Exhibit 99.1. | Press Release: “Ellomay Capital Reports Results for the Three and Six Months Ended June 30, 2016,” dated September 18, 2016. |
Exhibit 99.2 | Condensed Consolidated Interim Financial Statements as at June 30, 2016 (Unaudited). |
Exhibit 99.3 | Operating and Financial Review and Prospects for the six months ended June 30, 2016. |
Exhibit 99.4. | Q2 2016 Investor Presentation. |
Ellomay Capital Ltd.
|
|||
By:
|
/s/ Kalia Weintraub
|
||
Kalia Weintraub
|
|||
Chief Financial Officer
|
· | Revenues were approximately $6.5 million (approximately €5.8 million) for the six months ended June 30, 2016, compared to approximately $7.2 million (approximately €6.5 million) for the six months ended June 30, 2015. The decrease in revenues is mainly a result of relatively lower radiation levels during the six months ended June 30, 2016 compared to the six month period ended June 30, 2015, as 2015 was characterized by high levels of radiation. |
· | Operating expenses were approximately $1.2 million (approximately €1 million) for the six months ended June 30, 2016, compared to approximately $1.5 million (approximately €1.3 million) for the six months ended June 30, 2015. The decrease in operating expenses is mainly attributable to lower expenses under O&M agreements and reduction of the municipal tax paid by the Company’s Italian subsidiaries. Depreciation expenses were approximately $2.5 million (approximately €2.2 million) for each of the six months ended June 30, 2016 and June 30, 2015. |
· | General and administrative expenses were approximately $1.8 million for the six months ended June 30, 2016, compared to approximately $1.7 million for the six months ended June 30, 2015. During the six months ended June 30, 2016 the Company invested approximately $0.6 million in the Pumped Storage project in the Manara Cliff in Israel (the “Manara PSP”), an amount that was recorded in the general and administrative expenses. The increase in general and administrative expenses in connection with the Manara PSP was partially offset by a decrease in other consulting expenses and reduced labor costs following the termination of employment of one of the Company’s senior employees. |
· | Company’s share of profits of investee accounted for at equity, after elimination of intercompany transactions, was approximately $0.3 million for the six months ended June 30, 2016, compared to approximately $0.2 million in the six months ended June 30, 2015. |
· | Financing expenses, net was approximately $2.8 million for the six months ended June 30, 2016, compared to financing income, net of approximately $1.3 million for the six months ended June 30, 2015. The change in financing expenses was mainly due to the reevaluation of the Company’s EUR/USD forward transactions and interest rate swap transactions in the aggregate amount of approximately $5.3 million income during the six months ended June 30, 2015 compared to an approximately $1 million loss during the six months ended June 30, 2016, partially offset by income resulting from exchange rate differences in the amount of approximately $2.3 million. |
· | Taxes on income were approximately $0.3 million for the six months ended June 30, 2016, compared to approximately $0.6 million for the six months ended June 30, 2015. This decrease in taxes on income compared to the corresponding period in 2015 resulted mainly from utilization of loss carried forwards due to tax benefits initially recognized as at the end of 2015. |
· | Net loss was approximately $1.7 million for the six months ended June 30, 2016, compared to net income of approximately $2.6 million for the six months ended June 30, 2015. |
· | Total other comprehensive income was approximately $1.7 million for the six months ended June 30, 2016, compared to other comprehensive losses of approximately $4.8 million for the six months ended June 30, 2015. The change was mainly due to presentation currency translation adjustments as a result of fluctuations in the Euro/USD exchange rates. |
· | Total comprehensive income was approximately $0.1 million for the six months ended June 30, 2016, compared to a loss of approximately $2.2 million for the six months ended June 30, 2015. |
· | EBITDA was approximately $3.9 million for the six months ended June 30, 2016 compared to approximately $4.3 million for the six months ended June 30, 2015, respectively. The decrease in EBITDA is mainly due to the decrease in revenues resulting from relatively lower radiation levels, partially offset by decreased operational costs due to operational streamlining. |
· | Net cash provided by operating activities was approximately $0.6 million for the six months ended June 30, 2016 compared to approximately $1.7 million for the six months ended June 30, 2015, respectively. The decrease in net cash provided by operating activities is mainly attributable to proceeds from settlement of derivatives in the amount of approximately $0.5 million and a VAT refund received by one of the Company’s Spanish subsidiaries during the six month period ended June 30, 2015 amounting to approximately $0.6 million, and increased expenditure in connection with the Company’s pumped storage plant in the Manara Cliff during the six month period ended June 30, 2016. |
· | In August 2016, Ellomay Pumped Storage (2014) Ltd., a 75% owned subsidiary of the Company, received a conditional license for the Manara PSP from the Israeli Minister of National Infrastructures, Energy and Water Resources (the “Conditional License”). The Conditional License regulates the construction of a pumped storage plant in the Manara Cliff with a capacity of 340 MW. The Conditional License includes several conditions precedent to the entitlement of the holder of the Conditional License to receive an electricity production license. |
· |
In August 2016, the Company entered into a strategic agreement (the “Agreement”) with Ludan Energy Overseas B.V. (“Ludan”), a wholly-owned subsidiary of Ludan Engineering Co. Ltd. (TASE: LUDN), in connection with Waste-to-Energy (specifically Gasification and Bio-Gas (anaerobic digestion) projects in the Netherlands. Pursuant to the Agreement, subject to the fulfillment of certain conditions (including the financial closing of each project and receipt of a valid Sustainable Energy Production Incentive subsidy from the Dutch authorities and applicable licenses), the Company will acquire at least 51% of each project company and Ludan will own the remaining 49%. The expected overall cost of the projects is approximately EUR 200 million (including project financing). The Agreement may be terminated, inter alia, in the event the parties will not reach an understanding as to the contents of the EPC and O&M contracts within sixty days following the financial closing of the first project.
