)		*			-
Share of losses (profits) of equity accounted investees		(2,446	)		(1,334	)		(1,819	)		(152	)
Change in trade receivables		125			158			95			220
Change in other receivables		333			254			(1,631	)		2,673
Change in other assets		(1,706	)		478			(797	)		(122	)
Change in accrued severance pay, net		(1	)		-			(29	)		-
Change in trade payables		(252	)		(181	)		(498	)		(435	)
Change in other payables		2,311			1,058			498			(380	)
Income tax expense (tax benefit)		(1,933	)		189			201			(634	)
Income taxes paid		(241	)		(53	)		(461	)		(281	)
Interest received		222			113			212			85
Interest paid		(3,126	)		(1,438	)		(3,933	)		(1,154	)
		(2,387	)		515			(3,310	)		(16	)

Net cash from operating activities		4,911			325			3,336			1,763

	For the year ended December 31			For the three month ended December 31			For the year ended December 31			For the three month ended December 31
	Audited			Unaudited			Audited			Unaudited
	2015			2015			2014			2014
	US$ in thousands
Cash flows from investing activities:

Acquisition of fixed assets		-			-			(709	)		(617	)
Acquisition of subsidiary, net of cash acquired		-			-			(13,126	)		(60	)
Investment in of equity accounted investee		(7,582	)		(39	)		(4,058	)		-
Proceeds from (investment in) deposits, net		3,980			-			1,173			(4,944	)
Acquisition of marketable securities		(2,869	)		(1,519	)		(3,687	)		(3,687	)
Payment/proceeds from settlement of derivatives, net		2,087			2,087			-			-
Decrease (increase) in restricted cash, net		(101	)		605			4,342			5

Net cash used in investing activities		(4,485	)		1,134			(16,065	)		(9,303	)

Cash flows from financing activities:

Short-term loans, net		-			-			(18,550	)		-
Acquisition of non-controlling interests		(868	)		(868	)		-			-
Repayment of long-term loans and finance lease obligations		(1,020	)		(126	)		(7,152	)		(94	)
Repayment of Debentures		(5,134	)		(5,134	)		(5,151	)		(5,151	)
Proceeds from exercise of share options and warrants		1,201			-			-			-
Repurchase of own shares		(1,450	)		(886	)		-			-
Long term loans received		11,715			651			-			-
Proceeds from issuance of debentures, net		-			-			55,791			-

Net cash from financing activities		4,444			(6,363	)		24,938			(5,245	)

Effect of exchange rate fluctuations on cash and
cash equivalents		(1,911	)		(951	)		(3,689	)		(1,464	)

Increase (decrease) in cash and cash equivalents		2,959			(5,855	)		8,520			(14,249	)
Cash and cash equivalents at the beginning of period		15,758			24,572			7,238			30,007

Cash and cash equivalents at the end of the period		18,717			18,717			15,758			15,758

	For the year ended December 31			For the three month ended December 31			For the year ended December 31		For the three month ended December 31
	Audited			Unaudited			Audited		Unaudited
	2015			2015			2014		2014
	US$ in thousands
Net income (loss) for the period		7,298			(190	)		6,646		1,779
Financing expenses (income), net		(592	)		348			3,395		343
Taxes on income (Tax benefit)		(1,933	)		189			201		(634	)
Depreciation and amortization		4,912			1,218			5,452		1,382
EBITDA		9,685			1,565			15,694		2,870