|
· | Approximately 22.6MW of photovoltaic power plants in Italy and approximately 7.9MW of photovoltaic power plants in Spain; |
· | 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; and |
· | 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 340 MW pumped storage hydro power plant in the Manara Cliff, Israel. |
June 30,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
Unaudited
|
Audited
|
|||||||
US$ in thousands
|
||||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
16,715
|
18,717
|
||||||
Marketable securities
|
5,515
|
6,499
|
||||||
Restricted cash
|
80
|
79
|
||||||
Trade receivables
|
314
|
69
|
||||||
Other receivables and prepaid expenses
|
14,471
|
8,149
|
||||||
37,095
|
33,513
|
|||||||
Non-current assets
|
||||||||
Investment in equity accounted investee
|
30,241
|
33,970
|
||||||
Financial assets
|
4,813
|
4,865
|
||||||
Fixed assets
|
78,321
|
78,975
|
||||||
Restricted cash and deposits
|
5,380
|
5,317
|
||||||
Deferred tax
|
2,852
|
2,840
|
||||||
Other assets
|
985
|
847
|
||||||
122,592
|
126,814
|
|||||||
Total assets
|
159,687
|
160,327
|
||||||
Liabilities and Equity
|
||||||||
Current liabilities
|
||||||||
Loans and borrowings
|
1,208
|
1,133
|
||||||
Debentures
|
4,973
|
4,878
|
||||||
Trade payables
|
1,013
|
869
|
||||||
Other payables
|
3,348
|
3,223
|
||||||
10,542
|
10,103
|
|||||||
Non-current liabilities
|
||||||||
Finance lease obligations
|
4,658
|
4,724
|
||||||
Long-term loans
|
12,946
|
13,043
|
||||||
Debentures
|
35,629
|
35,074
|
||||||
Deferred tax
|
903
|
823
|
||||||
Other long-term liabilities
|
3,275
|
2,495
|
||||||
57,411
|
56,159
|
|||||||
Total liabilities
|
67,953
|
66,262
|
||||||
Equity
|
||||||||
Share capital
|
26,597
|
26,597
|
||||||
Share premium
|
77,724
|
77,723
|
||||||
Treasury shares
|
(1,980
|
)
|
(1,972
|
)
|
||||
Reserves
|
(13,464
|
)
|
(15,215
|
)
|
||||
Retained earnings
|
3,320
|
7,200
|
||||||
Total equity attributed to shareholders of the Company
|
92,197
|
94,333
|
||||||
Non-Controlling Interest
|
(463
|
)
|
(268
|
)
|
||||
Total equity
|
91,734
|
94,065
|
||||||
Total liabilities and equity
|
159,687
|
160,327
|
For the Three
|
For the Six
|
For the Six
|
||||||||||
Months ended
|
Months ended
|
Months ended
|
||||||||||
June 30, 2016
|
June 30, 2016
|
June 30, 2015
|
||||||||||
Unaudited | ||||||||||||
US$ thousands (except per share amounts)
|
||||||||||||
Revenues
|
3,967
|
6,513
|
7,228
|
|||||||||
Operating expenses
|
(551
|
)
|
(1,159
|
)
|
(1,472
|
)
|
||||||
Depreciation expenses
|
(1,297
|
)
|
(2,518
|
)
|
(2,456
|
)
|
||||||
Gross profit
|
2,119
|
2,836
|
3,300
|
|||||||||
General and administrative expenses
|
(756
|
)
|
(1,840
|
)
|
(1,706
|
)
|
||||||
Share of profits (losses) of equity accounted investee
|
(533
|
)
|
312
|
217
|
||||||||
Other income, net
|
41
|
85
|
57
|
|||||||||
Operating Profit
|
871
|
1,393
|
1,868
|
|||||||||
Financing income
|
110
|
164
|
122
|
|||||||||
Financing income (expenses) in connection with derivatives reevaluation, net
|
719
|
(1,024
|
)
|
5,306
|
||||||||
Financing expenses
|
(902
|
)
|
(1,895
|
)
|
(4,101
|
)
|
||||||
Financing income (expenses), net
|
73
|
(2,755
|
)
|
1,327
|
||||||||
Profit (loss) before taxes on income
|
798
|
(1,362
|
)
|
3,195
|
||||||||
Taxes on income
|
(362
|
)
|
(309
|
)
|
(598
|
)
|
||||||
Net income (loss) for the period
|
436
|
(1,671
|
)
|
2,597
|
||||||||
Income (loss) attributable to:
|
||||||||||||
Shareholders of the Company
|
512
|
(1,476
|
)
|
2,716
|
||||||||
Non-controlling interests
|
(76
|
)
|
(195
|
)
|
(119
|
)
|
||||||
Net income (loss) for the period
|
436
|
(1,671
|
)
|
2,597
|
||||||||
Other comprehensive income (loss)
|
||||||||||||
Items that are or may be reclassified to profit or loss:
|
||||||||||||
Foreign currency translation adjustments
|
404
|
(267
|
)
|
699
|
||||||||
Items that would not be reclassified to profit or loss:
|
||||||||||||
Presentation currency translation adjustments
|
(1,953
|
)
|
2,018
|
(5,459
|
)
|
|||||||
Total other comprehensive income (loss)
|
(1,549
|
)
|
1,751
|
(4,760
|
)
|
|||||||
Total comprehensive income (loss)
|
(1,113
|
)
|
80
|
(2,163
|
)
|
|||||||
Basic net earnings (loss) per share
|
0.05
|
(0.14
|
)
|
0.26
|
||||||||
Diluted net earnings (loss) per share
|
0.05
|
(0.14
|
)
|
0.25
|
Attributable to owners of the Company
|
||||||||||||||||||||||||||||||||||||
Translation
|
||||||||||||||||||||||||||||||||||||
Retained
|
reserve
|
Presentation
|
||||||||||||||||||||||||||||||||||
earnings
|
From
|
currency
|
Non-
|
|||||||||||||||||||||||||||||||||
Share
|
Share
|
(Accumulated
|
Treasury
|
foreign
|
translation
|
controlling
|
Total
|
|||||||||||||||||||||||||||||
capital
|
premium
|
Deficit)
|
shares
|
operations
|
reserve
|
Total
|
interests
|
Equity
|
||||||||||||||||||||||||||||
US$ in thousands
|
||||||||||||||||||||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||||||||||||||
For the six months ended
|
||||||||||||||||||||||||||||||||||||
June 30, 2016
|
||||||||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||
January 1, 2016
|
26,597
|
77,723
|
7,200
|
(1,972
|
)
|
814
|
(16,029
|
)
|
94,333
|
(268
|
)
|
94,065
|
||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(1,476
|
)
|
-
|
-
|
-
|
(1,476
|
)
|
(195
|
)
|
(1,671
|
)
|
|||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
(267
|
)
|
2,018
|
1,751
|
-
|
1,751
|
||||||||||||||||||||||||||
Total comprehensive loss
|
-
|
-
|
(1,476
|
)
|
-
|
(267
|
)
|
2,018
|
275
|
(195
|
)
|
80
|
||||||||||||||||||||||||
Dividend distribution
|
-
|
-
|
(2,404
|
)
|
-
|
-
|
-
|
(2,404
|
)
|
-
|
(2,404
|
)
|
||||||||||||||||||||||||
Share-based payments
|
-
|
1
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
|||||||||||||||||||||||||||
Own shares acquired
|
-
|
-
|
-
|
(8
|
)
|
-
|
-
|
(8
|
)
|
-
|
(8
|
)
|
||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||
June 30, 2016
|
26,597
|
77,724
|
3,320
|
(1,980
|
)
|
547
|
(14,011
|
)
|
92,197
|
(463
|
)
|
91,734
|
Attributable to owners of the Company
|
||||||||||||||||||||||||||||||||||||
Translation
|
||||||||||||||||||||||||||||||||||||
reserve
|
Presentation
|
|||||||||||||||||||||||||||||||||||
from
|
currency
|
Non-
|
||||||||||||||||||||||||||||||||||
Share
|
Share
|
Retained
|
Treasury
|
foreign
|
translation
|
controlling
|
Total
|
|||||||||||||||||||||||||||||
capital
|
premium
|
earnings
|
shares
|
operations
|
reserve
|
Total
|
interests
|
Equity
|
||||||||||||||||||||||||||||
US$ in thousands
|
||||||||||||||||||||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||||||||||||||
For the three months ended
|
||||||||||||||||||||||||||||||||||||
June 30, 2016
|
||||||||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||
March 31, 2016
|
26,597
|
77,723
|
2,809
|
(1,980
|
)
|
143
|
(12,058
|
)
|
93,234
|
(387
|
)
|
92,847
|
||||||||||||||||||||||||
Income for the period
|
-
|
-
|
512
|
-
|
-
|
-
|
512
|
(76
|
)
|
436
|
||||||||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
-
|
404
|
(1,953
|
)
|
(1,549
|
)
|
-
|
(1,549
|
)
|
||||||||||||||||||||||||
Total comprehensive loss
|
-
|
-
|
512
|
-
|
404
|
(1,953
|
)
|
(1,037
|
)
|
(76
|
)
|
(1,113
|
)
|
|||||||||||||||||||||||
Dividend distribution
|
-
|
-
|
(1
|
)
|
-
|
-
|
-
|
(1
|
)
|
-
|
(1
|
)
|
||||||||||||||||||||||||
Share-based payments
|
-
|
1
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
|||||||||||||||||||||||||||
Own shares acquired
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||
June 30, 2016
|
26,597
|
77,724
|
3,320
|
(1,980
|
)
|
547
|
(14,011
|
)
|
92,197
|
(463
|
)
|
91,734
|
Attributable to owners of the Company
|
||||||||||||||||||||||||||||||||||||
Translation
|
||||||||||||||||||||||||||||||||||||
Retained
|
reserve
|
Presentation
|
||||||||||||||||||||||||||||||||||
earnings
|
from
|
currency
|
Non-
|
|||||||||||||||||||||||||||||||||
Share
|
Share
|
(Accumulated
|
Treasury
|
foreign
|
translation
|
controlling
|
Total
|
|||||||||||||||||||||||||||||
capital
|
premium
|
Deficit)
|
shares
|
operations
|
reserve
|
Total
|
interests
|
Equity
|
||||||||||||||||||||||||||||
US$ in thousands
|
||||||||||||||||||||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||||||||||||||
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
|
For the three Months ended June 30, 2016
|
For the Six Months ended June 30, 2016
|
For the Six Months ended June 30, 2015
|
||||||||||
US$ in thousands
|
||||||||||||
Unaudited | ||||||||||||
Cash flows from operating activities
|
||||||||||||
Income (loss) for the period
|
436
|
(1,671
|
)
|
2,597
|
||||||||
Adjustments for:
|
||||||||||||
Financing (income) expenses, net
|
73
|
2,755
|
(1,327
|
)
|
||||||||
Depreciation
|
1,297
|
2,518
|
2,456
|
|||||||||
Share-based payment
|
1
|
1
|
24
|
|||||||||
Share of losses (profits) of equity accounted investees for
|
533
|
(312
|
)
|
(217
|
)
|
|||||||
Change in trade receivables
|
(295
|
)
|
(244
|
)
|
95
|
|||||||
Change in other receivables and prepaid expenses
|
(844
|
)
|
(844
|
)
|
(2,196
|
)
|
||||||
Change in other assets
|
436
|
(113
|
)
|
(4,370
|
)
|
|||||||
Change in trade payables
|
(141
|
)
|
124
|
(49
|
)
|
|||||||
Change in accrued expenses and other payables
|
(52
|
)
|
(515
|
)
|
5,536
|
|||||||
Income tax expense (tax benefit)
|
362
|
309
|
598
|
|||||||||
Income taxes paid
|
-
|
-
|
(95
|
)
|
||||||||
Interest received
|
107
|
144
|
93
|
|||||||||
Interest paid
|
(1,388
|
)
|
(1,595
|
)
|
(1,449
|
)
|
||||||
Net cash provided by operating activities
|
525
|
557
|
1,696
|
|||||||||
Cash flows from investing activities
|
||||||||||||
Advances on account of Manara Pumped Storage Project
|
(146
|
)
|
(146
|
)
|
-
|
|||||||
Investment in equity accounted investee
|
(767
|
)
|
(803
|
)
|
(7,456
|
)
|
||||||
investment in restricted cash
|
-
|
-
|
(550
|
)
|
||||||||
Proceeds from (investment in) Marketable Securities
|
1,008
|
1,008
|
(1,350
|
)
|
||||||||
Proceeds from deposits
|
-
|
-
|
3,980
|
|||||||||
Net cash provided by (used in) investing activities
|
95
|
59
|
(5,376
|
)
|
||||||||
Cash flows from financing activities
|
||||||||||||
Dividend distribution
|
(2,404
|
)
|
(2,404
|
)
|
-
|
|||||||
Repayment of long-term loans and finance lease obligations
|
(557
|
)
|
(645
|
)
|
(424
|
)
|
||||||
Long term loans received
|
90
|
90
|
910
|
|||||||||
Proceeds from options and warrants exercised
|
-
|
-
|
44
|
|||||||||
Repurchase of own shares
|
-
|
(8
|
)
|
-
|
||||||||
Net cash provided by (used in) financing activities
|
(2,871
|
)
|
(2,967
|
)
|
530
|
|||||||
Exchange differences on balance of cash and cash equivalents
|
(460
|
)
|
349
|
(917
|
)
|
|||||||
Increase (decrease) in cash and cash equivalents
|
(2,711
|
)
|
(2,002
|
)
|
(4,067
|
)
|
||||||
Cash and cash equivalents at the beginning of the period
|
19,426
|
18,717
|
15,758
|
|||||||||
Cash and cash equivalents at the end of the period
|
16,715
|
16,715
|
11,691
|
For the Three Months ended June 30,
|
For the Six Months ended June 30,
|
For the Six Months ended June 30,
|
||||||||||
2016
|
2016
|
2015
|
||||||||||
US$ in thousands
|
||||||||||||
Unaudited
|
||||||||||||
Net income (loss) for the period
|
436
|
(1,671
|
)
|
2,597
|
||||||||
Financing expenses (income), net
|
73
|
2,755
|
(1,327
|
)
|
||||||||
Taxes on income
|
362
|
309
|
598
|
|||||||||
Depreciation
|
1,297
|
2,518
|
2,456
|
|||||||||
EBITDA
|
2,168
|
3,911
|
4,324
|
Ellomay Capital Ltd. and its
Subsidiaries
Condensed Consolidated Interim
Financial Statements
As at June 30, 2016
(Unaudited)
|
Page
|
|
F-2
|
|
F-3
|
|
F-4-5
|
|
F-6
|
|
F-7
|
June 30
|
December 31
|
||||||||||
2016
|
2015
|
||||||||||
Unaudited
|
Audited
|
||||||||||
Note
|
US$ in thousands
|
||||||||||
Assets
|
|||||||||||
Current assets
|
|||||||||||
Cash and cash equivalents
|
16,715
|
18,717
|
|||||||||
Marketable securities
|
5,515
|
6,499
|
|||||||||
Restricted cash
|
80
|
79
|
|||||||||
Trade receivables
|
314
|
69
|
|||||||||
Other receivables and prepaid expenses
|
5
|
14,471
|
8,149
|
||||||||
37,095
|
33,513
|
||||||||||
Non-current assets
|
|||||||||||
Investment in equity accounted investee
|
6
|
30,241
|
33,970
|
||||||||
Financial assets
|
4,813
|
4,865
|
|||||||||
Fixed assets
|
78,321
|
78,975
|
|||||||||
Restricted cash and deposits
|
5,380
|
5,317
|
|||||||||
Deferred tax
|
2,852
|
2,840
|
|||||||||
Other assets
|
985
|
847
|
|||||||||
122,592
|
126,814
|
||||||||||
Total assets
|
159,687
|
160,327
|
|||||||||
Liabilities and Equity
|
|||||||||||
Current liabilities
|
|||||||||||
Loans and borrowings
|
1,208
|
1,133
|
|||||||||
Debentures
|
4,973
|
4,878
|
|||||||||
Trade payables
|
1,013
|
869
|
|||||||||
Other payables
|
3,348
|
3,223
|
|||||||||
10,542
|
10,103
|
||||||||||
Non-current liabilities
|
|||||||||||
Finance lease obligations
|
4,658
|
4,724
|
|||||||||
Long-term loans
|
12,946
|
13,043
|
|||||||||
Debentures
|
35,629
|
35,074
|
|||||||||
Deferred tax
|
903
|
823
|
|||||||||
Other long-term liabilities
|
3,275
|
2,495
|
|||||||||
57,411
|
56,159
|
||||||||||
Total liabilities
|
67,953
|
66,262
|
|||||||||
Equity
|
|||||||||||
Share capital
|
26,597
|
26,597
|
|||||||||
Share premium
|
77,724
|
77,723
|
|||||||||
Treasury shares
|
(1,980
|
)
|
(1,972
|
)
|
|||||||
Reserves
|
(13,464
|
)
|
(15,215
|
)
|
|||||||
Retained earnings
|
3,320
|
7,200
|
|||||||||
Total equity attributed to shareholders of the Company
|
92,197
|
94,333
|
|||||||||
Non-Controlling Interest
|
(463
|
)
|
(268
|
)
|
|||||||
Total equity
|
91,734
|
94,065
|
|||||||||
Total liabilities and equity
|
159,687
|
160,327
|
For the six
|
For the six
|
For the year
|
||||||||||
months ended
|
months ended
|
ended December
|
||||||||||
June 30, 2016
|
June 30, 2015
|
31, 2015
|
||||||||||
Unaudited
|
Unaudited
|
Audited
|
||||||||||
US$ in thousands (except per share amounts)
|
||||||||||||
Revenues
|
6,513
|
7,228
|
13,817
|
|||||||||
Operating expenses
|
(1,159
|
)
|
(1,472
|
)
|
(2,854
|
) | ||||||
Depreciation expenses
|
(2,518
|
)
|
(2,456
|
) |
(4,912
|
) | ||||||
Gross profit
|
2,836
|
3,300
|
6,051
|
|||||||||
General and administrative expenses
|
(1,840
|
) |
(1,706
|
) |
(3,745
|
) | ||||||
Share of profits of equity accounted investee
|
312
|
217
|
2,446
|
|||||||||
Other income, net
|
85
|
57
|
21
|
|||||||||
Operating Profit
|
1,393
|
1,868
|
4,773
|
|||||||||
Financing income
|
164
|
122
|
2,347
|
|||||||||
Financing income (expenses) in connection with derivatives, net
|
(1,024
|
)
|
5,306
|
3,485
|
||||||||
Financing expenses
|
(1,895
|
)
|
(4,101
|
)
|
(5,240
|
)
|
||||||
Financing income (expenses), net
|
(2,755
|
)
|
1,327
|
592
|
||||||||
Profit (loss) before taxes on income
|
(1,362
|
)
|
3,195
|
5,365
|
||||||||
Tax benefit (taxes on income)
|
(309
|
)
|
(598
|
) |
1,933
|
|||||||
Net income (loss) for the period
|
(1,671
|
)
|
2,597
|
7,298
|
||||||||
Income (loss) attributable to:
|
||||||||||||
Shareholders of the Company
|
(1,476
|
)
|
2,716
|
7,553
|
||||||||
Non-controlling interests
|
(195
|
)
|
(119
|
)
|
(255
|
)
|
||||||
Net income (loss) for the period
|
(1,671
|
)
|
2,597
|
7,298
|
||||||||
Other comprehensive income (loss)
|
||||||||||||
Items that are or may be reclassified to profit or loss:
|
||||||||||||
Foreign currency translation adjustments
|
(267
|
)
|
699
|
(141
|
)
|
|||||||
Items that would not be reclassified to profit or loss:
|
||||||||||||
Presentation currency translation adjustments
|
2,018
|
(5,459
|
)
|
(6,947
|
)
|
|||||||
Total other comprehensive income (loss)
|
1,751
|
(4,760
|
)
|
(7,088
|
)
|
|||||||
Total comprehensive income (loss)
|
80
|
(2,163
|
)
|
210
|
||||||||
Basic net earnings (loss) per share
|
(0.14
|
)
|
0.26
|
0.7
|
||||||||
Diluted net earnings (loss) per share
|
(0.14
|
)
|
0.25
|
0.7
|
Attributable to owners of the Company
|
||||||||||||||||||||||||||||||||||||
Translation
|
||||||||||||||||||||||||||||||||||||
reserve
|
Presentation
|
|||||||||||||||||||||||||||||||||||
from
|
currency
|
Non-
|
||||||||||||||||||||||||||||||||||
Share
|
Share
|
Retained
|
Treasury
|
foreign
|
translation
|
controlling
|
Total
|
|||||||||||||||||||||||||||||
capital
|
premium
|
earnings
|
shares
|
operations
|
reserve
|
Total
|
interests
|
Equity
|
||||||||||||||||||||||||||||
US$ in thousands
|
||||||||||||||||||||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||||||||||||||
For the six months ended
|
||||||||||||||||||||||||||||||||||||
June 30, 2016
|
||||||||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||
January 1, 2016
|
26,597
|
77,723
|
7,200
|
(1,972
|
)
|
814
|
(16,029
|
)
|
94,333
|
(268
|
)
|
94,065
|
||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(1,476
|
)
|
-
|
-
|
-
|
(1,476
|
)
|
(195
|
)
|
(1,671
|
)
|
|||||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
-
|
(267
|
)
|
2,018
|
1,751
|
-
|
1,751
|
||||||||||||||||||||||||||
Total comprehensive loss
|
-
|
-
|
(1,476
|
)
|
-
|
(267
|
)
|
2,018
|
275
|
(195
|
)
|
80
|
||||||||||||||||||||||||
Dividend distribution
|
-
|
-
|
(2,404
|
)
|
-
|
-
|
-
|
(2,404
|
)
|
-
|
(2,404
|
)
|
||||||||||||||||||||||||
Share-based payments
|
-
|
1
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
|||||||||||||||||||||||||||
Own shares acquired
|
-
|
-
|
-
|
(8
|
)
|
-
|
-
|
(8
|
)
|
-
|
(8
|
)
|
||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||
June 30, 2016
|
26,597
|
77,724
|
3,320
|
(1,980
|
)
|
547
|
(14,011
|
)
|
92,197
|
(463
|
)
|
91,734
|
Attributable to owners of the Company
|
||||||||||||||||||||||||||||||||||||
Translation
|
||||||||||||||||||||||||||||||||||||
Retained
|
reserve
|
Presentation
|
||||||||||||||||||||||||||||||||||
earnings
|
from
|
currency
|
Non-
|
|||||||||||||||||||||||||||||||||
Share
|
Share
|
(Accumulated
|
Treasury
|
foreign
|
translation
|
controlling
|
Total
|
|||||||||||||||||||||||||||||
capital
|
premium
|
Deficit)
|
shares
|
operations
|
reserve
|
Total
|
interests
|
Equity
|
||||||||||||||||||||||||||||
US$ in thousands
|
||||||||||||||||||||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||||||||||||||
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
|
)
|
|||||||||||||||||||||||
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
|
||||||||||||||||||||||||||||||||||||
Translation
|
||||||||||||||||||||||||||||||||||||
Retained
|
reserve
|
Presentation
|
||||||||||||||||||||||||||||||||||
earnings
|
from
|
currency
|
Non-
|
|||||||||||||||||||||||||||||||||
Share
|
Share
|
(Accumulated
|
Treasury
|
foreign
|
translation
|
controlling
|
Total
|
|||||||||||||||||||||||||||||
capital
|
premium
|
Deficit)
|
shares
|
operations
|
reserve
|
Total
|
interests
|
Equity
|
||||||||||||||||||||||||||||
US$ in thousands
|
||||||||||||||||||||||||||||||||||||
Audited
|
||||||||||||||||||||||||||||||||||||
For the year ended
|
||||||||||||||||||||||||||||||||||||
December 31, 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
|
-
|
-
|
7,553
|
-
|
-
|
-
|
7,553
|
(255
|
)
|
7,298
|
||||||||||||||||||||||||||
Acquisition of subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(29
|
)
|
(29
|
)
|
|||||||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
-
|
(141
|
)
|
(6,947
|
)
|
(7,088
|
)
|
-
|
(7,088
|
)
|
|||||||||||||||||||||||
Total comprehensive loss
|
-
|
-
|
7,553
|
-
|
(141
|
)
|
(6,947
|
)
|
465
|
(284
|
)
|
181
|
||||||||||||||||||||||||
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
|
For the Six Months ended June 30, 2016
|
For the Six Months ended June 30, 2015
|
For the Year ended December 31, 2015
|
||||||||||
US$ in thousands
|
||||||||||||
Unaudited
|
Unaudited
|
Audited
|
||||||||||
Cash flows from operating activities
|
||||||||||||
Income (loss) for the period
|
(1,671
|
)
|
2,597
|
7,298
|
||||||||
Adjustments for:
|
||||||||||||
Financing (income) expenses, net
|
2,755
|
(1,327
|
)
|
(592
|
)
|
|||||||
Depreciation
|
2,518
|
2,456
|
4,912
|
|||||||||
Share-based payment
|
1
|
24
|
7
|
|||||||||
Share of profits of equity accounted investees for
|
(312
|
)
|
(217
|
)
|
(2,446
|
)
|
||||||
Change in trade receivables
|
(244
|
)
|
95
|
125
|
||||||||
Change in other receivables and prepaid expenses
|
(844
|
)
|
(2,196
|
)
|
333
|
|||||||
Change in other assets
|
(113
|
)
|
(4,370
|
)
|
(1,706
|
)
|
||||||
Change in accrued severance pay, net
|
-
|
-
|
(1
|
)
|
||||||||
Change in trade payables
|
124
|
(49
|
)
|
(252
|
)
|
|||||||
Change in accrued expenses and other payables
|
(515
|
)
|
5,536
|
2,311
|
||||||||
Income tax expense (tax benefit)
|
309
|
598
|
(1,933
|
)
|
||||||||
Income taxes paid
|
-
|
(95
|
)
|
(241
|
)
|
|||||||
Interest received
|
144
|
93
|
222
|
|||||||||
Interest paid
|
(1,595
|
)
|
(1,449
|
)
|
(3,126
|
)
|
||||||
Net cash provided by operating activities
|
557
|
1,696
|
4,911
|
|||||||||
Cash flows from investing activities
|
||||||||||||
Advances on account of Manara Pumped Storage Project
|
(146
|
)
|
-
|
-
|
||||||||
Investment in equity accounted investee
|
(803
|
)
|
(7,456
|
)
|
(7,582
|
)
|
||||||
Investment in restricted cash
|
-
|
(550
|
)
|
(101
|
)
|
|||||||
Proceeds from marketable securities
|
1,008
|
-
|
-
|
|||||||||
Investment in marketable securities
|
-
|
(1,350
|
)
|
(2,869
|
)
|
|||||||
Proceeds from settlement of derivatives, net
|
-
|
-
|
2,087
|
|||||||||
Proceeds from deposits
|
-
|
3,980
|
3,980
|
|||||||||
Net cash provided by (used in) investing activities
|
59
|
(5,376
|
)
|
(4,485
|
)
|
|||||||
Cash flows from financing activities
|
||||||||||||
Dividend distribution
|
(2,404
|
)
|
-
|
-
|
||||||||
Acquisition of non-controlling interests
|
-
|
-
|
(868
|
)
|
||||||||
Repayment of long-term loans and finance lease obligations
|
(645
|
)
|
(424
|
)
|
(1,020
|
)
|
||||||
Repayment of Debentures
|
-
|
-
|
(5,134
|
)
|
||||||||
Long term loans received
|
90
|
910
|
11,715
|
|||||||||
Proceeds from options and warrants exercised
|
-
|
44
|
1,201
|
|||||||||
Repurchase of own shares
|
(8
|
)
|
-
|
(1,450
|
)
|
|||||||
Net cash provided by (used in) financing activities
|
(2,967
|
)
|
530
|
4,444
|
||||||||
Exchange differences on balance of cash and cash equivalents
|
349
|
(917
|
)
|
(1,911
|
)
|
|||||||
Increase (decrease) in cash and cash equivalents
|
(2,002
|
)
|
(4,067
|
)
|
2,959
|
|||||||
Cash and cash equivalents at the beginning of the period
|
18,717
|
15,758
|
15,758
|
|||||||||
Cash and cash equivalents at the end of the period
|
16,715
|
11,691
|
18,717
|
June 30,
2016
|
December 31,
2015
|
|||||||
US$ in thousands
|
||||||||
Unaudited
|
Audited
|
|||||||
Government authorities
|
1,642
|
1,276
|
||||||
Income receivable
|
2,636
|
2,875
|
||||||
Interest receivable
|
19
|
29
|
||||||
Current tax
|
276
|
270
|
||||||
Current Maturities of loan to an equity accounted investee
|
8,450
|
3,061
|
||||||
Prepaid expenses and other
|
1,448
|
638
|
||||||
14,471
|
8,149
|
For the six
|
For the six
|
For the
|
||||||||||
months ended
|
months ended
|
year ended
|
||||||||||
June 30,
2016
|
June 30,
2015
|
December 31,
2015
|
||||||||||
Unaudited
|
Unaudited
|
Audited
|
||||||||||
US$ in thousands
|
||||||||||||
Salaries and related compensation
|
566
|
784
|
1,458
|
|||||||||
Professional services
|
987
|
985
|
1,747
|
|||||||||
Expenses in connection with Manara project (*)
|
632
|
397
|
1,027
|
|||||||||
Other
|
(345
|
)
|
(460
|
)
|
(487
|
)
|
||||||
Total general and administrative expenses
|
1,840
|
1,706
|
3,745
|
June 30, 2016
|
|||||||||||||||||||
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
|
40,602
|
43,769
|
-
|
-
|
|||||||||||||||
Loans from banks and others (including current maturities)
|
13,804
|
-
|
14,845
|
-
|
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)
|
5,008
|
-
|
4,990
|
-
|
Future cash flows by the market interest rate on the date of measurement.
|
Discount rate of
Euribor+ 2.85%
|
|||||||||||||
59,414
|
48,643
|
19,835
|
-
|
December 31, 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
|
39,952
|
42,639
|
-
|
-
|
|||||||||||||||
Loans from banks and others (including current maturities)
|
13,840
|
-
|
14,905
|
-
|
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)
|
5,060
|
-
|
5,041
|
-
|
Future cash flows by the market interest rate on the date of measurement.
|
Discount rate of
Euribor+ 2.85%
|
|||||||||||||
58,852
|
42,639
|
19,946
|
-
|
— | 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, 2016
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
US$ in thousands
|
||||||||||||||||
Income receivable in connection with the Gilboa pumped storage project (“PSP Gilboa”)
|
-
|
-
|
1,316
|
1,316
|
||||||||||||
Marketable securities
|
-
|
5,515
|
-
|
5,515
|
||||||||||||
Forward contracts
|
-
|
3,497
|
-
|
3,497
|
||||||||||||
Swap contracts
|
-
|
(3,720
|
)
|
-
|
(3,720
|
)
|
December 31, 2015
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
US$ in thousands
|
||||||||||||||||
PSP Gilboa
|
-
|
-
|
1,249
|
1,249
|
||||||||||||
Option to require additional shares in investee
|
-
|
-
|
*
|
-
|
||||||||||||
Marketable securities
|
-
|
6,499
|
-
|
6,499
|
||||||||||||
Forward contracts
|
-
|
3,615
|
-
|
3,615
|
||||||||||||
Swap contracts
|
-
|
(2,830
|
)
|
-
|
(2,830
|
)
|
Financial assets
|
||||||||
Option to purchase Additional shares in investee
|
Income receivable in connection with PSP Gilboa
|
|||||||
US$ in thousands
|
||||||||
Balance as at December 31, 2014
|
17
|
1,238
|
||||||
Exercise
|
(17
|
)
|
-
|
|||||
Total income recognized in profit or loss
|
-
|
144
|
||||||
Foreign Currency translation adjustments
|
(*
|
)
|
(132
|
) | ||||
Balance as at December 31, 2015
|
(*
|
)
|
1,250
|
|||||
Exercise
|
(*
|
)
|
-
|
|||||
Total income recognized in profit or loss
|
-
|
37
|
||||||
Foreign Currency translation adjustments
|
-
|
29
|
||||||
Balance as at June 30, 2016
|
-
|
1,316
|
A. | Execution of Agreement with Ludan |
B. | Manara Pumped Storage Project |
PV Plant Title
|
Installed Capacity1
|
Location
|
Technology of Panels
|
Connection to Grid
|
FiT (€/kWh)
|
Revenue in the six months ended June 30, 2015 (in thousands)2
|
Revenue in the six months ended June 30, 2016 (in thousands)2
|
“Troia 8”
|
995.67 kWp
|
Province of Foggia, Municipality of Troia, Puglia region, Italy
|
Fix
|
January 14, 2011
|
0.318
|
$292
(€ 261)
|
$280
(€251)
|
“Troia 9”
|
995.67 kWp
|
Province of Foggia, Municipality of Troia, Puglia region, Italy
|
Fix
|
January 14, 2011
|
0.318
|
$298
(€ 267)
|
$281
(€252)
|
“Del Bianco”
|
734.40 kWp
|
Province of Macerata, Municipality of Cingoli, Marche region, Italy
|
Fix
|
April 1, 2011
|
0.322
|
$200
(€179)
|
$177
(€158)
|
“Giaché”
|
730.01 kWp
|
Province of Ancona, Municipality of Filotrano, Marche region, Italy
|
Duel Axes Tracker
|
April 14, 2011
|
0.322
|
$223
(€199)
|
$241
(€216)
|
“Costantini”
|
734.40 kWp
|
Province of Ancona, Municipality of Senigallia, Marche region, Italy
|
Fix
|
April 27, 2011
|
0.322
|
$216
(€193)
|
$194
(€174)
|
“Massaccesi”
|
749.7 kWp
|
Province of Ancona, Municipality of Arcevia, Marche region, Italy
|
Duel Axes Tracker
|
April 29, 2011
|
0.322
|
$230
(€206)
|
$248
(€222)
|
“Galatina”
|
994.43 kWp
|
Province of Lecce, Municipality of Galatina, Puglia region, Italy
|
Fix
|
May 25, 2011
|
0.318
|
$287
(€257)
|
$245
(€220)
|
PV Plant Title
|
Installed Capacity1
|
Location
|
Technology of Panels
|
Connection to Grid
|
FiT (€/kWh)
|
Revenue in the six months ended June 30, 2015 (in thousands)2
|
Revenue in the six months ended June 30, 2016 (in thousands)2
|
“Pedale (Corato)”
|
2,993 kWp
|
Province of Bari, Municipality of Corato, Puglia region, Italy
|
Single Axes Tracker
|
May 31, 2011
|
0.266
|
$921
(€824)
|
$852
(€764)
|
“Acquafresca”
|
947.6 kWp
|
Province of Barletta-Andria-Trani, Municipality of Minervino Murge, Puglia region, Italy
|
Fix
|
June 2011
|
0.268
|
$229
(€205)
|
$214
(€193)
|
“D‘Angella”
|
930.5 kWp
|
Province of Barletta-Andria-Trani, Municipality of Minervino Murge, Puglia region, Italy
|
Fix
|
June 2011
|
0.268
|
$228
(€204)
|
$218
(€195)
|
“Soleco”
|
5,923.5 kWp
|
Province of Rovigo, Municipality of Canaro, Veneto region, Italy
|
Fix
|
August 2011
|
0.219
|
$1,301
(€1,164)
|
$1,061
(€951)
|
“Tecnoenergy”
|
5,899.5 kWp
|
Province of Rovigo, Municipality of Canaro, Veneto region, Italy
|
Fix
|
August 2011
|
0.219
|
$1,216
(€1,088)
|
$1,045
(€936)
|
“Rinconada II”3
|
2,275 kWp
|
Municipality of Córdoba, Andalusia, Spain
|
Fix
|
July 2010
|
N/A
|
$449
(€402)
|
$415
(€372)
|
“Rodríguez I”
|
1,675 kWp
|
Province of Murcia, Spain
|
Fix
|
November 2011
|
N/A
|
$331
(€296)
|
$300
(€269)
|
“Rodríguez II”
|
2,691 kWp
|
Province of Murcia, Spain
|
Fix
|
November 2011
|
N/A
|
$543
(€486)
|
$498
(€446)
|
“Fuente Librilla”
|
1,248 kWp
|
Province of Murcia, Spain
|
Fix
|
June 2011
|
N/A
|
$264
(€236)
|
$244
(€219)
|
Year ended December 31,
|
Six months ended June 30,
|
|||||||||||||||
2015
|
2014
|
2016
|
2015
|
|||||||||||||
Appreciation (Depreciation) of the NIS against the Euro
|
(10.1
|
)%
|
(1.2
|
)%
|
0.9
|
%
|
(10.7
|
)%
|
||||||||
Appreciation (Depreciation) of the U.S. Dollar against the Euro
|
11.6
|
%
|
13.4
|
%
|
(2.3
|
)%
|
8.5
|
%
|
Six months ended June 30,
|
||||||||
2016
|
2015
|
|||||||
(U.S. dollars in thousands)
|
||||||||
Net cash provided by operating activities
|
557
|
1,696
|
||||||
Net cash (used in) provided by investing activities
|
59
|
(5,376
|
)
|
|||||
Net cash provided by (used in) financing activities
|
(2,967
|
)
|
530
|
|||||
Exchange differences on balances of cash and cash equivalents
|
349
|
(917
|
)
|
|||||
Change in cash and cash equivalents
|
(2,002
|
)
|
(4,067
|
)
|
||||
Cash and cash equivalents at beginning of period
|
18,717
|
15,758
|
||||||
Cash and cash equivalents at end of period
|
16,715
|
11,691
|
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